{"id":15094,"date":"2022-04-03T01:47:30","date_gmt":"2022-04-03T09:47:30","guid":{"rendered":"https:\/\/www.horace.org\/blog\/?p=15094"},"modified":"2022-04-05T08:44:39","modified_gmt":"2022-04-05T16:44:39","slug":"%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5","status":"publish","type":"post","link":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/","title":{"rendered":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"15095\" data-permalink=\"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&amp;ssl=1\" data-orig-size=\"1280,720\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=474%2C267&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?resize=300%2C169&#038;ssl=1\" alt=\"\" width=\"300\" height=\"169\" class=\"alignnone size-medium wp-image-15095\" srcset=\"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?w=1280&amp;ssl=1 1280w, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?w=948&amp;ssl=1 948w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210\u4e00\u570b\u4e00\u5236\uff0c\u5171\u7522\u9ee8\u7e3d\u4e0d\u6210\u7981\u6b62\u7092\u80a1\u7968\u5427\u3002\u5f9e\u4eca\u958b\u59cb\u6211\u5728\u9999\u6e2f\u7db2\u7d61\u5e73\u53f0\u767c\u8868\u7684\u6587\u7ae0\uff0c\u5c07\u6703\u4ee5\u6295\u8cc7\u77e5\u8b58\u548c\u6280\u5de7\u5206\u4eab\u70ba\u4e3b\u3002<\/p>\n<p>\u8aaa\u5b8c\u6211\u70ba\u4ec0\u9ebc\u5beb\u6295\u8cc7\u6587\u7ae0\uff0c\u90a3\u4f5c\u70ba\u8b80\u8005\u7684\u4f60\uff0c\u53c8\u70ba\u4ec0\u9ebc\u8981\u770b\u6211\u7684\u6295\u8cc7\u6587\u7ae0\u5462\uff1f\u6211\u4e0d\u662f\u91d1\u878d\u5c08\u696d\u4eba\u4ed5\uff0c\u53ea\u662f\u5728\u67d0\u8001\u5b57\u865f\u77fd\u8c37\u5927\u516c\u53f8\u6253\u5de5\u7684\u5de5\u7a0b\u5e2b\u3002\u6295\u8cc7\u80a1\u9f61\u52c9\u5f37\u53ef\u4ee5\u8aaa\u8d85\u904e\u4e09\u5341\u5e74\uff0c\u5927\u5b78\u5e74\u4ee3\u6253\u5de5\u8cfa\u9322\u5df2\u7d93\u6709\u73a9\u80a1\u7968\uff0c\u66fe\u7d93\u8d0f\u904e\u5f88\u591a\u7d19\u4e0a\u8ca1\u5bcc\uff0c\u7136\u5f8c\u79d1\u7db2\u6ce1\u6cac\u7206\u7834\uff0c\u8755\u9322\u7684\u8cc7\u7522\u589e\u503c\u9000\u7a05\u984d\uff0c\u7528\u4e86\u5341\u5e74\u624d\u7528\u5b8c\u3002\u4eba\u751f\u5927\u90e8\u6642\u9593\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5c31\u662f\u975e\u5e38\u6c89\u60b6\uff0c\u975e\u5e38\u88ab\u52d5\u5730\u8cb7\u5728\u9000\u4f11\u6236\u53e3\u8cb7ETF\uff0c\u6258\u8cf4\u8fd1\u5341\u5e74\u5927\u725b\u5e02\uff0c\u6295\u8cc7\u7684\u56de\u5831\u4e5f\u5f88\u7406\u60f3\u3002\u76f4\u5230\u75ab\u60c5\u958b\u59cb\u5f8c\uff0c\u4e00\u500b\u5e02\u5834\u5927\u6d6a\u6bba\u5f97\u6211\u624b\u8db3\u7121\u63aa\uff0c\u52a0\u4e0awork from home\u6709\u5f88\u591a\u86c7\u738b\u5077\u61f6\u7684\u6a5f\u6703\uff0c\u65bc\u662f\u958b\u59cb\u6bcf\u5929\u5f88\u52e4\u529b\u5730\u7747\u5e02\u3002\u9019\u5169\u5e74\u9593\u6211\u4ea4\u4e86\u5f88\u591a\u5b78\u8cbb\uff0c\u671f\u9593\u7684\u7d93\u6b77\u6709\u6a5f\u6703\u548c\u5927\u5bb6\u6162\u6162\u5206\u4eab\u3002\u5f9e2020\u5e74\u6211\u81ea\u5df2\u958b\u59cb\u64cd\u76e4\u8a08\uff0c\u52302022\u5e74\u7b2c\u4e00\u5b63\u7d50\u7b97\u552f\u6b62\uff0c\u9000\u4f11\u5927\u5009\u6211\u662f\u8dd1\u8d0f\u5927\u5e02(\u8a08SPY\u548cQQQ\uff09\u3002\u9ad8\u98a8\u96aa\u8ced\u9322\u7d30\u5009\uff0c\u4e00\u5e74\u56de\u5831\u8d85\u904e\u5169\u500d\uff0c\u4eca\u5e74\u9996\u5b63\u5168\u4e16\u754c\u8755\u9322\uff0c\u6211\u9006\u5e02\u5927\u8cfa40%\u3002<\/p>\n<p>\u9019\u5169\u5e74\u6211\u95b1\u8b80\u548c\u6536\u770b\u5f88\u591a\u8ca1\u7d93\u8cc7\u8a0a\uff0c\u574a\u9593\u6709\u5206\u5716\u8868\u6d3e\u548c\u57fa\u672c\u6d3e\u4e4b\u722d\uff0c\u6211\u5c31\u8a8d\u70ba\u53ea\u6709\u5c0f\u670b\u53cb\u624d\u8981\u9078\u64c7\uff0cwhy not both? \u7528\u57fa\u672c\u6d3e\u7684\u529f\u592b\u9078\u64c7\u677f\u584a\u548c\u80a1\u7968\uff0c\u7528\u5716\u8868\u6d3e\u7684\u529f\u592b\u5c0b\u627e\u5165\u5e02\u51fa\u8ca8\u7684\u6642\u6a5f\u3002\u6211\u767c\u89ba\u5728\u9999\u6e2f\u4e2d\u6587\u5a92\u9ad4\u7684\u8ca1\u7d93\u8a55\u8ad6\u54e1\uff0c\u5c6c\u65bc\u5b8f\u89c0\u7d93\u6fdf\u6d3e\u7684\u6709\u5982\u9cf3\u6bdb\u9e9f\u89d2\uff0c\u800c\u6211\u7684\u6295\u8cc7\u7406\u5ff5\u4e3b\u8981\u662f\u5f9e\u5b8f\u89c0\u7d93\u6fdf\u7684\u57fa\u790e\u51fa\u767c\uff0c\u5c0d\u9999\u6e2f\u8b80\u8005\u76f8\u4fe1\u6703\u6709\u65b0\u9bae\u611f\u3002\u4eca\u5e74\u6211\u6295\u8cc7\u6210\u7e3e\u5f88\u597d\uff0c\u5168\u56e0\u53bb\u5e74\u5e74\u5c3e\u898b\u4fc4\u570b\u6e96\u5099\u5165\u4fb5\u70cf\u514b\u862d\uff0c\u52a0\u4e0a\u806f\u5132\u5c40\u53c8\u8a71\u4eca\u5e74\u52a0\u606f\uff0c\u4fbf\u628a\u6236\u53e3\u4e2d\u7684\u4e00\u4e9b\u79d1\u6280\u80a1\u8ce3\u51fa\uff0c\u8cb7\u5165\u9022\u6253\u4ed7\u5fc5\u5347\u7684\u9ec3\u91d1\u80a1\u3002\u518d\u770b\u70cf\u514b\u862d\u7684\u4e3b\u8981\u51fa\u53e3\u662f\u7926\u7522\u548c\u5c0f\u9ea5\uff0c\u8cb7\u5165\u4e00\u4e9b\u7926\u80a1\u548c\u7ce7\u98df\u80a1\u6295\u6a5f\u3002\u5176\u4e2d\u6210\u7e3e\u6700\u597d\u7684\u662f\u5316\u80a5\u516c\u53f8NTR\uff0c\u56e0\u70ba\u767d\u4fc4\u548c\u4fc4\u570b\u662f\u4e3b\u8981\u5316\u80a5\u51fa\u53e3\u570b\uff0c\u88ab\u5236\u88c1\u4ee4\u9019\u80a1\u7968\u5728\u5e7e\u500b\u6708\u5927\u534770%\uff0c\u770b\u898b\u548c\u8ac7\u958b\u59cb\u6230\u722d\u5b8c\u7d50\u5728\u671b\uff0c\u4fbf\u5728\u4e0a\u661f\u671f\u958b\u59cb\u5206\u6bb5\u51fa\u8ca8\u9396\u5b9a\u5229\u6f64\u3002\u53ef\u80fd\u6211\u53ea\u662f\u904b\u6c23\u597d\uff0c\u4f46\u6211\u65e2\u7136\u8a8d\u70ba\u81ea\u5df1\u7b97\u662f\u6709\u9ede\u6295\u8cc7\u5fc3\u5f97\uff0c\u7d22\u6027\u5beb\u51fa\u4f86\u6574\u7406\u601d\u8003\u3002\u5e02\u5834\u4e0a\u6c92\u6709\u5206\u5c0d\u932f\uff0c\u53e3\u820c\u4e4b\u722d\u6c92\u6709\u610f\u7fa9\uff0c\u53ea\u6709\u8cfa\u8755\u7684\u7d50\u679c\u624d\u662f\u771f\u5be6\u3002\u5927\u5bb6\u7747\u5b8c\u767c\u89ba\u6211\u6709\u4ec0\u9ebc\u932f\u6f0f\uff0c\u4e0d\u59a8\u63d0\u51fa\u4f86\u591a\u591a\u6307\u6559\uff0c\u4fee\u6b63\u6211\u7684\u601d\u8003\u76f2\u9ede\u3002<\/p>\n<p><a href=\"https:\/\/tokenist.com\/investing\/dragon-portfolio\/\">Chris Cole\u7684Dragon Portfolio<\/a>\uff0c\u53ef\u4ee5\u8aaa\u662f\u6211\u5b8f\u89c0\u6d3e\u7684\u555f\u8499\u8001\u5e2b\uff0c\u8b93\u6211\u958b\u773c\u754c\u77e5\u9053\u6295\u8cc7\u4e0d\u662f\u53ea\u6709\u80a1\u7968\u3002\u6295\u8cc7\u4e0d\u662f\u7092\u51fa\u7092\u5165\uff0c\u800c\u662f\u505a\u597d\u98a8\u96aa\u7ba1\u7406\uff0c\u5e73\u8861\u4e0d\u540c\u7684\u8cc7\u7522\u7d44\u5408\uff0c\u6bcf\u4e00\u985e\u8cc7\u7522\u90fd\u6709\u5176\u5347\u8dcc\u7279\u6027\uff0c\u4e92\u76f8\u88dc\u8db3\u5f9e\u800c\u4f4e\u8cb7\u9ad8\u8ce3\u3002\u91d1\u9322\u662f\u4e0d\u6703\u6d88\u5931\uff08\u5927\u90e8\u4efd\u60c5\u6cc1\u4e0b\uff09\uff0c\u53ea\u662f\u50cf\u6c34\u4e00\u6a23\u6d41\u4f86\u6d41\u53bb\u3002\u53ea\u770b\u80a1\u96bb\u683c\u50f9\u6578\u5b57\u7684\u5347\u8dcc\uff0c\u5b8c\u5168\u662f\u898b\u6a39\u4e0d\u898b\u6797\u7684\u7092\u8ce3\u65b9\u6cd5\u3002\u6355\u6349\u91d1\u9322\u6d41\u52d5\u7684\u65b9\u5411\uff0c\u9806\u52e2\u800c\u884c\u624d\u662f\u6295\u8cc7\u4e4b\u9053\u3002Dragon Portfolio\u628a\u8cc7\u7522\u5206\u70ba\u4e94\u500b\u985e\u5225\uff0c\u800c\u6211\u6839\u64da\u6211\u7684\u6295\u8cc7\u7d93\u9a57\uff0c\u628a\u8cc7\u7522\u5206\u70ba\u4e5d\u5927\u7a2e\u985e\u3002<\/p>\n<p><strong>1. \u80a1\u7968 (Equity)<\/strong><br \/>\n\u80a1\u7968\u76f8\u4fe1\u6c92\u6709\u4eba\u4e0d\u8b58\uff0c\u5f88\u591a\u4eba\u4ee5\u70ba\u6295\u8cc7\u7b49\u65bc\u8cb7\u80a1\u7968\u3002\u5176\u5be6\u9664\u4e86\u80a1\u7968\u5916\uff0c\u9084\u6709\u5176\u4ed6\u4e0d\u540c\u7a2e\u985e\u7684\u8cc7\u7522\u3002\u800c\u80a1\u7968\u53ea\u662f\u4e00\u500b\u7d71\u7a31\uff0c\u5728\u80a1\u5e02\u4e2d\u6709ticker\u53ef\u4ee5\u4ea4\u6613\u7684\uff0c\u6709\u4e9b\u5176\u5be6\u662f\u5c6c\u65bc\u5176\u4ed6\u985e\u5225\u7684\u8cc7\u7522\u3002\u4e00\u822c\u800c\u8a00\u8cb7\u80a1\u7968\u5c31\u662f\u770b\u597d\u67d0\u516c\u53f8\u7684\u524d\u666f\uff0c\u4e00\u662f\u73fe\u91d1\u6d41\u5f37\u52c1\u6709\u7a69\u5b9a\u80a1\u606f\u6d3e\uff0c\u4e00\u662f\u9ad8\u589e\u9577\u80a1\u50f9\u6c34\u8139\u8239\u9ad8\u3002\u8cb7\u80a1\u7968\u4e0d\u80fd\u6c92\u6709\u57fa\u672c\u6d3e\u7684\u529f\u592b\uff0c\u67d0\u516c\u53f8\u524d\u666f\u5982\u4f55\uff0c\u5c31\u7b97\u4e0d\u8b80\u5e74\u5831\uff0c\u4e5f\u8981\u4e0a\u53bb\u516c\u53f8\u7684\u7db2\u9801\u770b\u770b\u5427\u3002\u55ae\u770b\u5716\u8868\u7092\u4e0a\u7092\u843d\u4e0d\u662f\u6295\u8cc7\uff0c\u9023\u6295\u6a5f\u4e5f\u8aaa\u4e0d\u4e0a\uff0c\u90a3\u53ea\u662f\u8ced\u535a\u3002\u99ac\u5f8c\u70ae\u7684\u5716\u8868\u6d3e\u5341\u5206\u6e96\u78ba\uff0c\u56e0\u70ba\u5716\u8868\u5927\u81f3\u4e0a\u6709\u5169\u7a2e\u756b\u6cd5\uff0c\u80a1\u50f9\u4e0d\u662fmomentum trend\u5c31\u662frevert to mean\uff0c\u99ac\u5f8c\u70ae\u4e00\u5b9a\u53ef\u4ee5\u756b\u5f97\u4e2d\u3002\u81f3\u65bc\u4f55\u6642\u8a72\u7528\u90a3\u4e00\u7a2e\u756b\u6cd5\uff0c\u5c31\u8981\u9760\u57fa\u672c\u6d3e\u7684\u529f\u592b\u53bb\u4f5c\u51faeducated guess\u4e86\u3002<\/p>\n<p><strong>2. \u50b5\u5238 (Bond)<\/strong><br \/>\n\u77e5\u9053\u8cb7\u50b5\u5238\u53ef\u4ee5\u6536\u606f\uff0c\u90a3\u662f\u521d\u7d1a\u6295\u8cc7\u73ed\u3002\u61c2\u5f97\u904b\u7528\u80a1\u7968\u50b5\u523860\/40\u7684risk parity portfolio\uff0c\u662f\u4e2d\u7d1a\u6295\u8cc7\u73ed\u3002\u4e0d\u904e\u81ea1980\u5e74\u50b5\u606f\u7d93\u904e\u56db\u5341\u5e74\u4e0d\u65b7\u4e0b\u8dcc\uff0c\u5f9e\u9ad8\u4f4d\u8dcc\u81f3\u96f6\uff0c\u8dcc\u7121\u53ef\u8dcc\uff0c\u50b5\u606f\u53ea\u6703\u4e0a\u4e0d\u6703\u843d\uff0c60\/40\u5df2\u5b8c\u5168\u5931\u6548\u3002\u7f8e\u570b\u80a1\u5e02\u7e3d\u503c$50T\u9382\uff0c\u7f8e\u570b\u50b5\u5e02\u7e3d\u503c\u9ad8\u904e$50T\u9382\uff0c\u50b5\u5e02\u5176\u5be6\u5927\u904e\u80a1\u5e02\u3002\u800c\u5176\u4e2d\u6700\u6700\u6700\u91cd\u8981\u7684\u50b5\u5238\uff0c\u662f\u7f8e\u570b\u570b\u50b5\u7684\u5229\u606f\uff0c\u5c31\u662f\u6574\u500b\u5e02\u5834\u7684\u5229\u606f\u3002\u6295\u8cc7\u9ad8\u7d1a\u73ed\u6709\u6559\uff0c\u5229\u606f\u4e43\u91d1\u9322\u7684\u50f9\u503c\uff0c\u800c\u91d1\u9322\u662f\u6240\u6709\u8cb7\u8ce3\u7684\u4e00\u534a\uff0c\u8981\u770b\u61c2\u5e02\u5834\u5fc5\u9700\u8981\u660e\u767d\u5229\u606f\u5982\u4f55\u904b\u4f5c\u3002\u50b5\u5e02\u535a\u5927\u7cbe\u6df1\uff0c\u66f4\u662f\u80a1\u5e02\u98a8\u5411\u7684\u6307\u6a19\u3002\u6211\u53ea\u662f\u500b\u9580\u5916\u6f22\uff0c\u7747\u904e\u5c11\u5c11\u66f8\u807d\u904e\u5c11\u5c11podcast\uff0c\u7c97\u7565\u77e5\u9053\u4e5c\u91ce\u4fc2reverse repo\uff0ceuro dollars\uff0c\u806f\u5132\u5c40\u90a3\u4e9b\u5b57\u6bcd\u6e6f\uff0c\u77e5\u9053\u525b\u525b\u7684\u50b5\u606f\u5012\u639b\uff08yield curve inversion\uff09\u5c07\u6703\u597d\u5927\u944a\u3002\u73fe\u5728\u6b63\u81e8\u6025\u62b1\u4f5b\u8173\uff0c\u7814\u7a76\u50b5\u606f\u5012\u639b\u7d93\u6fdf\u8870\u9000\u4e0b\u7684\u6295\u8cc7\u7b56\u7565\u3002<\/p>\n<p><strong>3. \u73fe\u91d1 (Cash)<\/strong><br \/>\n\u5f88\u591a\u4eba\u8a8d\u70ba\u653e\u73fe\u91d1\u5728\u9280\u884c\u4e0d\u662f\u6295\u8cc7\uff0c\u5176\u5be6\u63f8\u73fe\u91d1\u4e5f\u662f\u6295\u8cc7\u7684\u4e00\u500b\u9078\u9805\u3002\u5728\u76ee\u524d\u5e02\u5834\u592a\u591a\u4e0d\u660e\u6717\u7684\u56e0\u7d20\u4e0b\uff0c\u8d81\u9084\u6709\u7372\u5229\u6642\u653e\u8ca8\u6536\u6578\u888b\u9322\uff0c\u975c\u5019\u5165\u5e02\u6642\u6a5f\u4e5f\u4e0d\u5931\u70ba\u597d\u7684\u6295\u8cc7\u7b56\u7565\u3002\u6211\u6703\u7528credit\u7684\u89d2\u5ea6\u53bb\u770b\u4f8d\u73fe\u91d1\uff0c\u5c31\u662f\u4f60\u96a8\u6642\u53ef\u4ee5\u52d5\u7528\u7684\u6d41\u52d5\u8cc7\u672c\uff0c\u501f\u9322\u4ffe\u5229\u606f\u548c\u73fe\u91d1\u653e\u9280\u884c\u5187\u606f\u6536\uff0c\u53ea\u662fcredit\u6210\u672c\u7684\u4e00\u5e63\u5169\u9762\uff0c\u9019\u662f\u6211\u5728\u73a9\u4e86option\u548cmargin\u6236\u53e3\u5f8c\u7684\u9ad4\u6703\u3002\u5728\u4f4e\u606f\u7684\u5927\u74b0\u5883\u4e0b\uff0c\u53ea\u8981\u5347\u503c\u5e36\u4f86\u7684\u5229\u6f64\u6bd4\u5229\u606f\u9ad8\uff0c\u501f\u9322\u6295\u8cc7\u4e0d\u5931\u70ba\u4e00\u500b\u597d\u7b56\u7565\u300208\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\u6211\u505a\u4e86\u4e00\u6b21\uff0c\u6709\u4e00\u6bb5\u5f88\u9577\u6642\u9593\u63a5\u8fd1\u96f6\u5229\u7387\uff0c\u6709\u62b5\u62bc\u501f\u8cb8\u53ea\u662f1%\u5229\u606f\uff0c\u8cb7\u4e9b\u6709\u80a1\u606f\u7684\u7c43\u7c4c\u80a1\uff0c\u52a0\u4e0a\u7576\u5e74\u662f\u6162\u725b\u5e02\uff0c\u800c\u501f\u9322\u6295\u8cc7\u5229\u606f\u53c8\u53ef\u4ee5\u6263\u7a05\uff0c\u69d3\u687f\u4e0b\u56de\u5831\u5341\u5206\u7406\u60f3\u3002\u7576\u7136\u59cb\u7d42\u662f\u501f\u9322\uff0c\u8981\u5c0f\u5fc3\u98a8\u96aa\u7ba1\u7406\u3002\u574a\u9593\u6709\u4e9b\u5bb3\u4eba\u4e0d\u6dfa\u8aaa\u6cd5\uff0c\u9280\u884c\u6236\u53e3\u4e2d\u8981\u6709\u8db3\u5920\u4e00\u5e74\u751f\u6d3b\u8cbb\u7684\u73fe\u91d1\uff0c\u4ee5\u9632\u6709\u4ec0\u9ebc\u51ac\u74dc\u8c46\u8150\u88ab\u4eba\u7092\u9b77\u7121\u9322\u958b\u98ef\u3002\u6211\u61f7\u7591\u9019\u662f\u6839\u672c\u9280\u884c\u7684\u9670\u8b00\uff0c\u8a98\u9a19\u5b58\u6236\u628a\u73fe\u91d1\u653e\u5728\u9280\u884c\u5187\u5229\u606f\u6536\u3002\u6b63\u78ba\u7684\u8aaa\u6cd5\uff0c\u662f\u5fc5\u9808\u6709\u4e00\u5e74\u751f\u6d3b\u8cbb\u7684line of credit\uff0c\u771f\u6b63\u6709\u9700\u8981\u6642\u4fbf\u53ef\u4ee5\u52d5\u7528\uff0c\u628a\u73fe\u91d1\u62ff\u53bb\u6295\u8cc7\u8cfa\u53d6\u5229\u6f64\uff0c\u8db3\u5920\u627e\u501f\u9322\u7684\u5229\u606f\u6709\u9918\u3002<\/p>\n<p><strong>4. \u623f\u5730\u7522 (Real Estate)<\/strong><br \/>\n\u5927\u90e8\u4efd\u4eba\u4e00\u751f\u6700\u5927\u7684\u6295\u8cc7\u662f\u9593\u5c4b\uff0c\u6a13\u50f9\u672a\u4f86\u6703\u5347\u5b9a\u8dcc\uff0c\u6211\u4e0d\u77e5\u9053\u3002\u6a13\u50f9\u8aaa\u5230\u5e95\u662f\u4f9b\u6c42\u554f\u984c\uff0c\u5f71\u97ff\u4f9b\u6c42\u7684\u56e0\u7d20\uff0c\u6709\u4eba\u53e3\uff0c\u5229\u606f\uff0c\u7d93\u6fdf\u5927\u74b0\u5883\uff0c\u8cc7\u91d1\u6d41\u52d5\u7b49\u7b49\uff0c\u771f\u4fc2\u8981\u8acb\u6559\u7d93\u6fdf\u5b78\u5bb6\u3002\u81ea\u5df1\u8cb7\u81ea\u5df1\u4f4f\u5176\u5be6\u6c92\u4e0d\u7b97\u6295\u8cc7\uff0c\u9664\u975e\u4f60\u6709\u79df\u5c4b\u6d25\u8cbc\u4e0d\u7136\u4e5f\u8981\u4ea4\u79df\uff0c\u53ea\u662f\u770b\u9322\u7d66\u9280\u884c\u8cfa\u9084\u662f\u623f\u6771\u8cfa\u3002\u623f\u5c4b\u7684\u76f4\u6b63\u6295\u8cc7\u50f9\u503c\uff0c\u5728\u65bc\u5411\u9280\u884c\u501f\u9322\u8cb8\u6b3e\u505a\u6309\u6b47\uff0c\u5148\u6d17\u672a\u4f86\u9322\u5e36\u4f86\u7684\u69d3\u687f\u56de\u5831\u3002\u52a0\u4e0a\u4e16\u754c\u5404\u570b\u72c2\u5370\u9280\u5e63\uff0c\u623f\u50f9\u96a8\u901a\u8139\u4e0a\u5347\uff0c\u5982\u679c\u53bb\u5e74\u505a\u4e86\u8d85\u4f4e\u5229\u7387\u7684\u4e09\u5341\u5e74\u6309\u6b47\uff0c\u90a3\u4efd\u6309\u6b47\u5c07\u6703\u662f\u4f60\u6700\u5927\u7684\u8cc7\u7522\uff0c\u540c\u6e1b\u606f\u50b5\u5238\u5347\u503c\u7684\u539f\u7406\u4e00\u6a23\u3002\u6709\u9592\u9322\u6709\u4eba\u559c\u6b61\u8cb7\u6a13\u6536\u79df\uff0c\u6015\u9ebb\u7169\u6c92\u6642\u9593\u53ef\u4ee5\u8acb\u5c08\u696d\u7ba1\u7406\uff0c\u4f46\u8cb7\u6a13\u8cc7\u91d1\u88ab\u9396\u6b7b\u4e0d\u6613\u5957\u73fe\uff0c\u597d\u8655\u662f\u5f37\u8feb\u4f60\u9577\u63f8\u4e0d\u6703\u7092\u51fa\u7092\u5165\uff0c\u58de\u8655\u662f\u8457\u8349\u8d70\u4eba\u5c31\u8981\u5288\u50f9\u8ce4\u8ce3\u3002\u5982\u679c\u770b\u597d\u623f\u5730\u7522\u5e02\u9053\uff0c\u4f46\u53c8\u60f3\u4fdd\u6301\u8cc7\u91d1\u52d5\u6d41\u6027\uff0c\u53ef\u4ee5\u9078\u64c7\u8cb7REIT\u57fa\u91d1\uff0c\u56de\u5831\u6bd4\u81ea\u5df2\u8cb7\u6a13\u6536\u79df\u52a0\u8acb\u7ba1\u7406\u76f8\u5dee\u7121\u6a5f\u3002<\/p>\n<p><strong>5. <a href=\"https:\/\/www.horace.org\/blog\/2020\/05\/16\/%e9%bb%83%e9%87%91%e6%8a%95%e8%b3%87%e6%8c%87%e5%8d%97\/\">\u9ec3\u91d1<\/a> (Gold)<\/strong><br \/>\n\u4eba\u985e\u6b77\u53f2\u904e\u53bb\u4e94\u5343\u5e74\uff0c\u9ec3\u91d1\u5c31\u662f\u9322\uff0c\u9322\u5c31\u662f\u9ec3\u91d1\u3002\u81ea1971\u5e74\u7f8e\u570b\u5ba3\u544a\u9ec3\u91d1\u8207\u7f8e\u5143\u812b\u52fe\uff0c\u5c55\u958b\u7121\u9328\u8ca8\u5e63(fiat currency)\u9019\u500b\u53f2\u7121\u524d\u4f8b\u7684\u7d93\u6fdf\u5be6\u9a57\uff0c\u5f88\u591a\u4eba\u8aaa\u9ec3\u91d1\u5df2\u7d93\u904e\u6642\uff0c\u662f\u6c92\u6709\u7528\u53c8\u6c92\u6709\u5229\u606f\u6536\u7684\u77f3\u982d\u3002\u4e0d\u904e\u5982\u679c\u4f60\u770b\u81ea1971\u5e74\u4ee5\u4f86\u9ec3\u91d1\u8207\u80a1\u5e02\u7684\u56de\u5831\uff0c\u5176\u5be6\u5169\u8005\u7684\u56de\u5831\u4e0d\u76f8\u4f2f\u4ef2\u3002\u82e5\u53ea\u8a08\u7b97\u672c\u4e16\u7d00\u7684\u56de\u5831\uff0c\u9ec3\u91d1\u66f4\u5927\u5e45\u8dd1\u8d0f\u80a1\u5e02\u3002\u7576\u7136\u4f60\u6703\u6295\u8a22\u8aaa\u6bd4\u8f03\u4e0d\u516c\u5e73\uff0c\u5c08\u6311\u79d1\u7db2\u7206\u7834\u524d\u5915\u624d\u958b\u59cb\u8a08\u7b97\uff0c\u4f46\u4eca\u5929\u80a1\u5e02\u7684\u4f30\u503c\u4ee5\u9ec3\u91d1\u4f86\u8a08\u7b97\uff0c\u6bd42000\u5e74\u9084\u8981\u9ad8\u5440\u3002\u8981\u660e\u767d\u9ec3\u91d1\u7684\u6295\u8cc7\u50f9\u503c\uff0c\u8981\u5f9e\u5f88\u54f2\u5b78\u5f88\u7d93\u6fdf\u5b78\u7684\u4f55\u8b02\u91d1\u9322\u958b\u59cb\u8b1b\u8d77\uff0c\u91d1\u9322\u53ea\u662f\u4fe1\u5fc3\u7684\u7522\u7269\uff0c\u7d93\u6fdf\u8ab2\u672c\u4e0a\u6559\u91d1\u9322\u7684\u4e09\u52a0\u4e00\u500b\u529f\u80fd\uff0c\u4e00\u8def\u8b1b\u5230\u8ca8\u5e63\u653f\u7b56\u7684\u6b77\u53f2\uff0ccounter party risk\uff0c\u672a\u4f86\u53ef\u80fd\u51fa\u73fe\u7684the great reset\u3002\u5982\u679c\u4f60\u76f8\u4fe1\u653f\u5e9c\u4e0d\u6703\u72c2\u5370\u9280\u7d19\uff0c\u9280\u7d19\u4e0d\u6703\u8cb6\u50f9\uff0c\u4f60\u5927\u53ef\u4ee5\u7121\u8996\u9ec3\u91d1\u7684\u5b58\u5728\u3002\u6295\u8cc7\u7d44\u5408\u4e2d\u6709\u9ec3\u91d1\u5c31\u50cf\u662f\u8cb7\u4fdd\u96aa\uff0c\u6e90\u65bc\u662f\u5c0dfiat\u672c\u8cea\u4e0a\u7684\u4e0d\u4fe1\u4efb\u3002\u6211\u81ea2016\u5e74$1200\u958b\u59cb\u8cb7\u91d1\uff0c\u4e00\u76f4\u662f\u6211\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u5b9a\u6d77\u795e\u91dd\u30022020\u5e74\u91d1\u50f9\u7834\u9802\u56de\u843d\u5f8c\uff0c\u6211\u66f4\u52aa\u529b\u947d\u7814\u91d1\u9280\u7926\u80a1\uff0cdollar cost average\u5165\u8ca8\uff0c\u91d1\u9280\u76f8\u95dc\u7684\u6295\u8cc7\u4f54\u7e3d\u8cc7\u752220%\u5de6\u53f3\u3002\u904e\u53bb\u4e00\u5e74\u96d6\u7136\u5187\u8cfa\u5187\u8755\u5f97\u500b\u64fa\u5b57\uff0c\u90a3\u662f\u70ba\u7f8e\u5143\u672a\u65e5\u7684\u90a3\u5929\u4f5c\u597d\u6e96\u5099\u3002<\/p>\n<p><strong>6. \u5546\u54c1 (Commodity)<\/strong><br \/>\n\u80a1\u5e02\u7684\u5347\u8dcc\u8207\u5be6\u9ad4\u7d93\u6fdf\u597d\u58de\u4e0d\u4e00\u5b9a\u6709\u95dc\u4fc2\uff0c\u7562\u7adf\u5f88\u591a\u4eba\u8a8d\u70ba\u80a1\u5e02\u53ea\u662f\u4e00\u5834\u6578\u5b57\u904a\u6232\u3002\u4f46\u5be6\u9ad4\u7d93\u6fdf\u96e2\u4e0d\u958b\u5546\u54c1\uff0c\u6c92\u6709\u80fd\u6e90\u5c31\u6c92\u6709\u96fb\uff0c\u5efa\u8a2d\u751f\u7522\u9700\u8981\u539f\u6750\u6599\uff0c\u4eba\u5c31\u66f4\u52a0\u4e00\u5b9a\u9700\u8981\u98df\u7269\u3002\u5546\u54c1\u50f9\u683c\u53d6\u6c7a\u65bc\u5be6\u9ad4\u7d93\u6fdf\u7684\u4f9b\u6c42\u95dc\u4fc2\uff0c\u7d93\u6fdf\u8ab2\u672c\u4e0a\u6559\u7684\u5347\u8dcc\u9031\u671f\uff0c\u5b8c\u5168\u5728\u5546\u54c1\u4e0a\u5448\u73fe\u51fa\u4f86\u3002\u683c\u503c\u5347\u5c31\u591a\u4eba\u722d\u8457\u505a\uff0c\u591a\u4eba\u722d\u8457\u505a\u5c31\u7522\u80fd\u904e\u5269\uff0c\u4f9b\u904e\u65bc\u6c42\u5c31\u8755\u9322\uff0c\u5f88\u591a\u4eba\u95dc\u9580\u5927\u5409\u96e2\u5834\uff0c\u7136\u5f8c\u751f\u7522\u4e0d\u8db3\u50f9\u683c\u53c8\u5347\uff0c\u9031\u800c\u5fa9\u59cb\u7684\u5faa\u74b0\u3002\u958b\u767c\u65b0\u7684\u6cb9\u7530\uff0c\u7926\u5834\uff0c\u8fb2\u5730\uff0c\u6700\u5feb\u4e5f\u8981\u4e09\u4e94\u5e74\u624d\u6295\u5165\u751f\u7522\u3002\u904e\u53bb\u5341\u5e74\u5546\u54c1\u6295\u8cc7\u56b4\u91cd\u4e0d\u8db3\uff0c\u52a0\u4e0a\u72c2\u5370\u9280\u7d19\u5f15\u4f86\u901a\u8139\uff0c\u8f49\u578b\u7da0\u8272\u80fd\u6e90\u9700\u8981\u5927\u91cf\u539f\u6750\u6599\uff0c\u672a\u4f86\u5e7e\u5e74\u5c07\u6703\u662fcommodity super cycle\u30022020\u5e74\u5c3e\u4eba\u4eba\u90fd\u8ffd\u6367\u96fb\u8eca\u80a1\u6642\uff0c\u6211\u8d70\u53bb\u8cb7\u88fd\u9020\u96fb\u8eca\u9700\u8981\u5927\u91cf\u9285\u7684\u9285\u7926\u80a1\uff0c\u671f\u9593\u9285\u50f9\u56de\u843d\u4e2dstop limit\u51fa\u8ca8\u888b\u9322\uff0c\u4e0a\u500b\u6708\u958b\u6230\u7b2c\u4e8c\u65e5\u6240\u6709\u80a1\u7968\u5927\u5e73\u8ce3\u6642\u53c8\u518d\u5ea6\u5165\u624b\uff0c\u524d\u5f8c\u52a0\u8d77\u4f86\u5347\u4e86\u4e5f\u5dee\u4e0d\u591a\u4e00\u500d\uff0c\u6b63\u597d\u5f4c\u88dc\u6211\u8aa4\u4fe1\u6728\u59d0\u8cb7\u4e86ARKK\u505a\u87f9\u7684\u640d\u5931\u3002\u53e6\u5916\u6211\u9084\u770b\u597d\u923e\u7926\u80a1\uff0c\u592a\u967d\u80fd\u98a8\u80fd\u4e0d\u53ef\u80fd\u5b8c\u5168\u53d6\u4ee3\u77f3\u6cb9\uff0c\u53ea\u6709\u6838\u80fd\u624d\u53ef\u4ee5\u6eff\u8db3\u672a\u4f86\u7684\u96fb\u5b50\u9700\u6c42\u3002\u53bb\u5e74\u8cfa\u4e86\u4e00\u8f49\u8d0f\u4e86\u4e94\u6210\uff0c\u4e0d\u904e\u932f\u5931\u4e86\u958b\u6230\u5f8c\u5165\u8ca8\u7684\u6642\u6a5f\uff0c\u4e00\u65e5\u6700\u8870\u4fc4\u570b\u653b\u64ca\u6838\u96fb\u5ee0\uff0c\u5bb3\u6015\u798f\u5cf6\u4e8b\u6545\u91cd\u6f14\uff0c\u73fe\u5728\u8981\u7b49\u5019\u56de\u843d\u5165\u8ca8\u7684\u6642\u9593\u3002\u5f9e\u6b77\u53f2\u4f86\u770b\u923e\u7926\u4e0a\u5347\u904e\u7a0b\u9593\u5927\u8d77\u5927\u8dcc\uff0c\u6700\u5f8c\u593e\u5230\u4e0a\u5929\u7136\u5f8c\u624d\u7206\u7172\u3002\u6700\u65b0\u7684\u5546\u54c1\u662f\u78b3\u6392\u653e\u984d\uff0c\u53bb\u5e74\u8cb7\u4e86\u5c11\u5c11\u5b78\u7fd2\uff0c\u66fe\u7d93\u5347\u4e86\u5f88\u591a\uff0c\u4e00\u958b\u6230\u66b4\u8dcc\u6253\u56de\u539f\u5f62\u3002\u6211\u9084\u672a\u5920\u81bd\u76f4\u63a5\u8cb7\u5546\u54c1\u671f\u8ca8\uff0c\u53ea\u662f\u8cb7\u5546\u54c1EFT\u548c\u751f\u7522\u7684\u516c\u53f8\u3002\u70cf\u514b\u862d\u548c\u4fc4\u570b\u662f\u5c0f\u9ea5\u51fa\u53e3\u5927\u570b\uff0c\u6253\u4ed7\u5f71\u97ff\u8fb2\u592b\u6625\u5b63\u64ad\u7a2e\uff0c\u6211\u9810\u671f\u5e74\u4f4e\u5168\u7403\u5c0f\u9ea5\u4f9b\u61c9\u77ed\u4f9b\uff0c\u5c0f\u9ea5\u50f9\u683c\u6703\u518d\u5275\u65b0\u9ad8\uff0c\u8cb7\u4e86\u5c11\u5c11WEAT\u6295\u6a5f\uff0c\u4f46\u5c0f\u9ea5\u9700\u6c42\u4e5f\u4e0d\u662f\u5f88\u5805\u56fa\uff0c\u6c92\u6709\u9eb5\u5305\u98df\u6539\u5403\u98ef\u4e5f\u8aaa\u4e0d\u5b9a\uff0c<\/p>\n<p><strong>7. <a href=\"https:\/\/www.horace.org\/blog\/2021\/05\/17\/%E6%B7%BA%E8%A9%95%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3\/\">\u52a0\u5bc6\u8ca8\u5e63<\/a> (Crypto Currency)<\/strong><br \/>\n\u52a0\u5bc6\u8ca8\u5e63\u662f\u6700\u65b0\u8208\u7684\u8cc7\u7522\u985e\u5225\uff0cBitcoin\u4f5c\u70ba\u6578\u78bc\u9ec3\u91d1\uff0c\u53d6\u4ee3fiat\u5730\u4f4d\u7684\u7406\u5ff5\u6211\u662f\u5341\u5206\u8a8d\u540c\uff0c\u800cEtherium\u4f5c\u70ba\u6578\u78bc\u767d\u9280\uff0csmart contract\u958b\u5275\u5168\u65b0\u91d1\u878d\u9ad4\u7cfb\u4e5f\u5f88\u6709\u767c\u5c55\u6f5b\u529b\u3002\u4f46\u5176\u4ed6\u4e5ccoin\u7269coin\uff0c\u4e5c\u91ceNFT\u4e5c\u91ceDAO\uff0c\u7121\u5566\u5566\u53c8\u626f\u4e0ametaverse\uff0c\u8001\u5be6\u8aaa\u6211\u771f\u4fc2\u7747\u5514\u660e\u3002\u7747\u5514\u660e\u5605\u91ce\uff0c\u5c31\u6700\u597d\u5514\u597d\u6382\u3002\u6211\u65e9\u5169\u5e74\u73a9\u73a9\u4e0b\u8cb7\u4e86\u96de\u788e\u5481\u591aBitcoin\uff0c\u5347\u4e86\u5341\u500d\u90fd\u5514\u89ba\u5f97\u6709\u8cfa\u5230\u4ec0\u9ebc\uff0c\u932f\u904e\u75ab\u60c5\u5f8c\u7b2c\u4e00\u6b21\u6700\u5927\u7684\u5347\u6d6a\u3002\u898bcrypto\u5347\u5230\u4e0a\u5929\uff0c\u6211\u53c8\u5514\u6562\u5165\u5e02\u3002\u6211\u53cd\u800c\u8981\u591a\u8b1d\u4e2d\u5171\uff0c\u53bb\u5e74\u4e2d\u570b\u7981crypto\u7981mining\uff0c\u4ee4crypto\u50f9\u683c\u8170\u780d\u4e00\u534a\uff0c\u7d66\u6211\u5165\u5e02\u7684\u6a5f\u6703\uff0c\u5927\u624b\u6295\u8cc7\u5165\u5e02\u8cb7BTC\uff0c\u770b\u6e96BTC EFT\u63a8\u51fa\u6703\u589e\u52a0\u6d41\u91cf\u8cfa\u4e86\u4e00\u8f49\u3002\u53ef\u60dc\u6211\u8caa\u5fc3\u8d70\u5f97\u9072\uff0c\u932f\u904e\u4e86\u6700\u9ad8\u4f4d\uff0c\u898b\u5230\u7121\u529b\u518d\u4e0a\u56de\u843d\u624d\u51fa\u8ca8\uff0c\u8cfa\u4e0d\u8db3\u4e00\u500d\u3002\u958b\u6230\u5f8c\u5e63\u5e02\u77ed\u66ab\u5927\u8dcc\uff0c\u8f49\u79fb\u6230\u5834\u5165ETH\u7b49SEC\u6279\u6e96\u5e7e\u6642ETH EFT\u4e0a\u5e02\uff0c\u4eca\u6b21\u8981\u9192\u76eeEFT\u4e0a\u5e02\u7b2c\u4e00\u500b\u661f\u671f\u5c31\u8d70\u3002<\/p>\n<p><strong>8. <a href=\"https:\/\/www.horace.org\/blog\/2020\/02\/27\/%e6%9c%9f%e6%ac%8a%e6%8a%95%e8%b3%87%e5%bf%83%e5%be%97\/\">\u6ce2\u52d5\u7387<\/a> (Volatility)<\/strong><br \/>\n\u9019\u4e00\u500b\u6295\u8cc7\u985e\u5225\u5f88\u591a\u4eba\u6c92\u6709\u807d\u904e\uff0cvolatility\u5176\u5be6\u6709\u5347\u6709\u8dcc\u6709\u5f97trade\u3002\u6ce2\u52d5\u7387\u53c8\u540d\u7533\u5f15\u6ce2\u5e45(IV)\uff0c\u662f\u671f\u6b0a(option)\u6c7a\u5b9a\u50f9\u683c\u7684\u5176\u4e2d\u4e00\u500b\u6578\u503c\u3002\u5982\u679c\u67d0\u96bb\u80a1\u7968\u5927\u4e0a\u5927\u843d\uff0c\u90a3\u9ebc\u5176IV\u503c\u5c31\u975e\u5e38\u9ad8\uff0c\u671f\u6b0a\u50f9\u683c\u4ea6\u5341\u5206\u6602\u8cb4\u3002Option\u662f\u6240\u6709\u6295\u8cc7\u4e2d\u6700\u96e3\u5b78\u7fd2\uff0c\u4e00\u4f86\u6d89\u53ca\u6df1\u5165\u7684\u6578\u5b78\u7406\u8ad6\uff0c\u4e8c\u4f86\u662f\u9ad8\u98a8\u96aa\u9ad8\u69d3\u687f\u7684\u6295\u8cc7\u7522\u54c1\uff0c\u521d\u624b\u5927\u6ce8\u4e82\u73a9\u53ef\u4ee5\u8f38\u5230\u7834\u7522\u3002\u5b78\u7fd2\u5982\u4f55\u638c\u63e1\u904b\u7528\u671f\u6b0a\uff0c\u5fc5\u9700\u8981\u7d2f\u7a4d\u5be6\u6230\u7d93\u9a57\u3002\u7576\u4f7f\u7528\u6b0a\u671f\u53bbhedge\u6295\u8cc7\u6216\u9032\u884csafe bet\u5f8c\uff0c\u4f60\u6703\u767c\u73fe\u5c0d\u5e02\u5834\u6709\u5b8c\u5168\u4e0d\u540c\u7684\u770b\u6cd5\uff0c\u56e0\u70ba\u4e0d\u8ad6\u5927\u5e02\u5347\uff0c\u5927\u5e02\u8dcc\uff0c\u5927\u5e02\u4e0d\u5347\u4e0d\u8dcc\uff0c\u6b0a\u671f\u90fd\u53ef\u4ee5\u8cfa\u5230\u9322\u3002\u73a9\u671f\u6b0a\u6211\u4e0d\u6703\u7528\u6295\u8cc7\u4e8c\u5b57\uff0c\u6700\u591a\u53eb\u6295\u6a5f\uff0c\u6700\u597d\u5514\u597d\u81ea\u5df2\u5443\u81ea\u5df1\uff0c\u6839\u672c\u5c31\u4fc2\u5ea6\u8ced\u7dca\u3002\u53ea\u4e0d\u904e\u540c\u53bb\u8ced\u5834\u4e0d\u540c\uff0c\u8ced\u5834\u5605\u8ce0\u7387\u8ced\u4ed4\u4e00\u5b9a\u8f38\uff0c\u671f\u6b0a\u4f60\u53ef\u4ee5\u8a08\u904e\u689d\u6578\uff0c\u8ce0\u7387\u5c0d\u4f60\u6709\u5229\u6642\u624d\u4e0b\u6ce8\u3002\u6211\u90a3\u500b\u8ced\u9322\u7d30\u5009\u7d14\u8403\u4f5c\u7df4\u7fd2\u671f\u6b0a\u7528\uff0c\u771f\u4fc2\u5927\u4e0a\u5927\u843d\uff0c\u4e00\u842c\u868a\u672c\u8d0f\u5169\u500d\u534a\u5230\u4e8c\u842c\u4e94\uff0c\u7136\u5f8c\u4e00Q\u6e05\u888b\u8f38\u6de8\u56db\u5343\uff0c\u5165\u591a\u4e00\u842c\u672c\u5165\u53bb\uff0c\u53c8\u8d0f\u5169\u500d\u5347\u5230\u4e09\u842c\u3002\u73a9\u4e86\u5169\u5e74\u5b78\u5230\u6700\u5927\u7684\u6536\u7372\uff0c\u5c31\u662f\u5982\u4f55\u63a7\u5236margin liquidity\u5206\u6563\u98a8\u96aa\u3002\u55ae\u662f\u660e\u767dmargin liquidity\u70ba\u4f55\u7269\uff0c\u8f38\u9322\u4ea4\u7684\u5b78\u8cbb\u5c31\u4ea4\u5f97\u503c\u4e86\u3002\u5728\u5927\u5009\u90a3\u908a\uff0c\u6211\u4e0d\u5920\u81bd\u73a9option\uff0c\u6700\u591a\u662f\u7528\u4f86\u7576limit order\u7528\uff0c\u9806\u4fbf\u6536\u4e0b\u6642\u9593\u503c\u3002<\/p>\n<p><strong>9. \u98a8\u96aa (Risk) <\/strong><br \/>\n\u8a18\u5f97The Big Short\u5165\u9762\u4e3b\u89d2\u8aaa\u904e\uff0c\u98a8\u96aa\u53ef\u4ee5\u6253\u5305\u5916\u8ce3\uff0c\u8b8a\u6210\u4e00\u4ef6\u6295\u8cc7\u5de5\u5177\u3002\u6211\u4e0d\u662f\u5f9e\u4e8b\u91d1\u878d\u5c08\u696d\uff0c\u4ea6\u975e\u597d\u6709\u9322\u80fd\u7576\u79c1\u4eba\u9280\u884c\u7684\u5ba2\u6236\uff0c\u98a8\u96aa\u6295\u8cc7\u5de5\u5177\u5982CDS\uff0cAccumlator\u90a3\u4e9b\u597dexotic\u7684\u6771\u897f\uff0c\u53ea\u662f\u807d\u904e\u672a\u898b\u904e\u3002\u8aaa\u8d77\u98a8\u96aa\u7522\u54c1\uff0c\u5176\u6211\u5011\u6bcf\u500b\u4eba\u90fd\u6709\u63a5\u89f8\uff0c\u5c31\u662f\u5e73\u6642\u8cb7\u7684\u4eba\u58fd\u4fdd\u96aa\u5371\u75be\u4fdd\u96aa\u4e4b\u985e\uff0c\u7136\u5f8c\u6211\u5011\u7684\u4fdd\u55ae\u7528\u4f86\u7d44\u5408\u98a8\u96aa\u7522\u54c1\u3002\u98a8\u96aa\u6295\u8cc7\u5de5\u5177\uff0c\u4e0d\u5c6c\u65bc\u6211\u8a8d\u77e5\u7b35\u570d\u4ee5\u5167\uff0c\u9023\u5982\u4f55\u8cb7\u8ce3\u4e5f\u4e0d\u61c2\uff0c\u6789\u8ad6\u8981\u9810\u6e2c\u8cfa\u8755\u4e86\uff0c\u5982\u6709\u9019\u65b9\u66f4\u7684\u9ad8\u4eba\u4e0d\u59a8\u6307\u9ede\u4e00\u4e0b\u8ff7\u6d25\u3002<\/p>\n<p>\u4e00\u53e3\u6c23\u5beb\u4e86\u5e7e\u5343\u5b57\u9577\u6587\uff0c\u7e3d\u7d50\u6211\u904e\u53bb\u5169\u5e74\u7684\u6295\u8cc7\u5fc3\u5f97\u3002\u6211\u5e0c\u671b\u672a\u4f86\u6bcf\u661f\u671f\u80fd\u5b9a\u671f\u51fa\u6587\uff0c\u8a73\u7d30\u6df1\u5165\u5730\u8a18\u9304\u6211\u7684\u6295\u8cc7\u8cb7\u8ce3\u6280\u5de7\uff0c\u5404\u7a2e\u4e0d\u540c\u8cc7\u7522\u80a1\u7968\u7684\u7814\u7a76\u5831\u544a\u3002\u6211\u6709\u6b63\u8077\u8981\u8fd4\u5de5\uff0c\u6c92\u6709\u6642\u9593day trade\uff0c\u6211\u662frandom walk\u7684\u4fe1\u5f92\uff0c\u6211\u5f9e\u4f86\u4e0d\u76f8\u4fe1day trade\u53ef\u4ee5\u8cfa\u9322\u3002\u4f46\u6211\u4ea6\u4e0d\u662f\u9577\u63f8\u947d\u77f3\u624b\u6d3e\uff0c\u96d6\u7136\u9577\u63f8\u597d\u80a1\u7968\u4e00\u5b9a\u7a69\u8cfa\uff0c\u90a3\u4e0d\u5982\u7d22\u6027\u6307\u6578ETF\u7b97\u4e86\u3002\u6211\u7684\u8d0f\u9322\u7406\u5ff5\u5728\u65bc\u6355\u6349\u91d1\u9322\u6d41\u52d5sector rotation\uff0c\u9069\u7576\u6642\u6a5f\u5730re-balance\u500bportfolio\uff0c\u6355\u6349imperfect market\u7684\u7570\u5e38\u50f9\u683c\u3002\u6563\u6236\u6c92\u6709\u5927\u6236\u57fa\u91d1\u7684\u5167\u5e55\u8cc7\u8a0a\uff0c\u6c92\u6709hedge fund\u9ad8\u983b\u4ea4\u6613\u7684\u901f\u5ea6\uff0c\u53ea\u6709\u8f49\u8eab\u5feb\u51fa\u8ca8\u5165\u8ca8\u4e0d\u6703\u5f71\u97ff\u683c\u50f9\uff0c\u6c92\u6709risk department\u9650\u5236\u4ec0\u9ebc\u4e0d\u53ef\u4ee5\u8cb7\uff0c\u6c92\u6709\u6bcf\u500b\u6708\u5e95\u8981\u505a\u975a\u689d\u6578\u7684deadline\uff0c\u9019\u4e9b\u624d\u662f\u6563\u6236\u88fd\u9020alpha\u7684\u512a\u52e2\u3002<\/p>\n<p>\u4ee5\u4e0a\u5206\u4eab\u4e0d\u69cb\u6210\u6295\u8cc7\u5efa\u8b70\uff0c\u7d14\u7cb9\u4f5c\u5b78\u8853\u7814\u7a76\u4e4b\u7528\u3002\u8d0f\u9322\u8a18\u5f97\u8acb\u6211\u98df\u98ef\uff0c\u8f38\u9322\u5514\u597d\u8cf4\u6211\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210\u4e00\u570b\u4e00\u5236\uff0c\u5171\u7522\u9ee8\u7e3d\u4e0d\u6210\u7981\u6b62\u7092\u80a1\u7968\u5427\u3002\u5f9e\u4eca\u958b\u59cb\u6211\u5728\u9999\u6e2f\u7db2\u7d61\u5e73\u53f0\u767c\u8868\u7684\u6587\u7ae0\uff0c\u5c07\u6703\u4ee5\u6295\u8cc7\u77e5\u8b58\u548c\u6280\u5de7\u5206\u4eab\u70ba\u4e3b\u3002 \u8aaa\u5b8c\u6211\u70ba\u4ec0\u9ebc\u5beb\u6295\u8cc7\u6587\u7ae0\uff0c\u90a3\u4f5c\u70ba\u8b80\u8005\u7684\u4f60\uff0c\u53c8\u70ba\u4ec0\u9ebc\u8981\u770b\u6211\u7684\u6295\u8cc7\u6587\u7ae0\u5462\uff1f\u6211\u4e0d\u662f\u91d1\u878d\u5c08\u696d\u4eba\u4ed5\uff0c\u53ea\u662f\u5728\u67d0\u8001\u5b57\u865f\u77fd\u8c37\u5927\u516c\u53f8\u6253\u5de5\u7684\u5de5\u7a0b\u5e2b\u3002\u6295\u8cc7\u80a1\u9f61\u52c9\u5f37\u53ef\u4ee5\u8aaa\u8d85\u904e\u4e09\u5341\u5e74\uff0c\u5927\u5b78\u5e74\u4ee3\u6253\u5de5\u8cfa\u9322\u5df2\u7d93\u6709\u73a9\u80a1\u7968\uff0c\u66fe\u7d93\u8d0f\u904e\u5f88\u591a\u7d19\u4e0a\u8ca1\u5bcc\uff0c\u7136\u5f8c\u79d1\u7db2\u6ce1\u6cac\u7206\u7834\uff0c\u8755\u9322\u7684\u8cc7\u7522\u589e\u503c\u9000\u7a05\u984d\uff0c\u7528\u4e86\u5341\u5e74\u624d\u7528\u5b8c\u3002\u4eba\u751f\u5927\u90e8\u6642\u9593\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5c31\u662f\u975e\u5e38\u6c89\u60b6\uff0c\u975e\u5e38\u88ab\u52d5\u5730\u8cb7\u5728\u9000\u4f11\u6236\u53e3\u8cb7ETF\uff0c\u6258\u8cf4\u8fd1\u5341\u5e74\u5927\u725b\u5e02\uff0c\u6295\u8cc7\u7684\u56de\u5831\u4e5f\u5f88\u7406\u60f3\u3002\u76f4\u5230\u75ab\u60c5\u958b\u59cb\u5f8c\uff0c\u4e00\u500b\u5e02\u5834\u5927\u6d6a\u6bba\u5f97\u6211\u624b\u8db3\u7121\u63aa\uff0c\u52a0\u4e0awork from home\u6709\u5f88\u591a\u86c7\u738b\u5077\u61f6\u7684\u6a5f\u6703\uff0c\u65bc\u662f\u958b\u59cb\u6bcf\u5929\u5f88\u52e4\u529b\u5730\u7747\u5e02\u3002\u9019\u5169\u5e74\u9593\u6211\u4ea4\u4e86\u5f88\u591a\u5b78\u8cbb\uff0c\u671f\u9593\u7684\u7d93\u6b77\u6709\u6a5f\u6703\u548c\u5927\u5bb6\u6162\u6162\u5206\u4eab\u3002\u5f9e2020\u5e74\u6211\u81ea\u5df2\u958b\u59cb\u64cd\u76e4\u8a08\uff0c\u52302022\u5e74\u7b2c\u4e00\u5b63\u7d50\u7b97\u552f\u6b62\uff0c\u9000\u4f11\u5927\u5009\u6211\u662f\u8dd1\u8d0f\u5927\u5e02(\u8a08SPY\u548cQQQ\uff09\u3002\u9ad8\u98a8\u96aa\u8ced\u9322\u7d30\u5009\uff0c\u4e00\u5e74\u56de\u5831\u8d85\u904e\u5169\u500d\uff0c\u4eca\u5e74\u9996\u5b63\u5168\u4e16\u754c\u8755\u9322\uff0c\u6211\u9006\u5e02\u5927\u8cfa40%\u3002 \u9019\u5169\u5e74\u6211\u95b1\u8b80\u548c\u6536\u770b\u5f88\u591a\u8ca1\u7d93\u8cc7\u8a0a\uff0c\u574a\u9593\u6709\u5206\u5716\u8868\u6d3e\u548c\u57fa\u672c\u6d3e\u4e4b\u722d\uff0c\u6211\u5c31\u8a8d\u70ba\u53ea\u6709\u5c0f\u670b\u53cb\u624d\u8981\u9078\u64c7\uff0cwhy not both? \u7528\u57fa\u672c\u6d3e\u7684\u529f\u592b\u9078\u64c7\u677f\u584a\u548c\u80a1\u7968\uff0c\u7528\u5716\u8868\u6d3e\u7684\u529f\u592b\u5c0b\u627e\u5165\u5e02\u51fa\u8ca8\u7684\u6642\u6a5f\u3002\u6211\u767c\u89ba\u5728\u9999\u6e2f\u4e2d\u6587\u5a92\u9ad4\u7684\u8ca1\u7d93\u8a55\u8ad6\u54e1\uff0c\u5c6c\u65bc\u5b8f\u89c0\u7d93\u6fdf\u6d3e\u7684\u6709\u5982\u9cf3\u6bdb\u9e9f\u89d2\uff0c\u800c\u6211\u7684\u6295\u8cc7\u7406\u5ff5\u4e3b\u8981\u662f\u5f9e\u5b8f\u89c0\u7d93\u6fdf\u7684\u57fa\u790e\u51fa\u767c\uff0c\u5c0d\u9999\u6e2f\u8b80\u8005\u76f8\u4fe1\u6703\u6709\u65b0\u9bae\u611f\u3002\u4eca\u5e74\u6211\u6295\u8cc7\u6210\u7e3e\u5f88\u597d\uff0c\u5168\u56e0\u53bb\u5e74\u5e74\u5c3e\u898b\u4fc4\u570b\u6e96\u5099\u5165\u4fb5\u70cf\u514b\u862d\uff0c\u52a0\u4e0a\u806f\u5132\u5c40\u53c8\u8a71\u4eca\u5e74\u52a0\u606f\uff0c\u4fbf\u628a\u6236\u53e3\u4e2d\u7684\u4e00\u4e9b\u79d1\u6280\u80a1\u8ce3\u51fa\uff0c\u8cb7\u5165\u9022\u6253\u4ed7\u5fc5\u5347\u7684\u9ec3\u91d1\u80a1\u3002\u518d\u770b\u70cf\u514b\u862d\u7684\u4e3b\u8981\u51fa\u53e3\u662f\u7926\u7522\u548c\u5c0f\u9ea5\uff0c\u8cb7\u5165\u4e00\u4e9b\u7926\u80a1\u548c\u7ce7\u98df\u80a1\u6295\u6a5f\u3002\u5176\u4e2d\u6210\u7e3e\u6700\u597d\u7684\u662f\u5316\u80a5\u516c\u53f8NTR\uff0c\u56e0\u70ba\u767d\u4fc4\u548c\u4fc4\u570b\u662f\u4e3b\u8981\u5316\u80a5\u51fa\u53e3\u570b\uff0c\u88ab\u5236\u88c1\u4ee4\u9019\u80a1\u7968\u5728\u5e7e\u500b\u6708\u5927\u534770%\uff0c\u770b\u898b\u548c\u8ac7\u958b\u59cb\u6230\u722d\u5b8c\u7d50\u5728\u671b\uff0c\u4fbf\u5728\u4e0a\u661f\u671f\u958b\u59cb\u5206\u6bb5\u51fa\u8ca8\u9396\u5b9a\u5229\u6f64\u3002\u53ef\u80fd\u6211\u53ea\u662f\u904b\u6c23\u597d\uff0c\u4f46\u6211\u65e2\u7136\u8a8d\u70ba\u81ea\u5df1\u7b97\u662f\u6709\u9ede\u6295\u8cc7\u5fc3\u5f97\uff0c\u7d22\u6027\u5beb\u51fa\u4f86\u6574\u7406\u601d\u8003\u3002\u5e02\u5834\u4e0a\u6c92\u6709\u5206\u5c0d\u932f\uff0c\u53e3\u820c\u4e4b\u722d\u6c92\u6709\u610f\u7fa9\uff0c\u53ea\u6709\u8cfa\u8755\u7684\u7d50\u679c\u624d\u662f\u771f\u5be6\u3002\u5927\u5bb6\u7747\u5b8c\u767c\u89ba\u6211\u6709\u4ec0\u9ebc\u932f\u6f0f\uff0c\u4e0d\u59a8\u63d0\u51fa\u4f86\u591a\u591a\u6307\u6559\uff0c\u4fee\u6b63\u6211\u7684\u601d\u8003\u76f2\u9ede\u3002 Chris Cole\u7684Dragon Portfolio\uff0c\u53ef\u4ee5\u8aaa\u662f\u6211\u5b8f\u89c0\u6d3e\u7684\u555f\u8499\u8001\u5e2b\uff0c\u8b93\u6211\u958b\u773c\u754c\u77e5\u9053\u6295\u8cc7\u4e0d\u662f\u53ea\u6709\u80a1\u7968\u3002\u6295\u8cc7\u4e0d\u662f\u7092\u51fa\u7092\u5165\uff0c\u800c\u662f\u505a\u597d\u98a8\u96aa\u7ba1\u7406\uff0c\u5e73\u8861\u4e0d\u540c\u7684\u8cc7\u7522\u7d44\u5408\uff0c\u6bcf\u4e00\u985e\u8cc7\u7522\u90fd\u6709\u5176\u5347\u8dcc\u7279\u6027\uff0c\u4e92\u76f8\u88dc\u8db3\u5f9e\u800c\u4f4e\u8cb7\u9ad8\u8ce3\u3002\u91d1\u9322\u662f\u4e0d\u6703\u6d88\u5931\uff08\u5927\u90e8\u4efd\u60c5\u6cc1\u4e0b\uff09\uff0c\u53ea\u662f\u50cf\u6c34\u4e00\u6a23\u6d41\u4f86\u6d41\u53bb\u3002\u53ea\u770b\u80a1\u96bb\u683c\u50f9\u6578\u5b57\u7684\u5347\u8dcc\uff0c\u5b8c\u5168\u662f\u898b\u6a39\u4e0d\u898b\u6797\u7684\u7092\u8ce3\u65b9\u6cd5\u3002\u6355\u6349\u91d1\u9322\u6d41\u52d5\u7684\u65b9\u5411\uff0c\u9806\u52e2\u800c\u884c\u624d\u662f\u6295\u8cc7\u4e4b\u9053\u3002Dragon Portfolio\u628a\u8cc7\u7522\u5206\u70ba\u4e94\u500b\u985e\u5225\uff0c\u800c\u6211\u6839\u64da\u6211\u7684\u6295\u8cc7\u7d93\u9a57\uff0c\u628a\u8cc7\u7522\u5206\u70ba\u4e5d\u5927\u7a2e\u985e\u3002 1. \u80a1\u7968 (Equity) \u80a1\u7968\u76f8\u4fe1\u6c92\u6709\u4eba\u4e0d\u8b58\uff0c\u5f88\u591a\u4eba\u4ee5\u70ba\u6295\u8cc7\u7b49\u65bc\u8cb7\u80a1\u7968\u3002\u5176\u5be6\u9664\u4e86\u80a1\u7968\u5916\uff0c\u9084\u6709\u5176\u4ed6\u4e0d\u540c\u7a2e\u985e\u7684\u8cc7\u7522\u3002\u800c\u80a1\u7968\u53ea\u662f\u4e00\u500b\u7d71\u7a31\uff0c\u5728\u80a1\u5e02\u4e2d\u6709ticker\u53ef\u4ee5\u4ea4\u6613\u7684\uff0c\u6709\u4e9b\u5176\u5be6\u662f\u5c6c\u65bc\u5176\u4ed6\u985e\u5225\u7684\u8cc7\u7522\u3002\u4e00\u822c\u800c\u8a00\u8cb7\u80a1\u7968\u5c31\u662f\u770b\u597d\u67d0\u516c\u53f8\u7684\u524d\u666f\uff0c\u4e00\u662f\u73fe\u91d1\u6d41\u5f37\u52c1\u6709\u7a69\u5b9a\u80a1\u606f\u6d3e\uff0c\u4e00\u662f\u9ad8\u589e\u9577\u80a1\u50f9\u6c34\u8139\u8239\u9ad8\u3002\u8cb7\u80a1\u7968\u4e0d\u80fd\u6c92\u6709\u57fa\u672c\u6d3e\u7684\u529f\u592b\uff0c\u67d0\u516c\u53f8\u524d\u666f\u5982\u4f55\uff0c\u5c31\u7b97\u4e0d\u8b80\u5e74\u5831\uff0c\u4e5f\u8981\u4e0a\u53bb\u516c\u53f8\u7684\u7db2\u9801\u770b\u770b\u5427\u3002\u55ae\u770b\u5716\u8868\u7092\u4e0a\u7092\u843d\u4e0d\u662f\u6295\u8cc7\uff0c\u9023\u6295\u6a5f\u4e5f\u8aaa\u4e0d\u4e0a\uff0c\u90a3\u53ea\u662f\u8ced\u535a\u3002\u99ac\u5f8c\u70ae\u7684\u5716\u8868\u6d3e\u5341\u5206\u6e96\u78ba\uff0c\u56e0\u70ba\u5716\u8868\u5927\u81f3\u4e0a\u6709\u5169\u7a2e\u756b\u6cd5\uff0c\u80a1\u50f9\u4e0d\u662fmomentum trend\u5c31\u662frevert to mean\uff0c\u99ac\u5f8c\u70ae\u4e00\u5b9a\u53ef\u4ee5\u756b\u5f97\u4e2d\u3002\u81f3\u65bc\u4f55\u6642\u8a72\u7528\u90a3\u4e00\u7a2e\u756b\u6cd5\uff0c\u5c31\u8981\u9760\u57fa\u672c\u6d3e\u7684\u529f\u592b\u53bb\u4f5c\u51faeducated guess\u4e86\u3002 2. \u50b5\u5238 (Bond) \u77e5\u9053\u8cb7\u50b5\u5238\u53ef\u4ee5\u6536\u606f\uff0c\u90a3\u662f\u521d\u7d1a\u6295\u8cc7\u73ed\u3002\u61c2\u5f97\u904b\u7528\u80a1\u7968\u50b5\u523860\/40\u7684risk parity portfolio\uff0c\u662f\u4e2d\u7d1a\u6295\u8cc7\u73ed\u3002\u4e0d\u904e\u81ea1980\u5e74\u50b5\u606f\u7d93\u904e\u56db\u5341\u5e74\u4e0d\u65b7\u4e0b\u8dcc\uff0c\u5f9e\u9ad8\u4f4d\u8dcc\u81f3\u96f6\uff0c\u8dcc\u7121\u53ef\u8dcc\uff0c\u50b5\u606f\u53ea\u6703\u4e0a\u4e0d\u6703\u843d\uff0c60\/40\u5df2\u5b8c\u5168\u5931\u6548\u3002\u7f8e\u570b\u80a1\u5e02\u7e3d\u503c$50T\u9382\uff0c\u7f8e\u570b\u50b5\u5e02\u7e3d\u503c\u9ad8\u904e$50T\u9382\uff0c\u50b5\u5e02\u5176\u5be6\u5927\u904e\u80a1\u5e02\u3002\u800c\u5176\u4e2d\u6700\u6700\u6700\u91cd\u8981\u7684\u50b5\u5238\uff0c\u662f\u7f8e\u570b\u570b\u50b5\u7684\u5229\u606f\uff0c\u5c31\u662f\u6574\u500b\u5e02\u5834\u7684\u5229\u606f\u3002\u6295\u8cc7\u9ad8\u7d1a\u73ed\u6709\u6559\uff0c\u5229\u606f\u4e43\u91d1\u9322\u7684\u50f9\u503c\uff0c\u800c\u91d1\u9322\u662f\u6240\u6709\u8cb7\u8ce3\u7684\u4e00\u534a\uff0c\u8981\u770b\u61c2\u5e02\u5834\u5fc5\u9700\u8981\u660e\u767d\u5229\u606f\u5982\u4f55\u904b\u4f5c\u3002\u50b5\u5e02\u535a\u5927\u7cbe\u6df1\uff0c\u66f4\u662f\u80a1\u5e02\u98a8\u5411\u7684\u6307\u6a19\u3002\u6211\u53ea\u662f\u500b\u9580\u5916\u6f22\uff0c\u7747\u904e\u5c11\u5c11\u66f8\u807d\u904e\u5c11\u5c11podcast\uff0c\u7c97\u7565\u77e5\u9053\u4e5c\u91ce\u4fc2reverse repo\uff0ceuro dollars\uff0c\u806f\u5132\u5c40\u90a3\u4e9b\u5b57\u6bcd\u6e6f\uff0c\u77e5\u9053\u525b\u525b\u7684\u50b5\u606f\u5012\u639b\uff08yield curve inversion\uff09\u5c07\u6703\u597d\u5927\u944a\u3002\u73fe\u5728\u6b63\u81e8\u6025\u62b1\u4f5b\u8173\uff0c\u7814\u7a76\u50b5\u606f\u5012\u639b\u7d93\u6fdf\u8870\u9000\u4e0b\u7684\u6295\u8cc7\u7b56\u7565\u3002 3. \u73fe\u91d1 (Cash) \u5f88\u591a\u4eba\u8a8d\u70ba\u653e\u73fe\u91d1\u5728\u9280\u884c\u4e0d\u662f\u6295\u8cc7\uff0c\u5176\u5be6\u63f8\u73fe\u91d1\u4e5f\u662f\u6295\u8cc7\u7684\u4e00\u500b\u9078\u9805\u3002\u5728\u76ee\u524d\u5e02\u5834\u592a\u591a\u4e0d\u660e\u6717\u7684\u56e0\u7d20\u4e0b\uff0c\u8d81\u9084\u6709\u7372\u5229\u6642\u653e\u8ca8\u6536\u6578\u888b\u9322\uff0c\u975c\u5019\u5165\u5e02\u6642\u6a5f\u4e5f\u4e0d\u5931\u70ba\u597d\u7684\u6295\u8cc7\u7b56\u7565\u3002\u6211\u6703\u7528credit\u7684\u89d2\u5ea6\u53bb\u770b\u4f8d\u73fe\u91d1\uff0c\u5c31\u662f\u4f60\u96a8\u6642\u53ef\u4ee5\u52d5\u7528\u7684\u6d41\u52d5\u8cc7\u672c\uff0c\u501f\u9322\u4ffe\u5229\u606f\u548c\u73fe\u91d1\u653e\u9280\u884c\u5187\u606f\u6536\uff0c\u53ea\u662fcredit\u6210\u672c\u7684\u4e00\u5e63\u5169\u9762\uff0c\u9019\u662f\u6211\u5728\u73a9\u4e86option\u548cmargin\u6236\u53e3\u5f8c\u7684\u9ad4\u6703\u3002\u5728\u4f4e\u606f\u7684\u5927\u74b0\u5883\u4e0b\uff0c\u53ea\u8981\u5347\u503c\u5e36\u4f86\u7684\u5229\u6f64\u6bd4\u5229\u606f\u9ad8\uff0c\u501f\u9322\u6295\u8cc7\u4e0d\u5931\u70ba\u4e00\u500b\u597d\u7b56\u7565\u300208\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\u6211\u505a\u4e86\u4e00\u6b21\uff0c\u6709\u4e00\u6bb5\u5f88\u9577\u6642\u9593\u63a5\u8fd1\u96f6\u5229\u7387\uff0c\u6709\u62b5\u62bc\u501f\u8cb8\u53ea\u662f1%\u5229\u606f\uff0c\u8cb7\u4e9b\u6709\u80a1\u606f\u7684\u7c43\u7c4c\u80a1\uff0c\u52a0\u4e0a\u7576\u5e74\u662f\u6162\u725b\u5e02\uff0c\u800c\u501f\u9322\u6295\u8cc7\u5229\u606f\u53c8\u53ef\u4ee5\u6263\u7a05\uff0c\u69d3\u687f\u4e0b\u56de\u5831\u5341\u5206\u7406\u60f3\u3002\u7576\u7136\u59cb\u7d42\u662f\u501f\u9322\uff0c\u8981\u5c0f\u5fc3\u98a8\u96aa\u7ba1\u7406\u3002\u574a\u9593\u6709\u4e9b\u5bb3\u4eba\u4e0d\u6dfa\u8aaa\u6cd5\uff0c\u9280\u884c\u6236\u53e3\u4e2d\u8981\u6709\u8db3\u5920\u4e00\u5e74\u751f\u6d3b\u8cbb\u7684\u73fe\u91d1\uff0c\u4ee5\u9632\u6709\u4ec0\u9ebc\u51ac\u74dc\u8c46\u8150\u88ab\u4eba\u7092\u9b77\u7121\u9322\u958b\u98ef\u3002\u6211\u61f7\u7591\u9019\u662f\u6839\u672c\u9280\u884c\u7684\u9670\u8b00\uff0c\u8a98\u9a19\u5b58\u6236\u628a\u73fe\u91d1\u653e\u5728\u9280\u884c\u5187\u5229\u606f\u6536\u3002\u6b63\u78ba\u7684\u8aaa\u6cd5\uff0c\u662f\u5fc5\u9808\u6709\u4e00\u5e74\u751f\u6d3b\u8cbb\u7684line of credit\uff0c\u771f\u6b63\u6709\u9700\u8981\u6642\u4fbf\u53ef\u4ee5\u52d5\u7528\uff0c\u628a\u73fe\u91d1\u62ff\u53bb\u6295\u8cc7\u8cfa\u53d6\u5229\u6f64\uff0c\u8db3\u5920\u627e\u501f\u9322\u7684\u5229\u606f\u6709\u9918\u3002 4. \u623f\u5730\u7522 (Real Estate) \u5927\u90e8\u4efd\u4eba\u4e00\u751f\u6700\u5927\u7684\u6295\u8cc7\u662f\u9593\u5c4b\uff0c\u6a13\u50f9\u672a\u4f86\u6703\u5347\u5b9a\u8dcc\uff0c\u6211\u4e0d\u77e5\u9053\u3002\u6a13\u50f9\u8aaa\u5230\u5e95\u662f\u4f9b\u6c42\u554f\u984c\uff0c\u5f71\u97ff\u4f9b\u6c42\u7684\u56e0\u7d20\uff0c\u6709\u4eba\u53e3\uff0c\u5229\u606f\uff0c\u7d93\u6fdf\u5927\u74b0\u5883\uff0c\u8cc7\u91d1\u6d41\u52d5\u7b49\u7b49\uff0c\u771f\u4fc2\u8981\u8acb\u6559\u7d93\u6fdf\u5b78\u5bb6\u3002\u81ea\u5df1\u8cb7\u81ea\u5df1\u4f4f\u5176\u5be6\u6c92\u4e0d\u7b97\u6295\u8cc7\uff0c\u9664\u975e\u4f60\u6709\u79df\u5c4b\u6d25\u8cbc\u4e0d\u7136\u4e5f\u8981\u4ea4\u79df\uff0c\u53ea\u662f\u770b\u9322\u7d66\u9280\u884c\u8cfa\u9084\u662f\u623f\u6771\u8cfa\u3002\u623f\u5c4b\u7684\u76f4\u6b63\u6295\u8cc7\u50f9\u503c\uff0c\u5728\u65bc\u5411\u9280\u884c\u501f\u9322\u8cb8\u6b3e\u505a\u6309\u6b47\uff0c\u5148\u6d17\u672a\u4f86\u9322\u5e36\u4f86\u7684\u69d3\u687f\u56de\u5831\u3002\u52a0\u4e0a\u4e16\u754c\u5404\u570b\u72c2\u5370\u9280\u5e63\uff0c\u623f\u50f9\u96a8\u901a\u8139\u4e0a\u5347\uff0c\u5982\u679c\u53bb\u5e74\u505a\u4e86\u8d85\u4f4e\u5229\u7387\u7684\u4e09\u5341\u5e74\u6309\u6b47\uff0c\u90a3\u4efd\u6309\u6b47\u5c07\u6703\u662f\u4f60\u6700\u5927\u7684\u8cc7\u7522\uff0c\u540c\u6e1b\u606f\u50b5\u5238\u5347\u503c\u7684\u539f\u7406\u4e00\u6a23\u3002\u6709\u9592\u9322\u6709\u4eba\u559c\u6b61\u8cb7\u6a13\u6536\u79df\uff0c\u6015\u9ebb\u7169\u6c92\u6642\u9593\u53ef\u4ee5\u8acb\u5c08\u696d\u7ba1\u7406\uff0c\u4f46\u8cb7\u6a13\u8cc7\u91d1\u88ab\u9396\u6b7b\u4e0d\u6613\u5957\u73fe\uff0c\u597d\u8655\u662f\u5f37\u8feb\u4f60\u9577\u63f8\u4e0d\u6703\u7092\u51fa\u7092\u5165\uff0c\u58de\u8655\u662f\u8457\u8349\u8d70\u4eba\u5c31\u8981\u5288\u50f9\u8ce4\u8ce3\u3002\u5982\u679c\u770b\u597d\u623f\u5730\u7522\u5e02\u9053\uff0c\u4f46\u53c8\u60f3\u4fdd\u6301\u8cc7\u91d1\u52d5\u6d41\u6027\uff0c\u53ef\u4ee5\u9078\u64c7\u8cb7REIT\u57fa\u91d1\uff0c\u56de\u5831\u6bd4\u81ea\u5df2\u8cb7\u6a13\u6536\u79df\u52a0\u8acb\u7ba1\u7406\u76f8\u5dee\u7121\u6a5f\u3002 5. \u9ec3\u91d1 (Gold) \u4eba\u985e\u6b77\u53f2\u904e\u53bb\u4e94\u5343\u5e74\uff0c\u9ec3\u91d1\u5c31\u662f\u9322\uff0c\u9322\u5c31\u662f\u9ec3\u91d1\u3002\u81ea1971\u5e74\u7f8e\u570b\u5ba3\u544a\u9ec3\u91d1\u8207\u7f8e\u5143\u812b\u52fe\uff0c\u5c55\u958b\u7121\u9328\u8ca8\u5e63(fiat currency)\u9019\u500b\u53f2\u7121\u524d\u4f8b\u7684\u7d93\u6fdf\u5be6\u9a57\uff0c\u5f88\u591a\u4eba\u8aaa\u9ec3\u91d1\u5df2\u7d93\u904e\u6642\uff0c\u662f\u6c92\u6709\u7528\u53c8\u6c92\u6709\u5229\u606f\u6536\u7684\u77f3\u982d\u3002\u4e0d\u904e\u5982\u679c\u4f60\u770b\u81ea1971\u5e74\u4ee5\u4f86\u9ec3\u91d1\u8207\u80a1\u5e02\u7684\u56de\u5831\uff0c\u5176\u5be6\u5169\u8005\u7684\u56de\u5831\u4e0d\u76f8\u4f2f\u4ef2\u3002\u82e5\u53ea\u8a08\u7b97\u672c\u4e16\u7d00\u7684\u56de\u5831\uff0c\u9ec3\u91d1\u66f4\u5927\u5e45\u8dd1\u8d0f\u80a1\u5e02\u3002\u7576\u7136\u4f60\u6703\u6295\u8a22\u8aaa\u6bd4\u8f03\u4e0d\u516c\u5e73\uff0c\u5c08\u6311\u79d1\u7db2\u7206\u7834\u524d\u5915\u624d\u958b\u59cb\u8a08\u7b97\uff0c\u4f46\u4eca\u5929\u80a1\u5e02\u7684\u4f30\u503c\u4ee5\u9ec3\u91d1\u4f86\u8a08\u7b97\uff0c\u6bd42000\u5e74\u9084\u8981\u9ad8\u5440\u3002\u8981\u660e\u767d\u9ec3\u91d1\u7684\u6295\u8cc7\u50f9\u503c\uff0c\u8981\u5f9e\u5f88\u54f2\u5b78\u5f88\u7d93\u6fdf\u5b78\u7684\u4f55\u8b02\u91d1\u9322\u958b\u59cb\u8b1b\u8d77\uff0c\u91d1\u9322\u53ea\u662f\u4fe1\u5fc3\u7684\u7522\u7269\uff0c\u7d93\u6fdf\u8ab2\u672c\u4e0a\u6559\u91d1\u9322\u7684\u4e09\u52a0\u4e00\u500b\u529f\u80fd\uff0c\u4e00\u8def\u8b1b\u5230\u8ca8\u5e63\u653f\u7b56\u7684\u6b77\u53f2\uff0ccounter party risk\uff0c\u672a\u4f86\u53ef\u80fd\u51fa\u73fe\u7684the great reset\u3002\u5982\u679c\u4f60\u76f8\u4fe1\u653f\u5e9c\u4e0d\u6703\u72c2\u5370\u9280\u7d19\uff0c\u9280\u7d19\u4e0d\u6703\u8cb6\u50f9\uff0c\u4f60\u5927\u53ef\u4ee5\u7121\u8996\u9ec3\u91d1\u7684\u5b58\u5728\u3002\u6295\u8cc7\u7d44\u5408\u4e2d\u6709\u9ec3\u91d1\u5c31\u50cf\u662f\u8cb7\u4fdd\u96aa\uff0c\u6e90\u65bc\u662f\u5c0dfiat\u672c\u8cea\u4e0a\u7684\u4e0d\u4fe1\u4efb\u3002\u6211\u81ea2016\u5e74$1200\u958b\u59cb\u8cb7\u91d1\uff0c\u4e00\u76f4\u662f\u6211\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u5b9a\u6d77\u795e\u91dd\u30022020\u5e74\u91d1\u50f9\u7834\u9802\u56de\u843d\u5f8c\uff0c\u6211\u66f4\u52aa\u529b\u947d\u7814\u91d1\u9280\u7926\u80a1\uff0cdollar cost average\u5165\u8ca8\uff0c\u91d1\u9280\u76f8\u95dc\u7684\u6295\u8cc7\u4f54\u7e3d\u8cc7\u752220%\u5de6\u53f3\u3002\u904e\u53bb\u4e00\u5e74\u96d6\u7136\u5187\u8cfa\u5187\u8755\u5f97\u500b\u64fa\u5b57\uff0c\u90a3\u662f\u70ba\u7f8e\u5143\u672a\u65e5\u7684\u90a3\u5929\u4f5c\u597d\u6e96\u5099\u3002 6. \u5546\u54c1 (Commodity) &hellip; <a href=\"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":15095,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"lc_iscn_info":[],"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\u6295\u8cc7\u7d44\u5408\u8981\u5e73\u8861\u98a8\u96aa\uff0c\u5c31\u5fc5\u9700\u8981\u61c2\u5f97\u516b\u5927\u8cc7\u7522\u985e\u5225","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1299],"tags":[1257,1258,1302],"class_list":["post-15094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-_market","tag-1257","tag-1258","tag-1302"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp<\/title>\n<meta name=\"description\" content=\"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.horace.org\/blog\/2022\/04\/03\/\u6dfa\u8ad6\u516b\u5927\u8cc7\u7522\u985e\u5225\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp\" \/>\n<meta property=\"og:description\" content=\"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.horace.org\/blog\/2022\/04\/03\/\u6dfa\u8ad6\u516b\u5927\u8cc7\u7522\u985e\u5225\/\" \/>\n<meta property=\"og:site_name\" content=\"\u54f2\u5b50\u6232 Philosophist\u2019s Camp\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/horace.org\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/horace.org\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-03T09:47:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-05T16:44:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"hevangel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@horaceorg\" \/>\n<meta name=\"twitter:site\" content=\"@horaceorg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"hevangel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/\"},\"author\":{\"name\":\"hevangel\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#\\\/schema\\\/person\\\/c8d9e8e7a71d343b4b2c4ef4365cdb4c\"},\"headline\":\"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225\",\"datePublished\":\"2022-04-03T09:47:30+00:00\",\"dateModified\":\"2022-04-05T16:44:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/\"},\"wordCount\":141,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#\\\/schema\\\/person\\\/c8d9e8e7a71d343b4b2c4ef4365cdb4c\"},\"image\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1\",\"keywords\":[\"\u80a1\u7968\",\"\u6295\u8cc7\",\"\u9673\u99ac\u6295\u8cc7\u7b46\u8a18\"],\"articleSection\":[\"\u6295\u8cc7\u8ced\u535a\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/\",\"url\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/\",\"name\":\"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1\",\"datePublished\":\"2022-04-03T09:47:30+00:00\",\"dateModified\":\"2022-04-05T16:44:39+00:00\",\"description\":\"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/2022\\\/04\\\/03\\\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/\",\"name\":\"\u54f2\u5b50\u6232 Philosophist\u2019s Camp\",\"description\":\"\u860b\u679c\u65e5\u5831\u4f5c\u8005 - \u9673\u99ac\uff1a\u66f8\u8a55\uff0c\u5f71\u8a55\uff0c\u52d5\u6f2b\uff0c\u65c5\u884c\uff0c\u54f2\u5b78\u7b46\u8a18\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#\\\/schema\\\/person\\\/c8d9e8e7a71d343b4b2c4ef4365cdb4c\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/#\\\/schema\\\/person\\\/c8d9e8e7a71d343b4b2c4ef4365cdb4c\",\"name\":\"hevangel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/spocky.jpg?fit=1313%2C1259&ssl=1\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/spocky.jpg?fit=1313%2C1259&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/spocky.jpg?fit=1313%2C1259&ssl=1\",\"width\":1313,\"height\":1259,\"caption\":\"hevangel\"},\"logo\":{\"@id\":\"https:\\\/\\\/i0.wp.com\\\/www.horace.org\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/spocky.jpg?fit=1313%2C1259&ssl=1\"},\"sameAs\":[\"http:\\\/\\\/www.horace.org\",\"https:\\\/\\\/www.facebook.com\\\/horace.org\"],\"url\":\"https:\\\/\\\/www.horace.org\\\/blog\\\/author\\\/hevangel-2\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp","description":"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/\u6dfa\u8ad6\u516b\u5927\u8cc7\u7522\u985e\u5225\/","og_locale":"en_US","og_type":"article","og_title":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp","og_description":"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210","og_url":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/\u6dfa\u8ad6\u516b\u5927\u8cc7\u7522\u985e\u5225\/","og_site_name":"\u54f2\u5b50\u6232 Philosophist\u2019s Camp","article_publisher":"https:\/\/www.facebook.com\/horace.org","article_author":"https:\/\/www.facebook.com\/horace.org","article_published_time":"2022-04-03T09:47:30+00:00","article_modified_time":"2022-04-05T16:44:39+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg","type":"image\/jpeg"}],"author":"hevangel","twitter_card":"summary_large_image","twitter_creator":"@horaceorg","twitter_site":"@horaceorg","twitter_misc":{"Written by":"hevangel","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#article","isPartOf":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/"},"author":{"name":"hevangel","@id":"https:\/\/www.horace.org\/blog\/#\/schema\/person\/c8d9e8e7a71d343b4b2c4ef4365cdb4c"},"headline":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225","datePublished":"2022-04-03T09:47:30+00:00","dateModified":"2022-04-05T16:44:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/"},"wordCount":141,"commentCount":0,"publisher":{"@id":"https:\/\/www.horace.org\/blog\/#\/schema\/person\/c8d9e8e7a71d343b4b2c4ef4365cdb4c"},"image":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1","keywords":["\u80a1\u7968","\u6295\u8cc7","\u9673\u99ac\u6295\u8cc7\u7b46\u8a18"],"articleSection":["\u6295\u8cc7\u8ced\u535a"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/","url":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/","name":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225 - \u54f2\u5b50\u6232 Philosophist\u2019s Camp","isPartOf":{"@id":"https:\/\/www.horace.org\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#primaryimage"},"image":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1","datePublished":"2022-04-03T09:47:30+00:00","dateModified":"2022-04-05T16:44:39+00:00","description":"\u81ea\u5f9e\u6211\u5728\u860b\u679c\u65e5\u5831\u7684\u5c08\u6b04\u88ab\u6d88\u5931\u5f8c\uff0c\u4e00\u76f4\u63d0\u4e0d\u8d77\u52c1\u5beb\u6587\u7ae0\u3002\u5beb\u5b8c\u4e5f\u6c92\u6709\u591a\u5c11\u8b80\u8005\uff0c\u53ea\u5728\u670b\u53cb\u4e4b\u9593\u50b3\u95b1\uff0c\u81ea\u5df2\u5b64\u82b3\u81ea\u8cde\uff0c\u96e3\u514d\u9ede\u5152\u610f\u8208\u6b04\u67f5\u3002\u6211\u662f\u4e00\u500b\u559c\u6b61\u5beb\u6587\u7ae0\u7684\u4eba\uff0c\u5beb\u6587\u53ef\u4ee5\u5e6b\u52a9\u6211\u53bb\u6c89\u6bbf\u601d\u8003\uff0c\u53c8\u53ef\u4ee5\u628a\u6211\u7406\u5ff5\u5ee3\u50b3\u958b\u53bb\u3002\u601d\u524d\u60f3\u5f8c\uff0c\u6211\u6709\u8208\u8da3\u5beb\u7684\u984c\u76ee\uff0c\u8b80\u8005\u6709\u8208\u8da3\u770b\u7684\u984c\u76ee\uff0c\u4e0d\u6703\u7d66\u767c\u8868\u5e73\u53f0\u5e36\u4f86\u9ebb\u7169\uff0c\u5c31\u53ea\u6709\u6211\u7684\u6295\u8cc7\u7b46\u8a18\u3002\u9999\u6e2f\u4eba\u8cfa\u9322\u81f3\u4e0a\uff0c\u5c31\u7b97\u8b8a\u6210","breadcrumb":{"@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#primaryimage","url":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/www.horace.org\/blog\/2022\/04\/03\/%e6%b7%ba%e8%ab%96%e5%85%ab%e5%a4%a7%e8%b3%87%e7%94%a2%e9%a1%9e%e5%88%a5\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.horace.org\/blog\/"},{"@type":"ListItem","position":2,"name":"\u6dfa\u8ad6\u4e5d\u5927\u8cc7\u7522\u985e\u5225"}]},{"@type":"WebSite","@id":"https:\/\/www.horace.org\/blog\/#website","url":"https:\/\/www.horace.org\/blog\/","name":"\u54f2\u5b50\u6232 Philosophist\u2019s Camp","description":"\u860b\u679c\u65e5\u5831\u4f5c\u8005 - \u9673\u99ac\uff1a\u66f8\u8a55\uff0c\u5f71\u8a55\uff0c\u52d5\u6f2b\uff0c\u65c5\u884c\uff0c\u54f2\u5b78\u7b46\u8a18","publisher":{"@id":"https:\/\/www.horace.org\/blog\/#\/schema\/person\/c8d9e8e7a71d343b4b2c4ef4365cdb4c"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.horace.org\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.horace.org\/blog\/#\/schema\/person\/c8d9e8e7a71d343b4b2c4ef4365cdb4c","name":"hevangel","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2021\/11\/spocky.jpg?fit=1313%2C1259&ssl=1","url":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2021\/11\/spocky.jpg?fit=1313%2C1259&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2021\/11\/spocky.jpg?fit=1313%2C1259&ssl=1","width":1313,"height":1259,"caption":"hevangel"},"logo":{"@id":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2021\/11\/spocky.jpg?fit=1313%2C1259&ssl=1"},"sameAs":["http:\/\/www.horace.org","https:\/\/www.facebook.com\/horace.org"],"url":"https:\/\/www.horace.org\/blog\/author\/hevangel-2\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/04\/a4b8647a-09e8-4576-95de-e622dcc38d72_1280x720.jpeg?fit=1280%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/pwn21-3Vs","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":15693,"url":"https:\/\/www.horace.org\/blog\/2023\/12\/30\/%e9%80%9a%e8%86%a8%e6%99%82%e4%bb%a3%ef%bc%8c%e6%88%91%e9%81%b8%e6%93%87%e7%a9%a9%e5%ae%9a%e8%87%b4%e5%af%8c-%e9%99%b3%e9%9c%87%e5%a5%87-%e7%8b%82%e5%be%92\/","url_meta":{"origin":15094,"position":0},"title":"\u901a\u81a8\u6642\u4ee3\uff0c\u6211\u9078\u64c7\u7a69\u5b9a\u81f4\u5bcc &#8211; \u9673\u9707\u5947, \u72c2\u5f92","author":"hevangel","date":"December 30, 2023","format":false,"excerpt":"\u66f8\u4e2d\u5167\u5bb9\u5168\u662f\u300c\u963f\u5abd\u4fc2\u5973\u4eba\u300d\u7684\u771f\u7406\uff0c\u55ae\u8403\u53ea\u662f\u652f\u6301\u72c2\u5f92\u51fa\u66f8\uff0c\u9806\u4fbf\u5b78\u7fd2\u5982\u4f55\u5beb\u6295\u8cc7\u66f8","rel":"","context":"In &quot;\u6295\u8cc7\u8ced\u535a&quot;","block_context":{"text":"\u6295\u8cc7\u8ced\u535a","link":"https:\/\/www.horace.org\/blog\/category\/_market\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2023\/12\/10882011_R_m.jpg?fit=640%2C640&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2023\/12\/10882011_R_m.jpg?fit=640%2C640&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2023\/12\/10882011_R_m.jpg?fit=640%2C640&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":16313,"url":"https:\/\/www.horace.org\/blog\/2026\/01\/23\/%e7%82%ba%e4%bb%80%e9%ba%bc%e6%88%91%e4%b8%8d%e5%86%8d%e6%8a%95%e8%b3%87%e8%a2%ab%e5%8b%95%e6%8c%87%e6%95%b8%e5%9f%ba%e9%87%91\/","url_meta":{"origin":15094,"position":1},"title":"\u70ba\u4ec0\u9ebc\u6211\u4e0d\u518d\u6295\u8cc7\u88ab\u52d5\u6307\u6578\u57fa\u91d1","author":"hevangel","date":"January 23, 2026","format":false,"excerpt":"\u88ab\u52d5\u6307\u6578\u57fa\u91d1\u672a\u5fc5\u662f\u6700\u4f73\u7684\u6295\u8cc7\u9078\u9805","rel":"","context":"In &quot;\u6295\u8cc7\u8ced\u535a&quot;","block_context":{"text":"\u6295\u8cc7\u8ced\u535a","link":"https:\/\/www.horace.org\/blog\/category\/_market\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2026\/01\/image.jpg?fit=1200%2C655&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2026\/01\/image.jpg?fit=1200%2C655&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2026\/01\/image.jpg?fit=1200%2C655&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2026\/01\/image.jpg?fit=1200%2C655&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2026\/01\/image.jpg?fit=1200%2C655&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":14096,"url":"https:\/\/www.horace.org\/blog\/2020\/03\/17\/a-random-walk-down-wall-street-burton-g-malkiel\/","url_meta":{"origin":15094,"position":2},"title":"A Random Walk Down Wall Street &#8211; Burton G Malkiel","author":"hevangel","date":"March 17, 2020","format":false,"excerpt":"\u80a1\u707d\u7576\u524d\u624d\u770b\u6559\u6295\u8cc7\u5165\u9580\u7684\u66f8\uff0c\u5f88\u81e8\u6025\u62b1\u4f5b\u8173\u3002\u4e0d\u904e\u6c92\u6709\u8fa8\u6cd5\uff0c\u904e\u53bb\u5341\u4e00\u5e74\u7684\u5927\u725b\u5e02\uff0c\u96a8\u624b\u8cb7\u4e00\u96bb\u80a1\u7968\u90fd\u6709\u8cfa\uff0c\u8b93\u6295\u8cc7\u7d00\u5f8b\u8b8a\u5f97\u5f88\u9b06\u61c8\u3002\u4e00\u6708\u5c3e\u770b\u8457\u6b66\u6f22\u75c5\u6bd2\u6162\u52d5\u4f5c\u5f9e\u4e2d\u570b\u6bba\u5230\u7f8e\u570b\uff0c\u81f3\u5c11\u4eca\u6b21\u80a1\u707d\u65e9\u6709\u9810\u544a\uff0c\u80fd\u5920\u5728\u5dee\u4e0d\u591a\u6700\u9ad8\u4f4d\u6e05\u5009\u96e2\u5834\uff0c\u53ef\u4ee5\u8aaa\u662f\u4e0d\u5e78\u4e2d\u4e4b\u5927\u5e78\u3002\u56de\u9867\u81ea\u5df1\u904e\u53bb\u5e7e\u5e74\u7684\u6295\u8cc7\u8a18\u9304\uff0c\u96d6\u7136\u662f\u6709\u8cfa\u4f46\u5176\u5be6\u8dd1\u8f38\u5927\u5e02\uff0c\u5982\u679c\u9589\u8457\u773c\u8cb7index fund\u53cd\u800c\u80fd\u5920\u8cfa\u5f97\u66f4\u591a\u3002 \u8fd1\u5e74index fund\u76db\u884c\uff0c\u5dee\u4e0d\u591a\u4f54\u6574\u500b\u5e02\u5834\u768440%\uff0cBurton Malkiel\u9019\u672c\u300aA Random Walk Down Wall Street\u300b\u53ef\u8aaa\u662f\u958b\u5c71\u9f3b\u7956\u30021973\u5e74\u521d\u7248\u5f9e\u5b8c\u5168\u5e02\u5834\u5047\u8aaa\u63a8\u8ad6\uff0c\u6307\u51faactive fund\u4e0d\u53ef\u80fd\u9577\u671f\u8dd1\u8d0f\u5927\u5e02\uff0c\u52a0\u6263\u9664\u7ba1\u7406\u8cbb\u56de\u5831\u7387\u66f4\u4f4e\uff0cpassive\u7684index fund\u624d\u662f\u6700\u4f73\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u5f9e\u6b64\u6467\u751f\u4e86EFT\u9019\u500b\u6295\u8cc7\u5de5\u5177\u3002\u6211\u770b\u7684\u662f2018\u5e74\u7b2c\u5341\u4e8c\u7248\uff0c\u52a0\u51652008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u76f4\u52302018\u5e74\u51fa\u66f8\u552f\u6b62\u7684\u5927\u5e02\u6578\u64da\uff0c\u518d\u6b21\u8b49\u660eindex fund\u7684\u5a01\u529b\u3002 \u9019\u672c\u66f8\u662f\u6563\u6236\u6295\u8cc7\u8005\u7684\u5165\u9580\u5929\u66f8\uff0c\u5c31\u7b97\u4f60\u4e0d\u8a8d\u540c\u8cb7index fund\u6700\u6700\u597d\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u66f8\u4e2d\u6709\u8a73\u7d30\u4ecb\u7d39\u5404\u7a2e\u4e0d\u540c\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u7576\u7136\u4f5c\u8005\u5617\u8a66\u7528\u6578\u64da\u548c\u908f\u8f2f\uff0c\u53bb\u6307\u51fa\u5176\u4ed6\u7b56\u7565\u7684\u7f3a\u9ede\u3002\u5b78\u7fd2\u6295\u8cc7\u6700\u91cd\u8981\u662f\u4ee5\u53f2\u70ba\u9451\uff0c\u56e0\u70ba\u4eba\u985e\u7e3d\u6703\u72af\u4e0a\u76f8\u540c\u7684\u932f\u8aa4\u3002\u66f8\u4e2d\u958b\u9996\u5148\u7528\u56db\u5206\u4e00\u7bc7\u5e45\uff0c\u5f9e\u53f2\u4e0a\u7b2c\u4e00\u500b\u5e02\u5834\u6ce1\u6cac\u8377\u862d\u9b31\u91d1\u9999\u8b1b\u8d77\uff0c\u5230\u82f1\u570b\u5357\u6d77\u6ce1\u6cac\uff0c\u4e00\u76f4\u8b1b\u5230\u516d\u5341\u5e74\u4ee3\u7684\u96fb\u5b50\u6ce1\u6cac\uff0c\u516b\u5341\u5e74\u4ee3\u65e5\u672c\u6ce1\u6cac\uff0c\u5343\u79a7\u5e74\u7db2\u7d61\u6ce1\u6cac\uff0c08\u5e74\u91d1\u878d\u6d77\u562f\uff0c\u5230\u6700\u65b0\u7684bitcoin\u6ce1\u6cac\uff0c\u628a\u6b77\u53f2\u7684\u6559\u8a13\u6df1\u523b\u70d9\u5370\u5728\u8b80\u8005\u7684\u8166\u4e2d\u3002 \u7b2c\u4e8c\u90e8\u4efd\u4ecb\u7d39\u50b3\u7d71\u5206\u6790\u80a1\u7968\u7684\u5169\u5927\u7b56\u7565\uff0c\u5716\u8868\u6d3e\u6280\u8853\u5206\u6790\u548c\u57fa\u672c\u6d3e\u50f9\u503c\u5206\u6790\u3002\u6211\u4e00\u5411\u4e0d\u76f8\u4fe1\u6280\u8853\u5206\u6790\uff0c\u5716\u8868\u6c38\u9060\u843d\u5f8c\u65bc\u5e02\u5834\uff0c\u4f5c\u8005\u7528\u5927\u6578\u64da\u8a08\u7b97\u4e0d\u540c\u7684\u6280\u8853\u5206\u6790\u65b9\u6cd5\uff0c\u57fa\u672c\u4e0a\u5f97\u51fa\u7684\u7d50\u8ad6\u5c31\u4f30\u932f\u6a5f\u6703\u548c\u4e82\u649e\u5dee\u4e0d\u591a\uff0c\u4e0d\u77e5\u4f55\u89e3\u96fb\u8996\u4e0a\u7684\u8ca1\u6f14\u537b\u5f88\u559c\u6b61\u8b1b\u5716\u8868\u3002\u83ef\u723e\u8857\u7684\u5c08\u696d\u6295\u8cc7\u8005\u4e0d\u5c51\u5716\u8868\uff0c\u8a8d\u70ba\u90a3\u662f\u6563\u6236\u5c0d\u80a1\u50f9\u7684\u5360\u661f\uff0c\u4ed6\u5011\u5927\u591a\u6578\u662f\u57fa\u672c\u6d3e\uff0c\u627e\u51fa\u88ab\u4f4e\u4f30\u503c\u7684\u80a1\u7968\u7136\u5f8c\u8d81\u4f4e\u5438\u7d0d\uff0c\u6700\u51fa\u540d\u7684\u50f9\u503c\u6295\u8cc7\u8005\u81ea\u7136\u662f\u80a1\u795e\u7562\u83f2\u7279\u3002\u4f5c\u8005\u5c0d\u50f9\u503c\u6295\u8cc7\u540c\u6a23\u4e0d\u8a8d\u540c\uff0c\u516c\u53f8\u5e74\u5831\u6c34\u4efd\u751a\u591a\u53ef\u4fe1\u6027\u4e0d\u9ad8\uff0c\u66f4\u6789\u8ad6\u7528\u4f86\u4f30\u8a08\u771f\u5be6\u50f9\u503c\u3002\u6709\u80fd\u529b\u7684\u5206\u6790\u54e1\u65e9\u5347\u7d1a\u505a\u57fa\u91d1\u7d93\u7406\uff0c\u53ea\u8981\u770b\u770b\u5206\u6790\u54e1\u8a02\u51fa\u4f86\u7684\u76ee\u6a19\u80a1\u50f9\uff0c\u5c31\u77e5\u9053\u57fa\u672c\u6d3e\u6709\u591a\u9ebc\u4e0d\u53ef\u4fe1\uff0c\u81f3\u5c11\u6563\u6236\u6c92\u6709\u8db3\u5920\u8cc7\u8a0a\u53bb\u4f5c\u4f30\u503c\u5206\u6790\u3002 \u7b2c\u4e09\u90e8\u4efd\u4ecb\u7d50\u6700\u65b0\u7684\u6295\u8cc7\u7b56\u7565\uff0crisk parity\uff0csmart beta\uff0cCAPM\u6a21\u578b\u7b49\u7b49\uff0c\u5c31\u7b97\u90a3\u4e9b\u7b56\u7565\u771f\u4fc2\u4e0d\u80fd\u8dd1\u8d0f\u5927\u5e02\uff0c\u9019\u90e8\u4efd\u672c\u8eab\u5c31\u662f\u65b0\u7b56\u7565\u7684\u5165\u9580\u7c21\u4ecb\u3002\u5229\u7528\u4e0d\u540c\u80a1\u7968\u4e92\u4e0dcorrelate\u7684\u7279\u6027\uff0c\u53ef\u4ee5\u5c07\u9ad8\u98a8\u96aa\u9ad8\u56de\u5831\u7684\u7368\u9805\u6295\u8cc7\uff0c\u780c\u51fa\u4f4e\u98a8\u96aa\u9ad8\u56de\u5831\u7684\u6295\u8cc7\u7d44\u5408\u3002\u4e0d\u904e\u9019\u6a23\u5c31\u7522\u751f\u4e86\u9ad8\u98a8\u96aa\u5fc5\u7b49\u9ad8\u56de\u5831\u7684\u6096\u8ad6\uff0c\u5982\u679c\u5e02\u5834\u662f\u5b8c\u7f8e\u7684\u8a71\uff0cbeta\u9ad8\u4f4e\u8207\u56de\u5831\u7387\u662f\u6c92\u6709\u5fc5\u7136\u95dc\u4fc2\u3002\u9084\u6709\u662f\u884c\u70ba\u7d93\u6fdf\u5b78\u884d\u65b0\u51fa\u7684\u6295\u8cc7\u7406\u8ad6\uff0c\u4f8b\u5982\u4eba\u5c0d\u8755\u9322\u6bd4\u8cfa\u9322\u770b\u5f97\u5f88\u91cd\uff0c\u7e3d\u7d50\u662f\u56db\u5927\u6295\u8cc7\u6212\u5f8b\uff0c\u6e1b\u81ea\u5df2\u72af\u884c\u70ba\u7d93\u6fdf\u5b78\u7684\u4e0d\u7406\u6027\u932f\u8aa4\uff0c\u4e0d\u8981\u76f2\u76ee\u8ddf\u98a8\uff0c\u4e0d\u8981\u5e38\u8cb7\u5e38\u8ce3\u8755\u7a05\u8755\u5dee\u50f9\u53c8\u8755\u4f63\uff0c\u4e0d\u8981\u6b7b\u5b88\u87f9\u8ca8\u4e0d\u8981\u5272\u932f\u79be\u9752\uff0c\u4e0d\u8981\u8cb7IPO\u4e0d\u8981\u88ab\u9a19\u7b49\u7b49\u3002Smart beta\u662frule-base trading\uff0c\u6bcf\u500bfund\u6709\u81ea\u5df2\u7684\u7406\u5ff5\u548calgorithm\uff0c\u4f5c\u8005\u4ea6\u63a8\u4ecb\u4e0d\u540c\u985e\u578b\u7684smart beta funds\u3002Risk parity\u6700\u51fa\u540d\u7684\u4ee3\u8868\u662fRay Dalio\uff0c\u7528\u5206\u6563\u6301\u6709\u5404\u7a2e\u4e0d\u540c\u985e\u578b\u7684\u6295\u8cc7\u7522\u54c1\uff0c\u7528re-balancing\u53bb\u9032\u884c\u98a8\u96aa\u7ba1\u7406\u3002\u59cb\u7d42\u9019\u4e9b\u65b0\u6295\u8cc7\u7b56\u7565\u662f\u5b78\u9662\u6d3e\u9084\u5728\u7814\u7a76\u7684\u65b0\u6771\u897f\uff0c\u4f5c\u8005\u7684\u6279\u8a55\u4e26\u4e0d\u5982\u50b3\u7d71\u5206\u6790\u822c\u6709\u5be6\u8cea\u6578\u64da\u652f\u6301\uff0c\u6279\u8a55\u7684\u529b\u5ea6\u4e0d\u5920\uff0c\u6211\u89ba\u5f97\u8cc7\u6e90\u5145\u8db3\u7684\u5927\u57fa\u91d1\u9084\u662f\u6709\u53ef\u80fd\u8dd1\u8d0f\u5927\u5e02\uff0c\u4e0d\u904e\u6563\u6236\u5c31\u6c92\u6709\u4ec0\u9ebc\u53ef\u80fd\u4e86\uff0c\u800c\u8cb7\u90a3\u4e9b\u57fa\u91d1\u6703\u8755\u9ad8\u6602\u7684\u7ba1\u7406\u8cbb\uff0c\u540cindex fund\u6bd4\u5df2\u7d93\u843d\u5f8c\u65bc\u8d77\u8dd1\u7dda\u3002 \u7b2c\u56db\u90e8\u4efd\u6709\u9ede\u6c89\u60b6\uff0c\u5c31\u662f\u5f88\u8001\u751f\u5e38\u8ac7\u7684\u6295\u8cc7\u5927\u9053\u7406\uff0c\u4e0d\u8981\u6025\u529f\u8fd1\u5229\uff0c\u8981\u505a\u597d\u7406\u8ca1\u8a08\u756b\uff0c\u4e0d\u8981\u501f\u9322\u7092\u80a1\u7968\uff0c\u5584\u7528\u7a05\u52d9\u512a\u60e0\uff0c\u8981\u5206\u6563\u6295\u8cc7\u9664\u4e86\u80a1\u7968\u5916\uff0c\u9084\u8981\u8cb7\u9ec3\u91d1\u50b5\u5377\u5916\u570b\u80a1\u7968\u7b49\u7b49\u3002\u66f8\u4e2d\u63d0\u51fa\u4e00\u500b\u5f88\u6838\u5fc3\u7684\u6168\u5ff5\uff0c\u53bb\u8a08\u7b97\u4f60\u80fd\u5920\u627f\u53d7\u591a\u5c11\u6295\u8cc7\u98a8\u96aa\uff0c\u4f60\u60f3\u5403\u5f97\u597d\uff08\u9ad8\u98a8\u96aa\u9ad8\u56de\u5831\uff09\u9084\u662f\u60f3\u7761\u5f97\u5b89\u6a02\uff08\u4f4e\u98a8\u96aa\u4e0d\u6703\u8755\u5927\u9322\uff09\u3002\u80fd\u5426\u7761\u5f97\u5b89\u6a02\u771f\u662f\u4e00\u500b\u5f88\u91cd\u8981\u7684\u6307\u6a19\uff0c\u6b66\u6f22\u75c5\u6bd2\u521d\u671f\u500b\u5e02\u5927\u4e0a\u5927\u843d\uff0c\u6211\u9084\u5984\u98a8\u9ad8\u6d6a\u6025\u53ef\u4ee5\u7092\u8cb7\u8cfa\u591a\u7b46\uff0c\u7d50\u679c\u6210\u65e5\u5750\u5514\u5b89\u7793\u5514\u843d\uff0c\u6700\u5f8c\u90fd\u4fc2\u6e05\u5009\u5168\u90e8\u8cb7\u9ec3\u91d1\u548c\u570b\u50b5\uff0c\u61f6\u7406\u500b\u5e02\u5982\u4f55\u8dcc\u4e5f\u80fd\u7761\u5f97\u9999\u751c\u3002\u5c31\u7b97\u516d\u9ede\uff08\u897f\u5cb8\u6642\u9593\uff09\u65e9\u4e86\u9192\u4f86\uff0c\u4e5f\u53ef\u4ee5\u5b89\u5fc3\u518d\u7761\u591a\u5169\u7c92\u9418\uff0c\u4e0d\u7528\u7747\u5be6\u500b\u5e02\u6709\u4ec0\u9ebc\u98a8\u8db3\u8349\u52d5\uff0c\u7b49\u4e00\u5207\u5875\u57c3\u843d\u5b9a\u624d\u53bb\u60f3\u8981\u57f7\u4ec0\u9ebc\u5e73\u8ca8\u3002 \u5728\u4e0b\u4e00\u500b\u725b\u5e02\uff0cindex fund\u5c07\u6703\u662f\u6211\u6295\u8cc7\u7684\u91cd\u9ede\uff0c\u5728\u80fd\u591c\u665a\u7761\u5f97\u5b89\u6a02\u7684\u5927\u524d\u63d0\u4e0b\uff0c\u8cb7\u8ce3\u500b\u5225\u6211\u5341\u5206\u770b\u597d\u7684\u80a1\u7968\uff0c\u8ffd\u6c42\u9ad8\u56de\u5831\u98df\u5f97\u597d\u3002","rel":"","context":"In &quot;\u6295\u8cc7\u8ced\u535a&quot;","block_context":{"text":"\u6295\u8cc7\u8ced\u535a","link":"https:\/\/www.horace.org\/blog\/category\/_market\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/03\/81C0ZbPfjuL.jpg?fit=789%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/03\/81C0ZbPfjuL.jpg?fit=789%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/03\/81C0ZbPfjuL.jpg?fit=789%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2020\/03\/81C0ZbPfjuL.jpg?fit=789%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15717,"url":"https:\/\/www.horace.org\/blog\/2024\/02\/11\/the-world-for-sale-javier-blas-jack-farchy\/","url_meta":{"origin":15094,"position":3},"title":"The World For Sale &#8211; Javier Blas, Jack Farchy","author":"hevangel","date":"February 11, 2024","format":false,"excerpt":"\u9019\u662f\u4e00\u672c\u91d1\u878d\u6b77\u53f2\u66f8\uff0c\u5e36\u4f60\u8d70\u9032\u5546\u54c1\u4ea4\u6613\u7684\u4e16\u754c\u3002","rel":"","context":"In &quot;\u6295\u8cc7\u8ced\u535a&quot;","block_context":{"text":"\u6295\u8cc7\u8ced\u535a","link":"https:\/\/www.horace.org\/blog\/category\/_market\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2024\/01\/the-world-for-sale-4.jpg?fit=783%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2024\/01\/the-world-for-sale-4.jpg?fit=783%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2024\/01\/the-world-for-sale-4.jpg?fit=783%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2024\/01\/the-world-for-sale-4.jpg?fit=783%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15336,"url":"https:\/\/www.horace.org\/blog\/2022\/11\/12\/%e6%89%80%e8%ac%82%e3%80%8c%e6%88%91%e4%b8%8d%e6%8a%95%e8%b3%87%e3%80%8d%ef%bc%8c%e5%b0%b1%e6%98%af-all-in-%e5%9c%a8%e6%b3%95%e5%ae%9a%e8%b2%a8%e5%b9%a3-%e9%ab%98%e9%87%8d%e5%bb%ba\/","url_meta":{"origin":15094,"position":4},"title":"\u6240\u8b02\u300c\u6211\u4e0d\u6295\u8cc7\u300d\uff0c\u5c31\u662f all in \u5728\u6cd5\u5b9a\u8ca8\u5e63 &#8211; \u9ad8\u91cd\u5efa","author":"hevangel","date":"November 12, 2022","format":false,"excerpt":"\u8ab0\u662f\u9999\u6e2f\u52a0\u5bc6\u5e63\u7b2c\u4e00\u4eba\uff0c\u662f\u7576\u8857\u5927\u7051\u9280\u7d19\u642d\u96de\u68da\u7684\u5e63\u5c11\uff0c\u9084\u662f\u6253\u7b97\u628a\u9999\u6e2f\u6253\u9020\u6210\u570b\u969b\u865b\u64ec\u8cc7\u7522\u4e2d\u5fc3\u7684\u8ca1\u723a\u9673\u8302\u6ce2\uff1f\u9ad8\u91cd\u5efa\u7684\u540d\u5b57\u5e63\u5708\u4ee5\u5916\u6216\u8a31\u6c92\u6709\u4eba\u8b58\uff0c\u4f46\u8aaa\u4ed6\u662f\u9999\u6e2f\u52a0\u5bc6\u5e63\u4e4b\u7236\uff0c\u7d55\u5c0d\u7576\u4e4b\u7121\u6127\u3002\u4ed6\u4e00\u624b\u5275\u7acb\u7684LikeCoin\uff0c\u662f\u4e2d\u6587\u53bb\u4e2d\u5fc3\u5316\u5340\u584a\u9375\u7684\u57fa\u77f3\uff0c\u4ed6\u66f4\u81f4\u529b\u63a8\u52d5\u5340\u584a\u9375\u6559\u80b2\uff0c\u5728\u4e0d\u540c\u5e73\u53f0\u767c\u8868\u4ea4\u7ae0\uff0c\u66f4\u514d\u8cbb\u958b\u73ed\u6388\u5f99\uff0c\u5e0c\u671b\u4eba\u4eba\u90fd\u4f7f\u7528\u52a0\u5bc6\u8ca8\u5e63\u3002 \u9019\u672c\u300a\u6240\u8b02\u300c\u6211\u4e0d\u6295\u8cc7\u300d\uff0c\u5c31\u662f all in \u5728\u6cd5\u5b9a\u8ca8\u5e63\u300b\uff0c\u4ea6\u662f\u958b\u5275\u4e2d\u6587\u51fa\u7248\u754c\u7684\u5148\u6cb3\uff0c\u662f\u7b2c\u4e00\u672c\u4e2d\u6587\u300cNFT\u66f8\u300d\u3002\u9019\u7bc7\u662f\u66f8\u8a55\uff0c\u6211\u9084\u662f\u96c6\u4e2d\u8ac7\u8ad6\u66f8\u672c\u7684\u5167\u5bb9\uff0c\u81f3\u65bc\u4f55\u8b02\u300cNFT\u66f8\u300d\uff0c\u6709\u8208\u8da3\u77e5\u9053\u7684\u8b80\u8005\uff0c\u53ef\u4ee5\u53bb\u9ad8\u91cd\u5efa\u7684\u7db2\u7ad9\u6709\u8a73\u7d30\u89e3\u91cb\u3002 \u9019\u672c\u66f8\u662f\u9ad8\u91cd\u5efa\u904e\u53bb\u5e7e\u5e74\u767c\u8868\u6587\u7ae0\u7684\u7d50\u96c6\uff0c\u5e63\u5708\u767c\u5c55\u7684\u901f\u5ea6\u4e00\u65e5\u5343\u91cc\uff0c\u6709\u4e9b\u6bd4\u8f03\u65e9\u671f\u7684\u6587\u7ae0\uff0c\u5beb\u5728\u75ab\u60c5\u521d\u671f\u806f\u5132\u5c40\u72c2\u5370\u9280\u7d19\u6642\uff0c\u73fe\u4eca\u5e63\u5708\u6ce1\u6cac\u7206\u7834BTC\u50f9\u4f4d\u66b4\u8dcc\uff0c\u52a0\u5bc6\u5e63\u4ea4\u6613\u4e2d\u5fc3\u63a5\u4e8c\u9023\u4e09\u57f7\u7b20\uff0c\u9ad8\u901a\u8139\u9280\u7d19\u8cb6\u503c\u7684\u6642\u5019\u91cd\u65b0\u518d\u770b\uff0c\u672a\u514d\u6709\u9ede\u5152\u8af7\u523a\u3002\u6b64\u66f8\u53ea\u6709\u4e8c\u767e\u591a\u9801\uff0c\u591a\u5716\u517c\u5b57\u9ad4\u5927\uff0c\u500b\u591a\u5c0f\u6642\u4fbf\u53ef\u4ee5\u770b\u5b8c\u3002\u82e5\u679c\u4f60\u6709\u73a9\u958b\u52a0\u5bc6\u5e63\uff0c\u76f8\u4fe1\u4f60\u65e9\u5df2\u719f\u8b58\u66f8\u4e2d\u7684\u5167\u5bb9\u3002\u6211\u4e0d\u77e5\u9053\u300c\u6211\u4e0d\u6295\u8cc7\u300d\u9019\u500b\u547d\u984c\u662f\u5426\u5728\u6253\u7a3b\u8349\u4eba\uff0c\u81f3\u5c11\u5728\u6211\u8a8d\u8b58\u7684\u6240\u6709\u4eba\u7576\u4e2d\uff0c\u6c92\u6709\u4e00\u500b\u662f\u5168\u526f\u8eab\u5bb6\u73fe\u91d1\u653e\u5728\u9280\u884c\uff0c\u4e0d\u8ad6\u662f\u8cb7\u80a1\u7968\uff0c\u8cb7\u6a13\u6536\u79df\uff0c\u8cb7\u50b5\u5238\u8cb7\u57fa\u91d1\u7b49\u7b49\uff0c\u7e3d\u4e4b\u6216\u591a\u6216\u5c11\u4e5f\u6709\u6295\u8cc7\u3002\u4e0d\u904e\u4ee5\u4eca\u5e74\u4f86\u8a08\u7b97\uff0c\u653e\u9280\u884c\u505a\u5b9a\u671f\uff0c\u5927\u5e45\u8dd1\u8d0f\u4efb\u4f55\u6295\u8cc7\u3002 \u5f9e\u4f86\u6c92\u6709\u63a5\u89f8\u904e\u52a0\u5bc6\u5e63\u7684\u670b\u53cb\uff0c\u9019\u662f\u4e00\u672c\u5341\u5206\u6dfa\u767d\u7684\u5165\u9580\u66f8\u85c9\u3002\u770b\u5b8c\u9019\u672c\u66f8\uff0c\u4f60\u4e0d\u6703\u61c2\u5f97\u5982\u4f55\u7092\u5e63\u81f4\u5bcc\uff0c\u4f46\u5c0d\u65bc\u52a0\u5bc6\u5e63\u7684\u7406\u5ff5\u548c\u7406\u8ca1\u54f2\u5b78\uff0c\u6703\u6709\u958b\u4e86\u7ac5\u822c\u7684\u9818\u609f\u3002\u6211\u4e0d\u77e5\u9053\u9ad8\u91cd\u5efa\u662f\u5426\u6240\u8b02\u7684Bitcoin maximalist\uff0c\u4e0d\u904e\u66f8\u4e2d\u592a\u904e\u4e00\u5ec2\u60c5\u9858\u5c0d\u52a0\u5bc6\u5e63\u61a7\u666f\uff0c\u5b8c\u5168\u6c92\u6709\u63d0\u53ca\u6295\u8cc7\u52a0\u5bc6\u5e63\u7684\u7a2e\u7a2e\u9677\u9631\uff0c\u4e0d\u514d\u6b20\u7f3a\u5ba2\u89c0\u6301\u5e73\u3002BTC\u8207ETH\u5169\u5927\u52a0\u5bc6\u5e63\u76f8\u4fe1\u4e0d\u6703\u6e05\u96f6\uff0c\u4f46\u5176\u4ed6\u7d55\u5927\u90e8\u4efd\u52a0\u5bc6\u5e63\uff0c\u53ea\u662f\u4e00\u500b\u9f90\u6c10\u9a19\u5c40\u5927\u96de\u68da\uff0c\u672c\u8cea\u5c31\u662f\u65b0\u9322\u990a\u820a\u9322\u7684\u63a5\u706b\u68d2\u904a\u6232\u3002\u7d93\u6fdf\u5b78\u8ab2\u672c\u6709\u6559\u4f9b\u6c42\u5b9a\u5f8b\uff0c\u5404\u7a2e\u4e0d\u540c\u7684\u52a0\u5bc6\u5e63\u4f9b\u61c9\u7121\u9650\uff0c\u7406\u8ad6\u4e0a\u6240\u6709\u7cde\u5e63\u50f9\u503c\u662f\u96f6\u3002 \u9ad8\u91cd\u5efa\u7684\u6295\u8cc7\u54f2\u5b78\u6709\u4e00\u500b\u76f2\u9ede\uff0c\u96d6\u7136\u4ed6\u8d70\u51fa\u4e86\u6cd5\u5b9a\u8ca8\u5e63\u672c\u4f4d\u7684\u601d\u60f3\u6846\u6846\uff0c\u4f46\u4ed6\u8d70\u4e0d\u51fa\u91d1\u878d\u9ad4\u7cfb\u672c\u4f4d\u7684\u6846\u6846\u3002\u52a0\u5bc6\u5e63\u53ea\u662f\u773e\u591a\u4e0d\u540c\u8cc7\u7522\u4e4b\u4e00\uff0c\u6709\u5176\u512a\u9ede\u4ea6\u6709\u5176\u7f3a\u9ede\u3002\u6b63\u5982\u6295\u8cc7\u6a5f\u69cb\u4e0d\u6703\u53ea\u8cb7\u80a1\u7968\u4e0d\u8cb7\u50b5\u5238\u4e00\u6a23\uff0c\u52a0\u5bc6\u5e63\u53ea\u662f\u6574\u500b\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u4e00\u90e8\u4efd\uff0c\u4e0d\u61c9\u628a\u5b83\u7684\u91cd\u8981\u6027\u7121\u9650\u653e\u5927\u3002\u52a0\u5bc6\u5e63\u59cb\u7d42\u53ea\u662f\u4e00\u7a2e\u65b0\u8208\u8ca8\u5e63\uff0c\u91d1\u9322\u6700\u7d42\u7684\u7528\u9014\u662f\u8981\u63db\u53d6\u8ca8\u54c1\u6216\u670d\u52d9\u3002\u52a0\u5bc6\u5e63\u4e26\u4e0d\u662f\u6700\u53ef\u9760\u7684\u8ca8\u5e63\uff0c\u5728\u4e16\u754c\u672b\u65e5\u7684\u60c5\u6cc1\u4e0b\uff0c\u4f60\u64c1\u6709\u52a0\u5bc6\u5e63\u4e5f\u6c92\u6709\u7528\u8655\uff0c\u53ea\u6709\u9ec3\u91d1\uff0c\u7ce7\u98df\u548c\u5b50\u5f48\u624d\u662f\u6700\u7d42\u771f\u6b63\u7684\u300c\u8ca8\u5e63\u300d\u3002\u5728\u4e16\u754c\u672b\u65e5\u9084\u672a\u4f86\u5230\u6642\uff0c\u6295\u8cc7\u80a1\u7968\u57fa\u91d1\u6a13\u623f\u5916\u532f\u7684\u9577\u7dda\u56de\u5831\uff0c\u4e0d\u898b\u5f97\u6bd4\u6295\u8cc7\u5927\u4e0a\u5927\u843d\u52a0\u5bc6\u5e63\u5dee\u5f88\u591a\u3002\u6307\u8457BTC\u904e\u53bb\u5341\u5e74\u7684\u56de\u5831\u8aaa\u6295\u8cc7\u52a0\u5bc6\u5e63\u6709\u8cfa\u5187\u8755\u662fsurvivor bias\uff0c\u770b\u770b2018\u5e74\u90a3\u5806ICO\u6709\u591a\u5c11\u6d88\u5931\u7684\u7121\u5f71\u7121\u8e64\uff0c2020\u5e74\u65b0\u6e67\u73fe\u90a3\u4e00\u5927\u5806token\u548cNFT\uff0c\u770b\u770b\u5341\u5e74\u5f8c\u53c8\u6709\u591a\u5c11\u4ecd\u7136\u5065\u5728\u3002 \u9019\u672cNFT\u66f8\u5728NFT\u71b1\u6f6e\u51b7\u5374\u624d\u4e0a\u5e02\uff0c\u53c8\u4e0d\u662f\u653e\u5728ETH\u4e0a\u884cERC\u2014721\u7684NFT\uff0c\u5927\u5bb6\u4e0d\u8981\u4ee5\u70ba\u6703\u5347\u503c\u5c31\u8d70\u53bb\u8cb7\u3002LikeCoin\u80fd\u5426\u5b58\u6d3b\uff0c\u751a\u81f3Cosmos\u80fd\u5426\u5b58\u6d3b\uff0c\u90fd\u662f\u672a\u77e5\u4e4b\u7d20\u3002\u6211\u4e4b\u6240\u4ee5\u8cb7\u9019\u672cNFT\u66f8\uff0c\u7d14\u8403\u5c31\u662f\u652f\u6301\u9ad8\u91cd\u5efa\uff0c\u652f\u6301\u4e2d\u6587\u52a0\u5bc6\u5e63\u751f\u614b\u3002 \u82e5\u4f60\u4e5f\u6709\u8208\u8da3\u8cfc\u8cb7\uff0c\u5728\u6b64\u53ef\u4ee5\u8cfc\u8cb7NFT\u66f8\uff0c\u7d93\u6b64\u63a8\u5ee3\u9023\u7d50\u8cfc\u8cb7\u6211\u6709\u4e09\u6210\u4f63\u5206\u3002\u82e5\u4f60\u7d93\u6211\u7684\u9023\u7d50\u8cb7\u66f8\u7684\u8a71\uff0c\u7169\u9ebbmessage\u901a\u77e5\u6211\uff0c\u5728\u6211\u6536\u5230\u4f63\u91d1\u5f8c\uff0c\u6703\u628a\u7b49\u503cLikeCoin\u56de\u994b\u7d66\u4f60\u3002 \u7ffb\u7248\u4e0b\u8f09\uff1aepub pdf","rel":"","context":"In &quot;\u66f8\u8a55&quot;","block_context":{"text":"\u66f8\u8a55","link":"https:\/\/www.horace.org\/blog\/category\/_books\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/11\/%E6%9B%B8%E5%B0%81-scaled.jpg?fit=846%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/11\/%E6%9B%B8%E5%B0%81-scaled.jpg?fit=846%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/11\/%E6%9B%B8%E5%B0%81-scaled.jpg?fit=846%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.horace.org\/blog\/wp-content\/uploads\/2022\/11\/%E6%9B%B8%E5%B0%81-scaled.jpg?fit=846%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1659,"url":"https:\/\/www.horace.org\/blog\/2008\/01\/12\/%e5%8a%a0%e7%87%a6%e9%a6%99%e6%b8%af%e8%a6%8b%e8%81%9e%e9%8c%84%e4%b8%89\/","url_meta":{"origin":15094,"position":5},"title":"\u52a0\u71e6\u9999\u6e2f\u898b\u805e\u9304(\u4e09)","author":"hevangel","date":"January 12, 2008","format":false,"excerpt":"\u4e0a\u56de\u8aaa\u4e86\u91cd\u5efa\ufe50\u5c4f\u98a8\u6a13\u548c\u5929\u6c34\u570d\u7684\u6240\u898b\u6240\u805e\ufe50\u4eca\u56de\u8aaa\u4e9b\u65b0\u8a71\u984c\u3002 \u7092\u80a1 \u9999\u6e2f\u662f\u4e00\u500b\u5168\u6c11\u7686\u80a1\u7684\u57ce\u5e02\ufe50\u96a8\u4fbf\u8d70\u9032\u4efb\u4f55\u4e00\u9593\u66f8\u5e97\ufe50\u76e1\u662f\u7433\u7405\u6eff\u76ee\u7684\u6295\u8cc7\u66f8\u85c9\ufe50\u6578\u91cf\u591a\u5f97\u6709\u9ede\u5687\u4eba\u3002\u6295\u8cc7\u4e0d\u5916\u662f\u90a3\u4e9b\u57fa\u672c\u77e5\u8b58\ufe50\u600e\u9ebc\u53ef\u4ee5\u51fa\u7248\u9019\u9ebc\u591a\u672c\u6295\u8cc7\u66f8\u5462\u3002\u6211\u597d\u5947\u96a8\u624b\u7ffb\u958b\u5e7e\u672c\u770b\u770b\ufe50\u90a3\u4e9b\u6295\u8cc7\u66f8\u7684\u5167\u5bb9\ufe50\u597d\u50cf\u672c\u672c\u5dee\u4e0d\u591a\u3002\u81f3\u65bc\u90a3\u4e9b\u8ca1\u7d93\u540d\u4eba\u7684\u6295\u8cc7\u5bc6\u7b08\ufe50\u8aaa\u7a7f\u4e86\u4e0d\u904e\u662f\u8001\u751f\u5e38\u8ac7\u7684\u6295\u8cc7\u5e38\u8b58\ufe50\u7adf\u7136\u53c8\u53ef\u4ee5\u6210\u70ba\u80a1\u6c11\u8ffd\u6367\u7684\u5929\u66f8\u3002 \u66f4\u6b63\u4e00\u9ede\u4f86\u8aaa\ufe50\u8aaa\u9999\u6e2f\u5168\u6c11\u7686\u80a1\u4e5f\u4e0d\u5c0d\ufe50\u61c9\u8a72\u662f\u5168\u6c11\u7686\u8f2a\u624d\u5c0d\u3002\u6211\u5f9e\u5831\u7d19\u770b\u5230\u53bb\u5e74\u9999\u6e2f\u80a1\u5e02\u72c2\u5347\ufe50\u56de\u6e2f\u898b\u670b\u53cb\u6642\u554f\u4ed6\u5011\u6709\u6c92\u6709\u8cb7\u80a1\u7968\ufe50\u600e\u6599\u7d66\u4ed6\u5011\u7b11\u6211\u843d\u5f8c\ufe50\u8aaa\u73fe\u5728\u6c92\u6709\u4eba\u8cb7\u80a1\u7968\u4e86\ufe50\u8981\u8cb7\u7aa9\u8f2a\u624d\u8ffd\u5f97\u4e0a\u6f6e\u6d41\u3002\u5317\u7f8e\u6c92\u6709\u7aa9\u8f2a(warrant)\u9019\u7a2e\u6295\u8cc7\u5de5\u5177\ufe50\u670b\u53cb\u4e86\u8cbb\u4e86\u4e00\u756a\u5507\u820c\u624d\u7d66\u6211\u89e3\u91cb\u660e\u767d\u3002\u5176\u5be6\u7aa9\u8f2a\u6709\u9ede\u50cf\u5317\u7f8e\u80a1\u5e02\u7684options\ufe50\u4e0d\u904e\u9650\u5236\u6027\u5927\u4e9b\u5c0d\u6563\u6236\u6bd4\u8f03\u4e0d\u5229\u3002\u7406\u8ad6\u4e0a\u7aa9\u8f2a\u4e26\u4e0d\u662f\u6295\u8cc7\u5de5\u5177\ufe50\u800c\u662f\u884d\u751f\u5de5\u5177\ufe50\u7528\u4f86\u4f5c\u98a8\u96aa\u8f49\u79fb\u4e4b\u7528\u3002\u7aa9\u8f2a\u662f\u4e00\u500b\u96f6\u548c\u904a\u6232\ufe50\u6709\u4eba\u8d0f\u9322\u5c31\u4e00\u5b9a\u6709\u4eba\u8f2a\u9322\ufe50\u4e0d\u4f3c\u80a1\u7968\u53ef\u4ee5\u96d9\u8d0f\u3002\u5e02\u9762\u4e0a\u7adf\u7136\u6709\u6295\u8cc7\u66f8\u6559\u4eba\u8aaa\u7aa9\u8f2a\u662f\u6295\u8cc7\ufe50\u4e0d\u8cb7\u80a1\u7968\u55ae\u8cb7\u7aa9\u8f2a\u53ea\u662f\u8ced\u9322\ufe50\u9019\u4e9b\u66f8\u85c9\u53ef\u8b02\u5bb3\u4eba\u4e0d\u6dfa\u3002\u8aa4\u4fe1\u9019\u4e9b\u66f8\u7684\u6563\u6236\ufe50\u8f38\u5149\u4e86\u9322\u4e5f\u53ea\u53ef\u4ee5\u602a\u81ea\u5df1\u8822\u3002 \u554f\u670b\u53cb\u770b\u597d\u770b\u9999\u6e2f\u80a1\u7968\ufe50\u4ed6\u8aaa\u4e86\u5e7e\u500b\u6578\u76ee\u5b57\u3002\u554f\u4ed6\u600e\u77e5\u9053\u9019\u4e9b\u80a1\u7968\u8cb7\u5f97\u904e\ufe50\u610f\u7136\u4ed6\u7b54\u6211\u662f\u7747\u96bb\u80a1\u7968\u7684\u8d70\u52e2(momentum)\u3002\u4ed6\u8aaa\u9999\u6e2f\u5730\u8cb7\u80a1\u7968\ufe50\u6c92\u6709\u4eba\u6703\u7747\u57fa\u672c(fundamental)\ufe50\u7747\u5716\u8868(technical)\u4e5f\u958b\u59cb\u904e\u6642\ufe50\u7e3d\u4e4b\u5927\u5bb6\u4e00\u5473\u8ffd\u6367\ufe50\u770b\u770b\u90a3\u500b\u6700\u5f8c\u96e2\u5834\u5c31\u4ec6\u8857\u3002\u4ed6\u8aaa\u7684\u4e5f\u4e0d\u662f\u672a\u5617\u6c92\u6709\u9053\u7406\ufe50\u80a1\u7968\u50f9\u9322\u662f\u6700\u7d42\u6c7a\u5b9a\u65bc\u80a1\u6c11\u5fc3\u7406\u3002\u5206\u6790\u57fa\u672c\u548c\u5716\u8868\u53bb\u6c7a\u5b9a\u80a1\u50f9\ufe50\u662f\u57fa\u65bc\u5927\u90e8\u4efd\u80a1\u6c11\u4e5f\u662f\u7406\u6027\u7684\u5047\u8a2d\u4e0a\u3002\u7576\u5927\u90e8\u4efd\u80a1\u6c11\u4e5f\u975e\u7406\u6027\ufe50\u80a1\u5e02\u4e0a\u843d\u5df2\u7d93\u7121\u8de1\u53ef\u5c0b\ufe50\u4efb\u4f55\u6578\u64da\u4e5f\u4e0d\u53ef\u4ee5\u4f5c\u70ba\u6307\u6a19\ufe50\u80a1\u5e02\u4f9d\u9760\u5927\u9678\u653e\u6c34\u9019\u4e00\u500b\u4fe1\u5ff5\u652f\u6301\u5411\u4e0a\u3002 \u6211\u5728\u8ca1\u7d93\u65b0\u805e\u807d\u5230\u96a8\u4e86\u7aa9\u8f2a\u5916\ufe50\u63a8\u51fa\u65b0\u7684\u6295\u8cc7\u5de5\u5177\u718a\u725b\u75c7\ufe50\u65b0\u805e\u6574\u5929\u5728\u8aaa\u597d\u50cf\u5f88\u6d41\u884c\u7684\u6a23\u5b50\u3002\u6211\u554f\u4e86\u5f88\u591a\u670b\u53cb\ufe50\u5305\u62ec\u90a3\u4e9b\u505a\u6295\u8cc7\u9280\u884c\u7684\u4eba\ufe50\u4ed6\u5011\u4e5f\u7b54\u4e0d\u51fa\u718a\u725b\u75c7\u5230\u5e95\u662f\u4ec0\u9ebc\u6771\u6771\u3002\u6709\u4eba\u521d\u521d\u807d\u5230\ufe50\u9084\u4ee5\u70ba\u6211\u8aaa\u7d05\u725b\u75c7\ufe50\u98f2\u5f97\u592a\u591a\u7d05\u725b(redbull)\ufe50\u98f2\u51fa\u500b\u75c5\u4f86\u3002\u9999\u6e2f\u80a1\u5e02\u56b4\u91cd\u4e0d\u6b63\u5e38\ufe50\u80a1\u5e02\u8cb7\u8ce3\u4e0d\u4f9d\u5e38\u7406\ufe50\u5df2\u7d93\u5931\u53bb\u4e86\u4f5c\u70ba\u4e0a\u5e02\u516c\u53f8\u878d\u8cc7\u7684\u529f\u7528\ufe50\u6210\u70ba\u6bd4\u6fb3\u9580\u66f4\u5927\u7684\u8d85\u7d1a\u8ced\u5834\u3002\u4e0d\u904e\u7576\u5831\u7d19\u4e0d\u505c\u5439\u6367\u4e00\u842c\u8cfa\u5341\u842c\u7684\u5c11\u5e74\u80a1\u795e\ufe50\u5e02\u6c11\u53c8\u5982\u4f55\u53ef\u4ee5\u4e0d\u773c\u7d05\ufe50\u8a13\u8eab\u80a1\u5e02\u5e0c\u671b\u8cfa\u53d6\u4e00\u7b46\u5462\u3002 \u82f1\u6587 \u9999\u6e2f\u56de\u6b78\u5341\u5e74\ufe50\u82f1\u6587\u662f\u5f88\u660e\u986f\u662f\u5dee\u4e86\u3002\u6211\u4e0d\u662f\u8aaa\u4e2d\u5b78\u751f\u82f1\u6587\u79d1\u7684\u6703\u8003\u6210\u7e3e\ufe50\u4e5f\u4e0d\u662f\u8aaa\u5927\u5b78\u7562\u696d\u751f\u5beb\u4e0d\u597d\u82f1\u6587\u3002\u82f1\u6587\u5dee\u4e86\u7684\u611f\u89ba\ufe50\u6211\u53ea\u662f\u5f9e\u5f88\u7c21\u55ae\u7684\u65e5\u5e38\u751f\u6d3b\u89c0\u5bdf\u5f97\u4f86\ufe50\u6c92\u6709\u79d1\u5b78\u6027\u7684\u6578\u64da\u53ef\u8a00\u3002\u4e0d\u8ad6\u662f\u5730\u9435\u5df4\u58eb\u6216\u653f\u5e9c\ufe50\u767c\u51fa\u7684\u82f1\u6587\u544a\u793a\u600e\u770b\u4e5f\u4e0d\u9806\u773c\u3002\u6587\u6cd5\u4e0a\u6c92\u6709\u932f\ufe50\u4f46\u90a3\u4e9b\u4e26\u4e0d\u662f\u65e5\u5e38\u82f1\u8a9e\u7684\u7528\u6cd5\ufe50\u7d66\u4eba\u5f88\u751f\u786c\u50cf\u5b57\u5178\u822c\u7684\u611f\u89ba\u3002\u6211\u8a18\u5f97\u4e5d\u4e03\u524d\u7684\u82f1\u6587\u544a\u793a\ufe50\u90a3\u4e9b\u82f1\u6587\u6bd4\u73fe\u5728\u7528\u7684\u512a\u7f8e\u3002\u4e0d\u904e\u4e5f\u53ef\u80fd\u53ea\u662f\u6211\u81ea\u5df1\u7684\u504f\u898b\ufe50\u5728\u5916\u570b\u751f\u6d3b\u591a\u5e74\u82f1\u6587\u9032\u6b65\ufe50\u5c0d\u9999\u6e2f\u534a\u9e79\u6de1\u7684\u82f1\u6587\u544a\u793a\u770b\u4e0d\u904e\u773c\u3002 \u4e0d\u904e\u4e5d\u4e03\u5f8c\u9999\u6e2f\u82f1\u6587\u5730\u4f4d\u4f4e\u843d\u662f\u4e8b\u5be6\ufe50\u4ee5\u524d\u653f\u5e9c\u90e8\u9580\u4e0d\u53ef\u80fd\u6c92\u6709\u82f1\u6587\u544a\u793a\u3002\u73fe\u5728\u53bb\u4e86\u4e00\u4e9b\u4e0d\u662f\u5728\u5e02\u4e2d\u5fc3\u7684\u653f\u8cc7\u8a2d\u65bd\ufe50\u7adf\u7136\u53ef\u4ee5\u4e00\u5f35\u82f1\u6587\u544a\u793a\u4e5f\u6c92\u6709\ufe50\u4ee5\u524d\u597d\u6b79\u4e5f\u6703\u4e2d\u82f1\u5c0d\u7167\u3002\u4e0d\u904e\u4e9b\u90a3\u5c4b\u6751\u5730\u65b9\ufe50\u82f1\u6587\u544a\u793a\u80af\u5b9a\u662f\u591a\u6b64\u4e00\u8209\ufe50\u653f\u5e9c\u7701\u9322\u4e0d\u7ffb\u8b6f\u4e5f\u60c5\u6709\u53ef\u539f\u3002\u4e0d\u904e\u9999\u6e2f\u4f5c\u70ba\u570b\u969b\u57ce\u5e02\ufe50\u6a5f\u5834\u662f\u5916\u5730\u904a\u5ba2\u89c0\u770b\u9999\u6e2f\u7684\u7a97\u6236\ufe50\u7e3d\u8981\u6709\u8db3\u5920\u7684\u82f1\u6587\u5427\u3002\u6211\u767c\u73fe\u6a5f\u5834\u7684\u4e00\u4e9b\u5e97\u8216\ufe50\u5728\u8ca8\u54c1\u7684\u540d\u7a31\u4e0a\u5f88\u9192\u76ee\u7684\u4e2d\u82f1\u5c0d\u7167\ufe50\u4f46\u50f9\u9322\u724c\u537b\u53ea\u6709\u4e2d\u6587\ufe50\u5beb\u8457$100\u4e00\u516c\u65a4\u6216$50\u4e00\u5c0d\u3002\u5916\u5730\u904a\u5ba2\u600e\u77e5\u8ca8\u54c1\u8cb7\u591a\u5c11\u9322\ufe50\u602a\u4e0d\u5f97\u90a3\u4e9b\u5e97\u8216\u62cd\u70cf\u8805\u4e86\u3002 \u9999\u6e2f\u59cb\u7d42\u662f\u4e00\u500b\u5d07\u6d0b\u7684\u57ce\u5e02\ufe50\u61c2\u82f1\u6587\u9084\u662f\u6709\u9ede\u8457\u6578\u7684\u3002\u6211\u81ea\u554f\u4e2d\u6587\u5e95\u5b50\u4e0d\u932f\ufe50\u53ef\u662f\u4e0a\u9910\u5ef3\u9ede\u83dc\ufe50\u7adf\u7136\u8981\u770b\u82f1\u6587\u83dc\u8b5c\u3002\u4e0d\u662f\u6211\u770b\u4e0d\u61c2\u4e2d\u6587\u5b57\ufe50\u800c\u662f\u90a3\u4e9b\u4e2d\u6587\u83dc\u5f0f\ufe50\u6539\u4e86\u4e00\u500b\u5f88\u597d\u807d\u7684\u540d\u5b57\ufe50\u4f46\u98df\u5ba2\u537b\u5b8c\u5168\u4e0d\u77e5\u90a3\u83dc\u5f0f\u5230\u5e95\u662f\u4ec0\u9ebc\u3002\u53cd\u800c\u82f1\u6587\u83dc\u8b5c\u5012\u8001\u5be6\ufe50\u628a\u83dc\u5f0f\u7684\u6750\u6599\u548c\u716e\u6cd5\u6e05\u695a\u4f8b\u51fa\u4f86\ufe50\u4e00\u76ee\u4e86\u7136\u77e5\u9053\u81ea\u5df1\u5403\u4ec0\u9ebc\u3002\u626e\u904a\u5ba2\u6709\u6642\u4e5f\u6709\u65b9\u4fbf\u4e4b\u8655\ufe50\u5728\u534a\u5cf6\u9152\u5e97\u5546\u5834\ufe50\u7528\u4e2d\u6587\u548c\u7528\u82f1\u6587\u554f\u5ec1\u6240\ufe50\u6703\u6709\u5169\u500b\u4e0d\u540c\u7684\u7b54\u6848\u3002 \u793e\u7fa4 \u9999\u6e2f\u4eba\u539f\u4f86\u771f\u7684\u662f\u5206\u958b\u4e0d\u540c\u793e\u7fa4\ufe50\u4e0d\u540c\u7684\u4eba\u6709\u5b8c\u5168\u4e0d\u540c\u7684\u751f\u6d3b\u5708\u5b50\u3002\u6211\u4e0d\u662f\u8aaa\u4ec0\u9ebc\u6709\u9322\u4eba\ufe50\u4e2d\u7522\ufe50\u57fa\u5c64\u9019\u9ebc\u5178\u578b\u7684\u5206\u985e\u3002\u4e8b\u5be6\u4e0a\u6211\u4e0d\u8a8d\u8b93\u4ec0\u9ebc\u8d85\u7d1a\u5bcc\u8c6a\ufe50\u4ea6\u771f\u6b63\u7684\u57fa\u5c64\u6c92\u6709\u4ec0\u9ebc\u4f86\u5f80\u3002\u6211\u7684\u670b\u53cb\u5927\u90e8\u4efd\u662f\u4e2d\u7522\ufe50\u8863\u98df\u7121\u6182\u6708\u5165\u4e0d\u4fd7\u3002\u4f46\u540c\u662f\u4e2d\u7522\u968e\u7d1a\ufe50\u4e5f\u53ef\u4ee5\u7d30\u5206\u4e0d\u540c\u7684\u793e\u7fa4\u3002\u5728\u9999\u6e2f\u672c\u571f\u8b80\u5927\u5b78\u9577\u5927\u7684\u4eba\ufe50\u5e73\u5e38\u7684\u5a1b\u6a02\u662f\u6253\u9ebb\u96c0\ufe50\u9031\u672a\u6703\u4e0a\u6df1\u5733\u6d88\u8cbb\u3002\u9999\u6e2f\u9577\u5927\u4f46\u6d77\u5916\u8b80\u5927\u5b78\u7684\u4eba\ufe50\u4e0d\u6703\u6d6a\u8cbb\u6642\u9593\u6253\u9ebb\u96c0\ufe50\u73a9\u662f\u5916\u570b\u6d41\u884c\u7684Texas Holdem\u3002\u9031\u672b\u53bb\u505aGym\u53bb\u4f5c\u6236\u5916\u904b\u52d5\ufe50\u770b\u4e0d\u8d77\u6df1\u5733\u5f0f\u7684\u4f4e\u4fd7\u5a1b\u6a02\u3002\u9084\u6709\u4e00\u4e9b\u4eba\u6bd4\u8f03\u7279\u5225\ufe50\u662f\u6d77\u5916\u51fa\u751f\u6d77\u5916\u9577\u5927\ufe50\u537b\u8dd1\u4f86\u9999\u6e2f\u505a\u4e8b\u8cfa\u9322\u7684\u4eba\u3002\u6b63\u5e38\u4f86\u8aaa\u6211\u4e0d\u6703\u8a8d\u8b58\u5230\u9019\u7fa4\u4eba\ufe50\u4e0d\u904e\u6211\u500b\u7af9\u6607\u5802\u59b9\u4e5f\u4f86\u9999\u6e2f\u904e\u8056\u8a95\ufe50\u6211\u8ddf\u4e86\u5979\u51fa\u53bb\u73a9\u8a8d\u8b58\u4e86\u5979\u7684\u670b\u53cb\u3002\u9019\u7fa4\u4eba\u4e0d\u6703\u53bb\u65fa\u89d2\ufe50\u66f4\u52a0\u4e0d\u6703\u4e0a\u6df1\u5733\ufe50\u9999\u6e2f\u5cf6\u662f\u4ed6\u5011\u6d3b\u8e8d\u7684\u5730\u65b9\u3002\u4ed6\u5011\u662f\u862d\u6842\u82b3\u5e38\u5ba2\ufe50\u751f\u6d3b\u6a21\u5f0f\u5f88\u5916\u570b\u5316\ufe50\u98f2\u9152\u8df3\u821e\u662f\u6307\u5b9a\u7684\u9031\u672b\u5a1b\u6a02\u3002 \u7576\u7136\u6211\u9019\u500b\u53ea\u662f\u5f88\u7c97\u7565\u662f\u793e\u7fa4\u5206\u985e\ufe50\u6709\u4e9b\u4eba\u4ea4\u932f\u65bc\u4e09\u500b\u4e0d\u540c\u793e\u7fa4\ufe50\u4e5f\u6709\u4e9b\u4eba\u6709\u5b8c\u5168\u53e6\u985e\u7684\u751f\u6d3b\u3002\u9084\u6709\u4e00\u500b\u5f88\u6709\u8da3\u7684\u767c\u73fe\ufe50\u5728\u9999\u6e2f\u6253\u51b0\u4e0a\u66f2\u68cd\u7403\u7684\u4eba\ufe50\u5341\u500b\u6709\u5341\u500b\u5f9e\u52a0\u62ff\u5927\u56de\u6d41\u3002\u800c\u6703\u8ffd\u770b\u7f8e\u5f0f\u8db3\u7403\ufe50\u5c31\u80af\u5b9a\u662f\u7f8e\u570b\u90a3\u908a\u8b80\u66f8\u3002\u9999\u6e2f\u672c\u5730\u4eba\u53ea\u611b\u770b\u8db3\u7403\ufe50NBA\u6216\u8dd1\u99ac\u4ed4\ufe50\u5c0d\u5176\u4ed6\u904b\u52d5\u9805\u76ee\u7684\u8da3\u8208\u4f3c\u4e4e\u4e0d\u5927\u3002\u9999\u6e2f\u4eba\u5c0d\u65bc\u65b0\u4e8b\u7269\u5176\u5be6\u5f88\u4fdd\u5b88\ufe50\u82e5\u679c\u4e0d\u662f\u9019\u671f\u5168\u529b\u50ac\u8c37\u7684\u65b0\u6f6e\u6d41\ufe50\u4ed6\u5011\u4e0d\u6703\u4e3b\u52d5\u63a5\u89f8\u5916\u570b\u7684\u4e0d\u540c\u6587\u5316\u3002 \u9019\u6b21\u4f86\u6e2f\u4e8c\u500b\u534a\u661f\u671f\ufe50\u66f4\u65b0\u4e86\u6211\u5c0d\u9999\u6e2f\u7684\u5370\u8c61\u3002\u820a\u7684\u6771\u897f\u4f9d\u7136\u6c92\u6709\u8b8a\ufe50\u65fa\u89d2\u9084\u662f\u6211\u719f\u8b58\u7684\u65fa\u89d2\ufe50\u5f4c\u6566\u9053\u5df4\u58eb\u6cbf\u7dda\u666f\u8272\u4f9d\u820a\ufe50\u5730\u9435\u820a\u7dda\u9589\u4e0a\u773c\u4e5f\u61c2\u5750\u3002\u540c\u6642\u4e5f\u6709\u5f88\u591a\u65b0\u7684\u6771\u897f\ufe50\u897f\u9435\u6cbf\u7dda\u897f\u4e5d\u548c\u5927\u5dbc\u5c71\u8b8a\u5316\u6700\u5927\ufe50\u65b0\u5efa\u8208\u7684\u5927\u578b\u5546\u5834\u4ee3\u8868\u9999\u6e2f\u7684\u9032\u6b65\u3002\u52a0\u71e6\u9999\u6e2f\u898b\u805e\u9304\u4e5f\u5beb\u5f97\u4e03\u4e03\u516b\u516b\ufe50\u6216\u8a31\u9072\u4e9b\u60f3\u5230\u4e86\u65b0\u7684\u984c\u76ee\ufe50\u6703\u52a0\u5beb\u88dc\u5b8c\u7bc7\u540c\u7d30\u8aaa\u9999\u6e2f\u3002\u9019\u6b21\u9999\u6e2f\u4e4b\u884c\u770b\u5230\u4e86\u5f88\u591a\u65b0\u9bae\u4e8b\u7269\ufe50 \u4e0d\u77e5\u4e0b\u6b21\u4f55\u6642\u518d\u6703\u56de\u6e2f\u65c5\u884c\ufe50\u5230\u6642\u9999\u6e2f\u53c8\u4e0d\u77e5\u6703\u8b8a\u6210\u600e\u6a23\u4e86\u3002","rel":"","context":"In &quot;\u653f\u6cbb\u7d93\u6fdf&quot;","block_context":{"text":"\u653f\u6cbb\u7d93\u6fdf","link":"https:\/\/www.horace.org\/blog\/category\/_society\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":false,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/posts\/15094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/comments?post=15094"}],"version-history":[{"count":13,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/posts\/15094\/revisions"}],"predecessor-version":[{"id":15104,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/posts\/15094\/revisions\/15104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/media\/15095"}],"wp:attachment":[{"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/media?parent=15094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/categories?post=15094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.horace.org\/blog\/wp-json\/wp\/v2\/tags?post=15094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}