{"id":1230,"date":"2019-09-23T14:47:00","date_gmt":"2019-09-23T06:47:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=1230"},"modified":"2019-09-23T14:47:00","modified_gmt":"2019-09-23T06:47:00","slug":"%e8%ab%8b%e5%88%a5%e5%86%8d%e8%aa%aa%e6%8c%87%e6%95%b8%e5%9e%8b%e5%9f%ba%e9%87%91%e6%88%96%e8%a2%ab%e5%8b%95%e5%bc%8f%e6%8a%95%e8%b3%87%e6%9c%83%e9%80%a0%e6%88%90%e8%82%a1%e5%b8%82%e7%9a%84%e6%b3%a1","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=1230","title":{"rendered":"\u8acb\u5225\u518d\u8aaa\u6307\u6578\u578b\u57fa\u91d1(\u6216\u88ab\u52d5\u5f0f\u6295\u8cc7)\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab\u4e86"},"content":{"rendered":"\n<p>\u6700\u8fd1\u6211\u7d93\u5e38\u5728\u6f14\u8b1b\u7684\u6642\u5019\u90fd\u6703\u6709\u4eba\u554f\u5230\uff1a\u6307\u6578\u578b\u57fa\u91d1(\u6216\u88ab\u52d5\u5f0f\u6295\u8cc7)\u7684\u76db\u884c\u662f\u4e0d\u662f\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab?\u6216\u662f\u52a9\u6f32\u52a9\u8dcc\uff0c\u9020\u6210\u80a1\u5e02\u7684\u9707\u76ea\u5e45\u5ea6\u52a0\u5927?\u6bcf\u6b21\u807d\u5230\u9019\u6a23\u7684\u554f\u984c\uff0c\u6211\u5fc3\u88e1\u4e00\u5247\u4ee5\u559c\uff0c\u4e00\u5247\u4ee5\u6182\uff0c\u53ef\u559c\u7684\u662f\u958b\u59cb\u6709\u66f4\u591a\u4eba\u95dc\u6ce8\u5230\u6307\u6578\u578b\u57fa\u91d1(\u6216\u88ab\u52d5\u5f0f\u6295\u8cc7)\uff0c\u6182\u7684\u662f\u53f0\u7063\u7684\u6295\u8cc7\u4eba\u90fd\u9084\u53ea\u6709\u5f88\u5c11\u6578\u7684\u4eba\u4eab\u53d7\u5230\u6307\u6578\u578b\u57fa\u91d1(\u6216\u88ab\u52d5\u5f0f\u6295\u8cc7)\u7684\u597d\u8655\uff0c\u537b\u5df2\u7d93\u958b\u59cb\u8981\u9762\u5c0d\u7a2e\u7a2e\u5947\u602a\u7684\u8aaa\u6cd5\uff0c\u6df7\u6dc6\u4e8b\u60c5\u7684\u771f\u76f8\u3002<\/p>\n\n\n\n<p><br \/>\u5176\u5be6\u5c0d\u65bc\u6307\u6578\u578b\u57fa\u91d1\u7684\u7a2e\u7a2e\u8aaa\u6cd5(\u6216\u6307\u63a7)\u4e26\u4e0d\u662f\u73fe\u5728\u624d\u958b\u59cb\uff0c\u53ea\u662f\u6700\u8fd1\u5e7e\u5e74\u6bd4\u8f03\u5bc6\u96c6\u7684\u53d7\u5230\u95dc\u6ce8(\u6216\u653b\u64ca)\uff0c\u7f8e\u570bETF\u5c08\u5bb6Eric Balchunas\u5728\u63a8\u7279\u4e0a\u63d0\u5230\uff0c\u65e9\u5728\u534a\u4e16\u7d00\u4e4b\u524d\u76841975\u5e74\uff0c\u7576\u7b2c\u4e00\u652f\u6307\u6578\u578b\u57fa\u91d1\u554f\u4e16\u7684\u6642\u5019\uff0c\u7576\u6642\u7f8e\u570bChase\u9280\u884c\u7684\u4eba\u5c31\u5beb\u4fe1\u7d66\u83ef\u723e\u8857\u65e5\u5831\u7684\u7de8\u8f2f\uff0c\u4fe1\u4e2d\u63d0\u5230\uff1a<br \/>\u201c\u6307\u6578\u578b\u57fa\u91d1\u7684\u554f\u4e16\u5c07\u6703\u5c0e\u81f4\u5e02\u5834\u8b8a\u5f97\u66f4\u6c92\u6709\u6548\u7387\uff0c\u80a1\u50f9\u53ea\u6703\u6210\u70ba\u6d41\u5165\u6307\u6578\u578b\u57fa\u91d1\u7684\u91d1\u9322\u7684\u5206\u914d\u6240\u9020\u6210\u7684\u7d50\u679c\uff0c\u800c\u4e0d\u6703\u53cd\u61c9\u8a72\u516c\u53f8\u7684\u6295\u8cc7\u524d\u666f\uff0c\u9019\u6a23\u4e00\u4f86\u5e02\u5834\u7684\u6548\u7387\u5c07\u6703\u6b7b\u4ea1\u201d<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Worrying about index funds is literally as old as index funds themselves. Here&#39;s a letter to the editor in WSJ from 1975 from the director of research at Chase. Pretty much same thing Burry said yesterday.. <a href=\"https:\/\/t.co\/k28ukn6gns\">pic.twitter.com\/k28ukn6gns<\/a><\/p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1169348247229538304?ref_src=twsrc%5Etfw\">September 4, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u5373\u4f7f1975\u5e74\u7684\u6642\u5019\u6307\u6578\u578b\u57fa\u91d1\u898f\u6a21\u5c0f\u7684\u53ef\u6190\uff0c\u4f9d\u7136\u53d7\u5230\u696d\u754c\u7684\u5982\u6b64\u653b\u64ca\uff0c\u73fe\u5728\u6307\u6578\u578b\u57fa\u91d1\u7684\u898f\u6a21\u5df2\u7d93\u4e0d\u53ef\u540c\u65e5\u800c\u8a9e\u4e86\uff0c\u81ea\u7136\u53d7\u653b\u64ca\u7684\u7a0b\u5ea6\u5c31\u66f4\u70ba\u731b\u70c8\uff0c\u4e09\u5929\u5169\u982d\u5c31\u53ef\u4ee5\u770b\u5230\u8ca1\u7d93\u5a92\u9ad4\u4e0a\u51fa\u73fe\u5ba3\u7a31\u6307\u6578\u578b\u57fa\u91d1\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab\u6216\u52a0\u5287\u5e02\u5834\u7684\u9707\u76ea\u4e4b\u985e\u7684\u6587\u7ae0\u3002\u4f8b\u5982\u9019\u5e7e\u5929\u5728\u5f6d\u535a\u8cc7\u8a0a\u793e(Bloomberg)\u5c31\u6709<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-04\/michael-burry-explains-why-index-funds-are-like-subprime-cdos\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"\"><strong>\u4e00\u7bc7\u6587\u7ae0<\/strong><\/a>\u8aaa:\u5927\u8ce3\u7a7a\u9019\u672c\u66f8\u88e1\u9762\u63d0\u5230\u7684\u82f1\u96c4\u4eba\u7269(\u610f\u601d\u662f\u5176\u6e96\u78ba\u201d\u9810\u6e2c\u201d\u91d1\u878d\u6d77\u562f)Michael Burry\u6307\u51fa\u2013\u6307\u6578\u578b\u57fa\u91d1\u5c31\u50cf\u662f\u6b21\u7d1a\u623f\u8cb8\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u4e00\u6a23(\u7cdf\u7cd5)\uff0c<strong>\u6628\u5929\u6211\u770b\u5230\u5f88\u591a\u4eba\u90fd\u5728\u50b3\u9019\u7bc7\u6587\u7ae0\uff0c\u628a\u6307\u6578\u578b\u57fa\u91d1\u8b1b\u7684\u597d\u50cf\u6bd2\u86c7\u731b\u7378\u4e00\u822c<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Damn, I wish I was the one asking the qs here..  The Big Short\u2019s Michael Burry Explains Why Index Funds Are Like Subprime CDOs <a href=\"https:\/\/t.co\/2Wgkaq1sOJ\">https:\/\/t.co\/2Wgkaq1sOJ<\/a><\/p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1169210911531425793?ref_src=twsrc%5Etfw\">September 4, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u5148\u4e0d\u8ad6Michael Burry\u7576\u521d\u201d\u6e96\u78ba\u9810\u6e2c\u201d\u91d1\u878d\u6d77\u562f\u662f\u771f\u529f\u592b\u9084\u662f\u904b\u6c23\u597d?\u6709\u8da3\u7684\u662f\uff0c\u5beb\u5927\u8ce3\u7a7a\u9019\u672c\u66f8\u7684\u77e5\u540d\u8ca1\u7d93\u4f5c\u5bb6\u9ea5\u514b\u8def\u6613\u58eb(Michael Lewis)\u81ea\u5df1\u4e5f\u662f\u6307\u6578\u578b\u57fa\u91d1\u7684\u611b\u597d\u8005\uff0c\u7576\u4ed6\u6df1\u5165\u63a1\u8a2a\u904e\u9019\u4e9b\u7121\u6578\u7684\u91d1\u878d\u5c08\u5bb6\u4e4b\u5f8c\uff0c\u5982\u679c\u4ed6\u9084\u662f\u6c7a\u5b9a\u5c07\u81ea\u5df1\u7684\u9322\u653e\u5728\u6307\u6578\u578b\u57fa\u91d1\u4e0a\uff0c\u9019\u5c31\u5f88\u6e05\u695a\u7684\u8aaa\u660e\u4ed6\u7684\u60f3\u6cd5\u4e86<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Ironically, the guy who wrote &quot;The Big Short&quot; puts is own money in index funds: <a href=\"https:\/\/t.co\/1PpAXNTtE9\">https:\/\/t.co\/1PpAXNTtE9<\/a><\/p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1169246445372891141?ref_src=twsrc%5Etfw\">September 4, 2019<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u83ef\u723e\u8857\u65e5\u5831\u7684\u77e5\u540d\u5c08\u6b04\u4f5c\u5bb6\u5091\u68ee\u6b21\u5a01\u683c\u5148\u751f(Jason Zweig)\u4e5f\u770b\u4e0d\u4e0b\u53bb\u9019\u6a23\u7684\u60c5\u6cc1\uff0c\u4ed6\u5728<a rel=\"noreferrer noopener\" href=\"https:\/\/jasonzweig.com\/and-now-for-something-on-index-funds\/\" target=\"_blank\"><strong>\u4e00\u7bc7\u6587\u7ae0<\/strong><\/a>\u4e2d\u6e05\u695a\u7684\u5beb\u5230\uff1a<br \/>\u201c\u5728\u6307\u6578\u578b\u57fa\u91d1\u554f\u4e16\u4e4b\u524d\u6578\u5341\u5e74\uff0c\u4e3b\u52d5\u5f0f\u7684\u6295\u8cc7\u4eba\u5c31\u5df2\u7d93\u5275\u9020\u51fa\u597d\u5e7e\u6b21\u7684\u80a1\u5e02\u6ce1\u6cab\u4e86\uff0c\u4eca\u5929\u80a1\u5e02\u7684\u9ad8\u50f9\u683c\u662f\u56e0\u70ba\u6307\u6578\u578b\u57fa\u91d1\u6240\u9020\u6210\u7684\u55ce?\u6216\u8a31\u662f\uff0c\u4f46\uff0c\u662f\u8ab0\u9020\u62101999\u5e74\u7db2\u8def\u79d1\u6280\u7684\u80a1\u5e02\u6ce1\u6cab\uff0c\u8b93\u80a1\u50f9\u5f9e\u7576\u6642\u7684\u9ad8\u9ede\u8dcc\u4e8680%\u5462?\u662f\u8ab0\u57281972\u5e74\u5c07\u80a1\u5e02\u4e0d\u65b7\u63a8\u5347\u9020\u6210\u4e4b\u5f8c\u80a1\u50f9\u4e0b\u8dcc\u5c07\u8fd1\u4e00\u534a\u5462?\u662f\u8ab0\u57281929\u5e74\u5c07\u80a1\u5e02\u63a8\u4e0a\u65b0\u9ad8\uff0c\u4e4b\u5f8c\u80a1\u5e02\u537b\u4e0b\u8dcc\u4e8690%\u5462?\u6307\u6578\u578b\u57fa\u91d1\u57281999\u5e74\u6642\u7684\u898f\u6a21\u9084\u5f88\u5c0f\uff0c1972\u5e74\u7684\u6642\u5019\u898f\u6a21\u6839\u672c\u5c31\u5fae\u4e0d\u8db3\u9053\uff0c1929\u5e74\u7684\u6642\u5019\u6307\u6578\u578b\u57fa\u91d1\u5b8c\u5168\u9084\u4e0d\u5b58\u5728\uff0c\u7576\u7136\u66f4\u4e0d\u7528\u8aaa\u5e7e\u767e\u5e74\u524d\u7684\u5357\u6d77\u6ce1\u6cab\u4e8b\u4ef6\u6642\u5019\u4e86\u3002<br \/>\u5982\u679c\u8aaa\u6307\u6578\u578b\u57fa\u91d1\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab\uff0c\u90a3\u9ebc\u9019\u7a2e\u6ce1\u6cab\u9060\u9060\u4e0d\u6703\u5982\u4eba\u5011(\u4e3b\u52d5\u5f0f\u7684\u6295\u8cc7\u4eba)\u6240\u9020\u6210\u7684\u6ce1\u6cab\u90a3\u9ebc\u56b4\u91cd\uff0c\u65e2\u7136\u6211\u5011\u90fd\u77e5\u9053\u904e\u53bb\u4eba\u5011\u57281999\u5e74\u30011972\u5e74\u62161929\u5e74\u9020\u6210\u4e86\u56b4\u91cd\u7684\u80a1\u5e02\u6ce1\u6cab\uff0c\u800c\u7576\u6642\u7684\u6ce1\u6cab\u90fd\u662f\u4e3b\u52d5\u6311\u9078\u80a1\u7968\u7684\u4eba\u5011\u6240\u9020\u6210\u7684\u6ce1\u6cab\u8207\u4e4b\u5f8c\u7684\u75db\u82e6\uff0c\u800c\u7576\u6642\u6307\u6578\u578b\u57fa\u91d1\u6839\u672c\u5c31\u5e7e\u4e4e\u4e0d\u5b58\u5728\uff0c\u90a3\u9ebc\u70ba\u4f55\u73fe\u5728\u4eba\u5011\u537b\u9019\u9ebc\u5bb3\u6015\u6307\u6578\u578b\u57fa\u91d1\u5462?\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1129\" height=\"716\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/72-2.jpg\" alt=\"\" class=\"wp-image-1231\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/72-2.jpg 1129w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/72-2-300x190.jpg 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/72-2-1024x649.jpg 1024w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/72-2-768x487.jpg 768w\" sizes=\"auto, (max-width: 1129px) 100vw, 1129px\" \/><\/figure>\n\n\n\n<p>\u5091\u68ee\u6b21\u5a01\u683c\u5148\u751f(Jason Zweig)\u6e05\u695a\u7684\u544a\u8a34\u4e86\u6211\u5011\uff0c\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab\u6216\u4e4b\u5f8c\u7684\u5927\u8dcc\u5b8c\u5168\u662f\u56e0\u70ba\u4eba\u6027\u7684\u8caa\u5a6a\u8207\u6050\u61fc\u6240\u9020\u6210\u7684\uff0c\u4e26\u4e0d\u662f\u56e0\u70ba\u67d0\u500b\u7522\u54c1\uff0c\u6240\u4ee5\u8acb\u5225\u518d\u8aaa\u6307\u6578\u578b\u57fa\u91d1\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab\u4e86\u3002<\/p>\n\n\n\n<p>\u9664\u4e86\u5091\u68ee\u6b21\u5a01\u683c\u5148\u751f\u4e4b\u5916\uff0c\u6700\u8fd1\u9084\u6709\u597d\u5e7e\u4f4d\u5c08\u5bb6\u8df3\u51fa\u4f86\u99c1\u65a5\u9019\u7a2e\u7121\u804a\u7684\u8aaa\u6cd5\uff0c\u5982\u679c\u4f60\u6709\u8208\u8da3\uff0c\u53ef\u4ee5\u770b<strong><a href=\"https:\/\/thereformedbroker.com\/2019\/08\/29\/the-real-bubble-has-always-been-in-active-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u9019\u88e1<\/a><\/strong>\u8ddf<a href=\"https:\/\/awealthofcommonsense.com\/2019\/09\/debunking-the-silly-passive-is-a-bubble-myth\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u9019\u88e1<\/strong><\/a><\/p>\n\n\n\n<p>\u6700\u5f8c\uff0c\u56e0\u70ba\u9019\u5f88\u91cd\u8981\uff0c\u6240\u4ee5\u8acb\u8ddf\u8457\u6211\u8b1b\u4e09\u904d:<br \/>\u6307\u6578\u578b\u57fa\u91d1<strong>\u4e0d\u6703<\/strong>\u9020\u6210\u80a1\u5e02\u6ce1\u6cab\uff0c\u6307\u6578\u578b\u57fa\u91d1<strong>\u4e0d\u6703<\/strong>\u9020\u6210\u80a1\u5e02\u6ce1\u6cab\uff0c\u6307\u6578\u578b\u57fa\u91d1<strong>\u4e0d\u6703<\/strong>\u9020\u6210\u80a1\u5e02\u6ce1\u6cab<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6700\u8fd1\u6211\u7d93\u5e38\u5728\u6f14\u8b1b\u7684\u6642\u5019\u90fd\u6703\u6709\u4eba\u554f\u5230\uff1a\u6307\u6578\u578b\u57fa\u91d1(\u6216\u88ab\u52d5\u5f0f\u6295\u8cc7)\u7684\u76db\u884c\u662f\u4e0d\u662f\u6703\u9020\u6210\u80a1\u5e02\u7684\u6ce1\u6cab?\u6216\u662f\u52a9\u6f32\u52a9\u8dcc\uff0c\u9020\u6210 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[55,414],"class_list":["post-1230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-10","tag-etf","tag-414"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/1230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1230"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/1230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/1232"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}