“科技投资大师”詹姆斯·安德森：投资里最难的部分，不是发现那些少数赢家，而是……︱重阳荐文

Core Insights - The article emphasizes the importance of long-term investment strategies, highlighting that true wealth creation is only visible over decades or an entire company's lifecycle [2][29] - James Anderson's investment philosophy focuses on identifying a few great companies and holding them for the long term, which has historically led to significant returns [3][11] Investment Landscape - Since 1990, one-third of the excess returns in the U.S. stock market have come from just 10 companies, illustrating the concentration of market returns [20] - Globally, only 1% of companies have generated all excess returns since 1990, indicating a market driven by a few winners rather than a mean-reverting environment [21][22] Market Dynamics - The article discusses the phenomenon where 57% of U.S. companies have lifetime returns below those of government bonds, suggesting that holding stocks does not guarantee systematic returns [23][24] - The volatility of stocks is not necessarily a risk; rather, it can be seen as an opportunity for long-term investors to capitalize on price corrections [32][35] Investment Philosophy - Anderson argues that the hardest part of investing is not finding winning companies but enduring their inevitable downturns [4][25] - The focus should be on identifying companies that are willing to tackle fundamental problems, rather than chasing short-term performance metrics [60][67] Future Outlook - The article suggests that the investment landscape is becoming increasingly inefficient and short-term oriented, which complicates the ability to generate alpha [38][85] - It advocates for a shift in investment thinking towards supporting companies that address significant global challenges, which may yield superior long-term returns [67][68]