{"id":24098,"date":"2022-12-17T23:56:00","date_gmt":"2022-12-17T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=24098"},"modified":"2026-03-21T12:15:16","modified_gmt":"2026-03-21T04:15:16","slug":"%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/","title":{"rendered":"\u300a\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09\u300b"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%9B%B8%E7%B1%8D%E9%87%8D%E9%BB%9E%E4%BB%8B%E7%B4%B9\" >\u66f8\u7c4d\u91cd\u9ede\u4ecb\u7d39<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%9C%AC%E6%9B%B8%E7%9A%84%E5%83%B9%E5%80%BC\" >\u672c\u66f8\u7684\u50f9\u503c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%9C%AC%E6%9B%B8%E7%9A%84%E4%BD%9C%E8%80%85\" >\u672c\u66f8\u7684\u4f5c\u8005<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E9%80%99%E4%BA%9B%E8%82%A1%E6%9D%B1%E4%BF%A1%E7%9A%84%E5%85%B1%E9%80%9A%E9%87%8D%E9%BB%9E\" >\u9019\u4e9b\u80a1\u6771\u4fe1\u7684\u5171\u901a\u91cd\u9ede<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E8%B3%87%E6%9C%AC%E9%85%8D%E7%BD%AE\" >\u8cc7\u672c\u914d\u7f6e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E9%95%B7%E6%9C%9F%E5%83%B9%E5%80%BC\" >\u9577\u671f\u50f9\u503c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E8%82%A1%E5%83%B9%E8%A1%A8%E7%8F%BE%E9%83%BD%E5%BE%88%E9%A9%9A%E4%BA%BA\" >\u80a1\u50f9\u8868\u73fe\u90fd\u5f88\u9a5a\u4eba<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%9C%89%E9%82%A3%E4%BA%9B%E8%91%97%E5%90%8D%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\" >\u6709\u90a3\u4e9b\u8457\u540d\u7684\u80a1\u6771\u4fe1<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E8%8F%AF%E5%80%AB%EF%BC%8E%E5%B7%B4%E8%8F%B2%E7%89%B9\" >\u83ef\u502b\uff0e\u5df4\u83f2\u7279<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E7%BE%85%E8%B2%9D%E6%89%98%EF%BC%8E%E5%8F%A4%E8%8C%B2%E7%B6%AD%E5%A1%94\" >\u7f85\u8c9d\u6258\uff0e\u53e4\u8332\u7dad\u5854<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%99%AE%E9%9B%B7%E5%A7%86%EF%BC%8E%E7%93%A6%E8%96%A9\" >\u666e\u96f7\u59c6\uff0e\u74e6\u85a9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E4%BC%8A%E6%81%A9%EF%BC%8E%E5%BA%B7%E6%98%8E%E3%80%81%E5%96%AC%E4%BC%8A%EF%BC%8E%E5%8F%B2%E5%9D%A6%E4%BC%AF%E3%80%81%E6%9D%8E%E5%AF%9F%EF%BC%8E%E9%9F%93%E5%BE%B7%E5%8B%92%E8%88%87%E5%B8%83%E8%90%8A%E6%81%A9%EF%BC%8E%E5%AF%8C%E5%88%A9%E6%9B%BC\" >\u4f0a\u6069\uff0e\u5eb7\u660e\u3001\u55ac\u4f0a\uff0e\u53f2\u5766\u4f2f\u3001\u674e\u5bdf\uff0e\u97d3\u5fb7\u52d2\u8207\u5e03\u840a\u6069\uff0e\u5bcc\u5229\u66fc<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%94%90%E8%AB%BE%EF%BC%8E%E8%91%9B%E8%98%AD%E5%A7%86%E8%88%87%E6%8F%90%E5%A7%86%EF%BC%8E%E6%AD%90%E5%A4%8F%E7%B4%8D%E8%A5%BF\" >\u5510\u8afe\uff0e\u845b\u862d\u59c6\u8207\u63d0\u59c6\uff0e\u6b50\u590f\u7d0d\u897f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%82%91%E5%A4%AB%EF%BC%8E%E8%B2%9D%E4%BD%90%E6%96%AF\" >\u5091\u592b\uff0e\u8c9d\u4f50\u65af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%8F%B2%E8%92%82%E5%A4%AB%EF%BC%8E%E9%A6%AC%E5%85%8B%E7%88%BE%E8%88%87%E6%B9%AF%E5%A7%86%EF%BC%8E%E8%93%8B%E7%B4%8D\" >\u53f2\u8482\u592b\uff0e\u99ac\u514b\u723e\u8207\u6e6f\u59c6\uff0e\u84cb\u7d0d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E6%9F%A5%E7%88%BE%E6%96%AF%EF%BC%8E%E6%B3%95%E6%AF%94%E5%BA%B7\" >\u67e5\u723e\u65af\uff0e\u6cd5\u6bd4\u5eb7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%B8%83%E9%9B%B7%E7%89%B9%EF%BC%8E%E7%BE%85%E4%BC%AF%E8%8C%B2\" >\u5e03\u96f7\u7279\uff0e\u7f85\u4f2f\u8332<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E8%B3%B4%E5%88%A9%EF%BC%8E%E4%BD%A9%E5%90%89%E8%88%87%E8%AC%9D%E7%88%BE%E8%93%8B%EF%BC%8E%E5%B8%83%E6%9E%97\" >\u8cf4\u5229\uff0e\u4f69\u5409\u8207\u8b1d\u723e\u84cb\uff0e\u5e03\u6797<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%96%AC%EF%BC%8E%E6%9B%BC%E8%98%87%E6%89%98%E8%88%87%E5%BA%B7%E7%B4%8D%EF%BC%8E%E5%8D%A1%E5%B8%83\" >\u55ac\uff0e\u66fc\u8607\u6258\u8207\u5eb7\u7d0d\uff0e\u5361\u5e03<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E9%A6%AC%E5%85%8B%EF%BC%8E%E6%9D%8E%E5%A5%A7%E7%B4%8D%E5%BE%B7\" >\u99ac\u514b\uff0e\u674e\u5967\u7d0d\u5fb7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E7%9B%A7%E8%8B%B1%E5%BE%B7\" >\u76e7\u82f1\u5fb7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%A8%81%E6%96%AF%E9%A0%93%EF%BC%8E%E5%B8%8C%E5%85%8B%E6%96%AF\" >\u5a01\u65af\u9813\uff0e\u5e0c\u514b\u65af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%90%89%E5%A6%AE%EF%BC%8E%E7%BE%85%E7%BE%8E%E8%92%82\" >\u5409\u59ae\uff0e\u7f85\u7f8e\u8482<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E7%BE%85%E4%BC%AF%EF%BC%8E%E9%87%91%E6%81%A9\" >\u7f85\u4f2f\uff0e\u91d1\u6069<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E5%80%BC%E5%BE%97%E7%A0%94%E7%A9%B6%E7%9A%84%E5%85%AC%E5%8F%B8\" >\u503c\u5f97\u7814\u7a76\u7684\u516c\u53f8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9B%B8%E7%B1%8D%E9%87%8D%E9%BB%9E%E4%BB%8B%E7%B4%B9\"><\/span>\u66f8\u7c4d\u91cd\u9ede\u4ecb\u7d39<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%9C%AC%E6%9B%B8%E7%9A%84%E5%83%B9%E5%80%BC\"><\/span><strong>\u672c\u66f8\u7684\u50f9\u503c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u770b\u904e\u300a\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09\u300b\u9019\u672c\u66f8\u5f8c\uff0c\u4ee4\u6211\u60f3\u8d77\u6211\u66fe\u5728\u672c\u90e8\u843d\u683c\u4ecb\u7d39\u904e\u7684\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b\u3002\u9019\u5169\u672c\u66f8\u5f88\u5f88\u591a\u5171\u540c\u9ede\uff0c\u53ea\u4e0d\u904e\u672c\u66f8\u662f\u4ee5\u80a1\u6771\u4fe1\u7684\u89d2\u5ea6\u51fa\u767c\uff0c\u800c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b\u662f\u4ee5\u4f01\u696d\u7684\u7d93\u71df\u8005\u70ba\u91cd\u9ede\u3002<\/p>\n\n\n\n<p>\u672c\u66f8\u552f\u4e00\u7684\u53ef\u60dc\u8655\u662f\u4e0d\u5920\u6df1\u5165\uff0c\u4f46\u9019\u9ede\u60c5\u6709\u53ef\u539f\uff0c\u56e0\u70ba\u5728\u4e00\u672c\u66f8\u4e2d\u5c31\u4ecb\u7d39\u4e8616\u4f4d\u57f7\u884c\u9577\u7684\u80a1\u6771\u4fe1\uff0c\u6578\u76ee\u5be6\u5728\u592a\u591a\uff0c\u800c\u4e14\u6bcf\u4e00\u5bb6\u90fd\u662f\u5f88\u77e5\u540d\u7684\u91cd\u91cf\u7d1a\u4f01\u696d\uff0c\u4e0d\u53ef\u80fd\u904e\u65bc\u6df1\u5165\u3002\u4f5c\u8005\u5176\u5be6\u5df2\u5584\u76e1\u8cac\u4efb\u3002\u6211\u500b\u4eba\u8a8d\u70ba\u6295\u8cc7\u4eba\u53ef\u4ee5\u5728\u770b\u904e\u672c\u66f8\u5f8c\uff0c\u76f4\u63a5\u518d\u53bb\u627e\u60a8\u6709\u8208\u8da3\u7684\u4f01\u696d\u7684\u76f8\u95dc\u66f8\u7c4d\u6216\u53bb\u76f4\u63a5\u4e0b\u8f09\u9019\u5bb6\u516c\u53f8\u7684\u82f1\u6587\u80a1\u6771\u4fe1\u4f86\u7814\u7a76\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%AC%E6%9B%B8%E7%9A%84%E4%BD%9C%E8%80%85\"><\/span>\u672c\u66f8\u7684\u4f5c\u8005<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u672c\u66f8\u7684\u4f5c\u8005\u662f\u52de\u502b\u65af\u2027\u5eb7\u5be7\u6f22\uff08Lawrence A. Cunningham\uff09\uff0c\u4ed6\u5beb\u904e\u591a\u672c\u95dc\u65bc\u5df4\u83f2\u7279\u7684\u8457\u540d\u66f8\u7c4d\uff0c\u5176\u4e2d\u4e00\u672c\u6700\u6709\u540d\u7684\u66f8\u300a<a href=\"http:\/\/The Essays of Warren Buffett\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u5beb\u7d66\u80a1\u6771\u7684\u4fe1\uff08The Essays of Warren Buffett\uff09<\/a>\u300b\u66f4\u662f\u60f3\u8981\u8a8d\u8b58\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u54f2\u5b78\u7684\u6295\u8cc7\u4eba\u5fc5\u8b80\u7684\u7d93\u5178\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%99%E4%BA%9B%E8%82%A1%E6%9D%B1%E4%BF%A1%E7%9A%84%E5%85%B1%E9%80%9A%E9%87%8D%E9%BB%9E\"><\/span>\u9019\u4e9b\u80a1\u6771\u4fe1\u7684\u5171\u901a\u91cd\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u96d6\u7136\u4f5c\u8005\u5728\u66f8\u7684\u4e00\u958b\u59cb\u5c31\u9ede\u51fa\u4e86\u4e00\u4e9b\uff0c\u4f46\u6211\u4e0d\u60f3\u7167\u7ae0\u5168\u6284\u4f5c\u8005\u7684\u770b\u6cd5\u3002<\/p>\n\n\n\n<p>\u9019\u672c\u66f8\u4e2d\u7684\u57f7\u884c\u9577\u5011\u7684\u80a1\u6771\u4fe1\u6709\u8a31\u591a\u5171\u901a\u9ede\uff0c\u9019\u7576\u7136\u4e0d\u662f\u5de7\u5408\u3002\u9019\u4e9b\u57f7\u884c\u9577\u5728\u80a1\u6771\u4fe1\u88e1\u7684\u91cd\u9ede\uff0c\u5176\u5be6\u8ac7\u7684\u90fd\u662f\u540c\u6a23\u7684\u5e7e\u4ef6\u4e8b\u3002\u6211\u8a8d\u70ba\u9019\u662f\u672c\u66f8\u7684\u7cbe\u83ef\u6240\u5728\uff0c\u6295\u8cc7\u4eba\u8981\u7279\u5225\u7559\u610f\u9019\u4e9b\u5730\u65b9\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E9%85%8D%E7%BD%AE\"><\/span>\u8cc7\u672c\u914d\u7f6e<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u6211\u5728\u6211\u7684\u65b0\u66f8<span style=\"font-size: revert;\"><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noopener\">10\u500d\u80a1\u6cd5\u5247<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/span>\u7684\u7b2c\u516d\u7ae0\u88e1\u9762\uff0c\u82b1\u4e86\u5f88\u591a\u7bc7\u5e45\u8a0e\u8ad6\u904e\u9019\u500b\u90e8\u4efd\uff0c\u6709\u8208\u8da3\u7684\u6295\u8cc7\u4eba\u53ef\u4ee5\u53c3\u8003\u6211\u66f8\u4e2d\u7684\u5167\u5bb9\u3002<\/p>\n\n\n\n<p>\u8cc7\u672c\u914d\u7f6e\u662f\u5e74\u8f15\u7684\u6295\u8cc7\u4eba\uff0c\u77ed\u7dda\u6295\u8cc7\u4eba\uff0c\u6216\u662f\u4e00\u822c\u6295\u8cc7\u4eba\u4e0d\u662f\u5f88\u719f\u8b58\u7684\u4e3b\u984c\uff0c\u4f46\u537b\u662f\u5f71\u97ff\u4f01\u696d\u9577\u671f\u5060\u503c\u548c\u80a1\u50f9\u8868\u73fe\u7684\u91cd\u8981\u56e0\u7d20\u3002\u60a8\u5982\u679c\u771f\u7684\u4e0d\u662f\u5f88\u6e05\u695a\uff0c\u8acb\u52d9\u5fc5\u8981\u82b1\u6642\u9593\u53bb\u66b8\u89e3\u8cc7\u672c\u914d\u7f6e\u5305\u62ec\u90a3\u4e9b\uff0c\u4ee5\u53ca\u70ba\u4f55\u5982\u6b64\u5730\u91cd\u8981\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%95%B7%E6%9C%9F%E5%83%B9%E5%80%BC\"><\/span><strong>\u9577\u671f<\/strong>\u50f9\u503c<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u9019\u4e9b\u4f01\u696d\u548c\u57f7\u884c\u9577\u4e4b\u6240\u4ee5\u80fd\u6210\u529f\uff0c\u4e3b\u8981\u7684\u539f\u56e0\uff08\u6c92\u6709\u4e4b\u4e00\uff09\u5c31\u662f\u4ed6\u5011\u5f37\u8abf\u7684\u53ea\u6709\u4e00\u4ef6\u4e8b\u2500\u2500\u2500\u2500\u95dc\u6ce8\u4f01\u696d\u7684\u662f\u4ee5\u4e0b\u4e09\u4ef6\u4e8b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9577\u671f\u50f9\u503c\uff0c\u5ffd\u7565\u77ed\u671f\u76ee\u6a19<\/li>\n\n\n\n<li>\u5c0b\u6c42\u4f01\u696d\u5167\u5728\u50f9\u503c\u7684\u6700\u5927\u5316<\/li>\n\n\n\n<li>\u70ba\u80a1\u6771\u5275\u9020\u6700\u5927\u7684\u5229\u76ca<\/li>\n<\/ul>\n\n\n\n<p><strong>\u5982\u679c\u60a8\u771f\u7684\u5f88\u96e3\u8a8d\u540c\u9577\u671f\u6295\u8cc7\uff0c\u90a3\u60a8\u5728\u80a1\u5e02\u8981\u8cfa\u4e0a\u5927\u9322\u7684\u53ef\u80fd\u6027\uff0c\u53ef\u4ee5\u8aaa\u662f\u5fae\u4e4e\u5176\u5fae<\/strong>\u3002\u60a8\u6703\u53cd\u99c1\u70ba\u4ec0\u9ebc\uff1f\u9019\u672c\u66f8\u7684\u8457\u540d\u4f01\u696d\u90fd\u662f\u5be6\u8b49\u554a\uff01<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E5%83%B9%E8%A1%A8%E7%8F%BE%E9%83%BD%E5%BE%88%E9%A9%9A%E4%BA%BA\"><\/span>\u80a1\u50f9\u8868\u73fe\u90fd\u5f88\u9a5a\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u4f46\u8aaa\u6bd4\u505a\u5bb9\u6613\uff0c\u4ed6\u5011\u90fd\u4ee5\u5be6\u969b\u7684\u6210\u7e3e\u8b49\u660e\uff0c\u9019\u4e9b\u76f8\u95dc\u4f01\u696d\u7684\u9577\u671f\u80a1\u50f9\u5831\u916c\u90fd\u6975\u70ba\u9a5a\u4eba\uff0c\u6700\u56f0\u96e3\u7684\u662f\u6240\u6709\u88ab\u63d0\u53ca\u7684\u4f01\u696d\u7684\u8a0e\u8ad6\u548c\u7e3e\u6548\u8861\u91cf\u7684\u6642\u9593\u8de8\u5ea6\u90fd\u662f\u4ee5\u4e8c\u5341\u5e74\u70ba\u6700\u4f4e\u6a19\u6e96\u3002\u9019\u4e5f\u662f\u6211\u5c0d\u4ed6\u5011\u6709\u8208\u8da3\u7684\u6700\u5927\u539f\u56e0\u3002\u6211\u5728\u4e0b\u9762\u6703\u5217\u51fa\u9019\u4e9b\u4f01\u696d\u7684\u904e\u53bb20\u5e74\u7684\u5e74\u5316\u5831\u916c\u7387\uff0c\u4f86\u505a\u70ba\u4f50\u8b49\uff0c\u56e0\u70ba\u4e00\u5982\u6211\u4e4b\u524d\u7684\u6587\u7ae0\u88e1\u6240\u63d0\u7684\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/18\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09<\/a>\u300b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%89%E9%82%A3%E4%BA%9B%E8%91%97%E5%90%8D%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\"><\/span>\u6709\u90a3\u4e9b\u8457\u540d\u7684\u80a1\u6771\u4fe1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7531\u65bc\u672c\u66f8\u8a0e\u8ad6\u4e8616\u4f4d\u57f7\u884c\u9577\u7684\u80a1\u6771\u4fe1\uff0c\u4f46\u6211\u4e0d\u6253\u7b97\u4e00\u4e00\u8a0e\u8ad6\u3002\u672c\u66f8\u6240\u5217\u7684\u4f01\u696d\u7684\u57f7\u884c\u9577\u5011\u7684\u80a1\u6771\u4fe1\u7684\u6e05\u55ae\u5982\u4e0b\uff0c\u6211\u5728\u4f01\u696d\u4e2d\u6587\u540d\u5f8c\u70ba\u5404\u4f4d\u52a0\u4e0a\u7f8e\u80a1\u4ee3\u78bc\uff0c\u8a72\u4f01\u696d\u904e\u53bb\u9577\u671f\u7684\u5e74\u5316\u5831\u916c\u7387\uff08\u4ee5\u66f8\u4e2d\u6240\u63d0\u6578\u5b57\u70ba\u4e3b\uff09\uff0c\u4ee5\u53ca\u672c\u90e8\u843d\u683c\u4ecb\u7d39\u9019\u5bb6\u4f01\u696d\u6216\u8a72\u57f7\u884c\u9577\u7684\u4e00\u4e9b\u4e3b\u8981\u6587\u7ae0\uff0c\u4f9b\u5927\u5bb6\u53c3\u8003\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%8F%AF%E5%80%AB%EF%BC%8E%E5%B7%B4%E8%8F%B2%E7%89%B9\"><\/span>\u83ef\u502b\uff0e\u5df4\u83f2\u7279<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6ce2\u514b\u590f\u6d77\u745f\u5a01\uff08Berkshire Hathaway\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\uff0cBRK.B\uff09<\/li>\n\n\n\n<li>1964\u5e74-2018\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u738720.5%<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\" data-type=\"URL\" data-id=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b\uff0c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/27\/%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%8C%81%E8%82%A1%E7%9A%84%E5%85%B1%E5%90%8C%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u6301\u80a1\u76843\u5927\u5171\u540c\u6027-\u4fbf\u5b9c\u3001\u56fa\u5b9a\u914d\u606f\u3001\u5eab\u85cf\u80a1<\/a>\u300b\u548c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%ef%bc%88warren-buffetts-ground-rules%ef%bc%89\/\" data-type=\"URL\" data-id=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%ef%bc%88warren-buffetts-ground-rules%ef%bc%89\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u539f\u5247\uff08Warren Buffett\u2019s Ground Rules\uff09<\/a>\u300b\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%85%E8%B2%9D%E6%89%98%EF%BC%8E%E5%8F%A4%E8%8C%B2%E7%B6%AD%E5%A1%94\"><\/span>\u7f85\u8c9d\u6258\uff0e\u53e4\u8332\u7dad\u5854<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u53ef\u53e3\u53ef\u6a02\uff08Coca-Cola Co\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aKO\uff09<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/02\/%E5%8F%AF%E5%8F%A3%E5%8F%AF%E6%A8%82%E8%BF%91%E5%8D%81%E5%B9%B4%E8%A1%A8%E7%8F%BE%E4%B8%8D%E5%8F%AA%E4%B8%8D%E5%A6%82%E7%99%BE%E4%BA%8B%E5%8F%AF%E6%A8%82%EF%BC%8C%E8%80%8C%E4%B8%94%E5%AF%A6%E8%B3%AA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u53ef\u53e3\u53ef\u6a02\uff08Coca Cola\uff09\u8fd1\u5341\u5e74\u8868\u73fe\u4e0d\u53ea\u4e0d\u5982\u767e\u4e8b\u516c\u53f8\uff08PepsiCo\uff09\uff0c\u800c\u4e14\u5be6\u8cea\u6295\u5831\u7387\u9084\u662f\u8ca0\u7684\uff01<\/a>\u300b\uff0c<span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/22\/%e6%8a%95%e8%b3%87%e5%8f%af%e5%8f%a3%e5%8f%af%e6%a8%82%e7%9a%84%e5%84%aa%e7%bc%ba%e9%bb%9e\/\">\u6295\u8cc7\u53ef\u53e3\u53ef\u6a02\uff08Coca-Cola\uff09\u7684\u512a\u7f3a\u9ede<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%99%AE%E9%9B%B7%E5%A7%86%EF%BC%8E%E7%93%A6%E8%96%A9\"><\/span>\u666e\u96f7\u59c6\uff0e\u74e6\u85a9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6953\u4fe1\u91d1\u878d\u63a7\u80a1\uff08Fairfax Financial\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aFRFHF\uff09<\/li>\n\n\n\n<li>1985\u5e74-2018\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u738717.1%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BC%8A%E6%81%A9%EF%BC%8E%E5%BA%B7%E6%98%8E%E3%80%81%E5%96%AC%E4%BC%8A%EF%BC%8E%E5%8F%B2%E5%9D%A6%E4%BC%AF%E3%80%81%E6%9D%8E%E5%AF%9F%EF%BC%8E%E9%9F%93%E5%BE%B7%E5%8B%92%E8%88%87%E5%B8%83%E8%90%8A%E6%81%A9%EF%BC%8E%E5%AF%8C%E5%88%A9%E6%9B%BC\"><\/span>\u4f0a\u6069\uff0e\u5eb7\u660e\u3001\u55ac\u4f0a\uff0e\u53f2\u5766\u4f2f\u3001\u674e\u5bdf\uff0e\u97d3\u5fb7\u52d2\u8207\u5e03\u840a\u6069\uff0e\u5bcc\u5229\u66fc<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9732\u5361\u8fea\u4e9e\u570b\u969b\u516c\u53f8\uff08Leucadia National\uff09\u30022018\u5e74\uff0c\u516c\u53f8\u66f4\u540d\u70ba\u5091\u5bcc\u745e\u91d1\u878d\u96c6\u5718\uff08Jefferies Financial Group\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aJEF\uff09<\/li>\n\n\n\n<li>1979\u5e74-2012\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u738719.3%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%94%90%E8%AB%BE%EF%BC%8E%E8%91%9B%E8%98%AD%E5%A7%86%E8%88%87%E6%8F%90%E5%A7%86%EF%BC%8E%E6%AD%90%E5%A4%8F%E7%B4%8D%E8%A5%BF\"><\/span>\u5510\u8afe\uff0e\u845b\u862d\u59c6\u8207\u63d0\u59c6\uff0e\u6b50\u590f\u7d0d\u897f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u83ef\u76db\u9813\u90f5\u5831\uff08The Washington Post\uff0c\u5df2\u88ab\u4e9e\u99ac\u905c\u7684\u5091\u592b\uff0e\u8c9d\u4f50\u65af\u6536\u8cfc\u4e0b\u5e02\uff09<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%82%91%E5%A4%AB%EF%BC%8E%E8%B2%9D%E4%BD%90%E6%96%AF\"><\/span>\u5091\u592b\uff0e\u8c9d\u4f50\u65af<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e9e\u99ac\u905c\uff08Amazon.com\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aAMZN\uff09<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/16\/%e4%ba%9e%e9%a6%ac%e9%81%9c%e5%92%8c%e9%98%bf%e9%87%8c%e5%b7%b4%e5%b7%b4\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e9e\u99ac\u905c\uff08Amazon\uff09\u548c\u963f\u91cc\u5df4\u5df4\uff08Alibaba\uff09\u7684\u6bd4\u8f03<\/a>\u300b\uff0c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/10\/%E4%BA%9E%E9%A6%AC%E9%81%9C%E7%9A%84%E5%AE%B0%E5%88%B6\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e9e\u99ac\u905c\uff08Amazon\uff09\u7684\u5bb0\u5236\u529b &#8211; \u5f9e\u8c9d\u5bf6\uff08PayPal\uff09\u3001Affirm\u3001\u8cbb\u57c3\u54f2\uff08Fair Isaac\uff09\u3001\u5a01\u58eb\uff08Mastercard\uff09\u3001\u842c\u4e8b\u9054\uff08Visa\uff09\u8fd1\u4f86\u80a1\u50f9\u7684\u8d70\u52e2\u4f86\u770b<\/a>\u300b\uff0c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/28\/%E4%BA%9E%E9%81%9C%E7%82%BA%E4%BD%95%E6%94%B6%E8%B3%BC%E7%B1%B3%E6%A2%85\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e9e\u2fba\u905c\uff08Amazon\uff09\u70ba\u4f55\u6536\u8cfc\u7c73\u2fbc\u6885\uff08MGM\uff09\uff1f<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E8%92%82%E5%A4%AB%EF%BC%8E%E9%A6%AC%E5%85%8B%E7%88%BE%E8%88%87%E6%B9%AF%E5%A7%86%EF%BC%8E%E8%93%8B%E7%B4%8D\"><\/span>\u53f2\u8482\u592b\uff0e\u99ac\u514b\u723e\u8207\u6e6f\u59c6\uff0e\u84cb\u7d0d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u99ac\u514b\u723e\u516c\u53f8\uff08Markel\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aMKL\uff09<\/li>\n\n\n\n<li>20\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u73879%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9F%A5%E7%88%BE%E6%96%AF%EF%BC%8E%E6%B3%95%E6%AF%94%E5%BA%B7\"><\/span>\u67e5\u723e\u65af\uff0e\u6cd5\u6bd4\u5eb7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6d77\u79d1\uff08SEACOR Marine\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aSMHI\uff09<\/li>\n\n\n\n<li>1992\u5e74-2018\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u73879.2%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B8%83%E9%9B%B7%E7%89%B9%EF%BC%8E%E7%BE%85%E4%BC%AF%E8%8C%B2\"><\/span>\u5e03\u96f7\u7279\uff0e\u7f85\u4f2f\u8332<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4fe1\u8cb8\u627f\u514c\uff08Credit Acceptance Corp\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aCACC\uff09<\/li>\n\n\n\n<li>1992\u5e74-2017\u5e74\uff0c\u516c\u53f8\u6de8\u5229\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u738721.12%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%B4%E5%88%A9%EF%BC%8E%E4%BD%A9%E5%90%89%E8%88%87%E8%AC%9D%E7%88%BE%E8%93%8B%EF%BC%8E%E5%B8%83%E6%9E%97\"><\/span>\u8cf4\u5229\uff0e\u4f69\u5409\u8207\u8b1d\u723e\u84cb\uff0e\u5e03\u6797<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b57\u6bcd\uff08Alphabet\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aGOOGL\uff0cGOOG\uff09<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/20\/%e5%ad%97%e6%af%8d%e7%9a%84%e5%8d%b1%e6%a9%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5b57\u6bcd\uff08Alphabet\uff0c\u8c37\u6b4c\uff0cGoogle\uff09\u8feb\u5207\u7684\u5371\u6a5f<\/a>\u300b\uff0c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/18\/%e5%a6%82%e6%9e%9c%e4%bd%a0%e5%8f%aa%e8%83%bd%e8%b2%b7%e4%b8%80%e6%94%af%e8%82%a1%e7%a5%a8%e4%b8%a6%e6%83%b3%e9%9d%a0%e5%ae%83%e9%80%80%e4%bc%91-%e9%82%a3%e8%80%83%e6%85%ae%e5%ad%97%e6%af%8d\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8003\u616e\u5b57\u6bcd\uff08Alphabet\uff0c\u8c37\u6b4c\uff0cGoogle\uff09\u5427\uff01\u5982\u679c\u53ea\u80fd\u8cb71\u652f\u80a1\u7968\u4e26\u9760\u5b83\u9000\u4f11<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%96%AC%EF%BC%8E%E6%9B%BC%E8%98%87%E6%89%98%E8%88%87%E5%BA%B7%E7%B4%8D%EF%BC%8E%E5%8D%A1%E5%B8%83\"><\/span>\u55ac\uff0e\u66fc\u8607\u6258\u8207\u5eb7\u7d0d\uff0e\u5361\u5e03<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6668\u661f\uff08Morningstar\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aMORN\uff09<\/li>\n\n\n\n<li>2005\u5e74-2018\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u738715.1%<\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/01\/06\/%e6%9c%89%e4%bb%bb%e4%bd%95%e8%b2%b7%e8%82%a1%e7%a5%a8%e5%9f%ba%e9%87%91%e7%9a%84%e7%90%86%e7%94%b1%e5%97%8e%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u4efb\u4f55\u8cb7\u80a1\u7968\u57fa\u91d1\u7684\u7406\u7531\u55ce\uff1f1\u500b\u90fd\u627e\u4e0d\u5230<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A6%AC%E5%85%8B%EF%BC%8E%E6%9D%8E%E5%A5%A7%E7%B4%8D%E5%BE%B7\"><\/span>\u99ac\u514b\uff0e\u674e\u5967\u7d0d\u5fb7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u661f\u5ea7\u8edf\u9ad4\uff08Constellation Software\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aCNSWF\uff09<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%A7%E8%8B%B1%E5%BE%B7\"><\/span>\u76e7\u82f1\u5fb7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u767e\u4e8b\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aPEP\uff09<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/02\/%E5%8F%AF%E5%8F%A3%E5%8F%AF%E6%A8%82%E8%BF%91%E5%8D%81%E5%B9%B4%E8%A1%A8%E7%8F%BE%E4%B8%8D%E5%8F%AA%E4%B8%8D%E5%A6%82%E7%99%BE%E4%BA%8B%E5%8F%AF%E6%A8%82%EF%BC%8C%E8%80%8C%E4%B8%94%E5%AF%A6%E8%B3%AA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u53ef\u53e3\u53ef\u6a02\uff08Coca Cola\uff09\u8fd1\u5341\u5e74\u8868\u73fe\u4e0d\u53ea\u4e0d\u5982\u767e\u4e8b\u516c\u53f8\uff08PepsiCo\uff09\uff0c\u800c\u4e14\u5be6\u8cea\u6295\u5831\u7387\u9084\u662f\u8ca0\u7684\uff01<\/a>\u300b\uff0c<span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/22\/%e6%8a%95%e8%b3%87%e5%8f%af%e5%8f%a3%e5%8f%af%e6%a8%82%e7%9a%84%e5%84%aa%e7%bc%ba%e9%bb%9e\/\">\u6295\u8cc7\u53ef\u53e3\u53ef\u6a02\uff08Coca-Cola\uff09\u7684\u512a\u7f3a\u9ede<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A8%81%E6%96%AF%E9%A0%93%EF%BC%8E%E5%B8%8C%E5%85%8B%E6%96%AF\"><\/span>\u5a01\u65af\u9813\uff0e\u5e0c\u514b\u65af<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e9e\u52d2\u84cb\u5c3c\uff08Alleghany\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aY\uff09<\/li>\n\n\n\n<li>15\u5e74\uff0c\u516c\u53f8\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u73878.4%<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%90%89%E5%A6%AE%EF%BC%8E%E7%BE%85%E7%BE%8E%E8%92%82\"><\/span>\u5409\u59ae\uff0e\u7f85\u7f8e\u8482<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IBM\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aIBM\uff09<\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/16\/ibm%e5%a6%82%e4%bd%95%e8%b3%ba%e9%8c%a2%ef%bc%9f%e7%8f%be%e5%9c%a8%e7%b6%93%e7%87%9f%e5%be%97%e5%a6%82%e4%bd%95%e4%ba%86%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">IBM\u5982\u4f55\u8cfa\u9322\uff1f\u672a\u4f86\u7684\u91cd\u5fc3\u70ba\u4f55?<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%85%E4%BC%AF%EF%BC%8E%E9%87%91%E6%81%A9\"><\/span>\u7f85\u4f2f\uff0e\u91d1\u6069<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u8f9b\u666e\u96f7\u65af\uff08Cimpress\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aCMPR\uff09<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"125\" height=\"125\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/08\/a-1600x1200-3.jpg\" alt=\"\u89aa\u611b\u7684\u80a1\u6771\" class=\"wp-image-24103\"\/><figcaption class=\"wp-element-caption\">Credit: Amazon.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%BC%E5%BE%97%E7%A0%94%E7%A9%B6%E7%9A%84%E5%85%AC%E5%8F%B8\"><\/span>\u503c\u5f97\u7814\u7a76\u7684\u516c\u53f8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728\u6b64\u8981\u7279\u5225\u5efa\u8b70\u6295\u8cc7\u4eba\u9664\u4e86\u5df4\u83f2\u7279\u7684\u6ce2\u514b\u590f\u6d77\u745f\u5a01\u5916\uff0c\u9577\u671f\u6295\u8cc7\u4eba\u53ef\u4ee5\u7814\u7a76\u4e00\u4e0b\u6709\u5c0f\u6ce2\u514b\u590f\u7684\u99ac\u514b\u723e\u9019\u5bb6\u516c\u53f8\u3002\u60a8\u5728\u7814\u7a76\u5b83\u6642\u6703\u767c\u73fe\u56db\u8655\u90fd\u6709\u6ce2\u514b\u590f\u7684\u5f71\u5b50\uff0c\u5b83\u768420\u5e74\u80a1\u7968\u7684\u5e73\u5747\u5e74\u5316\u5831\u916c\u73879%\uff0c\u4ee5\u4e0b\u662f\u5b83\u81ea\u4e0a\u5e02\u4ee5\u4f86\u7684\u80a1\u50f9\u8d70\u52e2\u5716\uff088\/25\/2022\u70ba\u6b62\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"492\" height=\"358\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/08\/mkl-1600x1200-1.jpg\" alt=\"\u99ac\u514b\u723e\u81ea\u4e0a\u5e02\u4ee5\u4f86\u7684\u80a1\u50f9\u8d70\u52e2\u5716\" class=\"wp-image-24194\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/08\/mkl-1600x1200-1.jpg 492w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/08\/mkl-1600x1200-1-300x218.jpg 300w\" sizes=\"auto, (max-width: 492px) 85vw, 492px\" \/><figcaption class=\"wp-element-caption\">Credit: Google Finance<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/14\/%e5%93%a1%e5%b7%a5%e9%85%8d%e8%82%a1%e4%bd%94%e6%95%b4%e9%ab%94%e8%96%aa%e9%85%ac%e5%a4%9a%e5%a4%a7%e7%9a%84%e6%af%94%e4%be%8b%ef%bc%9f\/\">\u54e1\u5de5\u914d\u80a1\u4f54\u6574\u9ad4\u85aa\u916c\u591a\u5927\u7684\u6bd4\u4f8b\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/17\/%E9%95%B7%E6%9C%9F%E6%8C%81%E8%82%A1%E7%9A%84%E5%8F%AF%E8%83%BD%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9577\u671f\u6301\u80a1\u7684\u53ef\u80fd\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/18\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/02\/22\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842025%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\">\u5df4\u83f2\u7279\u76842025\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/02\/25\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842024%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842024\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842023%e5%b9%b4%e5%ba%a6%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842023\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/05\/2024%E5%B9%B4%E6%B3%A2%E5%85%8B%E5%A4%8F%E8%82%A1%E6%9D%B1%E5%B9%B4%E6%9C%83%E5%85%A8%E8%A8%98%E9%8C%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u6587\u5b57\u548c\u9304\u5f71\u4e2d\u82f1\u6587\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/05\/09\/2023%e5%b9%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e5%b9%b4%e6%9c%83%e5%85%a8%e8%a8%98%e9%8c%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%94%9f%e5%b9%b3%e7%9a%84%e7%ac%ac%e4%b8%80%e6%ac%a1%e9%9b%bb%e8%a6%96%e5%b0%88%e8%a8%aa\/\">\u5df4\u83f2\u7279\u751f\u5e73\u7684\u7b2c\u4e00\u6b21\u96fb\u8996\u5c08\u8a2a<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/03\/06\/%e8%92%99%e6%a0%bc%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8adaily-journal%e8%82%a1%e6%9d%b1%e6%9c%83%e5%95%8f%e7%ad%94\/\">\u300a\u8499\u683c\u4e4b\u9053\u300b-\u8499\u683c\u6bcf\u65e5\u671f\u520a\uff08Daily Journal\uff09\u7e3d\u517110\u5e74\u7684\u80a1\u6771\u6703\u73fe\u5834\u554f\u7b54\u91cd\u9ede\u548c\u611f\u60f3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/17\/%e8%92%99%e6%a0%bc2023%e5%b9%b4%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8a%e8%82%a1%e6%9d%b1%e6%9c%83%e9%80%90%e5%ad%97%e5%af%a6%e9%8c%84\/\">\u8499\u683c2023\u5e74\u6bcf\u65e5\u671f\u520a\u80a1\u6771\u6703\u9010\u5b57\u5be6\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/03\/20\/%e7%a9%8d%e6%a5%b5%e8%82%a1%e6%9d%b1%e6%98%af%e5%a6%82%e4%bd%95%e8%b3%ba%e9%8c%a2%e7%9a%84%ef%bc%9f\/\">\u7a4d\u6975\u80a1\u6771\u662f\u5982\u4f55\u8cfa\u9322\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/\">\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87bejamin-graham\/\">\u845b\u62c9\u6f22\u7684\u50b3\u8a18\u300a\u50f9\u503c\u6295\u8cc7\uff08Benjamin Graham on Value Investing\uff09\u300b<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n\n\n\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u770b\u904e\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09\u5f8c\uff0c\u4ee4\u6211\u60f3\u8d77\u6211\u66fe\u5728\u672c\u90e8\u843d\u683c\u4ecb\u7d39\u904e\u7684\u300a\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09\u300b<\/p>\n","protected":false},"author":1,"featured_media":24103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,617,8,335,31,813,812,173,570,98,53,101,100,103,102,465,30,22],"tags":[165,420,421,1006,1004,1005,1010,280,152,140,1009,276,1008,765,277,1007],"class_list":["post-24098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shareholder","category-company-bio","category-business-leaders","category-acquisitions","category-value-investing","category-divestiture","category-spinoff","category-entrepreneur","category-canada-stock-market","category-buffett","category-investing-books","category-dividend","category-shareholder-reward","category-split","category-repurchase","category-cfo","category-long-term-investing","category-venture-capital","tag-amzn","tag-brk-a","tag-brk-b","tag-cacc","tag-cmpr","tag-cnswf","tag-frfhf","tag-goog","tag-googl","tag-ibm","tag-jef","tag-ko","tag-mkl","tag-morn","tag-pep","tag-smhi"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/comments?post=24098"}],"version-history":[{"count":3,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24098\/revisions"}],"predecessor-version":[{"id":77600,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24098\/revisions\/77600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/24103"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=24098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=24098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=24098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}