我们似乎总在撕裂中生活： 纳瓦尔是谁？ 纳瓦尔·拉威康 被"上岸"、"搞钱"的浪潮推着向前，在疲惫的夹缝中时刻提醒自己仍要热爱生活； 我们熟练使用各种效率软件，内心却渴望能关掉所有的通知。 在这种普通又重复的挣扎中，《纳瓦尔宝典》已经被超过一百万人翻阅。 这本书收录了白手起家、后来实现财富与精神双重自由的纳瓦尔的智慧箴言。 绝非轻松的套话与简单的成功学，纳瓦尔提供了一套直面这种"撕裂"的思考框架： 如何用头脑赚钱，而不是仅用时间换钱；如何在追求成功的同时，守护内心的宁静。 他说："从现在开始，你只需要在乎三件事：你自己，你的钱，你内心的平静。" Naval Ravikant 后来，我考上了史岱文森高中，人生从此得以改写。 AngelList创始人兼CEO，硅谷传奇投资人 图片来源：Creator Villa 以下内容来自纳瓦尔本人亲述 我在单亲家庭长大，是一个贫穷的印度移民家庭。母亲既要工作读书，还要抚养我和哥哥。我们从小就学着照顾自己，甚至没有受过良好的教育。 条件虽然艰苦，但是母亲给了我们无条件的爱。 在一无所有的人生中，如果至少还有一个人无条件地爱着你， 你的自尊心就会得到极大的保护。 纽约的图书馆基本 ...

大盘这些天"跌跌不休"，很多人心里打鼓，甚至想割肉离场。但在牛散和游资眼里，这分明是市场开着 卡车来"倒车接人"了！现在不仅不该怕，反而应该兴奋，该拿着钱袋子里外找了！还记得巴菲特说的那 句名言吗？——价格是你付出的，价值是你得到的。现在市场恐慌抛售的，很多正是那些因为短期利 空、情绪宣泄而被错杀的"烟屁股"——它们的内在价值，远高于当前的市场价格。1.市场情绪冰点，正 是烟蒂密集出现的黄金时刻当市场恐慌性抛售时，很多质地优良的公司也会被泥沙俱下地错杀。这些公 司的核心资产（品牌、技术、渠道、现金流）并未受损，但股价却跌到了极具安全边际的区间。这就像 在地上捡到了一个还能抽一口的雪茄烟蒂，虽然不长，但免费且有滋有味。格雷厄姆强调的"安全边 际"，在当下尤为重要。我们寻找那些：——市净率（PB）远低于历史均值的公司，尤其是破净 （PB<1）的优质龙头。这意味着你用低于公司净资产的价格在买入。——股息率极具吸引力的公司。 在市场动荡时，高股息不仅提供现金流回报，更是公司财务健康的"压舱石"。当股息率超过6%甚至更 高时，其防御性和吸引力不言而喻。——现金流充沛、负债率低的公司。这类公司在经济下行期更具韧 性，抗风 ...

（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 ...

Core Insights - Warren Buffett's investment philosophies have led to significant success, with a net worth of approximately $155 billion through Berkshire Hathaway [1] Group 1: Investment Philosophy - Buffett emphasizes an owner mindset in investing, encouraging investors to rely on their own reasoning rather than popular trends [4] - The importance of recognizing personal strengths as an investor is highlighted, suggesting that investors should focus on their strengths when selecting businesses and management to partner with [5] - Investors are advised to "tune out the noise" from headlines and daily stock movements, as these distractions do not reflect the underlying businesses [6] Group 2: Diversification and Company Structure - Berkshire Hathaway is noted for its diverse holdings across various industries, making it a strong investment choice [6] - Understanding Berkshire's history, culture, and operational structure is essential for grasping its investment potential, as it operates across multiple revenue streams including insurance, railroads, energy, and retail [7] - The company controls 189 subsidiaries and possesses significant liquidity, allowing for strategic investments and interest earnings [8]

国海富兰克林基金总经理徐荔蓉： 中国资产全球再定价 把握港股长期投资机遇 ◎记者 王彭 今年以来，港股市场表现亮眼，恒生指数、恒生国企指数和恒生科技指数均实现显著上涨，在全球主要 市场中排名靠前。近日，国海富兰克林基金总经理兼投资总监徐荔蓉在接受上证报记者采访时表示，港 股市场正处在估值修复、流动性改善和盈利增长三重因素驱动的上行通道中。对于投资者而言，通过合 理的资产配置，并使用"主动+被动"的工具，或能更好把握这轮中国资产全球再定价的历史性机遇。 港股估值修复尚未结束 关于港股本轮上涨，徐荔蓉分析称，这是估值洼地修复、流动性结构质变、盈利改善三重因素叠加的结 果。这三者并非孤立存在，而是相互强化：资金流入推动估值修复，估值修复为企业融资和发展创造更 好条件，而盈利改善又有望进一步吸引资金流入。 "站在当前时点，我依然对港股市场保持乐观。这轮行情并非简单的反弹，而是中国资产在全球再定价 过程中的一个重要阶段。"徐荔蓉称。 在"定价误差"中寻找机会 徐荔蓉还特别强调了"逆向投资"策略在港股市场的作用。他表示，港股作为一个典型的离岸市场，其走 势经常受到海外流动性、国际政治关系、美元汇率波动等外部因素影响，这导 ...

Core Viewpoint - Recent data indicates that foreign capital is significantly reducing its holdings in Chinese bonds, with a notable decline attributed to rising U.S. Treasury yields and currency fluctuations, which may impact China's financial market [1][3][4]. Group 1: Foreign Capital Reduction - As of October 2025, foreign institutions held 29,765 billion yuan in Chinese bonds, a decrease of 2,843 billion yuan or 8.7% since the beginning of the year, marking the longest net outflow in five years [1]. - The yield on 10-year U.S. Treasury bonds reached 4.8%, compared to approximately 2.6% for Chinese bonds, creating a 2.2 percentage point yield advantage that attracts international capital [1][3]. - Approximately 62% of surveyed international investors indicated that currency fluctuations are a primary factor in their decision to adjust their holdings in Chinese bonds [3][4]. Group 2: Global Monetary Policy and Economic Factors - The divergence in monetary policy, with the U.S. maintaining a stringent stance while China has implemented three interest rate cuts in 2025, has widened the interest rate differential, further encouraging capital flow to the U.S. [4]. - China's GDP growth slowed to 4.6% year-on-year in Q3 2025, which, while still higher than many global economies, has led to cautious sentiment among foreign investors regarding Chinese bonds [4]. Group 3: Impact on Financial Markets - Foreign holdings of Chinese bonds accounted for approximately 2.1% of the total bond market as of October 2025, down from a peak of 3.5% in 2023, suggesting that while the outflow has some impact, it is unlikely to cause severe disruption [6]. - The outflow of capital may exert some pressure on the renminbi, but China's foreign exchange reserves stood at $3.24 trillion as of September 2025, providing a solid foundation to manage currency fluctuations [6]. Group 4: Long-term Outlook - The internationalization of China's bond market is increasing, with Chinese bonds included in major international indices, which may provide a more stable source of foreign investment in the long run [7]. - A survey of 50 major asset management firms revealed that about 67% believe the proportion of Chinese bonds in their global asset allocation will increase over the next five years [7].

Core Viewpoint - Renowned economist Deng Haiqing has officially resigned as the Deputy General Manager of AVIC Fund due to personal reasons, marking a significant leadership change in the company [1][3]. Company Overview - AVIC Fund, established in 2016, is controlled by AVIC Group, with AVIC Securities holding 55% and Beijing Shougang Fund holding 45% [8]. - As of the end of Q3 this year, AVIC Fund has a public fund management scale exceeding 60 billion yuan, with over 30 funds under management [8]. Leadership Changes - Deng Haiqing joined AVIC Fund in December 2020 as Chief Investment Officer and was promoted to Deputy General Manager in December 2021 [5]. - His departure follows a series of management changes within the company, including the resignation of the General Manager and Chief Supervisor earlier this year [10]. Investment Strategy and Performance - AVIC Fund has focused on a differentiated development path, particularly in public REITs and bond funds, achieving notable innovation in product offerings [8]. - The company has established multiple public REITs related to green energy, photovoltaic, and logistics, as well as ESG-themed bond products [8]. - In equity investments, AVIC Fund has performed exceptionally well, with equity fund returns reaching 99.06% in the first three quarters of this year, ranking second in the industry [9].

Core Viewpoint - The departure of Deng Haiqing, a prominent economist and the Vice General Manager of AVIC Fund, is a significant event for the company, which has been focusing on differentiated development and product innovation in recent years [2][4]. Company Overview - AVIC Fund was established in 2016 and is controlled by AVIC Group, with AVIC Securities holding 55% and Beijing Shougang Fund holding 45% [13]. - As of the end of Q3 2023, AVIC Fund manages over 60 billion yuan in assets, with more than 30 funds under management [13][14]. Management Changes - Deng Haiqing officially announced his resignation as Vice General Manager on November 13, 2025, due to personal reasons and will not take on any other roles within the company [4][7]. - Deng joined AVIC Fund in December 2020 as Chief Investment Officer and was promoted to Vice General Manager in December 2021 [8]. - The company has experienced frequent changes in senior management, including the resignation of the General Manager and Chief Supervisor in July 2024 [15][16]. Investment Strategy and Performance - AVIC Fund has been focusing on specialized development, particularly in public REITs and bond funds, achieving notable differentiation in these areas [12][14]. - The company has established multiple public REITs covering various asset types, including green energy and logistics, and has seen significant performance in equity investments, with a 99.06% return in the first three quarters of 2023, ranking second in the industry [14].

Core Insights - Michael Burry, known for predicting the 2008 financial crisis, is exiting asset management, with his firm Scion Asset Management LLC officially terminating its registration as of November 10, 2025 [1][5] - Burry plans to liquidate his funds and return capital to investors by the end of the year, citing a significant divergence between market valuations and his assessments [1][5] - His recent actions and statements indicate a belief that the market is overvalued and lacks rationality, particularly regarding large tech companies and AI valuations [5][6] Company Actions - Scion Asset Management managed $155 million in assets as of March and has been viewed as a barometer for detecting bubble risks [5] - Burry has established short positions against AI-related stocks like Nvidia and Palantir, reflecting his cautious stance on the AI-driven market rally [5][6] - The firm’s termination and Burry's decision to return capital signal a retreat from what he perceives as a fundamentally manipulated market [5][8] Market Context - Burry's exit highlights the challenges faced by short-sellers in a market characterized by optimism towards the tech sector and retail investor enthusiasm [7] - The recent performance of AI-related stocks has significantly contributed to the S&P 500's gains, with reports indicating that these stocks accounted for 75% of the index's increase since November 2022 [8] - Burry's actions may symbolize a protest against speculative trends in the market, as he adheres to a value-driven investment philosophy [8][9] Future Outlook - It remains uncertain where Burry will direct his investments post-liquidation, with speculation suggesting a shift towards family office or private investment strategies [8] - Burry's upcoming announcement on November 25 may provide insights into his future investment direction [6][8]

Core Insights - The traditional value investing approach championed by Warren Buffett is facing scrutiny in the context of modern economic dynamics and technological advancements [2][4] - Buffett's retirement marks the end of an era, prompting a reassessment of value investing principles in light of the evolving market landscape [2][3] Group 1: Transition in Leadership - Buffett's announcement to step back from writing the annual shareholder letter and speaking at the shareholder meeting signifies a significant transition for Berkshire Hathaway [2] - The passing of Charlie Munger and Buffett's retirement within two years has accelerated the market's adaptation to a Berkshire without its legendary figures [2][3] - The transition to Greg Abel as the successor is designed to provide investors and the new leader with a longer adjustment period [2][3] Group 2: Investment Strategy Evolution - Investors must prepare for a potential shift in Berkshire's investment logic under Abel, who has already shown a more diversified portfolio and shorter holding periods [3][5] - Berkshire Hathaway currently holds over $200 billion in cash reserves, a historic high, but faces challenges in finding quality investment opportunities [3][5] - The company's recent performance has lagged behind the S&P 500, highlighting strategic difficulties and the need for adaptation [3][5] Group 3: Value Investing in a New Era - The rise of technology as a key driver of economic growth necessitates a reevaluation of traditional value investing, which has primarily focused on established sectors [4][5] - Value investing must evolve to incorporate new elements, actively adapting to high valuation norms and technology-led growth [5] - The legacy of Buffett emphasizes the importance of understanding intrinsic value while also expanding the ability to assess technology companies [5][6] Group 4: Lasting Wisdom and Legacy - Buffett's retirement does not signify the end of value investing but rather a transformation and passing of core wisdom to future generations [6] - The principles of reading, critical thinking, and risk assessment remain relevant regardless of technological changes [5][6]