     
 


       .        ,           ,        .      .       .    ,     ,     ?      ?      ,  ,   .    - MBA   ,     .            .,  ,         ,       -     $100 .





 

     



  .                    ,   ,     .

,      ,   .     ,    ,        .     -   ,    .

 :          ,                        .   ,  ,      .      .  ,        ,     .




 


Ҩ           ,      .              .          ,          .          CFA    -  Python.     ,          ,       .

        ,     ,     ,      .          ,   ,  ,      .

      ,     ,    ,         .







        ,       ,    .         ,        ,   ,     .           ,      ,    .

       ,       ,    .                  .        ,    .      ,   - MBA   ,         .

           .     ,        ,        .      ,      ,  ,       .

          .  ,    , ,         .               ,    .

              .         ,     .      ,      .

  -           .          ,      .           .

           .      ,           .    ,         .

               .            ,       .           .

  -       ,            .       ,       .         .

 ,             .      ,       .             .




 


         ,        .           .        .         20  40 ,      .

            .            -  ,        .  .            ,            .        .



 

           ?  2021    91         Berkshire Hathaway.      -   ,              .

            .  ,   -       ,  ,      ,   1942     .          .      11 .    ,    3   $38.       $27      $40   ,         ,       $202.

             .  .        $1200.   40- ,    !      $1400/.            20- !      ,   ,    .        ,  .

     ,    20 .       ,   .        ,       .         .  20-   ,      ,   ,               .

2         Graham-Newman Corp.,             Buffett Associates,    31    .           ,       ,      .      22 ,         ,           .    .

 1969   ,      ,      Buffett Associates     Berkshire Hathaway,     7  .         Bugatti    ,        !       ,     ,       .        ,      ,     帻.  1986     .

      .    ,   , 99%      ,       ,   1958 ,  ,  ,   .  ,    ,     ,      .       82         !           ,     90       ,      .



 

    ,      ,        .               . ,    ?

  ,     8  1894 .     -,     .              .         .  1907         U.S. Steel.         49%,         13- .

      ,    .            .      20        ,   ,         -.       1917        .

  20-    -  ,      ,  -   .      Newburger, Henderson and Loeb              .       ,    .  26      ,    ,  1923 ,     Grahar Corporation.    $500 000,        .

          .       ,      -.   ,       . ׸ , 29  1929 ,         ,   Graham Newman Investment Fund.         70%.       .

          .  1934     ,    1937    :         ,  1944    ,   1949    .       ,       .

  1954     24-   60- .   1956      ,          . ,     ,      60-    !

  82    21  1976 .           , ,    .     ,          .      ,            ,     ?



 

,   ,        ,          ,      .  1977  1990   Magellan  Fidelity        $20   $14     29%  .     13    ,   ,       !

  19  1944    .   ,     10 ,       .         11 , ,    ,    .  1963 ,    19       Flying Tigers Airlines  $7,      $32.75.  1965           .

          Magellan,        1966         Fidelity.           1967-1969,      ,          ,      ,   .

           Fidelity Magellan    ,    .      25 .   1974       ,   1977       Magellan,     .    ,    6-7   .    $20 ,   45 ,      1200-1400           $50 .

    20-    ,       .      ,  1989,      One Up On Wall Street,       .     ,     .  1994  1995      Beating the Street  Learn to Earn.             ,        .          ,          .

        ,         .     46 ,    $10             .   ,       13     .  ,     One Up On Wall Street         ,   ,    ,   ,       .    ,       ,   ,    .



 

       .  -   ,       .        2020 ,         Wall Street.    S&P500  110%   2014   2020      ,     .    ,     .

       1955   -.    ,    .        .  1977                   Capital Group,   1981         .       -  1980 ,      Jennison Associates,   18 .              .

 1998     Tupelo Capital Management.  2001     AllianceBernstein      ,      $5     ,       ,       2007-2008 .  2014 ,   58 ,           .      AllianceBernstein,    ,   Ark Invest.     ,  58 !

     .     ETF,      8 .              Zoom,     .   2018   ,    Tesla   $800  5 .      2  ,   2021.         $500 000          2015 .

    Active Research Knowledge,    ,          ,      (ark  ).       ,     ETF  .             ,          ESG.

          2014          . Ÿ   Bloomberg, Wall Street Journal, NY Times, CNBC, Barrons    .        .   2020      ETF, Space Exploration & Innovation.                   .     .



 

     .    -      ?      ,   ,   2011           ,         .        $20.3 ,   -100      Bloomberg.  2017      , .   ,       .     Principles for navigating big debt crises,   2019       Why and how capitalism needs to be reformed.  ,   ?

       -    ,  .     .        ,     .   12       - The Links,        -.         ,   Northeast Airlines  $300,  ,      .           .

    ,         .            .           ,    ,        .      ,                .

      -  .       Dominick & Dominick,    Shearson Hayden Stone. ,   20-       .   Shearson Hayden Stone    .       ,     .       ?    .     1971     . -            .     ,  1975,     ,  Bridgewater,        .  2012     -         $223 .

 ,         70- .   22 ,  1971 ,      ,       ,      33%   .       ,         70-     .      ,  ,        Bridgewater.

         ,      1975 .           4 .       ,                   . ,     ,        Bridgewater         .     !           ,     .



 

   Pershing Square Capital Management; , -,       2020    . -           ,    .     ,      .      $3.2 .      $27    $2.6     .      ?

     ,  11  1966 .  ,  ,   -    .     1988   ,   MBA      1992. ,      Gotham Partners,   1998   $500  .  2002     .      ,   .  2004  $54     ,   2015     -20   .    $4.5   2014      $11.6    .

     .  2004       -,  ,     Hallwood Realty.         $60  $140.      .         $137,        .     ,       $9    .

  2012    ,   Herbalife   ,      20%.                   .     Herbalife    $50 .  ,        ,   Herbalife       .  2013       $400-500 .        .  ,       .  2017    ,      .   2018        Herbalife,    $1 . Herbalife      .

      .   ,          ,        .  ,      ,    .     ,       .     50     .

       2016          22  .     .  2018      MIT  ,      2019.     .   ,           .  ,       ,  .

     ,      .         Gotham Partners    ,       .                ,     .



 

            .             -.   Renaissance Technologies,  -  ,       Medallion.     $84 ,      $28 ,    48-          Bloomberg.

         .   25  1938      .  1958         MIT,   1961      .  1964     ,   .      1968,      .     MIT  .  1976              .

 1978   - Monemetrics,  ,            .       .       ,   ,      Renaissance Technologies  1982 .

       ,      20- .          ,   1700- .       ,  ,          .     ,     .

    ,             .     66%      ,            29%  32%.

 2014      Renaissance Technologies,          . -     $6   .     2021    ,        .           .

     2010 .        .  The Simons Foundation   $2.7   ,    .  2004    Math for America,    .

 2019      ,         .     .        ,      ,   .  Renaissance Technologies      .  ,    ,    .




  


            .         ,  ,   ,      .         .

            .       -         .             .



     

     ,    ,              .      .      ,  ,     ,       .

      Cleveland-Cliffs Inc,    1847 ,    .    ,    2013-2014    .    90%   2015 .     ,      .        ,   20- .       ,  ,       .         ,   ,     .

         DRI,    65%.           .                .     59.1%,         .

       :  56-58% ,   calorific value  6000. Calorific value   ,   ,     .        62%  ,  58%     .        65%  $120, 62%  $100, 58%  $80.  ,       .

       2014 ,            .       .    1%    , $2      $3    ,    .

     ,            .    ,      2019-2021   2024-2025.          4  2018 ,     2014 .  2019    20%       $200 .

      .    HBI Toledo Plant   2018    2020   ! HBI, Hot-Briquetted Iron,        $300+  ,    .    1.63     1.11  HBI         $196 000   $332 000 !

  2019       , AK Steel.   ,   ,     .          ,     .

      $700-1100            15%      1%?.       .      2020    . ,    .  , ,          .  28  2020       Arcelor Mittal,     .    Cleveland Cliffs      5.3  16.5    ,       .

         2014-2015    $1.50  $20.00.    .       Arcelor Mittal    200%.         ,     ,       ! Cleveland-Cliffs        ,      .



   

 2017  2019         Enphase Energy Inc.    ,    ,        20 .    2006   ,     ,    IPO  2012 .            .  IPO     ,         -50%  .      $10-12,        $6,    .    2009       .     $54     $275 .    2013      ,   $10-12       2014 .

              .  2016-2017      .   ,  ,        .         $0.50-2.00     2016    2017.         ,         ,    S&P500  DJIA.

 2018           -, SunPower Corp.    $25    7.5   .     .      ,             ,     .

  2019    ,          .  2017      -10%,  2018      0.5%,  2019    16%.   2020    24% !   2020       .      ,         .    .

      .       S&P500        ,   !   ?  ETF,      ,   Russell 2000, S&P500, Dow Jones Industrial ,     .  Enphase      ,           ,         .



GeneralMotors:    

General Motors        ,     : Hummer, GMC, Chevrolet, Pontiac, Cadillac, Opel.    ,     ,          2020         .

         2008-2009 ,        11.      ,   30          40%  20%. ,     ,     . ,           IPO  2010 .   ,     10  33% . S&P500     174% ,  Tesla 2452%.  -  10    ,   .

     2-7%    ,     $150  $137 .        ,          .         ,         .    ,  $14  $105 .

 ,  ,      -  ,          .       .    2020 ,      ,          .       ,              .

         . ESG-    ,         .    ,    $20,  $27,   $35     5 .         .

   200%   ,     .    2021     .         .   Uber, Google, Facebook.   ,         ,  .  .  ,       General Motors,    , ,       .



Ford:    ?

Ford    ,  General Motors,      ,  .     ,      100     .   1922  Lincoln,     ,   2007   Troller    ,      .    Ford  ?

    .   General Motors    ,  Ford,     ,    ,      4%.         $2  .   Ford    ,  $213       $62 .

 2020     .   66 ,     Procter & Gamble  Steelcase.  Ford    2017 ,       2013 .      :    $220  $236 ,       5%  -1%,      $156  $127   ,      !     ,   59 .    .

      ,         1914 .    - Lexus,       .         -   .  2015-2017    Ford  .  ,    2021          $29 ,        -,  Ford Mustang.

    ,  ESG-   .   General Motors      Ford.  21     ,     - .          CDP   ,       ,   Apple  Microsoft.

              25%   ,         .          ,              .    10%     .      100%       .      ,      !  General Motors    ,     .



  Nvidia

    ,      NVIDIA?    .   ,            .      1993        .

 90-    ,  CPU  GPU.  Nvidia  ,  CPU,    ,  .    ,   .      GPU           !         .  ,    !     ,   DPU     .      ,   CPU          .

      .      .      2000-,            ,    -! 40%   -,        .     10 ? ,     -,    ,            !

 Nvidia  .     ,    CUDA   .      .  Grace   2023 . Ÿ  :     .     2.5 .    ,       .     $2  .        ,   Microsoft,          30%.

      .     GeForce Now,   .  Nvidia Drive      .     Luminar Technologies    LiDar,       .      Daimler,           3-   ,    5  .   ,      Nvidia      Tesla   .

Nvidia   ,     -!        .      ,            -    .       !

 ,  ,    -       .      ,     ,         $10    !.     $800 .          15-     ! Nvidia             .



   Apple

  2014-2016    :    Apple ,       ?.        $600 ,   2021     $3 .  ?   ,  .          .   ,        .         12 .    $10  $14 .      $486 .    3.5 ,  $108  $365 !      iPhone   !

   Apple    .  2017         ,     ,       40%,     25%.            .    iCloud.    AppStore.   Apple Arcade.   Apple TV+.   Apple Music.   Apple News+.   Apple Pay/Card.   Apple Fitness+. Piper Sandler    $4  .      ,     Apple Watch.         ,     .       -      ,      .

     30%   ,        ,       .   .     ,    ,     .                .  iMessage,    AirDrop,   FaceTime,  ,      !

  Windows       .    . Apple,   ,       ,     Mac.    M1    .         20%.          .

    .  Apple     .  ,   2022  VR-.     $750.  5-   $18  $36  .       iPhone    .      ,      ,  ,  .  2025   Apple Car.      Apple,      ,        !

     .  ,        5     15%    $50    .     ,          .    !  $500   10-.     ,            ?  .     ,      $500 .



 $10   BlackRock

     ,      .           BlackRock.   2021        $10 ,    $1.4 .  ,          $5   ,          $4    !     80-.         99- .     30   ,     !

  ,       .    ;           .   2019          .            300%.  ,           . ,  90  100    $500      !,      .        ,     .   ?

  149-   2021 Investor Day,  -  75   : BlackRock   10  ,     ,   5-   .        ETF   iShares.  ETF    20 ,   ,       .           ,     .     .      .

      .     2.8%     11%     10 .     ,          .     ,    .  8            25%.   ,          25%   .

      .      .   -    Aladdin,     150 000   .         -.    -       /,         .          .          ,    .

  ,      ,     ,      .     2021       : BlackRock   ESG-  ,     ,     .  :   $10 ,      !      ,          . ,     ,    .



Lucid:   

         ,    . Lucid Group Inc        .    Ferrari .        : Tesla, Jaguar, Audi, Apple, Intel, Ford, Volkswagen.

      .  Lucid Air Dream Edition   Lucid Air Grand Touring   1050       446 .     NVIDIA           .      $35 000  42 000.    Tesla Model 3     $42 000  58 000.     - ,    Porsche  $150 000.   Ferrari   $200 000.  Lucid         Lucid Air  $100 000.

          . Lucid Group     34    ,     50   2023.          360      30 000.       $3  .        ,      ,       ,      .

             ,  Lucid Air Dream Edition    2022 .       -  .  ,   2021               155 000   ,        .           100 000    10 .  2024    1000-2000   ,   2025    4000-7000.

     . Tesla    ,  .        ,  Lucid Group Inc    .  ,            ,       ,     .



 , Tesla  

  Tesla     .    ,              13%     .    .  ,         .       .    - ?

Tesla      ,      .    .  ,  Tesla,    ,      Twitter.        2003       ,       .         ,    20-    Ford, Daimler, BMW, GMC   .      ,          .

       .       .   2022        $10 000  $12 000.      2021   $3   .            Tesla.      Supercharger,    2018     4 .     ,  Cyberquad  ,         Tesla Bot,  , Tesla Semi,  -.       -,     Uber, Lyft, Didi Global   ride-share .

 Tesla      .     2  2022    35  ,    FSD Beta.         ,    .         ,              Tesla Bot.  -      ,      .

        .   2017    $11  $67 .   2021   10%        14%  2022.   ,            .       .      ,     ,        .

        50%  .         Cybertruck   Roadster.           6    2025 .       2-3%,      .

Tesla   ,   .        ,       .  2010                -    2,          . ,     ,   .



Disney:      

The Walt Disney Company        .  -  Disney Media and Entertainment Distribution  Disney Parks, Experiences and Products.   90-         .   ,        .

      ,    15 .        Pixar, Marvel, Lucasfilm  21st Century Fox,      .     ,      .        2020.      .    -     ,          .  2019    ,  , The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company.

      ,  . - Marvel        .    Disney+ -        .  ,        -: ABC, Fox, ESPN, Hulu, National Geographic.       ,       220    55  -.

   5   ,      .        ,     -   . ,        , , , ,    .

          .         ,      ,     .         20- .        .     ,    .

              15%.                .       Marvel    ,   .                ,       .

     -,     .             .      ,     EA  Activision Blizzard    20%   .       ,       - .

The Walt Disney Company       Netflix,         .      Growth,     4%       Value-play.            .          .          .



 

        .         ,   -   , , .    30%    2022      .

      , , ,  , , -  .      ,         .    -    ,         - ,   .

         .     Apple, Samsung, Xiaomi    .    -,   ,     .               .

          .    ,     20%   .       ,         .        .          ,        .

        $500   $1   2030 .            2 ,      .      ,   .       2023 ,        .

        .     ,   50%       .                ,           .             .       ,    .             .

       ,         .                .          !



 

       ,              .         ,        .     ,        2-,    .

        ,       .    ,       Google, Amazon, Meta Platforms   .     ,   .         ,     .      ,      . Face ID   Apple      .

     ,    .  2021   -    ,        80- .   ,    ,     .     ,         ,   ,   -   .

       ,          .       ,    ,       , , Zscaler  CrowdStrike.          .

    $146    2022 .  2026      9.5%,      $212 .         ,      ,         .  -  NFT       .

         .       ,        .    .    ,     ,           ,     Netflix  2-.              .




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