书籍介绍
翻开这本书，读者最先感受到的往往不是顿悟，而是一种奇异的熟悉感——它反复诉说的，不过是“别亏钱”“合理价格买优质企业”“买了就拿着”这类老生常谈。争议也正源于此：有人嫌它缺乏创新，不过是给巴菲特穿上“达尔文”的外衣；也有人偏爱这份坦诚生动。真正值得玩味的，是作者如何把进化生物学的视角，转化为一种可操作的“生存者逻辑”：第一步永远是规避风险、学会拒绝，把活下去置于盈利之前；随后以已动用资本回报率和长期真实利润率筛选企业，再靠耐心坐等复利。它适合那些已被各种“投资革命”劝退、却仍想在常识中找回纪律的读者——前提是你清楚，这本书卖的是思维方式，而非新技法。
作者简介
普拉克·普拉萨德（Pulak Prasad）
新加坡那烂陀资本（Nalanda Capital）创始人，此前曾在麦肯锡任职，并担任过华平投资（Warburg Pincus）的印度联席主管。他于2007年创立那烂陀资本，专注投资印度上市公司，管理资金规模约50亿美元，自成立以来实现了近20%的年化回报率。
普拉萨德对进化论深感兴趣，他将达尔文的理念融入投资，并通过致股东信及新书《我从达尔文那里学到的投资知识》分享其独到见解，展现出对投资实践和思想的深刻洞察力与卓越才华。
AI导读
核心看点
- 借达尔文进化论阐释投资哲学，强调生存与稳健。
- 主张做懒惰的买卖家，长期持有高质量企业。
- 通过ROCE筛选，重视诚实信号，规避高风险。
读者共识
- 文笔生动有趣，但核心观点多为价值投资常识。
- 进化论包装略显牵强，被部分读者视为营销噱头。
- 适合新手入门，老手可能觉得边际效用递减。
精彩摘录
- "I claimed that Costco at an operating margin of 3 percent is a better business than Tiffany at 19 percent. If we limit our definition of “better” to the level of ROCE, then I was right. This is because Costco’s average ROCE from 2014 to 2019 (pre-pandemic) was 22 percent compared to Tiffany’s 16 per"
- "那烂陀注意到，一些传统行业（如油漆、服装、发动机、涡轮机、汽车）的趋同程度会比较大，而新兴行亚（如虚拟现实、机器人、电动车、生物技术）的趋同程度则相对较小。只有在各个企业获得足够的时间来规划和实施其战略方针之后，在赢家和输家已经（基本上）决定之后，在行业变化的速度已经下降之后，各行各业的发展才会向类似的命运靠拢，因此，如果那烂陀正在探讨是否应该买入德国一家涂料公司的股票，那么研究西方世界的涂料行业会有帮助。但如果我们是在2000年以美国的电子商务行业为参考依据，来判晰是否应该投资中国的网络零售商，这可能就有点不太合适了。"
- "Let’s take an example of investing in the infrastructure and real estate sectors. In India, these two industries are highly regulated, involve a lot of cash transactions, and require a plethora of approvals; hence, over the years, they have attracted a set of entrepreneurs who can successfully “mana"
- "The ensuing value destruction assumed epic proportions. Two of the affected infrastructure businesses were Reliance Power and Jaiprakash Power Ventures, whose market values were $29 billion and $23 billion, respectively, in early 2008. Each was valued at less than $700 million at the end of 2021, a "
- "Since great businesses remain great for an eternity, everyone knows about them. Investors bid their prices up, and rightly so. The ten-year average price/earnings (PE) multiples of some of the leading consumer businesses in India are astronomical. For example, Asian Paints, 56; Colgate India, 43; Da"
- "My intention here was to demonstrate directionally that great businesses remain great much longer than we think. The probability that a not-so-great business becomes excellent over time is infinitesimal."
- "Investing is a unique profession in which inactivity can be hugely rewarding."
- "在1270%的涨幅中，有90%是在短短35天内实现的，而这35天仅占那烂陀持有哈维尔斯公司股票的总交易天数的1.3%。"
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