{"id":616340,"date":"2026-01-21T18:13:14","date_gmt":"2026-01-22T02:13:14","guid":{"rendered":"https:\/\/nai500.com\/?p=616340"},"modified":"2026-01-21T18:13:14","modified_gmt":"2026-01-22T02:13:14","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8e%a5%e7%8f%ad%e4%ba%ba%e8%a6%81%e6%93%8d%e5%88%80%e9%87%8d%e5%a4%a7%e5%87%8f%e4%bb%93%ef%bc%9f%e4%bc%af%e5%85%8b%e5%b8%8c%e5%b0%94%e6%8a%95%e8%b5%84%e5%93%b2%e5%ad%a6","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/01\/%e5%b7%b4%e8%8f%b2%e7%89%b9%e6%8e%a5%e7%8f%ad%e4%ba%ba%e8%a6%81%e6%93%8d%e5%88%80%e9%87%8d%e5%a4%a7%e5%87%8f%e4%bb%93%ef%bc%9f%e4%bc%af%e5%85%8b%e5%b8%8c%e5%b0%94%e6%8a%95%e8%b5%84%e5%93%b2%e5%ad%a6\/","title":{"rendered":"\u5df4\u83f2\u7279\u63a5\u73ed\u4eba\u8981\u64cd\u5200\u91cd\u5927\u51cf\u4ed3\uff1f\u4f2f\u514b\u5e0c\u5c14\u6295\u8d44\u54f2\u5b66\u9762\u4e34\u8f6c\u6298\u70b9"},"content":{"rendered":"

\u5f53\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u65f6\u4ee3\u5f90\u5f90\u843d\u5e55\uff0c\u4ed6\u4eb2\u624b\u6311\u9009\u7684\u63a5\u73ed\u4eba\u2014\u2014\u683c\u96f7\u683c\u00b7\u963f\u8d1d\u5c14\uff08Greg Abel\uff09\u4e0a\u4efb\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\uff08BRK.A\uff09<\/a>CEO\u521a\u6ee1\u4e00\u4e2a\u6708\uff0c\u4e00\u573a\u53ef\u80fd\u6539\u5199\u516c\u53f8\u6295\u8d44\u54f2\u5b66\u7684\u884c\u52a8\u4f3c\u4e4e\u5df2\u5728\u6084\u7136\u915d\u917f\u3002\u8fd1\u65e5\uff0c\u4e00\u5219\u76d1\u7ba1\u6587\u4ef6\u72b9\u5982\u6295\u5165\u5e73\u9759\u6e56\u9762\u7684\u77f3\u5b50\uff0c\u6fc0\u8d77\u5c42\u5c42\u6d9f\u6f2a\uff1a\u4f2f\u514b\u5e0c\u5c14\u53ef\u80fd\u51fa\u552e\u5176\u6301\u6709\u7684\u5168\u90e8\u5361\u592b\u4ea8\u6c0f\uff08KHC\uff09<\/a>\u80a1\u4efd\u3002<\/p>\n

\u8fd9\u4f1a\u662f\u201c\u540e\u5df4\u83f2\u7279\u65f6\u4ee3\u201d\u7684\u7b2c\u4e00\u4e2a\u91cd\u5927\u8f6c\u5411\u4fe1\u53f7\u5417\uff1f<\/p>\n

\u4e00\u4efd\u4e0d\u5bfb\u5e38\u7684\u9884\u8b66<\/h2>\n

\u5468\u4e8c\uff0c\u98df\u54c1\u5de8\u5934\u5361\u592b\u4ea8\u6c0f\u5728\u4e00\u4efd\u63d0\u4ea4\u7ed9\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u7684\u5e38\u89c4\u6587\u4ef6\u4e2d\uff0c\u5d4c\u5165\u4e86\u4e00\u6761\u4e0d\u540c\u5bfb\u5e38\u7684\u98ce\u9669\u63d0\u793a\u3002\u6587\u4ef6\u6307\u51fa\uff0c\u516c\u53f8\u6700\u5927\u80a1\u4e1c\u2014\u2014\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u516c\u53f8\u201c\u53ef\u80fd\u968f\u65f6\u63d0\u51fa\u8981\u7ea6\uff0c\u51fa\u552e\u5176\u6301\u6709\u7684\u5168\u90e8325,442,152\u80a1\u666e\u901a\u80a1\u201d\u3002<\/p>\n

\u5c3d\u7ba1\u4f2f\u514b\u5e0c\u5c14\u5bf9\u6b64\u672a\u4e88\u7f6e\u8bc4\uff0c\u4e14\u76ee\u524d\u5c1a\u65e0\u5b9e\u9645\u629b\u552e\u52a8\u4f5c\uff0c\u4f46\u8fd9\u4e00\u4e3b\u52a8\u201c\u9884\u544a\u201d\u8db3\u4ee5\u9707\u52a8\u5e02\u573a\u3002\u6d88\u606f\u4e00\u51fa\uff0c\u5361\u592b\u4ea8\u6c0f\u80a1\u4ef7\u5e94\u58f0\u4e0b\u8dcc\u8fd14%\uff0c\u62a5\u6536\u4e8e22.85\u7f8e\u5143\u3002\u5e02\u573a\u55c5\u5230\u4e86\u4e00\u4e1d\u4e0d\u540c\u5bfb\u5e38\u7684\u6c14\u606f\uff1a\u90a3\u4e2a\u5728\u5df4\u83f2\u7279\u65f6\u4ee3\u4ee5\u201c\u8fd1\u4e4e\u6c38\u7eed\u201d\u6301\u6709\u6838\u5fc3\u8d44\u4ea7\u800c\u95fb\u540d\u7684\u4f2f\u514b\u5e0c\u5c14\uff0c\u53ef\u80fd\u8981\u5f00\u59cb\u201c\u5356\u8d27\u201d\u4e86\u3002<\/p>\n

\u5361\u592b\u4ea8\u6c0f\u672c\u8eab\uff0c\u5c31\u662f\u5df4\u83f2\u7279\u6295\u8d44\u751f\u6daf\u4e2d\u4e00\u4e2a\u5145\u6ee1\u6545\u4e8b\u4e14\u7565\u5e26\u9057\u61be\u7684\u7bc7\u7ae0\u30022015\u5e74\uff0c\u4ea8\u6c0f\u516c\u53f8\u4e0e\u5361\u592b\u98df\u54c1\u5b8c\u6210\u5408\u5e76\uff0c\u7f14\u9020\u4e86\u8fd9\u5bb6\u5168\u7403\u7b2c\u4e94\u5927\u98df\u54c1\u996e\u6599\u5e1d\u56fd\u3002\u5f53\u65f6\uff0c\u5df4\u83f2\u7279\u6df1\u4fe1\u8fd9\u4e9b\u5bb6\u55bb\u6237\u6653\u7684\u54c1\u724c\u62e5\u6709\u575a\u56fa\u7684\u201c\u7ecf\u6d4e\u62a4\u57ce\u6cb3\u201d\u3002\u7136\u800c\uff0c\u73b0\u5b9e\u7ed9\u4e86\u9884\u60f3\u6c89\u91cd\u4e00\u51fb\u3002\u5408\u5e76\u540e\u516c\u53f8\u80a1\u4ef7\u4ece\u9ad8\u70b9\u4e00\u5ea6\u66b4\u8dcc\u903e70%\u30022019\u5e74\uff0c\u5361\u592b\u4ea8\u6c0f\u8ba1\u63d0\u4e86\u9ad8\u8fbe150\u4ebf\u7f8e\u5143\u7684\u5546\u8a89\u51cf\u503c\uff0c\u5176\u4e2d\u4f2f\u514b\u5e0c\u5c14\u5206\u62c5\u4e86\u7ea630\u4ebf\u7f8e\u5143\u7684\u635f\u5931\u3002\u53bb\u5e74\u590f\u5929\uff0c\u4f2f\u514b\u5e0c\u5c14\u53c8\u5bf9\u5361\u592b\u4ea8\u6c0f\u6295\u8d44\u8fdb\u884c\u4e8637.6\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u51cf\u8bb0\u3002<\/p>\n

\u65b0\u638c\u95e8\u963f\u8d1d\u5c14\u7684\u201c\u7b2c\u4e00\u628a\u706b\u201d\uff1f<\/h2>\n

\u5982\u4eca\uff0c\u968f\u7740\u683c\u96f7\u683c\u00b7\u963f\u8d1d\u5c14\u57281\u67081\u65e5\u6b63\u5f0f\u63a5\u8fc7CEO\u6743\u6756\uff0c\u60c5\u51b5\u53ef\u80fd\u6b63\u5728\u8d77\u53d8\u5316\u3002\u867d\u7136\u5df4\u83f2\u7279\u4ecd\u7559\u4efb\u8463\u4e8b\u957f\uff0c\u4f46\u6240\u6709\u76ee\u5149\u90fd\u805a\u7126\u5728\u963f\u8d1d\u5c14\u8eab\u4e0a\uff0c\u671f\u5f85\u4ed6\u5982\u4f55\u4e66\u5199\u5c5e\u4e8e\u81ea\u5df1\u7684\u7bc7\u7ae0\u3002<\/p>\n

CFRA\u7814\u7a76\u516c\u53f8\u7684\u5206\u6790\u5e08\u51ef\u831c\u00b7\u585e\u5f17\u7279\uff08Cathy Seifert\uff09\u5bf9\u6b64\u8bc4\u8bba\u9053\uff1a\u201c\u6211\u7684\u611f\u89c9\u662f\uff0c\u683c\u96f7\u683c\u00b7\u963f\u8d1d\u5c14\u7684\u9886\u5bfc\u98ce\u683c\u53ef\u80fd\u4e0e\u5df4\u83f2\u7279\u6709\u6240\u4e0d\u540c\u3002\u5982\u679c\u6b64\u6b21\u51fa\u552e\u5b8c\u6210\uff0c\u5c06\u4ee3\u8868\u4e00\u79cd\u4f01\u4e1a\u601d\u7ef4\u6a21\u5f0f\u7684\u8f6c\u53d8\u3002\u201d\u5979\u8fdb\u4e00\u6b65\u5206\u6790\uff0c\u201c\u5728\u5df4\u83f2\u7279\u9886\u5bfc\u4e0b\u7684\u4f2f\u514b\u5e0c\u5c14\uff0c\u901a\u5e38\u53ea\u8fdb\u884c\u6536\u8d2d\u800c\u975e\u5265\u79bb\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u963f\u8d1d\u5c14\u5f88\u53ef\u80fd\u4f1a\u8bc4\u4f30\u4f2f\u514b\u5e0c\u5c14\u7684\u6bcf\u4e00\u5bb6\u5b50\u516c\u53f8\uff0c\u5e76\u629b\u5f03\u90a3\u4e9b\u4e0d\u7b26\u5408\u4ed6\u5185\u90e8\u8003\u6838\u6807\u51c6\u7684\u4e1a\u52a1\uff0c\u8fd9\u662f\u5b8c\u5168\u53ef\u4ee5\u60f3\u8c61\u7684\u3002\u201d<\/p>\n

\u5e02\u573a\u89c2\u5bdf\u4eba\u58eb\u5c06\u6f5c\u5728\u7684\u5361\u592b\u4ea8\u6c0f\u629b\u552e\u89c6\u4e3a\u6700\u663e\u800c\u6613\u89c1\u7684\u201c\u4f4e\u5782\u679c\u5b9e\u201d\u3002\u6295\u8d44\u516c\u53f8Check Capital\u7684\u8463\u4e8b\u603b\u7ecf\u7406\u514b\u91cc\u65af\u00b7\u5df4\u62c9\u5fb7\uff08Chris Ballard\uff09\u76f4\u8a00\uff1a\u201c\u51fa\u552e\u5361\u592b\u53ef\u80fd\u662f\u683c\u96f7\u683c\u6700\u5bb9\u6613\u505a\u51fa\u7684\u51b3\u5b9a\u4e4b\u4e00\u3002\u6211\u4eec\u4e0d\u4f1a\u5bf9\u8fd9\u7b14\u6295\u8d44\u7684\u79bb\u53bb\u611f\u5230\u96be\u8fc7\u3002\u201d<\/p>\n

\u540e\u5df4\u83f2\u7279\u65f6\u4ee3\uff1a\u53d8\u4e0e\u4e0d\u53d8\u7684\u535a\u5f08<\/h2>\n

\u82e5\u6e05\u4ed3\u5361\u592b\u6210\u771f\uff0c\u5176\u610f\u4e49\u8fdc\u4e0d\u6b62\u4e8e\u5904\u7406\u4e00\u7b14\u8868\u73b0\u4e0d\u4f73\u7684\u6295\u8d44\u3002\u5b83\u53ef\u80fd\u9884\u793a\u7740\u4f2f\u514b\u5e0c\u5c14\u8fd9\u4e2a\u5e9e\u5927\u5546\u4e1a\u5e1d\u56fd\u6cbb\u7406\u903b\u8f91\u7684\u5fae\u8c03\uff1a<\/p>\n

    \n
  1. \u4ece\u201c\u6536\u85cf\u5bb6\u201d\u5230\u201c\u7ba1\u7406\u8005\u201d<\/strong>\uff1a\u5df4\u83f2\u7279\u65f6\u4ee3\u66f4\u50cf\u4e00\u4f4d\u5bcc\u6709\u8010\u5fc3\u7684\u201c\u8d44\u4ea7\u6536\u85cf\u5bb6\u201d\uff0c\u770b\u91cd\u7279\u8bb8\u7ecf\u8425\u6743\u4e0e\u957f\u671f\u590d\u5229\u3002\u800c\u4f5c\u4e3a\u4ee5\u8fd0\u8425\u80fd\u529b\u8457\u79f0\u7684\u963f\u8d1d\u5c14\uff0c\u53ef\u80fd\u66f4\u503e\u5411\u4e8e\u4ee5\u4e25\u683c\u7684\u8d44\u672c\u56de\u62a5\u7387\u548c\u589e\u957f\u6f5c\u529b\u4e3a\u6807\u51c6\uff0c\u5bf9\u65d7\u4e0b\u5e9e\u6742\u7684\u4e1a\u52a1\u7ec4\u5408\u8fdb\u884c\u4e3b\u52a8\u3001\u52a8\u6001\u7684\u7ba1\u7406\u4e0e\u4f18\u5316\u3002<\/li>\n
  2. \u5de8\u989d\u73b0\u91d1\u7684\u65b0\u51fa\u8def<\/strong>\uff1a\u4f2f\u514b\u5e0c\u5c14\u76ee\u524d\u5750\u62e5\u521b\u7eaa\u5f55\u76843817\u4ebf\u7f8e\u5143\u73b0\u91d1\u50a8\u5907\u3002\u51fa\u552e\u8d44\u4ea7\u5c06\u8fdb\u4e00\u6b65\u5f3a\u5316\u201c\u5f39\u836f\u5e93\u201d\u3002\u8fd9\u7b14\u5de8\u8d44\u5c06\u5982\u4f55\u4f7f\u7528\uff1f\u662f\u7ee7\u7eed\u8fdb\u884c\u5927\u8c61\u7ea7\u522b\u7684\u6536\u8d2d\uff0c\u8fd8\u662f\u5982\u90e8\u5206\u6295\u8d44\u8005\u6240\u613f\uff0c\u5f00\u542f\u516c\u53f8\u5386\u53f2\u4e0a\u9996\u6b21\u73b0\u91d1\u5206\u7ea2<\/strong>\uff1f\u8fd9\u5c06\u662f\u963f\u8d1d\u5c14\u9762\u4e34\u7684\u6838\u5fc3\u8003\u9898\u3002<\/li>\n
  3. \u201c\u62a4\u57ce\u6cb3\u201d\u7406\u5ff5\u7684\u518d\u5b9a\u4e49<\/strong>\uff1a\u5361\u592b\u4ea8\u6c0f\u7684\u6848\u4f8b\u51f8\u663e\u4e86\u5728\u5feb\u53d8\u65f6\u4ee3\uff0c\u4f20\u7edf\u54c1\u724c\u62a4\u57ce\u6cb3\u53ef\u80fd\u88ab\u4fb5\u8680\u7684\u98ce\u9669\u3002\u963f\u8d1d\u5c14\u672a\u6765\u5bf9\u6d88\u8d39\u54c1\u724c\u7684\u6295\u8d44\u6807\u51c6\uff0c\u6216\u8bb8\u4f1a\u878d\u5165\u5bf9\u6d88\u8d39\u8d8b\u52bf\u53d8\u8fc1\u66f4\u654f\u9510\u7684\u6d1e\u5bdf\u3002<\/li>\n<\/ol>\n

    \u5f53\u7136\uff0c\u4efb\u4f55\u8f6c\u53d8\u90fd\u4e0d\u4f1a\u662f\u6fc0\u8fdb\u7684\u3002\u963f\u8d1d\u5c142018\u5e74\u8d77\u5df2\u8d1f\u8d23\u76d1\u7ba1\u4f2f\u514b\u5e0c\u5c14\u6240\u6709\u7684\u975e\u4fdd\u9669\u4e1a\u52a1\uff0c\u5bf9\u516c\u53f8\u4e86\u5982\u6307\u638c\u3002\u5df4\u83f2\u7279\u4e5f\u7ed9\u4e88\u4e86\u8fd9\u4f4d\u63a5\u73ed\u4eba\u6beb\u65e0\u4fdd\u7559\u7684\u4fe1\u4efb\uff0c\u4ed6\u5728\u53bb\u5e74\u5e95\u7684\u611f\u6069\u8282\u81f4\u80a1\u4e1c\u4fe1\u4e2d\u76db\u8d5e\uff1a\u201c\u683c\u96f7\u683c\u4e0d\u4ec5\u8fbe\u5230\u4e86\u6211\u5f53\u521d\u5bf9\u4ed6\u7684\u6240\u6709\u671f\u671b\uff0c\u751a\u81f3\u8d85\u8d8a\u4e86\u5b83\u4eec\u2026\u2026\u6211\u60f3\u4e0d\u51fa\u8fd8\u6709\u8c01\u6bd4\u4ed6\u66f4\u9002\u5408\u638c\u7ba1\u4f60\u6211\u7684\u8d22\u5bcc\u3002\u201d<\/p>\n

    \u7ed3\u8bed<\/h2>\n

    \u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c\u4e00\u573a\u8c61\u5f81\u610f\u4e49\u91cd\u5927\u7684\u201c\u544a\u522b\u201d\uff0c\u6216\u8bb8\u6b63\u62c9\u5f00\u65b0\u65f6\u4ee3\u7684\u5e8f\u5e55\u3002\u51fa\u552e\u5361\u592b\u4ea8\u6c0f\uff0c\u4e0d\u4ec5\u662f\u5728\u5904\u7406\u4e00\u7b14\u8fc7\u53bb\u7684\u6295\u8d44\uff0c\u66f4\u53ef\u80fd\u662f\u5728\u5411\u5e02\u573a\u5ba3\u544a\uff1a\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u5728\u575a\u6301\u5176\u4ef7\u503c\u5185\u6838\u7684\u540c\u65f6\uff0c\u6b63\u4e3a\u9002\u5e94\u65b0\u7684\u7ecf\u6d4e\u73af\u5883\u4e0e\u9886\u5bfc\u98ce\u683c\u800c\u8fdb\u884c\u5fc5\u8981\u7684\u201c\u65b0\u9648\u4ee3\u8c22\u201d\u3002<\/p>\n

    \u5df4\u83f2\u7279\u7684\u4f20\u5947\u5df2\u6210\u6c38\u6052\uff0c\u800c\u963f\u8d1d\u5c14\u7684\u7bc7\u7ae0\uff0c\u6b63\u4ece\u8fd9\u4e00\u4e2a\u5145\u6ee1\u60ac\u5ff5\u7684\u9017\u70b9\u5f00\u59cb\u3002\u5e02\u573a\u5c4f\u606f\u4ee5\u5f85\uff0c\u770b\u8fd9\u4f4d\u65b0\u638c\u95e8\u5c06\u5982\u4f55\u9a7e\u9a6d\u8fd9\u8258\u4e07\u4ebf\u5de8\u8f6e\uff0c\u5728\u7ee7\u627f\u4e0e\u53d8\u9769\u4e4b\u95f4\uff0c\u627e\u5230\u5c5e\u4e8e\u201c\u540e\u5df4\u83f2\u7279\u65f6\u4ee3\u201d\u7684\u822a\u5411\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u5f53\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u65f6\u4ee3\u5f90\u5f90\u843d\u5e55\uff0c\u4ed6\u4eb2\u624b\u6311\u9009\u7684\u63a5\u73ed\u4eba\u2014\u2014\u683c\u96f7\u683c\u00b7\u963f\u8d1d\u5c14\uff08Greg Abel\uff09\u4e0a\u4efb\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\uff08 […]<\/p>\n","protected":false},"author":27,"featured_media":495978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[2167,766,668,522],"class_list":["post-616340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2167","tag-766","tag-668","tag-522","sectors-1602","sectors-financial-products-zh-hans","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/616340","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=616340"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/616340\/revisions"}],"predecessor-version":[{"id":616343,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/616340\/revisions\/616343"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/495978"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=616340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=616340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=616340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}