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About This Site

Still Water is a book about money written for my family — and for every family. This site holds the full text (the original in Traditional Chinese, plus English, Japanese and Simplified Chinese editions), 40 concept notes, an interactive data lab and a market thermometer that checks for new data every week.

Where We Stand

  • The Still Water book and website are non-profit and accept no advertising or sponsored content. They are purely about financial education and sharing knowledge.
  • Everything here is the author's personal experience, backtests on historical data and family financial education. It is not investment advice, and it does not recommend or sell any specific financial product.
  • Any fund or ETF named in the book is only an example to explain an idea. Before investing, judge for yourself based on your own finances and, if needed, consult a qualified professional.
  • Historical data and backtests do not guarantee future returns. All investing carries risk, including the loss of principal.
  • The market thermometer only describes where today's numbers sit in their own history, to help you manage your emotions. It is not a buy or sell signal. Data are delayed and may contain errors.
  • This site does not give individual investment advice.

Disclaimer

Last updated: October 13, 2026. Please read the following before using this site.

  1. The author is not an investment adviser. The author is not licensed by any regulator to provide securities investment advice and does not engage in that business. This site charges no fees, receives no compensation, and accepts no donations, sponsorship, advertising or sponsored content. The author has no employment, advisory, endorsement or other paid relationship with any financial institution.
  2. Nothing here is investment advice. The content reflects the author's personal experience and views and is general financial education — not advice tailored to you, and not a recommendation to buy or sell anything. Indexes, funds or ETFs mentioned in the book or on this site are only examples to explain ideas. This site gives no individual investment advice and manages no one's money.
  3. All investing involves risk. Any investment can lose money, including your principal. Decisions you make based on this site, and their results, are your own judgment and responsibility; consult a qualified professional when needed.
  4. Backtests and interactive charts are historical simulations. They apply rules set with hindsight to historical data and are not anyone's real investment record. Most exclude fees, taxes and currency effects, and some use price indexes without dividends (see the notes under each chart). You cannot invest in an index directly, and real products may perform differently. Past performance does not guarantee future results.
  5. The market thermometer only describes historical position. The thermometers and the bull–bear temperature show where each indicator sits in its own history — a statistical description after the fact, not a forecast and not a buy or sell signal. The data are published monthly and checked for updates weekly, so they may be delayed, and values change when sources revise their data.
  6. Data may contain errors. Data come from public sources (see “Data Sources and Licenses” below). The author checks them carefully but cannot guarantee they are complete, timely or correct; where they differ from the original source or official release, the source prevails. Corrections are welcome by email.
  7. Disclosure. The author personally holds broad-market index ETFs, bought through regular monthly investing (as described in the book). This is the author's own choice and may not suit you.
  8. Personal views only. This site represents only the author, not the author's employer or any other institution or organization.
  9. Translation and location. The English and Japanese editions are AI-translated and may contain errors; where language versions differ, the Traditional Chinese original prevails. The site is written mainly for readers in Taiwan; readers elsewhere should check the rules where they live.
  10. External links. Other websites linked from this site are responsible for their own content; a link is not an endorsement or guarantee.
  11. Limitation of liability. To the extent permitted by law, the author is not liable for any direct or indirect loss arising from the use of, or inability to use, this site, including errors, delays or interruptions in the data. The site may change, suspend or discontinue any part of its content at any time.
  12. Beware of impersonators. The author will never message you to invite you into an investment group, charge for stock tips or trade on your behalf. Anyone doing so in the author's or this site's name has nothing to do with this site.
  13. Changes and governing law. This disclaimer may be revised at any time; the latest version on this page applies. It is governed by the laws of the Republic of China (Taiwan), and the Taiwan Taipei District Court shall be the court of first instance for any dispute.

Data Sources and Licenses

  • Taiwan open government data: Central Bank of the ROC (Taiwan) 2026, Financial Statistics Monthly tables 28B “Stock trading and price index by period” (EG27M01) and 28A “Margin trading of listed stocks by period” (EG25M01); Directorate-General of Budget, Accounting and Statistics 2026, “National income statistics, quarterly”; Taiwan Depository & Clearing Corporation 2026, “Changes in centralized custody accounts” (OpenAPI 2-1); Taiwan Stock Exchange 2026, “Trading value of the three major institutional investors” (BFI82U); versions downloaded in October 2026.
    此開放資料依政府資料開放授權條款 (Open Government Data License) 進行公眾釋出，使用者於遵守本條款各項規定之前提下，得利用之。
    (This open data is released to the public under the Open Government Data License; users may use it provided they comply with its terms.)
    Open Government Data License: https://data.gov.tw/license
  • Accounts that traded each month: Taiwan Stock Exchange, Statistics of Securities Market, compiled and calculated by the author.
  • United States: government data published through Federal Reserve Economic Data (FRED) from the Federal Reserve, the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Federal Reserve Bank of St. Louis and others.
  • Japanese share prices: Organization for Economic Co-operation and Development, Financial Market: Share Prices for Japan [SPASTT01JPM661N], retrieved from FRED, Federal Reserve Bank of St. Louis (https://fred.stlouisfed.org/series/SPASTT01JPM661N, October 2026); OECD data are licensed under CC BY 4.0, and ratios and backtests are the author's calculations.
  • Long-term US stock data: Prof. Robert J. Shiller's public S&P 500 data (shillerdata.com); ratios and backtests are the author's own calculations. S&P 500 is a trademark of S&P Dow Jones Indices LLC.
  • Studies, reports and quotations cited in the book are listed under "Sources" at the end of each chapter. Every chart was recalculated and redrawn by the author from public data, or redesigned from the underlying idea.
  • The ink-wash illustrations in the book and on this site were generated with an AI image model from the author's concepts. The background music was made with an AI music model (Google Lyria) through DingSong.
  • The English and Japanese editions were translated by AI using the book's consistent glossary; the Simplified Chinese edition is converted automatically. Where they differ, the Traditional Chinese original prevails.

Background Music

The background music is produced and licensed by DingSong. It is on by default, but your browser only plays sound after your first click on the page, and you can turn it off at any time.

Privacy

  • This site uses no cookies, no ads and no analytics or tracking scripts, and it collects no personal data. Fonts and scripts are served from this site, not loaded from third parties.
  • Your light/dark choice, the music switch and the playing position are stored only in your own browser (localStorage and sessionStorage) and are never sent anywhere.
  • This site is hosted on Cloudflare. When you connect, Cloudflare processes the connection data it needs (such as your IP address) under its own privacy policy to deliver and protect the site; this site does not store or analyze it.
  • This site has no forms, comments or accounts and asks for no personal data. Emails you send are used only to reply to you.

Copyright

The text, charts and website content are copyright CY LAB (works by others quoted in the book, and public data, remain under their own rights and licenses). You are welcome to share the link; to republish any content, please ask by email first and credit the source.

Contact

Questions, corrections and suggestions are welcome (sorry, no replies to individual investment questions such as whether to buy something): cylab.contact@gmail.com