Core Insights - The Nobel Foundation's investment strategy evolved from conservative to aggressive, significantly improving its financial situation after the Swedish government lifted investment restrictions in the early 1950s [1][2] - By diversifying its asset allocation and adjusting according to market conditions, the Nobel Foundation's assets grew substantially, reaching a total market value of 39.38 billion Swedish Krona by the end of 1999 [1] - As of 2023, the Nobel Foundation's assets have increased to 61 billion Swedish Krona (approximately 4.6 billion RMB), representing nearly a 200-fold increase from its initial amount [2] Investment Strategy Evolution - Initially, the Nobel Foundation focused on "safe securities" like government bonds, which led to a significant decline in the purchasing power of its awards by over 70% from 1901 to 1945 [1] - The shift in investment policy in the 1950s allowed for investments in stocks and real estate, marking a turning point for the foundation's financial health [1] - The foundation's asset allocation as of 2019 included over 50% in stocks, 10% in real estate and infrastructure, 10% in fixed income products, and 25% in hedge funds [2] Performance Highlights - The Nobel Foundation experienced a significant increase in returns during the long bull market of the 1980s, with stock investments reaching a total market value of 12.87 billion Swedish Krona by the end of 1987 [1] - In 2020, the foundation achieved an annual investment return rate close to 9%, benefiting from strong overall market performance and effective asset management [2] - Despite facing challenges, such as a loss of over 19 million Swedish Krona in 2011 due to poor stock market performance, the foundation adapted by increasing its hedge fund investments to mitigate market risks [1]