彼得·林奇：投资的核心，是要知道你自己在买什么……

Core Viewpoint - The article discusses the recent commentary by Ray Dalio on the long-term investment value of gold, highlighting a significant price drop following his remarks after a 60% increase in gold prices this year [1][4]. Group 1: Gold Market Analysis - Gold prices have surged over 60% in 2023, but are now facing short-term adjustment pressures [1]. - Since 2000, 2025 is projected to be an exceptionally volatile year for gold, with comparisons drawn to a 28% decline in 2013 [1]. - Dalio's analysis suggests that if one accepts his long-term logic, the current short-term pullback in gold prices could be seen as a positive development [4]. Group 2: Additional Insights - The article references other notable discussions, including a dialogue with "father of margin of safety" Seth Klarman, emphasizing market inefficiencies [5]. - It mentions a rare joint appearance by Warren Buffett, Charlie Munger, and Bill Gates, underscoring the importance of collaboration in achieving cognitive success [5]. - Insights from Chen Guangyan on rare earths and trade balance indicate that over 80% of refined rare earths in the U.S. come from China, with little change expected in the short term [5]. - The article also highlights perspectives from prominent private equity firms and investment strategies across sectors like new energy and smart manufacturing [5].