{"id":206,"date":"2017-06-09T16:08:00","date_gmt":"2017-06-09T08:08:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=206"},"modified":"2017-06-09T16:08:00","modified_gmt":"2017-06-09T08:08:00","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b9-%e7%9a%8410%e5%b9%b4%e7%99%be%e8%90%ac%e7%be%8e%e9%87%91%e8%b3%ad%e6%b3%a8%e6%9c%80%e7%b5%82%e8%b4%8f%e5%ae%b6","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=206","title":{"rendered":"\u5df4\u83f2\u7279 \u768410\u5e74\u767e\u842c\u7f8e\u91d1\u8ced\u6ce8\u6700\u7d42\u8d0f\u5bb6"},"content":{"rendered":"\n<p>\u5df4\u83f2\u7279\uff08Warren Buffett\uff09 \u5728 2006 \u5e74\u7684\u80a1\u6771\u5927\u6703\u4e2d\u516c\u958b\u63d0\u51fa\u4e00\u9805\u6311\u6230\uff0c\u4ed6\u8868\u793a\u9858\u610f\u7528 100 \u842c\u7f8e\u91d1\u7684\u8ced\u6ce8\u4f86\u63a5\u53d7\u4efb\u4f55\u4eba\u6311\u9078\u6700\u591a 10 \u6a94\u907f\u96aa\u57fa\u91d1\u7684\u6295\u8cc7\u7d44\u5408\u4f86\u8ddf\u7f8e\u570b S&amp;P 500 \u6307\u6578\u6bd4\u8f03\u7e3e\u6548\uff0c\u7372\u52dd\u7684\u4e00\u65b9\u8d0f\u5f97\u5c0d\u65b9\u7684 100 \u842c\u7f8e\u91d1\u4e26\u6350\u7d66\u81ea\u5df1\u6307\u5b9a\u7684\u6148\u5584\u6a5f\u69cb\uff0c\u9019\u4ef6\u4e8b\u60c5\u516c\u958b\u4e4b\u5f8c\uff0c\u7d42\u65bc\u6709\u4e00\u4f4d\u907f\u96aa\u57fa\u91d1\u7d93\u7406\u4eba \u6cf0\u5fb7\uff0e\u585e\u5fb7\u65af\uff08Ted Seides\uff09 \u63a5\u53d7\u4e86\u6311\u6230\uff0c\u4ed6\u6311\u9078\u4e86 5 \u6a94\u907f\u96aa\u57fa\u91d1\u6311\u6230\u5df4\u83f2\u7279\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>&nbsp;\u5df4\u83f2\u7279\u8207Ted Seides\u7684\u5c0d\u8ced\u7e3e\u6548<\/strong><\/h3>\n\n\n\n<p>\u5f9e\uff08\u5716\u4e00\uff09\u4e2d\u53ef\u4ee5\u770b\u5230\uff0c \u5df4\u83f2\u7279 \u6240\u6311\u7684\u7f8e\u570b S&amp;P500 \u6307\u6578\uff08\u6df1\u85cd\u8272\u7dda\uff09 \u4e00\u958b\u59cb\u5c31\u78b0\u5230\u5012\u6963\u7684\u91d1\u878d\u6d77\u562f\uff0c\u7d50\u679c\u6307\u6578\u4e00\u958b\u59cb\u5c31\u5927\u5e45\u7684\u843d\u5f8c\uff0c\u6307\u6578\u5230\u4e86 2011 \u5e74\u521d\u7d42\u65bc\u8d95\u4e0a\u4e86\u907f\u96aa\u57fa\u91d1\u7684\u7d44\u5408\uff08\u865b\u7dda\uff09\uff0c\u4e14\u7e3e\u6548\u53ea\u843d\u5f8c\u5176\u4e2d\u7684\u4e00\u6a94\u907f\u96aa\u57fa\u91d1 C Fund\uff08\u9ec3\u8272\u7dda\uff09\u3002\u5230\u4e86 2012 \u5e74\u4e2d\uff0c\u6307\u6578\u7684\u7e3e\u6548\u4e5f\u8d85\u8d8a\u4e86 C Fund\uff0c\u81ea\u6b64\u5c31\u4e00\u8def\u9818\u5148\u5230\u73fe\u5728\u4e86\uff0c\u5230\u76ee\u524d\u70ba\u6b62\uff0c\u6307\u6578\u5275\u9020\u4e86\u5e73\u5747\u6bcf\u5e74 7.1\uff05 \u7684\u597d\u8868\u73fe\uff0c\u800c \u6cf0\u5fb7\uff0e\u585e\u5fb7\u65af \u7684\u907f\u96aa\u57fa\u91d1\u7d44\u5408\u53ea\u6709\u6bcf\u5e74 2.1%\uff0c\u5373\u4f7f\u5176\u4e2d\u8868\u73fe\u6700\u597d\u7684 C Fund \u4e5f\u53ea\u6709\u6bcf\u5e74 5.6\uff05\uff0c\u9019\u5834\u8ced\u6ce8\u96d6\u7136\u5230\u4eca\u5e74\u5e74\u5e95\u624d\u7d50\u675f\uff0c\u4f46\u5df4\u83f2\u7279\u61c9\u8a72\u662f\u7a69\u64cd\u52dd\u5238\u4e86\uff01<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"942\" height=\"487\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-1.png\" alt=\"\" class=\"wp-image-207\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-1.png 942w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-1-300x155.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-1-768x397.png 768w\" sizes=\"auto, (max-width: 942px) 100vw, 942px\" \/><figcaption>\uff08\u5716\u4e00\uff09\u5df4\u83f2\u7279\u8207\u6cf0\u5fb7\uff0e\u585e\u5fb7\u65af\u7684\u8ced\u6ce8\u7e3e\u6548<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u6700\u7d42\u8d0f\u5bb6 \u2014 \u8ced\u6ce8\u91d1\u7e3e\u6548<\/strong><\/h3>\n\n\n\n<p>\u4f46\u9019\u5834\u8ced\u5c40\u6700\u6709\u8da3\u7684\u770b\u9ede\u4e26\u4e0d\u662f\u4e00\u500b\u7c21\u55ae\u7684\u6307\u6578\u6253\u6557\u4e86\u907f\u96aa\u57fa\u91d1\uff0c\u800c\u662f\u7576\u521d\u96d9\u65b9\u5728\u958b\u59cb\u9019\u5834\u8ced\u6ce8\u7684\u6642\u5019\uff0c\u70ba\u4e86\u5c07\u8ced\u6ce8\u91d1\u5148\u6e96\u5099\u597d\uff0c\u96d9\u65b9\u5c31\u5148\u5404\u51fa\u4e86 50% \u7684\u8cc7\u91d1\u8cfc\u8cb7\u4e86\u4e00\u500b 10 \u5e74\u5f8c\u5230\u671f\u7684\u96f6\u606f\u50b5\u5238\uff08Zero Courpon Bond\uff09\uff0c\u8a72\u50b5\u5238 10 \u5e74\u5f8c\u7684\u50f9\u503c\u6703\u525b\u597d\u7b49\u65bc 100 \u842c\u7f8e\u91d1\u3002\u4e00\u958b\u59cb\u9019\u7b46\u50b5\u5238\u7684\u50f9\u503c\u5927\u7d04\u662f 64 \u842c\u7f8e\u91d1\uff0c\u96a8\u8457\u91d1\u878d\u6d77\u562f\u4e4b\u5f8c\u5229\u7387\u4e0d\u65b7\u4e0b\u964d\uff0c\u9019\u7b46\u50b5\u5238\u7684\u50f9\u503c\u5230\u4e86 2012 \u5e74\u5e95\u5df2\u7d93\u5230\u5347\u503c\u5230\u4e86 95 \u842c\u7f8e\u91d1\uff0c\u7576\u6642\u7684\u5e02\u5834\u5229\u7387\u5df2\u7d93\u964d\u5230 1% \u4ee5\u4e0b\uff0c\u8003\u91cf\u5230\u672a\u4f86\u5e7e\u5e74\u5229\u7387\u53ef\u80fd\u6703\u4e0a\u5347\uff0c\u9032\u800c\u6703\u5f71\u97ff\u5230\u50b5\u5238\u7684\u50f9\u683c\uff0c\u96d9\u65b9\u7576\u6642\u5c31\u6c7a\u5b9a\uff0c\u5c07\u9019\u7b46\u50b5\u5238\u8f49\u6210\u4ee5\u5df4\u83f2\u7279\u516c\u53f8\u7684\u80a1\u7968\u4f86\u6301\u6709\uff0c\u7d50\u679c\u5c31\u662f\u9019\u6a23\u4e00\u500b\u52d5\u4f5c\u9020\u6210\u4e86\u9019\u7b46\u8ced\u6ce8\u91d1\u6700\u5f8c\u6210\u4e86\u6700\u5927\u7684\u8d0f\u5bb6\uff0c\u76ee\u524d\u70ba\u6b62\u9019\u7b46\u8ced\u6ce8\u91d1\u5df2\u7d93\u5275\u9020\u4e86\u5e73\u5747\u6bcf\u5e74 11.6% \u7684\u5831\u916c\u7387\uff08\u5716\u4e8c\u4e2d\u7d05\u8272\u7dda\uff09\uff0c\u9060\u8d85\u904e\u80a1\u7968\u6307\u6578\u7684 7.1\uff05\uff0c\u4e5f\u6253\u6557\u4e86\u5df4\u83f2\u7279\u81ea\u5df1\u516c\u53f8\u80a1\u7968\u7684\u8868\u73fe\uff0c\u8a72\u516c\u53f8\u80a1\u7968\u5f9e 2008 \u5e74\u521d\u81f3\u4eca\u5df2\u5275\u9020\u5e73\u5747\u6bcf\u5e74 2.2% \u7684\u7e3e\u6548\uff0c\u4e5f\u7565\u9ad8\u65bc\u907f\u96aa\u57fa\u91d1\u7d44\u5408\uff01<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"941\" height=\"484\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-2-1.png\" alt=\"\" class=\"wp-image-208\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-2-1.png 941w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-2-1-300x154.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/chart-2-1-768x395.png 768w\" sizes=\"auto, (max-width: 941px) 100vw, 941px\" \/><figcaption>(\u5716\u4e8c) \u8ced\u6ce8\u91d1\u7e3e\u6548<\/figcaption><\/figure>\n\n\n\n<p>\u6700\u5f8c\uff0c\u9019\u9805\u8ced\u6ce8\u6700\u5927\u7684\u8d0f\u5bb6\u7adf\u7136\u662f\u6148\u5584\u6a5f\u69cb\u7684\u9019\u7b46\u6350\u6b3e\uff0c\u4e00\u500b\u4e2d\u9014\u8f49\u63db\u7684\u6c7a\u5b9a\u5c31\u8b93\u7e3e\u6548\u6253\u6557\u4e86\u6307\u6578\uff0c\u7576\u7136\u4e5f\u6253\u6557\u4e86\u300c\u8070\u660e\u300d\u7684\u907f\u96aa\u57fa\u91d1\u8207\u5df4\u83f2\u7279\u81ea\u5df1\u3002 \u6cf0\u5fb7\uff0e\u585e\u5fb7\u65af \u5728\u63a5\u53d7\u63a1\u8a2a\u7684\u6642\u5019\uff0c\u611f\u5606\u7684\u8aaa\u9053\uff1a<\/p>\n\n\n\n<p>\u300c\u5f9e\u4efb\u4f55\u89d2\u5ea6\u4f86\u770b\uff0c\u7576\u6642\u6211\u5011\u6c7a\u5b9a\u5c07\u8ced\u6ce8\u91d1\u5f9e\u50b5\u5238\u8f49\u6210\u6301\u6709\u5df4\u83f2\u7279\u516c\u53f8\u7684\u80a1\u7968\uff0c\u5176\u5be6\u53ea\u662f\u4e00\u500b\u96d9\u65b9\u7c21\u55ae\u7684\u60f3\u6cd5\u8207\u6c7a\u5b9a\uff0c\u4e26\u4e0d\u662f\u4ec0\u9ebc\u7d93\u904e\u6df1\u601d\u719f\u616e\u7684\u60f3\u6cd5\uff0c\u4f46\u6700\u5f8c\u537b\u662f\u8868\u73fe\u7684\u6700\u597d\u3002\u9019\u4ef6\u4e8b\u60c5\u544a\u8a34\u4e86\u6211\u5011\uff0c\u6295\u8cc7\u662f\u975e\u5e38\u56f0\u96e3\u7684\uff0c\u5373\u4f7f\u5c0d\u6700\u8070\u660e\u777f\u667a\u7684\u4eba\u4f86\u8aaa\uff0c\u90fd\u662f\u5982\u6b64\u3002\u5728\u6211\u5011\u7684\u6210\u529f\u6216\u5931\u6557\u4e2d\uff0c\u4e0d\u8ad6\u4f60\u559c\u6b61\u6216\u4e0d\u559c\u6b61\uff0c\u4e8b\u5be6\u4e0a\u96a8\u6a5f\u6027\u626e\u6f14\u4e86\u5f88\u5927\u7684\u6c7a\u5b9a\u56e0\u7d20\uff0c\u6240\u4ee5\u5927\u591a\u6578\u7684\u6642\u5019\uff0c<strong>\u904b\u6c23<\/strong>\u662f\u66f4\u91cd\u8981\u7684\u3002\u300d<\/p>\n\n\n\n<p>\u8cc7\u6599\u4f86\u6e90 : <a rel=\"noreferrer noopener\" href=\"http:\/\/ritholtz.com\/2017\/05\/interesting-thing-buffett-seides-bet\/\" target=\"_blank\">The Big Picture<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>#\u95b1\u8b80\u6642\u9593\u7d04\u70ba3\u5206<\/p>\n\n\n\n<p><br \/><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.facebook.com\/jameschen1966\/\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"221\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/222-768x221-6.png\" alt=\"\" class=\"wp-image-122\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/222-768x221-6.png 768w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/222-768x221-6-300x86.png 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>\u5df4\u83f2\u7279\uff08Warren Buffett\uff09 \u5728 2006 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[&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[187,252,303,329,474],"class_list":["post-206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-33","tag-187","tag-252","tag-303","tag-329","tag-474"],"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\/206","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=206"}],"version-history":[{"count":0,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/posts\/206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=\/wp\/v2\/media\/209"}],"wp:attachment":[{"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.roboadvisor.com.tw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}