以下文章来源于他山之石观投资 ，作者Saint Paul 他山之石观投资 . 全球视角看资本市场，他山之石可以攻玉 来源 | 他山之石观投资 预计阅读时间：6分钟 《聪明的投资者》修订版编辑、华尔街日报专栏作家贾森·兹威格(Jason Zweig)提到过，在一次新 闻发布会上，有人问，如何定义自己的工作。兹威格说：我的工作是每年写50到100次完全相同的 东西，用我的编辑和读者都不认为重复的方式写出来。 这是因为好的建议很少改变。而市场在不断变化，迎合的诱惑几乎无法抗拒。人们需要好的建议， 但他们想要的是听起来好的建议。 短期内听起来最好的建议，从长远来看很可能是最危险的。每个人都想要通往投资成功的密钥：神 奇的低风险、高回报的投资，可以投资在短时间内翻倍。每个人都想追逐最热门的投资，避开最冷 门的投资。 由此，正是这种想法，催生了大量的信息，给到这些希望成功的投资者： 当鸭子呱呱叫时，就投喂给它们想要的 本杰明·格雷厄姆在1949年的《聪明的投资者》中所到："投资者的主要问题——甚至是他最大的敌 人——很可能是他自己。" 01 一项研究实验 有一项很有意思的心理学研究，来自心理学家Paul Andreass ...

以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 这件事必须让董事会百分之百达成共识。他们得完全把我放在一边，独立判断他是不是合适的人选。 我在股东大会上宣布后 的 第二天就召开了董事会会议。原本我打算等他们主动提问，毕竟 有很多 问 题 ， 比如说公司能在不经过董事会批准的情况下做多大的交易？ 来源｜聪明投资者（ID: Capital-nature ） 作者｜聪明投资者（ID: Capital-nature） 预计阅读时间：30分钟 近日，CNBC直播了一场两小时的特别节目《沃伦·巴菲特：一生与传承》。 有差不多1个半小时巴菲特的访谈对话，大量内容是在巴菲特去年股东大会官宣"交班"几天后进行 的。 彼时94岁的巴菲特状态超赞的，思路清晰滔滔不绝，时不时来一个开怀大笑。 他没有理由不享受这样的人生。巨大的财富，只不过是其中的一部分。 巴菲特卸下"股神"的光环，以父亲、丈夫、教育者、慈善人的身份，讲述了他人生中极少被公开提 及的另一面。 他回忆起少年时的赌马轶事，年轻时对公开演讲的恐惧，以及如何坚持六七十年的"布道生涯"，也 细细分享了父亲对他从小的影响。谈到第一任妻子，他承认自 ...

预计阅读时间：10分钟 | 进入2026年，AI依然是科技领域最受关注的主题。人们期待它成为继移动互联网之后的新一轮通用技术浪潮，带来清晰、可 | | --- | | 持续的商业模式；但在效率显著提升的同时，AI的商业化路径仍在探索之中，真正可行的付费模式尚未完全显现。 | | 在这样的背景下回望移动互联网，或许能提供一些不同的视角。在流量见顶、红利褪去之后，互联网并未停下脚步，进化的 | | 方式发生了变化，产业通过"内生自循环"寻找应用场景。创新不再集中出现在某个明确的"风口"，而是分散在具体的产品形 | | 态、服务方式和用户体验中，一些火苗正在悄然点亮。 | | 比如，商家不再满足于大海捞针，而是想方设法建立更稳固的连接；即时配送不再局限于送餐，而是不断在缩短各种生活物 | | 资的到家距离；娱乐内容也正在更好地适配碎片化时间。在用户增长放缓的背景下，平台和商家正通过流程、产品和服务的 | | 细微调整，努力争取更具确定性的回报。 | | 我们并不试图判断互联网产业的今天是否会成为AI的明天，但这些围绕既有资源展开的调整和尝试，或许能为理解技术与商 | | 业价值如何逐步衔接，提供一个更贴近现实的观察 ...

预计阅读时间：4分钟 过去，市场称铜为"铜博士"，因为铜价作为宏观经济的灵敏先行指标，常能先于官方数据，敏锐捕捉并预示全球经济周期的 趋势转变。然而，当前的情况却有些不一样，全球的PMI仍在荣枯线挣扎，铜价却屡创新高。 背后的原因是什么？分析认为，核心原因在于实际供应的短缺，此外，铜价的上涨也受到关税、人工智能（AI）基础设施建 设和能源转型等投资叙事的驱动。 01 铜"爆发"的原因：供给约束 2025年以来，"铜博士"的价格持续创新高点。 来源 | 综合自mining.com、彭博新闻、高盛研究院 等 通常而言，铜价走势与全球经济周期密切相关。 然而本轮价格的快速上涨，其核心驱动逻辑更侧重于供需结构性矛盾——尤其是供 给端的多重约束， 使得传统经济指标对价格的解释力出现边际减弱。 1.供给中断 2025年，多个关键铜矿面临运营挫折，多个世界级核心矿山因自然灾害、安全事故等"黑天鹅"事件而被迫大幅下调产量指引。 3. 缺乏新的大型铜矿的发现 更高的价格可能会激励矿工投资新资产，但新铜源的发现速度正在放缓。根据标普环球的分析，1990年至2023年间发现的239个 主要矿床中，只有14个发生在最后十年内。新生产 ...

Core Viewpoint - The article emphasizes the importance of investor awareness and caution against fraudulent activities in the investment sector, particularly regarding fund management and investment channels [2][3][4]. Group 1: Risk Awareness - Investors are urged to enhance their risk awareness and choose legitimate channels for investment, avoiding unverified links and applications [2]. - It is recommended to verify the qualifications of institutions to ensure legal investment, utilizing official government and association resources for confirmation [3]. Group 2: Compliance and Suitability - Investors must adhere to the suitability management regulations for qualified investors, ensuring they meet the financial criteria for private fund investments, such as a minimum investment of 1 million yuan and financial assets of at least 3 million yuan or an average annual income of 500,000 yuan over the last three years [3]. - Any attempts by fundraising institutions to circumvent these requirements through illegal means are deemed unlawful [3]. Group 3: Financial Risks and High Returns - Investors are cautioned against the allure of high returns and should avoid transferring funds to unknown accounts or engaging in illegal fundraising activities, as losses from such activities are borne by the participants [4]. - The article stresses the importance of not being swayed by short-term benefits and to remain vigilant against scams [4]. Group 4: Reporting and Legal Rights - In case of losses or suspected fraud, investors should remain calm and gather evidence to report to law enforcement, utilizing various official channels for reporting fraudulent activities [4][5]. - The article encourages rational legal action to maintain market order and warns against spreading unverified information that could harm the reputation of legitimate institutions [5]. Group 5: Investor Education - The article concludes by urging investors to continuously educate themselves on investment laws and regulations, enhancing their awareness of fraud prevention to protect their financial interests [6].

Core Viewpoint - The article discusses the complex historical and political dynamics of Venezuela, particularly focusing on how its vast oil resources have shaped its state formation and governance, leading to both opportunities and challenges for the nation [2][4][22]. Group 1: Historical Context of State Formation - Latin American countries, including Venezuela, primarily experienced state formation through trade rather than military conflict, leading to a focus on creating favorable commercial environments for international trade [2][3]. - Venezuela's state formation was significantly influenced by compromises between the central government and local caudillos, resulting in a weak central authority and persistent local power [3][4]. Group 2: Oil Wealth and Economic Transformation - The transition of Venezuela from a debt-ridden agricultural nation to a wealthy oil-exporting country in the early 20th century was marked by significant economic growth and changes in social structure [4][5]. - Oil revenues created a strong central government capable of suppressing local elites, but also led to a dependency that weakened other economic sectors and governance capabilities [5][10]. Group 3: Political Dynamics and Governance - The oil wealth facilitated the establishment of a democratic system in Venezuela, where the distribution of oil revenues became a key factor in political legitimacy and social stability [8][18]. - However, the reliance on oil revenues resulted in a lack of diversification in the economy and governance, leading to inefficiencies and corruption within the political system [11][17]. Group 4: Economic Crises and Reform Challenges - Venezuela's economy faced severe crises in the 1980s, marked by a failure to implement coherent economic reforms, leading to social unrest and political instability [19][24]. - The government's inability to adapt to changing economic conditions and the reliance on oil revenues hindered effective policy responses, resulting in a cycle of economic tightening and loosening without substantial progress [24][25]. Group 5: The Concept of "Weak States" - Venezuela exemplifies the concept of "weak states," where the government struggles to provide public goods and maintain effective governance due to historical legacies and economic dependencies [29][30]. - The article emphasizes the need for Venezuela to explore pathways for economic diversification and stronger state capacity to overcome its historical challenges and achieve sustainable development [29][30].

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Core Viewpoint - The article discusses the complexities of gold price fluctuations and emphasizes understanding its four core attributes: commodity, monetary, financial, and hedging properties, to clarify the underlying logic of its price movements [3][4]. Group 1: Gold's Four Core Attributes - **Commodity Property**: Gold prices are primarily determined by supply and demand dynamics, with demand influenced by economic cycles and market expectations. The main contributors to gold demand are jewelry, investment, and central bank purchases, while industrial demand is relatively low [5]. - **Monetary Property**: Gold is considered "hard currency" due to its scarcity, durability, and universal acceptance, serving as an effective store of value. Its price is closely linked to the US dollar index, typically decreasing when the dollar strengthens and increasing when the dollar weakens [6][9]. - **Financial Property**: Gold's investment value is shaped by real interest rates, expected inflation rates, and market liquidity. Lower real interest rates increase gold's attractiveness as a non-yielding asset, especially during periods of low interest rates or rate cuts by central banks [14][15]. - **Hedging Property**: Gold performs well in risk scenarios where market pessimism rises, making it a preferred asset over riskier investments. Historical events show that gold prices tend to rise during crises, highlighting its unique characteristics as a safe-haven asset [17][18]. Group 2: Historical Review of Gold Price Movements - Historical analysis indicates that significant price movements in gold are closely related to Federal Reserve policies, inflation changes, and central bank behaviors. Major price increases are driven by structural trends like de-dollarization and central bank diversification, alongside cyclical factors such as inflation and risk aversion [21][22]. - Price declines are often triggered by tightening monetary policies, rapid inflation declines, or central bank sell-offs. For instance, the period from 1983 to 1985 saw a drop of over 40% due to US economic recovery and interest rate hikes [23][24]. - The article highlights that current global challenges, including debt expansion and economic slowdown, have accentuated gold's monetary and hedging properties, leading to recent price surges. Notably, Ray Dalio views gold as a hedge against unsustainable debt levels, suggesting a reasonable allocation of 10% to 15% in investment portfolios [25].

二、 规范运作的私募基金公司须严格遵守法律法规所要求的合规规定 ， 我司从未开展或授意任何个人或机构以任何形式从事任 何种类的违法证券活动，且不会以无论个人还是机构名义通过互联网平 台进行任何形式的荐股行为，不会通过互联网进行任何形 式的非法集资活动 。请广大投资者遇到不规范证券活动时注意甄别。 三、高毅资产唯一官方网 站为 ：www.gyasset.com，官方微信公众号为：高毅资产管理（ID：gyzcgl）、高毅资产客户服务 （ID：gyasset），此外在微博、雪球、百度、头条、东方财富网等少数网站平台上开设的官方账号请以平台加V认证为准。 请 广大投资者注意甄别。 我们发现多起不法分子冒充高毅资产或高毅资产员工在互联网平台开展非法荐股、非法集资等违法证券活动的事件，涉嫌骗取投 资者钱财。 我们已通过法律手段以及报告监 管部门、互联网平台等多重途径进行维权和打击违法活动。 同时为提醒广大投资者 保护合法权益，高毅资产郑重声明及提示如下： 一、高毅资产全称为"上海高毅资产管理合伙企业（有限合伙）"，为中国证券投资基金业协会备案的私 募证券投资基金管理人 （登记编码：P1002305）。请合格投资者在接受服 ...

Core Viewpoint - The article emphasizes the recruitment of talented individuals for various positions within the company, highlighting the importance of expertise in investment research and human resources to support the firm's long-term investment goals and commitment to value investing [18]. Group 1: Recruitment Positions - The company is seeking an Industry Research Analyst focused on the electric power and new energy sectors, requiring at least 2 years of relevant experience and strong analytical skills [7][9]. - A Human Resources Intern position is also available, aimed at students graduating in 2026 or 2027, with responsibilities including organizing training activities and supporting corporate culture initiatives [11][13]. Group 2: Company Overview - Shanghai Gao Yi Asset Management is a private equity fund management company founded by experienced fund managers, focusing on public market investments and fundamental research [18]. - The company promotes a culture of deep analysis and forward-looking research, aiming to identify long-term value creation opportunities amid rapid global changes [18]. - Gao Yi Asset emphasizes professionalism across all business areas, including compliance, risk control, and client service, to enhance investment outcomes for clients [18].