2020nian6yue23ri，youshanghaibaoyejituanshujiemianxinwenzhuban、fudandaxuefanhaiguojijinrongxueyuandujiaxueshuzhichi、bosidengzhanlvehezuode【jiemianzibenluntan】yuxianshangjuban。yixincaifulianxizongcaishangxiaonvshifabiaozhuzhiyanjiang《zhuanxingqidecaifuguanli：chuangfuyidaiyuchuanchengxinqidian》，jiujiatingtouzipeizhi、caifuchuanchengyuqiyezhuanxingdenggaojingzhirenqunsuoguanxindehuatizuochufenxiang。

tazhichu，zichanpeizhishidingcengshejiyuchuanchengdeqidian，yidingyaozunxun“huangjinsanyuanze”：kuadiyuyuguobiepeizhi、kuazichanleibiepeizhiyijimujijinfensanpeizhi，yiciguibijingjizhouqibodong，youxiaofensantouzifengxian。erzaiyouxingcaifuchuanchengzhiwai，haiyingzhongshijiazujiazhiguan、jiazushengwangdengwuxingcaifudechuandi。duici，tarenweicishangongyishigaojingzhirenqunchuanchengwuxingcaifu、tishengshehuiyingxianglidezuiyouxiaofangshizhiyi。

tongguoyiqingduiqiyedailaidetiaozhanzuoweianlifenxi，tazhezhongqiangdiaoleqiyeshuzihuazhuanxingdezhongyaoxing。shixianshuzihuanenglijianshedeqiye，pubianjuyouyuanyuanbuduandeneishengqudongli，zaiweijizhongfanerkehuodebaofaxingdezengzhangjihui。ciwai，qiyehaiyingzhuzhongziyuangongxiangyuxingyezhenghe，yihuodeyingquweilaideguanjianziyuanyuzhangqihuchenghe。

以下为尚筱在【界面资本论坛】上演讲实录：

shangxiao：geweiguanzhongpengyoumendajiazaoshanghao，woshiyixincaifudeshangxiao，hengaoxingyouzheiyangdejihuiyudajiafenxiang。zaiguoqushijinianli，womenfuwuleshushiwanzhongguogaojingzhihechaogaojingzhidekehu，tamenzhong80%shizhongguodeminyingqiyejia。jintiantandaozheigehuati，woxiangjiuguoqujinianzhongwofuwudekequnchangwende“ruhetouzi”、“ruhezuohaochuancheng”、“qiyeruhezhuanxing”zheisangewenti，gendajiafenxiangyixiawodeqianjian。

xianhuidadiyigewenti，yeshisuoyourendouguanxinde：ruhezuohaotouzi。dadaoguojiadecaifu，xiaodaojiazudecaifu、jiatingdecaifu，womendoujianyi，zichanpeizhishidingcengsheji。yinweizichanpeizhijiangjiudejiushifensanfengxian，bubajidanfangzaiyigelanzilimian。womenzai2015nianjiukaishileduizheigeketideyanjiu，chenglilequanqiuzichanpeizhiweiyuanhui，qingdaoquanqiugegelingyuzhuanjiayiqitantaozheigehuati，bingzai2016nianyanjiuhuodeleyidingdechengguo，zaiwomenfabude《quanqiuzichanpeizhicelvezhiyin》li，tichule“quanqiuzichanpeizhihuangjinsanyuanze”：

原则一，跨地域国别限制。weishenmejiaokuadiyuguobieni？quanqiubutongdejingjizhuti，tadefazhansudu、jingjizhouqi、meigexingyedezengzhanghuanjing，doujuyoujidachayixing，zhiyaobawomendecaifufensantoudaozheixiebutongguojiahediqutouzidezichanlimianqu，jiuyoujihuixiangshoutamenzengzhangsuodailaidehuibao，zheiyangwomenjiubuhuitebiedanxin，dangmouyigeguojiahuozhediqufashengyixieyingxiangdaojingjifazhandezhongyaoshijianshi，huijiwomentouzidailaijudayingxiang。biruzuijindeyiqing，dajiayinggaishifeichanggantongshenshou。

原则二，要跨资产类别配置。womenbazichandaleifenweileigudingshouyi，zibenshichang、simuguquanyijishichangdetouzi，baoxianbaozhang、fangdichanjijindetouzi。meigedaleideshouyihuibaohefengxiantezhengchayishijudade，erqiewangwangzheixiezichanleibiedefengxianzhijianhaijuyoubuxiangguanxing，nenggouhenhaodiguibidiaoyixiedanyizichandefengxian。

ruguobawozichandoutoudaoleigudingshouyishibushihenanquanni？dangtonghuopengzhangyanzhongdeshihou，kenengwomenhuibaodoupaobuyingtongzhang，goumailidudoushoudaosunshi。ruguowomenbazichanguoduotouziyuerjishichang、zhengquanshichang，yehuifaxianzaibutongshijianhehuanjingxia，shichangdeqiqifufutongyangyoukenengjicaifutouzidailaihendadebodongxing。yinci，womengulikehubazijiyouxiandecaifu，jinkenengdizaigezichanleibielimianzuoyidingbilidepeizhi，congerfensanfengxian，yeyidingchengdushangnenggoubimiandanyizichandehuibaodeyingxiang，jiwomendailaicaifudesuoshui。zheiyangdehua，weilaideshinianershinian，womentongguozuohaodepeizhiduichongfengxian，suoqudezichantouzizuhedehuibaojiunenggoufeichangdewenjian。

还有很重要的原则三，就是一定要用母基金的方式去做另类投资。shouxianweishenmeyaozuolingleitouzi？lingleitouzishizhisimuguquantouzi、fangdichanjijindetouzi，haiyouyixieduichongjijindetouzi。tayuchangjiandechuantongzichanleibiebutaiyiyang，birushuosimuguquantouzi，touziqitongchangyaoshinianzuoyou，touzidaoxingyelideyixiechuangxinqiyezhongqu，tongguobangzhuqiyedechengzhang，huodeqiyechenggongtuishizhihousuohuodedehuibao。tadetedianshifengxiangao、touzihuibaoyegao，zaishinianzhinei，zijinliudongxinghenda。ruguobuzuozheiyangdetouzi，womenkenengjiushiquletouzihuodegaoehuibaodejihui，shiquletouziweilaixinjingjichengzhangjiwomendailaicaifuzengzhangdejihui。

danzheiyangdetouzifengxianhengao，gaizenmebanni？yidingyaoyongmujijindefangshifensanfengxian。mujijinjiushibatouzidaosimuguquanlingyudeqian，fensanzaibutongdesaidao，birushuozhongguojingjifazhanzuikuaidesaidaoyouyiliaojiankang、tnp、xiaofeishengji、rengongzhinengdengdengfazhanfeichangxunsudelingyu，tamendouhenxuyaosimuguquandezijin。danshiwomenruguotoudaodanyixiangmulifengxianjuda，kenengyouyixiechuangyexiangmumeiyouaoguosannianwunianshijianjiedian，qiyejiushibaile，womentouziyeshibaile。suoyiwomenyaojiangmujijinfensanzaizhongguofazhanzuikuaidesaidao，bingqiezaizheixiesaidaolimianzhaodaoyixielingxianqiyetoujinqu，huodejiayousuozhidehuibao。mujijinbunengsuibianxuan，yaoxuanzeyoutouzinengli、nenggouzhaodaoyouzhidejijinguanliren，yaonenggoubuzhuodaoyouxiuxiangmudemujijin，zheiyangwomencaikeyihuodeweilaikeyuqidehuibao。

ruguojianshouhuangjinpeizhisanyuanzedehua，woxiangdajiazaitouziguochengzhongyudaoyixiefengxianhetiaozhandoububiguofendanxin。womenzaiguoqushinianli，douhuibangzhugaojingzhikehupeizhizichanleibiezaisangeyishang，kehumendouhuodelewenjiandezichanzuhedejiazhizengzhang，suoyizuohaotouzicaishicaifuchuanchengdegenben，zuohaozichanpeizhi，caishicaifuguanlidedingcengsheji。

shuodaodiergewenti，ruhezuohaochuancheng，shouxianqingjinjidiyitiao：zhiyoubanidecaifutongguoyouxiaodezichanpeizhifensanfengxian，cainenggouzaiweilaideshinian、ershinian，huodewenjiandezengzhi，chuanchengjixiayidai。suoyizaixiangruhezuohaochuanchengzhiqian，diyijianshiyidingyaobatouzizuohao。keyikandaozaidangxia，womenmianlindeshizaigaigekaifang40duonianlai，chuangyechenggongdediyipiqiyejiayaojiangzongzhi100wanyidecaifuchuanchengjixiayidaidezhongyaoshike。xianzaimeitifeichangfada，womenjingchangkeyitingdao，youyixieqiyedezhongyaozhangmenren、guanjianjuecezheturanfashengyiwaideehao，congxiangguanxinwenkeyiguanchadao，tiqianzuohaochuanchenganpai，hewanquanmeiyouzuochuanchenganpai，duijiazu、qiyedeyingxiangshijiongranbutongde。

womenzaichuanchengzheijianshiqingshang，xiangdeshiliangjianshi，yigeshiyouxingcaifudechuancheng，yigeshiwuxingdejiazhiguan、qiyejiazuwenhuadechuancheng。guanyuwuzhicaifudechuancheng，zaizhongguodiyidaixiangdierdaichuanchengshifeichangxinxiandeshiqing，danshizaimeiguochuanchengyijingdaolesandai，zaiouzhouyijingshidiwudaixiangdiliudaichuanchengdezhuangtai。fangyanquanqiu，yijingyoufeichangchengshudefalvgongjuhefeichangfengfudeshijian，nenggouduiwomenzhongguodeqiyejiatigonghenhaodejiejianyiyi。

zaiguoqujinianlimian，womenfuwulejibaigezhongguojiazuchuanchengjihua。youyigehenshenkedetihui，jiushiyidingyaozuohaoguihua。yinweiruguotiqianzuohaoguihua，suoyounidanxindefengxian，doushikeyitongguoyouxiaoshouduan、falvgongjuquguibide。chuanchengdewentiqishifeichangfuza，yinweimeiyigezhongguojiatingdouyoubuyiyangdejiatingjiegou、buyiyangdecaifu、buyiyangdejiazuwenhua，suoyimeiyigejiatingdechuanchengfangandoushiliangshendingzhide。youdejiazutadecaifubujinjinzaijingnei，haifensanzaimeiguo、fensanzaiyazhoudeqitaguojia，caifushangdexingshiyehuiyouhendadebutong，youdeshigongsiguquan，youdeshishouzangpin，youdeshihaiwaidefangchandengdeng。danwulunduomefuza，doushiyouchengshudegongjubangzhuwomenyongjiazuxintuodefangshilaijiejuewuzhicaifudechuancheng。

qishibiwuzhichuanchenggengzhongyaodeshiwuxingcaifudechuancheng，jiushiwomenjiazujiazhiguandechuancheng，ruguonenggoubacaifujiaojiyouzeren、youdandangdexiayidai，womenjiazudecaifujiunenggoulianmianbujuechuanchengbuxi。ruguomeiyouanpaihao，caifuchuanjixiayidaishihouhuanwuqiongde。

zuijin，wogenerdaidepengyouliaotian，tayouhendadekunrao，tashuoruguofubeihenchenggong，zaigushishanglachuyigendayangxian，waijiekenenghuiqidaiwomennengxiangfubeiyiyanglachudayangxian，danshijishangwomenyoubutongdezichanleibieheshifangjiazhidebutongfangshi，danshiwomenyidinghuitongyangchuangzaojiazhi。

wohoulaigaosuta，buguanyidaihaishierdai，nimenzengzhangquxianbutong，danshinimenyouyidianshigongtongde，jiushidouxiwangjiazupinpai、jiazushengwangzaizijideshouzhongnenggouchuangzaogengdadejiazhi，zheijiushiwomendeshehuiyingxiangli。suoyiruguoxiangbajiazuyixiewuxingcaifuhuodegenghaodechuancheng，yidingyaotongguoyixieyouxiaofangshi，muqianzuiyouxiaodefangshishizuocishangongyi。2016nianwomenzuozichanpeizhijianyideshihoujiutichulai，qishimeigejiazudouyinggaibatamenkeliuzichande1%yongyugongyicishan。

xianzaigongyicishandexingshiyezaichuangxin，dajiakeyiguanzhuyixiayingxianglitouzi。yingxianglitouzidetedianshihuibaofeichangwenjian，qietadetouzifangxiangshineixienenggourangshehuigengmeihao、tuidongshehuijinbudeyixielingyu，biruzibizhengertongdejiuzhi、yanglaojigoudefuchidengdeng。zaiguoqu，zheixiezaifengxiantouzidelingyulimiankenengbushuyuhaodexiangmu，danshiruguonenggoutongguoyingxianglitouzilaibangzhudaotamen，tamentongyangnengchuangzaofeichanghaodexianjinliuhetouzihuibao，tongshiyenengrangshehuigengjiameihao。xianzaiyingxianglitouziyijingchengweicishangongyizhongyaodexingshi，yechengweijiazucaifuchuanchengdezhongjiyuanjing。

womenruguonenggourangerdaidechengzhanghecishangongyixingweitongxingdehua，jiukeyirangjiazuyouxingdecaifuweishehuichuangzaogengduojiazhi，weigengduodemoshengrendailaigaibian，rangshehuigengjiameihao。yucitongshi，womenjiazushengwangheyingxiangliyehuilianmianbuxi，zhubufahuigengdadejiazhi。suoyi，ruhechuanchenghaoyouxingcaifu，womenyouchengshudejiazuxintuobangzhudajiazuohaoguihua；erwuxingdecaifuzegengxuyaowomenquhuafeixinsi，genghaodihedajiayiqijianlijiazhiguan、yiqizuogongyi、zuocishan、zuoyingxianglitouzi。

zuihouhedajiafenxiangdisangewenti，qiyeruhezhuanxing？zhuanxingzuizhongyaodefangshijiushiyidingyaoshuzihua，shixianleshuzihuanenglijianshedeqiyedoushijuyouyuanyuanbuduanneishengdequdongli，wulunzaihezhongwaibuhuanjingdeyingxiangxia，rengranshibaofazheboboshengji。guoqujigeyuedeyiqingduiyumeigeqiyelaijiangdoushidakao，youdeqiyekaodefeichangcha，xianzaiyijingguanmenle，biruzaifugongzhihouhenduodecantingdouyijingxiaoshengniji。danshitongyangdehuanjingxia，yijingjianlishuzihuanenglideqiye，fanerjiecijihuihuodebaofaxingdezengzhang。zaizheili，wohedajiafenxiangyixiawodeyigekehudegongsi。

tashiyijiabainianshipinlaodiandeguanlizhe、zhangmenren，tamenjiadedianzaidangdiyoufeichangfeichanggaodeshengyu，meitianhezaochadeshiduanpaiduiderenluoyibujue。zaiguoqujigeyueshijianli，tamenyeyaobimenxieke，wocengjingwenguota，zheishibushiduitadeqiyeyouhendadechuangshang，danshitadedaanshifoudingde。tafeichanggaoxingdigaosuwo，zaichunjieqiantamenyijingshixianlexianshangshangcheng，suoyizaiguoqujigeyuelimian，xianshangdingdanbeizeng，wanquandixiaoletazaixianxiadesunshi，erqietaliyonglezheijigeyuedeyiqing，gaizaoletamendeshengchanxian。tahenxingfendigenwofenxiangshuo，xianzaidajiachidaodelengdongshipinjiagongdegongyishiyoujiqirenlaiwanchengde，zheigerangwofeichangjingya。zheigechenglile120niandebainianlaodian，zaizheiyangdejishufuneng、kejichuangxinxia，bengfaleyigexindeshengji，bingqiezaiyiqingzhixia，huodelehexingyexiangbifeichangbutongdezengzhang，doushiwomenqiyejiazheizhongchuangxinjingshensuodailaidejiazhi。

meiyigexingye，meigeqiyedouyouzheiyangdejihui，gendajiafenxiangyixiayixincaifudegushi。womenzaiguoqudegongzuochangjingli，doushizaixianxiahewomenkehumianduimiandejianmiangoutong，danhenkexideshi，yiqingqijianwomenmeiyoubanfazaixianxiazhanye。zaifugongdediyixingqi，yixincaifutuichulexianshangjingpinlan——tangninghuiketing。

womenjiangxianxiabutonglingyudexingyedakayaoqingdaohuiketing，zheixiedakalaiziyu5gxinjijianlingyu、yiliaojiankanglingyu，haiyouyixiexiaofeishengjidechuangxinqiyedeqiyejia，tongshiyeyoujiaoyuzhuanjia、falvzhuanjia、shuiwuzhuanjiaheyixieyonggonglaodongfafangmiandezhuanjia，tamensuofenxiangdeyixiehuati，doushiqiyejiazaiyiqingqijian，jianaozhuanxingguochengdangzhongfeichangxuyaodefuneng。zaizheiyangyixiezhibojianli，womentingdaoleshijiabindezhenzhizhuojian，womenyezaihudongqulikandaolekehuzuiguanzhudejiaodian，zheizhongzhijiedehudong，rangwomenkandaolexindeyingxiaofangshi，jio2odeyingxiaofangshi。zheijiwomenzaiguoqujigeyuedeshijianlimian，dailailekehuheyewudegaosuzengzhang。

woxianggendajiafenxiangdeqiyezhuanxingdierdian，shiyidingyaoquzuoziyuangongxiang，womenbujinjinguanzhuzijideshangxiayou，yeyaoguanzhuxingyelimian，shibushiyoukeyizhenghedeyixiejihui。birushuozaiguoqu，womenhekehudeguanxi，kenengzhishitigongfuwu，danshiweilai，womenshibushikeyihebutongdekehugongtongchuangzaoyixiexindeshangyejihuini？zaiguoqujigeyuelimian，wojiukandaolezheiyangyixiejihui，biruhenduowomendekehudouchengweilezijidelingyudexingyezhuanjia，qudelehuihuangchengjiu，bingnenggoutigongyixiechayihua、youyoushidefuwu，erbutongkehubicizhijianyoukeyihubuhefuneng，suoyiwomenbatamenyeyaoqingdaozhibojianjinxingfenxiang。

zheixieqiyejiashixinjingjidedaibiaozhe，yeshichuantongjingjizhuanxingchenggongdebangyang，erqietamenzaizheilifenxiangdeshihou，yehuiquxunzhaohezuohuoban，xunzhaotamenweilaidemubiaokequn，tamendefuwuhechanpinyijingshangxiandaoyixincaifuappzhanshi。womentongguozheizhongfangshi，bujinjinweikehutigongfuwu，yehetayiqizhaodaolexindezengzhangfangshi，chuangzaolegengduodejiazhi。woxiangzheiyangdeyixielizi，dajiadoukeyiqusikaoyixia，womentongguoshuzihuanenglidejianshe、tongguogengkaifangdexionghuaiheyanguanglaikandaihetongyejingzhengduishouzhijiandeguanxi，laikandaishangxiayouhezuohuobandeguanxi，laikandaiwomenhekehuzhijiandeguanxi，shibushikeyizhaodaoxindeshangji。

zuihou，woxianghedajiafenxianglianggeguandian：

diyigeguandian，bulangfeirenheyichangweiji，younijingqiushengdeyongqi，youzhuanweiweijidenengli。wulunnacitiaozhan，dourangwomenyuelaiyueqiangda，nenggourangwomenzhangchuxindejirou。

diergejianyi，womenneibuyouyijuhuajiaozuoqiuduanduanbude，qiuzhangzhangduanjiande。womenmeiyitiandouyaozuoxuanzeti，baizaiwomenmianqiande，yaomewangzuo，yaomewangyou。zheigeshihou，ruguoyouyigexuanzeshirangwomentouziyuweilai、jianlizhangqidenengli，nenggourangwomentongguozhangshijiandetourujianlichenghuchenghe，womenjiuyinggaixuanzeta，zhiyoutouziyuweilaizuozhangqijiazhitouzi，womencainenggouyingzaiweilai。

yishangjiushiwodefenxiang，xiwangnengduidajiayousuobangzhu，xiexiegewei！