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Permanent Portfolio Family of Funds\u7684\u6295\u8d44\u7ec4\u5408\u7ecf\u7406\u517c\u603b\u88c1Michael Cuggino\u8868\u793a\uff0c\u7f8e\u80a1\u7684\u725b\u5e02\u884c\u60c5\u4e00\u76f4\u5ef6\u7eed\u4f46\u8282\u594f\u5408\u7406\uff0c\u6bcf\u4e00\u9636\u6bb5\u90fd\u8d70\u5f97\u5341\u5206\u624e\u5b9e\u3002\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u8fd9\u8f6e\u725b\u5e02\u7279\u522b\u6297\u8dcc\uff0c\u8868\u73b0\u4e5f\u56e0\u6b64\u597d\u4e8e\u9884\u671f\u3002<\/p>\n

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\u5728\u6b64\uff0c\u8ba9\u6211\u4eec\u518d\u7ec6\u6570\u4e00\u4e0b\u8fc7\u53bb10\u5e74\u7f8e\u80a1\u7ecf\u53d7\u4f4f\u7684\u82e5\u5e72\u91cd\u5927\u6311\u6218\uff1a<\/p>\n

\u7f8e\u56fd\u7ecf\u6d4e<\/strong>\u201c<\/strong>\u4e8c\u6b21\u8870\u9000<\/strong>\u201d<\/strong>\u663e\u9732\u7aef\u502a<\/strong><\/h4>\n

\u725b\u5e02\u5934\u4e00\u5e74\uff0c\u80a1\u5e02\u51e0\u4e4e\u662f\u76f4\u7ebf\u4e0a\u5347\uff0c12\u4e2a\u6708\u591a\u4e00\u70b9\u7684\u65f6\u95f4\u91cc\u4e0a\u6da8\u5e45\u5ea6\u7ea675%\uff0c\u6295\u8d44\u8005\u7eb7\u7eb7\u5f00\u59cb\u671f\u5f85V\u578b\u53cd\u8f6c\u3002\u4f46\u5230\u4e862010\u5e74\u6625\uff0c\u5e0c\u814a\u503a\u52a1\u5371\u673a\u7206\u53d1\u3002\u5c3d\u7ba1\u5e0c\u814a\u7684\u7ecf\u6d4e\u603b\u91cf\u4e0d\u5927\uff0c\u4f462008\u5e74\u91d1\u878d\u5371\u673a\u5e26\u7ed9\u6295\u8d44\u8005\u7684\u4e00\u4e2a\u60e8\u75db\u6559\u8bad\u662f\uff1a\u5f53\u4eca\u5e02\u573a\u5df2\u7ecf\u5f62\u6210\u4e00\u4e2a\u76f8\u4e92\u4ea4\u7ec7\u7684\u7f51\u7edc\uff0c\u4e00\u4e2a\u56fd\u5bb6\u7684\u503a\u52a1\u95ee\u9898\u6709\u53ef\u80fd\u8513\u5ef6\u81f3\u5168\u7403\u3002<\/p>\n

\u6b64\u5916\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u6570\u636e\u4e5f\u53c2\u5dee\u4e0d\u9f50\uff0c\u5f53\u65f6\u7684\u5931\u4e1a\u7387\u4ecd\u57289%\u4ee5\u4e0a\uff082019\u5e741\u6708\u4e3a4%\uff09\u3002\u5728\u8fd9\u4e00\u80cc\u666f\u4e0b\uff0c\u6295\u8d44\u8005\u8f6c\u800c\u5f00\u59cb\u8ba8\u8bba\u7f8e\u56fd\u7ecf\u6d4e\u51fa\u73b0\u201c\u4e8c\u6b21\u8870\u9000\u201d\u7684\u53ef\u80fd\u6027\u3002<\/p>\n

2011<\/strong>\u5e74\u8fce\u6765<\/strong>\u201c<\/strong>\u6700\u52a8\u8361\u7684\u4e00\u5468<\/strong>\u201d<\/strong><\/h4>\n

\u5230\u4e862011\u5e74\u590f\u5b63\uff0c\u6b27\u6d32\u503a\u52a1\u5371\u673a\u8513\u5ef6\u81f3\u897f\u73ed\u7259\u3001\u610f\u5927\u5229\u53ca\u5176\u4ed6\u6b27\u6d32\u5916\u56f4\u56fd\u5bb6\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u4ecd\u5341\u5206\u8106\u5f31\uff0c\u5931\u4e1a\u7387\u5f98\u5f8a\u57289%\u5de6\u53f3\u3002<\/p>\n

\u5f53\u5e748\u6708\uff0c\u6807\u51c6\u666e\u5c14\u53d6\u6d88\u7f8e\u56fd\u653f\u5e9c\u7684AAA\u4fe1\u7528\u8bc4\u7ea7\uff0c\u968f\u540e\u534e\u5c14\u8857\u8fce\u6765\u4e86\u5386\u53f2\u4e0a\u6700\u4e3a\u52a8\u8361\u7684\u4e00\u5468\uff0c\u6807\u666e500\u6307\u6570\u8fde\u7eed4\u4e2a\u4ea4\u6613\u65e5\u7684\u6da8\u8dcc\u5e45\u8fbe4%\u3002<\/p>\n

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\u4e2d\u56fd\u7ad9\u4e0a\u821e\u53f0\u7684\u4e2d\u5fc3<\/strong><\/h4>\n

\u5728\u8fd9\u8f6e\u725b\u5e02\u884c\u60c5\u4e2d\uff0c\u4e2d\u56fd\u53d6\u4ee3\u65e5\u672c\u6210\u4e3a\u5168\u7403\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u3002\u66f4\u4e3a\u91cd\u8981\u7684\u662f\uff0c\u7ecf\u6d4e\u5371\u673a\u4ee5\u6765\uff0c\u4e2d\u56fd\u4e3a\u6025\u5207\u76fc\u671b\u589e\u957f\u7684\u5168\u7403\u7ecf\u6d4e\u63d0\u4f9b\u4e86\u5de8\u5927\u7684\u52a8\u529b\u3002<\/p>\n

\u6b27\u6d32\u7ecf\u6d4e\u6df1\u9677\u6ce5\u6f6d\uff0c\u65e5\u672c\u7ecf\u6d4e\u5219\u4e00\u6f6d\u6b7b\u6c34\uff0c\u7f8e\u56fd\u516c\u53f8\u5bf9\u4e8e\u4e2d\u56fd\u7ecf\u6d4e\u4ee5\u53ca\u65b0\u5174\u4e2d\u4ea7\u9636\u5c42\u7684\u4f9d\u8d56\u6027\u8d8a\u6765\u8d8a\u5927\u3002\u6bd4\u5982\u8bf4\uff0c\u82f9\u679cApple\uff08NASDAQ: AAPL\uff09\u8fc7\u53bb5\u4e2a\u8d22\u5e74\u5728\u4e2d\u56fd\u5730\u533a\u7684\u9500\u552e\u989d\u4e0a\u5347\u4e8692%\uff0c\u800c\u5176\u4ed6\u6240\u6709\u5e02\u573a\u7684\u5347\u5e45\u4ec5\u4e3a48%\u3002<\/p>\n

\u968f\u7740\u4e2d\u56fd\u7ecf\u6d4e\u589e\u901f\u7684\u653e\u7f13\uff0c\u7f8e\u56fd\u80a1\u5e02\u57282015\u5e74\u4ee5\u53ca2016\u5e74\u521d\u8868\u73b0\u6ce2\u6f9c\u4e0d\u60ca\u3002\u4e2d\u56fd\u7ecf\u6d4e2015\u5e74\u589e\u957f6.9%\uff0c\u8fd9\u4e00\u589e\u901f\u4ecd\u7136\u4e0d\u4f4e\u5374\u521b\u51fa\u8be5\u56fd25\u5e74\u4ee5\u6765\u7684\u6700\u4f4e\u3002\u6b64\u5916\uff0c\u8fd9\u4e00\u671f\u95f4\u6cb9\u4ef7\u4e5f\u5927\u5e45\u8df3\u6c34\uff0c\u5927\u578b\u80fd\u6e90\u516c\u53f8\u7684\u76c8\u5229\u88ab\u8170\u65a9\u3002<\/p>\n

\u798f\u516e\u7978\u6240\u4f9d\uff1f<\/strong><\/h4>\n

2018\u5e74\u521d\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u548c\u4f01\u4e1a\u76c8\u5229\u5747\u8868\u73b0\u5f3a\u52b2\uff0c\u80a1\u5e02\u4e5f\u5927\u5e45\u8d70\u9ad8\u3002<\/p>\n

\u4f46\u662f\uff0c2\u6708\u4efd\u53d1\u5e03\u7684\u4e00\u4efd\u62a5\u544a\u663e\u793a\uff0c\u5de5\u4eba\u7684\u85aa\u8d44\u589e\u901f\u9ad8\u4e8e\u7ecf\u6d4e\u5b66\u5bb6\u7684\u9884\u671f\u3002\u8fd9\u542c\u4e0a\u53bb\u662f\u4e00\u4e2a\u597d\u6d88\u606f\uff0c\u4f46\u6295\u8d44\u8005\u5bf9\u4e8e\u52b3\u52a8\u529b\u6210\u672c\u4e0a\u5347\u53ef\u80fd\u4fb5\u8680\u4f01\u4e1a\u76c8\u5229\u7684\u62c5\u5fe7\u60c5\u7eea\u4e0d\u65ad\u5347\u6e29\u3002\u6b64\u5916\uff0c\u4e3a\u4e86\u9884\u9632\u901a\u80c0\u7387\u7684\u5feb\u901f\u98d9\u5347\uff0c\u7f8e\u8054\u50a8\u52a0\u5feb\u52a0\u606f\u6b65\u594f\u7684\u53ef\u80fd\u6027\u4e5f\u5f00\u59cb\u4e0a\u5347\u3002<\/p>\n

\u91d1\u878d\u5371\u673a\u4ee5\u6765\uff0c\u7f8e\u8054\u50a8\u7684\u4f4e\u5229\u7387\u653f\u7b56\u662f\u4f01\u4e1a\u76c8\u5229\u4e0a\u5347\u4ee5\u53ca\u80a1\u5e02\u4e0a\u6da8\u7684\u91cd\u8981\u63a8\u529b\uff0c\u52a0\u606f\u53ef\u80fd\u4f1a\u52a8\u6447\u8fd9\u4e00\u652f\u67f1\u3002<\/p>\n

\u5229\u7387\u3001\u7ecf\u6d4e\u8870\u9000\u548c\u8d38\u6613\u98ce\u9669\u53e0\u52a0<\/strong><\/h4>\n

2018\u5e74\u4e34\u8fd1\u5c3e\u58f0\uff0c\u591a\u91cd\u98ce\u9669\u5f00\u59cb\u6c47\u96c6\uff0c\u7f8e\u80a1\u725b\u5e02\u4e5f\u906d\u9047\u8fc7\u53bb10\u5e74\u6765\u7684\u6700\u5927\u4e00\u6b21\u5371\u673a\u3002\u6295\u8d44\u8005\u62c5\u5fe7\u7f8e\u8054\u50a8\u7684\u6e10\u8fdb\u5f0f\u52a0\u606f\u5c06\u6291\u5236\u7f8e\u56fd\u7684\u7ecf\u6d4e\u589e\u957f\uff0c\u4e2d\u56fd\u7ecf\u6d4e\u589e\u901f\u4e5f\u5728\u9010\u6b65\u653e\u7f13\uff0c\u540c\u65f6\u8fd8\u6df1\u9677\u4e0e\u7f8e\u56fd\u7684\u8d38\u6613\u7ea0\u7eb7\u3002\u5168\u7403\u5176\u4ed6\u56fd\u5bb6\u7684\u7ecf\u6d4e\u4e5f\u4e0d\u5bb9\u4e50\u89c2\u3002<\/p>\n

\u622a\u81f3\u5723\u8bde\u8282\u524d\u5915\uff0c\u6807\u666e500\u6307\u6570\u8f83\u51769\u6708\u521b\u51fa\u7684\u7eaa\u5f55\u6c34\u5e73\u4e0b\u8dcc19.8%\u3002<\/p>\n

\u6240\u5e78\u7684\u662f\uff0c\u7f8e\u80a1\u725b\u5e02\u5728\u751f\u6b7b\u8fb9\u7f18\u8d70\u4e86\u4e00\u906d\u53c8\u6ee1\u8840\u590d\u6d3b\u4e86\u3002\u7a76\u5176\u539f\u56e0\uff0c\u7f8e\u8054\u50a8\u548c\u4f01\u4e1a\u5229\u6da6\u4e0a\u5347\u5e2e\u52a9\u80a1\u5e02\u8d77\u6b7b\u56de\u751f\uff0c\u5e76\u4e14\u8fd9\u4e5f\u662f\u8fc7\u53bb10\u5e74\u6765\u4e00\u76f4\u652f\u6491\u80a1\u5e02\u7684\u91cd\u8981\u56e0\u7d20\u3002\u5177\u4f53\u6765\u770b\uff0c\u7f8e\u8054\u50a8\u5b98\u5458\u627f\u8bfa\u5c06\u5728\u52a0\u606f\u95ee\u9898\u4e0a\u4fdd\u6301\u8010\u5fc3\uff0c\u540c\u65f6\u6807\u666e500\u6307\u6570\u516c\u53f8\u8fde\u7eed\u7b2c5\u4e2a\u8d22\u62a5\u5b63\u516c\u544a\u5229\u6da6\u4e0a\u5347\u8d85\u8fc710%\u3002<\/p>\n

Cuggino\u8868\u793a\uff0c\u8fc7\u53bb10\u5e74\u6765\uff0c\u6211\u4eec\u633a\u8fc7\u4e86\u4e00\u6b21\u53c8\u4e00\u6b21\u7684\u5371\u673a\u3002\u5c3d\u7ba1\u591a\u5e74\u6765\u7f8e\u56fd\u7ecf\u6d4e\u589e\u957f\u4e00\u76f4\u76f8\u5bf9\u4e4f\u529b\uff0c\u4f46\u5728\u5168\u7403\u591a\u6570\u56fd\u5bb6\u90fd\u9677\u5165\u4f4e\u8ff7\u72b6\u6001\u65f6\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u4ecd\u5728\u589e\u957f\u3002<\/p>\n

\u76f8\u5173\u65b0\u95fb:<\/h4>\n

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