{"id":426,"date":"2017-08-23T10:09:00","date_gmt":"2017-08-23T02:09:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=426"},"modified":"2017-08-23T10:09:00","modified_gmt":"2017-08-23T02:09:00","slug":"%e5%82%91%e6%a3%ae%ef%bc%8e%e8%8c%b2%e5%a8%81%e6%a0%bc%ef%bc%9a%e3%80%8c-%e6%a9%9f%e5%99%a8%e4%ba%ba%e7%90%86%e8%b2%a1-%e5%b7%b2%e6%88%90%e7%82%ba%e8%82%a1%e5%b8%82%e9%81%8b%e4%bd%9c%e9%87%8d%e8%a6%81","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=426","title":{"rendered":"\u5091\u68ee\uff0e\u8332\u5a01\u683c\uff1a\u300c \u6a5f\u5668\u4eba\u7406\u8ca1 \u5df2\u6210\u70ba\u80a1\u5e02\u904b\u4f5c\u91cd\u8981\u90e8\u5206\uff01\u300d"},"content":{"rendered":"\n<p><strong>\u300c\u6563\u6236\u6295\u8cc7\u4eba\u4e0d\u50c5\u6c92\u6709\u8ffd\u9ad8\u80a1\u5e02\uff0c\u53cd\u800c\u96e2\u958b\u80a1\u5e02\uff0c\u9019\u5176\u5be6\u61c9\u8a72\u6b78\u529f\u65bc\u5e02\u5834\u65e5\u76ca\u589e\u52a0\u7684\u81ea\u52d5\u5316\u6295\u8cc7\u65b9\u5f0f\u5982 \u6a5f\u5668\u4eba\u7406\u8ca1 \uff0c\u73fe\u5728\u9019\u5df2\u7d93\u6210\u4e86\u80a1\u5e02\u904b\u4f5c\u5f88\u91cd\u8981\u7684\u4e00\u500b\u90e8\u4efd\u4e86\u3002\u300d\u2500\u2500\u83ef\u723e\u8857\u65e5\u5831\u77e5\u540d\u8ca1\u7d93\u5c08\u6b04\u4f5c\u5bb6\u5091\u68ee\u2027\u8332\u5a01\u683c\uff08Jason Zweig\uff09<\/strong><\/p>\n\n\n\n<p>\u7f8e\u570b\u8ca1\u7d93\u754c\u7d93\u5e38\u6709\u4eba\u8aaa\uff0c\u5728\u6295\u8cc7\u4e2d\u6700\u5371\u96aa\u7684\u5e7e\u500b\u5b57\u5c31\u662f\uff1a\u300c\u9019\u6b21\u662f\u4e0d\u540c\u7684\u3002\u300d\uff08This time is different.\uff09<\/p>\n\n\n\n<p>\u610f\u601d\u5c31\u662f\u8aaa\uff0c\u96d6\u7136\u6bcf\u6b21\u80a1\u5e02\u4e0a\u6f32\u7684\u539f\u56e0\u90fd\u4e0d\u540c\uff0c\u4f46\u662f\u80a1\u5e02\u7684\u57fa\u672c\u539f\u7406\u9084\u662f\u76f8\u540c\u7684\uff0c\u6f32\u591a\u4e86\u5c31\u6703\u8dcc\u4e0b\u53bb\uff0c\u8dcc\u591a\u4e86\u7576\u7136\u4e5f\u662f\u6703\u6f32\u4e0a\u53bb\uff0c\u6240\u4ee5\u7576\u6709\u4eba\u8aaa\u9019\u6b21\u662f\u4e0d\u540c\u7684\uff08\u4f8b\u5982\uff1a2000 \u5e74\u7db2\u8def\u79d1\u6280\u6ce1\u6cab\u7684\u6642\u5019\uff09\u6642\uff0c\u5f80\u5f80\u5c31\u662f\u6700\u5371\u96aa\u7684\u6642\u5019\u3002<\/p>\n\n\n\n<p>\u9019\u500b\u9053\u7406\u81ea\u7136\u53d7\u4eba\u5c0a\u5d07\u7684\u5091\u68ee\u2027\u8332\u5a01\u683c\u4e5f\u662f\u5f88\u6e05\u695a\u7684\uff0c\u4f46\u4ed6\u5728\u6700\u65b0\u7684\u4e00\u7bc7\u5c08\u6b04\u6587\u7ae0\u4e2d\u537b\u8aaa\u51fa\uff1a\u300c\u80a1\u5e02\u9019\u6b21\u662f\u771f\u7684\u4e0d\u540c\u4e86\u3002\u300d \uff08The Market really is different this time.\uff09<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">\u80a1\u5e02\u904b\u4f5c\u6a21\u5f0f\u4e0d\u4e00\u6a23\u4e86?!<\/h5>\n\n\n\n<p>\u70ba\u4ec0\u9ebc\u5091\u68ee\u2027\u8332\u5a01\u683c\u6562\u5192\u8457\u932f\u8aa4\u7684\u98a8\u96aa\u81ea\u4fe1\u7684\u8aaa\u51fa\u9019\u6a23\u7684\u8a71\u5462\uff1f\u4ed6\u5728\u6587\u7ae0\u4e2d\u8aaa\uff1a<\/p>\n\n\n\n<p>\u300c\u9053\u74ca\u5de5\u696d\u6307\u6578\u6500\u5347\u5230 22,000 \u9ede\u9644\u8fd1\uff0c\u4f46\u9019\u6ce2\u80a1\u5e02\u7684\u591a\u982d\u537b\u770b\u4e0d\u5230\u4ee5\u5f80\u4eba\u5011\u6240\u8b02\u7684\u611a\u8822\u7684\u8cc7\u91d1\uff08\u6307\u7684\u662f\u6563\u6236\u7684\u9322\uff09\u5927\u8209\u9032\u5834\uff0c\u904e\u53bb\u9019\u4e00\u500b\u6708\u7f8e\u570b\u6563\u6236\u6295\u8cc7\u4eba\u537b\u5f9e\u80a1\u5e02\u57fa\u91d1\u4e2d\u64a4\u51fa\u4e86 170 \u5104\u7f8e\u91d1\uff0c\u800c\u50b5\u5238\u57fa\u91d1\u8f49\u5165\u7684\u91d1\u984d\u5247\u662f 290 \u5104\u7f8e\u91d1\u3002\u300d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"453\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/20-2.png\" alt=\"\" class=\"wp-image-427\" srcset=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/20-2.png 640w, https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2022\/03\/20-2-300x212.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p>\u9019\u6a23\u7684\u60c5\u6cc1\u7576\u7136\u662f\u5f88\u5947\u602a\u7684\uff0c\u904e\u53bb\u7576\u80a1\u5e02\u5728\u591a\u982d\u6642\u671f\u7279\u5225\u662f\u591a\u982d\u5f8c\u534a\u6bb5\u7684\u6642\u5019\uff0c\u901a\u5e38\u90fd\u6703\u770b\u5230\u6563\u6236\u5927\u8209\u9032\u5165\u80a1\u5e02\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u4e0d\u50c5\u50c5\u6c92\u6709\u9019\u7a2e\u60c5\u6cc1\uff0c\u6563\u6236\u6295\u8cc7\u4eba\u53cd\u800c\u9084\u5c07\u8cc7\u91d1\u64a4\u51fa\u80a1\u5e02\uff01\u662f\u6563\u6236\u6295\u8cc7\u4eba\u8b8a\u8070\u660e\u4e86\u55ce\uff1f<\/p>\n\n\n\n<p>\u66f4\u8a6d\u7570\u7684\u662f\uff0c\u9019\u4e9b\u6d41\u51fa\u80a1\u5e02\u7684\u8cc7\u91d1\u7d55\u5927\u591a\u6578\u90fd\u6d41\u5165\u4e86\u50b5\u5238\u5e02\u5834\uff0c\u662f\u6563\u6236\u6295\u8cc7\u4eba\u770b\u597d\u50b5\u5238\u5e02\u5834\u4e86\u55ce\uff1f<\/p>\n\n\n\n<p>\u4f46\u7f8e\u570b\u806f\u6e96\u6703\u5df2\u7d93\u660e\u78ba\u8868\u793a\u672a\u4f86\u9084\u662f\u6301\u7e8c\u63d0\u5347\u5229\u7387\uff0c\u5728\u5229\u7387\u9084\u8655\u5728\u4e0a\u5347\u968e\u6bb5\u7684\u671f\u9593\uff0c\u9019\u9ebc\u770b\u597d\u50b5\u5238\u5e02\u5834\u4e0d\u662f\u5f88\u5947\u602a\u55ce\uff1f\u9019\u5230\u5e95\u767c\u751f\u4e86\u4ec0\u9ebc\u4e8b\u60c5\uff1f<\/p>\n\n\n\n<p>\u5091\u68ee\u2027\u8332\u5a01\u683c\u63d0\u51fa\u4e86\u4ed6\u7684\u89c0\u5bdf\u8207\u89e3\u91cb\uff0c\u4ed6\u8aaa\uff1a<\/p>\n\n\n\n<p>\u300c\u6563\u6236\u6295\u8cc7\u4eba\u4e0d\u50c5\u6c92\u6709\u8ffd\u9ad8\u80a1\u5e02\uff0c\u53cd\u800c\u96e2\u958b\u80a1\u5e02\uff0c\u9019\u5176\u5be6\u61c9\u8a72\u6b78\u529f\u65bc\u5e02\u5834\u65e5\u76ca\u589e\u52a0\u7684\u81ea\u52d5\u5316\u6295\u8cc7\u65b9\u5f0f\u5982\uff1a\u300e\u6a5f\u5668\u4eba\u7406\u8ca1\u300f\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u9019\u5df2\u7d93\u6210\u4e86\u80a1\u5e02\u904b\u4f5c\u5f88\u91cd\u8981\u7684\u4e00\u500b\u90e8\u4efd\u4e86\uff0c\u7f8e\u570b\u5f88\u591a\u7684\u4eba\u90fd\u5c07\u6295\u8cc7\u7684\u8cc7\u91d1\u6216\u9000\u4f11\u91d1\u898f\u5283\u4ea4\u7d66\u63a1\u7528\u81ea\u52d5\u5316\u6295\u8cc7\u7684\u516c\u53f8\uff08\u4f8b\u5982\uff1a \u6a5f\u5668\u4eba\u7406\u8ca1 \u516c\u53f8\uff09\u8655\u7406\uff0c\u9019\u4e9b\u516c\u53f8\u9664\u4e86\u6703\u5e6b\u6295\u8cc7\u4eba\u505a\u597d\u8cc7\u7522\u914d\u7f6e\u7684\u6295\u8cc7\u7d44\u5408\u4e4b\u5916\uff0c\u5f88\u91cd\u8981\u7684\u4e00\u9ede\u662f\uff0c\u9019\u4e9b \u6a5f\u5668\u4eba\u7406\u8ca1 \u7cfb\u7d71\u6703\u81ea\u52d5\u5e6b\u6295\u8cc7\u4eba\u505a\u5230\u91cd\u65b0\u8abf\u6574\u6295\u8cc7\u7d44\u5408\uff08re-balance\uff09\u3002<\/p>\n\n\n\n<p>\u904b\u4f5c\u7684\u65b9\u5f0f\u5f88\u7c21\u55ae\uff0c\u5047\u8a2d\u4f60\u539f\u5148\u8a2d\u5b9a\u6295\u8cc7\u7d44\u5408\u4e2d\u80a1\u7968\u7684\u6bd4\u7387\u662f 50%\uff0c\u7576\u80a1\u5e02\u4e0a\u6f32\u4e00\u6bb5\u6642\u9593\u4e4b\u5f8c\uff0c\u80a1\u5e02\u4f54\u4f60\u7684\u6295\u8cc7\u8cc7\u91d1\u6bd4\u7387\u4e0a\u5347\u5230\u4e86 60%\uff0c\u504f\u96e2\u4e86\u4f60\u539f\u5148\u8a2d\u5b9a\u7684\u6bd4\u7387\uff0c\u9019\u500b\u6642\u5019 \u6a5f\u5668\u4eba\u7406\u8ca1 \u7cfb\u7d71\u5c31\u6703\u81ea\u52d5\u5e6b\u4f60\u8ce3\u51fa\u4e00\u90e8\u4efd\u7684\u80a1\u7968\uff0c\u8b93\u4f60\u80a1\u7968\u7684\u6295\u8cc7\u6bd4\u7387\u91cd\u65b0\u56de\u5230 50%\uff0c\u9019\u5c31\u662f\u80a1\u5e02\u73fe\u5728\u6b63\u5728\u767c\u751f\u7684\u4e8b\u60c5\uff0c\u800c\u4e14\u5927\u591a\u6578\u7684\u4ea4\u6613\u90fd\u662f\u81ea\u52d5\u57f7\u884c\u7684\u3002\u300d<\/p>\n\n\n\n<p>\u6240\u4ee5\u6211\u5011\u73fe\u5728\u77e5\u9053\u4e86\uff0c\u6295\u8cc7\u4eba\u5c07\u8cc7\u91d1\u64a4\u51fa\u80a1\u5e02\u8f49\u9032\u50b5\u5238\u5176\u5be6\u8ddf\u770b\u597d\u6216\u770b\u58de\u5e02\u5834\u524d\u666f\u4e00\u9ede\u95dc\u4fc2\u90fd\u6c92\u6709\uff0c\u800c\u662f\u56e0\u70ba\u6295\u8cc7\u7d44\u5408\u5230\u4e86\u9700\u8981\u8abf\u6574\u7684\u968e\u6bb5\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u4eba\u505a\u597d\u8cc7\u7522\u914d\u7f6e\u4e0d\u50c5\u80fd\u5920\u964d\u4f4e\u6295\u8cc7\u7684\u98a8\u96aa\uff0c\u589e\u52a0\u9577\u671f\u7372\u5229\u7684\u6a5f\u6703\uff0c\u7576\u5f88\u591a\u4eba\u90fd\u9019\u9ebc\u505a\u7684\u6642\u5019\uff0c\u5c0d\u80a1\u5e02\u4e5f\u80fd\u5e36\u4f86\u66f4\u7a69\u5b9a\u3001\u66f4\u5065\u5eb7\u7684\u767c\u5c55\u3002<\/p>\n\n\n\n<p>\u5091\u68ee\u2027\u8332\u5a01\u683c\u5728\u6587\u7ae0\u6700\u5f8c\u63d0\u5230\uff1a<\/p>\n\n\n\n<p>\u300c\u6b61\u8fce\u4f86\u5230\u52d5\u614b\u5e73\u8861\uff08homeostasis\uff09\u7684\u80a1\u7968\u5e02\u5834\uff0c\u5c0d\u751f\u7269\u4f86\u8aaa\uff0c\u52d5\u614b\u5e73\u8861\u662f\u5f88\u91cd\u8981\u7684\u4e00\u500b\u6a5f\u5236\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982\uff1a\u7576\u4eba\u9ad4\u5167\u90e8\u5668\u5b98\u51fa\u73fe\u4e00\u4e9b\u8b8a\u5316\u7684\u6642\u5019\uff0c\u8eab\u9ad4\u7684\u9ad4\u6eab\u5c31\u6703\u81ea\u52d5\u8ddf\u8457\u8abf\u7bc0\u8b93\u9ad4\u5167\u9054\u5230\u53e6\u4e00\u500b\u5e73\u8861\u7684\u60c5\u6cc1\u3002<\/p>\n\n\n\n<p>\u7576\u7136\uff0c\u9019\u4e9b\u81ea\u52d5\u8abf\u7bc0\u7684\u6a5f\u5236\u4e26\u4e0d\u80fd\u4fdd\u8b49\u80a1\u5e02\u4e0d\u6703\u51fa\u73fe\u7a81\u7136\u4e0b\u8dcc\u7684\u60c5\u6cc1\uff0c\u4f46\u537b\u80fd\u5920\u964d\u4f4e\u767c\u751f\u9019\u7a2e\u60c5\u6cc1\u7684\u6a5f\u7387\uff0c\u800c\u4e14\u5373\u4f7f\u767c\u751f\u4e86\uff0c\u4e5f\u80fd\u5920\u7e2e\u77ed\u5176\u6301\u7e8c\u7684\u6642\u9593\u3002<\/p>\n\n\n\n<p>\u6700\u5f8c\uff0c\u4e0d\u8981\u76f8\u4fe1\u4efb\u4f55\u4eba\u544a\u8a34\u4f60\uff0c\u73fe\u5728\u7684\u80a1\u5e02\u5df2\u7d93\u662f\u8655\u5728\u760b\u72c2\u7684\u968e\u6bb5\u4e86\uff0c\u76f8\u53cd\u7684\uff0c\u6240\u8b02\u7684\u611a\u8822\u7684\u8cc7\u91d1\u73fe\u5728\u662f\u5728\u8ce3\u80a1\u7968\u800c\u4e0d\u662f\u8cb7\u9032\u3002\u300d<\/p>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-palette-color-2-color\">\u5728\u7f8e\u570b\uff0c\u5a92\u9ad4\u6216\u8ca1\u7d93\u4eba\u58eb\u8ac7\u8ad6<a 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\/>#\u95b1\u8b80\u6642\u9593\u7d04\u70ba4\u5206\u9418<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u300c\u6563\u6236\u6295\u8cc7\u4eba\u4e0d\u50c5\u6c92\u6709\u8ffd\u9ad8\u80a1\u5e02\uff0c\u53cd\u800c\u96e2\u958b\u80a1\u5e02\uff0c\u9019\u5176\u5be6\u61c9\u8a72\u6b78\u529f\u65bc\u5e02\u5834\u65e5\u76ca\u589e\u52a0\u7684\u81ea\u52d5\u5316\u6295\u8cc7\u65b9\u5f0f\u5982 \u6a5f\u5668\u4eba\u7406\u8ca1 \uff0c\u73fe\u5728 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