{"id":11045,"date":"2019-07-11T16:36:22","date_gmt":"2019-07-11T08:36:22","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/11045.html"},"modified":"2019-07-11T16:36:22","modified_gmt":"2019-07-11T08:36:22","slug":"%e9%80%89%e8%82%a1%e5%88%a4%e6%96%ad%e5%85%ac%e5%8f%b8%e5%be%88%e9%87%8d%e8%a6%81%ef%bc%8c%e4%bb%80%e4%b9%88%e6%98%af%e9%ab%98%e5%93%81%e8%b4%a8%e5%85%ac%e5%8f%b8%ef%bc%8c%e6%80%8e%e6%a0%b7%e5%88%a4","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=11045","title":{"rendered":"\u9009\u80a1\u5224\u65ad\u516c\u53f8\u5f88\u91cd\u8981\uff0c\u4ec0\u4e48\u662f\u9ad8\u54c1\u8d28\u516c\u53f8\uff0c\u600e\u6837\u5224\u65ad\u516c\u53f8\u8d28\u91cf_\u5927\u667a\u6167\u8d22\u5bcc\u7834\u89e3\u7248"},"content":{"rendered":"<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">\u600e\u6837\u7814\u7a76\u516c\u53f8\u8d22\u62a5\uff0c\u5bfb\u627e\u767d\u9a6c\u80a1<\/p>\n<p>&nbsp; &nbsp; &nbsp; &nbsp; \u600e\u6837\u7814\u7a76<br \/>\n<strong>\u516c\u53f8\u8d22\u62a5<\/strong>\uff0c\u5bfb\u627e<br \/>\n<strong>\u767d\u9a6c\u80a1<\/strong><\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> <strong>&nbsp; &nbsp; &nbsp; &nbsp; \u9009\u80a1<\/strong>\u5224\u65ad\u516c\u53f8\u5f88\u91cd\u8981\uff0c\u4ec0\u4e48\u662f<strong>\u9ad8\u54c1\u8d28\u516c\u53f8<\/strong>\uff0c\u600e\u6837\u5224\u65ad\u516c\u53f8\u8d28\u91cf<\/p>\n<p> &nbsp; &nbsp; &nbsp; &nbsp; \u5728\u6668\u661f\u6700\u8fd1\u7684\u4e00\u6b21\u8bbf\u8c08\u4e2d\uff0c\u683c\u5170\u6851\u88ab\u95ee\u5230\u8fd9\u4e2a\u95ee\u9898\uff1a\u4f60\u5982\u4f55\u5b9a\u4e49\u9ad8\u54c1\u8d28\uff1f<\/p>\n<p> \u3000\u3000\u683c\u5170\u6851\uff1a\u8fd9\u6781\u4e3a\u7b80\u5355\uff1a\u9ad8\u56de\u62a5\u3001\u7a33\u5b9a\u7684\u56de\u62a5\u548c\u4f4e\u8d1f\u503a\u3002\u8fd9\u4e0eMoody\u7684\u6392\u540d\u548cS&amp;P\u7684\u6392\u540d\u5f88\u76f8\u4f3c\u3002\u54c1\u8d28\u5c31\u662f\u54c1\u8d28\uff0c\u6bcf\u4e2a\u4eba\u90fd\u77e5\u9053\u3002\u5982\u679c\u4f60\u6709\u9ad8\u7a33\u5b9a\u6027\u7684\u56de\u62a5\uff0c\u4f60\u5c31\u80fd\u5236\u5b9a\u4ef7\u683c\uff0c\u4f60\u5c31\u662f\u4ef7\u683c\u5236\u5b9a\u8005\u3002\u5982\u679c\u4f60\u662f\u4e00\u5bb6\u4f1f\u5927\u7684\u516c\u53f8\uff0c\u53ea\u6709\u4f60\u80fd\u505a\u5230\u8fd9\u4e9b\u3002\u5982\u679c\u4f60\u80fd\u505a\u5230\u8fd9\u4e9b\uff0c\u4f60\u5c31\u65e0\u9700\u8d1f\u503a\u3002\u6240\u4ee5\u5bf9\u6211\u4eec\u6765\u8bf4\uff0c\u9ad8\u54c1\u8d28\u7684\u516c\u53f8\u5c31\u662f\u53ef\u53e3\u53ef\u4e50\u3001\u5fae\u8f6f\u548c\u9ed8\u514b\u3002<\/p>\n<p> \u3000\u3000\u683c\u5170\u6851\u5bf9\u9ad8\u54c1\u8d28\u516c\u53f8\u7684\u5b9a\u4e49\u4e0e\u5df4\u83f2\u7279\u7684\u4e5f\u975e\u5e38\u76f8\u4f3c\u3002\u5df4\u83f2\u7279\u8bf4\u4e86\u65e0\u6570\u6b21\uff0c\u4ed6\u5b81\u613f\u4ee5\u4e00\u822c\u7684\u4ef7\u683c\u597d\u7684\u516c\u53f8\u4e5f\u4e0d\u4ee5\u597d\u7684\u4ef7\u683c\u4e70\u5165\u5e73\u5e73\u7684\u516c\u53f8\u3002\u4ed6\u6240\u8bf4\u7684\u597d\u516c\u53f8\u5177\u4ee5\u4e0b\u7279\u8d28\uff1a<\/p>\n<p> \u3000\u30001\u3001\u88ab\u8bc1\u660e\u7684\u548c\u53ef\u4ee5\u9884\u6d4b\u7684\u6536\u5165\u548c\u76c8\u5229\u6210\u957f;<\/p>\n<p> \u3000\u30002\u3001\u53ef\u6301\u7eed\u7684\u5b9a\u4ef7\u80fd\u529b\u548c\u6bdb\u5229\u7387\uff08\u62a4\u57ce\u6cb3\uff09;<\/p>\n<p> \u3000\u30003\u3001\u88ab\u6709\u80fd\u529b\u7684\u4eba\u7ba1\u7406\u3002<\/p>\n<p> \u3000\u3000\u53ef\u53e3\u53ef\u4e50\u5177\u4ee5\u4e0a\u6240\u6709\u7279\u8d28\uff0c\u6240\u4ee5\u662f\u5df4\u83f2\u7279\u6700\u5927\u7684\u6301\u4ed3\u3002<\/p>\n<p> \u3000\u3000\u957f\u53f6\u57fa\u91d1\u7684Mason Hawkins\u4e5f\u66fe\u8be6\u7ec6\u63a2\u8ba8\u8fc7\u4ed6\u5bf9\u9ad8\u54c1\u8d28\u7684\u5b9a\u4e49\uff1a<\/p>\n<p> \u3000\u30001\u3001\u72ec\u7279\u548c\u6301\u7eed\u7684\u7ade\u4e89\u4f18\u52bf\u4f7f\u4e4b\u62e5\u6709\u5b9a\u4ef7\u80fd\u529b\uff0c\u76c8\u5229\u6210\u957f\uff0c\u7a33\u5b9a\u6216\u589e\u957f\u7684\u5229\u6da6\u7387;<\/p>\n<p> \u3000\u30002\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u800c\u4e0d\u662f\u5229\u6da6\u57fa\u7840\u4e0a\u7684\u9ad8\u548cROE\uff0c\u5229\u6da6\u592a\u6613\u4e8e\u88ab\u4f1a\u8ba1\u65b9\u6cd5\u6240\u64cd\u7eb5;<\/p>\n<p> \u3000\u30003\u3001\u9002\u5f53\u63a7\u5236\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u6bd4\u8f83\u4f4e\u7684\u8d44\u4ea7\u8d1f\u503a\u7387\uff0c\u5728\u56f0\u96be\u65f6\u671f\u4e0d\u8fc7\u5ea6\u6269\u5f20\u3002\u8d44\u4ea7\u8d1f\u503a\u7387\u53ea\u662f\u8861\u91cf\u8d44\u672c\u7ed3\u6784\u7684\u4e00\u4e2a\u6807\u51c6\u3002\u6211\u4eecLongleaf Partners Funds\u7ed9\u80a1\u4e1c\u7684\u4fe1\u4e2d\u8003\u8651\u603b\u7684\u503a\u52a1\/\u516c\u53f8\u603b\u7684\uff08the sum of the parts value\uff09\u3002\u6211\u4eec\u4e5f\u56de\u987e\u503a\u52a1\u7ed3\u6784\u3001\u5951\u7ea6\u3001\u503a\u52a1\u5230\u671f\u65e5\u671f\uff0c\u8fd8\u6709\u7ecf\u8425\u73b0\u91d1\u6d41\/\u5229\u606f\u507f\u4ed8\u7387\uff08interest coverage\uff09\u4ee5\u786e\u5b9a\u4e00\u5bb6\u516c\u53f8\u8f7b\u677e\u5730\u5e94\u5bf9\u5b83\u7684\u503a\u52a1\u3002<\/p>\n<p> \u3000\u30004\u3001\u516c\u53f8\u7ba1\u7406\u5c42\u7684\u7ecf\u8425\u624b\u6bb5\u3001\u8d44\u672c\u914d\u7f6e\u80fd\u529b\u3001\u9002\u5f53\u7684\u7ed3\u76df\u3001\u4e3a\u80a1\u4e1c\u670d\u52a1\u7684\u52a8\u673a\u3002\u5728\u8fc7\u53bb\u7684\u4e09\u5341\u51e0\u5e74\u4e2d\uff0c\u6211\u4eec\u505a\u5f97\u597d\u7684\u6295\u8d44\u5927\u591a\u662f\u90a3\u4e9b\u6709\u80fd\u529b\u7684\u65e2\u5f97\u5229\u76ca\u7684\u6240\u6709\u8005\uff08\u4e5f\u662f\u7ecf\u8425\u8005\uff09\uff0c\u4ed6\u4eec\u505a\u63d0\u9ad8\u4f01\u4e1a\u8d28\u91cf\u548c\u589e\u52a0\u6bcf\u80a1\u4ef7\u503c\u7684\u51b3\u7b56\u3002<\/p>\n<p> \u3000\u3000\u90a3\u4ec0\u4e48\u662f\u4f4e\u54c1\u8d28\u7684\u516c\u53f8\uff1f<\/p>\n<p> \u3000\u3000John Hussan\u5728\u51762010\u5e74\u7684\u5e74\u5ea6\u62a5\u544a\u4e2d\u5199\u9053\uff1a<\/p>\n<p> \u3000\u3000Despite extensive historical evidence against this proposition\uff0c Bernanke\u2019s rhetoric and his repeated mention of the stock market provoked a surge in stocks associated with what Wall Street typically calls the \u201crisk trade.\u201d \u8fd9\u5305\u62ec\u6027\u7684\u53ca\u5546\u54c1\u76f8\u5173\u7684\u884c\u4e1a\uff0c\u5c0f\u76d8\u80a1\uff0c\u6536\u5165\u6210\u957f\u4e0d\u5747\u8861\u548c\u5229\u6da6\u7387\u4e0d\u7a33\u5b9a\u7684\u516c\u53f8\u3002\u8fd9\u4e9b\u662f\u4f4e\u54c1\u8d28\u516c\u53f8\u5178\u578b\u7279\u8d28\u3002<\/p>\n<p> \u3000\u3000\u4f1f\u5927\u7684\u516c\u53f8\u600e\u6837\u624d\u4f1a\u4fbf\u5b9c\uff1f<\/p>\n<p> \u3000\u3000\u4e0d\u662f\u6709\u6570\u4ee5\u5343\u4e07\u8ba1\u7684\u5206\u6790\u5e08\uff0c\u57fa\u91d1\u7ecf\u7406\u548c\u5e02\u573a\u53c2\u4e0e\u8005\u6bcf\u5929\u76ef\u7740\u8fd9\u4e9b\u5417\uff1f\u4e3a\u4ec0\u4e48\u8fd9\u4e9b\u4e13\u4e1a\u7684\u5e02\u573a\u53c2\u4e0e\u8005\u6ca1\u50cf\u6211\u4eec\u4e00\u6837\u770b\u5230\u8fd9\u4e9b\u4ef7\u503c\u800c\u5148\u4e0b\u624b\u4e70\u5165\u5462\uff1f<\/p>\n<p> \u3000\u3000\u8303\u767b\u535a\u683c\u66fe\u5982\u6b64\u8bc4\u8bba\uff1a<\/p>\n<p> \u3000\u3000\u8fd9\u53ef\u4ee5\u4ece\u6295\u8d44\u8005\u62e5\u6709\u80a1\u7968\u65f6\u6240\u7ecf\u5386\u7684\u56db\u79cd\u60c5\u7eea\u6765\u627e\u5230\u7b54\u6848\uff1a<\/p>\n<p> \u3000\u30001. \u51b7\u6f20 \u5f88\u591a\u4eba\u5bf9\u4e0b\u964d\u548c\u957f\u671f\u6a2a\u76d8\u7684\u80a1\u7968\u6ca1\u6709\u5174\u8da3\uff0c\u4f8b\u5982\u5fae\u8f6f\u3001\u81ea\u52a8\u6570\u636e\u5904\u7406\u548c\u6c83\u5c14\u739b\uff0c\u8fd8\u6709\u5176\u5b83\u5f88\u591a\u7684\u80a1\u7968\uff0c\u7279\u522b\u662f\u5927\u76d8\u80a1\u3002<\/p>\n<p> \u3000\u30002. \u538c\u6076 \u4e70\u5165\u7684\u80a1\u7968\u4e00\u65e6\u4e0b\u8dcc\u6216\u957f\u671f\u6a2a\u76d8\uff0c\u4eba\u4eec\u5c31\u4f1a\u4ea7\u751f\u538c\u6076\u60c5\u7eea\uff0c\u5c31\u53ea\u60f3\uff0c\u8fde\u770b\u4e00\u773c\u6295\u8d44\u7ec4\u5408\u7684\u5fc3\u60c5\u90fd\u6ca1\u6709\u3002\u53e6\u5916\uff0c\u8bb8\u591a\u6295\u8d44\u7ecf\u7406\u548c\u7ecf\u7eaa\u4eba\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\u4e5f\u4f1a\u6295\u964d\uff0c\u4ed6\u4eec\u4e0d\u60f3\u8ba9\u8fd9\u4e9b\u80a1\u7968\u51fa\u73b0\u5728\u6bcf\u6708\u7684\u6295\u8d44\u7ec4\u5408\u62a5\u544a\u4e2d\u3002<\/p>\n<p> \u3000\u30003. \u6050\u614c \u5f53\u7ecf\u6d4e\u53d1\u751f\u4e00\u4e9b\u5927\u7684\u95ee\u9898\u65f6\uff0c\u90a3\u4e9b\u5e76\u6ca1\u6709\u8ba4\u771f\u8861\u91cf\u516c\u53f8\u4ef7\u503c\u7684\u6295\u8d44\u8005\u4f1a\u56e0\u975e\u7ecf\u8425\u95ee\u9898\u5356\u51fa\u80a1\u7968\u3002\u6ca1\u6709\u5206\u6790\u786e\u5b9a\u516c\u53f8\u771f\u6b63\u7684\u4ef7\u683c\u6f5c\u529b\uff0c\u5f88\u591a\u6295\u8d44\u8005\u751a\u81f3\u4e13\u4e1a\u4eba\u5458\u5c48\u4ece\u4e8e\u4ed6\u4eec\u7684\u60c5\u7eea\u8fdb\u884c\u6050\u614c\u6027\u629b\u552e\u3002\u8fd9\u79cd\u60c5\u51b5\u8fdc\u8d85\u4f60\u60f3\u50cf\u3002<\/p>\n<p> \u3000\u30004. \u6124\u6012<\/p>\n<p> \u3000\u3000\u5f53\u6295\u8d44\u8005\u770b\u5230\u4ed6\u4eec\u7684\u80a1\u7968 \u76f4\u4e0d\u505c\u5730\u4e0b\u8dcc\uff0c\u5c31\u4f1a\u60c5\u7eea\u6124\u6012\u3002\u8fd9\u60c5\u51b5\u7ecf\u5e38\u53d1\u751f\u5728\u80a1\u7968\u4ef7\u683c\u5728\u6216\u63a5\u8fd1\u65f6\u671f\u3002\u56e0\u91d1\u94b1\u7684\u635f\u5931\u548c\u5fc3\u7406\u7684\u4f24\u5bb3\uff0c\u6295\u8d44\u8005\u8d8b\u4e8e\u6295\u964d\u3002\u8fd9\u8fd9\u4e2a\u9636\u6bb5\uff0c\u6295\u8d44\u8005\u901a\u5e38\u4e0d\u7ba1\u4ef7\u683c\uff0c\u628a\u80a1\u7968\u4e00\u53e4\u8111\u5730\u4fbf\u5b9c\u5356\u51fa\u3002<\/p>\n<p> \uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<br \/>\n<br \/><a href=\"http:\/\/www.lixiangluntan.com\" target=\"_blank\" rel=\"noopener noreferrer\">\u9ed1\u9a6c\u80a1\u7968<\/a><\/p>\n<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">\u600e\u6837\u627e\u5230\u8d5a\u94b1\u6700\u5feb\u7684\u80a1\u7968\uff0c\u6709\u4ec0\u4e48\u6280\u5de7\uff0c\u600e\u4e48\u64cd\u4f5c<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; \u3000\u600e\u6837<br \/>\n<strong>\u627e\u5230\u8d5a\u94b1\u6700\u5feb\u7684<\/strong>\uff0c\u6709\u4ec0\u4e48\u6280\u5de7\uff0c\u600e\u4e48\u64cd\u4f5c<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p><strong>&nbsp; &nbsp; &nbsp; &nbsp; \u9009\u80a1<\/strong>\u5224\u65ad\u516c\u53f8\u5f88\u91cd\u8981\uff0c\u4ec0\u4e48\u662f<br \/>\n<strong>\u9ad8\u54c1\u8d28\u516c\u53f8<\/strong>\uff0c\u600e\u6837\u5224\u65ad\u516c\u53f8\u8d28\u91cf<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[175],"class_list":["post-11045","post","type-post","status-publish","format-standard","hentry","category-xg","tag-175"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/11045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11045"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/11045\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}