还有谁在听巴菲特的“忠告”?

从私募大佬赵丹阳向巴菲特荐股,促使“物美商业”股价大涨,到孙宇晨重金拍下巴菲特午餐却突发“恶疾”爽约,将午餐变成持久的“营销”事件,“巴菲特午餐”这个本意为救助当地穷人和无家可归者的慈善拍卖活动,也被中国商人玩变了味儿,成了自带流量的真人秀。

与其同这位老人无所不谈,中国的竞拍者们似乎更看重“巴菲特”这个名号背后的影响力。

而在如今,“巴菲特午餐”也迎来了终局。4月底,慈善机构格莱德表示,搁置了两年的“巴菲特午餐”即将再次举行,但也将是最后一次举行,停办原因尚不清楚。

在中国,巴菲特有着数量庞大的信众。高盛曾有过这样一项统计:全球约有200万人是巴菲特信徒,其中30万来自中国。人们崇拜巴菲特的投资神话,并想从老爷子半生的投资经验中学到一星半点。

但在如今,前有互联网企业上市潮,投资人十年间实现百倍、千倍投资回报的例子,后有比特币价格一度涨至6万美金,虚拟产业的“虚火”持续升温的诱惑,巴菲特的“长期主义”、“价值投资”似乎越来越不能满足人们的野心和欲望。

除了午餐,在每一年的伯克希尔·哈撒韦的股东大会上,巴菲特和搭档芒格依然延续着传统,用半天的时间来回答全球投资者和媒体的提问。但能听进去两位老人的劝诫的人,似乎正在变少。

01 朝圣“巴菲特”

每年的5月初,都是美国中部城市奥马哈最热闹的时候。

巴菲特和芒格会在这个月的第一个周六共同亮相,回答来自全球各地投资者、媒体的提问。这是伯克希尔·哈撒韦的股东大会,这项传统已经延续了半个多世纪,多年来从未间断,如今两位老头都已近百岁。

还有谁在听巴菲特的“忠告”?

2022年5月,伯克希尔·哈撒韦的股东大会现场

每一年的大会,差不多都有4万名参会者,而其中大概有4000名是中国人。许多人将到奥马哈参会视作“朝圣”,巴菲特则被称作是“奥马哈的神谕”。在中国,巴菲特还有一个更实在的称呼——“股神”。

中国投资者对巴菲特的崇拜,来源于他所创造的投资神话。

从巴菲特入主伯克希尔以来,这家企业的股价从1965年开始在57年间上涨了3.6万倍,当前市值为7046亿美元,也就是人民币的4.7万亿元,相当于2个多茅台。在美股中排名第6,仅次于苹果、微软、亚马逊、Google、特斯拉。

巴菲特一直持有这家公司39%的股份,他也是唯一一个通过投资,实现千亿美元财富的富翁。

正是基于对财富的崇拜,中国投资者们对“巴菲特午餐”尤为热衷。

第一个拍下“巴菲特午餐”的中国人是段永平。

还有谁在听巴菲特的“忠告”?

那是在2006年,段永平已经将曾经的步步高一分为三,其中两家便是如今的OPPO和vivo,他则选择退居美国做起了投资。在与巴菲特见面之前,他已经创下了“投资网易获得100倍回报”的“神话”。

段永平自称在读书学习的过程中,读到了巴菲特关于股票投资的理念,巴的理念对他影响颇深。对于那场午餐,段永平坦言,他竞拍只是为了向心中的投资偶像致敬,并想向巴菲特汇报自己的学习成果。

对于段永平,被人们津津乐道的是他的“门徒”们。

在那场午餐,段永平带着一位叫黄峥的年轻人共同赴宴。而这个年轻人后来顶着阿里巴巴、京东两大巨头瓜分电商市场的压力,创立了拼多多,以低价策略创造了最快电商平台发展纪录,仅三年就将拼多多带上了纳斯达克。

从步步高分离出来的vivo、OPPO也占据了国产手机市场的半壁江山。而伴随着vivo、OPPO在东南亚市场的快速发展,极兔速递也在“Ov“的配送体系上快速成长。而极兔创始人李杰,曾在步步高公司任高管,同样“师出”段永平。

到2020年,极兔进入国内市场,与拼多多深度绑定。收购百世快递后,据华创证券测算,极兔在中国快递市场拿下15.4%的市场份额。

从智能手机、电商、物流……段永平的“门徒“们编织出了一套完整的新经济产业链。

还有谁在听巴菲特的“忠告”?

图片来自段永平雪球账号

日前,段永平在社交平台透露,他在吃晚餐的时候遇见了巴菲特和芒格。巴菲特将他介绍给芒格,称段永平卖的手机销量和苹果差不多,并称没有段永平自己可能不会买苹果。这样的夸赞让段永平受宠若惊。

在投资方面,段永平似乎真的成了巴菲特价值投资理念的“中国代言人”。

巴菲特说:“如果你没有持有一家公司股票十年以上的预期,就不要持有它十分钟,根本不要买它。”

而段永平也总是强调“懂了再出手”,他不会投自己不了解的行业,也不做短期投资。在近十年来,段永平重仓过苹果和茅台,而苹果和茅台股价的涨幅,也证明了他的选择。

今年3月,腾讯股价一度跌至300港元。在一片观望情绪中,段永平再次重仓腾讯,而这已是近两年来段永平第四次抄底腾讯了。

段永平也时常向外界表达自己的投资理念,在一次回复粉丝时他说:“公司价值取决于公司生命周期里的总盈利的折现。好公司生命力强,一般会活得好且长。股市长期来说就是称重器,早晚会体现公司价值的。”

这与巴菲特的理念一脉相承,只是鲜少有人真的能耐得住寂寞和诱惑。

02 “赌场”没有巴菲特

巴菲特的价值投资理念,概括而来则是“投资懂的东西”、“了解它的价值”、“ 股票未来价值与当前股价的差值就是安全边际”、“以持有十年的预期去决定入手股票”……

据公开报道,比亚迪是巴菲特在中国投资的第一家公司,2008年巴菲特入手了比亚迪,年报显示,巴菲特在比亚迪的投资上已赚了32倍,但直到2021年也一股都没卖。

但同样做到的投资者寥寥无几。人们往往缺乏耐心,很少有人能够长期持有一只股票。

有观点认为,许多人对股票投资的关注点,脱离了企业本身经营状况,而是纠结于赌博式的概率和数学计算,以及各种均线的钻研。

作为赤子之心中国成长投资基金总经理,赵丹阳在2008年以211万美元的价格拍下了巴菲特午餐。

还有谁在听巴菲特的“忠告”?

赵丹阳(左)曾以211万美元拍下巴菲特午餐

坊间时常谈起赵丹阳在午餐上向巴菲特推荐“物美商业”股票的事迹。等赵丹阳回国时,物美的股价已经涨了近24%,浮盈1400万美元。也是在这之后,巴菲特立下了规矩:饭桌上不谈个股,习惯延续至今。

但赵丹阳或许更是耐不住诱惑的大多数。

在2014年,赵丹阳选择回归A股,确实抄了7年一轮牛市的底部;在2015年6月上证指数再次冲击到5178的高点。但6月之后的暴跌,赵丹阳未能及时抽身。从2015年全年业绩来看,赤子之心旗下的两支境内基金收益率分别为-12.07%和-3.04%,跑输同期上证指数9.41%的涨幅;在2016年《致投资者的一封信》中,赵丹阳表示今后的投资将会从个股选择逐渐转向全球宏观配置。

对于投资,赵丹阳更强调“周期”和“大势”。在2017年的一场演讲中,赵丹阳反复强调,“人生一世,你要知道在什么时间,什么地方做什么事情。抛开这个东西,剩下一切,如果你说价值投资,那就是胡扯。 ”

但巴菲特的观点是,“我们永远不会根据股市会怎么走来买(股票)。我们从来没有了解深入的经济观点。我们没法毫无差错地选中市场的时机。”

这或许也决定着赵丹阳没有走上与巴菲特相似的投资道路,但却无关对错——去年,“私募教父”赵丹阳境外发行的基金产品表现出众,旗下两只基金前11个月均大赚超过50%。

这也意味着,要在投资上赚到钱的方法论并非巴菲特一种。

“巴菲特午餐”上还出现了另一个中国商人——天神娱乐的创始人朱晔。在2015年,他以234万美元的天价拍下了午餐。

还有谁在听巴菲特的“忠告”?

朱晔与巴菲特共进午餐,图片来自:网络

在此之前,他的公司天神娱乐借壳科冕木业实现了上市。作为游戏企业,代表作有《黎明之光》、《坦克风云》、《傲剑》等游戏,还参与投资了《余罪》、《将夜》、《民国奇探》等影视剧。

很难说朱晔在这场午餐上学到了什么。在此后的3年中,天神娱乐的步子迈得很大,收购了儒意影业的部分股权,并购了雷尚、乐玩等游戏公司。仅在2018年,天神娱乐就发起了10余起并购案,收购金额近100亿元。

但步子迈得太大,由此产生的债务规模激增。在2018年,受游戏版号冻结、影视行业规范税收秩序、限制特定题材等监管政策调整的影响,天神娱乐经营业绩大幅下滑,陷入了严重的债务危机与经营危机。

目前,朱晔团队也早已整体退出了天神娱乐。

并不擅长投资的朱晔,确实也曾在午餐上对巴菲特说:"我做实业还行,炒股不行。"那3年,他最终“赌”输了。

而全球的股市“赌性”也在高涨。在疫情之后,随着美联储持续释放超量流动性,美股在两年间持续走高,大量热钱涌入股市。而在4月之后,美股的波动也在加剧。

巴菲特批评道:“很多美国大公司好像已经成为赌桌上的筹码”,“股市像赌场一样,大家都在里面赌博,这种现象在过去两年尤其的明显,也是受到了华尔街的驱动”。

而赌场,从来不需要巴菲特。

03 “闹剧”收场

在《西虹市首富》的电影里,王多鱼为了花钱,重金拍下股神的午餐,却不料股神效应导致他买的夕阳股票全线上涨,反而赚到了钱。

只是一个段子,一个影视片段,但生活往往比影视剧更精彩。无论是赵丹阳向巴菲特荐股,导致物美股票短期上涨,还是朱晔参加了午餐后天神娱乐股票大涨,都说明了这点。

但真正将“巴菲特午餐”彻底变成闹剧的,还得是90后孙宇晨。

无数次的专访里,孙宇晨从未掩饰过自己对名利的强烈渴望。

年少时,他想做下一个韩寒,为此精心研究历届新概念作文大赛一等奖的文风,意图迎合评委口味。如此连投3年,却从无回音。而后在北大,他以激进的思想、极端的言论特立独行,高调张扬地度过了4年。

再然后是到美国留学,他选修了沃顿商学院的课程,加入投资协会,参加投行、基金公司的实习面试,开始研究虚拟货币。

他接受GQ采访时讲述了他观念的转变,认为“企业家才是整个地球赖以转动的核心,人赚钱越多,越崇高”。从此之后,他的微信朋友圈里,马云、冯仑、史玉柱……他随时都在展示自己和商界大佬的合影。

“孙宇晨”这个名字的背后,几乎是投机主义、成功学鸡汤的集合体。

他也的确实现了财富自由,他所创立的波场TRON涨幅飞快,手握60亿波场币的孙宇晨,以此收割韭菜,曾一次性套现了120亿元人民币。

据财新报道,因涉嫌非法集资等问题,自2018年6月起,监管部门就对孙宇晨下达了边控指令。而孙宇晨从2019年1月开始,就再未回国。

但即便如此,国内依然不乏孙宇晨的簇拥者。在他的身上,人们看到了一夜暴富的“幻影”。

“孙宇晨”们首先想要挑战的,便是那一套成熟而理性的投资方法论。

2019年,孙宇晨以近457万美元竞拍下巴菲特的慈善午宴,但却以孙宇晨“突发肾结石”为由搁置。

还有谁在听巴菲特的“忠告”?

孙宇晨在2020年宣布,以及与巴菲特完成了午餐之约

一张孙宇晨的对话截图显示,孙宇晨说:“这波我给全金融界都上了堂课。人人都以为我去拍午餐是为了听课然后赚钱。错了,不用吃我就能赚。”、“赚钱是最重要的,人人都以为午餐是巴菲特给我上课,那我就先在吃饭前给巴老上上课”。

巴菲特在前不久的股东大会上便再次强调,“比特币并不是一种有生产能力的资产,它的价值就取决于下一个人给上一个拥有比特币的人付多少。这个钱在不同的人之间移来移去,它们只是改变了拥有者。但是本质上看,资产要有价值的话,必须要能够交付生产力,交付其价值。”

芒格也说,“在我一生中,我试图要避免一些既愚蠢、又邪恶、还让我显得比别人更差劲的东西,我觉得比特币三点都占了。” 说它愚蠢,因为它的价值会归零,说它邪恶,因为它削弱健全的美国金融系统。

但对于与孙宇晨见面,巴菲特或许也有过期待,想要听一听这位在虚拟货币上大赚的年轻人,究竟是如何理解比特币的。

而虚拟资产的价格高涨,也在一步步挑战巴菲特的价值投资。在加密货币上,除了孙宇晨,马斯克也是加密货币的拥趸,巴菲特与马斯克为此隔空喊话了数轮。

而市场也从来不缺投机者。去年以来,现实宇宙再掀起一波关于元宇宙的狂欢。在元宇宙的细分赛道下,NFT市场也在快速增长。据市场调查机构Chainalysis预测,2021年NFT市场规模已经至少达到269亿美元。

在近一年的时间中,即便不懂,也有大量的创业者、投资者打起了区块链、元宇宙、NFT的旗帜……

巴菲特老了,92岁的他和98岁的芒格坐在奥马哈女王中心球馆上,回答了媒体6个小时的提问,从国际政治格局,到石油、互联网、虚拟货币等,无数次阐述自己的观点、看法。

但在座的4万参会者,以及屏幕前无数的观众看客,又有多少人真正的听进了老爷子们的苦口婆心呢?

Instead of talking to the old man about everything, Chinese bidders seem to value the influence behind the name "Buffett".

Now, Buffett lunch has come to an end. At the end of April, the charity Glide said that the Buffett lunch, which had been on hold for two years, would be held again, but it would also be the last time, and the reason for the suspension was unclear.

Buffett has a large number of followers in China. Goldman Sachs once had such a statistic: about 2 million people around the world are Buffett followers, 300000 of whom are from China. People worship Buffett's investment myth and want to learn something from the Don's half-life investment experience.

But today, there was a wave of Internet companies going public, and investors achieved a hundredfold and thousandfold return on investment in a decade, and then the price of Bitcoin once rose to $60,000, and the virtual industry's "virtual fire" continued to heat up.Buffett's "long-term doctrine" and "value investment" seem to be increasingly unable to meet people's ambitions and desires.

In addition to lunch, Buffett and his partner Munger continue the tradition of answering questions from investors and the media around the world at Berkshire Hathaway's annual shareholder meeting. But the number of people who can listen to the advice of the two old men seems to be decreasing.

01 Pilgrimage "Buffett"

Every year, early May is the busiest time in the central American city of Omaha.

Buffett and Munger will appear together on the first Saturday of the month to answer questions from investors and media around the world. This is Berkshire Hathaway's shareholder meeting, a tradition that has been going on for more than half a century, and now both old men are nearly 100 years old.


Berkshire Hathaway shareholders' meeting in May 2022

Every year, there are almost 40, 000 participants, of whom about 4000 are Chinese. Many people regard attending the meeting in Omaha as a "pilgrimage", while Buffett is called "the oracle of Omaha". In China, Buffett has a more real name-"stock god".

The worship of Buffett by Chinese investors stems from the investment myth he created.

Since Buffett joined Berkshire, the company's share price has risen 36000-fold in the 57 years since 1965 and now has a market capitalization of $704.6 billion, or 4.7 trillion yuan, equivalent to more than two Maotai. It ranks sixth in US stocks, second only to Apple, Microsoft, Amazon, Google and Tesla.

Buffett has always owned 39% of the company, and he is the only millionaire who has made a fortune of hundreds of billions of dollars through investment.

It is based on the worship of wealth that Chinese investors are particularly keen on "Buffett lunch".

The first Chinese to film Buffett lunch was Duan Yongping.


It was in 2006, when Duan Yongping had divided his former step by step into three, two of which are now OPPO and vivo, and he chose to retire to the United States to invest. Before meeting Buffett, he had created the myth of "100 times the return on investing in NetEase".

Duan Yongping claimed that in the process of reading and studying, he read Buffett's idea of stock investment, which had a deep influence on him. For that lunch, Duan Yongping admitted that he only bid to pay homage to his investment idol and wanted to report his learning achievements to Buffett.

For Duan Yongping, people are interested in talking about his "disciples".

At that lunch, Duan Yongping went to dinner with a young man named Huang Zheng. And this young man later, under pressure from the two giants Alibaba and JD.com to carve up the e-commerce market, founded pinduoduo, set a record for the development of the fastest e-commerce platform with a low-price strategy, and brought pinduoduo to Nasdaq in just three years.

Vivo and OPPO, which are separated from BBG, also occupy half of the domestic mobile phone market. With the rapid development of vivo and OPPO in Southeast Asia, extreme Rabbit Express is also growing rapidly in the "Ov" distribution system. Li Jie, founder of Polar Rabbit, once worked as an executive at Bubugao, and also "learned" Duan Yongping.

By 2020, Ji Rabbit will enter the domestic market and be deeply bound with pinduoduo. After the acquisition of Best Express, according to Huachuang Securities, Ji Rabbit won 15.4% of the market share in China's express market.

From smartphones, e-commerce, logistics. Duan Yongping's "disciples" weave a complete set of new economic industrial chain.


图片来自段永平雪球账号

A few days ago, Duan Yongping revealed on the social platform that he met Buffett and Munger at dinner. Buffett introduced him to Munger, saying that Duan Yongping sold similar mobile phones to Apple, and that he might not have bought Apple without Duan Yongping. Duan Yongping was flattered by such praise.

In terms of investment, Duan Yongping seems to have really become the "Chinese spokesman" of Buffett's value investment concept.

巴菲特说:“如果你没有持有一家公司股票十年以上的预期,就不要持有它十分钟,根本不要买它。”

And Duan Yongping always stressed that he would not invest in industries he did not understand, nor would he make short-term investments. Over the past decade, Duan Yongping has taken a heavy position in Apple and Maotai, and the rise in the share prices of Apple and Maotai also proves his choice.

今年3月,腾讯股价一度跌至300港元。在一片观望情绪中,段永平再次重仓腾讯,而这已是近两年来段永平第四次抄底腾讯了。

Duan Yongping also often expresses his investment ideas to the outside world. "the value of the company depends on the discount of the total profits in the company's life cycle," he said in a reply to fans. Good companies have strong vitality and generally live well and for a long time. The stock market is a weighing device in the long run, and it will reflect the value of the company sooner or later. "

This is in line with Buffett's philosophy, but few people really can withstand loneliness and temptation.

02 "Casino" doesn't have Buffett.

Buffett's concept of value investment, in a nutshell, is "invest what you know", "understand its value", "the difference between the future value of the stock and the current stock price is the margin of safety", "decide to buy the stock based on the expectation of holding for ten years".

According to public reports, BYD is the first company that Buffett has invested in China. Buffett acquired BYD in 2008. According to the annual report, Buffett has made 32 times his investment in BYD, but did not sell a single share until 2021.

But few investors have done the same. People tend to be impatient and few people can hold a stock for a long time.

There is a view that many people's focus on stock investment is divorced from the operating conditions of the enterprise itself, but entangled in gambling probability and mathematical calculation, as well as the study of various moving averages.

As general manager of the innocent China growth Investment Fund, Zhao Danyang bought Buffett's lunch for $2.11 million in 2008.


Zhao Danyang (left) once snapped Buffett's lunch for $2.11 million.

People often talk about Zhao Danyang recommending "Wumart Business" stocks to Buffett at lunch. By the time Zhao Danyang returned home, Wumart's share price had risen nearly 24%, with a floating profit of 14 million US dollars. It was after that that Buffett laid down the rule: don't talk about stocks at the dinner table, and the habit continues to this day.

But Zhao Danyang may be the majority who can't resist temptation.

In 2014, Zhao Danyang chose to return to A-shares and did hit the bottom of a seven-year bull market; the Shanghai index hit a high of 5178 again in June 2015. But after the collapse after June, Zhao Danyang failed to get out in time. Judging from the annual results in 2015, the returns of the two domestic funds owned by Zhi Zixin were-12.07% and-3.04% respectively, outperforming the 9.41% increase in the Shanghai Composite Index over the same period. Zhao Danyang said that in the 2016 "letter to investors", the future investment will gradually shift from individual stock selection to global macro allocation.

For investment, Zhao Danyang puts more emphasis on "cycle" and "general trend". In a speech in 2017, Zhao Danyang repeatedly stressed, "in life, you need to know when, where and what to do." Put aside this thing, everything left, if you say value investment, that is bullshit. "

But Buffett's view is that"We will never buy [stocks] based on how the stock market will go. We have never understood a deep economic point of view. We can't pick the timing of the market without error. "

This may also determine that Zhao Danyang does not follow a similar investment path to Buffett, but it has nothing to do with right or wrong-last year, the fund products issued by Zhao Danyang, the "godfather of private equity", performed well, with both funds earning more than 50 per cent in the first 11 months.

It also means that Buffett is not alone in the methodology of making money on investments.

Another Chinese businessman, Zhu Ye, founder of God Entertainment, also appeared on Buffett's lunch. In 2015, he snapped up lunch for a whopping $2.34 million.


Zhu Ye had lunch with Buffett. The picture is from: Internet.

Prior to this, his company, God Entertainment, backdoor Corona Wood went public. As a game enterprise, its masterpieces include Dawn, Tank, arrogant Sword and other games, as well as investing in movies and TV dramas such as remaining Sin, General Night, and the Republic of China.

It's hard to say what Zhu Ye learned at this lunch. In the following three years, God Entertainment has made great strides, acquiring a stake in Ruyi Pictures and acquiring game companies such as Lei Shang and Le play. In 2018 alone, God Entertainment launched more than 10 mergers and acquisitions worth nearly 10 billion yuan.

But it has gone too far and the resulting debt has soared. In 2018, affected by the freezing of game version numbers, the regulation of tax order in the film and television industry, restrictions on specific themes and other regulatory policy adjustments, the operating performance of God Entertainment declined sharply and fell into a serious debt crisis and business crisis.

At present, Zhu Ye's team has already withdrawn from Gods Entertainment as a whole.

Zhu Ye, who is not good at investing, did say to Buffett at lunch: & quot; I am good in industry, but not in stocks. In those three years of quot;, he finally lost the bet.

And the "gambling" of stock markets around the world is also rising. After the outbreak, as the Fed continued to release excess liquidity, U. S. stocks continued to rise for two years, with a flood of hot money pouring into the stock market. After April, volatility in U. S. stocks has also intensified.

Buffett criticized: "many large American companies seem to have become bargaining chips on the gambling table." the stock market is like a casino, where everyone gambles. This phenomenon is particularly obvious in the past two years and is also driven by Wall Street.

Casinos, on the other hand, never need Buffett.

03 = = sync, corrected by elderman = =The farce ends.

In the movie "the richest man in Xihong City", Wang Duoyu paid a lot of money for the lunch of the stock god, but the stock god effect caused the sunset stocks he bought to rise across the board and made money instead.

It's just a joke, a film and television clip, but life is often more wonderful than movies and TV dramas. Whether Zhao Danyang recommended shares to Buffett, leading to a short-term rise in Wumart shares, or Zhu Ye attended lunch after the god entertainment shares soared, all illustrate this point.

But it was Sun Yuchen of the post-90s who really turned Buffett lunch into a farce.

In countless interviews, Sun Yuchen never concealed his strong desire for fame and wealth.

When he was young, he wanted to be the next Han Han, so he carefully studied the writing style of the first prize in previous new concept composition competitions in order to cater to the taste of the judges. I have been voting for three years in a row, but there has been no reply. Then in Peking University, he spent four years with a maverick of radical ideas and extreme remarks.

Then he went to study in the United States, where he took courses at Wharton Business School, joined the Investment Association, attended internship interviews with investment banks and fund companies, and began to study virtual currencies.

In an interview with GQ, he described the change in his concept that "entrepreneurs are the core of the rotation of the whole planet, and the more people make money, the more noble they are." Since then, in his Wechat moments, Jack Ma, Feng Lun and Shi Yuzhu. He shows photos of himself with business leaders all the time.

Behind the name "Sun Yuchen" is almost a collection of opportunism and successful chicken soup.

He did realize the freedom of wealth, and the wave field TRON he founded rose rapidly. Sun Yuchen, who held 6 billion wave field coins, harvested leeks and cashed out 12 billion yuan at one time.

Regulators have issued border control instructions to Sun Yuchen since June 2018 on suspicion of illegal fund-raising, Caixin reported. Sun Yuchen has never returned to China since January 2019.

But even so,There is still no shortage of Sun Yuchen's fans in China. In him, people saw the "illusion" of getting rich overnight.

The first thing that Sun Yuchen wants to challenge is that set of mature and rational investment methodology.

In 2019, Sun Yuchen bid nearly $4.57 million for Buffett's charity luncheon, but shelved it on the grounds that Sun Yuchen had a "sudden kidney stone".


Sun Yuchen announced in 2020, and completed the lunch appointment with Buffett.

A screenshot of Sun Yuchen's conversation shows that Sun Yuchen said: "this wave has taught the whole financial world a lesson." Everyone thinks that I shoot lunch in order to attend classes and make money. No, I can make money without eating. " "making money is the most important thing. Everyone thinks that Buffett gives me a lesson for lunch, so I will first give a lesson to Ba Lao before eating."

Buffett stressed again at a recent shareholder meeting that "Bitcoin is not a productive asset. Its value depends on how much the next person pays the last person who owns it." The money moves from one person to another, and they just change the owner. But in essence, if an asset is to be valuable, it must be able to deliver productivity and deliver its value. "

Munger also said"in my life, I've tried to avoid things that are stupid, evil and make me look worse than others. I think bitcoin takes up all three o'clock." Call it stupid, because its value will return to zero, call it evil, because it weakens the sound American financial system.

But Buffett may have been looking forward to meeting Sun Yuchen to hear how the young man who made a lot of money in virtual currencies understood Bitcoin.

The high price of virtual assets is also challenging Buffett's value investment step by step. On cryptocurrency, besides Sun Yuchen, Musk is also a fan of cryptocurrency, and Buffett and Musk talked about it for several rounds.

And the market is never short of speculators. Since last year, there has been another wave of revelry about the meta-universe in the real universe. Under the subdivision track of meta-universe, the NFT market is also growing rapidly. According to market research firm Chainalysis, the market size of NFT will reach at least $26.9 billion in 2021.

In nearly a year, even if do not understand, there are a large number of entrepreneurs and investors have raised the banner of blockchain, meta-universe and NFT.

Buffett is old. Sitting on the Queen of Omaha Center Arena, Buffett, 92, and Munger, 98, answered six hours of media questions, ranging from international politics to oil, the Internet, virtual currency, and so on. Countless times to express their views, views.

But how many of the 40,000 attendees and countless viewers in front of the screen really listened to the bosses' painstaking efforts?

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