{"id":9977,"date":"2021-11-17T23:56:00","date_gmt":"2021-11-17T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=9977"},"modified":"2026-03-21T12:14:46","modified_gmt":"2026-03-21T04:14:46","slug":"%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/","title":{"rendered":"\u70ba\u80a1\u6771\u5275\u9020\u8ca1\u5bcc\uff0c\u300a\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09\u300b"},"content":{"rendered":"\n<p>\u6700\u8fd1\u91cd\u8b80\u4e86\u5e7e\u672c\u6295\u8cc7\u7684\u66f8\uff0c\u767c\u73fe\u5176\u4e2d\u4e00\u672c\u66f8\u5f88\u503c\u5f97\u5411\u5927\u5bb6\u63a8\u85a6\u2500\u2500\u2500\u2500\u300a<a href=\"https:\/\/www.amazon.com\/Outsiders-Unconventional-Radically-Rational-Blueprint\/dp\/1422162672\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b\u3002\u6211\u9019\u5e7e\u5929\u628a\u5b83\u770b\u5b8c\u5f8c\uff0c\u89ba\u5f97\u5beb\u5f97\u771f\u68d2\uff0c\u8d95\u7dca\u53bb\u628a\u6211\u4e4b\u524d\u770b\u904e\u66f8\u7684\u8a18\u9304\u7ffb\u51fa\u4f86\uff0c\u767c\u73fe\u6211\u4e4b\u524d\u66fe\u7d93\u770b\u904e\u9019\u672c\u66f8\uff0c\u4e4b\u524d\u7adf\u7136\u6c92\u7528\u5fc3\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/#%E6%8E%A8%E8%96%A6%E7%9A%84%E5%8E%9F%E5%9B%A0\" >\u63a8\u85a6\u7684\u539f\u56e0<\/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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/#%E9%80%99%E4%BA%9B%E5%9F%B7%E8%A1%8C%E9%95%B7%E5%85%B1%E5%90%8C%E7%9A%84%E7%89%B9%E5%BE%B5\" >\u9019\u4e9b\u57f7\u884c\u9577\u5171\u540c\u7684\u7279\u5fb5<\/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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/#%E6%9B%B8%E4%B8%AD%E8%AB%87%E5%88%B0%E7%9A%84%E4%BC%81%E6%A5%AD\" >\u66f8\u4e2d\u8ac7\u5230\u7684\u4f01\u696d<\/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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/#%E6%9C%AC%E6%9B%B8%E7%9A%84%E5%83%B9%E5%80%BC\" >\u672c\u66f8\u7684\u50f9\u503c<\/a><\/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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/#%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 has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%8E%A8%E8%96%A6%E7%9A%84%E5%8E%9F%E5%9B%A0\"><\/span><strong>\u63a8\u85a6\u7684\u539f\u56e0 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u6703\u63a8\u85a6\u9019\u672c\u66f8\u7684\u539f\u56e0\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u9019\u662f\u5e02\u9762\u4e0a\u5f88\u5c11\u898b\uff0c\u5c08\u9580\u5728\u8a0e\u8ad6\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u7d93\u71df\u5711\u968a\uff08\u5305\u62ec\u8463\u4e8b\u6703\u3001\u8463\u4e8b\u3001\u57f7\u884c\u9577\u3001\u8ca1\u52d9\u9577\u3001\u71df\u904b\u9577\u7b49\uff09\uff0c\u300c\u5f9e\u6295\u8cc7\u4eba\u7684\u89d2\u5ea6\u300d\u4f86\u63a2\u8a0e\u5982\u4f55\u6210\u529f\u5730\u7d93\u71df\u4e00\u5bb6\u4e0a\u5e02\u4f01\u696d\u7684\u66f8\u7c4d\u3002<\/li>\n\n\n\n<li>\u4f5c\u8005\u6240\u8a0e\u8ad6\u76848\u4f4d\u57f7\u884c\u9577\uff0c\u90fd\u662f\u7f8e\u80a1\u5927\u578b\u7684\u4e0a\u5e02\u4f01\u696d\uff0c\u6bcf\u4e00\u5bb6\u90fd\u975e\u5e38\u6210\u529f\u3002<\/li>\n\n\n\n<li>\u9019\u4e0d\u662f\u4e00\u672c\u7531\u4f01\u696d\u672c\u8eab\u6240\u767c\u884c\u7684\u66f8\u7c4d\u3002\u4e0d\u8ad6\u4e2d\u5916\uff0c\u53f0\u7063\u5c24\u5176\u56b4\u91cd\uff0c\u6bcf\u5929\u6709\u4e00\u5927\u5806\u4f01\u696d\u5275\u8fa6\u4eba\u7684\u50b3\u8a18\u4e0a\u5e02\uff0c\u800c\u4e14\u90fd\u8ce3\u5f97\u4e0d\u5dee\uff08\u6211\u500b\u4eba\u8a8d\u70ba\u9019\u50cf\u662f\u5728\u62bd\u773e\u4eba\u7684\u667a\u5546\u7a05\uff09\u3002\u9019\u5176\u4e2d\u5927\u90e8\u4efd\u90fd\u662f\u59d4\u8a17\u516c\u95dc\u516c\u53f8\u7684\u5927\u578b\u696d\u914d\u6587\uff0c\u5167\u5bb9\u5343\u7bc7\u4e00\u5f8b\u662f\u5275\u8fa6\u4eba\u5f9e\u5c0f\u5bb6\u5883\u6e05\u5bd2\uff0c\u5f9e\u5c0f\u6253\u5de5\uff0c\u5728\u5b78\u6821\u88ab\u9738\u6de9\uff0c\u5de5\u4f5c\u52aa\u529b\uff0c\u514b\u670d\u9006\u5883\uff0c\u53cd\u8f49\u4eba\u751f\u7684\u516c\u5f0f\u3002\u6211\u5f88\u5c11\u770b\u9019\u4e00\u985e\u7684\u66f8\uff0c\u500b\u4eba\u53ea\u6703\u770b\u4f5c\u8005\u5373\u57f7\u884c\u9577\u672c\u4eba\u7684\u50b3\u8a18\u3002\u81f3\u65bc\u5982\u4f55\u5206\u8fa6\u662f\u4e0d\u662f\u672c\u4eba\u5beb\u7684\uff0c\u800c\u4e0d\u662f\u8acb\u4eba\u6349\u5200\u6216\u5566\u5566\u968a\u5beb\u7684\uff0c\u6216\u662f\u82b1\u9322\u5f04\u7684\u516c\u95dc\u6587\u3002\u6211\u53ea\u80fd\u8aaa\uff0c\u300c\u8b80\u591a\u5f97\u5920\u591a\uff0c\u60a8\u5c31\u6709\u80fd\u529b\u5224\u65b7\u60a8\u624b\u4e0a\u7684\u90a3\u672c\u50b3\u8a18\u662f\u4e0d\u662f\u696d\u914d\u6587\u3002\u300d<\/li>\n\n\n\n<li>\u672c\u66f8\u7684\u91cd\u9ede\u5728\u63a2\u8a0e\u4f01\u696d\u7d93\u71df\u6210\u529f\u7684\u80cc\u5f8c\u56e0\u7d20\uff0c\u4f5c\u8005\u767c\u73fe\u4ed6\u5011\u6709\u4e9b\u4ed6\u5011\u6709\u6975\u5927\u7684\u300c\u5171\u540c\u9ede\u300d\u3002\u6211\u5011\u53ef\u4ee5\u85c9\u7531\u597d\u597d\u7814\u8b80\u9019\u672c\u66f8\uff0c\u5c31\u53ef\u4ee5\u5373\u65e9\u627e\u51fa\u672a\u4f86\u80fd\u6210\u529f\u7684\u4f01\u696d\uff0c\u63d0\u9ad8\u60a8\u7684\u6295\u8cc7\u7a4d\u6548\u3002<\/li>\n\n\n\n<li>\u5728\u5275\u6295\u754c\u6709\u53e5\u696d\u754c\u7684\u5171\u901a\u7684\u91d1\u79d1\u7389\u5f8b\uff0c\u300c\u6211\u5011\u6295\u8cc7\u7684\u662f\u5275\u8fa6\u4eba\uff0c\u91cd\u8981\u6027\u9060\u9ad8\u65bc\u516c\u53f8\u7684\u7522\u54c1\u3002\u300d\u800c\u672c\u66f8\u8457\u91cd\u7684\u5c31\u662f\u4f01\u696d\u7684\u7d93\u71df\u8005\uff0c\u4e0d\u662f\u696d\u52d9\uff0c\u6216\u662f\u8ca1\u52d9\u5de5\u7a0b\uff0c\u66f4\u4e0d\u662f\u4e00\u822c\u4eba\u8a8d\u70ba\u7684\u7d93\u71df\u6307\u6a19\u3002<\/li>\n\n\n\n<li>\u5df4\u83f2\u7279\u5f88\u5c11\u63a8\u85a6\u8ca1\u7d93\u66f8\uff0c\u4f46\u4ed6\u63a8\u85a6\u4e86\u9019\u4e00\u672c\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E9%80%99%E4%BA%9B%E5%9F%B7%E8%A1%8C%E9%95%B7%E5%85%B1%E5%90%8C%E7%9A%84%E7%89%B9%E5%BE%B5\"><\/span><strong>\u9019\u4e9b\u57f7\u884c\u9577\u5171\u540c\u7684\u7279\u5fb5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4f5c\u8005\u7d93\u904e\u62bd\u7d72\u525d\u7e6d\uff0c\u767c\u73fe\u90198\u4f4d\u57f7\u884c\u9577\u5927\u90e8\u4efd\uff08\u4e0d\u662f\u5168\u90e8\uff0c\u662f\u5927\u90e8\u4efd\uff09\u90fd\u5177\u6709\u5982\u4e0b\u7684\u5e7e\u9805\u5171\u540c\u9ede\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4ed6\u5011\u90fd\u662f\u8cc7\u672c\u914d\u7f6e\u7684\u9ad8\u624b\uff0c\u8a8d\u70ba\u9019\u624d\u662f\u57f7\u884c\u9577\u7684\u4e3b\u8981\u5de5\u4f5c\u4e4b\u4e00\u3002<\/li>\n\n\n\n<li>\u5168\u90fd\u6975\u5ea6\u91cd\u8996\u4f01\u696d\u73fe\u91d1\u6d41\uff08Cash Flow\uff09\uff0c\u91cd\u8981\u6027\u9ad8\u65bc\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09\u3002<\/li>\n\n\n\n<li>\u9019\u4e9b\u4f01\u696d\u5927\u90fd\u4e0d\u559c\u6b61\u914d\u767c\u80a1\u5229\u3002<\/li>\n\n\n\n<li>\u9019\u4e9b\u57f7\u884c\u9577\u5927\u90fd\u4fe1\u5949\u8cb7\u5165\u5eab\u85cf\u80a1\u662f\u63d0\u5347\u4f01\u696d\u5167\u5728\u50f9\u503c\u7684\u91cd\u8981\u624b\u6bb5\u3002<\/li>\n\n\n\n<li>\u4e0d\u70ba\u4f75\u8cfc\u800c\u9032\u884c\u4f75\u8cfc\uff0c\u4e0d\u76f8\u4fe1\u4f01\u696d\u754c\u7684\u6f5b\u898f\u5247\uff08\u800c\u4e14\u662f\u6297\u62d2\uff09\u85c9\u7531\u4f75\u8cfc\u624d\u80fd\u64f4\u5927\u4f01\u696d\u7684\u898f\u6a21\u3002<\/li>\n\n\n\n<li>\u9019\u4e9b\u57f7\u884c\u9577\u5927\u90fd\u5f88\u4f4e\u8abf\u3001\u751f\u6d3b\u5109\u6a38\u3001\u5f88\u5c11\u53d7\u8a2a\u3001\u6c92\u6709\u4eae\u9e97\u7684\u4f01\u696d\u7e3d\u90e8\u3001\u6c92\u6709\u5f37\u5927\u7684\u591a\u9918\u7684\u5e55\u50da\u548c\u8ca1\u52d9\u9867\u554f\u3001\u4e0d\u50f1\u7528\u6295\u8cc7\u9280\u884c\u9032\u884c\u4f75\u8cfc\u3002<\/li>\n\n\n\n<li>\u9019\u4e9b\u57f7\u884c\u9577\u57f7\u653f\u7684\u6642\u9593\u90fd\u5f88\u9577\u3001\u90fd\u6709\u5f37\u5927\u7684\u5167\u5fc3\u4fe1\u5ff5\u7684\u652f\u6490\u3001\u5805\u6301\u5df1\u898b\u3001\u4e0d\u8f15\u6613\u5411\u4e16\u4fd7\u59a5\u5354\uff0c\u5f8c\u4f86\u90fd\u8b49\u660e\u4ed6\u5011\u662f\u5c0d\u7684\u3002<\/li>\n\n\n\n<li>\u6975\u5ea6\u7406\u6027\uff0c\u5c08\u6ce8\u4f01\u696d\u9577\u671f\u7684\u767c\u5c55\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%9B%B8%E4%B8%AD%E8%AB%87%E5%88%B0%E7%9A%84%E4%BC%81%E6%A5%AD\"><\/span><strong>\u66f8\u4e2d\u8ac7\u5230\u7684\u4f01\u696d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u66f8\u4e2d\u8ac7\u5230\u7684\u4f01\u696d\u6709\u4e9b\u73fe\u5728\u5df2\u7d93\u4e0b\u5e02\uff0c\u6216\u662f\u4e0d\u518d\u98a8\u5149\u4e86\u3002\u4f46\u662f\u4ed6\u7684\u7684\u7d93\u9a57\u4ecd\u820a\u6709\u7528\uff0c\u800c\u4e14\u662f\u975e\u5e38\u96e3\u5f97\u7684\u5be6\u969b\u7d93\u71df\u7d93\u9a57\u3002\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6cf0\u52d2\u9054\u56e0\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aTDY\uff09\u7684\u4ea8\u5229\uff0e\u8f9b\u683c\u9813\uff1a\u6211\u7279\u5225\u63a8\u85a6\u5927\u5bb6\u597d\u597d\u5730\u7814\u7a76\u6b64\u4eba\uff0c\u548c\u9019\u5bb6\u4f01\u696d\u7684\u6210\u9577\u53f2\uff1b\u56e0\u70ba\u9019\u4e00\u7ae0\u662f\u672c\u66f8\u7684\u91cd\u9ede\u3002<\/li>\n\n\n\n<li>\u6ce2\u514b\u590f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aBRK.A\u548cBRK.B\uff09\u7684\u83ef\u502b\uff0e\u5df4\u83f2\u7279<\/li>\n\n\n\n<li>\u6e6f\u59c6\uff0e\u58a8\u83f2\u7684\u9996\u5e9c\u5ee3\u64ad\u516c\u53f8\uff1a\u5df4\u83f2\u7279\u591a\u6b21\u8b9a\u63da\u7684\u6700\u4f73\u7d93\u7406\u4eba\uff0c\u9996\u5e9c\u5ee3\u64ad\u516c\u53f8\u6700\u7d42\u4f75\u5165\u8fea\u58eb\u5c3c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aDIS\uff09\u3002<\/li>\n\n\n\n<li>\u901a\u7528\u52d5\u529b\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aGD\uff09\u7684\u6bd4\u723e\uff0e\u5b89\u5fb7\u65af\uff1a\u8b93\u9019\u5bb6\u570b\u9632\u5de5\u696d\u5de8\u982d\u8d77\u6b7b\u56de\u751f\u3002<\/li>\n\n\n\n<li>TCI\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aTCOMA\uff09\u7684\u7d04\u7ff0\uff0e\u99ac\u9f8d\u2500\u2500\u2500\u2500<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/category\/financial-statements\/ebitda\/\" target=\"_blank\" rel=\"noreferrer noopener\">EBITDA<\/a>\u539f\u4f86\u5c31\u662f\u9019\u500b\u4eba\u767c\u660e\u7684\u3002<\/li>\n\n\n\n<li>\u83ef\u76db\u9813\u90f5\u5831\uff08Washington Post\uff09\u7684\u51f1\u85a9\u7433\uff0e\u845b\u862d\u59c6\uff1a\u83ef\u76db\u9813\u90f5\u5831\u5f8c\u4f86\u8ce3\u7d66\u4e86\u4e9e\u99ac\u905c\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aAMZN\uff09\u7684\u5275\u8fa6\u4eba\u8c9d\u4f50\u65af\u3002<\/li>\n\n\n\n<li>\u666e\u745e\u7d0d\uff08Purina\uff09\u7684\u6bd4\u723e\uff0e\u53f2\u5e1d\u840a\u8332\uff1a\u5df2\u88ab\u96c0\u5de2\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aNSRGY\uff09\u4f75\u8cfc\u3002<\/li>\n\n\n\n<li>\u5927\u773e\u6232\u9662\uff08General Cinema\uff09\u7684\u8fea\u514b\uff0e\u53f2\u5bc6\u65af\uff1a\u5df2\u88abAMC\u96fb\u5f71\u9662\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aAMC\uff09\u4f75\u8cfc\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"100\" height=\"150\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/o-1600x1200-1.jpg\" alt=\"\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\" class=\"wp-image-25243\"\/><figcaption class=\"wp-element-caption\">credit: amazon.com<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><span class=\"ez-toc-section\" id=\"%E6%9C%AC%E6%9B%B8%E7%9A%84%E5%83%B9%E5%80%BC\"><\/span><strong>\u672c\u66f8\u7684\u50f9\u503c<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6211\u770b\u904e\u7684\u8ca1\u7d93\u66f8\u4e5f\u7b97\u4e0d\u5c11\uff0c\u4f46\u771f\u6b63\u6df1\u5165\u63a2\u8a0e<span style=\"font-size: revert;\">\u7f8e\u80a1\u4e0a\u5e02\u4f01\u696d\u7d93\u71df\u5711\u968a\u7684\u66f8\u7c4d<\/span>\uff0c\u53ef\u8aaa\u5c11\u4e4b\u53c8\u5c11\u3002\u800c\u4e14\u672c\u66f8\u4f5c\u8005\u82b1\u4e86\u4e9b\u6642\u9593\uff0c\u767c\u73fe\u9019\u4e9b\u57f7\u884c\u9577\u5011\u6709\u8a31\u591a\u5171\u901a\u9ede\uff0c\u9019\u4e9b\u5171\u901a\u9ede\u90fd\u662f\u8d85\u7d1a\u512a\u79c0\u4f01\u696d\u7684\u6210\u529f\u8981\u9ede\uff1b\u9019\u7576\u7136\u4e0d\u662f\u5de7\u5408\u2500\u2500\u2500\u2500\u9019\u5c31\u662f\u6211\u4e00\u76f4\u518d\u5f37\u8abf\u7684\uff0c\u6295\u8cc7\u4e0d\u53ef\u80fd\u6709\u516c\u5f0f\uff0c\u4f46\u662f\u6709\u65b9\u6cd5\uff0c\u672c\u66f8\u5c31\u662f\u6211\u6240\u8b02\u7684\u65b9\u6cd5\u4e4b\u4e00\u3002<\/p>\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\/2021\/11\/17\/%e9%9d%9e%e5%85%b8%e5%9e%8b%e7%b6%93%e7%87%9f%e8%80%85%e7%9a%84%e6%88%90%e5%8a%9f%e6%b3%95%e5%89%87\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247\uff08Outsiders\uff09<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2026\/03\/20\/%e7%a9%8d%e6%a5%b5%e8%82%a1%e6%9d%b1%e6%98%af%e5%a6%82%e4%bd%95%e8%b3%ba%e9%8c%a2%e7%9a%84%ef%bc%9f\/\">\u7a4d\u6975\u80a1\u6771\u662f\u5982\u4f55\u8cfa\u9322\u7684\uff1f<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/12\/17\/%e8%a6%aa%e6%84%9b%e7%9a%84%e8%82%a1%e6%9d%b1%ef%bc%88dear-shareholder%ef%bc%89\/\">\u89aa\u611b\u7684\u80a1\u6771\uff08Dear Shareholder\uff09<\/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\/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\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9577\u671f\u6301\u80a1\u7684\u53ef\u80fd\u6027<\/a>\u300b<\/li>\n\n\n\n<li>\u300a<a href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/07\/18\/%e5%a6%82%e4%bd%95%e8%a8%88%e7%ae%97%e6%8a%95%e8%b3%87%e5%a0%b1%e9%85%ac%e7%8e%87%ef%bc%9f\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6295\u8cc7\u4eba\u8a72\u91cd\u8996\u7684\u662f\u5e74\u5316\u6295\u8cc7\u5831\u916c\u7387\uff08IRR\uff09<\/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>\u975e\u5178\u578b\u7d93\u71df\u8005\u7684\u6210\u529f\u6cd5\u5247, 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