{"id":24744,"date":"2022-10-13T23:56:00","date_gmt":"2022-10-13T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=24744"},"modified":"2025-04-08T19:14:41","modified_gmt":"2025-04-08T11:14:41","slug":"%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/","title":{"rendered":"\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u70ba\u4f55\u4e0d\u5408\u7406\uff1f"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 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\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E4%BB%80%E9%BA%BC%E6%98%AF%E7%8F%BE%E4%BB%A3%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E7%90%86%E8%AB%96%EF%BC%9F\" >\u4ec0\u9ebc\u662f\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\uff1f<\/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\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E7%90%86%E8%AB%96%E7%B0%A1%E4%BB%8B\" >\u7406\u8ad6\u7c21\u4ecb<\/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\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E7%8F%BE%E4%BB%A3%E9%87%91%E8%9E%8D%E7%B6%93%E6%BF%9F%E5%AD%B8%E7%9A%84%E4%B8%89%E5%A4%A7%E6%94%AF%E6%9F%B1%E4%B9%8B%E4%B8%80\" >\u73fe\u4ee3\u91d1\u878d\u7d93\u6fdf\u5b78\u7684\u4e09\u5927\u652f\u67f1\u4e4b\u4e00<\/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\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E9%A6%AC%E7%A7%91%E7%B6%AD%E8%8C%A8%E4%BB%A5%E6%AD%A4%E5%BE%97%E5%88%B0%E8%AB%BE%E8%B2%9D%E7%88%BE%E7%8D%8E\" >\u99ac\u79d1\u7dad\u8328\u4ee5\u6b64\u5f97\u5230\u8afe\u8c9d\u723e\u734e<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E8%A1%8C%E7%82%BA%E7%B6%93%E6%BF%9F%E5%AD%B8%E7%9A%84%E6%8C%91%E6%88%B0\" >\u884c\u70ba\u7d93\u6fdf\u5b78\u7684\u6311\u6230<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E7%9C%9F%E5%AF%A6%E7%9A%84%E4%B8%96%E7%95%8C%E5%8F%88%E6%98%AF%E5%A6%82%E4%BD%95%EF%BC%9F\" >\u771f\u5be6\u7684\u4e16\u754c\u53c8\u662f\u5982\u4f55\uff1f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E7%99%BC%E6%98%8E%E4%BA%BA%E8%87%AA%E5%B7%B1%E5%AF%A6%E9%9A%9B%E4%B8%8A%E4%B9%9F%E4%B8%8D%E6%95%A2%E7%94%A8\" >\u767c\u660e\u4eba\u81ea\u5df1\u5be6\u969b\u4e0a\u4e5f\u4e0d\u6562\u7528<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E6%9C%80%E5%A4%A7%E6%94%AF%E6%8C%81%E8%80%85%E7%9A%84%E5%9F%BA%E9%87%91%E6%A5%AD%E8%80%85%E5%A0%B1%E9%85%AC%E5%8F%88%E5%A6%82%E4%BD%95%EF%BC%9F\" >\u6700\u5927\u652f\u6301\u8005\u7684\u57fa\u91d1\u696d\u8005\u5831\u916c\u53c8\u5982\u4f55\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%92%8C%E8%A5%BF%E8%92%99%E6%96%AF%E8%AD%89%E6%98%8E%E7%90%86%E8%AB%96%E5%B0%B1%E5%8F%AA%E6%98%AF%E7%90%86%E8%AB%96\" >\u5df4\u83f2\u7279\u548c\u897f\u8499\u65af\u8b49\u660e\u7406\u8ad6\u5c31\u53ea\u662f\u7406\u8ad6<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%E7%B5%90%E8%AB%96\" >\u7d50\u8ad6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/13\/%e7%8f%be%e4%bb%a3%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%90%86%e8%ab%96%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86%ef%bc%9f\/#%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=\"%E4%BB%80%E9%BA%BC%E6%98%AF%E7%8F%BE%E4%BB%A3%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E7%90%86%E8%AB%96%EF%BC%9F\"><\/span>\u4ec0\u9ebc\u662f\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%90%86%E8%AB%96%E7%B0%A1%E4%BB%8B\"><\/span>\u7406\u8ad6\u7c21\u4ecb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\uff08Modern Portfolio Theory\uff1aMPT\uff09\u6709\u4ee5\u4e0b\u5e7e\u9805\u91cd\u9ede\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7406\u6027\u6295\u8cc7\u8005\u5229\u7528\u5206\u6563\u6295\u8cc7\u4f86\u6700\u4f73\u5316\u4ed6\u5011\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7d44\u5408\u662f\u8cc7\u7522\u7684\u52a0\u6b0a\u7d44\u5408\uff0c\u8cc7\u7522\u7684\u5831\u916c\u662f\u4e00\u500b\u96a8\u6a5f\u8b8a\u6578\uff0c\u6295\u8cc7\u7d44\u5408\u7684\u5831\u916c\u6709\u4e00\u500b\u671f\u671b\u503c\u548c\u4e00\u500b\u8b8a\u7570\u6578\uff0c\u98a8\u96aa\u70ba\u6295\u8cc7\u7d44\u5408\u5831\u916c\u7684\u6a19\u6e96\u5dee\u3002<\/li>\n\n\n\n<li>\u5229\u7528\u8b8a\u7570\u6578\u5206\u6790\uff0c\u5728\u7d66\u5b9a\u7684\u98a8\u96aa\u6c34\u6e96\u4e0b\uff0c\u9810\u671f\u6536\u76ca\u7684\u6700\u5927\u5316\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u5047\u5b9a\u6295\u8cc7\u8005\u70ba\u898f\u907f\u98a8\u96aa\uff08Risk Averse\uff09\u7684\u6295\u8cc7\u8005\u3002\u5982\u679c\u5169\u500b\u8cc7\u7522\u64c1\u6709\u76f8\u540c\u9810\u671f\u5831\u916c\uff0c\u6295\u8cc7\u8005\u6703\u9078\u64c7\u5176\u4e2d\u98a8\u96aa\u5c0f\u7684\u90a3\u4e00\u500b\u3002\u53ea\u6709\u5728\u7372\u5f97\u66f4\u9ad8\u9810\u671f\u5831\u916c\u7684\u524d\u63d0\u4e0b\uff0c\u6295\u8cc7\u8005\u624d\u6703\u627f\u64d4\u66f4\u5927\u98a8\u96aa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%8F%BE%E4%BB%A3%E9%87%91%E8%9E%8D%E7%B6%93%E6%BF%9F%E5%AD%B8%E7%9A%84%E4%B8%89%E5%A4%A7%E6%94%AF%E6%9F%B1%E4%B9%8B%E4%B8%80\"><\/span>\u73fe\u4ee3\u91d1\u878d\u7d93\u6fdf\u5b78\u7684\u4e09\u5927\u652f\u67f1\u4e4b\u4e00<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u662f\u73fe\u4ee3\u91d1\u878d\u7d93\u6fdf\u5b78\u7684\u652f\u67f1\u4e4b\u4e00\uff0c\u53e6\u5916\u7684\u652f\u67f1\u662f\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b\uff08CAPM\uff1a\u8a72\u6a21\u578b\u63a2\u6c42\u5982\u679c\u8cc7\u672c\u6839\u64da\u6709\u6548\u6295\u8cc7\u7d44\u5408\u7684\u65b9\u5f0f\u9032\u884c\u5b9a\u50f9\uff0c\u90a3\u9ebc\u91d1\u878d\u5e02\u5834\u7684\u5747\u8861\u72c0\u614b\u662f\u4ec0\u9ebc\u6a23\u7684\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A6%AC%E7%A7%91%E7%B6%AD%E8%8C%A8%E4%BB%A5%E6%AD%A4%E5%BE%97%E5%88%B0%E8%AB%BE%E8%B2%9D%E7%88%BE%E7%8D%8E\"><\/span>\u99ac\u79d1\u7dad\u8328\u4ee5\u6b64\u5f97\u5230\u8afe\u8c9d\u723e\u734e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u99ac\u79d1\u7dad\u8328\uff08Harry Max Markowitz\uff09\u6548\u7387\u524d\u7de3\uff08Markowitz Efficient Frontier\uff09\u662f\u6240\u6709\u6700\u4f73\u6295\u8cc7\u7d44\u5408\uff08Efficient Portfolio\uff09\u7684\u96c6\u5408\u3002<a href=\"https:\/\/en.wikipedia.org\/wiki\/Efficient_frontier\" target=\"_blank\" rel=\"noreferrer noopener\">\u6548\u7387\u524d\u7de3<\/a>\u66f2\u7dda\u4e0a\u9762\u7684\u6bcf\u4e00\u9ede\u90fd\u4ee3\u8868\u4e00\u500b\u6700\u4f73\u6295\u8cc7\u7d44\u5408\uff0c\u4e5f\u5c31\u662f\u5728\u7d66\u5b9a\u4efb\u610f\u4e00\u500b\u76f8\u540c\u9810\u671f\u5831\u916c\u7684\u689d\u4ef6\u4e0b\u98a8\u96aa\u6700\u4f4e\u7684\u6295\u8cc7\u7d44\u5408\u3002\u99ac\u79d1\u7dad\u8328\u4e5f\u56e0\u6b64\u7372\u5f971990\u5e74\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A1%8C%E7%82%BA%E7%B6%93%E6%BF%9F%E5%AD%B8%E7%9A%84%E6%8C%91%E6%88%B0\"><\/span>\u884c\u70ba\u7d93\u6fdf\u5b78\u7684\u6311\u6230<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u76f8\u8f03\u4e4b\u4e0b\uff0c\u884c\u70ba\u7d93\u6fdf\u5b78\u662f\u5efa\u7acb\u5728\u4e00\u822c\u7684\u5927\u773e\u5fc3\u7406\u548c\u884c\u70ba\u5be6\u969b\u8868\u73fe\u4e0a\uff0c\u6709\u7121\u6578\u5782\u624b\u53ef\u5f97\u7684\u6848\u4f8b\u53ef\u4ee5\u53cd\u99c1\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u7684\u4e0d\u5207\u5be6\u969b\u3002\u800c\u4e14\u8fd1\u5e74\u4f86\uff0c\u884c\u70ba\u7d93\u6fdf\u5b78\u4e5f\u78ba\u5be6\u958b\u59cb\u53d7\u5230\u91cd\u8996\uff0c2017\u5e74\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\uff0c\u5c31\u662f\u884c\u70ba\u7d93\u6fdf\u5b78\u4e4b\u7236\uff0c\u7406\u67e5\u2027\u585e\u52d2\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9C%9F%E5%AF%A6%E7%9A%84%E4%B8%96%E7%95%8C%E5%8F%88%E6%98%AF%E5%A6%82%E4%BD%95%EF%BC%9F\"><\/span>\u771f\u5be6\u7684\u4e16\u754c\u53c8\u662f\u5982\u4f55\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%99%BC%E6%98%8E%E4%BA%BA%E8%87%AA%E5%B7%B1%E5%AF%A6%E9%9A%9B%E4%B8%8A%E4%B9%9F%E4%B8%8D%E6%95%A2%E7%94%A8\"><\/span>\u767c\u660e\u4eba\u81ea\u5df1\u5be6\u969b\u4e0a\u4e5f\u4e0d\u6562\u7528<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u99ac\u79d1\u7dad\u8328\u5728\u88ab\u554f\u5230\u4ed6\u81ea\u5df1\u662f\u5982\u4f55\u6253\u7406\u81ea\u5df1\u7684\u9000\u4f11\u91d1\u7684\u6295\u8cc7\u7d44\u5408\u6642\uff0c\u4ed6\u5f88\u8aa0\u5be6\u5730\u56de\u7b54\uff1a\u300c\u6211\u672c\u61c9\u8a08\u7b97\u597d\u8cc7\u7522\u7d1a\u5225\u7684\u5171\u8b8a\u7570\u6578\uff0c\u5283\u5b9a\u6709\u6548\u908a\u754c\u3002\u4f46\u662f\u6211\u9810\u60f3\u5230\u4e86\u80a1\u5e02\u5927\u6f32\u800c\u6211\u6c92\u6709\u8cb7\u5165\u6216\u662f\u80a1\u7968\u5927\u8dcc\u6211\u88ab\u5957\u7262\u6642\u7684\u60b2\u75db\u756b\u9762\u3002\u70ba\u4e86\u6e1b\u5c11\u65e5\u5f8c\u7684\u5f8c\u6094\uff0c\u56e0\u6b64\u6211\u76f4\u63a5\u628a\u8cc7\u91d1\u4ee5\u4e94\u4e94\u5c0d\u5206\u7684\u65b9\u5f0f\uff0c\u5e73\u5747\u5730\u5206\u6563\u5728\u50b5\u5238\u548c\u80a1\u7968\u4e0a\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%80%E5%A4%A7%E6%94%AF%E6%8C%81%E8%80%85%E7%9A%84%E5%9F%BA%E9%87%91%E6%A5%AD%E8%80%85%E5%A0%B1%E9%85%AC%E5%8F%88%E5%A6%82%E4%BD%95%EF%BC%9F\"><\/span>\u6700\u5927\u652f\u6301\u8005\u7684\u57fa\u91d1\u696d\u8005\u5831\u916c\u53c8\u5982\u4f55\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u57fa\u91d1\u696d\u57fa\u65bc\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u7684\u6700\u5927\u5be6\u73fe\u8005\uff0c\u5e7e\u5341\u5e74\u4f86\u5438\u5f15\u7121\u6578\u6295\u8cc7\u4eba\u7684\u8cc7\u91d1\u6295\u5165\u3002\u4f46\u5be6\u969b\u7684\u6210\u679c\u5982\u4f55\uff1f\u6211\u5728\u6211\u7684<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>\u4e00\u66f8\u76844-3\u88e1\u9762\uff0c\u8a73\u7d30\u5217\u51fa\u8fd1\u5e74\u4e09\u500b\u8457\u540d\u7684\u6a5f\u69cb\u7684\u9577\u671f\u7d71\u8a08\u7d50\u679c\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f8e\u9280\uff1a\u7f8e\u570b\u6709 75% \u57fa\u91d1\u7d93\u7406\u4eba\u7e3e\u6548\u6703\u843d\u5f8c\u5927\u76e4\u3002<\/li>\n\n\n\n<li>\u6668\u661f\uff1a\u4e3b\u52d5\u5f0f\u7f8e\u80a1\u57fa\u91d1\u7e3e\u6548\u903e 85% \u843d\u5f8c\u5927\u76e4\uff0e<\/li>\n\n\n\n<li>\u6a19\u666e\u9053\u74ca\u6307\u6578\u516c\u53f8\u8d85\u904e 79% \u7684\u4e3b\u52d5\u578b\u5171\u540c\u57fa\u91d1\u7d93\u7406\u4eba\u64cd\u76e4\u8868\u73fe\uff0c\u4e0d\u5982\u6a19\u6e96\u666e\u723e 500 \u6307\u6578\u548c\u9053\u74ca\u5de5\u696d\u5e73\u5747\u6307\u6578\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u6709\u4e86\u5927\u76e4\u6307\u6578ETF\uff0c\u300a<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>\u300b\u6240\u4ee5\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/04\/%E5%A4%A7%E9%83%A8%E4%BB%BD%E6%8A%95%E8%B3%87%E4%BA%BA%E6%87%89%E8%AE%93%E8%B2%B7%E5%A4%A7%E7%9B%A4etf\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4ec0\u9ebc\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u90fd\u61c9\u8a72\u6295\u8cc7\u5927\u76e4ETF<\/a>\u300b\u800c\u4e14\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/08\/%E6%8A%95%E8%B3%87%E4%BA%BA%E6%87%89%E8%A9%B2%E9%81%B8%E6%93%87%E5%9C%A8%E7%BE%8E%E5%9C%8B%E7%99%BC%E8%A1%8C%E7%9A%84%E7%BE%8E%E5%9C%8B%E5%A4%A7%E7%9B%A4etf\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u61c9\u8a72\u9078\u64c7\u5728\u7f8e\u570b\u767c\u884c\u7684\u7f8e\u570b\u5927\u76e4ETF<\/a>\u300b<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%92%8C%E8%A5%BF%E8%92%99%E6%96%AF%E8%AD%89%E6%98%8E%E7%90%86%E8%AB%96%E5%B0%B1%E5%8F%AA%E6%98%AF%E7%90%86%E8%AB%96\"><\/span>\u5df4\u83f2\u7279\u548c\u897f\u8499\u65af\u8b49\u660e\u7406\u8ad6\u5c31\u53ea\u662f\u7406\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u548c\u897f\u8499\u65af\uff0c\u9019\u5169\u4eba\u5404\u81ea\u9760\u81ea\u5df1\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u7d2f\u7a4d\u7d2f\u4e86\u6578\u5341\u5104\u7f8e\u5143\u7684\u8ca1\u5bcc\uff0c\u5206\u5225\u4ee3\u8868\u4e86\u5169\u7a2e\u5b8c\u5168\u4e0d\u540c\u7684\u6295\u8cc7\u98a8\u683c\u3002\u800c\u4e14\u5169\u4eba\u7684\u9577\u671f\u6295\u8cc7\u5e74\u5316\u5831\u916c\u7387\u90fd\u76f8\u7576\u9a5a\u4eba\uff0c\u662f\u7576\u4ee3\u6700\u5049\u5927\u7684\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<p>\u4f46\u5f9e\u7406\u8ad6\u548c\u5b57\u9762\u4e0a\u4f86\u770b\uff0c\u6709\u6548\u5e02\u5834\u5047\u8aaa\u548c\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\uff0c\u610f\u5473\u8457\u5df4\u83f2\u7279\u548c \u897f\u8499\u65af\u7684\u6295\u8cc7\u6210\u529f\u662f\u4e0d\u53ef\u80fd\u5be6\u73fe\u7684\u3002\u56e0\u70ba\u5df4\u83f2\u7279\u548c \u897f\u8499\u65af\u7a4d\u7d2f\u7684\u5de8\u984d\u8ca1\u5bcc\u8b49\u660e\u4e86\u4ed6\u7684\u6b63\u78ba\u6027\uff0c\u56e0\u70ba\u4ed6\u5011\u7121\u61fc\u65bc\u98a8\u96aa\uff0c\u6216\u8005\u8aaa\u4ed6\u5011\u90fd\u628a\u63e1\u5e02\u5834\u7684\u6ce2\u52d5\u800c\u81f4\u5bcc\uff0c\u800c\u4e0d\u662f\u5982\u6548\u5e02\u5834\u5047\u8aaa\u548c\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u6240\u5efa\u8b70\u5730\u898f\u907f\u98a8\u96aa\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AB%96\"><\/span>\u7d50\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u5982\u6211\u5728\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/07\/%e6%95%88%e7%8e%87%e5%b8%82%e5%a0%b4\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6548\u7387\u5e02\u5834\u5047\u8aaa\u70ba\u4ec0\u9ebc\u4e0d\u5408\u7406\uff1f<\/a>\u300b\u4e2d\u6240\u8ff0\uff0c\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u53ef\u4ee5\u7522\u751f\u8afe\u8c9d\u723e\u734e\u5f97\u4e3b\uff0c\u5728\u5b78\u8853\u4e0a\u6709\u8a31\u591a\u652f\u6301\u8005\u3002\u4f46\u5b78\u8853\u7406\u8ad6\u7562\u7adf\u5c31\u53ea\u662f\u7406\u8ad6\uff0c\u9019\u5169\u500b\u7406\u8ad6\u5176\u5be6\u662f\u5efa\u7acb\u5728\u8a31\u591a\u7f8e\u597d\u7684\u5047\u8a2d\u4e0a\u9762\uff0c\u5be6\u969b\u4e0a\u6839\u672c\u4e0d\u53ef\u884c\u3002\u4f8b\u5982\u5169\u8005\u7684\u6700\u5927\u524d\u63d0\u90fd\u662f\u300c\u6295\u8cc7\u4eba\u90fd\u662f\u7406\u6027\u7684\u300d\uff0c\u53ea\u8981\u7a0d\u6709\u6295\u8cc7\u7d93\u9a57\u6216\u5e38\u8b58\u7684\u4eba\uff0c\u5c31\u77e5\u9053\u6295\u8cc7\u4eba\u548c\u5e02\u5834\u4e0d\u662f\u7406\u6027\u7684\u3002\u524d\u63d0\u6216\u5047\u8a2d\u662f\u932f\u8aa4\u7684\uff0c\u4e0d\u53ef\u80fd\u7372\u5f97\u6b63\u78ba\u7684\u7d50\u679c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"269\" height=\"148\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/mpt.jpg\" alt=\"\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\" class=\"wp-image-24799\"\/><figcaption class=\"wp-element-caption\">Credit: Wiki<\/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\/2024\/12\/26\/%e8%82%a1%e7%a5%a8%e6%8a%95%e8%b3%87%e4%b8%8d%e9%9c%80%e8%a6%81%e6%b7%b1%e5%a5%a7%e7%9a%84%e6%95%b8%e5%ad%b8\/\">\u80a1\u7968\u6295\u8cc7\u4e0d\u9700\u8981\u6df1\u5967\u7684\u6578\u5b78<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/27\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e5%86%8d%e5%b9%b3%e8%a1%a1%e7%82%ba%e4%bd%95%e4%b8%8d%e5%90%88%e7%90%86\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u7d44\u5408\u518d\u5e73\u8861\u70ba\u4f55\u4e0d\u5408\u7406<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/15\/%e7%be%a4%e7%9c%be%e5%ae%b9%e6%98%93%e5%96%aa%e5%a4%b1%e5%88%a4%e6%96%b7%e5%8a%9b%e5%92%8c%e8%bf%b7%e5%a4%b1\/\">\u7fa4\u773e\u5bb9\u6613\u55aa\u5931\u5224\u65b7\u529b\u548c\u8ff7\u5931<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<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>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/10\/07\/%e6%95%88%e7%8e%87%e5%b8%82%e5%a0%b4\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6548\u7387\u5e02\u5834\u5047\u8aaa\u70ba\u4ec0\u9ebc\u4e0d\u5408\u7406\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/12\/04\/%E5%A4%A7%E9%83%A8%E4%BB%BD%E6%8A%95%E8%B3%87%E4%BA%BA%E6%87%89%E8%AE%93%E8%B2%B7%E5%A4%A7%E7%9B%A4etf\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4ec0\u9ebc\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u90fd\u61c9\u8a72\u6295\u8cc7\u5927\u76e4ETF<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/08\/%E6%8A%95%E8%B3%87%E4%BA%BA%E6%87%89%E8%A9%B2%E9%81%B8%E6%93%87%E5%9C%A8%E7%BE%8E%E5%9C%8B%E7%99%BC%E8%A1%8C%E7%9A%84%E7%BE%8E%E5%9C%8B%E5%A4%A7%E7%9B%A4etf\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u61c9\u8a72\u9078\u64c7\u5728\u7f8e\u570b\u767c\u884c\u7684\u7f8e\u570b\u5927\u76e4ETF<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/08\/31\/%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e8%a8%88%e7%ae%97%e5%99%a8\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\u8a08\u7b97\u5668<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/18\/%e7%82%ba%e4%bb%80%e9%ba%bc%e9%9c%80%e8%a6%81%e9%9b%86%e4%b8%ad%e6%8a%95%e8%b3%87%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u9700\u8981\u96c6\u4e2d\u6295\u8cc7\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/21\/%E7%82%BA%E4%BD%95%E9%9C%80%E8%A6%81%E9%80%B2%E8%A1%8C%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4f55\u9700\u8981\u9032\u884c\u9577\u671f\u6295\u8cc7\uff1f<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/behind-the-scenes\/homework\/%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\/\">\u300a\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\uff0c\u4ee5\u53ca\u514d\u8cbb\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09\u8a08\u7b97\u5668\u300b<\/a><\/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\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u70ba\u4f55\u4e0d\u5408\u7406\uff1f\u767c\u660e\u4eba\u81ea\u5df1\u5be6\u969b\u4e0a\u4e5f\u4e0d\u6562\u7528\u300c\u6211\u672c\u61c9\u8a08\u7b97\u597d\u8cc7\u7522\u7d1a\u5225\u7684\u6b77\u53f2\u5354\u65b9\u5dee\uff0c\u5283\u5b9a\u6709\u6548\u908a\u754c\u3002\u4f46\u662f\u6211\u9810\u60f3\u5230\u4e86\u80a1\u5e02\u5927\u6f32\u800c\u6211\u6c92\u6709\u8cb7\u5165\u6216\u662f\u80a1\u7968\u5927\u8dcc\u6211\u88ab\u5957\u7262\u6642\u7684\u60b2\u75db\u756b\u9762\u3002\u70ba\u4e86\u6e1b\u5c11\u65e5\u5f8c\u7684\u5f8c\u6094\uff0c\u56e0\u6b64\u6211\u76f4\u63a5\u628a\u8cc7\u91d1\u4ee5\u4e94\u4e94\u5c0d\u5206\u7684\u65b9\u5f0f\uff0c\u5e73\u5747\u5730\u5206\u6563\u5728\u50b5\u5238\u548c\u80a1\u7968\u4e0a\u3002\u300d<\/p>\n","protected":false},"author":1,"featured_media":24799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[449,117,98,279],"tags":[],"class_list":["post-24744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolio-management","category-jim-simons","category-buffett","category-wealthy-management"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24744","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=24744"}],"version-history":[{"count":3,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24744\/revisions"}],"predecessor-version":[{"id":67074,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/24744\/revisions\/67074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/24799"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=24744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=24744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=24744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}