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].

Core Viewpoint - The article emphasizes that time is a crucial barrier in business, as it cannot be bought or replicated, and it plays a significant role in establishing competitive advantages [5][12][33]. Group 1: Strategic Six Variables - The article introduces the "Strategic Six Variables" which include value, scarcity, barriers, assets, leverage, and flywheel, highlighting their importance in building a business [5]. - It acknowledges that while these variables are essential, the most significant barrier for ordinary people is time, which is often overlooked [5][6]. Group 2: Barriers in Manufacturing - In manufacturing, the true barrier is often the "ineffable know-how" that comes from years of experience rather than just equipment or standard operating procedures [7][8]. - An example is given of Corning, which has developed its expertise in glass manufacturing over 170 years, creating a barrier that competitors cannot easily overcome [9][10][11]. Group 3: Time as a Barrier - Time is presented as a unique barrier because it is the one resource that cannot be purchased; companies like Amazon have leveraged their early start in cloud computing to build significant advantages that later entrants struggle to replicate [15][16]. - The article encourages businesses to identify what unique aspects they possess that competitors cannot quickly copy, emphasizing the importance of investing time in building these advantages [16][30]. Group 4: The Value of Persistence - The article discusses the importance of persistence in business, using examples like Luo Zhenyu, who has built a brand over years through consistent effort [27][28]. - It suggests that businesses should focus on long-term projects that accumulate value over time rather than seeking immediate returns [22][31]. Group 5: Conclusion - The article concludes by encouraging businesses to embrace time as a friend and to focus on building enduring barriers that will yield rewards in the long run [34][35].

Core Viewpoint - The article discusses the evolving landscape of investment strategies, particularly the tension between growth and value investing, emphasizing the need for a nuanced understanding of these concepts in the context of modern economic changes [6][8][9]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft and Google [8]. - The article highlights that while growth and value investing appear divergent, they share fundamental principles, such as the importance of honest long-term cash flow estimation and risk awareness [9]. - Anderson emphasizes the need for a longer time perspective and serious company research, valuing patience and governance sensitivity inherent in value investing [9][10]. Group 2: Historical Context and Literature - The article notes a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has a rich tradition and numerous classic texts [11][13]. - It references Benjamin Graham's views on growth stocks, indicating that while he recognized their potential, he also warned of their speculative nature and preferred investing in larger, less popular companies [13][14]. - The article argues that the realities of the past decade have diverged from Graham's observations, with growth stocks outperforming traditional value stocks [15]. Group 3: Future Investment Landscape - The article posits that future returns are highly uncertain, urging a reevaluation of investment beliefs and strategies in light of complex market dynamics [18][30]. - It suggests that understanding structural changes in the global economy is crucial for predicting long-term investment outcomes, rather than focusing solely on short-term financial metrics [33][34]. - The piece warns against relying on historical volatility to forecast future performance, advocating for a mindset open to exploring various possibilities [38][39]. Group 4: Case Studies - The article compares Coca-Cola and Facebook, illustrating how traditional value metrics may misrepresent the potential of high-growth companies [64][69]. - It highlights that Coca-Cola's growth has stagnated, while Facebook has shown significant growth potential, challenging the notion of which company represents true value [66][70]. - The automotive industry is used as a case study, showcasing how different companies within the sector exhibit varying growth and value characteristics, with General Motors and Ferrari serving as contrasting examples [82][88].

Core Viewpoint - The focus should be on the application of AI rather than just its invention, with expectations of significant productivity improvements in the next three to five years [2][10]. Group 1: AI Development and Application - Ren Zhengfei emphasizes the importance of focusing on AI applications across various industries, suggesting that concerns about insufficient computing power are misplaced as future developments will likely lead to surplus computing resources [2][24]. - The company is exploring the use of large models and big data in sectors like agriculture and industry, with examples including optimizing iron production and automating mining operations [6][8]. - AI is already being applied in healthcare, with models improving diagnostic capabilities in hospitals and remote areas [7][8]. Group 2: Youth and Talent Development - The company sees hope in the youth, encouraging them to pursue high aspirations and contribute to society, regardless of their chosen paths [2][15]. - There is a call for educational reforms to cultivate talent domestically rather than relying solely on imported expertise, highlighting the need for a strong educational foundation to support technological advancement [11][12]. - The company supports initiatives that help underprivileged regions improve their IT skills, emphasizing the importance of teaching practical skills rather than merely providing resources [9]. Group 3: Future of Work and Education - The transition from traditional education models to more decentralized, online learning environments is seen as beneficial for societal progress, allowing access to quality education from remote areas [9][34]. - The company acknowledges the potential impact of AI on job markets, advocating for re-education programs to help displaced workers transition into new roles as automation increases [22][23]. - There is a recognition that while AI will automate many tasks, the focus should remain on how to effectively apply AI to enhance productivity and societal benefits [31]. Group 4: International Collaboration and Innovation - The company values international collaboration, recognizing the contributions of various countries to technological advancements and the importance of sharing knowledge [28][29]. - There is an emphasis on the need for practical challenges in competitions to align with real-world applications, fostering a connection between academia and industry [27]. - The company is open to expanding its presence in regions like Romania, indicating a commitment to fostering local innovation and collaboration [29].

Core Viewpoint - The article emphasizes the importance of an industry lifecycle framework in conducting industry research, highlighting the need for a structured approach to understand market dynamics and investment opportunities [3][6]. Industry Lifecycle Framework - The industry lifecycle can be divided into four stages: introduction, growth, maturity, and decline, influenced by customer adoption patterns [6][7]. - The framework aligns with Everett Rogers' innovation diffusion theory, categorizing users into five types based on their adoption speed [6]. - The introduction phase is characterized by few users and uncertain market potential, while the growth phase sees rapid user adoption and increasing demand [6][7]. - In the maturity phase, growth slows as new customer acquisition diminishes, leading to increased competition and declining margins [7]. - The decline phase is marked by stagnant user growth and the emergence of substitutes, where only companies with significant scale or cost advantages can remain competitive [7][8]. Research Focus by Lifecycle Stage - In the introduction phase, the primary concern is the feasibility of the business model, focusing on real demand and sustainable profitability [10]. - For the growth phase, attention shifts to market size and potential, estimating future growth over the next 3-5 years [11]. - In the maturity phase, the focus is on the industry's competitive advantages and the potential for new growth avenues, assessing supply constraints and competitive dynamics [11][12]. - In the decline phase, research should pivot to substitute products, as the industry may no longer be a viable investment [11]. Market Size and Scale - Market size is crucial for determining the potential for large companies to emerge, with a focus on Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM) [16][17]. - Different stages of the lifecycle require different market size metrics, with TAM being critical in the introduction phase and SAM and SOM becoming more relevant in growth and maturity phases [17]. Competitive Landscape and Profitability - The competitive landscape significantly influences profitability, with a focus on market share and industry concentration [23][24]. - Understanding horizontal competition (within the same industry) and vertical relationships (across the supply chain) is essential for assessing overall industry health and profitability [23][24].

Core Viewpoint - The article emphasizes the "Pareto Principle" in investing, highlighting that a small percentage of key decisions and time periods contribute significantly to overall returns, suggesting that wealth accumulation relies on making the right choices and being present during critical return periods [2][3]. Group 1: Value Investors and the Pareto Effect - Value investors focus 80% of their efforts on identifying the 20% of companies that possess sustainable competitive advantages, thereby ignoring short-term market noise and concentrating on long-term factors such as business model sustainability and cash flow health [3][4]. - The strategy of value investors is to accept periods of low returns while remaining vigilant for opportunities when high-quality assets are undervalued due to market panic [5][6]. Group 2: Long-Termism in Value Investing - Long-termism is a rational response by value investors to the 80/20 distribution, allowing them to maintain focus on enduring value rather than short-term fluctuations [6][5]. - The quote from Benjamin Graham illustrates that while short-term market movements are driven by emotions, long-term performance reflects true value, reinforcing the importance of patience in investment [5]. Group 3: Staying Present to Capture Returns - The article provides data on the S&P 500 index, showing that missing the top 20 trading days from 2005 to 2023 would significantly reduce annualized returns from approximately 7.42% to 5.5%, and missing the top 100 days could lead to near-zero returns [9]. - In emerging markets, the disparity in returns is even more pronounced, with significant gains concentrated in a small fraction of time, emphasizing the need for investors to remain engaged during these critical periods [9][10]. - The concept of "being present" is crucial for value investors, as it ensures they do not miss out on key moments when market prices align with intrinsic value [10].

Core Insights - Warren Buffett announced his decision to step back from his long-standing role in Berkshire Hathaway, marking the end of a 60-year investment career, emphasizing the importance of luck in his success [3][5][26] - Buffett converted 1,800 shares of Class A stock into 2.7 million shares of Class B stock for charitable donations, totaling over $1.3 billion [3][5] Group 1: Reflections and Legacy - Buffett expressed gratitude for his life and longevity, reflecting on his childhood experiences and the people who influenced him [7][10] - He highlighted the significance of kindness and good deeds over wealth and fame, stating that greatness is defined by one's actions [26][29] - The transition of leadership to Greg Abel is seen as a positive step, with Buffett expressing confidence in Abel's capabilities [6][23] Group 2: Philanthropy and Future Plans - The donations made by Buffett are aimed at ensuring his charitable legacy is managed by his children while they are still capable [20][22] - Buffett's approach to philanthropy is accelerated, indicating a desire to distribute his wealth while he is still alive [20][23] - He reassured shareholders that his charitable actions do not reflect a lack of confidence in Berkshire's future, which he believes will continue to grow [25][26]

Group 1 - Rare earth elements are a group of 17 metals essential for modern technology, including lanthanum, cerium, and neodymium, and are considered non-renewable resources [5][6] - Rare earth elements have unique optical and magnetic properties, making them crucial in high-tech, defense, and renewable energy sectors, often referred to as "industrial vitamins" [9][10] - In the renewable energy sector, rare earth magnets are vital for electric motors and wind turbines, enhancing efficiency and power density [10][11] Group 2 - Despite their name, rare earth elements are relatively abundant in the Earth's crust, but economically viable mining sites are scarce [12][13] - China dominates the rare earth market, holding nearly half of the world's economically extractable reserves, with a total of 44 million tons, significantly more than Brazil [13][17] - China has established a complete industrial chain for rare earths, from mining to refining, making it the only country capable of providing all 17 rare earth metals [17][18] Group 3 - In the 1980s, China was a major resource holder but lacked production capabilities until advancements in extraction technology, particularly by Xu Guangxian, transformed the industry [18][19] - Xu Guangxian's development of the "cascade extraction theory" allowed China to increase purity and reduce costs, leading to a significant shift in the global rare earth market [18][19] - By the early 1990s, China's export of high-purity rare earths caused international prices to drop significantly, impacting established global players [19][20] Group 4 - As of 2024, China is projected to account for 70% of global rare earth production, with a production volume of 270,000 tons, while the U.S. lags behind at 45,000 tons [20][22] - China controls 40% of global rare earth reserves, 70% of production, and 90% of processing capacity, solidifying its dominance in the global supply chain [22]

Core Insights - The article emphasizes that success is not about doing more but about doing the right things, advocating for strategic rest and a "subtractive thinking" approach to enhance creativity, decision-making, and performance [5][29]. Group 1: The Science of Doing Less - The brain is not designed for continuous output; cognitive abilities sharply decline after 90 minutes of focused work, necessitating regular breaks [7]. - Ignoring the need for breaks leads to decision fatigue, mental fog, and burnout, which ultimately reduce work efficiency [8]. - Historical innovators like Einstein and Steve Jobs utilized strategic breaks to activate their brain's default mode network, fostering problem-solving and creativity [9][11]. Group 2: Subtractive Thinking - High performers often mistakenly adopt an additive mindset, believing that achieving more requires doing more, which complicates their success [13][14]. - A study from the University of Virginia found that people tend to overlook subtractive solutions, even when removing certain elements could yield better results [14]. - Practical changes include eliminating unnecessary meetings, shortening work hours for focused efforts, and mastering proven habits instead of adding new ones [15][16][17]. Group 3: Willpower vs. Flow State - Many believe willpower is the key to success, but it is a limited resource that can lead to exhaustion and poor decision-making [20]. - Achieving a flow state, where work feels effortless and time disappears, can increase efficiency by up to 500% compared to distracted work [20][21]. - To foster flow, one should identify and eliminate energy leaks in daily schedules, focus on deep work sprints, and cultivate subtractive habits [24][25][27]. Group 4: Focus and Distraction Management - The article highlights that multitasking can hinder deep work, suggesting that tasks should be challenging yet balanced to maintain engagement [31]. - Successful individuals prioritize what to focus on rather than how much they do, aligning their efforts with their brain's natural rhythms [30][32].