{"id":5627,"date":"2022-08-10T03:05:36","date_gmt":"2022-08-10T03:05:36","guid":{"rendered":"\/\/smallcapscn.x5view.co\/?p=5627"},"modified":"2023-08-29T17:55:11","modified_gmt":"2023-08-29T17:55:11","slug":"would-benjamin-graham-have-lost-bundle-current-market","status":"publish","type":"post","link":"https:\/\/smallcapscn.x5view.co\/?p=5627","title":{"rendered":"\u5728\u5f53\u524d\u7684\u5e02\u573a\u4e2d\uff0cBenjamin Graham\u4f1a\u635f\u5931\u4e00\u5927\u7b14\u94b1\u5417?"},"content":{"rendered":"

\u6709\u8da3\u7684\u662f\uff0c\u5e7f\u4e3a\u4eba\u77e5\u7684\u4ef7\u503c\u6295\u8d44\u4e4b\u7236Benjamin Graham\u5c06\u6709\u4e00\u4e2a\u7edd\u5bf9\u7cdf\u7cd5\u7684\u6295\u8d44\u5e74\u3002<\/p>\n

Graham\u5148\u751f\u2014\u2014\u4ed6\u662f\u4e16\u754c\u4e0a\u6700\u4f1f\u5927\u7684\u6295\u8d44\u8005Warren Buffett\u7684\u7075\u611f\u6765\u6e90\uff0c\u4ed6\u6700\u8457\u540d\u7684\u4e5f\u8bb8\u662f\u4ed6\u7684 75\/25 \u6cd5\u5219\u3002<\/p>\n

\u6b63\u5982\u4ed6\u5728 1949 \u5e74\u7684\u5f00\u521b\u6027\u8457\u4f5c\u300aThe Intelligent Investor<\/a>\u300b\u4e2d\u6240\u5199\uff1a\u201c\u6211\u4eec\u5efa\u8bae\u4f5c\u4e3a\u4e00\u9879\u57fa\u672c\u6307\u5bfc\u89c4\u5219\uff0c\u6295\u8d44\u8005\u4e0d\u5e94\u5c06\u5176\u8d44\u91d1\u7684 25% \u6216\u8d85\u8fc7 75% \u7528\u4e8e\u666e\u901a\u80a1\uff0c\u56e0\u6b64\u5176\u53cd\u5411\u8303\u56f4\u4ecb\u4e8e75% \u548c 25% \u7684\u503a\u5238\u3002\u201d<\/p>\n

\u201c\u8fd9\u610f\u5473\u7740\u4e24\u79cd\u4e3b\u8981\u6295\u8d44\u5a92\u4ecb\u4e4b\u95f4\u7684\u6807\u51c6\u5212\u5206\u5e94\u8be5\u662f\u76f8\u7b49\u7684\uff0c\u621650\/50\uff0c\u201d\u4ed6\u8865\u5145\u9053\u3002<\/p>\n

\u5728\u5b9e\u8df5\u4e2d\u5982\u4f55\u8ba1\u7b97\u503a\u5238\u548c\u80a1\u7968\u4e4b\u95f4\u7684\u8fd9\u4e9b\u4e0d\u540c\u6bd4\u4f8b\u4e00\u76f4\u662f\u4e00\u4e2a\u4e89\u8bba\u7684\u95ee\u9898\uff0c\u4f46Graham\u5148\u751f\u6295\u8d44\u7b56\u7565\u7684\u6574\u4e2a\u524d\u63d0\u662f\u503a\u5238\u548c\u80a1\u7968\u5c06\u671d\u7740\u4e0d\u540c\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u4ee5\u4fdd\u62a4\u4ed6\u7684\u6295\u8d44\u7b56\u7565\u3002<\/p>\n

\u503a\u5238\u4e0e\u80a1\u7968\u7684\u53cd\u6bd4\u5173\u7cfb\u88ab\u6253\u7834<\/h2>\n

\u8bda\u7136\uff0c\u8fd9\u5728\u6295\u8d44\u5e02\u573a\u4e0a\u200b\u200b\u662f\u4e00\u4e2a\u4e0d\u5bfb\u5e38\u7684\u65f6\u671f\uff0c\u4f46Graham\u5148\u751f\u7684\u7b56\u7565\u7edd\u5bf9\u662f\u4e00\u4e2a\u81ed\u540d\u662d\u8457\u7684\u4eba\u3002<\/p>\n

\u5047\u8bbeGraham\u51ed\u501f\u5176\u5f3a\u5927\u7684\u4ef7\u503c\u65b9\u6cd5\uff0c\u4f1a\u56e0\u53bb\u5e74\u7f8e\u56fd\u5e02\u573a\u7684\u8d85\u9ad8\u80a1\u7968\u4f30\u503c\u800c\u53d7\u963b\uff0c\u90a3\u4e48\u5f53\u80a1\u5e02\u6700\u7ec8\u4e0b\u8dcc\u65f6\uff0c\u4ed6\u7684\u503a\u5238\u655e\u53e3\u5f88\u53ef\u80fd\u4f1a\u4e0a\u5347\u5230\u6700\u9ad8\u70b9\u3002<\/p>\n

\u8fd9\u79cd\u7b56\u7565\u6027\u7684\u8d44\u4ea7\u914d\u7f6e\u4f1a\u8ba9\u4ed6\u677e\u4e86\u4e00\u53e3\u6c14\uff0c\u56e0\u4e3a\u4ed6\u9519\u8fc7\u4e86S&P 500\u6307\u6570 20% \u4ee5\u4e0a\u4e0b\u6ed1\u7684\u6700\u574f\u5f71\u54cd\u3002<\/p>\n

Graham\u4f1a\u88ab\u503a\u5238\u731b\u70c8\u62a8\u51fb<\/h2>\n

\u4e0d\u8fc7\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0cGraham\u5148\u751f\u672c\u6765\u4f1a\u5728\u503a\u5238\u5e02\u573a\u4e0a\u60e8\u906d\u5c60\u6740\uff0c\u6839\u636e\u5f6d\u535a\u7f8e\u56fd\u503a\u5238\u6307\u6570\u5728\u4eca\u5e74 1 \u6708\u81f3 3 \u6708\u4e4b\u95f4\u7684\u8861\u91cf\uff0c\u503a\u5238\u5e02\u573a\u4e0b\u8dcc\u4e86\u60ca\u4eba\u7684 5.93%\uff0c\u8fd9\u662f 40 \u591a\u5e74\u6765\u6700\u7cdf\u7cd5\u7684\u4e00\u4e2a\u5b63\u5ea6\u3002<\/p>\n

\u503a\u5238\u4e5f\u5728\u4e0b\u8dcc\uff0c\u968f\u7740\u5229\u7387\u4e0d\u65ad\u4e0a\u5347\uff0c\u4e0b\u8dcc\u4e86\u4e24\u4f4d\u6570\u7684\u767e\u5206\u6bd4\uff0c\u7ed9\u90a3\u4e9b\u8ba4\u4e3a\u503a\u5238\u59cb\u7ec8\u662f\u4fdd\u62a4\u8d44\u672c\u548c\u5b89\u5168\u7684\u7406\u60f3\u9009\u62e9\u7684\u4eba\u4e0a\u4e86\u4e00\u8bfe\u3002<\/p>\n

\u80a1\u7968\u548c\u503a\u5238\u5448\u53cd\u6bd4\u5173\u7cfb\u7684\u4f20\u7edf\u89c2\u70b9\u5728\u53bb\u5e74\u80af\u5b9a\u6ca1\u6709\u6210\u7acb\uff0c\u800c\u4e14\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4e5f\u4e0d\u592a\u53ef\u80fd\u6210\u7acb\u3002<\/p>\n

Graham\u4f1a\u6839\u636e\u5f53\u524d\u8d8b\u52bf\u8fdb\u884c\u8c03\u6574<\/h2>\n

\u73b0\u5728\uff0c\u5bf9\u50cfBenjamin Graham\u8fd9\u6837\u7684\u4eba\u505a\u51fa\u592a\u591a\u5047\u8bbe\u603b\u662f\u5f88\u5371\u9669\u7684\u2014\u2014\u6211\u76f8\u4fe1\u4ed6\u4f1a\u5728\u5f88\u591a\u65b9\u9762\u9002\u5e94\u5f53\u524d\u7684\u60c5\u51b5\u2014\u2014\u4e5f\u8bb8\u4f1a\u540c\u65f6\u9000\u51fa\u503a\u5238\u548c\u80a1\u7968\u5e02\u573a\uff0c\u5e76\u719f\u7ec3\u5730\u9009\u62e9\u4e24\u8005\u7684\u8f6c\u6298\u70b9\u4f5c\u4e3a\u662f\u65f6\u5019\u518d\u6295\u8d44\u4e86\u3002<\/p>\n

\u4ed6\u662f\u4e00\u4f4d\u51fa\u8272\u7684\u80a1\u7968\u5206\u6790\u5e08\uff0c\u4ed6\u5f88\u53ef\u80fd\u5728\u5404\u79cd\u60c5\u51b5\u4e0b\u90fd\u80fd\u5f88\u597d\u5730\u9009\u62e9\u597d\u516c\u53f8\uff0c\u5c3d\u7ba1\u5728\u80a1\u7968\u548c\u503a\u5238\u5e02\u573a\u540c\u65f6\u4e0b\u8dcc\u671f\u95f4\uff0c\u4ed6\u7684\u8d44\u672c\u4fdd\u5168\u91cd\u70b9\u4e0d\u4f1a\u505a\u5f97\u5f88\u597d\u3002<\/p>\n

Buffett\u6539\u53d8\u4e86\u4ef7\u503c\u6295\u8d44<\/h2>\n

\u4e8b\u5b9e\u4e0a\uff0c\u89c2\u5bdfWarren Buffett\u5bf9\u5f53\u524d\u5947\u602a\u7684\u6295\u8d44\u5f62\u52bf\u7684\u53cd\u5e94\uff0c\u53ef\u4ee5\u770b\u51fa\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u4ef7\u503c\u6295\u8d44\u5df2\u7ecf\u53d1\u5c55\u5230\u4e86\u5982\u6b64\u4e4b\u591a\uff0c\u4ee5\u81f3\u4e8e\u5b83\u51e0\u4e4e\u4e0d\u50cfGraham\u5148\u751f\u7684 75\/25 \u89c4\u5219\u3002<\/p>\n

\u9996\u5148\uff0cBuffett\u6295\u8d44\u4e86\u4e00\u7cfb\u5217\u683c\u96f7\u5384\u59c6\u6ca1\u6709\u6295\u8d44\u7684\u5de5\u5177\u2014\u2014\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u662f\u671f\u8d27\u5408\u7ea6\u3002<\/p>\n

\u671f\u8d27\u5f88\u5371\u9669\uff0c\u4f46Buffett\u4f7f\u7528\u5b83\u4eec<\/h2>\n

\u5c3d\u7ba1Buffett\u5148\u751f\u4e00\u76f4\u8b66\u544a\u671f\u8d27\u7684\u5371\u9669\u2014\u2014\u65e9\u5728 2002 \u5e74\uff0c\u4ed6\u5c31\u5c06\u884d\u751f\u54c1\u79f0\u4e3a\u201c\u5927\u89c4\u6a21\u6740\u4f24\u6027\u91d1\u878d\u6b66\u5668\u201d\u2014\u2014\u4f46\u4ed6\u4e5f\u4e00\u76f4\u70ed\u8877\u4e8e\u4fdd\u5b88\u5730\u4f7f\u7528\u671f\u8d27\u5408\u7ea6\u6765\u964d\u4f4e\u98ce\u9669\u5e76\u6700\u5927\u9650\u5ea6\u5730\u5229\u7528\u9519\u8bef\u5b9a\u4ef7\u7684\u60c5\u51b5\u3002<\/p>\n

Buffett\u627f\u8ba4Berkshire Hathaway\u5728 2008 \u5e74\u62e5\u6709 251 \u4efd\u9762\u503c\u8d85\u8fc7 370 \u4ebf\u7f8e\u5143\u7684\u884d\u751f\u54c1\u5408\u7ea6\uff0c\u4ed6\u544a\u8bc9\u4ed6\u7684\u80a1\u4e1c\u201c\u6211\u76f8\u4fe1\u6211\u4eec\u62e5\u6709\u7684\u6bcf\u4efd\u5408\u7ea6\u5728\u5f00\u59cb\u65f6\u90fd\u88ab\u9519\u8bef\u5b9a\u4ef7\uff0c\u6709\u65f6\u751a\u81f3\u5982\u6b64\u4e25\u91cd\u3002\u201d<\/p>\n

\u4ed6\u63a5\u7740\u8bf4\uff0c\u884d\u751f\u54c1\u5408\u7ea6\u7684\u201c\u6d6e\u52a8\u201d\u4e3a 81 \u4ebf\u6fb3\u5143\u2014\u2014\u4ed6\u5c06\u8fd9\u4e00\u6d6e\u52a8\u7b49\u540c\u4e8eBerkshire\u2019\u5728\u4fdd\u9669\u6c60\u4e0a\u7684\u53ef\u89c2\u56de\u62a5\u3002<\/p>\n

Buffett\u89e3\u91ca\u8bf4\uff1a\u201c\u5982\u679c\u6211\u4eec\u5728\u4e00\u9879\u57fa\u7840\u4ea4\u6613\u4e0a\u5b9e\u73b0\u6536\u652f\u5e73\u8861\uff0c\u6211\u4eec\u5c06\u957f\u671f\u4eab\u53d7\u514d\u8d39\u8d44\u91d1\u7684\u4f7f\u7528\u3002\u201d<\/p>\n

\u4ece\u90a3\u65f6\u8d77\uff0cBerkshire Hathaway\u7684\u884d\u751f\u54c1\u4ea4\u6613\u4e0d\u65ad\u589e\u957f\u2014\u2014\u5176\u5bf9\u5927\u578b\u4f01\u4e1a\u7684\u6279\u53d1\u6536\u8d2d\u4e5f\u5728\u589e\u957f\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u88ab\u7eb3\u5165\u516c\u53f8\u4e1a\u52a1\u5e76\u63d0\u4f9b\u8d44\u672c\u4ee5\u9002\u5e94\u5176\u6f5c\u5728\u56de\u62a5\u3002<\/p>\n

Buffett\u4e0e\u65f6\u4ff1\u8fdb<\/h2>\n

Buffett\u5148\u751f\u8fd8\u6709\u8bb8\u591a\u5176\u4ed6\u65b9\u5f0f\u5728\u7b49\u5f0f\u7684\u201c\u503a\u5238\u201d\u65b9\u9762\u63a8\u8fdb\u4ef7\u503c\u6295\u8d44\uff0c\u4f7f\u7528\u516c\u53f8\u503a\u5238\u7b49\u5de5\u5177\uff0c\u8fd9\u4e9b\u5de5\u5177\u7ed3\u5408\u4e86\u8f6c\u6362\u4e3a\u80a1\u7968\u7684\u6f5c\u529b\uff0c\u4f46\u4e5f\u6709\u5927\u7b14\u5229\u606f\u652f\u4ed8\u3002<\/p>\n

\u4e0eGraham\u5148\u751f\u4e00\u6837\uff0cBuffett\u5148\u751f\u559c\u6b22\u62e5\u6709\u5927\u91cf\u73b0\u91d1\uff0c\u4f46\u4ed6\u4e0d\u592a\u5173\u6ce8\u653f\u5e9c\u503a\u5238\uff0c\u800c\u662f\u66f4\u5173\u6ce8\u5728\u6781\u7aef\u5e02\u573a\u6761\u4ef6\u4e0b\u5229\u7528\u8fd9\u4e9b\u73b0\u91d1\u6293\u4f4f\u673a\u4f1a\u3002<\/p>\n

\u4eca\u5e74\u662f\u91c7\u7528\u8fd9\u79cd\u6280\u672f\u7684\u597d\u65f6\u673a\uff0cBuffett\u5148\u751f\u5728\u6cb9\u4ef7\u98d9\u5347\u4e4b\u524d\u5e02\u573a\u4f4e\u8ff7\u540e\u4ee5\u4f4e\u4ef7\u6536\u8d2d\u4e86\u5927\u91cf\u80fd\u6e90\u516c\u53f8\u3002<\/p>\n

Buffett\u5148\u751f\u7684\u6280\u80fd\u662f\u5728\u8d44\u4ea7\u5b9a\u4ef7\u9519\u8bef\u65f6\u6293\u4f4f\u673a\u4f1a\uff0c\u8fd9\u5bf9\u7b49\u5f0f\u7684\u4e24\u8fb9\u90fd\u6709\u4f5c\u7528\u2014\u2014\u65e0\u8bba\u662f\u5404\u79cd\u5f62\u5f0f\u7684\u73b0\u91d1\u6216\u56fa\u5b9a\u5229\u7387\u6295\u8d44\uff0c\u8fd8\u662f\u80a1\u7968\u6216\u671f\u8d27\u5408\u7ea6\u3002<\/p>\n

\u5b83\u6bd4Benjamin Graham\u7684 75\/25 \u89c4\u5219\u7b80\u5355\u5f97\u591a\uff0c\u4f46\u5728\u8fc7\u53bb\u7684\u4e00\u5e74\u4e2d\uff0c\u5b83\u5df2\u88ab\u8bc1\u660e\u8981\u4f18\u8d8a\u5f97\u591a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6709\u8da3\u7684\u662f\uff0c\u5e7f\u4e3a\u4eba\u77e5\u7684\u4ef7\u503c\u6295\u8d44\u4e4b\u7236Benjamin Graham\u5c06\u6709\u4e00\u4e2a\u7edd\u5bf9\u7cdf\u7cd5\u7684\u6295\u8d44\u5e74\u3002 Graham\u5148\u751f\u2014\u2014\u4ed6\u662f\u4e16\u754c\u4e0a\u6700\u4f1f\u5927\u7684\u6295\u8d44\u8005Warren Buffett\u7684\u7075\u611f\u6765\u6e90\uff0c\u4ed6\u6700\u8457\u540d\u7684\u4e5f\u8bb8\u662f\u4ed6\u7684 75\/25 \u6cd5\u5219\u3002 \u6b63\u5982\u4ed6\u5728 1949 \u5e74\u7684\u5f00\u521b\u6027\u8457\u4f5c\u300aThe Intelligent Investor\u300b\u4e2d\u6240\u5199\uff1a\u201c\u6211\u4eec\u5efa\u8bae\u4f5c\u4e3a\u4e00\u9879\u57fa\u672c\u6307\u5bfc\u89c4\u5219\uff0c\u6295\u8d44\u8005\u4e0d\u5e94\u5c06\u5176\u8d44\u91d1\u7684 25% \u6216\u8d85\u8fc7 75% \u7528\u4e8e\u666e\u901a\u80a1\uff0c\u56e0\u6b64\u5176\u53cd\u5411\u8303\u56f4\u4ecb\u4e8e75% \u548c 25% \u7684\u503a\u5238\u3002\u201d \u201c\u8fd9\u610f\u5473\u7740\u4e24\u79cd\u4e3b\u8981\u6295\u8d44\u5a92\u4ecb\u4e4b\u95f4\u7684\u6807\u51c6\u5212\u5206\u5e94\u8be5\u662f\u76f8\u7b49\u7684\uff0c\u621650\/50\uff0c\u201d\u4ed6\u8865\u5145\u9053\u3002 \u5728\u5b9e\u8df5\u4e2d\u5982\u4f55\u8ba1\u7b97\u503a\u5238\u548c\u80a1\u7968\u4e4b\u95f4\u7684\u8fd9\u4e9b\u4e0d\u540c\u6bd4\u4f8b\u4e00\u76f4\u662f\u4e00\u4e2a\u4e89\u8bba\u7684\u95ee\u9898\uff0c\u4f46Graham\u5148\u751f\u6295\u8d44\u7b56\u7565\u7684\u6574\u4e2a\u524d\u63d0\u662f\u503a\u5238\u548c\u80a1\u7968\u5c06\u671d\u7740\u4e0d\u540c\u7684\u65b9\u5411\u53d1\u5c55\uff0c\u4ee5\u4fdd\u62a4\u4ed6\u7684\u6295\u8d44\u7b56\u7565\u3002 \u503a\u5238\u4e0e\u80a1\u7968\u7684\u53cd\u6bd4\u5173\u7cfb\u88ab\u6253\u7834 \u8bda\u7136\uff0c\u8fd9\u5728\u6295\u8d44\u5e02\u573a\u4e0a\u200b\u200b\u662f\u4e00\u4e2a\u4e0d\u5bfb\u5e38\u7684\u65f6\u671f\uff0c\u4f46Graham\u5148\u751f\u7684\u7b56\u7565\u7edd\u5bf9\u662f\u4e00\u4e2a\u81ed\u540d\u662d\u8457\u7684\u4eba\u3002 \u5047\u8bbeGraham\u51ed\u501f\u5176\u5f3a\u5927\u7684\u4ef7\u503c\u65b9\u6cd5\uff0c\u4f1a\u56e0\u53bb\u5e74\u7f8e\u56fd\u5e02\u573a\u7684\u8d85\u9ad8\u80a1\u7968\u4f30\u503c\u800c\u53d7\u963b\uff0c\u90a3\u4e48\u5f53\u80a1\u5e02\u6700\u7ec8\u4e0b\u8dcc\u65f6\uff0c\u4ed6\u7684\u503a\u5238\u655e\u53e3\u5f88\u53ef\u80fd\u4f1a\u4e0a\u5347\u5230\u6700\u9ad8\u70b9\u3002 \u8fd9\u79cd\u7b56\u7565\u6027\u7684\u8d44\u4ea7\u914d\u7f6e\u4f1a\u8ba9\u4ed6\u677e\u4e86\u4e00\u53e3\u6c14\uff0c\u56e0\u4e3a\u4ed6\u9519\u8fc7\u4e86S&P 500\u6307\u6570 20% \u4ee5\u4e0a\u4e0b\u6ed1\u7684\u6700\u574f\u5f71\u54cd\u3002 Graham\u4f1a\u88ab\u503a\u5238\u731b\u70c8\u62a8\u51fb \u4e0d\u8fc7\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0cGraham\u5148\u751f\u672c\u6765\u4f1a\u5728\u503a\u5238\u5e02\u573a\u4e0a\u60e8\u906d\u5c60\u6740\uff0c\u6839\u636e\u5f6d\u535a\u7f8e\u56fd\u503a\u5238\u6307\u6570\u5728\u4eca\u5e74 1 \u6708\u81f3 3 \u6708\u4e4b\u95f4\u7684\u8861\u91cf\uff0c\u503a\u5238\u5e02\u573a\u4e0b\u8dcc\u4e86\u60ca\u4eba\u7684 5.93%\uff0c\u8fd9\u662f 40 \u591a\u5e74\u6765\u6700\u7cdf\u7cd5\u7684\u4e00\u4e2a\u5b63\u5ea6\u3002 \u503a\u5238\u4e5f\u5728\u4e0b\u8dcc\uff0c\u968f\u7740\u5229\u7387\u4e0d\u65ad\u4e0a\u5347\uff0c\u4e0b\u8dcc\u4e86\u4e24\u4f4d\u6570\u7684\u767e\u5206\u6bd4\uff0c\u7ed9\u90a3\u4e9b\u8ba4\u4e3a\u503a\u5238\u59cb\u7ec8\u662f\u4fdd\u62a4\u8d44\u672c\u548c\u5b89\u5168\u7684\u7406\u60f3\u9009\u62e9\u7684\u4eba\u4e0a\u4e86\u4e00\u8bfe\u3002 \u80a1\u7968\u548c\u503a\u5238\u5448\u53cd\u6bd4\u5173\u7cfb\u7684\u4f20\u7edf\u89c2\u70b9\u5728\u53bb\u5e74\u80af\u5b9a\u6ca1\u6709\u6210\u7acb\uff0c\u800c\u4e14\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4e5f\u4e0d\u592a\u53ef\u80fd\u6210\u7acb\u3002 Graham\u4f1a\u6839\u636e\u5f53\u524d\u8d8b\u52bf\u8fdb\u884c\u8c03\u6574 \u73b0\u5728\uff0c\u5bf9\u50cfBenjamin Graham\u8fd9\u6837\u7684\u4eba\u505a\u51fa\u592a\u591a\u5047\u8bbe\u603b\u662f\u5f88\u5371\u9669\u7684\u2014\u2014\u6211\u76f8\u4fe1\u4ed6\u4f1a\u5728\u5f88\u591a\u65b9\u9762\u9002\u5e94\u5f53\u524d\u7684\u60c5\u51b5\u2014\u2014\u4e5f\u8bb8\u4f1a\u540c\u65f6\u9000\u51fa\u503a\u5238\u548c\u80a1\u7968\u5e02\u573a\uff0c\u5e76\u719f\u7ec3\u5730\u9009\u62e9\u4e24\u8005\u7684\u8f6c\u6298\u70b9\u4f5c\u4e3a\u662f\u65f6\u5019\u518d\u6295\u8d44\u4e86\u3002 \u4ed6\u662f\u4e00\u4f4d\u51fa\u8272\u7684\u80a1\u7968\u5206\u6790\u5e08\uff0c\u4ed6\u5f88\u53ef\u80fd\u5728\u5404\u79cd\u60c5\u51b5\u4e0b\u90fd\u80fd\u5f88\u597d\u5730\u9009\u62e9\u597d\u516c\u53f8\uff0c\u5c3d\u7ba1\u5728\u80a1\u7968\u548c\u503a\u5238\u5e02\u573a\u540c\u65f6\u4e0b\u8dcc\u671f\u95f4\uff0c\u4ed6\u7684\u8d44\u672c\u4fdd\u5168\u91cd\u70b9\u4e0d\u4f1a\u505a\u5f97\u5f88\u597d\u3002 Buffett\u6539\u53d8\u4e86\u4ef7\u503c\u6295\u8d44 \u4e8b\u5b9e\u4e0a\uff0c\u89c2\u5bdfWarren Buffett\u5bf9\u5f53\u524d\u5947\u602a\u7684\u6295\u8d44\u5f62\u52bf\u7684\u53cd\u5e94\uff0c\u53ef\u4ee5\u770b\u51fa\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u4ef7\u503c\u6295\u8d44\u5df2\u7ecf\u53d1\u5c55\u5230\u4e86\u5982\u6b64\u4e4b\u591a\uff0c\u4ee5\u81f3\u4e8e\u5b83\u51e0\u4e4e\u4e0d\u50cfGraham\u5148\u751f\u7684 75\/25 \u89c4\u5219\u3002 \u9996\u5148\uff0cBuffett\u6295\u8d44\u4e86\u4e00\u7cfb\u5217\u683c\u96f7\u5384\u59c6\u6ca1\u6709\u6295\u8d44\u7684\u5de5\u5177\u2014\u2014\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u662f\u671f\u8d27\u5408\u7ea6\u3002 \u671f\u8d27\u5f88\u5371\u9669\uff0c\u4f46Buffett\u4f7f\u7528\u5b83\u4eec \u5c3d\u7ba1Buffett\u5148\u751f\u4e00\u76f4\u8b66\u544a\u671f\u8d27\u7684\u5371\u9669\u2014\u2014\u65e9\u5728 2002 \u5e74\uff0c\u4ed6\u5c31\u5c06\u884d\u751f\u54c1\u79f0\u4e3a\u201c\u5927\u89c4\u6a21\u6740\u4f24\u6027\u91d1\u878d\u6b66\u5668\u201d\u2014\u2014\u4f46\u4ed6\u4e5f\u4e00\u76f4\u70ed\u8877\u4e8e\u4fdd\u5b88\u5730\u4f7f\u7528\u671f\u8d27\u5408\u7ea6\u6765\u964d\u4f4e\u98ce\u9669\u5e76\u6700\u5927\u9650\u5ea6\u5730\u5229\u7528\u9519\u8bef\u5b9a\u4ef7\u7684\u60c5\u51b5\u3002 Buffett\u627f\u8ba4Berkshire Hathaway\u5728 2008… Continue reading \u5728\u5f53\u524d\u7684\u5e02\u573a\u4e2d\uff0cBenjamin Graham\u4f1a\u635f\u5931\u4e00\u5927\u7b14\u94b1\u5417?<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":18881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[],"yoast_head":"\n\u5728\u5f53\u524d\u7684\u5e02\u573a\u4e2d\uff0cBenjamin Graham\u4f1a\u635f\u5931\u4e00\u5927\u7b14\u94b1\u5417?<\/title>\n<meta name=\"description\" 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