A journey of a thousand miles begins with a single step

Pharmagest interactive ( link )  美國公債 ( link ) 2022年的投資預想 ( link ) 利率上升 -> 美元強 -> 不利新興市場 利率上升 -> 初期股市上漲 (risk-on mode) -> 利率持續上升(>4%) -> 股市下跌 通膨上升 -> 黃金上漲 (1972~1980 history, due to risk-off) Real interest rate下跌 -> 原物料價格上升 Portfolio for long term investor ( link ) inflation-indexed perpetuity is a riskless asset for a long-run investor dividend yields do not forecast dividend growth Dividend growth is what matters to long-run returns The average investor must hold the market portfolio without rebalance Any deviation from the market portfolio is a financial zero-sum game portfolio formation begins with risk management. Resilience is more important than a few basis points of alpha. do not hold stocks with high prices relative to book, dividends, earnings, etc. Demand for oil grows with limited supply => Oil price goes up ( link ) ( link ) ( link ) How to invest in inflation regime? ( link ) invest in commodity active approaches like factor and trend fo...

好奇投資 2021 review ( link )  方舟投資觀點 by 不務正業 ( link ) 美元升值對新興市場不利, 即便新興市場的pe是相對便宜的, 但可能可以更便宜 中國問題持續看不清, 無法知道政策面後續會怎麼樣 Petrobras ( link ) 2020 FCF/EV = 16.4% 2019/2020 FCF growth rate = 20% 2021 Jan-Sep/2020 Jan-Sep FCF growth rate = 38% Hydrogen ( link ) ETF ( link ) ( link ) ( link ) ( link ) Trend-following filter ( link ) Saul's 2021 review ( link ) - top 5 holdings for 2022 Datadog Monday Zoom Zscalar Snowflake Split Intel ( link ) web3 Defi固定利率協議 ( link ) ( link ) crypto lending platform analysis ( link ) Ledn

Special situation Evercel Inc. ( link )  Odonate therapeutics cash shell ( link ) V&O stocks for 2022 ( link ) Clark Street Value 2021 review ( link ) 不務正業 2021 review ( link ) 5 largest holdings (70%): DDOG, CRWD, NET, AAPL, SNOW ThumbTack 2021 review ( link ) DISCK estimated 2021 FCF/EV = 6.9% 14 UCITS Value ETF ( link ) Largest AUM: IVWL Value and less negative quality: WVAL Small Cap option: UCCS Deep learning model for TAIEX trading ( link ) web3 Decentralized identity ( link ) impression to web3 ( link ) response ( link )

Put this article at the top of this blog to remind myself about the wisdom from the Omaha's Oracle. Although our form is corporate, our attitude is partnership. Charlie Munger and I think of our shareholders as owner-partners, and of ourselves as managing partners. (Because of the size of our shareholdings we are also, for better or worse, controlling partners.) We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own the assets. In line with Berkshire’s owner-orientation, most of our directors have a major portion of their net worth invested in the company. We eat our own cooking. Our long-term economic goal (subject to some qualifications mentioned later) is to maximize Berkshire’s average annual rate of gain in intrinsic business value on a per-share basis. We do not measure the economic significance or performance of Berkshire by its size; we measure by per-share progress...