{"id":310042,"date":"2019-12-16T22:30:53","date_gmt":"2019-12-17T06:30:53","guid":{"rendered":"https:\/\/nai500.com\/?p=310042"},"modified":"2019-12-18T09:15:40","modified_gmt":"2019-12-18T17:15:40","slug":"%e7%be%8e%e8%81%af%e5%84%b2-%e5%b8%82%e5%a0%b4%e6%b5%81%e5%8b%95%e6%80%a7-%e6%b3%a1%e6%b2%ab","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2019\/12\/%e7%be%8e%e8%81%af%e5%84%b2-%e5%b8%82%e5%a0%b4%e6%b5%81%e5%8b%95%e6%80%a7-%e6%b3%a1%e6%b2%ab\/","title":{"rendered":"\u7f8e\u806f\u5132\u3001\u5e02\u5834\u6d41\u52d5\u6027\u548c\u6ce1\u6cab\u7684\u90a3\u4e9b\u4e8b\u5152"},"content":{"rendered":"<p>\u672c\u6587\u662f\u4f86\u81ea\u6211\u5011\u7684\u5167\u5bb9\u5408\u4f5c\u5925\u4f34Equity.Guru\u7684\u539f\u5275\u5167\u5bb9\u3002\u9ede\u64ca\u6b64\u93c8\u63a5<a href=\"https:\/\/equity.guru\/2019\/12\/13\/u-s-fed-market-liquidity-welcome-everything-bubble\/\">https:\/\/equity.guru\/2019\/12\/13\/u-s-fed-market-liquidity-welcome-everything-bubble\/<\/a>\u67e5\u770b\u539f\u6587\u3002<\/p>\n<p>\u7576\u6211\u63d0\u5230\u7f8e\u806f\u5132\u3001\u5e02\u5834\u6d41\u52d5\u6027\u548c\u6ce1\u6cab\u7684\u6642\u5019\uff0c\u6211\u60f3\u5148\u6f84\u6e05\u7684\u4e00\u9ede\uff0c\u4e5f\u662f\u5f8c\u4f86\u6539\u8b8a\u4e86\u6211\u770b\u5f85\u9019\u500b\u4e16\u754c\u65b9\u5f0f\u7684\u4e00\u9ede\u662f\uff0c\u7121\u8ad6\u7d93\u6fdf\u5b78\u8ab2\u672c\u4e0a\u662f\u600e\u6a23\u8b1b\u7684\uff0c\u4e8b\u5be6\u4e0a\uff0c\u5f9e\u4f86\u6c92\u6709\u4e00\u7a2e\u7269\u7269\u4ea4\u63db\u5236\u5ea6\uff0c\u81ea\u947d\u6728\u53d6\u706b\u4ee5\u4f86\uff0c\u6211\u5011\u4e00\u76f4\u662f\u5728\u9760\u900f\u652f\u4fe1\u7528\u548c\u6536\u53d6\u50b5\u52d9\u71df\u751f\u3002\u9084\u6709\u4e00\u9ede\u5c31\u662f\u91d1\u9322\u4e26\u6c92\u6709\u50f9\u503c\uff0c\u50c5\u50c5\u662f\u6bd4\u8f03\u4e0d\u540c\u5c0d\u8c61\u50f9\u503c\u7684\u4e00\u7a2e\u5ea6\u91cf\u624b\u6bb5\u3002<\/p>\n<p>\u8209\u500b\u6817\u5b50\uff0c\u7576\u82f1\u570b\u592e\u884c\u65bc1694\u5e74\u958b\u696d\u6642\uff0c\u5be6\u969b\u4e0a\u5b83\u662f\u5411\u5a01\u5ec9\u4e09\u4e16\u63d0\u4f9b\u4e86120\u842c\u82f1\u938a\u7684\u8cb8\u6b3e\uff0c\u4ee5\u91cd\u5efa\u8207\u6cd5\u570b\u5728\u6bd4\u5947\u89d2\u6d77\u6230\u4e2d\u6158\u6557\u7684\u82f1\u570b\u6d77\u8ecd\u3002<\/p>\n<p>\u63a5\u4e0b\u4f86\uff0c\u9280\u884c\u6839\u64da\u9019\u4e9b\u50b5\u52d9\u767c\u884c\u4e86\u7968\u64da\u6216\u8005\u501f\u689d\uff0c\u5f8c\u4f86\u5c31\u88ab\u516c\u773e\u4f5c\u70ba\u8ca8\u5e63\u9032\u884c\u4ea4\u6613\u548c\u4f7f\u7528\u3002\u56e0\u6b64\uff0c\u53ef\u4ee5\u8aaa\u9019\u4e9b\u7968\u64da\u4ee3\u8868\u8457\u5a01\u5ec9\u4e09\u4e16\u7528\u4f5c\u7dad\u8b77\u82f1\u570b\u6d77\u8ecd\u7684\u9280\u5e63\uff0c\u4e26\u6c92\u6709\u56fa\u6709\u50f9\u503c\u3002<\/p>\n<p>\u64da\u6211\u6240\u77e5\uff0c\u9019\u7b46\u50b5\u52d9\u5f8c\u4f86\u6839\u672c\u6c92\u6709\u511f\u9084\uff0c\u56e0\u70ba\u5982\u679c\u6709\u7684\u8a71\uff0c\u82f1\u683c\u862d\u7684\u8ca8\u5e63\u5c07\u8b8a\u5f97\u4e00\u6587\u4e0d\u503c\u3002\u50b5\u52d9\u548c\u4fe1\u7528\u5c31\u50cf\u8aaa\u8a71\u4e00\u6a23\uff0c\u662f\u65e5\u5e38\u751f\u6d3b\u4e0d\u53ef\u6216\u7f3a\u7684\u7d44\u6210\u90e8\u5206\u3002\u53ea\u4e0d\u904e\uff0c\u7576\u50b5\u52d9\u9060\u9060\u8d85\u904e\u57fa\u790e\u8cc7\u7522\u6216\u767c\u884c\u4eba\u7684\u652f\u4ed8\u80fd\u529b\u6642\uff0c\u6211\u5011\u7684\u4e09\u689d\u817f\u7684\u9280\u884c\u9ad4\u7cfb\u5c31\u6703\u5931\u53bb\u6839\u57fa\uff0c\u8b8a\u5f97\u4e0d\u518d\u7a69\u5b9a\u3002\u5728\u66f4\u6975\u7aef\u7684\u60c5\u6cc1\u4e0b\u6703\u5c0e\u81f4\u5e02\u5834\u5d29\u6f70\uff0c\u6bd4\u59821637\u5e74\u7684\u9b31\u91d1\u9999\u91d1\u878d\u5371\u6a5f\u3002<\/p>\n<p>\u81ea\u6b64\u4ee5\u5f8c\uff0c\u6211\u5011\u4e00\u76f4\u906d\u53d7\u8457\u7121\u6578\u6ce1\u6cab\/\u5d29\u76e4\u7684\u56f0\u64fe\uff0c\u5f9e1907\u5e74\u7684Knickerbocker Crisis\u5230\u6700\u8fd1\u76842009\u5e74\u91d1\u878d\u5371\u6a5f\uff0c\u7576\u6642\u62b5\u62bc\u8cb8\u6b3e\u652f\u6301\u7684\u8b49\u5238\u5d29\u76e4\uff0c\u5c0e\u81f4\u5168\u7403\u9280\u884c\u9ad4\u7cfb\u4e5f\u96a8\u4e4b\u5d29\u6f70\u3002<\/p>\n<p>\u70ba\u4e86\u6e1b\u8f15\u8cc7\u672c\u4e3b\u7fa9\u56fa\u6709\u7684\u7d93\u6fdf\u6df7\u4e82\uff0c\u7f8e\u570b\u653f\u5e9c\u4e8e1913\u5e74\u6210\u7acb\u4e86\u7f8e\u806f\u5132\u3002\u6b64\u5f8c\uff0c12\u500b\u9280\u884c\u5340\u7684\u7368\u7acb\u8463\u4e8b\u6703\u901a\u904e\u63a7\u5236\u5229\u7387\u548c\u73fe\u91d1\u6d41\u91cf\u4f86\u78ba\u5b9a\u570b\u5bb6\u7684\u8ca8\u5e63\u653f\u7b56\u3002<\/p>\n<p>\u5118\u7ba1\u7f8e\u806f\u5132\u5728\u5343\u79a7\u5e74\u4e4b\u4ea4\u7684\u6642\u5019\u672a\u80fd\u963b\u6b62\u5927\u856d\u689d\u6216\u96f7\u66fc\u5144\u5f1f\u5012\u81fa\uff0c\u4f46\u5b83\u8072\u7a31\u91cf\u5316\u5bec\u9b06\uff08QE\uff09\u963b\u6b62\u4e862009\u5e74\u9677\u5165\u81ea\u4e09\u5341\u5e74\u4ee3\u4ee5\u4f86\u6700\u6709\u540d\u7684\u4e00\u6b21\u7d93\u6fdf\u856d\u689d\u3002<\/p>\n<p>2007\u5e74\u91d1\u878d\u5371\u6a5f\u4e4b\u5f8c\uff0c\u5927\u5230\u5012\u9589\u4e0d\u4e86\u7684\u7f8e\u570b\u9280\u884c\u5c07\u6582\u8ca1\u7684\u5927\u624b\u4f38\u5411\u4e86\u96c6\u9ad4\u53e3\u888b\uff0c\u638f\u51fa7000\u5104\u7f8e\u5143\u7528\u65bc\u80a1\u7968\u56de\u8cfc\u548c\u9ad8\u7ba1\u734e\u91d1\u3002<\/p>\n<p>\u70ba\u4e86\u4f7f\u5176\u9918\u7684\u4eba\u64fa\u812b\u56f0\u5883\uff0c\u7f8e\u806f\u5132\u958b\u555f\u4e86\u5370\u9214\u6a5f\u6a21\u5f0f\u4e26\u5c07\u5176\u6ce8\u5165\u6d41\u52d5\u6027\u4e2d\uff0c\u4ee5\u7a00\u91cb\u5e02\u5834\u6bd2\u6027\u3002\u4ed6\u5011\u5e0c\u671b\u901a\u904e\u8cfc\u8cb7\u9280\u884c\u8a66\u5716\u9060\u96e2\u7684\u6240\u6709\u4e0d\u826f\u8cc7\u7522\uff08\u4e3b\u8981\u662f\u62b5\u62bc\u8cb8\u6b3e\u652f\u6301\u7684\u8b49\u5238\uff09\u4f86\u523a\u6fc0\u652f\u51fa\u548c\u5275\u9020\u5c31\u696d\u6a5f\u6703\u3002<\/p>\n<p>2014\u5e74\uff0c\u75764.0\u842c\u5104\u7f8e\u5143\u7684\u91cf\u5316\u5bec\u9b06\u7d50\u675f\u5f8c\uff0c\u7f8e\u806f\u5132\u5ba3\u4f48\u5927\u7372\u5168\u52dd\u3002\u7f8e\u806f\u5132\u6ce8\u5165\u7684\u9019\u4e9b\u9322\u5be6\u969b\u4e0a\u4e26\u6c92\u6709\u56de\u5230\u7d93\u6fdf\u4e2d\u3002\u76f8\u53cd\uff0c\u50cf\u9ad8\u76db\u9019\u6a23\u7684\u91d1\u878d\u6a5f\u69cb\u537b\u5411\u91d1\u878d\u5e02\u5834\u50be\u92b7\u4e86\u66f4\u591a\u7684\u8cc7\u91d1\uff0c\u56e0\u70ba\u8cc7\u7522\u7684\u56de\u5831\u7387\u9060\u9ad8\u65bc\u806f\u90a6\u5229\u7387\u3002<\/p>\n<p>10\u6708\u4efd\uff0c\u7f8e\u806f\u5132\u5ba3\u4f48\u4e86\u4e00\u9805\u70ba\u671f6\u500b\u6708\u7684\u8a08\u5283\uff0c\u4eba\u70ba\u5730\u589e\u52a0\u5404\u5730\u65b9\u806f\u5132\u7684\u91d1\u878d\u5132\u5099\u3002\u8a08\u5283\u662f\u6bcf\u6708\u8cfc\u8cb7\u50f9\u503c600\u5104\u7f8e\u5143\u7684\u570b\u5eab\u5238\uff0c\u5373\u6bcf\u665a\u8d85\u904e3\u5104\u7684\u6d41\u52d5\u6027\u6ce8\u5165\u3002<\/p>\n<p>2014\u5e74\u4ee5\u5f8c\uff0c\u7f8e\u806f\u5132\u901a\u904e\u7e2e\u6e1b\u6295\u8cc7\u7d44\u5408\u53c8\u6210\u529f\u91cb\u653e\u4e86\u5c07\u8fd1\u4e00\u842c\u5104\u7f8e\u5143\u7684\u8cc7\u7522\uff0c\u610f\u5473\u8457\u5728\u516d\u500b\u6708\u5f8c\u9019\u4e00\u6578\u5b57\u5c07\u518d\u6b21\u8d85\u904e4\u842c\u5104\u7f8e\u5143\u3002\u7b49\u65bc\u8aaa\u6211\u5011\u73fe\u5728\u53c8\u56de\u5230\u4e86\u8d77\u9ede\uff0c\u4e26\u4e14\u6c92\u6709\u4efb\u4f55\u505c\u6b62\u7684\u8de1\u8c61\u3002<\/p>\n<p>\u6295\u8cc7\u884c\u696d\u9818\u8896Howard 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