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\u5fb7\u610f\u5fd7\u94f6\u884c\u7b56\u7565\u5206\u6790\u5e08Jim Reid\u53ca\u5176\u56e2\u961f\u7684\u6838\u5fc3\u89c2\u70b9\u662f\uff0c\u4ee5\u73b0\u4ee3\u53f2\u4e0a\u7b2c\u4e8c\u6ce2\u5168\u7403\u5316\u6d6a\u6f6e\u53ca\u6700\u4f73\u6295\u8d44\u56de\u62a5\u7ee9\u6548\u7eaa\u5f55\u4e3a\u7279\u8272\u7684\u9ec4\u91d140\u5e74\uff0c\u73b0\u5728\u5df2\u63a5\u8fd1\u5c3e\u58f0\u3002\u65b0\u51a0\u75ab\u60c5\u53ea\u662f\u52a0\u901f\u5b83\u7684\u7ed3\u675f\uff0c\u800c\u8fdb\u5165\u4e00\u4e2a\u66f4\u52a0\u52a8\u8361\u7684\u65b0\u65f6\u4ee3\u4e4b\u540e\uff0c\u672a\u676510\u5e74\u6216\u66f4\u4e45\u7684\u65f6\u95f4\u90fd\u65e0\u6cd5\u590d\u5236\u90a3\u6837\u7684\u5b8c\u7f8e\u6295\u8d44\u6761\u4ef6\u3002<\/p>\n
Jim Reid\u56e2\u961f\u5c06\u8fc7\u53bb160\u5e74\u5212\u5206\u6210\u4e94\u4e2a\u65f6\u671f\uff0c\u593454\u5e74\u662f\u7b2c\u4e00\u6ce2\u5168\u7403\u5316\u6d6a\u6f6e\uff0c\u56e0\u7b2c\u4e00\u6b21\u4e16\u754c\u5927\u6218\u7206\u53d1\u800c\u7ed3\u675f\uff0c\u7136\u540e\u662f\u7b2c\u4e8c\u6b21\u4e16\u754c\u5927\u6218\u4e0e\u7ecf\u6d4e\u5927\u8427\u6761\u65f6\u671f\u768431\u5e74\uff0c\u63a5\u7740\u662f\u6301\u7eed\u52301971\u5e74\u7684\u6218\u540e\u56fa\u5b9a\u6c47\u7387\u53ca\u91d1\u672c\u4f4d\u5236\u65f6\u671f\uff0c\u7136\u540e\u662f1970\u53ca1980\u5e74\u4ee3\u7684\u901a\u80c0\u53ca\u6d6e\u52a8\u6c47\u7387\u65f6\u671f\u3002<\/p>\n
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\u5e02\u573a\u4e0a\u5021\u8a00\u201c\u5747\u503c\u56de\u5f52\u201d(mean reversion)\u4ea4\u6613\u7684\u4eba\uff0c\u6b64\u540e\u5c06\u4f1a\u53ea\u770b\u4e00\u4e2a\u65b9\u5411\u3002\u6839\u636e\u5fb7\u610f\u5fd7\u94f6\u884c\u63cf\u8ff0\uff0c\u672a\u676510\u5e74\u5728\u963b\u6b62\u4e2d\u56fd\u6210\u4e3a\u5168\u7403\u6700\u5927\u7ecf\u6d4e\u4f53\u7684\u540c\u65f6\u3001\u52b3\u52a8\u5e74\u9f84\u4eba\u53e3\u8fbe\u5230\u9ad8\u5cf0\u3001\u540c\u65f6\u5343\u79a7\u5e74\u53ca\u66f4\u5e74\u8f7b\u4e16\u4ee3\u7684\u4eba\u53e3\u6570\u5411\u4e2d\u9ad8\u9f84\u4eba\u53e3\u6570\u770b\u9f50\uff0c\u5c06\u589e\u52a0\u6b64\u4e00\u89c2\u70b9\u7684\u4efd\u91cf\u3002<\/p>\n
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\u5bcc\u8fbe\u56fd\u9645(Fidelity International)\u7684\u8001\u677fAnne Richards\u5468\u4e09\u5728\u4e16\u754c\u7ecf\u6d4e\u8bba\u575b\u8868\u793a\uff0c\u8fd9\u6837\u7684\u5de8\u53d8\u5e76\u6ca1\u6709\u4eba\u4eec\u60f3\u8c61\u7684\u90a3\u4e48\u4e0d\u540c\u5bfb\u5e38\u3002<\/p>\n
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