跑赢纳斯达克的柏基，是如何做成长股投资的？| 螺丝钉带你读书

Core Viewpoint - The article discusses the investment philosophy and strategies of Baillie Gifford, a century-old investment firm based in Edinburgh, Scotland, emphasizing its focus on growth investing and the importance of understanding the stages of a company's lifecycle in investment decisions [3][4][40]. Group 1: Investment Strategies - Baillie Gifford's Long-Term Global Growth Strategy has achieved a return of approximately 13.64 times from 2004 to 2024, outperforming the S&P 500 and NASDAQ 100 indices during the same period [4]. - The article outlines the distinction between value investing and growth investing, linking these styles to the four stages of a company's lifecycle [6][7]. Group 2: Company Lifecycle Stages - The four stages of a company's lifecycle include: 1. Deep Growth Stage: Newly listed companies often experience rapid growth due to significant capital raised during IPOs [9][11][13]. 2. Growth Stage: Companies expand rapidly by increasing market share and investing heavily in talent and production [15][17][18]. 3. Growth-Value Stage: As growth slows, companies focus on cost reduction while maintaining profitability, often seen in leading internet firms [19][21][23]. 4. Deep Value Stage: Companies face low growth, resulting in lower valuations and higher dividend yields [24][25]. Group 3: Investment Mastery - Different investment masters excel in different lifecycle stages, with early-stage investments aligning with growth investing and later stages with value investing [26][30]. - Warren Buffett's investment style evolved from value investing to a focus on growth-value investing, emphasizing the quality of earnings and the concept of "economic moats" [32][34]. Group 4: Growth Investing Challenges - Growth investing is considered more challenging due to the uncertainty of future trends, while value investing offers higher certainty, particularly in established industries [43][44]. - Only a few institutions have consistently performed well in growth investing over the long term, with Baillie Gifford being one of the few that has achieved returns comparable to the NASDAQ index [48][49].