Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.

It is reported that this AI programmer possesses multiple skills for various positions such as architect, developer, tester, etc., and can independently complete the entire process of task decomposition, code writing, testing, issue resolution, and code submission in one-stop shop, which can quickly complete application development in minutes, greatly improving R&D efficiency.

In recent times, breakthroughs in AI applications have been constantly made, accelerating the pace of global developer research and development. Industry insiders told reporters that with the gradual improvement of large model performance, AI application innovation is entering a period of intensive exploration, fearing that the same type of application will be preempted and released by industry competitors.

Application development can be completed in minutes.

From 'Cowboy' to the dairy industry giant, Niugen Sheng entered the cowshed at the age of 20 and worked at a cattle farm. Five years later, he entered Yili and started as a bottle washer. He was later promoted to workshop director. Starting in 1992, he served as the vice president of operation at Yili. In 1999, he left and created Mengniu.$BABA-SW (09988.HK)$/$Alibaba (BABA.US)$According to cloud news, the AI programmer released this time is a multi-intelligent agent built based on the universal large model, and each intelligent agent is responsible for specific software development tasks and collaborates with each other, which can achieve the R&D of a product function end-to-end, greatly simplifying the software development process.

For example, in the coding intelligent agent, the AI programmer pioneered a knowledge graph structure of a code repository, which can not only understand user requirements but also precisely locate the modified position of the code and automatically provide modification proposals.

At the conference, Alibaba Cloud demonstrated in the form of dialogue that AI programmers can independently complete an Olympic event schedule application in just 10 minutes from requirement gathering to page launch. If developed using traditional methods, programmers need to complete web development, Python file processing procedures, operation, debugging, modification of code, etc., which takes at least half a day to complete.

From "assisted driving" to "autonomous driving"

Earlier, Alibaba Cloud launched AI programming assistant Tongyi Lingmao in November last year. Currently, Tongyi Lingmao assists developers in generating code more than 30 million times a day.

Industry insiders pointed out that with the advent of AI programmers, software development is gradually entering the "autonomous driving" stage from "assisted driving."

"The development paradigm of software applications is changing, and minutes to complete an application development will become the norm in the future when users only need to define problems and propose requirements." said Xu Dong, general manager of Alibaba Cloud Tongyi Da Model Business, adding that with the joint support of AI programming assistants and AI programmers, each human programmer will become a super individual.

Looking globally, in the first quarter of this year, the startup company Cognition AI announced that an AI programmer named Devin was created by the company, and the world's first fully autonomous AI software engineer was born.

It is worth noting that with the gradual improvement of large model performance, the cost of inference is still a key factor restricting the large-scale application of large models.

On May 21st of this year, Alibaba Cloud announced that the API input price of Tongyi Qianwen GPT-4 main model was reduced from 0.02 yuan / thousand tokens to 0.0005 yuan / thousand tokens, a 97% reduction. It is understood that this model supports up to 10 million tokens long text input at its highest level, making it around 1/400 of the GPT-4.

At that time, Liu Wei Guang, senior vice president of Alibaba Cloud Intelligent Group and president of Public Cloud Business Unit, said that Alibaba Cloud has greatly reduced the inference price of large models to accelerate the outbreak of AI applications, and "we expect that the call volume of large model APIs in the future will increase by thousands of times."

Editor/tolk