{"id":39799,"date":"2026-03-10T12:05:00","date_gmt":"2026-03-10T04:05:00","guid":{"rendered":"https:\/\/damakey.com\/?p=39799"},"modified":"2026-04-27T12:10:11","modified_gmt":"2026-04-27T04:10:11","slug":"%e8%92%99%e6%a0%bc%e6%99%ba%e6%85%a7-%e5%b7%b4%e8%8f%b2%e7%89%b9%e5%82%b3%e5%a5%87%e5%90%88%e5%a4%a5%e4%ba%ba%e7%9a%84%e6%8a%95%e8%b3%87%e4%ba%ba%e7%94%9f","status":"publish","type":"post","link":"https:\/\/damakey.com\/?p=39799","title":{"rendered":"\u8499\u683c\u667a\u6167 \u5df4\u83f2\u7279\u50b3\u5947\u5408\u5925\u4eba\u7684\u6295\u8cc7\u4eba\u751f"},"content":{"rendered":"\n
\n
\"\"<\/figure>\n<\/figure>\n\n\n\n

\u67e5\u7406\uff0e\u8499\u683c(Charles T. Munger)\u7684\u667a\u6167\uff1a<\/p>\n\n\n\n

    \n
  1. \u5f80\u5f80\u53ea\u6709\u5931\u6557\u904e\uff0c\u6211\u5011\u624d\u80fd\u61c2\u5f97\u8b19\u865b\u3002\u8499\u683c\u8a8d\u7232\u8207\u5176\u8aaa\u300c\u8b19\u865b\u300d\uff0c\u4e0d\u5982\u8aaa\u300c\u52d9\u5be6\u300d\u3002\u8cfa\u9322\u7684\u8a23\u7ac5\uff0c\u5c31\u662f\u4e86\u89e3\u81ea\u5df1\u80fd\u529b\u7684\u9650\u5236(\u300c\u80fd\u529b\u5708\u300d)\uff0c\u5728\u4e00\u5b9a\u7bc4\u570d\u5167\u6d3b\u52d5\uff0c\u662f\u4e00\u7a2e\u300c\u6709\u514b\u5236\u7684\u8caa\u5a6a\u300d\u3002<\/li>\n\n\n\n
  2. \u6700\u7406\u60f3\u7684\u516c\u53f8\uff0c\u6bcf\u5e74\u5275\u9020\u53ef\u652f\u914d\u73fe\u91d1\uff0c\u8981\u5927\u65bc\u6de8\u5229\u3002<\/li>\n\n\n\n
  3. \u6ce2\u514b\u590f\u7684\u7d93\u71df\u54f2\u5b78\uff1a\u300c\u8207\u5176\u70ba\u6726\u6727\u7684\u672a\u4f86\u7169\u60f1\u6182\u616e\uff0c\u4e0d\u5982\u8173\u8e0f\u5be6\u5730\uff0c\u505a\u597d\u773c\u524d\u7684\u4e8b\u3002\u300d(\uff5e\u6e6f\u746a\u65af\uff0e\u5361\u840a\u723e Thomas Carlyle)<\/li>\n\n\n\n
  4. \u8cb7\u516c\u53f8\uff0c\u770b\u5167\u5728\u50f9\u503c(intrinsic value)\u800c\u4e0d\u662f\u50f9\u683c(\uff5e\u845b\u62c9\u6f22)\u3002\u8499\u683c\u540c\u610f\u9019\u500b\u57fa\u672c\u770b\u6cd5\uff0c\u4f46\u662f\u4ed6\u63d0\u9192\u5927\u5bb6\uff0c\u4e0d\u8981\u904e\u5ea6\u57f7\u8457\u9019\u500b\u539f\u5247\uff0c\u800c\u5931\u53bb\u503c\u5f97\u9ad8\u50f9\u8cb7\u9032\u6709\u597d\u751f\u610f\u524d\u666f\u516c\u53f8\u7684\u6a5f\u6703\u3002<\/li>\n\n\n\n
  5. \u53ea\u8981\u52dd\u7387\u7b97\u8d77\u4f86\u6709\u5229\uff0c\u90a3\u9ebc\u627f\u53d7\u4e00\u4e9b\u6ce2\u52d5\u662f\u53ef\u4ee5\u7684\u3002(\u8b80\u8005\u6309\uff1a\u53ea\u8981\u53e3\u888b\u5920\u6df1\u6216\u60a8\u9084\u5920\u5e74\u8f15\u53ef\u4ee5\u7981\u5f97\u8d77\u4e00\u4e9b\u6ce2\u52d5)<\/li>\n\n\n\n
  6. \u627f\u64d4\u98a8\u96aa\u7684\u524d\u63d0\uff0c\u8981\u8981\u80fd\u5f97\u5230\u5408\u7406\u7684\u5831\u916c\uff0c\u800c\u4e14\u98a8\u96aa\u6a5f\u7387\u8981\u5c0f\uff0c\u7e31\u4f7f\u767c\u751f\u4e86\u6de8\u8cc7\u7522\u4e5f\u8db3\u4ee5\u61c9\u4ed8\u90a3\u6a23\u624d\u884c\u3002<\/li>\n\n\n\n
  7. \u4e0d\u8981\u70ba\u4e86\u4f54\u4e00\u9ede\u4fbf\u5b9c\uff0c\u6216\u5c11\u70ba\u4e86\u5403\u4e00\u9ede\u8667\uff0c\u5c31\u62ff\u5c0d\u81ea\u5df1\u975e\u5e38\u91cd\u8981\u7684\u6771\u897f\u53bb\u5192\u96aa\u3002<\/li>\n\n\n\n
  8. \u8981\u8d81\u5e74\u8f15\u6709\u80a1\u62fc\u52c1\u7684\u6642\u5019\uff0c\u597d\u597d\u52c7\u6562\u5730\u5403\u82e6\u78e8\u7df4\u3002<\/li>\n\n\n\n
  9. \u5353\u8d8a\u7684\u4eba\u5f88\u5c11\uff0c\u5982\u679c\u6709\u6a5f\u6703\u8ffd\u96a8\u4ed6\u5011\uff0c\u503c\u5f97\u6211\u5011\u4ed8\u51fa\u6ea2\u50f9\uff0c\u672a\u4f86\u53ef\u80fd\u8b93\u6211\u5011\u7372\u5f97\u8c50\u539a\u7684\u56de\u5831\u3002<\/li>\n\n\n\n
  10. \u4e0d\u505a\u81ea\u5df1\u770b\u4e0d\u61c2\u7684\u6295\u8cc7\u3002(\u8b6c\u5982\u8907\u96dc\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1)<\/li>\n\n\n\n
  11. \u4e0d\u8981\u4f4e\u4f30\u9577\u671f\u6301\u6709\u597d\u751f\u610f\u7684\u91cd\u8981\u6027\u3002<\/li>\n\n\n\n
  12. \u54c1\u724c\u662f\u5de8\u5927\u7684\u7af6\u722d\u512a\u52e2\u3002<\/li>\n\n\n\n
  13. \u8003\u616e\u5230\u7ba1\u7406\u8cbb\u548c\u4ea4\u6613\u6210\u672c\u7684\u5f71\u97ff\uff0c\u7d55\u5927\u591a\u6578\u4e3b\u52d5\u7ba1\u7406\u7684\u8cc7\u91d1\u653e\u5728\u6307\u6578\u57fa\u91d1\u4e2d\u6703\u8868\u73fe\u5f97\u66f4\u597d\u3002(\u4f46\u662f\u5982\u679c\u5f88\u5927\u6bd4\u4f8b\u7684\u4eba\uff0c\u598260%\uff0c\u90fd\u53bb\u8cb7\u57fa\u91d1\u6307\u6578\uff0c\u6307\u6578\u6210\u4efd\u80a1\u7684\u80a1\u50f9\u6703\u88ab\u62c9\u5347\uff0c\u90a3\u9ebd\u6295\u8cc7\u6307\u6578\u57fa\u91d1\u80af\u5b9a\u6703\u5931\u6557)<\/li>\n\n\n\n
  14. \u7d42\u8eab\u8ffd\u6c42\u7406\u6027\u601d\u8003\u3002\u7528\u7d55\u5c0d\u5ba2\u89c0\u7684\u8996\u89d2\u53bb\u601d\u8003\u3002<\/li>\n\n\n\n
  15. \u4eba\u751f\u5e78\u798f\uff0c\u6295\u8cc7\u6210\u529f\uff0c\u5f88\u5927\u539f\u56e0\u4f86\u81ea\u65bc\u77e5\u9053\u81ea\u5df1\u8a72\u907f\u514d\u4ec0\u9ebc\uff0c\u4f8b\u5982\u65e9\u901d\u548c\u5a5a\u59fb\u4e0d\u5e78\u3002<\/li>\n\n\n\n
  16. \u8dd1\u8d0f\u6307\u6578\u7684\u552f\u4e00\u65b9\u6cd5\uff1a\u6e1b\u5c11\u6295\u8cc7\u6c7a\u7b56\u7684\u6578\u91cf\uff0c\u4e0d\u8f15\u6613\u51fa\u624b\uff0c\u540c\u6642\u8981\u628a\u63e1\u5927\u6a5f\u6703\uff0c\u51fa\u624b\u5c31\u662f\u4e0b\u91cd\u6ce8\u3002<\/li>\n\n\n\n
  17. \u7e3d\u662f\u5f9e\u6a5f\u6703\u6210\u672c\u7684\u89d2\u5ea6\u4f86\u601d\u8003\u3002\u64f4\u5927\u81ea\u5df1\u7684\u80fd\u529b\u5708\uff0c\u63d0\u9ad8\u81ea\u5df1\u7684\u6a5f\u6703\u6210\u672c\u9580\u6abb\uff0c\u5c31\u80fd\u6210\u70ba\u66f4\u597d\u7684\u6295\u8cc7\u4eba\u3002<\/li>\n\n\n\n
  18. \u6bcf\u4e00\u5929\u90fd\u8ffd\u6c42\u6bd4\u9192\u4f86\u7684\u90a3\u4e00\u523b\u591a\u6210\u9577\u4e00\u5206\u667a\u6167\uff1b\u6bcf\u4e00\u5929\u90fd\u8ffd\u6c42\u6709\u80fd\u529b\u627f\u64d4\u66f4\u5927\u7684\u8cac\u4efb\uff1b\u6bcf\u4e00\u5929\u90fd\u8ffd\u6c42\u76e1\u5584\u76e1\u7f8e\u5730\u5b8c\u6210\u6240\u6709\u7684\u5de5\u4f5c\u3002\u8499\u683c\u8aaa\u4ed6\u662f\u6162\u6162\u8b8a\u5f97\u66f4\u597d\u66f4\u5bcc\u6709\u7684\uff0c\u800c\u4e0d\u662f\u4e00\u6b65\u767b\u5929\u6216\u4e00\u5915\u66b4\u5bcc\u3002<\/li>\n\n\n\n
  19. \u4eba\u6d3b\u8457\u4e0d\u5bb9\u6613\uff0c\u4eba\u751f\u592a\u96e3\u4e86\u3002\u90a3\u9ebc\u600e\u9ebc\u8fa6\u5462\uff1f\u5617\u8a66\u907f\u514d\u75db\u82e6\u60b2\u50b7\uff0c\u800c\u7576\u7121\u6cd5\u907f\u514d\u6642\uff0c\u5c31\u89e3\u6c7a\u8655\u7406\u5b83\u3002<\/li>\n\n\n\n
  20. \u958b\u653e\u5fc3\u80f8\uff0c\u4fdd\u6301\u5ba2\u89c0\uff0c\u5ee3\u6cdb\u95b1\u8b80\uff0c\u7d42\u8eab\u5b78\u7fd2\u3002<\/li>\n\n\n\n
  21. \u5148\u5f04\u6e05\u695a\u81ea\u5df1\u4e0d\u60f3\u8981\u4ec0\u9ebc\uff0c\u81ea\u7136\u800c\u7136\u5c31\u6703\u77e5\u9053\u81ea\u5df1\u60f3\u8981\u7684\u662f\u4ec0\u9ebc\u3002<\/li>\n\n\n\n
  22. \u300c\u7576\u8eab\u908a\u7684\u4eba\u90fd\u5931\u53bb\u7406\u667a\u6642\uff0c\u4f60\u8981\u4fdd\u6301\u6e05\u9192\u300d(\uff5e\u5409\u535c\u6797 Kipling)<\/li>\n\n\n\n
  23. \u8981\u4ff1\u5099\u7368\u7acb\u601d\u8003\u7684\u80fd\u529b\uff0c\u800c\u975e\u4eba\u4e91\u4ea6\u4e91\u3002<\/li>\n\n\n\n
  24. \u51e1\u6295\u8cc7\u90fd\u6709\u98a8\u96aa\uff0c\u6c92\u6709\u7a69\u8cfa\u4e0d\u8ce0\u7684\u4e8b\u3002\u9019\u500b\u4e16\u754c\u6c92\u6709\u767d\u5403\u7684\u5348\u9910\u3002<\/li>\n\n\n\n
  25. \u4eba\u751f\u53ea\u9700\u8981\u6709\u4e00\u500b\u4f34\u4fb6\uff0c\u518d\u52a0\u4e0a\u4e09\u5169\u77e5\u5fc3\u597d\u53cb\uff0c\u4e5f\u5c31\u8db3\u77e3\u3002<\/li>\n<\/ol>\n\n\n\n

    \u8b80\u5f8c<\/p>\n\n\n\n

    \u6709\u4e0d\u5c11\u4eba\u90fd\u8a8d\u70ba\u5df4\u83f2\u7279\u662f\u56e0\u7232\u6295\u8cc7\u800c\u6210\u529f\u3002<\/p>\n\n\n\n

    \u5f9e\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u4f19\u4f34\u8499\u683c\u5728\u80a1\u6771\u6703\u4e0a\u7684\u554f\u7b54\uff0c\u8b93\u4eba\u89ba\u5f97\u5df4\u83f2\u7279\u7684\u6210\u529f\uff0c\u4e0d\u53ea\u662f\u7a69\u5065\u7684\u9577\u671f\u6295\u8cc7\u6c7a\u7b56\uff0c\u66f4\u6e90\u65bc\u6c38\u9060\u5805\u6301\u505a\u5c0d\u7684\u4e8b\u60c5\uff0c\u52aa\u529b\u4e0d\u61c8\u5730\u628a\u505a\u4eba\u505a\u4e8b\u9019\u4e9b\u57fa\u672c\u9762\u4e0a\u7684\u7d30\u7bc0\u505a\u597d\u6240\u81f4\u3002<\/p>\n\n\n\n

    \u300a\u8499\u683c\u667a\u6167\u300b\u9019\u672c\u66f8\uff0c\u6536\u96c6\u4e86\u8499\u683c\u57281987-2010\u5e74\u9593\u5728\u9b4f\u65af\u53ef\u91d1\u878d\u80a1\u6771\u6703\u4e0a\u7684\u554f\u7b54\u8a18\u9304\uff0c\u5fe0\u5be6\u53cd\u61c9\u4e86\u8499\u683c\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u548c\u4ed6\u70ba\u4eba\u8655\u4e16\u7684\u57fa\u672c\u539f\u5247\u3002<\/p>\n\n\n\n

    \u300c\u6bcf\u904e\u5b8c\u4e00\u5929\uff0c\u8981\u52aa\u529b\u6bd4\u65e9\u4e0a\u9192\u4f86\u6642\uff0c\u66f4\u8070\u660e\u4e00\u9ede\u9ede\u3002\u300d<\/p>\n\n\n\n

    \u8499\u683c\u9019\u53e5\u8a71\uff0c\u4e5f\u7e3d\u62ec\u4e86\u6b63\u76f4\u800c\u4e14\u5927\u5668\u7d42\u6210\u7684\u8499\u683c\uff0c\u4e00\u751f\u7684\u771f\u5be6\u5beb\u7167\u3002<\/p>\n\n\n\n

    \u5728\u6df7\u4e82\u8b8a\u52d5\u7684\u6642\u4ee3\uff0c\u66f4\u503c\u5f97\u5927\u5bb6\u6df1\u601d\u548c\u501f\u9451\u3002<\/p>\n\n\n\n

    \uff0a\uff1a\u67e5\u7406\u00b7\u8499\u683c \u8457\uff0cRanRan \u8b6f\uff0c\u300a\u8499\u683c\u667a\u6167 \u5df4\u83f2\u7279\u50b3\u5947\u5408\u5925\u4eba\u7684\u6295\u8cc7\u4eba\u751f\u300b\uff0c2023\u5e7412\u670822\u65e5\uff0c\u9060\u898b\u6587\u5316\u51fa\u7248\u80a1\u4efd\u6709\u9650\u516c\u53f8<\/p>\n\n\n\n

    2026\/3\/10 \u8499\u683c\u667a\u6167 \u5df4\u83f2\u7279\u50b3\u5947\u5408\u5925\u4eba\u7684\u6295\u8cc7\u4eba\u751f Damakey<\/p>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u67e5\u7406\uff0e\u8499\u683c(Charles T. Munger)\u7684\u667a\u6167\uff1a \u8b80…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-39799","post","type-post","status-publish","format-standard","hentry","category-5","category-3"],"_links":{"self":[{"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/posts\/39799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/damakey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39799"}],"version-history":[{"count":1,"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/posts\/39799\/revisions"}],"predecessor-version":[{"id":39801,"href":"https:\/\/damakey.com\/index.php?rest_route=\/wp\/v2\/posts\/39799\/revisions\/39801"}],"wp:attachment":[{"href":"https:\/\/damakey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/damakey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/damakey.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}