Василий Авраменко/iStock via Getty Images The three most important words in investing are "margin of safety." - Warren Buffett PropNotes recently released the Editor's Pick bullish thesis on Blue Owl ( OWL ): Blue Owl: 3 Bear Myths That Don't Hold Up . I strongly encourage you to read PropNotes' piece to understand better what I'm going to discuss today. I made a probably over-pithy comment after the piece with what I think are legitimate concerns about Blue Owl. He has asked me for a deeper reply. This is it. The quick take is that I believe Blue Owl can, which is different than " will, " still fall further in price before embarking on a long, likely uneven, recovery period. The only certainty I see with Blue Owl at this point is uncertainty. For what it's worth, I think PropNotes is a talented analyst but is being too quick to be bullish in the case of Blue Owl. I could be very wrong about whether or not it's time to buy Blue Owl. Even if I am wrong about buying Blue Owl now, I am fine with that. I think the risk is higher than I'd like, and the upside is less than I'd like. And, right or wrong, this is a hard call, so I'm putting it in Charlie Munger's "too hard pile." For me, investing is a risk management process first, with gains coming from having a margin of safety that's derived from fundamentals and purchase price level. My Quick Take on Blue Owl As members of Margin of Safety Investing can attest, I have been warning about private credit and BDCs since early 2025, maybe even a bit before that (jump into the comments, folks) . This is from a members-only piece in April 2025 when I mentioned Blackstone ( BX ) and Blue Owl ( OWL ): Blue Owl to all-time lows! (Kirk Spano) I said that when Blue Owl was trading around $20 per share. The all-time low was just under $9 in 2022. They're now back to those all-time lows. Know that both Blackstone and Blue Owl are on my watchlist for buying at a certain price under the right conditions. In my view, Blackstone is a ma...

美国总统特朗普19日在白宫会晤到访的日本首相高市早苗。在共同会见记者时，特朗普为美国对伊朗发起大规模军事行动辩解，将美国袭击伊朗与日本在第二次世界大战期间偷袭珍珠港相提并论，还称日本最懂“偷袭”，令现场一度陷入尴尬。(新华社)

据知情人士称，美国司法部已无条件批准Nexstar以35亿美元收购竞争对手Tegna的交易。 此前一天，美国八个州向加州萨克拉门托的美国地方法院提起诉讼，试图阻止这项合并，该交易将使合并后的实体成为美国最大的广播电台集团。 流媒体和卫星电视供应商DirecTV也在周三晚些时候提起另一项诉讼，试图阻止这笔交易。 但知情人士称，美国司法部已批准这两家公司所谓的“提前终止”请求，这意味着司法部已结束对该交易的审查。 收购Tegna将扩大Nexstar的业务范围，覆盖美国主要地区80%的电视家庭，这需要美国联邦通信委员会（FCC）取消对电视台所有权的限制。 责任编辑：于健 SF069

习近平总书记在省部级主要领导干部学习贯彻党的二十届四中全会精神专题研讨班开班式上指出：“坚持惠民生和促消费、投资于物和投资于人紧密结合”。 必须坚持投资于物和投资于人紧密结合，是我们党对做好新形势下经济工作规律性认识的深化。 我们要从党和国家事业全局的高度深刻理解党中央提出投资于人的战略意图，充分激活人力资本红利，推动投资于物和投资于人紧密结合，更好支撑强国建设、民族复兴伟业。 从发展角度看，人力资本是影响经济长期可持续发展的重要变量。 回顾世界经济发展历程，一国由低收入阶段向高收入阶段演进，都会经历人力资本结构梯度升级。一些西方资本主义国家进入高收入国家行列，与实现高中阶段教育全面普及密切相关。16世纪以来，意大利、英国、法国、德国、美国都是先成为全球教育中心，然后成为全球科技中心。东南亚、拉美等地区没有跨越“中等收入陷阱”的国家，共同点都是未能形成高层次劳动者主导的人力资本结构，陷入了“低人力资本—低效率改进—低消费结构—低产业结构”的泥潭。当前，我国处于基本实现社会主义现代化夯实基础、全面发力的关键时期，以科技创新引领新质生产力发展，迫切需要强化人才支撑。党的二十大提出到2035年建成教育强国、人才强国，党的二十届四中全会提出统筹教育强国、科技强国、人才强国建设，凸显了教育强国、人才强国的战略先导地位和对推进拓展中国式现代化的支撑作用。可以说，投资于人正是将我国人口规模优势转化为人才质量优势的关键点。 投资于物和投资于人是相互支撑、双向赋能的有机整体，只有二者实现紧密结合，才能形成推动经济社会高质量发展的强大合力。 党的十八大以来，我国建成世界上规模最大的教育体系，为现代化产业体系建设提供了坚实有力的人才支撑与智力保障。过去一段时间，我国经济发展主要依靠要素驱动、投资拉动，投资于物回报率近年来有所下降。要推动我国经济增长动力机制转换，实现创新驱动、需求拉动，亟须进一步加大投资于人力度，形成“人力资本红利”，促进投资于物和投资于人协同配合、相得益彰，不断培育经济增长新动能。 投资于人既是保障和改善民生的重要举措，也是熨平经济波动、加强宏观调控的重要方式。 从发展目的看，经济发展最终是为了实现人民幸福安康，投资于人是提升人民福祉、促进人的全面发展的重要举措。从发展过程看，在经济扩张阶段，投资于人可以增加高素质劳动力供给；在经济收缩阶段，通过当期调整、错期储备、跨期...

“龙虾”热下，得了AI焦虑症的腾讯四处“抓虾”。现在为了加大在AI上的投入力度，腾讯给投资人泼了一盆冷水——减少股票回购，将资金用于投资AI。这使得3月19日一开盘，腾讯控股就出现了大跌。 3月19日，腾讯控股（以下简称“腾讯”）的投资人遭到当头一棒，他们没想到腾讯交出了一份炸裂的成绩单，股价开盘却大跌。截至收盘，腾讯大跌6.81%，最终每股报收513港元，总市值为4.67万亿港元，一天缩水了约3400亿港元。 前一日，腾讯交出的2025年成绩单显示，全年营收为7517.7亿元，净赚2248.4亿元，同比均实现两位数增长，不可谓不亮眼。但分歧点在于，腾讯高层在电话会上表示，为了加大AI投入，公司计划减少股票回购。 这无异于给投资人泼了一盆冷水。有投资人直言，腾讯为了不被时代淘汰，加大AI投入力度的做法不算错，但腾讯自身的赚钱能力很强，没必要通过降低股东回报来投入AI，这将一些逐利的短线资金吓跑了。 ▲2024年8月以来腾讯股价走势。来源/同花顺 从腾讯最近一个月四处“抓虾”的做法来看，这家互联网巨头在AI业务布局上着实有点焦虑。 01 买卡、缩减回购，腾讯要给AI“烧钱” AI是腾讯2025年财报的核心焦点，几乎所有业务板块都提到了AI的影响，腾讯明确表示，AI产品投资至少翻番，并预计减少股份回购规模来支持AI投资。 腾讯缺乏现象级AI应用产品，就连马化腾都承认公司慢了。因此，自去年第四季度起，外界明显感觉到腾讯AI在悄然提速。尤其是不久前“龙虾”热潮席卷而来后，腾讯一反常态四处“抓虾”，跑出了“急行军”式的加速度，试图打起一场AI反攻战。 腾讯变了，现在它想要抢夺的是通往智能体时代的船票。 分业务来看，腾讯2025年增值服务业务收入为3693亿元，同比增长16%；营销服务收入为1450亿元，同比增长19%；金融科技及企业服务业务收入为2294亿元，同比增长8%。 在这份财报中，AI成为不能忽视的存在，仅AI这个词就出现了30次。腾讯方面总结说，2025年公司AI节奏全面提速，AI快速融入游戏、广告和社交等核心业务，云业务实现了规模化盈利。 游戏仍然是腾讯的支柱业务。2025年，腾讯的游戏业务收入为2416亿元，同比增长22%。财报指出，AI能力的持续应用，推动腾讯游戏在内容制作效率、用户体验和营销效益方面取得明显提升。 游戏也是腾讯AI落地的重要应用场景。《财经天...

On its face, the stock market looks to be humming along wonderfully. Despite geopolitical turmoil, the S&P 500 index is near all-time highs, driven by gains in artificial intelligence (AI) stocks. But under the hood, there is plenty of pain. From software companies to carmakers to cannabis producers to consumer lenders, many stocks outside of the AI boom are experiencing severe drawdowns. Two stalwart consumer stocks well off their highs are MercadoLibre (MELI 1.36%) and Nintendo (NTDOY +0.26%). These drawdowns have created once-in-a-decade buying opportunities for both, making them fantastic choices for long-term investors today. Here's why you should consider buying shares of both companies for your portfolio right now. Expand NASDAQ : MELI MercadoLibre Today's Change ( -1.36 %) $ -23.01 Current Price $ 1667.25 Key Data Points Market Cap $86B Day's Range $ 1649.51 - $ 1682.60 52wk Range $ 1631.18 - $ 2645.22 Volume 20K Avg Vol 572K Gross Margin 44.50 % Building on a family friendly gaming empire Last year, Nintendo released a new gaming device called the Switch 2. It's one of the fastest-selling consoles in history, already selling over 17 million units through the first three quarters of Nintendo's fiscal year, which ends in March. Investors have soured on Nintendo stock in the interim due to a narrative of a lackluster game lineup and rising memory chip prices, which will hurt the company's input costs for gaming hardware. While it has no control over what memory chips will do, the idea that Nintendo has no games coming for the Switch 2 is misguided. Nintendo has greatly increased its product development spending on gaming software, including games and its online subscription services. Recently, it launched a new hit called Pokémon Pokopia, which sold 2.2 million units in the first few days of release, putting it on track to become a major profit driver over the next few years as more and more gamers upgrade to the Switch 2. What's more, Nintendo has greatly exp...

(Dollar amounts are in thousands, in Canadian currency unless otherwise specified) GUELPH, Ontario, March 19, 2026 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Hammond Power Solutions Inc. (TSX: HPS.A), please note that the Quarterly adjusted EBITDA should be 15.2% of sales, not 13.5% as previously stated. The corrected release follows: Hammond Power Solutions Inc. (“HPS” or the “Company”) (TSX: HPS.A) a leading manufacturer of dry-type transformers, power quality products and related magnetics, today announced its financial results for the fourth quarter 2025. QUARTERLY HIGHLIGHTS: Record annual sales of $898 million, a 13.9% increase versus 2024; Quarterly adjusted EBITDA of $38.7 million, or 15.2% of sales; Record annual adjusted EBITDA of $133.3 million, or 14.8% of sales; Quarterly adjusted earnings per share of $1.98. Earnings per share of $1.28; Annual adjusted earnings per share of $6.81. Earnings per share of $6.07; Backlog is 122% higher than Q4 2024 “HPS delivered a strong finish to 2025, with fourth quarter sales of $254.1 million and record annual sales of $898.3 million, an increase of 13.9% over 2024,” said Adrian Thomas, Chief Executive Officer of Hammond Power Solutions. “Growth was driven by continued strength in the U.S., particularly in private label and custom-engineered solutions supporting data centre expansion, infrastructure investment and industrial electrification. Custom and higher-value solutions continued to outpace standard products, reflecting sustained demand for resilient power systems.” “Our backlog at December 31, 2025 increased 122% year over year and 74% sequentially, providing meaningful revenue visibility entering 2026. With expanded capacity in Mexico and operational improvements across our footprint, we are positioned to convert this demand efficiently. These investments strengthen our ability to support customers across electrification and digital infrastructure markets as they continue t...

Key Points Even though the market is close to its highs, many stocks are in severe drawdowns. Nintendo looks cheap and has a long runway to grow its gamer base in the next decade. MercadoLibre has an aggressive expansion plan in Latin America. 10 stocks we like better than MercadoLibre › On its face, the stock market looks to be humming along wonderfully. Despite geopolitical turmoil, the S&P 500 index is near all-time highs, driven by gains in artificial intelligence (AI) stocks. But under the hood, there is plenty of pain. From software companies to carmakers to cannabis producers to consumer lenders, many stocks outside of the AI boom are experiencing severe drawdowns. Two stalwart consumer stocks well off their highs are MercadoLibre (NASDAQ: MELI) and Nintendo (OTC: NTDOY). These drawdowns have created once-in-a-decade buying opportunities for both, making them fantastic choices for long-term investors today. Here's why you should consider buying shares of both companies for your portfolio right now. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Building on a family friendly gaming empire Last year, Nintendo released a new gaming device called the Switch 2. It's one of the fastest-selling consoles in history, already selling over 17 million units through the first three quarters of Nintendo's fiscal year, which ends in March. Investors have soured on Nintendo stock in the interim due to a narrative of a lackluster game lineup and rising memory chip prices, which will hurt the company's input costs for gaming hardware. While it has no control over what memory chips will do, the idea that Nintendo has no games coming for the Switch 2 is misguided. Nintendo has greatly increased its product development spending on gaming software, including games and its online subscription services. Recently,...

格隆汇3月20日｜当地时间3月19日，据媒体援引知情人士称，高盛计划于4月启动新一轮绩效裁员，涉及少量表现不佳员工。此次调整被内部称为“战略资源评估”，不属于常规年度裁员，裁员比例通常在1%至3%之间。高盛发言人在一份声明中表示，公司一直对各部门业绩和人才结构进行持续评估，定期优化人力配置属正常管理安排。

Image source: The Motley Fool. Thursday, March 19, 2026 at 4:30 p.m. ET CALL PARTICIPANTS Chief Executive Officer — Olivier Taelman Chief Financial Officer — John Landry Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS U.S. FDA Approval -- Genio received FDA approval in August, leading to revenue participation from September onward. -- Genio received FDA approval in August, leading to revenue participation from September onward. Q4 U.S. Revenue -- $4,500,000 generated, representing initial sales from the commercial launch period. -- $4,500,000 generated, representing initial sales from the commercial launch period. U.S. Sales Coverage -- 25 sales representatives focused on 125 of the 400 top hypoglossal nerve stimulation (HGNS) accounts, with expansion to 40 sales reps and 200 accounts in 2026. -- 25 sales representatives focused on 125 of the 400 top hypoglossal nerve stimulation (HGNS) accounts, with expansion to 40 sales reps and 200 accounts in 2026. Surgeon and Account Engagement -- 145 surgeons trained across 125 high-volume HGNS accounts; 120 value analysis committee (VAC) submissions with 57 approvals and no rejections reported by year-end. -- 145 surgeons trained across 125 high-volume HGNS accounts; 120 value analysis committee (VAC) submissions with 57 approvals and no rejections reported by year-end. U.S. Reimbursement -- Medicare represented 10% and commercial payers 90% of U.S. Genio business; consistent reimbursement achieved with clarity on CMS interim C-code 8011 facility fee set at $31,526 per implant, matching CPT code 64582. -- Medicare represented 10% and commercial payers 90% of U.S. Genio business; consistent reimbursement achieved with clarity on CMS interim C-code 8011 facility fee set at $31,526 per implant, matching CPT code 64582. Gross Revenue -- €6,300,000 in Q4 2025 before €700,000 in revenue deferments, primarily for disposable patches. -- €6,300,000 in Q4 2025 before €700,000 in revenue deferments, primarily...

格隆汇3月20日｜据证券日报，今年以来，A股公司对风险管理的需求有所提升。Wind资讯统计显示，截至3月19日，年内A股公司发布关于参与套期保值的公告470个，较去年同期增长70.29%。中粮期货副总经理杨英辉表示，今年以来，大宗商品市场价格波动幅度显著上升，商品周期切换加快，企业原材料采购成本、库存估值与订单定价的不确定性因素增多，实体企业对风险管理的需求随之提升。

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格隆汇3月20日｜随着中东战争推高能源价格并削弱降息预期，黄金正迈向六年来最大单周跌幅。现货黄金周五徘徊在每盎司4650美元附近，本周累计跌逾7%，为2020年3月以来最大跌幅。冲突引发的原油和天然气价格飙升加剧了通胀担忧，从而降低了各国央行降息的可能性，这对不产生利息收益的黄金构成利空。黄金自上月末美以袭击伊朗以来已连续数周下跌。

Earnings Call Insights: Scholastic Corporation (SCHL) Q3 2026 Management View Peter Warwick, President, CEO & Director, highlighted a major strategic milestone with the successful completion of sale-leaseback transactions involving the New York City headquarters and Jefferson City distribution facility, unlocking more than $400 million in net proceeds. Warwick stated, "we moved quickly to return cash to shareholders under an upsized $150 million share repurchase authorization, which we have nearly exhausted. We've already bought back more than 4.4 million shares for approximately $147 million in the open market or $33.30 per share on average...today, we're announcing long-term net leverage targets for the company." He announced a new $300 million share repurchase authorization, including a $200 million modified Dutch Auction tender offer, with the offer price range set at $36 to $40 per share, potentially representing about 25% of shares outstanding. Warwick reaffirmed, "we're reaffirming our fiscal 2026 adjusted EBITDA and free cash flow guidance. We expect full year revenue to be approximately flat compared to the prior year." Book Fairs continued to show strength with higher revenue per fair, increased fair counts, lower cancellations, and greater adoption of e-wallet solutions. Warwick revealed, "The key innovation this year is the launch of Discovery Fairs, the first new format we've introduced in more than a decade. Early pilots have already shown robust demand." In Education, Warwick reported, "revenues were down 2%, representing a significant deceleration of the declines we saw in the first and second quarters of the year. Importantly, profitability improved year-over-year." Haji Glover, CFO & Executive Vice President, stated, "during the quarter, we completed the sale-leaseback transactions related to our New York City headquarters and the Jefferson City distribution facilities. This generated over $400 million in net proceeds...we are establishing long-ter...

Earnings Call Insights: Tejon Ranch Co. (TRC) Q4 2025 Management View President & CEO Matthew Walker highlighted that operating income was up compared to the fourth quarter of 2024, although net income declined due to one-time proxy defense costs. Walker stated the company generated $49.6 million in revenue and $25.3 million in adjusted EBITDA for the year, both improved over 2024. The commercial real estate business remained the economic driver, with commercial revenue up $1 million for the quarter and $3.5 million for the year, led by two land sales including a hotel site and a back-end payment on the Nestle transaction. Walker emphasized, "Farming revenue was up 20% over the same quarter last year and up nearly 26% annually. I'm pleased to report that our farming revenues were the highest in a decade." He noted the positive impact from the new Hard Rock Tejon Casino, which opened in November, and cited record retail sales at the Outlets at Tejon for December. Walker announced governance updates, including a proposal for shareholders or groups holding at least 25% of shares to call special meetings, a reduction in Board size from 10 to 9, and plans for further reduction to 7 by 2027, along with the elimination of the executive committee. He also confirmed the annual meeting will be held onsite at Tejon Ranch on May 13, with virtual attendance available. Walker stated, "We're continuing to streamline our operations and have targeted an additional $1 million of overhead savings by the end of 2027... our operating business is showing signs of positive momentum. However, I want to emphasize that cost improvement alone is not our only goal. As a company, we must put more of our assets to work, generating higher cash flow, producing more earnings and increasing value for our shareholders." CFO Robert Velasquez reported, “Net income attributable to common stockholders was $1.6 million or $0.06 per diluted share compared to $4.5 million or $0.17 per diluted share in the f...

零碳运输走廊建设正在成为我国交通运输领域“减碳”的重要发力点。近日，交通运输部表示，“十五五”时期，将以碳达峰、碳中和（885919）为牵引，推动零碳运输走廊和场站建设；国家发展改革委也透露，“十五五”时期，我国将规划建设10000公里以上的零碳运输走廊。记者获悉，湖北、河北、山西、重庆等地目前正积极推进零碳运输走廊试点建设，加快形成绿色物流新模式，其中，充电、换电、氢能是主要技术路径。业内人士认为，“十五五”时期，零碳运输走廊将从试点逐渐走向网络化、规模化，这不仅将为当地产业降碳增绿提供支撑，更将带动新能源（850101）重卡、充换电设施、氢能装备等上下游产业链协同发展。(经济参考报)

Earnings Call Insights: ACCESS Newswire Inc. (ACCS) Q4 2025 Management View Brian Balbirnie, Founder, President, CEO & Chairman, stated that the fourth quarter results capped "a year defined by strategic focus, operational improvement, and meaningful progress in building a subscription first business." He highlighted that revenue for the quarter was $5.8 million, an increase of approximately $100,000 sequentially and flat year-over-year. Total active customers rose to 12,802, with average recurring revenue per subscription customer increasing to $12,534, up 16% year-over-year. Balbirnie emphasized that "we transformed the business, redefined the core offerings, and moved the business to majority reoccurring subscriptions, emerging leaner, more profitable, and a more innovative company. Now it's time to grow." He also detailed new product launches, such as AI-powered editorial validation, real-time social monitoring, the KillTheReport platform, and the launch of pressrelease.com. Steven Knerr, CFO, commented, "Total revenue for the fourth quarter of 2025 was $5.8 million, a decrease of $27,000 compared to the same period of 2024, making revenue for the full year of 2025, $22.6 million, a decrease of $438,000 or 2% from $23.1 million in 2024." He added that "gross margin percentages improved during the fourth quarter and full year of 2025, increasing to 77% for both periods compared to 75% and 76% for the fourth quarter and full year of 2024 respectively." Knerr explained that operating loss for Q4 2025 was $761,000, a reduction from the prior year due to the absence of a significant impairment charge in 2025. Outlook Balbirnie stated, "Looking ahead in 2026 as well, our focus is clear and centered on top line growth, driven by subscription expansion, new product monetization, and enterprise customer acquisition." The company aims to reach "up to 1,500 subscriber customers by the end of 2026" and expects ARR per subscriber to continue expanding. Adjusted EBITDA margin...

Image source: The Motley Fool. Thursday, March 19, 2026 at 5 p.m. ET CALL PARTICIPANTS Chief Executive Officer and Chair of the Board — Tal Keinan Treasurer — Tim Herr Chief Accounting Officer — Mike Schmitt Accounting Manager — Tory Petro Assistant Treasurer — Frank [surname not specified] President — Francisco Gonzalez Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Total Assets Under Construction and Completed -- Exceeded $328 million, supported by ongoing development at phase two in Miami, Bradley International, and Addison in Dallas, with new ground broken at Salt Lake City and more sites scheduled for 2026. -- Exceeded $328 million, supported by ongoing development at phase two in Miami, Bradley International, and Addison in Dallas, with new ground broken at Salt Lake City and more sites scheduled for 2026. Revenue -- Increased by 87% to $27.5 million, attributed to the acquisition of Camarillo and higher revenue from both new and existing campuses. -- Increased by 87% to $27.5 million, attributed to the acquisition of Camarillo and higher revenue from both new and existing campuses. Operating Expenses -- Rose to nearly $28 million, primarily due to a higher number of operating campuses and accrual-based expensing of ground leases. -- Rose to nearly $28 million, primarily due to a higher number of operating campuses and accrual-based expensing of ground leases. SG&A Expense -- Showed a small quarter-end dip because of reduced cash compensation for senior management; management targets a cash-based ceiling of $20 million for SG&A. -- Showed a small quarter-end dip because of reduced cash compensation for senior management; management targets a cash-based ceiling of $20 million for SG&A. Positive Operating Cash Flow -- Achieved for the first time, largely due to "the realization of $5.9 million in upfront rent, part of an extension of an existing tenant that closed in December." -- Achieved for the first time, largely due to "the reali...

今天的文章，我想向你推荐 3 个我非常喜欢的思维方式。 它们都是我践行多年的习惯，一直在用，也一直让我获益匪浅。既简单，又有效。 非常希望它们也能对你有用，或者给你一些启发。 1. 创造者视角 我有一个践行了很多年的习惯：看到一样新事物、学到一个新东西，我第一反应都是去追问： 这个东西我能如何把它用上来？ 比如，走进一家装修得很好看的小店，我第一反应是：这个设计很好看，我能不能从中学到点什么？于是我会拍几张照片，保存到素材库里，并简要写上一点自己的想法。 再比如，看了一部不错的电影，我会下意识去思考：这部电影里面有哪些东西是我能学习的？它的镜头拍摄手法我能不能学起来，它对于某些议题的呈现和处理对我有没有启发，甚至我会试着从影像叙事的角度写一点东西，简要分析一下。 以及，挖掘到一个好玩的 APP，我也会去思考：这个 APP 有哪些特色，有哪些地方做得很巧妙，哪些地方还有待优化，这里的流程设计体现了开发者的什么思维…… 我把它叫做「创造者视角」，也就是 从「它是怎么做出来」的角度去看待事物，而不是从接收和消费者的角度去看待。 它有什么用呢？ 一方面，它能帮助你透过现象看到本质。当你用这个视角去看待事物时，你会更容易发现： 它目前呈现出来的形态，目的是为了什么，所追求的效果是什么； 为了达到这个效果，它用了什么方法，由哪些构思和想法所支撑； 有哪些地方可能是瑕疵，哪些地方可能是妥协和权衡，又有哪些地方可能是别出心裁的巧思…… 这就是一种对大脑的训练，你在逼迫它转动， 把一个整体的系统拆解开，观察它的环节、流程、组成方式……找到它的运转逻辑和机制。 日积月累， 你对于不同的事物，就会拥有更高的洞察力。 你不会再只停留在「好不好」「喜不喜欢」的浅层上，说不出个所以然，而是能够一眼就发现「它为什么会这样」「它的核心和本质是什么」。 很多人总是羡慕有些人具备一眼看到本质的能力，其实这就是一种非常有效的训练方法。 另一方面， 知识是有网络效应的。 许多不同的领域，其实底层可能都是相通的。许多原理、机制和技法，其实完全可以迁移到其他领域。 因此，即使很多东西你现阶段可能用不上，但这样的思考永远不会白费。也许有一天，当你思考某个问题时，突然灵光一闪，之前积累的想法骤然间联系起来，形成一个全新的思路和看法 —— 这种乐趣和快感是难以言喻的。 这就是思考的乐趣，也是它令人着迷的地方。 因此...

以色列总理内塔尼亚胡19日称，推动伊朗“政权更迭”是以色列和美国对伊朗军事行动的目标之一，暗示以方还有地面行动的选项。内塔尼亚胡当晚在一场新闻发布会上称，经过以美20天空袭，伊朗已经失去铀浓缩和弹道导弹生产能力。他表示，对伊朗军事行动有三个目标，一是消除伊朗“核威胁”，二是消除伊朗弹道导弹威胁，三是“政权更迭”。内塔尼亚胡称，要实现伊朗“政权更迭”，光靠空袭不行，得有“地面部分”。但他目前不会透露以方的地面行动选项。（新华社）

Pivotal Phase 2 with lasme-cel in r/r B-ALL (BALLI-01 trial) ongoing Phase 1: 83% ORR at RP2D and 100% ORR in the target Phase 2 population In target Phase 2 population: 100% of patients became eligible to transplant Pivotal Phase 2 first interim analysis expected in Q4 2026 BLA submission anticipated in 2028 Phase 1 with eti-cel in r/r NHL (NATHALI-01 trial) ongoing Best-in-class dual allogeneic CAR-T cell product targeting CD20 & CD22 At current dose level, 88% ORR; 63% CR rate after 2+ prior lines of therapy 93% of subjects had prior CD19 CAR-T Low-dose IL-2 cohort to be included in; Full Phase 1 dataset expected in Q4 2026 Partnerships Servier (through Allogene): Pivotal randomized Phase 2 ALPHA3 trial with cema-cel in 1L consolidation in LBCL: interim futility analysis evaluating MRD clearance and early safety results planned for April 2026 AstraZeneca: Activities progressing under the Joint Research and Collaboration Agreement Cash, cash equivalents and fixed-term deposits of $211 million as of December 31, 2025 1 provides runway into H2 2027 provides runway into H2 2027 Conference call scheduled on March 20, 2026 at 8:00 am ET / 1:00 pm CET NEW YORK, March 19, 2026 (GLOBE NEWSWIRE) -- Cellectis (the “Company”) (Euronext Growth: ALCLS - NASDAQ: CLLS), a clinical-stage biotechnology company using its pioneering gene editing platform to develop life-saving cell and gene therapies, today provided financial results for the fourth quarter and full year 2025, ending December 31, 2025 and provided a business update. “Lasme-cel demonstrated a potentially transformative efficacy profile in one of oncology’s most challenging settings, achieving 100% overall response rate in the target Phase 2 population. Critically, lasme-cel converted all patients in the target population into transplant-eligible candidates. The pivotal Phase 2 is now enrolling, and with a BLA submission anticipated in 2028, lasme-cel is on a clear regulatory path to potentially becoming the first off-...

Phase 2 pivot évaluant lasmé-cel dans la LAL-B en rechute ou réfractaire (étude BALLI-01) en cours Phase 1 : 83 % d’ORR à la dose RP2D et 100 % d’ORR dans la population cible de phase 2. Population cible de phase 2 : 100 % des patients sont devenus éligibles à une greffe. Analyse intermédiaire de phase 2 pivot attendue en Q4 2026. Dépôt de demande d'autorisation de mise sur le marché (BLA) prévue en 2028. Phase 1 évaluant éti-cel dans le LNH en rechute ou réfractaire (étude NATHALI-01) en cours Éti-cel : “best-in-class" CAR-T allogénique à double cibles CD20 et CD22. Au niveau de dose actuel : 88 % d’ORR et 63 % de taux de RC chez des patients ayant reçu au moins 2 lignes de traitement antérieures. 93 % des patients avaient déjà reçu un traitement par CAR-T anti-CD19. Intégration d'une cohorte avec IL-2 à faible dose en cours. L’ensemble des données de phase 1 attendu en Q4 2026. Partenariats Servier (à travers Allogene) : essai pivot de phase 2 randomisé (ALPHA3) évaluant cema-cel en traitement de consolidation de première ligne dans le lymphome diffus à grandes cellules B (LBCL). Analyse intermédiaire de futilité, portant sur la clairance de la MRD et premiers résultats de sécurité prévue en avril 2026. AstraZeneca : les activités progressent conformément à l’accord de recherche et de collaboration. Trésorerie, équivalents de trésorerie et dépôts à terme de 211 millions de dollars au 31 décembre 2025 1 ; projection de trésorerie jusqu’au second semestre 2027. ; projection de trésorerie jusqu’au second semestre 2027. Conférence téléphonique le 20 mars 2026 à 8h00, heure de New York / 13h00, heure de Paris. NEW YORK, 20 mars 2026 (GLOBE NEWSWIRE) -- Cellectis (Euronext Growth : ALCLS ; Nasdaq : CLLS), société de biotechnologie de stade clinique, qui utilise sa plateforme pionnière d'édition de génome pour développer des thérapies innovantes pour le traitement de maladies graves, présente aujourd’hui ses résultats pour le quatrième trimestre 2025 et l’exercice 202...

英伟达一位高管周四透露，到 2027 年，英伟达将向 亚马逊 的云计算部门AWS出售100万枚图形处理器芯片（GPU），以及一系列其他产品。 英伟达和AWS本周宣布达成协议，AWS将购买英伟达的100万枚GPU，但并未透露交易的具体时间。英伟达超大规模和高性能计算副总裁伊恩·巴克（Ian Buck）周四透露，销售将于今年开始，并持续到2027年。 这与英伟达CEO黄仁勋所提及的时间范围一致。他最近表示，预计到2027年其Rubin和Blackwell系列芯片的总体销售有望达到1万亿美元。 英伟达和亚马逊并未披露交易的具体财务条款。但巴克表示，此次交易包含英伟达的多种芯片，远不止 100 万枚GPU，还包括英伟达的 Spectrum 网络芯片以及本周发布的 Groq 芯片。Groq 芯片是英伟达去年底与一家人工智能芯片初创公司达成 170 亿美元的授权协议后推出的。 具体来说，AWS计划使用英伟达的 Groq 芯片以及英伟达的其他六款芯片，以实现更高效的推理。推理是指人工智能系统代表用户生成答案和执行任务的过程。 “推理很难，难到令人发指，”巴克说，“要想在推理方面做到最好，靠的不是一款芯片就能解决的。我们实际上用到了全部七款芯片。” 这项交易还包括在AWS数据中心部署英伟达的Connect X和Spectrum X网络设备。此举意义重大，因为AWS数据中心使用的是AWS多年来不断完善的定制网络设备。 “他们当然还会继续这样做，”巴克说。“但我们现在正与 AWS 合作，为人工智能领域的重要工作负载和最大客户部署 Connect X 和 Spectrum X。” 责任编辑：于健 SF069