henry 发自 凹非寺 量子位 | 公众号 QbitAI 压缩即智能，又有新进展！ | Method | Trained on: | Neural | Acc. | Dataset split | | --- | --- | --- | --- | --- | | Random guessing | Nothing | × | 0% | All | | Brute force rule search (Kamradt, 2024) | Nothing | × | 40% | Private Eval | | U-Net baseline | Target puzzle | V | 0.75% | Public Eval | | CompressARC (ours) | Target puzzle | V | 20% | Public Eval | | HRM ablation (ARC Prize Team, 2025) | Test puzzles | V | 31% | Public Eval | | HRM (Wang et al., 2025) | Train+test puzzles | V | ...

Group 1 - The essence of value investing, established by Graham and Dodd, focuses on principles such as margin of safety, intrinsic value, and the evolution of investment strategies over time [1][2] - Buffett's approach to value investing incorporates qualitative analysis, emphasizing competitive advantages and intangible assets, which expands beyond Graham's focus on tangible assets [1] - The concept of "economic moat" is introduced, highlighting the importance of brand strength, management integrity, and the ability to generate cash flow for valuation [1] Group 2 - The internet has transformed business paradigms, leading to new characteristics in companies like META, Google, Amazon, Tencent, and Alibaba, which benefit from network effects and reduced marginal costs [3][4] - The rise of AI technology, supported by data, algorithms, and computing power, positions traditional internet giants favorably in the competitive landscape [4] Group 3 - The lifespan of companies has significantly decreased, with many once-prominent firms failing to adapt and ultimately disappearing, indicating that time can be an enemy of value investing [5][6] - The concept of entropy is introduced to explain the natural decline of companies over time, suggesting that maintaining vitality requires creating a dissipative structure [6][7] Group 4 - Companies must focus on reducing entropy to enhance their longevity and vitality, which involves being proactive, open to change, and ready to seize transformative opportunities [7][8] - The ability to maintain a strong "entropy reduction capacity" is crucial for a company's survival and success in the long term [8] Group 5 - Simple decision-making is emphasized as a key aspect of value investing, where identifying a few critical dimensions can lead to high-probability investment opportunities [9][10] - Examples of simple decisions include capitalizing on market downturns or temporary setbacks in companies that have strong fundamentals [11][12][13] Group 6 - The evolution of value investing must return to its foundational principles as outlined in Graham and Dodd's "Security Analysis," which serves as a guiding framework for investors [15]