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 - The article discusses James Anderson's investment philosophy, emphasizing the importance of understanding change and the execution of visionary leadership in the financial markets [2][3][4]. Group 1: Understanding Change - Anderson believes that the biggest misconception in financial markets is the assumption that the world will automatically return to equilibrium, while true long-term returns are often driven by significant deviations from equilibrium [3]. - He highlights the importance of identifying who can execute a blueprint for embracing change, acknowledging that failure is a frequent occurrence in this process [4]. Group 2: Investment Philosophy - Anderson's stock-picking philosophy focuses on seeking "unique exceptions" rather than just "better averages," emphasizing the need for structural variables that can be validated over the long term [6]. - He draws a comparison between great companies, which are unique, and mediocre companies, which tend to be similar [5]. Group 3: Industry Insights - The conversation touches on the challenges faced by the fund management industry, which Anderson believes has become increasingly introspective and focused on relative performance rather than supporting transformative companies [18][19]. - He points out that over the past few decades, companies in the UK and the US have returned more money to shareholders than they have raised through public markets, indicating a shift away from innovation and growth [19][20]. Group 4: Long-term Vision - Anderson stresses the need for a long-term perspective in building companies, which often requires time horizons that extend beyond quarterly results [22]. - He criticizes the trend of stock buybacks and excessive dividends, arguing that these practices detract from necessary investments in innovation and long-term growth [20][24].