{"id":30326,"date":"2023-01-14T23:56:00","date_gmt":"2023-01-14T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=30326"},"modified":"2025-12-02T16:53:37","modified_gmt":"2025-12-02T08:53:37","slug":"%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/","title":{"rendered":"\u9802\u5c16\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u751f\u6daf\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff1a\u5df4\u83f2\u7279\uff0c\u897f\u8499\u65af\uff0c\u6797\u5340\uff0c\u9054\u91cc\u6b50\uff0c\u51f1\u56e0\u65af\uff0c\u8499\u683c\uff0c\u7d22\u7f85\u65af\uff0c\u7c73\u52d2\uff0c\u5361\u62c9\u66fc\uff0c\u845b\u62c9\u6f22"},"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\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E6%88%91%E7%9A%84%E6%A8%99%E6%BA%96\" >\u6211\u7684\u6a19\u6e96<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E8%82%A1%E7%A5%A8%E5%9F%BA%E9%87%91%E7%B6%93%E7%90%86%E4%BA%BA%EF%BC%9A%E5%BD%BC%E5%BE%97%EF%BC%8E%E6%9E%97%E5%8D%80\" >\u80a1\u7968\u57fa\u91d1\u7d93\u7406\u4eba\uff1a\u5f7c\u5f97\uff0e\u6797\u5340<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E4%BA%BA%EF%BC%9A%E8%A5%BF%E8%92%99%E6%96%AF\" >\u91cf\u5316\u6295\u8cc7\u4eba\uff1a\u897f\u8499\u65af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%EF%BC%9A%E5%B7%B4%E8%8F%B2%E7%89%B9\" >\u50f9\u503c\u6295\u8cc7\uff1a\u5df4\u83f2\u7279<\/a><\/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\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E9%81%BF%E9%9A%AA%E5%9F%BA%E9%87%91%EF%BC%9A%E9%81%94%E9%87%8C%E6%AD%90\" >\u907f\u96aa\u57fa\u91d1\uff1a\u9054\u91cc\u6b50<\/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\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E7%BD%95%E8%A6%8B%E7%9A%84%E5%AD%B8%E9%99%A2%E6%B4%BE%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%EF%BC%9A%E5%87%B1%E5%9B%A0%E6%96%AF\" >\u7f55\u898b\u7684\u5b78\u9662\u6d3e\u6295\u8cc7\u5927\u5e2b\uff1a\u51f1\u56e0\u65af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%E9%80%A3%E7%BA%8C15%E5%B9%B4%E8%B7%91%E8%B4%8F%E6%A8%99%E6%99%AE%E6%8C%87%E6%95%B8%E7%9A%84%E6%AF%94%E7%88%BE%EF%BC%8E%E7%B1%B3%E5%8B%92\" >\u9023\u7e8c15\u5e74\u8dd1\u8d0f\u6a19\u666e\u6307\u6578\u7684\u6bd4\u723e\uff0e\u7c73\u52d2<\/a><\/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\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%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-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/#%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%88%91%E7%9A%84%E6%A8%99%E6%BA%96\"><\/span>\u6211\u7684\u6a19\u6e96<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u9019\u7bc7\u6587\u7ae0\u6240\u9078\u7684\u6295\u8cc7\u5927\u5e2b\u7684\u6a19\u6e96\u4e3b\u8981\u6709\u4ee5\u4e0b\u5e7e\u9805\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u80a1\u5e02\u6295\u8cc7\u7684\u5e7e\u7a2e\u4e3b\u6d41\u7684\u65b9\u5f0f\uff0c\u5305\u62ec\u80a1\u7968\u57fa\u91d1\uff0c\u91cf\u5316\u6295\u8cc7\uff0c\u50f9\u503c\u6295\u8cc7\uff0c\u548c\u907f\u96aa\u57fa\u91d1\u3002<\/li>\n\n\n\n<li>\u5728\u6bcf\u500b\u80a1\u5e02\u6295\u8cc7\u7684\u5e7e\u7a2e\u4e3b\u6d41\u7684\u65b9\u5f0f\u4e2d\uff0c\u88ab\u516c\u8a8d\u662f\u5831\u916c\u6700\u9802\u5c16\u8005\uff08\u4e3b\u8981\u6a19\u6e96\uff09\uff0c\u4e26\u4e14\u662f\u4e16\u754c\u4e0a\u8cc7\u91d1\u898f\u6a21\u6700\u5927\u8005\uff08\u6b21\u8981\u6a19\u6e96\uff09<\/li>\n\n\n\n<li>\u6295\u8cc7\u751f\u6daf\u5fc5\u9700\u5920\u9577\uff0c\u56e0\u70ba\u6211\u5011\u53ea\u5728\u610f\u6574\u500b\u751f\u6daf\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E7%A5%A8%E5%9F%BA%E9%87%91%E7%B6%93%E7%90%86%E4%BA%BA%EF%BC%9A%E5%BD%BC%E5%BE%97%EF%BC%8E%E6%9E%97%E5%8D%80\"><\/span>\u80a1\u7968\u57fa\u91d1\u7d93\u7406\u4eba\uff1a\u5f7c\u5f97\uff0e\u6797\u5340<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5f7c\u5f97\uff0e\u6797\u5340\u5728\u51fa\u4efb\u9ea5\u54f2\u502b\u57fa\u91d1\u7684\u57fa\u91d1\u7d93\u7406\u4eba\u768413\u5e74\u671f\u9593\uff0c\u57fa\u91d1\u7684\u5e74\u5316\u5831\u916c\u7387\u905429.2% \uff0c\u9019\u662f\u4e00\u500b\u9a5a\u4eba\u4e14\u7f55\u898b\u7684\u6295\u8cc7\u7e3e\u6548\u3002\u4ed6\u88ab\u300a\u6642\u4ee3\u300b\u96dc\u8a8c\u8a55\u70ba\u5168\u7403\u6700\u4f73\u57fa\u91d1\u7d93\u7406\u3001\u4e26\u88ab\u7f8e\u570b\u57fa\u91d1\u8a55\u7b49\u516c\u53f8\u8a55\u70ba\u6b77\u53f2\u4e0a\u6700\u50b3\u5947\u7684\u57fa\u91d1\u7d93\u7406\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E4%BA%BA%EF%BC%9A%E8%A5%BF%E8%92%99%E6%96%AF\"><\/span>\u91cf\u5316\u6295\u8cc7\u4eba\uff1a\u897f\u8499\u65af<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8a79\u59c6\u65af\u00b7\u897f\u8499\u65af\uff08James Simons\uff09\u662f\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u91cf\u5316\u6295\u8cc7\u4eba\u3002\u4ed6\u7684\u5927\u734e\u7ae0\u57fa\u91d11988\u5e74\u81f32018\u5e74\u517131\u5e74\uff0c\u5e73\u5747\u5e74\u5316\u5831\u916c\u7387\u9ad8\u905466.1\uff05\uff0c\u6263\u9664\u8cbb\u7528\u4e5f\u9ad8\u905439.1\uff05\u3002\u9019\u662f\u6211\u6240\u77e5\u9053\uff0c\u6240\u6709\u5df2\u516c\u4f48\u7684\u6295\u8cc7\u4eba\u4e2d\u6700\u5049\u5927\u7684\u751f\u6daf\u6295\u8cc7\u7a4d\u6548\u3002<\/p>\n\n\n\n<p>\u6211\u67e5\u904d\u4e86\u4e2d\u82f1\u6587\u7db2\u8def\u4e0a\u7684\u8cc7\u6599\u548c\u4ed6\u7684\u76f8\u95dc\u66f8\u7c4d\uff0c\u897f\u8499\u65af\u662f\u552f\u4e00\u4e00\u4f4d\u6700\u63a5\u8fd1\u5b8c\u7f8e\u7684\u6295\u8cc7\u4eba\u2500\u2500\u2500\u4ed6\u7684\u5927\u734e\u7ae0\u57fa\u91d1\u53ea\u67091989\u9019\u4e00\u5e74\u7684\u6295\u8cc7\u5831\u916c\u7387\u662f\u8ca0\u5831\u916c\uff0c\u9019\u771f\u662f\u9a5a\u4eba\u7684\u6210\u5c31\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc\u91cf\u5316\u6295\u8cc7\u548c\u897f\u8499\u65af\uff0c\u8acb\u53c3\u898b\u6211\u7684\u53e6\u5169\u7bc7\u5c08\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u91cf\u5316\u6295\u8cc7\u7684\u5171\u901a\u6027<\/a>\u300b\u548c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/11\/%e6%9c%89%e5%8f%b2%e4%bb%a5%e4%be%86%e6%9c%80%e5%81%89%e5%a4%a7%e7%9a%84%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e5%a4%a9%e7%8e%8b%e5%90%89%e5%a7%86%e8%a5%bf%e8%92%99%e6%96%af%e5%8e%bb%e4%b8%96\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u91cf\u5316\u6295\u8cc7\u5929\u738b\u5409\u59c6\u897f\u8499\u65af\uff08Jim Simons\uff09<\/a>\u300b<\/p>\n\n\n\n<p>\u95dc\u65bc\u897f\u8499\u65af\u548c\u4ed6\u7684\u50b3\u8a18\uff0c\u4e5f\u8acb\u53c3\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/11\/%E6%83%B3%E6%9A%B8%E8%A7%A3%E9%87%8F%E5%8C%96%E6%8A%95%E8%B3%87%E5%BF%85%E8%AE%80%E8%A5%BF%E8%92%99%E6%96%AF%E7%9A%84%E6%B4%9E%E6%82%89%E5%B8%82%E5%A0%B4%E7%9A%84%E4%BA%BA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u60f3\u66b8\u89e3\u91cf\u5316\u6295\u8cc7\u5fc5\u8b80\uff0c\u897f\u8499\u65af\u7684\u300a\u6d1e\u6089\u5e02\u5834\u7684\u4eba\uff08The Man Who Solved the Market\uff09\u300b<\/a>\u300b<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%EF%BC%9A%E5%B7%B4%E8%8F%B2%E7%89%B9\"><\/span>\u50f9\u503c\u6295\u8cc7\uff1a\u5df4\u83f2\u7279<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u5f9e1965\u5e74\u52302021\u5e74\u517157\u5e74\uff0c\u53ea\u670911\u5e74\u7684\u5e74\u6295\u8cc7\u5831\u916c\u7387\u662f\u8ca0\u5831\u916c\uff0c\u5e74\u5316\u5831\u916c20.1%\u3002\u4ee5\u5df4\u83f2\u7279\u6240\u638c\u7ba1\u7684\u8cc7\u91d1\u5927\u5c0f\uff0c\u9019\u662f\u300c\u975e\u5e38\u975e\u5e38\u300d\u56f0\u96e3\u9054\u6210\u7684\u6210\u5c31\u3002<\/p>\n\n\n\n<p>\u6211\u5728\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247<\/a>\u300b\u4e00\u66f8\u4e2d\uff1a1-1\u7bc0\uff0c\u7b2c21\u9801\uff0c\u95dc\u65bc\u300c\u95dc\u93755\u300b\u9577\u671f\u6295\u8cc7\u624d\u6703\u6210\u529f\u300d\u4e3b\u984c\u7684\u8a0e\u8ad6\u9019\u500b\u5c0f\u7bc0\u88e1\uff0c\u5c31\u70ba\u5927\u5bb6\u5206\u6790\u904e\u897f\u8499\u65af\u548c\u5df4\u83f2\u7279\u7684\u5dee\u5225\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%81%BF%E9%9A%AA%E5%9F%BA%E9%87%91%EF%BC%9A%E9%81%94%E9%87%8C%E6%AD%90\"><\/span>\u907f\u96aa\u57fa\u91d1\uff1a\u9054\u91cc\u6b50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5168\u7403\u6700\u5927\u7684\u907f\u96aa\u57fa\u91d1\u4e4b\u4e00\uff0c\u745e\u00b7\u9054\u91cc\u6b50\uff08Raymond Dalio\uff09\u7684\u6a4b\u6c34\u57fa\u91d1\u7684\u6a4b\u6c34\u57fa\u91d1\u81ea1991 \u5e74\u5275\u7acb\u4ee5\u4f86\u81f32022\u4e0a\u534a\u5e74\u7684\u5e74\u5316\u5831\u916c\u7387\u662f11.4%\uff08\u6a19\u666e500\u6307\u6578\u5305\u62ec\u80a1\u5229\u7684\u540c\u671f\u9593\u5e74\u5316\u5831\u916c\u7387\u662f\u70ba11.24%\uff09\u3002\u5728\u907f\u96aa\u57fa\u91d1\u696d\u88e1\uff0c\u8003\u91cf\u5230\u4ed6\u7684\u8cc7\u91d1\u5927\u5c0f\u548c\u57fa\u91d1\u5b58\u7e8c\u7684\u671f\u9593\uff0c\u5df2\u7d93\u7b97\u662f\u5f88\u9802\u5c16\u7684\u8868\u73fe\u4e86\uff0c\u4f46\u548c\u4ee3\u8868\u7f8e\u80a1\u5927\u76e4\u7684\u6a19\u666e500\u6307\u6578\u5e7e\u4e4e\u76f8\u540c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BD%95%E8%A6%8B%E7%9A%84%E5%AD%B8%E9%99%A2%E6%B4%BE%E6%8A%95%E8%B3%87%E5%A4%A7%E5%B8%AB%EF%BC%9A%E5%87%B1%E5%9B%A0%E6%96%AF\"><\/span>\u7f55\u898b\u7684\u5b78\u9662\u6d3e\u6295\u8cc7\u5927\u5e2b\uff1a\u51f1\u56e0\u65af<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u51f1\u56e0\u65af\u662f\u81f3\u4eca\u300c\u552f\u4e00\u4e00\u4f4d\u300d\u540c\u6642\u517c\u5177\u7d93\u6fdf\u5b78\u548c\u6295\u8cc7\u5169\u9805\u50b3\u5947\u5927\u5e2b\u5730\u4f4d\u7684\u8457\u540d\u4eba\u7269\u3002\u5b78\u8853\u548c\u73fe\u5be6\u793e\u6703\u7684\u5be6\u969b\u72c0\u6cc1\u6709\u5f88\u5927\u7684\u5dee\u5225\uff0c\u901a\u5e38\u6240\u8b02\u7684\u5b78\u9662\u6d3e\uff0c\u6216\u662f\u8ca1\u7d93\u6559\u6388\u5011\u7684\u6295\u8cc7\u56de\u5831\u90fd\u4e0d\u5f88\u597d\u3002<\/p>\n\n\n\n<p>\u4ed6\u9577\u671f\u70ba\u82f1\u570b\u7684\u570b\u738b\u5b78\u9662\u7ba1\u7406\u6295\u8cc7\u7d44\u5408\uff0c\u9054\u6210\u572821\u5e74\u7684\u671f\u9593\uff0c\u53d6\u5f9712.4%\u5e74\u4ee3\u6295\u8cc7\u5831\u916c\u7387\u7684\u975e\u51e1\u6210\u5c31\u3002<\/p>\n\n\n\n<p>\u4ed6\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u6d3b\u8e8d\u6210\u5206\u572825\u5e74\u91cc\u5e73\u5747\u6bcf\u5e74\u8dd1\u8d0f\u82f1\u570b\u80a1\u7968\u6307\u65786% \u52308%\uff0c\u70ba\u4ed6\u8d0f\u5f97\u4e86\u5f8c\u4ee3\u5df4\u83f2\u7279\u548c\u55ac\u6cbb\u00b7\u7d22\u7f85\u65af\u7b49\u516c\u8a8d\u80a1\u7968\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u9ad8\u5ea6\u8b9a\u8cde\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc\u51f1\u56e0\u65af\uff0c\u8acb\u53c3\u898b\u6211\u7684\u53e6\u7bc7\u5c08\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/01\/%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%87%b1%e5%9b%a0%e6%96%af\/\">\u6295\u8cc7\u5927\u5e2b\u7d04\u7ff0\uff0e\u6885\u7d0d\u5fb7\uff0e\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09<\/a>\u300b\u7684\u4ecb\u7d39\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%80%A3%E7%BA%8C15%E5%B9%B4%E8%B7%91%E8%B4%8F%E6%A8%99%E6%99%AE%E6%8C%87%E6%95%B8%E7%9A%84%E6%AF%94%E7%88%BE%EF%BC%8E%E7%B1%B3%E5%8B%92\"><\/span>\u9023\u7e8c15\u5e74\u8dd1\u8d0f\u6a19\u666e\u6307\u6578\u7684\u6bd4\u723e\uff0e\u7c73\u52d2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u75311991\u5e74\u81f32005\u5e74\u671f\u9593\uff0c\u7c73\u52d2\u6240\u7ba1\u7406\u7684\u7f8e\u76db\u4fe1\u8a17\u57fa\u91d1\uff08Legg Mason Value Trust\uff09\u65bc\u6b64\u671f\u9593\u53d6\u5f97980.45%\u7684\u7e3d\u56de\u5831\uff0c\u5e74\u8907\u5408\u56de\u5831\u7387\u7d04\u70ba16.44%\uff1b\u4e26\u65bc2019\u5e74\u9000\u4f11\u3002<\/p>\n\n\n\n<p>\u7c73\u52d2\u66fe\u9023\u7e8c15\u5e74\u8dd1\u8d0f\u6a19\u666e\u6307\u6578\uff0c\u4e14\u4efb\u610f\u5e74\u5ea6\u7684\u6295\u8cc7\u56de\u5831\u7387\u90fd\u9ad8\u65bc\u540c\u671f\u9593\u7684\u6a19\u666e500\u6307\u6578\u3002\u5728\u8a72\u6bb5\u671f\u9593\uff0c\u6a19\u666e500\u6307\u6578\u4e0a\u6f32513.59%\uff0c\u5e74\u5fa9\u5408\u56de\u5831\u7387\u7d04\u70ba11.53%\u3002\u9023\u7e8c15\u5e74\u8dd1\u8d0f\u6a19\u666e\u6307\u6578\uff0c\u66f4\u52dd\u53e6\u4e00\u4f4d\u50b3\u5947\u57fa\u91d1\u7d93\u7406\u5f7c\u5f97\uff0e\u6797\u5340\uff0c\u800c\u4ed6\u4ea6\u66fe\u53d6\u5f97\u9023\u7e8c8\u5e74\u52dd\u6a19\u666e500\u6307\u6578\u7684\u6230\u7e3e\u3002 \u800c\u7c73\u52d2\u7684\u512a\u7570\u8868\u73fe\uff0c\u4ed6\u6240\u7ba1\u7406\u7684\u57fa\u91d1\u898f\u6a21\u64da\u5831\u5c0e\u5f9e1990\u5e74\u76847.5\u5104\u7f8e\u5143\u4e00\u8def\u6210\u9577\u81f32006\u5e74\u7684200\u5104\u7f8e\u5143\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<figure class=\"wp-block-table\"><table><tbody><tr><td>\u3000<\/td><td>\u6295\u8cc7\u7d44\u5408\u5e02\u503c\uff08\u7f8e\u91d1\u5341\u5104\uff09<\/td><td>\u6295\u8cc7\u751f\u6daf<\/td><td>\u7e3d\u5e74\u6578<\/td><td>\u5e74\u5316\u5831\u916c\u7387<\/td><td>\u8ca0\u5831\u916c\u5e74\u6578<\/td><\/tr><tr><td>\u83ef\u502b\uff0e\u5df4\u83f2\u7279<\/td><td>350<\/td><td>1965-2024<\/td><td>60<\/td><td>19.9%<\/td><td>11<\/td><\/tr><tr><td>\u8a79\u59c6\u65af\uff0e\u897f\u8499\u65af<\/td><td>34.8<\/td><td>1988-2023<\/td><td>36<\/td><td>40%<\/td><td>1<\/td><\/tr><tr><td>\u5f7c\u5f97\uff0e\u6797\u5340<\/td><td>14<\/td><td>1977-1990<\/td><td>13<\/td><td>29.2%<\/td><td>N\/A<\/td><\/tr><tr><td>\u6bd4\u723e\uff0e\u7c73\u52d2<\/td><td>20<\/td><td>1991-2005<\/td><td>15<\/td><td>16.44%<\/td><td>N\/A<\/td><\/tr><tr><td>\u745e\uff0e\u9054\u91cc\u6b50<\/td><td>100<\/td><td>1991-2022<\/td><td>32<\/td><td>11.4%<\/td><td>N\/A<\/td><\/tr><tr><td>\u7d04\u7ff0\uff0e\u51f1\u56e0\u65af<\/td><td>0.052<\/td><td>1928-1945<\/td><td>18<\/td><td>13.2%<\/td><td>5<\/td><\/tr><tr><td>\u67e5\u7406\uff0e\u8499\u683c\uff08\u60e0\u52d2\u8499\u683c\u5408\u5925\u516c\u53f8\uff09<\/td><td>N\/A<\/td><td>1962-1975<\/td><td>14<\/td><td>19.8%<\/td><td>3<\/td><\/tr><tr><td>\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af<\/td><td>5.9<\/td><td>1969-2002<\/td><td>34<\/td><td>28.6%<\/td><td>4<\/td><\/tr><tr><td>\u8cfd\u65af\uff0e\u5361\u62c9\u66fc<\/td><td>25<\/td><td>1987-2013<\/td><td>26<\/td><td>20%<\/td><td>N\/A<\/td><\/tr><tr><td>\u73ed\u5091\u660e\uff0e\u845b\u62c9\u6f22<\/td><td>0.005<\/td><td>1936-1956<\/td><td><\/td><td>20%<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"108\" height=\"152\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/12\/m-1600x1200-3.jpg\" alt=\"\u6295\u8cc7\u5927\u5e2b\" class=\"wp-image-30350\"\/><\/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\/2022\/09\/27\/%e6%a8%a1%e4%bb%bf%e5%81%89%e5%a4%a7%e6%8a%95%e8%b3%87%e4%ba%ba%e6%98%af%e9%80%b2%e6%ad%a5%e6%9c%80%e5%bf%ab%e5%92%8c%e6%9c%80%e6%9c%89%e6%95%88%e7%9a%84%e6%96%b9%e6%b3%95\/\">\u6a21\u4eff\u5049\u5927\u6295\u8cc7\u4eba\u662f\u9032\u6b65\u6700\u5feb\u548c\u6700\u6709\u6548\u7684\u65b9\u6cd5<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/04\/%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e7%9a%84%e5%85%b1%e9%80%9a%e6%80%a7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u91cf\u5316\u6295\u8cc7\u7684\u5171\u901a\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/11\/%e6%9c%89%e5%8f%b2%e4%bb%a5%e4%be%86%e6%9c%80%e5%81%89%e5%a4%a7%e7%9a%84%e9%87%8f%e5%8c%96%e6%8a%95%e8%b3%87%e5%a4%a9%e7%8e%8b%e5%90%89%e5%a7%86%e8%a5%bf%e8%92%99%e6%96%af%e5%8e%bb%e4%b8%96\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6709\u53f2\u4ee5\u4f86\u6700\u5049\u5927\u7684\u91cf\u5316\u6295\u8cc7\u5929\u738b\u5409\u59c6\u897f\u8499\u65af\uff08Jim Simons\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/24\/%e5%a6%82%e4%bd%95%e7%a0%94%e7%a9%b6%e6%88%90%e5%8a%9f%e7%9a%84%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab\/\">\u5982\u4f55\u7814\u7a76\u6210\u529f\u7684\u6295\u8cc7\u5927\u5e2b<\/a>\uff1f\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/03\/22\/%e8%ab%87%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%8c%e5%b0%8f%e5%bf%83%e6%95%b8%e5%ad%97%e9%81%8a%e6%88%b2\/\">\u8ac7\u6295\u8cc7\u5831\u916c\u7387\uff0c\u5c0f\u5fc3\u6578\u5b57\u9677\u9631<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/\">\u6295\u8cc7\u7d44\u5408\u6108\u5927\uff0c\u6295\u8cc7\u5831\u916c\u7387\u7684\u78ba\u53ef\u80fd\u6703\u96a8\u6642\u9593\u7de9\u6162\u5730\u964d\u4f4e<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/10\/%E8%B3%87%E9%87%91%E5%A4%A7%E5%B0%8F%E5%92%8C%E6%8A%95%E8%B3%87%E5%A0%B1%E9%85%AC%E7%8E%87%E7%9A%84%E9%97%9C%E4%BF%82\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8cc7\u91d1\u5927\u5c0f\u548c\u6295\u8cc7\u5831\u916c\u7387\u7684\u95dc\u4fc2<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/14\/%e9%a0%82%e5%b0%96%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%80%91%e7%9a%84%e7%94%9f%e6%b6%af%e5%b9%b4%e5%8c%96%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87\/\">\u9802\u5c16\u6295\u8cc7\u5927\u5e2b\u5011\u7684\u751f\u6daf\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff1a\u5df4\u83f2\u7279\uff0c\u897f\u8499\u65af\uff0c\u6797\u5340\uff0c\u9054\u91cc\u6b50\uff0c\u51f1\u56e0\u65af\uff0c\u8499\u683c\uff0c\u7d22\u7f85\u65af\uff0c\u7c73\u52d2\uff0c\u5361\u62c9\u66fc<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/12\/%e6%82%a8%e6%87%89%e8%a9%b2%e8%aa%8d%e8%ad%98square%e9%80%99%e5%ae%b6%e4%bc%81%e6%a5%ad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%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\/\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/19\/%E5%87%B1%E5%9B%A0%E6%96%AF%E7%9A%84%E6%8A%95%E8%B3%87%E5%8E%9F%E5%89%87%E5%92%8C%E6%88%90%E5%B0%B1\/\">\u51f1\u56e0\u65af\uff08Keynes\uff09\u7684\u6295\u8cc7\u539f\u5247\u548c\u6210\u5c31<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/01\/%e6%8a%95%e8%b3%87%e5%a4%a7%e5%b8%ab%e5%87%b1%e5%9b%a0%e6%96%af\/\">\u6295\u8cc7\u5927\u5e2b\u7d04\u7ff0\uff0e\u6885\u7d0d\u5fb7\uff0e\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/05\/%e5%bd%bc%e5%be%97%e6%9e%97%e5%8d%80%e9%81%b8%e8%82%a1%e6%88%b0%e7%95%a5\/\">\u9069\u5408\u5165\u9580\u6295\u8cc7\u4eba\u7684\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up On Wall Street\uff09<\/a>\u300b\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/10\/%e5%a6%82%e4%bd%95%e6%aa%a2%e8%a6%96%e4%b8%80%e5%80%8b%e6%88%90%e5%8a%9f%e7%9a%84%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%88%90%e5%8a%9f%e8%83%bd%e5%90%a6%e6%8c%81%e7%ba%8c%ef%bc%9f\/\">\u6295\u8cc7\u4eba\u6210\u529f\u80fd\u5426\u6301\u7e8c\u5982\u4f55\u6aa2\u8996\uff1f3\u9805\u6aa2\u8996\u7684\u6a19\u6e96<\/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 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