BEDROCK Podcast E21 – New Year Special:“Four Years of Building a Private Fund: On Fragility, Investing, Survival, and Art”

Hello everyone, and welcome to this special New Year episode of the BEDROCK (BenShi Investment) podcast. This program was recorded as a heartfelt thank-you to all the friends who have followed and supported us along the way.

Our team was founded at the end of 2021. Over the past few years, amid rapidly shifting internal and external conditions, we have gone through the inevitable survival phase faced by every startup team—and are now moving steadily into a stage of growth.

Although we have consistently shared updates through articles and podcasts, and have held small offline gatherings with listeners, there are still many stories we haven’t fully had the chance to tell: what really happened as BEDROCK “cleared levels,” how our team collaborates, how our distinctive investment philosophy and methodology have evolved, and where the company stands today.

That’s why we planned this New Year special. We conducted an in-depth interview with our founder, TC, reflecting on the gains and losses—both entrepreneurial and investment-related—along this journey, as a New Year’s gift to all of you.

In this conversation, which runs for over an hour, we focus on:

• Over the past four years, as BEDROCK moved from survival to growth, how did TC, as founder, view the NAV shock caused by the 2022 black-swan events, the pressure of operating losses, and moments of doubt about his own investment framework? How did he adjust mentally and keep moving forward?

• As a firm appreciated by many professional investors in the industry, what makes BEDROCK’s systematic and replicable investment methodology and tools distinctive? After reflecting on investment mistakes in 2022, how did we iterate our framework, climb out of the mud, and capture more opportunities?

• With a lean team structure, how does BEDROCK use a uniquely designed recruitment process—including an open-ended written test and interview system so engaging that even Harvard students once voluntarily completed 20 pages—to identify the right research talent and collaborate effectively toward clear, shared goals?

Finally, we attempt to deconstruct the relationship between “investment” and “art.” The so-called “art of investing” practiced by great investors is, in essence, a set of replicable methodologies refined through repeated success. Likewise, behind the emotional resonance of great art lies rigorous, logical, and highly disciplined technique.

This is the origin of our investment methodology: breaking down the research and decision-making steps in a fund manager’s mind into documented, transparent, visualized, and traceable team workflows and outputs. It is also why we choose daily, focused research accumulation over flashes of speculation—returning to the core principles of value investing.

We hope this episode helps you gain a renewed, stage-by-stage understanding of where BEDROCK stands today. If it brings you even a small spark of inspiration, we would be truly honored.

Wishing everyone a Happy New Year in 2026. We’ll continue to walk alongside you—as a trusted companion on your journey in investing and in life.