肯·艾倫有一個最喜歡的故事：一個男人怎樣將膽怯變成了一筆小小的財富。2012年的時候，這個男人打算開一家小店進軍零售業。但一想到亞馬遜的在線商業做得越來越大，他便生怕有一天會被亞馬遜擠出這個行業。在苦思冥想了11個小時之后，他決定將自己打算拿來做種子資金的這筆錢全部用來購買亞馬遜的股票。

在當時看來，他的賭注不可謂不高，甚至有點蠻干的意思。當年的亞馬遜剛剛建立起了“什么都賣的網商”的名聲，但多年來它的利潤基本上是不存在的。（而且它還搞了個莫名其妙的副業，弄了很多倉庫來裝服務器。）另外，作為一家互聯網零售商，亞馬遜進入的行業是很多投資者避之唯恐不及的，生怕這個行業會成為第二個大泡沫或無底洞。

現在讓我們快進到2017年底。T. Rowe Price科技基金的投資經理艾倫對這位膽小的男人只剩下了佩服。過去五年，亞馬遜的股票上漲了近400%，它也是艾倫乃至整個T. Rowe Price公司持倉最多的股票——這家公司托管的資產近9500億美金。亞馬遜當年鼓搗的那個“莫名其妙的副業”也早已成了市場領先的云服務部門，且亞馬遜已經連續10個季度宣告盈利。所以很顯然，買亞馬遜的股票比自己開一家小店更賺錢。

亞馬遜股票的火箭式上漲，是科技史上最偉大的成功故事之一。但它對投資者的意義遠遠不止于此。亞馬遜已經成長為一個擁有多樣化業務的企業，可以說它的股票就是整個市場的縮影。它代表了后金融危機時代一種橫掃整個經濟的變革，它打破了所謂“科技股”和市面上其他股票的藩籬。

首先要申明的是，嚴格地說，亞馬遜并不是一只科技股，這一點可能會讓很多投資者感到驚訝。在標普500等很多股指中，它都被歸入非必需性消費品類別，也就是說，它跟耐克、迪士尼、星巴克同屬一個類別。不過如果你問了那些通過成為亞馬遜訂閱用戶而每月自動有衛生紙送到家門的人，他們或許會覺得亞馬遜更像一家必需性消費品公司。現在亞馬遜自家品牌的家用電池在網上賣得比金霸王（Duracell）還火，另外亞馬遜從全食公司（一家亞馬遜于今年夏天收購的食雜品公司）獲得的營收入也達到每年160億美元以上。另外亞馬遜旗下還有改變了流媒體視頻行業的Netflix，還有傳言稱亞馬遜打算進入藥品市場。這些讓人不禁感到，貌似沒有哪個行業是亞馬遜不能攻克的。

就在亞馬遜擴張與進化的同時，美國股市也在重構。科技公司對股市的主導力已經達到了前所未有的水平，美股的五家最有價值上市公司——蘋果、谷歌的母公司Alphabet、微軟、亞馬遜、Facebook都是清一色的科技公司。如果沒有科技行業的強力崛起，標普500指數今年也不可能強力回升19.5%，能回升到14.6%就算不錯了。雖然亞馬遜的不斷擴張讓許多投資者感到緊張，理財經理們卻認為，科技巨頭企業就是今天的藍籌股。換句話說，如果你想跑贏大盤，或至少跟上大盤，你就不能繞過這些大牌科技股。

但高盛資產管理公司的客戶投資組合管理和業務策略全球總監凱蒂·科赫也強調，投資者在選擇股票和分散投資上的思維方式也已發生了轉變。科赫還建議，“五巨頭”的股票雖然值得買入，“不過同時也要意識到他們給行業帶來了哪些顛覆性的東西，以及這會帶來哪些贏家和輸家。”顛覆是無處不在的，因為現在經濟的各個角落都充斥著各種科技公司，他們的核心任務就是做技術，而其他行業的企業也紛紛把技術變革放在自己商業模式的核心地位。

綜上所述，作為投資者來說，建立一個完全由科技股組成的投資組合，借技術創新之力實現財富快速增長，不僅是可能的，也是合理的。這就好比前些年，營養學家們把食物金字塔顛倒了過來，將“塔基”也就是我們最應該多吃的東西從碳水化合物換成了蔬菜和水果。普通投資者當前要想實現健康的增長率，其投資組合就應該以科技股為基礎，而不再是那些大銀行或大石油公司的股票。

與此同時，資產管理專家們已經減持那些受新科技影響導致利潤下降的行業。比如路佛集團（Leuthold Group）的首席投資官道格·拉姆西掌管著15億美元的客戶資產，但他并未持有任何能源、消費品、電力或電信股，然而他的投資組合有三分之一是科技股，他還在考慮繼續提高這個比例。如果你覺得這種做法是在吹泡沫，別忘了與歷史估值相比，現在的科技股還算是比較便宜的。未來12個月它的預期PE大概是19倍，只高于標普500指數4%。而在“.com”泡沫的最高峰時，科技板塊的估值曾一度超過了標普500指數121%。“這跟今天的情況完全沒有可比性。”拉姆齊說。

科技板也是分析師眼中2018年將增長最快的板塊。過去五年，T. Rowe Price公司的藍籌股增長基金的年化收益率達到了驚人的18.5%（2017年更是達到了37%），令標普500相形見絀。基金經理拉里·普利亞表示，有些十幾年前他避之唯恐不及的公司現在已經是他持有的最大資產了，比如亞馬遜、Alphabet、微軟、Facebook等等（其中Facebook雖然比前幾家公司晚了一代，但在他的投資組合中卻是第二大資產）。不過好在認購價格的增長與這些企業自身的增長基本是同步的。“很多科技公司的商業模式隨著時間的推移，變得越來越穩定和不可或缺。”

普通散戶投資者敢不敢把大部分儲蓄押在這些高增長的科技公司上？很多投資者發現，要想讓你的投資組織跑贏市場，你對“科技”的定義就不能太死。“科技并不是一個單一的行業，它的觸手早已滲透到了所有其他行業。”科赫舉例道，在零售（電商）、汽車（無人駕駛）、銀行（移動支付）、醫療（大數據基因技術）等行業，科技的影響力都是極其巨大的。換句話說，現在哪只股票不是科技股？科赫赫認為：“有一些非常非常大的超級趨勢就要發生了，但你的投資觸角要伸到純科技行業以外，甚至是美國以外，才能接觸到所有這些東西。”

有鑒于此，我們采訪了幾位頂級的理財經理，請他們幫我們建立了一個100%由科技股組成的投資組合——不過它們都是廣義上的科技股，而且仍然保持了比較廣泛的多樣性。

以下是《財富》雜志看好的股票：

4只科技公司股：

英偉達公司（Nvidia）

應用材料公司（Applied Materials）

英飛凌公司（Infineon）

思科公司（Cisco）

6只自動化和機器人概念股：

霍尼威爾公司（Honeywell）

儒博科技公司（Roper Technologies）

Fortive公司

發那科公司（Fanuc）

波音公司（Boeing）

史丹利百德公司（Stanley Black & Decker）

5只金融科技股將在2018有上佳表現：

Fiserv公司

Inernational Exchange公司

貝寶公司（PayPal）

萬事達公司（Matercard）

Visa公司

3只電子商務概念股：

Priceline公司

百勝公司（Yum Brands）

麥當勞公司（McDonald’s）

5只新興市場公司股：

阿里巴巴公司

騰訊公司

可成科技公司（Catcher Techonology）

瑞聲集團（AAC Technologies）

新東方教育科技集團

4只生物科技和醫療股：

阿里接姆制藥公司（Alnylam Pharmaceuticals）

Sage Therapeutics公司

聯合健康集團（UnitedHealth Group）

Intuitive Surgical公司

（財富中文網）

本文的另一版本以《2018投資者股票與基金指南：全科技投資組合》為題載于2017年12月15日刊的《財富》雜志。

譯者：賈政景

Ken Allen has a favorite story about a man who turned a case of cold feet into a small fortune. Back in 2012, the guy was considering going into retail and opening a store. But the prospective shopkeeper couldn’t shake the fear that Amazon, whose impact on commerce was only growing, would eventually put him out of business. At the 11th hour, he decided to take what was going to be his seed money and put it all in Amazon stock instead.

At the time, the bet seemed risky, even foolhardy. The e-commerce giant had established its reputation as the “everything store,” but its profit margins, year after year, were puny or nonexistent. (The company was also spending a lot of money on a quirky side business involving warehouses full of servers.) What’s more, as an Internet retailer, it belonged to an industry that many investors were wary of, fearing a repeat of the dotcom bust and burnout.

Fast-forward to the end of 2017, and Allen, portfolio manager of T. Rowe Price’s Science & Technology Fund, has nothing but respect for the reluctant retailer. Amazon stock has returned almost 400% over the past five years. It’s now not only Allen’s top holding, but the biggest position of T. Rowe Price as a whole, a company with almost $950 billion under management. That quirky side business? It’s now Amazon’s market-leading cloud-services division, and the company has reported profits for 10 quarters in a row. The bottom line: Owning Amazon stock has been much more lucrative than stocking shelves.

Amazon’s stratospheric rise, of course, is one of the great success stories in technology. But it also represents something broader and more important for investors. The company has expanded to encompass a diversified range of businesses that make it, in a sense, a microcosm of the market in a single stock. And it embodies the powerful wave of change that has swept the economy since the financial crisis—one that has broken down the barriers between “tech stocks” and the rest of the market.

For starters, it may come as a surprise to many investors that, technically speaking, Amazon is not a tech stock. In the S&P 500 and other indexes, it belongs to the consumer discretionary sector, for companies that make and sell nonnecessities, alongside Nike, Walt Disney, and Starbucks. On the other hand, ask anyone whose toilet paper automatically arrives via Amazon subscription, and the e-commerce company seems more like a consumer staple. Amazon’s house-brand batteries now outsell Duracell online, and the company will now get upwards of $16 billion a year in annual revenue from a grocery store—Whole Foods, which it acquired over the summer. Add to that its $16 billion-a year cloud business, its Netflix-challenging video streaming, and rumblings that it may enter the pharmacy market, and there’s a sense that there’s no industry Amazon won’t conquer.

The evolving reach of Amazon has coincided with a reconstitution of the U.S. stock market. Tech companies now dominate the market to an unprecedented extent, comprising the five most valuable companies: Apple, Google parent Alphabet, Microsoft, Amazon, and Facebook. Without the tech sector, the S&P 500 would have returned 14.6% this year through late November; instead it returned 19.5%. And while its relentless expansion has made many investors nervous, money managers argue that it’s time to accept the tech giants as the blue chips of today. In other words, if you want to have any shot of beating, or even keeping up with the market, you can’t afford to avoid them.

But Katie Koch, global head of client portfolio management and business strategy for fundamental equity at Goldman Sachs Asset Management, also highlights a paradigm shift in the way investors should think about picking stocks and about diversification itself. Own tech’s Big Five, she says, “but be cognizant of the disruption that they’re trafficking in, and how that can create other winners and losers.” That disruption is omnipresent because there are now tech companies everywhere in the economy—companies whose central missions are technology-centric, and those in other sectors that are making technical innovations central to their business models.

The upshot of all this is that it’s now possible—and maybe sensible—to build an all-tech portfolio that can tap the incredible growth that technological innovation offers, while still being diversified enough to protect investors from risk. It’s akin to that period a few years ago when dietitians inverted the food pyramid, rethinking the “base”—the foods we were supposed to eat most often—and swapping out carbs in favor of more bountiful helpings of fruit and veggies. These days, for a healthy rate of growth, tech should form the foundation of the typical investor’s portfolio, going where banks and perhaps Big Oil used to be.

At the same time, money management pros are lightening up on industries where profits have been undercut by new technologies. Doug Ramsey, who oversees $1.5 billion as chief investment officer of the Leuthold Group, holds no energy, consumer staples, utilities, or telecom stocks. But he does have about a third of his portfolio in tech, and is considering raising his allocation. If that sounds like bubble ?behavior, consider that technology is still among the cheaper sectors, relative to historical valuations. It trades at 19 times expected earnings for the next 12 months, only a 4% premium to the S&P 500. That’s compared with the height of the dotcom boom, when tech valuations were 121% above the S&P 500 average. “There’s nothing like that today,” says Ramsey.

Tech is also one of the sectors where analysts expect to see the greatest earnings growth in 2018. Larry Puglia, whose T. Rowe Price Blue Chip Growth Fund has trounced the S&P 500 with annualized returns of 18.5% over the past five years (and 37% in 2017 alone), says that some of the same companies he avoided around the turn of the millennium are now among the biggest holdings in his portfolio, including Amazon (AMZN, +0.66%), Alphabet (GOOGL, +1.20%), and Microsoft (MSFT, -0.35%). (Facebook (FB, +2.38%), which came a generation later, is his No. 2 position.) One draw for Puglia: The switch to subscription pricing that has accompanied their growth. “Many of the technology business models have become more necessary and durable over time,” adds Puglia.

Can Main Street investors responsibly bet the bulk of their savings on such high-growth technology companies? Investors are finding that a more fluid definition of that category helps when crafting a market-beating portfolio. “Tech isn’t even its own stand-alone sector, because it has tentacles into all the other industries,” says Koch, ticking off its impact in retail (e-commerce), automotive (self-driving cars), banking (mobile payments), health care (big-data genomics), and more. Put another way: What isn’t a tech stock these days? “There are going to be very, very big supertrends happening,” Koch says, “but you need to be invested well outside the tech sector to get exposure to all of this, and maybe also outside the U.S.”

With that in mind, we talked with top money managers who helped us build a portfolio that’s 100% invested in technology—defined broadly—while still broadly diversified.

A version of this article appears in the Dec. 15, 2017 issue of Fortune with the headline “Investor’s Guide 2018 Stocks and Funds: The All-Tech Portfolio.”