START HERE · LONG-TERM INVESTING
A framework for investing
in a changing world
Four questions to connect structural change with disciplined investment thinking.
Read the essay ↗Three Cities and the Forces of History 三座城市与历史之势
TECHNOLOGY · CYCLES · HISTORY
See the force.
Understand the trend.
Long-term investing begins with understanding the forces shaping our world—and where we stand in their unfolding.
Explore the ANANKE framework ↗Recognize the Force → Understand the Trend → Identify the Stage → Position Accordingly.
识势 · 明趋 · 辨阶段 · 定布局THE READING ROOM
Ideas for the long view.
A framework for investing
TECHNOLOGY REVOLUTIONS
From breakthrough to adoption: the stages that matter
A useful way to examine a technology’s progress—and the expectations priced around it.
Read the essay ↗VALUATION & MARKET CYCLES
A powerful trend can still be an expensive investment
Separate the quality of a long-term story from the price paid to participate in it.
Read the essay ↗OUR PHILOSOPHY
Four questions.
One disciplined process.
Understand what is changing.
Then decide how to respond.
Recognize the Force
What structural change is reshaping the economy, an industry, or the way we live?
Understand the Trend
What evidence reveals its direction, durability, and pace?
Identify the Stage
Where are adoption, capital spending, competition, and expectations in their cycles?
Position Accordingly
How should price, uncertainty, time horizon, and portfolio risk inform the decision?
RESEARCH LENSES
Explore the bigger picture.
Long-Term Investing
Compounding, portfolio construction, risk, and patient decision-making.
Explore the framework ↗AI & Semiconductors
Compute, infrastructure, adoption, and the economics of intelligence.
Research focus · essays to comeTechnology Revolutions
From initial breakthroughs to infrastructure and widespread use.
Read the foundational essay ↗Market Cycles
Capital spending, sentiment, supply, demand, and changing expectations.
Read the foundational essay ↗Valuation
The distance between a compelling business story and an attractive price.
Read the foundational essay ↗Economic History
Revolutions, bubbles, and the recurring questions behind new eras.
Research focus · essays to comeABOUT ANANKE 势
Understanding change.
Investing with perspective.
ANANKE 势 is Charles Yin’s independent publication about long-term investing, technology, market cycles, valuation, and economic history.
The name brings together Ananke and 势: an invitation to consider the forces around us, recognize their direction, and respond thoughtfully.
Our philosophy: Recognize the Force → Understand the Trend → Identify the Stage → Position Accordingly.
Explore the reading room ↗THE LONG VIEW
Stay curious.
Keep your perspective.
Begin with the framework. Return to the evidence.
Start reading ↗