记录我在投资和生活中的思考https://runchengxie.github.io/zh-CNhttps://runchengxie.github.io/blog/irish-banks-failed-investment/https://runchengxie.github.io/blog/irish-banks-failed-investment/今天聊一个能帮助理解巴菲特为何会在金融危机里低估银行资产质量风险的案例：两笔爱尔兰银行股投资。Wed, 01 Apr 2026 00:00:00 GMT投资巴菲特案例研究投资失败https://runchengxie.github.io/blog/tesco-failed-investment/https://runchengxie.github.io/blog/tesco-failed-investment/今天聊一个能帮助理解巴菲特为何会因“卖得太慢”而扩大亏损的案例：乐购（Tesco）。Tue, 31 Mar 2026 00:00:00 GMT投资巴菲特案例研究投资失败https://runchengxie.github.io/blog/dexter-shoe-failed-investment/https://runchengxie.github.io/blog/dexter-shoe-failed-investment/今天聊一个能帮助理解巴菲特如何误判护城河、又在支付方式上踩中大雷的案例：德克斯特鞋业。Mon, 30 Mar 2026 00:00:00 GMT投资巴菲特案例研究投资失败https://runchengxie.github.io/blog/conocophillips-failed-investment/https://runchengxie.github.io/blog/conocophillips-failed-investment/今天聊一个能帮助理解巴菲特如何在周期股上踩坑的案例：康菲石油。Sun, 29 Mar 2026 00:00:00 GMT投资巴菲特案例研究投资失败https://runchengxie.github.io/blog/marshall-wells-failed-investment/https://runchengxie.github.io/blog/marshall-wells-failed-investment/今天聊一个能帮助理解巴菲特早期投资边界的案例：Marshall-Wells。Sat, 28 Mar 2026 00:00:00 GMT投资巴菲特案例研究投资失败https://runchengxie.github.io/blog/philadelphia-reading-turning-point/https://runchengxie.github.io/blog/philadelphia-reading-turning-point/今天聊一个对理解巴菲特投资进化很重要的案例：Philadelphia & Reading，简称 P&R。Thu, 26 Mar 2026 00:00:00 GMT投资巴菲特案例研究烟蒂股https://runchengxie.github.io/blog/union-street-railway-case-study/https://runchengxie.github.io/blog/union-street-railway-case-study/今天聊一个巴菲特早期的烟蒂股案例：Union Street Railway。Wed, 25 Mar 2026 00:00:00 GMT投资巴菲特案例研究烟蒂股https://runchengxie.github.io/blog/dempster-mill-case-study/https://runchengxie.github.io/blog/dempster-mill-case-study/今天聊一个巴菲特早期的烟蒂股案例：Dempster。Tue, 24 Mar 2026 00:00:00 GMT投资巴菲特案例研究烟蒂股https://runchengxie.github.io/blog/sanborn-map-case-study/https://runchengxie.github.io/blog/sanborn-map-case-study/年轻巴菲特的投资案例让人着迷，是因为当时他能做到 20%+ 的年化回报率。Mon, 23 Mar 2026 00:00:00 GMT投资巴菲特案例研究烟蒂股https://runchengxie.github.io/blog/buffett-selects-rather-than-transforms/https://runchengxie.github.io/blog/buffett-selects-rather-than-transforms/这篇论文问了一个很有意思的问题：巴菲特买入一家公司，到底是因为它本来就已经很符合他的标准，还是因为他在投后把它改造成了自己喜欢的样子？Sat, 21 Mar 2026 00:00:00 GMT投资巴菲特论文解读公司治理https://runchengxie.github.io/blog/why-buffett-is-still-hard-to-copy/https://runchengxie.github.io/blog/why-buffett-is-still-hard-to-copy/研究者发现，巴菲特至今依然很难被量化基金完全模仿。Fri, 20 Mar 2026 00:00:00 GMT投资巴菲特论文解读资产定价https://runchengxie.github.io/blog/overconfidence-about-buffett/https://runchengxie.github.io/blog/overconfidence-about-buffett/你以为“巴菲特买了某只股票”这种信息一公开，市场会立刻冲进去把价格顶上去？Thu, 29 Jan 2026 00:00:00 GMT投资巴菲特论文解读市场行为https://runchengxie.github.io/blog/the-other-side-of-buffett/https://runchengxie.github.io/blog/the-other-side-of-buffett/AQR 那篇《Buffett's Alpha》用量化的思路拆解了巴菲特的投资能力到底强在哪里，核心就是两件事：Tue, 27 Jan 2026 00:00:00 GMT投资巴菲特论文解读杠杆与质量https://runchengxie.github.io/blog/buffett-and-multi-factor-research/https://runchengxie.github.io/blog/buffett-and-multi-factor-research/金融领域有几篇经典的多因子研究。翻成普通话，核心问题其实是：那些长期收益率更高的股票，到底有什么共同点？Mon, 26 Jan 2026 00:00:00 GMT投资巴菲特论文解读量化研究