Investment Record | February 2026

Entering February, my core judgment on macro and medium-term liquidity has not fundamentally changed; uncertainty remains high, and defense is still the main focus of portfolio construction.

However, at the price level, some risk assets have already reflected pessimistic expectations in advance, so under the premise of maintaining an overall defensive structure, I choose to make slight adjustments to the positions.

The only active change this month was gradually increasing the allocation of Bitcoin during the significant pullback. This operation is more based on changes in price and risk-reward ratios rather than an optimistic judgment on short-term trends.

Current Position Structure

Physical Precious Metals (53%)

Gold 43% ($XAU / $PAXG )

Platinum 10%

The precious metals allocation remains unchanged, with gold still being the core defensive asset of the portfolio, used to hedge against systemic risks and uncertainties in monetary credit; platinum continues to serve as a small proportion of structural diversification.

Bitcoin $BTC (20%) (↑ +8%)

In the recent significant pullback, the Bitcoin position was increased in batches.

This increase is not based on a “bottoming” judgment, but rather the belief that in the current price range, the long-term risk-reward ratio has clearly improved, while retaining the option for future liquidity expansion phases.

Fiat Currency (27%) (↓ -8%)

USD / TWD / JPY / EUR

The proportion of fiat currency has passively decreased due to the increase in Bitcoin, but still maintains sufficient liquidity to cope with potential repricing or deeper fluctuations.

Current Judgment

Overall, this portfolio remains focused on defense and waiting, only making limited reverse allocations to high-volatility assets when significant price retracements occur.

Until the direction of liquidity becomes truly clear, I still prioritize survival and structural integrity over chasing short-term rebounds.

Whether to further increase the proportion of risk assets will still depend on:

Whether the liquidity environment shows sustained improvement

Whether risk assets complete more thorough repricing

Before that, controlling risk exposure remains the top priority.