# \u6bcf\u65e5\u597d\u4e66\u63a8\u8350\uff1a\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b<\/p>\n
\u4f60\u597d\uff01\u4eca\u5929\u4e3a\u4f60\u63a8\u8350\u4e00\u672c\u6295\u8d44\u754c\u7684\u201c\u5723\u7ecf\u201d\uff0c\u80a1\u795e\u5df4\u83f2\u7279\u7684\u6069\u5e08\u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\u7684\u6bd5\u751f\u6770\u4f5c\u2014\u2014**\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b**\uff08The Intelligent Investor\uff09\u3002\u5df4\u83f2\u7279\u66fe\u8bf4\uff1a\u201c\u8fd9\u662f\u6709\u53f2\u4ee5\u6765\u5173\u4e8e\u6295\u8d44\u6700\u597d\u7684\u4e00\u672c\u4e66\u3002\u201d\u5982\u679c\u4f60\u5bf9\u7406\u8d22\u3001\u80a1\u7968\u611f\u5174\u8da3\uff0c\u4f46\u53c8\u6015\u88ab\u5f53\u6210\u201c\u97ed\u83dc\u201d\u5272\uff0c\u8fd9\u672c\u4e66\u7edd\u5bf9\u662f\u4f60\u7684\u62a4\u8eab\u7b26\u3002<\/p>\n
\u522b\u770b\u8fd9\u662f\u4e00\u672c\u8001\u4e66\uff08\u521d\u7248\u4e8e1949\u5e74\uff09\uff0c\u4f46\u91cc\u9762\u8bb2\u7684\u4eba\u6027\u5f31\u70b9\u548c\u6295\u8d44\u5e38\u8bc6\uff0c\u653e\u5230\u4eca\u5929\u7684\u80a1\u5e02\u4f9d\u7136\u51c6\u5f97\u53ef\u6015\u3002\u4eca\u5929\u6211\u4eec\u4e0d\u6574\u9ad8\u6df1\u7684\u540d\u8bcd\uff0c\u7528\u5927\u767d\u8bdd\u5e26\u4f60\u628a\u8fd9\u672c\u4e66\u7684\u6838\u5fc3\u7cbe\u9ad3\u4ece\u5934\u5230\u5c3e\u634b\u4e00\u904d\uff01<\/p>\n
## \u7b2c\u4e00\u90e8\u5206\uff1a\u6295\u8d44 vs \u6295\u673a\uff0c\u4f60\u5230\u5e95\u5728\u5e72\u561b\uff1f\uff08\u7b2c1-3\u7ae0\uff09
\n\u5f88\u591a\u4eba\u51b2\u8fdb\u80a1\u5e02\uff0c\u540d\u4e49\u4e0a\u662f\u201c\u6295\u8d44\u201d\uff0c\u5176\u5b9e\u662f\u5728\u201c\u8d4c\u535a\u201d\u3002
\n* **\u6295\u8d44\u4e0e\u6295\u673a\u7684\u533a\u522b**\uff1a\u683c\u96f7\u5384\u59c6\u8bf4\uff0c\u771f\u6b63\u7684\u201c\u6295\u8d44\u201d\u5fc5\u987b\u6ee1\u8db3\u4e09\u4e2a\u6761\u4ef6\uff1a\u7ecf\u8fc7\u6df1\u5165\u7684\u5206\u6790\u3001\u786e\u4fdd\u672c\u91d1\u5b89\u5168\u3001\u80fd\u83b7\u5f97\u6ee1\u610f\u7684\u56de\u62a5\u3002\u4e0d\u6ee1\u8db3\u8fd9\u4e09\u70b9\u7684\uff0c\u7edf\u7edf\u53eb\u201c\u6295\u673a\u201d\u3002\u6295\u673a\u4e0d\u662f\u4e0d\u884c\uff0c\u4f46\u4f60\u5f97\u627f\u8ba4\u81ea\u5df1\u662f\u5728\u73a9\u5fc3\u8df3\uff0c\u5343\u4e07\u522b\u628a\u6295\u673a\u7684\u94b1\u548c\u7528\u6765\u517b\u8001\u7684\u6295\u8d44\u94b1\u6df7\u5728\u4e00\u8d77\u3002
\n* **\u62b5\u5fa1\u901a\u8d27\u81a8\u80c0**\uff1a\u94b1\u653e\u7740\u4e0d\u52a8\u4f1a\u8d2c\u503c\u3002\u9002\u5f53\u4e70\u70b9\u80a1\u7968\u80fd\u5e2e\u4f60\u62b5\u5fa1\u7269\u4ef7\u4e0a\u6da8\uff0c\u4f46\u8bb0\u4f4f\uff0c\u6ca1\u6709\u4e00\u79cd\u6295\u8d44\u80fd\u201c100%\u201d\u62b5\u5fa1\u901a\u80c0\uff0c\u522b\u88ab\u9500\u552e\u4eba\u5458\u5ffd\u60a0\u4e86\u3002
\n* **\u656c\u754f\u5386\u53f2**\uff1a\u80a1\u5e02\u6709\u6da8\u5c31\u6709\u8dcc\uff0c\u6da8\u5f97\u518d\u75af\u72c2\uff0c\u6700\u540e\u4e5f\u4f1a\u56de\u5f52\u4ef7\u503c\u3002\u4e86\u89e3\u80a1\u5e02\u7684\u5386\u53f2\uff0c\u662f\u4e3a\u4e86\u8ba9\u4f60\u5728\u522b\u4eba\u75af\u72c2\u65f6\u4fdd\u6301\u51b7\u9759\u3002<\/p>\n
## \u7b2c\u4e8c\u90e8\u5206\uff1a\u4f60\u662f\u54ea\u79cd\u4eba\uff1f\u9632\u5fa1\u578b\u8fd8\u662f\u79ef\u6781\u578b\uff1f\uff08\u7b2c4-7\u7ae0\uff09
\n\u683c\u96f7\u5384\u59c6\u628a\u6295\u8d44\u8005\u5206\u6210\u4e86\u4e24\u7c7b\uff0c\u4f60\u5fc5\u987b\u5bf9\u53f7\u5165\u5ea7\uff0c\u624d\u80fd\u9009\u5bf9\u7b56\u7565\u3002
\n* **\u9632\u5fa1\u578b\u6295\u8d44\u8005**\uff1a\u8fd9\u79cd\u4eba\u5e73\u65f6\u5f88\u5fd9\uff0c\u6ca1\u65f6\u95f4\u5929\u5929\u76ef\u76d8\uff0c\u6700\u770b\u91cd\u5b89\u5168\u548c\u7701\u5fc3\u3002\u5efa\u8bae\u4f60\u7684\u94b1\u4e00\u534a\u4e70\u503a\u5238\uff08\u4fdd\u5e95\uff09\uff0c\u4e00\u534a\u4e70\u5927\u578b\u3001\u7a33\u5065\u3001\u6709\u5206\u7ea2\u516c\u53f8\u7684\u666e\u901a\u80a1\u3002\u4e70\u4e86\u5c31\u653e\u7740\uff0c\u4e0d\u7ba1\u98ce\u5439\u6d6a\u6253\uff0c\u5b9a\u671f\u8c03\u6574\u4e00\u4e0b\u6bd4\u4f8b\u5c31\u884c\u3002
\n* **\u79ef\u6781\u578b\u6295\u8d44\u8005**\uff1a\u8fd9\u79cd\u4eba\u6709\u5927\u628a\u65f6\u95f4\uff0c\u800c\u4e14\u613f\u610f\u94bb\u7814\u3002\u4f60\u7684\u76ee\u6807\u662f\u6253\u8d25\u5e02\u573a\uff0c\u4f46\u8fd9\u975e\u5e38\u96be\u3002\u4f60\u9700\u8981\u82b1\u5927\u91cf\u65f6\u95f4\u53bb\u7814\u7a76\u90a3\u4e9b\u88ab\u5e02\u573a\u4f4e\u4f30\u7684\u80a1\u7968\uff08\u6bd4\u5982\u51fa\u5229\u7a7a\u88ab\u9519\u6740\u7684\u597d\u516c\u53f8\uff09\uff0c\u4e70\u5165\u5e76\u7b49\u5f85\u5b83\u4eec\u4ef7\u503c\u56de\u5f52\u3002
\n* **\u5927\u767d\u8bdd\u603b\u7ed3**\uff1a\u5982\u679c\u4f60\u6ca1\u65f6\u95f4\u4e5f\u6ca1\u4e13\u4e1a\u77e5\u8bc6\uff0c\u5c31\u8001\u8001\u5b9e\u5b9e\u505a\u201c\u9632\u5fa1\u578b\u201d\uff0c\u4e70\u70b9\u6307\u6570\u57fa\u91d1\u6216\u8005\u5927\u84dd\u7b79\uff0c\u522b\u778e\u6298\u817e\u3002\u778e\u6298\u817e\u53ea\u4f1a\u8ba9\u4f60\u4e8f\u5f97\u66f4\u5feb\u3002<\/p>\n
## \u7b2c\u4e09\u90e8\u5206\uff1a\u8ba4\u8bc6\u4f60\u7684\u4e24\u4e2a\u201c\u8001\u670b\u53cb\u201d\uff1a\u5e02\u573a\u5148\u751f\u548c\u5b89\u5168\u8fb9\u9645\uff08\u7b2c8\u300120\u7ae0\uff0c\u672c\u4e66\u6700\u6838\u5fc3\u7684\u4e24\u7ae0\uff09
\n\u8fd9\u662f\u5168\u4e66\u6700\u6709\u4ef7\u503c\u7684\u4e24\u4e2a\u6982\u5ff5\uff01
\n* **\u5e02\u573a\u5148\u751f\uff08\u7b2c8\u7ae0\uff09**\uff1a\u60f3\u8c61\u4f60\u6709\u4e00\u4e2a\u5408\u4f19\u4eba\u53eb\u201c\u5e02\u573a\u5148\u751f\u201d\uff0c\u4ed6\u662f\u4e2a\u60c5\u7eea\u6781\u5176\u4e0d\u7a33\u5b9a\u7684\u4eba\u3002\u6bcf\u5929\u4ed6\u90fd\u4f1a\u8dd1\u6765\u544a\u8bc9\u4f60\u4e00\u4e2a\u62a5\u4ef7\uff0c\u6709\u65f6\u5174\u594b\u5f97\u8981\u547d\uff08\u62a5\u4ef7\u6781\u9ad8\uff09\uff0c\u6709\u65f6\u53c8\u6781\u5ea6\u6291\u90c1\uff08\u62a5\u4ef7\u6781\u4f4e\uff09\u3002\u806a\u660e\u7684\u4f60\u8be5\u600e\u4e48\u505a\uff1f**\u4e0d\u8981\u88ab\u4ed6\u7684\u60c5\u7eea\u5e26\u504f\uff01** \u4ed6\u62a5\u4ef7\u9ad8\u5f97\u79bb\u8c31\u65f6\uff0c\u4f60\u628a\u80a1\u7968\u5356\u7ed9\u4ed6\uff1b\u4ed6\u7edd\u671b\u8d31\u5356\u65f6\uff0c\u4f60\u8d81\u673a\u6361\u4fbf\u5b9c\u3002\u5343\u4e07\u522b\u5728\u5e02\u573a\u5148\u751f\u5174\u594b\u65f6\u8ddf\u7740\u4e70\uff0c\u90a3\u5c31\u6210\u4e86\u63a5\u76d8\u4fa0\u3002
\n* **\u5b89\u5168\u8fb9\u9645\uff08\u7b2c20\u7ae0\uff09**\uff1a\u8fd9\u4e5f\u662f\u5df4\u83f2\u7279\u6700\u5f3a\u8c03\u7684\u6982\u5ff5\u3002\u7b80\u5355\u8bf4\uff0c\u5c31\u662f\u201c\u4e70\u4e1c\u897f\u8981\u6253\u6298\u201d\u3002\u4e00\u6839\u4ef7\u503c10\u5143\u7684\u91d1\u6761\uff0c\u4f60\u82b18\u5143\u4e70\uff0c\u8fd92\u5143\u5c31\u662f\u4f60\u7684\u201c\u5b89\u5168\u8fb9\u9645\u201d\u3002\u4e07\u4e00\u4f60\u770b\u8d70\u773c\u4e86\uff0c\u8fd9\u91d1\u6761\u5176\u5b9e\u53ea\u503c9\u5143\uff0c\u4f60\u82b18\u5143\u4e70\u4f9d\u7136\u4e0d\u4e8f\u3002\u4e70\u80a1\u7968\u4e5f\u4e00\u6837\uff0c**\u53ea\u4e70\u4ef7\u683c\u8fdc\u4f4e\u4e8e\u5176\u5b9e\u9645\u4ef7\u503c\u7684\u80a1\u7968**\uff0c\u7ed9\u81ea\u5df1\u7559\u8db3\u72af\u9519\u7684\u7a7a\u95f4\u3002<\/p>\n
## \u7b2c\u56db\u90e8\u5206\uff1a\u5982\u4f55\u907f\u5751\u4e0e\u5b9e\u64cd\u6307\u5357\uff08\u7b2c9-19\u7ae0\uff09
\n\u8fd9\u90e8\u5206\u6559\u4f60\u5177\u4f53\u7684\u5b9e\u6218\u5e38\u8bc6\u548c\u907f\u5751\u6307\u5357\u3002
\n* **\u4e70\u57fa\u91d1\u8fd8\u662f\u627e\u6295\u987e\uff08\u7b2c9-10\u7ae0\uff09**\uff1a\u5f88\u591a\u57fa\u91d1\u7684\u4e1a\u7ee9\u8fde\u5927\u76d8\u6307\u6570\u90fd\u8dd1\u4e0d\u8d62\uff0c\u5982\u679c\u4f60\u4e0d\u61c2\u600e\u4e48\u6311\u597d\u57fa\u91d1\uff0c\u4e0d\u5982\u76f4\u63a5\u4e70\u6307\u6570\u57fa\u91d1\u3002\u627e\u6295\u8d44\u987e\u95ee\u4e5f\u662f\u540c\u7406\uff0c\u8981\u627e\u90a3\u4e9b\u6536\u8d39\u900f\u660e\u3001\u4e0d\u9f13\u52b1\u4f60\u9891\u7e41\u4ea4\u6613\u7684\u4eba\u3002
\n* **\u8bc1\u5238\u5206\u6790\u7684\u5927\u767d\u8bdd\uff08\u7b2c11-13\u7ae0\uff09**\uff1a\u4e70\u80a1\u7968\u5c31\u662f\u4e70\u516c\u53f8\u3002\u4f60\u8981\u770b\u8fd9\u5bb6\u516c\u53f8\u8fc7\u53bb\u51e0\u5e74\u7684\u8d5a\u94b1\u80fd\u529b\uff08\u6bcf\u80a1\u6536\u76ca\uff09\uff0c\u4e0d\u8981\u53ea\u770b\u4e00\u5e74\u7684\u4e1a\u7ee9\uff0c\u56e0\u4e3a\u90a3\u662f\u53ef\u4ee5\u5408\u6cd5\u7c89\u9970\u7684\u3002\u8981\u6bd4\u8f83\u540c\u884c\u4e1a\u7684\u516c\u53f8\uff0c\u6311\u90a3\u4e2a\u5e95\u5b50\u6700\u539a\u7684\u3002
\n* **\u9009\u80a1\u7684\u6807\u51c6\uff08\u7b2c14-15\u7ae0\uff09**\uff1a
\n * **\u9632\u5fa1\u578b\u9009\u80a1**\uff1a\u89c4\u6a21\u8981\u5927\uff0c\u8d22\u52a1\u8981\u7a33\uff08\u8d44\u4ea7\u662f\u8d1f\u503a\u7684\u4e24\u500d\uff09\uff0c\u8fc7\u53bb20\u5e74\u4e00\u76f4\u6709\u5206\u7ea2\uff0c\u5229\u6da6\u5728\u7a33\u6b65\u589e\u957f\uff0c\u800c\u4e14\u5e02\u76c8\u7387\uff08PE\uff09\u4e0d\u80fd\u592a\u9ad8\u3002
\n * **\u79ef\u6781\u578b\u9009\u80a1**\uff1a\u53ef\u4ee5\u627e\u90a3\u4e9b\u6682\u65f6\u9047\u5230\u9ebb\u70e6\u3001\u88ab\u5927\u4f17\u629b\u5f03\u7684\u516c\u53f8\uff0c\u53ea\u8981\u5b83\u7684\u6838\u5fc3\u8d44\u4ea7\u8fd8\u5728\uff0c\u73b0\u5728\u7684\u4ef7\u683c\u8fde\u5b83\u8d26\u4e0a\u73b0\u91d1\u90fd\u4e0d\u5982\uff0c\u90a3\u5c31\u662f\u7edd\u4f73\u7684\u4e70\u5165\u673a\u4f1a\uff08\u8fd9\u5c31\u53eb\u201c\u6361\u70df\u8482\u201d\u7b56\u7565\uff09\u3002
\n* **\u53ef\u8f6c\u503a\u4e0e\u516c\u53f8\u6cbb\u7406\uff08\u7b2c16-19\u7ae0\uff09**\uff1a\u4e0d\u8981\u88ab\u201c\u53ef\u8f6c\u503a\u201d\u8fd9\u79cd\u590d\u6742\u7684\u91d1\u878d\u5de5\u5177\u5ffd\u60a0\uff0c\u5929\u4e0a\u4e0d\u4f1a\u6389\u9985\u997c\u3002\u540c\u65f6\uff0c\u4e70\u80a1\u7968\u4f60\u5c31\u662f\u80a1\u4e1c\uff0c\u8981\u5173\u6ce8\u7ba1\u7406\u5c42\u662f\u4e0d\u662f\u5728\u62ff\u6295\u8d44\u8005\u7684\u94b1\u6325\u970d\uff0c\u5982\u679c\u7ba1\u7406\u5c42\u4e0d\u4f5c\u4e3a\uff0c\u6295\u8d44\u8005\u8981\u61c2\u5f97\u7528\u811a\u6295\u7968\u3002<\/p>\n
## \u603b\u7ed3\uff1a\u6295\u8d44\u662f\u4e00\u573a\u53cd\u4eba\u6027\u7684\u4fee\u884c
\n\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u4e0d\u662f\u4e00\u672c\u6559\u4f60\u201c\u5982\u4f55\u4e00\u591c\u66b4\u5bcc\u201d\u7684\u79d8\u7c4d\uff0c\u800c\u662f\u4e00\u672c\u6559\u4f60\u201c\u5982\u4f55\u4e00\u8f88\u5b50\u4e0d\u7834\u4ea7\u4e14\u7a33\u5065\u589e\u503c\u201d\u7684\u6307\u5357\u3002
\n\u5b83\u53cd\u590d\u5f3a\u8c03\u4e00\u4e2a\u5e38\u8bc6\uff1a**\u627f\u8ba4\u81ea\u5df1\u65e0\u6cd5\u9884\u6d4b\u672a\u6765\uff0c\u56e0\u6b64\u9700\u8981\u5b89\u5168\u8fb9\u9645\uff1b\u627f\u8ba4\u5e02\u573a\u662f\u75af\u72c2\u7684\uff0c\u56e0\u6b64\u9700\u8981\u5229\u7528\u5e02\u573a\u5148\u751f\uff0c\u800c\u4e0d\u662f\u88ab\u5e02\u573a\u5148\u751f\u5229\u7528\u3002**<\/p>\n
\u7528\u5927\u767d\u8bdd\u6765\u8bf4\uff1a**\u522b\u8d4c\u535a\uff0c\u61c2\u4f30\u503c\uff0c\u4e70\u6253\u6298\u8d27\uff0c\u8010\u5fc3\u7b49\u3002** \u8fd9\u5c31\u662f\u806a\u660e\u6295\u8d44\u8005\u7684\u5168\u90e8\u79d8\u5bc6\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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