Core Viewpoint - The article highlights the investment philosophy and business insights of Duan Yongping, often referred to as the "Chinese version of Buffett," emphasizing his impact on various influential companies and the release of the book "The Great Way," which systematically organizes his thoughts on business and investment [1][3]. Investment Philosophy - Duan Yongping's investment approach centers on value investing, which he defines as buying companies based on their future cash flow discounted to present value [3][4]. - Key considerations for investing in a company include its long-term profitability and how profits are distributed to shareholders [4]. Business Model and Company Culture - The importance of a strong business model and corporate culture is emphasized, with Duan stating that these factors are more critical than price in assessing a company's value [5][6]. - A good business model is characterized by consistent profits and cash flow, with high barriers to entry that deter competition [5]. Investment Criteria - Duan employs a "soul five questions" framework to evaluate companies, focusing on their business model, culture, and long-term prospects [7]. - He believes that understanding a limited number of companies deeply is more beneficial than spreading investments too thinly across many [8]. Successful Investments - Duan's notable investments include NetEase, Apple, and Moutai, with significant returns achieved through long-term holding [10][11][12]. - His success is attributed to a deep understanding of the companies he invests in, allowing him to hold onto them through market fluctuations [14]. Margin of Safety - The concept of margin of safety is crucial in Duan's investment strategy, emphasizing the need for a buffer when predicting future cash flows [15]. - He believes that the frequency of finding great investment opportunities is less important than the strength of the investment decisions made [16]. Valuation Insights - Duan stresses that learning to value companies takes time and that a solid understanding of a company's future cash flow is essential for making informed investment decisions [18][19]. - He advocates for using discounted cash flow (DCF) as a logical valuation method, focusing on companies with monopolistic advantages and strong cash flow certainty [19]. Long-term Perspective - The article underscores the importance of making principled investment choices and maintaining a long-term perspective, as exemplified by Duan's adherence to value investing principles [20][21]. - Duan's investment philosophy aligns with the belief that value investing leads to sustainable success and personal fulfillment [23][24].

Group 1 - The event marks the 120th anniversary of Fudan University and features a masterclass focusing on global technology trends and asset allocation strategies [2] - The masterclass will include presentations from prominent scholars and industry leaders, providing insights into the impact of technological changes on capital structures [2][12] - The event will take place on May 18, 2025, at Fudan University's Handan Campus, with specific details provided upon successful registration [3] Group 2 - Professor Qian Jun will present on the topic "Behind the Trillion-Dollar Valuation: Analyzing the AI Layout and Challenges of Tech Giants in China, the US, and India," exploring global trends and risks in AI [3][10] - Dr. Liu Yu will discuss "Asset Allocation Outlook under Tariffs and Policy Expectations," focusing on the implications of the China-US trade landscape and domestic policy on asset classes such as gold, bonds, and equities [4][10] - The event will also feature a special sharing session from the first cohort of FMBA alumni, reflecting on their growth and career advancements [4] Group 3 - The 2026 FMBA enrollment policy will be unveiled, detailing scholarship opportunities, interview mechanisms, and course innovations for prospective students [4][10] - Exclusive benefits for Wall Street Journal users include limited free seats, encouraging participation for networking and intellectual engagement [12]

Core Viewpoint - The U.S. is on the brink of recession, with potential for even worse outcomes if mishandled [1][8][16] Group 1: Economic Indicators - The current economic situation is compared to the 1930s, indicating a significant shift in monetary, political, and international systems [6][17] - The U.S. is very close to a recession, with concerns that mismanagement could lead to outcomes worse than a typical recession [8][16] Group 2: Tariff Policies - Trump's tariff policies are described as highly destructive, impacting global efficiency and acting as a symptom of deeper structural issues like fiscal deficits and international order restructuring [2][5][12] - The execution of tariff policies is crucial; whether they are implemented through stable negotiations or chaotic methods will determine their impact [7][13] Group 3: Historical Drivers - Five historical forces driving national rise and fall include: monetary-credit-debt cycles, domestic class and value conflicts, changes in international order, natural disasters and pandemics, and technological changes [4][10] - The current environment features simultaneous occurrences of these forces, making any imbalance difficult to sustain [11] Group 4: Risks and Recommendations - The greatest risk is the collapse of the monetary system, which could lead to a loss of trust in the dollar as a store of value, potentially causing financial turmoil [9][20] - A call for bipartisan commitment to control the budget deficit to within 3% of GDP is emphasized to avoid debt supply-demand imbalances [19][22]

Core Viewpoint - Humanoid robots are rapidly emerging from laboratories and are being produced and delivered in small batches, indicating a significant trend towards their integration across various industries [1] Group 1: Industry Landscape - Humanoid robots are considered the fourth "disruptive product" following computers, smartphones, and electric vehicles, attracting competition from both tech giants and startups [2] - The influx of capital into the humanoid robot sector is notable, with over 67 financing rounds and a total investment exceeding $1.52 billion in 2024 alone [3] - The current market for humanoid robots is characterized by a mix of startups and established tech companies, with significant participation from automotive firms [2][3] Group 2: Challenges and Criticism - Criticism exists regarding the industry, with experts highlighting that impressive demonstrations often mask underlying limitations and a lack of true understanding of physical interactions [4] - Concerns about the commercial viability of humanoid robots have led some investors to withdraw from the sector, citing unclear business models [5] - The complexity of humanoid robots, which integrate advanced AI, precision engineering, and biomimetic materials, suggests that the industry is still in its early stages and will require a long development period to mature [6][7] Group 3: Historical Context and Development - The development of humanoid robots has faced historical challenges, including ethical dilemmas, technological constraints, and cost barriers, which have previously led to downturns in the robotics industry [8] - A review of the last 70 years of robotics history indicates that even early robotic innovations sparked significant societal and labor conflicts [22][23] - The evolution of humanoid robots has been influenced by past technological advancements, with notable milestones such as the introduction of the first full-size humanoid robot, WABOT-1, in 1973 [39] Group 4: Future Projections - Goldman Sachs predicts that global shipments of humanoid robots will reach 1.4 million units by 2035, primarily in factories and research institutions [11] - The current wave of humanoid robot development is marked by a significant increase in new product launches, with over 106 new models expected in 2024, surpassing the total from the previous two decades [57] - The competition in the humanoid robot market is intensifying, particularly between companies in the U.S. and China, with each focusing on different aspects of technology and application [58][60] Group 5: Technological and Cost Considerations - Advances in AI and cost control are crucial for the current wave of humanoid robots, with significant reductions in production costs compared to earlier models like ASIMO and Atlas [61][64] - Despite reductions in costs, humanoid robots still face limitations in practical applications, particularly in consumer markets, where they remain expensive and specialized [64][65] - The industry is expected to undergo a prolonged "technological journey" before achieving maturity, with uncertainty about which players will ultimately succeed [65][66]