{"id":53836,"date":"2023-06-26T13:32:26","date_gmt":"2023-06-26T05:32:26","guid":{"rendered":"https:\/\/\/?p=53836"},"modified":"2024-03-13T16:28:04","modified_gmt":"2024-03-13T08:28:04","slug":"george-soros-guru","status":"publish","type":"post","link":"https:\/\/\/george-soros-guru\/","title":{"rendered":"\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af \u300b\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c\u7684\u4eba &#8211; \u907f\u96aa\u57fa\u91d1\u5927\u5e2b"},"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-53866\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606160414_73.jpg\" alt=\"\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af \" width=\"960\" height=\"502\" \/><\/p>\n<p>\u55ac\u6cbb \u00b7 \u7d22\u7f85\u65af\uff08George Soros\uff09\u662f\u8207\u80a1\u795e\u5df4\u83f2\u7279\u9f4a\u540d\u7684\u6295\u8cc7\u8005\u3001\u6295\u6a5f\u8005\uff0c\u56e0\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c\u4e00\u6230\u6210\u540d\u3002<\/p>\n<p>1970\u5e74\uff0c\u4ed6\u5275\u7acb\u91cf\u5b50\u57fa\u91d1\uff0c\u8a72\u57fa\u91d1\u56de\u5831\u7387\u6bcf\u5e74\u5927\u7d04142.6%\uff0c\u6210\u7acb30\u5e74\u5167\u6301\u7e8c\u7dad\u6301\u5e73\u5747\u5e74\u5831\u916c\u905430\uff05\u7684\u7d00\u9304\u3002<\/p>\n<p><strong>\u55ac\u6cbb \u00b7 \u7d22\u7f85\u65af\u7684\u6295\u8cc7\u98a8\u683c\u5feb\u3001\u72e0\u3001\u6e96\uff0c\u56e0\u6b64\u4e5f\u6709\u300c\u91d1\u878d\u5de8\u9c77\u300d\u7a31\u865f\u3002<\/strong><\/p>\n<p>\u672c\u6587\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u7d22\u7f85\u65af\u7684\u751f\u5e73\u3001\u8077\u696d\u751f\u6daf\u3001\u6295\u8cc7\u54f2\u5b78\u3001\u6295\u8cc7\u6c7a\u7b56\u5be6\u4f8b\uff0c\u6700\u5f8c\u4ecb\u7d39\u4ed6\u7684\u53c3\u8003\u66f8\u7c4d\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6611eb8849950\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6611eb8849950\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/george-soros-guru\/#%E9%87%91%E8%9E%8D%E5%B7%A8%E9%B1%B7%EF%BC%9A%E5%96%AC%E6%B2%BB%EF%BC%8E%E7%B4%A2%E7%BE%85%E6%96%AF%E6%98%AF%E8%AA%B0%EF%BC%9F\" title=\"\u91d1\u878d\u5de8\u9c77\uff1a\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af\u662f\u8ab0\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91d1\u878d\u5de8\u9c77\uff1a\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af\u662f\u8ab0\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E6%88%90%E9%95%B7%E8%83%8C%E6%99%AF%EF%BC%9A%E7%B6%93%E6%AD%B7%E4%BA%8C%E6%88%B0%EF%BC%8C%E5%8D%B1%E9%9B%A3%E4%B8%AD%E5%BE%9E%E7%88%B6%E8%A6%AA%E8%BA%AB%E4%B8%8A%E5%AD%B8%E5%88%B0%E6%B1%82%E7%94%9F%E6%8A%80%E5%B7%A7\" title=\"\u7d22\u7f85\u65af\u6210\u9577\u80cc\u666f\uff1a\u7d93\u6b77\u4e8c\u6230\uff0c\u5371\u96e3\u4e2d\u5f9e\u7236\u89aa\u8eab\u4e0a\u5b78\u5230\u6c42\u751f\u6280\u5de7\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u6210\u9577\u80cc\u666f\uff1a\u7d93\u6b77\u4e8c\u6230\uff0c\u5371\u96e3\u4e2d\u5f9e\u7236\u89aa\u8eab\u4e0a\u5b78\u5230\u6c42\u751f\u6280\u5de7<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/george-soros-guru\/#%E8%81%B7%E6%A5%AD%E7%94%9F%E6%B6%AF%EF%BC%9A%E5%BE%9E%E7%B8%BE%E6%95%88%E5%A0%B1%E5%91%8A%E9%A9%97%E8%AD%89%E5%93%B2%E5%AD%B8%E7%90%86%E8%AB%96%EF%BC%8C%E7%99%BC%E5%B1%95%E5%8F%8D%E8%BA%AB%E6%80%A7%E7%90%86%E8%AB%96\" title=\"\u8077\u696d\u751f\u6daf\uff1a\u5f9e\u7e3e\u6548\u5831\u544a\u9a57\u8b49\u54f2\u5b78\u7406\u8ad6\uff0c\u767c\u5c55\u53cd\u8eab\u6027\u7406\u8ad6\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8077\u696d\u751f\u6daf\uff1a\u5f9e\u7e3e\u6548\u5831\u544a\u9a57\u8b49\u54f2\u5b78\u7406\u8ad6\uff0c\u767c\u5c55\u53cd\u8eab\u6027\u7406\u8ad6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E6%8A%95%E8%B3%87%E6%B1%BA%E7%AD%96%E5%AF%A6%E4%BE%8B\" title=\"\u7d22\u7f85\u65af\u6295\u8cc7\u6c7a\u7b56\u5be6\u4f8b\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u6295\u8cc7\u6c7a\u7b56\u5be6\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/george-soros-guru\/#%E9%87%8F%E5%AD%90%E5%9F%BA%E9%87%91%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5%E8%88%87%E7%B8%BE%E6%95%88\" title=\"\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7b56\u7565\u8207\u7e3e\u6548\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7b56\u7565\u8207\u7e3e\u6548<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E5%90%8D%E8%A8%80%E8%AA%9E%E9%8C%84\" title=\"\u7d22\u7f85\u65af\u540d\u8a00\u8a9e\u9304\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u540d\u8a00\u8a9e\u9304<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/george-soros-guru\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%B4%A2%E7%BE%85%E6%96%AF%E6%8A%95%E8%B3%87%E5%93%B2%E5%AD%B8%E7%B5%A6%E6%88%91%E5%80%91%E7%9A%84%E5%95%9F%E7%99%BC\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78\u7d66\u6211\u5011\u7684\u555f\u767c\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78\u7d66\u6211\u5011\u7684\u555f\u767c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\" title=\"\u7d22\u7f85\u65af\u53c3\u8003\u66f8\u7c4d\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u53c3\u8003\u66f8\u7c4d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E7%B4%80%E9%8C%84%E7%89%87\" title=\"\u7d22\u7f85\u65af\u7d00\u9304\u7247\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u7d00\u9304\u7247<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=/index.html"https:\/\/\/george-soros-guru\/#%E7%B4%A2%E7%BE%85%E6%96%AF%E5%8F%83%E8%80%83%E6%96%87%E7%8D%BB%E5%93%AA%E8%A3%A1%E7%9C%8B%EF%BC%9F\" title=\"\u7d22\u7f85\u65af\u53c3\u8003\u6587\u737b\u54ea\u88e1\u770b\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d22\u7f85\u65af\u53c3\u8003\u6587\u737b\u54ea\u88e1\u770b\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E9%87%91%E8%9E%8D%E5%B7%A8%E9%B1%B7%EF%BC%9A%E5%96%AC%E6%B2%BB%EF%BC%8E%E7%B4%A2%E7%BE%85%E6%96%AF%E6%98%AF%E8%AA%B0%EF%BC%9F\"><\/span>\u91d1\u878d\u5de8\u9c77\uff1a\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af\u662f\u8ab0\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af \uff08George Soros\uff09\u5c0f\u6a94\u6848<\/strong><\/p>\n<ul>\n<li><strong>\u51fa\u751f\uff1a<\/strong>1930\u5e748\u670812\u65e5\uff0892\u6b72\uff09<\/li>\n<li><strong>\u51fa\u751f\u5730\uff1a<\/strong>\u5308\u7259\u5229\u5e03\u9054\u4f69\u65af<\/li>\n<li><strong>\u5b78\u6b77\uff1a<\/strong>\u502b\u6566\u653f\u6cbb\u7d93\u6fdf\u5b78\u9662\u5b78\u58eb\u3001\u6587\u5b78\u78a9\u58eb\u3001\u54f2\u5b78\u535a\u58eb<\/li>\n<li><strong>\u7d93\u6b77\uff1a<\/strong>\u7d22\u7f85\u65af\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\uff08Soros Fund Management\uff09\u548c\u958b\u653e\u793e\u6703\u7814\u7a76\u6240\u4e3b\u5e2d\uff1b\u7f8e\u570b\u773e\u8b70\u9662\u5916\u4ea4\u4e8b\u52d9\u59d4\u54e1\u6703\u8463\u4e8b\u6703\u524d\u6210\u54e1<\/li>\n<li><strong>\u6210\u5c31\uff1a<\/strong><br \/>\n\u2022 1969\u5e74\u6295\u8cc7\u7d22\u7f85\u65af1,000\u7f8e\u5143\uff0c\u73fe\u503c5,142,300\u7f8e\u5143<br \/>\n\u2022 1969\u5e74\u6295\u8cc7S&amp;P 500\u6307\u65781,000\u7f8e\u5143\uff0c\u73fe\u503c25,889\u7f8e\u5143<br \/>\n\u2022 1969\u5e74\u8d77\u7b97\uff0c\u8207S&amp;P 500\u6307\u6578\u76f8\u6bd4\uff0c\u8667\u640d\u7684\u5e74\u6578\u70ba 4\uff1a9<\/li>\n<li><strong>\u8457\u4f5c\uff1a<\/strong>\u300a\u7d22\u7f85\u65af\u5e36\u4f60\u8d70\u51fa\u91d1\u878d\u5371\u6a5f\u300b\u3001\u300a\u7f8e\u570b\u9738\u6b0a\u6ce1\u6cab\u5316\uff1a\u91cd\u65b0\u601d\u8003\u7f8e\u570b\u7684\u89d2\u8272\u300b\u3001\u300a\u7d22\u7f85\u65af\u8ad6\u5168\u7403\u5316\u300b\u3001\u300a\u958b\u653e\u793e\u6703\u300b\u3001\u300a\u5168\u7403\u8cc7\u672c\u4e3b\u7fa9\u5371\u6a5f\u300b<\/li>\n<\/ul>\n<p><strong>\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af\u540d\u8a00\u9304\uff1a<\/strong><\/p>\n<ul>\n<li>\u91d1\u878d\u5e02\u5834\u662f\u4e0d\u53ef\u9810\u6e2c\u7684\u3002<\/li>\n<li>\u5e02\u5834\u7e3d\u662f\u8655\u65bc\u4e0d\u78ba\u5b9a\u548c\u52d5\u8569\u4e4b\u4e2d\uff0c\u5ffd\u8996\u986f\u800c\u6613\u898b\u7684\u4e8b\u4ef6\uff0c\u62bc\u6ce8\u4eba\u5011\u610f\u6599\u4e4b\u5916\u7684\u4e8b\u60c5\uff0c\u9019\u6a23\u624d\u80fd\u8cfa\u9322\u3002<\/li>\n<li>\u5224\u65b7\u5c0d\u932f\u4e26\u4e0d\u91cd\u8981\uff0c\u91cd\u8981\u7684\u5728\u65bc\u6b63\u78ba\u6642\u7372\u53d6\u4e86\u591a\u5927\u5229\u6f64\uff0c\u932f\u8aa4\u6642\u8667\u640d\u4e86\u591a\u5c11\u3002<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E6%88%90%E9%95%B7%E8%83%8C%E6%99%AF%EF%BC%9A%E7%B6%93%E6%AD%B7%E4%BA%8C%E6%88%B0%EF%BC%8C%E5%8D%B1%E9%9B%A3%E4%B8%AD%E5%BE%9E%E7%88%B6%E8%A6%AA%E8%BA%AB%E4%B8%8A%E5%AD%B8%E5%88%B0%E6%B1%82%E7%94%9F%E6%8A%80%E5%B7%A7\"><\/span>\u7d22\u7f85\u65af\u6210\u9577\u80cc\u666f\uff1a\u7d93\u6b77\u4e8c\u6230\uff0c\u5371\u96e3\u4e2d\u5f9e\u7236\u89aa\u8eab\u4e0a\u5b78\u5230\u6c42\u751f\u6280\u5de7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1944\u5e74\uff0c\u7d0d\u7cb9\u5c0d\u5308\u7259\u5229\u5c55\u958b\u4fb5\u7565\uff0c\u7d22\u7f85\u65af\u7684\u7ae5\u5e74\u5c31\u6b64\u5ba3\u544a\u7d50\u675f(\u7576\u6642\u4ed6\u5e74\u50c513\u6b72)\uff0c\u9760\u8457\u7236\u89aa\u7684\u7cbe\u660e\u624b\u6bb5\u548c\u6c42\u751f\u4fe1\u5ff5\uff0c\u4ed6\u5011\u4e00\u5bb6\u4eba\u6191\u85c9\u5047\u8eab\u5206\u9003\u904e\u4e00\u52ab\u3002<\/p>\n<p>\u5f8c\u4f86\u7d22\u7f85\u65af\u56de\u60f3\u8d77\u9019\u6bb5\u7d93\u6b77\uff0c\u662f\u4ed6\u751f\u6d3b\u4e2d\u6700\u5feb\u6a02\u7684\u4e00\u6bb5\u6642\u5149\uff0c\u56e0\u70ba\u4ed6\u5f9e\u751f\u6b7b\u5371\u96e3\u4e2d\u5b78\u6703\u4e86\u6c42\u751f\u7684\u6280\u5de7\uff0c\u9019\u5c0d\u4ed6\u4e4b\u5f8c\u7684\u6295\u8cc7\u751f\u6daf\u5f88\u6709\u5e6b\u52a9\uff0c<\/p>\n<p>\u7b2c\u4e00\u662f\u4e0d\u8981\u5bb3\u6015\u5192\u96aa\uff0c\u7b2c\u4e8c\u662f\u5192\u96aa\u6642\u4e0d\u8981\u62bc\u4e0a\u5168\u90e8\u5bb6\u7576\u3002<\/p>\n<ul>\n<li>1930\u5e74\uff0c\u7d22\u7f85\u65af\u51fa\u751f\u3002<\/li>\n<li>1944\u5e74\uff0c\u7d0d\u7cb9\u5fb7\u570b\u4f54\u9818\u5308\u7259\u5229\u3002<\/li>\n<li>1947\u5e74\uff0c\u5168\u5bb6\u79fb\u6c11\u82f1\u570b\uff0c\u7d22\u7f85\u65af\u517c\u8077\u64d4\u4efb\u9435\u8def\u642c\u904b\u5de5\u548c\u591c\u7e3d\u6703\u670d\u52d9\u54e1\uff0c\u4ee5\u652f\u4ed8\u5b78\u8cbb\u3002<\/li>\n<li>1952\u5e74\uff0c\u7562\u696d\u65bc\u502b\u6566\u653f\u6cbb\u7d93\u6fdf\u5b78\u9662\u3002\u540c\u5e74\uff0c\u7372\u5f97\u79d1\u5b78\u54f2\u5b78\u5b78\u58eb\u5b78\u4f4d\uff0c\u6df1\u5165\u7814\u7a76Karl Popper\u7684\u54f2\u5b78\u601d\u60f3\u3002<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E8%81%B7%E6%A5%AD%E7%94%9F%E6%B6%AF%EF%BC%9A%E5%BE%9E%E7%B8%BE%E6%95%88%E5%A0%B1%E5%91%8A%E9%A9%97%E8%AD%89%E5%93%B2%E5%AD%B8%E7%90%86%E8%AB%96%EF%BC%8C%E7%99%BC%E5%B1%95%E5%8F%8D%E8%BA%AB%E6%80%A7%E7%90%86%E8%AB%96\"><\/span>\u8077\u696d\u751f\u6daf\uff1a\u5f9e\u7e3e\u6548\u5831\u544a\u9a57\u8b49\u54f2\u5b78\u7406\u8ad6\uff0c\u767c\u5c55\u53cd\u8eab\u6027\u7406\u8ad6<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1956\u5e74-1973\u5e74\u9593\uff0c\u7d22\u7f85\u65af\u5728\u6295\u8cc7\u516c\u53f8\u64d4\u4efb\u5206\u6790\u5e2b\uff0c\u5c08\u505a\u6b50\u6d32\u80a1\u5e02\uff0c\u7576\u6642\u4ed6\u904b\u7528\u54f2\u5b78\u7406\u8ad6\uff0c\u5c07\u5341\u842c\u7f8e\u5143\u62c6\u6210\u5341\u516d\u500b\u90e8\u5206\uff0c\u7136\u5f8c\u5206\u5225\u9078\u64c7\u80a1\u7968\u9032\u884c\u6295\u8cc7\uff0c\u4ed6\u6bcf\u500b\u6708\u90fd\u6703\u628a\u6295\u8cc7\u6c7a\u7b56\u5beb\u6210\u5831\u544a\uff0c\u767c\u7d66\u696d\u754c\u7684\u6295\u8cc7\u5206\u6790\u5e2b\uff0c\u53d7\u5230\u8a31\u591a\u5206\u6790\u5e2b\u9752\u775e\u3002<\/p>\n<p>\u900f\u904e\u9019\u6a23\u7684\u65b9\u5f0f\uff0c\u7d22\u7f85\u65af\u4e0d\u65b7\u6aa2\u9a57\u4ed6\u7684\u54f2\u5b78\u7406\u8ad6\uff0c\u4e26\u5728\u5be6\u969b\u6295\u8cc7\u64cd\u4f5c\u4e2d\u9a57\u8b49\uff0c\u96a8\u5f8c\u767c\u5c55\u6210\u77e5\u540d\u7684\u53cd\u8eab\u6027\u7406\u8ad6 (Reflexivity\uff0c\u4e5f\u6709\u7684\u7ffb\u8b6f\u6210\u53cd\u5c04\u6027\u7406\u8ad6)\u3002<\/p>\n<ul>\n<li>1956\u5e74\uff0c\u79fb\u5c45\u7f8e\u570b\uff0c\u9032\u5165\u91d1\u878d\u6295\u8cc7\u754c\u3002<\/li>\n<li>1968\u5e74\uff0c\u6210\u7acb\u5c08\u505a\u8ca8\u904b\u754c\u80a1\u7968\u7684\u57fa\u91d1\u300c\u9996\u9df9\u57fa\u91d1\u300d\uff08First Eagle Fund\uff09\u3002<\/li>\n<li>1969\u5e74\uff0c\u4ee5\u56db\u767e\u842c\u7f8e\u5143\u6210\u7acb\u7b2c\u4e00\u6a94\u79c1\u52df\u57fa\u91d1\u300c\u96d9\u9df9\u57fa\u91d1\u300d\uff08Double Eagle Fund\uff09\u3002<\/li>\n<li>1973\u5e74\uff0c\u96e2\u958b\u4ed6\u670d\u52d9\u5341\u591a\u5e74\u7684\u5e03\u840a\u65bd\u6d1b\u5fb7\u6295\u8cc7\u9280\u884c\uff0c\u4e26\u4ee5\u4e00\u5343\u5169\u767e\u842c\u7f8e\u5143\uff0c\u6210\u7acb\u81ea\u5df1\u7684\u79c1\u52df\u57fa\u91d1\uff0c\u540d\u70ba\u7d22\u7f85\u65af\u57fa\u91d1\u3002<\/li>\n<li>1978\u5e74\uff0c\u5c07\u57fa\u91d1\u540d\u7a31\u6539\u70ba\u300c\u91cf\u5b50\u57fa\u91d1\u300d\uff08Quantum Fund\uff09\uff0c\u6e90\u65bc\u91cf\u5b50\u529b\u5b78\u7684\u6e2c\u4e0d\u6e96\u5b9a\u5f8b\u3002<\/li>\n<li>1980\u5e74\uff0c\u57fa\u91d1\u7e3e\u6548\u9054100%\u7372\u5229\u3002<\/li>\n<li>1981\u5e74\uff0c\u8207\u7f85\u5091\u65af\u62c6\u5925\uff0c\u55ae\u7368\u7d93\u71df\u91cf\u5b50\u57fa\u91d1\uff0c\u4f46\u6b64\u6642\u57fa\u91d1\u7e3e\u6548\u4e0b\u6ed1\uff0c\u662f\u6709\u53f2\u4ee5\u4f86\u6700\u5dee\u7d00\u9304\uff0c\u6b64\u6642\u7d22\u7f85\u65af\u6c7a\u5b9a\u66ab\u6642\u9000\u4f11\u3002<\/li>\n<li>1984\u5e74\uff0c\u9000\u4f11\u4e09\u5e74\u5f8c\uff0c\u65bc1984\u5e74\u5fa9\u51fa\u3002<\/li>\n<li>1992\u5e74\uff0c\u56e0\u5927\u8209\u653e\u7a7a\u82f1\u938a\uff0c\u5efa\u7acb100\u5104\u7f8e\u5143\u7684\u90e8\u4f4d\u800c\u5f97\u5230\u300c\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c\u7684\u4eba\u300d\u7a31\u865f\uff0c\u62b1\u56de20\u5104\u7f8e\u5143\u7684\u5229\u6f64\u3002<\/li>\n<li>2007\u5e74\uff0c\u7f8e\u570b\u7206\u767c\u6b21\u8cb8\u5371\u6a5f\uff0c\u5728\u7d22\u7f85\u65af\u7ba1\u7406\u4e0b\uff0c\u540c\u5e74\u91cf\u5b50\u57fa\u91d1\u5831\u916c\u905432%\u3002<\/li>\n<li>2011\u5e74\uff0c\u300a\u5bcc\u6bd4\u58eb\u300b\u5168\u7403\u5bcc\u8c6a\u699c\u6392\u540d\u7b2c46\u4f4d\uff0c\u540c\u5e74\u4e03\u6708\uff0c\u5ba3\u5e03\u7d50\u675f\u56db\u5341\u591a\u5e74\u7684\u5c0d\u6c96\u57fa\u91d1\u7d93\u7406\u751f\u6daf\u3002<\/li>\n<li>2012\u5e74\uff0c\u505a\u7a7a\u65e5\u5143\uff0c\u8cfa\u903210\u5104\u7f8e\u5143\u3002<\/li>\n<li>2015\u5e74\uff0c\u5ba3\u5e03\u771f\u6b63\u9000\u4f11\uff0c\u4e0d\u518d\u7ba1\u7406\u6295\u8cc7\uff0c\u5c07\u5168\u529b\u63a8\u52d5\u6148\u5584\u4e8b\u696d\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-53850\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606142955_11.jpg\" alt=\"\u55ac\u6cbb\uff0e\u7d22\u7f85\u65af \uff08George Soros\uff09\" width=\"380\" height=\"649\" \/><br \/>\n<strong>\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u54f2\u5b78<\/strong><\/p>\n<p>\u7d22\u7f85\u65af\u7684\u65e9\u5e74\u7d93\u6b77\uff0c\u6df1\u6df1\u5f71\u97ff\u8457\u4ed6\u4e4b\u5f8c\u7684\u4eba\u751f\u89c0\uff0c\u4e5f\u53cd\u6620\u5728\u4ed6\u7684\u6295\u8cc7\u54f2\u5b78\u548c\u7ba1\u7406\u98a8\u96aa\u4e0a\uff0c<\/p>\n<p>\u5e02\u5834\u5148\u751f\u6574\u7406\u51fa\u4ee5\u4e0b7\u500b\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u54f2\u5b78\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 1\uff1a\u7a4d\u6975\u7ba1\u7406\u98a8\u96aa<\/h3>\n<p>\u7d22\u7f85\u65af\u9752\u5c11\u6642\u671f\u7d93\u6b77\u7b2c\u4e8c\u6b21\u4e16\u754c\u5927\u6230\uff0c\u9762\u5c0d\u7d0d\u7cb9\u5fb7\u570b\u4f54\u9818\u5308\u7259\u5229\uff0c\u6bcf\u5929\u6700\u8feb\u5207\u9762\u5c0d\u7684\u4eba\u751f\u8ab2\u984c\u5c31\u662f\u6c42\u751f\uff0c\u591a\u8667\u7d22\u7f85\u65af\u7684\u7236\u89aa\u638c\u63e1\u751f\u5b58\u4e4b\u9053\uff0c\u8eab\u70ba\u7336\u592a\u4eba\u7684\u4e00\u5bb6\u4eba\u624d\u5f97\u4ee5\u5016\u5b58\uff0c<\/p>\n<p>\u7d22\u7f85\u65af\u7236\u89aa\u544a\u8a34\u4ed6<strong>\u4e09\u500b\u98a8\u96aa\u7ba1\u7406\u6cd5\u5247<\/strong>\uff1a<\/p>\n<ol>\n<li><strong>\u4f60\u53ef\u4ee5\u627f\u64d4\u98a8\u96aa<\/strong><\/li>\n<li><strong>\u627f\u64d4\u98a8\u96aa\u6642\uff0c\u7d55\u5c0d\u4e0d\u53ef\u4ee5\u62b1\u8457\u8ced\u535a\u5fc3\u614b<\/strong><\/li>\n<li><strong>\u6c38\u9060\u8981\u6709\u8a8d\u8ce0\u6bba\u51fa\u7684\u6e96\u5099<\/strong><\/li>\n<\/ol>\n<p>\u6848\u4f8b\uff1a<br \/>\n1987\u5e74\uff0c\u7d22\u7f85\u65af\u7ba1\u7406\u7684\u91cf\u5b50\u57fa\u91d1\uff0c\u6301\u6709\u90e8\u4f4d\u653e\u7a7a\u6771\u4eac\u80a1\u7968\u5e02\u5834\uff0c\u540c\u6642\u505a\u591a\u7d10\u7d04S&amp;P\u671f\u8ca8\uff0c\u4f46\u96a8\u5f8c\u9762\u81e81987\u5e7410\u670819\u65e5\u9ed1\u8272\u661f\u671f\u4e00\u7684\u80a1\u5e02\u5d29\u76e4\uff0c\u9053\u74ca\u5d29\u8dcc22.6%\uff0c\u540c\u4e00\u6642\u9593\uff0c\u6771\u4eac\u80a1\u5e02\u4e5f\u53d7\u5230\u653f\u5e9c\u8b77\u76e4\u3002<\/p>\n<p>\u7d22\u7f85\u65af\u63a1\u7528\u4e0a\u8ff0\u98a8\u96aa\u7ba1\u7406\u6cd5\u5247\uff0c\u7acb\u523b\u6c7a\u5b9a\u51fa\u812b\u90e8\u4f4d\uff0c\u4f46\u7531\u65bc\u90e8\u4f4d\u898f\u6a21\u592a\u904e\u9f90\u5927\uff0c\u5c0e\u81f4\u5f37\u5927\u8ce3\u58d3\uff0c\u6700\u5f8c\u90e8\u4f4d\u662f\u5728195\u5230210\u4e4b\u9593\u9678\u7e8c\u812b\u624b\uff0c\u7b49\u5230\u90e8\u4f4d\u5b8c\u5168\u51fa\u6e05\u5f8c\uff0c\u7576\u5929\u50f9\u683c\u6536\u5728244.50\uff0c\u640d\u5931\u4f30\u8a08\u8d85\u904e 2 \u5104\u7f8e\u5143\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 2\uff1a\u5e02\u5834\u7e3d\u662f\u932f\u7684\uff0c\u89c0\u9ede\u4e5f\u53ef\u80fd\u6709\u8aa4<\/h3>\n<p>\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u54f2\u5b78\u7e3d\u662f\u5f37\u8abf\u4ed6\u7684\u54f2\u5b78\u6982\u5ff5\uff0c\u9019\u9ede\u5f9e\u4ed6\u4e00\u958b\u59cb\u8e0f\u5165\u6295\u8cc7\u754c\u5c31\u53cd\u6620\u51fa\u4f86\uff0c\u7576\u6642\u4ed6\u5728\u502b\u6566\u5f9e\u4e8b\u4e0d\u540c\u570b\u969b\u5e02\u5834\u7684\u9ec3\u91d1\u80a1\u7968\u5957\u5229\u4ea4\u6613\uff0c\u4ee5\u7368\u7279\u7684\u9078\u80a1\u773c\u5149\u88ab\u8996\u70ba\u6b50\u6d32\u80a1\u7968\u5c08\u5bb6\uff0c\u4ed6\u66fe\u5728\u300a\u5168\u7403\u6295\u8cc7\u6f2b\u8ac7\u300b\u8868\u9054\u770b\u6cd5\uff1a\u300c\u5409\u59c6\u7f85\u5091\u65af\u8207\u6211\u4e4b\u9593\u6700\u5927\u7684\u5dee\u7570\u662f\uff0c\u5409\u59c6\u8a8d\u70ba\u6d41\u884c\u601d\u7dad\u7e3d\u662f\u932f\u8aa4\u7684\uff0c\u800c\u6211\u8a8d\u70ba\u6211\u5011\u672c\u8eab\u7684\u89c0\u9ede\u4e5f\u53ef\u80fd\u6709\u932f\u3002\u300d<\/p>\n<p>\u4ed6\u8a8d\u70ba\u6211\u5011\u6bcf\u500b\u4eba\u7684\u89c0\u9ede\u591a\u5c11\u90fd\u5b58\u5728\u7455\u75b5\u548c\u504f\u898b\uff0c\u7d93\u5e38\u6703\u7522\u751f\u932f\u8aa4\uff0c\u7576\u4ed6\u6700\u65e9\u6210\u7acb\u91cf\u5b50\u57fa\u91d1\u6642\uff0c\u4fbf\u958b\u59cb\u6e2c\u8a66\u9019\u5957\u7406\u8ad6\uff0c\u7559\u610f\u5e02\u5834\u4e2d\u5927\u5bb6\u5bb9\u6613\u5ffd\u7565\u7684\u8da8\u52e2\u548c\u7a81\u767c\u72c0\u6cc1\u3002<\/p>\n<p>\u4ed6\u5728\u300a\u7d22\u7f85\u65af\u8ac7\u7d22\u7f85\u65af\u300b\u66f8\u4e2d\u63d0\u5230\uff1a<strong>\u300c\u6211\u5011\u5c0d\u81ea\u5df1\u6240\u8655\u4e16\u754c\u7684\u4e86\u89e3\u672c\u8eab\u5c31\u5b58\u5728\u7f3a\u9677\u3002\u53c3\u8207\u8005\u7684\u89c0\u9ede\u548c\u9810\u671f\u4e8b\u7269\u7684\u5be6\u969b\u72c0\u6cc1\u4e4b\u9593\u6c38\u9060\u5b58\u5728\u843d\u5dee\u3002<\/strong><\/p>\n<p><strong>\u6709\u6642\u5019\u843d\u5dee\u5c0f\u5230\u53ef\u4ee5\u5ffd\u7565\uff0c\u4f46\u5176\u4ed6\u6642\u5019\u9019\u500b\u843d\u5dee\u90fd\u5927\u5230\u8db3\u4ee5\u6210\u70ba\u6c7a\u5b9a\u4e8b\u4ef6\u8d70\u5411\u7684\u95dc\u9375\u56e0\u5b50\u3002\u6b77\u53f2\u662f\u7531\u53c3\u8207\u8005\u7684\u932f\u8aa4\u3001\u504f\u898b\u8207\u932f\u89ba\u6240\u5efa\u69cb\u7684\u3002\u300d<\/strong><\/p>\n<p>\u6848\u4f8b\uff1a<br \/>\n1930\u5e74\u4ee3\uff0c\u7576\u6642\u9280\u884c\u696d\u53d7\u5230\u56b4\u683c\u7ba1\u5236\uff0c\u5916\u754c\u666e\u904d\u8a8d\u70ba\u4e0d\u5177\u767c\u5c55\u6f5b\u80fd\uff0c\u8a31\u591a\u5206\u6790\u5e2b\u4e5f\u4e0d\u91cd\u8996\u8a72\u7522\u696d\uff0c\u4f46\u7d22\u7f85\u65af\u8a8d\u70ba\u9019\u7a2e\u60c5\u6cc1\u5c07\u6539\u8b8a\uff0c\u56e0\u70ba\u4ed6\u770b\u5230\u8a31\u591a\u7d93\u71df\u8005\u9678\u7e8c\u9000\u4f11\uff0c\u6539\u7531\u5177\u6709MBA\u5b78\u4f4d\u7684\u5e74\u8f15\u4eba\u63a5\u624b\uff0c\u9019\u4e9b\u65b0\u4e00\u4ee3\u7684\u7ba1\u7406\u8005\u66f4\u91cd\u8996\u57fa\u672c\u9762\uff0c\u5c07\u6539\u8b8a\u6574\u500b\u7522\u696d\u539f\u672c\u7684\u50f5\u5316\u6a21\u5f0f\u3002<\/p>\n<p>1972\u5e74\uff0c\u7d22\u7f85\u65af\u5c07\u4ed6\u7684\u89c0\u5bdf\u5beb\u6210\u5831\u544a\u300c\u6210\u9577\u578b\u9280\u884c\u6848\u4f8b\u300d\uff08The Case for Growth Banks\uff09\uff0c\u9810\u6e2c\u9280\u884c\u985e\u80a1\u7684\u4e0a\u6f32\u8da8\u52e2\uff0c\u6700\u5f8c\u5275\u902050%\u7372\u5229\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 3\uff1a\u53cd\u8eab\u6027\u7406\u8ad6<\/h3>\n<p>\u300c\u53cd\u8eab\u6027\u7406\u8ad6\u300d\uff08\u82f1\u6587: Reflexivity \u4e5f\u6709\u4e9b\u7ffb\u8b6f\u70ba\u53cd\u5c04\u6027\u3001\u53cd\u601d\u6027\uff09\u53ef\u4ee5\u8aaa\u662f\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78\u7684\u4e2d\u5fc3\u601d\u60f3\uff0c\u95dc\u65bc\u9019\u500b\u6982\u5ff5\uff0c\u53ef\u4ee5\u53c3\u8003\u4ed6\u7684\u8457\u4f5c\u300a\u91d1\u878d\u7149\u91d1\u8853\u300b<\/p>\n<p>\u53cd\u8eab\u6027\u7406\u8ad6\u5230\u5e95\u662f\u4ec0\u9ebc\uff1f<\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c<strong>\u662f\u6307\u6295\u8cc7\u8005\u7684\u300c\u4e3b\u89c0\u8a8d\u77e5\u300d\u8207\u5e02\u5834\u7684\u300c\u5ba2\u89c0\u4e8b\u5be6\u300d\u4e4b\u9593\u7684\u504f\u5dee\uff0c\u5169\u8005\u6703\u76f8\u4e92\u5f71\u97ff\u3001\u76f8\u4e92\u4f5c\u7528\uff0c\u4e0d\u65b7\u5faa\u74b0<\/strong>\u3002<\/p>\n<p>\u7d22\u7f85\u65af\u6df1\u4fe1\uff0c\u4eba\u6c38\u9060\u7121\u6cd5\u771f\u6b63\u611f\u77e5\u4e8b\u5be6\uff0c\u56e0\u70ba\u4eba\u7684\u884c\u70ba\u7e3d\u662f\u6703\u53d7\u5230\u5404\u7a2e\u504f\u898b\u5f71\u97ff\uff0c\u6295\u8cc7\u4eba\u7684\u975e\u7406\u6027\u884c\u70ba\u6703\u5c0e\u81f4\u5e02\u5834\u8d70\u5411\u7e41\u69ae\u6216\u856d\u689d\uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u6295\u8cc7\u7684\u6c7a\u7b56\u5f80\u5f80\u4e0d\u662f\u57fa\u65bc\u73fe\u5be6\uff0c\u800c\u662f\u4eba\u5011\u5c0d\u65bc\u73fe\u5be6\u7684\u770b\u6cd5\uff0c\u9032\u800c\u5f71\u97ff\u50f9\u683c\u3002<\/p>\n<p>\u7d22\u7f85\u65af\u9019\u6a23\u89e3\u91cb\uff1a<strong>\u300c\u8b93\u6211\u5011\u5340\u5206\u73fe\u5be6\u7684\u5ba2\u89c0\u8207\u4e3b\u89c0\uff0c\u601d\u7dad\u8a8d\u77e5\u69cb\u6210\u4e3b\u89c0\uff0c\u73fe\u5be6\u5247\u69cb\u6210\u5ba2\u89c0\uff0c\u63db\u53e5\u8a71\u8aaa\uff0c\u4e3b\u89c0\u662f\u6307\u5927\u8166\u8a8d\u77e5\uff0c\u5ba2\u89c0\u662f\u6307\u5916\u90e8\u73fe\u5be6\uff1b\u5916\u90e8\u73fe\u5be6\u53ea\u6709\u4e00\u7a2e\uff0c\u4e3b\u89c0\u537b\u6709\u597d\u5e7e\u7a2e\u53ef\u80fd\u3002\u300d<\/strong><\/p>\n<p><strong>\u53cd\u8eab\u6027\u7406\u8ad6\u672c\u8eab\u662f\u4e00\u500b\u5faa\u74b0\u8ff4\u8def\uff0c\u611f\u77e5\u6703\u6539\u8b8a\u4e8b\u5be6\uff0c\u4e8b\u5be6\u53c8\u6539\u8b8a\u611f\u77e5\uff0c\u4e0d\u65b7\u5faa\u74b0\u3002<\/strong><\/p>\n<p>\u8209\u500b\u7c21\u55ae\u7684\u4f8b\u5b50\uff1a\u80a1\u50f9\u4e0a\u6f32\u5f8c\uff0c\u6295\u8cc7\u4eba\u89ba\u5f97\u66f4\u6709\u9322\uff0c\u7136\u5f8c\u82b1\u6389\u66f4\u591a\u9322\uff0c\u4f01\u696d\u7372\u5229\u56e0\u6b64\u589e\u52a0\uff0c\u6b64\u6642\u5206\u6790\u5e2b\u5f37\u8abf\u57fa\u672c\u9762\u6539\u5584\uff0c\u5efa\u8b70\u6295\u8cc7\u4eba\u8cb7\u9032\uff0c\u65bc\u662f\u53c8\u5e36\u52d5\u80a1\u50f9\u4e0a\u6f32\uff0c\u63a5\u8457\u6295\u8cc7\u4eba\u53c8\u89ba\u5f97\u9322\u8b8a\u591a\uff0c\u9032\u800c\u82b1\u66f4\u591a\u9322\uff0c\u6574\u500b\u904e\u7a0b\u4e0d\u65b7\u5faa\u74b0\uff0c\u7d22\u7f85\u65af\u628a\u9019\u500b\u904e\u7a0b\u7a31\u70ba\u53cd\u8eab\u7a0b\u5e8f\u3002<\/p>\n<p><strong>\u6848\u4f8b\u4e00\uff1a\u9810\u6e2c\u91d1\u878d\u5371\u6a5f\u767c\u751f<\/strong><\/p>\n<p>\u7d22\u7f85\u65af\u904b\u7528<strong>\u8a8d\u77e5\u601d\u7dad\u548c\u4e8b\u5be6\u4e4b\u9593\u7684\u95dc\u4fc2\u4f86\u7372\u5229<\/strong>\uff0c\u9019\u5957\u601d\u8003\u6846\u67b6\u751a\u81f3\u8b93\u4ed6\u5f97\u4ee5\u9810\u6e2c\u91d1\u878d\u5371\u6a5f\u7684\u767c\u751f\uff0c\u4f86\u770b\u770b\u4ed6\u600e\u9ebc\u8aaa\uff1a<\/p>\n<p>\u300c\u6211\u7684\u7b2c\u4e00\u672c\u66f8\u300a\u91d1\u878d\u7149\u91d1\u8853\u300b\u65bc 1987 \u5e74\u51fa\u7248\uff0c\u5728\u66f8\u4e2d\u6211\u8a66\u5716\u89e3\u91cb\u91d1\u878d\u5e02\u5834\u7684\u5167\u5728\u54f2\u5b78\u7406\u5ff5\uff0c\u5c0d\u6c96\u57fa\u91d1\u696d\u754c\u5f88\u591a\u4eba\u90fd\u8b80\u904e\u9019\u672c\u66f8\uff0c\u5546\u5b78\u9662\u4e5f\u628a\u5b83\u7576\u4f5c\u6559\u79d1\u66f8\uff0c\u4f46\u662f\u5176\u4e2d\u7684\u54f2\u5b78\u8ad6\u8ff0\u6c92\u6709\u5f15\u8d77\u592a\u5927\u8ff4\u97ff\uff0c\u6211\u81ea\u5df1\u4e5f\u958b\u59cb\u61f7\u7591\uff0c\u9019\u662f\u5426\u662f\u4e00\u500b\u91cd\u5927\u898b\u89e3\uff0c\u7562\u7adf\u6211\u6240\u6d89\u53ca\u7684\u4e3b\u984c\u662f\u773e\u591a\u54f2\u5b78\u5bb6\u81ea\u53e4\u4ee5\u4f86\u5c31\u5728\u7814\u7a76\u7684\u3002\u6beb\u7121\u7591\u554f\uff0c\u9019\u500b\u7406\u5ff5\u6846\u67b6\u5c0d\u6211\u500b\u4eba\u4f86\u8aaa\u5341\u5206\u6709\u7528\uff0c\u4f46\u5176\u4ed6\u4eba\u4f3c\u4e4e\u4e26\u4e0d\u50cf\u6211\u4e00\u6a23\u89ba\u5f97\u6709\u50f9\u503c\u3002 \u76f4\u5230 2008 \u5e74\u7684\u91d1\u878d\u5371\u6a5f\uff0c\u9019\u4e00\u5207\u90fd\u6539\u8b8a\u4e86\u3002\u6211\u7684\u7406\u5ff5\u6846\u67b6\u4f7f\u6211\u9810\u898b\u9019\u5834\u5371\u6a5f\uff0c\u53c8\u80fd\u5728\u5b83\u5230\u4f86\u6642\u505a\u51fa\u61c9\u5c0d\uff0c\u5b83\u4f7f\u6211\u6bd4\u5176\u4ed6\u4eba\u66f4\u80fd\u9810\u6e2c\u4e8b\u4ef6\u767c\u5c55\uff0c\u4e14\u80fd\u63d0\u51fa\u5145\u5206\u89e3\u91cb\u3002\u300d<\/p>\n<p><strong>\u7d22\u7f85\u65af\u5c0d\u6548\u7387\u5e02\u5834\u5047\u8aaa\u63d0\u51fa\u8cea\u7591<\/strong><\/p>\n<p>\u7d22\u7f85\u65af\u4e4b\u6240\u4ee5\u8b19\u865b\u7684\u8aaa\u53cd\u8eab\u6027\u7406\u8ad6\u7684\u8ff4\u97ff\u4e0d\u5927\uff0c\u662f\u56e0\u70ba\u8a72\u7406\u8ad6\u9055\u80cc\u7576\u6642\u7684\u4e3b\u6d41\u601d\u7dad\uff1a\u6548\u7387\u5e02\u5834\u5047\u8aaa\uff08Efficient Market Hypothesis\uff09<br \/>\n\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-efficient-market-hypothesis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6548\u7387\u5e02\u5834\u5047\u8aaa\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n<p><strong>\u6548\u7387\u5e02\u5834\u5047\u8aac\u662f\u6307\u6295\u8cc7\u8005\u672c\u8cea\u4e0a\u884c\u70ba\u7406\u6027\uff0c\u5e02\u5834\u904b\u884c\u8da8\u65bc\u5747\u8861<\/strong>\uff0c\u7d22\u7f85\u65af\u5c0d\u6b64\u63d0\u51fa\u8cea\u7591\uff0c\u4ed6\u8a8d\u70ba\u4eba\u7684\u8a8d\u77e5\u4e0d\u53ef\u80fd\u5b8c\u5168\u7406\u6027\uff0c\u8a8d\u77e5\u504f\u5dee\u6216\u504f\u898b\u90fd\u5c07\u5c0e\u81f4\u91d1\u878d\u5371\u6a5f\u6216\u6ce1\u6cab\u3002(\u5df4\u83f2\u7279\u540c\u6a23\u4e5f\u4e0d\u8a8d\u540c\u5e02\u5834\u5b8c\u5168\u6709\u6548\uff0c\u53ea\u80fd\u8aaa\u9577\u671f\u800c\u8a00\u4e00\u4e9b\u6642\u5019\u662f\u6709\u6548\u7387\u7684)<\/p>\n<p>\u5e02\u5834\u7684\u5e73\u8861\u72c0\u614b\u9047\u5230\u91cd\u5927\u5e72\u64fe\u56e0\u7d20\u5f8c\uff0c\u5fc5\u5b9a\u5931\u8861\uff0c\u4eba\u5011\u7684\u504f\u898b\u5f71\u97ff\u80a1\u50f9\uff0c\u5f71\u97ff\u751a\u81f3\u8d85\u904e\u771f\u5be6\u8cc7\u8a0a\uff0c\u4ed6\u8a8d\u70ba\u9019\u7a2e\u504f\u898b\u662f\u81ea\u6211\u5f37\u5316\u610f\u8b58\uff08Self-reinforcing\uff09\uff0c\u6703\u8207\u5e02\u5834\u8d70\u5411\u76f8\u4e92\u4f5c\u7528\u3002<\/p>\n<p>\u7d22\u7f85\u65af\u6df1\u4fe1\uff0c<strong>\u4eba\u6c38\u9060\u7121\u6cd5\u771f\u6b63\u611f\u77e5\u73fe\u5be6\uff0c\u56e0\u6b64\u4eba\u7684\u884c\u70ba\u7e3d\u662f\u6703\u53d7\u5230\u5404\u7a2e\u504f\u898b\u7684\u5f71\u97ff\uff0c\u5e02\u5834\u53c3\u8207\u8005\u7684\u975e\u7406\u6027\u884c\u70ba\u5c0e\u81f4\u5e02\u5834\u8d70\u5411\u7e41\u69ae\u6216\u856d\u689d\uff0c\u800c\u9019\u4e5f\u66ff\u6295\u8cc7\u4eba\u63d0\u4f9b\u4e86\u7372\u5229\u6a5f\u6703\u3002<\/strong><\/p>\n<p>\u4ed6\u4e5f\u63d0\u5230\uff1a\u300c\u6211\u5011\u9700\u8981\u5f9e\u6839\u672c\u4e0a\u91cd\u65b0\u601d\u8003\u7d93\u6fdf\u7406\u8ad6\u7684\u5047\u8aaa\u548c\u7406\u8ad6\uff0c\u56e0\u70ba\u7d93\u6fdf\u5b78\u4e00\u76f4\u5728\u52aa\u529b\u63d0\u51fa\u985e\u4f3c\u725b\u9813\u5b9a\u5f8b\u90a3\u6a23\u666e\u904d\u6709\u6548\u7684\u5b9a\u5f8b\uff0c\u6211\u8a8d\u70ba\u9019\u662f\u4e0d\u53ef\u80fd\u7684\uff0c\u4f60\u9700\u8981\u4e00\u7a2e\u65b0\u7684\u65b9\u6cd5\uff0c\u4ee5\u53ca\u65b0\u7684\u6a19\u6e96\u3002\u300d<\/p>\n<p><strong>\u6848\u4f8b\u4e8c\uff1a\u9810\u6e2c\u623f\u5730\u7522\u4fe1\u8a17\u57fa\u91d1\uff08REITs\uff09\u6ce1\u6cab\u5316<\/strong><\/p>\n<p>1970\u5e74\uff0c\u7d22\u7f85\u65af\u5beb\u4e86\u4e00\u7bc7\u5206\u6790\u5831\u544a\uff0c<strong>\u4ee5<a href=/index.html"https:\/\/\/what-is-reits\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">REITs<\/a>\u7684\u6ce1\u6cab\u5316\u70ba\u4f8b\uff0c\u63d0\u5230\u53cd\u8eab\u7a0b\u5e8f\u7684\u56db\u500b\u968e\u6bb5\uff1a<\/strong><\/p>\n<ul>\n<li>\u7b2c\u4e00\u968e\u6bb5\uff1a\u56e0\u70ba\u9280\u884c\u5229\u7387\u504f\u9ad8\uff0cREITs\u6bd4\u8d77\u50b3\u7d71\u7684\u878d\u8cb8\u5de5\u5177\u66f4\u5438\u5f15\u4eba\u3002\u7d22\u7f85\u65af\u9810\u6e2cREITs\u6578\u91cf\u6703\u589e\u52a0\u3002<\/li>\n<li>\u7b2c\u4e8c\u968e\u6bb5\uff1aREITs\u4e0d\u65b7\u6210\u9577\uff0c\u8cc7\u91d1\u6e67\u5165\u623f\u5c4b\u62b5\u62bc\u8cb8\u6b3e\u5e02\u5834\uff0c\u9020\u6210\u623f\u5730\u7522\u884c\u60c5\u9ad8\u6f32\uff0c\u4e5f\u63d0\u5347\u4e86REITs\u7372\u5229\u3002<\/li>\n<li>\u7b2c\u4e09\u968e\u6bb5\uff1a\u904e\u4e86\u4e00\u6bb5\u6642\u9593\uff0c\u623f\u5730\u7522\u5e02\u5834\u56de\u843d\uff0c\u623f\u50f9\u653e\u8edf\uff0c\u5c0e\u81f4REITs\u7121\u6cd5\u56de\u6536\u62b5\u62bc\u8cb8\u6b3e\uff0c\u9280\u884c\u958b\u59cb\u6050\u614c\uff0c\u8981\u6c42\u6e05\u511f\u8cb8\u6b3e\u3002<\/li>\n<li>\u7b2c\u56db\u968e\u6bb5\uff1a\u96a8\u8457REITs\u6536\u76ca\u4e0b\u8dcc\uff0c\u6700\u7d42\u5c0e\u81f4\u50f9\u683c\u5d29\u8dcc\u3002<\/li>\n<\/ul>\n<p>\u7d22\u7f85\u65af\u904b\u7528\u53cd\u8eab\u6027\u7406\u8ad6\uff0c\u9810\u5148\u8fa8\u8b58\u5e02\u5834\u8da8\u52e2\uff0c\u5728\u6574\u500b\u5faa\u74b0\u7684\u4e0a\u5347\u8207\u4e0b\u8dcc\u968e\u6bb5\u7372\u5229\uff0c\u5728\u5176\u4ed6\u4eba\u9084\u6c92\u767c\u73fe\u4e4b\u524d\uff0c\u53ca\u65e9\u5efa\u7acb\u90e8\u4f4d\u3002<\/p>\n<p>\u60f3\u4e86\u89e3\u66f4\u591a\u95dc\u65bc\u53cd\u8eab\u6027\u7406\u8ad6\u7684\u5167\u5bb9\uff0c\u53ef\u53c3\u8003\u7d22\u7f85\u65af2009\u5e74\u5728\u300a\u91d1\u878d\u6642\u5831FT\u300b\u767c\u8868\u7684\u300a\u53cd\u8eab\u6027\u901a\u8ad6\u00a0 Soros: General Theory of Reflexivity \u300b\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 4\uff1a\u5148\u4e0b\u624b\uff0c\u518d\u7814\u7a76\u7d30\u7bc0<\/h3>\n<p>\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u7b56\u7565\u6191\u9760\u76f4\u89ba\uff0c\u624b\u6cd5\u5feb\u3001\u72e0\u3001\u6e96\uff0c\u4ed6\u4e00\u65e6\u505a\u4e86\u6c7a\u5b9a\u5c31\u4e0d\u6703\u9072\u7591\uff0c\u56e0\u6b64\u7559\u4e0b\u540d\u8a00\uff1a\u5148\u4e0b\u624b\uff0c\u518d\u7814\u7a76\u7d30\u7bc0\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c1971\u5e74\uff0c\u4ed6\u95b1\u8b80\u300a\u91d1\u878d\u6642\u5831\u300b\uff0c\u770b\u5230\u82f1\u570b\u653f\u5e9c\u6e96\u5099\u70ba\u52de\u65af\u840a\u65af\u516c\u53f8\u7d13\u56f0\uff0c\u4ed6\u7acb\u523b\u4e0b\u4ee4\u57fa\u91d1\u540c\u4ec1\uff0c\u8cb7\u9032\u82f1\u570b\u50b5\u5238\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 5\uff1a\u770b\u6e05\u8da8\u52e2\uff0c\u9a57\u8b49\u5047\u8aaa\uff0c\u904b\u7528\u7406\u8ad6<\/h3>\n<p>\u7d22\u7f85\u65af\u80fd\u53d6\u5f97\u9ad8\u5831\u916c\uff0c\u4e3b\u8981\u6709\u4e09\u9ede\uff1a<\/p>\n<ol>\n<li>\u770b\u6e05\u8da8\u52e2\uff1a\u7d22\u7f85\u65af\u4f9d\u9760\u76f4\u89ba\uff0c\u7c21\u5316\u6295\u8cc7\u7b56\u7565\uff0c\u4ed6\u4e0d\u76f8\u4fe1\u898f\u907f\u98a8\u96aa\u53ef\u4ee5\u9760\u7406\u8ad6\u8a08\u7b97\u51fa\u4f86\uff0c\u770b\u6e05\u695a\u5c40\u52e2\u5f8c\uff0c\u4ed6\u6703\u4ee5\u69d3\u687f\u63d0\u9ad8\u8cb7\u8ce3\u90e8\u4f4d\u3002<\/li>\n<li>\u9a57\u8b49\u5047\u8aaa\uff1a\u9760\u76f4\u89ba\u548c\u5224\u65b7\uff0c\u9a57\u8b49\u5047\u8aaa\u3002<\/li>\n<li>\u5145\u5206\u61c9\u7528\u53cd\u8eab\u6027\u7406\u8ad6\u3002<\/li>\n<\/ol>\n<p>1992\u5e74\uff0c\u7d22\u7f85\u65af\u9075\u5faa\u9019\u4e09\u9ede\uff0c\u5927\u8209\u653e\u7a7a\u82f1\u938a\u53d6\u5f97\u9a5a\u4eba\u7372\u5229\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 6\uff1a\u8da8\u52e2\u6295\u8cc7<\/h3>\n<p>\u91cf\u5b50\u57fa\u91d1\u662f\u5168\u7403\u898f\u6a21\u6700\u5927\u7684\u5c0d\u6c96\u57fa\u91d1\u4e4b\u4e00\uff0c\u6295\u8cc7\u5305\u542b\u5916\u532f\u3001\u80a1\u7968\u548c\u50b5\u5238\uff0c\u4e26\u904b\u7528\u5927\u91cf\u884d\u751f\u5546\u54c1\u548c\u69d3\u687f\u878d\u8cc7\u4f86\u64cd\u4f5c\u3002<\/p>\n<p><strong>\u8da8\u52e2\u6295\u8cc7\u7684\u6982\u5ff5\u6e90\u81ea\u53cd\u8eab\u6027\u7406\u8ad6<\/strong>\uff0c\u8da8\u52e2\u662f\u7531\u6295\u8cc7\u4eba\u7684\u8a8d\u77e5\u8207\u73fe\u5be6\u7684\u504f\u5dee\u6240\u63a8\u52d5\uff0c\u96d6\u7136\u9019\u7a2e\u5e02\u5834\u8da8\u52e2\u7121\u6cd5\u7cbe\u6e96\u638c\u63e1\uff0c\u4f46\u7d22\u7f85\u65af\u6191\u9760\u7d93\u9a57\u548c\u76f4\u89ba\uff0c\u5f97\u4ee5\u9810\u6e2c\u8da8\u52e2\u767c\u5c55\u3002<\/p>\n<h3>\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78 7\uff1a\u4e0b\u5927\u8ced\u6ce8<\/h3>\n<p>1992 \u5e74\uff0c\u66ff\u7d22\u7f85\u65af\u7ba1\u7406\u8cc7\u91d1\u7684 Stanley Druckenmiller \u63d0\u51fa\u505a\u7a7a\u82f1\u938a\u7684\u60f3\u6cd5\uff0c\u4f46\u7d22\u7f85\u65af\u4e0d\u540c\u610f\u4ed6\u7a69\u6b65\u5efa\u5009\u7684\u5efa\u8b70\uff0c<strong>\u4ed6\u6307\u51fa\u5982\u679c\u771f\u7684\u6709\u52dd\u7b97\uff0c\u4f60\u5c31\u5fc5\u9808\u4e0b\u5927\u8ced\u6ce8\uff0c\u751a\u81f3\u8981\u8ced\u4e0a\u6027\u547d\u3002<\/strong><\/p>\n<p>Stanley Druckenmiller \u4e8b\u5f8c\u8ac7\u5230\uff1a\u300c\u6211\u5f9e\u4ed6\u90a3\u88e1\u5b78\u5230\u5f88\u591a\u6771\u897f\uff0c\u6700\u91cd\u8981\u7684\u662f\uff0c\u4e0d\u662f\u4f60\u5c0d\u6216\u932f\uff0c\u800c\u662f\u4f60\u5c0d\u7684\u6642\u5019\u8cfa\u4e86\u591a\u5c11\u9322\uff0c\u932f\u7684\u6642\u5019\u8ce0\u4e86\u591a\u5c11\u3002\u300d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E6%8A%95%E8%B3%87%E6%B1%BA%E7%AD%96%E5%AF%A6%E4%BE%8B\"><\/span>\u7d22\u7f85\u65af\u6295\u8cc7\u6c7a\u7b56\u5be6\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u5927\u8209\u653e\u7a7a\u82f1\u938a\uff0c\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c<\/li>\n<li>\u69d3\u687f\u6295\u8cc7<\/li>\n<\/ul>\n<h3>\u6848\u4f8b\u4e00\uff1a\u5927\u8209\u653e\u7a7a\u82f1\u938a\uff0c\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c<\/h3>\n<p>1992\u5e74\uff0c\u7d22\u7f85\u65af\u56e0<strong>\u5927\u8209<a href=/index.html"https:\/\/\/how-to-short-in-the-market\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u653e\u7a7a<\/a>\u82f1\u938a\u5728\u4e00\u5929\u5167\u8cfa\u903210\u5104\u7f8e\u5143\uff0c\u88ab\u7a31\u70ba\u300c\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c\u7684\u4eba\u300d<\/strong>\u3002<\/p>\n<p>\u8981\u4e86\u89e3\u4ed6\u5982\u4f55\u85c9\u7531\u653e\u7a7a\u82f1\u938a\u7372\u5229\uff0c\u6211\u5011\u9700\u8981\u5148\u4e86\u89e3\u7576\u6642\u7684\u793e\u6703\u80cc\u666f\uff1a<\/p>\n<p>1990\u5e74\uff0c\u7576\u6642\u6b50\u5143\u9084\u6c92\u51fa\u73fe\uff0c\u82f1\u570b\u653f\u5e9c\u52a0\u5165\u300c\u6b50\u6d32\u532f\u7387\u6a5f\u5236\u300d\uff08ERM\uff09\uff0c\u82f1\u938a\u5c6c\u65bc\u6b50\u6d32\u8ca8\u5e63\u9ad4\u5236\u7684\u4e00\u90e8\u5206\u3002<\/p>\n<p><strong>\u300c\u6b50\u6d32\u532f\u7387\u6a5f\u5236\u300d<\/strong>\u662f\u7531\u6b50\u6d32\u7d93\u6fdf\u5171\u540c\u9ad4\u65bc1979\u5e74\u5236\u5b9a\uff0c\u9650\u5236\u5176\u6210\u54e1\u570b\u7684\u532f\u7387\u6ce2\u52d5\u5340\u9593\uff0c\u539f\u610f\u662f\u8981\u7dad\u6301\u5404\u570b\u8ca8\u5e63\u4e4b\u9593\u7684\u532f\u7387\u7a69\u5b9a\uff0c\u7136\u800c\uff0c\u9019\u500b\u532f\u7387\u6a5f\u5236\u6709\u8457\u81f4\u547d\u7f3a\u9677\uff0c<strong>\u5982\u540c\u73fe\u4eca\u6b50\u76df\u9762\u5c0d\u7684\u72c0\u6cc1\u4e00\u6a23\uff0c\u7576\u6642\u6b50\u6d32\u6210\u54e1\u570b\u5404\u81ea\u7d93\u6fdf\u5be6\u529b\u4e0d\u540c<\/strong>\uff0c\u800c\u4e14\u5404\u570b\u5229\u76ca\u5f7c\u6b64\u885d\u7a81\uff0c\u52a0\u4e0a\u7576\u6642\u82f1\u570b\u8655\u65bc\u9ad8\u901a\u8139\u548c\u4f4e\u5229\u7387\u968e\u6bb5\uff0c\u82f1\u938a\u60f3\u8981\u9054\u6210ERM\u7684\u8981\u6c42\uff0c\u7dad\u6301\u82f1\u938a\u5c0d\u99ac\u514b\u7684\u532f\u50f9\u57fa\u672c\u4e0a\u5df2\u7d93\u5f88\u5403\u529b\uff0c\u52e2\u5fc5\u8981\u4ed8\u51fa\u6975\u5927\u4ee3\u50f9\u3002<\/p>\n<p><strong>\u7d22\u7f85\u65af\u610f\u8b58\u5230\u82f1\u938a\u5c0d\u5fb7\u570b\u99ac\u514b\u7684\u4f30\u503c\u904e\u9ad8\uff0c\u82f1\u938a\u8cb6\u503c\u53ea\u662f\u9072\u65e9\u7684\u4e8b\uff0c\u4fbf\u6c7a\u5b9a\u653e\u7a7a\u82f1\u938a\uff0c\u4e26\u5efa\u7acb\u7a7a\u982d\u90e8\u4f4d\uff0c\u7d04 15 \u5104\u7f8e\u5143\u3002<\/strong><\/p>\n<p>1992\u5e749\u670815\u65e5\uff0c\u82f1\u938a\u958b\u59cb\u66b4\u8dcc\uff0c\u5e7e\u500b\u5c0f\u6642\u5f8c\uff0c\u82f1\u570b\u653f\u5e9c\u5ba3\u4f48\u5347\u606f5%\uff0c\u4e26\u958b\u59cb\u7528\u5176\u5916\u532f\u5b58\u5e95\u8cfc\u8cb7\u82f1\u938a\uff0c\u4f46\u6700\u7d42\u4ecd\u88ab\u8feb\u9000\u51faERM\uff0c\u9694\u5929\u82f1\u938a\u514c\u5fb7\u570b\u99ac\u514b\u4e0b\u8dcc 15%\uff0c\u514c\u7f8e\u5143\u4e0b\u8dcc 25%\u3002\u64da\u4f30\u8a08\uff0c\u7d22\u7f85\u65af\u5728\u9019\u5834\u4ea4\u6613\u4e2d\u8cfa\u9032 10 \u5104\u7f8e\u5143\u3002<\/p>\n<h3>\u6848\u4f8b\u4e8c\uff1a\u69d3\u687f\u6295\u8cc7<\/h3>\n<p>\u7d22\u7f85\u65af\u628a<strong><a href=/index.html"https:\/\/\/what-is-financial-leverage\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u69d3\u687f\u6295\u8cc7<\/a>\u5206\u6210\u4e09\u5c64\u7d50\u69cb\uff0c\u5206\u5225\u91dd\u5c0d\u80a1\u7968\u3001\u50b5\u5238\u548c\u5916\u532f\u9032\u884c\u64cd\u4f5c<\/strong>\uff0c<\/p>\n<p>\u5c0d\u65bc\u4f7f\u7528\u69d3\u687f\u7684\u57fa\u91d1\uff0c\u4e00\u822c\u4e0d\u6703\u5340\u5206\u672c\u91d1\u548c\u8cb8\u6b3e\uff0c\u4f46\u7d22\u7f85\u65af\u81ea\u5df1\u7684\u898f\u5247\u662f\uff1a<strong>\u80a1\u7968\u7528\u672c\u91d1\uff0c\u69d3\u687f\u5c31\u7528\u5728<a href=/index.html"https:\/\/\/index-futures-introduction\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6307\u6578\u671f\u8ca8<\/a>\u3001\u5916\u532f\u548c\u50b5\u5238<\/strong>\uff0c<\/p>\n<p>\u4e4b\u6240\u4ee5\u9019\u6a23\u505a\uff0c\u7d22\u7f85\u65af\u6709\u4e00\u5957\u81ea\u5df1\u7684\u539f\u5247\uff0c\u4e5f\u80fd\u770b\u51fa\u4ed6\u5f88\u6ce8\u91cd\u907f\u96aa\uff1a<\/p>\n<p>\u300c\u5c07\u5927\u90e8\u5206\u672c\u91d1\u7528\u65bc\u6d41\u52d5\u6027\u8f03\u5dee\u7684\u80a1\u7968\uff0c\u53ef\u4ee5\u907f\u514d\u88ab\u8feb\u8ffd\u52a0\u4fdd\u8b49\u91d1\u6642\u8840\u672c\u7121\u6b78\u3002\u300d<\/p>\n<p><strong>\u5728\u80a1\u3001\u50b5\u3001\u532f\u4e09\u5c64\u7d50\u69cb\u4e2d\uff0c\u5927\u91cf\u904b\u7528\u4e0d\u540c\u6bd4\u4f8b\u7684\u69d3\u687f\uff0c\u76f8\u4e92\u589e\u52a0\u7372\u5229\u548c\u907f\u96aa\u7684\u7a7a\u9593\u3002<\/strong><\/p>\n<p>\u9019\u7a2e\u64cd\u4f5c\u672c\u8cea\u4e0a\u6e90\u81ea<strong>\u4ed6\u7684\u6295\u8cc7\u54f2\u5b78\uff1a\u6ce8\u91cd<a href=/index.html"https:\/\/\/hedging-02\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u907f\u96aa<\/a>\u3001\u8da8\u52e2\u6295\u8cc7\u3001\u9a57\u8b49\u5047\u8aaa\u3001\u904b\u7528\u7406\u8ad6<\/strong>\uff0c\u5728\u76f4\u89ba\u5224\u65b7\u4e0b\uff0c\u7d22\u7f85\u65af\u53ea\u9700\u8981\u5169\u5929\u9a57\u8b49\u4e0a\u6f32\u548c\u4e0b\u8dcc\uff0c\u5c31\u80fd\u5927\u81f4\u78ba\u5b9a\u6295\u8cc7\u90e8\u4f4d\u662f\u5426\u9700\u8981\u8abf\u6574\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u6211\u5c0d\u7d22\u7f85\u65af\u9019\u6bb5\u7684\u6982\u5ff5\u7684\u7406\u89e3\u5982\u4e0b\uff0c<\/p>\n<p>\u671f\u8ca8\u672c\u8eab\u6709\u5f88\u597d\u7684\u6d41\u52d5\u6027\uff0c\u4e5f\u6709\u69d3\u687f\u7684\u5f48\u6027\uff0c\u4ea4\u6613\u8005\u53ef\u4ee5\u5728100%(\u7121\u69d3\u687f)\u3001120%\u3001200%\u3001300%\u7b49\u7b49\u4e0d\u540c\u69d3\u687f\u4e4b\u9593\u8abf\u6574\uff0c\u69d3\u687f\u5927\u5c0f\u53d6\u6c7a\u65bc\u90e8\u4f4d\u5927\u5c0f\u8207\u4fdd\u8b49\u91d1\u4e4b\u9593\u7684\u6bd4\u4f8b\u3002<\/p>\n<p>\u800c\u53ea\u8981\u4f7f\u7528\u69d3\u687f\uff0c\u4ee3\u8868\u8cc7\u91d1\u904b\u7528\u6bd4\u8f03\u7dca\uff0c\u56e0\u6b64\u8981\u5c07\u73fe\u91d1\u7559\u6d41\u52d5\u6027\u6700\u5dee\u7684\u90e8\u4f4d\uff0c\u56e0\u70ba\u4e00\u65e6\u767c\u751f\u610f\u5916\uff0c\u9019\u4e9b\u90e8\u4f4d\u96e3\u4ee5\u7dca\u6025\u8b8a\u73fe\uff0c\u5982\u679c\u6c92\u6709\u53ca\u6642\u8ffd\u52a0\u4fdd\u8b49\u91d1\u6703\u9020\u6210\u7684\u50b7\u5bb3\u4e5f\u6700\u5927\uff0c\u5982\u679c\u8f03\u591a\u73fe\u91d1\u662f\u5206\u914d\u5728\u5b83\u5011\u4e0a\u9762\uff0c\u90a3\u9700\u8981\u8ffd\u52a0\u4fdd\u8b49\u91d1\u7684\u60c5\u6cc1\u5c31\u6703\u5c11\u5f88\u591a\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E9%87%8F%E5%AD%90%E5%9F%BA%E9%87%91%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5%E8%88%87%E7%B8%BE%E6%95%88\"><\/span>\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7b56\u7565\u8207\u7e3e\u6548<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7b56\u7565<\/strong><\/p>\n<p>\u91cf\u5b50\u57fa\u91d1\u7684\u6295\u8cc7\u6db5\u84cb\u76ee\u524d\u907f\u96aa\u57fa\u91d1\u6240\u6709\u9805\u76ee\uff0c\u6d89\u7565\u5404\u985e\u8cc7\u7522\uff0c\u4e3b\u8981\u4ecd<strong>\u4ee5\u80a1\u7968\u3001\u50b5\u5238\u548c\u5916\u532f\u70ba\u4e3b\uff0c\u81ea 1969 \u5e74\u4ee5\u4f86\uff0c\u5e73\u5747\u6bcf\u5e74\u56de\u5831\u7387\u7d04\u70ba 20%<\/strong>\u3002<\/p>\n<p><strong>\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7e3e\u6548<\/strong><\/p>\n<p>\u91cf\u5b50\u57fa\u91d1\u56de\u5831\u7387\u6bcf\u5e74\u5927\u7d04142.6%\uff0c\u6210\u7acb30\u5e74\u5167\u6301\u7e8c\u7dad\u6301\u5e73\u5747\u5e74\u5831\u916c\u905430\uff05\u7684\u7d00\u9304\u3002<\/p>\n<ul>\n<li>1969-2000\u5e74\uff0c\u8907\u5408\u5e74\u5831\u916c\u738732%\u3002<\/li>\n<li>1970-19800\u5e74\uff0c\u7d22\u7f85\u65af\u8207<a href=/index.html"https:\/\/\/commodity-expert-jim-rogers-master\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5409\u59c6\uff0e\u7f85\u5091\u65af<\/a>(Jim Rogers)\u5408\u4f5c\uff0c11\u5e74\u9593\u5831\u916c\u73873365%\u3002<\/li>\n<li>1981\u5e74\uff0c\u904e\u65e9\u8aa4\u5224\u7d93\u6fdf\u8870\u9000\u5efa\u7acb\u50b5\u5238\u90e8\u4f4d\uff0c\u51fa\u73fe\u8f03\u5927\u8667\u640d\u9054-22.9%\u3002<\/li>\n<li>1985\u5e74\uff0c\u69d3\u687f\u62bc\u6ce8\u65e5\u5713\u3001\u99ac\u514b\uff0c\u5e74\u5831\u916c\u7387\u9ad8\u9054122.2%\u3002<\/li>\n<li>1992\u5e74\uff0c\u653e\u7a7a\u82f1\u938a\u8cfa\u903210\u5104\u7f8e\u5143\u3002\u81f31994\u5e74\u57fa\u91d1\u898f\u6a21\u6210\u9577\u81f3110\u5104\u7f8e\u5143\u3002<\/li>\n<li>1998\u5e74\uff0c\u898f\u6a21\u6700\u9ad8\u5cf0\u9054220\u5104\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-53859\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606155157_26.jpg\" alt=\"\u91cf\u5b50\u57fa\u91d1\u6295\u8cc7\u7e3e\u6548 \" width=\"1151\" height=\"968\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E5%90%8D%E8%A8%80%E8%AA%9E%E9%8C%84\"><\/span>\u7d22\u7f85\u65af\u540d\u8a00\u8a9e\u9304<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1. \u6bcf\u500b\u6ce1\u6cab\u90fd\u6709\u5169\u5927\u7d44\u6210\u8981\u7d20\uff1a\u4e00\u500b\u662f\u771f\u5be6\u7684\u8da8\u52e2\uff0c\u53e6\u4e00\u500b\u662f\u5c0d\u8a72\u8da8\u52e2\u7684\u8aa4\u89e3\u3002<\/p>\n<p>2. \u5e02\u5834\u59cb\u7d42\u8655\u65bc\u4e0d\u78ba\u5b9a\u548c\u4e0d\u65b7\u8b8a\u5316\u7684\u72c0\u614b\uff0c\u8981\u900f\u904e\u95dc\u6ce8\u610f\u60f3\u4e0d\u5230\u7684\u4e8b\u4f86\u8cfa\u9322\u3002<\/p>\n<p>3. \u5e02\u5834\u50f9\u683c\u7e3d\u662f\u932f\u8aa4\u7684\uff0c\u56e0\u70ba\u5b83\u5011\u4ee3\u8868\u5c0d\u672a\u4f86\u7684\u504f\u898b\u3002<\/p>\n<p>4. \u5e02\u5834\u662f\u4e0d\u5b8c\u7f8e\u7684\uff0c\u6240\u4ee5\u4f60\u9700\u8981\u76e3\u7ba1\uff0c\u4f46\u8981\u77e5\u9053\u76e3\u7ba1\u8005\u4e5f\u662f\u4eba\u3002<\/p>\n<p>5. \u6211\u7684\u7279\u9ede\u662f\u6211\u6c92\u6709\u7279\u5b9a\u7684\u6295\u8cc7\u98a8\u683c\uff0c\u66f4\u78ba\u5207\u5730\u8aaa\uff0c\u6211\u8a66\u5716\u6539\u8b8a\u6211\u7684\u98a8\u683c\u4ee5\u9069\u61c9\u74b0\u5883\u3002<\/p>\n<p>6. \u5982\u679c\u975e\u8981\u7e3d\u7d50\u6211\u7684\u5be6\u6230\u6280\u80fd\uff0c\u6211\u6703\u7528\u4e00\u500b\u8a5e\uff1a\u6c42\u751f\u3002<\/p>\n<p>7. \u4e00\u65e6\u6211\u5011\u610f\u8b58\u5230\u4eba\u5c0d\u4e8b\u7269\u7684\u7406\u89e3\u5fc5\u7136\u5b58\u5728\u7f3a\u9677\uff0c\u5c31\u4e0d\u6703\u56e0\u70ba\u72af\u932f\u800c\u89ba\u5f97\u4e1f\u81c9\uff0c\u53ea\u6709\u932f\u8aa4\u767c\u751f\u800c\u4e0d\u53bb\u4fee\u6b63\u624d\u4ee4\u4eba\u611f\u5230\u7f9e\u6065\u3002<\/p>\n<p>8. \u6211\u4e4b\u6240\u4ee5\u5bcc\u6709\uff0c\u662f\u56e0\u70ba\u6211\u77e5\u9053\u81ea\u5df1\u4ec0\u9ebc\u6642\u5019\u505a\u932f\u4e86\uff0c\u57fa\u672c\u4e0a\u6211\u662f\u9760\u627f\u8a8d\u81ea\u5df1\u7684\u932f\u8aa4\u800c\u6d3b\u4e0b\u4f86\u7684\u3002<\/p>\n<p>9. \u6700\u91cd\u8981\u7684\u662f\uff0c\u4e0d\u662f\u4f60\u5c0d\u6216\u932f\uff0c\u800c\u662f\u4f60\u5c0d\u7684\u6642\u5019\u8cfa\u4e86\u591a\u5c11\u9322\uff0c\u932f\u7684\u6642\u5019\u8ce0\u4e86\u591a\u5c11\u3002<\/p>\n<p>10. \u5148\u5047\u8a2d\u5e02\u5834\u7e3d\u662f\u932f\u8aa4\u7684\uff0c\u6240\u4ee5\u5982\u679c\u4f60\u6548\u4eff\u83ef\u723e\u8857\u5176\u4ed6\u6295\u8cc7\u4eba\uff0c\u4f60\u6ce8\u5b9a\u5931\u6557\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%B4%A2%E7%BE%85%E6%96%AF%E6%8A%95%E8%B3%87%E5%93%B2%E5%AD%B8%E7%B5%A6%E6%88%91%E5%80%91%E7%9A%84%E5%95%9F%E7%99%BC\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7d22\u7f85\u65af\u6295\u8cc7\u54f2\u5b78\u7d66\u6211\u5011\u7684\u555f\u767c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u4e00\u822c\u6295\u8cc7\u5927\u773e\u5982\u679c\u60f3\u6a21\u4eff\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u65b9\u6cd5\uff0c\u5f88\u6709\u53ef\u80fd\u6703\u9677\u5165\u56f0\u5883\u3002<\/strong><\/p>\n<p>\u7121\u8ad6\u5927\u8209\u653e\u7a7a\u3001\u4f9d\u9760\u76f4\u89ba\u3001\u69d3\u687f\u6295\u8cc7\uff0c\u807d\u8d77\u4f86\u90fd\u8ddf\u50b3\u7d71\u5efa\u8b70\u76f8\u5dee\u5f88\u5927\uff0c<\/p>\n<p>\u4f46\u4e5f\u56e0\u70ba\u9019\u6a23\uff0c\u53ef\u4ee5\u770b\u51fa\u7d22\u7f85\u65af\u5728\u5e02\u5834\u59cb\u7d42\u4fdd\u6709\u5f48\u6027\u3001\u9748\u6d3b\u5ea6\uff0c\u4ee5\u53ca\u6c42\u751f\u7684\u97cc\u6027\uff0c\u4ed6\u6642\u6642\u523b\u523b\u90fd\u5728\u5e02\u5834\u4e0a\u78e8\u7df4\u81ea\u5df1\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u6574\u7406\u4ee5\u4e0b\u5169\u9ede\uff0c\u76f8\u4fe1\u5c0d\u4e00\u822c\u6295\u8cc7\u4eba\u4f86\u8aaa\u662f\u5f88\u91cd\u8981\u7684\u6e96\u5247\uff1a<\/p>\n<p><strong>1. \u627f\u8a8d\u932f\u8aa4\uff1a\u7d22\u7f85\u65af\u66fe\u8aaa\uff1a\u300c\u6211\u6709\u53ef\u4ee5\u8fa8\u8b58\u81ea\u8eab\u932f\u8aa4\u7684\u6e96\u5247\u3002\u300d<\/strong><br \/>\n\u6295\u8cc7\u5927\u5e2b\u5f80\u5f80\u52c7\u65bc\u627f\u8a8d\u81ea\u5df1\u7684\u932f\u8aa4\uff0c\u4e00\u65e6\u72af\u932f\uff0c\u4ed6\u5c31\u6703\u679c\u65b7\u8a8d\u8ce0\u6bba\u51fa\uff0c\u70ba\u81ea\u5df1\u7684\u932f\u8aa4\u8ca0\u8cac\uff0c\u4e5f\u8a8d\u70ba\u8fa8\u8b58\u81ea\u5df1\u7684\u932f\u8aa4\uff0c\u5f9e\u932f\u8aa4\u4e2d\u5b78\u7fd2\uff0c\u5c31\u662f\u53d6\u5f97\u6210\u529f\u7684\u7955\u8a23\u4e4b\u4e00\u3002<\/p>\n<p><strong>2. \u898f\u907f\u98a8\u96aa\uff1a<\/strong>\u5c0d\u65bc\u7d22\u7f85\u65af\u4f86\u8aaa\uff0c\u4fdd\u969c\u8cc7\u672c\u6700\u597d\u7684\u65b9\u6cd5\u5c31\u662f\u898f\u907f\u98a8\u96aa\uff0c\u4f60\u53ef\u4ee5\u63a1\u7528\u7d22\u7f85\u65af\u7684\u505a\u6cd5\uff1a\u4e00\u65e6\u72af\u932f\u5148\u51fa\u5834\uff0c\u7136\u5f8c\u518d\u5f9e\u932f\u8aa4\u5b78\u7fd2\uff0c\u6bcf\u500b\u4eba\u5c0d\u65bc\u898f\u907f\u98a8\u96aa\u53ef\u80fd\u90fd\u6709\u4e0d\u540c\u7684\u65b9\u6cd5\uff0c\u5982\u540c\u5df4\u83f2\u7279\u5f37\u8abf<a href=/index.html"https:\/\/\/margin-of-safety-investing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b89\u5168\u908a\u969b<\/a>\uff0c\u6bcf\u500b\u6295\u8cc7\u4eba\u61c9\u8a72\u5efa\u7acb\u4e00\u5957\u5c6c\u65bc\u81ea\u5df1\u7684\u98a8\u96aa\u63a7\u5236\u6cd5\u5247\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\"><\/span>\u7d22\u7f85\u65af\u53c3\u8003\u66f8\u7c4d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u60f3\u771f\u6b63\u4e86\u89e3\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u65b9\u6cd5\uff0c\u53ef\u5f9e\u4ed6\u672c\u4eba\u7684\u8457\u4f5c\u958b\u59cb\uff0c\u8457\u4f5c\u5171\u6709 15 \u672c\u66f8\uff0c\u8a73\u7d30\u66f8\u55ae\u53ef\u898b<a href=/index.html"https:\/\/www.georgesoros.com\/books\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7d22\u7f85\u65af\u7684\u500b\u4eba\u5b98\u7db2<\/a>\u3002<\/p>\n<p>\u5176\u4e2d\u6700\u77e5\u540d\u7684\u5c31\u662f<strong>\u300a\u91d1\u878d\u7149\u91d1\u8853\u300b\uff08The Alchemy of Finance\uff09\uff0c\u88e1\u9762\u8ac7\u5230\u5e02\u5834\u8207\u6295\u8cc7\u4eba\u8a8d\u77e5\u5982\u4f55\u76f8\u4e92\u5f71\u97ff\u7684\u53cd\u8eab\u6027\u7406\u8ad6\uff0c\u53ef\u4ee5\u8aaa\u662f\u4ed6\u7684\u6838\u5fc3\u6295\u8cc7\u54f2\u5b78\u3002<\/strong><\/p>\n<p><a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010847138?utm_source=chiay0327&amp;utm_medium=ap-books&amp;utm_content=recommend&amp;utm_campaign=ap-202306\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u300a\u91d1\u878d\u7149\u91d1\u8853\u300b<\/a><\/p>\n<p><a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010847138?utm_source=chiay0327&amp;utm_medium=ap-books&amp;utm_content=recommend&amp;utm_campaign=ap-202306\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone wp-image-53860\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606155300_41.jpg\" alt=\"\u91d1\u878d\u7149\u91d1\u8853 \" width=\"293\" height=\"383\" \/><\/a><\/p>\n<p>\u53e6\u4e00\u672c\u300a\u7d22\u7f85\u65af\u8ac7\u7d22\u7f85\u65af\u300b\uff08Soros on Soros\uff09\uff0c\u4e3b\u8981\u662f\u8a2a\u8ac7\u96c6\uff0c\u5167\u5bb9\u66f4\u70ba\u5ee3\u6cdb\uff0c<strong>\u5305\u542b\u6295\u8cc7\u7406\u8ad6\u3001\u500b\u4eba\u56de\u61b6\u3001\u653f\u6cbb\u5206\u6790\u8207\u9053\u5fb7\u53cd\u601d\u7b49\u3002<\/strong><\/p>\n<p><a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010888986?utm_source=chiay0327&amp;utm_medium=ap-books&amp;utm_content=recommend&amp;utm_campaign=ap-202306\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u300a\u7d22\u7f85\u65af\u8ac7\u7d22\u7f85\u65af\u300b<\/a><\/p>\n<p><a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010888986?utm_source=chiay0327&amp;utm_medium=ap-books&amp;utm_content=recommend&amp;utm_campaign=ap-202306\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone wp-image-53861\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606155321_58.jpg\" alt=\"\u7d22\u7f85\u65af\u8ac7\u7d22\u7f85\u65af \" width=\"291\" height=\"375\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E7%B4%80%E9%8C%84%E7%89%87\"><\/span>\u7d22\u7f85\u65af\u7d00\u9304\u7247<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=/index.html"https:\/\/www.imdb.com\/title\/tt12913884\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7d00\u9304\u7247Soros<\/a>\u65bc2019\u5e74\u4e0a\u6620\uff0c\u7531\u7f8e\u570b\u5c0e\u6f14 Jesse Dylan \u57f7\u5c0e\uff0c\u8a72\u7d00\u9304\u7247\u6db5\u84cb\u7684\u9762\u5411\u66f4\u5ee3\uff0c\u6df1\u5165\u63a2\u8a0e\u7d22\u7f85\u65af\u4f5c\u70ba\u5927\u5c60\u6bba\u5016\u5b58\u8005\u3001\u6295\u8cc7\u8005\u4ee5\u53ca\u6148\u5584\u5bb6\u7684\u751f\u6d3b\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-53862\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230606155352_1.jpg\" alt=\"\u7d00\u9304\u7247Soros \" width=\"255\" height=\"381\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B4%A2%E7%BE%85%E6%96%AF%E5%8F%83%E8%80%83%E6%96%87%E7%8D%BB%E5%93%AA%E8%A3%A1%E7%9C%8B%EF%BC%9F\"><\/span>\u7d22\u7f85\u65af\u53c3\u8003\u6587\u737b\u54ea\u88e1\u770b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7d22\u7f85\u65af\u65bc1993\u5e74\u5275\u8fa6\u300c\u958b\u653e\u793e\u6703\u57fa\u91d1\u6703\u300d \uff08Open Society Foundations\uff09\uff0c\u8a72\u57fa\u91d1\u6703\u70ba\u4e16\u754c\u5404\u5730\u7684\u6c11\u9593\u5718\u9ad4\u63d0\u4f9b\u8cc7\u91d1\uff0c\u5176\u7db2\u7ad9\u4e5f\u6709\u8a31\u591a\u6b77\u53f2\u6587\u737b\uff0c<\/p>\n<p>\u5176\u4e2d\u5c31\u6709\u6536\u9304\u7d22\u7f85\u65af\u5728 2009 \u5e74 10 \u6708 \u5728\u4e2d\u6b50\u5927\u5b78\u7684\u8b1b\u5ea7\u5167\u5bb9\uff0c\u53ef\u4ee5\u5f9e\u4e2d\u4e86\u89e3\u7d22\u7f85\u65af\u7684\u6295\u8cc7\u54f2\u5b78\u548c\u5be6\u8e10\u3002<\/p>\n<p>\u9664\u4e86\u82f1\u6587\u7248\uff0c\u4e5f\u63d0\u4f9b\u4e2d\u6587\u7248\u4ee5\u53ca\u97f3\u6a94\u4f9b\u514d\u8cbb\u4e0b\u8f09\uff1a<a href=/index.html"https:\/\/www.opensocietyfoundations.org\/voices\/george-soros-open-society-the-financial-crisis-and-the-way-ahead\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">Open Society Foundations\u00a0<\/a><\/p>\n\n<p>\u8a8d\u8b58\u66f4\u591a\u6295\u8cc7\u5927\u5e2b\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/sir-john-marks-templeton\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5168\u7403\u6295\u8cc7\u4e4b\u7236\uff1a\u7d04\u7ff0\uff0e\u5766\u4f2f\u9813 \u300b\u4f4e\u8cb7\u9ad8\u8ce3\u53cd\u5411\u6295\u8cc7\u5148\u9a45<\/a><\/p>\n<p>2. <a href=/index.html"https:\/\/\/howard-marks-guru\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u970d\u83ef\u00b7\u99ac\u514b\u65af \u2013 \u50f9\u503c\u6295\u8cc7\u5927\u5e2b\u300b\u5168\u7403\u4e0d\u826f\u8cc7\u7522\u6700\u5927\u8cb7\u5bb6<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/guru-li-lu-0\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4e2d\u570b\u7248\u5df4\u83f2\u7279-\u674e\u797f\u300b\u4e00\u4f4d\u67e5\u7406\u2027\u8499\u683c\u6700\u4fe1\u4efb\u7684\u7d93\u7406\u4eba<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/benjamin-graham-guru\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u73ed\u5091\u660e\u2027\u845b\u62c9\u6f22 \u2013 \u50f9\u503c\u6295\u8cc7\u4e4b\u7236\u300b\u5f71\u97ff\u5df4\u83f2\u7279\u6df1\u9060\u7684\u6295\u8cc7\u5927\u5e2b<\/a><\/p>\n<p>5. <a href=/index.html"https:\/\/\/peter-lynch-guru\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u50b3\u5947\u57fa\u91d1\u7d93\u7406\u4eba\u5f7c\u5f97\u6797\u5340<\/a><\/p>\n<blockquote><p>\u672c\u6587\u63d0\u5230\u6295\u8cc7\u6a19\u7684\u5747\u70ba\u6559\u5b78\u4f7f\u7528\uff0c\u7121\u4efb\u4f55\u6295\u8cc7\u63a8\u85a6\u4e4b\u610f\uff0c\u6295\u8cc7\u4e00\u5b9a\u6709\u98a8\u96aa\uff0c\u6295\u8cc7\u524d\u52d9\u5fc5\u81ea\u884c\u7814\u7a76\u5206\u6790\u3002<\/p><\/blockquote>\n<p>\u7de8\u8f2f\uff1aJessica\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f<\/p>\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>\u55ac\u6cbb \u00b7 \u7d22\u7f85\u65af\uff08George Soros\uff09\u662f\u8207\u80a1\u795e\u5df4\u83f2\u7279\u9f4a\u540d\u7684\u6295\u8cc7\u8005\u3001\u6295\u6a5f\u8005\uff0c\u56e0\u64ca\u57ae\u82f1\u683c\u862d\u9280\u884c\u4e00\u6230\u6210\u540d\u3002 1 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":53866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[1800],"tags":[],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20230606160414_73.jpg","jetpack-related-posts":[{"id":58554,"url":"https:\/\/\/commodity-expert-jim-rogers-master\/","url_meta":{"origin":53836,"position":0},"title":"\u5409\u59c6\uff0e\u7f85\u5091\u65af\u300b\u91cf\u5b50\u57fa\u91d1\u5275\u8fa6\u4eba\/\u7cbe\u6e96\u9810\u6e2c2008\u5e74\u91d1\u878d\u98a8\u66b4\uff0d\u5546\u54c1\u5927\u738b","author":"Sammi","date":"2023-08-27","format":false,"excerpt":"\u5409\u59c6\uff0e\u7f85\u5091\u65af(Jim Rogers)\u4ee5\u6295\u8cc7\u5546\u54c1\u671f\u8ca8\u805e\u540d\uff0c\u4eba\u7a31\u5546\u54c1\u5927\u738b(Commodity exper\u2026","rel":"","context":"\u5728\u300c\u6295\u8cc7\u5927\u5e2b\u300d\u4e2d","block_context":{"text":"\u6295\u8cc7\u5927\u5e2b","link":"https:\/\/\/category\/invest-master\/investment-master\/"},"img":{"alt_text":"\u5546\u54c1\u5927\u738b\uff0d\u5409\u59c6\uff0e\u7f85\u5091\u65af","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20230901094235_82.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20230901094235_82.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20230901094235_82.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20230901094235_82.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":44718,"url":"https:\/\/\/how-to-read-13f-report\/","url_meta":{"origin":53836,"position":1},"title":"\u7f8e\u80a113F\u5831\u544a\u600e\u9ebc\u770b\uff1f\u8981\u89c0\u5bdf\u54ea\u4e9b\u91cd\u9ede\u6a5f\u69cb\uff1f","author":"Vivianwu","date":"2022-12-15","format":false,"excerpt":"\u7f8e\u80a1\u768413F\u5831\u544a\u4e3b\u8981\u63ed\u9732\u5404\u5927\u6295\u8cc7\u6a5f\u69cb\u7684\u6301\u80a1\uff0c\u8b93\u6295\u8cc7\u4eba\u53ef\u4ee5\u77e5\u9053\u9019\u4e9b\u5927\u6236\u7684\u52d5\u614b\uff0c\u56e0\u6b64\u662f\u8a31\u591a\u6295\u8cc7\u4eba\u95dc\u6ce8\u7684\u7126\u2026","rel":"","context":"\u5728\u300c\u7f8e\u80a1\u6295\u8cc7\u300d\u4e2d","block_context":{"text":"\u7f8e\u80a1\u6295\u8cc7","link":"https:\/\/\/category\/learn-invest\/us-stock-invest\/"},"img":{"alt_text":"\u7f8e\u80a113F\u5831\u544a\u600e\u9ebc\u770b","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221212151544_65.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":8213,"url":"https:\/\/\/invest-master-retirement\/","url_meta":{"origin":53836,"position":2},"title":"\u5982\u4f55\u7ba1\u7406\u9000\u4f11\u91d1\uff1f\u770b\u770b\u91cf\u5316\u4ea4\u6613\u6295\u8cc7\u5927\u5e2b\u600e\u9ebc\u505a","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2020-02-23","format":false,"excerpt":"\u7ba1\u7406\u9000\u4f11\u91d1\u8981\u600e\u9ebc\u505a\uff1f\u81ea\u5df1\u7ba1\u9084\u662f\u7d66\u5225\u4eba\u7ba1\uff1f \u6709\u5929\u5403\u98ef\u7684\u6642\u5019\u670b\u53cb\u554f\u5230\uff0c\u6211\u6703\u4e0d\u6703\u628a\u9322\u7d66\u5c08\u696d\u4eba\u58eb\u5e6b\u5fd9\u64cd\u4f5c\u3002 \u2026","rel":"","context":"\u5728\u300c\u5b78\u7fd2\u6210\u9577\u300d\u4e2d","block_context":{"text":"\u5b78\u7fd2\u6210\u9577","link":"https:\/\/\/category\/self-growth\/learning-and-growing\/"},"img":{"alt_text":"\u5982\u4f55\u7ba1\u7406\u9000\u4f11\u91d1","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/2020\/02\/20240313105916_0.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/2020\/02\/20240313105916_0.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/2020\/02\/20240313105916_0.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/2020\/02\/20240313105916_0.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/2020\/02\/20240313105916_0.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":178,"url":"https:\/\/\/192340-2\/","url_meta":{"origin":53836,"position":3},"title":"\u5206\u4eab\u6295\u8cc7\u597d\u66f8\uff1a1923\u5e74\u4f86\u6700\u7d93\u5178\u768440\u672c\u6295\u8cc7\u66f8\u7c4d","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2015-12-07","format":false,"excerpt":"\"\u8981\u6bc0\u6ec5\u4e00\u500b\u6587\u5316\uff0c\u4f60\u4e0d\u9700\u8981\u71d2\u5149\u5b83\u7684\u66f8\uff0c\u53ea\u9700\u8981\u8b93\u4eba\u5011\u4e0d\u518d\u95b1\u8b80\u3002\" \u201cYou don\u2019t have to\u2026","rel":"","context":"\u5728\u300c\u6295\u8cc7\u66f8\u55ae\u300d\u4e2d","block_context":{"text":"\u6295\u8cc7\u66f8\u55ae","link":"https:\/\/\/category\/invest-master\/invest-books\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20171206115238_83.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20171206115238_83.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20171206115238_83.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":28367,"url":"https:\/\/\/julian-robertson-tiger-fund\/","url_meta":{"origin":53836,"position":4},"title":"\u907f\u96aa\u57fa\u91d1\u50b3\u5947\u4eba\u7269\uff1a\u6731\u5229\u5b89\uff0e\u7f85\u4f2f\u905c\u300b\u5f9e\u8001\u864e\u57fa\u91d1\u8d77\u843d\u601d\u8003 \u8a72\u5805\u6301\u50f9\u503c\u6295\u8cc7\u55ce\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-12-06","format":false,"excerpt":"\u83ef\u723e\u8857\u6709\u4f4d\u66fe\u53f1\u5412\u98a8\u96f2\uff0c\u8207\u55ac\u6cbb\u2027\u7d22\u7f85\u65af(George Soros)\u9f4a\u540d\u7684\u4eba\u7269\uff0c \u540d\u53eb\u6731\u5229\u5b89\u2027\u7f85\u4f2f\u905c(J\u2026","rel":"","context":"\u5728\u300c\u6295\u8cc7\u5927\u5e2b\u300d\u4e2d","block_context":{"text":"\u6295\u8cc7\u5927\u5e2b","link":"https:\/\/\/category\/invest-master\/investment-master\/"},"img":{"alt_text":"\u5f9e\u8001\u864e\u57fa\u91d1\u7684\u5927\u8d77\u5927\u843d\u601d\u8003","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20211116203024_51.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":12403,"url":"https:\/\/\/what-is-sortino-ratio\/","url_meta":{"origin":53836,"position":5},"title":"\u7d22\u63d0\u8afe\u6bd4\u7387(Sortino Ratio)\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\uff1f\u548c\u590f\u666e\u6bd4\u7387\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2020-07-28","format":false,"excerpt":"\u7d22\u4e01\u8afe\u6bd4\u7387(Sortino Ratio)\u4e5f\u7a31\u7d22\u63d0\u8afe\u6bd4\u7387\uff0c \u548c\u590f\u666e\u6bd4\u7387(Sharpe Ratio)\u4e00\u6a23\u2026","rel":"","context":"\u5728\u300c\u6295\u8cc7\u7406\u8ca1\u5c08\u6709\u540d\u8a5e\u300d\u4e2d","block_context":{"text":"\u6295\u8cc7\u7406\u8ca1\u5c08\u6709\u540d\u8a5e","link":"https:\/\/\/category\/learn-invest\/invest-noun\/"},"img":{"alt_text":"\u4ec0\u9ebc\u662f\u7d22\u63d0\u8afe\u6bd4\u7387(Sortino Ratio)\uff1f\u5982\u4f55\u8a08\u7b97\uff1f\u548c\u590f\u666e\u6bd4\u7387(Sharpe Ratio)\u6709\u4ec0\u9ebc\u4e0d\u540c\uff1f","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200711175405_36.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200711175405_36.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200711175405_36.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200711175405_36.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/53836"}],"collection":[{"href":"https:\/\/\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/comments?post=53836"}],"version-history":[{"count":4,"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/53836\/revisions"}],"predecessor-version":[{"id":69558,"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/53836\/revisions\/69558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/media\/53866"}],"wp:attachment":[{"href":"https:\/\/\/wp-json\/wp\/v2\/media?parent=53836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/categories?post=53836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/tags?post=53836"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/table_tags?post=53836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}