{"id":36078,"date":"2023-10-16T23:56:00","date_gmt":"2023-10-16T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=36078"},"modified":"2025-12-19T09:49:40","modified_gmt":"2025-12-19T01:49:40","slug":"%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/","title":{"rendered":"\u80a1\u7968\u662f\u9577\u671f\u6295\u8cc7\u4eba\u6700\u597d\u7684\u9078\u64c7"},"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\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E6%88%91%E7%9A%84%E6%9B%B8%E4%B8%AD%E5%92%8C%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9B%B8%E9%97%9C%E7%9A%84%E5%85%A7%E5%AE%B9\" >\u6211\u7684\u66f8\u4e2d\u548c\u9577\u671f\u6295\u8cc7\u4eba\u76f8\u95dc\u7684\u5167\u5bb9<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E9%97%9C%E6%96%BC%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E7%9A%84%E7%AB%A0%E7%AF%80\" >\u95dc\u65bc\u9577\u671f\u6295\u8cc7\u7684\u7ae0\u7bc0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E9%97%9C%E6%96%BC%E9%95%B7%E6%9C%9F%E8%A4%87%E5%88%A9%E7%9A%84%E7%AB%A0%E7%AF%80\" >\u95dc\u65bc\u9577\u671f\u8907\u5229\u7684\u7ae0\u7bc0<\/a><\/li><\/ul><\/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\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E5%8F%B2%E5%AF%86%E6%96%AF%E7%9A%84%E5%90%8D%E8%91%97\" >\u53f2\u5bc6\u65af\u7684\u540d\u8457<\/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\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E7%9C%8B%E6%B3%95\" >\u5df4\u83f2\u7279\u7684\u770b\u6cd5<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#2018%E5%B9%B4%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\" >2018\u5e74\u7684\u80a1\u6771\u4fe1<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#%E7%BE%8E%E5%9C%8B%E7%9A%84%E9%A0%86%E9%A2%A8\" >\u7f8e\u570b\u7684\u9806\u98a8<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%87\/#2019%E5%B9%B4%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\" >2019\u5e74\u7684\u80a1\u6771\u4fe1<\/a><\/li><\/ul><\/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\/10\/16\/%e8%82%a1%e7%a5%a8%e6%98%af%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e4%ba%ba%e6%9c%80%e5%a5%bd%e7%9a%84%e9%81%b8%e6%93%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%9B%B8%E4%B8%AD%E5%92%8C%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9B%B8%E9%97%9C%E7%9A%84%E5%85%A7%E5%AE%B9\"><\/span>\u6211\u7684\u66f8\u4e2d\u548c\u9577\u671f\u6295\u8cc7\u4eba\u76f8\u95dc\u7684\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%97%9C%E6%96%BC%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E7%9A%84%E7%AB%A0%E7%AF%80\"><\/span>\u95dc\u65bc\u9577\u671f\u6295\u8cc7\u7684\u7ae0\u7bc0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u7684<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noopener\">\u300a\u8d85\u7d1a\u6210\u9577\u80a1\u6295\u8cc7\u6cd5\u5247\u300b<\/a>\u4e00\u66f8\u4e2d\u7684\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1-3\u7bc036\u81f344\u9801\u8a0e\u8ad6\u904e\u9577\u671f\u8907\u5229\uff0c\u4ee5\u53ca\u8a73\u76e1\u7684\u7bc4\u4f8b\u3002<\/li>\n\n\n\n<li>1-4\u7bc045\u81f358\u9801\u8a0e\u8ad6\u904e\u9577\u671f\u6295\u8cc7\u7684\u512a\u9ede\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u53e6\u4e00\u672c\u66f8\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">10\u500d\u80a1\u6cd5\u5247<\/a>\u300b\u4e2d\uff0c\u6211\u66f4\u82b1\u4e86\u975e\u5e38\u5927\u7684\u7bc7\u5e45\u5728\u8abe\u8ff0\u9577\u671f\u6027\u6295\u8cc7\u662f\u6295\u8cc7\u6210\u529f\u7684\u95dc\u9375\u8981\u7d20\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>4-1\u7bc0\uff0c\u7b2c184-192\u9801\uff0c\u95dc\u65bc\u60f3\u64c1\u670910\u500d\u80a1 \u53ea\u9700\u8981\u300c\u8cb7\u5c0d\u300d\u548c\u300c\u9577\u62b1\u300d\u7684\u8a0e\u8ad6\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%97%9C%E6%96%BC%E9%95%B7%E6%9C%9F%E8%A4%87%E5%88%A9%E7%9A%84%E7%AB%A0%E7%AF%80\"><\/span>\u95dc\u65bc\u9577\u671f\u8907\u5229\u7684\u7ae0\u7bc0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5efa\u8b70\u670b\u53cb\u5011\u628a\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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1-3\u5c0f\u7bc0\uff0c36-44\u9801\uff0c\u4e00\u6574\u500b\u5c0f\u7bc0\u7684\u8aaa\u660e\u548c\u5be6\u4f8b\u7684\u8aaa\u660e\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4ee5\u53ca\u300a<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">10\u500d\u80a1\u6cd5\u5247<\/a>\u300b\u4e00\u66f8:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>4-1\u5c0f\u7bc0\uff0c188-192\u9801\uff0c\u95dc\u65bc\u983b\u7e41\u4ea4\u6613\u548c\u8907\u5229\u7684\u95dc\u4fc2\u3002<\/li>\n\n\n\n<li>4-4\u5c0f\u7bc0\uff0c214-218\u9801\uff0c\u95dc\u65bc\u6295\u8cc7\u7d44\u5408\u518d\u5e73\u8861\u548c\u8907\u5229\u7684\u95dc\u4fc2\u3002<\/li>\n\n\n\n<li>6-1\u5c0f\u7bc0\uff0c274\u9801\u3002<\/li>\n\n\n\n<li>6-7\u5c0f\u7bc0\uff0c317-336\u9801\uff0c\u95dc\u65bc\u8cc7\u672c\u64cd\u4f5c\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E5%AF%86%E6%96%AF%E7%9A%84%E5%90%8D%E8%91%97\"><\/span>\u53f2\u5bc6\u65af\u7684\u540d\u8457<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u53f2\u5bc6\u65af\uff0c\u5728\u4ed6\u76841924\u5e74\u7684\u8457\u4f5c\u300a\u7528\u666e\u901a\u80a1\u9032\u884c\u9577\u671f\u6295\u8cc7\u300b\u4e00\u66f8\u61c9\u8a72\u662f\u95dc\u65bc\u80a1\u7968\u9577\u671f\u6295\u8cc7\u8f03\u70ba\u8457\u540d\u7684\u8457\u4f5c\u3002<\/p>\n\n\n\n<p>\u9577\u671f\u6301\u6709\u80a1\u7968\u662f\u6700\u597d\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u65e9\u5df2\u7372\u5f97\u8a31\u591a\u7684\u6578\u5b57\u548c\u5be6\u969b\u8cc7\u6599\u7684\u5370\u8b49\u3002\u5df4\u83f2\u7279\u4e0d\u662f\u7b2c\u4e00\u500b\u9019\u9ebc\u8aaa\u7684\u4eba\uff1b\u7d93\u6fdf\u5b78\u5bb6\u57c3\u5fb7\u52a0\uff0e\u53f2\u5bc6\u65af\uff0c\u5728 1924 \u5e74\u7684\u8457\u4f5c\u300a<a href=\"https:\/\/www.amazon.com\/Common-Stocks-Long-Term-Investments\/dp\/1614273324\" target=\"_blank\" rel=\"noreferrer noopener\">\u7528\u666e\u901a\u80a1\u9032\u884c\u9577\u671f\u6295\u8cc7<\/a>\u300b\u4e2d\uff0c\u5c31\u63d0\u5021\u4ee5\u80a1\u7968\u4f86\u9032\u884c\u9577\u671f\u6295\u8cc7\u3002\u6b64\u5021\u8b70\u5f71\u97ff\u4e86\u8a31\u591a\u4eba\uff0c\u5305\u62ec\u5df4\u83f2\u7279\u548c\u7d93\u6fdf\u5b78\u5bb6\u51f1\u56e0\u65af\uff08John Maynard Keynes\uff09\u3002<\/p>\n\n\n\n<p>\u53f2\u5bc6\u65af\u7576\u521d\u64b0\u5beb\u6b64\u66f8\u6642\uff0c\u539f\u672c\u662f\u4f01\u5716\u9a57\u8b49\u5728\u901a\u8ca8\u81a8\u8139\u6642\u671f\uff0c\u80a1\u7968\u7684\u8868\u73fe\u6703\u512a<br>\u65bc\u50b5\u5238\uff1b\u800c\u5728\u901a\u8ca8\u7dca\u7e2e\u6642\u671f\uff0c\u50b5\u5238\u7684\u56de\u5831\u6703\u66f4\u9ad8\u3002\u4f46\u662f\u53f2\u5bc6\u65af\u5be6\u969b\u7814\u7a76\u7684\u7d50\u679c<br>\u8b93\u4eba\u5927\u5403\u4e00\u9a5a\u2014\u5728\u901a\u8ca8\u7dca\u7e2e\u6642\u671f\uff0c\u80a1\u7968\u7684\u8868\u73fe\u9084\u662f\u6bd4\u50b5\u5238\u597d\u3002\u4ed6\u7684\u66f8\u4ee5\u4e00\u6bb5<br>\u81ea\u767d\u958b\u59cb\uff1a\u300c\u9019\u4e9b\u7814\u7a76\u662f\u5931\u6557\u7684\u7d00\u9304\uff0c\u5931\u6557\u7684\u4e8b\u5be6\u7121\u6cd5\u652f\u6301\u4e00\u500b\u5148\u5165\u70ba\u4e3b\u4e4b\u898b<br>\u7684\u7406\u8ad6\u3002\u300d<\/p>\n\n\n\n<p>\u5e78\u904b\u7684\u662f\uff0c\u9019\u500b\u5931\u6557\u4fc3\u4f7f\u53f2\u5bc6\u65af\u66f4\u6df1\u5165\u5730\u601d\u8003\u61c9\u8a72\u5982\u4f55\u8a55\u4f30\u80a1\u7968\u3002\u4ed6\u8a8d\u70ba\uff0c\u9020\u6210\u4e0d\u8ad6\u5728\u901a\u8ca8\u81a8\u8139\u6216\u7dca\u7e2e\u6642\uff0c\u80a1\u7968\u8868\u73fe\u90fd\u512a\u65bc\u50b5\u5238\u662f\u6e90\u65bc\u6578\u7a2e\u56e0\u7d20\uff0c\u4f46\u662f\u95dc\u9375\u4e3b\u56e0\u662f\u666e\u901a\u80a1\u5177\u6709\u7684\u8907\u5229\u6548\u61c9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E7%9C%8B%E6%B3%95\"><\/span>\u5df4\u83f2\u7279\u7684\u770b\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2018%E5%B9%B4%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\"><\/span>2018\u5e74\u7684\u80a1\u6771\u4fe1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%9C%8B%E7%9A%84%E9%A0%86%E9%A2%A8\"><\/span>\u7f8e\u570b\u7684\u9806\u98a8<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p><br>\u4eca\u5e743\u67081 1\u65e5\uff0c\u5c07\u662f\u6211\u7b2c\u4e00\u6b21\u6295\u8cc7\u7f8e\u570b\u4f01\u696d\u7684\u7b2c77\u5e74\u3002 1942\u5e74\uff0c\u6211\u624d1 1\u6b72\uff0c\u6211\u5c07\u81ea\u5df1\u7684\u5168\u90e8\u76841 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\u6240\u6709\u9019\u4e9b\u5982\u4eca\u90fd\u6210\u70ba\u4e86\u6b77\u53f2\u3002<\/p>\n\n\n\n<p>\u8056\u4fdd\u7f85\u5927\u6559\u5802\u7684\u5efa\u7bc9\u5e2b\u514b\u91cc\u65af\u6258\u5f17\u96f7\u6069 \uff08Christopher Wren\uff09 \u88ab\u57cb\u846c\u5728\u502b\u6566\u6559\u5802\u5167\u3002\u5728\u4ed6\u7684\u5893\u7891\u4e0a\u6709\u8457\u5982\u4e0b\u6587\u5b57 \uff08\u7ffb\u8b6f\u81ea\u62c9\u4e01\u8a9e\uff09 \uff1a\u201c\u5982\u679c\u4f60\u60f3\u5c0b\u627e\u6211\u7684\u7d00\u5ff5\u7891\uff0c\u8acb\u74b0\u9867\u56db\u5468\u3002\u201d\u90a3\u4e9b\u5c0d\u7f8e\u570b\u7d93\u6fdf\u6301\u61f7\u7591\u614b\u5ea6\u7684\u4eba\u61c9\u8a72\u7559\u610f\u4ed6\u7684\u9019\u53e5\u8a71\u3002<\/p>\n\n\n\n<p>\u57281788\u5e74- \u56de\u5230\u6211\u5011\u7684\u8d77\u9ede- \u9664\u4e86\u4e00\u5c0f\u7fa4\u96c4\u5fc3\u52c3\u52c3\u7684\u4eba\u548c\u4e00\u500b\u65e8\u5728\u5c07\u5922\u60f3\u8b8a\u70ba\u73fe\u5be6\u7684\u840c\u82bd\u7ba1\u7406\u6846\u67b6\u4e4b\u5916\uff0c\u7f8e\u570b\u78ba\u5be6\u6c92\u6709\u4ec0\u9ebc\u3002\u4eca\u5929\uff0c\u7f8e\u806f\u5132\u4f30\u8a08\u6211\u5011\u7684\u5bb6\u5ead\u8ca1\u5bcc\u70ba108\u842c\u5104\u7f8e\u5143\uff0c\u4e00\u500b\u5e7e\u4e4e\u7121\u6cd5\u60f3\u50cf\u7684\u6578\u5b57\u3002<\/p>\n\n\n\n<p>\u8acb\u8a18\u4f4f\uff0c\u5728\u9019\u5c01\u4fe1\u7684\u524d\u9762\uff0c\u6211\u5982\u4f55\u63cf\u8ff0\u7559\u5b58\u6536\u76ca\u662f\u4f2f\u514b\u5e0c\u723e\u7e41\u69ae\u7684\u95dc\u9375\uff1f\u9019\u4e5f\u662f\u7f8e\u570b\u6210\u529f\u7684\u95dc\u9375\u3002\u5728\u570b\u5bb6\u7684\u6703\u8a08\u4e2d\uff0c\u985e\u4f3c\u7684\u9805\u76ee\u88ab\u7a31\u70ba\u201c\u5132\u84c4\u201d\u3002\u800c\u4e14\u6211\u5011\u64c1\u6709\u5132\u84c4\u3002\u5982\u679c\u6211\u5011\u7684\u7956\u5148\u5168\u90e8\u6d88\u8017\u4e86\u4ed6\u5011\u6240\u751f\u7522\u7684\u6240\u6709\u7522\u54c1\uff0c\u90a3\u9ebc\u5c31\u4e0d\u6703\u6709\u6295\u8cc7\uff0c\u4e0d\u6703\u6709\u751f\u7522\u529b\u7684\u63d0\u9ad8\uff0c\u4e5f\u4e0d\u6703\u6709\u751f\u6d3b\u6c34\u5e73\u7684\u98db\u8e8d\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u67e5\u7406\u548c\u6211\u9ad8\u8208\u5730\u627f\u8a8d\uff0c\u4f2f\u514b\u5e0c\u723e\u7684\u5927\u90e8\u5206\u6210\u529f\u50c5\u50c5\u662f\u6211\u8a8d\u70ba\u61c9\u8a72\u88ab\u7a31\u70ba\u7f8e\u570b\u9806\u98a8\u7684\u7522\u7269\u3002\u5c0d\u65bc\u7f8e\u570b\u4f01\u696d\u6216\u500b\u4eba\u800c\u8a00\uff0c\u5439\u5653\u4ed6\u5011\u201c\u55ae\u7368\u5be6\u73fe\u201d\u9019\u4e00\u6210\u5c31\u61c9\u8a72\u662f\u4e00\u7a2e\u50b2\u6162\u3002\u5728\u8afe\u66fc\u5e95\u7684\u4e00\u6392\u6392\u7c21\u55ae\u7684\u767d\u8272\u5341\u5b57\u67b6\u61c9\u8a72\u8b93\u90a3\u4e9b\u63d0\u51fa\u9019\u7a2e\u4e3b\u5f35\u7684\u4eba\u611f\u5230\u7f9e\u6065\u3002<\/p>\n\n\n\n<p>\u4e16\u754c\u4e0a\u9084\u6709\u8a31\u591a\u5176\u4ed6\u570b\u5bb6\u90fd\u6709\u5149\u660e\u7684\u672a\u4f86\u3002 \u95dc\u65bc\u9019\u4e00\u9ede\uff0c\u6211\u5011\u61c9\u8a72\u611f\u5230\u9ad8\u8208\uff1a\u5982\u679c\u6240\u6709\u570b\u5bb6\u90fd\u8301\u58ef\u6210\u9577\uff0c\u7f8e\u570b\u4eba\u5c07\u66f4\u52a0\u7e41\u69ae\u548c\u5b89\u5168\u3002 \u5728\u4f2f\u514b\u5e0c\u723e\uff0c\u6211\u5011\u5e0c\u671b\u8de8\u5883\u6295\u5165\u5927\u91cf\u8cc7\u91d1\u3002<br>\u7136\u800c\uff0c\u5728\u63a5\u4e0b\u4f86\u768477\u5e74\u88e1\uff0c\u6211\u5011\u6536\u7a6b\u7684\u4e3b\u8981\u4f86\u6e90\u5e7e\u4e4e\u80af\u5b9a\u6703\u7531\u7f8e\u570b\u9806\u98a8\u63d0\u4f9b\u3002 \u6211\u5011\u5f88\u5e78\u904b- \u7121\u6bd4\u7684\u5e78\u904b- \u5728\u6211\u5011\u7684\u80cc\u5f8c\u64c1\u6709\u9019\u80a1\u529b\u91cf\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2019%E5%B9%B4%E7%9A%84%E8%82%A1%E6%9D%B1%E4%BF%A1\"><\/span>2019\u5e74\u7684\u80a1\u6771\u4fe1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/2019ltr.pdf\" target=\"_blank\" rel=\"noopener\">2019\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u4e2d\u66fe\u5beb\u904e\u4e0b\u9762\u9019\u6bb5\u6587\u5b57\uff1a\u300c\u6211\u5011\u80fd\u8aaa\u7684\u662f\uff0c\u5982\u679c\u5728\u672a\u4f86\u5e7e\u5341\u5e74\u88e1\uff0c\u63a5\u8fd1\u7576\u524d\u6c34\u5e73\u7684\u5229\u7387\u5c07\u4f54\u4e0a\u98a8\uff0c\u5982\u679c\u4f01\u696d\u7a05\u7387\u4e5f\u7dad\u6301\u5728\u76ee\u524d\u4f01\u696d\u4eab\u53d7\u7684\u4f4e\u6c34\u5e73\uff0c\u90a3\u9ebc\u5e7e\u4e4e\u53ef\u4ee5\u80af\u5b9a\uff0c\u96a8\u8457\u6642\u9593\u7684\u63a8\u79fb\uff0c\u80a1\u7968\u8868\u73fe\u5c07\u9060\u9060\u597d\u65bc\u9577\u671f\u56fa\u5b9a\u5229\u7387\u50b5\u52d9\u5de5\u5177\u3002\u9019\u4e00\u6a02\u89c0\u9810\u6e2c\u4f34\u96a8\u8457\u4e00\u500b\u8b66\u544a\uff0c\u672a\u4f86\u80a1\u50f9\u53ef\u80fd\u767c\u751f\u4efb\u4f55\u8b8a\u5316\u3002\u5076\u723e\uff0c\u5e02\u5834\u6703\u51fa\u73fe\u5927\u7684\u4e0b\u8dcc\uff0c\u5e45\u5ea6\u53ef\u80fd\u9054\u523050%\u751a\u81f3\u66f4\u5927\u3002\u4f46\u662f\uff0c\u6211\u5728<a href=\"https:\/\/berkshirehathaway.com\/letters\/2018ltr.pdf\" target=\"_blank\" rel=\"noopener\">2018\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u88e1\u6709\u4e00\u6bb5\u7bc7\u95dc\u65bc\u7f8e\u570b\u7d93\u6fdf\u9806\u98a8\u7684\u6587\u7ae0\uff0c\u518d\u52a0\u4e0a\u53f2\u5bc6\u65af\u6240\u63cf\u8ff0\u7684\u8907\u5229\u5947\u8e5f\uff0c\u5c0d\u65bc\u90a3\u4e9b\u4e0d\u4f7f\u7528\u501f\u4f86\u7684\u9322\u3001\u80fd\u5920\u63a7\u5236\u81ea\u5df1\u60c5\u7dd2\u7684\u4eba\u4f86\u8aaa\uff0c\u80a1\u7968\u5c07\u662f\u66f4\u597d\u7684\u9577\u671f\u9078\u64c7\u3002\u5176\u4ed6\u4eba\u5462\uff1f\u8981\u5c0f\u5fc3\uff01\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"208\" height=\"112\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/05\/lt-1600x1200-1.jpg\" alt=\"\u9577\u671f\u6295\u8cc7\u4eba\" class=\"wp-image-36097\"\/><\/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\/12\/18\/%e5%8f%b0%e7%81%a3%e6%8a%95%e8%b3%87%e4%ba%ba%e7%9a%84%e6%8a%95%e8%b3%87%e7%bf%92%e6%80%a7\/\">\u53f0\u7063\u6295\u8cc7\u4eba\u7684\u6295\u8cc7\u7fd2\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/10\/16\/%E8%82%A1%E7%A5%A8%E6%98%AF%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%9C%80%E5%A5%BD%E7%9A%84%E9%81%B8%E6%93%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u80a1\u7968\u662f\u9577\u671f\u6295\u8cc7\u4eba\u6700\u597d\u7684\u9078\u64c7<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/12\/14\/%e5%8f%b0%e7%81%a3%e5%b9%be%e4%b9%8e%e7%84%a1%e4%ba%ba%e6%83%b3%e9%80%b2%e8%a1%8c%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87%e7%9a%84%e7%86%b1%e7%83%88%e8%bf%b4%e9%9f%bf\/\">\u8b80\u8005\u7684\u71b1\u70c8\u8ff4\u97ff\u300a\u53f0\u7063\u5e7e\u4e4e\u7121\u4eba\u60f3\u9032\u884c\u9577\u671f\u6295\u8cc7\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/11\/26\/%e5%8f%b0%e7%81%a3%e5%b9%be%e4%b9%8e%e7%84%a1%e4%ba%ba%e6%83%b3%e9%80%b2%e8%a1%8c%e9%95%b7%e6%9c%9f%e6%8a%95%e8%b3%87\/\">\u53f0\u7063\u5e7e\u4e4e\u7121\u4eba\u60f3\u9032\u884c\u9577\u671f\u6295\u8cc7<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/03\/22\/%E8%82%A1%E7%A5%A8%E6%8A%95%E8%B3%87%E7%82%BA%E4%BB%80%E9%BA%BC%E6%98%AF%E8%BC%83%E4%BD%B3%E7%9A%84%E7%90%86%E8%B2%A1%E6%96%B9%E5%BC%8F\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u80a1\u7968\u6295\u8cc7\u70ba\u4ec0\u9ebc\u662f\u8f03\u4f73\u7684\u7406\u8ca1\u65b9\u5f0f\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/29\/%E5%BE%9E%E4%BA%8B%E6%8A%95%E8%B3%87%E8%82%A1%E7%A5%A8%E7%9A%84%E5%84%AA%E9%BB%9E%E9%99%A4%E4%BA%86%E9%8C%A2%E4%BB%A5%E5%A4%96\/\" target=\"_blank\" rel=\"noreferrer noopener\">7\u5927\u6295\u8cc7\u80a1\u7968\u7684\u512a\u9ede\uff0c\u9664\u4e86\u9322\u4ee5\u5916<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/16\/%e7%84%a1%e5%8f%af%e6%88%96%e7%bc%ba%e7%9a%84%e6%8a%95%e8%b3%87%e6%88%90%e5%8a%9f%e8%a6%81%e7%b4%a0-%e8%80%90%e5%bf%83\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8010\u5fc3\uff0c\u7121\u53ef\u6216\u7f3a\u76841\u9805\u6295\u8cc7\u6210\u529f\u8981\u7d20<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/18\/%E6%99%82%E9%96%93%E3%80%81%E7%B4%80%E5%BE%8B%E5%92%8C%E8%80%90%E5%BF%83%E6%98%AF%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E7%9A%84%E4%B8%89%E5%80%8B%E8%A6%81%E7%B4%A0\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6642\u9593\u3001\u7d00\u5f8b\u548c\u8010\u5fc3\u662f\u6210\u529f\u6295\u8cc7\u76843\u500b\u8981\u7d20<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/11\/20\/%e8%a4%87%e5%88%a9%e6%95%88%e6%87%89\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8907\u5229\u6548\u61c9\uff08The Compound Effect\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/09\/24\/%e8%a4%87%e5%88%a9%e7%9a%84%e5%8a%9b%e9%87%8f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8907\u5229\u7684\u529b\u91cf<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/04\/22\/%e5%bb%b6%e9%81%b2%e6%bb%bf%e8%b6%b3%e7%9a%84%e4%ba%ba%e5%ae%b9%e6%98%93%e6%88%90%e5%8a%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5ef6\u9072\u6eff\u8db3\u7684\u4eba\u5bb9\u6613\u6210\u529f<\/a>\u300b<\/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\/2021\/05\/04\/%e5%b9%b4%e8%bc%95%e4%ba%ba%e6%8a%95%e8%b3%87%e8%82%a1%e5%b8%82%e5%85%b7%e6%9c%89%e9%82%a3%e4%ba%9b%e5%84%aa%e5%8b%a2%ef%bc%9f\/\">\u9664\u4e86\u9577\u671f\u8907\u5229\u5916\uff0c\u5e74\u8f15\u4eba\u6295\u8cc7\u80a1\u5e02\u9084\u5177\u6709\u54ea\u4e9b\u4ee4\u4eba\u7fa8\u6155\u7684\u8d85\u7d1a\u512a\u52e2\uff1f<\/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\/\">\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\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\/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\/2023\/03\/20\/%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%98%AF%E5%A6%82%E4%BD%95%E5%BB%BA%E6%A7%8B%E4%BB%96%E7%9A%84%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E7%9A%84\/\">\u5df4\u83f2\u7279\u662f\u5982\u4f55\u5efa\u69cb\u4ed6\u7684\u9577\u671f\u6295\u8cc7\u7d44\u5408\u7684<\/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<\/ul>\n\n\n\n<p id=\"block-b602cc2b-45ae-45c0-a24c-5bec9bc06f95\"><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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