{"id":32180,"date":"2023-02-23T23:56:00","date_gmt":"2023-02-23T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=32180"},"modified":"2025-11-23T10:30:12","modified_gmt":"2025-11-23T02:30:12","slug":"%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/","title":{"rendered":"\u5177\u6709\u8b77\u57ce\u6cb3\u7279\u5fb5\u7684\u7522\u696d\u548c\u7522\u696d\u8d70\u4e0b\u5761\u7684\u4f8b\u5b50"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E4%B8%80%E5%80%8B%E7%94%A2%E6%A5%AD%E8%B5%B0%E4%B8%8B%E5%9D%A1%E7%9A%84%E5%AF%A6%E4%BE%8B\" >\u4e00\u500b\u7522\u696d\u8d70\u4e0b\u5761\u7684\u5be6\u4f8b<\/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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E5%85%B7%E6%9C%89%E8%AD%B7%E5%9F%8E%E6%B2%B3%E7%94%A2%E6%A5%AD%E7%9A%84%E7%89%B9%E5%BE%B5\" >\u5177\u6709\u8b77\u57ce\u6cb3\u7522\u696d\u7684\u7279\u5fb5<\/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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E4%BC%81%E6%A5%AD%E7%8D%B2%E5%8F%96%E9%AB%98%E5%A0%B1%E9%85%AC%E7%9A%84%E6%96%B9%E5%BC%8F\" >\u4f01\u696d\u7372\u53d6\u9ad8\u5831\u916c\u7684\u65b9\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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E7%B6%B2%E8%B7%AF%E5%AA%92%E9%AB%94%E9%96%8B%E5%A7%8B%E8%A0%B6%E9%A3%9F%E5%82%B3%E7%B5%B1%E5%AA%92%E9%AB%94%E7%9A%84%E5%B8%82%E5%A0%B4\" >\u7db2\u8def\u5a92\u9ad4\u958b\u59cb\u8836\u98df\u50b3\u7d71\u5a92\u9ad4\u7684\u5e02\u5834<\/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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E6%88%91%E7%9A%84%E6%9B%B8%E4%B8%AD%E7%9B%B8%E9%97%9C%E7%9A%84%E5%85%A7%E5%AE%B9\" >\u6211\u7684\u66f8\u4e2d\u76f8\u95dc\u7684\u5167\u5bb9<\/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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%E6%B2%92%E6%9C%89%E6%B0%B8%E4%B9%85%E7%9A%84%E8%AD%B7%E5%9F%8E%E6%B2%B3\" >\u6c92\u6709\u6c38\u4e45\u7684\u8b77\u57ce\u6cb3<\/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\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/#%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%B8%80%E5%80%8B%E7%94%A2%E6%A5%AD%E8%B5%B0%E4%B8%8B%E5%9D%A1%E7%9A%84%E5%AF%A6%E4%BE%8B\"><\/span>\u4e00\u500b\u7522\u696d\u8d70\u4e0b\u5761\u7684\u5be6\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/1991.html\" target=\"_blank\" rel=\"noreferrer noopener\">1991\u5e74\u6ce2\u514b\u590f\u7684\u80a1\u6771\u4fe1\u51fd<\/a>\u88e1\uff0c\u5df4\u83f2\u7279\u5f88\u611f\u6168\u5730\u8868\u793a\u5a92\u9ad4\u7522\u696d\u6b63\u5728\u8d70\u4e0b\u5761\uff0c\u7af6\u722d\u529b\u5927\u4e0d\u5982\u524d\uff1a<\/p>\n\n\n\n<p><em>\u5728\u53bb\u5e74\u7684\u5831\u544a\u4e2d\uff0c\u6211\u66fe\u7d93\u8868\u793a\u5a92\u9ad4\u4e8b\u696d\u7372\u5229\u80fd\u529b\u8870\u9000\u4e3b\u8981\u662f\u53cd\u61c9\u666f\u6c23\u7684\u5faa\u74b0\u56e0\u7d20\uff0c\u4f46\u57281991\u5e74\u767c\u751f\u7684\u60c5\u6cc1\u5247\u4e0d\u662f\u90a3\u9ebc\u4e00\u56de\u4e8b\uff0c\u7531\u65bc\u96f6\u552e\u696d\u5f62\u614b\u7684\u8f49\u8b8a\u52a0\u4e0a\u5ee3\u544a\u8207\u5a1b\u6a02\u4e8b\u696d\u7684\u591a\u5143\u5316\uff0c\u4ee5\u5f80\u66fe\u7d93\u4e00\u5ea6\u98a8\u5149\u7684\u5a92\u9ad4\u4e8b\u696d\uff0c\u5176\u7af6\u722d\u529b\u5df2\u53d7\u5230\u56b4\u91cd\u7684\u4fb5\u8755\uff0c\u7136\u800c\u4e0d\u5e78\u7684\u662f\u5728\u5546\u696d\u4e16\u754c\u4e2d\uff0c\u5f9e\u5f8c\u7167\u93e1\u6240\u770b\u5230\u7684\u666f\u8c61\u6c38\u9060\u6bd4\u64cb\u98a8\u73bb\u7483\u7684\u9084\u6e05\u695a\uff0c\u5e7e\u5e74\u524d\u5e7e\u4e4e\u6c92\u6709\u4eba\uff0c\u5305\u542b\u9280\u884c\u3001\u80a1\u6771\u8207\u8b49\u5238\u5206\u6790\u5e2b\u5728\u5167\uff0c\u6703\u4e0d\u770b\u597d\u5a92\u9ad4\u4e8b\u696d\u7684\u767c\u5c55\uff0c(\u82e5\u662f\u518d\u591a\u7d66\u6211\u5e7e\u5e74\uff0c\u6211\u53ef\u80fd\u5c31\u80fd\u6b63\u78ba\u5224\u65b7\u51fa\u9019\u500b\u7522\u696d\u6b63\u5728\u8d70\u4e0b\u5761)\u3002<\/em><\/p>\n\n\n\n<p><em>\u4e8b\u5be6\u662f\u5831\u7d19\u3001\u96fb\u8996\u8207\u96dc\u8a8c\u7b49\u5a92\u9ad4\u7684\u884c\u70ba\uff0c\u8d8a\u4f86\u8d8a\u8d85\u8d8a\u8eab\u70ba\u7279\u8a31\u884c\u696d\u6240\u61c9\u8a72\u505a\u7684\u4e8b\uff0c\u8b93\u6211\u5011\u5f88\u5feb\u5730\u770b\u4e00\u4e0b\u7279\u8a31\u4e8b\u696d\u8207\u4e00\u822c\u4e8b\u696d\u5728\u7279\u6027\u4e0a\u7684\u4e0d\u540c\uff0c\u4e0d\u904e\u8acb\u8a18\u4f4f\uff0c\u5f88\u591a\u516c\u53f8\u4e8b\u5be6\u4e0a\u662f\u4ecb\u65bc\u9019\u5169\u8005\u4e4b\u9593\uff0c\u6240\u4ee5\u4e5f\u53ef\u4ee5\u5c07\u4e4b\u5f62\u5bb9\u70ba\u5f31\u52e2\u7684\u7279\u8a31\u4e8b\u696d\u6216\u662f\u5f37\u52e2\u7684\u4e00\u822c\u4f01\u696d\u3002<\/em><\/p>\n\n\n\n<p>\u8a3b1\uff1a\u8acb\u6ce8\u610f\uff1b\u5df4\u83f2\u7279\u662f\u4f7f\u7528\u300c<em>\u7279\u8a31\u884c\u696d<\/em>\u300d\u9019\u500b\u5b57\u773c\u4f86\u7a31\u547c\u6709\u7af6\u722d\u529b\u7684\u4f01\u696d\u3002\u300c\u8b77\u57ce\u6cb3\u300d\u9019\u500b\u5b57\u773c\uff0c\u5fc5\u9700\u7b49\u5169\u5e74\u5f8c\uff0c\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/1993.html\" target=\"_blank\" rel=\"noreferrer noopener\">1993\u5e74\u6ce2\u514b\u590f\u7684\u80a1\u6771\u4fe1\u51fd<\/a>\u88e1\u624d\u9996\u6b21\u51fa\u73fe\u3002<\/p>\n\n\n\n<p>\u8a3b2\uff1a\u7db2\u969b\u7db2\u8def\u73fe\u5728\u7684\u88ab\u516c\u8a8d\u70ba\u662f\u57281983\u767c\u660e\u7684\uff0c\u56e0\u6b641991\u5e74\u6642\u5c31\u8b93\u5df4\u83f2\u7279\u611f\u53d7\u5230\u5a92\u9ad4\u7522\u696d\u6b63\u5728\u8d70\u4e0b\u5761\uff0c\u7af6\u722d\u529b\u5927\u4e0d\u5982\u524d\u3002\u4f46\u662f\u5df4\u83f2\u7279\u6b64\u6642\u4e26\u672a\u6307\u51fa\u7db2\u969b\u7db2\u8def\u7684\u51fa\u73fe\u9020\u6210\u5a92\u9ad4\u7522\u696d\u7684\u660e\u986f\u8870\u843d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%B7%E6%9C%89%E8%AD%B7%E5%9F%8E%E6%B2%B3%E7%94%A2%E6%A5%AD%E7%9A%84%E7%89%B9%E5%BE%B5\"><\/span>\u5177\u6709\u8b77\u57ce\u6cb3\u7522\u696d\u7684\u7279\u5fb5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u85c9\u7531\u7279\u5b9a\u7684\u7522\u54c1\u6216\u670d\u52d9\uff0c\u4e00\u5bb6\u516c\u53f8\u53ef\u4ee5\u6210\u70ba\u7279\u8a31\u7684\u884c\u696d<\/em>\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>(1)\u5b83\u78ba\u6709\u9700\u8981\u6216\u9700\u6c42<\/em><\/li>\n\n\n\n<li><em>(2)\u88ab\u9867\u5ba2\u8a8d\u5b9a\u70ba\u627e\u4e0d\u5230\u5176\u5b83\u985e\u4f3c\u7684\u66ff\u4ee3\u54c1<\/em><\/li>\n\n\n\n<li><em>(3)\u4e0d\u53d7\u50f9\u683c\u4e0a\u7684\u7ba1\u5236\u3002<\/em><\/li>\n<\/ul>\n\n\n\n<p><em>\u4e00\u5bb6\u516c\u53f8\u5230\u5e95\u6709\u6c92\u6709\u5177\u6709\u4ee5\u4e0a\u4e09\u500b\u7279\u9ede\u53ef\u80fd\u5f9e\u4ed6\u662f\u5426\u80fd\u7a4d\u6975\u5730\u70ba\u672c\u8eab\u6240\u63d0\u4f9b\u7684\u7522\u54c1\u8207\u670d\u52d9\u8a02\u5b9a\u50f9\u683c\u7684\u80fd\u529b\uff0c\u5f9e\u800c\u8cfa\u53d6\u66f4\u9ad8\u7684\u8cc7\u672c\u5831\u916c\u7387\uff0c\u66f4\u91cd\u8981\u7684\u7279\u8a31\u4e8b\u696d\u6bd4\u8f03\u80fd\u5920\u5bb9\u5fcd\u4e0d\u7576\u7684\u7ba1\u7406\uff0c\u7121\u80fd\u7684\u7d93\u7406\u4eba\u96d6\u7136\u6703\u964d\u4f4e\u7279\u8a31\u4e8b\u696d\u7684\u7372\u5229\u80fd\u529b\uff0c\u4f46\u662f\u4e26\u4e0d\u6703\u9020\u6210\u81f4\u547d\u7684\u50b7\u5bb3\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E7%8D%B2%E5%8F%96%E9%AB%98%E5%A0%B1%E9%85%AC%E7%9A%84%E6%96%B9%E5%BC%8F\"><\/span>\u4f01\u696d\u7372\u53d6\u9ad8\u5831\u916c\u7684\u65b9\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u76f8\u5c0d\u7684\uff0c\u4e00\u822c\u4e8b\u696d\u60f3\u8981\u7372\u81f4\u9ad8\u5831\u916c\u5c31\u53ea\u6709\u9760\u8457\u7bc0\u7701\u6210\u672c\u6216\u662f\u7576\u5176\u6240\u63d0\u4f9b\u7684\u7522\u54c1\u6216\u670d\u52d9\u4f9b\u9700\u4e0d\u5747\u4e4b\u6642\uff0c\u4f46\u662f\u9019\u7a2e\u4f9b\u7d66\u4e0d\u8db3\u7684\u60c5\u6cc1\u901a\u5e38\u7dad\u6301\u4e0d\u4e86\u591a\u4e45\uff0c\u5012\u662f\u900f\u904e\u512a\u826f\u7684\u7ba1\u7406\uff0c\u4e00\u5bb6\u516c\u53f8\u537b\u53ef\u4ee5\u9577\u671f\u7dad\u6301\u4f4e\u6210\u672c\u7684\u71df\u904b\uff0c\u4f46\u5373\u4f7f\u662f\u5982\u6b64\uff0c\u9084\u662f\u6703\u9762\u81e8\u7af6\u722d\u5c0d\u624b\u6301\u7e8c\u4e0d\u65b7\u7684\u653b\u64ca\uff0c\u800c\u4e0d\u50cf\u7279\u8a31\u4e8b\u696d\uff0c\u4e00\u822c\u4e8b\u696d\u6709\u53ef\u80fd\u56e0\u70ba\u7ba1\u7406\u4e0d\u5584\u800c\u5012\u9589\u3002<\/em><\/p>\n\n\n\n<p>\u8a3b\uff1a\u5168\u7403\u6240\u6709\u7684\u77f3\u6cb9\u80fd\u6e90\u4f01\u696d\u57282022\u5e74\u7d1b\u7d1b\u5275\u4e0b\u53f2\u4e0a\u7684\u7372\u5229\u65b0\u9ad8\u8a18\u9304\uff0c\u4e3b\u56e0\u5c31\u662f\u80fd\u6e90\u4f9b\u9700\u7684\u5931\u8861\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B6%B2%E8%B7%AF%E5%AA%92%E9%AB%94%E9%96%8B%E5%A7%8B%E8%A0%B6%E9%A3%9F%E5%82%B3%E7%B5%B1%E5%AA%92%E9%AB%94%E7%9A%84%E5%B8%82%E5%A0%B4\"><\/span>\u7db2\u8def\u5a92\u9ad4\u958b\u59cb\u8836\u98df\u50b3\u7d71\u5a92\u9ad4\u7684\u5e02\u5834<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><br><em>\u76f4\u5230\u6700\u8fd1\uff0c\u5a92\u9ad4\u7522\u696d\u9084\u64c1\u6709\u7279\u8a31\u4e8b\u696d\u9019\u4e09\u9805\u7279\u8cea\uff0c\u56e0\u6b64\u9084\u80fd\u5920\u8a02\u5b9a\u4fb5\u7565\u6027\u7684\u50f9\u683c\u4e26\u5bb9\u5fcd\u5bec\u9b06\u7684\u7ba1\u7406\uff0c\u4e0d\u904e\u73fe\u5728\u7684\u6d88\u8cbb\u5927\u773e\u4e0d\u65b7\u5730\u5c0b\u627e\u4e0d\u540c\u7684\u4fe1\u606f\u8207\u5a1b\u6a02\u4f86\u6e90\uff0c\u4e5f\u8d8a\u4f86\u8d8a\u80fd\u5920\u63a5\u53d7\u5404\u7a2e\u4e0d\u540c\u7684\u9078\u64c7\uff0c\u53e6\u4e00\u65b9\u9762\u5f88\u4e0d\u5e78\u7684\u662f\u6d88\u8cbb\u8005\u7684\u9700\u6c42\u4e26\u4e0d\u6703\u96a8\u8457\u4f9b\u7d66\u7684\u589e\u52a0\u800c\u8b8a\u5927\uff0c\u4e94\u5104\u96bb\u7f8e\u570b\u773c\u775b\uff0c\u4e00\u592924\u5c0f\u6642\uff0c\u5c31\u9019\u9ebc\u591a\uff0c\u4e0d\u53ef\u80fd\u518d\u589e\u52a0\u4e86\u3002\u6240\u4ee5\u7d50\u679c\u53ef\u60f3\u800c\u77e5\u7af6\u722d\u6703\u8b8a\u5f97\u66f4\u6fc0\u70c8\uff0c\u5e02\u5834\u88ab\u5340\u9694\u958b\uff0c\u5a92\u9ad4\u7522\u696d\u56e0\u800c\u55aa\u5931\u4e86\u90e8\u4efd\u539f\u6709\u7684\u7279\u8a31\u80fd\u529b\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%88%91%E7%9A%84%E6%9B%B8%E4%B8%AD%E7%9B%B8%E9%97%9C%E7%9A%84%E5%85%A7%E5%AE%B9\"><\/span>\u6211\u7684\u66f8\u4e2d\u76f8\u95dc\u7684\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h2>\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\uff1b<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2-2\u5c0f\u7bc0\u4e2d\uff0c84\u9801-93\u9801\uff1a\u4ee5\u5fae\u8edf\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aMSFT\uff09\u548c\u860b\u679c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aAAPL\uff09\u5169\u5bb6\u4f01\u696d\u4f86\u8aaa\u660e\u4f55\u7a2e\u4f01\u696d\u662f\u5df4\u83f2\u7279\u773c\u4e2d\u7684\u7279\u8a31\u4e8b\u696d\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B2%92%E6%9C%89%E6%B0%B8%E4%B9%85%E7%9A%84%E8%AD%B7%E5%9F%8E%E6%B2%B3\"><\/span>\u6c92\u6709\u6c38\u4e45\u7684\u8b77\u57ce\u6cb3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u5982\u5df4\u83f2\u7279\u57282021\u6ce2\u514b\u590f\u80a1\u6771\u6703\u4e0a\u5f37\u8abf\u7684\u4e00\u4e16\u8a71\uff1a\u300c<a href=\"https:\/\/www.rev.com\/blog\/transcripts\/warren-buffett-berkshire-hathaway-annual-meeting-transcript-2021\" target=\"_blank\" rel=\"noreferrer noopener\">32\u5e74\u524d\u7684\u5168\u7403\u524d2 0\u2f24\u80a1\u7968\u4e2d\u6c92\u6709\u4efb\u4f55\u2f00\u6a94\u2f84\u4eca\u4ecd\u7559\u5728\u699c\u4e0a<\/a>\u3002\u300d<\/p>\n\n\n\n<p>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/13\/%e9%80%99%e4%b8%96%e4%b8%8a%e7%9a%84%e7%a2%ba%e6%9c%89%e5%a3%9f%e6%96%b7%e7%9a%84%e4%bc%81%e6%a5%ad%e5%ad%98%e5%9c%a8\/\">\u9019\u4e16\u4e0a\u7684\u78ba\u6709\u58df\u65b7\u7684\u4f01\u696d\u5b58\u5728<\/a>\u300b\uff0c\u56e0\u70ba\u9019\u4e16\u4e0a\u4e0d\u53ef\u80fd\u6709\u6c38\u4e45\u5b58\u5728\u7684\u8b77\u57ce\u6cb3\u3002\u539f\u56e0\u53ef\u4ee5\u8acb\u5927\u5bb6\u53c3\u8003\u6211\u4e4b\u524d\u7684\u90e8\u843d\u683c\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/08\/%e7%9c%9f%e5%af%a6%e4%b8%96%e7%95%8c%e7%9a%84%e5%a3%9f%e6%96%b7%e6%88%96%e5%af%a1%e4%bd%94%e6%98%af%e5%a6%82%e4%bd%95%e9%81%8b%e4%bd%9c%e7%9a%84\/\">\u771f\u5be6\u4e16\u754c\u7684\u58df\u65b7\u6216\u5be1\u4f54\u662f\u5982\u4f55\u904b\u4f5c\u7684\uff1f<\/a>\u300b\u4e2d\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"132\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/02\/moat-1600x1200-1.jpg\" alt=\"\u8b77\u57ce\u6cb3\" class=\"wp-image-32196\"\/><figcaption class=\"wp-element-caption\">credit: sketchfab.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\/2025\/11\/22\/%e6%8a%bc%e6%b3%a8%e4%bd%94%e5%84%aa%e5%8b%a2%e8%80%85%ef%bc%8c%e4%b8%8d%e8%a6%81%e9%a0%90%e6%b8%ac\/\">\u62bc\u6ce8\u4f54\u512a\u52e2\u8005\uff0c\u4e0d\u8981\u9810\u6e2c<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/15\/%e5%85%a8%e4%b8%96%e7%95%8c%e8%bc%83%e7%9f%a5%e5%90%8d%e7%9a%84%e5%af%a1%e4%bd%94%e4%bc%81%e6%a5%ad\/\">\u5168\u4e16\u754c\u8f03\u77e5\u540d\u7684\u5be1\u4f54\u4f01\u696d<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/13\/%e9%80%99%e4%b8%96%e4%b8%8a%e7%9a%84%e7%a2%ba%e6%9c%89%e5%a3%9f%e6%96%b7%e7%9a%84%e4%bc%81%e6%a5%ad%e5%ad%98%e5%9c%a8\/\">\u9019\u4e16\u4e0a\u7684\u78ba\u6709\u58df\u65b7\u7684\u4f01\u696d\u5b58\u5728<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/08\/%e7%9c%9f%e5%af%a6%e4%b8%96%e7%95%8c%e7%9a%84%e5%a3%9f%e6%96%b7%e6%88%96%e5%af%a1%e4%bd%94%e6%98%af%e5%a6%82%e4%bd%95%e9%81%8b%e4%bd%9c%e7%9a%84\/\">\u771f\u5be6\u4e16\u754c\u7684\u58df\u65b7\u6216\u5be1\u4f54\u662f\u5982\u4f55\u904b\u4f5c\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/23\/%e5%85%b7%e6%9c%89%e8%ad%b7%e5%9f%8e%e6%b2%b3%e7%89%b9%e5%be%b5%e7%9a%84%e7%94%a2%e6%a5%ad%e5%92%8c%e7%94%a2%e6%a5%ad%e8%b5%b0%e4%b8%8b%e5%9d%a1%e7%9a%84%e4%be%8b%e5%ad%90\/\">\u5177\u6709\u8b77\u57ce\u6cb3\u7279\u5fb5\u7684\u7522\u696d\u548c\u7522\u696d\u8d70\u4e0b\u5761\u7684\u4f8b\u5b50<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/29\/%E5%A6%82%E4%BD%95%E7%94%B1%E4%BC%81%E6%A5%AD%E6%96%87%E5%8C%96%E6%89%BE%E5%87%BA%E5%A5%BD%E5%85%AC%E5%8F%B8%EF%BC%8C%E8%82%A1%E5%B8%82%E9%81%8E%E7%86%B1%E6%99%82%E7%9A%84%E4%BD%9C%E6%B3%95\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/29\/%E5%A6%82%E4%BD%95%E7%94%B1%E4%BC%81%E6%A5%AD%E6%96%87%E5%8C%96%E6%89%BE%E5%87%BA%E5%A5%BD%E5%85%AC%E5%8F%B8%EF%BC%8C%E8%82%A1%E5%B8%82%E9%81%8E%E7%86%B1%E6%99%82%E7%9A%84%E4%BD%9C%E6%B3%95\/\">\u5982\u4f55\u7531\u4f01\u696d\u6587\u5316\u627e\u51fa\u597d\u516c\u53f8\uff0c\u80a1\u5e02\u904e\u71b1\u6642\u7684\u6295\u8cc7\u4eba\u8f03\u4f73\u7684\u64cd\u4f5c\u65b9\u5f0f\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/21\/%E6%8A%95%E8%B3%87%E4%BA%BA%E6%87%89%E5%A6%82%E4%BD%95%E7%9C%8B%E5%BE%85%E4%BC%81%E6%A5%AD%E8%A2%AB%E5%88%97%E5%85%A5%E5%8F%8D%E5%A3%9F%E6%96%B7%E8%AA%BF%E6%9F%A5%E5%90%8D%E5%96%AE\/\">\u6295\u8cc7\u4eba\u61c9\u5982\u4f55\u770b\u5f85\u4f01\u696d\u88ab\u5217\u5165\u53cd\u58df\u65b7\u8abf\u67e5\u540d\u55ae\uff0c9\u500b\u6848\u4f8b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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