{"id":9984,"date":"2021-05-28T19:37:33","date_gmt":"2021-05-28T11:37:33","guid":{"rendered":"https:\/\/\/?p=9984"},"modified":"2022-11-02T16:27:00","modified_gmt":"2022-11-02T08:27:00","slug":"margin-of-safety-investing","status":"publish","type":"post","link":"https:\/\/\/margin-of-safety-investing\/","title":{"rendered":"\u5b89\u5168\u908a\u969b\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u8a08\u7b97\uff1f\u4e00\u6b21\u770b\u61c2\u5b89\u5168\u908a\u969b"},"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-43754\" src=/index.html"https:\/\/\/wp-content\/uploads\/20221102162625_32.jpg\" alt=\"\u5b89\u5168\u908a\u969b-\u662f\u4ec0\u9ebc\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20221102162625_32.jpg 2090w, https:\/\/\/wp-content\/uploads\/20221102162625_32-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20221102162625_32-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/><\/p>\n<p>\u5728\u6295\u8cc7\u6642\u6211\u5011\u6642\u5e38\u6703\u505a\u8a31\u591a\u80a1\u7968\u7684\u50f9\u503c\u8207\u50f9\u683c\u5206\u6790\uff0c\u5e0c\u671b\u5206\u6790\u51fa\u4f01\u696d\u7684\u5408\u7406\u7684\u5167\u5728\u50f9\u503c\uff0c\u63a5\u8457\u5728\u50f9\u683c\u7b49\u65bc\u6216\u4f4e\u65bc\u50f9\u503c\u6642\u8cb7\u9032\u5f8c\uff0c\u7372\u53d6\u5831\u916c\u3002<\/p>\n<p>\u9019\u4e00\u5207\u807d\u8d77\u4f86\u975e\u5e38\u7684\u5408\u7406\u5c0d\u55ce\uff1f<\/p>\n<p>\u554f\u984c\u662f\uff0c\u4f60\u53ef\u80fd\u6709\u60f3\u904e\u9019\u500b\u554f\u984c\uff1a\u300c\u842c\u4e00\u6211\u5c0d\u4f01\u696d\u5167\u5728\u50f9\u503c\u4f30\u8a08\u932f\u8aa4\u4e86\uff0c\u8a72\u600e\u9ebc\u8fa6\uff1f\u300d<\/p>\n<p>\u6709\u6642\u5019\u53ef\u80fd\u662f\u81ea\u5df1\u771f\u7684\u932f\u4f30\uff0c\u6709\u6642\u5019\u5247\u662f\u5e02\u5834\u53cd\u61c9\u932f\u5f97\u96e2\u8b5c\uff0c\u4f46\u7121\u8ad6\u5982\u4f55\u9019\u6642\u6295\u8cc7\u4eba\u90fd\u53ef\u80fd\u906d\u9047\u6ce2\u52d5\u6216\u640d\u5931\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\uff0c\u771f\u6b63\u7406\u6027\u7684\u50f9\u503c\u6295\u8cc7\u4eba\uff0c\u5728\u8a55\u4f30\u6642\u6703\u628a\u81ea\u5df1\u53ef\u80fd\u4f30\u8a08\u932f\u8aa4\u7684\u98a8\u96aa\u4e5f\u8003\u616e\u9032\u53bb\uff0c\u65bc\u662f\u5728\u8a55\u4f30\u8cb7\u5165\u50f9\u683c\u6642\uff0c<\/p>\n<p>\u628a\u539f\u5148\u4f30\u50f9\u518d\u505a\u66f4\u4fdd\u5b88\u4f30\u8a08\u4e26\u5728\u66f4\u4f4e\u7684\u50f9\u683c\u8cb7\u9032\uff0c\u9019\u5c31\u662f<strong>\u5b89\u5168\u908a\u969b<\/strong>\uff0c\u900f\u904e\u5b89\u5168\u908a\u969b\u4f86\u6e1b\u5c11\u98a8\u96aa\u3001\u589e\u52a0\u5229\u6f64\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39\u4ec0\u9ebc\u662f<strong>\u5b89\u5168\u908a\u969b<\/strong>\uff0c\u5305\u62ec\u4ee5\u4e0b\u5e7e\u500b\u90e8\u5206\uff1a<\/p>\n<p><!--more--><\/p>\n<h2>\u5b89\u5168\u908a\u969b\u662f\u4ec0\u9ebc\uff1f<\/h2>\n<blockquote><p><strong>\u5b89\u5168\u908a\u969b =\u00a0<\/strong>\u80a1\u7968\u5167\u5728\u50f9\u503c\u8207\u80a1\u7968\u50f9\u683c\u7684\u5dee\u8ddd\uff0c\u7576\u5dee\u8ddd\u8d8a\u5927\uff0c\u8d8a\u80fd\u964d\u4f4e\u6295\u8cc7\u8667\u640d\u7684\u98a8\u96aa\u3002<\/p><\/blockquote>\n<p>\u5b89\u5168\u908a\u969b\uff08\u82f1\u6587\uff1aMargin of Safety\uff09\u662f\u7531\u50f9\u503c\u6295\u8cc7\u4e4b\u7236\u3001\u5df4\u83f2\u7279\u7684\u8001\u5e2b-<a href=/index.html"https:\/\/\/benjamin-graham-guru\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u845b\u62c9\u6f22<\/a>(Benjamin Graham)\u6240\u63d0\u51fa\u7684\u7406\u8ad6\uff0c<br \/>\n\u662f\u6307\u80a1\u7968\u50f9\u503c\u8207\u80a1\u7968\u50f9\u683c\u7684\u5dee\u8ddd\uff0c\u9019\u4e5f\u662f\u50f9\u503c\u6295\u8cc7\u8005\u505a\u6295\u8cc7\u6c7a\u7b56\u7684\u95dc\u9375\u3002<\/p>\n<p>\u845b\u62c9\u6f22\u8a8d\u70ba\uff0c\u53ea\u6709\u7576<strong>\u80a1\u7968\u5167\u5728\u50f9\u503c&gt;\u80a1\u7968\u5e02\u5834\u50f9\u683c <\/strong>(\u6709\u8db3\u5920\u5b89\u5168\u908a\u969b\u7684\u6642\u5019)\uff0c\u9019\u7b46\u6295\u8cc7\u624d\u503c\u5f97\u51fa\u624b\u8cb7\u5165\u3002<\/p>\n<blockquote><p><strong>\u5167\u5728\u50f9\u503c\u4f30\u8a08\u6c38\u9060\u4e0d\u662f\u6e96\u78ba\u7684<\/strong><\/p><\/blockquote>\n<p>\u80a1\u7968\u5167\u5728\u50f9\u503c\u4f30\u8a08\u662f\u4e00\u9580\u85dd\u8853\uff0c\u4e0d\u540c\u7684\u4eba\u4f30\u8a08\u51fa\u4f86\u7684\u5167\u5728\u50f9\u503c\u4e0d\u6703\u76f8\u540c\uff0c\u6bcf\u500b\u4eba\u53c3\u8003\u7684\u4f9d\u64da\u4e5f\u4e0d\u4e00\u6a23\uff0c\u6703\u53c3\u8003\u7684\u5305\u62ec\u4e86\u8cc7\u7522\u3001\u5229\u6f64\u3001\u80a1\u606f\u3001\u516c\u53f8\u767c\u5c55\u524d\u666f\u7b49\u7b49\uff0c\u90fd\u53ef\u4ee5\u4f5c\u70ba\u5167\u5728\u50f9\u503c\u8a55\u4f30\u7684\u4f9d\u64da\u3002<\/p>\n<p>\u5167\u5728\u50f9\u503c\u96d6\u7136\u96e3\u6709\u6e96\u78ba\u8a55\u4f30\uff0c\u5b83\u7684\u597d\u8655\u5247\u662f\u4e26\u4e0d\u6703\u50cf\u5e02\u50f9\u4e00\u6a23\u5929\u5929\u6d6e\u52d5\u3002<\/p>\n<p>\u5118\u7ba1\u5167\u5728\u50f9\u503c\u96e3\u4ee5\u9810\u6e2c\u3001\u8a55\u4f30\u6703\u6709\u4e9b\u8a31\u932f\u8aa4\uff0c\u4f46\u53ea\u8981\u5b89\u5168\u908a\u969b\u8db3\u5920\uff0c\u4e5f\u5c31\u662f\u4f60\u8cb7\u9032\u6642\u9060\u6bd4\u5167\u5728\u50f9\u503c\u4fbf\u5b9c\u8a31\u591a\uff0c\u5c31\u4e0d\u81f3\u65bc\u6703\u51fa\u73fe\u5927\u7684\u8667\u640d\u3002<\/p>\n<p><strong>\u7576\u5b89\u5168\u908a\u969b\u8d8a\u5927\uff0c\u5c31\u80fd\u8b93\u6295\u8cc7\u4eba\u6e1b\u5c11\u6295\u8cc7\u8667\u640d\u7684\u98a8\u96aa\uff0c\u653e\u5927\u6f5b\u5728\u7684\u7372\u5229\u7a7a\u9593\u3002<\/strong><\/p>\n<p>\u5176\u4e2d\u6700\u91cd\u8981\u7684\u662f\u72af\u932f\u6642\u4e5f\u80fd\u7559\u6709\u9918\u5730\u3002<\/p>\n<p>\u7576\u7559\u6709\u8db3\u5920\u7684\u9918\u5730\uff0c\u5c31\u53ef\u4ee5\u907f\u514d\u91cd\u5927\u8667\u640d\u767c\u751f\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c<br \/>\n\u6709\u4e00\u6a94\u80a1\u7968\u4f60\u8a55\u4f30\u5167\u5728\u50f9\u503c\u662f500\u5143\uff0c\u73fe\u5728\u5e02\u50f9\u662f450\u5143\uff0c\u4e4d\u770b\u4e4b\u4e0b\u4f60\u5728\u9019\u6642\u5019\u8cb7\u9032\u81f3\u5c11\u670950\u5143\u7684\u5229\u6f64\u3002<br \/>\n\u4f46\u662f\u5047\u5982\u4f60\u4f30\u8a08\u932f\u8aa4\uff0c\u5be6\u969b\u4e0a\u5167\u5728\u50f9\u503c\u53ea\u6709400\u5143\uff0c\u90a3\u9ebc\u5176\u5be6\u4f60\u9084\u5012\u866750\u5143\u3002<\/p>\n<p>\u5982\u679c\u64c1\u6709\u5b89\u5168\u908a\u969b\u7684\u601d\u7dad\uff0c\u96d6\u7136\u4f60\u4f30\u8a08\u5167\u5728\u50f9\u503c\u662f500\u5143\uff0c\u4f46\u4f60\u6253\u7b97\u53ea\u5728350\u5143\u6642\u624d\u8cb7\u5165\uff0c\u7559\u670930%\u7684\u9918\u5730\u3002<br \/>\n\u4e5f\u8a31\u4f60\u6700\u7d42\u6703\u932f\u904e\u8a31\u591a\u50cf\u9019\u6a23\u7684\u6a5f\u6703\uff0c\u4f46\u662f\u4e00\u4f46\u4f60\u4f30\u8a08\u932f\u8aa4\u6642\uff0c\u80fd\u5920\u5927\u5e45\u6e1b\u5c11\u98a8\u96aa\u3001\u4fdd\u7559\u5229\u6f64\u3002<\/p>\n<blockquote><p>\u5df4\u83f2\u7279\u66fe\u7d93\u5c0d\u5b89\u5168\u908a\u969b\u9019\u6a23\u8209\u4f8b\uff1a<br \/>\n\u300c\u4f60\u5efa\u9020\u4e00\u5ea7\u6a4b\u6a11\u6642\uff0c\u5b83\u5be6\u969b\u4e0a\u53ef\u4ee5\u627f\u53d73\u842c\u78c5\u7684\u8eca\u8f1b\u901a\u904e\uff0c\u4f46\u4f60\u6700\u591a\u53ea\u8b931\u842c\u78c5\u7684\u8eca\u8f1b\u901a\u904e\u3002\u300d<br \/>\n\u300c\u5982\u679c\u6709\u4e00\u9593\u516c\u53f8\u50f9\u503c8300\u842c\u7f8e\u5143\uff0c\u90a3\u9ebc\u4f60\u4e0d\u8a72\u75288000\u842c\u7f8e\u5143\u53bb\u8cb7\u5b83\u3002\u61c9\u8a72\u7d66\u81ea\u5df1\u7559\u4e0b\u4e00\u4e9b\u9918\u5730\u3002\u300d<\/p><\/blockquote>\n<h2>\u5b89\u5168\u908a\u969b\u600e\u9ebc\u8a08\u7b97\uff1f<\/h2>\n<blockquote><p><strong>\u5b89\u5168\u908a\u969b =<\/strong> \u80a1\u7968\u5167\u5728\u50f9\u503c &#8211; \u80a1\u7968\u5e02\u5834\u50f9\u683c<\/p><\/blockquote>\n<p>\u80a1\u795e\u5df4\u83f2\u7279\u66fe\u8aaa\u300c\u5b89\u5168\u908a\u969b\u662f\u6295\u8cc7\u6210\u529f\u7684\u57fa\u77f3\u300d\uff0c\u53ef\u898b\u5b89\u5168\u908a\u969b\u5728\u5176\u5fc3\u4e2d\u7684\u91cd\u8981\u6027\uff0c<\/p>\n<p>\u4ed6\u8a8d\u70ba\u5b89\u5168\u908a\u969b\u4e0d\u9700\u8981\u9054\u5230100%\uff0c\u53ea\u8981\u9054\u523080%\u5c31\u8db3\u5920\uff0c\u7576\u7136\u4e5f\u6709\u4e9b\u66f4\u4fdd\u5b88\u7684\u4eba\u6703\u6293\u523060%~70%\uff0c<\/p>\n<p><strong>\u8209\u4f8b\u4f86\u8aaa\uff1a<\/strong><\/p>\n<p>\u5047\u8a2d\u80a1\u7968\u5167\u5728\u50f9\u503c\u662f100\u5143\u3001\u80a1\u7968\u5e02\u5834\u50f9\u683c\u662f70\u5143\uff0c<br \/>\n\u6295\u8cc7\u4eba\u9019\u6642\u8cb7\u5165\uff0c\u5c31\u670930\u5143\u6216\u800530%\u7684\u5b89\u5168\u908a\u969b\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u50f9\u503c&gt;&gt;\u50f9\u683c\uff0c\u5b89\u5168\u908a\u969b\u76f8\u7576\u5927<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50f9\u503c&gt;\u50f9\u683c\uff0c\u5b89\u5168\u908a\u969b\u8f03\u5c0f<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50f9\u503c=\u50f9\u683c\uff0c\u5b89\u5168\u908a\u969b\u4e0d\u5b58\u5728<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u50f9\u503c&lt;\u50f9\u683c\uff0c\u5b89\u5168\u908a\u969b\u4e0d\u5b58\u5728\u3001\u4e14\u662f\u8ca0\u6578<\/span><\/li>\n<\/ul>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5927\u591a\u6578\u60c5\u6cc1\u4e0b\uff0c\u5b89\u5168\u908a\u969b\u5e38\u5e38\u4e0d\u5b58\u5728\uff0c\u56e0\u70ba\u5927\u591a\u6578\u64c1\u6709\u9ad8\u50f9\u503c\u7684\u512a\u8cea\u4f01\u696d\uff0c\u5f80\u5f80\u4e5f\u6709\u8f03\u9ad8\u7684\u50f9\u683c\uff0c<br \/>\n\u4f46\u50f9\u683c\u4e0d\u662f\u6c38\u9060\u4e0d\u8b8a\u7684\uff0c\u7e3d\u6709\u4e9b\u6642\u5019\u6703\u51fa\u73fe\u4fbf\u5b9c\u7684\u6642\u6a5f\uff0c\u9019\u6642\u5c31\u53ef\u80fd\u6709\u8f03\u5927\u7684\u5b89\u5168\u908a\u969b\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u5b89\u5168\u908a\u969b\u5927\u7684\u80a1\u7968\uff0c\u4f60\u5f97\u5148\u601d\u8003\uff0c\u70ba\u4ec0\u9ebc\u5b83\u5b89\u5168\u908a\u969b\u5927\u5462\uff0c\u5982\u679c\u5b83\u5982\u6b64\u6709\u50f9\u503c\uff0c\u5225\u4eba\u6703\u770b\u4e0d\u51fa\u4f86\u55ce\uff1f<\/p>\n<p>\u7406\u8ad6\u4e0a\uff0c\u5b89\u5168\u908a\u969b\u5927\u662f\u597d\u4e8b\uff0c<br \/>\n\u4f46\u7531\u65bc\u5167\u5728\u50f9\u503c\u8a55\u4f30\u672c\u8eab\u4e26\u4e0d\u662f\u4e00\u9580\u6e96\u78ba\u7684\u79d1\u5b78\uff0c\u4e14\u4efb\u4f55\u516c\u53f8\u50f9\u683c\u4f4e\u90fd\u4e00\u5b9a\u6709\u5b83\u7684\u539f\u56e0\uff0c<br \/>\n\u56e0\u6b64\u73fe\u5be6\u4e2d\u4e26\u4e0d\u662f\u6709\u5b89\u5168\u908a\u969b\u5c31\u53ef\u4ee5\u6295\u8cc7\uff0c\u8981\u601d\u8003\u7684\u554f\u984c\u9084\u6709\u5f88\u591a\u3002<\/p><\/blockquote>\n<h2><strong>\u5167\u5728\u50f9\u503c\u600e\u9ebc\u7b97\uff1f<\/strong><\/h2>\n<p>\u5167\u5728\u50f9\u503c\u8a55\u4f30\u6709\u8a31\u591a\u7a2e\u4e0d\u540c\u7684\u7b97\u6cd5\u3002<\/p>\n<p>\u5e02\u5834\u5148\u751f\u7684\u770b\u6cd5\u662f\uff0c\u5c0d\u65bc\u6b63\u5e38\u6210\u9577\u7a69\u5b9a\u7684\u4f01\u696d\uff0c\u61c9\u8a72\u7528<strong>\u76c8\u9918(\u6216\u5275\u9020\u73fe\u91d1\u6d41\u7684\u80fd\u529b)<\/strong>\u8207<strong>\u6210\u9577\u6027<\/strong>\u53bb\u505a\u6700\u6838\u5fc3\u7684\u50f9\u503c\u8a55\u4f30\u3002<\/p>\n<p>\u4f46\u4e5f\u5b58\u5728\u8a31\u591a\u4f8b\u5916\uff0c\u4f8b\u5982\u6709\u4e9b\u4f01\u696d\u53ef\u4ee5\u7528\u5e33\u4e0a\u7684\u6d41\u52d5\u8cc7\u7522\u6e1b\u6389\u8ca0\u50b5\u505a\u4fdd\u5b88\u8a55\u4f30\uff0c\u6709\u4e9b\u71df\u904b\u7a69\u5b9a\u4f46\u4e0d\u600e\u9ebc\u6210\u9577\u7684\u4f01\u696d\u5247\u662f\u53ef\u4ee5\u7528\u80a1\u5229\u6b96\u5229\u7387\u4f86\u505a\u4fdd\u5b88\u8a55\u4f30\u3002<\/p>\n<p>\u5c0d\u65bc\u5167\u5728\u50f9\u503c\u8a55\u4f30\u4e26\u6c92\u6709\u4e00\u500b\u7d55\u5c0d\u6a19\u6e96\u7684\u89e3\u7b54\uff0c\u8a55\u4f30\u51fa\u4f86\u7684\u7d50\u679c\u4e5f\u975e\u7d55\u5c0d\u6e96\u78ba\uff0c\u4e5f\u6703\u6839\u64da\u8a55\u4f30\u8005\u6a02\u89c0\u6216\u4fdd\u5b88\u7684\u614b\u5ea6\u6c7a\u5b9a\u4f30\u51fa\u4f86\u7684\u7d50\u679c\u3002<\/p>\n<p>\u9019\u90e8\u5206\u672a\u4f86\u6709\u6a5f\u6703\u5e02\u5834\u5148\u751f\u518d\u4f86\u8a73\u52a0\u4ecb\u7d39\u5404\u7a2e\u8a55\u4f30\u4f01\u696d\u50f9\u503c\u7684\u65b9\u6cd5\u3002<\/p>\n<p>\u4f46\u770b\u5230\u9019\u88e1\u4f60\u8981\u77e5\u9053\u7684\u662f\uff0c\u65e2\u7136\u5167\u5728\u50f9\u503c\u8a55\u4f30\u5b58\u5728\u4e00\u5b9a\u4e0d\u78ba\u5b9a\u6027\uff0c\u4ee3\u8868\u5b89\u5168\u908a\u969b\u7684\u8a08\u7b97\u7d50\u679c\u4e5f\u975e\u7d55\u5c0d\u6e96\u78ba\uff0c\u800c\u4fdd\u7559\u5145\u8db3\u7684\u5b89\u5168\u908a\u969b\uff0c\u5176\u5be6\u70ba\u7684\u5c31\u662f\u61c9\u4ed8\u9019\u4e9b\u4e0d\u78ba\u5b9a\u6027\u3002<\/p>\n<p>\u5b89\u5168\u908a\u969b\u7684\u7cbe\u795e\u5728\u65bc\uff1a\u5c0d\u65bc<strong>\u672a\u4f86\u50f9\u503c\u7684\u9810\u6e2c\u5247\u8981\u4fdd\u5b88\u8a55\u4f30<\/strong>\u3002<\/p>\n<p>\u4e0d\u8ad6\u516c\u53f8\u767c\u5c55\u524d\u666f\u591a\u88ab\u770b\u597d\uff0c\u90fd\u4e0d\u80fd\u592a\u904e\u6a02\u89c0\u9ad8\u4f30\u6210\u9577\u6027\uff0c\u8a55\u4f30\u672a\u4f86\u50f9\u503c\u6642\u8981\u76e1\u91cf\u4fdd\u5b88\u7684\u9810\u6e2c\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5b89\u5168\u908a\u969b\u8d8a\u5927\u8d8a\u597d\u55ce\uff1f\u770b\u4f60\u600e\u9ebc\u8a55\u4f30\u7684<\/strong><\/p>\n<p>\u5f88\u591a\u4eba\u6703\u628a\u5b89\u5168\u908a\u969b\u7576\u6210\u4e00\u500b\u4e00\u9ad4\u9069\u7528\u7684\u6307\u6a19\u6216\u516c\u5f0f\uff0c\u5c0d\u6240\u6709\u4f01\u696d\u4f30\u50f9\u4e26\u4e14\u5e0c\u671b\u627e\u5230\u5b89\u5168\u908a\u969b\u8d8a\u5927\u8d8a\u597d\u7684\u80a1\u7968\uff0c<\/p>\n<p>\u4f46\u5176\u5be6\u6c92\u6709\u5169\u5bb6\u4f01\u696d\u662f\u4e00\u6a21\u4e00\u6a23\u7684\uff0c\u5728\u8a55\u4f30\u80a1\u7968\u7684\u5167\u5728\u50f9\u503c\u6642\uff0c<strong>\u5fc5\u9808\u8a55\u4f30\u81ea\u5df1\u770b\u5f97\u61c2\u7684\u6771\u897f<\/strong>\uff0c\u7559\u5728\u81ea\u5df1\u80fd\u529b\u5708\u7bc4\u570d\uff0c\u9019\u6a23\u624d\u80fd\u8b93\u8a55\u4f30\u7d50\u679c\u6709\u66f4\u9ad8\u7684\u53ef\u4fe1\u5ea6\u3002<\/p><\/blockquote>\n<h2>\u5b89\u5168\u908a\u969b\u7684\u512a\u9ede\u8207\u7f3a\u9ede\uff1f<\/h2>\n<p>\u9996\u5148\uff0c\u8981\u5148\u6709\u500b\u8a8d\u77e5\u662f\uff1a\u5b89\u5168\u908a\u969b\u5927\u7576\u7136\u5f88\u597d\uff0c\u4f46\u4e5f\u4e0d\u80fd\u592a\u5927\u3002<\/p>\n<p>\u5e02\u5834\u5148\u751f\u8a8d\u70ba\uff0c\u8981\u5148\u601d\u8003\u5b89\u5168\u908a\u969b\u7684\u5229\u8207\u5f0a\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\">\u5b89\u5168\u908a\u969b\u5927\u7684\u512a\u9ede\uff1a\u6f5b\u5728\u7684\u5229\u6f64\u770b\u8d77\u4f86\u66f4\u5927\uff0c\u6295\u8cc7\u7684\u98a8\u96aa\u4e5f\u66f4\u4f4e\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5b89\u5168\u908a\u969b\u5927\u7684\u7f3a\u9ede\uff1a\u6295\u8cc7\u6a5f\u6703\u76f8\u5c0d\u66f4\u7a00\u5c11\uff0c\u5f88\u5e38\u8cb7\u4e0d\u5230\u4efb\u4f55\u6a19\u7684\uff0c\u6216\u8005\u932f\u904e\u8a31\u591a\u6a5f\u6703\uff0c\u5c0e\u81f4\u7e3d\u5831\u916c\u4f4e\u843d\u3002<\/span><\/li>\n<\/ul>\n<p>\u6240\u4ee5\u4e26\u4e0d\u662f\u8aaa\u5b89\u5168\u908a\u969b\u8d8a\u5927\u4f60\u7684\u5831\u916c\u5c31\u6703\u8d8a\u9ad8\uff0c\u4e00\u822c\u6703\u8a2d\u5b9a\u8207\u4f01\u696d\u5167\u5728\u50f9\u503c\u4fdd\u755920%~30%\u7684\u8ddd\u96e2\uff0c\u4f46\u4ecd\u662f\u8996\u60c5\u6cc1\u800c\u5b9a\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u8981\u601d\u8003\u80a1\u50f9\u70ba\u4ec0\u9ebc\u6703\u8b8a\u4fbf\u5b9c\uff1f<\/strong><\/p>\n<p>\u7406\u8ad6\u4e0a\u597d\u516c\u53f8\u4f60\u77e5\u6211\u77e5\uff0c\u90a3\u9ebc\u597d\u516c\u53f8\u80a1\u50f9\u53c8\u600e\u9ebc\u6703\u8b8a\u4fbf\u5b9c\u5462\uff1f<\/p>\n<p>\u5927\u6982\u53ea\u6709\u5169\u7a2e\u539f\u56e0\uff1a<br \/>\n1. \u7fa4\u773e\u6050\u614c\uff0c\u4f8b\u59822008\u5e74\u91d1\u878d\u6d77\u562f\uff0c\u518d\u597d\u7684\u516c\u53f8\u50f9\u683c\u4e5f\u53ef\u80fd\u8170\u65ac\uff0c\u4e26\u4e14\u5728\u7d93\u904e\u4e00\u6bb5\u6642\u9593\u5f8c\u5f88\u5feb\u53c8\u56de\u5230\u5408\u7406\u50f9\u683c\uff08\u4f8b\u59822009\u5e74\u7684\u53cd\u5f48\uff09\u3002<br \/>\n2. \u516c\u53f8\u51fa\u4e8b\uff0c\u4f8b\u5982\u767c\u751f\u610f\u5916\u3001\u8ca0\u9762\u6d88\u606f\u3001\u8ca1\u5831\u4e0d\u5982\u9810\u671f\u7b49\u7b49\u3002<\/p>\n<p>\u5927\u6982\u53ea\u6709\u9019\u5169\u7a2e\u985e\u578b\u53ef\u80fd\u6703\u5c0e\u81f4\u80a1\u50f9\u6709\u8f03\u5927\u5e45\u5ea6\u4e0b\u8dcc\u3002<\/p>\n<p>\u60f3\u5728\u524d\u8005\u6642\u6a5f\u9032\u5834\uff0c\u4f60\u5fc5\u9808\u6709\u52c7\u6c23\u548c\u773e\u4eba\u505a\u51fa\u4e0d\u540c\u7684\u5224\u65b7\uff0c<br \/>\n\u5f8c\u8005\u4f60\u5247\u662f\u5fc5\u9808\u78ba\u8a8d\u8a72\u4e8b\u4ef6\u5f71\u97ff\uff0c\u662f\u6c38\u4e45\u6027\u9084\u662f\u66ab\u6642\u6027\uff0c\u82e5\u662f\u66ab\u6642\u6027\u5f71\u97ff\u90a3\u4e5f\u662f\u597d\u7684\u9032\u5834\u6642\u6a5f\u3002<\/p>\n<p>\u7b97\u51fa\u5b89\u5168\u908a\u969b\u4e0d\u96e3\uff0c\u96e3\u7684\u662f\u6f2b\u9577\u7684\u7b49\u5f85\uff0c\u4ee5\u53ca\u771f\u7684\u8cb7\u9032\u7576\u4e0b\u7684\u6c7a\u7b56\u529b\u3002<\/p><\/blockquote>\n<h2>\u5b89\u5168\u908a\u969b\u8a72\u600e\u9ebc\u904b\u7528\uff1f<\/h2>\n<p><strong>\u4e00\u822c\u5e38\u898b\u5b89\u5168\u908a\u969b\u7684\u8cb7\u9032\u50f9\u683c\uff0c\u6703\u8a2d\u5b9a\u5167\u5728\u50f9\u503c80%\uff0c\u4e5f\u5c31\u662f\u7559\u670920%\u7684\u5b89\u5168\u908a\u969b<\/strong><\/p>\n<p>80%\u9019\u6578\u5b57\u4e0d\u662f\u7d55\u5c0d\uff0c\u6bcf\u500b\u4eba\u53ef\u4ee5\u8996\u6a19\u7684\u72c0\u6cc1\u8abf\u6574\uff0c\u6709\u4e9b\u9ad8\u4e00\u9ede\uff08\u4f8b\u598290%\uff09\u3001\u6709\u4e9b\u4f4e\u4e00\u9ede\uff08\u4f8b\u5982\u66f4\u4fdd\u5b88\u629360%\uff09\uff0c<\/p>\n<p>\u4e26\u4e0d\u662f\u8aaa\u4fdd\u755920%\u5b89\u5168\u908a\u969b\u5c31\u6c92\u6709\u98a8\u96aa\uff0c\u7562\u7adf\u4f60\u4e26\u7121\u6cd5\u4fdd\u8b49\u81ea\u5df1\u4f30\u50f9\u7d55\u5c0d\u6b63\u78ba\uff0c\u4e5f\u6c92\u8fa6\u6cd5\u4fdd\u8b49\u5e02\u5834\u6703\u600e\u9ebc\u7d66\u4f01\u696d\u8a55\u50f9\uff0c\u66f4\u6c92\u4eba\u77e5\u9053\u672a\u4f86\u6703\u600e\u9ebc\u8b8a\u3002<\/p>\n<p>\u4f7f\u7528\u5b89\u5168\u908a\u969b\u9078\u80a1\u6642\uff0c\u53ef\u53c3\u8003\u5e95\u4e0b\u65b9\u5f0f\uff1a<\/p>\n<p>\u7b2c1\u6b65\uff1a\u5148\u7b97\u51fa\u80a1\u7968\u5167\u5728\u50f9\u503c\u3002<br \/>\n\u7b2c2\u6b65\uff1a\u5c07\u5167\u5728\u50f9\u503c \u00d7 80%\uff0c\u7b97\u51fa\u7b26\u5408\u5b89\u5168\u908a\u969b\u53ef\u4ee5\u8cb7\u9032\u7684\u50f9\u683c\u3002<\/p>\n<p><strong>\u8209\u4f8b\u4f86\u8aaa\uff1a<\/strong><\/p>\n<p>\u6295\u8cc7\u4eba\u8a55\u4f30\u4e86\u5e02\u5834\u5148\u751f\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7684\u8cc7\u7522\u3001\u80a1\u5229\u3001EPS\u3001\u672a\u4f86\u6210\u9577\u6027\uff0c<\/p>\n<p>\u8a8d\u70ba\u5167\u5728\u50f9\u503c\u70ba\u6bcf\u80a1100\u5143\uff0c\u5c07\u5167\u5728\u50f9\u503c \u00d7 80%\u8a08\u7b97\u5c31\u662f\u5b89\u5168\u908a\u969b\uff0c\u6295\u8cc7\u4eba\u5b89\u5168\u9032\u5834\u7684\u50f9\u683c\u5373\u70ba80\u5143\u3002<\/p>\n<p>\u8a55\u4f30\u5167\u5728\u50f9\u503c\u7684\u65b9\u6cd5\u6709\u5f88\u591a\uff0c\u5f9e\u672a\u4f86\u73fe\u91d1\u6d41\u6298\u73fe\uff0c\u6216\u8005\u8003\u616e\u548c\u540c\u985e\u6a19\u7684\u76f8\u5c0d\u50f9\u503c\u5206\u6790\uff0c\u4f46\u6c38\u9060\u8981\u8a18\u5f97\uff1a\u4f60\u53ea\u662f\u5728\u4f30\u8a08\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a\u80a1\u7968\u5167\u5728\u50f9\u503c\u5982\u4f55\u8a08\u7b97\uff1f\uff08\u65bd\u5de5\u4e2d\uff09<\/p>\n<blockquote><p>\u6700\u5f8c\u5e02\u5834\u5148\u751f\u7279\u5225\u63d0\u9192\uff1a<br \/>\n\u6295\u8cc7\u4eba\u4f7f\u7528\u5b89\u5168\u908a\u969b\u8a55\u4f30\u6642\u8981\u6ce8\u610f\uff0c\u5b89\u5168\u908a\u969b<strong>\u4e0d\u80fd\u4fdd\u8b49\u6295\u8cc7\u8005\u4e0d\u6703\u9020\u6210\u640d\u5931<\/strong>\uff0c\u53ea\u662f\u900f\u904e\u9019\u7a2e\u8a55\u4f30\u7684\u65b9\u5f0f\uff0c\u53ef\u4ee5\u8b93\u640d\u5931\u6a5f\u7387\u8b8a\u5c0f\u3002<\/p>\n<p><em>\u6c38\u9060\u8a18\u5f97\uff0c\u4f60\u53ea\u662f\u5728\u4f30\u8a08\u3002\uff0d\u5e02\u5834\u5148\u751f<\/em><\/p><\/blockquote>\n<h2>\u5b89\u5168\u908a\u969b \u5feb\u901f\u91cd\u9ede\u6574\u7406<\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u5b89\u5168\u908a\u969b(Margin of Safety)\u662f\u80a1\u7968\u50f9\u503c\u8207\u80a1\u7968\u50f9\u683c\u7684\u5dee\u8ddd\uff0c\u4e5f\u662f\u8a55\u4f30\u5167\u5728\u50f9\u503c\u72af\u932f\u6642\u6e1b\u5c11\u98a8\u96aa\u7684\u65b9\u6cd5\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u4ee5\u5b89\u5168\u908a\u969b\u7559\u670920%\u70ba\u4f8b\uff0c\u80a1\u7968\u5167\u5728\u50f9\u503c\u4e26 \u00d7 20%\u5c31\u662f\u5b89\u5168\u908a\u969b\u5927\u5c0f\uff0c\u800c\u80a1\u7968\u5167\u5728\u50f9\u503c \u00d7 80%\uff0c\u5c31\u80fd\u7b97\u51fa\u53ef\u4ee5\u8cb7\u9032\u7684\u50f9\u683c\u3002<\/span><\/li>\n<li><span style=\"font-size: 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href=/index.html"https:\/\/\/value-invest-myth-3\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u50f9\u503c\u6295\u8cc7\u76843\u5927\u7f3a\u9ede? \u5fc5\u770b<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/learn-etf-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u53f0\u80a1\u5165\u9580\u6559\u5b78\u300bETF\u6295\u8cc7\u61f6\u4eba\u5305<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/jisun-account-588\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u80a1\u7968\u958b\u6236\u300b\u6700\u65b0\u512a\u60e0\u5238\u5546\u63a8\u85a6<\/a><\/p>\n<p>4.\u00a0<a href=/index.html"https:\/\/\/fund-cnyes-mrmarket\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u57fa\u91d1\u958b\u6236\u300b\u96f6\u624b\u7e8c\u8cbb\u7684\u958b\u6236\u512a\u60e0\u63a8\u85a6<\/a><\/p>\n<p>5.\u00a0<a href=/index.html"https:\/\/\/creditcard-cashback\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u4fe1\u7528\u5361\u6bd4\u8f03\u300b\u6700\u65b0\u73fe\u91d1\u56de\u994b\u5361\u7247\u63a8\u85a6<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" 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