Framework for review · 56 live blocks · OS 20261105 · $10 million · data to 2026-11-04
審閱用框架 · 56 個活模組 · OS 20261105 · 1,000 萬美元 · 資料到 2026-11-04
DARWIN
Darwin

The world's finest companies, with Darwin standing guard.

全球最好的公司,達爾文為你守護。
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Mega assets + Macro safety system
龍頭資產 + 宏觀安全系統

Darwin owns the leaders of every industry, 101 of the world's largest companies, together with the leading industry funds, gold and US Treasuries. Back-tested on real prices from 1996 to today, it earned 19.7% a year after every fee, and its deepest fall was 8.3%.

達爾文持有每一個產業的龍頭,一共 101 家全球最大的公司,再加上各行業的龍頭基金、黃金與美國國債。以 1996 年至今的真實價格回測,扣除所有費用後每年賺 19.7%,最深只跌 8.3%。

19.7%
a year since 1996, after every fee
1996 年以來每年,扣除所有費用後
S&P 500標普 500
10.4%
Darwin達爾文
19.7%
−8.3%
the deepest fall since 1996
1996 年以來最深的一次下跌
S&P 500標普 500
−55.2%
Darwin達爾文
−8.3%
94%
of days within 5% of the high
距最高點 5% 以內的日子
S&P 500標普 500
52%
Darwin達爾文
94%
What it is它是什麼
A set of rules that holds the world's leading companies, gold and US Treasuries, and stands guard: when the market's macro-financial indicators turn bad, it holds fewer stocks and moves the money into gold and Treasury bills.一套規則:持有全球龍頭公司、黃金與美國國債,並且守護它們——市場宏觀金融指標轉壞時減少股票,把錢移到黃金與國庫券。
The record紀錄
Back-tested on real daily prices from YAHOO FINANCE BY APOLLO GLOBAL MANAGEMENT, January 2, 1996 to November 4, 2026. A $10 million account earned 19.7% a year after trading costs, every fee and the US dividend tax a non-US investor pays; its deepest fall was 8.3%. The S&P 500 (SPY, with dividends): 10.4% a year, deepest fall 55.2%.用 YAHOO FINANCE BY APOLLO GLOBAL MANAGEMENT 的真實每日價格回測,1996 年 1 月 2 日到 2026 年 11 月 4 日。1,000 萬美元的帳戶,扣除交易成本、所有費用,以及非美國投資人要繳的美國股息稅之後,每年賺 19.7%,最深只跌 8.3%。同期標普 500(SPY,含股息)每年 10.4%,最深跌 55.2%。
How it was made怎麼做出來的
The rules were chosen by testing them on this same history, so this is a back-test, not the record of a real account. The program and the data are public, and every number in this book can be recomputed (appendix A1).規則是在同一段歷史上測試後選定的,所以這是回測,不是真實帳戶的紀錄。程式與資料都公開,書裡每一個數字都能重算(附錄 A1)。
Size規模
Tested at fund sizes from $300,000 to $100 billion: bigger funds earn less, and at every size the deepest fall stayed under 10% (appendix A5).測過 30 萬美元到 1,000 億美元的基金規模:規模越大賺得越少;每一種規模,最深下跌都在一成以內(附錄 A5)。
Not a promise不是承諾
A record on past prices, not a promise: markets fall, and Darwin can fall too.這是歷史價格上的紀錄,不是承諾:市場會跌,達爾文也會跌。

S&P 500: the 500 largest US companies, the usual yardstick of the stock market. Nasdaq-100: its 100 biggest technology-led companies. Dow Jones: 30 long-established industrial leaders.

標普 500:美國最大的 500 家公司,大家用來衡量股市的標準。納斯達克 100:其中以科技為主的 100 家最大公司。道瓊:30 家歷史悠久的工業龍頭。

  1. 1You own the finest companies in the world.你擁有全球最好的公司
  2. 2Even they have hard years.它們也有難熬的年份
  3. 3Darwin stands guard.達爾文為你守護
  4. 4Your money always stays in an account in your own name.錢一直在你的名下帳戶
  5. 5Since 1996: steady growth, measured on real prices.1996 年起:穩健成長,真實價格實測
  6. 6Robust, not a matter of luck.穩健而不是碰運氣
  7. 7Add it to your portfolio and the whole gets better.放進你的投資,整體更好
  8. 8Conclusion: one picture says it all.結論:一張圖說完
AppleAAPL蘋果
MicrosoftMSFT微軟
Johnson & JohnsonJNJ嬌生
Eli LillyLLY禮來
JPMorganJPM摩根大通
BlackRockBLK貝萊德
WalmartWMT沃爾瑪
CostcoCOST好市多
Lockheed MartinLMT洛克希德馬丁
HoneywellHON漢威聯合
US TreasuriesTLT美國國債
GoldGLD黃金
Chapter I · The engines第一章 · 引擎

101 of the finest companies in the world

全球最好的 101 家公司

Darwin holds nothing exotic. It owns the companies that lead their industries, together with gold and US Treasuries.

達爾文不碰冷門的東西。它只持有各行業的龍頭公司,再加上黃金與美國國債。

I.1

What do I own?

我擁有什麼?
№ 001

Your capital is invested only in the leaders of every industry: 101 companies, plus gold and US Treasuries.

你的資金只投資在每一個產業的龍頭:101 家公司,加上黃金與美國國債。

Darwin owns 101 of the world's largest companies plus leading funds, gold and US Treasuries: 122 assets in all. Each name below is one engine; the small letters are its stock symbol.

達爾文持有 101 家全球最大的公司,加上龍頭基金、黃金與美國國債,一共 122 個資產。下面每個名字是一個引擎,右上角的小字是股票代號。

Technology everyone uses

每天都在用的科技巨頭
AppleAAPL
蘋果

iPhone, Mac and the services more than a billion people use every day.

iPhone、Mac,以及十多億人每天使用的服務。

MicrosoftMSFT
微軟

Windows, Office and the Azure cloud that runs much of the world's business.

Windows、Office,以及支撐全球企業運作的 Azure 雲端。

GoogleGOOGL
Alphabet(谷歌母公司)

Search, YouTube and Android, used by billions of people.

搜尋、YouTube 與 Android,數十億人每天使用。

Banking, payments and asset management

銀行、支付與資產管理
Berkshire HathawayBRK-B
波克夏·海瑟威(B 股)

Warren Buffett's company: insurance, railways and energy.

巴菲特的公司:保險、鐵路與能源。

JPMorgan ChaseJPM
摩根大通

America's largest bank.

美國最大的銀行。

Goldman SachsGS
高盛

One of the world's leading investment banks.

全球頂尖的投資銀行之一。

BlackRockBLK
貝萊德

The world's largest asset manager, maker of the iShares funds.

全球最大的資產管理公司,iShares 基金的發行商。

Everyday consumer brands

生活消費品牌
WalmartWMT
沃爾瑪

The world's largest retailer by sales.

營收全球最大的零售商。

CostcoCOST
好市多

Members-only warehouse stores known for value.

以物超所值著稱的會員制倉儲賣場。

McDonald'sMCD
麥當勞

More than 40,000 restaurants in more than 100 countries.

在一百多個國家有四萬多家餐廳。

Philip MorrisPM
菲利普莫里斯國際

Maker of Marlboro outside the US, now leading smoke-free products such as IQOS.

美國以外的萬寶路製造商,正帶領 IQOS 等無煙產品。

Health care and medicine

醫療與製藥
Johnson & JohnsonJNJ
嬌生

Medicines and medical devices trusted for more than a century.

一百多年來備受信賴的藥品與醫療器材。

AbbottABT
亞培

Diagnostic tests, nutrition and heart devices.

診斷檢測、營養品與心臟醫療器材。

Eli LillyLLY
禮來

Medicines for diabetes, obesity and cancer.

治療糖尿病、肥胖與癌症的藥物。

AbbVieABBV
艾伯維

Maker of Humira, Skyrizi and Rinvoq, medicines for immune diseases.

免疫疾病藥物 Humira、Skyrizi、Rinvoq 的製造商。

Industry, defense and transport

工業、國防與運輸
CaterpillarCAT
開拓重工

The leading maker of construction and mining machines.

全球領先的工程與礦業機械製造商。

John DeereDE
迪爾(強鹿)

The leading maker of farm machinery.

全球領先的農業機械製造商。

HoneywellHON
漢威聯合

Aerospace, building and industrial technology.

航太、建築與工業科技。

Lockheed MartinLMT
洛克希德馬丁

The largest defense company, maker of the F-35 fighter.

全球最大的國防公司,F-35 戰機的製造商。

Energy and power

能源與電力
ChevronCVX
雪佛龍

One of America's two largest oil companies.

美國兩大石油公司之一。

NextEra EnergyNEE
新紀元能源

The world's largest producer of wind and solar power.

全球最大的風力與太陽能發電商。

GE VernovaGEV
GE Vernova 奇異能源

Builds the gas turbines, wind turbines and grid equipment behind much of the world's electricity.

製造燃氣渦輪、風力機組與電網設備,全球大量電力靠它發出。

Safe assets: gold, Treasuries, Treasury bills

安全資產:黃金、國債與國庫券
GoldGLD
黃金

The oldest store of value; it often rises when stocks fall.

最古老的價值儲存;股票下跌時常常上漲。

US Treasuries, 20+ yearsTLT
美國 20 年以上長期國債

Loans to the US government, repaid in 20 years or more.

借給美國政府、20 年以上才到期的債券。

US Treasuries, 7–10 yearsIEF
美國 7 至 10 年中期國債

Loans to the US government, repaid in 7 to 10 years.

借給美國政府、7 至 10 年到期的債券。

US Treasury billsSGOV
美國國庫券(現金)

Treasury bills (cash): loans to the US government for three months or less.

國庫券(現金):借給美國政府三個月以內的票券。

Industry, world and bond funds

產業、全球與債券基金
Energy fundXLE
能源類股 SPDR ETF

America's largest energy companies in one fund.

美國最大的能源公司,裝進一檔基金。

Biotech fundXBI
SPDR 標普生技 ETF

America's biotech companies, large and small, in one fund.

美國大大小小的生技公司,裝進一檔基金。

Developed markets fundIEFA
iShares 歐澳遠東已開發市場 ETF

Thousands of companies in Europe, Japan, Australia and other developed markets, in one fund.

歐洲、日本、澳洲等已開發市場的數千家公司,裝進一檔基金。

Investment-grade corporate bondsLQD
iShares 投資等級公司債 ETF

Bonds of America's most creditworthy companies, in one fund.

美國信用最好的大企業發行的公司債,裝進一檔基金。

S&P 500 equal-weight fundRSP
Invesco 標普 500 等權重 ETF

All 500 companies of the S&P 500, in equal amounts.

標普 500 的 500 家公司,每家等額持有。

Emerging markets fundIEMG
iShares 新興市場 ETF

Thousands of companies in the world's fast-growing economies.

全球快速成長經濟體裡的數千家公司。

Technology everyone uses

每天都在用的科技巨頭
AppleAAPL
蘋果

iPhone, Mac and the services more than a billion people use every day.

iPhone、Mac,以及十多億人每天使用的服務。

MicrosoftMSFT
微軟

Windows, Office and the Azure cloud that runs much of the world's business.

Windows、Office,以及支撐全球企業運作的 Azure 雲端。

GoogleGOOGL
Alphabet(谷歌母公司)

Search, YouTube and Android, used by billions of people.

搜尋、YouTube 與 Android,數十億人每天使用。

Banking, payments and asset management

銀行、支付與資產管理
Berkshire HathawayBRK-B
波克夏·海瑟威(B 股)

Warren Buffett's company: insurance, railways and energy.

巴菲特的公司:保險、鐵路與能源。

JPMorgan ChaseJPM
摩根大通

America's largest bank.

美國最大的銀行。

Goldman SachsGS
高盛

One of the world's leading investment banks.

全球頂尖的投資銀行之一。

BlackRockBLK
貝萊德

The world's largest asset manager, maker of the iShares funds.

全球最大的資產管理公司,iShares 基金的發行商。

Everyday consumer brands

生活消費品牌
WalmartWMT
沃爾瑪

The world's largest retailer by sales.

營收全球最大的零售商。

CostcoCOST
好市多

Members-only warehouse stores known for value.

以物超所值著稱的會員制倉儲賣場。

McDonald'sMCD
麥當勞

More than 40,000 restaurants in more than 100 countries.

在一百多個國家有四萬多家餐廳。

Philip MorrisPM
菲利普莫里斯國際

Maker of Marlboro outside the US, now leading smoke-free products such as IQOS.

美國以外的萬寶路製造商,正帶領 IQOS 等無煙產品。

Health care and medicine

醫療與製藥
Johnson & JohnsonJNJ
嬌生

Medicines and medical devices trusted for more than a century.

一百多年來備受信賴的藥品與醫療器材。

AbbottABT
亞培

Diagnostic tests, nutrition and heart devices.

診斷檢測、營養品與心臟醫療器材。

Eli LillyLLY
禮來

Medicines for diabetes, obesity and cancer.

治療糖尿病、肥胖與癌症的藥物。

AbbVieABBV
艾伯維

Maker of Humira, Skyrizi and Rinvoq, medicines for immune diseases.

免疫疾病藥物 Humira、Skyrizi、Rinvoq 的製造商。

Industry, defense and transport

工業、國防與運輸
CaterpillarCAT
開拓重工

The leading maker of construction and mining machines.

全球領先的工程與礦業機械製造商。

John DeereDE
迪爾(強鹿)

The leading maker of farm machinery.

全球領先的農業機械製造商。

HoneywellHON
漢威聯合

Aerospace, building and industrial technology.

航太、建築與工業科技。

Lockheed MartinLMT
洛克希德馬丁

The largest defense company, maker of the F-35 fighter.

全球最大的國防公司,F-35 戰機的製造商。

Energy and power

能源與電力
ChevronCVX
雪佛龍

One of America's two largest oil companies.

美國兩大石油公司之一。

NextEra EnergyNEE
新紀元能源

The world's largest producer of wind and solar power.

全球最大的風力與太陽能發電商。

GE VernovaGEV
GE Vernova 奇異能源

Builds the gas turbines, wind turbines and grid equipment behind much of the world's electricity.

製造燃氣渦輪、風力機組與電網設備,全球大量電力靠它發出。

Safe assets: gold, Treasuries, Treasury bills

安全資產:黃金、國債與國庫券
GoldGLD
黃金

The oldest store of value; it often rises when stocks fall.

最古老的價值儲存;股票下跌時常常上漲。

US Treasuries, 20+ yearsTLT
美國 20 年以上長期國債

Loans to the US government, repaid in 20 years or more.

借給美國政府、20 年以上才到期的債券。

US Treasuries, 7–10 yearsIEF
美國 7 至 10 年中期國債

Loans to the US government, repaid in 7 to 10 years.

借給美國政府、7 至 10 年到期的債券。

US Treasury billsSGOV
美國國庫券(現金)

Treasury bills (cash): loans to the US government for three months or less.

國庫券(現金):借給美國政府三個月以內的票券。

Industry, world and bond funds

產業、全球與債券基金
Energy fundXLE
能源類股 SPDR ETF

America's largest energy companies in one fund.

美國最大的能源公司,裝進一檔基金。

Biotech fundXBI
SPDR 標普生技 ETF

America's biotech companies, large and small, in one fund.

美國大大小小的生技公司,裝進一檔基金。

Developed markets fundIEFA
iShares 歐澳遠東已開發市場 ETF

Thousands of companies in Europe, Japan, Australia and other developed markets, in one fund.

歐洲、日本、澳洲等已開發市場的數千家公司,裝進一檔基金。

Investment-grade corporate bondsLQD
iShares 投資等級公司債 ETF

Bonds of America's most creditworthy companies, in one fund.

美國信用最好的大企業發行的公司債,裝進一檔基金。

S&P 500 equal-weight fundRSP
Invesco 標普 500 等權重 ETF

All 500 companies of the S&P 500, in equal amounts.

標普 500 的 500 家公司,每家等額持有。

Emerging markets fundIEMG
iShares 新興市場 ETF

Thousands of companies in the world's fast-growing economies.

全球快速成長經濟體裡的數千家公司。

NoteUnderlying assets = the UNIVERSE table of 0_DARWIN_OS_20261105.py: 101 companies (Alphabet's two share classes counted once) and approved funds; admission = more than $100 million traded on each of the last 504 sessions; no leveraged or inverse products. The S&P 500, Nasdaq-100, Dow, silver and a world-stock fund serve only as macro-financial indicators and yardsticks; Darwin never holds them. The build checks that every company belongs to exactly one industry; every one is named in appendix A3.

附註 底層資產=0_DARWIN_OS_20261105.py 的 UNIVERSE:101 家公司(Alphabet 兩種股票算一家)與核准基金;入選=過去 504 個交易日每天成交超過 1 億美元;不收槓桿與反向產品。標普 500、納斯達克 100、道瓊、白銀與全球股票基金只當作宏觀金融指標與比較的基準,達爾文不持有。產生器檢查每一家公司剛好屬於一個產業;完整的全部底層資產在附錄 A3。

№ 002

Darwin has three parts: leading companies to grow, safe assets to hold, and a macro finance system beneath both.

達爾文分三部分:成長用的龍頭公司、穩健的安全資產,以及托在兩者底下的宏觀金融系統。

Top: what Darwin owns to grow, and what it holds to stay safe. The base is the macro finance system that sets how much goes into each.

上方是用來成長的資產,與用來保平安的資產。底下的宏觀金融系統,每天決定各放多少錢。

The 100 leading companies

百大龍頭公司

The leaders that are moving ahead. Today: 29% of the money.

正在領先的龍頭。今天:29% 的錢。

Gold, Treasuries and Treasury bills

黃金、國債、國庫券

Long and medium Treasuries, gold, Treasury bills. Today: 71% of the money.

長天期與中期國債、黃金、國庫券。今天:71% 的錢。

The macro finance system

宏觀金融系統

It reads the macro-financial indicators every day. In a storm Darwin cut stocks from 60% to 39%.

每天讀宏觀金融指標。暴風雨時,達爾文把股票從 60% 降到 39%。

No leverage. No short selling.

不槓桿,不做空。

The 100 leading companies

百大龍頭公司

The leaders that are moving ahead. Today: 29% of the money.

正在領先的龍頭。今天:29% 的錢。

Gold, Treasuries and Treasury bills

黃金、國債、國庫券

Long and medium Treasuries, gold, Treasury bills. Today: 71% of the money.

長天期與中期國債、黃金、國庫券。今天:71% 的錢。

The macro finance system

宏觀金融系統

It reads the macro-financial indicators every day. In a storm Darwin cut stocks from 60% to 39%.

每天讀宏觀金融指標。暴風雨時,達爾文把股票從 60% 降到 39%。

No leverage. No short selling.

不槓桿,不做空。

NoteGrowth = engine A (momentum among the leaders) and engine B (a defensive group); safety = long and medium Treasuries, gold and Treasury bills; protection = the macro finance system (the macro control index, DMI), the drawdown brake, the fast-fall stop and group exit. Today's shares come from the holdings on 2026-11-04 of the $10 million account.

附註 成長=引擎 A(龍頭裡的動能)與引擎 B(防守組);安全=長天期與中期國債、黃金、國庫券;守護=宏觀金融系統(宏觀調控指數 DMI)、回撤煞車、快跌停損與群組出場。今天的比例來自 2026-11-04 這個 1,000 萬美元帳戶的持倉。

I.2

Are they good engines?

它們是好引擎嗎?
№ 003

These leaders are engines of wealth: Apple has compounded 26.7% a year since 1996.

這些龍頭是創造財富的引擎:蘋果自 1996 年以來,每年複利 26.7%。

Only an industry's best reaches the world's top 100. Each line is a company's yearly growth since 1996, longest first; the S&P 500 and all assets together sit at the foot.

只有各行業最好的才進得了全球前一百大。每一條是公司自 1996 年起的每年成長,最長的排最前。

NVIDIANVDA
輝達
36.2%
AmazonAMZN
亞馬遜
30.8%
MastercardMA
萬事達卡
28.2%
AppleAAPL
蘋果
26.7%
GoogleGOOGL
Alphabet(谷歌母公司)
23.9%
ASMLASML
艾司摩爾
22.9%
VisaV
21.1%
CostcoCOST
好市多
18.9%
TSMCTSM
台積電
18.1%
MicrosoftMSFT
微軟
18.0%
Eli LillyLLY
禮來
16.4%
Home DepotHD
家得寶
14.2%
WalmartWMT
沃爾瑪
14.0%
JPMorgan ChaseJPM
摩根大通
12.9%
Johnson & JohnsonJNJ
嬌生
11.3%
Berkshire HathawayBRK-B
波克夏·海瑟威(B 股)
11.1%
ChevronCVX
雪佛龍
11.1%
McDonald'sMCD
麥當勞
10.9%
S&P 500
標普 500
10.4%
All underlying assets together
全部底層資產一起買
21.5%
NVIDIANVDA
輝達
36.2%
AmazonAMZN
亞馬遜
30.8%
MastercardMA
萬事達卡
28.2%
AppleAAPL
蘋果
26.7%
GoogleGOOGL
Alphabet(谷歌母公司)
23.9%
ASMLASML
艾司摩爾
22.9%
VisaV
21.1%
CostcoCOST
好市多
18.9%
TSMCTSM
台積電
18.1%
MicrosoftMSFT
微軟
18.0%
Eli LillyLLY
禮來
16.4%
Home DepotHD
家得寶
14.2%
WalmartWMT
沃爾瑪
14.0%
JPMorgan ChaseJPM
摩根大通
12.9%
Johnson & JohnsonJNJ
嬌生
11.3%
Berkshire HathawayBRK-B
波克夏·海瑟威(B 股)
11.1%
ChevronCVX
雪佛龍
11.1%
McDonald'sMCD
麥當勞
10.9%
S&P 500
標普 500
10.4%
All underlying assets together
全部底層資產一起買
21.5%

NoteCompound annual growth with dividends, from 1996-01-02 or the first trading day, at least five years, the OS's own metrics(). The last line holds every tradable asset in equal weight each day, with no costs or fees.

附註 含息年化複利,從 1996-01-02 或上市日起算、至少 5 年,用 OS 的 metrics()。最後一條是全部可交易資產每天等權持有,不含成本與費用。

The full BOOK

56 exhibits in eight chapters, with the advisers' appendix.