Group 1 - The core investment principle is to focus on risk rather than potential returns, emphasizing the importance of understanding one's own investment capabilities [1] - Successful investors, like Warren Buffett, have historically avoided the temptation of emerging trends while still achieving significant long-term returns [1] - The market teaches humility, as even aggressive investors can learn the value of long-term deep value investing [2][3] Group 2 - Chris Horn, the head of TCI, emphasizes the importance of assessing whether a company will exist in 30 years before investing, highlighting the rarity of companies with long-term compounding capabilities [3] - Only about 5% of companies possess strong pricing power, high barriers to entry, and stable governance, making them suitable for long-term investment [3][4] - Many investors underestimate the impact of competition and disruption, often focusing on short-term gains rather than long-term profitability [3][5] Group 3 - Emerging industries face significant challenges, including the difficulty of identifying future winners among many competitors [5][6] - Buffett's investment strategy has focused on traditional industries, achieving a success-to-failure ratio close to 100:1, despite occasional setbacks [6] - New industries often rely on technological advantages that can be quickly replicated by competitors, leading to diminished returns over time [6][7] Group 4 - The strength of a company's competitive moat is difficult to ascertain without the test of time, as many perceived advantages can erode [7] - Value investors seek companies with monopolistic characteristics, wide moats, and strong pricing power, but most moats are not as robust as believed [7]

投资小红书-第248期 A股市场中，每天都充满着"涨停"诱惑，资本市场上从来不缺热点概念，但投资的原则是"宁可错过，不 要做错"。 错过超越自己能力圈的投资，并不是过错；但如果被摇曳生姿的热点概念诱惑，错估了自己的能 力圈，则犯了投资大忌。 "股神"巴菲特错过了互联网行情，错过了新能源汽车的行情，错过了……但并不妨碍他有公开业 绩记录的6年赚取超5万倍的收益。即使从2010年算起，世界已经进入快速变化的互联网时代，而 伯克希尔当时的市值也已经高达1500亿美元，但这并不妨碍伯克希尔股价在过去14年中上涨了近 6倍，年化收益率为15%。 总有一种声音在催促人们行动，那就是如果不搭上时代的列车，你将错过暴利的机会。事实上， 投资的首要原则是聚焦于风险，而不是聚焦于收益。最优秀的投资人都是长期没有不可逆的重大 亏损的，那些缺乏时间检验、无法看清长期盈利模式的企业很难进入他们的投资视野。 市场教会了最激进的"基金猎手"谦卑 有一位曾叫板过巴菲特的"基金猎手"，但在资本市场沉浮20年后，他选择成为专注于"长期深度 价值投资"的专业投资者。 这位基金经理就是对冲基金TCI（ The Children's Invest F ...