Special topic: Buffett shareholders' meeting 2024 Sino-American investor reception
Dan Bin: what really determines the long-term future of the capital market is technological progress.
In the afternoon of May 4, local timeVrarcadeThe 9th Buffett shareholders' meeting sponsored by Sina Finance was held at the Marriott Hotel in downtown Omaha. The reception was the largest and most influential investor exchange event during Buffett's shareholders' meeting. Investment elites, leaders of Chinese public and private equity funds and securities firms, and executives of listed companies attended the meeting.VrarcadeHad a high-quality conversation.
Dan Bin, chairman and fund manager of Oriental Harbor, attended the meeting and delivered a keynote speech "Rose of time-paying homage to Munger's long-term doctrine and analyzing the future investment journey". But Bin said that he personally believes that what really determines the long-term future of the capital market is technological progress, not a short-term change in the economy, but the technological progress that promotes economic growth in the long term.
The following is a transcript of some of Dan Bin's speeches:
Of course, as investors of future generations, we should stand on the shoulders of giants to iterate, if you do not iterate, it may be very difficult for you to achieve more. As far as I am concerned, from my 32 years' experience in studying capital markets, I personally think that the main reason for investment is to find the main reason, which will determine your long-term choice. Of course, it's not necessarily right. In fact, in Buffett's life, he found the main reason for the investment. What is the main cause? That is, starting from the value investment, starting from the enterprise, regardless of the changes in the macro background, this may be the core of investment. Most of us will be affected by interest rate hikes, interest rate cuts, and so on. For example, the recent decline in US stocks is due to poor inflation data. Because Friday's data is good again, soaring again. Most of us make decisions based on such short-term things, but Buffett is not. He once said, "Greenspan told him to raise interest rates in his left ear, and his right ear went out again." This kind of information has no effect on him, he looks for the main cause, to find the real decisive factor of the investment. In fact, when I study the changes in the capital market, I personally think that what really determines the long-term future of the capital market is technological progress, not a short-term change in the economy. What really determines the future is such a technological progress that promotes economic growth in the long run.