CHUNG HA MINI FAN MEETING [Beat of My HAART] 🗓️ DATE : 2025.06.07 (Sat) 4:00PM (KST) 📍VENUE : 여의도 CGV, 3관 🎫 TICKET OPEN : 2025.05.22 (Thur) 5:00PM (KST) #CHUNGHA# #청하# #Beat_of_My_HAART# #청하미니팬미팅# #CGV# #MOREVISION# #모어비전#

CHUNG HA EP [Alivio] OUT NOW Listen & download [Alivio] on your favorite platform! 🎧 #CHUNGHA# #청하# #Creepin# #Salty# #Loyal# #STRESS# #Beat_of_My_Heart# #Even_Steven# #Thanks_for_the_Memories# #Still_a_Rose# #MOREVISION# #모어비전#

CHUNG HA 청하 I EP Album [Alivio] Highlight Medley 🎬 📀 Release February 12, 2025 6PM KST #CHUNGHA# #청하# #Creepin# #Salty# #Loyal# #STRESS# #Beat_of_My_Heart# #Even_Steven# #Thanks_for_the_Memories# #Still_a_Rose# #MOREVISION# #모어비전#

CHUNG HA 청하 I EP Album [Alivio] Tracklist 📀 Release February 12, 2025 6PM KST #CHUNGHA# #청하# #Creepin# #Salty# #Loyal# #STRESS# #Beat_of_My_Heart# #Even_Steven# #Thanks_for_the_Memories# #Still_a_Rose# #MOREVISION# #모어비전#

Here's the #1# thing most people don't know about Warren Buffett: There is nothing special about Buffett’s stock picking. That doesn’t mean that Buffett wasn’t a great investor. He was! Buffett was, by far, the greatest investor in history, by a huge margin. Over 486 months between October 1976 and March 2017 –— 41 years –— Berkshire Hathaway’s Class A stock earned an average excess return of 18.6% per year above U.S. Tbills. Annualized volatility was 23.5%. Sharpe ratio: 0.79. Berkshire’s Sharpe ratio of (0.79) is roughly 1.6x times the broad U.S. stock market’s Sharpe ratio of 0.49 over the same period. Among all large-cap U.S. stocks and mutual funds with 30-plus-year continuous track records, those are unmatched numbers. A dollar invested in Berkshire on October 31, 1976, was worth more than $3,685 by March 31, 2017. A dollar invested in the S&P 500 with dividends reinvested over the same period was worth approximately $76. Buffett beat a passive index by a multiple of 48. But he didn’t do it with stock picking! Three researchers at AQR Capital Management –— Andrea Frazzini, David Kabiller, and Lasse Heje Pedersen –— dissected Berkshire’s 50 years of investments through 2013. They expanded and republished their findings in 2018 in the Financial Analysts Journal, which is the most highly respected industry financial journal. Their work won the Graham and Dodd Award for the best published paper of the year. The paper is called Buffett’s Alpha. They found, after accounting for cheap leverage (from the insurance float) and exposure to a handful of publicly documented factor premiums, Buffett’s investment skill –— the portion of his returns that cannot be explained by any mechanical strategy –— is 0.3% per year. That's statistically indistinguishable from zero. In other words, the alpha that Berkshire enjoyed for 50 years (as it compounded capital at 24% a year!) wasn’t due to Buffett’s stock picking. So, how did he do it? He did it by gaining access to a huge amount of investment capital that he did not own, for free. Buffett’s track record was built on leverage. That’s a dirty word for most investors, but it's the secret behind Berkshire. The AQR researchers had access to something most Buffett commentators do not: 40 years of Berkshire’s audited financial statements and the full quarterly history of the public 13F stock portfolio. The researchers asked a specific question: If I take Berkshire’s monthly stock returns from October 1976 through March 2017, and I run a linear regression against a set of well-documented risk factors –— market beta, size, value, momentum, and two newer factors called Betting-Against-Beta and Quality-Minus-Junk (detailed below) –— how much of Buffett’s performance can the factors explain? And after the factors have been stripped out, how much excess return remains? The data show clearly there are a few qualities that drove Berkshire’s results. First, Buffett has always preferred large-cap stocks, contrary to the popular image of him as a small-cap value investor. He buys elephants. Second, no surprise, Buffett buys cheap. Berkshire is almost six standard deviations away from neutral on the value axis. So far the picture is ordinary. Every large- cap value manager in America loads positively on size and on value. Buffett’s genius lies in the last two factors. These last two factors are a little complicated, but please stick with me. There’s a new factor, that, like value and size, characterizes Buffett’s strategy. It’s called Betting-Against-Beta (“BAB”). What it means is intentionally investing in stocks with very low volatility. The BAB factor captures the excess return that accrues to investors who own low-beta stocks. Low-beta stocks have historically earned higher risk-adjusted returns than high-beta stocks. Financial theory teaches that higher beta (higher risk) should mean higher return. But it doesn’t. The opposite occurs, in fact. And Buffett was one of the very first people to figure this out. Why does this factor persist? In an efficient market, once that factor is known to investors, then they should bid the price up on low- beta stocks until it no longer provides an edge. The explanation, per the theory of AQR’s Frazzini and Pedersen’s theory, is that because ordinary investors do not use leverage and seek high returns, they create persistent excess demand for more volatile stocks. (Having worked with retail investors for 30 years, I can assure you that is true.) But, an investor with access to cheap leverage –— Warren Buffett, for instance –— can exploit the mispricing by owning the low-beta names and levering them up to produce market-beating returns. And the last factor that matters to Buffett is quality. Buffett buys companies with high returns on invested capital. Quality-Minus-Junk (“QMJ”) is a factor described by Cliff Asness, also at AQR with Frazzini, and Pedersen, in a 2019 paper in Review of Accounting Studies. The QMJ factor captures the return to owning stocks of high-quality companies –— profitable, growing, safe, with high payout ratios –— against stocks lacking those characteristics. QMJ has been positive and statistically significant in every major developed equity market for which it has been measured. Berkshire’s loading is 0.37, with a t-statistic of 4.6. –– meaning it is highly significant to Berkshire’s results. In plain English: Buffett only buys large, high- quality, low-volatility stocks of the highest quality. But, Berkshire’s results were not, in any way, unusual. Any investor buying these same kinds of stocks would have earned those same returns –– about 16% a year over time. So how did Berkshire compound at 23% a year? To figure that out, AQR’s researchers built a Berkshire replica. They constructed a simple, rules-based, publicly investable portfolio that mechanically tilts toward large-cap, cheap, low-beta, high-quality stocks, and levers it 1.6- to- 1 to match Berkshire’s insurance float leverage. The correlation between their replica’s returns and Berkshire’s were virtually identical. The authors’ conclusion is unambiguous. “In summary, we find that Buffett has developed a unique access to leverage that he has invested in safe, high-quality, cheap stocks and that these key characteristics can largely explain his impressive performance.” Berkshire’s cost of insurance float has averaged almost three percentage points below the Treasury bill rate across 50fifty years of data. In roughly two-thirds of all years, Berkshire has been paid to hold other people’s money. That is not an investment strategy. That is a financing miracle. It is also the living, breathing heart of Berkshire Hathaway. It’s what Buffett built, starting in 1967 when he paid $8.6 million for National Indemnity’s $19.4 million of float. And it is the factor every retail investor admiring Berkshire’s returns has never paid any attention to. The 1.6-to-1 leverage that AQR measured over the full period, financed at this negative cost, explains the dollar magnitude of Berkshire’s returns. How do we know? An unleveraged version of the same stock portfolio –— which you can approximate by looking at the 13F holdings alone –— has earned an average excess return of 12% percent per year. It’s Berkshire’s leverage that magnifies this excess return to 18.6 %percent. How does this square with Berkshire’s reported gains? Berkshire’s 18.6% excess return, plus the T-bill rate that averaged roughly 4.7% over 1976–2017, gives you a total nominal return of roughly 23% per year, which is the figure you usually see quoted for Berkshire’s historical performance. The 23% tells you what Berkshire returned. The 18.6% tells you how much of that return was compensation for taking investment risk, as opposed to the baseline yield every lender to the U.S. government was earning anyway. With both of Berkshire’s “edges” –— systematic factor exposures to cheap, high-quality, low-volatility stocks and roughly 1.6-to-1 leverage delivered with insurance float –— you get Berkshire Hathaway’s 23% annual gains over 60 years. It’s the structure that’s genius, not the stock picking. And that's very important because it means the original Berkshire formula can work for any investor. I show you exactly how, in my new book.

garden and field moth-trapping pretty slow at present. But Magpie Moth here in Worcester took me back to childhood when a friend and I used to beat insects out of hawthorns near my house in Northwick and Magpie was one of the regulars we saw. Don't think it's that common now.

I’ll beat you to death, come on 💥 I really love this aggressive beauty Kaine, maybe it’s my favorite type of characters?🧐 and what about you? what’s your fav type of characters? 👀 #kaine# #nier# #kainecosplay# #niercosplay# #nierReplicant# #NierReplicantCosplay#

I am the Senior Vice President of Workforce Architecture at Cloudflare and I need to tell you about the best decision this company has ever made. We posted $639.8 million in quarterly revenue. 34% year-over-year growth. Record net retention. The strongest quarter since IPO. And then we fired 1,100 people. Not because of the quarter. During the quarter. I need you to understand the sequence because the sequence is the whole point. My team built the model that made this possible. We call it CIRRUS: "Capacity-Indexed Reduction and Reallocation for Upside Scaling". CIRRUS took our revenue trajectory, our margin targets, and our board's stated appetite for what they called "structural boldness," and it determined that the optimal time to execute a 20% headcount reduction is at the exact moment of peak financial performance. Not during a downturn. Not during a miss. During a beat. The logic is simple. When revenue is surging, the market reads a cost reduction as discipline. When revenue is falling, the market reads the same reduction as panic. Same action. Same 1,100 people. Completely different stock reaction. CIRRUS identified a seven-day window where the earnings momentum and the layoff announcement would compound rather than cancel. I found the math beautiful. I still do. We deactivated 1,100 badges between 9:00 and 9:04 AM Pacific on a Monday. People Analytics determined this was the four-minute window of lowest Slack activity. We called it a "clean cutover." Someone in Infrastructure suggested "zero-downtime deprecation" but Legal thought it sounded too much like a product feature. I thought it sounded exactly like a product feature, which is why I liked it. But I deferred to Legal. I always defer to Legal. That is one of the things that makes me good at this job. The people we cut were not underperformers. I want to be very clear about that because clarity is a Cloudflare value. Sixty-two percent had received exceeds-expectations in their most recent review cycle. Fourteen had been promoted in Q3. One engineer in our Austin office — I'll call him Marcus, though that is not his name and the reason I'm not using his name is not that I've forgotten it — had shipped the caching optimization that directly contributed to $14 million in new enterprise contracts. His manager nominated him for the Raygun Award, which is our internal recognition for outsized impact, six days before I added him to the CIRRUS list. He won the award on Wednesday. His access was revoked the following Monday. The ceremony and the termination were planned by different teams in the same building and neither team knew about the other. I don't think this is ironic. I think this is how large organizations work. The left hand builds. The right hand optimizes. Both hands are attached to the same body and the body is performing well. We let Marcus keep the trophy. It's a small acrylic prism etched with a lightning bolt. It costs us about eleven dollars. His annual cost-to-company was $312,000. CIRRUS selected the 1,100 based on three variables. I'm going to share them because I believe in the methodology. First: salary band. Employees in bands 6 through 8 offered the highest savings-to-replacement-risk ratio. Second: visa dependency. Employees on sponsored visas have a 60-day window to find new employment or begin departure proceedings. This creates what CIRRUS categorizes as "low-friction separation" — the compliance timeline is externally enforced, which reduces our administrative burden. I presented this variable to HR and they requested I rename it from "visa dependency" to "mobility factor" in all future documentation. I agreed. The math didn't change. Third: managerial tenure. Employees whose direct manager had been at the company less than eighteen months were 73% less likely to generate a negative Glassdoor review, because the manager-employee bond hadn't fully formed. CIRRUS weighted this at 15% of the selection score. We call it the "attachment coefficient." We told the market the layoffs were an AI workforce pivot. We said artificial intelligence was making certain roles redundant. We said we were reallocating resources toward our AI gateway products. This was a communications strategy. Not a workforce strategy. The AI framing was my team's recommendation and I'm proud of it because it worked. Two analysts upgraded us the same week. The stock moved 8% in five sessions. The entire AI narrative was four paragraphs in a press release that took my comms partner and me an afternoon to write. Four paragraphs. 1,100 people. 8%. I don't know what the per-paragraph return on that is but I think about it sometimes. The actual AI initiative employs thirty-seven people. We cut 1,100 to fund 37. The ratio is not in any of our public materials. There is a Slack channel called #bright-futures# that our Head of People Experience created for the remaining employees. It posts an automated message every morning at 8:45 AM: "You are the ones we chose to keep." The message includes a rotating motivational quote. Last Tuesday it was a Winston Churchill quote about perseverance. The channel has a custom emoji called :survivor: that the Culture team designed. It's a small cartoon phoenix. Nine hundred people have used it unironically. I find this genuinely moving. I think it shows resilience. My wife says it shows something else but she works in education and I think the frameworks are different. The severance was calculated using a model we licensed from the same consulting firm that built our customer pricing tiers. Median payout: eleven weeks. We benchmarked against industry and landed at the 50th percentile exactly, which our CHRO described as "fair by design." The 1,100 will burn through their severance while our stock price digests a 20% cost reduction applied to a revenue base that was already growing 34%. By the time the last check clears, the savings will have funded the first full quarter of the AI initiative. The one with thirty-seven people. My performance review is next month. I've been told informally that I'm on the COO track. The criteria include "demonstrated ability to execute at scale with minimal organizational disruption." The 1,100 people are the execution. The stock price is the scale. The four-minute badge window is the minimal disruption. I meet all three criteria. I designed all three criteria. Not the review criteria. The outcomes. I keep the CIRRUS model on my laptop in a folder called "Workforce Planning FY26." It sits next to a subfolder called "Offsite Photos — Maui" from the leadership retreat we took in January, where we set the annual targets that the 1,100 people spent four months hitting before we terminated them for hitting them. Marcus's desk in Austin has been reassigned. I don't know to whom. The acrylic prism is probably in a box somewhere. Or maybe whoever cleaned out the desk kept it. It catches the light nicely. I noticed that once, when I visited the Austin office to present the CIRRUS methodology to the regional leadership team. They gave me a standing ovation. The prism was on a desk near the back of the room, refracting a small rainbow onto the wall behind me. I didn't mention it. I stayed on my slides. I'm proud of the work we've done here. I think when people look back at this quarter, they'll see it as the moment Cloudflare became a different kind of company. I think they'll be right. I think the 1,100 people would agree, if you explained the math to them carefully enough.

MORE THAN A SPARK: AJAY MITCHELL ANSWERS THE CALL AGAIN Deep Playoff runs and deep rotations often go hand in hand, and much of OKC’s 8-0 start has been defined by its depth. From Chet Holmgren’s Game 1 takeover to beat the Lakers to Jared McCain’s hot hand, the Thunder have gotten contributions from every corner of the roster. But one name keeps surfacing: Ajay Mitchell. The Opportunity: With Jalen Williams sidelined to start the season, Mitchell got his shot in OKC’s primary rotation and took advantage, earning 16 starts and more than doubling his ppg from his rookie year (6.5 → 13.6). The Elevation: The Year 2 guard has taken another leap in the Playoffs, averaging 18.8 points, 5 dimes and 1.4 steals while helping fill the void left by Williams (2 GP, hamstring). The Shine: Against Los Angeles, Mitchell’s breakout kept building, scoring 20 in Game 2, a Playoff career-high 24 in Game 3, then topping it with 28 last night to send OKC back to the West Finals. “It’s been amazing,” said SGA of Mitchell’s play. “You could say he’s been the best player this series. With Dub being out, we rely on him so much on the ball. He’s just answered the call.” Now, the 23-year-old lefty – who has played through tragedy this season – has gone from spark plug to series-shaper, ranking 2nd on OKC in total points and assists this postseason, behind only SGA. Like Shai, Mitchell has embodied the Thunder’s two-way identity. He helped keep Austin Reaves in check while ranking 3rd on the team in steals this postseason, including four last night. “Taking pride in [defense],” said Mitchell on the key to his breakout. “That’s been my goal the whole year, and I think that’s most important for our team.” Now, that team has another young difference-maker, adding yet another layer to the depth fueling their title defense. “Everything about Ajay,” said SGA. “His mental, his skillset, his work ethic, it’s all coming together before the world’s eyes.”

An Illegal Alien Criminal from Haiti, who was released into our Country by the WORST President in History, Crooked Joe Biden, and the Radical Democrats in Congress, just beat an innocent woman to death with a hammer at a gas station in Florida. The video of her brutal slaying is one of the most vicious things you will ever see. This animal was allowed to stay here because the Biden Administration granted him, and all Haitians, “Temporary Protective Status,” a massively abused and fraudulent program which my Administration is working to terminate, but Deranged Liberal District Court Judges are standing in our way. This one killing should be enough for these Radical Judges to STOP impeding my Administration’s Immigration Policies, and allow us to END THIS SCAM ONCE AND FOR ALL. To my fellow Republicans, and frankly all Common Sense Americans, NEVER FORGET that Joe Biden and the Democrat Party turned the United States of America into a dumping ground, allowing Tens of MILLIONS of Criminals, Lunatics, and the Mentally Insane from all over the World to pour into our Country, totally unvetted and unchecked through our wide Open Borders. As I’ve said all along, if you import the Third World, you become the Third World, and that is what happened over the four years of Democrat Control. We are rapidly trying to reverse this decline through Deportations, but if the Democrats are ever given another chance at power, they will immediately REOPEN the Border, and allow America to once again be a Safe Haven for Criminals. Please say a prayer for this innocent woman’s family. We will ensure quick and severe JUSTICE is served in this case! I don’t recommend you watch this tape, because it is so terrible, but felt I had an obligation to put it up so that people can see what Democrats are protecting, and wanting to come into our Country, even now, after all we’ve been through. Again, viewer discretion advised — Not for children! President DONALD J. TRUMP (TS: 09 Apr 19:49 ET)