巴菲特合伙信（1957—1969）：如何把投资人训练成合伙人
巴菲特合伙信不只是投资报告，更是一堂把投资人训练成合伙人的教育课。从Ground Rules到三类投资法，解析29.5%年化背后的沟通纪律。
Investing & Markets
如何做政策前瞻性判断：一个投资者的方法论读后感
从ChinaFacts的政策分析框架出发，探讨系统思维、数据思维与敏锐度三元能力如何帮助投资者做出政策前瞻性判断。政策判断力不是算命，而是在时间中慢慢长出来的认知诚实。
巴菲特论股市：1999年的预言与当下的镜像
回顾巴菲特1999年在《财富》杂志的经典演讲：利率重力、两个17年周期、企业利润占GDP上限三大分析框架，对比2026年AI时代与1999年互联网泡沫的市场镜像。不荐股，只谈方法论。
The Inner Scorecard: Buffett's Most Underrated Idea
Buffett’s inner scorecard — judging yourself by internal standards — is his most transferable idea, rooted in Kant, Adam Smith, and Stoic philosophy.
Delayed Gratification: The Investor's Superpower
There is a peculiar paradox at the heart of investing. The financial markets offer, in theory, an open competition: every participant sees the same price data, reads the same earnings releases, and may act on the same information at the same moment. Yet outcomes diverge so dramatically — between the institutional fund manager and the … Read more
Howard Marks and the Discipline of Second-Order Thinking: What Most Investors Get Wrong
Second-order thinking in investing is the practice of looking beyond your own analysis of an asset’s fundamentals to consider what the market consensus already believes, and whether that consensus is wrong in a way that creates a mispricing opportunity. Source: Wikimedia Commons Second-order thinking in investing is the practice of asking not merely “what will … Read more
Benjamin Graham's Mr. Market: The Most Useful Fictional Character in Finance
Mr. Market is a fictional business partner invented by Benjamin Graham to represent the stock market’s daily pricing mechanism, characterized by manic-depressive mood swings that create irrational prices from which a disciplined investor can profit or ignore. Source: Wikimedia Commons Mr. Market is a fictional business partner invented by Benjamin Graham in 1949 to represent … Read more