{"id":4866,"date":"2020-07-26T23:00:45","date_gmt":"2020-07-26T15:00:45","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=4866"},"modified":"2020-08-02T22:13:49","modified_gmt":"2020-08-02T14:13:49","slug":"%e5%bc%b7%e7%a9%8d%e9%87%91%e8%b3%87%e7%94%a2%e9%85%8d%e7%bd%ae1-%e9%81%b8%e6%93%87-vs-%e9%85%8d%e7%bd%ae","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2020\/07\/%e5%bc%b7%e7%a9%8d%e9%87%91%e8%b3%87%e7%94%a2%e9%85%8d%e7%bd%ae1-%e9%81%b8%e6%93%87-vs-%e9%85%8d%e7%bd%ae\/","title":{"rendered":"\u5f37\u7a4d\u91d1\u8cc7\u7522\u914d\u7f6e#1-\u9078\u64c7 vs \u914d\u7f6e"},"content":{"rendered":"
<\/p>\n
\u672c\u6587\u958b\u59cb\u4e00\u500b\u65b0\u7cfb\u5217\uff0c\u53eb\u5f37\u7a4d\u91d1\u8cc7\u7522\u914d\u7f6e<\/span>\u3002\u7531\u65bc\u300a\u7a4d\u91d1\u5927\u53cd\u64ca\u300b<\/a>\u5df2\u7d55\u7248\u591a\u6642\uff0c\u5716\u66f8\u9928\u53c8\u7d93\u5e38\u95dc\u9589\uff0c\u5927\u5bb6\u7576\u4e2d\u6709\u65b0\u4f86\u7684\uff0c\u6703\u4e0d\u77e5\u9053\u672c\u7ad9\u505a\u4ec0\u9ebc\uff1b\u800c\u4e14\u5373\u4f7f\u662f\u6709\u770b\u66f8\u7684\uff0c\u4ea6\u53ef\u80fd\u5df2\u5fd8\u8a18\u5f97\u4e00\u5e72\u4e8c\u6de8\u3002\u5168\u4e16\u754c\u7684\u7d93\u6fdf\u5468\u671f\uff0c\u73fe\u57282020\u5e747\u6708\u4f3c\u4e4e\u662f\u5f9e\u65b0\u8d77\u982d\u7684\u6642\u523b\uff0c\u6211\u5011\u5c31\u5728\u9019\u65b0\u6642\u4ee3\u958b\u59cb\u7684\u5e74\u982d<\/span>\uff0c\u597d\u597d\u7ba1\u7406\u81ea\u5df1\u7684\u5f37\u7a4d\u91d1\u3002<\/span><\/p>\n <\/p>\n \u9999\u6e2f\u5927\u773e\u5728\u8655\u7406\u6295\u8cc7\u6642\uff0c\u5927\u591a\u53ea\u7528\u300c\u9078\u64c7\u300d\u4f86\u4f5c\u70ba\u6295\u8cc7\u54f2\u5b78\uff0c\u5927\u773e\u50b3\u5a92\u53ca\u672c\u5730\u6295\u8cc7\u66f8\u7c4d\uff0c\u5c31\u5927\u591a\u6307\u5c0e\u5927\u5bb6\u5982\u4f55\u300c\u9078\u64c7\u300d\uff0c\u4f8b\u5982\u4eca\u5929\u4ec0\u9ebc\u9078\u80a1\u7968\uff0c\u7532\u80a1\u53ca\u4e59\u80a1\u600e\u6a23\u63c0\uff0c\u751a\u81f3\u662f\u8cb7\u8ce3\u50f9\u4f4d\u600e\u6a23\u5b9a\uff0c\u597d\u50cf\u53ea\u6709\u300c\u7368\u4e00\u300d\u7684\u6771\u897f\u624d\u662f\u503c\u5f97\u300c\u9078\u64c7\u300d\u3002<\/span><\/p>\n <\/p>\n \u300c\u9078\u64c7\u300d\u662f\u9700\u8981\u7684\uff0c\u4f46\u4e0d\u662f\u5fc5\u8981\u7684\u3002<\/span><\/p>\n <\/p>\n \u4e0b\u661f\u671f\u6709\u65b0\u7684\u53ca\u66f4\u597d\u7684\u80a1\u7968\u51fa\u73fe\uff0c\u73fe\u5728\u6c92\u6709\u591a\u9918\u9592\u9322\u8cb7\u5165\uff0c\u90a3\u9ebc\u662f\u5426\u653e\u68c4\u67d0\u4e9b\u73fe\u6709\u7684\u80a1\u7968\uff0c\u53bb\u8cb7\u5165\u65b0\u7684\uff1f\u662f\u7684\u8a71\uff0c\u8cb7\u5165\u591a\u5c11\uff1f\u6bcf\u4e00\u96bb\u80a1\u7968\u4f54\u81ea\u5df1\u7684\u6295\u8cc7\u8cc7\u7522\u591a\u5c11\uff1f<\/span><\/p>\n <\/p>\n \u6bcf\u4e00\u6b21\u9032\u884c\u6295\u8cc7\u300c\u9078\u64c7\u300d\uff0c\u6700\u7d42\u7684\u76ee\u7684\u90fd\u662f\u70ba\u4e86\u6539\u8b8a\u73fe\u6709\u7684\u8cc7\u7522\u300c\u914d\u7f6e\u300d<\/span>\uff0c\u53bb\u5230\u65b0\u7684\u300c\u914d\u7f6e\u300d\u72c0\u614b\u3002\u5927\u5bb6\u4ee5\u5f80\u53ea\u662f\u8457\u773c\u53ca\u8ff7\u6200\u65bc\u6295\u8cc7\u64cd\u4f5c\u7684\u300c\u9078\u64c7\u300d\uff0c\u800c\u5ffd\u7565\u4e86\u6295\u8cc7\u76ee\u7684\u7684\u300c\u914d\u7f6e\u300d\u3002<\/span><\/p>\n <\/p>\n \u8ff7\u6200\u64cd\u4f5c\u53ea\u6703\u589e\u52a0\u4ea4\u6613\u6b21\u6578\uff0c\u6d6a\u8cbb\u4ea4\u6613\u6210\u672c\uff0c\u53d7\u76ca\u7684\u4e0d\u662f\u81ea\u5df1\uff0c\u800c\u662f\u63d0\u4f9b\u8cc7\u8a0a\u7684\u50b3\u5a92\uff0c\u63d0\u4f9b\u4ea4\u6613\u7684\u4e2d\u9593\u4eba\uff0c\u63d0\u4f9btips \u53ca\u8ab2\u7a0b\u7684\u5c08\u5bb6\u3002\u6642\u6642\u523b\u523b\u671b\u5be6\u80a1\u7968\u5831\u50f9\uff0c\u7136\u5f8c\u5c31\u5fc3\u5927\u5fc3\u7d30\u8ad7\u4e0b\u8cb7\u4e0d\u8cb7\uff0c\u8ce3\u4e0d\u8ce3\uff0c\u6b62\u4e0d\u6b62\u8755\uff0c\u653e\u4e0d\u653e\u8cfa\u4e00\u9ede\uff1f<\/span><\/p>\n <\/p>\n \u65e5\u65e5\u70ba\u4e86\u300c\u9078\u64c7\u300d\u9019\u500bmeans \u624b\u6bb5\u800c\u52de\u788c\u6101\u7169\uff0c\u70ba\u4f55\u4e0d\u8457\u773c\u65bcends \u76ee\u6a19\u7684\u300c\u914d\u7f6e\u300d<\/span>\u3002<\/span><\/p>\n <\/p>\n \u5927\u5bb6\u4e00\u60f3\u8d77\u8cc7\u7522\u914d\u7f6e\uff0c\u662f\u5426\u5373\u523b\u6e67\u8d77\u80a1\u50b5\u6bd4\u4f8b<\/span>\u9019\u500b\u5ff5\u982d\uff1f\u5176\u5be6\u9019\u500b\u5ff5\u982d\u7684\u51fa\u73fe\uff0c\u4ea6\u662f\u300c\u9078\u64c7\u300d\u9019\u9670\u9b42\u65bc\u4f60\u7684\u8166\u5167\u4e0d\u6563\u3002<\/span><\/p>\n <\/p>\n \u6295\u8cc7\u4e16\u754c\u6709\u4ed8\u51fa\u624d\u6709\u56de\u5831\uff0c\u8cc7\u7522\u914d\u7f6e\u662f\u5148\u8a2d\u5b9a\u81ea\u5df1\u80fd\u5920\u4ed8\u51fa\u591a\u5c11<\/strong>\uff0c\u800c\u4e0d\u662f\u5148\u5b9a\u80a1\u50b5\u6bd4\u4f8b\u3002<\/span><\/p>\n <\/p>\n \u90a3\u9ebc\u8cc7\u7522\u914d\u7f6e\u662f\u5426\u5c31\u662f\u5206\u914d\u5e7e\u591a\u9322\u53bb\u505a\u6295\u8cc7\uff1f\u4e0d\u662f\u7684\u3002\u4f60\u7528\u5341\u842c\u5143\u4f5c\u6295\u8cc7\uff0c\u662f\u5426\u5c31\u6bd4\u7528\u4e00\u842c\u5143\u4f5c\u6295\u8cc7\u4ed8\u51fa\u66f4\u591a\uff1f\u4e0d\u662f\u7684\u3002<\/span><\/p>\n <\/p>\n \u6295\u8cc7\u7684\u4ed8\u51fa\uff0c\u662f\u8cc7\u7522\u80fd\u627f\u53d7\u591a\u5c11\u98a8\u96aa\uff0c\u5177\u9ad4\u4f8b\u5b50\u53ef\u4ee5\u662f\u55ae\u5e74\u6700\u5927\u8dcc\u5e45\uff0c\u5373\u662f\u8cc7\u7522\u4e0b\u8dcc\u8d85\u904e\u591a\u5c11%\uff0c\u81ea\u5df1\u4fbf\u6703\u5be2\u98df\u4e0d\u5b89\uff0c\u81ea\u5df1\u4fbf\u6703\u6539\u8b8a\u6295\u8cc7\u7b56\u7565\u53ca\u8cc7\u7522\u914d\u7f6e\u3002\u4e00\u842c\u5143\u7684\u6295\u8cc7\u53ef\u4ee5\u6bd4\u5341\u842c\u5143\u7684\u6295\u8cc7\u6709\u66f4\u9ad8\u98a8\u96aa\u3002<\/span><\/p>\n <\/p>\n \u5982\u4f55\u8003\u616e\u6295\u8cc7\u7684\u4ed8\u51fa\uff1f\u672c\u7ad9\u6709\u5927\u91cf\u6587\u7ae0\uff0c\u81ea\u5df1\u722c\u4e0b\u6587\uff0c\u4ee5\u4e0b\u662f\u5fc5\u8b80\uff1a<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n \u7576\u8a2d\u5b9a\u4e86\u81ea\u5df1\u9858\u610f\u7684\u4ed8\u51fa\uff0c\u7136\u5f8c\u624d\u958b\u59cb\u300c\u9078\u64c7\u300d\u6295\u8cc7\u7b56\u7565\u3002<\/span><\/p>\n <\/p>\n \u6295\u8cc7\u4e16\u754c\u662f\u9ad8\u4ed8\u51fa<\/strong>\u80fd\u6709\u9ad8\u56de\u5831\uff0c\u5c0d\u61c9\u9ad8\u4ed8\u51fa\uff0c\u4fbf\u53ef\u9078\u64c7\u56de\u5831\u7684\u6295\u8cc7\u7269\u53ca\u6295\u8cc7\u7b56\u7565\uff0c\u5167\u5bb9\u666e\u904d\u662f\u80a1\u7968\uff1b\u4f46\u5982\u679c\u53ea\u80fd\u6709\u4f4e\u4ed8\u51fa\uff0c\u4fbf\u9078\u64c7\u4f4e\u56de\u5831\u7684\u50b5\u5238\u53ca\u73fe\u91d1\u3002<\/span><\/p>\n <\/p>\n \u9019\u7a2e\u6309\u4ed8\u51fa\u9078\u56de\u5831\u7684\u64cd\u4f5c\uff0c\u662f\u8cc7\u7522\u914d\u7f6e\u7684\u7b2c\u4e00\u6b65\uff0c\u4ea6\u662f\u6700\u591a\u4eba\u5ffd\u7565\u7684\u4e00\u6b65\u3002\u5176\u5be6\u5927\u5bb6\u53ea\u8981\u554f\u80fd\u4ed8\u51fa\u591a\u5c11\uff0c\u4e4b\u5f8c\u56de\u5831\u81ea\u7136\u4fbf\u4f86\u3002<\/span><\/p>\n <\/p>\n \u7576\u5236\u5b9a\u4e86\u81ea\u5df1\u7684\u4ed8\u51fa\uff0c\u6295\u8cc7\u7b56\u7565\u4fbf\u591a\u59ff\u591a\u5f69\u3002\u6700\u7c21\u55ae\u7684\uff0c\u4eba\u4eba\u4e00\u5b78\u5373\u6703\u7684\uff0c\u5c31\u662fStrategic Asset Allocation \u7b56\u7565\u6027\u8cc7\u7522\u914d\u7f6e\uff0c\u672c\u6587\u7c21\u7a31SAA\u3002<\/span><\/p>\n <\/p>\n \u5927\u5bb6\u8033\u719f\u80fd\u8a73\u7684100\u6e1b\u5e74\u6b72<\/strong>\u4f5c\u70ba\u80a1\u50b5\u6bd4\u4f8b\uff0c\u5c31\u662fSAA \u7684\u8a2d\u7f6e\u65b9\u5f0f\u4e4b\u4e00\u3002SAA\u7684\u91cd\u9ede\u5728\u65bcre-balancing \u518d\u914d\u7f6e<\/span>\u8207\u53cadiversification \u591a\u5143\u5316<\/span>\u9019\u5169\u5927\u64cd\u4f5c\u624b\u6cd5\u3002<\/span><\/p>\n <\/p>\n <\/p>\n Re-balancing \u518d\u914d\u7f6e<\/span>\u662f\u5b9a\u6642\u6216\u5b9a\u91cf\u53bb\u91cd\u7f6e\u80a1\u50b5\u6bd4\u4f8b\uff0c\u4e00\u908a\u9328\u5b9a\u5df2\u8a2d\u5b9a\u7684\u4ed8\u51fa\uff0c\u4e0d\u4ee4\u8cc7\u7522\u9060\u96e2\u4e4b\u524d\u7684\u8a2d\u5b9a\uff1b\u4e00\u908a\u6709\u9ad8\u8ce3\u4f4e\u8cb7\uff0c\u589e\u52a0\u5c11\u8a31\u56de\u5831\u3002<\/span><\/p>\n <\/p>\n Diversification \u591a\u5143\u5316<\/span>\u662f\u5229\u7528\u4e0d\u540c\u6295\u8cc7\u7269\u4e4b\u9593\u7684\u95dc\u806f\u6027\uff0c\u5f9e\u800c\u5728\u540c\u4e00\u56de\u5831\u4e0b\uff0c\u964d\u4f4e\u8cc7\u7522\u7684\u6ce2\u5e45\u3002\u5012\u8f49\u4fbf\u662f\u5728\u540c\u4e00\u4ed8\u51fa\u4e0b\uff0c\u53ef\u4ee5\u6709\u66f4\u9ad8\u56de\u5831\u3002\u80a1\u7968\u53ca\u50b5\u5238\u662f\u5169\u7a2e\u95dc\u806f\u6027\u5dee\u7570\u8f03\u5927\u7684\u6295\u8cc7\u7269\uff0c\u4f8b\u59822020\u5e74\u9999\u6e2f\u80a1\u5e02\u4e0b\u8dcc\uff0c\u5f37\u7a4d\u91d1\u6e2f\u80a1\u57fa\u91d1\u65bc2020\u5e741\u6708\u81f36\u6708\u4e0b\u8dcc 11%\uff0c\u53cd\u800c\u6e2f\u5143\u50f9\u5238\u57fa\u91d1\u56de\u5831\u662f +4.5%\uff0c\u5176\u4ed6\u5730\u65b9\u4e5f\u662f\u5982\u6b64:<\/span><\/p>\n <\/p>\n\u500b\u4eba\u6295\u8cc7\u8005\u7684\u6ce2\u5e45\u662f10 \u6e1b\u5e74\u6b72\u7b2c\u4e00\u500b\u5341\u4f4d\u6578\u5b57<\/a><\/h2>\n
\u6574\u9ad4\u8cc7\u7522\u7684\u7d9c\u5408\u56de\u5831\u53ca\u6ce2\u5e45<\/a><\/h2>\n
\u5f37\u7a4d\u91d1\u7684\u98a8\u96aa\u7d1a\u5225<\/a><\/h2>\n