# \u6bcf\u65e5\u63a8\u8350\u597d\u4e66\uff1a\u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b<\/p>\n
> \u970d\u534e\u5fb7\u00b7\u9a6c\u514b\u65af\uff08Howard Marks\uff09\u7684\u8fd9\u672c\u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b\uff0c\u88ab\u5df4\u83f2\u7279\u79f0\u4e3a\u201c\u6211\u770b\u4e86\u4e24\u904d\u7684\u4e66\u201d\u3002\u5982\u679c\u4f60\u60f3\u5728\u80a1\u5e02\u91cc\u957f\u671f\u6d3b\u4e0b\u6765\u5e76\u4e14\u8d5a\u94b1\uff0c\u8fd9\u672c\u4e66\u7edd\u5bf9\u662f\u5fc5\u8bfb\u7ecf\u5178\u3002<\/p>\n
\u4e0b\u9762\u54b1\u4eec\u6309\u7ae0\u8282\u987a\u5e8f\uff0c\u7528\u5927\u767d\u8bdd\u628a\u8fd920\u4e2a\u201c\u6700\u91cd\u8981\u7684\u4e8b\u60c5\u201d\u4e00\u6b21\u6027\u8bf4\u660e\u767d\uff1a<\/p>\n
**\u7b2c\u4e00\u7ae0\uff1a\u5b66\u4e60\u201c\u7b2c\u4e8c\u5c42\u6b21\u601d\u7ef4\u201d**
\n\u666e\u901a\u4eba\u4e70\u80a1\u7968\uff08\u7b2c\u4e00\u5c42\u6b21\u601d\u7ef4\uff09\uff1a\u8fd9\u662f\u4e00\u5bb6\u597d\u516c\u53f8\uff0c\u4e70\u5b83\uff01
\n\u9ad8\u624b\u4e70\u80a1\u7968\uff08\u7b2c\u4e8c\u5c42\u6b21\u601d\u7ef4\uff09\uff1a\u8fd9\u662f\u4e00\u5bb6\u597d\u516c\u53f8\uff0c\u4f46\u662f\u5927\u5bb6\u5168\u90fd\u77e5\u9053\u5b83\u662f\u597d\u516c\u53f8\uff0c\u6240\u4ee5\u80a1\u7968\u5df2\u7ecf\u592a\u8d35\u4e86\uff0c\u4e0d\u80fd\u4e70\uff01\u4f60\u5f97\u60f3\u5f97\u6bd4\u522b\u4eba\u6df1\u4e00\u5c42\u3001\u4e0d\u4e00\u6837\uff0c\u624d\u80fd\u8d5a\u5230\u8d85\u989d\u6536\u76ca\u3002<\/p>\n
**\u7b2c\u4e8c\u7ae0\uff1a\u7406\u89e3\u5e02\u573a\u7684\u6709\u6548\u6027\u548c\u5c40\u9650\u6027**
\n\u5e02\u573a\u7edd\u5927\u90e8\u5206\u65f6\u5019\u662f\u5f88\u806a\u660e\u7684\uff08\u4ef7\u683c\u7b49\u4e8e\u4ef7\u503c\uff09\uff0c\u6240\u4ee5\u522b\u603b\u89c9\u5f97\u81ea\u5df1\u80fd\u8f7b\u6613\u6218\u80dc\u5e02\u573a\u3002\u4f46\u5e02\u573a\u5076\u5c14\u4e5f\u4f1a\u53d1\u75af\uff08\u6bd4\u5982\u6050\u614c\u5927\u8dcc\u6216\u8005\u75af\u72c2\u5927\u6da8\uff09\uff0c\u8fd9\u65f6\u5019\u5c31\u662f\u4f60\u51fa\u624b\u7684\u673a\u4f1a\u3002<\/p>\n
**\u7b2c\u4e09\u7ae0\uff1a\u51c6\u786e\u4f30\u8ba1\u4ef7\u503c**
\n\u4e70\u80a1\u7968\u5c31\u662f\u4e70\u516c\u53f8\u3002\u4f60\u5f97\u77e5\u9053\u8fd9\u4e2a\u516c\u53f8\u5230\u5e95\u503c\u591a\u5c11\u94b1\uff08\u5185\u5728\u4ef7\u503c\uff09\uff0c\u8fd9\u662f\u6240\u6709\u6295\u8d44\u7684\u57fa\u7840\u3002\u8fde\u4e1c\u897f\u503c\u591a\u5c11\u94b1\u90fd\u4e0d\u77e5\u9053\uff0c\u4f60\u5c31\u6562\u51fa\u4ef7\uff0c\u90a3\u4e0d\u53eb\u6295\u8d44\uff0c\u53eb\u8d4c\u535a\u3002<\/p>\n
**\u7b2c\u56db\u7ae0\uff1a\u4ef7\u683c\u4e0e\u4ef7\u503c\u7684\u5173\u7cfb**
\n\u597d\u4e1c\u897f\u4e0d\u7b49\u4e8e\u597d\u6295\u8d44\uff0c\u70c2\u4e1c\u897f\u4e5f\u4e0d\u7b49\u4e8e\u574f\u6295\u8d44\u3002\u5173\u952e\u770b\u201c\u4ef7\u683c\u201d\u3002\u518d\u597d\u7684\u516c\u53f8\uff0c\u4e70\u8d35\u4e86\u4e5f\u662f\u5927\u5751\uff1b\u518d\u5dee\u7684\u516c\u53f8\uff0c\u5982\u679c\u4fbf\u5b9c\u5f97\u79bb\u8c31\uff0c\u4e5f\u80fd\u8d5a\u94b1\u3002<\/p>\n
**\u7b2c\u4e94\u7ae0\uff1a\u7406\u89e3\u98ce\u9669**
\n\u98ce\u9669\u4e0d\u662f\u201c\u80a1\u7968\u6ce2\u52a8\u6709\u591a\u5927\u201d\uff0c\u800c\u662f\u201c\u4f60\u4e8f\u94b1\u7684\u53ef\u80fd\u6027\u6709\u591a\u5927\u201d\u3002\u6536\u76ca\u548c\u98ce\u9669\u4e0d\u662f\u7edd\u5bf9\u6210\u6b63\u6bd4\u7684\u3002\u6709\u65f6\u5019\u9ad8\u98ce\u9669\u5e76\u4e0d\u5e26\u6765\u9ad8\u6536\u76ca\uff0c\u53ea\u4f1a\u5e26\u6765\u66b4\u8dcc\u3002<\/p>\n
**\u7b2c\u516d\u7ae0\uff1a\u8bc6\u522b\u98ce\u9669**
\n\u98ce\u9669\u6700\u5927\u7684\u65f6\u5019\uff0c\u5f80\u5f80\u662f\u5927\u5bb6\u89c9\u5f97\u201c\u6beb\u65e0\u98ce\u9669\u201d\u7684\u65f6\u5019\u3002\u5f53\u6240\u6709\u4eba\u90fd\u5728\u51b2\u8fdb\u80a1\u5e02\uff0c\u8ba4\u4e3a\u95ed\u7740\u773c\u775b\u90fd\u80fd\u8d5a\u94b1\u65f6\uff0c\u98ce\u9669\u5df2\u7ecf\u9ad8\u5230\u4e86\u5929\u4e0a\u3002<\/p>\n
**\u7b2c\u4e03\u7ae0\uff1a\u63a7\u5236\u98ce\u9669**
\n\u5728\u6295\u8d44\u91cc\uff0c\u4e0d\u4e8f\u5927\u94b1\u6bd4\u8d5a\u5927\u94b1\u66f4\u91cd\u8981\u3002\u4f18\u79c0\u7684\u6295\u8d44\u8005\u4e0d\u662f\u5728\u987a\u5883\u4e2d\u8d5a\u5f97\u6700\u591a\u7684\u4eba\uff0c\u800c\u662f\u5728\u9006\u5883\u4e2d\u4e8f\u5f97\u6700\u5c11\u3001\u6d3b\u5f97\u6700\u957f\u7684\u4eba\u3002<\/p>\n
**\u7b2c\u516b\u7ae0\uff1a\u5173\u6ce8\u5468\u671f**
\n\u4e07\u7269\u7686\u6709\u5468\u671f\u3002\u80a1\u5e02\u6709\u725b\u718a\uff0c\u7ecf\u6d4e\u6709\u7e41\u8363\u548c\u8870\u9000\u3002\u6c38\u8fdc\u4e0d\u8981\u76f8\u4fe1\u201c\u8fd9\u6b21\u4e0d\u4e00\u6837\u201d\u6216\u8005\u201c\u80a1\u5e02\u4f1a\u6c38\u8fdc\u6da8\u4e0b\u53bb\u201d\uff0c\u6811\u957f\u4e0d\u5230\u5929\u4e0a\u53bb\u3002<\/p>\n
**\u7b2c\u4e5d\u7ae0\uff1a\u949f\u6446\u610f\u8bc6**
\n\u6295\u8d44\u8005\u7684\u60c5\u7eea\u5c31\u50cf\u949f\u6446\uff0c\u603b\u662f\u5728\u201c\u6781\u5ea6\u6050\u614c\u201d\u548c\u201c\u6781\u5ea6\u8d2a\u5a6a\u201d\u4e4b\u95f4\u6446\u52a8\uff0c\u5f88\u5c11\u5728\u4e2d\u95f4\uff08\u5408\u7406\u4f30\u503c\uff09\u505c\u7559\u5728\u592a\u4e45\u3002\u4f60\u8981\u5b66\u4f1a\u5728\u949f\u6446\u6446\u5230\u6781\u7aef\u65f6\u505a\u53cd\u5411\u64cd\u4f5c\u3002<\/p>\n
**\u7b2c\u5341\u7ae0\uff1a\u62b5\u5fa1\u6d88\u6781\u5f71\u54cd**
\n\u8d2a\u5a6a\u3001\u6050\u60e7\u3001\u5ac9\u5992\uff08\u770b\u5230\u90bb\u5c45\u7092\u80a1\u53d1\u8d22\u4e86\uff09\u3001\u81ea\u8d1f\uff08\u8d5a\u4e86\u94b1\u5c31\u89c9\u5f97\u81ea\u5df1\u662f\u80a1\u795e\uff09\u3002\u8fd9\u56db\u79cd\u60c5\u7eea\u662f\u6295\u8d44\u7684\u6b7b\u654c\uff0c\u5fc5\u987b\u65f6\u523b\u8b66\u60d5\uff0c\u4fdd\u6301\u7edd\u5bf9\u7684\u7406\u6027\u3002<\/p>\n
**\u7b2c\u5341\u4e00\u7ae0\uff1a\u9006\u5411\u6295\u8d44**
\n\u5728\u522b\u4eba\u5d29\u6e83\u5272\u8089\u65f6\u4e70\u5165\uff0c\u5728\u522b\u4eba\u75af\u72c2\u62a2\u8d2d\u65f6\u5356\u51fa\u3002\u867d\u7136\u9006\u7740\u5927\u4f17\u505a\u5f88\u96be\u53d7\uff0c\u770b\u8d77\u6765\u50cf\u4e2a\u50bb\u5b50\uff0c\u4f46\u8fd9\u662f\u8d5a\u5927\u94b1\u7684\u552f\u4e00\u9014\u5f84\u3002<\/p>\n
**\u7b2c\u5341\u4e8c\u7ae0\uff1a\u5bfb\u627e\u4fbf\u5b9c\u8d27**
\n\u5bfb\u627e\u90a3\u4e9b\u88ab\u5927\u5bb6\u629b\u5f03\u3001\u5ffd\u89c6\u3001\u8bef\u89e3\u7684\u8d44\u4ea7\u3002\u4fbf\u5b9c\u8d27\u4e0d\u662f\u8dcc\u5f97\u591a\u7684\u4e1c\u897f\uff0c\u800c\u662f\u201c\u4ef7\u683c\u8fdc\u4f4e\u4e8e\u4ef7\u503c\u201d\u7684\u4e1c\u897f\u3002<\/p>\n
**\u7b2c\u5341\u4e09\u7ae0\uff1a\u8010\u5fc3\u7b49\u5f85\u673a\u4f1a**
\n\u6295\u8d44\u4e0d\u662f\u6bcf\u5929\u90fd\u8981\u64cd\u4f5c\u7684\u3002\u5c31\u50cf\u68d2\u7403\u624b\u4e00\u6837\uff0c\u5982\u679c\u7403\u4e0d\u597d\uff0c\u4f60\u5c31\u7ad9\u7740\u522b\u52a8\uff0c\u522b\u6025\u7740\u6325\u68d2\u3002\u6ca1\u6709\u597d\u6781\u4e86\u7684\u673a\u4f1a\uff0c\u5c31\u62ff\u7740\u73b0\u91d1\u6b7b\u7b49\u3002<\/p>\n
**\u7b2c\u5341\u56db\u7ae0\uff1a\u8ba4\u8bc6\u9884\u6d4b\u7684\u5c40\u9650\u6027**
\n\u4e0d\u8981\u53bb\u9884\u6d4b\u5b8f\u89c2\u7ecf\u6d4e\u8d70\u5411\uff0c\u4e5f\u4e0d\u8981\u9884\u6d4b\u4e0b\u4e2a\u6708\u80a1\u5e02\u4f1a\u6da8\u8fd8\u662f\u4f1a\u8dcc\uff0c\u56e0\u4e3a\u6ca1\u4eba\u80fd\u7b97\u51c6\u3002\u627f\u8ba4\u81ea\u5df1\u201c\u4e0d\u77e5\u9053\u201d\uff0c\u53cd\u800c\u80fd\u8ba9\u4f60\u5c11\u72af\u5f88\u591a\u81f4\u547d\u9519\u8bef\u3002<\/p>\n
**\u7b2c\u5341\u4e94\u7ae0\uff1a\u6b63\u786e\u8ba4\u8bc6\u81ea\u8eab\u7684\u4f4d\u7f6e**
\n\u867d\u7136\u6211\u4eec\u4e0d\u77e5\u9053\u660e\u5929\u4f1a\u600e\u6837\uff0c\u4f46\u6211\u4eec\u5fc5\u987b\u6e05\u695a\u201c\u73b0\u5728\u5904\u4e8e\u5468\u671f\u7684\u4ec0\u4e48\u4f4d\u7f6e\u201d\u3002\u662f\u72c2\u70ed\u671f\uff1f\u8fd8\u662f\u4f4e\u8c37\u671f\uff1f\u4ee5\u6b64\u6765\u51b3\u5b9a\u81ea\u5df1\u662f\u8be5\u9632\u5b88\u8fd8\u662f\u8be5\u8fdb\u653b\u3002<\/p>\n
**\u7b2c\u5341\u516d\u7ae0\uff1a\u91cd\u89c6\u8fd0\u6c14**
\n\u6709\u4e9b\u65f6\u5019\u4f60\u8d5a\u94b1\u4e86\uff0c\u53ef\u80fd\u4e0d\u662f\u56e0\u4e3a\u4f60\u725b\uff0c\u800c\u662f\u56e0\u4e3a\u4f60\u8fd0\u6c14\u597d\uff08\u6bd4\u5982\u521a\u597d\u8d76\u4e0a\u5927\u725b\u5e02\uff09\u3002\u5206\u6e05\u5b9e\u529b\u548c\u8fd0\u6c14\uff0c\u522b\u628a\u8fd0\u6c14\u5f53\u6210\u81ea\u5df1\u7684\u672c\u4e8b\u3002<\/p>\n
**\u7b2c\u5341\u4e03\u7ae0\uff1a\u9632\u5fa1\u6027\u6295\u8d44**
\n\u6295\u8d44\u9996\u8981\u6cd5\u5219\uff1a\u522b\u4e8f\u94b1\u3002\u5206\u6563\u6295\u8d44\u3001\u9884\u7559\u8db3\u591f\u5bbd\u7684\u5b89\u5168\u8fb9\u9645\uff08\u4e70\u5f97\u8db3\u591f\u4fbf\u5b9c\uff09\uff0c\u8fd9\u90fd\u662f\u9632\u5b88\u7684\u624b\u6bb5\u3002\u9632\u5b88\u505a\u597d\u4e86\uff0c\u590d\u5229\u7684\u9b54\u6cd5\u81ea\u7136\u4f1a\u7167\u987e\u4f60\u3002<\/p>\n
**\u7b2c\u5341\u516b\u7ae0\uff1a\u907f\u514d\u9519\u8bef**
\n\u6210\u529f\u6295\u8d44\u4e0e\u5176\u8bf4\u662f\u201c\u505a\u5bf9\u4e86\u4ec0\u4e48\u5947\u601d\u5999\u60f3\u201d\uff0c\u4e0d\u5982\u8bf4\u662f\u201c\u5c11\u72af\u4e86\u90a3\u4e9b\u611a\u8822\u7684\u9519\u8bef\u201d\u3002\u907f\u5f00\u4e86\u6240\u6709\u7684\u5751\uff0c\u4f60\u81ea\u7136\u5c31\u80fd\u8d62\u3002<\/p>\n
**\u7b2c\u5341\u4e5d\u7ae0\uff1a\u589e\u503c\u7684\u610f\u4e49**
\n\u725b\u5e02\u91cc\u5927\u5bb6\u90fd\u80fd\u8d5a\u94b1\uff0c\u4f53\u73b0\u4e0d\u51fa\u4f60\u7684\u6c34\u5e73\uff1b\u718a\u5e02\u91cc\u4f60\u4e8f\u5f97\u6bd4\u5927\u76d8\u5c11\uff0c\u6216\u8005\u8fd8\u80fd\u9006\u52bf\u8d5a\u94b1\uff0c\u8fd9\u624d\u662f\u4f60\u4f5c\u4e3a\u6295\u8d44\u8005\u771f\u6b63\u589e\u52a0\u7684\u4ef7\u503c\u3002<\/p>\n
**\u7b2c\u4e8c\u5341\u7ae0\uff1a\u603b\u7ed3\u8bba**
\n\u628a\u524d\u9762\u8fd919\u70b9\u7ed3\u5408\u8d77\u6765\u3002\u6295\u8d44\u662f\u4e00\u9879\u590d\u6742\u7684\u7cfb\u7edf\u5de5\u7a0b\uff0c\u9700\u8981\u8010\u5fc3\u3001\u7eaa\u5f8b\u3001\u53cd\u5e38\u8bc6\u7684\u601d\u8003\u548c\u6781\u5f3a\u7684\u5fc3\u7406\u7d20\u8d28\u3002<\/p>\n
> **\u603b\u7ed3\uff1a**
\n> \u970d\u534e\u5fb7\u00b7\u9a6c\u514b\u65af\u7684\u6295\u8d44\u54f2\u5b66\u975e\u5e38\u9002\u5408\u8ffd\u6c42\u957f\u671f\u7a33\u5065\u589e\u503c\u7684\u4eba\u3002\u4ed6\u4ece\u4e0d\u6559\u4f60\u600e\u4e48\u6293\u6da8\u505c\u677f\uff0c\u800c\u662f\u6559\u4f60\u600e\u4e48\u5728\u6b8b\u9177\u7684\u5e02\u573a\u91cc\u6d3b\u5f97\u4e45\u3001\u7a33\u7a33\u5730\u8d5a\u94b1\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
# \u6bcf\u65e5\u63a8\u8350\u597d\u4e66\uff1a\u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b > \u970d\u534e\u5fb7\u00b7\u9a6c\u514b\u65af\uff08Howard Marks\uff09\u7684\u8fd9\u672c\u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b\uff0c … \u7ee7\u7eed\u9605\u8bfb\u201c\u6bcf\u65e5\u63a8\u8350\u597d\u4e66\uff1a\u300a\u6295\u8d44\u6700\u91cd\u8981\u7684\u4e8b\u300b\u201d<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-429","post","type-post","status-publish","format-standard","hentry","category-8"],"_links":{"self":[{"href":"https:\/\/wangqf.com\/index.php?rest_route=\/wp\/v2\/posts\/429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wangqf.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wangqf.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wangqf.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wangqf.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=429"}],"version-history":[{"count":0,"href":"https:\/\/wangqf.com\/index.php?rest_route=\/wp\/v2\/posts\/429\/revisions"}],"wp:attachment":[{"href":"https:\/\/wangqf.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wangqf.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wangqf.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}