Investment Record | January 2026

Entering January, my judgment on the overall macro and liquidity environment has not changed. In a phase where uncertainty remains high, I choose to continue to reduce risk assets and further strengthen the defensive structure.

This month, I have cleared all positions in US stocks, and all related funds have been transferred to precious metals, with the core consideration still being systemic risk and monetary credit, rather than short-term price judgments.

Current Holding Structure

Physical Precious Metals (53%)

Gold 43%$XAU $PAXG

Platinum 10%

Gold continues to serve as the core defensive asset, while platinum maintains a small proportion of diversified allocation.

Bitcoin (12%) $BTC

Maintaining a moderate long-term position, retaining the option for future liquidity improvement.

Fiat Currency (35%)

USD / TWD / JPY / EUR

Mainly used to maintain liquidity and flexibility, in response to potential repricing phases.

Current Judgment

Before the direction of liquidity is clarified, controlling risk exposure still takes precedence over participating in volatility.

The current portfolio is more defensive and waiting; whether to increase the proportion of risk assets again will depend on whether clearer changes occur in the subsequent environment.