[{"data":1,"prerenderedAt":205},["ShallowReactive",2],{"DlFXI4Eibt_Bn9lrEZz1TYbHCWFZj3IvqwHQSEW-Exc":3,"2vqlqKQDGJ-4ZTnH0RrWcxVKalVUZ3jXVXLZjylAs4Y":194},{"code":4,"msg":5,"data":6},0,"",{"category":7,"tag":11,"hot":39,"new":78,"banner":118,"data":143,"cache":193},[8,9,10],"Agent","OpenAI","LLM",[12,14,17,20,23,25,27,30,33,36],{"title":8,"total":13},39,{"title":15,"total":16},"Google",44,{"title":18,"total":19},"Nvidia",13,{"title":21,"total":22},"Claude",11,{"title":9,"total":24},35,{"title":10,"total":26},85,{"title":28,"total":29},"DeepSeek",9,{"title":31,"total":32},"OCR",1,{"title":34,"total":35},"Chat",7,{"title":37,"total":38},"Generator",116,[40,48,55,64,71],{"id":41,"publish_date":42,"is_original":4,"collection":5,"cover_url":43,"cover_url_1_1":44,"title":45,"summary":46,"author":47},557,"2022-04-29","article_res/cover/7a9b1375ed9bb298154981bae42b794d.jpeg","article_res/cover/afa281dd52bc0454e6735daa8e6b0706.jpeg","Translation and summary of Messari Report [2.8 Kristin Smith, Blockchain Association and Katie Haun, a16z]","We need unity and speed right now.","Translation",{"id":49,"publish_date":50,"is_original":4,"collection":5,"cover_url":51,"cover_url_1_1":52,"title":53,"summary":54,"author":47},531,"2022-05-25","article_res/cover/e8362057f8fa189594c60afdfaaeb6e5.jpeg","article_res/cover/8ea08d0d6fa7eee6b57ed4ec61b61ad6.jpeg","Decentralized Society: Finding Web3’s Soul / Decentralized Society: Finding the Soul of Web3 -7","Decentralization through Pluralism When analyzing ecosystems, it's desirable to measure how decentralized it is.",{"id":56,"publish_date":57,"is_original":32,"collection":58,"cover_url":59,"cover_url_1_1":60,"title":61,"summary":62,"author":63},127,"2024-11-14","#Google #AI Game #World Model #AI Story","article_res/cover/0233a875b7ec2debf59779e311547569.jpeg","article_res/cover/6ffddb6ae4914b3c699493311aa9f198.jpeg","Google Launches \"Unbounded\": A Generative Infinite Character Life Simulation Game","Unbounded: A Generative Infinite Game of Character Life Simulation","Renee's Entrepreneurial Journey",{"id":13,"publish_date":65,"is_original":32,"collection":66,"cover_url":67,"cover_url_1_1":68,"title":69,"summary":70,"author":63},"2025-02-14","#Deep Dive into LLMs #Andrej Karpathy #LLM #Tool Use #Hallucination","article_res/cover/11e858ad6b74dfa80f923d549b62855c.jpeg","article_res/cover/615e1b320f1fc163edc1d2d154a6de33.jpeg","Andrej Karpathy's in-depth explanation of LLM (Part 4): Hallucinations","hallucinations, tool use, knowledge/working memory",{"id":72,"publish_date":73,"is_original":4,"collection":5,"cover_url":74,"cover_url_1_1":75,"title":76,"summary":77,"author":47},579,"2022-04-07","article_res/cover/39387376ba28447af1eb40576b9df215.jpeg","article_res/cover/02727ede8551ed49901d0abe6d6305b7.jpeg","Messari Report Translation and Summary 【1-7 Surviving the Winter】","I’d be more cautious here: 10 year and 10 hour thinking only.",[79,87,95,103,111],{"id":80,"publish_date":81,"is_original":32,"collection":82,"cover_url":83,"cover_url_1_1":84,"title":85,"summary":86,"author":63},627,"2025-03-20","#AI Avatar #AI Video Generation","article_res/cover/d95481358f73924989f8c4ee9c75d1c8.jpeg","article_res/cover/b74bc0fab01f8b6a6aa87696c0c3ed8b.jpeg","DisPose: Generating Animated Videos by Driving Video with Reference Images","DisPose is a controllable human image animation method that enhances video generation.",{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},626,"2025-03-21","#Deep Dive into LLMs #LLM #RL #Andrej Karpathy #AlphaGo","article_res/cover/446553a5c8f8f2f07d97b20eaee84e56.jpeg","article_res/cover/e6c2823409c9b34624064b9acbaca6f1.jpeg","AlphaGo and the Power of Reinforcement Learning - Andrej Karpathy's Deep Dive on LLMs (Part 9)","Simply learning from humans will never surpass human capabilities.",{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},625,"2025-03-22","#Deep Dive into LLMs #LLM #RL #RLHF #Andrej Karpathy","article_res/cover/8da81d38b1e5cf558a164710fd8a5389.jpeg","article_res/cover/96f028d76c362a99a0dd56389e8f7a9b.jpeg","Reinforcement Learning from Human Feedback (RLHF) - Andrej Karpathy's Deep Dive on LLMs (Part 10)","Fine-Tuning Language Models from Human Preferences",{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},624,"2025-03-23","#Deep Dive into LLMs #LLM #Andrej Karpathy #AI Agent #MMM","article_res/cover/a5e7c3d48bb09109684d6513287c661d.jpeg","article_res/cover/d3f22b7c0ab8d82fd2da457a299e0773.jpeg","The Future of Large Language Models - Andrej Karpathy's In-Depth Explanation of LLM (Part 11)","preview of things to come",{"id":112,"publish_date":105,"is_original":32,"collection":113,"cover_url":114,"cover_url_1_1":115,"title":116,"summary":117,"author":63},623,"#Google #Voe #AI Video Generation","article_res/cover/c44062fea0f336c2b96b3928292392c2.jpeg","article_res/cover/a041041c69092ad3db191c5bf3ff981b.jpeg","Trial of Google's video generation model VOE2","Our state-of-the-art video generation model",[119,127,135],{"id":120,"publish_date":121,"is_original":32,"collection":122,"cover_url":123,"cover_url_1_1":124,"title":125,"summary":126,"author":63},160,"2024-10-04","#Philosophy","article_res/cover/496990c49211e8b7f996b7d39c18168e.jpeg","article_res/cover/14dbaa1ade9cb4316d5829423a900362.jpeg","Time","The fungus of the morning does not know the waxing and waning of the moon, and the cicada does not know the seasons; this is a short life. To the south of the state of Chu there is a dark spirit which regards five hundred years as spring and five hundred years as autumn. In ancient times there was a great tree called the Ming which regarded eight thousand years as spring and eight thousand years as autumn; this is a long life.",{"id":128,"publish_date":129,"is_original":32,"collection":130,"cover_url":131,"cover_url_1_1":132,"title":133,"summary":134,"author":63},98,"2024-12-17","#AI Video Generator #Sora #Pika","article_res/cover/3b86e85d03fff4f356a3e4cf2bb329c9.jpeg","article_res/cover/5fa5c20ad0b40f8f544d257c0ef02938.jpeg","Pika 2.0 video generation officially released: effect comparison with Sora","今天，我们推出了Pika 2.0模型。卓越的文字对齐效果。惊人的视觉表现。还有✨场景成分✨",{"id":136,"publish_date":137,"is_original":32,"collection":138,"cover_url":139,"cover_url_1_1":140,"title":141,"summary":142,"author":63},71,"2025-01-14","#Nvidia #World Foundation Model #Cosmos #Physical AI #Embodied AI","article_res/cover/feddf8c832dfb45d28804291f6a42a9e.jpeg","article_res/cover/d6bc2f1186d96b78228c2283a17a3645.jpeg","NVIDIA's Cosmos World Model","Cosmos World Foundation Model Platform for Physical AI",[144,163,188],{"title":8,"items":145},[146,147,155],{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},{"id":148,"publish_date":149,"is_original":32,"collection":150,"cover_url":151,"cover_url_1_1":152,"title":153,"summary":154,"author":63},622,"2025-03-24","#OWL #AI Agent #MAS #MCP #CUA","article_res/cover/cb50ca7f2bf4d1ed50202d7406e1c19a.jpeg","article_res/cover/4aa7aa3badfacf3cc84121334f1050dd.jpeg","OWL: Multi-agent collaboration","OWL: Optimized Workforce Learning for General Multi-Agent Assistance in Real-World Task Automation",{"id":156,"publish_date":157,"is_original":32,"collection":158,"cover_url":159,"cover_url_1_1":160,"title":161,"summary":162,"author":63},620,"2025-03-26","#LLM #Google #Gemini #AI Agent","article_res/cover/53751a6dbbe990b1eb0b63f3b062aed4.jpeg","article_res/cover/031344981f0a212ff82d1f3a64aa5756.jpeg","Gemini 2.5 Pro, claimed to be far ahead of the competition, has been released with great fanfare: comprehensively surpassing other LLMs and topping the global rankings","Gemini 2.5: Our most intelligent AI model",{"title":9,"items":164},[165,172,180],{"id":166,"publish_date":157,"is_original":32,"collection":167,"cover_url":168,"cover_url_1_1":169,"title":170,"summary":171,"author":63},619,"#OpenAI #AI Image Generator #4o #MMM #AR Transformer","article_res/cover/2faffc97fcecf3151552cb0fd3206d89.jpeg","article_res/cover/1133cb4948af44cee2e7fbe79efb69e5.jpeg","The native image function of GPT-4o is officially launched","Introducing 4o Image Generation",{"id":173,"publish_date":174,"is_original":4,"collection":175,"cover_url":176,"cover_url_1_1":177,"title":178,"summary":179,"author":63},434,"2023-07-15","#Anthropic #OpenAI #Google #AI Code Generator #Claude","article_res/cover/e1b6f600a2b9f262a4392684e5f2ce25.jpeg","article_res/cover/6e1772e83f78f9a351ab23d3e414adee.jpeg","Latest Updates on Google Bard /Anthropic Claude2 / ChatGPT Code Interpreter","We want our models to use their programming skills to provide more natural interfaces to the basic functions of our computers.  \n - OpenAI",{"id":181,"publish_date":182,"is_original":4,"collection":183,"cover_url":184,"cover_url_1_1":185,"title":186,"summary":187,"author":63},417,"2023-08-24","#OpenAI","article_res/cover/bccf897d50a88b18364e35f7466387e0.jpeg","article_res/cover/2f871085c1073717c1703ae86e18056f.jpeg","The GPT-3.5 Turbo fine-tuning (fine-tuning function) has been released～","Developers can now bring their own data to customize GPT-3.5 Turbo for their use cases.",{"title":10,"items":189},[190,191,192],{"id":88,"publish_date":89,"is_original":32,"collection":90,"cover_url":91,"cover_url_1_1":92,"title":93,"summary":94,"author":63},{"id":96,"publish_date":97,"is_original":32,"collection":98,"cover_url":99,"cover_url_1_1":100,"title":101,"summary":102,"author":63},{"id":104,"publish_date":105,"is_original":32,"collection":106,"cover_url":107,"cover_url_1_1":108,"title":109,"summary":110,"author":63},true,{"code":4,"msg":5,"data":195},{"id":196,"publish_date":197,"is_original":32,"collection":198,"articles_id":199,"cover_url":200,"cover_url_1_1":201,"title":202,"summary":203,"author":63,"content":204},207,"2024-08-01","#Buffett","kC3SlSg5zPlaPdKOIP3rBQ","article_res/cover/1aa0c688a3c0c88bdbe206fef021d450.jpeg","article_res/cover/22e9be4de3802e882c2d274130d477d5.jpeg","Buffett's Letter to Shareholders 1963","我不能保证结果，但我可以承诺一个共同的命运。","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>It's been a while since the last update on the Buffett series. Today, let's take a look at the evolution of this master's investment letters.\u003C/p>\u003Ch2 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 22px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">Fund Performance\u003C/span>\u003C/h2>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>As usual, it outperformed the market, and compared with other investment firms, it performed better than its peers:\u003C/p>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100006146\" data-ratio=\"0.275\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423803171870.9041652993419766.png\">\u003C/p>\u003Ch2 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 22px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">The key points I found interesting in this letter are:\u003C/span>\u003C/h2>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>: The convenience of operation, the freedom from decision-making, and the advantage of automatic diversification. Perhaps most importantly, they provide isolation to avoid temptation and prevent many investors from adopting clearly inferior techniques.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>. The other day, in my notes on the beauty of systems, this is a leverage point for an enhancement loop. The old man also gave an example: In 1540, Francis I of France purchased Leonardo da Vinci's \"Mona Lisa\" for 4,000 écus (20,000 dollars). If Francis had kept his feet on the ground, and he (and his trustees) could have found a post-tax investment return of 6%, then the value of his estate today would exceed 10 trillion dollars, more than 3,000 times the current national debt, all stemming from the power of 6% compound interest.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>. If all other things are equal, he would rather have someone else do the job. However, when active participation is necessary for optimizing capital deployment, investors can be sure that Buffett will not sit on the sidelines. I once read \"Good Strategy Bad Strategy,\" where journalists asked many executives of large companies about their corporate strategies and heard words like globalization, diversification, and various fancy terms; when they asked Jobs, what's your strategy, he simply said wait, wait for the next big opportunity.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>is sometimes an advantage and sometimes a disadvantage. Whether the asset base of Buffett's investment company is $1 million or $5 million, the current investment portfolio cannot be improved. The idea bank seems to always be 10% ahead of the bank account. If this changes, investors will certainly hear from Buffett.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>: Buffett has all his eggs in the BPL basket and intends to keep them there. The outcome cannot be guaranteed, but a shared fate can. Moreover, Buffett's three children, mother, father, two sisters, two brothers-in-law, father-in-law, four aunts, four cousins, and five nieces and nephews have collectively invested $1,247,190 directly or indirectly in BPL.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>is too well controlled.\u003C/p>\u003Ch2 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 22px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">TEXAS NATIONAL PETROLEUM\u003C/span>\u003C/h2>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">background\u003C/span>\u003C/h3>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>This is a typical case of reorganization, originating from the top source of reorganizations in recent years—the sale of oil and gas production companies.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>TNP was a relatively small producer that Buffett had heard of over the years. In early 1962, Buffett heard rumors about its potential sale to Union Oil Company of California, but he never acted based on such information. However, this rumor turned out to be true. More money could have been made if one got involved during the rumor stage rather than waiting for the announcement stage. Nevertheless, that's someone else's business, not what Buffett thought he could make. (Make the money you can make 💰)\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">TNP Investment\u003C/span>\u003C/h3>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>In early April 1962, the basic terms of the deal were announced. TNP then had three classes of outstanding securities:\u003C/p>\u003Col style='margin-top: 8px;margin-bottom: 8px;;padding-left: 25px;color: rgb(0, 0, 0);font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);' class=\"list-paddingleft-1\">\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">: They can be redeemed at a price of 104 1/4, and will continue to pay interest until the transaction is completed, at which point they will be redeemed. The total amount of these bonds is $6.5 million, and Buffett purchased $264,000 worth of principal before the transaction was completed.\u003C/p>\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">: Approximately 3.7 million shares, of which about 40% are held by executives and directors. The proxy statement estimates liquidation proceeds of $7.42 per share. Within six months from the announcement to the completion of the deal, Buffett purchased 64,035 shares of common stock.\u003C/p>\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">: A total of 650,000 warrants, each allowing the purchase of one share of common stock at $3.50. Based on the estimated liquidation price of $7.42 per common share in the proxy statement, the liquidation price for each warrant is estimated at $3.92. Within six months, Buffett purchased 83,200 warrants, representing approximately 13% of the total issued.\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>This operation demonstrates the strategy of Buffett's investment institution in restructuring deals, which involves diversifying investments across different types of securities to maximize potential returns.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>The risk of shareholder rejection is virtually zero. The deal was negotiated by the controlling shareholder, and the price is reasonable. Any similar transaction would require due diligence investigations and legal opinions, but these risks can almost be ignored. There are no antitrust issues. The only issue is obtaining the necessary tax ruling. Union Oil used a standard ABC production payment financing method. USC is the holder of the production payment, and its charitable status caused some delays. This is a new issue for the tax bureau, but Buffett learned that USC was willing to waive this right and could still achieve satisfactory profits after borrowing all the funds from the bank. Although resolving this issue caused delays, it did not threaten the deal.\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">The outcome of the TNP deal\u003C/span>\u003C/h3>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>When Buffett spoke with the company on April 23 and 24, they estimated the deal would close in August or September. Ultimately, the expected dividend remained at $7.42 per share. The ruling was received in late September, and the deal closed on October 31. Buffett's bonds were redeemed on November 13. Buffett then converted the warrants into common stock and received a payment of $3.50 per share on December 14, 1962, $3.90 per share on February 4, 1963, and $0.15 per share on April 24, 1963. Buffett might receive another $0.04 per share within one or two years. For the 147,235 shares held (after exercising the warrants), even $0.04 per share is meaningful.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>It fits the usual pattern:\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>(1) The transaction took longer than originally planned;\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>(2) The amount paid was often better than estimated. For TNP, it took a few more months, but Buffett also earned a few more percentage points.\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">The financial results of TNP are as follows:\u003C/span>\u003C/h3>\u003Col style='margin-top: 8px;margin-bottom: 8px;;padding-left: 25px;color: rgb(0, 0, 0);font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);' class=\"list-paddingleft-1\">\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Buffett invested $260,773, with an average holding period of slightly less than five months. Buffett received 6.5% interest and realized a capital appreciation of $14,446. This is equivalent to an overall annual return of approximately 20%.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Buffett realized a capital appreciation of $89,304, with the current valuation of his holdings at $2,946. From an initial investment of $146,000 in April, by October, the value of Buffett's holdings reached $731,000. Based on the time the funds were employed, the annual rate of return was approximately 22%.\u003C/section>\u003C/li>\u003C/ol>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>In both cases, the returns are based on fully equity-financed investments. Buffett believes that moderate borrowing is reasonable for a portfolio of reorganization stocks, but it is a very dangerous practice for common stocks.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>Buffett does not consider TNP to be a stunning victory. He has had better reorganization deals and worse ones. It is a typical example of Buffett's day-to-day operations. Buffett strives to obtain all possible facts, monitors developments continuously, and evaluates them based on his experience. Of course, Buffett does not participate in every transaction that arises — their attractiveness varies considerably. When a reorganization deal fails, the result is a significant decline in market value. Therefore, Buffett cannot afford too many mistakes, although he constantly emphasizes to investors that occasional errors will occur (adjusting expectations).\u003C/p>\u003Ch2 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 22px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">DEMPSTER MILL MFG.\u003C/span>\u003C/h2>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>In 1961, after taking control of the company, Buffett promoted the executive vice president to president to observe how he would perform without the constraints of previous policies. The results were unsatisfactory, so on April 23, 1962, Buffett hired Harry Bottle as president. (Mentioned in past letters)\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">Harry took the following several key measures:\u003C/span>\u003C/h3>\u003Col style='margin-top: 8px;margin-bottom: 8px;;padding-left: 25px;color: rgb(0, 0, 0);font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);' class=\"list-paddingleft-1\">\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Reduced inventory from over $4 million (much of which was slow-moving) to less than $1 million, significantly decreasing holding costs and obsolescence risks.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Released capital accordingly for the purchase of marketable securities, generating gains of over $400,000.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Reduce management and sales expenses from $150,000 per month to $75,000.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Decrease factory overhead costs from $6 per direct labor hour to $4.5 per direct labor hour.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">：Closed five loss-making branch operations, retained three profitable ones, and replaced them with more productive distributors.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">：Cleaned up the operation of an affiliated plant in Columbus, Nebraska.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">：Cancelled capital-intensive production lines that did not generate profits, allowing the funds to be more advantageously employed in securities investments.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: The price of repair parts was adjusted, resulting in an additional profit of about $200,000 without significantly reducing sales volume.\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">: Through these and many other measures, profitability was restored to a level commensurate with the capital employed.\u003C/section>\u003C/li>\u003C/ol>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>These measures significantly improved the company's financial condition and operational efficiency, demonstrating Harry's exceptional talent in management and restructuring.\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">Dempster's handling in 1963\u003C/span>\u003C/h3>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>In 1963, due to the company facing heavy corporate taxes (Harry quickly exhausted the tax loss carryforwards), and excessive liquid assets within the company, Buffett had to choose between dissolving the company or selling the business. Buffett planned to complete one of these by the end of 1963. Dissolving the company had many issues but would effectively double the partners' returns and eliminate the corporate capital gains tax issue on Dempster securities.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>name from the new company) is now almost entirely cash and tradable securities. In BPL’s year-end audit, the First Beatrice shares were valued at their asset value (securities at market value) minus a $200,000 contingency reserve.\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">Subsequent Expectations\u003C/span>\u003C/h3>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>Buffett believed the buyer would do well with Dempster. The new buyer made a strong impression on Buffett, clearly being a capable person with solid plans to expand the business and improve profitability. Buffett would have been happy to operate Dempster on a non-corporate basis, but selling it at a reasonable price also left him very satisfied. Buffett's business is about making great purchases—not extraordinary sales.\u003C/p>\u003Cp style='margin-bottom: 0px;;color: rgb(0, 0, 0);font-size: 16px;line-height: 1.8em;letter-spacing: normal;text-align: left;padding-top: 8px;padding-bottom: 8px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;text-wrap: wrap;background-color: rgb(255, 255, 255);'>Harry works in the same way as Buffett—he likes big carrot rewards. He is currently a limited partner of BPL, and the next time Buffett has a similar streamlined operation, he will be one of the top candidates. (Talent Card ✅)\u003C/p>\u003Ch3 style='margin-top: 30px;margin-bottom: 15px;color: rgba(0, 0, 0, 0.85);;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>\u003Cspan style=\";font-size: 20px;color: rgb(0, 0, 0);line-height: 1.5em;letter-spacing: 0em;font-weight: bold;display: block;\">The Dempster event brought several lessons:\u003C/span>\u003C/h3>\u003Col style='margin-top: 8px;margin-bottom: 8px;;padding-left: 25px;color: rgb(0, 0, 0);font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);' class=\"list-paddingleft-1\">\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">: Buffett's approach to business has little in common with the high-flying hot stock combinations. During the period when the latter is popular, Buffett's investment institution may appear rather staid. For Buffett, it is advantageous if securities remain unchanged in price for months or even years, as this allows continuous purchasing over time. This emphasizes the need to measure results over a sufficiently long period; Buffett recommends at least three years.\u003C/p>\u003C/section>\u003C/li>\u003Cli style=\";\">\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">: Such an open policy will never improve outcomes and can, in some cases, severely harm Buffett’s investment institution. Therefore, if anyone, including partners, asks Buffett whether he is interested in a particular security, Buffett instructs his team to invoke the \"Fifth Amendment\" and decline to answer.\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\u003Csection style=\";margin-top: 5px;margin-bottom: 5px;color: rgb(1, 1, 1);line-height: 1.8em;letter-spacing: 0em;\">\u003Cp style=\";color: rgb(0, 0, 0);line-height: 1.8em;letter-spacing: 0em;text-indent: 0em;padding-top: 8px;padding-bottom: 8px;\">\u003Cspan style='color: rgb(0, 0, 0);font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;background-color: rgb(255, 255, 255);'>*\u003C/span>\u003Cem style=';color: rgb(0, 0, 0);background: none 0% 0% / auto no-repeat scroll padding-box border-box rgb(255, 255, 255);width: auto;height: auto;border-style: none;border-width: 3px;border-color: rgba(0, 0, 0, 0.4);border-radius: 0px;font-family: Optima, \"Microsoft YaHei\", PingFangSC-regular, serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Note: \"The Fifth Amendment\" refers to the rights under the Fifth Amendment of the U.S. Constitution, which includes the right to refuse to incriminate oneself. Specifically, in the context of investment, this means we will not disclose any information about current investment operations to avoid potentially adverse outcomes—similar to how, in legal proceedings, individuals can refuse to answer questions that might incriminate them. Using this analogy illustrates our confidentiality strategy regarding current investments, which protects our investment plans and prevents possible market manipulation or unnecessary trouble.\u003C/em>\u003C/p>\u003C/section>\u003Cp style=\"display: none;\">\u003Cmp-style-type data-value=\"3\">\u003C/mp-style-type>\u003C/p>\u003C/div>",1752585456242]