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Chris Hohn did a 90-minute sit-down with Nicolai Tangen and then dropped an investor letter the FT got hold of last week. You’d think the guy who printed a record $18.9B last year would be doing victory laps. Instead he’s quietly rewiring his whole portfolio. My favorite takes from both: 1.The most important thing in investing isn’t growth. It’s barriers to entry. Growth without a moat is the airline industry: 5% volume growth for 100 years and basically zero cumulative profit. 2.There are only about 200 companies on earth he considers high-quality and investable. His fund holds 15. 3.Average holding period: 8 years. Some positions 13. “You have to hold the company forever, because the stock market may be at very bad prices when you want to sell.” 4.His real test for a moat: can the company price above inflation? A 20% margin business that prices 1% above inflation grows profits 5% faster than revenue. Forever. Almost no companies can do this. 5. Industries he won’t touch: banks, autos, retail, insurance, tobacco, asset managers, fossil fuel utilities, airlines, wireless telecom, media, advertising. On banks: “sooner or later someone without a lot of intelligence comes to run them, and then it can be toxic.” 6.On AI generally: call centers go bankrupt. Indian outsourcing coders are next. But for everyone else, AI lowers costs and raises productivity. Companies with real moats become MORE valuable. 7. Here’s the punchline. The FT got hold of his investor letter. He cut his Microsoft stake from 10% of the fund to 1%. Roughly $8B sold. He’d held it since 2017 through a 400% rally. His reason: AI could disrupt Office and Azure faster than the market thinks. 8.He moved that capital into Alphabet. Doubled it from 3% to 5%. Now his largest tech position. The world’s best quality investor sold Microsoft and bought Google because he thinks Google’s moat is more durable in an AI world. Not the consensus trade. 9.The underlying thesis: “AI eats software.” If AI agents do the work humans used to pay per-seat SaaS licenses for, the whole SaaS model gets re-rated. Oracle, Adobe, Salesforce all ~40% off highs. Microsoft 25% off. Market is starting to agree. 10.When to sell? Not when something gets expensive. When conviction drops. Valuation is one variable, conviction is the other. What kills you isn’t being wrong, it’s permanent loss of capital. 11.He admits hardcore activism doesn’t work anymore. Too much of the shareholder base is passive index funds. And even when activism wins, you usually win in a bad business. “The business always wins.” 12.Counterintuitive take: there are more good companies in public markets than in private equity. The best businesses are too big for PE to buy. And when public companies sell something to PE, they’re selling the assets they want to get rid of. 13.On intuition: “thinking without thinking.” Pattern recognition from 20 years of reps. It’s how he sniffed out Wirecard while the German establishment was defending it. “Most investors trust authority too much.” 14.He basically stopped shorting. “You’re going to be eventually right but not be able to fund the losses.” The first guy to short Wirecard had to cover 19 years before it hit zero. Buffett told him he and Charlie studied shorting and concluded it was too hard. 15.He gives almost everything away. ~$500M a year. $10 prevents an unwanted pregnancy in Africa. $40 saves a child from severe malnutrition. $50 prevents permanent blindness. 16.Tangen asks: advice to young people? Hohn, who runs the world’s most profitable hedge fund: “Go on a spiritual path.” The guy who made $18.9B last year ends the interview saying only purpose and meaning matter. The headline: the world’s best quality investor just sold his biggest tech compounder because he thinks AI is breaking the moat. Quietly, with conviction, on an 8-year horizon, while everyone else is still buying the AI winners of 2023.

36 million plus HR records. A legacy system nearing end-of-life. And a mandate to scale without proportionally growing the team. @Insperity used Box AI to modernize their content operations, automate metadata extraction, and integrate securely with Salesforce, all without adding headcount. Read how here. 👇

近年来，中国AI产业快速崛起，引发了一波海外华人AI人才回流潮。媒体报道显示，曾在海外顶级科技公司和研究机构工作的华人研究员，正陆续加入中国的大模型与人工智能企业。例如，曾负责Google Gemini强化学习与自我改进团队的周浩于2026年加入阿里巴巴，担任千问Qwen后训练负责人；原Salesforce集团副总裁许主洪于2025年回国加入阿里，负责通义实验室多模态研究；曾任OpenAI研究员的姚顺雨加入腾讯混元，担任首席AI科学家；原Google DeepMind研究副总裁吴永辉加入字节跳动Seed团队；而杨植麟则创办了月之暗面（Kimi）。媒体普遍认为，这些人才回流的重要原因包括：中国大模型行业进入高速发展期，拥有更大的算力和资金投入、更高的话语权与科研自主性，同时美国科技行业裁员、签证与地缘政治环境变化，也让越来越多华人研究者认为“中国已经能够提供接近甚至超越硅谷的发展平台”，形成了新一轮“逆向人才流动”。

大盘在跌，servicenow和salesforce你们两个是什么意思哈哈哈哈。硬件股一片红（拿mu举个例子，盘前706，我看跌目标一个是daily ema 20 633（这个位置必有反弹），一个是更深一点回调到parallel channel上方突破回踩的位置580。软件股一部分在涨，一部分在跌。还有昨天说的网络安全也表现还行。 再说一些可以做波段的机会 $MU ：上面说的跌的第一目标633，第二目标580，都是机会。 $RKLB ：上周我123卖的很多人问我为什么不直接拿到spacex上市前，我很明确说了因为这周看回调，上周访华利好出尽sell the news，然后这周nvidia这个财报季最后一个最重要的财报也是利好出尽看回调到210。等回调看点位117，109和100这三个位置。到了后可以买然后拿到spacex上市前。6月12号目标位140左右，spacex上市前全跑。 $CRCL ：如果跌破daily ema 20 112.47，几乎是必补缺口100的位置的。上周四我也说了btc和circle周四clarity act通过后会sell the news，果然也跌了。下一步就是在缺口位置100抄底结合大盘和btc点位，大盘以标普为例第一目标7250，第二目标7070，7250 daily ema 20也是必有反弹。 还有太多股票的机会，我就先说这么多。Oracle， Microsoft，Marvell，nokia，ceg，Sofi，Hood还有很多我慢慢分享。

All-In Podcast最新：Salesforce CEO亲口说——软件末日？我已经经历过好几次了。这次他为什么还是不慌？ 软件股被砸得有多惨？ Salesforce市值蒸发900亿，ServiceNow跌42%，Workday跌45%。市场的逻辑只有一句话：AI智能体要把所有软件都替代了。但Salesforce CEO Mark Benioff在All-In Podcast上说了一句让我印象深刻的话："这不是我第一次经历SaaS末日了。" 他做Salesforce 27年，做软件40年，2016年经历过一次，2020年又一次。每次市场都说软件要死了，每次软件都活下来了。 基本面说了什么？ Salesforce今年营收将突破460亿美元，自由现金流160亿，正在回购500亿美元股票。HubSpot跌到2倍PS。这些数字不像一个要死的行业。 Chamath的判断才是这期最炸的部分： 他坚定看好头部软件垄断巨头的安全边际，但明确看空低端小软件——这个区别很重要。 他的逻辑是：过去四年全球在AI芯片和算力上砸了3万亿美元。当公开市场从狂热中冷静下来，开始严格追问"这几万亿美元的代币ROI到底在哪里"——OpenAI们最终不得不低头，去求Mark Benioff这类手握20年CXO客户信任关系的软件大亨帮忙分销和变现。那个时候，芯片估值将全面回归地面，软件股将迎来暴烈反彈。 软件大厂不是在被AI替代，它们在收割AI红利。 Salesforce今年向Anthropic采购3亿美元AI代币，用来部署编码智能体，覆盖全公司销售、客服和运营流程。通过新并购的Informatica建立语义层，把AI锚定在真实数据中。这不是防守，这是进攻。 结论： 芯片估值在天上，软件估值在地板。3万亿美元的算力投资，最终需要有人帮它变现。那个人不是OpenAI，是手握客户、数据和分销网络的软件大亨。 #软件股# #Salesforce# #CRM# #AI投资# #SaaS# #美股分析# #Anthropic# #AllinPodcast#

Claude Cowork just got 10x more powerful! Glean benchmarked centralized vs federated MCP in Claude Cowork. Same harness, same model, same queries, different context layer. The federated approach: Each data source (Gmail, Slack, Drive, Salesforce) has its own MCP server. Claude calls each one separately. That's 5-10 tool calls per query. Each source returns results with different quality and ranking. Claude over-fetches to compensate for weak search. Then it filters and synthesizes everything with LLM reasoning. Often needs retry loops when results miss. Burns 50-80k tokens per query. The centralized approach: All data from every source gets indexed into one unified layer. Knowledge graph connects entities across sources. Claude makes one MCP call. Gets back the top ranked results. No over-fetching, minimal filtering needed. Uses 42-44k tokens consistently. The results: Centralized indexing preferred 2.5x more often. Federated consumed 30% more tokens on average. When federated finally got correct answers, it burned 83k tokens vs 43k for centralized. The gap widened as tasks got more complex. Simple tasks: centralized won 66% of the time. Complex tasks: 73%. Why centralized wins: Over-fetching doesn't just cost tokens. It dilutes the context window with noise and contradictory information. Models have finite attention. Cramming 50-100 items hoping the right ones are in there doesn't work as well as getting the right 5-10 upfront. Federated search also loses cross-application signals. Things like document relationships, who authored what, and how content is used across the enterprise. These signals improve ranking but they only exist when data is indexed together in one layer. The compounding problem: In multi-step tasks, each missed or incorrect retrieval compounds. By the time you reach the final output, you're working with flawed data. More tool calls and reasoning loops don't fix this. They just burn more tokens trying to recover. You can't brute-force around bad search. More tool calls, more data fetching, more reasoning loops don't fix poor context quality. They just burn more tokens. Why this matters: Token costs are surging. Reasoning models cost more. Companies are burning through AI budgets faster. Federated search compounds the problem. Better search architecture beats more compute. I've shared the link in the replies!

这是特朗普的股票持仓，跟着抄作业吧： $AVGO Broadcom $DELL Dell $TXN Texas Instruments $DVA DaVita $JBL Jabil $KLAC KLA $COMT GSCI Commodity ETF $FFIV F5 $GOOGL Alphabet $ETN Eaton $NVDA NVIDIA $XLK Technology Select Sector ETF $TT Trane Technologies $COST Costco $IEMG MSCI Emerging Markets ETF $IEX IDEX $AMZN Amazon $XLI Industrial Select Sector SPDR ETF $CDNS Cadence Design Systems $AAPL Apple $VOO Vanguard S&P 500 ETF $VTI Vanguard Total Stock Market ETF $WST West Pharmaceutical $IWB Russell 1000 ETF $XEL Xcel Energy $EFA MSCI EAFE ETF $SNPS Synopsys $RSP S&P 500 Equal Weight ETF $BA Boeing $MSI Motorola $NWSA News Corp $MSTR Microstrategy $ORCL Oracle $WM Waste Management $GOVT U.S. Treasury Bond ETF $ICE Intercontinental Exchange $MARA MARA $NFLX Netflix $UBER Uber $KRMN Karman Space $HD Home Depot $TDG TransDigm $MSFT Microsoft $CVNA Carvana $COIN Coinbase $AXON Axon $ADBE Adobe $CRM Salesforce $NOW ServiceNow $WDAY Workday

1/🪦 SaaS 的头正在被砍掉 Salesforce 上个月宣布"无头化"——开放 API，让 Agent 直接读写数据库，绕过 UI。 这不是产品升级，是承认过去 20 年的护城河正在塌方。👇

Anthropic 刚推出 Claude for Small Business，把 AI 直接集成到 QuickBooks、PayPal、HubSpot、Canva、DocuSign 这些小企业每天用的工具里。你只要打开 Claude 桌面端的开关，就能一键启动 15 个预设技能：工资核算、现金流预测、催款、做营销素材、签合同，甚至新员工入职全自动搞定。 收费方式很克制：不额外加钱，只要 Claude 订阅费加上 SaaS 工具的钱。安全方面也放心，工作流必须人为启动审批，Claude 拿不到你本来没有的权限，Team 和 Enterprise 用户数据默认不拿来训练模型。 最近 Anthropic 发布节奏很快：上周金融版发布，这周法律版更新，现在轮到小企业版了。理由也很直接：美国小企业撑起44%的 GDP，却一直没人专门给他们做 AI 产品。 5 月 14 日开始，Anthropic 会在芝加哥、达拉斯等十个城市办免费半天培训，每场限 100 个本地小企业主。线上还有和 PayPal 合作的免费课程，让老板们快速搞懂怎么用 AI。 不过，这招对传统 SaaS 厂商不算友好。Claude 把 QuickBooks、HubSpot 这些工具变成后台，用户界面都不用打开。过去几个月，Salesforce、DocuSign 等公司的股价已经一路下跌。Anthropic CEO Dario Amodei 甚至说过：“单个 SaaS 厂商很可能迅速失去市值，甚至倒闭”。 但讽刺的是，这次 Claude 接入的工具列表里，恰好有几家他刚刚点名的公司。一边说人家要倒闭，一边还要用人家的工具…… 产品页面：