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    1.\u4f4e\u5229\u7387\u4e0b\u80fd\u6709\u7a33\u5065\u56de\u62a5\uff1f\u201c\u5168\u5929\u5019\u201d\u7b56\u7565\u7684\u903b\u8f91<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u76ee\u524d\uff0c\u4e2d\u56fd\u6b63\u5904\u4e8e\u4f4e\u5229\u7387\u73af\u5883\uff0c\u8fd9\u901a\u5e38\u610f\u5473\u7740\u5f88\u96be\u83b7\u5f97\u7406\u60f3\u7684\u6295\u8d44\u56de\u62a5\u3002\u7136\u800c\uff0c\u6211\u6ce8\u610f\u5230\u6865\u6c34\u7684\u4e2d\u56fd\u5168\u5929\u5019\u57fa\u91d1\u5728\u8fc7\u53bb\u51e0\u5e74\u8868\u73b0\u975e\u5e38\u4eae\u773c\uff0c\u51e0\u4e4e\u6bcf\u5e74\u90fd\u80fd\u5b9e\u73b0\u8d85\u8fc7 10% \u7684\u6536\u76ca\uff0c\u540c\u65f6\u5728\u5e02\u573a\u6ce2\u52a8\u4e2d\u56de\u64a4\u4e5f\u76f8\u5bf9\u8f83\u5c0f\u3002<\/p>\n

    \u80fd\u5426\u8bf7\u60a8\u89e3\u91ca\u4e00\u4e0b\uff0c\u5728\u8fd9\u6837\u7684\u4f4e\u5229\u7387\u73af\u5883\u4e0b\uff0c\u6865\u6c34\u57fa\u91d1\u662f\u5982\u4f55\u5b9e\u73b0\u5982\u6b64\u7a33\u5065\u7684\u8868\u73b0\u7684\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u5f88\u9ad8\u5174\u4f60\u95ee\u5230\u8fd9\u4e2a\u95ee\u9898\u3002\u6865\u6c34\u57fa\u91d1\u8fc7\u53bb\u516d\u5e74\u7684\u8868\u73b0\u786e\u5b9e\u975e\u5e38\u7a33\u5b9a\uff0c\u6700\u5dee\u7684\u4e00\u5e74\u6536\u76ca\u7387\u4e5f\u5728 10% \u5230 14% \u4e4b\u95f4\uff0c\u5177\u4f53\u6570\u5b57\u6211\u8bb0\u4e0d\u592a\u6e05\u4e86\uff0c\u4f46\u5e73\u5747\u6536\u76ca\u7387\u5927\u7ea6\u5728 16% \u5de6\u53f3\u3002\u90a3\u4e48\u6211\u4eec\u662f\u5982\u4f55\u505a\u5230\u7684\u5462\uff1f<\/p>\n

    \u9996\u5148\uff0c\u5173\u952e\u5728\u4e8e\u901a\u8fc7\u5408\u7406\u7684\u8d44\u4ea7\u591a\u6837\u5316\u6765\u5b9e\u73b0\u6295\u8d44\u7ec4\u5408\u7684\u5e73\u8861\u3002<\/strong>\u5f53\u67d0\u4e9b\u5e02\u573a\u4e0a\u6da8\u65f6\uff0c\u5176\u4ed6\u5e02\u573a\u4f1a\u4e0b\u8dcc\uff0c\u53cd\u6620\u51fa\u4e0d\u540c\u7684\u7ecf\u6d4e\u6761\u4ef6\u3002\u4f8b\u5982\uff0c\u5f53\u80a1\u5e02\u4e0b\u8dcc\u65f6\uff0c\u503a\u5e02\u4f1a\u4e0a\u6da8\uff0c\u9ec4\u91d1\u5e02\u573a\u6216\u901a\u80c0\u5bf9\u51b2\u8d44\u4ea7\u4e5f\u4f1a\u968f\u7740\u8d27\u5e01\u8d2c\u503c\u800c\u4e0a\u6da8\u3002\u901a\u8fc7\u5b9e\u73b0\u8fd9\u4e9b\u6295\u8d44\u7684\u5e73\u8861\uff0c\u53ef\u4ee5\u51cf\u5c11\u6295\u8d44\u7ec4\u5408\u7684\u5468\u671f\u6027\u6ce2\u52a8\uff0c\u4ece\u800c\u5728\u964d\u4f4e\u98ce\u9669\u7684\u540c\u65f6\u83b7\u5f97\u826f\u597d\u7684\u56de\u62a5\u3002<\/p>\n

    \u6211\u7684\u6295\u8d44\u683c\u8a00\u662f\u62e5\u670915\u4e2a\u6216\u66f4\u5c11\u7684\u65e0\u76f8\u5173\u6536\u76ca\u6d41\u3002\uff08\u6df1\u6f6eTechFlow \u6ce8\uff1a\u65e0\u76f8\u5173\u6536\u76ca\u6d41\uff0c\u6307\u7684\u662f\u4e0d\u540c\u8d44\u4ea7\u4e4b\u95f4\u7684\u6536\u76ca\u8868\u73b0\u6ca1\u6709\u76f4\u63a5\u5173\u8054\uff0c\u8fd9\u6837\u53ef\u4ee5\u6709\u6548\u5206\u6563\u98ce\u9669\u3002\uff09\u4f8b\u5982\uff0c\u5728\u7f13\u6162\u7684\u901a\u7f29\u73af\u5883\u4e2d\uff0c\u80a1\u7968\u53ef\u80fd\u8868\u73b0\u4e0d\u4f73\uff0c\u4f46\u503a\u5238\u7684\u6536\u76ca\u5374\u53ef\u80fd\u63d0\u9ad8\u3002\u800c\u5982\u679c\u7ecf\u6d4e\u4e2d\u5b58\u5728\u5927\u91cf\u8d27\u5e01\u5370\u5237\u884c\u4e3a\uff0c\u901a\u80c0\u5bf9\u51b2\u8d44\u4ea7\uff08\u5982\u9ec4\u91d1\uff09\u901a\u5e38\u4f1a\u8868\u73b0\u826f\u597d\u3002\u901a\u8fc7\u8fd9\u6837\u7684\u8d44\u4ea7\u5e73\u8861\uff0c\u53ef\u4ee5\u5728\u8f83\u4f4e\u7684\u98ce\u9669\u6c34\u5e73\u4e0b\u83b7\u5f97\u975e\u5e38\u6709\u5438\u5f15\u529b\u7684\u56de\u62a5\uff0c\u8fd9\u5c31\u662f\u6295\u8d44\u7684\u6e38\u620f\u3002<\/p>\n

    \u4ece\u957f\u8fdc\u6765\u770b\uff0c\u73b0\u91d1\u662f\u4e00\u79cd\u975e\u5e38\u7cdf\u7cd5\u7684\u6295\u8d44\u54c1\u3002\u4e2d\u56fd\u9762\u4e34\u7684\u6311\u6218\u662f\uff0c\u6295\u8d44\u8005\u5f80\u5f80\u5c06\u5927\u91cf\u8d44\u91d1\u6301\u6709\u5728\u623f\u5730\u4ea7\u6216\u73b0\u91d1\u5b58\u6b3e\u4e2d\uff0c\u8fd9\u5e76\u4e0d\u662f\u4e00\u4e2a\u826f\u597d\u7684\u591a\u6837\u5316\u6295\u8d44\u7ec4\u5408\u3002<\/strong>\u56e0\u6b64\uff0c\u6301\u6709\u591a\u6837\u5316\u8d44\u4ea7\u7ec4\u5408\u800c\u975e\u73b0\u91d1\u7684\u7b56\u7565\u662f\u975e\u5e38\u6709\u5438\u5f15\u529b\u7684\u3002<\/strong>\u8fd9\u662f\u6211\u4eec\u7684\u6838\u5fc3\u7b56\u7565\uff0c\u5982\u4f55\u5b9e\u73b0\u591a\u6837\u5316\uff0c\u800c\u4e0d\u88ab\u4f20\u7edf\u8d44\u4ea7\u675f\u7f1a\u3002\u6839\u636e\u5f53\u524d\u7684\u5e02\u573a\u6761\u4ef6\u8fdb\u884c\u6218\u672f\u8c03\u6574\uff0c\u4ee5\u5b9e\u73b0\u8fd9\u79cd\u5e73\u8861\u3002<\/p>\n

    \u6b63\u5982\u6211\u6240\u8bf4\uff0c\u6211\u73b0\u5728\u7684\u76ee\u6807\u662f\u4f20\u9012\u8fd9\u4e9b\u539f\u5219\u3002\u621176\u5c81\u4e86\uff0c\u8ba1\u5212\u63a8\u51fa\u4e00\u95e8\u6295\u8d44\u8bfe\u7a0b\uff0c\u6559\u6388\u8fd9\u4e9b\u6295\u8d44\u539f\u5219\u3002\u6211\u5e0c\u671b\u5c3d\u53ef\u80fd\u514d\u8d39\u6216\u4f4e\u6210\u672c\u5730\u5411\u4e2d\u56fd\u7684\u6bcf\u4e2a\u4eba\u63d0\u4f9b\u8fd9\u4e9b\u77e5\u8bc6\uff0c\u4ee5\u5e2e\u52a9\u4ed6\u4eec\u7406\u89e3\u5982\u4f55\u5b9e\u73b0\u5e73\u8861\u3002\u56e0\u6b64\uff0c\u6211\u8feb\u5207\u5e0c\u671b\u4f20\u8fbe\u8fd9\u4e00\u8fc7\u7a0b\u7684\u5177\u4f53\u8fd0\u4f5c\u65b9\u5f0f\u3002\u603b\u7684\u6765\u8bf4\uff0c\u6b63\u5982\u6211\u6240\u63cf\u8ff0\u7684\u90a3\u6837\uff0c\u8fd9\u79cd\u65b9\u6cd5\u662f\u6709\u6548\u7684\u3002<\/p>\n

    2.\u503a\u5238\u6295\u8d44\u7684\u4e24\u96be\uff1a\u5f53\u6536\u76ca\u4e3b\u8981\u6765\u81ea\u4ef7\u683c\u4e0a\u6da8\u800c\u975e\u7968\u606f\u65f6\uff0c\u4f60\u8be5\u611f\u5230\u201c\u5bb3\u6015\u201d<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u76ee\u524d\uff0c\u65b0\u52a0\u5761\u8d22\u5bcc\u7ba1\u7406\u5b66\u9662\u6b63\u5728\u8fdb\u884c\u4e00\u4e9b\u7814\u7a76\uff0c\u6211\u4eec\u5e0c\u671b\u8fd9\u4e9b\u7814\u7a76\u80fd\u5728\u4e2d\u56fd\u5e02\u573a\u5f97\u5230\u5e94\u7528\u3002<\/p>\n

    \u5728\u4f4e\u5229\u7387\u73af\u5883\u4e0b\uff0c\u957f\u671f\u503a\u5238\u901a\u5e38\u8868\u73b0\u826f\u597d\uff0c\u56e0\u6b64\u8bb8\u591a\u4e2d\u56fd\u6295\u8d44\u8005\u5728\u8fc7\u53bb\u4e00\u5e74\u7eb7\u7eb7\u8fdb\u5165\u8fd9\u4e00\u9886\u57df\u3002\u7136\u800c\uff0c\u5f53\u4e00\u4e9b\u7ecf\u6d4e\u590d\u82cf\u7684\u8ff9\u8c61\u51fa\u73b0\u65f6\uff0c\u957f\u671f\u503a\u5238\u5374\u51fa\u73b0\u4e86\u5927\u5e45\u56de\u64a4\uff0c<\/strong>\u5c31\u50cf\u8fc7\u53bb\u51e0\u5929\u7684\u60c5\u51b5\u4e00\u6837\u3002\u60a8\u8ba4\u4e3a\u6709\u6ca1\u6709\u597d\u7684\u65b9\u6cd5\u6765\u8bc6\u522b\u8fd9\u4e9b\u8ff9\u8c61\u5e76\u53ca\u65f6\u8c03\u6574\u6295\u8d44\u7b56\u7565\u5462\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u6211\u60f3\u6f84\u6e05\u4e00\u70b9\uff0c\u4efb\u4f55\u8d44\u4ea7\u7684\u6536\u76ca\u901a\u5e38\u7531\u4e24\u90e8\u5206\u7ec4\u6210\uff1a\u4ef7\u683c\u53d8\u5316\u548c\u6536\u76ca<\/strong>\u3002\u5728\u6295\u8d44\u5468\u671f\u4e2d\uff0c\u6709\u65f6\u4f1a\u51fa\u73b0\u4e00\u79cd\u60c5\u51b5\u2014\u2014\u67d0\u4e9b\u4f4e\u6536\u76ca\u8d44\u4ea7\u4ef7\u683c\u88ab\u63a8\u9ad8\uff0c\u53d8\u5f97\u975e\u5e38\u6602\u8d35\u3002\u8fd9\u65f6\uff0c\u6295\u8d44\u8005\u7684\u6536\u76ca\u4e3b\u8981\u6765\u81ea\u8d44\u4ea7\u4ef7\u683c\u7684\u4e0a\u6da8\uff0c\u800c\u4e0d\u662f\u7968\u606f\u3002\u5f53\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\u65f6\uff0c\u867d\u7136\u77ed\u671f\u5185\u770b\u4f3c\u76c8\u5229\uff0c\u4f46\u672a\u6765\u7684\u6536\u76ca\u7387\u5374\u4f1a\u53d8\u5f97\u975e\u5e38\u4f4e\u3002\u8fd9\u79cd\u4f4e\u6536\u76ca\u7387\u5176\u5b9e\u662f\u4e00\u4e2a\u91cd\u8981\u7684\u9884\u8b66\u4fe1\u53f7\uff0c\u8868\u660e\u672a\u6765\u53ef\u80fd\u4f1a\u51fa\u73b0\u66f4\u5927\u7684\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u5f53\u4f60\u53d1\u73b0\u6536\u76ca\u4e3b\u8981\u4f9d\u8d56\u4e8e\u4ef7\u683c\u4e0a\u6da8\u800c\u975e\u7968\u606f\u65f6\uff0c\u5c31\u5e94\u8be5\u63d0\u9ad8\u8b66\u60d5\u3002<\/strong><\/p>\n

    \u4e3a\u5e94\u5bf9\u8fd9\u79cd\u60c5\u51b5\uff0c\u6295\u8d44\u8005\u9700\u8981\u5b9a\u671f\u5bf9\u8d44\u4ea7\u7ec4\u5408\u8fdb\u884c\u518d\u5e73\u8861\u3002\u5982\u679c\u6ca1\u6709\u660e\u786e\u7684\u5e02\u573a\u89c2\u70b9\uff0c\u53ef\u4ee5\u91c7\u53d6\u4e00\u79cd\u7b80\u5355\u7684\u518d\u5e73\u8861\u7b56\u7565\uff1a\u5f53\u67d0\u7c7b\u8d44\u4ea7\u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u9002\u65f6\u51cf\u6301\u90e8\u5206\u5934\u5bf8\uff0c\u5e76\u5c06\u8d44\u91d1\u8f6c\u79fb\u5230\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\uff0c\u4ee5\u7ef4\u6301\u6295\u8d44\u7ec4\u5408\u7684\u957f\u671f\u5e73\u8861\u3002<\/strong>\u4f8b\u5982\uff0c\u6865\u6c34\u57fa\u91d1\u6b63\u662f\u901a\u8fc7\u8fd9\u6837\u7684\u52a8\u6001\u5e73\u8861\u7b56\u7565\u5b9e\u73b0\u4e86\u7a33\u5065\u7684\u6295\u8d44\u56de\u62a5\u3002\u901a\u8fc7\u5b9a\u671f\u8c03\u6574\u8d44\u4ea7\u914d\u7f6e\uff0c\u53ef\u4ee5\u6709\u6548\u964d\u4f4e\u98ce\u9669\uff0c\u540c\u65f6\u4fdd\u6301\u6295\u8d44\u7ec4\u5408\u7684\u7a33\u5b9a\u6027\u3002<\/p>\n

    3.\u5730\u533a\u5206\u6563\u4e0e\u62e9\u65f6\u9677\u9631\uff1a\u653e\u5f03\u9884\u6d4b\u5e02\u573a<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u6211\u8ba4\u4e3a\u5728\u4f4e\u5229\u7387\u73af\u5883\u4e0b\uff0c\u4e00\u4e2a\u597d\u7684\u6295\u8d44\u65b9\u6cd5\u662f\u5b9e\u73b0\u5730\u57df\u591a\u6837\u5316\u3002\u6865\u6c34\u591a\u5e74\u6765\u4e00\u76f4\u5728\u8fd9\u6837\u505a\u3002\u6211\u8ba4\u4e3a\u65e5\u672c\u4e5f\u901a\u8fc7\u4ed6\u4eec\u7684 NISA \u8ba1\u5212\u5b9e\u73b0\u4e86\u8fd9\u4e00\u70b9\u3002\u73b0\u5728\uff0c\u4e2d\u56fd\u6700\u8fd1\u4e3a\u4e2d\u56fd\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u66f4\u591a\u7684 QDII \u914d\u989d\u3002<\/p>\n

    \u4e00\u4e9b\u4e2d\u56fd\u4eba\u8ba4\u4e3a\u7f8e\u56fd\u80a1\u5e02\u5904\u4e8e\u5386\u53f2\u9ad8\u4f4d\uff0c\u592a\u8d35\u4e86\uff1b\u6b27\u6d32\u80a1\u5e02\u4e5f\u540c\u6837\u5904\u4e8e\u5386\u53f2\u9ad8\u4f4d\u3002\u4f60\u8ba4\u4e3a\u5730\u57df\u591a\u6837\u5316\u91cd\u8981\u5417\uff1f\u73b0\u5728\u662f\u8fdb\u884c\u5730\u57df\u591a\u6837\u5316\u7684\u597d\u65f6\u673a\u5417\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u6211\u8ba4\u4e3a\u65e0\u8bba\u4f55\u65f6\u90fd\u662f\u5206\u6563\u6295\u8d44\u7684\u597d\u65f6\u673a\u3002<\/strong>\u4e2a\u4eba\u548c\u6295\u8d44\u8005\u5728\u5c1d\u8bd5\u65f6\u673a\u628a\u63e1\u65f6\u5fc5\u987b\u975e\u5e38\u8c28\u614e\u3002\u4ed6\u4eec\u5e94\u8be5\u9996\u5148\u5047\u8bbe\u81ea\u5df1\u65e0\u6cd5\u51c6\u786e\u9884\u6d4b\u5e02\u573a\u8d70\u52bf\uff0c\u7136\u540e\u95ee\u81ea\u5df1\uff0c\u5982\u679c\u6211\u5bf9\u5e02\u573a\u6ca1\u6709\u770b\u6cd5\uff0c\u6211\u5e94\u8be5\u62e5\u6709\u600e\u6837\u7684\u6295\u8d44\u7ec4\u5408\uff1f\u8fd9\u4e2a\u6295\u8d44\u7ec4\u5408\u5e94\u8be5\u662f\u4e00\u4e2a\u5b9e\u73b0\u5e73\u8861\u7684\u591a\u6837\u5316\u7ec4\u5408\uff0c\u56e0\u4e3a\u591a\u6837\u5316\u610f\u5473\u7740\u5982\u679c\u4f60\u4e0d\u77e5\u9053\u67d0\u4e2a\u8d44\u4ea7\u5c06\u5982\u4f55\u8868\u73b0\uff0c\u4fdd\u6301\u5e73\u8861\u7684\u6295\u8d44\u7ec4\u5408\u662f\u6700\u597d\u7684\u9009\u62e9\uff0c\u4e2a\u4eba\u65e0\u6cd5\u6210\u529f\u5730\u628a\u63e1\u5e02\u573a\u65f6\u673a\u3002<\/p>\n

    \u4e0d\u8981\u628a\u51b3\u5b9a\u5efa\u7acb\u6295\u8d44\u7ec4\u5408\u7684\u4f9d\u636e\u653e\u5728\u7f8e\u56fd\u80a1\u5e02\u662f\u5426\u9ad8\u6da8\u4e0a\uff0c\u5173\u952e\u662f\u4fdd\u6301\u5e73\u8861\u3002<\/strong>\u6211\u4f1a\u5efa\u8bae\u4efb\u4f55\u6295\u8d44\u8005\u8003\u8651\u5c06\u4e00\u534a\u8d44\u91d1\u7559\u5728\u672c\u5730\uff0c\u4f46\u5728\u591a\u6837\u5316\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u91c7\u7528\u201c\u5168\u5929\u5019\u201d\u6295\u8d44\u7ec4\u5408\u7684\u65b9\u5f0f\u3002\u6240\u8c13\u201c\u5168\u5929\u5019\u201d\u6295\u8d44\u7ec4\u5408\uff0c\u5305\u62ec\u9ec4\u91d1\u3001\u503a\u5238\uff0c\u4ee5\u53ca\u5206\u6563\u5230\u7ea6 10 \u4e2a\u4e0d\u540c\u5e02\u573a\u7684\u6295\u8d44\u3002<\/strong>\u4f46\u8981\u77e5\u9053\u5982\u4f55\u505a\u597d\u5e73\u8861\uff0c\u4f60\u60f3\u8981\u5e73\u8861\u597d\u98ce\u9669\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u7f8e\u5143\u6216\u5176\u4ed6\u4efb\u4f55\u8d27\u5e01\u3002<\/p>\n

    \u5206\u6563\u6295\u8d44\u548c\u98ce\u9669\u5e73\u8861\u662f\u63d0\u5347\u56de\u62a5\u4e0e\u964d\u4f4e\u98ce\u9669\u7684\u91cd\u8981\u624b\u6bb5\u3002<\/strong>\u7b80\u5355\u6765\u8bf4\uff0c\u5982\u679c\u6211\u5f15\u5165\u4e0d\u76f8\u5173\u7684\u8d44\u4ea7\uff0c\u5047\u8bbe\u6211\u6709\u4e00\u4e2a\u8d44\u4ea7\uff0c\u7136\u540e\u5f15\u5165\u7b2c\u4e8c\u4e2a\u548c\u7b2c\u4e09\u4e2a\u8d44\u4ea7\uff0c\u5b83\u4eec\u6ca1\u6709\u76f8\u5173\u6027\u4f46\u9884\u671f\u56de\u62a5\u76f8\u4f3c\uff0c\u90a3\u4e48\u6211\u53ef\u4ee5\u5c06\u98ce\u9669\u964d\u4f4e\u5927\u7ea6\u4e09\u5206\u4e4b\u4e00\u3002\u5982\u679c\u6211\u80fd\u8fbe\u523010\u523015\u4e2a\u4e0d\u76f8\u5173\u7684\u8d44\u4ea7\uff0c\u6211\u53ef\u4ee5\u5c06\u98ce\u9669\u964d\u4f4e60%\u523080%\uff0c\u5e76\u4e14\u7ef4\u6301\u76f8\u540c\u7684\u56de\u62a5\u3002\u8fd9\u610f\u5473\u7740\uff0c\u56de\u62a5\u4e0e\u98ce\u9669\u7684\u6bd4\u7387\u53ef\u4ee5\u63d0\u9ad8\u81f3\u539f\u6765\u7684 5 \u500d\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u4f60\u53ef\u4ee5\u83b7\u5f97\u76f8\u540c\u7684\u9884\u671f\u56de\u62a5\uff0c\u4f46\u627f\u62c5\u7684\u98ce\u9669\u4ec5\u4e3a\u539f\u6765\u7684\u4e94\u5206\u4e4b\u4e00\u3002\u8fd9\u5c31\u662f\u6295\u8d44\u7684\u6e38\u620f\u3002<\/p>\n

    4.\u4e70\u5165\u7684\u5b66\u95ee\uff1a\uff08\u5b9a\u989d\uff09\u5b9a\u6295\u4e4b\u5916\uff1f<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u60a8\u66fe\u63d0\u5230\u4e0d\u8981\u8bd5\u56fe\u9884\u6d4b\u5e02\u573a\u65f6\u673a\u3002\u90a3\u4e48\uff0c\u6295\u8d44\u7684\u6b63\u786e\u65b9\u6cd5\u662f\u4ec0\u4e48\uff1f\u6bd4\u5982\u5b9a\u989d\u5b9a\u6295 (DCA) \u662f\u5426\u662f\u4e00\u4e2a\u597d\u9009\u62e9\uff1f\u6216\u8005\u8fd8\u6709\u5176\u4ed6\u66f4\u4f18\u7684\u65b9\u6cd5\u5417\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u5728\u6295\u8d44\u65f6\uff0c\u9996\u5148\u8981\u660e\u786e\u81ea\u5df1\u627f\u62c5\u7684\u98ce\u9669\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u5173\u6ce8\u6295\u5165\u7684\u91d1\u989d\u3002\u4f8b\u5982\uff0c\u80a1\u7968\u7684\u6ce2\u52a8\u6027\u5927\u7ea6\u662f\u503a\u5238\u7684\u4e24\u500d\u3002\u56e0\u6b64\u8981\u5b9e\u73b0\u6295\u8d44\u7ec4\u5408\u7684\u5e73\u8861\uff0c\u9700\u8981\u6839\u636e\u4e0d\u540c\u8d44\u4ea7\u7684\u6ce2\u52a8\u6027\u8c03\u6574\u6743\u91cd\uff0c\u4f7f\u6574\u4f53\u98ce\u9669\u5747\u8861\u3002\u5982\u679c\u80fd\u591f\u5408\u7406\u8bbe\u8ba1\u8fd9\u79cd\u98ce\u9669\u5e73\u8861\uff0c\u5c31\u80fd\u8fbe\u5230\u9884\u671f\u7684\u6295\u8d44\u76ee\u6807\u3002\u8fd9\u542c\u8d77\u6765\u53ef\u80fd\u6709\u4e9b\u590d\u6742\uff0c\u4f46\u5b9a\u989d\u5b9a\u6295\u786e\u5b9e\u662f\u4e00\u79cd\u4e0d\u9519\u7684\u65b9\u5f0f\uff0c\u56e0\u4e3a\u5b83\u907f\u514d\u4e86\u4e00\u6b21\u6027\u6295\u8d44\u7684\u98ce\u9669\uff0c\u540c\u65f6\u80fd\u591f\u9010\u6b65\u79ef\u7d2f\u8d44\u4ea7\u3002\u4e0d\u8fc7\uff0c\u5173\u952e\u5728\u4e8e\u4e86\u89e3\u5982\u4f55\u6784\u5efa\u4e00\u4e2a\u5e73\u8861\u7684\u201c\u4e2d\u6027\u6295\u8d44\u7ec4\u5408\u201d\uff0c\u5373\u4e00\u4e2a\u80fd\u591f\u5728\u4e0d\u540c\u5e02\u573a\u73af\u5883\u4e0b\u7a33\u5b9a\u8fd0\u4f5c\u7684\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n

    \u518d\u6b21\u5f3a\u8c03\uff0c\u4e0d\u8981\u5c1d\u8bd5\u9884\u6d4b\u5e02\u573a\u8d70\u52bf\uff0c\u56e0\u4e3a\u5e02\u573a\u65f6\u673a\u628a\u63e1\u672c\u8d28\u4e0a\u662f\u4e00\u4e2a\u96f6\u548c\u6e38\u620f\u3002<\/strong>\u6bcf\u6b21\u4ea4\u6613\u4e2d\u90fd\u6709\u4e70\u5bb6\u548c\u5356\u5bb6\uff0c\u800c\u5e02\u573a\u4e2d\u603b\u6709\u4e00\u4e9b\u806a\u660e\u7684\u6295\u8d44\u8005\u3002\u5c31\u50cf\u5728\u6251\u514b\u684c\u4e0a\u6253\u724c\uff0c\u4f60\u9700\u8981\u95ee\u81ea\u5df1\uff1a\u6211\u7684\u5bf9\u624b\u662f\u8c01\uff1f\u53ea\u6709\u6781\u5c11\u6570\u4eba\u80fd\u591f\u5728\u5e02\u573a\u4e2d\u771f\u6b63\u53d6\u5f97\u6210\u529f\u3002\u6865\u6c34\u57fa\u91d1\u6bcf\u5e74\u6295\u5165\u6570\u4ebf\u751a\u81f3\u6570\u5341\u4ebf\u7f8e\u5143\u6765\u7814\u7a76\u5e02\u573a\uff0c\u4f46\u5373\u4fbf\u5982\u6b64\uff0c\u6211\u4eec\u4e5f\u770b\u5230\u8fc7\u53bb\u516d\u5e74\u4e2d\uff0c\u6574\u4f53\u5e02\u573a\u8868\u73b0\u666e\u904d\u4e0d\u4f73\u3002\u56e0\u6b64\uff0c\u5982\u679c\u4f60\u5e0c\u671b\u83b7\u5f97\u7a33\u5b9a\u4e14\u826f\u597d\u7684\u56de\u62a5\uff0c\u6211\u5efa\u8bae\u91c7\u7528\u4e00\u79cd\u57fa\u4e8e\u98ce\u9669\u5e73\u8861\u7684\u6295\u8d44\u65b9\u6cd5\uff0c\u800c\u4e0d\u662f\u8bd5\u56fe\u9884\u6d4b\u5e02\u573a\u3002<\/p>\n

    \u518d\u4e00\u6b21\uff0c\u6211\u63d0\u5230\u4e0d\u8981\u5c1d\u8bd5\u65f6\u673a\u628a\u63e1\uff0c\u56e0\u4e3a\u4f60\u5fc5\u987b\u7406\u89e3\u5e02\u573a\u65f6\u673a\u628a\u63e1\u662f\u4e00\u4e2a\u96f6\u548c\u6e38\u620f\u3002\u6bcf\u4e2a\u4e70\u5bb6\u90fd\u6709\u5356\u5bb6\uff0c\u8fd8\u6709\u90a3\u4e9b\u806a\u660e\u7684\u4eba\u3002\u8fd9\u5c31\u50cf\u53bb\u6251\u514b\u684c\u4e0a\u6253\u724c\uff0c\u4f60\u77e5\u9053\u81ea\u5df1\u5728\u548c\u8c01\u5bf9\u6297\uff1f\u53ea\u6709\u5f88\u5c0f\u4e00\u90e8\u5206\u4eba\u80fd\u591f\u771f\u6b63\u505a\u5f97\u5f88\u597d\u3002\u6211\u4eec\u6bcf\u5e74\u6295\u5165\u6570\u4ebf\uff0c\u751a\u81f3\u53ef\u80fd\u8fbe\u5230\u5341\u4ebf\u7f8e\u5143\u6765\u5c1d\u8bd5\u73a9\u8fd9\u4e2a\u6e38\u620f\u3002\u5373\u4fbf\u4f60\u770b\u770b\u8fc7\u53bb\u516d\u5e74\u6295\u8d44\u7ba1\u7406\u8005\u7684\u5386\u53f2\uff0c\u6574\u4f53\u4e0a\u5e02\u573a\u7684\u8868\u73b0\u90fd\u5f88\u5dee\u3002\u56e0\u6b64\uff0c\u5982\u679c\u4f60\u5e0c\u671b\u5b9e\u73b0\u826f\u597d\u7684\u56de\u62a5\u4e14\u4fdd\u6301\u4e00\u81f4\u6027\uff0c\u6211\u9f13\u52b1\u91c7\u7528\u8fd9\u79cd\u5e73\u8861\u7684\u65b9\u6cd5\u3002<\/p>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u90a3\u4e48\uff0c\u60a8\u4f1a\u4e3a\u4e2d\u56fd\u5e02\u573a\u5efa\u8bae\u4e00\u4e2a\u9ed8\u8ba4\u7684\u5168\u5929\u5019\u6295\u8d44\u7ec4\u5408\u5417\uff1f\u6211\u8bb0\u5f97\u5728 2014 \u5e74\uff0c\u60a8\u66fe\u4e3a Tony Robbins \u63d0\u4f9b\u4e86\u4e00\u4e2a\u57fa\u4e8e\u7f8e\u56fd\u5e02\u573a\u7684\u7248\u672c\u3002\u5bf9\u4e8e\u4e2d\u56fd\u6295\u8d44\u8005\uff0c\u60a8\u4f1a\u5efa\u8bae\u600e\u6837\u7684\u6295\u8d44\u6bd4\u4f8b\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u4efb\u4f55\u56fd\u5bb6\u90fd\u9002\u7528\u76f8\u540c\u7684\u539f\u5219\uff0c\u8fd9\u4e0e\u56fd\u5bb6\u65e0\u5173\uff0c\u53ea\u4e0e\u53ef\u7528\u7684\u6295\u8d44\u5de5\u5177\u6709\u5173\u3002\u5728\u4e2d\u56fd\u5e02\u573a\uff0c\u6211\u4eec\u540c\u6837\u53ef\u4ee5\u5229\u7528\u672c\u5730\u7684\u6295\u8d44\u5de5\u5177\u6765\u5b9e\u73b0\u98ce\u9669\u5e73\u8861\u3002\u6211\u6240\u63d0\u5230\u7684\u57fa\u91d1\u662f\u4e00\u4e2a\u672c\u5730\u57fa\u91d1\uff0c\u80fd\u591f\u505a\u5230\u8fd9\u4e00\u70b9\u3002\u6211\u60f3\u5f3a\u8c03\u7684\u662f\uff0c\u5728\u5cb8\u5e02\u573a\u4e0a\u6709\u53ef\u7528\u7684\u5de5\u5177\u53ef\u4ee5\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\u3002<\/p>\n

    \u5404\u5927\u7c7b\u8d44\u4ea7\u4f18\u52a3<\/strong><\/h2>\n

    5.\u9ec4\u91d1\uff1a\u5982\u4f55\u770b\u5f85\u8fd9\u4e00\u201c\u65e0\u751f\u606f\u201d\u8d44\u4ea7\u7684\u914d\u7f6e<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u9ec4\u91d1\u662f\u60a8\u975e\u5e38\u770b\u91cd\u7684\u4e00\u79cd\u8d44\u4ea7\u3002\u5728\u8fc7\u53bb\u4e00\u5e74\u91cc\uff0c\u5b83\u7684\u8868\u73b0\u76f8\u5f53\u51fa\u8272\uff0c\u800c\u4ece 20 \u5e74\u300130 \u5e74\u7684\u957f\u671f\u89c6\u89d2\u6765\u770b\uff0c\u5b83\u7684\u8868\u73b0\u4e5f\u975e\u5e38\u4e0d\u9519\u3002\u7136\u800c\uff0c\u8bb8\u591a\u4eba\u66f4\u503e\u5411\u4e8e\u6295\u8d44\u751f\u4ea7\u6027\u8d44\u4ea7\uff0c\u6211\u4eec\u8be5\u5982\u4f55\u601d\u8003\u6216\u8bf4\u670d\u81ea\u5df1\u53bb\u6295\u8d44\u4e8e\u50cf\u9ec4\u91d1\u8fd9\u6837\u7684\u975e\u751f\u4ea7\u6027\u8d44\u4ea7\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u9ec4\u91d1\u662f\u4e00\u79cd\u975e\u751f\u4ea7\u6027\u8d44\u4ea7\uff0c\u5c31\u50cf\u73b0\u91d1\u4e00\u6837\u3002\u5982\u679c\u4f60\u628a\u94b1\u653e\u5728\u73b0\u91d1\u91cc\uff0c\u5b83\u4e5f\u662f\u975e\u751f\u4ea7\u6027\u7684\uff0c\u4e8c\u8005\u975e\u5e38\u76f8\u4f3c\u3002\u56e0\u6b64\uff0c\u4f60\u9700\u8981\u628a\u9ec4\u91d1\u89c6\u4e3a\u4e00\u79cd\u8d27\u5e01\u3002\u5b83\u7684\u4e3b\u8981\u7279\u70b9\u662f\uff0c\u5b83\u662f\u4e00\u79cd\u6709\u6548\u7684\u591a\u6837\u5316\u8d44\u4ea7\uff0c\u5f53\u8d27\u5e01\u8868\u73b0\u4e0d\u4f73\u65f6\uff0c\u9ec4\u91d1\u901a\u5e38\u8868\u73b0\u826f\u597d\u3002<\/strong><\/p>\n

    \u6211\u8ba4\u4e3a\u5927\u591a\u6570\u4eba\u4ece\u4ed6\u4eec\u7684\u8d27\u5e01\u89d2\u5ea6\u6765\u5ba1\u89c6\u6295\u8d44\u7ec4\u5408\u548c\u6210\u672c\uff0c\u8fd9\u79cd\u89c6\u89d2\u53ef\u80fd\u4f1a\u5bfc\u81f4\u8bef\u5224\uff0c\u56e0\u4e3a\u4ed6\u4eec\u6ca1\u6709\u610f\u8bc6\u5230\u81ea\u5df1\u7684\u8d27\u5e01\u5728\u8d2c\u503c\u3002\u4ed6\u4eec\u770b\u5230\u5176\u4ed6\u8d44\u4ea7\u5728\u4e0a\u6da8\uff0c\u6bd4\u5982\u9ec4\u91d1\u6216\u5176\u4ed6\u8d44\u4ea7\u7684\u4ef7\u683c\u4e0a\u6da8\u3002\u4f46\u5982\u679c\u4f60\u7528\u901a\u80c0\u8c03\u6574\u540e\u7684\u7f8e\u5143\u6216\u901a\u80c0\u8c03\u6574\u540e\u7684\u8d27\u5e01\u6765\u770b\u5f85\u8fd9\u4e9b\u4e8b\u60c5\uff0c\u8fd9\u624d\u662f\u6b63\u786e\u7684\u89c6\u89d2\u3002\u5728\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u5185\uff0c\u9ec4\u91d1\u4e00\u76f4\u662f\u8d27\u5e01\uff0c\u6216\u8bb8\u8fd8\u6709\u4e00\u4e9b\u6570\u5b57\u8d27\u5e01\u88ab\u89c6\u4e3a\u66ff\u4ee3\u8d27\u5e01\u3002\u603b\u4f53\u6765\u8bf4\uff0c\u503a\u52a1\u4e5f\u662f\u8d27\u5e01\uff0c\u800c\u4e14\u503a\u52a1\u8fc7\u591a\u3002<\/p>\n

    \u6211\u60f3\u8868\u8fbe\u7684\u662f\uff0c\u5728\u8fd9\u6bb5\u65f6\u95f4\u5185\uff0c\u8d27\u5e01\u7684\u4ef7\u503c\u786e\u5b9e\u4e0b\u964d\u4e86\u3002\u6211\u60f3\u5f3a\u8c03\u7684\u662f\uff0c\u5f53\u6211\u63d0\u5230\u9ec4\u91d1\u65f6\uff0c\u5e76\u4e0d\u662f\u8bf4\u4f60\u5e94\u8be5\u6301\u6709\u8d85\u8fc7\u9002\u5f53\u591a\u6837\u5316\u6bd4\u4f8b\u7684\u9ec4\u91d1\u3002\u6211\u6240\u8bf4\u7684\u662f\u5728\u4e00\u4e2a\u4f18\u5316\u7684\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u901a\u5e38\u9ec4\u91d1\u7684\u6bd4\u4f8b\u5927\u7ea6\u572815%\u5de6\u53f3\u3002\u4f46\u65e0\u8bba\u662f10%\u8fd8\u662f5%\uff0c\u9ec4\u91d1\u90fd\u80fd\u4e3a\u6295\u8d44\u7ec4\u5408\u7684\u5176\u4ed6\u90e8\u5206\u63d0\u4f9b\u591a\u6837\u5316\u3002<\/strong>\u56e0\u6b64\uff0c\u5fc5\u987b\u5c06\u5176\u89c6\u4e3a\u4e00\u79cd\u98ce\u9669\u964d\u4f4e\u5de5\u5177\uff0c\u4ee5\u5e94\u5bf9\u8d27\u5e01\u6574\u4f53\u5927\u5e45\u8d2c\u503c\u7684\u60c5\u51b5\uff0c\u56e0\u4e3a\u503a\u52a1\u548c\u8d27\u5e01\u7684\u5370\u5237\u8fc7\u591a\u3002\u56e0\u6b64\uff0c\u9ec4\u91d1\u5e94\u8be5\u662f\u6295\u8d44\u7ec4\u5408\u7684\u4e00\u90e8\u5206\u3002\u4f46\u6211\u518d\u6b21\u5f3a\u8c03\uff0c\u4e0d\u8981\u5355\u72ec\u770b\u5f85\u5404\u4e2a\u90e8\u5206\uff0c\u800c\u662f\u8981\u8003\u8651\u5404\u90e8\u5206\u5982\u4f55\u7ed3\u5408\u5728\u4e00\u8d77\uff0c\u5f62\u6210\u4e00\u4e2a\u826f\u597d\u591a\u6837\u5316\u7684\u6295\u8d44\u7ec4\u5408\u3002<\/strong><\/p>\n

    6.\u7f8e\u5143\u4e0e\u7f8e\u503a\uff1a\u4e3a\u4f55\u770b\u8870<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u5982\u679c\u6211\u4eec\u770b\u5f85\u8d27\u5e01\u7684\u4ef7\u503c\uff0c\u6bd4\u5982\u7f8e\u5143\uff0c\u6211\u8ba4\u4e3a\u4f60\u6700\u8fd1\u63d0\u5230\u8fc7\u7f8e\u56fd\u7ecf\u6d4e\u76f8\u5bf9\u826f\u597d\uff0c\u800c\u5168\u7403\u7ecf\u6d4e\u76f8\u5bf9\u75b2\u5f31\u3002\u8fd9\u79cd\u60c5\u51b5\u4f3c\u4e4e\u6709\u5229\u4e8e\u7f8e\u5143\u7684\u5f3a\u52bf\u3002\u4f46\u5728\u60a8\u770b\u6765\uff0c\u7f8e\u5143\u662f\u5426\u6b63\u9762\u4e34\u7ed3\u6784\u6027\u4e0b\u884c\u7684\u8d8b\u52bf\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u6211\u60f3\u5f3a\u8c03\u7684\u662f\u503a\u52a1\u7684\u4f9b\u9700\u5173\u7cfb\uff0c\u800c\u503a\u52a1\u5c31\u662f\u8d27\u5e01\uff0c\u8d27\u5e01\u4e5f\u662f\u503a\u52a1<\/strong>\u3002\u503a\u52a1\u662f\u4e00\u79cd\u627f\u8bfa\uff0c\u627f\u8bfa\u5411\u4f60\u63d0\u4f9b\u4e00\u5b9a\u6570\u91cf\u7684\u8d27\u5e01\u3002\u56e0\u6b64\uff0c\u503a\u52a1\u53ef\u4ee5\u770b\u4f5c\u662f\u672a\u6536\u56de\u7684\u8d27\u5e01\u3002\u5f53\u4f60\u5b58\u50a8\u4f60\u7684\u8d44\u91d1\u65f6\uff0c\u4f60\u662f\u628a\u5b83\u5b58\u50a8\u5728\u503a\u52a1\u4e2d\u3002\u8fd9\u5c31\u662f\u6211\u6240\u8bf4\u7684\u201c\u503a\u52a1\u5373\u8d27\u5e01\uff0c\u8d27\u5e01\u5373\u503a\u52a1\u201d\u3002<\/p>\n

    \u5f53\u503a\u52a1\u8fc7\u591a\u4e14\u589e\u957f\u8fc7\u5feb\u65f6\uff0c\u5c31\u4f1a\u4ea7\u751f\u503a\u52a1\u95ee\u9898\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u5904\u7406\u8fd9\u4e9b\u95ee\u9898\u7684\u65b9\u5f0f\u4e0d\u53ef\u907f\u514d\u5730\u4f1a\u9762\u4e34\u9009\u62e9\uff1a\u8981\u4e48\u4f60\u9009\u62e9\u786c\u901a\u8d27\uff0c\u90a3\u4e48\u4f9b\u9700\u5173\u7cfb\u4f1a\u53d1\u751f\u53d8\u5316\uff0c\u5229\u7387\u5c31\u5fc5\u987b\u4e0a\u5347\uff0c\u8fd9\u4f1a\u5bfc\u81f4\u9700\u6c42\u51cf\u5c11\uff0c\u8fdb\u800c\u4f7f\u5e02\u573a\u4e0b\u8dcc\uff1b\u8981\u4e48\u5c31\u901a\u8fc7\u589e\u53d1\u8d27\u5e01\u6765\u7f13\u89e3\u503a\u52a1\u95ee\u9898\u3002\u5728\u5f53\u524d\u7684\u7ecf\u6d4e\u73af\u5883\u4e2d\uff0c\u8fd9\u79cd\u9009\u62e9\u662f\u4e00\u4e2a\u6838\u5fc3\u95ee\u9898\u3002<\/p>\n

    7.\u6bd4\u7279\u5e01\u4e0e\u9ec4\u91d1\uff1a\u8fbe\u5229\u6b27\u7684\u6295\u8d44\u770b\u6cd5<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u60a8\u521a\u624d\u63d0\u5230\u4e86\u6570\u5b57\u8d27\u5e01\u3002\u6211\u8bb0\u5f97\u60a8\u8fd1\u5e74\u6765\u4e5f\u6301\u6709\u4e00\u4e9b\u6bd4\u7279\u5e01\u3002\u90a3\u4e48\uff0c\u60a8\u5982\u4f55\u770b\u5f85\u6bd4\u7279\u5e01\u7684\u6295\u8d44\u4ef7\u503c\uff1f\u4e0e\u9ec4\u91d1\u76f8\u6bd4\uff0c\u5b83\u6709\u54ea\u4e9b\u4f18\u70b9\u548c\u4e0d\u8db3\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u6211\u5df2\u7ecf\u6301\u6709\u5c11\u91cf\u6bd4\u7279\u5e01\u597d\u51e0\u5e74\u4e86\uff0c\u5e76\u4e14\u4fdd\u6301\u8fd9\u4e2a\u6bd4\u4f8b\u4e0d\u53d8\u3002\u6211\u5c06\u6bd4\u7279\u5e01\u89c6\u4e3a\u4e00\u79cd\u5206\u6563\u6295\u8d44\u7684\u5de5\u5177\uff0c\u4e0e\u9ec4\u91d1\u76f8\u6bd4\uff0c\u5b83\u662f\u4e00\u79cd\u591a\u6837\u5316\u7684\u9009\u62e9\u3002\u4ec0\u4e48\u624d\u662f\u4f5c\u4e3a\u8d22\u5bcc\u50a8\u5b58\u7684\u53ef\u9760\u8d27\u5e01\uff1f\u6bd4\u7279\u5e01\u65e0\u7591\u975e\u5e38\u53d7\u6b22\u8fce\uff0c\u4f46\u6211\u8ba4\u4e3a\u5b83\u6709\u4e00\u4e9b\u7f3a\u70b9\uff0c\u6bd4\u5982\u6211\u4e0d\u8ba4\u4e3a\u592e\u884c\u4f1a\u6301\u6709\u6bd4\u7279\u5e01\u3002<\/p>\n

    \u9ec4\u91d1\u662f\u7b2c\u4e8c\u5927\u50a8\u5907\u8d27\u5e01\uff0c\u7b2c\u4e00\u662f\u7f8e\u5143\uff0c\u7b2c\u4e8c\u662f\u9ec4\u91d1\uff0c\u7b2c\u4e09\u662f\u6b27\u5143\uff0c\u7b2c\u56db\u662f\u65e5\u5143\uff0c\u4f9d\u6b64\u7c7b\u63a8\u3002<\/strong>\u592e\u884c\u4f1a\u6301\u6709\u9ec4\u91d1\u3002\u6709\u4e00\u79cd\u8bf4\u6cd5\u662f\uff0c\u9ec4\u91d1\u662f\u552f\u4e00\u4e00\u79cd\u4f60\u53ef\u4ee5\u62e5\u6709\u800c\u4e0d\u662f\u4ed6\u4eba\u8d1f\u503a\u7684\u8d44\u4ea7\u3002\u8fd9\u610f\u5473\u7740\u9ec4\u91d1\u672c\u8eab\u5c31\u662f\u8d27\u5e01\uff0c\u5b83\u4e0d\u4f9d\u8d56\u4e8e\u4ed6\u4eba\u627f\u8bfa\u652f\u4ed8\u7ed9\u4f60\u94b1\u3002\u9ec4\u91d1\u5177\u6709\u5185\u5728\u4ef7\u503c\uff0c\u53ef\u4ee5\u5728\u6ca1\u6709\u8fd9\u4e9b\u98ce\u9669\u7684\u60c5\u51b5\u4e0b\u6301\u6709\u3002\u8fd9\u4e00\u70b9\u5728\u653f\u6cbb\u6216\u5730\u7f18\u653f\u6cbb\u73af\u5883\u5145\u6ee1\u6311\u6218\u65f6\u5c24\u4e3a\u91cd\u8981\uff0c\u4f8b\u5982\u4fc4\u7f57\u65af\u906d\u53d7\u5236\u88c1\u7684\u60c5\u51b5\uff0c\u6216\u8005\u4e8c\u6218\u671f\u95f4\u65e5\u672c\u8d44\u4ea7\u88ab\u51bb\u7ed3\u7684\u60c5\u51b5\u3002\u56e0\u6b64\uff0c\u57fa\u4e8e\u8fd9\u4e9b\u539f\u56e0\uff0c\u9ec4\u91d1\u5bf9\u6211\u6765\u8bf4\u66f4\u5177\u5438\u5f15\u529b\u3002\u4f46\u5c3d\u7ba1\u5982\u6b64\uff0c\u6211\u4ecd\u7136\u6301\u6709\u4e00\u4e9b\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e00\u79cd\u66ff\u4ee3\u9009\u62e9\u3002<\/p>\n

    8.\u7a33\u5b9a\u5e01\u7684\u771f\u76f8\uff1a\u9002\u5408\u6301\u6709\u5417\uff1f<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u6211\u6ce8\u610f\u5230\u60a8\u6301\u6709\u6bd4\u7279\u5e01\u662f\u56e0\u4e3a\u5b83\u5177\u6709\u4ef7\u503c\u50a8\u5b58\u7684\u529f\u80fd\u3002\u5982\u4eca\uff0c\u8bb8\u591a\u4eba\u5f00\u59cb\u5173\u6ce8\u7a33\u5b9a\u5e01\uff0c\u56e0\u4e3a\u5b83\u4f3c\u4e4e\u4e5f\u53ef\u4ee5\u5b9e\u73b0\u7c7b\u4f3c\u7684\u529f\u80fd\u3002\u5bf9\u6b64\uff0c\u60a8\u600e\u4e48\u770b\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u7a33\u5b9a\u5e01\u5c06\u8d27\u5e01\u4e0e\u7a33\u5b9a\u5e01\u6302\u94a9\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5b83\u4ee3\u8868\u4e86\u4e00\u79cd\u5bf9\u6302\u94a9\u8d27\u5e01\u7684\u6743\u5229\uff0c\u4f46\u901a\u5e38\u4e0d\u63d0\u4f9b\u5229\u606f\u3002\u4ece\u91d1\u878d\u89d2\u5ea6\u6765\u770b\uff0c\u5b83\u6bd4\u6301\u6709\u4e00\u79cd\u63d0\u4f9b\u5229\u606f\u7684\u8d27\u5e01\u8d44\u4ea7\u66f4\u5dee\u3002\u4e0d\u8fc7\uff0c\u7a33\u5b9a\u5e01\u786e\u5b9e\u5728\u4ea4\u6613\u65b9\u9762\u6709\u663e\u8457\u4f18\u52bf\uff0c\u5c24\u5176\u662f\u5728\u56fd\u9645\u4ea4\u6613\u4e2d\u3002\u5b83\u51e0\u4e4e\u53ef\u4ee5\u88ab\u89c6\u4e3a\u4e00\u79cd\u6e05\u7b97\u5de5\u5177\uff0c\u80fd\u591f\u7b80\u5316\u8de8\u56fd\u8d44\u91d1\u6d41\u52a8\u3002\u56e0\u6b64\uff0c\u5b83\u7279\u522b\u53d7\u5230\u90a3\u4e9b\u4e0d\u592a\u5173\u6ce8\u5229\u7387\u7684\u4eba\u6b22\u8fce\uff0c\u4ed6\u4eec\u613f\u610f\u653e\u5f03\u5229\u606f\u4ee5\u6362\u53d6\u4ea4\u6613\u7684\u4fbf\u5229\u6027\u3002<\/strong><\/p>\n

    \u5728\u9ad8\u901a\u80c0\u56fd\u5bb6\uff0c\u5229\u7387\u53ef\u80fd\u5fae\u4e0d\u8db3\u9053\uff0c\u4eba\u4eec\u4f1a\u66f4\u503e\u5411\u4e8e\u9009\u62e9\u7a33\u5b9a\u5e01\u7528\u4e8e\u4ea4\u6613\u3002\u6bd4\u5982\uff0c\u5728\u963f\u6839\u5ef7\u7b49\u5730\u65b9\uff0c\u5982\u679c\u65e0\u6cd5\u83b7\u5f97\u63d0\u4f9b\u5229\u606f\u7684\u50a8\u5907\u8d27\u5e01\uff0c\u7a33\u5b9a\u5e01\u53ef\u80fd\u4f1a\u6210\u4e3a\u4e00\u79cd\u66ff\u4ee3\u9009\u62e9\u3002\u8fd9\u5c31\u662f\u7a33\u5b9a\u5e01\u7684\u8fd0\u4f5c\u65b9\u5f0f\uff0c\u4f46\u5b83\u6ca1\u6709\u5c65\u884c\u4f5c\u4e3a\u4e00\u79cd\u4f9b\u5e94\u6709\u9650\u4e14\u4e0e\u5176\u4ed6\u8d27\u5e01\u7a33\u5b9a\u76f8\u5173\u7684\u8d27\u5e01\u4e3b\u8981\u529f\u80fd\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u901a\u80c0\u6307\u6570\u503a\u5238\u662f\u4e00\u79cd\u66f4\u597d\u7684\u8d44\u4ea7\u9009\u62e9\u3002<\/p>\n

    \u76ee\u524d\uff0c\u4e2d\u56fd\u8fd8\u6ca1\u6709\u63a8\u51fa\u901a\u80c0\u6307\u6570\u503a\u5238\uff0c\u4f46\u8fd9\u79cd\u503a\u5238\u662f\u4e00\u79cd\u975e\u5e38\u51fa\u8272\u7684\u5de5\u5177\uff0c\u7528\u4e8e\u50a8\u5b58\u8d44\u91d1\u3002\u5b83\u80fd\u591f\u6839\u636e\u901a\u80c0\u7387\u63d0\u4f9b\u8865\u507f\uff0c\u540c\u65f6\u8fd8\u9644\u5e26\u4e00\u5b9a\u7684\u5b9e\u9645\u5229\u7387\u3002\u8fd9\u79cd\u8d44\u4ea7\u98ce\u9669\u8f83\u4f4e\uff0c\u662f\u4e00\u79cd\u7406\u60f3\u7684\u6295\u8d44\u9009\u62e9\u3002<\/strong><\/p>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u542c\u4e86\u60a8\u7684\u5206\u6790\uff0c\u6211\u5f00\u59cb\u601d\u8003\u7a33\u5b9a\u5e01\u7684\u9700\u6c42\u7a76\u7adf\u4f1a\u6709\u591a\u5927\u3002\u5b83\u771f\u7684\u80fd\u89e3\u51b3\u7f8e\u56fd\u7684\u503a\u52a1\u95ee\u9898\u5417\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u8fd9\u4e2a\u95ee\u9898\u8fd8\u9700\u8981\u65f6\u95f4\u6765\u89c2\u5bdf\u3002\u7a33\u5b9a\u5e01\u7684\u57fa\u672c\u903b\u8f91\u662f\uff0c\u4e70\u5bb6\u4f1a\u8d2d\u4e70\u5b83\u4eec\uff0c\u5c24\u5176\u662f\u5728\u65b0\u5174\u5e02\u573a\u56fd\u5bb6\uff0c\u90a3\u91cc\u7684\u7ecf\u6d4e\u4e0d\u7a33\u5b9a\u6027\u66f4\u9ad8\uff0c\u800c\u4e14\u4e70\u5bb6\u5bf9\u5229\u7387\u4e0d\u592a\u5728\u4e4e\uff0c\u4ed6\u4eec\u4f1a\u51fa\u4e8e\u4ea4\u6613\u76ee\u7684\u8d2d\u4e70\u7a33\u5b9a\u5e01\u3002<\/p>\n

    \u800c\u6cd5\u5f8b\u8981\u6c42\u7a33\u5b9a\u5e01\u751f\u4ea7\u8005\u5fc5\u987b\u7528\u653f\u5e9c\u503a\u5238\u548c\u653f\u5e9c\u503a\u52a1\u6765\u62c5\u4fdd\u3002\u56e0\u6b64\uff0c\u7a33\u5b9a\u5e01\u7684\u8d2d\u4e70\u5c06\u5bfc\u81f4\u5bf9\u7f8e\u56fd\u653f\u5e9c\u503a\u52a1\u7684\u8d2d\u4e70\uff0c\u4f46\u8fd9\u91cc\u5b58\u5728\u4e00\u4e2a\u95ee\u9898\uff1a\u8fd9\u4e9b\u8d44\u91d1\u7684\u6765\u6e90\u662f\u4ec0\u4e48\uff1f\u5982\u679c\u4ed6\u4eec\u6301\u6709\u7f8e\u56fd\u503a\u52a1\uff0c\u4ed6\u4eec\u5c31\u4f1a\u5c06\u5176\u8f6c\u79fb\u5230\u7a33\u5b9a\u5e01\u4e0a\u3002\u90a3\u4e48\u65b0\u7684\u9700\u6c42\u662f\u4ec0\u4e48\u5462\uff1f\u6211\u8ba4\u4e3a\u7a33\u5b9a\u5e01\u4e0d\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u8d22\u5bcc\u50a8\u5b58\u5de5\u5177\u3002<\/strong><\/p>\n

    \u5bb6\u5ead\u8d22\u5bcc\u7684\u5e95\u5c42\u903b\u8f91<\/strong><\/h2>\n

    9.\u8fbe\u5229\u6b27\u7684\u5bb6\u5ead\u7406\u8d22\u8bfe\uff1a\u575a\u6301\u7ed9\u513f\u5b59\u9001\u91d1\u5e01\uff0c\u800c\u4e0d\u662f\u73a9\u5177\uff1f<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u57282019\u5e74\u7684\u91c7\u8bbf\u4e2d\uff0c\u60a8\u63d0\u5230\u4e2a\u4eba\u6295\u8d44\u8005\u9762\u4e34\u4e00\u4e9b\u91cd\u5927\u6311\u6218\u3002\u90a3\u4e48\uff0c\u60a8\u80fd\u4e3a\u666e\u901a\u5927\u4f17\u63d0\u4f9b\u4e00\u4e9b\u5b9e\u7528\u7684\u6295\u8d44\u5efa\u8bae\u5417\uff1f\u6211\u8fd8\u542c\u8bf4\uff0c\u60a8\u4e00\u76f4\u5728\u6559\u80b2\u60a8\u7684\u5b59\u5b50\u5b59\u5973\u5982\u4f55\u8fdb\u884c\u6295\u8d44\u548c\u7ba1\u7406\u4e2a\u4eba\u8d22\u52a1\u3002<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u6211\u8ba4\u4e3a\uff0c\u6bcf\u4e2a\u4eba\u90fd\u9700\u8981\u8ba4\u8bc6\u5230\u50a8\u84c4\u7684\u91cd\u8981\u6027\u3002<\/strong>\u6211\u81ea\u5df1\u4f1a\u8ba1\u7b97\uff0c\u5982\u679c\u6ca1\u6709\u4efb\u4f55\u65b0\u7684\u6536\u5165\uff0c\u6211\u7684\u751f\u6d3b\u65b9\u5f0f\u53ef\u4ee5\u7ef4\u6301\u591a\u5c11\u4e2a\u6708\u3002\u7136\u540e\uff0c\u6211\u4f1a\u628a\u8fd9\u4e2a\u6570\u5b57\u7ffb\u500d\uff0c\u4ee5\u5e94\u5bf9\u53ef\u80fd\u51fa\u73b0\u7684\u610f\u5916\u60c5\u51b5\uff0c\u6bd4\u5982\u7ecf\u6d4e\u7684\u5927\u5e45\u8870\u9000\u3002<\/p>\n

    \u50a8\u84c4\u4e3a\u4f60\u63d0\u4f9b\u4e86\u57fa\u7840\u548c\u5b89\u5168\u611f\uff0c\u8fd9\u79cd\u5b89\u5168\u611f\u7ed9\u4e88\u4f60\u81ea\u7531\u3002<\/strong>\u8fd9\u662f\u975e\u5e38\u91cd\u8981\u7684\u3002\u6211\u4e3a\u6211\u7684\u5b69\u5b50\u4eec\uff08\u73b0\u5728\u90fd\u662f\u6210\u5e74\u4eba\uff09\u548c\u5b59\u5b50\u5b59\u5973\u4eec\u505a\u7684\u4e8b\u60c5\u662f\uff0c\u6bcf\u4e2a\u751f\u65e5\u548c\u5723\u8bde\u8282\u6211\u90fd\u4f1a\u9001\u4ed6\u4eec\u4e00\u679a\u91d1\u5e01\u3002\u6211\u544a\u8bc9\u4ed6\u4eec\uff0c\u4f60\u4e0d\u80fd\u51fa\u552e\u8fd9\u679a\u91d1\u5e01\u3002\u4f60\u53ea\u80fd\u5728\u8d27\u5e01\u4f53\u7cfb\u5d29\u6e83\u7684\u90a3\u4e00\u5929\uff0c\u5c06\u5176\u4f20\u9012\u7ed9\u4e0b\u4e00\u4ee3\u3002\u8fd9\u6837\uff0c\u4ed6\u4eec\u53ef\u4ee5\u770b\u5230\u91d1\u5e01\u7684\u4ef7\u503c\u5728\u4ee3\u9645\u95f4\u4f20\u627f\u3002\u6211\u53d1\u73b0\u8fd9\u79cd\u505a\u6cd5\u6bd4\u5355\u7eaf\u9001\u73a9\u5177\u66f4\u6709\u610f\u4e49\u3002\u5f53\u7136\uff0c\u6211\u5076\u5c14\u4e5f\u4f1a\u9001\u4e00\u4e9b\u73a9\u5177\uff0c\u4f46\u4e0d\u4f1a\u592a\u591a\uff0c\u56e0\u4e3a\u73a9\u5177\u5f88\u5feb\u5c31\u4f1a\u5931\u53bb\u5438\u5f15\u529b\uff0c\u800c\u9ec4\u91d1\u786c\u5e01\u5374\u80fd\u8ba9\u4ed6\u4eec\u7406\u89e3\u50a8\u84c4\u548c\u79ef\u7d2f\u8d22\u5bcc\u7684\u8fc7\u7a0b\u3002<\/p>\n

    \u6211\u7684\u6838\u5fc3\u89c2\u70b9\u662f\uff0c\u786e\u4fdd\u4e2a\u4eba\u548c\u5bb6\u5ead\u7684\u57fa\u672c\u8d44\u91d1\u5b89\u5168\u81f3\u5173\u91cd\u8981\u3002<\/strong>\u4e3a\u4e86\u5b9e\u73b0\u8fd9\u4e00\u70b9\uff0c\u5b66\u4e60\u6295\u8d44\u77e5\u8bc6\u5e76\u8fdb\u884c\u5408\u7406\u7684\u8d44\u4ea7\u5206\u6563\u914d\u7f6e\u975e\u5e38\u91cd\u8981\u3002\u53ea\u6709\u5728\u786e\u4fdd\u4e86\u57fa\u672c\u751f\u6d3b\u6c34\u5e73\u4e4b\u540e\uff0c\u624d\u53ef\u4ee5\u8003\u8651\u627f\u62c5\u66f4\u591a\u98ce\u9669\uff0c\u5c1d\u8bd5\u8d5a\u53d6\u66f4\u9ad8\u7684\u56de\u62a5\u3002<\/strong>\u5bf9\u6211\u6765\u8bf4\uff0c\u8fd9\u79cd\u9ad8\u98ce\u9669\u6295\u8d44\u66f4\u50cf\u662f\u4e00\u573a\u6e38\u620f\uff0c\u6211\u975e\u5e38\u4eab\u53d7\u8fd9\u4e2a\u8fc7\u7a0b\uff0c\u56e0\u4e3a\u5b83\u5145\u6ee1\u4e86\u6311\u6218\u548c\u4e50\u8da3\u3002<\/p>\n

    \u5728\u50a8\u84c4\u65f6\uff0c\u5fc5\u987b\u8003\u8651\u901a\u80c0\u5bf9\u8d44\u91d1\u7684\u5f71\u54cd\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u4f60\u5b58\u50a8\u7684\u4e0d\u4ec5\u662f\u8d27\u5e01\u672c\u8eab\uff0c\u800c\u662f\u5b83\u7684\u8d2d\u4e70\u529b\u3002\u4f8b\u5982\uff0c\u5982\u679c\u5229\u7387\u662f4%\uff0c\u800c\u901a\u80c0\u7387\u662f3%\uff0c\u90a3\u4e48\u4f60\u7684\u5b9e\u9645\u6536\u76ca\u53ea\u67091%\u3002\u8fd9\u4e9b\u90fd\u662f\u6211\u5bf9\u666e\u901a\u4eba\u7684\u5efa\u8bae\uff0c\u4e5f\u662f\u6211\u81ea\u5df1\u548c\u5bb6\u5ead\u4e00\u76f4\u5728\u5b9e\u8df5\u7684\u539f\u5219\u3002\u53ea\u6709\u5728\u638c\u63e1\u4e86\u8fd9\u4e9b\u57fa\u7840\u77e5\u8bc6\u540e\uff0c\u624d\u53ef\u4ee5\u8fdb\u4e00\u6b65\u63a2\u7d22\u66f4\u9ad8\u98ce\u9669\u7684\u6295\u8d44\u673a\u4f1a\u3002<\/p>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u73b0\u5728\u5f88\u591a\u4eba\u4f1a\u9009\u62e9\u6784\u5efa\u4e0d\u540c\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u6bd4\u5982\u4e00\u4e2a\u5b89\u5168\u7684\u6295\u8d44\u6876\u548c\u4e00\u4e2a\u66f4\u5177\u98ce\u9669\u7684\u5e02\u573a\u6295\u8d44\u6876\u3002<\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u4f46\u6211\u60f3\u63d0\u9192\u5927\u5bb6\uff0c\u6295\u8d44\u5e02\u573a\u5c31\u50cf\u4e00\u573a\u6251\u514b\u6e38\u620f\uff0c\u4f60\u9762\u5bf9\u7684\u662f\u8bb8\u591a\u806a\u660e\u7684\u5bf9\u624b\uff0c\u4ed6\u4eec\u53ef\u80fd\u6295\u5165\u6570\u4ebf\u751a\u81f3\u6570\u5341\u4ebf\u7f8e\u5143\u5728\u8fd9\u573a\u6e38\u620f\u4e2d\u3002\u56e0\u6b64\uff0c\u521d\u5b66\u8005\u6700\u597d\u4ece\u5c0f\u989d\u6295\u8d44\u5f00\u59cb\uff0c\u901a\u8fc7\u5b9e\u8df5\u6765\u79ef\u7d2f\u7ecf\u9a8c\u3002<\/strong>\u8fd9\u6837\uff0c\u4f60\u53ef\u4ee5\u89c2\u5bdf\u4e13\u4e1a\u6295\u8d44\u8005\u7684\u8868\u73b0\uff0c\u56de\u987e\u4ed6\u4eec\u5728\u8fc7\u53bb\u51e0\u5e74\u7684\u7b56\u7565\u548c\u7ed3\u679c\uff0c\u800c\u4e0d\u662f\u76f2\u76ee\u81ea\u4fe1\u3002\u7406\u89e3\u8fd9\u4e00\u70b9\u5e76\u4fdd\u6301\u8c26\u900a\uff0c\u662f\u6210\u529f\u6295\u8d44\u7684\u5173\u952e\u3002<\/p>\n

    10.\u518d\u5e73\u8861\u7684\u91cd\u8981\u6027\uff1a\u514b\u670d\u6295\u8d44\u60c5\u7eea\u5316<\/strong><\/h3>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u4e0a\u6b21\u60a8\u7ed9\u6211\u7684\u4e00\u4e2a\u975e\u5e38\u6709\u8da3\u7684\u5efa\u8bae\u662f\uff0c\u8981\u9006\u7740\u81ea\u5df1\u7684\u76f4\u89c9\u884c\u4e8b\u3002\u4f46\u6211\u60f3\uff0c\u8fd9\u5bf9\u5927\u591a\u6570\u4eba\u6765\u8bf4\u5e76\u4e0d\u5bb9\u6613\u3002\u90a3\u4e48\uff0c\u5728\u8c03\u6574\u6295\u8d44\u7ec4\u5408\u65f6\uff0c\u5e94\u8be5\u600e\u4e48\u505a\u5462\uff1f<\/strong><\/p>\n

    \u6211\u6ce8\u610f\u5230\uff0cPure Alpha \u57fa\u91d1\u5728\u4eca\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u4e0d\u9519\uff0c\u800c\u53bb\u5e74\u4e5f\u5728\u5168\u7403\u5bf9\u51b2\u57fa\u91d1\u884c\u4e1a\u4e2d\u8868\u73b0\u51fa\u8272\u3002\u4e0d\u8fc7\uff0c\u5b83\u8fd8\u5411\u5ba2\u6237\u8fd4\u8fd8\u4e86\u90e8\u5206\u73b0\u91d1\u3002\u6b64\u5916\uff0c\u4e2d\u56fd\u7684 OS \u57fa\u91d1\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u5728\u83b7\u5f97\u8d85\u8fc715%\u7684\u534a\u5e74\u56de\u62a5\u540e\u4e5f\u91c7\u53d6\u4e86\u7c7b\u4f3c\u7684\u505a\u6cd5\u3002<\/p>\n

    \u5173\u4e8e\u518d\u5e73\u8861\uff0c\u60a8\u80fd\u5206\u4eab\u4e00\u4e9b\u7ecf\u9a8c\u6216\u6559\u8bad\u5417\uff1f\u60a8\u662f\u5982\u4f55\u770b\u5f85\u8fd9\u4e00\u70b9\u7684\uff1f<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u518d\u5e73\u8861\u7684\u6838\u5fc3\u662f\u8bbe\u5b9a\u4e00\u4e2a\u6218\u7565\u8d44\u4ea7\u914d\u7f6e\u76ee\u6807\uff0c\u4ee5\u5b9e\u73b0\u6295\u8d44\u7ec4\u5408\u7684\u5e73\u8861\u3002<\/strong>\u5f53\u67d0\u4e9b\u5e02\u573a\u8868\u73b0\u826f\u597d\u3001\u8d44\u4ea7\u4ef7\u683c\u4e0a\u6da8\u65f6\uff0c\u800c\u5176\u4ed6\u5e02\u573a\u5374\u8868\u73b0\u8f83\u5dee\u65f6\uff0c\u518d\u5e73\u8861\u53ef\u4ee5\u5e2e\u52a9\u4f60\u6309\u7167\u65e2\u5b9a\u76ee\u6807\u8c03\u6574\u6295\u8d44\u7ec4\u5408\u3002\u8fd9\u4e0d\u4ec5\u80fd\u8ba9\u4f60\u5728\u9ad8\u4f4d\u5356\u51fa\u83b7\u5229\uff0c\u8fd8\u80fd\u5728\u4f4e\u4f4d\u4e70\u5165\uff0c\u4ece\u800c\u4fdd\u6301\u6295\u8d44\u7684\u7eaa\u5f8b\u6027\u3002\u56e0\u6b64\uff0c\u518d\u5e73\u8861\u5728\u6295\u8d44\u4e2d\u975e\u5e38\u91cd\u8981\u3002<\/p>\n

    \u4e3b\u6301\u4eba\uff1a<\/strong><\/p>\n

    \u542c\u8d77\u6765\u786e\u5b9e\u9700\u8981\u5f88\u5f3a\u7684\u7eaa\u5f8b\u6027\u548c\u5fc3\u7406\u63a7\u5236\u80fd\u529b\u3002<\/strong><\/p>\n

    Ray Dalio:<\/strong><\/p>\n

    \u8fd9\u5c31\u662f\u6e38\u620f\u7684\u672c\u8d28\uff0c\u5c31\u50cf\u751f\u6d3b\u4e2d\u7684\u8bb8\u591a\u4e8b\u60c5\u4e00\u6837\uff0c\u9700\u8981\u81ea\u6211\u63a7\u5236\u3002\u51e0\u5341\u5e74\u6765\uff0c\u6211\u4e00\u76f4\u5728\u8bb0\u5f55\u6211\u7684\u51b3\u7b56\u89c4\u5219\uff0c\u5e76\u5c06\u8fd9\u4e9b\u89c4\u5219\u6574\u7406\u6210\u4e00\u5957\u201c\u539f\u5219\u201d\u3002\u968f\u540e\uff0c\u6211\u5c06\u8fd9\u4e9b\u539f\u5219\u8f6c\u5316\u4e3a\u8ba1\u7b97\u673a\u7a0b\u5e8f\uff0c\u901a\u8fc7\u7cfb\u7edf\u5316\u7684\u65b9\u5f0f\u6765\u6267\u884c\u6211\u7684\u6295\u8d44\u8ba1\u5212\u3002\u8fd9\u6837\u53ef\u4ee5\u907f\u514d\u53d7\u5230\u60c5\u7eea\u7684\u5e72\u6270\uff0c\u56e0\u4e3a\u6211\u77e5\u9053\u8ba1\u5212\u7684\u9884\u671f\u7ed3\u679c\u662f\u4ec0\u4e48\u3002<\/p>\n

    \u4f60\u5fc5\u987b\u6709\u4e00\u4e2a\u6e38\u620f\u8ba1\u5212\u3002\u5982\u679c\u4f60\u8981\u8fd9\u6837\u505a\uff0c\u4f60\u7684\u6e38\u620f\u8ba1\u5212\u5e94\u8be5\u7ecf\u8fc7\u56de\u6d4b\uff0c\u8fd9\u6837\u4f60\u5c31\u80fd\u4e86\u89e3\u8fd9\u4e2a\u8ba1\u5212\u7684\u8868\u73b0\u5982\u4f55\u3002\u7136\u540e\uff0c\u4f60\u5c06\u80fd\u591f\u907f\u514d\u60c5\u7eea\u51b3\u7b56\u5bfc\u81f4\u9519\u8bef\u7684\u9009\u62e9\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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