Sou Hu Cai Jing·2025-11-19 03:16Core Insights - The article highlights the investment philosophy and core strategies of Baillie Gifford, emphasizing its long-term growth focus and successful investments in major companies like Amazon, Tesla, and Nvidia [1][18]. Group 1: Investment Philosophy - Baillie Gifford's investment philosophy is rooted in long-termism, focusing on growth and understanding changes in the market rather than short-term fluctuations [8][11]. - The firm believes that a company's competitive advantages take at least five years to manifest, and thus, long-term investment maximizes returns through compounding effects [11][12]. - Baillie Gifford operates without external shareholder pressure, allowing it to maintain a consistent long-term investment approach [11][12]. Group 2: Investment Strategy - The firm categorizes growth companies into three types: transformative growth companies, vibrant growth companies, and sustainable growth companies, each with distinct characteristics and investment potential [13][14]. - Baillie Gifford emphasizes qualitative assessments over quantitative evaluations, focusing on the pathways to increased value rather than precise calculations of intrinsic value [15]. - The firm has a global investment perspective, leveraging opportunities across various regions, including emerging markets like China and Southeast Asia [16][18]. Group 3: Historical Context and Achievements - Founded in 1908, Baillie Gifford has navigated significant historical events and has established itself as a leading investment firm in the new economy era [1]. - The firm's long-term global growth strategy has outperformed notable competitors, including Berkshire Hathaway, over the past two decades [18].