{"id":433,"date":"2017-08-28T10:19:00","date_gmt":"2017-08-28T02:19:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=433"},"modified":"2017-08-28T10:19:00","modified_gmt":"2017-08-28T02:19:00","slug":"%e5%be%9e-%e4%b8%96%e5%a4%a7%e9%81%8b-%e7%9c%8b%e6%8a%95%e8%b3%87","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=433","title":{"rendered":"\u5f9e \u4e16\u5927\u904b \u770b\u6295\u8cc7"},"content":{"rendered":"\n

\u4e0a\u9031\u56db (8\/24) \u53f0\u7063\u6c11\u773e\u90fd\u8208\u596e\u5730\u6b61\u6176\u777d\u9055 26 \u5e74\u5f8c\uff0c\u7e7c\u738b\u60e0\u73cd 1991 \u5e74\u53f0\u7063\u5728 \u4e16\u5927\u904b \u53f2\u4e0a\u7684\u7b2c 2 \u9762\u7530\u5f91\u91d1\u724c\uff0c \u300c\u5168\u53f0\u6700\u901f\u7537\u300d\u694a\u4fca\u701a\u5728\u7537\u5b50\u767e\u7c73\u77ed\u8dd1\u6c7a\u8cfd\u4ee5 10 \u79d2 22 \u7684\u6210\u7e3e\u62ff\u4e0b\u53f0\u7063\u7b2c 1 \u9762\u91d1\u724c\uff0c\u800c\u5468\u516d (8\/26) \u7530\u5f91 200 \u516c\u5c3a\u7684\u6c7a\u8cfd\u4e0a\uff0c\u570b\u4eba\u5011\u4ecd\u8208\u596e\u7684\u671f\u5f85\u694a\u4fca\u701a\u80fd\u518d\u5275\u91d1\u724c\u7d00\u9304\uff0c\u5f88\u53ef\u60dc\u6700\u7d42\u4ee5\u7b2c 7 \u540d\u4f5c\u6536\u3002<\/p>\n\n\n\n

\u800c\u5728\u767e\u7c73\u77ed\u8dd1\u7684\u6c7a\u8cfd\u4e2d\uff0c\u570b\u969b\u5927\u5b78\u904b\u52d5\u7e3d\u6703 (FISU) \u8868\u793a\u5176\u6bd4\u8cfd\u7d50\u679c\u662f\u51fa\u4e4e\u8a31\u591a\u4eba\u610f\u6599\u4e4b\u5916\u7684\uff0c\u56e0\u70ba\u5728\u6c7a\u8cfd\u7684\u516b\u540d\u8dd1\u8005\u4e2d\uff0c\u6211\u570b\u9078\u624b\u4f9d\u751f\u6daf\u6700\u901f\u7684\u6392\u540d\u4f86\u770b\u70ba\u5012\u6578\u7b2c\u4e8c\u540d\uff0c\u96d6\u7136\u4f9d\u6211\u5011\u666e\u901a\u4eba\u4f86\u770b\u4ed6\u5011\u7684\u6210\u7e3e\u90fd\u5df2\u5f88\u5feb\u901f\uff0c\u800c\u4e14\u5176\u5dee\u7570\u6700\u5927\u5dee\u8ddd\u4e0d\u5230 1 \u79d2\u7684\u6642\u9593\uff0c\u4f46\u50c5\u50c5\u4e9b\u5fae\u7684\u96f6\u9ede\u96f6\u5e7e\u79d2\u4e4b\u5dee\uff0c\u5c31\u6c7a\u5b9a\u4e86\u8ab0\u52dd\u8ab0\u6557\u3002<\/p>\n\n\n\n

\u9ea5\u53ef\uff0e\u83ab\u5e03\u65b0 (Michael J. Mauboussin) \u70ba\u7f8e\u570b\u77e5\u540d\u7b56\u7565\u6295\u8cc7\u5c08\u5bb6\uff0c\u73fe\u4efb\u745e\u58eb\u4fe1\u8cb8 (Credit Suisse Group AG) \u7684\u5168\u7403\u8ca1\u52d9\u7b56\u7565\u4e3b\u7ba1\u8207\u7f8e\u76db\u96c6\u5718 (Legg Mason Capital Management) \u7684\u9996\u5e2d\u6295\u8cc7\u7b56\u7565\u5e2b\uff0c\u5728\u5176\u6700\u65b0\u8457\u4f5c\u6210\u529f\u8207\u904b\u6c23 (The Success Equation) \u4e00\u66f8\u7576\u4e2d\u6709\u4e00\u6a19\u984c\u4fbf\u5beb\u9053 :<\/p>\n\n\n\n

\u300e\u80fd\u529b\u6108\u5f37\uff0c\u904b\u6c23\u5247\u6108\u91cd\u8981\u300f<\/strong><\/h6>\n\n\n\n

\u8aaa\u660e\u96a8\u8457\u80fd\u529b\u7684\u63d0\u5347\uff0c\u8868\u73fe\u6703\u8b8a\u5f97\u8f03\u7a69\u5b9a\uff0c\u56e0\u6b64\u904b\u6c23\u5c31\u8b8a\u5f97\u66f4\u70ba\u91cd\u8981\u3002<\/p>\n\n\n\n

\u6240\u4ee5\u7576\u5404\u9078\u624b\u7684\u5be6\u529b\u6c34\u6e96\u76f8\u8fd1\u6642\uff0c\u5728\u6bd4\u8cfd\u4e2d\u5176\u5be6 \u201c\u904b\u6c23\u201d \u5c31\u4f54\u4e86\u7372\u52dd\u5f88\u5927\u7684\u95dc\u9375\u56e0\u7d20\u3002<\/p>\n\n\n\n

\u70ba\u4ec0\u9ebc\u5357\u975e\u7684\u7f85\u6258 (Thando Roto) \u8207\u7f8e\u570b\u7684\u5e03\u745e\u723e (Cameron Burrell) \u9019\u5169\u540d\u694a\u4fca\u701a\u8a8d\u70ba\u7684\u5f37\u6575\u8207\u5927\u5bb6\u89ba\u5f97\u6700\u6709\u53ef\u80fd\u596a\u91d1\u7684\u602a\u7269\u6703\u5728\u6c7a\u8cfd\u4e2d\u53cd\u800c\u6210\u7e3e\u4e0d\u7406\u60f3\u5462?<\/p>\n\n\n\n

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\u9084\u6709\u7576\u694a\u4fca\u701a\u596a\u5f97\u7b2c\u4e00\u9762\u91d1\u724c\u5f8c\uff0c\u6c11\u773e\u5c31\u6703\u5f15\u9838\u76fc\u671b\u4e14\u8a8d\u70ba\u4ed6\u6709\u5f88\u9ad8\u6a5f\u7387\u80fd\u5728 200 \u516c\u5c3a\u6c7a\u8cfd\u4e2d\uff0c\u518d\u62b1\u56de\u7b2c\u4e8c\u9762\u91d1\u724c\uff0c\u4f46\u4e8b\u5be6\u537b\u5f88\u53ef\u60dc\uff0c\u5927\u5bb6\u7684\u9858\u671b\u4e26\u7121\u9054\u6210\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u4e2d\u904b\u6c23\u4e5f\u5f88\u91cd\u8981<\/strong><\/h6>\n\n\n\n

\u7531\u6b64\u6b21\u4e16\u5927\u904b\u7684\u6bd4\u8cfd\u4e2d\u6211\u5011\u53ef\u4ee5\u767c\u73fe\u5230\uff0c\u5176\u5be6\u91d1\u878d\u754c\u4e2d\u4f55\u5617\u4e0d\u662f\u9019\u6a23\u7684\u72c0\u6cc1?<\/p>\n\n\n\n

\u6bcf\u4f4d\u57fa\u91d1\u7d93\u7406\u4eba\u7684\u6c34\u6e96\u90fd\u5dee\u4e0d\u591a\uff0c\u5927\u5bb6\u6240\u80fd\u5f97\u5230\u7684\u8cc7\u8a0a\u4e5f\u90fd\u662f\u516c\u958b\u516c\u5e73\u7684\u60c5\u6cc1\u4e4b\u4e0b<\/mark>\uff0c\u5c31\u50cf\u4e0a\u8ff0\u6bd4\u8cfd\u4e2d\u5404\u500b\u9078\u624b\u5be6\u529b\u4e26\u7121\u61f8\u6b8a\u7684\u5dee\u8ddd\uff0c\u6bd4\u8cfd\u5834\u5730\u4e5f\u4e00\u81f4\u3002<\/p>\n\n\n\n

\u90a3\u9ebc \u201c\u904b\u6c23\u201d \u5c31\u70ba\u5176\u6700\u7d42\u8d0f\u5f97\u52dd\u5229\u7684\u6700\u5927\u95dc\u9375\uff0c\u8ab0\u904b\u6c23\u6bd4\u8f03\u597d\u731c\u5c0d\u5e02\u5834\u8d70\u52e2\u3001\u8ced\u5c0d\u80a1\u7968\u7a2e\u985e\u5c31\u80fd\u7372\u52dd (\u7372\u5f97\u597d\u7e3e\u6548)<\/mark>\u3002<\/p>\n\n\n\n

\u800c\u7372\u5f97\u7b2c\u4e00\u5834\u7684\u52dd\u5229\u4e4b\u5f8c\uff0c\u8981\u7dad\u6301\u5728\u63a5\u4e0b\u4f86\u7684\u6bcf\u4e00\u5834\u4e2d\u7686\u80fd\u8d0f\u5f97\u52dd\u5229\u5247\u662f\u66f4\u96e3\uff0c\u56e0\u70ba\u5e02\u5834\u662f\u96a8\u6642\u5728\u8b8a\u5316\u7684\uff0c\u800c\u904b\u6c23\u4e5f\u662f\uff01<\/mark><\/p>\n\n\n\n


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