{"id":68234,"date":"2024-02-29T15:16:14","date_gmt":"2024-02-29T07:16:14","guid":{"rendered":"https:\/\/\/?p=68234"},"modified":"2024-03-15T14:29:05","modified_gmt":"2024-03-15T06:29:05","slug":"bill-gross-bond-master","status":"publish","type":"post","link":"https:\/\/\/bill-gross-bond-master\/","title":{"rendered":"\u6bd4\u723e\uff0e\u845b\u6d1b\u65af\u300b\u5f9e\u838a\u5bb6\u7684\u89d2\u5ea6\u601d\u8003\uff0c\u95dc\u6ce8\u7d30\u7bc0\u4e26\u5224\u65b7\u9577\u671f\u8da8\u52e2 &#8211; \u50b5\u5238\u5929\u738b"},"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>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"960\" height=\"502\" src=/index.html"https:\/\/\/wp-content\/uploads\/2024\/02\/20240217100505_0.jpg\" alt=\"\u50b5\u5238\u5929\u738b\uff1a\u6bd4\u723e\uff0e\u845b\u6d1b\u65af \" class=\"wp-image-68240\"\/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u6bd4\u723e\uff0e\u845b\u6d1b\u65af (Bill Gross)\uff0c\u524dPIMCO (\u592a\u5e73\u6d0b\u6295\u8cc7\u7ba1\u7406\u516c\u53f8) \u6295\u8cc7\u9577\uff0c\u66fe\u57f7\u638c\u5168\u7403\u898f\u6a21\u6700\u5927\u50b5\u5238\u57fa\u91d1\u300cPIMCO Total Return Fund\u300d\uff0c<\/p>\n\n\n\n<p>\u845b\u6d1b\u65af\u5341\u5206\u64c5\u9577\u9810\u6e2c\uff0c\u6210\u529f\u9810\u6e2c2008\u91d1\u878d\u623f\u5e02\u98a8\u66b4\uff0c\u4e26\u8eb2\u904e\u7db2\u8def\u6ce1\u6cab\u5371\u6a5f\u3002\u8d85\u904e30\u5e74\u591a\u5e74\uff0c\u4ed6\u64cd\u76e4\u7684\u5831\u916c\u90fd\u8d0f\u904e\u5927\u76e4\uff0c\u5beb\u4e0b\u50b5\u5238\u53f2\u4e0a\u7684\u4e0d\u6557\u50b3\u5947\uff0c\u8d0f\u5f97\u300c\u50b5\u5238\u5929\u738b\u300d\u7684\u7a31\u865f\u3002<\/p>\n\n\n\n<p>\u5f9e\u4e0b\u5716\u53ef\u4ee5\u770b\u5230\u845b\u6d1b\u65af\u63a5\u7ba1PIMCO\u5f8c(1987-2014\u5e74)\uff0c\u845b\u6d1b\u65af\u7684\u6574\u9ad4\u5831\u916c(\u85cd\u7dda)\u66f4\u52dd\u904e\u6307\u6578\u4e00\u4e9b\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u4f60\u57281987 \u5e745 \u6708\u6295\u516510,000 \u7f8e\u5143\u5230PIMCO Total Return Fund\uff0c\u90a3\u9ebc\u52302014 \u5e749 \u6708\uff0c\u8cc7\u7522\u50f9\u503c\u9054\u523079,357 \u7f8e\u5143\uff0c\u4f46\u5982\u679c\u6295\u5165\u540c\u6a23\u7684 10,000 \u7f8e\u5143\u5230 Bloomberg Barclays Agg (\u4ee3\u8868\u7d9c\u5408\u6295\u8cc7\u7b49\u7d1a\u50b5\u5238\u5831\u916c\u7684\u6307\u6578)\uff0c\u8cc7\u7522\u50f9\u503c\u5247\u662f 61,059 \u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u845b\u6d1b\u65af\u4e5f\u69ae\u7372\u6668\u661f\u300c\u5341\u5e74\u6700\u4f73\u56fa\u5b9a\u6536\u76ca\u7d93\u7406\u4eba\u300d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"2560\" height=\"1089\" src=/index.html"https:\/\/\/wp-content\/uploads\/2024\/02\/20240227151334_0-scaled.jpg\" alt=\"\u6bd4\u723e.\u845b\u6d1b\u65af PIMCO\u5831\u916c\u6bd4\u8f03 \" class=\"wp-image-68690\" style=\"width:696px;height:auto\" srcset=\"https:\/\/\/wp-content\/uploads\/2024\/02\/20240227151334_0-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2024\/02\/20240227151334_0-1536x653.jpg 1536w, https:\/\/\/wp-content\/uploads\/2024\/02\/20240227151334_0-2048x871.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>\u845b\u6d1b\u65af\u9664\u4e86\u4e0a\u9762\u8aaa\u7684\u6295\u8cc7\u6b77\u7a0b\u53ca\u69ae\u8b7d\u7a31\u865f\u4e4b\u5916\uff0c\u9084\u6709\u4ee5\u4e0b\u5149\u69ae\u4e8b\u8de1\uff1a<\/p>\n\n\n\n<p>1977\u5e74\uff0c\u63a5\u7ba1AT&amp;T\u56fa\u5b9a\u6536\u76ca\u90e8\u9580\uff0c\u6210\u7f8e\u570b\u897f\u5cb8\u6700\u5927\u4f01\u696d\u4ee3\u64cd\u6295\u8cc7\u516c\u53f8\u3002<br>1980\u5e74\uff0c\u6210\u529f\u9810\u6e2c\u7f8e\u806f\u5132\u53cd\u901a\u81a8\u7684\u7acb\u5834\u3002<br>2000\u5e74\uff0c\u4ee535\u5104\u7f8e\u5143\u9ad8\u50f9\u552e\u51fa\u4e03\u6210\u7684PIMCO\u80a1\u4efd\u7d66\u5fb7\u570b\u5b89\u806f\u96c6\u5718\u3002\u5f9e\u8cc7\u6599\u4e2d\u986f\u793a\uff0c\u57281982\u5e74\u6642PIMCO\u7e3d\u8cc7\u7522\u50c5\u7d0420\u5104\u7f8e\u5143\uff0c\u845b\u6d1b\u65af\u662f\u57281987\u5e74\u63a5\u7ba1PIMCO\uff0c\u4e5f\u5c31\u662f\u8aaa\u77ed\u77ed\u5e7e\u5e74\u5167\uff0c\u8cc7\u7522\u662f\u5927\u5e45\u5ea6\u589e\u9577\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"960\" height=\"502\" src=/index.html"https:\/\/\/wp-content\/uploads\/2024\/02\/20240229090628_0.jpg\" alt=\"\u6bd4\u723e.\u845b\u6d1b\u65af \" class=\"wp-image-68754\" style=\"width:683px;height:auto\"\/><\/figure>\n\n\n\n<p>2003\u5e74\uff0c\u300a\u8ca1\u5bcc\u300b\uff08Fortune\uff09\u9078\u51fa\u4f01\u696d\u4e8c\u5341\u4e94\u4f4d\u6700\u6709\u5f71\u97ff\u529b\u4eba\u58eb\uff0c\u845b\u6d1b\u65af\u6392\u540d\u7b2c\u5341\u540d\u3002<br><\/p>\n<\/blockquote>\n\n\n\n<p>\u300a\u50b5\u5238\u5929\u738b\u300b\u7684\u4f5c\u8005\u662f\u746a\u9e97\uff0e\u8521\u723e\u59ff (Mary Childs)\uff0c\u8521\u723e\u59ff\u662f\u570b\u5bb6\u516c\u5171\u5ee3\u64ad\u96fb\u53f0 (NPR) Podcast\u4e3b\u6301\u4eba\u517c\u8a18\u8005\uff0c<\/p>\n\n\n\n<p>\u66f8\u4e2d\u5979\u4ee5\u5831\u5c0e\u6587\u5b78\u7684\u65b9\u5f0f\uff0c\u63cf\u7e6a\u845b\u6d1b\u65af\u7684\u50b3\u5947\u8207\u9eef\u7136\u8dcc\u843d\u795e\u58c7\u7684\u5167\u5e55\uff0c\u5167\u5bb9\u6bd4\u8f03\u504f\u91cd\u50b5\u5238\u5e02\u5834\uff0c\u5305\u542b PIMCO \u7684\u4ea4\u6613\u7b56\u7565\u8207\u516c\u53f8\u7372\u5229\u6a21\u5f0f\uff0c\u4ee5\u53ca\u906d\u9047\u96c6\u9ad4\u8a34\u8a1f\u7684\u5167\u5e55\u7b49\uff0c\u5be6\u969b\u5167\u5bb9\u5c0d\u845b\u6d1b\u65af\u7684\u6210\u9577\u7d93\u6b77\u8207\u6295\u8cc7\u5fc3\u6cd5\u8ac7\u7684\u4e0d\u591a\uff0c<\/p>\n\n\n\n<p>\u4e0d\u904e\u900f\u904e\u9019\u672c\u66f8\u6211\u5011\u80fd\u4e86\u89e3\u50b5\u5238\u754c\u9bae\u70ba\u4eba\u77e5\u7684\u9ed1\u6697\u9762\uff0c\u5c0d\u65bc\u50b5\u5238\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u80fd\u5f9e\u9019\u672c\u66f8\u7406\u89e3\u300c\u50b5\u5238\u838a\u5bb6\u300d\u7684\u601d\u8003\u548c\u4ea4\u6613\u6a21\u5f0f\u3002<\/p>\n\n\n\n<p><strong>\u5e95\u4e0b\u6574\u7406\u51fa\u9019\u672c\u66f8\u7684\u95dc\u9375\u91cd\u9ede\uff0c\u5f9e\u4e2d\u4e86\u89e3\u845b\u6d1b\u65af\u7684\u6295\u8cc7\u54f2\u5b78\uff1a<\/strong><\/p>\n\n\n\n<ul>\n<li>\u5f9e\u8ced\u684c\u5b78\u7fd2\u7ba1\u63a7\u98a8\u96aa<\/li>\n\n\n\n<li>\u8907\u88fd\u6210\u529f\u6a21\u5f0f\uff0c\u6210\u70ba\u838a\u5bb6<\/li>\n\n\n\n<li>\u95dc\u6ce83-5 \u5e74\u9577\u671f\u8da8\u52e2\uff0c\u907f\u514d\u53d7\u60c5\u7dd2\u5f71\u97ff<\/li>\n\n\n\n<li>\u9b54\u9b3c\u85cf\u5728\u7d30\u7bc0\u88e1\uff0c\u627e\u5230\u671f\u8ca8\u5408\u7d04\u7f3a\u9677\uff0c\u6316\u6398\u53ef\u8d81\u4e4b\u6a5f<\/li>\n\n\n\n<li>\u300a\u50b5\u5238\u5929\u738b\uff1a\u6bd4\u723e\uff0e\u845b\u6d1b\u65af\u300b\u66f8\u6458<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u5f9e\u8ced\u684c\u5b78\u7fd2\u7ba1\u63a7\u98a8\u96aa<\/h2>\n\n\n\n<p>\u5927\u5b78\u7562\u696d\u90a3\u5e74\uff0c\u845b\u6d1b\u65af\u56e0\u70ba\u4e00\u5834\u56b4\u91cd\u8eca\u798d\uff0c\u8b93\u4eba\u751f\u51fa\u73fe\u91cd\u5927\u8f49\u6298\uff0c\u4ed6\u7121\u804a\u5730\u8eba\u5728\u91ab\u9662\uff0c\u610f\u5916\u770b\u5230<a href=/index.html"https:\/\/\/edward-thorp-book\/\" data-type=\"post\" data-id=\"6360\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Edward O. Thorp<\/a> (\u4e00\u4f4d\u6700\u65e9\u7684\u91cf\u5316\u4ea4\u6613\u5927\u5e2b)\u5beb\u7684\u66f8\u300a\u6230\u52dd\u838a\u5bb6\u300b(Beat the Dealer)\uff0c\u51fa\u9662\u5f8c\u4ed6\u60f3\u8981\u9a57\u8b49\u81ea\u5df1\u5b78\u5230\u7684\u65b9\u6cd5\uff0c\u4fbf\u8dd1\u53bb\u8ced\u5834\u8a66\u8a66\u8eab\u624b\u3002<br>\u4ed6\u900f\u904e\u7b97\u724c\u8a08\u7b97\u7684\u6a5f\u7387\uff0c\u6a5f\u7387\u5c0d\u4ed6\u6709\u5229\u6642\uff0c\u4ed6\u6703\u52a0\u78bc\u4e0b\u6ce8\uff0c\u4e0d\u5229\u6642\u5c31\u7b49\u5f85\u6a5f\u6703\uff0c<br>\u4ed6\u63d0\u5230\uff1a<strong>\u300c\u9019\u8b93\u6211\u611f\u53d7\u5230 1970 \u5e74\u4ee3\u7f55\u898b\u7684\u98a8\u96aa\u610f\u8b58\uff0c\u56e0\u70ba\u7576\u6642\u9084\u6c92\u6709\u8db3\u5920\u7684\u91cf\u5316\u98a8\u96aa\u6a21\u578b\u3002\u300d<\/strong><\/p>\n\n\n\n<p>\u96d6\u7136\u7576\u6642\u7b97\u724c\u4e26\u4e0d\u9055\u6cd5\uff0c\u4f46\u5f88\u5bb9\u6613\u88ab\u8ced\u5834\u76ef\u4e0a\uff0c\u7576\u73a9\u5bb6\u5229\u7528\u7b97\u724c\u512a\u52e2\u4f86\u7372\u5229\uff0c\u5c31\u6703\u7834\u58de\u904a\u6232\u7684\u96a8\u6a5f\u6027\uff0c\u6210\u70ba\u8ced\u5834\u7684\u62d2\u7d55\u5f80\u4f86\u6236 (\u4ed6\u8b80\u66f8\u53c3\u8003\u7684Edward O. Thorp\u6b63\u662f\u5982\u6b64\uff0c\u88ab\u8a31\u591a\u5bb6\u8ced\u5834\u62d2\u7d55\u9032\u5165)\uff0c<\/p>\n\n\n\n<p>\u4f46\u9019\u5c0d\u845b\u6d1b\u65af\u6c92\u6709\u592a\u5927\u5f71\u97ff\uff0c\u5f9e\u53e6\u4e00\u500b\u89d2\u5ea6\u4f86\u8aaa\uff0c\u4ee3\u8868\u4ed6\u6210\u529f\u5b78\u4ee5\u81f4\u7528\uff0c\u4ed6\u8f2a\u6d41\u51fa\u5165\u62c9\u65af\u7dad\u52a0\u65af\u5404\u5bb6\u8ced\u5834\uff0c\u8d8a\u8cfa\u8d8a\u591a\uff0c\u5be6\u969b\u9a57\u8b49\u300a\u6230\u52dd\u838a\u5bb6\u300b\u7684\u81f4\u52dd\u5fc3\u6cd5\uff1a\u73a9\u5bb6\u5fc5\u9808\u73a9\u4e45\u4e00\u9ede\uff0c\u624d\u80fd\u5f97\u5230\u771f\u5be6\u8ce0\u7387 (true odds)\uff0c\u845b\u6d1b\u65af\u4e5f\u8a8d\u771f\u57f7\u884c\uff0c\u6bcf\u5929\u5728\u8ced\u684c\u73a9 16 \u5c0f\u6642\u90fd\u4e0d\u662f\u554f\u984c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8907\u88fd\u6210\u529f\u6a21\u5f0f\uff0c\u6210\u70ba\u838a\u5bb6<\/h2>\n\n\n\n<p>\u845b\u6d1b\u65af\u77e5\u9053\u81ea\u5df1\u80fd\u5920\u8907\u88fd\u8ced\u684c\u7684\u7372\u5229\u6a21\u5f0f\uff0c\u4ed6\u77e5\u9053\u9084\u6709\u5176\u4ed6\u65b9\u6cd5\uff0c\u80fd\u5920\u8b93\u4ed6\u300c\u8b8a\u6210\u838a\u5bb6\u300d\uff0c\u8b93\u4ed6\u5728\u7cfb\u7d71\u7d71\u8a08\u4e0a\uff0c\u627e\u5230\u6bd4\u5225\u4eba\u66f4\u591a\u7684\u512a\u52e2\u3002<\/p>\n\n\n\n<p>\u4ed6\u63a1\u53d6\u7684\u5176\u4e2d\u4e00\u500b\u65b9\u6cd5\u662f\uff0c\u8cb7\u9032\u98a8\u96aa\u3001<a href=/index.html"https:\/\/\/what-is-dividend-yield\/\" data-type=\"post\" data-id=\"3921\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6b96\u5229\u7387<\/a>\u90fd\u8f03\u9ad8\u7684\u50b5\u5238\uff0c\u50cf\u662f<a href=/index.html"https:\/\/\/investment-corporate-bond\/\" data-type=\"post\" data-id=\"6119\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u570b\u969b\u50b5\u5238<\/a>(\u975e\u7f8e\u570b\u7684\u50b5\u5238)\u6216<a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-type=\"post\" data-id=\"10296\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u623f\u8cb8\u8b49\u5238<\/a>\uff0c\u4ed6\u6703\u5229\u7528\u73fe\u91d1\u548c\u7d04\u7576\u73fe\u91d1\u4e4b\u9593\u7684\u5dee\u7570\uff0c\u5728\u7af6\u722d\u5c0d\u624b\u6301\u6709\u5be6\u8cea\u73fe\u91d1\u6642\uff0c\u6539\u70ba\u6301\u6709\u6b96\u5229\u7387\u8f03\u9ad8\u7684\u77ed\u671f\u516c\u53f8\u50b5\uff0c\u4ee5\u6b64\u53d6\u5f97\u984d\u5916\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u53e6\u4e00\u500b\u65b9\u6cd5<a href=/index.html"https:\/\/\/what-is-options\/\" data-type=\"post\" data-id=\"4782\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u662f\u300c\u8ce3\u51fa\u6ce2\u52d5\u7387\u300d\uff0c\u610f\u601d\u662f\u8ce3\u51fa\u884d\u751f\u6027\u5546\u54c1\u5408\u7d04<\/a>\uff0c<\/p>\n\n\n\n<p>\u6253\u8ced\u50b5\u5238\u5728\u67d0\u500b\u50f9\u683c\u7bc4\u570d\u5167\u4ea4\u6613\uff0c\u9019\u548c\u73a921\u9ede\u6709\u9ede\u985e\u4f3c\uff0c\u845b\u6d1b\u65af\u53ef\u4ee5\u638c\u63e1\u81ea\u5df1\u6709\u52dd\u7b97\u7684\u6a5f\u7387\uff0c\u56e0\u70ba\u4e00\u65e6<a href=/index.html"https:\/\/\/wp-content\/uploads\/20211227224342_23.jpg\" data-type=\"attachment\" data-id=\"30153\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5341\u5e74\u671f\u516c\u50b5<\/a>\u53d7\u5230\u7e3d\u9ad4\u7d93\u6fdf\u5f71\u97ff\uff0c\u6b96\u5229\u7387\u5c31\u6709\u53ef\u80fd\u4fdd\u6301\u5728\u4e00\u5b9a\u7bc4\u570d\uff0c\u800c\u6b64\u6642\uff0c\u845b\u6d1b\u65af\u5c31\u6703\u8ce3\u51fa\u52d2\u5f0f\u4ea4\u6613 (strangle)\uff0c\u5982\u679c\u4ed6\u7684\u9810\u6e2c\u6e96\u78ba\uff0c\u5c31\u6703\u8cfa\u5230\u6ea2\u50f9\uff0c\u4f46\u5982\u679c\u50f9\u683c\u8d85\u51fa\u7bc4\u570d\uff0c\u5c31\u6709\u98a8\u96aa\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5e02\u5834\u5148\u751f\u88dc\u5145\uff1a<\/p>\n\n\n\n<ol>\n<li>\u52d2\u5f0f\u4ea4\u6613strangle\u662f\u4e00\u7a2e\u9078\u64c7\u6b0a\u7b56\u7565\uff0c\u5728\u591a\u65b9\u548c\u7a7a\u65b9\u90fd\u4f5c\u70ba\u9078\u64c7\u6b0a\u8ce3\u65b9\uff0c\u5982\u679c\u5230\u671f\u524d\u6ce2\u52d5\u5f88\u5c0f\u5c31\u6703\u6536\u5230\u4e0d\u5c11\u6b0a\u5229\u91d1\uff0c\u4f46\u5982\u679c\u5927\u6f32\u6216\u5927\u8dcc\u5c31\u6703\u5927\u8ce0\u3002<br>\u9019\u7a2e\u7b56\u7565\u9069\u5408\u5728\u5e02\u5834\u6ce2\u52d5\u4e0d\u5408\u7406\u653e\u5927\u3001\u4eba\u5011\u6050\u614c\u6642\uff0c\u6703\u7d66\u4e88\u9078\u64c7\u6b0a\u4e0d\u5408\u7406\u7684\u6ea2\u50f9\uff0c\u4f5c\u70ba\u8ce3\u65b9\u5c31\u53ef\u4ee5\u984d\u5916\u6536\u53d6\u5230\u9019\u4e9b\u6ea2\u50f9\uff0c\u4f46\u524d\u984c\u662f\u672a\u4f86\u5230\u671f\u524d\u4e0d\u6703\u518d\u6b21\u767c\u751f\u66f4\u5287\u70c8\u7684\u6ce2\u52d5\u3002<\/li>\n\n\n\n<li>\u5f9e\u66f8\u4e2d\u6587\u5b57\u770b\u8d77\u4f86\uff0c\u845b\u6d1b\u65af\u6230\u52dd\u5e02\u67d0\u7a2e\u7a0b\u5ea6\u4e0a\u4e5f\u4f86\u81ea\u627f\u64d4\u8f03\u591a\u98a8\u96aa\uff0c\u4f46\u5f9e\u5be6\u969b\u7e3e\u6548\u4e0a\u4f86\u770b\uff0c\u96d6\u7136\u845b\u6d1b\u65af\u5831\u916c\u52dd\u904e\u7d9c\u5408\u6295\u8cc7\u7b49\u7d1a\u50b5\u5238\u6307\u6578\uff0c\u4f46\u98a8\u96aa\u4e26\u6c92\u6709\u986f\u8457\u8f03\u5927\u3002<br>\u5e02\u5834\u5148\u751f\u56de\u6e2c\u6578\u64da\u89c0\u5bdf\u5230\uff0c\u5728\u845b\u6d1b\u65af\u4efb\u671f\u5167(\u7d71\u8a081988-2014)\uff0c\u4ed6\u7684\u57fa\u91d1PIMCO Total Return Fund\u590f\u666e\u7387Sharpe Ratio\u9ad8\u90541.03\uff0c\u540c\u671f\u50b5\u5238\u6307\u6578Sharpe Ratio\u50c5\u67090.82\u3002\u56e0\u6b64\u5831\u916c\/\u98a8\u96aa\u4e5f\u662f\u52dd\u904e\u6307\u6578\u3002<\/li>\n<\/ol>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">\u95dc\u6ce83-5 \u5e74\u9577\u671f\u8da8\u52e2\uff0c\u907f\u514d\u53d7\u60c5\u7dd2\u5f71\u97ff<\/h2>\n\n\n\n<p>\u845b\u6d1b\u65af\u7684\u6295\u8cc7\u5fc3\u6cd5\uff0c\u5176\u4e2d\u4e00\u500b\u95dc\u9375\u662f\uff1a<strong>\u95dc\u6ce8\u9577\u671f\u8da8\u52e2<\/strong>\uff0c<br>\u5c31\u5982\u540c\u4ed6\u5728\u8ced\u684c\u4e0a\u5b78\u5230\u7684\u6771\u897f\uff0c\u4ed6\u628a\u9019\u500b\u6210\u529f\u6a21\u5f0f\u8907\u88fd\u5230\u6295\u8cc7\u9818\u57df\uff0c<br>\u4e0d\u53ea\u662f\u9760\u904b\u6c23\uff0c\u800c\u662f\u95dc\u6ce8\u9577\u671f\u8da8\u52e2\uff0c\u627e\u51fa\u98a8\u96aa\u548c\u7372\u5229\u7684\u6a5f\u7387\u3002<\/p>\n\n\n\n<p>\u845b\u6d1b\u65af\u8a8d\u70ba PIMCO \u4e4b\u6240\u4ee5\u80fd\u6210\u529f\uff0c\u9019\u662f\u5176\u4e2d\u4e00\u500b\u91cd\u8981\u56e0\u7d20\uff0c<\/p>\n\n\n\n<p>\u4ed6\u5011\u6703\u95dc\u6ce8\u9577\u671f\u8da8\u52e2\uff0c\u901a\u5e38\u662f 3-5 \u5e74\u4e0d\u7b49\uff0c\u4e26\u505a\u51fa\u9577\u671f\u9810\u6e2c\uff0c\u4ed6\u8ac7\u5230\u9019\u6a23\u505a\u7684\u597d\u8655\u662f\uff1a<strong><br><\/strong><strong>\u300c\u6703\u5f37\u8feb\u5927\u5bb6\u9577\u671f\u601d\u8003\uff0c\u907f\u514d\u6050\u61fc\u548c\u8caa\u5a6a\u60c5\u7dd2\uff0c\u7522\u751f\u7834\u58de\u6027\u7684\u60f1\u6012\uff0c\u505a\u51fa\u4e0d\u660e\u667a\u6c7a\u5b9a\u3002\u300d<\/strong><strong><br><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u9b54\u9b3c\u85cf\u5728\u7d30\u7bc0\u88e1\uff0c\u627e\u5230\u671f\u8ca8\u5408\u7d04\u7f3a\u9677\uff0c\u6316\u6398\u53ef\u8d81\u4e4b\u6a5f<\/h2>\n\n\n\n<p>\u845b\u6d1b\u65af\u7684\u6210\u529f\uff0c\u6216\u8005\u8aaa\u4ed6\u4e4b\u6240\u4ee5\u80fd\u5920\u6210\u70ba\u50b5\u5238\u754c\u7684\u838a\u5bb6\uff0c<\/p>\n\n\n\n<p><strong>\u9664\u4e86\u4ed6\u5c0d\u9577\u671f\u8da8\u52e2\u7684\u89c0\u5bdf\u548c\u9810\u6e2c\u80fd\u529b\uff0c\u53e6\u4e00\u500b\u95dc\u9375\u80fd\u529b\u662f\uff1a\u767c\u73fe\u5225\u4eba\u90fd\u6c92\u6709\u6ce8\u610f\u5230\u7684\u7d30\u7bc0<\/strong>\uff0c<\/p>\n\n\n\n<p>\u53ea\u8981\u767c\u6398\u51fa\u5225\u4eba\u770b\u4e0d\u5230\u7684\u7d30\u7bc0\uff0c\u5c31\u80fd\u5229\u7528\u9019\u4e00\u9ede\uff0c\u627e\u51fa\u53ef\u8d81\u4e4b\u6a5f\u3002<\/p>\n\n\n\n<p>\u6211\u5011\u77e5\u9053\u50b5\u5238\u7968\u606f\u8d8a\u9ad8\uff0c\u50f9\u503c\u8d8a\u9ad8\uff0c\u5229\u7387\u4e0b\u964d\u6642\uff0c\u6536\u76ca\u66f4\u9ad8\uff0c\u4f46\u623f\u8cb8\u50b5\u5238\u7684\u60c5\u6cc1\u5c31\u76f8\u53cd\uff0c\u5229\u7387\u4e0b\u964d\u6642\uff0c\u6536\u76ca\u66f4\u4f4e\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u5c4b\u4e3b\u53ef\u4ee5\u63d0\u524d\u6e05\u511f\u623f\u8cb8\uff0c\u7528\u4f4e\u5229\u7387\u7533\u8acb\u65b0\u8cb8\u6b3e\uff0c\u4ee5\u6b64\u511f\u9084\u820a\u8cb8\u6b3e\uff0c\u9020\u6210\u820a\u7684\u50b5\u5238\u7f3a\u4e4f\u73fe\u91d1\u6d41\uff0c\u7576\u5229\u7387\u4e0b\u964d\u6642\uff0c\u9019\u4e9b\u6301\u6709\u9ad8\u5229\u7387\u623f\u8cb8\u7684\u4eba\u5c07\u6e1b\u5c11\u6536\u76ca\u3002<\/p>\n\n\n\n<p><a href=/index.html"https:\/\/\/2008-financial-crisis\/\" data-type=\"link\" data-id=\"https:\/\/\/2008-financial-crisis\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5409\u5229\u7f8e<\/a>(Government National Mortgage Association\uff0c\u7c21\u7a31 Ginnie Mae)\u662f\u5c07\u300c\u64d4\u4fdd\u5b58\u8a17\u6191\u8b49\u300d\u8207\u300c\u623f\u8cb8\u300d\u5169\u7a2e\u5546\u54c1\u662f\u7d81\u5728\u4e00\u8d77\u7684\uff0c\u6b63\u5e38\u4ea4\u5272\u5236\u5ea6\u4e0b\uff0c\u9ad8\u7968\u606f\u50b5\u5238\u5728\u5e02\u5834\u4e0a\uff0c\u88ab\u8996\u70ba\u662f\u6700\u4fbf\u5b9c\u7684\u53ef\u4ea4\u5272\u50b5\u5238 \uff0c<\/p>\n\n\n\n<p>\u4f46\u4ed6\u5011\u767c\u73fe\u5230\uff0c\u672a\u4f86\u7684\u72c0\u6cc1\u53ef\u80fd\u6703\u6539\u8b8a\uff1a<strong>\u300c\u5408\u7d04\u5b9a\u50f9\u7e3d\u662f\u4f9d\u7167\u4ea4\u5272\u6210\u672c\u6700\u4fbf\u5b9c\u7684\u539f\u5247\u5236\u5b9a\uff0c\u6211\u5011\u5f8c\u9000\u4e00\u6b65\uff0c\u60f3\u5230\u7684\u89e3\u65b9\u662f\uff0c\u4f60\u5011\u4e0d\u8a72\u7528\u90a3\u7a2e\u6771\u897f\uff0c\u56e0\u70ba\u6839\u672c\u4e0d\u5920\uff0c\u5982\u679c\u4f60\u5011\u60f3\u7528\u9019\u7a2e\u65b9\u5f0f\u73a9\u904a\u6232\uff0c\u6211\u5011\u4e00\u5b9a\u5949\u966a\u3002\u300d<\/strong><br><br>\u845b\u6d1b\u65af\u8207\u5718\u968a\u627e\u51fa\u7cfb\u7d71\u5236\u5ea6\u4e0a\u7684\u7f3a\u9677\uff0c\u4e26\u6ce8\u610f\u5230\uff1a\u7576\u5229\u7387\u4e4b\u5f8c\u958b\u59cb\u8f49\u5411\u6642\uff0c\u9ad8\u7968\u606f\u50b5\u5238\u7684\u5e02\u5834\u4f9b\u7d66\u53ea\u6703\u8d8a\u4f86\u8d8a\u5c11\uff0c\u4e26\u4e0d\u80fd\u7576\u4f5c\u4ea4\u6613\u7684\u5b9a\u50f9\u57fa\u790e\u3002<\/p>\n\n\n\n<p>\u4ed6\u5011\u7576\u6642\u6ce8\u610f\u5230\uff0c<a href=/index.html"https:\/\/\/what-is-futures\/\" data-type=\"post\" data-id=\"4035\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u8ca8\u5408\u7d04<\/a>\u53e6\u4e00\u500b\u7f3a\u9677\u662f\uff0c\u64d4\u4fdd\u5b58\u8a17\u6191\u8b49\u53ef\u4ee5\u8f49\u63db\u6210\u6c38\u7e8c\u8b49\u5238\uff0c\u53ef\u4ee5\u9396\u5b9a\u5230\u671f\u65e5\u524d\uff0c\u56fa\u5b9a\u7d66\u4ed88%\u7968\u606f\u3002\u4e5f\u5c31\u662f\u8aaa\uff1a<\/p>\n\n\n\n<p>\u7576\u5229\u7387\u4e0b\u964d\uff0c\u6301\u6709\u4eba\u5c31\u53ef\u4ee5\u5f9e\u8ce3\u65b9\u62ff\u5230\u597d\u8655\uff0c\u56e0\u70ba\u8ce3\u65b9\u5fc5\u9808\u6301\u7e8c\u652f\u4ed88%\u7968\u606f\uff0c<br>\u7576\u5229\u7387\u4e0a\u5347\uff0c\u6301\u6709\u4eba\u53ef\u4ee5\u4fdd\u7559\u64d4\u4fdd\u54c1\uff0c<\/p>\n\n\n\n<p>\u845b\u6d1b\u65af\u6210\u70ba\u8cfd\u5c40\u7684\u838a\u5bb6\uff0c\u5c31\u662f\u6ce8\u610f\u5230\u5408\u7d04\u88e1\u9762\u7684\u591a\u91cd\u69d3\u687f\uff0c\u767c\u73fe\u5546\u54c1\u5b9a\u50f9\u7684\u7f3a\u9677\uff0c\u85c9\u6b64\u7372\u5229\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u845b\u6d1b\u65af\u8ac7\u5230\uff1a\u300c\u9019\u8207\u7cbe\u4e0d\u7cbe\u660e\u7121\u95dc\uff0c\u800c\u662f\u8ab0\u5148\u6ce8\u610f\u5230\u7d30\u7bc0\u3002\u300d<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5e02\u5834\u5148\u751f\u88dc\u5145\uff1a\u9019\u88e1\u8ac7\u5230\u6bd4\u8f03\u8907\u96dc\uff0c\u6d89\u53ca<a href=/index.html"https:\/\/\/bond-futures-introduction\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-wpel-link=\"internal\">\u50b5\u5238\u671f\u8ca8<\/a>\u4ea4\u5272\u7684\u6982\u5ff5\uff0c\u6211\u89e3\u91cb\u5982\u4e0b(\u8f03\u8907\u96dc\uff0c\u6c92\u8208\u8da3\u53ef\u4ee5\u8df3\u904e)<\/p>\n\n\n\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u50b5\u5238\u671f\u8ca8\u5728\u5230\u671f\u6642\uff0c\u9700\u8981\u62ff\u5be6\u969b\u7684\u50b5\u5238\u53bb\u4ea4\u5272\uff0c\u800c\u7b26\u5408\u689d\u4ef6\u7684\u50b5\u5238(\u985e\u578b\u3001\u65e5\u671f)\u6709\u5f88\u591a\uff0c\u5176\u4e2d\u4eba\u5011\u6703\u9078\u64c7\u88e1\u9762\u6700\u4fbf\u5b9c\u5212\u7b97\u7684\u50b5\u5238\u53bb\u4ea4\u5272(Cheapest to Deliver, CTD)\u3002\u800c\u4eba\u5011\u4e5f\u6703\u62ff\u9019\u4e9b\u50b5\u5238\u7576\u4e0b\u7684\u5831\u50f9\uff0c\u4f5c\u70ba\u50b5\u5238\u671f\u8ca8\u7684\u53c3\u8003\u3002<\/p>\n\n\n\n<p>\u800c\u6211\u7684\u7406\u89e3\u662f\uff0c\u845b\u6d1b\u65af\u4ed6\u767c\u73fe\u67d0\u4e9b\u88ab\u7528\u4f86\u7576\u5c65\u7d04\u4ea4\u5272\u7684\u50b5\u5238\uff0c\u5728\u4e00\u4e9b\u60c5\u6cc1\u4e0b\u5176\u5be6\u6d41\u52d5\u6027\u4e0d\u8db3\uff0c\u5be6\u969b\u4e0a\u771f\u6b63\u8981\u4ea4\u5272\u6642\u6703\u9700\u8981\u5176\u4ed6\u66f4\u6602\u8cb4\u7684\u50b5\u5238\uff0c\u63db\u53e5\u8a71\u8aaa\u5982\u679c\u7528\u6700\u4fbf\u5b9c\u7684\u50b5\u5238\u4f86\u8a55\u4f30\u50b5\u5238\u671f\u8ca8\u50f9\u683c\uff0c\u6703\u56e0\u6b64\u9ad8\u4f30\u6216\u4f4e\u4f30\u3002<\/p>\n\n\n\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u6709\u4e9b\u5e02\u5834\u7fd2\u6163\u6216\u5236\u5ea6\u53ef\u80fd\u5b58\u5728\u7f3a\u9677\uff0c\u800c\u845b\u6d1b\u65af\u904b\u7528\u9019\u4e9b\u7f3a\u9677\uff0c\u8b93\u81ea\u5df1\u7684\u7e3e\u6548\u53ef\u4ee5\u7565\u52dd\u50b5\u5238\u6307\u6578\u3002<\/p>\n\n\n\n<p>\u7576\u7136\uff0c\u8a31\u591a\u5e7e\u5341\u5e74\u524d\u6709\u7528\u7684\u6771\u897f\uff0c\u5982\u4eca\u7562\u7adf\u5df2\u7d93\u4eba\u76e1\u7686\u77e5\uff0c\u5176\u5be6\u4e0d\u898b\u5f97\u7e7c\u7e8c\u6709\u7528\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u50b5\u5238\u7684\u5b9a\u50f9\u76f8\u5c0d\u7c21\u55ae\u5ba2\u89c0\uff0c\u5728\u50b5\u5238\u88e1\u9762\u8981\u52dd\u904e\u6307\u6578\uff0c\u6211\u8a8d\u70ba\u662f\u5f88\u4e0d\u5bb9\u6613\u7684\u4e8b\u3002<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n<h2 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style=\"width:285px;height:auto\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>\u6295\u8cc7\u5927\u5e2b\u7cfb\u5217\u6587\u7ae0\uff1a<\/strong><\/p>\n\n\n\n<ul>\n<li><a href=/index.html"https:\/\/\/jesse-livermore-speculation-master\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5091\u897f\uff0e\u674e\u4f5b\u6469 \u300b\u5f9e\u4e94\u5143\u672c\u91d1\u5230\u8eab\u50f9\u4e0a\u5104\uff0c\u7f8e\u570b\u53f2\u4e0a\u6700\u5f37\u6295\u6a5f\u5ba2\uff0d\u80a1\u7968\u4f5c\u624b<\/a><\/li>\n\n\n\n<li><a href=/index.html"https:\/\/\/commodity-expert-jim-rogers-master\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5409\u59c6\uff0e\u7f85\u5091\u65af\u300b\u91cf\u5b50\u57fa\u91d1\u5275\u8fa6\u4eba\/\u7cbe\u6e96\u9810\u6e2c2008\u5e74\u91d1\u878d\u98a8\u66b4\uff0d\u5546\u54c1\u5927\u738b<\/a><\/li>\n\n\n\n<li><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><\/li>\n\n\n\n<li><a href=/index.html"https:\/\/\/howard-marks-guru\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\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><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n<h3>\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u8b80\u66f8\u6703\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/h3>\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:\/\/www.facebook.com\/groups\/rich01\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full 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[&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":68240,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[137,1800],"tags":[],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/2024\/02\/20240217100505_0.jpg","jetpack-related-posts":[{"id":35865,"url":"https:\/\/\/benjamin-graham-guru\/","url_meta":{"origin":68234,"position":0},"title":"\u73ed\u5091\u660e\u2027\u845b\u62c9\u6f22 &#8211; 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