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Musk’s math: AI computing power investments can pay for themselves in less than a year.
SpaceX is preparing to arrange the largest GPU financing lease in history through institutions such as Apollo and Goldman Sachs,
mainly to purchase Nvidia’s next-generation Vera Rubin GPUs and supporting equipment, with deliveries beginning in 2027.
Why not put up $40 billion itself?
Because if a GPU generates enough cash flow to cover its cost in less than a year, the smartest move is to borrow other people’s money and expand aggressively.
As long as “financing costs < returns on computing power,” the larg

After reading Buffett’s letter to shareholders, there’s one line that still leaves me deeply moved to this day!
He said she likes stock prices to fall—even the stocks she bought herself—the lower, the better!
On the one hand, if the stocks he bought keep falling, he can buy more!
On the other hand, even if he doesn’t want to buy more himself, as long as the stock price keeps falling, the company will use its funds to buy back shares, increasing his stake as a proportion of the total shares outstanding!
So he thinks the lower the stock price falls, the better!
That’s a whole new perspective! He

If you had 5 million ten years ago:
Buy Tesla, and 5 million would become 600 million
Buy Apple, and it would become 400 million
Buy BYD, and it could reach 300 million
Buy Moutai, and it would rise to 200 million
Buy gold, and you’d have about 15 million
Buy the Crude Oil Treasure product back then, and you’d lose your entire principal
So here’s the question: If you had 5 million now, what would you invest in and hold for ten years?

Munger's lifetime wealth curve:
Age 30 (1953): Divorced, burdened with debt, wealth reduced to zero
Age 38 (1962): Founded an investment fund with $300,000 in capital
Age 49 (1973): Personal net worth of about $25 million (peak)
Age 50 (1974): Market crash + leverage; the fund lost 53.4% over two years, his personal wealth was halved to about $12 million, and he came close to bankruptcy
Age 60 (1984): About $50 million (slow recovery)
Age 66 (1990): Back to 1974 levels, about $2,500 (took 16 years)
Age 86 (2010): $1 billion+ (36 years from the age-50 trough to $100 million)
Age 96 (2020): $2 b

Samsung and SK Hynix will report earnings next week,
with the market forecasting their combined quarterly operating profit to top 185 trillion won.
Everyone is watching how much they earned, but one crucial underlying detail is:
the absolute main driver of the profit explosion is high-priced AI memory (HBM),
while the price-rally logic for traditional general-purpose memory is slowing.
This is a classic case of high-end crowding out low-end.
All capacity is going toward stacking HBM to chase higher margins, leaving downstream high-end AI server capacity severely constrained.

Mr. Duan's transformation
With Pop Mart hitting a new low,
I've gone from Mr. Duan to A-Duan,
and today I've become Little Duan.
If it keeps falling like this, I’m afraid I’ll become Inmate Duan, right? ‘🤣

If you want to make money,
there’s one absolutely sure-fire way.
First, find the place that gives you opportunities and lets you make money. That’s your arena, your livelihood.
Second, stay there, hold your ground, keep showing up, and protect your livelihood.
Spend the rest of your time focused on improving yourself,
relentlessly honing your specialty,
and mastering your skills.
Whether you eat shit or meat depends on your own abilities.
Then wait for the money to come to you.
In short, find and secure your livelihood first,
then worry about whether there’s meat in the bowl.

I studied the habits of a bunch of the world’s richest people, and it turns out things like waking up at 4 a.m., taking cold showers, and networking over drinks hardly came up at all.
Here are the habits they actually talk about publicly—
Buffett: Spends the whole day in the office reading
Bill Gates: Twice a year, spends a week alone in the mountains doing nothing but reading and thinking
Bezos: Sleeps 8 hours. “Making 3 good decisions a day is enough.”
Jobs: Every day, asks the mirror, “If today were my last day, would I still do these things?”
Munger: “Go to bed a little smarter than you we

I came across a post about personal finance for ordinary people, and it was all hard truths.
It said ordinary people are better off not spending all day thinking about how to catch speculative stocks that could double.
The most reliable approach is to put some money into bond funds, regularly invest in high-dividend assets, or buy some Nasdaq-100.
These things may not look exciting, but they can steadily outperform bank interest.
When a bear market really bottoms out, you can start picking up bargains in batches.
When the bull market arrives, take your profits at around 100%. It’s slow, but it

JPMorgan just deployed JPM Coin on the Ethereum mainnet.
Most banks are still conducting pilots on private ledgers.
The largest bank in the United States has just moved to a public blockchain.
Is this bullish for $ETH , or is it still far too early?

Sure enough, unrest in Western societies is contagious. This unrest, which originated in France,
has now spread to multiple countries in Europe and the Americas. Italy, Spain, Belgium, Argentina, and Algeria have all seen riots erupt,
and even on the streets of India, protests are now nonstop, especially among their post-2000 generation. This generation is at an age when they are young and physically strong,
but mentally confused. Seeing no prospects for their future, they naturally follow the crowd and become the main participants in the riots.
Some people are puzzled and say that Western cou