真正的投资者以10年为单位思考：如何成为像百年资管巨头柏基一样的耐心资本？

Core Insights - The article highlights the investment philosophy and core strategies of Baoki Investment, known as a "global super growth stock catcher," which has successfully invested in major tech giants like Tesla, Nvidia, Google, Amazon, and others, outperforming the S&P 500 and Berkshire Hathaway over the long term [1][16]. Investment Philosophy - Baoki Investment emphasizes patience, encapsulated in its motto that true investors think in terms of decades rather than quarters [3][5]. - The concept of "patient capital" is defined as investments that allow companies to respond to short-term financial interests without sacrificing long-term returns [4]. Long-term Strategy - Baoki views itself as a long-term owner of businesses, advocating for patience during setbacks and during periods of success, as superstar companies can appreciate significantly over time [5][6]. - The firm typically holds investments for 5 to 10 years or longer, focusing on long-term growth strategies [6]. Market Dynamics - The prevalence of short-termism in global markets, with average stock holding periods under six months, presents an opportunity for patient capital to outperform [5]. - Baoki's approach involves building a long-term research system that includes scientists and scholars to provide insights into long-term industry trends [7]. Technological Trends - Baoki invests heavily in sectors undergoing technological transformations, guided by principles such as Moore's Law, Flatley’s Law, and Wright’s Law, which predict long-term growth in information technology, healthcare, and renewable energy [8][9][10]. Information Overload - The firm recognizes the challenges posed by information overload and short-term market sentiment, advocating for a focus on long-term company development rather than reacting to immediate market fluctuations [11][12]. - Baoki's decision-making process minimizes reliance on short-term information, with a preference for in-depth, long-term analysis [11]. Delayed Gratification - The concept of delayed gratification is central to Baoki's investment strategy, where the firm is willing to endure short-term market disturbances for the sake of long-term returns [13]. - Baoki has implemented a long-term performance evaluation system, moving away from quarterly assessments to encourage sustained investment strategies [13].