Good evening, brothers!
In his letter to shareholders in 1984, Buffett wrote: "So far, I believe the best investment textbook is 'The Intelligent Investor' by Graham. The last chapter of this book mentions that investments viewed from a business perspective are the best investments." This was the first time Buffett mentioned his mentor, Benjamin Graham, in his letter. Also in 1984, to commemorate the 50th anniversary of the publication of 'Security Analysis', Buffett delivered his famous speech 'The Super Investor: Graham-Dodd Style' at Columbia University.
Graham's life was quite legendary. Born in London in 1894, he moved to New York with his parents in 1895. In 1914, he graduated from Columbia University and turned down three teaching positions to pursue a career in finance. From 1929 to 1932, the partnership he managed suffered losses for four consecutive years, with assets under management dropping from $2.5 million to $375,000. However, none of this led Graham to despair; instead, it motivated him to delve deeper into the mysteries of the stock market. In 1934, 'Security Analysis' was published; in 1949, 'The Intelligent Investor' was published.
Graham had a deep connection with Buffett. First, Graham was Buffett's teacher. At the age of 19, Buffett decided to study under Graham after reading 'The Intelligent Investor'. Graham was also very fond of Buffett, giving him the best grade in history, an A+, for all his courses. Secondly, Graham was Buffett's boss. In 1954, Graham agreed to hire Buffett, breaking the previous practice of only hiring Jews at his company. Finally, Graham and Buffett were also investment friends; it was through Graham that Buffett formed a lifelong bond with Geico Insurance.
In 1956, Graham chose to retire and settled in Beverly Hills, living a comfortable life of teaching, writing, reading, and skiing. Graham's interests extended far beyond investing; he was well-versed in Western classical literature, and much of the joy he experienced in life came from a rich spiritual world. Compared to Buffett's focus and diligence, Graham appeared more laid-back and Zen-like. Living a life full of "relaxation," Graham led a different life from Buffett, yet they always appreciated and encouraged each other, embodying the idea of "gentlemen harmonizing yet differing."
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This Friday, Federal Reserve Governor Adriana Kugler stated in an interview with CNBC that the Fed is uncertain about how the economy will develop in 2025, and future monetary policy will be based on upcoming economic data. Kugler has a voting right on the Federal Open Market Committee (FOMC) and is the first Fed official this year to publicly comment on monetary policy.
Given that the Fed predicted last month that it would reduce the number of rate cuts in 2025, Kugler said, "There is a view that we can slow down and take a more gradual approach," while observing data to determine whether persistent inflationary pressures will begin to ease again.
However, if the resilient job market starts to lose momentum, a different monetary policy will be prepared:
"We have been responding to changes in the economy, focusing on what is happening right now. The current economic situation is good; although the job market has cooled somewhat, it remains resilient, and the unemployment rate is still at historical lows."
BTC: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains volatile.
On the daily level, the price continues to oscillate near the moving averages.
In summary, the support level is 97600, and the resistance level is 98000.
ETH: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy, with a support level of 3600 and a resistance level of 3630.
LTC: The price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy, with a support level of 100 and a resistance level of 130.
BCH: The price has fallen below the middle band of the Bollinger Bands, and the price trend is weak, with a support level of 460 and a resistance level of 480.
That's all for now, good night!
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