Core Viewpoint - The discussion focuses on Bill Miller's investment philosophy, particularly his long-term investment in Amazon, which showcases his unique approach to value investing and decision-making in the face of market skepticism [2][4][7]. Group 1: Investment Philosophy - Bill Miller's investment style is characterized as "non-typical" or "alternative" value investing, blending valuation, fundamentals, odds, and time into practical judgments [5][34]. - Miller emphasizes the importance of defining a business correctly, as the description influences perception and investment decisions [5][19]. - The ability to switch between value and growth investing is a key aspect of Miller's pragmatic investment approach, allowing him to identify mispriced opportunities [34][38]. Group 2: Decision-Making Process - Miller's decision to invest in Amazon was influenced by his understanding of its business model, which he likened to Dell's negative working capital structure, allowing for high capital returns [4][14]. - He believes that understanding the underlying cash flow and operational efficiency is crucial, as demonstrated by his analysis of Amazon's financials during its early years [25][27]. - The ability to filter out market noise and maintain a clear perspective is essential for successful investing, as highlighted by Miller's approach to learning and continuous improvement [3][20]. Group 3: Resilience and Adaptability - Miller's resilience during market downturns, particularly during the 2008 financial crisis, showcases his ability to adapt and learn from past mistakes [39][42]. - His approach to investing is informed by a blend of philosophical insights, including pragmatism and language philosophy, which help him navigate complex market dynamics [22][31]. - The importance of maintaining a long-term perspective and the psychological challenges of holding investments through volatility are emphasized as critical components of successful investing [71][75]. Group 4: Practical Insights - The discussion highlights the significance of recognizing "explosive upside opportunities" in investments, as demonstrated by Miller's bets on Amazon and Bitcoin [67][68]. - Miller's investment decisions are often based on a calculated risk approach, where he assesses the potential for significant returns against the likelihood of loss [65][66]. - The ability to remain calm and rational during market turmoil is a trait that distinguishes successful investors like Miller, allowing them to make informed decisions rather than emotional ones [51][57].

Group 1 - The speaker emphasizes the importance of interdisciplinary perspectives, particularly the integration of mathematics, computer science, and economics in understanding complex economic phenomena [4][5]. - The speaker highlights practical experiences in rural revitalization and economic policy, showcasing real-world applications of economic theories [4]. - The research on a reinforcement learning algorithm tailored to different investor risk preferences illustrates the innovative intersection of investment studies and artificial intelligence [5]. Group 2 - The speaker expresses a commitment to continue research in economic game theory and computer science, indicating a focus on advancing knowledge in these fields [5]. - The graduation speech reflects on the value of diverse analytical tools and interdisciplinary approaches in addressing complex challenges and seizing development opportunities [5][6].

Group 1 - Fudan University received a donation of 100 million yuan to support the development of humanities and social sciences, responding to the ongoing debate about the decline of liberal arts education [1] - The newly established New Humanities Development Fund aims to innovate in humanities and social sciences, with the initial funding of 100 million yuan coming from alumni [1][2] - The university plans to adjust the enrollment ratio for liberal arts from 30-40% to 20%, citing a decline in the number of students choosing liberal arts and a cooling demand for certain popular majors [1][2] Group 2 - Fudan University is focusing on integrating liberal arts with science and technology, increasing the enrollment for interdisciplinary programs, with 12.4% of the 2025 class being dual-degree students in liberal arts and STEM fields [2] - The university emphasizes the importance of humanities in addressing significant societal issues, particularly in the context of the AI era, highlighting the role of philosophy and social sciences as "the science of sciences" [1][2] Group 3 - The discourse around the value of humanities and social sciences is being challenged by some critics, who argue that these fields are often misrepresented as outdated or irrelevant [4][5] - The integration of artistic thinking into scientific research is seen as essential for fostering creativity and innovation, suggesting that a well-rounded education in humanities can enhance scientific inquiry [5][6] - Alumni express that the education received at Fudan shaped their open-mindedness and high values, which they believe should continue to inspire future generations [6]