{"id":3350,"date":"2020-04-17T21:59:02","date_gmt":"2020-04-17T13:59:02","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/3350\/"},"modified":"2020-04-17T21:59:02","modified_gmt":"2020-04-17T13:59:02","slug":"%e6%b5%85%e8%b0%88%e5%88%b0%e5%ba%95%e4%bb%80%e4%b9%88%e6%98%af%e4%bb%b7%e5%80%bc%e6%8a%95%e8%b5%84%ef%bc%9f_%e8%82%a1%e7%a5%a8%e7%bd%91","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=3350","title":{"rendered":"\u6d45\u8c08\u5230\u5e95\u4ec0\u4e48\u662f\u4ef7\u503c\u6295\u8d44\uff1f_\u80a1\u7968\u7f51"},"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;\">\u5982\u4f55\u89e3\u6790\u80a1\u7968\u4ef7\u503c\u7406\u8bba\uff1f<\/p>\n<p>\u3000\u3000\u6700\u521d\u63d0\u51fa\u80a1\u7968\u7684\u4ef7\u683c\u4e0e\u4ef7\u503c\u5206\u79bb\u7684\u662f\u7f8e\u56fd\u7684\u5e15\u62c9\u7279\uff08S\u00b7S\u00b7Pratt\uff09\uff0c\u4ed6\u5728\uff11\uff19\uff10\uff13\u5e74\u51fa\u7248\u7684\u300a\u534e\u5c14\u8857\u7684\u52a8\u6001\u300b\uff08The mork of wall street\uff0c1903\uff09\u4e00\u4e66\u4e2d\uff0c\u63d0\u51fa\u80a1\u7968\u4ef7\u503c\u7684\u7ecf\u6d4e\u672c\u8d28\u5728\u4e8e\u80a1\u606f\u8bf7\u793a\u6743\u5176\u5f71\u54cd\u56e0\u7d20\u4e2d\uff0c\u8bf8\u5982\uff1a\u80a1\u606f\u4f01\u4e1a\u6536\u76ca\u3001\u7ecf\u8425\u8005\u7d20\u8d28\u4ee5\u53ca\u4f01\u4e1a\u6536\u76ca\u80fd\u529b\uff0c\u5176\u4e2d\u4ee5\u524d\u8005\u6700\u4e3a\u91cd\u8981\uff0c\u5176\u4ed6\u7684\u91cd\u8981\u56e0\u7d20\u5747\u5c5e\u5f71\u54cd\u80a1\u606f\u7684\u95f4\u63a5\u56e0\u7d20\u3002\u5e15\u62c9\u7279\u8ba4\u4e3a\uff0c\u5728\u7406\u8bba\u4e0a\u80a1\u7968\u4ef7\u683c\u4e0e\u771f\u5b9e\u4ef7\u503c\u662f\u4e00\u81f4\u7684\uff0c\u4f46\u5b9e\u9645\u4e0a\u4e24\u8005\u5dee\u5f02\u9887\u5927\u3002\u4f46\u4ed6\u8ba4\u4e3a\u4e24\u8005\u5dee\u5f02\u7684\u73b0\u8c61\u5e76\u4e0d\u9650\u4e8e\u80a1\u7968\uff0c\u5176\u4ed6\u8d22\u4ea7\u4e5f\u6709\u8fd9\u79cd\u60c5\u5f62\uff0c\u53ea\u662f\u80a1\u7968\u6bd4\u8f83\u7279\u6b8a\u800c\u5df2\u3002\u56e0\u4e3a\u5c31\u4ef7\u683c\u7684\u5f62\u6210\u800c\u8a00\uff0c\u662f\u7531\u4f9b\u9700\u56e0\u7d20\u6765\u51b3\u5b9a\uff0c\u4e0d\u89c1\u5f97\u5c31\u4f1a\u4e0e\u771f\u5b9e\u4ef7\u503c\u5b8c\u5168\u4e00\u81f4\u3002\u800c\u4e14\uff0c\u9664\u4e86\u5f62\u6210\u80a1\u7968\u4ef7\u683c\u7684\u4e3b\u8981\u51b3\u5b9a\u56e0\u7d20\u771f\u5b9e\u4ef7\u503c\u4e4b\u5916\uff0c\u4ecd\u6709\u8bb8\u591a\u5176\u4ed6\u7684\u5f71\u54cd\u56e0\u7d20\uff0c\u8bf8\u5982\uff1a\u8fd9\u79cd\u597d\u574f\u6d88\u606f\u3001\u8bc1\u5238\u5e02\u573a\u7ed3\u6784\u3001\u201c\u80a1\u5e02\u4eba\u6c14\u201d\u3001\u6295\u8d44\u6c14\u6c1b\u7b49\uff0c\u52a0\u4e0a\u7edd\u5927\u591a\u6570\u5bf9\u4e0a\u5e02\u516c\u53f8\u7684\u751f\u4ea7\u4e8b\u4e1a\u5916\u884c\u7684\u6295\u8d44\u4eba\u7ed3\u5408\u6210\u7684\u5404\u79cd\u5224\u65ad\uff0c\u5e15\u6c0f\u867d\u7136\u5f3a\u8c03\u8bc1\u5238\u5e02\u573a\u7684\u5206\u6790\uff0c\u4f46\u5176\u7406\u8bba\u5c1a\u7f3a\u4e4f\u201c\u4e25\u8c28\u6027\u201d\uff0c\u4e0d\u660e\u786e\u4e4b\u5904\u9887\u591a\u3002<\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> \u3000<strong>\u3000<\/strong>\u77e5\u8bc6\u7f51\u4e3a\u60a8\u4ecb\u7ecd<strong>\u6d45\u8c08\u5230\u5e95\u4ec0\u4e48\u662f\u6295\u8d44<\/strong>\uff1f<\/p>\n<p> \u3000\u3000\u80a1\u5e02\u662f\u4e2a\u4e07\u82b1\u7b52\uff0c\u8fd9\u91cc\u7684\u4eba\u4e5f\u662f\u5404\u8272\u5404\u6837\uff0c\u6765\u80a1\u5e02\u5bfb\u8d22\u7684\u4eba\u66f4\u662f\u516b\u4ed9\u8fc7\u6d77\uff0c\u5404\u663e\u795e\u901a\uff0c\u4e5f\u8ba9\u6211\u6da8\u4e86\u89c1\u8bc6\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u6709\u4e9b\u4eba\u662f\u6295\u8d44\u8005\uff08trend follower\uff09\uff0c\u6709\u4e9b\u662f\u6295\u673a\u5ba2\uff08day trader\uff0c\u6216\u8005\u5e7f\u6cdb\u4e00\u70b9\uff0c\u5141\u8bb8\u6211\u53ebvery-short-time trader\u5427\uff09\uff0c\u6709\u4e9b\u662f\u4ef7\u503c\u6295\u8d44\u8005\uff08value investor\uff09\uff0c\u6709\u4e9b\u5219\u662f\u2018combination\u2019\uff0c\u6280\u672f\u9762\u6295\u8d44\u8005\u4ee5\u53ca\u8d44\u91d1\u6d41\u6295\u8d44\u8005\u5f52\u6839\u7ed3\u5e95\u8fd8\u662f\u8d8b\u52bf\u6295\u8d44\u8005\uff0c\u4f46\u8d8b\u52bf\u6295\u8d44\u8005\u5e76\u4e0d\u5c40\u9650\u4e8e\u6280\u672f\u548c\/\u6216\u8d44\u91d1\u6d41\u5206\u6790\u3002\u6709\u4e9b\u4eba\u4fe1\u5949\u6280\u672f\u5206\u6790\uff08technical analysis\uff09\uff0c\u9053\u5f0f\uff08Dow theory\uff09\uff0c\u6709\u4e9b\u4eba\u4fe1\u5949\u57fa\u672c\u9762\u5206\u6790\uff08fundamental analysis\uff09\uff0c\u6709\u4e9b\u4eba\u4fe1\u5949\u8fd0\u6c14\uff0c\u6709\u4e9b\u4eba\u4ec0\u4e48\u4e5f\u4e0d\u4fe1\u5949\u3002\u9274\u4e8e\u4ef7\u503c\u6295\u8d44\u662f55168\u7684\u4e3b\u6d41\u4e4b\u4e00\uff0c\u4eca\u5929\u5c31\u6597\u80c6\u73ed\u95e8\u5f04\u65a7\uff0c\u8c08\u4e00\u4e0b\u4e2a\u4eba\u5bf9\u4e8e\u4ef7\u503c\u6295\u8d44\u7684\u7406\u89e3\uff0c\u5e76\u6ca1\u6709\u62ac\u6b64\u8584\u5f7c\u7684\u610f\u601d\u3002<\/p>\n<p> \u3000\u30001\uff0e\u4ef7\u503c\u6295\u8d44\uff08value investing\uff09\u7684\u8d77\u6e90<\/p>\n<p> \u3000\u3000\u5c3d\u7ba1\u8bb8\u591a\u7406\u8bba\u5bb6\uff0c\u5206\u6790\u5e08\u4ee5\u53ca\u666e\u901a\u80a1\u6295\u8d44\u8005\u90fd\u5bf9\u4ef7\u503c\u6295\u8d44\u505a\u51fa\u4e86\u8d21\u732e\uff0c\u4f46\u6050\u6015\u6ca1\u6709\u4eba\u80fd\u5426\u8ba4\u4ef7\u503c\u6295\u8d44\u7684\u7406\u8bba\u6846\u67b6\u662f\u7531Graham\u548cDodd\u4e8e1934\u5e74\u642d\u5efa\u8d77\u6765\u7684\u3002\u4ef7\u503c\u6295\u8d44\u8005\uff0c\u901a\u8fc7\u57fa\u672c\u9762\u5206\u6790\uff0c\u8d2d\u4e70\u4ef7\u503c\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u3002<\/p>\n<p> \u3000\u3000Graham\u548c\u4ed6\u7684\u5b66\u751fBuffett\u8ba4\u4e3a\u4ef7\u503c\u6295\u8d44\u7684\u672c\u8d28\u5728\u4e8e\u4ee5\u4f4e\u4e8e\u5176\u5185\u5728\u4ef7\u503c\uff08intrinsic value\uff09\u7684\u4ef7\u683c\u8d2d\u4e70\u80a1\u7968\u3002\u80a1\u7968\u7684\u5e02\u573a\u4ef7\u683c\u5bf9\u4e8e\u5185\u5728\u4ef7\u503c\u7684\u6298\u6263\u5c31\u662fGraham\u6240\u8c13\u7684\u5b89\u5168\u8fb9\u9645\uff08margin of safety\uff09\u3002Graham\u63a8\u8350\u9632\u5fa1\u6027\u6295\u8d44\u7b56\u7565\uff0c\u5f3a\u8c03\u4ee5\u4f4e\u4e8e\u6709\u5f62\u5e10\u9762\u4ef7\u503c\u7684\u80a1\u7968\u4ea4\u6613\u6765\u5bf9\u51b2\u672a\u6765\u4f01\u4e1a\u53ef\u80fd\u906d\u9047\u7684\u7ecf\u8425\u3002<\/p>\n<p> \u3000\u3000\u663e\u7136\uff0cGraham\u548cDodd\u7684\u9632\u5fa1\u6027\u6295\u8d44\u7b56\u7565\u504f\u4e8e\u4fdd\u5b88\uff0c\u5f80\u5f80\u5728\u5e02\u573a\u5904\u4e8e\u4f4e\u6f6e\u65f6\u66f4\u5b9e\u7528\u3002\u8fd9\u4e5f\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48\u6709\u4e9b\u5341\u5206\u4fdd\u5b88\u6216\u8005\u6240\u8c13\u2018\u6b63\u5b97\u2019\u7684\u4ef7\u503c\u6295\u8d44\u8005\u5f80\u5f80\u671f\u5f85\u718a\u5e02\u3002\u7136\u800c\uff0c\u80a1\u7968\u6295\u8d44\u8005\u5374\u5f88\u96be\u505a\u5230\u5f53\u5e02\u573a\u5904\u4e8e\u4e2d\u7b49\u6c34\u5e73\u6216\u8005\u9ad8\u6f6e\u65f6\u65e0\u6240\u4f5c\u4e3a\u3002<\/p>\n<p> \u3000\u30002\uff0e\u4ef7\u503c\u6295\u8d44\u7684\u6f14\u53d8<\/p>\n<p> \u3000\u3000\u4ef7\u503c\u6295\u8d44\u5df2\u7ecf\u88ab\u8bc1\u5b9e\u662f\u4e00\u79cd\u6210\u529f\u7684\u6295\u8d44\u4e4b\u9053\u3002\u4e0d\u65ad\u7684\u6709\u62a5\u544a\u8bc1\u5b9e\u8d2d\u4e70\u4ef7\u503c\u578b\u80a1\u7968\u7684\u6548\u679c\u597d\u4e8e\u8d2d\u4e70\u5176\u4ed6\u7c7b\u578b\u80a1\u7968\u6216\u8005\u5927\u76d8\u3002\u4e00\u4e9b\u77e5\u540d\u4ef7\u503c\u6295\u8d44\u8005\uff08\u6bd4\u5982Buffett\uff09\u7684\u4e2a\u4eba\u6295\u8d44\u7ecf\u5386\u4e5f\u53ef\u4ee5\u8bc1\u660e\u4ef7\u503c\u6295\u8d44\u6709\u6548\u6027\u3002<\/p>\n<p> \u3000\u3000\u662fGraham\u7b2c\u4e00\u4e2a\u63d0\u51fa\u4e86\u5b89\u5168\u8fb9\u9645\u7684\u6982\u5ff5\u5e76\u4e14\u5efa\u8bae\u6295\u8d44\u8005\u5728\u516c\u53f8\u5185\u5728\u4ef7\u503c\u9ad8\u4e8e\u5176\u4ef7\u683c\u7684\u65f6\u5019\u8d2d\u4e70\u5176\u80a1\u7968\u3002\u5373\u4fbf\u5982\u6b64\uff0cGraham\u672c\u4eba\u4e5f\u65e0\u6cd5\u5426\u8ba4\u5728\u8bc4\u4f30\u5185\u5728\u4ef7\u503c\u7684\u65f6\u5019\u6709\u7740\u4e00\u4e9b\u5047\u8bbe\u5b58\u5728\u3002<\/p>\n<p> \u3000\u3000Buffett\u628a\u4ef7\u503c\u6295\u8d44\u7406\u8bba\u53c8\u63a8\u8fdb\u4e86\u4e00\u6b65\uff0c\u4ed6\u628a\u91cd\u70b9\u653e\u5728\u4e86\u5bfb\u627e\u5b9a\u4ef7\u5408\u7406\u7684\u6770\u51fa\u516c\u53f8\uff08\u2018finding an outstanding company at a sensible price\u2019\uff09\u4e0a\uff0c\u800c\u4e0d\u662f\u4ee5\u4f4e\u5ec9\u7684\u4ef7\u683c\u8d2d\u4e70\u666e\u901a\u516c\u53f8\u3002<\/p>\n<p> \u3000\u3000\u7531\u4ef7\u503c\u6295\u8d44\u5148\u9a71\u8005\u4eec\u6700\u521d\u6240\u6307\u7684\u4ef7\u503c\u662f\u5e10\u9762\u4ef7\u503c\uff0c\u8fd9\u4e00\u6982\u5ff5\u572870\u5e74\u4ee3\u5927\u5927\u5730\u6f14\u53d8\u4e86\u3002\u5728\u90a3\u4e9b\u5927\u591a\u6570\u8d44\u4ea7\u4e3a\u6709\u5f62\u8d44\u4ea7\u7684\u884c\u4e1a\u91cc\u5e10\u9762\u4ef7\u503c\u662f\u6700\u6709\u7528\u7684\uff0c\u800c\u8bf8\u5982\u4e13\u5229\uff0c\u4e13\u6709\u6280\u672f\uff0c\u8f6f\u4ef6\u8457\u4f5c\u6743\uff0c\u54c1\u724c\uff0c\u5546\u8a89\u7b49\u5374\u5f88\u96be\u91cf\u5316\u3002\u5f53\u4e00\u4e2a\u884c\u4e1a\u6216\u8005\u4f01\u4e1a\u6b63\u5728\u7ecf\u5386\u5feb\u901f\u7684\u6280\u672f\u8fdb\u6b65\u7684\u65f6\u5019\uff0c\u8d44\u4ea7\u7684\u4ef7\u503c\u662f\u4e0d\u5bb9\u6613\u8bc4\u4f30\u7684\u3002<\/p>\n<p> \u3000\u3000\u5c3d\u7ba1\u6709\u6bd4\u5e02\u76c8\u7387\u7b49\u66f4\u4e3a\u6469\u767b\u7684\u4f30\u503c\u6a21\u578b\uff08\u6bd4\u5982DCF\uff0c\u73b0\u91d1\u6d41\u6298\u73b0\u6cd5\uff09\uff0c\u4ecd\u6709\u4e3a\u6570\u4e0d\u5c11\u7684\u6295\u8d44\u8005\u53cd\u5bf9\u4efb\u4f55\u7684\u5b9a\u91cf\u4f30\u503c\u6a21\u578b\u3002Lynch\u5c31\u628a\u81ea\u5df1\u7684\u6295\u8d44\u539f\u5219\u5b9a\u4e3a\u6295\u8d44\u4f60\u6240\u4e86\u89e3\u7684\uff08\u2018invest in what you know\u2019\uff09\uff0c\u8fd9\u4e00\u539f\u5219\u7b26\u5408\u90a3\u4e9b\u65e0\u6cd5\u8fdb\u884c\u590d\u6742\u5b9a\u91cf\u8ba1\u7b97\u6216\u8005\u6ca1\u6709\u65f6\u95f4\u9605\u8bfb\u5197\u957f\u8d22\u52a1\u62a5\u544a\u7684\u975e\u4e13\u4e1a\u6295\u8d44\u8005\u4eec\u7684\u5fc3\u58f0\u3002<\/p>\n<p> \u3000\u30003\uff0e\u6709\u6548\u5e02\u573a\u5047\u8bf4\uff08efficient market hypothesis\uff0c EMH\uff09<\/p>\n<p> \u3000\u3000\u6709\u6548\u5e02\u573a\u5047\u8bf4\u7531Fama\u4e8e60\u5e74\u4ee3\u63d0\u51fa\uff0c\u8ba4\u4e3a\u91d1\u878d\u5e02\u573a\u7684\u4fe1\u606f\u662f\u6709\u6548\u7684\uff0c\u6216\u8005\u8bf4\u5e02\u573a\u4e0a\u4ea4\u6613\u7684\u8d44\u4ea7\u4ef7\u683c\u5df2\u7ecf\u53cd\u6620\u4e86\u6240\u6709\u5df2\u77e5\u4fe1\u606f\uff0c\u56e0\u6b64\u5728\u53cd\u6620\u6240\u6709\u6295\u8d44\u8005\u5bf9\u4e8e\u672a\u6765\u9884\u671f\u7684\u4fe1\u606f\u6c47\u603b\u4e0a\u662f\u516c\u6b63\u7684\u3002\u6709\u6548\u5e02\u573a\u5047\u8bf4\u8ba4\u4e3a\u9664\u4e86\u8fd0\u6c14\uff0c\u901a\u8fc7\u8fd0\u7528\u5e02\u573a\u5df2\u7ecf\u77e5\u9053\u7684\u4fe1\u606f\u4ece\u800c\u6301\u7eed\u6218\u80dc\u5927\u76d8\u662f\u4e0d\u53ef\u80fd\u7684\u3002Fama\u7684\u5047\u8bf4\u63d0\u51fa\u4e86\u4e09\u79cd\u5f62\u5f0f\uff1a\u5f31\u6709\u6548\u5e02\u573a\uff0c\u4e2d\u7b49\u5f3a\u5ea6\u6709\u6548\u5e02\u573a\uff0c\u4ee5\u53ca\u5f3a\u6709\u6548\u5e02\u573a\u3002<\/p>\n<p> \u3000\u3000\u8bb8\u591a\u4eba\u65e0\u6cd5\u76f8\u4fe1\u4eba\u4e3a\u91d1\u878d\u5e02\u573a\u4f1a\u662f\u5f3a\u6709\u6548\u5e02\u573a\u3002\u56e0\u4e3a\u4fe1\u606f\u4f20\u64ad\uff0c\u8d44\u91d1\u6d41\u7b49\u7b49\u56e0\u7d20\u5747\u80fd\u5bfc\u81f4\u5e02\u573a\u5931\u6548\u3002\u4e00\u4e9b\u6000\u7591\u8005\u8bf4\uff0c\u6709\u4e9b\u6210\u529f\u7684\u6295\u8d44\u8005\u80fd\u591f\u957f\u671f\u6218\u80dc\u5e02\u573a\uff0c\u800c\u4ed6\u4eec\u7684\u6210\u529f\u5f88\u96be\u5f52\u7ed3\u4e8e\u8fd0\u6c14\u3002<\/p>\n<p> \u3000\u3000\u5c3d\u7ba1\u5f62\u6210\u65f6\u95f4\u6bd4\u4ef7\u503c\u6295\u8d44\u665a\u5e76\u4e14\u662f\u4e2a\u4ee4\u4eba\u4e89\u8bae\u7684\u4e8b\u7269\uff08\u8981\u4e0d\u5c31\u4e0d\u53eb\u5047\u8bf4\u4e86\uff09\uff0c\u4f46EMH\u662f\u4ef7\u503c\u6295\u8d44\u7684\u57fa\u7840\uff0c\u56e0\u4e3aEMH\u8ba4\u4e3a\u80a1\u7968\u4ef7\u683c\u6700\u7ec8\u53cd\u6620\u516c\u53f8\u4ef7\u503c\uff0c\u800c\u4e0d\u662f\u3002\u7136\u800c\uff0c\u4ece\u77ed\u671f\u6765\u770b\uff0c\u8bb8\u591a\u56e0\u7d20\u80fd\u591f\u5f71\u54cd\u5230\u80a1\u7968\u4ef7\u683c\u3002Keynes\u8bf4\uff0c\u5e02\u573a\u4e0d\u5408\u7406\u7684\u65f6\u95f4\u53ef\u4ee5\u957f\u8fc7\u4f60\u4fdd\u6301\u81ea\u5df1\u7684\u507f\u4ed8\u80fd\u529b\u7684\u65f6\u95f4\u3002\u5927\u4f17\u5bf9\u4e8eEMH\u901a\u5e38\u6301\u6392\u65a5\u60c5\u7eea\uff0c\u56e0\u4e3a\u5927\u4f17\u6709\u4e00\u4e9b\u8bef\u89e3\u3002\u4e00\u4e2a\u5408\u7406\u7406\u89e3EMH\u7684\u65b9\u5f0f\u5927\u7ea6\u662f\uff1a\u968f\u7740\u672a\u6765\u81ea\u8eab\u7684\u53d8\u5316\uff0c\u65b0\u7684\u4fe1\u606f\u53c8\u4f1a\u53cd\u6620\u8fd9\u4e9b\u53d8\u5316\u4ee5\u53ca\u516c\u53f8\u7684\u53d1\u5c55\uff0c\u56e0\u6b64\u6295\u8d44\u8005\u662f\u5426\u80fd\u6218\u80dc\u5e02\u573a\u5728\u4e8e\u4ed6\u4eec\u9884\u6d4b\u672a\u6765\u53d8\u5316\u4ee5\u53ca\u516c\u53f8\u53d1\u5c55\u7684\u80fd\u529b\u4e0a\u3002<\/p>\n<p> \u3000\u30004\uff0e \u6210\u957f\u6295\u8d44\uff08growth investing\uff09<\/p>\n<p> \u3000\u3000\u6210\u957f\u6295\u8d44\u8005\u6295\u8d44\u4e8e\u90a3\u4e9b\u8868\u73b0\u51fa\u4e86\u9ad8\u4e8e\u5e73\u5747\u589e\u901f\u8ff9\u8c61\u7684\u516c\u53f8\uff0c\u5c3d\u7ba1\u8fd9\u4e9b\u80a1\u7968\u4ece\u5e02\u76c8\u7387\u548c\u5e02\u51c0\u7387\u4e0a\u770b\u5f80\u5f80\u504f\u9ad8\u3002<\/p>\n<p> \u3000\u3000\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u6210\u957f\u6295\u8d44\u4e0e\u4ef7\u503c\u6295\u8d44\u7684\u5f62\u6210\u51e0\u4e4e\u540c\u6b65\u3002\u7136\u800c\u4ef7\u503c\u6295\u8d44\u9f3b\u7956Graham\u5f88\u6000\u7591\u8fd9\u79cd\u6295\u8d44\u7b56\u7565\u3002\u4ed6\u8bf4\u6210\u957f\u6295\u8d44\u8005\u662f\u62ab\u7740\u2018\u6295\u8d44\u2019\u7684\u4f2a\u88c5\u5728\u5f00\u5feb\u8f66\uff0c\u8ba9\u81ea\u5df1\u7684\u6fc0\u60c5\u548c\u5224\u65ad\u529b\u4e00\u9053\u5931\u63a7\u3002<\/p>\n<p> \u3000\u3000\u5021\u5bfc\u6210\u957f\u6295\u8d44\u7684\u9996\u63a8\u5907\u6536Buffett\u5c0a\u91cd\u7684Fisher\uff0c\u4ed6\u5217\u4e3e\u4e86\u5bfb\u627e\u6210\u957f\u80a1\u768415\u8981\u70b9\uff08\u6709\u5fc3\u7684\u670b\u53cb\u53ef\u4ee5\u572855168\u91cc\u627e\u5230\uff0csummer\u5144\u597d\u8c61\u5217\u8fc7\uff09\u3002\u4e0e\u6700\u521d\u7684\u4ef7\u503c\u6295\u8d44\u8005\u4e89\u950b\u76f8\u5bf9\uff0cFisher\u8bf4\uff0c\u4ece\u4e00\u4e2a\u80fd\u591f\u8fdb\u884c\u516c\u5e73\u6bd4\u8f83\u7684\u8f83\u957f\u65f6\u95f4\u6765\u770b\uff0c\u6bd4\u59825\u5e74\uff0c\u90a3\u4e9b\u54ea\u6015\u662f\u6c34\u5e73\u6700\u9ad8\u8d85\u7684\u5ec9\u4ef7\u80a1\u7968\u730e\u624b\u90fd\u4f1a\u6b62\u6b65\u4e8e\u5c0f\u5229\uff0c\u800c\u8fd9\u79cd\u5c0f\u5229\u5bf9\u4e8e\u90a3\u4e9b\u901a\u8fc7\u8fd0\u7528\u5408\u7406\u7684\u667a\u6167\u5bf9\u4e8e\u7ba1\u7406\u4f18\u79c0\u7684\u6210\u957f\u4f01\u4e1a\u7279\u5f81\u8fdb\u884c\u8bc4\u4f30\u800c\u5e26\u6765\u7684\u5229\u6da6\u662f\u5fae\u4e0d\u8db3\u9053\u7684\u3002<\/p>\n<p> \u3000\u3000\u53e6\u4e00\u4f4d\u6210\u957f\u6295\u8d44\u5021\u5bfc\u8005\u662fLynch\uff0c\u4ed6\u8ba4\u4e3a\u5373\u4f7f\u652f\u4ed8\u66f4\u9ad8\u4ef7\u683c\uff0c\u5feb\u901f\u6210\u957f\u7684\u80a1\u7968\u4e5f\u6bd4\u6162\u901f\u6210\u957f\u7684\u503c\u5f97\u62e5\u6709\u3002<\/p>\n<p> \u3000\u3000\u4eba\u4eec\u901a\u5e38\u628a\u6210\u957f\u6295\u8d44\u548c\u4ef7\u503c\u6295\u8d44\u76f8\u5bf9\u5217\u3002\u7136\u800cBuffett\u5374\u8ba4\u4e3a\u5c31\u5185\u5728\u4ef7\u503c\u800c\u8a00\uff0c\u4e24\u79cd\u6295\u8d44\u7b56\u7565\u5728\u7406\u8bba\u4e0a\u6ca1\u6709\u533a\u522b\uff0c\u867d\u7136\u6709\u4eba\u503e\u5411\u4e8e\u628a\u6210\u957f\u6295\u8d44\u770b\u6210\u6295\u673a\u3002 Buffett\u8bf4\uff0c\u2018\u6210\u957f\u6295\u8d44\u548c\u4ef7\u503c\u6295\u8d44\u662f\u7b4b\u8109\u76f8\u8fde\u7684\u2019\uff08\u2018growth and value investing are joined at the hip\u2019\uff09\u3002<\/p>\n<p> \u3000\u30005\uff0e \u5408\u7406\u4ef7\u683c\u6210\u957f\u6295\u8d44\uff08growth at a reasonable price investing\uff0c GARP investing\uff09<\/p>\n<p> \u3000\u3000\u53ef\u4ee5\u628aGARP\u770b\u6210\u6210\u957f\u6295\u8d44\u7684\u4e00\u4e2a\u53d8\u5f02\uff0c\u6216\u8005\u628a\u5b83\u770b\u6210\u4ef7\u503c\u6295\u8d44\u548c\u6210\u957f\u6295\u8d44\u7684\u7ed3\u5408\uff1aGARP\u63d0\u5021\u5bfb\u627e\u6709\u9ad8\u589e\u957f\u6f5c\u529b\u7684\u88ab\u4f4e\u4f30\u7684\u80a1\u7968\u3002Lynch\u672c\u4eba\u88ab\u770b\u6210GARP\u7684\u9f3b\u7956\u3002<\/p>\n<p> \u3000\u3000\u968f\u774090\u5e74\u4ee3\u7f51\u7edc\u6ce1\u672b\u7684\u7834\u706d\uff0cgrowth at any price\u5931\u5ba0\u3002GARP\u5219\u5f00\u59cb\u4e3a\u4eba\u6ce8\u610f\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0cGARP\u6295\u8d44\u8005\u5e76\u975e\u505a\u4e00\u4e2a\u4ef7\u503c\u578b\u548c\u6210\u957f\u578b\u80a1\u7968\u7684\u7ec4\u5408\uff0c\u800c\u662f\u5bfb\u627e\u517c\u5177\u6210\u957f\u548c\u4ef7\u503c\u7279\u5f81\u7684\u80a1\u7968\u3002\u6bd4\u5982\uff0c GARP\u6295\u8d44\u8005\u5f88\u91cd\u89c6PEG\u6307\u6807\u3002PEG\u6307\u6807\u57281\u4ee5\u4e0b\u7684\u80a1\u7968\u88ab\u8ba4\u4e3a\u662f\u4f4e\u4f30\u7684\uff0c\u5c31\u5176\u76c8\u5229\u7684\u6210\u957f\u6027\u6765\u770b\u3002\u7b80\u5355\u7684\u8bf4\uff0cGARP\u6295\u8d44\u8005\u5bfb\u627e\u7684\u662f\u660e\u5929\u4fbf\u5b9c\u7684\u80a1\u7968\uff0c\u5982\u679c\u6210\u957f\u5151\u73b0\u7684\u8bdd\u3002<\/p>\n<p> \u3000\u3000\u5c3d\u7ba1GARP\u542c\u8d77\u6765\u5f88\u5b8c\u7f8e\uff0c\u4f46\u662f\u5982\u4f55\u786e\u5b9a\u5408\u7406\u4ef7\u683c\u4ecd\u7136\u662f\u4e00\u4ef6\u96be\u4e8b\u3002<\/p>\n<p> \u3000\u3000\u597d\u4e86\uff0c\u770b\u5230\u73b0\u5728\uff0c\u6211\u4eec\u5bf9\u4ef7\u503c\u6295\u8d44\u7684\u8d77\u6e90\uff0c\u53d1\u5c55\u548c\u53d8\u5316\u6709\u4e86\u4e00\u4e2a\u521d\u6b65\u7684\u8ba4\u8bc6\u3002\u4ef7\u503c\u6295\u8d44\u5c31\u5176\u6700\u521d\u7684\u5174\u8d77\u6765\u770b\uff0c\u662f\u72ed\u4e49\u7684\uff0c\u662f\u57fa\u4e8e\u80a1\u7968\u5e10\u9762\u4ef7\u503c\u7684\u3002\u800c\u540e\u671f\u7684\u6f14\u53d8\u5e26\u6765\u4e86\u4e00\u4e9b\u4eba\u5bf9\u4e8e\u4ef7\u503c\u6295\u8d44\u7684\u5e7f\u4e49\u4e0a\u7684\u7406\u89e3\uff0c\u5373\uff1a\u51e1\u662f\u5f3a\u8c03\u4ef7\u503c\u51b3\u5b9a\u4ef7\u683c\u7684\u6295\u8d44\u7406\u8bba\u5747\u53ef\u89c6\u4e3a\u4ef7\u503c\u6295\u8d44\u3002\u81f3\u4e8e\u7528\u4ec0\u4e48\u6807\u51c6\u8861\u91cf\uff0c\u80fd\u5426\u4ee5\u53ca\u5982\u4f55\u91cf\u5316\u4ef7\u503c\u5219\u662f\u4e00\u4e2a\u5927\u5b66\u95ee\u3002<\/p>\n<p> \uff08\u80a1\u7968\u8d44\u6e90\u9986lixiangluntan.com\uff09<\/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;\">\u3010\u80a1\u7968\u8d44\u6e90\u9986\u3011\u7b56\u7565\u6295\u8d44\u7834\u89e3,\u56fe\u7247\u514d\u8d39\u4e0b\u8f7d,\u7406\u60f3\u80a1\u7968\u6280\u672f\u8bba\u575b,\u8d22\u7ecf\u80a1\u7968\u8bba\u575b,\u7092\u80a1\u8bba\u575b\u793e\u533a,\u80a1\u7968\u8f6f\u4ef6,\u80a1\u7968\u516c\u5f0f,\u6e90\u7801\u4ea4\u6d41,\u6307\u6807\u516c\u5f0f,\u7092\u80a1\u4e66\u7c4d,\u5206\u6790\u5bb6\u516c\u5f0f\u7f51,\u80a1\u65c1\u7f51,\u80a1\u7968\u914d\u8d44\u3002<\/p>\n<\/blockquote>\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;\">\u5173\u4e8e\u80a1\u7968\u4ef7\u503c\u7406\u8bba<\/p>\n<p>\u3000\u3000\u8d44\u672c\u4e3b\u4e49\u7ecf\u6d4e\u8fdb\u5165\u4e8c\u5341\u4e16\u7eaa\u4e4b\u540e\uff0c\u7ecf\u6d4e\u66f4\u52a0\u53d1\u8fbe\uff0c\u4e00\u822c\u5927\u4f01\u4e1a\u5219\u8d8a\u6765\u8d8a\u4f9d\u8d56\u793e\u4f1a\u5927\u4f17\u7684\u96f6\u661f\u8d44\u91d1\uff0c\u4ec5\u6253\u7b97\u8d5a\u53d6\u80a1\u5229\u4ee5\u53ca\u5dee\u4ef7\u5229\u76ca\uff0c\u800c\u4e14\u5bf9\u53c2\u4e0e\u4f01\u4e1a\u7ecf\u8425\u6beb\u65e0\u5174\u8da3\u7684\u4e2d\u5c0f\u80a1\u4e1c\u4eba\u6570\u8d8a\u6765\u8d8a\u591a\uff0c\u6709\u4e0e\u7ecf\u8425\u5206\u79bb\u7684\u8272\u5f69\u968f\u7740\u80a1\u4efd\u6709\u9650\u516c\u53f8\u5236\u5ea6\u7684\u53d1\u5c55\u800c\u8d8a\u6765\u8d8a\u6d53\u539a\u3002\u800c\u516c\u53f8\u672c\u8eab\u9010\u6e10\u6210\u4e3a\u72ec\u7acb\u81ea\u4e3b\u81ea\u7acb\u6210\u957f\u7684\u7ecf\u8425\u4f53\uff0c\u5c24\u5176\u6cd5\u5f8b\u4e0a\u6210\u4e3a\u5177\u6709\u6cd5\u4eba\u8d44\u683c\u7684\u56e2\u4f53\uff1b\u6295\u8d44\u4eba\u4e5f\u9010\u6e10\u81f4\u529b\u4e8e\u63a2\u8ba8\u80a1\u7968\u7684\u7279\u70b9\u5982\u4f55\uff1f\u4ece\u7ecf\u6d4e\u7684\u773c\u5149\u770b\uff0c\u80a1\u7968\u4f5c\u7528\u5982\u4f55\uff1f\u57fa\u7840\u4ef7\u503c\u53c8\u4f55\u5728\uff1f\u5173\u4e8e\u80a1\u7968\u4ef7\u503c\u7406\u8bba\u7684\u63a2\u8ba8\u9010\u6e10\u53d7\u5230\u4eba\u7684\u6ce8\u76ee\u3002<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>\u3000\u3000\u80a1\u5e02\u662f\u4e2a\u4e07\u82b1\u7b52\uff0c\u8fd9\u91cc\u7684\u4eba\u4e5f\u662f\u5404\u8272\u5404\u6837\uff0c\u6765\u80a1\u5e02\u5bfb\u8d22\u7684\u4eba\u66f4\u662f\u516b\u4ed9\u8fc7\u6d77\uff0c\u5404\u663e\u795e\u901a\uff0c\u4e5f\u8ba9\u6211\u6da8\u4e86\u89c1\u8bc6\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u6709\u4e9b\u4eba\u662f \u6295\u8d44\u8005\uff08trend follower\uff09\uff0c\u6709\u4e9b\u662f\u6295\u673a\u5ba2\uff08day trader\uff0c\u6216\u8005\u5e7f\u6cdb\u4e00\u70b9\uff0c\u5141\u8bb8\u6211\u53ebvery-short-time trader\u5427\uff09\uff0c\u6709\u4e9b\u662f\u4ef7\u503c\u6295\u8d44\u8005\uff08value investor\uff09\uff0c\u6709\u4e9b\u5219\u662f\u2018combination\u2019\uff0c\u6280\u672f\u9762\u6295\u8d44\u8005\u4ee5\u53ca\u8d44\u91d1\u6d41\u6295\u8d44\u8005\u5f52\u6839\u7ed3\u5e95\u8fd8\u662f\u8d8b\u52bf\u6295\u8d44\u8005\uff0c\u4f46\u8d8b\u52bf\u6295\u8d44\u8005\u5e76\u4e0d\u5c40\u9650\u4e8e\u6280\u672f\u548c\/\u6216\u8d44\u91d1\u6d41\u5206\u6790\u3002\u6709\u4e9b\u4eba\u4fe1\u5949\u6280\u672f\u5206\u6790\uff08technical analysis\uff09\uff0c\u9053\u5f0f \uff08Dow theory\uff09\uff0c\u6709\u4e9b\u4eba\u4fe1\u5949\u57fa\u672c\u9762\u5206\u6790\uff08fundamental analysis\uff09\uff0c\u6709\u4e9b\u4eba\u4fe1\u5949\u8fd0\u6c14\uff0c\u6709\u4e9b\u4eba\u4ec0\u4e48\u4e5f\u4e0d\u4fe1\u5949\u3002\u9274\u4e8e\u4ef7\u503c\u6295\u8d44\u662f55168\u7684\u4e3b\u6d41\u4e4b\u4e00\uff0c\u4eca\u5929\u5c31\u6597\u80c6\u73ed\u95e8\u5f04\u65a7\uff0c\u8c08\u4e00\u4e0b\u4e2a\u4eba\u5bf9\u4e8e\u4ef7\u503c\u6295\u8d44\u7684\u7406\u89e3\uff0c\u5e76\u6ca1\u6709\u62ac\u6b64\u8584\u5f7c\u7684\u610f\u601d\u3002<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133],"tags":[134],"class_list":["post-3350","post","type-post","status-publish","format-standard","hentry","category-gpjzll","tag-134"],"_links":{"self":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/3350","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\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3350"}],"version-history":[{"count":0,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=\/wp\/v2\/posts\/3350\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lixiangluntan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}