芒格：生活会有困难，但也会有幸运

Core Viewpoint - The article discusses the annual letter from a private equity manager, highlighting a sense of "solitude" in the current tech-driven market, while emphasizing a conservative investment approach and a stable return on equity (ROE) of around 15% [1]. Group 1: Investment Strategy - The manager describes their investment strategy as "conservatism," focusing on a balanced industry portfolio and selling stocks during valuation bubbles while repurchasing shares during downturns [1]. Group 2: Notable Insights - The article references insights from Howard Marks regarding AI and the fear of missing out (FOMO) in investing, emphasizing the emotional challenges investors face when witnessing peers' financial success [1]. - It also mentions Hong Hao's perspective on gold prices, indicating that the recent surge to $3,000 per ounce marks a new starting point, with a shift in investment logic for gold [1]. - Additionally, the article highlights a discussion with Eli Lilly's CEO on the impact of AI on innovative drug development, showcasing the advancements in China's pharmaceutical research capabilities [1].