{"id":54967,"date":"2023-07-08T15:26:03","date_gmt":"2023-07-08T07:26:03","guid":{"rendered":"https:\/\/\/?p=54967"},"modified":"2024-03-18T10:32:37","modified_gmt":"2024-03-18T02:32:37","slug":"ray-dalio-bridgewater-associates","status":"publish","type":"post","link":"https:\/\/\/ray-dalio-bridgewater-associates\/","title":{"rendered":"\u745e\uff0e\u9054\u5229\u6b50 \u300b\u5275\u7acb\u5168\u7403\u6700\u5927\u907f\u96aa\u516c\u53f8\uff0d\u6a4b\u6c34\u5275\u8fa6\u4eba"},"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-54987\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621151925_35.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b50 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(\u81f32023\u5e74\u4e2d\u6578\u64da)\u3002<\/p>\n<p>\u745e\u9054\u5229\u6b5026\u6b72\u6642\u906d\u5230\u6295\u8cc7\u516c\u53f8\u89e3\u50f1\uff0c\u5f8c\u4f86\u767d\u624b\u8d77\u5bb6\u5275\u8fa6\u6a4b\u6c34\uff0c\u622a\u81f32015\u5e74\u5e74\u5e95\uff0c\u76c8\u5229\u8d85\u904e450\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4ed6\u66f4\u57282007\u5e74\u6210\u529f\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\uff0c\u7576\u5e74\u907f\u96aa\u57fa\u91d1\u884c\u696d\u5e73\u5747\u8667\u640d19%\uff0c\u6a4b\u6c34\u65d7\u8266\u57fa\u91d1\u5831\u916c\u8d85\u904e14%\u3002<\/p>\n<p>\u672c\u6587\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u745e\u9054\u5229\u6b50\u7684\u751f\u5e73\uff0c\u7368\u5275\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u4ee5\u53ca\u6a4b\u6c34\u8eb2\u904e\u50b5\u52d9\u5371\u6a5f\u904b\u7528\u7684\u539f\u5247\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 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data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6a4b\u6c34\u57fa\u91d1\u6210\u529f\u6848\u4f8b\u8207\u6c7a\u7b56\u5de5\u5177<\/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:\/\/\/ray-dalio-bridgewater-associates\/#%E6%88%90%E5%8A%9F%E6%A1%88%E4%BE%8B%E4%B8%80%EF%BC%9A2007%E5%B9%B4%EF%BC%8C%E9%A0%90%E6%B8%AC%E6%AC%A1%E8%B2%B8%E5%8D%B1%E6%A9%9F%E7%88%86%E7%99%BC\" title=\"\u6210\u529f\u6848\u4f8b\u4e00\uff1a2007\u5e74\uff0c\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\u7206\u767c\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6210\u529f\u6848\u4f8b\u4e00\uff1a2007\u5e74\uff0c\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\u7206\u767c<\/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:\/\/\/ray-dalio-bridgewater-associates\/#%E6%88%90%E5%8A%9F%E6%A1%88%E4%BE%8B%E4%BA%8C%EF%BC%9A2010%E5%B9%B4%EF%BC%8C%E9%A0%90%E6%B8%AC%E6%AD%90%E6%B4%B2%E5%82%B5%E5%8B%99%E5%8D%B1%E6%A9%9F\" title=\"\u6210\u529f\u6848\u4f8b\u4e8c\uff1a2010\u5e74\uff0c\u9810\u6e2c\u6b50\u6d32\u50b5\u52d9\u5371\u6a5f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6210\u529f\u6848\u4f8b\u4e8c\uff1a2010\u5e74\uff0c\u9810\u6e2c\u6b50\u6d32\u50b5\u52d9\u5371\u6a5f<\/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:\/\/\/ray-dalio-bridgewater-associates\/#%E6%A9%8B%E6%B0%B4%E7%9A%84%E6%88%90%E5%8A%9F%E5%BF%83%E6%B3%95\" title=\"\u6a4b\u6c34\u7684\u6210\u529f\u5fc3\u6cd5\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6a4b\u6c34\u7684\u6210\u529f\u5fc3\u6cd5<\/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:\/\/\/ray-dalio-bridgewater-associates\/#%E7%91%9E%EF%BC%8E%E9%81%94%E5%88%A9%E6%AD%90%E7%9A%84%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\" title=\"\u745e\uff0e\u9054\u5229\u6b50\u7684\u53c3\u8003\u66f8\u7c4d\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u745e\uff0e\u9054\u5229\u6b50\u7684\u53c3\u8003\u66f8\u7c4d<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%91%9E%EF%BC%8E%E9%81%94%E5%88%A9%E6%AD%90%E6%98%AF%E8%AA%B0%EF%BC%9F\"><\/span>\u745e\uff0e\u9054\u5229\u6b50\u662f\u8ab0\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u745e\uff0e\u9054\u5229\u6b50\uff08Ray Dalio \uff0c\u4e5f\u6709\u7ffb\u8b6f\u4f5c\u96f7\u9054\u5229\u5967\uff09\u5c0f\u6a94\u6848\uff1a<\/strong><\/p>\n<ul>\n<li><strong>\u51fa\u751f\uff1a<\/strong>1949\/8\/8<\/li>\n<li><strong>\u51fa\u751f\u5730\uff1a<\/strong>\u7f8e\u570b\u7d10\u7d04<\/li>\n<li><strong>\u5b78\u6b77\uff1a<\/strong>\u9577\u5cf6\u5927\u5b78\u3001\u54c8\u4f5b\u5927\u5b78\u5de5\u5546\u7ba1\u7406\u78a9\u58eb<\/li>\n<li><strong>\u7d93\u6b77\uff1a<\/strong>\u5168\u7403\u6700\u5927\u907f\u96aa\u57fa\u91d1\u96c6\u5718\u6a4b\u6c34\u6295\u8cc7\u516c\u53f8\uff08Bridgewater Associate\uff09\u5275\u8fa6\u4eba<\/li>\n<li><strong>\u7d00\u9304\uff1a<\/strong>\u9810\u8a00\u6b21\u8cb8\u5371\u6a5f\uff0c2008\u5e74\u91d1\u878d\u98a8\u66b4\uff0c\u907f\u96aa\u57fa\u91d1\u884c\u696d\u5e73\u5747\u8667\u640d19%\uff0c\u6a4b\u6c34\u65d7\u8266\u57fa\u91d1\u5831\u916c\u8d85\u904e14%<\/li>\n<li><strong>\u8457\u4f5c\uff1a<\/strong><a href=/index.html"https:\/\/\/principle-book\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u539f\u5247\u300b<\/a>\u3001\u300a\u5927\u50b5\u5371\u6a5f\u300b\u3001<a href=/index.html"https:\/\/\/principles-for-dealing-with-the-changing-world-order\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u8b8a\u5316\u4e2d\u7684\u4e16\u754c\u79e9\u5e8f\u300b<\/a><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54988\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621151953_54.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b502 \" width=\"458\" height=\"447\" \/><\/p>\n<h3>\u9054\u5229\u6b50\u6210\u9577\u80cc\u666f\uff1a12\u6b72\u9032\u5834\u4ea4\u6613\uff0c\u958b\u59cb\u7814\u7a76\u91d1\u878d\u5e02\u5834<\/h3>\n<p>\u745e\uff0e\u9054\u5229\u6b50(\u4ee5\u4e0b\u7c21\u7a31\u9054\u5229\u6b50)1949\u5e74\u51fa\u751f\u65bc\u7d10\u7d04\u5e73\u51e1\u7684\u4e2d\u7522\u968e\u7d1a\u5bb6\u5ead\uff0c<\/p>\n<p>1975\u5e74\u767d\u624b\u8d77\u5bb6\u5275\u8fa6<strong>\u6a4b\u6c34\u57fa\u91d1\uff0c\u5982\u4eca\u6210\u70ba\u5168\u7403\u6700\u5927\u907f\u96aa\u57fa\u91d1\u516c\u53f8<\/strong>\uff0c<\/p>\n<p>\u622a\u81f32023\u5e74\u4e2d\uff0c\u6a4b\u6c34\u57fa\u91d1\u65d7\u4e0b\u7ba1\u7406\u8cc7\u7522\u7d041,200\u5104\u7f8e\u5143\uff0c\u7ba1\u7406\u8cc7\u7522\u898f\u6a21\u6578\u662f\u6d6e\u52d5\u7684\uff0c\u4e5f\u66fe\u7d93\u65bc2020\u5e74\u6642\u9ad8\u90541600\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u9054\u5229\u6b50\u7684\u7236\u89aa\u662f\u7235\u58eb\u97f3\u6a02\u5bb6\uff0c\u6bcd\u89aa\u662f\u5bb6\u5ead\u4e3b\u5a66\uff0c<\/p>\n<p>\u4ed6\u5f9e\u5c0f\u5c31\u4e0d\u559c\u6b61\u63a5\u53d7\u5225\u4eba\u7684\u6307\u793a\uff0c\u5e74\u5c11\u6642\u671f\u7684\u4ed6\u4e0d\u611b\u5538\u66f8\uff0c\u56e0\u70ba\u4e0d\u559c\u6b61\u5b78\u6821\u50b3\u7d71\u6b7b\u80cc\u7684\u6559\u80b2\u65b9\u6cd5\uff0c<\/p>\n<p>\u6bd4\u8d77\u8b80\u66f8\uff0c\u4ed6\u66f4\u71b1\u8877\u8cfa\u9322\uff0c\u5f9e\u516b\u6b72\u958b\u59cb\u4ed6\u5c31\u5230\u8655\u6253\u96f6\u5de5\uff0c\u800c\u4ed6\u5728\u6253\u5de5\u6642\u610f\u5916\u63a5\u89f8\u5230\u6295\u8cc7\uff0c<\/p>\n<p>\u7576\u6642\u7f8e\u570b\u7d93\u6fdf\u7e3d\u91cf\u7d04\u4f54\u5168\u740340%\uff0c\u8eab\u908a\u7684\u4eba\u90fd\u5728\u8ac7\u8ad6\u80a1\u5e02\uff0c\u5728\u8033\u6fe1\u76ee\u67d3\u4e0b\uff0c\u9054\u5229\u6b50\u4e5f\u6c7a\u5b9a\u9032\u5834\u6295\u8cc7\u3002<\/p>\n<p>\u4ed6\u8cb7\u9032\u4eba\u751f\u7b2c\u4e00\u652f\u80a1\u7968\u6771\u5317\u822a\u7a7a\u516c\u53f8\uff08Northeast Airlines\uff09\uff0c\u7406\u7531\u4e5f\u5f88\u55ae\u7d14\uff0c\u7d14\u7cb9\u56e0\u70ba\u6771\u5317\u822a\u7a7a\u80a1\u50f9\u8f03\u4f4e\uff0c\u7576\u6642\u4ed6\u4ee5\u70ba\u8cb7\u8d8a\u591a\u5c31\u6703\u8cfa\u8d8a\u591a\uff0c\u4e5f\u5f88\u5e78\u904b\u5927\u8cfa\u4e00\u7b46\uff0c\u4f46\u4e26\u975e\u4ed6\u773c\u5149\u7cbe\u6e96\uff0c\u80cc\u5f8c\u539f\u56e0\u662f\u6771\u5317\u822a\u7a7a\u7015\u81e8\u7834\u7522\u7684\u6642\u5019\u88ab\u6536\u8cfc\uff0c\u624d\u8b93\u4ed6\u8cfa\u9032\u5169\u500d\u7372\u5229\u3002<\/p>\n<p>\u5f9e\u6b64\u9054\u5229\u6b50\u5c31\u4e0a\u766e\u4e86\uff0c\u4ed6\u958b\u59cb\u7092\u80a1\u8cfa\u9322\uff0c\u4e26\u7814\u7a76\u5168\u7403\u4e94\u767e\u5927\u4f01\u696d\u7684\u8ca1\u5831\uff0c\u9019\u662f\u4ed6\u5efa\u7acb\u6295\u8cc7\u8cc7\u6599\u5eab\u7684\u958b\u7aef\u3002<\/p>\n<p>1967\u5e74\uff0c\u9054\u5229\u6b50\u9032\u5165\u9577\u5cf6\u5927\u5b78\uff0c\u56e0\u70ba\u7d42\u65bc\u64fa\u812b\u5148\u524d\u7684\u586b\u9d28\u5f0f\u6559\u80b2\uff0c\u4ed6\u5f88\u4eab\u53d7\u9019\u7a2e\u4e3b\u52d5\u5b78\u7fd2\u7684\u6559\u80b2\u65b9\u5f0f\uff0c\u900f\u904e\u7814\u7a76\u548c\u5206\u6790\u6848\u4f8b\u4f86\u5b78\u7fd2\uff0c\u800c\u4e0d\u662f\u5149\u9760\u6b7b\u80cc\u3002<\/p>\n<p>1971\u5e74\uff0c\u5c31\u8b80\u54c8\u4f5b\u5927\u5b78\u4ee5\u524d\uff0c\u4ed6\u5728\u7d10\u7d04\u8b49\u4ea4\u6240\u71df\u696d\u5ef3\u6253\u5de5\uff0c\u958b\u59cb\u89c0\u5bdf\u5230\u80a1\u5e02\u5e02\u5834\u7684\u56e0\u679c\u95dc\u4fc2\uff0c\u4e26\u6ce8\u610f\u5230\u6b77\u53f2\u6642\u5e38\u91cd\u6f14\uff0c<\/p>\n<p>\u4f8b\u5982\uff0c1972\u5e74\uff0c\u7f8e\u570b\u53d7\u60e0\u65bc\u91d1\u672c\u4f4d\u9ad4\u5236\u5ee2\u9664\uff0c\u7d93\u6fdf\u8207\u80a1\u5e02\u5448\u73fe\u4e00\u7247\u69ae\u666f\uff0c\u7576\u6642\u5099\u53d7\u5439\u6367\u7684\u80a1\u7968\u662f\u6f02\u4eae50\u6307\u6578\uff08Nifty 50\uff09\uff0c\u4f46\u6c92\u904e\u591a\u4e45\uff0c\u9694\u5e741973\u5e74\uff0c\u7206\u767c\u7b2c\u4e00\u6b21\u77f3\u6cb9\u5371\u6a5f\uff0c\u80a1\u5e02\u66b4\u8dcc\u3002<\/p>\n<p>\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u7f8e\u570b\u8d85\u984d\u50b5\u52d9\u878d\u8cc7\u5f9e1960\u5e74\u4ee3\u4e00\u76f4\u5ef6\u7e8c\u523070\u5e74\u4ee3\u521d\u671f\uff0c\u7f8e\u570b\u806f\u6e96\u6703\u900f\u904e\u5bec\u9b06\u7684\u4fe1\u8cb8\u653f\u7b56\uff0c\u4ee5\u8cb6\u503c\u7684\u7d19\u9214\u4f86\u511f\u9084\u50b5\u52d9\uff0c\u5be6\u969b\u4e0a\u7f8e\u570b\u9019\u6a23\u505a\u5df2\u7d93\u9055\u7d04\uff0c\u800c\u4e14\u5f88\u986f\u7136\u5730\uff0c\u96a8\u8457\u4e0d\u65b7\u5370\u9214\u7968\uff0c\u7f8e\u5143\u8fc5\u901f\u8cb6\u503c\uff0c\u9019\u4e5f\u8b93\u4fe1\u8cb8\u5e02\u5834\u66f4\u5bec\u9b06\uff0c\u52a0\u901f\u901a\u81a8\u60e1\u5316\uff0c\u7d93\u6fdf\u4e5f\u958b\u59cb\u51fa\u73fe\u81ea1929\u5e74\u7d93\u6fdf\u5927\u856d\u689d\u4ee5\u4f86\u6700\u56b4\u91cd\u7684\u8870\u9000\uff0c\u6f02\u4eae50\u80a1\u50f9\u7576\u7136\u4e5f\u5d29\u8dcc\u3002<\/p>\n<p>\u9054\u5229\u6b50\u5f9e\u4e2d\u770b\u5230\u4ec0\u9ebc\u6559\u8a13\uff1f<\/p>\n<p>\u7576\u6bcf\u500b\u4eba\u90fd\u5728\u505a\u540c\u6a23\u7684\u4e8b\uff0c\u6bd4\u5982\u62bc\u6ce8\u6f02\u4eae50\u6307\u6578\u6703\u4e0a\u6f32\uff0c\u901a\u5e38\u9019\u6a23\u7684\u9810\u6e2c\u5c31\u5df2\u7d93\u53cd\u6620\u5728\u50f9\u683c\u7576\u4e2d\uff0c\u6240\u4ee5\u62bc\u6ce8\u5931\u6557\u7684\u6a5f\u7387\u5c31\u5f88\u9ad8\uff1b<\/p>\n<p>\u800c\u4e14\u6bcf\u4e00\u500b\u884c\u52d5\u90fd\u6703\u6709\u76f8\u5c0d\u61c9\u7684\u5f8c\u679c\uff08\u5bec\u9b06\u74b0\u5883\u5c0e\u81f4\u901a\u81a8\u5347\u6eab\uff09\uff0c\u5f9e\u800c\u5f15\u767c\u5c0d\u7b49\u63aa\u65bd\uff08\u7dca\u7e2e\u8ca8\u5e63\u548c\u4fe1\u8cb8\uff09\uff0c\u800c\u5e02\u5834\u5c31\u6703\u51fa\u73fe\u53cd\u8f49\u3002<\/p>\n<h3>\u8077\u696d\u751f\u6daf1\uff1a26\u6b72\u6642\u88ab\u7092\u9b77\u9b5a\uff0c\u767d\u624b\u8d77\u5bb6\u5275\u8fa6\u6a4b\u6c34<\/h3>\n<p>\u54c8\u4f5b\u5927\u5b78\u7562\u696d\u5f8c\uff0c\u9054\u5229\u6b50\u9678\u7e8c\u5f85\u904e\u5e7e\u9593\u8b49\u5238\u5546\uff0c\u64d4\u4efb\u4ea4\u6613\u54e1\u6216\u662f\u8ca0\u8cac\u671f\u8ca8\u696d\u52d9\uff0c\u4f46\u4ed6\u7684\u500b\u6027\u6bd4\u8f03\u7121\u6cd5\u9069\u61c9\u516c\u53f8\uff0c\u572826\u6b72\u6642\u906d\u5230\u6295\u8cc7\u516c\u53f8\u89e3\u96c7\uff0c<\/p>\n<p>\u4f46\u5373\u4fbf\u5982\u6b64\uff0c\u524d\u516c\u53f8\u7d93\u7d00\u4eba\u6216\u5ba2\u6236\u90fd\u9084\u662f\u5f88\u559c\u6b61\u4ed6\uff0c\u751a\u81f3\u9858\u610f\u4ed8\u9322\u8acb\u4ed6\u63d0\u51fa\u5efa\u8b70\uff0c\u56e0\u6b64\u4ed6\u6c7a\u5b9a\u5275\u696d\uff0c\u5275\u7acb\u6a4b\u6c34\u3002<\/p>\n<p>\u525b\u6210\u7acb\u7684\u6a4b\u6c34\u516c\u53f8\uff0c\u8d77\u521d\u662f\u5728\u9054\u5229\u6b50\u8207\u5ba4\u53cb\u7684\u5408\u79df\u516c\u5bd3\u71df\u904b\uff0c\u5927\u5c0f\u5c31\u53ea\u6709\u5169\u9593\u81e5\u5ba4\u90a3\u9ebc\u5927\uff0c\u516c\u53f8\u4e00\u958b\u59cb\u6700\u4e3b\u8981\u7684\u696d\u52d9\u662f\u7272\u755c\u8207\u7a40\u7269\u985e\u5e02\u5834\u3002<\/p>\n<p>\u9054\u5229\u6b50\u5c07\u6574\u500b\u5e02\u5834\u6a21\u578b\u5316\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u4ed6\u53ef\u4ee5\u900f\u904e\u725b\u8c6c\u96de\u7684\u98fc\u990a\u6578\u91cf\u3001\u5403\u591a\u5c11\u7ce7\u98df\uff0c\u4ee5\u53ca\u589e\u52a0\u591a\u5c11\u9ad4\u91cd\uff0c\u4f86\u9810\u6e2c\u8089\u54c1\u6703\u5728\u4f55\u6642\u53c8\u6703\u6709\u591a\u5c11\u6578\u91cf\u4e0a\u5e02\u3002<\/p>\n<p>\u4ed6\u767c\u73fe\u5f88\u591a\u5927\u578b\u6a5f\u69cb\u90fd\u7d93\u5e38\u5728\u5404\u7a2e\u5546\u54c1\u3001\u5229\u7387\u548c\u5916\u532f\u5e02\u5834\u6301\u6709\u66dd\u96aa\u90e8\u4f4d\uff0c\u6240\u4ee5\u8aaa\u6709\u8a31\u591a\u505a\u751f\u610f\u7684\u6a5f\u6703\uff0c\u4ed6\u958b\u59cb\u63d0\u4f9b\u4ea4\u6613\u9867\u554f\u670d\u52d9\uff0c\u5354\u52a9\u4f01\u696d\u8207\u6a5f\u69cb\u7ba1\u7406\u66dd\u96aa\u3002<\/p>\n<h3>\u8077\u696d\u751f\u6daf2\uff1a\u7562\u751f\u91cd\u5927\u6253\u64ca\uff1a1982\u5e74\uff0c\u932f\u770b\u58a8\u897f\u54e5\u50b5\u52d9\u5371\u6a5f<\/h3>\n<p>1982\u5e74\uff0c\u58a8\u897f\u54e5\u50b5\u52d9\u51fa\u73fe\u9055\u7d04\uff0c\u7576\u6642\u7f8e\u570b\u806f\u6e96\u6703\u900f\u904e\u5feb\u901f\u589e\u52a0\u6d41\u52d5\u6027\u4f86\u61c9\u5c0d\uff0c\u5c0e\u81f4\u80a1\u5e02\u5927\u6f32\uff0c\u9054\u5229\u6b50\u89c0\u5bdf\u5f8c\u9810\u6e2c\u4e0d\u4e45\u5f8c\u6703\u51fa\u73fe\u7d93\u6fdf\u8870\u9000\uff0c\u7d50\u679c\u4e8b\u5be6\u8b49\u660e\uff0c\u4ed6\u5927\u932f\u7279\u932f\uff0c\u7f8e\u570b\u7d93\u6fdf\u5728\u806f\u6e96\u6703\u7684\u52aa\u529b\u4e0b\uff0c\u51fa\u73fe\u4e86\u7121\u901a\u81a8\u53cd\u5f48\uff0c\u4e5f\u5c31\u662f\u9081\u5165\u4f4e\u901a\u81a8\u4e14\u9ad8\u7d93\u6fdf\u6210\u9577\u6642\u671f\u3002<\/p>\n<p>\u9810\u6e2c\u5931\u6e96\u7684\u4e8b\u4ef6\u767c\u751f\u5f8c\uff0c\u6a4b\u6c34\u7684\u516c\u4fe1\u529b\u53d7\u5230\u56b4\u91cd\u5f71\u97ff\uff0c\u9054\u5229\u6b50\u4e5f\u56e0\u6b64\u9677\u5165\u4eba\u751f\u4f4e\u6f6e\uff0c\u4ed6\u906d\u53d7\u5de8\u5927\u7684\u8667\u640d\uff0c\u751a\u81f3\u9023\u54e1\u5de5\u85aa\u6c34\u90fd\u4ed8\u4e0d\u51fa\u4f86\uff0c\u5230\u4e86\u6700\u5f8c\uff0c\u6a4b\u6c34\u50c5\u5269\u4e00\u500b\u54e1\u5de5\uff0c\u5c31\u662f\u9054\u5229\u6b50\u672c\u4eba\u3002<\/p>\n<p>\u9019\u6bb5\u6545\u4e8b\u5728\u5f8c\u4f86\u7d93\u5e38\u88ab\u9054\u5229\u6b50\u63d0\u8d77\uff0c<\/p>\n<p>\u9019\u6b21\u7d93\u9a57\u8b93\u4ed6\u610f\u8b58\u5230\u81ea\u5df1\u904e\u65bc\u50b2\u6162\u81ea\u5927\uff0c\u904e\u65bc\u81ea\u4fe1\u5bb9\u6613\u53d7\u5230\u60c5\u7dd2\u5f71\u97ff\uff0c<\/p>\n<p><strong>\u4ed6\u5f9e\u300c\u6211\u89ba\u5f97\u6211\u662f\u5c0d\u7684\u300d\u8f49\u8b8a\u6210\u300c\u6211\u600e\u9ebc\u77e5\u9053\u6211\u662f\u5c0d\u7684\u300d<\/strong>\uff0c<\/p>\n<p>\u6b64\u5916\uff0c\u4ed6\u4e5f\u66f4\u6df1\u523b\u7406\u89e3\u5230\u6b77\u53f2\u7814\u7a76\u7684\u50f9\u503c\uff0c\u56e0\u70ba\u5df2\u7d93\u767c\u751f\u7684\u4e8b\u60c5\u53ea\u662f\u6b77\u53f2\u4e0d\u65b7\u91cd\u6f14\uff0c<\/p>\n<p>\u4ed6\u900f\u904e\u9019\u6b21\u6559\u8a13\uff0c\u4e86\u89e3\u5230\u9081\u5411\u6210\u529f\u7684\u552f\u4e00\u65b9\u6cd5\u662f\uff1a<\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u627e\u51fa\u90a3\u4e9b\u6700\u8070\u660e\u4f46\u89c0\u9ede\u4e0d\u540c\u7684\u4eba\uff0c\u53bb\u7406\u89e3\u4ed6\u5011\u7684\u63a8\u8ad6\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u77e5\u9053\u4ec0\u9ebc\u6642\u5019\u4e0d\u8a72\u767c\u8868\u610f\u898b\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u6b78\u7d50\u51fa\u7d93\u4e45\u4e0d\u8b8a\u7684\u666e\u904d\u539f\u5247\uff0c\u5c0d\u5176\u6e2c\u8a66\uff0c\u5c07\u5176\u7cfb\u7d71\u5316\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5e73\u8861\u98a8\u96aa\uff0c\u8b93\u81ea\u5df1\u5728\u6709\u9650\u98a8\u96aa\u4e0b\u53ef\u4ee5\u5f97\u5230\u6700\u5927\u5229\u6f64\u3002<\/span><\/li>\n<\/ol>\n<h3>\u8077\u696d\u751f\u6daf3\uff1a\u6a4b\u6c34\u5fa9\u6d3b\uff1a\u767c\u8868\u300a\u6a4b\u6c34\u6bcf\u65e5\u8a55\u8ad6\u300b\uff0c\u6253\u9020\u539f\u5247\u548c\u7b56\u7565<\/h3>\n<p>\u96d6\u7136\u9054\u5229\u6b50\u9677\u5165\u4eba\u751f\u4f4e\u8c37\uff0c\u4f46\u9019\u4e5f\u6210\u70ba\u4ed6\u7ffb\u8eab\u7684\u5951\u6a5f\uff0c\u9054\u5229\u6b50\u5c07\u5b83\u770b\u4f5c\u300c\u5728\u6211\u8eab\u4e0a\u6240\u767c\u751f\u904e\u7684\u6700\u597d\u7684\u4e8b\u60c5\u300d\uff0c\u4ed6\u7684\u6700\u91cd\u8981\u7684\u539f\u5247\u300c<strong>\u75db\u82e6\uff0b\u53cd\u7701\uff1d\u9032\u6b65<\/strong>\u300d\u4e5f\u56e0\u4e4b\u840c\u82bd\u3002<\/p>\n<p>\u4ed6\u5c0d\u6c7a\u7b56\u932f\u8aa4\u9032\u884c\u7d30\u90e8\u6aa2\u8a0e\uff0c<strong>\u7e3d\u7d50\u51fa\u4e00\u5957\u61c9\u5c0d\u540c\u4e00\u985e\u578b\u60c5\u6cc1\u548c\u554f\u984c\u7684\u300c\u539f\u5247\u300d<\/strong>\uff0c<\/p>\n<p>\u4e26\u5c07\u9019\u4e9b\u539f\u5247\u8a18\u9304\u4e0b\u4f86\uff0c\u5982\u679c\u5f80\u5f8c\u9047\u5230\u76f8\u540c\u72c0\u6cc1\uff0c\u5c31\u80fd\u76f4\u63a5\u641c\u7d22\u76f8\u95dc\u539f\u5247\u4f5c\u70ba\u61c9\u5c0d\u7684\u53c3\u8003\uff0c\u627e\u51fa\u6700\u4f73\u7b56\u7565\u8207\u65b9\u5411\u3002<\/p>\n<p>\u9054\u5229\u6b50\u9664\u4e86\u5728\u6b64\u6642\u958b\u59cb\u5beb\u4e0b\u6295\u8cc7\u6c7a\u7b56\u7684\u6a19\u6e96\u548c\u6e96\u5247\uff0c\u4e5f\u5c07\u9019\u4e9b\u6a19\u6e96\u5beb\u6210\u516c\u5f0f\uff0c<\/p>\n<p>\u4ed6\u6162\u6162\u5efa\u7acb\u8d77\u81ea\u5df1\u7684\u8072\u8b7d\uff0c\u7576\u5e74\u4ed6\u51fa\u7248\u7684\u300a\u6a4b\u6c34\u6bcf\u65e5\u8a55\u8ad6\u300b\uff08Bridgewater Daily Observations\uff09\u4e0d\u50c5\u6210\u70ba\u6a4b\u6c34\u5ba2\u6236\u7684\u91cd\u8981\u8a66\u91d1\u77f3\uff0c\u5b83\u4e5f\u9010\u6f38\u6210\u70ba\u653f\u6cbb\u6c7a\u7b56\u8005\u3001\u4e2d\u592e\u9280\u884c\u5fc5\u8b80\u520a\u7269\uff0c<\/p>\n<p>\u9ea5\u7576\u52de\u5c31\u662f\u9019\u4efd\u520a\u7269\u7684\u5fe0\u5be6\u8b80\u8005\uff0c\u4ed6\u5011\u5f8c\u4f86\u8acb\u9054\u5229\u6b50\u5354\u52a9\u898f\u5283\u96de\u8089\u50f9\u683c\u7684\u907f\u96aa\uff0c\u6700\u5f8c\u6210\u70ba\u9ea5\u7576\u52de\u63a8\u51fa\u9ea5\u514b\u96de\u584a\u7684\u91cd\u8981\u5e55\u5f8c\u63a8\u624b\u3002<\/p>\n<p>\u7d93\u6b77\u904e\u591a\u5e74\u5e02\u5834\u8003\u9a57\uff0c\u9054\u5229\u6b50\u767c\u5c55\u51fa\u6a4b\u6c34\u7368\u6709\u7684\u6295\u8cc7\u7ba1\u7406\u98a8\u683c\uff0c\u4ee5\u53ca\u4e3b\u52d5Alpha\u3001\u88ab\u52d5beta\u7684\u6295\u8cc7\u7b56\u7565\u3002<\/p>\n<p><strong>\u6a4b\u6c34\u73fe\u5df2\u6210\u70ba\u5168\u4e16\u754c\u898f\u6a21\u6700\u5927\u7684\u907f\u96aa\u57fa\u91d1\uff0c\u7ba1\u7406\u8cc7\u7522\u9054\u5343\u5104\u7f8e\u5143<\/strong>\uff0c<\/p>\n<p>\u56e0\u70ba\u6a4b\u6c34\u57fa\u91d1\u7684\u6295\u8cc7\u7b56\u7565\u4e26\u975e\u55ae\u7d14\u8ffd\u6c42\u6210\u9577\uff0c\u800c\u662f\u76f8\u7576\u5584\u65bc\u63a7\u5236\u5e73\u8861\u98a8\u96aa\uff0c\u56e0\u6b64\u53d7\u5230\u5f88\u591a\u6a5f\u69cb\u6295\u8cc7\u4eba\u8ffd\u6367\uff0c<\/p>\n<p>\u5b83\u70ba\u8ca1\u529b\u6700\u96c4\u539a\u7684\u9000\u4f11\u57fa\u91d1\u3001\u4e2d\u592e\u9280\u884c\u8207\u5404\u570b\u653f\u5e9c\u63d0\u4f9b\u6295\u8cc7\u5efa\u8b70\uff0c\u4ee5\u53ca\u7ba1\u7406\u6295\u8cc7\u7d44\u5408\u7684\u670d\u52d9\u3002<\/p>\n<p>\u6839\u64da\u82f1\u570b\u7814\u7a76\u6a5f\u69cbPreqin\u7684\u8abf\u67e5\u6307\u51fa\uff0c\u6a4b\u6c34\u662f\u76ee\u524d\u6700\u53d7\u516c\u5171\u9000\u4f11\u57fa\u91d1\u6b61\u8fce\u7684\u907f\u96aa\u57fa\u91d1\u3002<\/p>\n<ul>\n<li>1975\u5e74\uff0c\u5275\u8fa6\u6a4b\u6c34\u57fa\u91d1\u3002<\/li>\n<li>1984\u5e74\uff0c\u9996\u6b21\u5230\u8a2a\u4e2d\u570b\u3002<\/li>\n<li>1991\u5e74\uff0c\u6210\u7acbPure Alpha\u65d7\u8266\u7b56\u7565\u57fa\u91d1\u3002<\/li>\n<li>1994 \u5e74\uff0c\u5728\u4e2d\u570b\u6210\u7acb\u7b2c\u4e00\u5bb6\u6d77\u5916\u79c1\u52df\u80a1\u6b0a\u516c\u53f8\uff0c\u4f46\u6210\u7acb\u4e00\u5e74\u5f8c\uff0c\u9054\u5229\u6b50\u8a8d\u70ba\u7121\u6cd5\u540c\u6642\u7d93\u71df\u5169\u5bb6\u516c\u53f8\uff0c\u6c7a\u5b9a\u5148\u7d50\u675f\u6a4b\u6c34\u4e2d\u570b\u5408\u4f5c\u5925\u4f34\u516c\u53f8\u3002<\/li>\n<li>2016\u5e74\uff0c\u6210\u7acb\u5b50\u516c\u53f8<a href=/index.html"https:\/\/www.bridgewater.cn\/aboutus\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u6a4b\u6c34\u4e2d\u570b<\/a>\u3002<\/li>\n<li>2017\u5e74\uff0c4\u6708\u5378\u4e0b\u5171\u540c\u57f7\u884c\u9577\u4e00\u8077\uff0c\u6a4b\u6c34\u57fa\u91d1\u7ba1\u7406\u8cc7\u7522\u90541600\u5104\u7f8e\u5143\uff08\u622a\u81f32017\u5e7410\u6708\uff09\uff1b\u540c\u5e74\uff0c\u51fa\u7248\u300a\u539f\u5247\u300b\u4e00\u66f8\u3002<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E6%A9%8B%E6%B0%B4%E7%9A%84%E6%8A%95%E8%B3%87%E7%AD%96%E7%95%A5%EF%BC%9A\"><\/span>\u6a4b\u6c34\u7684\u6295\u8cc7\u7b56\u7565\uff1a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6a4b\u6c34\u7684\u6295\u8cc7\u7b56\u7565\u91cd\u9ede\u6709\u4ee5\u4e0b2\u9805\uff1a<\/p>\n<ul>\n<li>\u5f9e0\u52301\uff1a\u5f9eAlpha\u7b56\u7565\u5230\u300cPure Alpha\u300d<\/li>\n<li>\u767c\u73fe\u300c\u6295\u8cc7\u7684\u8056\u676f\u300d<\/li>\n<\/ul>\n<h3>\u5f9e0\u52301\uff1a\u5f9eAlpha\u7b56\u7565\u5230\u300cPure Alpha\u300d<\/h3>\n<p>Pure Alpha\u57fa\u91d1\u4e3b\u8981\u91dd\u5c0d<strong>\u5168\u7403\u50b5\u5238\u3001\u5916\u532f\u3001\u80a1\u7968\u3001\u5546\u54c1\u8207\u65b0\u8208\u5e02\u5834\u50b5\u52d9<\/strong>\u7b49\u9032\u884c\u4ea4\u6613\u3002<\/p>\n<p>\u9019\u500b\u7b56\u7565\u6703\u6839\u64da\u5ba2\u6236\u6307\u5b9a\u7684\u57fa\u6e96\uff0c\u5728\u4efb\u4f55\u6642\u5019\u90fd\u6301\u670960-100\u500b\u4ea4\u6613\u90e8\u4f4d\uff0c\u597d\u6bd4\u8aaa\uff0c\u5ba2\u6236\u5982\u679c\u60f3\u8981\u5efa\u7acb\u4ee5\u6a19\u666e\u4e94\u767e\u70ba\u57fa\u6e96\u7684\u7d44\u5408\uff0c\u90a3\u6a4b\u6c34\u5c31\u6703\u76f4\u63a5\u8907\u88fd\u9019\u500b\u57fa\u6e96\u6295\u8cc7\u7d44\u5408\uff0c\u6216\u904b\u7528\u671f\u8ca8\u5951\u7d04\u5efa\u7acb\u8207\u57fa\u6e96\u6295\u8cc7\u7d44\u5408\u76f8\u7b49\u7684\u90e8\u4f4d\uff0c\u7576\u5ba2\u6236\u5c07\u8cc7\u91d1\u6295\u5165Pure Alpha\uff0c\u5c31\u76f8\u7576\u65bc\u8986\u84cb\u5728\u57fa\u6e96\u6295\u8cc7\u7d44\u5408\u4e0a\uff0c\u6240\u4ee5Pure Alpha\u53ef\u4ee5\u8aaa\u662f\u6839\u64da\u5ba2\u6236\u60f3\u8981\u7684\u57fa\u6e96\uff0c\u4f86\u8abf\u914d\u51fa\u6700\u4f73\u7684Alpha\u7d44\u5408\uff0c\u4e26\u4e14\u4f9d\u64da\u5ba2\u6236\u9858\u610f\u63a5\u53d7\u7684\u69d3\u687f\u7a0b\u5ea6\uff0c\u628a\u76ee\u6a19\u50f9\u683c\u6ce2\u52d5\u7387\u8a2d\u5b9a\u70ba12-18%\u4e4b\u9593\u3002<\/p>\n<p>\u4ee5\u98f2\u6599\u4f86\u6bd4\u55bb\uff0c\u5c31\u770b\u5ba2\u6236\u60f3\u52a0\u591a\u5c11\u7cd6\uff1f\u6a4b\u6c34\u5c31\u80fd\u4f9d\u7167\u5ba2\u6236\u8981\u6c42\u5ba2\u88fd\u5316\uff0c\u8abf\u914d\u51fa\u98f2\u6599\u3002\u5982\u679c\u4f60\u89816%\u6ce2\u52d5\u7387\uff0c\u6a4b\u6c34\u5c31\u63d0\u64a5\u534a\u6578\u8cc7\u91d1\u5230\u6ce2\u52d5\u738712%\u7684\u57fa\u91d1\uff0c\u5982\u679c\u898118%\u6ce2\u52d5\u7387\uff0c\u5c31\u628a100%\u8cc7\u91d1\u632a\u5230\u6ce2\u52d518%\u7684\u57fa\u91d1\u3002<\/p>\n<p>\u9054\u5229\u6b50\u5c07\u6b64\u9019\u500b\u505a\u6cd5\u7a31\u70ba\u300c\u98a8\u96aa\u4e2d\u6027\u300d\uff08risk-neutral\uff09 \uff0c\u4e5f\u5c31\u662f\u8aaa\uff0c\u6a4b\u6c34\u4e3b\u8981\u7684\u5de5\u4f5c\u662f\u5e6b\u5ba2\u6236\u5efa\u7acb\u98a8\u96aa\u4e2d\u6027\u7684\u90e8\u4f4d\uff0c\u5c07\u6b64\u90e8\u4f4d\u8996\u70ba\u57fa\u6e96\uff0c\u4e26\u5728\u614e\u91cd\u7684\u5192\u96aa\u6642\u504f\u96e2\u9019\u7a2e\u90e8\u4f4d\uff0c\u9019\u662f\u6a4b\u6c34\u9996\u5275\u7684\u6295\u8cc7\u7ba1\u7406\u7b56\u7565\uff0c\u4e5f\u7a31\u70ba\u300calpha\u7b56\u7565\u300d\uff0c\u4e5f\u5c31\u662f\u628a\u88ab\u52d5\uff08beta\uff09\u8ddf\u4e3b\u52d5\uff08alpha\uff09\u5206\u958b\u7ba1\u7406\u7684\u7b56\u7565\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u5e02\u5834\u672c\u8eab\u7684\u56de\u5831\u662fbeta\uff0c\u4e3b\u52d5\u62bc\u6ce8\u7684\u5247\u662falpha\uff0c\u8209\u4f8b\u4f86\u8aaa\uff0c\u8868\u73fe\u8dd1\u8d0f\u5927\u76e4\uff0c\u5c31\u662f\u6b63alpha\uff0c\u8dd1\u8f38\u5247\u70ba\u8ca0alpha\u3002<\/p>\n<p>\u5f9e1990\u5e74\u958b\u59cb\uff0c\u6a4b\u6c34\u5c31\u4e0d\u65b7\u6e2c\u8a66beta\u548calpha\u5340\u5206\u7684\u7406\u8ad6\uff0c\u4e26\u7d93\u904e\u4e0d\u65b7\u9a57\u8b49\u5f97\u51fa\u7d50\u8ad6\uff0c\u6a4b\u6c34\u8a8d\u70ba\u9019\u662f\u7ba1\u7406\u8cc7\u91d1\u7684\u6700\u4f73\u7b56\u7565\uff0c\u6700\u5f8c\u5c07alpha\u7b56\u7565\u547d\u540d\u70ba\u300cPure Alpha\u300d\uff0c<\/p>\n<p>\u9019\u5957\u7b56\u7565\u80fd\u5920\u5728\uff1a<strong>\u88ab\u52d5\u578b\u6295\u8cc7\u7d44\u5408\u5831\u916c\uff08beta\uff09\u4e4b\u4e2d\uff0c\u85c9\u7531\u7a4d\u6975\u7ba1\u7406\u9032\u884c\u589e\u503c\uff08alpha\uff09<\/strong>\uff0c\u4e26\u4f9d\u7167\u5ba2\u6236\u5e0c\u671b\u7684\u76ee\u6a19\uff0c\u5ba2\u88fd\u5316\u51fa\u6700\u4f73\u6295\u8cc7\u7d44\u5408\uff0c\u9019\u500b\u7b56\u7565\u7684\u95dc\u9375\u5728\u65bc\uff1a\u53ea\u91dd\u5c0d\u6709\u4fe1\u5fc3\u7684\u6a19\u7684\u5192\u98a8\u96aa\uff0c\u800c\u6295\u8cc7\u4e5f\u5fc5\u9808\u591a\u5143\u5316\u3002<\/p>\n<p><span style=\"font-size: 20px;\"><strong>\u8a08\u7b97\u5371\u6a5f\uff1a\u5371\u6a5f\u6307\u6a19<\/strong><\/span><\/p>\n<p>\u9054\u5229\u6b50\u7684\u6295\u8cc7\u8207\u7ba1\u7406\u539f\u5247\uff0c\u5f88\u5927\u4e00\u90e8\u4efd\u662f\u501f\u93e1\u6b77\u53f2\u667a\u6167\uff0c\u4ed6\u5927\u91cf\u5206\u6790\u5168\u7403\u5404\u570b\u7684\u6578\u64da\uff0c\u4ee5\u53ca\u4ed6\u5011\u5c0d\u4e0d\u540c\u4e8b\u4ef6\u7684\u53cd\u61c9\uff0c\u4e26\u7814\u7a76\u53ef\u80fd\u7684\u5404\u7a2e\u8b8a\u6578\uff0c\u7136\u5f8c\u5206\u6790\u9019\u4e9b\u8b8a\u6578\uff0c\u6b78\u7d0d\u6210\u6a4b\u6c34\u7684\u539f\u5247\uff1b<\/p>\n<p>\u900f\u904e\u9019\u7a2e\u65b9\u5f0f\uff0c\u6a4b\u6c34\u767c\u5c55\u51fa\u5404\u7a2e\u7406\u5ff5\uff0c\u5176\u4e2d\u4e00\u500b\u5c31\u662f\u5371\u6a5f\u6307\u6a19\u3002<\/p>\n<p><strong>\u5371\u6a5f\u6307\u6a19\u89c0\u5bdf\u4e3b\u8981\u5e02\u5834\uff0c\u8a55\u4f30\u8a72\u516c\u53f8\u8207\u6574\u9ad4\u5e02\u5834\u98a8\u96aa\u4e4b\u9593\u7684\u76f8\u95dc\u6027\u3002<\/strong><\/p>\n<p>\u6a4b\u6c34\u7684\u69d3\u687f\u7a0b\u5ea6\u7e3d\u662f\u4f4e\u65bc\u7522\u696d\u5e73\u5747\u6a19\u6e96\uff0c\u5927\u6982\u662f\u516c\u53f8\u7ba1\u7406\u8cc7\u7522\u6de8\u503c\u76843\u30014\u500d\uff0c\u90e8\u5206\u539f\u56e0\u5c31\u5728\u65bc\u5371\u6a5f\u6307\u6a19\u7684\u904b\u7528\u3002\u76f8\u8f03\u4e4b\u4e0b\uff0c\u96f7\u66fc\u5144\u5f1f\u57282008\u5e74\u5012\u9589\u6642\uff0c\u69d3\u687f\u6bd4\u7387\u662f\u516c\u53f8\u8cc7\u7522\u6de8\u503c\u768440\u591a\u500d\u3002<\/p>\n<p>\u9054\u5229\u6b50\u8a8d\u70ba\uff0c<strong>\u6a4b\u6c34\u80fd\u5b58\u6d3b\u8d85\u904e30\u5e74\uff0c\u6700\u4e3b\u8981\u539f\u56e0\u4e4b\u4e00\u5c31\u662f\u56b4\u683c\u63a7\u5236\u69d3\u687f\u7a0b\u5ea6\uff0c\u6c92\u6709\u4f7f\u7528\u5927\u91cf\u69d3\u687f<\/strong>\uff0c\u4ed6\u66fe\u8aaa\u904e\uff0c\u300c\u4f7f\u7528\u8ca1\u52d9\u69d3\u687f\u5c31\u597d\u50cf\u5728\u73a9\u4fc4\u7f85\u65af\u8f2a\u76e4\uff0c\u5b50\u5f48\u7d42\u7a76\u6703\u5c04\u9032\u4f60\u7684\u8166\u888b\u3002\u300d<\/p>\n<p>\u5728\u9054\u5229\u6b50<a href=/index.html"https:\/\/\/principles-for-dealing-with-the-changing-world-order\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u8b8a\u5316\u4e2d\u7684\u4e16\u754c\u79e9\u5e8f\u300b<\/a>\u4e00\u66f8\u4e2d\u5c31\u53ef\u4ee5\u770b\u5230\uff0c\u6a4b\u6c34\u5718\u968a\u751a\u81f3\u7d71\u8a08\u8d85\u904e500\u5e74\u7684\u6578\u64da\uff0c\u8a55\u4f30<\/p>\n<blockquote><p><strong>\u6a4b\u6c34\u5c0d\u98a8\u96aa\u7ba1\u7406\u7684\u91cd\u8996\uff0d\u6848\u4f8b\uff1aAlan Bond<\/strong><\/p>\n<p>\u6a4b\u6c34\u6709\u4e00\u4f4d\u540d\u53eb\u9f90\u5fb7\uff08Alan Bond\uff09\u7684\u5ba2\u6236\uff0c\u4ed6\u662f\u6fb3\u6d32\u6700\u5bcc\u6709\u7684\u4f01\u696d\u5bb6\u4e4b\u4e00\uff0c\u9f90\u5fb7\u5728\u6fb3\u6d32\u8cb8\u6b3e\u7f8e\u5143\u4ee5\u8cfc\u8cb7\u5564\u9152\u5ee0\u7b49\u8cc7\u7522\uff0c\u4ed6\u6703\u9019\u6a23\u505a\u662f\u56e0\u70ba\u7576\u6642\u7f8e\u570b\u5229\u7387\u6bd4\u6fb3\u6d32\u9084\u4f4e\uff0c\u4f46\u4ed6\u6c92\u6709\u610f\u8b58\u5230\uff0c\u4ed6\u8ced\u7684\u5176\u5be6\u662f\u511f\u9084\u7f8e\u5143\u6642\uff0c\u7f8e\u5143\u6703\u4e0d\u6703\u8d70\u5f37\u3002<\/p>\n<p>1980\u5e74\u4ee3\u4e2d\u671f\uff0c\u7f8e\u5143\u8d70\u52e2\u76f8\u5c0d\u6fb3\u5e63\u5f37\u52e2\uff0c\u7576\u4ed6\u767c\u73fe\u5564\u9152\u5ee0\u6536\u5230\u7684\u6fb3\u5e63\u5df2\u4e0d\u8db3\u4ee5\u652f\u4ed8\u50b5\u52d9\u6642\uff0c\u4fbf\u627e\u4e0a\u6a4b\u6c34\u5c0b\u6c42\u5354\u52a9\uff0c<\/p>\n<p>\u9054\u5229\u6b50\u8a8d\u70ba\u7576\u6642\u5982\u679c\u7528\u8ca8\u5e63\u907f\u96aa\u80af\u5b9a\u5927\u8667\uff0c\u8acb\u4ed6\u5011\u518d\u7b49\u4e00\u4e0b\uff0c\u800c\u7576\u6fb3\u5e63\u532f\u7387\u8d70\u5347\u6642\uff0c\u6a4b\u6c34\u5efa\u8b70\u4ed6\u958b\u59cb\u907f\u96aa\uff0c\u4f46\u4ed6\u8a8d\u70ba\u532f\u514c\u554f\u984c\u5df2\u7d93\u6d88\u5931\u4e86\uff0c\u6240\u4ee5\u6c92\u63a1\u53d6\u884c\u52d5\uff0c<\/p>\n<p>\u4e0d\u4e45\u5f8c\uff0c\u6fb3\u5e63\u8dcc\u81f3\u65b0\u4f4e\uff0c\u4f46\u90a3\u6642\u5019\u5df2\u7d93\u7121\u6cd5\u9760\u907f\u96aa\u9396\u4f4f\u90a3\u7b46\u9245\u984d\u640d\u5931\uff0c\u800c\u6700\u7d42\u6fb3\u5e63\u6c92\u6709\u53cd\u5f48\uff0c\u5c31\u9019\u6a23\u9f90\u5fb7\u5931\u53bb\u4e00\u5207\u3002<\/p><\/blockquote>\n<h3>\u767c\u73fe\u300c\u6295\u8cc7\u7684\u8056\u676f\u300d\uff1a\u589e\u52a0\u4f4e\u76f8\u95dc\u6027\u7684\u591a\u5143\u8cc7\u7522\u5230\u6295\u8cc7\u7d44\u5408\u4e2d<\/h3>\n<p>\u9054\u5229\u6b50\u5f9e\u5931\u6557\u7d93\u9a57\u4e2d\u8a18\u53d6\u6559\u8a13\uff0c\u4ed6\u77e5\u9053\u7121\u8ad6\u5c0d\u6295\u8cc7\u591a\u6709\u81ea\u4fe1\uff0c\u9084\u662f\u6709\u53ef\u80fd\u6703\u72af\u932f\uff0c\u56e0\u6b64\u9069\u5ea6\u5206\u6563\u6295\u8cc7\u662f\u964d\u4f4e\u98a8\u96aa\uff0c\u537b\u4e0d\u6703\u6e1b\u5c11\u6536\u76ca\u7684\u95dc\u9375\u3002<\/p>\n<p>\u6578\u5341\u5e74\u524d\uff0c\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b\u54c8\u5229\uff0e\u99ac\u53ef\u7dad\u8332\uff08Harry Markowitz\uff09\u66fe\u63d0\u51fa\u4e00\u500b\u6a21\u578b\uff0c\u53ef\u4ee5\u8f38\u5165\u9810\u671f\u7684\u6295\u8cc7\u7d44\u5408\u6536\u76ca\u3001\u98a8\u96aa\u8ddf\u76f8\u95dc\u6027\uff0c\u4e26\u5f97\u5230\u4e00\u500b\u5831\u916c\u98a8\u96aa\u6bd4\u7387\u6700\u4f73\u7684\u8cc7\u7522\u7d44\u5408\u3002<\/p>\n<p>\u4f46\u4ed6\u7684\u6a21\u578b\u6c92\u6709\u8aaa\u660e\u7576\u6539\u8b8a\u5176\u4e2d\u4e00\u500b\u8b8a\u6578\u6642\u53ef\u80fd\u6703\u7522\u751f\u7684\u589e\u91cf\u6548\u61c9\uff0c\u6216\u8005\u5982\u4f55\u8655\u7406\u9019\u4e9b\u5047\u8a2d\u7684\u4e0d\u78ba\u5b9a\u6027\u3002<\/p>\n<p>\u90a3\u500b\u6642\u5019\u9054\u5229\u6b50\u975e\u5e38\u64d4\u5fc3\u5982\u679c\u5047\u8a2d\u932f\u4e86\u8a72\u600e\u9ebc\u8fa6\uff0c\u65bc\u662f\u4ed6\u7528\u53e6\u4e00\u7a2e\u65b9\u6cd5\u4f86\u7406\u89e3\u591a\u6a23\u5316\uff0c<\/p>\n<p>\u4ed6\u8981\u6c42\u5927\u5b78\u7562\u696d\uff0c1990\u5e74\u525b\u52a0\u5165\u6a4b\u6c34\u7684\u54e1\u5de5Brian Gold\u7e6a\u88fd\u4e00\u5f35\u5716\u8868\uff0c\u986f\u793a\u5982\u679c\u9010\u6b65\u589e\u52a0\u4e0d\u540c\u76f8\u95dc\u6027\u7684\u8cc7\u7522\u5230\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u6295\u8cc7\u7d44\u5408\u7684\u6ce2\u52d5\u5c07\u6703\u5982\u4f55\u964d\u4f4e\uff0c\u800c\u54c1\u8cea\uff08\u5373\u98a8\u96aa\u8abf\u6574\u5f8c\u7684\u5831\u916c\uff09\u6703\u5982\u4f55\u63d0\u5347\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54989\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152035_91.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b503\" width=\"1268\" height=\"828\" \/><\/p>\n<p>\u9019\u5f35\u7c21\u55ae\u7684\u5716\u6709\u5982\u7576\u982d\u68d2\u559d\uff0c\u5c31\u50cf\u611b\u56e0\u65af\u5766\u767c\u73feE = mc2 \u6642\u90a3\u6a23\uff0c<\/p>\n<p><strong>\u9054\u5229\u6b50\u767c\u73fe\uff1a\u6295\u8cc7\u7d44\u5408\u4e2d\u5982\u679c\u670915-20\u500b\u8868\u73fe\u826f\u597d\u3001\u53c8\u5f7c\u6b64\u4e0d\u76f8\u95dc\u7684\u6536\u76ca\u6d41\uff0c\u5c31\u80fd\u5920\u5728\u4e0d\u964d\u4f4e\u9810\u671f\u6536\u76ca\u7684\u60c5\u6cc1\u4e0b\uff0c\u5927\u5e45\u964d\u4f4e\u98a8\u96aa\u3002\u4ed6\u628a\u5b83\u7a31\u4e4b\u70ba\u300c\u6295\u8cc7\u7684\u8056\u676f\u300d<\/strong>\uff0c<\/p>\n<p>\u4ed6\u8a8d\u70ba\u6295\u8cc7\u7684\u8056\u676f\u540c\u6a23\u9069\u7528\u5176\u4ed6\u6295\u8cc7\uff0c<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u7121\u8ad6\u4f60\u64c1\u6709\u4e00\u5bb6\u98ef\u5e97\u3001\u7d93\u71df\u4e00\u5bb6\u79d1\u6280\u516c\u53f8\uff0c\u9084\u662f\u505a\u5176\u4ed6\u4efb\u4f55\u4e8b\uff0c\u4f60\u7684\u4f01\u696d\u90fd\u6703\u7522\u751f\u6536\u76ca\u3002<\/p>\n<p>\u540c\u6642\u64c1\u6709\u5e7e\u500b\u76f8\u95dc\u6027\u4f4e\u7684\u6536\u76ca\u4f86\u6e90\uff0c\u6bd4\u8d77\u53ea\u6709\u4e00\u500b\u4f86\u5f97\u597d\uff0c\u800c\u4e14\u77e5\u9053\u5982\u4f55\u628a\u9019\u4e9b\u6536\u76ca\u7d44\u5408\u5728\u4e00\u8d77\uff0c\u6bd4\u8d77\u55ae\u7368\u4e00\u500b\u7684\u7d9c\u6548\u5927\uff08\u7576\u7136\uff0c\u4f60\u5fc5\u9808\u5169\u500b\u90fd\u505a\u904e\u624d\u80fd\u6bd4\u8f03\uff09\u3002<\/p>\n<p>\u4f46\u5728\u7576\u6642\uff0c\u5927\u591a\u6578\u57fa\u91d1\u7d93\u7406\u4e26\u4e0d\u77e5\u9053\u9019\u4e00\u9ede\uff0c\u4ed6\u5011\u53ea\u6703\u7ba1\u7406\u55ae\u4e00\u985e\u5225\u7684\u8cc7\u7522\uff1a\u80a1\u7968\u7d93\u7406\u7ba1\u7406\u80a1\u7968\u3001\u50b5\u5238\u7d93\u7406\u7ba1\u7406\u50b5\u5238\u7b49\u7b49\uff08\u7919\u65bc\u6cd5\u898f\u9650\u5236\uff0c\u55ae\u4e00\u985e\u5225\u53ea\u80fd\u505a\u55ae\u4e00\u6295\u8cc7\uff0c\u4f8b\u5982\u4ee5\u53f0\u7063\u70ba\u4f8b\uff0c\u80a1\u7968\u578b\u57fa\u91d1\uff0c\u6cd5\u898f\u898f\u5b9a\u5b83\u5c31\u53ea\u80fd\u8cb7\u80a1\u7968\u3002\u56e0\u6b64\u8ddf\u80fd\u5920\u904b\u7528\u591a\u985e\u5225\u6295\u8cc7\u7684\u907f\u96aa\u57fa\u91d1\uff0c\u5728\u6bd4\u8f03\u57fa\u6e96\u4e0a\u4e0d\u76f8\u540c\uff09\uff0c<\/p>\n<p>\u5ba2\u6236\u7d66\u4ed6\u5011\u9322\uff0c\u671f\u671b\u80fd\u5f97\u5230\u76f8\u95dc\u8cc7\u7522\u985e\u5225\u7684\u7e3d\u6536\u76ca\uff08\u4f8b\u5982\uff0c\u6a19\u6e96\u666e\u723e500\u80a1\u7968\u6307\u6578\uff09\uff0c\u518d\u52a0\u4e0a\u6295\u8cc7\u7d93\u7406\u52a0\u6e1b\u78bc\u6295\u8cc7\u7279\u5b9a\u8cc7\u7522\u6240\u5f97\u5230\u7684\u8d85\u984d\u5831\u916c\uff08\u4f8b\u5982\uff0c\u52a0\u78bc\u5fae\u8edf\u7684\u80a1\u7968\uff09\uff0c\u4f46\u662f\u540c\u4e00\u500b\u8cc7\u7522\u985e\u5225\u4e2d\u7684\u500b\u5225\u8cc7\u7522\u901a\u5e38\u90fd\u670960%\u76f8\u95dc\u6027\uff0c\u4e5f\u5c31\u662f\u6709\u4e00\u534a\u4ee5\u4e0a\u7684\u6642\u9593\u80a1\u7968\u6703\u4e00\u8d77\u6f32\u6216\u4e00\u8d77\u8dcc\u3002<\/p>\n<p>\u6b63\u5982\u8056\u676f\u5716\u8868\u986f\u793a\u7684\uff0c\u5982\u679c\u628a1000\u6a94\u5f7c\u6b64\u670960%\u76f8\u95dc\u6027\u7684\u80a1\u7968\u7d0d\u5165\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u76f8\u8f03\u65bc\u53ea\u9078\u64c75\u6a94\uff0c\u4ecd\u7136\u4e0d\u80fd\u66f4\u6709\u6548\u7684\u505a\u5230\u98a8\u96aa\u5206\u6563\u3002\u9054\u5229\u6b50\u7528\u6295\u8cc7\u7684\u8056\u676f\u4f86\u5e73\u8861\u6295\u8cc7\u7d44\u5408\uff0c\u5c31\u80fd\u5f88\u5bb9\u6613\u64ca\u6557\u90a3\u4e9b\u4eba\u3002<\/p>\n<p>\u7e3d\u6b78\u4e00\u53e5\u8a71\uff1a<strong>\u512a\u8cea\u7684\u3001\u76f8\u95dc\u6027\u4f4e\u7684\u62bc\u6ce8\u53ef\u4ee5\u9054\u5230\u5e73\u8861\u8207\u4e92\u88dc\u7684\u6548\u679c\uff0c\u4e5f\u5c31\u662f\u5728\u53ef\u63a5\u53d7\u7684\u4e0b\u6a94\u98a8\u96aa\u4e4b\u4e0b\uff0c\u7372\u5f97\u66f4\u597d\u7684\u5831\u916c\u3002<\/strong><\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u60f3\u964d\u4f4e\u98a8\u96aa\uff0c\u91cd\u8981\u7684\u662f\u4f4e\u76f8\u95dc\u6027<\/p>\n<p>\u6bd4\u65b9\u8aaa\uff0c\u4f60\u5982\u679c\u9078\u64c730\u6a94\u6216300\u6a94\u80a1\u7968\uff0c\u80fd\u964d\u4f4e\u98a8\u96aa\u55ce\uff1f\u7b54\u6848\u662f\u5f88\u6709\u9650\uff0c\u70ba\u4ec0\u9ebc\uff1f<\/p>\n<p>\u56e0\u70ba\u5b83\u5011\u90fd\u662f\u80a1\u7968\uff0c\u800c\u5927\u591a\u6578\u7684\u80a1\u7968\uff0c\u5373\u4f7f\u662f\u5b8c\u5168\u4e0d\u540c\u7684\u516c\u53f8\u3001\u7d93\u71df\u4e0d\u540c\u751f\u610f\u696d\u52d9\uff0c\u5176\u5be6\u9084\u662f\u6709\u9ad8\u5ea6\u7684\u76f8\u95dc\u6027\u3002<\/p>\n<p>\u56e0\u6b64\u5fc5\u9808\u662f\u4e0d\u540c\u8cc7\u7522\u5225\uff08\u4f8b\u5982\u80a1\u7968\u548c\u50b5\u5238\u5c31\u4f4e\u76f8\u95dc\u3001\u80a1\u7968\u548c\u9ec3\u91d1\u4e5f\u4f4e\u76f8\u95dc\uff09\uff0c\u751a\u81f3\u52a0\u4e0a\u7b56\u7565\u8b8a\u5316\uff0c\u624d\u53ef\u80fd\u6709\u591a\u7a2e\u4f4e\u76f8\u95dc\u6027\u7684\u8cc7\u7522\uff0c\u624d\u80fd\u9032\u4e00\u6b65\u964d\u4f4e\u98a8\u96aa\u3002<\/p><\/blockquote>\n<h3><strong>All Weather\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408<\/strong><\/h3>\n<p>\u6b63\u56e0\u70ba\u591a\u5143\u7684\u8cc7\u7522\u7d44\u5408\u53ef\u4ee5\u964d\u4f4e\u98a8\u96aa\uff0c\u56e0\u6b64\u9054\u5229\u6b50\u5c31\u66fe\u8a66\u5716\u627e\u51fa\u4e00\u7a2e\u900f\u904e\u591a\u5143\u8cc7\u7522\uff0c\u7d44\u5408\u51fa\u98a8\u96aa\u76f8\u7576\u4f4e\uff0c\u985e\u4f3c\u65bc\u4e2d\u77ed\u671f\u50b5\u5238\u6216\u73fe\u91d1\uff0c\u4f46\u5831\u916c\u53c8\u9ad8\u65bc\u77ed\u50b5\u548c\u73fe\u91d1\u7684\u6295\u8cc7\u7d44\u5408\u3002<\/p>\n<p>\u85c9\u7531\u4e0d\u540c\u8cc7\u7522\u7684\u98a8\u96aa\u9ad8\u4f4e\u53ca\u4e0d\u540c\u5468\u671f\u4e0b\u7684\u8868\u73fe\uff0c\u900f\u904e\u80a1\u7968\u3001\u9577\u671f\u50b5\u5238\u3001\u4e2d\u671f\u50b5\u5238\u3001\u9ec3\u91d1\u3001\u539f\u7269\u6599\u7b49\u8cc7\u7522\uff0c\u914d\u7f6e\u51fa\u4e00\u500b\u4f4e\u98a8\u96aa\u7684\u6295\u8cc7\u7d44\u5408\uff0c<\/p>\n<p>\u9019\u6295\u8cc7\u7d44\u5408\u7a31\u70baAll Weather\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408\uff0c\u4e5f\u7a31\u4f5c\u98a8\u96aa\u5e73\u50f9\u7b56\u7565\u3002<\/p>\n<p>\u610f\u601d\u662f\u5728\u5404\u7a2e\u5e02\u5834\u74b0\u5883\u4e0b\u90fd\u80fd\u6709\u98a8\u96aa\u76f8\u5c0d\u7a69\u5b9a\u7684\u8868\u73fe\uff0c\u5831\u916c\u537b\u53c8\u80fd\u9ad8\u65bc\u985e\u4f3c\u98a8\u96aa\u4e0b\u7684\u50b5\u5238\u3002<\/p>\n<p>\u5168\u5929\u5019\u6295\u8cc7\u7d44\u5408\u4e26\u6c92\u6709<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8d85\u984d\u5831\u916c alpha<\/a>\uff0c\u9760\u7684\u662f\u5404\u7a2e\u8cc7\u7522\u7684\u88ab\u52d5\u6295\u8cc7\u5831\u916c<a href=/index.html"https:\/\/\/what-is-alpha-beta-with-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Beta<\/a>\u53ca\u99ac\u53ef\u7dad\u8332\u7684\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u964d\u4f4e\u98a8\u96aa\u3002<\/p>\n<p>\u900f\u904e\u9019\u500b\u7d44\u5408\uff0c\u53ef\u4ee5\u5efa\u7acb\u51fa\u4e00\u500b\u5168\u65b0\u7684\u985e\u4f3c\u73fe\u91d1\u90e8\u4f4d\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/bridgewater-associates-all-weather-strategy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%A9%8B%E6%B0%B4%E5%9F%BA%E9%87%91%E7%B0%A1%E4%BB%8B%E5%8F%8A%E7%B8%BE%E6%95%88\"><\/span>\u6a4b\u6c34\u57fa\u91d1\u7c21\u4ecb\u53ca\u7e3e\u6548<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6a4b\u6c34\u767c\u884c\u7684\u57fa\u91d1\u5171\u6709\u4e09\u7a2e\uff0c<\/p>\n<ul>\n<li>\u7b2c\u4e00\u7a2e\u662f\u65d7\u8266\u57fa\u91d1Pure Alpha\uff0c\u622a\u81f32011\u5e74\uff0c\u8cc7\u7522\u7ba1\u7406\u898f\u6a21\u70ba600\u5104\u5143\u3002<\/li>\n<li>\u7b2c\u4e8c\u7a2e\u662f\u5168\u5929\u5019\u98a8\u96aa\u5e73\u50f9\u7b56\u7565\uff08\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/bridgewater-associates-all-weather-strategy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565<\/a>\uff09\uff0c\u9019\u662f\u8cc7\u7522\u7ba1\u7406\u898f\u6a21\u9054450\u5104\u5143\u7684\u5e73\u8861\u5f0f\u6295\u8cc7\u7d44\u5408\uff0c\u9069\u7528\u65bc\u5404\u7a2e\u5e02\u6cc1\u3002<\/li>\n<li>\u7b2c\u4e09\u7a2e\u662fPure Alpha\u4e3b\u8981\u5e02\u5834\u57fa\u91d1\uff08Pure Alpha Major Markets Fund\uff09\uff0c\u4ee5100\u5104\u5143\u4f5c\u70ba\u8cc7\u91d1\uff0c\u6210\u7acb\u65bc2010\u5e74\uff0c\u6295\u8cc7\u4eba\u7684\u7372\u5229\u53ef\u4ee5\u518d\u6295\u8cc7\u65bc\u65b0\u7684\u91d1\u878d\u5de5\u5177\u3002<\/li>\n<\/ul>\n<p>\u6a4b\u6c34\u7684\u65d7\u8266\u57fa\u91d1\u81ea1991\u5e74\u6210\u7acb\u4ee5\u4f86\uff0c\u53ea\u6709\u4e00\u5e74\u767c\u751f\u8667\u640d\uff0c\u800c\u6de8\u5831\u916c\u70ba\u8ca0\u6578\u7684\u53ea\u6709\u4e09\u5e74\uff0c\u57fa\u91d1\u81ea\u6210\u7acb\u4ee5\u4f86\u5e74\u5316\u5831\u916c\u70ba18%\u3002<\/p>\n<p>\u800c\u6a4b\u6c34\u57281990\u5e74\u9996\u5275\u7684\u7b56\u7565\uff1a\u5f9ebeta\u4e4b\u4e2d\u5206\u96e2alpha\u7684\u7b56\u7565\uff0c\u5982\u4eca\u65e9\u5df2\u6210\u70ba\u907f\u96aa\u57fa\u91d1\u7684\u540c\u7fa9\u8a5e\u3002<\/p>\n<p>\u7576\u7136\uff0c\u6a4b\u6c34\u4e5f\u4e26\u975e\u4e0d\u6703\u72af\u932f\uff0c<\/p>\n<p>\u4f8b\u59822020\u5e74\u96d6\u7136\u9047\u5230\u75ab\u60c5\u5f71\u97ff\uff0c\u5168\u7403\u80a1\u5e02\u4ecd\u662f\u5927\u591a\u982d\uff0c\u4f46\u6a4b\u6c34\u537b\u7e73\u51fa\u8667\u640d\u7684\u6210\u7e3e\u55ae\uff0c\u7576\u6642\u4e5f\u53d7\u5230\u8a31\u591a\u6279\u8a55\u3002<\/p>\n<p>\u63a5\u4e0b\u4f86\uff0c<br \/>\n\u5e02\u5834\u5148\u751f\u5206\u4eab\u9054\u5229\u6b50\u5be6\u969b\u64cd\u4f5c\u7684\u6210\u529f\u6848\u4f8b\uff0c\u4ee5\u53ca\u6c7a\u7b56\u601d\u8003\u4f7f\u7528\u7684\u5de5\u5177\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%A9%8B%E6%B0%B4%E5%9F%BA%E9%87%91%E6%88%90%E5%8A%9F%E6%A1%88%E4%BE%8B%E8%88%87%E6%B1%BA%E7%AD%96%E5%B7%A5%E5%85%B7\"><\/span>\u6a4b\u6c34\u57fa\u91d1\u6210\u529f\u6848\u4f8b\u8207\u6c7a\u7b56\u5de5\u5177<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u6210\u529f\u6848\u4f8b\u4e00\uff1a2007\u5e74\uff0c\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\u7206\u767c<\/li>\n<li>\u6210\u529f\u6848\u4f8b\u4e8c\uff1a2010\u5e74\uff0c\u9810\u6e2c\u6b50\u6d32\u50b5\u52d9\u5371\u6a5f<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u5206\u5225\u4ecb\u7d39\u9019\u5169\u500b\u6a4b\u6c34\u57fa\u91d1\u6210\u529f\u9810\u6e2c\u8870\u9000\u7684\u6848\u4f8b\u4e2d\uff0c\u6a4b\u6c34\u57fa\u91d1\u6240\u4f7f\u7528\u7684\u5224\u65b7\u5de5\u5177\u65b9\u5f0f\u8207\u6982\u5ff5\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%90%E5%8A%9F%E6%A1%88%E4%BE%8B%E4%B8%80%EF%BC%9A2007%E5%B9%B4%EF%BC%8C%E9%A0%90%E6%B8%AC%E6%AC%A1%E8%B2%B8%E5%8D%B1%E6%A9%9F%E7%88%86%E7%99%BC\"><\/span>\u6210\u529f\u6848\u4f8b\u4e00\uff1a2007\u5e74\uff0c\u9810\u6e2c\u6b21\u8cb8\u5371\u6a5f\u7206\u767c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8a31\u591a\u57fa\u91d1\u7d93\u7406\u4eba\u6574\u5929\u5750\u5728\u96fb\u8166\u524d\u7dca\u76ef\u5e02\u5834\u8b8a\u5316\uff0c\u4f46\u9054\u5229\u6b50\u4e0d\u540c\uff0c\u4ed6\u82b1\u8a31\u591a\u6642\u9593\u7814\u7a76\u7d93\u6fdf\u548c\u91d1\u878d\u4e8b\u4ef6\u69cb\u6210\u7684\u6846\u67b6\uff0c\u4ed6\u5c07\u5e02\u5834\u7d93\u6fdf\u8996\u70ba\u4e00\u90e8\u904b\u884c\u4e2d\u7684\u6a5f\u5668\uff0c\u53ea\u8981\u6211\u5011\u4e86\u89e3\u904e\u53bb\u7684\u91cd\u8981\u7d93\u6fdf\u548c\u5e02\u5834\u52d5\u5411\uff0c\u6b78\u7d0d\u51fa\u61c9\u5c0d\u7684\u539f\u5247\uff0c\u7576\u5371\u6a5f\u51fa\u73fe\u5c31\u80fd\u904b\u7528\u539f\u5247\u89e3\u6c7a\uff0c\u751a\u81f3\u9810\u898b\u5371\u6a5f\u3002<\/p>\n<p>\u4f7f\u7528\u7684\u5de5\u5177\u6709\uff1a<\/p>\n<ul>\n<li>\u5de5\u5177\u4e00\uff1a\u666f\u6c23\u856d\u689d\u6e2c\u91cf\u5100<\/li>\n<li>\u5de5\u5177\u4e8c\uff1aD\u7a0b\u5e8f<\/li>\n<li>\u5de5\u5177\u4e09\uff1a\u7d93\u6fdf\u8870\u9000\u8861\u91cf\u6307\u6a19<\/li>\n<\/ul>\n<p><strong><span style=\"font-size: 20px;\">\u5de5\u5177\u4e00\uff1a\u666f\u6c23\u856d\u689d\u6e2c\u91cf\u5100<\/span><\/strong><\/p>\n<p><strong>\u6a4b\u6c34\u5229\u7528\u6307\u6578\u7cfb\u7d71\u4f86\u6355\u6349\u4e0d\u65b7\u8b8a\u5316\u7684\u57fa\u672c\u9762\uff0c\u540c\u6642\u4ee5\u6280\u8853\u6027\u7684\u8da8\u52e2\u8ddf\u904e\u6ffe\u7cfb\u7d71\uff0c\u78ba\u8a8d\u50f9\u683c\u8d70\u52e2\u8207\u6307\u6578\u7cfb\u7d71\u986f\u793a\u7684\u8a0a\u865f\u4e00\u81f4\u3002<\/strong><\/p>\n<p>\u57282000\u5e74\u4ee3\u521d\u671f\uff0c\u6a4b\u6c34\u5c31\u5df2\u6253\u9020\u300c\u666f\u6c23\u856d\u689d\u6e2c\u91cf\u5100\u300d\uff08depression gauge\uff09\uff0c\u898f\u5b9a\u5982\u679c\u51fa\u73fe\u67d0\u4e9b\u7279\u5b9a\u60c5\u6cc1\uff0c\u9810\u793a\u50b5\u52d9\u5371\u6a5f\u6216\u666f\u6c23\u8870\u9000\u7684\u98a8\u96aa\u52a0\u5927\uff0c\u5c31\u8a72\u63a1\u53d6\u67d0\u4e9b\u884c\u52d5\u3002<\/p>\n<p>2007\u5e74\u6e2c\u91cf\u5100\u986f\u793a\uff0c\u56e0\u70ba\u511f\u50b5\u6210\u672c\u5df2\u7d93\u8d85\u904e\u4e86\u9810\u671f\u7684\u73fe\u91d1\u6d41\uff0c\u50b5\u52d9\u6ce1\u6cab\u5df2\u7d93\u7015\u81e8\u7834\u88c2\u5371\u6a5f\u3002<\/p>\n<p>\u7531\u65bc\u7576\u6642\u5229\u7387\u63a5\u8fd1\u96f6\uff0c\u592e\u884c\u7121\u6cd5\u85c9\u7531\u5bec\u9b06<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\u63d0\u632f\u666f\u6c23\uff0c\u985e\u4f3c\u60c5\u6cc1\u904e\u53bb\u7684\u7d93\u6fdf\u5927\u856d\u689d\u90fd\u66fe\u51fa\u73fe\u3002<\/p>\n<p>\u9054\u5229\u6b50\u767c\u73fe\u8b66\u8a0a\u5f8c\uff0c\u7acb\u523b\u627e\u8ca1\u653f\u90e8\u8207\u767d\u5bae\u5b98\u54e1\u5546\u8b70\uff0c\u4f46\u9664\u4e86\u6642\u4efb\u526f\u7e3d\u7d71\u8fea\u514b\uff0e\u9322\u5c3c\u7684\u570b\u5167\u653f\u7b56\u526f\u52a9\u7406\u8c9d\u7279\u6cd5\u54c8\u5fb7\uff08Ramsen Betfarhad\uff09\u7814\u7a76\u4ed6\u7684\u6578\u64da\u5916\uff0c\u6c92\u4eba\u628a\u4ed6\u7684\u8a71\u7576\u4e00\u56de\u4e8b\u3002<\/p>\n<p>\u7136\u800c\uff0c\u96a8\u8457\u4e8b\u614b\u6108\u767c\u60e1\u5316\uff0c\u6a4b\u6c34\u7684\u9810\u6e2c\u958b\u59cb\u53d7\u5230\u91cd\u8996\uff0c\u5230\u4e862008\u5e743\u6708\uff0c\u9054\u5229\u6b50\u53d7\u9080\u81f3\u767d\u5bae\uff0c\u63a5\u8457\u5169\u5929\u5f8c\uff0c\u8c9d\u723e\u65af\u767b\uff08Bear Stearns\uff09\u50b3\u51fa\u7834\u7522\u6d88\u606f\uff08\u5f8c\u88ab\u6469\u6839\u5927\u901a\u6536\u8cfc\uff09\uff0c\u516d\u500b\u6708\u5f8c\u96f7\u66fc\u5144\u5f1f\uff08Lehman Brothers\uff09\u7834\u7522\uff0c\u6b21\u8cb8\u5371\u6a5f\u5c31\u6b64\u8513\u5ef6\u5168\u4e16\u754c\uff0c\u6700\u7d42\u6f14\u8b8a\u6210\u300c<a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2008\u5168\u7403\u91d1\u878d\u5371\u6a5f<\/a>\u300d\u3002<\/p>\n<p>\u9019\u6642\u7684\u6a4b\u6c34\u5462\uff1f\u65e9\u5c31\u5df2\u7d93\u505a\u597d\u5e02\u5834\u9810\u6e2c\u8207\u98a8\u96aa\u898f\u907f\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 20px;\"><strong>\u5de5\u5177\u4e8c\uff1aD\u7a0b\u5e8f<\/strong><\/span><\/p>\n<p>\u6a4b\u6c34\u6240\u958b\u767c\u7684<strong>\u300cD\u7a0b\u5e8f\u300d\uff08D-process\uff09\uff0c\u662f\u4e00\u5957\u91dd\u5c0d\u53bb\u69d3\u687f\u5316\u8207\u91d1\u878d\u5371\u6a5f\u7684\u7814\u7a76<\/strong>\uff0c\u4e5f\u57282008\u5e74\u6d3e\u4e0a\u7528\u5834\uff0c<\/p>\n<p>\u7576\u6642\u4fe1\u7528\u9055\u7d04\u50f9\u5dee\u7684\u98a8\u96aa\u6307\u6a19\u653e\u5927\uff0c\u4fc3\u4f7f\u6a4b\u6c34\u7d50\u675f\u597d\u5e7e\u5bb6\u9280\u884c\uff08\u5982\u96f7\u66fc\u5144\u5f1f\u548c\u8c9d\u723e\u65af\u767b\uff09\u7684\u6295\u8cc7\u90e8\u4f4d\u3002<\/p>\n<p><strong>\u6a4b\u6c34\u6709\u6548\u5340\u5206\u9ad8\u98a8\u96aa\u8207\u4f4e\u98a8\u96aa\u7684\u6295\u8cc7\uff0c\u4e26\u638c\u63e1\u4e0d\u540c\u98a8\u96aa\u7a0b\u5ea6\uff0c\u57fa\u91d1\u56e0\u6b64\u6210\u529f\u8cfa\u53d612%\u5831\u916c\u3002<\/strong><\/p>\n<p>\u6839\u64daCNBC\u5831\u5c0e\uff0c\u57282008\u5e74\u6a4b\u6c34Pure alpha\u7b56\u7565\u5831\u916c\u70ba +9.4%\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u96d6\u7136\u5728\u91d1\u878d\u6d77\u562f\u6642\u6a4b\u6c34\u57fa\u91d1\u6210\u529f\u907f\u96aa\uff0c\u4e5f\u6709\u53e6\u4e00\u500b\u9762\u5411\uff0c<\/p>\n<p>\u57282009\u5e74\u80a1\u5e02\u5927\u5e45\u53cd\u5f48\u6642\uff0c\u6a4b\u6c34\u53ca\u5927\u591a\u6578\u907f\u96aa\u57fa\u91d1\u8868\u73fe\u53cd\u800c\u90fd\u5f88\u5dee\uff0c<\/p>\n<p>\u6839\u64daForbes\u5831\u5c0e\uff0c\u6a4b\u6c34\u57282009\u5e74\u5e02\u5834\u5927\u5e45\u53cd\u5f48\u7684\u60c5\u6cc1\u4e0b\u50c5\u6709 +2%\u5831\u916c\uff0c\u540c\u671fS&amp;P500\u4e0a\u6f3228.7%(\u542b\u606f)\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 20px;\"><strong>\u5de5\u5177\u4e09\uff1a\u7d93\u6fdf\u8870\u9000\u8861\u91cf\u6307\u6a19<\/strong><\/span><\/p>\n<p>\u6a4b\u6c34\u7684\u6a21\u578b\u9084\u6709\u53e6\u4e00\u500b\u8f38\u5165\u56e0\u5b50\uff1a\u91d1\u878d\u5371\u6a5f\u7206\u767c\u7684\u516b\u5e74\u524d\uff0c\u8a72\u516c\u53f8\u958b\u59cb\u63a1\u7528\u7d93\u6fdf\u8870\u9000\u8861\u91cf\u6307\u6a19\uff0c\u6a4b\u6c34\u5718\u968a\u6df1\u5165\u7814\u7a76\u53bb\u69d3\u687f\u5316\u548c\u7d93\u6fdf\u856d\u689d\u7684\u7279\u5fb5\uff0c\u4e86\u89e3\u5230\u5229\u7387\u903c\u8fd1\u65bc\u96f6\uff0c\u4e26\u51fa\u73fe\u8d85\u984d\u50b5\u52d9\u6642\uff0c\u5c31\u6703\u767c\u751f\u53bb\u69d3\u687f\u5316\u73fe\u8c61\u3002<\/p>\n<p>2008\u5e74\uff0c\u4ed6\u63a5\u53d7Financial Times\u8a2a\u554f\u6642\u5c31\u63d0\u51fa\u8b66\u544a\uff0c\u8a8d\u70ba\u4eba\u5011\u4e0d\u61c9\u904e\u5206\u4ef0\u8cf4\u6b77\u53f2\u6a21\u578b\u4e4b\u985e\u7684\u5de5\u5177\u3002<\/p>\n<p>\u4ed6\u8868\u793a\uff1a\u300c<strong>\u6295\u8cc7\u4eba\u6700\u5e38\u72af\u7684\u932f\u8aa4\u662f\u4ec0\u9ebc\uff1f\u4eba\u5011\u76f8\u4fe1\u904e\u53bb\u6709\u6548\u7684\u6771\u897f\uff0c\u672a\u4f86\u9084\u6703\u6301\u7e8c\u6709\u6548\u3002<\/strong>\u96a8\u8457\u79d1\u6280\u8d8a\u4f86\u8d8a\u767c\u9054\uff0c\u4eba\u5011\u5f88\u5bb9\u6613\u627e\u5230\u904e\u53bb\u66fe\u7d93\u6709\u6548\u7684\u6771\u897f\uff0c\u7136\u5f8c\u900f\u904e\u91d1\u878d\u5de5\u7a0b\uff0c\u5c31\u53ef\u4ee5\u5275\u9020\u51fa\u300e\u904e\u5ea6\u6700\u4f73\u5316\u300f\u7684\u7b56\u7565\u3002<\/p>\n<p>\u6211\u76f8\u4fe1\uff0c\u6211\u5011\u5373\u5c07\u9081\u5165\u4e00\u500b\u8207\u6b77\u53f2\u56de\u6e2c\u7d50\u679c\u4e0d\u76f8\u7b26\u7684\u6642\u4ee3\uff0c\u56e0\u6b64\u9ebb\u7169\u5c31\u4f86\u4e86\uff0c\u7576\u9019\u7a2e\u52d5\u614b\u5b58\u5728\uff0c\u800c\u5229\u7387\u903c\u8fd1\u65bc\u96f6\uff0c\u6211\u5011\u77e5\u9053\u4e2d\u592e\u9280\u884c\u63a1\u884c\u5bec\u9b06\u653f\u7b56\u7684\u80fd\u529b\u662f\u53d7\u5230\u9650\u5236\u7684\u3002\u300d<\/p>\n<p>2008\u5e74\uff0c\u8a31\u591a\u6295\u8cc7\u4eba\u640d\u5931\u8d85\u904e30%\uff0c\u907f\u96aa\u57fa\u91d1\u884c\u696d\u5e73\u5747\u8667\u640d19%\uff0c\u6a4b\u6c34\u65d7\u8266\u57fa\u91d1 Pure Alpha \u5831\u916c\u8d85\u904e14%\u3002<\/p>\n<p>2010 \u5e74\uff0c\u5169\u6a94 Pure Alpha \u57fa\u91d1\u7684\u5831\u916c\u7387\u5206\u5225\u662f45%\u820728%\uff0c\u800c\u5168\u5929\u5019\uff08All-Weather\uff09\u6295\u8cc7\u7b56\u7565\u4e5f\u6709\u5c07\u8fd118%\u7684\u5831\u916c\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54990\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152115_41.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b504 \" width=\"1502\" height=\"833\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%88%90%E5%8A%9F%E6%A1%88%E4%BE%8B%E4%BA%8C%EF%BC%9A2010%E5%B9%B4%EF%BC%8C%E9%A0%90%E6%B8%AC%E6%AD%90%E6%B4%B2%E5%82%B5%E5%8B%99%E5%8D%B1%E6%A9%9F\"><\/span>\u6210\u529f\u6848\u4f8b\u4e8c\uff1a2010\u5e74\uff0c\u9810\u6e2c\u6b50\u6d32\u50b5\u52d9\u5371\u6a5f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u9054\u5229\u6b50\u770b\u5230\u6b50\u76df\u7684\u653f\u6cbb\u6c7a\u7b56\u7cfb\u7d71\u5931\u9748\uff0c\u9810\u6e2c\u53ef\u80fd\u51fa\u73fe\u50b5\u52d9\u5371\u6a5f\u3002<\/p>\n<p>2011\u5e74\uff0c\u897f\u73ed\u7259\u820a\u653f\u5e9c\u57ae\u53f0\uff0c\u65b0\u653f\u5e9c\u63a5\u624b\u7015\u81e8\u5012\u9589\u7684\u897f\u73ed\u7259\u9280\u884c\uff0c\u7dca\u63a5\u8457\u6b50\u6d32\u5404\u570b\u50b5\u52d9\u9677\u5165\u8870\u9000\uff0c<\/p>\n<p>2012\u5e74\uff0c\u6b50\u6d32\u592e\u884c\u884c\u9577\u6c7a\u5b9a\u8cfc\u8cb7\u50b5\u5238\uff0c\u96d6\u7136\u9019\u9805\u63aa\u65bd\uff0c\u6c92\u6709\u7acb\u5373\u523a\u6fc0\u7d93\u6fdf\u6210\u9577\uff0c\u4f46\u8b93\u6b50\u6d32\u907f\u514d\u5373\u5c07\u5230\u4f86\u7684\u5371\u6a5f\u3002<\/p>\n<p>\u6b50\u6d32\u592e\u884c\u5e0c\u671b\u80fd\u5c07\u901a\u81a8\u62c9\u9ad8\u52302%\uff0c\u4f46\u537b\u73fe\u6cc1\u7e7c\u7e8c\u4e0b\u6ed1\uff0c\u9054\u5229\u6b50\u5411\u6b50\u6d32\u592e\u884c\u63d0\u51fa\u5efa\u8a00\uff0c\u4ed6\u8a8d\u70ba\u66f4\u597d\u7684\u505a\u6cd5\u662f\uff1a\u6b50\u6d32\u592e\u884c\u900f\u904e\u5728\u6bcf\u500b\u6210\u54e1\u570b\u6309\u6bd4\u4f8b\u8cfc\u8cb7\u50b5\u5238\u4f86\u5be6\u73fe\u91cf\u5316\u5bec\u9b06\uff0c\u5982\u6b64\u4e00\u4f86\uff0c\u4e5f\u80fd\u907f\u514d\u504f\u8892\u55ae\u4e00\u5730\u5340\u6216\u570b\u5bb6\u3002<\/p>\n<p>2015\u5e74\uff0c\u6b50\u6d32\u592e\u884c\u6b63\u5f0f\u5be6\u884c\u9019\u9805\u8a08\u756b\uff0c\u5e02\u5834\u53cd\u61c9\u4e5f\u5f88\u6b63\u9762\uff0c\u6b50\u6d32\u80a1\u5e02\u5927\u6f321.5%\uff0c\u800c\u6b50\u6d32\u4e3b\u8981\u7d93\u6fdf\u9ad4\u7684\u653f\u5e9c\u50b5\u5238\u6b96\u5229\u7387\u4e0b\u6ed1\uff0c\u6b50\u5143\u514c\u7f8e\u5143\u4e5f\u8cb6\u503c2%\uff08\u6709\u5229\u523a\u6fc0\u7d93\u6fdf\uff09\uff0c\u63a5\u4e0b\u4f86\u5e7e\u500b\u6708\uff0c\u9664\u4e86\u523a\u6fc0\u7d93\u6fdf\uff0c\u4e5f\u4e0d\u518d\u8b93\u901a\u81a8\u6301\u7e8c\u4e0b\u964d\u3002<\/p>\n<p>2020\u5e74\uff0c\u53d7\u5230\u75ab\u60c5\u5f71\u97ff\uff0c\u6a4b\u6c34\u9677\u5165\u8667\u640d\uff0c\u8667\u640d\u91d1\u984d\u9054121\u5104\u7f8e\u5143\uff0c\u6839\u64daLCH Investments\u7d71\u8a08\u986f\u793a\uff0c\u6a4b\u6c34\u5728\u5168\u7403\u5c0d\u6c96\u57fa\u91d120\u5927\u699c\u55ae\u4e2d\u4f4d\u5c4518\u540d\uff0c\u898b\u4e0b\u8868\uff1a<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54991\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152141_38.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b501 \" width=\"1073\" height=\"930\" \/><\/p>\n<p>2020\u5e74\uff0c\u6a4b\u6c34Pure Alpha\u57fa\u91d1\u8667\u640d7.6%\uff0c\u4f46All-Weather\u7684\u5831\u916c\u5247\u67099.5%\uff0c<\/p>\n<p>\u9054\u5229\u6b50\u5c0d\u6b64\u8868\u793a\uff1a\u300c\u6211\u5011\u904e\u53bb\u5f9e\u672a\u6709\u5982\u6b64\u5927\u5e45\u8667\u640d\u7684\u5e74\u5ea6\uff0c\u6bcf\u4e00\u5e74\u90fd\u80fd\u7372\u5229\uff0c\u4f46\u6211\u5011\u6df1\u77e5\u9019\u5929\u7d42\u7a76\u6703\u4f86\u81e8\u3002\u6211\u5011\u932f\u5931\u75ab\u60c5\u5e36\u4f86\u7684\u4f4e\u9ede\uff0c\u9019\u5c31\u662f\u73fe\u5be6\u3002\u300d<\/p>\n<p>\u7136\u800c\uff0cLCH\u5e74\u5ea6\u5831\u544a\u4e5f\u6307\u51fa\uff0c\u6a4b\u6c34\u7ba1\u7406\u7684\u8cc7\u7522\u898f\u6a21\uff0c\u5728\u7576\u5e74\u6240\u6709\u5c0d\u6c96\u57fa\u91d1\u4e2d\u4ecd\u7136\u662f\u6700\u591a\u7684\uff0c\u9054\u52301019\u5104\u7f8e\u5143\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E6%A9%8B%E6%B0%B4%E7%9A%84%E6%88%90%E5%8A%9F%E5%BF%83%E6%B3%95\"><\/span>\u6a4b\u6c34\u7684\u6210\u529f\u5fc3\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>\u745e\u9054\u5229\u6b50\u7684\u539f\u5247<\/li>\n<li>\u5275\u610f\u64c7\u512a<\/li>\n<li>\u9762\u5c0d\u932f\u8aa4<\/li>\n<\/ul>\n<h3>\u745e\u9054\u5229\u6b50\u7684\u539f\u5247 Principles<\/h3>\n<p>\u9054\u5229\u6b50\u6307\u51fa\uff0c\u5f9e\u5927\u65b9\u5411\u770b\uff0c\u539f\u5247\u662f\u884c\u70ba\u7684\u57fa\u790e\uff0c\u4f7f\u4eba\u5f97\u5230\u60f3\u8981\u7684\u751f\u6d3b\uff1b\u82e5\u5f9e\u5be6\u7528\u9762\u770b\uff0c\u539f\u5247\u53ef\u91cd\u8907\u5728\u985e\u4f3c\u60c5\u6cc1\u904b\u7528\uff0c\u4ee5\u5be6\u73fe\u76ee\u6a19\u3002<\/p>\n<p>\u597d\u6bd4\u8aaa\uff0c\u6bcf\u5929\u6211\u5011\u90fd\u8981\u505a\u51fa\u8a31\u591a\u6289\u64c7\uff0c\u50cf\u65e9\u9910\u9078\u54ea\u4e00\u5bb6\uff1f\u660e\u5e74\u9810\u7b97\u7de8\u591a\u5c11\uff1f\u51fa\u5305\u5f8c\u8ddf\u8001\u95c6\u5831\u544a\u7684\u6642\u6a5f\u9ede\u7b49\uff0c<\/p>\n<p>\u9054\u5229\u6b50\u5728\u300a\u539f\u5247\u300b\u4e00\u66f8\u63d0\u51fa\u5efa\u8b70\uff1a\u6211\u5011\u61c9\u8a72\u601d\u8003\u4e26\u6c7a\u5b9a\uff1a<\/p>\n<p><strong>\uff081\uff09\u4f60\u60f3\u8981\u4ec0\u9ebc\uff1f<\/strong><br \/>\n<strong>\uff082\uff09\u4e8b\u5be6\u662f\u4ec0\u9ebc\uff1f<\/strong><br \/>\n<strong>\uff083\uff09\u4f60\u8a72\u600e\u9ebc\u505a\uff1f<\/strong><\/p>\n<p>\u57fa\u672c\u4e0a\uff0c\u539f\u5247\u53cd\u6620\u4e86\u6bcf\u500b\u4eba\u7684\u6027\u683c\u8207\u50f9\u503c\u89c0\uff0c\u5118\u7ba1\u6703\u6709\u51fa\u5165\uff0c\u4f46\u64c1\u6709\u660e\u78ba\u7684\u8655\u4e8b\u539f\u5247\u5c07\u6709\u52a9\u65bc\u8a8d\u8b58\u81ea\u5df1\u3001\u7406\u89e3\u73fe\u5be6\u3002<\/p>\n<h3>\u5275\u610f\u64c7\u512a Idea Meritocracy<\/h3>\n<p>\u9054\u5229\u6b50\u900f\u904e\u7cfb\u7d71\u5316\u7684\u65b9\u5f0f\u9032\u884c\u6c7a\u7b56\uff0c\u4e26\u6253\u9020\u4e86\u300c\u5275\u610f\u64c7\u512a\u300d\uff08Idea Meritocracy\uff09\u9019\u500b\u6c7a\u7b56\u7cfb\u7d71\u3002<\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u5275\u610f\u64c7\u512a\u5c31\u662f\u4e00\u500b\u300c\u6975\u5ea6\u958b\u653e\u3001\u6975\u5ea6\u900f\u660e\u300d\u539f\u5247\u3002<\/p>\n<p><strong>\u6975\u5ea6\u900f\u660e + \u6975\u5ea6\u771f\u5be6 + \u53ef\u4fe1\u5ea6\u52a0\u6b0a\u6c7a\u7b56 = \u5275\u610f\u64c7\u512a<\/strong><\/p>\n<p>\u4ed6\u8a8d\u70ba\u6bcf\u500b\u4eba\u5982\u679c\u4e0d\u6b63\u8996\u81ea\u5df1\u7684\u7f3a\u9ede\u3001\u4e0d\u5f9e\u5931\u6557\u4e2d\u5b78\u7fd2\uff0c\u5c31\u6c92\u6709\u9032\u6b65\u7684\u53ef\u80fd\uff0c\u56e0\u6b64\u5f37\u8abf\u958b\u653e\u548c\u900f\u660e\uff0c\u4ed6\u6703\u628a\u81ea\u5df1\u548c\u6240\u6709\u4eba\u7684\u610f\u898b\u653e\u5728\u6aaf\u9762\u4e0a\u516c\u958b\u8a55\u8ad6\u3001\u4f9d\u64da\u904e\u5f80\u8868\u73fe\u5be6\u7e3e\u4e88\u4ee5\u8a55\u5206\uff08\u5373\u300c\u53ef\u4fe1\u5ea6\u52a0\u6b0a\u300d\u539f\u5247\uff09\uff0c\u53ea\u554f\u8ab0\u7684\u610f\u898b\u6709\u9053\u7406\uff08\u5373\u300c\u5275\u610f\u64c7\u512a\u300d\u539f\u5247\uff09\uff0c\u4e0d\u554f\u968e\u7d1a\u3002<\/p>\n<p>\u70ba\u4e86\u9054\u5230\u516c\u958b\u900f\u660e\uff0c\u6240\u6709\u6703\u8b70\uff0c\u5305\u62ec\u9054\u5229\u6b50\u672c\u4eba\u53ca\u9ad8\u5c64\u90fd\u6709\u5f71\u97f3\u8a18\u9304\uff0c\u4e26\u4e14\u63a5\u53d7\u516c\u8a55\u3002<\/p>\n<p>\u6700\u6709\u540d\u7684\u4f8b\u5b50\uff0c\u662f\u54e1\u5de5\u76f4\u63a5\u5beb\u4fe1\u7d66\u9054\u5229\u6b50\uff0c\u7d66\u4ed6\u4e3b\u6301\u7684\u6703\u8b70\u8a55\u5206\u300cD-\u300d\uff0c\u76f4\u6307\u4ed6\u6e96\u5099\u4e0d\u5468\uff0c\u4e5f\u8b93\u4ed6\u77e5\u932f\u80fd\u6539\u3002<\/p>\n<p>\u9019\u5957\u7ba1\u7406\u7cfb\u7d71\u4e0d\u6703\u56e0\u70ba\u8001\u95c6\u3001\u6216\u662f\u4e3b\u7ba1\u7b49\u4e0a\u4f4d\u8005\u72af\u932f\u800c\u62d6\u7d2f\u6574\u9593\u516c\u53f8\uff0c\u4e26\u4e14\u80fd\u5728\u5de5\u4f5c\u4e0a\u505a\u51fa\u6700\u4f73\u6c7a\u7b56\uff0c\u964d\u4f4e\u4eba\u70ba\u98a8\u96aa\u53ca<a href=/index.html"https:\/\/\/what-is-corporate-governance\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u53f8\u6cbb\u7406<\/a>\u5f0a\u7aef\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54992\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152219_68.jpg\" alt=\"\u6a4b\u6c34\u57fa\u91d1\u5275\u8fa6\u4eba\uff1a\u745e\uff0e\u9054\u5229\u6b505 \" width=\"1086\" height=\"809\" \/><\/p>\n<h3>\u9762\u5c0d\u932f\u8aa4<\/h3>\n<p>\u6bcf\u500b\u4eba\u90fd\u4e00\u5b9a\u6703\u72af\u932f\uff0c\u6210\u529f\u7684\u4eba\u5f9e\u932f\u8aa4\u4e2d\u5b78\u7fd2\u6559\u8a13\uff0c\u800c\u5931\u6557\u7684\u4eba\u4e0d\u6703\u3002\u6a4b\u6c34\u4e0d\u6015\u54e1\u5de5\u72af\u932f\uff0c\u4f46\u72af\u932f\u5c31\u8981\u6709\u627f\u8a8d\u7684\u52c7\u6c23\uff0c\u6a4b\u6c34\u7ba1\u7406\u7684\u65b9\u6cd5\u662f\uff0c\u53ea\u662f\u51fa\u932f\uff0c\u5c31\u5fc5\u9808\u8a18\u9304\u5728\u932f\u8aa4\u65e5\u8a8c\u4e2d\uff0c\u5177\u9ad4\u6b65\u9a5f\u70ba\uff1a<\/p>\n<p><strong>\uff081\uff09\u6240\u6709\u932f\u8aa4\u4e00\u5b9a\u8981\u5fe0\u5be6\u8a18\u9304\uff1b<\/strong><br \/>\n<strong>\uff082\uff09\u5927\u5bb6\u4e00\u8d77\u5206\u6790\u5931\u6557\u7684\u6839\u672c\u539f\u56e0\uff1b<\/strong><br \/>\n<strong>\uff083\uff09\u8010\u5fc3\u89e3\u6c7a\u5b83\u3002<\/strong><\/p>\n<p>\u5c0d\u516c\u53f8\u4f86\u8aaa\uff0c\u932f\u8aa4\u65e5\u8a8c\u53ef\u4ee5\u5f62\u6210\u6578\u64da\u3001\u77e5\u8b58\u5eab\uff0c\u65e5\u5f8c\u6210\u70ba\u826f\u597d\u501f\u9452\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u6a4b\u6c34\u57fa\u91d1\u6975\u5ea6\u900f\u660e\u7684\u505a\u6cd5\uff0c\u8a55\u50f9\u5f88\u5169\u6975\uff0c\u9019\u88e1\u4e5f\u63d0\u4f9b\u53cd\u9762\u7684\u8aaa\u6cd5\u3002<\/strong><\/p>\n<p>\u6a4b\u6c34\u57fa\u91d1\u70ba\u4e86\u505a\u5230\u6975\u5ea6\u900f\u660e\u3001\u5fb9\u5e95\u8aa0\u5be6\uff0c\u5728\u516c\u53f8\u5167\u6bcf\u500b\u4eba\u90fd\u6703\u7d66\u5225\u4eba\u6253\u5206\u6578\uff0c\u54e1\u5de5\u8981\u516c\u958b\u88ab\u4eba\u6279\u5224\uff0c\u6574\u9593\u516c\u53f8\u5230\u8655\u5145\u6eff\u9304\u97f3\u548c\u9304\u5f71\u6a5f\uff0c\u8a31\u591a\u4eba\u7a31\u6a4b\u6c34\u7684\u5de5\u4f5c\u74b0\u5883\u662f\u300c\u6709\u6bd2\u300d\u7684\u74b0\u5883\u3002<\/p>\n<p>\u7f8e\u570b\u806f\u90a6\u8abf\u67e5\u5c40\u5c40\u9577\u3001\u6a4b\u6c34\u57fa\u91d1\u524d\u54e1\u5de5James Comey\u66fe\u8aaa\uff1a\u300c\u6211\u4e00\u751f\u7d93\u6b77\u904e\u5f88\u591a\u4e0d\u540c\u5834\u6240\u88ab\u300e\u62f7\u554f\u300f\u7684\u5947\u7570\u7d93\u9a57\u3002\u6211\u66fe\u5728\u6cd5\u9662\u4f5c\u8b49\u3001\u591a\u6b21\u5411\u7f8e\u570b\u7e3d\u7d71\u505a\u7c21\u5831\u3001\u5728\u6700\u9ad8\u6cd5\u9662\u7b54\u8faf\uff0c\u4e5f\u66fe\u5728\u6a4b\u6c34\u516c\u53f8\u4e2d\u88ab\u62f7\u554f\u3002\u81f3\u76ee\u524d\u70ba\u6b62\uff0c\u6a4b\u6c34\u516c\u53f8\u662f\u6700\u786c\u7684\u4e00\u4ed7\u3002\u300d<\/p>\n<p>James Comey\u8aaa\u5982\u679c\u8981\u8a55\u50f9Ray Dalio\uff0c\u6700\u80fd\u8cbc\u5207\u5f62\u5bb9\u4ed6\u7684\u4e00\u53e5\u8a71\u662f\uff1a\u300c\u4ed6\u662f\u4e00\u500b\u8070\u660e\u7684\u6df7\u86cb\u3002\u300d<\/p>\n<p>\u9019\u4e9b\u95dc\u65bc\u6a4b\u6c34\u57fa\u91d1\u53ca\u745e\u9054\u5229\u6b50\u53cd\u9762\u7684\u770b\u6cd5\uff0c\u53ef\u4ee5\u53c3\u8003\u300a<a href=/index.html"https:\/\/\/a-random-walk-down-wall-street-book-review\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6f2b\u6b65\u83ef\u723e\u8857<\/a> &#8211; 2023\u5e74\u7248 p333-334\u300b\u3002<\/p>\n<p>\u6211\u89ba\u5f97\u6210\u529f\u4eba\u58eb\u90fd\u6709\u5b83\u5011\u67d0\u4e9b\u4e0d\u88ab\u4eba\u63a5\u53d7\u7684\u7279\u9ede\uff0c\u5c0d\u6211\u5011\u4f86\u8aaa\uff0c\u7121\u9808\u8a55\u8ad6\u4ed6\u5011\u597d\u58de\u5c0d\u932f\uff0c\u5206\u8fa8\u9078\u64c7\u5176\u4e2d\u503c\u5f97\u81ea\u5df1\u5b78\u7fd2\u7684\u90e8\u5206\u624d\u662f\u91cd\u8981\u7684\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E7%91%9E%EF%BC%8E%E9%81%94%E5%88%A9%E6%AD%90%E7%9A%84%E5%8F%83%E8%80%83%E6%9B%B8%E7%B1%8D\"><\/span>\u745e\uff0e\u9054\u5229\u6b50\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\/0010782941?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\">\u539f\u5247\uff1a\u751f\u6d3b\u548c\u5de5\u4f5c<\/a>\u300b<\/p>\n<p>\u5f9e2010\u5e74\u958b\u59cb\uff0c\u9054\u5229\u6b50\u5c31\u76f4\u63a5\u5728\u6a4b\u6c34\u7db2\u7ad9\u4e0a\u516c\u5e03\u300a\u539f\u5247\u300b\uff0c\u8b93\u5927\u5bb6\u81ea\u884c\u4e0b\u8f09\uff0c\u7e3d\u8a08\u4e0b\u8f09\u6578\u9054\u4e09\u767e\u591a\u842c\u6b21\uff0c\u5f8c\u4f86\u5c07\u9019\u4e9b\u5167\u5bb9\u6574\u7406\u6210\u66f8\uff0c\u5167\u5bb9\u6db5\u84cb\u6295\u8cc7\u8207\u751f\u6d3b\u5169\u500b\u9762\u5411\u7684\u539f\u5247\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54993\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152239_95.jpg\" alt=\"\u539f\u5247 \" width=\"279\" height=\"325\" \/><\/p>\n<p>2.\u300a<a href=/index.html"https:\/\/www.books.com.tw\/exep\/assp.php\/chiay0327\/products\/0010823712?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\">\u5927\u50b5\u5371\u6a5f<\/a>\u300b<br \/>\n\u8ddf\u300a\u539f\u5247\u300b\u4e00\u6a23\uff0c\u9054\u5229\u6b50\u5c07\u5371\u6a5f\u61c9\u5c0d\u539f\u5247\u6574\u7406\u6210\u66f8\uff0c\u516c\u5e03\u5728\u6a4b\u6c34\u7db2\u7ad9\u4f9b\u4eba\u4e0b\u8f09\uff0c\u800c\u5f8c\u4ed8\u8af8\u51fa\u7248\u3002\u9054\u5229\u6b50\u5e36\u8457\u8b80\u8005\u4e00\u8d77\u56de\u9867\u767e\u5e74\u50b5\u52d9\u53f2\uff0c\u5728\u9f90\u5927\u6b77\u53f2\u6578\u64da\u8207\u5a92\u9ad4\u8cc7\u6599\u4e2d\u627e\u5c0b\u86db\u7d72\u99ac\u8de1\u3002\u6b64\u5916\uff0c\u66f8\u4e2d\u4e5f\u53ef\u4ee5\u770b\u5230\u300a\u6a4b\u6c34\u6bcf\u65e5\u8a55\u8ad6\u300b\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54994\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152255_91.jpg\" alt=\"\u5927\u50b5\u5371\u6a5f \" width=\"257\" height=\"334\" \/><\/p>\n<p>3. <a href=/index.html"https:\/\/\/principles-for-dealing-with-the-changing-world-order\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u300a\u8b8a\u5316\u4e2d\u7684\u4e16\u754c\u79e9\u5e8f\u300b<\/a><br \/>\n\u9054\u5229\u6b50\u6df1\u5165\u7814\u7a76\u6b77\u53f2\uff0c\u767c\u73fe\u6709\u4e9b\u60c5\u6cc1\u4e0d\u65b7\u91cd\u6f14\uff0c\u4ed6\u5728\u66f8\u4e2d\u63e3\u6469\u672a\u4f86\u5e7e\u5e74\u7684\u53ef\u80fd\u767c\u5c55\uff0c\u9032\u800c\u70ba\u8fce\u9762\u800c\u4f86\u7684\u5404\u7a2e\u72c0\u6cc1\u9810\u5148\u6e96\u5099\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-54995\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230621152312_82.jpg\" alt=\"\u8b8a\u5316\u4e2d\u7684\u4e16\u754c\u79e9\u5e8f \" width=\"234\" height=\"306\" \/><\/p>\n<p>\u6700\u5f8c\uff0c\u5982\u679c\u60f3\u66f4\u4e86\u89e3\u6a4b\u6c34\u57fa\u91d1\uff0c\u6211\u6703\u5efa\u8b70\u53ef\u4ee5\u5148\u5f9e\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565\u958b\u59cb\uff0c<\/p>\n<p>\u56e0\u70ba\u9019\u662f\u98a8\u96aa\u5e73\u50f9\u6982\u5ff5\u7684\u57fa\u790e\uff0c\u88e1\u9762\u7684\u89c0\u5ff5\u6709\u52a9\u65bc\u6211\u5011\u5728\u591a\u5143\u8cc7\u7522\u914d\u7f6e\u6642\u80fd\u5920\u66f4\u77e5\u9053\u5982\u4f55\u53bb\u63a7\u5236\u98a8\u96aa\u3002<\/p>\n<p>\u4e0b\u4e00\u7bc7\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/bridgewater-associates-all-weather-strategy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6a4b\u6c34\u57fa\u91d1\uff0d\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565 All Weather Portfolio<\/a><\/p>\n<p>&nbsp;<\/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>\u745e\uff0e\u9054\u5229\u6b50\uff08Ray Dalio\uff09\u662f\u5168\u7403\u898f\u6a21\u6700\u5927\u7684\u907f\u96aa\u57fa\u91d1\u516c\u53f8\u4e4b\u4e00\u300c\u6a4b\u6c34\u57fa\u91d1\u300d\uff08Bridgewater Asso [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":54987,"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\/20230621151925_35.jpg","jetpack-related-posts":[{"id":14073,"url":"https:\/\/\/bridgewater-associates-all-weather-strategy-0\/","url_meta":{"origin":54967,"position":0},"title":"\u6a4b\u6c34\u57fa\u91d1\u5168\u5929\u5019\u6295\u8cc7\u7b56\u7565 &#8211; \u767c\u5c55\u6b77\u7a0b\u8207\u8cc7\u7522\u914d\u7f6e\u6982\u5ff5\u5b8c\u6574\u89e3\u6790","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2022-07-01","format":false,"excerpt":"\u6a4b\u6c34\u57fa\u91d1(Bridgewater Associates)\u662f\u7531\u96f7\u00b7\u9054\u5229\u5967(Ray 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