{"id":27348,"date":"2021-10-30T15:43:51","date_gmt":"2021-10-30T07:43:51","guid":{"rendered":"https:\/\/\/?p=27348"},"modified":"2023-12-05T13:58:40","modified_gmt":"2023-12-05T05:58:40","slug":"who-is-bill-ackman-investor","status":"publish","type":"post","link":"https:\/\/\/who-is-bill-ackman-investor\/","title":{"rendered":"\u9802\u5c16\u907f\u96aa\u57fa\u91d1\u5927\u5e2b\uff1a\u6bd4\u723e\u2027\u827e\u514b\u66fc(Bill Ackman)\u662f\u8ab0\uff1f\u80a1\u707d\u4e2d\u907f\u96aa\u7372\u522926\u5104\u7f8e\u5143"},"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-27349\" src=/index.html"https:\/\/\/wp-content\/uploads\/20211026225128_55.jpg\" alt=\"\u5728\u80a1\u707d\u4e2d\u907f\u96aa\u7372\u522926\u5104\u7f8e\u5143\uff1a\u9802\u5c16\u907f\u96aa\u57fa\u91d1\u5927\u5e2b-\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u662f\u8ab0\uff1f\" width=\"1500\" height=\"695\" \/><\/p>\n<p>\u57282020\u5e74\u65b0\u51a0\u75ab\u60c5\u7206\u767c\u7684\u6642\u5019\uff0c\u7f8e\u80a1\u572810\u5929\u5167\u51fa\u73fe4\u6b21\u7194\u65b7\u7684\u7d00\u9304\uff0c<br \/>\n\u8a31\u591a\u6295\u8cc7\u4eba\u4e5f\u5728\u9019\u6b21\u6158\u8dcc\u4e2d\u8840\u672c\u7121\u6b78\uff0c\u7136\u800c\u537b\u6709\u500b\u6295\u8cc7\u4eba\uff0c<br \/>\n\u5728\u9019\u6b21\u75ab\u60c5\u4e2d\u9760\u8457\u62bc\u6ce8\u5e02\u5834\u5d29\u76e4\u8cfa\u9032\u4e86\u8fd1100\u500d\u7684\u56de\u5831\uff0c3\u9031\u5167\u7372\u5229\u9ad8\u905426\u5104\u7f8e\u5143\uff0c<br \/>\n\u4ed6\u5c31\u662f\u77e5\u540d\u7684\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4eba\u6bd4\u723e.\u827e\u514b\u66fc\u3002<\/p>\n<p>\u672c\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u5c31\u8981\u4f86\u4ecb\u7d39\u9019\u4f4d\u50b3\u5947\u4eba\u7269\uff0c\u5305\u542b\u4ed6\u7684\u751f\u5e73\u3001\u6295\u8cc7\u54f2\u5b78\u53ca\u7b56\u7565\u3001<br \/>\n\u6295\u8cc7\u6210\u679c\uff0c\u4ee5\u53ca\u4ed6\u6700\u77e5\u540d\u7684\u64cd\u4f5c\u65b9\u5f0f\u3002<\/p>\n<h2><strong>\u9802\u5c16\u907f\u96aa\u57fa\u91d1\u5927\u5e2b-\u6bd4\u723e.\u827e\u514b\u66fc\u662f\u8ab0\uff1f<\/strong><\/h2>\n<p><strong>\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u5c0f\u6a94\u6848<\/strong><\/p>\n<ul>\n<li><strong>\u5168\u540d<\/strong>\uff1aWilliam Albert Ackman<\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u51fa\u751f\uff1a<\/strong>1966\u5e74<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u51fa\u751f\u5730\uff1a<\/strong>\u7f8e\u570b\u7d10\u7d04<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u5b78\u6b77\uff1a<\/strong>\u54c8\u4f5b\u5927\u5b78\u6587\u5b78\u9662\u5b78\u58eb\uff0c\u54c8\u4f5b\u5927\u5b78\u5546\u5b78\u9662MBA<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u8077\u696d\uff1a<\/strong>\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4eba<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u8077\u7a31\uff1a<\/strong>\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8(Pershing Square Capital Management)\u5275\u59cb\u4eba\u53caCEO<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u64cd\u4f5c\u98a8\u683c\uff1a<\/strong>\u5c6c\u65bc\u6fc0\u9032\u578b\u6295\u8cc7\u8005\uff0c\u5584\u65bc\u5c0b\u627e\u88ab\u4f4e\u4f30\u7684\u516c\u53f8\uff0c\u5927\u8209\u8cb7\u5165\u516c\u53f8\u80a1\u7968\uff0c\u4ecb\u5165\u516c\u53f8\u7ba1\u7406\u3002\u5076\u723e\u4e5f\u6703\u85c9\u7531\u505a\u7a7a\u5e02\u5834\u4f86\u5927\u8cfa\u4e00\u7b46<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u7dbd\u865f\uff1a<\/strong>\u5c0f\u5df4\u83f2\u7279<\/span><\/li>\n<\/ul>\n<p><strong>\u4ed6\u662f\u542b\u8457\u91d1\u6e6f\u5319\u51fa\u751f\u7684\u4eba\u751f\u52dd\u5229\u7d44\uff0c\u53d7\u300a\u8070\u660e\u7684\u6295\u8cc7\u8005\u300b\u4e00\u66f8\u555f\u767c<\/strong><\/p>\n<p>\u827e\u514b\u66fc\u51fa\u751f\u65bc\u7d10\u7d04\u4e00\u500b\u5bcc\u88d5\u7684\u7336\u592a\u5bb6\u5ead\uff0c<br \/>\n\u4ed6\u7684\u7236\u89aa\u662f\u7d10\u7d04\u5730\u7522\u878d\u8cc7\u516c\u53f8Ackman-Zinfandel\u7684\u8463\u4e8b\u9577\uff0c\u6bcd\u89aa\u662f\u7d10\u7d04\u6797\u80af\u4e2d\u5fc3\u7684\u8463\u4e8b\u6703\u6210\u54e1\u3002<br \/>\n\u4ed6\u7684\u6c42\u5b78\u4e00\u8def\u9806\u5229\uff0c\u4f46\u4ed6\u4e26\u975e\u4e00\u958b\u59cb\u5c31\u662f\u5538\u5546\u7684\uff0c\u5927\u5b78\u6642\u62ff\u7684\u662f\u54c8\u4f5b\u5927\u5b78\u6587\u5b78\u9662\u7684\u5b78\u58eb\u5b78\u4f4d\uff0c<br \/>\n\u7562\u696d\u5f8c\u5728\u7236\u89aa\u7684\u5730\u7522\u516c\u53f8\u6253\u5de5\u6642\uff0c\u4ed6\u767c\u73fe\u623f\u5730\u7522\u7684\u958b\u767c\u6295\u8cc7\u5341\u5206\u6709\u8da3\uff0c<br \/>\n\u65bc\u662f\u4fbf\u554f\u4e86\u7236\u89aa\u8aaa\uff1a\u300c\u4f60\u77e5\u9053\u54ea\u4e9b\u662f\u597d\u7684\u6295\u8cc7\u8005\u55ce\uff1f\u300d<br \/>\n\u7236\u89aa\u63a8\u85a6\u4ed6\u4e00\u4f4d\u975e\u5e38\u6210\u529f\u7684\u623f\u5730\u7522\u53ca\u80a1\u5e02\u6295\u8cc7\u8005\u502b\u7d0d\u5fb7.\u99ac\u514b\u601d(Leonard Marx)\uff0c<br \/>\n\u5f8c\u4f86\u827e\u514b\u66fc\u53bb\u898b\u4e86\u4ed6\uff0c\u99ac\u514b\u601d\u4fbf\u63a8\u85a6\u4e86\u300a\u8070\u660e\u7684\u6295\u8cc7\u8005\u300b\u9019\u672c\u66f8\u7d66\u4ed6\u3002<br \/>\n\u5728\u770b\u5b8c\u9019\u672c\u66f8\u5f8c\uff0c\u827e\u514b\u66fc\u8868\u793a\uff1a<br \/>\n\u300c\u6211\u88ab\u8ff7\u4f4f\u4e86\u3002\u5f9e\u90a3\u4e00\u523b\u958b\u59cb\u6211\u5c31\u5c0d\u6295\u8cc7\u5145\u6eff\u71b1\u60c5\uff0c\u6211\u53bb\u4e86\u5546\u5b78\u9662\uff0c\u4e26\u4e14\u6c7a\u5b9a\u8981\u8a2d\u7acb\u81ea\u5df1\u7684\u516c\u53f8\u3002\u300d<\/p>\n<h2><strong>\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u7684\u6295\u8cc7\u54f2\u5b78\u53ca\u7b56\u7565\u662f\u4ec0\u9ebc\uff1f<\/strong><\/h2>\n<p><strong>\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u95dc\u6ce8\u5c11\u6578\u7c21\u55ae\u3001\u53ef\u9810\u6e2c\u3001\u6709\u73fe\u91d1\u6d41\u4e14\u8b77\u57ce\u6cb3\u9ad8\u7684\u516c\u53f8\uff0c<br \/>\n\u6df1\u5ea6\u53c3\u8207<a href=/index.html"https:\/\/\/what-is-corporate-governance\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u53f8\u6cbb\u7406<\/a>\uff0c\u4e26\u52c7\u65bc\u505a\u51fa\u6c92\u4eba\u76f8\u4fe1\u7684\u5927\u81bd\u6c7a\u5b9a<\/strong><\/p>\n<p>Bill Ackman \u7684\u6295\u8cc7\u7406\u5ff5\u662f\u300c\u95dc\u6ce8\u5c11\u6578\u7c21\u55ae\u53ef\u9810\u6e2c\u3001\u6709\u73fe\u91d1\u6d41\u4e14\u8b77\u57ce\u6cb3\u9ad8\u7684\u516c\u53f8\u300d\uff0c<br \/>\n\u901a\u5e38\u4ed6\u7684\u6295\u8cc7\u6a19\u7684\u4e0d\u591a\uff0c\u5927\u6982\u90fd\u53ea\u670910\u5bb6\u516c\u53f8\u5de6\u53f3\uff0c\u5728\u4ed6\u6295\u8cc7\u9019\u4e9b\u516c\u53f8\u6642\uff0c<br \/>\n\u4ed6\u4e0d\u4f46\u6703\u6df1\u5165\u4e86\u4e86\u89e3\u9019\u5bb6\u516c\u53f8\uff0c\u540c\u6642\u4e5f\u5728\u8cfc\u8cb7\u80a1\u7968\u5f8c\uff0c\u9032\u884c\u6df1\u5ea6\u7684\u53c3\u8207\uff0c\u6539\u5584\u516c\u53f8\u9ad4\u8cea\uff0c<br \/>\n\u9019\u8ddf\u5df4\u83f2\u7279\u7684\u505a\u6cd5\u662f\u6709\u9ede\u985e\u4f3c\u7684\u3002<\/p>\n<p>\u827e\u514b\u66fc\u66fe\u7d93\u516c\u958b\u5ba3\u7a31\u81ea\u5df1\u7684\u5076\u50cf\u662f\u5df4\u83f2\u7279\uff0c\u7136\u800c\u5e02\u5834\u537b\u8a8d\u70ba\u4ed6\u7684\u98a8\u683c\u6bd4\u5df4\u83f2\u7279\u66f4\u52a0\u6fc0\u9032\uff0c<br \/>\n\u624b\u6cd5\u4e5f\u66f4\u52a0\u9748\u6d3b\uff0c\u5bcc\u6bd4\u58eb\u57282015\u5e74\u51fa\u520a\u7684\u96dc\u8a8c\u5c31\u4ee5\u827e\u514b\u66fc\u70ba\u5c01\u9762\uff0c\u7a31\u4ed6\u70ba\u5c0f\u5df4\u83f2\u7279(Baby Buffet)\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-27350\" src=/index.html"https:\/\/\/wp-content\/uploads\/20211026225320_22.jpg\" alt=\"\u6bd4\u723e.\u827e\u514b\u66fc\" width=\"422\" height=\"576\" \/><\/p>\n<p>\u6839\u64daFintel\u7db2\u7ad9\u7684\u6578\u64da\uff0c\u622a\u81f32021\u5e74Q2\uff0c<br \/>\n\u827e\u514b\u66fc\u6240\u64c1\u6709\u7684\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\u65d7\u4e0b\u6240\u7ba1\u7406\u7684\u8cc7\u7522\u7d04107\u5104\u7f8e\u5143\uff0c\u4e14\u516c\u53f8\u50c5\u64c1\u67097\u652f\u80a1\u7968\u3002<\/p>\n<p><strong>\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\u65d7\u4e0b\u76847\u652f\u80a1\u7968\uff1a<\/strong><\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"38\" \/>\n<col width=\"67\" \/>\n<col width=\"473\" \/>\n<col width=\"100\" \/>\n<col width=\"100\" \/>\n<col width=\"100\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"6\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\u65d7\u4e0b\u76847\u652f\u80a1\u7968&quot;}\">\n<h3 style=\"text-align: center;\"><strong>\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8\u65d7\u4e0b\u76847\u652f\u80a1\u7968<\/strong><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7de8\u865f&quot;}\"><strong>\u7de8\u865f<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u80a1\u7968\u4ee3\u865f&quot;}\"><strong>\u80a1\u7968\u4ee3\u865f<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u516c\u53f8&quot;}\"><strong>\u516c\u53f8<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6301\u6709\u80a1\u6578&quot;}\"><strong>\u6301\u6709\u80a1\u6578<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5e02\u503c\\n (\u55ae\u4f4d\uff1a\u5343\u7f8e\u5143)&quot;}\"><strong>\u5e02\u503c<\/strong><br \/>\n<strong>(\u55ae\u4f4d\uff1a\u5343\u7f8e\u5143)<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6b0a\u91cd()&quot;}\"><strong>\u6b0a\u91cd(%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1}\">1<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;LOW&quot;}\">LOW<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u52de\u6c0f\u516c\u53f8(Lowe\u2019s Companies Inc)\u2014\u5f9e\u4e8b\u5bb6\u5ead\u88dd\u4fee\u7684\u96f6\u552e\u516c\u53f8&quot;}\">\u52de\u6c0f\u516c\u53f8(Lowe\u2019s Companies Inc)\u2014\u5f9e\u4e8b\u5bb6\u5ead\u88dd\u4fee\u7684\u96f6\u552e\u516c\u53f8<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:10140520}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">10,140,520<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1966957}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,966,957<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.184}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">18.40%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:2}\">2<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;A&quot;}\">A<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5b89\u6377\u502b\u79d1\u6280(Agilent Technologies Inc)\u2014\u6e2c\u8a66\u5206\u6790\u5100\u751f\u7522\u5546&quot;}\">\u5b89\u6377\u502b\u79d1\u6280(Agilent Technologies Inc)\u2014\u6e2c\u8a66\u5206\u6790\u5100\u751f\u7522\u5546<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:11695838}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">11,695,838<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1728762}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,728,762<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.161}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">16.10%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:3}\">3<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;CMG&quot;}\">CMG<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5947\u6ce2\u96f7\u58a8\u897f\u54e5\u71d2\u70e4(Chipotle Mexican Grill Inc)\u2014\u9023\u9396\u9910\u98f2\u516c\u53f8&quot;}\">\u5947\u6ce2\u96f7\u58a8\u897f\u54e5\u71d2\u70e4(Chipotle Mexican Grill Inc)\u2014\u9023\u9396\u9910\u98f2\u516c\u53f8<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1086136}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,086,136<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1683880}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,683,880<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.157}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">15.70%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:4}\">4<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;HLT&quot;}\">HLT<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5e0c\u723e\u9813\u5168\u7403\u9152\u5e97\u96c6\u5718(Hilton Worldwide Holdings Inc)\u2014\u9152\u5e97\u96c6\u5718&quot;}\">\u5e0c\u723e\u9813\u5168\u7403\u9152\u5e97\u96c6\u5718(Hilton Worldwide Holdings Inc)\u2014\u9152\u5e97\u96c6\u5718<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:12760047}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">12,760,047<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1539117}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,539,117<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.144}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">14.40%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:5}\">5<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;QSR&quot;}\">QSR<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u9910\u98f2\u54c1\u724c\u570b\u969b\u516c\u53f8(Restaurant Brands International Inc)\u2014\u8de8\u570b\u9910\u98f2\u63a7\u80a1\u516c\u53f8&quot;}\">\u9910\u98f2\u54c1\u724c\u570b\u969b\u516c\u53f8(Restaurant Brands International Inc)\u2014\u8de8\u570b\u9910\u98f2\u63a7\u80a1\u516c\u53f8<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:23696917}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">23,696,917<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1527029}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,527,029<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.143}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">14.30%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:6}\">6<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;HHC&quot;}\">HHC<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u970d\u83ef\u5fb7.\u4f11\u65af\u516c\u53f8(Howard Hughes Corp)\u2014\u623f\u5730\u7522\u958b\u767c\u53ca\u7ba1\u7406\u516c\u53f8&quot;}\">\u970d\u83ef\u5fb7.\u4f11\u65af\u516c\u53f8(Howard Hughes Corp)\u2014\u623f\u5730\u7522\u958b\u767c\u53ca\u7ba1\u7406\u516c\u53f8<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:13470008}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">13,470,008<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1312787}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">1,312,787<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.123}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">12.30%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:7}\">7<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;DPZ&quot;}\">DPZ<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u9054\u7f8e\u6a02\u62ab\u85a9(Dominos Pizza Inc)\\n \u2014\u9023\u9396\u9910\u98f2\u516c\u53f8&quot;}\">\u9054\u7f8e\u6a02\u62ab\u85a9(Dominos Pizza Inc)<br \/>\n\u2014\u9023\u9396\u9910\u98f2\u516c\u53f8<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:2039170}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">2,039,170<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:951252}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\">951,252<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.089}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.00%&quot;,&quot;3&quot;:1}\">8.90%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" colspan=\"4\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u52a0\u7e3d&quot;}\"><strong>\u52a0\u7e3d<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:10709784}\" data-sheets-numberformat=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;#,##0&quot;,&quot;3&quot;:1}\"><strong>10,709,784<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0%&quot;,&quot;3&quot;:1}\"><strong>100%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" colspan=\"6\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8cc7\u6599\u4f86\u6e90\uff1aFintel\u7db2\u7ad9\uff0c\u6578\u64da\u70ba2021\/6\/30\u7533\u5831\u4e4b\u6578\u5b57 \u8cc7\u6599\u6574\u7406\uff1aMr.Market\u5e02\u5834\u5148\u751f&quot;}\" data-sheets-textstyleruns=\"{&quot;1&quot;:0}\uee10{&quot;1&quot;:41,&quot;2&quot;:{&quot;2&quot;:{&quot;1&quot;:2,&quot;2&quot;:1136076},&quot;9&quot;:1}}\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:41,&quot;2&quot;:&quot;https:\/\/\/&quot;}\uee10{&quot;1&quot;:54}\"><span style=\"font-size: 14px;\">\u8cc7\u6599\u4f86\u6e90\uff1aFintel\u7db2\u7ad9\uff0c\u6578\u64da\u70ba2021\/6\/30\u7533\u5831\u4e4b\u6578\u5b57 \u8cc7\u6599\u6574\u7406\uff1a<a class=\"in-cell-link\" href=/index.html"https:\/\/\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">Mr.Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5728\u6df1\u5ea6\u53c3\u8207<a href=/index.html"https:\/\/\/what-is-corporate-governance\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u53f8\u6cbb\u7406<\/a>\u65b9\u9762\uff0c\u827e\u514b\u66fc\u7684\u624b\u6cd5\u76f8\u5c0d\u6fc0\u9032\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u5f9e2011\u5e74\u8d77\uff0c\u6f58\u8208\u5ee3\u5834\u958b\u59cb\u6536\u8cfc\u52a0\u62ff\u5927\u592a\u5e73\u6d0b\u9435\u8def\u516c\u53f8\u7684\u80a1\u4efd\uff0c<br \/>\n\u4e4b\u5f8c\u6301\u80a1\u9ad8\u905414.2%\uff0c\u4e00\u5ea6\u6210\u70ba\u8a72\u516c\u53f8\u6700\u5927\u7684\u80a1\u6771\u3002<br \/>\n\u65bc\u6b64\u540c\u6642\uff0c\u827e\u514b\u66fc\u66f4\u4ecb\u5165CEO\u7684\u66f4\u63db\uff0c\u6fc0\u9032\u7684\u53d6\u5f97\u516c\u53f8\u7684\u63a7\u5236\u6b0a\uff0c2012\u5e74\u516c\u53f8\u66f4\u63db\u4e86\u65b0\u7684CEO\u3002<br \/>\n\u6700\u5f8c\uff0c\u9435\u8def\u516c\u53f8\u80a1\u50f9\u6210\u529f\u4e0a\u6f32\uff0c\u827e\u514b\u66fc\u65bc2016\u5e74\u51fa\u812b\u8a72\u516c\u53f8\u80a1\u7968\uff0c\u80a1\u50f9\u6bd4\u8cb7\u5165\u6642\u6f32\u4e86\u8d85\u904e1\u500d\u3002<\/p>\n<p>\u9664\u4e86\u4ee5\u4e0a\u7684\u6295\u8cc7\u7b56\u7565\u5916\uff0c\u8b93\u827e\u514b\u66fc\u4e00\u6230\u6210\u540d\u7684\u5247\u662f\u5728\u5371\u6a5f\u767c\u751f\u7684\u6642\u5019\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u57282008\u5e74\u6b21\u8cb8\u5371\u6a5f\uff1a\u4ed6\u767c\u73fe\u7576\u6642\u7f8e\u570b\u6700\u5927\u7684\u50b5\u5238\u64d4\u4fdd\u516c\u53f8MBIA\u5077\u7528\u53e6\u4e00\u500b\u516c\u53f8\u4f86\u4ea4\u6613\u98a8\u96aa\u6975\u9ad8\u7684\u6b21\u8cb8\u50b5\u5238\uff0c\u9019\u5b8c\u5168\u9055\u53cd\u4e86\u76f8\u95dc\u7684\u689d\u4f8b\uff0c\u4f46\u662f\u7576\u6642\u7684\u83ef\u723e\u8857\u7adf\u7136\u9084\u662f\u7d66\u4e88MBIA\u6700\u9ad8\u7684\u4fe1\u7528\u8a55\u7d1a\u3002\u65bc\u662f\u827e\u514b\u66fc\u8cfc\u8cb7\u4e86MBIA\u7684\u4fe1\u7528\u9055\u7d04\u4ea4\u63db(CDS)\uff0c\u7528\u4ee5\u505a\u7a7aMBIA\u767c\u884c\u7684\u50b5\u5238\uff0c\u6700\u5f8c\u7372\u5229\u8d85\u904e16\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2020\u5e74\u65b0\u51a0\u80ba\u708e\uff1a\u4ed6\u70ba\u4e86\u4fdd\u8b77\u81ea\u5bb6\u57fa\u91d1\u514d\u65bc\u53d7\u80a1\u5e02\u5927\u8dcc\u5f71\u97ff\uff0c\u6295\u5165\u7d042,700\u842c\u7f8e\u5143\u8cb7\u5165\u5404\u985e\u5168\u7403\u6295\u8cc7\u53ca\u8207\u9ad8\u6536\u76ca\u4fe1\u7528\u6307\u6578\u7684\u4fe1\u7528\u4fdd\u8b77\u5408\u7d04\uff0c\u6700\u5f8c\u80a1\u5e02\u5927\u8dcc\uff0c\u5728\u51fa\u812b\u9019\u4e9b\u90e8\u4f4d\u5f8c\uff0c\u4ed6\u8cfa\u9032\u7d0426\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<\/ul>\n<p>\u6b64\u4e8b\u4ef6\u5e02\u5834\u5c0d\u4ed6\u7684\u8a55\u50f9\u975e\u5e38\u5169\u6975\uff0c\u6709\u4eba\u8a8d\u70ba\u4ed6\u7684\u64cd\u4f5c\u5341\u5206\u9748\u6d3b\uff0c\u4e5f\u6709\u4eba\u6279\u8a55\u4ed6\u662f\u7121\u826f\u7684\u79bf\u9df9\u3002<br \/>\n\u827e\u514b\u66fc\u66fe\u7d93\u8868\u793a\uff0c\u4ed6\u6700\u6210\u529f\u7684\u6295\u8cc7\u90fd\u662f\u5177\u6709\u722d\u8b70\u6027\u7684\uff0c<br \/>\n\u4ed6\u7684\u6fc0\u9032\u6295\u8cc7\u7684\u7b2c\u4e00\u689d\u898f\u5247\u4fbf\u662f\u300c\u505a\u51fa\u4e00\u500b\u6c92\u4eba\u76f8\u4fe1\u7684\u5927\u81bd\u6c7a\u5b9a\u3002\u300d<\/p>\n<h2><strong>\u6bd4\u723e.\u827e\u514b\u66fc(BillAckman)\u7684\u6295\u8cc7\u6210\u679c\u5982\u4f55\uff1f<\/strong><\/h2>\n<p><strong>\u5982\u96f2\u9704\u98db\u8eca\u822c\uff0c\u7d93\u6b77\u904e\u91cd\u5927\u7684\u8667\u640d\uff0c\u4e5f\u66fe\u64c1\u62b1\u53ef\u89c0\u7684\u7372\u5229<\/strong><\/p>\n<p>\u827e\u514b\u66fc\u7684\u6295\u8cc7\u751f\u6daf\u5c31\u6709\u5982\u96f2\u9704\u98db\u8eca\u822c\u8d77\u4f0f\u4e0d\u65b7\uff0c\u4ed6\u7684\u6295\u8cc7\u751f\u6daf\u6709\u5e7e\u500b\u91cd\u5927\u4e8b\u8e5f\uff1a<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">1992\u5e74\uff1a26\u6b72\u7684\u4ed6\u8207\u54c8\u4f5b\u6821\u53cbDavid P. Berkowitz\u5171\u540c\u5275\u8fa6\u4e86\u5c0d\u6c96\u57fa\u91d1Gotham Partners\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">1995\u5e74\uff1a\u8207\u4fdd\u96aa\u548c\u623f\u5730\u7522\u516c\u53f8Leucadia National\u806f\u624b\u7af6\u8cfc\u6d1b\u6590\u52d2\u4e2d\u5fc3\uff0c\u96d6\u7136\u6700\u7d42\u6c92\u6709\u6210\u529f\uff0c\u4f46\u662f\u537b\u5438\u5f15\u4e86\u8a31\u591a\u6295\u8cc7\u4eba\u7684\u6ce8\u610f\uff0c\u8cc7\u7522\u898f\u6a21\u4e0d\u65b7\u64f4\u5927\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">1997\u5e74\uff1a\u6295\u8cc7\u9ad8\u723e\u592b\u7403\u5834\u71df\u904b\u5546Gotham Golf\uff0c\u7531\u65bc\u6b64\u71df\u904b\u5546\u50b5\u52d9\u4e0d\u65b7\u6500\u5347\uff0c\u7d66\u6295\u8cc7\u4eba\u5e36\u4f86\u4e86\u5de8\u5927\u7684\u640d\u5931\uff0c\u5c0e\u81f4\u4e86\u5f8c\u4f86Gotham Partners\u7684\u7834\u7522\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2002\u5e74\uff1aGotham Partners\u5ba3\u5e03\u7834\u7522\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2003\u5e74\uff1a\u5275\u7acb\u6f58\u8208\u5ee3\u5834\u8cc7\u672c\u7ba1\u7406\u516c\u53f8(Pershing Square Capital Management)\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2004\u5e74\uff1a\u6f58\u8208\u5ee3\u5834\u56de\u5831\u7387\u9ad8\u905440%\uff0c\u540c\u671f\u6a19\u666e500\u6307\u6578\u56de\u5831\u7387\u4e0d\u523010%\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2005\u5e74\uff1a4\u6708\u5927\u8209\u8cb7\u5165\u7f8e\u570b\u6f22\u5821\u5feb\u9910\u9023\u9396\u5e97Wendy\u2018s\u7684\u80a1\u7968\uff0c\u4e26\u4ecb\u5165\u7ba1\u7406\uff0c\u5411\u7ba1\u7406\u5c64\u65bd\u58d3\u8b93\u4ed6\u5011\u628aWendy\u2019s\u6536\u5165\u8ca2\u737b\u6700\u5927\u7684\u751c\u751c\u5708\u54c1\u724cTim Horton\u62c6\u5206\u51fa\u4f86\u3002\u540c\u5e7411\u6708\u8ce3\u51faWendy\u2018s\u80a1\u7968\u4e26\u7372\u5229\u8d85\u904e1\u500d\uff0c\u4f46\u96a8\u5f8cWendy\u2019s\u7684\u80a1\u50f9\u537b\u5f9e\u827e\u514b\u66fc\u8cb7\u5165\u6642\u768437\u7f8e\u5143\u8dcc\u81f324\u7f8e\u5143\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2008\u5e74\uff1a\u56e0\u70ba\u505a\u7a7aMBIA\u7372\u5229\u8d85\u904e16\u5104\u7f8e\u5143\uff0c\u4e00\u6230\u6210\u540d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2008\u5e74\uff1a\u4ee535\u7f8e\u5143\u7684\u50f9\u683c\u8cfc\u5165\u8655\u65bc\u7834\u7522\u908a\u7de3\u7684\u8cfc\u7269\u4e2d\u5fc3\u71df\u904b\u5546General Growth\uff0c\u6210\u70ba\u8a72\u516c\u53f8\u6700\u5927\u80a1\u6771\uff0c\u4e26\u5c0d\u5176\u9032\u884c\u91cd\u7d44\uff0c\u5c07\u5b83\u5f9e\u7834\u7522\u908a\u7de3\u62ef\u6551\u56de\u4f86\uff0c\u6295\u8cc7\u91d1\u984d\u4e5f\u5f9e6,000\u842c\u7f8e\u5143\u6700\u5f8c\u5347\u503c\u70ba16\u5104\u7f8e\u5143\uff0c\u7372\u522926\u500d\u591a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2011\u5e74\uff1a\u6536\u8cfc\u52a0\u62ff\u5927\u592a\u5e73\u6d0b\u9435\u8def\u516c\u53f8\u7684\u80a1\u7968\uff0c\u4e26\u66f4\u63db\u4e86\u5176CEO\uff0c2016\u5e74\u51fa\u812b\u80a1\u7968\u6642\u7372\u5229\u8d85\u904e1\u500d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2012\u5e74\uff1a\u958b\u59cb\u505a\u7a7a\u76f4\u92b7\u516c\u53f8\u8cc0\u5bf6\u8299\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2013\u5e74\uff1a\u827e\u514b\u66fc\u9996\u6b21\u51fa\u73fe\u5728\u5bcc\u6bd4\u58eb\u5104\u842c\u5bcc\u8c6a\u884c\u699c\u4e0a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2015\u5e74\uff1a\u6295\u8cc7\u5df2\u7d93\u9677\u5165\u56f0\u5883\u7684\u5a01\u6717\u88fd\u85e5\u516c\u53f8(Valeant Pharmaceutical)\uff0c\u6295\u516532\u5104\u7f8e\u5143\uff0c\u6700\u5f8c\u5728\u9019\u5bb6\u516c\u53f8\u4e0a\u640d\u5931\u4e86\u8d85\u904e30\u5104\u7f8e\u5143\u3002\u4e4b\u5f8c\u9023\u7e8c\u56db\u5e74\u6295\u8cc7\u5831\u916c\u7387\u70ba\u8ca0\u6578\uff0c<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2018\u5e74\uff1a\u51fa\u6e05\u5c0d\u8cc0\u5bf6\u8299\u7684\u5168\u90e8\u7a7a\u982d\u6301\u5009\uff0c\u640d\u5931\u7d045\u5104\u7f8e\u5143\uff0c\u6f58\u8208\u5ee3\u5834\u7ba1\u7406\u7684\u8cc7\u7522\u6c34\u4f4d\u9054\u5230\u4f4e\u9ede\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2019\u5e74\uff1a\u6f58\u8208\u5ee3\u5834\u7372\u5f97\u4e8658%\u7684\u6295\u8cc7\u56de\u5831\u7387\uff0c\u91cd\u8fd4\u5149\u69ae\uff0c\u9019\u4e3b\u8981\u4f86\u81ea\u6295\u8cc7\u90a3\u4e9b\u7c21\u55ae\u3001\u53ef\u9810\u6e2c\u3001\u6709\u73fe\u91d1\u6d41\u7684\u516c\u53f8\uff0c\u5982\u58a8\u897f\u54e5\u9910\u5ef3Chipotle\u3001\u5e0c\u723e\u9813\u96c6\u5718\u3001\u661f\u5df4\u514b\u3001\u6ce2\u514b\u590f\u7b49\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">2020\u5e74\uff1a\u65b0\u51a0\u80ba\u708e\u6642\uff0c\u56e0\u58d3\u6ce8\u5e02\u5834\u5d29\u76e4\u8cfa\u5f97\u9ad8\u905426\u5104\u7f8e\u5143\u7684\u7372\u5229\u3002<\/span><\/li>\n<\/ul>\n<p>\u827e\u514b\u66fc\u6240\u7ba1\u7406\u7684\u6f58\u8208\u5ee3\u5834\u516c\u53f8(Pershing Square Capital Management)\u8fd1\u5e74\u4f86\u7ba1\u7406\u7684\u8cc7\u7522\u898f\u6a21\u8b8a\u5316\u5982\u4e0b\uff0c<br \/>\n\u53ef\u4ee5\u770b\u51fa\u57282014\u5e74\u9ad8\u5cf0\u5f8c\u7d93\u6b77\u4e86\u5e7e\u5e74\u7684\u4f4e\u6f6e\uff0c\u4f46\u5f9e2019\u5e74\u5f8c\u53c8\u958b\u59cb\u6f38\u6f38\u56de\u5347\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-27351\" src=/index.html"https:\/\/\/wp-content\/uploads\/20211026230018_34.jpg\" alt=\"\u827e\u514b\u66fc\u6240\u7ba1\u7406\u7684\u6f58\u8208\u5ee3\u5834\u516c\u53f8\u8fd1\u5e74\u4f86\u7ba1\u7406\u7684\u8cc7\u7522\u898f\u6a21\" width=\"850\" height=\"512\" \/><\/p>\n<p>\u90a3\u9ebc\u827e\u514b\u66fc\u6b77\u5e74\u7684\u7e3e\u6548\u8ddf\u5927\u76e4\u6bd4\u8f03\u53c8\u662f\u5982\u4f55\u5462\uff1f<\/p>\n<table dir=\"ltr\" style=\"width: 100%; height: 730px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"268\" \/>\n<col width=\"47\" \/>\n<col width=\"241\" \/>\n<col width=\"192\" \/>\n<col width=\"173\" \/><\/colgroup>\n<tbody>\n<tr style=\"height: 24px;\">\n<td style=\"text-align: center; width: 99.677%; height: 24px;\" colspan=\"5\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PSLP\/PSH Net Return vs. PSLP Net Return vs. S&amp;P500&quot;}\">\n<h3><strong>PSLP\/PSH Net Return vs. PSLP Net Return vs. S&amp;P500<\/strong><\/h3>\n<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"text-align: center; width: 31.2164%; height: 24px;\"><\/td>\n<td style=\"text-align: center; width: 28.9558%; height: 24px;\" colspan=\"2\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PSLP\/PSH Net Return&quot;}\"><strong>PSLP\/PSH Net Return<\/strong><\/td>\n<td style=\"text-align: center; width: 20.775%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot; PSLP Net Return&quot;}\"><strong>PSLP Net Return<\/strong><\/td>\n<td style=\"text-align: center; width: 18.7298%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;S&amp;P 500&quot;}\"><strong>S&amp;P 500<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2004\u5e74&quot;}\">2004\u5e74<\/td>\n<td style=\"width: 8.91885%; text-align: center; height: 216px;\" rowspan=\"9\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PSLP&quot;}\">\n<div>PSLP<\/div>\n<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;42.6 %&quot;}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">42.6 %<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;42.6 %&quot;}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">42.6 %<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.109}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">10.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2005\u5e74&quot;}\">2005\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.399}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">39.9%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.399}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">39.9%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.049}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">4.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2006\u5e74&quot;}\">2006\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.225}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">22.5%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.225}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">22.5%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.158}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">15.8%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2007\u5e74&quot;}\">2007\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.22}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">22.0%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.22}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">22.0%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.055}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">5.5%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2008\u5e74&quot;}\">2008\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.13}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-13.0%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.13}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-13.0%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.37}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-37.0%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2009\u5e74&quot;}\">2009\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.406}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">40.6%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.406}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">40.6%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.265}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">26.5%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2010\u5e74&quot;}\">2010\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.297}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">29.7%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.297}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">29.7%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.151}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">15.1%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2011\u5e74&quot;}\">2011\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.011}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-1.1%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.011}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-1.1%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.021}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">2.1%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2012\u5e74&quot;}\">2012\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.133}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">13.3%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.133}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">13.3%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.16}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">16.0%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2013\u5e74&quot;}\">2013\u5e74<\/td>\n<td style=\"width: 8.91885%; text-align: center; height: 192px;\" rowspan=\"8\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PSH&quot;}\">\n<div>PSH<\/div>\n<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.096}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">9.6%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.097}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">9.7%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.324}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">32.4%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2014\u5e74&quot;}\">2014\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.404}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">40.4%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.369}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">36.9%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.137}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">13.7%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2015\u5e74&quot;}\">2015\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.205}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-20.5%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.162}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-16.2%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.014}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">1.4%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2016\u5e74&quot;}\">2016\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.135}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-13.5%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.096}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-9.6%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.119}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">11.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2017\u5e74&quot;}\">2017\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.04}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-4.0%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.016}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-1.6%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.218}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">21.8%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2018\u5e74&quot;}\">2018\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.007}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-0.7%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.012}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-1.2%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.044}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">-4.4%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2019\u5e74&quot;}\">2019\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.581}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">58.1%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.441}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">44.1%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.315}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">31.5%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2020\u5e74&quot;}\">2020\u5e74<\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.702}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">70.2%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.566}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">56.6%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.184}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">18.4%<\/td>\n<\/tr>\n<tr style=\"height: 10px;\">\n<td style=\"width: 99.677%; text-align: center; height: 10px;\" colspan=\"5\"><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Six-month period ended June 30, 2021&quot;}\">Six-month period ended June 30, 2021<\/td>\n<td style=\"width: 8.91885%; height: 24px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.073}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">7.3%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.069}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">6.9%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.152}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">15.2%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Year-to-date through August 17, 2021&quot;}\">Year-to-date through August 17, 2021<\/td>\n<td style=\"width: 8.91885%; height: 24px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.058}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">5.8%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.057}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">5.7%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.195}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">19.5%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 99.677%; text-align: center; height: 24px;\" colspan=\"5\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;January 1, 2004 \u2013 August 17, 2021&quot;}\"><span style=\"color: #333399;\">January 1, 2004 \u2013 August 17, 2021<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 31.2164%; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Cumulative (Since Inception)\\n\u7d2f\u7a4d\u7e3d\u7e3e\u6548(\u81ea\u6210\u7acb\u4ee5\u4f86)&quot;}\">Cumulative (Since Inception)<br \/>\n\u7d2f\u7a4d\u7e3d\u7e3e\u6548(\u81ea\u6210\u7acb\u4ee5\u4f86)<\/td>\n<td style=\"width: 8.91885%; height: 48px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:14.123}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">1412.3%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:12.993}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">1299.3%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:4.709}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">470.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Compound Annual Return \u5e74\u5316\u5831\u916c&quot;}\">Compound Annual Return \u5e74\u5316\u5831\u916c<\/td>\n<td style=\"width: 8.91885%; height: 24px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.167}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">16.7%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.161}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">16.1%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.104}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">10.4%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 99.677%; text-align: center; height: 24px;\" colspan=\"5\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;December 31, 2012\u2013August 17, 2021&quot;}\"><span style=\"color: #333399;\">December 31, 2012\u2013August 17, 2021<\/span><\/td>\n<\/tr>\n<tr style=\"height: 48px;\">\n<td style=\"width: 31.2164%; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Cumulative (Since PSH Inception)\\n\u7d2f\u7a4d\u7e3d\u7e3e\u6548(\u81ea PSH \u6210\u7acb\u4ee5\u4f86)&quot;}\">Cumulative (Since PSH Inception)<br \/>\n\u7d2f\u7a4d\u7e3d\u7e3e\u6548(\u81ea PSH \u6210\u7acb\u4ee5\u4f86)<\/td>\n<td style=\"width: 8.91885%; height: 48px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1.853}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">185.3%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1.639}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">163.9%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 48px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:2.699}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">269.9%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 31.2164%; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Compound Annual Return \u5e74\u5316\u5831\u916c&quot;}\">Compound Annual Return \u5e74\u5316\u5831\u916c<\/td>\n<td style=\"width: 8.91885%; height: 24px;\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\"><\/td>\n<td style=\"width: 20.037%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.129}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">12.9%<\/td>\n<td style=\"width: 20.775%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.119}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">11.9%<\/td>\n<td style=\"width: 18.7298%; text-align: center; height: 24px;\" data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.164}\" data-sheets-numberformat=\"{&quot;1&quot;:3,&quot;2&quot;:&quot;0.0%&quot;,&quot;3&quot;:1}\">16.4%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 99.677%; height: 24px;\" colspan=\"5\">\n<div style=\"text-align: right;\">\n<div>\u8cc7\u6599\u4f86\u6e90\uff1a\u6f58\u8208\u5ee3\u5834\u5b98\u7db2\uff0d2021\u5e74\u5831\u00a0 \u00a0 \u00a0\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u4e0b\u5716\u662f\u6f58\u8208\u5ee3\u5834\u516c\u53f8\u8ddf<a href=/index.html"https:\/\/\/what-is-sp500-index\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">S&amp;P500\u6307\u6578<\/a>\u5f9e2004\u5e74\u4ee5\u4f86\u7684\u7e3e\u6548\u6bd4\u8f03\uff0c<br \/>\n\u85cd\u8272\u8ddf\u7070\u8272\u7684\u7dda\u4ee3\u8868\u6f58\u8208\u5ee3\u5834(PSLP)\u8ddf\u6f58\u8208\u5ee3\u5834\u63a7\u80a1(PSH)\u7684\u7d2f\u8a08\u5831\u916c\u7387\uff0c<br \/>\n\u9ed1\u8272\u7dda\u4ee3\u8868S&amp;P500\u6307\u6578\u7684\u7d2f\u8a08\u5831\u916c\u7387\uff0c<br \/>\n\u53ef\u4ee5\u770b\u5230\u5728\u7d71\u8a08\u5340\u9593\u5167\uff0c\u6f58\u8208\u5ee3\u5834\u7684\u7d2f\u8a08\u5831\u916c\u7387\u662f\u5927\u76e4\u76843\u500d\u591a\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-27352\" src=/index.html"https:\/\/\/wp-content\/uploads\/20211026230114_26.jpg\" alt=\"\u6f58\u8208\u5ee3\u5834\u516c\u53f8\u8ddfS&amp;P500\u6307\u6578\u5f9e2004\u5e74\u4ee5\u4f86\u7684\u7e3e\u6548\u6bd4\u8f03\" width=\"852\" height=\"504\" \/><\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u7b46\u8a18\uff1a\u6709\u8da3\u7684\u662f\uff0cBill Ackman\u6240\u7ba1\u7406\u7684\u6f58\u8208\u5ee3\u5834\u63a7\u80a1(Pershing Square Holdings Ltd\uff0c\u4ee3\u865fPSH)\uff0c<br \/>\n\u6709\u88ab\u7d0d\u5165\u5bcc\u6642100\u6307\u6578(FTSE 100)\uff0c\u662f\u502b\u6566\u8b49\u4ea4\u6240\u4e0a\u5e02\u898f\u6a21\u6700\u5927\u7684100\u5bb6\u516c\u53f8\u4e4b\u4e00\u3002<\/p>\n<p>\u89c0\u5bdf\u4ed6\u7684\u6210\u9577\u8ecc\u8de1\uff0c\u5176\u5be6\u8207\u5df4\u83f2\u7279\u975e\u5e38\u76f8\u4f3c\uff0c\u90fd\u662f\u5148\u5f9e\u6709\u9650\u5408\u5925\uff0c\u518d\u5230\u63a7\u80a1\u516c\u53f8\uff0c\u751a\u81f3\u5728\u5168\u7403\u5927\u578b\u6307\u6578\u4e0a\u6709\u4e00\u5e2d\u4e4b\u5730\u3002<\/p><\/blockquote>\n<h2><strong>\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u6700\u77e5\u540d\u7684\u64cd\u4f5c\uff1a\u653e\u7a7a\u8cc0\u5bf6\u8299\u7372\u5f97\u5de8\u5927\u7684\u5931\u6557<\/strong><\/h2>\n<p>\u5728\u827e\u514b\u66fc\u9019\u9ebc\u591a\u6210\u529f\u53ca\u5931\u6557\u7684\u8f5f\u70c8\u4e8b\u8e5f\u4e2d\uff0c\u5176\u4e2d\u6700\u70ba\u4eba\u6240\u6d25\u6d25\u6a02\u9053\u7684\u5c31\u662f\u653e\u7a7a\u8cc0\u5bf6\u8299\u7684\u4e8b\u4ef6\uff0c<br \/>\n\u5f8c\u4f86\u751a\u81f3\u88ab\u62cd\u6210\u7d00\u9304\u7247\uff0c\u7247\u540d\u70ba\u96f6\u6210\u672c\uff1a\u76f4\u92b7\u91d1\u5b57\u5854\u7684\u771f\u76f8(Betting on Zero)\u3002<\/p>\n<p>\u57282012\u5e74\u6642\uff0c\u827e\u514b\u66fc\u767c\u73fe\u76f4\u92b7\u516c\u53f8\u8cc0\u5bf6\u8299\u4e3b\u8981\u9760\u62db\u52df\u4e0b\u7dda\u4f86\u7372\u5229\uff0c<br \/>\n\u4e26\u975e\u662f\u900f\u904e\u8ca9\u552e\u7522\u54c1\uff0c\u4ed6\u8a8d\u70ba\u9019\u6a23\u7684\u5546\u696d\u6a21\u5f0f\u6beb\u7121\u6295\u8cc7\u50f9\u503c\uff0c<br \/>\n\u56e0\u6b64\u6c7a\u5b9a\u505a\u7a7a\u8cc0\u5bf6\u8299\uff0c\u751a\u81f3\u9810\u8a00\u8cc0\u5bf6\u8299\u7684\u80a1\u50f9\u6703\u8dcc\u81f3\u96f6\u3002<br \/>\n\u7136\u800c\uff0c\u53e6\u5916\u4e00\u4f4d\u6295\u8cc7\u5927\u5e2b\u827e\u5eb7(Carl Icahn)\u537b\u6301\u76f8\u53cd\u7684\u770b\u6cd5\uff0c\u5927\u91cf\u8cb7\u5165\u8cc0\u5bf6\u8299\u7684\u80a1\u7968\uff0c<br \/>\n\u65bc\u662f\u4e8b\u60c5\u5c31\u6f14\u8b8a\u6210\u5169\u500b\u4eba\u7684\u591a\u7a7a\u5927\u6230\u3002<\/p>\n<p>\u5728\u6b64\u671f\u9593\u827e\u514b\u66fc\u66fe\u591a\u6b21\u516c\u958b\u6279\u8a55\u8cc0\u5bf6\u8299\u7684\u7d93\u71df\u6a21\u5f0f\u5c31\u662f\u8001\u9f20\u6703\uff0c\u4e26\u4e14\u5ba3\u5e03\u505a\u7a7a\uff0c<br \/>\n\u91d1\u984d\u9ad8\u905410\u5104\u7f8e\u5143\uff0c\u4e00\u958b\u59cb\u6210\u6548\u78ba\u5be6\u986f\u8457\uff0c\u8cc0\u5bf6\u8299\u80a1\u50f9\u5728\u5e7e\u5929\u5167\u4e0b\u6ed1\u4e8634%\uff0c<br \/>\n\u4f46\u662f\u827e\u5eb7\u537b\u7a4d\u6975\u7684\u8cb7\u5165\uff0c\u5e02\u5834\u4e5f\u8ddf\u9032\uff0c\u5f8c\u4f86\u80a1\u50f9\u9006\u52e2\u4e0a\u6f32\uff0c<br \/>\n\u827e\u5eb7\u9084\u66fe\u516c\u958b\u6279\u8a55\u827e\u514b\u66fc\u662f\u9a19\u5b50\uff0c\u5169\u4eba\u706b\u85e5\u5473\u5341\u5206\u6fc3\u539a\u3002<\/p>\n<p>\u6700\u5f8c\u57282018\u5e74\u521d\uff0c\u827e\u514b\u66fc\u5c0d\u8cc0\u5bf6\u8299\u63d0\u8d77\u7684\u6cd5\u5f8b\u8a34\u8a1f\u5931\u6557\u4e86\uff0c<br \/>\n\u7576\u5929\u8cc0\u5bf6\u8299\u7684\u80a1\u50f9\u7acb\u5373\u4e0a\u6f3213%\uff0c\u6700\u5f8c\u827e\u514b\u66fc\u4ee5\u640d\u5931\u7d045\u5104\u7f8e\u5143\u6536\u5834\u3002<\/p>\n<h2><strong>\u6bd4\u723e.\u827e\u514b\u66fc(Bill Ackman)\u7d66\u6211\u5011\u7684\u555f\u767c\uff1a<\/strong><strong>\u72af\u932f\uff0c\u4e26\u4e14\u5f9e\u932f\u8aa4\u4e2d\u5b78\u7fd2<\/strong><\/h2>\n<p>\u827e\u514b\u66fc\u66fe\u7d93\u6709\u53e5\u540d\u8a00\uff1a\u300c\u7d93\u9a57\u5c31\u662f\u72af\u932f\uff0c\u4e26\u4e14\u5f9e\u932f\u8aa4\u4e2d\u5b78\u7fd2\u300d\u3002<br \/>\n(Experience is making mistakes and learning from them)<\/p>\n<p>\u5f9e\u4ed6\u7684\u6295\u8cc7\u6b77\u7a0b\u4e2d\uff0c\u53ef\u4ee5\u770b\u51fa\u6700\u521d\u5275\u696d\u5931\u6557\u7684\u7d93\u9a57\u5b78\u7fd2\u5c0e\u81f4\u4e86\u5f8c\u4f86\u6295\u8cc7\u7684\u6210\u529f\uff0c<br \/>\n\u4f46\u4e00\u6b21\u6b21\u6295\u8cc7\u6210\u529f\u800c\u904e\u5ea6\u81ea\u4fe1\u7684\u7d93\u9a57\u53c8\u5c0e\u81f4\u4e86\u4e0b\u4e00\u6b21\u7684\u5931\u6557\u3002<\/p>\n<p>\u7136\u800c\u827e\u514b\u66fc\u662f\u4e00\u500b\u4e0d\u754f\u61fc\u5931\u6557\u7684\u6295\u8cc7\u8005\uff0c\u4ed6\u7e3d\u662f\u5584\u65bc\u6293\u4f4f\u6a5f\u6703\uff0c<br \/>\n\u4e00\u6b21\u5c31\u8b93\u81ea\u5df1\u7ffb\u8eab\uff0c\u9019\u7a2e\u52c7\u6c23\u8207\u9b44\u529b\u771f\u7684\u4e0d\u662f\u4e00\u822c\u4eba\u505a\u5f97\u5230\u7684\u3002<\/p>\n\n<p><strong>\u66f4\u591a\u6295\u8cc7\u5165\u9580\u5ef6\u4f38\u95b1\u8b80\uff1a<\/strong><\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/blog-page\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8d85\u904e100\u7bc7\u65b0\u624b\u5165\u9580\u6587\u7ae0\u5206\u4eab<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/blog-page_30\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u63a8\u85a6\u8d85\u904e40\u672c\u6295\u8cc7\u597d\u66f8<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u80a1\u958b\u6236\u300b\u63a8\u85a6\u5238\u5546\u6bd4\u8f03<\/a><\/p>\n<p>4.\u00a0<a href=/index.html"https:\/\/\/jisun-account-588\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u7968\u958b\u6236\u300b\u63a8\u85a6\u7684\u958b\u6236\u5238\u5546<\/a><\/p>\n<p>5.\u00a0<a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u958b\u6236\u300b\u96f6\u624b\u7e8c\u8cbb\u958b\u6236\u512a\u60e0<\/a><\/p>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\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: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u57282020\u5e74\u65b0\u51a0\u75ab\u60c5\u7206\u767c\u7684\u6642\u5019\uff0c\u7f8e\u80a1\u572810\u5929\u5167\u51fa\u73fe4\u6b21\u7194\u65b7\u7684\u7d00\u9304\uff0c \u8a31\u591a\u6295\u8cc7\u4eba\u4e5f\u5728\u9019\u6b21\u6158\u8dcc\u4e2d\u8840\u672c\u7121\u6b78\uff0c\u7136\u800c\u537b\u6709 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