实事求是地说，从投资成就看，巴菲特很可能后无来者。考虑到复利的至关重要，巴菲特刚大学毕业就 开始从事投资工作了，投资时长超过70年。即使暂且不谈论巴菲特的投资天分，仅仅复利和时间这两 项，就打败了很多欲与之比肩的人。巴菲特多年的搭档查理·芒格，在被问到为何其财富较巴菲特有巨 大差距时，明确表示巴菲特入行比他早是重要原因。 时间对于投资人的重要程度，在中国市场同样如此。以富国基金知名基金经理朱少醒为例，从长期业绩 看，国内公募基金圈很难超越他，根本原因就是他的从业时间足够长。富国基金长期稳定的公司治理结 构，可以让他心无旁骛地管理同一只产品，历经时间的浸润之后，才能最终收获"时间的玫瑰"。 就国内不少优秀的公募基金经理而言，他们缺失长期公开的业绩表现，更多是所在公司的治理结构问 题。要么是缺乏市场化的激励约束机制，让他们感到付出和收获不成比例；要么是发展环境发生了变 化，让他们无法聚焦于投资本身，导致他们最终跳槽到其他公司，或是离开公募行业投身私募。 在"谢幕信"中，巴菲特谈到了很多文化方面的因素，我们通常所说的"同道中人"，在巴菲特眼中伯克希 尔的个人股东们，应该算是投资领域最具象化的群体了。在巴菲特谈到查理 ...

Core Viewpoint - The article contrasts the investment strategies and performances of Warren Buffett and Chinese investor Dan Bin, highlighting the differing outcomes of their approaches to technology stocks and market trends [1][2]. Group 1: Investment Performance - Berkshire Hathaway reached a historical high market value, with Buffett praising Apple's CEO Tim Cook for generating more profit for the company than Buffett himself [1]. - Dan Bin's fund, Marathon No. 17, suffered a 22.50% loss this year due to increased investments in U.S. tech stocks, contrasting with Buffett's strategy of reducing exposure to Apple [1][2]. - Despite past successes, Dan Bin's recent performance has led to mixed opinions about his investment capabilities, with some praising his transparency and others criticizing his inconsistency [2][11]. Group 2: Investment Philosophy - Dan Bin's investment philosophy is described as "Era Investment," focusing on large-cap companies that represent significant market trends [4][5]. - His early investments included leading companies in the financial and real estate sectors, which were pivotal during their respective market booms [5]. - The article emphasizes that Dan Bin's strategy involves betting on the prevailing market trends, which has historically allowed him to recover from downturns [6][8]. Group 3: Market Dynamics - The article notes that Dan Bin's approach to investing in U.S. tech stocks, particularly with leveraged positions, has resulted in high volatility and potential risks for his funds [6][7]. - The competitive landscape of the asset management industry is highlighted, with Dan Bin's ability to maintain a stable client base despite performance fluctuations being a notable aspect of his management style [10][17]. - The article discusses the broader implications of market trends, suggesting that Dan Bin's ability to adapt to new investment themes is crucial for his long-term success [8][12].