选择能够持续实现高利润率的优质企业并长期持有，从而实现复利效应，使投资收益像滚雪球一样不断 增加。长期的价值投资正是巴菲特投资哲学的核心。 "不了解的事物就不投资"。他曾在2000年IT热潮中未予跟进，当时被认为"神通不再"，但后来IT泡沫破 裂，其独具慧眼再次获得认可。 巴菲特的长期投资取得了巨大成功，自身投资公司的股价在60年间增长至6万倍。正因为如此，他树立 了一个旨在实现健全且可持续发展的美国资本主义的范例。他通过自身实践，证明股票投资不仅是短线 交易工具，更是成为企业所有者、参与企业长期成长的手段。 企业争相开展能长期提升价值的经营。因此，家庭也能安心持有股票，并获得丰厚回报。这种股票文化 的成熟，可以说正是巴菲特的最大功绩。 "无论是20年后还是50年后，我都确信日本和美国会比现在更强大"。这是2023年4月，巴菲特来日接受 采访时留下的令人印象深刻的话语之一。 他将自己出生在美国视为"幸运"。现年94岁的他，通过投资向世人展现了资本主义体系具有让人们变得 富裕的力量。 市场的表层价格总是波动不定，有时甚至过度。他曾说："悲观是朋友，陶醉是敌人。"他认为，只有当 市场忽视本源价值时，投资良机才会到 ...

南财早新闻，早听早知道。 商务部消息，2025年"五一"假期，全国重点零售和餐饮企业销售额同比增长6.3%。 1、交通运输部消息，"五一"假期预计全社会跨区域人员流动量累计14.67亿人次，同比增长13%。 2、5月5日，第137届广交会闭幕。本届广交会共吸引超28万名境外采购商到会，较去年同期增长 17.3%。 3、灯塔专业版：截至5月5日21时，五一档票房7.44亿。影片《水饺皇后》《猎金·游戏》《幽灵公主》 暂列前三名。 4、国家数据局透露，国家将继续加大中央财政资金投入，支持地方、行业建设一批基础性、公益性、 长远性数据基础设施项目；用好超长期特别国债资金，加快构建国家数据基础设施架构；面向"十五 五"，加快研制国家数据基础设施规划。 5、就山东大学齐鲁医院护士论文现"男性确诊子宫肌瘤"，该医院5日回应：论文存在学术不端问题，依 规依纪给予护士霍某某记过处分、降级处理，取消其五年内各类晋级晋升等资格。 1、世界黄金协会：一季度全球金价20次突破历史新高，受此影响，全球金饰消费总量同比下降21%， 为2020年以来的最低点。不过，黄金投资需求大幅增长，全球黄金投资需求量为551.9吨，同比大增 170% ...

一、证监会终于发力，证监会副主席王建军被查！ 市场上那些高频交易、资金操纵之类的乱七八糟的事儿，把普通散户搞得晕头转向，涨跌脉冲让人摸不着头脑，甚至有人调侃说"刚进场就被套"。现在这些 问题终于被摆上台面来解决，这对市场信心是个大好事。 五一假期结束后开市，大股东们就拿到了上市公司的控股权、决策权和经营管理权，享受高薪、高福利，还能拿分红，那叫一个名利双收。不过，他们应该 先把公司做大做强，对得起投资者。在没给投资者带来回报之前，就别想着减持套现。 二、上周大盘表现震荡分化，三大指数涨跌互现。 节前最后一个交易日，两市总成交额达到1.17万亿，比前一天多了1472亿。持股过节的人多了，说明场内资金对五月的行情并不悲观。再加上小长假期间外 盘普遍反弹，港股在科技股的带领下也迎来了开门红。 假期中间，离岸人民币大幅升值近680个基点，人民币在大幅升值的同时，美元却出现了贬值，说明有资金正在抛售美元买入人民币。 人民币升值对于股市来说，肯定是利好，过了一个假期，目前所有的消息都在预示着，节后A股将会迎来一波全新的行情。 节前最后一天，由于银行板块的大幅跳水，导致上证指数最终收绿，虽然指数收绿，但是大量的中小盘题材股 ...

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 - The Berkshire Hathaway annual shareholder meeting is a focal point for global investors, marking its 60th anniversary this year [1] - The arrival of the AI era is expected to enhance the ability of active managers to identify investment opportunities earlier and with a longer-term perspective [1][3] - Value investors are advised to dynamically balance defensive and offensive asset allocations based on rational return expectations and their own capability circles [1][4] Investment Strategies - The fundamental logic of value assessment remains unchanged, but market pricing efficiency has improved due to AI advancements [2][3] - Companies that can consistently pay dividends, repurchase shares, and maintain low debt levels while generating cash flow are less likely to fall into value traps [2] - The focus should be on whether equity asset returns can exceed risk-free rates, particularly in sectors like semiconductors, AI applications, and innovative pharmaceuticals [1][5] Risk Management - Ordinary investors are encouraged to establish a "anti-fragile" framework through diversification, controlling concentration, and using derivatives to mitigate risks [2][8] - The emphasis is on finding suitable risk-reward ratios within one's capability circle rather than diversifying for the sake of it [9] - The current market environment necessitates a rational expectation of returns, adjusting allocations between defensive and offensive assets as needed [4][10] Market Dynamics - The AH premium index serves as a measure of investment opportunities in Hong Kong stocks, with recent trends indicating a narrowing discount compared to A-shares [6][7] - Geopolitical risks have already been factored into pricing, with foreign capital showing a tendency to withdraw from Hong Kong and A-shares [7] - The potential for foreign capital to return to emerging markets remains uncertain, with domestic funds being more familiar with local opportunities [7][8]

Group 1 - The core message from the Berkshire Hathaway annual meeting emphasizes the importance of patience and strategic investment timing, particularly for retail investors in the A-share market [1] - The article suggests that retail investors should focus on waiting for significant market opportunities rather than making frequent trades, which can lead to emotional trading and missed strategic opportunities [1] - It highlights that many successful investors adopt a patient approach, capitalizing on major market downturns to enter positions [1] Group 2 - The PCR indicator, a short-term timing tool, dropped to 96 on April 30, indicating a high-risk zone, although it is an improvement from previous days when it was above 100 [2] - The article notes that sustained high PCR levels can lead to accumulated short-term risks, suggesting that a market adjustment may be imminent [2] Group 3 - The entertainment sector is currently in a bullish phase, with the market structure indicating a continuation of upward trends despite recent fluctuations [7] - The analysis of market segments shows that the current downward movements are characterized as a mid-level correction rather than a full trend reversal, indicating potential for future rebounds [14][18] - The article suggests that the market is experiencing a complex trend structure, which may limit the strength of any upcoming rebounds [18]

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 ...

Core Viewpoint - The annual Berkshire Hathaway shareholder meeting highlighted Warren Buffett's announcement of his retirement plans and the recommendation of Greg Abel as his successor, signaling a transition in leadership and investment strategy for the company [2][14]. Group 1: Leadership Transition - Warren Buffett plans to retire by the end of the year and has recommended Greg Abel, the Vice Chairman of non-insurance operations, to succeed him as CEO [2][14]. - Greg Abel is characterized as a cautious steward with a background in accounting and experience in the energy sector, which may influence the company's future investment strategies [3][15][16]. Group 2: Trade and Tariffs - Buffett expressed concerns about tariffs and trade wars, suggesting that they could lead to negative consequences and advocating for free trade as beneficial for the U.S. economy [4][6]. - He emphasized the importance of seeking trade relationships with other countries rather than using tariffs as a weapon, noting the rising cost of living in the U.S. due to trade policies [4][6]. Group 3: Cash Reserves - As of the end of Q1 2025, Berkshire Hathaway's cash and cash equivalents rose to $347.7 billion, up from $334.2 billion at the end of the previous year, marking a new record [5]. - Buffett indicated a cautious approach to investing, stating that good opportunities do not arise every day and that he prefers to maintain a significant cash reserve for strategic investments [7][8]. Group 4: International Investments - Buffett confirmed that Berkshire Hathaway will not sell its holdings in Japanese trading companies, citing their strong performance and good relationships with these firms [9][10]. - He stated that the investment in Japan aligns with the company's strategic goals and that currency fluctuations do not significantly impact this investment due to hedging strategies [10]. Group 5: Artificial Intelligence - Buffett clarified that not all investments will focus on artificial intelligence (AI), expressing a preference for investing in the reinsurance sector instead [11][13]. - The insurance business head, Ajit Jain, mentioned a cautious approach to AI, indicating that the company is waiting for the right opportunities to invest in AI technologies [12][13]. Group 6: Financial Performance - For Q1 2025, Berkshire Hathaway reported revenues of $89.725 billion, a slight decrease from $89.869 billion in the same period last year, and net profits of $4.603 billion, down from $12.702 billion year-over-year [18].