anzocapital昂首资本一直以来都关注投资者的成长与收益。美国《巴伦周刊》资深财经主笔史蒂文・西尔斯在《不屈不挠的投资 者》一书中的观点，对于投资者而言具有重要的借鉴意义。 聪明的投资者，像anzocapital昂首资本所倡导的那样，首要考虑的从来不是如何赚钱，而是如何永远不赔钱。尽管金融分析通常 会很复杂并且烦人，但其实其思考过程与去杂货店买东西并没有太大差异。投资者必须将关注价值而非价格，作为本能的思考 策略，这应成为一种投资纪律。 恐惧往往会使理智的人忽视决定股票价格的财务现实。当恐惧代替合理分析成为定义股票的关键因素时，多数人会选择卖出。 而anzocapital昂首资本鼓励投资者要做到"恐慌时买入，自信时卖出"，这才是好的交易员和投资者的做法。那些亏损最多的人， 通常是最着急收回损失的人。 西尔斯提醒了投资者失败的常见误区，如混淆价格和价值，因恐慌而卖出，过度相信媒体包装过的股神传奇等。糟糕的投资者 和成功的投资者想法差异巨大，不同的想法会导致截然不同的投资结果。最后，他用约翰・保尔森的逆向投资案例，强调"逆向 思维"才是正确的投资思考逻辑，就像潜水艇的声呐一样，有助于投资者克服恐惧，提醒不要 ...

Core Insights - The A-share market has shown extreme divergence in performance this year, with the Sci-Tech 100 Index rising over 60% while the Dividend Index has fallen nearly 8%, resulting in a nearly 70% difference between the two indices [1][2] - Approximately 500 stocks have doubled in value this year, accounting for nearly 10% of the market, indicating significant opportunities for investors [2] Market Performance - The Sci-Tech 100 Index and Sci-Tech 50 Index have increased by 61% and 56% respectively, while the Dividend Index has decreased by 7.19% [2] - The price-to-earnings ratios for the Sci-Tech 100 and Sci-Tech 50 indices are 300x and 200x, respectively, compared to just 7.5x for the Dividend Index [2] Investor Behavior - Many investors experience feelings of regret and jealousy when they miss out on high-performing stocks, which can lead to irrational investment decisions [2][3] - The mindset that others' gains equate to personal losses can be detrimental, causing investors to chase returns blindly [2][3] Investment Principles - Successful investing is not about achieving the highest returns but about reaching financial goals with the least risk [3][4] - Legendary investors emphasize the importance of adhering to fundamental investment principles, such as valuing stocks based on the underlying business rather than market price fluctuations [5][6][7] - Maintaining a critical mindset and emotional discipline is crucial for long-term investment success, regardless of market conditions [7]

Core Viewpoint - The article discusses the extreme divergence in A-share market styles this year, highlighting the significant gains in the Sci-Tech 100 and Sci-Tech 50 indices compared to the decline in the Dividend Index, emphasizing the importance of maintaining investment discipline regardless of market conditions [1][3]. Market Performance - The Shanghai Composite Index recently broke the 3900-point mark, reaching a 10-year closing high [1]. - The Sci-Tech 100 Index has surged over 60% year-to-date, while the Dividend Index has dropped nearly 8%, indicating a nearly 70% difference in performance between these indices [1][3]. - Approximately 500 stocks have doubled in value this year, accounting for nearly 10% of the market [3]. Investor Psychology - Many investors may feel distressed by their underperformance in the market, leading to a detrimental mindset that equates others' gains with their losses [3]. - This mindset can result in irrational behavior, prompting investors to buy stocks they should not hold in a bid to avoid missing out on potential gains [3][5]. - The article references legendary fund manager Peter Lynch, who noted that many investors suffer from the pain of missing out on top-performing stocks, which can lead to poor investment decisions [3][4]. Investment Principles - Successful investing is not about achieving the highest returns but about reaching financial goals with the lowest possible risk [5]. - The article emphasizes the importance of adhering to investment principles, such as avoiding high valuations and maintaining a critical mindset towards investments [9][10]. - It highlights that long-term success in investing is more important than short-term market performance, with a focus on minimizing significant losses over time [10].

Group 1 - The annual Berkshire Hathaway shareholder meeting attracted a record attendance of approximately 19,700 shareholders, coinciding with Warren Buffett's 60th anniversary at the helm of the company [1] - Buffett expressed that even a 30% drop in Berkshire's stock price would be viewed as a "very good opportunity," emphasizing the importance of rational judgment over emotional reactions during critical times [1] - The company is adopting a cautious approach towards artificial intelligence, with Buffett stating that they will not place all bets on AI and have appointed Ajit Jain to oversee related decisions [1] Group 2 - Buffett highlighted the challenges of finding high returns due to the company's size, stating that it has become increasingly difficult to identify attractive investment opportunities [2] - In response to concerns about the large cash reserves, Buffett indicated that acting hastily could harm shareholder interests and expressed a willingness to reduce cash levels to $50 billion if better opportunities arise [2] - The meeting also marked a significant transition, as Buffett announced his intention to step down as CEO by the end of the year, with Greg Abel set to take over, signaling the end of an era for the company [2]

扬子晚报网5月4日讯（记者 范晓林）北京时间5月3日晚间，"股神"巴菲特旗下伯克希尔·哈撒韦发布了2025财年第一财季报告，其中显示，今年一季度实 现净利润46.03亿美元，同比大幅下降64%；投资净亏损达50.38亿美元（约合人民币366.33亿元），上年同期盈利14.8亿美元。 图为南京一位投资者在线收看巴菲特股大会。扬子晚报/紫牛新闻记者 范晓林 摄 截至第一季度末，伯克希尔的现金头寸升至3477亿美元（约合人民币25283亿元），再创历史新高。其权益投资的总公允价值69%集中在美国运通、苹 果、美国银行、雪佛龙和可口可乐。伯克希尔在声明中指出，目前仍存在相当大的不确定性，其中包括国际贸易政策和关税方面的风险。 财报发布后，伯克希尔年度股东大会在奥马哈举行，巴菲特在大会上接受长达4个半小时的股东提问。此次大会正值巴菲特执掌伯克希尔60周年。扬子晚 报/紫牛新闻记者整理了本届大会上巴菲特及管理层的十大金句。 不会对股价特别有情绪化的反应 面对市场波动，巴菲特表示，即使伯克希尔股价暴跌，也会视作"非常好的机会"。关键时刻要靠理性判断，而不是被情绪牵引。 不会把所有东西都围绕AI来进行投资 尽管AI炙手可热， ...