Qiao Wang: When Buffett met Munger, the latter truly transformed the former's investment philosophy. Munger said: 'Investing in great companies at a reasonable price is far better than investing in mediocre companies at a cheap price.' Buffett was really lucky to meet Munger because his initial strategy was known as the 'cigar-butt investment strategy,' which meant investing in mediocre companies at extremely low prices. This strategy, based on absolute fundamentals like P/E ratios, was highly effective before the 1980s. Then, from the 1980s to the 1990s, during the era of exponential internet growth, the original investment strategy stopped working, and Munger's growth-oriented investment strategy began to shine. Look at the stock market over the past two years—the best-performing stock in the S&P 500 was NVIDIA. In hindsight, this was an obvious bet, but back in 2022, shortly after ChatGPT came out, there was no way you could have invested in NVIDIA based on traditional value investing fundamentals like P/E or P/B ratios. You could only say that AI is the future, and through reasoning, conclude that AI would make a lot of money.