Shang Chou, CQF

Co-Founder @DishmiCapital | prev. @SimplifyAsstMgt @GoldmanSachs @PIMCO | Advisory Board @UNLV | @MIT alum | Views are my own, not financial advice

[Shang Chou, CQF @chou_shang]

Back in 2018, a meaningful portion of my family's net worth was in one stock: $ALLO.

My better half worked at Allogene (RSUs + ISOs). We also invested in the friends & family pre-IPO round.

$18 IPO -> $55 high (May '20) -> ~$1 today🎢📉🤕

[Shang Chou, CQF @chou_shang]

We were all so worried about black swans, we missed the black leather jacket hiding in plain sight.

From now on, strictly investing in companies where the CEO wears Jos. A. Banks (3 for 1 suit, dress shirt, belt, socks $99 special). 😬

[Shang Chou, CQF @chou_shang]

@choffstein @CliffordAsness I miss Mitch Hedberg ❤️🙏 RIP

[Shang Chou, CQF @chou_shang]

Casual ER trip because little man tried to give himself a Harry Potter scar 🤕🤦🏻‍♂️

Had the doctors and nurses LOLing when he said “Dada…is this a hotel?” 😂

[Shang Chou, CQF @chou_shang]

@andruyeung Maximizing the surface area of luck and serendipity! ☘️❤️

[Shang Chou, CQF @chou_shang]

Asked my dad for his take on the #JensenHuang story. FWIW, he's 74 years old and a retired Taiwanese businessman...here's what he said:
-"Jensen has pretty good taste..." 😂
-"If he didn't have a mistress that would be weird..." 🤷‍♂️
-"He definitely needs to have at least one mistress, probably a few, so that he can show his Chinese customers he is a successful businessman..." 🌶️

[Shang Chou, CQF @chou_shang]

“Hey babe…close your eyes. I got you something black…skimpy…and very revealing…” 🎁

[Shang Chou, CQF @chou_shang]

@jonzzy Never bothered to level up lockpicking. Was a level 60 rogue with 6/8 Nightslayer and Perditions/Corehound Tooth…and 12/300 lockpicking 😭😂

[Shang Chou, CQF @chou_shang]

Potential for more yield on the asset side, and lower borrowing costs on the liability side, both handled in a tax-aware way!

Can’t wait for the next birthday party to share this with my cool dad friends.

#TaxAware #MunicipalBonds #BoxSpreads #FederalReserve #WealthManagement

For educational purposes only; not tax, legal, or investment advice. Rates, yields, and market-implied rates as of Nov. 4, 2026 and subject to change. Market-implied path source: Bloomberg. Taxable-equivalent yield assumes top federal, NIIT, and CA rates. Box spreads involve options and margin and carry risks, including margin calls.

[Shang Chou, CQF @chou_shang]

At every school event and kid's birthday party, I end up chatting with the same 3-4 dads. My wife calls us the “Neurodivergent Dad” group - no small talk, straight into discussion on interest rates, geopolitics, AI, and world history. Lillian always asks me afterwards: “So did you guys solve the world’s problems yet?”

Not yet. But here's a topic worth sharing. 🧵

[Shang Chou, CQF @chou_shang]

📈 Floating-rate liabilities and tax-aware borrowing: Securities-based lines of credit (SBLOCs) and margin loan rates reset as the Fed moves. Box spread financing can lock in a fixed rate for the term, and is often priced significantly lower than typical SBLOC and margin rates. The implied interest is generally treated as a 60/40 capital loss, which can lower the after-tax cost for investors with gains to offset (not tax advice) 💡

[Shang Chou, CQF @chou_shang]

@markcecchini The best…my 3 year old (boy): “Dada you can go, mama you need to stay” ❤️‍🩹😔😂

[Shang Chou, CQF @chou_shang]

...but navigating concentrated stock is what my team and I do at @DishmiCapital - I've ridden the post-IPO rollercoaster myself. From euphoric greed to gut-wrenching fear, we understand both the math and the psychology behind concentrated wealth.

I'm still waiting on my Hot Tub Time Machine... but if you're heading into an IPO or holding a concentrated stock position, you don't need 20/20 hindsight to start planning!

Personal experience, educational only. Not investment, tax, or legal advice.

[Shang Chou, CQF @chou_shang]

Back in 2018, a meaningful portion of my family's net worth was in one stock: $ALLO.

My better half worked at Allogene (RSUs + ISOs). We also invested in the friends & family pre-IPO round.

$18 IPO -> $55 high (May '20) -> ~$1 today🎢📉🤕

[Shang Chou, CQF @chou_shang]

$55 -> ~$1 is a ~98% drawdown. Over the same period, the S&P 500 compounded at ~15% a year. Same dollars, two very different paths. Btw, these tax-aware strategies are not for everyone - complexity, costs, tradeoffs. And we are looking back with perfect hindsight...