The Banking Exit Strategy Buffett significantly reduced Berkshire Hathaway’s financial sector exposure in Q1 2025, trimming Bank of America holdings to 631 million shares and completely exiting Citigroup. His reasoning appears to be valuation-driven – Bank of America’s price-to-tangible book value rose from 1.3x to 1.6x over 2024, making it too expensive by his standards. Meanwhile, Citigroup’s continued underperformance despite trading at just 0.8x tangible book value suggests Buffett lost patience with the turnaround story.

The Treasury Bill Strategy Rather than chase overvalued stocks, Buffett deployed $13.8 billion into US Treasury bills in Q1, bringing Berkshire’s total cash and Treasury holdings to $347.7 billion. This isn’t just defensive positioning—six-month Treasuries currently yield 4.3%, providing substantial income ($3.4 billion quarterly) while maintaining maximum flexibility.

Market Timing vs. Value Pricing The article reinforces Buffett’s philosophy of “pricing rather than timing” markets. He’s taking advantage of both high stock valuations and historically low tax rates to harvest gains. His willingness to pay substantial taxes (which he bragged about) reflects confidence that current rates may not persist.

The Patience Play Buffett’s massive cash position represents optionality rather than pessimism. As he noted at the annual meeting, extraordinary opportunities arise “very occasionally” – and when they do, Berkshire will be ready to deploy capital at scale.

This strategy reflects classic Buffett: disciplined selling when prices are high, maintaining liquidity for future opportunities, and earning a reasonable return while waiting. For individual investors, the lesson isn’t necessarily to copy his Treasury-heavy allocation but to understand the value of patient capital allocation and maintaining dry powder for exceptional opportunities.

Warren Buffett’s Banking Exodus: Comprehensive Analysis & Singapore Market Impact

Executive Summary

Warren Buffett’s systematic retreat from banking represents one of the most significant sector rotation moves in recent investment history. This analysis examines the strategic rationale, market implications, and specific impact on Singapore’s banking sector, revealing both immediate challenges and potential opportunities for discerning investors.

Part I: Deconstructing Buffett’s Banking Strategy

The Methodical Dismantling

Bank of America: A 14-Year Love Affair Ends

Buffett’s Bank of America position represents one of his most successful financial sector investments, yet his recent selling reveals deeper concerns about the banking landscape:

• Entry Strategy (2011): $5B preferred stock yielding 6% + warrants at $7.14/share
• Conversion Timing (2017): Exercised warrants when the common dividend exceeded the preferred yield
• Accumulation Phase (2017-2020): Built to the most prominent shareholder position (~1B shares at peak)
• Exit Strategy (2024-2025): Reductionic Reduction to 631M shares

Valuation Analysis:

• 2024 Start: 1.3x Tangible Book Value
• Q1 2025: 1.6x Tangible Book Value
• Historical Context: Pre-2008 crisis levels were 2.0-2.5x TBV
• Buffett’s Threshold: Appears uncomfortable above 1.5x TBV for large banks

Citigroup: The Failed Turnaround Bet

Buffett’s complete Citigroup exit is particularly telling:

• Entry Thesis (2022): Post-crisis transformation, regulatory overhang clearing
• Strategic Pivot: Focus on commercial banking, US consumer, wealth management
• Performance Reality:
  • ROE: 7-9% vs peer average 12-15%
  • Efficiency Ratio: 70%+ vs best-in-class 55-60%
  • Cost of Risk: Elevated despite benign credit environment
• Valuation Paradox: Exited despite 0.8x TBV (significant discount to book)

The Broader Portfolio Restructuring

Financial Sector Rebalancing:

• Q4 2024: 34% of portfolio in financials
• Q1 2025: 32% of portfolio in finReductions
• Net Reduction: $4.7B in financial sector exposure
• Additional Exits: Nu Holdings (complete), Capital One (partial)

Cash Accumulation Strategy:

• Treasury Bills: $314B (up $13.8B in Q1)
• Total Liquidity 47.7 B (30% of total assets)
• Quarterly Interest Income: $3.4B (~4.3% annualised yield)

Part II: Strategic Rationale Deep Dive

Macro-Economic Positioning

Interest Rate Environment Analysis

The Federal Reserve’s monetary policy cycle creates complex dynamics for banks:

1. Rising Rate Phase (2022-2023):
   • Banks initially benefited from higher loan yields
   • Deposit costs remained relatively sticky
   • Net Interest Margin expansion
2. Peak Rate Environment (2024):
   • Deposit competition intensified
   • Asset-liability duration mismatches exposed
   • Credit quality concerns emerged
3. Anticipated Cutting Cycle (2025+):
   • NIM compression expected
   • Loan demand may remain weak
   • Credit losses are likely to normalize upward

Regulatory Landscape Shifts

Post-2023 banking crisis regulatory responses:

• Basel III Endgame: Higher capital requirements for large banks
• FDIC Insurance: Expanded coverage discussions
• Stress Testing: More stringent scenarios
• Liquidity Requirements: Enhanced LCR and NSFR standards

Valuation Framework Analysis

Buffett’s Banking Valuation Metrics:

1. Price-to-Tangible Book Value:
   • Historical comfort zone: 1.0-1.4x
   • Current concern level: >1.5x
   • Crisis opportunity level: <0.8x
2. Return on Tangible Equity:
   • Minimum acceptable: 12-15%
   • Preferred range: 15-20%
   • Current environment: 10-14% for most banks
3. Efficiency Ratio:
   • Best-in-class threshold: <55%
   • Acceptable range: 55-65%
   • Concern level: >65%

Part III: Global Banking Sector Implications

Market Signal Interpretation

Institutional Investor Behaviour

Buffett’s moves typically trigger broader institutional responses:

1. Momentum Following: Large institutions often mirror Berkshire’s moves
2. Risk Assessment: His exits signal potential sector headwinds
3. Capital Allocation: Validates defensive positioning

Sector Rotation Dynamics

Capital flows are likely shifting toward:

• Defensive Sectors: Utilities, consumer staples, healthcare
• Fixed Income: Government bonds, high-grade corporates
• International Diversification: Away from US financial concentration

Credit Cycle Positioning

Early Warning Indicators

Buffett’s timing often precedes broader credit cycle turns:

• Commercial Real Estate: Stress emerging in office/retail sectors
• Consumer Credit: Rising delinquencies in cards/auto loans
• Regional Banks: Deposit flight and asset quality concerns

Part IV: Singapore Banking Sector Impact Analysis

Immediate Market Effects

Sentiment Transmission Mechanisms

1. Foreign Institutional Selling:
   • Regional banking ETFs may see outflows
   • Systematic deleveraging of financial exposure
   • Correlation trading effects
2. Valuation Multiple Compression:
   • P/E ratios under pressure despite different fundamentals
   • P/B ratios may converge toward global banking averages
   • Dividend yields are becoming more attractive
3. Credit Market Implications:
   • Bank bond spreads may widen
   • Funding costs could increase marginally
   • Tier 1 capital instrument pricing pressure

Fundamental Differentiation Analysis

Singapore Banking Ecosystem Advantages

Regulatory Framework Comparison:

Aspect	Singapore (MAS)	US (Fed/OCC/FDIC)
Capital Requirements	13-14% CET1	12-13% CET1
Stress Testing	Conservative scenarios	More volatile requirements
Liquidity Ratios	Stable, high standards	Recently tightened
Operational Risk	Lower litigation exposure	High compliance costs

Market Structure Benefits:

1. Oligopolistic Dynamics:
   • Big 3 control ~70% of the domestic market
   • High barriers to entry (regulatory approval, capital requirements)
   • Stable pricing power in retail banking
2. Geographic Diversification:
   • ASEAN exposure provides a growth offset
   • China/Hong Kong exposure (risk and opportunity)
   • Wealth management tailwinds from regional affluence
3. Deposit Franchise Strength:
   • CASA ratios are typically 45-50%
   • Relationship banking reduces rate sensitivity
   • Government/corporate deposit stickiness

Individual Bank Analysis

DBS Bank – The Regional Champion

Strengths:

• Digital transformation leader in Asia
• Strong ASEAN franchise with growth potential
• Robust capital position (CET1: 15.2%)
• Improving efficiency metrics (cost-income: 43%)

Vulnerabilities:

• Higher China/Hong Kong exposure (~25% of loans)
• Premium valuation may compress in a risk-off environment
• Trade finance exposure to the global slowdown

Buffett Lens Assessment:

• Technology moat development appeals to quality investors
• ROE sustainability (13-15%) within an acceptable range
• Dividend policy (50% payout ratio) provides income appeal

OCBC Bank – The Conservative Stalwart

Strengths:

• Historically lowest credit costs in the sector
• Strong wealth management franchise
• Diversified revenue streams (40% non-interest income)
• Excellent liquidity position

Vulnerabilities:

• Lower ROE profile (11-13%) may concern growth investors
• Malaysia’s exposure creates earnings volatility
• Conservative loan growth may lag in recovery

Buffett Lens Assessment:

• Risk management culture aligns with value investing principles
• Stable dividend track record appeals to income investors
• Valuation discount to peers may offer a margin of safety

UOB Bank – The ASEAN Specialist

Strengths:

• Focused ASEAN strategy with deep regional expertise
• Strong SME banking franchise
• Consistent earnings quality and dividend payments
• Lower operational complexity vs global peers

Vulnerabilities:

• Geographic concentration in slower-growth markets
• Limited China exposure may constrain growth optionality
• Smaller scale vs DBS in digital initiatives

Buffett Lens Assessment:

• Predictable business model fits defensive investment criteria
• Regional specialization creates a competitive moat
• Attractive dividend yield (4-5%) in the current environment

Part V: Investment Strategy Framework

Short-term Impact Assessment (3-6 months)

Negative Factors:

1. Sentiment Overhang: Buffett’s moves create psychological selling pressure
2. ETF Outflows: Systematic selling from banking sector funds
3. Foreign Institutional Reduction: International investors may follow Berkshire’s lead
4. Multiple Compression: P/E and P/B ratios under pressure despite different fundamentals

Quantitative Impact Estimates:

• Share price impact: % to -15% to % from sentiment alone
• Multiple compression: P/B ratios may fall 0.1-0.2x
• Dividend yields rising to 5-the 6% range (more attractive levels)

Medium-term Opportunities (6-18 months)

Value Emergence Factors:

1. Relative Valuation: Singapore banks becoming cheaper vs global peers
2. Dividend Sustainability: Higher yields with solid coverage ratios
3. Regional Recovery: ASEAN economic resilience vs US-China headwinds
4. Market Share Gains: Consolidation opportunities in fragmented regional markets

Catalyst Identification:

• Interest rate stability provides NIMM visibility
• Credit quality normalization without significant deterioration
• Regulatory clarity on Basel III implementation
• Regional trade finance recovery

Long-term Investment Thesis (2+ years)

Structural Advantages Preservation:

1. Digital Banking Leadership: Singapore as a fintech hub benefits local banks
2. Wealth Management Growth: Asia’s demographic dividend creates tailwinds
3. ASEAN Integration: Regional economic convergence benefits scale players
4. Regulatory Stability: The MAS framework provides a predictable operating environment

Risk Mitigation Strategies:

• Portfolio approach across all three major banks
• Focus on dividend sustainability over growth
• Monitor credit quality indicators closely
• Maintain geographic diversification within ASEAN exposure

Part VI: Comparative Valuation Analysis

Current Market Metrics (as of Q1 2025)

Valuation Multiples:

Bank	P/E Ratio	P/TBV	ROE	Div Yield	CET1 Ratio
DBS	11.5x	1.15x	0.142	0.042	0.152
OCBC	10.8x	1.05x	0.118	0.048	0.141
UOB	10.2x	1.02x	0.124	0.046	0.148
Sector Avg	10.8x	1.07x	0.128	0.045	0.147
US Bank Comparison (Pre-Buffett Sales):
Bank	P/E Ratio	P/TBV	ROE	Div Yield	CET1 Ratio
Bank of America	12.8x	1.6x	0.125	0.028	0.121
JPMorgan	14.2x	1.8x	0.152	0.024	0.132
Wells Fargo	11.5x	1.2x	0.108	0.031	0.128

Key Observations:

• Singapore banks trade at a 30-40% discount to USUSeers on P/TBV
• Higher dividend yields provide better income generation
• Stronger capital ratios offer better downside protection
• ROE profiles are comparable despite lower valuations

Risk-Adjusted Return Analysis

Scenario Analysis:

Base Case (60% probability):

• Modest NIM compression (-10-15 bps annually)
• Credit costs normalize to 25-35 bps
• GDP growth 2-3% supporting loan demand
• Share price returns: 8-12% annually, including dividends

Bear Case (25% probability):

• Significant NIM compression (-20-30 bps)
• Credit costs rise to 50-70 bps
• Regional economic slowdown
• Share price returns to +3% annually

Bull Case (15% probability):

• Interest rate stability supports NIMs
• Credit quality remains benign
• Regional growth acceleration
• Share price returns: 15-20% annually

Expected Return Calculation: Base Case (8-12%) × 0.6 + Bear Case (-5-3%) × 0.25 + Bull Case (15-20%) × 0.15 = 7-10% expected annual returns

Part VII: Strategic Recommendations

For Institutional Investors

Portfolio Positioning:

1. Underweight to Neutral: Reduce from overweight positions but maintain exposure
2. Quality Focus: EEEmphasise banks with the most substantial capital and earnings quality
3. Diversification: Spread exposure across all three major banks
4. Timing Strategy: Consider accumulating on sentiment-driven weakness

Risk Management:

• Monitor credit quality metrics monthly
• Track NIM trends and deposit cost pressures
• Assess regulatory changes
• Maintain hedging for interest rate exposure

For Retail Investors

Investment Approaches:

Income-Focused Strategy:

• Target banks with the highest sustainable dividend yields
• Focus on OCBC and UOB for stability
• Consider dividend reinvestment programs
• Expect 4-6% annual income generation

Growth-Oriented Strategy:

• Emphasize DBS for digital transformation upside
• Accept higher volatility for potential outperformance
• Monitor regional expansion progress
• Target 10-15% total returns in favourable environments

Balanced Approach:

• Equal weighting across DBS, OCOCBCand UOB
• Quarterly rebalancing to maintain allocation
• Focus on total return, including dividends
• Expect 7-12% annual returns over a complete cycle

Timing Considerations

Entry Points:

• Immediate: If seeking income and comfortable with volatility
• Tactical: Wait for a 10-15% sentiment-driven decline
• Strategic: Dollar-cost average over 6-12 months

Exit Signals:

• P/TBV ratios exceeding 1.4-1.5x
• ROE declining below 10% for extended periods
• Dividend cuts or suspension
• Major regulatory adverse changes

Conclusion: The Singapore Banking Opportunity

Warren Buffett’s banking sector exit, while creating near-term headwinds for Singapore banks, may paradoxically present one of the most compelling value opportunities in the regional market. Singapore’s banking system’s fundamental strengths—s fundamental strengths—regulatory stability, market structure advantages, and reasonable valuationsremain intact, while sentiment-driven selling creates attractive entry points.

Key Investment Thesis:

1. Valuation Dislocation: Singapore banks trading at discounts despite superior risk profiles
2. Income Generation: 4-6% dividend yields with solid coverage ratios
3. Regional Growth: ASEAN economic resilience provides long-term tailwinds
4. Market Structure: Oligopolistic advantages create sustainable competitive moats

Critical Success Factors:

• Patient capital allocation during volatile periods
• Focus on dividend sustainability over growth maximization
• Recognition that sentiment recovery may take 12-24 months
• Understanding that Buffett’s concerns are US-specific, not universal banking issues

The opportunity lies not in timing the bottom perfectly, but in recognizing that high-quality regional banks trading at reasonable valuations while generating attractive dividend income represent compelling risk-adjusted investments for patient capital. Singapore banks may well outperform their global peers over the next investment cycle, benefiting from both relative valuation advantages and regional growth dynamics that distinguish them from the USUSanking challenges that drove Buffett’s strategic retreat.

The Shadow Investor

Chapter 1: The Disciple

Lim Wei Ming had always been precise about timing. At 6:47 AM Singapore time, he sat in his study overlooking Marina Bay, coffee growing cold as his fingers hovered over the keyboard. The ritual was sacred: Berkshire Hathaway’s 13F filing would be released any moment, and Wei Ming would be among the first to dissect every position change, every buy and sell that emerged from the Oracle of Omaha’s latest moves.

“Buffett’s my North Star,” he often told his wife, Mei Ling, who had long since stopped rolling her eyes at his obsession. “You don’t question the compass when it’s pointing toward wealth.”

For fifteen years, Wei Ming had shadowed Warren Buffett’s every investment decision. What Berkshire bought, Wei Ming bought. What Berkshire sold, Wei Ming sold. His $2.3 million portfolio was a faithful replica of Buffett’s, scaled down to Singapore proportions but identical in every percentage allocation.

The strategy had worked brilliantly. While his friends at Raffles Place debated technical analysis and chased momentum stocks, Wei Ming had quietly compounded his wealth at 12% annually. His DBS trading account showed a track record that would make most fund managers weep with envy.

But today’s filing would test his faith like never before.

Chapter 2: The Shock

“Alamak,” Wei Ming whispered, his Hokkien slipping out as it always did in moments of stress. The numbers on his screen seemed impossible.

Bank of America: SOLD – 369 million shares Citigroup: SOLD – Complete exit Nu Holdings: SOLD – Complete exit

His hands trembled slightly as he refreshed the page, hoping for an error. But there it was, stark and undeniable. Warren Buffett, the man who’d famously said “Our favourite holding period is forever,” had just dumped $4.7 billion worth of banking stocks.

Wei Ming’s portfolio consisted of 35% financial stocks, mirroring Berkshire’s allocation from the previous quarter. These included DBS, OCBC, and UOB, plus his international holdings in Bank of America and the others. His most prominent positions were about to get crushed.

“Wei Ming?” Mei Ling’s voice called from the kitchen. “Everything okay? You’re usually chattering about Buffett’s moves by now.”

He couldn’t answer. The pre-market futures were already bleeding red.

Chapter 3: The Crisis of Faith

By 9:30 AM Singapore time, the damage was apparent. Banking stocks across Asia were in freefall. DBS had gapped down 8%, OCBC was off 6%, and UOB had fallen 7%. His international positions were even worse – Bank of America was down 12% in after-hours trading.

Wei Ming watched $320,000 of his net worth evaporate in the first hour of trading.

His phone buzzed incessantly, and WhatsApp groups were filled with panicked messages from fellow investors. His brother-in-law Jeremy, who’d always mocked Wei Ming’s “copycat strategy,” sent a particularly stinging message: “Your idol abandoned ship. Time to think for yourself?”

But Wei Ming had never thought for himself. Not about investing, anyway. For fifteen years, Warren Buffett had been his financial conscience, his investment GPS. Every major decision had been filtered through one question: “What would Buffett do?”

Now Buffett had done the unthinkable. He’d sold.

Chapter 4: The Singapore Exception

That evening, Wei Ming sat in his study, surrounded by printed reports and laptop screens displaying financial data. For the first time in years, he was doing his own research.

“Maybe,” he muttered to himself, “just maybe, Buffett is wrong about this one.”

The more he dug into Singapore’s banking sector, the more convinced he became. DBS’s digital transformation was years ahead of American banks. OCBC’s risk management has navigated every crisis since 1997 without significant losses. UOB’s ASEAN strategy positioned it perfectly for regional growth.

The Singapore banks weren’t just cheaper than their American counterparts—they were fundamentally different beasts. They were regulated by MAS instead of a patchwork of American agencies. They were protected by oligopolistic market structures that Buffett himself would admire. They generated higher dividend yields with stronger capital ratios.

“Wei Ming,” Mei Ling appeared in the doorway with a fresh cup of kopi. “You’ve been in here for six hours. What are you thinking?”

He looked up at his wife of twenty-two years, the woman who’d supported his Buffett obsession through bull markets and bear markets, through the dot-com crash and the 2008 financial crisis.

“I’m thinking,” he said slowly, “that maybe the student needs to disagree with the teacher.”

Chapter 5: The Contrarian Play

The next morning, Wei Ming did something he’d never done before. He bought stocks that Warren Buffett was selling.

Not just held – bought. Aggressively.

As DBS continued to slide, Wei Ming doubled his position. When OCBC hit levels not seen since 2020, he backed up the truck. UOB’s dividend yield had risen to 5.2% – irresistible for a man who understood the power of compound interest.

His trading platform showed a flurry of activity that would have seemed impossible just days earlier. For the first time in fifteen years, Wei Ming’s portfolio was diverging from Berkshire Hathaway’s.

“Sir,” his relationship manager at DBS called that afternoon, “I have to ask – are you sure about these purchases? The market sentiment on banks is quite negative right now.”

Wei Ming smiled. “Sometimes the best opportunities come when everyone else is running for the exits.”

He’d learned that from Warren Buffett.

Chapter 6: The Long Game

Six months later, Wei Ming sat in the same study, but the view had changed. Marina Bay still stretched out before him, but his perspective on investing had fundamentally shifted.

DBS had recovered all its losses and added another 15%. OCBC was hitting new highs as its wealth management division benefited from family office inflows. UOB’s ASEAN strategy was paying dividends – literally – as regional economies rebounded faster than expected.

Meanwhile, Bank of America continued to struggle with the same issues that had driven Buffett away. Rising funding costs, credit quality concerns, and regulatory headwinds that didn’t exist in Singapore’s more stable financial environment.

Wei Ming’s portfolio had not only recovered the initial losses but was now outperforming Berkshire Hathaway for the first time in fifteen years.

“I got a call from Jeremy today,” Mei Ling mentioned over dinner. “He wants to know what you’re buying now.”

Wei Ming chuckled. “Tell him I’m still following Warren Buffett. Just not blindly anymore.”

Chapter 7: The New Philosophy

The transformation wasn’t just financial – it was philosophical. Wei Ming had learned to separate Buffett’s timeless principles from his specific stock picks. The Oracle’s wisdom about competitive moats, management quality, and long-term thinking still guided every decision. But the application was now filtered through Wei Ming’s own analysis, his own understanding of regional dynamics that a Nebraska-based investor might miss.

He’d started a small investment club, sharing his insights with other Singapore investors who’d grown tired of simply following American stock picks. The group met monthly at a coffee shop near Raffles Place, discussing companies like Sea Limited, Grab, and the local REITs that never appeared in Berkshire’s portfolio but offered compelling opportunities for those who understood the Southeast Asian market.

“The funny thing,” Wei Ming told the group one evening, “is that I’m more of a Buffett disciple now than when I was copying him exactly. I’ve learned to think like him rather than just trade like him.”

The distinction had made all the difference.

Chapter 8: The Student Becomes the Teacher

Two years after the banking crisis that had shaken his faith, Wei Ming found himself in an unexpected position. Local financial media had started calling him “Singapore’s Buffett” – a title that both honoured and amused him.

His investment newsletter, “The Lion City Value Investor,” had grown to 15,000 subscribers. His stock picks were being discussed in coffee shops and copied by retail investors across Singapore. The irony wasn’t lost on him – he’d become what Buffett had once been to him.

But Wei Ming was careful never to claim infallibility. At every investment club meeting, every newsletter, every interview, he emphasized the same message: “Think for yourself. Use principles as your guide, not people as your crutch.”

His DBS position, now worth three times what he’d paid during the crisis, served as a daily reminder of the lesson he’d learned. Sometimes the best investment decisions come not from following the crowd – even when that crowd is led by Warren Buffett – but from understanding when local knowledge trumps distant wisdom.

Epilogue: The Compass Points Home

Five years later, Wei Ming still read every Berkshire Hathaway quarterly report. He still admired Warren Buffett’s discipline, his long-term thinking, and his ability to see through market noise to underlying value. But he no longer needed Buffett to validate his decisions.

Standing on his balcony, watching the morning light reflect off Marina Bay’s skyline, Wei Ming reflected on the journey that had transformed him from a follower into an independent thinker. His portfolio had grown to $4.8 million, nearly doubling since the day he’d first disagreed with his investing idol.

Mei Ling joined him with two cups of coffee, the morning ritual that had remained constant through all the changes.

“Any regrets?” she asked, knowing the answer but enjoying the conversation that would follow.

Wei Ming smiled, watching a cargo ship navigate toward Singapore’s port – a symbol of the global trade that made his local investments so valuable.

“Only one,” he said. “I wish I’d learned to think for myself sooner.”

In his study, the Berkshire Hathaway annual reports still occupied a place of honour on his bookshelf. But now they shared space with research reports on Singapore REITs, ASEAN growth prospects, and his own handwritten notes on companies that Warren Buffett had never heard of but that made perfect sense for a Singapore-based investor.

The student had finally graduated. And in doing so, he’d become the teacher he’d always needed.

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Author’s Note: This story explores the universal investor’s dilemma – when to follow conventional wisdom and when to trust your own analysis. While Wei Ming’s specific situation is fictional, his journey from blind following to independent thinking reflects the evolution every successful investor must make. Sometimes the best teachers are those who force us to think for ourselves.

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