他并非华尔街常客，极少亮相财经头条，却凭数次公开可查的经典操作，成为追随者口中的 "中国巴菲特"。 资本市场周期更迭、暴涨暴跌之际，有一个名字在顶级投资圈低调传颂：段永平。 更值得玩味的是，这位打造过小霸王、步步高，孵化出 OPPO、vivo 的实业大佬，投资声誉竟不逊于实业成就。他鲜少公开预测市场、访谈语录寥寥， 却能精准捕捉穿越周期的机会。 大力财经认为，段永平的投资体系本质，是将实业经营逻辑深度融入金融思考，以极致 "理性" 与 "平常心" 对抗市场群体性狂热。 出品 | 头部财经 作者 | 王强 引言：雪藏的投资哲学家。 这套看似简单的逻辑，恰恰直击投资核心矛盾：对人性的洞察、对商业本质的把握，以及对市场波动噪音的彻底屏蔽。 在焦虑的当下，理解段永平的投资哲学，或许正是寻求财富稳健增长的一剂清醒药，它无关频繁操作，而是以实业思维锚定价值，穿越周期。 01 迷雾中的灯塔：本分与平常心的双基石 在段永平的投资世界里，没有复杂晦涩的金融衍生品，也没有对K线图的技术迷恋。 他将做企业时恪守的"本分"与"平常心"，近乎原教旨主义地移植到投资中。 "本分"，意味着回归事物本源。在投资上，就是死死抓住"买股票就是买 ...

（来源：资本市场那些事儿） 六十载光阴，巴菲特将濒临破产的纺织厂打造成市值万亿美元的巨擘，用5.5万倍回报重新定义了价值 投资。 "时间之父不会放过任何人，他从未败北。"95岁的沃伦·巴菲特在11月10日发布的感恩节信中写道，言 语间透露出与年龄和解的坦然。 这位被称为"股神"的传奇投资者正式宣布，今年年底将不再撰写伯克希尔的年度报告，也不再在年会上 无休止地讲话。Going quiet! 这是一封告别信，巴菲特以首席执行官身份撰写的最后一封公开信，为他的投资生涯画上句号。 随着他的隐退，华尔街一个时代正缓缓落下帷幕。但巴菲特留下的不仅是惊人的财富神话，更有一套历 经半个多世纪淬炼的投资哲学。 01. 感恩节谢幕：95 岁股神的 "悄然隐退" 与交接密码 2025 年 11 月 11 日凌晨，奥马哈的晨光尚未穿透薄雾，一封致伯克希尔股东的信函已震动全球金融市 场。95 岁的沃伦・巴菲特用一句英式自嘲开场："用英国人的话说，我要'悄然隐退'了。" 这封被视作 "谢幕信" 的公开信里，藏着三个改变投资史的关键信息： 职务交接终落地：年底将 CEO 权杖正式交予 63 岁的格雷格・阿贝尔，自己留任董事长至股东建立信 ...

【环球网财经报道 记者 陈超】当95岁的沃伦·巴菲特在感恩节公开信中写下"安静退场"的决定，全球投 资界都在为一个时代的落幕驻足。从1965年接手市值仅470万美元的濒临破产纺织厂，到将伯克希尔-哈 撒韦打造成市值数千亿美元的投资帝国，60年间，他不仅缔造了股价累计涨幅超5.5万倍、年化复合收 益率19.9%的财富神话，更用一生践行的投资哲学与人生信念，成为跨越时代的精神标杆。这份"最后 一课"，无关短期投机技巧，而是关于价值、耐心与敬畏的深层思考。 巴菲特的投资逻辑里，"能力圈"是最核心的底线，只碰自己真正看懂的领域，哪怕错过再多"风口"，也 绝不盲目跨界。2000年互联网泡沫沸腾时，科技股股价翻倍上涨，市场质疑"巴菲特老了，跟不上时 代"，但他始终不为所动，只因"看不懂这些公司的商业模式与盈利逻辑"。后来泡沫破裂，无数投资者 血本无归，伯克希尔却因坚守边界安然无恙。 1988年，他斥资13亿美元买入可口可乐股票，看中的不只是财报上的数字，更是这家公司百年品牌沉淀 下的"护城河"——无需频繁创新，却能凭借消费者粘性实现稳定盈利。如今，这笔投资每年带来的股息 收入就超过7亿美元，远超当初本金。 2016年前后 ...

"正如英国人会说的，我将'安静退场'。算是吧。"95岁的沃伦·巴菲特在11月10日发布的致股东信中，为 自己长达六十年的投资传奇画上句号。在伯克希尔的现金储备飙升至3817亿美元、美股处于高位的背景 下，这位长期被尊为"奥马哈先知"的投资大师，将于今年年底退出伯克希尔-哈撒韦的日常管理，并卸 任首席执行官之职。在笔者看来，他的退休不仅是一个投资时代的结束，也是对其继任者和价值投资哲 学的一次重大考验。 六十年投资神话的终结 自1962年首次投资当时陷入困境的纺织公司伯克希尔以来，巴菲特已将其发展成为市值逾一万亿美元的 多元化投资控股公司。 同时，他创造了一个难以企及的投资神话：从1964年到2024年，伯克希尔的总收益率达到惊人的 5502284%，而同期标普500指数收益率仅为39054%。这一业绩的背后，是巴菲特长期坚持的价值投资 理念。 纵观巴菲特六十载投资生涯，他始终倡导长期价值投资，在加密货币等投机性资产兴起、交易时间缩短 至毫秒级的当下，这一理念显得尤为珍贵。 投资进化： 从"烟蒂"到"护城河"的三阶段演变 巴菲特的投资思想并非一成不变，而是呈现出清晰的进化轨迹。 早期阶段（1949—1971年） ...

Core Insights - The article emphasizes the importance of learning from investment failures of renowned investors, highlighting that even experts can fall into common traps that lead to losses [18]. Group 1: Investment Failures - High-tech stocks have historically led to significant losses for investors, with examples including a $25 million loss in data processing companies and other notable tech stocks like Tandem and Motorola [3][4]. - Warren Buffett and Charlie Munger have also experienced failures, such as the investment in a Baltimore department store, which they later recognized as a poor decision due to their lack of understanding of the retail business [5][6][7]. - The article discusses the case of Loyal Insurance Company, which missed out on a bull market in the early 1960s due to conservative investments and later made poor decisions during a bear market, leading to further losses [9][10]. Group 2: Common Investment Traps - The first major trap is investing in areas outside one's understanding, as illustrated by Peter Lynch's losses in high-tech stocks despite acknowledging his lack of knowledge in that sector [18][21]. - Misjudging the nature of a business can lead to investing in "bad businesses" with fierce competition, as seen in Buffett's experiences with the textile industry and jewelry stores, which ultimately failed to generate profits [20][21]. - Emotional reactions to market fluctuations can disrupt long-term strategies, exemplified by Loyal Insurance's erratic decisions during market volatility [21]. - Trusting financial data from companies with low transparency can result in significant losses, as demonstrated by Munger's investment in an Irish bank, which he later regretted due to the ease of financial manipulation in the banking sector [14][21]. - Ignoring industry realities and competitive dynamics can lead to poor investment choices, as seen in Buffett's delayed exit from unprofitable textile operations [20][21].

Core Viewpoint - The article presents insights from Li Bei, founder of Banxia Investment, emphasizing the importance of self-awareness and maintaining a balanced investment strategy in the face of market fluctuations. The focus is on achieving investment success through a clear understanding of one's capabilities and the market environment, rather than chasing every opportunity [2][20]. Group 1: Market Performance and Investment Strategy - Li Bei expressed satisfaction with the performance of low-volatility funds, which outperformed the CSI 300 index, achieving returns exceeding 14% as of August 31 [5]. - The investment strategy involves a cautious approach, focusing on areas of expertise and avoiding sectors like technology and small-cap stocks where the firm lacks deep research [6][9]. - The use of the CSI 500 index futures (IC) allows for safer participation in the technology sector, providing enhanced returns while managing risk through lower volatility [9][47]. Group 2: Market Trends and Economic Indicators - The article discusses the ongoing bullish trend in the stock market, suggesting that the current phase is driven by liquidity and risk appetite, with the stock-bond yield spread remaining favorable for equities [26][29]. - Li Bei believes that the stock market's upward trend is still in its early stages, with significant potential for growth as liquidity conditions improve and investor confidence returns [29][36]. - The real estate sector is identified as having a once-in-a-decade opportunity, driven by supply-demand dynamics and improved competitive landscape among surviving firms [38][44]. Group 3: Communication and Investor Relations - Effective communication with investors is crucial, emphasizing the need for transparency and setting realistic expectations to avoid disappointment during performance fluctuations [17][18]. - The approach involves allowing investors to make their own decisions while providing them with a stable framework and honest assessments of market conditions [18][21]. Group 4: Personal Growth and Market Philosophy - Li Bei highlights the importance of self-love and understanding in navigating the investment landscape, advocating for a balanced perspective towards market dynamics and personal well-being [20][24]. - The philosophy of "loving the world while loving oneself" is presented as a guiding principle for maintaining a positive mindset amidst market challenges [21][24].

Core Insights - The article highlights the investment philosophy and strategies of Li Bei, founder of Banxia Investment, emphasizing her macro-hedging approach and ability to navigate market cycles with a focus on maintaining a clear investment framework and understanding one's capability circle [1][3][4] Group 1: Investment Performance - As of August 31, the CSI 300 index had a return of approximately 14%, while Banxia's low-volatility funds outperformed this index, achieving higher returns with lower volatility [3][4] - Despite initial misjudgments regarding macroeconomic conditions and market styles, all product lines at Banxia significantly outperformed the CSI 300 index [4][6] Group 2: Investment Strategy - Li Bei emphasizes the importance of staying within one's capability circle, suggesting that expanding this circle takes time and should not be rushed through team expansion [5][6] - The strategy involves using mid-cap stock index futures (IC) to participate in technology growth markets safely, leveraging the benefits of liquidity and lower volatility [7][8] Group 3: Market Outlook - The article discusses the current bullish trend in the stock market, indicating that the upward trend is still in its early stages, driven by a favorable stock-bond yield spread and improving liquidity conditions [17][20] - The anticipated shift in market dynamics is expected to occur when housing prices stabilize and consumer price indices (CPI) show consistent growth, marking the transition to a second phase of the bull market [25][26] Group 4: Real Estate Sector - The real estate sector is viewed as having a once-in-a-decade opportunity, driven by a significant reduction in competition and improved profit margins for surviving companies [27][28] - The demand for quality housing is expected to rise, with new developments showing improved profitability compared to older projects [29][30] Group 5: Communication with Investors - Effective communication with investors is crucial, focusing on honesty and setting realistic expectations to manage their perceptions during performance fluctuations [11][12] - The approach involves allowing investors to make their own decisions while providing a stable framework for understanding potential risks and rewards [11][12] Group 6: Company Strategy - Banxia Investment aims to maintain its focus on macro-hedging strategies rather than diversifying into other areas, believing that this specialization will yield better long-term results [41][43]

Core Viewpoints - The article emphasizes the importance of understanding the underlying business and profitability when investing in stocks, suggesting that rising profits will ultimately lead to rising stock prices [3][9] - It introduces key principles of value investing, including the concept of a margin of safety, which encourages buying undervalued assets [3][5] - The article discusses the concept of "Mr. Market," a metaphor for market volatility, highlighting the need for investors to remain patient and not be swayed by short-term price fluctuations [10][12] Summary by Sections Value Investing Principles - The core principles of value investing are summarized, focusing on the importance of assessing a company's operational and profit situation [2][7] - The article outlines four fundamental principles of value investing: buying stocks as if buying companies, maintaining a margin of safety, understanding market volatility, and recognizing one's own investment circle of competence [5][6] Understanding Market Behavior - "Mr. Market" is described as a volatile entity that can create irrational price movements, which investors should learn to navigate [10][11] - Historical data indicates that significant market fluctuations occur regularly, with average annual volatility ranging from 10% to 20%, and more severe drops every few years [12][13] Investment Strategy - The article advocates for a long-term investment strategy, suggesting that even during market downturns, quality investments will eventually recover and yield positive returns [13] - It emphasizes the importance of evaluating whether the underlying companies in an investment portfolio are still profitable and growing, which can provide reassurance during market volatility [13]

Core Insights - The article emphasizes the timeless relevance of Warren Buffett's investment philosophy, particularly the importance of focusing on a company's intrinsic value rather than short-term stock price fluctuations [3][4]. Group 1: Life Philosophy - Character is the core determinant of long-term success, with qualities like integrity and responsibility being essential for cultivating beneficial habits [4]. - Investment and business selection fundamentally represent a "vote for people," highlighting the importance of character in mitigating risks and generating compound returns [4]. Group 2: Investment Philosophy - The principle of "buying a company" underscores that stocks represent ownership in a business, necessitating a focus on long-term value rather than short-term price movements [5][6]. - Long-termism is crucial, as time benefits good businesses, allowing overvaluations to correct while poor businesses yield mediocre returns regardless of purchase price [6]. - The essence of value investing is to buy simple, durable, and trustworthy companies at reasonable prices and hold them long-term [7]. Group 3: Investment Strategy - The investment strategy should focus on businesses that are easily understandable, filtering out 90% of complex industries [8]. - A safety margin is vital in risk management, avoiding high-risk decisions even with a high probability of success [9][10]. - Leverage should be avoided, as it amplifies risk and creates an asymmetry between potential gains and losses [10]. Group 4: Market Behavior - Investors should ignore market noise and focus on holding quality companies, akin to patient farming [12]. - Market downturns present opportunities to acquire quality assets at lower prices, with Buffett expressing a preference for market declines for potential excess returns [13]. - Ignoring macroeconomic predictions and focusing on company fundamentals is essential for sound investment decisions [14]. Group 5: Historical Lessons - Acknowledging past mistakes is crucial, with Buffett noting that the biggest errors often stem from missed opportunities rather than poor decisions [16]. Group 6: Career and Happiness - Passion for work is more important than monetary gain, with Buffett advising individuals to pursue careers they love [17]. - True happiness transcends material wealth, emphasizing the importance of autonomy and character in achieving a fulfilling life [18]. Conclusion - The ultimate value of Buffett's teachings lies in the principle that simplicity is eternal, with concepts like value investing, economic moats, and zero leverage remaining applicable in 2025 [19].

Core Viewpoint - The article emphasizes the investment philosophy and life journey of Charlie Munger, highlighting his unique approach to thinking and investing, which combines reverse thinking, understanding one's circle of competence, and the importance of a strong economic moat for long-term success [2][13]. Group 1: Charlie Munger's Background - Charlie Munger was born in 1924 in Omaha, Nebraska, and had a diverse educational background, including studying mathematics at the University of Michigan and later attending Harvard Law School [4]. - After facing personal challenges, including a failed marriage and his son's illness, Munger shifted his focus to investing, founding Wheeler Munger Partnership, which outperformed the Dow Jones by 18 percentage points annually over ten years [4]. Group 2: Partnership with Warren Buffett - Munger met Warren Buffett in 1959, and their shared values and interests led to a strong partnership, with Munger becoming Vice Chairman of Berkshire Hathaway in 1978 [6]. - Together, they transformed Berkshire Hathaway from a struggling textile company into a multi-trillion dollar conglomerate, achieving an annual compound return of approximately 20% [6]. Group 3: Investment Philosophy - Munger advocates for reverse thinking, suggesting that identifying potential failures is more effective than focusing solely on success [7]. - He emphasizes the importance of knowing one's limitations, only investing in businesses that can be understood and evaluated [7]. - Munger encourages buying great companies at fair prices, as demonstrated by the acquisition of See's Candies, which significantly contributed to Berkshire's cash flow over decades [8]. - He believes in the significance of a strong economic moat, which should be deep and wide, allowing for long-term investment [9]. - Munger employs a multi-disciplinary approach, utilizing various mental models from different fields to avoid narrow thinking [10]. - He supports concentrated investing, arguing that good opportunities are rare and should be seized with significant investment [11]. - Munger practices delayed gratification and a disciplined lifestyle, investing time and money into learning and compounding returns [12].