[{"data":1,"prerenderedAt":205},["ShallowReactive",2],{"DlFXI4Eibt_Bn9lrEZz1TYbHCWFZj3IvqwHQSEW-Exc":3,"ULzKL2lM-HLKuYPGHakkPvLBM-OsR9XmqkTofSmJ5Tw":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},250,"2024-06-10","#Buffett","8GDjKJMBGglvsPTpOe5erQ","article_res/cover/c9692e2e7fee823ceb6e502de7b605a3.jpeg","article_res/cover/1e32882d197c58725ec0d28c0bf797ad.jpeg","Buffett's Letter to Shareholders 1961","You will be right, if your hypotheses are correct, your facts are correct, and your reasoning is correct.","\u003Cdiv class=\"rich_media_content js_underline_content\n                       autoTypeSetting24psection\n            \" id=\"js_content\">\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;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;'>First half of 1961\u003C/h2>\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;'>Including dividends, the Dow Jones Industrial Average increased by approximately 13%, and the partnership's performance still kept pace with or exceeded the overall market.\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;'>Investment Principles\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;'>Buffett hopes that investors will take a long-term perspective in viewing investments, preferably in five-year units rather than focusing on a six-month time span. If the market performs well in the second half, the partnership’s performance may lag behind the market. Buffett continues to maintain a conservative attitude, hoping that the securities he holds will be unaffected by the market, and as the market grows, the proportion of these isolated securities should increase. Despite the tempting statements presented by amateur investors, Buffett insists on maintaining his independent judgment. He is still quietly accumulating stocks in the market and has the potential to become a major shareholder. There will be no major moves in the near term, which may have an adverse impact on earnings in the short term, but will bring good returns 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;'>Profit Distribution\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;'>For new partners, there are three optional profit distribution arrangements:\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);\">: For profits below 4%, limited partners receive all the profits; for profits exceeding 4%, 75% goes to the partners and 25% goes to Buffett.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">: In cases where the market performs poorly or uncertainty is high, the partnership can choose a more conservative profit distribution method to protect the partners' capital.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">: Adjust the profit distribution ratio according to the specific situation of the partnership and the market environment to maximize long-term returns.\u003C/section>\u003C/li>\u003C/ol>\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;\">(1) Conservative\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;\">(2) Standard\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;\">(3) Flexible\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;\">Interest Clauses\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">6%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">4%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">None\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;\">Excess Returns Allocated to GP\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">1/3\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">1/4\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">1/6\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;\">Excess Returns Allocated to LP\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">2/3\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">3/4\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">5/6\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;\">LP Returns at 2% Gains\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">\u003Cspan style=\"display: block;color: orangered;\">2%\u003C/span>\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">\u003Cspan style=\"display: block;color: orangered;\">2%\u003C/span>\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">1.67%\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;\">LP Returns at 5% Gains\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">\u003Cspan style=\"display: block;color: orangered;\">5%\u003C/span>\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">4.75%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">4.17%\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;\">LP Returns at 10% Gains\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">\u003Cspan style=\"display: block;color: orangered;\">8.67%\u003C/span>\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">8.5%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">8.33%\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;\">LP Returns at 20% Gains\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">15.33%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">16%\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">\u003Cspan style=\"display: block;color: orangered;\">16.67%\u003C/span>\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;'>In case of losses, there will be no retrospective deductions from the General Partner (GP)'s previous gains, although losses will carry forward into future excess returns. The Buffett couple will be the largest single investor in the new partnership, potentially accounting for one-sixth of the partnership's total assets, and the family will not purchase any tradable securities through other channels. The new partnership will represent all of Buffett's investment operations in tradable securities, avoiding the \"agent problem.\" (The agent problem refers to the conflict of interest that arises when agents do not act entirely in the best interests of their principals but instead pursue their own maximum benefit. This issue is particularly common in corporate governance and investment management.)\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;'>Tax Treatment\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;'>There is an interesting tax treatment: Buffett submitted a proposed agreement to Washington, seeking a ruling on whether the merger would be tax-free and whether the partnership would be considered a partnership under tax law.\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;\">: This ruling means that if the merger meets certain conditions, the merger of the partnership will not be considered a taxable event. This is very advantageous for the partnership because it avoids double taxation issues arising from asset transfers during the merger process.\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;\">: The merged entity will continue to be regarded as a partnership rather than a corporation, which has important implications for tax treatment. Partnerships typically enjoy lower tax burdens and more flexible income distribution methods.\u003C/p>\u003C/section>\u003C/li>\u003C/ol>\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 semi-annual letter to shareholders also includes some details about the investment agreements, which I won't elaborate on here.\u003C/p>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;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;'>Full year of 1961\u003C/h2>\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;'>The market rose by 22.2% for the entire year, while Buffett's fund achieved a growth of 45.9%.\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;'>Operational Methods\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;'>Buffett divides investments into three types:\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;\">Category\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;\">General Investments (Generals)\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;\">Special Situations (Work-outs)\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;\">Control Investments (Control Situations)\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;\">Description\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Typically undervalued securities, we have no say in company policy and no clear timetable for valuation correction.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">The financial results of these securities depend on corporate actions rather than market supply and demand factors.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">We control the company or hold very large positions and attempt to influence company policy.\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;\">Investment Characteristics\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Typically holding significant positions in 5-6 main securities (accounting for 5%-10% of total assets), and smaller positions in another 10-15 securities.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Typically involves mergers and acquisitions, liquidations, restructurings, spin-offs, and other corporate events.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">This operation usually needs to be measured in years.\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;\">Range of Returns\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">-\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">10% - 20% (excluding additional returns from borrowed funds)\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">-\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;\">Risk\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Performs as poorly as the Dow Jones Index when the market falls overall.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">This type of investment has high security in terms of final results and intermediate market behavior.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">This type of investment is relatively unrelated to the behavior of the Dow Jones Index.\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;\">Current Status\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Currently our largest investment category.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Currently our second largest investment category.\u003C/td>\u003Ctd style=\"border-color: rgb(204, 204, 204);min-width: 85px;\">Currently acquiring stocks that may become control investments in a few years.\u003C/td>\u003C/tr>\u003C/tbody>\u003C/table>\u003C/section>\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;'>Impact of Growth in Investment Partnership Size on Performance\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>Impact of Scale Growth on Passive Investments\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);\">For \"passive\" investments that do not attempt to influence company policies through investment size, the larger the capital, the worse the investment performance.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">For mutual funds or trust departments investing in broad market securities, the impact of scale growth on results is negligible. For example, buying 10,000 shares of General Motors stock costs only slightly more than buying 1,000 or 100 shares.\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>Illiquid Securities\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);\">For some illiquid securities, buying 10,000 shares is much more difficult than buying 100 shares, sometimes even impossible. Therefore, for this part of the investment portfolio, the growth of capital is clearly disadvantageous.\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>\"Work-outs\" and \"Generals\"\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);\">For most \"work-outs\" and some general investments, the increased capital is only slightly disadvantageous.\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>“Control Situations”\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);\">For control investments, increased capital is a definite advantage. For example, making an investment like \"Sanborn Map\" requires sufficient capital support. As capital increases, opportunities increase because competition decreases sharply with increased input, and there is an important positive correlation between company size and lack of stock concentration.\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>Which is more important: the decline in profitability prospects for passive investments or the rise in profitability prospects for control investments?\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);\">Buffett believes that this largely depends on the type of market we are in. He currently believes that these two factors should offset each other. If his view changes, he will inform the partners. He also emphasizes that the results of 1960 and 1961 indicate that even a larger capital size did not affect performance; on the contrary, if he were still operating with the smaller capital sizes of 1956 and 1957, the results would not be better.\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;'>Case Analysis: Dempster Mill Manufacturing Company\u003C/h3>\u003Cp style=\"text-align: center;\">\u003Cimg class=\"rich_pages wxw-img js_insertlocalimg\" data-imgfileid=\"100005011\" data-ratio=\"0.6290322580645161\" data-s=\"300,640\" data-type=\"jpeg\" data-w=\"620\" style=\"\" src=\"https://res.cooltool.vip/article_res/assets/17423803982920.10199098919302929.jpeg\">\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;'>Investment History\u003C/h4>\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;\">\u003Cstrong>Initial Investment\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);\">Five years ago, Buffett first purchased Dempster Mill stock, which was then considered a generally undervalued security.\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>Gradual Control\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);\">Subsequently, a block of stock became available, and Buffett used this opportunity to further increase his holdings and entered the company's board four years ago.\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>Final Control\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);\">After several years of gradual accumulation and strategy implementation, Buffett obtained majority control of Dempster Mill in August 1961. Buffett and his partners currently hold 80% of Dempster Mill's shares, with the partnership holding 70% and related parties holding 10%. This high percentage of ownership gives Buffett absolute control.\u003C/section>\u003C/li>\u003C/ul>\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;'>Company Situation\u003C/h4>\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;\">\u003Cstrong>Business Situation\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);\">Dempster is a manufacturer of farm tools and water systems. Sales in 1961 were approximately $9 million.\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>Profitability Situation\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);\">In recent years, the profits generated from company operations have been nominal compared to the invested capital. This reflects both poor management and tough industry conditions. However, Buffett believes that with his control and strategic management, this investment will eventually yield reasonable returns. This approach not only ensures the safety of the investment but also provides a stable foundation for future returns.\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>Financial Data\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);\">Consolidated Net Assets (Book Value): Approximately $4.5 million, or $75 per share.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Consolidated Working Capital: Approximately $50 per share.\u003C/section>\u003C/li>\u003Cli>\u003Csection style=\"margin-top: 5px;margin-bottom: 5px;line-height: 26px;color: rgb(1, 1, 1);\">Our valuation of the holdings at year-end: $35 per share.\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 and Valuation\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);\">Buffett's average purchase price when obtaining controlling interest was approximately $28 per share, and currently valued at $35 per share, this holding accounts for 21% of the partnership's net assets.\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;\">You will not be right simply because a large number of people momentarily agree with you. You will not be right simply because important people agree with you. In many quarters the simultaneous occurrence of the two above factors is enough to make a course of action meet the test of conservatism.\u003C/p>\u003C/blockquote>\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;\">\u003Cstrong>Independent Judgment\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);\">Buffett emphasizes that correct judgment should not rely on the agreement of the majority or the support of authoritative figures. True correctness stems from independent analysis and judgment based on facts and logic.\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>Temporary Consensus\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);\">Even if, at a given moment, a large number of people and important figures simultaneously support a particular viewpoint, this does not mean that the viewpoint is correct. Such consensus may be temporary and cannot serve as evidence of correctness.\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>Misunderstanding of Conservatism\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);\">In many cases, people believe that if an action receives widespread support and appears to meet the standards of conservatism, it should be taken. However, this conservatism may not truly align with reason and logic.\u003C/section>\u003C/li>\u003C/ul>\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;\">You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.\u003C/p>\u003C/blockquote>\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;\">\u003Cstrong>Correct Assumptions\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);\">Before making investment decisions, they must be based on correct assumptions. These assumptions should be based on thoughtful consideration and solid analysis, not emotions or popular opinions.\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>Correct Facts\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);\">Decisions must be based on accurate and comprehensive factual information. Incorrect information or partial data can lead to wrong conclusions and poor investment decisions.\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>Correct Reasoning\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);\">On the basis of correct assumptions and facts, reasonable reasoning is key. This requires clear logic and rational analysis, not relying on intuition or blindly following others.\u003C/section>\u003C/li>\u003C/ul>\u003Ch2 data-tool=\"mdnice编辑器\" style='margin-top: 30px;margin-bottom: 15px;font-weight: bold;font-size: 22px;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;'>Take Aways\u003C/h2>\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>Adherence to Principles, Maintaining Resilience\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);\">Buffett emphasizes setting clear and correct rules in investment and adhering to these rules without being influenced by external short-term fluctuations and market sentiment.\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>Long-termism and Expectation Management\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);\">Buffett hopes that investors will take a long-term perspective in viewing investments, preferably in five-year units rather than focusing on short-term performance. What matters is consistently outperforming market standards, rather than getting excited or discouraged by short-term fluctuations.\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>Maintaining Independent Judgment\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);\">Despite other amateur investors possibly presenting very tempting reports, Buffett still insists on his independent judgment, choosing undervalued securities and patiently waiting for the market to correct.\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>Avoiding the \"Agency Problem\"\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 Buffett family concentrates all its tradable securities investments in the partnership, avoiding conflicts of interest that might arise from agents, ensuring that investment decisions are highly aligned with family interests.\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>Tax Treatment and Merger Arrangements\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);\">Submitting the proposed agreement to seek tax-free mergers and confirmation of partnership status to avoid double taxation and enjoy flexible income distribution methods.\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>Conservative Strategy and Risk Management\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);\">Preferring to bear the penalty of excessive conservatism rather than face permanent capital loss due to pursuing high-risk returns. Increasing shareholding ratios and gradually controlling companies ensure steady returns over the long term.\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>Long-term Planning and Execution\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);\">All planning is done on an annual basis; the operations of Dempster Mill stock are the result of years of effort, ultimately achieving majority control of the company. This shows that many of Buffett's investment operations are not accomplished overnight but are the result of long-term planning and execution.\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>Independent Judgment\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);\">Buffett emphasizes that correct judgment should not depend on the agreement of the majority or the support of authoritative figures. True correctness stems from independent analysis and judgment based on facts and logic.\u003C/section>\u003C/li>\u003C/ul>\u003Cp style=\"display: none;\">\u003Cmp-style-type data-value=\"3\">\u003C/mp-style-type>\u003C/p>\u003C/div>",1752585463558]