{"id":2960,"date":"2023-04-01T11:03:54","date_gmt":"2023-04-01T03:03:54","guid":{"rendered":"https:\/\/ufqi.com\/blog\/?p=2960"},"modified":"2023-04-03T12:37:01","modified_gmt":"2023-04-03T04:37:01","slug":"warren-buffett-intrisic-business-value","status":"publish","type":"post","link":"https:\/\/ufqi.com\/blog\/warren-buffett-intrisic-business-value\/","title":{"rendered":"\u5199\u5199\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u4e2d\u4f01\u4e1a\u7684\u5b9e\u9645\u5b9e\u8d28\u5185\u542b\u5185\u5728\u4ef7\u503c"},"content":{"rendered":"\n<p>\u6216\u8bb8\u662f\u67d0\u79cd\u5de7\u5408\uff0c2023\u5e743\u670831\u65e5\uff0c\u5386\u7ecf\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\uff0c\u9605\u8bfb\u3001\u7406\u89e3\u548c\u7f16\u8f91\u5b8c\u6210\u4e86\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\uff08Warren Buffett\uff09\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u516c\u53f8\uff08Berkshire Hathaway\uff09\u80a1\u4e1c\u516c\u5f00\u4fe11957\u5e74\u2014\u20142005\u5e74\uff0c\u63a5\u7eed\u4e4b\u524d\u5df2\u7ecf\u5b8c\u6210\u7684\u80a1\u4e1c\u4fe12006\u2014\u20142023\u5e74\uff0c\u7d2f\u8ba1\u5b8c\u6210\u4e86\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe11957\u5e74\u2014\u20142023\u5e74\u3002\u5df4\u83f2\u7279\u7684\u80a1\u4e1c\u4fe1\u5df2\u7ecf\u6301\u7eed\u4e8666\u5e74\uff08\u622a\u81f32023\u5e74\uff09\uff0c\u5728 \u6709\u798f\u5e38\u5728\uff08 \uff1f \uff09\u5f62\u6210\u4e86\u4e00\u90e8\u957f\u8fbe\u8fd1300\u7bc7\u7684\u8fde\u8f7d\u7cfb\u5217\u6587\u7ae0\uff0c\u6bcf\u7bc7\u5927\u7ea6\u4e09\u5343\u5b57\uff0c\u7d2f\u8ba1\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u4e2d\u6587\u7248\uff0c\u7ea6\u6709\u8fd1\u767e\u4e07\u5b57\u3002\u82f1\u6587\u7248\u539f\u8457\u7684\u7bc7\u5e45\u53ef\u80fd\u8fd8\u8981\u66f4\u957f\uff0c1.5 millions of words\uff1f<br \/>\uff08\uff1f https:\/\/ufqi.com\/news\/ulongpage.8178.html?tit=\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1&#8211;1957\u5e74\uff0c https:\/\/ufqi.com\/news\/ulongpage.7696.html?tit=\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1&#8211;2023\u5e74 \uff09<\/p>\n\n\n\n<p>\u7f51\u4e0a\u96f6\u661f\u8f6c\u8f7d\u67d0\u5e74\u67d0\u7bc7\u7684\u5df4\u83f2\u7279\u80a1\u4e1c\u4fe1\u7684\u6587\u7ae0\u4fef\u62fe\u5373\u662f\uff0c\u800c\u6210\u5957\u7cfb\u7684\u8fde\u8f7d\u6015\u662f\u4e0d\u591a\uff0c\u5c24\u5176\u662f\u6211\u4eec\u7ecf\u8fc7\u591a\u65b9\u641c\u96c6\u3001\u6bd4\u5bf9\u3001\u8865\u5145\u4fee\u8ba2\u800c\u5f62\u6210\u7684\u4e00\u7248\u8f83\u4e3a\u5b8c\u6574\u3001\u76f8\u5bf9\u51c6\u786e\u5730\u5168\u666f\u5f0f\u8bb0\u5f55\u8fd9\u4f4d\u8fd8\u6d3b\u5f97\u633a\u597d\u7684\u8bc1\u5238\u6295\u8d44\u5927\u5e08\u7684\u8fd1\u4e03\u5341\u5e74\u6765\u7684\u5fc3\u5f97\u4f53\u4f1a\u3002<br \/>\u5982\u679c\u8bf4\u53bb\u5e74\u7cbe\u8bfb\u7684\u53f2\u4e39\u2022\u6e29\u65af\u5766\uff08Stan Weinstein\uff09\u7684\u300a\u79f0\u50b2\u80a1\u7968\u725b\u5e02\u718a\u5e02\u7684\u79d8\u5bc6\u300b\uff08  https:\/\/ufqi.com\/blog\/economic-cycles-and-profits-in-stock\/ \uff09\u662f\u8bc1\u5238\u6280\u672f\u5206\u6790\u6d3e\u7684\u4ee3\u8868\uff0c\u5219\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u53ef\u5c31\u662f\u4ef7\u503c\u57fa\u672c\u9762\u6d3e\u7684\u5f00\u5c71\u7956\u5e08\u4e86\u3002<\/p>\n\n\n\n<p>\u5206\u6790\u89e3\u8bfb\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u7684\u8d34\u6587\u66f4\u662f\u4e0d\u8ba1\u5176\u6570\uff0c\u50cf\u8fd9\u4f4d\u6295\u8d44\u5927\u5e08\u5728\u5168\u4e16\u754c\u7684\u62e5\u8db8\u4e00\u6837\uff0c\u591a\u4e0d\u80dc\u6570\u3002\u800c\u5df4\u83f2\u7279\u4f5c\u4e3a\u4ef7\u503c\u5206\u6790\u57fa\u672c\u9762\u6d3e\u7684\u5927\u5e08\uff0c\u5f3a\u8c03\u6700\u591a\u7684\u5c31\u662f\u8981\u770b\u4f01\u4e1a\u7684\u5b9e\u9645\u5b9e\u8d28\u5185\u542b\u5185\u5728\u4ef7\u503c\uff08intrinsic business value\uff09\uff0c\u5b9e\u8d28\u4ef7\u503c\u6216\u8005\u5185\u5728\u4ef7\u503c\uff0c\u4e0e\u4e4b\u5bf9\u5e94\u5219\u662f\u8d26\u9762\u4ef7\u503c\uff08book value\uff09\u3002<br \/>\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5e0c\u671b\u80fd\u5c31\u6b64\u5c55\u5f00\u4e00\u4e9b\u5206\u6790\u3001\u89e3\u8bfb\u4e0e\u5b66\u4e60\u5fc3\u5f97\uff0c\u4e3a\u7f51\u7edc\u4e0a\u4f17\u591a\u7684\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u89e3\u8bfb\u4e2d\u6dfb\u7816\u52a0\u74e6\u3002<br \/>\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u5341\u4e8c\u7bc7\uff0c\u5176\u4f59\u4e4b\u524d\u7684\u5341\u4e00\u7bc7\uff0c\u8bf7\u53c2\u8003\u6587\u672b\u7684\u94fe\u63a5\u3002<\/p>\n\n\n\n<p>\u6c83\u4f26\u5df4\u83f2\u7279\u5728\u5386\u5e74\u81f4\u80a1\u4e1c\u4fe1\u4e2d\u591a\u6b21\u63d0\u5230\u80a1\u4e1c\u4eec\u8981\u5173\u6ce8\u4f01\u4e1a\u7684\u5b9e\u9645\u5185\u5728\u4ef7\u503c\u3002<br \/>\u8f83\u65e9\u8bb0\u5f55\u5df4\u83f2\u7279\u63cf\u8ff0\u8d26\u9762\u4ef7\u503c\u548c\u5185\u5728\u4ef7\u503c\u7684\u5185\u5bb9\u53ef\u4ee5\u57281984\u5e74\u80a1\u4e1c\u4fe1\u4e2d\u770b\u5230\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u5e10\u9762\u4ef7\u503c\u662f\u4f1a\u8ba1\u540d\u8bcd\uff0c\u7cfb\u8bb0\u5f55\u8d44\u672c\u4e0e\u7d2f\u79ef\u76c8\u4f59\u7684\u8d22\u52a1\u6295\u5165\uff0c<br \/><strong>\u5185\u542b\u4ef7\u503c\u5219\u662f\u7ecf\u6d4e\u540d\u8bcd\uff0c\u662f\u4f30\u8ba1\u672a\u6765\u73b0\u91d1\u6d41\u5165\u7684\u6298\u73b0\u503c\uff0c\u5e10\u9762\u4ef7\u503c\u80fd\u591f\u544a\u8bc9\u4f60\u5df2\u7ecf\u6295\u5165\u7684\uff0c\u5185\u542b\u4ef7\u503c\u5219\u662f\u9884\u8ba1\u4f60\u80fd\u4ece\u4e2d\u6240\u83b7\u5f97\u7684\u3002<\/strong><br \/>\u7c7b\u4f3c\u8bcd\u80fd\u544a\u8bc9\u4f60\u4e4b\u95f4\u7684\u4e0d\u540c\uff0c\u5047\u8bbe\u4f60\u82b1\u76f8\u540c\u7684\u94b1\u4f9b\u4e8c\u4e2a\u5c0f\u5b69\u8bfb\u5230\u5927\u5b66\uff0c\u4e8c\u4e2a\u5c0f\u5b69\u7684\u5e10\u9762\u4ef7\u503c\u5373\u6240\u82b1\u7684\u5b66\u8d39\u662f\u4e00\u6837\u7684\uff0c\u4f46\u672a\u6765\u6240\u83b7\u5f97\u7684\u56de\u62a5(\u5373\u5185\u542b\u4ef7\u503c)\u5374\u4e0d\u4e00\u800c\u8db3\uff0c\u53ef\u80fd\u4ece\u96f6\u5230\u6240\u4ed8\u51fa\u7684\u597d\u51e0\u500d\uff0c\u6240\u4ee5\u4e5f\u6709\u76f8\u540c\u5e10\u9762\u4ef7\u503c\u7684\u516c\u53f8\uff0c\u5374\u6709\u622a\u7136\u4e0d\u540c\u7684\u5185\u542b\u4ef7\u503c\u3002<br \/>\u50cf\u4f2f\u514b\u590f\uff08\u4f2f\u514b\u5e0c\u5c14\u516c\u53f8\uff09\u57281965\u5e74\u4f1a\u8ba1\u5e74\u5ea6\u521a\u5f00\u59cb\u7531\u73b0\u6709\u7ecf\u8425\u9636\u5c42\u63a5\u7ba1\u65f6\uff0c\u5176\u5e10\u9762\u4ef7\u503c\u4e3a\u6bcf\u80a119\u7f8e\u91d1\uff0c\u660e\u663e\u9ad8\u4e8e\u5176\u5b9e\u9645\u7684\u5185\u542b\u4ef7\u503c\uff0c\u6240\u8c13\u7684\u5e10\u9762\u4ef7\u503c\u4e3b\u8981\u7cfb\u4ee5\u90a3\u4e9b\u65e0\u6cd5\u8d5a\u53d6\u5408\u7406\u62a5\u916c\u7684\u7eba\u7ec7\u8bbe\u5907\u4e3a\u4e3b\uff0c\u5c31\u597d\u6bd4\u662f\u5c06\u6559\u80b2\u7ecf\u8d39\u6446\u5728\u4e0d\u4f1a\u8bfb\u4e66\u7684\u5b69\u5b50\u8eab\u4e0a\u4e00\u6837\u3002<br \/>\uff08 https:\/\/ufqi.com\/news\/ulongpage.7876.html?tit=\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1&#8211;1984\u5e74:\u5173\u4e8e\u4f01\u4e1a\u7ecf\u8425\u8005\u548c\u6240\u6709\u8005\u7684\u4e3b\u8981\u539f\u5219-2 \uff09<\/p><\/blockquote>\n\n\n\n<p>\u8fd9\u662f\u4e00\u6bb5\u5bf9\u4f01\u4e1a\u8d26\u9762\u4ef7\u503c\u548c\u5185\u5728\u4ef7\u503c\u5341\u65b9\u7cbe\u5999\u800c\u53c8\u81f3\u5173\u91cd\u8981\u7684\u7684\u8bba\u8ff0\uff0c\u7b80\u5355\u76f4\u767d\u5730\u5b9a\u4e49\u4e86\u5185\u5728\u4ef7\u503c\u662f\u672a\u6765\u73b0\u91d1\u6d41\u5165\u7684\u6298\u73b0\u503c\u3002\u6015\u666e\u901a\u4eba\u4e0d\u597d\u7406\u89e3\u8fd9\u4e9b\u540d\u8bcd\uff0c\u53c8\u7528\u4e86\u4f9b\u8bfb\u4e24\u4e2a\u5c0f\u5b69\u8bfb\u4e66\u5230\u5927\u5b66\u7684\u6295\u8d44\u4f5c\u4e3a\u7c7b\u6bd4\uff0c\u8d26\u9762\u4ef7\u503c\u5c31\u662f\u4f9b\u517b\u4e24\u4e2a\u5b69\u5b50\u7684\u82b1\u8d39\u6570\u76ee\uff0c\u800c\u5185\u5728\u4ef7\u503c\u5c31\u662f\u4e24\u4e2a\u5b69\u5b50\u672a\u6765\u53ef\u80fd\u8d5a\u94b1\u7684\u6570\u76ee\u3002<br \/>\u6295\u8d44\u5927\u5e08\u4e0d\u4f46\u505a\u8bc1\u5238\u5206\u6790\u72ec\u6b65\u5929\u4e0b\uff0c\u5c06\u590d\u6742\u95ee\u9898\u7b80\u5355\u5730\u8bb2\u660e\u767d\uff0c\u529f\u592b\u4e5f\u662f\u4e00\u6d41\u7684\u3002<\/p>\n\n\n\n<p>\u4e0a\u8ff0\u201c\u672a\u6765\u73b0\u91d1\u6d41\u5165\uff08future cash output\uff09\u201d\u53ef\u4ee5\u6982\u62ec\u5730\u7406\u89e3\u4e3a\u672a\u6765\u53ef\u4ee5\u8d5a\u53d6\u5230\u7684\u91d1\u94b1\uff1b<br \/>\u201c\u6298\u73b0\u503c\uff08discounted to present value\uff09\u201d\u4e00\u822c\u4e0d\u5bb9\u6613\u7406\u89e3\uff0c\u662f\u76f8\u5bf9\u4e13\u4e1a\u7684\u540d\u8bcd\uff0c<br \/>\u901a\u4fd7\u5730\u8bb2\u662f\uff0c\u73b0\u5728\u7684100\u5143\u6bd4\u5341\u5e74\u540e\u7684100\u5143\u66f4\u503c\u94b1\uff08\u91d1\u8d35\uff09\uff0c\u5341\u5e74\u540e\u7684100\u5143\uff0c\u5982\u679c\u8981\u6362\u7b97\u6210\u4e3a\u73b0\u5728\u7684100\u5143\uff0c\u9700\u8981\u6253\u4e00\u4e2a\u6298\u6263\uff0c\u6bd4\u5982\u516b\u6298\uff0c\u5219\u5341\u5e74\u540e\u7684100\u5143\u7684\u6298\u73b0\u503c\u5c31\u662f\u73b0\u5728\u768480\u5143\u3002<br \/>\u7ecf\u6d4e\u5b66\u4e0a\u628a\u8fd9\u4e2a\u53eb\u505a\u8d27\u5e01\u7684\u65f6\u95f4\u4ef7\u503c\u2014\u2014\u8d27\u5e01\u968f\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u53d1\u751f\u7684\u589e\u503c\u3002<\/p>\n\n\n\n<p>\u628a\u6295\u8d44\u4e00\u5bb6\u4f01\u4e1a\u7684\u6295\u8d44\u884c\u4e3a\u7c7b\u6bd4\u4e3a\u57f9\u517b\u4e00\u4e2a\u5b69\u5b50\u8bfb\u5927\u5b66\uff0c\u524d\u8005\u53ef\u80fd\u4e0d\u597d\u7406\u89e3\uff0c\u540e\u8005\u53ef\u4ee5\u5343\u5343\u4e07\u4e07\u7236\u6bcd\u5fc3\u77e5\u809a\u660e\u611f\u540c\u8eab\u53d7\u82f1\u96c4\u6240\u89c1\u7565\u540c\u7684\u7ecf\u5386\u3002\u8fd9\u4e2a\u6bd4\u55bb\u6070\u5f53\u800c\u53c8\u8d34\u5207\uff0c\u63a5\u5730\u6c14\u3002<\/p>\n\n\n\n<p>\u5728\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe11987\u5e74\u4e2d\uff0c\u4ed6\u5f3a\u8c03\uff0c\u4f01\u4e1a\u5185\u5728\u4ef7\u503c\u6bd4\u8f83\u5f39\u6027\uff0c\u662f\u4e00\u4e2a\u533a\u95f4\u503c\uff0c\u53ef\u80fd\u8fd8\u5dee\u522b\u5f88\u5927\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u800c\u73b0\u5728\u8ddf\u5404\u4f4d\u62a5\u544a\u7684\u597d\u6d88\u606f\u662f\uff0c\u57281986\u5e74\u672c\u516c\u53f8\u4f01\u4e1a\uff08\u5185\u5728\uff09\u4ef7\u503c\u589e\u52a0\u7684\u5e45\u5ea6\u5e94\u8be5\u662f\u8d85\u8fc7\u5e10\u9762\u4ef7\u503c\u589e\u52a0\u7684\u5e45\u5ea6\uff0c\u6211\u8bf4&#8221;\u5e94\u8be5\u662f&#8221;\u662f\u56e0\u4e3a\u4f01\u4e1a\u4ef7\u503c\u7684\u5224\u65ad\u8f83\u4e3a\u5f39\u6027\uff0c\u4ee5\u6211\u4eec\u672c\u8eab\u7684\u4f8b\u5b50\u6765\u8bf4\uff0c<br \/><strong>\u4e24\u4e2a\u540c\u6837\u5b8c\u5168\u4e86\u89e3\u672c\u516c\u53f8\u7684\u4eba\u6240\u8861\u91cf\u51fa\u7684\uff08\u5185\u5728\uff09\u4ef7\u503c\uff0c\u53ef\u4ee5\u4f1a\u5dee\u523010%\u4ee5\u4e0a\u3002<\/strong><br \/>\uff08 https:\/\/ufqi.com\/news\/ulongpage.7907.html?tit=\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1&#8211;1987\u5e74:\u80a1\u7968\u8868\u73b0\u4e0d\u53ef\u80fd\u6c38\u8fdc\u8d85\u8fc7\u516c\u53f8\u83b7\u5229\u8868\u73b0 \uff09<\/p><\/blockquote>\n\n\n\n<p>\u540e\u6765\u57281994\u5e74\u7684\u80a1\u4e1c\u4fe1\u4e2d\uff0c\u518d\u6b21\u5f3a\u8c03\u5b9e\u9645\u5b9e\u8d28\u4ef7\u503c\u662f\u4e00\u5bb6\u4f01\u4e1a\u7ec8\u5176\u4e00\u751f\u6240\u80fd\u4ea7\u751f\u7684\u73b0\u91d1\u6d41\u7684\u4f30\u8ba1\u6298\u73b0\u503c\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\uff081994\u5e74\uff09\u5f53\u7136\u771f\u6b63\u91cd\u8981\u7684\u662f\u6bcf\u80a1\u5b9e\u8d28\u4ef7\u503c\u800c\u975e\u5e10\u9762\u51c0\u503c\uff0c<br \/>\u5e10\u9762\u51c0\u503c\u662f\u4e00\u4e2a\u4f1a\u8ba1\u540d\u8bcd\uff0c\u7528\u6765\u8861\u91cf\u4e00\u5bb6\u516c\u53f8\u6240\u6295\u5165\u7684\u8d44\u672c\uff0c\u4e5f\u5305\u542b\u672a\u5206\u914d\u7684\u76c8\u4f59\u5728\u5185\uff0c<br \/>\u5b9e\u8d28\u4ef7\u503c\u5219\u662f\u5bf9\u4e8e\u4e00\u5bb6\u4f01\u4e1a\u7ec8\u5176\u4e00\u751f\u6240\u80fd\u4ea7\u751f\u73b0\u91d1\u6d41\u91cf\u7684\u4f30\u8ba1\u6298\u73b0\u503c&#8230;<\/p><\/blockquote>\n\n\n\n<p>\u6301\u7eed\u66f4\u65b0\uff0c\u5df4\u83f2\u7279\u4e3a\u4e86\u5411\u80a1\u4e1c\u8bf4\u660e\u4f01\u4e1a\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\uff0c\u57281995\u5e74\uff0c\u7528\u4e86\u8f83\u957f\u7684\u7bc7\u5e45\u6765\u89e3\u91ca\u4f30\u7b97\u4f01\u4e1a\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\u65f6\uff0c\u53ef\u80fd\u9047\u5230\u4f1a\u5f71\u54cd\u4f30\u7b97\u7ed3\u679c\u7684\u5404\u79cd\u56e0\u7d20\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>\u6211\u4eec\u5c06\u5b9e\u8d28\u4ef7\u503c\u5b9a\u4e49\u4e3a\u4e00\u5bb6\u4f01\u4e1a\u5728\u5176\u751f\u6daf\u4e2d\u6240\u80fd\u4ea7\u751f\u73b0\u91d1\u6d41\u91cf\u7684\u6298\u73b0\u503c\uff0c<\/strong>\u4efb\u4f55\u4eba\u5728\u8ba1\u7b97\u5b9e\u8d28\u4ef7\u503c\u90fd\u5fc5\u987b\u7279\u522b\u6ce8\u610f\u672a\u6765\u73b0\u91d1\u6d41\u91cf\u7684\u4fee\u6b63\u4e0e\u5229\u7387\u7684\u53d8\u52a8\u90fd\u4f1a\u5f71\u54cd\u5230\u6700\u540e\u8ba1\u7b97\u51fa\u6765\u7684\u7ed3\u679c\uff0c<br \/><strong>\u867d\u7136\u6a21\u7cca\u96be\u8fa8\uff0c\u4f46\u5b9e\u8d28\u4ef7\u503c\u5374\u662f\u6700\u91cd\u8981\u7684\uff0c\u4e5f\u662f\u552f\u4e00\u80fd\u591f\u4f5c\u4e3a\u8bc4\u4f30\u6295\u8d44\u6807\u7684\u4e0e\u4f01\u4e1a\u7684\u5408\u7406\u65b9\u6cd5\u3002<\/strong><\/p><p>\u4e3a\u4e86\u4e86\u89e3\u5386\u53f2\u6295\u5165\u7684\u5e10\u9762\u4ef7\u503c\u4e0e\u672a\u6765\u4ea7\u51fa\u7684\u5b9e\u8d28\u4ef7\u503c\u4f1a\u6709\u600e\u6837\u4e0d\u540c\u7684\u6f14\u53d8\uff0c<strong>\u8ba9\u6211\u770b\u770b\u53e6\u5916\u4e00\u79cd\u4e0d\u540c\u5f62\u5f0f\u7684\u6295\u8d44-\u5927\u5b66\u6559\u80b2\uff0c<\/strong>\u5047\u8bbe\u628a\u6559\u80b2\u6210\u672c\u5f53\u4f5c\u662f\u5e10\u9762\u4ef7\u503c\uff0c\u518d\u7b97\u7684\u4ed4\u7ec6\u4e00\u70b9\uff0c\u8fd8\u8981\u5305\u542b\u5b66\u751f\u56e0\u4e3a\u8bfb\u4e66\u800c\u653e\u5f03\u5de5\u4f5c\u6536\u5165\u7684\u673a\u4f1a\u6210\u672c\u3002<br \/>\u5728\u8fd9\u91cc\uff0c\u6211\u4eec\u59d1\u4e14\u5148\u4e0d\u8bba\u975e\u7ecf\u6d4e\u7684\u6548\u76ca\u800c\u53ea\u4e13\u6ce8\u4e8e\u7ecf\u6d4e\u6548\u76ca\uff0c\u9996\u5148\uff0c\u6211\u4eec\u5fc5\u987b\u5148\u4f30\u8ba1\u8fd9\u4f4d\u6bd5\u4e1a\u751f\u5728\u6bd5\u4e1a\u540e\u7ec8\u5176\u4e00\u751f\u7684\u804c\u573a\u751f\u6daf\u6240\u80fd\u5f97\u5230\u7684\u6536\u5165\uff0c\u7136\u540e\u518d\u6263\u9664\u8981\u662f\u4ed6\u6ca1\u6709\u63a5\u53d7\u8fd9\u9879\u6559\u80b2\uff0c\u539f\u672c\u53ef\u4ee5\u5f97\u5230\u7684\u6536\u5165\uff0c\u4ece\u800c\u6211\u4eec\u53ef\u4ee5\u5f97\u5230\u56e0\u4e3a\u8fd9\u9879\u6295\u8d44\uff0c\u4ed6\u53ef\u4ee5\u83b7\u5f97\u7684\u989d\u5916\u6536\u5165\uff0c\u5f53\u7136\u4e4b\u540e\u8fd8\u8981\u5229\u7528\u4e00\u4e2a\u9002\u5f53\u7684\u5229\u7387\u52a0\u4ee5\u6298\u73b0\uff0c\u5f97\u5230\u622a\u81f3\u6bd5\u4e1a\u65e5\u6b62\u7684\u6298\u73b0\u503c\uff0c\u6240\u5f97\u5230\u7684\u6570\u5b57\u4e5f\u5c31\u7b49\u4e8e\u8fd9\u573a\u6559\u80b2\u6240\u80fd\u591f\u5e26\u6765\u7684\u5b9e\u8d28\u7ecf\u6d4e\u4ef7\u503c\u3002<\/p><p>\u6709\u4e9b\u6bd5\u4e1a\u751f\u53ef\u80fd\u4f1a\u53d1\u73b0\u5176\u5e10\u9762\u6210\u672c\u53ef\u80fd\u8fdc\u9ad8\u4e8e\u8ba1\u7b97\u51fa\u6765\u7684\u5b9e\u8d28\u4ef7\u503c\uff0c\u8fd9\u5c31\u4ee3\u8868\u7740\u4e0d\u503c\u5f97\u4ed6\u53bb\u63a5\u53d7\u8fd9\u6837\u7684\u6559\u80b2\uff0c\u76f8\u5bf9\u5730\uff0c\u8981\u662f\u63a5\u53d7\u6559\u80b2\u6240\u4ea7\u751f\u7684\u5b9e\u8d28\u4ef7\u503c\u8fdc\u9ad8\u4e8e\u6295\u5165\u7684\u6210\u672c\uff0c\u90a3\u4e48\u5c31\u8868\u793a\u8fd9\u6837\u7684\u6295\u8d44\u662f\u660e\u667a\u7684\u6289\u62e9\uff0c<br \/><strong>\u4e0d\u8fc7\u4e0d\u7ba1\u600e\u6837\uff0c\u6709\u4e00\u70b9\u5f88\u660e\u786e\u7684\uff0c\u90a3\u5c31\u662f\u5b9e\u8d28\u4ef7\u503c\u7684\u591a\u5be1\u8ddf\u5e10\u9762\u6295\u5165\u6210\u672c\u4e00\u70b9\u5173\u7cfb\u90fd\u6ca1\u6709\u3002<\/strong><br \/>\u82e5\u5404\u4f4d\u89c9\u5f97\u8fd9\u79cd\u8bf4\u6cd5\u5b66\u7a76\u6c14\u592a\u91cd\uff0c\u5c31\u8ba9\u6211\u4eec\u4ee5Berkshire\u672c\u8eab\u5b9e\u9645\u6295\u8d44\u53f2\u8003\u7279\u98de\u5179\u7684\u7ecf\u9a8c\u5f53\u505a\u5177\u4f53\u7684\u4f8b\u8bc1\uff0c&#8230;.<br \/>( https:\/\/ufqi.com\/news\/ulongpage.8092.html?tit=\u7f8e\u56fd\u80a1\u795e\u6c83\u4f26\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1&#8211;1995\u5e74-2:\u8d26\u9762\u4ef7\u503c\u4e0e\u5b9e\u8d28\u4ef7\u503c\u548c\u5185\u5728\u4ef7\u503c )<\/p><\/blockquote>\n\n\n\n<p>\u547c\u5e94\u5341\u591a\u5e74\u524d\u5c06\u6295\u8d44\u4f01\u4e1a\u7684\u884c\u4e3a\u7c7b\u6bd4\u4e3a\u5b69\u5b50\u5927\u5b66\u6559\u80b2\uff0c\u66f4\u8fdb\u4e00\u6b65\u5730\u9610\u8ff0\uff0c\u5b69\u5b50\u5927\u5b66\u6bd5\u4e1a\u540e\u7684\u4ea7\u51fa\u3001\u4f01\u4e1a\u7684\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\uff0c\u4e0e\u5b69\u5b50\u4e0a\u5927\u5b66\u671f\u95f4\u7684\u82b1\u8d39\u3001\u5bf9\u4f01\u4e1a\u6240\u6295\u5165\u7684\u8d26\u9762\u4ef7\u503c\uff0c\u4e24\u8005\u5173\u7cfb\u4e0d\u5927\u3002<br \/>\u81f3\u6b64\uff0cBerkshire\u516c\u53f8\u7684\u80a1\u4e1c\u4eec\u5e94\u8be5\u5927\u81f4\u80fd\u591f\u660e\u767d\u4e86\u4f01\u4e1a\u5b9e\u9645\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\u662f\u600e\u4e48\u4e00\u56de\u4e8b\u3002<br \/>\u540c\u65f6\uff0c\u8fd9\u53e5\u8bdd\u9700\u8981\u518d\u5f3a\u8c03\u4e00\u904d\uff1a<br \/><strong>\u867d\u7136\u6a21\u7cca\u96be\u8fa8\uff0c\u4f46\u5b9e\u8d28\u4ef7\u503c\u5374\u662f\u6700\u91cd\u8981\u7684\uff0c\u4e5f\u662f\u552f\u4e00\u80fd\u591f\u4f5c\u4e3a\u8bc4\u4f30\u6295\u8d44\u6807\u7684\u4e0e\u4f01\u4e1a\u7684\u5408\u7406\u65b9\u6cd5\u3002<\/strong><\/p>\n\n\n\n<p>\u4f01\u4e1a\u5b9e\u9645\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\uff0c\u9996\u5148\u662f\u4e00\u79cd\u57fa\u672c\u9762\u4f30\u503c\uff0c\u5bf9\u4f01\u4e1a\u672a\u6765\u7ec8\u5176\u4e00\u751f\u6240\u80fd\u4ea7\u751f\u73b0\u91d1\u6d41\u7684\u4f30\u7b97\u6298\u73b0\u503c\u3002<br \/>\u5982\u679c\u4f01\u4e1a\u5b9e\u8d28\u5185\u5728\u4ef7\u503c\u96be\u4ee5\u4f30\u7b97\uff0c\u5df4\u83f2\u7279\u8fd8\u63d0\u4f9b\u4e86\u53e6\u5916\u4e00\u4e2a\u89c6\u89d2\u7684\u6570\u636e\uff1a\u6bcf\u80a1\u51c0\u8d44\u4ea7.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\uff082012\u5e74\uff09<strong>\u6211\u4eec\u6ca1\u6709\u529e\u6cd5\u53ef\u4ee5\u7cbe\u786e\u8ba1\u7b97\u5185\u5728\u4ef7\u503c\u3002\u4f46\u662f\u6211\u4eec\u786e\u5b9e\u6709\u4e00\u4e2a\u76f8\u5f53\u6709\u7528\u5c3d\u7ba1\u6709\u76f8\u5f53\u7a0b\u5ea6\u7684\u4f4e\u4f30\u7684\u5185\u5728\u4ef7\u503c\u4ee3\u7528\u6307\u6807\uff1a\u6bcf\u80a1\u51c0\u8d44\u4ea7<\/strong>\u3002<\/p><\/blockquote>\n\n\n\n<p>\u53ea\u662f\u5982\u4f55\u76f8\u5bf9\u51c6\u786e\u5730\u8fdb\u884c\u4f01\u4e1a\u5185\u5728\u4ef7\u503c\u4f30\u503c\uff1f\u5982\u679c\u5b69\u5b50\u5927\u5b66\u6559\u80b2\u7684\u7c7b\u6bd4\u6070\u5f53\u7684\u8bdd\uff0c\u6211\u4eec\u5bf9\u4e24\u4e2a\u5b69\u5b50\u7684\u5927\u5b66\u6559\u80b2\uff0c\u4e3a\u4f55\u80fd\u5927\u81f4\u4f30\u8ba1\u51fa\u4e00\u4e2a\u5b69\u5b50\u5c06\u6765\u201c\u6709\u51fa\u606f\/\u80fd\u6323\u5927\u94b1\u201d\uff0c\u800c\u53e6\u4e00\u4e2a\u5b69\u5b50\u5c06\u6765\u201c\u6ca1\u51fa\u606f\/\u7a9d\u56ca\u5e9f\u201d\u5462\uff1f<br \/>\u6211\u4eec\u5f88\u5bb9\u6613\u5f97\u627e\u5230\u652f\u6491\u7406\u7531\uff0c\u54c1\u5b66\u517c\u4f18\u7684\u5b66\u9738\uff0c\u603b\u662f\u5927\u6982\u7387\u4f1a\u6709\u5149\u660e\u7684\u672a\u6765\u3002<\/p>\n\n\n\n<p>\u4f01\u4e1a\u91cc\u6709\u54c1\u5b66\u517c\u4f18\u7684\u201c\u4f01\u9738\u201d\u5417\uff1f<br \/>\u6211\u4eec\u5e0c\u671b\u63a5\u4e0b\u6765\u6709\u4f1a\u89e3\u8bfb\u6295\u8d44\u5927\u5e08\u6c83\u4f26\u5df4\u83f2\u7279\u7684\u9009\u80a1\u62e9\u65f6\u7684\u4e00\u4e9b\u505a\u6cd5\uff0c\u770b\u770b\u80a1\u795e\u4e16\u754c\u9996\u5bcc\u662f\u5982\u4f55\u5728\u6797\u6797\u603b\u603b\u7684\u4e16\u754c\u4e2d\u627e\u5230\u4f01\u4e1a\u754c\u7684\u201c\u4f01\u9738\u201d\u7684\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/ufqi.com\/news\/view\/ueditor\/php\/upload\/image\/202302\/261677425555273622.png\" alt=\"buffet-vs-sp500-2022-2.png\" \/><figcaption>\u6c83\u4f26\u5df4\u83f2\u7279\u50b2\u4eba\u7684\u6295\u8d44\u4e1a\u7ee950\u5e74\u4ee5\u4e0a20%\u4ee5\u4e0a\u5e74\u5316\u6536\u76ca\u7387<\/figcaption><\/figure>\n\n\n\n<p>\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u5341\u4e8c\u7bc7\u4e60\u4f5c\uff0c\u4e4b\u524d\u7684\u5404\u7bc7\u9644\u5217\u5982\u4e0b\u3002<\/p>\n\n\n\n<ol><li>\u91d1\u878d\u8bc1\u5238\u5e02\u573a\u4fdd\u62a4\u6027\u6b62\u635f\u7684\u91cd\u8981\u6027\uff0c https:\/\/ufqi.com\/blog\/security-sell-to-stop-losing\/<\/li><li>\u7ecf\u6d4e\u5468\u671f\u8bba\u517c\u8bae\u79f0\u50b2\u80a1\u7968\u725b\u5e02\u718a\u5e02\u7684\u79d8\u5bc6\uff0c https:\/\/ufqi.com\/blog\/economic-cycles-and-profits-in-stock\/<\/li><li>\u56fd\u503a\u4e0e\u4fe1\u7528\u8d27\u5e01\uff0c<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/treasure-credit-money\/\" target=\"_blank\">&nbsp;https:\/\/ufqi.com\/blog\/treasure-credit-money\/<\/a><\/li><li>\u7406\u6027\u7ecf\u6d4e\u4eba\u5728\u8fb9\u9645\u4e0a\u505a\u9009\u62e9\uff0c&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/economic-selection-on-margin\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/economic-selection-on-margin\/<\/a><\/li><li>\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-4\uff0c&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-buffett\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/income-rate-annuals-with-buffett\/<\/a><\/li><li>\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-3\uff0c&nbsp;<br \/><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/\" target=\"_blank\">https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/<\/a><\/li><li><a href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/\">\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-2&nbsp;<\/a>\uff0c&nbsp;https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/income-rate-annuals\/\" target=\"_blank\">\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387<\/a>\uff0c https:\/\/ufqi.com\/blog\/income-rate-annuals\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/political-reform-country-vs-home\/\" target=\"_blank\">\u6cbb\u5927\u56fd\u82e5\u8fc7\u5c0f\u5bb6\u2014\u2014\u5199\u5199\u738b\u671d\u5174\u8870\u66f4\u66ff\u80cc\u540e\u7684\u7ecf\u6d4e\u8d26<\/a>\uff0c&nbsp;https:\/\/ufqi.com\/blog\/political-reform-country-vs-home\/<\/li><li>&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/captial-rate-and-minus-rate\/\" target=\"_blank\">\u5199\u5199\u5b58\u6b3e\u5229\u7387\u8d37\u6b3e\u5229\u7387\u548c\u8d1f\u5229\u7387<\/a>\uff0c&nbsp;https:\/\/ufqi.com\/blog\/captial-rate-and-minus-rate\/<\/li><li><a rel=\"noreferrer noopener\" href=\"https:\/\/ufqi.com\/blog\/us-1929-economic-crisis-2020-stock-shock\/\" target=\"_blank\">\u5199\u51991929\u5e74\u7f8e\u56fd\u7ecf\u6d4e\u5927\u8427\u6761\u4e0e2020\u5e74\u7f8e\u56fd\u80a1\u5e02\u5927\u8dcc<\/a>\uff0c&nbsp;https:\/\/ufqi.com\/blog\/us-1929-economic-crisis-2020-stock-shock\/<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator\" \/>\n\n\n\n<figure class=\"wp-block-image is-resized\"><a href=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo.png\"><img loading=\"lazy\" src=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo.png\" alt=\"\" class=\"wp-image-2724\" width=\"175\" height=\"175\" srcset=\"https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo.png 256w, https:\/\/ufqi.com\/blog\/wp-content\/uploads\/2022\/01\/ufqifina-logo-150x150.png 150w\" sizes=\"(max-width: 175px) 100vw, 175px\" \/><\/a><figcaption>\u6709\u798f\u91d1\u878dUfqiFina : https:\/\/ufqi.com\/finance<\/figcaption><\/figure>\n\n\n\n<p>\u6709\u798f\u91d1\u878d \u662f\u4e00\u4e2a\u65e8\u5728\u4fc3\u8fdb\u8d22\u5bcc\u7a33\u6b65\u589e\u957f\u7684\u5de5\u5177\u5e73\u53f0\u3002<br \/>UfqiFina is a platform of tools designed to promote wealth growth steadily.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6216\u8bb8\u662f\u67d0\u79cd\u5de7\u5408\uff0c2023\u5e743\u670831\u65e5\uff0c\u5386\u7ecf\u51e0\u4e2a\u6708\u7684\u65f6\u95f4\uff0c\u9605\u8bfb\u3001\u7406\u89e3\u548c\u7f16\u8f91\u5b8c\u6210\u4e86\u7f8e &hellip; <a href=\"https:\/\/ufqi.com\/blog\/warren-buffett-intrisic-business-value\/\">\u7ee7\u7eed\u9605\u8bfb <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[401,564,563,562,561,402,387,560,396,397],"_links":{"self":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2960"}],"collection":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/comments?post=2960"}],"version-history":[{"count":8,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2960\/revisions"}],"predecessor-version":[{"id":2978,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2960\/revisions\/2978"}],"wp:attachment":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media?parent=2960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/categories?post=2960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/tags?post=2960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}