{"id":567635,"date":"2025-02-27T22:06:09","date_gmt":"2025-02-28T06:06:09","guid":{"rendered":"https:\/\/nai500.com\/?p=567635"},"modified":"2025-02-27T22:06:09","modified_gmt":"2025-02-28T06:06:09","slug":"%e8%8a%92%e6%a0%bc%e6%9b%be%e7%bb%8f%e6%96%ad%e8%a8%80%ef%bc%9a%e4%bd%a0%e8%b7%91%e4%b8%8d%e8%b5%a2%e6%a0%87%e6%99%ae500%e6%8c%87%e6%95%b0","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/02\/%e8%8a%92%e6%a0%bc%e6%9b%be%e7%bb%8f%e6%96%ad%e8%a8%80%ef%bc%9a%e4%bd%a0%e8%b7%91%e4%b8%8d%e8%b5%a2%e6%a0%87%e6%99%ae500%e6%8c%87%e6%95%b0\/","title":{"rendered":"\u8292\u683c\u66fe\u7ecf\u65ad\u8a00\uff1a\u4f60\u8dd1\u4e0d\u8d62\u6807\u666e500\u6307\u6570"},"content":{"rendered":"

\u4f5c\u4e3a\u5df4\u83f2\u7279\u4e00\u751f\u7684\u631a\u53cb\u4ee5\u53ca\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u516c\u53f8\u7684\u526f\u4e3b\u5e2d\uff0c\u67e5\u7406\u00b7\u8292\u683c\uff08Charlie Munger\uff09\u4ee5\u6df1\u9083\u7684\u6295\u8d44\u667a\u6167\u95fb\u540d\u4e8e\u4e16\u30022023\u5e74\u79bb\u4e16\u65f6\u8eab\u5bb6\u9ad8\u8fbe26\u4ebf\u7f8e\u5143\u7684\u4ed6\uff0c\u66fe\u7559\u4e0b\u4e00\u6761\u4ee4\u5168\u7403\u6295\u8d44\u8005\u6df1\u601d\u7684\u8bba\u65ad\uff1a”95%\u7684\u4eba\u7edd\u65e0\u53ef\u80fd\u8dd1\u8d62\u6807\u666e500\u6307\u6570\u3002” \u8fd9\u4e00\u9884\u8a00\u4e0d\u4ec5\u63ed\u793a\u4e86\u4e3b\u52a8\u6295\u8d44\u7684\u7ec8\u6781\u96be\u9898\uff0c\u66f4\u6298\u5c04\u51fa\u5f53\u4ee3\u91d1\u878d\u5e02\u573a\u7ed3\u6784\u6027\u53d8\u9769\u7684\u6b8b\u9177\u771f\u76f8\u3002<\/p>\n

\u6d41\u52a8\u6027\u9677\u9631\u4e0e\u6307\u6570\u9738\u6743\u6096\u8bba<\/h2>\n

\u8292\u683c\u66fe\u5728\u8bbf\u8c08\u4e2d\u76f4\u8a00\uff0c\u6807\u666e500\u6307\u6570\u57fa\u91d1\u5df2\u5360\u636e\u5e02\u573a75%\u7684\u4efd\u989d\uff0c\u4f46\u82e5\u5168\u6c11\u8ffd\u9010\u6307\u6570\u57fa\u91d1\uff0c\u6574\u4e2a\u7cfb\u7edf\u7ec8\u5c06\u5d29\u6e83\u3002\u4ed6\u4ee5\u4e0a\u4e16\u7eaa70\u5e74\u4ee3\u7684”\u6f02\u4eae50″\u6ce1\u6cab\u4e3a\u4f8b\u8b66\u793a\uff1a\u5f53\u8d44\u672c\u75af\u72c2\u6d8c\u5165\u7279\u5b9a\u6807\u7684\u65f6\uff0c\u4f30\u503c\u903b\u8f91\u5c06\u5f7b\u5e95\u5931\u6548\u3002\u5f53\u5e74\u6469\u6839\u5927\u901a\u529b\u63a8\u768450\u53ea\u660e\u661f\u80a1\uff0c\u5e02\u76c8\u7387\u88ab\u63a8\u9ad8\u81f360\u500d\u540e\u8f70\u7136\u5d29\u584c\uff0c\u6295\u8d44\u8005\u8840\u672c\u65e0\u5f52\u3002<\/p>\n

\u8292\u683c\u7280\u5229\u6307\u51fa\uff0c\u5f53\u67d0\u4e2a\u6307\u6570\u6216\u677f\u5757\u6210\u4e3a\u5168\u6c11\u4fe1\u4ef0\u65f6\uff0c\u5c31\u57cb\u4e0b\u4e86\u707e\u96be\u7684\u79cd\u5b50\u3002\u5c3d\u7ba1\u6807\u666e500\u6307\u6570\u51ed\u501f\u5de8\u578b\u4f53\u91cf\u6682\u65f6\u5f97\u4ee5\u89c4\u907f\u8fd9\u4e00\u6781\u7aef\u98ce\u9669\uff0c\u4f46”\u6307\u6570\u5316\u6295\u8d44\u5e76\u975e\u6c38\u4fdd\u5e73\u5b89”\u7684\u8b66\u544a\u59cb\u7ec8\u60ac\u5728\u6295\u8d44\u8005\u7684\u5934\u9876\u3002<\/p>\n

\u4e3b\u52a8\u6295\u8d44\u8005\u7684\u96c6\u4f53\u56f0\u5883<\/h2>\n

\u66f4\u4ee4\u4eba\u7a92\u606f\u7684\u662f\uff0c\u8292\u683c\u63cf\u7ed8\u4e86\u4e13\u4e1a\u6295\u8d44\u8005\u7684\u751f\u5b58\u56f0\u5c40\uff1a\u6307\u6570\u5316\u6d6a\u6f6e\u8ba995%\u7684\u57fa\u91d1\u7ecf\u7406\u9677\u5165\u7edd\u5883\u3002\u5f53\u6807\u666e500\u6307\u6570\u7684\u5e74\u5316\u56de\u62a5\u7387\u6301\u7eed\u78be\u538b\u4e3b\u52a8\u7ba1\u7406\u6295\u8d44\u7ec4\u5408\u65f6\uff0c\u6536\u53d6\u9ad8\u989d\u7ba1\u7406\u8d39\u7684\u8d44\u7ba1\u673a\u6784\u6b63\u9762\u4e34\u751f\u5b58\u5371\u673a\u2014\u2014\u5ba2\u6237\u652f\u4ed8\u6ea2\u4ef7\u8d2d\u4e70\u7684”\u8d85\u989d\u6536\u76ca”\u627f\u8bfa\uff0c\u6b63\u6ca6\u4e3a\u7edf\u8ba1\u5b66\u610f\u4e49\u4e0a\u7684\u5c0f\u6982\u7387\u4e8b\u4ef6\u3002<\/p>\n

\u8fd9\u662f\u4ee3\u9645\u6027\u7684\u804c\u4e1a\u5371\u673a\u3002\u8292\u683c\u89c2\u5bdf\u5230\u8d44\u7ba1\u8d39\u7387\u5df2\u4ece\u66fe\u7ecf\u76842%\u6301\u7eed\u66b4\u8dcc\u81f3\u53ea\u670920\u4e2a\u57fa\u70b9\uff0c\u65b0\u4e00\u4ee3\u57fa\u91d1\u7ecf\u7406\u5728\u8d39\u7387\u7ede\u6740\u6218\u4e2d\u4e3e\u6b65\u7ef4\u8270\uff0c\u4ed6\u4eec\u7684\u7126\u8651\u5b8c\u5168\u5408\u7406\u3002<\/p>\n

\u4f2f\u514b\u5e0c\u5c14\u7684\u542f\u793a\uff1a\u7cbe\u8981\u4e3b\u4e49\u7684\u80dc\u5229<\/h2>\n

\u5373\u4fbf\u8d35\u4e3a”\u80a1\u795e\u642d\u6863”\uff0c\u8292\u683c\u4e5f\u5766\u627f\uff1a\u82e5\u8ba9\u6211\u7ba1\u7406\u4e07\u4ebf\u7f8e\u5143\u5bf9\u6807\u6307\u6570\uff0c\u6211\u6beb\u65e0\u80dc\u7b97\u3002\u4f2f\u514b\u5e0c\u5c14\u7684\u4f20\u5947\uff0c\u672c\u8d28\u662f50\u5e74\u95f4\u6bcf\u5e74\u4ec5\u505a\u51fa\u4e24\u4e2a\u6b63\u786e\u51b3\u7b56\u7684\u7d2f\u79ef\u3002\u8fd9\u79cd”\u5c11\u5373\u662f\u591a”\u7684\u54f2\u5b66\u4e0e\u6307\u6570\u57fa\u91d1\u7684\u5e7f\u6492\u7f51\u7b56\u7565\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\uff0c\u5374\u4e5f\u5370\u8bc1\u4e86\u6301\u7eed\u6218\u80dc\u5e02\u573a\u7684\u6781\u7aef\u96be\u5ea6\u3002<\/p>\n

\u88ab\u52a8\u6295\u8d44\u7684\u65f6\u4ee3\u9690\u55bb<\/h2>\n

\u8292\u683c\u7684\u6d1e\u89c1\u76f4\u6307\u73b0\u4ee3\u91d1\u878d\u7684\u6df1\u5c42\u6096\u8bba\uff1a\u5f53\u5e02\u573a\u6709\u6548\u6027\u56e0\u6307\u6570\u5316\u6d6a\u6f6e\u800c\u589e\u5f3a\uff0c\u4e3b\u52a8\u7ba1\u7406\u8005\u7684\u751f\u5b58\u7a7a\u95f4\u53cd\u800c\u88ab\u6324\u538b\u3002\u5bf9\u4e8e\u666e\u901a\u6295\u8d44\u8005\uff0c\u8fd9\u6216\u8bb8\u610f\u5473\u7740\u63a5\u53d7”\u5e73\u51e1”\uff0c\u62e5\u62b1\u4f4e\u6210\u672c\u6307\u6570\u57fa\u91d1\uff0c\u624d\u662f\u5bf9\u6297\u4e0d\u786e\u5b9a\u6027\u7684\u7406\u6027\u9009\u62e9\u3002\u6b63\u5982\u8292\u683c\u6240\u8a00\uff1a\u751f\u6d3b\u672c\u5c31\u8270\u96be\uff0c\u6295\u8d44\u4f55\u5fc5\u5f3a\u6c42\u5947\u8ff9\uff1f<\/p>\n

\u5728\u91d1\u878d\u5de5\u5177\u65e5\u76ca\u590d\u6742\u7684\u4eca\u5929\uff0c\u8fd9\u4f4d\u667a\u8005\u7684\u9057\u8a00\u72b9\u5982\u6668\u949f\u66ae\u9f13\uff1a\u627f\u8ba4\u5c40\u9650\uff0c\u6216\u8bb8\u624d\u662f\u8d85\u8d8a\u7684\u5f00\u59cb\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u4f5c\u4e3a\u5df4\u83f2\u7279\u4e00\u751f\u7684\u631a\u53cb\u4ee5\u53ca\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u516c\u53f8\u7684\u526f\u4e3b\u5e2d\uff0c\u67e5\u7406\u00b7\u8292\u683c\uff08Charlie Munger\uff09\u4ee5\u6df1\u9083\u7684\u6295\u8d44\u667a […]<\/p>\n","protected":false},"author":27,"featured_media":556185,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430],"tags":[1787,2125,2167,1997],"class_list":["post-567635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","tag-1787","tag-2125","tag-2167","tag-1997","sectors-financial-products-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/567635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=567635"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/567635\/revisions"}],"predecessor-version":[{"id":567640,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/567635\/revisions\/567640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/556185"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=567635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=567635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=567635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}