Quick thoughts: Market Crash and AI Agent

Many things happened this week, so we want to share our quick thoughts:

1. Narrative always follows the price

This is the lesson we learnt over time and our experience after investing for 6 years.

“The S&P500 increased because inflation rate is lower than expected”
“The S&P500 dropped because of tariff concern, raising inflation expectation”

Inflation at 2.8% (actual) vs 2.9% (estimated), does it even matter? If inflation is 3.5% or 2.5% (actual), then it matters because that is a big change (shock) when compared to the previous month.

“But S&P500 rebounded, investors are bullish!”

Market is volatile, short-term traders bid price up and down reacting to news. If you want to trade, this is heaven for you.

But if you are a long-term investor, these are just noise. The long-term growth of an economy/market/stock still depends on, the fundamental & future growth story. This wont change just because “inflation is at 2.8%, lower than the expected 2.9%”.

Remember: Narrative always follows the price, not the other way round.

2. Manus AI – First AI Agent

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