巴菲特财富：常识战胜浮躁

Core Insights - Warren Buffett announced his retirement as CEO of Berkshire Hathaway by the end of 2025, with Abel set to take over, marking the end of an era for the company [1] - Buffett's investment philosophy emphasizes viewing investments as ownership in companies, focusing on the ability and willingness of companies to pay dividends [1][2] - The concept of value investing, which Buffett embodies, remains relevant regardless of market conditions, highlighting the importance of maintaining a long-term perspective [4] Investment Philosophy - Buffett's core investment principle is centered around dividends, which depend on a company's operational success and management's willingness to distribute profits [1] - The ability to influence dividend policies is a significant factor in Buffett's investment decisions, as seen in his investments in Japanese trading companies [2] - Value investing is characterized by a calm and rational approach, avoiding decisions that cause sleepless nights, and maintaining independence in thought [3] Market Behavior - The contrast between speculative behavior during market upswings and a focus on value investing during downturns is a common issue for ordinary investors [4] - The allure of leveraging investments can lead to poor decision-making, emphasizing the need for a grounded understanding of investment principles [4] - Buffett's teachings serve as a reminder that common sense will ultimately prevail over market volatility and emotional trading [4]