有很多数据表明，公共公司痴迷于短期绩效，这意味着他们倾向于在长期组织福祉方面选择短期利润。为什么？这很复杂，但我认为这种行为的一个主要原因之一源于他们的投资者（即金融服务业）的影响，他需要快速回报......或者他们会卖。为什么这些金融服务提供商侧重于短期回报？金融服务提供商（例如，资产经理）有，令人惊讶的是，他们自己的投资者处理（例如，养老金，主权资金，捐赠）。这些资产所有者往往要求从他们的资产管理人员返回短时间地平线......或者他们将卖出。为什么养老金和主权资金希望在透明度的长期投资者时留下短期回报？由于许多这些机构的委员会根本没有得到它 - 他们不了解成为长期投资者的好处，更重要的是，他们不相信他们的管理层和工作人员。因此，他们根据短期指标评估其管理层和员工。它不会阻止那里。 As Adam Dixon at Bristol University and Iargued in a paper back in a 2012,政策制定者也归咎于机构投资者的短期主义。亚博赞助欧冠为什么？因为它们推动了一种钝的透明度，其允许所有上述功能的功能。
In sum, the world’s “long-term investors” have, ironically, become drivers of a capitalist system that is overly focused on short-term performance. Indeed, we’ve got long-term investors taking their cues and drawing their benchmarks from a world that is already moving toward short-termism. Not good. We have to change this. Because, in my view, of the $95 trillion that the OECD says is sitting in long-term investment organizations, there’s maybe $5 trillion of it that is truly being managed in a way that can be described as “long term.”
As it turns out, there are other, much smarter people who seem to agree with this point of view.最近的一篇论文by McKinsey & Co. global managing director Dominic Barton and Canada Pension Plan Investment Board chief executive Mark Wiseman had this to say:
“Simply put, short-termism is undermining the ability of companies to invest and grow, and those missed investments, in turn, have far-reaching consequences, including slower GDP growth, higher unemployment, and lower return on investment for savers.”
和巴顿和智者继续在我看来争论：
“......前进的单一现实主义和有效的方法是改变形成我们资本主义系统基石的球员的投资策略和方法：大资产所有者。......如果采用旨在最大化长期成绩的投资策略，那么其他关键球员 - 资产管理人员，企业委员会和公司高管 - 可能会效仿。“
Barton和Wiseman然后继续向我们删除一些科学，了解多长期投资者可以延长时间视野。这是一篇好纸。去读它。
But I do think that they — and the others out there who look at these issues — could do a better job of making the benefits of long-term investing truly palatable to the investment community. In other words: It’s fine to say that companies focusing on short-term results won’t be able to make long-term investments, which in turn hinders GDP and employment. But I think we can make the case in a way that clearly resonates with institutional investors. Why bother? Because the motivation to change will first come from a recognition of the benefits of doing so. So, that’s what I’d like to do below. But before I can explain why being a truly long-term investor is awesome, let me run through what I mean by “long-term investor.”
有一定的天生特征使投资者能够长期投资者（LTE）。称之为他们的DNA，或他们的性质。然后有因素在他们的控制范围内，允许他们执行长期策略;称之为他们的成长，或他们的培养。然后有那些他们实际上与他们的性质和培育有关的事情;称之为他们的行为。
*Nature.LTI的特性相当简单。他们有超过任何或明确负债的资产。或者，他们可能有负债，但这些负债不是几十年或更长时间。因此，如果您的资本上有任何“呼叫”，则LT就意味着少量出口，而LT可以比短期投资者更具侵略性。为什么？因为他们不会被迫在不稳定的市场上销售 - 他们可以保持课程，如果他们选择。
*Nurture.LTE往往有以下内容：善政，了解投资业务;坚实的内部能力，具有优质的人力资源;合作的合作，价值亚慱体育app怎么下载创造和风险;不可用的独立;顶部口径运营，企业和投资风险管理;和复杂的投资决策过程。你得到了照片。
*行为。With the right nature and nurture in place, the ingredients are there for an investor to truly behave like an LTI. And what does this behavior look like? Well, this may include taking countercyclical positions or adopting forward-thinking environmental, social and corporate governance-related strategies and tilts. LTIs can allocate their portfolio according to secular themes that, one day, will disrupt markets, such as population aging, food security, water scarcity, climate change or even the rise of Africa. LTIs can take on strategies with deep J-curves（喜欢这些家伙）和在市场,短期投资者在校园里玩ot. This isn’t about “buying and holding” necessarily. It’s about being smart about your long-term competitive advantages and using them to maximum effect. When markets are crashing because of illiquidity, LTIs can step in and catch that falling knife (not because they think it’s right for society, and it is, but because they’re going to get compensated for doing so when markets rebound, which they usually do). LTIs can allocate into markets that might otherwise be deemed inefficient or illiquid. They can get paid for lockups. They can sell insurance. You get the picture.
Doesn’t all that sound rad? Don’t you want the ability to do these amazing things? No? Well, if the appeal of all this doesn’t immediately stand out, let me simplify it in a way that I think investors will understand: There’s simply no portfolio of assets that a short-term investor can hold that a long-term investor cannot also hold. However, there are plenty of portfolios that a long-term investor can hold that a short-term investor cannot. And that means, thanks to the power of diversification, which offers the only free lunch in investing, that being a long-term investor is undeniably better than being a short-term investor.
So, let’s get on with getting long.