{"id":54854,"date":"2023-07-03T13:45:10","date_gmt":"2023-07-03T05:45:10","guid":{"rendered":"https:\/\/\/?p=54854"},"modified":"2023-06-30T14:31:17","modified_gmt":"2023-06-30T06:31:17","slug":"david-f-swensen","status":"publish","type":"post","link":"https:\/\/\/david-f-swensen\/","title":{"rendered":"\u5927\u885b\uff0e\u53f2\u96f2\u751f \u300b\u958b\u5275\u8036\u9b6f\u6a21\u5f0f\u7684\u50b3\u5947\u4eba\u7269\uff0d\u8036\u9b6f\u5927\u5b78\u9996\u5e2d\u6295\u8cc7\u9577"},"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-54873\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132137_73.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u5927\u885b\uff0e\u53f2\u96f2\u751f\uff08David F. Swensen\uff09\u70ba\u8036\u9b6f\u5927\u5b78\u9996\u5e2d\u6295\u8cc7\u9577\uff0c\u7ba1\u7406\u8d85\u904e 140 \u5104\u7f8e\u5143\u7684\u6821\u52d9\u8cc7\u7522\uff0c<\/p>\n<p>\u5728\u4ed6\u9818\u5c0e\u7684\u4e8c\u5341\u5e74\u9593\uff0c\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u5f9e 10 \u5104\u7f8e\u5143\u589e\u9577\u5230 312 \u5104\u7f8e\u5143\uff0c\u9019\u662f\u6a5f\u69cb\u6cd5\u4eba\u524d\u6240\u672a\u898b\u7684\u7d00\u9304\u3002<\/p>\n<p>\u5728\u6295\u8cc7\u754c\u8a31\u591a\u4eba\u90fd\u77e5\u9053\u5df4\u83f2\u7279\uff0c\u800c\u5927\u885b\u53f2\u96f2\u751f\u53ef\u4ee5\u8aaa\u662f\u6a5f\u69cb\u6cd5\u4eba\u754c\u7684\u5df4\u83f2\u7279\u3002<\/p>\n<p>\u672c\u6587\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u5927\u885b\uff0e\u53f2\u96f2\u751f\u7684\u751f\u5e73\u3001\u8077\u696d\u751f\u6daf\u3001\u6295\u8cc7\u54f2\u5b78\u8207\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\uff0c\u6700\u5f8c\u4ecb\u7d39\u4ed6\u7684\u53c3\u8003\u66f8\u55ae\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-661217bb4a1aa\" 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-661217bb4a1aa\"  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:\/\/\/david-f-swensen\/#%E5%A4%A7%E8%A1%9B%E5%8F%B2%E9%9B%B2%E7%94%9F%E6%98%AF%E8%AA%B0%EF%BC%9F\" title=\"\u5927\u885b\u53f2\u96f2\u751f\u662f\u8ab0\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5927\u885b\u53f2\u96f2\u751f\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:\/\/\/david-f-swensen\/#%E6%88%90%E9%95%B7%E8%83%8C%E6%99%AF_%E8%81%B7%E6%A5%AD%E7%94%9F%E6%B6%AF%EF%BC%9A%E9%96%8B%E5%89%B5%E8%80%B6%E9%AD%AF%E6%A8%A1%E5%BC%8F%EF%BC%8C%E5%89%B5%E4%B8%8B161%E5%B9%B3%E5%9D%87%E5%B9%B4%E5%BA%A6%E5%A0%B1%E9%85%AC\" title=\"\u6210\u9577\u80cc\u666f &amp; \u8077\u696d\u751f\u6daf\uff1a\u958b\u5275\u8036\u9b6f\u6a21\u5f0f\uff0c\u5275\u4e0b16.1%\u5e73\u5747\u5e74\u5ea6\u5831\u916c\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6210\u9577\u80cc\u666f &amp; \u8077\u696d\u751f\u6daf\uff1a\u958b\u5275\u8036\u9b6f\u6a21\u5f0f\uff0c\u5275\u4e0b16.1%\u5e73\u5747\u5e74\u5ea6\u5831\u916c<\/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:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%AE%A1%E7%90%86%E7%9A%84%E4%BB%A3%E8%A1%A8%E4%BD%9C%EF%BC%9A%E8%80%B6%E9%AD%AF%E5%A4%A7%E5%AD%B8%E6%A0%A1%E5%8B%99%E5%9F%BA%E9%87%91\" title=\"\u53f2\u96f2\u751f\u7ba1\u7406\u7684\u4ee3\u8868\u4f5c\uff1a\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u7ba1\u7406\u7684\u4ee3\u8868\u4f5c\uff1a\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1<\/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:\/\/\/david-f-swensen\/#%E8%80%B6%E9%AD%AF%E6%A8%A1%E5%BC%8F%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u8036\u9b6f\u6a21\u5f0f\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8036\u9b6f\u6a21\u5f0f\u662f\u4ec0\u9ebc\uff1f<\/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:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E6%8A%95%E8%B3%87%E5%93%B2%E5%AD%B8%EF%BC%9A%E8%B3%87%E7%94%A2%E9%85%8D%E7%BD%AE%E6%98%AF%E7%8D%B2%E5%88%A9%E9%97%9C%E9%8D%B5\" title=\"\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u54f2\u5b78\uff1a\u8cc7\u7522\u914d\u7f6e\u662f\u7372\u5229\u95dc\u9375\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u54f2\u5b78\uff1a\u8cc7\u7522\u914d\u7f6e\u662f\u7372\u5229\u95dc\u9375<\/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:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%B5%A6%E4%B8%80%E8%88%AC%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%BB%BA%E8%AD%B0%EF%BC%9A%E6%89%93%E9%80%A0%E4%BB%A5%E8%82%A1%E7%A5%A8%E7%82%BA%E5%B0%8E%E5%90%91%E7%9A%84%E4%BD%8E%E6%88%90%E6%9C%AC%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88\" title=\"\u53f2\u96f2\u751f\u7d66\u4e00\u822c\u6295\u8cc7\u4eba\u7684\u5efa\u8b70\uff1a\u6253\u9020\u4ee5\u80a1\u7968\u70ba\u5c0e\u5411\u7684\u4f4e\u6210\u672c\u6295\u8cc7\u7d44\u5408\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u7d66\u4e00\u822c\u6295\u8cc7\u4eba\u7684\u5efa\u8b70\uff1a\u6253\u9020\u4ee5\u80a1\u7968\u70ba\u5c0e\u5411\u7684\u4f4e\u6210\u672c\u6295\u8cc7\u7d44\u5408<\/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:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%EF%BC%88David_Swensen_Portfolio%EF%BC%89%E7%B8%BE%E6%95%88%E8%A1%A8%E7%8F%BE\" title=\"\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408\uff08David Swensen Portfolio\uff09\u7e3e\u6548\u8868\u73fe\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408\uff08David Swensen Portfolio\uff09\u7e3e\u6548\u8868\u73fe<\/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:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E6%8A%95%E8%B3%87%E5%BB%BA%E8%AD%B0%E5%93%AA%E8%A3%A1%E7%9C%8B%EF%BC%9F\" title=\"\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u5efa\u8b70\u54ea\u88e1\u770b\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u5efa\u8b70\u54ea\u88e1\u770b\uff1f<\/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:\/\/\/david-f-swensen\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E5%8F%B2%E9%9B%B2%E7%94%9F%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\u53f2\u96f2\u751f\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\u53f2\u96f2\u751f\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-10\" href=/index.html"https:\/\/\/david-f-swensen\/#%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\" title=\"\u53f2\u96f2\u751f\u7684\u53c3\u8003\u66f8\u7c4d\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53f2\u96f2\u751f\u7684\u53c3\u8003\u66f8\u7c4d<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%A4%A7%E8%A1%9B%E5%8F%B2%E9%9B%B2%E7%94%9F%E6%98%AF%E8%AA%B0%EF%BC%9F\"><\/span>\u5927\u885b\u53f2\u96f2\u751f\u662f\u8ab0\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u5927\u885b\uff0e\u53f2\u96f2\u751f\uff08David F. Swensen\uff0c\u4e5f\u6709\u7ffb\u8b6f\u4f5c\u5927\u885b\u53f2\u96f2\u68ee\uff09\u5c0f\u6a94\u6848<\/strong><\/p>\n<ul>\n<li><strong>\u51fa\u751f\uff1a<\/strong>1954\/1\/26<\/li>\n<li><strong>\u901d\u4e16\uff1a<\/strong>2021\/5\/5\uff08\u4eab\u5e7467\u6b72\uff09<\/li>\n<li><strong>\u51fa\u751f\u5730\uff1a<\/strong>\u7f8e\u570b\u5a01\u65af\u5eb7\u8f9b\u5dde<\/li>\n<li><strong>\u5b78\u6b77\uff1a<\/strong>\u8036\u9b6f\u5927\u5b78\u7d93\u6fdf\u5b78\u535a\u58eb<\/li>\n<li><strong>\u7d93\u6b77\uff1a<\/strong>\u66fe\u5728\u83ef\u723e\u8857\u5de5\u4f5c\uff0c1985 \u5e74\u8d77\uff0c\u64d4\u4efb\u8036\u9b6f\u5927\u5b78\u6295\u8cc7\u9577<\/li>\n<li><strong>\u7d00\u9304\uff1a<\/strong>\u7ba1\u7406\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\uff0c\u5275\u4e0b\u9ad8\u905416.1%\u5e73\u5747\u5e74\u5ea6\u5831\u916c<\/li>\n<li><strong>\u8457\u4f5c\uff1a<\/strong>\u300a<a href=/index.html"https:\/\/\/unconventional-success-book\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8036\u9b6f\u64cd\u76e4\u624b-\u975e\u5178\u578b\u6210\u529f<\/a>\u300b\u3001\u300a\u958b\u5275\u6027\u6295\u8cc7\u7d44\u5408\u7ba1\u7406\uff1a\u975e\u5e38\u898f\u6a5f\u69cb\u6295\u8cc7\u65b9\u6cd5\u300b<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54874\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132308_31.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f 10\" width=\"489\" height=\"727\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%90%E9%95%B7%E8%83%8C%E6%99%AF_%E8%81%B7%E6%A5%AD%E7%94%9F%E6%B6%AF%EF%BC%9A%E9%96%8B%E5%89%B5%E8%80%B6%E9%AD%AF%E6%A8%A1%E5%BC%8F%EF%BC%8C%E5%89%B5%E4%B8%8B161%E5%B9%B3%E5%9D%87%E5%B9%B4%E5%BA%A6%E5%A0%B1%E9%85%AC\"><\/span>\u6210\u9577\u80cc\u666f &amp; \u8077\u696d\u751f\u6daf\uff1a\u958b\u5275\u8036\u9b6f\u6a21\u5f0f\uff0c\u5275\u4e0b16.1%\u5e73\u5747\u5e74\u5ea6\u5831\u916c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5927\u885b\uff0e\u53f2\u96f2\u751f\u65bc 1954 \u5e74\uff0c\u53d6\u5f97\u8036\u9b6f\u5927\u5b78\u7d93\u6fdf\u5b78\u535a\u58eb\u5b78\u4f4d\uff0c<\/p>\n<p>\u7576\u6642\u4ed6\u5beb\u7684\u8ad6\u6587\u4e3b\u984c\u662f\uff1a\u516c\u53f8\u50b5\u5238\u4f30\u503c\u6a21\u578b\uff0c\u51fa\u65bc\u5c0d\u9019\u500b\u4e3b\u984c\u7684\u71b1\u5ff1\u8207\u8208\u8da3\uff0c\u4ed6\u5728 1980 \u5e74\u52a0\u5165\u6240\u7f85\u9580\u5144\u5f1f\u516c\u53f8\u3002<\/p>\n<p>\u5728\u64d4\u4efb\u8036\u9b6f\u5927\u5b78\u6295\u8cc7\u9577\u4e4b\u524d\uff0c\u4ed6\u66fe\u5728\u83ef\u723e\u8857\u5de5\u4f5c\u904e\u516d\u5e74\uff0c\u524d\u4e09\u5e74\u5728\u6240\u7f85\u9580\u5144\u5f1f\uff0c\u5f8c\u4e09\u5e74\u5728\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\uff0c\u5c08\u9577\u70ba\u958b\u767c\u65b0\u91d1\u878d\u79d1\u6280\u3002<\/p>\n<p>\u4ed6\u540c\u6642\u4e5f\u64d4\u4efb\u591a\u5bb6\u6a5f\u69cb\u8463\u4e8b\u8207\u57fa\u91d1\u6703\u53d7\u8a17\u4eba\uff0c\u5305\u542b\uff1a\u7f8e\u570b\u6559\u5e2b\u9000\u4f11\u57fa\u91d1\u6703\u3001\u83ef\u76db\u9813\u5361\u5167\u57fa\u5354\u6703\u3001\u5e03\u9b6f\u91d1\u65af\u5354\u6703\u7b49\uff0c\u6b64\u5916\uff0c\u4e5f\u66fe\u5728\u8036\u9b6f\u5927\u5b78\u6388\u8ab2\u3002<\/p>\n<p>\u4ed6\u7684\u8d85\u9ad8\u7e3e\u6548\u8b93\u8a31\u591a\u516c\u53f8\u90fd\u60f3\u9ad8\u85aa\u6316\u89d2\uff0c\u4f46\u51fa\u65bc\u5c0d\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u7684\u4f7f\u547d\u611f\u4ed6\u62d2\u7d55\u8df3\u69fd\u3002<\/p>\n<ul>\n<li>1980 \u5e74\uff0c\u52a0\u5165\u6240\u7f85\u9580\u5144\u5f1f\u516c\u53f8\uff0c\u5728\u6b64\u671f\u9593\uff0c\u4ed6\u66fe\u7d93\u5efa\u69cb\u7b2c\u4e00\u7b46\u6d89\u53ca IBM \u8207\u4e16\u754c\u9280\u884c\u4e4b\u9593\u7684\u5916\u532f\u4ea4\u63db\u4ea4\u6613\u3002<\/li>\n<li>1985 &#8211; 2005 \u5e74\uff0c\u64d4\u4efb\u8036\u9b6f\u5927\u5b78\u6295\u8cc7\u9577\uff0c<strong>\u5728\u4ed6\u7ba1\u7406\u7684\u4e8c\u5341\u5e74\u671f\u9593\uff0c\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u5275\u4e0b\u9ad8\u9054 16.1\uff05\u7684\u5e73\u5747\u5e74\u5ea6\u5831\u916c<\/strong>\u3002<\/li>\n<li>2009 &#8211; 2011 \u5e74\uff0c\u64d4\u4efb<a href=/index.html"https:\/\/obamawhitehouse.archives.gov\/administration\/eop\/perab\/members\/swensen\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7e3d\u7d71\u5c31\u696d\u8207\u7af6\u722d\u529b\u59d4\u54e1\u6703\uff08PERAB\uff09<\/a>\u4e00\u54e1\u3002<\/li>\n<li>2017 \u5e74\uff0c\u64d4\u4efb<a href=/index.html"https:\/\/www.cfr.org\/david-f-swensen-chief-investment-officer\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u570b\u5916\u4ea4\u95dc\u4fc2\u5354\u6703\uff08Council on Foreign Relations\uff09<\/a>\u4e00\u54e1\u3002<\/li>\n<li>2017 &#8211; 2018 \u5e74\uff0c\u5c07<a href=/index.html"https:\/\/www.cnbc.com\/2018\/10\/05\/yale-investment-chief-david-swensen-jumps-into-crypto-with-bets-on-two-silicon-valley-funds.html\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u52a0\u5bc6\u8ca8\u5e63<\/a>\u52a0\u5165\u6295\u8cc7\u7d44\u5408\u3002<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%AE%A1%E7%90%86%E7%9A%84%E4%BB%A3%E8%A1%A8%E4%BD%9C%EF%BC%9A%E8%80%B6%E9%AD%AF%E5%A4%A7%E5%AD%B8%E6%A0%A1%E5%8B%99%E5%9F%BA%E9%87%91\"><\/span>\u53f2\u96f2\u751f\u7ba1\u7406\u7684\u4ee3\u8868\u4f5c\uff1a\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5927\u885b\u53f2\u96f2\u751f\u505a\u70ba\u8036\u9b6f\u5927\u5b78\u7684\u6295\u8cc7\u9577\uff0c\u6700\u7279\u5225\u7684\u6210\u5c31\uff0c\u53cd\u6620\u5728\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1( endowment fund \u6350\u8d08\u57fa\u91d1)\u7684\u7ba1\u7406\u4e0a\u9762\uff0c<\/p>\n<p>\u56e0\u6b64\u89c0\u5bdf\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\uff0c\u662f\u6700\u80fd\u7406\u89e3\u5927\u885b\u53f2\u96f2\u751f\u6295\u8cc7\u7406\u5ff5\u7684\u65b9\u5f0f\u3002<\/p>\n<p>\u4ee5\u4e0b\u5148\u5c0d\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u505a\u7c21\u55ae\u4ecb\u7d39\uff1a<\/p>\n<h3>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1 &#8211; \u57fa\u91d1\u898f\u6a21\u8207\u7e3e\u6548<\/h3>\n<p>\u4ecb\u7d39\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u4e4b\u524d\uff0c\u5148\u5f9e\u4e0b\u8868\u4f86\u770b\u5168\u7f8e\u6350\u8d08\u898f\u6a21\u6700\u5927\u7684\u6821\u52d9\u57fa\u91d1\uff0c<\/p>\n<p>\u53ef\u770b\u51fa\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u898f\u6a21\u4f4d\u5c45\u7b2c\u4e8c\uff0c\u50c5\u6b21\u54c8\u4f5b\u5927\u5b78\uff08\u622a\u81f3 2021 \u5e74\uff09\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54875\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132433_43.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f1 \" width=\"1502\" height=\"795\" \/><\/p>\n<p><strong>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1 &#8211; \u64cd\u4f5c\u7e3e\u6548<\/strong><\/p>\n<p>\u62c9\u9577\u6642\u9593\u4f86\u770b\uff0c\u4e0b\u8868\u7d71\u8a08 1995 &#8211; 2015 \u5e74\uff0c<\/p>\n<p>\u9019\u4e8c\u5341\u5e74\u9593\u904b\u7528\u300c\u8036\u9b6f\u6a21\u5f0f\u300d\u7684\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u5e74\u5316\u8907\u5408\u6536\u76ca\u7387\u8fd1 13% \uff0c\u76f8\u8f03\u5176\u4ed6\uff08\u904b\u7528\u8036\u9b6f\u6a21\u5f0f\uff09\u7684\u5927\u5b78\u6821\u52d9\u57fa\u91d1\uff0c\u4ecd\u6709\u660e\u986f\u843d\u5dee\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54876\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132513_63.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f2 \" width=\"1502\" height=\"779\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1 &#8211; \u8cc7\u91d1\u904b\u7528<\/strong><\/p>\n<p>\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u4e26\u4e0d\u662f\u5c07\u6240\u6709\u8cc7\u91d1\u90fd\u7528\u65bc\u6295\u8cc7\uff0c\u4e8b\u5be6\u4e0a\u6709\u56db\u5206\u4e4b\u4e09\u7684\u8cc7\u91d1\u70ba\u9650\u5b9a\u7528\u9014\uff0c\u5269\u4e0b\u672a\u6307\u5b9a\u76ee\u7684\u7684\u8cc7\u91d1\u624d\u7528\u65bc\u6295\u8cc7\u3002<\/p>\n<p>\u85c9\u7531\u5c07\u6b77\u4f86\u9f90\u5927\u7684\u6821\u52d9\u57fa\u91d1\u8cc7\u7522\u505a\u6709\u6548\u7684\u7ba1\u7406\u589e\u503c\uff0c\u53ef\u4ee5\u7528\u4f86\u652f\u61c9\u5b78\u6821\u7684\u71df\u904b\u8207\u6210\u9577\u3002<\/p>\n<p>\u8036\u9b6f\u5927\u5b78\u6bcf\u5e74\u71df\u904b\u7e3d\u652f\u51fa\u7d0440\u591a\u5104\u7f8e\u5143\uff0c\u5176\u4e2d12~15\u5104\u7f8e\u5143\u7684\u9810\u7b97\u6703\u5f9e\u6821\u52d9\u57fa\u91d1\u4e2d\u652f\u51fa\uff0c<\/p>\n<p>\u800c\u6821\u52d9\u57fa\u91d1\u5247\u900f\u904e\u6295\u8cc7\u4fdd\u6301\u6210\u9577\u589e\u503c\uff0c\u8b93\u5b83\u6709\u80fd\u529b\u5728\u63a5\u53d7\u6350\u8d08\u4ee5\u5916\u6709\u6210\u9577\uff0c\u80fd\u5920\u9577\u671f\u6301\u7e8c\u7684\u652f\u61c9\u5b78\u6821\u7684\u71df\u904b\u958b\u92b7\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-55313\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230630140931_25.jpg\" alt=\"\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u4f86\u6e90\u9810\u7b97\" width=\"1296\" height=\"785\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%80%B6%E9%AD%AF%E6%A8%A1%E5%BC%8F%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u8036\u9b6f\u6a21\u5f0f\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u904e\u53bb 20 \u5e74\u9593\uff0c\u53f2\u96f2\u751f\u4ee5\u300c\u8036\u9b6f\u6a21\u5f0f\u300d\uff08The Yale Model\uff09\u7ba1\u7406\u6821\u52d9\u57fa\u91d1\uff0c<\/p>\n<p>\u5118\u7ba1\u4ed6\u5df2\u901d\u4e16\uff0c\u4f46\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u81f3\u4eca\u4ecd\u63a1\u7528\u6b64\u7ba1\u7406\u6a21\u5f0f\uff0c\u800c\u8036\u9b6f\u6a21\u5f0f\u4e5f\u65e9\u5df2\u6210\u70ba\u696d\u754c\u6977\u6a21\uff0c\u8a31\u591a\u5927\u5b78\u90fd\u63a1\u7528\u5b83\u4f86\u7ba1\u7406\u57fa\u91d1\u3002<\/p>\n<p>\u8036\u9b6f\u6a21\u5f0f\u662f\u4ec0\u9ebc\uff1f<\/p>\n<p>\u5148\u4f86\u770b\u770b Forbes \u8a2a\u8ac7\u4e2d\uff0c\u53f2\u96f2\u751f\u662f\u9019\u6a23\u8aaa\u7684\uff1a<\/p>\n<p><strong>\u300c\u5e38\u8b58\uff08\u4e0d\u8981\u628a\u96de\u86cb\u653e\u5728\u540c\u4e00\u500b\u7c43\u5b50\u88e1\uff09\u8207\u91d1\u878d\u7406\u8ad6\uff08\u591a\u5143\u5316\u662f\u5206\u6563\u98a8\u96aa\u6700\u4f73\u65b9\u5f0f\uff09\u7684\u7d50\u5408\uff0c\u4fc3\u4f7f\u6211\u6539\u5584\u8036\u9b6f\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u4fdd\u6709\u591a\u5143\u5316\uff0c\u800c\u4ee5\u6211\u5c0d\u6350\u8d08\u57fa\u91d1\u7684\u9577\u671f\u8a8d\u77e5\uff0c\u8b93\u6211\u589e\u52a0\u57fa\u91d1\u7684\u80a1\u7968\u66dd\u96aa\u3002\u300d<\/strong><\/p>\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u8036\u9b6f\u6a21\u5f0f\u662f\u5c07\u8cc7\u7522\u76e1\u53ef\u80fd\u505a\u5230\u591a\u5143\u5206\u6563\uff0c\u6e1b\u5c11\u80a1\u7968\u7d50\u5408\u50b5\u5238\u9019\u7a2e\u50b3\u7d71\u914d\u7f6e\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u50b3\u7d71\u5178\u578b\u7684\u6821\u52d9\u57fa\u91d1\uff0c\u5927\u591a\u662f\u5c07\u8cc7\u91d1\u6295\u8cc7\u5728\u7f8e\u570b\u7684\u50b5\u5238\uff0c\u6709\u4e9b\u5247\u662f\u80a1\u50b5\u914d\u7f6e\uff0c\u6295\u8cc7\u65bc\u7f8e\u570b\u80a1\u7968\u53ca\u7f8e\u570b\u50b5\u5238\uff0c\u9019\u5176\u5be6\u8ddf\u6211\u5011\u5927\u591a\u6578\u4eba\u4f5c\u6cd5\u90fd\u4e00\u6a23\uff0c\u53ea\u662f\u66f4\u504f\u91cd\u50b5\u5238\u3002<\/p>\n<p>\u4f46\u554f\u984c\u5728\u65bc\uff0c\u50b5\u5238\u96d6\u7136\u7a69\u5b9a\uff0c\u4f46\u5831\u916c\u76f8\u7576\u6709\u9650\u3002<\/p>\n<p>\u800c\u5373\u4f7f\u52a0\u5165\u80a1\u7968\uff0c\u9032\u884c\u80a1\u50b5\u914d\u7f6e\uff0c\u4e5f\u6709\u5b83\u7684\u6975\u9650\u5728\uff0c\u56e0\u70ba\u5c0d\u6821\u52d9\u57fa\u91d1\u4f86\u8aaa\uff0c\u6bcf\u5e74\u90fd\u6709\u56fa\u5b9a\u7684\u73fe\u91d1\u6d41\u652f\u51fa\uff0c\u56e0\u6b64\u8ffd\u6c42\u5831\u916c\u7684\u540c\u6642\u4e5f\u9700\u8981\u63a7\u5236\u98a8\u96aa\uff0c\u50b3\u7d71\u80a1\u50b5\u914d\u7f6e\u5f88\u96e3\u505a\u7684\u66f4\u597d\u3002<\/p>\n<p>\u5927\u885b\u53f2\u96f2\u751f\u5e36\u9818\u7684\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\uff0c\u505a\u51fa\u812b\u96e2\u50b3\u7d71\u7684\u505a\u6cd5\uff0c\u5c07\u66f4\u591a\u8cc7\u91d1\u5206\u914d\u5230\u975e\u50b3\u7d71\u8cc7\u7522\u53ca<a href=/index.html"https:\/\/\/what-is-alternative-investment\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u53e6\u985e\u6295\u8cc7<\/a>\u7576\u4e2d\uff0c<\/p>\n<p>\u5305\u62ec\uff1a<a href=/index.html"https:\/\/\/what-is-internationals-etfs\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u975e\u7f8e\u570b\u80a1\u5e02<\/a>\u3001\u79c1\u52df\u80a1\u6b0a\u3001<a href=/index.html"https:\/\/\/what-is-reits\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e0d\u52d5\u7522 REITs<\/a>\u3001\u5929\u7136\u8cc7\u6e90\u3001<a href=/index.html"https:\/\/\/what-is-absolute-return-funds-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7d55\u5c0d\u5831\u916c\u57fa\u91d1<\/a>\u7b49\u3002<\/p>\n<p>\u5728\u50b3\u7d71\u4e0a\uff0c\u539f\u672c\u9664\u4e86\u80a1\u7968\u8207\u50b5\u5238\u4ee5\u5916\uff0c\u50b3\u7d71\u6821\u52d9\u57fa\u91d1\u662f\u4e0d\u6703\u78b0\u9019\u4e9b\u300c\u53e6\u985e\u6295\u8cc7\u300d\uff0c\u56e0\u70ba\u6703\u5c0d\u5b83\u5011\u7684\u6d41\u52d5\u6027\u53ca\u5b89\u5168\u6027\u6709\u7591\u616e\uff0c<\/p>\n<p>\u4f46\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u6253\u7834\u9019\u500b\u6a21\u5f0f\uff0c\u4e26\u4e14\u5275\u9020\u51fa\u826f\u597d\u7684\u7e3e\u6548\uff0c<\/p>\n<p>\u5f9e\u6b64\u958b\u59cb\uff0c\u8a31\u591a\u6a5f\u69cb\u90fd\u9858\u610f\u8df3\u812b\u50b3\u7d71\uff0c\u958b\u59cb\u5617\u8a66\u66f4\u591a\u5143\u8cc7\u7522\u7684\u914d\u7f6e\u3002<\/p><\/blockquote>\n<h3>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\uff0d\u57fa\u91d1\u8cc7\u7522\u914d\u7f6e<\/h3>\n<p>\u300a<a href=/index.html"https:\/\/www.books.com.tw\/products\/0010834750?sloc=main\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f<\/a>\u300b\u66f8\u4e2d\u63d0\u5230\uff0c1993 \u5e74\u6642\uff0c\u591a\u6578\u5927\u5b78\u7684\u57fa\u91d1\u914d\u7f6e\u4e2d\uff0c\u6709\u9ad8\u9054 89% \u662f\u7f8e\u570b\u80a1\u7968\u548c\u50b5\u5238\uff0c\u5230\u4e86 2003 \u5e74\uff0c\u80a1\u7968\u8207\u50b5\u5238\u624d\u964d\u81f3 32%\u3002<\/p>\n<p>\u4e0b\u8868\u70ba\u8036\u9b6f\u5927\u5b78\u8fd1\u5e74\u7684\u57fa\u91d1\u914d\u7f6e\uff08\u622a\u81f3 2020\/6\/30\uff09\uff0c<\/p>\n<p><a href=/index.html"https:\/\/yaledailynews.com\/blog\/2022\/10\/24\/yales-endowment-explained\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u5927\u5b78<\/a>\u6307\u51fa\uff0c\u8036\u9b6f\u6a21\u5f0f\u4e4b\u6240\u4ee5\u6210\u529f\uff0c\u95dc\u9375\u8981\u7d20\u662f\u53e6\u985e\u6295\u8cc7\uff0c\u622a\u81f3 2019 \u5e74\uff0c\u53e6\u985e\u6295\u8cc7\u7d04\u4f54\u8036\u9b6f\u5927\u5b78\u6295\u8cc7\u7d44\u5408\u7684 60%\u3002<\/p>\n<p>\u6240\u8b02\u53e6\u985e\u6295\u8cc7\uff0c\u5c31\u662f\u7f8e\u570b\u80a1\u7968\u3001\u50b5\u5238\u3001\u73fe\u91d1\uff0c\u9664\u9019\u4e9b\u4ee5\u5916\u7684\u90fd\u662f\u53e6\u985e\u6295\u8cc7\u3002<\/p>\n<p>\u5305\u62ecVC\u5275\u6295(\u542b\u79c1\u52df\u80a1\u6b0a)\u3001\u4e0d\u52d5\u7522REITs\u3001\u5929\u7136\u8cc7\u6e90(\u4f8b\u5982\u6797\u5730)\u3001\u69d3\u687f\u6536\u8cfc\u3001\u975e\u7f8e\u570b\u80a1\u7968\u3001\u7d55\u5c0d\u5831\u916c\u57fa\u91d1\uff0c\u9019\u4e9b\u90fd\u662f\u6709\u5225\u65bc\u50b3\u7d71\u6295\u8cc7\u7684\u6a19\u7684\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54878\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132616_66.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f4 \" width=\"1502\" height=\"799\" \/><\/p>\n<h4>\u8036\u9b6f\u6821\u52d9\u57fa\u91d1\u6536\u76ca\u53ca\u5831\u916c\u7387<\/h4>\n<p>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u73fe\u6709\u5831\u916c\u738740.2%\u3001\u6350\u8d08\u6536\u76ca\u9054 423 \u5104\u7f8e\u5143\uff08\u622a\u81f3 2022 \u5e74 6 \u6708 30 \u65e5\u6b62\uff09\uff0c\u5982\u4e0b\u5716\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54879\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132657_39.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f5\" width=\"1502\" height=\"786\" \/><\/p>\n<p>\u6839\u64da The Wall Street Journal \u7d71\u8a08\uff0c\u57282014 \u8ca1\u653f\u5e74\u5ea6\uff0c\u516b\u6240\u5e38\u6625\u85e4\u76df\u6821\u7576\u4e2d\uff0c\u8036\u9b6f\u7684\u7e3e\u6548\u6700\u597d\uff08\u622a\u81f3 6 \u6708\u5e95\uff09\uff0c<\/p>\n<p>\u5f9e 1985 \u5230 2014 \u5e74\u5171 30 \u5e74\u4e4b\u9593\uff0c\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u5e74\u5316\u56de\u5831\u7387\u70ba 20.2 %\uff0c\u7e3e\u6548\u6392\u540d\u7b2c\u4e00\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54880\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132729_27.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f6 \" width=\"1502\" height=\"893\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E6%8A%95%E8%B3%87%E5%93%B2%E5%AD%B8%EF%BC%9A%E8%B3%87%E7%94%A2%E9%85%8D%E7%BD%AE%E6%98%AF%E7%8D%B2%E5%88%A9%E9%97%9C%E9%8D%B5\"><\/span>\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u54f2\u5b78\uff1a\u8cc7\u7522\u914d\u7f6e\u662f\u7372\u5229\u95dc\u9375<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u53f2\u96f2\u751f 2015 \u5e74\u63a5\u53d7<a href=/index.html"https:\/\/www.npr.org\/2015\/10\/17\/436993646\/three-investment-gurus-share-their-model-portfolios\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"> NPR<\/a> \u63a1\u8a2a\u6642\u8ac7\u5230<strong>\u4ed6\u7684\u6295\u8cc7\u7406\u5ff5<\/strong>\uff0c\u4ee5\u4e0b\u6211\u5206\u6210\u5e7e\u500b\u6bb5\u843d\u4f86\u8ac7\u3002<\/p>\n<p>\u5728\u300a<a href=/index.html"https:\/\/www.books.com.tw\/products\/0010834750?sloc=main\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f<\/a>\u300b\u66f8\u4e2d\uff0c\u53f2\u96f2\u751f\u5f37\u8abf\u8cc7\u7522\u914d\u7f6e\u7684\u91cd\u8981\u6027\uff0c<\/p>\n<h3>\u53f2\u96f2\u751f\u8a8d\u70ba 90% \u7684\u5831\u916c\u90fd\u4f86\u81ea\u8cc7\u7522\u914d\u7f6e\uff0c\u5176\u9918 10% \u624d\u53d6\u6c7a\u65bc\u8cb7\u8ce3\u6642\u6a5f\u548c\u6295\u8cc7\u6a19\u7684<\/h3>\n<p>\u5728\u63a1\u8a2a\u4e2d\uff0c\u53f2\u96f2\u751f\u662f\u9019\u6a23\u8aaa\u7684 (<a href=/index.html"https:\/\/yalealumnimagazine.org\/articles\/2398-david-swensen-s-guide-to-sleeping-soundly\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u51fa\u8655<\/a>)\uff1a<\/p>\n<p>\u300c\u8cc7\u7522\u914d\u7f6e\u662f\u4f60\u7528\u4f86\u78ba\u5b9a\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u548c\u56de\u5831\u7279\u5fb5\u7684\u5de5\u5177\u3002<\/p>\n<p>\u5c31\u4f60\u53d6\u5f97\u7684\u6210\u679c\u800c\u8a00\uff0c\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002<\/p>\n<p>\u4e8b\u5be6\u4e0a\uff0c\u7814\u7a76\u8868\u660e\uff0c\u8cc7\u7522\u914d\u7f6e\u5c0d\u6295\u8cc7\u8005\u7522\u751f\u7684\u6b63\u56de\u5831\u6709100%\u4ee5\u4e0a\u7684\u8ca2\u737b\u3002\u300d<\/p>\n<p>\u300c\u8cb7\u8ce3\u6642\u6a5f\u548c\u6295\u8cc7\u6a19\u7684\uff0c\u90fd\u662f\u8ca0\u9762\u5f71\u97ff\uff0c\u5b83\u5011\u5c31\u662f\u7d93\u6fdf\u5b78\u5bb6\u6240\u8aaa\u7684\u96f6\u548c\u904a\u6232\u3002<\/p>\n<p>\u5982\u679c\u6709\u8d0f\u5bb6\u900f\u904e\u8cfc\u8cb7\u5fae\u8edf\u800c\u7372\u5229\uff0c\u90a3\u9ebc\u52e2\u5fc5\u6709\u53e6\u4e00\u500b\u51fa\u552e\u5fae\u8edf\u7684\u8f38\u5bb6\uff0c<\/p>\n<p>\u5982\u679c\u5fae\u8edf\u53ef\u4ee5\u81ea\u7531\u4ea4\u6613\uff0c\u90a3\u9ebc\u8d0f\u5bb6\u7372\u5229\u91d1\u984d\u7b49\u540c\u65bc\u8f38\u5bb6\u640d\u5931\u91d1\u984d\uff0c<\/p>\n<p>\u4f46\u5b83\u4e0d\u662f\u514d\u8cbb\u7684\uff0c\u5982\u679c\u4f60\u7528\u8cec\u6236\u9032\u884c\u4ea4\u6613\uff0c\u5b83\u9084\u5fc5\u9808\u652f\u4ed8\u4f63\u91d1\u7b49\uff0c<\/p>\n<p>\u5982\u679c\u4f60\u662f\u9760\u6295\u8cc7\u9867\u554f\u6216\u5171\u540c\u57fa\u91d1\u4f86\u6295\u8cc7\uff0c\u4f60\u9084\u5fc5\u9808\u652f\u4ed8\u9ad8\u984d\u8cbb\u7528\uff0c\u9019\u4e9b\u8cbb\u7528\u6700\u7d42\u90fd\u6703\u62b5\u92b7\u7372\u5229\u3002\u300d<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u6211\u89e3\u91cb\u4e00\u4e0b\u53f2\u96f2\u751f\u7684\u8a71\u3002<\/p>\n<p>\u53f2\u96f2\u751f\u7684\u610f\u601d\u662f\uff0c\u8a31\u591a\u4eba\u90fd\u8a8d\u70ba\u53ef\u4ee5\u627e\u5230\u6bd4\u5225\u4eba\u66f4\u597d\u7684\u6642\u6a5f\u9ede\u8cb7\u9032\u8ce3\u51fa\uff0c\u6216\u8005\u9078\u64c7\u5230\u80fd\u6f32\u66f4\u591a\u7684\u80a1\u7968\uff0c<\/p>\n<p>\u554f\u984c\u5728\u65bc\uff0c\u9019\u7a2e\u6a5f\u6703\u662f\u7af6\u722d\u7684\uff0c\u4f60\u8cb7\u5728\u66f4\u597d\u7684\u6642\u6a5f\uff0c\u4ee3\u8868\u53e6\u4e00\u500b\u4eba\u8ce3\u5728\u58de\u7684\u6642\u6a5f\uff0c\u4f46\u6211\u5011\u771f\u7684\u90fd\u80fd\u6301\u7e8c\u638c\u63e1\u6642\u6a5f\u55ce\uff1f<\/p>\n<p>\u4e5f\u6709\u4e9b\u4eba\u6703\u8aaa\uff0c\u4ed6\u60f3\u627e\u5230\u4fbf\u5b9c\u7684\u597d\u516c\u53f8\u6295\u8cc7\uff0c<\/p>\n<p>\u4f46\u60f3\u60f3\u770b\uff0c\u597d\u516c\u53f8\u4e00\u5b9a\u6bd4\u8f03\u597d\u55ce\uff1f\u4f60\u77e5\u9053\u5225\u4eba\u4e5f\u77e5\u9053\uff0c\u56e0\u6b64\u597d\u516c\u53f8\u5f80\u5f80\u6602\u8cb4\uff0c\u4f60\u8cb7\u4e0d\u5230\u4fbf\u5b9c\u7684\u597d\u516c\u53f8\uff0c\u9019\u5c31\u662f\u7af6\u722d\u3002<\/p>\n<p>\u6211\u5011\u5982\u4f55\u80fd\u78ba\u4fdd\u81ea\u5df1\u4e00\u5b9a\u80fd\u5728\u7af6\u722d\u4e2d\u9818\u5148\uff1f\u662f\u500b\u96e3\u984c\u3002<\/p>\n<p>\u800c\u4e14\u9019\u7af6\u722d\u9084\u6703\u6709\u6469\u64e6\u6210\u672c\uff0c\u4e5f\u5c31\u662f\u624b\u7e8c\u8cbb\u5b58\u5728\uff0c<\/p>\n<p>\u5373\u4f7f\u5728\u7af6\u722d\u4e2d\u505a\u7684\u6bd4\u5225\u4eba\u66f4\u597d\uff0c\u4e5f\u4e0d\u898b\u5f97\u6709\u984d\u5916\u7684\u6548\u679c\u3002<\/p>\n<p>\u7136\u800c\uff0c\u7af6\u722d\u8981\u63db\u53d6\u5230\u7684\u662f<a href=/index.html"https:\/\/\/3-thoughts-on-excess-return\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8d85\u984d\u5831\u916c<\/a>\uff0c\u4e5f\u5c31\u662f\u8d85\u8d8a\u5927\u76e4\u6307\u6578\u7684\u5831\u916c\u3002\u4f46\u8d85\u984d\u5831\u916c\u5f88\u7a00\u5c11\u4e14\u56f0\u96e3\u3002<\/p>\n<p>\u56e0\u6b64\u6211\u5011\u6240\u53d6\u5f97\u7684\u5831\u916c\u4e2d\uff0c\u6700\u91cd\u8981\u7684\u95dc\u9375\u9084\u662f\u8cc7\u7522\u914d\u7f6e\uff0c\u4e5f\u5c31\u662f\u5c07\u8cc7\u91d1\u5206\u914d\u5728\u4e0d\u540c\u8cc7\u7522\uff0c\u53d6\u5f97\u4e0d\u540c\u8cc7\u7522\u61c9\u5f97\u7684\u57fa\u790e\u5831\u916c\uff0c\u4e26\u900f\u904e\u8cc7\u7522\u914d\u7f6e\u7ba1\u7406\u98a8\u96aa\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3>\u9078\u64c7\u8cb7\u8ce3\u6642\u6a5f\u662f\u4e00\u7a2e\u8ced\u6ce8<\/h3>\n<p>\u53f2\u96f2\u751f\u8a8d\u70ba\u4e3b\u52d5\u64c7\u6642\u64cd\u4f5c\u901a\u5e38\u6703\u5931\u6557\uff0c\u56e0\u70ba\u5e02\u5834\u4e0d\u505c\u8b8a\u5316\uff0c\u5f88\u5c11\u4eba\u80fd\u505a\u51fa\u6b63\u78ba\u5224\u65b7\u3002<\/p>\n<p>\u4ed6\u8a8d\u70ba\u6295\u8cc7\u4eba\u8981\u907f\u514d\u5728\u591a\u982d\u5e02\u5834\u8ffd\u9ad8\uff0c\u7a7a\u982d\u5e02\u5834\u6bba\u4f4e\uff0c<\/p>\n<p>\u5c24\u5176\u7d93\u9a57\u4e0d\u8db3\u7684\u6295\u8cc7\u4eba\uff0c\u901a\u5e38\u4e0d\u9858\u610f\u82b1\u6642\u9593\u53bb\u4e86\u89e3\u6295\u8cc7\u7d44\u5408\uff0c\u5149\u770b\u57fa\u91d1\u7684\u6b77\u53f2\u7e3e\u6548\u5c31\u6c7a\u5b9a\u6295\u8cc7\uff0c<\/p>\n<p>\u975e\u5e38\u7406\u6027\u7684\u6295\u8cc7\u4eba\u6703\u63a1\u53d6\u53cd\u5411\u64cd\u4f5c\uff0c\u4e86\u89e3\u57fa\u672c\u9762\uff0c\u8cb7\u9032\u88ab\u5e02\u5834\u4f4e\u4f30\u7684\u8cc7\u7522\u3002<\/p>\n<p>&nbsp;<\/p>\n<h3>\u63a1\u53d6\u518d\u5e73\u8861\u64cd\u4f5c\uff0c\u9054\u6210\u9577\u671f\u6295\u8cc7\u76ee\u6a19<\/h3>\n<p>\u9762\u5c0d\u5e02\u5834\u6ce2\u52d5\uff0c\u53f2\u96f2\u751f\u8a8d\u70ba\u518d\u5e73\u8861\u53ef\u4ee5\u63d0\u5347\u6295\u8cc7\u7d44\u5408\u7684\u5831\u916c\uff0c<\/p>\n<p>\u4e0d\u904e\u7531\u65bc\u518d\u5e73\u8861\u63a1\u53d6\u8ddf\u4e3b\u6d41\u5e02\u5834\u76f8\u53cd\u7684\u4f5c\u6cd5\uff0c\u56e0\u6b64\u5f88\u591a\u4eba\u96e3\u4ee5\u505a\u5230\uff0c<\/p>\n<p>\u300a<a href=/index.html"https:\/\/www.books.com.tw\/products\/0010834750?sloc=main\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f<\/a>\u300b\u66f8\u4e2d\u4ee5 1987 \u5e74\u80a1\u5e02\u5d29\u76e4\u70ba\u4f8b\uff0c\u80a1\u707d\u5c0e\u81f4\u8cc7\u91d1\u9003\u4ea1\uff0c\u8a31\u591a\u4eba\u5728\u5d29\u76e4\u524d\u9ad8\u50f9\u8cb7\u9032\uff0c\u5d29\u76e4\u5f8c\u4f4e\u50f9\u8ce3\u51fa\uff0c\u9019\u7a2e\u65b9\u5f0f\u4e0d\u592a\u53ef\u80fd\u5275\u9020\u9ad8\u7e3e\u6548\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u53f2\u96f2\u751f\u5efa\u8b70\u6295\u8cc7\u4eba\u61c9\u6bcf\u5b63\u3001\u6bcf\u534a\u5e74\u6216\u6bcf\u5e74\u5be9\u8996\u6295\u8cc7\u7d44\u5408\uff0c\u8a55\u4f30\u518d\u5e73\u8861\u7684\u5fc5\u8981\u6027\uff0c\u5982\u679c\u9047\u5230\u7a7a\u982d\u5e02\u5834\uff0c\u61c9\u8a72\u52c7\u65bc\u5927\u91cf\u8cb7\u9032\uff1b<\/p>\n<p>\u9047\u5230\u5e02\u5834\u6ce1\u6cab\u5316\uff0c\u5247\u8a72\u5927\u91cf\u8ce3\u51fa\uff0c\u904b\u7528\u6a5f\u6703\u505a\u51fa\u8abf\u6574\uff0c\u9577\u671f\u4e0b\u4f86\u624d\u80fd\u9054\u6210\u76ee\u6a19\u3002<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u6211\u8a8d\u70ba\u518d\u5e73\u8861\u6700\u5927\u7684\u610f\u7fa9\uff0c\u662f\u63a7\u5236\u98a8\u96aa<\/strong><\/p>\n<p>\u539f\u56e0\u662f\u96a8\u8457\u8cc7\u7522\u6210\u9577\uff0c\u6295\u8cc7\u7d44\u5408\u6bd4\u4f8b\u4e00\u5b9a\u6703\u767c\u751f\u8b8a\u5316\uff0c<\/p>\n<p>\u7576\u6bd4\u4f8b\u767c\u751f\u8b8a\u5316\uff0c\u98a8\u96aa\u5c31\u6703\u8ddf\u539f\u672c\u9810\u671f\u6709\u4e0d\u540c\u3002<\/p>\n<p>\u800c\u4fee\u6b63\u9019\u7a2e\u98a8\u96aa\u8b8a\u5316\uff0c\u5c31\u662f\u5728\u5e73\u8861\u3002\u5f88\u591a\u4eba\u4e4b\u6240\u4ee5\u64cd\u4f5c\u51fa\u554f\u984c\uff0c\u4e5f\u662f\u56e0\u70ba\u6c92\u6709\u5e73\u8861\uff0c\u5c0e\u81f4\u767c\u751f\u8d85\u51fa\u9810\u671f\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u56e0\u6b64\u6211\u4e0d\u8a8d\u70ba\u518d\u5e73\u8861\u4e00\u5b9a\u53ef\u4ee5\u589e\u52a0\u5831\u916c\uff0c\u9019\u4e26\u4e0d\u7d55\u5c0d\uff0c<\/p>\n<p>\u4f46\u518d\u5e73\u8861\u4e00\u5b9a\u53ef\u4ee5\u66f4\u6709\u6548\u63a7\u5236\u98a8\u96aa\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\u6211\u4e4b\u524d\u7684\u6587\u7ae0\uff1a<a href=/index.html"https:\/\/\/what-asset-rebalancing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u518d\u5e73\u8861\u662f\u4ec0\u9ebc\uff1f\u600e\u9ebc\u64cd\u4f5c\uff1f<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3>\u964d\u4f4e\u6295\u8cc7\u6210\u672c<\/h3>\n<p>\u53f2\u96f2\u751f\u5728\u300a<a href=/index.html"https:\/\/www.books.com.tw\/products\/0010834750?sloc=main\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f<\/a>\u300b\u66f8\u4e2d\u62a8\u64ca\u5171\u540c\u57fa\u91d1\u7522\u696d\uff0c<\/p>\n<p>\u56e0\u70ba\u4ed6\u8a8d\u70ba\u8a72\u7522\u696d\u6536\u53d6\u904e\u591a\u7684\u8cbb\u7528\uff0c\u5305\u542b\uff1a\u624b\u7e8c\u8cbb\u3001\u7ba1\u7406\u8cbb\u3001\u4f63\u91d1\u3001\u7a05\u91d1\u7b49\uff0c<\/p>\n<p>\u76f8\u8f03\u65bc\u9ad8\u8cbb\u7528\u7684\u4e3b\u52d5\u578b\u57fa\u91d1\uff0c\u4ed6\u8a8d\u70ba\u6307\u6578\u578b\u57fa\u91d1\u662f\u76f8\u5c0d\u66f4\u7406\u60f3\u7684\u6295\u8cc7\u5de5\u5177\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b64\u5916\uff0c\u5982\u679c\u5f9e\u7bc0\u7a05\u7684\u8003\u91cf\u4f86\u770b\uff0c\u76f8\u8f03\u65bc\u5171\u540c\u57fa\u91d1\uff0cETF \u7684\u7bc0\u7a05\u6548\u7387\u8f03\u9ad8\uff0c<\/p>\n<p>\u4e0d\u904e\u4ed6\u4e5f\u63d0\u5230\uff0c\u5982\u679c\u90e8\u4f4d\u8f03\u5c0f\uff0c\u53ea\u80fd\u505a\u5c0f\u984d\u6295\u8cc7\u7684\u4eba\u8f03\u4e0d\u9069\u5408 ETF\uff0c\u56e0\u70ba\u4ea4\u6613\u91d1\u984d\u4e0d\u5927\uff0c\u6263\u6389\u4f63\u91d1\u7b49\u8cbb\u7528\u5176\u5be6\u4e26\u4e0d\u5212\u7b97\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5728\u5927\u885b\u53f2\u96f2\u751f\u5beb\u66f8\u7684\u5e74\u4ee3\uff0c\u8cb7\u80a1\u7968\u4f63\u91d1\u4ecd\u76f8\u7576\u6602\u8cb4\uff0c<\/p>\n<p>\u4f46\u73fe\u5728\u7f8e\u570b\u8a31\u591a\u80a1\u7968\u5238\u5546\uff0c\u624b\u7e8c\u8cbb\u7387\u5df2\u7d93\u964d\u5230\u975e\u5e38\u4f4e\uff0c\u5927\u6982\u53ea\u6709\u96f6\u624b\u7e8c\u8cbb\uff0c\u548c\u63a5\u8fd1\u96f6\u624b\u7e8c\u8cbb\u9019\u5169\u7a2e\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/us-stocks-broker-choose\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u570b\u5238\u5546\u958b\u6236\u6bd4\u8f03<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%B5%A6%E4%B8%80%E8%88%AC%E6%8A%95%E8%B3%87%E4%BA%BA%E7%9A%84%E5%BB%BA%E8%AD%B0%EF%BC%9A%E6%89%93%E9%80%A0%E4%BB%A5%E8%82%A1%E7%A5%A8%E7%82%BA%E5%B0%8E%E5%90%91%E7%9A%84%E4%BD%8E%E6%88%90%E6%9C%AC%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88\"><\/span>\u53f2\u96f2\u751f\u7d66\u4e00\u822c\u6295\u8cc7\u4eba\u7684\u5efa\u8b70\uff1a\u6253\u9020\u4ee5\u80a1\u7968\u70ba\u5c0e\u5411\u7684\u4f4e\u6210\u672c\u6295\u8cc7\u7d44\u5408<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u53f2\u96f2\u751f\u5efa\u8b70\u6295\u8cc7\u4eba\u6253\u9020\uff1a\u4ee5\u80a1\u7968\u6295\u8cc7\u70ba\u4e3b\uff0c\u5145\u5206\u5206\u6563\u7684\u6295\u8cc7\u7d44\u5408\uff0c<\/p>\n<p>\u4ee5\u4e0b\u662f\u53f2\u96f2\u751f\u7d66\u4e00\u822c\u6295\u8cc7\u4eba\uff0c\u904b\u7528\u516d\u7a2e<strong>\u6838\u5fc3\u8cc7\u7522<\/strong>\u505a\u8cc7\u7522\u914d\u7f6e\u7684\u5efa\u8b70\u53ca\u6bd4\u4f8b\uff1a<\/p>\n<table style=\"border-collapse: collapse; width: 100%; height: 192px;\">\n<tbody>\n<tr>\n<td style=\"width: 33.3333%; background-color: #014876; text-align: center;\" colspan=\"2\"><span style=\"font-size: 20px;\"><strong><span style=\"color: #ffffff;\">\u5927\u885b\u53f2\u96f2\u751f\u5efa\u8b70\u7684\u8cc7\u7522\u914d\u7f6e\u7d44\u5408 &#8211; 6\u7a2e\u6838\u5fc3\u8cc7\u7522<\/span><\/strong><\/span><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\"><strong>\u8cc7\u7522\u985e\u5225<\/strong><\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\"><strong>\u76ee\u6a19\u6bd4\u91cd<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u7f8e\u570b\u80a1\u7968<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">30%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u975e\u7f8e\u570b\u5df2\u958b\u767c\u5e02\u5834\u80a1\u7968<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">15%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u65b0\u8208\u5e02\u5834\u80a1\u7968<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">5%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u4e0d\u52d5\u7522REITs<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">20%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u7f8e\u570b\u516c\u50b5(\u4e2d\u671f\u6216\u9577\u671f)<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">15%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">\u6297\u901a\u81a8\u7f8e\u570b\u516c\u50b5TIPs<\/td>\n<td style=\"width: 33.3333%; height: 24px; text-align: center;\">15%<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 33.3333%; height: 24px; text-align: right;\" colspan=\"2\">\u8cc7\u6599\u4f86\u6e90\uff1a\u300a\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f\u300b<br \/>\n\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">Mr. Market\u5e02\u5834\u5148\u751f<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-size: 20px;\"><strong>\u6838\u5fc3\u8cc7\u7522\u7684\u7279\u6027<\/strong><\/span><\/p>\n<p><strong>\u7f8e\u570b\u80a1\u7968\uff1a<\/strong>\u53f2\u96f2\u751f\u63d0\u9192\u6295\u8cc7\u4eba\uff0c\u6295\u8cc7\u7d44\u5408\u907f\u514d\u904e\u5ea6\u96c6\u4e2d\u5728\u80a1\u7968\u4e0a\uff0c\u56e0\u70ba\u6709\u4e9b\u5e74\u5ea6\uff0c\u50b5\u5238\u7684\u8868\u73fe\u512a\u65bc\u80a1\u7968\uff0c\u6295\u8cc7\u4eba\u5982\u679c\u5728 1929 \u5e74\u8cb7\u9032\u80a1\u7968\uff0c\u9700\u7b49\u5f85 21 \u5e74\uff0c\u80a1\u7968\u5831\u916c\u624d\u6703\u8ffd\u4e0a\u50b5\u5238\u3002<\/p>\n<p><strong>\u50b5\u5238\uff1a<\/strong>\u5118\u7ba1\u50b5\u5238\u9810\u671f\u5831\u916c\u8f03\u4f4e\uff0c\u4f46\u76f8\u5c0d\u4f86\u8aaa\u6bd4\u8f03\u5b89\u5168\uff0c\u5118\u7ba1\u5831\u916c\u666e\u901a\uff0c\u4f46\u5728\u80a1\u7968\u4e0b\u8dcc\u6642\u53ef\u4ee5\u63d0\u4f9b\u4fdd\u8b77\uff0c\u4ed6\u8a8d\u70ba\u6295\u8cc7\u4eba\u61c9\u8a72\u9069\u5ea6\u914d\u7f6e\u7f8e\u570b\u516c\u50b5\u3002\u4e00\u822c\u662f\u4f7f\u7528\u4e2d\u671f\u516c\u50b5\u6216\u9577\u671f\u516c\u50b5\u3002<\/p>\n<p><strong>\u6297\u901a\u81a8\u50b5\u5238\uff1a<\/strong>\u540c\u50b5\u5238\uff0c\u4f46\u4e00\u822c\u50b5\u5238\u6297\u901a\u81a8\u6548\u679c\u8f03\u5dee\uff0c\u800c<a href=/index.html"https:\/\/\/what-is-tips-etf\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6297\u901a\u81a8\u50b5\u5238(TIPS)<\/a>\u7565\u6709\u4e00\u9ede\u6297\u901a\u81a8\u6548\u679c\uff0c\u5728\u901a\u81a8\u6642\u671f\u63d0\u4f9b\u4e00\u9ede\u4fdd\u8b77\u3002<\/p>\n<p><strong>\u975e\u7f8e\u570b\u5df2\u958b\u767c\u5e02\u5834\u80a1\u7968\uff1a<\/strong>\u6295\u8cc7\u975e\u7f8e\u570b\u80a1\u7968\u4e3b\u8981\u76ee\u7684\u662f\u5206\u6563\u98a8\u96aa\uff0c\u4e3b\u56e0\u662f\u570b\u5916\u80a1\u5e02\u6210\u9577\u52d5\u80fd\u4e0d\u540c\u65bc\u7f8e\u570b\u80a1\u5e02\uff0c\u4e14\u5916\u5e63\u80fd\u9032\u4e00\u6b65\u5206\u6563\u6295\u8cc7\u98a8\u96aa\u3002<\/p>\n<p><strong>\u65b0\u8208\u5e02\u5834\u80a1\u7968\uff1a<\/strong>\u53f2\u96f2\u751f\u8a8d\u70ba\u9ad8\u98a8\u96aa\u4e0d\u7b49\u540c\u65bc\u9ad8\u5831\u916c\uff0c<a href=/index.html"https:\/\/\/developed-vs-emerging-markets\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834<\/a>\u80a1\u7968\u4e5f\u662f\u5982\u6b64\uff0c\u5f9e\u904e\u53bb\u8cc7\u6599\u4f86\u770b\uff0c\u672a\u80fd\u53d6\u5f97\u8d85\u984d\u5831\u916c\uff0c\u4f46\u53f2\u96f2\u751f\u8a8d\u70ba\u6295\u8cc7\u4eba\u53ef\u914c\u91cf\u6295\u8cc7\uff0c\u4f86\u5f37\u5316\u6295\u8cc7\u7d44\u5408\u7684\u98a8\u96aa\u548c\u5831\u916c\u3002<\/p>\n<p><strong>\u4e0d\u52d5\u7522REITs\uff1a<\/strong>\u53f2\u96f2\u751f\u8a8d\u70ba\u4e0d\u52d5\u7522\u5177\u6709\u6df7\u5408\u7279\u6027\uff0c\u56e0\u70ba\u5b83\u4ecb\u65bc\u9ad8\u98a8\u96aa\u548c\u4f4e\u98a8\u96aa\u4e4b\u9593\uff0c\u53ef\u5728\u6295\u8cc7\u7d44\u5408\u4e2d\u626e\u6f14\u5354\u52a9\u7684\u89d2\u8272\u3002<\/p>\n<p>\u4e0a\u8ff0\u9019\u4e9b\u8cc7\u7522\u985e\u5225\uff0c\u90fd\u53ef\u4ee5\u7528ETF\u7c21\u55ae\u5feb\u901f\u7684\u7d44\u6210\uff0c\u9054\u5230\u4f4e\u6210\u672c\u5206\u6563\u6295\u8cc7\u7684\u6548\u679c\u3002<\/p>\n<p><strong>\u53f2\u96f2\u751f\u8a8d\u70ba\u6295\u8cc7\u7d44\u5408\u5169\u500b\u6700\u91cd\u8981\u7684\u5ba2\u89c0\u56e0\u7d20\u662f\uff1a\u5206\u6563\u6295\u8cc7\u3001\u4ee5\u80a1\u7968\u70ba\u4e3b\u7684\u6295\u8cc7\uff0c<\/strong><\/p>\n<p><strong>\u81f3\u65bc\u4e3b\u89c0\u56e0\u7d20\uff0c\u6295\u8cc7\u4eba\u61c9\u628a\u500b\u4eba\u504f\u597d\u3001\u6295\u8cc7\u6280\u5de7\u3001\u7d93\u6fdf\u72c0\u6cc1\u7d0d\u5165\u8003\u91cf\uff0c\u624d\u662f\u6700\u9069\u5408\u81ea\u5df1\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/strong><\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u4ee5\u4e0b\u8ac7\u8ac7\u6211\u5c0d\u5927\u885b\u53f2\u96f2\u751f\u63d0\u51fa\u7684\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u770b\u6cd5<\/strong><\/p>\n<p>\u4e0a\u9762\u9019\u500b\u914d\u7f6e\uff0c\u662f\u53f2\u96f2\u751f\u5efa\u8b70\u4e00\u822c\u4eba\u53ef\u4ee5\u4f7f\u7528\u7684\u975c\u614b\u8cc7\u7522\u914d\u7f6e\uff0c\u512a\u9ede\u5728\u65bc\u5b83\u662f\u4e00\u500b\u53ef\u4ee5\u7528ETF\u5c31\u53ef\u4ee5\u7c21\u55ae\u5b8c\u6210\u914d\u7f6e\u7684<a href=/index.html"https:\/\/\/what-passive-invest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u88ab\u52d5\u6295\u8cc7<\/a>\u3002<\/p>\n<p>\u7576\u7136\uff0c\u8036\u9b6f\u5927\u5b78\u7684\u6821\u52d9\u57fa\u91d1\u64cd\u4f5c\u96d6\u7136\u4e5f\u662f\u591a\u8cc7\u7522\uff0c\u4f46\u662f\u66f4\u52a0\u591a\u5143\uff0c\u4e14\u4e3b\u52d5\u7a4d\u6975\u64cd\u4f5c\u3001\u52d5\u614b\u8abf\u6574\uff0c\u4e26\u975e\u88ab\u52d5\u6295\u8cc7\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u662f\u76f8\u5c0d\u504f\u91cd\u80a1\u7968\u7684\uff0c\u7528\u610f\u662f\u7a4d\u6975\u627f\u64d4\u98a8\u96aa\uff0c\u4e26\u96a8\u8457\u4f01\u696d\u4e00\u8d77\u6210\u9577\u3002<\/p>\n<p>\u5305\u62ec\u7f8e\u570b\u80a1\u7968\u3001\u975e\u7f8e\u570b\u80a1\u7968\u3001\u65b0\u8208\u5e02\u5834\u3001\u4e0d\u52d5\u7522REIT\uff0c\u5176\u5be6\u90fd\u5c6c\u65bc\u80a1\u7968\u5e02\u5834\u7684\u5c6c\u6027\uff0c\u9019\u4e9b\u52a0\u7e3d\u8d77\u4f86\u5c31\u9ad8\u905470%\u3002<\/p>\n<p>\u5176\u4e2d\uff0c\u5728\u7f8e\u570b\u80a1\u5e02\u3001\u975e\u7f8e\u570b\u5df2\u958b\u767c\u5e02\u5834\u80a1\u7968\u3001\u65b0\u8208\u5e02\u5834\uff0c\u53f2\u96f2\u751f\u6240\u4f7f\u7528\u7684\u6bd4\u4f8b\uff0c\u5176\u5be6\u662f\u76f8\u7576\u63a5\u8fd1\u5168\u7403\u80a1\u7968\u5206\u5e03\u7684\u5e02\u503c\u3002<\/p>\n<p>\u800c\u7f8e\u570b\u516c\u50b5\u3001\u6297\u901a\u81a8\u50b5\uff0c\u52a0\u8d77\u4f86\u5247\u662f\u7d0430%\u3002<\/p>\n<p>\u6211\u89ba\u5f97\u503c\u5f97\u4e00\u63d0\u7684\u9084\u6709\u5169\u9ede\uff0c<\/p>\n<p>\u4e00\u662f\u9019\u500b\u7d44\u5408\u6c92\u6709\u914d\u7f6e\u9ec3\u91d1\u9019\u7a2e\u8cb4\u91d1\u5c6c\uff0c\u9019\u4e5f\u8a31\u8ddf\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u7406\u5ff5\u6709\u95dc\uff0c\u6211\u5011\u5728\u5176\u4ed6\u4e00\u4e9b\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u4e2d\u5176\u5be6\u53ef\u4ee5\u883b\u5e38\u770b\u5230\u9ec3\u91d1\u7684\u914d\u7f6e\uff0c<\/p>\n<p>\u4e8c\u662fREITs\u7684\u6bd4\u91cd\u76f8\u7576\u9ad8\u3002<\/p>\n<p>\u6211\u8a8d\u70ba\u9019\u8ddf\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u53ca\u6240\u8655\u7684\u6642\u671f\u6709\u95dc\uff0c\u56e0\u70ba\u5b83\u63d0\u51fa\u9019\u7d44\u5408\u5927\u7d04\u662f2000\u5e74\u51fa\u982d\uff0c<\/p>\n<p>\u7576\u6642\u7684\u9ec3\u91d1\u525b\u7d93\u6b77\u904e\u5f88\u9577\u4e00\u6bb5\u6642\u9593\u7684\u7a7a\u982d\uff0c\u540c\u6642\u671f\u80a1\u5e02\u50b5\u5e02\u7684\u8868\u73fe\u90fd\u9060\u9060\u52dd\u904e\u9ec3\u91d1\u3002<\/p>\n<p>\u800c\u7576\u6642REITs\u5176\u5be6\u9084\u5728\u525b\u8d77\u6b65\u7684\u968e\u6bb5\uff0c\u5e02\u5834\u898f\u6a21\u9060\u9060\u6c92\u6709\u4eca\u5929\u90a3\u9ebc\u5927\uff0c\u4f46\u5f8c\u4f86REITs\u767c\u5c55\u8d8a\u4f86\u8d8a\u5927\uff0c\u8d8a\u4f86\u8d8a\u591a\u80a1\u7968\u4e0a\u5e02\u516c\u53f8\u578b\u614b\u8f49\u70baREITs\u578b\u614b\uff0c\u56e0\u6b64\u4eca\u5929\u7684REITs\u5e02\u5834\u5728\u50f9\u683c\u98a8\u96aa\u8868\u73fe\u4e0a\u5176\u5be6\u8ddf\u80a1\u662f\u76f8\u7576\u63a5\u8fd1\uff0c\u4f46\u57282000\u5e74\u521d\u6642\u4e26\u975e\u5982\u6b64\uff0c<\/p>\n<p>\u57282000\u5e74\u521d\u6642\uff0cREITs\u5e02\u5834\u751a\u81f3\u6c92\u6709\u53d7\u5230\u7db2\u8def\u6ce1\u6cab\u5f71\u97ff\uff0c\u57282001-2003\u5e74\u7a7a\u982d\u5e02\u5834\u4e2d\u8868\u73fe\u76f8\u7576\u5f37\u52e2\u7684\u8cc7\u7522\u3002<\/p>\n<p>\u4f46\u5f8c\u4f86\u57282008\u5e74\u91d1\u878d\u6d77\u562f\u6b21\u8cb8\u5371\u6a5f\u6642\uff0c\u8a31\u591a\u623f\u8cb8\u9055\u7d04\uff0c\u9019\u6642REITs\u8868\u73fe\u751a\u81f3\u6bd4\u5927\u591a\u80a1\u5e02\u9084\u8981\u66f4\u7cdf\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u7e3d\u4e4b\uff0c\u5927\u885b\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u7d44\u5408\u6211\u8a8d\u70ba\u662f\u53ef\u884c\u7684\uff0c\u5c6c\u65bc\u4e00\u7a2e\u504f\u7a4d\u6975\u7684\u7b56\u7565\uff0c\u6709\u5b83\u7684\u98a8\u96aa\u5c6c\u6027\u98a8\u683c\u53ca\u6642\u4ee3\u80cc\u666f\u7279\u6027\u5728\uff0c<\/p>\n<p>\u500b\u4eba\u53ef\u4ee5\u6839\u64da\u81ea\u5df1\u7684\u72c0\u6cc1\uff0c\u4ee5\u53ca\u6839\u64da\u7576\u4e0b\u6642\u4ee3\u80cc\u666f\uff0c\u5c0d\u5404\u7a2e\u8cc7\u7522\u505a\u51fa\u5408\u9069\u7684\u8abf\u6574\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E6%8A%95%E8%B3%87%E7%B5%84%E5%90%88%EF%BC%88David_Swensen_Portfolio%EF%BC%89%E7%B8%BE%E6%95%88%E8%A1%A8%E7%8F%BE\"><\/span>\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408\uff08David Swensen Portfolio\uff09\u7e3e\u6548\u8868\u73fe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4e0b\u8868\u7d71\u8a08 1997 \u5e74\u5230 2021 \u5e74 5 \u6708\uff0c\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408\u8207\u6a19\u6e96\u666e\u723e 500 \u6307\u6578\u7e3e\u6548\uff0c<\/p>\n<p>\u85cd\u7dda\u70ba\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408\uff0c\u7d05\u7dda\u70ba\u6a19\u6e96\u666e\u723e 500 \u6307\u6578\uff0c\u5169\u8005\u76f8\u7576\u63a5\u8fd1\uff0c\u591a\u6578\u6642\u9593\u52dd\u904e\u5927\u76e4\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54881\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132818_99.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f7 \" width=\"1502\" height=\"795\" \/><\/p>\n<p>\u7576\u7136\uff0c\u9019\u8ddf\u7d71\u8a08\u958b\u59cb\u7684\u6642\u9593\u6709\u95dc\uff0c<\/p>\n<p>\u4e3b\u8981\u5dee\u7570\u5728\u65bc2001-2003\u5e74\uff0c\u56e0\u70baREITs\u7684\u914d\u7f6e\uff0c\u56e0\u6b64\u98a8\u96aa\u6bd4\u8f03\u4f4e\u3002\u4f46\u5728\u5f8c\u4f86\u7684\u80a1\u5e02\u7a7a\u982d\u4e2dREITs\u5c31\u6c92\u6709\u90a3\u9ebc\u4f4e\u7684\u98a8\u96aa\u3002<\/p>\n<p>\u53e6\u5916\u56e0\u70ba\u914d\u7f6e\u90e8\u5206\u50b5\u5238\uff0c\u56e0\u6b64\u57282008\u5e74\u8868\u73fe\u4e5f\u7565\u52dd\u5927\u76e4\uff0c<\/p>\n<p>\u4f46\u57282009\u5e74\u4ee5\u5f8c\u7684\u5927\u591a\u982d\u5e02\u5834\uff0c\u56e0\u70ba\u4e0d\u662f100%\u914d\u7f6e\u80a1\u7968\u7684\u56e0\u7d20\uff0c\u6240\u4ee5\u8868\u73fe\u6709\u6f38\u6f38\u88abS&amp;P500\u8ffd\u4e0a\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u88dc\u5145\uff1a\u5982\u679c\u8ddf\u80a1\u796870%\u3001\u50b5\u523830%\u6bd4\u8f03\u5462\uff1f<\/p>\n<p>\u56e0\u70ba\u53f2\u96f2\u751f\u5efa\u8b70\u7684\u7d44\u5408\uff0c\u5982\u679c\u55ae\u770b\u6027\u8cea\uff0c\u80a1\u7968\u662f70%\uff0c\u4f46\u5305\u542b\u4e86\u570b\u969b\u80a1\u7968\u53caREITs\u3002\u5269\u4e0b30%\u5247\u662f\u50b5\u5238\u3002<\/p>\n<p>\u8ddf\u55ae\u7d14\u7f8e\u80a1\u7f8e\u50b570%\/30%\u505a\u6bd4\u8f03\uff0c\u5176\u5be6\u5169\u8005\u7e3e\u6548\u662f\u63a5\u8fd1\u7684\uff0c\u6211\u8a8d\u70ba\u5dee\u7570\u6c92\u6709\u90a3\u9ebc\u5927\u3002<\/p>\n<p>\u56e0\u6b64\u8981\u600e\u9ebc\u914d\u7f6e\uff0c\u5c31\u7aef\u770b\u500b\u4eba\u7684\u9078\u64c7\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E6%8A%95%E8%B3%87%E5%BB%BA%E8%AD%B0%E5%93%AA%E8%A3%A1%E7%9C%8B%EF%BC%9F\"><\/span>\u53f2\u96f2\u751f\u7684\u6295\u8cc7\u5efa\u8b70\u54ea\u88e1\u770b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=/index.html"https:\/\/yalealumnimagazine.org\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u6821\u53cb\u96dc\u8a8c\uff08Yale Alumni Magazine\uff09<\/a>\u7db2\u7ad9\u6709\u5f88\u591a\u95dc\u65bc\u53f2\u96f2\u751f\u7684\u5831\u5c0e\u63a1\u8a2a\uff0c<\/p>\n<p>\u5176\u4e2d\u6700\u5b8c\u6574\u7684\u6307\u5357\u662f\u9019\u7bc7\uff1a<a href=/index.html"https:\/\/yalealumnimagazine.org\/articles\/2398-david-swensen-s-guide-to-sleeping-soundly\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">David Swensen&#8217;s guide to sleeping soundly<\/a>\u3002<\/p>\n<p>\u53e6\u5916<a href=/index.html"https:\/\/investments.yale.edu\/reports\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u5b98\u7db2<\/a>\uff0c\u4e5f\u6709\u6b77\u5e74\u7684\u6295\u8cc7\u7d00\u9304\u53ef\u4ee5\u67e5\u8a62\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%E5%8F%B2%E9%9B%B2%E7%94%9F%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\u53f2\u96f2\u751f\u6295\u8cc7\u54f2\u5b78\u7d66\u6211\u5011\u7684\u555f\u767c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>1. \u4e86\u89e3\u5c0d\u8036\u9b6f\u6a21\u5f0f\u7684\u8aa4\u89e3\u8207\u4fb7\u9650\u6027<\/strong><\/p>\n<p>\u8a31\u591a\u4eba\u5f88\u5bb9\u6613\u5c07\u8036\u9b6f\u6a21\u5f0f\u548c\u53f2\u96f2\u751f\u6295\u8cc7\u7d44\u5408 \uff08David Swensen Portfolio\uff09\u6df7\u70ba\u4e00\u8ac7\uff0c\u4e8b\u5be6\u4e0a\u5169\u8005\u9084\u662f\u6709\u5f88\u5927\u5dee\u7570\uff0c<\/p>\n<p>\u8036\u9b6f\u5927\u5b78\u6821\u52d9\u57fa\u91d1\u7684\u53e6\u985e\u6295\u8cc7\uff0c\u6709\u4e9b\u53ea\u6709\u6a5f\u69cb\u6295\u8cc7\u4eba\u624d\u63a5\u89f8\u5f97\u5230\uff0c\u50cf\u662f\u79c1\u52df\u80a1\u6b0a\u3001\u907f\u96aa\u57fa\u91d1\u548c VC\u5275\u6295\u7b49\u3002<\/p>\n<p>\u8036\u9b6f\u6a21\u5f0f\u56e0\u70ba\u5b83\u5275\u65b0\u7684\u6a21\u5f0f\uff0c\u53ca\u6210\u529f\u7684\u7e3e\u6548\u7d00\u9304\uff0c\u5c0d\u8a31\u591a\u6a5f\u69cb\u6295\u8cc7\u4eba\u53ca\u500b\u4eba\u6709\u6240\u555f\u767c\uff0c\u4f46\u5c0d\u65bc\u666e\u901a\u4eba\u4f86\u8aaa\u5b83\u4ecd\u6709\u5f88\u591a\u9650\u5236\u3002<\/p>\n<p>\u4e00\u822c\u6295\u8cc7\u4eba\u5fc5\u9808\u4e86\u89e3\u5230\u904b\u7528\u8036\u9b6f\u6a21\u5f0f\u7684\u4fb7\u9650\u6027:<\/p>\n<p><strong>\u7b2c\u4e00\uff0c\u6821\u52d9\u57fa\u91d1\u6709\u6821\u53cb\u9f90\u5927\u6350\u6b3e\u4f5c\u70ba\u652f\u6490\uff0c\u63d0\u4f9b\u6e90\u6e90\u4e0d\u65b7\u7684\u73fe\u91d1\u6d41\u3002<\/strong><\/p>\n<p><strong>\u7b2c\u4e8c\uff0c\u8036\u9b6f\u6a21\u5f0f\u6295\u8cc7\u7d44\u5408\u4ee5\u53e6\u985e\u6295\u8cc7\u70ba\u6838\u5fc3\uff0c\u63a1\u53d6\u6bd4\u8f03\u6fc0\u9032\u7684\u914d\u7f6e\uff0c\u8a31\u591a\u91d1\u878d\u7522\u54c1\u5c6c\u65bc\u6d41\u52d5\u6027\u8f03\u4f4e\u3001\u98a8\u96aa\u8f03\u9ad8\uff0c\u4e14\u9580\u6abb\u9ad8\u7684\u5546\u54c1\u3002<\/strong><\/p>\n<p><strong>\u7b2c\u4e09\uff0c\u4e5f\u662f\u6700\u91cd\u8981\u7684\uff0c\u8a72\u57fa\u91d1\u64cd\u76e4\u624b\u662f\u53f2\u96f2\u751f\uff0c\u4e00\u822c\u4eba\u6c92\u6709\u4ed6\u90a3\u9ebc\u9ad8\u8d85\u7684\u6295\u8cc7\u6280\u5de7\u3002<\/strong><\/p>\n<p>\u7d9c\u5408\u4ee5\u4e0a\u4e09\u9ede\uff0c\u4e00\u822c\u6295\u8cc7\u4eba\u57fa\u672c\u4e0a\u5f88\u96e3\u8907\u88fd\u8036\u9b6f\u6a21\u5f0f\uff0c<\/p>\n<p>\u4e0d\u904e\u4e00\u65b9\u9762\u6211\u5011\u53ef\u4ee5\u5f9e\u8036\u9b6f\u6a21\u5f0f\u7684\u6295\u8cc7\u54f2\u5b78\u53ca\u8cc7\u7522\u914d\u7f6e\u5167\u5bb9\u4e2d\u53bb\u5b78\u7fd2\uff0c<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\u53ef\u4ee5\u4f7f\u7528\u53f2\u96f2\u751f\u63d0\u51fa\u7684\u7c21\u55ae\u975c\u614b\u8cc7\u7522\u914d\u7f6e\uff0c\u9019\u662f\u4e00\u822c\u5927\u773e\u66f4\u5bb9\u6613\u8907\u88fd\u7684\u65b9\u6cd5\u3002<\/p>\n<p><strong>2. \u5f37\u8abf\u57fa\u672c\u6295\u8cc7\u539f\u5247\u7684\u91cd\u8981\u6027<\/strong><\/p>\n<p>\u53f2\u96f2\u751f\u7d66\u6563\u6236\u7684\u5efa\u8b70\uff1a<\/p>\n<blockquote><p>\u300c\u6700\u660e\u667a\u7684\u65b9\u6cd5\u662f\u5236\u5b9a\u8cc7\u7522\u914d\u7f6e\u76ee\u6a19\uff0c\u4e26\u900f\u904e\u4f4e\u6210\u672c\u3001\u88ab\u52d5\u5f0f\u7ba1\u7406\u7684\u6307\u6578\u57fa\u91d1\u5be6\u65bd\u76ee\u6a19\uff0c\u5b9a\u671f\u518d\u5e73\u8861\uff0c\u4f60\u6700\u7d42\u6703\u64ca\u6557\u91d1\u878d\u5e02\u5834\u7d55\u5927\u591a\u6578\u7684\u6295\u8cc7\u4eba\u3002\u300d- \u5927\u885b\u53f2\u96f2\u751f (<a href=/index.html"https:\/\/yalealumnimagazine.org\/articles\/2398-david-swensen-s-guide-to-sleeping-soundly\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u51fa\u8655<\/a>)<\/p><\/blockquote>\n<p>\u4e0a\u9762\u9019\u53e5\u8a71\u5e7e\u4e4e\u5df2\u6982\u8ff0\u300a\u8036\u9b6f\u64cd\u76e4\u624b\u300b\u5168\u66f8\u7684\u5167\u5bb9\uff0c<\/p>\n<p><strong>\u53f2\u96f2\u751f\u5f37\u8abf\u57fa\u672c\u6295\u8cc7\u539f\u5247\u7684\u91cd\u8981\u6027\uff1a\u5805\u6301\u7406\u5ff5\u3001\u4e0d\u8ffd\u96a8\u4e3b\u6d41\u610f\u898b\u3001\u505a\u597d\u8cc7\u7522\u914d\u7f6e\u3001\u63d0\u5021\u4ee5\u80a1\u7968\u6295\u8cc7\u70ba\u4e3b\u3001\u5206\u6563\u591a\u5143\u5316\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/strong><\/p>\n<p>\u4ed6\u5728\u66f8\u4e2d\u4e0d\u8ac7\u5927\u9053\u7406\uff0c\u800c\u662f\u904b\u7528\u5404\u7a2e\u6578\u64da\u548c\u6848\u4f8b\uff0c\u544a\u8a34\u4f60\u5982\u4f55\u5728\u96aa\u60e1\u5e02\u5834\u4e2d\u751f\u5b58\uff0c\u907f\u514d\u6295\u8cc7\u4eba\u7e5e\u9060\u8def\u3002<\/p>\n<p><strong>3. \u907f\u514d\u4e3b\u52d5\u5f0f\u64cd\u4f5c\uff0c\u7559\u610f\u5171\u540c\u57fa\u91d1\u7684\u9ad8\u984d\u8cbb\u7528<\/strong><\/p>\n<p>\u5e02\u5834\u5148\u751f\u8a8d\u70ba\u9019\u672c\u66f8\u7279\u5225\u9069\u5408\u90a3\u4e9b\uff1a\u76f8\u4fe1\u81ea\u5df1\u80fd\u6253\u6557\u5927\u76e4\uff0c\u5c07\u6295\u8cc7\u4e3b\u5c0e\u6b0a\u4ea4\u7d66\u91d1\u878d\u696d\u8005\uff0c\u6216\u662f\u525b\u8e0f\u5165\u80a1\u5e02\u7684\u6295\u8cc7\u4eba\u95b1\u8b80\uff0c\u66f8\u4e2d\u6233\u7834\u8a31\u591a\u4e3b\u6d41\u8ff7\u601d\uff0c\u4e26\u5206\u6790\u70ba\u4f55\u53cd\u5411\u6295\u8cc7\u5982\u6b64\u91cd\u8981\u3002<\/p>\n<p>\u4ee5\u4e0b\u554f\u7b54\u5f15\u81ea <a href=/index.html"https:\/\/www.npr.org\/2015\/10\/17\/436993646\/three-investment-gurus-share-their-model-portfolios\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">NPR<\/a> <a href=/index.html"https:\/\/yalealumnimagazine.org\/articles\/2398-david-swensen-s-guide-to-sleeping-soundly\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u63a1\u8a2a<\/a>\uff1a<\/p>\n<p>Q. \u63d0\u554f\u4eba\uff1a\u300c\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u63a1\u7528\u53cd\u5411\u6295\u8cc7\u7b56\u7565\u5341\u5206\u56f0\u96e3\uff0c\u6211\u60f3\u9019\u5c31\u662f\u4f60\u4e0d\u8a8d\u540c\u591a\u6578\u6295\u8cc7\u4eba\u61c9\u8a72\u4e3b\u52d5\u5f0f\u9078\u80a1\u7684\u539f\u56e0\u4e4b\u4e00\u3002\u300d<\/p>\n<p>A. \u53f2\u96f2\u751f\uff1a\u300c\u5b8c\u5168\u6b63\u78ba\uff0c\u6295\u8cc7\u4eba\u6bcf\u9031\u82b1\u6578\u500b\u5c0f\u6642\u7814\u7a76\u80a1\u7968\uff0c\u4e0d\u53ef\u80fd\u8207\u90a3\u4e9b\u624d\u83ef\u6a6b\u6ea2\u3001\u7d20\u8cea\u9ad8\u8d85\u3001\u53d7\u904e\u826f\u597d\u6559\u80b2\u7684\u4eba\u7af6\u722d\uff0c\u9019\u662f\u4e00\u5834\u4e0d\u516c\u5e73\u7684\u6230\u9b25\uff0c\u6bd4\u8cfd\u7d50\u675f\u524d\uff0c\u4f60\u5c31\u5df2\u7d93\u77e5\u9053\u8ab0\u6703\u7372\u52dd\u3002\u300a\u8036\u9b6f\u64cd\u76e4\u624b\u300b\u9019\u672c\u66f8\u662f\u5beb\u7d66\uff08\u4f54\u5e02\u5834\u591a\u6578\uff09\u7121\u6cd5\u7a4d\u6975\u7ba1\u7406\u6295\u8cc7\u7d44\u5408\u7684\u6295\u8cc7\u4eba\u548c\u6a5f\u69cb\u770b\u7684\uff0c\uff08\u5728\u5e02\u5834\u4e2d\uff09\u5e7e\u4e4e\u6bcf\u500b\u4eba\u90fd\u8655\u65bc\u88ab\u52d5\u7aef\uff0c\u6975\u5c11\u8655\u65bc\u4e3b\u52d5\u7aef\uff0c\u4e0d\u5e78\u7684\u662f\uff0c\u591a\u6578\u6295\u8cc7\u4eba\u767c\u73fe\u81ea\u5df1\u4ecb\u65bc\u5169\u8005\u4e4b\u9593\uff0c\u9078\u64c7\u652f\u4ed8\u91d1\u878d\u696d\u8005\u9ad8\u984d\u8cbb\u7528\uff0c\u4f46\u6700\u7d42\u7684\u6de8\u56de\u5831\u4ee4\u4eba\u5931\u671b\u3002\u300d<\/p>\n<p>\u5e02\u5834\u5148\u751f\u7c21\u55ae\u89e3\u91cb\u4ed6\u7684\u610f\u601d\uff1a\u5982\u679c\u9078\u64c7\u5728\u91d1\u878d\u5e02\u5834\u4e2d\u7af6\u722d\uff0c\u60f3\u8981\u53d6\u5f97\u66f4\u597d\u6642\u6a5f\u6216\u8005\u6311\u51fa\u5225\u4eba\u6c92\u767c\u89ba\u7684\u80a1\u7968\uff0c\u90a3\u5c0d\u666e\u901a\u4eba\u4f86\u8aaa\u975e\u5e38\u56f0\u96e3\uff0c\u8cc7\u8a0a\u3001\u5de5\u5177\u3001\u80fd\u529b\u90fd\u548c\u91d1\u878d\u9818\u57df\u7684\u6a5f\u69cb\u6cd5\u4eba\u6709\u5de8\u5927\u843d\u5dee\uff0c\u6563\u6236\u76f8\u7576\u4e0d\u5229\u3002<\/p>\n<p>\u800c\u8a31\u591a\u4e3b\u52d5\u57fa\u91d1\u6216\u8005\u500b\u4eba\u81ea\u5df1\u7684\u64cd\u4f5c\uff0c\u5247\u662f\u9700\u8981\u4ed8\u51fa\u9ad8\u984d\u8cbb\u7528\uff0c\u5373\u4f7f\u6295\u8cc7\u7d50\u679c\u8d85\u8d8a\u6307\u6578\uff0c\u4f46\u6263\u9664\u8cbb\u7528\u4e4b\u5f8c\u53ef\u80fd\u6c92\u8d0f\u591a\u5c11\u751a\u81f3\u843d\u5f8c\u3002<\/p>\n<p>\u56e0\u6b64\u53cd\u904e\u63a1\u7528\u88ab\u52d5\u6295\u8cc7\uff0c\u770b\u4f3c\u6c92\u8fa6\u6cd5\u8ffd\u6c42\u9ad8\u5831\u916c\uff0c\u4f46\u4e5f\u7701\u4e0b\u8cbb\u7528\uff0c\u5f97\u5230\u57fa\u790e\u5831\u916c\uff0c\u4e5f\u7701\u4e0b\u8a31\u591a\u6642\u9593\uff0c\u5176\u5be6\u7d50\u679c\u4e26\u4e0d\u4e00\u5b9a\u6bd4\u8f03\u5dee\uff0c\u9019\u65b9\u6cd5\u53ef\u80fd\u66f4\u9069\u5408\u5927\u591a\u6578\u6295\u8cc7\u4eba\u3002<\/p>\n<p>&#8212;<\/p>\n<p>\u4e0b\u4e00\u7bc7\uff0c\u5206\u4eab\u5927\u885b\u53f2\u96f2\u751f\u77e5\u540d\u8457\u4f5c\u300a\u8036\u9b6f\u64cd\u76e4\u624b\u300b\u7684\u8b80\u66f8\u7b46\u8a18\uff0c<\/p>\n<p>\u53ef\u4ee5\u7e7c\u7e8c\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/unconventional-success-book\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8036\u9b6f\u64cd\u76e4\u624b\uff0d\u8b80\u66f8\u7b46\u8a18<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%8F%B2%E9%9B%B2%E7%94%9F%E7%9A%84%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\"><\/span>\u53f2\u96f2\u751f\u7684\u53c3\u8003\u66f8\u7c4d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1. \u300a<a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010834750?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\">\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u975e\u5178\u578b\u6210\u529f<\/a>\u300b<\/p>\n<p>\u66f8\u540d\u6e90\u81ea\u51f1\u6069\u65af\u540d\u8a00\uff1a\u300c\u666e\u4e16\u7684\u667a\u6167\u6559\u5c0e\u4eba\u5011\u5be7\u53ef\u4f9d\u5faa\u50b3\u7d71\u800c\u5931\u6557\uff0c\u537b\u4e0d\u9858\u610f\u6253\u7834\u50b3\u7d71\u800c\u6210\u529f\u3002\u300d\u53f2\u96f2\u751f\u5efa\u8b70\u6295\u8cc7\u4eba\u63a1\u53d6\u975e\u5178\u578b\u505a\u6cd5\uff0c\u900f\u904e\u8cc7\u7522\u914d\u7f6e\uff0c\u5206\u6563\u6295\u8cc7\u7d44\u5408\uff0c\u624d\u80fd\u5920\u5728\u5e02\u5834\u9577\u671f\u7372\u5229\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54882\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132901_2.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f8 \" width=\"297\" height=\"416\" \/><\/p>\n<p>2. \u300a\u958b\u5275\u6027\u6295\u8cc7\u7d44\u5408\u7ba1\u7406\uff1a\u975e\u5e38\u898f\u6a5f\u69cb\u6295\u8cc7\u65b9\u6cd5\u300b<\/p>\n<p>\u66f8\u4e2d\u4ee5\u53f2\u96f2\u751f\u64d4\u4efb\u8036\u9b6f\u5927\u5b78\u6295\u8cc7\u9577\u7684\u7d93\u9a57\u548c\u6848\u4f8b\u70ba\u4e3b\uff0c\u4ed6\u7684\u6295\u8cc7\u54f2\u5b78\u4e5f\u662f\u8a31\u591a\u6a5f\u69cb\u7ba1\u7406\u8cc7\u91d1\u7684\u5178\u7bc4\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54883\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230620132923_50.jpg\" alt=\"\u8036\u9b6f\u64cd\u76e4\u624b\uff1a\u5927\u885b\uff0e\u53f2\u96f2\u751f9 \" width=\"242\" height=\"366\" \/><\/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>\u5927\u885b\uff0e\u53f2\u96f2\u751f\uff08David F. Swensen\uff09\u70ba\u8036\u9b6f\u5927\u5b78\u9996\u5e2d\u6295\u8cc7\u9577\uff0c\u7ba1\u7406\u8d85\u904e 140 \u5104\u7f8e\u5143\u7684\u6821\u52d9\u8cc7\u7522\uff0c \u5728 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":54873,"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":"Mr.Market\u5e02\u5834\u5148\u751f","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20230620132137_73.jpg","jetpack-related-posts":[{"id":7883,"url":"https:\/\/\/unconventional-success-book\/","url_meta":{"origin":54854,"position":0},"title":"\u300a\u8036\u9b6f\u64cd\u76e4\u624b-\u975e\u5178\u578b\u6210\u529f\u300b\u8b80\u66f8\u7b46\u8a18: \u6709\u4e00\u5957\u6700\u597d\u7684\u8cc7\u7522\u914d\u7f6e\u7b56\u7565\u55ce\uff1f","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2020-01-05","format":false,"excerpt":"\u4eca\u5929\u5e02\u5834\u5148\u751f\u5206\u4eab\u300a\u8036\u9b6f\u64cd\u76e4\u624b \u975e\u5178\u578b\u6210\u529f\u300b\u9019\u672c\u66f8\uff0c \u9019\u662f\u4e00\u672c\u7a0d\u5fae\u6709\u9ede\u6b77\u53f2\u5e74\u4ee3\u7684\u66f8\u7c4d\u3002 \u4f5c\u8005\u5927\u885b\u53f2\u96f2\u751f\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\/20200105000316_69.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200105000316_69.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200105000316_69.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200105000316_69.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7510,"url":"https:\/\/\/2019-11-books\/","url_meta":{"origin":54854,"position":1},"title":"2019\u300b11\u6708\u5e02\u5834\u5148\u751f\u63a8\u85a6\u66f8\u55ae","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2019-11-07","format":false,"excerpt":"\u672c\u6708\u5e02\u5834\u5148\u751f\u6311\u9078\u4e86\u5e7e\u672c\u6709\u8da3\u7684\u66f8\u55ae\uff0c \u9019\u500b\u6708\u525b\u597d\u9078\u5230\u90fd\u662f\u6295\u8cc7\u7406\u8ca1\u985e\u66f8\u7c4d\uff0c\u4ee5\u4e0b\u5206\u4eab\u7d66\u4f60\uff1a \u3010\u8a8d\u8b58\u91d1\u878d\u3011 \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\/20191107011056_72.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20191107011056_72.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20191107011056_72.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20191107011056_72.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":11077,"url":"https:\/\/\/etoro-steve-dave\/","url_meta":{"origin":54854,"position":2},"title":"\u53f2\u8482\u592b\u548c\u6234\u592b\u5ee3\u544a\u300beToro\u300c\u8907\u88fd\u8ddf\u55ae\u300d\u53ef\u884c\u55ce\uff1f\u80cc\u5f8c\u4f60\u61c9\u8a72\u77e5\u9053\u7684\u6295\u8cc7\u7406\u8ca1\u89c0\u5ff5","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2020-06-04","format":false,"excerpt":"\u9019\u7bc7\u6587\u7ae0\u4e0d\u662f\u8981\u8ddf\u4f60\u4ecb\u7d39\u5982\u4f55\u8907\u88fd\u5225\u4eba\u7684\u8ddf\u55ae\u6295\u8cc7\uff0c \u800c\u662f\u60f3\u8ac7\u8ac7\u4e00\u4e9b\u5728\u6295\u8cc7\u4e2d\uff0c\u6211\u5011\u61c9\u8a72\u8981\u5177\u5099\u7684\u6b63\u78ba\u89c0\u9ede\u3002 \u2026","rel":"","context":"\u5728\u300c\u8cc7\u7522\u914d\u7f6e\u300d\u4e2d","block_context":{"text":"\u8cc7\u7522\u914d\u7f6e","link":"https:\/\/\/category\/invest-master\/asset-allocation\/"},"img":{"alt_text":"\u53f2\u8482\u592b\u6234\u592b","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200604174132_21.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200604174132_21.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200604174132_21.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20200604174132_21.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":26010,"url":"https:\/\/\/news-invest-tools-and-methods\/","url_meta":{"origin":54854,"position":3},"title":"\u65b0\u624b\u8a72\u5982\u4f55\u6295\u8cc7\uff1f10\u500b\u5e38\u898b\u6295\u8cc7\u5de5\u5177\u65b9\u6cd5\u5206\u6790","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-10-08","format":false,"excerpt":"\u738b\u5c0f\u660e\u662f\u500b\u525b\u51fa\u793e\u6703\u7684\u65b0\u9bae\u4eba\uff0c\u5de5\u4f5c\u4e86\u5169\u4e09\u5e74\u5f8c\uff0c\u624b\u908a\u7d42\u65bc\u5b58\u5230\u4e86\u516d\u4f4d\u6578\u7684\u5b58\u6b3e\uff0c \u6b64\u6642\u8eab\u908a\u7684\u540c\u4e8b\u544a\u8a34\u4ed6\uff1a\u300c\u4f60\u2026","rel":"","context":"\u5728\u300c\u7406\u8ca1\u5165\u9580\u77e5\u8b58\u300d\u4e2d","block_context":{"text":"\u7406\u8ca1\u5165\u9580\u77e5\u8b58","link":"https:\/\/\/category\/personal-financial-planning\/invest-interest\/"},"img":{"alt_text":"\u6295\u8cc7\u5de5\u5177-\u6295\u8cc7\u65b9\u6cd5","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20221017190146_72.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":18322,"url":"https:\/\/\/what-is-wilshire-5000-index\/","url_meta":{"origin":54854,"position":4},"title":"\u5a01\u723e\u590f5000\u662f\u4ec0\u9ebc\uff1f\u6700\u5b8c\u6574\u7684\u5a01\u723e\u590f5000\u6307\u6578\u8a72\u6295\u8cc7\u6307\u5357","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2021-02-12","format":false,"excerpt":"\u63d0\u5230\u80a1\u7968\u6307\u6578\u6642\uff0c\u5927\u5bb6\u901a\u5e38\u6703\u60f3\u5230\u7f8e\u80a13\u5927\u6307\u6578\uff1a \u6a19\u666e500(S&P500)\u6307\u6578\u3001\u90a3\u65af\u9054\u514b(Na\u2026","rel":"","context":"\u5728\u300c\u91cd\u8981\u6307\u6578\u300d\u4e2d","block_context":{"text":"\u91cd\u8981\u6307\u6578","link":"https:\/\/\/category\/learn-invest\/index\/"},"img":{"alt_text":"\u5a01\u723e\u590f5000\u6307\u6578","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220713092616_34.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":34337,"url":"https:\/\/\/todd-combs-and-ted-weschler\/","url_meta":{"origin":54854,"position":5},"title":"\u80a1\u795e\u5df4\u83f2\u7279\u6295\u8cc7\u63a5\u73ed\u4eba\u300bTodd Combs \u548c Ted Weschler \u4ecb\u7d39","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2022-04-12","format":false,"excerpt":"\u96a8\u8457\u80a1\u795e\u5df4\u83f2\u7279\u8207\u4ed6\u7684\u5925\u4f34\u67e5\u7406\u00b7\u8499\u683c\u90fd\u5df2\u8d85\u904e90\u6b72\u9ad8\u9f61\uff0c\u5916\u754c\u6700\u95dc\u5fc3\u7684\u4e8b\u83ab\u904e\u65bc\u638c\u7ba1\u4e94\u5343\u5104\u7f8e\u5143\u7684\u6ce2\u514b\u590f\u63a5\u4e0b\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":"\u80a1\u795e\u5df4\u83f2\u7279\u6295\u8cc7\u63a5\u73ed\u4eba","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220406220656_36.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220406220656_36.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220406220656_36.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220406220656_36.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/54854"}],"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=54854"}],"version-history":[{"count":3,"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/54854\/revisions"}],"predecessor-version":[{"id":55316,"href":"https:\/\/\/wp-json\/wp\/v2\/posts\/54854\/revisions\/55316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/media\/54873"}],"wp:attachment":[{"href":"https:\/\/\/wp-json\/wp\/v2\/media?parent=54854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/categories?post=54854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/tags?post=54854"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/\/wp-json\/wp\/v2\/table_tags?post=54854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}