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\u3000\u3000<\/a><\/p>\n

      \u3010\u718a\u732b\u65f6\u62a5\u8baf\u3011\u4e2d\u56fd\u589e\u5f3a\u5168\u7403\u5f71\u54cd\u529b\u7684\u5999\u62db\uff1a\u53ef\u4ee5\u5c06\u4e4b\u79f0\u4e3a\u8d27\u5e01\u5916\u4ea4\u3002<\/span><\/p>\n

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\u3000\u3000\u8fd9\u9879\u5b89\u6392\u662f\u4e2d\u56fd\u592e\u884c\u6700\u65b0\u8fbe\u6210\u7684\u534f\u8bae\u3002\u4e2d\u56fd\u5df2\u7ecf\u4e0e\u4ece\u82cf\u91cc\u5357\u5230\u7ebd\u897f\u5170\u5728\u5185\u7684\u8d85\u8fc730\u4e2a\u56fd\u5bb6\u8fbe\u6210\u4e86\u7c7b\u4f3c\u5b89\u6392\uff0c\u5408\u8ba1\u6700\u9ad8\u91d1\u989d\u8fbe\u52303.33\u4e07\u4ebf\u5143\u4eba\u6c11\u5e01
\n(\u7ea6\u54084900\u4ebf\u7f8e\u5143)\u3002\u6839\u636e\u4e2d\u56fd\u592e\u884c\u56de\u8986\u63d0\u95ee\u7684\u7535\u5b50\u90ae\u4ef6\uff0c\u8fd9\u7c7b\u672c\u5e01\u4e92\u6362\u534f\u8bae\u662f\u4e3a\u4e86\u63d0\u632f\u8d38\u6613\u548c\u4fc3\u8fdb\u91d1\u878d\u7a33\u5b9a\u3002<\/p>\n

\u3000\u3000\u8fd9\u6837\u505a\u4e5f\u6709\u52a9\u4e8e\u4fc3\u8fdb\u4eba\u6c11\u5e01\u7684\u56fd\u9645\u5316\uff0c\u5e76\u5728\u5168\u7403\u821e\u53f0\u4e0a\u4e3a\u4e2d\u56fd\u7684\u65b0\u5174\u5730\u4f4d\u589e\u8272\u3002<\/p>\n

\u3000\u3000\u300c\u8fd9\u662f\u4e00\u4ef6\u4e8b\u5173\u58f0\u671b\u7684\u4e8b\u60c5\u3002\u300d\u54c8\u4f5b\u5927\u5b66\u80af\u5c3c\u8fea\u653f\u5e9c\u5b66\u9662\u6559\u6388Jeffrey Frankel\u8868\u793a\u3002<\/p>\n

\u3000\u3000\u95ee\u9898\u662f\uff0c\u8fd9\u7c7b\u672c\u5e01\u4e92\u6362\u7684\u4f7f\u7528\u7ec6\u8282\u5f88\u5c11\u3002\u8fd9\u5f15\u53d1\u4e86\u5b83\u4eec\u5728\u5e2e\u52a9\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u65b9\u9762\u80fd\u5426\u53d1\u6325\u6838\u5fc3\u4f5c\u7528\u7684\u7591\u95ee\uff0c\u540c\u65f6\u4e5f\u51f8\u663e\u4e86\u4e2d\u56fd\u5728\u5168\u9762\u878d\u5165\u5168\u7403\u8d27\u5e01\u4f53\u7cfb\u4e4b\u524d\u8fd8\u8981\u8d70\u7684\u8def\u3002<\/p>\n

\u3000\u3000\u300c\u5927\u591a\u6570\u672c\u5e01\u4e92\u6362\u5b9e\u9645\u4e0a\u5e76\u6ca1\u6709\u88ab\u4f7f\u7528\u3002\u300d\u7ebd\u7ea6\u5916\u4ea4\u5173\u7cfb\u59d4\u5458\u4f1a\u56fd\u9645\u7ecf\u6d4e\u4e3b\u4efbBenn Steil\u8868\u793a\u3002\u4e2d\u56fd\u592e\u884c\u6ca1\u6709\u8ff4\u5e94\u5173\u4e8e\u8fd9\u7c7b\u534f\u8bae\u786e\u5207\u4f7f\u7528\u91d1\u989d\u7684\u95ee\u9898\u3002<\/p>\n

\u3000\u3000\u9664\u975e\u53d1\u751f\u7d27\u6025\u5371\u673a\uff0c\u5426\u5219\u51e0\u4e4e\u6ca1\u6709\u7406\u7531\u4ece\u4e0a\u8ff0\u672c\u5e01\u4e92\u6362\u4e2d\u83b7\u53d6\u73b0\u91d1\u3002\u540c\u65f6\uff0c\u7531\u4e8e\u8d44\u672c\u7ba1\u5236\u6536\u7d27\uff0c4\u6708\u4efd\u4eba\u6c11\u5e01\u5728\u5168\u7403\u652f\u4ed8\u4e2d\u7684\u4efd\u989d\u4e0b\u964d\u81f3\u4e24\u5e74\u534a\u4f4e\u70b9\u3002<\/p>\n

\u3000\u3000\u5df4\u57fa\u65af\u5766\u548c\u97e9\u56fd\u7b49\u56fd\u5bb6\u7684\u592e\u884c\u53bb\u66fe\u4f7f\u7528\u8fc7\u4e0a\u8ff0\u672c\u5e01\u4e92\u6362\u5b89\u6392\u3002<\/p>\n

\u3000\u3000\u968f\u8457\u65b0\u8d27\u5e01\u4e92\u6362\u5b89\u6392\u7684\u653e\u7f13\uff0c\u534f\u8bae\u4e0b\u7684\u6700\u5927\u53ef\u7528\u91d1\u989d\u5df2\u7ecf\u8d70\u5e73\u3002\u8fd9\u53ef\u80fd\u4e0e\u5f53\u5c40\u4e3a\u4e86\u652f\u63f4\u4eba\u6c11\u5e01\u6c47\u7387\u800c\u5e72\u9884\u6c47\u5e02\uff0c\u4ece\u800c\u5bfc\u81f4\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u4ece2014\u5e74\u76844\u4e07\u4ebf\u7f8e\u5143\u5cf0\u503c\u4e0b\u964d\u81f3\u7ea63\u4e07\u4ebf\u7f8e\u5143\u6709\u5173\u3002<\/p>\n

\u3000\u3000\u4ece\u67d0\u4e9b\u65b9\u9762\u6765\u8bb2\uff0c\u8d27\u5e01\u4e92\u6362\u53ef\u80fd\u4f1a\u524a\u5f31\u4e2d\u56fd\u592e\u884c\u63a8\u5e7f\u672c\u56fd\u8d27\u5e01\u7684\u4f5c\u7528\uff0c\u56e0\u4e3a\u534f\u8bae\u5141\u8bb8\u4e92\u6362\u7684\u5bf9\u624b\u65b9\u8d2d\u4e70\u7f8e\u5143\u6216\u6b27\u5143\u3002Steil\u8868\u793a\uff0c\u300c\u83b7\u53d6\u4eba\u6c11\u5e01\u4e92\u6362\u5b89\u6392\u7684\u6700\u7ec8\u76ee\u7684\u662f\u786e\u4fdd\u83b7\u5f97\u7f8e\u5143\u7684\u6d41\u52a8\u6027\u300d\u3002<\/p>\n

\u3000\u3000\u4e2d\u592e\u94f6\u884c\u7684\u8d27\u5e01\u4e92\u6362\u6709\u70b9\u7c7b\u4f3c\u6d88\u8d39\u8005\u4fe1\u7528\u900f\u652f\u3002\u4e2d\u56fd\u592e\u884c\u5c06\u4eba\u6c11\u5e01\u6c47\u7ed9\u63d0\u51fa\u4e92\u6362\u8981\u6c42\u7684\u90a3\u4e9b\u56fd\u5bb6\uff0c\u4ed6\u4eec\u518d\u5c06\u8d44\u91d1\u7528\u6765\u652f\u4ed8\u4ece\u4e2d\u56fd\u8fdb\u53e3\u8d27\u7269\u7684\u8d27\u6b3e\u2014\u2014\u7279\u522b\u662f\u5728\u653f\u5e9c\u7ecf\u5386\u8d44\u91d1\u5371\u673a\u7684\u60c5\u51b5\u4e0b\u2014\u2014\u6216\u8005\u5c06\u5176\u6362\u6210\u53e6\u4e00\u79cd\u8d27\u5e01\u3002\u7136\u540e\uff0c\u53cc\u65b9\u5728\u5546\u5b9a\u7684\u65e5\u671f\u507f\u672c\u4ed8\u606f\u3002<\/p>\n

\u3000\u3000\u4e2d\u56fd\u592e\u884c\u8868\u793a\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u4ece\u672a\u6709\u610f\u9488\u5bf9\u8d27\u5e01\u4e92\u6362\u7684\u6570\u91cf\u548c\u89c4\u6a21\u8bbe\u5b9a\u76ee\u6807\uff0c\u5c06\u7ee7\u7eed\u672c\u8457\u5e73\u7b49\u3001\u81ea\u613f\u548c\u4e92\u5229\u7684\u539f\u5219\u5728\u76f8\u5173\u5de5\u4f5c\u4e0a\u53d6\u5f97\u8fdb\u5c55\u3002<\/p>\n

\u3000\u3000\u8d27\u5e01\u4e92\u6362\u5e76\u975e\u7531\u4e2d\u56fd\u9996\u521b\u3002\u7f8e\u8054\u50a8\u57281962\u5e74\u51b7\u6218\u6700\u4e25\u91cd\u65f6\u671f\u5f00\u59cb\u4e0e\u5305\u62ec\u897f\u5fb7\u5728\u5185\u7684\u76df\u56fd\u8fdb\u884c\u5916\u6c47\u4e92\u6362\u4ea4\u6613\u4ee5\u89c4\u907f\u9ec4\u91d1\u50a8\u5907\u7684\u635f\u5931\uff0c\u5e76\u4e8e2007\u5e74\u6062\u590d\u4e86\u4e0a\u8ff0\u5b89\u6392\u6765\u904f\u5236\u91d1\u878d\u5371\u673a\u3002<\/p>\n

\u3000\u3000\u5728\u5371\u673a\u671f\u95f4\uff0c\u6b27\u6d32\u592e\u884c\u3001\u745e\u58eb\u592e\u884c\u548c\u65e5\u672c\u592e\u884c\u90fd\u53c2\u4e0e\u4e86\u8d27\u5e01\u4e92\u6362\uff0c\u5e76\u5728\u82f1\u56fd\u8131\u6b27\u7b49\u7279\u6b8a\u65f6\u671f\u52a0\u5f3a\u4e86\u8fd9\u79cd\u5b89\u6392\u3002<\/p>\n

\u3000\u3000\u4e0d\u8fc7\uff0c\u4e2d\u56fd\u592e\u884c\u6240\u7b7e\u7f72\u8d27\u5e01\u4e92\u6362\u534f\u8bae\u7684\u4e0e\u65e5\u4ff1\u589e\uff0c\u4e5f\u51f8\u663e\u4e86\u5176\u8d38\u6613\u4f19\u4f34\u56fd\u62e5\u62b1\u4e2d\u56fd\u7ecf\u6d4e\u5b9e\u529b\u7684\u610f\u613f\u3002<\/p>\n

\u3000\u3000\u57c3\u53ca\u4e0e\u4e2d\u56fd\u5728\u53bb\u5e7412\u6708\u4efd\u7b7e\u7f72\u4e86\u7ea626\u4ebf\u7f8e\u5143\u7684\u8d27\u5e01\u4e92\u6362\u534f\u8bae\uff0c\u4ece\u800c\u5141\u8bb8\u8fd9\u4e2a\u5317\u975e\u56fd\u5bb6\u5728\u672c\u5e01\u81ea\u7531\u6d6e\u52a8\u4e4b\u540e\u5de9\u56fa\u5916\u6c47\u50a8\u5907\u3002<\/p>\n

\u3000\u3000Marketfield Asset Management\u884c\u653f\u603b\u88c1Michael
\nShaoul\u8868\u793a\uff0c\u300c\u9451\u4e8e\u4e2d\u56fd\u592e\u884c\u662f\u7531\u653f\u5e9c\u63a7\u5236\u7684\uff0c\u5927\u5bb6\u53ef\u4ee5\u5c06\u6b64\u89c6\u4e3a\u4e00\u79cd\u8d27\u5e01\u5916\u4ea4\uff0c\u5e76\u4e0d\u4ec5\u4ec5\u65e8\u5728\u63d0\u5347\u4eba\u6c11\u5e01\u7684\u5f62\u8c61\uff0c\u66f4\u662f\u4e3a\u4e86\u4e2d\u56fd\u81ea\u5df1\u7684\u5f71\u54cd\u529b\u3002\u300d<\/p>\n

\u3000\u3000Fidelity International\u6295\u8d44\u65b9\u6848\u8bbe\u8ba1\u4e3b\u7ba1David
\nBuckle\u8ba4\u4e3a\uff0c\u8d27\u5e01\u4e92\u6362\u5bf9\u4e8e\u63d0\u5347\u4eba\u6c11\u5e01\u5728\u5168\u7403\u592e\u884c\u5916\u6c47\u50a8\u5907\u4e2d\u7684\u4f7f\u7528\u4e5f\u4f1a\u53d1\u6325\u4e00\u4e9b\u4f5c\u7528\uff0c\u56e0\u4e3a\u4eba\u6c11\u5e01\u5df2\u7ecf\u88ab\u7eb3\u5165IMF\u7684\u7279\u522b\u63d0\u6b3e\u6743\u7bee\u5b50\u3002<\/p>\n

\uff08\u5f6d\u535a\u793e\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

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