Bought Tencent and Gold

Took advantage of last weeks China stock turmoil to buy a 2% position in Tencent.  Bot 200 shares at HKD 460.20/share.

My reasons for buying:

• It owns the omnipresent WeChat platform.   The company is a monster with its tentacles stretching throughout China's technology ecosystem.
• Its reasonably cheap, at under 30X earnings with 15-20% growth and no net debt.

I am keeping the position to 2% because this stock can go to zero:

• The VIE structure
• Geopolitical risk.  How much are any China shares worth if missiles start flying over Taiwan or the South China Sea?

Also bought a big position in GLD, now 9% invested.  I consider gold to be a currency like USD or SGD, so can hold a lot of it.  Expect it to do well with rising inflation over the next few months/quarters.

I'm now almost 100% invested:

The holdings: