On January 1st, a transfer of power took place at the world's most renowned investment firm. The new CEO took over decision-making authority that had been held by the predecessor for years, and in his first retirement interview, the predecessor openly stated: "The probability that this company will still be operating a hundred years from now is very high."

For many investors who believe in "long-termism," this is undoubtedly a significant commitment. But what is more intriguing is the statement behind the power transfer — the new leadership will have the final decision-making authority, and the company will no longer be synonymous with any one individual. The predecessor even expressed full trust: tasks that the new leader can accomplish in a week might take him a month; if it’s about selecting someone to manage huge funds, he would rather entrust it to the new leader than choose other top investment advisors or managers.

This open and straightforward endorsement of trust essentially sends a signal: the transfer of power is not a transition period but a complete handover. However, the market's immediate reaction did not follow suit. On the first trading day after the transfer, the company's Class A shares fell about 1.41%, while the broader market index rose approximately 0.19%, creating an interesting contrast. Whether management updates can truly stabilize market sentiment remains to be seen, and the subsequent trend will provide the answer.