Recaps

After Henglong’s Investment Decision Committee approved decisions based on its institutional framework, Zhao Chen walked beside the river and realized that his success came not only from memories of the future, but from his own judgment and ability to adapt. He returned to recognize that the trust and support of his colleagues and Shen Zhiyi were strengths he had built himself.

• Zhao Chen recalled Shen Jue telling him that Henglong could continue without his constant intervention, and reconsidered his own words that Henglong belonged to its system.
• Zhao Chen reflected on how the future map had failed when the New Delhi Flu differed from his memories, and realized his ability to find new solutions mattered more than foreknowledge.
• Zhao Chen messaged Shen Zhiyi that he held the oars while she held the sails, and continued walking without waiting for her reply.
• Zhao Chen remembered Su Wantang, Shen Jue, and Shen Zhiyi each reassuring him that he did not need to carry every answer alone.
• Shen Zhiyi replied that he had raised the sails himself, and Zhao Chen recognized that his colleagues’ support and trust had grown from his own decisions.

Zhao Chen and Henglong’s leaders formalized the investment framework tested during the flu outbreak into a standing system, adding independent oversight and social-risk data. The meeting ended with rules for future revisions, allowing Henglong’s system to evolve without waiting for a crisis.

• Zhao Chen set aside his plan to announce the Henglong Research Institute and proposed turning Henglong’s emergency decision-making framework into a standing system.
• Chen Xi proposed adding three principles to the investment charter: independent model cross-validation, automatic committee review triggers, and quarterly revalidation of every position.
• Song Zhongping proposed separating the theoretical framework from a simplified operations manual, while Zhang Qingxue proposed establishing the principles as the Board-approved institutional constitution.
• Shen Jue proposed quarterly independent director reviews sent directly to the Board, and Chen Qiming presented data showing that staged purchases reduced risk without significantly increasing costs.
• Su Wantang proposed adding social-risk variables and philanthropic network data to the Henglong Research Institute’s regular research.
• Zhao Chen added iteration to the framework and formalized procedures for proposing, reviewing, and validating future amendments.

Zhao Chen and Lin Shicheng reviewed Nvidia’s latest financial report, which confirmed the explosive growth of AI computing and the strength of Nvidia’s CUDA ecosystem. The chapter left Zhao reassured that Era Vanguard’s investment rationale could be verified through public data even without relying on his personal foresight.

• Lin Shicheng told Zhao Chen that Nvidia’s latest report showed record revenue and profit, with data center revenue surpassing gaming for the first time.
• Lin Shicheng relayed Huang Renxun’s forecast that global data center computing demand could grow several millionfold over the next decade as AI reshaped how people interacted with computers.
• Lin Shicheng explained that CUDA had more than two million developers and a growing base of enterprise GPU acceleration customers, making its ecosystem difficult for competitors to replicate.
• Zhao Chen wrote that Nvidia’s public performance data had independently confirmed his earlier investment thesis about the computing power era.
• Lin Shicheng showed Zhao Chen a note saying the prediction matched the data and that its predictor held no exclusive right to interpret it.
• Zhao Chen recognized that Henglong and Era Vanguard could sustain his investment rationale even after his memories from before rebirth faded.

Zhao Chen directed Henglong to formalize a quarterly framework for validating Era Vanguard’s Nvidia investment thesis against public data. At the preparatory meeting, Chen Xi explained how Nvidia’s AI claims and its two million CUDA developers supported the thesis, while the committee’s review remained ahead.

• Zhao Chen asked Lin Shicheng to prepare a special report on Nvidia’s financial results and Huang Renxun’s earnings-call assessments for the Investment Decision Committee.
• Zhao Chen recorded that the investment thesis had been validated and made public data the basis for future quarterly reviews.
• Lin Shicheng told Zhao Chen that the company’s compliance procedures had helped it withstand investigations and attacks, and that formalizing validation would let Henglong maintain its safeguards institutionally.
• Zhao Chen sent Chen Xi and Zhang Qingxue the Nvidia results and requested model-validation and legal-compliance materials for the next quarterly review.
• Lin Shicheng delivered his annotated report, and Zhao Chen convened a preparatory video meeting with Lin Shicheng, Chen Xi, and Zhang Qingxue.
• Chen Xi said Henglong’s models supported Huang Renxun’s forecast of exponential growth in computing demand and that Nvidia’s two million CUDA developers indicated the ecosystem had reached a critical point for accelerating AI commercialization.

Zhao Chen and his team reviewed Huang Renxun’s Nvidia projections, their compliance implications, and the CUDA ecosystem’s competitive strength. After ordering expanded research and safeguards, Zhao approved Henglong Capital to consider buying Nvidia independently through its own investment procedures.

• Zhang Qingxue explained that Huang Renxun’s newly disclosed figures required Era Vanguard to avoid short-term opposite trading, document its decisions, and distinguish management guidance from Henglong’s independent model.
• Zhao Chen directed Lin Shicheng and Zhang Qingxue to draft an information-barrier memorandum and add the guidance-versus-model distinction to quarterly review reports.
• Lin Shicheng described CUDA’s developer ecosystem and its ties to academia, cloud providers, and enterprise users as barriers that competitors would struggle to replicate.
• Zhao Chen ordered Henglong Research Institute to expand its team and track those three CUDA dimensions separately.
• Chen Xi argued that the earnings report had validated Henglong’s institutional framework, and Zhao Chen said Henglong Capital could buy Nvidia if its own model and committee approved the investment.
• Zhao Chen specified that Henglong Capital would enter in batches at a slower pace, relying on independent verification rather than Era Vanguard’s position.

Chen Xi presented Zhao Chen with Henglong Capital’s independently researched, committee-approved plan to buy Nvidia shares, and Zhao approved the initial position. After deciding to notify Huang Renxun that Henglong would act independently and remain a passive investor, they received a brief acknowledgment from Nvidia.

• Chen Xi delivered Henglong Capital’s Nvidia purchase proposal, backed by independent valuation, unanimous committee approval, and completed compliance reviews.
• Chen Xi explained the conservative one-million-share initial purchase plan and said Henglong’s decisions relied on its own models and institutional framework.
• Zhao Chen approved the proposal and ordered quarterly model validation for Henglong Capital’s US stock holdings.
• Chen Xi recommended proactively notifying Huang Renxun that Henglong was buying shares independently as a long-term financial investor, and Zhao Chen agreed.
• Lin Shicheng relayed Henglong’s notice through Nvidia investor relations, and Huang Renxun replied, “Understood. Thanks for telling us in advance. Keep in touch.”

After Henglong Capital completed its Nvidia investment, Huang Renxun invited Zhao Chen to Nvidia’s Silicon Valley headquarters, acknowledging Henglong’s support and its openness about buying shares. Zhao accepted and prepared an independent research handbook for the meeting, which was drawing near.

• Lin Shicheng told Zhao Chen that Huang Renxun had sent him a personal invitation to meet at Nvidia’s Silicon Valley headquarters.
• Zhao asked Chen Xi to compile Henglong Research Institute’s independently verified Nvidia research into a comparison handbook for Huang.
• Zhao recalled Elon Musk’s advice about informing Huang before buying shares, and Musk said Huang had recognized Zhao and Musk as investors who helped plant trees.
• Zhao accepted the invitation and told Lin Shicheng to arrange the trip and use Henglong’s handbook as the basis for discussion.
• Chen Xi delivered the completed handbook to Zhao, who looked toward Silicon Valley and anticipated meeting Huang Renxun.

Zhao Chen flew to Silicon Valley to meet Huang Renxun, carrying Henglong Research Institute’s independently validated Nvidia monitoring handbook. He arrived with Henglong’s research and decision-making framework behind him, ready to discuss the model’s findings with Huang Renxun.

• Chen Xi prepared Zhao Chen’s travel itinerary and sealed Henglong’s independent monitoring handbook and Nvidia financial analysis in a file bag.
• Su Wantang delivered Zhao Chen’s suitcase, and Shen Zhiyi brought the cross-border guarantee filing confirmation before his departure.
• Elon Musk advised Zhao Chen that Huang Renxun would engage with technical discussion about CUDA and AI computing power rather than polite praise.
• Zhao Chen reviewed the handbook during the flight and recorded that Nvidia’s core variables matched Huang Renxun’s public data and that Henglong’s position rationale remained unchanged.
• Chen Xi discussed differences between Henglong’s model and management guidance in autonomous driving and medical imaging, and Zhao Chen noted her suggestion.
• Zhao Chen landed in San Francisco with the handbook and Henglong’s institutional framework backing his Nvidia investment decisions.

Zhao Chen and Lin Shicheng met Huang Renxun at Nvidia headquarters, where Huang tested Zhao's understanding of Nvidia's latest data and AI demand. Zhao showed him the Henglong Research Institute's tracking records and began explaining why he had trusted his model through Nvidia's earlier downturns.

• Lin Shicheng and Zhao Chen arrived at Nvidia headquarters and registered as visitors.
• Zhao Chen examined a photograph of Nvidia's founders before he and Lin Shicheng were escorted to a meeting room.
• Huang Renxun greeted Zhao Chen and asked him to assess the latest data on Nvidia's whiteboard.
• Zhao Chen and Huang Renxun compared their tracking of data center growth and AI computing demand, and Zhao explained that his model used only public data.
• Huang Renxun asked why Zhao had trusted the model during Nvidia's past downturns, and Zhao presented the research institute's historical tracking manual.
• Zhao Chen recalled analyzing Nvidia's public data alone in a Manhattan hotel while its share price fell.

Huang Renxun and Zhao Chen compared their independently built projections for data center computing demand and discussed why Zhao had trusted Nvidia’s long-term prospects. Huang was left impressed by Zhao’s explanation of how his own fear-driven discipline shaped his confidence in the company.

• Huang Renxun wrote that global data center computing demand would increase several millionfold over the next decade and asked Zhao Chen whether he thought the forecast was unrealistic.
• Zhao Chen explained that Henglong Research Institute’s independent model, built from public data, reached a similar projection and accounted separately for autonomous driving and medical imaging.
• Huang Renxun showed that Nvidia’s internal model projected slightly faster growth because its data included more recent autonomous-driving hiring and chip orders.
• Zhao Chen described how the institute tracked differences between its forecasts and management guidance, and Huang Renxun confirmed that Zhao’s team had documented its models and assumptions.
• Huang Renxun asked why Zhao had believed in Nvidia when its data center business was still small, and Zhao said Huang’s focus on architecture, ecosystem, and long-term demand had convinced him.
• Huang Renxun smiled after Zhao explained that his habit of fearing bankruptcy had become a daily discipline that would help Nvidia survive downturns.

Zhao Chen and Huang Renxun discussed the fear behind Huang’s bankruptcy mantra and the long-term conviction that kept both men invested in Nvidia. Huang recalled Era Vanguard’s purchases during Nvidia’s 2018 stock collapse and asked why Zhao had initially capped its stake at 9.99 percent.

• Zhao Chen explained that checking Henglong’s cash balance each morning had taught him the fear behind Huang Renxun’s daily bankruptcy mantra.
• Huang Renxun said Nvidia needed steadfast long-term shareholders as AI demand spread across traditional industries, and Zhao Chen presented Henglong’s quarterly research records and investment principles.
• Huang Renxun praised Zhao Chen for maintaining his Nvidia position through downturns and for studying the company’s purpose rather than only its financial reports.
• Huang Renxun recalled that Era Vanguard bought Nvidia shares steadily as Wall Street sold in late 2018, eventually building its initial position to 9.99 percent.
• Zhao Chen explained that Era Vanguard stopped just below ten percent to avoid additional SEC filings and scrutiny while it prepared for compliance, and that Lin Shicheng had warned him Wall Street would watch its trades.

Huang Renxun and Zhao Chen discussed how long-term AI growth could drive Nvidia’s future, with Zhao arguing that the emergence of AGI might make computing demand far exceed existing predictions. Huang explained Nvidia’s full-stack strategy and why quarterly market reactions could not capture the company’s long-term prospects.

• Huang Renxun praised Zhao Chen for maintaining his Nvidia investment and preparing the necessary filings and compliance measures in advance.
• Huang Renxun described the rapid growth in AI computing demand and asked Zhao Chen for his own view of AI’s future.
• Zhao Chen predicted a shift toward AGI, arguing that large language models could develop new abilities as their parameters and training data expanded.
• Zhao Chen said AGI could push computing demand far beyond the several-millionfold growth projected by existing models.
• Huang Renxun described Nvidia’s strategy across GPU hardware, networking, CUDA software, and industry application frameworks.
• Huang Renxun said Wall Street’s short reporting cycle overlooked the continuing growth of CUDA, AI training, and data centers as Nvidia’s leading revenue engine.

Huang Renxun took Zhao Chen to his longtime Japanese restaurant and explained how his early work at AMD and LSI Logic led him to found Nvidia around the potential of parallel computing. Zhao Chen traced Nvidia’s founding strategy through CUDA and asked why Huang had invested billions in it despite years of skepticism, leaving Huang poised to answer.

• Huang Renxun canceled his evening schedule and invited Zhao Chen to a Japanese restaurant in Santa Clara, where he recalled visiting during Nvidia’s early financial struggles.
• Huang Renxun described how his work on chips at AMD and LSI Logic convinced him that dedicated hardware could outperform CPUs in graphics computing.
• Huang Renxun explained that Nvidia’s founding purpose was to solve parallel-computing problems, with graphics as its first application and CUDA, data centers, and AI as later extensions.
• Zhao Chen cited Huang Renxun’s 1993 article as an early statement of Nvidia’s strategy to make graphics processors computing infrastructure.
• Huang Renxun recalled writing the article to clarify his own judgment before seeking investment, then Zhao Chen asked why he had backed CUDA despite widespread doubts about its prospects.

Huang Renxun explained how Nvidia built CUDA and why he kept investing through crises, while Zhao Chen described the pattern behind Huang’s strategy and Nvidia’s lasting advantages. Huang concluded that Nvidia’s moat began with his 1993 conviction about the chip industry, and he and Zhao Chen shook hands.

• Huang Renxun recounted how Nvidia developed CUDA to let programmers use GPUs for general-purpose parallel computing despite uncertain returns and heavy costs.
• Huang Renxun asked Zhao Chen why he had dared to invest in Nvidia during its hardest times.
• Zhao Chen pointed to Huang Renxun’s responses to the NV30 crisis, the 2008 financial crisis, and the 2018 crypto downturn as examples of turning crises into offensive moves.
• Zhao Chen identified Nvidia’s CUDA developer ecosystem and Huang Renxun as the company’s two deepest moats.
• Huang Renxun said Nvidia’s foundational moat began with his 1993 conversation at Denny’s, then he finished his tea and shook Zhao Chen’s hand.

At San Francisco International Airport, Zhao Chen and Lin Shicheng finalized how Huang Renxun’s private remarks would inform Henglong’s Nvidia investment review without being treated as inside information. Zhao Chen recorded that the investment thesis remained unchanged and headed home to continue the next quarter’s tracking.

• Lin Shicheng gave Zhao Chen a carefully indexed record of the meeting and explained that Huang Renxun’s private remarks would be kept for internal background only.
• Zhao Chen told Lin Shicheng to preserve the record and use Huang Renxun’s confirmed crisis response, strategic resolve, and attitude toward short-term earnings as benchmarks for future reviews.
• Lin Shicheng said he would reaffirm the compliance boundaries and document that Era Vanguard’s and Henglong’s investment decisions relied on independent research and public data.
• After Lin Shicheng departed for New York, Zhao Chen wrote in Henglong’s tracking manual that all three management variables had passed cross-verification and that the investment thesis was unchanged.
• Zhao Chen flew toward Hong Kong, where he would continue to Shan City and resume Henglong’s quarterly review and Nvidia tracking.

Zhao Chen officially opened the Henglong Research Institute, establishing its role as an independent research and validation body supporting the Investment Decision Committee. The chapter ended with Zhao Chen saying Henglong could make sound judgments even without him.

• Zhao Chen hung the Henglong Research Institute plaque and described its responsibility to screen major investments using data and models.
• Chen Xi presented the institute’s work plan, requiring independent review, archived inputs, and model traceability for every report.
• Zhang Qingxue confirmed the compliance rules separating the institute’s work from Era Vanguard’s analysis, and Zhao Chen approved the memorandum.
• Zhao Chen established immediate cross-validation requirements for all holdings and outlined the separate roles of the Investment Decision Committee, the institute, and the Legal Department.
• Shen Jue asked whether Zhao Chen worried about sharing Henglong’s judgment, and he replied that the system could make sound decisions without him.

Henglong's Investment Decision Committee held its first quarterly review under the amended charter, applying independent model validation and risk checks to every holding, including Zhao Chen's past judgments. The review found no alerts or compliance issues, and the committee established that the same framework would apply every quarter.

• Liu Mingyu sent the committee the meeting notice and Chen Xi's review materials ahead of the meeting.
• Zhao Chen wrote that the review covered all previous judgments made by the chairman, with no exceptions, and confirmed the rule would apply every quarter.
• Shen Jue endorsed the review's scope and standards before the committee began its formal agenda.
• Chen Xi presented the holdings' validation results; Song Zhongping questioned Bidiya's supply chain delays, and Chen Xi explained that stress tests showed no core variable alert.
• The committee reviewed Nvidia alongside Zhao Chen's supplementary tracking records, and all holdings received hold or continue-tracking ratings without alerts.
• Zhang Qingxue read the Legal Department's confirmation that the review used public data, registered models, and a complete audit trail.

At Henglong’s first full quarterly review under its revised investment framework, Shen Jue proposed that Zhao Chen assess how the institution-driven system had worked. Zhao Chen reviewed its milestones and identified a trigger-based interim review mechanism as the next improvement, leaving Shen Jue to keep his written summary safe.

• Chen Xi finished the quarterly review, reporting that the holdings were rated hold or continue monitoring and none had triggered an alert.
• Shen Jue proposed that Zhao Chen summarize Henglong’s institutional framework, and Zhao Chen agreed to review its development.
• Zhao Chen traced the system from the Investment Decision Committee’s establishment through the New Delhi Flu, the Fairy Mountain Meeting, the Research Institute’s inauguration, and the first complete quarterly review.
• Zhao Chen identified the lag between model updates and market changes and proposed automatic interim reviews when core variables crossed preset thresholds; Chen Xi noted that the Research Institute would submit threshold standards for deliberation.
• Zhao Chen said he would prepare an internal written summary, and Zhang Qingxue said the Legal Department would register its version and circulation scope.
• Shen Jue said she would keep the summary as a reminder of Henglong’s shift away from relying on one person’s intuition, and Zhao Chen adjourned the meeting.

Zhao Chen spoke with Elon Musk about his deep conversation with Huang Renxun and the shared ability of all three men to envision futures others could not see. Elon invited Zhao to the next Starship test in Boca Chica, and Zhao reflected on how he had built Henglong’s institutional framework to find a path forward.

• Elon Musk called Zhao Chen from Fremont after leaving the Model Y production line, where engineers had been correcting a rear-seat folding mechanism tolerance issue.
• Zhao told Elon about discussing Nvidia’s early history and computing demand with Huang Renxun, and Elon said Huang had found in Zhao a shareholder who understood him without explanation.
• Elon told Zhao that his resilience was his most valuable asset and that Huang, Elon, Zhao’s team, and Henglong’s review figures all recognized it.
• Zhao agreed to bring senior executives from Era Vanguard and Henglong to the next Starship test, planned for the first quarter of the following year.
• After the call, Zhao reflected that he had built Henglong’s institutional framework as a larger prototype to help himself and the company find their next steps.

Zhao Chen archived Henglong’s first half-year of institutional records and reflected on how the firm had moved from individual-driven decisions to a framework of committees, models, compliance, and reviews. He told Shen Zhiyi he no longer needed to carry the calculations alone, and Henglong began its next year operating under rules that could guide it without him.

• Zhao Chen arranged Henglong’s first-half records in an archive box and annotated his old Nvidia analysis as verified.
• Zhao Chen wrote that Henglong had completed its transition to an institution-driven framework and that the framework no longer needed him.
• Zhao Chen walked beside the Two Rivers Confluence and remembered Shen Jue asking whether he was ready for Henglong to stop being his.
• Zhao Chen messaged Shen Zhiyi that the institutional framework, models, and team were now doing the calculations for him.
• Shen Zhiyi replied that Zhao Chen had entrusted the framework to the people around him and that she trusted both the system and him.
• Zhao Chen continued along the river, leaving Henglong to evolve through its review mechanisms, independent models, and documented decisions.

Zhao Chen began handing Henglong’s day-to-day operations to Chen Xi and Shen Jue so he could focus on Era Vanguard. After Elon Musk told him Tesla would announce a five-for-one stock split, Zhao Chen decided the fund would hold its position unchanged and update its research model.

• Zhao Chen told Lin Shicheng he would transfer Henglong’s daily affairs to Chen Xi and Shen Jue, then requested a holdings and risk report and initial screening of high-short-interest US stocks and precious metals futures.
• Elon Musk told Zhao Chen that Tesla would propose a five-for-one stock split to the board, with an announcement planned for the following Wednesday.
• Zhao Chen said Era Vanguard would neither buy nor sell Tesla shares, and Elon Musk explained that he had wanted Zhao Chen to hear about the split first.
• Zhao Chen instructed Chen Xi to update Tesla’s share-count parameter while leaving the fund’s investment thesis and other core variables unchanged.
• Zhao Chen reflected that Henglong’s institutional framework now guided its decisions as he withdrew from its daily operations.

After Tesla announced a five-for-one stock split, Zhao Chen agreed to a Bloomberg interview about the split and Era Vanguard’s position as a major shareholder. He began preparing to answer Emily Chang’s questions using only public information.

• Bloomberg and other financial media reported Tesla’s stock split and highlighted rising retail investor interest in the company.
• Zhao Chen reviewed Bloomberg’s report and considered how the split would affect retail participation and Era Vanguard’s ownership percentage.
• Liu Mingyu told Zhao Chen that Bloomberg had requested an exclusive interview about Tesla’s shareholder structure and Era Vanguard’s position.
• Zhao Chen accepted a video interview with Emily Chang under limits on its duration and on questions about specific investment decisions.
• Zhao Chen asked Lin Shicheng to prepare public filing records and Henglong’s public Nvidia tracking manual, and Lin advised him to decide how much of his investment history to discuss.

Zhao Chen prepared for and completed his first media interview with Emily Chang, aiming to affirm that Era Vanguard’s Tesla investment rationale had not changed after the stock split. The interview ended with him explaining that Era Vanguard’s earlier investments in Nvidia and Tesla came from analysis of public information, not insider knowledge.

• Zhao Chen instructed Chen Xi to prepare a public summary of Henglong’s institutional investment framework and to describe Henglong and Era Vanguard as independent legal entities.
• Zhao Chen told Chen Xi to answer truthfully that he chaired Henglong and controlled Era Vanguard, while both institutions made investment decisions through their own frameworks.
• On August 19, Zhao Chen began a Bloomberg video interview with Emily Chang and said Era Vanguard had not traded Tesla shares because the split had not changed its investment rationale.
• Emily Chang asked about Era Vanguard’s large Nvidia, Tesla, and SpaceX holdings and how it had bought Nvidia and Tesla near their lows.
• Zhao Chen said Era Vanguard’s investment judgments came from independently analyzing public data and denying that it had received insider information or earlier access to data.

Zhao Chen explained to Emily Chang that Era Vanguard’s Bitcoin trades relied on assessing risk tolerance and market liquidity rather than foresight. Emily remained silent after his answer, leaving the interview’s challenge unanswered.

• Emily Chang questioned how many people knew Era Vanguard’s Bitcoin holdings and how Zhao Chen had timed the trade so precisely.
• Zhao Chen said Era Vanguard based its Bitcoin decisions on public data, independent analysis, and limit orders executed in batches.
• Emily Chang cited Era Vanguard’s successful Bitcoin, Tesla, Nvidia, and SpaceX trades and asked whether Zhao Chen had seen something others missed.
• Zhao Chen defended the Nvidia and Tesla positions by pointing to information already disclosed in public filings and earnings calls.
• Emily Chang pressed Zhao to explain why he risked nearly all his net worth on Bitcoin and what guided his entry, trading, and exit decisions.
• Zhao Chen said he entered because he could bear losing his initial capital and sold because he could not accept Bitcoin falling from $17,000 to $8,000 and believed the liquidity window might close.

Emily Chang questioned Zhao Chen about the risks of using his personal Henglong shares to secure financing for Era Vanguard’s Tesla position. Zhao explained his safeguards and said he had learned to rely on a decision-making system rather than bear every risk alone.

• Emily Chang asked whether financing secured against Zhao Chen’s Henglong shares had put Era Vanguard at risk during the 2019 Tesla margin crisis.
• Zhao Chen clarified that he had personally pledged Henglong shares and that the financing was separate from Henglong Group’s balance sheet.
• Emily Chang raised the possibility that a prolonged market crisis could have forced the sale of Zhao Chen’s Henglong holdings and affected both institutions.
• Zhao Chen said he had prepared for that scenario by arranging for Henglong Capital to provide funds to support the collateral without selling Era Vanguard’s positions.
• Emily Chang asked how Zhao Chen had handled the pressure when he was making decisions alone in Manhattan.
• Zhao Chen said he had since distributed decision-making among Era Vanguard’s committees and departments, and reaffirmed the reasoning behind its Tesla position.