Aug 10, 2026
当创始人成为公司的最大资产，也成为最大的风险
投资者偶尔会提出一个听上去颇为“不吉利”的问题：如果王宁、马斯克或雷军突然无法继续领导公司，会发生什么？这并非恶意揣测，而是对创始人型企业最基本的风险测试。真正值得问的，并不是公司会不会因为失去创始人而倒下，而是公司目前的价值中，有多少已经沉淀为可以独立运转的组织能力，又有多少仍然寄存在创始人的判断力、声望和个人网络之中。一个成熟公司的重要标志，恰恰是它最终能够超越自己的创始人。
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115 articles
Aug 10, 2026
The Musk Conglomerate
A Tesla-SpaceX merger is becoming easier to imagine—and harder to execute
Aug 10, 2026
Google’s AI Reshuffle Is Only Half the Job
Alphabet is reorganising its artificial-intelligence empire. To catch Anthropic and OpenAI in coding, it may also need to buy the battlefield.
Aug 10, 2026
Greg Abel’s Berkshire vs. Tim Cook’s Apple: Two Very Different Succession Challenges
When Tim Cook took over Apple from Steve Jobs in 2011, and when Greg Abel took over the leadership of Berkshire Hathaway from Warren Buffett, both men faced what appeared to be the same problem: succeeding one of the greatest business leaders of modern history.
Mar 11, 2026
网易云音乐的持续下跌原因
网易云音乐（9899.HK）股价在2025年下半年经历的大幅回撤（从300港币跌至150港币左右），反映了市场对其利润增长含金量、社交娱乐业务萎缩以及行业竞争加剧的多重疑虑。
Mar 5, 2026
Strategic and probabilistic analysis of UPS
UPS is a high-quality global logistics infrastructure company with a durable moat, steady cash flow, and long-term relevance, but the stock becomes truly attractive only when cyclical weakness provides a significant margin of safety.
Mar 2, 2026
卫星化学未来盈利能力分析
卫星化学属于重资产周期行业 + 部分新材料升级方向，未来三年是否进入“内卷式竞争”，要从 产能扩张节奏、需求增速、行业结构、技术壁垒、现金流压力 五个维度判断。