{"id":106350,"date":"2024-12-11T10:48:33","date_gmt":"2024-12-11T10:48:33","guid":{"rendered":"https:\/\/gfssite.local\/%e6%82%a8%e5%ba%94%e8%af%a5%e4%ba%86%e8%a7%a3%e7%9a%84%e5%85%ad%e5%a4%a7%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91\/"},"modified":"2024-12-11T10:48:33","modified_gmt":"2024-12-11T10:48:33","slug":"%e6%82%a8%e5%ba%94%e8%af%a5%e4%ba%86%e8%a7%a3%e7%9a%84%e5%85%ad%e5%a4%a7%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91","status":"publish","type":"post","link":"https:\/\/globalfinanceschool.com\/zh-hans\/%e6%82%a8%e5%ba%94%e8%af%a5%e4%ba%86%e8%a7%a3%e7%9a%84%e5%85%ad%e5%a4%a7%e5%af%b9%e5%86%b2%e5%9f%ba%e9%87%91\/","title":{"rendered":"\u60a8\u5e94\u8be5\u4e86\u89e3\u7684\u516d\u5927\u5bf9\u51b2\u57fa\u91d1"},"content":{"rendered":"<h2><b>\u4ec0\u4e48\u662f\u5bf9\u51b2\u57fa\u91d1\uff1f<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u662f\u79c1\u52df\u6295\u8d44\u57fa\u91d1\uff0c\u9002\u7528\u4e8e\u9ad8\u51c0\u503c\u4e2a\u4eba\u548c\u673a\u6784\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5c06\u5bf9\u51b2\u57fa\u91d1\u8bbe\u7acb\u4e3a\u79c1\u4eba\u6295\u8d44\u5408\u4f19\u4f01\u4e1a\u3002\u8fd9\u4e9b\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u4ec5\u5bf9\u6709\u9650\u6570\u91cf\u7684\u6295\u8d44\u8005\u5f00\u653e\uff0c\u4ed6\u4eec\u9700\u8981\u9884\u5148\u6295\u5165\u5927\u91cf\u8d44\u91d1\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u516c\u4f17\u4e0d\u80fd\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\u7684\u539f\u56e0\u3002\u8bb8\u591a\u5bf9\u51b2\u57fa\u91d1\u901a\u5e38\u9700\u8981\u4ef7\u503c\u6570\u767e\u4e07\u7f8e\u5143\u7684\u6295\u8d44\u3002\u5b83\u4eec\u901a\u5e38\u4e5f\u6709\u5f88\u957f\u7684\u9501\u5b9a\u671f\uff0c\u8fd9\u610f\u5473\u7740\u60a8\u5728\u6307\u5b9a\u7684\u6301\u7eed\u65f6\u95f4\u5185\u65e0\u6cd5\u63d0\u53d6\u6295\u8d44\u3002     <\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u4e0d\u9700\u8981\u9075\u5b88\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a \uff08SEC\uff09 \u89c4\u5b9a\u7684\u6cd5\u89c4\u3002\u6b64\u5916\uff0c\u4ed6\u4eec\u4e5f\u4e0d\u9700\u8981\u6210\u4e3a\u6ce8\u518c\u6295\u8d44\u987e\u95ee\u3002\u56e0\u4e3a\u4ed6\u4eec\u4e0d\u9700\u8981\u9075\u5b88 SEC \u7684\u89c4\u5b9a\uff0c\u6240\u4ee5\u4ed6\u4eec\u7ecf\u5e38\u901a\u8fc7\u4ee5\u4e0b\u65b9\u5f0f\u6295\u8d44\u4e8e\u98ce\u9669\u8f83\u9ad8\u7684\u6295\u673a\u6d3b\u52a8\uff1a  <\/p>\n<ul>\n<li>\u5bf9\u8d27\u5e01\u548c\u5546\u54c1\u8fdb\u884c\u5927\u8d4c\u6ce8<\/li>\n<li>\u6295\u8d44\u4e8e\u7a7a\u5934\u80a1\u7968\u3001\u671f\u6743\u548c\u671f\u8d27\uff0c\u4ee5\u53ca<\/li>\n<li>\u4f7f\u7528\u501f\u6765\u7684\u94b1\u8fdb\u884c\u4fdd\u8bc1\u91d1\u8d2d\u4e70<\/li>\n<\/ul>\n<p>\u636e\u4f30\u8ba1\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ba1\u7406\u7740\u5168\u7403\u4ef7\u503c\u8fd1 2 \u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u901a\u5e38\u4e0d\u4f1a\u62ab\u9732\u4ed6\u4eec\u7684\u4ea4\u6613\u548c\u6295\u8d44\u7ec4\u5408\u3002\u4ed6\u4eec\u4e5f\u8fdb\u884c\u5927\u91cf\u4ea4\u6613\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u8981\u4e48\u83b7\u5f97\u53ef\u89c2\u7684\u8d44\u672c\u6536\u76ca\uff0c\u8981\u4e48\u906d\u53d7\u91cd\u5927\u8d44\u672c\u635f\u5931\u3002\u5bf9\u51b2\u57fa\u91d1\u7684\u4e3b\u8981\u7279\u70b9\u5305\u62ec\uff1a   <\/p>\n<ul>\n<li>\u4ec5\u5bf9\u67d0\u4e9b\u5408\u683c\u6216\u5408\u683c\u7684\u6295\u8d44\u8005\u5f00\u653e\uff08\u6216\u5f00\u653e\uff09<\/li>\n<li>\u6295\u8d44\u8303\u56f4\u5e7f\u6cdb\uff0c\u4ece\u571f\u5730\u5230\u80a1\u7968\uff0c\u4ece\u623f\u5730\u4ea7\u5230\u8d27\u5e01<\/li>\n<li>\u901a\u8fc7\u4f7f\u7528\u501f\u5165\u7684\u8d44\u91d1\u6765\u5229\u7528\u6760\u6746\u6765\u6700\u5927\u5316\u4ed6\u4eec\u7684\u56de\u62a5<\/li>\n<li>\u8d39\u7528\u7ed3\u6784\u5305\u62ec\u8d39\u7528\u7387\uff08\u7ea6 2%\uff09\u548c\u7ee9\u6548\u8d39\uff08\u7ea6\u5360\u4efb\u4f55\u6536\u76ca\u7684 20%\uff09<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>\u5bf9\u51b2\u57fa\u91d1\u5982\u4f55\u8fd0\u4f5c\uff1f<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p>\u4e00\u4f4d\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u8bbe\u7acb\u4e86\u4e00\u5bb6\u5bf9\u51b2\u57fa\u91d1\uff0c\u5e76\u9080\u8bf7\u4e00\u4e9b\u5fd7\u540c\u9053\u5408\u7684\u6295\u8d44\u8005\u6295\u8d44\u8be5\u57fa\u91d1\u3002\u57fa\u91d1\u7ecf\u7406\u51c6\u5907\u4e00\u4efd\u8fd0\u8425\u534f\u8bae\u3002\u8be5\u534f\u8bae\u8bb0\u5f55\u4e86\u57fa\u91d1\u7684\u8fd0\u4f5c\u65b9\u5f0f\u4ee5\u53ca\u5229\u6da6\u7684\u652f\u4ed8\u3002\u901a\u5e38\uff0c\u57fa\u91d1\u7ecf\u7406\u6bcf\u5e74\u83b7\u5f97\u8d85\u8fc7 5% \u7684\u4efb\u4f55\u5229\u6da6\u7684\u5927\u7ea6 25%\u3002   <\/p>\n<p>&nbsp;<\/p>\n<p>\u4e3a\u4e86\u901a\u8fc7\u793a\u4f8b\u8bf4\u660e\u5bf9\u51b2\u57fa\u91d1\u7684\u8fd0\u4f5c\uff0c\u8bf7\u8003\u8651 10 \u4e2a\u6295\u8d44\u8005\u6ce8\u518c\u5bf9\u51b2\u57fa\u91d1\u7684\u60c5\u51b5\u3002\u5728\u5b8c\u6210\u6295\u8d44\u534f\u8bae\u540e\uff0c\u6bcf\u4eba\u8d21\u732e 1000 \u4e07\u7f8e\u5143\u3002\u4ed6\u4eec\u5c06\u8d44\u91d1\u53d1\u9001\u7ed9\u57fa\u91d1\u7ba1\u7406\u5458\u3002\u57fa\u91d1\u7ba1\u7406\u4eba\u5c06\u6295\u8d44\u8bb0\u5f55\u5728\u8d26\u7c3f\u4e0a\uff0c\u5e76\u5c06\u8d44\u91d1\u7535\u6c47\u7ed9\u7ecf\u7eaa\u4eba\u3002\u6b64\u540e\uff0c\u57fa\u91d1\u7ecf\u7406\u901a\u77e5\u7ecf\u7eaa\u4eba\u5982\u4f55\u6295\u8d44\u8fd9 1 \u4ebf\u7f8e\u5143\u3002    <\/p>\n<p>&nbsp;<\/p>\n<p>\u4e00\u5e74\u540e\uff0c\u8be5\u57fa\u91d1\u4ea7\u751f\u4e86 50% \u7684\u5229\u6da6\uff0c\u4f7f\u5176\u4ef7\u503c 1.5 \u4ebf\u7f8e\u5143\u3002\u6839\u636e\u7ecf\u8425\u534f\u8bae\uff0c\u524d 5% \u7684\u5229\u6da6\u5c5e\u4e8e\u6295\u8d44\u8005\u3002\u56e0\u6b64\uff0c\u57fa\u91d1\u7ecf\u7406\u5c06\u5229\u6da6\u7684 5%\uff085000 \u4e07\u7f8e\u5143\uff09\u5373 250 \u4e07\u7f8e\u5143\u5206\u914d\u7ed9\u6295\u8d44\u8005\u3002\u6b64\u5916\uff0c\u57fa\u91d1\u7ecf\u7406\u8fd8\u9700\u8981\u5728\u57fa\u91d1\u7ecf\u7406 \uff0825%\uff09 \u548c\u6295\u8d44\u8005 \uff0875%\uff09 \u4e4b\u95f4\u5206\u914d\u524d 5% \u7684\u4efb\u4f55\u5229\u6da6\u3002\u56e0\u6b64\uff0c\u57fa\u91d1\u7ecf\u7406\u5c06\u5269\u4f59 4750 \u4e07\u7f8e\u5143\u7684 75% \u5206\u914d\u7ed9\u6295\u8d44\u8005\uff0c\u5373 35,625,000 \u7f8e\u5143\u3002\u57fa\u91d1\u7ecf\u7406\u5c06\u5269\u4f59\u7684 25% \u6536\u5165\u56ca\u4e2d\uff0c\u4ef7\u503c 11,875,000 \u7f8e\u5143\u3002\u8fd9\u662f\u57fa\u91d1\u7ecf\u7406\u7ba1\u7406\u5bf9\u51b2\u57fa\u91d1\u4e00\u5e74\u7684\u6536\u5165\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u4eba\u4eec\u8ba4\u4e3a\u5bf9\u51b2\u57fa\u91d1\u4e1a\u52a1\u975e\u5e38\u6709\u5229\u53ef\u56fe\u3002       <\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u5bf9\u51b2\u57fa\u91d1\u5982\u4f55\u8d5a\u94b1\uff1f<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p>\u4e0e\u5171\u540c\u57fa\u91d1\u6216\u7ecf\u7eaa\u4eba\u7684\u8d5a\u94b1\u65b9\u5f0f\u7c7b\u4f3c\uff0c\u5bf9\u51b2\u57fa\u91d1\u901a\u8fc7\u9ad8\u989d\u7684\u7ba1\u7406\u8d39\u8d5a\u94b1\u3002\u6bcf\u4e2a\u5bf9\u51b2\u57fa\u91d1\u90fd\u6536\u53d6\u7279\u5b9a\u7684\u7ba1\u7406\u8d39\u3002\u7531\u4e8e\u5bf9\u51b2\u57fa\u91d1\u901a\u5e38\u6c89\u8ff7\u4e8e\u6570\u4ebf\u7f8e\u5143\u7684\u4ea4\u6613\uff0c\u56e0\u6b64\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u83b7\u5f97\u60ca\u4eba\u7684\u7ba1\u7406\u5956\u91d1\u4e5f\u5c31\u4e0d\u8db3\u4e3a\u5947\u4e86\u3002  <\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u6bcf\u5e74\u8fd8\u4ece\u5bf9\u51b2\u57fa\u91d1\u4ea4\u6613\u4e2d\u8d5a\u53d6\u4e00\u5b9a\u6bd4\u4f8b\u7684\u5229\u6da6\u3002\u901a\u5e38\uff0c\u6807\u51c6\u5229\u6da6\u767e\u5206\u6bd4\u5728 20% \u5230 50% \u4e4b\u95f4\u3002\u8fd9\u4e9b\u8d22\u52a1\u6fc0\u52b1\u63aa\u65bd\u6fc0\u52b1\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5b9e\u73b0\u5229\u6da6\u6700\u5927\u5316\u3002\u540c\u65f6\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u4e5f\u4e0d\u9700\u8981\u652f\u4ed8\u4efb\u4f55\u767e\u5206\u6bd4\u7684\u635f\u5931\u3002   <\/p>\n<p>&nbsp;<\/p>\n<p>\u8bb8\u591a\u5bf9\u51b2\u57fa\u91d1\u901a\u8fc7\u6295\u8d44\u671f\u6743\u6765\u8d5a\u94b1\u3002\u671f\u6743\u9700\u8981\u62bc\u6ce8\u80a1\u7968\u7684\u672a\u6765\uff0c\u56e0\u6b64\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u62bc\u6ce8\u80a1\u7968\u4ef7\u683c\u662f\u4e0a\u6da8\u8fd8\u662f\u4e0b\u8dcc\u3002\u4f8b\u5982\uff0c\u4e00\u4f4d\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u4ee5 100 \u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70\u671f\u6743\uff0c\u5e76\u63a8\u6d4b\u80a1\u7968\u4ef7\u683c\u4f1a\u5728\u7b2c\u4e8c\u5929\u7684\u7279\u5b9a\u65f6\u95f4\u4e0a\u6da8\u3002\u5982\u679c\u80a1\u7968\u4ef7\u683c\u5728\u7b2c\u4e8c\u5929\u7684\u6307\u5b9a\u65f6\u95f4\u4e0a\u6da8\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5c06\u989d\u5916\u83b7\u5f97 100 \u7f8e\u5143\u3002\u8fd9\u4f7f\u5f97\u6295\u8d44\u4ef7\u503c 200 \u7f8e\u5143\u3002\u5982\u679c\u80a1\u7968\u4ef7\u683c\u5728\u6307\u5b9a\u65f6\u95f4\u5185\u4fdd\u6301\u4e0d\u53d8\u6216\u4e0b\u8dcc\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5c06\u635f\u5931\u6295\u8d44\u4e8e\u671f\u6743\u7684 100 \u7f8e\u5143\u3002     <\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u8fd8\u901a\u8fc7\u5c06\u8d44\u91d1\u6295\u8d44\u4e8e\u9884\u671f\u91cd\u5927\u4e8b\u4ef6\u6765\u8d5a\u94b1\u3002\u56e0\u6b64\uff0c\u4ed6\u4eec\u9884\u6d4b\u5e76\u8d2d\u3001\u516c\u5f00\u52df\u80a1\u3001\u65b0\u6280\u672f\u53d1\u5e03\u548c\u5176\u4ed6\u91d1\u878d\u4e8b\u4ef6\uff0c\u5e76\u5728\u8fd9\u4e9b\u4e8b\u4ef6\u53d1\u751f\u65f6\u83b7\u5229\u3002 <\/p>\n<p>&nbsp;<\/p>\n<h2><b>\u60a8\u5fc5\u987b\u4e86\u89e3\u7684\u9876\u7ea7\u5bf9\u51b2\u57fa\u91d1<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p>\u6700\u8fd1\uff0c\u6c47\u4e30\u94f6\u884c\u53d1\u5e03\u4e86\u4e00\u4efd\u5bf9\u51b2\u57fa\u91d1\u754c\u8868\u73b0\u6700\u4f73\u7684 <a href=\"http:\/\/www.valuewalk.com\/2014\/07\/pershing-square-performance\/\" target=\"_blank\" rel=\"noopener\">\u540d\u5355<\/a> \u3002\u8be5\u540d\u5355\u5305\u62ec 2014 \u5e74\u5e74\u521d\u81f3\u4eca\u8868\u73b0\u6700\u597d\u7684\u5bf9\u51b2\u57fa\u91d1\u3002\u6839\u636e\u6b64\u5217\u8868\uff0c\u4ee5\u4e0b\u662f\u9876\u7ea7\u5bf9\u51b2\u57fa\u91d1\u3002  <\/p>\n<p>&nbsp;<\/p>\n<ol start=\"1\">\n<li><b>\u6f58\u5174\u5e7f\u573a\uff1a<\/b> \u8fd9\u5bb6\u6fc0\u8fdb\u7684\u5bf9\u51b2\u57fa\u91d1\u4eca\u5e74\uff08\u622a\u81f3 7 \u6708 15 \u65e5\uff09\u589e\u957f\u4e86\u8fd1 24%\uff0c\u5728\u6c47\u4e30\u94f6\u884c 2014 \u5e74\u8868\u73b0\u6700\u4f73\u7684\u5bf9\u51b2\u57fa\u91d1\u540d\u5355\u4e2d\u540d\u5217\u524d\u8305\u3002Pershing Square Capital Management\uff08\u4e00\u5bb6\u7531 Bill Ackman \u4e8e 2004 \u5e74\u7ecf\u8425\u548c\u521b\u7acb\u7684\u516c\u53f8\uff09\u7ba1\u7406\u7740\u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u3002\u6f58\u5174\u5e7f\u573a\u7684\u6295\u8d44\u5386\u53f2\u8fd8\u5305\u62ec\u53d1\u8d77\u9488\u5bf9\u6e29\u8fea\u548c\u9ea6\u5f53\u52b3\u7684\u6fc0\u8fdb\u8fd0\u52a8\u3002\u622a\u81f3 2013 \u5e74\uff0c\u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u7ba1\u7406\u7740\u4ef7\u503c 132 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002   <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol start=\"2\">\n<li><b>Pharo \u4ea4\u6613\u57fa\u91d1\uff1a<\/b> \u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u7531 Guillaume Fonkenell \u4e8e 2000 \u5e74\u521b\u7acb\uff0c\u5728\u6c47\u4e30\u94f6\u884c\u7684\u540d\u5355\u4e0a\u4ec5\u6b21\u4e8e\u6f58\u5174\u5e7f\u573a\u3002\u622a\u81f3 7 \u6708 11 \u65e5\uff0c\u5b83\u7684\u56de\u62a5\u7387\u4e3a 23.25%\u3002\u8be5\u5bf9\u51b2\u57fa\u91d1\u4e13\u6ce8\u4e8e\u65b0\u5174\u5e02\u573a\u4fe1\u8d37\u548c\u8d27\u5e01\u3002\u5b83\u76ee\u524d\u7ba1\u7406\u7740\u4ef7\u503c 47 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002   <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol start=\"3\">\n<li><b>Cumulus Energy Fund A \u7c7b\uff1a<\/b> \u8fd9\u5bb6\u5c61\u83b7\u6b8a\u8363\u7684\u5bf9\u51b2\u57fa\u91d1\u5728\u6c47\u4e30\u94f6\u884c\u699c\u5355\u4e0a\u6392\u540d\u7b2c\u4e09\uff0c\u622a\u81f3 7 \u6708 18 \u65e5\u7684\u56de\u62a5\u7387\u4e3a 23.15%\u3002Cumulus Energy \u662f\u4e00\u5bb6\u5bf9\u51b2\u57fa\u91d1\uff0c\u4ea4\u6613\u81ea\u7531\u652f\u914d\u5546\u54c1\u671f\u8d27\u3002\u5b83\u7279\u522b\u91cd\u89c6\u7535\u529b\u548c\u5929\u7136\u6c14\uff0c\u5c24\u5176\u662f\u5728\u6b27\u6d32\u3002\u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u5728 2009 \u5e74\u81f3 2014 \u5e74\u671f\u95f4\u83b7\u5f97\u4e86 10 \u4e2a\u5956\u9879\uff0c\u7ba1\u7406\u7740\u4ef7\u503c 4.9 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u3002   <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol start=\"4\">\n<li><b>Trishield \u7279\u6b8a\u60c5\u51b5\u57fa\u91d1\u6709\u9650\u8d23\u4efb\u516c\u53f8\uff1a<\/b> Jeff Buick \u4e8e 2008 \u5e74\u6210\u7acb\u4e86 Trishield Capital Management\u3002\u8be5\u516c\u53f8\u7ba1\u7406\u7740 Trishield Special Situations Fund\uff0c\u8be5\u57fa\u91d1\u5728 2014 \u5e74\u6c47\u4e30\u94f6\u884c\u8868\u73b0\u6700\u4f73\u7684\u5bf9\u51b2\u57fa\u91d1\u540d\u5355\u4e2d\u6392\u540d\u7b2c 4\u3002\u622a\u81f3 6 \u6708 30 \u65e5\uff0c\u5176\u6536\u76ca\u7387\u4e3a 19.87%\u3002\u8be5\u5bf9\u51b2\u57fa\u91d1\u4e13\u95e8\u6295\u8d44\u4e8e\u4e0d\u826f\u3001\u538b\u529b\u3001\u7279\u6b8a\u60c5\u51b5\u548c\u4e8b\u4ef6\u9a71\u52a8\u7684\u673a\u4f1a\u3002   <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol start=\"5\">\n<li><b>Brookfield Global Reits \u591a\u7a7a\u7b56\u7565\uff1a<\/b> \u8fd9\u5bb6\u5bf9\u51b2\u57fa\u91d1\u5728\u6c47\u4e30\u94f6\u884c\u7684\u699c\u5355\u4e2d\u6392\u540d\u7b2c\u4e94\uff0c\u622a\u81f3 6 \u6708 30 \u65e5\u7684\u56de\u62a5\u7387\u4e3a 18.30%\u3002Brookfield Asset Management Inc \u7ba1\u7406\u7740\u8be5\u57fa\u91d1\uff0c\u8d44\u4ea7\u7ea6\u4e3a 2000 \u4ebf\u7f8e\u5143\u3002\u5b83\u4e13\u6ce8\u4e8e\u623f\u5730\u4ea7\u3001\u53ef\u518d\u751f\u80fd\u6e90\u3001\u57fa\u7840\u8bbe\u65bd\u548c\u79c1\u52df\u80a1\u6743\u7b49\u9886\u57df\u3002  <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ol start=\"6\">\n<li><b>Chenavari Toro Capital\uff1a<\/b> \u8be5\u57fa\u91d1\u7531 Chenavari Investment Managers \u7ba1\u7406\uff0c\u622a\u81f3 6 \u6708 30 \u65e5\u7684\u56de\u62a5\u7387\u4e3a 18.24%\u3002\u8be5\u57fa\u91d1\u6709\u7740\u826f\u597d\u7684\u4e1a\u7ee9\u5386\u53f2\uff0c2012 \u5e74\u7684\u56de\u62a5\u7387\u4e3a 32%\uff0c2011 \u5e74\u7684\u56de\u62a5\u7387\u4e3a 24.71%\uff0c2010 \u5e74\u7684\u56de\u62a5\u7387\u4e3a 90.56%\u3002\u8be5\u57fa\u91d1\u7684\u8d44\u4ea7\u4ef7\u503c\u8fd1 20 \u4ebf\u7f8e\u5143\u3002\u8fd9\u5bb6\u603b\u90e8\u4f4d\u4e8e\u4f26\u6566\u7684\u5bf9\u51b2\u57fa\u91d1\u4e5f\u662f\u81ea 2008 \u5e74\u4ee5\u6765\u6b27\u6d32\u6700\u6210\u529f\u7684\u5bf9\u51b2\u57fa\u91d1\u4e4b\u4e00\u3002   <\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h2><b>\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\u6709\u4ec0\u4e48\u597d\u5904\uff1f<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p>\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\u53ef\u80fd\u975e\u5e38\u6709\u5229\u3002\u4eba\u4eec\u957f\u671f\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u57fa\u91d1\u6ca1\u6709\u590d\u6742\u7684\u8fdb\u5165\u6216\u9000\u51fa\u65f6\u95f4\u3002 <\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u901a\u5e38\u7528\u8db3\u591f\u7684\u671f\u6743\u548c\u884d\u751f\u54c1\u6765\u4fdd\u62a4\u4ed6\u4eec\u7684\u8d44\u91d1\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u5bf9\u51b2\u57fa\u91d1\u5373\u4f7f\u5728\u5e02\u573a\u4e0b\u8dcc\u671f\u95f4\u4e5f\u8868\u73b0\u826f\u597d\u3002\u4eba\u4eec\u5c06\u5bf9\u51b2\u57fa\u91d1\u7eb3\u5165\u4ed6\u4eec\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u4ee5\u9650\u5236\u4ed6\u4eec\u7684\u635f\u5931\u98ce\u9669\uff0c\u5373\u4f7f\u4ed6\u4eec\u5bfb\u6c42\u589e\u52a0\u6536\u76ca\u3002  <\/p>\n<p>&nbsp;<\/p>\n<p>\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u4e3a\u4ed6\u4eec\u7684\u57fa\u91d1\u63d0\u4f9b\u4e86\u4e00\u4e2a\u7ed3\u6784\uff0c\u65e0\u8bba\u5f53\u524d\u7684\u5e02\u573a\u6761\u4ef6\u5982\u4f55\uff0c\u5b83\u4eec\u90fd\u8868\u73b0\u826f\u597d\u3002\u901a\u8fc7\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u8ba9\u4ed6\u4eec\u7684\u6295\u8d44\u83b7\u5f97\u7ea2\u5229\u3002\u8fd9\u4e5f\u662f\u4e0d\u5fc5\u62c5\u5fc3\u80a1\u5e02\u7684\u8d77\u4f0f\u3002  <\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">\n<p>\u5c3d\u7ba1\u5bf9\u51b2\u57fa\u91d1\u4ee5\u79d8\u5bc6\u548c\u5192\u9669\u8457\u79f0\uff0c\u4f46\u5b83\u4ee3\u8868\u7740\u4e00\u4e2a\u6210\u957f\u578b\u884c\u4e1a\u3002\u5728\u4f4e\u8ff7\u7684\u5e02\u573a\u73af\u5883\u4e2d\uff0c\u8fd9\u4e9b\u57fa\u91d1\u53ef\u4ee5\u63d0\u4f9b\u9ad8\u4e8e\u5e73\u5747\u6c34\u5e73\u7684\u5e02\u573a\u56de\u62a5\u3002\u4f46\u662f\uff0c\u6295\u8d44\u8005\u5e94\u5728\u6295\u8d44\u524d\u5bf9\u57fa\u91d1\u53ca\u5176\u7ecf\u7406\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\u3002\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u5931\u53bb\u6295\u8d44\u7684\u98ce\u9669\u6bd4\u6295\u8d44\u5bf9\u51b2\u57fa\u91d1\u5927\u8d5a\u4e00\u7b14\u7684\u5f71\u54cd\u8981\u5927\u5f97\u591a\u3002   <\/p>\n<\/p>\n<p>\u63d0\u793a<\/p>\n<p>\u60a8\u53ef\u80fd\u8fd8\u6709\u5174\u8da3\u9605\u8bfb\u4e00\u7bc7\u5173\u4e8e <a href=\"https:\/\/verdant-pillar.flywheelsites.com\/blog-post\/investment-beginners\" title=\"\u521d\u5b66\u8005\u7684\u6295\u8d44\" target=\"_blank\" rel=\"noopener\">\u521d\u5b66\u8005\u6295\u8d44<\/a> \u7684\u6df1\u5165\u6587\u7ae0\uff0c\u60a8\u6709\u54ea\u4e9b\u673a\u4f1a\u6765\u589e\u52a0\u6536\u5165\u5e76\u66f4\u597d\u5730\u4e86\u89e3\u7cfb\u7edf\u7684\u8fd0\u4f5c\u65b9\u5f0f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4ec0\u4e48\u662f\u5bf9\u51b2\u57fa\u91d1\uff1f &nbsp; \u5bf9\u51b2\u57fa\u91d1\u662f\u79c1\u52df\u6295\u8d44\u57fa\u91d1\uff0c\u9002\u7528\u4e8e\u9ad8\u51c0\u503c\u4e2a\u4eba\u548c\u673a\u6784\u3002\u5728\u8bb8\u591a\u60c5\u51b5\u4e0b\uff0c\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\u5c06\u5bf9 [&hellip;]<\/p>\n","protected":false},"author":9274,"featured_media":106353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11690],"tags":[],"class_list":["post-106350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-11690"],"_links":{"self":[{"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/posts\/106350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/users\/9274"}],"replies":[{"embeddable":true,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=106350"}],"version-history":[{"count":0,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/posts\/106350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/media\/106353"}],"wp:attachment":[{"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=106350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=106350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalfinanceschool.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=106350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}