{"id":173648,"date":"2020-06-29T12:28:35","date_gmt":"2020-06-29T04:28:35","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/173648.html"},"modified":"2020-06-29T12:28:35","modified_gmt":"2020-06-29T04:28:35","slug":"%e6%81%90%e6%85%8c%e5%b8%82%e5%9c%ba%e5%9b%9b%e5%a4%a7%e6%8a%95%e8%b5%84%e6%b3%95%e5%88%99_%e8%82%a1%e7%a5%a8k%e7%ba%bf%e5%9b%be","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=173648","title":{"rendered":"\u6050\u614c\u5e02\u573a\u56db\u5927\u6295\u8d44\u6cd5\u5219_\u80a1\u7968k\u7ebf\u56fe"},"content":{"rendered":"
\n

\u5185\u5e55\u4ea4\u6613\u7684\u7f8e\u56fd\u5f0f\u76d1\u7ba1<\/p>\n

\u3000\u300020\u4e16\u7eaa30\u5e74\u4ee3\uff0c\u7f8e\u56fd\u56fd\u4f1a\u76f8\u7ee7\u5236\u5b9a\u4e86\u300a1933\u5e74\u8bc1\u5238\u6cd5\u300b\u53ca\u300a1934\u5e74\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u30021942\u5e74\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5236\u5b9a\u89c4\u5219\u4ee5\u515c\u5e95\u6027\u6761\u6b3e\u7684\u5f62\u5f0f\uff0c\u53d1\u5c55\u51fa\u7981\u6b62\u5185\u5e55\u4ea4\u6613\u7684\u542b\u4e49\u548c\u57fa\u7840\u30021984\u5e74\uff0c\u7f8e\u56fd\u53c8\u901a\u8fc7\u300a\u5185\u5e55\u4ea4\u6613\u5904\u7f5a\u6cd5\u300b\uff0c\u5bf9\u90a3\u4e9b\u6839\u636e\u5185\u5e55\u4fe1\u606f\u4e70\u5356 \u800c\u83b7\u5229\u6216\u51cf\u5c11\u635f\u5931\u8005\uff0c\u6309\u5176\u8fdd\u6cd5\u6240\u5f97\u5904\u4ee53\u500d\u7f5a\u6b3e\u3002<\/p>\n<\/blockquote>\n

\n

\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u540c\u82b1\u987a\u5b9e\u65f6\u6e2f\u80a1\u7834\u89e3,\u540c\u82b1\u987a\u8d22\u5bcc\u4e3b\u529b\u7834\u89e3,\u5927\u667a\u6167\u8d22\u5bcc\u7834\u89e3\u7248,\u901a\u8fbe\u4fe1\u8d22\u5bcc\u7834\u89e3\u7248,\u901a\u8fbe\u4fe1\u4e13\u4e1a\u7248\u7834\u89e3,\u901a\u8fbe\u4fe1\u7814\u7a76\u7248\u7834\u89e3,\u901a\u8fbe\u4fe1\u8d85\u8d62\u7248\u7834\u89e3,\u80a1\u7968\u516c\u5f0f,\u80a1\u7968\u6307\u6807\u516c\u5f0f,\u80a1\u7968\u516c\u5f0f\u5927\u5168,\u6307\u5357\u9488\u8f6f\u4ef6\u7834\u89e3,\u7092\u80a1\u4e66\u7c4d,k\u7ebf\u56fe\u600e\u4e48\u770b,\u80a1\u7968k\u7ebf\u56fe,\u3002<\/p>\n<\/blockquote>\n

     <\/p>\n

\u3000\u3000Matthew Hougan<\/p>\n

\u3000\u3000\u6295\u8d44\u8005\u62a5 \u6295\u8d44\u8005\u73b0\u5728\u5e94\u8be5\u505a\u4ec0\u4e48\uff0c\u662f\u91cd\u65b0\u4f30\u503c\u3001\u91cd\u65b0\u914d\u7f6e\u7ec4\u5408\uff0c\u8fd8\u662f\u6309\u5175\u4e0d\u52a8\uff1f<\/p>\n

\u3000\u3000\u4eba\u4eec\u90fd\u5728\u5173\u6ce8\u81ea\u5df1\u6bcf\u4e2a\u5b63\u5ea6\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u4ee4\u4eba\u5931\u671b\u7684\u662f\u4ed6\u4eec\u770b\u5230\u7684\u662f\u5de8\u5e45\u4e0b\u8dcc\u3002\u5982\u679c\u8bf4\u4f60\u73b0\u5728\u8981\u6240\u6709\u7684\u5e76\u6301\u6709\u8d44\u91d1\uff0c\u90a3\u5c31\u4f1a\u72af\u4e0b\u76f8\u5f53\u4e25\u91cd\u7684\u9519\u8bef\uff0c\u56e0\u4e3a\u5728\u6050\u614c\u7684\u5e02\u573a\u4e2d\u505a\u51fa\u7684\u6295\u8d44\u51b3\u7b56\u5f80\u5f80\u90fd\u662f\u975e\u7406\u6027\u7684\u3002<\/p>\n

\u3000\u3000\u56e0\u6b64\uff0c\u5e94\u8be5\u5229\u7528\u76ee\u524d\u52a8\u8361\u7684\u5e02\u573a\u5efa\u7acb\u6709\u6548\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u5e76\u9075\u5faa\u4ee5\u4e0b\u7684\u89c4\u5219\uff0c\u76f8\u4fe1\u4f60\u4f1a\u5728\u8fd9\u4e2a\u5e02\u573a\u4e2d\u83b7\u5f97\u6210\u529f\u3002<\/p>\n

\u3000\u3000\u4e00\u5b9a\u8981\u575a\u6301\u6295\u8d44<\/p>\n

\u3000\u3000\u6295\u8d44\u8005\u6240\u72af\u7684\u6700\u5927\u9519\u8bef\u5c31\u662f\u8bd5\u56fe\u81ea\u884c\u4f30\u7b97\u65f6\u673a\uff0c\u6240\u4ee5\u4ed6\u4eec\u4f1a\u4e00\u6b21\u53c8\u4e00\u6b21\u5730\u9ad8\u4e70\u4f4e\u5356\u3002\u6bd4\u5982\uff0c1999\u5e74\u7b2c\u56db\u5b63\u5ea6\u6295\u8d44\u8005\u5c06\u5927\u91cf\u8d44\u91d1\u6295\u8d44\u4e8e\u5171\u540c\u57fa\u91d1\u5e02\u573a\uff0c\u53ef\u662f\u4e92\u8054\u7f51\u6ce1\u6cab\u5c31\u5728\u51e0\u4e2a\u6708\u4e4b\u540e\u53d1\u751f\u4e86\uff1b\u800c\u57282002\u5e74\u5386\u53f2\u4e0a\u6700\u957f\u7684\u4e00\u6b21\u725b\u5e02\u53d1\u751f\u4e4b\u524d\uff0c\u8bb8\u591a\u6295\u8d44\u8005\u5219\u4ece\u5171\u540c\u57fa\u91d1\u5e02\u573a\u4e2d\u62bd\u51fa\u4e86\u5927\u91cf\u8d44\u91d1\u3002<\/p>\n

\u3000\u3000\u7f8e\u56fd\u5171\u540c\u57fa\u91d1\u5de8\u5934\u5148\u950b\u96c6\u56e2\u521b\u59cb\u4eba\u7ea6\u7ff0\uff1f\u535a\u683c\uff08\u57fa\u91d1\u7684\u6559\u7236\u4e4b\u4e00\uff09\u5728\u4e92\u8054\u7f51\u6ce1\u6cab\u4e4b\u540e\u9488\u5bf9\u5171\u540c\u57fa\u91d1\u7684\u8868\u73b0\u505a\u8fc7\u7814\u7a76\uff0c\u4ed6\u53d1\u73b0\uff0c1996\u5e74~2000\u5e74\u662f\u8d44\u91d1\u8fdb\u5165200\u53ea\u5171\u540c\u57fa\u91d1\u7684\u9ad8\u5cf0\u671f\u3002\u8fd9\u4e9b\u5171\u540c\u57fa\u91d1\u4ece1996\u5e74~2005\u5e74\u768410\u5e74\u5185\u6536\u76ca\u8fbe8.9%\uff0c\u800c\u6301\u6709\u8fd9\u4e9b\u5171\u540c\u57fa\u91d1\u7684\u6295\u8d44\u8005\u5176\u5e73\u5747\u6536\u76ca\u4ec5\u4e3a2.4%\u3002\u539f\u56e0\u662f\u4ed6\u4eec\u5728\u9ad8\u70b9\u5e76\u5728\u4f4e\u70b9\u5356\u51fa\u3002<\/p>\n

\u3000\u3000\u662f\u9020\u5c31\u5de8\u989d\u8d22\u5bcc\u7684\u5730\u65b9\uff0c\u4f46\u524d\u63d0\u6761\u4ef6\u662f\u6295\u8d44\u8005\u5fc5\u987b\u8fdb\u884c\u6301\u4e45\u7684\u6295\u8d44\u89c4\u5212\u3002<\/p>\n

\u3000\u3000\u4e0d\u8ffd\u9010\u70ed\u95e8\u6807\u7684<\/p>\n

\u3000\u3000\u957f\u671f\u6295\u8d44\u610f\u5473\u7740\u5c06\u8d44\u91d1\u653e\u5728\u6b63\u786e\u7684\u5e02\u573a\u9886\u57df\uff0c\u540c\u65f6\u4e5f\u610f\u5473\u7740\u8981\u5ffd\u7565\u534e\u5c14\u8857\u7684\u5206\u6790\u5e08\u4eec\u6240\u505a\u7684\u5206\u6790\u62a5\u544a\u3002\u5728\u5e02\u573a\u6295\u8d44\u4e2d\uff0c\u6709\u4e9b\u4e0a\u6da8\u7684\u80a1\u7968\u5f88\u53ef\u80fd\u4f1a\u518d\u6b21\u4e0b\u8dcc\uff0c\u6b63\u5982\u5c06\u8d44\u91d1\u6295\u5165\u65b0\u5174\u5e02\u573a\u548c\u5546\u54c1\u5e02\u573a\u7684\u6295\u8d44\u8005\u73b0\u5728\u4e5f\u5904\u4e8e\u56f0\u5883\u4e2d\u90a3\u6837\u3002<\/p>\n

\u3000\u3000\u4ea4\u6613\u578b\u5f00\u653e\u5f0f\u57fa\u91d1\u548c\u4ea4\u6613\u578b\u5f00\u653e\u5f0f\u503a\u5238\u662f\u4e0d\u9519\u7684\u9009\u62e9\uff0c\u5b83\u4eec\u80fd\u63d0\u4f9b\u7ed9\u6295\u8d44\u8005\u8fde\u63a5\u5e02\u573a\u4e0d\u540c\u884c\u4e1a\u7684\u6295\u8d44\u9009\u62e9\u3002\u5728\u5e02\u573a\u4e0a\u8d85\u8fc7600\u79cd\u7684ETF\u5546\u54c1\u4e2d\uff0c2007\u5e74\u8868\u73b0\u6700\u597d\u76843\u79cd\u5206\u522b\u4e3aiPath MSCI India ETF\u3001Market Vectors Steel Fund\u548ciShares MSCI Brazil ETF\uff0c\u7136\u800c\u5b83\u4eec\u73b0\u5728\u5374\u5206\u522b\u4e0b\u8dcc\u4e8663%\u3001 59% \u548c 52%\u3002\u5982\u679c\u6295\u8d44\u8005\u4eca\u5e741\u6708\u6295\u8d44\u8fd9\u4e09\u5927\u70ed\u95e8\u57fa\u91d1\uff0c\u73b0\u5728\u7684\u635f\u5931\u4e00\u5b9a\u4e0d\u5c0f\u3002<\/p>\n

\u3000\u3000\u8ffd\u9010\u70ed\u95e8\u6807\u7684\u5e76\u4e0d\u662f\u521b\u9020\u8d22\u5bcc\u7684\u6700\u4f73\u65b9\u6cd5\uff0c\u5374\u4f1a\u5931\u53bb\u8d22\u5bcc\u3002<\/p>\n

\u3000\u3000\u8d2d\u4e70\u6307\u6570\u57fa\u91d1<\/p>\n

\u3000\u3000\u534e\u5c14\u8857\u6700\u5927\u7684\u8c0e\u8a00\u5c31\u662f\u201c\u6709\u6548\u5730\u8fdb\u884c\u8d22\u5bcc\u7ba1\u7406\u201d\u300260%~90%\u7684\u5171\u540c\u57fa\u91d1\u90fd\u53ef\u4ee5\u88ab\u89c6\u4e3a\u5904\u4e8e\u5e02\u573a\uff0c\u4e5f\u53ef\u4ee5\u8ba4\u4e3a\u76ee\u524d\u662f\u4e70\u5165\u65f6\u673a\uff0c\u4f46\u8fd9\u6709\u8d56\u4e8e\u6295\u8d44\u4eba\u4ece\u54ea\u4e2a\u65f6\u673a\u4ecb\u5165\u3002<\/p>\n

\u3000\u3000\u5373\u4f7f\u90a3\u4e9b\u7279\u5b9a\u65f6\u671f\u8868\u73b0\u826f\u597d\u7684\u57fa\u91d1\u4e5f\u53ef\u80fd\u5728\u672a\u6765\u51fa\u73b0\u4e0b\u6ed1\u30022006\u5e74\u6bd4\u5c14\uff1f\u7c73\u52d2\u7ecf\u8425\u7684\u7f8e\u76db\u4fe1\u6258\u57fa\u91d1\u7ed3\u675f\u4e86\u8fde\u7eed15\u5e74\u5185\u9886\u5148\u6807\u51c6\u666e\u5c14500\u6307\u6570\u7684\u8bb0\u5f55\uff0c\u76ee\u524d\u8fd9\u53ea\u57fa\u91d1\u8868\u73b0\u4e5f\u5f88\u75b2\u8f6f\u3002<\/p>\n

\u3000\u3000\u5e73\u5747\u6765\u770b\uff0c\u6240\u6709\u6295\u8d44\u5728\u80a1\u7968\u5e02\u573a\u4e0a\u7684\u8d44\u91d1\u5e94\u8be5\u5f97\u5230\u5e02\u573a\u7684\u56de\u62a5\u3002\u56e0\u6b64\uff0c\u5728\u5c3d\u53ef\u80fd\u4f4e\u7684\u6210\u672c\u4e0b\u6295\u8d441\u7f8e\u5143\u83b7\u5f97\u7684\u6536\u76ca\u53ef\u80fd\u4f1a\u8d85\u8fc7\u5927\u591a\u6570\u6295\u8d44\u8005\u3002\u800c\u4e14\u8d39\u7387\u4f4e\u7684\u57fa\u91d1\u5f80\u5f80\u6bd4\u8d39\u7387\u9ad8\u7684\u57fa\u91d1\u8868\u73b0\u66f4\u597d\u3002<\/p>\n

\u3000\u3000\u56e0\u6b64\uff0c\u6700\u597d\u7684\u6295\u8d44\u65b9\u5f0f\u662f\u7528\u5c3d\u53ef\u80fd\u4f4e\u7684\u6210\u672c\u6301\u6709\u591a\u6837\u5316\u7684\u6307\u6570\u578b\u57fa\u91d1\u3002<\/p>\n

\u3000\u3000\u591a\u6837\u5316\u662f\u5173\u952e<\/p>\n

\u3000\u3000\u6240\u6709\u6743\u5a01\u7684\u5b66\u672f\u7814\u7a76\u90fd\u540c\u610f\uff0c\u8d44\u4ea7\u5206\u914d\u548c\u7ecf\u8425\u591a\u6837\u5316\u662f\u7ba1\u7406\u7684\u5173\u952e\uff0c\u800c\u8fd9\u4e5f\u6ca1\u6709\u60f3\u8c61\u4e2d\u7684\u90a3\u4e48\u590d\u6742\uff0c\u6295\u8d44\u4eba\u53ea\u9700\u9075\u5faa\u4ee5\u4e0b\u51e0\u4e2a\u6b65\u9aa4\u5373\u53ef\u3002<\/p>\n

\u3000\u3000\u7b2c\u4e00\u6b65\uff1a\u7528\u6700\u4f4e\u7684\u6210\u672c\u6301\u6709\u7f8e\u56fd\u6240\u6709\u7684\u80a1\u7968\u3002\u53ef\u4ee5\u9009\u62e9\u5982Vanguard Total Stock Market ETF\u8fd9\u7c7b\u7684\u57fa\u91d1\u3002<\/p>\n

\u3000\u3000\u7b2c\u4e8c\u6b65\uff1a\u7528\u540c\u6837\u4f4e\u7684\u6210\u672c\u6301\u6709\u9664\u7f8e\u56fd\u5e02\u573a\u4ee5\u5916\u7684\u80a1\u7968\uff08\u5305\u62ec\u65b0\u5174\u5e02\u573a\uff09\uff0cSPDR MSCI ACWI ex-U.S\u8fd9\u6837\u7684\u57fa\u91d1\u80fd\u8fbe\u5230\u8fd9\u4e2a\u76ee\u7684\u3002<\/p>\n

\u3000\u3000\u7b2c\u4e09\u6b65\uff1a\u4e0d\u8bba\u4f60\u5e74\u9f84\u6709\u591a\u5927\uff0c\u90fd\u53ef\u4ee5\u9009\u62e9\u5177\u6709\u591a\u6837\u6027\u7684\u503a\u5238\u57fa\u91d1\uff0c\u6bd4\u5982IShares Lehman Aggregate\u53ea\u6536\u53d60.20%\u7684\u8d39\u7528\u3002<\/p>\n

\uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<\/p>\n

\n

\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u80a1\u7968\u8f6f\u4ef6\u7834\u89e3,\u5927\u667a\u6167\u8f6f\u4ef6\u7834\u89e3,\u901a\u8fbe\u4fe1\u8f6f\u4ef6\u7834\u89e3,\u6307\u5357\u9488\u8f6f\u4ef6\u7834\u89e3,\u5927\u667a\u6167\u7b56\u7565\u6295\u8d44\u7ec8\u7aef\u7834\u89e3\u7248,\u5927\u667a\u6167\u6caa\u6df110\u6863L2\u6570\u636e,\u7406\u60f3\u8bba\u575b,\u516c\u5f0f\u6307\u6807\u7f16\u5199\u3002<\/p>\n<\/blockquote>\n

\n

\u683c\u6797\u65af\u6f58\u6548\u5e94<\/p>\n<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

\u3000\u3000\u6295\u8d44\u8005\u62a5 \u6295\u8d44\u8005\u73b0\u5728\u5e94\u8be5\u505a\u4ec0\u4e48\uff0c\u662f\u91cd\u65b0\u4f30\u503c\u3001\u91cd\u65b0\u914d\u7f6e\u7ec4\u5408\uff0c\u8fd8\u662f\u6309\u5175\u4e0d\u52a8\uff1f<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[105],"class_list":["post-173648","post","type-post","status-publish","format-standard","hentry","category-jczs","tag-105"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/173648","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=173648"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/173648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=173648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=173648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=173648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}