{"id":60675,"date":"2025-01-07T23:56:00","date_gmt":"2025-01-07T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=60675"},"modified":"2025-03-23T13:08:39","modified_gmt":"2025-03-23T05:08:39","slug":"%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/","title":{"rendered":"\u6295\u8cc7\u7d44\u5408\u6108\u5927\uff0c\u6295\u8cc7\u5831\u916c\u7387\u7684\u78ba\u53ef\u80fd\u6703\u96a8\u6642\u9593\u7de9\u6162\u5730\u964d\u4f4e"},"content":{"rendered":"\n<p>\u9019\u4e00\u7bc7\u8cbc\u6587\u7b97\u662f\u6211\u5148\u524d\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/10\/%E8%B3%87%E9%87%91%E5%A4%A7%E5%B0%8F%E5%92%8C%E6%8A%95%E8%B3%87%E5%A0%B1%E9%85%AC%E7%8E%87%E7%9A%84%E9%97%9C%E4%BF%82\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8cc7\u91d1\u5927\u5c0f\u548c\u6295\u8cc7\u5831\u916c\u7387\u7684\u95dc\u4fc2<\/a>\u300b\u7684\u59ca\u59b9\u6587\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 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\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E6%9C%AC%E6%96%87%E7%9A%84%E5%89%8D%E6%8F%90\" >\u672c\u6587\u7684\u524d\u63d0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E5%B8%B8%E8%A6%8B%E7%9A%84%E5%8E%9F%E5%9B%A0\" >\u5e38\u898b\u7684\u539f\u56e0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E8%91%97%E5%90%8D%E6%8A%95%E8%B3%87%E4%BA%BA%E7%82%BA%E4%BD%95%E5%BE%8C%E4%BE%86%E6%B6%88%E8%81%B2%E5%8C%BF%E8%B7%A1%EF%BC%9F\" >\u8457\u540d\u6295\u8cc7\u4eba\u70ba\u4f55\u5f8c\u4f86\u6d88\u8072\u533f\u8de1\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E5%AE%8C%E6%95%B4%E7%9A%84%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF%E7%9A%84%E9%AB%98%E5%B9%B4%E5%8C%96%E5%A0%B1%E9%85%AC%E5%BE%88%E7%BD%95%E8%A6%8B\" 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>\u518d\u6539\u5584\u6295\u8cc7\u5831\u916c\u7387\u4e26\u4e0d\u5bb9\u6613<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E7%B5%90%E8%AA%9E\" >\u7d50\u8a9e<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/#%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\" >\u76f8\u95dc\u6587\u7ae0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%AC%E6%96%87%E7%9A%84%E5%89%8D%E6%8F%90\"><\/span>\u672c\u6587\u7684\u524d\u63d0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6295\u8cc7\u7d44\u5408\u7684\u8cc7\u91d1\u8981\u771f\u7684\u5f88\u9f90\u5927\uff0c\u61c9\u8a72\u53ea\u6709\u6975\u5176\u5c11\u6578\u7684\u4eba\u7b26\u5408\u9019\u500b\u8981\u4ef6\uff0c\u4f46\u9019\u662f\u672c\u6587\u7684\u57fa\u672c\u524d\u984c\u3002<\/li>\n\n\n\n<li>\u9664\u6975\u5c11\u6578\u5e74\u4efd\uff0c\u4f8b\u5982\u5341\u5e74\u4e00\u9047\u7684\u5927\u5d29\u76e4\u5916\uff0c\u6295\u8cc7\u7d44\u5408\u7684\u78ba\u662f\u6bcf\u5e74\u90fd\u80fd\u7a33\u5b9a\u4e0a\u5347\u8005\u3002<\/li>\n\n\n\n<li>\u9577\u671f\u6295\u8cc7\u8005\uff0c\u81f3\u5c11\u4e09\u5341\u5e74\u4ee5\u4e0a\u8005\uff0c\u9019\u9ede\u6700\u91cd\u8981\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%B8%B8%E8%A6%8B%E7%9A%84%E5%8E%9F%E5%9B%A0\"><\/span>\u5e38\u898b\u7684\u539f\u56e0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e00\u822c\u800c\u8a00\uff0c\u6295\u8cc7\u5e7e\u5341\u5e74\u4e4b\u5f8c\u7684\u9577\u671f\u6295\u8cc7\u4eba\uff0c\u6295\u8cc7\u7d44\u5408\u88e1\u4e0d\u53ef\u80fd\u53ea\u6709\u4e09\u6216\u4e94\u6a94\u80a1\u7968\uff0c\u6295\u8cc7\u7d44\u5408\u88e1\u7684\u80a1\u7968\u6578\u76ee\u4e00\u591a\uff0c\u8981\u9032\u884c\u63db\u80a1\u6216\u8abf\u6574\uff0c\u8003\u91cf\u7684\u56e0\u7d20\u6703\u8b8a\u5f97\u5f88\u591a\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7d44\u5408\u7684\u8cc7\u91d1\u5df2\u7d93\u8b8a\u5f88\u5927\uff0c\u6295\u8cc7\u4eba\u81ea\u5df1\u7684\u5e74\u7d00\u4e5f\u90fd\u4e0d\u5e74\u8f15\u4e86\uff0c\u56e0\u6b64\u5e7e\u4e4e\u90fd\u6703\u63a1\u53d6\u8f03\u5be9\u614e\u4fdd\u5b88\u7684\u6295\u8cc7\u65b9\u6848\uff0c\u4e0d\u6703\u5192\u96aa\uff0c\u4ee5\u78ba\u4fdd\u4e0d\u6703\u56e0\u70ba\u592a\u5927\u7684\u6295\u8cc7\u98a8\u96aa\u800c\u8667\u640d\u3002\u7576\u6295\u8cc7\u4eba\u5df2\u4e0d\u518d\u5e74\u8f15\uff0c\u82e5\u628a\u5148\u524d\u7d2f\u7a4d\u7684\u8cc7\u91d1\u8ce0\u6389\uff0c\u7ffb\u8eab\u7684\u6a5f\u6703\u8f03\u4f4e\u3002<\/li>\n\n\n\n<li>\u6295\u8cc7\u7d44\u5408\u7684\u8cc7\u91d1\u592a\u904e\u9f90\u5927\u6642\uff0c\u8f49\u63db\u6295\u8cc7\u6a19\u7684\u6216\u79fb\u52d5\u5927\u7b46\u8cc7\u91d1\uff0c\u9700\u8003\u91cf\u7684\u56e0\u7d20\u6216\u9650\u5236\u6703\u5f88\u591a\uff1b\u9019\u662f\u8cc7\u91d1\u5c0f\u7684\u6563\u6236\u7121\u6cd5\u9ad4\u6703\u7684\u3002<\/li>\n\n\n\n<li>\u5e7e\u5341\u5e74\u7684\u6295\u8cc7\u7d93\u9a57\u544a\u8a34\u4ed6\uff0c\u771f\u6b63\u597d\u7684\u6a19\u7684\u5176\u5be6\u5f88\u7f55\u898b\u3002<\/li>\n\n\n\n<li>\u9577\u671f\u6295\u8cc7\u7684\u601d\u7dad\uff0c\u4e0d\u6703\u8f15\u6613\u51fa\u624b\u3002\u901a\u5e38\u4e00\u822c\u4eba\u8a8d\u70ba\u6703\u66b4\u6f32\u7684\u80a1\u7968\uff0c\u98a8\u96aa\u591a\u534a\u6975\u9ad8\uff0c\u80fd\u9577\u671f\u6301\u7e8c\u7684\u6a5f\u7387\u4e0d\u9ad8\u3002<\/li>\n\n\n\n<li>\u57fa\u65bc\u98a8\u96aa\u7684\u8003\u91cf\uff0c\u5373\u4f7f\u632a\u5c11\u91cf\u8cc7\u91d1\u6295\u5165\u770b\u597d\u7684\u5c0f\u578b\u80a1\uff0c\u5996\u80a1\uff0c\u66b4\u6f32\u7684\u80a1\u7968\uff0c\u5c0d\u6574\u9ad4\u7684\u6295\u8cc7\u5831\u916c\u7387\u7684\u5f71\u97ff\u4e26\u4e0d\u5927\u3002<\/li>\n<\/ul>\n\n\n\n<h2 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%E7%82%BA%E4%BD%95%E5%BE%8C%E4%BE%86%E6%B6%88%E8%81%B2%E5%8C%BF%E8%B7%A1%EF%BC%9F\"><\/span>\u8457\u540d\u6295\u8cc7\u4eba\u70ba\u4f55\u5f8c\u4f86\u6d88\u8072\u533f\u8de1\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5982\u679c\u4f60\u8a18\u6027\u5920\u597d\uff0c\u6295\u8cc7\u4eba\u6709\u6c92\u6709\u60f3\u904e\uff1a\u70ba\u4f55\u6709\u4e9b\u7576\u5e74\u98a8\u5149\u7121\u6bd4\uff0c\u6295\u8cc7\u5831\u916c\u7387\u5f88\u9a5a\u4eba\uff0c\u4e0a\u904d\u5404\u5927\u5e73\u9762\u548c\u96fb\u5b50\u5a92\u9ad4\u7684\u6240\u8b02\u7684\u6295\u8cc7\u540d\u4eba\u5f8c\u4f86\u7d55\u5927\u90e8\u4efd\u90fd\u6d88\u8072\u533f\u8de1\uff1f\u539f\u56e0\u4e0d\u5916\u4e4e\u4ee5\u4e0b\u5e7e\u9ede\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u898b\u597d\u5c31\u6536\uff0c\u5f7c\u5f97\uff0e\u6797\u5340\u662f\u6700\u8457\u540d\u7684\u4ee3\u8868\u3002<\/li>\n\n\n\n<li>\u7e3e\u6548\u795e\u8a71\u7834\u6ec5\uff0c\u6709\u5169\u500b\u5f88\u5178\u578b\u7684\u77e5\u540d\u4f8b\u5b50\uff1a\u7531\u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u8cfd\u65af\u00b7\u5361\u62c9\u66fc\uff08Seth Klarman\uff09\u5275\u7acb\u7684Baupost\u57fa\u91d1\u66fe\u5728\u524d26\u5e74\u5be6\u73fe\u4e86\u7d0420%\u7684\u5e74\u5316\u5831\u916c\u7387\uff0c\u8868\u73fe\u5353\u8d8a\uff1b\u4f462014\u5e74\u4f86\u5e74\u5747\u56de\u5831\u7387\u50c5\u7d044%\uff0c\u986f\u8457\u843d\u5f8c\u65bc\u540c\u696d\u3002\u53e6\u4e00\u500b\u7d55\u4f73\u7684\u4f8b\u5b50\u662f\u6bd4\u723e\u00b7\u7c73\u52d2\uff0c\u4e5f\u662f\u985e\u4f3c\u7684\u7406\u7531\u800c\u4e7e\u8106\u9000\u4f11\u3002<\/li>\n\n\n\n<li>\u4e00\u822c\u4eba\uff0c\u5305\u62ec\u591a\u6578\u6295\u8cc7\u4eba\u81ea\u5df1\u6216\u88ab\u5831\u5c0e\u4eba\u6216\u662f\u591a\u6578\u7684\u7db2\u7d05\u7406\u8ca1\u5c08\u5bb6\u5b78\u8005\u7b49\uff0c\u6839\u672c\u641e\u4e0d\u6e05\u695a\u4ec0\u9ebc\u6295\u8cc7\u5831\u916c\u7387\u5f88\u597d\u8981\u5982\u4f55\u5b9a\u7fa9\uff0c\u7121\u8996\u5e74\u5316\u5831\u916c\u7387\u548c\u9577\u671f\u8907\u5229\u7684\u91cd\u8981\u6027\u3002\u95b1\u807d\u4eba\u548c\u5a92\u9ad4\u53ea\u6703\u88ab\u932f\u8aa4\u89c0\u5ff5\u6d17\u8166\uff0c\u4eba\u4e91\u4ea6\u4e91\uff0c\u5f04\u4e0d\u6e05\u695a\u88ab\u5831\u5c0e\u8005\u662f\u6295\u8cc7\u4e86\u591a\u5c11\u5e74\uff1f\u751f\u6daf\u5b8c\u6574\u7684\u6295\u8cc7\u5831\u916c\u7387\u5982\u4f55\uff1f\u6709\u591a\u5c11\u8cc7\u7522\uff1f\u8cc7\u7522\u662f\u6295\u8cc7\u9084\u662f\u672c\u696d\u5de5\u4f5c\u6240\u5f97\uff1f\u5e74\u5316\u5831\u916c\u7387\u5982\u4f55\uff1f\u7d93\u6b77\u904e\u5e7e\u6b21\u5341\u5e74\u4e00\u9047\u7684\u80a1\u5e02\u5927\u5d29\u76e4\uff1f <\/li>\n\n\n\n<li>\u53ea\u8981\u6709\u4e00\u5e74\u6295\u8cc7\u7d44\u5408\u7684\u6295\u5831\u7387\u6975\u5dee\uff0c\u800c\u4e14\u9694\u5e74\u7121\u6cd5\u5b8c\u5168\u56de\u5fa9\uff0c\u5927\u90e8\u4efd\u7684\u6848\u4f8b\u6703\u5f88\u96e3\u518d\u8d77\uff0c\u751a\u81f3\u65bc\u5f9e\u6b64\u4e00\u8e76\u4e0d\u632f\u3002<\/li>\n\n\n\n<li>\u5927\u6578\u6cd5\u5247\uff0c\u96a8\u6642\u9593\u7684\u63a8\u5ef6\uff0c\u6295\u8cc7\u5831\u916c\u7387\u6301\u7e8c\u4e0b\u964d\uff0c\u5f8c\u4f86\u7684\u6295\u8cc7\u5831\u916c\u7387\u56e0\u5747\u503c\u56de\u6b78\u2500\u2500\u2500\u8f03\u597d\u4e00\u9ede\u7684\u7d50\u679c\u662f\u6295\u8cc7\u5831\u916c\u7387\u9010\u6f38\u5e73\u6de1\uff0c\u4e26\u4e0d\u503c\u5f97\u518d\u63d0\uff0c\u66f4\u751a\u8005\u662f\u4e00\u518d\u4f4e\u65bc\u5927\u76e4\u8868\u73fe\u3002<\/li>\n\n\n\n<li>\u70ba\u4e86\u6301\u7e8c\u8ffd\u6c42\u8f03\u4f73\u7684\u8868\u73fe\uff0c\u958b\u59cb\u5192\u96aa\uff0c\u4f8b\u5982\u5927\u5e45\u4f5c\u7a7a\uff0c\u4ea4\u6613\u884d\u751f\u5546\u54c1\uff0c\u5927\u91cf\u904b\u7528\u69d3\u687f\u2500\u2500\u2500\u9019\u4e9b\u91d1\u878d\u64cd\u4f5c\uff0c\u5c0d\u591a\u6578\u4eba\u800c\u8a00\uff0c\u6ce8\u5b9a\u7684\u4e0b\u5834\u53ea\u6709\u5931\u6557\u6536\u5834\u3002\u8f03\u597d\u7684\u7d50\u679c\u662f\u8ce0\u5149\u5148\u524d\u6240\u6709\u7d2f\u7a4d\u7684\u8cc7\u91d1\uff0c\u6975\u7aef\u8005\u5247\u662f\u50be\u5bb6\u76ea\u7522\uff0c\u66f4\u6709\u4eba\u767b\u4e0a\u5a92\u9ad4\u7684\u793e\u6703\u7248\u9762\u72af\u6cd5\u6d89\u96aa\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AE%8C%E6%95%B4%E7%9A%84%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF%E7%9A%84%E9%AB%98%E5%B9%B4%E5%8C%96%E5%A0%B1%E9%85%AC%E5%BE%88%E7%BD%95%E8%A6%8B\"><\/span>\u5b8c\u6574\u7684\u6295\u8cc7\u751f\u6daf\u7684\u9ad8\u5e74\u5316\u5831\u916c\u5f88\u7f55\u898b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f46\u6211\u9084\u662f\u5c0d\u4e0a\u4e00\u6bb5\u7684\u8cfd\u65af\u00b7\u5361\u62c9\u66fc\u548c\u6bd4\u723e\u00b7\u7c73\u52d2\u9019\u4e00\u985e\u578b\u8868\u793a\u656c\u610f\uff0c\u7406\u7531\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u56e0\u70ba\u8981\u6574\u500b\u751f\u6daf\u90fd\u7dad\u6301\u795e\u8a71\u822c\u7684\u7e3e\u6548\u672c\u4f86\u5c31\u4e0d\u5bb9\u6613\uff0c\u9019\u4e00\u985e\u578b\u5df2\u7d93\u5f88\u4e0d\u5bb9\u6613\u4e86\u3002<\/li>\n\n\n\n<li>\u56e0\u70ba\u6709\u300c\u5e7e\u5341\u5e74\u300d\u7684\u51fa\u8272\u7684\u7e3e\u6548\u8b49\u660e\u4ed6\u5011\u9084\u662f\u5f88\u51fa\u8272\u3002\u7531\u6b64\u4e5f\u53ef\u4ee5\u77e5\u9053\u5df4\u83f2\u7279\u5b8c\u6574\u751f\u6daf\u8fd120%\u7684\u5e74\u5316\u5831\u916c\u7387\u591a\u7f55\u898b\uff0c\u591a\u4e0d\u5bb9\u6613\u3002<\/li>\n\n\n\n<li>\u8acb\u7279\u5225\u6ce8\u610f\u4ed6\u5011\u7684\u300c\u6295\u8cc7\u7d44\u5408\u8cc7\u91d1\u7684\u898f\u6a21\u300d\u90fd\u5728\u767e\u5104\u6216\u5343\u5104\u7f8e\u91d1\uff0c\u800c\u4e14\u6211\u4e00\u518d\u5f37\u8abf\u662f\u300c\u5b8c\u6574\u7684\u6295\u8cc7\u751f\u6daf\u300d\u7684\u5e74\u5316\u5831\u916c\uff01<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%8B%E4%BA%BA%E7%9A%84%E5%BF%83%E5%BE%97\"><\/span>\u500b\u4eba\u7684\u5fc3\u5f97<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5df4\u83f2\u7279\u70ba\u4f55\u5049\u5927\uff1f\u56e0\u70ba\u4ed6\u80fd\u5728\u5b8c\u6574\u6295\u8cc7\u751f\u6daf\u4e0d\u51fa\u5927\u5dee\u932f\uff0c\u5805\u5b88\u81ea\u5df1\u7684\u6295\u8cc7\u539f\u5247\uff0c\u9577\u671f\u6295\u8cc7\uff0c\u76f8\u4fe1\u9577\u671f\u8907\u5229\uff0c\u6295\u8cc7\u7d44\u5408\u7a69\u5b9a\u589e\u52a0\u3002<a href=\"https:\/\/berkshirehathaway.com\/letters\/2023ltr.pdf\" target=\"_blank\" rel=\"noopener\">1965 \u5e74\u81f3 2023 \u5e74\uff0c\u9577\u905459\u5e74\u7684\u671f\u9593\uff0c\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u7d44\u5408\u7684\u5e74\u5316\u5831\u916c\u7387\u70ba 19.8%<\/a>\u3002 \u76f8\u6bd4\u4e4b\u4e0b\uff0c\u540c\u671f\u6a19\u6e96\u666e\u723e 500 \u6307\u6578\u7684\u8907\u5408\u5e74\u5831\u916c\u7387\u70ba 10.2%\u3002<\/p>\n\n\n\n<p>\u771f\u6b63\u80fd\u5728\u4e00\u751f\u5b8c\u6574\u7684\u6295\u8cc7\u751f\u6daf\u4e2d\uff0c\u6301\u7e8c\u7d2f\u7a4d\u8ca1\u7522\uff0c\u4ea4\u51fa\u4ee4\u4eba\u8b9a\u5606\u7684\u5e74\u5316\u5831\u916c\u7387\u8005\uff0c\u5176\u5be6\u5f88\u7f55\u898b\uff0c\u4f46\u662f\u5982\u679c\u6709\u7684\u8a71\uff0c\u4ed6\u7684\u751f\u6daf\u7d2f\u7a4d\u7684\u8cc7\u91d1\uff0c\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff0c\u90fd\u6703\u6975\u70ba\u9a5a\u4eba\uff01<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%86%8D%E6%94%B9%E5%96%84%E6%8A%95%E8%B3%87%E5%A0%B1%E9%85%AC%E7%8E%87%E4%B8%A6%E4%B8%8D%E5%AE%B9%E6%98%93\"><\/span>\u518d\u6539\u5584\u6295\u8cc7\u5831\u916c\u7387\u4e26\u4e0d\u5bb9\u6613<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u672c\u6587\u6240\u63cf\u7e6a\u7b49\u7d1a\u7684\u6295\u8cc7\u4eba\uff0c\u6295\u8cc7\u7d44\u5408\u8cc7\u91d1\u5f88\u9f90\u5927\uff0c\u5831\u916c\u7387\u4e5f\u5f88\u597d\uff0c\u800c\u4e14\u5982\u679c\u7d93\u904e\u6578\u5341\u5e74\u4ecd\u7559\u5728\u5e02\u5834\u4e0a\uff0c\u904e\u53bb\u6578\u5341\u5e74\u7684\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\u6c92\u6709\u7406\u7531\u4e0d\u597d\u3002\u9019\u7a2e\u7b49\u7d1a\u7684\u6295\u8cc7\u4eba\u90fd\u6709\u81ea\u5df1\u7684\u6295\u8cc7\u98a8\u683c\uff0c\u7e3d\u9ad4\u800c\u8a00\u8981\u6539\u8b8a\u4e0d\u5927\u53ef\u80fd\u2500\u2500\u2500\u6211\u500b\u4eba\u8a8d\u70ba\u4e5f\u6c92\u5fc5\u8981\u6539\u8b8a\u3002<\/p>\n\n\n\n<p>\u9019\u4e5f\u5c31\u662f\u70ba\u4f55\u5df4\u83f2\u7279\u6703\u505a\u4ee5\u4e0b\u767c\u8a00\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/www.berkshirehathaway.com\/letters\/2018ltr.pdf\" target=\"_blank\" rel=\"noopener\">\u5df4\u83f2\u7279\u57282019\u5e74\u7684\u80a1\u6771\u4fe1<\/a>\u6642\u66fe\u7d93\u8868\u793a\uff1a\u300c\u5c0d\u65bc\u64c1\u6709\u826f\u597d\u9577\u671f\u524d\u666f\u7684\u4f01\u696d\u4f86\u8aaa\uff0c\u50f9\u683c\u975e\u5e38\u6602\u8cb4\u3002\u300d\u4ed6\u88dc\u5145\u8aaa\uff0c\u9019\u7a2e\u300c\u4ee4\u4eba\u5931\u671b\u7684\u73fe\u5be6\u300d\u53ef\u80fd\u610f\u5473\u8457\u6ce2\u514b\u590f\u5c07\u589e\u52a0\u5176\u73fe\u91d1\u5132\u5099\u3002<\/p>\n\n\n\n<p>\u300c\u6ce2\u514b\u590f\u4ecd\u5e0c\u671b\uff0c\u672a\u4f86\u53ef\u4ee5\u6709\u6a5f\u6703\u9032\u884c\u300c\u5927\u8c61\u7b49\u7d1a\uff08elephant-sized\uff09\u300d\u7684\u4f75\u8cfc\u6848\u3002\u300d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E8%AA%9E\"><\/span>\u7d50\u8a9e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8cc7\u91d1\u8d8a\u591a\u8d8a\u597d\u64cd\u4f5c\uff0c\u5831\u916c\u7387\u6108\u597d\u55ce\uff1f<a href=\"https:\/\/finance.yahoo.com\/news\/warren-buffett-shares-earn-whopping-102900347.html\" target=\"_blank\" rel=\"noopener\">\u5df4\u83f2\u7279\u8aaa\u904e\u300c\u7d66\u6211\u4e00\u767e\u842c\uff0c\u6211\u53ef\u4ee5\u6bcf\u5e74\u70ba\u4f60\u8cfa50%\u3002\u55ef\uff0c\u6211\u77e5\u9053\u6211\u505a\u5f97\u5230\uff0c\u6211\u53ef\u4ee5\u4fdd\u8b49\u3002\u300d<\/a><\/p>\n\n\n\n<p>\u6295\u8cc7\u662f\u99ac\u62c9\u677e\u5f0f\u7684\u9577\u8dd1\uff0c\u4e0d\u662f\u767e\u7c73\u77ed\u8dd1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"134\" height=\"80\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2024\/12\/returnrate-Custom.jpg\" alt=\"\u6295\u8cc7\u5831\u916c\u7387\" class=\"wp-image-60693\"\/><figcaption class=\"wp-element-caption\">credit: Ideogram<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/07\/%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e6%84%88%e5%a4%a7%ef%bc%8c%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e7%9a%84%e7%a2%ba%e6%9c%83%e9%9a%a8%e6%99%82%e9%96%93%e9%99%8d%e4%bd%8e\/\">\u6295\u8cc7\u7d44\u5408\u6108\u5927\uff0c\u6295\u8cc7\u5831\u916c\u7387\u7684\u78ba\u53ef\u80fd\u6703\u96a8\u6642\u9593\u7de9\u6162\u5730\u964d\u4f4e<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/01\/25\/%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%e5%a5%bd%e4%b8%8d%e5%a5%bd%e7%9a%84%e6%aa%a2%e6%9f%a5%e6%b8%85%e5%96%ae\/\">\u6295\u8cc7\u5831\u916c\u7387\u597d\u4e0d\u597d\u7684\u6aa2\u67e5\u6e05\u55ae<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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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\/10\/%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E6%99%82%E7%9A%84%E6%95%A3%E6%88%B6%E5%8A%A3%E5%8B%A2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u7684\u52a3\u52e2<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/19\/%E6%8A%95%E8%B3%87%E8%82%A1%E5%B8%82%E6%99%82%E7%9A%84%E6%95%A3%E6%88%B6%E5%84%AA%E5%8B%A2\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6563\u6236\u6295\u8cc7\u80a1\u5e02\u7684\u512a\u52e2<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a 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