{"id":245,"date":"2017-06-12T17:08:00","date_gmt":"2017-06-12T09:08:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=245"},"modified":"2026-06-05T11:32:26","modified_gmt":"2026-06-05T03:32:26","slug":"%e7%82%ba%e4%bb%80%e9%ba%bc%e6%88%91%e6%8a%95%e8%b3%87%e7%b8%bd%e6%98%af%e8%b3%ba%e4%b8%8d%e5%88%b0%e9%8c%a2","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=245","title":{"rendered":"\u70ba\u4ec0\u9ebc\u6211\u6295\u8cc7\u7e3d\u662f\u8cfa\u4e0d\u5230\u9322?"},"content":{"rendered":"\n<p>\u6211\u5728\u8ca1\u5bcc\u7ba1\u7406\u76f8\u95dc\u9818\u57df\u5de5\u4f5c\u4e86\u8fd1&nbsp;20&nbsp;\u5e74\u7684\u6642\u9593\uff0c\u904e\u53bb\u9019&nbsp;20&nbsp;\u5e74\u770b\u5230\u53f0\u7063\u91d1\u878d\u6a5f\u69cb\u7684\u7406\u8ca1\u696d\u52d9\u5f9e\u96f6\u958b\u59cb\u767c\u5c55\uff0c\u5230\u73fe\u5728\u5e7e\u4e4e\u6bcf\u5bb6\u91d1\u878d\u6a5f\u69cb\u90fd\u662f\u4ee5\u8ca1\u5bcc\u7ba1\u7406\u7576\u6210\u4e3b\u529b\u696d\u52d9\uff0c\u7406\u8ca1\u4eba\u54e1\u4e5f\u6210\u4e86\u7562\u696d\u751f\u9032\u5165\u91d1\u878d\u6a5f\u69cb\u670d\u52d9\u6700\u53ef\u80fd\u7684\u8077\u52d9\u4e4b\u4e00\u3002\u96d6\u7136 \u6295\u8cc7 \u7406\u8ca1\u696d\u52d9\u84ec\u52c3\u7684\u767c\u5c55\uff0c\u4f46\u662f\u4eba\u5011\u7684 \u6295\u8cc7 \u7406\u8ca1\u6210\u679c\u537b\u6c92\u6709\u8b8a\u5f97\u66f4\u597d\uff0c\u9019\u9ede\u53ea\u8981\u554f\u554f\u81ea\u5df1\u5468\u906d\u6709\u5728\u91d1\u878d\u6a5f\u69cb\u505a \u6295\u8cc7 \u7406\u8ca1\u7684\u4eba\u5c31\u6703\u77e5\u9053\uff0c\u76f8\u4fe1\u6eff\u610f\u81ea\u5df1 \u6295\u8cc7 \u7406\u8ca1\u6210\u679c\u7684\u6c92\u6709\u5e7e\u500b\u3002\u7f8e\u570b\u4e00\u9805\u7814\u7a76\u3008<a href=\"https:\/\/www.forbes.com\/sites\/advisor\/2014\/04\/24\/why-the-average-investors-investment-return-is-so-low\/#9e833b4111a3\">\u70ba\u4ec0\u9ebc \u6295\u8cc7 \u4eba\u7684\u5e73\u5747\u6295\u8cc7\u5831\u916c\u7387\u9019\u9ebc\u4f4e<\/a>\u3009\u4e5f\u767c\u73fe\uff0c\u5927\u591a\u6578\u7684 \u6295\u8cc7 \u57fa\u91d1\u7684\u4eba\u6240\u7372\u5f97\u7684 \u6295\u8cc7 \u5831\u916c\u9060\u4f4e\u65bc\u57fa\u91d1\u672c\u8eab\u7684 \u6295\u8cc7 \u5831\u916c\uff08\u5716\u4e00\uff09\uff01\u6211\u500b\u4eba\u8a8d\u70ba\u9020\u6210\u9019\u7a2e\u7d50\u679c\u4e3b\u8981\u7684\u539f\u56e0\u4e4b\u4e00\u5728\u65bc\uff0c \u6295\u8cc7 \u7406\u8ca1\u4e2d\u4e00\u500b\u5f88\u91cd\u8981\u7684\u89c0\u5ff5\u2500\u2500\u300c\u8cc7\u7522\u914d\u7f6e\u300d\u4e26\u6c92\u6709\u88ab\u771f\u6b63\u7684\u843d\u5be6\u3002\b<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/fund-investor.png\" alt=\"\" class=\"wp-image-246\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/fund-investor.png 960w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/fund-investor-300x225.png 300w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/02\/fund-investor-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">(\u5716\u4e00) 2004~2013\u5341\u5e74\u671f\u9593\u4e0d\u540c\u8cc7\u7522\u5e73\u5747\u5e74\u5831\u916c\u7387<\/figcaption><\/figure>\n\n\n\n<p>\u8ca1\u5bcc\u7ba1\u7406\u696d\u52d9\u8868\u9762\u4e0a\u770b\u4f3c\u4e4e\u662f\u5354\u52a9\u7ba1\u7406\u5ba2\u6236\u7684\u8cc7\u91d1\uff0c\u4f46\u5be6\u969b\u4e0a\u662f\u5728\u5354\u52a9\u7ba1\u7406\u5ba2\u6236\u7684\uff08\u6295\u8cc7\uff09\u884c\u70ba\uff0c\u5927\u591a\u6578\u7684\u4eba\u4e26\u4e0d\u77e5\u9053\u6b63\u78ba\u7684 \u6295\u8cc7 \u65b9\u6cd5\u662f\u4ec0\u9ebc\uff1f\uff01\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u4eba\u5011\u9700\u8981\u91d1\u878d\u6a5f\u69cb\u7684\u5354\u52a9\uff0c\u4eba\u5011\u60f3\u77e5\u9053\u672a\u4f86\u4e00\u5e74\u54ea\u7a2e\u8cc7\u7522\u6703\u4e0a\u6f32\uff1f\u4eba\u5011\u60f3\u77e5\u9053\u80a1\u5e02\u9084\u6703\u7e7c\u7e8c\u4e0a\u6f32\u591a\u4e45\uff1f\u7576\u4eba\u5011\u8a8d\u70ba\u67d0\u9805\u8cc7\u7522\u770b\u597d\u7684\u6642\u5019\uff0c\u5c31\u7fd2\u6163 \u6295\u8cc7 \u5f88\u591a\uff08All-in\uff09\uff1b\u7576\u770b\u58de\u67d0\u9805\u8cc7\u7522\u7684\u6642\u5019\uff0c\u5c31\u7fd2\u6163\u5168\u90e8\u90fd\u9000\u51fa\uff08All-out\uff09\u2026\u2026\u4e0a\u8ff0\u9019\u4e9b\u5fc3\u7406\u6216 \u6295\u8cc7 \u884c\u70ba\u90fd\u662f\u4eba\u5011\u5f88\u81ea\u7136\u7684\u53cd\u61c9\uff0c\u4f46\u537b\u90fd\u662f\u4e0d\u6b63\u78ba\u7684\u884c\u70ba\uff0c\u7406\u8ca1\u4eba\u54e1\u7684\u50f9\u503c\u5c31\u5728\u65bc\u8981\u544a\u8a34\u5ba2\u6236\u4ec0\u9ebc\u662f\u932f\u8aa4\u7684 \u6295\u8cc7 \u884c\u70ba\uff1f\u61c9\u8a72\u600e\u9ebc\u505a\u624d\u662f\u6b63\u78ba\u7684 \u6295\u8cc7 \u884c\u70ba\uff1f\u6b63\u78ba\u7684 \u6295\u8cc7 \u884c\u70ba\u5c31\u662f\u8981\u78ba\u5be6\u505a\u5230\u8cc7\u7522\u914d\u7f6e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\u5c08\u5bb6\u5011\u600e\u9ebc\u8aaa\uff1f<\/strong><\/h3>\n\n\n\n<p>\u70ba\u4ec0\u9ebc\u8981\u505a\u8cc7\u7522\u914d\u7f6e\u5462? \u6211\u5011\u4f86\u770b\u770b\u8ca1\u7d93\u5c08\u5bb6\u5011\u662f\u600e\u9ebc\u8aaa\u7684\uff1a<\/p>\n\n\n\n<p>\u8ca1\u7d93\u5c08\u5bb6<strong>\u5a01\u5ec9\uff0e\u4f2f\u6069\u65af\u5766\uff08<a href=\"http:\/\/james1966.blogspot.tw\/2016\/09\/blog-post_35.html\">William Bernstein<\/a>\uff09<\/strong>\u8aaa:<\/p>\n\n\n\n<p>\u300c\u9996\u5148\u800c\u4e14\u662f\u6700\u91cd\u8981\u7684\u4e00\u9ede\uff0c\u90a3\u5c31\u662f\u6295\u8cc7\u4eba\u5343\u842c\u4e0d\u8981\u628a\u7e3d\u9ad4\u7d93\u6fdf\u7684\u8b8a\u5316\u3001\u653f\u6cbb\u4e8b\u4ef6\u7b49\u56e0\u7d20\u653e\u5230\u4f60\u7684\u6295\u8cc7\u7b56\u7565\u4e2d\u53bb\u601d\u8003\uff0c\u6bcf\u5929\u544a\u8a34\u81ea\u5df1\u4e00\u904d\uff1a\u6211\u6c92\u6709\u8fa6\u6cd5\u9810\u6e2c\u91d1\u878d\u5e02\u5834\u7684\u8b8a\u5316\uff0c\u6240\u4ee5\u6211\u9078\u64c7\u505a\u8cc7\u7522\u914d\u7f6e\u3002\u300d<\/p>\n\n\n\n<p>\u8ca1\u7d93\u5c08\u5bb6<strong>\u970d\u83ef\uff0e\u99ac\u514b\u65af\uff08<a href=\"http:\/\/james1966.blogspot.tw\/2017\/05\/blog-post_9.html\">Howard Marks<\/a>\uff09<\/strong>\u8aaa\uff1a<\/p>\n\n\n\n<p>\u300c\u6211\u8a8d\u70ba\u6bcf\u500b\u6295\u8cc7\u4eba\u90fd\u5fc5\u9808\u8b39\u8a18\u4e00\u9ede\uff0c\u90a3\u5c31\u662f\u5728\u91d1\u878d\u5e02\u5834\u4e2d\uff0c\u6240\u6709\u91d1\u878d\u8cc7\u7522\u7684\u50f9\u683c\u8b8a\u52d5\u90fd\u662f\u6709\u5faa\u74b0\u6027\u7684\uff0c\u5728\u91d1\u878d\u5e02\u5834\u4e2d\u5f88\u591a\u4e8b\u60c5\u90fd\u4e0d\u662f\u78ba\u5b9a\u7684\uff0c\u4f46\u6709\u4e00\u9ede\u537b\u662f\u767e\u5206\u4e4b\u767e\u6b63\u78ba\u7684\uff0c\u90a3\u5c31\u662f\uff1a\u5faa\u74b0\u662f\u6c38\u9060\u7121\u6cd5\u907f\u514d\u7684\uff01\u6c92\u6709\u4efb\u4f55\u8cc7\u7522\u7684\u50f9\u683c\u6703\u6c38\u9060\u4e0a\u6f32\u7684\uff0c\u6a39\u4e0d\u6703\u9577\u5230\u5929\u4e0a\u90a3\u9ebc\u9ad8\uff0c\u4e5f\u5f88\u5c11\u6709\u8cc7\u7522\u6703\u8dcc\u5230 0 \u7684\uff0c\u6295\u8cc7\u4eba\u6700\u5371\u96aa\u7684\u884c\u70ba\u5c31\u662f\u5047\u8a2d\u904e\u53bb\u7684\u8d70\u52e2\u6703\u4e00\u76f4\u6301\u7e8c\u5ef6\u7e8c\u5230\u672a\u4f86\u3002\u300d<\/p>\n\n\n\n<p>\u8ca1\u7d93\u5c08\u5bb6<strong>\u5361\u723e\u68ee\uff08<a href=\"http:\/\/james1966.blogspot.tw\/2016\/04\/blog-post.html\">Ben Carlson<\/a>\uff09<\/strong>\u8aaa\uff1a<\/p>\n\n\n\n<p>\u300c\u5c0d\u65bc\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u505a\u8cc7\u7522\u914d\u7f6e\u5c31\u662f\u9858\u610f\u53bb\u627f\u8a8d\u4e00\u9ede\uff0c\u90a3\u5c31\u662f\u6c92\u6709\u4eba\u6703\u77e5\u9053\u672a\u4f86\u5c07\u6703\u5982\u4f55\u7684\u8b8a\u5316\uff0c\u7f8e\u570b\u7d93\u6fdf\u5728\u904e\u53bb\u7684 100 \u5e74\u8868\u73fe\u5f97\u975e\u5e38\u597d\u6210\u70ba\u4e16\u754c\u7684\u7d93\u6fdf\u5f37\u570b\uff0c\u9019\u9ede\u5728\u77ed\u671f\u7684\u672a\u4f86\u4e5f\u4e0d\u592a\u6703\u6539\u8b8a\uff0c\u4f46\u8ab0\u6703\u77e5\u9053\u9577\u671f\u7684\u672a\u4f86\u4e16\u754c\u6703\u5982\u4f55\u6539\u8b8a\uff0c\u6240\u4ee5\u6295\u8cc7\u4eba\u61c9\u8a72\u505a\u597d\u8cc7\u7522\u914d\u7f6e\u4ee5\u9762\u5c0d\u4e0d\u78ba\u5b9a\u7684\u672a\u4f86\uff0c\u9019\u9ede\u662f\u5f88\u91cd\u8981\u7684\u3002\u300d<\/p>\n\n\n\n<p>\u8ca1\u7d93\u5c08\u5bb6<strong>\u7d04\u7ff0\uff0e\u5766\u4f2f\u9813\uff08<a href=\"http:\/\/james1966.blogspot.tw\/2016\/06\/blog-post.html\">John Templeton<\/a>\uff09<\/strong>\u8aaa\uff1a<\/p>\n\n\n\n<p>\u300c\u552f\u4e00\u4e0d\u9700\u8981\u505a\u8cc7\u7522\u914d\u7f6e\u5206\u6563\u98a8\u96aa\u7684\u4eba\uff0c\u5c31\u662f\u8a8d\u70ba\u81ea\u5df1\u7e3d\u662f\u80fd\u5920 100\uff05\u6b63\u78ba\u5224\u65b7\u5e02\u5834\u8b8a\u52d5\u7684\u4eba\u3002\u300d<\/p>\n\n\n\n<p>\u5f9e\u4e0a\u8ff0\u5c08\u5bb6\u7684\u89c0\u9ede\u53ef\u4ee5\u770b\u5230\uff0c\u91d1\u878d\u5e02\u5834\u6c38\u9060\u662f\u6703\u5faa\u74b0\u8f2a\u52d5\u7684\uff0c\u4f46\u6211\u5011\u4e26\u7121\u6cd5\u77e5\u9053\u5e02\u5834\u6703\u600e\u9ebc\u8f2a\u52d5\uff1f\u6703\u6301\u7e8c\u591a\u4e45\uff1f \u6240\u4ee5\u6700\u597d\u7684\u8fa6\u6cd5\u5c31\u662f\u53bb\u505a\u8cc7\u7522\u914d\u7f6e\uff0c\u5b78\u8853\u7814\u7a76\u4e5f\u8b49\u5be6\u8cc7\u7522\u914d\u7f6e\u662f\u6295\u8cc7\u9818\u57df\u4e2d\u5c11\u6578\u514d\u8cbb\u7684\u5348\u9910\uff08free lunch\uff09\uff0c\u80fd\u5920\u5e6b\u52a9 \u6295\u8cc7 \u4eba\u7372\u5f97\u8f03\u9ad8\u7684\u6295\u8cc7\u5831\u916c\u7387\u540c\u6642\u964d\u4f4e\u6295\u8cc7\u7684\u98a8\u96aa\uff0c\u56e0\u6b64\u505a\u597d\u8cc7\u7522\u914d\u7f6e\u662f\u9081\u5411\u6210\u529f\u6295\u8cc7\u7684\u7b2c\u4e00\u6b65\uff01<\/p>\n\n\n\n<p>#\u95b1\u8b80\u6642\u9593\u7d04\u70ba3\u5206\u9418<\/p>\n\n\n\n<p><br><\/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<style>\n\/* --- \u9810\u8a2d\uff1a\u624b\u6a5f\u7248\u5c3a\u5bf8 (\u5c0f\u87a2\u5e55) --- *\/\n.rwd-heading {\n    font-size: 32px !important;\n    margin-bottom: 24px !important;\n}\n.rwd-btn-wrapper {\n    \/* \u624b\u6a5f\u7248\u6a19\u984c\uff1a32px * 10\u5b57 = 320px *\/\n    width: 320px !important;\n    max-width: 100% !important;\n}\n.rwd-btn-link {\n    font-size: 16px !important;\n    padding: 12px 16px !important;\n}\n\n\/* --- \u5e73\u677f\u7248\u5c3a\u5bf8 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