In 2025, a growing number of Tiger users achieved million-dollar investment returns. Tiger launched The Road to Million Dollars series to get closer to investors who have already reached annual million-dollar gains, as well as those who are actively pursuing the million-dollar goal and have achieved annual returns exceeding USD 100,000—listening to their stories of how they think, persevere, and grow.
For Tiger, investing is more than just profit and loss figures; it is a journey from aspiration to achievement. Through these stories, we hope to inspire more people to set their own investment goals and turn “a million dollars” from a distant dream into a visible, attainable milestone.
Mr. Liu is the kind of investor whose day job looks stable, but whose trading style is anything but conservative.
He works as a laboratory analyst at a public institution in Shandong, spending most of his time in labs and dealing with data. Yet when it comes to investing, he clearly does not see himself as a “hands-off” or passive participant in the market.
Instead, what stands out is his strong sense of structure. His sensitivity to market shifts, the way he tracks opportunities, and how he deals with volatility all reflect a system he has refined over time.
He first entered the stock market back in 2007. In the early years, his focus was mainly on China A-shares, before gradually expanding into U.S. equities. For Mr. Liu, investing has never been about chasing tips or betting everything on a single idea. It is more like building a reusable decision-making framework—one centered on supply and demand, scarcity, and whether the core investment logic still makes sense.
1. Starting with A-Shares: Learning Through Experience Before Finding His Own Way
Mr. Liu began investing in 2007, at a time when he was still trying to figure out how trading really worked. He has been very candid about this phase of his journey: he was not a natural trader, and many of his views were shaped only after repeated trial and error.
Over the years, he managed to hold certain A-share positions through long cycles, including names like Ping An Insurance and CATL. Some of these holdings lasted more than five years. That experience proved critical. It taught him that successful holding is not about perfectly timing your entry, but about whether your original investment logic is strong enough to survive volatility.
2. His Core Framework: Less Storytelling, More Focus on Supply, Demand, and Scarcity
When talking about stock selection, Mr. Liu inevitably comes back to two words: supply and demand—and scarcity.
He looks closely at whether an industry is experiencing a genuine supply–demand imbalance, whether orders are building up, and whether demand is real rather than hypothetical. At the same time, he evaluates where a company sits within its industry: does it have scarce characteristics, does the sector align with the market’s main direction, and is its R&D spending focused on what truly matters to the market?
His way of putting it is simple: first understand the moat, then see whether the company is positioned in the mainstream trend.
This framework has a clear benefit. When prices swing sharply, he does not immediately react to the chart. Instead, he goes back to the original reasons why he bought the stock in the first place.
3. How He Handles Volatility: Check the Logic Before Reacting
Mr. Liu’s approach to volatility is a good reflection of his overall trading mindset—calm, practical, and executable.
When markets turn choppy and price movements start to feel uncomfortable, he does not act on emotion. Instead, he conducts a “logic check”:
Does the original investment thesis still hold?
Is the supply–demand imbalance still there?
Have orders or demand meaningfully changed?
If those core factors remain intact, he is inclined to keep holding. If they break down, only then does he consider adjusting or reducing his position.
He also points out that many stocks are easier to hold precisely because their scarcity remains intact. Once that scarcity disappears, the entire holding rationale needs to be revisited.
4. From $Tesla Motors(TSLA)$ to $NVIDIA(NVDA)$ : Both Wins and Regrets Feed the System
In the U.S. market, Mr. Liu was an early observer of several leading companies and major product trends, including Tesla and parts of the TSMC-related supply chain. Tesla stands out as one of his more successful investments over the years.
That said, he is equally open about his regrets. In 2023, he built a mid-sized position in Nvidia but failed to hold on long enough. For him, this became an important lesson: getting the direction right does not automatically translate into profits. Position sizing and holding discipline ultimately determine whether returns can truly be realized.
In his view, both successful trades and painful misses are part of the same system. Neither should be written off as luck
5. This Year’s Trades: Speculation Has a Place, but It Is Not the Core
Mr. Liu does not deny engaging in speculation. This year, he participated in several short-term trades, typically lasting around ten days, and the results were generally acceptable.
However, what comes through clearly is how he defines the role of speculation. It is something he is willing to do, but it does not form the foundation of his strategy.
What truly drives long-term results, in his eyes, is still the framework built around supply and demand, scarcity, and constant verification of investment logic.
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Comments
I also appreciate how candid he is about both his successes and regrets, like with Tesla and Nvidia. It’s a good reminder that even getting the direction right doesn’t guarantee profits—position sizing and holding discipline are just as important.
Overall, his approach highlights that long-term investing is more about building a repeatable system than short-term speculation. It’s motivating to see someone turn careful analysis and consistent logic into tangible results.
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