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A sobering statistic: Buffett bought more than 250 stocks over his lifetime, but held fewer than 4% of them for more than 10 years.
Most were cigar butts, arbitrage plays, and short-term opportunities. The enormous wealth he built came from just a handful of great companies he held in large positions for the long term:
The Washington Post | Bought in 1973, exited in 2013, held for 40 years
GEICO | Bought in 1976, acquired outright in 1995, held for nearly 40 years
Coca-Cola | Position established in 1988, core holding retained long term, 38 years+
American Express | Large position established

Who would have thought ByteDance isn’t publicly listed, yet has an ownership structure like this?
Many people scroll through apps and Toutiao every day without knowing who ByteDance’s shareholders are.
ByteDance has yet to go public, so its equity isn’t disclosed in precise detail as it would be for a listed company.
The market’s mainstream estimate: Founder Zhang Yiming holds around 20% and controls the core voting rights.
Employee shareholding platforms: around 20%, covering many early and core employees.
Global institutional investors: around 60%, including well-known investment firms such

BTC falls below its cost basis, but Saylor keeps buying!
Strategy’s latest 8-K filing shows the company bought another 1,036 BTC from November 2 to 8, spending about $81.9 million at an average price of $79,012.
Its total holdings have now reached 850,364 BTC, with a cumulative investment of $64.16 billion and an overall average cost of $75,456.
Interestingly, Strategy also spent $188.3 million buying back preferred stock that same week—more than twice what it spent on BTC—with funds mainly raised from selling common stock.
BTC is currently around $74.5k, still slightly below its overall cost

Buffett’s most expensive lesson:
One encounter with a bad business is enough
If you’ve never stumbled in a bad business, you have no idea what a good business really looks like.
A friend of mine put it more bluntly: The first rule of fishing isn’t technique—it’s going where the fish are.
In 1966, we acquired a Baltimore department store.
What happened? We spent all day scrambling to fight over territory with competitors,
and only after repeated trial and error did we see clearly which paths led nowhere and which pitfalls to avoid.
Some businesses are poison pools by nature.
You don’t need to b

Buffett said: “There are two ways God weeds out men.
First, make him lustful, so that every time he sees a beautiful woman, his mind runs wild, and in the end he is consumed by his own desires;
Second, make him greedy for food, so he wants a bite of everything delicious, overeats and overindulges, and eventually his body breaks down.”
Many people think that for a man to live a good life, it is enough to control his appetite and keep his lust in check.
In reality, quite a few men manage to do this. They don't stay up late or drink excessively, and they aren't lustful or frivolous. They keep a r

Buffett's greatest strength wasn't stock picking; it was understanding things early—he saw one thing very early:
The average return on social capital is about 8%, while the U.S. stock market index has delivered 8%–9% annualized nominal returns over the long term. That's the world's baseline.
The hard part of outperforming it over the long term isn't being smart; it's that the times keep changing.
Every decade, index constituents are replaced, the economic structure shifts, and everyone has the limitations of their own era.
Very few people can keep evolving and adapt to those shifts.
That's why

Warren Buffett’s 13 criteria for buying stocks
1. A leading company in a large industry.
2. A P/E ratio of 5 after subtracting cash.
3. Dividend yield of 6%+.
4. Gross margin of 60%+.
5. Return on equity of 20%+.
6. Net profit margin of 15%+.
7. Business growth does not require additional capital investment. Asset-light operations.
8. Products can withstand inflation, with the company having pricing power.
9. Low debt or low interest-bearing debt; the company has enough cash on its books to survive even if it has no revenue for 3 years.

11. Honest and reliable management, with no history of d

The top-tier mindset of the strong, useful for a lifetime
1. Let actions define relationships.
2. Stay vigilant about what you can control, and optimistic about what you can’t.
3. Expectations are a subtle form of violence.
4. Don’t spend one night thinking about matters that span a lifetime.
5. The root of nervousness is treating others like gods while not treating yourself like a person.
6. No one can bail you out in life, not even your own parents.
7. Success comes through secrecy, and failure through loose talk. Before you succeed, rein in your fervent urge to share.
8. Kindness is preciou

A friend told me that historically, $BTC has always fallen after midterm elections.
This is not a good time to use leverage or trade futures.
Let’s look at $BTC ’s price performance in November 2014, 2018, and 2022.
2014:
First, looking at 2014, we can see that the 200-day moving average on the daily chart was still trending down, and the price remained completely below it.
The price had not even broken above the downtrend line.
What does this have to do with the midterm elections? Wasn’t this simply a bear market?
2018:
The sharpest decline was in 2018, but the market action at the time was

The 6 levels of stock trading: Which one are you at?
1. Gambler: Goes all-in and trades frequently, chasing rallies and selling into declines—bound to lose.
2. Indicator slave: Obsessed with MACD and KDJ, thinking they’ve found the “Holy Grail,” but the market keeps proving them wrong.
3. Simplifies complexity: Only trades market conditions they understand, focuses on one strategy, and starts building a trading system.
4. Discipline is king: Strictly follows stop-loss and take-profit rules, respects the market, and focuses on surviving before making money.
5. Probability player: Accepts losses

The Only Thing Buffett Endorses
A Berkshire shareholder complained that the company had underperformed the S&P 500 for several consecutive years.
Buffett did not defend himself; instead, he advised him to simply buy an index fund.
“In fact, I’ve always advised people to invest in the S&P 500.”
Buffett believes Berkshire is a fairly solid choice for long-term investing, but if he had to bet his life on whether it could outperform the S&P 500 over the next 10 years, he absolutely would not do so.
He has also never promised any shareholder that Berkshire would definitely beat the market.
“The onl

The AI-era opportunity has once again been seized by ByteDance
Fun fact: Just how wild is Hongguo Short Drama?
1. In three years, it has wiped out more than a decade of gains by long-form video platforms
2. 168 million daily active users, compared with just 155 million combined across iQiyi, Youku, Tencent Video, and Mango TV
3. It surpassed 200 million in September, overtaking Kuaishou too
4. Users watch for 125 minutes a day on average, while viewing time on iQiyi, Youku, Tencent Video, and Mango TV has nearly halved in a year
5. Annual revenue of over 40 billion, nearly matching the entire

Many people admire Buffett and think he’s a business genius, with a keen eye for financial statements and a knack for precise valuations.
But the more I read about him, the more I feel that Buffett’s most underrated talent isn’t his intelligence at all—it’s his personality.
Buffett himself has said countless times that investment success doesn’t require exceptional intelligence, just the right temperament.
That sounds like humblebragging, but think about it carefully:
Who doesn’t know investing takes patience? Who doesn’t know you need to think independently? Who doesn’t know you should be gre