以下文章来源于东方财富网 ，作者十字路口 东方财富网，中国财经门户，提供7*24小时财经资讯及全球金融市场报价，汇聚全方位的综合财经新闻 和金融市场资讯。 巴菲特1965年掌舵伯克希尔至今已经有60年，2025年2月底，在2024年的伯克希尔致股东信中，股神亮 出了60年超55000倍回报率的成绩单，年化复合收益率高达惊人的19.9%。 向世人彰显了长期主义与复 利效应蕴含的惊人能量。 1965年以来巴菲特收购国民保险、喜诗糖果；抄底可口可乐、美国运通、吉列、富国银行、苹果公司、 西方石油等被奉为价值投资的经典教科书式案例。 那么巴菲特究竟有何投资秘诀呢？方正证券研报表示，总结起来有两点：一是巴菲特一直强调的以"好 价格"买入具备"护城河"的优秀企业。 所谓"好价格"，巴菲特自有一套计算内在价值的方法，即一家企业在其余下的寿命中可以产生的现金的 折现值。不完全统计显示，44家被巴菲特经常提及的投资标的，买入时平均市盈率为14倍，68%股票市 盈率小于15倍。 而所谓"护城河"，包括企业品牌、产品特性、商业模式、特许权等独特壁垒因素。比如喜诗糖果、可口 可乐、吉列刀片是以品牌建立护城河；苹果则通过特殊的商业模式 ...

Group 1 - Warren Buffett announced his retirement as CEO of Berkshire Hathaway, passing the role to Greg Abel by the end of the year [2][3] - Buffett's retirement was anticipated, having previously revealed his succession plan, but the formal announcement surprised many, including Abel [3] - The applause during the announcement reflected admiration for Buffett's successful leadership over 60 years, transforming Berkshire from a struggling textile company into a diversified investment holding company [3][4] Group 2 - Buffett's life philosophy emphasizes enjoying life and making choices based on personal desires, which resonates with many attendees at the shareholder meeting [4] - The event highlighted Buffett's enduring habits, such as drinking multiple cans of Coca-Cola daily, and his defense of his lifestyle choices [4][5] - Buffett's journey from a young boy selling gum to becoming a billionaire investor illustrates his lifelong passion for finance and investing [9][10] Group 3 - Buffett's investment philosophy is rooted in value investing, heavily influenced by his mentor Benjamin Graham, focusing on analyzing financials to find undervalued stocks [11][12] - His approach evolved to include buying quality companies at reasonable prices, moving away from Graham's "cigar butt" strategy [15][21] - The acquisition of GEICO and the transformation of Berkshire Hathaway into a diversified investment company marked significant milestones in Buffett's career [25][26] Group 4 - Buffett's investment strategy emphasizes long-term holding and the power of compounding, which has been a consistent theme throughout his career [29][30] - His notable investments, including Coca-Cola and Apple, reflect a shift towards recognizing the value of strong brands and consumer products [26][29] - Buffett's legacy is characterized by his ability to mentor others and share his investment wisdom, making him a revered figure in the finance world [30][31]

Group 1 - The article discusses the struggles of middle-aged employees in East Asia, particularly focusing on the character Choi Ban-seok from the drama "Until Crazy," who faces job insecurity and internal company politics after being reassigned to the HR department [2][4][5] - The narrative highlights the emotional and psychological challenges faced by middle-aged workers, including feelings of helplessness and the impact of personal relationships on their professional lives [7][8][9] - The story concludes with a message of resilience, as the main characters find new opportunities and personal growth despite the adversities they face in the workplace [6] Group 2 - The article contrasts different career paths, emphasizing the importance of long-term value in job selection, particularly for those who have excelled in traditional education systems [11][19] - It suggests that individuals should prioritize jobs that offer long-term benefits over immediate financial gains, as the latter may lead to dissatisfaction and instability in the future [13][19] - The discussion also touches on the societal pressures regarding marriage and career choices, indicating that external conditions should not overshadow personal values and character when making life decisions [20][23][24] Group 3 - The article reflects on the unpredictability of life and the importance of accepting change, suggesting that stability is an illusion and that individuals must be prepared for uncertainties [29][30][31] - It emphasizes the need for a mindset that embraces the transient nature of life while also advocating for proactive efforts to build a meaningful and resilient future [34][35]

Core Insights - Warren Buffett announced that he will hand over the CEO position of Berkshire Hathaway to Greg Abel by the end of the year, drawing global investor attention [1] - Buffett's investment career is marked by a remarkable wealth creation story, with Berkshire Hathaway's market value soaring from $4.7 million in 1965 to $1.16 trillion today, and a stock price increase of over 55,000 times over the past 60 years [1] - The investment philosophy of Buffett emphasizes value investing, focusing on "buying great companies at reasonable prices" and incorporating intangible assets into valuation frameworks [1][2] Investment Philosophy - Buffett's investment philosophy can be summarized in four key concepts: circle of competence, contrarian investing, margin of safety, and long-term holding [2] - He prefers to invest in areas he understands and maintains a disciplined approach, especially in the face of technological trends like AI, where he admits to not fully understanding the technology [2] - The transition of leadership to Greg Abel signifies the continuation of Buffett's well-honed business philosophy, which emphasizes rationality and patience in investing [2]

Core Insights - Warren Buffett announced that Greg Abel will succeed him as CEO of Berkshire Hathaway by the end of the year, emphasizing Abel's international experience and his own commitment to not selling Berkshire shares, indicating confidence in the company's future [2][3]. Group 1: Leadership Transition - Buffett highlighted that Abel is more internationalized than himself, which reflects a strategic shift in leadership [3]. - Buffett's promise to gradually donate his shares signifies a long-term commitment to Berkshire's future [3]. Group 2: Financial Position - Berkshire Hathaway holds a record cash reserve of $347 billion, which Buffett views as a safety net for future investment opportunities [3]. - Buffett noted that significant investment windows may arise in the next five years, making cash a crucial asset for seizing opportunities [3]. Group 3: Investment Strategy - Abel plans to continue the focus on "long-termism," with capital allocation directed towards understandable businesses and national infrastructure needs, suggesting a potential shift towards energy and public utilities [3]. - Buffett's investment in Japanese trading companies has been notably successful, with an initial investment of $13.8 billion leading to a market value of $23.5 billion and annual dividend income exceeding $800 million [5]. Group 4: Economic Philosophy - Buffett reiterated his belief in free trade, advocating for mechanisms to address trade imbalances rather than tariff confrontations [4]. - He expressed concerns about the impact of tariffs, noting a 14% profit decline in the first quarter due to tariff impacts and a $713 million foreign exchange loss from dollar depreciation [4]. Group 5: Cultural and Strategic Insights - Buffett's investment philosophy emphasizes the importance of choosing the right people to work with, suggesting that the path to success is through collaboration with exceptional individuals [10]. - He warned that if the speculative nature of the market overshadows the foundational aspects of the economy, it could lead to a loss of the nation's core values [11].

Group 1 - The core theme of the Berkshire Hathaway annual meeting emphasizes the importance of long-termism and corporate social responsibility (CSR) in navigating complex markets [1][3] - Zhao Jing, the chair of the Global Corporate Social Responsibility Foundation, highlights that rational investment and long-termism are essential for sustainable development [3][5] - The meeting serves as a platform for global business leaders to discuss the impact of artificial intelligence on business models and the cyclical changes in the global economy [5][6] Group 2 - Zhao Jing advocates for gender diversity in leadership, noting that women possess unique advantages such as empathy, risk awareness, and a long-term perspective [3][6] - The concept of responsible investment is defined as focusing on environmental, social, and governance (ESG) performance, guiding companies to improve their practices through capital flow [6][7] - Examples of successful ESG practices from Chinese companies like Alibaba and BYD are presented as "Eastern models" that demonstrate the compatibility of ESG with business success [7][8] Group 3 - The rise of young investors demanding social value and environmental justice is acknowledged, with a call for institutions to enhance transparency in ESG performance and innovate investment tools [8][9] - Zhao Jing emphasizes the need for companies to maintain CSR investments despite short-term financial pressures, arguing that long-term adherence to ESG strategies can enhance resilience and competitiveness [8][9] - The importance of cross-border cooperation in promoting global corporate responsibility is highlighted, with examples of collaboration in climate change and renewable energy sectors [7][8]

曾经远离科技股的巴菲特，凭借投资苹果保持不败业绩。这也深刻解释了巴菲特价值投资理念遵循的一 个原则：变的是认知的进化，不变的是不能超越认知进行投资。即通过持续的跟踪学习不断推动自身认 知的进化，以提升自身对经济社会变迁的敏感适应能力，不断拓宽自身认知的可能性边界，从而在认知 进化的变中，坚守不投资超越自身认知的领域之不变。 投资本质上是用确定性的认知框架和逻辑，去度量和博弈市场的风险概率分布，并通过持续学习拓宽自 身的认知可能性边界，有效识别市场的信息和噪声，而将影响判断的噪声剔除。如此，投资才能真正拨 云见日，并有效管控自身的风险敞口。如果说巴菲特投资苹果是其认知上的精进，那么近十年来的长期 持有，则是一种坚持长期主义的降噪过程。若没有将苹果公司融入其认知框架，嵌入其底层投资逻辑， 长期主义就是无法持久的煎熬。 六十年一甲子，巴菲特用常识演化出传奇。 5月3日，2025年伯克希尔哈撒韦股东大会如过往一样，迎来无数追随者和取经者。这次会议与过往最大 的不同，是巴菲特宣布将于年底交棒阿贝尔，伯克希尔哈撒韦届时将迎来新的掌舵人。尽管巴菲特并非 裸退，而是继续留在公司扶一程，但新的开始已然启程。 六十年来，巴菲特的 ...

原创 大财可富司机 昨天，司机的朋友圈被巴菲特股东大会刷屏。这场投资界的"武林大会"，全球投资豪杰齐聚一堂，屏息聆听94岁股神巴菲特的投资真经。 老爷子坐在台上慢悠悠分享着投资思路，台下观众听得如痴如醉，仿佛掌握了这些秘诀，就能在投资江湖里笑傲群雄。 长期主义、价值投资，听起来容易做起来难。因为这完全就是逆人性的：投资者总觉得自己比别人聪明，能够做到低买高卖；总耐不住寂寞，去 挑战自己能力之外的事情。结果是做多错多，收益在一次次瞎折腾中化为乌有。 日前，一位偷电挖比特币的矿工用他的亲身经历向投资者证明：坐牢才是价值投资最硬核的手段！ 某博主发帖称："当初偷电挖比特币的矿工，被广东惠州惠阳区法院依法认定犯盗窃罪，判刑4年10个月，并处罚金5万元，责令退赔电费29万元。 坐牢近五年出来后，他说，'刚找到钱包地址私钥，还有一万多个比特币。如果我在外面，肯定是拿不住的！'"该博主给矿工算了一笔账，目前他 手握价值十亿以上的比特币! 从视频可以看到，一位年轻男士自称是当初偷电挖比特币的人，现在已经出来了，找到私钥后发现还有一万多个比特币。截至目前，该视频已有 超过5万次观看。 由于他在视频中说："当时新闻蛮大的。"于是 ...

智通财经5月4日电，由兴证全球基金、智通财经、腾讯新闻共主办的"投资·可为|2025年度中国投资人峰 会"奥马哈场进行时，圆桌讨论中，芒格书院创始人施宏俊分享了对价值投资传承的见解。面对不确定 性，施宏俊强调芒格"永远反过来想"的智慧，需以长期视角审视经济趋势，坚信中国市场未来潜力。他 结合出版经验表示，投资与选书相似，需深耕能力圈，专注真问题，"成功的长期主义需动态拓展认 知，而非盲目跨界"。谈及机会，他称"好机会极少，但需重注出击"，并呼吁投资者在百年变局中保持 理性，以清单式思维过滤风险，捕捉时代红利。（智通财经记者 吴雨其） 芒格书院创始人施宏俊：以清单式思维过滤风险 捕捉时代红利 ...