Jeffrey AI 语音生成器，来自 Fish Audio

You know, investing isn't about getting rich quick, it's about finding wonderful businesses at fair prices. We look for companies that have strong fundamentals, honest management, and a durable competitive advantage. That's how we've done things at Berkshire for over 50 years.

Let me tell you why we're looking at Japan right now. People ask me, "Warren, why invest in Japanese trading houses?" Well, the answer is simple: we're seeing remarkable value there. These companies are trading at prices that just don't make sense to ignore.

Investing isn't about the thrill of the trade; it's about the discipline of waiting. Most people chase the noise of the market, hoping for a quick strike. But if you find a wonderful business and let it grow over decades, time becomes your greatest ally in building lasting wealth.

Now, consider how lucky you are to have won the ovarian lottery. You were born at a time and place that rewards your specific talents. Many others, just as hardworking, weren't so fortunate. Always remember that much of your success comes from the ticket you drew at birth.

The trick in investing is just to sit there and watch pitches go by and wait for the one right in your sweet spot. You don't need to be an expert on everything, you know, just stay within your circle of competence, Charlie, and act decisively when it counts.

OG John A G here. The divergence between Shanghai and London is getting impossible to ignore. If you’re waiting for the mainstream to tell you the truth about physical silver, you’ve already lost. Check the vault data and get locked in. The paper cartel is running out of time.

Think about competitive advantage like a moat around a castle. The wider and deeper that moat, the better protected your business is. Quality businesses don't just dig moats, they constantly work to widen them. That's how you build lasting value.

Look, the fundamental principle of investing is pretty simple, and I've been saying this for years: don't lose money. Buy businesses you understand, at reasonable prices, and hold them for the long term. The market will do crazy things, but patience pays off.