来自最伟大投资者的永恒智慧，永久免费。
The ten value investing principles of Buffett and Munger — margin of safety, circle of competence and intrinsic value — explained with Berkshire examples.
Why Munger argued you need mental models from multiple disciplines to make good decisions — and how the latticework changes an investment checklist.
Key takeaways from Buffett's 2024 Berkshire shareholder letter: record operating earnings, insurance float, the Treasury-bill pile and 59 years of compounding.
The emotional traps that cause investors to buy high and sell low — and the pre-commitments that stop investment psychology from costing you returns.
A practical framework for evaluating competitive advantages that last: pricing power, switching costs and the tests that separate a wide moat from a story.
What separates great CEOs from good ones is capital allocation: buybacks, acquisitions and reinvestment, judged by return on invested capital.
Why knowing what you do not know matters more than knowing more, and how to draw the boundary honestly.
Graham called it the central concept of investment. Here is how to actually quantify it instead of gesturing at it.
Lawrence Cunningham organised four decades of shareholder letters into one coherent book. Here is what it actually teaches.
Six decades of crashes, none of them predicted. The repeatable posture that let him act instead of freeze.
Why asking how you would lose money is more productive than asking how you would make it.
The disposition effect quietly fills portfolios with failures. Two questions break the pattern.
Moats do not vanish overnight. Four early warnings that a competitive advantage is quietly draining.
A buyback is not inherently good or bad. The only question is what the company gave up to buy its own shares.
You do not need to know everything. You need to know the boundary, and what happens when you cross it.
Buffett devoted a whole section of his 1989 letter to his own errors. It remains the best writing he has done.
A practical valuation routine built around one goal: preventing your own assumptions from being hidden from you.
Graham's 1949 book defined the discipline. Three of its ideas still do the heavy lifting.
Every input of a DCF, what each one assumes, and the two places virtually every model quietly breaks.
The ratio that connects business quality to compounding, and the four ways it gets quietly distorted.
The four reasons that justify selling, the three that do not, and the one question that removes your cost basis from the decision.
Concentration is not about a number. It is about what you know, what you correlate with, and what drawdown you can actually hold through.
Identical salaries, identical returns, twenty-five years. One household ends with five times more — and the variable that caused it was never stock picking.
“对知识的投资，回报最丰厚。”
- 本杰明·富兰克林（巴菲特引用）