Memo: Nominal Assets, Real Value, and How to Live • Money and assets are not defined by how much you have , but by what you use as the denominator to measure them. • Gold has preserved value throughout human history, which makes it usable as the denominator of human currency . • The expected value of gold investment is not “growth,” but is close to 1.0 — meaning its value does not decline. • Fiat currencies are structurally designed to expand in supply, and therefore are destined to lose value over the long term . What Happens When We Use the Old Millionaire Standard • Around the year 2000: • $1,000,000 ≈ 3,333 oz of gold (at about $300 per ounce) • Around 2026: • Gold price ≈ $4,600 per ounce • To hold the same 3,333 oz , about $15 million is required In other words: A modern “millionaire” ($1 million) is no longer equivalent to a millionaire in the past. The Situation Looks Even Harsher in Japanese Yen • Exchange rate: $1 ≈ ¥160 • ¥100 ...

Some Risks of China’s Dual-Use Export Ban China’s recent decision to impose a dual-use export ban targeting Japan is often discussed in terms of supply chains, technology controls, and security risks. However, beyond the immediate economic impact, this policy carries a less obvious but potentially more strategic risk : its indirect effects on Taiwan–Japan relations. This article explores three structural risks embedded in the design of the ban. 1. Taiwan-to-Japan exports may fall into a gray zone Although the export ban is formally directed only at Japan , its scope becomes ambiguous when Taiwan is involved. From China’s official perspective, Taiwan is not treated as a fully separate political entity. As a result, dual-use goods manufactured or exported from Taiwan—such as electronic components, semiconductor-related hardware, or even consumer-grade PC parts—can be framed as Chinese-origin technologies routed through Taiwan . This creates a situation where: • Taiwan exporting dual-...

  +AI & Rook In chess, the rook is not the most complex piece. It does not move diagonally, it does not jump, and it does not surprise. Yet in many games, the rook quietly decides the outcome. I believe +AI plays a similar role in today’s world . +AI as a Rook The rook moves in straight lines—horizontally and vertically. Its strength lies not in creativity, but in reach, consistency, and speed . +AI behaves in much the same way. It does not replace human intention or strategy. Instead, it extends them—across space and across time. In practical terms, the effective use of +AI can be summarized into two main forms: • Horizontal expansion • Vertical expansion Horizontal Expansion: Reusing Success Across Markets Horizontal expansion means applying a method that worked in one domain to another domain. In investment terms, this could mean: • Taking a strategy that worked in equities • Testing it in FX, commodities, or other markets With +AI,...