{"id":7085,"date":"2026-05-01T16:38:24","date_gmt":"2026-05-01T08:38:24","guid":{"rendered":"https:\/\/t.n-years.com\/?p=7085"},"modified":"2026-05-01T16:38:24","modified_gmt":"2026-05-01T08:38:24","slug":"%e3%80%8a%e8%81%aa%e6%98%8e%e7%9a%84%e6%8a%95%e8%b5%84%e8%80%85%e3%80%8b%e8%ae%b2%e7%9a%84%e4%bb%80%e4%b9%88","status":"publish","type":"post","link":"https:\/\/t.n-years.com\/?p=7085","title":{"rendered":"\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u8bb2\u7684\u4ec0\u4e48"},"content":{"rendered":"<p>The Intelligent Investor\uff08\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\uff09\u662f\u6295\u8d44\u9886\u57df\u6700\u7ecf\u5178\u7684\u4e66\u4e4b\u4e00\uff0c\u4f5c\u8005\u662fBenjamin Graham\uff0c\u88abWarren Buffett\u957f\u671f\u63a8\u5d07\u3002<\/p>\n<p>\u4e00\u53e5\u8bdd\u6982\u62ec\uff1a<\/p>\n<p><strong>\u5b83\u4e3b\u8981\u8bb2\u7684\u4e0d\u662f\u201c\u600e\u4e48\u5feb\u901f\u8d5a\u94b1\u201d\uff0c\u800c\u662f\u201c\u5982\u4f55\u7528\u7406\u6027\u7684\u65b9\u6cd5\u957f\u671f\u4e0d\u4e8f\u5927\u94b1\uff0c\u5e76\u7a33\u5065\u79ef\u7d2f\u8d22\u5bcc\u201d\u3002<\/strong><\/p>\n<hr \/>\n<h1>\u8fd9\u672c\u4e66\u6838\u5fc3\u8bb2\u4ec0\u4e48\uff08\u6700\u91cd\u8981\u76846\u70b9\uff09<\/h1>\n<h2>1. \u6295\u8d44\u548c\u6295\u673a\u662f\u4e24\u56de\u4e8b<\/h2>\n<p>\u683c\u96f7\u5384\u59c6\u533a\u5206\u5f97\u5f88\u6e05\u695a\uff1a<\/p>\n<ul>\n<li><strong>\u6295\u8d44<\/strong>\uff1a\u57fa\u4e8e\u5206\u6790\uff0c\u672c\u91d1\u5b89\u5168\uff0c\u6709\u5408\u7406\u56de\u62a5\u3002<\/li>\n<li><strong>\u6295\u673a<\/strong>\uff1a\u62bc\u4ef7\u683c\u6ce2\u52a8\uff0c\u5e0c\u671b\u6709\u4eba\u66f4\u9ad8\u4ef7\u63a5\u76d8\u3002<\/li>\n<\/ul>\n<p>\u5f88\u591a\u4eba\u4ee5\u4e3a\u81ea\u5df1\u5728\u6295\u8d44\uff0c\u5176\u5b9e\u662f\u5728\u6295\u673a\u3002<\/p>\n<p>\u8fd9\u53e5\u8bdd\u653e\u5230\u4eca\u5929\u4ecd\u7136\u7cbe\u51c6\u3002<\/p>\n<hr \/>\n<h2>2. \u5e02\u573a\u5148\u751f\u7406\u8bba\uff08\u5168\u4e66\u7075\u9b42\uff09<\/h2>\n<p>\u4ed6\u628a\u5e02\u573a\u6bd4\u4f5c\u4e00\u4e2a\u60c5\u7eea\u5316\u4f19\u4f34\u2014\u2014\u201c\u5e02\u573a\u5148\u751f\u201d\u3002<\/p>\n<p>\u6bcf\u5929\u6765\u627e\u4f60\u62a5\u4ef7\uff1a<\/p>\n<ul>\n<li>\u6709\u65f6\u6781\u5ea6\u4e50\u89c2\uff0c\u7ed9\u5f88\u9ad8\u4ef7\u683c<\/li>\n<li>\u6709\u65f6\u6781\u5ea6\u60b2\u89c2\uff0c\u7ed9\u5f88\u4f4e\u4ef7\u683c<\/li>\n<\/ul>\n<p>\u4f60\u4e0d\u5fc5\u8ddf\u7740\u4ed6\u60c5\u7eea\u8d70\uff0c\u53ea\u9700\u5229\u7528\u4ed6\u7684\u9519\u8bef\u62a5\u4ef7\u3002<\/p>\n<p>\u8fd9\u5bf9\u80a1\u6c11\u975e\u5e38\u91cd\u8981\uff1a<\/p>\n<p><strong>\u5e02\u573a\u662f\u670d\u52a1\u4f60\u7684\uff0c\u4e0d\u662f\u6307\u5bfc\u4f60\u7684\u3002<\/strong><\/p>\n<hr \/>\n<h2>3. \u5b89\u5168\u8fb9\u9645\uff08\u6838\u5fc3\u6b66\u5668\uff09<\/h2>\n<p>\u4e70\u80a1\u7968\u65f6\uff0c\u4ef7\u683c\u8981\u4f4e\u4e8e\u4ef7\u503c\uff0c\u7559\u51fa\u7f13\u51b2\u533a\u3002<\/p>\n<p>\u4f8b\u5982\uff1a<\/p>\n<ul>\n<li>\u4e00\u5bb6\u516c\u53f8\u503c100\u5143<\/li>\n<li>\u4f6070\u5143\u4e70\u5165<\/li>\n<\/ul>\n<p>\u8fd930\u5143\u7a7a\u95f4\uff0c\u5c31\u662f\u5b89\u5168\u8fb9\u9645\u3002<\/p>\n<p>\u5b83\u80fd\u62b5\u5fa1\uff1a<\/p>\n<ul>\n<li>\u5224\u65ad\u9519\u8bef<\/li>\n<li>\u9ed1\u5929\u9e45<\/li>\n<li>\u5468\u671f\u6ce2\u52a8<\/li>\n<\/ul>\n<hr \/>\n<h2>4. \u60c5\u7eea\u63a7\u5236\u6bd4\u9009\u80a1\u66f4\u91cd\u8981<\/h2>\n<p>\u5f88\u591a\u4eba\u8f93\u5728\uff1a<\/p>\n<ul>\n<li>\u8ffd\u6da8<\/li>\n<li>\u6050\u614c\u5272\u8089<\/li>\n<li>\u725b\u5e02\u81ea\u4fe1\u8fc7\u5ea6<\/li>\n<li>\u718a\u5e02\u7edd\u671b\u5356\u51fa<\/li>\n<\/ul>\n<p>\u4e66\u91cc\u5f3a\u8c03\uff1a<\/p>\n<p><strong>\u6295\u8d44\u6210\u529f\u66f4\u591a\u6765\u81ea\u6027\u683c\uff0c\u800c\u4e0d\u662f\u667a\u5546\u3002<\/strong><\/p>\n<hr \/>\n<h2>5. \u666e\u901a\u4eba\u9002\u5408\u6307\u6570\u6295\u8d44<\/h2>\n<p>\u683c\u96f7\u5384\u59c6\u8ba4\u4e3a\u591a\u6570\u4eba\u4e0d\u8be5\u9891\u7e41\u9009\u80a1\uff0c\u9002\u5408\u5206\u6563\u6295\u8d44\u3001\u4f4e\u6210\u672c\u6301\u6709\u3002<\/p>\n<p>\u653e\u5230\u4eca\u5929\u5c31\u662f\uff1a<\/p>\n<ul>\n<li>S&amp;P 500\u6307\u6570\u57fa\u91d1<\/li>\n<li>\u5bbd\u57faETF<\/li>\n<li>\u957f\u671f\u5b9a\u6295<\/li>\n<\/ul>\n<p>\u8fd9\u70b9\u88ab\u540e\u6765\u5927\u91cf\u6570\u636e\u9a8c\u8bc1\u3002<\/p>\n<hr \/>\n<h2>6. \u9632\u5fa1\u578b\u6295\u8d44\u8005 vs \u8fdb\u53d6\u578b\u6295\u8d44\u8005<\/h2>\n<p>\u4ed6\u628a\u6295\u8d44\u8005\u5206\u4e24\u7c7b\uff1a<\/p>\n<h3>\u9632\u5fa1\u578b<\/h3>\n<p>\u4e0d\u60f3\u82b1\u592a\u591a\u65f6\u95f4\u7814\u7a76\u3002<br \/>\n\u9002\u5408\u6307\u6570\u57fa\u91d1\u3001\u84dd\u7b79\u80a1\u3001\u8d44\u4ea7\u914d\u7f6e\u3002<\/p>\n<h3>\u8fdb\u53d6\u578b<\/h3>\n<p>\u613f\u610f\u6df1\u5165\u7814\u7a76\u4f01\u4e1a\u548c\u4f30\u503c\u3002<br \/>\n\u9002\u5408\u7cbe\u9009\u4e2a\u80a1\u3002<\/p>\n<p>\u591a\u6570\u4eba\u9ad8\u4f30\u4e86\u81ea\u5df1\uff0c\u8bef\u628a\u81ea\u5df1\u5f53\u8fdb\u53d6\u578b\u3002<\/p>\n<hr \/>\n<h1>\u5bf9\u4e2d\u56fd\u80a1\u6c11\u6700\u6709\u4ef7\u503c\u7684\u542f\u53d1<\/h1>\n<h2>A\u80a1\u5e02\u573a<\/h2>\n<ul>\n<li>\u725b\u5e02\u522b\u4ea2\u594b<\/li>\n<li>\u718a\u5e02\u522b\u7edd\u671b<\/li>\n<li>\u4e0d\u8ffd\u9898\u6750\u9ad8\u6f6e<\/li>\n<\/ul>\n<h2>\u6e2f\u80a1\u5e02\u573a<\/h2>\n<ul>\n<li>\u957f\u671f\u4f4e\u4f30\u65f6\u91cd\u89c6\u5b89\u5168\u8fb9\u9645<\/li>\n<li>\u9ad8\u80a1\u606f\u8d44\u4ea7\u6709\u4ef7\u503c<\/li>\n<\/ul>\n<h2>\u7f8e\u80a1\u5e02\u573a<\/h2>\n<ul>\n<li>\u9ad8\u4f30\u503c\u79d1\u6280\u80a1\u8981\u7406\u89e3\u4ef7\u683c\u4e0e\u4ef7\u503c\u5dee\u5f02<\/li>\n<\/ul>\n<hr \/>\n<h1>\u5bf9\u4f60\u8fd9\u79cd\u6295\u8d44\u98ce\u683c\u5c24\u5176\u6709\u7528<\/h1>\n<p>\u4f60\u5173\u6ce8\uff1a<\/p>\n<ul>\n<li>\u9ad8\u80a1\u606f<\/li>\n<li>\u94f6\u884c\u80a1<\/li>\n<li>\u6e2f\u80a1\u4f4e\u4f30\u503c<\/li>\n<li>\u7f8e\u80a1ETF\u914d\u7f6e<\/li>\n<\/ul>\n<p>\u8fd9\u672c\u4e66\u548c\u4f60\u7684\u601d\u8def\u9ad8\u5ea6\u5951\u5408\u3002\u56e0\u4e3a\u5b83\u5f3a\u8c03\uff1a<\/p>\n<ul>\n<li>\u4f30\u503c<\/li>\n<li>\u5b89\u5168\u8fb9\u9645<\/li>\n<li>\u5206\u6563\u914d\u7f6e<\/li>\n<li>\u957f\u671f\u4e3b\u4e49<\/li>\n<\/ul>\n<hr \/>\n<h1>\u4f46\u4e5f\u8981\u8bf4\u5b9e\u8bdd\uff1a\u5b83\u4e0d\u662f\u4e07\u80fd\u5723\u7ecf<\/h1>\n<p>\u6709\u4e9b\u5185\u5bb9\u5e74\u4ee3\u4e45\u8fdc\uff08\u503a\u5238\u6bd4\u4f8b\u3001\u65e7\u65f6\u4ee3\u8d22\u62a5\u53e3\u5f84\u7b49\uff09\u9700\u8981\u73b0\u4ee3\u5316\u7406\u89e3\u3002<br \/>\n\u4eca\u5929\u79d1\u6280\u516c\u53f8\u3001\u5e73\u53f0\u7ecf\u6d4e\u3001\u65e0\u5f62\u8d44\u4ea7\u65f6\u4ee3\uff0c\u4e0d\u80fd\u673a\u68b0\u7167\u642c\u3002<\/p>\n<p>\u6240\u4ee5\u8981\u5b66\u5176<strong>\u539f\u5219<\/strong>\uff0c\u4e0d\u662f\u80cc\u516c\u5f0f\u3002<\/p>\n<hr \/>\n<h1>\u5982\u679c\u53ea\u8bb0\u4f4f\u4e00\u53e5\u8bdd<\/h1>\n<p><strong>\u4ef7\u683c\u662f\u4f60\u4ed8\u51fa\u7684\uff0c\u4ef7\u503c\u662f\u4f60\u5f97\u5230\u7684\u3002<\/strong><\/p>\n<hr \/>\n<h1>\u6211\u5bf9\u4f60\u7684\u76f4\u767d\u5efa\u8bae<\/h1>\n<p>\u5982\u679c\u4f60\u53ea\u770b\u4e00\u672c\u6295\u8d44\u4e66\uff0c\u8fd9\u672c\u503c\u5f97\u3002<br \/>\n\u4f46\u522b\u53ea\u770b\u4e0d\u7ec3\u3002<\/p>\n<p>\u5efa\u8bae\u8fb9\u8bfb\u8fb9\u62ff\u4f60\u5173\u6ce8\u7684\uff1a<\/p>\n<ul>\n<li>\u62db\u5546\u94f6\u884c<\/li>\n<li>\u4e2d\u56fd\u79fb\u52a8<\/li>\n<li>\u4e2d\u6d77\u6cb9<\/li>\n<li>SPY<\/li>\n<li>NVDA<\/li>\n<\/ul>\n<p>\u53bb\u95ee\u81ea\u5df1\uff1a<\/p>\n<ol>\n<li>\u5b83\u7684\u4ef7\u503c\u6765\u81ea\u54ea\u91cc\uff1f<\/li>\n<li>\u5f53\u524d\u4ef7\u683c\u8d35\u8fd8\u662f\u4fbf\u5b9c\uff1f<\/li>\n<li>\u5b89\u5168\u8fb9\u9645\u591f\u5417\uff1f<\/li>\n<\/ol>\n<p>\u8fd9\u6837\u624d\u771f\u6b63\u5438\u6536\u3002<\/p>\n<hr \/>\n<p>\u5982\u679c\u4f60\u613f\u610f\uff0c\u6211\u8fd8\u80fd\u544a\u8bc9\u4f60\uff1a<\/p>\n<h2>\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u653e\u52302026\u5e74\uff0c\u4e2d\u56fd\u6295\u8d44\u8005\u54ea\u4e9b\u89c2\u70b9\u4ecd\u7136\u6709\u6548\uff0c\u54ea\u4e9b\u5df2\u7ecf\u8fc7\u65f6\u3002<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>The Intelligent Investor\uff08\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\uff09\u662f\u6295\u8d44\u9886\u57df\u6700\u7ecf\u5178\u7684\u4e66\u4e4b\u4e00\uff0c\u4f5c\u8005\u662fBenja&#8230; <\/p>\n<div class=\"read-more navbutton\"><a href=\"https:\/\/t.n-years.com\/?p=7085\">\u9605\u8bfb\u66f4\u591a<i class=\"fa fa-angle-double-right\"><\/i><\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[162],"tags":[],"class_list":["post-7085","post","type-post","status-publish","format-standard","hentry","category-162"],"_links":{"self":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7085"}],"version-history":[{"count":1,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7085\/revisions"}],"predecessor-version":[{"id":7086,"href":"https:\/\/t.n-years.com\/index.php?rest_route=\/wp\/v2\/posts\/7085\/revisions\/7086"}],"wp:attachment":[{"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/t.n-years.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}