VESMOND

AI 时代，
巴菲特是你的分析师。In the age of AI,
Buffett is your analyst.

一支伯克希尔团队，现在为你工作。
你只需要读它写的报告。A Berkshire team, now working for you.
You just read the reports.

免费开始 · 解锁 1 家公司Start free · unlock 1 company读一份真报告Read a real report
Team Lead · 统筹与综合研判Team Lead · Orchestration & synthesis
×4 并行×4 PARALLEL
段永平Duan Yongping
商业模式BUSINESS MODEL
这是不是一门好生意？Is this a good business?
$620,100 Buffett-lunch bidder (2006) · built BBK, OPPO, vivo
巴菲特Warren Buffett
财务估值VALUATION
价格是否明显低于价值？Is price clearly below value?
Chairman, Berkshire Hathaway, since 1965
芒格Charlie Munger
风险RISK
反过来想：它会怎么死？Invert: how does it die?
Berkshire vice-chairman, 1978–2023 · "invert, always invert"
李录Li Lu
趋势LONG-TERM TRENDS
十年后的确定性有多高？How certain is it in ten years?
Manager of Charlie Munger family capital · founder, Himalaya Capital
⇄ 交叉质证CROSS-EXAMINE

段永平 / 巴菲特 / 芒格 / 李录 均为分析框架的命名，本产品与其本人及其机构无任何关联或背书。Duan Yongping / Buffett / Munger / Li Lu name our analytical framework only — no affiliation with or endorsement by them or their firms.

流水线PIPELINE ·
结论允许冲突——冲突本身就是信息。Conclusions may conflict — the conflict itself is information.

团队调研，
你做决策。The team researches.
You decide.

每家公司六件研究资产，重大事件跟进更新，每份报告标注数据截至日。每句结论都标了出处——不是 AI 的一句话，是可以查的证据。Six research assets per company, updated on major events, every report dated to its data. Every conclusion carries its source — evidence you can check.

真实样张 · 零改写 · MSTRA REAL VERDICT · UNEDITED · MSTR

「"永不卖币"承诺可信」—— 破裂

7/6 首次实质卖币 3,588 枚（≈$216M）支付优先股股息 · 来自每周 8-K· from the weekly 8-K

我们不是持牌投资顾问；判定与评分为研究记录，不构成投资建议。We are not licensed investment advisers; verdicts and scores are research records, not advice.

读这份报告 · 免费开头Read this report · free excerpt

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