It should be clarified that the term 'investment' here refers exclusively to securities investment, and all statements reflect personal understanding. In the book *The Most Important Thing*, investment is divided into two categories: All methods of investing in corporate securities fall into two fundamental types: those based on the characteristics of the company—i.e., 'fundamentals'—and those based on the security’s own price behavior. In other words, investors have two basic choices: (1) assess a security’s intrinsic value and buy or sell it when its market price deviates from that intrinsic value; or (2) base decisions entirely on expectations of future price movements. I quote the definition given therein: 'assess a security’s intrinsic value and buy or sell it when its price deviates from that intrinsic value.' Essentially, this view holds that every security possesses an intrinsic value, yet its current market price frequently diverges from that intrinsic value. Value investing rests on the belief that, in the securities market, such price deviations will ultimately revert to intrinsic value. Determining a stock’s intrinsic value thus becomes a central task of value investing—i.e., security valuation. From a valuation perspective, the two most pivotal figures are Benjamin Graham and John Burr Williams. Graham introduced the P/E ratio valuation method; Williams proposed the discounted cash flow (DCF) method. Williams’ approach laid the professional foundation for modern securities markets. Both valuation methods have strengths and weaknesses: the P/E ratio method is essentially a relative valuation technique, whereas DCF is an absolute valuation method. Each enjoys support among practitioners—and each faces inherent limitations. Crucially, both methods rely on forecasts of a company’s future earnings, which are inherently difficult to predict accurately. Among value investors, price-to-book (P/B) ratio valuation is often viewed as more reliable: it estimates a company’s present value while retaining the comparative nature of relative valuation. However, the P/B method also has its own shortcomings. Each valuation method attracts its own cohort of value-investing adherents and addresses market phenomena in distinct ways. Yet, in my view, all such methods must confront several key challenges: 1. When intrinsic value diverges from market price, how can one more effectively judge when—and how quickly—the price will revert? 2. How should one address the inherent limitations of any given valuation method? 3. How should one cope with the instability of corporate operations? 4. How should one respond to market irrationality? Faced with these questions, every student of value investing develops their own problem-solving framework—and many also draw insights from analytical approaches outside the value-investing tradition.

Summary of core companies engaging in share repurchases and share purchases (curated list)

On the evening of the 20th, the first batch of announcements regarding special loans for share repurchases and share purchases by listed companies was released. Over 20 listed companies disclosed details of their special repurchase/purchase loans, involving total amounts exceeding RMB 10 billion. According to the 'Notice on Establishing Special Re-lending Facilities for Share Repurchases and Share Purchases', loan funds are to be used 'exclusively for designated purposes and managed under a closed-loop system.' Twenty-one national-level financial institutions—including the China Development Bank, policy banks, state-owned commercial banks, China Post Savings Bank, and joint-stock commercial banks—are authorized under the policy to extend loans supporting listed companies’ share repurchases and share purchases. Below is a summary of stocks related to share repurchases and share purchases: 1. Repurchase announcements China Merchants Shekou (repurchase, up to RMB 702 million) China Merchants Port Holdings (repurchase, up to RMB 389 million) Shan Ying International (repurchase, RMB 200 million) Vmax (repurchase, adding 'special loan funds' to fulfill intent) GigaDevice (repurchase, up to RMB 100 million) Jiahua Energy (repurchase, RMB 100 million) China Merchants Energy Shipping (repurchase, up to RMB 443 million) COSCO Shipping Development (repurchase, up to RMB 287.2 million)

WealthPlan Investment Management LLC Increases Stake in Sherwin-Williams Co

13 hours ago

WealthPlan Investment Management LLC increased its stake in Sherwin-Williams by 557.1% to $1.6 million, following the company's Q3 earnings beat with $3.70 EPS and $6.79 billion revenue.

MarketBeat

2026-05-17

DNB Asset Management AS Buys 3,490 Shares of Sherwin-Williams

2026-05-19

North Dakota State Investment Board Invests $2.59 Million in The Sherwin-Williams Company $SHW

2026-05-23

Mizuho Markets Americas LLC Purchases 68,603 Shares of The Sherwin-Williams Company ($SHW)

2026-05-24

Sherwin-Williams Receives 'Moderate Buy' Consensus from Analysts

2026-05-25

Swedbank AB Increases Stake in Sherwin-Williams Co