The following is the internet link of Buffett’s 2025 Berkshire Shareholder Letter, including English version and Chinese version
Statistics can be deceiving
The most serious and most capable of changing statistical results is preconceived ideas “Shoot before set target”────because statistics and market surveys belong to more fields of non-science, and the mathematics and statistics involved in the middle are just tools . It is people who report and interpret in the end; as long as there are people, there will be prejudice.
Camtek: A little-known but outstanding semiconductor equipment supplier
Camtek is a high-end inspection and metrology equipment for semiconductor industry. Over the past five years, the stock price has increased by 662.11%. Over the past 10 years, the stock price has increased by 2630.46%.
Why was ASML founded?
In 1984, Philips spun off its photolithography division and became ASML. Due to backward technology, the EUV lithography machine that Intel has developed for many years has not yet been launched, and it has been decided not to have an EUV lithography machine made by an American company.
Return rates of US tech ETFs
Retail investors also want to participate the stock return of tech stocks, but have no time or not allow to do active stock selection, US Tech ETFs might be your best bet.
Chinese AI progress and top companies
Chinese AI is not just DeepSeek. Nearly half of the world’s top AI researchers come from China, and only 18% come from the United States. China owns 65% of the world’s artificial intelligence patents.
How Sezzle makes money?
Sezzle’s main competitors, whose main business is buy now, pay later (BNPL) companies, include listed Affirm, Block’s Afterpay, and Sweden’s Klarna.
DeepSeek routed the global AI and stock
DeepSeek’s independently developed MLA architecture and DeepSeek MOE architecture have played a key role in reducing its model training costs.
How was TSMC originally founded? Not by Morris Chang
The real founder of TSMC should be the Taiwanese government in the 1970s and 1980s, and several very visionary economic bureaucrats who came up with the idea; it was not Morris Chang.
Quantum computing update, the performance of related stocks
Quantum computing is suitable for solving ‘small data, big calculation’ problems, but they are not good at dealing with problems that require large amounts of data