{"id":7465,"date":"2025-11-13T17:40:50","date_gmt":"2025-11-13T09:40:50","guid":{"rendered":"https:\/\/www.xinyixx.com\/?p=7465"},"modified":"2025-11-13T17:40:50","modified_gmt":"2025-11-13T09:40:50","slug":"book-5","status":"publish","type":"post","link":"https:\/\/www.xinyixx.com\/index.php\/2025\/11\/13\/book-5\/","title":{"rendered":"\u4ece\u4e00\u676f\u67e0\u6aac\u6c34\u5f00\u59cb\uff1a\u5f53\u91d1\u878d\u77e5\u8bc6\u9047\u4e0a\u4eba\u751f\u7684\u9009\u62e9"},"content":{"rendered":"<hr \/>\n<h1>\u4ece\u4e00\u676f\u67e0\u6aac\u6c34\u5f00\u59cb\uff1a\u91d1\u878d\u7684\u903b\u8f91\u4e0e\u4eba\u751f\u7684\u590d\u5229<\/h1>\n<p><strong>\u2014\u2014\u732e\u7ed9\u6240\u6709\u60f3\u5f04\u61c2\u8d22\u5bcc\uff0c\u4e5f\u60f3\u8fc7\u597d\u751f\u6d3b\u7684\u4eba<\/strong><\/p>\n<hr \/>\n<h2>\u5f15\u8a00\uff1a\u91d1\u94b1\u7684\u8bed\u8a00\uff0c\u4eba\u751f\u7684\u955c\u5b50<\/h2>\n<p>\u5728\u8fd9\u4e2a\u4e16\u754c\u4e0a\uff0c\u6709\u4e24\u79cd\u4eba\u6c38\u8fdc\u65e0\u6cd5\u771f\u6b63\u6c9f\u901a\u3002<br \/>\n\u4e00\u79cd\u4eba\u53ea\u8c08\u68a6\u60f3\uff0c\u4e00\u79cd\u4eba\u53ea\u8c08\u94b1\u3002<\/p>\n<p>\u524d\u8005\u5e38\u88ab\u73b0\u5b9e\u51fb\u5f97\u904d\u4f53\u9cde\u4f24\uff1b\u540e\u8005\u5e38\u5728\u5b64\u72ec\u91cc\u8ff7\u5931\u65b9\u5411\u3002<br \/>\n\u800c\u90a3\u4e9b\u771f\u6b63\u6210\u719f\u7684\u4eba\uff0c\u65e9\u5df2\u61c2\u5f97\uff1a<strong>\u94b1\uff0c\u662f\u68a6\u60f3\u7684\u8f7d\u4f53\uff1b\u91d1\u878d\uff0c\u662f\u7406\u60f3\u7684\u8bed\u6cd5\u3002<\/strong><\/p>\n<p>2024 \u5e74\u7684\u4e00\u5929\uff0c\u6211\u91cd\u65b0\u770b\u4e86\u4e00\u904d Bill Ackman \u5728 Big Think \u7684\u90a3\u573a\u6f14\u8bb2\u2014\u2014<br \/>\n\u9898\u76ee\u53eb\u300aEverything You Need to Know About Finance and Investing in Under an 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\/>\n\u4e0d\u662f\u8981\u603b\u7ed3\u4ed6\u8bb2\u4e86\u4ec0\u4e48\uff0c\u800c\u662f\u8981\u544a\u8bc9\u4f60\uff1a<strong>\u91d1\u878d\u7684\u4e16\u754c\uff0c\u5176\u5b9e\u662f\u6211\u4eec\u6bcf\u4e2a\u4eba\u7684\u751f\u6d3b\u9690\u55bb\u3002<\/strong><\/p>\n<hr \/>\n<h2>\u7b2c\u4e00\u7ae0\uff1a\u5f53\u4f60\u7aef\u8d77\u7b2c\u4e00\u676f\u67e0\u6aac\u6c34<\/h2>\n<p>\u60f3\u8c61\u4e00\u4e0b\uff0c\u590f\u65e5\u5348\u540e\uff0c\u4f60\u548c\u670b\u53cb\u5728\u8857\u89d2\u6446\u8d77\u4e00\u5f20\u684c\u5b50\uff0c\u51c6\u5907\u5356\u67e0\u6aac\u6c34\u3002<br \/>\n\u4f60\u4e70\u4e86\u67e0\u6aac\u3001\u7cd6\u3001\u6c34\u676f\uff0c\u8fd8\u6709\u7eb8\u724c\u5199\u7740\u201c\u6bcf\u676f 2 \u5757\u94b1\u201d\u3002<\/p>\n<p>\u8fd9\u770b\u4f3c\u666e\u901a\u7684\u4e3e\u52a8\uff0c\u5176\u5b9e\u5df2\u7ecf\u5305\u542b\u4e86\u91d1\u878d\u7684\u5168\u90e8\u539f\u7406\u3002<\/p>\n<p>\u4f60\u6709 <strong>\u6210\u672c<\/strong>\uff08\u67e0\u6aac\u3001\u7cd6\u3001\u6c34\u676f\uff09\uff0c\u6709 <strong>\u6536\u5165<\/strong>\uff08\u987e\u5ba2\u4ed8\u6b3e\uff09\uff0c\u6709 <strong>\u5229\u6da6<\/strong>\uff08\u6536\u5165\u51cf\u6210\u672c\uff09\uff0c<br \/>\n\u8fd8\u4f1a\u9762\u4e34 <strong>\u5e02\u573a\u6ce2\u52a8<\/strong>\uff08\u4eca\u5929\u4eba\u591a\u3001\u660e\u5929\u4e0b\u96e8\uff09\u3002<\/p>\n<p>\u6700\u5173\u952e\u7684\u662f\u2014\u2014\u4f60\u5fc5\u987b\u51b3\u5b9a\uff1a<strong>\u8981\u4e0d\u8981\u6269\u5927\u89c4\u6a21\uff1f<\/strong><\/p>\n<p>\u8fd9\uff0c\u5c31\u662f\u5546\u4e1a\u7684\u8d77\u70b9\u3002<br \/>\n\u4e5f\u662f Ackman \u7684\u6545\u4e8b\u7684\u8d77\u70b9\u3002<\/p>\n<p>\u5728\u4ed6\u7684\u8bfe\u5802\u4e0a\uff0c\u4ed6\u8ba9\u5b66\u751f\u4eec\u6210\u7acb\u4e00\u5bb6\u201c\u67e0\u6aac\u6c34\u516c\u53f8\u201d\uff0c<br \/>\n\u53d1\u884c 1,000 \u80a1\u80a1\u7968\uff0c\u5356\u51fa\u4e00\u534a\u6765\u6362\u53d6\u542f\u52a8\u8d44\u91d1\u3002<\/p>\n<p>\u4ed6\u89e3\u91ca\uff1a<\/p>\n<blockquote>\n<p>\u201c\u516c\u53f8\uff0c\u662f\u4f60\u628a\u68a6\u60f3\u53d8\u6210\u5236\u5ea6\u7684\u5730\u65b9\u3002\u5b83\u8ba9\u6743\u5229\u3001\u98ce\u9669\u4e0e\u5e0c\u671b\u90fd\u6709\u4e86\u5f52\u5c5e\u3002\u201d<\/p>\n<\/blockquote>\n<p>\u90a3\u662f\u6211\u7b2c\u4e00\u6b21\u610f\u8bc6\u5230\uff0c<br \/>\n<strong>\u91d1\u878d\u4e0d\u662f\u8d44\u672c\u5bb6\u7684\u6e38\u620f\uff0c\u800c\u662f\u4eba\u7c7b\u5bf9\u4fe1\u4efb\u7684\u5236\u5ea6\u5316\u8868\u8fbe\u3002<\/strong><\/p>\n<p>\u5f53\u4f60\u6210\u7acb\u4e00\u5bb6\u516c\u53f8\uff0c\u5176\u5b9e\u662f\u544a\u8bc9\u4e16\u754c\uff1a<br \/>\n\u201c\u6211\u613f\u610f\u627f\u62c5\u98ce\u9669\uff0c\u4e5f\u5e0c\u671b\u6709\u4eba\u4e0e\u6211\u5171\u62c5\u672a\u6765\u3002\u201d<\/p>\n<p>\u8fd9\u6b63\u662f\u91d1\u878d\u7684\u6e29\u5ea6\u6240\u5728\u3002<\/p>\n<hr \/>\n<h2>\u7b2c\u4e8c\u7ae0\uff1a\u516c\u53f8\uff0c\u662f\u6211\u4eec\u4e0e\u672a\u6765\u7684\u5951\u7ea6<\/h2>\n<p>\u5982\u679c\u8bf4\u521b\u4e1a\u662f\u4e00\u79cd\u6d6a\u6f2b\uff0c\u90a3\u4e48\u516c\u53f8\u5236\u5ea6\u5c31\u662f\u6d6a\u6f2b\u7684\u8fb9\u754c\u3002<\/p>\n<p>Ackman \u8bf4\uff1a\u201c\u6210\u7acb\u516c\u53f8\uff0c\u80fd\u8ba9\u68a6\u60f3\u53ef\u590d\u5236\u3001\u53ef\u6269\u5f20\uff0c\u4e5f\u53ef\u88ab\u4ed6\u4eba\u6295\u8d44\u3002\u201d<br \/>\n\u8fd9\u53e5\u8bdd\u542c\u8d77\u6765\u7406\u6027\uff0c\u5374\u9971\u542b\u4eba\u6027\u3002<\/p>\n<p>\u56e0\u4e3a\u6ca1\u6709\u4efb\u4f55\u4e00\u4e2a\u4eba\uff0c\u80fd\u5355\u72ec\u5b8c\u6210\u4e00\u573a\u4f1f\u5927\u7684\u5192\u9669\u3002<br \/>\n\u516c\u53f8\uff0c\u8ba9\u964c\u751f\u4eba\u56e0\u5171\u540c\u7684\u613f\u666f\u800c\u5f7c\u6b64\u4fe1\u4efb\u3002<\/p>\n<p>\u5728\u67e0\u6aac\u6c34\u644a\u7684\u6545\u4e8b\u91cc\uff0c\u4f60\u548c\u670b\u53cb\u51b3\u5b9a\u6210\u7acb\u516c\u53f8\u3002<br \/>\n\u4f60\u51fa\u521b\u610f\uff0c\u4ed6\u51fa\u94b1\u3002\u4f60\u8d1f\u8d23\u5356\uff0c\u4ed6\u8d1f\u8d23\u8bb0\u8d26\u3002<br \/>\n\u6700\u540e\u4f60\u4eec\u7b7e\u4e0b\u4e00\u5f20\u5408\u540c\uff1a\u4ed6\u62ff 50% \u80a1\u6743\uff0c\u4f60\u62ff 50% \u80a1\u6743\u3002<\/p>\n<p>\u4ece\u90a3\u4e00\u523b\u8d77\uff0c\u4f60\u4eec\u7684\u5173\u7cfb\u5c31\u4ece\u201c\u670b\u53cb\u201d\u53d8\u6210\u4e86\u201c\u5408\u4f19\u4eba\u201d\u3002<\/p>\n<p><strong>\u91d1\u94b1\u5e26\u6765\u7684\u4e0d\u662f\u758f\u8fdc\uff0c\u800c\u662f\u6e05\u6670\u3002<\/strong><br \/>\n\u4f60\u4eec\u4e0d\u518d\u51ed\u60c5\u611f\u5224\u65ad\u4e00\u5207\uff0c\u800c\u662f\u7528\u5236\u5ea6\u4fdd\u62a4\u4fe1\u4efb\u3002<\/p>\n<p>\u8fd9\u6b63\u662f\u73b0\u4ee3\u91d1\u878d\u4f53\u7cfb\u7684\u6839\u3002<br \/>\n\u6bcf\u4e00\u80a1\u80a1\u7968\uff0c\u90fd\u662f\u4e00\u6b21\u4fe1\u4efb\u7684\u91cf\u5316\uff1b<br \/>\n\u6bcf\u4e00\u4efd\u5408\u540c\uff0c\u90fd\u662f\u4e00\u6b21\u5171\u8bc6\u7684\u843d\u5730\u3002<\/p>\n<p>\u4f60\u53ef\u80fd\u4ee5\u4e3a\u91d1\u878d\u662f\u5173\u4e8e\u91d1\u94b1\uff0c<br \/>\n\u4f46\u66f4\u6df1\u7684\u672c\u8d28\u662f\u2014\u2014<strong>\u5173\u4e8e\u4eba\u5fc3\u3002<\/strong><\/p>\n<p>\u5f53\u4e00\u5bb6\u516c\u53f8\u80fd\u5438\u5f15\u4ed6\u4eba\u6295\u8d44\u65f6\uff0c\u672c\u8d28\u4e0a\u662f\u793e\u4f1a\u5bf9\u5b83\u672a\u6765\u7684\u4fe1\u4efb\u3002<br \/>\n\u800c\u6bcf\u4e00\u4e2a\u8d1f\u503a\u3001\u6bcf\u4e00\u6b21\u501f\u8d37\u3001\u6bcf\u4e00\u7b14\u5206\u7ea2\uff0c\u90fd\u662f\u4eba\u7c7b\u793e\u4f1a\u5728\u5411\u672a\u6765\u7b7e\u7f72\u7684\u5951\u7ea6\u3002<\/p>\n<hr \/>\n<h2>\u7b2c\u4e09\u7ae0\uff1a\u8d44\u4ea7\u8d1f\u503a\u8868\u2014\u2014\u4eba\u751f\u7684\u4f53\u68c0\u62a5\u544a<\/h2>\n<p>Ackman \u8bf4\uff1a\u201c\u60f3\u770b\u61c2\u4e00\u5bb6\u516c\u53f8\uff0c\u5148\u5b66\u4f1a\u8bfb\u5b83\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u201d<br \/>\n\u4f46\u6211\u89c9\u5f97\uff0c\u66f4\u6df1\u523b\u7684\uff0c\u662f\u5b66\u4f1a\u8bfb<strong>\u81ea\u5df1\u7684\u4eba\u751f\u8d44\u4ea7\u8d1f\u503a\u8868<\/strong>\u3002<\/p>\n<p>\u516c\u53f8\u6709\u4e09\u5f20\u8868\uff1a<\/p>\n<ul>\n<li><strong>\u8d44\u4ea7\u8d1f\u503a\u8868\uff08Balance Sheet\uff09<\/strong>\uff1a\u4f60\u62e5\u6709\u4ec0\u4e48\u3001\u6b20\u4e86\u4ec0\u4e48\u3002<\/li>\n<li><strong>\u5229\u6da6\u8868\uff08Income Statement\uff09<\/strong>\uff1a\u4f60\u8d5a\u4e86\u4ec0\u4e48\u3001\u82b1\u4e86\u4ec0\u4e48\u3002<\/li>\n<li><strong>\u73b0\u91d1\u6d41\u91cf\u8868\uff08Cash Flow Statement\uff09<\/strong>\uff1a\u94b1\u771f\u6b63\u6d41\u5411\u4e86\u54ea\u91cc\u3002<\/li>\n<\/ul>\n<p>\u4e00\u4e2a\u5065\u5eb7\u7684\u516c\u53f8\uff0c\u4e0d\u4ec5\u8981\u76c8\u5229\uff0c\u66f4\u8981\u6709\u5145\u8db3\u7684\u73b0\u91d1\u6d41\u4e0e\u7a33\u5065\u7684\u8d1f\u503a\u7ed3\u6784\u3002<br \/>\n\u540c\u6837\uff0c\u4e00\u4e2a\u5065\u5eb7\u7684\u4eba\u751f\uff0c\u4e5f\u5fc5\u987b\u5e73\u8861\u62e5\u6709\u4e0e\u6b20\u7f3a\u3002<\/p>\n<p>\u60f3\u60f3\u6211\u4eec\u81ea\u5df1\u2014\u2014<br \/>\n\u4f60\u6709\u56fa\u5b9a\u6536\u5165\uff08\u5de5\u8d44\uff09\uff0c\u6709\u652f\u51fa\uff08\u751f\u6d3b\u8d39\u3001\u623f\u8d37\uff09\uff0c<br \/>\n\u8fd8\u6709\u201c\u8d1f\u503a\u201d\uff08\u4fe1\u7528\u5361\u3001\u672a\u6765\u627f\u8bfa\uff09\u3002<br \/>\n\u4f46\u522b\u5fd8\u4e86\uff0c\u4f60\u4e5f\u6709\u65e0\u5f62\u8d44\u4ea7\u2014\u2014<strong>\u80fd\u529b\u3001\u5173\u7cfb\u3001\u4fe1\u8a89\u3001\u5fc3\u6001\u3002<\/strong><\/p>\n<p>\u8fd9\u624d\u662f\u4f60\u771f\u6b63\u7684\u201c\u51c0\u8d44\u4ea7\u201d\u3002<\/p>\n<p>\u5728\u8fd9\u70b9\u4e0a\uff0cAckman \u7684\u6559\u8bf2\u5176\u5b9e\u6781\u5177\u54f2\u5b66\u610f\u5473\u3002<br \/>\n<strong>\u4f1a\u8ba1\u5b66\u6559\u4f60\u5e73\u8861\u91d1\u94b1\uff1b\u91d1\u878d\u5b66\u6559\u4f60\u5e73\u8861\u4eba\u751f\u3002<\/strong><\/p>\n<p>\u516c\u53f8\u82e5\u957f\u671f\u900f\u652f\u73b0\u91d1\u6d41\uff0c\u4f1a\u7834\u4ea7\uff1b<br \/>\n\u4eba\u82e5\u957f\u671f\u900f\u652f\u4fe1\u4efb\u548c\u5065\u5eb7\uff0c\u4e5f\u4e00\u6837\u4f1a\u57ae\u3002<\/p>\n<p>\u6bcf\u4e00\u6b21\u501f\u8d37\u3001\u6295\u8d44\u3001\u5206\u7ea2\uff0c\u5176\u5b9e\u90fd\u5bf9\u5e94\u7740\u4eba\u751f\u4e2d\u7684\u53d6\u820d\u2014\u2014<br \/>\n\u4f60\u5728\u4eca\u5929\u501f\u6765\u7684\u5feb\u4e50\uff0c\u7ec8\u7a76\u8981\u5728\u672a\u6765\u507f\u8fd8\uff1b<br \/>\n\u4f60\u4eca\u5929\u820d\u4e0b\u7684\u50a8\u84c4\uff0c\u7ec8\u5c06\u5728\u672a\u6765\u5f00\u82b1\u3002<\/p>\n<p>\u91d1\u878d\u4e16\u754c\u91cc\u7684\u4e00\u5207\u7b49\u5f0f\uff0c\u90fd\u53ef\u4ee5\u88ab\u7ffb\u8bd1\u6210\u4eba\u751f\u667a\u6167\uff1a<\/p>\n<blockquote>\n<p>\u201c\u8d44\u4ea7 = \u8d1f\u503a + \u6240\u6709\u8005\u6743\u76ca\u201d\uff0c<br \/>\n\u8fd9\u5176\u5b9e\u662f\u5728\u8bf4\uff1a<strong>\u4f60\u7684\u62e5\u6709\uff0c\u662f\u7531\u8d23\u4efb\u4e0e\u52aa\u529b\u5171\u540c\u6491\u8d77\u7684\u3002<\/strong><\/p>\n<\/blockquote>\n<hr \/>\n<h2>\u7b2c\u56db\u7ae0\uff1a\u590d\u5229\u2014\u2014\u65f6\u95f4\u7684\u5947\u8ff9\uff0c\u4e5f\u662f\u4eba\u6027\u7684\u8003\u9a8c<\/h2>\n<p>\u5728 Ackman \u7684\u8bfe\u5802\u4e0a\uff0c\u590d\u5229\u662f\u6838\u5fc3\u3002<br \/>\n\u4ed6\u7528\u7b80\u5355\u7684\u6570\u5b57\u5c55\u793a\u4e86\u65f6\u95f4\u7684\u529b\u91cf\uff1a<br \/>\n\u82e5\u4f60\u6bcf\u5e74\u83b7\u5f97 10% \u7684\u56de\u62a5\uff0c10 \u5e74\u540e\u5c31\u662f 2.6 \u500d\uff1b<br \/>\n20 \u5e74\u540e\u662f 6.7 \u500d\uff1b<br \/>\n30 \u5e74\u540e\uff0c\u662f 17.4 \u500d\u3002<\/p>\n<p>\u8fd9\u4e0d\u662f\u9b54\u672f\uff0c\u800c\u662f\u65f6\u95f4\u7684\u6069\u8d50\u3002<br \/>\n\u4f46\u524d\u63d0\u662f\uff1a<strong>\u4f60\u5f97\u6d3b\u4e0b\u6765\u3002<\/strong><\/p>\n<p>\u590d\u5229\u770b\u4f3c\u6570\u5b66\u516c\u5f0f\uff0c\u5b9e\u5219\u662f\u5fc3\u7406\u5b66\u3002<br \/>\n\u5b83\u8003\u9a8c\u7684\uff0c\u4e0d\u662f\u667a\u5546\uff0c\u800c\u662f\u8010\u5fc3\u3002<\/p>\n<p>\u67e5\u7406\u00b7\u8292\u683c\u8bf4\u8fc7\uff1a\u201c\u4e16\u754c\u4e0a\u80fd\u9760\u590d\u5229\u8d5a\u94b1\u7684\u4eba\u6781\u5c11\uff0c\u4e0d\u662f\u56e0\u4e3a\u4ed6\u4eec\u4e0d\u61c2\uff0c\u800c\u662f\u56e0\u4e3a\u4ed6\u4eec\u7b49\u4e0d\u53ca\u3002\u201d<\/p>\n<p>\u590d\u5229\u8981\u6c42\u4f60\u76f8\u4fe1\uff1a<br \/>\n\u201c\u5f53\u4e0b\u7684\u5e73\u51e1\uff0c\u575a\u6301\u5f97\u8db3\u591f\u4e45\uff0c\u7ec8\u4f1a\u53d8\u6210\u975e\u51e1\u3002\u201d<\/p>\n<p>\u8fd9\u548c\u4eba\u751f\u4f55\u5176\u76f8\u4f3c\u3002<br \/>\n\u4f60\u6bcf\u5929\u8bfb\u4e00\u70b9\u4e66\u3001\u8dd1\u4e00\u70b9\u6b65\u3001\u5b58\u4e00\u70b9\u94b1\u3001\u4fee\u4e00\u70b9\u5fc3\uff0c<br \/>\n\u77ed\u671f\u770b\u6ca1\u53d8\u5316\uff0c\u957f\u671f\u770b\uff0c\u4f60\u5c31\u6210\u4e3a\u4e00\u4e2a\u622a\u7136\u4e0d\u540c\u7684\u4eba\u3002<\/p>\n<p>\u590d\u5229\u4e0d\u662f\u8ffd\u9010\u66b4\u5bcc\uff0c\u800c\u662f\u7528\u65f6\u95f4\u5956\u52b1\u8282\u5236\u3002<br \/>\n\u5b83\u6559\u4f1a\u6211\u4eec\uff1a<strong>\u6162\uff0c\u5176\u5b9e\u662f\u4e00\u79cd\u5feb\u3002<\/strong><\/p>\n<p>\u51e0\u4e4e\u6240\u6709\u6295\u8d44\u8005\u90fd\u77e5\u9053\u590d\u5229\u7684\u529b\u91cf\uff0c\u4f46\u6781\u5c11\u6709\u4eba\u771f\u6b63\u201c\u6d3b\u5728\u590d\u5229\u91cc\u201d\u3002<br \/>\n\u56e0\u4e3a<strong>\u590d\u5229\u4e0d\u662f\u6570\u5b66\uff0c\u800c\u662f\u4fe1\u5ff5\u3001\u7eaa\u5f8b\u548c\u65f6\u95f4\u7684\u8054\u5408\u4f53<\/strong>\u3002<\/p>\n<p>\u5df4\u83f2\u7279\u8bf4\uff1a\u201c\u590d\u5229\u7684\u5173\u952e\uff0c\u662f\u4e0d\u6253\u65ad\u5b83\u3002\u201d\u8fd9\u53e5\u8bdd\u542c\u4e0a\u53bb\u7b80\u5355\uff0c\u5374\u8db3\u4ee5\u6210\u4e3a\u4e00\u751f\u7684\u6295\u8d44\u54f2\u5b66\u3002<br \/>\n\u5728 Bill Ackman \u7684\u6f14\u8bb2\u4e2d\uff0c\u4ed6\u53cd\u590d\u63d0\u53ca\u4e00\u4e2a\u6838\u5fc3\u89c2\u5ff5\u2014\u2014<strong>\u201cYou have to stay in the game long enough.\u201d\uff08\u4f60\u5fc5\u987b\u6d3b\u5f97\u591f\u4e45\uff0c\u624d\u80fd\u8d62\uff09<\/strong>\u3002<\/p>\n<p>\u806a\u660e\u4eba\u5f80\u5f80\u8f93\u5728\u201c\u65f6\u95f4\u201d\u4e0a\u3002<br \/>\n\u4ed6\u4eec\u8fc7\u4e8e\u5728\u610f\u66f2\u7ebf\u7684\u77ed\u671f\u6ce2\u52a8\uff0c\u800c\u5ffd\u89c6\u4e86\u957f\u671f\u79ef\u7d2f\u7684\u975e\u7ebf\u6027\u7206\u53d1\u3002<br \/>\n\u4ed6\u4eec\u8bd5\u56fe\u4f18\u5316\u6bcf\u4e00\u7b14\u6536\u76ca\uff0c\u5374\u5fd8\u4e86\u771f\u6b63\u7684\u8d22\u5bcc\u6765\u81ea\u201c\u6301\u7eed\u6027\u201d\u3002<\/p>\n<p>Ackman \u8bf4\uff1a\u201c\u590d\u5229\u7684\u654c\u4eba\u4e0d\u662f\u4e8f\u635f\uff0c\u800c\u662f\u7126\u8651\u3002\u201d<br \/>\n\u56e0\u4e3a\u7126\u8651\u8ba9\u4eba\u6253\u65ad\u590d\u5229\uff0c\u8ba9\u4eba\u76f8\u4fe1\u201c\u4e0b\u4e00\u6b21\u4f1a\u66f4\u597d\u201d\uff0c\u800c\u771f\u6b63\u7684\u957f\u671f\u4e3b\u4e49\u8005\u660e\u767d\uff1a<br \/>\n<strong>\u5e02\u573a\u77ed\u671f\u662f\u566a\u97f3\uff0c\u4f46\u65f6\u95f4\u6c38\u8fdc\u7ad9\u5728\u5c11\u6570\u8010\u5fc3\u8005\u90a3\u4e00\u8fb9\u3002<\/strong><\/p>\n<p>\u590d\u5229\u771f\u6b63\u8003\u9a8c\u7684\uff0c\u4e0d\u662f\u667a\u5546\uff0c\u800c\u662f\u5fc3\u6027\u3002<br \/>\n\u6709\u80fd\u529b\u5fcd\u53d7\u65e0\u804a\u3001\u5e73\u6de1\u548c\u4e0d\u786e\u5b9a\u7684\u4eba\uff0c\u624d\u80fd\u4eab\u53d7\u590d\u5229\u7684\u9988\u8d60\u3002<br \/>\n\u6b63\u5982\u674e\u5f55\u6240\u8a00\uff1a\u201c\u4f1f\u5927\u7684\u6295\u8d44\u6700\u7ec8\u662f\u4e00\u79cd\u4eba\u683c\u7684\u80dc\u5229\u3002\u201d<\/p>\n<hr \/>\n<h2>\u7b2c\u4e94\u7ae0\uff1a\u4e8f\u635f\u2014\u2014\u6bd4\u76c8\u5229\u66f4\u73cd\u8d35\u7684\u8001\u5e08<\/h2>\n<p>Ackman \u5728\u6f14\u8bb2\u4e2d\u8bf4\u8fc7\uff1a\u201c\u6295\u8d44\u7684\u7b2c\u4e00\u6761\u89c4\u5219\u662f\u4e0d\u4e8f\u94b1\uff0c\u7b2c\u4e8c\u6761\u662f\u6c38\u8fdc\u8bb0\u5f97\u7b2c\u4e00\u6761\u3002\u201d<\/p>\n<p>\u542c\u8d77\u6765\u50cf\u7b11\u8bdd\uff0c\u4f46\u4ed6\u662f\u8ba4\u771f\u7684\u3002<\/p>\n<p>\u56e0\u4e3a\u4e8f\u635f\u4e0d\u4ec5\u6467\u6bc1\u8d22\u5bcc\uff0c\u66f4\u6467\u6bc1\u4fe1\u5fc3\u3002<br \/>\n\u800c\u4fe1\u5fc3\uff0c\u662f\u6295\u8d44\u8005\u6700\u5927\u7684\u65e0\u5f62\u8d44\u4ea7\u3002<\/p>\n<p>\u4ed6\u5728\u804c\u4e1a\u751f\u6daf\u4e2d\u4e5f\u7ecf\u5386\u8fc7\u5de8\u5927\u7684\u5931\u8d25\u2014\u2014<br \/>\nValeant \u5236\u836f\u4e8b\u4ef6\u8ba9\u4ed6\u635f\u5931\u6570\u5341\u4ebf\u7f8e\u5143\u3002<br \/>\n\u4f46\u90a3\u6b21\u632b\u8d25\uff0c\u8ba9\u4ed6\u660e\u767d\u4e86\u4ec0\u4e48\u662f\u98ce\u9669\u7684\u672c\u8d28\uff1a<br \/>\n\u4e0d\u662f\u5e02\u573a\u6ce2\u52a8\uff0c\u800c\u662f<strong>\u4f60\u4ee5\u4e3a\u81ea\u5df1\u4e0d\u4f1a\u9519\u7684\u90a3\u4e00\u523b\u3002<\/strong><\/p>\n<p>\u4e8f\u635f\u8ba9\u4eba\u8c26\u5351\uff0c\u4e5f\u8ba9\u4eba\u6e05\u9192\u3002<br \/>\n\u5c31\u50cf\u751f\u6d3b\u4e00\u6837\uff0c\u6210\u529f\u8ba9\u4eba\u81a8\u80c0\uff0c\u5931\u8d25\u8ba9\u4eba\u6210\u957f\u3002<\/p>\n<p>\u91d1\u878d\u7684\u4e16\u754c\u6b8b\u9177\u5374\u516c\u5e73\u2014\u2014<br \/>\n\u5b83\u60e9\u7f5a\u50b2\u6162\uff0c\u4e5f\u5956\u52b1\u8010\u5fc3\u3002<\/p>\n<p>\u5c31\u50cf\u590d\u5229\u5956\u52b1\u957f\u671f\u601d\u7ef4\uff0c<br \/>\n\u5e02\u573a\u60e9\u7f5a\u60c5\u7eea\u5316\u64cd\u4f5c\u3002<\/p>\n<p>\u6240\u4ee5\uff0c\u6bcf\u4e00\u4e2a\u771f\u6b63\u6210\u719f\u7684\u6295\u8d44\u8005\uff0c<br \/>\n\u90fd\u4e0d\u662f\u88ab\u76c8\u5229\u517b\u5927\u7684\uff0c\u800c\u662f\u88ab\u4e8f\u635f\u6559\u80b2\u51fa\u6765\u7684\u3002<\/p>\n<p>\u91d1\u878d\u4e16\u754c\u7684\u6700\u5927\u98ce\u9669\uff0c\u4ece\u6765\u4e0d\u662f\u5e02\u573a\uff0c\u800c\u662f\u4eba\u6027\u3002<br \/>\n\u4eba\u6027\u7684\u7f3a\u9677\uff0c\u6bd4\u4efb\u4f55\u4e00\u6b21\u7ecf\u6d4e\u5371\u673a\u90fd\u66f4\u5177\u7834\u574f\u529b\u3002<\/p>\n<p>Bill Ackman \u5728\u6f14\u8bb2\u4e2d\u63d0\u5230\uff1a\u201c\u6211\u4eec\u603b\u4ee5\u4e3a\u81ea\u5df1\u5728\u5224\u65ad\u5e02\u573a\uff0c\u5b9e\u9645\u4e0a\u662f\u5728\u6295\u5c04\u60c5\u7eea\u3002\u201d<br \/>\n\u8fd9\u53e5\u8bdd\uff0c\u51e0\u4e4e\u53ef\u4ee5\u6982\u62ec\u4e5d\u6210\u6295\u8d44\u8005\u7684\u5931\u8d25\u6839\u6e90\u3002<\/p>\n<p>\u884c\u4e3a\u7ecf\u6d4e\u5b66\u544a\u8bc9\u6211\u4eec\uff0c\u4eba\u7c7b\u5929\u751f\u4e0d\u9002\u5408\u6295\u8d44\u3002<br \/>\n\u6211\u4eec\u8ffd\u6c42\u786e\u5b9a\u6027\uff0c\u5374\u751f\u6d3b\u5728\u4e0d\u786e\u5b9a\u4e2d\uff1b<br \/>\n\u6211\u4eec\u6e34\u671b\u63a7\u5236\uff0c\u5374\u65e0\u6cd5\u63a7\u5236\u7ed3\u679c\uff1b<br \/>\n\u4e8e\u662f\uff0c\u6211\u4eec\u5728\u201c\u786e\u8ba4\u504f\u8bef\u201d\u201c\u635f\u5931\u538c\u6076\u201d\u201c\u4ece\u4f17\u5fc3\u7406\u201d\u4e4b\u95f4\uff0c\u53cd\u590d\u6323\u624e\u3002<\/p>\n<p>\u6700\u5178\u578b\u7684\u4f8b\u5b50\u662f\uff1a\u5f53\u5e02\u573a\u4e0b\u8dcc\u65f6\uff0c\u6211\u4eec\u9ad8\u558a\u201c\u957f\u671f\u4e3b\u4e49\u201d\uff1b<br \/>\n\u5f53\u53cd\u5f39\u6765\u4e34\u65f6\uff0c\u6211\u4eec\u53c8\u5fcd\u4e0d\u4f4f\u201c\u843d\u888b\u4e3a\u5b89\u201d\u3002<br \/>\n\u6bcf\u4e00\u6b21\u4ea4\u6613\uff0c\u90fd\u50cf\u4e00\u6b21\u5fc3\u7406\u5267\uff0c\u821e\u53f0\u4e0a\u6f14\u7684\u4e0d\u662f\u903b\u8f91\uff0c\u800c\u662f\u6b32\u671b\u3002<\/p>\n<p>\u6709\u4e00\u6bb5\u65f6\u95f4\uff0cAckman \u5728\u5e02\u573a\u4e0a\u5c61\u6218\u5c61\u80dc\uff0c\u4ed6\u7684\u57fa\u91d1\u5e74\u5316\u56de\u62a5\u9ad8\u5f97\u60ca\u4eba\u3002<br \/>\n\u4f46\u5c31\u5728\u4ed6\u6700\u81ea\u4fe1\u7684\u9636\u6bb5\uff0c\u4ed6\u5728 <strong>Valeant \u5236\u836f\u516c\u53f8<\/strong> \u4e0a\u62bc\u4e0b\u91cd\u6ce8\uff0c\u7ed3\u679c\u5de8\u4e8f\u8d85\u8fc7 40 \u4ebf\u7f8e\u5143\u3002<br \/>\n\u4ed6\u540e\u6765\u53cd\u601d\u9053\uff1a\u201c\u90a3\u6b21\u5931\u8d25\u8ba9\u6211\u660e\u767d\uff0c\u806a\u660e\u4e0d\u4ee3\u8868\u6b63\u786e\uff0c\u903b\u8f91\u4e0d\u4ee3\u8868\u73b0\u5b9e\u3002\u201d<\/p>\n<p><strong>\u771f\u6b63\u7684\u98ce\u9669\uff0c\u4e0d\u5728\u4e8e\u9519\u8bef\u7684\u5224\u65ad\uff0c\u800c\u5728\u4e8e\u81ea\u6211\u81a8\u80c0\u7684\u5e7b\u89c9\u3002<\/strong><\/p>\n<p>\u5728\u91d1\u878d\u5e02\u573a\u91cc\uff0c\u8ba4\u77e5\u7684\u50b2\u6162\u662f\u4e00\u79cd\u6162\u6027\u6bd2\u836f\u3002<br \/>\n\u5b83\u4e0d\u4f1a\u7acb\u523b\u6740\u6b7b\u4f60\uff0c\u4f46\u4f1a\u8ba9\u4f60\u5728\u4e00\u6b21\u6b21\u81ea\u4ee5\u4e3a\u662f\u7684\u64cd\u4f5c\u4e2d\u8017\u5c3d\u7406\u6027\u3002<\/p>\n<p>\u8fd9\u6b63\u662f\u67e5\u7406\u00b7\u8292\u683c\u53cd\u590d\u63d0\u9192\u6211\u4eec\u7684\uff1a<\/p>\n<blockquote>\n<p>\u201c\u4f60\u8981\u975e\u5e38\u5c0f\u5fc3\u90a3\u4e9b\u8ba9\u4f60\u611f\u89c9\u81ea\u5df1\u5f88\u806a\u660e\u7684\u77ac\u95f4\u3002\u201d<\/p>\n<\/blockquote>\n<h2><strong>\u7b2c\u516d\u7ae0\uff1a\u9006\u98ce\u4e2d\u7684\u6210\u957f\u2014\u2014\u5e02\u573a\u3001\u4eba\u751f\u4e0e\u201c\u53cd\u8106\u5f31\u201d<\/strong><\/h2>\n<p>\u6295\u8d44\u548c\u4eba\u751f\u6709\u4e00\u4e2a\u5171\u540c\u7684\u79d8\u5bc6\uff1a<strong>\u9006\u5883\u4e0d\u662f\u654c\u4eba\uff0c\u800c\u662f\u6210\u957f\u7684\u571f\u58e4\u3002<\/strong><\/p>\n<p>\u5f53 Nassim Taleb \u63d0\u51fa\u201c\u53cd\u8106\u5f31\u201d\uff08Antifragile\uff09\u8fd9\u4e2a\u6982\u5ff5\u65f6\uff0c\u4ed6\u5176\u5b9e\u8bf4\u7684\u662f\uff1a<br \/>\n\u6709\u4e9b\u7cfb\u7edf\u5728\u538b\u529b\u4e0b\u4f1a\u5d29\u6e83\uff0c\u6709\u4e9b\u4f1a\u6062\u590d\uff0c\u4f46\u6700\u4f1f\u5927\u7684\u7cfb\u7edf\u2014\u2014\u5728\u51b2\u51fb\u4e2d\u53d8\u5f97\u66f4\u5f3a\u3002<\/p>\n<p>Bill Ackman \u662f\u5c11\u6570\u771f\u6b63\u4f53\u73b0\u201c\u53cd\u8106\u5f31\u7cbe\u795e\u201d\u7684\u6295\u8d44\u8005\u4e4b\u4e00\u3002<br \/>\n\u4ed6\u4e0d\u662f\u6ca1\u6709\u5931\u8d25\uff0c\u800c\u662f\u6bcf\u6b21\u5931\u8d25\u540e\u90fd\u80fd\u53d8\u6210\u66f4\u597d\u7684\u81ea\u5df1\u3002<\/p>\n<p>\u5728 Valeant \u5de8\u4e8f\u540e\uff0c\u4ed6\u6ca1\u6709\u9000\u7f29\uff0c\u4e5f\u6ca1\u6709\u76f2\u76ee\u590d\u4ec7\u3002<br \/>\n\u4ed6\u75db\u82e6\u5730\u5206\u6790\u6bcf\u4e00\u4e2a\u9519\u8bef\uff1a\u4e3a\u4ec0\u4e48\u81ea\u5df1\u5ffd\u89c6\u4e86\u8d22\u52a1\u98ce\u9669\uff1f\u4e3a\u4ec0\u4e48\u5ffd\u89c6\u4e86\u516c\u53f8\u6cbb\u7406\uff1f<br \/>\n\u4ed6\u628a\u8fd9\u6b21\u5931\u8d25\u5199\u8fdb\u6295\u8d44\u5907\u5fd8\u5f55\uff0c\u53cd\u590d\u7814\u7a76\uff0c\u6700\u7ec8\u5728 COVID-19 \u7206\u53d1\u524d\u5915\u505a\u51fa\u5386\u53f2\u6027\u9006\u5411\u62bc\u6ce8\u2014\u2014<br \/>\n\u77ed\u77ed\u6570\u5468\u8d5a\u53d6 27 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u5f88\u591a\u4eba\u53ea\u770b\u89c1\u90a3\u60ca\u4eba\u7684\u6570\u5b57\uff0c\u5374\u6ca1\u770b\u5230\u80cc\u540e\u7684\u201c\u8ba4\u77e5\u8fdb\u5316\u201d\u3002<br \/>\n\u4ed6\u5e76\u975e\u9760\u201c\u9884\u6d4b\u75ab\u60c5\u201d\uff0c\u800c\u662f<strong>\u9760\u7cfb\u7edf\u5316\u601d\u7ef4\u3001\u51b7\u9759\u5e94\u53d8\u548c\u5fc3\u7406\u5f39\u6027<\/strong>\u3002<\/p>\n<p>\u8fd9\u6b63\u662f\u53cd\u8106\u5f31\u7684\u6838\u5fc3\uff1a<\/p>\n<ul>\n<li><strong>\u8106\u5f31\u7684\u4eba<\/strong>\u5bb3\u6015\u98ce\u9669\uff1b<\/li>\n<li><strong>\u7a33\u5065\u7684\u4eba<\/strong>\u62b5\u5fa1\u98ce\u9669\uff1b<\/li>\n<li><strong>\u53cd\u8106\u5f31\u7684\u4eba<\/strong>\u5229\u7528\u98ce\u9669\u6210\u957f\u3002<\/li>\n<\/ul>\n<p>\u4eba\u751f\u4e5f\u662f\u5982\u6b64\u3002<br \/>\n\u5f53\u6211\u4eec\u5728\u632b\u6298\u4e2d\u5d29\u6e83\uff0c\u6216\u8bb8\u53ea\u662f\u7cfb\u7edf\u201c\u4f18\u5316\u201d\u7684\u5f00\u59cb\u3002<br \/>\n\u8dcc\u5012\u4e0d\u53ef\u6015\uff0c\u53ef\u6015\u7684\u662f\u4e0d\u6562\u4ece\u8dcc\u5012\u4e2d\u63d0\u70bc\u667a\u6167\u3002<br \/>\n\u5df4\u83f2\u7279\u8bf4\uff1a\u201c\u6211\u4e00\u751f\u4e2d\u6700\u5b9d\u8d35\u7684\u7ecf\u9a8c\uff0c\u51e0\u4e4e\u90fd\u6765\u81ea\u90a3\u4e9b\u6700\u75db\u82e6\u7684\u65f6\u523b\u3002\u201d<\/p>\n<p>\u800c\u771f\u6b63\u7684\u6210\u957f\uff0c\u4e0d\u662f\u6218\u80dc\u56f0\u96be\uff0c\u800c\u662f\u901a\u8fc7\u56f0\u96be\uff0c<strong>\u91cd\u5efa\u4e00\u4e2a\u66f4\u5f3a\u7684\u81ea\u5df1<\/strong>\u3002<\/p>\n<hr \/>\n<h2><strong>\u7b2c\u4e03\u7ae0\uff1a\u7406\u6027\u7684\u6e29\u5ea6\u2014\u2014\u5728\u91d1\u878d\u4e0e\u4eba\u6027\u4e4b\u95f4\u53d6\u5e73\u8861<\/strong><\/h2>\n<p>\u5728\u91d1\u878d\u4e16\u754c\u91cc\uff0c\u7406\u6027\u88ab\u795e\u5316\u4e86\u592a\u4e45\u3002<br \/>\n\u6211\u4eec\u4ee5\u4e3a\u7406\u6027\u7b49\u4e8e\u6210\u529f\uff0c\u60c5\u7eea\u7b49\u4e8e\u9519\u8bef\u3002<br \/>\n\u4f46 Ackman \u548c\u5df4\u83f2\u7279\u7684\u6545\u4e8b\u544a\u8bc9\u6211\u4eec\u2014\u2014<strong>\u771f\u6b63\u7684\u7406\u6027\uff0c\u4e0d\u662f\u51b7\u9177\u65e0\u60c5\uff0c\u800c\u662f\u6e29\u5ea6\u4e2d\u7684\u5e73\u8861\u3002<\/strong><\/p>\n<p>\u7406\u6027\u4e0d\u662f\u6ca1\u6709\u60c5\u7eea\uff0c\u800c\u662f\u80fd\u591f\u5728\u60c5\u7eea\u4e2d\u4fdd\u6301\u6e05\u9192\u3002<br \/>\n\u662f\u5f53\u522b\u4eba\u6050\u60e7\u65f6\uff0c\u4f60\u80fd\u514b\u5236\u8d2a\u5a6a\uff1b\u5f53\u522b\u4eba\u8d2a\u5a6a\u65f6\uff0c\u4f60\u80fd\u4fdd\u6301\u656c\u754f\u3002<br \/>\n\u662f\u4e00\u79cd\u5e26\u7740\u60c5\u611f\u7684\u81ea\u5f8b\uff0c\u4e00\u79cd\u201c\u6e29\u548c\u7684\u575a\u5b9a\u201d\u3002<\/p>\n<p>\u6bd4\u5982\uff0c\u5f53 Ackman \u5728 2020 \u5e74\u9762\u5bf9\u5e02\u573a\u66b4\u8dcc\u65f6\uff0c\u4ed6\u5e76\u4e0d\u662f\u6beb\u65e0\u60c5\u7eea\u7684\u673a\u5668\u3002<br \/>\n\u4ed6\u4e5f\u7126\u8651\u3001\u4e5f\u7d27\u5f20\uff0c\u53ea\u662f\u4ed6\u8ba9\u60c5\u7eea\u6210\u4e3a\u8b66\u949f\uff0c\u800c\u4e0d\u662f\u8235\u76d8\u3002<br \/>\n\u4ed6\u5728\u6f14\u8bb2\u4e2d\u8bf4\uff1a\u201c\u6211\u5bb3\u6015\uff0c\u4f46\u6211\u9009\u62e9\u7528\u6050\u60e7\u53bb\u601d\u8003\uff0c\u800c\u4e0d\u662f\u9003\u907f\u3002\u201d<\/p>\n<p>\u8fd9\u662f\u4e00\u79cd\u6781\u9ad8\u5c42\u6b21\u7684\u7406\u6027\u3002<br \/>\n\u5b83\u4e0d\u6392\u65a5\u60c5\u7eea\uff0c\u800c\u662f\u5229\u7528\u60c5\u7eea\uff0c\u8ba9\u81ea\u5df1\u66f4\u6e05\u9192\u3002<\/p>\n<p>\u751f\u6d3b\u4e5f\u662f\u5982\u6b64\u3002<br \/>\n\u7406\u6027\u7684\u4eba\uff0c\u4e0d\u662f\u6ca1\u6709\u7231\uff0c\u800c\u662f\u61c2\u5f97\u5982\u4f55\u5728\u7231\u4e2d\u4fdd\u6301\u72ec\u7acb\uff1b<br \/>\n\u4e0d\u662f\u6ca1\u6709\u6b32\u671b\uff0c\u800c\u662f\u77e5\u9053\u4f55\u65f6\u8be5\u514b\u5236\uff1b<br \/>\n\u4e0d\u662f\u4e0d\u7126\u8651\uff0c\u800c\u662f\u61c2\u5f97\u5c06\u7126\u8651\u8f6c\u5316\u4e3a\u80fd\u91cf\u3002<\/p>\n<p>\u771f\u6b63\u6210\u719f\u7684\u6295\u8d44\u8005\uff0c\u6700\u7ec8\u90fd\u4f1a\u8d70\u5411\u4e00\u79cd\u6e29\u67d4\u7684\u7406\u6027\u3002<br \/>\n\u4ed6\u4e0d\u518d\u88ab\u5e02\u573a\u7275\u7740\u8d70\uff0c\u4e5f\u4e0d\u518d\u8bd5\u56fe\u5f81\u670d\u5e02\u573a\u3002<br \/>\n\u4ed6\u53ea\u662f\u5b89\u9759\u5730\u4e0e\u5e02\u573a\u5171\u821e\uff0c\u77e5\u9053\u201c\u6da8\u8dcc\u201d\u5982\u6f6e\uff0c\u552f\u4e00\u4e0d\u53d8\u7684\u662f\u81ea\u5df1\u7684\u5fc3\u3002<\/p>\n<h2><strong>\u7b2c\u516b\u7ae0\uff1a\u91d1\u94b1\u7684\u7075\u9b42\u2014\u2014\u8d22\u5bcc\u4e0d\u6b62\u662f\u6570\u5b57<\/strong><\/h2>\n<p>\u201c\u91d1\u94b1\u662f\u4f1f\u5927\u7684\u4ec6\u4eba\uff0c\u4f46\u7cdf\u7cd5\u7684\u4e3b\u4eba\u3002\u201d<br \/>\n\u8fd9\u53e5\u8bdd\uff0c\u51e0\u4e4e\u53ef\u4ee5\u6982\u62ec\u6240\u6709\u8d22\u5bcc\u8ff7\u5931\u8005\u7684\u60b2\u5267\u3002<\/p>\n<p>Bill Ackman \u66fe\u5728\u6f14\u8bb2\u4e2d\u63d0\u5230\uff1a\u201c\u5f53\u6211\u8d5a\u5230\u7b2c\u4e00\u4e2a\u4e00\u767e\u4e07\u7f8e\u5143\u65f6\uff0c\u6211\u4ee5\u4e3a\u4f1a\u53d8\u5f97\u5e78\u798f\u3002\u7ed3\u679c\u6ca1\u6709\u3002\u201d<br \/>\n\u4ed6\u540e\u6765\u624d\u660e\u767d\uff0c<strong>\u91d1\u94b1\u672c\u8eab\u4e0d\u5e26\u6765\u5e78\u798f\uff0c\u5e26\u6765\u5e78\u798f\u7684\u662f\u638c\u63a7\u611f\u548c\u6210\u957f\u611f<\/strong>\u3002<\/p>\n<p>\u91d1\u94b1\u662f\u4e00\u79cd\u80fd\u91cf\uff0c\u5b83\u653e\u5927\u4f60\u662f\u8c01\u3002<br \/>\n\u4e00\u4e2a\u6177\u6168\u7684\u4eba\uff0c\u62e5\u6709\u8d22\u5bcc\u540e\u4f1a\u66f4\u52a0\u6e29\u6696\uff1b<br \/>\n\u4e00\u4e2a\u8d2a\u5a6a\u7684\u4eba\uff0c\u62e5\u6709\u8d22\u5bcc\u540e\u4f1a\u66f4\u52a0\u51b7\u9177\u3002<br \/>\n\u5b83\u4ece\u4e0d\u6539\u53d8\u4eba\uff0c\u53ea\u662f\u63ed\u793a\u4eba\u3002<\/p>\n<p>\u91d1\u878d\u4e16\u754c\u91cc\u6709\u4e2a\u5e38\u89c1\u7684\u5e7b\u89c9\u2014\u2014<br \/>\n\u6211\u4eec\u4ee5\u4e3a\u201c\u518d\u591a\u8d5a\u4e00\u70b9\u201d\u5c31\u80fd\u5b89\u5fc3\u3002<br \/>\n\u4f46\u90a3\u201c\u518d\u591a\u4e00\u70b9\u201d\uff0c\u6c38\u8fdc\u6ca1\u6709\u5c3d\u5934\u3002<br \/>\n\u4eba\u7c7b\u7684\u6b32\u671b\u7cfb\u7edf\u662f\u9012\u5f52\u7684\uff1a\u4f60\u4ee5\u4e3a\u4f60\u5728\u8ffd\u6c42\u5b89\u5168\uff0c\u5176\u5b9e\u4f60\u5728\u9003\u907f\u7a7a\u865a\u3002<\/p>\n<p>\u67e5\u7406\u00b7\u8292\u683c\u8bf4\uff1a\u201c\u771f\u6b63\u7684\u5e78\u798f\u6765\u81ea\u503c\u5f97\u4f60\u9a84\u50b2\u7684\u5de5\u4f5c\uff0c\u4e0e\u503c\u5f97\u4f60\u7231\u7684\u4eba\u76f8\u5904\u3002\u201d<br \/>\n\u8d22\u5bcc\u53ea\u662f\u8ba9\u4f60\u62e5\u6709\u66f4\u591a\u81ea\u7531\u53bb\u9009\u62e9\u8fd9\u4e9b\uff0c\u800c\u4e0d\u662f\u53d6\u4ee3\u5b83\u4eec\u3002<\/p>\n<p><strong>\u91d1\u94b1\u7684\u6700\u9ad8\u5883\u754c\uff0c\u4e0d\u662f\u62e5\u6709\uff0c\u800c\u662f\u7406\u89e3\u3002<\/strong><br \/>\n\u5f53\u4f60\u7406\u89e3\u4e86\u91d1\u94b1\uff0c\u4f60\u5c31\u4e0d\u518d\u88ab\u5b83\u652f\u914d\u3002<br \/>\n\u5f53\u4f60\u770b\u900f\u4e86\u91d1\u94b1\u7684\u5e7b\u8c61\uff0c\u4f60\u624d\u771f\u6b63\u5f00\u59cb\u201c\u5bcc\u6709\u201d\u3002<\/p>\n<hr \/>\n<h2><strong>\u7b2c\u4e5d\u7ae0\uff1a\u81ea\u7531\u7684\u771f\u76f8\u2014\u2014\u4ece\u8d22\u52a1\u81ea\u7531\u5230\u7cbe\u795e\u81ea\u7531<\/strong><\/h2>\n<p>\u5f88\u591a\u4eba\u68a6\u60f3\u201c\u8d22\u52a1\u81ea\u7531\u201d\u3002<br \/>\n\u4f46\u4ed6\u4eec\u4ece\u672a\u8ba4\u771f\u95ee\u8fc7\uff1a\u81ea\u7531\u662f\u4ec0\u4e48\uff1f<\/p>\n<p>\u5728\u91d1\u878d\u610f\u4e49\u4e0a\uff0c\u81ea\u7531\u662f\u88ab\u52a8\u6536\u5165\u5927\u4e8e\u652f\u51fa\uff1b<br \/>\n\u4f46\u5728\u7cbe\u795e\u610f\u4e49\u4e0a\uff0c\u81ea\u7531\u662f<strong>\u4e0d\u88ab\u91d1\u94b1\u652f\u914d\u7684\u5fc3\u7075\u72b6\u6001<\/strong>\u3002<\/p>\n<p>Bill Ackman \u5728\u8bbf\u8c08\u4e2d\u8bf4\uff1a\u201c\u6211\u5f88\u5e78\u8fd0\uff0c\u5e74\u8f7b\u65f6\u8d5a\u4e86\u94b1\uff0c\u4f46\u6211\u82b1\u4e86\u5341\u5e74\u65f6\u95f4\u5b66\u4e60\u5982\u4f55\u4e0d\u88ab\u94b1\u56f0\u4f4f\u3002\u201d<br \/>\n\u8fd9\u662f\u7edd\u5927\u591a\u6570\u4eba\u5ffd\u89c6\u7684\u201c\u7b2c\u4e8c\u5c42\u81ea\u7531\u201d\u3002<\/p>\n<p>\u7b2c\u4e00\u5c42\u81ea\u7531\u662f\u7269\u8d28\u7684\uff1b<br \/>\n\u7b2c\u4e8c\u5c42\u81ea\u7531\u662f\u7cbe\u795e\u7684\uff1b<br \/>\n\u7b2c\u4e09\u5c42\u81ea\u7531\uff0c\u662f\u80fd\u5728\u4e0d\u81ea\u7531\u4e2d\u4fdd\u6301\u81ea\u7531\u7684\u5fc3\u3002<\/p>\n<p>\u4f60\u4ee5\u4e3a\u81ea\u7531\u662f\u201c\u60f3\u5e72\u4ec0\u4e48\u5c31\u5e72\u4ec0\u4e48\u201d\uff0c<br \/>\n\u5176\u5b9e\u771f\u6b63\u7684\u81ea\u7531\u662f\u201c\u80fd\u4e0d\u5e72\u4ec0\u4e48\u5c31\u4e0d\u5e72\u4ec0\u4e48\u201d\u3002<br \/>\n\u662f\u9009\u62e9\u7684\u80fd\u529b\uff0c\u4e5f\u662f\u62d2\u7edd\u7684\u52c7\u6c14\u3002<\/p>\n<p>\u5728\u8d44\u672c\u4e16\u754c\uff0c\u4f60\u968f\u65f6\u53ef\u4ee5\u9677\u5165\u5fd9\u788c\u4e0e\u7126\u8651\u3002<br \/>\n\u4f60\u62e5\u6709\u7684\u8d8a\u591a\uff0c\u8d8a\u5bb9\u6613\u88ab\u62e5\u6709\u3002<br \/>\n\u623f\u4ea7\u3001\u57fa\u91d1\u3001\u80a1\u7968\u3001\u5730\u4f4d\u2026\u2026\u90fd\u53ef\u80fd\u53d8\u6210\u9690\u5f62\u7684\u7262\u7b3c\u3002<\/p>\n<p>\u53ea\u6709\u5f53\u4f60\u80fd\u6de1\u7136\u5730\u653e\u4e0b\uff0c\u624d\u80fd\u771f\u6b63\u62ff\u8d77\u3002<br \/>\n\u90a3\u4e00\u523b\uff0c\u4f60\u7684\u91d1\u94b1\u4e0d\u518d\u63a7\u5236\u4f60\uff0c\u800c\u662f\u4e3a\u4f60\u670d\u52a1\u3002<br \/>\n\u4f60\u5f00\u59cb\u7406\u89e3\u4e00\u79cd\u6df1\u5c42\u7684\u81ea\u7531\u2014\u2014<br \/>\n<strong>\u8d22\u52a1\u81ea\u7531\u662f\u7ed3\u679c\uff0c\u7cbe\u795e\u81ea\u7531\u662f\u76ee\u6807\u3002<\/strong><\/p>\n<hr \/>\n<h2><strong>\u7b2c\u5341\u7ae0\uff1a\u98ce\u66b4\u4e2d\u7684\u5e73\u9759\u2014\u2014\u5982\u4f55\u5728\u6df7\u4e71\u65f6\u4ee3\u4fdd\u6301\u6e05\u9192<\/strong><\/h2>\n<p>2020 \u5e74\u7684\u91d1\u878d\u5e02\u573a\u662f\u4eba\u7c7b\u5fc3\u7406\u5b66\u7684\u5b9e\u9a8c\u573a\u3002<br \/>\n\u6050\u614c\u3001\u72c2\u70ed\u3001\u53cd\u8f6c\u3001\u6551\u5e02\u2026\u2026\u51e0\u4e4e\u6bcf\u5929\u90fd\u50cf\u672b\u65e5\u3002<br \/>\n\u4f46 Ackman \u5728\u90a3\u4e00\u523b\u8d5a\u4e86\u5386\u53f2\u4e0a\u6700\u201c\u53cd\u76f4\u89c9\u201d\u7684\u4e00\u7b14\u94b1\u2014\u2014\u4ed6\u505a\u7a7a\u5e02\u573a\u3002<\/p>\n<p>\u5916\u754c\u79f0\u4ed6\u201c\u51b7\u8840\u201d\uff0c\u4f46\u4ed6\u5e76\u975e\u51b7\u8840\u3002<br \/>\n\u4ed6\u53ea\u662f\u6e05\u9192\u5730\u8ba4\u8bc6\u5230\uff1a<strong>\u5e02\u573a\u7684\u6050\u614c\u4e0d\u662f\u672b\u65e5\uff0c\u800c\u662f\u673a\u4f1a\u3002<\/strong><\/p>\n<p>\u8fd9\u6bb5\u5386\u53f2\u544a\u8bc9\u6211\u4eec\u4e00\u4e2a\u6b8b\u9177\u7684\u771f\u76f8\uff1a<br \/>\n<strong>\u6df7\u4e71\u4e0d\u662f\u5f02\u5e38\uff0c\u800c\u662f\u5e38\u6001\u3002<\/strong><\/p>\n<p>\u4e0d\u7ba1\u662f\u5e02\u573a\u3001\u7ecf\u6d4e\u8fd8\u662f\u4eba\u751f\uff0c\u6df7\u4e71\u6c38\u8fdc\u5b58\u5728\u3002<br \/>\n\u800c\u80fd\u7a7f\u8d8a\u6df7\u4e71\u7684\u4eba\uff0c\u4ece\u4e0d\u4f9d\u8d56\u9884\u6d4b\uff0c\u53ea\u4f9d\u8d56\u7cfb\u7edf\u3002<\/p>\n<p>\u6240\u8c13\u7cfb\u7edf\uff0c\u5c31\u662f\u539f\u5219\u3001\u8fb9\u754c\u548c\u5fc3\u7406\u6846\u67b6\u3002<br \/>\n\u5df4\u83f2\u7279\u6709\u6295\u8d44\u539f\u5219\uff1bRay Dalio \u6709\u51b3\u7b56\u539f\u5219\uff1bAckman \u6709\u98ce\u9669\u63a7\u5236\u7cfb\u7edf\u3002<br \/>\n\u666e\u901a\u4eba\u4e5f\u9700\u8981\u5c5e\u4e8e\u81ea\u5df1\u7684\u201c\u5fc3\u7406\u7cfb\u7edf\u201d\u2014\u2014<br \/>\n\u4e00\u4e2a\u80fd\u5728\u5d29\u6e83\u4e2d\u4fdd\u6301\u7406\u6027\u7684\u5185\u5728\u79e9\u5e8f\u3002<\/p>\n<p>\u6df7\u4e71\u4e0d\u53ef\u6015\uff0c\u5931\u5e8f\u624d\u53ef\u6015\u3002<br \/>\n\u771f\u6b63\u7684\u5e73\u9759\uff0c\u4e0d\u662f\u98ce\u66b4\u4e0d\u518d\u6765\uff0c\u800c\u662f\u4f60\u5b66\u4f1a\u5728\u98ce\u66b4\u4e2d\u822a\u884c\u3002<\/p>\n<p>\u8fd9\u4e5f\u662f\u4eba\u751f\u7684\u9690\u55bb\u3002<br \/>\n\u7126\u8651\u3001\u632b\u6298\u3001\u6ce2\u52a8\u90fd\u662f\u5fc5\u7136\u7684\uff0c<br \/>\n\u552f\u6709\u5fc3\u4e2d\u7684\u79e9\u5e8f\uff0c\u624d\u80fd\u8ba9\u4f60\u4e0d\u88ab\u5377\u8d70\u3002<\/p>\n<hr \/>\n<h2><strong>\u7b2c\u5341\u4e00\u7ae0\uff1a\u4eba\u4e0e\u7cfb\u7edf\u2014\u2014\u7406\u6027\u65f6\u4ee3\u7684\u5b64\u72ec<\/strong><\/h2>\n<p>\u73b0\u4ee3\u91d1\u878d\u793e\u4f1a\uff0c\u6700\u88ab\u5ffd\u7565\u7684\u75db\u82e6\uff0c\u662f\u201c\u7406\u6027\u5e26\u6765\u7684\u5b64\u72ec\u201d\u3002<br \/>\n\u5f53\u4f60\u8db3\u591f\u6e05\u9192\uff0c\u4f60\u4f1a\u53d1\u73b0\u81ea\u5df1\u5f88\u96be\u88ab\u7406\u89e3\u3002<\/p>\n<p>\u4f60\u4e0d\u518d\u8f7b\u6613\u8ddf\u98ce\uff0c\u4e0d\u518d\u6c89\u6d78\u77ed\u671f\u523a\u6fc0\uff0c\u4e0d\u518d\u88ab\u60c5\u7eea\u5e26\u8d70\u3002<br \/>\n\u4f60\u5b66\u4f1a\u5ef6\u8fdf\u6ee1\u8db3\uff0c\u5b66\u4f1a\u7b49\u5f85\uff0c\u5b66\u4f1a\u72ec\u5904\u3002<br \/>\n\u4f46\u4e0e\u6b64\u540c\u65f6\uff0c\u4f60\u4e5f\u5931\u53bb\u4e86\u201c\u5f52\u5c5e\u611f\u201d\u3002<\/p>\n<p>\u56e0\u4e3a\u5927\u591a\u6570\u4eba\u4f9d\u7136\u6d3b\u5728\u201c\u77ed\u671f\u60c5\u7eea\u201d\u7684\u4e16\u754c\u91cc\u3002<br \/>\n\u4ed6\u4eec\u7528\u6da8\u8dcc\u5b9a\u4e49\u4eba\u751f\uff0c\u7528\u70b9\u8d5e\u5b9a\u4e49\u4ef7\u503c\u3002<br \/>\n\u800c\u4f60\u5f00\u59cb\u660e\u767d\uff1a\u6700\u91cd\u8981\u7684\u4e1c\u897f\uff0c\u5f80\u5f80\u9700\u8981\u65f6\u95f4\u6765\u663e\u73b0\u3002<\/p>\n<p>Bill Ackman \u4e5f\u6709\u8fd9\u79cd\u5b64\u72ec\u3002<br \/>\n\u4ed6\u5728\u5dc5\u5cf0\u65f6\u88ab\u8ffd\u6367\u4e3a\u201c\u91d1\u878d\u5929\u624d\u201d\uff0c<br \/>\n\u5728\u4f4e\u8c37\u65f6\u88ab\u5a92\u4f53\u7fa4\u8d77\u653b\u8ba6\uff0c\u8fde\u57fa\u91d1\u6295\u8d44\u4eba\u90fd\u64a4\u8d44\u3002<br \/>\n\u4ed6\u6ca1\u6709\u5d29\u6e83\uff0c\u800c\u662f\u6de1\u6de1\u5730\u8bf4\uff1a\u201c\u6211\u53ea\u662f\u505a\u6211\u8ba4\u4e3a\u6b63\u786e\u7684\u4e8b\u3002\u201d<\/p>\n<p>\u7406\u6027\u4e0d\u662f\u9003\u907f\u60c5\u7eea\uff0c\u800c\u662f\u9009\u62e9\u4e86\u66f4\u6df1\u5c42\u7684\u4fe1\u5ff5\u3002<br \/>\n\u5b83\u8ba9\u4eba\u5b64\u72ec\uff0c\u5374\u4e5f\u8ba9\u4eba\u81ea\u7531\u3002<\/p>\n<p>\u8fd9\u79cd\u5b64\u72ec\uff0c\u662f\u6210\u957f\u7684\u4ee3\u4ef7\u3002<br \/>\n\u800c\u80fd\u627f\u53d7\u5b64\u72ec\u7684\u4eba\uff0c\u6700\u7ec8\u4f1a\u5f97\u5230\u65f6\u95f4\u7684\u56de\u62a5\u3002<\/p>\n<hr \/>\n<h2><strong>\u7b2c\u5341\u4e8c\u7ae0\uff1a\u4eba\u751f\u7684\u590d\u5229\u2014\u2014\u65f6\u95f4\u662f\u6700\u597d\u7684\u670b\u53cb<\/strong><\/h2>\n<p>\u5982\u679c\u7528\u4e00\u4e2a\u8bcd\u6982\u62ec Ackman \u7684\u4eba\u751f\u54f2\u5b66\uff0c\u90a3\u5c31\u662f\uff1a<strong>\u590d\u5229\u3002<\/strong><br 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