{"id":32008,"date":"2023-04-19T23:56:00","date_gmt":"2023-04-19T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=32008"},"modified":"2025-11-18T11:09:34","modified_gmt":"2025-11-18T03:09:34","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/","title":{"rendered":"\u5df4\u83f2\u7279\u6295\u8cc7\u80a1\u7968\u7684\u6700\u57fa\u672c\u5fc3\u614b"},"content":{"rendered":"\n<p>\u672c\u6587\u6458\u9304\u81ea<a href=\"https:\/\/berkshirehathaway.com\/letters\/1982.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279198<\/a><a href=\"https:\/\/berkshirehathaway.com\/letters\/1987.html\" target=\"_blank\" rel=\"noreferrer noopener\">7\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\uff0c\u5167\u5bb9\u975e\u5e38\u91cd\u8981\uff0c\u53ef\u4ee5\u8aaa\u662f\u5df4\u83f2\u7279\u5c0d\u80a1\u7968\u6295\u8cc7\u57fa\u672c\u5fc3\u614b\uff0c\u6700\u7d93\u5178\u7684\u57fa\u672c\u8abe\u8ff0\uff0c\u8a31\u591a\u5167\u5bb9\u7247\u6bb5\u81f3\u4eca\u4e00\u518d\u88ab\u5916\u754c\u5f15\u7528\u3002<\/p>\n\n\n\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\/2023\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E6%8A%8A%E8%87%AA%E5%B7%B1%E7%95%B6%E6%88%90%E4%BC%81%E6%A5%AD%E7%9A%84%E6%93%81%E6%9C%89%E4%BA%BA\" >\u628a\u81ea\u5df1\u7576\u6210\u4f01\u696d\u7684\u64c1\u6709\u4eba<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E9%97%9C%E6%96%BC%E4%BA%A4%E6%98%93\" >\u95dc\u65bc\u4ea4\u6613<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E8%82%A1%E7%A5%A8%E6%8A%95%E8%B3%87%E6%B2%92%E6%9C%89%E5%85%AC%E5%BC%8F\" >\u80a1\u7968\u6295\u8cc7\u6c92\u6709\u516c\u5f0f<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E8%BF%BD%E6%B1%82%E9%95%B7%E6%9C%9F%E5%83%B9%E5%80%BC\" >\u8ffd\u6c42\u9577\u671f\u50f9\u503c<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E9%A1%98%E6%84%8F%E7%84%A1%E9%99%90%E6%9C%9F%E6%8C%81%E6%9C%89\" >\u9858\u610f\u7121\u9650\u671f\u6301\u6709<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E4%B8%8D%E8%A6%81%E5%AE%B3%E6%80%95%E8%88%87%E7%9C%BE%E4%B8%8D%E5%90%8C\" >\u4e0d\u8981\u5bb3\u6015\u8207\u773e\u4e0d\u540c<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E8%A6%81%E9%81%A9%E5%90%88%E8%87%AA%E5%B7%B1%E7%9A%84%E4%BA%BA%E6%A0%BC%E7%89%B9%E8%B3%AA\" >\u8981\u9069\u5408\u81ea\u5df1\u7684\u4eba\u683c\u7279\u8cea<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E4%B8%8D%E8%A6%81%E7%82%92%E7%9F%AD%E7%B7%9A\" >\u4e0d\u8981\u7092\u77ed\u7dda<\/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\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%E7%9B%AE%E6%A8%99\" >\u76ee\u6a19<\/a><\/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\/2023\/04\/19\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8a%95%e8%b3%87%e8%82%a1%e7%a5%a8%e7%9a%84%e5%9f%ba%e6%9c%ac%e5%bf%83%e6%85%8b\/#%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%8A%8A%E8%87%AA%E5%B7%B1%E7%95%B6%E6%88%90%E4%BC%81%E6%A5%AD%E7%9A%84%E6%93%81%E6%9C%89%E4%BA%BA\"><\/span>\u628a\u81ea\u5df1\u7576\u6210\u4f01\u696d\u7684\u64c1\u6709\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6bcf\u7576\u67e5\u7406\u8ddf\u6211\u70ba\u6ce2\u514b\u590f\u65d7\u4e0b\u7684\u4fdd\u96aa\u516c\u53f8\u8cb7\u9032\u80a1\u7968\uff0c\u6211\u5011\u63a1\u53d6\u7684\u614b\u5ea6\u5c31\u597d\u50cf\u662f\u6211\u5011\u8cb7\u4e0b\u7684\u662f\u4e00\u5bb6\u79c1\u4eba\u4f01\u696d\u4e00\u6a23\uff0c\u6211\u5011\u8457\u91cd\u65bc\u9019\u5bb6\u516c\u53f8\u7684\u7d93\u6fdf\u524d\u666f\u3001\u7d93\u71df\u968e\u5c64\u4ee5\u53ca\u6211\u5011\u652f\u4ed8\u7684\u50f9\u683c\uff0c\u6211\u5011\u5f9e\u4f86\u5c31\u6c92\u6709\u8003\u616e\u518d\u628a\u9019\u4e9b\u80a1\u4efd\u8ce3\u51fa\uff0c\u76f8\u53cd\u5730 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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5011\u7684\u65b9\u5f0f\u5728\u4ea4\u6613\u71b1\u7d61\u7684\u80a1\u7968\u5e02\u5834\u76f8\u7576\u7ba1\u7528\uff0c\u56e0\u70ba\u5e02\u5834\u4e09\u4e0d\u4e94\u6642\u5c31\u6703\u7a81\u7136\u6d6e\u73fe\u4ee4\u4eba\u5782\u6d8e\u4e09\u5c3a\u7684\u6295\u8cc7\u6a5f\u6703\uff0c\u4f46\u9019\u50f9\u683c\u5176\u5be6\u4e26\u4e0d\u592a\u91cd\u8981\uff0c\u56e0\u70ba\u5c31\u7b97\u662f\u6211\u5011\u6301\u6709\u7684\u80a1\u7968\u505c\u6b62\u4ea4\u6613\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u6211\u5011\u4e5f\u4e0d\u5728\u610f\uff0c\u5c31\u50cf\u662f\u4e16\u754c\u767e\u79d1\u5168\u66f8\u6216\u662f\u8cbb\u5340\u6d77\u9ed8\u540c\u6a23\u6c92\u6709\u6bcf\u5929\u7684\u5831\u50f9\uff0c\u6700\u5f8c\u4e00\u9ede\uff0c\u6211\u5011\u7684\u7d93\u6fdf\u5229\u76ca\u53d6\u6c7a\u65bc\u6211\u5011\u6240\u64c1\u6709\u7684\u516c\u53f8\u672c\u8eab\u7684\u7d93\u6fdf\u5229\u76ca\uff0c\u4e0d\u7ba1\u6211\u5011\u6301\u6709\u7684\u662f\u5168\u90e8\u6216\u8005\u662f\u90e8\u4efd\u80a1\u6b0a\u90fd\u4e00\u6a23\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E7%A5%A8%E6%8A%95%E8%B3%87%E6%B2%92%E6%9C%89%E5%85%AC%E5%BC%8F\"><\/span>\u80a1\u7968\u6295\u8cc7\u6c92\u6709\u516c\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u845b\u62c9\u6f22\u7684\u5e02\u5834\u5148\u751f\u7406\u8ad6\u5728\u73fe\u4eca\u7684\u6295\u8cc7\u4e16\u754c\u5167\u6216\u8a31\u986f\u5f97\u6709\u4e9b\u904e\u6642\uff0c\u5c24\u5176\u662f\u5728\u90a3\u4e9b\u5927\u8ac7\u5e02\u5834\u6548\u7387\u7406\u8ad6\u3001\u52d5\u614b\u907f\u96aa\u8207\u8c9d\u5b83\u503c\u7684\u5c08\u5bb6\u5b78\u8005\u773c\u4e2d\u66f4\u662f\u5982\u6b64\uff0c\u4ed6\u5011\u6703\u5c0d\u90a3\u4e9b\u6df1\u5967\u7684\u8ab2\u984c\u611f\u5230\u8208\u8da3\u662f\u53ef\u4ee5\u7406\u89e3\u7684\uff0c\u56e0\u70ba\u9019\u5c0d\u65bc\u6e34\u671b\u6295\u8cc7\u5efa\u8b70\u7684\u8ffd\u6c42\u8005\u4f86\u8aaa\uff0c\u662f\u76f8\u7576\u5177\u5438\u5f15\u529b\u7684\uff0c\u5c31\u50cf\u662f\u6c92\u6709\u4e00\u4f4d\u540d\u91ab\u53ef\u4ee5\u55ae\u9760 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class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%BF%BD%E6%B1%82%E9%95%B7%E6%9C%9F%E5%83%B9%E5%80%BC\"><\/span>\u8ffd\u6c42\u9577\u671f\u50f9\u503c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u8ffd\u96a8\u845b\u62c9\u6f22\u7684\u6559\u8aa8\uff0c\u67e5\u7406\u8ddf\u6211\u8457\u773c\u7684\u662f\u6295\u8cc7\u7d44\u5408\u672c\u8eab\u7684\u7d93\u71df\u6210\u679c\uff0c\u4ee5\u6b64\u4f86\u5224\u65b7\u6295\u8cc7\u662f\u5426\u6210\u529f\uff0c\u800c\u4e0d\u662f\u4ed6\u5011\u6bcf\u5929\u6216\u662f\u6bcf\u5e74\u7684\u80a1\u50f9\u8b8a\u5316\uff0c\u77ed\u671f\u9593\u5e02\u5834\u6216\u8a31\u6703\u5ffd\u7565\u4e00\u5bb6\u7d93\u71df\u6210\u529f\u7684\u4f01\u696d\uff0c\u4f46\u6700\u5f8c\u9019\u4e9b\u516c\u53f8\u7d42\u5c07\u7372\u5f97\u5e02\u5834\u7684\u80af\u5b9a\uff0c\u5c31\u50cf\u845b\u62c9\u6f22\u6240\u8aaa\u7684\uff1a\u201c\u77ed\u671f\u800c\u8a00\uff0c\u80a1\u7968\u5e02\u5834\u662f\u4e00\u500b\u6295\u7968\u6a5f\uff0c\u4f46\u9577\u671f\u4f86\u8aaa\uff0c\u5b83\u537b\u662f\u4e00\u500b\u9ad4\u91cd\u6a5f\u201d\u4e00\u5bb6\u6210\u529f\u7684\u516c\u53f8\u662f\u5426\u5f88\u5feb\u5730\u5c31\u88ab\u767c\u73fe\u4e26\u4e0d\u662f\u91cd\u9ede\uff0c\u91cd\u8981\u7684\u662f\u53ea\u8981\u9019\u5bb6\u516c\u53f8\u7684\u5167\u5728\u50f9\u503c\u80fd\u5920\u4ee5\u7a69\u5b9a\u5730\u901f\u5ea6\u6210\u9577\u624d\u662f\u95dc\u9375\uff0c\u4e8b\u5be6\u4e0a\u8d8a<br>\u665a\u88ab\u767c\u73fe\u6709\u6642\u597d\u8655\u66f4\u591a\uff0c\u56e0\u70ba\u6211\u5011\u5c31\u6709\u66f4\u591a\u7684\u6a5f\u6703\u4ee5\u4fbf\u5b9c\u7684\u50f9\u683c\u8cb7\u9032\u5b83\u7684\u80a1\u4efd\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A1%98%E6%84%8F%E7%84%A1%E9%99%90%E6%9C%9F%E6%8C%81%E6%9C%89\"><\/span>\u9858\u610f\u7121\u9650\u671f\u6301\u6709<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7576\u7136\u6709\u6642\u5e02\u5834\u4e5f\u6703\u9ad8\u4f30\u4e00\u5bb6\u4f01\u696d\u7684\u50f9\u503c\uff0c\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u6211\u5011\u5c07\u51fa\u552e\u6211\u5011\u7684\u80a1\u4efd\u3002 \u6709\u6642\uff0c\u6211\u5011\u4e5f\u6703\u51fa\u552e\u4e00\u7a2e\u4f30\u503c\u5408\u7406\u751a\u81f3\u88ab\u4f4e\u4f30\u7684\u8b49\u5238\uff0c\u56e0\u70ba\u6211\u5011\u9700\u8981\u8cc7\u91d1\u9032\u884c\u4e00\u9805\u88ab\u4f4e\u4f30\u5f97\u66f4\u591a\u7684\u6295\u8cc7\uff0c\u6216\u8005\u6211\u5011\u8a8d\u70ba\u6211\u5011\u66f4\u4e86\u89e3\u7684\u6295\u8cc7\u3002<\/em><\/p>\n\n\n\n<p><em>\u7136\u800c\u6211\u5011\u5fc5\u9808\u5f37\u8abf\u7684\u662f\u6211\u5011\u4e0d\u6703\u56e0\u70ba\u88ab\u6295\u8cc7\u516c\u53f8\u7684\u80a1\u50f9\u4e0a\u6f32\u6216\u662f\u56e0\u70ba\u6211\u5011\u5df2\u7d93\u6301\u6709\u4e00\u6bb5\u6642\u9593\uff0c\u5c31\u628a\u5b83\u5011\u7d66\u8655\u5206\u6389\uff0c\u5728\u83ef\u723e\u8857\u540d\u8a00\u4e2d\uff0c\u6700\u53ef\u7b11\u7684\u83ab\u904e\u65bc\u662f 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class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7576\u7136\u67e5\u7406\u8ddf\u6211\u6c7a\u5b9a\u8981\u64c1\u6709\u4e26\u6301\u6709\u4e00\u5bb6\u516c\u53f8\u7684\u80a1\u4efd\uff0c\u662f\u540c\u6642\u7d9c\u5408\u4e86\u500b\u4eba\u60f3\u6cd5\u8207\u8ca1\u52d9\u65b9\u9762\u7684\u8003\u91cf\uff0c\u5c0d\u67d0\u4e9b\u4eba\u4f86\u8aaa\uff0c\u6211\u5011\u9019\u6a23\u7684\u505a\u6cd5\u53ef\u80fd\u6709\u9ede\u4e0d\u5408\u5e38\u898f\uff0c(\u67e5\u7406\u8ddf\u6211\u9577\u671f\u4ee5\u4f86\u4e00\u76f4\u9075\u5f9e\u5967\u7f8e\u5ee3\u544a\u5275\u8fa6\u4eba\u5927\u885b\u5967\u7f8e\u7684\u5efa\u8b70\uff0c\u5728\u5e74\u8f15\u6642\u767c\u5c55\u51fa\u4f60\u81ea\u5df1\u7684\u7279\u7570\u98a8\u683c\uff0c\u9019\u6a23\u5b50\u7b49\u4f60\u5230\u8001\u6642\uff0c\u4eba\u5011\u5c31\u4e0d\u6703\u89ba\u5f97\u4f60\u662f \u500b\u602a\u80ce)\uff0c\u7684\u78ba\uff0c\u8fd1\u5e74\u4f86\u5728\u4ea4\u6613\u983b\u7e41\u7684\u83ef\u723e\u8857\uff0c\u6211\u5011\u7684\u614b\u5ea6\u770b\u8d77\u4f86\u6709\u4e9b\u7279\u7acb\u7368\u884c\uff0c\u5728\u90a3\u500b\u7af6\u6280\u5834\u5167\uff0c\u6240\u6709\u7684\u516c\u53f8\u8207\u80a1\u4efd\uff0c\u90fd\u4e0d\u904e\u662f\u4ea4\u6613\u7684\u7c4c\u78bc\u800c\u5df2\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A6%81%E9%81%A9%E5%90%88%E8%87%AA%E5%B7%B1%E7%9A%84%E4%BA%BA%E6%A0%BC%E7%89%B9%E8%B3%AA\"><\/span>\u8981\u9069\u5408\u81ea\u5df1\u7684\u4eba\u683c\u7279\u8cea<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u4f46\u662f\u6211\u5011\u7684\u614b\u5ea6\u5b8c\u5168\u7b26\u5408\u6211\u5011\u672c\u8eab\u7684\u4eba\u683c\u7279\u8cea\uff0c\u9019\u5c31\u662f\u6211\u5011\u60f3\u8981\u904e\u7684\u751f\u6d3b\uff0c\u4e18\u5409\u723e\u66fe\u7d93\u8aaa\u904e\uff0c\u6211\u5011\u5f88\u6e05\u695a\u6211\u5011\u8981\u5982\u4f55\u53bb\u5851\u9020\u6211\u5011\u60f3\u8981\u7684\u6a21\u5f0f\uff0c\u56e0\u6b64\u6211\u5011\u5be7\u9858\u8ddf\u6211\u5011\u559c\u6b61\u8207\u63a8\u5d07\u7684\u5c0d\u8c61\u5f80\u4f86\uff0c\u5c31\u7b97\u662f\u56e0\u6b64\uff0c\u6703\u6bd4\u8ddf\u4e00\u4e9b\u6211\u5011\u8a0e\u53ad\u6216\u662f\u4e0d\u559c\u6b61\u7684\u4eba\u6253\u4ea4\u9053\uff0c\u5c11\u5f97\u5230\u4e00\u4e9b\u6295\u8cc7\u5831\u916c\u4e5f\u6c92\u6709\u95dc\u4fc2\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8D%E8%A6%81%E7%82%92%E7%9F%AD%E7%B7%9A\"><\/span>\u4e0d\u8981\u7092\u77ed\u7dda<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u53ea\u56e0\u70ba\u9694\u58c1\u7684\u8fb2\u5834\u6700\u8fd1\u8ce3\u51fa\u7684\u50f9\u683c\u66f4\u4f4e\u4e00\u4e9b?\u6216\u662f\u4f60\u6703\u4e0d\u6703\u4e00\u65e9\u8d77\u4f86\u5c31\u60f3\u8981\u628a\u4f60\u7684\u623f\u5b50\u8ce3\u6389\uff0c\u53ea\u56e0\u70ba\u5e7e\u5206\u9418\u524d\u4f60\u807d\u5230\u9694\u58c1\u7684\u623f\u5b50\u4ee5\u6bd4\u4ee5\u524d\u4fbf\u5b9c\u7684\u50f9\u683c\u812b\u624b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%AE%E6%A8%99\"><\/span>\u76ee\u6a19<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5011\u7684\u76ee\u6a19\u662f\u4ee5\u5408\u7406\u7684\u50f9\u683c\u8cb7\u5230\u7e3e\u512a\u7684\u4f01\u696d\uff0c\u800c\u4e0d\u662f\u4ee5\u4fbf\u5b9c\u7684\u50f9\u683c\u8cb7\u9032\u5e73\u5eb8\u7684\u516c\u53f8\uff0c\u67e5\u7406\u8ddf\u6211\u767c\u73fe\u8cb7\u5230\u8ca8\u771f\u50f9\u5be6\u7684\u6771\u897f\u624d\u662f\u6211\u5011\u771f\u6b63\u61c9\u8a72\u505a\u7684\u3002<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"146\" height=\"98\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/02\/investing-fundamentals-1600x1200-1.jpg\" alt=\"\u57fa\u672c\u5fc3\u614b\" class=\"wp-image-32056\" style=\"width:146px;height:98px\"\/><figcaption class=\"wp-element-caption\">credit: evidenceinvestor.com<\/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\/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\/2022\/12\/07\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e6%8a%95%e8%b3%87%e6%83%b3%e6%b3%95%e7%9a%84\/\">\u5df4\u83f2\u7279\u662f\u5982\u4f55\u767c\u6398\u6295\u8cc7\u60f3\u6cd5\u7684\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\/\">\u9577\u671f\u6301\u80a1\u7684\u53ef\u80fd\u6027\uff0c\u5df4\u83f2\u7279\u6301\u80a1\u7684\u5be6\u969b\u6848\u4f8b<\/a>\u300b<\/li>\n\n\n\n<li>\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<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/17\/%e6%9b%be%e7%b6%93%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%92%8c%e8%92%99%e6%a0%bc%e9%83%bd%e8%ae%9a%e8%ad%bd%e6%9c%89%e4%bd%b3%e7%9a%84%e9%87%8d%e8%a6%81%e6%8c%81%e8%82%a1%e5%af%8c%e5%9c%8b%e9%8a%80%e8%a1%8c\/\">\u5bcc\u570b\u9280\u884c\u5982\u4f55\u8cfa\u9322\uff1f\u66fe\u7d93\u5df4\u83f2\u7279\u548c\u8499\u683c\u90fd\u8b9a\u8b7d\u6709\u52a0\u7684\u91cd\u8981\u6301\u80a1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/27\/%E7%9B%B8%E4%BF%A1%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%98%AF%E5%80%96%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4%E7%9A%84%E4%BA%BA%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%88%90%E5%8A%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u76f8\u4fe1\u6210\u529f\u6295\u8cc7\u4eba\u662f\u5016\u5b58\u8005\u504f\u8aa4\u7684\u4eba\u4e0d\u53ef\u80fd\u6210\u529f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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