Investor viewpoints
Firm public videos, interviews, shareholder letters, public Q&A, and site analysis are shown from newest to oldest.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai talks to Stig Brodersen, with the official summary showing highlights including the inside and outside scoreboard, metallurgical coal investing and when to sell stocks.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai's open Q&A for Dakshana students, official summary focuses on Karam Yogi mental models, deep desires, destiny, and cloning.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai lectures on mental models at Columbia Business School's Heilbrunn Center, and the official summary mentions Buffett's early entrepreneurship, habit-forming children, and the "savior" in dilemmas.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai discusses capital allocation mental models at the University of Nebraska Omaha, and the official summary mentions holding great businesses, when to sell, and a strong pursuit of quality.
Berkshire Hathaway · Warren Buffett
Buffett was interviewed by Becky Quick during halftime of the 2026 Berkshire Annual Meeting, focusing on his post-CEO role, Greg Abel's mandate, scarcity of market opportunities, AI, and Berkshire's cash option.
Berkshire Hathaway · Warren Buffett
Greg Abel hosted the annual meeting for the first time as Berkshire CEO, with Buffett present as chairman. The focus shifted from Buffett's personal Q&A to Berkshire's operating system, cultural continuity and Q&A with each business leader.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai discusses how Munger mental models apply to entrepreneurship and business at SXSW, and the official summary also mentions blackjack bans and mental models across professions.
Sequoia Fund
Sequoia Fund Q1 2026 investor letter disclosed a first-quarter return of -11.04%, discussing the addition of positions in SAP and Universal Music Group, the construction of new positions, and the pruning of positions such as Meta and TSMC.
Oaktree Capital Management · Howard Marks
Howard Marks sorts out the evolution of private credit and direct lending. The focus is not to simply judge whether the industry is good or bad, but to remind investors to distinguish between asset structure, underwriting discipline, leverage, liquidity and cycle testing.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai Q&A with Dakshana Valley students, official summary focuses on how mental models help success, cloning, and how wishes define destiny.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai for JNV Pune students, the official summary mentions different mental models, concentration and rule of 72.
Viking Global Investors · Andreas Halvorsen
Viking Global's official public equity page illustrates its fundamental research, industry expertise, capital allocation and risk management processes and is the most reliable source of public frameworks Andreas Halvorsen's page.
Polen Capital Management
Polen Focus Growth's official strategy page and commentary material showcase its high-quality growth stock framework, portfolio concentration, and approach to communicating long-term performance.
Southeastern Asset Management · Mason Hawkins
The official Longleaf Partners commentary page provides Southeastern/Longleaf's quarterly letters and portfolio views and is the primary public source of Mason Hawkins' value investing framework.
Berkshire Hathaway · Warren Buffett
One of Buffett's first long interviews since stepping down as CEO, on the return of charity lunches, office routines, Greg Abel, Apple, cash, T-Bills, market declines, and circle of competence issues at AI/tech companies.
Oakmark / Harris Associates · Bill Nygren
Oakmark's Bill Nygren page is a centralized listing of his commentary and fund views, suitable for tracking his value investing, financials, and media/cyclical asset frameworks.
Baron Capital · Ron Baron
The Baron Funds official quarterly report page provides Ron Baron team's shareholder letters, portfolio views and long-term growth company cases, and is the core entrance to track Baron's public materials.
Fairfax Financial · Prem Watsa
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Giverny Capital · Francois Rochon
François Rochon 2025 Letter to Partners Review Rochon Global Portfolio, AI investment boom, Canadian banks, Shopify, gold stocks, Alphabet, Meta and long-term principles.
Berkshire Hathaway · Warren Buffett
Greg Abel's first CEO shareholder letter. It is not a long letter written by Buffett, but it is very important because it is the first time to use the language of a formal annual report to explain Berkshire’s capital allocation and cultural continuation after Buffett’s retirement.
Markel Group · Tom Gayner
Tom Gayner's 2025 Markel shareholder letter focuses on "Home", reviewing Markel Insurance, Markel Ventures, investment portfolios, intrinsic value growth and long-term compound interest culture.
Oaktree Capital Management · Howard Marks
Marks discusses AI again, but the core is not to predict which company will win, but to use bubbles, infrastructure overinvestment, and price discipline to evaluate the investment risks of AI assets.
Pershing Square Capital Management · Bill Ackman
The Ackman team's 2026 annual investor presentation, reviewing 2025 PSH performance, debt and discount strategies, Howard Hughes strategic trades, and public position logic for Amazon, Meta, Uber, and more.
Duquesne Family Office · Stanley Druckenmiller
Druckenmiller reviews investment mistakes, position management, rapid error correction and macro judgment on the Morgan Stanley Hard Lessons program. It is a long interview that is very suitable for ordinary investors to understand his style.
Sequoia Fund
Sequoia Fund's 2025 year-end letter discloses full-year returns of 22.13%, outperforming the S&P, and discusses portfolio resilience under tariff shocks, company quality, long-term processes and ETF conversion background.
Tiger Global Management · Chase Coleman
Tiger Global's official website introduces its public positioning of research-driven, long-term cooperation with high-quality innovative companies, and is a stable entrance to track Coleman's investment platform.
Polen Capital Management
Polen's official insights page centrally publishes comments, webinars and investment opinions, and can continuously track its public videos, interviews and public opinions.
GQG Partners · Rajiv Jain
The official GQG insights page provides public views from the Rajiv Jain team on global quality, energy, finance, tobacco, emerging markets and AI.
Fundsmith · Terry Smith
Terry Smith explains why Fundsmith will continue to underperform MSCI World in 2025, focusing on index concentration, passive fund momentum, AI leader valuations, dollar weakness and persistence in not chasing index weights.
Tiger Global Management · Chase Coleman
Tiger Global's official Chase Coleman page introduces its founder identity, Tiger Management background, public/private growth investment platform and long-term research orientation.
Baillie Gifford legacy · James Anderson
The Baillie Gifford insights page provides long-term growth, innovation and global equity views and is a stable entry point for tracking the continuation of Anderson's style.
Viking Global Investors · Andreas Halvorsen
The official Viking Global team page profiles Andreas Halvorsen's CEO, investment oversight and capital allocation responsibilities as a stable source of personal and institutional identity.
Abrams Capital Management · David Abrams
The Abrams Capital official website explains its patient, long-term, flexible strategies and investment approach across public/private/capital structures and is the basic source of information for David Abrams' page.
GQG Partners · Rajiv Jain
The GQG Investor Center provides a centralized location for company reports, announcements and investor profiles that can be used to track the listed asset management platform led by Rajiv Jain.
Oakmark / Harris Associates · Bill Nygren
The official Oakmark profile page provides fund reports, commentary and shareholder profiles and is a stable source for tracking Bill Nygren's management strategies.
Lindsell Train · Nick Train
The Lindsell Train insights page centrally publishes the investment views of Nick Train and the team, and can continuously track interviews, articles and public opinions.
Miller Value Partners · Bill Miller
Miller Value Partners official letters page publishes market letters and portfolio views from Bill Miller's team and is the primary source for tracking his contrarian value and growth value frameworks.
First Eagle legacy · Jean-Marie Eveillard
The official First Eagle insights page provides global value, capital preservation and market commentary data that can be used to track the investment framework under Eveillard's legacy.
Davis Advisors · Chris Davis
The Davis Funds official information page provides annual reports, shareholder letters and fund information, and is the main source for tracking Chris Davis's value investing views.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai's fireside chat at the Ben Graham Center, official summary focuses on cloning, focus combination returns, and how Dakshana can replicate the Super 30 model.
Oaktree Capital Management · Howard Marks
Marks responded directly to the AI bubble issue. He did not simply give a binary answer, but split it into four levels: corporate investment behavior, investor psychology, AI infrastructure and market pricing.
H& H International Investment · Duan Yongping
The dialogue between Duan Yongping, Wang Shi and Tian Pujun in the third season of "Together" covers investment in Vanke and Moutai, BBK corporate culture, empowerment and letting go, young people's involution and resignation, children's education and AI.
Akre Capital Management · Chuck Akre
The Akre Funds official profile page provides Akre Focus Fund annual reports, semi-annual reports and shareholder materials and is the primary public source for tracking Chuck Akre's quality compounding framework.
H& H International Investment · Duan Yongping
In the first issue of the third season of Snowball's "Strategy", Fang Sanwen had a long interview with Duan Yongping in California, USA. They systematically talked about personal experiences, business operations, buying stocks means buying companies, NetEase and Apple, AI, education, and how ordinary investors can avoid pretending to understand.
Berkshire Hathaway · Warren Buffett
In his Thanksgiving message, Buffett confirmed that he would no longer write long letters to Berkshire’s annual report and would no longer speak for long periods of time at the annual meeting; he also told Greg Abel to take over, that he would continue to serve as chairman, and that he would accelerate charitable donations.
Oaktree Capital Management · Howard Marks
Marks discusses risk exposure using the case of early stage problems in credit markets. His concern is whether localized defaults and stress events represent a broader credit cycle turn.
Baron Capital · Ron Baron
Baron Investment Conference public materials and video portals show Ron Baron interacting with company management, founders, and long-term growth stories.
Oaktree Capital Management · Howard Marks
Marks starts from the perspective of the institutional investment process and discusses easily overlooked issues in investment committees, advisors, risk metrics, and portfolio governance.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai speaks with Nisaba Godrej, Omar Momin, and Dakshana student, official summary focuses on medical innovation, educational opportunities, and giving back to society.
Sequoia Fund
The Sequoia Fund Q3 2025 letter disclosed a quarterly return of 1.63%, a return of 21.59% from the beginning of the year to the third quarter, and explained the increase in Elevance and new positions after pruning Meta, Jacobs, Schwab, and TSMC.
Oaktree Capital Management · Howard Marks
Marks creates a curated index of his 35 years of memo writing, directly giving the material he believes best represents Oaktree's investment thinking and market cycle observations.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai was interviewed by The Diary of a CEO, and the official summary mentions mental models, decision-making, entrepreneurial principles, and investment rules.
Oaktree Capital Management · Howard Marks
Marks returns to the core of value investing: the relationship between value, price, and expected returns. He uses the valuation of public securities to explain why price discipline is central to all investment judgments.
Baupost Group · Seth Klarman
Klarman talks Baupost's value investing framework, risk control, cash, patience and market cycles in Goldman Sachs Talks. It is one of the few long interviews with Klarman that can be publicly quoted.
Fundsmith · Terry Smith
2025 semi-annual letter disclosed Fundsmith’s first half portfolio adjustments: began to accumulate Zoetis, Intuit, EssilorLuxottica, and sold PepsiCo and Brown-Forman.
Oaktree Capital Management · Howard Marks
Marks continues the discussion of economic laws and policy intervention, using insurance, rents, tariffs, and fiscal deficits to illustrate the side effects of governments trying to suppress price signals.
Berkshire Hathaway · Warren Buffett
Buffett's final Berkshire annual meeting as CEO. The biggest story was his announcement at the end of the meeting that he would recommend to the board that Greg Abel take over as CEO at the end of the year.
Third Point · Dan Loeb
Third Point Q1 2025 Investor Letter, discussing tariff impact, reduced net exposure, event-driven opportunities, CoStar new positions and structured credit portfolio, is an important source for observing Loeb's risk control and opportunity switching.
Sequoia Fund
Sequoia Fund Q1 2025 letter reveals quarterly return of 4.64%, illustrates few big moves, trims ICE, adds Ashtead, and previews investor day.
Coatue Management · Philippe Laffont
Coatue's CTEK page focuses on demonstrating its open framework for AI infrastructure, application layers, software, and technology diffusion. It is the official information for understanding Coatue's technology growth style.
Icahn Enterprises / Icahn Capital · Carl Icahn
The Icahn Enterprises official annual report page provides public reporting on Carl Icahn's related holdings and is the core source for tracking its public assets, leverage, and portfolio structure.
Fairfax Financial · Prem Watsa
Fairfax 2024 annual report and Watsa shareholder letter review insurance growth, investment returns, buybacks, holding company financial strength and long-term book value compounding.
Oaktree Capital Management · Howard Marks
Marks answers the market's most frequently asked credit spread question: The key is not whether the spread is narrow, but whether current earnings are sufficient to cover future credit losses.
Giverny Capital · Francois Rochon
Giverny's 2024 Annual Letter reviews portfolio performance, long-term stock selection processes, great business holdings and review of mistakes, and is important context ahead of the 2025 letter.
Markel Group · Tom Gayner
2024 Markel shareholder letter reviews insurance underwriting, investment income, Markel Ventures and capital allocation, continuing to track shareholder value creation with multi-year tables.
Berkshire Hathaway · Warren Buffett
Buffett's 60th annual shareholder letter, reviewing Berkshire's transformation from a textile mill to a large conglomerate, explaining cash, taxes, investment opportunities, insurance, and Japanese trading company positions.
Pershing Square Capital Management · Bill Ackman
2025 Annual Presentation Review 2024 PSH performance, PSCM minority sale, PSUS plan, discount management and Howard Hughes transaction background.
Third Point · Dan Loeb
Third Point Q4 2024 investor letter, reviewing full-year 24.2% return, equity/credit/private equity multi-strategy contribution, positive contributions from Siemens Energy, Amazon, Tesla, LPL and Apollo.
Sequoia Fund
The Sequoia Fund 2024 year-end letter reviews annual performance, concentrated holdings, company cases and long-term goals and is important material for understanding the state of the portfolio ahead of 2025.
Pershing Square Capital Management · Bill Ackman
Pershing's presentation on Fannie Mae and Freddie Mac's exit from conservatorship, systematizing the GSE restructuring framework, capital structure and potential paths for common/preferred stock holders.
Oaktree Capital Management · Howard Marks
Marks looks back at the Bubble Identification Framework on the 25th anniversary of bubble.com, discussing the dangers of extreme psychology, hot faucet persistence, and "this time it's different."
H& H International Investment · Duan Yongping
Duan Yongping returned to Zhejiang University for about 90 minutes of live Q&A with teachers and students, covering AI, learning methods, entrepreneurship, long-term investment, NetEase and Apple cases, doing the right things and how young people deal with risks.
Bridgewater Associates · Ray Dalio
Bridgewater’s official research page centralizes Dalio and his team’s public research on debt, currency, cycles, and portfolio construction, and is a stable entry point for tracking Dalio’s framework.
Soros Fund Management · George Soros
The official George Soros essays page lists his public writings on open society, geopolitics, Europe, and market institutions and is a stable source for tracking Soros' public views.
Fundsmith · Terry Smith
The Fundsmith Owner's Manual is the foundational document for understanding Terry Smith's methodology, systematically explaining fund objectives, investment criteria, fees, trading disciplines and how shareholders should evaluate Fundsmith.
Fundsmith · Terry Smith
The 2024 letter revolves around AI, Nvidia, index concentration and passive funds, explaining why Fundsmith owns some large tech companies but is unwilling to turn the portfolio into a Magnificent Seven weight replication.
Icahn Enterprises / Icahn Capital · Carl Icahn
Carl Icahn's official website publishes open letters, corporate governance opinions and activist campaign materials, and is a stable source for tracking his public Q&A and shareholder communications.
Himalaya Capital · Li Lu
Li Lu delivered a long speech at the 10th anniversary of the "Value Investment" course at Peking University Guanghua School of Management. The theme was global value investment and the times, focusing on insufficient domestic demand, private economic confidence, changes in the American order, the middle-income stage, modern capital markets and global value investment methods.
Appaloosa · David Tepper
Tepper discusses China stimulus, market liquidity, interest rates and risk asset allocation in CNBC interview. The interview views can be compared with the changes in 13F positions, but they cannot be directly equated to the next quarter's buying and selling.
Third Point · Dan Loeb
Third Point Q2 2024 Investor Letter, discussing AI-related positions, new Apple positions, Corpay, Intercontinental Exchange, real world assets and the credit/M&A environment.
Fundsmith · Terry Smith
The 2024 half-year letter disclosed low turnover and new buys in Texas Instruments, and stated that during the half-year period Fundsmith placed more emphasis on long-term free cash flow than short-term price action.
Berkshire Hathaway · Warren Buffett
First Berkshire Annual Meeting after the death of Charlie Munger. Buffett joins Greg Abel and Ajit Jain to talk Apple reductions, capital gains taxes, AI scams, Paramount losses and the Berkshire succession.
Third Point · Dan Loeb
Third Point Q1 2024 investor letter, the fund rose 7.8% in the first quarter, with positive contributions from Meta, Vistra, Amazon, Bath & Body Works, Microsoft, and discusses macro noise and stock volatility.
Giverny Capital · Francois Rochon
Giverny's 2023 annual letter discusses market rebounds, portfolio company operations, long-term investment principles and individual stock cases, reflecting Rochon's focus on growth in the intrinsic value of companies.
Fairfax Financial · Prem Watsa
Fairfax's 2023 annual report covering Atlas/Poseidon, insurance profits, investment portfolio and corporate governance is an important source for observing Watsa's capital allocation and related party transaction disclosures.
Baillie Gifford legacy · James Anderson
Baillie Gifford Public Interview Reviewing James Anderson's framework for long-term growth investing, innovative companies, and holding ultra-long cycle winners.
Markel Group · Tom Gayner
The 2023 Markel shareholder letter is in the post-Gayner era and focuses on explaining the company's structure, culture, three engines and long-term capital compounding.
Berkshire Hathaway · Warren Buffett
First Buffett shareholder letter after Munger's death. It opens with Munger as the architect of Berkshire and Buffett himself more as a general contractor; then returns to long-term holdings, insurance, energy, cash and avoiding Wall Street noise.
Pershing Square Capital Management · Bill Ackman
2024 Annual Presentation Summary 2023 portfolio and PSH structure, highlighting London listings, discounts, buybacks, debt structure and core holdings updates.
Gotham Asset Management · Joel Greenblatt
Money Maze's lengthy interview with Greenblatt discusses special situations, value investing, teaching, and Gotham's systematic approach, and is suitable as a newer public interview material.
TCI Fund Management · Chris Hohn
TCI's official responsible investing page explains its governance, climate and long-term shareholder engagement framework and is background information for understanding Chris Hohn's approach to shareholder engagement.
Southeastern Asset Management · Mason Hawkins
Southeastern's official investment methodology page describes its long-term, focused, valuation-driven, and active owner approach and is a classic source of framework for understanding Mason Hawkins.
Lone Pine Capital · Stephen Mandel
The Lone Pine official website provides institutional background and founder connections, and is a stable source used by the Mandel page to check institutional identity, official website, and long-term investor positioning.
Fundsmith · Terry Smith
The 2023 annual letter discusses contributions from Meta, Microsoft, Novo Nordisk and others, and re-elaborates Fundsmith's three-step strategy: buy good companies, don't pay too much, and do nothing.
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Dorsey Asset Management · Pat Dorsey
Dorsey Asset Management's official website describes its long-term, focused, quality-oriented investment philosophy and can be used as the basis for Pat Dorsey's page.
Davis Advisors · Chris Davis
The Chris Davis page of Davis Advisors provides background and public insight, making it a good source of identity and opinion.
Miller Value Partners · Bill Miller
The official profile page of Bill Miller of Miller Value Partners introduces his long-term performance background, investment philosophy and professional experience, which is suitable as a basic source of character profile.
Daily Journal Corporation · Charlie Munger
相关股票线索：BRK.B, BABA。
Duquesne Family Office · Stanley Druckenmiller
Druckenmiller shared investment experiences, macro judgments, market discipline and career advice at USC Marshall public events, which is a classic public Q&A material.
Fundsmith · Terry Smith
2023 semi-annual letter explains portfolio valuation, low turnover, selling Amazon, and why Fundsmith still prioritizes long-term free cash flow compounding.
Duquesne Family Office · Stanley Druckenmiller
The Economic Club of New York's public dialogue focuses on U.S. finance, interest rates, inflation, and market structure and is an important resource for understanding Druckenmiller's macro framework.
Berkshire Hathaway · Warren Buffett
Buffett shared the stage with Munger to answer questions about the banking crisis, Apple, Occidental, TSMC, AI, Sino-US relations, and the resilience of the US economy. It was one of Munger's last major public Q&A sessions.
Giverny Capital · Francois Rochon
Giverny's 2022 letter covers rising rates, falling markets, portfolio drawdowns, and long-term principles and is important material for watching how Rochon communicates during a stressful year.
Fairfax Financial · Prem Watsa
Fairfax's 2022 annual report discusses insurance pricing, fixed income reinvestment, investment gains and losses and holding company defensiveness amid rising interest rates and market volatility.
Markel Group · Tom Gayner
The 2022 Markel shareholder letter discusses high inflation, high interest rates, insurance cycles, portfolio volatility and long-term operating systems and is material for understanding Markel's capital allocation in stressed environments.
Daily Journal Corporation · Charlie Munger
The Daily Journal 2023 Annual Meeting features a Q&A hosted by Becky Quick, with Charlie Munger discussing the Daily Journal, Journal Technologies, Alibaba, BYD, Tesla, cryptocurrency, investing disciplines, and life lessons.
Pershing Square Capital Management · Bill Ackman
The 2023 annual presentation covers portfolio performance after 2022 interest rates and market stress, PSH discounts, concentrated holdings and Pershing's restatement of long-term compounding assets.
TCI Fund Management · Chris Hohn
TCI's official letters page publishes Chris Hohn's open letters to companies like Alphabet, demonstrating its focused approach to quality investing and governance engagement.
Fundsmith · Terry Smith
The 2022 annual letter puts Fundsmith's pullback into the context of inflation, rising interest rates, the end of easy money, and the revaluation of highly valued growth stocks.
Oaktree Capital Management · Howard Marks
Marks believes that changes in interest rates and inflation in 2022 may constitute the third major environment switch of his career, ending the tailwind that long periods of low interest rates have had on asset prices in the past.
Giverny Capital · Francois Rochon
Giverny's 2021 Annual Letter looks back at strong market years, long-term portfolio performance, corporate cases and investment principles, setting the stage for the 2022 pullback.
Fundsmith · Terry Smith
The 2022 semi-annual letter focuses on explaining the impact of inflation, gross margin, free cash flow yield and rising interest rates on high-quality growth portfolios.
Fairfax Financial · Prem Watsa
Fairfax's 2021 annual report shows the company's record net profit and book value growth, Watsa discusses insurance business recovery, investment income and post-pandemic capital allocation.
Bridgewater Associates · Ray Dalio
Dalio uses a long-cycle framework to explain the rise and fall of great powers, reserve currencies, debt, internal order and external conflicts, which is his most important public macro material in recent years.
Markel Group · Tom Gayner
The 2021 Markel shareholder letter reviews post-pandemic recovery, insurance and Ventures operations, investment portfolios and long-term compounding, and is Markel's benchmark material in subsequent years.
Daily Journal Corporation · Charlie Munger
Daily Journal 2022 Annual Meeting Q&A Transcript, with Munger discussing China, Alibaba, inflation, banks, the software business, investment manager fees and rational judgment, is important context ahead of the 2023 Annual Meeting.
Pershing Square Capital Management · Bill Ackman
2022 Annual Demo Review 2021 Portfolio, SPARC/PSTH related background, long holdings, and Pershing's build on the Permanent Capital platform.
Coatue Management · Philippe Laffont
Laffont talks Coatue's research organization, technology company judgment, and the learning cycle between private equity and public markets in a long Invest Like the Best interview.
Greenwoods / Jinglin · George Jiang
Related articles from China Europe International Business School collate Jiang Jinzhi’s public views on value investing, Chinese enterprises and long-term opportunities, which is a supplement to Jinglin’s Chinese public information.
Fundsmith · Terry Smith
The 2021 annual letter reviews post-pandemic markets, portfolio quality, and long-term compounding, discussing high valuations, business fundamentals, and investor temptations toward short-term style rotations.
Fundsmith · Terry Smith
The 2021 semi-annual letter discusses the rebound in value stocks in the pandemic recovery, the resilience of quality portfolios, and why bad companies don't automatically become good investments just because they are cheap.
Pershing Square Capital Management · Bill Ackman
The 2021 annual presentation covers the 2020 epidemic shock, credit hedging, portfolio recovery, PSTH and PSH long-term capital structure, and is an important resource for understanding Ackman's post-epidemic phase.
H& H International Investment · Duan Yongping
Snowball Special Edition compiles Duan Yongping’s public Q&A on investment philosophy, circle of competence, valuation, discounted cash flow, opportunity cost, derivatives and investment mentality. It is a classic material that has long been cited by the Chinese value investment community.
H& H International Investment · Duan Yongping
Snowball Special Edition compiles the business logic content in Duan Yongping’s NetEase blog and Snowball Q&A, covering great companies, business models, corporate culture, consumer orientation, product differentiation and innovation. It is a classic material for understanding their corporate judgment framework.
Fundsmith · Terry Smith
In a special letter at the beginning of the epidemic impact, Smith used a very short form to remind shareholders to focus on corporate resilience, cash flow and long-term holdings, rather than trying to predict the market bottom.
Pershing Square Capital Management · Bill Ackman
The 2020 Annual Presentation showcases Pershing's post-recovery portfolio and structure in 2019, centered around a return to a high-quality, focused, long-term investment framework following setbacks in previous years.
Abrams Capital Management · David Abrams
David Abrams discusses fundamental value investing, long-term holdings, valuation, and risk on Columbia Business School's Value Investing with Legends program in one of his few long interviews.
Pershing Square Capital Management · Bill Ackman
The 2019 annual update shows Pershing's mix and discount issues at the end of 2018, highlighting holdings such as Starbucks, Chipotle, Hilton, Restaurant Brands and Canadian Pacific.
Himalaya Capital · Li Lu
Li Lu's public lectures and Q&A at Peking University, focusing on China opportunities, value investment practices, circles of competence, long-termism and corporate research, are important public materials for understanding Himalaya's Chinese perspective.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai's classic speech at Morningstar India systematically talked about the ten principles of investment management, including no fixed management fees, small teams, accepting error rates and looking for extreme misprices.
Pershing Square Capital Management · Bill Ackman
Ackman presented the Starbucks investment thesis at Grant's Fall 2018 Conference, titled Doppio, focusing on the brand, U.S. same-store sales recovery, international expansion, capital returns and management execution.
Appaloosa · David Tepper
Tepper returns to his alma mater to talk about career choices, risk-taking, resilience and giving back during Carnegie Mellon's commencement ceremony. It is not a position interpretation, but it can help understand his risk appetite and competitive personality starting from credit and distressed assets.
Pershing Square Capital Management · Bill Ackman
The 2018 annual presentation follows the most difficult phase of Pershing, with material discussing combination losses, Herbalife, ADP, Valeant follow-up and refocusing processes.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai's classic long lecture at Peking University Guanghua School of Management revolved around Dhandho, cloning, low risk and high uncertainty, and learning from Buffett/Munger.
Greenwoods / Jinglin · George Jiang
Sina Finance’s public report on Jinglin Asset Jiang Jinzhi introduces his long-term investment framework, reverse thinking and focus on high-quality Chinese enterprises. It is a more usable character entry in Chinese public information.
Lone Pine Capital · Stephen Mandel
Stephen Mandel reviews research methods, team culture and growth stock investing frameworks from Tiger Management to Lone Pine in a lengthy interview, one of the few publicly traceable interviews with Mandel.
Pershing Square Capital Management · Bill Ackman
2017 Annual Demo Review of the Pershing portfolio and controversial investments in the post-2016 period is one of the key public sources for understanding the risks of Ackman's early concentrated activist style.
Dorsey Asset Management · Pat Dorsey
Pat Dorsey's investing podcast about moats, capital returns, competitive advantage, and long-term compounding is a public gateway to understanding his Morningstar background and Dorsey Asset Management style.
Pabrai Investment Funds / Dalal Street · Mohnish Pabrai
Pabrai's classic student lectures at Boston College have long been used as an introduction to understanding his Dhandho, Buffett/Munger learning paths and models of investment behavior.
Pershing Square Capital Management · Bill Ackman
Ackman’s special presentation at the 2015 Sohn Investment Conference centered on Pershing’s Valeant/platform M&A logic at the time, and later became a classic negative case for studying its mistakes and risk control.
HHLR Advisors / Hillhouse · Lei Zhang
Yale Insights' interview with Zhang Lei and Stephen Roach discusses Chinese investment, long-term capital, corporate quality, and institutional environment and is one of the more reliable sources of Zhang Lei's public information in English.
HHLR Advisors / Hillhouse · Lei Zhang
The Zhang Lei researcher page of Yale Insights centrally lists relevant public information and background information, which is a stable basis for personal introduction and data sources.
Akre Capital Management · Chuck Akre
Eveillard's public interview discussing global value investing, capital preservation, cash, and avoiding permanent loss is an important source for understanding First Eagle's traditional value framework.
Bridgewater Associates · Ray Dalio
Dalio's animation to explain credit, short-term debt cycle, long-term debt cycle, productivity and deleveraging is one of the most classic public materials for understanding Bridgewater's macro framework.
Himalaya Capital · Li Lu
Columbia Business School Graham & Doddsville's long interview with Li Lu, discussing the introduction to value investing, how investors can find a style that suits them, management judgment, error control, and long-term compounding.
Himalaya Capital · Li Lu
Li Lu's public speech at San Francisco State University talked about the basic principles of value investing, circle of competence, cash flow, market fluctuations and long-term mentality. It is one of the classic speeches long cited in the Chinese investment circle.
Baupost Group · Seth Klarman
Harvard Business School alumni profile describes Klarman's career path, Baupost culture, and philanthropic activities. It's not a real-time view, but it complements the character's background and long-term investing style.
Fundsmith · Terry Smith
Fundsmith's first annual letter, documenting the fund's early goals, investment discipline and how to explain long-term quality investing to shareholders.
Gotham Asset Management · Joel Greenblatt
Greenblatt's Talks at Google talk about "The Little Book That Still Beats the Market" and the magic formula framework is one of the best public videos for ordinary investors to understand his approach.
H& H International Investment · Duan Yongping
NetEase Finance's "Opinion China" has a long interview with Duan Yongping, reviewing Xiaobawang, BBK, moving to the United States, investing in NetEase and long-term value investment, which is suitable for connecting business management experience with subsequent public investment frameworks.
Berkshire Hathaway · Warren Buffett
Buffett's open Q&A with Bill Gates for students at Columbia Business School. The setting is the aftermath of the financial crisis, and topics focus on American capitalism, career choices, innovation, philanthropy, and how to maintain long-term judgment in a recession.
Soros Fund Management · George Soros
Soros's public text on reflexivity theory explains the feedback relationship between market participants' cognition, price and reality and is a classic source for understanding his investment philosophy.
H& H International Investment · Duan Yongping
Duan Yongping had a long dialogue with Zhejiang University students, focusing on entrepreneurship, career choice, corporate culture, doing the right things, learning methods and investment mentality. It was an early public Q&A that was more systematic than short posts.
H& H International Investment · Duan Yongping
In an interview with NetEase Finance on whether Buffett can emerge in China, Duan Yongping discussed value investing, market environment, long-term mentality, corporate understanding and common mistakes made by ordinary investors.
H& H International Investment · Duan Yongping
"Bositang"'s TV interview with Duan Yongping covers Xiaobawang, Backgammon, corporate culture, advertising, branding, decentralization and personal choice. It is an important public video for understanding his entrepreneurial stage.
H& H International Investment · Duan Yongping
Qin Shuo's early interview with Duan Yongping, discussing entrepreneurship, wealth, corporate responsibility, investment and life choices, is a supplementary video for understanding Duan Yongping's long-term values.
H& H International Investment · Duan Yongping
"Capital Figure" interview reviews Duan Yongping's entrepreneurship, investment, charity, education and understanding of entrepreneurs. The information density is higher than scattered social platform replies.
H& H International Investment · Duan Yongping
The interview with Duan Yongping in "Wealth Life", the title focuses on happy life, covering Little Overlord, Backgammon, wealth concept, personal choice and entrepreneurial mentality. It is a relatively complete one among the early interviews.
Oaktree Capital Management · Howard Marks
This memo was one of the sources of thoughts for Marks' later book of the same name. The core is that there is no single most important thing, and good investment requires multiple principles to be established at the same time.
H& H International Investment · Duan Yongping
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Oaktree Capital Management · Howard Marks
Marks' classic risk control memo: Investors cannot reliably predict events, but they can improve their survival probability through portfolio structure, risk budget and psychological preparation.
Berkshire Hathaway · Warren Buffett
Fortune's classic market valuation article based on Buffett's 1999 Sun Valley speech. It explains that long-term stock returns ultimately come from interest rates, corporate profits and investor expectations, rather than the market story itself.
Berkshire Hathaway · Warren Buffett
Buffett's classic public lecture and Q&A for University of Florida MBA students, spanning integrity, circles of competence, good business, long-term holding, LTCM, risk, and career choices.
Berkshire Hathaway · Warren Buffett
Buffett gave a lecture at Columbia for the 50th anniversary of Security Analysis, later compiled into an article. It is one of the most classic public defenses of value investing, using the long track record of a group of Graham-Dodd investors to refute the claim that markets are perfectly efficient.