{"id":2352,"date":"2020-11-30T22:21:52","date_gmt":"2020-11-30T22:21:52","guid":{"rendered":"\/\/smallcapscn.x5view.co\/?p=2352"},"modified":"2023-08-29T17:47:50","modified_gmt":"2023-08-29T17:47:50","slug":"why-cash-will-never-be-trash","status":"publish","type":"post","link":"https:\/\/smallcapscn.x5view.co\/?p=2352","title":{"rendered":"\u4e3a\u4ec0\u4e48\u73b0\u91d1\u6c38\u8fdc\u4e0d\u4f1a\u662f\u5783\u573e"},"content":{"rendered":"

\u201c\u4e0d\u8981\u60f3\u4e3a\u4ec0\u4e48\uff0c\u5c31\u4e70\u5427\u201d\u4f3c\u4e4e\u662f\u6700\u65b0\u7684\u80a1\u5e02\u7bb4\u8a00\uff0c\u4eba\u4eec\u5bf9\u6b64\u6d25\u6d25\u4e50\u9053\u3002<\/p>\n

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\u6216\u8bb8\uff0c\u201c\u73b0\u91d1\u662f\u5783\u573e\u201d\u8fd9\u53e5\u8bdd\u7684\u6700\u5927\u652f\u6301\u8005\u662f\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u3001Bridgewater Associates\u8001\u677f\u3001\u4ebf\u4e07\u5bcc\u7fc1Ray Dalio\uff0c\u4ed6\u81ea\u4eca\u5e74\u521d\u4ee5\u6765\u4e00\u76f4\u6566\u4fc3\u6295\u8d44\u8005\u907f\u514d\u6301\u6709\u73b0\u91d1\u3002<\/p>\n

Dalio\u548c\u5df4\u83f2\u7279\u7684\u73b0\u51a0\u72b6\u75c5\u6bd2\u5927\u6d41\u884c\u5bfc\u81f4\u80a1\u5e02\u5927\u8dcc\u4e4b\u540e\uff0c\u4ed6\u7684\u8fd9\u4e00\u89c2\u70b9\u5f15\u8d77\u4e86\u4e89\u8bae\uff0c\u4f46\u4e8b\u5b9e\u8bc1\u660e\uff0c\u81ea\u90a3\u4ee5\u6765\uff0c\u4ed6\u57fa\u672c\u4e0a\u662f\u6b63\u786e\u7684\uff0c\u80a1\u5e02\u5df2\u7ecf\u6536\u590d\u4e86\u6240\u6709\u5931\u5730\u3002<\/p>\n

Dalio\u7684\u89c2\u70b9\u662f\uff0c\u5728\u5229\u7387\u5904\u4e8e\u6781\u4f4e\u6c34\u5e73\u548c\u592e\u884c\u63d0\u4f9b\u5927\u91cf\u65b0\u8d27\u5e01\u7684\u60c5\u51b5\u4e0b\uff0c\u73b0\u91d1\u662f\u901a\u8d27\u518d\u81a8\u80c0\u65f6\u671f\u6700\u7cdf\u7cd5\u7684\u8d44\u4ea7\u3002<\/p>\n

\u5c3d\u7ba1\u4ed6\u627f\u8ba4\u73b0\u91d1\u7684\u6ce2\u52a8\u6027\u5c0f\u4e8e\u5176\u4ed6\u6295\u8d44\uff0c\u4f46\u4ed6\u8ba4\u4e3a\uff0c\u4e00\u65e6\u5168\u7403\u7ecf\u6d4e\u5f00\u59cb\u590d\u82cf\uff0c\u90a3\u4e9b\u6301\u6709\u73b0\u91d1\u7684\u6295\u8d44\u8005\u5c06\u4f1a\u9519\u5931\u826f\u673a\u3002<\/p>\n

\u4ed6\u8fd8\u6307\u51fa\uff0c\u73b0\u91d1\u6ca1\u6709\u8ddf\u4e0a\u901a\u80c0\u7684\u6b65\u4f10\uff0c\u4ed6\u8bf4:\u201c\u4e0e\u5546\u54c1\u3001\u670d\u52a1\u548c\u5176\u4ed6\u91d1\u878d\u8d44\u4ea7\u76f8\u6bd4\uff0c\u73b0\u91d1\u7684\u8d1f\u56de\u62a5\u6bcf\u5e74\u7ea6\u4e3a\u51e0\u4e2a\u767e\u5206\u70b9\uff0c\u52a0\u8d77\u6765\u4ee3\u4ef7\u5f88\u9ad8\u3002\u201d<\/p>\n

\u5982\u679c\u4f60\u60f3\u770b\u5230\u6234\u5229\u5965\u7684\u6295\u8d44\u65b9\u5f0f\u4e0e\u4e4b\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\uff0c\u90a3\u4e48\u6c83\u4f26\u2022\u5df4\u83f2\u7279(Warren Buffett)\u65e0\u7591\u662f\u6700\u4f73\u6295\u8d44\u8005\u3002\u4ed6\u7684\u6295\u8d44\u5de5\u5177Berkshire Hathaway\u62e5\u6709\u5de8\u989d\u73b0\u91d1\u50a8\u5907\uff0c\u622a\u81f36\u6708\u5e95\uff0c\u8be5\u516c\u53f8\u4f30\u503c\u8fbe\u5230\u60ca\u4eba\u76843,460\u4ebf\u7f8e\u5143(4,700\u4ebf\u6fb3\u5143)\u3002<\/p>\n

\u5c3d\u7ba1Berkshire\u7684\u80a1\u7968\u6295\u8d44\u7ec4\u5408\u4ef7\u503c\u8fdc\u8fdc\u8d85\u8fc7\u73b0\u91d1\u50a8\u5907\uff0c\u4f46\u5df4\u83f2\u7279\u4e00\u76f4\u8ba4\u4e3a\uff0c\u8003\u8651\u5230\u4ed6\u7684\u4ef7\u503c\u6295\u8d44\u98ce\u683c\uff0c\u4fdd\u6301\u5927\u91cf\u73b0\u91d1\u4ee5\u5907\u9700\u8981\u65f6\u8fdb\u884c\u5927\u89c4\u6a21\u6536\u8d2d\u662f\u5ba1\u614e\u7684\u505a\u6cd5\u3002<\/p>\n

\u81ea\u52a9\u9910\u4e00\u76f4\u5728\u4f7f\u7528\u73b0\u91d1<\/h2>\n

\u4ed6\u6700\u8fd1\u91c7\u53d6\u4e86\u884c\u52a8\uff0c\u65a5\u8d4450\u4ebf\u7f8e\u5143(68\u4ebf\u6fb3\u5143)\u8d2d\u4e70\u4e86\u4e00\u4e9b\u7f8e\u56fd\u5927\u578b\u5236\u836f\u516c\u53f8\u7684\u80a1\u7968\uff0c\u8fd9\u4e9b\u516c\u53f8\u5305\u62ecAbbVie, Bristol Myers Squibb, Merck\u548cPfizer\u3002<\/p>\n

\u5df4\u83f2\u7279\u5173\u6ce8\u5236\u836f\u884c\u4e1a\u5df2\u670920\u591a\u5e74\uff0c\u4ed6\u57281999\u5e74\u7684\u5e74\u5ea6\u80a1\u4e1c\u5927\u4f1a\u4e0a\u8bf4:\u201c\u5982\u679c\u6211\u4eec\u80fd\u4ee5\u4f4e\u4e8e\u5e02\u573a\u500d\u6570\u7684\u4ef7\u683c\u6536\u8d2d\u4e00\u6279\u9886\u5148\u7684\u5236\u836f\u516c\u53f8\uff0c\u6211\u8ba4\u4e3a\u6211\u4eec\u9a6c\u4e0a\u5c31\u80fd\u505a\u5230\u3002\u201d<\/p>\n

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Bridgewater\u7684\u6ce2\u52a8\u6027\u66f4\u5927<\/h2>\n

\u4e0e\u5df4\u83f2\u7279\u76f8\u6bd4\uff0cDalio\u4eca\u5e74\u7684\u6295\u8d44\u8868\u73b0\u6ce2\u52a8\u66f4\u5927\uff0cBridgewater\u7684\u4e3b\u6253\u80a1\u7968\u7684\u65d7\u8230\u57fa\u91d1\u5728\u7b2c\u4e00\u5b63\u5ea6\u4e0b\u8dcc\u4e8620%\uff0c\u4e4b\u540e\u968f\u7740\u5e02\u573a\u590d\u82cf\u800c\u53cd\u5f39\u3002<\/p>\n

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\u867d\u7136\u73b0\u91d1\u56de\u62a5\u53ef\u80fd\u5fae\u5c0f\u7684\u540d\u4e49\u548c\u6d88\u6781\u8ba1\u5165\u901a\u80c0\u56e0\u7d20\u540e,\u6709\u5f88\u5927\u7684\u5371\u9669\u7684\u73b0\u91d1\u5783\u573e\u5492\u8bed\u53d8\u6210\u4e00\u4e2a\u6307\u4ee4\u4f60\u6240\u6709\u7684\u6295\u8d44\u5728\u80a1\u7968\u548c\u5927\u5b97\u5546\u54c1,\u4ee5\u73b0\u91d1\u6216\u73b0\u91d1\u66ff\u4ee3\u3002<\/p>\n

\u4e13\u4e1a\u6295\u8d44\u8005\u90fd\u6301\u6709\u4e00\u4e9b\u73b0\u91d1<\/h2>\n

\u5728\u6fb3\u5927\u5229\u4e9a\uff0c\u6ca1\u6709\u4e00\u5bb6\u8d85\u7ea7\u57fa\u91d1\u6216\u4e13\u4e1a\u7ba1\u7406\u57fa\u91d1\u4f1a\u5bf9\u73b0\u91d1\u548c\/\u6216\u503a\u5238\u7684\u914d\u7f6e\u4e3a\u96f6\uff0c\u7406\u7531\u5f88\u5145\u5206:\u5f53\u6295\u8d44\u673a\u4f1a\u51fa\u73b0\u65f6\uff0c\u73b0\u91d1\u603b\u80fd\u8ba9\u4f60\u6709\u673a\u4f1a\u6293\u4f4f\u3002<\/p>\n

\u503c\u5f97\u5546\u69b7\u7684\u662f\u6295\u8d44\u7ec4\u5408\u4e2d\u73b0\u91d1\u7684\u6bd4\u4f8b\uff0c\u800c\u4e0d\u662f\u6295\u8d44\u80a1\u7968\u3001\u5927\u5b97\u5546\u54c1\u3001\u623f\u5730\u4ea7\u548c\u5176\u4ed6\u8d44\u4ea7\u7684\u6bd4\u4f8b\u3002<\/p>\n

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\u66f4\u591a\u7684\u73b0\u91d1\u610f\u5473\u7740\u66f4\u5c11\u7684\u6ce2\u52a8\u6027\u548c\u66f4\u4f4e\u7684\u6f5c\u5728\u56de\u62a5<\/h2>\n

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\u5927\u6d41\u884c\u75c5\u663e\u793a\u4e86\u73b0\u91d1\u7684\u6548\u7528<\/h2>\n

\u6700\u8fd1\u51a0\u72b6\u75c5\u6bd2\u5927\u6d41\u884c\u7684\u5173\u95ed\u884c\u52a8\u751f\u52a8\u5730\u63d0\u9192\u4eba\u4eec\uff0c\u9700\u8981\u5728\u4e2a\u4eba\u5c42\u9762\u4fdd\u7559\u4e00\u4e9b\u73b0\u91d1\uff0c\u4ee5\u53ca\u5728\u8d85\u7ea7\u6295\u8d44\u548c\u4e2a\u4eba\u6295\u8d44\u4e2d\u4fdd\u7559\u6295\u8d44\u7ec4\u5408\u7684\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n

\u5bf9\u4e8e\u90a3\u4e9b\u9075\u5faa\u5c06\u4e09\u4e2a\u6708\u7684\u751f\u6d3b\u8d39\u5b58\u5165\u5e94\u6025\u8d26\u6237\u7684\u4eba\u6765\u8bf4\uff0c\u5173\u95ed\u94f6\u884c\u8d26\u6237\u5b8c\u7f8e\u5730\u8bf4\u660e\u4e86\u8fd9\u4e00\u60f3\u6cd5\u7684\u660e\u667a\u4e4b\u5904\u3002<\/p>\n

\u5728\u6295\u8d44\u65b9\u9762\uff0cDalio\u7684\u89c2\u70b9\u662f\uff0c\u4e0e\u5176\u4ed6\u6295\u8d44\u76f8\u6bd4\uff0c\u5728\u7ecf\u6d4e\u5468\u671f\u7684\u67d0\u4e9b\u65f6\u671f\uff0c\u73b0\u91d1\u56de\u62a5\u53ef\u80fd\u662f\u5783\u573e\u3002<\/p>\n

\u7136\u800c\uff0c\u73b0\u91d1\u672c\u8eab\u7edd\u4e0d\u662f\u5783\u573e\uff0c\u5728\u6295\u8d44\u5468\u671f\u7684\u5176\u4ed6\u65f6\u5019\uff0c\u5b83\u662f\u6700\u597d\u7684\u8d44\u4ea7\u3002<\/p>\n

\u6bd5\u7adf\uff0c\u4f60\u600e\u4e48\u53ef\u80fd\u5728\u6ca1\u6709\u51c6\u5907\u597d\u73b0\u91d1\u7684\u60c5\u51b5\u4e0b\u4e70\u5230\u4fbf\u5b9c\u8d27\u5462?<\/p>\n","protected":false},"excerpt":{"rendered":"

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