{"id":2621,"date":"2026-06-08T23:50:24","date_gmt":"2026-06-08T15:50:24","guid":{"rendered":"https:\/\/deepbule.store\/?p=2621"},"modified":"2026-06-08T23:50:24","modified_gmt":"2026-06-08T15:50:24","slug":"%e3%80%8a%e8%81%aa%e6%98%8e%e7%9a%84%e6%8a%95%e8%b5%84%e8%80%85%ef%bc%88benjamin-graham%ef%bc%89%e3%80%8b%e9%98%85%e8%af%bb%e7%ac%94%e8%ae%b0","status":"publish","type":"post","link":"https:\/\/deepbule.store\/?p=2621","title":{"rendered":"\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\uff08Benjamin Graham\uff09\u300b\u9605\u8bfb\u7b14\u8bb0"},"content":{"rendered":"

\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\uff08Benjamin Graham\uff09\u300b\u9605\u8bfb\u7b14\u8bb0<\/h1>\n
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\u81ea\u52a8\u751f\u6210 | 2026-06-08 23:50 | \ud83c\udf10 web\u515c\u5e95<\/p>\n<\/blockquote>\n

\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u9605\u8bfb\u7b14\u8bb0<\/h1>\n
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\u4e00\u3001\u4f5c\u8005\u4e0e\u80cc\u666f<\/h2>\n

\u672c\u6770\u660e\u00b7\u683c\u96f7\u5384\u59c6\uff08Benjamin Graham, 1894-1976\uff09\uff0c\u88ab\u8a89\u4e3a\u201c\u73b0\u4ee3\u8bc1\u5238\u5206\u6790\u4e4b\u7236\u201d\u548c\u201c\u4ef7\u503c\u6295\u8d44\u4e4b\u7236\u201d\uff0c\u662f\u4e8c\u5341\u4e16\u7eaa\u6700\u5177\u5f71\u54cd\u529b\u7684\u6295\u8d44\u601d\u60f3\u5bb6\u4e4b\u4e00\u3002\u4ed6\u51fa\u751f\u4e8e\u4f26\u6566\uff0c\u5e7c\u5e74\u79fb\u5c45\u7f8e\u56fd\uff0c\u66fe\u5c31\u8bfb\u4e8e\u54e5\u4f26\u6bd4\u4e9a\u5927\u5b66\u30021926\u5e74\uff0c\u683c\u96f7\u5384\u59c6\u4e0e\u53cb\u4eba\u5171\u540c\u521b\u7acb\u4e86\u6295\u8d44\u516c\u53f8\uff0c\u5176\u6295\u8d44\u4e1a\u7ee9\u57281929\u5e74\u5927\u8427\u6761\u524d\u5df2\u6590\u7136\u53ef\u89c2\uff0c\u7136\u4ea6\u672a\u80fd\u5b8c\u5168\u5e78\u514d\u4e8e\u90a3\u573a\u53f2\u65e0\u524d\u4f8b\u7684\u80a1\u707e\u3002<\/p>\n

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\u6b64\u4e66\u4e4b\u4f5c\uff0c\u65e8\u5728\u4e3a\u666e\u901a\u6295\u8d44\u8005\u63d0\u4f9b\u4e00\u5957\u7cfb\u7edf\u3001\u7a33\u5065\u7684\u6295\u8d44\u65b9\u6cd5\uff0c\u4f7f\u5176\u514d\u53d7\u5e02\u573a\u72c2\u70ed\u4e0e\u6050\u60e7\u7684\u88f9\u631f\uff0c\u5728\u957f\u671f\u6295\u8d44\u4e2d\u5b9e\u73b0\u8d22\u5bcc\u7684\u7a33\u6b65\u589e\u957f\u3002<\/p>\n

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\u4e8c\u3001\u6838\u5fc3\u5185\u5bb9<\/h2>\n

\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u5168\u4e66\u7684\u6838\u5fc3\u4e3b\u7ebf\uff0c\u5728\u4e8e\u786e\u7acb\u6295\u8d44\u4e0e\u6295\u673a\u7684\u672c\u8d28\u533a\u522b\uff0c\u5e76\u636e\u6b64\u4e3a\u4e0d\u540c\u7c7b\u578b\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u5207\u5b9e\u53ef\u884c\u7684\u884c\u52a8\u6307\u5357\u3002<\/p>\n

\u683c\u96f7\u5384\u59c6\u5c06\u6295\u8d44\u8005\u5212\u5206\u4e3a\u4e24\u7c7b\uff1a\u9632\u5fa1\u578b\u6295\u8d44\u8005<\/strong>\u4e0e\u79ef\u6781\u578b\u6295\u8d44\u8005<\/strong>\u3002\u5bf9\u4e8e\u524d\u8005\uff0c\u683c\u96f7\u5384\u59c6\u7684\u5efa\u8bae\u8fd1\u4e4e\u56fa\u6267\u5730\u7b80\u5355\u76f4\u63a5\u2014\u2014\u5b9a\u6295\u4f4e\u6210\u672c\u7684\u5bbd\u57fa\u6307\u6570\u57fa\u91d1\uff0c\u5ffd\u7565\u77ed\u671f\u6ce2\u52a8\uff0c\u575a\u6301\u957f\u671f\u6301\u6709\u3002\u8fd9\u4e00\u7b56\u7565\u770b\u4f3c\u5e73\u6de1\u65e0\u5947\uff0c\u5374\u5728\u8fc7\u53bb\u6570\u5341\u5e74\u95f4\u88ab\u5386\u53f2\u53cd\u590d\u8bc1\u660e\u4e3a\u6700\u5177\u6548\u7387\u7684\u8d22\u5bcc\u79ef\u7d2f\u65b9\u5f0f\u3002\u5bf9\u4e8e\u540e\u8005\uff0c\u683c\u96f7\u5384\u59c6\u5219\u63d0\u4f9b\u4e86\u66f4\u4e3a\u7cbe\u7ec6\u7684\u4ef7\u503c\u6295\u8d44\u65b9\u6cd5\u8bba\uff1a\u5bfb\u627e\u5e02\u573a\u4ef7\u683c\u4f4e\u4e8e\u5185\u5728\u4ef7\u503c\u7684\u201c\u5b89\u5168\u8fb9\u9645\u201d\uff0c\u5728\u60b2\u89c2\u7b3c\u7f69\u5e02\u573a\u65f6\u52c7\u6562\u4e70\u5165\uff0c\u5728\u4e50\u89c2\u5f25\u6f2b\u65f6\u5ba1\u614e\u5356\u51fa\u3002<\/p>\n

\u672c\u4e66\u6700\u4e3a\u6df1\u9083\u7684\u6d1e\u89c1\uff0c\u5728\u4e8e\u63ed\u793a\u6295\u8d44\u5fc3\u7406<\/strong>\u7684\u51b3\u5b9a\u6027\u4f5c\u7528\u3002\u683c\u96f7\u5384\u59c6\u76f4\u8a00\uff0c\u611a\u8822\u7684\u60c5\u611f\u2014\u2014\u8d2a\u5a6a\u4e0e\u6050\u60e7\u2014\u2014\u624d\u662f\u6295\u8d44\u8005\u6700\u5927\u7684\u654c\u4eba\u3002\u5e02\u573a\u7684\u77ed\u671f\u6da8\u8dcc\u5f80\u5f80\u7531\u60c5\u7eea\u9a71\u52a8\uff0c\u800c\u975e\u57fa\u672c\u9762\uff1b\u771f\u6b63\u7684\u6295\u8d44\u8005\u5fc5\u987b\u5b66\u4f1a\u5728\u4f17\u4eba\u6050\u60e7\u65f6\u4fdd\u6301\u9547\u5b9a\uff0c\u5728\u4f17\u4eba\u8d2a\u5a6a\u65f6\u4fdd\u6301\u8b66\u89c9\u3002\u4ed6\u90a3\u53e5\u5e7f\u4e3a\u4f20\u9882\u7684\u8b66\u53e5\u2014\u2014\u201c\u806a\u660e\u7684\u6295\u8d44\u8005\u5e76\u4e0d\u8ba1\u8f83\u4e00\u65f6\u7684\u5bf9\u9519\uff0c\u8981\u8fbe\u5230\u4f60\u7684\u957f\u671f\u8d22\u52a1\u76ee\u6807\uff0c\u5fc5\u987b\u59cb\u7ec8\u575a\u6301\u6b63\u786e\u7684\u505a\u6cd5\u201d\u2014\u2014\u6b63\u662f\u6b64\u7406\u7684\u7cbe\u8f9f\u6982\u62ec\u3002<\/p>\n

\u683c\u96f7\u5384\u59c6\u8fd8\u4e13\u7ae0\u8bba\u8ff0\u4e86\u6295\u8d44\u987e\u95ee<\/strong>\u7684\u9009\u62e9\u6807\u51c6\uff0c\u5f3a\u8c03\u6295\u8d44\u8005\u5e94\u5ba1\u614e\u8bc4\u4f30\u987e\u95ee\u7684\u4e13\u4e1a\u80fd\u529b\u3001\u8bda\u4fe1\u8bb0\u5f55\u4e0e\u8d39\u7528\u7ed3\u6784\uff0c\u8b66\u60d5\u5229\u76ca\u51b2\u7a81\uff0c\u65b9\u80fd\u907f\u514d\u88ab\u8bef\u5bfc\u8d70\u5165\u6b67\u9014\u3002<\/p>\n

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\u4e09\u3001\u7cbe\u534e\u6458\u5f55<\/h2>\n
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\u201c\u6295\u8d44\u7684\u827a\u672f\uff0c\u5728\u4e8e\u5f53\u5e02\u573a\u6050\u60e7\u65f6\u4e70\u5165\uff0c\u5f53\u5e02\u573a\u8d2a\u5a6a\u65f6\u5356\u51fa\u3002\u201d<\/p>\n

\u201c\u806a\u660e\u7684\u6295\u8d44\u8005\u5e76\u4e0d\u8ba1\u8f83\u4e00\u65f6\u7684\u5bf9\u9519\uff0c\u8981\u8fbe\u5230\u4f60\u7684\u957f\u671f\u8d22\u52a1\u76ee\u6807\uff0c\u5fc5\u987b\u59cb\u7ec8\u575a\u6301\u6b63\u786e\u7684\u505a\u6cd5\u3002\u201d<\/p>\n

\u201c\u5c31\u77ed\u671f\u65c5\u9014\u800c\u8a00\uff0c\u5982\u679c\u4f60\u8db3\u591f\u5e78\u8fd0\uff0c\u5b83\u662f\u7ba1\u7528\uff1b\u4f46\u4ece\u957f\u671f\u6765\u770b\uff0c\u5b83\u4f1a\u8981\u4e86\u4f60\u7684\u547d\u3002\u201d<\/p>\n

\u201c\u806a\u660e\u7684\u6295\u8d44\u8005\u6c38\u8fdc\u4e0d\u4f1a\u4ec5\u4ec5\u56e0\u4e3a\u80a1\u4ef7\u4e0b\u8dcc\u800c\u629b\u552e\u624b\u4e2d\u7684\u80a1\u7968\uff0c\u5979\u59cb\u7ec8\u5e94\u8be5\u9996\u5148\u8003\u8651\u516c\u53f8\u7684\u57fa\u7840\u4e1a\u52a1\u662f\u5426\u53d1\u751f\u4e86\u6539\u53d8\u3002\u201d<\/p>\n

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\u201c\u5b89\u5168\u8fb9\u9645\u662f\u4ef7\u503c\u6295\u8d44\u7684\u57fa\u77f3\u2014\u2014\u4f60\u5e94\u5f53\u59cb\u7ec8\u575a\u6301\u7528\u56db\u5206\u94b1\u8d2d\u4e70\u4e00\u6bdb\u94b1\u7684\u4ef7\u503c\u3002\u201d<\/p>\n

\u201c\u6295\u8d44\u7684\u6838\u5fc3\u76ee\u6807\uff0c\u662f\u4fdd\u8bc1\u672c\u91d1\u5b89\u5168\u3001\u83b7\u5f97\u5408\u7406\u6536\u76ca\uff0c\u800c\u975e\u8ffd\u9010\u6700\u5927\u5316\u6536\u76ca\u3002\u201d<\/p>\n

\u201c\u4e0e\u5176\u8bf4\u8fd9\u662f\u4e00\u672c\u6295\u8d44\u6280\u5de7\u624b\u518c\uff0c\u4e0d\u5982\u8bf4\u662f\u4e00\u672c\u6295\u8d44\u5fc3\u7406\u5b66\u548c\u884c\u4e3a\u6307\u5357\u3002\u201d<\/p>\n

\u201c\u9632\u5fa1\u578b\u6295\u8d44\u8005\u5e94\u5f53\u4ee5\u5b9a\u6295\u4f4e\u6210\u672c\u7684\u5bbd\u57fa\u6307\u6570\u57fa\u91d1\u4e3a\u6838\u5fc3\u7b56\u7565\uff0c\u8fd9\u662f\u5386\u53f2\u8bc1\u660e\u7684\u6700\u9ad8\u6548\u9009\u62e9\u3002\u201d<\/p>\n

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\u56db\u3001\u4e3b\u9898\u5206\u6790<\/h2>\n

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\u201c\u5b89\u5168\u8fb9\u9645\u201d\uff08Margin of Safety\uff09\u662f\u683c\u96f7\u5384\u59c6\u601d\u60f3\u4f53\u7cfb\u4e2d\u6700\u5177\u751f\u547d\u529b\u7684\u6982\u5ff5\u3002\u6240\u8c13\u5b89\u5168\u8fb9\u9645\uff0c\u5373\u5e02\u573a\u4ef7\u683c\u4e0e\u5185\u5728\u4ef7\u503c\u4e4b\u95f4\u7684\u5dee\u989d\u3002\u683c\u96f7\u5384\u59c6\u8ba4\u4e3a\uff0c\u6295\u8d44\u8005\u5e94\u5f53\u59cb\u7ec8\u4ee5\u663e\u8457\u4f4e\u4e8e\u5185\u5728\u4ef7\u503c\u7684\u4ef7\u683c\u4e70\u5165\u8bc1\u5238\uff0c\u5982\u6b64\u65b9\u80fd\u5728\u4e0d\u786e\u5b9a\u6027\u9762\u524d\u4e3a\u81ea\u5df1\u9884\u7559\u5bb9\u9519\u7a7a\u95f4\u3002<\/p>\n

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\u5728\u65b9\u6cd5\u8bba\u5c42\u9762\uff0c\u5b89\u5168\u8fb9\u9645\u610f\u5473\u7740\u6295\u8d44\u8005\u5e94\u5f53\u5efa\u7acb\u4e00\u5957\u4fdd\u5b88\u7684\u4f30\u503c\u4f53\u7cfb\uff0c\u7ed9\u81ea\u5df1\u7559\u4e0b\u8db3\u591f\u7684\u201c\u5b89\u5168\u7f13\u51b2\u201d\u3002\u683c\u96f7\u5384\u59c6\u672c\u4eba\u5e38\u7528\u5e2d\u52d2\u5e02\u76c8\u7387\u3001\u51c0\u6d41\u52a8\u8d44\u4ea7\u7b49\u7c97\u7565\u6307\u6807\u7b5b\u9009\u6807\u7684\uff0c\u6b63\u662f\u8fd9\u79cd\u4fdd\u5b88\u4e3b\u4e49\u7684\u4f53\u73b0\u3002\u4ed6\u4e0d\u8ffd\u6c42\u4e70\u5230\u6700\u4f4e\u70b9\uff0c\u800c\u8ffd\u6c42\u4e70\u5f97\u8db3\u591f\u4fbf\u5b9c\u2014\u2014\u8fd9\u79cd\u201c\u4e0d\u6c42\u751a\u89e3\u201d\u7684\u667a\u6167\uff0c\u6070\u6070\u662f\u4e13\u4e1a\u6295\u8d44\u8005\u6700\u96be\u8df5\u884c\u7684\u54c1\u683c\u3002<\/p>\n

\uff08\u4e8c\uff09\u6295\u8d44\u5fc3\u7406\u5b66\uff1a\u6218\u80dc\u81ea\u6211\u7684\u6c38\u6052\u6218\u5f79<\/h3>\n

\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u7684\u53e6\u4e00\u6838\u5fc3\u4e3b\u9898\uff0c\u662f\u6295\u8d44\u5fc3\u7406\u5b66\u7684\u6df1\u5ea6\u5256\u6790\u3002\u683c\u96f7\u5384\u59c6\u6307\u51fa\uff0c\u8bc1\u5238\u5e02\u573a\u77ed\u671f\u5185\u7684\u6ce2\u52a8\uff0c\u51e0\u4e4e\u5b8c\u5168\u7531\u6295\u8d44\u8005\u7684\u60c5\u7eea\u6240\u9a71\u52a8\u2014\u2014\u6050\u60e7\u4e0e\u8d2a\u5a6a\u4ea4\u66ff\u4e0a\u6f14\uff0c\u6784\u6210\u5e02\u573a\u7684\u5468\u671f\u6027\u766b\u72c2\u3002\u6295\u8d44\u8005\u82e5\u4e0d\u80fd\u6d1e\u5bdf\u5e76\u9a7e\u9a6d\u81ea\u8eab\u60c5\u7eea\uff0c\u4fbf\u6ce8\u5b9a\u6210\u4e3a\u8fd9\u573a\u6e38\u620f\u7684\u727a\u7272\u54c1\u3002<\/p>\n

\u683c\u96f7\u5384\u59c6\u4ee5\u51b7\u9759\u7684\u7b14\u89e6\u63ed\u793a\u4e86\u4e00\u4e2a\u6b8b\u9177\u7684\u4e8b\u5b9e\uff1a\u77ed\u671f\u5e02\u573a\u662f\u4e00\u53f0\u60c5\u7eea\u7684\u6295\u7968\u673a\uff0c\u800c\u957f\u671f\u5e02\u573a\u624d\u662f\u4e00\u53f0\u4ef7\u503c\u7684\u79f0\u91cd\u673a\u3002<\/strong> \u5927\u591a\u6570\u6295\u8d44\u8005\u5931\u8d25\u7684\u539f\u56e0\uff0c\u4e0d\u5728\u4e8e\u7f3a\u4e4f\u77e5\u8bc6\uff0c\u800c\u5728\u4e8e\u65e0\u6cd5\u514b\u670d\u4eba\u6027\u5f31\u70b9\u2014\u2014\u4ed6\u4eec\u672c\u80fd\u5730\u5728\u80a1\u4ef7\u4e0b\u8dcc\u65f6\u6050\u60e7\u629b\u552e\uff0c\u5728\u80a1\u4ef7\u4e0a\u6da8\u65f6\u8d2a\u5a6a\u8ffd\u9ad8\uff0c\u6070\u6070\u4e0e\u201c\u4f4e\u4e70\u9ad8\u5356\u201d\u7684\u57fa\u672c\u6cd5\u5219\u80cc\u9053\u800c\u9a70\u3002<\/p>\n

\u771f\u6b63\u7684\u806a\u660e\u6295\u8d44\u8005\uff0c\u5728\u683c\u96f7\u5384\u59c6\u7684\u5b9a\u4e49\u4e2d\uff0c\u5e76\u975e\u201c\u7cbe\u4e8e\u7b97\u8ba1\u6216\u667a\u529b\u8d85\u7fa4\u7684\u4eba\u201d\uff0c\u800c\u662f\u90a3\u4e9b\u201c\u80fd\u591f\u6d1e\u5bdf\u5e02\u573a\u60c5\u7eea\u53d8\u5316\uff0c\u540c\u65f6\u53c8\u4e0d\u53d7\u5916\u754c\u6d88\u606f\u5f71\u54cd\uff0c\u80fd\u591f\u72ec\u7acb\u505a\u51fa\u6295\u8d44\u51b3\u7b56\u7684\u4eba\u201d\u3002\u8fd9\u4e00\u6d1e\u89c1\u4e0e\u5112\u5bb6\u201c\u614e\u72ec\u201d\u4e4b\u4e49\u76f8\u901a\uff1a\u771f\u6b63\u7684\u8003\u9a8c\u4e0d\u5728\u4e8e\u4f17\u58f0\u55a7\u54d7\u65f6\u7684\u4ece\u4f17\uff0c\u800c\u5728\u4e8e\u72ec\u5904\u65f6\u7684\u5b9a\u529b\u3002\u6295\u8d44\u5982\u4fee\u8eab\uff0c\u5747\u9700\u5728\u65e0\u4eba\u5904\u3001\u4e0d\u786e\u5b9a\u6027\u4e2d\u4fdd\u6301\u6e05\u9192\u4e0e\u7b03\u5b9a\u3002<\/p>\n

\n

\u4e94\u3001\u4e2a\u4eba\u611f\u609f<\/h2>\n

\u63a9\u5377\u6c89\u601d\uff0c\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u4e88\u6211\u6700\u6df1\u4e4b\u89e6\u52a8\uff0c\u5728\u4e8e\u5176\u5bf9\u201c\u7b80\u5355\u201d\u7684\u575a\u5b88\u4e0e\u5bf9\u201c\u4eba\u6027\u201d\u7684\u6d1e\u5bdf\u3002<\/p>\n

\u5f53\u4ee3\u6295\u8d44\u8005\u8eab\u5904\u4fe1\u606f\u7206\u70b8\u4e4b\u65f6\u4ee3\uff0c\u65e5\u65e5\u88ab\u6d77\u91cf\u8d44\u8baf\u3001\u8350\u80a1\u4fe1\u606f\u3001\u6280\u672f\u5206\u6790\u6240\u5305\u56f4\uff0c\u5bb9\u6613\u4ea7\u751f\u4e00\u79cd\u9519\u89c9\uff1a\u6295\u8d44\u9700\u8981\u590d\u6742\u7684\u6280\u5de7\u3001\u9891\u7e41\u7684\u4ea4\u6613\u3001\u7cbe\u51c6\u7684\u62e9\u65f6\u3002\u7136\u800c\u683c\u96f7\u5384\u59c6\u4ee5\u8fd1\u516b\u5341\u5e74\u7684\u667a\u6167\u544a\u8bc9\u6211\u4eec\uff1a\u5bf9\u4e8e\u5927\u591a\u6570\u4eba\u800c\u8a00\uff0c\u6700\u7b28\u7684\u65b9\u6cd5\u5f80\u5f80\u662f\u6700\u806a\u660e\u7684\u9009\u62e9\u3002\u5b9a\u6295\u6307\u6570\u57fa\u91d1\u4e4b\u6240\u4ee5\u6709\u6548\uff0c\u6070\u56e0\u5176\u5f7b\u5e95\u89c4\u907f\u4e86\u4eba\u6027\u6700\u8106\u5f31\u7684\u73af\u8282\u2014\u2014\u51b3\u7b56\u7684\u9891\u7387\u8d8a\u591a\uff0c\u72af\u9519\u7684\u6982\u7387\u8d8a\u5927\u3002<\/p>\n

\u6211\u5c24\u611f\u5171\u9e23\u7684\u662f\u683c\u96f7\u5384\u59c6\u5bf9\u201c\u957f\u671f\u201d\u4e8c\u5b57\u7684\u5206\u91cf\u3002\u5728\u5f53\u4e0b\u4e2d\u56fd\u793e\u4f1a\uff0c\u6025\u529f\u8fd1\u5229\u4e4b\u98ce\u76db\u884c\uff0c\u6295\u8d44\u8005\u6068\u4e0d\u5f97\u4eca\u65e5\u4e70\u5165\u3001\u660e\u65e5\u66b4\u5bcc\u3002\u7136\u800c\u683c\u96f7\u5384\u59c6\u8b66\u9192\u6211\u4eec\uff1a\u77ed\u671f\u65c5\u9014\u7684\u5e78\u8fd0\uff0c\u5f80\u5f80\u4ee5\u957f\u671f\u65c5\u9014\u7684\u707e\u96be\u4e3a\u4ee3\u4ef7\u3002\u8fd9\u79cd\u201c\u6162\u5373\u662f\u5feb\u201d\u7684\u8fa9\u8bc1\u667a\u6167\uff0c\u4e0e\u4e2d\u56fd\u53e4\u4eba\u6240\u8a00\u201c\u6b32\u901f\u5219\u4e0d\u8fbe\u201d\u6b8a\u9014\u540c\u5f52\u3002<\/p>\n

\u66f4\u6df1\u4e00\u5c42\u53cd\u601d\uff0c\u6295\u8d44\u4e4b\u96be\uff0c\u4e0d\u5728\u6280\u672f\uff0c\u5728\u5fc3\u6027\u3002\u683c\u96f7\u5384\u59c6\u6240\u63cf\u8ff0\u7684\u8d2a\u5a6a\u4e0e\u6050\u60e7\uff0c\u4f55\u5c1d\u4e0d\u662f\u4eba\u751f\u5176\u4ed6\u9886\u57df\u7684\u666e\u904d\u56f0\u5883\uff1f\u804c\u573a\u4e2d\u7684\u6025\u529f\u8fd1\u5229\u3001\u793e\u4ea4\u4e2d\u7684\u60a3\u5f97\u60a3\u5931\u3001\u4eba\u751f\u9009\u62e9\u4e2d\u7684\u72b9\u8c6b\u4e0d\u51b3\u2014\u2014\u79cd\u79cd\u4eba\u4e16\u7eb7\u6270\uff0c\u7686\u53ef\u5728\u6295\u8d44\u54f2\u5b66\u4e2d\u627e\u5230\u955c\u50cf\u3002\u8bfb\u683c\u96f7\u5384\u59c6\uff0c\u4e0d\u6b62\u4e8e\u5b66\u6295\u8d44\uff0c\u66f4\u5728\u4e8e\u4fee\u5fc3\u6027\u3002<\/p>\n

\n

\u516d\u3001\u65b9\u6cd5\u8bba\u8054\u7cfb<\/h2>\n

\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\u6240\u8574\u542b\u7684\u6295\u8d44\u667a\u6167\uff0c\u4e0e\u5112\u5b66\u4fee\u8eab\u4e4b\u9053\u3001\u54f2\u5b66\u8ba4\u8bc6\u8bba\u4e43\u81f3\u73b0\u4ee3\u7cfb\u7edf\u8bba\u5747\u6709\u6df1\u523b\u547c\u5e94\u3002<\/p>\n

\u5176\u4e00\uff0c\u4e0e\u5112\u5b66\u201c\u683c\u7269\u81f4\u77e5\u201d\u4e4b\u5173\u8054\u3002<\/strong> \u300a\u5927\u5b66\u300b\u5f00\u7bc7\u4e91\uff1a\u201c\u5927\u5b66\u4e4b\u9053\uff0c\u5728\u660e\u660e\u5fb7\uff0c\u5728\u4eb2\u6c11\uff0c\u5728\u6b62\u4e8e\u81f3\u5584\u3002\u77e5\u6b62\u800c\u540e\u6709\u5b9a\uff0c\u5b9a\u800c\u540e\u80fd\u9759\uff0c\u9759\u800c\u540e\u80fd\u5b89\uff0c\u5b89\u800c\u540e\u80fd\u8651\uff0c\u8651\u800c\u540e\u80fd\u5f97\u3002\u201d\u683c\u96f7\u5384\u59c6\u6240\u5021\u5bfc\u7684\u201c\u72ec\u7acb\u601d\u8003\u3001\u4e0d\u4e3a\u60c5\u7eea\u6240\u52a8\u201d\uff0c\u6b63\u662f\u201c\u5b9a\u3001\u9759\u3001\u5b89\u3001\u8651\u201d\u4e4b\u529f\u592b\u5728\u6295\u8d44\u9886\u57df\u7684\u5b9e\u8df5\u3002\u6295\u8d44\u8005\u552f\u6709\u5148\u201c\u5b9a\u201d\u4e8e\u4ef7\u503c\u6295\u8d44\u4e4b\u6b63\u9053\uff0c\u65b9\u80fd\u201c\u9759\u201d\u89c2\u5e02\u573a\u6ce2\u52a8\uff0c\u4e0d\u4e3a\u6050\u60e7\u8d2a\u5a6a\u6240\u4e71\uff0c\u6700\u7ec8\u201c\u8651\u201d\u800c\u6709\u6240\u5f97\u3002<\/p>\n

\u5176\u4e8c\uff0c\u4e0e\u9053\u5bb6\u201c\u65e0\u4e3a\u800c\u65e0\u4e0d\u4e3a\u201d\u4e4b\u8fa9\u8bc1\u3002<\/strong> \u683c\u96f7\u5384\u59c6\u4e0d\u5efa\u8bae\u666e\u901a\u6295\u8d44\u8005\u9891\u7e41\u4ea4\u6613\u6216\u4e3b\u52a8\u62e9\u65f6\uff0c\u56e0\u4e3a\u8fc7\u5ea6\u5e72\u9884\u5f80\u5f80\u9002\u5f97\u5176\u53cd\u3002\u8fd9\u4e0e\u9053\u5bb6\u201c\u65e0\u4e3a\u201d\u601d\u60f3\u76f8\u5408\u2014\u2014\u4e0d\u662f\u6d88\u6781\u4e0d\u4f5c\u4e3a\uff0c\u800c\u662f\u987a\u5e94\u89c4\u5f8b\u3001\u4e0d\u5984\u4e3a\u3002\u5bf9\u4e8e\u6295\u8d44\u800c\u8a00\uff0c\u987a\u5e94\u89c4\u5f8b\u610f\u5473\u7740\u627f\u8ba4\u5e02\u573a\u7684\u4e0d\u53ef\u9884\u6d4b\u6027\uff0c\u4e0d\u5984\u4e3a\u610f\u5473\u7740\u51cf\u5c11\u4e0d\u5fc5\u8981\u7684\u4ea4\u6613\u4e0e\u51b3\u7b56\u3002\u552f\u5176\u5982\u6b64\uff0c\u65b9\u80fd\u201c\u65e0\u4e0d\u4e3a\u201d\u2014\u2014\u5728\u957f\u671f\u4e2d\u5b9e\u73b0\u8d22\u5bcc\u7684\u7a33\u5065\u589e\u957f\u3002<\/p>\n

\u5176\u4e09\uff0c\u4e0e\u79d1\u5b66\u54f2\u5b66\u4e2d\u201c\u8bc1\u4f2a\u4e3b\u4e49\u201d\u4e4b\u8054\u7cfb\u3002<\/strong> \u683c\u96f7\u5384\u59c6\u7684\u5b89\u5168\u8fb9\u9645\u601d\u60f3\uff0c\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u201c\u9632\u9519\u673a\u5236\u201d\u2014\u2014\u5047\u8bbe\u6211\u4eec\u7684\u5224\u65ad\u53ef\u80fd\u51fa\u9519\uff0c\u56e0\u6b64\u5728\u4e70\u5165\u65f6\u9884\u7559\u8db3\u591f\u7684\u5bb9\u9519\u7a7a\u95f4\u3002\u8fd9\u4e0e\u79d1\u5b66\u54f2\u5b66\u5bb6\u6ce2\u666e\u5c14\u201c\u8bc1\u4f2a\u4e3b\u4e49\u201d\u7684\u8ba4\u8bc6\u8bba\u4e0d\u8c0b\u800c\u5408\uff1a\u771f\u6b63\u7684\u79d1\u5b66\u6001\u5ea6\uff0c\u4e0d\u662f\u8bd5\u56fe\u8bc1\u660e\u81ea\u5df1\u7edd\u5bf9\u6b63\u786e\uff0c\u800c\u662f\u4e3b\u52a8\u5bfb\u627e\u53ef\u80fd\u63a8\u7ffb\u81ea\u5df1\u7684\u8bc1\u636e\u3002\u6295\u8d44\u4ea6\u7136\uff1a\u771f\u6b63\u7684\u806a\u660e\u6295\u8d44\u8005\uff0c\u4e0d\u662f\u58f0\u79f0\u81ea\u5df1\u80fd\u9884\u6d4b\u672a\u6765\uff0c\u800c\u662f\u627f\u8ba4\u81ea\u5df1\u53ef\u80fd\u72af\u9519\uff0c\u5e76\u4e3a\u6b64\u505a\u597d\u51c6\u5907\u3002<\/p>\n

\n

\u4e03\u3001\u540e\u7eed\u8ba1\u5212<\/h2>\n

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\n

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\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\uff08Benjamin Graham\uff09\u300b\u9605\u8bfb\u7b14\u8bb0 \u81ea\u52a8\u751f\u6210 | 2026-06-08 23:50 | […]<\/p>","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2621","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/posts\/2621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/deepbule.store\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2621"}],"version-history":[{"count":1,"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/posts\/2621\/revisions"}],"predecessor-version":[{"id":2622,"href":"https:\/\/deepbule.store\/index.php?rest_route=\/wp\/v2\/posts\/2621\/revisions\/2622"}],"wp:attachment":[{"href":"https:\/\/deepbule.store\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deepbule.store\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deepbule.store\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}