\u8fd8\u4e0d\u9519\u7684\u4e00\u672c\u4e66\uff0c\u4e0d\u5c11\u4eba\u5728\u63a8\u8350\uff0c\u4e5f\u7b97\u662f\u4e2d\u56fd\u4f5c\u8005\u505a\u4e86\u5f88\u591a\u8bbf\u8c08\u548c\u7814\u7a76\u4e4b\u540e\u7684\u4f5c\u54c1\uff0c\u8fd8\u662f\u5f88\u503c\u5f97\u9f13\u52b1\u7684\u3002\u5176\u4e2d\u80af\u5b9a\u662f\u53ef\u4ee5\u5b66\u5230\u4e0d\u5c11\u7684\u4e1c\u897f\u3002\u67cf\u57fa\u8fd9\u5bb6\u690d\u6839\u4e8e\u7231\u4e01\u5821\u7684\u673a\u6784\u672c\u8eab\u5c31\u5f88\u6709\u610f\u601d\uff0c\u60f3\u8d77\u6765\u51e0\u5e74\u524d\u7684\u7231\u4e01\u5821\u4e4b\u884c\uff0c\u8fd8\u662f\u5f88\u4e3a\u8fd9\u4e2a\u57ce\u5e02\u7740\u8ff7\u7684\u3002\u7167\u4f8b\u505a\u4e9b\u6458\u8981\u3002<\/p>\n\n\n\n
\n\u67cf\u57fa\u6295\u8d44\u603b\u90e8\u4f4d\u4e8e\u7231\u4e01\u5821\u5361\u5c14\u987f\u5e7f\u573a\uff0c\u5468\u56f4\u73af\u5883\u5e7d\u9759\uff0c\u6709\u5c71\u6709\u6d77\uff0c\u6709\u53e4\u5821\u548c\u8349\u576a\uff0c\u662f\u8bd7\u610f\u6816\u5c45\u7684\u5ba4\u5916\u6843\u56ed\uff0c\u4e5f\u662f\u601d\u8003\u4eba\u751f\u7684\u54f2\u601d\u4e4b\u5730\u3002\u5bf9\u5750\u843d\u4e8e\u6b64\u7684\u6295\u8d44\u673a\u6784\u6765\u8bf4\uff0c\u548c\u4f2f\u514b\u5e0c\u5c14\u7684\u5965\u9a6c\u54c8\u4e00\u6837\uff0c\u662f\u5c4f\u853d\u6295\u8d44\u566a\u58f0\u7684\u7406\u60f3\u4e4b\u5730\u3002\u4ece2004-2024\u5e74\u7684\u4e1a\u7ee9\u770b\uff0c\u67cf\u57fa\u65d7\u8230\u57fa\u91d1SMT\u7684\u603b\u56de\u62a5\u4e3a13.64\u500d\uff0c\u8d85\u8fc7\u4f2f\u514b\u5e0c\u5c14\u76846.75\u500d\u3002\u67cf\u57fa\u603b\u90e8\u5165\u53e3\u5904\u5199\u7740\u9192\u76ee\u7684\u6295\u8d44\u7406\u5ff5\u2014\u2014\u771f\u6b63\u7684\u6295\u8d44\u8005\u4ee510\u5e74\u4e3a\u601d\u8003\u5355\u4f4d\uff0c\u800c\u975e\u533a\u533a\u51e0\u4e2a\u5b63\u5ea6\u3002Actual Investors think in decades, not quarters.<\/p>\n<\/blockquote>\n\n\n\n
\u8fd9\u4e2a\u957f\u671f\u601d\u7ef4\u8fd8\u662f\u771f\u503c\u5f97\u5b66\u4e60\u7684\uff0c\u5341\u5e74\u6765\u601d\u8003\uff0c\u7b80\u76f4\u592a\u5962\u4f88\u4e86\u3002\u5361\u5c14\u987f\u5c71\u4e0a\u7684\u98ce\u666f\u8fd8\u662f\u5f88\u597d\u7684\uff0c\u5c0f\u5c71\u4e0d\u9ad8\uff0c\u98ce\u4e0d\u5c0f\uff0c\u666f\u8272\u5b9c\u4eba\u3002<\/p>\n\n\n\n
\n\u65e2\u7136\u6a61\u80f6\u7684\u6295\u8d44\u673a\u4f1a\u5df2\u8fc7\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u4e5f\u6ca1\u6709\u523b\u821f\u6c42\u5251\uff0c\u8f6c\u800c\u6295\u8d44\u5176\u4ed6\u884c\u4e1a\u30021913\u5e74\uff0c\u516c\u53f8\u660e\u786e\u672a\u6765\u8bb2\u8f6c\u578b\u4e3a\u4e00\u4e2a\u201c\u56fd\u9645\u6295\u8d44\u7ec4\u5408\u201d\u3002\u8003\u8651\u5230\u6295\u8d44\u7b56\u7565\u53d1\u751f\u4e86\u53d8\u5316\uff0c\u8463\u4e8b\u4f1a\u7d22\u6027\u8bb2\u516c\u53f8\u66f4\u540d\u4e3aThe Scottish Mortgage and Trust Limited\u3002\u81f3\u6b64\uff0c\u67cf\u57fa\u65d7\u8230\u57fa\u91d1SMT\u6b63\u5f0f\u767b\u4e0a\u5386\u53f2\u821e\u53f0\u3002<\/p>\n<\/blockquote>\n\n\n\n
\u523b\u821f\u6c42\u5251\u771f\u662f\u6700\u5927\u7684\u6295\u8d44\u6559\u8bad\u4e86\u3002\u8fd9\u4e2a\u6210\u8bed\u6545\u4e8b\u5e94\u8be5\u8ba9\u641e\u6295\u8d44\u7684\u90fd\u6df1\u5165\u4f53\u4f1a\u3002\u539f\u5730\u4e0d\u52a8\u3001\u5b88\u682a\u5f85\u5154\u662f\u6700\u5bb9\u6613\u7684\u4e8b\u60c5\uff0c\u771f\u6b63\u96be\u7684\u5c31\u662f\u653e\u4e0b\u4e4b\u524d\u7684\u7ecf\u9a8c\uff0c\u4e0d\u65ad\u7684\u5b66\u4e60\u3001\u4e0d\u65ad\u7684\u8ddf\u4e0a\u65f6\u4ee3\u3002\u53d8\u5316\u624d\u662f\u5e38\u6001\u3002<\/p>\n\n\n\n
\n\u4ef7\u503c\u89c2\u5728\u6295\u8d44\u65b9\u9762\u7684\u6620\u5c04\u662f\u6295\u8d44\u54f2\u5b66\uff0c\u4e3b\u5bfc\u7740\u6295\u8d44\u51b3\u7b56\u5e76\u5f71\u54cd\u6536\u76ca\u76ee\u6807\u7684\u5b9e\u73b0\u3002\u4e0d\u540c\u98ce\u683c\u7684\u6295\u8d44\u7b56\u7565\u80cc\u540e\u9690\u542b\u7684\u662f\u8fe5\u5f02\u7684\u6295\u8d44\u54f2\u5b66\u3002\u672c\u8d28\u4e0a\uff0c\u6bcf\u79cd\u6295\u8d44\u54f2\u5b66\u90fd\u6839\u690d\u4e8e\u5bf9\u4eba\u7c7b\u884c\u4e3a\u7684\u67d0\u79cd\u770b\u6cd5\u548c\u6295\u8d44\u8005\u7ecf\u5e38\u4f1a\u51fa\u73b0\u7684\u5404\u7c7b\u9519\u8bef\u3002\u7ecf\u5178\u7684\u4ef7\u503c\u6295\u8d44\u8005\u7684\u6295\u8d44\u54f2\u5b66\u662f\u76f8\u4fe1\u5e02\u573a\u4f1a\u5b9e\u73b0\u4f01\u4e1a\u5b9a\u4ef7\u7684\u5747\u503c\u56de\u5f52\uff0c\u6838\u5fc3\u601d\u60f3\u662f\u53cd\u4eba\u6027\u7684\u9006\u5411\u6295\u8d44\u7406\u5ff5\uff0c\u901a\u8fc7\u4e70\u5165\u88ab\u5e02\u573a\u4f4e\u4f30\u7684\u516c\u53f8\uff0c\u7b49\u5f85\u4ef7\u503c\u56de\u5f52\uff1b\u6280\u672f\u5206\u6790\u7684\u4fe1\u5f92\u5219\u76f8\u4fe1\u5386\u53f2\u4ef7\u683c\u548c\u4ea4\u6613\u91cf\u53d8\u5316\u5305\u542b\u4e86\u5bf9\u672a\u6765\u6295\u8d44\u6709\u7528\u7684\u4fe1\u606f\u3002\u67cf\u57fa\u5219\u662f\u957f\u671f\u4e3b\u4e49\u6295\u8d44\u8005\u7684\u4ee3\u8868\uff0c\u5176\u6295\u8d44\u54f2\u5b66\u4e3b\u8981\u901a\u8fc7\u201c\u4e13\u6ce8\u957f\u671f\u3001\u805a\u7126\u6210\u957f\u201d\u6765\u4f53\u73b0\u3002<\/p>\n<\/blockquote>\n\n\n\n
\u6295\u8d44\u54f2\u5b66\u592a\u6709\u610f\u601d\u4e86\u3002\u975e\u5e38\u7231\u4e01\u5821\u7684\u8868\u8fbe\uff0c\u6838\u5fc3\u4e4b\u4e00\u662f\u957f\u671f\u3001\u5176\u6b21\u662f\u6210\u957f\u3002<\/p>\n\n\n\n
\n\u67cf\u57fa\u770b\u6765\uff0c\u4e00\u5bb6\u4f01\u4e1a\u7684\u7ade\u4e89\u548c\u7ba1\u7406\u4f18\u52bf\u81f3\u5c11\u9700\u89815\u5e74\u624d\u80fd\u663e\u73b0\u51fa\u6765\u3002\u4e00\u65e6\u628a\u65f6\u95f4\u62c9\u957f\uff0c\u7ade\u4e89\u4f18\u52bf\u5c31\u4f1a\u901a\u8fc7\u590d\u5229\u6548\u5e94\u5c06\u56de\u62a5\u6700\u5927\u5316\u3002\u67cf\u57fa\u5c06\u81ea\u5df1\u89c6\u4e3a\u4f01\u4e1a\u6240\u6709\u8005\u800c\u975e\u77ed\u671f\u4ea4\u6613\u8005\uff0c\u5e0c\u671b\u7528\u957f\u671f\u6295\u8d44\u65b9\u5f0f\u8bc6\u522b\u5e76\u652f\u6301\u4f18\u8d28\u4f01\u4e1a\u3002\u4ec5\u6709\u957f\u671f\u7684\u613f\u671b\u662f\u4e0d\u591f\u7684\uff0c\u5fc5\u987b\u6709\u652f\u6301\u957f\u671f\u6295\u8d44\u7684\u5236\u5ea6\u6846\u67b6\uff0c\u6ca1\u6709\u5916\u90e8\u80a1\u4e1c\u538b\u529b\u3001\u6ca1\u6709\u5e74\u5ea6\u8d44\u4ea7\u589e\u957f\u76ee\u6807\uff0c\u6ca1\u6709\u77ed\u671f\u8003\u6838\u76ee\u6807\uff0c\u6ca1\u6709\u57fa\u4e8e\u77ed\u671f\u8868\u73b0\u7684\u5956\u52b1\uff0c\u4f46\u662f\u6709\u4e0e\u957f\u671f\u6295\u8d44\u7406\u5ff5\u4e00\u81f4\u7684\u5ba2\u6237\u3002<\/p>\n<\/blockquote>\n\n\n\n
\u575a\u5b9a\u957f\u671f\u662f\u4e2a\u95e8\u69db\u5f88\u9ad8\u7684\u4e8b\u60c5\u3002<\/p>\n\n\n\n
\n\u8bc4\u4f30\u6210\u957f\u578b\u4f01\u4e1a\u65f6\uff0c\u67cf\u57fa\u8ba4\u4e3a\uff0c\u4e0e\u5e02\u573a\u8bc4\u4f30\u7684\u5dee\u5f02\u662f\u6295\u8d44\u4ef7\u503c\u7684\u6765\u6e90\uff0c\u5dee\u5f02\u8d8a\u5927\u8d8a\u503c\u5f97\u8bc4\u4f30\u3002\u67cf\u57fa\u66f4\u5173\u6ce8\u5b9a\u6027\u8bc4\u4f30\uff0c\u5173\u6ce8\u4f01\u4e1a\u53d8\u5f97\u66f4\u6709\u4ef7\u503c\u7684\u8def\u5f84\u4ee5\u53ca\u5b9e\u73b0\u76ee\u6807\u7684\u53ef\u80fd\u6027\u3002\u6362\u8a00\u4e4b\uff0c\u67cf\u57fa\u5e0c\u671b\u7406\u89e3\u4f01\u4e1a\u5982\u4f55\u57285\u5e74\u5185\u83b7\u5f97\u9ad8\u56de\u62a5\u4ee5\u53ca\u5b9e\u73b0\u9ad8\u56de\u62a5\u7684\u4e1a\u52a1\u3002<\/p>\n<\/blockquote>\n\n\n\n
\u8fd9\u4e2a\u89c2\u70b9\u548c\u503c\u5f97\u5b66\u4e60\uff0c\u6210\u957f\u7684\u4ef7\u503c\u4e0d\u53ea\u662f\u6210\u957f\u672c\u8eab\uff0c\u4e5f\u8981\u770b\u4f30\u503c\u548c\u5e02\u573a\u8ba4\u8bc6\u7684\u5dee\u5f02\uff0c\u5dee\u5f02\u8d8a\u5927\u8d8a\u597d\u3002\u5426\u5219\u5c31\u5bb9\u6613\u4e70\u8d35\u4e86\u3002<\/p>\n\n\n\n
\n\u60f3\u8c61\u529b\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u662f\u56e0\u4e3a\u672a\u6765\u624d\u662f\u6700\u91cd\u8981\u7684\uff0c\u4e5f\u662f\u56e0\u4e3a\u67cf\u57fa\u8ba4\u4e3a\u6295\u8d44\u7684\u6838\u5fc3\u95ee\u9898\u662f\u7406\u89e3\u53d8\u5316\uff0c\u5982\u53d1\u751f\u4e86\u4ec0\u4e48\u53d8\u5316\u3001\u53d8\u5316\u662f\u600e\u4e48\u53d1\u751f\u7684\u4ee5\u53ca\u540e\u7eed\u5f71\u54cd\u3002\u67cf\u57fa\u5f3a\u8c03\u7684\u60f3\u8c61\u63a5\u8fd1\u4e8e\u5927\u536b\u4f11\u8c1f\u5728\u4eba\u6027\u8bba\u4e2d\u5bf9\u60f3\u8c61\u7684\u5b9a\u4e49\u3002\u4f11\u8c1f\u8bf4\uff0c\u60f3\u8c61\u662f\u4e00\u79cd\u4e2d\u4ecb\uff0c\u8868\u793a\u4eba\u5bf9\u4e8b\u7269\u3001\u884c\u4e3a\u4ee5\u53ca\u4e8b\u7269\u4e4b\u95f4\u7684\u76f8\u4e92\u8054\u7cfb\u7684\u60f3\u8c61\uff0c\u4f46\u60f3\u8c61\u672c\u8eab\u4e0d\u662f\u76f4\u63a5\u3001\u771f\u5b9e\u7684\uff0c\u53ea\u6709\u5c06\u5b83\u8fd8\u539f\u4e3a\u611f\u5b98\u5370\u8c61\uff0c\u624d\u80fd\u8bc1\u5b9e\u5176\u6b63\u786e\u6027\uff0c\u624d\u80fd\u79f0\u5f97\u4e0a\u771f\u7406\u3002\u597d\u7684\u6295\u8d44\u60f3\u6cd5\u5f80\u5f80\u7531\u597d\u5947\u5fc3\u64ad\u79cd\uff0c\u7531\u60f3\u8c61\u529b\u57f9\u80b2\uff0c\u65e2\u80fd\u544a\u8bc9\u4f60\u5df2\u77e5\u4fe1\u606f\u7684\u4fbf\u6377\uff0c\u907f\u514d\u9677\u5165\u7ecf\u9a8c\u4e3b\u4e49\u7684\u5c40\u9650\uff0c\u53c8\u80fd\u6311\u6218\u65e2\u6709\u80fd\u529b\u5708\uff0c\u544a\u8bc9\u4f60\u5e94\u5f53\u5c1d\u8bd5\u7684\u8303\u56f4\uff1b\u65e2\u9700\u8981\u4e25\u8c28\u7684\u6001\u5ea6\uff0c\u6709\u9700\u8981\u4e0d\u61c8\u7684\u52aa\u529b\u3002\u60f3\u8c61\u8d8a\u591a\uff0c\u5c31\u8d8a\u80fd\u4e86\u89e3\u5b9e\u9645\u5173\u7cfb\uff0c\u8d8a\u5bb9\u6613\u63a5\u8fd1\u76ee\u6807\u3002<\/p>\n<\/blockquote>\n\n\n\n
\u8fd9\u662f\u6211\u8ba4\u4e3a\u672c\u4e66\u6700\u6709\u610f\u601d\u7684\u5730\u65b9\uff0c\u60f3\u8c61\u529b\u3002\u57fa\u4e8e\u60f3\u8c61\u529b\u505a\u6295\u8d44\uff0c\u624d\u80fd\u53bb\u7406\u89e3\u53d8\u5316\u3002<\/p>\n\n\n\n
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