一个世纪前，柏基投资在启蒙运动发源地苏格兰爱丁堡悄然创立，这家坚守成长型企业长期投资的机 构，凭借独特投研体系穿越一战、二战、互联网泡沫、全球金融危机等多轮周期，管理资产规模突破 2 万亿人民币，收益甚至超越巴菲特，成为资管界罕见的百年老店。 全文15135字，干货很多，但也很长。 欢迎下载"小宇宙"APP，找到"重阳Talk"收听音频版。 Part 1 柏基的独特基因：历史、地域与灵魂人物 柏基投资的独特之处 从早期布局亚马逊（ Amazon ）、特斯拉（ Tesla ），到逆势投资腾讯（ Tencent ），柏基精准 捕捉 "爆炸式赢家" 的投资传奇，背后是对技术经济范式变革的深刻洞察，以及不对称回报、收益递 增等理论支撑的成熟方法论。其灵魂人物安德森（ James Anderson ）秉持多元学科思维，将爱丁 堡的思辨精神融入企业文化，用情景假设估值替代传统市盈率指标，在风险与机遇的平衡中走出了一 条 "价值投资 3.0 " 之路。 本期节目，重阳TALK主理人舒泰峰与《柏基投资之道》作者李正、韩圣海两位老师进行了一场精彩对 话，一同拆解这家百年资管机构的成功密码。 舒泰峰 ： 柏基投资的独特性体现在哪 ...

Core Viewpoint - The article emphasizes the importance of continuous learning and adaptation in the investment and venture capital industry, highlighting the recent recovery in the market and the need to identify hidden opportunities amidst uncertainty [4][6]. Group 1: Opening Ceremony - The "Sandy Dunes Research Institute Huangpu Class 15" opening ceremony and "Class 13" graduation took place in Shanghai, gathering nearly a hundred investors, entrepreneurs, and alumni to embark on a journey of theoretical and practical integration in venture capital [3][4]. - The founder and chairman of Qingke Group, Ni Zhengdong, reflects on the rapid rise of China's venture capital landscape and the shift towards "patient capital" and "long-term capital" as key themes for future development [4][6]. Group 2: Keynote Speeches - Ni Zhengdong discusses the recent recovery in the venture capital market, noting significant growth in IPOs and a resurgence in the Hong Kong stock market, emphasizing the importance of recognizing opportunities during uncertain times [6]. - Mentor Li Wei highlights the transformative impact of artificial intelligence, urging participants to embrace and harness AI for enhanced decision-making and investment strategies [9]. - Mentor Mi Lei emphasizes the golden era for hard technology investment and entrepreneurship in China, introducing the "ESK Value Investment System" which focuses on economic, social, and knowledge value [11]. Group 3: Graduation and New Class - The graduation ceremony for Class 13 and the welcoming of Class 15 encapsulated the essence of the motto "Seek Knowledge, Know Oneself, Aspire to Greatness," fostering a sense of belonging and honor among participants [13][15]. - The ceremony featured heartfelt reflections from graduates, emphasizing the importance of practical experience and the wisdom gained during their time at the institute [14][15]. Group 4: Course Content - The first class of the new term included discussions on "Investment Capability Models," covering topics such as venture capital history, track selection methods, and early-stage investment strategies, led by various mentors [56]. - Mentor Fei Jianjiang shared insights from over a decade of early-stage investment experience, providing a replicable thought framework for investment strategies [28]. - Mentor Yu Tong discussed the characteristics of "Chinese-style mergers and acquisitions," offering a valuable blueprint for navigating the current investment landscape [30]. Group 5: Alumni Association - The establishment of the "Sandy Dunes Research Institute Alumni Association" aims to enhance communication and collaboration among nearly 800 alumni, fostering a supportive ecosystem for ongoing development [36][39]. - The association's president, Ni Zhengdong, expressed optimism for the future, highlighting 2025 as a pivotal year for both the venture capital industry and the institute's growth [39].