{"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":"2026-10-27T17:26:26","modified_gmt":"2026-10-27T09:26:26","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

\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&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

 \u5df4\u83f2\u7279\u8207Ted Seides\u7684\u5c0d\u8ced\u7e3e\u6548<\/strong><\/h3>\n\n\n\n

\u5f9e\uff08\u5716\u4e00\uff09\u4e2d\u53ef\u4ee5\u770b\u5230\uff0c \u5df4\u83f2\u7279 \u6240\u6311\u7684\u7f8e\u570b S&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

\"\"
\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

\u6700\u7d42\u8d0f\u5bb6 \u2014 \u8ced\u6ce8\u91d1\u7e3e\u6548<\/strong><\/h3>\n\n\n\n

\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

\"\"
(\u5716\u4e8c) \u8ced\u6ce8\u91d1\u7e3e\u6548<\/figcaption><\/figure>\n\n\n\n

\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

\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\u904b\u6c23<\/strong>\u662f\u66f4\u91cd\u8981\u7684\u3002\u300d<\/p>\n\n\n\n

\u8cc7\u6599\u4f86\u6e90 : The Big Picture<\/a><\/p>\n\n\n\n

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#\u95b1\u8b80\u6642\u9593\u7d04\u70ba3\u5206<\/p>\n\n\n\n


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\u8a02\u95b1\u963f\u723e\u767c\u89c0\u9ede\u96fb\u5b50\u5831<\/strong><\/a><\/div>\n\n\n
\u52a0 LINE \u554f\u9867\u554f<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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