{"id":14073,"date":"2022-07-01T15:06:37","date_gmt":"2022-07-01T07:06:37","guid":{"rendered":"https:\/\/\/?p=14073"},"modified":"2023-11-03T11:31:29","modified_gmt":"2023-11-03T03:31:29","slug":"bridgewater-associates-all-weather-strategy-0","status":"publish","type":"post","link":"https:\/\/\/bridgewater-associates-all-weather-strategy-0\/","title":{"rendered":"\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565 &#8211; \u767c\u5c55\u6b77\u7a0b\u8207\u8cc7\u7522\u914d\u7f6e\u6982\u5ff5\u5b8c\u6574\u89e3\u6790"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-37960\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220627170110_10.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565 - \u767c\u5c55\u6b77\u7a0b\u8207\u8cc7\u7522\u914d\u7f6e\u6982\u5ff5\u5b8c\u6574\u89e3\u6790\" width=\"1496\" height=\"785\" \/><\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1(Bridgewater Associates)\u662f\u7531<a href=/index.html"https:\/\/\/ray-dalio-bridgewater-associates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u96f7\u00b7\u9054\u5229\u5967(Ray Dalio)<\/a>\u65bc1975\u5e74\u6210\u7acb\uff0c<br \/>\n\u4e26\u65bc1996\u5e74\u767c\u884c\u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565(\u82f1\u6587: All-Weather Strategy\uff0c\u4e5f\u6709\u4eba\u7a31\u70baAll-Season)\uff0c<br \/>\n\u5e0c\u671b\u7528\u6700\u5b89\u5168\u7684\u6295\u8cc7\u7d44\u5408\u4f86\u5e6b\u6295\u8cc7\u4eba\u8ffd\u6c42\u5408\u7406\u5831\u916c\uff0c\u81f3\u4eca\u5df2\u662f\u5168\u7403\u6700\u5927\u7684\u907f\u96aa\u57fa\u91d1\u3002<\/p>\n<p>\u5728\u6a4b\u6c34\u57fa\u91d1\u7684\u5b98\u7db2\u4e0a\uff0c\u8a18\u8f09\u4e86\u6a4b\u6c34\u5168\u5929\u5019\u7b56\u7565\u3001\u767c\u5c55\u6838\u5fc3\u8207\u6b77\u53f2\u300aThe All Weather Story\u300b\u3002<\/p>\n<p>All Weather\u7b56\u7565\u4e2d\u5c0d\u98a8\u96aa\u63a7\u5236\u7684\u89c0\u9ede\uff0c\u662f\u6211\u500b\u4eba\u76f8\u7576\u8a8d\u540c\u7684\u4e00\u7a2e\u6295\u8cc7\u7406\u5ff5\uff0c<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u6574\u7406\u5b98\u7db2\u9019\u7bc7\u6587\u7ae0\uff0c\u5b8c\u6574\u7ffb\u8b6f\u8ac7\u5168\u5929\u5019\u7b56\u7565\u7684\u767c\u5c55\u6b77\u7a0b\uff0c\u4ee5\u53ca\u9644\u4e0a\u4e00\u4e9b\u6211\u500b\u4eba\u7684\u770b\u6cd5\uff0c\u4f9b\u5927\u5bb6\u53c3\u8003\u3002<br \/>\n\u5167\u6587\u4e00\u4e9b\u91cd\u9ede\u6211\u6703\u6a19\u793a\u7c97\u9ad4\uff0c<br \/>\n\u5982\u679c\u4f60\u4e0d\u60f3\u770b\u5168\u5929\u5019\u7b56\u7565\u7684\u767c\u5c55\u6b77\u7a0b\uff0c\u53ef\u4ee5\u76f4\u63a5\u8df3\u5230\u5f8c\u9762\u770b\u6211\u7684\u7b46\u8a18\u91cd\u9ede\u8207\u7d50\u8ad6\u3002<\/p>\n<p><!--more--><\/p>\n<h2>\u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u8d77\u6e90<\/h2>\n<p>1971\u5e748\u670815\u65e5\u7684\u665a\u4e0a\uff0c\u5c3c\u514b\u68ee\u7e3d\u7d71\u5ba3\u5e03\u505c\u6b62\u7528\u7f8e\u5143\u514c\u63db\u9ec3\u91d1\uff0c<br \/>\n\u4ee3\u8868\u7dad\u630127\u5e74\u7684\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u5236(Bretton Woods system)\u5ba3\u544a\u7d50\u675f\uff0c<br \/>\n(\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u5236\u5c31\u662f\u5c07\u7f8e\u5143\u8207\u9ec3\u91d1\u639b\u9264\u3001\u5404\u570b\u8ca8\u5e63\u5247\u8207\u7f8e\u5143\u639b\u9264\u7684\u514c\u63db\u65b9\u5f0f)\uff0c<br \/>\n\u505c\u6b62\u7528\u7f8e\u5143\u514c\u63db\u9ec3\u91d1\uff0c\u4e5f\u4ee3\u8868\u7f8e\u5143\u5c07\u548c\u9ec3\u91d1\u6b63\u5f0f\u812b\u9264\u3002<\/p>\n<p>\u7576\u6642\u624d\u525b\u5927\u5b78\u7562\u696d\u7684<a href=/index.html"https:\/\/\/ray-dalio-bridgewater-associates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u96f7\u00b7\u9054\u5229\u5967(Ray Dalio)<\/a>\u662f\u7d10\u7d04\u8b49\u4ea4\u6240\u7684\u8077\u54e1\uff0c\u770b\u8457\u7e3d\u7d71\u767c\u8868\u7684\u6f14\u8aaa\u5f8c\u8a8d\u70ba\uff0c<br \/>\n\u82e5\u662f\u7f8e\u5143\u548c\u9ec3\u91d1\u812b\u9264\uff0c\u660e\u5929\u80a1\u5e02\u5c07\u6703\u66b4\u8dcc\u5427\uff1f<\/p>\n<p>\u4f46\u662f\u7b2c\u4e8c\u5929\u65e9\u4e0a\u4ed6\u4f86\u5230\u7d10\u7d04\u8b49\u4ea4\u6240\uff0c\u537b\u767c\u73fe\u80a1\u5e02\u548c\u4ed6\u7684\u9810\u6e2c\u5b8c\u5168\u76f8\u53cd\uff0c\u9053\u74ca\u5de5\u696d\u6307\u6578\u4e0a\u6f32\u4e86\u5c07\u8fd14%\u3001\u9ec3\u91d1\u7684\u50f9\u683c\u4e5f\u4e0a\u6f32\u4e86\uff0c<br \/>\n\u9019\u5728\u4e4b\u5f8c\u88ab\u7a31\u70ba\u300c\u5c3c\u514b\u68ee\u885d\u64ca\u300d\uff0c\u662f\u7f8e\u570b\u5916\u4ea4\u8207\u7d93\u6fdf\u653f\u7b56\u7684\u91cd\u5927\u8abf\u6574\u3002<\/p>\n<p>\u9019\u4ef6\u4e8b\u60c5\u767c\u751f\u5f8c\uff0c\u96f7\u00b7\u9054\u5229\u5967\u624d\u767c\u73fe\u4ed6\u5b8c\u5168\u8aa4\u89e3\u4e86\u5c3c\u514b\u68ee\u7e3d\u7d71\u7684\u7528\u610f\uff0c<br \/>\n\u4e5f\u6539\u8b8a\u4e86\u4ed6\u5c0d\u6574\u500b\u80a1\u5e02\u7684\u601d\u8003\uff0c\u958b\u59cb\u7814\u7a76\u8ca8\u5e63\u8cb6\u503c\u8207\u7d93\u6fdf\u9ad4\u7cfb\u7684\u56e0\u679c\u95dc\u4fc2\u3002<br \/>\n\u4ed6\u767c\u73fe\u6574\u500b\u7d93\u6fdf\u9ad4\u7cfb\u662f\u4e00\u500b\u7cbe\u5bc6\u904b\u4f5c\u7684\u6a5f\u5668\uff0c\u6709\u8a31\u591a\u56e0\u7d20\u6703\u5f71\u97ff\u5b83\u904b\u884c\u7684\u7d50\u679c\uff0c<br \/>\n\u800c\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u5236\u53ea\u662f\u5176\u4e2d\u4e00\u500b\u5f71\u97ff\u56e0\u7d20\uff0c\u5176\u5c0e\u81f4\u7684\u8ca8\u5e63\u8cb6\u503c\u5728\u6b77\u53f2\u4e0a\u4e5f\u767c\u751f\u904e\u5f88\u591a\u6b21\u3002<\/p>\n<p>\u5728\u5c3c\u514b\u68ee\u7e3d\u7d71\u767c\u8868\u6f14\u8aaa\u5f8c\u76844\u5e74\uff0c\u96f7\u00b7\u9054\u5229\u5967\u5f8c\u5275\u7acb\u4e86\u6a4b\u6c34\u57fa\u91d1(Bridgewater Associates)\uff0c<br \/>\n\u4ed6\u767c\u73fe\u53ef\u4ee5\u5c07\u7d93\u6fdf\u5e02\u5834\u62c6\u89e3\u6210\u5e7e\u500b\u90e8\u5206\uff0c\u7814\u7a76\u9019\u4e9b\u7d44\u5408\u4e4b\u9593\u7684\u95dc\u4fc2\uff0c<br \/>\n\u5c31\u80fd\u4e86\u89e3\u7d93\u6fdf\u6a5f\u5668\u662f\u5982\u4f55\u904b\u4f5c\u7684\uff0c\u9019\u500b\u6982\u5ff5\u4e5f\u5c31\u662f\u6a4b\u6c34\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\u7684\u6838\u5fc3\u3002<br \/>\n\u4f8b\u5982\u7576\u570b\u5bb6\u6709\u592a\u591a\u7684\u50b5\u52d9\uff0c\u9019\u7a2e\u60c5\u6cc1\u4e0b\u5c31\u6703\u5370\u9214\u7968\u5c07\u8ca8\u5e63\u8cb6\u503c\uff0c<br \/>\n\u6e1b\u8f15\u901a\u8ca8\u7dca\u7e2e\u9020\u6210\u7684\u58d3\u529b\uff0c\u800c\u8b93\u80a1\u7968\u548c\u9ec3\u91d1\u4e0a\u6f32\u3002<\/p>\n<p>\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\u7684\u6982\u5ff5\uff0c\u90fd\u5728\u63a2\u8a0e\u4e00\u500b\u770b\u4f3c\u7c21\u55ae\u53c8\u76f4\u63a5\u7684\u554f\u984c\uff1a<br \/>\n<strong>\u300c\u4f60\u6703\u6301\u6709\u4ec0\u9ebc\u6a23\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u5728\u6240\u6709\u72c0\u6cc1\u4e0b\u90fd\u80fd\u8868\u73fe\u826f\u597d\uff0c\u7121\u8ad6\u9047\u5230\u8cb6\u503c\u6216\u5176\u4ed6\u5f71\u97ff\uff1f\u300d<\/strong><\/p>\n<p>\u7d93\u904e\u6578\u5341\u5e74\u7684\u7814\u7a76\uff0c\u96f7\u00b7\u9054\u5229\u5967\u8207\u5e7e\u500b\u6a4b\u6c34\u57fa\u91d1\u7684\u9ad8\u5c64\u4e3b\u7ba1Bob\u3001Greg Jensen\u3001Dan Bernstein\uff0c<br \/>\n\u7814\u7a76\u51fa\u4e00\u7a2e\u6295\u8cc7\u7b56\u7565\uff0c\u9019\u500b\u6295\u8cc7\u7d44\u5408\u80fd\u9762\u5c0d\u4e0d\u540c\u7684\u72c0\u6cc1\uff0c\u8b93\u6295\u8cc7\u72c0\u6cc1\u90fd\u6709\u7a69\u5b9a\u7684\u8868\u73fe\u3002<\/p>\n<p>1996\u5e74\u6210\u7acb\u7684\u6a4b\u6c34\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\uff0c\u6700\u521d\u662f\u70ba\u4e86\u96f7\u00b7\u9054\u5229\u5967\u7684\u4fe1\u8a17\u8cc7\u7522\u5275\u5efa\uff0c<br \/>\n\u8a8d\u70ba\u8cc7\u7522\u985e\u5225\u6703\u6839\u64da\u73fe\u91d1\u6d41\u8207\u7d93\u6fdf\u74b0\u5883\u7684\u95dc\u4fc2\uff0c\u4e26\u4ee5\u53ef\u7406\u89e3\u7684\u65b9\u5f0f\u4f5c\u51fa\u53cd\u61c9\uff0c<br \/>\n\u53ea\u8981<strong>\u6839\u64da\u9019\u4e9b\u7d50\u69cb\u7279\u5fb5\u5e73\u8861\u8cc7\u7522\uff0c\u5c31\u53ef\u4ee5\u5c07\u7d93\u6fdf\u53d7\u5230\u610f\u5916\u56e0\u7d20\u7684\u5f71\u97ff\u964d\u5230\u6700\u4f4e<\/strong>\u3002<\/p>\n<p>\u6295\u8cc7\u6642\u53ef\u80fd\u6703\u9047\u5230<a href=/index.html"https:\/\/\/blog-post_17-8\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u901a\u8ca8\u81a8\u8139<\/a>\u3001\u7d93\u6fdf\u8870\u9000\u589e\u9577\u7b49\u554f\u984c\uff0c<br \/>\n<strong>\u800c\u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u6703\u9806\u52e2\u800c\u70ba\uff0c<\/strong><br \/>\n<strong>\u5728\u9019\u7a2e\u72c0\u6cc1\u4e0b\u4e5f\u80fd\u63d0\u4f9b\u6709\u5438\u5f15\u529b\u7684\u3001\u76f8\u5c0d\u7a69\u5b9a\u7684\u56de\u5831\uff0c<\/strong><br \/>\n<strong>\u9019\u500b\u7b56\u7565\u662f\u5e0c\u671b\u5efa\u7acb\u51fa\u6700\u597d\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u8b93\u6295\u8cc7\u4eba\u4e0d\u9700\u8981\u9810\u6e2c\u672a\u4f86\u7684\u60c5\u6cc1\u3002<\/strong><\/p>\n<h2>1975\u5e74\u5275\u7acb\u6a4b\u6c34\u57fa\u91d1\uff0d\u70ba\u9ea5\u7576\u52de\u5206\u6790\u98a8\u96aa<\/h2>\n<p>1975\u5e74\uff0c\u96f7\u00b7\u9054\u5229\u5967\u5728\u7d10\u7d04\u5275\u7acb\u4e86\u6a4b\u6c34\u57fa\u91d1\uff0c\u4e00\u958b\u59cb\u662f\u7528\u4f86\u4ea4\u6613\u5546\u54c1\u3001\u8ca8\u5e63\u548c\u4fe1\u8cb8\u5e02\u5834\uff0c<br \/>\n\u800c\u6700\u521d\u7684\u696d\u52d9\u662f\u70ba\u4f01\u696d\u5ba2\u6236\u63d0\u4f9b\u6295\u8cc7\u98a8\u96aa\u8aee\u8a62\uff0c\u4e26\u63d0\u4f9b\u6bcf\u65e5\u5e02\u5834\u8a55\u8ad6\u300a\u6a4b\u6c34\u6bcf\u65e5\u89c0\u5bdf\u300b\u3002<br \/>\n\u4ed6\u7684\u5ba2\u6236\u4e2d\u6709\u9ea5\u7576\u52de\u548c\u5168\u570b\u6700\u5927\u7684\u96de\u8089\u751f\u7522\u5546\u4e4b\u4e00\uff0c\u7576\u6642\u9ea5\u7576\u52de\u5373\u5c07\u63a8\u51fa\u9ea5\u514b\u96de\u584a\uff0c<br \/>\n\u4f46\u53c8\u64d4\u5fc3\u96de\u8089\u50f9\u683c\u53ef\u80fd\u6703\u4e0a\u6f32\uff0c\u8feb\u4f7f\u4ed6\u5011\u5728\u63d0\u9ad8\u50f9\u683c\u6216\u964d\u4f4e\u5229\u6f64\u7387\u505a\u51fa\u9078\u64c7\u3002<br \/>\n\u9ea5\u7576\u52de\u60f3\u900f\u904e<a href=/index.html"https:\/\/\/commodity-futures-introduction-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5546\u54c1\u671f\u8ca8<\/a>\u907f\u96aa\uff0c\u4f46\u7576\u6642\u4e26\u6c92\u6709\u96de\u8089\u671f\u8ca8\u5e02\u5834\uff0c<br \/>\n\u800c\u96de\u8089\u751f\u7522\u5546\u4e5f\u4e0d\u9858\u610f\u7528\u56fa\u5b9a\u50f9\u683c\u51fa\u552e\uff0c\u56e0\u70ba\u4ed6\u5011\u64d4\u5fc3\u6210\u672c\u6703\u4e0a\u5347\uff0c\u5c31\u6703\u5728\u5408\u7d04\u4e0a\u5403\u8667\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u7684\u6a4b\u6c34\u57fa\u91d1\uff0c\u5206\u6790\u4e86\u96de\u8089\u50f9\u683c\u6ce2\u52d5\u3001\u7389\u7c73\u3001\u5927\u8c46\u9593\u7684\u76f8\u95dc\u6027\uff0c<br \/>\n\u900f\u904e<a href=/index.html"https:\/\/\/soybean-futures-zs-specs\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5927\u8c46\u671f\u8ca8<\/a>\u3001<a href=/index.html"https:\/\/\/corn-futures-review-zc-spac\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7389\u7c73\u671f\u8ca8<\/a>\u4f86\u9593\u63a5\u907f\u96aa\uff0c\u9019\u6a23\u53ef\u4ee5\u6709\u6548\u5730\u61c9\u5c0d\u50f9\u683c\u6ce2\u52d5\u7684\u98a8\u96aa\uff0c<br \/>\n\u8b93\u96de\u8089\u751f\u7522\u5546\u53ef\u4ee5\u5411\u9ea5\u7576\u52de\u5831\u51fa\u56fa\u5b9a\u7684\u50f9\u683c\uff0c\u56e0\u6b64\u4e5f\u89e3\u6c7a\u4e86\u9ea5\u7576\u52de\u7684\u554f\u984c\uff0c<br \/>\n\u800c\u9ea5\u7576\u52de\u4e5f\u57281983\u5e74\u63a8\u51fa\u4e86\u9ea5\u514b\u96de\u584a\u3002<\/p>\n<p>\u9019\u500b\u4e8b\u4ef6\u770b\u51fa\u4e00\u500b\u9053\u7406\uff0c\u4efb\u4f55\u60c5\u6cc1\u90fd\u53ef\u4ee5\u5206\u89e3\u5176\u7d44\u6210\u90e8\u5206\u4e26\u5206\u6790\uff0c<br \/>\n\u50cf\u662f\u96de\u8089\u7684\u50f9\u683c\u53d6\u6c7a\u65bc\u7389\u7c73\u548c\u5927\u8c46\u7684\u50f9\u683c\uff1b\u50b5\u5238\u7684\u50f9\u683c\u53ef\u4ee5\u5206\u89e3\u70ba\u5be6\u969b\u6536\u76ca\u7387\u3001\u901a\u8ca8\u81a8\u8139\u90e8\u5206\uff0c<br \/>\n\u516c\u53f8\u50b5\u5238\u6536\u76ca\u7387\u53c8\u53ef\u4ee5\u62c6\u6210\u5e02\u5834\u540d\u7fa9\u6536\u76ca\u7387\u52a0\u4e0a\u4fe1\u8cb8\u5229\u5dee\u3002<\/p>\n<p>\u9019\u7a2e\u601d\u8003\u65b9\u5f0f\u70ba\u69cb\u5efa \u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u5960\u5b9a\u4e86\u57fa\u790e\uff0c<br \/>\n\u5982\u679c\u8cc7\u7522\u53ef\u4ee5\u5206\u89e3\u70ba\u4e0d\u540c\u7684\u7d44\u6210\uff0c\u90a3\u9ebc\u518d\u628a\u9019\u4e9b\u6210\u5206\u91cd\u65b0\u7d44\u5408\u8d77\u4f86\uff0c\u4e5f\u80fd\u770b\u4f5c\u662f\u4e00\u500b\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n<h2>\u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7d44\u5408\u5efa\u69cb\u65b9\u5f0f<\/h2>\n<p>\u6a4b\u6c34\u57fa\u91d1\u9664\u4e86\u66ff\u5ba2\u6236\u63d0\u4f9b\u6295\u8cc7\u98a8\u96aa\u8aee\u8a62\uff0c\u5f8c\u4f86\u4e5f\u958b\u59cb\u9032\u884c\u8ca0\u50b5\u7ba1\u7406\uff0c<br \/>\n\u4efb\u4f55\u8cc7\u7522\u90fd\u6709\u5c0d\u61c9\u7684\u8ca0\u50b5\uff0c\u76f8\u5c0d\u65bc\u8cc7\u7522\u7ba1\u7406\u800c\u8a00\uff0c\u8ca0\u50b5\u7ba1\u7406\u4f3c\u4e4e\u662f\u500b\u9084\u672a\u88ab\u958b\u767c\u7684\u5e02\u5834\u3002<br \/>\n\u4f46\u662f\u8981\u5411\u4f01\u696d\u8ca1\u52d9\u4e3b\u7ba1\u50b3\u9054\u7684\u9019\u7a2e\u50f9\u503c\u89c0\uff0c\u5fc5\u9808\u900f\u904e\u4e00\u500b\u6f2b\u9577\u7684\u6559\u80b2\u904e\u7a0b\uff0c<br \/>\n\u56e0\u6b64\u4ed6\u5011\u6703\u5beb\u4e00\u4efd\u300c\u98a8\u96aa\u7ba1\u7406\u8a08\u756b\u300d\uff0c\u9019\u4e9b\u90fd\u662f\u91cf\u8eab\u5b9a\u5236\u7684\u5206\u6790\uff0c\u63a5\u4e0b\u4f86\u5206\u70ba\u4ee5\u4e0b3\u6b65\u9a5f\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u70ba\u4f01\u696d\u78ba\u5b9a\u98a8\u96aa\u4e2d\u6027\u7acb\u5834\u3001<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8a2d\u8a08\u4e00\u500b\u5c0d\u6c96\u8a08\u756b\uff0c\u5be6\u73fe\u98a8\u96aa\u4e2d\u6027\u3001<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4f01\u696d\u8058\u8acb\u6a4b\u6c34\u516c\u53f8\u4f86\u4e3b\u52d5\u7ba1\u7406\u9019\u4e9b\u5c0d\u6c96\u982d\u5bf8\u3002<\/span><\/li>\n<\/ol>\n<p>\u4e0d\u4e45\u5f8c\uff0c\u96f7\u00b7\u9054\u5229\u5967\u548c\u5e7e\u500b\u540c\u4e8b\u5df2\u7d93\u7ba1\u7406\u4e86\u50f9\u503c7\u5104\u7f8e\u5143\u7684\u4f01\u696d\u8ca0\u50b5\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u8a8d\u70ba\u6240\u6709\u57fa\u91d1\u7684\u56de\u5831\u6703\u67093\u500b\u90e8\u5206\u7d44\u6210\uff1a<br \/>\n\u7121\u98a8\u96aa\u56de\u5831\u7387(\u73fe\u91d1)\u3001\u5e02\u5834\u56de\u5831\u7387(Beta)\u3001\u8d85\u984d\u56de\u5831\u7387(Alpha)\u3002<\/p>\n<blockquote><p><strong>\u7e3d\u56de\u5831 = \u7121\u98a8\u96aa\u56de\u5831\u7387(\u73fe\u91d1) +\u5e02\u5834\u56de\u5831\u7387(Beta) + \u8d85\u984d\u5831\u916c(Alpha)<\/strong><\/p><\/blockquote>\n<p>1987\u5e74\uff0c\u6a4b\u6c34\u57fa\u91d1\u7372\u5f97\u4e86\u4e16\u754c\u9280\u884c500\u842c\u7f8e\u5143\u7684\u50b5\u5238\u7ba1\u7406\u6b0a\uff0c<br \/>\n\u4e26\u900f\u904e\u5341\u591a\u5e74\u4f86\u7ba1\u7406\u8ca0\u50b5\u7684\u7d93\u9a57\uff0c\u4ee5\u540c\u6a23\u7684\u65b9\u5f0f\u8655\u7406\u8cc7\u7522\u7d44\u5408\uff0c<br \/>\n\u4e26\u55ae\u7368\u5206\u96e2\u51fa\u8d85\u984d\u56de\u5831\u7387(Alpha)\u3001\u5e02\u5834\u56de\u5831\u7387(Beta)\uff0c\u5c07\u5b83\u5011\u6253\u9020\u6210\u5169\u7a2e\u7368\u7acb\u7684\u6295\u8cc7\u7522\u54c1\u3002<\/p>\n<p>\u5e02\u5834\u56de\u5831\u7387(Beta)\u3001\u8d85\u984d\u56de\u5831\u7387(Alpha)\u7684\u7279\u8272\u662f\u622a\u7136\u4e0d\u540c\u7684\uff0c<br \/>\n\u5e02\u5834\u56de\u5831\u7387(Beta)\u7e3d\u91cf\u5c11\u3001\u6210\u672c\u4f4e\uff0c\u7e3d\u9ad4\u8868\u73fe\u548c\u9577\u671f\u8868\u73fe\u512a\u65bc\u73fe\u91d1\u3002<\/p>\n<p>\u6295\u8cc7\u4e2d\u5f88\u5c11\u6709\u300c\u78ba\u5b9a\u7684\u4e8b\u60c5\u300d\uff0c\u7372\u53d6\u8d85\u984d\u6536\u76ca\u7684\u6210\u672c\u904e\u65bc\u6602\u8cb4\uff0c<br \/>\n\u800c\u5be6\u73fe\u8d85\u984d\u6536\u76ca\u7684\u904e\u7a0b\u662f\u4e00\u500b\u96f6\u548c\u904a\u6232\uff0c\u56e0\u70ba\u5c0d\u65bc\u5927\u591a\u6578\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c<br \/>\n\u95dc\u9375\u662f\u56fa\u5b9a\u597d\u81ea\u5df1\u7684\u5e02\u5834\u56de\u5831\u7387(Beta)\u8cc7\u7522\u914d\u7f6e\uff0c\u800c\u4e0d\u662f\u8dd1\u8d0f\u5e02\u5834\uff0c<br \/>\n\u5fc5\u9808\u5728\u63a7\u5236\u98a8\u96aa\u7684\u524d\u63d0\u4e0b\uff0c\u53d6\u5f97\u826f\u597d\u7684\u56de\u5831<strong>\u3002<\/strong><\/p>\n<p>\u6295\u8cc7\u7684\u8a23\u7ac5\u662f\u5f04\u6e05\u695a\u80a1\u7968\u3001\u50b5\u5238\u548c\u5546\u54c1\u7684\u6301\u6709\u6bd4\u4f8b\uff0c\u9019\u6a23\u6295\u8cc7\u7d44\u5408\u624d\u662f\u53ef\u9760\u7684\uff0c<br \/>\n\u9019\u4e5f\u5c31\u662f\u96f7\u00b7\u9054\u5229\u5967\u8207\u6a4b\u6c34\u57fa\u91d1\u7684\u9ad8\u5c64\u4e3b\u7ba1Bob\u3001Greg Jensen\u3001Dan Bernstein\u7b49\u4eba\u8a66\u5716\u56de\u7b54\u7684\u554f\u984c\uff1a<br \/>\n\u300c\u4f60\u6703\u6301\u6709\u4ec0\u9ebc\u6a23\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u5728\u5404\u7a2e\u74b0\u5883\u4e0b\u90fd\u80fd\u8868\u73fe\u826f\u597d\uff1f\u300d<br \/>\n\u4ed6\u5011\u56de\u7b54\uff1a\u300c\u7b2c\u4e00\u6b65\u8981\u5148\u5c07\u7121\u98a8\u96aa\u56de\u5831\u7387(\u73fe\u91d1)\u3001\u5e02\u5834\u56de\u5831\u7387(Beta)\u3001\u8d85\u984d\u56de\u5831\u7387(Alpha)\u5206\u958b\u300d\u3002<\/p>\n<h2>\u5169\u500b\u91cd\u8981\u7684\u6295\u8cc7\u539f\u7406\uff0d\u8cc7\u7522\u5e73\u8861\u3001\u98a8\u96aa\u8abf\u6574<\/h2>\n<p>\u63a5\u4e0b\u4f86\u6a4b\u6c34\u57fa\u91d1\u958b\u59cb\u7ba1\u7406\u990a\u8001\u91d1\u8cc7\u7522\uff0c<br \/>\n\u6709\u4e00\u5bb6\u7f8e\u570b\u5927\u578b\u6d88\u8cbb\u54c1\u88fd\u9020\u5546\u990a\u8001\u91d1\u8a08\u756b\u7684\u9996\u5e2d\u8cc7\u8a0a\u5b98Rusty Olson\uff0c<br \/>\n\u8a62\u554f\u6a4b\u6c34\u57fa\u91d1\u5c0d\u990a\u8001\u91d1\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u4f7f\u7528\u9577\u671f\u96f6\u606f\u50b5\u5238\u7684\u8a08\u756b\u6709\u4f55\u770b\u6cd5\uff0c<br \/>\n\u800c\u96f7\u00b7\u9054\u5229\u5967\u7576\u5834\u5c31\u5efa\u8b70\u61c9\u8a72\u4f7f\u7528\u671f\u8ca8\uff0c\u4e26\u4e14\u5e0c\u671b\u7d66\u4e88\u66f4\u5145\u4efd\u7684\u6642\u9593\u4f86\u56de\u7b54\u9019\u500b\u7b54\u6848\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u539f\u672c\u662f\u4e00\u5bb6\u7ba1\u7406\u8cc7\u91d1\u5f88\u5c11\u3001\u5f88\u5c0f\u7684\u6295\u8cc7\u9867\u554f\u516c\u53f8\uff0c<br \/>\n\u537b\u6709\u500b\u6b0a\u5a01\u6027\u7684CIO\u4f86\u8a62\u554f\u4ed6\u5011\u554f\u984c\uff0c\u56e0\u6b64\u4ed6\u5011\u975e\u5e38\u8a8d\u771f\u6e96\u5099\uff0c\u5e0c\u671b\u80fd\u5b8c\u7f8e\u56de\u7b54\u9019\u500b\u554f\u984c\u3002<\/p>\n<p><strong>1. \u8cc7\u7522\u5e73\u8861<\/strong><\/p>\n<p>\u990a\u8001\u91d1\u5206\u6790\u7684\u7b2c\u4e00\u6b65\uff0c\u5c31\u662f\u5c07\u8a72\u88fd\u9020\u5546\u7684\u990a\u8001\u91d1\u6295\u8cc7\u7d44\u5408\uff0c\u5206\u70ba\u4e0a\u8ff03\u500b\u95dc\u9375\u90e8\u5206\uff1a<br \/>\n\u7121\u98a8\u96aa\u56de\u5831\u7387(\u73fe\u91d1)\u3001<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e02\u5834\u56de\u5831\u7387(Beta)\u3001\u8d85\u984d\u56de\u5831\u7387(Alpha)<\/a>\uff0c<br \/>\n\u800c\u5178\u578b\u7684\u6a5f\u69cb\u6295\u8cc7\u7d44\u5408\u5927\u7d04\u670960%\u7684\u8cc7\u91d1\u6295\u8cc7\u65bc\u80a1\u7968\uff0c\u56e0\u6b64\u5e7e\u4e4e\u627f\u64d4\u4e86\u6240\u6709\u7684\u98a8\u96aa\u3002<br \/>\n\u5176\u9918\u7684\u8cc7\u91d1\u5247\u6295\u8cc7\u65bc\u653f\u5e9c\u50b5\u5238\u4ee5\u53ca\u5176\u4ed6\u4e00\u4e9b\u5c0f\u578b\u6295\u8cc7\uff0c\u9019\u4e9b\u6295\u8cc7\u4e0d\u50cf\u80a1\u7968\u90a3\u6a23\u6ce2\u52d5\u5927\u3002<\/p>\n<p>\u9019\u662f\u7576\u6642\u5f88\u591a\u6295\u8cc7\u8005\u6240\u6301\u6709\u7684\u8cc7\u7522\u914d\u7f6e\u65b9\u5f0f\uff0c\u81f3\u4eca\u4ecd\u662f\u5f88\u591a\u6295\u8cc7\u8005\u5805\u6301\u7684\u57fa\u672c\u5efa\u8b70\uff0c<br \/>\nRusty Olson\u662f\u4e00\u500b\u5275\u65b0\u601d\u7dad\u8005\uff0c\u4ed6\u5728\u4fdd\u6301\u5c0d\u80a1\u7968\u9ad8\u5ea6\u6295\u5165\u7684\u540c\u6642\uff0c<br \/>\n\u8a66\u5716\u7528\u4e0d\u76f8\u95dc\u7684\u56de\u5831\u4f86\u69cb\u5efa\u4e00\u500b\u9ad8\u56de\u5831\u7684\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u56e0\u6b64Rusty Olson\u4e5f\u70ba\u4e86\u5982\u4f55\u8655\u7406\u96f6\u606f\u653f\u5e9c\u50b5\u5238\u800c\u82e6\u60f1\u3002<\/p>\n<p>\u4ed6\u8a8d\u70ba\u77ed\u671f\u653f\u5e9c\u50b5\u7684\u56de\u5831\u7387\u592a\u4f4e\uff0c\u4e0d\u503c\u5f97\u5728\u4ed6\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u4f54\u6709\u4e00\u5e2d\u4e4b\u5730\uff0c<br \/>\n\u4f46\u53c8\u64d4\u5fc3\u6295\u8cc7\u7d44\u5408\u5f88\u5bb9\u6613\u53d7\u5230<a href=/index.html"https:\/\/\/what-is-deflation-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u901a\u7e2e<\/a>\u578b\u7d93\u6fdf\u8870\u9000\u98a8\u96aa\u7684\u5a01\u8105\uff0c<br \/>\n\u65bc\u662f\u4ed6\u958b\u59cb\u5229\u7528\u9577\u671f\u570b\u50b5\u4fdd\u8b77\u6295\u8cc7\u7d44\u5408\uff0c\u56e0\u70ba\u80fd\u6bd4\u666e\u901a\u50b5\u5238\u4f54\u7528\u66f4\u5c0f\u7684\u8cc7\u91d1\uff0c<br \/>\n\u800c\u6700\u5f8c\u4e5f\u4f86\u8aee\u8a62\u6a4b\u6c34\u516c\u53f8\u7684\u610f\u898b\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u7684\u56de\u61c9\u5305\u542b\u4e86\u5169\u500b\u89c0\u9ede\uff0c<br \/>\n\u9019\u5169\u500b\u89c0\u9ede\u4e5f\u5728\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\u7d44\u5408\u4e2d\u518d\u6b21\u51fa\u73fe\uff1a\u7d93\u6fdf\u74b0\u5883\u504f\u597d\u3001\u98a8\u96aa\u5e73\u8861\u8cc7\u7522\u3002<br \/>\n\u6301\u6709\u80a1\u7968\u6703\u4f7f\u6295\u8cc7\u4eba\u5bb9\u6613\u53d7\u5230\u7d93\u6fdf\u6536\u7e2e\u7684\u5f71\u97ff\uff0c\u5c24\u5176\u662f\u901a\u8ca8\u7dca\u7e2e\uff0c<br \/>\n\u7f8e\u570b\u6b77\u53f2\u4e0a\u7684\u5927\u856d\u689d\u5c31\u662f\u5178\u578b\u7684\u4f8b\u5b50\uff0c\u80a1\u50f9\u6703\u5927\u5e45\u4e0b\u6ed1\uff0c<br \/>\n\u800c\u653f\u5e9c\u50b5\u5238\u5728\u9019\u4e9b\u74b0\u5883\u4e2d\u63d0\u4f9b\u4e86\u5f88\u597d\u7684\u4fdd\u8b77\u3002<br \/>\n\u6295\u8cc7\u4eba\u7684\u76ee\u6a19\u61c9\u8a72\u662f\u4e00\u7a2e\u8cc7\u7522\u914d\u7f6e\uff0c\u4e0d\u80fd\u4f9d\u8cf4\u65bc\u9810\u6e2c\u4ec0\u9ebc\u6642\u5019\u6703\u767c\u751f\u901a\u7e2e\uff0c<br \/>\n\u5fc5\u9808\u5c0b\u627e\u4e00\u500b\u5e73\u8861\u7684\u65b9\u6848\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u57281990\u5e74\u5beb\u7d66Rusty Olson\u7684\u5099\u5fd8\u9304\u4e2d\u63d0\u5230\uff1a<\/p>\n<p>\u300c\u5728\u51fa\u73fe\u901a\u7e2e\u5f0f\u7d93\u6fdf\u8870\u9000\u7684\u6642\u5019\uff0c\u50b5\u5238\u7684\u8868\u73fe\u662f\u6700\u597d\u7684\uff1b<br \/>\n\u7d93\u6fdf\u589e\u9577\u7684\u6642\u5019\uff0c\u5247\u662f\u80a1\u7968\u7684\u8868\u73fe\u6700\u597d\u3002<br \/>\n\u7576\u8ca8\u5e63\u51fa\u73fe\u7dca\u7e2e\u7684\u6642\u5019\uff0c\u73fe\u91d1\u662f\u6700\u6709\u5438\u5f15\u529b\u7684\u3002\u300d<\/p>\n<p><strong>\u6240\u6709\u8cc7\u7522\u985e\u5225\u90fd\u6709\u74b0\u5883\u504f\u597d\uff0c<\/strong><br \/>\n<strong>\u67d0\u4e9b\u8cc7\u7522\u5728\u67d0\u4e9b\u7d93\u6fdf\u74b0\u5883\u4e2d\u6703\u8868\u73fe\u826f\u597d\uff0c\u800c\u5728\u5176\u4ed6\u7d93\u6fdf\u74b0\u5883\u4e2d\u8868\u73fe\u4e0d\u4f73\u3002<\/strong><\/p>\n<p><strong>\u50b3\u7d71\u504f\u91cd\u80a1\u7968\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u5176\u5be6\u50cf\u662f\u5c0d\u80a1\u7968\u4e0b\u4e86\u4e00\u500b\u5de8\u5927\u7684\u8ced\u6ce8\uff0c<\/strong><br \/>\n<strong>\u5f9e\u66f4\u57fa\u672c\u7684\u5c64\u9762\u4f86\u770b\uff0c\u5c31\u662f\u5728\u8ced\u7d93\u6fdf\u6210\u9577\u6703\u9ad8\u65bc\u9810\u671f\u3002<\/strong><\/p>\n<p><strong>2. \u98a8\u96aa\u8abf\u6574<\/strong><\/p>\n<p>\u7b2c2\u500b\u95dc\u9375\u7406\u5ff5\uff0c\u6e90\u65bc\u6a4b\u6c34\u57fa\u91d1\u5e6b\u52a9\u4f01\u696d\u5c0d\u6c96\u4e0d\u5fc5\u8981\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u98a8\u96aa\u7684\u5de5\u4f5c\uff0c<br \/>\n\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\u7e3d\u662f\u512a\u5148\u8003\u616e\u98a8\u96aa\uff0c\u5982\u679c\u98a8\u96aa\u6c92\u6709\u62b5\u6d88\uff0c\u5ba2\u6236\u5c31\u6703\u66b4\u9732\u5728\u98a8\u96aa\u4e4b\u4e2d\u3002<br \/>\n\u56e0\u70ba\u6301\u6709\u80a1\u7968\uff0cRusty\u5176\u5be6\u5c31\u662f\u66dd\u9732\u5728\u7d93\u6fdf\u589e\u9577\u53ef\u80fd\u7121\u6cd5\u9054\u5230\u5e02\u5834\u9810\u671f\u7684\u98a8\u96aa\u4e4b\u4e2d\uff0c<br \/>\n\u70ba\u4e86\u5c0d\u6c96\u9019\u7a2e\u98a8\u96aa\uff0c\u80a1\u7968\u9700\u8981\u8207\u53e6\u4e00\u7a2e\u8cc7\u7522\u985e\u5225\u642d\u914d\uff0c<br \/>\n\u9019\u7a2e\u8cc7\u7522\u985e\u5225\u5fc5\u9808\u5177\u6709\u6b63\u7684\u9810\u671f\u6536\u76ca(\u5373<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Beta\u503c<\/a>)\uff0c<br \/>\n<strong>\u7576\u80a1\u7968\u4e0b\u8dcc\u6642\uff0c\u5176\u6536\u76ca\u6703\u4e0a\u5347\uff0c\u800c\u4e14\u4e0a\u5347\u7684\u5e45\u5ea6\u8207\u80a1\u7968\u4e0b\u8dcc\u7684\u5e45\u5ea6\u5927\u81f4\u76f8\u540c<\/strong>\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u7684\u5099\u5fd8\u9304\u4e5f\u8a8d\u540cRusty\u7528\u9577\u671f\u50b5\u5238\u4f86\u5c0d\u6c96\u9019\u7a2e\u98a8\u96aa\uff0c\u50b5\u5238\u98a8\u96aa\u8207\u80a1\u7968\u98a8\u96aa\u5927\u81f4\u76f8\u540c\uff0c<br \/>\n\u6a4b\u6c34\u57fa\u91d1\u7684\u7814\u7a76\u5831\u544a\u6307\u51fa\u300c\u4f4e\u98a8\u96aa\/\u4f4e\u56de\u5831\u7684\u8cc7\u7522\u53ef\u4ee5\u8f49\u5316\u70ba\u9ad8\u98a8\u96aa\/\u9ad8\u56de\u5831\u7684\u8cc7\u7522\u300d\u3002<br \/>\n\u610f\u601d\u5c31\u662f<strong>\u5f9e\u6bcf\u4e00\u55ae\u4f4d\u98a8\u96aa\u7684\u56de\u5831\u770b\uff0c\u5176\u5be6\u6240\u6709\u8cc7\u7522\u90fd\u662f\u5dee\u4e0d\u591a\u7684<\/strong>\uff0c<br \/>\n\u6295\u8cc7\u4eba\u4e0d\u9700\u8981\u70ba\u5206\u6563\u6295\u8cc7\u800c\u72a7\u7272\u6536\u76ca\uff0c<br \/>\n\u57fa\u672c\u4e0a\u61c9\u8a72\u6309\u7167\u4ed6\u5011\u6240\u627f\u64d4\u7684\u98a8\u96aa\uff0c\u5f97\u5230\u76f8\u61c9\u7684\u88dc\u511f\uff1a\u98a8\u96aa\u8d8a\u5927\u3001\u56de\u5831\u8d8a\u9ad8\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u5beb\u4fe1\u7d66Rusty\uff1a\u300c\u6211\u8a8d\u70ba\u4f60\u7ba1\u7406\u6574\u9ad4\u6295\u8cc7\u7d44\u5408\u7684\u65b9\u6cd5\u662f\u6709\u9053\u7406\u7684\uff0c<br \/>\n\u4e8b\u5be6\u4e0a\u6211\u751a\u81f3\u53ef\u4ee5\u8aaa\uff0c\u5b83\u6bd4\u6211\u6240\u770b\u5230\u7684\u4efb\u4f55\u5176\u4ed6\u8a08\u756b\u767c\u8d77\u4eba\u63a1\u7528\u7684\u4efb\u4f55\u7b56\u7565\u90fd\u66f4\u6709\u610f\u7fa9\u300d\u3002<br \/>\n\u9577\u671f\u50b5\u5238\u6216\u671f\u8ca8\u7522\u54c1\uff0c\u6703\u4f7f\u6295\u8cc7\u7d44\u5408\u5728\u7d93\u6fdf\u6210\u9577\u4e2d\u627e\u5230\u5e73\u8861\uff0c\u540c\u6642\u4e5f\u4e0d\u6703\u653e\u68c4\u56de\u5831\u3002<\/p>\n<p>\u6b64\u5f8c\uff0c\u6a4b\u6c34\u57fa\u91d1\u958b\u59cb\u7ba1\u7406Rusty\u7684\u50b5\u5238\u7d44\u5408\uff0c<br \/>\n\u540c\u6642\u4e5f\u5728\u81ea\u5df1\u7684\u6295\u8cc7\u4e2d\u758a\u52a0Alphas(\u628a\u6295\u8cc7\u7d44\u5408\u4e2d\u7684Alphas\u5c0d\u6c96\u6389)\u3002<\/p>\n<h2>\u5728\u7d93\u6fdf\u6210\u9577\u8207\u901a\u8ca8\u81a8\u8139\u9593\u53d6\u5f97\u5e73\u8861<\/h2>\n<p>\u4e45\u800c\u4e45\u4e4b\uff0c\u9019\u4e9b\u4e92\u4e0d\u95dc\u806f\u7684\u767c\u73fe<br \/>\n(\u628a\u6295\u8cc7\u7d44\u5408\u62c6\u6210\u4e0d\u540c\u6210\u5206\uff0c\u78ba\u5b9a\u7d93\u6fdf\u74b0\u5883\u504f\u597d\u3001\u98a8\u96aa\u4fee\u6b63\u5f8c\u7684\u8cc7\u7522\u985e\u5225)\uff0c<br \/>\n\u958b\u59cb\u8b8a\u6210\u4e86\u57fa\u672c\u7684\u6295\u8cc7\u539f\u7406\uff0c\u4e00\u4e9b\u53ef\u4ee5\u91cd\u8907\u904b\u7528\u7684\u6295\u8cc7\u539f\u7406\u3002<\/p>\n<p>\u5be6\u969b\u57f7\u884c\u9019\u4e9b\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u7279\u5225\u662f\u7d93\u6b77\u4e86\u4e0d\u540c\u7684\u7d93\u6fdf\u885d\u64ca(\u4f8b\u5982\u80a1\u5e02\u5d29\u76e4\u3001\u9280\u884c\u5371\u6a5f\u3001\u65b0\u8208\u5e02\u5834\u6ce1\u6cab)\uff0c<br \/>\n\u4e5f\u589e\u5f37\u4e86\u5c0d\u9019\u4e9b\u539f\u5247\u7684\u4fe1\u5fc3\u3002<\/p>\n<p>\u4f46\u662f\u5728\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u8d70\u5411\u6210\u719f\u6982\u5ff5\u524d\uff0c\u9084\u9700\u8981\u4e00\u4e9b\u984d\u5916\u7684\u898b\u89e3\uff0c<br \/>\n\u95dc\u9375\u7684\u4e00\u6b65\u662f\u8981\u628a\u7d93\u6fdf\u6210\u9577\u3001\u901a\u8ca8\u81a8\u8139\u4f5c\u70ba\u7d93\u6fdf\u74b0\u5883\u91cd\u8981\u7684\u9a45\u52d5\u56e0\u7d20\uff0c<br \/>\n\u4e26\u5c07\u8cc7\u7522\u985e\u5225\u8207\u9019\u4e9b\u74b0\u5883\u76f8\u9023\u7d50\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\u77e5\u9053\uff0c\u80a1\u7968\u548c\u50b5\u5238\u53ef\u4ee5\u5728\u4e0d\u540c\u589e\u9577\u74b0\u5883\u4e0b\u62b5\u6d88\u76f8\u4e92\u7684\u5f71\u97ff\uff0c<br \/>\n\u5c31\u50cfRusty\u6240\u63cf\u8ff0\u7684\u4e00\u6a23\uff0c\u7576\u7136\u4e5f\u9084\u6709\u5176\u4ed6\u7d93\u6fdf\u74b0\u5883\u6703\u5c0d\u80a1\u7968\u548c\u50b5\u5238\u9020\u6210\u640d\u5931\uff0c<br \/>\n\u4f8b\u5982\u901a\u8ca8\u81a8\u8139\u4e0a\u5347\uff0c\u56e0\u70ba\u4ed6\u5011\u90fd\u66fe\u7d93\u7d93\u6b77\u904e\u9019\u6a23\u7684\u7d93\u6fdf\u74b0\u5883\u3002<br \/>\n\u572870\u5e74\u4ee3\u7684\u7d93\u6fdf\u74b0\u5883\uff0c\u6301\u6709\u5546\u54c1\u539f\u7269\u6599\u6bd4\u6301\u6709\u80a1\u7968\u548c\u50b5\u5238\u9084\u597d\u5f97\u591a\uff0c\u9019\u500b\u6982\u5ff5\u591a\u6b21\u5728\u6a4b\u6c34\u57fa\u91d1\u4e2d\u63d0\u53ca\uff0c<br \/>\n\u6700\u7d42\u900f\u904e\u4e00\u500b\u7c21\u55ae\u7684\u5be6\u9a57\u628a\u9019\u500b\u6982\u5ff5\u5168\u9762\u5efa\u69cb\u51fa\u4f86\u3002<\/p>\n<p>\u96fb\u8166\u51fa\u73fe\u4ee5\u5f8c\uff0c\u6a4b\u6c34\u57fa\u91d1\u54e1\u5de5\u5c31\u5df2\u7d93\u5229\u7528\u6280\u8853\u6536\u96c6\u548c\u7e6a\u88fd\u8cc7\u6599\u4f86\u8655\u7406\u6c7a\u7b56\u898f\u5247\uff0c<br \/>\n\u4ed6\u5011\u628a\u9019\u4e9b\u898f\u5247\u7a31\u70ba\u300c\u6307\u6a19\u300d\uff0c\u8207\u65e9\u671f\u4f7f\u7528\u8a08\u7b97\u5c3a\u3001\u5c0f\u578b\u8a08\u7b97\u6a5f\u548c\u7528\u5f69\u8272\u925b\u7b46\u7e6a\u88fd\u5716\u8868\u76f8\u6bd4\uff0c<br \/>\n\u96fb\u8166\u5927\u5e45\u63d0\u5347\u4e86\u5de5\u4f5c\u6548\u7387\uff0c\u4ed6\u5011\u5229\u7528Excel\u4f86\u7de8\u6392\u6578\u64da\uff0c\u4e0d\u65b7\u6539\u8b8a\u8cc7\u7522\u985e\u578b\u7684\u6b0a\u91cd\uff0c<br \/>\n\u7814\u7a76\u4e0d\u540c\u6b0a\u91cd\u5c0d\u6295\u8cc7\u7d44\u5408\u56de\u5831\u7684\u5f71\u97ff\uff0c\u5f8c\u4f86\u767c\u73fe\u8868\u73fe\u6700\u597d\u7684\u662f\u5728\u901a\u8ca8\u81a8\u8139\u4e2d\u4fdd\u6301\u5e73\u8861\u7684\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u7d93\u6b77\u4e86\u7d93\u6fdf\u6975\u7aef\u885d\u64ca\u7684\u6642\u5019\uff0c\u9019\u500b\u6295\u8cc7\u7406\u8ad6\u88ab\u8b49\u660e\u662f\u6709\u6548\u7684\uff0c<br \/>\n\u6bd4\u5982\u8aaa\u4e0a\u4e16\u7d0020\u5e74\u4ee3\u5fb7\u570b\u7d93\u6b77\u60e1\u6027\u901a\u8ca8\u81a8\u8139\u300130\u5e74\u4ee3\u7f8e\u570b\u7d93\u6b77\u7d93\u6fdf\u5927\u856d\u689d\u3002<\/p>\n<p>\u9019\u5c31\u662f\u7d93\u5178\u7684\u6a4b\u6c34\u6295\u8cc7\u7406\u5ff5\uff0c\u96d6\u7136\u5f9e\u8cc7\u6599\u53ef\u4ee5\u63a8\u6e2c\u51fa\u67d0\u4ef6\u4e8b(\u900f\u904e\u5c0d\u901a\u8ca8\u81a8\u8139\u7684\u654f\u611f\u5ea6\u4f86\u5e73\u8861\u8cc7\u7522)\uff0c<br \/>\n\u4f46\u6700\u5f8c\u6703\u767c\u73fe\u53ef\u80fd\u7d50\u679c\u662f\u53e6\u4e00\u4ef6\u4e8b\uff0c\u9019\u4e5f\u8aaa\u660e\u4e0d\u80fd\u76f2\u76ee\u5730\u76f8\u4fe1\u8cc7\u6599\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u52fe\u52d2\u51fa\u4e0b\u9762\u56db\u500b\u65b9\u6846\u5716\uff0c\u7528\u6b64\u4f86\u63cf\u8ff0\u4efb\u4f55\u6295\u8cc7\u4eba\u5728\u904e\u53bb\u6216\u672a\u4f86\u53ef\u80fd\u9762\u81e8\u7684\u4e00\u7cfb\u5217\u7d93\u6fdf\u74b0\u5883\uff0c<br \/>\n<strong>\u95dc\u9375\u662f\u5728\u6bcf\u4e00\u7a2e\u60c5\u6cc1\u4e0b\u90fd\u8981\u653e\u540c\u7b49\u7684\u98a8\u96aa\u4ee5\u9054\u5230\u5e73\u8861<\/strong>\uff0c<br \/>\n<strong>\u56e0\u70ba\u6295\u8cc7\u4eba\u7e3d\u5c0d\u672a\u4f86\u7684\u72c0\u6cc1\u6253\u6298\u6263\uff0c\u5176\u5be6\u4efb\u4f55\u4e00\u7a2e\u60c5\u6cc1\u7684\u6b63\u78ba\u6a5f\u7387\u90fd\u662f\u76f8\u7b49\u7684\u3002<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-14075\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200820211018_89.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u7d93\u6fdf\u6210\u9577\u901a\u8ca8\u81a8\u8139\" width=\"552\" height=\"469\" \/><\/p>\n<p>\u4e0a\u9762\u9019\u5f35\u5716\u5c07\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565(All-Weather Strategy)\u7684\u95dc\u9375\u539f\u5247\u9023\u7d50\u5728\u4e00\u8d77\uff0c<br \/>\n\u5c31\u50cf\u4e00\u500b\u6295\u8cc7\u7d44\u5408\u53ef\u4ee5\u62c6\u62103\u500b\u95dc\u9375\u56e0\u7d20\u4e00\u6a23(return = cash + beta + alpha)\uff0c<br \/>\n\u7d93\u6fdf\u74b0\u5883\u4e5f\u53ef\u4ee5\u5206\u89e3\u6210\u90194\u5927\u985e\uff0c\u5e02\u5834\u4e0a\u6703\u51fa\u73fe\u5404\u5f0f\u5404\u6a23\u7684\u610f\u5916\u72c0\u6cc1\uff0c<br \/>\n\u4f46\u4e00\u822c\u7684\u610f\u5916\u90fd\u9075\u5faa\u9019\u500b\u6846\u67b6\uff0c\u4efb\u4f55\u6295\u8cc7\u7684\u50f9\u503c\u4e3b\u8981\u662f\u53d6\u6c7a\u65bc\u90192\u5927\u56e0\u7d20\uff1a\u7d93\u6fdf\u6210\u9577\u3001\u901a\u8ca8\u81a8\u8139\u6c7a\u5b9a\uff0c<br \/>\n\u610f\u5916\u56e0\u7d20\u6703\u5f71\u97ff\u5e02\u5834\uff0c\u4e00\u5b9a\u4e5f\u662f\u56e0\u70ba\u4e0a\u8ff02\u500b\u56e0\u7d20\u7684\u8b8a\u5316\u3002<\/p>\n<p>70\u5e74\u4ee3\u6cb9\u50f9\u5927\u6f32\u300180\u5e74\u4ee3\u901a\u7e2e\u30012000\u5e74\u5f8c\u4ee4\u4eba\u5931\u671b\u7684\u7d93\u6fdf\u589e\u9577\uff0c<br \/>\n\u9019\u90fd\u662f\u8207\u5927\u5bb6\u671f\u671b\u4e0d\u540c\u7684\u7d93\u6fdf\u74b0\u5883\u6539\u8b8a\uff0c<br \/>\n\u800c\u96f7\u00b7\u9054\u5229\u5967\u7684\u56db\u5bae\u683c\u6846\u67b6\uff0c\u80fd\u770b\u51fa\u9019\u4e9b\u7d93\u6fdf\u74b0\u5883\u8b8a\u5316\uff0c\u9084\u80fd\u6355\u6349\u5230\u672a\u77e5\u7684\u610f\u5916\u98a8\u96aa\u3002<br \/>\n\u6a4b\u6c34\u57fa\u91d1\u958b\u59cb\u63a1\u7528\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u4ee5\u5f8c\uff0c\u5df2\u7d93\u51fa\u73fe\u4e86\u5f88\u591a\u7d93\u6fdf\u904b\u884c\u7684\u98a8\u96aa\uff0c<br \/>\n\u800c\u9019\u500b\u4ea4\u6613\u7b56\u7565\u80fd\u62b5\u79a6\u9019\u4e9b\u6295\u8cc7\u98a8\u96aa\uff0c\u9019\u4e5f\u662f\u96f7\u00b7\u9054\u5229\u4e00\u958b\u59cb\u7684\u52aa\u529b\u65b9\u5411\u3002<\/p>\n<p>\u6700\u521d\u9019\u500b\u56db\u5bae\u683c\u6846\u67b6\uff0c\u53ea\u662f\u7528\u4f86\u7d66\u6f5b\u5728\u5ba2\u6236\u89e3\u91cb\u8d85\u984d\u56de\u5831\u7387(Alpha)\u7684\u591a\u5143\u5316\u7b56\u7565\uff0c<br \/>\n\u900f\u904e\u9019\u500b\u6846\u67b6\u4f86\u89e3\u91cb\u5341\u5206\u6e05\u695a\uff0c\u9019\u4e5f\u6210\u70ba\u4e86\u8207\u5ba2\u6236\u8ac7\u8a71\u7684\u8d77\u9ede\u3002<br \/>\n\u90a3\u6642\u5019\u6a4b\u6c34\u516c\u53f8\u4e3b\u8981\u7684\u91cd\u9ede\u662f\u95dc\u5fc3\u8d85\u984d\u56de\u5831\u7387(Alpha)\u800c\u4e0d\u662f\u5e02\u5834\u56de\u5831\u7387(Beta)\uff0c<br \/>\n\u56e0\u6b64\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\uff0c\u7a4d\u6975\u5728\u5c0b\u627e\u548c\u5efa\u69cb\u6c38\u6046\u548c\u5ee3\u6cdb\u9069\u7528\u7684\u6d41\u52d5\u6027\u91d1\u878d\u5e02\u5834\u6295\u8cc7\u7b56\u7565\uff0c<br \/>\n\u6700\u5f8c\u7522\u751f\u7684\u6230\u8853\u7b56\u7565Pure Alpha\u65bc1991\u5e74\u63a8\u51fa\uff0c\u6bd4\u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u9084\u65e9\u555f\u7528\u4e86\u5e7e\u5e74\u3002<\/p>\n<h2>\u6700\u5f8c\u7684\u6210\u5206\uff0d\u6297\u901a\u81a8\u50b5\u5238(TIPS)<\/h2>\n<p>\u5982\u679c\u8aaa\u6a4b\u6c34\u57fa\u91d1\u662f\u98a8\u96aa\u5e73\u50f9\u7684\u5148\u9a45\uff0c\u90a3\u9ebc\u628a<a href=/index.html"https:\/\/\/what-is-tips-etf\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6297\u901a\u81a8\u50b5\u5238<\/a>\u7d0d\u5165\u6a5f\u69cb\u6295\u8cc7\u7d44\u5408\u7684\u6b77\u53f2\u4e0a\uff0c<br \/>\n\u6a4b\u6c34\u57fa\u91d1\u4e5f\u626e\u6f14\u8457\u91cd\u8981\u7684\u89d2\u8272\u3002\u6297\u901a\u81a8\u50b5\u5238\u5728\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\u4e2d\u975e\u5e38\u91cd\u8981\uff0c<br \/>\n\u9019\u500b\u6982\u5ff5\u81f3\u5c11\u53ef\u4ee5\u8ffd\u6eaf\u523018\u4e16\u7d00\uff0c\u4f46\u572820\u4e16\u7d0090\u5e74\u4ee3\u521d\u4e26\u6c92\u6709\u767c\u63ee\u91cd\u8981\u4f5c\u7528\u3002<\/p>\n<p>\u5f8c\u4f86\u6709\u5bb6\u7f8e\u570b\u57fa\u91d1\u6703\u8a62\u554f\u6a4b\u6c34\u57fa\u91d1\uff0c\u8a72\u5982\u4f55\u624d\u80fd\u6301\u7e8c\u5be6\u73fe5%\u7684\u5be6\u969b\u56de\u5831\uff1f<br \/>\n\u6309\u7167\u6cd5\u5f8b\u898f\u5b9a\uff0c\u9019\u500b\u57fa\u91d1\u6703\u6bcf\u5e74\u5fc5\u9808\u62ff\u51fa5%\u7684\u8cc7\u91d1\uff0c<br \/>\n\u6240\u4ee5\u8981\u8b93\u57fa\u91d1\u6703\u6c38\u4e45\u904b\u71df\u4e0b\u53bb\uff0c\u5c31\u5fc5\u9808\u7522\u751f5%\u7684\u5be6\u969b\u56de\u5831\u3002<\/p>\n<p>\u8981\u9054\u5230\u9019\u500b\u7121\u98a8\u96aa\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u7d44\u6210\u8981\u4ef6\u4e0d\u518d\u662f\u73fe\u91d1\uff0c\u800c\u662f\u80fd\u63d0\u4f9b\u5be6\u969b\u56de\u5831\u7684\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u50cf\u662f\u8207\u901a\u8ca8\u81a8\u8139\u76f8\u95dc\u7684\u50b5\u5238\uff0c\u5373\u652f\u4ed8\u4e00\u4e9b\u5be6\u969b\u56de\u5831\u52a0\u4e0a\u5be6\u969b\u901a\u8ca8\u81a8\u8139\u7684\u50b5\u5238\uff0c<br \/>\n\u53ea\u8981\u80fd\u627e\u5230\u652f\u4ed85%\u5be6\u969b\u7968\u606f\u7684\u50b5\u5238\uff0c\u5c31\u80fd\u6eff\u8db3\u57fa\u91d1\u67035%\u7684\u8981\u6c42\uff0c<br \/>\n\u7136\u800c\u7576\u6642\u7f8e\u570b\u4e26\u6c92\u6709\u9019\u7a2e\u50b5\u5238\uff0c\u5373\u4f7f\u9019\u7a2e\u50b5\u5238\u5df2\u5728\u82f1\u570b\u3001\u6fb3\u6d32\u3001\u52a0\u62ff\u5927\u548c\u5176\u4ed6\u4e00\u4e9b\u570b\u5bb6\u5ee3\u6cdb\u767c\u884c\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\u77e5\u9053\u5982\u4f55\u4ee5\u7f8e\u5143\u70ba\u57fa\u6e96\u5c0d\u6c96\u6295\u8cc7\u7d44\u5408\u7684\u532f\u7387\u98a8\u96aa\uff0c\u6d88\u9664\u6389\u532f\u7387\u6ce2\u52d5\u7684\u5f71\u97ff\uff0c<br \/>\n\u65bc\u662f\u6a4b\u6c34\u57fa\u91d1\u8a66\u5716\u5efa\u69cb\u4e00\u500b\u5168\u7403\u6297\u901a\u81a8\u50b5\u5238\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u4e26\u4ee5\u7f8e\u5143\u70ba\u57fa\u6e96\u5c0d\u6c96\u532f\u7387\u98a8\u96aa\uff0c<br \/>\n\u4f5c\u70ba\u7d66\u9019\u500b\u7f8e\u570b\u57fa\u91d1\u6703\u63d0\u4f9b\u7684\u6295\u8cc7\u89e3\u6c7a\u65b9\u6848\u3002\u7576\u6642\u5168\u7403\u5be6\u969b\u6536\u76ca\u7387\u57284%\u5de6\u53f3\uff0c<br \/>\n\u6240\u4ee5\u60f3\u8981\u9054\u5230\u57fa\u91d1\u6703\u6536\u76ca5%\u7684\u8981\u6c42\uff0c\u5fc5\u9808\u5c0d\u6297\u901a\u81a8\u50b5\u5238\u589e\u52a0\u4e00\u9ede\u69d3\u687f\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u70ba\u57fa\u91d1\u6703\u505a\u7684\u4e8b\u9805\uff0c\u8b49\u660e\u6297\u901a\u81a8\u50b5\u5238\u662f\u9ad8\u6548\u4f46\u88ab\u56b4\u91cd\u5ffd\u8996\u7684\u8cc7\u7522\u985e\u578b\uff0c<br \/>\n\u5728\u901a\u8ca8\u81a8\u8139\u4e0a\u5347\u7684\u7d93\u6fdf\u74b0\u5883\u4e2d\uff0c\u6297\u901a\u81a8\u50b5\u5238\u8868\u73fe\u5f88\u597d\uff0c\u4f46\u80a1\u7968\u548c\u666e\u901a\u653f\u5e9c\u50b5\u5238\u90fd\u6703\u8868\u73fe\u4e0d\u4f73\uff0c<br \/>\n\u4ee3\u8868\u50b5\u5238\u586b\u88dc\u4e86\u50b3\u7d71\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u5206\u6563\u6295\u8cc7\u98a8\u96aa\u7684\u7f3a\u53e3\u3002<\/p>\n<p>\u9664\u4e86\u5927\u5b97\u5546\u54c1\u4e4b\u5916\uff0c\u5927\u90e8\u5206\u6295\u8cc7\u8005\u4e0d\u6703\u6301\u6709\u4efb\u4f55\u8cc7\u7522\u4f86\u5c0d\u6297\u901a\u81a8\u4e0a\u5347\uff0c<br \/>\n\u4f46\u5f9e\u6a4b\u6c34\u57fa\u91d1\u5efa\u7acb\u7684\u7d93\u6fdf\u74b0\u5883\u7406\u8ad6\u4f86\u770b\uff0c\u6297\u901a\u81a8\u50b5\u5238\u6709\u52a9\u65bc\u5e73\u8861\u6574\u500b\u56db\u5bae\u683c\u548c\u5176\u4ed6\u8cc7\u7522\u985e\u578b\uff0c<br \/>\n\u9019\u500b\u5e73\u8861\u4f5c\u7528\u662f\u7368\u4e00\u7121\u4e8c\u7684 (\u76f8\u5c0d\u65bc\u589e\u9577\u800c\u8a00\uff0c\u6297\u901a\u81a8\u50b5\u5238\u8207\u5546\u54c1\u539f\u7269\u6599\u662f\u8ca0\u76f8\u95dc\uff0c\u9019\u662f\u4e00\u500b\u984d\u5916\u7684\u597d\u8655)\u3002<br \/>\n\u56e0\u6b64\u7576\u7f8e\u570b\u8ca1\u653f\u90e8\u6c7a\u5b9a\u767c\u884c\u6297\u901a\u81a8\u50b5\u5238\u6642\uff0c\u76f8\u95dc\u5b98\u54e1\u5c31\u8aee\u8a62\u4e86\u6a4b\u6c34\u57fa\u91d1\u5c0d\u5efa\u69cb\u9019\u985e\u50b5\u5238\u7684\u610f\u898b\uff0c<br \/>\n\u800c\u6a4b\u6c34\u57fa\u91d1\u57281997\u5e74\u63d0\u51fa\u7684\u5efa\u8b70\uff0c\u4e5f\u6c7a\u5b9a\u4e86\u73fe\u4eca<a href=/index.html"https:\/\/\/what-is-tips-etf\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6297\u901a\u81a8\u50b5\u5238(TIPS)<\/a>\u7684\u8a2d\u8a08\u3002<\/p>\n<h2>\u6b77\u7d9325\u5e74\u7684\u767c\u5c55\uff0d\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565<\/h2>\n<p>1996\u5e74\uff0c\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\uff0c\u8a66\u5716\u5c07\u6578\u5341\u5e74\u4f86\u6240\u5b78\u7684\u77e5\u8b58\u5efa\u69cb\u6210\u55ae\u4e00\u7684\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u56e0\u6b64\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u6b63\u5f0f\u6210\u7acb\uff0c\u96f7\u00b7\u9054\u5229\u5967\u5e0c\u671b\u7d44\u5efa\u4e00\u500b\u5bb6\u65cf\u4fe1\u8a17\u57fa\u91d1\uff0c<br \/>\n\u4e26\u5275\u5efa\u4e00\u500b\u8cc7\u7522\u914d\u7f6e\u7d44\u5408\uff0c\u4ed6\u76f8\u4fe1\u5728\u4ed6\u96e2\u4e16\u5f8c\u7684\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u5167\uff0c<br \/>\n\u9019\u500b\u8cc7\u7522\u914d\u7f6e\u7d44\u5408\u5c07\u88ab\u8b49\u660e\u662f\u53ef\u9760\u7684\u3002<\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u96c6\u7d50\u4e86\u6a4b\u6c34\u57fa\u91d1\u9577\u671f\u7d2f\u7a4d\u7684\u6295\u8cc7\u539f\u5247\uff1a<br \/>\n\u5206\u6790\u9ea5\u7576\u52de\u9ea5\u514b\u96de\u584a\u7684\u98a8\u96aa\u3001\u66ffRusty\u5e73\u8861\u6295\u8cc7\u7d44\u5408\u3001\u7ba1\u7406\u6297\u901a\u81a8\u50b5\u5238\u7684\u7d93\u9a57\uff0c\u90fd\u653e\u9032\u4e86\u771f\u5be6\u7684\u6295\u8cc7\u7d44\u5408\u88e1\uff0c<br \/>\n\u6700\u7d42\u7684\u6295\u8cc7\u914d\u7f6e\u65b9\u6848\u5982\u4e0b\u5716\u6240\u793a\uff0c\u6240\u6709\u7684\u8cc7\u7522\u90fd\u653e\u9032\u4e86\u53ef\u80fd\u51fa\u73fe\u7684\u7d93\u6fdf\u74b0\u5883\u56db\u5bae\u683c\u6846\u67b6\u4e2d\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-14081\" src=/index.html"https:\/\/\/wp-content\/uploads\/20200820221319_22.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u98a8\u96aa\u8207\u5e02\u5834\u9810\u671f\" width=\"550\" height=\"453\" \/><\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u4e0d\u65b7\u5b78\u7fd2\uff0c\u5df2\u7d93\u77e5\u9053\u600e\u9ebc\u5728\u4e0d\u540c\u7684\u7d93\u6fdf\u74b0\u5883\u6b78\u985e\u8cc7\u7522\u985e\u578b\uff0c<br \/>\n\u4ed6\u5011\u77e5\u9053\u96a8\u8457\u6642\u9593\u7684\u63a8\u79fb\uff0c\u56db\u5bae\u683c\u88e1\u7684\u6240\u6709\u8cc7\u7522\u985e\u578b\u53ef\u80fd\u6703\u540c\u6642\u4e0a\u6f32\uff0c<br \/>\n\u9019\u5c31\u662f\u8cc7\u672c\u4e3b\u7fa9\u5236\u5ea6\u7684\u904b\u4f5c\u65b9\u5f0f\u3002<\/p>\n<p>\u5982\u679c\u592e\u884c\u5370\u9214\u7968\uff0c\u90a3\u9ebc\u6709\u66f4\u597d\u6295\u8cc7\u6a5f\u6703\u7684\u4eba\u6703\u628a\u9322\u501f\u8d70\uff0c\u7528\u9019\u4e9b\u9322\u5be6\u73fe\u66f4\u9ad8\u7684\u6536\u76ca\u3002<br \/>\n\u9019\u4e9b\u6295\u8cc7\u7684\u8b49\u5238\u4e3b\u8981\u6709\u5169\u7a2e\u5f62\u5f0f\uff1a\u80a1\u7968(\u6240\u6709\u6b0a)\u3001\u50b5\u5238(\u50b5\u6b0a)\uff0c<br \/>\n\u56db\u5bae\u683c\u4e2d\u7684\u8cc7\u7522\u5206\u985e\u4e26\u4e0d\u80fd\u5b8c\u5168\u62b5\u6d88\u5c0d\u65b9\u7684\u98a8\u96aa\uff0c\u800c\u9019\u4e9b\u8cc7\u7522\u7684\u9577\u671f\u7e3d\u56de\u5831\u80fd\u9ad8\u65bc\u73fe\u91d1\u5229\u7387\u7684\u56de\u5831\uff0c<br \/>\n\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u5c0d\u7d93\u6fdf\u74b0\u5883\u7684\u98a8\u96aa\u5df2\u7d93\u88ab\u76f8\u4e92\u62b5\u6d88\u4e86\uff0c\u5269\u4e0b\u80fd\u8cfa\u53d6\u7684\u5c31\u662f\u98a8\u96aa\u6ea2\u50f9\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u5f62\u5bb9\u5275\u5efa\u9019\u500b\u6295\u8cc7\u7d44\u5408\uff0c\u5c31\u50cf\u767c\u660e\u4e00\u67b6\u5f9e\u672a\u98db\u904e\u7684\u98db\u6a5f\uff0c\u5b83\u770b\u8d77\u4f86\u662f\u5c0d\u7684\uff0c\u4f46\u5b83\u6703\u98db\u55ce\uff1f<br \/>\n\u4ed6\u958b\u59cb\u7528\u81ea\u5df1\u7684\u8cc7\u7522\u5617\u8a66\uff0c\u4e0d\u65b7\u91cd\u65b0\u5e73\u8861\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u500b\u6295\u8cc7\u7d44\u5408\u7684\u7d50\u679c\u4e5f\u8207\u6a4b\u6c34\u57fa\u91d1\u8a2d\u60f3\u7684\u4e00\u6a23\uff0c<br \/>\n\u4f46\u7576\u6642\u50c5\u70ba\u96f7\u00b7\u9054\u5229\u5967\u7684\u4fe1\u8a17\u57fa\u91d1\u670d\u52d9\u3002<\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u5f9e\u4f86\u6c92\u6709\u88ab\u60f3\u904e\u6703\u505a\u6210\u4e00\u500b\u7522\u54c1\uff0c\u56e0\u70ba\u9019\u500b\u7b56\u7565\u6709\u9ede\u76f4\u622a\u4e86\u7576\uff0c<br \/>\n\u4f3c\u4e4e\u6bcf\u500b\u4eba\u6191\u81ea\u5df1\u90fd\u80fd\u64cd\u4f5c\u51fa\u4f86\uff0c\u5728\u7f8e\u570b\u80a1\u5e02\u51fa\u73fe\u6ce1\u6cab\u7684\u65e9\u671f\u968e\u6bb5\uff0c<br \/>\n\u96f7\u00b7\u9054\u5229\u5967\u5df2\u7d93\u958b\u59cb\u63d0\u51fa\u5e73\u8861\u7684\u6982\u5ff5\uff0c\u4f46\u6700\u521d\u5927\u5bb6\u5c0d\u9019\u500b\u6982\u5ff5\u6c92\u6709\u592a\u5927\u7684\u8208\u8da3\u3002<\/p>\n<p>\u76f4\u52302000\u5e74\u7684\u80a1\u707d\u6539\u8b8a\u4e86\u9019\u4e00\u5207\uff0c\u96a8\u8457\u7db2\u8def\u6ce1\u6cab\u5316\uff0c\u4eba\u5011\u610f\u8b58\u5230\u80a1\u7968\u7d55\u975e\u7a69\u8cfa\u4e0d\u8ce0\uff0c<br \/>\n\u4e5f\u9010\u6f38\u6539\u8b8a\u4e86\u666e\u901a\u6295\u8cc7\u4eba\u7684\u5fc3\u614b\uff0c\u8b93\u4eba\u60f3\u8d77\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u5236\u7684\u7834\u58de\u3001\u77f3\u6cb9\u885d\u64ca\u548c1987\u5e74\u7684\u80a1\u707d\u3002<br \/>\n\u8a31\u591a\u57fa\u91d1\u7d93\u7406\u958b\u59cb\u671d\u5411\u8d85\u984d\u56de\u5831\u7387(Alpha)\uff0c\u4f5c\u70ba\u61c9\u5c0d\u4ed6\u5011\u8a8d\u70ba\u80a1\u5e02\u4e0d\u7a69\u5b9a\u7684\u4e00\u500b\u65b9\u6cd5\u3002<\/p>\n<h2>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u767c\u5c55\u521d\u671f<\/h2>\n<p>\u8d77\u521d\u80fd\u63a5\u53d7\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7406\u5ff5\u7684\u6a5f\u69cb\u6295\u8cc7\u4eba\u4e26\u4e0d\u591a\uff0c\u69d3\u687f\u7684\u6982\u5ff5\u4e5f\u5f15\u8d77\u4e86\u8cea\u7591\uff0c<br \/>\n\u7136\u800c\u5728\u7d93\u6b77\u4e86\u8fd1\u5341\u5e74\u7684\u80a1\u5e02\u5371\u6a5f\u30012008\u5e74\u7684\u4fe1\u8cb8\u5371\u6a5f\u5f8c\uff0c\u6295\u8cc7\u4eba\u6e34\u671b\u6709\u53e6\u4e00\u7a2e\u65b0\u7684\u9078\u64c7\uff0c<br \/>\n\u800c\u9019\u500b\u98a8\u96aa\u5e73\u8861\u7684\u65b9\u5f0f\u5275\u9020\u4e86\u65b0\u7684\u8cc7\u7522\u914d\u7f6e\u6cd5\uff0c\u80fd\u5e73\u8861\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u6700\u521d\u63a1\u7528\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u662f\u4e00\u5bb6\u5927\u578b\u4f01\u696d\u990a\u8001\u57fa\u91d1\uff0c\u7b2c\u4e8c\u5bb6\u662f\u9593\u5927\u578b\u6c7d\u8eca\u516c\u53f8\uff0c<br \/>\n\u624d\u525b\u525b\u767c\u884c\u4e86\u990a\u8001\u91d1\u7fa9\u52d9\u50b5\u5238\uff0c\u56e0\u70ba\u57282001\u5e74\u7684\u80a1\u5e02\u5d29\u76e4\u5f8c\uff0c\u4ed6\u5011\u7684\u8cc7\u91d1\u56b4\u91cd\u4e0d\u8db3\uff0c<br \/>\nCIO\u5e0c\u671b\u7528\u4e00\u7a2e\u65b0\u7684\u65b9\u5f0f\u4f86\u7ba1\u7406\u9019\u7b46\u767c\u884c\u50b5\u5238\u7684\u65b0\u9322\uff0c\u6700\u5f8c\u8058\u8acb5\u4f4d\u4f86\u7ba1\u7406\uff0c\u800c\u6a4b\u6c34\u57fa\u91d1\u5c31\u662f\u5176\u4e2d\u4e4b\u4e00\u3002<\/p>\n<p>\u96f7\u00b7\u9054\u5229\u5967\u548c\u4ed6\u7684\u540c\u4e8b\u5011\uff0c\u5efa\u8b70\u9019\u5bb6\u516c\u53f8\u5c07\u6574\u500b\u57fa\u91d1\u7684\u539f\u5247\u5efa\u7acb\u4e00\u500b\u6295\u8cc7\u7d44\u5408\uff1a<br \/>\n\u627e\u5230\u6700\u597d\u7684\u8cc7\u7522\u914d\u7f6e\uff0c\u627e\u5230\u6700\u597d\u7684\u8d85\u984d\u56de\u5831\u7387(Alpha)\uff0c\u7136\u5f8c\u628a\u5169\u8005\u7d50\u5408\u8d77\u4f86\uff0c<br \/>\n\u9019\u6a23\u624d\u80fd\u5c55\u73fe\u5c0d\u6bcf\u4e00\u7a2e\u8cc7\u7522\u7684\u4fe1\u5fc3\u3002<\/p>\n<p>\u6700\u7d42\u7684\u7e3d\u6295\u8cc7\u7d44\u5408\u662fBeta\u548cAlpha (All Weather\u3001Pure Alpha\uff0c\u6a4b\u6c34\u57fa\u91d1\u7684\u4e3b\u52d5\u4ea4\u6613\u6295\u8cc7\u7d44\u5408)\uff0c<br \/>\n\u5927\u81f4\u5404\u536070\/30\uff0c\u63a5\u4e0b\u4f86\u9678\u7e8c\u6709\u5ba2\u6236\u958b\u59cb\u767c\u73fe\u74b0\u5883\u5e73\u8861\u3001\u5206\u6563\u6295\u8cc7\u7684\u597d\u8655\uff0c\u8058\u8acb\u6a4b\u6c34\u516c\u53f8\u4f86\u5be6\u65bd\u9019\u4e9b\u7b56\u7565\u3002<\/p>\n<h2>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u6838\u5fc3\u6982\u5ff5<\/h2>\n<p>\u5168\u5929\u5019\u7b56\u7565\u767c\u5c55\u81f3\u4eca\uff0c\u5e73\u8861\u539f\u7406\u6c92\u6709\u4f7f\u7528\u4e0a\u7684\u9650\u5236\uff0c\u9577\u671f\u4f86\u8aaa\u5e73\u8861\u9084\u80fd\u4fc3\u9032\u91d1\u878d\u9ad4\u7cfb\u66f4\u52a0\u7a69\u5b9a\uff0c<\/p>\n<p>\u52a0\u62ff\u5927\u6700\u5927\u7684\u4e00\u652f\u990a\u8001\u91d1\u8a08\u756b\uff0c\u63a1\u7d0d\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u4f5c\u70ba\u6574\u500b\u8a08\u756b\u7684\u57fa\u6e96\uff0c\u800c\u5176\u4ed6\u6a5f\u69cb\u4e5f\u9678\u7e8c\u6253\u9020\u51faAlpha\u3001Beta\u5718\u968a\uff0c<br \/>\n\u751a\u81f3\u6709\u4e9b\u6a5f\u69cb\u6b63\u5728\u5c07\u9019\u4e9b\u6982\u5ff5\u5f15\u5165\u5230\u56fa\u5b9a\u7e73\u6b3e\u8a08\u756b\u4e2d\uff0c\u4f5c\u70ba\u4e00\u7a2e\u6295\u8cc7\u9078\u64c7\u3002<\/p>\n<p>\u5728\u6700\u8fd1\u7684\u4e00\u9805\u8abf\u67e5\u986f\u793a\uff0c\u5927\u591a\u6578\u6a5f\u69cb\u6295\u8cc7\u4eba\u90fd\u4e86\u89e3\u5168\u5929\u5019\u7b56\u7565\uff0c<br \/>\n25%\u7684\u6a5f\u69cb\u6295\u8cc7\u4eba\u6b63\u5728\u4ed6\u5011\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\u4f7f\u7528\uff0c\u7576\u7136\u9019\u4e5f\u610f\u5473\u8457\u7d55\u5927\u591a\u6578\u6295\u8cc7\u4eba\u9084\u6c92\u6709\u5be6\u969b\u4f7f\u7528\u9019\u500b\u65b9\u5f0f\u3002<\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u8d77\u6e90\u65bc\u6a4b\u6c34\u57fa\u91d1\u5c0d\u91d1\u878d\u5e02\u5834\u7684\u57f7\u8457\u63a2\u7d22\u8207\u7814\u7a76\uff0c<br \/>\n\u5e0c\u671b\u80fd\u5efa\u69cb\u51fa\u5728\u672a\u4f8620\u5e74\u4ecd\u8868\u73fe\u512a\u79c0\u7684\u6295\u8cc7\u7d44\u5408\uff0c<br \/>\n\u5373\u4f7f\u6c92\u6709\u4eba\u80fd\u5920\u9810\u6e2c\u672a\u4f86\u7684\u589e\u503c\u8207\u901a\u8ca8\u81a8\u8139\u6703\u4ee5\u4f55\u7a2e\u5f62\u5f0f\u51fa\u73fe\uff0c\u4f46\u9577\u671f\u6295\u8cc7\u6642\uff0c\u6295\u8cc7\u4eba\u80fd\u6709\u4fe1\u5fc3\u7684\u662f\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u6301\u6709\u8cc7\u7522\u7684\u56de\u5831\u9ad8\u65bc\u73fe\u91d1\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u8cc7\u7522\u7684\u6ce2\u52d5\u6027\u6709\u5f88\u9ad8\u7684\u7a0b\u5ea6\uff0c\u53d6\u6c7a\u65bc\u5be6\u969b\u7d93\u6fdf\u60c5\u6cc1\u8207\u7d93\u6fdf\u9810\u671f\u7684\u95dc\u4fc2(\u7d93\u6fdf\u9810\u671f\u4e5f\u5728\u8b8a\u5316)\uff0c\u4efb\u4f55\u6307\u6a19(\u8cc7\u7522\u985e\u5225\u56de\u5831\u3001\u76f8\u95dc\u6027\u3001\u7cbe\u78ba\u6ce2\u52d5\u7387)\uff0c\u90fd\u662f\u5728\u8a66\u5716\u9810\u6e2c\u672a\u4f86\u3002<\/span><\/li>\n<\/ol>\n<p>\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\u662f\u6301\u67094\u500b\u4e0d\u540c\u7684\u6295\u8cc7\u7d44\u5408\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u901a\u8ca8\u81a8\u8139\u4e0a\u5347<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u901a\u8ca8\u81a8\u8139\u4e0b\u964d<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7d93\u6fdf\u6210\u9577\u7387\u4e0a\u5347<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7d93\u6fdf\u6210\u9577\u4f4e\u65bc\u9810\u671f<\/span><\/li>\n<\/ol>\n<p>\u6bcf\u500b\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u76f8\u540c\uff0c\u4e5f\u90fd\u6703\u5728\u7279\u5b9a\u7d93\u6fdf\u74b0\u5883\u4e2d\u8868\u73fe\u512a\u7570\uff0c<br \/>\n\u6a4b\u6c34\u57fa\u91d1\u8a8d\u70ba\uff0c\u6c92\u6709\u4eba\u6703\u77e5\u9053\u5c07\u4f86\u767c\u751f\u4ec0\u9ebc\u4e8b\uff0c\u6240\u4ee5\u9078\u64c7\u9577\u671f\u5e73\u8861\u7684\u6295\u8cc7\u65b9\u5f0f\u624d\u662f\u6700\u7a69\u5b9a\u7684\uff0c<br \/>\n\u9019\u4e5f\u662f\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u6838\u5fc3\u3002<\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u7684\u54e1\u5de5\u7d93\u5e38\u6703\u88ab\u89aa\u670b\u597d\u53cb\u554f\u5230\u61c9\u8a72\u6295\u8cc7\u4ec0\u9ebc\u7522\u54c1\uff0c<br \/>\n\u4f46\u5176\u5be6\u6a4b\u6c34\u54e1\u5de5\u4e0d\u6703\u7814\u7a76\u4e3b\u52d5alpha\u6295\u8cc7\u7b56\u7565\uff0c\u56e0\u70ba\u90a3\u662f\u6c92\u6709\u7528\u7684\uff0c\u6295\u8cc7\u7d44\u5408\u7e3d\u662f\u6703\u4e0d\u505c\u7684\u6539\u8b8a\u3002<\/p>\n<p>\u5c0d\u65bc\u5927\u90e8\u5206\u4eba\u4f86\u8aaa\uff0c\u4ed6\u5011\u9700\u8981\u7684\u662f\u4e00\u500b\u80fd\u9577\u671f\u6301\u6709\u3001\u826f\u597d\u7684\u3001\u53ef\u9760\u7684\u8cc7\u7522\u914d\u7f6e\u65b9\u5f0f\uff0c<br \/>\n\u56e0\u6b64\u6bcf\u7576\u6709\u4eba\u554f\u9019\u500b\u554f\u984c\uff0c\u6a4b\u6c34\u57fa\u91d1\u54e1\u5de5\u7684\u7b54\u6848\uff0c\u5c31\u662f\u4f7f\u7528\u5168\u5929\u5019(All-Weather)\u6295\u8cc7\u7b56\u7565\uff0c<br \/>\n\u9019\u662f\u6a4b\u6c34\u57fa\u91d1\u8fd130\u5e74\u4f86\uff0c\u5b78\u7fd2\u5982\u4f55\u5728\u4e0d\u7a69\u5b9a\u7684\u60c5\u6cc1\u4e0b\u9032\u884c\u6295\u8cc7\u7684\u7d93\u9a57\u3002<\/p>\n<p>\u8209\u4e00\u500b\u7c21\u55ae\u7684\u4f8b\u5b50\uff0c\u5982\u679c\u4f60\u6295\u8cc710\u7f8e\u5143\u5230 <a href=/index.html"https:\/\/\/what-is-sp500-index\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">S&amp;P 500<\/a>\u6307\u6578\uff0c\u540c\u6642\u6295\u8cc710\u7f8e\u5143\u5230\u7f8e\u570b\u570b\u50b5\uff0c<br \/>\n\u9019\u500b\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u4e3b\u8981\u4f86\u6e90\u65bcS&amp;P 500\u6307\u6578\uff0c\u56e0\u70ba\u80a1\u5e02\u6bd4\u50b5\u5e02\u7684\u98a8\u96aa\u5927\u3002<br \/>\n\u5982\u679c\u4f60\u6295\u8cc75\u7f8e\u5143\u5230S&amp;P 500\u6307\u6578\u3001\u6295\u8cc715\u7f8e\u5143\u523010\u5e74\u671f\u7f8e\u570b\u50b5\u5238\uff0c<br \/>\n\u90a3\u9ebc\u9019\u500b\u6295\u8cc7\u7d44\u5408\u6703\u66f4\u52a0\u5e73\u8861\uff0c\u96d6\u7136\u56de\u5831\u7387\u6703\u6bd4\u8f03\u4f4e\u3002<br \/>\n\u4f46\u6309\u71675\/15\u7684\u6295\u8cc7\u65b9\u5f0f\uff0c\u518d\u52a0\u4e0a\u4e00\u9ede\u69d3\u687f\uff0c\u5c31\u80fd\u5be6\u73fe10\/10\u6295\u8cc7\u65b9\u5f0f\u7684\u56de\u5831\u6c34\u6e96\uff0c\u540c\u6642\u98a8\u96aa\u66f4\u4f4e\u3002<\/p>\n<p>&#8211;(\u539f\u6587\u7ffb\u8b6f\u5230\u6b64\u544a\u4e00\u6bb5\u843d)&#8211;<\/p>\n<h2>\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u7b56\u7565 &#8211; \u5e02\u5834\u5148\u751f\u5fc3\u5f97<\/h2>\n<p>\u5728\u8b80\u5b8c\u6a4b\u6c34\u5168\u5929\u5019\u7b56\u7565 \u7684\u6210\u7acb\u8207\u767c\u60f3\u904e\u6210\u5f8c\uff0c<br \/>\n\u4ee5\u4e0b\u5e02\u5834\u5148\u751f\u6574\u7406\u89e3\u6790\u95b1\u8b80\u91cd\u9ede\uff0c\u4ee5\u53ca\u4e00\u4e9b\u6211\u904e\u53bb\u7814\u7a76\u5168\u5929\u5019\u7b56\u7565\u7684\u4e00\u4e9b\u5fc3\u5f97\u3002<\/p>\n<p><strong>1. \u8a8d\u8b58\u6a4b\u6c34\u57fa\u91d1\u7684\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565<\/strong><\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u7406\u5ff5\u5728\u65bc\uff0c\u5efa\u7acb\u4e00\u500b\u65bc\u5404\u7a2e\u5e02\u5834\u72c0\u6cc1\u4e0b\u90fd\u80fd\u5f97\u5230\u76f8\u5c0d\u7a69\u5065\u6210\u679c\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n<p>\u50b3\u7d71\u55ae\u4e00\u8cc7\u7522\uff0c\u4f8b\u5982\u80a1\u7968\u3001\u50b5\u5238\uff0c\u5982\u679c\u50c5\u662f\u55ae\u7d14\u5206\u6563\u6295\u8cc7\u627f\u64d4Beta\u7cfb\u7d71\u98a8\u96aa\u53d6\u5f97\u5831\u916c\uff0c\u5be6\u969b\u4e0a\u4ecd\u6703\u6709\u4e9b\u6642\u671f\u8868\u73fe\u597d\u3001\u6709\u4e9b\u6642\u671f\u8868\u73fe\u5dee\u3002<\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408\u540c\u6a23\u4e26\u4e0d\u8003\u616e\u5275\u9020\u8d85\u984d\u5831\u916calpha\uff0c\u800c\u662f\u53ea\u53d6\u5f97Beta\uff0c<br \/>\n\u900f\u904e\u6301\u6709\u591a\u7a2e\u5404\u7a2e\u5404\u7a2e\u985e\u578b\u7684\u8cc7\u7522\uff0c\u56e0\u61c9\u4e0d\u540c\u6642\u671f\uff0c\u7d44\u5408\u51fa\u4e00\u500b\u65b0\u7684Beta\uff0c\u5c31\u662f\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u7406\u5ff5\uff0c\u4e5f\u662f\u4e00\u7a2e\u8cc7\u7522\u914d\u7f6e\u7684\u601d\u8003\u65b9\u5f0f\u3002<\/p>\n<p><strong>2. \u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u8ddf\u50b3\u7d71\u6295\u8cc7\u6709\u4ec0\u9ebc\u4e0d\u4e00\u6a23\uff1f<\/strong><\/p>\n<p>\u50b3\u7d71\u6211\u5011\u5e38\u807d\u5230\u7684\u914d\u7f6e\uff0c\u53ef\u80fd\u662f60%\u80a1\u7968\uff0c40%\u50b5\u5238\uff0c\u4f46\u70ba\u4ec0\u9ebc\u662f60%\/40%\u5462\uff1f\u9019\u600e\u9ebc\u6c7a\u5b9a\u7684\uff1f<br \/>\n\u4f60\u6703\u767c\u73fe\uff0c\u50b3\u7d71\u9019\u7a2e\u914d\u7f6e\u6bd4\u4f8b\uff0c\u5927\u591a\u50c5\u50c5\u662f\u56e0\u70ba\u500b\u4eba\u6216\u8005\u6a5f\u69cb\u672c\u8eab\u7684\u98a8\u96aa\u53bb\u5efa\u69cb\uff0c\u4f46\u4e26\u6c92\u6709\u8003\u616e\u5230\u5169\u7a2e\u8cc7\u7522\u5f7c\u6b64\u4e4b\u9593\u7684\u95dc\u806f\u6027\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\uff0c\u5168\u5929\u5019\u7b56\u7565\u8f49\u63db\u4e86\u601d\u8003\u6a21\u5f0f\uff0c\u628a\u5404\u7a2e\u8cc7\u7522\u7528 &#8220;\u55ae\u4f4d\u98a8\u96aa&#8221; \u53bb\u601d\u8003\uff0c<br \/>\n\u55ae\u4f4d\u98a8\u96aa\u7c21\u55ae\u8209\u4f8b\uff0c\u5c31\u662f\u5047\u8a2dA\u8cc7\u7522\u9577\u671f\u5831\u916c10%\uff0c\u6ce2\u52d530%\uff0cB\u8cc7\u7522\u5831\u916c 4%\uff0c\u6ce2\u52d512%\uff0c<br \/>\n\u770b\u8d77\u4f86A\u8cc7\u7522\u9ad8\u98a8\u96aa\u9ad8\u5831\u916c\u3001B\u8cc7\u7522\u4f4e\u98a8\u96aa\u4f4e\u5831\u916c\uff0c\u4f46\u5982\u679c\u63db\u7b97\u6210\u627f\u64d41%\u6ce2\u52d5\u98a8\u96aa\u7684\u60c5\u6cc1\u4e0b\uff0cA\u8cc7\u7522\u5831\u916c\u662f0.33%\uff0cB\u8cc7\u7522\u5831\u916c\u4e5f\u662f0.33%\u3002<\/p>\n<p>\u7531\u65bc\u91d1\u878d\u8cc7\u7522\u53ef\u4ee5\u85c9\u7531\u69d3\u687f\u53bb\u8abf\u6574\u5831\u916c\u98a8\u96aa\u5927\u5c0f\uff0c\u56e0\u6b64\u6211\u5011\u4e0d\u61c9\u8a72\u53ea\u95dc\u6ce8\u5831\u916c\u6216\u53ea\u95dc\u6ce8\u98a8\u96aa\uff0c\u800c\u662f\u95dc\u6ce8\u5831\u916c\/\u98a8\u96aa\u7684\u6bd4\u4f8b\uff0c<br \/>\n\u800c\u9054\u5229\u6b50\u89c0\u5bdf\u5230\uff0c\u5176\u5be6\u5927\u591a\u6578\u8cc7\u7522\u5728\u63db\u7b97\u6210\u55ae\u4f4d\u98a8\u96aa\u4e4b\u4e0b\uff0c\u5831\u916c\u90fd\u662f\u4e0d\u6703\u5dee\u592a\u591a\u7684\u3002<\/p>\n<p>\u65e2\u7136\u55ae\u4f4d\u98a8\u96aa\u4e0d\u6703\u5dee\u592a\u591a\uff0c\u90a3\u6301\u6709\u54ea\u4e00\u7a2e\u8cc7\u7522\u5c31\u6c92\u6709\u597d\u58de\u4e4b\u5206\u3002<\/p>\n<p>\u800c\u4e0d\u540c\u60c5\u5883\u4e4b\u4e0b\uff0c\u5728\u7d93\u6fdf\u9810\u671f\u6210\u9577\u3001\u9810\u671f\u8870\u9000\uff0c\u901a\u81a8\u9810\u671f\u4e0a\u5347\u3001\u9810\u671f\u4e0b\u964d\uff0c\u90fd\u5404\u81ea\u6709\u7576\u4e0b\u8868\u73fe\u597d\u7684\u8cc7\u7522\uff0c<br \/>\n\u95dc\u9375\u5728\u65bc\u5404\u7a2e\u60c5\u6cc1\u4e0b\u90fd\u6301\u6709\u7576\u4e0b\u8868\u73fe\u597d\u7684\u8cc7\u7522\uff0c\u4ee5\u53ca\u9078\u64c7\u6301\u6709\u8cc7\u7522\u7684\u6bd4\u4f8b\uff0c\u8b93\u6ce2\u52d5\u6027\u9054\u5230\u5e73\u8861\u3002<\/p>\n<p>\u50cf\u662f\u80a1\u7968\u6ce2\u52d5\u5927\u6982\u662f\u50b5\u5238\u7684\u4e09\u500d\uff0c\u90a3\u9ebc60%\u80a1\u796840%\u50b5\u5238\uff0c\u80a1\u5e02\u5dee\u7684\u6642\u5019\u5927\u591a\u6578\u98a8\u96aa\u90fd\u9084\u662f\u80a1\u7968\u9020\u6210\u7684\uff0c<br \/>\n\u4f46\u5982\u679c25%\u80a1\u7968\u5c0d\u4e0a75%\u50b5\u5238\uff0c\u5728\u80a1\u5e02\u6700\u5dee\u7684\u6642\u5019\uff0c\u50b5\u5238\u56e0\u70ba\u6bd4\u4f8b\u8f03\u9ad8\uff0c\u56e0\u6b64\u50b5\u5238\u6b64\u6642\u7684\u7372\u5229\u5c31\u80fd\u5e73\u8861\u80a1\u5e02\u98a8\u96aa\u3002<\/p>\n<p>\u800c\u80a1\u7968\u8207\u50b5\u5238\u53ea\u80fd\u56e0\u61c9\u4e00\u90e8\u5206\u7684\u5e02\u5834\u72c0\u6cc1\uff0c\u50cf\u662f\u901a\u81a8\u98a8\u96aa\u5c31\u96e3\u4ee5\u56e0\u61c9\uff0c\u56e0\u6b64\u6703\u518d\u52a0\u4e0a\u5176\u4ed6\u8cc7\u7522\uff0c\u7d9c\u5408\u4e0b\u4f86\u6c7a\u5b9a\u6bd4\u91cd\uff0c\u5c31\u662f\u6a4b\u6c34\u7684\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n<p><strong>3. \u6a4b\u6c34\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u7684\u8cc7\u7522\u914d\u7f6e\u6bd4\u4f8b\uff1f<\/strong><\/p>\n<p>\u96d6\u7136\u5728\u5b98\u7db2\u539f\u6587\u4e2d\u6c92\u6709\u63d0\u5230\u5168\u5929\u5019\u7b56\u7565\u7684\u914d\u7f6e\uff0c\u4f46Ray Dalio\u5728\u5176\u4ed6\u63a1\u8a2a\u6642\u6709\u63d0\u5230\u914d\u7f6e\u6bd4\u4f8b\u5982\u4e0b\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u80a1\u7968 &#8211; \u7f8e\u570b\u80a1\u5e02\uff1a30%<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50b5\u5238 &#8211; \u9577\u671f\u516c\u50b5\uff1a40%<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50b5\u5238 &#8211; \u4e2d\u671f\u516c\u50b5\uff1a15%<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u539f\u7269\u6599 &#8211; \u9ec3\u91d1\uff1a7.5%<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u539f\u7269\u6599 &#8211; \u7d9c\u5408\u5546\u54c1\uff1a7.5%<\/span><\/li>\n<\/ul>\n<p>\u5176\u4e2d\uff0c30%\u7684\u7f8e\u570b\u80a1\u5e02\uff0c\u4e5f\u6709\u53e6\u4e00\u500b\u7248\u672c\u53ef\u4ee5\u63db\u6210\u63a5\u8fd1\u5168\u7403\u80a1\u5e02\u7684\u914d\u7f6e\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\"> 18% \u7f8e\u570b\u5927\u578b\u80a1\u7968<\/span><\/li>\n<li><span style=\"font-size: 16px;\">3% \u7f8e\u570b\u5c0f\u578b\u80a1\u7968<\/span><\/li>\n<li><span style=\"font-size: 16px;\">6% \u975e\u7f8e\u570b\u5df2\u958b\u767c\u570b\u5bb6\u80a1\u7968<\/span><\/li>\n<li><span style=\"font-size: 16px;\">3% \u975e\u7f8e\u570b\u958b\u767c\u4e2d\u570b\u5bb6\u80a1\u7968(\u65b0\u8208\u5e02\u5834\u80a1\u7968)<\/span><\/li>\n<\/ul>\n<p>\u9019\u500b\u7b56\u7565\u6709\u5f88\u5927\u6bd4\u91cd\u653e\u5728\u9577\u671f\u50b5\u5238\u4e0a\uff0c\u53ef\u4ee5\u767c\u73fe\u5176\u4e2d\u9ad8\u6ce2\u52d5\u7684\u8cc7\u7522(\u80a1\u7968\u3001\u539f\u7269\u6599)\u914d\u7f6e\u8f03\u4f4e\u7684\u6bd4\u4f8b\uff0c\u800c\u4f4e\u6ce2\u52d5\u7684\u8cc7\u7522(\u50b5\u5238)\u914d\u7f6e\u8f03\u9ad8\uff0c<br \/>\n\u6b64\u5916\u5b83\u5305\u542b\u7684\u8cc7\u7522\u5341\u5206\u591a\u5143\uff0c\u7528\u610f\u5728\u56e0\u61c9\u5404\u7a2e\u60c5\u6cc1\u3002<\/p>\n<p>\u9664\u4e86\u57282022\u5e74\u56e0\u70ba\u5347\u606f\u901a\u81a8\u6709\u8f03\u5927\u7684\u56de\u6a94\u4ee5\u5916\uff0c\u6b77\u53f2\u4e0a\u5927\u591a\u6578\u6642\u671f\u98a8\u96aa\u90fd\u662f\u80fd\u4ee5\u76f8\u7576\u5e73\u8861\u7684\u6ce2\u52d5\u53bb\u5ea6\u904e\u3002<\/p>\n<p>\u5b83\u7684\u98a8\u96aa\u4e26\u4e0d\u6bd4\u516c\u50b5\u9ad8\u592a\u591a\uff0c\u4f46\u5831\u916c\u537b\u76f8\u5c0d\u9ad8\u7684\u591a\uff0c<br \/>\n\u53ef\u4ee5\u60f3\u50cf\u9019\u662f\u4e00\u500b\u5168\u65b0\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u5b83\u627f\u64d4\u98a8\u96aa\u5275\u9020\u5831\u916c\uff0c\u4e5f\u4e0d\u6db5\u84cb\u8d85\u984d\u5831\u916c\uff0c\u4f46\u85c9\u7531\u4e0d\u540c\u7d93\u6fdf\u74b0\u5883\u4e4b\u4e0b\u98a8\u96aa\u7684\u5e73\u8861\uff0c\u5f97\u5230\u53e6\u4e00\u7a2e\u7a69\u5b9a\u7684\u66f2\u7dda\u3002<\/p>\n<h3>\u5168\u5929\u5019\u7b56\u7565\u7684\u914d\u7f6e\u597d\u55ce\uff1f\u81ea\u5df1\u8a72\u600e\u9ebc\u914d\u7f6e\uff1f<\/h3>\n<p>\u5168\u5929\u5019\u7b56\u7565\uff0c\u96d6\u7136\u770b\u4f3c\u7531\u591a\u500b\u8cc7\u7522\u7d44\u6210\uff0c\u4f46\u8a2d\u8a08\u4e2d\uff0c\u6bcf\u7a2e\u8cc7\u7522\u7684\u6bd4\u4f8b\u8207\u89d2\u8272\u662f\u5e73\u8861\u7684\u3001\u6bd4\u4f8b\u662f\u6709\u610f\u7fa9\u7684\uff0c\u6574\u9ad4\u61c9\u8a72\u628a\u5b83\u7576\u6210\u4e00\u500b\u8cc7\u7522\u770b\u5f85\u3002<\/p>\n<p>\u5e02\u5834\u5148\u751f\u8a8d\u70ba\u5176\u4e2d\u6709\u5e7e\u9ede\u53ef\u4ee5\u601d\u8003\uff1a<\/p>\n<p><strong>1. \u5c0d\u88ab\u52d5\u6295\u8cc7\u7684\u4eba\u800c\u8a00\uff0c\u76f4\u63a5\u7167\u8457\u914d\u7f6e\u5c31\u53ef\u4ee5\u4e86\uff0c\u5404\u7a2e\u8cc7\u7522\u90fd\u6709\u5c0d\u61c9\u7684ETF\u3002<\/strong><\/p>\n<p><strong>2. \u5c0d\u4e3b\u52d5\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u8981\u7406\u89e3\u5230\u5168\u5929\u5019\u7b56\u7565\u9078\u64c7\u7684\u8cc7\u7522\u53ca\u6bd4\u91cd\u662f\u70ba\u4e86\u56e0\u61c9\u5404\u7a2e\u72c0\u6cc1\u3002<\/strong><\/p>\n<p>\u5168\u5929\u5019\u7b56\u7565\u7684\u6bd4\u4f8b\u53ca\u8cc7\u7522\u5225\u5176\u5be6\u662f\u5047\u8a2d\u5404\u7a2e\u7d93\u6fdf\u60c5\u6cc1\u767c\u751f\u6a5f\u7387\u4e00\u6a23\u7684\u60c5\u6cc1\u4e0b\u6240\u6c7a\u5b9a\uff0c\u9019\u6a23\u624d\u80fd\u56e0\u61c9\u5404\u7a2e\u72c0\u6cc1\u3002<\/p>\n<p>\u6211\u5011\u7576\u7136\u4e0d\u53ef\u80fd\u9810\u6e2c\u672a\u4f86\u6240\u6709\u60c5\u6cc1\uff0c\u80fd\u9019\u6a23\u7684\u8a71\u4e5f\u7528\u4e0d\u4e0a\u5168\u5929\u5019\u7b56\u7565\uff0c\u4f46\u5982\u679c\u6211\u5011\u5c0d\u672a\u4f86\u4ecd\u6709\u67d0\u4e9b\u628a\u63e1\u5462\uff1f<\/p>\n<p>\u5982\u679c\u4f60\u5c0d\u672a\u4f86\u67d0\u4e9b\u72c0\u6cc1\u6975\u6709\u628a\u63e1\uff0c\u4f8b\u5982\u4f60\u8a8d\u70ba\u672a\u4f86\u901a\u81a8\u4e0a\u5347\u53ef\u80fd\u6027\u9ad8\uff0c\u6216\u8005\u901a\u81a8\u9810\u671f\u4e0b\u964d\uff0c\u6216\u8005\u7d93\u6fdf\u5df2\u7d93\u8dcc\u7121\u53ef\u8dcc\u5373\u5c07\u4e0a\u5347\uff0c\u6216\u5373\u5c07\u53cd\u8f49\u4e0b\u964d\uff0c<br \/>\n\u90a3\u9ebc\u5c0d\u61c9\u7684\u8cc7\u7522\u5176\u5be6\u5c31\u6709\u53ef\u4ee5\u8abf\u6574\u7684\u7a7a\u9593\u3002<\/p>\n<p>\u7576\u7136\u7121\u8ad6\u5982\u4f55\uff0c\u9019\u4e26\u4e0d\u4fdd\u8b49\u6bd4\u8f03\u597d\u3002<\/p>\n<p><strong>3. \u539f\u7269\u6599\u4e2d\u7684\u7d9c\u5408\u5546\u54c1\u4e0d\u9069\u5408\u4e00\u822c\u4eba\u9577\u671f\u6301\u6709<\/strong><\/p>\n<p>\u539f\u7269\u6599\u4e2d\u7684\u7d9c\u5408\u5546\u54c17.5%\uff0c\u4e00\u822c\u662f\u53bb\u6301\u6709\u7d9c\u5408\u7684\u539f\u7269\u6599\u671f\u8ca8ETF\uff0c\u4f46\u9019\u985e<a href=/index.html"https:\/\/\/commodity-etf-review\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u8ca8\u5546\u54c1ETF<\/a>\u5176\u5be6\u4e0d\u9069\u5408\u9577\u671f\u6301\u6709\uff0c\u6709\u8cbb\u7528\u9ad8\u3001\u63db\u5009\u50f9\u503c\u6e1b\u640d\u7b49\u7b49\u554f\u984c\uff0c\u50c5\u50c5\u5728\u6975\u5c11\u6578\u9ad8\u901a\u81a8\u6642\u6a5f\u767c\u63ee\u4fdd\u8b77\u4f5c\u7528\uff0c\u4f467.5%\u5176\u5be6\u5373\u4fbf\u4fdd\u8b77\u4f5c\u7528\u4e5f\u6709\u9650\uff0c\u5f88\u985e\u4f3c\u65bc\u5728\u8cb7\u4fdd\u96aa\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\u5728Ray Dalio\u7684\u5176\u4ed6\u6587\u7ae0\u4e2d\u4e5f\u6709\u6307\u51fa\uff0c\u96d6\u7136\u5927\u591a\u6578\u8cc7\u7522\u98a8\u96aa\u76f8\u7b49\u7684\u60c5\u6cc1\u4e0b\u5831\u916c\u985e\u4f3c\uff0c\u4f46\u552f\u7368\u5546\u54c1\u539f\u7269\u6599(Commodity)\u7684\u5831\u916c\/\u98a8\u96aa\u6bd4\u4f8b\u662f\u6bd4\u8f03\u5dee\u7684\uff0c\u5b83\u51fa\u73fe\u5728\u914d\u7f6e\u4e2d\u66f4\u5927\u610f\u7fa9\u662f\u591a\u6a23\u6027\u7684\u89d2\u8272\u3002<\/p>\n<p>\u5982\u679c\u4e0d\u4f7f\u7528\u5546\u54c1\u539f\u7269\u6599ETF\uff0c\u985e\u4f3c\u529f\u80fd\u53ef\u4ee5\u66ff\u4ee3\u7531\u5f37\u5230\u5f31\u5305\u62ec\uff1a<a href=/index.html"https:\/\/\/energy-sector-review-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u80fd\u6e90\u80a1ETF<\/a>\u3001<a href=/index.html"https:\/\/\/gold-etfs-review-all\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9ec3\u91d1ETF<\/a>\u3001<a href=/index.html"https:\/\/\/what-is-tips-etf\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6297\u901a\u81a8\u50b5ETF<\/a>\u3002<\/p>\n<p>\u5404\u7a2e\u8cc7\u7522\u4e4b\u9593\u7684\u66ff\u63db\u95dc\u4fc2\uff0c\u53ef\u4ee5\u53c3\u7167\u4e0a\u9762\u63d0\u5230\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408\u7684\u56db\u5bae\u683c\uff0c\u540c\u4e00\u683c\u5167\u7684\u8cc7\u7522\u53ef\u4ee5\u4e92\u76f8\u642d\u914d\u6216\u66ff\u63db\u3002<\/p>\n<p><strong>4. \u6297\u901a\u81a8\u50b5\u4e5f\u80fd\u7d0d\u5165\u5168\u5929\u5019\u7d44\u5408\uff1f<\/strong><\/p>\n<p>\u96d6\u7136\u6a4b\u6c34\u5728\u63d0\u5230\u5168\u5929\u5019\u7b56\u7565\u9593\u63a5\u5f71\u97ff\u5230<a href=/index.html"https:\/\/\/what-is-tips-etf\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6297\u901a\u81a8\u50b5<\/a>\u7684\u51fa\u73fe\uff0c\u4f46\u5be6\u969b\u63d0\u51fa\u7684\u914d\u7f6e\u4e2d\u4e26\u6c92\u6709\u61c9\u7528\u5b83\uff0c\u53ef\u80fd\u662f\u5168\u5929\u5019\u7b56\u7565\u51fa\u73fe\u7576\u4e0b\u9084\u6c92\u6709\u9019\u9805\u5546\u54c1\u3002<\/p>\n<p>\u5728\u56db\u8c61\u9650\u7576\u4e2d\u986f\u793a\uff0c\u6297\u901a\u81a8\u50b5\u5728\u901a\u81a8\u4e0a\u5347\u53ca\u7d93\u6fdf\u8870\u9000\u7684\u9810\u671f\u4e4b\u4e0b\u8868\u73fe\u5341\u5206\u4e0d\u932f\uff0c\u5982\u540cCovid-19\u75ab\u60c5\u51fa\u73fe\u76842019-2022\u5e74\u671f\u9593\uff0c\u6297\u901a\u81a8\u50b5\u5238\u8868\u73fe\u5c31\u9818\u5148\u666e\u901a\u50b5\u5238\u8a31\u591a\u3002<\/p>\n<p><strong>5. \u5168\u5929\u5019\u7d44\u5408\u9577\u671f\u50b5\u5238\u6bd4\u4f8b\u5f88\u9ad8\uff1f\u5347\u606f\u60c5\u6cc1\u4e0b\u9084\u6709\u6548\u55ce\uff1f<\/strong><\/p>\n<p>\u8a31\u591a\u4eba\u6703\u8a8d\u70ba\u5168\u5929\u5019\u7d44\u5408\u9577\u671f\u50b5\u5238\u6bd4\u4f8b\u5f88\u9ad8\uff0c\u5be6\u969b\u4e0a\u5373\u4f7f\u57282022\u5e74\u9810\u671f\u5927\u5e45\u5347\u606f\u7684\u74b0\u5883\u4e4b\u4e0b\uff0c\u6574\u9ad4\u6295\u8cc7\u7d44\u5408\u7684\u56de\u6a94\u98a8\u96aa\u4f9d\u7136\u6c92\u6709\u8d85\u51fa\u6b77\u53f2\u6700\u5927\u7bc4\u570d\u592a\u591a\u3002<\/p>\n<p>\u5168\u5929\u5019\u7b56\u7565\u96d6\u7136\u5404\u6642\u671f\u90fd\u6709\u8868\u73fe\u6700\u597d\u7684\u8cc7\u7522\uff0c\u4f46\u61c9\u8a72\u4e5f\u8981\u8a8d\u77e5\u5230\uff0c\u5404\u6642\u671f\u4e5f\u4e00\u5b9a\u624b\u4e0a\u90fd\u6709\u8868\u73fe\u6700\u5dee\u7684\u8cc7\u7522\uff0c\u9019\u662f\u914d\u7f6e\u4e4b\u524d\u5c31\u6709\u7684\u8a08\u756b\uff0c\u7121\u8ad6\u5347\u606f\u6216\u964d\u606f\uff0c\u5176\u5be6\u624b\u4e0a\u90fd\u6703\u6709\u67d0\u4e9b\u8cc7\u7522\u8868\u73fe\u597d\u3001\u67d0\u4e9b\u8868\u73fe\u5dee\u3002<\/p>\n<p>\u4f7f\u7528\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u6642\uff0c\u4e0d\u61c9\u8a72\u53ea\u6311\u5176\u4e2d\u6700\u597d\u7684\u6216\u6700\u5dee\u7684\u51fa\u4f86\u770b\uff0c\u6709\u9019\u6a23\u7684\u8a8d\u77e5\u4e4b\u4e0b\uff0c\u6295\u8cc7\u7d44\u5408\u624d\u662f\u4e00\u500b\u6574\u9ad4\u3002<\/p>\n<p><strong>6. \u6bcf\u500b\u4eba\u53ef\u4ee5\u6839\u64da\u81ea\u5df1\u7684\u98a8\u96aa\u505a\u8abf\u6574\uff1f<\/strong><\/p>\n<p>\u6211\u8a8d\u70ba\u662f\u53ef\u4ee5\u7684\uff0c\u4f46\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5168\u5929\u5019\u7b56\u7565\u91cd\u8996\u7684\u662f\u5404\u8cc7\u7522\u4e4b\u9593\u98a8\u96aa\u7684\u5e73\u8861\u6027\uff0c\u9019\u8ddf\u6211\u5011\u500b\u4eba\u7684\u98a8\u96aa\u627f\u64d4\u80fd\u529b\u4e0d\u540c\uff0c<\/p>\n<p>\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u6a4b\u6c34\u7684\u6587\u4e2d\u6703\u8aaa\u53ef\u4ee5\u900f\u904e\u69d3\u687f\u8abf\u6574\u5e0c\u671b\u7684\u5831\u916c\u98a8\u96aa\uff0c\u56e0\u70ba\u5831\u916c\u98a8\u96aa\u6bd4\u4f8b\u662f\u56fa\u5b9a\u7684\uff0c\u60f3\u589e\u52a0\u6e1b\u5c11\u4e0d\u662f\u6539\u8b8a\u5176\u4e2d\u4e00\u500b\u8cc7\u7522\uff0c\u800c\u662f\u6539\u8b8a\u6574\u9ad4\u69d3\u687f\u3002<\/p>\n<p>\u5982\u679c\u4f60\u53ea\u52d5\u5176\u4e2d\u5e7e\u9805\u8cc7\u7522\uff0c\u5b83\u7684\u5e73\u8861\u6027\u5fc5\u7136\u6703\u6709\u4e9b\u6539\u8b8a\uff0c\u9019\u9ede\u61c9\u8a72\u8981\u7559\u610f\uff0c\u5982\u679c\u904e\u5ea6\u5931\u8861\uff0c\u90a3\u5c31\u5f88\u96e3\u53bb\u56e0\u61c9\u5404\u7a2e\u60c5\u6cc1\u4e86\u3002<\/p>\n<p><strong>7. \u60f3\u5275\u9020\u8d85\u984d\u5831\u916c\u8a72\u600e\u9ebc\u505a\uff1f<\/strong><\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u7684\u5168\u5929\u5019\u7b56\u7565\uff0c\u5176\u5be6\u50c5\u50c5\u4e3b\u8981\u7528\u4f86\u627f\u64d4Beta\u98a8\u96aa\u4e26\u7372\u53d6\u5831\u916c\uff0c\u8d85\u984d\u5831\u916c\u5247\u662f\u900f\u904e\u5176\u4ed6\u7b56\u7565\u53bb\u7372\u53d6\uff0c\u6a4b\u6c34\u57fa\u91d1\u6709\u4e00\u500bPure alpha\u7684\u57fa\u91d1\u7b56\u7565\u5c31\u662f\u9019\u76ee\u7684\u3002\u540c\u7406\u4e5f\u9069\u7528\u65bc\u6295\u8cc7\u4eba\uff0c\u4f60\u53ef\u4ee5\u5efa\u69cb\u4e00\u500b\u5168\u5929\u5019\u7d44\u5408\uff0c\u5206\u914d\u4e00\u90e8\u5206\u8cc7\u91d1\u53d6\u5f97\u57fa\u790e\u7684Beta\u5831\u916c\uff0c\u800c\u5176\u4ed6\u4e00\u90e8\u5206\u7684\u8cc7\u91d1\u5982\u679c\u60f3\u5275\u9020\u8d85\u984d\u5831\u916c\uff0c\u518d\u53e6\u5916\u914d\u7f6e\u5373\u53ef\u3002<\/p>\n<p>&#8212;<\/p>\n<p>\u5168\u5929\u5019\u7b56\u7565\u662f\u6211\u8a8d\u70ba\u8cc7\u7522\u914d\u7f6e\u4e2d\u4e00\u500b\u968e\u6bb5\u6027\u7684\u91cc\u7a0b\u7891\uff0c<br \/>\n\u5b83\u7d66\u4e86\u8cc7\u7522\u914d\u7f6e\u4e00\u7a2e\u5b8c\u5168\u4e0d\u4e00\u6a23\u7684\u601d\u8003\u89d2\u5ea6\uff0c\u8207\u50b3\u7d71\u7684\u914d\u7f6e\u65b9\u5f0f\u6709\u660e\u986f\u7684\u5dee\u7570\u3002<\/p>\n<p>\u9019\u4e5f\u662f\u5e02\u5834\u5148\u751f\u81ea\u5df1\u904e\u53bb\u5728\u7814\u7a76\u8cc7\u7522\u914d\u7f6e\u4e2d\u89ba\u5f97\u5341\u5206\u6709\u6536\u7a6b\u7684\u4e00\u500b\u89c0\u5ff5\uff08\u96e3\u602a\u6a4b\u6c34\u57fa\u91d1\u53ef\u4ee5\u505a\u5230\u5168\u7403\u6700\u5927\u907f\u96aa\u57fa\u91d1\u963f\uff09\uff0c<\/p>\n<p>\u9019\u7bc7\u5beb\u5f88\u9577\uff0c\u5982\u679c\u4f60\u6709\u6536\u7a6b\uff0c\u6216\u8005\u6709\u54ea\u908a\u770b\u4e0d\u61c2\uff0c\u4e5f\u6b61\u8fce\u5728\u5e95\u4e0b\u7559\u8a00\u7d66\u6211\u56c9\u3002<\/p>\n<p>\u6700\u5f8c\u984d\u5916\u5206\u4eab\u5e7e\u7bc7\u6587\u7ae0\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/how-asset-allocation-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ec0\u9ebc\u662f\u8cc7\u7522\u914d\u7f6e\uff1f<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/unconventional-success-book\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6709\u4e00\u5957\u6700\u4f73\u7684\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u55ce\uff1f<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/what-is-bonds\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4ec0\u9ebc\u662f\u50b5\u5238\uff0c\u6709\u54ea\u4e9b\u6295\u8cc7\u65b9\u5f0f\uff1f<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1\u5238\u5546\u958b\u6236\u6bd4\u8f03(\u80a1\u7968ETF\u3001\u50b5\u5238ETF)<\/a><\/p>\n<p>5. <a href=/index.html"https:\/\/\/high-yield-bond-wrong-1\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u70ba\u4ec0\u9ebc\u9ad8\u6536\u76ca\u50b5\u6c92\u6709\u907f\u96aa\u529f\u80fd\uff1f<\/a><\/p>\n\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n<p><br \/><strong><span style=\"color: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: 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