后巴菲特时代，我们还能学什么？

Core Viewpoint - Buffett's traditional value investing faces questions of applicability in the current era, balancing the need for patience with the necessity to adapt to new industries and technologies [3][6][7] Group 1: Transition of Leadership - Buffett's announcement to stop writing Berkshire Hathaway's annual shareholder letter and speaking at shareholder meetings marks the end of an investment era [5] - The transition to Greg Abel as the successor is designed to give investors and the new leader ample time to adjust [5] - Abel's investment style is already showing signs of being more diversified and less focused on pure long-termism, which presents challenges given Berkshire's significant cash reserves [5][6] Group 2: Performance and Strategy - Berkshire Hathaway has struggled to outperform the S&P 500 in recent years, highlighting strategic challenges [6] - The pandemic provided a potential investment opportunity, but government responses limited Buffett's ability to capitalize on it [6] - The rise of AI and technology stocks has further emphasized the need for Berkshire to adapt its investment strategy beyond traditional sectors [6][7] Group 3: Evolution of Value Investing - Value investing must evolve to actively adapt to high valuation norms and a technology-driven growth environment [7] - The need for Berkshire to expand its valuation judgment capabilities towards technology companies is emphasized [7] - Buffett's legacy is not the end of value investing but a call for its evolution and the importance of patience in allowing Abel to prove himself [7][8]