{"id":68481,"date":"2025-09-28T23:56:00","date_gmt":"2025-09-28T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=68481"},"modified":"2025-10-09T10:46:57","modified_gmt":"2025-10-09T02:46:57","slug":"%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/","title":{"rendered":"\u300a\u5927\u8ce3\u7a7a\uff08The Big Short\uff09\u300b"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 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\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%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\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%E7%89%87%E5%90%8D\" >\u7247\u540d<\/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\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%E8%A9%95%E5%83%B9\" >\u8a55\u50f9<\/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\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%E6%8E%A8%E8%96%A6%E5%8E%9F%E5%9B%A0\" >\u63a8\u85a6\u539f\u56e0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%E5%85%A7%E5%AE%B9%E6%A6%82%E8%BF%B0\" >\u5167\u5bb9\u6982\u8ff0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%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-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%E7%B5%90%E5%B1%80\" >\u7d50\u5c40<\/a><\/li><\/ul><\/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\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/#%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=\"%E7%89%87%E5%90%8D\"><\/span>\u7247\u540d<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a<a href=\"https:\/\/www.imdb.com\/title\/tt1596363\/?ref_=fn_all_ttl_1\" target=\"_blank\" rel=\"noopener\">\u5927\u8ce3\u7a7a\uff08The Big Short\uff09<\/a>\u300b\u662f\u4e00\u90e8\u65bc2015\u5e74\u7684\u7f8e\u570b\u96fb\u5f71\uff0c\u9019\u90e8\u96fb\u5f71\u6539\u7de8\u81ea\u9ea5\u53ef\uff0e\u5289\u6613\u65af\uff08Michael Lewis\uff092010 \u5e74\u51fa\u7248\u7684\u300a\u5927\u7a7a\u982d\uff08&nbsp;<em>The Big Short: Inside the Doomsday Machine<\/em>\uff09\u300b\u4e00\u66f8\uff0c\u8b1b\u8ff0\u4e862008 \u5e74\u91d1\u878d\u5371\u6a5f\u662f\u5982\u4f55\u7531\u7f8e\u570b\u623f\u5730\u7522\u6ce1\u6cab\u5f15\u767c\u7684\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A9%95%E5%83%B9\"><\/span>\u8a55\u50f9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u300a<a href=\"https:\/\/www.imdb.com\/title\/tt1596363\/?ref_=fn_all_ttl_1\" target=\"_blank\" rel=\"noopener\">\u5927\u8ce3\u7a7a\uff08The Big Short\uff09<\/a>\u300b\u9019\u90e8\u5f71\u7247\u53d7\u5230\u4e86\u5404\u754c\u4e00\u81f4\u7684\u597d\u8a55\uff0c\u672c\u7247\u69ae\u7372\u5967\u65af\u5361\u6700\u4f73\u6539\u7de8\u5287\u672c\u734e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8E%A8%E8%96%A6%E5%8E%9F%E5%9B%A0\"><\/span>\u63a8\u85a6\u539f\u56e0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5167\u5bb9\u7dca\u6e4a\uff0c\u5287\u60c5\u7cbe\u5f69\uff0c\u6263\u4eba\u5fc3\u5f26\u3002\u662f\u66b8\u89e32008 \u5e74\u91d1\u878d\u5371\u6a5f\u7684\u6700\u4f73\u96fb\u5f71\u3002<\/li>\n\n\n\n<li>\u900f\u904e\u5287\u4e2d\u7684\u60c5\u7bc0\uff0c\u4e0d\u6642\u7a7f\u63d2\u5c08\u6709\u91d1\u878d\u540d\u8a5e\u7684\u8aaa\u660e\uff0c\u89c0\u773e\u53ef\u4ee5\u5b78\u5230\u4e0d\u5c11\u7684\u91d1\u878d\u77e5\u8b58\uff0c\u5f88\u5bb9\u6613\u5feb\u901f\u878d\u5165\u5287\u60c5\u3002<\/li>\n\n\n\n<li>\u8a31\u591a\u548c2008 \u5e74\u91d1\u878d\u5371\u6a5f\u7684\u76f8\u95dc\u4eba\u7269\u751a\u81f3\u9084\u73fe\u8eab\u96fb\u5f71\u4e2d\uff0c\u6f14\u51fa\u81ea\u5df1\u3002<\/li>\n\n\n\n<li>\u5e03\u840a\u5fb7\u5f7c\u7279\u4e00\u770b\u5230\u9019\u672c\u539f\u8457\u5c0f\u8aaa\u6642\uff0c\u5fc3\u4e2d\u5c31\u6709\u9748\u611f\u5c07\u5b83\u6539\u7de8\u6210\u96fb\u5f71\u4e00\u5b9a\u6703\u5927\u8ce3\u3002\u56e0\u6b64\u5e03\u840a\u5fb7\u5f7c\u7279\u7acb\u5373\u5411\u9ea5\u53ef\uff0e\u5289\u6613\u65af\u6d3d\u8cfc\u4e86\u5287\u672c\uff0c\u4e26\u4e14\u5f88\u5feb\u5730\u627e\u5230\u8cc7\u91d1\u548c\u6f14\u54e1\uff0c\u9019\u4e5f\u662f\u70ba\u4f55\u672c\u7247\u53ef\u4ee5\u5f88\u5feb\u958b\u62cd\uff0c\u4e26\u4e14\u80fd\u5920\u627e\u5230\u8a31\u591a\u51fa\u8272\u7684\u6f14\u54e1\u5728\u672c\u7247\u4e2d\u6f14\u51fa\u7684\u6700\u5927\u539f\u56e0\u3002<\/li>\n\n\n\n<li>\u5e03\u840a\u5fb7\u5f7c\u7279\u4e0d\u53ea\u5229\u7528\u4ed6\u81ea\u5df1\u7684\u5f71\u97ff\u529b\uff0c\u4eba\u8108\uff0c\u8cc7\u91d1\uff1b\u800c\u4e14\u81ea\u5df1\u4e5f\u5728\u7247\u4e2d\u626e\u6f14\u4e86\u4e00\u500b\u95dc\u9375\u7684\u4eba\u7269\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%85%A7%E5%AE%B9%E6%A6%82%E8%BF%B0\"><\/span>\u5167\u5bb9\u6982\u8ff0<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>\u9019\u90e8\u96fb\u5f71\u7531\u4e09\u500b\u7368\u7acb\u4f46\u540c\u6642\u767c\u751f\u7684\u6545\u4e8b\u7d44\u6210\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Scion Capital\uff1a\u5c0d\u6c96\u57fa\u91d1\u7d93\u7406\u4eba\u9ea5\u53ef\u2027\u4f2f\u91cc\uff08Michael Burry \uff09\u767c\u73fe\uff0c\u5efa\u7acb\u5728\u9ad8\u98a8\u96aa\u6b21\u7d1a\u8cb8\u6b3e\u57fa\u790e\u4e0a\u7684\u7f8e\u570b\u623f\u5730\u7522\u5e02\u5834\u6975\u4e0d\u7a69\u5b9a\u3002\u7531\u65bc\u9810\u8a08\u53ef\u8abf\u5229\u7387\u62b5\u62bc\u8cb8\u6b3e\u7684\u5229\u7387\u5c07\u5728 2007 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e0a\u5347\uff0c\u5e02\u5834\u5c07\u5d29\u6f70\uff0c\u56e0\u6b64\u4ed6\u5efa\u7acb\u4e00\u500b\u4fe1\u7528\u9055\u7d04\u6389\u671f(CDS) \u5e02\u5834\uff0c\u8b93\u4ed6\u53ef\u4ee5\u505a\u7a7a\u57fa\u65bc\u5e02\u5834\u7684\u62b5\u62bc\u8cb8\u6b3e\u652f\u6301\u8b49\u5238\u4f86\u7372\u5229\u3002<\/li>\n\n\n\n<li>FrontPoint Partners\uff1a\u8cc8\u91cc\u5fb7\u00b7\u6587\u5167\u7279\uff08Jared Vennett\uff09\u662f\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u9ad8\u7ba1\u3002\u4ed6\u5229\u7528\u81ea\u5df1\u7684\u91cf\u5316\u5206\u6790\u4f86\u9a57\u8b49\u9ea5\u53ef\u2027\u4f2f\u91cc\u5f88\u53ef\u80fd\u662f\u5c0d\u7684\uff0c\u65bc\u662f\u4ed6\u6c7a\u5b9a\u9032\u5165\u5e02\u5834\u4e26\u89aa\u81ea\u8cfc\u8cb7 CDS\u3002\u7136\u800c\uff0c\u7531\u65bc\u6bcf\u6708\u4fdd\u8cbb\u8f03\u9ad8\uff0c\u4ed6\u5e0c\u671b\u900f\u904e\u51fa\u552e CDS \u4f86\u6e1b\u5c11\u6301\u5009\u898f\u6a21\u3002<\/li>\n\n\n\n<li>Brownfield Fund\uff1a\u67e5\u7406\u84cb\u52d2 (Charlie Geller) \u548c\u5091\u7c73\u5e0c\u666e\u5229 (Jamie Shipley) \u7121\u610f\u4e2d\u5728\u6469\u6839\u5927\u901a\u5927\u5ef3\u7684\u5496\u5561\u684c\u4e0a\u767c\u73fe\u4e86\u8cc8\u91cc\u5fb7\u00b7\u6587\u5167\u7279\u7684\u71df\u92b7\u5c55\u793a\u3002\u7531\u65bc\u8cc7\u672c\u4f4e\u65bc\u4ea4\u6613\u6240\u9700\u7684\u8cc7\u672c\u9580\u6abb\uff0c\u4ed6\u5011\u5c0b\u6c42\u4ed6\u4eba\u7684\u5e6b\u52a9\u3002\u7576\u50b5\u5238\u50f9\u503c\u548c CDO \u5728\u9055\u7d04\u7684\u60c5\u6cc1\u4e0b\u4ecd\u7136\u4e0a\u6f32\u6642\uff0c\u67e5\u7406\u84cb\u52d2\u61f7\u7591\u9280\u884c\u5b58\u5728\u6b3a\u8a50\u884c\u70ba\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B5%90%E5%B1%80\"><\/span>\u7d50\u5c40<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u8cc8\u91cc\u5fb7\u00b7\u97cb\u5167\u7279 (Jared Vennett) \u56e0\u5176 CDS \u6240\u7372\u5229\u6f64\u800c\u7372\u5f97 4700 \u842c\u7f8e\u5143\u7684\u734e\u91d1\u3002\u99ac\u514b\u00b7\u9b91\u59c6 (Mark Ba\u200b\u200bum) \u5728\u91d1\u878d\u5371\u6a5f\u7684\u885d\u64ca\u4e0b\u8b8a\u5f97\u66f4\u52a0\u5bec\u5bb9\uff0c\u4ed6\u7684\u54e1\u5de5\u7e7c\u7e8c\u7d93\u71df\u4ed6\u5011\u7684\u57fa\u91d1\u3002\u67e5\u7406\u84cb\u52d2 (Charlie Geller) \u548c\u5091\u7c73\u5e0c\u666e\u5229 (Jamie Shipley) \u5728\u8d77\u8a34\u8a55\u7d1a\u6a5f\u69cb\u5931\u6557\u5f8c\u5206\u9053\u63da\u9463\uff0c\u5091\u7c73\u4ecd\u7136\u7ba1\u7406\u8457\u57fa\u91d1\uff0c\u800c\u67e5\u7406\u5247\u642c\u5230\u590f\u6d1b\u7279\u5efa\u7acb\u5bb6\u5ead\u3002\u672c\u00b7\u91cc\u514b\u7279 (Ben Rickert) \u91cd\u8fd4\u5e73\u975c\u7684\u9000\u4f11\u751f\u6d3b\u3002\u5728\u516c\u773e\u7684\u5f37\u70c8\u53cd\u5c0d\u548c\u591a\u6b21\u63a5\u53d7\u570b\u7a05\u5c40\u5be9\u8a08\u5f8c\uff0c\u9081\u514b\u723e\u00b7\u4f2f\u91cc\u95dc\u9589\u4e86\u4ed6\u7684\u57fa\u91d1\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"90\" height=\"133\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2025\/05\/The_Big_Short-Custom.jpg\" alt=\"\u5927\u8ce3\u7a7a\" class=\"wp-image-68483\"\/><\/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\/06\/04\/%e5%92%8c%e6%8a%95%e8%b3%87%e6%9c%89%e9%97%9c%e7%9a%84%e5%8d%81%e5%a4%a7%e8%82%a1%e5%b8%82%e9%9b%bb%e5%bd%b1\/\">\u548c\u6295\u8cc7\u6709\u95dc\u7684\u5341\u5927\u80a1\u5e02\u96fb\u5f71<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/06\/%e7%be%8e%e5%9c%8b%e6%94%bf%e5%ba%9c%e5%85%a5%e8%82%a1%e7%9a%84%e4%bc%81%e6%a5%ad%e8%82%a1%e5%83%b9%e8%a1%a8%e7%8f%be%e5%a6%82%e4%bd%95%ef%bc%9f\/\">\u7f8e\u570b\u653f\u5e9c\u5165\u80a1\u7684\u4f01\u696d\uff0c\u80a1\u50f9\u8868\u73fe\u5982\u4f55\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/09\/28\/%e3%80%8a%e5%a4%a7%e8%b3%a3%e7%a9%ba%ef%bc%88the-big-short%ef%bc%89%e3%80%8b\/\">\u5927\u8ce3\u7a7a\uff08The Big Short\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/08\/14\/%e3%80%8a%e5%a4%a7%e5%88%b0%e4%b8%8d%e8%83%bd%e5%80%92%e3%80%8b\/\">\u300a\u5927\u5230\u4e0d\u80fd\u5012\uff08Too Big To Fall\uff09\u300b-2008\u5e74\u91d1\u878d\u98a8\u66b4\u6700\u4f73\u5165\u9580<\/a>\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/06\/22\/%e3%80%8a%e9%bb%91%e9%87%91%e9%a2%a8%e6%9a%b4inside-job%e3%80%8b\/\">\u300a\u9ed1\u91d1\u98a8\u66b4(Inside Job)\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/10\/08\/%e6%8a%95%e8%b3%87%e9%8a%80%e8%a1%8c%e4%b9%8b%e7%8e%8b%e6%91%a9%e6%a0%b9%e5%a3%ab%e4%b8%b9%e5%88%a9\/\">\u6295\u8cc7\u9280\u884c\u4e4b\u738b\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/07\/12\/%E5%85%A8%E7%90%83%E6%9C%80%E5%A4%A7%E9%8A%80%E8%A1%8C%E6%91%A9%E6%A0%B9%E5%A4%A7%E9%80%9A\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5168\u7403\u6700\u5927\u9280\u884c\u6469\u6839\u5927\u901a\uff08JPMorgan Chase\uff09\u662f\u5982\u4f55\u8cfa\u9322\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2024\/07\/18\/%E5%A4%A7%E5%88%B0%E4%B8%8D%E8%83%BD%E5%80%92%E7%9A%84%E7%BE%8E%E5%9C%8B%E9%8A%80%E8%A1%8C\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5927\u5230\u4e0d\u80fd\u5012\u7684\u7f8e\u570b\u9280\u884c\uff08Bank of America\uff09<\/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\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/17\/%E6%9B%BE%E7%B6%93%E5%B7%B4%E8%8F%B2%E7%89%B9%E5%92%8C%E8%92%99%E6%A0%BC%E9%83%BD%E8%AE%9A%E8%AD%BD%E6%9C%89%E4%BD%B3%E7%9A%84%E9%87%8D%E8%A6%81%E6%8C%81%E8%82%A1%E5%AF%8C%E5%9C%8B%E9%8A%80%E8%A1%8C\/\">\u5bcc\u570b\u9280\u884c\u5982\u4f55\u8cfa\u9322\uff1f\u66fe\u7d93\u5df4\u83f2\u7279\u548c\u8499\u683c\u90fd\u8b9a\u8b7d\u6709\u52a0\u7684\u91cd\u8981\u6301\u80a1<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/04\/30\/%E4%BB%80%E9%BA%BC%E5%9B%A0%E7%B4%A0%E9%80%A0%E6%88%90%E8%8A%B1%E6%97%97%E6%94%BE%E6%A3%8413%E5%9C%8B%E7%9A%84%E9%9B%B6%E5%94%AE%E9%8A%80%E8%A1%8C%E6%A5%AD%E5%8B%99\/\">\u4ec0\u9ebc\u56e0\u7d20\u9020\u6210\u82b1\u65d7\uff08Citigroup\uff09\u653e\u68c413\u570b\u7684\u96f6\u552e\u9280\u884c\u696d\u52d9<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/09\/09\/%E8%8A%B1%E6%97%97%E9%9B%86%E5%9C%98\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u8d70\u4e0b\u5761\u4f01\u696d\u7684\u4ee3\u8868\u82b1\u65d7\u96c6\u5718\uff08Citigroup\uff09<\/a>\u300b<\/li>\n<\/ul>\n\n\n\n<p class=\"has-normal-font-size\"><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n\n\n\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u300a\u5927\u8ce3\u7a7a\uff08The Big Short\uff09\u300b\u9019\u90e8\u5f71\u7247\u53d7\u5230\u4e86\u5404\u754c\u4e00\u81f4\u7684\u597d\u8a55\uff0c\u672c\u7247\u69ae\u7372\u5967\u65af\u5361\u6700\u4f73\u6539\u7de8\u5287\u672c\u734e\u3002\u5167\u5bb9\u7dca\u6e4a\uff0c\u5287\u60c5\u7cbe\u5f69\uff0c\u6263\u4eba\u5fc3\u5f26\u3002\u662f\u66b8\u89e32008 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