Disclaimer

Last updated: September 27, 2026

Not investment advice

Capacity Letter publishes analysis and opinion. Nothing on this site is investment, legal, tax, or accounting advice, and nothing here is a recommendation to buy, sell, or hold any security, commodity, or asset.

Posts may discuss companies, securities, and markets. I do not publish price targets, and I do not manage money for readers. Any decision you make based on what you read here is your own — do your own diligence, and consult a licensed professional where appropriate.

Sources and accuracy

Analysis draws on public material: company filings and disclosures, earnings calls, government and industry association publications, customs and statistical data, and reporting by other outlets where credited. Chinese-language sources are translated and, where the wording matters, quoted.

Estimates and forecasts are marked as such. They are judgments, not facts, and they can be wrong.

Corrections

When a post is materially wrong, I correct it and note the correction rather than deleting the post. Material corrections are noted in the post itself; minor ones are folded in. If you believe something here is wrong, get in touch.

No position disclosure

I do not hold positions in individual securities covered on this site and therefore do not publish a holdings disclosure. Readers should assume that no such disclosure has been made or verified.

Links to third-party sites are provided for reference. I am not responsible for their content, accuracy, or availability.