关注投资家，⭐，您会收到最新推送 作者 | 彼得·林奇 来源 | 本文整理自富达投资 开场：与传奇对话的荣幸 主持人：今天真是一场难得的盛宴。有人告诉我，不知道你是否听说过——上一次坐在这些椅子上的 人，是奥普拉·温弗瑞（Oprah Winfrey）。 所以，如果有人在座位下发现一串新车钥匙，那可不是我们准备的，而是之前活动留下的。女士们、先 生们，能主持这场访谈，是我职业生涯中的一大荣幸，我为此兴奋了好几周。彼得（Peter Lynch）在这 个房间里无需过多介绍，但我还是想简单说几句。他曾叮嘱我别做太长的介绍，避免让他尴尬，但有些 事我必须提——可以吗？ 彼得·林奇：当然，没问题。 主持人：彼得目前担任富达管理与研究公司（Fidelity Management and Research）副主席，这是富达投 资的投资顾问子公司，他自1969年起便在此任职。同时，他还是林奇基金会（Lynch Foundation）的主 席兼总裁，该基金会专注支持教育、文化与历史遗产保护、医疗健康及医学研究领域的项目。 1974年至1977年，彼得担任富达研究部门主管；1977年至1990年退休前，他一直管理富达旗下的麦哲伦 ...

Core Insights - The evolution of China's asset management industry has been rapid, akin to a "4x speed" development since the establishment of the Shanghai Stock Exchange in 1990, transitioning from a "wild west" era to a more structured environment with institutional investors leading value investment [4][7] - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission emphasizes enhancing investor "sense of gain," which includes clear product positioning, adherence to strategies, and balancing returns with risk [4][5][7] - The historical context of Wall Street's development provides valuable lessons for China's asset management industry, highlighting the transition from informal practices to professional, rule-based, and systematic investment strategies [7] Investment Strategies - The U.S. market has seen the emergence of three core investment strategies: active, passive, and quantitative, with passive investment gaining significant traction, surpassing active investment in scale by 2023 [2][3] - Active fund managers are increasingly adopting a combination of qualitative and quantitative approaches to mitigate risks and enhance returns, with firms like Capital Group and Vanguard implementing multi-manager models to diversify strategies [3] - The Modern Portfolio Theory suggests that combining multiple strategies with different risk profiles can lead to higher risk-adjusted returns, which is crucial for achieving investor satisfaction [5][6] Technological Integration - The integration of AI technology in investment strategies is seen as a key lever for fund managers to enhance their capabilities, allowing them to automate and optimize various aspects of strategy development and execution [6] - AI can assist in tasks such as factor definition, calculation, effectiveness analysis, and strategy backtesting, enabling fund managers to focus on strategic insights while leveraging technology for operational efficiency [6] Future Outlook - The "Action Plan for Promoting High-Quality Development of Public Funds" is viewed as a milestone in the maturation of China's asset management industry, signaling a shift towards prioritizing client interests and adopting scientific, rule-based investment strategies [7] - The evolution of the industry is expected to follow a natural progression from disorder to a more structured and systematic approach, particularly in the context of the AI era [7]