{"id":358105,"date":"2020-11-18T15:52:19","date_gmt":"2020-11-18T23:52:19","guid":{"rendered":"https:\/\/nai500.com\/blog\/2020\/11\/%e4%bb%b7%e5%80%bc%e8%82%a1%e8%bd%ae%e5%8a%a8-%e4%bb%b7%e5%80%bc%e6%8a%95%e8%b5%84\/"},"modified":"2020-11-18T15:53:24","modified_gmt":"2020-11-18T23:53:24","slug":"%e5%83%b9%e5%80%bc%e8%82%a1%e8%bc%aa%e5%8b%95-%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/11\/%e5%83%b9%e5%80%bc%e8%82%a1%e8%bc%aa%e5%8b%95-%e5%83%b9%e5%80%bc%e6%8a%95%e8%b3%87\/","title":{"rendered":"\u50f9\u503c\u80a1\u8f2a\u52d5\u52a0\u901f\uff0c\u4f46\u50f9\u503c\u6295\u8cc7\u5e77\u4e0d\u662f\u4f60\u60f3\u50cf\u4e2d\u7684\u90a3\u9ebd\u7c21\u55ae"},"content":{"rendered":"<p>\u904e\u53bb\u5341\u5e7e\u5e74\uff0c\u50f9\u503c\u6295\u8cc7\u5728\u6210\u9577\u80a1\u5927\u6f32\u7684\u5149\u8f1d\u4e0b\u986f\u5f97\u9eef\u7136\u5931\u8272\uff0c\u4f46\u9019\u5e77\u4e0d\u610f\u5473\u8457\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u5df2\u7d93\u5fb9\u5e95\u5931\u6548\u3002\u76f8\u53cd\uff0c\u6700\u8fd1\u50f9\u503c\u80a1\u7684\u8f2a\u52d5\u52a0\u901f\uff0c\u5c08\u5bb6\u751a\u81f3\u9810\u6e2c\u50f9\u503c\u80a1\u7684\u6625\u5929\u5373\u5c07\u5230\u4f86\u3002\u4e0d\u904e\uff0c\u50f9\u503c\u6295\u8cc7\u6216\u8a31\u5e77\u975e\u662f\u4f60\u60f3\u50cf\u4e2d\u7684\u90a3\u9ebd\u7c21\u55ae\u3002<\/p>\n<p>\u6295\u8cc7\u8005\u50c5\u50c5\u8ffd\u9010\u50f9\u503c\uff0c\u5373\u6240\u8b02\u7684\u50f9\u5ec9\u9084\u662f\u4e0d\u591f\u7684\u3002\u56b4\u91cd\u4f4e\u4f30\u7684\u80a1\u7968\u4e5f\u53ef\u80fd\u662f\u9ad8\u98a8\u96aa\u500b\u80a1\uff0c\u6295\u8cc7\u8005\u6975\u6709\u53ef\u80fd\u5c31\u6703\u9677\u5165\u50f9\u503c\u9677\u9631\uff1a\u7576\u521d\u8cb7\u5165\u4f4e\u4f30\u80a1\u7968\uff0c\u60f3\u8457\u4ee5\u5f8c\u53ef\u4ee5\u7372\u5f97\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u7684\u6536\u76ca\u7387\uff0c\u7d50\u679c\u5374\u6b63\u597d\u76f8\u53cd\u3002\u50f9\u503c\u9677\u9631\u767c\u751f\u7684\u539f\u56e0\u6709\u5f88\u591a\uff0c\u6bd4\u5982\u8aaa\u57fa\u672c\u9762\u7684\u4e0d\u65b7\u60e1\u5316\uff0c\u4ee5\u53ca\u5e02\u5834\u6216\u7af6\u722d\u683c\u5c40\u767c\u751f\u4e86\u8b8a\u5316\u3002<\/p>\n<h2>\u8cea\u91cf\u6536\u76ca\u6295\u8cc7<\/h2>\n<p>\u7232\u4e86\u907f\u514d\u9677\u5165\u9ad8\u6ce2\u52d5\u548c\u9ad8\u98a8\u96aa\u7684\u50f9\u503c\u9677\u9631\uff0c\u6211\u5011\u9700\u8981\u5728\u50f9\u503c\u6295\u8cc7\u7576\u4e2d\u52a0\u5165\u8cea\u91cf\u6307\u6a19\uff0c\u9019\u7a2e\u6295\u8cc7\u7b56\u7565\u56e0\u6b64\u4e5f\u88ab\u7a31\u7232\u8cea\u91cf\u6536\u76ca\u6295\u8cc7\uff08quality income investing\uff09\u3002\u76f8\u6bd4\u7d14\u7cb9\u7684\u50f9\u503c\u6295\u8cc7\uff0c\u8cea\u91cf\u6536\u76ca\u6295\u8cc7\u5728\u718a\u5e02\u4e2d\u7684\u4e0b\u884c\u6355\u7372\u7387\u66f4\u4f4e\u3002<\/p>\n<p>\u6bd4\u5982\u8aaa\uff0c2000\u5e743\u670831\u65e5\u81f32020\u5e746\u670830\u65e5\u671f\u9593\uff0c\u76f8\u6bd4\u8ddf\u8e2a21\u500b\u767c\u9054\u6d77\u5916\u5e02\u5834\u5927\u4e2d\u5e02\u503c\u8b49\u5238\u7684MSCI EAFE\u6307\u6578\uff0c\u91c7\u53d6\u8cea\u91cf+\u50f9\u503c\u7b56\u7565\u7684Pyrford International\u80a1\u7968\u7d9c\u5408\u6307\u6578\u7684\u4e0b\u884c\u6355\u7372\u7387\u53ea\u6709\u524d\u8005\u7684\u5927\u7d04\u4e09\u5206\u4e4b\u4e8c\u3002\u53e6\u5916\uff0cPyrford\u9019\u4e00\u8cea\u91cf\u6536\u76ca\u7b56\u7565\u7684\u4e0a\u884c\u6355\u7372\u7387\u7d04\u723287%\u3002<\/p>\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u6ce2\u52d5\u8207\u98a8\u96aa\u76f8\u95dc\uff0c\u56e0\u6b64\u4f4e\u6ce2\u52d5\u610f\u5473\u8457\u4f4e\u98a8\u96aa\uff0c\u4f4e\u98a8\u96aa\u610f\u5473\u8457\u4f4e\u56de\u5831\u3002\u4e0d\u904e\uff0c\u8cea\u91cf\u6536\u76ca\u6295\u8cc7\u7684\u76ee\u7684\u662f\u8981\u964d\u4f4e\u4e0b\u884c\u6355\u7372\u7387\uff0c\u5be6\u73fe\u66f4\u4f4e\u7684\u6ce2\u52d5\u548c\u66f4\u9ad8\u7684\u9577\u671f\u6536\u76ca\u7387\u3002<\/p>\n<h2>\u5982\u4f55\u5c0b\u627e\u512a\u8cea\u7684\u50f9\u503c\u578b\u516c\u53f8\uff1f<\/h2>\n<p>\u8cea\u91cf+\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u7684\u6838\u5fc3\u5728\u4e8e\u9ad8\u4e8e\u5e02\u5834\u7684\u80a1\u606f\u7387\uff0c\u4f4e\u4e8e\u5e02\u5834\u7684\u8ca1\u52d9\u6760\u6746\u4ee5\u53ca\u9ad8\u4e8e\u5e02\u5834\u7684\u6de8\u8cc7\u7523\u6536\u76ca\u7387\u3002\u5e77\u4e0d\u662f\u6bcf\u4e00\u96bb\u80a1\u7968\u7684\u80a1\u606f\u7387\u90fd\u5fc5\u9808\u9ad8\u4e8e\u5e02\u5834\uff0c\u4f46\u8cea\u91cf\u6536\u76ca\u6295\u8cc7\u7d44\u5408\u7684\u6574\u9ad4\u80a1\u606f\u7387\u61c9\u8a72\u9ad8\u4e8e\u5e02\u5834\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u7d44\u5408\u7684\u9ad8\u6de8\u8cc7\u7523\u6536\u76ca\u7387\u4e0d\u80fd\u4f86\u81ea\u4e8e\u8ca1\u52d9\u6760\u6746\u3002\u5728\u8cc7\u7523\u8ca0\u50b5\u8868\u4e2d\u653e\u5165\u5927\u91cf\u7684\u5ec9\u50f9\u8ca0\u50b5\uff0c\u9019\u6a23\u5c31\u53ef\u4ee5\u8f15\u9b06\u63d0\u9ad8\u6de8\u8cc7\u7523\u6536\u76ca\u7387\uff0c\u4f46\u9019\u7a2e\u65b9\u5f0f\u4e0d\u53ef\u6301\u7e8c\u3002\u4f4e\u4e8e\u5e02\u5834\u7684\u6760\u6746\u964d\u4f4e\u4e0b\u884c\u6355\u7372\u7387\uff0c\u9019\u5c0d\u4e8e\u8cea\u91cf\u6536\u76ca\u7b56\u7565\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u597d\u7684\u5546\u696d\u6a21\u5f0f\u7684\u4e00\u500b\u6a19\u5fd7\u5c31\u662f\u901a\u904e\u8cc7\u7523\u5468\u8f49\u7387\u548c\/\u6216\u5229\u6f64\u7387\u4f86\u9a45\u52d5\u6de8\u8cc7\u7523\u6536\u76ca\u7387\u3002\u512a\u8cea\u7684\u50f9\u503c\u578b\u516c\u53f8\u7121\u8ad6\u662f\u751f\u7523\u7523\u54c1\u9084\u662f\u63d0\u4f9b\u670d\u52d9\uff0c\u90fd\u80fd\u6eff\u8db3\u6d88\u8cbb\u8005\u7684\u9700\u6c42\u4e14\u4f9b\u4e0d\u61c9\u6c42\uff0c\u8cc7\u7523\u5468\u8f49\u7387\u9ad8\u3002\u540c\u6642\uff0c\u5728\u898f\u6a21\u7d93\u6fdf\u7684\u4f5c\u7528\u4e0b\uff0c\u4f01\u696d\u7684\u5229\u6f64\u7387\u4e5f\u7372\u5f97\u4e86\u63d0\u9ad8\u3002<\/p>\n<p>\u73fe\u5728\u554f\u984c\u8b8a\u6210\u4e86\uff1a\u9019\u4e00\u6de8\u8cc7\u7523\u6536\u76ca\u7387\u53ef\u6301\u7e8c\u55ce\uff1f\u7232\u6b64\uff0c\u54c8\u4f5b\u5927\u5b78\u5fae\u89c0\u7d93\u6fdf\u5b78\u6559\u6388Michael Porter\u958b\u767c\u4e86\u4e00\u5957\u7406\u8ad6\u6846\u67b6\u4f86\u78ba\u5b9a\u4e00\u5bb6\u516c\u53f8\u7684\u7af6\u722d\u683c\u5c40\u4ee5\u53ca\u9577\u671f\u7684\u7372\u5229\u80fd\u529b\uff1a<\/p>\n<ol>\n<li>\u9032\u5165\u58c1\u58d8<\/li>\n<\/ol>\n<p>\u884c\u696d\u7684\u9032\u5165\u58c1\u58d8\uff0c\u4e5f\u5c31\u662f\u5df4\u83f2\u7279\u7d93\u5e38\u63d0\u53ca\u7684\u8b77\u57ce\u6cb3\u975e\u5e38\u91cd\u8981\u3002\u9032\u5165\u58c1\u58d8\u5f62\u5f0f\u591a\u6a23\uff0c\u5305\u62ec\u6280\u8853\u512a\u52e2\u3001\u54c1\u724c\u5340\u5206\u3001\u7248\u6b0a\u548c\u5c08\u5229\u7b49\u3002<\/p>\n<ol start=\"2\">\n<li>\u4e0d\u53ef\u66ff\u4ee3\u6027<\/li>\n<\/ol>\n<p>\u6709\u6c92\u6709\u53ef\u80fd\u51fa\u73fe\u65b0\u7684\u7523\u54c1\u6216\u670d\u52d9\u5e77\u596a\u8d70\u4e00\u5bb6\u516c\u53f8\u7684\u512a\u52e2\uff1f\u4e9e\u99ac\u905cAmazon.com\uff08NASDAQ: AMZN\uff09\u5c31\u662f\u9019\u6a23\u7684\u4e00\u5bb6\u985b\u8986\u6027\u516c\u53f8\u3002\u8a72\u516c\u53f8\u9032\u5165\u4e00\u500b\u9818\u57df\uff0c\u9019\u500b\u9818\u57df\u7684\u516c\u53f8\u5c31\u5c07\u9762\u81e8\u6ec5\u9802\u4e4b\u707e\u3002<\/p>\n<ol start=\"3\">\n<li>\u50f9\u683c\u7d00\u5f8b<\/li>\n<\/ol>\n<p>\u5373\u4f7f\u662f\u6700\u5f3a\u5927\u7684\u516c\u53f8\uff0c\u4e00\u65e6\u958b\u6253\u50f9\u683c\u6230\uff0c\u7372\u5229\u80fd\u529b\u5c31\u5c07\u4e0d\u5fa9\u5b58\u5728\u3002\u56e0\u6b64\uff0c\u6295\u8cc7\u8005\u8981\u898f\u907f\u9ad8\u5ea6\u5206\u6563\u7684\u884c\u696d\u3002<\/p>\n<ol start=\"4\">\n<li>\u76f8\u5c0d\u5ba2\u6236\u548c\u4f9b\u61c9\u5546\u7684\u5b9a\u50f9\u6b0a<\/li>\n<\/ol>\n<p>\u88ab\u6295\u8cc7\u516c\u53f8\u7684\u5be6\u529b\u5c07\u51b3\u5b9a\u9019\u5bb6\u516c\u53f8\u7684\u5b9a\u50f9\u6b0a\u3002\u5982\u679c\u4f60\u7684\u5ba2\u6236\u662f\u901a\u7528\u6c7d\u8ecaGeneral Motors\uff08NYSE: GM\uff09\uff0c\u751f\u7523\u7684\u7523\u54c1\u8981\u8ce3\u7d66\u9019\u6a23\u7684\u5de8\u982d\uff0c\u5c0d\u65b9\u6703\u58d3\u50f9\uff0c\u4e0d\u6703\u8b93\u4f60\u7372\u5f97\u9ad8\u7684\u6de8\u8cc7\u7523\u6536\u76ca\u7387\uff0c\u62ff\u8d70\u4f60\u7684\u5229\u6f64\u7387\u548c\u7372\u5229\u80fd\u529b\u3002<\/p>\n<p>\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7b26\u5408\u4e0a\u8ff0\u7684\u57fa\u672c\u9762\u5206\u6790\uff0c\u9019\u61c9\u8a72\u6703\u662f\u4e00\u96bb\u9577\u671f\u7684\u725b\u80a1\u3002\u5982\u679c\u4f60\u7684\u6295\u8cc7\u7d44\u5408\u90fd\u662f\u9019\u6a23\u7684\u9ad8\u8cea\u91cf\u50f9\u503c\u578b\u516c\u53f8\uff0c\u5e02\u5834\u4e0b\u884c\u5c0d\u4f60\u7684\u885d\u64ca\u5c07\u6703\u51cf\u8f15\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u904e\u53bb\u5341\u5e7e\u5e74\uff0c\u50f9\u503c\u6295\u8cc7\u5728\u6210\u9577\u80a1\u5927\u6f32\u7684\u5149\u8f1d\u4e0b\u986f\u5f97\u9eef\u7136\u5931\u8272\uff0c\u4f46\u9019\u5e77\u4e0d\u610f\u5473\u8457\u50f9\u503c\u6295\u8cc7\u7b56\u7565\u5df2\u7d93\u5fb9\u5e95\u5931\u6548\u3002\u76f8\u53cd\uff0c\u6700\u8fd1\u50f9\u503c\u80a1 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":358102,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[431],"tags":[],"class_list":["post-358105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hant","sectors--zh-hant","sectors-mining-zh-hant","sectors-oil-gas-zh-hant","sectors-financial-products-zh-hant","locations-canada-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/358105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=358105"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/358105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/358102"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=358105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=358105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=358105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}