{"id":307612,"date":"2019-11-29T15:26:51","date_gmt":"2019-11-29T23:26:51","guid":{"rendered":"https:\/\/nai500.com\/?p=307612"},"modified":"2019-11-29T15:26:51","modified_gmt":"2019-11-29T23:26:51","slug":"%e6%88%90%e9%95%bf%e6%8a%95%e8%b5%84-%e4%bb%b7%e5%80%bc%e6%8a%95%e8%b5%84%e8%bf%87%e6%97%b6-%e6%8a%95%e8%b5%84%e8%8c%83%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2019\/11\/%e6%88%90%e9%95%bf%e6%8a%95%e8%b5%84-%e4%bb%b7%e5%80%bc%e6%8a%95%e8%b5%84%e8%bf%87%e6%97%b6-%e6%8a%95%e8%b5%84%e8%8c%83%e5%bc%8f\/","title":{"rendered":"\u6210\u957f\u6295\u8d44\u9006\u88ad\uff0c\u4ef7\u503c\u6295\u8d44\u5df2\u7ecf\u8fc7\u65f6\u4e86\u5417\uff1f"},"content":{"rendered":"<ul>\n<li>\u8fc7\u53bb40\u591a\u5e74\uff0c\u4ef7\u503c\u6295\u8d44\u8dd1\u8d62\u6210\u957f\u6295\u8d44\uff0c\u4f46\u8fc7\u53bb10\u591a\u5e74\u8fd9\u4e00\u8d8b\u52bf\u5374\u53d1\u751f\u4e86\u9006\u8f6c\u3002<\/li>\n<li>\u8fc7\u53bb\uff0c\u4ef7\u503c\u6295\u8d44\u8005\u7684\u8010\u5fc3\u4e3a\u4ed6\u4eec\u5e26\u6765\u4e86\u4e30\u539a\u7684\u56de\u62a5\uff0c\u4f46\u6839\u672c\u6027\u7684\u7ecf\u6d4e\u53d8\u5316\u6216\u8bb8\u5df2\u7ecf\u5c06\u6295\u8d44\u5929\u5e73\u6446\u5411\u4e86\u79d1\u6280\u6216\u79d1\u6280\u8d4b\u80fd\u578b\u7684\u6210\u957f\u578b\u516c\u53f8\u3002<\/li>\n<li>\u8d8a\u6765\u8d8a\u591a\u7684\u516c\u53f8\u5c06\u8d8a\u6765\u8d8a\u591a\u7684\u8d44\u91d1\u6295\u5411\u4f20\u7edf\u8d22\u52a1\u6307\u6807\u96be\u4ee5\u6070\u5f53\u4f53\u73b0\u7684\u65e0\u5f62\u8d44\u4ea7\uff0c\u56e0\u6b64\u4ef7\u503c\u6295\u8d44\u8005\u6216\u8bb8\u6709\u5fc5\u8981\u91cd\u65b0\u8bc4\u4f30\u4ed6\u4eec\u7684\u516c\u53f8\u4f30\u503c\u65b9\u5f0f\u3002<\/li>\n<li>\u4ef7\u503c\u6295\u8d44\u7684\u4f18\u52bf\u80fd\u5426\u56de\u5f52\uff0c\u8fd9\u4e2a\u95ee\u9898\u53ea\u6709\u65f6\u95f4\u624d\u80fd\u56de\u7b54\uff0c\u4f46\u6bcf\u4e00\u4e2a\u6295\u8d44\u8005\u7684\u6295\u8d44\u671f\u9650\u4e0d\u540c\uff0c\u6709\u7684\u4eba\u53ef\u80fd\u5df2\u7ecf\u6ca1\u6709\u65f6\u95f4\u71ac\u4e0b\u53bb\u4e86\u3002<\/li>\n<\/ul>\n<p>\u4ece\u603b\u6536\u76ca\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u4ef7\u503c\u6295\u8d44\u5728\u6570\u5341\u5e74\u7684\u65f6\u95f4\u8de8\u5ea6\u5185\u8dd1\u8d62\u4e86\u6210\u957f\u6295\u8d44\u3002\u5927\u578b\u6295\u8d44\u516c\u53f8\u8bf8\u5982Dimensional Fund Advisors\u8ba4\u8bc6\u5230\u4ef7\u503c\u662f\u4e00\u4e2a\u6301\u4e45\u4e0d\u53d8\u4e14\u53ef\u4f9b\u6295\u8d44\u7684\u56e0\u5b50\uff0c\u56e0\u6b64\u4ed6\u4eec\u7684\u6295\u8d44\u7406\u5ff5\u548c\u4ea4\u6613\u5f88\u5927\u7a0b\u5ea6\u4e0a\u90fd\u57fa\u4e8e\u8fd9\u4e00\u5b66\u672f\u89c2\u5bdf\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-307613 lazyload\" data-src=\"https:\/\/nai500.com\/wp-content\/uploads\/2019\/11\/growth-vs-value-1.png\" alt=\"\" width=\"617\" height=\"338\" data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2019\/11\/growth-vs-value-1.png 617w, https:\/\/nai500.com\/wp-content\/uploads\/2019\/11\/growth-vs-value-1-300x164.png 300w\" data-sizes=\"(max-width: 617px) 100vw, 617px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 617px; --smush-placeholder-aspect-ratio: 617\/338;\" 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data-srcset=\"https:\/\/nai500.com\/wp-content\/uploads\/2019\/11\/growth-vs-value-2.png 620w, https:\/\/nai500.com\/wp-content\/uploads\/2019\/11\/growth-vs-value-2-300x164.png 300w\" data-sizes=\"(max-width: 620px) 100vw, 620px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 620px; --smush-placeholder-aspect-ratio: 620\/339;\" 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href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=AMZN\">\u4e9a\u9a6c\u900aAmazon.com\uff08NASDAQ: AMZN\uff09<\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=AAPL\">\u82f9\u679cApple\uff08NASDAQ: AAPL\uff09<\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=MSFT\">\u5fae\u8f6fMicrosoft\uff08NASDAQ: MSFT\uff09<\/a>\u4ee5\u53ca\u8c37\u6b4c\u6bcd\u516c\u53f8Alphabet Inc\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=GOOG\">NASDAQ: GOOG<\/a>\uff09\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=GOOGL\">NASDAQ: GOOGL<\/a>\uff09\u8fd9\u6837\u7684\u8d85\u9ad8\u5e02\u503c\u7684\u6210\u957f\u578b\u516c\u53f8\uff0c\u800c\u89c4\u6a21\u8f83\u5c0f\u4e14\u66f4\u8d8b\u4e8e\u4ef7\u503c\u5bfc\u5411\u7684\u516c\u53f8\u88ab\u7529\u5728\u4e86\u540e\u9762\u3002\u8fd9\u4e00\u8d8b\u52bf\u80fd\u5426\u6216\u5c06\u6301\u7eed\u591a\u957f\u65f6\u95f4\uff1f\u8fd9\u5f88\u96be\u6709\u4e00\u4e2a\u5b9a\u8bba\uff0c\u4f46\u4ec5\u5c31\u76ee\u524d\u7684\u60c5\u51b5\u6765\u770b\uff0c\u81f3\u5c11\u5728\u53ef\u9884\u89c1\u7684\u5c06\u6765\uff0c\u8fd9\u4e00\u8d8b\u52bf\u5e94\u8be5\u4e0d\u4f1a\u53d1\u751f\u6539\u53d8\u3002<\/p>\n<p>\u7c7b\u4f3c\u4e0a\u6587\u63d0\u53ca\u7684\u8fd9\u4e9b\u8d85\u9ad8\u5e02\u503c\u516c\u53f8\uff0c\u5b83\u4eec\u5728\u6536\u8d2d\u548c\u7814\u53d1\u8d2d\u4e70\u529b\uff0c\u65e0\u5f62\u8d44\u4ea7\u6295\u8d44\uff0c\u52b3\u52a8\u529b\u8d28\u91cf\u548c\u5f00\u53d1\uff0c\u653f\u6cbb\u5b9e\u529b\uff0c\u6d88\u8d39\u8005\u504f\u597d\u4ee5\u53ca\u5f88\u591a\u5176\u4ed6\u65b9\u9762\u90fd\u62e5\u6709\u65e0\u9650\u7684\u8d44\u6e90\u3002\u82e5\u8981\u64bc\u52a8\u79d1\u6280\u548c\u901a\u4fe1\u670d\u52a1\u9886\u57df\u8fd9\u4e9b\u5de8\u5934\u7684\u9738\u4e3b\u5730\u4f4d\uff0c\u52bf\u5fc5\u8981\u5bf9\u884c\u4e1a\u8fdb\u884c\u91cd\u5927\u7684\u98a0\u8986\u3002\u5c3d\u7ba1\u8fd9\u79cd\u53ef\u80fd\u6027\u4ecd\u7136\u5b58\u5728\uff0c\u4f46\u5b9e\u73b0\u7684\u96be\u5ea6\u8981\u6bd4\u4ee5\u5f80\u4efb\u4f55\u65f6\u5019\u90fd\u5927\u3002<\/p>\n<p>\u4e00\u4e2a\u771f\u6b63\u638c\u63e1\u98a0\u8986\u6027\u5546\u4e1a\u6a21\u5f0f\u7684\u521d\u521b\u4f01\u4e1a\u53ef\u80fd\u6709\u51e0\u79cd\u51fa\u8def\uff0c\u5728\u6b64\u8bd5\u4e3e\u4e24\u79cd\u60c5\u51b5\u3002\u7b2c\u4e00\u79cd\u60c5\u51b5\u662f\uff0c\u4f01\u4e1a\u5bb6\u521b\u529e\u516c\u53f8\uff0c\u968f\u540e\u4e0d\u65ad\u5f00\u53d1\u548c\u6269\u5927\u81ea\u5df1\u7684\u4e1a\u52a1\u3002\u4e00\u65e6\u521b\u4e1a\u6210\u529f\uff0c\u53ef\u4ee5\u5408\u7406\u9884\u8ba1\u7684\u662f\uff0c\u884c\u4e1a\u5de8\u5934\u5c31\u4f1a\u5c06\u5176\u7eb3\u5165\u5173\u6ce8\u76ee\u6807\uff0c\u8981\u4e48\u89c6\u4e3a\u5a01\u80c1\uff0c\u8981\u4e48\u89c6\u4e3a\u673a\u4f1a\uff0c\u63a5\u7740\u4ed6\u4eec\u4f1a\u5229\u7528\u81ea\u5df1\u7684\u8d44\u6e90\u5c06\u8fd9\u5bb6\u65b0\u516c\u53f8\u6536\u5165\u56ca\u4e2d\u3002\u7b2c\u4e8c\u6761\u51fa\u8def\u8ddf\u7b2c\u4e00\u4e2a\u57fa\u672c\u7c7b\u4f3c\uff0c\u516c\u53f8\u521b\u7acb\u3001\u53d1\u5c55\u5e76\u53d6\u5f97\u6210\u529f\uff0c\u4f46\u4e00\u76f4\u4fdd\u6301\u72ec\u7acb\u5e76\u4e0d\u65ad\u53d1\u5c55\u58ee\u5927\u3002\u7b49\u5230\u4e0a\u5e02\u65f6\uff0c\u8be5\u516c\u53f8\u5c06\u88ab\u5f52\u7c7b\u4e3a\u4e2d\u7b49\u5e02\u503c\u6216\u9ad8\u5e02\u503c\u7684\u6210\u957f\u578b\u516c\u53f8\u3002\u5f88\u591a\u521d\u521b\u516c\u53f8\u90fd\u5c5e\u4e8e\u8fd9\u4e00\u7c7b\u522b\uff0c\u6bd4\u5982\u8bf4<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=FB\">Facebook Inc\uff08NASDAQ: FB\uff09<\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=LYFT\">Lyft Inc.\uff08NASDAQ: LYFT\uff09<\/a>\u548c<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=UBER\">\u4f18\u6b65Uber\uff08NYSE: UBER\uff09<\/a>\u3002\u6b64\u5916\uff0c\u5927\u578b\u516c\u53f8\u5f80\u5f80\u6709\u8d44\u91d1\u5b9e\u529b\u5f00\u5c55\u65e0\u5f62\u8d44\u4ea7\u6295\u8d44\uff0c\u4f46\u7531\u4e8e\u4f1a\u8ba1\u60ef\u4f8b\u8981\u6c42\u516c\u53f8\u5c06\u8fd9\u4e9b\u652f\u51fa\u8d39\u7528\u5316\u800c\u4e0d\u662f\u8d44\u672c\u5316\uff0c\u56e0\u6b64\u8d44\u672c\u7684\u4ef7\u503c\u5f80\u5f80\u65e0\u6cd5\u83b7\u5f97\u5408\u7406\u7684\u4f53\u73b0\uff0c\u5177\u4f53\u8868\u73b0\u4e3a\u8d26\u9762\u4ef7\u503c\u88ab\u4f4e\u4f30\u800c\u5e02\u51c0\u7387\u88ab\u9ad8\u4f30\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8fd9\u4e9b\u516c\u53f8\u7ee7\u7eed\u88ab\u5f52\u7c7b\u4e3a\u6210\u957f\u578b\u516c\u53f8\u800c\u975e\u4ef7\u503c\u578b\u516c\u53f8\u3002<\/p>\n<p>\u521b\u65b0\u548c\u79d1\u6280\u578b\u521b\u4e1a\u7684\u83b7\u76ca\u4e0d\u65ad\u5411\u5927\u578b\u79d1\u6280\u516c\u53f8\u805a\u96c6\uff0c\u4e00\u4e2a\u5177\u4f53\u4f53\u73b0\u662f\u8fd9\u4e9b\u516c\u53f8\u5185\u90e8\u5b75\u5316\u65b0\u516c\u53f8\u7684\u8d8b\u52bf\uff0c\u60f3\u60f3\u770bAlphabet\u7684Waymo\u4ee5\u53ca<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=GM\">\u901a\u7528\u6c7d\u8f66General Motors\uff08NYSE: 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