{"id":75750,"date":"2025-12-08T23:56:00","date_gmt":"2025-12-08T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=75750"},"modified":"2026-02-24T00:49:48","modified_gmt":"2026-02-23T16:49:48","slug":"%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/","title":{"rendered":"\u300a\u6210\u9577\u80a1\u7684\u6295\u8cc7\u4e4b\u9053\uff08Investing for growth\uff09\u300b"},"content":{"rendered":"\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\" 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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E6%9C%AC%E6%9B%B8%E4%BD%9C%E8%80%85\" >\u672c\u66f8\u4f5c\u8005<\/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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E6%8E%A8%E8%96%A6%E6%9C%AC%E6%9B%B8%E7%9A%84%E7%90%86%E7%94%B1\" >\u63a8\u85a6\u672c\u66f8\u7684\u7406\u7531<\/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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E6%9C%AC%E6%9B%B8%E5%85%A7%E5%AE%B9\" >\u672c\u66f8\u5167\u5bb9<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E4%BD%9C%E8%80%85%E7%9A%84%E6%8A%95%E8%B3%87%E7%B8%BE%E6%95%88\" >\u4f5c\u8005\u7684\u6295\u8cc7\u7e3e\u6548<\/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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5%E5%92%8C%E6%96%B9%E6%B3%95\" >\u6295\u8cc7\u7b56\u7565\u548c\u65b9\u6cd5<\/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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%92%8C%E5%B0%88%E6%B3%A8%E9%A0%98%E5%9F%9F\" >\u6295\u8cc7\u7d44\u5408\u548c\u5c08\u6ce8\u9818\u57df<\/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\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/#%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%E4%BD%9C%E8%80%85\"><\/span>\u672c\u66f8\u4f5c\u8005<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u300a<a href=\"https:\/\/www.amazon.com\/Investing-Growth-companies-anthology-investment\/dp\/0857199013\" target=\"_blank\" rel=\"noopener\">\u6210\u9577\u80a1\u7684\u6295\u8cc7\u4e4b\u9053\uff08Investing for growth\uff09<\/a>\u300b\u7684\u4f5c\u8005\u662f\u7279\u91cc\u00b7\u53f2\u5bc6\u65af (Terry Smith)\uff0c\u6211\u66fe\u5728\u90e8\u843d\u683c\u88e1\u4ecb\u7d39\u904e\u4ed6\u7684\u4e00\u7bc7\u6587\u7ae0\uff0c\u8a73\u898b\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/11\/22\/%e6%8a%bc%e6%b3%a8%e4%bd%94%e5%84%aa%e5%8b%a2%e8%80%85%ef%bc%8c%e4%b8%8d%e8%a6%81%e9%a0%90%e6%b8%ac\/\">\u62bc\u6ce8\u4f54\u512a\u52e2\u8005\uff0c\u4e0d\u8981\u9810\u6e2c<\/a>\u300b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8E%A8%E8%96%A6%E6%9C%AC%E6%9B%B8%E7%9A%84%E7%90%86%E7%94%B1\"><\/span>\u63a8\u85a6\u672c\u66f8\u7684\u7406\u7531<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5e02\u9762\u4e0a\u5c08\u9580\u70ba\u6210\u9577\u6295\u8cc7\u5beb\u7684\u66f8\u672c\u4f86\u5c31\u4e0d\u591a\uff0c\u5beb\u7684\u4e0d\u5dee\u7684\u90a3\u5c31\u66f4\u5c11\u4e86\uff0c\u672c\u66f8\u7b97\u662f\u5728\u6c34\u6e96\u4ee5\u4e0a\u3002\u6211\u500b\u4eba\u70ba\u8b80\u8005\u8a73\u6574\u7406\u4e86\u5e7e\u672c\u6210\u9577\u80a1\u6295\u8cc7\u66f8\u7c4d\uff0c\u6709\u8208\u8da3\u7684\u4eba\uff0c\u8acb\u76f4\u63a5\u9ede\u9078\u6b64\u8655\u7684<a href=\"https:\/\/granitefirm.com\/investing\/reference\/growthinvestingbooks.html\" target=\"_blank\" rel=\"noopener\">\ud83d\udcda\u6210\u9577\u80a1\u6295\u8cc7\u66f8\u7c4d\u63a8\u85a6<\/a>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%9C%AC%E6%9B%B8%E5%85%A7%E5%AE%B9\"><\/span>\u672c\u66f8\u5167\u5bb9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E4%BD%9C%E8%80%85%E7%9A%84%E6%8A%95%E8%B3%87%E7%B8%BE%E6%95%88\"><\/span>\u4f5c\u8005\u7684\u6295\u8cc7\u7e3e\u6548<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4f5c\u8005\u662f\u82f1\u570bFundsmith\u80a1\u7968\u57fa\u91d1\u7684\u7d93\u7406\uff0cFundsmith\u57fa\u91d1\u7684\u696d\u7e3e\u8868\u73fe\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2010\u5e74\u81f32021\u5e74\uff0c10\u5e74\u7684\u5e74\u5316\u5831\u916c\u7387\uff08IRR\uff09\u70ba18.4%\uff0c\u800cMSCI\u540c\u671f\u70ba11.6%&#8211;\u672c\u66f8\u4e3b\u8981\u5728\u8ac7\u9019\u4e00\u90e8\u4efd\u3002\u6295\u8cc7\u5354\u6703\u7684\u5168\u7403\u985e\u80a1\u5305\u542b270\u6a94\u57fa\u91d1\uff0c\u57fa\u91d1\u5728\u904e\u53bb\u4e94\u5e74\u4e2d\u8868\u73fe\u6392\u540d\u7b2c\u4e09\u3002<\/li>\n\n\n\n<li>\u6211\u7684\u88dc\u5145\u8aaa\u660e\uff1a\u622a\u81f32025\u5e7410\u670831\u65e5\uff0c2025\u5e74\u5e74\u521d\u81f3\u4eca\uff08\u622a\u81f310\u670831\u65e5\uff09\uff1a+3.3%\uff0c2024\u5e74\u5168\u5e74\uff1a+1.0%\uff08\u8a3b\uff1a\u4e0d\u540c\u4efd\u984d\u985e\u5225\u7565\u6709\u5dee\u7570\uff09\uff0c\u81ea\u6210\u7acb\uff082010\u5e7411\u6708\uff09\u81f32025\u5e7410\u670831\u65e5\uff0c\u5e74\u5316\u5831\u916c\u7387\uff1a+14.0%\u3002<\/li>\n\n\n\n<li>Fundsmith\u80a1\u7968\u57fa\u91d1\u81ea\u6210\u7acb\uff082010\u5e7411\u6708\uff09\u81f32025\u5e7410\u670831\u65e5\u5171\u5341\u4e94\u5e74\uff0c\u5e74\u5316\u5831\u916c\u738714.0%\u96d6\u7136\u5df2\u7d93\u6bd42010\u5e74\u81f32021\u5e74\u6642\u768418.4%\u4e0b\u6ed1\u4e0d\u5c11\uff0c\u4f46\u4ee5\u80a1\u7968\u57fa\u91d1\u800c\u8a00\uff0c\u7b97\u662f\u975e\u5e38\u51fa\u8272\u7684\u6210\u7e3e\uff08\u8acb\u6ce8\u610f\uff0c\u662f\u9023\u7e8c15\u5e74\u7684\u6210\u7e3e\uff0c\u4e0d\u662f3\u62165\u5e74\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5%E5%92%8C%E6%96%B9%E6%B3%95\"><\/span>\u6295\u8cc7\u7b56\u7565\u548c\u65b9\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4f5c\u8005\u5728\u66f8\u4e2d\u6240\u63d0\u7684\uff0cFundsmith\u80a1\u7968\u57fa\u91d1\u7684\u300c\u5341\u5927\u6295\u8cc7\u539f\u5247\u300d\u503c\u5f97\u4e00\u8b80\u3002<\/p>\n\n\n\n<p>Fundsmith\u57fa\u91d1\u53ea\u6295\u8cc7\u7b26\u5408\u4ee5\u4e0b\u6a19\u6e96\u7684\u516c\u53f8\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9ad8\u6de8\u8cc7\u7522\u6536\u76ca\u7387 (ROE)<\/li>\n\n\n\n<li>\u90e8\u5206\u6216\u5168\u90e8\u5229\u6f64\u8f49\u5316\u70ba\u73fe\u91d1<\/li>\n\n\n\n<li>\u66f4\u9ad8\u7684\u5229\u6f64\u7387<\/li>\n\n\n\n<li>\u6578\u5341\u5e74\u4f86\u4fdd\u6301\u7d93\u6fdf\u97cc\u6027\u7684\u826f\u597d\u8a18\u9304\u8005<\/li>\n<\/ul>\n\n\n\n<p>Fundsmith \u7684\u57fa\u672c\u6295\u8cc7\u6b65\u9a5f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6295\u8cc7\u512a\u79c0\u7684\u516c\u53f8<\/li>\n\n\n\n<li>\u7d55\u4e0d\u652f\u4ed8\u904e\u9ad8\u7684\u50f9\u683c<\/li>\n\n\n\n<li>\u7b49\u5f85\u6a5f\u6703<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%E5%92%8C%E5%B0%88%E6%B3%A8%E9%A0%98%E5%9F%9F\"><\/span>\u6295\u8cc7\u7d44\u5408\u548c\u5c08\u6ce8\u9818\u57df<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Fundsmith\u7684\u6295\u8cc7\u7d44\u5408\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u66f4\u50be\u5411\u65bc\u71df\u904b\u73fe\u91d1\u6d41\u91cf\u800c\u975e\u672c\u76ca\u6bd4\uff0c\u5e73\u5747\u672c\u76ca\u6bd4\u70ba21\uff0c\u800cMSCI\u5168\u7403\u6307\u6578\u70ba19<\/li>\n\n\n\n<li>\u6de8\u8cc7\u7522\u6536\u76ca\u7387\uff08ROE\uff09\u70ba34%\uff0c\u800c\u6a19\u666e500\u6307\u6578\u975e\u91d1\u878d\u677f\u584a\u7684\u6de8\u8cc7\u7522\u6536\u76ca\u7387\u70ba19%<\/li>\n\n\n\n<li>\u6536\u76ca\u7387\u70ba2.3%<\/li>\n\n\n\n<li>\u6295\u8cc7\u7684\u516c\u53f8\u6578\u91cf\u5c11\u65bc30\u5bb6<\/li>\n<\/ul>\n\n\n\n<p>Fundsmith\u5c08\u6ce8\u65bc\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u96c6\u4e2d\u6295\u8cc7\uff0c\u5927\u591a\u6578\u570b\u5bb6\u7684\u5927\u591a\u6578\u57fa\u91d1\u7d93\u7406\u4eba\u6301\u6709\u7684\u516c\u53f8\u6578\u91cf\u4e0d\u8d85\u904e25\u5bb6<\/li>\n\n\n\n<li>\u6de8\u8cc7\u7522\u6536\u76ca\u7387\uff08ROE\uff09\u3001\u6bdb\u5229\u7387\u3001\u71df\u696d\u5229\u76ca\u7387<\/li>\n\n\n\n<li>\u73fe\u91d1\u8f49\u63db\u7387\uff08CCR\uff09= \u71df\u696d\u73fe\u91d1\u6d41\u91cf\/\u6de8\u5229\u6216\u71df\u696d\u73fe\u91d1\u6d41\u91cf\/\u606f\u7a05\u6298\u820a\u6524\u63d0\u524d\u5229\u6f64\uff08OCF\/EBITDA\uff09<\/li>\n\n\n\n<li>\u69d3\u687f\u7387 = \u7e3d\u8ca0\u50b5\/\u7e3d\u6b0a\u76ca\uff08\u4ed6\u7684\u57fa\u91d1\u70ba1\/4\uff0c\u800c\u5e02\u5834\u5e73\u5747\u70ba40%\uff09<\/li>\n\n\n\n<li>\u5229\u606f\u4fdd\u969c\u500d\u6578 = \u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u5229\u6f64\uff08EBITDA\uff09\/\u5229\u606f\uff08\u4ed6\u7684\u57fa\u91d1\u70ba15\uff0c\u800c\u5e02\u5834\u5e73\u5747\u70ba10\uff09<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"90\" height=\"135\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2026\/04\/Investing-for-growth-Custom.jpg\" alt=\"\u6210\u9577\u80a1\u7684\u6295\u8cc7\u4e4b\u9053\n\" class=\"wp-image-75770\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%96%87%E7%AB%A0\"><\/span>\u76f8\u95dc\u6587\u7ae0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/12\/08\/%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e6%8a%95%e8%b3%87%e4%b9%8b%e9%81%93\/\">\u6210\u9577\u80a1\u7684\u6295\u8cc7\u4e4b\u9053\uff08Investing for growth\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/06\/%e5%be%9e0%e5%88%b01%ef%bc%88zero-to-one%ef%bc%89\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u5f9e0\u52301\uff08Zero to One\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/06\/05\/%e5%bd%bc%e5%be%97%e6%9e%97%e5%8d%80%e9%81%b8%e8%82%a1%e6%88%b0%e7%95%a5\/\">\u9069\u5408\u5165\u9580\u6295\u8cc7\u4eba\u7684\u300a\u5f7c\u5f97\u6797\u5340\u9078\u80a1\u6230\u7565\uff08One Up On Wall Street\uff09<\/a>\u300b\u300b<\/li>\n\n\n\n<li><a href=\"https:\/\/www.granitefirm.com\/blog\/investing-methods\/long-term-investing\/%E6%88%91%E7%82%BA%E4%BD%95%E9%9D%92%E7%9D%9E%E6%88%90%E9%95%B7%E8%82%A1%E8%80%8C%E9%9D%9E%E5%83%B9%E5%80%BC%E8%82%A1%EF%BC%9F\/\">\u300a\u6211\u70ba\u4f55\u9752\u775e\u6210\u9577\u80a1\u800c\u975e\u50f9\u503c\u80a1\uff1f\u300b<\/a><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/21\/%e6%88%90%e9%95%b7%e6%8a%95%e8%b3%87%e5%92%8c%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87%e5%b7%b4%e8%8f%b2%e7%89%b9%e7%9a%84%e5%8e%9f%e5%a7%8b%e8%a7%80%e9%bb%9e\/\">\u6210\u9577\u6295\u8cc7\u548c\u50f9\u503c\u6295\u8cc7\uff0c\u5df4\u83f2\u7279\u7684\u539f\u59cb\u89c0\u9ede<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/05\/31\/%e6%88%90%e9%95%b7%e8%82%a1%e6%9a%b4%e8%b7%8c%e7%9a%84%e5%8e%9f%e5%9b%a0%e4%b8%8a%e9%9b%86\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7f8e\u570b\u6210\u9577\u80a1\u66b4\u8dcc\u7684\u539f\u56e0\uff08\u4e0a\u96c6\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/06\/03\/%e6%88%90%e9%95%b7%e8%82%a1%e6%9a%b4%e8%b7%8c%e7%9a%84%e5%8e%9f%e5%9b%a0%e4%b8%8b%e9%9b%86\/\">\u7f8e\u570b\u6210\u9577\u80a1\u66b4\u8dcc\u7684\u539f\u56e0\uff08\u4e0b\u96c6\uff09\u300b<\/a><\/li>\n\n\n\n<li><span style=\"font-size: revert;\">\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/16\/%e7%99%bc%e7%8f%be%e6%b0%91%e7%94%9f%e7%94%a2%e6%a5%ad%e8%a3%a1%e7%9a%84%e8%b6%85%e7%b4%9a%e6%88%90%e9%95%b7%e8%82%a1%e7%9a%84%e5%8f%af%e8%83%bd%e6%80%a7\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u767c\u73fe\u6c11\u751f\u7522\u696d\u88e1\u8d85\u7d1a\u6210\u9577\u80a1\u7684\u53ef\u80fd\u6027<\/a>\u300b<\/span><\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2025\/11\/22\/%e6%8a%bc%e6%b3%a8%e4%bd%94%e5%84%aa%e5%8b%a2%e8%80%85%ef%bc%8c%e4%b8%8d%e8%a6%81%e9%a0%90%e6%b8%ac\/\">\u62bc\u6ce8\u4f54\u512a\u52e2\u8005\uff0c\u4e0d\u8981\u9810\u6e2c<\/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<\/ul>\n\n\n\n<p><em><strong>\u91cd\u8981\u8072\u660e<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\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\n\n\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<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u300a\u6210\u9577\u80a1\u7684\u6295\u8cc7\u4e4b\u9053\uff08Investing for growth\uff09\u300b\uff0c\u5e02\u9762\u4e0a\u5c08\u9580\u70ba\u6210\u9577\u6295\u8cc7\u5beb\u7684\u66f8\u672c\u4f86\u5c31\u4e0d\u591a\uff0c\u5beb\u7684\u4e0d\u5dee\u7684\u5c31\u66f4\u5c11\u4e86\uff0c\u672c\u66f8\u7b97\u662f\u5728\u6c34\u6e96\u4ee5\u4e0a\u3002\u6211\u500b\u4eba\u70ba\u8b80\u8005\u8a73\u6574\u7406\u4e86\u5e7e\u672c\u6210\u9577\u80a1\u6295\u8cc7\u66f8\u7c4d<\/p>\n","protected":false},"author":1,"featured_media":75770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,32],"tags":[],"class_list":["post-75750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-books","category-growth-investing"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/75750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/comments?post=75750"}],"version-history":[{"count":17,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/75750\/revisions"}],"predecessor-version":[{"id":76895,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/posts\/75750\/revisions\/76895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media\/75770"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/media?parent=75750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/categories?post=75750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/wp-json\/wp\/v2\/tags?post=75750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}