{"id":307624,"date":"2019-11-29T15:26:51","date_gmt":"2019-11-29T23:26:51","guid":{"rendered":"https:\/\/nai500.com\/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\/"},"modified":"2019-11-29T15:27:11","modified_gmt":"2019-11-29T23:27:11","slug":"%e6%88%90%e9%95%b7%e6%8a%95%e8%b3%87-%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87%e9%81%8e%e6%99%82-%e6%8a%95%e8%b3%87%e7%af%84%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2019\/11\/%e6%88%90%e9%95%b7%e6%8a%95%e8%b3%87-%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87%e9%81%8e%e6%99%82-%e6%8a%95%e8%b3%87%e7%af%84%e5%bc%8f\/","title":{"rendered":"\u6210\u9577\u6295\u8cc7\u9006\u8972\uff0c\u50f9\u503c\u6295\u8cc7\u5df2\u7d93\u904e\u6642\u4e86\u55ce\uff1f"},"content":{"rendered":"<ul>\n<li>\u904e\u53bb40\u591a\u5e74\uff0c\u50f9\u503c\u6295\u8cc7\u8dd1\u8d0f\u6210\u9577\u6295\u8cc7\uff0c\u4f46\u904e\u53bb10\u591a\u5e74\u9019\u4e00\u8da8\u52e2\u5374\u767c\u751f\u4e86\u9006\u8f49\u3002<\/li>\n<li>\u904e\u53bb\uff0c\u50f9\u503c\u6295\u8cc7\u8005\u7684\u8010\u5fc3\u7232\u4ed6\u5011\u5e36\u4f86\u4e86\u8c50\u539a\u7684\u56de\u5831\uff0c\u4f46\u6839\u672c\u6027\u7684\u7d93\u6fdf\u8b8a\u5316\u6216\u8a31\u5df2\u7d93\u5c07\u6295\u8cc7\u5929\u5e73\u64fa\u5411\u4e86\u79d1\u6280\u6216\u79d1\u6280\u8ce6\u80fd\u578b\u7684\u6210\u9577\u578b\u516c\u53f8\u3002<\/li>\n<li>\u8d8a\u4f86\u8d8a\u591a\u7684\u516c\u53f8\u5c07\u8d8a\u4f86\u8d8a\u591a\u7684\u8cc7\u91d1\u6295\u5411\u50b3\u7d71\u8ca1\u52d9\u6307\u6a19\u96e3\u4ee5\u6070\u7576\u9ad4\u73fe\u7684\u7121\u5f62\u8cc7\u7523\uff0c\u56e0\u6b64\u50f9\u503c\u6295\u8cc7\u8005\u6216\u8a31\u6709\u5fc5\u8981\u91cd\u65b0\u8a55\u4f30\u4ed6\u5011\u7684\u516c\u53f8\u4f30\u503c\u65b9\u5f0f\u3002<\/li>\n<li>\u50f9\u503c\u6295\u8cc7\u7684\u512a\u52e2\u80fd\u5426\u56de\u6b78\uff0c\u9019\u500b\u554f\u984c\u53ea\u6709\u6642\u9593\u624d\u80fd\u56de\u7b54\uff0c\u4f46\u6bcf\u4e00\u500b\u6295\u8cc7\u8005\u7684\u6295\u8cc7\u671f\u9650\u4e0d\u540c\uff0c\u6709\u7684\u4eba\u53ef\u80fd\u5df2\u7d93\u6c92\u6709\u6642\u9593\u71ac\u4e0b\u53bb\u4e86\u3002<\/li>\n<\/ul>\n<p>\u5f9e\u7e3d\u6536\u76ca\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u50f9\u503c\u6295\u8cc7\u5728\u6578\u5341\u5e74\u7684\u6642\u9593\u8de8\u5ea6\u5167\u8dd1\u8d0f\u4e86\u6210\u9577\u6295\u8cc7\u3002\u5927\u578b\u6295\u8cc7\u516c\u53f8\u8af8\u5982Dimensional Fund Advisors\u8a8d\u8b58\u5230\u50f9\u503c\u662f\u4e00\u500b\u6301\u4e45\u4e0d\u8b8a\u4e14\u53ef\u4f9b\u6295\u8cc7\u7684\u56e0\u5b50\uff0c\u56e0\u6b64\u4ed6\u5011\u7684\u6295\u8cc7\u7406\u5ff5\u548c\u4ea4\u6613\u5f88\u5927\u7a0b\u5ea6\u4e0a\u90fd\u57fa\u4e8e\u9019\u4e00\u5b78\u8853\u89c0\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\">\u4e9e\u99ac\u905cAmazon.com\uff08NASDAQ: AMZN\uff09<\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=AAPL\">\u860b\u679cApple\uff08NASDAQ: AAPL\uff09<\/a>\u3001<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=MSFT\">\u5fae\u8edfMicrosoft\uff08NASDAQ: MSFT\uff09<\/a>\u4ee5\u53ca\u7a40\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\u9019\u6a23\u7684\u8d85\u9ad8\u5e02\u503c\u7684\u6210\u9577\u578b\u516c\u53f8\uff0c\u800c\u898f\u6a21\u8f03\u5c0f\u4e14\u66f4\u8da8\u4e8e\u50f9\u503c\u5c0e\u5411\u7684\u516c\u53f8\u88ab\u7529\u5728\u4e86\u5f8c\u9762\u3002\u9019\u4e00\u8da8\u52e2\u80fd\u5426\u6216\u5c07\u6301\u7e8c\u591a\u9577\u6642\u9593\uff1f\u9019\u5f88\u96e3\u6709\u4e00\u500b\u5b9a\u8ad6\uff0c\u4f46\u50c5\u5c31\u76ee\u524d\u7684\u60c5\u51b5\u4f86\u770b\uff0c\u81f3\u5c11\u5728\u53ef\u9810\u898b\u7684\u5c07\u4f86\uff0c\u9019\u4e00\u8da8\u52e2\u61c9\u8a72\u4e0d\u6703\u767c\u751f\u6539\u8b8a\u3002<\/p>\n<p>\u985e\u4f3c\u4e0a\u6587\u63d0\u53ca\u7684\u9019\u4e9b\u8d85\u9ad8\u5e02\u503c\u516c\u53f8\uff0c\u5b83\u5011\u5728\u6536\u8cfc\u548c\u7814\u767c\u8cfc\u8cb7\u529b\uff0c\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\uff0c\u52de\u52d5\u529b\u8cea\u91cf\u548c\u958b\u767c\uff0c\u653f\u6cbb\u5be6\u529b\uff0c\u6d88\u8cbb\u8005\u504f\u597d\u4ee5\u53ca\u5f88\u591a\u5176\u4ed6\u65b9\u9762\u90fd\u64c1\u6709\u7121\u9650\u7684\u8cc7\u6e90\u3002\u82e5\u8981\u64bc\u52d5\u79d1\u6280\u548c\u901a\u4fe1\u670d\u52d9\u9818\u57df\u9019\u4e9b\u5de8\u982d\u7684\u9738\u4e3b\u5730\u4f4d\uff0c\u52e2\u5fc5\u8981\u5c0d\u884c\u696d\u9032\u884c\u91cd\u5927\u7684\u985b\u8986\u3002\u5118\u7ba1\u9019\u7a2e\u53ef\u80fd\u6027\u4ecd\u7136\u5b58\u5728\uff0c\u4f46\u5be6\u73fe\u7684\u96e3\u5ea6\u8981\u6bd4\u4ee5\u5f80\u4efb\u4f55\u6642\u5019\u90fd\u5927\u3002<\/p>\n<p>\u4e00\u500b\u771f\u6b63\u638c\u63e1\u985b\u8986\u6027\u5546\u696d\u6a21\u5f0f\u7684\u521d\u5275\u4f01\u696d\u53ef\u80fd\u6709\u5e7e\u7a2e\u51fa\u8def\uff0c\u5728\u6b64\u8a66\u8209\u5169\u7a2e\u60c5\u51b5\u3002\u7b2c\u4e00\u7a2e\u60c5\u51b5\u662f\uff0c\u4f01\u696d\u5bb6\u5275\u8fa6\u516c\u53f8\uff0c\u96a8\u5f8c\u4e0d\u65b7\u958b\u767c\u548c\u64f4\u5927\u81ea\u5df1\u7684\u696d\u52d9\u3002\u4e00\u65e6\u5275\u696d\u6210\u529f\uff0c\u53ef\u4ee5\u5408\u7406\u9810\u8a08\u7684\u662f\uff0c\u884c\u696d\u5de8\u982d\u5c31\u6703\u5c07\u5176\u7d0d\u5165\u95dc\u6ce8\u76ee\u6a19\uff0c\u8981\u9ebd\u8996\u7232\u5a01\u8105\uff0c\u8981\u9ebd\u8996\u7232\u6a5f\u6703\uff0c\u63a5\u8457\u4ed6\u5011\u6703\u5229\u7528\u81ea\u5df1\u7684\u8cc7\u6e90\u5c07\u9019\u5bb6\u65b0\u516c\u53f8\u6536\u5165\u56ca\u4e2d\u3002\u7b2c\u4e8c\u689d\u51fa\u8def\u8ddf\u7b2c\u4e00\u500b\u57fa\u672c\u985e\u4f3c\uff0c\u516c\u53f8\u5275\u7acb\u3001\u767c\u5c55\u5e77\u53d6\u5f97\u6210\u529f\uff0c\u4f46\u4e00\u76f4\u4fdd\u6301\u7368\u7acb\u5e77\u4e0d\u65b7\u767c\u5c55\u58ef\u5927\u3002\u7b49\u5230\u4e0a\u5e02\u6642\uff0c\u8a72\u516c\u53f8\u5c07\u88ab\u6b78\u985e\u7232\u4e2d\u7b49\u5e02\u503c\u6216\u9ad8\u5e02\u503c\u7684\u6210\u9577\u578b\u516c\u53f8\u3002\u5f88\u591a\u521d\u5275\u516c\u53f8\u90fd\u5c6c\uffff\u9019\u4e00\u985e\u5225\uff0c\u6bd4\u5982\u8aaa<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\">\u512a\u6b65Uber\uff08NYSE: UBER\uff09<\/a>\u3002\u6b64\u5916\uff0c\u5927\u578b\u516c\u53f8\u5f80\u5f80\u6709\u8cc7\u91d1\u5be6\u529b\u958b\u5c55\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\uff0c\u4f46\u7531\u4e8e\u6703\u8a08\u6163\u4f8b\u8981\u6c42\u516c\u53f8\u5c07\u9019\u4e9b\u652f\u51fa\u8cbb\u7528\u5316\u800c\u4e0d\u662f\u8cc7\u672c\u5316\uff0c\u56e0\u6b64\u8cc7\u672c\u7684\u50f9\u503c\u5f80\u5f80\u7121\u6cd5\u7372\u5f97\u5408\u7406\u7684\u9ad4\u73fe\uff0c\u5177\u9ad4\u8868\u73fe\u7232\u8cec\u9762\u50f9\u503c\u88ab\u4f4e\u4f30\u800c\u5e02\u6de8\u7387\u88ab\u9ad8\u4f30\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u4e9b\u516c\u53f8\u7e7c\u7e8c\u88ab\u6b78\u985e\u7232\u6210\u9577\u578b\u516c\u53f8\u800c\u975e\u50f9\u503c\u578b\u516c\u53f8\u3002<\/p>\n<p>\u5275\u65b0\u548c\u79d1\u6280\u578b\u5275\u696d\u7684\u7372\u76ca\u4e0d\u65b7\u5411\u5927\u578b\u79d1\u6280\u516c\u53f8\u805a\u96c6\uff0c\u4e00\u500b\u5177\u9ad4\u9ad4\u73fe\u662f\u9019\u4e9b\u516c\u53f8\u5167\u90e8\u5b75\u5316\u65b0\u516c\u53f8\u7684\u8da8\u52e2\uff0c\u60f3\u60f3\u770bAlphabet\u7684Waymo\u4ee5\u53ca<a href=\"https:\/\/nai500.com\/zh-hans\/\u80a1\u7968\u67e5\u8be2\/?qm_symbol=GM\">\u901a\u7528\u6c7d\u8ecaGeneral Motors\uff08NYSE: 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