{"id":1718,"date":"2024-04-16T17:24:13","date_gmt":"2024-04-16T09:24:13","guid":{"rendered":"http:\/\/kalganmgmt.com\/?p=1718"},"modified":"2024-04-16T17:27:07","modified_gmt":"2024-04-16T09:27:07","slug":"%e7%8e%8b%e4%ba%9a%e5%86%9b%ef%bc%9a%e7%bb%8f%e8%90%a5%e4%bc%81%e4%b8%9a%ef%bc%8c%e6%97%a0%e6%b3%95%e7%94%a8beta%e7%b3%bb%e7%bb%9f%e4%ba%a7%e5%87%baalpha%e6%94%b6%e7%9b%8a","status":"publish","type":"post","link":"http:\/\/kalganmgmt.com\/?p=1718","title":{"rendered":"\u738b\u4e9a\u519b\uff1a\u7ecf\u8425\u4f01\u4e1a\uff0c\u65e0\u6cd5\u7528Beta\u7cfb\u7edf\u4ea7\u51faAlpha\u6536\u76ca"},"content":{"rendered":"\n<p>\u6295\u8d44\u9886\u57df\u6709Alpha\u6536\u76ca\u548cBeta\u6536\u76ca\u4e24\u4e2a\u6982\u5ff5\uff0c\u4ee5\u533a\u5206\u6536\u76ca\u6765\u6e90\u4ee5\u53ca\u76f8\u5e94\u7684\u6295\u8d44\u7b56\u7565\u3002\u6211\u8ba4\u4e3a\u5728\u4f01\u4e1a\u7ecf\u8425\u7ba1\u7406\u4e0a\uff0c\u4e5f\u5b58\u5728\u4e0e\u6295\u8d44\u7c7b\u4f3c\u7684\u4e24\u79cd\u4e0d\u540c\u8303\u5f0f\uff08\u6216\u7cfb\u7edf\uff09\u3002\u53ea\u6709\u7406\u89e3\u4e24\u8005\u4e4b\u95f4\u7684\u533a\u522b\uff0c\u624d\u80fd\u66f4\u597d\u5730\u5339\u914d\u76ee\u6807\u4e0e\u624b\u6bb5\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u6295\u8d44\u4e2d\u7684Alpha\u4e0eBeta<\/strong><\/p>\n\n\n\n<p>\u7b80\u5355\u6765\u8bf4\uff0c\u6295\u8d44\u7684Beta\u6536\u76ca\u662f\u6307\u5e02\u573a\u6574\u4f53\u6295\u8d44\u56de\u62a5\u6c34\u5e73\uff0cAlpha\u6536\u76ca\u662f\u6307\u8d85\u51fa\u5e02\u573a\u56de\u62a5\u6c34\u5e73\u7684\u8d85\u989d\u56de\u62a5\uff0c\u5373\uff1a\u00a0\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-text-align-center\">\u6295\u8d44\u603b\u6536\u76ca = Beta\u6536\u76ca + Alpha\u6536\u76ca<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u76f8\u5e94\u7684\uff0c\u6295\u8d44\u7b56\u7565\u4e5f\u53ef\u4ee5\u6709Beta\u7b56\u7565\u548cAlpha\u7b56\u7565\u3002Beta\u7b56\u7565\u662f\u6307\u6293\u4f4f\u5e02\u573a\u6216\u67d0\u7ec6\u5206\u9886\u57df\u7684\u8d8b\u52bf\uff0c\u867d\u7136\u65e0\u6cd5\u9884\u6d4b\u54ea\u5bb6\u4f01\u4e1a\u4f1a\u6210\u4e3a\u8d62\u5bb6\uff0c\u4f46\u53ef\u4ee5\u901a\u8fc7\u8986\u76d6\u6574\u4e2a\u5e02\u573a\u6765\u6355\u6349\u8d8b\u52bf\u7684\u7ea2\u5229\u3002\u4f8b\u5982\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e8c\u7ea7\u5e02\u573a\u6307\u6570\u57fa\u91d1\uff0c\u8ddf\u968f\u4e2d\u8bc1500\u6307\u6570\u3001\u6052\u751f\u6307\u6570\u3001\u6807\u51c6\u666e\u5c14500\u6307\u6570\u6210\u5206\u80a1\u5efa\u7acb\u6295\u8d44\u7ec4\u5408\u3002<\/li>\n\n\n\n<li>\u67d0\u4e9b\u65e9\u671f\u6295\u8d44VC\u91c7\u53d6\u6295\u8d5b\u9053\u7684\u7b56\u7565\uff0c\u5728\u540c\u4e00\u8d5b\u9053\u4f1a\u6295\u8d44\u591a\u4e2a\u672a\u6765\u6709\u53ef\u80fd\u8dd1\u51fa\u6765\u7684\u4f01\u4e1a\u3002<\/li>\n\n\n\n<li>\u5728\u623f\u5730\u4ea7\u884c\u4e1a\u9f0e\u76db\u65f6\u671f\uff0c\u67d0\u4e9b\u5f00\u53d1\u5546\u66fe\u91c7\u7528\u5168\u8986\u76d6\u7b56\u7565\uff0c\u4ece\u4e00\u7ebf\u57ce\u5e02\u5230\u4e94\u7ebf\u57ce\u9547\u3001\u4ece\u4f4f\u5b85\u5230\u529e\u516c\u697c\u5230\u5546\u573a\u516c\u5bd3\u3001\u4ece\u62db\u62cd\u6302\u5230\u65e7\u6539\u5230\u6536\u5e76\u8d2d\u83b7\u53d6\u571f\u5730\u3002<\/li>\n<\/ul>\n\n\n\n<p>Alpha\u7b56\u7565\u662f\u51ed\u501f\u6295\u8d44\u8005\u7684\u80fd\u529b\uff0c\u9009\u62e9\u7279\u5b9a\u7684\u6295\u8d44\u5bf9\u8c61\u548c\/\u6216\u65f6\u95f4\uff0c\u6765\u83b7\u5f97\u9ad8\u4e8e\u5e02\u573a\u603b\u4f53\u6c34\u5e73\u7684\u8d85\u989d\u6536\u76ca\uff0c\u6216\u8005\u5728\u5e02\u573a\u4e0d\u597d\u7684\u65f6\u5019\u8868\u73b0\u66f4\u4e3a\u7a33\u5065\u3002\u4f8b\u5982\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e3b\u52a8\u7ba1\u7406\u7684\u4e8c\u7ea7\u5e02\u573a\u6295\u8d44\u57fa\u91d1\uff0c\u901a\u8fc7\u81ea\u5df1\u7684\u72ec\u7279\u7b56\u7565\u9009\u80a1\u62e9\u65f6\uff0c\u83b7\u5f97\u6bd4\u6307\u6570\u57fa\u91d1\u9ad8\u7684\u56de\u62a5\u6c34\u5e73\u3002<\/li>\n\n\n\n<li>\u67d0\u4e9bVC\u91c7\u53d6\u4e00\u4e2a\u8d5b\u9053\u53ea\u6295\u4e00\u5bb6\u4f01\u4e1a\u7684\u7b56\u7565\uff0c\u8fd9\u5bf9\u6295\u8d44\u8005\u7684\u7814\u5224\u80fd\u529b\u63d0\u51fa\u5f88\u9ad8\u8981\u6c42\u3002<\/li>\n\n\n\n<li>\u67d0\u4e9b\u623f\u5730\u4ea7\u5f00\u53d1\u5546\u9009\u62e9\u53ea\u5728\u4e00\u7ebf\u548c\u5f3a\u4e8c\u7ebf\u57ce\u5e02\uff0c\u4e13\u6ce8\u5f00\u53d1\u4e2d\u9ad8\u7aef\u623f\u5730\u4ea7\u9879\u76ee\u6216\u5730\u94c1\u4e0a\u76d6\u7efc\u5408\u4f53\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u6539\u9769\u5f00\u653e\u540e\u76f8\u5f53\u957f\u7684\u4e00\u6bb5\u65f6\u95f4\u91cc\uff0c\u5404\u884c\u5404\u4e1a\u57fa\u672c\u90fd\u662f\u5355\u8fb9\u4e0a\u5347\u8d8b\u52bf\uff0c\u5076\u5c14\u7684\u56de\u64a4\u5f88\u5feb\u5c31\u4f1a\u5728\u5b8f\u89c2\u653f\u7b56\u5e72\u9884\u4e0b\u6062\u590d\uff08\u7c7b\u4f3c\u7f8e\u8054\u50a8\u770b\u8dcc\u671f\u6743Fed Put\uff09\uff0c\u6211\u79f0\u4e4b\u4e3a\u201c\u8d85\u7ea7\u4e0a\u5347\u5468\u671f\u201d\u3002\u5728\u8fd9\u6bb5\u65f6\u95f4\u91cc\uff0c\u6293\u4f4f\u65f6\u4ee3\u7684Beta\uff0c\u662f\u6700\u597d\u7684\u7b56\u7565\uff0c\u6240\u4ee5\u624d\u6709\u201c\u6e05\u534e\u5317\u5927\uff0c\u4e0d\u5982\u80c6\u5927\u201d\u8fd9\u6837\u7684\u8bf4\u6cd5\uff0c\u624d\u6709\u5f88\u591a\u6295\u8d5b\u9053\u3001\u5168\u8986\u76d6\u7684\u6295\u8d44\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u4ece\u8fc7\u53bb\u51e0\u5e74\u5f00\u59cb\uff0c\u8d85\u7ea7\u4e0a\u5347\u5468\u671f\u5f00\u59cb\u7ed3\u675f\u3002\u5f53\u5927\u52bf\u653e\u7f13\u3001\u8d8b\u5e73\u751a\u81f3\u4e0b\u964d\u65f6\uff0cBeta\u7b56\u7565\u7684\u6536\u76ca\u4f1a\u5927\u5e45\u964d\u4f4e\u3002\u9664\u4e86\u5207\u6362\u8d5b\u9053\u53bb\u6355\u6349\u65b0Beta\uff0c\u6709\u4e9b\u6295\u8d44\u8005\u5f00\u59cb\u601d\u8003\u5411Alpha\u7b56\u7565\u8f6c\u6362\u3002\u4f46\u662f\uff0c\u5982\u679c\u6295\u8d44\u8005\u9ad8\u4f30\u81ea\u5df1\u7684\u624b\u827a\uff0c\u628a\u4e4b\u524d\u8d85\u7ea7\u4e0a\u5347\u5468\u671f\u7684Beta\u6536\u76ca\u8bef\u5f53\u6210\u81ea\u5df1\u7684\u80fd\u529b\uff0c\u60f3\u8981\u8ffd\u6c42\u7684Alpha\u6536\u76ca\u6700\u7ec8\u5f88\u53ef\u80fd\u6210\u4e3a\u8d1f\u503c\uff0c\u5bfc\u81f4\u603b\u6536\u76ca\u53cd\u800c\u4f4e\u4e8e\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\uff0c\u5373\uff1a\u628a\u9760\u8fd0\u6c14\u8d5a\u7684\u94b1\u51ed\u672c\u4e8b\u8d54\u51fa\u53bb\u3002\u00a0\u00a0<\/p>\n\n\n\n<p>\u5f53\u6295\u8d44\u7b56\u7565\u4eceBeta\u8f6c\u5411Alpha\u65f6\uff0c\u9700\u8981\u91cd\u65b0\u5ba1\u89c6\u6295\u878d\u7ba1\u9000\u7684\u65b9\u65b9\u9762\u9762\uff0c\u7279\u522b\u662f\u6295\u540e\u7ba1\u7406\u6216\u8d4b\u80fd\u3002<\/p>\n\n\n\n<p>\u6295\u8d44\u4f01\u4e1a\u548c\u7ecf\u8425\u4f01\u4e1a\uff0c\u9700\u8981\u4e24\u79cd\u975e\u5e38\u4e0d\u540c\u7684\u6280\u80fd\uff0c\u4e24\u8005\u90fd\u80fd\u505a\u597d\u7684\u673a\u6784\u6216\u4e2a\u4eba\uff0c\u51e4\u6bdb\u9e9f\u89d2\u3002\u800c\u6295\u540e\u662f\u8fde\u63a5\u6295\u8d44\u4e0e\u7ba1\u7406\u7684\u6865\u6881\uff0c\u53ea\u6709\u6df1\u5ea6\u7406\u89e3\u5353\u8d8a\u4f01\u4e1a\u548c\u666e\u901a\u4f01\u4e1a\u5728\u7ecf\u8425\u7ba1\u7406\u4e0a\u7684\u533a\u522b\uff0c\u624d\u80fd\u5728\u6295\u524d\u66f4\u597d\u505a\u51fa\u5224\u65ad\u3001\u6295\u540e\u66f4\u597d\u63d0\u4f9b\u652f\u6301\uff0c\u63d0\u9ad8\u80dc\u7387\u3002<\/p>\n\n\n\n<p>\u4ece\u6211\u81ea\u5df1\u7684\u4f53\u9a8c\u548c\u7814\u7a76\u6765\u770b\uff0c\u5982\u679c\u6295\u8d44\u8005\u80fd\u5173\u6ce8\u5230\u4e00\u5bb6\u516c\u53f8\u7684\u6587\u5316\uff0c\u5df2\u7ecf\u662f\u7a00\u6709\u7269\u79cd\uff0c\u8fd9\u4e9b\u5f80\u5f80\u662f\u957f\u671f\u6295\u8d44\u8005\uff0c\u6bd4\u5982\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\uff08Berkshire Hathaway\uff09\u3001\u67cf\u57fa (Baillie Gifford)\u00a0\u3002\u591a\u5e74\u524d\u6211\u5728\u9f99\u6e56\u96c6\u56e2\u4efb\u9996\u5e2d\u6218\u7565\u5b98\u65f6\uff0c\u548c\u4e00\u4f4d\u6fb3\u5927\u5229\u4e9a\u673a\u6784\u6295\u8d44\u8005\u4e00\u8d77\u5403\u996d\uff0c\u4ed6\u770b\u4f3c\u95f2\u804a\u65f6\u95ee\u6211\u7684\u7b2c\u4e00\u4e2a\u95ee\u9898\u662f\uff0c\u516c\u53f8\u6587\u5316\u73b0\u5728\u600e\u4e48\u6837\u4e86\u3002<\/p>\n\n\n\n<p>\u4f46\u5bf9\u7ecf\u8425\u8005\u6765\u8bb2\uff0c\u53ea\u770b\u6587\u5316\u662f\u8fdc\u8fdc\u4e0d\u591f\u7684\u3002\u6295\u8d44\u8005\u8bd5\u56fe\u901a\u8fc7\u6587\u5316\u6765\u9884\u5224\u4f01\u4e1a\u7684\u957f\u671f\u53d1\u5c55\u8d8b\u52bf\uff0c\u8ba4\u4e3a\u90a3\u662f\u76f8\u5bf9\u7a33\u5b9a\u5e76\u4e14\u975e\u5e38\u6838\u5fc3\u7684\u4f01\u4e1a\u7279\u5f81\u3002\u800c\u4ece\u7ecf\u8425\u8005\u7684\u89d2\u5ea6\u770b\u6765\uff0c\u6587\u5316\u53ea\u662f\u4f01\u4e1a\u7ec4\u7ec7\u8fd9\u4e2a\u9ad8\u5ea6\u590d\u6742\u7cfb\u7edf\u7684\u4e00\u90e8\u5206\uff0c\u5e76\u4e0d\u5177\u6709\u5168\u606f\u7279\u6027\uff0c\u5176\u672c\u8eab\u4e5f\u4f1a\u51fa\u73b0\u6f02\u79fb\u548c\u9000\u5316\u3002\u963f\u91cc\u4e4b\u524d\u8bb2\u7684\u201c\u95fb\u5473\u9053\u201d\uff0c\u4e5f\u662f\u4e00\u79cd\u6587\u5316\u5224\u65ad\uff0c\u4f46\u5176\u5b9e\u6211\u4eec\u77e5\u9053\uff0c\u4e0d\u540c\u4eba\u7684\u55c5\u89c9\u4e0d\u4e00\u6837\uff0c\u540c\u4e00\u4e2a\u4eba\u7684\u55c5\u89c9\u7075\u654f\u5ea6\u4e5f\u4f1a\u88ab\u73af\u5883\u9010\u6e10\u949d\u5316\uff0c\u201c\u5165\u9c8d\u9c7c\u4e4b\u8086\uff0c\u4e45\u800c\u4e0d\u95fb\u5176\u81ed\uff1b\u5165\u5e7d\u5170\u4e4b\u5ba4\uff0c\u4e45\u800c\u4e0d\u95fb\u5176\u9999\u201d\u3002<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>\u4f01\u4e1a\u7ecf\u8425\u7684Alpha\u4e0eBeta<\/strong><\/p>\n\n\n\n<p>\u52a8\u6001\u6765\u770b\uff0c\u4efb\u4f55\u4f01\u4e1a\u7684\u7ba1\u7406\u4f53\u7cfb\u90fd\u662f\u9010\u6e10\u6210\u957f\u8d77\u6765\u7684\uff0c\u800c\u8d1f\u8d23\u6210\u957f\u7684\u8fd9\u4e2a\u7cfb\u7edf\uff0c\u6709Alpha\u548cBeta\u4e4b\u5206\u3002\u8fd9\u91cc\u6211\u4eec\u4e0d\u5bf9\u201c\u7ba1\u7406\u201d\u548c\u201c\u7ecf\u8425\u201d\u8fd9\u4e24\u4e2a\u8bcd\u505a\u4eba\u4e3a\u533a\u5206\uff0c\u5b83\u4eec\u90fd\u6307\u5982\u4f55\u628a\u4e00\u5bb6\u4f01\u4e1a\u505a\u597d\u7684\u7b56\u7565\u548c\u65b9\u6cd5\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"481\" src=\"http:\/\/kalganmgmt.com\/wp-content\/uploads\/2024\/04\/image-9.png\" alt=\"\" class=\"wp-image-1719\" style=\"width:620px;height:auto\" srcset=\"http:\/\/kalganmgmt.com\/wp-content\/uploads\/2024\/04\/image-9.png 768w, http:\/\/kalganmgmt.com\/wp-content\/uploads\/2024\/04\/image-9-300x188.png 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/div>\n\n\n<p><strong>Beta\u7cfb\u7edf<\/strong>\u662f\u901a\u8fc7<strong>\u8865\u77ed<\/strong>\u5b9e\u73b0\u6210\u957f\uff0c\u7c7b\u4f3c\u6295\u8d44\u4e2d<strong>\u8ddf\u968f<\/strong>\u6307\u6570\u7684Beta\u7b56\u7565\u3002\u8fd9\u7c7b\u4f01\u4e1a\u4f7f\u7528\u4e3b\u6d41\u7ba1\u7406\u7406\u8bba\u3001\u65b9\u6cd5\u548c\u5de5\u5177\uff0c\u4ece\u4e3b\u6d41\u5546\u5b66\u9662\u3001\u54a8\u8be2\u516c\u53f8\u3001\u57f9\u8bad\u673a\u6784\u83b7\u5f97\u77e5\u8bc6\uff0c\u4ece\u5f53\u5b63\u6d41\u884c\u7684\u597d\u4f01\u4e1a\u6316\u4eba\u3002\u6267\u884c\u597d\u7684\u8bdd\uff0c\u80fd\u6210\u4e3a\u4e00\u5bb6\u7a33\u5b9a\u7684\u4e8c\u6d41\u4f01\u4e1a\uff1b\u5982\u679c\u6267\u884c\u4e0d\u597d\uff0c\u5b66\u4e60\u6742\u800c\u4e0d\u7cbe\u3001\u53ea\u5b66\u76ae\u6bdb\uff0c\u8bf7\u4eba\u65f6\u9519\u627e\u4e86\u4e00\u6d41\u4f01\u4e1a\u4e2d\u7684\u4e09\u6d41\u4eba\u624d\uff0c\u540e\u679c\u66f4\u4e3a\u4e25\u91cd\u3002<\/p>\n\n\n\n<p><strong>Alpha\u7cfb\u7edf<\/strong>\u662f\u901a\u8fc7<strong>\u9020\u957f<\/strong>(ch\u00e1ng) \u5b9e\u73b0\u6210\u957f\u3002\u5982\u679c\u6211\u4eec\u4ed4\u7ec6\u53bb\u770b\u4efb\u4f55\u884c\u4e1a\u4e2d\u7684\u9876\u5c16\u4f01\u4e1a\uff0c\u5c31\u4f1a\u53d1\u73b0\u8fd9\u4e9b\u4f01\u4e1a\u6709\u5f88\u591a\u201c\u6b63\u786e\u7684\u975e\u5171\u8bc6\u201d\u505a\u6cd5\uff0c\u8fd9\u5c31\u50cf\u6295\u8d44\u4e2d\u7684Alpha\u7b56\u7565\u3002\u5b83\u4eec\u4e0d\u4f1a\u7b80\u5355\u590d\u5236\u5176\u4ed6\u4f01\u4e1a\u7684\u6240\u8c13\u6700\u4f73\u5b9e\u8df5\uff0c\u800c\u662f\u6709\u80fd\u591f\u6301\u7eed\u4ea7\u751f\u81ea\u5df1\u7406\u8bba\u3001\u65b9\u6cd5\u548c\u5de5\u5177\u7684\u72ec\u7279\u80fd\u529b\u3002\u5728\u4e1a\u7ee9\u6ca1\u6709\u8fdb\u5165\u7206\u53d1\u671f\u4e4b\u524d\uff0c\u5b83\u4eec\u7684\u505a\u6cd5\u5f80\u5f80\u88ab\u5ffd\u89c6\u3001\u8f7b\u89c6\u3001\u8511\u89c6\uff0c\u4f46\u6210\u540d\u4e4b\u540e\uff0c\u5219\u88abBeta\u7cfb\u7edf\u7684\u4f01\u4e1a\u72c2\u6284\u4f5c\u4e1a\u3002<\/p>\n\n\n\n<p>\u6700\u8fd1\u6709\u77e5\u540d\u54a8\u8be2\u673a\u6784\u63d0\u51fa\u4e00\u4e2a\u6982\u5ff5\uff0cCEO Alpha\uff0c\u6307\u5728\u5f53\u4e0b\u590d\u6742\u591a\u53d8\u3001\u65e2VUCA\u53c8BANI\u7684\u73af\u5883\u4e2d\uff0cCEO\u8981\u6210\u4e3a\u4f01\u4e1a\u8d85\u989d\u56de\u62a5\u7684\u53d1\u52a8\u673a\u3002\u4e4d\u542c\u6709\u9053\u7406\uff0c\u4f46\u7ec6\u601d\u6050\u6781\u2014\u2014\u5728\u8fd9\u4e9b\u673a\u6784\u770b\u6765\uff0c\u96be\u9053\u4e4b\u524dCEO\u4eec\u53ea\u9700\u8981\u505a\u5230\u5e73\u5747\u56de\u62a5\u5c31\u7b97\u6210\u529f\uff1f\u8fd9\u4e2a\u6807\u51c6\u53ef\u4e0d\u9ad8\uff01\u4f46\u5f53\u6211\u4eec\u8ba4\u8bc6\u5230\uff0c\u4e3b\u6d41\u7ba1\u7406\u6559\u80b2\u4e0e\u54a8\u8be2\u662f\u56f4\u7ed5Beta\u7cfb\u7edf\u7684\u903b\u8f91\u5efa\u7acb\u8d77\u6765\u7684\uff0c\u5c31\u4f1a\u7406\u89e3\u4e3a\u4ec0\u4e48\u786e\u5b9e\u6709\u5fc5\u8981\u660e\u786e\u63d0\u51faCEO 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