{"id":6093,"date":"2023-10-03T16:24:35","date_gmt":"2023-10-03T08:24:35","guid":{"rendered":"https:\/\/www.btccccc.cc\/?p=6093"},"modified":"2023-10-03T16:24:35","modified_gmt":"2023-10-03T08:24:35","slug":"%e5%a1%94%e5%8b%92%e5%b8%83%e7%9a%84%e6%8a%95%e8%b5%84%e7%bb%84%e5%90%88%e6%96%b9%e6%b3%95%ef%bc%9a%e6%9d%a0%e9%93%83%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/www.invbus.com\/blog\/?p=6093","title":{"rendered":"\u5854\u52d2\u5e03\u7684\u6295\u8d44\u7ec4\u5408\u65b9\u6cd5\uff1a\u6760\u94c3\u7b56\u7565"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u671f\u5f85\u6700\u597d\u4f46\u662f\u9884\u5907\u6700\u5dee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7eb3\u897f\u59c6\u00b7\u5854\u52d2\u5e03\uff08Nassim Taleb\uff09\u63d0\u51fa\u7684\u5b9e\u73b0\u53cd\u8106\u5f31\u7684\u65b9\u6cd5\u4e4b\u4e00\u662f<strong>\u6760\u94c3\u7b56\u7565<\/strong>\uff08barbell strategy\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6760\u94c3\u662f\u4e00\u79cd\u8fd0\u52a8\u5668\u6750\uff0c\u7531\u4e00\u6839\u957f\u6746\u7ec4\u6210\uff0c\u4e24\u4e2a\u672b\u7aef\u90fd\u6709\u91cd\u7269\u3002\u5728\u91d1\u878d\u9886\u57df\uff0c\u6760\u94c3\u7b56\u7565\u901a\u5e38\u4e0e\u56fa\u5b9a\u6536\u76ca\u6295\u8d44\u7ec4\u5408\u7ba1\u7406\u7b56\u7565\u76f8\u5173\uff0c\u5176\u4e2d\u6295\u8d44\u7ec4\u5408\u4e2d\u4e00\u534a\u4e3a\u957f\u671f\u503a\u5238\uff0c\u53e6\u4e00\u534a\u4e3a\u8d85\u77ed\u671f\u503a\u5238\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5854\u52d2\u5e03\u5c06\u6760\u94c3\u7b56\u7565\u5448\u73b0\u4e3a\u4e00\u79cd\u53cc\u5cf0\u6001\u5ea6\uff08bimodal attitude\uff09\uff0c\u5373\u8ba9\u81ea\u5df1\u66b4\u9732\u4e8e\u6781\u7aef\u7684\u7ed3\u679c\uff1a\u4e00\u79cd\u6781\u5ea6\u538c\u6076\u98ce\u9669\uff0c\u53e6\u4e00\u79cd\u975e\u5e38\u98ce\u9669\u504f\u597d\uff0c\u800c\u5ffd\u89c6\u4e2d\u95f4\u3002\u8be5\u7b56\u7565\u7684\u76ee\u6807\u662f\u9650\u5236\u4e0b\u884c\u7a7a\u95f4\uff0c\u5e76\u53ef\u80fd\u83b7\u5f97\u6781\u7aef\u7684\u4e0a\u884c\u7ed3\u679c\u3002\u53ef\u80fd\u7684\u7ed3\u679c\u66f4\u52a0\u786e\u5b9a\uff0c\u53d1\u751f\u201c\u9ed1\u5929\u9e45\u201d\u4e8b\u4ef6\u7684\u98ce\u9669\u8981\u5c0f\u5f97\u591a\u3002\u4f5c\u4e3a\u8fd9\u79cd\u53cc\u5cf0\u6001\u5ea6\u7684\u4f8b\u5b50\uff0c\u5854\u52d2\u5e03\u63d0\u5230\u4e86\u4e00\u7cfb\u5217\u53cc\u91cd\u6d3b\u52a8\uff0c\u8fd9\u4e9b\u6d3b\u52a8\u7684\u5171\u540c\u70b9\u662f\u4e00\u65b9\u9762\u975e\u5e38\u5b89\u5168\u800c\u53e6\u4e00\u65b9\u9762\u98ce\u9669\u5f88\u5927\uff1a\u4fdd\u9669\u516c\u53f8\u5458\u5de5\u540c\u65f6\u662f\u4f5c\u5bb6\uff08\u5361\u592b\u5361\uff09\uff0c\u5ea6\u8fc7\u6d3b\u8dc3\u800c\u5bcc\u6709\u5192\u9669\u7cbe\u795e\u751f\u6d3b\u540e\u63a5\u7740\u662f\u9000\u7f29\u81f3\u54f2\u5b66\u4e0a\u5199\u4f5c\u548c\u51a5\u60f3\uff08\u585e\u5185\u5361\uff09\uff0c\u65e5\u95f4\u4f5c\u4e3a\u4ea4\u6613\u5458\u548c\u81ea\u7531\u65f6\u95f4\u4f5c\u5b66\u8005\uff08\u5854\u52d2\u5e03\u672c\u4eba\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4ef7\u503c\u6295\u8d44\u4e2d\u7684\u6760\u94c3\u7b56\u7565<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6760\u94c3\u7b56\u7565\u662f\u4e00\u4e2a\u4e0e\u4ef7\u503c\u6295\u8d44\u76f8\u4f3c\u7684\u6982\u5ff5\uff0c\u53ef\u4ee5\u5e94\u7528\u4e8e\u4e0d\u540c\u65b9\u9762\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5173\u4e8e\u6295\u8d44\u8d44\u4ea7\u7c7b\u522b\uff1a<\/strong>\u5728\u8bbe\u5b9a\u91d1\u878d\u6295\u8d44\u7ec4\u5408\u65f6\uff0c\u6295\u8d44\u8005\u901a\u5e38\u53ef\u4ee5\u9009\u62e9\u73b0\u91d1\u3001\u503a\u5238\u6216\u80a1\u7968\u3002\u4eba\u4eec\u5f80\u5f80\u66f4\u5bb9\u6613\u63a5\u53d7\u6295\u8d44\u90e8\u5206\u503a\u5238\uff08\u901a\u5e38\u662f50\uff05\uff09\u7684\u7ec4\u5408\uff0c\u56e0\u4e3a\u5b83\u964d\u4f4e\u4e86\u53ef\u53d8\u6027\u3002\u4f46\u503a\u5238\u6b63\u662f\u6211\u4eec\u5728\u8fd9\u91cc\u8c08\u8bba\u7684\u98ce\u9669\u4e2d\u95f4\u3002\u5b83\u4fdd\u8bc1\u6295\u8d44\u8005\u83b7\u5f97\u5c0f\u989d\u56de\u62a5\uff08\u5229\u606f\uff09\uff0c\u4f46\u4ecd\u7136\u9762\u4e34\u7740\u56e0\u7834\u4ea7\u800c\u5bfc\u81f4100\uff05\u635f\u5931\u7684\u98ce\u9669\u3002\u5927\u536b\u00b7\u53f2\u6587\u68ee\uff08David Swensen\uff09\u5728\u300a\u4e0d\u843d\u4fd7\u5957\u7684\u6210\u529f\u300b\u4e2d\u4e00\u4e66\u4e2d\u4e3a\u4ea6\u540c\u610f\u8be5\u8bba\u70b9\u3002\u5e94\u8be5\u907f\u514d\u6295\u8d44\u4e2d\u957f\u671f\u503a\u5238\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4eec\u77e5\u9053\uff0c\u4ece\u957f\u8fdc\u6765\u770b\u80a1\u7968\u662f\u6295\u8d44\u7ec4\u5408\u4e2d\u6700\u597d\u7684\u8d44\u4ea7\u7c7b\u522b\uff0c\u4e5f\u662f\u6700\u5b89\u5168\u7684\uff0c\u56e0\u4e3a\u5b83\u4eec\u80fd\u591f\u66f4\u597d\u5730\u4fdd\u62a4\u6295\u8d44\u8005\u7684\u8d2d\u4e70\u529b\u3002\u5f53\u7136\uff0c\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u5931\u53bb\u6295\u8d44\u80a1\u7968\u7684\u60f3\u6cd5\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u73b0\u91d1\u6216\u77ed\u671f\u8bc1\u5238\u662f\u4fdd\u62a4\u6295\u8d44\u7ec4\u5408\u7684\u6700\u4f73\u9009\u62e9\u3002<strong>\u901a\u8fc7\u7ba1\u7406\u73b0\u91d1\u548c\u6295\u8d44\u80a1\u7968\u6765\u83b7\u5f97\u5927\u5e45\u4e0a\u6da8\u7684\u8fd9\u79cd\u53cc\u91cd\u7ec4\u5408\u662f\u4e00\u79cd\u6760\u94c3\u7b56\u7565\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5173\u4e8e\u80a1\u7968\u9009\u62e9\uff1a\u5b89\u5168\u8fb9\u9645\u662f\u4ef7\u503c\u6295\u8d44\u7ba1\u7406\u4e0b\u884c\u7684\u9996\u8981\u5de5\u5177\u3002\u4f46\u5728\u9009\u62e9\u6295\u8d44\u65f6\uff0c\u53ef\u4ee5\u4f7f\u7528\u591a\u79cd\u53ef\u7528\u7b56\u7565\uff1a\u6295\u8d44\u9ad8\u54c1\u8d28\u516c\u53f8\uff08quality investing\uff09\u3001Ben Graham\u98ce\u683c\u7684\u70df\u8482\u6295\u8d44\uff08deep value\uff09\u3001\u6295\u8d44\u5177\u6709\u9690\u85cf\u8d44\u4ea7\u7684\u516c\u53f8\uff08sum-of-the-parts\uff09\u3001\u548c\u4f18\u79c0\u7684\u7ecf\u8425\u8005\u4e00\u8d77\u8d5a\u94b1\uff08jockey stocks\uff09\u3001\u5c0f\u578b\u80a1\u4e2d\u5bfb\u627e\u673a\u4f1a\uff08small stocks\uff09\u3001\u7279\u6b8a\u4e8b\u4ef6\uff08special situations\uff09\u3001\u6295\u8d44\u9ad8\u6760\u6746\u516c\u53f8\uff08equity stubs\uff09\u7b49\u7b49\u3002<strong>\u5c1d\u8bd5\u5728\u6295\u8d44\u7ec4\u5408\u5185\u8f6c\u6362\u4e3a\u66f4\u5b89\u5168\u7684\u7b56\u7565\uff08\u5982\u4f1a\u63d0\u4f9b\u66f4\u7a33\u5b9a\u7684\u6536\u76ca\u6d41\u548c\u6301\u7eed\u589e\u957f\u524d\u666f\u7684\u6295\u8d44\u9ad8\u54c1\u8d28\u516c\u53f8\u7b56\u7565\uff09\u548c\u66f4\u5177\u98ce\u9669\u7684\u7b56\u7565\uff08\u5982\u5c0f\u578b\u80a1\u4e2d\u5bfb\u627e\u673a\u4f1a\u7b56\u7565\uff0c\u53ef\u80fd\u4f1a\u5e26\u6765\u975e\u5e38\u9ad8\u7684\u6f5c\u5728\u6536\u76ca\uff0c\u4f46\u4e5f\u4f1a\u51fa\u73b0\u66f4\u591a\u7684\u6295\u8d44\u9519\u8bef\uff09\u662f\u4e00\u79cd\u6760\u94c3\u7b56\u7565<\/strong>\uff0c\u8fd9\u4e3a\u5f7c\u5f97\u00b7\u6797\u5947\uff08Peter Lynch.\uff09\u7b49\u8d85\u7ea7\u6295\u8d44\u8005\u5e26\u6765\u4e86\u975e\u51e1\u7684\u56de\u62a5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5173\u4e8e\u4f01\u4e1a\u7ba1\u7406\uff1a\u771f\u6b63\u4f18\u79c0\u7684\u7ba1\u7406\u8005\u7406\u89e3\u53cd\u8106\u5f31\u6027\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6770\u7c73\u00b7\u6234\u8499\uff08Jamie Dimon\uff09\u4e13\u6ce8\u4e8e\u5efa\u7acb\u5821\u5792\u822c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4ee5\u4fbf<a href=\"https:\/\/xueqiu.com\/S\/JPM?from=status_stock_match\">\u6469\u6839\u5927\u901a<\/a>\u4e3a\u6700\u574f\u7684\u60c5\u51b5\u505a\u597d\u51c6\u5907\uff0c\u4f46\u7ee7\u7eed\u6295\u8d44\u5e76\u5e0c\u671b\u83b7\u5f97\u6700\u4f73\u7684\u7ed3\u679c\u3002\u6770\u592b\u00b7\u8d1d\u7d22\u65af\uff08Jeff Bezos\uff09\u6bcf\u5929\u90fd\u5728\u52aa\u529b\u6269\u5f20\u4ed6\u7684\u96f6\u552e\u4e1a\u52a1\u3002\u8fd9\u5c06\u957f\u671f\u4fdd\u62a4\u5176\u4e1a\u52a1\u3002\u90a3\u5f88\u5b89\u5168\u3002\u4f46\u8fd9\u5e76\u6ca1\u6709\u963b\u6b62\u4ed6\u518d\u4e09\u6295\u8d44\u5176\u4ed6\u4f01\u4e1a\uff0c\u8bd5\u56fe\u83b7\u5f97\u50cf<a href=\"https:\/\/xueqiu.com\/S\/AMZN?from=status_stock_match\">\u4e9a\u9a6c\u900a<\/a>\u7f51\u7edc\u670d\u52a1\u8fd9\u6837\u7684\u53e6\u4e00\u4e2a\u672c\u5792\u6253\uff08home run\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alphabet\u7684\u7ba1\u7406\u5c42\u59cb\u7ec8\u4fdd\u6301\u73b0\u91d1\u4e30\u5bcc\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4ee5\u652f\u6301\u5176\u641c\u7d22\u4e1a\u52a1\u7684\u6295\u8d44\u9700\u6c42\u3002\u4f46\u8be5\u516c\u53f8\u8fd8\u63d0\u524d\u8003\u8651\u4e86\u4ece\u73b0\u5728\u8d7710\u5e74\u621620\u5e74\u540e\u53ef\u80fd\u6210\u4e3a\u5176\u589e\u957f\u5f15\u64ce\u7684\u4f01\u4e1a\u3002\u201cOther Bets\u201d\u3010\u8bd1\u6ce8\uff1a\u610f\u4e3a\u201c\u5176\u4ed6\u6295\u6ce8\u201d\uff0c\u662f\u8be5\u516c\u53f8\u9664\u4e86Google\u4ee5\u5916\u7684\u5b50\u516c\u53f8\uff0c\u4e3b\u8981\u79d1\u6280\u521b\u65b0\u4e1a\u52a1\u3011\u662f\u8be5\u516c\u53f8\u7684\u9ad8\u98ce\u9669\u4e1a\u52a1\uff08\u5982Waymo\u3010\u8bd1\u6ce8\uff1aWaymo\u662f\u4e00\u5bb6\u7814\u53d1\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u7684\u516c\u53f8\u3011\uff09\u7684\u90e8\u95e8\uff0c\u8fd9\u4e9b\u4e1a\u52a1\u6709\u53ef\u80fd\u4ea7\u751f\u975e\u51e1\u7684\u7ed3\u679c\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><div class='fancybox-wrapper lazyload-container-unload' data-fancybox='post-images' href='https:\/\/xqimg.imedao.com\/16966a484932dd633feb8226.png!800.jpg'><img class=\"lazyload lazyload-style-1\" src=\"data:image\/svg+xml;base64,PCEtLUFyZ29uTG9hZGluZy0tPgo8c3ZnIHdpZHRoPSIxIiBoZWlnaHQ9IjEiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgc3Ryb2tlPSIjZmZmZmZmMDAiPjxnPjwvZz4KPC9zdmc+\"  decoding=\"async\" data-original=\"https:\/\/xqimg.imedao.com\/16966a484932dd633feb8226.png!800.jpg\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsQAAA7EAZUrDhsAAAANSURBVBhXYzh8+PB\/AAffA0nNPuCLAAAAAElFTkSuQmCC\" alt=\"\"\/><\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6765\u6e90\uff1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.gurufocus.com\/news\/804852\/nassim-talebs-portfolio-approach-the-barbell-strategy\" rel=\"noreferrer noopener\" target=\"_blank\">\u7f51\u9875\u94fe\u63a5<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65f6\u95f4\uff1a2019\u5e741\u670824\u65e5<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f5c\u8005\uff1aENochgao<br>\u94fe\u63a5\uff1ahttps:\/\/xueqiu.com\/4837222883\/122639843<br>\u6765\u6e90\uff1a\u96ea\u7403<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u671f\u5f85\u6700\u597d\u4f46\u662f\u9884\u5907\u6700\u5dee \u7eb3\u897f\u59c6\u00b7\u5854\u52d2\u5e03\uff08Nassim Taleb\uff09\u63d0\u51fa\u7684\u5b9e\u73b0\u53cd\u8106\u5f31\u7684\u65b9\u6cd5\u4e4b\u4e00\u662f\u6760\u94c3\u7b56\u7565\uff08barb [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-6093","post","type-post","status-publish","format-standard","hentry","category-investment"],"_links":{"self":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6093"}],"version-history":[{"count":0,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6093\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.invbus.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}