{"id":33141,"date":"2023-03-14T23:56:00","date_gmt":"2023-03-14T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=33141"},"modified":"2025-07-03T07:18:44","modified_gmt":"2025-07-02T23:18:44","slug":"%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/","title":{"rendered":"\u70ba\u4f55\u80a1\u50f9\u6703\u96a8\u901a\u81a8\u81ea\u52d5\u4e0a\u8abf\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\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E6%9C%AC%E6%96%87%E7%9A%84%E4%BE%86%E7%94%B1\" >\u672c\u6587\u7684\u4f86\u7531<\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E8%82%A1%E7%A5%A8%E6%98%AF%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E8%80%85%E6%9C%80%E4%BD%B3%E7%9A%84%E8%B3%87%E7%94%A2\" >\u80a1\u7968\u662f\u9577\u671f\u6295\u8cc7\u8005\u6700\u4f73\u7684\u8cc7\u7522<\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E6%A0%B9%E6%9C%AC%E5%8E%9F%E5%9B%A0\" >\u6839\u672c\u539f\u56e0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E8%B2%A8%E5%B9%A3%E8%B2%B6%E5%80%BC\" >\u8ca8\u5e63\u8cb6\u503c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E6%89%80%E6%9C%89%E7%89%A9%E5%83%B9%E9%83%BD%E4%B8%8A%E6%BC%B2\" >\u6240\u6709\u7269\u50f9\u90fd\u4e0a\u6f32<\/a><\/li><\/ul><\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E4%BB%A5%E4%BC%B0%E5%80%BC%E5%AF%A6%E4%BE%8B%E8%AA%AA%E6%98%8E\" >\u4ee5\u4f30\u503c\u5be6\u4f8b\u8aaa\u660e<\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E6%88%91%E7%9A%84%E6%9B%B8%E4%B8%AD%E7%9A%84%E7%9B%B8%E9%97%9C%E5%85%A7%E5%AE%B9\" >\u6211\u7684\u66f8\u4e2d\u7684\u76f8\u95dc\u5167\u5bb9<\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/#%E5%AE%98%E6%96%B9%E6%95%B8%E6%93%9A%E7%9A%84%E8%AD%89%E6%98%8E\" >\u5b98\u65b9\u6578\u64da\u7684\u8b49\u660e<\/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\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%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=\"%E6%9C%AC%E6%96%87%E7%9A%84%E4%BE%86%E7%94%B1\"><\/span>\u672c\u6587\u7684\u4f86\u7531<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6709\u4f4d\u670b\u53cb\u5beb\u4fe1\u7d66\u6211\uff0c\u539f\u6587\u662f\uff1a\u300c\u770b\u4e86\u60a8\u90e8\u843d\u5ba2\u7684\u6587\u7ae0\u63d0\u5230\u300c\u80a1\u50f9\u90fd\u6703\u96a8\u901a\u81a8\u81ea\u52d5\u4e0a\u8abf\u300d\u9019\u53e5\u8a71\u60f3\u4e86\u5f88\u4e45\u9084\u662f\u641e\u4e0d\u61c2\uff0c\u53ef\u5426\u8acb\u8001\u5e2b\u8209\u500b\u5be6\u969b\u4f8b\u5b50\u8aaa\u660e\u5e6b\u5fd9\u89e3\u60d1\u4e00\u4e0b\u3002\u300d<\/p>\n\n\n\n<p>\u6211\u8a8d\u70ba\u9019\u500b\u554f\u984c\u503c\u5f97\u628a\u5b83\u5beb\u6210\u4e00\u7bc7\u90e8\u843d\u683c\u7684\u6587\u7ae0\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%82%A1%E7%A5%A8%E6%98%AF%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E8%80%85%E6%9C%80%E4%BD%B3%E7%9A%84%E8%B3%87%E7%94%A2\"><\/span>\u80a1\u7968\u662f\u9577\u671f\u6295\u8cc7\u8005\u6700\u4f73\u7684\u8cc7\u7522<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u9996\u5148\uff0c\u9577\u671f\u800c\u8a00\uff0c\u9577\u671f\u6295\u8cc7\u4eba\u4e00\u5b9a\u6703\u5728\u4ed6\u7684\u6295\u8cc7\u751f\u6daf\u4e2d\u78b0\u5230\u591a\u6b21\u7684\u901a\u81a8\uff0c\u9019\u662f\u6240\u6709\u4eba\u90fd\u9003\u4e0d\u6389\uff0c\u5fc5\u9700\u9762\u5c0d\u7684\u7d93\u6fdf\u73fe\u5be6\u3002<\/p>\n\n\n\n<p>\u548c\u623f\u5730\u7522\uff0c\u9ec3\u91d1\uff0c\u50b5\u5238\u7b49\u8cc7\u7522\u76f8\u8f03\uff0c\u9019\u4e00\u9ede\u662f\u70ba\u4f55\u80a1\u7968\u662f\u9577\u671f\u6295\u8cc7\u6700\u597d\u7684\u8cc7\u7522\u9078\u64c7\u7684\u539f\u56e0\uff0c\u5df4\u83f2\u7279\u5f37\u8abf\u904e\u5f88\u591a\u6b21\u6211\u5c31\u4e0d\u518d\u91cd\u8986\u4e86\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u300a<a href=\"https:\/\/www.amazon.com\/Where-Money-Value-Investing-Digital-ebook\/dp\/B09JPKVQV7\" target=\"_blank\" rel=\"noreferrer noopener\">\u79d1\u6280\u80a1\u7684\u50f9\u503c\u6295\u8cc7\u6cd5 (Where the Money Is)<\/a>\u300b\u4e00\u66f8\u4f5c\u8005\u7684\u7d71\u8a08\uff0c\u904e\u53bb\u4e94\u5341\u5e74\uff0c\u3000\u7f8e\u570b\u7684\u8cc7\u6599\u986f\u793a\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u80a1\u7968\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\u662f9%\uff0c\u8acb\u53c3\u8003\u6211\u7684\u90e8\u843d\u683c\u6587\u7ae0<span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/11\/%e6%a8%99%e6%99%ae500%e6%8c%87%e6%95%b8%e5%b9%b4%e5%8c%96%e5%a0%b1%e9%85%ac%e7%8e%87%e6%9f%a5%e8%a9%a2%e5%99%a8\/\">\u6a19\u666e500\u6307\u6578\u5e74\u5316\u5831\u916c\u7387\u67e5\u8a62\u5668<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li>\u623f\u5730\u7522\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\u662f4%<\/li>\n\n\n\n<li>\u4e09\u5e74\u671f\u5b9a\u5b58\u55ae\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\u662f1%<\/li>\n\n\n\n<li>\u652f\u7968\u5b58\u6b3e\u5e33\u6236\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\u662f0.04%<\/li>\n<\/ul>\n\n\n\n<p>\u95dc\u65bc\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff0c\u8acb\u53c3\u8003\u6211\u7684\u90e8\u843d\u683c\u6587\u7ae0<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\u61c9\u91cd\u8996\u7684\u662f\u5e74\u5316\u5831\u916c\u7387\u300b<\/a>\u548c\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<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%A0%B9%E6%9C%AC%E5%8E%9F%E5%9B%A0\"><\/span>\u6839\u672c\u539f\u56e0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B2%A8%E5%B9%A3%E8%B2%B6%E5%80%BC\"><\/span>\u8ca8\u5e63\u8cb6\u503c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6700\u4e3b\u8981\u7684\u56e0\u7d20\u662f\u901a\u81a8\u5f8c\uff0c\u9322\u8b8a\u5c0f\u4e86\u3002\u5728\u53f0\u7063\uff0c2022\u5e7410\u9846\u96de\u86cb\u8ce3\u65b0\u53f0\u5e6335\u5143\uff0c2023\u5e7470\u5143\u5168\u53f0\u90fd\u9084\u8cb7\u4e0d\u5230\u3002\u4e5f\u5c31\u662f\u6d88\u8cbb\u8005\u7528\u4f86\u8cb7\u96de\u86cb\u7684\u9322\u8cb6\u503c\u4e8650%\uff0c\u70ba\u4e86\u8cb7\u76f8\u540c\u7684\u96de\u86cb\uff0c\u6d88\u8cbb\u8005\u5fc5\u9700\u591a\u4ed8\u4e00\u500d\u7684\u9322\u3002<\/p>\n\n\n\n<p>\u5c0d\u5ee0\u5546\u800c\u8a00\uff0c\u4eca\u5e74\u8ce3\u51fa\u7684\u96de\u86cb\u9846\u6578\u548c\u53bb\u5e74\u5927\u81f4\u76f8\u540c\uff0c\u4f46\u5e33\u4e0a\u7684\u9322\u53ef\u662f\u662f\u591a\u4e00\u500d\u7684\uff01<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%89%80%E6%9C%89%E7%89%A9%E5%83%B9%E9%83%BD%E4%B8%8A%E6%BC%B2\"><\/span>\u6240\u6709\u7269\u50f9\u90fd\u4e0a\u6f32<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u901a\u81a8\u60c5\u5f62\u4e0b\uff0c\u6240\u6709\u7684\u7269\u50f9\u90fd\u6703\u4e0a\u6f32\uff0c\u4e0a\u5e02\u4f01\u696d\u7684\u7522\u54c1\u548c\u670d\u52d9\u7684\u552e\u50f9\u7576\u7136\u4e5f\u4e00\u5b9a\u6703\u96a8\u5e02\u5834\u7684\u60c5\u5f62\u800c\u4e0a\u8abf\u3002\u7279\u5225\u662f\u90a3\u4e9b\u5177\u6709\u6f32\u50f9\u7684\u6b0a\u529b\uff0c\u4e5f\u5c31\u662f\u6709\u5bec\u5ee3\u8b77\u57ce\u6cb3\u7684\u4f01\u696d\uff0c\u4e26\u4e0d\u6703\u56e0\u70ba\u6f32\u50f9\u800c\u6d41\u5931\u5ba2\u6236\u3002<\/p>\n\n\n\n<p>\u4e0a\u5e02\u4f01\u696d\u7684\u7522\u54c1\u548c\u670d\u52d9\u7684\u552e\u50f9\u4e0a\u8abf\uff0c\u71df\u6536\u5c31\u96a8\u8457\u8a02\u50f9\u4e0a\u8abf\u7684\u6bd4\u4f8b\u800c\u589e\u52a0\uff0c\u7372\u5f97\u7684\u6de8\u5229\u7576\u7136\u4e5f\u5c31\u589e\u52a0\uff0c\u71df\u6536\u548c\u6de8\u5229\u589e\u52a0\uff0c\u81ea\u7136\u5c31\u6703\u63a8\u5347\u80a1\u50f9\uff1b\u56e0\u70ba\u80a1\u7968\u7684\u4f30\u503c\u6703\u81ea\u52d5\u96a8\u71df\u6536\u548c\u7372\u5229\u7684\u589e\u52a0\u800c\u4e0a\u5347\uff08\u898b\u4ee5\u4e0b\u5be6\u4f8b\u7684\u8aaa\u660e\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%A5%E4%BC%B0%E5%80%BC%E5%AF%A6%E4%BE%8B%E8%AA%AA%E6%98%8E\"><\/span>\u4ee5\u4f30\u503c\u5be6\u4f8b\u8aaa\u660e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e00\u5bb6\u4e0a\u5e02\u4f01\u696d\uff0c\u6216\u662f\u67d0\u500b\u884c\u696d\uff0c\u5728\u80a1\u7968\u5e02\u5834\u4e2d\uff0c\u901a\u5e38\u8cc7\u672c\u5e02\u5834\u5c0d\u5b83\u7684\u80a1\u50f9\u4f30\u503c\u662f\u4e00\u500b\u7a33\u5b9a\u7684\u6578\u503c\uff0c\u96d6\u6703\u96a8\u8a31\u591a\u56e0\u7d20\u548c\u5e02\u5834\u72c0\u6cc1\u4e0a\u4e0b\u6ce2\u52d5\uff0c\u4f46\u4e0d\u6703\u66b4\u8d77\u66b4\u843d\u3002<\/p>\n\n\n\n<p>\u8a66\u60f3\uff0c\u5728\u4ee5\u4e0b\u5169\u7a2e\u6700\u5e38\u898b\u548c\u6700\u7c21\u55ae\u7684\u80a1\u50f9\u4f30\u503c\u65b9\u5f0f\u7576\u4e2d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u672c\u76ca\u6bd4\uff08P\/E = Price\/Earning\uff09\uff1aP\/E\u503c\uff0c\u4e5f\u5c31\u662f\u672c\u76ca\u6bd4\uff0c\u56fa\u5b9a\u4e0d\u8b8a\u7684\u60c5\u5f62\u4e0b\uff0cE\uff08\u4e5f\u5c31\u662f\u6de8\u5229\uff09\u589e\u52a0\uff0cP\uff08\u80a1\u50f9\uff09\u7576\u7136\u5c31\u7b49\u6bd4\u4f8b\u4e0a\u5347\u4e86\u3002<\/li>\n\n\n\n<li>\u80a1\u50f9\u71df\u6536\u6bd4\uff08P\/S = Price\/Sales\uff09\uff1aP\/S\u503c\uff0c\u4e5f\u5c31\u662f\u80a1\u50f9\u71df\u6536\u6bd4\uff0c\u56fa\u5b9a\u4e0d\u8b8a\u7684\u60c5\u5f62\u4e0b\uff0cS\uff08\u4e5f\u5c31\u662f\u71df\u6536\uff09\u589e\u52a0\uff0cP\uff08\u80a1\u50f9\uff09\u7576\u7136\u5c31\u7b49\u6bd4\u4f8b\u4e0a\u5347\u4e86\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u9019\u90fd\u662f\u7c21\u55ae\u7684\u6578\u5b78\uff0c\u6c92\u6709\u4ec0\u9ebc\u597d\u5947\u602a\uff0c\u5176\u5be6\u4e5f\u6c92\u6709\u5927\u7684\u5b78\u554f\u3002\u5e0c\u671b\u9019\u6a23\u8aaa\u660e\uff0c\u60a8\u80fd\u5f88\u5bb9\u6613\u4e86\u89e3\u3002<\/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%9A%84%E7%9B%B8%E9%97%9C%E5%85%A7%E5%AE%B9\"><\/span>\u6211\u7684\u66f8\u4e2d\u7684\u76f8\u95dc\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u5728\u6211\u7684\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\u7684\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1-2\u5c0f\u7bc0\u4e2d\uff0c27-35\u9801\uff0c\u63a8\u52d5\u80a1\u50f9\u4e0a\u6f32\u7684\u539f\u56e0\u6709 3 \u9805\uff1a\u5176\u4e2d\u7b2c\u4e00\u9805\u5c31\u662f 1. <strong>\u4f01\u696d\u76c8\u9918\u7684\u6301\u7e8c\u6210\u9577<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AE%98%E6%96%B9%E6%95%B8%E6%93%9A%E7%9A%84%E8%AD%89%E6%98%8E\"><\/span>\u5b98\u65b9\u6578\u64da\u7684\u8b49\u660e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u4e0b\u5c31\u662f\u7f8e\u570b\u52de\u5de5\u90e8\u57281994\u81f32014\u5e74\u9593\uff0c\u7d93\u904e\u8abf\u6574\u7684\u7f8e\u570b\u901a\u81a8\u7387\uff08\u85cd\u7dda\uff09\u548c\u4ee3\u8868\u7f8e\u80a1\u5927\u76e4\u7684\u6a19\u666e500\u6307\u6578\uff08\u68d5\u7dda\uff09\uff0c\u9019\u5169\u8005\u7684\u8d70\u52e2\u5716\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/sp500-vs-inflation.png\" alt=\"\u7f8e\u570b\u901a\u81a8\u7387\u548c\u6a19\u666e500\u6307\u6578\u8d70\u52e2\u5716\" class=\"wp-image-33177\" srcset=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/sp500-vs-inflation.png 640w, https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/03\/sp500-vs-inflation-300x169.png 300w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/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\/07\/04\/%e5%a6%82%e4%bd%95%e7%9c%8b%e5%be%85%e7%b8%bd%e9%ab%94%e7%b6%93%e6%bf%9f%e8%b5%b0%e5%8b%a2%e5%92%8c%e9%a0%90%e6%b8%ac%ef%bc%9f\/\">\u6295\u8cc7\u4eba\u61c9\u5982\u4f55\u770b\u5f85\u7e3d\u9ad4\u7d93\u6fdf\u8d70\u52e2\u548c\u9810\u6e2c\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/11\/08\/%e7%be%8e%e8%82%a1%e5%85%a9%e5%ba%a6%e8%b6%85%e9%81%8e%e5%8d%81%e5%b9%b4%e5%9b%a0%e9%80%9a%e8%86%a8%e5%b0%8e%e8%87%b4%e9%9b%b6%e5%a0%b1%e9%85%ac\/\">\u901a\u81a8\u5c0e\u81f4\u8d85\u904e\u5341\u5e74\u96f6\u5831\u916c\uff0c\u7f8e\u80a1\u767c\u751f\u904e\u5169\u6b21<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/13\/%E8%81%AF%E6%BA%96%E6%9C%83%E9%99%8D%E6%81%AF%E8%82%A1%E5%B8%82%E4%B8%80%E5%AE%9A%E4%B8%8A%E6%BC%B2%E5%97%8E%EF%BC%9F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u806f\u6e96\u6703\u964d\u606f\u5f8c\u80a1\u5e02\u4e00\u5b9a\u4e0a\u6f32\u55ce\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/11\/27\/%e6%8a%95%e8%b3%87%e7%be%8e%e8%82%a1%e9%9c%80%e8%a6%81%e6%b3%a8%e6%84%8f%e5%8c%af%e7%8e%87%e9%a2%a8%e9%9a%aa%e5%97%8e%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u7f8e\u80a1\u9700\u8981\u6ce8\u610f\u532f\u7387\u98a8\u96aa\u55ce\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/02\/%E5%B0%8D%E7%AD%89%E9%97%9C%E7%A8%85%E5%92%8C%E5%8C%AF%E7%8E%87%E5%B0%8D%E7%BE%8E%E8%82%A1%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%BD%B1%E9%9F%BF\/\">\u5c0d\u7b49\u95dc\u7a05\u548c\u532f\u7387\u5c0d\u7f8e\u80a1\u6295\u8cc7\u4eba\u7684\u5f71\u97ff<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/27\/%e9%99%8d%e4%bd%8e%e9%80%9a%e8%86%a8%e6%b3%95%e6%a1%88%e5%b0%8d%e7%be%8e%e8%82%a1%e7%9a%84%e5%bd%b1%e9%9f%bf\/\">\u300a\u964d\u4f4e\u901a\u81a8\u6cd5\u6848\u5c0d\u7f8e\u80a1\u7684\u5f71\u97ff<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/29\/%e6%8a%95%e8%b3%87%e4%ba%ba%e7%9a%84%e5%85%a9%e5%a4%a7%e6%ae%ba%e6%89%8b%e9%80%9a%e8%86%a8%e5%92%8c%e5%88%a9%e7%8e%87\/\">\u6295\u8cc7\u4eba\u7684\u4e09\u5927\u6bba\u624b\uff1a\u901a\u81a8\uff0c\u5229\u7387\uff0c\u548c\u7a05\u8ce6<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/03\/14\/%e7%82%ba%e4%bd%95%e8%82%a1%e5%83%b9%e6%9c%83%e9%9a%a8%e9%80%9a%e8%86%a8%e8%87%aa%e5%8b%95%e4%b8%8a%e8%aa%bf%ef%bc%9f\/\">\u70ba\u4f55\u80a1\u50f9\u6703\u96a8\u901a\u81a8\u81ea\u52d5\u4e0a\u8abf\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/19\/%e7%be%8e%e5%9c%8b%e6%ad%b7%e5%b9%b4%e9%80%9a%e8%b2%a8%e8%86%a8%e8%84%b9%e7%8e%87%e6%9f%a5%e8%a9%a2\/\">\u7f8e\u570b\u6b77\u5e74\u901a\u8ca8\u81a8\u8139\u7387\u67e5\u8a62\u5668<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/06\/12\/%e9%80%9a%e8%b2%a8%e8%86%a8%e8%84%b9%e7%92%b0%e5%a2%83%e4%b8%8b%e8%bc%83%e9%81%a9%e5%90%88%e6%8a%95%e8%b3%87%e7%9a%84%e4%bc%81%e6%a5%ad\/\">\u901a\u8ca8\u81a8\u8139\u74b0\u5883\u4e0b\u8f03\u9069\u5408\u6295\u8cc7\u7684\u4f01\u696d<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/01\/04\/%E5%85%A8%E7%90%83%E8%A1%B0%E9%80%80%E4%B8%AD%E7%BE%8E%E8%82%A1%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E8%8B%A6%E6%97%A5%E5%AD%90%E9%82%84%E5%9C%A8%E5%BE%8C%E9%A0%AD\/\">\u5168\u7403\u8870\u9000\u4e2d\uff0c\u7f8e\u80a1\u6295\u8cc7\u4eba\u7684\u82e6\u65e5\u5b50\u9084\u5728\u5f8c\u982d <\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/11\/04\/%e4%bc%81%e6%a5%ad%e5%b0%8e%e5%90%91%e5%85%ac%e5%8f%b8%e8%bc%83%e8%83%bd%e6%89%bf%e5%8f%97%e7%b6%93%e6%bf%9f%e8%a1%b0%e9%80%80\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u4f01\u696d\u5c0e\u5411\u516c\u53f8\u8f03\u80fd\u627f\u53d7\u7d93\u6fdf\u8870\u9000<\/a>\u300b<\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<\/span><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/11\/%e6%a8%99%e6%99%ae500%e6%8c%87%e6%95%b8%e5%b9%b4%e5%8c%96%e5%a0%b1%e9%85%ac%e7%8e%87%e6%9f%a5%e8%a9%a2%e5%99%a8\/\">\u6a19\u666e500\u6307\u6578\u5e74\u5316\u5831\u916c\u7387\u67e5\u8a62\u5668<\/a><span style=\"font-size: revert;\">\u300b<\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/05\/%e5%96%ae%e5%88%a9%e5%92%8c%e8%a4%87%e5%88%a9%e8%a8%88%e7%ae%97%e5%99%a8\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u55ae\u5229\u548c\u8907\u5229\u8a08\u7b97\u5668<\/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\/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\u61c9\u91cd\u8996\u7684\u662f\u5e74\u5316\u5831\u916c\u7387\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","protected":false},"excerpt":{"rendered":"<p>\u901a\u81a8\u6642\u4e0a\u5e02\u4f01\u696d\u7684\u7522\u54c1\u548c\u670d\u52d9\u7684\u552e\u50f9\u4e0a\u8abf\uff0c\u71df\u6536\u5c31\u96a8\u8457\u8a02\u50f9\u4e0a\u8abf\u7684\u6bd4\u4f8b\u800c\u589e\u52a0\uff0c\u7372\u5f97\u7684\u6de8\u5229\u7576\u7136\u4e5f\u5c31\u589e\u52a0\uff0c\u71df\u6536\u548c\u6de8\u5229\u589e\u52a0\uff0c\u81ea\u7136\u5c31\u6703\u63a8\u5347\u80a1\u50f9\uff1b\u56e0\u70ba\u80a1\u7968\u7684\u4f30\u503c\u6703\u81ea\u52d5\u96a8\u71df\u6536\u548c\u7372\u5229\u7684\u589e\u52a0\u800c\u4e0a\u5347<\/p>\n","protected":false},"author":1,"featured_media":33183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[494,98,320,572,493,321,30],"tags":[],"class_list":["post-33141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inflation","category-buffett","category-pe","category-price-power","category-economics","category-psr","category-long-term-investing"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/33141","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=33141"}],"version-history":[{"count":3,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/33141\/revisions"}],"predecessor-version":[{"id":69636,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/33141\/revisions\/69636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/33183"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=33141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=33141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=33141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}