[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025060617403373538":3,"related-JP2025060617403373538":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"articleTitle":11,"coverImage":12,"listImage":13,"introduction":14,"description":15,"nonVipDescription":16,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":6,"hasMiniUrl":19,"hasAdvertising":19,"createBy":20,"updateBy":20,"createTime":21,"visitCount":19,"isLiked":19,"realSearch":22,"isRead":19,"productId":23,"isCollected":19,"collectCount":19,"vipExclusive":19,"allowComment":7,"style":24,"likeCount":19,"seoKeywords":16,"articleModuleVoList":25,"extendContentList":26,"noteCount":19,"categoryList":27,"dailyKeywordList":28},10,7324,"1",1,"JP2025060617403373538","1041018",3,"跌了别慌，试试巴菲特的「灵魂三问」","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","如果你是净买入者，下跌是个好消息","\u003Cdiv>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  大家好~\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  去年，同事小Z 加入了买基金的阵营。眼看美股、A股蹭蹭涨，她琢磨小资金试试水也不错。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  过去几个月，体验还不错，每次打开账户，都喜笑颜开。然后就越买越多，定投的金额也在加大。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这两天，又到了定投的时候，她哇地一声，说几个月的盈利清零了，还亏了点。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  小Z感叹：「怎么我就这么倒霉呢，一买就跌，那现在还能买吗？」\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  后台也收到不少留言，让咱们聊聊对股市的看法，今天从巴菲特的1个小测试说起。\n \u003C\u002Fsection>\n \u003Cp style=\"outline: 0px;letter-spacing: 0.544px;text-wrap: wrap;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;visibility: visible;margin-left: 16px;margin-right: 16px;margin-bottom: 0px;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F7cf7f0af-77f9-43ce-ac49-77976fdadab0.jpg\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"text-align: center;margin-left: 16px;margin-right: 16px;margin-bottom: 16px;\">\u003Cspan style=\"font-size: 16px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);\">01\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  1997年，巴菲特在股东信里发出了「灵魂三问」：\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  如果你打算终生\n  \u003Cstrong>吃汉堡包\u003C\u002Fstrong>，但你不是牛肉生产商，那么你应该希望牛肉价格上涨还是下跌？\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  同样，如果你打算\n  \u003Cstrong>买辆汽车\u003C\u002Fstrong>，但你不是汽车制造商，那么你应该希望汽车价格上涨还是下跌？\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  答案不言而喻，显然价格越低，对消费者越有利。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  第3个问题就很微妙了，如果未来5年，你是一个净储蓄者\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（有持续的现金流投资）\u003C\u002Fspan>，那么你应该希望\n  \u003Cstrong>股票市场\u003C\u002Fstrong>上涨还是下跌呢？\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  在巴菲特看来，\n  \u003Cspan style=\"color: rgb(222, 120, 2);\">\u003Cstrong>很多投资者、特别是年轻人都搞错了这点。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cstrong>他们在未来几十年，是股票的净买家\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（买入金额比卖出多）\u003C\u002Fspan>，股价上涨会抬高成本，然而他们却为涨价的「汉堡包」开心，为下跌感到难过。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  事实上，只有那些\n  \u003Cstrong>马上要卖出股票的人，才该为股价上涨而高兴，潜在的购买者更喜欢股价下跌。\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;outline: 0px;letter-spacing: 0.544px;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;background-color: rgb(255, 255, 255);line-height: 2em;visibility: visible;\">\u003Cspan style=\"outline: 0px;color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fe67af708-198d-495b-b27a-25b9e59bc13a.jpg\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 16px;margin-left: 16px;letter-spacing: 0.578px;text-align: center;\">\u003Cspan style=\"font-size: 16px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  股神的小测试，还挺有启发的。有时候，咱们把思维转变一下\n  \u003Cspan style=\"color: rgb(100, 106, 115);\">（短期→长期）\u003C\u002Fspan>，心态就会比较好过。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  当然，这里有两点要注意——\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"background-color: rgba(254, 212, 164, 0.8);\">\u003Cstrong>一来，买入长期上涨的资产。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  以前看过一个故事，一位父亲生前留下字条，说给孩子留了一大笔遗产，埋在某个地方。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  孩子兴冲冲跑去挖宝藏，结果挖出来好几箱BP机\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（传呼机）\u003C\u002Fspan>、大哥大。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这都是三十年前最贵的东西，现在只能当破烂卖。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  究其原因，电子、制造业的技术创新快，产品又容易批量化生产，贬值得厉害。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  想长期持有，务必得选那些能\n  \u003Cstrong>长期跑赢通货膨胀的资产\u003C\u002Fstrong>，才叫做真正的升值。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  纽约大学\n  \u003Cspan style=\"font-size: 14px;color: rgb(136, 136, 136);\">（\u003Cspan style=\"color: rgb(136, 136, 136);font-size: 14px;font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">https:\u002F\u002Fshorturl.at\u002FeqtUn\u003C\u002Fspan>）\u003C\u002Fspan>有个数据库，记录了1928年来，股票、债券、地产、黄金、现金的美国大类资产回报。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fb51e3e5f-c493-4d50-88ed-bcfdbbafedb8.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  过去100年，股票\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（年化9.97%）\u003C\u002Fspan>的长期报酬率是最高的。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  超过黄金\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（+5.12%）\u003C\u002Fspan>、债券 \n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（4.50%）\u003C\u002Fspan>、房地产 \n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（+4.23%）\u003C\u002Fspan>。现金回报率3.3%，和通胀率\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（3%）\u003C\u002Fspan>差不多。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  特别说一下，这里的\n  \u003Cstrong>股票\u003C\u002Fstrong>，用的是\n  \u003Cstrong>指数回报\u003C\u002Fstrong>，不是个股。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  个股的风险比较高，曾经的手机「王者」摩托罗拉、诺基亚，已经是时代的眼泪了。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  指数有一套选股规则，定期「优胜劣汰」，可以买入这个时代最厉害、最能创造价值的一批公司。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  现在标普500指数的最大成分股是苹果，它引领了智能手机行业，让投资者分享到科技进步带来的红利。\n \u003C\u002Fsection>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F2884b59b-4245-4640-bd58-46e5d4ed16c7.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 16px;margin-left: 16px;letter-spacing: 0.578px;text-align: center;\">\u003Cspan style=\"font-size: 16px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  第二点要注意的，\n  \u003Cspan style=\"background-color: rgba(254, 212, 164, 0.8);\">\u003Cstrong>是做好资金安排、资产配置\u003C\u002Fstrong>\u003C\u002Fspan>\n  \u003Cstrong>。\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  从纽约大学的数据中，咱们还能得到1个结论：\n  \u003Cstrong>跑赢通胀的资产，几乎都在某段时间度过「失去的十年」\u003C\u002Fstrong>。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  比如黄金在80、90年代黯然失色；股票在1930年代的大萧条、2000年的两次泡沫中表现欠佳。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这种情况很少见，几十年发生一次，但如果你是长期投资，「黑天鹅」恐怕是避不开的。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这里说3个小贴士——\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(222, 120, 2);\">\u003Cstrong>一是用闲钱投资。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  股市长期回报虽然看起来很美好，但过程难以承受的程度可能远超过你想像。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  好在时间拉得越长，投资确定性\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（赚钱概率、平均回报率）\u003C\u002Fspan>就越高，比如标普500指数30年的年化回报，可以稳定在「7%-10%」\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F35a2b8b8-b7e6-4f4f-b8d2-3351cce7991a.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">图源：东财choice\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  如果你的资金只能短期使用，确定性相对低，可能赚、也可能亏一大笔，结果不可预测。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  反之拥有长期只做投资用途、不会轻易动用的资金，你不需要常常去观察市场，就能用更轻松的心情得到高度可预测的成果。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"font-size: 14px;\">*拓展阅读：\u003C\u002Fspan>\n  \u003Ca data-linktype=\"2\" href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650675041&idx=2&sn=73f7f6ea3aeda2b79651bb7c8989a8a9&scene=21#wechat_redirect\" imgdata=\"null\" imgurl=\"\" linktype=\"text\" style=\"color: rgb(0, 82, 255);font-size: 14px;;color:#409eff\" tab=\"innerlink\" target=\"_blank\" textvalue=\"如何用「财富水池」打理好你的钱？\">\u003Cspan style=\"color: rgb(0, 82, 255);font-size: 14px;\">如何用「财富水池」打理好你的钱？\u003C\u002Fspan>\u003C\u002Fa>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(222, 120, 2);\">\u003Cstrong>二是资产配置 + 拉长期看历史走势。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Ca data-itemshowtype=\"0\" data-linktype=\"2\" href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650672990&idx=2&sn=ff3d12885be9b88410561c012d480275&scene=21#wechat_redirect\" imgdata=\"null\" imgurl=\"\" linktype=\"text\" style=\"color: rgb(0, 82, 255);;color:#409eff\" tab=\"innerlink\" target=\"_blank\" textvalue=\"资产配置\">\u003Cspan style=\"color: rgb(0, 82, 255);\">资产配置\u003C\u002Fspan>\u003C\u002Fa>，就是把资金放在相关性较低的资产里，当某个产品下跌时，另一个往往不受影响，甚至还可能会上涨，起到1+1>2的效果。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  最常见的，就是\n  \u003Cstrong>股票和债券的搭配\u003C\u002Fstrong>。你还能通过买入\n  \u003Cstrong>不同市场的股票\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（比如中国、美国）\u003C\u002Fspan>，进一步分散风险。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  一些平台\n  \u003Cspan style=\"font-size: 14px;\">（\u003Cspan style=\"color: rgb(136, 136, 136);font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">www.portfoliovisualizer.com\u003C\u002Fspan>）\u003C\u002Fspan>提供回测功能，方便咱们查看资产搭配的长期走势\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（回测时间越长越好，如30年+）\u003C\u002Fspan>。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-right: 16px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-bottom: 16px;\">在这个过程中，我们可以好好思考，自己的风险承受能力。\u003C\u002Fp>\n \u003Cblockquote data-type=\"quote_container\" style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">-买入后，最多会跌多少？\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">-我可能亏多少？我能否承受损失？\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cspan style=\"font-size: 14px;color: rgb(100, 106, 115);\">-我会不会低点「割肉」？\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fblockquote>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  拿同事小Z来说，她现在每月定投2000块，累计金额上万了，有时候涨跌波动上百块，心里不太安稳。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  那么，她就可以适当降低定投金额\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（如每月500块）\u003C\u002Fspan>。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  以极简为例，过去十年赚了120%，但最大回撤有25%，也就是投入1万，极端情况下亏损2500块。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F900ce438-7744-41c6-a706-578ba3be04db.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">图源：且慢「简慢组合」；\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-right: 16px;margin-left: 16px;line-height: 2em;text-align: center;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;margin-bottom: 16px;\">\u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">注：简慢是在极简投资思路上升级的投顾组合\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  只要我们在市场内，\n  \u003Cstrong>投资只会越来越多，盈亏金额也会同步放大\u003C\u002Fstrong>。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  如果承受不住损失，不妨减少股票的比例，以自己能接受的范围为主。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  我们人生不会只遇到一次熊市，\n  \u003Cstrong>当你有做好准备，承受能承担的波动，才可能得到风险背后的报酬。\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(222, 120, 2);\">\u003Cstrong>三是年龄越大，越要增加安全资产（现金、债券）比例。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  假设你现在投资1万块，接下来两年的收益率是：\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  （1）-10%，+20%\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  （2）+20%，-10%\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  到手收益有区别吗？答案是没有影响，两年后你都能赚1.08万\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">（1*1.2*0.9）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(100, 106, 115);\">。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cstrong>但如果投资金额，慢慢增加呢？\u003C\u002Fstrong>还是1万块，每年年初各投5000元——\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  第一种「先亏10%，后赚20%」的情形下，你在两年后的总资产来到11400元；\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">*第一年末：5000*（1-10%）=4500元；第二年末：（4500+5000）*（1+20%）=11400元。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  第二种「先赚20%，后亏10%」的情形下，\n  \u003Cstrong>两年后你只有9900元\u003C\u002Fstrong>；\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cspan style=\"color: rgb(100, 106, 115);font-size: 14px;\">*第一年末：5000*（1+20%）=6000元；第二年末：（6000+5000）*（1-10%）=9900元。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  在投资期的中后期，\n  \u003Cstrong>你的大部分钱已经下注了\u003C\u002Fstrong>，此时市场大跌带来的损失，远大于投资前期出现负报酬率。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  所以，如果你快退休了，\n  \u003Cstrong>可以提高债券资产的占比\u003C\u002Fstrong>，这样一来资产价格变动更平稳，心里没那么慌。\n \u003C\u002Fsection>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F51432d23-1d3e-4d1c-b499-e2610cff6340.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-right: 16px;margin-bottom: 16px;margin-left: 16px;letter-spacing: 0.578px;text-align: center;\">\u003Cspan style=\"font-size: 16px;\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);\">04\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  最近，宏观上的大消息很多，像是美国加关税、俄乌可能停战等等。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这些消息的变化，当然会影响市场的走势。不过，正如芒格所说\n  \u003Cspan style=\"background-color: rgba(254, 212, 164, 0.8);\">\u003Cstrong>「宏观是我们必须接受的，微观才是我们可以有所作为的」。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  我们没有能力预测未来，但可以专注自己能够控制的方面，创造安全感，例如：\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cstrong>备好紧急预备金、不要借钱投资、认识自己、了解投资的市场、资产配置控制风险等等。\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  这些事情很像老生常谈，并不如某些高超的方法、技术吸引人。但它们的目的也并不是为了提高报酬，而是在让自己立于不败之地。\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-right: 16px;margin-bottom: 0px;margin-left: 16px;line-height: 2em;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;\">\n  好啦，希望今天的分享能让你持有更安心，晚安\n  \u003Cspan style=\"color: rgb(34, 34, 34);\">🌹\u003C\u002Fspan>\n \u003C\u002Fsection>\n\u003C\u002Fdiv>","","2025-02-28 22:10:00",100,0,"renqiang@jane7.com","2025-06-06 17:40:33",false,17386,"1038002",[],[],[],[],[30],{"pageSize":4,"articleWikiId":31,"wikiName":32,"articleCode":33,"locationType":34,"sortNumber":35,"articleTitle":36,"introduction":37,"coverImage":38,"likeCount":19,"realSearch":22,"createTime":39,"seoUrl":40,"seoKeywords":41},97,"理财产品","JP2020061821353578870",2,20200618,"1700亿抗疫特别国债来了，普通个人也能买，抢吗？","抗疫特别国债的投资细节，终于落地啦！赶紧和大家聊一聊~","https:\u002F\u002Fimage.jane7.com\u002F5028228b-0362-4027-bf4a-fe851d048900.png","2020-06-18 21:35:35","https:\u002F\u002Fwww.jane7.com\u002Farticle-financing-JP2020061821353578870-97.html","债券投资,低风险投资,财经新闻"]