当地时间8月25日，美股三大股指集体收跌。道指收跌349.27点，报45282.47点，跌幅为0.77%；纳指收跌47.24点，报21449.29点，跌幅为0.22%；标普500 指数收跌27.59点，报6439.32点，跌幅为0.43%。 银行股多数下跌，摩根大通跌0.49%，高盛跌0.45%，花旗跌0.31%，摩根士丹利跌0.25%，美国银行涨0.04%，富国银行涨超1%。 中概股涨跌不一，纳斯达克中国金龙指数涨0.11%。热门中概股方面，大全新能源涨逾4%，新濠博亚娱乐涨超3%，网易涨逾2%，涂鸦智能涨超2%，健永 生技涨逾2%。跌幅方面，新蛋跌逾15%，大健云仓跌超9%，盛美半导体跌逾5%，霸王茶姬跌超4%。 根据芝加哥商品交易所集团的Fed watch工具，交易员目前认为美联储9月份降息的可能性为84%。 英国伦敦股市休市，欧洲其他两大主要股指当天均以下跌报收。法国巴黎股市CAC40指数报收于7843.04点，较前一交易日下跌126.65点，跌幅为1.59%； 德国法兰克福股市DAX指数报收于24273.12点，较前一交易日下跌89.97点，跌幅为0.37%。 来源公开信息及市场数据 （文章来源：国 ...

Core Viewpoint - The discussion focuses on Bill Miller's investment philosophy, particularly his long-term investment in Amazon, which showcases his unique approach to value investing and decision-making in the face of market skepticism [2][4][7]. Group 1: Investment Philosophy - Bill Miller's investment style is characterized as "non-typical" or "alternative" value investing, blending valuation, fundamentals, odds, and time into practical judgments [5][34]. - Miller emphasizes the importance of defining a business correctly, as the description influences perception and investment decisions [5][19]. - The ability to switch between value and growth investing is a key aspect of Miller's pragmatic investment approach, allowing him to identify mispriced opportunities [34][38]. Group 2: Decision-Making Process - Miller's decision to invest in Amazon was influenced by his understanding of its business model, which he likened to Dell's negative working capital structure, allowing for high capital returns [4][14]. - He believes that understanding the underlying cash flow and operational efficiency is crucial, as demonstrated by his analysis of Amazon's financials during its early years [25][27]. - The ability to filter out market noise and maintain a clear perspective is essential for successful investing, as highlighted by Miller's approach to learning and continuous improvement [3][20]. Group 3: Resilience and Adaptability - Miller's resilience during market downturns, particularly during the 2008 financial crisis, showcases his ability to adapt and learn from past mistakes [39][42]. - His approach to investing is informed by a blend of philosophical insights, including pragmatism and language philosophy, which help him navigate complex market dynamics [22][31]. - The importance of maintaining a long-term perspective and the psychological challenges of holding investments through volatility are emphasized as critical components of successful investing [71][75]. Group 4: Practical Insights - The discussion highlights the significance of recognizing "explosive upside opportunities" in investments, as demonstrated by Miller's bets on Amazon and Bitcoin [67][68]. - Miller's investment decisions are often based on a calculated risk approach, where he assesses the potential for significant returns against the likelihood of loss [65][66]. - The ability to remain calm and rational during market turmoil is a trait that distinguishes successful investors like Miller, allowing them to make informed decisions rather than emotional ones [51][57].

氛围编程（vibe coding），这个由 Andrej Karpathy 带火的热词，已经成为了一种相当流行的编程方式。但这种编程方式的流行程度究竟如何，目前还没有什么比 较可靠的统计数据。不过，近日的一篇 Reddit 热帖，却可以让我们窥见一些端倪：看起来，氛围编程可能比我们预想的更受欢迎，FAANG 等大型科技公司也不乏 vibe coder—— 虽然人们对这个工作流程算不算是氛围编程存在很大争议。 机器之心报道 编辑：Panda 这篇帖子发布在 r/vibecoding，发帖者 u/TreeTopologyTroubado 自称是一位拥有十多年工作经验的 AI 软件工程师，并且其有一半的时间都是在 FAANG（即 Meta、 亚马逊、苹果、Netflix 和 Alphabet 五大科技巨头）工作。他职业生涯前半段是系统工程师，而不是开发者，不过他现在已有 15 年左右的编程经验了。 然后，他分享了使用 AI 开发产品代码的方法。简单来说，就是 始终从可靠的设计文档和架构开始，然后在此基础上逐步构建。始终先编写测试。 更具体而言： 该帖在 Reddit 和 X 上都引起了广泛讨论。其中一个很大的讨论点 ...

一分钟速览新闻点！ 国内要闻 DeepSeek、宇树科技上榜 2025 年《财富》中国科技 50 强榜单 华为、DeepSeek、宇树科技入选「《财富》中国科技 50 强」榜单。DeepSeek 自主研发的 DeepSeek-R1 大模型在 MMLU 基准测试中得分 88.5，全球开源 大模型下载量稳居前十，2025 年 6 月月活跃用户达 1.63 亿，居全球 AI 生成内容应用首位。宇树科技 2024 年四足机器人销量 1.8 万台，占全球市场份额 23%，位列全球第二，并获世界知识产权组织 2025 年全球奖，为中国唯一获奖者，展现了其在机器人核心技术及知识产权布局方面的优势。 vivo 发布首款混合现实头显 vivo Vision vivo 发布首款混合现实头显 vivo Vision 探索版，搭载 OriginOS Vision 系统，并采用双目 8K Micro-OLED 显示和高通骁龙 XR2+ Gen 2 芯片，重量 398 克，支持近视用户定制磁吸镜片，暂不面向消费者销售。不过，从 8 月 22 日起，在北京、深圳等 10 余座城市的 12 家 vivo 官方授权体验店，用户可抢先 预约体验 ...

V i e w p o i n t | 20 Aug 2025 05:00:00 ET │ 41 pages North America Internet Internet Traffic Trends Analysis: Positive Trends for META, AMZN, DASH, UBER, EBAY, W, GDDY CITI'S TAKE July website traffic from Similarweb and app data from Sensor Tower, data aggregated in partnership with Citi's Research Innovation Lab, highlight positive trends for META, AMZN, DASH, UBER, EBAY, W, and GDDY, and mixed-trends for Online Travel and SMB Servicers. On META, we highlight IG's mins/DAU rose +12% Y/Y to ~53 mins, lik ...

Hedge fund crowding appears to have hampered alpha generation during the 2Q 2025 earnings season. An analysis of 82 quarters of hedge fund positioning and earnings results shows that the most popular hedge fund stocks tend to beat earnings estimates at a higher rate than the average S&P 500 stock, while the least popular stocks miss estimates more often. However, the data also show an increasingly negative relationship between hedge fund popularity and the magnitude of a stock's excess return immediately af ...

Group 1 - The "Ten Titans" are the largest growth-focused U.S. companies, comprising approximately 38% of the S&P 500 [2][9] - The combined market capitalization of the Ten Titans is $20.2 trillion, a significant increase from $2.5 trillion a decade ago [6] - The Ten Titans have contributed 51.6% of the S&P 500's market cap growth over the last decade, which totaled $34.3 trillion [8] Group 2 - The Vanguard S&P 500 ETF is highlighted as a low-cost option for investors seeking exposure to the Ten Titans, with an expense ratio of 0.03% [4][5] - The S&P 500 has transformed into a growth-focused index due to the concentration of the Ten Titans, which may not suit all investors [9][12] - Investors with a high risk tolerance may benefit from the concentrated nature of the index, while risk-averse investors might need to adjust their portfolios to avoid overexposure to growth stocks [14]

Core Insights - Berkshire Hathaway has shifted its investment strategy to include technology stocks, which was previously avoided by Warren Buffett [1][2] Group 1: Berkshire Hathaway Portfolio Highlights - Berkshire Hathaway owns approximately 10 million shares of Amazon, indicating a significant investment in the tech sector [4] - Amazon's growth potential is substantial, with a forward P/E ratio of 34, below its five-year average of 46, making it an attractive investment [5] - Lennar, a major American homebuilder, is a new holding for Berkshire, with a promising long-term outlook due to the demand for affordable housing [6][8] - Lennar's shares have a price-to-sales ratio of 1 and a forward P/E of 13, suggesting reasonable pricing [8] - Chevron is Berkshire's fifth-largest holding, with nearly 7% ownership, and offers a dividend yield of 4.5% [9] - Chevron's forward P/E is 20, slightly above its five-year average of 14, indicating potential overvaluation [11] - UnitedHealth Group is a new addition to Berkshire's portfolio, currently facing challenges but seen as a potential buying opportunity due to demographic trends favoring healthcare [12] Group 2: Berkshire Hathaway as an Investment - Investing in Berkshire Hathaway itself is recommended, as it is expected to continue growing over time, despite potential changes in management [13][14] - Berkshire does not currently pay a dividend, but future management may consider this option [14]

Core Insights - Amazon is positioned at the forefront of the AI revolution, with a market cap of $2.4 trillion, raising concerns among investors about its valuation [1] - The company operates in two main segments: e-commerce and Amazon Web Services (AWS), with AWS being the largest cloud infrastructure provider globally [2] Revenue Growth - Over the past decade, AWS revenue has increased by more than 1,000%, significantly contributing to Amazon's overall sales growth of 496% [3] - Since 2020, AWS revenue has grown by over 150%, while online store sales have only increased by 26% [4] Profitability - AWS has been the primary contributor to Amazon's operating income, showcasing much higher profitability compared to the e-commerce division [4] Market Position and Future Growth - AWS holds a 30% global market share in cloud infrastructure, providing the scale and capital necessary for continued investment in growth [7] - The anticipated growth in AI spending, projected to exceed 30% annually over the next decade, positions AWS for rapid business expansion [7] - The growth potential of AWS suggests that Amazon's stock may be undervalued in the long term [8]

Core Insights - Amazon has achieved a remarkable stock gain of 10,150% over the past 20 years, establishing itself as a significant player in the American economy [1] - The company currently has a market capitalization of $2.4 trillion and reported $168 billion in revenue for the second quarter [2] Growth Segments - Amazon's net sales increased by 617% from 2014 to 2024, indicating strong historical growth and a broad-based outlook for future gains [4] - The e-commerce sector, while only accounting for 16.3% of total retail spending in the U.S., remains a key revenue driver for Amazon [5] - The company also generates revenue from digital advertising, which saw a 23% year-over-year increase in sales during Q2 [5] Amazon Web Services (AWS) - AWS is highlighted as a crucial part of Amazon's business, maintaining a leading market share and an operating margin of 32.9% in the second quarter [6] - Although AWS is growing at a slower pace compared to smaller competitors, it is still a highly profitable segment and is expected to become an increasingly important contributor to Amazon's financial success in the coming years [7]