{"id":43781,"date":"2024-08-27T23:56:00","date_gmt":"2024-08-27T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=43781"},"modified":"2026-04-25T13:38:15","modified_gmt":"2026-04-25T05:38:15","slug":"%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/","title":{"rendered":"\u503c\u5f97\u61f7\u5ff5\u7684\u5049\u5927\u6295\u8cc7\u5927\u5e2b\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09"},"content":{"rendered":"\n<p>\u63a8\u85a6\u4f60\u8b80\u6211\u7684\u53e6\u4e00\u7bc7\u95dc\u65bc\u8499\u683c\u50b3\u8a18\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/03\/13\/%E3%80%8A%E6%8A%95%E8%B3%87%E5%93%B2%E4%BA%BA%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC%E5%82%B3%EF%BC%88damn-right%EF%BC%89%E3%80%8B\/\">\u6295\u8cc7\u54f2\u4eba\u67e5\u7406\u8499\u683c\u50b3\uff08Damn Right\uff09<\/a>\u300b<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E7%B0%A1%E4%BB%8B\" >\u7c21\u4ecb<\/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\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E8%91%97%E5%90%8D%E6%8A%95%E8%B3%87%E4%BA%BA\" >\u8457\u540d\u6295\u8cc7\u4eba<\/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\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E8%BA%AB%E5%83%B9%E5%92%8C%E5%80%8B%E4%BA%BA%E6%8A%95%E8%B3%87\" >\u8eab\u50f9\u548c\u500b\u4eba\u6295\u8cc7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E7%9B%B4%E8%A8%80%E4%B8%8D%E8%AB%B1\" >\u76f4\u8a00\u4e0d\u8af1<\/a><\/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\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E4%B8%8D%E5%B1%91%E8%8F%AF%E7%88%BE%E8%A1%97\" >\u4e0d\u5c51\u83ef\u723e\u8857<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%8F%8D%E5%B0%8D%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3\" >\u53cd\u5c0d\u52a0\u5bc6\u8ca8\u5e63<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%9C%A8%E4%B8%AD%E5%9C%8B%E5%BE%88%E5%8F%97%E6%AD%A1%E8%BF%8E\" >\u5728\u4e2d\u570b\u5f88\u53d7\u6b61\u8fce<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%92%8C%E8%92%99%E6%A0%BC%E9%AB%98%E5%BA%A6%E9%80%A3%E7%B5%90%E7%9A%84%E4%BC%81%E6%A5%AD\" >\u548c\u8499\u683c\u9ad8\u5ea6\u9023\u7d50\u7684\u4f01\u696d<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%B3%A2%E5%85%8B%E5%A4%8F\" 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class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%AF%94%E4%BA%9E%E8%BF%AA\" >\u6bd4\u4e9e\u8fea<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\" >\u6295\u8cc7\u98a8\u683c<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E4%BF%9D%E6%8C%81%E7%90%86%E6%80%A7\" >\u4fdd\u6301\u7406\u6027<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%93%B4%E5%B1%95%E8%87%AA%E5%B7%B1%E7%9A%84%E7%9F%A5%E8%AD%98\" >\u64f4\u5c55\u81ea\u5df1\u7684\u77e5\u8b58<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%80%A7%E6%A0%BC%E6%AF%94%E8%83%BD%E5%8A%9B%E9%87%8D%E8%A6%81\" >\u6027\u683c\u6bd4\u80fd\u529b\u91cd\u8981<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%8F%8D%E5%B0%8DEBITDA\" >\u53cd\u5c0dEBITDA<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%88%87%E8%92%99%E6%A0%BC\" >\u5df4\u83f2\u7279\u8207\u8499\u683c<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E6%B3%A2%E5%85%8B%E5%A4%8F%E5%AE%98%E6%96%B9%E7%9A%84%E5%9B%9E%E6%87%89\" >\u6ce2\u514b\u590f\u5b98\u65b9\u7684\u56de\u61c9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%90%91%E8%92%99%E6%A0%BC%E6%A0%BC%E8%87%B4%E6%95%AC%E6%96%87\" >\u5df4\u83f2\u7279\u5411\u8499\u683c\u683c\u81f4\u656c\u6587<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%B0%8D%E6%B3%A2%E5%85%8B%E5%A4%8F%E9%97%9C%E9%8D%B5%E7%9A%84%E8%B2%A2%E7%8D%BB\" >\u5c0d\u6ce2\u514b\u590f\u95dc\u9375\u7684\u8ca2\u737b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%B0%8D%E8%92%99%E6%A0%BC%E7%9A%84%E6%84%9F%E6%83%B3\" >\u5df4\u83f2\u7279\u5c0d\u8499\u683c\u7684\u611f\u60f3<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E8%92%99%E6%A0%BC%E6%8E%A8%E8%96%A6%E7%9A%84%E6%9B%B8\" >\u8499\u683c\u63a8\u85a6\u7684\u66f8<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E7%AA%AE%E6%9F%A5%E7%90%86%E7%9A%84%E5%AF%B6%E5%85%B8\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%A0%B8%E5%BF%83%E6%8A%95%E8%B3%87%E6%B3%95\" >\u5df4\u83f2\u7279\u6838\u5fc3\u6295\u8cc7\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E7%AA%AE%E6%9F%A5%E7%90%86%E7%9A%84%E6%99%BA%E6%85%A7%E8%AA%9E%E9%8C%84\" >\u7aae\u67e5\u7406\u7684\u667a\u6167\u8a9e\u9304<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E7%AA%AE%E7%90%86%E6%9F%A5%E5%B9%B4%E9%91%91\" >\u7aae\u7406\u67e5\u5e74\u9451<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%E8%92%99%E6%A0%BC%E6%8E%A8%E8%96%A6%E8%BC%83%E6%9C%89%E5%90%8D%E7%9A%84%E7%B6%93%E5%85%B8%E6%9B%B8%E7%B1%8D\" >\u8499\u683c\u63a8\u85a6\u8f03\u6709\u540d\u7684\u7d93\u5178\u66f8\u7c4d<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%e5%80%bc%e5%be%97%e6%87%b7%e5%bf%b5%e7%9a%84%e6%9f%a5%e7%90%86%e8%92%99%e6%a0%bc\/#%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=\"%E7%B0%A1%E4%BB%8B\"><\/span>\u7c21\u4ecb<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%97%E5%90%8D%E6%8A%95%E8%B3%87%E4%BA%BA\"><\/span>\u8457\u540d\u6295\u8cc7\u4eba<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u662f\u6211\u500b\u4eba\u6700\u6b23\u8cde\u7684\u6295\u8cc7\u5927\u5e2b\u548c\u601d\u60f3\u5bb6\u4e4b\u4e00\u30022023\u5e7411\u670828\u65e5\u904e\u4e16\uff0c\u96e2100\u6b72\u7684\u751f\u65e5\u50c5\u5dee33\u5929\u800c\u5df2\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%BA%AB%E5%83%B9%E5%92%8C%E5%80%8B%E4%BA%BA%E6%8A%95%E8%B3%87\"><\/span>\u8eab\u50f9\u548c\u500b\u4eba\u6295\u8cc7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u81ea\u5df1\u7684\u9673\u8ff0\u8aaa\uff0c\u4ed6\u7684\u5927\u90e8\u5206\u8ca1\u5bcc\u4f86\u81ea\u56db\u9805\u6295\u8cc7\uff1a\u6ce2\u514b\u590f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\u548cBRK.B\uff09\u3001\u96f6\u552e\u5546\u597d\u5e02\u591a\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aCOST\uff09\u3001\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital Management\uff09\u7ba1\u7406\u7684\u4e00\u6a94\u57fa\u91d1\u7684\u6295\u8cc7\uff0c\u4ee5\u53ca\u5728\u52a0\u5dde\u548c\u65b0\u6fa4\u897f\u64c1\u6709\u516c\u5bd3\u6a13\u7684\u623f\u5730\u7522\u4f01\u696d<a href=\"https:\/\/www.aftonprop.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u963f\u592b\u9813\u5730\u7522\uff08Afton Properties\uff09<\/a>\u7684\u6295\u8cc7\u3002<\/p>\n\n\n\n<p>\u64da\u5bcc\u6bd4\u58eb\u7684\u4f30\u8a08\uff0c\u8499\u683c\u904e\u4e16\u4e4b\u524d\uff0c\u4ed6\u7684\u6de8\u8cc7\u7522\u70ba24\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%94%B9%E9%80%A0%E5%B7%B4%E8%8F%B2%E7%89%B9\"><\/span>\u6539\u9020\u5df4\u83f2\u7279<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u76db\u8b9a\u8499\u683c\u62d3\u5bec\u4e86\u4ed6\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5f9e\u504f\u611b\u8cb7\u5165\u4f4e\u50f9\u9677\u5165\u56f0\u5883\u7684\u516c\u53f8\uff0c\u5e0c\u671b\u80fd\u5f9e\u4e2d\u7372\u5229\uff0c\u8f49\u8b8a\u70ba\u95dc\u6ce8\u8f03\u512a\u8cea\u2f7d\u50f9\u683c\u906d\u4f4e\u4f30\u7684\u516c\u53f8\u3002\u4ed6\u8aaa\u8499\u683c\u2f00\u76f4\u5f37\u8abf\uff1a\u300c\u8b93\u6211\u5011\u8cb7\u9032\u771f\u6b63\u512a\u79c0\u7684\u4f01\u696d\u3002\u300d<\/p>\n\n\n\n<p>\u9019\u7a2e\u8f49\u8b8a\u7684\u65e9\u671f\u6848\u4f8b\u662f\u8499\u683c1972\u5e74\u8aaa\u670d\u5df4\u83f2\u7279\u540c\u610f\u6ce2\u514b\u590f\u4ee52,500\u7f8e\u5143\u6536\u8cfc\u6642\u601d\u7cd6\u679c\uff08See&#8217;s Candies\uff09\uff0c\u5118\u7ba1\u6642\u601d\u7cd6\u679c\u7576\u5e74\u7684\u5e74\u5ea6\u7a05\u524d\u5229\u6f64\u50c5400\u842c\u7f8e\u5143\u5de6\u53f3\uff0c\u4f46\u2f83\u6b64\u4e4b\u5f8c\uff0c\u5b83\u70ba\u6ce2\u514b\u590f\u5e36\u4f86\u8d85\u904e20\u5104\u7f8e\u5143\u7684\u92b7\u552e\u984d\u3002\u5df4\u83f2\u72792016\u5e74\u63a5\u53d7CNBC\u8a2a\u554f\u6642\u8aaa\uff1a\u300c\u4ed6\u8b93\u6211\u653e\u68c4\u4ee5\u6975\u4fbf\u5b9c\u50f9\u683c\u8cb7\u9032\u2fba\u2fba\u864e\u864e\u516c\u53f8\u7684\u60f3\u6cd5\uff0c\u77e5\u9053\u90a3\u6703\u6709\u5fae\u8584\u5229\u6f64\uff0c\u6539\u70ba\u5c0b\u627e\u80fd\u4ee5\u516c\u5e73\u50f9\u683c\u8cfc\u5165\u7684\u771f\u6b63\u51fa\u2f8a\u4f01\u696d\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u5f8c\u4f86\u5f88\u5feb\u5730\u67e5\u89ba\u5230\u4e86\u96ea\u8304\u7159\u5c41\u80a1\u6295\u8cc7\u6cd5\u7684\u554f\u984c\uff08\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/07\/%E9%9B%AA%E8%8C%84%E7%85%99%E5%B1%81%E8%82%A1%E6%8A%95%E8%B3%87%E6%B3%95%E7%9A%84%E5%95%8F%E9%A1%8C\/\">\u96ea\u8304\u7159\u5c41\u80a1\u6295\u8cc7\u6cd5\u7684\u554f\u984c<\/a>\u300b\uff09\uff0c\u5982\u679c\u4ed6\u6c92\u6709\u53ca\u65e9\u9032\u884c\u8abf\u6574\uff0c\u6211\u5011\u4eca\u65e5\u6050\u6015\u90fd\u4e0d\u6703\u77e5\u9053\u6295\u8cc7\u754c\u6709\u9019\u500b\u4eba\uff0c\u56e0\u70ba\u4ed6\u4e0d\u6703\u8b8a\u5f97\u9019\u9ebc\u6210\u529f\u548c\u5049\u5927\u2500\u2500\u2500\u2500\u9019\u5c31\u662f\u5df4\u83f2\u7279\u5049\u5927\u7684\u5730\u65b9\u3002\u60a8\u53ef\u4ee5\u53c3\u8003\u6211\u7684\u53e6\u4e00\u7bc7\u6587\u7ae0\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\" data-type=\"URL\" data-id=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u7684\u6838\u2f3c\u6295\u8cc7\u6280\u80fd\uff0c\u662f\u5e2b\u6cd5\u50f9\u503c\u6295\u8cc7\u2f24\u5e2b\u845b\u62c9\u6f22\u7684\u5178\u578b\u50f9\u503c\u6295\u8cc7\uff08\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/23\/%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E4%BB%8A%E6%98%94\/\">\u50f9\u503c\u6295\u8cc7\u7684\u4eca\u6614<\/a>\u300b\uff09\uff0c\u4e5f\u5c31\u662f\u5f9e\u80a1\u5e02\u4e2d\u5c0b\u8993\u50f9\u503c\u88ab\u4f4e\u4f30\u7684\u516c\u53f8\uff0c\u4e0d\u592a\u64cd\u2f3c\u90a3\u4e9b\u516c\u53f8\u662f\u5426\u662f\u5f88\u68d2\u7684\u6210\u2ed1\u5f15\u64ce\u3002\u8499\u683c\u5247\u6566\u4fc3\u5df4\u83f2\u7279\u64f4\u2f24\u61c9\u2f64\u845b\u62c9\u6f22\u7684\u6295\u8cc7\u54f2\u5b78\uff0c\u628a\u6295\u8cc7\u7db2\u5f9e\u300c\u5ec9\u50f9\u300d\u80a1\u7968\u64f4\u53ca\u300c\u50f9\u683c\u516c\u9053\u300d\u7684\u512a\u8cea\u80a1\u7968\uff0c\u4e5f\u5c31\u662f\u628a\u7ba1\u7406\u826f\u5584\u3001\u5ee3\u7372\u8a8d\u53ef\u7684\u516c\u53f8\u4e5f\u7d0d\u5165\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n\n\n\n<p>1996 \u5e74\uff0c\u5df4\u83f2\u7279\u5c0d\u300a\u5bcc\u6bd4\u58eb\u300b\u8868\u793a\uff1a\u300c\u67e5\u7406\u63a8\u52d5\u6211\u4e0d\u8981\u53ea\u8cb7\u4fbf\u5b9c\u8ca8\uff0c\u5c31\u50cf\u672c\u00b7\u683c\u96f7\u5384\u59c6\u6559\u6211\u7684\u90a3\u6a23\u3002\u300d\u300c\u9700\u8981\u5f37\u5927\u7684\u529b\u91cf\u624d\u80fd\u8b93\u6211\u64fa\u812b\u845b\u62c9\u6f22\u7684\u72f9\u9698\u89c0\u9ede\u3002\u9019\u662f\u67e5\u7406\u601d\u60f3\u7684\u529b\u91cf\u3002\u300d<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8aaa\uff1a\u300c\u56e0\u70ba\u8499\u683c\u22ef\u22ef\u8b93\u6211\u5f9e\u7329\u7329\u5230\u2f08\u985e\uff0c\u5982\u679c\u6211\u4e0d\u8a8d\u8b58\u4ed6\uff0c\u6211\u6703\u6bd4\u73fe\u5728\u7aae\u5f97\u591a\uff01\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%99%82%E6%80%9D%E7%B3%96%E6%9E%9C\"><\/span>\u6642\u601d\u7cd6\u679c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u53d7\u8499\u683c\u6295\u8cc7\u54f2\u5b78\u5f71\u97ff\u6700\u6df1\u9060\u7684\u4e0d\u662f\u5225\u2f08\uff0c\u6b63\u662f\u5df4\u83f2\u7279\u3002<\/p>\n\n\n\n<p>\u5176\u4e2d\u6700\u95dc\u9375\u7684\u4e00\u5f79\u5c31\u662f\u6642\u601d\u7cd6\u679c\u7684\u4f75\u8cfc\u6848\uff0c\u5df4\u83f2\u7279\u5f8c\u4f86\u63a5\u53d7\u8499\u683c\u7684\u52f8\u544a\u624d\u8cb7\u4e0b\u6642\u601d\u7cd6\u679c\uff0c\u4e2d\u9593\u7684\u6700\u5927\u8b8a\u5316\u5c31\u662f\u5df4\u83f2\u7279\u5f9e\u6b64\u4e0d\u518d\u5805\u6301\u63a1\u7528\u4ed6\u7684\u8001\u5e2b\u845b\u62c9\u6f22\u7684\u300c \u7159\u5c41\u80a1\u6295\u8cc7\u300d\u7684\u65b9\u5f0f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e0d\u518d\u55ae\u7d14\u5730\u53ea\u4f7f\u7528\u71df\u904b\u8cc7\u91d1\uff08working capital\uff09\uff0c\u6539\u7528\u73fe\u91d1\u6d41\u6298\u73fe\uff08DCF\uff09\u548c\u79c1\u6709\u5e02\u5834\u7684\u4f30\u503c\u4f86\u505a\u70ba\u6295\u8cc7\u6642\u7684\u5b89\u5168\u908a\u969b\u3002<\/li>\n\n\n\n<li>\u53d7\u8499\u683c\u7684\u6975\u5927\u5f71\u97ff\uff0c\u900f\u904e\u6642\u601d\u7cd6\u679c\u6536\u8cfc\u7684\u5be6\u969b\u9a57\u8b49\u5f8c\u2500\u2500\u2500\u2500\u52a0\u5165\u975e\u91cf\u5316\u3001\u4f01\u696d\u672a\u4f86\u6210\u9577\u7387\u3001\u4f01\u696d\u9577\u671f\u5c55\u671b\u3001\u5e02\u4f54\u7387\u3001\u7d93\u71df\u5718\u968a\u7684\u80fd\u529b\u3001\u8b77\u57ce\u6cb3\u7b49\u770b\u4e0d\u898b\u7684\u50f9\u503c\uff0c\u505a\u70ba\u6295\u8cc7\u6642\u7684\u91cd\u8981\u8003\u91cf\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%8B%E6%80%A7%E9%AE%AE%E6%98%8E\"><\/span>\u500b\u6027\u9bae\u660e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B4%E8%A8%80%E4%B8%8D%E8%AB%B1\"><\/span>\u76f4\u8a00\u4e0d\u8af1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4f46\u8499\u683c\u6295\u8cc7\u98a8\u683c\u76f4\u622a\u4e86\u7576\u3001\u7be4\u4fe1\u7d93\u71df\u516c\u53f8\u9808\u79c9\u6301\u8aa0\u4fe1\uff0c\u2f7d\u4e14\u76f4\u2f94\u7121\u96b1\uff0c\u8b93\u4ed6\u8d0f\u5f97\u7f8e\u570b\u2f00\u822c\u80a1\u2ea0\u7684\u4fe1\u8cf4\u8207\u656c\u91cd\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%B8%8D%E5%B1%91%E8%8F%AF%E7%88%BE%E8%A1%97\"><\/span>\u4e0d\u5c51\u83ef\u723e\u8857<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u548c\u5df4\u83f2\u7279\u2f00\u76f4\u4ee5\u4f86\u90fd\u8a8d\u70ba\u6240\u8b02\u7684\u8ca1\u52d9\u9867\u554f\u3001\u907f\u96aa\u57fa\u2fa6\u7d93\u7406\u7b49\u6295\u8cc7\u7d93\u7406\u2f08\u4e26\u4e0d\u503c\u4ed6\u5011\u6240\u6536\u53d6\u7684\u8cbb\u2f64\uff0c\u4e26\u4ee5\u300c\u7406\u8ca1\u52a9\u2f3f\u300d\u4f86\u7a31\u547c\u4ed6\u5011\u3002<\/p>\n\n\n\n<p>2023\u5e745\u6708\uff0c\u8499\u683c\u5728\u63a5\u53d7\u300a<a href=\"https:\/\/fortune.com\/2023\/04\/30\/charlie-munger-warns-trouble-banks-commercial-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u2fa6\u878d\u6642\u5831<\/a>\u300b\u8a2a\u554f\u6642\u6beb\u4e0d\u907f\u8af1\u5730\u6279\u8a55\u2f83\u2f30\u7684\u2f8f\u696d\uff0c\u7a31\u300c\u6295\u8cc7\u7d93\u7406\u2f08\u53ea\u4e0d\u904e\u662f\u5f9e\u5ba2\u2f3e\u5e33\u2f3e\u62fd\u51fa\u9322\u7684\u547d\u7406\u5e2b\u6216\u5360\u661f\u5e2b\u300d\u3002\u4ed6\u7a31\u300c\u2f24\u90e8\u5206\u7684\u6295\u8cc7\u7d93\u7406\u2f08\u53ea\u4e0d\u904e\u662f\u7b97\u547d\u7684\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%8D%E5%B0%8D%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3\"><\/span>\u53cd\u5c0d\u52a0\u5bc6\u8ca8\u5e63<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u4f7f\u7528\u4e86\u300c\u7661\u5446\u75c7\u300d\u7b49\u5f37\u70c8\u7684\u5b57\u773c\u4f86\u63cf\u8ff0\u6295\u8cc7\u4eba\u5c0d\u52a0\u5bc6\u8ca8\u5e63\u65e5\u76ca\u589e\u9577\u7684\u72c2\u71b1\u3002<\/p>\n\n\n\n<p>\u300c\u6211\u8a8d\u70ba\u90a3\u4e9b\u5f9e\u4e8b\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u7684\u5c08\u696d\u4ea4\u6613\u54e1\uff0c\u9019\u771f\u662f\u4ee4\u4eba\u5641\u5fc3\uff0c\u300d\u8499\u683c\u8aaa\u3002\u300c\u9019\u5c31\u50cf\u5176\u4ed6\u4eba\u5728\u4ea4\u6613\u7cde\u4fbf\uff0c\u800c\u4f60\u537b\u6c7a\u5b9a\uff0c\u300e\u6211\u4e5f\u60f3\u52a0\u5165\uff0c\u4e0d\u60f3\u932f\u904e\u3002\u300f\u300d<\/p>\n\n\n\n<p>\u4ed6\u9084\u591a\u6b21\u72c2\u6279\u52a0\u5bc6\u8ca8\u5e63\uff0c\u7a31\u6bd4\u7279\u5e63\u70ba\u300c\u6bd2\u85e5\uff08bitcoin is noxious poison\uff09\u300d\uff0c\u5c07\u52a0\u5bc6\u8ca8\u5e63\u7e3d\u9ad4\u5b9a\u7fa9\u70ba\u300c\u4e00\u534a\u662f\u6b3a\u8a50\uff0c\u4e00\u534a\u662f\u5984\u60f3\u300d\u3002<\/p>\n\n\n\n<p>\u300c\u9019\u662f\u4e00\u4ef6\u975e\u5e38\u975e\u5e38\u7cdf\u7cd5\u7684\u4e8b\u60c5\u3002 \u9019\u500b\u570b\u5bb6\u4e0d\u9700\u8981\u4e00\u7a2e\u5c0d\u7d81\u532a\u6709\u5229\u7684\u8ca8\u5e63\u3002\u300d\u8292\u683c\u8aaa\u3002 \u300c\u6709\u4e9b\u4eba\u8a8d\u70ba\u4ed6\u5011\u5fc5\u9808\u53c3\u8207\u6bcf\u4e00\u9805\u71b1\u9580\u4ea4\u6613\u3002 \u6211\u8a8d\u70ba\u9019\u592a\u760b\u72c2\u4e86\u3002 \u4ed6\u5011\u4e0d\u5728\u4e4e\u662f\u5152\u7ae5\u8ce3\u6deb\u9084\u662f\u6bd4\u7279\u5e63\u3002\u300d<\/p>\n\n\n\n<p>\u8499\u683c\u8868\u793a\uff0c\u8a50\u6b3a\u548c\u5984\u60f3\u662f\u7f6a\u9b41\u798d\u9996\u3002<\/p>\n\n\n\n<p>\u300c\u5728\u6211\u4e00\u751f\u6d3b\u4e2d\uff0c\u6211\u76e1\u91cf\u907f\u514d\u90a3\u4e9b\u611a\u8822\u548c\u90aa\u60e1\u7684\u4e8b\u60c5\uff0c\u8b93\u6211\u770b\u8d77\u4f86\u5f88\u7cdf\u7cd5\u2026\u2026\u800c\u6bd4\u7279\u5e63\u505a\u5230\u4e86\u9019\u4e09\u9ede\uff0c\u300d\u4ed6\u8aaa\u9053\u3002 \u300c\u9996\u5148\uff0c\u9019\u5f88\u611a\u8822\uff0c\u56e0\u70ba\u5b83\u4ecd\u7136\u6709\u53ef\u80fd\u6b78\u96f6\u3002 \u9019\u662f\u90aa\u60e1\u7684\uff0c\u56e0\u70ba\u5b83\u7834\u58de\u4e86\u806f\u6e96\u6703\u7cfb\u7d71\u2026\u2026\u7b2c\u4e09\uff0c\u8207\u4e2d\u570b\u7684\u9818\u5c0e\u4eba\u76f8\u6bd4\uff0c\u5b83\u8b93\u7f8e\u570b\u986f\u5f97\u611a\u8822\u3002 \u800c\u4e2d\u570b\u5f88\u8070\u660e\u7981\u6b62\u4e86\u6bd4\u7279\u5e63\u3002\u300d<\/p>\n\n\n\n<p>\u8499\u683c\u5728\u300a\u6bcf\u65e5\u671f\u520a\u300b2023\u5e74\u7684\u865b\u64ec\u80a1\u6771\u5e74\u6703\u4e0a\u8868\u793a\uff1a\u300c\u6709\u6642\u6211\u7a31\u5b83\u70ba\u52a0\u5bc6\u5783\u573e\uff0c\u6709\u6642\u6211\u7a31\u4e4b\u70ba\u52a0\u5bc6\u72d7\u5c4e\u3002\u300d\u300c\u6709\u4eba\u6703\u8cb7\u9019\u6a23\u7684\u6771\u897f\uff0c\u9019\u592a\u8352\u8b2c\u4e86\u3002\u6211\u4e26\u4e0d\u70ba\u6211\u7684\u570b\u5bb6\u5141\u8a31\u9019\u7a2e\u5783\u573e\u611f\u5230\u81ea\u8c6a\u3002\u300d\u8499\u683c\u4e5f\u8868\u793a\uff0c\u52a0\u5bc6\u8ca8\u5e63\u300c\u6beb\u7121\u50f9\u503c\u3001\u7121\u7528\u3002\u5b83\u5f88\u760b\u72c2\u3001\u6709\u5bb3\u4e14\u53cd\u793e\u6703\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9C%A8%E4%B8%AD%E5%9C%8B%E5%BE%88%E5%8F%97%E6%AD%A1%E8%BF%8E\"><\/span>\u5728\u4e2d\u570b\u5f88\u53d7\u6b61\u8fce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u5728\u4e2d\u570b\u5f88\u53d7\u6b61\u8fce\uff0c\u9019\u4e00\u9ede\u6211\u500b\u4eba\u5176\u5be6\u4e0d\u662f\u5f88\u610f\u5916\u3002\u56e0\u70ba\u8499\u683c\u7684\u601d\u60f3\uff0c\u4eba\u751f\u54f2\u7406\uff0c\u7406\u8ad6\uff0c\u63a8\u5d07\u7684\u4f5c\u70ba\uff0c\u5176\u5be6\u5f88\u8cbc\u8fd1\u4e2d\u570b\u7684\u5112\u5bb6\u601d\u60f3\u3002\u8499\u683c\u81ea\u5df1\u5012\u662f\u5f88\u610f\u5916\uff0c\u81ea\u5df1\u64b0\u5beb\u7684\u66f8\u5728\u4e2d\u570b\u975e\u5e38\u66a2\u92b7\uff0c\u5728\u7f8e\u570b\u53cd\u800c\u92b7\u552e\u5f97\u4e0d\u600e\u9ebc\u6a23\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9577\u671f\u4ee5\u4f86\uff0c\u8499\u683c\u5c0d\u4e2d\u570b\u6709\u4e00\u4efd\u7279\u6b8a\u7684\u71b1\u611b\uff0c\u4e0d\u50c5\u5728\u5404\u5834\u5408\u5927\u529b\u7a31\u8b9a\u4e2d\u570b\u4eba\u8070\u660e\uff0c\u52e4\u596e\uff0c\u80fd\u5403\u82e6\uff1b\u4e5f\u4e0d\u907a\u9918\u529b\u5730\u5c0d\u4e2d\u570b\u5728\u904e\u53bb\u4e09\u5341\u591a\u5e74\u4f86\u8b93\u5341\u591a\u5104\u4eba\u812b\u8ca7\u7684\u6210\u7e3e\u8b9a\u4e0d\u7d55\u53e3\uff0c\u4e5f\u540c\u610f\u4e2d\u570b\u672a\u4f86\u7684\u767c\u5c55\u4ecd\u7121\u53ef\u9650\u91cf\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rev.com\/blog\/transcripts\/warren-buffett-berkshire-hathaway-annual-meeting-transcript-2021\" target=\"_blank\" rel=\"noreferrer noopener\">2021\u5e74\u5728\u6ce2\u514b\u590f\u80a1\u6771\u6703\uff0c\u5728\u8ac7\u53ca\u4e2d\u570b\u7d93\u6fdf\u6642<\/a>\uff0c\u8499\u683c\u8aaa\uff0c\u4e2d\u570b\u767c\u2f63\u4e86\u986f\u8457\u7684\u8b8a\u5316\uff0c\u4e2d\u570b\u666e\u901a\u2ea0\u773e\u7684\u5e73\u5747\u6536\u5165\u7372\u5f97\u4e86\u5de8\u2f24\u7684\u589e\u2ed1\uff0c\u4ed6\u5011\u8b938\u5104\u2f08\u8fc5\u901f\u64fa\u812b\u4e86\u8ca7\u56f0\u3002\u4ed6\u7e7c\u7e8c\u8aaa\u9053\uff1a\u300c\u9019\u662f\u4e16\u754c\u4e0a\u5f9e\u672a\u767c\u2f63\u904e\u7684\u4e8b\u60c5\u3002\u56e0\u6b64\u6211\u8981\u5411\u4e2d\u570b\u2f08\u8868\u9054\u656c\u610f\uff0c\u6211\u8a8d\u70ba\u4ed6\u5011\u6703\u7e7c\u7e8c\u8b93\u2f08\u5011\u8cfa\u9322\u3002\u300d\u8499\u683c\u7279\u5225\u63d0\u5230\uff0c\u2f83\u2f30\u5f88\u8d0a\u540c\u4e2d\u570b\u2f08\u8aaa\u904e\u7684\u2f00\u53e5\u8a71\uff0c\u300c\u4e0d\u7ba1\u2fca\u8c93\u2f69\u8c93\uff0c\u6293\u5230\u8001\u9f20\u5c31\u662f\u597d\u8c93\u3002\u300d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.globaltimes.cn\/page\/202311\/1302743.shtml\" target=\"_blank\" rel=\"noopener\">2023\u5e74\u6642\uff0c\u4ed6\u5728\u53d7\u8a2a\u6642\u63d0\u5230<\/a>\uff1a\u300c\u6211\u5c0d\u4e2d\u570b\u7684\u89c0\u9ede\u662f\uff0c\u4e2d\u570b\u7d93\u6fdf\u5728\u672a\u4f8620\u5e74\u6bd4\u5e7e\u4e4e\u4efb\u4f55\u5176\u4ed6\u5927\u578b\u7d93\u6fdf\u9ad4\u90fd\u6709\u66f4\u597d\u7684\u524d\u666f\u3002\u9019\u662f\u5176\u4e00\u3002\u5176\u4e8c\uff0c\u4e2d\u570b\u7684\u5de8\u982d\u516c\u53f8\u6bd4\u4efb\u4f55\u5176\u4ed6\u5730\u65b9\u7684\u5de8\u982d\u90fd\u66f4\u5f37\u5927\u3001\u66f4\u597d\uff0c\u800c\u4e14\u50f9\u683c\u4fbf\u5b9c\u5f97\u591a\u3002\u56e0\u6b64\uff0c\u6211\u81ea\u7136\u9858\u610f\u5728\u6211\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u627f\u64d4\u4e00\u4e9b\u4f86\u81ea\u4e2d\u570b\u4f01\u696d\u7684\u98a8\u96aa\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%92%8C%E8%92%99%E6%A0%BC%E9%AB%98%E5%BA%A6%E9%80%A3%E7%B5%90%E7%9A%84%E4%BC%81%E6%A5%AD\"><\/span>\u548c\u8499\u683c\u9ad8\u5ea6\u9023\u7d50\u7684\u4f01\u696d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F\"><\/span>\u6ce2\u514b\u590f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u662f\u6ce2\u514b\u590f\u7684\u552f\u4e00\u526f\u8463\u4e8b\u9577\u3002\u6ce2\u514b\u590f\u4e5f\u662f\u4ed6\u500b\u4eba\u8cc7\u7522\u7684\u56db\u5927\u4f86\u6e90\u4e4b\u4e00\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%AF%8F%E6%97%A5%E6%9C%9F%E5%88%8A\"><\/span><strong>\u6bcf\u65e5\u671f\u520a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6bcf\u65e5\u671f\u520a\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aDJCO\uff09\u662f\u8499\u683c\u6240\u5275\u7acb\u7684\u4e0a\u5e02\u4f01\u696d\uff0c\u6700\u8fd1\u4ed6\u7684\u767c\u8a00\uff0c\u8acb\u53c3\u898b\u6211\u4e4b\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/17\/%E8%92%99%E6%A0%BC2023%E5%B9%B4%E6%AF%8F%E6%97%A5%E6%9C%9F%E5%88%8A%E8%82%A1%E6%9D%B1%E6%9C%83%E9%80%90%E5%AD%97%E5%AF%A6%E9%8C%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c2023\u5e74\u6bcf\u65e5\u671f\u520a\u80a1\u6771\u6703\u9010\u5b57\u5be6\u9304<\/a>\u300b\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u7f8e\u570b\u8b49\u76e3\u6703\uff08SEC\uff09\u7db2\u7ad9\uff1a\u622a\u81f32023\u5e749\u6708\u672b\uff0c\u963f\u91cc\u5df4\u5df4\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBABA\uff09\u3001\u7f8e\u570b\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBAC\uff09\u3001\u7f8e\u570b\u5408\u773e\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aUSB\uff09\u3001\u5bcc\u570b\u9280\u884c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aWFC\uff09\u70ba\u6bcf\u65e5\u671f\u520a\u6392\u884c\u524d\u56db\u5927\u6301\u80a1\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%A5%BD%E5%B8%82%E5%A4%9A\"><\/span>\u597d\u5e02\u591a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6211\u5728\u5148\u524d\u7684\u8cbc\u6587\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/02\/%E5%A5%BD%E5%B8%82%E5%A4%9A%E7%9A%84%E8%AD%B7%E5%9F%8E%E6%B2%B3%E5%92%8C%E7%AB%B6%E7%88%AD%E8%80%85%E7%9A%84%E5%B7%AE%E7%95%B0\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u597d\u5e02\u591a\u7684\u8b77\u57ce\u6cb3\uff0c\u548c\u7af6\u722d\u8005\u7684\u5dee\u7570<\/a>\u300b\uff0c\u66fe\u8a73\u8ff0\u904e\uff1a\u4ed6\u5f9e1997\u5e74\u8d77\u5c31\u662f\u8463\u4e8b\u6703\u7684\u6210\u54e1\u3002\u4ed6\u500b\u4eba\u7684\u6295\u8cc7\u7d44\u5408\u88e1\u53ea\u6709\u4e09\u6a94\u80a1\u7968\uff0c\u597d\u5e02\u591a\u5c31\u662f\u5176\u4e2d\u4e4b\u4e00\u3002\u8ca1\u7d93\u5a92\u9ad4\u9084\u771f\u7684\u4e09\u4e0d\u4e94\u6642\u53bb\u8abf\u67e5\u9019\u4f4d\u8001\u723a\u723a\u662f\u4e0d\u662f\u8a00\u884c\u4e00\u81f4\uff0c<a href=\"https:\/\/finance.yahoo.com\/news\/charlie-munger-costco-will-be-an-absolute-titan-on-the-internet-184553141.html#:~:text=Munger%20has%20served%20as%20a,%2481%20million%20at%20the%20time.\" target=\"_blank\" rel=\"noreferrer noopener\">\u767c\u73fe\u4ed6\u6703\u6301\u7e8c\u5c0f\u984d\u8cb7\u9032\uff0c\u52a0\u78bc\u597d\u5e02\u591a\u7684\u80a1\u7968\u3002\u622a\u81f32020\u5e74\u5e95\uff0c\u4ed6\u500b\u4eba\u64c1\u6709186,000\u80a1\u7684\u597d\u5e02\u591a\u80a1\u7968<\/a>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%96%9C%E9%A6%AC%E6%8B%89%E9%9B%85%E8%B3%87%E6%9C%AC\"><\/span>\u559c\u99ac\u62c9\u96c5\u8cc7\u672c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital Management\uff09\u662f\u7f8e\u7c4d\u83ef\u88d4\u6295\u8cc7\u5bb6\u517c\u5c0d\u6c96\u57fa\u91d1\u7d93\u7406\u674e\u797f\u5275\u8fa6\u7684\uff0c\u674e\u797f\u4e3b\u8981\u662f\u63a1\u53d6\u5df4\u83f2\u7279\u548c\u8499\u683c\u6240\u63a8\u5d07\u7684\u50f9\u503c\u6295\u8cc7\u6cd5\uff0c\u674e\u797f\u672c\u4eba\u9817\u5f97\u8499\u683c\u7684\u771f\u50b3\uff0c\u800c\u8499\u683c\u4e5f\u76f8\u7576\u4fe1\u4efb\u4ed6\uff0c\u628a\u81ea\u5df1\u79c1\u4eba\u7684\u8ca1\u7522\u7684\u4e00\u90e8\u5206\u4ea4\u7d66\u674e\u797f\u7ba1\u7406\u3002<\/p>\n\n\n\n<p>\u95dc\u65bc\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\u548c\u674e\u797f\uff0c\u8a73\u898b\u6211\u7684\u53e6\u4e00\u7bc7\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%E8%92%99%E6%A0%BC%E7%9A%84%E5%82%B3%E4%BA%BA%E6%9D%8E%E9%8C%84%E5%92%8C%E4%BB%96%E7%9A%84%E7%9A%84%E5%96%9C%E9%A6%AC%E6%8B%89%E9%9B%85%E8%B3%87%E6%9C%AC\/\">\u8499\u683c\u7684\u50b3\u4eba\u674e\u9304\u548c\u4ed6\u7684\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital\uff09<\/a>\u300b<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%AF%94%E4%BA%9E%E8%BF%AA\"><\/span>\u6bd4\u4e9e\u8fea<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>2003\u5e74\uff0c\u8499\u683c\u7d50\u8b58\u4e86\u674e\u9304\u30025\u5e74\u5f8c\u76842008\u5e74\uff0c \u674e\u9304\u5411\u8292\u683c\u63a8\u85a6\u4e86\u6bd4\u4e9e\u8fea\u3002\u6839\u64da\u696d\u5167\u50b3\u8aaa\uff0c \u8499\u683c\u548c\u5df4\u83f2\u7279\u5408\u4f5c\u4e94\u5341\u591a\u5e74\uff0c \u7e3d\u5171\u5411\u5df4\u83f2\u7279\u6253\u904e\u4e09\u500b\u63a8\u85a6\u96fb\u8a71\uff0c \u5176\u4e2d\u7b2c\u4e09\u500b\u5c31\u662f\u6295\u8cc7\u6bd4\u4e9e\u8fea\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E9%A2%A8%E6%A0%BC\"><\/span>\u6295\u8cc7\u98a8\u683c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BF%9D%E6%8C%81%E7%90%86%E6%80%A7\"><\/span>\u4fdd\u6301\u7406\u6027<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u6ce8\u610f\u5230\u4e86\u4eba\u5011\u4e0d\u5408\u7406\u884c\u70ba\u7684\u6a21\u5f0f\uff0c\u5c0e\u81f4\u4e86\u4e00\u518d\u767c\u751f\u7684\u932f\u8aa4\uff0c\u56e0\u6b64\u4ed6\u8457\u624b\u5c0b\u627e\u7406\u89e3\u5fc3\u7406\u5b78\u7684\u65b9\u6cd5\u4ee5\u907f\u514d\u81ea\u5df1\u72af\u932f\uff1a<\/p>\n\n\n\n<p>\u300c\u5169\u6b21\u7684\u601d\u7d22\u5f8c\uff0c\u6211\u53d6\u5f97\u6975\u5927\u7684\u7406\u89e3\u3002 \u9996\u5148\uff0c\u6211\u9577\u671f\u4ee5\u4f86\u4e00\u76f4\u5c0b\u6c42\u5012\u7f6e\u7684\u898b\u89e3\uff1a\u300e\u5012\u904e\u4f86\u60f3\uff0c\u7e3d\u662f\u53cd\u904e\u4f86\u60f3\u3002\u300f\u6211\u4e3b\u8981\u662f\u901a\u904e\u6536\u96c6\u932f\u8aa4\u5224\u65b7\u7684\u5be6\u4f8b\uff0c\u7136\u5f8c\u8003\u616e\u907f\u514d\u9019\u7a2e\u7d50\u679c\u7684\u65b9\u6cd5\u4f86\u5c0b\u6c42\u826f\u597d\u7684\u5224\u65b7\u3002 \u5176\u6b21\uff0c\u6211\u4e0d\u95dc\u6ce8\u5c08\u696d\u9818\u57df\u4e4b\u9593\u7684\u754c\u9650\u3002 \u6211\u5e38\u770b\u5230\u73fe\u5be6\u4e16\u754c\u4e2d\u7684\u554f\u984c\u4e26\u4e0d\u7e3d\u662f\u5b58\u65bc\u67d0\u500b\u9818\u57df\u754c\u9650\u5167\uff0c\u53cd\u800c\u901a\u5e38\u662f\u8de8\u9818\u57df\u7684\u3002\u300d<\/p>\n\n\n\n<p>\u9019\u6b63\u662f\u6ce2\u514b\u590f\u591a\u5e74\u4f86\u2f24\u81f4\u6210\u529f\u7684\u64cd\u4f5c\u2f3f\u6cd5\u3002\u9019\u4e00\u90e8\u4efd\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/20\/%E6%80%9D%E8%80%83%E4%B8%8D%E8%83%BD%E5%A4%96%E5%8C%85\/\">\u601d\u8003\u4e0d\u80fd\u5916\u5305<\/a>\u300b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%93%B4%E5%B1%95%E8%87%AA%E5%B7%B1%E7%9A%84%E7%9F%A5%E8%AD%98\"><\/span>\u64f4\u5c55\u81ea\u5df1\u7684\u77e5\u8b58<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9019\u4e00\u90e8\u4efd\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/20\/%E6%8A%95%E8%B3%87%E7%9F%A5%E8%AD%98%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%BB%A3%E5%BA%A6\/\">\u6295\u8cc7\u77e5\u8b58\u9700\u8981\u7684\u662f\u5ee3\u5ea6\uff0c\u800c\u4e0d\u662f\u5927\u591a\u6578\u4eba\u8a8d\u70ba\u7684\u6df1\u5ea6<\/a>\u300b\u3002\u7279\u5225\u662f\uff0c\u8499\u683c\u4e00\u518d\u5f37\u8abf\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/10\/%E9%96%B1%E8%AE%80%E5%B0%8D%E6%8A%95%E8%B3%87%E7%9A%84%E5%BF%85%E8%A6%81%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u95b1\u8b80\u5c0d\u6295\u8cc7\u7684\u7121\u53ef\u53d6\u4ee3\u548c\u5fc5\u8981\u6027<\/a>\u300b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%80%A7%E6%A0%BC%E6%AF%94%E8%83%BD%E5%8A%9B%E9%87%8D%E8%A6%81\"><\/span>\u6027\u683c\u6bd4\u80fd\u529b\u91cd\u8981<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u9019\u4e00\u90e8\u4efd\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/14\/%E7%82%BA%E4%BB%80%E9%BA%BC%E6%99%BA%E5%95%86%E5%A4%AA%E9%AB%98%E5%9C%A8%E6%8A%95%E8%B3%87%E4%B8%8A%E6%B4%BE%E4%B8%8D%E4%B8%8A%E7%94%A8%E5%A0%B4\/\">\u592a\u9ad8\u7684\u667a\u5546\u5728\u6295\u8cc7\u4e0a\u6d3e\u4e0d\u4e0a\u7528\u5834\uff0c\u53cd\u800c\u6703\u662f\u963b\u7919\uff0c5\u4f4d\u5927\u5e2b\u7684\u5fe0\u544a<\/a>\u300b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B3%87\"><\/span>\u96c6\u4e2d\u6295\u8cc7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4ed6\u7684\u5927\u90e8\u5206\u500b\u4eba\u8ca1\u5bcc\u4f86\u81ea\u56db\u9805\u6295\u8cc7\uff1a\u6ce2\u514b\u590f\u3001\u597d\u5e02\u591a\u3001\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\u7ba1\u7406\u7684\u4e00\u6a94\u57fa\u91d1\uff0c\u4ee5\u53ca\u5728<a href=\"https:\/\/www.aftonprop.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u963f\u592b\u9813\u5730\u7522\uff08Afton Properties\uff09<\/a>\u7684\u6295\u8cc7\uff1b\u4ed6\u500b\u4eba\u7684\u6295\u8cc7\u7d44\u5408\u88e1\u7684\u78ba\u53ea\u6709\u4e09\u6a94\u80a1\u7968\u3002<\/p>\n\n\n\n<p>\u4ed6\u81ea\u5df1\u64d4\u4efb\u8463\u4e8b\u9577\u7684\u4e0a\u5e02\u4f01\u696d\u6bcf\u65e5\u671f\u520a\uff0c\u6295\u8cc7\u7d44\u5408\u88e1\u4e3b\u8981\u4e5f\u53ea\u6709\u56db\u6a94\u80a1\u7968\uff1a\u963f\u91cc\u5df4\u5df4\u3001\u7f8e\u570b\u9280\u884c\u3001\u7f8e\u570b\u5408\u773e\u9280\u884c\u3001\u5bcc\u570b\u9280\u884c\u3002<\/p>\n\n\n\n<p>\u9019\u5169\u500b\u4f8b\u5b50\u8b49\u660e\u4ed6\u5fc3\u53e3\u5982\u4e00\uff0c\u63d0\u5021\u96c6\u4e2d\u6295\u8cc7\uff0c\u81ea\u5df1\u4e5f\u59cb\u7d42\u5982\u4e00\u5730\u9019\u9ebc\u505a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%83%BD%E5%8A%9B%E5%9C%88%E5%92%8C%E5%84%AA%E5%8B%A2\"><\/span>\u80fd\u529b\u5708\u548c\u512a\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8499\u683c\u8aaa\uff1a\u300c<a href=\"https:\/\/www.biznews.com\/global-investing\/2023\/11\/29\/ft-charlie-munger-1924-2023#:~:text=%E2%80%9CPlaying%20poker%20in%20the%20army,get%20a%20big%20edge%20often.\" target=\"_blank\" rel=\"noreferrer noopener\">\u5728\u8ecd\u968a\u73a9\u64b2\u514b\u724c\u548c\u5e74\u8f15\u6642\u7576\u5f8b\u5e2b\uff0c\u78e8\u7df4\u51fa\u6211\u7684\u5546\u696d\u6280\u5de7\u3002\u4f60\u5fc5\u9808\u5b78\u7fd2\u7684\u662f\uff0c\u5728\u52dd\u7b97\u5c0d\u4f60\u4e0d\u5229\u6642\uff0c\u65e9\u65e9\u6536\u6524\uff1b\u82e5\u4f60\u638c\u63e1\u5f88\u2f24\u7684\u512a\u52e2\uff0c\u5c31\u2f24\u8209\u62bc\u6ce8\uff0c\u56e0\u70ba\u5de8\u2f24\u512a\u52e2\u4e0d\u662f\u5e38\u5e38\u6709\u3002\u6a5f\u6703\u7e3d\u6703\u4f86\uff0c\u4f46\u4e0d\u5e38\u4f86\uff0c\u6240\u4ee5\u7576\u6a5f\u6703\u4f86\u81e8\u6642\uff0c\u8981\u628a\u63e1\u6a5f\u6703\u3002<\/a>\u300d<\/p>\n\n\n\n<p>\u9019\u4e00\u90e8\u4efd\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/31\/%e8%83%bd%e5%8a%9b%e5%9c%88\/\">\u6295\u8cc7\u7684\u80fd\u529b\u5708<\/a>\u300b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BB%A5%E5%90%88%E7%90%86%E5%83%B9%E6%A0%BC%E6%8A%95%E8%B3%87%E5%84%AA%E7%A7%80%E4%BC%81%E6%A5%AD\"><\/span>\u4ee5\u5408\u7406\u50f9\u683c\u6295\u8cc7\u512a\u79c0\u4f01\u696d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6700\u5178\u578b\u7684\u4f8b\u5b50\u5c31\u662f\u672c\u6587\u524d\u9762\u63d0\u53ca\u7684\u6642\u601d\u7cd6\u679c\u3002<\/p>\n\n\n\n<p>\u5df4\u83f2\u7279\u8aaa\u904e\uff1a\u300c\u4ee5\u597d\u50f9\u683c\u8cb7\u9032\u5f88\u68d2\u7684\u516c\u53f8\uff0c\u9060\u52dd\u904e\u4ee5\u5f88\u68d2\u7684\u50f9\u683c\u8cb7\u9032\u2f00\u5bb6\u666e\u901a\u7684\u516c\u53f8\u3002\u8499\u683c\u8001\u65e9\u5c31\u660e\u2f69\u9019\u9053\u7406\uff1b\u6211\u5b78\u6771\u2ec4\u5f88\u9072\u920d\u3002\u300d\u63db\u2f94\u4e4b\uff0c\u82e5\u4e0d\u662f\u53d7\u8499\u683c\u555f\u767c\uff0c\u5df4\u83f2\u7279\u53ef\u80fd\u2f84\u4eca\u4ecd\u53ef\u80fd\u4e0d\u6539\u300c\u64bf\u83f8\u8482\u300d\u6295\u8cc7\u4f5c\u98a8\uff0c\u5e0c\u671b\u628a\u4f4e\u50f9\u80a1\u64bf\u4f86\u300c\u5438\u6700\u5f8c\u2f00\u2f1d\u300d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%8D%E5%B0%8DEBITDA\"><\/span>\u53cd\u5c0dEBITDA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u904b\u2f64\u7a05\u524d\u606f\u524d\u6298\u820a\u6524\u92b7\u524d\u76c8\u9918\uff08EBITDA\uff09\u4f86\u7f8e\u5316\u5e33\u2faf\u7684\u4f01\u696d\u2500\u2500\u2500\u8499\u683c\u8a8d\u70ba\u2f64EBITDA\u8861\u91cf\u7372\u5229\u7c21\u76f4\u662f\u300c\u80e1\u4f86\u300d\u3002\u67e5\u7406\uff0e\u8499\u683c\u8981\u6295\u8cc7\u4eba\u5c0f\u5fc3\u6295\u8cc7\u754c\u7684\u300c\u5ee2\u8a71\u8853\u8a9e\u300d\uff0c\u5728\u91d1\u878d\u4e16\u754c\u88e1\uff0c\u8981\u5c0f\u5fc3\u300c\u5ee2\u8a71\u300d\uff0c\u4ed6\u66fe\u958b\u73a9\u7b11\u8aaa\uff0c\u300c\u6bcf\u7576\u4f60\u770b\u5230\u8abf\u6574\u5f8c\u7684EBITDA\uff08\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u76c8\u9918\uff09\u6642\uff0c\u4f60\u53ef\u4ee5\u7528\u300c\u5ee2\u8a71\u7372\u5229\u300d\u4f86\u4ee3\u66ff\u9019\u500b\u8a5e\u300d\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u505a\u70ba\u6295\u8cc7\u4eba\uff0c\u61c9\u8a72\u8981\u6ce8\u610f\u4f01\u696d\u7684\u7ba1\u7406\u5c64\u4e26\u63d0\u9632\u4ed6\u5011\u7528\u80e1\u8a00\u4e82\u8a9e\u4f86\u54c4\u9a19\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<p>\u9019\u4e00\u90e8\u4efd\u8acb\u53c3\u898b\u6211\u5148\u524d\u7684\u8cbc\u6587\uff1a\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%E5%92%8C%E8%B2%A1%E6%B8%AC\/\" target=\"_blank\" rel=\"noreferrer noopener\">EBITDA\u548c\u8ca1\u6e2c\uff0c\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u53cd\u5c0d\uff1f<\/a>\u300b\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%E8%88%87%E8%92%99%E6%A0%BC\"><\/span>\u5df4\u83f2\u7279\u8207\u8499\u683c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%A2%E5%85%8B%E5%A4%8F%E5%AE%98%E6%96%B9%E7%9A%84%E5%9B%9E%E6%87%89\"><\/span>\u6ce2\u514b\u590f\u5b98\u65b9\u7684\u56de\u61c9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u6ce2\u514b\u590f\u516c\u544a\u7a31\uff0c\u7576\u5730\u6642\u959311\u670828\u65e5\u4e0a\u5348\uff0c\u8499\u683c\u5728\u52a0\u5dde\u4e00\u5bb6\u91ab\u9662\u5b89\u8a73\u5730\u96e2\u4e16\u3002\u6ce2\u514b\u590f\u57f7\u884c\u9577\u5df4\u83f2\u7279\u5728\u8499\u683c\u904e\u4e16\u7684\u8072\u660e\u4e2d\u8868\u793a\uff1a\u300c<em><strong>\u6c92\u6709\u67e5\u7406\u7684\u9748\u611f\u3001\u667a\u6167\u548c\u53c3\u8207\uff0c\u6ce2\u514b\u590f\u4e0d\u53ef\u80fd\u9054\u5230\u4eca\u5929\u7684\u5730\u4f4d<\/strong><\/em>\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%90%91%E8%92%99%E6%A0%BC%E6%A0%BC%E8%87%B4%E6%95%AC%E6%96%87\"><\/span>\u5df4\u83f2\u7279\u5411<strong>\u8499\u683c<\/strong>\u683c\u81f4\u656c\u6587<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5728\u6ce2\u514b\u590f2024\u5e74\u80a1\u6771\u4fe1\u4e00\u958b\u982d\uff0c\u5df4\u83f2\u7279\u7279\u610f\u5728\u6700\u958b\u59cb\u5beb\u4e86\u4e00\u9801\u984c\u70ba\uff1a\u300a<strong>\u67e5\u7406\u00b7\u8499\u683c-\u6ce2\u514b\u590f\u7684\u5efa\u7bc9\u5e2b\uff08Charlie Munger \u2013 The Architect of Berkshire Hathaway\uff09<\/strong>\u300b\u7684\u6587\u5b57\u3002\u5b8c\u6574\u7684\u539f\u6587\u5167\u5bb9\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/news.cnyes.com\/news\/id\/5462775\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u5411\u8499\u683c\u81f4\u656c\u6587\uff08\u7e41\u9ad4\u4e2d\u6587\u7248\uff09<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/finance.sina.com.cn\/money\/forex\/forexinfo\/2024-02-24\/doc-inakeaiy9433296.shtml\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842024\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1\uff08\u7c21\u9ad4\u4e2d\u6587\u7248\uff0c\u5f8c\u9644\u82f1\u6587\u539f\u6587\uff09<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/berkshirehathaway.com\/letters\/2023ltr.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u5411\u8499\u683c\u81f4\u656c\u6587\uff08\u82f1\u6587\u7248\uff09<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B0%8D%E6%B3%A2%E5%85%8B%E5%A4%8F%E9%97%9C%E9%8D%B5%E7%9A%84%E8%B2%A2%E7%8D%BB\"><\/span>\u5c0d\u6ce2\u514b\u590f\u95dc\u9375\u7684\u8ca2\u737b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5df4\u83f2\u7279\u6b78\u529f\u8499\u683c\u50b3\u6388\u4ed6\u6ce2\u514b\u590f\u7684\u95dc\u9375\u6295\u8cc7\u54f2\u5b78\uff0c\u300c\u4ee5\u5408\u7406\u50f9\u683c\u6295\u8cc7\u512a\u826f\u4f01\u696d\u300d\u3002<\/p>\n\n\n\n<p>\u83ef\u723e\u8857\u2f47\u5831\u57282023\u5e7411\u670828\u2f47\u5831\u5c0e\uff0c\u5df4\u83f2\u72792000\u5e74\u81f4\u6295\u8cc7\u2f08\u7684\u5e74\u5ea6\u4fe1\u4ef6\u4e2d\u8868\u2f70\uff0c\u8499\u683c\u5c0d\u5546\u696d\u7d93\u6fdf\u3001\u6295\u8cc7\u4e8b\u5b9c\u7684\u8003\u616e\uff0c\u6bd4\u4ed6\u8a8d\u8b58\u7684\u4efb\u4f55\u2f08\u90fd\u8981\u5468\u5230\uff0c\u2f83\u2f30\u8207\u8499\u683c\u4ea4\u904a\u6578\u2f17\u5e74\uff0c\u50be\u807d\u65bc\u4ed6\uff0c\u53d7\u76ca\u826f\u591a\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%B0%8D%E8%92%99%E6%A0%BC%E7%9A%84%E6%84%9F%E6%83%B3\"><\/span>\u5df4\u83f2\u7279\u5c0d\u8499\u683c\u7684\u611f\u60f3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u83ef\u723e\u8857\u2f47\u5831\u6574\u7406\u5df4\u83f2\u7279\u8ac7\u5230\u8499\u683c\u7684\u611f\u60f3\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1982\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u8499\u683c\u8207\u6211\u5c31\u2f63\u610f\u6c7a\u7b56\u90fd\u80fd\u6e9d\u901a\u300d\u3001\u300c\u6211\u5011\u7e3d\u89ba\u5f97\uff0c\u2f00\u901a\u96fb\u8a71\u7684\u2f63\u7522\u2f12\uff0c\u8981\u6bd4\u958b\u534a\u5929\u7684\u8463\u4e8b\u6703\u5f37\u591a\u4e86\u300d\u3002<\/li>\n\n\n\n<li>1985\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u8499\u683c\u7e3d\u662f\u5f37\u8abf\uff0c\u7531\u932f\u8aa4\u5b78\u5230\u7684\u6771\u2ec4\u6bd4\u6210\u529f\u4f86\u5f97\u591a\uff0c\u5c31\u2f63\u610f\u53ca\u2f63\u6d3b\u5176\u4ed6\u2faf\u5411\u7686\u662f\u5982\u6b64\u300d\u3001\u300c\u8499\u683c\u611b\u7814\u7a76\u932f\u8aa4\uff0c\u2f7d\u6211\u7531\u4ed6\u7522\u51fa\u5145\u6c9b\u6750\u6599\u300d\u3002<\/li>\n\n\n\n<li>1989\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u4ee5\u5408\u7406\u50f9\u683c\u8cfc\u8cb7\u512a\u826f\u516c\u53f8\uff0c\u6bd4\u8d77\u4ee5\u5f88\u597d\u50f9\u683c\u8cb7\u9084\u597d\u516c\u53f8\uff0c\u8981\u5f37\u5f97\u591a\u4e86\u3002\u8499\u683c\u5f88\u65e9\u5c31\u61c2\u9019\u2f00\u9ede\uff0c\u2f7d\u6211\u662f\u5f8c\u77e5\u5f8c\u89ba\u300d\u3002<\/li>\n\n\n\n<li>1995\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u6211\u5011\u5728\u6ce2\u514b\u590f\u7e3d\u662f\u4fe1\u4ef0\u8499\u683c\u7684\u7bb4\u2f94\uff1a\u300e\u8ddf\u6211\u8b1b\u58de\u6d88\u606f\u5c31\u2f8f\uff1b\u597d\u6d88\u606f\u4e0d\u9a57\u2f83\u660e\u300f\uff0c\u6211\u5011\u671f\u671b\u7d93\u7406\u2f08\u5411\u6211\u5011\u5831\u544a\u6642\uff0c\u62b1\u6301\u9019\u7a2e\u614b\u5ea6\u300d\u3002<\/li>\n\n\n\n<li>2011\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u6211\u8cfc\u8cb7\u516c\u53f8\u6642\uff0c\u90fd\u60f3\u653e\u773c\u2f17\u621620\u5e74\uff0c\u4f46\u6211\u7684\u773c\u5149\u6709\u6642\u751a\u5dee\u3002\u8499\u683c\u5c31\u5f37\u5f97\u591a\uff1b\u6709\u5e7e\u6b21\u6211\u8cb7\u932f\u6642\uff0c\u4ed6\u90fd\u6295\u4e0b\u53cd\u5c0d\u7968\uff0c\u2f7d\u975e\u50c5\u6295\u5728\u5e2d\u7968\u2f7d\u5df2\u300d\u3002<\/li>\n\n\n\n<li>2014\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u8499\u683c\u624d\u83ef\u6d0b\u6ea2\uff0c\u8a18\u61b6\u2f12\u8d85\u597d\uff0c\u2f00\u4e9b\u770b\u6cd5\u5f88\u5805\u5b9a\u3002\u6211\u4e0d\u662f\u512a\u67d4\u5be1\u65b7\u7684\u2f08\uff0c\u6211\u5006\u6709\u6642\u610f\u2f92\u4e0d\u5408\u3002\u7136\u2f7d\u572856\u5e74\u9593\uff0c\u6211\u5011\u4e0d\u66fe\u5435\u67b6\u904e\u2f00\u6b21\u3002\u610f\u2f92\u76f8\u5de6\u6642\uff0c\u4ed6\u7e3d\u662f\u7d50\u5c3e\u6642\u9019\u9ebc\u8aaa\uff0c\u300e\u5df4\u83f2\u7279\uff0c\u4f60\u518d\u60f3\u2f00\u4e0b\uff0c\u5c31\u6703\u540c\u610f\u6211\uff0c\u56e0\u70ba\u4f60\u662f\u8070\u660e\u2f08\uff0c\u2f7d\u6211\u60f3\u5f97\u6c92\u932f\u300f\u3002\u300d<\/li>\n\n\n\n<li>2022\u5e74\u6ce2\u514b\u590f\u5e74\u5ea6\u80a1\u6771\u4fe1\uff1a\u300c\u8499\u683c\u8207\u6211\u7684\u770b\u6cd5\u591a\u6240\u96f7\u540c\u3002\u4f46\u2f00\u4e9b\u6211\u8981\u2f64\u2f00\u6574\u2fb4\u4f86\u8aaa\u660e\u7684\u6771\u2ec4\uff0c\u4ed6\u2f64\u2f00\u500b\u53e5\u2f26\u5c31\u7e3d\u7d50\u597d\u4e86\u3002\u6b64\u5916\uff0c\u4ed6\u7684\u773c\u754c\u7e3d\u662f\u689d\u7406\u5206\u660e\uff0c\u66f4\u6709\u5de7\u601d\u2500\u2500\u2500\u6709\u6642\u8aaa\u5f97\u5f88\u76f4\u63a5\u3002\u300d<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%92%99%E6%A0%BC%E6%8E%A8%E8%96%A6%E7%9A%84%E6%9B%B8\"><\/span>\u8499\u683c\u63a8\u85a6\u7684\u66f8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AA%AE%E6%9F%A5%E7%90%86%E7%9A%84%E5%AF%B6%E5%85%B8\"><\/span>\u7aae\u67e5\u7406\u7684\u5bf6\u5178<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a<a href=\"http:\/\/\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#039;s Almanack\uff09\u300b\" target=\"_blank\" rel=\"noreferrer noopener\">\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09<\/a>\u300b\u662f\u60f3\u66b8\u89e3\u8499\u683c\u4e00\u751f\u300c\u601d\u60f3\u300d\u7684\u5fc5\u8b80\u66f8\u7c4d\uff0c\u91cd\u9ede\u4e26\u4e0d\u5728\u6295\u8cc7\uff0c\u800c\u662f\u5728\u8ac7\u8499\u683c\u7684\u4eba\u751f\u54f2\u5b78\uff0c\u5167\u5bb9\u975e\u5e38\u8c50\u5bcc\u3002\u8981\u63d0\u9192\u5927\u5bb6\u7684\u662f\u9019\u672c\u66f8\u5176\u5be6\u5f88\u8271\u6df1\u96e3\u8b80\uff0c\u4e26\u4e0d\u9069\u5408\u6240\u6709\u4eba\u95b1\u8b80\uff0c\u4f46\u82e5\u6709\u5fc3\u7684\u8a71\uff0c\u591a\u8b80\u500b\u5e7e\u6b21\u9084\u662f\u80fd\u8b80\u61c2\u66f8\u4e2d\u7684\u5167\u5bb9\u3002<\/p>\n\n\n\n<p>\u6211\u9084\u7279\u610f\u70ba\u9019\u672c\u66f8\u5beb\u4e86\u4e00\u7bc7\u8a73\u76e1\u7684\u4ecb\u7d39\uff1a\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/21\/%e7%aa%ae%e6%9f%a5%e7%90%86%e7%9a%84%e6%99%ae%e9%80%9a%e5%b8%b8%e8%ad%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09\u300b<\/a>\u300b\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E5%A5%87%E6%89%8D%E6%9B%BC%E6%A0%BC\"><\/span>\u6295\u8cc7\u5947\u624d\u66fc\u683c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a\u6295\u8cc7\u5947\u624d\u66fc\u683c\uff08Damn Right\uff09\u300b\u662f2000\u5e74\u524d\u7531\u7f8e\u570b\u8457\u540d\u7684\u8ca1\u7d93\u4f5c\u8005\u73cd\u5a1c\uff0e\u7f85\uff08Janet Lowe\uff09\u6240\u64b0\u5beb\u7684\u8499\u683c\u7684\u751f\u5e73\u50b3\u8a18\uff0c\u672c\u66f8\u96d6\u7136\u5df2\u51fa\u7248\u591a\u5e74\uff0c\u4f46\u5167\u5bb9\u5e73\u5be6\uff0c\u7cbe\u5f69\u63cf\u5beb\u8499\u683c\u7684\u751f\u6d3b\uff0c\u601d\u60f3\uff0c\u884c\u70ba\u53d7\u597d\uff0c\u8655\u4e16\u70ba\u4eba\uff0c\u6295\u8cc7\uff0c\u751f\u5e73\u3002\u503c\u5f97\u60f3\u66b8\u89e3\u8499\u683c\u7684\u8b80\u8005\u82b1\u6642\u9593\u95b1\u8b80\u3002<\/p>\n\n\n\n<p>\u66f8\u4e2d\u8a18\u8f09\u8499\u683c\u8aaa\uff1a\u300c\u50cf\u83ef\u502b\uff08\u5df4\u83f2\u7279\uff09\u2f00\u6a23\uff0c\u6211\u5c0d\u81f4\u5bcc\u62b1\u6301\u8457\u6eff\u8154\u7684\u71b1\u60c5\u3002\u4e0d\u662f\u56e0\u70ba\u6211\u60f3\u8981\u6cd5\u62c9\u5229\u3002\u6211\u8981\u7684\u662f\u7368\u7acb\u2f83\u4e3b\uff0c\u6211\u8feb\u4e0d\u53ca\u5f85\u60f3\u8981\u3002\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AA%AE%E6%9F%A5%E7%90%86%E7%9A%84%E6%8A%95%E8%B3%87%E5%93%B2%E5%AD%B8%E5%92%8C%E9%81%B8%E8%82%A1%E9%87%91%E5%BE%8B\"><\/span>\u7aae\u67e5\u7406\u7684\u6295\u8cc7\u54f2\u5b78\u548c\u9078\u80a1\u91d1\u5f8b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a<a href=\"https:\/\/www.amazon.com\/Charlie-Munger-Complete-Investor-Publishing\/dp\/023117098X\" target=\"_blank\" rel=\"noreferrer noopener\">\u7aae\u67e5\u7406\u7684\u6295\u8cc7\u54f2\u5b78\u548c\u9078\u80a1\u91d1\u5f8b\uff08Charlie Munger: The Complete Investor\uff09<\/a>\u300b\u662f\u5d14\u6069\u2027\u845b\u745e\u82ac\uff08Tren Griffin\uff09\u6240\u5beb\u7684\u66f8\u3002<\/p>\n\n\n\n<p>\u4e3b\u8981\u662f\u63cf\u5beb\u8499\u683c\u5982\u4f55\u628a\u4ed6\u7684\u6295\u8cc7\u54f2\u5b78\u904b\u7528\u5230\u80a1\u5e02\u6295\u8cc7\u4e0a\u3002\u5167\u5bb9\u662f\u5f9e\u4ed6\u7684\u8a2a\u8ac7\u3001\u6f14\u8b1b\u3001\u8457\u4f5c\u53ca\u81f4\u80a1\u6771\u4fe1\uff0c\u518d\u52a0\u4e0a\u8cc7\u91d1\u7d93\u7406\u4eba\u3001\u5176\u4ed6\u50f9\u503c\u6295\u8cc7\u8005\u548c\u5546\u7ba1\u500b\u6848\u7814\u7a76\u8005\u7684\u8a55\u8ff0\u532f\u6574\u800c\u6210\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B7%B4%E8%8F%B2%E7%89%B9%E6%A0%B8%E5%BF%83%E6%8A%95%E8%B3%87%E6%B3%95\"><\/span>\u5df4\u83f2\u7279\u6838\u5fc3\u6295\u8cc7\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a\u5df4\u83f2\u7279\u6838\u5fc3\u6295\u8cc7\u6cd5\uff08The Warren Buffett Portfolio\uff09\u300b\u662f\u4e00\u672c\u8499\u683c\u63a8\u85a6\u7684\u66f8\uff0c\u53f0\u7063\u6709\u4e2d\u8b6f\u672c\uff0c\u4f46\u4e0d\u662f\u5f88\u4e3b\u6d41\u8457\u540d\u7684\u66f8\u3002\u6211\u500b\u4eba\u770b\u904e\u5f88\u591a\u6b21\uff0c\u6587\u5b57\u5f88\u7c21\u55ae\uff0c\u66f8\u5f88\u8584\uff0c\u5167\u5bb9\u64f2\u5730\u6709\u8072\uff0c\u662f\u4e00\u672c\u6975\u5176\u9069\u5408\u60f3\u66b8\u89e3\u5df4\u83f2\u7279\u548c\u8499\u683c\u6295\u8cc7\u539f\u5247\u548c\u4ed6\u5011\u5169\u4eba\u5982\u4f55\u5efa\u69cb\u9577\u671f\u6295\u8cc7\u7d44\u5408\u7684\u7d55\u4f73\u5165\u9580\u66f8\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AA%AE%E6%9F%A5%E7%90%86%E7%9A%84%E6%99%BA%E6%85%A7%E8%AA%9E%E9%8C%84\"><\/span>\u7aae\u67e5\u7406\u7684\u667a\u6167\u8a9e\u9304<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a\u7aae\u67e5\u7406\u7684\u667a\u6167\u8a9e\u9304\uff08The TAO of Charlie Munger\uff09\u300b\u662f\u4e00\u672c\u5c08\u9580\u641c\u96c6\u8499\u683c\u8457\u540d\u7684\u767c\u8a00\uff0c\u667a\u6167\u8a9e\u9304\uff0c\u683c\u8a00\uff0c\u548c\u91cd\u8981\u770b\u6cd5\u7684\u7de8\u8f2f\u672c\uff0c\u4f5c\u8005\u82b1\u4e86\u4e0d\u5c11\u5fc3\u601d\u9032\u884c\u641c\u96c6\uff0c\u7bc0\u9304\uff0c\u6574\u7406\uff0c\u662f\u9069\u5408\u60f3\u66b8\u89e3\u8499\u683c\u767c\u8a00\u548c\u667a\u6167\u8a9e\u9304\u7684\u8b80\u8005\u548c\u6295\u8cc7\u4eba\u7814\u8b80\u7684\u8499\u683c\u7684\u7c21\u6f54\u601d\u60f3\u66f8\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%AA%AE%E7%90%86%E6%9F%A5%E5%B9%B4%E9%91%91\"><\/span>\u7aae\u7406\u67e5\u5e74\u9451<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5bcc\u862d\u514b\u6797\u4ee5\u7aae\u7406\u67e5\u70ba\u540d\uff0c\u51fa\u7248\u4e86\u81ea\u5df1\u7de8\u5beb\u7684\u5e74\u66c6\u2500\u25001733\u5e74\u7684\u300a\u7aae\u7406\u67e5\u5e74\u9451\uff08Poor Richar&#8217;s Almanack\uff09\u300b\uff0c\u4e26\u5728\u7a7a\u767d\u9801\u5370\u4e0a\u5e7d\u9ed8\u777f\u667a\u3001\u632f\u596e\u4eba\u5fc3\u7684\u667a\u6167\u683c\u8a00\uff0c\u5e0c\u671b\u5927\u773e\u80fd\u4ee5\u8f15\u9b06\u7684\u65b9\u5f0f\u57f9\u990a\u5404\u7a2e\u7f8e\u5fb7\uff0c\u4e26\u4ee5\u52e4\u5109\u5275\u9020\u8ca1\u5bcc\u3002<\/p>\n\n\n\n<p>\u5bcc\u862d\u514b\u6797\u662f\u8499\u683c\u5f88\u63a8\u5d07\u7684\u4eba\u7269\uff0c\u4ed6\u81ea\u5df1\u4e5f\u63d0\u904e\u81ea\u5df1\u6240\u64b0\u5beb\u7684\u7aae\u67e5\u7406\u5bf6\u5178\u4e00\u66f8\u7684\u66f8\u540d\u7684\u9748\u611f\u5c31\u4f86\u81ea\u5bcc\u862d\u514b\u6797\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%92%99%E6%A0%BC%E6%8E%A8%E8%96%A6%E8%BC%83%E6%9C%89%E5%90%8D%E7%9A%84%E7%B6%93%E5%85%B8%E6%9B%B8%E7%B1%8D\"><\/span>\u8499\u683c\u63a8\u85a6\u8f03\u6709\u540d\u7684\u7d93\u5178\u66f8\u7c4d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/27\/%E7%95%B0%E9%A1%9Eoutliers10000%E5%80%8B%E5%B0%8F%E6%99%82%E7%B5%B1%E8%A8%88%E6%9C%83%E9%A8%99%E4%BA%BA\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7570\u6578\uff08Outliers\uff09\u201410000\u500b\u5c0f\u6642\uff0c\u7d71\u8a08\u6703\u9a19\u4eba<\/a>\u300b<\/li>\n\n\n\n<li>\u300a\u667a\u6167\u578b\u80a1\u7968\u6295\u8cc7\u4eba\uff08The Intelligent Investor\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u73ed\u5091\u660e\uff0e\u845b\u62c9\u6f22<\/li>\n\n\n\n<li>\u300a\u8b49\u5238\u5206\u6790\uff08Security Analysis\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u73ed\u5091\u660e\uff0e\u845b\u62c9\u6f22<\/li>\n\n\n\n<li>\u300a\u975e\u5e38\u6f5b\u529b\u80a1\uff08Common Stocks and Uncommon Profits and Other Writings\uff09\u300b\uff0c\u4f5c\u8005\uff1a \u83f2\u5229\u666e\uff0e\u8cbb\u96ea<\/li>\n\n\n\n<li>\u300a\u9580\u53e3\u7684\u91ce\u883b\u4eba\uff08Barbarians at the Gate\uff09\u300b\uff0c\u4f5c\u8005\uff1a&nbsp;\u5e03\u840a\u6069\uff0e\u4f2f\u745e<\/li>\n\n\n\n<li>\u300a\u8cca\u5de2\uff08Den of Thieves\uff09\u300b\uff0c\u4f5c\u8005\uff1a\u8a79\u59c6\u65af\uff0eB\uff0e\u65af\u5716\u723e\u7279<\/li>\n\n\n\n<li>\u300a\u5f71\u97ff\u529b\uff08Influence, New and Expanded\uff09\u300b\uff0c\u4f5c\u8005\uff1a \u7f85\u4f2f\u7279\uff0e\u5e2d\u723e\u8fea\u5c3c<\/li>\n\n\n\n<li>\u300a10\u500d\u901f\u6642\u4ee3\uff08Only the Paranoid Survive\uff09\u300b\uff0c\u4f5c\u8005\uff1a&nbsp;\u5b89\u8fea\uff0e\u845b\u6d1b\u592b<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"132\" height=\"132\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2023\/12\/Charlie_Munger-1600x1200-1.jpg\" alt=\"\u8499\u683c\" class=\"wp-image-44060\"\/><figcaption class=\"wp-element-caption\">credit: Wiki<\/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\/2026\/03\/13\/%E3%80%8A%E6%8A%95%E8%B3%87%E5%93%B2%E4%BA%BA%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC%E5%82%B3%EF%BC%88damn-right%EF%BC%89%E3%80%8B\/\">\u6295\u8cc7\u54f2\u4eba\u67e5\u7406\u8499\u683c\u50b3\uff08Damn Right\uff09<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/04\/24\/%e8%ab%8b%e5%95%8f%e5%b7%b4%e8%8f%b2%e7%89%b9%e8%88%87%e8%92%99%e6%a0%bc\/\">\u300a\u6ce2\u514b\u590f\u6b77\u5e74\u80a1\u6771\u6703\u73fe\u5834\u6587\u5b57\u5be6\u9304\u96c6\u300a\u8acb\u554f\u5df4\u83f2\u7279\u8207\u8499\u683c(Buffett and Munger Unscripted)\u300b\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/04\/%E8%92%99%E6%A0%BC%E7%9A%84%E5%82%B3%E4%BA%BA%E6%9D%8E%E9%8C%84%E5%92%8C%E4%BB%96%E7%9A%84%E7%9A%84%E5%96%9C%E9%A6%AC%E6%8B%89%E9%9B%85%E8%B3%87%E6%9C%AC\/\">\u8499\u683c\u7684\u50b3\u4eba\u674e\u9304\u548c\u4ed6\u7684\u559c\u99ac\u62c9\u96c5\u8cc7\u672c\uff08Himalaya Capital\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/07\/22\/%e8%92%99%e6%a0%bc%e9%ad%8f%e6%96%af%e5%8f%afwesco%e5%85%b124%e5%b9%b4%e8%82%a1%e6%9d%b1%e6%9c%83%e9%87%8d%e9%bb%9e%e5%92%8c%e6%84%9f%e6%83%b3\/\">\u300a\u8499\u683c\u7684\u667a\u6167\u300b-\u8499\u683c\u9b4f\u65af\u53ef\uff08Wesco\uff09\u7e3d\u517124\u5e74\u7684\u80a1\u6771\u6703\u73fe\u5834\u554f\u7b54\u91cd\u9ede\u548c\u611f\u60f3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/08\/27\/%E5%80%BC%E5%BE%97%E6%87%B7%E5%BF%B5%E7%9A%84%E6%9F%A5%E7%90%86%E8%92%99%E6%A0%BC\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u503c\u5f97\u61f7\u5ff5\u7684\u5049\u5927\u6295\u8cc7\u5927\u5e2b\u67e5\u7406\uff0e\u8499\u683c\uff08Charlie Munger\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/17\/%e8%92%99%e6%a0%bc2023%e5%b9%b4%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8a%e8%82%a1%e6%9d%b1%e6%9c%83%e9%80%90%e5%ad%97%e5%af%a6%e9%8c%84\/\">\u8499\u683c2023\u5e74\u6bcf\u65e5\u671f\u520a\u80a1\u6771\u6703\u9010\u5b57\u5be6\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/21\/%e7%aa%ae%e6%9f%a5%e7%90%86%e7%9a%84%e6%99%ae%e9%80%9a%e5%b8%b8%e8%ad%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8499\u683c\u6700\u91cd\u8981\u7684\u8457\u4f5c\u300a\u7aae\u67e5\u7406\u7684\u666e\u901a\u5e38\u8b58\uff08Poor Charlie&#8217;s Almanack\uff09\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/03\/06\/%e8%92%99%e6%a0%bc%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8adaily-journal%e8%82%a1%e6%9d%b1%e6%9c%83%e5%95%8f%e7%ad%94\/\">\u300a\u8499\u683c\u4e4b\u9053\u300b-\u8499\u683c\u6bcf\u65e5\u671f\u520a\uff08Daily Journal\uff09\u7e3d\u517110\u5e74\u7684\u80a1\u6771\u6703\u73fe\u5834\u554f\u7b54\u91cd\u9ede\u548c\u611f\u60f3<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/17\/%e8%92%99%e6%a0%bc2023%e5%b9%b4%e6%af%8f%e6%97%a5%e6%9c%9f%e5%88%8a%e8%82%a1%e6%9d%b1%e6%9c%83%e9%80%90%e5%ad%97%e5%af%a6%e9%8c%84\/\">\u8499\u683c2023\u5e74\u6bcf\u65e5\u671f\u520a\u80a1\u6771\u6703\u9010\u5b57\u5be6\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87bejamin-graham\/\">\u845b\u62c9\u6f22\u7684\u50b3\u8a18\u300a\u50f9\u503c\u6295\u8cc7\uff08Benjamin Graham on Value Investing\uff09\u300b<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/12\/28\/coinbase%e5%92%8c%e5%b9%a3%e5%ae%89%e5%a6%82%e4%bd%95%e8%b3%ba%e9%8c%a2%e5%84%aa%e5%8b%a2%e7%9a%84%e6%af%94%e8%bc%83\/\" target=\"_blank\" rel=\"noreferrer noopener\">Coinbase\u548c\u5e63\u5b89\uff08Binance\uff09\u5982\u4f55\u8cfa\u9322\uff1f\u96d9\u65b9\u512a\u52e2\u7684\u6bd4\u8f03<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/09\/12\/%e6%82%a8%e6%87%89%e8%a9%b2%e8%aa%8d%e8%ad%98square%e9%80%99%e5%ae%b6%e4%bc%81%e6%a5%ad\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/04\/07\/%e7%82%ba%e4%bb%80%e9%ba%bc%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%80%bc%e5%be%97%e6%b7%b1%e5%85%a5%e7%a0%94%e7%a9%b6%ef%bc%9f\/\">\u70ba\u4ec0\u9ebc\u5df4\u83f2\u7279\u503c\u5f97\u6df1\u5165\u7814\u7a76\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/23\/%E5%83%B9%E5%80%BC%E6%8A%95%E8%B3%87%E7%9A%84%E4%BB%8A%E6%98%94\/\">\u50f9\u503c\u6295\u8cc7\u7684\u4eca\u6614<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/07\/%E9%9B%AA%E8%8C%84%E7%85%99%E5%B1%81%E8%82%A1%E6%8A%95%E8%B3%87%E6%B3%95%E7%9A%84%E5%95%8F%E9%A1%8C\/\">\u96ea\u8304\u7159\u5c41\u80a1\u6295\u8cc7\u6cd5\u7684\u554f\u984c<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/31\/%e8%83%bd%e5%8a%9b%e5%9c%88\/\">\u6295\u8cc7\u7684\u80fd\u529b\u5708<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/10\/20\/%E6%80%9D%E8%80%83%E4%B8%8D%E8%83%BD%E5%A4%96%E5%8C%85\/\">\u601d\u8003\u4e0d\u80fd\u5916\u5305<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/20\/%E6%8A%95%E8%B3%87%E7%9F%A5%E8%AD%98%E9%9C%80%E8%A6%81%E7%9A%84%E6%98%AF%E5%BB%A3%E5%BA%A6\/\">\u6295\u8cc7\u77e5\u8b58\u9700\u8981\u7684\u662f\u5ee3\u5ea6\uff0c\u800c\u4e0d\u662f\u5927\u591a\u6578\u4eba\u8a8d\u70ba\u7684\u6df1\u5ea6<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/14\/%E7%82%BA%E4%BB%80%E9%BA%BC%E6%99%BA%E5%95%86%E5%A4%AA%E9%AB%98%E5%9C%A8%E6%8A%95%E8%B3%87%E4%B8%8A%E6%B4%BE%E4%B8%8D%E4%B8%8A%E7%94%A8%E5%A0%B4\/\">\u592a\u9ad8\u7684\u667a\u5546\u5728\u6295\u8cc7\u4e0a\u6d3e\u4e0d\u4e0a\u7528\u5834\uff0c\u53cd\u800c\u6703\u662f\u963b\u7919\uff0c5\u4f4d\u5927\u5e2b\u7684\u5fe0\u544a<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/02\/02\/%E5%A5%BD%E5%B8%82%E5%A4%9A%E7%9A%84%E8%AD%B7%E5%9F%8E%E6%B2%B3%E5%92%8C%E7%AB%B6%E7%88%AD%E8%80%85%E7%9A%84%E5%B7%AE%E7%95%B0\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u597d\u5e02\u591a\u7684\u8b77\u57ce\u6cb3\uff0c\u548c\u7af6\u722d\u8005\u7684\u5dee\u7570<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/04\/ebitda%E5%92%8C%E8%B2%A1%E6%B8%AC\/\" target=\"_blank\" rel=\"noreferrer noopener\">EBITDA\u548c\u8ca1\u6e2c\uff0c\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u53cd\u5c0d\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/08\/10\/%E9%96%B1%E8%AE%80%E5%B0%8D%E6%8A%95%E8%B3%87%E7%9A%84%E5%BF%85%E8%A6%81%E6%80%A7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u95b1\u8b80\u5c0d\u6295\u8cc7\u7684\u7121\u53ef\u53d6\u4ee3\u548c\u5fc5\u8981\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/27\/%E7%9B%B8%E4%BF%A1%E6%88%90%E5%8A%9F%E6%8A%95%E8%B3%87%E4%BA%BA%E6%98%AF%E5%80%96%E5%AD%98%E8%80%85%E5%81%8F%E8%AA%A4%E7%9A%84%E4%BA%BA%E4%B8%8D%E5%8F%AF%E8%83%BD%E6%88%90%E5%8A%9F\/\" target=\"_blank\" 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/02\/22\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842025%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\">\u5df4\u83f2\u7279\u76842025\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/02\/25\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842024%e5%b9%b4%e8%87%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842024\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/02\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%842023%e5%b9%b4%e5%ba%a6%e8%82%a1%e6%9d%b1%e4%bf%a1\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u76842023\u5e74\u81f4\u6ce2\u514b\u590f\u80a1\u6771\u4fe1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/05\/05\/2024%E5%B9%B4%E6%B3%A2%E5%85%8B%E5%A4%8F%E8%82%A1%E6%9D%B1%E5%B9%B4%E6%9C%83%E5%85%A8%E8%A8%98%E9%8C%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2024\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u6587\u5b57\u548c\u9304\u5f71\u4e2d\u82f1\u6587\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/05\/09\/2023%e5%b9%b4%e6%b3%a2%e5%85%8b%e5%a4%8f%e8%82%a1%e6%9d%b1%e5%b9%b4%e6%9c%83%e5%85%a8%e8%a8%98%e9%8c%84\/\" target=\"_blank\" rel=\"noreferrer noopener\">2023\u5e74\u6ce2\u514b\u590f\u80a1\u6771\u5e74\u6703\u5168\u8a18\u9304<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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