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class=\"paragraph\">\u56e0\u6b64\uff0c\u4eca\u5e747\u6708\u7f8e\u5143\u906d\u9047\u5341\u5e74\u4f86\u6700\u7cdf\u7cd5\u7684\u6708\u5ea6\u8868\u73fe\uff0c\u4e26\u5275\u4e0b\u5169\u5e74\u4f4e\u4f4d\u662f\u4e0d\u8db3\u70ba\u5947\uff0c\u800c\u4e14\u4ea4\u6613\u54e1\u7e3d\u9ad4\u800c\u8a00\u6b63\u5728\u6cbd\u7a7a\u7f8e\u5143\uff0c\u9019\u9084\u662f\u591a\u5e74\u4ee5\u4f86\u300c\u9996\u6b21\u300d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u5e03\u862d\u8fea\u5168\u7403\u6295\u8cc7\u7ba1\u7406(Brandywine Global Investment Management)\u6295\u8cc7\u7d93\u7406Jack McIntyre\u8aaa\uff1a\u300c\u7f8e\u5143\u88ab\u9ad8\u4f30\u4e86\u5f88\u4e45\uff0c\u9019\u53ef\u80fd\u7d42\u65bc\u6210\u70ba\u7f8e\u5143\u6301\u7e8c\u591a\u5e74\u4e0b\u884c\u8da8\u52e2\u7684\u50ac\u5316\u5291\uff0c\u6b63\u5982\u6211\u5011\u4ee5\u5f80\u6240\u898b\u7684\u4e00\u6a23\uff0c\u7576\u4f30\u503c\u6c34\u5e73\u904e\u9ad8\u6642\uff0c\u653f\u7b56\u6216\u7d93\u6fdf\u885d\u64ca\u53ef\u4ee5\u8fc5\u901f\u6539\u8b8a\u8ca8\u5e63\u7684\u8d70\u52e2\uff0c\u770b\u8d77\u4f86\u9019\u6b63\u662f\u773c\u4e0b\u767c\u751f\u7684\u60c5\u6cc1\uff0c\u5c0e\u706b\u7d22\u662f\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u81a8\u8139\u3001\u50b5\u52d9\u6fc0\u589e\u4ee5\u53ca\u6211\u5011\u5c0d\u5927\u6d41\u884c\u75c5\u7684\u61c9\u5c0d\u3002\u300d<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u7684\u78ba\uff0c\u9811\u56fa\u7684\u6de1\u53cb\u591a\u5e74\u4f86\u59cb\u7d42\u5728\u5805\u6301\u4e0d\u61c8\u5730\u5531\u6de1\u7f8e\u5143\uff0c\u4f46\u4e00\u6b21\u53c8\u4e00\u6b21\u88ab\u4e8b\u5be6\u8b49\u660e\u5176\u9810\u6e2c\u5931\u8aa4\u3002\u7121\u8ad6\u662f\u901a\u8139\uff0c\u7f8e\u570b\u7684\u96d9\u8d64\u5b57\u9084\u662f\u806f\u5132\u5c40\u7684\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\uff0c\u4eba\u5011\u5c0d\u7f8e\u5143\u8cb6\u503c\u7684\u64d4\u6182\u5e7e\u4e4e\u6c92\u6709\u7d72\u6beb\u52d5\u6416\u5176\u5728\u73fe\u5be6\u4e16\u754c\u4e2d\u7684\u5730\u4f4d\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u7f8e\u5143\u4ecd\u4f54\u5168\u7403\u5132\u5099\u768460%\u4ee5\u4e0a\uff0c\u662f\u570b\u969b\u4ea4\u6613\u4e2d\u4f7f\u7528\u6700\u5ee3\u6cdb\u7684\u8ca8\u5e63\u3002\u6b64\u5916\uff0c\u7d10\u7d04\u6885\u9686\u9280\u884c\u6295\u8cc7\u7ba1\u7406\u516c\u53f8\u7684Liz Young\u6307\u51fa\uff0c\u5373\u4fbf\u725b\u5e02\u7d50\u675f\uff0c\u4e5f\u4e26\u4e0d\u610f\u5473\u7740\u7f8e\u5143\u7684\u7d42\u7d50\u3002\u5979\u8aaa\uff1a\u300c\u7f8e\u5143\u8cb6\u503c\u4e26\u4e0d\u7b49\u65bc\u5fb9\u5e95\u5d29\u6f70\u3002\u9019\u53ea\u662f\u56de\u8abf\uff0c\u8a8d\u70ba\u7f8e\u5143\u5f88\u5feb\u5c07\u5931\u53bb\u5176\u5132\u5099\u8ca8\u5e63\u5730\u4f4d\u7684\u60f3\u6cd5\u6709\u9ede\u6975\u7aef\u4e86\u3002\u300d<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u4e0d\u904e\uff0c\u5305\u62ec\u9ad8\u76db\u5728\u5167\u7684\u8a31\u591a\u6a5f\u69cb\u9810\u8a00\uff0c\u9019\u6b21\u7684\u60c5\u5f62\u6709\u6240\u4e0d\u540c\uff0c 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class=\"paragraph\">\u4e4b\u5f8c\u7684\u4e00\u500b\u300c\u725b\u5e02\u300d\u5468\u671f\u59cb\u65bc1995\u5e74\u5de6\u53f3\uff0c\u6301\u7e8c\u4e867\u5e74\uff0c\u76f4\u5230\u5e02\u5834\u731c\u6e2c\u5c0f\u5e03\u6b8a\u7e3d\u7d71\u5e0c\u671b\u7f8e\u5143\u8cb6\u503c\u4f86\u523a\u6fc0\u51fa\u53e3\u548c\u88fd\u9020\u696d\u800c\u7d50\u675f\u3002\u5728\u63a5\u4e0b\u4f86\u7684\u5169\u5e74\u4e2d\uff0c\u7f8e\u5143\u7e7c\u7e8c\u4e0b\u8dcc\u4e8633%\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u6cd5\u570b\u5df4\u9ece\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u591a\u8cc7\u7522\u96c6\u5718\u7684\u7814\u7a76\u8207\u7b56\u7565\u4e3b\u7ba1Guillermo Felices\u8aaa\uff1a\u300c\u7f8e\u5143\u5468\u671f\u6f2b\u9577\u800c\u6301\u4e45\uff0c\u6211\u5011\u73fe\u5728\u8655\u65bc\u4f30\u503c\u7684\u9ad8\u7aef\u3002\u300d\u4ed6\u9810\u8a08\uff0c\u672a\u4f86\u5e7e\u5e74\u7f8e\u5143\u6703\u56de\u843d\uff0c\u300c\u6700\u7d42\u8ca8\u5e63\u653f\u7b56\u7684\u5c0d\u6bd4\u60c5\u6cc1\u662f\u4e3b\u8981\u9a45\u52d5\u529b\u3002\u5c31\u653f\u7b56\u523a\u6fc0\u800c\u8a00\uff0c\u806f\u5132\u5c40\u4ecd\u7136\u662f\u6700\u6fc0\u9032\u3001\u6700\u7a4d\u6975\u7684\u592e\u884c\uff0c\u800c\u4e14\u9019\u7a2e\u60c5\u6cc1\u5f88\u53ef\u80fd\u9084\u6703\u7e7c\u7e8c\u3002\u300d<\/div>\n<div class=\"paragraph\"><\/div>\n<div 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Dalio)\u5728\u5167\u7684\u83ef\u723e\u8857\u91cd\u91cf\u7d1a\u4eba\u7269\u5df2\u7d93\u6709\u6240\u8b66\u89ba\u3002\u5ca1\u62c9\u514b\u4eca\u5e74\u65e9\u4e9b\u6642\u5019\u8868\u793a\uff0c\u4ed6\u6700\u5805\u5b9a\u7684\u5e02\u5834\u4fe1\u5ff5\u662f\uff0c\u96a8\u7740\u7f8e\u570b\u653f\u5e9c\u8d64\u5b57\u548c\u8cbf\u6613\u9006\u5dee\u6500\u5347\uff0c\u4ee5\u53ca\u5916\u570b\u6295\u8cc7\u6e1b\u5c11\uff0c\u7f8e\u5143\u5c07\u6703\u8cb6\u503c\u3002\u9054\u5229\u5967\u5247\u9810\u8a08\uff0c\u4e2d\u7f8e\u7dca\u5f35\u5c40\u52e2\u7d42\u5c07\u5c0e\u81f4\u8cc7\u672c\u6230\u722d\uff0c\u63a8\u52d5\u7f8e\u5143\u8cb6\u503c\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u518d\u52a0\u4e0a\u7f8e\u570b\u5927\u9078\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u4ee5\u53ca\u6beb\u7121\u7ae0\u6cd5\u7684\u806f\u90a6\u653f\u5e9c\u75ab\u60c5\u61c9\u5c0d\u884c\u52d5\uff0c\u7f8e\u5143\u5728\u7f8e\u570b\u570b\u5167\u4e5f\u9762\u81e8\u98b6\u98a8\u7d1a\u5225\u7684\u963b\u529b\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u6295\u6a5f\u6027\u6295\u8cc7\u8005\u57286\u6708\u4efd\u5df2\u7d93\u5169\u5e74\u4f86\u9996\u6b21\u6de8\u6cbd\u7a7a\u7f8e\u5143\u3002\u671f\u6b0a\u5e02\u5834\u986f\u793a\u51fa\u6cbd\u7a7a\u7f8e\u5143\u7684\u9700\u6c42\u589e\u52a0\uff0c\u5f6d\u535a\u7f8e\u5143\u5373\u671f\u6307\u6578\u7684\u4e00\u5e74\u671f\u98a8\u96aa\u9006\u8f49\u6b63\u7a69\u56fa\u5730\u4fdd\u6301\u5728\u770b\u8dcc\u7f8e\u5143\u7684\u8ecc\u8ff9\u4e4b\u4e0a\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u6b50\u5143\u671f\u6b0a\u65b9\u9762\uff0c\u4e00\u5e74\u671f\u9650\u4ee5\u5167\u7684\u770b\u6f32\u671f\u6b0a\u76f8\u5c0d\u65bc\u770b\u8dcc\u671f\u6b0a\u5168\u9762\u5347\u6c34\uff0c\u9019\u662f\u4e00\u500b\u53ea\u767c\u751f\u904e\u5169\u6b21\u7684\u7f55\u898b\u73fe\u8c61\uff0c\u4e00\u6b21\u662f\u57283\u6708\u4efd\u5e02\u5834\u52d5\u76ea\u671f\u9593\uff0c\u53e6\u4e00\u6b21\u662f\u5728\u91d1\u878d\u5371\u6a5f\u6642\u671f\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u8207\u6b64\u540c\u6642\uff0c\u7f8e\u570b\u653f\u5e9c\u50b5\u5238\u5b73\u606f\u7387\u4e0b\u964d\u4e5f\u964d\u4f4e\u4e86\u8ca8\u5e63\u5c0d\u6c96\u6210\u672c\uff0c\u4f7f\u7f8e\u5143\u5931\u53bb\u4e86\u53e6\u4e00\u500b\u652f\u6490\u529b\u91cf\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u76f4\u5230\u4eca\u5e74\u65e9\u4e9b\u6642\u5019\uff0c\u7531\u65bc\u7f8e\u570b\u77ed\u671f\u77ed\u671f\u5229\u7387\u9060\u9ad8\u65bc\u5176\u4ed6\u570b\u5bb6\uff0c\u5c0e\u81f4\u8ca8\u5e63\u5c0d\u6c96\u6210\u672c\u5341\u5206\u9ad8\u6602\uff0c\u8a31\u591a\u6d77\u5916\u6295\u8cc7\u8005\u901a\u904e\u5c0d\u6c96\u4f86\u9632\u7bc4\u7f8e\u5143\u6ce2\u52d5\u7121\u5229\u53ef\u5716\u3002\u5176\u7d50\u679c\u662f\uff0c\u4e00\u4e9b\u5916\u570b\u4fdd\u96aa\u516c\u53f8\u548c\u8cc7\u7522\u7ba1\u7406\u4eba\u9078\u64c7\u8cfc\u8cb7\u7f8e\u570b\u8cc7\u7522\u4e26\u4e14\u4e0d\u9032\u884c\u5c0d\u6c96\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">\u4e0d\u904e\uff0c\u5728\u806f\u5132\u5c40\u5c07\u5229\u7387\u4e0b\u8abf\u81f3\u63a5\u8fd1\u96f6\u4e4b\u5f8c\uff0c\u5c0d\u6c96\u6210\u672c\u5df2\u7d93\u5927\u5e45\u4e0b\u964d\u3002\u5916\u570b\u6295\u8cc7\u8005\u73fe\u5728\u53ef\u4ee5\u8cfc\u8cb7\u7f8e\u5143\u8cc7\u7522\uff0c\u4e26\u4ee5\u8f03\u4f4e\u7684\u6210\u672c\u5c0d\u6c96\u56de\u672c\u570b\u8ca8\u5e63\uff0c\u9019\u5c0d\u7f8e\u5143\u800c\u8a00\u6beb\u7121\u76ca\u8655\u3002<\/div>\n<div class=\"paragraph\"><\/div>\n<div class=\"paragraph\">State Street Global Markets\u7684EMEA\u5b8f\u89c0\u7b56\u7565\u4e3b\u7ba1Tim Graf\u8868\u793a\uff1a\u300c\u5c0d\u6c96\u65b9\u9762\u7684\u56e0\u7d20\u88ab\u4f4e\u4f30\u4e86\uff0c\u5b83\u6709\u53ef\u80fd\u6210\u70ba\u7f8e\u5143\u9577\u671f\u4e0b\u8dcc\u7684\u6f5b\u5728\u9a45\u52d5\u529b\u3002\u6211\u5011\u77e5\u9053\u5916\u570b\u4eba\u64c1\u6709\u5927\u91cf\u7f8e\u570b\u80a1\u7968\u548c\u50b5\u5238\uff0c\u4ed6\u5011\u73fe\u5728\u53ef\u4ee5\u7528\u5f88\u5c11\u7684\u6210\u672c\u9032\u884c\u5c0d\u6c96\u3002\u300d\uff08\u4e1c\u7f51\uff09<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-12063\" src=\"https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/logo1-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/logo1-300x300.jpg 300w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/logo1-150x150.jpg 150w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/logo1-768x768.jpg 768w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/logo1.jpg 800w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-12186\" src=\"https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd-202x300.jpg\" alt=\"\" width=\"202\" height=\"300\" srcset=\"https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd-202x300.jpg 202w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd-689x1024.jpg 689w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd-768x1142.jpg 768w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd-1033x1536.jpg 1033w, https:\/\/www.chillicomment.com\/wp-content\/uploads\/2020\/08\/7445c4f29cd294863868e6d97219abd.jpg 1080w\" sizes=\"(max-width: 202px) 100vw, 202px\" 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