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€ڌᏨ᜕ਿږᐶࣖڌତٙஹᚃ׌

                                                                                       ɨɓϋܓਿږᐶࣖڌତዚଟ
                                                                         ͉ϋܓਿږ     ۃ1/4   ۃ1/2    ܝ1/2   ܝ1/4
                                                                         ᐶࣖڌତ
                                                                          ۃ1/4      26%    24%    23%     27%
                        ’
                                                                          ۃ1/2      20%    26%    29%     25%
                       Smart ౽
                                                                          ܝ1/2      22%    28%    26%     24%
                        బ
                        “
                        ˜                                                 ܝ1/4      32%    22%    22%     24%
                        ̊
                        ౤
                        Զ
                                                                        ༟ࣘԸ๕jAswath Damodaran, 2012, "Investment Philosophies"
                     ਿږ͂઻̹ఙ（詳見圖1）f                    ഄଫ（indexing）dETFɰ               ɤɽਿږʘɓf

                       ̤̮dމəə༆ਿږ຾ଣɛ                   ίՉʕf௰Ϙ݊͟΋ቜණྠ                      Ͼ࿩ɨ̤ٙɓᏦٰୃܸᅰۨ
                     ٙᐶࣖ݊щ੻˸ܵᚃၪܵd                     （Vanguard）ٙ௴፬ɛߒጫh               ਿږTotal Stock Market Index
                     Aswath Damodaranਂə̤ɓ             Ьࣸ（John Bogle）׵1976             Funddಀ׵2014ϋաՑ஗၈
                     ධ޼Ӻd˼ਗ਼ਿږʘᐶࣖڌତ                    ϋપܸ̈ٙᅰਿږ（Vanguard               މ˜ҳ༟ʘग़™ˋിतʘߠ
                     ਜʱމ4ࡈഃॴdԨᝈ࿀ஹᚃ2                   500 fund）f                      ࣣd˼ڌͪಀܔᙄ˼Іʉٙֈ
                     ϋٙᐶࣖڌତdഐ؈೯ତਿږ                                                    ɿਗ਼הᘱו፲ପʕ90Ĉʘ༟ପ
                     ᐶࣖ఻˷ӚϞஹᚃ׌dɰఱ݊                    ࡡΪ2j                            ҳ༟׵͉Ꮶਿږdኽપ಻ΪϤ

                     ႭуԴݔɓϋݔЗਿږ຾ଣɛ                    ༟ږᔷЇ஗ਗό၍ଣਿږ                     іˏˋിत৛ᎇ٫޴ᘱҳɝ80
                     ٙᐶࣖतйλdШ̙ঐ݊༶ं                                                    ᄂߕʩ༟ږf
                     ٙϓʱ֢৷（詳見表）f                        Ϊҳ༟ഄଫމ஗ਗٙሜ዆ҳ                    වՎۨਿږ˙ࠦd2015ϋ
                       ϾS&P IndicesɰਂཀᗳЧٙ             ༟ଡ଼Υdື޲əࡈٰʘ޼Ӻ൬                   4˜Total Bond Market Index
                     ޼ӺdՉഐ؈ɰપሞਿږᐶࣖ                    ͜dΎ̋ɪٰܵմᔷଟЭdື                   F u n dһᏘ઻P i m c oʘTo t a l
                     ٙڌତ݊ʔึܵᚃٙfɰఱ݊                    ޲əʹ׸൬ၾʹ׸ה੻೼ഃ൬                   Return FundϾϓމ˰ޢɪ༟
                     Ⴍdɓഅਿږஹᚃ5ϋᏘ઻̹                    ͜d݂ၪܵਿږ༶Ъהცʘϓ                   ପ஝ᅼ௰ɽʘවՎۨਿږd
                     ఙٙዚଟdߒഃΝ׵ஹᚃͯ5                    ͉˕̈ʔึڧ႙ਿږ݅Ϟٙᐏ                   ͦۃ΋ቜɰϓމΌଢ௰ɽʘ
                     ϣზؐே̈ତ͍ࠦٙዚଟf                     лfᒱ್༈ਿږӱપ̈ʘყԨ                   ༟ପ၍ଣʮ̡ʘɓdה၍ଣʘ

                       ޴࿁׵˴ਗό၍ଣਿږ˸                    ͊ͭуᐏ੻ҳ༟ɛʘڡຕd׵                   ༟ପ஝ᅼසϣ׵Ԏഺᅃණྠ
                     ͂઻̹ఙމͦᅺd஗ਗό၍                     1978ϋ஝ᅼසϞ1,400ຬߕ                （Blackrock）f
                     ଣਿږٙൡӋۆ݊ܔ࿴ၾ̹                     ʩdʔཀ຾ཀߒ40ϋɷᒣϵᒠ                    John Authers׵ږፄࣛజ‘
                     ఙܸᅰڌତ޴ᗳЧٙҳ༟ଡ଼                     ό᜕ٙᗇܝd༈ਿږʊϓڗЇ                   ה̊༱ٙ”Investment: Loser's
                     Υ d ݂ ɦ ၈ މ ܸ ᅰ ʷ ҳ ༟            2,095ᄂߕʩdމͦۃΌଢۃ                 game•౤Ց˸ҳڦʮ̡ϾԊd





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