{"id":190,"date":"2016-10-03T12:05:28","date_gmt":"2016-10-03T04:05:28","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=190"},"modified":"2018-10-12T20:22:14","modified_gmt":"2018-10-12T12:22:14","slug":"%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2016\/10\/%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91\/","title":{"rendered":"\u6307\u6578\u57fa\u91d1"},"content":{"rendered":"<h3><span style=\"font-size: 12pt;\">\u6307\u6578\u57fa\u91d1<\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u6709\u4e00\u6bb5\u771f\u4eba\u771f\u4e8b\u8981\u8207\u5927\u5bb6\u5206\u4eab\u4e00\u4e0b\uff1a<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 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12pt;\">\u5c0d\u6c96\u57fa\u91d1\u65bc1980\u5e74\u81f32000\u5e74\u5f88\u53d7\u6295\u8cc7\u8005\u6b61\u8fce\uff0c\u6700\u51fa\u540d\u83ab\u904e\u65bc\u7531\u591a\u540d\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u5f97\u734e\u8005\u6240\u6210\u7acb\u7684Long-Term Capital Management \uff08LTCM\uff09\u3002\u5c0d\u6c96\u57fa\u91d1\u7684\u6295\u8cc7\u4e0d\u4e00\u5b9a\u8207\u5c0d\u6c96\u6709\u95dc\uff0c\u5f88\u591a\u53ea\u662f\u57fa\u91d1\u7d93\u7406\u9032\u884c\u98a8\u96aa\u8207\u56de\u5831\u4e0d\u6210\u6bd4\u4f8b\u7684\u77ed\u7dda\u6295\u8cc7\uff0c\u639b\u4e86\u300c\u5c0d\u6c96\u300d\u4e8c\u5b57\u5c31\u53ef\u4ee5\u9032\u884c\u8207\u50b3\u7d71\u57fa\u91d1\u4e0d\u540c\u7684\u6295\u8cc7\u7b56\u7565\u3002\u5c0d\u6c96\u57fa\u91d1\u4e3b\u8981\u4f9d\u9760\u57fa\u91d1\u7d93\u7406\u7684\u500b\u4eba\u80fd\u529b\uff08\u7a31\u70baAlpha\uff09\u53bb\u9078\u64c7\u6295\u8cc7\u7269\u53ca\u6c7a\u5b9a\u8cb7\u8ce3\u6642\u6a5f\uff0c\u5f9e\u800c\u7372\u5f97\u5e02\u5834\u5e73\u5747\u56de\u5831\uff08\u7a31\u70baBeta\uff09\u4ee5\u5916\u66f4\u9ad8\u7684\u5229\u6f64\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u5c0d\u6c96\u57fa\u91d1\u516c\u53f8Prot\u00e9g\u00e9 Partners\u65bc\u9019\u6b2110\u5e74\u8ced\u5c40\u4e2d\uff0c\u9078\u64c7\u4e865\u96bb\u5c0d\u6c96\u57fa\u91d1\uff0c\u4f46\u57fa\u91d1\u540d\u7a31\u4e0d\u5411\u5916\u516c\u4f48\u3002\u7562\u83f2\u7279\u4e0d\u4f46\u6c92\u6709\u9078\u64c7\u81ea\u5df1\u7ba1\u7406\u7684\u516c\u53f8\u5df4\u90e1Berkshire Hathaway Inc.\u00a0\uff08\u516c\u53f8\u8cc7\u6599\uff1a\u75311980\u5e743\u6708\u81f3 2016\u5e748\u6708\uff0c\u5df4\u90e1BRK-A\u7684\u5e74\u5747\u56de\u5831\u70ba18.6%\u3001\u6309\u6708\u6ce2\u5e456.3%\uff09\uff0c\u53cd\u800c\u9078\u64c7Vanguard\uff08\u9818\u822a\uff09\u7684S&amp;P500\u6307\u6578\u57fa\u91d1\uff08\u57fa\u91d1\u8cc7\u6599\uff1a\u75311980\u5e743\u6708\u81f3 2016\u5e748\u6708\uff0c\u9818\u822aS&amp;P500\u6307\u6578\u57fa\u91d1VFINX\u7684\u5e74\u5747\u56de\u5831\u70ba10.1%\u3001\u6309\u6708\u6ce2\u5e454.4%\uff09\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u8af7\u523a\u7684\u662f\u7562\u83f2\u7279\u7684\u51fa\u540d\u5728\u65bc\u5176\u9078\u64c7\u6295\u8cc7\u7269\u7684\u80fd\u529b\uff0c\u4f46\u4ed6\u53cd\u800c\u9078\u64c7\u4e00\u500b\u88ab\u52d5\u5f0f\u7684\u6307\u6578\u57fa\u91d1\u53bb\u61c9\u6230\uff0c\u53ef\u80fd\u7562\u83f2\u7279\u60f3\u900f\u904e\u6307\u6578\u57fa\u91d1\u8aaa\u660e\u5176\u4ed6\u5c0d\u6c96\u57fa\u91d1\u80fd\u529b\u6bd4\u5927\u5e02\u5dee\uff0c\u6536\u8cbb\u53c8\u8cb4\uff0c\u800c\u81ea\u5df1\u5df4\u90e1\u5247\u6bd4\u5927\u5e02\u597d\uff0c\u4e00\u77f3\u4e8c\u9ce5\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u9019\u5834\u75312008\u5e74\u81f32018\u5e74\u7684\u8ced\u5c40\uff0c\u672a\u592010\u5e74\u5c31\u63a5\u8fd1\u7d50\u675f\u4e86\u3002\u65bc2016\u5e74\u5df4\u90e1\u7684<a href=\"http:\/\/fortune.com\/2016\/04\/30\/warren-buffett-hedge-funds\/\" target=\"_blank\" rel=\"noopener\">\u80a1\u6771\u6703\u8b70<\/a>\u4e0a\uff0c\u7562\u83f2\u7279\u5ba3\u544a\u4e86\u81ea\u5df1\u7684\u52dd\u5229\uff1a\u4ed6\u6240\u9078\u7684Vanguard 500 Index Fund\u81ea2008\u5e74\u8d77\u4e0a\u5347\u4e8665.67%\uff0c\u4f46 Prot\u00e9g\u00e9\u9078\u7684\u5c0d\u6c96\u57fa\u91d1\u53ea\u4e0a\u534721.87%\u3002\u7562\u83f2\u7279\u66f4\u6307\u81ea\u5df1\u6b7b\u5f8c\uff0c\u5c07\u6703\u628a\u8ca1\u7522\u5168\u90e8\u653e\u5165\u6307\u6578\u57fa\u91d1\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u8aaa\u4e86\u534a\u5929\uff0c\u8207\u5f37\u7a4d\u91d1\u4f9b\u6b3e\u4eba\u6709\u4ec0\u9ebc\u95dc\u4fc2\u5462\uff1f\u95dc\u4fc2\u5c31\u662f\u5f37\u7a4d\u91d1\u6210\u4efd\u57fa\u91d1\u5167\u7684<span style=\"color: #04b2f2;\"><strong>\u6307\u6578\u57fa\u91d1<\/strong><\/span>\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.mpfdiy.com\/2016\/10\/06\/%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91-2\/\"><span style=\"font-size: 12pt;\">\u4e0b\u6b21\u7e8c<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u5ef6\u4f38\u95b1\u8b80<\/p>\n<p><a href=\"http:\/\/www.berkshirehathaway.com\/letters\/2016ltr.pdf\" target=\"_blank\" rel=\"noopener\">2016\u5e74\u7562\u83f2\u7279\u7d66\u5df4\u90e1\u80a1\u6771\u7684\u4fe1<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><em><span class=\"irc_ho\" dir=\"ltr\" style=\"font-size: 8pt;\">Image from \u00a0politicalticker.blogs.cnn.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6307\u6578\u57fa\u91d1 &nbsp; \u6709\u4e00\u6bb5\u771f\u4eba\u771f\u4e8b\u8981\u8207\u5927\u5bb6\u5206\u4eab\u4e00\u4e0b\uff1a &nbsp; 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