{"id":147203,"date":"2019-03-06T15:32:51","date_gmt":"2019-03-06T07:32:51","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/147203.html"},"modified":"2019-03-06T15:32:51","modified_gmt":"2019-03-06T07:32:51","slug":"%e6%8a%95%e8%b5%84%e4%bc%b0%e5%80%bc%e6%97%b6%e8%a6%81%e8%ad%a6%e6%83%95%e5%ad%98%e5%9c%a8%e4%bd%8e%e5%b8%82%e7%9b%88%e7%8e%87%e8%af%af%e5%8c%ba_%e7%82%92%e8%82%a1%e4%b9%a6%e7%b1%8d","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=147203","title":{"rendered":"\u6295\u8d44\u4f30\u503c\u65f6\u8981\u8b66\u60d5\u5b58\u5728\u4f4e\u5e02\u76c8\u7387\u8bef\u533a_\u7092\u80a1\u4e66\u7c4d"},"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 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noreferrer\">\u7092\u80a1\u6559\u7a0b<\/a>{\u80a1\u7968\u8d44\u6e90\u9986:www.lixiangluntan.com\u4e13\u4e1a\u548c\u8c10\u9ad8\u7aef\u7092\u80a1\u8f6f\u4ef6--\u516c\u5f0f\u7f16\u5199\u4ea4\u6d41--\u52a0QQ751161480--}<img decoding=\"async\" src=\"http:\/\/wmj.lixiangluntan.com\/2020\/9\/jMZ3e2.png\" class=\"aligncenter\"> <\/p>\n<p>\u5728\u6295\u8d44\u754c\u6709\u4e2a\u5f88\u5927\u7684\u8bef\u533a\uff0c\u5f88\u591a\u4eba\u90fd\u81ea\u89c9\u5f97\u53ea\u8981\u4ee5\u4e00\u4e2a\u8db3\u591f\u4f4e\u7684\u5e02\u76c8\u7387(P\/E)\u4e70\u5165\u4e00\u5bb6\u516c\u53f8\uff0c\u90a3\u4e48\u4ed6\u4eec\u4fbf\u662f\u5728\u505a\u6240\u8c13\u7684\u201c\u4ef7\u503c\u6295\u8d44\u201d\u3002\u8fd9\u662f\u975e\u804c\u4e1a\u6295\u8d44\u8005\u7ecf\u5e38\u72af\u7684\u4e00\u4e2a\u9519\u8bef\uff0c\u4f46\u8bf4\u5b9e\u5728\u7684\u5728\u804c\u4e1a\u6295\u8d44\u754c\u786e\u4e5f\u5b58\u5728\u7740\u8fd9\u79cd\u4f4eP\/E\u6216\u8005\u4f4eP\/B\u5373\u662f\u4ef7\u503c\u6295\u8d44\u7684\u9519\u8bef\u7406\u89e3\u3002\u4e0d\u4fe1\u770b\u770b\u6668\u661f\u5bf9\u57fa\u91d1\u7684\u5206\u7c7b\u6807\u51c6\uff0c\u518d\u4e0d\u4fe1\u770b\u770bCFA\u57fa\u7840\u6559\u6750\u91cc\u9762\u600e\u4e48\u8bf4\u7684\uff0c\u90fd\u8bf4\u4f4eP\/E\uff0c\u4f4eP\/B\u80a1\u5c31\u662f\u4ef7\u503c\u6295\u8d44(value investing)\u3002\u6668\u661f\u8fd9\u4e48\u8bf4\u5012\u4e5f\u597d\u4e86\uff0c\u4f46\u4f5c\u4e3a\u4ef7\u503c\u6295\u8d44\u4e4b\u7236Graham\u8001\u521b\u529e\u7684CFA\u4e5f\u8fd9\u4e48\u8bf4\uff0c\u8fd9\u771f\u662f\u5177\u6709\u4e00\u70b9\u8bbd\u523a\u610f\u5473\u3002<\/p>\n<p>&nbsp;\u3000\u3000\u662f\u5426\u5e02\u76c8\u7387\u7b49\u6307\u6807\u5bf9\u4ef7\u503c\u6295\u8d44\u65e0\u7528?\u4e0d\u662f\u8fd9\u6837\u8bb2\u7684\uff0c\u6211\u53ea\u662f\u8bf4\uff0c\u5bf9\u4e8e\u591a\u6570\u4f01\u4e1a\uff0c\u672a\u6765\u76c8\u5229\u80fd\u529b\u90fd\u4e0d\u53ef\u80fd\u4e0e\u5386\u53f2\u6240\u53cd\u6620\u51fa\u6765\u7684\u5b8c\u5168\u76f8\u540c\uff0c\u56e0\u6b64\u770b\u9759\u6001\u5e02\u76c8\u7387\u6216\u8005\u4ee5\u8fd1\u671f\u9884\u6d4b\u4e3a\u57fa\u51c6\u7684\u52a8\u6001\u5e02\u76c8\u7387\u90fd\u65e0\u6cd5\u8ba9\u6295\u8d44\u8005\u4f5c\u51fa\u4e00\u4e2a\u5408\u7406\u7684\u957f\u671f\u6295\u8d44\u5224\u65ad\uff0c\u4e5f\u624d\u4f1a\u51fa\u73b0\u5f88\u591a\u6295\u8d44\u8005\u6216\u8005\u6295\u673a\u8005\u88ab\u6240\u8c13\u7684\u4ef7\u503c\u80a1\u957f\u671f\u5957\u7262\u7684\u73b0\u8c61\u3002\u88ab\u4ef7\u503c\u9677\u9631\u5957\u7262\u662f\u521d\u5b66\u8005\u5e38\u72af\u7684\u9519\u8bef\uff0c\u6211\u521a\u51fa\u9053\u7684\u65f6\u5019\u4e5f\u72af\u8fc7\u591a\u6b21\uff0c\u672a\u6765\u4e5f\u8bb8\u8fd8\u4f1a\u72af\uff0c\u4f46\u6211\u53ea\u5e0c\u671b\u81ea\u5df1\u80fd\u900f\u8fc7\u4e00\u4e9b\u624b\u6bb5(\u4e2a\u4eba\u80fd\u529b\u5708\u7684\u754c\u5b9a\u3001\u6295\u8d44\u8d1f\u9762\u6e05\u5355\u7684\u5236\u5b9a\uff0c\u538b\u529b\u6d4b\u8bd5\u7684\u6267\u884c\u7b49)\u6765\u5c06\u98ce\u9669\u6700\u5c0f\u5316\u3002\u5815\u5165\u4ef7\u503c\u9677\u9631\u4e5f\u5411\u6765\u662f\u4efb\u4f55\u4ef7\u503c\u6295\u8d44\u8005\u5927\u4e8f\u7684\u6839\u6e90\uff0c\u4e0d\u4fe1\u53ef\u4ee5\u95ee\u95ee\u6301\u6709\u7f8e\u56fdSears\u548cKmart\u5927\u91cf\u4f4e\u4f30\u96f6\u552e\u5e97\u5730\u4ea7\u5374\u957f\u671f\u672a\u80fd\u5982\u613f\u8131\u624b\u7684 Eddie Lampert\uff0c\u95ee\u95ee07\u300108\u5e74\u91cd\u4ed3\u67d0\u91d1\u878d\u5c0f\u8d37\u516c\u53f8\u540e\u516c\u53f8\u7834\u4ea7\u4ece\u800c\u5927\u4e8f\u7684\u4e0e\u5df4\u83f2\u7279\u5403\u8fc7\u996d\u7684Mohnish Pabrai\uff0c\u95ee\u95ee\u56e0\u4e3a\u6709\u96f6\u552e\u5730\u4ea7\u4fdd\u5e95\u800c\u4e70\u5165JCPenney\u5f6d\u59ae\u6b32\u91cd\u6574\u5176\u96f6\u552e\u4e1a\u52a1\u7684Bill Ackman\uff0c\u95ee\u95ee\u66fe\u957f\u671f\u6218\u80dc\u6807\u666e\u4f46\u572808\u5e74\u56e0\u4e3a\u91cd\u4ed3\u91d1\u878d\u80a1\u8dcc\u4e0b\u795e\u575b\u7684Bill Miller\uff0c\u95ee\u95ee\u957f\u671f\u91cd\u4ed3\u4f4e\u5e02\u76c8\u7684\u6234\u5c14\u540e\u5728\u516c\u53f8\u79c1\u6709\u5316\u6848\u4e2d\u88ab\u4ee5\u4f4e\u4e8e\u5efa\u4ed3\u6210\u672c\u4ef7\u51fa\u5c40\u7684Southeastern Asset Management\u7684Mason Hawkins\uff0c\u8fd8\u6709\u6211\u6240\u5c0a\u5d07\u7684\u5df4\u8001\u5728Berkshire Hathaway\u4ee5\u53ca\u822a\u7a7a\u516c\u53f8\u7684\u6295\u8d44\u4e0a\u90fd\u53ef\u79f0\u4e3a\u662f\u683d\u8fdb\u4e86\u4ef7\u503c\u9677\u9631\u91cc\u4f46\u5e78\u597d\u6ca1\u5927\u4e8f\u3002\u8fd9\u6837\u7684\u4f8b\u5b50\u5728\u6295\u8d44\u754c\u8fd8\u6709\u5f88\u591a\uff0c\u6211\u81ea\u5df1\u4e5f\u6709\u4e0d\u5c11\u5931\u8d25\u6848\u4f8b\u5982\u679c\u8981\u5217\u51fa\u6765\u4f30\u8ba1\u4e5f\u662f\u5f20\u4e00\u9875\u7eb8\u7684\u6e05\u5355\u4e86\uff0c\u6240\u5e78\u6216\u8bb8\u662f\u5411\u6765\u5d07\u5c1a\u6ca1\u5341\u5206\u628a\u63e1\u4e0d\u628a\u6240\u6709\u9e21\u86cb\u653e\u4e00\u4e2a\u7bee\u5b50\u91cc\u7684\u7f18\u6545\u6240\u4ee5\u624d\u4e0d\u81f3\u4e8e\u8981\u50cf\u8f93\u4e86\u88f8\u5954\u90a3\u6837\u75db\u82e6\u5427[\u6ef4\u6c57]\uff0c\u4f46\u5b66\u8d39\u4ea4\u4e86\u90a3\u4e48\u591a\u5f53\u7136\u8fd8\u662f\u5e0c\u671b\u80fd\u4e0d\u4ea4\u624d\u597d\u3002<\/p>\n<p>&nbsp;\u3000\u3000\u8a00\u5f52\u6b63\u4f20\uff0c\u65e2\u7136\u5e02\u76c8\u7387\u90a3\u4e48\u8bef\u5bfc\u4eba\uff0c\u90a3\u6211\u4eec\u5927\u5bb6\u5230\u5e95\u8be5\u5982\u4f55\u5229\u7528\u5e02\u76c8\u7387\u6765\u8fdb\u884c\u4ef7\u503c\u6295\u8d44\u5462?\u4e00\u4e2a\u7a8d\u95e8\u5c31\u662f\u4e0d\u8981\u770b\u4ec0\u4e48\u4ee5\u6700\u8fd1\u516c\u5f00\u7684\u6bcf\u80a1\u76c8\u5229\u4e3a\u57fa\u51c6\u7684\u9759\u6001\u5e02\u76c8\u7387\u6216\u8005\u4ee5\u4e0b\u4e00\u5e74\u5ea6\u9884\u6d4b\u5229\u6da6\u4e3a\u57fa\u51c6\u800c\u7b97\u51fa\u7684\u52a8\u6001\u5e02\u76c8\u7387\uff0c\u8fd9\u4e9b\u90fd\u662f\u51fa\u53d1\u70b9\u800c\u4e0d\u662f\u7ec8\u70b9\u3002\u4f60\u5fc5\u987b\u5148\u7b97\u51fa\u516c\u53f8\u4e09\u4e94\u5e74\u540e\u7684\u9884\u8ba1\u5229\u6da6\u6c34\u5e73(\u4f5c\u8005\uff1a\u884c\u4e1a\u77e5\u8bc6\u4ee5\u53ca\u5546\u4e1a\u5224\u65ad\u5440 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