贵州茅台 3000 问（4）| 千层价差：茅台暴利神话的真相？
https://mp.weixin.qq.com/s/YRzwv6H5M8bbpCDgURZa6A
霍华德.马克斯的备忘录很齐全分享一下
洪桥 2025-06-21 19:43
截止 2025 年 6 月 21 日净值 8.48，年内 7.36%；比例：1#56.73%，2#23.54%，3#13.03%，4#6.69%。
天选集团2025年第二十五周经营简报
[表格内容] 下选子公司 | 比例 | 挂牌市值 | 挂牌价 | 年内 深圳子公司 | 56.73% | 42418 | 505.5 | 22.55% 贵州子公司 | 23.54% | 17947 | 1428.66 | -6.26% 上海子公司 | 13.03% | 1012 | 7.01 | -0.28% 宅藏子公司 | 6.69% | 508 | 105.08 | -5.27% 净值 | 100% | | 8.475 | 7.36% 300公司 | 连任席位和自治乙地，其他科目照应位 | 3846.64 | -2.24% 2025/6/21 | 港币汇率 | 0.9145 | 汇率年内 | -2.63%
《复利的智慧》（The art of Compounding）连载 第五期
磊子 2025年06月22日 20:58
今天的访谈内容真正进入投资主题。
投资与企业经营是相通的，而且价值的理念也融入了更多方面的思考。所以本节并没有太多新的要点，我们跟着三位的对话，看看更多Danaher之外的投资案例，重温之前的价值投理念在投资上的应用。
投资与复利（Investing & Compounding）
Rick: Mitch, I imagine that being a part of building something like Danaher in an intimate way for several decades could seem quite different from making new investments in younger companies that you haven’t yet been involved with yet. As you’ve spread your wings as an investor, what are the problems and I guess the opportunities too, in the investing world, investing ecosystem, that you’ve identified that are suboptimal when it comes to company building and when it comes to ultimately long-term compounding?
Rick: Mitch, 用几十年时间深度参与打造像Danaher这样的企业，与投资那些你尚未涉足的初创公司，应该很不一样。作为一名投资者，您认为如今的投资界和投资环境，在支持企业发展和实现长期复利方面，存在哪些不足之处？
哪些问题，又有哪些机会？
Mitch: So we have to go back in time a little bit to say what was a great invention that took place in the investing world and what has happened to that invention today? And I think that a guy by the name of David Swensen, who is a Hall of Fame investor from Yale, invented the asset allocation methodology some 30-plus years ago where many people went to private equity and venture and real estate and oil and gas and lots of different things, hedge funds, and it was a brilliant strategy.
Mitch: 我们需要稍微回顾一下历史，谈谈投资界曾出现过的一项伟大创新，以及这项创新现在发展的怎么样了。我认为，耶鲁大学名人堂的投资家大卫·斯文森（David Swensen）在 30 多年前创建了资产配置方法论，许多人因此去分散配置私募股权、风险投资、房地产、油气等诸多领域，还有对冲基金。这在当时是一项绝妙的策略。
And it was the new thing on the street and people did extremely well pivoting away from the traditional U.S. equity, 60% bond, 40% strategy. And as that evolved over the ensuing decades, it started to feel like it was becoming
broken to me.
这在当时堪称投资界的新风尚，人们很快的摒弃了传统的”60% 美股、40% 债券”策略。然而，历经数十载的演变，我感觉这套方法论已经开始失效。
What do I mean by that? I think that short-termism became alive and well, as PE and venture were 3- to 5-year type of players and hedge funds were mark-to-market on an hourly basis. And the fee structures that were associated with these were the traditional 2% and 20%, which take a lot of the benefits of compounding away from the investor because of the high fee structure that was associated with it. So I think the whole asset allocation methodology became co-opted by short-termism and fees and became a very broken process.
这么说是什么意思？我认为，短期主义已大行其道，私募股权机构和风险投资机构的投资周期多为 3-5 年，对冲基金则按小时进行市值计价。与之相关的收费结构仍是传统的”2%管理费加 20%业绩分成”，这种高昂的费用模式剥夺了投资者本应享受的大部分复利收益。因此，我认为整套资产配置方法论已被短期主义和高昂费用所扭曲，逐渐失效。
And I started asking myself the question, what has to change to make this a real opportunity? And it’s when, I guess, three summers ago, you guys helped me architect a paper that I wrote to myself and for the benefit of my foundation called reimagining the blueprint for the long-term investing model. And it all started with the thesis of how successful Sequoia was over the years. And God knows they were extremely successful, in front of their — a 30% type of number in front of their compounding over a very, very long period of time, many decades.
我开始问自己：要让投资真正成为（双赢的）好机会，需要做出哪些改变？大概三年前的夏天，你们帮我起草了一篇仅供自己思考和我的基金会参考的文章，题为《重新构想长期投资模型的蓝图》。这一切都始于一个命题：红杉资本（Sequoia）为何能在多年间如此成功？上帝知道他们有多成功，在长达数十年的时间里，其复合增长率达到30%左右，堪称行业标杆。
And I said, why can’t we do that? What’s the architecture necessary to accomplish something like that? Those are pretty outstanding returns. If they can do it, why can’t we? And we
started this imagination journey. And it basically went along the lines of, we want to find passionate and dedicated founders who can give you a long duration runway, think 20 to 30 years, where you invest in businesses that have the chance to create a 50 to 100x outcome over those 20 to 30 years and stay the course.
我不禁自问：为何我们不能做到这一点？需要构建怎样的框架才能实现这样的成就？这样的回报堪称卓越。如果他们能做到，我们为何不能？于是，我们开启了这场探索之旅。其核心思路大致是：我们希望找到充满激情的、专注的创业者，在投资的事业里能持续投入和发展 20-30 年，有机会在此期间创造 50 到 100 倍的回报，并长期坚守这样的战略。
And private is better than public. It doesn’t mean they won’t go public one day. The greatest thing about a private business is you’re never worried about the short term. You’re not mark-to-market on a daily basis. You’re not on the 90-day clock of having to report to investors, and you don’t have to worry about sitting on your hands and doing nothing when you own a public security. That’s hard to do because you’re watching the
dynamics of the market every day.
私有企业比上市公司更具优势，但这并不意味着它们永远不会上市。私有企业的最大优势在于无需担忧短期压力，无需按市值每日计价，不必受制于每季度向投资者汇报，更无需担心只是持有上市公司证券件什么也不做。毕竟，在公开市场中每天看着股价变动，什么都不做是挤难的。
And certainly, companies run into problematic times in their history, in their journeys. And that’s the worst time to sell, but yet most people do. It’s a problem. They’re going to be stuck for the next 2 years. They forget about the next 10 or 15 years of good things that are going to happen as they work through. I mean Danaher went through this incredible journey of COVID, it turbocharged our business, massive growth over a 2-year period of time.
当然，公司在发展历程中难免遭遇困境。最不该抛售的时候恰恰是人们最容易抛售的时刻，这是普遍问题。他们往往纠结于未来两年的困局，却忘了在熬过难关后，未来10到15年将迎来怎样的发展机遇。以Danaher为例，我们在新冠疫情期间经历了一段非凡的历程：疫情极大地推动了我们的业务，公司在两年内实现了爆发式增长。
And the last 18 to 24 months, we gave a little bit of it back because we went in from a pandemic to an endemic state, and so little growth went away. But did anything change on the long-term secular trends of Danaher being a high single-digit grower aspiring to become a double-digit grower? Absolutely not. Yet the market treated us like we were the plague. And can you imagine all the people that sold and paid the tax, and they’re going to miss all the good bits that are starting to come now.
在过去 18-24 个月里，我们的增长略有回调，因为疫情从大流行阶段转入局部扩散的正常阶段，爆发式增长随之消退。但 Danaher 从高个位数增长迈向两位数增长，这样的长期趋势是否发生任何改变？当然没有。然而，市场却对我们避之唯恐不及。你能想象吗？那些抛售股票并缴纳税款的人，终将错过即将到来的所有收益。
So being private is a real benefit if you don’t need access to big time capital dollars. The public markets are a beneficiary of being able to give you big time capital dollars if you need it. So that’s the real pro of being a publicly traded company. But
left to my own devices, I’d love to see these businesses stay private for as long as possible because you just make higher quality decisions in that type of framework.
因此，若无需筹集大量资本，私有企业确实更具优势。上市公司的核心优势在于，当企业需要资金时，能够从公开市场获得巨额资本。这正是上市公司的价值所在。但要是由我决定，我希望（我投资的）这些企业尽可能长期保持私有状态，在这样的状态下，企业能够做出更高质量的决策。
So finding these young entrepreneurs who can give you duration and you can put capital to work, and you can help them scale and make high-quality decisions day in and day out, whether it’s, like I said before, organizational design, strategic planning, building, I could give you a list of 20 or 30 different things that we can help these companies with. And I get invigorated by working with young entrepreneurs who want to be great.
因此，寻找那些能够努力实现长期增长的创业者，投入你的资本，帮助他们实现规模化增长；同时助力他们日复一日地做出高质量决策。正如我之前所说，无论是组织设计、战略规划、建设，我可以列出20或30项不同的方面，我们可以在这些方面帮助这些企业。正如我之前所说，无论是组织设计、战略规划、建设，我可以列出20或30项不同的方面，我们可以在这些企业身上提供帮助。
略规划、团队/文化/流程建设，我可以列出20-30项能为这些企业提供的帮助。与澜望成就卓越的年轻创业者共事，也让我充满动力。
And I guess I’m just a business builder rather than a business seller. And if we can find those shots on goal that give us a percent recreating something special, I think the returns will take care of themselves over time. And we will recreate all the success that Sequoia was able to create over the course of time.
相较于出售企业，我更愿意陪伴企业成长。如果我们能找到那些可能创造非凡成就的投资标的，我相信，随着时间推移，回报会水到渠成。而我们也将重现红杉资本在漫长岁月中所取得的辉煌成就。
Rick: We keep coming back to this concept of a time horizon arbitrage. And it reminds me of a story from a few years ago that was extremely formative for Paul and I, when we were having a conversation around what’s the appropriate disposition from a time horizon standpoint with the investments that one makes, and we have as a value that our time horizon is eternity.
Rick: 我们回到投资的时间跨度这一概念。这让我想起几年前的一个故事，它对 Paul 和我影响很大。当时我们正在探讨：一个人投资资本合适的时间时间跨度应该是多久？我们的价值观认为：合适的时间跨度是永恒。
And at one point, you said, boys, I see what you’re talking about with the internal time horizon. But you Catholic guys and your internal concept, can I just encourage you to think about one’s approach to time and investing with in a limited basis as opposed to an internal basis because the reality is that most things don’t last forever.
有一次你说：“侥幸们，我理解你们所说的永恒的时间跨度。我能否提个建议，但对于你们这些天主教徒和你们的”永恒时间跨度”的理念，我想建议你们从外部（对投资时间的）客观局限而非内部（永恒的）视角，思考合理的投资时间周期。现实是，大多数事物都无法永恒存续。”
And there is a sense that the power in every investment is the optionality to have an extended time horizon when an extended time horizon is merited when it’s the best thing for the company
when there’s more to build, when there’s more to do. And so there’s the early work of sourcing, and we’ve already talked a lot about just how you think about underwriting people, how you think about underwriting businesses, apply the time horizon advantage to that.
有一种观点认为，拥有永久投资的资本，其价值在于：当值得延长投资时间时，例如公司仍有更多价值有待创造、很多有意义的需要做时，拥有延长投资期限的选择权。因此，早期寻找公司的工作，我们已经探讨了很多如何评估人才、如何评估企业，将永久资本的优势应用其中。
But I think the other really critical piece that we’ve been beneficiaries of and that we’ve learned from just observing you is this value-add orientation that you bring to every person or a project or a company that you commit yourself toward. And that is a very, very unique concept, at least in its practice in the investing world. Maybe say a little bit about the ways in which you come alongside a founder and the orientation you bring as a source of support as a helper to them in whatever they’re building.
我们从您这里学到的另一个要点，是您对每个人、每个项目或公司所秉持的”增量价值”原则。至少在投资界的实践中，这是一个极为独特的理念。或许可以谈谈，您以何种方式与创始人并肩协作，以及作为支持者，您在他们发展事业的过程中如何赋能？
Mitch: We can talk about some examples of that. But I say this with great humility. I’ve seen a lot over the last 40 years. Why in the world would I not take advantage of everything I’ve learned and seen, and pass on those judgments and that experience to others? That’s a competitive advantage that we just have to take advantage of. I haven’t seen it all, but I’ve seen a lot. And we can help these young founders in profound ways.
Mitch: 我们可以谈谈具体的例子。但我想谦逊地说：过去40年里经历了很多，为何不利用自己学到和见识到的一切，将这些判断和经验传递给他人？这是我们必须利用的竞争优势。虽然我并非通晓一切，但确实积累了不少经验。所以我们能够以比较好的方式帮助这些年轻的创始人。
It’s just as important to avoid making the mistakes and learning from others as it is to make high-quality decisions. Everybody is going to make mistakes.
mistakes. But boy, we want to avoid the big ones. And we can help these companies, along the way, not make these mistakes.
避免犯错并从他人经验中学习，与做出高质量决策同样重要。每个人都会犯错，但我们尤其要避免犯下大错。我们可以在这些企业的成长过程中，帮助它们规避这些错误。
And the whole goal is to get an option on duration. If you can go for 20 to 30 years, the compounding benefits, I mean, just look at Danaher today, if we’re 1,800x return, if we double the stock price, that means we’re 3,600x return. The compounding at this stage is crazy, and you want to get to these reasonable shots on goal.
(赋能的)所有目标在于争取有选择长期投资的机会。如果能增长20-30年，复利的价值，看看Danaher如今的成就，我们实现了1800倍回报，若股价再翻倍，就是3600倍。这个阶段的复利增长十分惊人，而你需要做的，就是我找到有合理概率取得这样成功的投资目标。
注：get an option on duration，获得投资时间久期的选择权。结合前文，Mitch赋能创始人，从投资角度看，就是为了让企业增长得以持续，资本能更长时间的创造出合理的投资回报。
理的价值，复利持续二三十年，就是一笔非常可观的回报。
Stuff is going to happen, death, divorce, partners not getting along, the business running up against the death star that none of us could anticipate. Stuff is going to happen. But if we can get a handful of these duration models of 20 to 30 years, it’s all going to take care of itself in the overall returns for the bigger picture. It just takes a couple to change the dynamic for great outcomes to happen. So that’s the way that I’m looking at it and thinking about it. But let’s take an example like Arcadea.
总会有意外发生：死亡、离婚、合伙人不和、企业遭遇始料未及的”死星”危机。变故在所难免，但如某我们能获得一批20-30年时间复利增长的投资标的，从整体看，一切问题终将迎刃而解，带来不错的回报。只需少数几个成功，就能改变全局，得到很好的结果。这就是我看待和思考问题的方式。以Arcadea为例……
注：死星，the death star，是星球大战中具有强大毁灭能力的超级武器，一炮就可以消灭一个行星。
Rick: Our listeners will know Arcadea well already as we had Daniel and Paul in class a couple of months ago. So they’ve got a good foundation for their story.
Rick: 我们的听众对 Arcadea 已经相当熟悉，因为几个月前丹尼尔和保罗曾做客我们的课堂。因此，大家对他们的故事已比较了解。
注：Arcadea 是一家私募基金，专注于投资垂直软件市场（各个细分行业的软件服务）公司，规模约 5 亿美金，总部位于多伦多。该基金也是永久资本，除了投资之外，更强调赋能，帮助创始人在各个细分市场更快、更专业的开发软件，满足客户需求，实现长期增长。其投资人之一就是 Mitch。Daniel Eisen 和 Paul Yancich 是 Arcadea 的联合创始人，Daniel 2004 年本科毕业，之后做股票分析师，然后在企业的战略部门、私募基金工作，多年经验均围绕投资机构和软件企业工作经验。Paul 2010 年毕业于普林斯顿大学，然后去了花旗做股票分析师，工作经历与 Daniel 类似。
Daniel 和 Paul 在创办 Arcadea 之前，都曾就职于星座软件公司，这是一家定位与 Arcadea 一样的垂直软件市场投资公司。两人离开后分别去了软件公司和私募股权基金，后联合创立的 Arcadea，希望做一个更好的”星座”。
Mitch: What we saw in Daniel and Paul were the things that I talked about earlier, learning agility, deep domain expertise in vertical market software, young, 20- to 30-year type of duration capability, a lot of the wonderful things. And I and others have had this thesis that one of the great companies, Constellation Software could be reinvented. And we could build a better, more durable Constellation for the long term based on some themes, taking nothing away from Constellation, one of the great compounding stories of all time.
Mitch: 从丹尼尔和保罗身上，我们看到了之前提到的那些特质：快速学习能力、深厚的垂直市场软件领域专业知识、年轻、具备发展20-30年的潜力，以及其它闪光点。我和其他同仁持有这样的观点：星座软件公司这个伟大的企业值得被重构。基于一些核心原则，我们可以打造一家更强大、更长久的”星座软件公司”，这不是贬低星座软件公司，它是有史以来最成功的复利增长传奇之一。
But how do you build a better, more durable Constellation over the next 20 to 30 years? The answer is you pay a little bit more, you buy growthy VMS businesses that are mission-critical,
and you do it around platforms. In other words, can we create an aviation platform? Can we create a small fintech platform? Can we create a platform around the rail industry? Can we create a platform around agriculture?
但如何在未来 20-30 年打造一家更强大、更 长久的”新星座”？答案是：适度支付溢价， 收购高增长且具重要价值的垂直市场软 件（VMS）业务，并围绕这个行业平台进行 布局。换言之，我们能否打造一个航空领域 的平台？能否构建小型金融科技平台？能否 围绕铁路行业或农业领域搭建专业平台？
注：VMS businesses，“VMS”是 “Vertical Market Software”的缩写， 即垂直行业软件。这类企业聚焦于某一细分 行业（如医疗、教育、制造业等），针对该 行业的独特流程、合规要求和业务痛点，并 发开定制化的软件产品或服务。
How do we go put a group of businesses together that can generate synergies from one another within a platform so that not only are you buying these things at, what we call it, 3x ARR, 5x EBITDA, maybe you pay a turn more if they’re really growthy 20% type of businesses.
我们如何将一组企业整合到同一平台，产生协同效应，实现价值提升？这意味着，我们不仅仅以3倍年度经常性收入或5倍息税折旧及摊销前利润润收购这些业务，对于增长率高达20%的业务，或许我们可以多支付一倍的溢价。
注：ARR（Annual Recurring Revenue）即年度经常性收入，是衡量企业订阅制业务或重复性收入的核心指标，尤其适用于SaaS（软件即服务）、云计算、会员制等商业模式。
But if you can put them into a platform and you create a $200 million platform out of these businesses over the next decade, and you’ve done that 10 or 12 different times, and you’ve got organic growth working for you in a meaningful way versus Constellation who doesn’t really grow organically.
但如果你能将这些业务整合到一个平台中，并在未来十年内打造出一个价值2亿美元的平台，且这样的平台你能复制10-12个，实现显著的内生增长。这将与星座软件公司主要依频并购而非内生增长的模式形成鲜明对比。
They just do it through M&A, and they have a cookie-cutter approach on their margins. But if you take the longer
view and you can get organic growth and you have high gross margins to start over a 10- or 20-year journey, wow, you’ve created a turbocharged version of Constellation that will create enormous value.
它们（星座软件公司）仅通过并购实现增长，且在利润率管理上采用千篇一律的模式。如果你以更长远的视角看待问题，能实现内生增长，你就可以有更高的毛利率，开启10-20年增长之旅，那么你将打造出一个升级版的星座软件，创造巨大价值。
And what Paul and Daniel understood with the help of the Board and the help of our long-term thinking, and our strategic thinking is how to pivot from the traditional Constellation model to what I’ll call the new and improved version of what we can create that Constellation has done so well over the years. And that’s something that I think is pretty special for these guys.
在董事会的支持和我们长期主义的思考的带助下，保罗和丹尼尔领悟到如何从传统的星座软件模式转向我们所能创造的全新改良版模式（尽管星座软件多年来已做得非常出色）。我认为，这对他们而言意义非凡。
So we’re helping them with policy deployment. We’re helping them with funnel management on certain of their businesses. We’re helping them understand how to get synergies from within. We’re pushing them to pay a little bit more for a highly strategic asset that makes the whole of that platform better than the individual pieces, which is really important because you wouldn’t make that acquisition purely based on financial metrics, but if it’s going to make the whole better for the long term, damn straight, pay that extra few bucks to get it done.
因此，我们正在帮助他们做战略部署，为部分业务提供渠道管理支持，助力他们理解如何实现内部协同。我们鼓促他们为极具战略价值的资产支付高一点的溢价，这类资产能使整个平台的价值大于各部分之和，这一点至关重要。你不会单纯基于财务收益进行此类收购，但如果它能提升整个平台的长期价值，绝对应该多花些资金去完成交易。
Rick: I think for me, if I were zeroing in on a single superpower of yours, it’s bringing the seasoned operator knowledge base to various situations and then knowing how to adjust priorities based on, say, the
economic environment or based on the size of the company.
Rick: 在我看来，聚焦您的核心优势，便是将资深企业经营者的经验应用于各类场景，并懂得如何根据经济环境或公司规模等因素调整优先级。
Or based on the industry or the capabilities of the team and being able to speak into these different situations in a way that is extremely value add. And I think it’s been a lot of fun to see how you are able to shape your support based on all of those environmental conditions and how they’re coming together in a single situation.
或者根据行业特性、团队能力调整策略，并以一种可以明显提升价值的的方式针对不同情景提供建议。我想，看您如何基于所有这些环境条件调整支持的方式，以及如何将这些（企业经营的）理念和方法在具体情景中融会贯通，是一件很有意思的事。
Mitch: That’s 40 years of experience talking where you’ve seen a lot. And just to pass those judgments on to others is what I consider the real opportunity that I can contribute to helping these founders build their
businesses over the course of time.
Mitch: 这是40年阅历所凝练的洞见，我见过太多。而我认为，将这些洞察传递给他人，正是我能为助力这些创始人在漫长岁月中实现企业成长所贡献的真正价值。
We had to help Paul and Daniel unlearn, get rid of the muscle memory that they had of certain practices of Constellation. But once again, Mark Leonard at Constellation has built a phenomenal business, one of the great compounding stories of all times, but it doesn’t mean we can’t build a better version of that for the long term, and we have a clean sheet of paper.
我们需要帮助保罗和丹尼尔摆弃在星座软件公司养成的某些习惯，摆脱那些肌肉记忆。但必须再次强调，马克雷奥纳德创办的星座软件是一家非凡的企业，是有史以来最卓越的复利增长传奇之一。但这并不意味着我们无法构建一个长期更优版本，毕竟我们是一张白纸，潜力无限。
注：Mark Leonard，即马克雷奥纳，加拿大亿万富豪，是 Constellation Software Inc.（CSI）的创始人。1995年，他离开风险投资领域，用2500万美元创立了CSI。到2024年，CSI的市值达到890亿美元；
近三十年来的年回报率约 33%
What can we do that’s better than what Mark has done over the course of time? He’s gotten to the point where he’s large. And so to turn the battleship or the aircraft carrier is hard, it’s really hard for him at this stage of the game. And he’s looking at reinventing right now, I see some of the things that he’s doing and he’s trying some interesting things. We’ll see what happens. But Paul and Daniel are a little PT boat right now that can turn on the dime and they are doing it. It’s wonderful to see.
我们为何能比马克过去取得的成就做得更好？他的企业已发展到庞大的规模。如今要让这艘”战舰”或”航空母舰”转向绝非易事。在当前阶段，这对他而言实在太难。我注意到，他正尝试重新构建商业模式，进行一些有趣的探索，我们拭目以待。但保罗和丹尼尔的团队如今就像一艘 PT 快艇，能够灵活转向，且正在付诸实践。这一景象令人振奋。
We’re doing this with a few other folks. We are working with Iain and his team at Chapters on the operating prowess and strategic thinking and policy deployment and lots of
different things that are helpful to driving the business. And he’s made enormous progress in a very short period of time, but he has enormous progress to continue to make in the journey as he gets things going.
我们正与其他一些团队开展类似合作。例如，我们正与Lain和他的Chapters团队一起工作，在运营管理、战略思维、战略部署和许多有助于业务发展的方面提供支持。他在很短时间内已取得巨大进展，但随着业务的发展，未来还有更大的成就等待他去实现。
He’s going to have to bring a different type of operating efficiency to these businesses than what Constellation does if he really wants to separate over the course of time. But he’s young in his journey. He’s only a couple of years in doing what he’s doing right now. And so it will be fun to watch the next 10 years, what happens with his business.
如果Iain真想在未来脱颖而出，他必须创造有别于星座软件（Constellation）的、能提升运营效率方法。他仍处于创业初期，仅用几年时间就将事业发展到当前的状态。所以，观察未来10年他的企业将如何发展，必定很有意思。
Rick: Outside of your family. I mean, is this where you find joy, helping others build impactful companies?
Rick: 除了家庭之外，帮助他人打造有影响力的公司，是否也是您快乐的源泉？
Mitch: I do. I find it thrilling. There’s a lot of people who would like to play 18 every day when they get to retirement age. My definition of 18 every day is about 18 holes once a month, and I would rather be engaging with these young entrepreneurs, I get a lot of energy from that side of the equation in helping them and seeing them thrive over the course of time. A lot of personal enjoyment comes from that. And if we do it, the investment side just takes care of itself.
Mitch: 是的，我确实从中获得极大的快乐。许多人到了退休后希望每天都打18洞高尔夫球，但我对”18洞”的定义是每月打一次，我更愿意与这些年轻企业家交流互动，见证并帮助他们在漫长岁月中不断成长给我很多能量。这也带给我许多快乐。而且，如果我们做好这件事，投资回报自然水到某成。
Rick: One of the other elements that I
think is really important to your approach is just the way in which you generally will have a strong point of view on any situation in any one of these companies. And you have ideas, you bring ideas, suggestions to teams, but you’re always, at the same time, giving them room to maneuver and to develop their own insights or carry an idea forward.
Rick: 与您接触时，我们能感受到的另一个重要特点是：您通常对任何企业的任何情况都持有鲜明的观点，您会提出想法、向团队提供建议，但与此同时，您始终给予他们空间，让他们形成自己的见解并推进想法。
And it just hit me that really the 30 or so years of being this chief steward of Danaher with Steve, probably shaped you into this really interesting source of support for a company that was both owner-oriented and long-term oriented.
我突然意识到，您与 Steve 共同担任 Danaher 首席管理者的 30 年左右时光，或许正是塑造您的能这么好的支持一家企业发展的关键。它让您有 owner 精神和长期主义。
And yet you got comfortable not having
your hands on the steering wheel. I think of other investing models and private equity, in particular, where a lot of change and a lot of strategy happens through control rather than influence. But it does strike me that you have this combination of strong points of view and a sense for direction and yet you’re always ultimately differential to those who are in the leadership seat.
您还能从容放手，不亲自掌控方向盘。我联想到其它投资模式，尤其是私募股权领域，许多变革和战略往往通过主导变革而非施加影响来实现。但令我印象深刻的是，您有鲜明的观点与方向指引，却始终尊重创始人的决策，这种平衡的能力着实难能可贵。
Mitch: Well, running a business day-to-day is very different than what Steve and I do or what I do with my private investment activities. You find great talent with great learning agility. You help them, you kick them in the butt, if they get off the straight and narrow a little bit. You pat them on the back when they’re doing great things, but you do not get in their way of running the day-to-day of the business. That’s where the fault line starts to exist.
Mitch: 嗯，日复一日的经营一家企业与我和Steve所做的工作、我在个人投资中的工作截然不同。你要找到具备极强学习能力的优秀人才。你帮助他们，若他们稍有偏离正轨，给予提醒；当他们表现出色时，给予表扬，但绝不干预企业的日常经营，干预日常运营正是很多问题的根源所在。
If you get into the details of managing them on a day-to-day basis, then the relationship, it’s the beginning of the end, you don’t have the right person in place if you have to manage them on a day-to-day basis. You have to change it out there.
如果你介入日常管理的细节，那么这段关系便开始走向终结。如果需要每天管理他们，说明你没有选对人，必须更换人选。
Paul: How do you think about matching the characteristics you’d like to see in talent and leaders, founders with the structure of, say, a recurring revenue business, but overall, the battlefields or the secular trends that are most attractive. I think we’ve been talking about vertical market software. There’s many ways in which those all aligned. But what other big trends do you see over the next…
next 10 or 20 years that get you excited just as places to look for founders or particular businesses that might fit the mold.
Paul: 您怎样思考将理想的人才特质（如领导者、创始人的特点）与商业模式（比如订阅收入的模式）进行匹配，尤其是结合市场竞争和行业的长期趋势？之前我们一直在讨论的垂直市场软件领域，未来10-20年还有哪些让你兴奋的重要趋势，足以成为寻找创始人或企业的理想方向？
Mitch: I would say one of the great minds around this is Feroz Dewan. He sees a lot of these trends. He’s thinking about it day in and day out. Obviously, everything health care and efficiency related to health care as a secular trend that will last the rest of our lifetime. So thinking about how you make health care more efficient, thinking about how you create things that allow people to live longer, healthier, happier lives. This is a secular trend that will go on the rest of our lifetime.
Mitch: 我认为，费罗兹德万是这个领域的最伟大的专家之一。他对这些趋势有深刻洞察，日复一日的在思考这些问题。显然，医疗保健以及该行业的效率提升是一个重要的、将持续一生的趋势。所以思考如何使医疗保健更加高效，思考如何创造让人们活得更长、更健康、更幸福生活的事物。这是一个将伴随我们一生的重要趋势。
长期趋势，将贯穿我们的余生。所以，思考如何提升医疗保健行业的效率，思考如何让人们更长寿、更健康、更幸福是我们毕生的使命。
注：Feroz Dewan 费罗兹德万，是一位投资大师。他是Arena Holdings 的创始人和CEO，该公司是一家专注于投资技术驱动的、创新前沿的优秀公司的投资。他1998年毕业于普林斯顿大学，毕业后去麦肯锡工作了三年，然后转向投资领域，在创办Arena Holdings 之前在老虎基金管理股票投资12年。
Everything digital is happening in front of us. So whether it’s vertical market software or other forms of software, invested in a wonderful business called DataCore, which is vertical market software for industrial applications. Think about the chemicals industry, the food industry, anybody that’s doing bulk processing, DataCore has a terrific platform of software applications that work for those industries. So helping whether it’s health care or industrial efficiency is a great secular trend that will go the rest of our lifetimes.
一切数字化进程都在我们眼前展开，无论是垂直市场软件还是其他形式的软件。我们曾投资过一家非常出色的公司DataCore，它是面向工业应用的垂直市场软件。
投资于一家名为 DataCore 的优秀企业，其专注于工业应用的垂直市场软件。试想化工行业、食品行业等所有从事批量处理的领域，DataCore 都拥有一套卓越的软件应用平台，为这些行业提供服务。因此，无论是帮助医疗保健行业还是工业的效率提升，都是伴随我们余生的重大长期趋势。
Every customer wants you to become more important. They’d rather deal with less suppliers than more as long as you treat them fairly with innovation and price and great service. If you can accomplish those type of things, it’s wonderful, but the whole mapping of the workflow is really, really important. And understanding all the things that are near adjacencies to what your customers are doing in their own shops, whether it’s a factory or a service center, whatever the case may be.
每个客户都希望与供应商更多的合作，只要你在创新、价格和服务上公平相待，他们宁愿减少供应商数量，而非增加。若能实现这些目标，那最好不过。深度梳理客户的工作流程尤为关键，理解客户在其工厂、服务中心等场所开展的业务及其相邻的所有环节，无论具体场景是什么。
If you can become more important to your customers, then you have a much greater opportunity to expand that relationship over time.
them, you’re just going to do better. So we look at that as well. And I call that expanding into near adjacencies where there’s some synergy, it may come from the customer being there. It may come from adding products to the portfolio that drive efficiency. It could be geographic efficiency with certain of your businesses. There are all kinds of ways to look at the workflow as a whole and gain from it.
如果你能成为客户更重要的合作伙伴，你的业务自然会更出色。所以我们也关注这一点。我将其称为向具有协同效应的邻近领域拓展，这种协同可能源于己有客户的需求，可能来自通过增加产品组合以提升效率，也可能来自某些业务的地理布局优化。总之，有多种方式可以将工作流程视为一个整体进行审视，并从中获益。
Rick: What about stage of company, Mitch, I think one of the drivers of the short-termism that you referenced earlier, that’s such a problem in the investing industry, came about by the fragmentation of the GP community. And I think it was really led by the LP community, but we’ve evolved into the state of the world where 99% of all investors will have their bucket that they invest in, whether it’s seed and
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series A or only public companies in Europe or private growth companies.
Rick: 米奇，关于投资企业的某个阶段，我认为您先前提及的短期主义之所以成为投资行业的顽疾，驱动因素之一在于普通合伙人群体对投资企业的阶段有分层。这一现象由有限合伙人群体推动，最终导致如今99%的投资都局限于特定范畴的投资：无论是专注种子轮与A轮，还是仅投资欧洲上市公司，或聚焦私营成长型企业的投资。
How do you think about the stage of company you’re comfortable with? I imagine if you’re looking to make 20-plus year investments, part of this is having dexterity and learning how to hold companies and support companies through various stages, and you have a lot of experience with that.
您是否倾向于投资某个阶段的企业？我想，若要进行20年以上的长期投资，需要灵活的投资不同阶段的企业，深诺如何支持企业度过不同的发展阶段，而您在这方面经验丰富。
Mitch: Well, the earlier you can go with competence, the better because you’d like to get the companies when they’re very young or in their infancy stage. You’re dealing with venture
capital with seed rounds and Series A and even Series B type of rounds.
Mitch: 事实上，若能在企业具备核心能力的越早期介入，效果越好。因为你希望在企业尚处褪褶或萌芽期时就参与其中，这意味着需要涉足风险投资的种子轮、A 轮和 B 轮融资。
But when you find something, you want to do the seed, you want to do the A, you want to do the B, you want to do the C, you want to get access to part of the ownership of a public company. So you want rights to buy stock in the public offering. You want to take the capital at all levels, if you believe deeply in the business and just keep adding to the equation.
但当你发现真正有价值的企业，你会希望参与种子轮、A 轮、B 轮、C 轮，你希望获取上市公司的部分所有权。你会希望在公开募股的优先认购权，并在所有阶段注入资本。只要你对企业有深刻理解，就持续加码，不断深化这份投资关系。
We’ve done this now with Chapters on multiple occasions. We’re getting ready to do it again with Arcadea on another occasion, DataCore is another business I’m invested in. There’s
another chance for incremental capital to go in, and you’re doing it at higher valuations because these businesses are growing and thriving and they’re getting better at what they do.
我们已经对 Chapters 实施了这种全阶段的投资，如今正准备在 Arcadea 再次这么做。DataCore 是我投资的另一家企业，同样迎来了追加投资的机会，我们愿意在更高估值下注，因为这些企业日益发展壮大，在各自领域表现的越来越好。
But if you deeply believe in where the businesses will continue to go, to continue to get capital to work and not worry about having to pay higher prices is a wonderful thing. Everybody remembers the cheap price they got for the seed stage round, but you got to be realistic.
如果你坚信企业将持续向更高目标迈进，那么持续投入资本并坦然接受更高估值便是明智之举。人人都记得种子轮的低价，但投资必须回归现实。
Rick: Well, and this is such an important disposition just to underscore here because it’s actually the polar opposite of the average
investor is, at every next stage, generally, the temptation or the pressure is to exit, to distribute capital. You’ve made a good investment. It’s generated a reasonably strong outcome.
Rick: 这一点值得特别强调，它与普通投资者的倾向截然相反：在企业发展的每个阶段，普遍存在着资本退出或分红的诱惑或压力，毕竟你已做出一笔成功投资，并获得了相当可观的回报。
You want to put points on the board. And yet just thinking about how valuable this is, how critical this is to any business, any founder that’s really looking to build for the long term to have a capital provider that is not only open ended with their time horizon at entry.
你固然希望看到投资回报落地，但更应思考（这笔投资）有多少价值。对任何真正志在长远的企业或创始人，有一个资本方不仅在投资时对投资时间持开放态度。
But is so long as the project is continuing in a compelling way to continue to support. And all the time that is wasted on going out and trying to recruit a whole another set of
investors at a new stage. The complexity that comes with having investors that have had different entry points and have different expectations for the business and different points of view because their time horizons are different.
而且只要项目持续以良好的态势发展，就持续提供支持，这么么重要。在新阶段寻找全新的投资者完全是在浪费时间。不同阶段进入的投资者，因投资期限不同，对企业会有不同的预期与观点，进而带来一系列的复杂性。
And this seems like a really important feature. And I think the idea is to just be there from day one, structure, be supportive in helping to structure the battleship to get through anything and start that journey as early as possible. And when we talk to great GP friends of ours who may be focused more on stage-specific investing, I think most of them feel like it’s a set of handcuffs that are put on them by their LPs.
这一点实际至关重要。我认为关键在于从企业创立之初就全程陪伴，构建支持体系，助力其打造穿越周期的”战舰”，尽早开启这段旅程。当我们与专注于某一特定阶段的GP朋友交流时，他们普遍感到这是由LP施加的限制。
优秀的 GP 朋友交流时，他们大多感慨：是 LP 的要求给他们戴上了无形的枷锁。
Because take early-stage investing for an example, I mean you make 50 early-stage investments, you live with them for a few years. Who, besides that investor, is in a better position to underwrite that company at that point? You literally probably know the company better than any other investor. And yet oftentimes, you’re hamstrung from, say, bringing out the canons.
以早期投资为例，你进行 50 笔早期投资，陪伴这些企业成长数年。除了最初的投资者，还有谁更适合在这个阶段为企业提供持续支持？事实上，你对企业的了解可能远超其他任何投资者。然而，早期投资者常常受到束缚，无法动用”大炮”（集中投入大量资本）。
Mitch: Let me tell you a couple of stories here. First, did a great study that looked at PE making an initial investment in a business, selling an investment to another PE who made more money than the first PE, who sold to the third PE, who made more money than the first and the second combined.
Mitch: 我来给你讲几个故事。有一项重要
研究发现，私募股权基金 A 对某企业进行首轮投资后，将其出售给基金 B。基金 B 的收益高于基金 A；随后基金 B 又将企业出售给基金 C。基金 C 的收益超过基金 A 和基金 B 的总和。
They’ve channeled a lot of capital in and out to get their fee structures or to get to the next fund or to return capital to their investors very inefficiently. They could have held at all that time and made it all on a tax-free basis for their investors, but that’s not what the model subscribes.
他们（私募股权基金）为了收取费用、募集下一只基金或向投资者返还资本，频繁的买卖操作，效率极低。事实上，他们本可以长期持有资产，为投资者实现全周期免税收益，但现有模式并不支持这样的投资。
Another story that I just heard yesterday the investor will stay unnamed as well the business, but they sold a business for many billions of dollars to a strategic publicly traded company. 5 years earlier, and they’ve owned this investment now for 10 years, but 5 years earlier, they sold 80% of their investment to return money to their shareholders at a very nice price.
profit, still retaining 20%.
再讲一个我昨天才听说的故事（投资者与企业名称均不便透露）：某机构将旗下企业以数十亿美元的价格出售给一家上市公司。值得关注的是，他们持有这项投资至今已达10年，但早在5年前，他们就已将80%的股份出售，向股东返还资金，同时保留20%股权。
That 20% that just got sold was worth more than the 80% that they sold it for 5 years earlier. And it’s no fault of theirs. It’s what the model requires to keep the engines greased and flowing. It doesn’t mean we have to partake in that type of thing. I would rather own the whole thing and then sold for the big dollars or continue to own the business.
值得注意的是，如今卖出的这20%股份，其价值远远超过五年前出售的80%股份。这并非投资者的判断失误，而是现有投资模式为了维持运作机制被迫出售。但这并不意味着我们必须遵循这种模式，我宁愿持有全部股份直至高价出售，或者继续长期持有企业。
Rick: We earlier are talking about 100 baggers and I think it’s natural for some folks listening to say, “Oh, that’s kind of crazy talk, how many
hundred baggers are there really?” But I think the example you just provided with three private equity players, for example, where each one earns 5x their capital over the course of 25 years.
Rick: 我们之前谈到 “100 倍回报” 投 资，我想一些听众自然会说：“呃，这有点 疯狂，到底有多少真正的 100 倍回报案例 呢？” 但我认为你刚才提到的案例很能说 明问题。比如三个 PE 机构，每个人都在 25 年的时间里实现了 5 倍的资本回报。
If that original investor was able to maintain that investment rather than sell it at a 5x. That 5x theory became 25x and then another 5x became your 125x, but who’s purpose-built to be able to hold on structurally and temperamental.
如果原始投资者能够持续持有该投资，而非 在 5 倍回报时出售，那么原本的 5 倍可能演 变为 25 倍，再经一轮 5 倍增长即可达到 125 倍。但问题在于，谁能在资本结构上 具备长期持有的能力，同时在心态上耐受波 动？
Mitch: I don’t know whether we’re going to get 50 to 100 baggers on these vertical market software deals. So we’re going to get a lot of baggers
one way or the other. And we’re going to get great returns without massive amounts of risks. And if we get 1 or 2, 50 to 100 baggers in there, the whole portfolio of vertical market software is going to turn into a credible investment as a whole.
Mitch: 我不知道我们是否能在这些垂直市场软件项目中收获50到100倍回报的投资标的，但无论如何，我们都将通过某种方式获得大量高回报项目，并在不承担巨大风险的前提下实现可观收益。如果投资组合中能出现1-2个50-100倍回报的案例，整个垂直市场软件投资组合将成为一项成功的投资。
Paul: One reflection that is vital here is that we’re identifying people who are wired in this way, who want to think long term, but also who are comfortable having the vast major majority of their net worth in that company they’re building in a very illiquid way. They’re not looking for a distribution at year 5 or year 10 or year 15. If anything, by then, it’s de-risked and they want to double down what they have in it. And I just think it’s a rare situation where like, Rick, you said, matching the temperament with the structure.
Paul：至关重要的一点是，我们正在寻找这样一类人：他们天生具备长期思维特质，愿意将绝大部分净资产投入到自己创建的公司中，且不指望在第5年、第10年或第15年获得收益分配。相反，当风险降低时，他们反而希望加倍投入。正如Rick所言，这是一种罕见的性格与特质。
My guess is there are a lot of founders out there who, in theory, want this. But because they usually structure their cap table in the more typical way, that ability and that desire fades away by year 5 or 10, just because you’re pressured to have some outcomes or maybe some cash flow come out.
我想，理论上有很多创始人希望长期发展。但由于他们通常采用更传统的股权结构设计，这种能力和愿望往往在第5年或第10年逐渐消退，仅仅因为他们面临必须更快盈利或存在现金流的压力。
Rick：It’s probably to many people becoming crystal clear how this focus on secular trends becomes more and more important, the longer your time horizon is. You’re looking to just kind of quickly get in and then out of something, dress it up a little bit,
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make a little bit of money. What’s happening at the secular level is just not usually as important. But if you’re investing 10-, 20-year time horizon, you’ve got to be obsessed with this.
Rick: 对许多人而言，一个愈发清晰的事实是：投资期限越长，关注长期趋势就变得愈发重要。倘若你只求快速进出某个项目，略加包装后赚取一点短期收益，那么长期趋势无关紧要。但如果你以10-20年的时间周期做投资，就必须对这些趋势高度关注。
Everything that you’re talking about, I think that people would say are areas of great importance, impact and mission criticality, health care, everything that we’re doing together, at least in software and workflow efficiencies. These are things that help companies and help people ultimately with better, cheaper, faster outcomes. And then compare that to the evolution of Danaher, helping to realize life’s full potential and becoming a life sciences global juggernaut. Is that coincidence, this convergence?
你所谈论的一切，在人们看来都是具有重大意义、重大影响力和重大使命的领域。医疗
保健，以及我们共同关注的软件和工作流程效率的提升。这些事最终会帮助企业和个人实现更优质、更经济、更高效的产出。再与Danaher做个对比，这家公司致力于帮助人们实现生命的全部潜能，成为生命科学领域的全球巨头。这种趋同（都对社会有重大价值）是巧合吗？
I mean I think we live in a world, and we see this all the time with our students, of increasing interest in impact investing and ESG and everybody wants to make their mark as an investor with a social component, too. And yet, it seems like embedded in these businesses that you tend to that are secularly strong areas. They all have their own mission impact component to them.
我的意思是，我们生活在这样一个世界。从我们的学生身上就能看到，人们对投资的影响力、环境、社会与治理（ESG）的兴趣与日俱增，每个投资者都希望（投资的项目）创造社会价值。然而，有趣的是，在你所关注的这些拥有长期良好趋势的企业中，似乎都天然蕴含着重要使命的基因。
Mitch: They have to. They have to. I mean, Summus is obviously doing great work for people in desperate need of specialty healthcare and getting them
access to the best doctors in the country virtually within a very short period of time, in many cases, hours or a day or two for a need, whether it be for an orthopedic surgery or a cancer diagnosis or some other form of disease. For them to be able to deal with the best docs in the country, I think, is really an important thing.
Mitch: 确实如此。以 Summus 为例，这家公司正在为追切需要专科医疗的人群开展极有价值的工作，让他们在极短时间内（多数情况下仅需数小时至一两天），通过虚拟方式接触到美国国内最顶尖的医生，无论是骨科手术、癌症诊断还是其他疾病需求。我认为，让患者能够与全国最优秀的医生沟通问诊，就一件非常重要的事情。
And they did it the smart way. They built the infrastructure first. And now the challenge that Julian and his team will have is scaling the business. We’ll help with investors, bringing the right talent in that can help the businesses scale for the very needs that they have. But think about a recent at SEEN. We’re talking about the intersection of health and beauty. Who doesn’t want to look good and do it with healthy products?
而且他们采用了非常聪明的方式，先构建基础设施。现在，Julian和他的团队面临的挑战是业务规模化。我们将帮助寻找投资者，引入合适的人才，以帮助企业根据自身需求实现规模化发展。再想想最近在SEEN的案例：我们讨论健康与美容的交叉领域。谁不想使用健康的产品变得更漂亮呢？
When you have the testimonials of people that come back and say, not only does my hair look great, but you’ve solved my problem with acne. Because we know the toxicity of a lot of these shampoos seep into the pores of different people and create massive acne problems. SEEN eliminates that. And who doesn’t want to have more hair on their head. God knows, I wish I had been using SEEN earlier on, I might have a little more hair on my head than I have right now.
用户寄来表扬信，反佛说：“不仅我的头发看起来棒极了，而且你们还解决了我的��痘痘问题”。我们知道，许多洗发水的毒性会渗入毛孔，引发严重的痤疮问题，而SEEN杜绝了这一点。谁不希望头发更浓密呢？我真希望早点用上SEEN，现在头发可能还能多一点。
Paul: I’m with you, Mitch, so many of these conversations with you around
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firing bullets, but then concentrating. In our class, we’ve had a lot of folks talk about biotech and life sciences. Same thing on vertical market software. More recently, Rick and I have been concocting an idea to convene all the best thinkers on vertical market software. Down our way, we’ll throw a shameless plug out there, maybe in the November time frame near the Gulf Coast.
Paul: 我完全同意你的观点，Mitch。我们多次聊到”先试射子弹，再集中火力”的策略。在我们的课程中，我们和很多人都讨论过生物科技、生命科学，以及垂直市场软件。最近，Rick和我正筹划一个想法：召集垂直市场软件领域的顶尖思想家共聚一堂。借此机会厚着脸皮宣传一下，活动可能在11月于墨西哥湾沿岸地区举办。
I think we’ve learned this from you, Mitch, getting the best thinkers on a topic and spending most of our days in these areas and digging in is what’s going to lead to these extraordinary outcomes. It’s going to give us the confidence to double down on a number of these platforms.
我想我们从你身上学到了这一点：召集某一主题的顶尖思想家，全身心投入这些领域并深入挖掘是什么会导致这些非凡成果。这将给我们信心加倍投入这些领域并深入挖掘。
深入钻研，正是这种做法将引领我们取得非凡的成果。这会让我们有信心在一系列这样的平台上加倍投入。
And then hopefully, unearth that next layer of talent who wants to build these because they know that maybe we have, Rick and my case, a limited experience. In your case, a lot of experience, starting to work through some of these issues and areas of strategy that really are universal.
然后，(我)希望借此发掘下一代渴望创造这类平台的人才。他们明白，以Rick和我为例，我们的经验或许有限，而您拥有丰富经验，能够解决这些普遍性的战略问题。
Mitch: So think about this, too. If we have half a dozen or more shots on goal with vertical market software companies that we’re invested in, what’s going to happen here? We’re going to learn from each other and we’re going to be able to pass those judgments on. This space is big enough for everybody to play without getting anybody’s way. And if we can take those learnings and pass them on or even create a small corporate infrastructure or a learning center for better words, how is AI going to
impact these businesses?
Mitch: 不妨这样想，如果我们在垂直市场软件领域投资了6个或更多项目，会发生什么？我们将相互学习并分享洞察。这个市场足够大，足以让所有人参与其中而互不冲突。如果我们能将这些经验传承下去，甚至搭建一个小企业平台或学习中心，那么人工智能将如何影响这些企业？
Who’s doing the best thinking around that? How do we leverage all of that thinking across the portfolio of these investments we’ve made? I think that we create potentially better outcomes. So we’ve shot these bullets. We’ve now gotten the cannon out in vertical market software, and we have a fiduciary responsibility to be ahead of the curve and thinking about what can happen to these businesses that are problematic and get ahead of that curve and be the ones that reinvent rather get disrupted.
谁在这方面思考的最深入？我们如何在已投资的项目组合中充分利用这些智慧？我认为这可能创造更好的结果。我们已经发射了一些子弹，并开始在垂直市场软件领域集中投资。我们负有信托责任，必须领先于趋势，预判这些企业可能面临的问题，提前应对，成为改革者而非被颠覆者。