2.5万字｜柏基“传奇基金经理”安德森的罕见深访：伟大公司各有各的独特，平庸公司却都差不多

Core Viewpoint - James Anderson emphasizes the importance of understanding change in the financial markets, arguing that true long-term returns are driven by significant deviations from equilibrium rather than minor fluctuations [3][4][24]. Group 1: Investment Philosophy - Anderson advocates for a top-down approach to investing, focusing on identifying companies that can execute blueprints for embracing change [5][24]. - He highlights the rarity of true disruptors in the market, who are willing to treat the future as an open-ended proposition and invest over long time horizons [5][24]. - The philosophy of seeking "unique exceptions" rather than "better averages" is central to Anderson's stock selection strategy [6][24]. Group 2: Market Dynamics - Anderson critiques the prevailing market misconception that it operates as a self-correcting system, suggesting that significant changes in technology and industry structure are what truly reshape the business landscape [4][24]. - He notes that the focus on short-term performance metrics has led to a market that increasingly resembles a "recycling machine" rather than a creator of new companies and innovations [35][36]. - The trend of companies prioritizing stock buybacks and dividends over long-term investments in growth is identified as a critical issue in the current market environment [36][37]. Group 3: Personal Insights and Experiences - Anderson shares his background in history and how it shaped his investment perspective, emphasizing the value of diverse viewpoints and curiosity in understanding market dynamics [26][27]. - He reflects on the evolution of the investment trust model, which he believes offers significant flexibility and the ability to provide professional investment capabilities to individual investors [28][29]. - The conversation touches on the historical context of investment practices, illustrating how past decisions have influenced current market behaviors [12][30].