——读《柏基投资之道》 《柏基投资之道》 李 正 韩圣海 著 浙江教育出版社/湛庐文化 2025年11月出版 如何锻造穿越周期的耐心资本？ ◎潘楷昕 过去100多年，资产管理行业见证了众多成功投资机构的成长。伯克希尔·哈撒韦、富达、先锋集团、桥 水基金、文艺复兴科技、贝莱德……它们都用各自的投资哲学在现代资产管理历史上留下了独特印记。 很少有人知道，还有一家百年机构的业绩可以比肩伯克希尔·哈撒韦。 这家机构，就是柏基投资。始创于1908年的柏基，走过了100多年风雨，亲历大萧条、两次世界大战、 石油危机、互联网泡沫、金融海啸的跌宕起伏，始终屹立不倒。这100多年正是技术发展最为迅速的时 期，柏基历经多个技术变革周期，用自身发展历程诠释了如何洞察周期、驾驭周期、穿越周期。 数字最能说明问题。自21世纪初以来，柏基通过其核心投资策略——长期全球成长策略，实现了卓越的 投资回报。以旗舰产品苏格兰抵押贷款投资信托基金（以下简称"SMT"）为例，近20年的总回报为 13.64倍，年化回报率约13.88%。相比之下，同期标准普尔500指数累计回报为3.85倍，年化回报率为 6.98%；同期纳斯达克指数的总回报约为7.88 ...

Core Insights - The third China International Supply Chain Promotion Expo highlighted the transformative role of AI as infrastructure in various sectors, as emphasized by NVIDIA's CEO Jensen Huang [1][3][4] Group 1: AI Development in China - Over 1.5 million Chinese developers are leveraging NVIDIA's platform for innovation, leading to the emergence of advanced models from companies like Alibaba, Tencent, and Baidu [3] - Open-source AI in China is recognized as a significant catalyst for global progress, enabling countries and industries to share opportunities from the AI revolution [3] Group 2: AI Safety and Collaboration - Open-source is deemed crucial for ensuring AI safety, providing a platform for global cooperation in establishing standards and safeguards [3] - AI is compared to electricity and the internet in its foundational importance, revolutionizing supply chains and altering design, manufacturing, and transportation processes [4] Group 3: Future of AI and Robotics - Hundreds of Chinese projects are utilizing NVIDIA's Omniverse to create digital twins for optimizing factories and warehouses, with robots trained in virtual environments for safety [3][4] - A prediction is made that within the next decade, AI systems capable of understanding the physical world and executing tasks will emerge, fundamentally changing factory operations [3][4] Group 4: AI's Impact Across Industries - AI is profoundly transforming various fields, including scientific research, healthcare, energy, transportation, and logistics [4] - Major platforms in China, such as Tencent's WeChat and Alibaba's Taobao, are empowered by AI, driving advancements in autonomous vehicles and smart devices [4]