{"id":14845,"date":"2026-05-01T11:14:48","date_gmt":"2026-05-01T03:14:48","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=14845"},"modified":"2026-05-01T11:14:48","modified_gmt":"2026-05-01T03:14:48","slug":"%e5%93%88%e4%bd%9b%e6%a0%a1%e5%8b%99%e5%9f%ba%e9%87%91%ef%bc%88harvard-management-company%ef%bc%89%e7%ae%a1%e7%90%86%e7%99%bc%e5%b1%95%e6%ad%b7%e7%a8%8b%e5%88%86%e6%9e%90","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=14845","title":{"rendered":"\u54c8\u4f5b\u6821\u52d9\u57fa\u91d1\uff08Harvard Management Company\uff09\u7ba1\u7406\u767c\u5c55\u6b77\u7a0b\u5206\u6790"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><a><strong>\u6210\u7acb\u80cc\u666f\u8207\u521d\u671f\u767c\u5c55\uff081974-1990\u5e74\u4ee3\uff09<\/strong><\/a><\/h2>\n\n\n\n<p>\u54c8\u4f5b\u6821\u52d9\u57fa\u91d1\u57281974\u5e74\u5275\u7acb\u4e4b\u524d\uff0c\u7531\u6ce2\u58eb\u9813\u5dde\u8857\u7814\u7a76\u8207\u7ba1\u7406\u516c\u53f8\uff08State Street Research and Management Company\uff09\u81ea1948\u5e74\u8d77\u7ba1\u7406\u30021973\u5e74\uff0c\u54c8\u4f5b\u8ca1\u52d9\u9577George Putnam Jr.\u6c7a\u5b9a\u5927\u5b78\u61c9\u81ea\u4e3b\u63a7\u5236\u5176\u9f90\u5927\u8cc7\u7522\uff0c\u65bc1974\u5e74\u6b63\u5f0f\u6210\u7acbHarvard Management Company\u3002<\/p>\n\n\n\n<p>\u5275\u7acb\u521d\u671f\uff0c\u54c8\u4f5b\u63a1\u884c\u7368\u7279\u7684<strong>\u6df7\u5408\u6a21\u5f0f\uff08Hybrid Model\uff09<\/strong>\u2014\u2014\u7d50\u5408\u5167\u90e8\u6295\u8cc7\u5718\u968a\u8207\u5916\u90e8\u57fa\u91d1\u7d93\u7406\u4eba\u3002\u9019\u4e00\u6a21\u5f0f\u57281990\u5e74\u4ee3\u81f32000\u5e74\u4ee3\u521d\u671f\u8868\u73fe\u5091\u51fa\u3002\u7576Jack Meyer\u65bc1990\u5e74\u52a0\u5165HMC\u6642\uff0c\u6821\u52d9\u57fa\u91d1\u898f\u6a21\u7d04\u70ba4.7\u5104\u7f8e\u5143\uff1b\u5230\u4ed6\u57282005\u5e74\u96e2\u8077\u6642\uff0c\u5df2\u6210\u9577\u81f3226\u5104\u7f8e\u5143\uff0c\u671f\u9593\u5be6\u73fe\u5e73\u574715%\u7684\u5e74\u5316\u5831\u916c\u3002Meyer\u63a1\u7528\u4e86\u985e\u4f3c\u8036\u9b6f\u6a21\u5f0f\u7684\u7b56\u7565\uff0c\u5f37\u8abf\u975e\u6d41\u52d5\u6027\u8cc7\u7522\u7684\u56de\u5831\u6ea2\u50f9\uff0c\u4e26\u5927\u91cf\u914d\u7f6e\u65bc\u79c1\u52df\u80a1\u6b0a\u548c\u98a8\u96aa\u6295\u8cc7\uff0c\u9019\u4e9b\u7b56\u7565\u57281990\u5e74\u4ee3\u79d1\u6280\u6ce1\u6cab\u548c2000\u5e74\u4ee3\u90fd\u7372\u5f97\u4e86\u8c50\u539a\u56de\u5831\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u7b2c\u4e00\u968e\u6bb5\u554f\u984c\uff1a\u4eba\u4e8b\u8207\u85aa\u916c\u722d\u8b70\uff082003-2005\u5e74\uff09<\/strong><\/a><\/h2>\n\n\n\n<p><strong>\u6838\u5fc3\u554f\u984c<\/strong>\uff1aMeyer\u5718\u968a\u7684\u5091\u51fa\u7e3e\u6548\u5e36\u4f86\u4e86\u85aa\u916c\u722d\u8b70\u30022003\u5e74\u5ea6\uff0c\u56fa\u5b9a\u6536\u76ca\u57fa\u91d1\u7d93\u7406Maurice Samuels\u548cDavid Mittelman\u7684\u5e74\u5ea6\u85aa\u916c\u5206\u5225\u9054\u52303,510\u842c\u7f8e\u5143\u548c3,410\u842c\u7f8e\u5143\u3002\u4ed6\u5011\u5275\u9020\u7684\u6295\u8cc7\u50f9\u503c\u5206\u5225\u8f03\u57fa\u6e96\u8d85\u51fa300\u591a\u500b\u767e\u5206\u9ede\uff0c\u4f46\u9019\u5f15\u767c\u4e86\u6821\u53cb\u6279\u8a55\u3002Harvard Medical School\u6821\u53cbTerry Bennett\u535a\u58eb\u7b49\u4eba\u57282004\u5e74\u5411\u300a\u7d10\u7d04\u6642\u5831\u300b\u8868\u793a\uff0c\u5982\u679c\u6821\u52d9\u57fa\u91d1\u4e0d\u964d\u4f4e\u7d93\u7406\u4eba\u85aa\u916c\uff0c\u4ed6\u5011\u5c07\u505c\u6b62\u6350\u6b3e\u3002<\/p>\n\n\n\n<p><strong>\u6539\u9769\u63aa\u65bd<\/strong>\uff1a\u54c8\u4f5b\u56e0\u61c9\u6821\u53cb\u548c\u6559\u8077\u54e1\u58d3\u529b\uff0c\u65bc2005\u5e74Meyer\u96e2\u8077\u6642\uff0c\u7528\u53e6\u4e00\u500b\u7ba1\u7406\u5718\u968a\u66ff\u63db\u4e86\u8868\u73fe\u512a\u7570\u7684\u5167\u90e8\u7d93\u7406\u4eba\u3002\u9019\u6c7a\u5b9a\u8b49\u660e\u5f8c\u4f86\u4ee3\u50f9\u9ad8\u6602\u2014\u2014\u6295\u8cc7\u7e3e\u6548\u5f9e\u6b64\u672a\u80fd\u6062\u5fa9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u7b2c\u4e8c\u968e\u6bb5\uff1a\u9818\u5c0e\u5c64\u52d5\u8569\u82072008\u5e74\u91d1\u878d\u5371\u6a5f\uff082005-2009\u5e74\uff09<\/strong><\/a><\/h2>\n\n\n\n<p>Meyer\u96e2\u8077\u5f8c\uff0cHMC\u7d93\u6b77\u4e86\u9818\u5c0e\u5c64\u6df7\u4e82\u3002\u7e7c\u4efb\u8005\u5305\u62ecPIMCO\u7684Mohamed El-Erian\uff08\u4efb\u671f\u4e0d\u8db3\u5169\u5e74\u4fbf\u96e2\u8077\uff09\u548cJane Mendillo\uff082008\u5e747\u6708\u4e0a\u4efb\uff09\u3002Mendillo\u6070\u597d\u5728\u5168\u7403\u91d1\u878d\u5371\u6a5f\u7206\u767c\u6642\u63a5\u7ba1\u2014\u20142008-2009\u8ca1\u5e74\uff0c\u54c8\u4f5b\u6821\u52d9\u57fa\u91d1\u4e0b\u8dcc27.3%\uff0c\u50f9\u503c\u6e1b\u5c11110\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<p><strong>\u95dc\u9375\u554f\u984c<\/strong>\uff1aMeyer\u548cEl-Erian\u8a2d\u8a08\u7684\u9ad8\u69d3\u687f\u7b56\u7565\u7f3a\u4e4f\u6d41\u52d5\u6027\uff0c\u7576\u5371\u6a5f\u4f86\u81e8\u6642\u66b4\u9732\u51fa\u8a72\u5f31\u9ede\u3002\u6821\u52d9\u57fa\u91d1\u88ab\u8feb\u767c\u884c28\u5104\u7f8e\u5143\u50b5\u5238\u4ee5\u6eff\u8db3\u652f\u51fa\u7fa9\u52d9\u3002\u6b64\u5916\uff0cHMC\u4e5f\u5be6\u65bd\u4e86\u7a4d\u6975\u7684\u6821\u5712\u64f4\u5efa\u8a08\u5283\uff0c\u5371\u6a5f\u5c0e\u81f4\u9019\u4e9b\u8a08\u5283\u88ab\u8feb\u7e2e\u6e1b\u3002<\/p>\n\n\n\n<p><strong>Mendillo\u7684\u6539\u9769\uff082008-2014\u5e74\uff09<\/strong>\uff1aMendillo\u5f37\u8abf\u63d0\u9ad8\u6d41\u52d5\u6027\u3001\u91cd\u65b0\u8a55\u4f30\u98a8\u96aa\u548c\u6539\u9032\u7ba1\u7406\u7d50\u69cb\u3002\u5979\u589e\u52a0\u73fe\u91d1\u7de9\u885d\u81f33%\uff0c\u4e26\u5728\u5371\u6a5f\u5f8c\u9010\u6b65\u6062\u5fa9\u57fa\u91d1\u2014\u2014\u52302013\u5e74\uff0c\u6821\u52d9\u57fa\u91d1\u5df2\u5f9e2009\u5e74\u7684261\u5104\u7f8e\u5143\u589e\u9577\u81f3327\u5104\u7f8e\u5143\u3002\u7136\u800c\uff0cMendillo\u6642\u671f\u7684\u6295\u8cc7\u7b56\u7565\uff08\u5305\u62ec\u5929\u7136\u8cc7\u6e90\u548c\u623f\u5730\u7522\u914d\u7f6e\uff09\u5f8c\u4f86\u88ab\u8b49\u660e\u5b58\u5728\u554f\u984c\u3002<a><\/a><a href=\"#fn8\"><sup>[8]<\/sup><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u7b2c\u4e09\u968e\u6bb5\uff1a\u7b56\u7565\u5931\u8aa4\u8207\u7e3e\u6548\u4e0d\u4f73\uff082010-2016\u5e74\uff09<\/strong><\/a><\/h2>\n\n\n\n<p>Mendillo\u4efb\u671f\u5f8c\u671f\u5230\u59792014\u5e74\u96e2\u8077\u524d\u7684\u6642\u671f\uff0cHMC\u9762\u81e8\u65b0\u7684\u6311\u6230\u3002\u5118\u7ba1\u5f9e\u5371\u6a5f\u4e2d\u6062\u5fa9\uff0c\u4f46HMC\u76f8\u5c0d\u65bc\u8036\u9b6f\u548c\u5176\u4ed6\u5e38\u6625\u85e4\u76df\u6821\u540c\u884c\u7684\u8868\u73fe\u958b\u59cb\u843d\u5f8c\u30022016\u8ca1\u5e74\uff0c\u6821\u52d9\u57fa\u91d1\u51fa\u73fe\u8ca02%\u7684\u5831\u916c\uff0c\u50f9\u503c\u4e0b\u8dcc20\u5104\u7f8e\u5143\u2014\u2014\u9019\u662f\u81ea2008\u5e74\u91d1\u878d\u5371\u6a5f\u4ee5\u4f86\u6700\u5dee\u8868\u73fe\u3002\u4e94\u5e74\u671f\u5e74\u5316\u5831\u916c\u50c5\u70ba5.9%\uff0c\u9060\u4f4e\u65bc\u6a19\u666e500\/\u50b5\u523860\/40\u7d44\u5408\u76848.9%\u3002<a><\/a><a href=\"#fn9\"><sup>[9]<\/sup><\/a><a><\/a><a href=\"#fn10\"><sup>[10]<\/sup><\/a><\/p>\n\n\n\n<p><strong>\u6839\u672c\u6027\u7d50\u69cb\u554f\u984c<\/strong>\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5b64\u5cf6\u5f0f\u6295\u8cc7\uff08Silo Investing\uff09<\/strong>\uff1a\u6295\u8cc7\u5c08\u696d\u4eba\u54e1\u5728\u7279\u5b9a\u8cc7\u7522\u985e\u5225\u5167\u904b\u4f5c\uff0c\u904e\u5ea6\u5f37\u8abf\u500b\u5225\u8cc7\u7522\u985e\u5225\u57fa\u6e96\uff0c\u5c0e\u81f4\u6295\u8cc7\u7d44\u5408\u51fa\u73fe\u7f3a\u53e3\u548c\u4e0d\u5fc5\u8981\u7684\u91cd\u8907<a href=\"#fn11\"><sup>[11]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u85aa\u916c\u8207\u7e3e\u6548\u812b\u7bc0<\/strong>\uff1a2013\u5e74\uff0cHMC\u652f\u4ed81.328\u5104\u7f8e\u5143\u85aa\u916c\u3001\u734e\u91d1\u548c\u798f\u5229\uff0c\u8f032010\u5e74\u76846,350\u842c\u7f8e\u5143\u589e\u52a0\u4e00\u500d\u591a\uff0c\u800c\u6821\u52d9\u57fa\u91d1\u7e3e\u6548\u76f8\u5c0d\u540c\u5115\u843d\u5f8c<a href=\"#fn12\"><sup>[12]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u5927\u578b\u5167\u90e8\u5718\u968a\u7684\u4f4e\u6548\u6027<\/strong>\uff1aHMC\u64c1\u6709230\u4eba\u54e1\u5de5\uff0c\u5176\u4e2d60-80\u540d\u6295\u8cc7\u5c08\u696d\u4eba\u54e1\uff0c\u7ba1\u7406\u6210\u672c\u9ad8\u4f01\u4f46\u672a\u80fd\u7522\u751f\u8d85\u984d\u5831\u916c<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u7b2c\u56db\u968e\u6bb5\uff1aNarvekar\u91cd\u7d44\u8207\u6839\u672c\u6539\u9769\uff082016\u5e74\u81f3\u4eca\uff09<\/strong><\/a><\/h2>\n\n\n\n<p>2016\u5e7412\u6708\uff0c\u54c8\u4f5b\u8058\u4efbN.P. &#8220;Narv&#8221; Narvekar\u70baCEO\uff0c\u4ed6\u66fe\u5728\u54e5\u502b\u6bd4\u4e9e\u5927\u5b78\uff082002\u5e74\u8d77\uff09\u548c\u8cd3\u5915\u6cd5\u5c3c\u4e9e\u5927\u5b78\u4efb\u8077\uff0c\u6709\u7d93\u9a57\u9032\u884c\u985e\u4f3c\u6539\u9769\u3002<a><\/a><a href=\"#fn13\"><sup>[13]<\/sup><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2017\u5e74\u521d\u5ba3\u4f48\u7684\u91cd\u7d44\u8a08\u5283<\/strong>\uff1a<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4eba\u54e1\u524a\u6e1b50%<\/strong>\uff1a\u5f9e230\u4eba\u6e1b\u81f3115\u4eba\uff0c\u4e3b\u8981\u6d89\u53ca\u5167\u90e8\u5c0d\u6c96\u57fa\u91d1\u4ea4\u6613\u54e1\u7684\u88c1\u54e1<a href=\"#fn14\"><sup>[14]<\/sup><\/a><a href=\"#fn13\"><sup>[13]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u5916\u5305\u6295\u8cc7\u7ba1\u7406<\/strong>\uff1a\u95dc\u9589\u5167\u90e8\u5c0d\u6c96\u57fa\u91d1\uff0c\u5c07\u5c0d\u6c96\u57fa\u91d1\u548c\u80a1\u7968\u6295\u8cc7\u5916\u5305\u7d66\u5916\u90e8\u7d93\u7406\u4eba<a href=\"#fn9\"><sup>[9]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u4fdd\u7559\u5167\u90e8\u7ba1\u7406\u9818\u57df<\/strong>\uff1a\u623f\u5730\u7522\u548c\u81ea\u7136\u8cc7\u6e90\u6295\u8cc7\u4fdd\u7559\u5167\u90e8\u7ba1\u7406\uff08\u8a8d\u70ba\u8868\u73fe\u826f\u597d\uff09<a href=\"#fn13\"><sup>[13]<\/sup><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5f8c\u7e8c\u554f\u984c\u7684\u767c\u73fe\u8207\u8655\u7406<\/strong>\uff1a<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5929\u7136\u8cc7\u6e90\u6295\u8cc7\u6e1b\u503c<\/strong>\uff1aNarvekar\u767c\u73fe\u5929\u7136\u8cc7\u6e90\u6295\u8cc7\u7d44\u5408\u914d\u7f6e\u904e\u5ea6\uff0c\u8cc7\u7522\u96e3\u4ee5\u8b8a\u73fe\u548c\u4f30\u503c\u3002\u4ed6\u57282017\u5e74\u5c07\u8a72\u6295\u8cc7\u7d44\u5408\u50f9\u503c\u4e0b\u8abf\u903e10\u5104\u7f8e\u5143\uff0c\u5f8c\u7e8c\u53c8\u51fa\u552e\u8d85\u904e11\u5104\u7f8e\u5143\u8cc7\u7522\uff0c\u8a08\u5283\u7e7c\u7e8c\u51fa\u552e<a href=\"#fn15\"><sup>[15]<\/sup><\/a><a href=\"#fn16\"><sup>[16]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u6a21\u5f0f\u8f49\u8b8a<\/strong>\uff1a\u5f9e\u5b64\u5cf6\u5f0f\u6295\u8cc7\u8f49\u8b8a\u70ba<strong>\u901a\u624d\u578b\u6295\u8cc7\u6a21\u5f0f<\/strong>\uff0c\u6240\u6709\u6295\u8cc7\u5718\u968a\u6210\u54e1\u5c0d\u6574\u9ad4\u6295\u8cc7\u7d44\u5408\u7e3e\u6548\u8ca0\u8cac\uff0c\u800c\u4e0d\u9650\u65bc\u7279\u5b9a\u8cc7\u7522\u985e\u5225<a href=\"#fn11\"><sup>[11]<\/sup><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u91cd\u7d44\u9032\u5c55<\/strong>\uff1a<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2017\u5e74\uff1a\u5b8c\u6210\u4e3b\u8981\u4eba\u54e1\u88c1\u54e1\u548c\u5167\u90e8\u5c0d\u6c96\u57fa\u91d1\u95dc\u9589<\/li>\n\n\n\n<li>2018-2020\u5e74\uff1a\u9010\u6b65\u8abf\u6574\u6295\u8cc7\u7d44\u5408\uff0c\u63d0\u5347\u6d41\u52d5\u6027<\/li>\n\n\n\n<li>2021\u5e742\u6708\uff1a\u63d0\u524d\u4e00\u5e74\u591a\u5b8c\u6210\u539f\u5b9a\u4e94\u5e74\u7684\u91cd\u7d44\u8a08\u5283\u30022020\u5e74\u5ea6\u6821\u52d9\u57fa\u91d1\u5831\u916c7.3%\uff0c\u8cc7\u7522\u9054419\u5104\u7f8e\u5143\uff08\u6b77\u53f2\u6700\u9ad8\uff09<a href=\"#fn10\"><sup>[10]<\/sup><\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u7576\u524d\u72c0\u6cc1\u8207\u7e3e\u6548\u6539\u5584\uff082021-2025\u5e74\uff09<\/strong><\/a><\/h2>\n\n\n\n<p>\u91cd\u7d44\u5b8c\u6210\u5f8c\uff0cHMC\u7e3e\u6548\u958b\u59cb\u6539\u5584\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2024-2025\u5e74<\/strong>\uff1a11.9%\u5e74\u5316\u5831\u916c\uff0c\u8d85\u8d8a\u57fa\u6e968%\u3002\u81eaNarvekar\u4e0a\u4efb8\u5e74\u4f86\uff0c\u5e74\u5316\u5831\u916c\u90549.6%<a href=\"#fn17\"><sup>[17]<\/sup><\/a><a href=\"#fn18\"><sup>[18]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u8cc7\u7522\u898f\u6a21<\/strong>\uff1a\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u6821\u52d9\u57fa\u91d1\u9054569\u5104\u7f8e\u5143<a href=\"#fn18\"><sup>[18]<\/sup><\/a><\/li>\n\n\n\n<li><strong>\u6295\u8cc7\u7d44\u5408\u7d50\u69cb<\/strong>\uff08\u622a\u81f32025\u5e74\uff09\uff1a<a href=\"#fn17\"><sup>[17]<\/sup><\/a><ul><li>\u79c1\u52df\u80a1\u6b0a\uff1a41%<\/li><\/ul><ul><li>\u5c0d\u6c96\u57fa\u91d1\uff1a31%<\/li><\/ul><ul><li>\u516c\u958b\u80a1\u7968\uff1a14%<\/li><\/ul><ul><li>\u623f\u5730\u7522\u548c\u5176\u4ed6\u5be6\u8cc7\u7522\uff1a5%<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>\u50b5\u5238\/TIPS\u548c\u73fe\u91d1\uff1a7%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>\u4ecd\u5b58\u5728\u7684\u6311\u6230<\/strong>\uff1a\u5118\u7ba1\u7e3e\u6548\u6539\u5584\uff0c\u54c8\u4f5b\u4ecd\u76f8\u5c0d\u843d\u5f8c\u65bc\u540c\u5115\u30022025\u5e74MIT\u5831\u916c14.8%\uff0c\u54e5\u502b\u6bd4\u4e9e12.4%\u3002\u800c\u4e14\uff0c\u82e5\u630920\u5e74\u671f\u7e3e\u6548\u8a55\u4f30\uff0c\u54c8\u4f5b\u76f8\u5c0d\u540c\u5115\u4ecd\u6709\u986f\u8457\u843d\u5dee\u2014\u2014\u524d\u4efb\u6821\u9577Lawrence Summers\u8868\u793a\uff0c\u82e5\u7e3e\u6548\u76f8\u7576\u65bc\u5e73\u5747\u5e38\u6625\u85e4\u76df\u6821\u6c34\u6e96\uff0c\u6821\u52d9\u57fa\u91d1\u6703\u589e\u52a0\u6578\u767e\u5104\u7f8e\u5143\u3002<a><\/a><a href=\"#fn19\"><sup>[19]<\/sup><\/a><a><\/a><a href=\"#fn18\"><sup>[18]<\/sup><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><strong>\u95dc\u9375\u6559\u8a13<\/strong><\/a><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u968e\u6bb5<\/td><td>\u4e3b\u8981\u554f\u984c<\/td><td>\u63a1\u53d6\u63aa\u65bd<\/td><td>\u7d50\u679c<\/td><\/tr><tr><td>Meyer\u6642\u4ee3\uff081990-2005\uff09<\/td><td>\u9ad8\u85aa\u5f15\u767c\u9053\u5fb7\u6279\u8a55\uff0c\u4eba\u624d\u6d41\u5931<\/td><td>\u964d\u85aa\u63db\u4eba<\/td><td>\u7e3e\u6548\u6c38\u672a\u6062\u5fa9\uff0c\u640d\u5931\u6578\u767e\u5104<\/td><\/tr><tr><td>\u91d1\u878d\u5371\u6a5f\u671f\uff082008-2009\uff09<\/td><td>\u69d3\u687f\u8207\u6d41\u52d5\u6027\u4e0d\u8db3<\/td><td>\u589e\u52a0\u73fe\u91d1\u3001\u767c\u884c\u50b5\u5238<\/td><td>\u7a69\u5b9a\u4f46\u7de9\u6162\u6062\u5fa9<\/td><\/tr><tr><td>Mendillo\u6642\u671f\uff082008-2014\uff09<\/td><td>\u5929\u7136\u8cc7\u6e90\/\u623f\u5730\u7522\u914d\u7f6e\u4e0d\u7576<\/td><td>\u9010\u6b65\u8abf\u6574\u7b56\u7565<\/td><td>\u7e3e\u6548\u7e7c\u7e8c\u843d\u5f8c<\/td><\/tr><tr><td>Narvekar\u6539\u9769\uff082016-2021\uff09<\/td><td>\u7d44\u7e54\u6548\u7387\u4f4e\u3001\u6295\u8cc7\u5206\u6563<\/td><td>\u5916\u5305\u3001\u4eba\u54e1\u524a\u6e1b\u3001\u8f49\u901a\u624d\u6a21\u5f0f<\/td><td>\u7e3e\u6548\u6539\u5584\u4f46\u4ecd\u76f8\u5c0d\u843d\u5f8c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u54c8\u4f5b\u7ba1\u7406\u6821\u52d9\u57fa\u91d1\u7684\u6b77\u7a0b\u53cd\u6620\u51fa\u4e00\u500b\u95dc\u9375\u6559\u8a13\uff1a<strong>\u904e\u5ea6\u5f37\u8abf\u85aa\u916c\u9053\u5fb7\u5be9\u67e5\u800c\u5ffd\u8996\u7e3e\u6548\u6210\u672c\u9ad8\u6602<\/strong>\u30022004\u5e74\u7684\u85aa\u916c\u524a\u6e1b\u6c7a\u5b9a\u6700\u7d42\u5c0e\u81f4\u6578\u767e\u5104\u7f8e\u5143\u7684\u6a5f\u6703\u6210\u672c\uff0c\u9060\u8d85\u7576\u6642\u7bc0\u7701\u7684\u6578\u767e\u842c\u85aa\u8cc7\u3002\u540c\u6642\uff0c\u5927\u578b\u5167\u90e8\u6295\u8cc7\u5718\u968a\u5728\u73fe\u4ee3\u8cc7\u672c\u5e02\u5834\u74b0\u5883\u4e2d\u7af6\u722d\u529b\u4e0d\u8db3\uff0c\u5916\u5305\u6a21\u5f0f\u7d50\u5408\u7cbe\u7c21\u7d44\u7e54\u5df2\u6210\u70ba\u4e3b\u6d41\u3002<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-text-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"color:#000000;background-color:#ffffff\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"schedule-a-visit\" style=\"font-size:clamp(32.969px, 2.061rem + ((1vw - 3.2px) * 2.034), 59px);px;line-height:1.15\">\u4e86\u89e3\u66f4\u591a\u6cd5\u4eba\u6295\u8cc7\u670d\u52d9<\/h2>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-03627597 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/xJCzccNO\" style=\"border-radius:50px;color:#ffffff;background-color:#000000\">\u7acb\u5373\u524d\u5f80\uff0c\u770b\u6210\u529f\u4f01\u696d\u90fd\u600e\u9ebc\u505a<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-03627597 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/alphafintech.oakmega.site\/form\/GgYFZGqUau\" style=\"border-radius:50px;color:#ffffff;background-color:#000000\">\u7d22\u53d6\u4f01\u696d\u7559\u624d\u767d\u76ae\u66f8<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<p>\u53c3\u8003\u8cc7\u6599<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2024\/5\/31\/harvard-management-company-founding\/\">https:\/\/www.thecrimson.com\/article\/2024\/5\/31\/harvard-management-company-founding\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.essentialinvestment.com\/essential-investment-partners-llc-1\/2009\/10\/05\/harvard-describes-benefits-of-hybrid-model\">https:\/\/www.essentialinvestment.com\/essential-investment-partners-llc-1\/2009\/10\/05\/harvard-describes-benefits-of-hybrid-model<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fa-mag.com\/news\/risk-bites-back-lessons-learned-from-the-harvard-endowment-9542.html\">https:\/\/www.fa-mag.com\/news\/risk-bites-back-lessons-learned-from-the-harvard-endowment-9542.html<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/ritholtz.com\/2016\/09\/harvard-endowments-gentleman-c\/\">https:\/\/ritholtz.com\/2016\/09\/harvard-endowments-gentleman-c\/<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.harvardmagazine.com\/2005\/03\/compensation-controversy-html\">https:\/\/www.harvardmagazine.com\/2005\/03\/compensation-controversy-html<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dealbook.nytimes.com\/2014\/06\/10\/harvard-endowment-chief-to-step-down\/\">https:\/\/dealbook.nytimes.com\/2014\/06\/10\/harvard-endowment-chief-to-step-down\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.famcap.com\/2020\/04\/harvards-endowment-and-liquidity-some-insights-for-family-offices\/\">https:\/\/www.famcap.com\/2020\/04\/harvards-endowment-and-liquidity-some-insights-for-family-offices\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/news.harvard.edu\/gazette\/story\/2014\/06\/mendillo-to-step-down\/\">https:\/\/news.harvard.edu\/gazette\/story\/2014\/06\/mendillo-to-step-down\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.institutionalinvestor.com\/article\/2bsw0au30hubjf9o7qk8w\/corner-office\/harvard-moves-to-outsource-management-of-most-of-its-endowment\">https:\/\/www.institutionalinvestor.com\/article\/2bsw0au30hubjf9o7qk8w\/corner-office\/harvard-moves-to-outsource-management-of-most-of-its-endowment<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2021\/1\/27\/hmc-completes-restructuring-plan\/\">https:\/\/www.thecrimson.com\/article\/2021\/1\/27\/hmc-completes-restructuring-plan\/<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.ai-cio.com\/news\/harvard-management-company-completes-restructuring-plan-year-early\/\">https:\/\/www.ai-cio.com\/news\/harvard-management-company-completes-restructuring-plan-year-early\/<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.ai-cio.com\/news\/harvard-under-fire-for-high-salaries-again\/\">https:\/\/www.ai-cio.com\/news\/harvard-under-fire-for-high-salaries-again\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cnn.com\/2017\/01\/25\/news\/harvard-endowment-job-cuts\">https:\/\/www.cnn.com\/2017\/01\/25\/news\/harvard-endowment-job-cuts<\/a>&nbsp;&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.wsj.com\/articles\/harvard-to-outsource-management-of-its-35-7-billion-endowment-1485363650\">https:\/\/www.wsj.com\/articles\/harvard-to-outsource-management-of-its-35-7-billion-endowment-1485363650<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.farmlandgrab.org\/post\/29894-harvard-spins-off-natural-resources-team-to-remain-partner\">https:\/\/www.farmlandgrab.org\/post\/29894-harvard-spins-off-natural-resources-team-to-remain-partner<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.reuters.com\/article\/business\/harvard-marks-down-natural-resources-holding-in-fiscal-2017-idUSKBN1CV3EZ\/\">https:\/\/www.reuters.com\/article\/business\/harvard-marks-down-natural-resources-holding-in-fiscal-2017-idUSKBN1CV3EZ\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.harvardmagazine.com\/university-finances\/harvard-endowment-financial-report-fiscal-year-2025\">https:\/\/www.harvardmagazine.com\/university-finances\/harvard-endowment-financial-report-fiscal-year-2025<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.institutionalinvestor.com\/article\/combative-year-strong-equities-and-savvy-hedge-fund-selection-drove-harvards-returns\">https:\/\/www.institutionalinvestor.com\/article\/combative-year-strong-equities-and-savvy-hedge-fund-selection-drove-harvards-returns<\/a>&nbsp;&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2024\/5\/23\/harvard-endowment-underperformance-transparency\/\">https:\/\/www.thecrimson.com\/article\/2024\/5\/23\/harvard-endowment-underperformance-transparency\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Harvard_University_endowment\">https:\/\/en.wikipedia.org\/wiki\/Harvard_University_endowment<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/finance.harvard.edu\/endowment\">https:\/\/finance.harvard.edu\/endowment<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2017\/5\/24\/HMC-rise-fall-commencement\/\">https:\/\/www.thecrimson.com\/article\/2017\/5\/24\/HMC-rise-fall-commencement\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/kindsight.io\/resources\/blog\/understanding-endowment-management-a-guide\/\">https:\/\/kindsight.io\/resources\/blog\/understanding-endowment-management-a-guide\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=a64oh87GbIQ\">https:\/\/www.youtube.com\/watch?v=a64oh87GbIQ<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.harvardmagazine.com\/university-news\/financial-report-fiscal-2024\">https:\/\/www.harvardmagazine.com\/university-news\/financial-report-fiscal-2024<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.top1000funds.com\/asset_owner\/harvard-management-company-harvard-university-investment\/\">https:\/\/www.top1000funds.com\/asset_owner\/harvard-management-company-harvard-university-investment\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ritholtz.com\/2024\/10\/harvard-endowment-underperformance\/\">https:\/\/ritholtz.com\/2024\/10\/harvard-endowment-underperformance\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/yaledailynews.com\/blog\/2017\/01\/26\/harvard-endowment-office-cuts-staff-by-half\/\">https:\/\/yaledailynews.com\/blog\/2017\/01\/26\/harvard-endowment-office-cuts-staff-by-half\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/charlesskorina.com\/harvard-endowment-hmc-time-reassess\/\">https:\/\/charlesskorina.com\/harvard-endowment-hmc-time-reassess\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/mebfaber.com\/2016\/09\/29\/harvard-crimson-enroll-investing-101\/\">https:\/\/mebfaber.com\/2016\/09\/29\/harvard-crimson-enroll-investing-101\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/news.harvard.edu\/gazette\/story\/2000\/09\/endowment-tops-out-at-19-2-billion\/\">https:\/\/news.harvard.edu\/gazette\/story\/2000\/09\/endowment-tops-out-at-19-2-billion\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.harvardmagazine.com\/2000\/11\/rocketing-returns-html\">https:\/\/www.harvardmagazine.com\/2000\/11\/rocketing-returns-html<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.insidehighered.com\/news\/2005\/01\/12\/no-need-gold-watch\">https:\/\/www.insidehighered.com\/news\/2005\/01\/12\/no-need-gold-watch<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.institutionalinvestor.com\/article\/2bsvxexojx30dpsz7eakg\/corner-office\/harvard-endowments-rebirth\">https:\/\/www.institutionalinvestor.com\/article\/2bsvxexojx30dpsz7eakg\/corner-office\/harvard-endowments-rebirth<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.harvardmagazine.com\/2004\/03\/extraordinary-bonuses-html\">https:\/\/www.harvardmagazine.com\/2004\/03\/extraordinary-bonuses-html<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2011\/5\/26\/mendillo-hmc-meyer-endowment\/\">https:\/\/www.thecrimson.com\/article\/2011\/5\/26\/mendillo-hmc-meyer-endowment\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-19\/harvard-s-51-billion-fund-beats-yale-in-hard-year-for-endowments\">https:\/\/www.bloomberg.com\/news\/articles\/2023-10-19\/harvard-s-51-billion-fund-beats-yale-in-hard-year-for-endowments<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecrimson.com\/article\/2022\/11\/10\/hmc-endowment-returns-data\/\">https:\/\/www.thecrimson.com\/article\/2022\/11\/10\/hmc-endowment-returns-data\/<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nytimes.com\/2021\/10\/15\/business\/dealbook\/college-endowment-funds-harvard.html\">https:\/\/www.nytimes.com\/2021\/10\/15\/business\/dealbook\/college-endowment-funds-harvard.html<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u6210\u7acb\u80cc\u666f\u8207\u521d\u671f\u767c\u5c55\uff081974-1990\u5e74\u4ee3\uff09 \u54c8\u4f5b\u6821\u52d9\u57fa\u91d1\u57281974\u5e74\u5275\u7acb\u4e4b\u524d\uff0c\u7531\u6ce2\u58eb\u9813\u5dde\u8857\u7814\u7a76\u8207\u7ba1\u7406\u516c\u53f8\uff08S [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[542],"tags":[541,551,550],"class_list":["post-14845","post","type-post","status-publish","format-standard","hentry","category-ai","tag-ai","tag-551","tag-550"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/14845","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14845"}],"version-history":[{"count":4,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/14845\/revisions"}],"predecessor-version":[{"id":15065,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/14845\/revisions\/15065"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}