市场如四季，有春华秋实，也有寒冬蛰伏。短期的暴涨令人心动，持续的财富增长源于对企业价值 的深刻理解和对长期趋势的把握。愿我们在新年里，有着更长远的投资眼光，不因短期波动而迷失方 向。 市场永远在变化。昨天的成功，未必适用于明天。让我们拓宽认知边界，持续学习，了解新兴行 业，保持思想的开放并努力创新。 在追逐财富数字增长的同时，也请不要忘记投资的根本目的——让生活更美好。新的一年里，愿您 在投资与生活之间找到优雅，找到平衡，找到快乐时光。 智慧如光，照亮前路；耐心如土，培育丰盈。 亲爱的朋友，感谢您陪伴IPO日报又一年。 新年钟声即将敲响，在这辞旧迎新之际，我们满怀希望站在又一个投资周期的起点。回首过去一 年，市场如潮汐般起伏，有人乘风破浪，有人静待时机。 市场是有记忆的，每个人都在刻画自己的投资之路，有辛苦，有幸福，也有收获。而如陈小群一年 实现20倍收益的故事，如同夜空中最亮的星，让我们看到专注、研究和勇气的力量。对于投资来者来 说，每段旅程都是独特的，真正的投资智慧，在于顺应趋势，找到适合自己的模式和节奏。 投资是时间的玫瑰，需要耐心与专注。成功并非偶然，背后是日复一日的市场研究、冷静判断和坚 定执行力。 ...

星标 ★ IPO日报 精彩文章第一时间推送 市场如四季，有春华秋实，也有寒冬蛰伏。短期的暴涨令人心动，持续的财富增长源于对企业价值的深 刻理解和对长期趋势的把握。愿我们在新年里，有着更长远的投资眼光，不因短期波动而迷失方向。 市场永远在变化。昨天的成功，未必适用于明天。让我们拓宽认知边界，持续学习，了解新兴行业，保 持思想的开放并努力创新。 在追逐财富数字增长的同时，也请不要忘记投资的根本目的——让生活更美好。新的一年里，愿您在投 资与生活之间找到优雅，找到平衡，找到快乐时光。 智慧如光，照亮前路；耐心如土，培育丰盈。 祝您新的一年投资顺利，吉祥如意！ 亲爱的朋友，感谢您陪伴IPO日报又一年。 新年钟声即将敲响，在这辞旧迎新之际，我们满怀希望站在又一个投资周期的起点。回首过去一年，市 场如潮汐般起伏，有人乘风破浪，有人静待时机。 市场是有记忆的，每个人都在刻画自己的投资之路，有辛苦，有幸福，也有收获。而如陈小群一年实现 20倍收益的故事，如同夜空中最亮的星，让我们看到专注、研究和勇气的力量。对于投资来者来说，每 段旅程都是独特的，真正的投资智慧，在于顺应趋势，找到适合自己的模式和节奏。 投资是时间的玫瑰，需要 ...

Core Insights - Warren Buffett, at 95, announced his retirement with a simple phrase "I'm going quiet," marking the end of a 60-year investment career and sharing profound life wisdom rather than specific investment strategies [3] - Buffett emphasized the importance of contributing to society over accumulating wealth, stating that true greatness comes from helping others [3][10] Group 1: Retirement Announcement - Buffett's retirement was marked by a lack of grand ceremonies, focusing instead on his reflections on life and gratitude for his health [3] - He plans to accelerate donations to his foundation and has no intention of creating a family dynasty with Berkshire Hathaway [3] - Berkshire Hathaway's cash reserves reached a historic high of nearly $382 billion, following a net sell-off of approximately $184 billion in stocks over the past three years [4] Group 2: Investment Philosophy - Buffett's investment approach is characterized by a long-term perspective, avoiding speculative trading and focusing on value [6] - He has historically demonstrated the ability to recognize market risks, as seen in his decision to exit the market in 1968 before a significant downturn [4] Group 3: Personal Insights - Buffett's personal life reflects a balance between his passion for investing and the sacrifices made in family life, particularly during his early career [8] - He has a unique approach to assessing honesty in business dealings, relying on consistency in responses to his questions [7] Group 4: Philanthropy and Legacy - Buffett's commitment to philanthropy is evident in his decision to donate 85% of his Berkshire Hathaway stock, amounting to $37 billion, without seeking personal recognition [10] - He believes that money should be used to benefit society, emphasizing the importance of caring for one's health and well-being over time [11]

Core Insights - Warren Buffett, the CEO of Berkshire Hathaway, has announced his retirement countdown in his annual letter to shareholders, marking a significant transition for the company [2] - The letter focuses more on personal reflections and life lessons rather than company performance or investment strategies, emphasizing the importance of relationships and character [2][12] Group 1: Personal Reflections - Buffett highlights the significance of surrounding oneself with trustworthy and capable friends, illustrating this with examples from his life in Omaha [4] - He emphasizes that one's future is influenced by the company one keeps, advocating for relationships with high-achieving individuals to foster personal growth [5] Group 2: Luck and Humility - Buffett acknowledges the role of luck in his success, attributing his achievements to a combination of luck and ability, and stresses the importance of humility in recognizing this [7] - He warns against arrogance, suggesting that true wisdom lies in understanding that success is often a product of favorable circumstances [7] Group 3: Long-term Perspective - Buffett expresses concern over the current business environment's focus on short-term gains, advocating for a long-term investment approach and the power of compounding [9] - He believes that Berkshire Hathaway will remain resilient due to its strong foundation, despite potential challenges from other companies in the future [9] Group 4: Philanthropy and Character - Buffett's commitment to philanthropy is highlighted, noting his significant donations and the belief that true greatness comes from good deeds rather than wealth [13][15] - He emphasizes the importance of reputation and character, stating that trust is invaluable and difficult to rebuild once lost [19] Group 5: Health and Longevity - Buffett reflects on the importance of health as a foundation for success, noting that his longevity is one of his greatest assets [21] - He cites research indicating that health is a critical factor in wealth accumulation, underscoring the idea that without health, other achievements are less meaningful [21]

Core Insights - Howard Marks, co-founder of Oak Tree Capital, predicts that the S&P 500 may yield only single-digit returns over the next decade, indicating a pessimistic outlook for investors [1] - Marks emphasizes that optimism can lead to cognitive dissonance, where investors ignore negative factors for extended periods, which is relevant to the current local bull market in A-shares [1] Summary by Sections Investment Philosophy - Marks shares wisdom that the best buying opportunities often arise when market consensus is at its lowest, highlighting a quote from a retired trader [2] - He encourages investors to self-reflect on common mistakes they may be making in their investment strategies [2] Recommended Readings - The article suggests additional insightful content, including discussions on U.S. debt challenges, investment strategies from Baillie Gifford regarding Netflix, and insights into capital cycles from industry experts [2]

Group 1 - The core idea emphasizes the importance of recognizing risks during market upswings rather than merely chasing opportunities [2][3] - Understanding market nature is crucial, as cycles are eternal and human behavior remains unchanged [4] - The second-level thinking principle suggests evaluating whether current market optimism is excessive and if prices reflect true value [5] Group 2 - Investment decisions should prioritize value over price, focusing on the relationship between asset quality and its intrinsic value [6][7] - The philosophy of buying undervalued assets is highlighted, advocating for purchases when prices are significantly below intrinsic value [9] - The principle of margin of safety is essential, requiring purchases at prices well below intrinsic value to cushion against errors and market fluctuations [10] Group 3 - The focus should be on avoiding catastrophic investments rather than solely seeking winning opportunities [11] - Defensive investment strategies are particularly important in bull markets, emphasizing error avoidance [12] - Setting realistic return expectations in line with current market conditions is vital, especially at market peaks [13] Group 4 - Recognizing potential losses is more critical than focusing on potential gains [14] - The risk of permanent capital loss is a significant concern, overshadowing short-term price volatility [15] - Avoiding attempts to time the market is advised, as consistent short-term predictions are nearly impossible [16] Group 5 - Mastering emotional control is essential for maintaining rationality in investment decisions [17] - Greed and fear are identified as emotional adversaries that can lead to poor investment timing [18] - The importance of resisting the fear of missing out during bull markets and the fear of further losses during bear markets is emphasized [20] Group 6 - Acknowledging one's ignorance is the first step toward wisdom in investing, highlighting the importance of understanding unknowns [24] - Creating a negative checklist of what not to invest in is as crucial as identifying potential investments [25] Group 7 - Risk-return asymmetry indicates that high risk does not guarantee high returns; only by correctly identifying and assuming unnoticed risks can investors achieve high returns [27] - Great investors prioritize risk management over profit generation, making risk control a core investment principle [28] Group 8 - The essence of value investing lies in focusing on tangible factors like assets and cash flow while seeking to buy at undervalued prices [33] - Investors should concentrate on known areas, focusing on the fundamentals of companies, industries, and securities [34] Group 9 - The practice of contrarian investing is encouraged when prices deviate significantly from value, requiring courage and patience [36] - The greatest investment opportunities often arise from widespread pessimism, while the most significant risks stem from collective optimism [38] Group 10 - Continuous learning and integrating various investment concepts are vital for successful investing [40] - Establishing a consistent investment philosophy and maintaining a long-term perspective is crucial for recognizing true value over time [42]

Group 1 - The article highlights a significant event, the "Global Chinese Wealth Management and Inheritance Summit," scheduled for August 1, 2025, in Singapore, featuring prominent speakers such as Jim Rogers and Nassim Nicholas Taleb [1] - The summit offers three complimentary passes valued at 2166 yuan per person, excluding transportation, accommodation, and visa costs, targeting attendees in or visiting Singapore [1] Group 2 - The article promotes a related discussion on current Silicon Valley investment and technology trends, emphasizing the depth of insights shared by influential figures like Reid Hoffman [2] - It encourages readers to engage with the content by sharing their thoughts in the comments section, with the most liked responses receiving rewards [2] - Additional recommended readings include insights from Howard Marks on investment wisdom and discussions on value investing strategies [2]