巴菲特諷刺鋼鐵俠Musk：「周圍有一些相當不錯的護城河」 彭博社：特斯拉的電池調整將無法解決世界鈷難題

不知道什麼時候開始，巴菲特股東大會成為中股民和標配，巴菲特慈善晚宴成為炒了炒的中國富豪專利，媒體還會通宵直播巴菲特貴大牛股東大會，其實，巴菲特的投資理念誰都學不會啊，巴菲特如果在中國股市，可能早就被消滅掉了，小編總覺得巴菲特的糖果理念可能只是代表過去，這不，鋼鐵俠Musk上周慫了巴菲特，巴菲特在股東大會上也慫回去了，剛去Musk的推看了一下，Musk連續發了很多推呢！

老年人和年輕人的衝突：

巴菲特糖果還是鋼鐵俠護城河

Musk剛剛發了一條最新的推，巴菲特糖果多多，真的！而就是美國時間今晚，因為巴菲特在股東大會上諷刺了Musk關於企業主要的是創新，企業主要依靠護城河的理論。

巴菲特的投資理念完全體現在投資他的糖果廠上，而因為愛吃巧克力，他收購了See』s candy——加州著名巧克力工廠。巴菲特愛吃什麼投什麼的案例還有——花2秒決定投資百威啤酒；因為愛吃番茄醬而不惜280億美元收購製造商亨氏；30億美元投資漢堡王。

巴菲特這種所以比較喜歡各種消費品，而Musk認為企業必須有自己的獨特的技術、並且不斷創新才能拋開對手引領市場。

好玩的是，當Bloomberg發表了巴菲特諷刺Musk的文章之後，Musk引用了這麼一個視頻，在小編看來，這真是2代人的理念了。畫風完全不同，事實上，Musk生活在推上，而巴菲特雖然有推號，但基本沒發過推。

巴菲特諷刺鋼鐵俠Musk

「周圍有一些相當不錯的護城河」

Elon Musk recently took aim at the idea a successful business needs a 「moat」 -- a competitive advantage that keeps rivals at bay. The pace of innovation, he said, is more important in the long run.

On Saturday, Warren Buffett and his business partner, Charles Munger, shot back.

「Elon says a conventional moat is quaint, and that』s true of a puddle of water,」 Munger, 94, said. 「It』s ridiculous. Warren does not intend to build an actual moat. Even though they』re quaint.」

Munger and Buffett, 87, were responding to a question at Berkshire Hathaway Inc.』s annual meeting about Musk』s comments this week. The pair often talk about trying to expand the 「moats」 around their businesses.

「First of all, I think moats are lame,」 Musk said during an earnings call for his Tesla Inc. on May 2. 「They』re like nice in a sort of quaint, vestigial way. But if your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation. That is the fundamental determinant of competitiveness.」

While Buffett said it does seem like more moats have become susceptible to invasion recently, he still observes plenty of companies, such as the See』s Candies unit that Berkshire owns, where they』re holding firm.

「Elon may turn things upside down in some areas, I don』t think he』d want to take us on in candy,」 Buffett quipped. 「There are some pretty good moats around.」

Musk didn』t stay silent. 「I』m starting a candy company & it』s going to be amazing,」 he wrote in a Twitter post Saturday, responding to Munger』s remarks. 「I am super super serious.」

He followed up with another tweet: 「Then I』m going to build a moat & fill it w candy. Warren B will not be able to resist investing! Berkshire Hathaway kryptonite …」

【機器翻譯：】伊隆馬斯克最近瞄準了這個想法，一個成功的企業需要一個「護城河」 - 一個競爭優勢，使對手在海灣。他說，從長遠來看，創新的步伐更重要。

周六，沃倫巴菲特和他的生意夥伴查爾斯芒格回擊。

「伊隆說，一條傳統的護城河是古雅的，這是一個水坑的真實情況，」蒙格，94歲說。 「這很荒謬。沃倫不打算建立一個實際的護城河。儘管它們很古怪。「

87歲的芒格和巴菲特正在回應伯克希爾哈撒韋公司本周關於馬斯克評論的年度會議上的一個問題。他們經常談論試圖擴大他們的業務「護城河」。

「首先，我認為護城河是跛腳的，」馬斯克在5月2日的特斯拉公司的收益電話會議上說。「他們在一種古怪的，殘損的方式中表現得很好。但是，如果你對侵略軍的唯一防禦是護城河，那麼你不會持續太久。重要的是創新的步伐。這是競爭力的根本決定因素。「

儘管巴菲特說，看起來似乎更多的護城河最近容易受到入侵，但他仍然觀察到許多公司，例如伯克希爾擁有的See"s Candies部門，他們堅守的地方。

「Elon可能會在某些地區顛倒過來，我認為他不想把糖果帶走我們，」巴菲特諷刺道。 「周圍有一些漂亮的護城河。」

馬斯克沒有保持沉默。他在星期六的一篇推特文章中寫道，「我開始一家糖果公司，它會變得非常棒，回應芒格的言論。 「我超級超級嚴肅。」

他接著發出另一條推文：「然後，我要建一條護城河並填滿糖果。沃倫將無法抵制投資！伯克希爾哈撒韋氪石......「

During the annual Berkshire Hathaway meeting Saturday, CEO Warren Buffett offered some advice to Tesla』s Elon Musk: Stay away from See』s Candies.

What the renowned investor probably didn』t anticipate was that Musk, a fellow multi-billionaire, would interpret his message as a dare.

Buffett, whose Berkshire Hathaway owns See』s Candies, was responding to a shareholder』s question about whether he agreed with Musk』s views about so-called economic 「moats,」 a term Buffett coined in a 1999 Fortune article referring to a company』s wide competitive advantages.

While Buffett has long extolled the benefits of moats—which are a key component of his stock-picking process—Musk spurned the concept entirely during a Tesla earnings call this week.

「I think moats are lame,」 Musk told analysts on Tesla』s first-quarter earnings call Wednesday. 「They are like nice in a sort of quaint, vestigial way. If your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation, that is the fundamental determinant of competitiveness.」

在周六召開的年度伯克希爾哈撒韋會議上，首席執行官沃倫巴菲特向特斯拉的伊隆馬斯克提供了一些建議：遠離See"s Candies。

知名投資者可能沒有預料到的是，多位億萬富翁同胞馬斯克會把他的信息解釋為一種敢言。

巴菲特在伯克希爾哈撒韋公司擁有See"s Candies時，對股東的問題做出回應，他是否贊同馬斯克對所謂經濟「護城河」的看法，這是巴菲特在1999年發表的一篇文章中提到的一個詞，指的是公司的廣泛競爭優勢。

雖然巴菲特一直讚揚護城河的好處 - 這是他選股過程的關鍵組成部分 - 但馬斯克在本周的特斯拉收益電話會議上完全摒棄了這一概念。

馬斯剋星期三在特斯拉第一季度財報電話會議上告訴分析師說：「我認為護城河是跛腳的。 「他們以一種古怪的，殘缺的方式很好。如果你對入侵軍隊的唯一防禦是護城河，你不會持續很長時間。重要的是創新的步伐，這是競爭力的根本決定因素。「

Presented with Musk』s comment, Buffett acknowledged that the acceleration of technological advancement in recent years has made more moats vulnerable and 「susceptible to invasion.」 But he still believes the concept is crucially important, and that some companies』 moats are more impenetrable now than they』ve ever been.

「Certainly you should be working on improving your own moat and defending your own moat all the time. And Elon may turn things upside down in some areas,」 Buffett said during the Berkshire meeting in Omaha. 「I don』t think he』d want to take us on in candy.」

Buffett often cites See』s Candies as a company with a wide moat, because of the company』s loyal, entrenched customer base, particularly on the West Coast—making it difficult for any rival chocolate chains to steal any business from See』s.

Berkshire Hathaway acquired See』s Candies in 1972, and Buffett is famously fond of its peanut brittle— which he and his business partner Charlie Munger continuously munch on while answering questions for six hours at their shareholder meeting each year. Some of Berkshire Hathaway』s other businesses also have moats wide enough to stave off competition from an innovative tech upstart, such as Garanimals, a line of children』s clothing it owns, Buffett added.

Munger also scoffed at Musk』s perspective on moats. 「Elon says a conventional moat is quaint, and that』s true of a puddle of water. And he says that the best moat would be to have a big competitive position, and that is also right,」 Munger said. 「It』s ridiculous. Warren does not intend to build an actual moat. Even though they』re quaint.」

Musk, who did not attend the Berkshire Hathaway meeting, caught wind of Buffett and Munger』s comments, and apparently felt he was being trolled. Responding to the Berkshire Hathaway executives in a series of tweets, Musk first posted a musical YouTube clip from the movie Trolls.

Then Musk announced on Twitter, 「I』m starting a candy company and it』s going to be amazing.」

巴菲特在接受馬斯克的評論時承認，近年來技術進步的加速使得更多的護城河變得脆弱並且「容易受到入侵」。但他仍然認為這個概念至關重要，而且一些公司的護城河現在比他們更難以穿越曾經有過。

「當然，你應該努力改善自己的護城河，並始終捍衛自己的護城河。而Elon可能會在某些地區倒過來，「巴菲特在伯克希爾在奧馬哈的會議上說。 「我不認為他想用糖果帶我們。」

巴菲特經常引用See"s Candies作為一家擁有廣泛護城河的公司，因為該公司忠誠，根深蒂固的客戶基礎，特別是在西海岸 - 這使得任何競爭對手的巧克力鏈都難以從See"s手中搶走任何業務。

伯克希爾哈撒韋公司於1972年收購了See"s Candies，而巴菲特因其花生脆而聞名 - 他和他的生意夥伴查理芒格在每年的股東大會上回答了六個小時的問題，並不斷採取行動。巴菲特補充說，伯克希爾哈撒韋旗下的其他一些企業還擁有護城河，足以避開創新科技新貴的競爭，比如Garanimals，它擁有的一系列童裝。

芒格還嘲笑馬斯克對護城河的看法。 「艾倫說，一條傳統的護城河是古雅的，這是一個水坑的真實情況。他說，最好的護城河將是一個巨大的競爭地位，這也是對的，「芒格說。 「這很荒謬。沃倫不打算建立一個實際的護城河。儘管它們很古怪。「

沒有出席伯克希爾哈撒韋公司會議的馬斯克遇到了巴菲特和芒格的評論，顯然他覺得自己被拖了。在一系列推文中回應伯克希爾哈撒韋公司的高管，馬斯克首先發布了來自電影「巨魔」的音樂YouTube剪輯。

然後，馬斯克在推特上宣布：「我開了一家糖果公司，它會很棒。」

Although the Tesla CEO insisted he was 「super super serious,」 the tone of his Twitter thread — in which he also noted that 「the plot of Willy Wonka is really messed up」 — suggested otherwise. Still, Musk added, 「Ok ok, just for sake of argument, what do you wish for in candy?」 He followed that up with a single-word tweet: 「Cryptocandy.」

Both Buffett and Munger loathe cryptocurrencies, which the Berkshire CEO on Saturday predicted 「will come to bad endings.」

Later in the evening, Musk referenced Buffett directly, tweeting that he was 「going to build a moat and fill it with candy」 in order to lure Berkshire Hathaway into investing in his confectionery venture.

As for whether the investing duo will respond to Musk, it』s unlikely they even took notice of his tweets: While Buffett has a Twitter account, he has tweeted exactly nine times, and not since the 2016 Berkshire Hathaway meeting two years ago.

雖然特斯拉CEO堅持認為自己「超級超級嚴肅」，但他的Twitter主題語氣 - 他也在其中指出「威利旺卡的陰謀真的搞砸了」 - 另有建議。 儘管如此，馬斯克還是補充道：「好吧，只是為了爭辯，你對糖果有什麼期望？」他用一個單詞推文：「Cryptocandy」跟隨它。

伯克希爾首席執行官周六預測說，巴菲特和芒格都厭惡加密貨幣，他們「會走向壞的結局」。

晚些時候，馬斯克直接引用巴菲特的話說，他正在「打算修建護城河並填滿糖果」，以吸引伯克希爾哈撒韋投資他的糖果業。

至於這對投資人是否會對馬斯克做出回應，他們甚至不會注意到他的推文：雖然巴菲特有一個推特賬戶，但他發布了9次，而不是自兩年前的2016年伯克希爾哈撒韋會議以來。

就小編看來，也就是就當前的市場看來，其實巴菲特和Musk的投資理念其實都是可取的，一個是關注過去，一個是關注未來，老人總是關注過去，年輕人總是關注未來，這其實也沒啥好說的 ，而且其實關注未來真的不是老年人可以做到的，所以巴菲特其實是錯過了非死不可亞馬遜等牛公司，巴菲特被忽悠投資的比亞迪更是特拉斯的下下次級產品。如果你是老年保守主義者，相信巴菲特，如果你是年輕人，相信musk吧。

凌通社1分鐘前

順便，小編覺得市場上流傳的特拉斯破產等的東西都是華爾街空頭的炒作，事實上，如果真的特斯拉破產，大巴的接盤人等著呢，騰訊阿里。。。。。都等著人家呢。還有，最近musk說起電池的事情，電池應該也是musk說到的技術府城符之一，很多人錯誤地理解了鈷的事情，小編也印一個澄清。投資者不能聽風就是雨，應該自己研究。

特斯拉的電池調整

將無法解決世界鈷難題

作者：彭博

SHANGAI - 鈷多頭，保持冷靜。儘管特斯拉的埃隆馬斯克說，但隨著汽車行業進入電動汽車時代，汽車行業可能不會出現即將到來的供應緊縮。

特斯拉減少對鈷的依賴是馬斯克在周四與分析師進行的另一個尷尬的收益呼籲中想要討論的話題之一。該公司已經削減了電池中非常昂貴的金屬，並希望走得更遠。馬斯克對發燒友的緊縮報價：「我們認為我們可以獲得鈷幾乎沒有。」

正如他們所說，特斯拉在領導，其他人跟隨。但根據Benchmark Mineral Intelligence的數據，馬斯克的觀點並未改變未來幾年市場走勢的寬鬆前景。該諮詢公司駐倫敦的醫學博士西蒙摩爾斯在一封電子郵件中稱，電動汽車產量的激增將「遠遠低於鈷強度的下降，這已接近極限。

特斯拉一直使用的電池含鈷量遠遠低於電動汽車行業中其他電動汽車行業的形式特斯拉等，長期以來一直在減少鈷使用量，而最近的價格上漲之前特斯拉仍然每輛車消耗約4.5千克鈷根據Benchmark的估計，平均而言，剩下的餘地不大。該行業的其他行業也在朝著降低鈷使用量的電池發展，但這隻會對2022年以後產生重大影響。在十年內，含鈷電池被其他技術所掠奪的可能性很小.

「需要更多的鈷，對剛果民主共和國作為主要供應國的依賴將會增加，」Moores說。 「鈷難題仍在繼續。」

Tesla"s battery tweaks won"t solve world"s cobalt conundrum

SHANGAI – Cobalt bulls, keep calm. Despite what Tesla』s Elon Musk says, there may be no escaping a coming supply crunch as the auto industry hurtles into the era of electric vehicles.

Tesla』s dwindling reliance on cobalt was one of the topics that Musk did want to discuss in an otherwise awkward earnings call with analysts on Thursday. The firm has slashed the highly expensive metal in its batteries and wants to go further. Musk』s crunch quote for enthusiasts: 「We think we can get the cobalt to almost nothing.」

Where Tesla leads, others follow, as they say. But, Musk』s views don』t change the wider outlook for a tight market for years to come, according to Benchmark Mineral Intelligence. The surge in electric vehicle output will be 「far more significant than the reduction of cobalt intensity, which is close to its limit,」 the consultancy』s London-based MD Simon Moores says in an email.

Tesla has always used a battery containing much less cobalt than the form dominating the rest of the EV industry Tesla, and others, have been reducing cobalt usage for a long time, predating the recent price spike Tesla still consumes about 4.5 kg of cobalt per vehicle on average, according to Benchmark estimates, and there』s little room for reduction left. The rest of the industry is also moving towards batteries that reduce cobalt usage, but this will only have a material impact from 2022 onward Within ten years, there』s little prospect of cobalt-bearing batteries being usurped by other technologies、

「More cobalt will be needed and the reliance on Democratic Republic of Congo as the primary suplier will increase,」 says Moores. 「The cobalt conundrum continues.」

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