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2022-04-09

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Good in-depth article | Why can Buffett be sure for a lifetime?

2022-02-09

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2022-01-23

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2021-05-06

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2021-04-21

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2021-04-10

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Ali: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss

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Where does his courage and courage to value investment come from? And how did he create a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>I believe, after reading so many articles about Buffett, this one must be the most unique and can impress you deeply.</p><p>The article not only has an in-depth and systematic analysis of the essential logic, breakdown point and iterative feedback of Buffett and Berkshire, but also a summary of their life beliefs, work motivation and wealth concepts, which allows us to see a fiery soul in his 90s.</p><p>It is worth mentioning that the author of this article asked Buffett at Buffett's shareholders' meeting in 2015: \"Why is Berkshire, which has been managing for so many years, so determined and passionate?\"</p><p>Guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this U.S. -listed company:</p><p>Apr 06, 2022 · This company's stock price is $517,002, the highest stock in history, with a total market capitalization of $761.6 billion. In the 2022 Fortune World 500, Berkshire Hathaway ranked 11th.</p><p>If you invested $10,000 in Berkshire (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, annualized compound interest was 20.1% over 56 years, far outperforming the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway's total assets under management are about $1 trillion, of which 150 billion are liquid assets such as cash or bonds, 350 billion are equity holdings, and 500 billion are equity investments. It controls key infrastructure such as transportation, energy and communications in the United States, as well as many traditional enterprises with very abundant cash flows.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of a company that manages so many assets?</p><p>25 people!</p><p>The boss of Berkshire Hathaway is the famous Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Mr. Ba, a Virgo born on August 30, 1930, invested in stocks for the first time at the age of 11. At the age of 19, he studied under Benjamin Graham, a value investment guru, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes list data, in 2022, the 92-year-old had a personal wealth of $99.6 billion, ranking sixth in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is Berkshire Hathaway's \"one\"?</b></p><p>What is Berkshire's \"one\" and how does its value proposition differ from other investment firms? Why is it that among the investment gurus such as Peter Lynch, Soros, Fisher and Dario, the public favors Buffett alone and respects him as the \"stock god\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's firm, Buffett opened his own investment firm in 1957, starting with $105,000 AUM. Buffett told his partners that he hopes to beat the Dow by 10 percentage points a year.</p><p>The result was that in 1957-1961, the Dow rose 75% and the partnership rose 251%. In the 10 years to 1966, the Dow rose 123% and the partnership rose 1156%. Buffett greatly exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What is puzzling is that such a good performance should raise funds vigorously. Why should we dissolve the partnership investment enterprise?</p><p>\"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well,\" Buffett said.</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment rules.</p><p>After dissolving the partnership to invest in the business, he devoted all his energy to the textile business Berkshire Hathaway, which seemed to have \"failed\".</p><p><b>What is the difference between Berkshire and a regular fund company?</b></p><p>Berkshire is essentially a capital holding company that manages its own money, while general fund companies manage most of the money that is investors' money.</p><p>This makes Berkshire's view of money fundamentally different from that of ordinary fund companies-Berkshire regards its own money as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to the Foundations of Western Economics, \"Capital is a part of the means of production and the source of assets for enterprises to purchase the assets needed for production and business activities. It is investors' investment in enterprises and appears on the right side of the balance sheet. The essence of capital is to obtain profits.\"</p><p>There's a simple formula, if you don't consider the cost of capital:<b>Long Term Capital Value = Capital Investment* (1+ Return on Capital) ^ Time</b></p><p>When Berkshire manages its own capital, compared with other asset management companies, there is no capital redemption risk, and it can operate sustainably. What the company earns is the value of capital recycling.</p><p>However, the funds of asset management companies may not be managed for a long time due to market fluctuations, investors' redeemment, or the expiration of funds.</p><p><b>For both models, the capital market will also give different market capitalizations,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Managing nearly $10 trillion in assets with a market capitalization of 112.3 billion, while Berkshire manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies belong to asset management companies, and their core is short-term investment value; While Berkshire is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken down in capital management that enables it to be so different?</p><p>Since it is capital management, let's go back to Marx's Das Kapital and see what is the nature of capital?</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's \"Das Kapital\": \"One of the essential characteristics of capital is its movement. The key reason why capital can increase value and bring surplus value is that it is in an endless movement, constantly entering from the circulation field into the production field, and then from the production field into the circulation field,<b>This uninterrupted movement of capital is the necessary prerequisite and condition for capital to gain value increase. Once it stops moving, capital cannot increase in value. \"</b></p><p>The most important thing to increase capital appreciation is to improve the efficiency of capital movement. The higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The conversion of surplus value into profit is based on the premise of the conversion of surplus value rate into profit rate, that is, with the help of profit rate, the surplus value that has been converted into the excess of cost price is further converted into the balance of prepaid total capital exceeding its own value within a certain turnover period. In short,<b>Surplus value is the intrinsic essence or entity, while profit is the external phenomenon or form. \"</b></p><p><b>So according to Marx's theory, is a company with a high net profit margin necessarily a good company?</b></p><p>Buffett once said: \"There are three most important things in investment. The first is to keep the principal, the second is to keep the principal, and the third is to always keep the first two in mind.\"</p><p>Let's take a look at what Buffett's first teacher, Benjamin Graham, said-\"Investment is an analysis that promises principal security and provides satisfactory returns. What can't meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>Margin of safety</b>\"The important word:\" People are willing to pay any price for stocks, without considering quantitative analysis at all. Any price marked by market optimism seems to be worth the money. At the top of this madness, the line between investment and speculation is blurred. Pick stocks with a margin of safety approach. \"</p><p>Then according to a simple mathematical equation:<b>Margin of Safety = Enterprise Value-Enterprise Price</b>It can be seen that the price of enterprises can be found in the market, so how to correctly evaluate the value of enterprises becomes the top priority.</p><p>At this time, we got a very familiar term-value investment, which is an effective evaluation of the true value of a business.</p><p>Buffett has 12 principles for valuing businesses and investing in them.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprise is</b>He said: \"I don't challenge difficult movements, like hurdles in sports, with a 1-foot pole, I would never choose 7 feet.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate the company's capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the four financial principles is</b>How to find indicators and indicator groups that correctly reflect the operating ability of enterprises, calculate the real \"shareholders' surplus\", and find enterprises with high profit margins.</p><p><b>The core of the market two principle is</b>Use the conversion of future cash flow to determine the market value of the enterprise, and then according to the margin of safety, relative to the market value of the enterprise, whether it can be purchased at a discounted price.</p><p>I looked up several businesses that Buffett had held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Even if not all the 12 principles are applied, most of them are consistent.</p><p><b>So, in the second question, \"What did Berkshire break through,\" the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding enterprise, Berkshire manages nearly one trillion dollars of assets, of which most of the unlisted companies are wholly-owned or can consolidate statements, while the listed companies mostly hold relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate significant cash flows that are provided to the Omaha headquarters. The cash was derived from floating funds from the huge insurance business and operating earnings from wholly-owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a capital element, investing in opportunities that generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day work, so that Buffett can focus 100% of his energy and focus on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this formula for efficacy: P = P-i, where the first P is performance, meaning efficacy, and the second P is Potential, meaning Potential, and i is interference, meaning interference.</p><p>The potential of people is mostly the same, but the interference values vary greatly. Our efficiency is low, not because of low potential, but because there is too much interference.</p><p>So, how does Buffett reduce the interference?</p><p><b>Minimalist Living in Omaha</b></p><p>First Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that has been used for 60 years, and only half a floor is rented; Living in a house bought 60 years ago for $50,000. It has become Buffett's lifelong habit to quietly read annual reports and make phone calls in the office every day.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Concentrated investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern asset portfolio theory, Eugene Farma's efficient market hypothesis and Sharp's capital pricing model, most asset managers will regard volatility as the biggest risk in the capital market, so dispersion and irrelevance are the most important ways to control risk. For example, when digging a pool, you choose a 1km wide cut and make a 1m deep cut.</p><p>And Buffett thinks<b>The biggest risk is the loss of the intrinsic value of the enterprise</b>If the value is gone, the margin of safety is gone, and the stock should be sold. Choose excellent value enterprises, and the number of enterprises that can be thoroughly analyzed must not be many. Therefore, when Buffett dug the pool, he chose a 1-meter-wide incision and played a 1-kilometer-deep incision.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>In concentration and decentralization, Buffett chose the incredible concentration of shareholding, reducing the number of decisions and the number of mistakes. Buffett's trading is to keep holding in order not to trade and find good businesses, which is a \"hard but correct thing\".</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>Speaking about decision-making, Buffett said: \"All we have to do is multiply the probability of profit by the amount of possible profit, and subtract the probability of loss by the amount of possible loss.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation of probability theory, Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, the process of deciding what to do when you are unsure of what is going to happen.</p><p>The Bayer analysis provides a mathematical procedure that adjusts our original expectations based on newly acquired information to change the corresponding odds. Bayer analysis is used in universities to help students learn decision-making, and in the classroom, it is called decision tree theory. \"At Harvard Business School, all you learned in your first year, when combined, was actually decision tree theory,\" Munger said.</p><p>Shannon's 1948 Mathematical Theory of Communication creatively employed a probability theory approach to the study of problems in communication. On the basis of Shannon's information theory, the mathematician Kelly established the optimization formula.</p><p>In 1956, Kelly wrote A New Interpretation of Information Rates, proposing optimized growth strategies: If you know your probability of success, you know the proportion of how much to allocate. The formula is: 2p-1= X, if the probability of winning is 55%, then 2*55%-1=10%, at this time, the ratio of 10% should be configured; If the probability of winning is 75%, then 275%-1=50%, at which time a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying Kelly's optimization formula. When the result is 20% allocation ratio, he will appropriately reduce the ratio on this basis, usually 1/2 or 1/3 of the original value.</p><p>Therefore, from the perspective of probability theory, Buffett's investment decision-making process is shown below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shield Mr. Market's Quote Impact</b></p><p>Looking at such a stock in the chart below, you may think that it is too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you think the sooner you get on the bus, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>But these two pictures are actually the same stock, the famous Apple company, but the time and frequency of observing the stock price are different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, people have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When the market price fluctuates up and down, Buffett's calm is natural-his heart takes the intrinsic value of the enterprise not to lose as the risk control standard, not the stock price.</p><p>Buffett has a famous saying that is said to be bad: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p><b>Buffett is determined by value, while others fear and greed by stock price.</b>When the market falls, it is the biggest buying opportunity, because the margin of safety is wider.</p><p><b>Conclusions of Behavioral Finance</b></p><p>In 2011, Nobel Prize winner Daniel Kahneman, Thinking, Fast and Slow, divided cognitive processes into two modes of thinking: intuition and reason, that is, System 1 and System 2. Decisions in System 1 are mostly mechanical, quick, and unthoughtful; System 2 decisions are carefully thought out, scrutinized, and require focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for himself and the management of the invested enterprises are rationality, especially the rationality reflected in the efficient allocation of capital.</p><p>\"Our job is to pick out good businesses that end up creating more than a dollar of capital value for every dollar they keep,\" Buffett said.</p><p>When the invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1+ return on capital) ^ time.</p><p>Simple things, because there are few variables affecting their outcome, are often the least risky things and the most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Looking at Berkshire's \"one-thinking\" framework as a whole, the breakdown point of investment based on value has a very strong isomorphism with Berkshire managed by Buffett himself. Buffett screens investment enterprises according to his own appearance.</p><p>In this way, multiple Berkshire fractals are produced, which constantly resonate at the same frequency, and enhance the overall capital value of Berkshire.</p><p>But in the face of this simple and magical formula: long-term capital value = capital investment* (1+ return on capital) ^ time, always ask yourself:</p><p><b>Is it true?</b></p><p><b>Is it always true?</b></p><p><b>Are there any exceptions?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith wrote an exquisite description in The Wealth of Nations: \"The food and drink we need every day is not from the favour of the butcher, the brewer, or the baker, but from their self-interested intentions. Every individual who uses capital and labor neither intends to promote the public good nor knows to what extent he himself promotes that good. He is directed by an invisible hand to try his best to achieve an end that is not intended to be achieved. By pursuing his own interests, he often promotes the interests of society. \"</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of American market economy and capital market in the past 60 years has created the environment of Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how did Buffett, who has huge wealth, face it?</b></p><p>Buffett said:</p><p>\"Whenever I told Susan that we were going to get rich, she never showed much excitement. She either didn't care or didn't believe it. When we really accumulated great wealth, we had a fairly tacit approach to disposing of it, that is, giving it back to society.\"</p><p>\"Susan and I have never felt that we should leave so much money to our children. Our children are excellent. However, I want to make it clear that they have taken advantage in their upbringing and educational opportunities; therefore, it is neither right nor rational to give them countless dollars.\"</p><p>\"In fact, they already have an overwhelming lead in a society that advocates elites. The vast wealth of generations will further exacerbate the social equity we should be trying to maintain.\"</p><p>At the New York Public Library on June 26, 2006, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, waiting only for his signature to take effect. The first three envelopes were simple. He signed them \"Dad\" and gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was handed over to the representative of the charitable foundation to which the late wife donated. The four letters give a combined amount of wealth of $6 billion.</p><p>After Buffett signed the fifth letter, he handed it over to Melinda, the wife of Bill Gates at the time. In the letter, Buffett donated his Berkshire stock, then worth $30 billion, to the world's largest charity, the Bill & Melinda Gates Foundation.</p><p>\"They can use money more efficiently, and find the person who does things according to your ideas and does it better. Wouldn't it be more logical to entrust things to them,\" Buffett said?</p><p>This is the typical Buffett, always full of reason.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>So, in Protestant Ethics and the Spirit of Capitalism, Max Weber says:</p><p>\"The so-called spirit of capitalism means that individuals regard their efforts to increase their own capital and their activities for that purpose as an action of due diligence, and that making money itself as an end, a professional responsibility, an expression of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is perfectly consistent with the well-organized and systematic ascetic lifestyle of the Protestants. The Protestant ascetic ethics provide a psychological<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy. \"</p><p>- -Protestant Ethics and the Spirit of Capitalism by Max Weber</p><p>The capitalist spirit, that is, the Puritan spirit, regards the acquisition of wealth as a way to glorify God, and the sharing of wealth as a work for God.</p><p>In this way, Berkshire's \"One Mind\" framework diagram is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is a capital holding company that pursues long-term capital value.</p><p>The breakdown point is value investment, which improves the efficiency of capital movement.</p><p>Iteration is the effective allocation of assets by capital, and feedback is the capital appreciation brought by assets.</p><p><b>The axiomatic thinking that underpins this \"one-thinking\" model is political economy and mathematics, which are the cornerstones of the Wealth of Nations, and the Puritan spirit becomes the source of inner determination when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Buffett?</b></p><p>Can Berkshire and Buffett be replicated, one may ask? The answer is NO.</p><p>The United States of the 20th century, the corporate values of \"serving the interests of shareholders\", the abundant insurance float, the non-hedge fund mechanism, and the interactive resources with the Federal Reserve in times of crisis are all opportunities that non-ordinary asset managers or capitalists have.</p><p>Then why talk about Berkshire and Buffett?</p><p>George Johnson in Flame in the Heart says, \"Between reality and illusion, deep inside each person wants to discover a pattern to integrate the disordered world.\"</p><p>Everyone is looking for a pattern in their own inner world, but too much information interference and inner disorder make many people unable to find that way back.</p><p>Buffett said, \"<b>Our attitude is to align our personalities with the way we want to live.</b>\"When he breaks down value investing, he is breaking down his own way of living and managing, that is, his life.</p><p>What we want to learn is this spirit, aiming at pursuing commercial value, living thriftily, pursuing quality but not wasting, and finally giving back wealth to society.</p><p>That's true of Buffett, Berkshire, and all the businesses invested in.</p><p>Therefore, in 2015, at Buffett's shareholders' meeting, I had the opportunity to ask Buffett through a lucky lottery: \"Why is Berkshire, which has been managing for so many years, still so determined and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want and I love every day. I mean, I tap-dance to work every day, drink six cans of Coke every day, and work with those people I like. There's nothing in the world like me working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When Human Stars Shine,\" says, \"<b>The greatest luck in a man's life is to discover his life mission in the middle of his life, that is, when he is young and powerful.</b>”</p><p>Perhaps Buffett discovered his mission in life not in middle age, but as a teenager.</p><p>This kind of energy for people and careers to fulfill the mission call together is great, and the happiness of people and affairs is strong. This kind of love for people, things and society is what we should learn, and it is also the real determination in Buffett's heart.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Good in-depth article | Why can Buffett be sure for a lifetime?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGood in-depth article | Why can Buffett be sure for a lifetime?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1054268451\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/9cb0d9ca821a4b8584db1257562b60a6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上财富 </p>\n<p class=\"h-time smaller\">2022-04-08 20:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>When it comes to Buffett, the \"stock god\", everyone will definitely think of his famous saying: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p>Why can he be so different and always keep it right? Where does his courage and courage to value investment come from? And how did he create a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>I believe, after reading so many articles about Buffett, this one must be the most unique and can impress you deeply.</p><p>The article not only has an in-depth and systematic analysis of the essential logic, breakdown point and iterative feedback of Buffett and Berkshire, but also a summary of their life beliefs, work motivation and wealth concepts, which allows us to see a fiery soul in his 90s.</p><p>It is worth mentioning that the author of this article asked Buffett at Buffett's shareholders' meeting in 2015: \"Why is Berkshire, which has been managing for so many years, so determined and passionate?\"</p><p>Guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this U.S. -listed company:</p><p>Apr 06, 2022 · This company's stock price is $517,002, the highest stock in history, with a total market capitalization of $761.6 billion. In the 2022 Fortune World 500, Berkshire Hathaway ranked 11th.</p><p>If you invested $10,000 in Berkshire (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, annualized compound interest was 20.1% over 56 years, far outperforming the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway's total assets under management are about $1 trillion, of which 150 billion are liquid assets such as cash or bonds, 350 billion are equity holdings, and 500 billion are equity investments. It controls key infrastructure such as transportation, energy and communications in the United States, as well as many traditional enterprises with very abundant cash flows.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of a company that manages so many assets?</p><p>25 people!</p><p>The boss of Berkshire Hathaway is the famous Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Mr. Ba, a Virgo born on August 30, 1930, invested in stocks for the first time at the age of 11. At the age of 19, he studied under Benjamin Graham, a value investment guru, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes list data, in 2022, the 92-year-old had a personal wealth of $99.6 billion, ranking sixth in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is Berkshire Hathaway's \"one\"?</b></p><p>What is Berkshire's \"one\" and how does its value proposition differ from other investment firms? Why is it that among the investment gurus such as Peter Lynch, Soros, Fisher and Dario, the public favors Buffett alone and respects him as the \"stock god\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's firm, Buffett opened his own investment firm in 1957, starting with $105,000 AUM. Buffett told his partners that he hopes to beat the Dow by 10 percentage points a year.</p><p>The result was that in 1957-1961, the Dow rose 75% and the partnership rose 251%. In the 10 years to 1966, the Dow rose 123% and the partnership rose 1156%. Buffett greatly exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What is puzzling is that such a good performance should raise funds vigorously. Why should we dissolve the partnership investment enterprise?</p><p>\"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well,\" Buffett said.</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment rules.</p><p>After dissolving the partnership to invest in the business, he devoted all his energy to the textile business Berkshire Hathaway, which seemed to have \"failed\".</p><p><b>What is the difference between Berkshire and a regular fund company?</b></p><p>Berkshire is essentially a capital holding company that manages its own money, while general fund companies manage most of the money that is investors' money.</p><p>This makes Berkshire's view of money fundamentally different from that of ordinary fund companies-Berkshire regards its own money as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to the Foundations of Western Economics, \"Capital is a part of the means of production and the source of assets for enterprises to purchase the assets needed for production and business activities. It is investors' investment in enterprises and appears on the right side of the balance sheet. The essence of capital is to obtain profits.\"</p><p>There's a simple formula, if you don't consider the cost of capital:<b>Long Term Capital Value = Capital Investment* (1+ Return on Capital) ^ Time</b></p><p>When Berkshire manages its own capital, compared with other asset management companies, there is no capital redemption risk, and it can operate sustainably. What the company earns is the value of capital recycling.</p><p>However, the funds of asset management companies may not be managed for a long time due to market fluctuations, investors' redeemment, or the expiration of funds.</p><p><b>For both models, the capital market will also give different market capitalizations,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Managing nearly $10 trillion in assets with a market capitalization of 112.3 billion, while Berkshire manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies belong to asset management companies, and their core is short-term investment value; While Berkshire is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken down in capital management that enables it to be so different?</p><p>Since it is capital management, let's go back to Marx's Das Kapital and see what is the nature of capital?</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's \"Das Kapital\": \"One of the essential characteristics of capital is its movement. The key reason why capital can increase value and bring surplus value is that it is in an endless movement, constantly entering from the circulation field into the production field, and then from the production field into the circulation field,<b>This uninterrupted movement of capital is the necessary prerequisite and condition for capital to gain value increase. Once it stops moving, capital cannot increase in value. \"</b></p><p>The most important thing to increase capital appreciation is to improve the efficiency of capital movement. The higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The conversion of surplus value into profit is based on the premise of the conversion of surplus value rate into profit rate, that is, with the help of profit rate, the surplus value that has been converted into the excess of cost price is further converted into the balance of prepaid total capital exceeding its own value within a certain turnover period. In short,<b>Surplus value is the intrinsic essence or entity, while profit is the external phenomenon or form. \"</b></p><p><b>So according to Marx's theory, is a company with a high net profit margin necessarily a good company?</b></p><p>Buffett once said: \"There are three most important things in investment. The first is to keep the principal, the second is to keep the principal, and the third is to always keep the first two in mind.\"</p><p>Let's take a look at what Buffett's first teacher, Benjamin Graham, said-\"Investment is an analysis that promises principal security and provides satisfactory returns. What can't meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>Margin of safety</b>\"The important word:\" People are willing to pay any price for stocks, without considering quantitative analysis at all. Any price marked by market optimism seems to be worth the money. At the top of this madness, the line between investment and speculation is blurred. Pick stocks with a margin of safety approach. \"</p><p>Then according to a simple mathematical equation:<b>Margin of Safety = Enterprise Value-Enterprise Price</b>It can be seen that the price of enterprises can be found in the market, so how to correctly evaluate the value of enterprises becomes the top priority.</p><p>At this time, we got a very familiar term-value investment, which is an effective evaluation of the true value of a business.</p><p>Buffett has 12 principles for valuing businesses and investing in them.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprise is</b>He said: \"I don't challenge difficult movements, like hurdles in sports, with a 1-foot pole, I would never choose 7 feet.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate the company's capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the four financial principles is</b>How to find indicators and indicator groups that correctly reflect the operating ability of enterprises, calculate the real \"shareholders' surplus\", and find enterprises with high profit margins.</p><p><b>The core of the market two principle is</b>Use the conversion of future cash flow to determine the market value of the enterprise, and then according to the margin of safety, relative to the market value of the enterprise, whether it can be purchased at a discounted price.</p><p>I looked up several businesses that Buffett had held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Even if not all the 12 principles are applied, most of them are consistent.</p><p><b>So, in the second question, \"What did Berkshire break through,\" the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding enterprise, Berkshire manages nearly one trillion dollars of assets, of which most of the unlisted companies are wholly-owned or can consolidate statements, while the listed companies mostly hold relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate significant cash flows that are provided to the Omaha headquarters. The cash was derived from floating funds from the huge insurance business and operating earnings from wholly-owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a capital element, investing in opportunities that generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day work, so that Buffett can focus 100% of his energy and focus on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this formula for efficacy: P = P-i, where the first P is performance, meaning efficacy, and the second P is Potential, meaning Potential, and i is interference, meaning interference.</p><p>The potential of people is mostly the same, but the interference values vary greatly. Our efficiency is low, not because of low potential, but because there is too much interference.</p><p>So, how does Buffett reduce the interference?</p><p><b>Minimalist Living in Omaha</b></p><p>First Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that has been used for 60 years, and only half a floor is rented; Living in a house bought 60 years ago for $50,000. It has become Buffett's lifelong habit to quietly read annual reports and make phone calls in the office every day.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Concentrated investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern asset portfolio theory, Eugene Farma's efficient market hypothesis and Sharp's capital pricing model, most asset managers will regard volatility as the biggest risk in the capital market, so dispersion and irrelevance are the most important ways to control risk. For example, when digging a pool, you choose a 1km wide cut and make a 1m deep cut.</p><p>And Buffett thinks<b>The biggest risk is the loss of the intrinsic value of the enterprise</b>If the value is gone, the margin of safety is gone, and the stock should be sold. Choose excellent value enterprises, and the number of enterprises that can be thoroughly analyzed must not be many. Therefore, when Buffett dug the pool, he chose a 1-meter-wide incision and played a 1-kilometer-deep incision.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>In concentration and decentralization, Buffett chose the incredible concentration of shareholding, reducing the number of decisions and the number of mistakes. Buffett's trading is to keep holding in order not to trade and find good businesses, which is a \"hard but correct thing\".</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>Speaking about decision-making, Buffett said: \"All we have to do is multiply the probability of profit by the amount of possible profit, and subtract the probability of loss by the amount of possible loss.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation of probability theory, Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, the process of deciding what to do when you are unsure of what is going to happen.</p><p>The Bayer analysis provides a mathematical procedure that adjusts our original expectations based on newly acquired information to change the corresponding odds. Bayer analysis is used in universities to help students learn decision-making, and in the classroom, it is called decision tree theory. \"At Harvard Business School, all you learned in your first year, when combined, was actually decision tree theory,\" Munger said.</p><p>Shannon's 1948 Mathematical Theory of Communication creatively employed a probability theory approach to the study of problems in communication. On the basis of Shannon's information theory, the mathematician Kelly established the optimization formula.</p><p>In 1956, Kelly wrote A New Interpretation of Information Rates, proposing optimized growth strategies: If you know your probability of success, you know the proportion of how much to allocate. The formula is: 2p-1= X, if the probability of winning is 55%, then 2*55%-1=10%, at this time, the ratio of 10% should be configured; If the probability of winning is 75%, then 275%-1=50%, at which time a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying Kelly's optimization formula. When the result is 20% allocation ratio, he will appropriately reduce the ratio on this basis, usually 1/2 or 1/3 of the original value.</p><p>Therefore, from the perspective of probability theory, Buffett's investment decision-making process is shown below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shield Mr. Market's Quote Impact</b></p><p>Looking at such a stock in the chart below, you may think that it is too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you think the sooner you get on the bus, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>But these two pictures are actually the same stock, the famous Apple company, but the time and frequency of observing the stock price are different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, people have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When the market price fluctuates up and down, Buffett's calm is natural-his heart takes the intrinsic value of the enterprise not to lose as the risk control standard, not the stock price.</p><p>Buffett has a famous saying that is said to be bad: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p><b>Buffett is determined by value, while others fear and greed by stock price.</b>When the market falls, it is the biggest buying opportunity, because the margin of safety is wider.</p><p><b>Conclusions of Behavioral Finance</b></p><p>In 2011, Nobel Prize winner Daniel Kahneman, Thinking, Fast and Slow, divided cognitive processes into two modes of thinking: intuition and reason, that is, System 1 and System 2. Decisions in System 1 are mostly mechanical, quick, and unthoughtful; System 2 decisions are carefully thought out, scrutinized, and require focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for himself and the management of the invested enterprises are rationality, especially the rationality reflected in the efficient allocation of capital.</p><p>\"Our job is to pick out good businesses that end up creating more than a dollar of capital value for every dollar they keep,\" Buffett said.</p><p>When the invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1+ return on capital) ^ time.</p><p>Simple things, because there are few variables affecting their outcome, are often the least risky things and the most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Looking at Berkshire's \"one-thinking\" framework as a whole, the breakdown point of investment based on value has a very strong isomorphism with Berkshire managed by Buffett himself. Buffett screens investment enterprises according to his own appearance.</p><p>In this way, multiple Berkshire fractals are produced, which constantly resonate at the same frequency, and enhance the overall capital value of Berkshire.</p><p>But in the face of this simple and magical formula: long-term capital value = capital investment* (1+ return on capital) ^ time, always ask yourself:</p><p><b>Is it true?</b></p><p><b>Is it always true?</b></p><p><b>Are there any exceptions?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith wrote an exquisite description in The Wealth of Nations: \"The food and drink we need every day is not from the favour of the butcher, the brewer, or the baker, but from their self-interested intentions. Every individual who uses capital and labor neither intends to promote the public good nor knows to what extent he himself promotes that good. He is directed by an invisible hand to try his best to achieve an end that is not intended to be achieved. By pursuing his own interests, he often promotes the interests of society. \"</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of American market economy and capital market in the past 60 years has created the environment of Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how did Buffett, who has huge wealth, face it?</b></p><p>Buffett said:</p><p>\"Whenever I told Susan that we were going to get rich, she never showed much excitement. She either didn't care or didn't believe it. When we really accumulated great wealth, we had a fairly tacit approach to disposing of it, that is, giving it back to society.\"</p><p>\"Susan and I have never felt that we should leave so much money to our children. Our children are excellent. However, I want to make it clear that they have taken advantage in their upbringing and educational opportunities; therefore, it is neither right nor rational to give them countless dollars.\"</p><p>\"In fact, they already have an overwhelming lead in a society that advocates elites. The vast wealth of generations will further exacerbate the social equity we should be trying to maintain.\"</p><p>At the New York Public Library on June 26, 2006, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, waiting only for his signature to take effect. The first three envelopes were simple. He signed them \"Dad\" and gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was handed over to the representative of the charitable foundation to which the late wife donated. The four letters give a combined amount of wealth of $6 billion.</p><p>After Buffett signed the fifth letter, he handed it over to Melinda, the wife of Bill Gates at the time. In the letter, Buffett donated his Berkshire stock, then worth $30 billion, to the world's largest charity, the Bill & Melinda Gates Foundation.</p><p>\"They can use money more efficiently, and find the person who does things according to your ideas and does it better. Wouldn't it be more logical to entrust things to them,\" Buffett said?</p><p>This is the typical Buffett, always full of reason.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>So, in Protestant Ethics and the Spirit of Capitalism, Max Weber says:</p><p>\"The so-called spirit of capitalism means that individuals regard their efforts to increase their own capital and their activities for that purpose as an action of due diligence, and that making money itself as an end, a professional responsibility, an expression of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is perfectly consistent with the well-organized and systematic ascetic lifestyle of the Protestants. The Protestant ascetic ethics provide a psychological<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy. \"</p><p>- -Protestant Ethics and the Spirit of Capitalism by Max Weber</p><p>The capitalist spirit, that is, the Puritan spirit, regards the acquisition of wealth as a way to glorify God, and the sharing of wealth as a work for God.</p><p>In this way, Berkshire's \"One Mind\" framework diagram is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is a capital holding company that pursues long-term capital value.</p><p>The breakdown point is value investment, which improves the efficiency of capital movement.</p><p>Iteration is the effective allocation of assets by capital, and feedback is the capital appreciation brought by assets.</p><p><b>The axiomatic thinking that underpins this \"one-thinking\" model is political economy and mathematics, which are the cornerstones of the Wealth of Nations, and the Puritan spirit becomes the source of inner determination when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Buffett?</b></p><p>Can Berkshire and Buffett be replicated, one may ask? The answer is NO.</p><p>The United States of the 20th century, the corporate values of \"serving the interests of shareholders\", the abundant insurance float, the non-hedge fund mechanism, and the interactive resources with the Federal Reserve in times of crisis are all opportunities that non-ordinary asset managers or capitalists have.</p><p>Then why talk about Berkshire and Buffett?</p><p>George Johnson in Flame in the Heart says, \"Between reality and illusion, deep inside each person wants to discover a pattern to integrate the disordered world.\"</p><p>Everyone is looking for a pattern in their own inner world, but too much information interference and inner disorder make many people unable to find that way back.</p><p>Buffett said, \"<b>Our attitude is to align our personalities with the way we want to live.</b>\"When he breaks down value investing, he is breaking down his own way of living and managing, that is, his life.</p><p>What we want to learn is this spirit, aiming at pursuing commercial value, living thriftily, pursuing quality but not wasting, and finally giving back wealth to society.</p><p>That's true of Buffett, Berkshire, and all the businesses invested in.</p><p>Therefore, in 2015, at Buffett's shareholders' meeting, I had the opportunity to ask Buffett through a lucky lottery: \"Why is Berkshire, which has been managing for so many years, still so determined and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want and I love every day. I mean, I tap-dance to work every day, drink six cans of Coke every day, and work with those people I like. There's nothing in the world like me working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When Human Stars Shine,\" says, \"<b>The greatest luck in a man's life is to discover his life mission in the middle of his life, that is, when he is young and powerful.</b>”</p><p>Perhaps Buffett discovered his mission in life not in middle age, but as a teenager.</p><p>This kind of energy for people and careers to fulfill the mission call together is great, and the happiness of people and affairs is strong. This kind of love for people, things and society is what we should learn, and it is also the real determination in Buffett's heart.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c18dea7f7a333a9914ece4ba2cae08f4","relate_stocks":{"BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓","BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135927495","content_text":"提到“股神”巴菲特，大家一定会想起他那句名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”他为什么能如此与众不同，还总是保持正确？他对价值投资的胆识和魄力究竟来自哪里？他又是如何缔造出强大的伯克希尔·哈撒韦？相信，看过那么多关于巴菲特的文章，这一篇一定是最独特，且能让你印象深刻的。文章不仅有对巴菲特和伯克希尔的本质逻辑，击穿点和迭代反馈的相关分析，深度且成体系，还有对其人生信念，工作动力，财富观念的总结，让我们看到了一个90多岁的炽热灵魂。值得一提的是，本文的作者曾在2015年在巴菲特股东大会上，向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”大家猜一猜巴菲特是怎么回答的？1、伯克希尔·哈撒韦是谁？先来看看这家美国上市公司的简要情况：2022年4月6日这家公司股价是517002美元，是历史上股价最高的股票，总市值7616亿美元。在2022年财富世界500强中，伯克希尔·哈撒韦排名第11位。如果1965年投资1万美元购买伯克希尔（BRK）股票，那么在2021年你将拥有3.64亿美元。从1965年到2021年，56年来年化复利20.1%，远超标普500的10.5%的表现。伯克希尔·哈撒韦管理的总资产约1万亿美元，其中1500亿是现金或债券等流动性资产，3500亿是持仓股票，5000亿是股权投资，控制着美国的运输、能源和通讯等关键基础设施，以及很多现金流非常充裕的传统企业。猜猜管理这么多资产的公司总部有多少人？25人！而伯克希尔哈撒韦的老板，就是大名鼎鼎的巴菲特。巴老爷子，1930年8月30日出生的处女座，11岁第一次投资股票，19岁师从价值投资大师本杰明·格雷厄姆，27岁创业开办了自己的有限合伙投资公司。据福布斯排行榜数据，2022年，92岁的他个人财富为996亿美元，居全球第6位。然而，他已将自己近90%的财富捐给了社会。2、伯克希尔·哈撒韦的“一”是什么？伯克希尔的“一”是什么，其价值主张与其它的投资公司有什么不同？为什么在彼得·林奇、索罗斯、费雪、达里欧等投资大师中，大众独宠巴菲特一人，尊称其为“股神”？巴菲特解散合伙投资公司从格雷厄姆的公司回到奥马哈后，巴菲特于1957年开办了自己的投资公司，从10.5万美元的资产管理规模开始。巴菲特告诉他的合伙人，他希望每年战胜道琼斯指数10个百分点。结果是1957-1961年，道指上升75%，合伙企业上升251%，到1966年共10年里，道指上升123%，合伙企业上升1156%，巴菲特大大超出了他的目标，实际成绩是年化35%的收益。而在1969年，巴菲特解散了合伙投资企业。令人不解的是，这么好的业绩，应该大力募资才对，为什么要解散合伙投资企业呢？巴菲特说：“我知道在一个我认为自己不能做得很好，或者我不得不去做好的环境里，我是不想去管理其他人的钱的。”1969年的确是一个疯狂的市场，而巴菲特并不愿意改变他内心中的投资法则。在解散合伙投资企业后，他把全部精力放在了看似投资“失败”的纺织企业伯克希尔·哈撒韦上。伯克希尔与普通的基金公司有什么区别？伯克希尔本质上是一家资本控股公司，管理的是自己的钱，而普通基金公司管理的资金大部分是投资人的钱。这使得伯克希尔对于资金的看法与普通基金公司有本质的不同——伯克希尔把自己的资金，看作是资本。根据《西方经济学基础》，“资本是生产资料的一部分，是企业为购置从事生产经营活动所需的资产的资产来源，它是投资者对企业的投资，出现在资产负债表的右侧。资本的本质是获得利润。”有一个简单的公式，如果不考虑资本的成本的话：长期资本价值=资本投资*（1+资本回报率）^时间伯克希尔在管理自己的资本的时候，相比其它的资产管理公司，没有资金赎回风险，而且可以永续经营，公司赚的是资本循环增值的价值。而资产管理公司的资金，可能会由于市场的波动，投资者赎回，或者基金到期，无法长期经营管理。对于两种模式，资本市场也会给出不同的市值，贝莱德管理近10万亿美元规模的资产，市值为1123亿，而伯克希尔管理1万亿美元的资产，市值为7616亿美元。所以，基金公司属于资产管理公司，核心是短期的投资价值；而伯克希尔是资本控股公司，追求长期资本价值。作为大股东的巴菲特，更应该称他为资本家，而不是仅仅是投资专家。3、伯克希尔·哈撒韦击穿了什么？伯克希尔在资本管理领域击穿了什么，使得它能够如此不同？既然是资本管理，我们回到马克思的《资本论》，看看资本的本质是什么？根据马克思的《资本论》：“资本的本质特征之一是资本的运动性。资本之所以能够增值，能带来剩余价值，关键是它处在无休止的运动中，不断地从流通领域进入到生产领域，再由生产领域进入到流通领域，资本这种不间断的运动是资本取得价值的增值的必要前提和条件，一旦停止运动，资本就不能增值。”让资本增值最重要的事情是提升资本运动效率，资本运动效率越高，资本增值越快。马克思也提到：“剩余价值转化为利润，以剩余价值率转化为利润率为前提，即借助于利润率，才把已转化为成本价格超过额的剩余价值，进一步转化为预付总资本在一定周转期间内超过它自身价值的余额。总之，剩余价值是内在的本质或实体，而利润则是外在的现象或形式。”那么根据马克思的理论，高净利润率的公司一定就是好公司吗？巴菲特曾说过：“投资有三件最重要的事，第一是保住本金，第二是保住本金，第三是时刻牢记前两条。”再来看看巴菲特的第一个老师本杰明·格雷厄姆怎么说——“投资是经过分析，可以承诺本金安全，并提供满意回报的行为。不能满足这些要求的就是投机。”并且他提到了“安全边际”这个重要的词：“人们愿意为股票付出任何价格，根本不考虑进行数量分析，市场乐观标出的任何价格好像都是物有所值的。在这疯狂之巅，投资与投机的界限模糊了。要以安全边际的方法去挑选股票。”再根据一个简单的数学等式：安全边际=企业价值-企业价格，可知企业价格可以在市场上找到，那么如何正确地评估企业价值就成为重中之重。这时得到了一个我们非常熟悉的词汇——价值投资，是对企业的真实价值进行有效评估。巴菲特对企业进行估值并进行投资有12条原则。企业三原则的核心是，让企业价值判断变得简单，不熟不投，他说：“我不会挑战高难度的动作，就像运动会跨栏，有1英尺的杆，我绝不会选择7英尺。”管理三原则的核心是，巴菲特希望能够找到和他一样的管理者，能够有效配置公司资本，真正为股东的利益负责。财务四原则的核心是，如何找到正确反映企业运营能力的指标和指标组，计算真正的“股东盈余”，而且找到高利润率的企业。市场二原则的核心是，用未来现金流的折算，确定企业的市场价值，再根据安全边际，相对于企业的市场价值，能否以折扣价进行购买。我去查询了几家巴菲特持有多年的企业，如华盛顿邮报、可口可乐、盖可保险、大都会等企业，即便不是12条原则全部应用，但大部分是符合的。所以，在第二个问题“伯克希尔击穿了什么”中，答案是有安全边际的企业价值。4、伯克希尔·哈撒韦的迭代反馈是什么？作为多元控股型企业，伯克希尔管理近万亿美元的资产，其中非上市部分，绝大部分企业为全资拥有或可合并报表，而上市部分，持股比例也多为相对大股东或有董事会席位。伯克希尔的各个子公司产生大量现金流，提供给奥马哈总部。这些现金来源于巨大保险业务的浮存金，及全资拥有的非金融子公司的运营盈利。伯克希尔将这些现金作为资本要素进行再投资，投资于那些能产生更多现金的机会。每个子公司都有富有才华的管理团队负责日常工作，这样巴菲特可以集中100%的精力，专注于资本高效配置。巴菲特如何做好资本高效配置？John Whitmore有这样一个效能公式：p=P-i，这里第一个p是performance，效能的意思，第二个P是Potential，潜力的意思，i是interference，干扰的意思。人的潜能大多数是一样的，但干扰值区别很大。我们的效能低，不是因为潜能低，而是因为干扰太大了。那么，巴菲特是如何降低干扰的呢？奥马哈的极简生活首先巴菲特既不住在东部的纽约，也不住在西部的洛杉矶，而是中部内布拉斯加州的奥马哈。他的办公室是用了60年的办公楼，只租了半层；住的房子是60年前用5万美元买的房子。每天安静地在办公室里看年报打电话，成了巴菲特一生的习惯。减少决策次数的集中性投资以马柯维茨现代资产组合理论、尤金·法玛的有效市场假说及夏普的资本定价模型为基础，大多数资产管理人会把波动性看作资本市场的最大风险，所以分散、非相关性是控制风险最重要的思路。举个例子，挖水池是选择1千米宽的切口，打1米深。而巴菲特认为最大的风险是企业内在价值的丧失，如果价值没有了，安全边际就没有了，股票就应该卖出。选择优秀的价值企业，能透彻分析的企业个数一定不多。所以，巴菲特挖水池是选择1米宽的切口 ，打1千米深。巴菲特在集中与分散中，选择了不可思议的集中性持股，减少决策的次数，减少犯错的次数。巴菲特的交易是为了不交易，找到好企业而一直持有，这是一件“难而正确的事情”。数学概率论作为基础谈及决策，巴菲特说：“我们所要做的全部就是，将盈利概率乘上可能盈利的数量，减去亏损的概率乘上可能亏损的数量。”1654年，布莱斯·帕斯卡和皮埃尔·德·费马相互之间的一些信件往来奠定了概率论的基础，费马用的是代数方法，帕斯卡用的是几何方法。帕斯卡和费马的工作标志着决策理论的开始，决策理论就是当你不确定将要发生什么时，决定做什么的过程。而拜尔分析法提供了一个数学程序，根据新获得的信息，调整我们原有的预期，以改变相应的机率。大学里使用拜尔分析法帮助学生学习决策，在课堂上，被称为决策树理论。芒格说：“在哈佛商学院，第一年所学的全部，综合在一起实际上就是决策树理论。香农在1948年《通信的数学理论》中创造性地采用概率论的方法来研究通信中的问题。在香农信息理论的基础上，数学家凯利建立了优化公式。1956年，凯利写了《信息速率的新解读》，提出优化成长策略：如果你知道你成功的概率，你就知道配置多少的比例。公式是：2p-1=X，如果赢的概率是55%，那么2*55%-1=10%，此时应配置10%的比例；如果赢的概率是75%，那么275%-1=50%，此时应配置50%的比例。而巴菲特在应用凯利优化公式时，往往非常谨慎，当结果是20%配置比例的时候，他会在此基础上适当降低比例，通常是原数值的1/2或1/3。所以从概率论来看巴菲特的投资决策流程，如下图：屏蔽市场先生的报价影响看下图这样一个股票，可能你会觉得波动性太大了。但看这支股票，你会觉得越早上车越好。但这两张图其实是同一支股票，大名鼎鼎的苹果公司，仅是观察股价的时间频度不一样。巴菲特说：“投资就像打棒球一样，想要得分大家必须把注意力集中在场上，而不是紧盯着计分板。”当市场价格上下波动的时候，巴菲特所显现出来的淡定是自然的——他的内心是以企业内在价值不丧失作为风险控制标准的，而不是股价。巴菲特有句被说烂了的名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”巴菲特笃定的是价值，而别人恐惧和贪婪的是股价。市场下跌的时候，反而是最大的买入机会，因为安全边际更大了。行为金融学的结论2011年，诺贝尔奖获得者丹尼尔·卡尼曼的《思考，快与慢》，将认知过程分为两个思维模式：直觉和理性，也就是系统1与系统2。系统1的决策多是机械的、快速的、未经大脑深思熟虑的；系统2的决策是经过认真思考的、经过推敲的、要求专注的。巴菲特无论是对自己，还是被投企业的管理层，要求最严格的，就是理性，特别是体现在资本高效配置方面的理性。巴菲特说：“我们的工作就是挑选出那些优秀的企业，它们每保留的一美元最终都会创造出超过一美元的资本价值。”当投资的资本反复运动，带来资本价值的时候，就完成了这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间。简单的事情，因影响其结果的变量少，往往是风险最小的事情，也是最持久的事情。整体看伯克希尔的”一思维“框架图，击穿点中的依据价值而进行投资，与巴菲特自己管理的伯克希尔有非常强的同构性。巴菲特按照自己的样子，筛选投资企业。这样就产生了多个伯克希尔分形，不断同频共振，提升了伯克希尔的整体资本价值。但面对这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间，永远要问自己：是真的吗？永远是真的吗？有没有例外？5、伯克希尔·哈撒韦的公理化思维是什么？1776年，亚当·斯密在《国富论》中有一段精妙的描述：“我们每天所需的食物和饮料，不是出自屠户、酿酒商或面包师的恩惠，而是出于他们自利的打算。每个使用资本和劳动的个人，既不打算促进公共利益，也不知道他自己是在什么程度上促进那种利益。他受一只看不见的手的指导，去尽力达到一个并非他本意想要达到的目的。通过追逐自己的利益，他经常促进了社会的利益。”60年美国市场经济和资本市场波澜壮阔的发展，造就了巴菲特财富的大环境。那么拥有巨额财富的巴菲特，是如何面对的呢？巴菲特说：“无论何时，当我跟苏珊说我们会发财时，她从未表现得多么兴奋，要么毫不在意，要么是不予相信。当我们真的积累了巨额财富，在处置这笔财富的态度上我们相当默契，那就是将它们回馈给社会。”“我和苏珊从未觉得我们应该把这么多钱留给子女，我们的孩子都很出色。然而我要申明的一点是，在成长经历以及得到的教育机会，他们已经占尽了优势；因此，再赋予他们无数金钱既不正确，也不理智。”“实际上，在崇尚精英的社会里，他们已经拥有了压倒性的领先优势。世代相承的巨额财富，将会进一步加剧我们本应努力维护的社会公平。”2006年6月26日的纽约公共图书馆，巴菲特拿出五个信封，每一个信封里都装着一份他财富的分配安排，只等着他的签名即可生效。前三个信封很简单，他签名“爸爸”，然后分别给了三个子女：女儿苏茜、长子霍华德、次子彼得。第四封信交给已故妻子所捐的慈善基金会的代表。这四封信给出的财富总计金额为60亿美元。巴菲特签好第五封信后，交给了当时比尔·盖茨的妻子梅琳达。这封信中，巴菲特将他拥有的伯克希尔的股票，当时共计300亿美元的财富捐给了世界上最大的慈善机构，比尔&梅琳达·盖茨基金。巴菲特说：“他们可以更有效率地使用金钱，找到那个按照你的想法做事，而且做得更好的人，将事情委托给他们难道不更符合逻辑吗？”这就是典型的巴菲特，总是充满理性。所以，在《新教伦理与资本主义精神》中，马克思·韦伯说：“所谓的资本主义精神，是指个人把努力增加自己的资本并以此为目的活动视为一种尽责尽职的行动，把赚钱本身当作一种目的、一种职业责任、一种美德和能力的表现。”“这种现代理性资本主义的经济行为，与新教徒那种井井有条、系统安排的人世禁欲主义生活方式是完全相一致的。新教禁欲主义伦理为资本主义企业家提供了一种心理驱动力和道德能量。”--《新教伦理与资本主义精神》作者：马克思·韦伯资本主义精神，也就是清教徒精神，把获得财富当作是荣耀上帝的道路，也把分享财富当作是替上帝做的工作。这样，伯克希尔的“一思维”框架图就完整了。伯克希尔的价值主张是一家资本控股公司，追求长期资本价值。击穿点是价值投资，提高资本运动效率。迭代是资本有效配置资产，反馈是资产带来资本增值。支撑这个“一思维”模型的公理化思维是《国富论》为基石的政治经济学和数学，同时清教徒精神成为了拥有财富时内心笃定的思想来源。6、为什么要讲伯克希尔·哈撒韦和巴菲特？有人会问，伯克希尔和巴菲特可以复制吗？答案是NO。20世纪的美国、“为股东利益服务”的企业价值观、丰厚的保险浮存金、非对冲基金机制、危机时刻与美联储的互动资源，都是非一般资产管理人或资本家所拥有的机遇。那为什么要讲伯克希尔和巴菲特？乔治·约翰逊在《心中的火焰》中说，“在现实和虚幻之间，每个人的内心深处都想发现一种模式，以整合无序的世界。”每个人都在寻找自己内心世界中的一种模式，但太多的信息干扰和内心中的紊乱让很多人找不到那条归路。巴菲特说：“我们的态度就是，让我们的个性与我们希望的生活方式相一致。”他在击穿价值投资的时候，就在击穿他自己的生活和管理方式，也就是他的生命。我们要学习的就是这种精神，以追求商业价值为目标，自己生活节俭，追求品质但不浪费，最终将财富回馈于社会。巴菲特如此，伯克希尔如此，所有投资的企业也是如此。所以，2015年我在巴菲特股东大会上，通过幸运抽签，有机会向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”他回答：“我拥有我想要的生活，我热爱每一天。我的意思是，我每天都跳着踢踏舞去上班，每天喝六罐可乐，与那些我喜欢的人一起工作。这世界上没有什么比得上我在伯克希尔工作更有乐趣，很幸运我在这里。”结语我最喜欢的一本书《人类群星闪耀时》说：“一个人生命中的最大幸运，莫过于在他的人生中途，即在他年富力强时发现了自己的人生使命。”可能巴菲特不是在中年，而是在少年时就已经发现了自己的人生使命。这种人和事业合在一起完成使命召唤的能量之大，人事合一的幸福感之强，这种对人、对事、对社会之爱，才是我们要学习的，也是巴菲特内心中真正的笃定。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096178893,"gmtCreate":1644340748398,"gmtModify":1676533914675,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096178893","repostId":"1132366562","repostType":2,"repost":{"id":"1132366562","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1644309477,"share":"https://ttm.financial/m/news/1132366562?lang=en_US&edition=fundamental","pubTime":"2022-02-08 16:37","market":"us","language":"zh","title":"Tesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory","url":"https://stock-news.laohu8.com/highlight/detail?id=1132366562","media":"老虎资讯综合","summary":"目前特斯拉上海工厂零部件国产化率还不到40%，约60%的配件要从美国进口。","content":"<p><html><head></head><body>Alameda County Public Health Authorities announced that Fremont, Calif.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Factories can expand their resumption of work this week and start building cars next Monday, provided that previously agreed safety precautions for workers are deployed. Industry analysts said that the resumption of Tesla's U.S. factory is of great significance for ensuring the supply of Tesla's new cars in the Chinese market and the production of Tesla's Shanghai factory. If the U.S. factory does not resume work for a long time, Tesla's Shanghai factory will also face a shortage of parts.</p><p>It is understood that at present, the localization rate of parts and components in Tesla's Shanghai factory is less than 40%, and about 60% of accessories are imported from the United States. (Shanghai Stock Exchange)</p><p><img src=\"https://static.tigerbbs.com/a11b4467b279875ca97be923d70a4453\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-02-08 16:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Alameda County Public Health Authorities announced that Fremont, Calif.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Factories can expand their resumption of work this week and start building cars next Monday, provided that previously agreed safety precautions for workers are deployed. Industry analysts said that the resumption of Tesla's U.S. factory is of great significance for ensuring the supply of Tesla's new cars in the Chinese market and the production of Tesla's Shanghai factory. If the U.S. factory does not resume work for a long time, Tesla's Shanghai factory will also face a shortage of parts.</p><p>It is understood that at present, the localization rate of parts and components in Tesla's Shanghai factory is less than 40%, and about 60% of accessories are imported from the United States. (Shanghai Stock Exchange)</p><p><img src=\"https://static.tigerbbs.com/a11b4467b279875ca97be923d70a4453\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76b3cc53dd60ecb6eab407da188d689","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132366562","content_text":"美国阿拉梅达县公共卫生当局宣布，位于加利福尼亚州弗里蒙特的特斯拉工厂本周可以扩大复工，下周一开始制造汽车，条件是要将先前商定的工人的安全预防措施部署到位。业内分析人士表示，特斯拉美国工厂的复工对于保障中国市场特斯拉新车供应和特斯拉上海工厂的生产均有重要意义。如果美国工厂长时间不复工，特斯拉上海工厂也将面临零部件短缺局面。据了解，目前特斯拉上海工厂零部件国产化率还不到40%，约60%的配件要从美国进口。（上证报）","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007683345,"gmtCreate":1642868400001,"gmtModify":1676533753950,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007683345","repostId":"1181967997","repostType":4,"isVote":1,"tweetType":1,"viewCount":2755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102417187,"gmtCreate":1620230429549,"gmtModify":1704340569205,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"✋","listText":"✋","text":"✋","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/102417187","repostId":"1107692141","repostType":4,"repost":{"id":"1107692141","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620229759,"share":"https://ttm.financial/m/news/1107692141?lang=en_US&edition=fundamental","pubTime":"2021-05-05 23:49","market":"us","language":"zh","title":"[Change] Blockchain sector rises, SOS rises over 13%","url":"https://stock-news.laohu8.com/highlight/detail?id=1107692141","media":"老虎资讯综合","summary":"5月5日，区块链板块盘中走高，SOS涨超13%，亿邦国际涨超6%，嘉楠科技、Marathon Digital、GBTC、MSTR涨超5%，第九城市、Riot Blockchain涨超3%。消息面上，比","content":"<p>On May 5th, the blockchain sector rose intraday, with SOS rising by more than 13%.<a href=\"https://laohu8.com/S/EBON\">EBON INTERNATIONAL</a>rose by more than 6%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>, Marathon Digital, GBTC, MSTR Up more than 5%,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>Riot Blockchain It rose by more than 3%.</p><p><img src=\"https://static.tigerbbs.com/689b8d8e6e8e60a93c07c9e21317a10b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, Bitcoin stood at $57,000/piece, up about 7% in the day.</p><p>In addition, the virtual currency Dogecoin once rose by more than $0.68 in intraday session today, and the 24-hour increase once exceeded 56%, setting another record high. Its price has risen more than 118 times since the beginning of this year, and its current market value is about 88 billion USD, which has surpassed Ripple's market value of 67.026 billion USD, ranking fourth after Bitcoin, Ethereum and Binance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] Blockchain sector rises, SOS rises over 13%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] Blockchain sector rises, SOS rises over 13%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-05 23:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 5th, the blockchain sector rose intraday, with SOS rising by more than 13%.<a href=\"https://laohu8.com/S/EBON\">EBON INTERNATIONAL</a>rose by more than 6%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>, Marathon Digital, GBTC, MSTR Up more than 5%,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>Riot Blockchain It rose by more than 3%.</p><p><img src=\"https://static.tigerbbs.com/689b8d8e6e8e60a93c07c9e21317a10b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, Bitcoin stood at $57,000/piece, up about 7% in the day.</p><p>In addition, the virtual currency Dogecoin once rose by more than $0.68 in intraday session today, and the 24-hour increase once exceeded 56%, setting another record high. Its price has risen more than 118 times since the beginning of this year, and its current market value is about 88 billion USD, which has surpassed Ripple's market value of 67.026 billion USD, ranking fourth after Bitcoin, Ethereum and Binance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"NCTY":"第九城市","SOS":"SOS Limited","EBON":"亿邦国际","CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107692141","content_text":"5月5日，区块链板块盘中走高，SOS涨超13%，亿邦国际涨超6%，嘉楠科技、Marathon Digital、GBTC、MSTR涨超5%，第九城市、Riot Blockchain涨超3%。消息面上，比特币站上57000美元/枚，日内大涨约7%。此外，虚拟货币狗狗币今日盘中一度大涨超0.68美元，24小时涨幅一度突破56%，再创历史新高纪录。其价格自今年以来累计上涨逾118倍，目前市值约880亿美元，已超过瑞波币670.26亿美元的市值，仅次于比特币、以太币和币安币，位列第四。","news_type":1,"symbols_score_info":{"EBON":0.9,"SOS":0.9,"XBTmain":0.9,"BTCmain":0.9,"CAN":0.9,"NCTY":0.9}},"isVote":1,"tweetType":1,"viewCount":3168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106481406,"gmtCreate":1620139314805,"gmtModify":1704339221008,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"doge","listText":"doge","text":"doge","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106481406","repostId":"1165060549","repostType":4,"repost":{"id":"1165060549","kind":"news","pubTimestamp":1620138566,"share":"https://ttm.financial/m/news/1165060549?lang=en_US&edition=fundamental","pubTime":"2021-05-04 22:29","market":"other","language":"zh","title":"Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies","url":"https://stock-news.laohu8.com/highlight/detail?id=1165060549","media":"https://xnews.jin10.com/details/74004","summary":"周二早盘时段，加密货币市场风云突变。","content":"<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum in circulation currently stands at about $367 billion, with Bitcoin having a market cap of $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis points out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">https://xnews.jin10.com/details/74004</strong><span class=\"h-time small\">2021-05-04 22:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum in circulation currently stands at about $367 billion, with Bitcoin having a market cap of $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis points out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74004\">https://xnews.jin10.com/details/74004</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85a6242e0dc4c2f503045ad6689cd0a7","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://xnews.jin10.com/details/74004","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165060549","content_text":"周二早盘时段，加密货币市场风云突变，比特币短线跳水1100美元；以太坊短线走低160美元。周二美盘初，狗狗币和以太坊一片红火。周二凌晨大涨超10%后，狗狗币日内暴涨超50%，站上0.6美元/枚；以太坊日内转涨，涨破3500美元/枚，续刷历史新高；而比特币再次失守55000美元/枚，短线下挫600美元。统计数据显示，2021年迄今，以太坊累计涨幅已超过325%，比特币总值也翻了一番。根据CoinMarketCap的数据，目前所有流通中的以太坊的总价值约为3670亿美元，比特币的市值为1.1万亿美元。而Coingecko数据显示，狗狗币市值现已超越瑞波币市值，位列第四。狗狗币市值现报689.42亿美元，XRP市值现报670.26亿美元。财经网站Fxstreet分析师Lorenzo Stroe指出，狗狗币的价格创下了历史新高，未来也没有遇到重大阻力，冲上1美元/枚的计划似乎不可阻挡。加密货币爱好者再次对狗狗币产生了极大兴趣，并将其价格推至新高。上周，加入狗狗币网络的新地址数量显著增加了30%。类似地，活跃地址的数量也出现了44%的上升，这表明投资者正在以当前的价格购买狗狗币。然而，尽管有马斯克这个幕后推手在背后疯狂助力，狗狗币体量上依然无法和比特币、以太坊抗衡。数据显示，截至目前，全球加密货币总值约为2.3万亿美元，其中比特币和以太坊市值占加密货币总值的三分之二。分析指出，以太坊今年的上涨势头之所以能力压比特币，主要归功于其需求的激增——以太坊现在是很多企业、富豪购买不可替代币（NFT）的首选加密货币。随着以太坊的大热，有外媒分析称：比特币在整个加密货币市场中的主导地位正在下降。数据跟踪公司CoinGecko的最新统计显示，比特币目前占加密货币总市值的46%左右，低于今年年初的约70%，以太坊的占比则上升至15%。从数据可以看出，虽然比特币虽然仍是市值最高的加密货币，但其他代币的强劲发展势头，正在吸引越来越多的资本入场。Oanda高级市场分析师Edward Moya在上周五的一份报告中写道：“以太坊正在崛起，似乎没有什么阻碍它的发展。目前的市场份额分布也反映了加密货币领域4月份的洗牌，比特币尚未收复其在4月中旬创下的近64870美元纪录后加速下滑的全部失地，而以太坊和狗狗币则继续大幅上扬。”当然了，市场上还存在一些分歧的声音。有加密货币的支持者认为，投资者对各种代币越来越放心，而批评者则认为，该行业可能处于各国政府经济刺激措施引发的非理性狂热之中。值得一提的是，加密货币交易所Coinbase Global Inc.上个月在美国上市仿佛是一个最新迹象：加密货币在未来，将面临高波动和监管强化的双重挑战。但不可否认的是，越来越多的投资者正在拥抱这个行业。","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378868466,"gmtCreate":1619016201955,"gmtModify":1704718389284,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378868466","repostId":"2129872589","repostType":4,"isVote":1,"tweetType":1,"viewCount":2133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346517753,"gmtCreate":1618068334172,"gmtModify":1704706448206,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/346517753","repostId":"1130911422","repostType":4,"repost":{"id":"1130911422","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618018886,"share":"https://ttm.financial/m/news/1130911422?lang=en_US&edition=fundamental","pubTime":"2021-04-10 09:41","market":"us","language":"zh","title":"Ali: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss","url":"https://stock-news.laohu8.com/highlight/detail?id=1130911422","media":"老虎资讯综合","summary":"市场消息，$阿里巴巴(BABA)$表示将于4月12日上午8:00召开电话会议讨论行政处罚决定。\n\n阿里巴巴此前发布公告：今天，我们收到《国家市场监督管理总局行政处罚决定书》，对此处罚，我们诚恳接受，坚决服从。我们将强化依法经营，进一步加强合规体系建设，立足创新发展，更好履行社会责任。 \n\n详情：罚款182.28亿！市场监管总局处罚阿里巴巴垄断行为","content":"<p>Market news,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Stated that a conference call will be held on April 12 at 8:00 a.m. to discuss the administrative penalty decision.</p><p>Alibaba previously announced: Today, we received the Decision of Administrative Punishment of the State Administration for Market Regulation. We sincerely accept and resolutely obey this punishment. We will strengthen operations in accordance with laws, further strengthen the construction of compliance system, base on innovation and development, and better fulfill our social responsibilities.</p><p><b>Details:</b><a href=\"https://laohu8.com/NW/1145816571\" target=\"_blank\"><b>Fine 18.228 billion! State Administration of Market Regulation Punishes Alibaba's Monopoly Behavior</b></a></p><p><img src=\"https://static.tigerbbs.com/05a8cf9dd311a666c10cb3f751264015\" tg-width=\"720\" tg-height=\"973\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ali: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAli: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-10 09:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market news,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Stated that a conference call will be held on April 12 at 8:00 a.m. to discuss the administrative penalty decision.</p><p>Alibaba previously announced: Today, we received the Decision of Administrative Punishment of the State Administration for Market Regulation. We sincerely accept and resolutely obey this punishment. We will strengthen operations in accordance with laws, further strengthen the construction of compliance system, base on innovation and development, and better fulfill our social responsibilities.</p><p><b>Details:</b><a href=\"https://laohu8.com/NW/1145816571\" target=\"_blank\"><b>Fine 18.228 billion! State Administration of Market Regulation Punishes Alibaba's Monopoly Behavior</b></a></p><p><img src=\"https://static.tigerbbs.com/05a8cf9dd311a666c10cb3f751264015\" tg-width=\"720\" tg-height=\"973\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f98a08f234fb3dfe04b5578614dea292","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130911422","content_text":"市场消息，阿里巴巴表示将于4月12日上午8:00召开电话会议讨论行政处罚决定。阿里巴巴此前发布公告：今天，我们收到《国家市场监督管理总局行政处罚决定书》，对此处罚，我们诚恳接受，坚决服从。我们将强化依法经营，进一步加强合规体系建设，立足创新发展，更好履行社会责任。 详情：罚款182.28亿！市场监管总局处罚阿里巴巴垄断行为","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":346517753,"gmtCreate":1618068334172,"gmtModify":1704706448206,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/346517753","repostId":"1130911422","repostType":4,"repost":{"id":"1130911422","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618018886,"share":"https://ttm.financial/m/news/1130911422?lang=en_US&edition=fundamental","pubTime":"2021-04-10 09:41","market":"us","language":"zh","title":"Ali: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss","url":"https://stock-news.laohu8.com/highlight/detail?id=1130911422","media":"老虎资讯综合","summary":"市场消息，$阿里巴巴(BABA)$表示将于4月12日上午8:00召开电话会议讨论行政处罚决定。\n\n阿里巴巴此前发布公告：今天，我们收到《国家市场监督管理总局行政处罚决定书》，对此处罚，我们诚恳接受，坚决服从。我们将强化依法经营，进一步加强合规体系建设，立足创新发展，更好履行社会责任。 \n\n详情：罚款182.28亿！市场监管总局处罚阿里巴巴垄断行为","content":"<p>Market news,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Stated that a conference call will be held on April 12 at 8:00 a.m. to discuss the administrative penalty decision.</p><p>Alibaba previously announced: Today, we received the Decision of Administrative Punishment of the State Administration for Market Regulation. We sincerely accept and resolutely obey this punishment. We will strengthen operations in accordance with laws, further strengthen the construction of compliance system, base on innovation and development, and better fulfill our social responsibilities.</p><p><b>Details:</b><a href=\"https://laohu8.com/NW/1145816571\" target=\"_blank\"><b>Fine 18.228 billion! State Administration of Market Regulation Punishes Alibaba's Monopoly Behavior</b></a></p><p><img src=\"https://static.tigerbbs.com/05a8cf9dd311a666c10cb3f751264015\" tg-width=\"720\" tg-height=\"973\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ali: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAli: Resolutely obey the punishment and hold a conference call on the morning of April 12th to discuss\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-10 09:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Market news,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Stated that a conference call will be held on April 12 at 8:00 a.m. to discuss the administrative penalty decision.</p><p>Alibaba previously announced: Today, we received the Decision of Administrative Punishment of the State Administration for Market Regulation. We sincerely accept and resolutely obey this punishment. We will strengthen operations in accordance with laws, further strengthen the construction of compliance system, base on innovation and development, and better fulfill our social responsibilities.</p><p><b>Details:</b><a href=\"https://laohu8.com/NW/1145816571\" target=\"_blank\"><b>Fine 18.228 billion! State Administration of Market Regulation Punishes Alibaba's Monopoly Behavior</b></a></p><p><img src=\"https://static.tigerbbs.com/05a8cf9dd311a666c10cb3f751264015\" tg-width=\"720\" tg-height=\"973\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f98a08f234fb3dfe04b5578614dea292","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130911422","content_text":"市场消息，阿里巴巴表示将于4月12日上午8:00召开电话会议讨论行政处罚决定。阿里巴巴此前发布公告：今天，我们收到《国家市场监督管理总局行政处罚决定书》，对此处罚，我们诚恳接受，坚决服从。我们将强化依法经营，进一步加强合规体系建设，立足创新发展，更好履行社会责任。 详情：罚款182.28亿！市场监管总局处罚阿里巴巴垄断行为","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9007683345,"gmtCreate":1642868400001,"gmtModify":1676533753950,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9007683345","repostId":"1181967997","repostType":4,"isVote":1,"tweetType":1,"viewCount":2755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102417187,"gmtCreate":1620230429549,"gmtModify":1704340569205,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"✋","listText":"✋","text":"✋","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/102417187","repostId":"1107692141","repostType":4,"repost":{"id":"1107692141","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620229759,"share":"https://ttm.financial/m/news/1107692141?lang=en_US&edition=fundamental","pubTime":"2021-05-05 23:49","market":"us","language":"zh","title":"[Change] Blockchain sector rises, SOS rises over 13%","url":"https://stock-news.laohu8.com/highlight/detail?id=1107692141","media":"老虎资讯综合","summary":"5月5日，区块链板块盘中走高，SOS涨超13%，亿邦国际涨超6%，嘉楠科技、Marathon Digital、GBTC、MSTR涨超5%，第九城市、Riot Blockchain涨超3%。消息面上，比","content":"<p>On May 5th, the blockchain sector rose intraday, with SOS rising by more than 13%.<a href=\"https://laohu8.com/S/EBON\">EBON INTERNATIONAL</a>rose by more than 6%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>, Marathon Digital, GBTC, MSTR Up more than 5%,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>Riot Blockchain It rose by more than 3%.</p><p><img src=\"https://static.tigerbbs.com/689b8d8e6e8e60a93c07c9e21317a10b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, Bitcoin stood at $57,000/piece, up about 7% in the day.</p><p>In addition, the virtual currency Dogecoin once rose by more than $0.68 in intraday session today, and the 24-hour increase once exceeded 56%, setting another record high. Its price has risen more than 118 times since the beginning of this year, and its current market value is about 88 billion USD, which has surpassed Ripple's market value of 67.026 billion USD, ranking fourth after Bitcoin, Ethereum and Binance.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] Blockchain sector rises, SOS rises over 13%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] Blockchain sector rises, SOS rises over 13%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-05-05 23:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On May 5th, the blockchain sector rose intraday, with SOS rising by more than 13%.<a href=\"https://laohu8.com/S/EBON\">EBON INTERNATIONAL</a>rose by more than 6%,<a href=\"https://laohu8.com/S/CAN\">Canaan Technology</a>, Marathon Digital, GBTC, MSTR Up more than 5%,<a href=\"https://laohu8.com/S/NCTY\">9th City</a>Riot Blockchain It rose by more than 3%.</p><p><img src=\"https://static.tigerbbs.com/689b8d8e6e8e60a93c07c9e21317a10b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>On the news, Bitcoin stood at $57,000/piece, up about 7% in the day.</p><p>In addition, the virtual currency Dogecoin once rose by more than $0.68 in intraday session today, and the 24-hour increase once exceeded 56%, setting another record high. Its price has risen more than 118 times since the beginning of this year, and its current market value is about 88 billion USD, which has surpassed Ripple's market value of 67.026 billion USD, ranking fourth after Bitcoin, Ethereum and Binance.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"NCTY":"第九城市","SOS":"SOS Limited","EBON":"亿邦国际","CAN":"嘉楠科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107692141","content_text":"5月5日，区块链板块盘中走高，SOS涨超13%，亿邦国际涨超6%，嘉楠科技、Marathon Digital、GBTC、MSTR涨超5%，第九城市、Riot Blockchain涨超3%。消息面上，比特币站上57000美元/枚，日内大涨约7%。此外，虚拟货币狗狗币今日盘中一度大涨超0.68美元，24小时涨幅一度突破56%，再创历史新高纪录。其价格自今年以来累计上涨逾118倍，目前市值约880亿美元，已超过瑞波币670.26亿美元的市值，仅次于比特币、以太币和币安币，位列第四。","news_type":1,"symbols_score_info":{"EBON":0.9,"SOS":0.9,"XBTmain":0.9,"BTCmain":0.9,"CAN":0.9,"NCTY":0.9}},"isVote":1,"tweetType":1,"viewCount":3168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106481406,"gmtCreate":1620139314805,"gmtModify":1704339221008,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"doge","listText":"doge","text":"doge","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106481406","repostId":"1165060549","repostType":4,"repost":{"id":"1165060549","kind":"news","pubTimestamp":1620138566,"share":"https://ttm.financial/m/news/1165060549?lang=en_US&edition=fundamental","pubTime":"2021-05-04 22:29","market":"other","language":"zh","title":"Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies","url":"https://stock-news.laohu8.com/highlight/detail?id=1165060549","media":"https://xnews.jin10.com/details/74004","summary":"周二早盘时段，加密货币市场风云突变。","content":"<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum in circulation currently stands at about $367 billion, with Bitcoin having a market cap of $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis points out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>","source":"jssj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDogecoin rose more than 50% in 24 hours, and its market capitalization has ranked among the top four cryptocurrencies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">https://xnews.jin10.com/details/74004</strong><span class=\"h-time small\">2021-05-04 22:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The cryptocurrency market changed suddenly in the morning session on Tuesday, with Bitcoin plunging $1,100 in the short term; Ethereum is $160 lower in the short term.</p><p>Dogecoin and Ethereum were booming at the beginning of the U.S. market on Tuesday.<b>After surging by more than 10% in the early morning of Tuesday, Dogecoin surged by more than 50% in the day, standing at $0.6/piece;</b>Ethereum rose during the day, rising above $3,500/piece, and continued to brush a record high; Bitcoin once again fell to $55,000/piece, falling to $600 in the short term.</p><p>Statistics show that so far in 2021, Ethereum has gained more than 325% cumulatively, and its total Bitcoin has doubled. According to CoinMarketCap,<b>The total value of all Ethereum in circulation currently stands at about $367 billion, with Bitcoin having a market cap of $1.1 trillion.</b></p><p>And Coingecko data shows that,<b>Dogecoin market cap has now surpassed Ripple's market cap to rank fourth.</b>Dogecoin is now trading at $68.942 billion and XRP is now trading at $67.026 billion. Lorenzo Stroe, an analyst at Fxstreet, a financial website, pointed out that the price of Dogecoin has reached an all-time high, and it has not encountered major resistance in the future. The plan to rush to $1/coin seems unstoppable. Once again, cryptocurrency enthusiasts have taken great interest in Dogecoin and pushed its price to new highs.</p><p><b>The number of new addresses joining the Dogecoin network increased significantly by 30% last week. Similarly, the number of active addresses has also seen a 44% uptick, indicating that investors are buying Dogecoin at the current price.</b>However, despite Musk's crazy help behind the scenes, Dogecoin still can't compete with Bitcoin and Ethereum in volume.</p><p>The data shows that as of now, the total value of global cryptocurrencies is about $2.3 trillion, of which the market capitalization of Bitcoin and Ethereum accounts for two-thirds of the total value of cryptocurrencies. The analysis points out that the reason why Ethereum's upward momentum this year is able to pressure Bitcoin is mainly due to the surge in its demand — —<b>Ethereum is now the preferred cryptocurrency for many enterprises and wealthy people to buy non-fungible coins (NFTs).</b></p><p>With the popularity of Ethereum, some foreign media analyzed that:<b>The dominance of Bitcoin in the overall cryptocurrency market is declining.</b></p><p>According to the latest statistics from data tracking company CoinGecko,<b>Bitcoin now accounts for about 46% of the total cryptocurrency market capitalization, down from about 70% at the start of the year, and Ethereum's share rose to 15%.</b></p><p>It can be seen from the data that although Bitcoin is still the cryptocurrency with the highest market capitalization, the strong development momentum of other tokens is attracting more and more capital to enter the market.</p><p>Edward Moya, senior market analyst at Oanda, wrote in a note last Friday:</p><p>\"Ethereum is on the rise, and nothing seems to be holding it back. The current market share distribution also reflects the April shuffle in the cryptocurrency space, with Bitcoin yet to recoup all of its lost ground from its accelerated decline following its record of nearly $64,870 set in mid-April, while Ethereum and Dogecoin continue to rise sharply.\" Of course, there are some divisive voices in the market.</p><p>Some proponents of cryptocurrency argue that investors are increasingly comfortable with various tokens, while critics argue that the industry may be in the midst of an irrational frenzy fueled by economic stimulus measures by various governments.</p><p>It is worth mentioning that,<b>The listing of cryptocurrency exchange Coinbase Global Inc. in the United States last month seems to be the latest sign: cryptocurrencies will face the dual challenges of high volatility and strengthened regulation in the future.</b></p><p>But there's no denying that more and more investors are embracing the industry.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://xnews.jin10.com/details/74004\">https://xnews.jin10.com/details/74004</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/85a6242e0dc4c2f503045ad6689cd0a7","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://xnews.jin10.com/details/74004","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165060549","content_text":"周二早盘时段，加密货币市场风云突变，比特币短线跳水1100美元；以太坊短线走低160美元。周二美盘初，狗狗币和以太坊一片红火。周二凌晨大涨超10%后，狗狗币日内暴涨超50%，站上0.6美元/枚；以太坊日内转涨，涨破3500美元/枚，续刷历史新高；而比特币再次失守55000美元/枚，短线下挫600美元。统计数据显示，2021年迄今，以太坊累计涨幅已超过325%，比特币总值也翻了一番。根据CoinMarketCap的数据，目前所有流通中的以太坊的总价值约为3670亿美元，比特币的市值为1.1万亿美元。而Coingecko数据显示，狗狗币市值现已超越瑞波币市值，位列第四。狗狗币市值现报689.42亿美元，XRP市值现报670.26亿美元。财经网站Fxstreet分析师Lorenzo Stroe指出，狗狗币的价格创下了历史新高，未来也没有遇到重大阻力，冲上1美元/枚的计划似乎不可阻挡。加密货币爱好者再次对狗狗币产生了极大兴趣，并将其价格推至新高。上周，加入狗狗币网络的新地址数量显著增加了30%。类似地，活跃地址的数量也出现了44%的上升，这表明投资者正在以当前的价格购买狗狗币。然而，尽管有马斯克这个幕后推手在背后疯狂助力，狗狗币体量上依然无法和比特币、以太坊抗衡。数据显示，截至目前，全球加密货币总值约为2.3万亿美元，其中比特币和以太坊市值占加密货币总值的三分之二。分析指出，以太坊今年的上涨势头之所以能力压比特币，主要归功于其需求的激增——以太坊现在是很多企业、富豪购买不可替代币（NFT）的首选加密货币。随着以太坊的大热，有外媒分析称：比特币在整个加密货币市场中的主导地位正在下降。数据跟踪公司CoinGecko的最新统计显示，比特币目前占加密货币总市值的46%左右，低于今年年初的约70%，以太坊的占比则上升至15%。从数据可以看出，虽然比特币虽然仍是市值最高的加密货币，但其他代币的强劲发展势头，正在吸引越来越多的资本入场。Oanda高级市场分析师Edward Moya在上周五的一份报告中写道：“以太坊正在崛起，似乎没有什么阻碍它的发展。目前的市场份额分布也反映了加密货币领域4月份的洗牌，比特币尚未收复其在4月中旬创下的近64870美元纪录后加速下滑的全部失地，而以太坊和狗狗币则继续大幅上扬。”当然了，市场上还存在一些分歧的声音。有加密货币的支持者认为，投资者对各种代币越来越放心，而批评者则认为，该行业可能处于各国政府经济刺激措施引发的非理性狂热之中。值得一提的是，加密货币交易所Coinbase Global Inc.上个月在美国上市仿佛是一个最新迹象：加密货币在未来，将面临高波动和监管强化的双重挑战。但不可否认的是，越来越多的投资者正在拥抱这个行业。","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015688193,"gmtCreate":1649472417884,"gmtModify":1676534518152,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015688193","repostId":"1135927495","repostType":2,"repost":{"id":"1135927495","kind":"news","weMediaInfo":{"introduction":"中国专业的高端财富管理机构，专注于高净值客户服务和大类资产配置。百万精英人士都在关注，多次入选全国自媒体20强榜单。每日精选7篇文章与您分享，涵盖政经、投资、历史和生活，让您畅享思想与财富的盛宴。公司网址：www.licai.com","home_visible":1,"media_name":"格上财富","id":"1054268451","head_image":"https://static.tigerbbs.com/9cb0d9ca821a4b8584db1257562b60a6"},"pubTimestamp":1649422498,"share":"https://ttm.financial/m/news/1135927495?lang=en_US&edition=fundamental","pubTime":"2022-04-08 20:54","market":"us","language":"zh","title":"Good in-depth article | Why can Buffett be sure for a lifetime?","url":"https://stock-news.laohu8.com/highlight/detail?id=1135927495","media":"格上财富","summary":"值得一提的是，本文的作者曾在2015年在巴菲特股东大会上，向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”大家猜一猜巴菲特是怎么回答的？作为大股东的巴菲特，更应该称他为资本家，而不是仅仅是投资专家。巴菲特对企业进行估值并进行投资有12条原则。管理三原则的核心是，巴菲特希望能够找到和他一样的管理者，能够有效配置公司资本，真正为股东的利益负责。","content":"<p><html><head></head><body>When it comes to Buffett, the \"stock god\", everyone will definitely think of his famous saying: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p>Why can he be so different and always keep it right? Where does his courage and courage to value investment come from? And how did he create a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>I believe, after reading so many articles about Buffett, this one must be the most unique and can impress you deeply.</p><p>The article not only has an in-depth and systematic analysis of the essential logic, breakdown point and iterative feedback of Buffett and Berkshire, but also a summary of their life beliefs, work motivation and wealth concepts, which allows us to see a fiery soul in his 90s.</p><p>It is worth mentioning that the author of this article asked Buffett at Buffett's shareholders' meeting in 2015: \"Why is Berkshire, which has been managing for so many years, so determined and passionate?\"</p><p>Guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this U.S. -listed company:</p><p>Apr 06, 2022 · This company's stock price is $517,002, the highest stock in history, with a total market capitalization of $761.6 billion. In the 2022 Fortune World 500, Berkshire Hathaway ranked 11th.</p><p>If you invested $10,000 in Berkshire (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, annualized compound interest was 20.1% over 56 years, far outperforming the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway's total assets under management are about $1 trillion, of which 150 billion are liquid assets such as cash or bonds, 350 billion are equity holdings, and 500 billion are equity investments. It controls key infrastructure such as transportation, energy and communications in the United States, as well as many traditional enterprises with very abundant cash flows.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of a company that manages so many assets?</p><p>25 people!</p><p>The boss of Berkshire Hathaway is the famous Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Mr. Ba, a Virgo born on August 30, 1930, invested in stocks for the first time at the age of 11. At the age of 19, he studied under Benjamin Graham, a value investment guru, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes list data, in 2022, the 92-year-old had a personal wealth of $99.6 billion, ranking sixth in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is Berkshire Hathaway's \"one\"?</b></p><p>What is Berkshire's \"one\" and how does its value proposition differ from other investment firms? Why is it that among the investment gurus such as Peter Lynch, Soros, Fisher and Dario, the public favors Buffett alone and respects him as the \"stock god\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's firm, Buffett opened his own investment firm in 1957, starting with $105,000 AUM. Buffett told his partners that he hopes to beat the Dow by 10 percentage points a year.</p><p>The result was that in 1957-1961, the Dow rose 75% and the partnership rose 251%. In the 10 years to 1966, the Dow rose 123% and the partnership rose 1156%. Buffett greatly exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What is puzzling is that such a good performance should raise funds vigorously. Why should we dissolve the partnership investment enterprise?</p><p>\"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well,\" Buffett said.</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment rules.</p><p>After dissolving the partnership to invest in the business, he devoted all his energy to the textile business Berkshire Hathaway, which seemed to have \"failed\".</p><p><b>What is the difference between Berkshire and a regular fund company?</b></p><p>Berkshire is essentially a capital holding company that manages its own money, while general fund companies manage most of the money that is investors' money.</p><p>This makes Berkshire's view of money fundamentally different from that of ordinary fund companies-Berkshire regards its own money as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to the Foundations of Western Economics, \"Capital is a part of the means of production and the source of assets for enterprises to purchase the assets needed for production and business activities. It is investors' investment in enterprises and appears on the right side of the balance sheet. The essence of capital is to obtain profits.\"</p><p>There's a simple formula, if you don't consider the cost of capital:<b>Long Term Capital Value = Capital Investment* (1+ Return on Capital) ^ Time</b></p><p>When Berkshire manages its own capital, compared with other asset management companies, there is no capital redemption risk, and it can operate sustainably. What the company earns is the value of capital recycling.</p><p>However, the funds of asset management companies may not be managed for a long time due to market fluctuations, investors' redeemment, or the expiration of funds.</p><p><b>For both models, the capital market will also give different market capitalizations,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Managing nearly $10 trillion in assets with a market capitalization of 112.3 billion, while Berkshire manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies belong to asset management companies, and their core is short-term investment value; While Berkshire is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken down in capital management that enables it to be so different?</p><p>Since it is capital management, let's go back to Marx's Das Kapital and see what is the nature of capital?</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's \"Das Kapital\": \"One of the essential characteristics of capital is its movement. The key reason why capital can increase value and bring surplus value is that it is in an endless movement, constantly entering from the circulation field into the production field, and then from the production field into the circulation field,<b>This uninterrupted movement of capital is the necessary prerequisite and condition for capital to gain value increase. Once it stops moving, capital cannot increase in value. \"</b></p><p>The most important thing to increase capital appreciation is to improve the efficiency of capital movement. The higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The conversion of surplus value into profit is based on the premise of the conversion of surplus value rate into profit rate, that is, with the help of profit rate, the surplus value that has been converted into the excess of cost price is further converted into the balance of prepaid total capital exceeding its own value within a certain turnover period. In short,<b>Surplus value is the intrinsic essence or entity, while profit is the external phenomenon or form. \"</b></p><p><b>So according to Marx's theory, is a company with a high net profit margin necessarily a good company?</b></p><p>Buffett once said: \"There are three most important things in investment. The first is to keep the principal, the second is to keep the principal, and the third is to always keep the first two in mind.\"</p><p>Let's take a look at what Buffett's first teacher, Benjamin Graham, said-\"Investment is an analysis that promises principal security and provides satisfactory returns. What can't meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>Margin of safety</b>\"The important word:\" People are willing to pay any price for stocks, without considering quantitative analysis at all. Any price marked by market optimism seems to be worth the money. At the top of this madness, the line between investment and speculation is blurred. Pick stocks with a margin of safety approach. \"</p><p>Then according to a simple mathematical equation:<b>Margin of Safety = Enterprise Value-Enterprise Price</b>It can be seen that the price of enterprises can be found in the market, so how to correctly evaluate the value of enterprises becomes the top priority.</p><p>At this time, we got a very familiar term-value investment, which is an effective evaluation of the true value of a business.</p><p>Buffett has 12 principles for valuing businesses and investing in them.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprise is</b>He said: \"I don't challenge difficult movements, like hurdles in sports, with a 1-foot pole, I would never choose 7 feet.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate the company's capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the four financial principles is</b>How to find indicators and indicator groups that correctly reflect the operating ability of enterprises, calculate the real \"shareholders' surplus\", and find enterprises with high profit margins.</p><p><b>The core of the market two principle is</b>Use the conversion of future cash flow to determine the market value of the enterprise, and then according to the margin of safety, relative to the market value of the enterprise, whether it can be purchased at a discounted price.</p><p>I looked up several businesses that Buffett had held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Even if not all the 12 principles are applied, most of them are consistent.</p><p><b>So, in the second question, \"What did Berkshire break through,\" the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding enterprise, Berkshire manages nearly one trillion dollars of assets, of which most of the unlisted companies are wholly-owned or can consolidate statements, while the listed companies mostly hold relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate significant cash flows that are provided to the Omaha headquarters. The cash was derived from floating funds from the huge insurance business and operating earnings from wholly-owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a capital element, investing in opportunities that generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day work, so that Buffett can focus 100% of his energy and focus on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this formula for efficacy: P = P-i, where the first P is performance, meaning efficacy, and the second P is Potential, meaning Potential, and i is interference, meaning interference.</p><p>The potential of people is mostly the same, but the interference values vary greatly. Our efficiency is low, not because of low potential, but because there is too much interference.</p><p>So, how does Buffett reduce the interference?</p><p><b>Minimalist Living in Omaha</b></p><p>First Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that has been used for 60 years, and only half a floor is rented; Living in a house bought 60 years ago for $50,000. It has become Buffett's lifelong habit to quietly read annual reports and make phone calls in the office every day.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Concentrated investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern asset portfolio theory, Eugene Farma's efficient market hypothesis and Sharp's capital pricing model, most asset managers will regard volatility as the biggest risk in the capital market, so dispersion and irrelevance are the most important ways to control risk. For example, when digging a pool, you choose a 1km wide cut and make a 1m deep cut.</p><p>And Buffett thinks<b>The biggest risk is the loss of the intrinsic value of the enterprise</b>If the value is gone, the margin of safety is gone, and the stock should be sold. Choose excellent value enterprises, and the number of enterprises that can be thoroughly analyzed must not be many. Therefore, when Buffett dug the pool, he chose a 1-meter-wide incision and played a 1-kilometer-deep incision.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>In concentration and decentralization, Buffett chose the incredible concentration of shareholding, reducing the number of decisions and the number of mistakes. Buffett's trading is to keep holding in order not to trade and find good businesses, which is a \"hard but correct thing\".</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>Speaking about decision-making, Buffett said: \"All we have to do is multiply the probability of profit by the amount of possible profit, and subtract the probability of loss by the amount of possible loss.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation of probability theory, Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, the process of deciding what to do when you are unsure of what is going to happen.</p><p>The Bayer analysis provides a mathematical procedure that adjusts our original expectations based on newly acquired information to change the corresponding odds. Bayer analysis is used in universities to help students learn decision-making, and in the classroom, it is called decision tree theory. \"At Harvard Business School, all you learned in your first year, when combined, was actually decision tree theory,\" Munger said.</p><p>Shannon's 1948 Mathematical Theory of Communication creatively employed a probability theory approach to the study of problems in communication. On the basis of Shannon's information theory, the mathematician Kelly established the optimization formula.</p><p>In 1956, Kelly wrote A New Interpretation of Information Rates, proposing optimized growth strategies: If you know your probability of success, you know the proportion of how much to allocate. The formula is: 2p-1= X, if the probability of winning is 55%, then 2*55%-1=10%, at this time, the ratio of 10% should be configured; If the probability of winning is 75%, then 275%-1=50%, at which time a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying Kelly's optimization formula. When the result is 20% allocation ratio, he will appropriately reduce the ratio on this basis, usually 1/2 or 1/3 of the original value.</p><p>Therefore, from the perspective of probability theory, Buffett's investment decision-making process is shown below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shield Mr. Market's Quote Impact</b></p><p>Looking at such a stock in the chart below, you may think that it is too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you think the sooner you get on the bus, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>But these two pictures are actually the same stock, the famous Apple company, but the time and frequency of observing the stock price are different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, people have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When the market price fluctuates up and down, Buffett's calm is natural-his heart takes the intrinsic value of the enterprise not to lose as the risk control standard, not the stock price.</p><p>Buffett has a famous saying that is said to be bad: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p><b>Buffett is determined by value, while others fear and greed by stock price.</b>When the market falls, it is the biggest buying opportunity, because the margin of safety is wider.</p><p><b>Conclusions of Behavioral Finance</b></p><p>In 2011, Nobel Prize winner Daniel Kahneman, Thinking, Fast and Slow, divided cognitive processes into two modes of thinking: intuition and reason, that is, System 1 and System 2. Decisions in System 1 are mostly mechanical, quick, and unthoughtful; System 2 decisions are carefully thought out, scrutinized, and require focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for himself and the management of the invested enterprises are rationality, especially the rationality reflected in the efficient allocation of capital.</p><p>\"Our job is to pick out good businesses that end up creating more than a dollar of capital value for every dollar they keep,\" Buffett said.</p><p>When the invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1+ return on capital) ^ time.</p><p>Simple things, because there are few variables affecting their outcome, are often the least risky things and the most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Looking at Berkshire's \"one-thinking\" framework as a whole, the breakdown point of investment based on value has a very strong isomorphism with Berkshire managed by Buffett himself. Buffett screens investment enterprises according to his own appearance.</p><p>In this way, multiple Berkshire fractals are produced, which constantly resonate at the same frequency, and enhance the overall capital value of Berkshire.</p><p>But in the face of this simple and magical formula: long-term capital value = capital investment* (1+ return on capital) ^ time, always ask yourself:</p><p><b>Is it true?</b></p><p><b>Is it always true?</b></p><p><b>Are there any exceptions?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith wrote an exquisite description in The Wealth of Nations: \"The food and drink we need every day is not from the favour of the butcher, the brewer, or the baker, but from their self-interested intentions. Every individual who uses capital and labor neither intends to promote the public good nor knows to what extent he himself promotes that good. He is directed by an invisible hand to try his best to achieve an end that is not intended to be achieved. By pursuing his own interests, he often promotes the interests of society. \"</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of American market economy and capital market in the past 60 years has created the environment of Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how did Buffett, who has huge wealth, face it?</b></p><p>Buffett said:</p><p>\"Whenever I told Susan that we were going to get rich, she never showed much excitement. She either didn't care or didn't believe it. When we really accumulated great wealth, we had a fairly tacit approach to disposing of it, that is, giving it back to society.\"</p><p>\"Susan and I have never felt that we should leave so much money to our children. Our children are excellent. However, I want to make it clear that they have taken advantage in their upbringing and educational opportunities; therefore, it is neither right nor rational to give them countless dollars.\"</p><p>\"In fact, they already have an overwhelming lead in a society that advocates elites. The vast wealth of generations will further exacerbate the social equity we should be trying to maintain.\"</p><p>At the New York Public Library on June 26, 2006, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, waiting only for his signature to take effect. The first three envelopes were simple. He signed them \"Dad\" and gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was handed over to the representative of the charitable foundation to which the late wife donated. The four letters give a combined amount of wealth of $6 billion.</p><p>After Buffett signed the fifth letter, he handed it over to Melinda, the wife of Bill Gates at the time. In the letter, Buffett donated his Berkshire stock, then worth $30 billion, to the world's largest charity, the Bill & Melinda Gates Foundation.</p><p>\"They can use money more efficiently, and find the person who does things according to your ideas and does it better. Wouldn't it be more logical to entrust things to them,\" Buffett said?</p><p>This is the typical Buffett, always full of reason.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>So, in Protestant Ethics and the Spirit of Capitalism, Max Weber says:</p><p>\"The so-called spirit of capitalism means that individuals regard their efforts to increase their own capital and their activities for that purpose as an action of due diligence, and that making money itself as an end, a professional responsibility, an expression of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is perfectly consistent with the well-organized and systematic ascetic lifestyle of the Protestants. The Protestant ascetic ethics provide a psychological<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy. \"</p><p>- -Protestant Ethics and the Spirit of Capitalism by Max Weber</p><p>The capitalist spirit, that is, the Puritan spirit, regards the acquisition of wealth as a way to glorify God, and the sharing of wealth as a work for God.</p><p>In this way, Berkshire's \"One Mind\" framework diagram is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is a capital holding company that pursues long-term capital value.</p><p>The breakdown point is value investment, which improves the efficiency of capital movement.</p><p>Iteration is the effective allocation of assets by capital, and feedback is the capital appreciation brought by assets.</p><p><b>The axiomatic thinking that underpins this \"one-thinking\" model is political economy and mathematics, which are the cornerstones of the Wealth of Nations, and the Puritan spirit becomes the source of inner determination when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Buffett?</b></p><p>Can Berkshire and Buffett be replicated, one may ask? The answer is NO.</p><p>The United States of the 20th century, the corporate values of \"serving the interests of shareholders\", the abundant insurance float, the non-hedge fund mechanism, and the interactive resources with the Federal Reserve in times of crisis are all opportunities that non-ordinary asset managers or capitalists have.</p><p>Then why talk about Berkshire and Buffett?</p><p>George Johnson in Flame in the Heart says, \"Between reality and illusion, deep inside each person wants to discover a pattern to integrate the disordered world.\"</p><p>Everyone is looking for a pattern in their own inner world, but too much information interference and inner disorder make many people unable to find that way back.</p><p>Buffett said, \"<b>Our attitude is to align our personalities with the way we want to live.</b>\"When he breaks down value investing, he is breaking down his own way of living and managing, that is, his life.</p><p>What we want to learn is this spirit, aiming at pursuing commercial value, living thriftily, pursuing quality but not wasting, and finally giving back wealth to society.</p><p>That's true of Buffett, Berkshire, and all the businesses invested in.</p><p>Therefore, in 2015, at Buffett's shareholders' meeting, I had the opportunity to ask Buffett through a lucky lottery: \"Why is Berkshire, which has been managing for so many years, still so determined and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want and I love every day. I mean, I tap-dance to work every day, drink six cans of Coke every day, and work with those people I like. There's nothing in the world like me working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When Human Stars Shine,\" says, \"<b>The greatest luck in a man's life is to discover his life mission in the middle of his life, that is, when he is young and powerful.</b>”</p><p>Perhaps Buffett discovered his mission in life not in middle age, but as a teenager.</p><p>This kind of energy for people and careers to fulfill the mission call together is great, and the happiness of people and affairs is strong. This kind of love for people, things and society is what we should learn, and it is also the real determination in Buffett's heart.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Good in-depth article | Why can Buffett be sure for a lifetime?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGood in-depth article | Why can Buffett be sure for a lifetime?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1054268451\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/9cb0d9ca821a4b8584db1257562b60a6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上财富 </p>\n<p class=\"h-time smaller\">2022-04-08 20:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>When it comes to Buffett, the \"stock god\", everyone will definitely think of his famous saying: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p>Why can he be so different and always keep it right? Where does his courage and courage to value investment come from? And how did he create a powerful<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway?</p><p>I believe, after reading so many articles about Buffett, this one must be the most unique and can impress you deeply.</p><p>The article not only has an in-depth and systematic analysis of the essential logic, breakdown point and iterative feedback of Buffett and Berkshire, but also a summary of their life beliefs, work motivation and wealth concepts, which allows us to see a fiery soul in his 90s.</p><p>It is worth mentioning that the author of this article asked Buffett at Buffett's shareholders' meeting in 2015: \"Why is Berkshire, which has been managing for so many years, so determined and passionate?\"</p><p>Guess how Buffett answered?</p><p><b>1. Who is Berkshire Hathaway?</b></p><p>Let's take a brief look at this U.S. -listed company:</p><p>Apr 06, 2022 · This company's stock price is $517,002, the highest stock in history, with a total market capitalization of $761.6 billion. In the 2022 Fortune World 500, Berkshire Hathaway ranked 11th.</p><p>If you invested $10,000 in Berkshire (BRK) stock in 1965, you would have $364 million in 2021. From 1965 to 2021, annualized compound interest was 20.1% over 56 years, far outperforming the S&P 500's 10.5% performance.</p><p><img src=\"https://static.tigerbbs.com/93b8cbbfe64ee41a78836cad25dfc566\" tg-width=\"1080\" tg-height=\"625\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire Hathaway's total assets under management are about $1 trillion, of which 150 billion are liquid assets such as cash or bonds, 350 billion are equity holdings, and 500 billion are equity investments. It controls key infrastructure such as transportation, energy and communications in the United States, as well as many traditional enterprises with very abundant cash flows.</p><p><img src=\"https://static.tigerbbs.com/a613b2a1296919c4d72908f39d9e1045\" tg-width=\"1080\" tg-height=\"622\" referrerpolicy=\"no-referrer\"/></p><p>Guess how many people are at the headquarters of a company that manages so many assets?</p><p>25 people!</p><p>The boss of Berkshire Hathaway is the famous Buffett.</p><p><img src=\"https://static.tigerbbs.com/4cc63f94e9fa2feae9706da13776f20e\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>Mr. Ba, a Virgo born on August 30, 1930, invested in stocks for the first time at the age of 11. At the age of 19, he studied under Benjamin Graham, a value investment guru, and started his own limited partnership investment company at the age of 27.</p><p>According to Forbes list data, in 2022, the 92-year-old had a personal wealth of $99.6 billion, ranking sixth in the world. However, he has donated nearly 90% of his wealth to society.</p><p><b>2. What is Berkshire Hathaway's \"one\"?</b></p><p>What is Berkshire's \"one\" and how does its value proposition differ from other investment firms? Why is it that among the investment gurus such as Peter Lynch, Soros, Fisher and Dario, the public favors Buffett alone and respects him as the \"stock god\"?</p><p><b>Buffett dissolves partnership investment firm</b></p><p>After returning to Omaha from Graham's firm, Buffett opened his own investment firm in 1957, starting with $105,000 AUM. Buffett told his partners that he hopes to beat the Dow by 10 percentage points a year.</p><p>The result was that in 1957-1961, the Dow rose 75% and the partnership rose 251%. In the 10 years to 1966, the Dow rose 123% and the partnership rose 1156%. Buffett greatly exceeded his goal, and the actual result was an annualized return of 35%.</p><p>In 1969, Buffett dissolved the partnership.</p><p><img src=\"https://static.tigerbbs.com/14a9bd72d41a5981c3a77c98acb972e9\" tg-width=\"1080\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/></p><p>What is puzzling is that such a good performance should raise funds vigorously. Why should we dissolve the partnership investment enterprise?</p><p>\"I know I don't want to manage other people's money in an environment where I don't think I can do well, or I have to do well,\" Buffett said.</p><p>1969 was indeed a crazy market, and Buffett was unwilling to change his inner investment rules.</p><p>After dissolving the partnership to invest in the business, he devoted all his energy to the textile business Berkshire Hathaway, which seemed to have \"failed\".</p><p><b>What is the difference between Berkshire and a regular fund company?</b></p><p>Berkshire is essentially a capital holding company that manages its own money, while general fund companies manage most of the money that is investors' money.</p><p>This makes Berkshire's view of money fundamentally different from that of ordinary fund companies-Berkshire regards its own money as capital.</p><p><img src=\"https://static.tigerbbs.com/dda28251654185c96454258c522159b3\" tg-width=\"1080\" tg-height=\"468\" referrerpolicy=\"no-referrer\"/></p><p>According to the Foundations of Western Economics, \"Capital is a part of the means of production and the source of assets for enterprises to purchase the assets needed for production and business activities. It is investors' investment in enterprises and appears on the right side of the balance sheet. The essence of capital is to obtain profits.\"</p><p>There's a simple formula, if you don't consider the cost of capital:<b>Long Term Capital Value = Capital Investment* (1+ Return on Capital) ^ Time</b></p><p>When Berkshire manages its own capital, compared with other asset management companies, there is no capital redemption risk, and it can operate sustainably. What the company earns is the value of capital recycling.</p><p>However, the funds of asset management companies may not be managed for a long time due to market fluctuations, investors' redeemment, or the expiration of funds.</p><p><b>For both models, the capital market will also give different market capitalizations,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Managing nearly $10 trillion in assets with a market capitalization of 112.3 billion, while Berkshire manages $1 trillion in assets with a market capitalization of $761.6 billion.</b></p><p>So,<b>Fund companies belong to asset management companies, and their core is short-term investment value; While Berkshire is a capital holding company that pursues long-term capital value.</b></p><p><img src=\"https://static.tigerbbs.com/929513f96cdc93e8f1f6aff901425a4e\" tg-width=\"1080\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p>As a major shareholder, Buffett should be called a capitalist rather than just an investment expert.</p><p><b>3. What did Berkshire Hathaway break through?</b></p><p>What has Berkshire broken down in capital management that enables it to be so different?</p><p>Since it is capital management, let's go back to Marx's Das Kapital and see what is the nature of capital?</p><p><img src=\"https://static.tigerbbs.com/819fc82fe96941337cb8a558b6cde057\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"/></p><p>According to Marx's \"Das Kapital\": \"One of the essential characteristics of capital is its movement. The key reason why capital can increase value and bring surplus value is that it is in an endless movement, constantly entering from the circulation field into the production field, and then from the production field into the circulation field,<b>This uninterrupted movement of capital is the necessary prerequisite and condition for capital to gain value increase. Once it stops moving, capital cannot increase in value. \"</b></p><p>The most important thing to increase capital appreciation is to improve the efficiency of capital movement. The higher the efficiency of capital movement, the faster the capital appreciation.</p><p>Marx also mentioned: \"The conversion of surplus value into profit is based on the premise of the conversion of surplus value rate into profit rate, that is, with the help of profit rate, the surplus value that has been converted into the excess of cost price is further converted into the balance of prepaid total capital exceeding its own value within a certain turnover period. In short,<b>Surplus value is the intrinsic essence or entity, while profit is the external phenomenon or form. \"</b></p><p><b>So according to Marx's theory, is a company with a high net profit margin necessarily a good company?</b></p><p>Buffett once said: \"There are three most important things in investment. The first is to keep the principal, the second is to keep the principal, and the third is to always keep the first two in mind.\"</p><p>Let's take a look at what Buffett's first teacher, Benjamin Graham, said-\"Investment is an analysis that promises principal security and provides satisfactory returns. What can't meet these requirements is speculation.\"</p><p><img src=\"https://static.tigerbbs.com/89dfa71e7e4773ac3c60ee71e5927dc7\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>And he mentioned \"<b>Margin of safety</b>\"The important word:\" People are willing to pay any price for stocks, without considering quantitative analysis at all. Any price marked by market optimism seems to be worth the money. At the top of this madness, the line between investment and speculation is blurred. Pick stocks with a margin of safety approach. \"</p><p>Then according to a simple mathematical equation:<b>Margin of Safety = Enterprise Value-Enterprise Price</b>It can be seen that the price of enterprises can be found in the market, so how to correctly evaluate the value of enterprises becomes the top priority.</p><p>At this time, we got a very familiar term-value investment, which is an effective evaluation of the true value of a business.</p><p>Buffett has 12 principles for valuing businesses and investing in them.</p><p><img src=\"https://static.tigerbbs.com/9c6c568e1c94d873abf3872d07f97244\" tg-width=\"1080\" tg-height=\"560\" referrerpolicy=\"no-referrer\"/></p><p><b>The core of the three principles of enterprise is</b>He said: \"I don't challenge difficult movements, like hurdles in sports, with a 1-foot pole, I would never choose 7 feet.\"</p><p><b>The core of the three principles of management is</b>Buffett hopes to find managers like him who can effectively allocate the company's capital and truly be responsible for the interests of shareholders.</p><p><b>The core of the four financial principles is</b>How to find indicators and indicator groups that correctly reflect the operating ability of enterprises, calculate the real \"shareholders' surplus\", and find enterprises with high profit margins.</p><p><b>The core of the market two principle is</b>Use the conversion of future cash flow to determine the market value of the enterprise, and then according to the margin of safety, relative to the market value of the enterprise, whether it can be purchased at a discounted price.</p><p>I looked up several businesses that Buffett had held for many years, such as<a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca Cola</a>Even if not all the 12 principles are applied, most of them are consistent.</p><p><b>So, in the second question, \"What did Berkshire break through,\" the answer is enterprise value with a margin of safety.</b></p><p><img src=\"https://static.tigerbbs.com/277c6234e6288f79b3610d9650bb1627\" tg-width=\"1080\" tg-height=\"492\" referrerpolicy=\"no-referrer\"/></p><p><b>4. What is Berkshire Hathaway's iterative feedback?</b></p><p>As a diversified holding enterprise, Berkshire manages nearly one trillion dollars of assets, of which most of the unlisted companies are wholly-owned or can consolidate statements, while the listed companies mostly hold relatively large shareholders or have board seats.</p><p>Berkshire's various subsidiaries generate significant cash flows that are provided to the Omaha headquarters. The cash was derived from floating funds from the huge insurance business and operating earnings from wholly-owned non-financial subsidiaries.</p><p>Berkshire reinvests this cash as a capital element, investing in opportunities that generate more cash.</p><p>Each subsidiary has a talented management team responsible for day-to-day work, so that Buffett can focus 100% of his energy and focus on efficient capital allocation.</p><p><img src=\"https://static.tigerbbs.com/61330d054d1b7f536760a6ec2b4882b7\" tg-width=\"1080\" tg-height=\"539\" referrerpolicy=\"no-referrer\"/></p><p><b>How does Buffett allocate capital efficiently?</b></p><p>John Whitmore has this formula for efficacy: P = P-i, where the first P is performance, meaning efficacy, and the second P is Potential, meaning Potential, and i is interference, meaning interference.</p><p>The potential of people is mostly the same, but the interference values vary greatly. Our efficiency is low, not because of low potential, but because there is too much interference.</p><p>So, how does Buffett reduce the interference?</p><p><b>Minimalist Living in Omaha</b></p><p>First Buffett lives neither in New York in the east nor in Los Angeles in the west, but in Omaha, Nebraska in the middle. His office is an office building that has been used for 60 years, and only half a floor is rented; Living in a house bought 60 years ago for $50,000. It has become Buffett's lifelong habit to quietly read annual reports and make phone calls in the office every day.</p><p><img src=\"https://static.tigerbbs.com/cc10f30a7dd991037d5f3e2baa31b325\" tg-width=\"1080\" tg-height=\"515\" referrerpolicy=\"no-referrer\"/></p><p><b>Concentrated investment to reduce the number of decisions</b></p><p>Based on Markowitz's modern asset portfolio theory, Eugene Farma's efficient market hypothesis and Sharp's capital pricing model, most asset managers will regard volatility as the biggest risk in the capital market, so dispersion and irrelevance are the most important ways to control risk. For example, when digging a pool, you choose a 1km wide cut and make a 1m deep cut.</p><p>And Buffett thinks<b>The biggest risk is the loss of the intrinsic value of the enterprise</b>If the value is gone, the margin of safety is gone, and the stock should be sold. Choose excellent value enterprises, and the number of enterprises that can be thoroughly analyzed must not be many. Therefore, when Buffett dug the pool, he chose a 1-meter-wide incision and played a 1-kilometer-deep incision.</p><p><img src=\"https://static.tigerbbs.com/77627ec8ccc4f3066312ba73226eabd6\" tg-width=\"1080\" tg-height=\"532\" referrerpolicy=\"no-referrer\"/></p><p><b>In concentration and decentralization, Buffett chose the incredible concentration of shareholding, reducing the number of decisions and the number of mistakes. Buffett's trading is to keep holding in order not to trade and find good businesses, which is a \"hard but correct thing\".</b></p><p><b>Mathematical probability theory as the foundation</b></p><p>Speaking about decision-making, Buffett said: \"All we have to do is multiply the probability of profit by the amount of possible profit, and subtract the probability of loss by the amount of possible loss.\"</p><p>In 1654,<a href=\"https://laohu8.com/S/BTH\">Bryce</a>Some correspondence between Pascal and Pierre de Fermat laid the foundation of probability theory, Fermat using algebraic methods and Pascal using geometric methods. The work of Pascal and Fermat marked the beginning of decision theory, the process of deciding what to do when you are unsure of what is going to happen.</p><p>The Bayer analysis provides a mathematical procedure that adjusts our original expectations based on newly acquired information to change the corresponding odds. Bayer analysis is used in universities to help students learn decision-making, and in the classroom, it is called decision tree theory. \"At Harvard Business School, all you learned in your first year, when combined, was actually decision tree theory,\" Munger said.</p><p>Shannon's 1948 Mathematical Theory of Communication creatively employed a probability theory approach to the study of problems in communication. On the basis of Shannon's information theory, the mathematician Kelly established the optimization formula.</p><p>In 1956, Kelly wrote A New Interpretation of Information Rates, proposing optimized growth strategies: If you know your probability of success, you know the proportion of how much to allocate. The formula is: 2p-1= X, if the probability of winning is 55%, then 2*55%-1=10%, at this time, the ratio of 10% should be configured; If the probability of winning is 75%, then 275%-1=50%, at which time a 50% ratio should be allocated.</p><p>Buffett is often very cautious when applying Kelly's optimization formula. When the result is 20% allocation ratio, he will appropriately reduce the ratio on this basis, usually 1/2 or 1/3 of the original value.</p><p>Therefore, from the perspective of probability theory, Buffett's investment decision-making process is shown below:</p><p><img src=\"https://static.tigerbbs.com/e64eba4e2c9f130f862467a0165a370f\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/></p><p><b>Shield Mr. Market's Quote Impact</b></p><p>Looking at such a stock in the chart below, you may think that it is too volatile.</p><p><img src=\"https://static.tigerbbs.com/5c1ae058eee580faf61d4afc29ce028b\" tg-width=\"1080\" tg-height=\"482\" referrerpolicy=\"no-referrer\"/></p><p>But looking at this stock, you think the sooner you get on the bus, the better.</p><p><img src=\"https://static.tigerbbs.com/32802a41a2ffc564de009d457f6f7e27\" tg-width=\"1080\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>But these two pictures are actually the same stock, the famous Apple company, but the time and frequency of observing the stock price are different.</p><p>Buffett said:<b>\"Investing is like playing baseball. To score, people have to focus on the field instead of staring at the scoreboard.\"</b></p><p>When the market price fluctuates up and down, Buffett's calm is natural-his heart takes the intrinsic value of the enterprise not to lose as the risk control standard, not the stock price.</p><p>Buffett has a famous saying that is said to be bad: \"When others are afraid, I am greedy, and when others are greedy, I am afraid.\"</p><p><b>Buffett is determined by value, while others fear and greed by stock price.</b>When the market falls, it is the biggest buying opportunity, because the margin of safety is wider.</p><p><b>Conclusions of Behavioral Finance</b></p><p>In 2011, Nobel Prize winner Daniel Kahneman, Thinking, Fast and Slow, divided cognitive processes into two modes of thinking: intuition and reason, that is, System 1 and System 2. Decisions in System 1 are mostly mechanical, quick, and unthoughtful; System 2 decisions are carefully thought out, scrutinized, and require focus.</p><p><img src=\"https://static.tigerbbs.com/46c545d82aaeb89ecb841eabb11dae6c\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\"/></p><p>Buffett's strictest requirements for himself and the management of the invested enterprises are rationality, especially the rationality reflected in the efficient allocation of capital.</p><p>\"Our job is to pick out good businesses that end up creating more than a dollar of capital value for every dollar they keep,\" Buffett said.</p><p>When the invested capital moves repeatedly, bringing about capital value, this simple and magical formula is completed: long-term capital value = capital investment * (1+ return on capital) ^ time.</p><p>Simple things, because there are few variables affecting their outcome, are often the least risky things and the most lasting things.</p><p><img src=\"https://static.tigerbbs.com/a18f57e51abe315a60a559041daee619\" tg-width=\"1080\" tg-height=\"580\" referrerpolicy=\"no-referrer\"/></p><p>Looking at Berkshire's \"one-thinking\" framework as a whole, the breakdown point of investment based on value has a very strong isomorphism with Berkshire managed by Buffett himself. Buffett screens investment enterprises according to his own appearance.</p><p>In this way, multiple Berkshire fractals are produced, which constantly resonate at the same frequency, and enhance the overall capital value of Berkshire.</p><p>But in the face of this simple and magical formula: long-term capital value = capital investment* (1+ return on capital) ^ time, always ask yourself:</p><p><b>Is it true?</b></p><p><b>Is it always true?</b></p><p><b>Are there any exceptions?</b></p><p><b>5. What is Berkshire Hathaway's axiomatic thinking?</b></p><p>In 1776, Adam Smith wrote an exquisite description in The Wealth of Nations: \"The food and drink we need every day is not from the favour of the butcher, the brewer, or the baker, but from their self-interested intentions. Every individual who uses capital and labor neither intends to promote the public good nor knows to what extent he himself promotes that good. He is directed by an invisible hand to try his best to achieve an end that is not intended to be achieved. By pursuing his own interests, he often promotes the interests of society. \"</p><p><img src=\"https://static.tigerbbs.com/4b9c5b098969269ceca30e73d663687e\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p>The magnificent development of American market economy and capital market in the past 60 years has created the environment of Buffett's wealth.</p><p><img src=\"https://static.tigerbbs.com/f1559b849f9f8a134db2d12f669a8d67\" tg-width=\"1080\" tg-height=\"577\" referrerpolicy=\"no-referrer\"/></p><p><b>So how did Buffett, who has huge wealth, face it?</b></p><p>Buffett said:</p><p>\"Whenever I told Susan that we were going to get rich, she never showed much excitement. She either didn't care or didn't believe it. When we really accumulated great wealth, we had a fairly tacit approach to disposing of it, that is, giving it back to society.\"</p><p>\"Susan and I have never felt that we should leave so much money to our children. Our children are excellent. However, I want to make it clear that they have taken advantage in their upbringing and educational opportunities; therefore, it is neither right nor rational to give them countless dollars.\"</p><p>\"In fact, they already have an overwhelming lead in a society that advocates elites. The vast wealth of generations will further exacerbate the social equity we should be trying to maintain.\"</p><p>At the New York Public Library on June 26, 2006, Buffett took out five envelopes, each containing an arrangement for the distribution of his wealth, waiting only for his signature to take effect. The first three envelopes were simple. He signed them \"Dad\" and gave them to his three children: his daughter Susie, his eldest son Howard, and his second son Peter. The fourth letter was handed over to the representative of the charitable foundation to which the late wife donated. The four letters give a combined amount of wealth of $6 billion.</p><p>After Buffett signed the fifth letter, he handed it over to Melinda, the wife of Bill Gates at the time. In the letter, Buffett donated his Berkshire stock, then worth $30 billion, to the world's largest charity, the Bill & Melinda Gates Foundation.</p><p>\"They can use money more efficiently, and find the person who does things according to your ideas and does it better. Wouldn't it be more logical to entrust things to them,\" Buffett said?</p><p>This is the typical Buffett, always full of reason.</p><p><img src=\"https://static.tigerbbs.com/0c7926fdcbed0cb8a02ecdaa6f52efaa\" tg-width=\"1080\" tg-height=\"596\" referrerpolicy=\"no-referrer\"/></p><p>So, in Protestant Ethics and the Spirit of Capitalism, Max Weber says:</p><p>\"The so-called spirit of capitalism means that individuals regard their efforts to increase their own capital and their activities for that purpose as an action of due diligence, and that making money itself as an end, a professional responsibility, an expression of virtue and ability.\"</p><p>\"This economic behavior of modern rational capitalism is perfectly consistent with the well-organized and systematic ascetic lifestyle of the Protestants. The Protestant ascetic ethics provide a psychological<a href=\"https://laohu8.com/S/838275\">driving force</a>And moral energy. \"</p><p>- -Protestant Ethics and the Spirit of Capitalism by Max Weber</p><p>The capitalist spirit, that is, the Puritan spirit, regards the acquisition of wealth as a way to glorify God, and the sharing of wealth as a work for God.</p><p>In this way, Berkshire's \"One Mind\" framework diagram is complete.</p><p><img src=\"https://static.tigerbbs.com/d55e7bcb4e3c3d92076adb49997e8cf4\" tg-width=\"1080\" tg-height=\"606\" referrerpolicy=\"no-referrer\"/></p><p>Berkshire's value proposition is a capital holding company that pursues long-term capital value.</p><p>The breakdown point is value investment, which improves the efficiency of capital movement.</p><p>Iteration is the effective allocation of assets by capital, and feedback is the capital appreciation brought by assets.</p><p><b>The axiomatic thinking that underpins this \"one-thinking\" model is political economy and mathematics, which are the cornerstones of the Wealth of Nations, and the Puritan spirit becomes the source of inner determination when possessing wealth.</b></p><p><b>6. Why talk about Berkshire Hathaway and Buffett?</b></p><p>Can Berkshire and Buffett be replicated, one may ask? The answer is NO.</p><p>The United States of the 20th century, the corporate values of \"serving the interests of shareholders\", the abundant insurance float, the non-hedge fund mechanism, and the interactive resources with the Federal Reserve in times of crisis are all opportunities that non-ordinary asset managers or capitalists have.</p><p>Then why talk about Berkshire and Buffett?</p><p>George Johnson in Flame in the Heart says, \"Between reality and illusion, deep inside each person wants to discover a pattern to integrate the disordered world.\"</p><p>Everyone is looking for a pattern in their own inner world, but too much information interference and inner disorder make many people unable to find that way back.</p><p>Buffett said, \"<b>Our attitude is to align our personalities with the way we want to live.</b>\"When he breaks down value investing, he is breaking down his own way of living and managing, that is, his life.</p><p>What we want to learn is this spirit, aiming at pursuing commercial value, living thriftily, pursuing quality but not wasting, and finally giving back wealth to society.</p><p>That's true of Buffett, Berkshire, and all the businesses invested in.</p><p>Therefore, in 2015, at Buffett's shareholders' meeting, I had the opportunity to ask Buffett through a lucky lottery: \"Why is Berkshire, which has been managing for so many years, still so determined and passionate?\"</p><p><img src=\"https://static.tigerbbs.com/d14c232fa07e1a04dedda5596f316fe3\" tg-width=\"1080\" tg-height=\"610\" referrerpolicy=\"no-referrer\"/></p><p>He replied, \"<b>I have the life I want and I love every day. I mean, I tap-dance to work every day, drink six cans of Coke every day, and work with those people I like. There's nothing in the world like me working at Berkshire, and I'm lucky to be here.</b>”</p><p><b>epilogue</b></p><p>One of my favorite books, \"When Human Stars Shine,\" says, \"<b>The greatest luck in a man's life is to discover his life mission in the middle of his life, that is, when he is young and powerful.</b>”</p><p>Perhaps Buffett discovered his mission in life not in middle age, but as a teenager.</p><p>This kind of energy for people and careers to fulfill the mission call together is great, and the happiness of people and affairs is strong. This kind of love for people, things and society is what we should learn, and it is also the real determination in Buffett's heart.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c18dea7f7a333a9914ece4ba2cae08f4","relate_stocks":{"BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓","BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135927495","content_text":"提到“股神”巴菲特，大家一定会想起他那句名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”他为什么能如此与众不同，还总是保持正确？他对价值投资的胆识和魄力究竟来自哪里？他又是如何缔造出强大的伯克希尔·哈撒韦？相信，看过那么多关于巴菲特的文章，这一篇一定是最独特，且能让你印象深刻的。文章不仅有对巴菲特和伯克希尔的本质逻辑，击穿点和迭代反馈的相关分析，深度且成体系，还有对其人生信念，工作动力，财富观念的总结，让我们看到了一个90多岁的炽热灵魂。值得一提的是，本文的作者曾在2015年在巴菲特股东大会上，向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”大家猜一猜巴菲特是怎么回答的？1、伯克希尔·哈撒韦是谁？先来看看这家美国上市公司的简要情况：2022年4月6日这家公司股价是517002美元，是历史上股价最高的股票，总市值7616亿美元。在2022年财富世界500强中，伯克希尔·哈撒韦排名第11位。如果1965年投资1万美元购买伯克希尔（BRK）股票，那么在2021年你将拥有3.64亿美元。从1965年到2021年，56年来年化复利20.1%，远超标普500的10.5%的表现。伯克希尔·哈撒韦管理的总资产约1万亿美元，其中1500亿是现金或债券等流动性资产，3500亿是持仓股票，5000亿是股权投资，控制着美国的运输、能源和通讯等关键基础设施，以及很多现金流非常充裕的传统企业。猜猜管理这么多资产的公司总部有多少人？25人！而伯克希尔哈撒韦的老板，就是大名鼎鼎的巴菲特。巴老爷子，1930年8月30日出生的处女座，11岁第一次投资股票，19岁师从价值投资大师本杰明·格雷厄姆，27岁创业开办了自己的有限合伙投资公司。据福布斯排行榜数据，2022年，92岁的他个人财富为996亿美元，居全球第6位。然而，他已将自己近90%的财富捐给了社会。2、伯克希尔·哈撒韦的“一”是什么？伯克希尔的“一”是什么，其价值主张与其它的投资公司有什么不同？为什么在彼得·林奇、索罗斯、费雪、达里欧等投资大师中，大众独宠巴菲特一人，尊称其为“股神”？巴菲特解散合伙投资公司从格雷厄姆的公司回到奥马哈后，巴菲特于1957年开办了自己的投资公司，从10.5万美元的资产管理规模开始。巴菲特告诉他的合伙人，他希望每年战胜道琼斯指数10个百分点。结果是1957-1961年，道指上升75%，合伙企业上升251%，到1966年共10年里，道指上升123%，合伙企业上升1156%，巴菲特大大超出了他的目标，实际成绩是年化35%的收益。而在1969年，巴菲特解散了合伙投资企业。令人不解的是，这么好的业绩，应该大力募资才对，为什么要解散合伙投资企业呢？巴菲特说：“我知道在一个我认为自己不能做得很好，或者我不得不去做好的环境里，我是不想去管理其他人的钱的。”1969年的确是一个疯狂的市场，而巴菲特并不愿意改变他内心中的投资法则。在解散合伙投资企业后，他把全部精力放在了看似投资“失败”的纺织企业伯克希尔·哈撒韦上。伯克希尔与普通的基金公司有什么区别？伯克希尔本质上是一家资本控股公司，管理的是自己的钱，而普通基金公司管理的资金大部分是投资人的钱。这使得伯克希尔对于资金的看法与普通基金公司有本质的不同——伯克希尔把自己的资金，看作是资本。根据《西方经济学基础》，“资本是生产资料的一部分，是企业为购置从事生产经营活动所需的资产的资产来源，它是投资者对企业的投资，出现在资产负债表的右侧。资本的本质是获得利润。”有一个简单的公式，如果不考虑资本的成本的话：长期资本价值=资本投资*（1+资本回报率）^时间伯克希尔在管理自己的资本的时候，相比其它的资产管理公司，没有资金赎回风险，而且可以永续经营，公司赚的是资本循环增值的价值。而资产管理公司的资金，可能会由于市场的波动，投资者赎回，或者基金到期，无法长期经营管理。对于两种模式，资本市场也会给出不同的市值，贝莱德管理近10万亿美元规模的资产，市值为1123亿，而伯克希尔管理1万亿美元的资产，市值为7616亿美元。所以，基金公司属于资产管理公司，核心是短期的投资价值；而伯克希尔是资本控股公司，追求长期资本价值。作为大股东的巴菲特，更应该称他为资本家，而不是仅仅是投资专家。3、伯克希尔·哈撒韦击穿了什么？伯克希尔在资本管理领域击穿了什么，使得它能够如此不同？既然是资本管理，我们回到马克思的《资本论》，看看资本的本质是什么？根据马克思的《资本论》：“资本的本质特征之一是资本的运动性。资本之所以能够增值，能带来剩余价值，关键是它处在无休止的运动中，不断地从流通领域进入到生产领域，再由生产领域进入到流通领域，资本这种不间断的运动是资本取得价值的增值的必要前提和条件，一旦停止运动，资本就不能增值。”让资本增值最重要的事情是提升资本运动效率，资本运动效率越高，资本增值越快。马克思也提到：“剩余价值转化为利润，以剩余价值率转化为利润率为前提，即借助于利润率，才把已转化为成本价格超过额的剩余价值，进一步转化为预付总资本在一定周转期间内超过它自身价值的余额。总之，剩余价值是内在的本质或实体，而利润则是外在的现象或形式。”那么根据马克思的理论，高净利润率的公司一定就是好公司吗？巴菲特曾说过：“投资有三件最重要的事，第一是保住本金，第二是保住本金，第三是时刻牢记前两条。”再来看看巴菲特的第一个老师本杰明·格雷厄姆怎么说——“投资是经过分析，可以承诺本金安全，并提供满意回报的行为。不能满足这些要求的就是投机。”并且他提到了“安全边际”这个重要的词：“人们愿意为股票付出任何价格，根本不考虑进行数量分析，市场乐观标出的任何价格好像都是物有所值的。在这疯狂之巅，投资与投机的界限模糊了。要以安全边际的方法去挑选股票。”再根据一个简单的数学等式：安全边际=企业价值-企业价格，可知企业价格可以在市场上找到，那么如何正确地评估企业价值就成为重中之重。这时得到了一个我们非常熟悉的词汇——价值投资，是对企业的真实价值进行有效评估。巴菲特对企业进行估值并进行投资有12条原则。企业三原则的核心是，让企业价值判断变得简单，不熟不投，他说：“我不会挑战高难度的动作，就像运动会跨栏，有1英尺的杆，我绝不会选择7英尺。”管理三原则的核心是，巴菲特希望能够找到和他一样的管理者，能够有效配置公司资本，真正为股东的利益负责。财务四原则的核心是，如何找到正确反映企业运营能力的指标和指标组，计算真正的“股东盈余”，而且找到高利润率的企业。市场二原则的核心是，用未来现金流的折算，确定企业的市场价值，再根据安全边际，相对于企业的市场价值，能否以折扣价进行购买。我去查询了几家巴菲特持有多年的企业，如华盛顿邮报、可口可乐、盖可保险、大都会等企业，即便不是12条原则全部应用，但大部分是符合的。所以，在第二个问题“伯克希尔击穿了什么”中，答案是有安全边际的企业价值。4、伯克希尔·哈撒韦的迭代反馈是什么？作为多元控股型企业，伯克希尔管理近万亿美元的资产，其中非上市部分，绝大部分企业为全资拥有或可合并报表，而上市部分，持股比例也多为相对大股东或有董事会席位。伯克希尔的各个子公司产生大量现金流，提供给奥马哈总部。这些现金来源于巨大保险业务的浮存金，及全资拥有的非金融子公司的运营盈利。伯克希尔将这些现金作为资本要素进行再投资，投资于那些能产生更多现金的机会。每个子公司都有富有才华的管理团队负责日常工作，这样巴菲特可以集中100%的精力，专注于资本高效配置。巴菲特如何做好资本高效配置？John Whitmore有这样一个效能公式：p=P-i，这里第一个p是performance，效能的意思，第二个P是Potential，潜力的意思，i是interference，干扰的意思。人的潜能大多数是一样的，但干扰值区别很大。我们的效能低，不是因为潜能低，而是因为干扰太大了。那么，巴菲特是如何降低干扰的呢？奥马哈的极简生活首先巴菲特既不住在东部的纽约，也不住在西部的洛杉矶，而是中部内布拉斯加州的奥马哈。他的办公室是用了60年的办公楼，只租了半层；住的房子是60年前用5万美元买的房子。每天安静地在办公室里看年报打电话，成了巴菲特一生的习惯。减少决策次数的集中性投资以马柯维茨现代资产组合理论、尤金·法玛的有效市场假说及夏普的资本定价模型为基础，大多数资产管理人会把波动性看作资本市场的最大风险，所以分散、非相关性是控制风险最重要的思路。举个例子，挖水池是选择1千米宽的切口，打1米深。而巴菲特认为最大的风险是企业内在价值的丧失，如果价值没有了，安全边际就没有了，股票就应该卖出。选择优秀的价值企业，能透彻分析的企业个数一定不多。所以，巴菲特挖水池是选择1米宽的切口 ，打1千米深。巴菲特在集中与分散中，选择了不可思议的集中性持股，减少决策的次数，减少犯错的次数。巴菲特的交易是为了不交易，找到好企业而一直持有，这是一件“难而正确的事情”。数学概率论作为基础谈及决策，巴菲特说：“我们所要做的全部就是，将盈利概率乘上可能盈利的数量，减去亏损的概率乘上可能亏损的数量。”1654年，布莱斯·帕斯卡和皮埃尔·德·费马相互之间的一些信件往来奠定了概率论的基础，费马用的是代数方法，帕斯卡用的是几何方法。帕斯卡和费马的工作标志着决策理论的开始，决策理论就是当你不确定将要发生什么时，决定做什么的过程。而拜尔分析法提供了一个数学程序，根据新获得的信息，调整我们原有的预期，以改变相应的机率。大学里使用拜尔分析法帮助学生学习决策，在课堂上，被称为决策树理论。芒格说：“在哈佛商学院，第一年所学的全部，综合在一起实际上就是决策树理论。香农在1948年《通信的数学理论》中创造性地采用概率论的方法来研究通信中的问题。在香农信息理论的基础上，数学家凯利建立了优化公式。1956年，凯利写了《信息速率的新解读》，提出优化成长策略：如果你知道你成功的概率，你就知道配置多少的比例。公式是：2p-1=X，如果赢的概率是55%，那么2*55%-1=10%，此时应配置10%的比例；如果赢的概率是75%，那么275%-1=50%，此时应配置50%的比例。而巴菲特在应用凯利优化公式时，往往非常谨慎，当结果是20%配置比例的时候，他会在此基础上适当降低比例，通常是原数值的1/2或1/3。所以从概率论来看巴菲特的投资决策流程，如下图：屏蔽市场先生的报价影响看下图这样一个股票，可能你会觉得波动性太大了。但看这支股票，你会觉得越早上车越好。但这两张图其实是同一支股票，大名鼎鼎的苹果公司，仅是观察股价的时间频度不一样。巴菲特说：“投资就像打棒球一样，想要得分大家必须把注意力集中在场上，而不是紧盯着计分板。”当市场价格上下波动的时候，巴菲特所显现出来的淡定是自然的——他的内心是以企业内在价值不丧失作为风险控制标准的，而不是股价。巴菲特有句被说烂了的名言：“在别人恐惧的时候，我贪婪，别人贪婪的时候，我恐惧。”巴菲特笃定的是价值，而别人恐惧和贪婪的是股价。市场下跌的时候，反而是最大的买入机会，因为安全边际更大了。行为金融学的结论2011年，诺贝尔奖获得者丹尼尔·卡尼曼的《思考，快与慢》，将认知过程分为两个思维模式：直觉和理性，也就是系统1与系统2。系统1的决策多是机械的、快速的、未经大脑深思熟虑的；系统2的决策是经过认真思考的、经过推敲的、要求专注的。巴菲特无论是对自己，还是被投企业的管理层，要求最严格的，就是理性，特别是体现在资本高效配置方面的理性。巴菲特说：“我们的工作就是挑选出那些优秀的企业，它们每保留的一美元最终都会创造出超过一美元的资本价值。”当投资的资本反复运动，带来资本价值的时候，就完成了这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间。简单的事情，因影响其结果的变量少，往往是风险最小的事情，也是最持久的事情。整体看伯克希尔的”一思维“框架图，击穿点中的依据价值而进行投资，与巴菲特自己管理的伯克希尔有非常强的同构性。巴菲特按照自己的样子，筛选投资企业。这样就产生了多个伯克希尔分形，不断同频共振，提升了伯克希尔的整体资本价值。但面对这个简单而神奇的公式：长期资本价值=资本投资*（1+资本回报率）^时间，永远要问自己：是真的吗？永远是真的吗？有没有例外？5、伯克希尔·哈撒韦的公理化思维是什么？1776年，亚当·斯密在《国富论》中有一段精妙的描述：“我们每天所需的食物和饮料，不是出自屠户、酿酒商或面包师的恩惠，而是出于他们自利的打算。每个使用资本和劳动的个人，既不打算促进公共利益，也不知道他自己是在什么程度上促进那种利益。他受一只看不见的手的指导，去尽力达到一个并非他本意想要达到的目的。通过追逐自己的利益，他经常促进了社会的利益。”60年美国市场经济和资本市场波澜壮阔的发展，造就了巴菲特财富的大环境。那么拥有巨额财富的巴菲特，是如何面对的呢？巴菲特说：“无论何时，当我跟苏珊说我们会发财时，她从未表现得多么兴奋，要么毫不在意，要么是不予相信。当我们真的积累了巨额财富，在处置这笔财富的态度上我们相当默契，那就是将它们回馈给社会。”“我和苏珊从未觉得我们应该把这么多钱留给子女，我们的孩子都很出色。然而我要申明的一点是，在成长经历以及得到的教育机会，他们已经占尽了优势；因此，再赋予他们无数金钱既不正确，也不理智。”“实际上，在崇尚精英的社会里，他们已经拥有了压倒性的领先优势。世代相承的巨额财富，将会进一步加剧我们本应努力维护的社会公平。”2006年6月26日的纽约公共图书馆，巴菲特拿出五个信封，每一个信封里都装着一份他财富的分配安排，只等着他的签名即可生效。前三个信封很简单，他签名“爸爸”，然后分别给了三个子女：女儿苏茜、长子霍华德、次子彼得。第四封信交给已故妻子所捐的慈善基金会的代表。这四封信给出的财富总计金额为60亿美元。巴菲特签好第五封信后，交给了当时比尔·盖茨的妻子梅琳达。这封信中，巴菲特将他拥有的伯克希尔的股票，当时共计300亿美元的财富捐给了世界上最大的慈善机构，比尔&梅琳达·盖茨基金。巴菲特说：“他们可以更有效率地使用金钱，找到那个按照你的想法做事，而且做得更好的人，将事情委托给他们难道不更符合逻辑吗？”这就是典型的巴菲特，总是充满理性。所以，在《新教伦理与资本主义精神》中，马克思·韦伯说：“所谓的资本主义精神，是指个人把努力增加自己的资本并以此为目的活动视为一种尽责尽职的行动，把赚钱本身当作一种目的、一种职业责任、一种美德和能力的表现。”“这种现代理性资本主义的经济行为，与新教徒那种井井有条、系统安排的人世禁欲主义生活方式是完全相一致的。新教禁欲主义伦理为资本主义企业家提供了一种心理驱动力和道德能量。”--《新教伦理与资本主义精神》作者：马克思·韦伯资本主义精神，也就是清教徒精神，把获得财富当作是荣耀上帝的道路，也把分享财富当作是替上帝做的工作。这样，伯克希尔的“一思维”框架图就完整了。伯克希尔的价值主张是一家资本控股公司，追求长期资本价值。击穿点是价值投资，提高资本运动效率。迭代是资本有效配置资产，反馈是资产带来资本增值。支撑这个“一思维”模型的公理化思维是《国富论》为基石的政治经济学和数学，同时清教徒精神成为了拥有财富时内心笃定的思想来源。6、为什么要讲伯克希尔·哈撒韦和巴菲特？有人会问，伯克希尔和巴菲特可以复制吗？答案是NO。20世纪的美国、“为股东利益服务”的企业价值观、丰厚的保险浮存金、非对冲基金机制、危机时刻与美联储的互动资源，都是非一般资产管理人或资本家所拥有的机遇。那为什么要讲伯克希尔和巴菲特？乔治·约翰逊在《心中的火焰》中说，“在现实和虚幻之间，每个人的内心深处都想发现一种模式，以整合无序的世界。”每个人都在寻找自己内心世界中的一种模式，但太多的信息干扰和内心中的紊乱让很多人找不到那条归路。巴菲特说：“我们的态度就是，让我们的个性与我们希望的生活方式相一致。”他在击穿价值投资的时候，就在击穿他自己的生活和管理方式，也就是他的生命。我们要学习的就是这种精神，以追求商业价值为目标，自己生活节俭，追求品质但不浪费，最终将财富回馈于社会。巴菲特如此，伯克希尔如此，所有投资的企业也是如此。所以，2015年我在巴菲特股东大会上，通过幸运抽签，有机会向巴菲特提问：“已经管理了那么多年的伯克希尔，为什么还这么笃定、有激情？”他回答：“我拥有我想要的生活，我热爱每一天。我的意思是，我每天都跳着踢踏舞去上班，每天喝六罐可乐，与那些我喜欢的人一起工作。这世界上没有什么比得上我在伯克希尔工作更有乐趣，很幸运我在这里。”结语我最喜欢的一本书《人类群星闪耀时》说：“一个人生命中的最大幸运，莫过于在他的人生中途，即在他年富力强时发现了自己的人生使命。”可能巴菲特不是在中年，而是在少年时就已经发现了自己的人生使命。这种人和事业合在一起完成使命召唤的能量之大，人事合一的幸福感之强，这种对人、对事、对社会之爱，才是我们要学习的，也是巴菲特内心中真正的笃定。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":2354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096178893,"gmtCreate":1644340748398,"gmtModify":1676533914675,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096178893","repostId":"1132366562","repostType":2,"repost":{"id":"1132366562","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1644309477,"share":"https://ttm.financial/m/news/1132366562?lang=en_US&edition=fundamental","pubTime":"2022-02-08 16:37","market":"us","language":"zh","title":"Tesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory","url":"https://stock-news.laohu8.com/highlight/detail?id=1132366562","media":"老虎资讯综合","summary":"目前特斯拉上海工厂零部件国产化率还不到40%，约60%的配件要从美国进口。","content":"<p><html><head></head><body>Alameda County Public Health Authorities announced that Fremont, Calif.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Factories can expand their resumption of work this week and start building cars next Monday, provided that previously agreed safety precautions for workers are deployed. Industry analysts said that the resumption of Tesla's U.S. factory is of great significance for ensuring the supply of Tesla's new cars in the Chinese market and the production of Tesla's Shanghai factory. If the U.S. factory does not resume work for a long time, Tesla's Shanghai factory will also face a shortage of parts.</p><p>It is understood that at present, the localization rate of parts and components in Tesla's Shanghai factory is less than 40%, and about 60% of accessories are imported from the United States. (Shanghai Stock Exchange)</p><p><img src=\"https://static.tigerbbs.com/a11b4467b279875ca97be923d70a4453\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla US factory cleared to resume work, parts shortage expected to ease at Shanghai factory\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-02-08 16:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Alameda County Public Health Authorities announced that Fremont, Calif.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Factories can expand their resumption of work this week and start building cars next Monday, provided that previously agreed safety precautions for workers are deployed. Industry analysts said that the resumption of Tesla's U.S. factory is of great significance for ensuring the supply of Tesla's new cars in the Chinese market and the production of Tesla's Shanghai factory. If the U.S. factory does not resume work for a long time, Tesla's Shanghai factory will also face a shortage of parts.</p><p>It is understood that at present, the localization rate of parts and components in Tesla's Shanghai factory is less than 40%, and about 60% of accessories are imported from the United States. (Shanghai Stock Exchange)</p><p><img src=\"https://static.tigerbbs.com/a11b4467b279875ca97be923d70a4453\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f76b3cc53dd60ecb6eab407da188d689","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132366562","content_text":"美国阿拉梅达县公共卫生当局宣布，位于加利福尼亚州弗里蒙特的特斯拉工厂本周可以扩大复工，下周一开始制造汽车，条件是要将先前商定的工人的安全预防措施部署到位。业内分析人士表示，特斯拉美国工厂的复工对于保障中国市场特斯拉新车供应和特斯拉上海工厂的生产均有重要意义。如果美国工厂长时间不复工，特斯拉上海工厂也将面临零部件短缺局面。据了解，目前特斯拉上海工厂零部件国产化率还不到40%，约60%的配件要从美国进口。（上证报）","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378868466,"gmtCreate":1619016201955,"gmtModify":1704718389284,"author":{"id":"3574772487415898","authorId":"3574772487415898","name":"虎牛niu","avatar":"https://static.tigerbbs.com/58b1fd5780f0defde679aed1c3f85082","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772487415898","idStr":"3574772487415898"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/378868466","repostId":"2129872589","repostType":4,"isVote":1,"tweetType":1,"viewCount":2133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}