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\u5df4\u83f2\u7279\u6559\u6211\u4eec\u4e24\u4ef6\u5f88\u5b9d\u8d35\u7684\u6295\u8d44\u7ecf\u9a8c\uff1a<\/p>\n\n\n\n
\u4e00\uff1a\u4ee5\u5408\u7406\u4ef7\u683c\u4e70\u5165\u4f18\u79c0\u516c\u53f8\u80dc\u8fc7\u4ee5\u8d85\u4f4e\u4ef7\u683c\u4e70\u5165\u666e\u901a\u516c\u53f8\u3002<\/p>\n\n\n\n
\u4e8c\uff1a\u4e00\u4e2a\u4ec0\u4e48\u90fd\u4e0d\u61c2\u7684\u4e1a\u4f59\u6295\u8d44\u8005\uff0c\u901a\u8fc7\u957f\u671f\u5b9a\u6295\u6307\u6570\u57fa\u91d1\uff0c\u5c45\u7136\u80fd\u591f\u6218\u80dc\u7edd\u5927\u591a\u6570\u7684\u4e13\u4e1a\u6295\u8d44\u8005\u3002<\/p>\n\n\n\n
\u5176\u4e2d2007\u5e74\u5df4\u83f2\u7279\u4e0e\u534e\u5c14\u8857\u57fa\u91d1\u7ecf\u7406\u7684\u5341\u5e74\u8d4c\u7ea6\u662f\u975e\u5e38\u7ecf\u5178\u7684\u6848\u4f8b\u3002<\/p>\n\n\n\n
\u4eca\u5929\u6765\u56de\u5473\u8fd9\u573a\u573a\u6307\u6570\u57fa\u91d1\u548c\u4e3b\u52a8\u57fa\u91d1\u7684\u5927\u6bd4\u62fc\u3002<\/p>\n\n\n\n
\u8d4c\u7ea6\u80cc\u666f\u4e0e\u53d1\u8d77<\/p>\n\n\n\n
2007\u5e7412\u670819\u65e5\uff0c\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\u901a\u8fc7Long Bets\u7f51\u7ad9\u53d1\u8d77\u4e86\u4e00\u573a\u8f70\u52a8\u91d1\u878d\u754c\u7684\u5341\u5e74\u8d4c\u7ea6\u3002\u4ed6\u4ee550\u4e07\u7f8e\u5143\u4f5c\u4e3a\u8d4c\u6ce8\uff0c\u6311\u6218\u6574\u4e2a\u534e\u5c14\u8857\u7684\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\uff0c\u8ba4\u4e3a\u6807\u51c6\u666e\u5c14500\u6307\u6570\u57fa\u91d1\u5728\u5341\u5e74\u5185\u7684\u8868\u73b0\u5c06\u8d85\u8fc7\u4efb\u4f55\u5bf9\u51b2\u57fa\u91d1\u7ec4\u5408\u7684\u8868\u73b0\u3002<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u957f\u671f\u6301\u6709\u8fd9\u6837\u7684\u4fe1\u5ff5\uff0c\u5373\u4f4e\u6210\u672c\u7684\u88ab\u52a8\u6295\u8d44\u7b56\u7565\uff08\u5982\u6807\u666e500\u6307\u6570\u57fa\u91d1\uff09\u5f80\u5f80\u80fd\u8dd1\u8d62\u9ad8\u6210\u672c\u7684\u4e3b\u52a8\u7ba1\u7406\u57fa\u91d1\u3002\u4ed6\u539f\u672c\u671f\u5f85\u4f17\u591a\u57fa\u91d1\u7ecf\u7406\u4f1a\u8e0a\u8dc3\u5e94\u6218\uff0c\u4f46\u6700\u7ec8\u53ea\u6709\u4e00\u4f4d\u57fa\u91d1\u7ecf\u7406\u2014\u2014\u534e\u5c14\u8857\u77e5\u540d\u5bf9\u51b2\u57fa\u91d1\u95e8\u5f92\u5408\u4f19\u57fa\u91d1\u516c\u53f8(Protege Partners)\u7684\u8054\u5408\u7ecf\u7406\u4eba\u6cf0\u5fb7\u00b7\u897f\u5fb7\u65af(Ted Seides)\u63a5\u53d7\u4e86\u6311\u6218\u3002<\/p>\n\n\n\n
\u8d4c\u7ea6\u5177\u4f53\u5185\u5bb9<\/p>\n\n\n\n
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\u6295\u8d44\u7b56\u7565\u5bf9\u6bd4\uff1a<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u65b9\uff1a\u9009\u62e9\u5e74\u8d39\u7387\u4ec50.04%\u7684\u5148\u950b\u6807\u666e500\u6307\u6570\u57fa\u91d1<\/p>\n\n\n\n
\u897f\u5fb7\u65af\u65b9\uff1a\u9009\u62e9\u4e94\u53ea\u5bf9\u51b2\u57fa\u91d1\u7684\u57fa\u91d1\u7ec4\u5408(FOF)\uff0c\u8fd9\u4e9b\u57fa\u91d1\u6295\u8d44\u4e86\u8d85\u8fc7200\u53ea\u5bf9\u51b2\u57fa\u91d1<\/p>\n\n\n\n
\u8d4c\u6ce8\u91d1\u989d\uff1a\u53cc\u65b9\u5404\u652f\u4ed831.8\u4e07\u7f8e\u5143\u8d2d\u4e70\u96f6\u606f\u7f8e\u56fd\u56fd\u503a\uff0c\u5341\u5e74\u540e\u4ef7\u503c\u7ea6100\u4e07\u7f8e\u5143\u3002\u6700\u7ec8\u8fd9\u7b14\u94b1\u5c06\u6350\u7ed9\u80dc\u51fa\u8005\u6307\u5b9a\u7684\u6148\u5584\u673a\u6784\u3002<\/p>\n\n\n\n
\u5341\u5e74\u8f83\u91cf\u8fc7\u7a0b<\/p>\n\n\n\n
\u8d4c\u7ea6\u5f00\u59cb\u540e\u4e0d\u4e45\uff0c\u5e02\u573a\u5c31\u8fce\u6765\u4e86\u4e25\u5cfb\u8003\u9a8c\u2014\u20142008\u5e74\u91d1\u878d\u5371\u673a\u3002\u5728\u8fd9\u4e00\u5e74\uff0c\u6807\u666e500\u6307\u6570\u57fa\u91d1\u4e0b\u8dcc37.0%\uff0c\u800c\u5bf9\u51b2\u57fa\u91d1\u7ec4\u5408\u4e0b\u8dcc23.9%\uff0c\u897f\u5fb7\u65af\u4e00\u5ea6\u9886\u5148\u3002<\/p>\n\n\n\n
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\u6700\u7ec8\u7ed3\u679c<\/p>\n\n\n\n
\u6807\u666e500\u6307\u6570\u57fa\u91d1\uff1a<\/p>\n\n\n\n
\u5341\u5e74\u603b\u6536\u76ca\uff1a125.8%<\/p>\n\n\n\n
\u5e74\u5316\u6536\u76ca\u7387\uff1a8.5%<\/p>\n\n\n\n
\u5bf9\u51b2\u57fa\u91d1\u7ec4\u5408\uff1a<\/p>\n\n\n\n
\u5341\u5e74\u603b\u6536\u76ca\uff1a36.3%<\/p>\n\n\n\n
\u5e74\u5316\u6536\u76ca\u7387\uff1a2.96%<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u4ee5\u538b\u5012\u6027\u4f18\u52bf\u8d62\u5f97\u8d4c\u7ea6\uff0c\u6807\u666e500\u6307\u6570\u57fa\u91d1\u7684\u6536\u76ca\u51e0\u4e4e\u662f\u5bf9\u51b2\u57fa\u91d1\u7ec4\u5408\u7684\u4e09\u500d\u3002\u897f\u5fb7\u65af\u57282017\u5e745\u6708\u63d0\u524d\u8ba4\u8f93\uff0c\u5c3d\u7ba1\u8ddd\u79bb\u8d4c\u7ea6\u5230\u671f\u8fd8\u6709\u4e03\u4e2a\u6708\u3002<\/p>\n\n\n\n
\u80dc\u5229\u539f\u56e0\u5206\u6790<\/p>\n\n\n\n
1. \u6210\u672c\u4f18\u52bf<\/p>\n\n\n\n
\u5bf9\u51b2\u57fa\u91d1\u901a\u5e38\u6536\u53d6”2\/20″\u8d39\u7387\uff082%\u7ba1\u7406\u8d39+20%\u4e1a\u7ee9\u63d0\u6210\uff09\uff0c\u800c\u5df4\u83f2\u7279\u9009\u62e9\u7684\u5148\u950b\u6807\u666e\u6307\u6570\u57fa\u91d1\u7ba1\u7406\u8d39\u4ec5\u4e3a0.04%\u3002\u9ad8\u989d\u8d39\u7528\u4e25\u91cd\u4fb5\u8680\u4e86\u5bf9\u51b2\u57fa\u91d1\u7684\u6536\u76ca\u3002<\/p>\n\n\n\n
2. \u5e02\u573a\u6548\u7387<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u8ba4\u4e3a\uff0c\u4e3b\u52a8\u6295\u8d44\u8005\u6574\u4f53\u65e0\u6cd5\u6301\u7eed\u8dd1\u8d62\u5e02\u573a\uff0c\u6263\u9664\u9ad8\u989d\u8d39\u7528\u540e\uff0c\u6536\u76ca\u5fc5\u7136\u4f4e\u4e8e\u88ab\u52a8\u6307\u6570\u6295\u8d44\u3002\u5373\u4f7f\u6709\u5c11\u6570\u57fa\u91d1\u7ecf\u7406\u80fd\u591f\u77ed\u671f\u8dd1\u8d62\u5e02\u573a\uff0c\u4f46\u957f\u671f\u6765\u770b\u5f88\u96be\u6301\u7eed\u3002<\/p>\n\n\n\n
3. \u957f\u671f\u590d\u5229\u6548\u5e94<\/p>\n\n\n\n
\u6307\u6570\u57fa\u91d1\u91c7\u7528\u957f\u671f\u6301\u6709\u7b56\u7565\uff0c\u907f\u514d\u9891\u7e41\u4ea4\u6613\uff0c\u80fd\u591f\u5145\u5206\u53d1\u6325\u590d\u5229\u6548\u5e94\u3002\u800c\u5bf9\u51b2\u57fa\u91d1\u9891\u7e41\u8c03\u4ed3\u548c\u590d\u6742\u7b56\u7565\u589e\u52a0\u4e86\u4ea4\u6613\u6210\u672c\u548c\u64cd\u4f5c\u98ce\u9669\u3002<\/p>\n\n\n\n
\u5bf9\u884c\u4e1a\u5f71\u54cd<\/p>\n\n\n\n
\u8fd9\u573a\u8d4c\u7ea6\u6210\u4e3a\u91d1\u878d\u53f2\u4e0a\u7684\u6807\u5fd7\u6027\u4e8b\u4ef6\uff0c\u6df1\u523b\u5f71\u54cd\u4e86\u6295\u8d44\u884c\u4e1a\u7684\u53d1\u5c55\u65b9\u5411\uff1a<\/p>\n\n\n\n
1. \u88ab\u52a8\u6295\u8d44\u5d1b\u8d77<\/p>\n\n\n\n
\u8d4c\u7ea6\u7ed3\u679c\u9a8c\u8bc1\u4e86\u88ab\u52a8\u6295\u8d44\u7b56\u7565\u7684\u6709\u6548\u6027\uff0c\u63a8\u52a8\u4e86\u6307\u6570\u57fa\u91d1\u548cETF\u7684\u5feb\u901f\u53d1\u5c55\u3002\u6570\u636e\u663e\u793a\uff0c\u57282009-2018\u5e74\u5341\u5e74\u95f4\uff0c\u7ea61.4\u4e07\u4ebf\u7f8e\u5143\u8d44\u91d1\u9000\u51fa\u4e3b\u52a8\u7ba1\u7406\u6295\u8d44\u57fa\u91d1\uff0c\u8f6c\u5411\u88ab\u52a8\u6295\u8d44\u4ea7\u54c1\u3002<\/p>\n\n\n\n
2. \u884c\u4e1a\u6536\u8d39\u7ed3\u6784\u53d8\u9769<\/p>\n\n\n\n
\u8d4c\u7ea6\u66b4\u9732\u4e86\u9ad8\u989d\u7ba1\u7406\u8d39\u5bf9\u6295\u8d44\u6536\u76ca\u7684\u4fb5\u8680\uff0c\u4fc3\u4f7f\u6574\u4e2a\u884c\u4e1a\u91cd\u65b0\u5ba1\u89c6\u6536\u8d39\u5408\u7406\u6027\uff0c\u63a8\u52a8\u8d44\u4ea7\u7ba1\u7406\u884c\u4e1a\u5411\u900f\u660e\u5316\u3001\u666e\u60e0\u5316\u8f6c\u578b\u3002<\/p>\n\n\n\n
3. \u6295\u8d44\u7406\u5ff5\u666e\u53ca<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u901a\u8fc7\u8fd9\u573a\u8d4c\u7ea6\u5411\u666e\u901a\u6295\u8d44\u8005\u4f20\u9012\u4e86\u7b80\u5355\u3001\u4f4e\u6210\u672c\u7684\u6295\u8d44\u7406\u5ff5\uff0c\u5373\u901a\u8fc7\u6307\u6570\u57fa\u91d1\u53c2\u4e0e\u5e02\u573a\u6574\u4f53\u589e\u957f\uff0c\u907f\u514d\u590d\u6742\u7684\u4e3b\u52a8\u7ba1\u7406\u7b56\u7565\u3002<\/p>\n\n\n\n
\u5bf9\u666e\u901a\u6295\u8d44\u8005\u7684\u542f\u53d1<\/p>\n\n\n\n
\u5df4\u83f2\u7279\u5728\u8d4c\u7ea6\u7ed3\u675f\u540e\u8868\u793a\uff1a”\u666e\u901a\u6295\u8d44\u8005\u5e94\u8be5\u9009\u62e9\u4f4e\u6210\u672c\u3001\u88ab\u52a8\u7ba1\u7406\u7684\u6307\u6570\u57fa\u91d1\uff0c\u800c\u4e0d\u662f\u6602\u8d35\u7684\u5bf9\u51b2\u57fa\u91d1\u3002”\u8fd9\u573a\u8d4c\u7ea6\u4e3a\u666e\u901a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u51e0\u4e2a\u91cd\u8981\u542f\u793a\uff1a<\/p>\n\n\n\n
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