101 of the finest companies in the world
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。
What do I own?
Your capital is invested only in the leaders of every industry: 101 companies, plus gold and US Treasuries.
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
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。
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。
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
Warren Buffett's company: insurance, railways and energy.
巴菲特的公司：保險、鐵路與能源。
America's largest bank.
美國最大的銀行。
One of the world's leading investment banks.
全球頂尖的投資銀行之一。
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
The world's largest retailer by sales.
營收全球最大的零售商。
Members-only warehouse stores known for value.
以物超所值著稱的會員制倉儲賣場。
More than 40,000 restaurants in more than 100 countries.
在一百多個國家有四萬多家餐廳。
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
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。
Diagnostic tests, nutrition and heart devices.
診斷檢測、營養品與心臟醫療器材。
Medicines for diabetes, obesity and cancer.
治療糖尿病、肥胖與癌症的藥物。
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
The leading maker of construction and mining machines.
全球領先的工程與礦業機械製造商。
The leading maker of farm machinery.
全球領先的農業機械製造商。
Aerospace, building and industrial technology.
航太、建築與工業科技。
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
One of America's two largest oil companies.
美國兩大石油公司之一。
The world's largest producer of wind and solar power.
全球最大的風力與太陽能發電商。
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
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。
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。
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。
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
America's largest energy companies in one fund.
美國最大的能源公司，裝進一檔基金。
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。
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。
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。
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。
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
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。
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。
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
Warren Buffett's company: insurance, railways and energy.
巴菲特的公司：保險、鐵路與能源。
America's largest bank.
美國最大的銀行。
One of the world's leading investment banks.
全球頂尖的投資銀行之一。
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
The world's largest retailer by sales.
營收全球最大的零售商。
Members-only warehouse stores known for value.
以物超所值著稱的會員制倉儲賣場。
More than 40,000 restaurants in more than 100 countries.
在一百多個國家有四萬多家餐廳。
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
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。
Diagnostic tests, nutrition and heart devices.
診斷檢測、營養品與心臟醫療器材。
Medicines for diabetes, obesity and cancer.
治療糖尿病、肥胖與癌症的藥物。
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
The leading maker of construction and mining machines.
全球領先的工程與礦業機械製造商。
The leading maker of farm machinery.
全球領先的農業機械製造商。
Aerospace, building and industrial technology.
航太、建築與工業科技。
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
One of America's two largest oil companies.
美國兩大石油公司之一。
The world's largest producer of wind and solar power.
全球最大的風力與太陽能發電商。
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
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。
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。
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。
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
America's largest energy companies in one fund.
美國最大的能源公司，裝進一檔基金。
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。
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。
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。
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。
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。
Darwin has three parts: leading companies to grow, safe assets to hold, and a macro finance system beneath both.
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
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
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
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
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
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
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。
Are they good engines?
These leaders are engines of wealth: Apple has compounded 26.7% a year since 1996.
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。
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。