{"id":1812,"date":"2021-08-23T10:25:00","date_gmt":"2021-08-23T02:25:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=1812"},"modified":"2021-08-23T10:25:00","modified_gmt":"2021-08-23T02:25:00","slug":"%e8%80%b6%e9%ad%af%e6%93%8d%e7%9b%a4%e6%89%8b%e9%9d%a0%e9%80%993%e5%a4%a7%e6%8a%95%e8%b3%87%e5%8e%9f%e5%89%87%ef%bc%8c30%e5%b9%b4%e7%b9%b3%e5%87%ba%e5%b9%b4%e5%8c%96%e5%a0%b1%e9%85%ac13%e6%88%90","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=1812","title":{"rendered":"\u8036\u9b6f\u64cd\u76e4\u624b\u9760\u9019 3 \u5927\u6295\u8cc7\u539f\u5247\uff0c30 \u5e74\u7e73\u51fa\u5e74\u5316\u5831\u916c 13% \u6210\u7e3e\u55ae\uff01"},"content":{"rendered":"\n<p>2021 \u5e74 5 \u6708 5 \u65e5\uff0c\u9818\u5c0e\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u7684\u50b3\u5947\u6295\u8cc7\u9577\u5927\u885b \u00b7 \u65af\u6587\u68ee\uff08David Swensen\uff09\u8207\u764c\u75c7\u9577\u671f\u6297\u722d\u5f8c\u53bb\u4e16\uff0c\u4eab\u5e74 67 \u6b72\uff0c\u4ee4\u8a31\u591a\u570b\u5916\u6295\u8cc7\u4eba\u611f\u5230\u4e0d\u6368\u3002<\/p>\n\n\n\n<p>\u5728\u65af\u6587\u68ee\u5148\u751f\u638c\u8235\u8a72\u57fa\u91d1\u7684 36 \u5e74\u88e1\uff0c\u6210\u529f\u7684\u6295\u8cc7\u6a21\u5f0f\u8b93\u8036\u9b6f\u5927\u5b78\u7684\u6350\u8d08\u57fa\u91d1<strong>\u5f9e 1985 \u5e74\u7684 10 \u5104\u7f8e\u5143\u589e\u52a0\u81f3 2020 \u5e74\u7684 312 \u5104\u7f8e\u5143<\/strong>\uff08\u7d71\u8a08\u81f3 2020 \u5e74 6 \u6708\u5e95\uff09\uff0c\u6210\u9577\u5e45\u5ea6\u9a5a\u4eba\uff01<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2021\/08\/%E5%9C%96%E7%89%8730.png\" alt=\"\" class=\"wp-image-7040\"\/><\/figure>\n\n\n\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1a \u7dad\u57fa\u767e\u79d1\u3001 Financial Times\u3001 Lazy Portfolio ETF\u3002\u5716\u7247\u4f86\u6e90\uff1aCNBC\u3002<\/em><\/p>\n\n\n\n<p>\u66f4\u4ee4\u4eba\u6b3d\u4f69\u7684\u662f\uff0c\u5728 1985-2015 \u9019 30 \u5e74\u671f\u9593\uff0c\u65af\u6587\u68ee\u5148\u751f\u5e36\u9818\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u7e73\u51fa\u5e74\u5316\u63a5\u8fd1 13% \u7684\u5831\u916c\u7387\uff0c\u9019 30 \u5e74\u671f\u9593\u66f4\u50c5\u6709\u4e00\u5e74\u51fa\u73fe\u8ca0\u5831\u916c\u72c0\u6cc1\uff082008 \u5e74\u91d1\u878d\u6d77\u562f\u8667\u640d 25 %\uff09\uff0c\u512a\u7570\u7684\u5831\u916c\u8868\u73fe\u8207\u8207\u6295\u8cc7\u7406\u5ff5\u985b\u8986\u4e86\u7f8e\u570b\u50b3\u7d71\u6350\u8d08\u57fa\u91d1\u7ba1\u7406\u65b9\u5f0f\uff0c\u8c4e\u7acb\u4e86<strong>\u300c\u8036\u9b6f\u6a21\u5f0f\u300d\u3001\u300c\u65af\u6587\u68ee\u65b9\u6cd5\u300d\u7684\u5b78\u7fd2\u6a19\u7aff\uff0c\u662f\u76ee\u524d\u8a31\u591a\u6a5f\u69cb\u6cd5\u4eba\u8207\u5e38\u6625\u85e4\u540d\u6821\u6350\u8d08\u57fa\u91d1\u7684\u5b78\u7fd2\u5c0d\u8c61\u3002<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>\u8036\u9b6f\u5927\u5b78\u7684\u61f6\u4eba\u6295\u8cc7\u7d44\u5408\uff08Lazy Portfolio<\/strong>\uff09<\/p>\n<\/blockquote>\n\n\n\n<p>\u65af\u6587\u68ee\u5148\u751f\u5c0d\u300a\u73fe\u4ee3\u6295\u8cc7\u7d44\u5408\u7406\u8ad6\u300b\uff08Modern portfolio theory\uff0c\u7c21\u7a31MPT\uff09\u7684\u61c9\u7528\u975e\u5e38\u8457\u8ff7\uff0c<strong>\u4ed6\u5e38\u5efa\u8b70\u57fa\u91d1\u7d93\u7406\u4eba\u8207\u4e00\u822c\u6295\u8cc7\u4eba\u53ea\u8981\u85c9\u7531 4-6 \u6a94\u4f4e\u6210\u672c ETF \u5efa\u69cb\u5168\u7403\u5206\u6563\u6295\u8cc7\u7d44\u5408<\/strong>\uff0c<strong>\u642d\u914d\u8cc7\u7522\u914d\u7f6e\u3001\u9577\u671f\u6295\u8cc7\u3001\u5b9a\u671f\u518d\u5e73\u8861\u7684\u6838\u5fc3\u7406\u5ff5\uff0c\u5c31\u53ef\u4ee5\u70ba\u81ea\u5df1\u5efa\u7acb\u4e00\u500b\u7c21\u55ae\u537b\u80fd\u5920\u9577\u671f\u7372\u5f97\u4e0d\u932f\u5831\u916c\u7684\u61f6\u4eba\u6295\u8cc7\u7d44\u5408\uff0c<\/strong>\u65af\u6587\u68ee\u5148\u751f\u4e5f\u8eab\u9ad4\u529b\u884c\u4f9d\u7167\u6b64\u7406\u5ff5\u5efa\u69cb\u300c\u5927\u885b\u65af\u6587\u68ee\u61f6\u4eba\u6295\u8cc7\u7d44\u5408\u300d\uff0c\u53c8\u7a31\u70ba\u300c<em><strong>\u8036\u9b6f\u6a21\u578b<\/strong><\/em>\u300d\uff0c\u53ef\u4f9b\u4e00\u822c\u6295\u8cc7\u4eba\u80fd\u7c21\u55ae\u5730\u53c3\u8003\u6b64\u7c21\u5316\u7248\u7684\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u6295\u8cc7\u7d44\u5408\uff0c\u4f86\u505a\u6295\u8cc7\u53c3\u8003\u3002<\/p>\n\n\n\n<p>\u622a\u81f3 2021 \u5e74 5 \u6708\uff0c\u8036\u9b6f\u6a21\u578b\u5728\u904e\u53bb 10 \u5e74\u9593\u64c1\u6709 9.57% \u7684\u5e74\u5316\u5831\u916c\u7387\u3001\u7d2f\u7a4d\u5831\u916c\u7387 149.34%\uff0c\u5728\u4ed6\u7684\u6307\u5c0e\u4e0b\uff0c<strong>\u8036\u9b6f\u6210\u70ba\u7f8e\u570b\u7b2c 3 \u5bcc\u6709\u7684\u5927\u5b78<\/strong>\uff0c\u96d6\u7136\u65af\u6587\u68ee\u5148\u751f\u4e0d\u5728\u4e86\uff0c<strong>\u4f46\u4ed6\u7684\u6295\u8cc7\u7406\u5ff5\u300c\u65af\u6587\u68ee\u65b9\u6cd5\u300d\u6703\u7e7c\u7e8c\u5b58\u5728\u5728\u6bcf\u4e00\u4f4d\u6295\u8cc7\u4eba\u7684\u5fc3\u4e0a\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2021\/08\/messageImage_1629601513590.jpg\" alt=\"\" class=\"wp-image-7041\"\/><\/figure>\n\n\n\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1aYale News \uff0c\u963f\u723e\u767c\u6295\u9867\u81ea\u884c\u6574\u7406\u3002<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2021\/08\/messageImage_1629601987276.jpg\" alt=\"\" class=\"wp-image-7042\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2021\/08\/%E5%9C%96%E7%89%874.png\" alt=\"\" class=\"wp-image-7043\"\/><\/figure>\n\n\n\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1a \u8036\u9b6f\u5927\u5b78\u3001Lazy Portfolio ETF\uff0c\u5716\u7247\u4f86\u6e90\uff1a \u963f\u723e\u767c\u6295\u9867\u81ea\u884c\u6574\u7406\u3002<\/em><br \/><em><br \/><\/em><em>\uff0a\u5099\u8a3b\uff1a\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u6709\u7d0d\u5165\u5c08\u5c6c\u6a5f\u69cb\u6295\u8cc7\u4eba\u624d\u53ef\u4f7f\u7528\u7684\u5546\u54c1\uff0c\u5982\uff1a\u79c1\u52df\u80a1\u6b0a\u3001\u5c0d\u6c96\u57fa\u91d1\u2026\u7b49\uff0c<\/em><em><strong>\u70ba\u4e86\u65b9\u4fbf\u4e00\u822c\u6c11\u773e\u4f7f\u7528\uff0c\u65af\u6587\u68ee\u5148\u751f\u5c07\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u7c21\u5316\u6210\u4ee5\u4e0b\u300c\u8036\u9b6f\u6a21\u578b\u300d\uff0c\u7528\u4ee5\u53cd\u6620\u8036\u9b6f\u5927\u5b78\u6350\u8d08\u57fa\u91d1\u6295\u8cc7\u914d\u7f6e\uff0c\u4e26\u80fd\u4f9b\u4e00\u822c\u6295\u8cc7\u4eba\u81ea\u884c\u53c3\u8003\u9032\u884c\u898f\u5283\u3002<\/strong><\/em><br \/><em><strong><br \/><\/strong><\/em><strong>\u5927\u885b 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)&nbsp;&nbsp;\u50b3\u7d71\u6295\u8cc7\u4eba\u8a8d\u70ba<strong>\u64c7\u6642\u3001\u9078\u80a1<\/strong>\u662f\u6700\u91cd\u8981\u7684\u6295\u8cc7\u5831\u916c\u5f71\u97ff\u56e0\u7d20\uff0c\u7136\u800c\uff0c\u65af\u6587\u68ee\u5148\u751f\u4e26\u4e0d\u8a8d\u540c\uff0c\u4ed6\u66fe\u5728\u8036\u9b6f\u5927\u5b78\u7684\u8b1b\u5ea7\u4e2d\u5206\u4eab\uff0c<strong>\u5c0d\u65bc\u5f71\u97ff\u6295\u8cc7\u5831\u916c\u800c\u8a00\uff0c\u4ee5\u4e0a\u9019 3 \u7a2e\u56e0\u7d20\u4e2d\u771f\u6b63\u91cd\u8981\u7684\u662f \u2014\u2014\u300c\u8cc7\u7522\u914d\u7f6e\u300d\u3002<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2021\/08\/%E5%9C%96%E7%89%8732.png\" alt=\"\" class=\"wp-image-7044\"\/><\/figure>\n\n\n\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1a\u91d1\u878d\u5206\u6790\u5e2b\u96dc\u8a8c The Financial Analysts Journal \uff0c1986\u3002<\/em><br \/><em><br 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\/><strong><br \/><\/strong><strong>\u5e02\u5834\u9577\u671f\u8da8\u52e2\u5411\u4e0a\uff0c\u9577\u671f\u6301\u6709\u5411\u4e0a\u6210\u9577\u7684\u8cc7\u7522\u5247\u662f\u300e\u6b63\u548c\u904a\u6232\u300f<\/strong>\uff0c\u76f8\u6bd4\u65bc\u591a\u6578\u6295\u8cc7\u4eba\u82b1\u8a31\u591a\u6642\u9593\u7814\u7a76\u8a72\u6295\u8cc7\u54ea\u4e9b\u516c\u53f8\u3001\u8a72\u4f55\u6642\u9032\u5834\u6216\u51fa\u5834\uff0c\u65af\u6587\u68ee\u5148\u751f\u8a8d\u70ba\u6295\u8cc7\u4eba\u771f\u6b63\u8a72\u82b1\u6642\u9593\u7684\u662f \u2014\u2014&nbsp;<strong>\u627e\u5230\u81ea\u5df1\u9069\u5408\u9577\u671f\u6301\u6709\u7684\u8cc7\u7522\uff0c<\/strong><br \/><strong><br 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class=\"wp-image-7051\"\/><\/figure>\n\n\n\n<p><em>\u8cc7\u6599\u4f86\u6e90\uff1aMorningstar Direct\u3001\u6295\u8cc7\u98db\u7fd4\u65e5\u8a8c\u81ea\u884c\u6574\u7406\u3002 \u8cc7\u6599\u65e5\u671f\uff1a2003\/01\/01-2021\/01\/31\u3002<\/em>&nbsp;3. &nbsp;\u4fdd\u6301<strong>\u9577\u671f\u8996\u91ce<\/strong>\uff0c\u9069\u7576\u589e\u52a0<strong>\u80a1\u7968\u4f54\u6bd4<\/strong>\u3002<strong>\u76f8\u6bd4\u65bc\u50b3\u7d71\u6821\u52d9\u8cc7\u91d1\u70ba\u6c42\u7a69\u5065\uff0c\u5927\u591a\u4ee5\u56fa\u5b9a\u6536\u76ca\u7684\u7522\u54c1\u70ba\u6295\u8cc7\u7d44\u5408\u7684\u6838\u5fc3<\/strong>\uff0c\u4f46\u5927\u885b \u00b7\u65af\u6587\u68ee\u4e26\u4e0d\u9019\u9ebc\u8a8d\u70ba\uff0c\u4ed6\u8a8d\u70ba\u6821\u52d9\u57fa\u91d1\u60f3\u6bd4\u65bc\u8a31\u591a\u500b\u4eba\u6295\u8cc7\u8005 10 \u5e74\u751a\u81f3 20 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