[{"data":1,"prerenderedAt":205},["ShallowReactive",2],{"DlFXI4Eibt_Bn9lrEZz1TYbHCWFZj3IvqwHQSEW-Exc":3,"75wQ6l5Miz2VVN2giLUXBn-PbKUkgPGXqh06oy0s2Jg":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},241,"2024-06-19","#Buffett","I3JPs20Z5NgwR3Q0NJBu6Q","article_res/cover/e9f06585ea8d717328cffc138cfe2b7e.jpeg","article_res/cover/48019c178cb6a89cf9f1536fa3a39027.jpeg","Warren Buffett's Letter to Shareholders - 1962","Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Fund Performance\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Cstrong>First Half Performance\u003C/strong>：\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">From the end of 1961 to June 30, 1962, the Dow Jones Index fell from 731.14 points to 561.28 points, a decline of 21.7%.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">In the first half of 1962, Buffett achieved one of his best historical performances, with a result of -7.5%, which was much better compared to the overall result of the Dow Jones Index at -21.7%.\u003C/section>\u003C/li>\u003C/ul>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Cstrong>Annual Performance\u003C/strong>：\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">For the entire year of 1962, the overall result of the Dow Jones Index was -7.6%.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Buffett's overall annual record was +13.9%.\u003C/section>\u003C/li>\u003C/ul>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Quotes\u003C/h3>\u003Cblockquote data-tool=\"mdnice编辑器\" style='margin-top: 20px;margin-bottom: 20px;padding: 10px 10px 10px 20px;border-left-color: rgba(0, 0, 0, 0.4);color: rgb(106, 115, 125);font-size: 0.9em;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;border-top: none;border-right: none;border-bottom: none;overflow: auto;background: rgba(0, 0, 0, 0.05);'>\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;font-size: 16px;color: black;line-height: 26px;\">\"To most of you this material will seem unduly repetitious, but I would rather have nine partners out of ten mildly bored than have one out of ten with any basic misconceptions.\"\u003C/p>\u003C/blockquote>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>The text mentions over-communication. We have an experienced American partner in our company who places great emphasis on \"over-communication.\" By repeatedly emphasizing basic information, we ensure that everyone correctly understands the investment philosophy and strategy.\u003C/p>\u003Cblockquote data-tool=\"mdnice编辑器\" style='margin-top: 20px;margin-bottom: 20px;padding: 10px 10px 10px 20px;border-left-color: rgba(0, 0, 0, 0.4);color: rgb(106, 115, 125);font-size: 0.9em;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;border-top: none;border-right: none;border-bottom: none;overflow: auto;background: rgba(0, 0, 0, 0.05);'>\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;font-size: 16px;color: black;line-height: 26px;\">\"Whether we do a good job or a poor job is not to be measured by whether we are plus or minus for the year. It is instead to be measured against the general experience in securities as measured by the Dow- Jones Industrial Average, leading investment companies, etc.\"\u003C/p>\u003C/blockquote>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>It is always compared with opportunity cost. A single year’s performance cannot fully reflect the effectiveness of an investment strategy. Comparing with market benchmarks can help better understand the long-term effects of investments.\u003C/p>\u003Cblockquote data-tool=\"mdnice编辑器\" style='margin-top: 20px;margin-bottom: 20px;padding: 10px 10px 10px 20px;border-left-color: rgba(0, 0, 0, 0.4);color: rgb(106, 115, 125);font-size: 0.9em;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;border-top: none;border-right: none;border-bottom: none;overflow: auto;background: rgba(0, 0, 0, 0.05);'>\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;font-size: 16px;color: black;line-height: 26px;\">\"Our investments will be chosen on the basis of value, not popularity.\"\u003C/p>\u003C/blockquote>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Investment choices should be based on value rather than following popular market trends. This value investing method focuses on the inherent financial condition and potential growth ability of companies, rather than short-term market fluctuations and emotions.\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>On Compound Interest\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>We often emphasize the magic of compound interest. However, in the 1962 shareholder letter, Mr. Buffett specifically discussed it again.\u003C/p>\u003Csection data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;color: rgb(0, 0, 0);font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;overflow-x: auto;'>\u003Ctable>\u003Cthead>\u003Ctr style=\"border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-top-style: solid;border-top-color: rgb(204, 204, 204);background-color: white;\">\u003Cth style=\"border-top-width: 1px;border-color: rgb(204, 204, 204);background-color: rgb(240, 240, 240);text-align: left;min-width: 85px;\">\u003Cbr>\u003C/th>\u003Cth style=\"border-top-width: 1px;border-color: rgb(204, 204, 204);background-color: rgb(240, 240, 240);text-align: left;min-width: 85px;\">5%\u003C/th>\u003Cth style=\"border-top-width: 1px;border-color: rgb(204, 204, 204);background-color: rgb(240, 240, 240);text-align: left;min-width: 85px;\">10%\u003C/th>\u003Cth style=\"border-top-width: 1px;border-color: rgb(204, 204, 204);background-color: rgb(240, 240, 240);text-align: left;min-width: 85px;\">15%\u003C/th>\u003C/tr>\u003C/thead>\u003Ctbody style=\"border-width: 0px;border-style: initial;border-color: initial;\">\u003Ctr style=\"border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-top-style: solid;border-top-color: rgb(204, 204, 204);background-color: white;\">\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">10 years\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$162,889\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$259,374\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$404,553\u003C/td>\u003C/tr>\u003Ctr style=\"border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-top-style: solid;border-top-color: rgb(204, 204, 204);background-color: rgb(248, 248, 248);\">\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">20 years\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$265,328\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$672,748\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$1,636,640\u003C/td>\u003C/tr>\u003Ctr style=\"border-width: 1px 0px 0px;border-right-style: initial;border-bottom-style: initial;border-left-style: initial;border-right-color: initial;border-bottom-color: initial;border-left-color: initial;border-top-style: solid;border-top-color: rgb(204, 204, 204);background-color: white;\">\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">30 years\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$432,191\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$1,744,930\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">$6,621,140\u003C/td>\u003C/tr>\u003C/tbody>\u003C/table>\u003C/section>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Buffett emphasized that even a few percentage point advantages relative to the Dow Jones Index are very worthwhile achievements. Over one or two decades, such advantages can translate into significant capital growth. By focusing on returns slightly higher than the market average, investors can achieve substantial wealth accumulation in the long term.\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Dempster Mill Manufacturing Company\u003C/h3>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>. The investment in Dempster Mill belongs to the third strategy control, owning 73% of Dempster Mill. Dempster mainly engages in farm tools (mostly retailing for less than $1,000), water systems, well supplies, and pipe products.\u003C/p>\u003Ch4 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 18px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Financial Status\u003C/h4>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Cstrong>Initial Financial Status:\u003C/strong>\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Assets (in thousands omitted)\u003C/section>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100005019\" data-ratio=\"0.7527777777777778\" data-s=\"300,640\" data-type=\"png\" data-w=\"1080\" style='color: rgb(1, 1, 1);font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: center;text-wrap: wrap;width: 364px;height: 274px;' src=\"https://res.cooltool.vip/article_res/assets/17423804076160.02650811254422547.png\">\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Liabilities (in thousands omitted)\u003C/section>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100005020\" data-ratio=\"0.6823104693140795\" data-s=\"300,640\" data-type=\"png\" data-w=\"554\" style='color: rgb(1, 1, 1);font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: center;text-wrap: wrap;width: 224px;height: 153px;' src=\"https://res.cooltool.vip/article_res/assets/17423804076150.18266180995405668.png\">\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Net Assets (in thousands omitted) $4,601\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Adjusted Net Assets (in thousands omitted) $2,120\u003C/section>\u003C/li>\u003C/ul>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Per Share Value:\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Buffett's cost of purchasing shares: In August 1961, he obtained control at an average price of about $28 per share. He bought some stocks as low as $16 in earlier years, but most were purchased at $30.25 in August.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>He then hired Harry Bottle to manage. Harry was undoubtedly the man of the year. He achieved every goal Buffett set for him, and all surprises were pleasant ones. He completed task after task considered impossible, always starting with the most difficult things. Dempster's breakeven point was almost halved, slow-moving or obsolete goods were sold or written off, marketing procedures were reformed, and unprofitable facilities were sold.\u003C/p>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>\u003Cstrong>The company's adjusted balance sheet:\u003C/strong>\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Assets (in thousands omitted)\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Liabilities (in thousands omitted)\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Net Assets (in thousands omitted) $4,077\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Adjusted Net Assets (in thousands omitted) $3,125\u003C/section>\u003C/li>\u003C/ul>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>Per Share Value: (\u003C/p>\u003Cul data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">$60,000 is Harry Bottle's potential gain if he exercises his options.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">2,000 is the possible increase in the number of shares after exercising the options.\u003C/section>\u003C/li>\u003C/ul>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Summary\u003C/h3>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: Although there was a reduction in net assets due to clean-up and asset impairment (a write-off of $550,000 from inventory; fixed assets brought gains exceeding book value), Dempster converted assets into cash much faster than implied by the valuation a year ago.\u003C/p>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: Dempster partially shifted assets from underperforming manufacturing businesses to what Buffett considered good businesses — securities.\u003C/p>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: By purchasing assets at favorable prices, Buffett did not need to rely on any special means to achieve excellent percentage gains. This is the cornerstone of Buffett's investment philosophy: \"Never count on selling at a good price. Make the purchase price so attractive that even mediocre sales can bring good results. Better sales will be icing on the cake.\"\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\u003Cblockquote data-tool=\"mdnice编辑器\" style='margin-top: 20px;margin-bottom: 20px;padding: 10px 10px 10px 20px;border-left-color: rgba(0, 0, 0, 0.4);color: rgb(106, 115, 125);font-size: 0.9em;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;border-top: none;border-right: none;border-bottom: none;overflow: auto;background: rgba(0, 0, 0, 0.05);'>\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;font-size: 16px;color: black;line-height: 26px;\">\"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. The better sales will be the frosting on the cake.\"\u003C/p>\u003C/blockquote>\u003Cp data-tool=\"mdnice编辑器\" style='margin-bottom: 0px;padding-top: 8px;padding-bottom: 8px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;line-height: 26px;'>This advantage is similar to what Brother Cong often says: We cannot depend on luck🍀 for success in doing things. Having luck is certainly good, and we welcome it with open arms, but more importantly, we must do things solidly.\u003C/p>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Harry Bottle's Role and Future Impact\u003C/h3>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img\" data-galleryid=\"\" data-imgfileid=\"100005016\" data-ratio=\"1\" data-s=\"300,640\" data-type=\"jpeg\" data-w=\"200\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423804076470.6052179052452125.jpeg\">\u003C/p>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-1\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: Harry had never thought about running a farm tool company before taking over, but he demonstrated high flexibility and diligence. He could quickly execute once policies were determined and enjoyed earning high compensation through superior performance.\u003C/p>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: Harry and Buffett liked each other and did not pursue luxurious office facilities. This pragmatic attitude and efficient execution are highly beneficial for future controlling investments.\u003C/p>\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">: This partnership is expected to bring substantial returns to Buffett Partnership, Ltd., and play an important role in future controlling investments.\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\u003Ch3 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 20px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;letter-spacing: normal;text-align: left;text-wrap: wrap;'>Takeaways\u003C/h3>\u003Col data-tool=\"mdnice编辑器\" class=\"list-paddingleft-2\" style='margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 557.438px;color: black;font-family: Optima-Regular, Optima, PingFangSC-light, PingFangTC-light, \"PingFang SC\", Cambria, Cochin, Georgia, Times, \"Times New Roman\", serif;font-size: 16px;letter-spacing: normal;text-align: left;text-wrap: wrap;'>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">\u003Cstrong>Re-emphasizing Compound Interest\u003C/strong>\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\u003Cul class=\"list-paddingleft-1\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 531.898px;list-style-type: disc;\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The importance of the power of compound interest in long-term investments, achieving significant wealth growth through continuous return accumulation.\u003C/section>\u003C/li>\u003C/ul>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">\u003Cstrong>Do Not Rely on Luck\u003C/strong>\u003C/p>\u003C/section>\u003C/li>\u003Cul class=\"list-paddingleft-1\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 531.898px;list-style-type: disc;\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Success should not depend on luck but should be achieved through solid foundational work and sound investment strategies. While having luck is certainly good, it should not be the main factor relied upon.\u003C/section>\u003C/li>\u003C/ul>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">\u003Cstrong>Over-Communication\u003C/strong>\u003C/p>\u003C/section>\u003C/li>\u003Cul class=\"list-paddingleft-1\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 531.898px;list-style-type: disc;\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Repeatedly emphasizing basic information ensures that everyone correctly understands the investment philosophy and strategy. This communication approach helps avoid basic misunderstandings and builds a common understanding within the team.\u003C/section>\u003C/li>\u003C/ul>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">\u003Cstrong>Investment choices should be based on value rather than following popular market trends\u003C/strong>\u003C/p>\u003C/section>\u003C/li>\u003Cul class=\"list-paddingleft-1\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 531.898px;list-style-type: disc;\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">The value investing method focuses on the inherent financial condition and potential growth ability of companies rather than short-term market fluctuations and emotions. Investment decisions are made through in-depth analysis and judgment of the actual value of companies.\u003C/section>\u003C/li>\u003C/ul>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">\u003Cp style=\"padding-top: 8px;padding-bottom: 8px;line-height: 26px;color: black;\">\u003Cstrong>Buffett's Evaluation of Good Managers\u003C/strong>\u003C/p>\u003C/section>\u003C/li>\u003Cul class=\"list-paddingleft-1\" style=\"margin-top: 8px;margin-bottom: 8px;padding-left: 25px;width: 531.898px;list-style-type: disc;\">\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Flexible, diligent, strong in execution, pragmatic, and efficient. Such managers can quickly adapt and implement policies and earn rewards through outstanding performance. This management style is crucial for the long-term development of the company and investment returns.\u003C/section>\u003C/li>\u003C/ul>\u003Cp style=\"display: none;\">\u003Cmp-style-type data-value=\"3\">\u003C/mp-style-type>\u003C/p>\u003C/div>",1752585462167]