Version History

This page records revisions made after the official release of The Wisdom of CLEC. Version scheme Vx.y.z: X = release stage, Y = cross-day revision, Z = revision count (each fix counts as one; resets each day).

Special thanks to the following readers and community members for their corrections, supplements, and fact-checking: Chris, Alang, Zoe, Nike Chu, 放輕鬆, 台中-江東尼, 何其幸運, 185, 肥肉丸, PonPon, Lu Sir, 我愛東海岸, 維尼小熊, Qifeng Ruan, 金川一, and Chengfeng.

V1.14.2 (2026-08-14)

• Following a book-wide systematic audit (triggered by the CH09 fix above), corrected three passages in the same category as the original case — a fund’s actual inception date contradicting the timespan claimed, without adequate disclosure. In CH10 “Leverage Decay and Beta Control,” the sentence “…during the 2008 financial crisis…TQQQ once bottomed out at 0.12 US dollars” previously carried no back-extrapolation disclosure and could be misread as real data; full disclosure has now been added (TQQQ launched in 2010, QLD in 2006). In CH08 “Investing in Its Purest Form,” the claim “QQQ grows to NT$30-50 million over 30 years…a 25x gap” contained a math error (the actual multiple should be 30-50x); corrected to a single 12%-annualized estimate of NT$30 million, roughly 14x, with an “illustrative” caveat added. In CH07 “The Logic of Market Entry,” the disclosure that 00662 wasn’t established until 2016 (in a passage projecting its returns back to 2006) was previously a single easy-to-miss clause; it has been strengthened into a standalone caveat sentence. Roughly 70 remaining items — mostly precise figures presented without a cited source — have been logged in 00_系統規範/01_專案管理/缺乏依據比較稽核_2026-08-14.md for batch handling later.
• CH09 “Redefining Risk”: corrected the “super portfolio vs. classic portfolio” passage. The original claim — “80% QQQ + 20% QLD rolls out to NT$52 million over 30 years vs. only NT$5 million for a 60:40 stock-bond portfolio” — had no traceable source (QLD only launched in 2006, so the 30-year figure necessarily relied on an undisclosed synthetic backtest; the stock/bond composition of “60:40” was also never specified). Replaced with an actual annualized-return comparison across four allocations — 100% QQQ, a 433 allocation, a traditional 60:40 (VOO+TLT), and a traditional 60:40 (VT+BND) — over the nearly 16 years from Sep 2010 to Aug 2026 (the longest common data window across all six funds, dividends reinvested; source: totalrealreturns.com), with an explicit caveat that this window excludes the 2000 and 2008 crashes and is not a forecast for the next 30 years. Figure 9-2 was rebuilt as an annualized-return bar chart accordingly (finalized after the author revisited an existing item in the internal audit backlog).
• Fixed the SVG style checker (check_svg_style.sh): its font-consistency check previously recognized only the Traditional-Chinese font stack, flagging every file under 03_visuals_sc/ and 03_visuals_en/ as a false positive. It now switches the expected font stack (Simplified / English / Traditional) based on the folder being checked, and a leftover font-stack splicing error in 3 SC figures (missed by the earlier V1.13.4 batch fix) was corrected.

V1.13.4 (2026-07-30)

• Unified the font stack across SC figures: all 92 text-bearing SVGs in 03_visuals_sc/ had been carrying a Traditional-Chinese-oriented font stack (Noto Sans TC / PingFang TC / Microsoft JhengHei) with no Simplified font, inconsistent with the body-text font policy (Noto Sans SC first) and producing a visible mix of Traditional/Simplified typefaces. Standardized to “Noto Sans SC → Noto Sans TC → Microsoft YaHei”. Also fixed one residual un-converted Traditional character left over from an earlier OpenCC batch conversion in Ch01/wealth_key_cycle_v2.svg.
• [Major fix] Simplified Chinese (SC) edition figure-language mismatch: while auditing SVGs for a publisher hand-off package, we found that 85 of the 92 figures in the SC manuscript had <img src> tags pointing to the Traditional Chinese 03_visuals/ folder instead of the Simplified 03_visuals_sc/ folder — meaning the already-published SC PDF/EPUB have been displaying Traditional Chinese text inside most of their charts. All 20 affected SC chapter files have been corrected to reference 03_visuals_sc/; 81 of the figures already had a matching Simplified SVG ready to wire in, and the remaining 4 (two TQQQ simulation charts and the Beta-threshold chart in Appendix 7, plus the 00662-vs-0056 growth chart in CH04) had no Simplified version yet and were generated via mechanical OpenCC conversion of the Traditional originals. TW and EN figure references were audited and found unaffected.
• Appendix 7 “Advanced Allocation and Rebalancing Tactics”: corrected an inconsistent figure numbering — Kris’s Beta-threshold rebalancing three-zones figure was previously labeled “Figure A6-1,” left over from a prior appendix restructuring, and mismatched the two preceding PonPon figures in the same section (“A7-1,” “A7-2”). Corrected to “A7-3” to match; TW/SC synced with the same fix (labeled “附7-3” there).
• Appendix “Practical Allocation Codes”: corrected an error in the positioning note for the 523 allocation — it previously read “an aggressive variant of 433, with slightly higher leverage,” which is the reverse of the actual case. Beta calculation shows 523 (50% underlying / 20% 2x leveraged / 30% cash) has a Beta of 0.9, lower than 433’s (40% / 30% / 30%) Beta of 1.0. 523 is therefore a more conservative variant of 433 with slightly lower leverage, not a more aggressive one (reported by reader 維尼小熊).

V1.12.1 (2026-07-29)

• EPUB build fix: throughout the book, HTML void elements (<br>, <img>, <hr>) were not self-closed, which is invalid under EPUB3’s strict XHTML content documents. This caused some readers (e.g. Thorium Reader) to split a heading and its body text across two separate pages, or to report outright tag-mismatch errors (reported by reader Chengfeng, who also supplied a Sigil-based workaround). generate_epub.py now auto-closes these tags during EPUB generation only (the three-language Markdown source files and the PDF pipeline are untouched); all 63 XHTML content files across the three language editions were re-validated as well-formed XML, with errors going from multiple instances to zero. Also fixed a latent bug where all three language editions were sharing the same Traditional-Chinese cover image instead of each using its own language-specific cover.

V1.11.1 (2026-07-24)

• CH26: corrected a misleading passage on the lifetime gifting exemption — the U.S. annual gift-tax exclusion is “per donor, per recipient, with no limit on the number of recipients,” not “one combined total per person per year”; Taiwan’s gift-tax exemption is “per donor, combined across all recipients,” not calculated recipient by recipient. Removed a clause about deducting from the U.S. federal estate-and-gift-tax lifetime exemption (US$15 million) that risked being confused with the annual exclusion — that lifetime exemption is already explained in Teacher James’s quoted passage just above and did not need repeating here. (reader Nike Chu)

V1.10.1 (2026-07-17)

• Appendix 7: the TQQQ synthetic simulation error verification now uses PonPon’s recalculated data with dividends reinvested — the error chart and log-scale overlay chart were redrawn (tqqq_sim_error.svg / tqqq_sim_vs_real_log.svg); the description was corrected from “mostly within ±2.5%, widening to −7% at the extreme” to “a multi-year drift between −6% and +5% (not random noise)”; in-chart event labels and methodology notes were removed, leaving only the required data-recency note, with all related explanation moved to the body text and caption. (reader PonPon)
• Book-wide image-folder audit: fixed the stale AppendixA6/beta_signal_rebalance.svg folder name (a leftover from the 29-to-27-chapter merge), and filed it together with the two new TQQQ charts under 03_visuals/Appendix7/; all 92 image references across the book were checked against their owning chapter/appendix and now match.

V1.9.1 (2026-07-16)

• CH04: the “Total Return Comparison of 00662 vs. 0056 Since Inception” figure was changed from a bar chart to a cumulative-return growth-curve chart (00662_vs_0056_growth_curve.svg), visually showing how the compounding gap widens year over year; the chart itself retains only the required data-recency note, with the methodology explanation left in the surrounding body text rather than duplicated in the caption or chart.

V1.8.5 (2026-07-15)

• CH11: fixed a logical inconsistency in the 703-to-613 upgrade example — “turning a 10% cash position into a 10% leverage position” should have been “turning a 10% underlying position into a 10% leverage position”; the former actually computes to 712, not 613. (reader 金川一)
• CH11: corrected three instances in the 00864B/00865B passage stating that “not distributing avoids the second-generation NHI supplementary premium” — overseas income was never subject to the premium in the first place, since it isn’t among the domestic-source income categories enumerated in the National Health Insurance Act; retitled the real advantage of 00865B as avoiding manual-reinvestment friction and overseas-income filing burden, and updated the subsection heading to match. (reader Nike Chu)
• CH16: “Taiwan has no capital-gains tax” replaced with the precise statement “00670L is a Taiwan-listed ETF, exempt from capital-gains tax on trading gains under the current suspension of the securities transaction income tax.” (reader Nike Chu)
• CH17: “episode 00539, episode 00541” changed to “Video 00539, Video 00541,” aligning video-citation wording with the rest of the book. (reader Nike Chu)
• CH15: corrected a passage that miscategorized “realized gains from selling stock” as triggering the second-generation NHI supplementary premium — capital gains do not apply; only dividend and interest income do, aligning with CH17’s dedicated section on the topic.
• Book-wide: unified currency terminology in the Traditional/Simplified Chinese text — “新台幣/NTD” unified to “台幣,” “美金/USD” unified to “美元,” and the colloquial bare unit “塊” changed to “元” (verbatim video-quote blockquotes left untouched); added a new “Statement on Currency Units” section to the Disclaimer, formalizing the book’s currency convention. (reader Nike Chu)
• CH17: the “Two-Tier Exemption Threshold for Overseas Income” passage now cites concrete examples for categories 71 (dividends), 73 (interest), and 76 (property transactions), and a new “Inclusion, Reporting, and Taxation of Overseas Income” subheading was added before the table to prevent readers from misreading “property-transaction income” as synonymous with “overseas income.” (reader Nike Chu)
• Appendix 8: corrected an oversimplification in the “Huang Ban-shen’s Taiwan Geographic Arbitrage” table’s “Overseas (US-stock) income” cell — the original wrote NT$7.5 million directly as the overseas-income threshold; revised to match CH17’s precise two-tier statement (NT$1 million inclusion threshold, NT$7.5 million as the shared exemption for the basic income amount). (reader Nike Chu; original contributor Huang Ban-shen consented to the correction)
• CH04: the “00662 vs. 0056 backtest since 2016” passage now cites an explicit backtest window (2016/06–2024/06) and tool source (tool.yp-finance.com’s Taiwan-stock portfolio backtester, lump-sum investment with dividends reinvested), noting that the same tool run in dollar-cost-averaging mode shows a materially lower total return — a normal methodology difference, not an error. (reader inquiry; figures confirmed correct, source and methodology now documented)

V1.7.4 (2026-07-14)

• About CLEC: updated channel-migration details — confirmed the appeal failed with no recovery possible, the official channel announced it was giving up on recovering the account and moved to X on June 27, 2026, and Teacher James replies to comments there; added Bilibili as an official backup channel; added pCloud as a standalone official resource entry point; contact info switched to a mailto link; added Fraser Lai to the recommended-resources list; clec168.com confirmed as the official portal site via Teacher James’s own announcement (previously marked as unverified); added the latest Facebook link, the full Google Drive video backup archive, and a mention of other backup platforms (Ximalaya, Xiaohongshu, WeChat); every link switched to a “clickable + print-readable” dual-format style.
• CH11: corrected the Video 00502 quote — “stock support” fixed to “stock assets,” “job producing stock” fixed to “stock pledge loan,” confirmed as transcription errors against the raw transcript. (reader 維尼小熊)
• About Blaise: strengthened the LINE-group disclaimer — directly quoting Teacher James’s own official announcement, “This is an organization Taiwanese friends developed privately, and has nothing to do with me,” to give the scam warning a verifiable source.
• CH18: corrected an on-exchange/off-exchange mix-up in the 513100 purchase-cap passage — 513100 is an exchange-traded ETF that can be bought and sold directly on the exchange and is generally not subject to a subscription cap; the “RMB 200 or RMB 50 daily subscription cap” predicament actually belongs to off-exchange subscription channels (such as 160213), which are restricted by tight QDII quotas. (reader Qifeng Ruan, relayed via Teacher James)

V1.6.4 (2026-07-13)

• CH14: “The Cash-Truck Playbook and the Borrowing Sequence” renamed “Borrowing Sequence Planning,” with the “cash truck” metaphor replaced throughout by neutral wording; “The Deep Meaning of Tax Avoidance Through Pledging and Borrowing Tools” renamed “An Explanation of…”; added a caution that a bank may refuse to renew or refinance a rolling personal loan; added a new “Lu Sir’s Reminder on Borrowing Discipline” section, stressing that the point of borrowing is repayment resilience in a downturn, not maximizing the credit line (reader Lu Sir); “de-leverage with age” wording tightened. (reader 185)
• CH16: corrected a factual error that “non-purpose fund lending cannot be used to buy stock” — the FSC does not prohibit this; only specific items such as a brokerage’s T+0 advance against settlement proceeds are restricted; the heading “The Credit-Bureau Gambit of Bank Pledging Versus Brokerage Lending” renamed “The Credit-Bureau Difference…”; added a caution against stacking multiple borrowing channels and a note on the brokerage-wide 400%-of-net-worth ceiling; added a note that a pledge contract runs only six months at a time and the brokerage may unilaterally reprice or refuse to renew it. (reader 我愛東海岸)
• CH18: added a new section, “The Red-Line Contrast in Fund Use Between Taiwan and US Stock Pledging,” clarifying that PAL (Pledged Asset Line) and SBLOC are governed by Regulation U and cannot be used to buy stock or pay down a margin loan — the opposite of Taiwan’s “non-purpose loan” logic.
• Appendix 8: “Chris’s Field Vernacular for Credit Negotiation (The Nine-Line Outrageous Method)” renamed “(Nine Lines)”; “Huang Ban-shen’s Life-Cycle Borrowing Armored Car” renamed “Huang Ban-shen’s Life-Cycle Borrowing Plan.”

V1.5.1 (2026-07-12)

• About CLEC: expanded the “Recommended Resources and Further Reading” list — added Chengfeng Linghang — Life Navigator, Kate’s Path to Affluence, JerryC’s new Salon link, Along’s 2x-Leveraged Life, Brother Kevin’s Investment Channel, Leveraged Life, and Infinite Enrichment (極豐盛); added Facebook links for The Sergeant Major’s Lying-Flat Finance Notes and Leveraged Life｜Ivan Lai.

V1.4.6 (2026-07-11)

• Copyright pages now show two version numbers side by side (official release V1.0.0 / continuously revised web edition).
• CLEC channel migration: the original YouTube channel was taken down; the primary platform is now X (@CLEC168), with older videos backed up on Odysee. Blaise’s resource entry point moved to his blog (the web-edition page framework was built with reference to work by 貓爺 — our thanks to him).
• CH11: added a loan/pledge-leverage lead-in clause to the “twelve-month laddered time-deposit” paragraph; added a “(i.e. the 2×-leveraged position)” clarification to the Video 00519 quote. (reader Chris)
• Appendix 7: added illustrative figures validating TQQQ’s back-extrapolated simulation error (contributed by community member PonPon; draft pending official backtest data).

V1.3.1 (2026-07-10)

• Merged a duplicated paragraph on all three language copyright pages (the license scope had been stated twice).

V1.2.1 (2026-07-08)

• CH06 / CH08 / CH15: exponents and the weighting formula now use real superscript/subscript typesetting — some had been written with Unicode superscript/subscript glyphs the body font lacks and broke in the PDF; all are now set with HTML sup/sub (e.g. 1.12⁴⁰, Σw_i², (1+r)^N). (CH06 reported by reader 台中-江東尼)

V1.1.9 (2026-07-07)

• CH08: erratum in the 00757/00662 weed-out-mechanism table — “pulling the flowers and planting the weeds” reassigned to the 00757 column (the flaw of its equal-weight design). (reader Nike Chu)
• CH17: overseas-income threshold table — added “(voluntary filing allowed)” to the “not included” tier. (reader Nike Chu)
• CH17: loss-offset rule corrected — the buy-sell price spreads of both stocks and bonds are category-76 property-transaction income and can offset each other; dividends (71), interest (73), and property-transaction income (76) are different categories that cannot offset one another, with no cross-year carryforward of losses. (reader Nike Chu)
• CH17: QQQI tax cell aligned to “fully included at NT$1M; AMT only when the basic income amount after inclusion exceeds NT$7.5M”; ROC ratio updated per NEOS Form 8937 (about 95.8% in 2024, about 99% in 2025). (reader Nike Chu)
• CH17: clarified that the NT$7.5M is the basic income amount’s shared exemption, not exclusive to overseas income — high earners’ tax-free room can exceed NT$7.5M while middle brackets fall below it (case-by-case; consult an accountant). (reader Nike Chu)
• CH17: threshold-wording fix — the “>NT$7.5M taxed” tier relabeled from “overseas income” to “basic income amount” (the NT$1M inclusion threshold remains overseas income). (reader Nike Chu)
• CH17: QQQI paragraph rewritten — separating the “distribution source (option premium / §1256 capital-gain character)” from “what the investor receives (characterized as ROC after loss harvesting),” to avoid contradicting “distributions are predominantly ROC.” (reader Nike Chu)
• Appendix 6 (Alang, EP139): “three layers of cash” corrected to “30% in cash” per Alang. (reader Alang)

V1.0.12 (2026-07-06)

• Front matter / Copyright page: relaxed to let readers freely print, photocopy, and share for personal, non-commercial purposes (with a Facebook-page contact added).
• Front matter / Disclaimer: U.S. tax credentials unified to “U.S. CPA, U.S. EA (IRS Enrolled Agent).” (reader Zoe)
• CH01: wording fix — “turn off recommendation feeds” changed to “turn off phone push notifications and social platforms’ auto-push.” (reader Chris)
• CH01: compounding-example erratum — “NT$10,000 a month” corrected to the book’s original “NT$14,000 a year (about NT$1,200 a month)” (Huang Pei-yuan, The Bible of Personal Finance). (reader 放輕鬆)
• CH01 / Figure 1-6: added a “Years 1-40 cumulative = NT$102.81M” total bar. (reader 放輕鬆)
• CH17: tax-accuracy corrections — sub-brokerage holding US-issued targets still incurs US estate tax (an enforcement gap, not an exemption); the supplementary premium applies only to distributions sourced from dividends (54C)/interest (5A), not to capital gains or the income-equalization reserve; clarified that overseas income is “fully included at NT$1M, with filing required only when the basic income amount after inclusion exceeds NT$7.5M”; QQQI distributions are predominantly ROC (return of capital), not dividends. (reader Nike Chu; suppl. Chris)
• CH17: overseas income is recognized in the “year of realization,” unrelated to remittance timing — removed the erroneous/illegal “control remittance to zero out tax” framing, replaced with legal realize-across-years (gain harvesting) plus an evasion warning. (reader Nike Chu)
• CH18: CNDX.L (Irish UCITS) corrected to “exempt from US estate tax; still 15% US dividend withholding at the fund level (US–Ireland treaty), no second withholding at the investor level.” (reader Nike Chu; suppl. Chris)
• Appendix 6 (Alang’s Leveraged-2× Life Strategy): fixed a garbled transcription in the EP129 quote and trimmed a colloquial filler, matching the revised Chinese master. (reader Alang)