注释

注释

第一章　“创新型企业”与“经济护城河企业”之争

1.彭博社，2009—2018年，以相同比重对FANGs进行投资所获得的收益率。

2.PhRMA.Improving Prescription Medicine Adherence is Key to Better Health Care［EB/OL］.http://phrma-docs.phrma.org/sites/default/files/pdf/PhRMA_Improving%20Medication%20Adherence_Issue%20Brief.pdf，2011-01.

3.Peter Oppenheimer，Guillaume Jaisson.Why Technology is not a Bubble［R］.GS Research，2018.

4.Peter Oppenheimer，Guillaume Jaisson（2018）.

5.David J.Kostin，Ryan Hammond，Ben Snider，Arjun Menon，Cole Hunter.Global Macroscope：Searching for Secular Growth Stocks Around the World［R］.GS Research，2017.

6.CRISPR Market：Global Industry Analysis，Size，Share，Growth，Trends，and Forecast，2018-2025［R］.Kenneth Research，2019.

7.Anthony Bolton.Investing Against the Tide：Lessons from a Life Running Money［M］.London：Pearson，2015：137.

8.Jermy Siegel.Valuing Growth Stocks，Revisiting the Nifty Fifty［EB/OL］.https://www.aaii.com/journal/article/valuing-growth-stocksrevisiting-the-nifty-fifty，1998-10.

9.Anthony Bolton（2015）.

10.ETF于2012年4月成立后至2019年12月13日收益率比较，彭博。

第二章　对“创新型企业”的投资

1.Marc Levinson.The Box：How the Shipping Container Made the World Smaller and the World Economy Bigger［M］.New Jersey：Princeton Univ.Press，2006：1-20.

2.E.Mazareanu.Low Cost Carrier's Worldwide Seat Capacity Share from 2007 to 2017［EB/OL］.https://www.statista.com/statistics/586677/global-low-cost-carrier-market-capacity-share/，2019-10-10.

3.Fintech Takes Aim at the Steep Cost of International Money Transfers［EB/OL］.https://www.economist.com/finance-andeconomics/2019/04/11/fintech-takes-aim-at-the-steep-cost-ofinternational-money-transfers.

4.Jeff Kauflin.Here's How TransferWise Has Nearly Quadrupled Revenue in Two Years，Reaching$151 Million［EB/OL］.https://www.forbes.com/sites/jeffkauflin/2018/09/09/heres-how-transferwisehas-nearly-quadrupled-revenue-in-two-years-reaching-151-million/#9dd56342c69d，2018-09-10.

5.Katie Costello.Gartner Forecasts Worldwide Public Cloud Revenue to Grow 17.5 Percent in 2019［EB/OL］.https://www.gartner.com/en/newsroom/press-releases/2019-04-02-gartner-forecasts-worldwidepublic-cloud-revenue-to-g，2019-04-02.

6.IEX Loses a Battle but not yet the War［EB/OL］.https://www.economist.com/finance-and-economics/2019/09/28/iex-loses-a-battlebut-not-yet-the-war，2019-09-28.

7.The Advent of Helicopter-hailing Apps［EB/OL］.https://www.economist.com/business/2019/07/11/the-advent-of-helicopter-hailing-apps，2019-07-11.

8.睦大均.企业研发支出对财务基本面和股票收益的影响：基于美国、韩国和中国上市公司的研发［D］.北京：北京大学，2018.

9.Lauren Cohen，Karl Diether，Christopher Malloy.Misvaluing Innovation［EB/OL］.https://papers.ssrn.com/so13/papers.cfm？abstract_id=1785454，2012-07-14.

10.Fama-French三因子模型是1992年芝加哥大学教授尤金·法玛和达特茅斯学院的肯尼思·弗伦奇教授提出的。

11.National Center for Science and Engineering Statistics.Science and Engineering Indicators 2018［R］.National Science Foundation，2018.

12.田中道昭.亚马逊的大战略［M］.北京：人民邮电出版社，2018.

13.布拉德·斯通.一网打尽：贝佐斯与亚马逊时代［M］.北京：中信出版社，2014.(https://www.daowen.com)

14.Richard N.Foster，Sarah Kaplan.How can Corporations Make Themselves More Like the Market？An Excerpt from the Best-selling Book［EB/OL］.https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/creative-destruction.2019-07-01.

第三章　对“经济护城河企业”的投资

1.The Message from the World's Biggest and Wildest IPO［EB/OL］.https://www.economist.com/leaders/2019/10/31/the-message-fromthe-worlds-biggest-and-wildest-ipo，2019-10-31.

2.Promit Mukherjee，Alexandra Ulmer.Reliance to Sell 20%stake in Oil-to-chemicals Arm to Saudi Aramco［EB/OL］.https://www.reuters.com/article/us-reliance-stakesale-saudiaramco/reliance-to-sell-20-stake-in-oil-to-chemicals-arm-to-saudi-aramcoidUSKCN1V20FG，2019-08-12.

3.Eliot Brown，Greg Bensinger.Saudi Money Flows into Silicon Valley—and with it Qualms［EB/OL］.https://www.wsj.com/articles/saudibacklash-threatens-u-s-startups-1539707574，2018-10-16.

4.Pamela N.Danziger.3 Ways Millennials and Gen-Z Consumers Are Radically Transforming the Luxury Market［EB/OL］.https://www.forbes.com/sites/pamdanziger/2019/05/29/3-ways-millennialsand-gen-z-consumers-are-radically-transforming-the-luxurymarket/#2d0109b4479f，2019-05-29.

5.Shanhong Liu.Virtual Reality（VR）-Statistics & Facts［EB/OL］.https://www.statista.com/topics/2532/virtual-reality-vr/，2018-05-14.

6.Zvi Griliches.R & D，Patents，and Productivity［M］.Chicago：University of Chicago Press，1984：1-20.

7.Wesley M.Cohen，Richard R.Nelson，John P.Walsh.Protecting Their Intellectual Assets：Appropriability Conditions and Why US Manufacturing Firms Patent（or not）［EB/OL］.https://www.nber.org/papers/w7552，2000-02.

第四章　买入还是卖出

1.Shanle Wu，Paul Winter，Ting Gao，Wenjie Lu，Oliver Antrobus，Luke Brown，Josh Holcroft，Pieter Stoltz，David Jessop，Nick Baltas.Quantitative Monographs China Domestic Market—Alpha Opportunity for Quantitative Investor［R］.UBS，2016.

2.Myoung Cha，Bassel Rifai，Rasha Sarraf.Pharmaceutical Forecasting：Throwing Darts？［J］.Nature Reviews Drug Discovery，2013（12）：737-738.

3.Dang Le.Note from Buffet Meeting 2/15/2008［EB/OL］.http://undergroundvalue.blogspot.com/2008/02/notes-from-buffettmeeting-215200823.html，2008-02-23.

第五章　加仓还是减仓

1.Peter Oppenheimer，Sharon Bell，Guillaume Jaisson，Christian Muller-Glissmann，Ian Wright.Correction Detection［R］.GS Research，2018.

2.Peter Oppenheimer，Alain Kerneis，Sharon Coombs，Carlos Mejia，Joseph Hickey，Carmen Ng，Kirtan Pansari，Marija Savina.Share Despair［R］.GS Research，2002.

3.Tom Hancock.Momentum-A Contrarian Case for Following the Herd［EB/OL］.https://www.scribd.com/document/32599129/GMO-Momentum-A-Contrarian-Case-for-Following-the-Herd，2010-03.

4.Lance Roberts.The Myth of the“Passive Indexing”Revolution［EB/OL］.https://realinvestmentadvice.com/the-myth-of-the-passiveindexing-revolution/，2017-01-23.

第七章　全球创新领域投资者图鉴

1.肖恩·帕克于2016年成立了帕克癌症免疫疗法研究所（Parker Institute for Cancer Immunotherapy），致力于消灭癌症。

2.1000亿美元中，44%为负债，沙特阿拉伯主权财富基金和阿联酋穆巴达拉发展公司投资愿景基金时，现金出资只占一部分，其余以收购公司债方式进行，在愿景基金管理资金期间，每年收取7%的利息。

3.Buttonwood.Beneath the Dull Surface，Europe's Stockmarket is a Place of Extremes［EB/OL］.https://www.economist.com/financeand-economics/2019/05/18/beneath-the-dull-surface-europesstockmarket-is-a-place-of-extremes，2019-05-18.

4.杰·萨米特.不颠覆，就会被淘汰［M］.北京：中信出版社，2018.

第八章　全球投资霸权转移

1.ETF Assets to Hit$7.6 Trillion by 2020［EB/OL］.https://www.trackinsight.com/news/etf-assets-to-hit-7-6-trillion-by-2020/，2017-11-22.