{"id":68395,"date":"2025-05-27T23:56:00","date_gmt":"2025-05-27T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=68395"},"modified":"2026-05-25T10:16:17","modified_gmt":"2026-05-25T02:16:17","slug":"%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/","title":{"rendered":"\u845b\u62c9\u6f22\u7684\u50b3\u8a18\u300a\u50f9\u503c\u6295\u8cc7\uff08Benjamin Graham on Value Investing\uff09\u300b"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%9C%AC%E6%9B%B8%E7%B0%A1%E4%BB%8B\" >\u672c\u66f8\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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E4%B8%BB%E8%A6%81%E5%85%A7%E5%AE%B9\" >\u4e3b\u8981\u5167\u5bb9<\/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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E4%BD%9C%E8%80%85%E7%8F%8D%E5%A8%9C%EF%BC%8E%E7%BE%85%E6%B8%A5\" >\u4f5c\u8005\u73cd\u5a1c\uff0e\u7f85\u6e25<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%8E%A8%E8%96%A6%E7%90%86%E7%94%B1\" >\u63a8\u85a6\u7406\u7531<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%9B%B8%E4%B8%AD%E4%B8%BB%E8%A6%81%E5%85%A7%E5%AE%B9\" >\u66f8\u4e2d\u4e3b\u8981\u5167\u5bb9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E8%91%9B%E6%8B%89%E6%BC%A2%E7%9A%84%E4%B8%80%E4%BA%9B%E7%9C%8B%E6%B3%95\" >\u845b\u62c9\u6f22\u7684\u4e00\u4e9b\u770b\u6cd5<\/a><\/li><\/ul><\/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\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF\" >\u6295\u8cc7\u751f\u6daf<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E7%B4%90%E5%8D%9A%E6%A0%BC\" >\u7d10\u535a\u683c<\/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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E9%A6%96%E6%AC%A1%E5%89%B5%E6%A5%AD\" >\u9996\u6b21\u5275\u696d<\/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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%88%90%E7%AB%8B%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E5%85%AC%E5%8F%B8\" >\u6210\u7acb\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u516c\u53f8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E7%9A%84%E7%B0%A1%E5%96%AE%E7%9B%AE%E6%A8%99\" >\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u7684\u7c21\u55ae\u76ee\u6a19<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E7%9A%84%E6%8A%95%E8%B3%87%E5%A0%B1%E9%85%AC\" >\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u7684\u6295\u8cc7\u5831\u916c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E6%8E%88%E8%AA%B2\" >\u6388\u8ab2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E8%91%97%E4%BD%9C%E5%87%BA%E7%89%88\" >\u8457\u4f5c\u51fa\u7248<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E8%B3%87%E6%96%99%E5%A4%96%E6%B4%A9\" >\u8cc7\u6599\u5916\u6d29<\/a><\/li><li 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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%E7%B5%A6%E5%A5%B3%E5%A3%AB%E6%8A%95%E8%B3%87%E7%9A%84%E5%BF%A0%E5%91%8A\" >\u7d66\u5973\u58eb\u6295\u8cc7\u7684\u5fe0\u544a<\/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\/2025\/05\/27\/%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87bejamin-graham\/#%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%9B%B8%E7%B0%A1%E4%BB%8B\"><\/span>\u672c\u66f8\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=\"%E4%B8%BB%E8%A6%81%E5%85%A7%E5%AE%B9\"><\/span>\u4e3b\u8981\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u57281996\u5e74\u51fa\u7248\u7684\u300a<a href=\"https:\/\/www.amazon.com\/Benjamin-Graham-Value-Investing-Lessons\/dp\/0140255346\" target=\"_blank\" rel=\"noopener\">\u50f9\u503c\u6295\u8cc7\uff08<em>Benjamin Graham on Value Investing<\/em>\uff09<\/a>\u300b\u4e3b\u8981\u662f\u8ac7\u5169\u4ef6\u4e8b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.amazon.com\/Benjamin-Graham-Value-Investing-Lessons\/dp\/0140255346\" target=\"_blank\" rel=\"noopener\">\u50f9\u503c\u6295\u8cc7\uff08<em>Benjamin Graham on Value Investing<\/em>\uff09<\/a>\u300b\u4e3b\u8981\u662f\u8ac7\u845b\u62c9\u6f22\u7684\u4e00\u751f\uff0c\u672c\u66f8\u4e5f\u7b49\u65bc\u662f\u845b\u62c9\u6f22\u7684\u50b3\u7d00\u3002\u6211\u8b80\u904e\u53e6\u4e00\u672c\u845b\u62c9\u6f22\u7684\u50b3\u8a18\uff0c\u6211\u500b\u4eba\u8a8d\u70ba\u9019\u4e00\u672c\u8f03\u70ba\u6709\u8da3\u3002<\/li>\n\n\n\n<li>\u845b\u62c9\u6f22\u6240\u63d0\u5021\u7684\u300c\u50f9\u503c\u6295\u8cc7\u300d\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BD%9C%E8%80%85%E7%8F%8D%E5%A8%9C%EF%BC%8E%E7%BE%85%E6%B8%A5\"><\/span>\u4f5c\u8005\u73cd\u5a1c\uff0e\u7f85\u6e25<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4f5c\u8005\u73cd\u5a1c\uff0e\u7f85\u6e25\uff08Janet Lowe\uff09\u662f\u4e00\u540d\u5df2\u904e\u4e16\u7684\u7f8e\u570b\u4f5c\u5bb6\uff0c\u5c31\u6211\u6240\u77e5\uff0c\u5979\u51fa\u7248\u904e\u5341\u591a\u672c\u66f8\u3002\u6211\u8b80\u904e\u5176\u4e2d\u7684\u56db\u672c\u66f8\u3002\u9019\u5341\u591a\u672c\u66f8\u4e3b\u8981\u7684\u7bc4\u570d\u4e3b\u8981\u662f\u4f01\u696d\u754c\u540d\u4eba\u548c\u6295\u8cc7\u9019\u5169\u5927\u9818\u57df\uff0c\u5979\u5c24\u5176\u64c5\u9577\u4f01\u696d\u548c\u540d\u4eba\uff0c\u800c\u4e14\u51fa\u7248\u904e\u4e16\u754c\u4e0a\u7b2c\u4e00\u672c\u67e5\u7406\uff0e\u8499\u683c\u7684\u50b3\u8a18\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8E%A8%E8%96%A6%E7%90%86%E7%94%B1\"><\/span>\u63a8\u85a6\u7406\u7531<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4f5c\u8005\u73cd\u5a1c\uff0e\u7f85\u6e25\u5c0d\u845b\u62c9\u6f22\uff0c\u5df4\u83f2\u7279\uff0c\u548c\u50f9\u503c\u6295\u8cc7\u6709\u6df1\u5165\u7684\u7814\u7a76\uff0c\u5beb\u4f5c\u98a8\u683c\u4e0d\u6703\u67af\u71e5\u7121\u5473\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9B%B8%E4%B8%AD%E4%B8%BB%E8%A6%81%E5%85%A7%E5%AE%B9\"><\/span>\u66f8\u4e2d\u4e3b\u8981\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u845b\u62c9\u6f22\u4e09\u672c\u91cd\u8981\u7684\u8457\u4f5c\u662f\u5982\u4f55\u8a94\u751f\u7684\uff0c\u4ee5\u53ca\u5404\u66f8\u91cd\u8981\u7684\u5167\u5bb9\u3002<\/li>\n\n\n\n<li>\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u516c\u53f8\u3002<\/li>\n\n\n\n<li>\u548c\u5df4\u83f2\u7279\u7684\u5e2b\u751f\u60c5\u8abc\u7684\u63a2\u8a0e\u3002<\/li>\n\n\n\n<li>\u845b\u62c9\u6f22\u7684\u6559\u5b78\u751f\u6daf\u3002<\/li>\n\n\n\n<li>\u845b\u62c9\u6f22\u548c\u84cb\u53ef\uff08Geico\uff09\u4fdd\u96aa\u516c\u53f8\u7684\u6df5\u6e90\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%9B%E6%8B%89%E6%BC%A2%E7%9A%84%E4%B8%80%E4%BA%9B%E7%9C%8B%E6%B3%95\"><\/span>\u845b\u62c9\u6f22\u7684\u4e00\u4e9b\u770b\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u845b\u62c9\u6f22\uff1a\u300c\u5728\u83ef\u723e\u8857\u6216\u4efb\u4f55\u5730\u65b9\uff0c\u81f4\u5bcc\u90fd\u6c92\u6709\u5fc5\u7136\u7684\u6377\u5f91\u3002\u300d<\/li>\n\n\n\n<li>\u845b\u62c9\u6f22\u5728\u5de5\u4f5c\u6642\u63a5\u89f8\u5230IBM\u516c\u53f8\uff08\u7576\u6642\u540d\u70baCTR\uff09\u7684\u79d1\u6280\u5de5\u5177\uff0c\u8a8d\u70ba\u9019\u5bb6\u5c1a\u672a\u4e0a\u5e02\u7684\u516c\u53f8\u5927\u6709\u524d\u666f\uff0c\u4f46\u53ef\u60dc\u88ab\u8001\u95c6\u6253\u4e86\u56de\u7968\u3002\u4e00\u5e74\u5f8cIBM\u516c\u53f8\u4e0a\u5e02\uff0c\u96c4\u9738\u7f8e\u80a1\u81f3\u4eca\u3002<\/li>\n\n\n\n<li>\u4e9e\u7576\uff0e\u53f2\u5bc6\u65af\uff1a\u300c\u5047\u5982\u8b49\u5238\u5206\u6790\u662f\u4e00\u7a2e\u884c\u696d\u7684\u8a71\uff0c\u5728\u9019\u4e00\u500b\u884c\u696d\u88e1\u53ea\u6709\u4e00\u4f4d\u9662\u9577\uff0c\u845b\u62c9\u6f22\u6beb\u7121\u7591\u554f\u5c31\u662f\u9662\u9577\u3002\u300d<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%94%9F%E6%B6%AF\"><\/span>\u6295\u8cc7\u751f\u6daf<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B4%90%E5%8D%9A%E6%A0%BC\"><\/span>\u7d10\u535a\u683c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u845b\u62c9\u6f22\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u7562\u696d\u5f8c\uff0c\u7d93\u7531\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u9662\u9577\u7684\u4ecb\u7d39\u52a0\u5165\u4e86\u83ef\u723e\u8857\u8457\u540d\u7684\u8b49\u5238\u7d93\u7d00\u5546\u7d10\u535a\u683c\uff08Newburger\uff09\u5de5\u4f5c\u4e86\u4e5d\u5e74\u3002\u5728\u9019\u4e00\u6bb5\u671f\u9593\u4e0d\u65b7\u5c55\u73fe\u51fa\u4ed6\u5728\u8b49\u5238\u4e0a\u7684\u904e\u4eba\u770b\u6cd5\uff0c\u5de5\u4f5c\u80fd\u529b\uff0c\u6295\u8cc7\u6210\u7e3e\uff1b\u4e26\u7372\u5f97\u8a31\u591a\u4e0a\u5e02\u516c\u53f8\u7684\u8b9a\u8cde\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u845b\u62c9\u6f22\u5e7e\u4e4e\u985b\u8986\u4e86\u4ee5\u5f80\u9019\u500b\u884c\u696d\u5206\u6790\u4e0a\u5e02\u516c\u53f8\u7684\u65b9\u5f0f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E9%A6%96%E6%AC%A1%E5%89%B5%E6%A5%AD\"><\/span>\u9996\u6b21\u5275\u696d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u845b\u62c9\u6f22\u5728\u96e2\u958b\u7d10\u535a\u683c\u5f8c\uff0c\u5ba2\u6236\u51fa\u8cc7\u8b93\u4ed6\u5275\u7acb\u81ea\u5df1\u7684\u6295\u8cc7\u516c\u53f8\u3002\u7e3d\u8cc7\u91d125\u842c\u7f8e\u91d1\uff0c\u4ed6\u7684\u5e74\u85aa\u4e00\u842c\u7f8e\u91d1\uff0c\u5ba2\u6236\u6bcf\u5e74\u56fa\u5b9a\u5206\u7d056%\uff0c\u82e5\u8cfa\u9322\u7684\u8a71\uff0c\u845b\u62c9\u6f22\u53ef\u518d\u5206\u5f97\u5176\u4e2d\u768420%\u3002\u9019\u548c\u5f8c\u4f86\u5df4\u83f2\u7279\u5408\u5925\u516c\u53f8\u7684\u5206\u6210\u65b9\u5f0f\u5b8c\u5168\u4e00\u6a23\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%88%90%E7%AB%8B%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E5%85%AC%E5%8F%B8\"><\/span>\u6210\u7acb\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u516c\u53f8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5e7e\u5e74\u5f8c\uff0c\u9019\u5bb6\u516c\u53f8\u7531\u65bc\u4e3b\u8981\u80a1\u6771\u5011\u5c0d\u65b0\u7684\u5206\u6210\u65b9\u5f0f\u610f\u898b\u4e0d\u540c\uff0c\u6e05\u7b97\u89e3\u6563\u3002\u845b\u62c9\u6f22\u65bc\u662f\u6210\u7acb\u81ea\u5df1\u7368\u8cc7\u7684\u65b0\u516c\u53f8\uff0c\u4e26\u96c7\u7528\u4e86\u540c\u73ed\u540c\u5b78\u7684\u54e5\u54e5\u7d10\u66fc\u70ba\u4ed6\u7ba1\u7406\u516c\u53f8\u3002\u4e0d\u4e45\u5f8c\uff0c\u4ed6\u767c\u73fe\u7d10\u66fc\u624d\u80fd\u904e\u4eba\uff0c\u5c0d\u516c\u53f8\u696d\u52d9\u7ba1\u7406\u5f88\u6709\u4e00\u5957\uff0c\u65bc\u662f\u845b\u62c9\u6f22\u9080\u8acb\u7d10\u66fc\u5165\u4f19\uff0c\u5169\u4eba\u5171\u540c\u6301\u80a1\u64c1\u6709\u516c\u53f8\uff0c\u9019\u5c31\u662f\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d(Graham Newman)&nbsp;\u9019\u5bb6\u516c\u53f8\u7684\u7531\u4f86\u3002<\/p>\n\n\n\n<p>\u7d10\u66fc\u5728\u516c\u53f8\u6e05\u7b97\u548c\u5957\u5229\u65b9\u9762\uff0c\u6bd4\u845b\u62c9\u6f22\u7cbe\u6e96\u660e\u5feb\u3002\u5df4\u83f2\u7279\u5f8c\u4f86\u52a0\u5165\u516c\u53f8\u6642\u4f30\u8a08\u6e05\u7b97\u548c\u5957\u5229\u5e7e\u4e4e\u662f\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u9019\u5bb6\u516c\u53f8\u7684\u4e3b\u8981\u76c8\u9918\u7684\u4f86\u6e90\uff0c\u800c\u4e14\u4e09\u5341\u5e74\u4f86\u9019\u65b9\u9762\u7684\u5229\u6f64\u81f3\u5c11\u90fd\u8d85\u904e20%\uff0c\u975e\u5e38\u4e0d\u5bb9\u6613\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\u662f\u7f8e\u570b\u653f\u754c\u548c\u6295\u8cc7\u754c\u7684\u5927\u4eba\u7269\u4f2f\u7d0d\u5fb7\u00b7\u5df4\u9b6f\u514b\uff08Bernard Baruch\uff09\u6ce8\u610f\u845b\u62c9\u6f22\u5f88\u4e45\uff0c\u5169\u4eba\u4e5f\u66fe\u7d93\u5408\u4f5c\u904e\u4e00\u4e9b\u6295\u8cc7\u6848\u3002\u4f46\u7576\u4f2f\u7d0d\u5fb7\u00b7\u5df4\u9b6f\u514b\u9080\u845b\u62c9\u6f22\u5408\u4f19\u6642\uff0c\u845b\u62c9\u6f22\u537b\u62d2\u7d55\u4e86\u3002<\/p>\n\n\n\n<p>\u4f2f\u7d0d\u5fb7\uff0e\u5df4\u9b6f\u514b\u548c\u845b\u62c9\u6f22\u898b\u9762\u6642\u90fd\u540c\u610f\u7f8e\u80a1\u6f32\u5f97\u592a\u904e\u4efd\uff0c\u5d29\u76e4\u662f\u65e9\u665a\u7684\u4e8b\u3002\u4f2f\u7d0d\u5fb7\u00b7\u5df4\u9b6f\u514b\u5728\u5927\u5d29\u76e4\u524d\u7684\u5341\u6708\u51fa\u6e05\u80a1\u7968\uff0c\u4f46\u845b\u62c9\u6f22\u5f8c\u4f86\u56de\u61b6\u4ed6\u7adf\u6c92\u628a\u9019\u8b66\u8a0a\u653e\u5fc3\u4e0a\uff0c\u4ee5\u81f3\u65bc\u4ed6\u7ba1\u7406\u7684\u8cc7\u7522\u5927\u5927\u8dcc\u8d85\u904e50%\uff0c\u9020\u6210\u845b\u62c9\u6f22\u5728\u5927\u5d29\u76e4\u671f\u9593\u7684\u75db\u82e6\u3002\u9084\u597d\u6709\u4e9b\u5ba2\u6236\u5c1a\u80fd\u652f\u6301\u4ed6\uff0c\u518d\u52a0\u4e0a\u4ed6\u548c\u7d10\u66fc\u5169\u4eba\u5805\u6301\uff0c\u624d\u4f7f\u516c\u53f8\u751f\u5b58\u4e0b\u4f86\u3002<\/p>\n\n\n\n<p>\u516c\u53f8\u4e00\u76f4\u904b\u4f5c\u52301956\u5e74\u845b\u62c9\u6f22\u9000\u4f11\u3002\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u516c\u53f8\u89e3\u6563\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E7%9A%84%E7%B0%A1%E5%96%AE%E7%9B%AE%E6%A8%99\"><\/span>\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u7684\u7c21\u55ae\u76ee\u6a19<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u5728\u5e74\u5831\u4e0a\u5beb\u8457\u8a72\u516c\u53f8\u7c21\u55ae\u7684\u71df\u904b\u76ee\u6a19\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7d93\u7531\u4ed4\u7d30\u7684\u5206\u6790\uff0c\u6211\u5011\u50c5\u6295\u8cc7\u65bc\u80a1\u7968\u5e02\u503c\u4f4e\u65bc\u771f\u5be6\u50f9\u503c\uff0c\u7279\u5225\u662f\u4f4e\u65bc\u5176\u6e05\u7b97\u50f9\u5024\u7684\u8b49\u5238\u3002<\/li>\n\n\n\n<li>\u5728\u8b49\u5238\u5e02\u5834\u4e0a\u5f9e\u4e8b\u5404\u7a2e\u5957\u5229\u53ca\u907f\u96aa\u7684\u6295\u8cc7\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5e74\u5831\u4e0a\u8aaa\uff1a\u300c\u57fa\u65bc\u4e0a\u8ff0\u7684\u7b56\u7565\uff0c\u6211\u5011\u4e26\u4e0d\u91cd\u8996\u4ee5\u500b\u80a1\u904e\u53bb\u7684\u8868\u73fe\u4f86\u9810\u6e2c\u8b49\u5238\u5e02\u5834\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8C%E8%91%9B%E6%8B%89%E6%BC%A2-%E7%B4%90%E6%9B%BC%E3%80%8D%E7%9A%84%E6%8A%95%E8%B3%87%E5%A0%B1%E9%85%AC\"><\/span>\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u7684\u6295\u8cc7\u5831\u916c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u5927\u81f4\u800c\u8a00\uff0c\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u5728\u5927\u5d29\u76e4\u90a3\u4e00\u5169\u5e74\u6295\u5831\u7387\u5f88\u5dee\uff0c\u516c\u53f8\u5dee\u9ede\u5012\u9589\u3002\u845b\u62c9\u6f22\u7fd2\u5f97\u6559\u8a13\u5f8c\uff0c\u5f9e\u6b64\u91cd\u8996\u5b89\u5168\u908a\u969b\uff0c\u878d\u8cc7\uff0c\u5404\u7a2e\u4e0b\u884c\u7684\u4fdd\u8b77\uff0c\u518d\u52a0\u4e0a\u52a0\u9ad8\u6bd4\u4f8b\u7684\u50b5\u5238\u53ca\u5206\u6563\u6295\u8cc7\u3002\u6b64\u5f8c\uff0c\u5373\u4f7f\u5728\u5f80\u5f8c\u5341\u591a\u5e74\uff0c\u7f8e\u80a1\u4f9d\u820a\u4ecd\u672a\u7531\u5927\u5d29\u76e4\u4e2d\u6062\u5fa9\u904e\u4f86\uff0c\u4f46\u300c\u845b\u62c9\u6f22-\u7d10\u66fc\u300d\u7684\u5831\u916c\u90fd\u5f88\u597d\u3002\u70ba\u9577\u671f\u5805\u6301\u4e0b\u4f86\u7684\u5ba2\u6236\u63d0\u4f9b\u4e86\u6eff\u610f\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8E%88%E8%AA%B2\"><\/span>\u6388\u8ab2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u845b\u62c9\u6f22\u6301\u7e8c\u767c\u63ee\u4ed6\u7684\u9577\u624d\uff0c\u4e26\u958b\u59cb\u65bc\u665a\u9593\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u6559\u6388\u8b49\u5238\u5206\u6790\u7684\u8ab2\u7a0b\u3002\u4ed6\u7684\u8ab2\u7a0b\u7279\u8272\u662f\u5168\u90fd\u4ee5\u7576\u6642\u73fe\u6210\u7684\u5e02\u5834\u6848\u4f8b\uff0c\u505a\u70ba\u6559\u6388\u7684\u5167\u5bb9\uff0c\u56e0\u6b64\u5438\u5f15\u4e86\u5f88\u591a\u83ef\u723e\u8857\u4eba\u58eb\u6155\u540d\u800c\u4f86\u3002<\/p>\n\n\n\n<p>\u63a5\u8457\u9664\u4e86\u5728\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u5916\uff0c\u4ed6\u4e5f\u7372\u5f97\u5f8c\u4f86\u662f\u570b\u52d9\u537f\u7684\u55ac\u6cbb\u00b7\u8212\u8332\uff08George Shultz \uff09\u7236\u89aa\u7684\u9080\u8acb\uff0c\u70ba\u7d10\u7d04\u8b49\u4ea4\u6240\u7684\u54e1\u5de5\u5728\u7d10\u7d04\u91d1\u878d\u5b78\u9662(New York Institute of Finance\uff09\u6388\u8ab2\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%91%97%E4%BD%9C%E5%87%BA%E7%89%88\"><\/span>\u8457\u4f5c\u51fa\u7248<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u7279\u5225\u503c\u5f97\u4e00\u63d0\u7684\u662f\u9676\u5fb7\u662f\u845b\u62c9\u6f22\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\u6559\u6388\u8b49\u5238\u5206\u6790\u7684\u8ab2\u7a0b\u7b2c\u4e00\u5802\u8ab2\u6642\u7684\u5b78\u751f\uff0c\u4e26\u8cac\u8a18\u9304\u6bcf\u4e00\u5802\u8ab2\u7684\u6240\u6709\u5167\u5bb9\uff0c\u9019\u4e5f\u662f\u5f8c\u4f86\u5169\u4eba\u57281934\u5e74\u5e74\u5e95\u5408\u4f5c\u51fa\u7248\u300a<a href=\"https:\/\/www.amazon.com\/Security-Analysis-Foreword-Buffett-Editions\/dp\/0071592539\" target=\"_blank\" rel=\"noopener\">\u8b49\u5238\u5206\u6790\uff08Security Analysis\uff09<\/a>\u300b\u4e00\u66f8\u7684\u7531\u4f86\u3002<\/p>\n\n\n\n<p>1936\u5e74\uff0c\u845b\u62c9\u6f22\u51fa\u7248\u4e86\u300a<a href=\"https:\/\/www.amazon.com\/Interpretation-Financial-Statements-Benjamin-Graham\/dp\/0887309135\" target=\"_blank\" rel=\"noopener\">\u8ca1\u52d9\u5831\u8868\u89e3\u8b80\uff08The Interpretation of Financial Statement<br>\uff09<\/a>\u300b\u4e00\u66f8\u3002\u9019\u662f\u4e00\u672c\u5f88\u8584\u7684\u5c0f\u66f8\uff0c\u5167\u5f88\u5f88\u7c21\u77ed\uff0c\u4f46\u5c0d\u4e00\u822c\u60f3\u8b80\u61c2\u8ca1\u52d9\u5831\u8868\u7684\u6295\u8cc7\u4eba\uff0c\u7279\u5225\u662f\u521d\u5b78\u8005\uff0c\u6703\u5f88\u6709\u52a9\u76ca\u3002<\/p>\n\n\n\n<p>1949\u5e74\u845b\u62c9\u6f22\u51fa\u7248\u300a<a href=\"https:\/\/www.amazon.com\/Intelligent-Investor-Definitive-Investing-Essentials\/dp\/0060555661\" target=\"_blank\" rel=\"noopener\">\u667a\u6167\u578b\u80a1\u7968\u6295\u8cc7\u4eba\uff08The Intelligent Investor<\/a>\uff09\u300b\u4e00\u66f8\uff0c\u6b64\u66f8\u53ef\u8aaa\u662f\u300a\u8b49\u5238\u5206\u6790\uff08Security Analysis\uff09\u300b\u4e00\u66f8\u7684\u7c21\u6377\u7248\u672c\uff0c\u4e00\u822c\u4eba\u63a5\u53d7\u5ea6\u8f03\u9ad8\uff0c\u4e0d\u50cf\u300a\u8b49\u5238\u5206\u6790\uff08Security Analysis\uff09\u300b\u4e00\u66f8\u8271\u6df1\u96e3\u61c2\u3002\u9019\u4e5f\u662f\u5960\u5b9a\u845b\u62c9\u6f22\u5728\u4e00\u822c\u4eba\u5fc3\u4e2d\u662f\u8b49\u5238\u6295\u8cc7\u4e4b\u7236\u7684\u8457\u4f5c\u3002&nbsp;<\/p>\n\n\n\n<p>\u845b\u62c9\u6f22\u5f8c\u4f86\u4e5f\u51fa\u7248\u4e86\u5169\u672c\u548c\u7d93\u6fdf\u76f8\u95dc\u7684\u66f8\uff0c\u53ea\u662f\u6c92\u6709\u4e0a\u9762\u6240\u5217\u7684\u4e09\u672c\u77e5\u540d\u3002\u5176\u4e2d\u4e00\u672c\u66f8\u7684\u5167\u5bb9\u88e1\u7684\u770b\u6cd5\uff0c\u751a\u81f3\u65bc\u548c\u51f1\u56e0\u65af\u4e0d\u540c\uff0c\u51f1\u56e0\u65af\u9084\u4f86\u4fe1\u8868\u7b54\u4ed6\u5c0d\u66f8\u4e2d\u770b\u6cd5\u7684\u4e0d\u540c\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%96%99%E5%A4%96%E6%B4%A9\"><\/span>\u8cc7\u6599\u5916\u6d29<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u845b\u62c9\u6f22\u548c\u516c\u53f8\u6700\u8cc7\u6df1\u7684\u54e1\u5de5\u6c83\u723e\u7279\u00b7\u65bd\u6d1b\u65af\uff08Walter\u3000Schloss\uff09\u7686\u900f\u9732\uff0c\u56e0\u70ba\u7121\u610f\u9593\u548c\u670b\u53cb\u5403\u98ef\u6642\u6216\u8ac7\u8a71\u7b49\u5834\u5408\u63d0\u5230\u516c\u53f8\u7684\u6295\u8cc7\u7d44\u5408\uff1b\u9020\u6210\u9019\u4e9b\u80a1\u7968\u7684\u50f9\u683c\u7a81\u7136\u88ab\u62ac\u9ad8\uff0c\u4f7f\u516c\u53f8\u7121\u6cd5\u518d\u6309\u539f\u5148\u8a08\u5283\u8cb7\u5165\u3002\u81ea\u6b64\u5f8c\uff0c\u845b\u62c9\u6f22\u548c\u516c\u53f8\u54e1\u5de5\u7686\u56b4\u683c\u9650\u5236\uff0c\u4e0d\u5728\u4efb\u4f55\u5834\u5408\u63d0\u5230\u4efb\u4f55\u516c\u53f8\u6240\u6295\u8cc7\u7684\u80a1\u7968\u540d\u7a31\u3002\u9019\u6a23\u7684\u6559\u8a13\uff0c\u5df4\u83f2\u7279\u5f8c\u4f86\u5728\u5df4\u83f2\u7279\u5408\u4f19\u516c\u53f8\u6210\u7acb\u5f8c\uff0c\u4e5f\u5403\u904e\u985e\u4f3c\u7684\u8667\uff1b\u56e0\u6b64\u4e0d\u518d\u8ac7\u8ad6\u516c\u53f8\u4ea4\u6613\u4e2d\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%A6%E5%A5%B3%E5%A3%AB%E6%8A%95%E8%B3%87%E7%9A%84%E5%BF%A0%E5%91%8A\"><\/span>\u7d66\u5973\u58eb\u6295\u8cc7\u7684\u5fe0\u544a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1952\u5e74\uff0c\u845b\u62c9\u6f22\u7232\u5973\u58eb\uff08Mademoiselle\uff09\u96dc\u8a8c\u7b56\u5283\u4e86\u300c\u59b3\u5982\u4f55\u958b\u59cb\u6295\u8cc7\u300d\u7684\u5c08\u6b04\u3002\u4ed6\u4ee5\u4e00\u7a2e\u8b19\u865b\u4f46\u53c8\u5be6\u969b\u7684\u7b46\u89f8\u5beb\u9053\uff1a\u300c\u5728\u8cfc\u8cb7\u65e5\u5e38\u7528\u54c1\u6642\uff0c\u5973\u6027\u5c0d\u65bc\u8ca1\u52d9\u7684\u904b\u7528\u7c21\u76f4\u5c31\u662f\u500b\u5929\u624d\uff0c&#8230;\u5982\u679c\u59b3\u8981\u8cb7\u80a1\u7968\uff0c\u4e0d\u59a8\u5c31\u62b1\u6301\u8457\u9019\u7a2e\u8cfc\u8cb7\u96dc\u8ca8\u7684\u65b9\u5f0f\u3002\u5207\u8a18\uff0c\u4e0d\u8981\u5728\u6b64\u6642\u9732\u51fa\u59b3\u5728\u8cfc\u8cb7\u5316\u599d\u54c1\u6642\u7684\u672c\u6027\u3002\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"90\" height=\"138\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2025\/08\/Benjamin-Graham-on-Value-Investing-Custom.jpg\" alt=\"\u50f9\u503c\u6295\u8cc7\" class=\"wp-image-68400\"\/><\/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\/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><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/05\/24\/%e8%82%a1%e5%b8%82%e5%a4%a7%e4%ba%a8%e9%96%8b%e8%ac%9bbuffett-speaks\/\">\u300a\u80a1\u5e02\u5927\u4ea8\u958b\u8b1b\uff0c\u80a1\u795e\u5df4\u83f2\u7279\uff08Warren Buffett Speaks\uff09\u300b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/04\/13\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%82%b3%e6%b0%b8%e6%81%86%e7%9a%84%e5%83%b9%e5%80%bc\/\">\u300a\u6c38\u6046\u7684\u50f9\u503c\uff08Of Permanent Value\uff09\u300b<\/a><\/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\/06\/16\/%e5%93%a5%e5%80%ab%e6%af%94%e4%ba%9e%e5%95%86%e5%ad%b8%e9%99%a2%e7%b6%93%e5%85%b8%e6%a1%88%e4%be%8b%e5%b7%b4%e8%8f%b2%e7%89%b9\/\">\u66b8\u89e3\u5df4\u83f2\u7279\u7684\u5165\u9580\u66f8\u300a\u54e5\u502b\u6bd4\u4e9e\u5546\u5b78\u9662\u7d93\u5178\u6848\u4f8b\uff0c\u5df4\u83f2\u7279\uff08Warren Buffett: Investor and Entrepreneur\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/27\/%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E6%8A%95%E8%B3%87%E5%8E%9F%E5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5df4\u83f2\u7279\u5408\u4f19\u516c\u53f8\u5e74\u4ee3\u50b3\u7d00\u300a\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u539f\u5247\uff08Warren Buffett&#8217;s Ground Rules\uff09<\/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\/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\/2022\/12\/07\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e6%8a%95%e8%b3%87%e6%83%b3%e6%b3%95%e7%9a%84\/\">\u5df4\u83f2\u7279\u662f\u5982\u4f55\u767c\u6398\u6295\u8cc7\u60f3\u6cd5\u7684\uff1f<\/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\n\n\n<li>\u300a<a 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 href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2023\/07\/26\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%94%9f%e5%b9%b3%e7%9a%84%e7%ac%ac%e4%b8%80%e6%ac%a1%e9%9b%bb%e8%a6%96%e5%b0%88%e8%a8%aa\/\">\u5df4\u83f2\u7279\u751f\u5e73\u7684\u7b2c\u4e00\u6b21\u96fb\u8996\u5c08\u8a2a<\/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<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul 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