{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u5f90\u5bb6\u5065\u6559\u6388","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/kevintsui","title":"\u672b\u65e5\u535a\u58eb\u4fc2\u53e6\u985e\u8ca1\u6f14\uff1f - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/487360\">\u672b\u65e5\u535a\u58eb\u4fc2\u53e6\u985e\u8ca1\u6f14\uff1f<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/487360\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u672b\u65e5\u535a\u58eb\u4fc2\u53e6\u985e\u8ca1\u6f14\uff1f&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/07\/WhatsApp-Image-2020-07-31-at-5.46.12-PM.jpeg","thumbnail_width":768,"thumbnail_height":403,"description":"\u6a13\uff0c\u4fc2\u7528\u569f\u4f4f\uff0c\u7b28\u5514\u4fc2\u7528\u569f\u7092\u5605\uff01 \u540c\u610f\u5514\u540c\u610f\u5462\uff1f\u55ba\u7d93\u6fdf\u5b78\u773c\u4e2d\uff0c\u6a13\u4fc2\u8010\u7528\u54c1\uff08durable good\uff09\u3002\u6839\u64da\u50b3\u7d71\u50f9\u683c\u7406\u8ad6\uff0c\u8010\u7528\u54c1\u5605\u4f9b\u6c42\u5206\u6790\uff0c\u8981\u641e\u6e05\u695a\u5169\u50f9\u5169\u91cf\u3002\u4ee5\u5728\u6a13\u5b87\u5e02\u5834\u70ba\u4f8b\uff0c\u5169\u50f9\u5c31\u4fc2\u6a13\u50f9\u540c\u79df\u91d1\uff0c\u5169\u91cf\u5c31\u4fc2\u65b0\u589e\u6a13\u5b87\u540c\u65b0\u820a\u6a13\u5b87\u5605\u7e3d\u6578\u91cf\u3002\u6a13\u50f9\uff0c\u4fc2\u6240\u6709\u672a\u4f86\u79df\u91d1\u5605\u6298\u73fe\uff0c\u6a13\u5b87\u7e3d\u6578\u91cf\uff0c\u6703\u8ddf\u4f4f\u65b0\u6a13\u589e\u52a0\u540c\u820a\u6a13\u62c6\u9664\u800c\u6539\u8b8a\u3002\u5169\u50f9\u5169\u91cf\u6700\u76f4\u63a5\u5605\u7d93\u6fdf\u542b\u610f\uff0c\u5c31\u4fc2\u7f6e\u696d\u540c\u4f4f\u5c4b\u539f\u5247\u4e0a\u4fc2\u5169\u500b\u554f\u984c\u3002 \u6a13\u5e02\u5605\u4f9b\u6c42\u95dc\u4fc2\uff0c\u4e26\u5514\u4fc2\u51f1\u6069\u65af\u6240\u8b1b\u5605animal spirit\u4e3b\u5bb0\u6a13\u50f9\uff0c\u7136\u5f8c\u6a13\u50f9\u5e36\u52d5\u79df\u91d1\uff0c\u800c\u4fc2\u773c\u524d\u5605\u623f\u5c4b\u9700\u6c42\u540c\u7e3d\u6a13\u5b87\u6578\u91cf\u55ba\u7af6\u722d\u4e0b\u6c7a\u5b9a\u4eca\u65e5\u5605\u79df\u91d1\u3002\u4eca\u65e5\u5605\u6a13\u50f9\u6703\u5f71\u97ff\u8d77\u65b0\u6a13\u5605\u6295\u8cc7\u3002\u7e3d\u6a13\u5b87\u6578\u91cf\u6108\u591a\uff0c\u79df\u91d1\u5c31\u6108\u4f4e\uff1b\u6a13\u50f9\u6108\u9ad8\uff0c\u65b0\u6a13\u5605\u4f9b\u61c9\u91cf\u5c31\u6108\u591a\u3002\u8209\u500b\u4f8b\uff0c\u7576\u5e02\u5834\u9810\u671f\u6539\u8b8a\uff0c\u8a8d\u70ba\u672a\u4f86\u4f4f\u5c4b\u9700\u6c42\u5927\u589e\uff0c\u79df\u91d1\u77ed\u671f\u5167\u4fc2\u5514\u6703\u53d7\u5f71\u97ff\u5605\uff0c\u4f46\u7531\u65bc\u6a13\u50f9\u662f\u6240\u6709\u672a\u4f86\u79df\u91d1\u5605\u6298\u73fe\uff0c\u9810\u671f\u6539\u8b8a\u6703\u99ac\u4e0a\u63a8\u9ad8\u6a13\u50f9\uff0c\u9ad8\u6a13\u50f9\u5605\u597d\u8655\u4e4b\u4e00\u4fc2\u9f13\u52f5\u767c\u5c55\u5546\u8d77\u591a\u5572\u65b0\u6a13\u53bb\u6eff\u8db3\u672a\u4f86\u5605\u9700\u6c42\uff0c\u5481\u5514\u7b97\u7092\u8ce3\uff0c\u4ea6\u5514\u4fc2\u54a9\u6ce1\u6cab\u3002\u76f8\u53cd\uff0c\u5e02\u5834\u9810\u671f\u672a\u4f86\u4f4f\u5c4b\u9700\u6c42\u5927\u8dcc\uff0c\u79df\u91d1\u5514\u6703\u9ede\u90c1\uff0c\u4f46\u6a13\u50f9\u6703\u5927\u51a7\u3002\u6bd4\u5e02\u5834\u5feb\u4e00\u6b69\u6491\u63e1\u5230\u9810\u671f\u5605\u6539\u8b8a\uff0c\u4f60\u767c\u9054\uff01 \u7747\u6578\u64da\uff0c\u6709\u5b78\u8005\u5206\u6790\u904e16\u500b\u5148\u9032\u570b\u5bb6\u8fd1150\u5e74\u5605\u80a1\u7968\u3001\u6a13\u623f\u3001\u50b5\u5238\u3001\u7968\u64da\u5605\u7d71\u8a08\u6578\u5b57\uff0c\u5b78\u8853\u6587\u7ae0\u300a\u842c\u7269\u6295\u8cc7\u56de\u5831\uff1a1870-2015\u300b\uff08The Rate of Return on Everything: 1870-2015, \u00d2scar Jord\u00e0, Davis Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor\uff09\u5f97\u51fa\u5605\u7d50\u8ad6\u4fc2\uff0c\u767e\u5e7e\u5e74\u381f\u7092\u6a13\u8207\u7092\u80a1\u5605\u5be6\u8cea\u6295\u8cc7\u56de\u5831\u7387\u5dee\u5514\u591a\uff0c\u90fd\u4fc2\u5e73\u5747\u6bcf\u5e747%\u5de6\u53f3\u3002\u6230\u5f8c\u8fd170\u5e74\uff0c\u80a1\u5e02\u5fae\u5fae\u8dd1\u8d0f\u6a13\u5e02\uff0c\u4f46\u80a1\u5e02\u6ce2\u5e45\u6bd4\u6a13\u5e02\u5927\u5f97\u591a\u3002 \u6a13\u5514\u4fc2\u7528\u569f\u7092\uff0c\u4f46\u7092\u6a13\u7a4f\u9663\u904e\u7092\u80a1\u597d\u591a\uff1f\u53c8\u5514\u4e00\u5b9a\u558e\u3002\u7092\u80a1\u53ef\u4ee5\u9010\u96bb\u9010\u96bb\u7092\uff0c\u4ea6\u53ef\u4ee5\u8cb7\u57fa\u91d1\u8ffd\u8e64\u5927\u5e02\u569f\u5230\u5206\u6563\u6295\u8cc7\u3002\u7092\u6a13\u4e00\u822c\u53ea\u53ef\u4ee5\u9010\u9593\u9010\u9593\u7092\uff0c\u5e02\u5834\u4e0a\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u8a17\u57fa\u91d1\uff08Real Estate Investment Trust\uff0c\u7c21\u7a31REIT\uff09\u53ef\u4ee5\u5e6b\u6295\u8cc7\u8005\u5206\u6563\u6295\u8cc7\uff0c\u4f46\u59cb\u7d42\u540c\u8cb7\u80a1\u7968\u57fa\u91d1\u5514\u540c\uff0c\u52a0\u4e0a\u6309\u63ed\u6240\u5e36\u569f\u5605\u98a8\u96aa\uff0c\u7092\u6a13\u5605\u98a8\u96aa\u5f80\u5f80\u88ab\u5927\u5927\u4f4e\u4f30\u3002 \u7092\u6a13\u540c\u7092\u80a1\u53e6\u4e00\u500b\u5927\u5206\u5225\uff0c\u5c31\u4fc2\u4f5c\u70ba\u4e00\u7a2e\u8cc7\u7522\uff0c\u6a13\u5605\u6d41\u52d5\u6027\uff08liquidity\uff09\u6bd4\u80a1\u5605\u6d41\u52d5\u6027\u4f4e\u5f97\u591a\uff0c\u6240\u4ee5\u7092\u6a13\u5176\u5be6\u53ef\u4ee5\u8996\u70ba\u4e00\u7a2e\u53e6\u985e\u6295\u8cc7\u3002\u800c\u53e6\u985e\u6295\u8cc7\u8f03\u4f4e\u5605\u6d41\u52d5\u6027\uff0c\u901a\u5e38\u8981\u6709\u8f03\u9ad8\u5605\u56de\u5831\u7387\u5148\u5438\u5f15\u5230\u6295\u8cc7\u8005\uff0c\u5462\u500b\u5c31\u4fc2\u6240\u8b02\u5605\u300c\u6d41\u52d5\u6027\u6ea2\u50f9\u300d\uff08liquidity premium\uff09\u3002\u7092\u6a13\u5e73\u5747\u56de\u5831\u540c\u7092\u80a1\u5dee\u5514\u591a\uff0c\u53ef\u4ee5\u4fc2\u5305\u542b\u5497\u63d0\u9ad8\u56de\u5831\u7387\u5605\u6d41\u52d5\u6027\u6ea2\u50f9\u540c\u6e1b\u4f4e\u56de\u5831\u7387\u5605\u98a8\u96aa\u6298\u6263\u3002 \u8ca1\u6f14\u754c\u6709\u4e00\u500b\u73fe\u8c61\uff0c\u5c31\u4fc2\u672b\u65e5\u535a\u58eb\u73fe\u8c61\u3002\u9999\u6e2f\u5605\u672b\u65e5\u535a\u58eb\uff0c\u7576\u7136\u4fc2\u7f85\u5bb6\u8070\u3002\u6587\u532f\u5831\u5605\u9577\u671f\u8b80\u8005\u6703\u8a18\u5f97\uff0c2009\u5e743\u670829\u65e5\u300a\u7f85\u5bb6\u8070\u770b\u6de1\u5f8c\u5e02\uff0c\u4eca\u5e74\u6a13\u50f9\u6216\u8dcc2\u6210\u300b\u9810\u6e2c\uff1a\u300c\u660e\u5e74\u6216\u5f8c\u5e74\u9999\u6e2f\u5931\u696d\u7387\u6709\u6a5f\u6703\u90548%\u6216\u4ee5\u4e0a\uff0c\u751a\u81f3\u9054\u5230\u96d9\u4f4d\u6578\u5b57\uff0c\u82e5\u4f30\u8a08\u5c6c\u5be6\uff0c\u9999\u6e2f\u7d93\u6fdf\u6703\u5f88\u5dee\uff0c\u8207\u300e\u6c99\u58eb\u300f\u60c5\u6cc1\u76f8\u82e5 &#8230; 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