{"id":595355,"date":"2025-09-26T21:43:23","date_gmt":"2025-09-27T04:43:23","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/09\/under-the-stock-market-frenzy-why-has-warren-buffett-been-net-selling-stocks-for-11-consecutive-quarters\/"},"modified":"2025-09-26T21:43:48","modified_gmt":"2025-09-27T04:43:48","slug":"%e8%82%a1%e5%b8%82%e7%8b%82%e6%ad%a1%e4%b8%8b%e7%9a%84%e9%9a%b1%e6%86%82%e7%82%ba%e4%bd%95%e5%b7%b4%e8%8f%b2%e7%89%b9%e9%80%a3%e7%ba%8c-11-%e5%ad%a3%e5%ba%a6%e6%b7%a8%e8%b3%a3%e5%87%ba%e8%82%a1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/09\/%e8%82%a1%e5%b8%82%e7%8b%82%e6%ad%a1%e4%b8%8b%e7%9a%84%e9%9a%b1%e6%86%82%e7%82%ba%e4%bd%95%e5%b7%b4%e8%8f%b2%e7%89%b9%e9%80%a3%e7%ba%8c-11-%e5%ad%a3%e5%ba%a6%e6%b7%a8%e8%b3%a3%e5%87%ba%e8%82%a1\/","title":{"rendered":"\u80a1\u5e02\u72c2\u6b61\u4e0b\u7684\u96b1\u6182\uff1a\u70ba\u4f55\u5df4\u83f2\u7279\u9023\u7e8c11\u5b63\u5ea6\u6de8\u8ce3\u51fa\u80a1\u7968\uff1f"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">\u6c83\u502b<\/span><span class=\"s2\">\u00b7<\/span><span class=\"s1\">\u5df4\u83f2\u7279\u8fd1\u671f\u5411\u6295\u8cc7\u8005\u767c\u51fa\u4e86\u4e00\u9805\u6d89\u53ca<\/span><span class=\"s2\">1770<\/span><span class=\"s1\">\u5104\u7f8e\u5143\u7684\u91cd\u8981\u9810\u8b66\uff0c\u6b77\u53f2\u7d93\u9a57\u8868\u660e\uff0c\u80a1\u5e02\u5728\u63a5\u4e0b\u4f86\u7684\u5e7e\u5e74\u4e2d\u53ef\u80fd\u9762\u81e8\u6311\u6230\u3002\u9019\u4e00\u5224\u65b7\u6e90\u65bc\u5df4\u83f2\u7279\u57f7\u638c\u7684\u4f2f\u514b\u5e0c\u723e<\/span><span class=\"s2\">\u00b7<\/span><span class=\"s1\">\u54c8\u6492\u97cb\u516c\u53f8\u7684\u8fd1\u671f\u64cd\u4f5c\u53ca\u5176\u5c0d\u5e02\u5834\u4f30\u503c\u7684\u770b\u6cd5\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u5118\u7ba1\u4eca\u5e74<\/span><span class=\"s2\">4<\/span><span class=\"s1\">\u6708\u5728\u524d\u7e3d\u7d71\u7279\u6717\u666e\u5ba3\u4f48\u5168\u9762\u52a0\u5fb5\u95dc\u7a05\u5f8c\uff0c\u6a19\u666e<\/span><span class=\"s2\">500<\/span><span class=\"s1\">\u6307\u6578\u4e00\u5ea6\u66b4\u8dcc\uff0c\u4f46\u5e02\u5834\u96a8\u5f8c\u5c55\u73fe\u51fa\u5f37\u52c1\u97cc\u6027\uff0c\u5f9e\u4f4e\u9ede\u53cd\u5f48\u4e86<\/span><span class=\"s2\">33%<\/span><span class=\"s1\">\uff0c\u4e26\u6709\u671b\u5be6\u73fe\u9023\u7e8c\u7b2c\u4e94\u500b\u6708\u7684\u6b63\u9762\u56de\u5831\u3002\u7d93\u6fdf\u8868\u73fe\u512a\u65bc\u6295\u8cc7\u8005\u6700\u521d\u64d4\u6182\uff0c\u6a19\u666e<\/span><span class=\"s2\">500<\/span><span class=\"s1\">\u6210\u5206\u80a1\u516c\u53f8\u5728\u7b2c\u4e00\u548c\u7b2c\u4e8c\u5b63\u5ea6\u7684\u76c8\u5229\u5747\u8d85\u51fa\u9810\u671f\u3002\u7136\u800c\uff0c\u5728\u9019\u770b\u4f3c\u6a02\u89c0\u7684\u80cc\u666f\u4e0b\uff0c\u5df4\u83f2\u7279\u7684\u52d5\u5411\u537b\u50b3\u905e\u51fa\u8b39\u614e\u4fe1\u865f\u3002\u4f2f\u514b\u5e0c\u723e<\/span><span class=\"s2\">\u00b7<\/span><span class=\"s1\">\u54c8\u6492\u97cb\u516c\u53f8\u65d7\u4e0b\u64c1\u6709\u8d85\u904e<\/span><span class=\"s2\">180<\/span><span class=\"s1\">\u5bb6\u5b50\u516c\u53f8\uff0c\u5176\u4fdd\u96aa\u696d\u52d9\u7522\u751f\u7684\u73fe\u91d1\u6d41\u5e38\u88ab\u7528\u65bc\u6295\u8cc7\u80a1\u7968\u3002\u5728<\/span><span class=\"s2\">2022<\/span><span class=\"s1\">\u5e74\u718a\u5e02\u671f\u9593\uff0c\u516c\u53f8\u662f\u80a1\u7968\u7684\u6de8\u8cb7\u5bb6\uff0c\u4f46\u5e02\u5834\u89f8\u5e95\u5f8c\uff0c\u5176\u7b56\u7565\u767c\u751f\u8f49\u8b8a\uff0c\u81f3\u4eca\u5df2\u9023\u7e8c<\/span><span class=\"s2\">11<\/span><span class=\"s1\">\u500b\u5b63\u5ea6\u6de8\u8ce3\u51fa\u80a1\u7968\uff0c\u7d2f\u8a08\u6de8\u92b7\u552e\u984d\u9ad8\u9054<\/span><span class=\"s2\">1770<\/span><span class=\"s1\">\u5104\u7f8e\u5143\u3002\u66f4\u503c\u5f97\u95dc\u6ce8\u7684\u662f\uff0c\u622a\u81f3\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u4f2f\u514b\u5e0c\u723e\u8cec\u4e0a\u6301\u6709<\/span><span class=\"s2\">3440<\/span><span class=\"s1\">\u5104\u7f8e\u5143\u7684\u73fe\u91d1\u548c\u7f8e\u570b\u570b\u50b5\uff0c\u9019\u8868\u660e\u516c\u53f8\u8cc7\u91d1\u5145\u88d5\uff0c\u4f46\u5df4\u83f2\u7279\u537b\u9078\u64c7\u6301\u5e63\u89c0\u671b\u3002\u6700\u5408\u7406\u7684\u89e3\u91cb\u662f\uff0c\u7576\u524d\u5e02\u5834\u4f30\u503c\u904e\u9ad8\uff0c\u5c0e\u81f4\u96e3\u4ee5\u627e\u5230\u5177\u6709\u5438\u5f15\u529b\u7684\u6295\u8cc7\u6a19\u7684\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u5224\u65b7\u5e02\u5834\u4f30\u503c\u7684\u4e00\u500b\u95dc\u9375\u6307\u6a19\u662f\u9031\u671f\u6027\u8abf\u6574\u5e02\u76c8\u7387\uff08<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\uff09\u3002\u8207\u666e\u901a\u5e02\u76c8\u7387\u50c5\u770b\u904e\u53bb<\/span><span class=\"s2\">12<\/span><span class=\"s1\">\u500b\u6708\u6536\u76ca\u4e0d\u540c\uff0c<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\u63a1\u7528\u904e\u53bb\u5341\u5e74\u7d93\u901a\u8139\u8abf\u6574\u5f8c\u7684\u5e73\u5747\u6536\u76ca\uff0c\u80fd\u66f4\u5e73\u6ed1\u5730\u53cd\u6620\u5546\u696d\u9031\u671f\u6ce2\u52d5\u3002\u4e0a\u500b\u6708\uff0c\u6a19\u666e<\/span><span class=\"s2\">500<\/span><span class=\"s1\">\u6307\u6578\u7684\u5e73\u5747<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\u6bd4\u7387\u9054\u5230<\/span><span class=\"s2\">38<\/span><span class=\"s1\">\uff0c\u8655\u65bc\u6b77\u53f2\u9ad8\u4f4d\u3002\u81ea\u8a72\u6307\u6578<\/span><span class=\"s2\">1957<\/span><span class=\"s1\">\u5e74\u6210\u7acb\u4ee5\u4f86\u7684<\/span><span class=\"s2\">825<\/span><span class=\"s1\">\u500b\u6708\u4e2d\uff0c\u6708\u5ea6<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\u6bd4\u7387\u50c5\u6709<\/span><span class=\"s2\">41<\/span><span class=\"s1\">\u6b21\u8d85\u904e<\/span><span class=\"s2\">37<\/span><span class=\"s1\">\uff0c\u5373\u50c5\u6709\u7d04<\/span><span class=\"s2\">5%<\/span><span class=\"s1\">\u7684\u6642\u9593\u8655\u65bc\u5982\u6b64\u9ad8\u7684\u4f30\u503c\u5340\u9593\u3002\u6b77\u53f2\u6578\u64da\u986f\u793a\uff0c\u7576<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\u6bd4\u7387\u7a81\u7834<\/span><span class=\"s2\">37<\/span><span class=\"s1\">\u5f8c\uff0c\u6a19\u666e<\/span><span class=\"s2\">500<\/span><span class=\"s1\">\u6307\u6578\u5f80\u5f80\u5728\u5f8c\u7e8c\u4e00\u5e74\u3001\u5169\u5e74\u548c\u4e09\u5e74\u5167\u51fa\u73fe\u8ca0\u56de\u5831\u3002\u82e5\u9075\u5faa\u6b77\u53f2\u5e73\u5747\u898f\u5f8b\uff0c\u8a72\u6307\u6578\u53ef\u80fd\u5728\u4e00\u5e74\u5f8c\u4e0b\u8dcc<\/span><span class=\"s2\">3%<\/span><span class=\"s1\">\uff0c\u4e09\u5e74\u5f8c\u7d2f\u8a08\u4e0b\u8dcc<\/span><span class=\"s2\">14%<\/span><span class=\"s1\">\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u7576\u7136\uff0c\u6c92\u6709\u4efb\u4f55\u9810\u6e2c\u5de5\u5177\u662f\u5b8c\u7f8e\u7684\u3002\u6b77\u53f2\u8a18\u9304\u986f\u793a\uff0c\u5728<\/span><span class=\"s2\">CAPE<\/span><span class=\"s1\">\u6bd4\u7387\u9ad8\u4f4d\u5f8c\uff0c\u5e02\u5834\u5728\u67d0\u4e9b\u60c5\u6cc1\u4e0b\u4ecd\u80fd\u53d6\u5f97\u53ef\u89c0\u56de\u5831\u3002\u4f46\u4e0d\u53ef\u5426\u8a8d\uff0c\u7576\u524d\u80a1\u5e02\u4f30\u503c\u6602\u8cb4\u3002\u6b64\u5916\uff0c\u7a46\u8fea\u516c\u53f8\u958b\u767c\u7684\u4e00\u6b3e\u6a5f\u5668\u5b78\u7fd2\u7b97\u6cd5\u63d0\u793a\uff0c\u672a\u4f86<\/span><span class=\"s2\">12<\/span><span class=\"s1\">\u500b\u6708\u767c\u751f\u7d93\u6fdf\u8870\u9000\u7684\u6982\u7387\u70ba<\/span><span class=\"s2\">48%<\/span><span class=\"s1\">\u3002\u8a72\u6a21\u578b\u96d6\u8f03\u65b0\uff0c\u4f46\u56de\u6eaf\u81f3<\/span><span class=\"s2\">1960<\/span><span class=\"s1\">\u5e74\u7684\u6578\u64da\u9a57\u8b49\u986f\u793a\u5176\u6e96\u78ba\u6027\u8f03\u9ad8<\/span><span class=\"s2\">\u2014\u2014<\/span><span class=\"s1\">\u6bcf\u7576\u8b80\u6578\u8d85\u904e<\/span><span class=\"s2\">50%<\/span><span class=\"s1\">\u5f8c\u7d93\u6fdf\u8870\u9000\u5747\u6703\u767c\u751f\uff0c\u4e26\u4e14\u5b83\u6210\u529f\u9810\u6e2c\u4e86\u671f\u9593\u6240\u6709\u8870\u9000\u3002<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u7d9c\u5408\u4f86\u770b\uff0c\u9762\u5c0d\u53ef\u80fd\u75b2\u8edf\u7684\u5c31\u696d\u5e02\u5834\u4ee5\u53ca\u95dc\u7a05\u653f\u7b56\u5e36\u4f86\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u7d93\u6fdf\u524d\u666f\u5b58\u5728\u8b8a\u6578\u3002\u6c83\u502b<\/span><span class=\"s2\">\u00b7<\/span><span class=\"s1\">\u5df4\u83f2\u7279\u7684<\/span><span class=\"s2\">1770<\/span><span class=\"s1\">\u5104\u7f8e\u5143\u9810\u8b66\u4ee5\u53ca\u6b77\u53f2\u4f30\u503c\u6578\u64da\u5171\u540c\u6307\u5411\u4e00\u500b\u7d50\u8ad6\uff1a\u6295\u8cc7\u8005\u5728\u7576\u524d\u5e02\u5834\u74b0\u5883\u4e0b\u61c9\u4fdd\u6301\u8b66\u60d5\uff0c\u5728\u505a\u51fa\u6295\u8cc7\u6c7a\u7b56\u6642\u683c\u5916\u6ce8\u91cd\u4f30\u503c\uff0c\u8b39\u614e\u884c\u4e8b\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6c83\u502b\u00b7\u5df4\u83f2\u7279\u8fd1\u671f\u5411\u6295\u8cc7\u8005\u767c\u51fa\u4e86\u4e00\u9805\u6d89\u53ca1770\u5104\u7f8e\u5143\u7684\u91cd\u8981\u9810\u8b66\uff0c\u6b77\u53f2\u7d93\u9a57\u8868\u660e\uff0c\u80a1\u5e02\u5728\u63a5\u4e0b\u4f86\u7684\u5e7e\u5e74\u4e2d\u53ef\u80fd\u9762\u81e8\u6311\u6230 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":595350,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[1788,2126,1860,574],"class_list":{"0":"post-595355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-market-news-zh-hant","8":"tag-1788","9":"tag--zh-hant","11":"tag-574","12":"sectors--zh-hant","13":"sectors-financial-products-zh-hant","14":"sectors-technology-zh-hant","15":"locations-us-zh-hant","16":"exchange-nasdaq-zh-hant","17":"exchange-nyse-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/595355","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=595355"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/595355\/revisions"}],"predecessor-version":[{"id":595358,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/595355\/revisions\/595358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/595350"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=595355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=595355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=595355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}