{"id":32255,"date":"2023-03-16T23:56:00","date_gmt":"2023-03-16T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=32255"},"modified":"2025-05-18T09:08:51","modified_gmt":"2025-05-18T01:08:51","slug":"%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/","title":{"rendered":"\u80a1\u5e02\u6295\u8cc7\u4eba\u6240\u61c9\u6b63\u8996\u7684\u98a8\u96aa\u6709\u90a3\u4e9b\uff1f"},"content":{"rendered":"\n<p>\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/1992.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279199<\/a><a href=\"https:\/\/berkshirehathaway.com\/letters\/1993.html\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/berkshirehathaway.com\/letters\/1993.html\" rel=\"noreferrer noopener\">3\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u88e1\u9762\uff0c\u5df4\u83f2\u7279\u4ed4\u7d30\u8aaa\u660e\u4e86\u80a1\u5e02\u6295\u8cc7\u4eba\u6240\u61c9\u6b63\u8996\u7684\u98a8\u96aa\u6709\u90a3\u4e9b\uff0c\u4ee5\u53ca\u70ba\u4f55\u8981\u6295\u8cc7\u5927\u76e4\u6307\u6578\u3002<\/p>\n\n\n\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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E5%A5%BD%E4%B8%BB%E6%84%8F%E4%B8%80%E5%B9%B4%E5%8F%AA%E8%A6%81%E4%B8%80%E5%80%8B%E5%B0%B1%E5%A4%A0%E4%BA%86\" >\u597d\u4e3b\u610f\u4e00\u5e74\u53ea\u8981\u4e00\u500b\u5c31\u5920\u4e86<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E9%A2%A8%E9%9A%AA%E7%9A%84%E5%AE%9A%E7%BE%A9\" >\u98a8\u96aa\u7684\u5b9a\u7fa9<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E8%B2%9D%E5%AE%83%E5%80%BC\" >\u8c9d\u5b83\u503c<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E7%9C%9F%E6%AD%A3%E6%87%89%E8%A9%95%E4%BC%B0%E7%9A%84%E9%A2%A8%E9%9A%AA\" >\u771f\u6b63\u61c9\u8a55\u4f30\u7684\u98a8\u96aa<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E5%BC%84%E6%B8%85%E6%A5%9A%E7%9A%84%E7%A2%BA%E4%B8%8D%E5%AE%B9%E6%98%93\" >\u5f04\u6e05\u695a\u7684\u78ba\u4e0d\u5bb9\u6613<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E4%B8%8D%E8%A6%81%E5%96%AE%E6%8A%BC%E4%B8%80%E5%80%8B%E6%A8%99%E7%9A%84\" >\u4e0d\u8981\u55ae\u62bc\u4e00\u500b\u6a19\u7684<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E6%8A%95%E8%B3%87%E5%A4%A7%E7%9B%A4%E6%8C%87%E6%95%B8%E4%BB%A5%E5%88%86%E6%95%A3%E9%A2%A8%E9%9A%AA%E9%81%A9%E5%90%88%E5%A4%9A%E6%95%B8%E4%BA%BA\" >\u6295\u8cc7\u5927\u76e4\u6307\u6578\u4ee5\u5206\u6563\u98a8\u96aa\u9069\u5408\u591a\u6578\u4eba<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%E4%B8%BB%E5%8B%95%E9%81%B8%E8%82%A1%E8%80%85%E5%8F%AF%E5%BB%BA%E7%AB%8B%E4%BA%94%E5%88%B0%E5%8D%81%E5%AE%B6%E6%AA%94%E6%A8%99%E7%9A%84%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88\" >\u4e3b\u52d5\u9078\u80a1\u8005\u53ef\u5efa\u7acb\u4e94\u5230\u5341\u5bb6\u6a94\u6a19\u7684\u6295\u8cc7\u7d44\u5408<\/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\/03\/16\/%e8%82%a1%e5%b8%82%e6%8a%95%e8%b3%87%e4%ba%ba%e6%89%80%e6%87%89%e6%ad%a3%e8%a6%96%e7%9a%84%e9%a2%a8%e9%9a%aa%e6%9c%89%e9%82%a3%e4%ba%9b\/#%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=\"%E5%A5%BD%E4%B8%BB%E6%84%8F%E4%B8%80%E5%B9%B4%E5%8F%AA%E8%A6%81%E4%B8%80%E5%80%8B%E5%B0%B1%E5%A4%A0%E4%BA%86\"><\/span>\u597d\u4e3b\u610f\u4e00\u5e74\u53ea\u8981\u4e00\u500b\u5c31\u5920\u4e86<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u67e5\u7406\u8ddf\u6211\u8001\u65e9\u4ee5\u524d\u4fbf\u660e\u66b8\u8981\u4e00\u500b\u4eba\u7684\u6295\u8cc7\u751f\u6daf\u4e2d\uff0c\u505a\u51fa\u4e0a\u767e\u500b\u5c0f\u4e00\u9ede\u6295\u8cc7\u6c7a\u7b56\u662f\u4ef6\u5f88\u8f9b\u82e6\u7684\u4e00\u4ef6\u4e8b\uff0c\u9019\u7a2e\u60f3\u6cd5\u96a8\u8457\u6ce2\u514b\u590f\u8cc7\u91d1\u898f\u6a21\u65e5\u76ca\u64f4\u5927\u800c\u76ca\u5f62\u660e\u986f\uff0c\u800c\u653e\u773c\u6295\u8cc7\u4e16\u754c\u4e2d\uff0c\u53ef\u4ee5\u5927\u5e45\u5f71\u97ff\u672c\u516c\u53f8\u6295\u8cc7\u6210\u6548\u7684\u6a5f\u6703\u5df2\u8d8a\u4f86\u8d8a\u5c11\uff0c\u56e0\u6b64\u6211\u5011\u6c7a\u5b9a\u63a1\u53d6\u4e00\u7a2e\u53ea\u8981\u6c42\u81ea\u5df1\u5728\u5c11\u6578\u7684\u6642\u5019\u5920\u8070\u660e\u5c31\u597d\uff0c\u800c\u4e0d\u662f\u6bcf\u56de\u90fd\u8981\u975e\u5e38\u7684\u8070\u660e\uff0c\u6240\u4ee5\u6211\u5011\u73fe\u5728\u53ea\u8981\u6c42\u6bcf\u5e74\u51fa\u73fe\u4e00\u6b21\u597d\u7684\u6295\u8cc7\u4e3b\u610f\u5c31\u53ef\u4ee5\u4e86\uff0c(\u67e5\u7406\u63d0\u9192\u6211\u4eca\u5e74\u8a72\u8f2a\u5230\u6211)\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A2%A8%E9%9A%AA%E7%9A%84%E5%AE%9A%E7%BE%A9\"><\/span><strong>\u98a8\u96aa\u7684\u5b9a\u7fa9<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5011\u63a1\u53d6\u7684\u9019\u7a2e\u7b56\u7565\u6392\u9664\u4e86\u4f9d\u7167\u666e\u901a\u5206\u6563\u98a8\u96aa\u7684\u6559\u689d\uff0c\u8a31\u591a\u5b78\u8005\u4fbf\u6703\u8a00\u4e4b\u947f\u947f\u8aaa\u6211\u5011\u9019\u7a2e\u7b56\u7565\u6bd4\u8d77\u4e00\u822c\u50b3\u7d71\u7684\u6295\u8cc7\u98a8\u96aa\u8981\u9ad8\u7684\u8a31\u591a\uff0c\u9019\u9ede\u6211\u5011\u4e0d\u6562\u82df\u540c\uff0c\u6211\u5011\u76f8\u4fe1\u96c6\u4e2d\u6301\u80a1\u7684\u505a\u6cd5\u540c\u6a23\u53ef\u4ee5\u5927\u5e45\u964d\u4f4e\u98a8\u96aa\uff0c\u53ea\u8981\u6295\u8cc7\u4eba\u5728\u8cb7\u9032\u80a1\u4efd\u4e4b\u524d\uff0c\u80fd\u5920\u52a0\u5f37\u672c\u8eab\u5c0d\u65bc\u4f01\u696d\u7684\u8a8d\u77e5\u4ee5\u53ca\u5c0d\u65bc\u7af6\u722d\u80fd\u529b\u719f\u6089\u7684\u7a0b\u5ea6\uff0c<strong>\u5728\u9019\u88e1\u6211\u5011\u5c07\u98a8\u96aa\u5b9a\u7fa9\uff0c\u8207\u4e00\u822c\u5b57\u5178\u88e1\u7684\u4e00\u6a23\uff0c\u4fc2\u6307\u640d\u5931\u6216\u53d7\u50b7\u7684\u53ef\u80fd\u6027<\/strong>\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B2%9D%E5%AE%83%E5%80%BC\"><\/span>\u8c9d\u5b83\u503c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7136\u800c\u5728\u5b78\u8853\u754c\uff0c\u537b\u559c\u6b61\u5c07\u6295\u8cc7\u7684\u98a8\u96aa\u7d66\u4e88\u4e0d\u540c\u7684\u5b9a\u7fa9\uff0c\u5805\u6301\u628a\u5b83\u7576\u4f5c\u662f\u80a1\u7968\u50f9\u683c\u76f8\u5c0d\u6ce2\u52d5\u7684\u7a0b\u5ea6\uff0c\u4e5f\u5c31\u662f\u500b\u5225\u6295\u8cc7\u76f8\u8f03\u65bc\u5168\u9ad4\u6295\u8cc7\u6ce2\u52d5\u7684\u5e45\u5ea6\uff0c\u904b\u7528\u6578\u64da\u5eab\u8207\u7d71\u8a08\u65b9\u6cd5\uff0c\u9019\u4e9b\u5b78\u8005\u80fd\u5920\u8a08\u7b97\u51fa\u4e00\u96bb\u80a1\u7968&#8221;\u7cbe\u78ba&#8221;\u7684\u8c9d\u5b83\uff08Beta\uff09\u503c\uff0c\u4ee3\u8868\u5176\u904e\u53bb\u76f8\u5c0d\u6ce2\u52d5\u7684\u5e45\u5ea6\uff0c\u7136\u5f8c\u6839\u64da\u9019\u9805\u516c\u5f0f\u5efa\u7acb\u4e00\u5957\u6666\u6f80\u96e3\u89e3\u7684\u6295\u8cc7\u8207\u8cc7\u91d1\u5206\u914d\u7406\u8ad6\uff0c\u70ba\u4e86\u6e34\u671b\u627e\u51fa\u53ef\u4ee5\u8861\u91cf\u98a8\u96aa\u7684\u55ae\u4e00\u7d71\u8a08\u503c\uff0c\u4f46\u4ed6\u5011\u537b\u5fd8\u4e86\u4e00\u9805\u57fa\u672c\u7684\u539f\u5247\uff0c\u5be7\u9858\u8981\u6a21\u7cca\u7684\u6b63\u78ba\uff0c\u4e5f\u4e0d\u8981\u7cbe\u78ba\u7684\u932f\u8aa4\u3002<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9C%9F%E6%AD%A3%E6%87%89%E8%A9%95%E4%BC%B0%E7%9A%84%E9%A2%A8%E9%9A%AA\"><\/span>\u771f\u6b63\u61c9\u8a55\u4f30\u7684\u98a8\u96aa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u6211\u5011\u8a8d\u70ba\u6295\u8cc7\u4eba\u61c9\u8a72\u771f\u6b63\u8a55\u4f30\u7684\u98a8\u96aa\u662f\u4ed6\u5011\u5f9e\u4e00\u9805\u6295\u8cc7\u5728\u5176\u9810\u8a08\u6301\u6709\u7684\u671f\u9593\u5167\u6240\u6536\u5230\u7684\u7a05\u5f8c\u6536\u5165\u52a0\u7e3d(\u4e5f\u5305\u542b\u51fa\u552e\u80a1\u4efd\u6240\u5f97)\uff0c\u662f\u5426\u80fd\u5920\u8b93\u4ed6\u4fdd\u6709\u539f\u4f86\u6295\u8cc7\u6642\u64c1\u6709\u7684\u8cfc\u8cb7\u529b\uff0c\u518d\u52a0\u4e0a\u5408\u7406\u7684\u5229\u7387\uff0c\u96d6\u7136\u9019\u6a23\u7684\u98a8\u96aa\u7121\u6cd5\u505a\u5230\u50cf\u5de5\u7a0b\u822c\u7684\u7cbe\u78ba\uff0c\u4f46\u5b83\u81f3\u5c11\u53ef\u4ee5\u505a\u5230\u8db3\u4ee5\u505a\u51fa\u6709\u6548\u5224\u65b7\u7684\u7684\u7a0b\u5ea6\uff0c\u5728\u505a\u8a55\u4f30\u6642\u4e3b\u8981\u7684\u56e0\u7d20\u6709\u4e0b\u5217\u5e7e\u9ede\ufe30<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>1)\u9019\u5bb6\u516c\u53f8\u9577\u671f\u7af6\u722d\u80fd\u529b\u53ef\u4ee5\u8861\u91cf\u7684\u7a0b\u5ea6<\/em><\/li>\n\n\n\n<li><em>2)\u9019\u5bb6\u516c\u53f8\u7ba1\u7406\u968e\u5c64\u767c\u63ee\u516c\u53f8\u6f5b\u80fd\u4ee5\u53ca\u6709\u6548\u904b\u7528\u73fe\u91d1\u53ef\u4ee5\u8861\u91cf\u7684\u7a0b\u5ea6<\/em><\/li>\n\n\n\n<li><em>3)\u9019\u5bb6\u516c\u53f8\u7ba1\u7406\u968e\u5c64\u5c07\u4f01\u696d\u7372\u5f97\u7684\u5229\u76ca\u78ba\u5be6\u56de\u5831\u7d66\u80a1\u6771\u800c\u975e\u4e2d\u98fd\u79c1\u56ca\u53ef\u4ee5\u8861\u91cf\u7684\u7a0b\u5ea6<\/em><\/li>\n\n\n\n<li><em>4)\u8cb7\u9032\u9019\u5bb6\u4f01\u696d\u7684\u50f9\u683c<\/em><\/li>\n\n\n\n<li><em>5)\u6295\u8cc7\u4eba\u7684\u6de8\u8cfc\u8cb7\u529b\u6240\u5f97\uff0c\u9808\u8003\u616e\u7a05\u8ca0\u8207\u901a\u8ca8\u81a8\u8139\u7b49\u56e0\u7d20\u5fc5\u9808\u5f9e\u6295\u8cc7\u6536\u76ca\u7e3d\u984d\u4e2d\u6263\u9664\u7684\u90e8\u4efd<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BC%84%E6%B8%85%E6%A5%9A%E7%9A%84%E7%A2%BA%E4%B8%8D%E5%AE%B9%E6%98%93\"><\/span>\u5f04\u6e05\u695a\u7684\u78ba\u4e0d\u5bb9\u6613<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u9019\u4e9b\u56e0\u7d20\u5c0d\u65bc\u8a31\u591a\u5206\u6790\u5e2b\u4f86\u8aaa\uff0c\u53ef\u80fd\u662f\u4e08\u4e8c\u91d1\u525b\u6478\u4e0d\u8457\u982d\u8166\uff0c\u56e0\u70ba\u4ed6\u5011\u6839\u672c\u7121\u6cd5\u5f9e\u73fe\u6709\u7684\u6578\u64da\u5eab\u4e2d\u627e\u5230\u9019\u4e9b\u4fe1\u606f\uff0c\u4f46\u662f\u53d6\u5f97\u9019\u4e9b\u7cbe\u78ba\u6578\u5b57\u7684\u96e3\u5ea6\u9ad8\u4e26\u4e0d\u4ee3\u8868\u4ed6\u5011\u5c31\u4e0d\u91cd\u8981\u6216\u662f\u7121\u6cd5\u514b\u670d\uff0c\u5c31\u50cf\u662f\u53f8\u6cd5\u6b63\u7fa9\u4e00\u6a23\uff0cStewart\u6cd5\u5b98\u767c\u73fe\u4ed6\u6839\u672c\u7121\u6cd5\u627e\u5230\u4f55\u8b02\u7325\u893b\u7684\u6a19\u6e96\uff0c\u4e0d\u904e\u4ed6\u9084\u662f\u5805\u7a31\uff0c\u53ea\u8981\u6211\u4e00\u770b\u5230\u5c31\u77e5\u9053\u662f\u4e0d\u662f\uff0c\u540c\u6a23\u5730\u5c0d\u65bc\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u4e0d\u9700\u9760\u7cbe\u78ba\u7684\u516c\u5f0f\u6216\u662f\u80a1\u50f9\u6b77\u53f2\uff0c\u800c\u53ea\u8981\u904b\u7528\u4e0d\u592a\u7cbe\u78ba\u4f46\u537b\u6709\u7528\u7684\u65b9\u5f0f\uff0c\u5c31\u53ef\u4ee5\u770b\u5230\u6f5b\u85cf\u5728\u67d0\u4e9b\u6295\u8cc7\u88e1\u7684\u98a8\u96aa\u3002<\/em><\/p>\n\n\n\n<p><em>\u5c31\u9577\u671f\u800c\u8a00\uff0c\u53ef\u53e3\u53ef\u6a02\u8207\u5409\u5217\u6240\u9762\u81e8\u7684\u7522\u696d\u98a8\u96aa\uff0c\u8981\u6bd4\u4efb\u4f55\u8a08\u7b97\u6a5f\u516c\u53f8\u6216\u662f\u901a\u8def\u5546\u6216\u5c0f\u5f97\u591a\uff0c\u53ef\u53e3\u53ef\u6a02\u4f54\u5168\u4e16\u754c\u98f2\u6599\u92b7\u552e\u91cf\u768444%\uff0c\u5409\u5217\u5247\u64c1\u670960%\u7684\u522e\u9b0d\u5200\u5e02\u5834\u4f54\u6709\u7387(\u4ee5\u92b7\u552e\u984d\u8a08)\uff0c\u9664\u4e86\u7a31\u9738\u53e3\u9999\u7cd6\u7684\u7bad\u724c\u516c\u53f8\u4e4b\u5916\uff0c\u6211\u770b\u4e0d\u51fa\u9084\u6709\u90a3\u5bb6\u516c\u53f8\u53ef\u4ee5\u50cf\u4ed6\u5011\u4e00\u6a23\u9577\u671f\u4ee5\u4f86\u4eab\u6709\u50b2\u8996\u5168\u7403\u7684\u7af6\u722d\u529b\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8D%E8%A6%81%E5%96%AE%E6%8A%BC%E4%B8%80%E5%80%8B%E6%A8%99%E7%9A%84\"><\/span>\u4e0d\u8981\u55ae\u62bc\u4e00\u500b\u6a19\u7684<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u7576\u7136\uff0c\u6709\u4e9b\u6295\u8cc7\u7b56\u7565\uff0c\u4f8b\u5982\u6211\u5011\u5f9e\u4e8b\u591a\u5e74\u7684\u5957\u5229\u6d3b\u52d5\uff0c\u5c31\u5fc5\u9808\u5c07\u98a8\u96aa\u5206\u6563\uff0c\u82e5\u662f\u55ae\u4e00\u4ea4\u6613\u7684\u98a8\u96aa\u904e\u9ad8\uff0c\u5c31\u6bd4\u9808\u5c07\u8cc7\u6e90\u5206\u6563\u5230\u5e7e\u500b\u5404\u81ea\u7368\u7acb\u7684\u500b\u6848\u4e4b\u4e0a\uff0c\u5982\u6b64\u4e00\u4f86\uff0c\u96d6\u7136\u6bcf\u500b\u500b\u6848\u90fd\u6709\u53ef\u80fd\u5c0e\u81f4\u640d\u5931\u6216\u50b7\u5bb3\uff0c\u4f46\u53ea\u8981\u4f60\u78ba\u4fe1\u6bcf\u500b\u7368\u7acb\u7684\u500b\u6848\u7d93\u904e\u6a5f\u7387\u7684\u52a0\u6b0a\u5e73\u5747\u80fd\u5920\u8b93\u4f60\u7372\u81f4\u6eff\u610f\u7684\u5831\u916c\u5c31\u884c\u4e86\uff0c\u8a31\u591a\u5275\u696d\u6295\u8cc7\u8005\u7528\u7684\u5c31\u662f\u9019\u7a2e\u65b9\u6cd5\uff0c\u82e5\u662f\u4f60\u4e5f\u6253\u7b97\u9019\u6a23\u505a\u7684\u8a71\uff0c\u8a18\u5f97\u63a1\u53d6\u8207\u8ced\u5834\u8001\u95c6\u641e\u8f2a\u76e4\u904a\u6232\u540c\u6a23\u7684\u5fc3\u614b\uff0c\u90a3\u5c31\u662f\u9f13\u52f5\u5927\u5bb6\u6301\u7e8c\u4e0d\u65b7\u7684\u4e0b\u6ce8\uff0c\u56e0\u70ba\u9577\u671f\u800c\u8a00\uff0c\u6a5f\u7387\u5c0d\u838a\u5bb6\u6709\u5229\uff0c\u4f46\u5343\u842c\u8981\u62d2\u7d55\u55ae\u4e00\u4e00\u6b21\u7684\u5927\u8ced\u6ce8\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E5%A4%A7%E7%9B%A4%E6%8C%87%E6%95%B8%E4%BB%A5%E5%88%86%E6%95%A3%E9%A2%A8%E9%9A%AA%E9%81%A9%E5%90%88%E5%A4%9A%E6%95%B8%E4%BA%BA\"><\/span>\u6295\u8cc7\u5927\u76e4\u6307\u6578\u4ee5\u5206\u6563\u98a8\u96aa\u9069\u5408\u591a\u6578\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u53e6\u5916\u4e00\u7a2e\u9700\u8981\u5206\u6563\u98a8\u96aa\u7684\u7279\u6b8a\u60c5\u6cc1\u662f\uff0c\u7576\u6295\u8cc7\u4eba\u4e26\u6c92\u6709\u5c0d\u4efb\u4f55\u55ae\u4e00\u7522\u696d\u6709\u7279\u5225\u7684\u719f\u6089\uff0c\u4e0d\u904e\u4ed6\u537b\u5c0d\u7f8e\u570b\u6574\u9ad4\u7522\u696d\u524d\u666f\u6709\u4fe1\u5fc3\uff0c\u5247\u9019\u985e\u7684\u6295\u8cc7\u4eba\u61c9\u8a72\u5206\u6563\u6301\u6709\u8a31\u591a\u516c\u53f8\u7684\u80a1\u4efd\uff0c\u540c\u6642\u5c07\u6295\u5165\u7684\u6642\u9ede\u62c9\u9577\uff0c\u4f8b\u5982\uff0c\u900f\u904e\u5b9a\u671f\u6295\u8cc7\u6307\u6578\u57fa\u91d1\uff0c\u4e00\u500b\u4ec0\u9ebc\u90fd\u4e0d\u61c2\u7684\u6295\u8cc7\u4eba\u901a\u5e38\u90fd\u80fd\u6253\u6557\u5927\u90e8\u5206\u7684\u5c08\u696d\u7d93\u7406\u4eba\uff0c\u5f88\u5947\u602a\u7684\u662f\uff0c\u7576\u611a\u6627\u7684\u91d1\u9322\u4e86\u89e3\u5230\u81ea\u5df1\u7684\u6975\u9650\u4e4b\u5f8c\uff0c\u5b83\u5c31\u4e0d\u518d\u611a\u6627\u4e86\u3002<\/em><\/p>\n\n\n\n<p>\u95dc\u65bc\u5927\u76e4\u6307\u6578\u7684\u6295\u8cc7\uff0c\u8acb\u60a8\u53c3\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u90e8\u843d\u683c\u6587\u7ae0\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\">\u5927\u90e8\u4efd\u7684\u6295\u8cc7\u4eba\u61c9\u8a72\u6295\u8cc7\u5927\u76e4ETF<\/a>\u300b\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%BB%E5%8B%95%E9%81%B8%E8%82%A1%E8%80%85%E5%8F%AF%E5%BB%BA%E7%AB%8B%E4%BA%94%E5%88%B0%E5%8D%81%E5%AE%B6%E6%AA%94%E6%A8%99%E7%9A%84%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88\"><\/span>\u4e3b\u52d5\u9078\u80a1\u8005\u53ef\u5efa\u7acb\u4e94\u5230\u5341\u5bb6\u6a94\u6a19\u7684\u6295\u8cc7\u7d44\u5408<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><em>\u53e6\u4e00\u65b9\u9762\uff0c\u82e5\u662f\u4f60\u662f\u7a0d\u5177\u5e38\u8b58\u7684\u6295\u8cc7\u4eba\uff0c\u80fd\u5920\u4e86\u89e3\u7522\u696d\u7d93\u6fdf\u7684\u8a71\uff0c\u61c9\u8a72\u5c31\u80fd\u5920\u627e\u51fa\u4e94\u5230\u5341\u5bb6\u80a1\u50f9\u5408\u7406\u4e26\u4eab\u6709\u9577\u671f\u7af6\u722d\u512a\u52e2\u7684\u516c\u53f8\uff0c\u6b64\u6642\u4e00\u822c\u5206\u6563\u98a8\u96aa\u7684\u7406\u8ad6\u5c0d\u4f60\u4f86\u8aaa\u5c31\u4e00\u9ede\u610f\u7fa9\u4e5f\u6c92\u6709\uff0c\u8981\u662f\u90a3\u6a23\u505a\u53cd\u800c\u6703\u50b7\u5bb3\u5230\u4f60\u7684\u6295\u8cc7\u6210\u679c\u4e26\u589e\u52a0\u4f60\u7684\u98a8\u96aa\uff0c\u6211\u5be6\u5728\u4e0d\u4e86\u89e3\u90a3\u4e9b\u6295\u8cc7\u4eba\u70ba\u4ec0\u9ebc\u8981\u628a\u9322\u64fa\u5728\u4ed6\u6392\u540d\u7b2c20\u7684\u80a1\u7968\u4e0a\uff0c\u800c\u4e0d\u662f\u628a\u9322\u96c6\u4e2d\u5728\u6392\u540d\u6700\u524d\u9762\uff0c\u6700\u719f\u6089\u4e86\u89e3\u540c\u6642\u98a8\u96aa\u6700\u5c0f\uff0c\u7372\u5229\u53ef\u80fd\u6700\u5927\u7684\u6295\u8cc7\u4e4b\u4e0a\uff0c\u6216\u8a31\u9019\u5c31\u662f\u5148\u77e5\u6885\u897f\u885b\u65af\u7279\u6240\u8aaa\u7684\uff0c\u201d\u597d\u4e8b\u7269\u8d8a\u591a\uff0c\u5c31\u8d8a\u5b8c\u7f8e\u201d\u3002<\/em><\/p>\n\n\n\n<p>\u81f3\u65bc\u8457\u540d\u6295\u8cc7\u5927\u5e2b\u63a8\u85a6\u7d44\u5408\u7684\u80a1\u7968\u6a94\u6578\uff0c\u8acb\u53c3\u8003\u6211\u5728\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\u4e00\u6587\u88e1\u9762\u8868\u683c\u7684\u6574\u7406\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"212\" height=\"118\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/02\/risk-1600x1200-1.jpg\" alt=\"\u98a8\u96aa\" class=\"wp-image-32257\"\/><figcaption class=\"wp-element-caption\">credit: mintos.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\/2022\/04\/16\/%e5%af%a7%e9%a1%98%e6%a8%a1%e7%b3%8a%e5%9c%b0%e6%ad%a3%e7%a2%ba%e4%b9%9f%e4%b8%8d%e8%a6%81%e7%b2%be%e7%a2%ba%e5%9c%b0%e9%8c%af%e8%aa%a4\/\">\u5be7\u9858\u6a21\u7cca\u5730\u6b63\u78ba\u4e5f\u4e0d\u8981\u7cbe\u78ba\u5730\u932f\u8aa4<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/17\/%E9%A2%A8%E9%9A%AA%E5%92%8C%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7\/\">\u98a8\u96aa\u548c\u4e0d\u78ba\u5b9a\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/04\/21\/%e6%b0%b8%e4%b9%85%e6%80%a7%e7%9a%84%e8%b3%87%e6%9c%ac%e6%90%8d%e5%a4%b1%e6%89%8d%e6%98%af%e6%8a%95%e8%b3%87%e4%ba%ba%e5%bf%85%e9%9c%80%e6%ad%a3%e8%a6%96%e7%9a%84\/\">\u6c38\u4e45\u6027\u7684\u8cc7\u672c\u640d\u5931\u624d\u662f\u6295\u8cc7\u4eba\u5fc5\u9700\u6b63\u8996\u7684\u6700\u5927\u98a8\u96aa<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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