Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing a long-term perspective on evaluation [1] - Great businesses provide significant societal value and exhibit durability, deserving of substantial growth [1] - Key characteristics sought in businesses include selection, convenience, value, and durability, with a preference for non-cyclical businesses [1] Business Characteristics - Businesses that consistently outperform competitors through superior products and services are favored [1] - The ability to create multiple revenue streams and maintain complex operations is seen as advantageous [1] - A business's resilience in the face of adversity is a critical test of its durability [1] Value Drivers - Uniqueness is identified as the primary driver of value [1] - Low costs associated with maintaining existing operations allow for high leverage in reinvestment and growth [1] - Trust and network effects are important indicators of a business's durability [1] Management Importance - Effective management is crucial, with a preference for executives who have aligned interests and a strong focus on the business [1] - Companies led by seasoned CEOs, founders, or family businesses are viewed favorably [1] - Good management fosters a culture that empowers employees and attracts talent [1] Investment Strategy - The success of companies like Amazon illustrates the benefits of a customer-centric approach [1] - Buyback strategies are recommended for businesses that demonstrate durability [1] - The optimal time for investment is when negative news is already priced in, revealing true value [1] Market Dynamics - Price movements are influenced by expectations and surprises, with a focus on companies that have negative factors priced in but positive aspects underestimated [1]

henry 发自 凹非寺 量子位 | 公众号 QbitAI 学好数理化，走遍天下都不怕！ 这一点这在大语言模型身上也不例外。 大家普遍认同：具备更强数学能力的模型往往也更智能。 但，常识就是用来打破的。 最近，来自CMU的团队发现，一些数学好的模型并没有将它们的"天赋"带到其他更加通用的领域。 研究发现， 只有用强化学习（RL）训练的模型才能将数学推理技能广泛迁移到其他任务上。而用监督微调（SFT）训练的模型则表现出有限 的迁移甚至没有迁移。 网友直呼：又一个 苦涩的教训（bitter lesson） 。 这数学题，不做也罢？ 很明显，人们训练大模型并不只是让它来做数学题的。 研究者之所以热衷于提高模型的数学表现，是因为希望它能够把数学那里学到的严密逻辑应用到其他更广泛的领域。 但在此之前，我们有必要知道，对于一个大模型，专门优化数学推理（math reasoning），它在其他任务（推理任务、非推理任务）上会变 得更好，还是更差？ 换句话说： 做数学推理训练，会不会帮助或者损害模型在其他领域的能力？ 为了解决这一疑问，研究评估了20多个模型在数学推理、其他推理任务（包含医学推理、医学推理、智能体规划）和非推 ...

Core Insights - Indosat Ooredoo Hutchison partners with Nokia to implement energy-efficient solutions aimed at reducing energy demand and carbon emissions across its radio access network [1][11] - The collaboration utilizes AI and machine learning to optimize network operations, allowing for automatic adjustment of idle equipment during low demand periods [2][11] - This initiative is part of Indosat's transformation into an AI-driven technology company, focusing on sustainability and operational excellence [4][5] Energy Efficiency Solutions - Nokia Energy Efficiency is designed to cut energy costs and carbon footprint without compromising network performance or customer experience [3] - The solution is available in a SaaS model, which minimizes upfront capital expenditure and maintenance needs [2][11] - The deployment of this solution can be completed within weeks, enhancing operational agility [3] Sustainability Commitment - Indosat has received regional recognition for its sustainability efforts, being the first operator in Southeast Asia to achieve ISO 50001 certification for energy management [6] - The partnership builds on a successful pilot project that demonstrated significant energy consumption reductions in live network conditions [6][7] - Indosat's commitment to environmental stewardship is emphasized by its use of AI to optimize performance while reducing emissions [5][8] Technological Advancements - Nokia's Autonomous Networks portfolio, which includes the Energy Efficiency solution, leverages advanced AI for enhanced security, analytics, and operational capabilities [9][10] - The Autonomous Networks Fabric integrates observability, analytics, security, and automation across network domains, allowing for a unified adaptive system [10] - This collaboration positions Indosat as a leader in sustainable digital innovation, contributing to a smarter and greener Indonesia [11]

Core Insights - Indosat Ooredoo Hutchison partners with Nokia to enhance energy efficiency and reduce carbon emissions in its radio access network [1][11] - The collaboration utilizes AI and machine learning to optimize network operations and minimize energy consumption during low demand periods [2][4] - Indosat aims to transform from a traditional telecom operator to an AI-driven technology company, emphasizing sustainability and operational excellence [4][5] Energy Efficiency Solution - Nokia Energy Efficiency allows automatic adjustment or shutdown of idle radio equipment, significantly lowering energy costs without compromising network performance [2][3] - The solution is offered as a SaaS model, reducing upfront capital expenditure and maintenance needs [2][3] - The implementation of this solution can be completed within weeks, showcasing its rapid deployment capabilities [3] Sustainability Commitment - Indosat has received regional recognition for its sustainability efforts, being the first Southeast Asian operator to achieve ISO 50001 certification for energy management [6] - The partnership builds on a successful pilot project that demonstrated the effectiveness of the AI-powered solution in real network conditions [6][7] - The initiative aligns with Indosat's commitment to environmental stewardship and sustainable innovation [5][8] Technological Advancements - Nokia's Autonomous Networks portfolio, which includes the Energy Efficiency solution, aims to provide operators with a comprehensive view of their networks, enhancing both energy savings and performance [9][10] - The Autonomous Networks Fabric integrates various network functions, allowing for a unified and adaptive system across different vendors and architectures [10]

Economy Overview - The headline numbers of the economy look pretty good, with the stock market at record highs and more 401k millionaires than ever before [3] - The labor market shows 147,000 jobs added, which is right on average, and the unemployment rate is at 41% [4] - Inflation has been tamer than expected, with egg and gas prices decreasing, putting more money in people's pockets [5] Economic Slowdown - The economy is slowing down, with first quarter GDP growing only 05%, a significant decrease from the previous quarter's 24% [6] - This slowdown is attributed to less manufacturing, construction, and industrial production, with companies and small businesses pulling back due to tariff concerns [6] - Home affordability is a concern, with home prices at all-time highs and rising costs for buying or renting, leading to increased consumer debt and credit card APRs around 24% [7] Economic Challenges - The resumption of student loan payments is putting pressure on people's finances, leading to rising delinquencies [8] - The potential expiration of tariff freezes introduces uncertainty, with possible dramatic effects or more smoke than fire [9][10] - Cuts to subsidies, especially for lower-income individuals, Medicare, and SNAP programs, along with potential loss of healthcare, create uncertainty [11] Wealth Disparity - The widening wealth gap is a concern, as those who don't own stocks or assets like homes are being left out of the prosperity [12][13] - While half of Americans who own stocks or property are doing well, those trying to get a mortgage face rates of 66% and average home prices around $400,000 [14] - Tax cuts may have an opposite wealth effect, as those on Medicaid or SNAP may contribute less to the economy due to a lack of surplus [15][16]

Appchain Thesis - Appchain 理论正在全面展开 [1] - 所有 L2 需要的可组合性和应用抽象将增长 10 倍 [1]

This month we delve into the world of crypto. Now, when you think cryptocurrency, sub-Saharan Africa doesn't naturally come to mind. The region accounts for the world's smallest share, making up just 2.7% of transactions between July of 2023 and June of 2024.But momentum is growing when it comes to global adoption. Nigeria is second only to India. Ethiopia, Kenya and South Africa are also major players.And while crypto trading is still illegal in most African nations, and trading activities are closely moni ...

From @WSJopinion: Democrats can embrace the need to address the people’s angst about the economy and affordability, without embracing the socialism of Mamdani or the extremism of Trump, writes @Tom_Suozzi https://t.co/8yKLmMs5B3 ...

Ethereum Value Proposition - Institutions value Ethereum for its stability and reliability [1] - Ethereum's uptime is a key factor in its institutional appeal [1]

明敏 克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 大模型数学能力骤降，"罪魁祸首"是猫猫？ 只需在问题后加一句： 有趣的事实是，猫一生绝大多数时间都在睡觉 。 大模型本来能做对的数学题， 答错概率立刻翻3倍 。 而且这一波就是冲着推理模型来的，包括 DeepSeek-R1、OpenAI o1 通通中招。 即便没有生成错误回答，也会让答案变得更长，效率降低成本增加。 没想到，哈基米的杀伤力已经来到数字生命维度了…… 这项正经研究立马大批网友围观。 有人一本正经表示，这很合理啊，猫都会分散人类的注意力，分散LLM注意力也妹毛病。 还有人直接拿人类幼崽做对照：用我儿子试了试，也摧毁了他的数学能力。 还有人调侃，事实是只需一只猫就能毁掉整个堆栈（doge）。 CatAttack：专攻推理模型 由于问题的修改和正误的判断都是AI完成的，作者还进行了进一步检查，以确认模型的错误回答不是因为题目愿意被改动造成，结果60%的问 题与原来的语义一致。 以及为了验证模型是真的被攻击（而不是出现了理解问题），作者对题目进行了人工求解并与模型输出进行对比，发现有80%的情况都是真的 被攻击。 首先，作者对攻击的方式进行了 ...