{"id":2581,"date":"2011-01-20T11:04:59","date_gmt":"2011-01-20T03:04:59","guid":{"rendered":"http:\/\/www.inhaoxu.com\/blog\/?p=2581"},"modified":"2011-01-20T11:04:59","modified_gmt":"2011-01-20T03:04:59","slug":"2011%e5%b9%b4%e7%9a%8410%e6%9d%a1%e8%b5%9a%e9%92%b1%e6%8a%95%e8%b5%84%e5%bb%ba%e8%ae%ae","status":"publish","type":"post","link":"https:\/\/inhaoxu.com\/blog\/?p=2581","title":{"rendered":"2011\u5e74\u768410\u6761\u8d5a\u94b1\u6295\u8d44\u5efa\u8bae"},"content":{"rendered":"
\u8bb8<\/div>\n

\u591a\u6295\u8d44\u8005\u90fd\u60ca\u559c\u5730\u770b\u5230\uff0c\u4eca\u5e74\u4e0d\u8bba\u662f\u7f8e\u56fd\u80a1\u5e02\u8fd8\u662f\u5168\u7403\u80a1\u5e02\u90fd\u83b7\u5f97\u4e86\u53ef\u89c2\u7684\u6536\u76ca\u3002\u4f60\u4e00\u5b9a\u4e0d\u60f3\u57282011\u5e74\u9519\u8fc7\u540c\u6837\u7684\u826f\u673a\u3002<\/p>\n

\u5e38\u8a00\u9053\uff0c\u201c\u7b2c\u4e09\u6b21\u603b\u4f1a\u6210\u529f\u201d\u3002\u800c2011\u5e74\u540c\u65f6\u662f\u91d1\u878d\u5e02\u573a\u4e09\u4e2a\u91cd\u8981\u7684\u201c\u7b2c\u4e09\u5e74\u201d\uff1a\u5b83\u662f\u6240\u8c13\u7684\u603b\u7edf\u5468\u671f\u5173\u952e\u7684\u7b2c\u4e09\u5e74\uff1b2009\u5e743\u6708\u5f00\u59cb\u7684\u725b\u5e02\u7684\u7b2c\u4e09\u5e74\u2014\u20141949\u5e74\u4ee5\u6765\uff0c\u5168\u90e810\u6b21\u725b\u5e02\u7684\u7b2c\u4e09\u5e74\u90fd\u5927\u83b7\u4e30\u6536\uff1b2011\u5e746\u6708\u8fd8\u5c06\u8fce\u6765\u7f8e\u56fd\u7ecf\u6d4e\u5f00\u59cb\u6781\u5176\u7f13\u6162\u7684\u6b63\u589e\u957f\u7684\u7b2c\u4e09\u5e74\u3002<\/p>\n

\u6807\u51c6\u666e\u5c14\u8bc1\u5238\u7814\u7a76\u516c\u53f8\uff08Standard & Poor’s Equity Research\uff09\u7684\u9996\u5e2d\u6295\u8d44\u7b56\u7565\u5e08\u8428\u59c6\u2022\u65af\u6258\u74e6\u5c14\uff08Sam Stovall\uff09\u8bf4\uff0c\u660e\u5e74\u8981\u4e48\u662f\u4e2a\u597d\u5e74\u4efd\uff0c\u8981\u4e48\u662f\u4e2a\u91cd\u5927\u7684\u5e74\u4efd\u3002<\/p>\n

\u4e5f\u5c31\u662f\u8bf4\uff0c\u6295\u8d44\u8005\u6c38\u8fdc\u4e0d\u8981\u671f\u671b\u4e00\u5e06\u98ce\u987a\uff0c\u5c24\u5176\u662f\u73b0\u5728\uff0c\u56f4\u7ed5\u7740\u6b27\u7f8e\u7ecf\u6d4e\u65b9\u9488\u4ecd\u6709\u592a\u591a\u72b9\u8c6b\u548c\u6000\u7591\u3002<\/p>\n

\u6807\u51c6\u666e\u5c14\u7684\u5168\u7403\u6295\u8d44\u653f\u7b56\u59d4\u5458\u4f1a\uff08Global Investment Policy Committee\uff09\u5728\u6700\u8fd1\u7684\u4e00\u4efd\u62a5\u544a\u4e2d\u8b66\u544a\u8bf4\uff0c\u7f8e\u56fd\u5e02\u573a\u5728\u8fd9\u4e9b\u201c\u7b2c\u4e09\u5e74\u201d\u4e2d\u901a\u5e38\u975e\u5e38\u5f3a\u52b2\u7684\u8868\u73b0\u5c06\u53ef\u80fd\u7531\u4e8e\u725b\u5e02\u7684\u63a8\u79fb\u4e0e\u7ecf\u6d4e\u590d\u82cf\u7684\u8fdf\u7f13\u800c\u53d8\u5f97\u4e2d\u5eb8\u3002\u8be5\u59d4\u5458\u4f1a\u6700\u8fd1\u9884\u6d4b\uff0c\u4ece\u73b0\u5728\u8d77\u4e00\u5e74\u540e\u7684\u6807\u51c6\u666e\u5c14500\u80a1\u7968\u6307\u6570\u5c06\u4e3a1,315\u70b9\uff0c\u6bd4\u4eca\u5e7412\u670817\u65e5\u7684\u6536\u76d8\u4ef71,244\u70b9\u9ad8\u51fa\u4e0d\u52306%\u3002<\/p>\n

\u6df1\u5165\u8003\u5bdf2011\u5e74\u7684\u5e02\u573a\u8868\u73b0\u4e4b\u524d\uff0c\u5148\u6765\u770b\u770b\u6211\u4eec2010\u5e74\u7684\u63a8\u8350\u662f\u5426\u6210\u529f\u5427\u3002\u7b54\u6848\u662f\uff1a\u975e\u5e38\u6210\u529f\u3002\u5728\u80a1\u7968\u548c\u503a\u5238\u5e02\u573a\u603b\u4f53\u4e0a\u6da8\u7684\u8fd9\u4e00\u5e74\u4e2d\uff0c2010\u5e741\u6708\u6211\u4eec\u63a8\u8350\u7684\u591a\u6570\u6295\u8d44\u9009\u62e9\u90fd\u8868\u73b0\u5353\u8d8a\u3002<\/p>\n

\u5f53\u8bf8\u591a\u8ff9\u8c61\u9884\u793a\u7740\u6295\u8d44\u8005\u5c06\u627f\u62c5\u66f4\u591a\u98ce\u9669\u5e76\u56de\u5f52\u80a1\u5e02\u65f6\uff0c\u5bf92011\u5e74\u7684\u9884\u6d4b\u663e\u793a\uff0c\u5e02\u573a\u5c06\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\uff0c\u5c24\u5176\u662f\u5904\u4e8e\u7f8e\u56fd\u666f\u6c14\u5468\u671f\u4e2d\u7684\u5e02\u573a\u3002\u6b64\u5916\uff0c\u5c3d\u7ba1\u4e2d\u5c0f\u578b\u80a1\u4e5f\u6709\u5f3a\u52b2\u652f\u6491\uff0c\u4f46\u5927\u578b\u80a1\u7684\u8868\u73b0\u53ef\u80fd\u4f1a\u66f4\u5f15\u4eba\u77a9\u76ee\u3002\u4e0e\u4ee5\u5f80\u4e00\u6837\uff0c\u4e70\u5bb6\uff0c\u5c24\u5176\u662f\u503a\u5238\u6295\u8d44\u8005\uff0c\u5fc5\u987b\u8981\u8c28\u614e\u884c\u4e8b\u3002<\/p>\n

\u5728\u4ee5\u4e0a\u591a\u91cd\u80cc\u666f\u4e0b\uff0c2011\u5e74\u670910\u79cd\u914d\u7f6e\u8d44\u4ea7\u7ec4\u5408\u7684\u65b9\u6cd5\uff1a<\/p>\n

1. \u6293\u4f4f\u603b\u7edf\u5468\u671f\u7684\u826f\u673a<\/strong><\/p>\n

\u603b\u7edf\u5468\u671f\u662f\u4ee5\u56db\u5e74\u4e3a\u5468\u671f\u7684\u7f8e\u56fd\u80a1\u5e02\u8d70\u52bf\u6a21\u5f0f\uff0c\u4e0d\u8bba\u603b\u7edf\u548c\u6267\u653f\u515a\u662f\u8c01\uff0c\u5b83\u90fd\u5177\u6709\u60ca\u4eba\u7684\u4e00\u81f4\u6027\u3002\u660e\u5e74\u662f\u8be5\u5468\u671f\u5173\u952e\u7684\u7b2c\u4e09\u5e74\uff0c\u5373\u7f8e\u56fd\u4e2d\u671f\u9009\u4e3e\u4e4b\u540e\u3001\u5927\u9009\u4e4b\u524d\uff0c\u6b63\u662f\u80a1\u5e02\u5927\u6da8\u7684\u597d\u5146\u5934\u3002<\/p>\n

\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u7b2c\u4e09\u5e74\u2014\u2014\u5c24\u5176\u662f\u524d\u516d\u4e2a\u6708\u2014\u2014\u4e00\u76f4\u662f\u8be5\u5468\u671f\u8868\u73b0\u6700\u597d\u7684\u65f6\u6bb5\uff0c\u6839\u636e\u6807\u51c6\u666e\u5c14\u7684\u7edf\u8ba1\uff0c\u4ece1945\u5e74\u4ee5\u6765\uff0c\u6807\u51c6\u666e\u5c14500\u6307\u6570\u5728\u603b\u7edf\u5468\u671f\u7684\u7b2c\u4e09\u5e74\u5e73\u5747\u4e0a\u6da817%\u30021970\u5e74\u4ee5\u6765\uff0c\u5728\u7b2c\u4e09\u5e74\u4e2d\u6da8\u52bf\u6700\u5feb\u7684\u80a1\u7968\u7c7b\u522b\u90fd\u662f\u5468\u671f\u6027\u80a1\uff0c\u4e3b\u8981\u4e3a\u79d1\u6280\u80a1\u3001\u6750\u6599\u80a1\u3001\u5de5\u4e1a\u80a1\u3001\u4ee5\u53ca\u975e\u5fc5\u9700\u6d88\u8d39\u54c1\u80a1\u3002<\/p>\n

2. \u6295\u8d44\u5de5\u4e1a\u80a1<\/strong><\/p>\n

\u5bf9\u7ecf\u6d4e\u654f\u611f\u7684\u516c\u53f8\u662f2010\u5e74\u7f8e\u56fd\u80a1\u5e02\u8868\u73b0\u6700\u5f3a\u52b2\u7684\u516c\u53f8\uff0c\u5b83\u4eec\u7684\u589e\u957f\u52bf\u5934\u5f88\u53ef\u80fd\u5c06\u7ee7\u7eed\u3002\u5728\u7ecf\u6d4e\u6269\u5f20\u7684\u65e9\u671f\u9636\u6bb5\uff0c\u7531\u4e8e\u4f01\u4e1a\u4e0e\u57fa\u7840\u8bbe\u65bd\u652f\u51fa\u589e\u52a0\uff0c\u8fd9\u4e9b\u516c\u53f8\u8868\u73b0\u62a2\u773c\u3002<\/p>\n

\u7f8e\u94f6\u7f8e\u6797\uff08Bank of America Merrill Lynch\uff09\u9996\u5e2d\u7f8e\u56fd\u80a1\u7968\u7b56\u7565\u5e08\u5927\u536b\u2022\u6bd4\u5b89\u79d1\uff08David Bianco\uff09\u8bf4\uff0c\u5168\u7403\u7ecf\u6d4e\u7ee7\u7eed\u590d\u82cf\uff0c\u800c\u9886\u5bfc\u5168\u7403\u7ecf\u6d4e\u7684\u662f\u65b0\u5174\u5e02\u573a\u4e0e\u4f01\u4e1a\u652f\u51fa\u3002\u4ed6\u9884\u6d4b\u4ece\u73b0\u5728\u8d77\u4e00\u5e74\u540e\uff0c\u6807\u51c6\u666e\u5c14500\u6307\u6570\u5c06\u8fbe\u52301,400\u70b9\u3002<\/p>\n

\u8fd9\u5bf9\u4e8e\u5de5\u4e1a\u80a1\u6765\u8bf4\u662f\u4e2a\u597d\u5146\u5934\u2014\u2014\u5305\u62ec\u6d89\u53ca\u5efa\u7b51\u3001\u5de5\u7a0b\u3001\u94c1\u8def\u3001\u7a7a\u8fd0\u53ca\u7269\u6d41\u3001\u7535\u5b50\u8bbe\u5907\u4e0e\u673a\u68b0\u7684\u4f01\u4e1a\u3002\u8bb8\u591a\u7f8e\u56fd\u5de5\u4e1a\u516c\u53f8\u90fd\u662f\u8de8\u56fd\u516c\u53f8\uff0c\u56e0\u6b64\u5c06\u4ece\u65b0\u5174\u5e02\u573a\u589e\u957f\u4e2d\u53d7\u76ca\u3002<\/p>\n

\u6bd4\u5b89\u79d12011\u5e74\u6700\u63a8\u8350\u7684\u4e94\u652f\u80a1\u7968\u4e4b\u4e00\u662f\u7f8e\u56fd\u8054\u5408\u6280\u672f\u516c\u53f8\uff08United Technologies Corp\uff09\uff0c\u8fd9\u662f\u4e00\u5bb6\u8d70\u591a\u6837\u5316\u8def\u7ebf\u7684\u5927\u578b\u56fd\u9645\u516c\u53f8\uff0c\u4ea7\u54c1\u5305\u62ecSikorsky\u76f4\u5347\u673a\u3001Pratt & Whitney\u55b7\u6c14\u5f0f\u53d1\u52a8\u673a\u3001\u5965\u7684\u65af\uff08Otis\uff09\u7535\u68af\u7b49\u3002\u6bd4\u5b89\u79d1\u8bf4\uff0c\u8fd9\u662f\u4e00\u5bb6\u6ca1\u6709\u5f31\u9879\u7684\u4f01\u4e1a\u96c6\u56e2\u3002<\/p>\n

3. \u6295\u8d44\u6750\u6599\u80a1<\/strong><\/p>\n

\u91cd\u70b9\u4e3a\u5316\u5b66\u54c1\u3001\u5de5\u4e1a\u6c14\u4f53\u3001\u80a5\u6599\u3001\u5bb9\u5668\u548c\u7eb8\u5236\u54c1\u7684\u6750\u6599\u80a1\u4e0e\u5546\u54c1\u4ef7\u683c\u7d27\u5bc6\u76f8\u8fde\uff0c\u5e76\u4e0e\u7ecf\u6d4e\u6269\u5f20\u548c\u65b0\u5174\u5e02\u573a\u589e\u957f\u606f\u606f\u76f8\u5173\u3002<\/p>\n

\u56e0\u6b64\uff0c\u7f8e\u56fd\u7684\u6750\u6599\u80a1\u516c\u53f8\u5bb9\u6613\u53d7\u4e16\u754c\u4e0a\u53d1\u5c55\u6700\u5feb\u5730\u533a\u7684\u5f71\u54cd\uff0c\u800c\u4e14\u5f53\u5546\u54c1\u4ef7\u683c\u66b4\u8dcc\u65f6\uff0c\u4e5f\u5c06\u9762\u4e34\u5267\u70c8\u7684\u4e0b\u8dcc\u98ce\u9669\u3002\u636e\u7a46\u8fea\u5206\u6790\u516c\u53f8\uff08Moody’s Analytics\uff09\u79f0\uff0c\u6765\u81ea\u53d1\u5c55\u4e2d\u56fd\u5bb6\u7684\u5f3a\u52b2\u9700\u6c42\uff0c\u52a0\u4e0a\u53d1\u8fbe\u56fd\u5bb6\u7684\u7ecf\u6d4e\u72b6\u51b5\u6539\u5584\u4ee5\u53ca\u5168\u7403\u80a1\u5e02\u4e0a\u6da8\uff0c\u5c06\u5bf9\u77f3\u6cb9\u3001\u91d1\u5c5e\u548c\u5176\u4ed6\u5546\u54c1\u7684\u4ef7\u683c\u5f62\u6210\u652f\u6491\u3002<\/p>\n

\u6bd4\u5b89\u79d1\u504f\u7231\u4ed6\u6240\u8c13\u7684\u201c\u5927\u578b\u56fd\u9645\u6210\u957f\u578b\u80a1\u7968\u201d\uff0c\u5728\u6750\u6599\u80a1\u4e2d\u5373\u662f\u675c\u90a6\u516c\u53f8\uff08DuPont\uff09\u548c\u666e\u83b1\u514b\u65af\u516c\u53f8\uff08Praxair Inc.\uff09\u3002\u8fd9\u4f4d\u7f8e\u6797\u5206\u6790\u5e08\u4e5f\u63a8\u8350\u5bb9\u5668\u548c\u5305\u88c5\u9886\u57df\u7684\u73ed\u5bc6\u65af\u516c\u53f8\uff08Bemis Co. Inc.\uff09\u548c\u6b27\u6587\u65af-\u4f0a\u5229\u8bfa\u4f0a\u516c\u53f8\uff08Owens-Illinois Inc.\uff09\u3002<\/p>\n

4. \u6295\u8d44\u79d1\u6280\u80a1<\/strong><\/p>\n

\u5bf9\u79d1\u6280\u80a1\u7684\u9884\u671f\u975e\u5e38\u4e50\u89c2\uff0c\u6839\u636e\u7f57\u7d20\u6295\u8d44\uff08Russell Investments\uff09\u6700\u8fd1\u7684\u4e00\u9879\u8c03\u67e5\uff0c80%\u7684\u8d44\u4ea7\u7ba1\u7406\u673a\u6784\u90fd\u5bf9\u8be5\u884c\u4e1a\u80a1\u7968\u770b\u6da8\u3002<\/p>\n

\u5c3d\u7ba1\u6709\u4e9b\u4eba\u53ef\u80fd\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4e2a\u5371\u9669\u7684\u201c\u5356\u51fa\u201d\u4fe1\u53f7\uff0c\u4f46\u5bf9\u7535\u8111\u3001\u8f6f\u4f53\u548c\u901a\u4fe1\u8bbe\u5907\u7684\u5168\u7403\u5546\u4e1a\u6295\u8d44\u5374\u5728\u589e\u52a0\uff0c\u800c\u6d88\u8d39\u8005\u5bf9\u9ad8\u79d1\u6280\u4ea7\u54c1\u7684\u70ed\u60c5\u4e5f\u4f9d\u7136\u4e0d\u51cf\u3002<\/p>\n

\u4ece\u6574\u4f53\u4e0a\u770b\uff0c\u56fd\u5916\u9500\u552e\u989d\u5360\u6709\u5f88\u5927\u6bd4\u4f8b\u7684\u79d1\u6280\u90e8\u95e8\u6b63\u5728\u4eab\u53d7\u521b\u7eaa\u5f55\u7684\u5229\u6da6\u7387\uff0c\u5206\u6790\u5e08\u4eec\u4e5f\u7eb7\u7eb7\u5bf9\u5176\u76c8\u5229\u9884\u671f\u505a\u51fa\u6b63\u5411\u4fee\u6b63\u3002\u4e70\u5165\u201c\u79d1\u6280\u5de8\u5934\u201d\u7684\u80a1\u7968\u662f\u7f8e\u94f6\u7f8e\u67972011\u7684\u91cd\u8981\u6295\u8d44\u5efa\u8bae\u4e4b\u4e00\uff0c\u800cIBM\u516c\u53f8\uff08International Business Machines\uff09\u548c\u8c37\u6b4c\u516c\u53f8\uff08Google Inc.\uff09\u5219\u662f\u91cd\u70b9\u63a8\u8350\u3002<\/p>\n

5. \u6295\u8d44\u80fd\u6e90\u80a1<\/strong><\/p>\n

\u5168\u7403\u7ecf\u6d4e\u589e\u957f\u6709\u5229\u4e8e\u77f3\u6cb9\u4e0e\u5929\u7136\u6c14\u516c\u53f8\uff0c\u5c24\u5176\u662f\u6d3e\u53d1\u80a1\u5229\u5e76\u56de\u8d2d\u80a1\u4efd\u7684\u5927\u578b\u8de8\u56fd\u516c\u53f8\u3002<\/p>\n

Ned Davis Research\u7684\u5206\u6790\u5e08\u6700\u8fd1\u63d0\u9ad8\u4e86\u5bf9\u80fd\u6e90\u80a1\u7684\u8bc4\u4ef7\uff0c\u8fd9\u4e0e\u540c\u6837\u559c\u6b22\u6750\u6599\u80a1\u7684Richard Bernstein Advisors LLC\u9996\u5e2d\u6267\u884c\u957f\u7406\u67e5\u2022\u4f2f\u6069\u65af\u5766\uff08Richard Bernstein\uff09\u7684\u610f\u89c1\u76f8\u540c\u3002\u4f2f\u6069\u65af\u5766\u8bf4\uff0c\u5982\u679c\u7ecf\u6d4e\u771f\u7684\u5f00\u59cb\u8fdb\u5165\u5468\u671f\u4e2d\u671f\uff0c\u90a3\u4e48\u80fd\u6e90\u80a1\u548c\u6750\u6599\u80a1\u5c31\u5c06\u5f00\u59cb\u5360\u636e\u9886\u5bfc\u5730\u4f4d\u3002\u6211\u4eec\u9884\u671f2011\u5e74\u8fd9\u4e24\u4e2a\u677f\u5757\u5728\u5168\u7403\u90fd\u5c06\u8868\u73b0\u4f18\u5f02\u3002<\/p>\n

6. \u5728\u6295\u8d44\u975e\u5fc5\u9700\u6d88\u8d39\u54c1\u7684\u540c\u65f6\u589e\u52a0\u5fc5\u9700\u6d88\u8d39\u54c1\u6295\u8d44<\/strong><\/p>\n

\u975e\u5fc5\u9700\u6d88\u8d39\u54c1\u80a1\u662f2010\u5e74\u7684\u6700\u5927\u8d62\u5bb6\u4e4b\u4e00\uff0c\u660e\u5e74\u5b83\u8fd8\u5c06\u7ee7\u7eed\u9886\u8dd1\u5468\u671f\u6027\u6da8\u52bf\uff0c\u4f46\u5982\u679c\u9886\u5bfc\u5730\u4f4d\u6539\u53d8\uff0c\u90a3\u4e48\u4fdd\u7559\u90e8\u5206\u9632\u5fa1\u6027\u80a1\u7968\u5934\u5bf8\u662f\u5f88\u91cd\u8981\u7684\u3002<\/p>\n

\u5fc5\u9700\u6d88\u8d39\u54c1\u5f88\u9002\u5408\u8fd9\u4e00\u89d2\u8272\uff0c\u5b83\u4eec\u4e00\u76f4\u662f\u62e5\u6709\u4f18\u5f02\u6536\u76ca\u3001\u80a1\u5229\u589e\u957f\u548c\u5168\u7403\u8868\u73b0\u7684\u4e3b\u8981\u6295\u8d44\u5bf9\u8c61\u3002\u7f8e\u94f6\u7f8e\u6797\u5206\u6790\u5e08\u63a8\u8350\u7684\u8be5\u677f\u5757\u9886\u5bfc\u8005\u5305\u62ec\u96c5\u82b3\uff08Avon Products Inc.\uff09\u3001\u91d1\u4f70\u5229\uff08Kimberly-Clark Corp.\uff09\u3001\u5b9d\u6d01\uff08Procter & Gamble Co.\uff09\u3001\u53ef\u53e3\u53ef\u4e50\uff08Coca-Cola Co.\uff09\u3001\u767e\u4e8b\uff08PepsiCo. Inc.\uff09\u548c\u5361\u592b\u98df\u54c1\uff08Kraft Foods Inc.\uff09\u3002<\/p>\n

\u6b64\u5916\uff0c\u5fc5\u9700\u6d88\u8d39\u54c1\u5de8\u5934\u8fd8\u4ece\u65b0\u5174\u5e02\u573a\u6d88\u8d39\u8005\u4e0d\u65ad\u63d0\u9ad8\u7684\u8d2d\u4e70\u529b\u4e2d\u53d7\u76ca\uff0c\u4f46\u8fd9\u662f\u4e00\u4e2a\u957f\u671f\u8d8b\u52bf\u3002\u5c31\u660e\u5e74\u6765\u770b\uff0c\u7f8e\u56fd\u6d88\u8d39\u8005\u53ef\u80fd\u662f\u8fd9\u4e9b\u516c\u53f8\u589e\u957f\u7684\u5173\u952e\u3002<\/p>\n

7. \u6295\u8d44\u6210\u957f\u578b\u80a1\u7968<\/strong><\/p>\n

\u6210\u957f\u578b\u80a1\u7968\uff0c\u5c24\u5176\u662f\u4e2d\u5c0f\u578b\u80a1\uff0c\u57282010\u5e74\u7684\u80a1\u4ef7\u8868\u73b0\u80dc\u8fc7\u4e86\u4ef7\u503c\u6295\u8d44\u7b56\u7565\u7684\u8868\u73b0\uff0c\u9884\u8ba12011\u5e74\u4ecd\u5c06\u5ef6\u7eed\u8fd9\u4e00\u8d8b\u52bf\u3002\u6210\u957f\u578b\u80a1\u7968\u4e2d\u90a3\u4e9b\u5927\u516c\u53f8\u7684\u7279\u70b9\u5219\u662f\uff0c\u5168\u7403\u5316\u7a0b\u5ea6\u5f88\u9ad8\uff0c\u4e14\u80a1\u4ef7\u4f4e\u4e8e\u6309\u6536\u76ca\u589e\u957f\u7387\u6298\u7b97\u51fa\u7684\u4ef7\u683c\u3002<\/p>\n

\u5fb7\u610f\u5fd7\u94f6\u884c\uff08Deutsche Bank\uff09\u7684\u5206\u6790\u5e08\u5728\u6700\u8fd1\u7684\u4e00\u4efd\u7814\u7a76\u62a5\u544a\u4e2d\u5199\u9053\uff0c\u8fd9\u79cd\u589e\u957f\u770b\u6765\u5f88\u5408\u7b97\u3002\u8be5\u62a5\u544a\u8ba4\u4e3a\u5927\u578b\u516c\u53f8\u7684\u80a1\u7968\u662f\u6700\u5177\u5438\u5f15\u529b\u7684\u6210\u957f\u578b\u80a1\u7968\u3002<\/p>\n

\u5f53\u725b\u5e02\u8fdb\u5165\u7b2c\u4e09\u4e2a\u5e74\u5934\uff0c\u589e\u957f\u65f6\u95f4\u6e10\u4e45\u65f6\uff08\u636e\u6807\u51c6\u666e\u5c14\u79f0\uff0c1932\u5e74\u4ee5\u6765\u725b\u5e02\u7684\u5e73\u5747\u5bff\u547d\u4e3a45\u4e2a\u6708\uff09\uff0c\u88ab\u89c6\u4e3a\u66f4\u5b89\u5168\u6295\u8d44\u7684\u5927\u578b\u80a1\u5bf9\u4e8e\u8c28\u614e\u7684\u6295\u8d44\u8005\u5f80\u5f80\u4e5f\u5f88\u6709\u5438\u5f15\u529b\u3002<\/p>\n

8. \u6295\u8d44\u4e0e\u65b0\u5174\u5e02\u573a\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u6709\u5173\u7684\u80a1\u7968<\/strong><\/p>\n

\u53d1\u5c55\u4e2d\u56fd\u5bb6\u6b63\u5728\u5efa\u8d77\u4e00\u5ea7\u901a\u5f80\u672a\u6765\u7684\u6865\u6881\uff0c\u63a5\u4e0b\u6765\u51e0\u5e74\u6295\u8d44\u4e8e\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u7684\u8d44\u91d1\u9884\u8ba1\u5c06\u8d85\u8fc76\u4e07\u4ebf\u7f8e\u5143\u3002\u4ec5\u4e2d\u56fd\u5728\u5b9e\u65bd\u6700\u65b0\u7684\u4e94\u5e74\u8ba1\u5212\uff082011\u5e74-2015\u5e74\uff09\u65f6\u5c31\u5c06\u5728\u57fa\u7840\u8bbe\u65bd\u4e0a\u652f\u51fa4\u4e07\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u3002<\/p>\n

\u65b0\u5174\u56fd\u5bb6\u7684\u6700\u7ec8\u76ee\u6807\u662f\u5efa\u7acb\u5bcc\u88d5\u7684\u4e2d\u4ea7\u9636\u7ea7\u6d88\u8d39\u8005\u793e\u4f1a\uff0c\u4f46\u9996\u5148\u4eba\u4eec\u9700\u8981\u516c\u8def\u3001\u6865\u6881\u3001\u623f\u5c4b\u3001\u7535\u529b\u548c\u5176\u4ed6\u73b0\u4ee3\u5316\u4fbf\u5229\u8bbe\u65bd\u3002<\/p>\n

\u8fd9\u4e00\u76ee\u6807\u6709\u5229\u4e8e\u6b27\u7f8e\u548c\u65e5\u672c\u7684\u5de5\u4e1a\u80a1\u3001\u6750\u6599\u80a1\u548c\u80fd\u6e90\u80a1\u3002\u8fd9\u4e9b\u516c\u53f8\u62e5\u6709\u5904\u7406\u548c\u80fd\u6e90\u4e0e\u7535\u529b\u3001\u8fd0\u8f93\u4e0e\u7269\u6d41\u3001\u6c34\u8d44\u6e90\u4e0e\u73af\u5883\u76f8\u5173\u7684\u4e13\u6848\u7684\u7ecf\u9a8c\u548c\u4e13\u4e1a\u77e5\u8bc6\u3002<\/p>\n

9. \u6295\u8d44\u201c\u9053\u743c\u65af\u72d7\u80a1\u201d<\/strong><\/p>\n

\u201c\u9053\u743c\u65af\u72d7\u80a1\u201d\u662f10\u652f\u6536\u76ca\u6700\u9ad8\u7684\u9053\u743c\u65af\u80a1\u7968\uff0c\u8bb8\u591a\u5e74\u6765\uff0c\u5e74\u521d\u4e70\u5165\u5b83\u4eec\u5e76\u6301\u670912\u4e2a\u6708\uff08\u96f61\u5929\u2014\u2014\u51fa\u4e8e\u7a0e\u6536\u539f\u56e0\uff09\u90fd\u662f\u7a33\u8d5a\u4e0d\u8d54\u7684\u3002\u5230\u4eca\u5e7412\u670815\u65e5\u4e3a\u6b62\uff0c\u201c\u72d7\u80a1\u201d\u672c\u5e74\u4e0a\u6da8\u4e8613%\uff0c\u800c\u9053\u743c\u65af\u5de5\u4e1a\u5e73\u5747\u6307\u6570\uff08Dow Jones Industrial Average\uff09\u540c\u671f\u4e0a\u6da8\u4e869.4%\u3002<\/p>\n

\u201c\u72d7\u80a1\u201d\u901a\u5e38\u662f\u4e0d\u518d\u53d7\u5ba0\u7684\u77e5\u540d\u5927\u578b\u4ef7\u503c\u80a1\uff0c\u4f46\u5982\u4eca\u8bb8\u591a\u4f20\u7edf\u5927\u578b\u6210\u957f\u578b\u80a1\u7968\u7684\u4ef7\u683c\u90fd\u660e\u663e\u4f4e\u4e8e\u4e0e\u589e\u957f\u7387\u76f8\u79f0\u7684\u6c34\u51c6\u2014\u2014\u8fd9\u63d0\u4f9b\u4e86\u53ef\u9884\u6d4b\u6536\u76ca\u4e0e\u6301\u7eed\u80a1\u5229\u7684\u53cc\u8d62\u7ec4\u5408\u3002<\/p>\n

\u91d1\u878d\u987e\u95ee\u5e03\u52b3\u6c83\uff08Brouwer\uff09\u5728\u4ed6\u7684Fundmastery\u535a\u5ba2\u4e2d\u5199\u9053\uff0c\u62e5\u6709\u5408\u7406\u5e02\u76c8\u7387\u548c\u4f18\u539a\u80a1\u5229\u7684\u7cbe\u9009\u9ad8\u54c1\u8d28\u80a1\u7968\u770b\u6765\u5bf9\u6709\u8010\u5fc3\u7684\u957f\u671f\u6295\u8d44\u8005\u5177\u6709\u4ef7\u683c\u5438\u5f15\u529b\u3002\u8be5\u6587\u53d1\u8868\u4e8e\u201c\u5e02\u573a\u89c2\u5bdf\u201d\u680f\u76ee\u3002<\/p>\n

2011\u5e74\u7684\u201c\u72d7\u80a1\u201d\u76f4\u5230\u5e74\u5e95\u624d\u4f1a\u89c1\u5206\u6653\uff0c\u622a\u81f312\u670815\u65e5\uff0c\u4ee5\u4e0b\u80a1\u7968\u7684\u8868\u73b0\u90fd\u79f0\u5f97\u4e0a\u662f\u72d7\u80a1\uff1a\u7f8e\u56fd\u7535\u8bdd\u7535\u62a5\uff08AT&T Inc.\uff09\u3001\u5a01\u745e\u68ee\u7535\u4fe1\uff08Verizon Communications Inc.\uff09\u3001\u8f89\u745e\uff08Pfizer Inc.\uff09\u3001\u9ed8\u514b\uff08Merck & Co. Inc.\uff09\u3001\u5361\u592b\u98df\u54c1\u3001\u5f3a\u751f\uff08Johnson & Johnson\uff09\u3001\u675c\u90a6\u3001\u96ea\u4f5b\u9f99\uff08Chevron Corp.\uff09\u3001\u9ea6\u5f53\u52b3\uff08McDonald’s Corp.\uff09\u548c\u5b9d\u6d01\u3002<\/p>\n

10. \u5f00\u53d1\u521b\u9020\u6027\u6536\u5165\u6765\u6e90<\/strong><\/p>\n

\u5728\u6536\u76ca\u60ca\u4eba\u7684\u4e24\u5e74\u4e4b\u540e\uff0c\u503a\u5238\u6295\u8d44\u8005\u5f00\u59cb\u91cd\u65b0\u76d8\u70b9\u5176\u8d44\u4ea7\u7ec4\u5408\u4e86\u3002\u6301\u6709\u56fd\u503a\u3001\u5916\u56fd\u653f\u5e9c\u503a\u5238\u548c\u7f8e\u56fd\u5e02\u653f\u503a\u5238\u4ecd\u7136\u7f55\u6709\u6536\u76ca\uff0c\u4f46\u98ce\u9669\u5374\u66f4\u9ad8\u4e86\u2014\u2014\u5c24\u5176\u662f\u5bf9\u5229\u7387\u53d8\u52a8\u6700\u654f\u611f\u7684\u957f\u671f\u503a\u5238\u3002\u503a\u5238\u4ef7\u683c\u4e0e\u6536\u76ca\u7387\u662f\u53cd\u5411\u53d8\u5316\u7684\u3002<\/p>\n

\u56e0\u6b64\uff0c\u5bfb\u6c42\u6536\u5165\u7684\u6295\u8d44\u8005\u5fc5\u987b\u6709\u521b\u9020\u6027\u7684\u601d\u8def\u3002\u9664\u4e86\u5c06\u6d3e\u53d1\u80a1\u5229\u7684\u80a1\u7968\u4f5c\u4e3a\u503a\u5238\u7684\u66ff\u4ee3\u54c1\u4ee5\u5916\uff0c\u5e94\u540c\u65f6\u8003\u8651\u9ad8\u6536\u76ca\u516c\u53f8\u503a\u5238\u548c\u9ad8\u54c1\u8d28\u516c\u53f8\u503a\u5238\uff0c\u5e76\u7ee7\u7eed\u6301\u6709\u77ed\u671f\u548c\u4e2d\u671f\u503a\u5238\u4ee5\u53ca\u503a\u5238\u57fa\u91d1\uff0c\u5b83\u4eec\u80fd\u66f4\u597d\u5730\u62b5\u5fa1\u5229\u7387\u5347\u9ad8\u7684\u5f71\u54cd\u3002<\/p>\n

\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\u5236\u4f01\u4e1a\uff08Master Limited Partnerships\uff09\u4e5f\u503c\u5f97\u8003\u8651\u3002\u8fd9\u4e9b\u5177\u6709\u7a0e\u6536\u4f18\u52bf\u7684\u6536\u5165\u521b\u9020\u8005\u2014\u2014\u4e00\u4e2a\u4e3b\u8981\u7531\u7ba1\u9053\u8fd0\u8425\u5546\u7ec4\u6210\u3001\u501a\u91cd\u80fd\u6e90\u7684\u677f\u5757\u2014\u20142010\u5e74\u7684\u80a1\u4ef7\u5f02\u519b\u7a81\u8d77\uff0c\u6536\u76ca\u7387\u5219\u76f8\u5e94\u4e0b\u964d\u3002<\/p>\n

\u7136\u800c\u6295\u8d44\u7814\u7a76\u673a\u6784\u6668\u661f\u516c\u53f8\uff08Morningstar Inc.\uff09\u7684\u5206\u6790\u5e08\u6770\u751f\u2022\u53f2\u8482\u6587\u65af\uff08Jason Stevens\uff09\u5728\u6700\u8fd1\u7684\u4e00\u4efd\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u5bf9\u4e8e\u4ee5\u6536\u5165\u4e3a\u5bfc\u5411\u7684\u6295\u8d44\u8005\uff0c\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\u5236\u4f01\u4e1a\u4ecd\u7136\u662f\u5e02\u573a\u4e0a\u66f4\u5177\u5438\u5f15\u529b\u7684\u673a\u4f1a\u4e4b\u4e00\uff0c\u5b83\u63d0\u4f9b\u4e86\u7531\u7a33\u5b9a\u589e\u957f\u7684\u73b0\u91d1\u6d41\u652f\u63f4\u7684\u9ad8\u6536\u76ca\u7387\u3002\u4ed6\u5728\u4e1a\u4e3b\u6709\u9650\u5408\u4f19\u5236\u4f01\u4e1a\u4e2d\u9009\u51fa\u4e86Enterprise Product Partners\u3001Plains All American\u548cBoardwalk\u8fd9\u51e0\u5bb6\u503c\u5f97\u5173\u6ce8\u7684\u516c\u53f8\u3002<\/p>\n

\u540c\u65f6\uff0c\u503a\u5238\u4e70\u5bb6\u8fd8\u5e94\u5bc6\u5207\u5173\u6ce8\u5229\u7387\u5728\u6700\u540e\u5173\u5934\u4e0a\u5347\u7684\u53ef\u80fd\u3002\u6295\u8d44\u7b56\u7565\u5e08\u4f2f\u6069\u65af\u5766\u79f0\uff0c\u4ed6\u9884\u8ba1\u57282011\u5e74\u5e95\uff0c\u957f\u671f\u56fd\u503a\u7684\u6536\u76ca\u7387\u5c06\u4e0a\u53471.5\u4e2a\u767e\u5206\u70b9\uff0c\u8fd9\u5c06\u91cd\u521b\u8fd9\u4e9b\u503a\u5238\u3002<\/p>\n

Jonathan Burton\"\"<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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