将投中网设为"星标⭐"，第一时间收获最新推送 芒格是与巴菲特智慧相当的人生合伙人，他们共同缔造了伯克希尔超半个世纪年复合增长率近20%的投资奇迹。他们年轻时相识，彼此欣赏，价值观高度一 致，巴菲特毫不讳言地说：没有芒格，我会比现在贫穷很多。我对他的感激无以言表。 今天推荐的书是芒格唯一授权的传记《芒格传》，截止5月13日中午，我们将结合留言质量和点赞量从留言的粉丝中，随机选出三位赠书。 来源丨中国人民大学出版社 北京时间5月3日晚，伯克希尔哈撒韦一年一度的股东大会在美国奥马哈召开。2025年是巴菲特收购伯克希尔哈撒韦60周年，也是94岁"股神"巴菲特第60 次全程参与股东大会，他谈及贸易、美国财政、投资、人生感悟等多个话题，大会尾声，他宣布将在年末交棒，由伯克希尔哈撒韦副董事长格雷格·阿贝 尔接任CEO。 巴菲特开场即深情缅怀查理·芒格，称"没有查理就没有今天的伯克希尔"，他形容芒格是"建筑师"，而自己更像"总承包商"。巴菲特还放映了一个特别制 作的视频回顾芒格生前在股东大会上的精彩片段，现场多次掌声致敬。 芒格是与巴菲特智慧相当的人生合伙人，他们共同缔造了伯克希尔超半个世纪年复合增长率近20%的投资奇迹。他 ...

重阳说 查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没有。沃伦（巴菲 特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情徜徉。 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感兴趣，欢迎 扫码 咨询。 【好书】第283期：《芒格传（百年纪念版）》 【美】珍妮特•洛尔（Janet Lowe） 著 杨天南 译 中国人民大学出版社 推荐人 营销编辑段雯昕 2025年4月 互动话题： 结合本书 ，请谈谈芒格对你的影响。 留言时间：2024年5月8 日 - 2025年 5月14日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍 ...

Core Insights - Warren Buffett, the legendary value investor, is set to retire by the end of this year, marking the end of an era for Berkshire Hathaway [1][6][12] - Buffett's recent stock sell-offs and cash reserves indicate a cautious approach amidst market volatility, with Berkshire holding a record $347.7 billion in cash and equivalents [3][4][9] - Buffett emphasizes the importance of adapting to market changes and not being swayed by emotional reactions to market fluctuations [9][10] Group 1: Retirement Announcement - Buffett's retirement announcement at the shareholder meeting surprised many, including his successor Greg Abel, who will take over decision-making authority [6][7] - Buffett has expressed confidence in Abel's management style, which is more hands-on compared to his own [7][8] - The transition is expected to maintain Berkshire's investment philosophy, with Abel prepared to deploy the company's substantial cash reserves when opportunities arise [7][8] Group 2: Investment Strategy - Buffett's investment strategy has evolved over decades, transitioning from tangible assets to intangible assets and now focusing on companies with network effects, exemplified by his investment in Apple [10][11] - Despite recent stock sales, Buffett's preference remains for owning good businesses rather than holding cash equivalents [9][10] - The significant reduction in Berkshire's holdings in major stocks like Apple and American Bank reflects a strategic response to high valuations in the market [8][9] Group 3: Market Perspective - Buffett has criticized the use of tariffs as a trade weapon, suggesting it disrupts global markets and is a significant error [3][4] - He remains unfazed by recent market volatility, comparing it to historical downturns that did not fundamentally affect Berkshire's operations [3][4] - The company has been net selling stocks for ten consecutive quarters, indicating a strategic repositioning in response to market conditions [3][4]

Core Viewpoint - Warren Buffett continues to demonstrate his investment prowess, achieving a record cash holding of $334.2 billion by the end of 2024, up from $325.2 billion at the end of the third quarter [2] - The significant cash increase is attributed to operational cash flow and a reduction in stock holdings, particularly a 67% decrease in Apple shares, from 905 million to 300 million [2] - Buffett's investment strategy is often misunderstood as strictly buy-and-hold; however, he exhibits flexibility and adaptability in response to market conditions [2] Group 1: Investment Strategy Evolution - Buffett's investment philosophy has evolved through three distinct phases, reflecting changes in industry trends and business models [3] - The first phase, "cigar butt" investing, focused on buying undervalued companies with significant tangible assets during the Great Depression [4][5] - The second phase marked a shift towards investing in companies with strong brands and intangible assets, exemplified by the successful investment in See's Candies [7][10] - The third phase involves capitalizing on network effects and exponential growth in new economy companies, highlighted by Buffett's investment in Apple [13][18] Group 2: Key Investments - The investment in See's Candies in 1972 was pivotal, showcasing the transition from tangible to intangible asset investment, yielding an impressive internal rate of return of 32% [8][10] - Buffett's investment in Coca-Cola began in 1988, where he recognized the brand's long-term value despite paying a premium based on traditional valuation metrics [9][10] - The investment in Apple, initiated in 2016, was based on its strong market position and brand loyalty, leading to over $100 billion in investment gains by 2022 [13][16] Group 3: Market Dynamics - The shift from tangible to intangible assets reflects broader economic changes, with companies increasingly investing in intellectual property rather than physical assets [11][12] - The emergence of network effects in the new economy allows companies like Apple to maintain competitive advantages and achieve sustained growth [17][18] - Buffett's ability to adapt his investment approach to these evolving market conditions underscores the importance of continuous learning and flexibility in investment strategies [19]