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class=\"paragraph\"><\/div>\n<div class=\"paragraph\">Grantham\u8b66\u544a\uff0c\u7f8e\u80a1\u5c07\u4ee5\u7cdf\u7cd5\u7684\u7d50\u5c40\u6536\u5834\uff0c\u6ce1\u6cab\u7206\u7834\u53ef\u80fd\u5728\u6578\u5468\u6216\u6578\u6708\u5167\u767c\u751f\uff0c\u5e02\u5834\u6703\u56e0\u70ba\u904e\u9ad8\u7684\u5e02\u76c8\u7387\u5403\u4e0a\u82e6\u982d\uff0c\u4e26\u6307\u5df2\u5c07\u5176\u7ba1\u7406\u768475\u5104\u7f8e\u5143\u6295\u8cc7\u7d44\u5408\u8f49\u70ba\u6de8\u6de1\u5009\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u5c0d\u65bc\u672a\u4f86\u5efa\u8b70\uff0cGrantham\u8a8d\u70ba\u4ea4\u6613\u54e1\u61c9\u8ce3\u51fa\u7f8e\u80a1\uff0c\u8cb7\u5165\u65b0\u8208\u5e02\u5834\u80a1\u7968\uff0c\u56e0\u70ba\u9019\u7a2e\u8cc7\u91d1\u8f49\u5411\u53ef\u80fd\u6703\u9577\u9054\u6578\u5e74\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u30102\u3001\u5c0f\u5fc3\u7a81\u8dcc\uff01\u83ef\u723e\u8857\u8457\u540d\u6295\u8cc7\u5927\u5e2b\uff1a\u80a1\u5e02\u6b63\u8655\u300c\u98a8\u773c\u300d\u3011<\/div>\n<div class=\"paragraph\">\u9664\u300c\u50b3\u5947\u707d\u96e3\u9810\u8a00\u5bb6\u300d\u5916\uff0c\u83ef\u723e\u8857\u8457\u540d\u6295\u8cc7\u5927\u5e2b\u3001\u7f8e\u570b\u53e4\u6839\u6d77\u59c6(Guggenheim Partners)\u9996\u5e2d\u6295\u8cc7\u4e3b\u7ba1Scott Minerd\u672c\u5468\u63a5\u53d7\u5916\u5a92\u8a2a\u554f\u6642\u4e5f\u8b66\u544a\uff0c\u91d1\u878d\u5e02\u5834\u6b63\u5b89\u7a69\u65bc\u4e00\u6bb5\u76f8\u5c0d\u5e73\u975c\u7684\u6642\u671f\uff0c\u4f46\u96a8\u7740\u7f8e\u570b\u5927\u9078\u5373\u5c07\u5230\u4f86\uff0c\u52a0\u4e0a\u7d93\u6fdf\u4ecd\u53d7\u56f0\u65bc\u4e16\u7d00\u75ab\u60c5\uff0c\u6295\u8cc7\u8005\u61c9\u70ba\u63a5\u4e0b\u4f86\u7684\u52d5\u76ea\u505a\u597d\u6e96\u5099\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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class=\"paragraph\">\u4eca\u5e744\u6708\uff0c\u5e2d\u52d2\u4fbf\u66fe\u6307\u51fa\uff0c\u96d6\u7136\u4eca\u6b21\u75ab\u60c5\u672a\u81f3\u65bc\u6703\u91cd\u6f141930\u5e74\u4ee3\u7684\u300c\u7d93\u6fdf\u5927\u856d\u689d\u300d\uff0c\u4f46\u7d93\u6fdf\u5fc5\u5b9a\u56b4\u91cd\u4e0b\u6ed1\uff0c\u4eba\u5011\u77e5\u9053\u75ab\u60c5\u5728\u672a\u4f86\u597d\u5e7e\u5e74\u90fd\u7121\u6cd5\u6839\u9664\uff0c\u56e0\u6b64\u5e7e\u5e74\u9593\u90fd\u4e0d\u6703\u6709\u5927\u91cf\u6c11\u773e\u4e0a\u9910\u5ef3\u53ca\u53c3\u52a0\u5eb7\u6a02\u6d3b\u52d5\uff0c\u5931\u696d\u7387\u5c07\u5347\u5230\u4ee4\u4eba\u6050\u614c\u7684\u6c34\u5e73\uff0c\u53ef\u80fd\u8981\u597d\u5e7e\u5e74\u6642\u9593\u624d\u6703\u5168\u9762\u56de\u843d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u30104\u3001\u83ef\u723e\u8857\u91d1\u7ae5\uff1a\u79d1\u6280\u80a1\u6b63\u8655\u65bc\u300c\u5de8\u5927\u300d\u6ce1\u6cab\u3000\u5df2\u52a0\u6ce8\u6cbd\u7a7a\u3011<\/div>\n<div class=\"paragraph\">\u6709\u300c\u83ef\u723e\u8857\u91d1\u7ae5\u300d\u4e4b\u7a31\u3001\u8207\u7d22\u7f85\u65af\u7b49\u5927\u9c77\u9f4a\u540d\u7684\u7f8e\u570b\u5c0d\u6c96\u57fa\u91d1\u7da0\u5149\u8cc7\u672c\u5275\u8fa6\u4eba\u827e\u56e0\u970d\u6069(David Einhorn)\u8868\u793a\uff0c\u79d1\u6280\u80a1\u6b63\u8655\u65bc\u300c\u5de8\u5927\u300d\u6ce1\u6cab\u4e2d\uff0c\u4ed6\u589e\u6301\u4e86\u4e00\u7cfb\u5217\u6de1\u5009\uff0c\u52d9\u6c42\u5f9e\u4e2d\u7372\u5229\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u9019\u4f4d\u5c0d\u6c96\u57fa\u91d1Greenlight Capital\u8ca0\u8cac\u4eba\u8aaa\uff1a\u300c\u773c\u524d\u7684\u554f\u984c\u662f\uff0c\u6211\u5011\u8655\u5728\u9019\u4e00\u6ce1\u6cab\u5fc3\u7406\u5b78\u7684\u54ea\u500b\u968e\u6bb5\uff1f\u6211\u5011\u7684\u5de5\u4f5c\u5047\u8a2d\u662f2020\u5e749\u67082\u65e5\u662f\u9ad8\u5cf0\uff0c\u6ce1\u6cab\u5df2\u7d93\u7834\u6ec5\u3002\u5982\u679c\u662f\u9019\u6a23\uff0c\u90a3\u9ebc\u6295\u8cc7\u8005\u60c5\u7dd2\u6b63\u5728\u5f9e\u8caa\u5a6a\u8f49\u70ba\u81ea\u6eff\u3002\u300d<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u4f5c\u70ba\u6ce1\u6cab\u8ff9\u8c61\uff0c\u4ed6\u8ac7\u5230\u4e86\u65b0\u80a1\u72c2\u71b1\uff0c\u4e00\u5c0f\u64ae\u80a1\u7968\u6216\u55ae\u500b\u884c\u696d\u7684\u5de8\u5927\u5e02\u5834\u96c6\u4e2d\u5ea6\u3001\u8d85\u5e38\u7406\u7684\u4f30\u503c\uff0c\u4ee5\u53ca\u6295\u6a5f\u5de5\u5177\u51fa\u73fe\u300c\u4ee4\u4eba\u96e3\u4ee5\u7f6e\u4fe1\u7684\u300d\u4ea4\u6613\u91cf\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u56e0\u6b64\uff0cGreenlight\u901a\u904e\u589e\u52a0\u4e00\u500b\u65b0\u7684\u6240\u8b02\u7684\u300c\u6ce1\u6cab\u7c43\u5b50\u300d\uff0c\u4f86\u8abf\u6574\u5176\u6de1\u7a7a\u7684\u516c\u53f8\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u4e9b\u6ce1\u6cab\u7c43\u5b50\u5927\u591a\u662f\u300c\u4e8c\u7dda\u516c\u53f8\u548c\u6700\u8fd1\u9032\u884c\u7684IPO\u80a1\u7968\uff0c\u5176\u4f30\u503c\u975e\u5e38\u53ef\u89c0\u300d\u3002\u4e8b\u5be6\u4e0a\uff0c\u4ed6\u9577\u671f\u4ee5\u4f86\u4e00\u76f4\u6301\u6709\u6240\u8b02\u7684\u6de1\u5009\u7684\u6ce1\u6cab\u7c43\u5b50\uff0c\u5176\u4e2d\u5305\u62ec\u4e9e\u99ac\u905c\u548cNetflix\u7b49\u79d1\u6280\u5de8\u4f01\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u30105\u3001\u8b66\u60d5\uff01\u5225\u518d\u5962\u671b\u75ab\u82d7\u77ed\u671f\u5167\u80fd\u6551\u4e16\u3011<\/div>\n<div class=\"paragraph\">\u96a8\u7740\u79d1\u5b78\u5bb6\u6108\u4f86\u6108\u8b66\u544a\u672a\u4f86\u6f2b\u9577\u800c\u8271\u96e3\u7684\u9053\u8def\uff0c\u62bc\u6ce8\u4e00\u7a2e\u65b0\u51a0\u75c5\u6bd2\u75ab\u82d7\u53ef\u4ee5\u62ef\u65512021\u5e74\u4e16\u754c\u7d93\u6fdf\u7684\u6295\u8cc7\u8005\uff0c\u9700\u8981\u8abf\u6574\u81ea\u5df1\u7684\u96c4\u5fc3\u58ef\u5fd7\u4e86\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u65b0\u51a0\u75c5\u6bd2\u5f15\u767c\u7d93\u6fdf\u5927\u856d\u689d\u4ee5\u4f86\u6700\u56b4\u91cd\u7684\u7d93\u6fdf\u8870\u9000\uff0c\u88fd\u85e5\u516c\u53f8\u96d6\u7136\u5728\u5c0b\u627e\u6cbb\u7642\u65b9\u6cd5\u4e0a\u53d6\u5f97\u4e86\u9032\u5c55\uff0c\u4f46\u4eba\u5011\u4ecd\u7136\u6709\u6240\u8cea\u7591\uff1a\u5305\u62ec\u5c0d\u7b2c\u4e00\u6ce2\u75ab\u82d7\u7684\u6709\u6548\u6027\uff0c\u5982\u4f55\u80fd\u5920\u8f15\u9b06\u5206\u9001\u75ab\u82d7\u7d6670\u591a\u5104\u4eba\u53e3\uff0c\u53c8\u6709\u591a\u5c11\u4eba\u6703\u540c\u610f\u63a5\u7a2e\u75ab\u82d7\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u5168\u7403\u589e\u9577\u7684\u672a\u4f86\u53d6\u6c7a\u65bc\u5c0d\u4e0a\u8ff0\u554f\u984c\u7684\u7b54\u6848\uff0c\u56e0\u70ba\u65b0\u4e00\u8f2a\u75ab\u60c5\u610f\u5473\u7740\u5c0d\u5065\u5eb7\u7684\u7591\u616e\u548c\u653f\u5e9c\u7684\u9650\u5236\u63aa\u65bd\uff0c\u5c07\u7e7c\u7e8c\u9650\u5236\u65e5\u5e38\u751f\u6d3b\u548c\u5546\u696d\u6d3b\u52d5\u3002Manulife Investment\u6295\u8cc7\u7d44\u5408\u7d93\u7406Chris Chapman\u8aaa\uff0c\u7e31\u6709\u6210\u529f\u7684\u514d\u75ab\u7cfb\u7d71\uff0c\u4e5f\u4e0d\u6703\u7acb\u5373\u6210\u70ba\u7d93\u6fdf\u4e0a\u7684\u9748\u4e39\u5999\u85e5\u3002\u8a72\u516c\u53f8\u7ba1\u7406\u7740\u8d85\u904e6,600\u5104\u7f8e\u5143\u7684\u8cc7\u7522\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u4ed6\u6307\u51fa\uff0c\u53ef\u80fd\u9700\u8981\u4e00\u5e74\u591a\u7684\u6642\u9593\uff0c\u624d\u80fd\u5be6\u969b\u91cd\u8fd4\u75ab\u60c5\u7206\u767c\u524d\u6216\u8da8\u52e2\u7684\u589e\u9577\u3002\u7d93\u6fdf\u5fa9\u7526\u7684\u6642\u9593\u5c07\u88ab\u63a8\u9072\uff0c\u4f46\u75ab\u82d7\u4ecd\u53ef\u80fd\u5728\u660e\u5e74\u7684\u67d0\u500b\u6642\u9ede\u554f\u4e16\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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class=\"paragraph\">\u53ef\u4ee5\u78ba\u5b9a\u7684\u662f\uff0c\u79d1\u5b78\u4ecd\u53ef\u80fd\u5728\u77ed\u671f\u5167\u53d6\u5f97\u91cd\u5927\u7a81\u7834\u3002\u5373\u4f7f\u53ea\u6709\u4e00\u5c0f\u90e8\u5206\u4eba\u53e3\u514d\u75ab\uff0c\u4f8b\u5982\u885e\u751f\u4fdd\u5065\u5f9e\u696d\u4eba\u54e1\u548c\u6700\u8106\u5f31\u7684\u7fa4\u9ad4\uff0c\u53ef\u80fd\u5c0d\u65bc\u6062\u5fa9\u65e5\u5e38\u751f\u6d3b\u7522\u751f\u91cd\u5927\u5f71\u97ff\u3002\u5bb6\u5ead\u548c\u4f01\u696d\u57282020\u5e74\u7a4d\u7d2f\u7684\u5132\u84c4\u5c07\u57282021\u5e74\u91cb\u653e\u51fa\u4f86\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u8f1d\u745e\u516c\u53f8\u672c\u6708\u8868\u793a\uff0c\u53ef\u80fd\u6703\u572811\u6708\u4e0b\u65ec\u5728\u7f8e\u570b\u91dd\u5c0d\u5176\u8207\u5fb7\u570b\u5408\u4f5c\u5925\u4f34BioNTech SE\u5408\u4f5c\u751f\u7522\u7684\u75ab\u82d7\u5c0b\u6c42\u7dca\u6025\u4f7f\u7528\u6388\u6b0a\u3002\u75ab\u82d7\u7af6\u8cfd\u4e2d\u7684\u9818\u8dd1\u8005\u4e4b\u4e00Moderna\u4e5f\u5728\u5c0b\u6c42\u4eca\u5e74\u7372\u5f97\u7dca\u6025\u6279\u51c6\u7684\u53ef\u80fd\u6027\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u30106\u3001\u8b66\u60d5\uff01\u7f8e\u570b\u5927\u9078\u5f8c\u3000\u4f9b\u61c9\u93c8\u5fc5\u6301\u7e8c\u8b8a\u5929\u3011<\/div>\n<div class=\"paragraph\">\u56db\u5927\u6703\u8a08\u5e2b\u4e8b\u52d9\u6240\u4e4b\u4e00\u7684\u7f85\u5175\u54b8\u6c38\u9053(PwC)\u7f8e\u570b\u8463\u4e8b\u9577Tim Ryan\u8868\u793a\uff0c\u7121\u8ad6\u8ab0\u572811\u67083\u65e5\u7684\u7f8e\u570b\u7e3d\u7d71\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7f8e\u570b\u4f01\u696d\u90fd\u8a08\u5283\u6301\u7e8c\u628a\u4f9b\u61c9\u93c8\u9077\u51fa\u4e2d\u570b\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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class=\"paragraph\">\u30109\u3001\u653e\u4e0b\u50b2\u6162\u8207\u504f\u898b\uff01\u300c\u9c77\u738b\u300d\u7c72\u6295\u8cc7\u8005\u770b\u6e05\u4e2d\u570b\u6a5f\u6703\u3011<\/div>\n<div class=\"paragraph\">\u90a3\u9ebc\uff0c\u4e16\u754c\u524d\u666f\u6703\u5982\u4f55\uff1f\u5168\u7403\u6700\u5927\u5c0d\u6c96\u57fa\u91d1\u300c\u6a4b\u6c34\u300d\u5275\u8fa6\u4eba\u3001\u6709\u300c\u9c77\u738b\u300d\u4e4b\u7a31\u7684\u9054\u5229\u5967(Ray Dalio)\u5c0d\u4e2d\u570b\u7684\u767c\u5c55\u524d\u666f\u8868\u793a\u80af\u5b9a\uff0c\u5efa\u8b70\u6295\u8cc7\u8005\u4e86\u89e3\u4e2d\u570b\u7684\u5be6\u6cc1\uff0c\u4e26\u63d0\u9192\u504f\u898b\u6703\u8b93\u4eba\u770b\u4e0d\u5230\u6a5f\u6703\u3002\u4ed6\u9810\u8a08\u4e2d\u570b\u5c07\u51fa\u73fe\u6709\u5229\u7684\u8cc7\u672c\u6d41\u5165\uff0c\u652f\u6490\u4eba\u6c11\u5e63\u53ca\u91d1\u878d\u5e02\u5834\u5411\u597d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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class=\"paragraph\">\u4ed6\u6307\u51fa\uff0c\u4e2d\u570b\u80a1\u7968\u548c\u50b5\u5238\u5747\u88ab\u4f4e\u4f30\uff0c\u300c\u4e2d\u570b\u7684\u57fa\u672c\u9762\u5f37\u52c1\uff0c\u8cc7\u7522\u50f9\u683c\u76f8\u5c0d\u5177\u6709\u5438\u5f15\u529b\uff0c\u9019\u4e9b\u8cc7\u7522\u76ee\u524d\u4f54\u5916\u570b\u6295\u8cc7\u7d44\u5408\u8cc7\u7522\u76843%\u6216\u4ee5\u4e0b\uff0c\u9069\u7576\u7684\u4e2d\u6027\u5e03\u5c40\u5247\u662f\u6295\u8cc7\u6bd4\u91cd\u9054\u523015%\u300d\u3002\u5c0d\u65bc\u9019\u7a2e\u5dee\u7570\uff0c\u4ed6\u76f4\u8a00\u81f3\u5c11\u6709\u90e8\u5206\u662f\u7531\u65bc\u53cd\u83ef\u7684\u504f\u898b\u6240\u9020\u6210\uff0c\u9810\u671f\u5c07\u6703\u51fa\u73fe\u6539\u8b8a\u3002\u4e2d\u570b\u5e02\u5834\u6b63\u9010\u6f38\u5c0d\u5916\u8cc7\u958b\u653e\uff0c\u76ee\u524d\u5916\u8cc7\u81f3\u5c11\u53ef\u4ee5\u4f54\u4e2d\u570b\u80a1\u3001\u50b5\u5e02\u768460%\uff0c\u76f8\u6bd4\u65bc2015\u5e74\u6642\u53ea\u80fd\u4f541%\u3002\u5728\u5404\u5927\u4e3b\u8981\u80a1\u3001\u50b5\u6307\u6578\u4e2d\uff0c\u4e2d\u570b\u80a1\u3001\u50b5\u6240\u4f54\u7684\u6b0a\u91cd\u4e5f\u5728\u63d0\u5347\u3002\u56e0\u6b64\u9810\u671f\u4e2d\u570b\u5c07\u51fa\u73fe\u6709\u5229\u7684\u8cc7\u672c\u6d41\u5165\uff0c\u652f\u6301\u4eba\u6c11\u5e63\u532f\u7387\u53ca\u91d1\u878d\u5e02\u5834\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u301010\u3001\u672a\u4f86\u6295\u8cc7\u6a5f\u6703\u5728\u6bd4\u7279\u5e63\uff1f\u3011<\/div>\n<div class=\"paragraph\">\u6700\u5f8c\u60f3\u5206\u4eab\u672a\u4f86\u6295\u8cc7\uff01\u865b\u64ec\u8ca8\u5e63\u300c\u4e00\u54e5\u300d\u6bd4\u7279\u5e63\u50f9\u683c\u8fd1\u6708\u8868\u73fe\u4f4e\u8ff7\u5f8c\uff0c\u4e0a\u5468\u5347\u81f3\u4eca\u5e74\u4ee5\u4f86\u6700\u9ad8\uff0c\u4e00\u8209\u7a81\u7834\u6bcf\u679a1.3\u842c\u7f8e\u5143\u95dc\u53e3\u3002\u66fe\u5728\u4eca\u5e74\u8f03\u65e9\u524d\u900f\u9732\u81ea\u5df1\u8cb7\u5165\u6bd4\u7279\u5e63\uff0c\u4ee5\u5c0d\u6c96\u901a\u8139\u98a8\u96aa\u7684\u83ef\u723e\u8857\u50b3\u5947\u6295\u8cc7\u8005\u3001\u8457\u540d\u5c0d\u6c96\u57fa\u91d1\u5927\u4f6c\u74ca\u65af(Paul Tudor Jones)\u8fd1\u671f\u8868\u793a\uff0c\u8cfc\u8cb7\u6bd4\u7279\u5e63\u5c31\u50cf\u5728\u65e9\u671f\u6295\u8cc7\u860b\u679c\u516c\u53f8(Apple Inc.)\u4e00\u6a23\u3002\u74ca\u65af\u662f\u56e0\u4f30\u4e2d1987\u5e7410\u6708\u7279\u5927\u80a1\u707d\u800c\u4e00\u6230\u6210\u540d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u4ee5\u5b8f\u89c0\u4ea4\u6613\u3001\u5c24\u5176\u662f\u5c0d\u5229\u7387\u53ca\u8ca8\u5e63\u7684\u62bc\u6ce8\u800c\u805e\u540d\u7684\u74ca\u65af\u7a31\uff0c\u6295\u8cc7\u6bd4\u7279\u5e63\u5c31\u50cf\u662f\u65e9\u671f\u6295\u8cc7\u79d1\u6280\u516c\u53f8\uff0c\u800c\u81ea\u4ed6\u4eca\u5e745\u6708\u5ba3\u5e03\u6295\u8cc7\u6bd4\u7279\u5e63\u5f8c\uff0c\u5c0d\u6bd4\u7279\u5e63\u7684\u937e\u611b\u7a0b\u5ea6\u6709\u589e\u7121\u6e1b\uff0c\u300c\u6211\u8a8d\u70ba\u6211\u5011\u624d\u5728\u6bd4\u7279\u5e63\u7403\u8cfd\u7684\u7b2c\u4e00\u5c40\uff0c\u9084\u6709\u5f88\u9577\u7684\u8def\u8981\u8d70\u300d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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