\n\t <\/p>\n
\n\t\u7545\u9500\u4e66\u300a\u975e\u7406\u6027\u7e41\u8363\u300b\uff08Irrational Exuberance\uff09\u7684\u4f5c\u8005\u7f57\u4f2f\u7279•\u5e0c\u52d2\uff08Robert J. Shiller\uff09\u6709\u4e2a\u542c\u6765\u975e\u5e38\u98a0\u8986\u7684\u89c2\u70b9——\u5728\u7f8e\u56fd\uff0c\u5982\u679c\u4ee5“20\u5e74\u4f5c\u4e3a\u6807\u51c6\uff0c\u57281901\u5e74\u81f31986\u5e74\u8fd9\u6bb5\u65f6\u671f\uff0c\u53ea\u67091901\u5e74\u81f31921\u5e74\u8fd9\u6bb5\u65f6\u671f\u4e2d\u80a1\u7968\u56de\u62a5\u7387\u8d85\u8fc7\u4e86\u77ed\u671f\u5229\u7387\u3002\u5e0c\u52d2\u8fd8\u6307\u51fa\uff0c\u957f\u671f\u6765\u770b\uff0c\u503a\u5238\u56de\u62a5\u7387\u9ad8\u4e8e\u901a\u8d27\u81a8\u80c0”2\u4e2a\u70b9\u3002<\/p>\n
\n\t\u6765\u7b97\u4e00\u7b14\u8d26\u5427\uff01\u5047\u8bbe\u4e00\u4e2a\u7f8e\u56fd\u5e74\u8f7b\u4eba\u57281978\u5e74\u82b1\u4e86100\u7f8e\u5143\u4e70\u4e861\u53ea\u503a\u5238\uff0c\u7f8e\u56fd\u8fc7\u53bb30\u5e74\u7684\u5e73\u5747\u901a\u80c0\u7387\u4e3a4.3%\uff0c\u5047\u8bbe\u503a\u5238\u5e73\u5747\u5e74\u56de\u62a5\u7387\u662f6.3%\u3002\u4ee530\u5e74\u671f\u590d\u5229\u8ba1\u7b97\uff0c\u5230\u4e862008\u5e74\uff0c\u4e00\u4e2a\u4eba\u57281978\u5e74\u6295\u8d44\u7684100\u7f8e\u5143\u8db3\u4ee5\u53d8\u6210625\u7f8e\u5143\uff0c\u8db3\u8db3\u7ffb\u4e866\u500d\u3002\u540c\u671f\u80a1\u5e02\u5462\uff1f\u79d1\u7814\u4eba\u5458\u83f2\u5229\u666e\u3002\u82e5\u5229\u7fc1\u4e0e\u5a01\u5ec9\u3002\u683c\u8328\u66fc\u5bf91929\u5e74\u81f31996\u5e7439\u4e2a\u56fd\u5bb6\u7684\u80a1\u5e02\u5e02\u503c\u5b9e\u9645\u589e\u957f\u7387\u8ba1\u7b97\uff0c70\u5e74\u6765\uff0c\u8fd9\u4e9b\u56fd\u5bb6\u80a1\u5e02\u5e02\u503c\u7684\u589e\u957f\u7387\u4ec5\u4e3a0.8%\u3002\u5e0c\u52d2\u7684\u7ed3\u8bba\u662f\uff0c\u6ca1\u6709\u5145\u5206\u7684\u8bc1\u636e\u8868\u660e\uff0c\u957f\u671f\u6765\u770b\uff0c\u503a\u5238\u6536\u76ca\u603b\u4f4e\u4e8e\u80a1\u7968\u3002<\/p>\n
\n\t\u5728\u6211\u4eec\u770b\u6765\uff0c\u503a\u5238\u662f\u8d44\u4ea7\u914d\u7f6e\u7684\u4e00\u4e2a\u91cd\u8981\u7684\u7ec4\u6210\u90e8\u5206\u3002\u5982\u679c\u4f60\u662f\u4e2a\u9632\u5fa1\u578b\u6295\u8d44\u8005\uff0c\u5728\u5f88\u591a\u65f6\u5019\uff0c\u4f60\u53ef\u4ee5\u4e0d\u4e70\u80a1\u7968\uff0c\u4f46\u5fc5\u987b\u5f97\u914d\u7f6e\u4e00\u4e9b\u503a\u5238\u3002\u6295\u8d44\u5927\u5e08\u672c\u6770\u660e·\u683c\u96f7\u5384\u59c6\uff08Benjamin Graham\uff09\u7684\u5efa\u8bae\u662f\uff0c\u5982\u679c\u5e02\u573a\u4e0d\u666f\u6c14\u7684\u8bdd\uff0c\u503a\u5238\u6295\u8d44\u6bd4\u4f8b\u6700\u597d\u572825%\u548c75%\u4e4b\u95f4\u3002<\/p>\n
\n\t\u600e\u6837\u7684\u503a\u5238\u6700\u5177\u9b45\u529b<\/strong><\/p>\n \n\t\u6709\u4e2a\u5f88\u7b80\u660e\u7684\u60f3\u6cd5\uff0c\u503a\u5238\u56de\u62a5\u7387\u4e0e\u5229\u7387\u5173\u7cfb\u5bc6\u5207\uff0c\u5f71\u54cd\u5229\u7387\u6700\u5927\u7684\u56e0\u7d20\u4e2d\u5c31\u662f\u901a\u80c0\u3002\u901a\u5e38\u6765\u8bf4\uff0c\u5e02\u573a\u9884\u671f\u672a\u6765\u5b58\u5728\u901a\u80c0\u7684\u60c5\u51b5\uff0c\u5229\u7387\u548c\u503a\u5238\u7684\u6536\u76ca\u7387\u4e5f\u8981\u4e0a\u5347\u3002\u76ee\u6807\u5f88\u7b80\u5355\uff1a\u9009\u90a3\u4e9b\u66f4\u5bb9\u6613\u8dd1\u8d62\u901a\u80c0\u7684\u9ad8\u6536\u76ca\u503a\u5238\u3002<\/p>\n \n\t\u683c\u96f7\u5384\u59c6\u5728\u300a\u806a\u660e\u7684\u6295\u8d44\u8005\u300b\uff08The Intelligent Investor\uff09\u4e2d\u8bf4\uff0c\u5982\u679c\u80af\u5728\u503a\u5238\u5b89\u5168\u6027\u4e0a\u6709\u6240\u8ba9\u6b65\uff0c\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u4ece\u503a\u5238\u6295\u8d44\u4e2d\u83b7\u5f97\u66f4\u9ad8\u6536\u76ca\u3002\u706f\u6211\u4eec\u6253\u5f00\u503a\u5238\u6c60\u53d1\u73b0\uff0c\u5f53\u524d\u5e02\u573a\u4e0a\uff0c\u6709\u5f88\u591a\u503a\u5238\u7684\u6536\u76ca\u8fdc\u6bd4\u666e\u901a\u6295\u8d44\u8005\u9884\u60f3\u4e2d\u7684\u8981\u9ad8\u51fa\u5f88\u591a\uff0c\u5f80\u5f80\u4f4e\u8bc4\u7ea7\u7684\u503a\u5238\u80fd\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u6bd4\u6295\u8d44\u7ea7\u503a\u5238\u66f4\u9ad8\u7684\u6536\u76ca\u3002\u6240\u8981\u5bfb\u627e\u7684\u9ad8\u6536\u76ca\u503a\u5238\uff0c\u4e5f\u6b63\u662f\u8fd9\u4e9b\u770b\u8d77\u6765\u8bc4\u7ea7\u5e76\u4e0d\u9ad8\uff0c\u4f46\u80fd\u8ba9\u4f60\u7684\u6536\u76ca\u6218\u80dc\u901a\u80c0\u7684\u503a\u5238\u3002<\/p>\n \n\t\u5f88\u591a\u6210\u529f\u7684\u6295\u8d44\u5bb6\u80fd\u4ece\u6295\u8d44\u5783\u573e\u503a\u4e2d\u83b7\u5f97\u66f4\u9ad8\u6536\u76ca\u3002\u6700\u8fd1\u4e00\u6b21\u6700\u6210\u529f\u7684\u5f53\u5c5e\u7ebd\u7ea6Paulson&Co. \u5bf9\u51b2\u57fa\u91d1\u516c\u53f8\u603b\u88c1\uff0c\u7ea6\u7ff0·\u4fdd\u5c14\u68ee\uff08John Alfred Paulson\uff09\u3002\u8fd9\u4f4d\u4ebf\u4e07\u5bcc\u7fc1\uff0c\u662f\u7f8e\u56fd\u6b21\u8d37\u5371\u673a\u4e2d\u7684\u6700\u5927\u8d62\u5bb6\uff0c\u5728\u8fd9\u6b21\u91d1\u878d\u5371\u673a\u4e2d\u5927\u8086\u505a\u7a7a\u800c\u83b7\u5229\uff0c\u56e0\u6b64\u88ab\u4eba\u79f0\u4e3a“\u534e\u5c14\u8857\u7a7a\u795e”\u3002\u4ed6\u770b\u7a7a\u7f8e\u56fd\u623f\u5e02\u540e\uff0c\u679c\u65ad\u4e70\u5165BBB\u6700\u4f4e\u8bc4\u7ea7\u7684\u62b5\u62bc\u503a\u5238\uff0c\u57282008\u5e74\u7684\u6b21\u8d37\u5371\u673a\u4e2d\u725f\u53d6\u66b4\u5229\u30021970\u5e74\u4ee3“\u5783\u573e\u503a\u5927\u738b”\u8fc8\u514b·\u7c73\u5c14\u80af\u5728\u5f53\u5e74\u521b\u4e0b\u4e86\u4e00\u4e2a\u4e2a\u8d5a\u94b1\u5947\u8ff9\uff0c\u5c3d\u7ba1\u6700\u540e\u4ed6\u56e0“\u4f2a\u9020\u7a0e\u9879\u7b496\u9879\u91cd\u7f6a\u6307\u63a7”\u670d\u7f6a\uff0c\u4f46\u65e0\u6cd5\u5426\u8ba4\u7684\u662f\uff0c\u4ed6\u662f\u4e2a\u91d1\u878d\u5929\u624d\uff0c\u81ea\u6210\u4f53\u7cfb\u5730\u53d1\u6398\u4e86\u5783\u573e\u503a\u8fd9\u4e2a\u91d1\u77ff\u3002<\/p>\n \n\t\u683c\u96f7\u5384\u59c6\u8bf4\uff1a“\u6295\u8d44\u8005\u80fd\u591f\u6307\u671b\u7684\u56de\u62a5\uff0c\u662f\u7531\u4ed6\u4eec\u4e50\u4e8e\u80fd\u591f\u4e3a\u5176\u6295\u8d44\u4ed8\u51fa\u7684\u667a\u6167\u6240\u51b3\u5b9a\u7684\u3002”\u8981\u80fd\u806a\u660e\u5730\u6295\u8d44\u9ad8\u6536\u76ca\u503a\uff0c\u6211\u4eec\u8be5\u4ed8\u51fa\u4ec0\u4e48\u6837\u7684\u667a\u6167\u5462\uff1f<\/p>\n \n\t\u4e70\u5165\u503a\u5238\u770b\u4ec0\u4e48<\/strong><\/p>\n \n\t\u98ce\u9669\uff0c\u98ce\u9669\uff0c\u8fd8\u662f\u98ce\u9669\u3002\u4e70\u503a\u5238\uff0c\u4ece\u672c\u8d28\u4e0a\u6765\u8bf4\uff0c\u4e0e\u4f60\u628a\u94b1\u501f\u7ed9\u4e00\u4e2a\u4eba\u662f\u4e00\u6837\u7684\uff0c\u6700\u91cd\u8981\u7684\u5c31\u662f\u770b\u8fd9\u4e2a\u4eba\u662f\u5426\u6709\u4fe1\u7528\uff0c\u4ed6\u662f\u5426\u80fd\u5728\u7ea6\u5b9a\u65f6\u95f4\u5185\uff0c\u8fd8\u5f97\u8d77\u8fd9\u7b14\u94b1\u3002\u4f60\u6700\u5173\u5fc3\u7684\u95ee\u9898\uff0c\u5e94\u5f53\u662f\u501f\u8d37\u4e3b\u4f53\u662f\u5426\u6709\u8db3\u591f\u7684\u80fd\u529b\u3001\u8db3\u591f\u7684\u4fe1\u7528\u8fd8\u4f60\u8fd9\u7b14\u94b1\u3002\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u770b\uff0c\u503a\u5238\u7684\u4fe1\u7528\uff0c\u53d6\u51b3\u4e8e\u6700\u7ec8\u7684\u507f\u4ed8\u80fd\u529b\uff0c\u800c\u507f\u4ed8\u80fd\u529b\u53d6\u51b3\u4e8e\u73b0\u91d1\u6d41\u6536\u76ca\u3002<\/p>\n \n\t\u507f\u8fd8\u80fd\u529b\u7684\u5206\u6790\u6709\u5b8f\u89c2\u4e0e\u5fae\u89c2\u4e4b\u5206\u3002\u5b8f\u89c2\u4e0a\uff0c\u4ec0\u4e48\u56e0\u7d20\u4f1a\u89e6\u53d1\u503a\u5e02\u98ce\u9669\uff1f\u5f53\u7136\u662f\u7ecf\u6d4e\u73af\u5883\u3002\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\uff0c\u7ecf\u6d4e\u51cf\u901f\uff0c\u901a\u80c0\u4e0b\u884c\u65f6\uff0c\u5f80\u5f80\u662f\u503a\u5238\u6295\u8d44\u7684\u597d\u65f6\u673a\uff0c\u5728\u8d27\u5e01\u653f\u7b56\u5fae\u8c03\u653e\u677e\u7684\u80cc\u666f\u4e0b\uff0c\u5e02\u573a\u6d41\u52a8\u6027\u51fa\u73b0\u597d\u8f6c\uff0c\u4f01\u4e1a\u7684\u4fe1\u7528\u73af\u5883\u4e5f\u4f1a\u9010\u6e10\u6539\u5584\u3002<\/p>\n \n\t\u5fae\u89c2\u4e0a\uff0c\u8bc4\u4f30\u503a\u52a1\u98ce\u9669\u4e0e\u9009\u80a1\u6709\u51e0\u5206\u76f8\u4f3c\uff0c\u4e3b\u8981\u770b\u516c\u53f8\u672a\u6765\u4ea7\u9500\u80fd\u529b\u3001\u8d44\u4ea7\u8d1f\u503a\u8868\u3001\u73b0\u91d1\u6d41\u3002\u4e0e\u9009\u80a1\u4fa7\u91cd\u6210\u957f\u6027\u7684\u903b\u8f91\u7a0d\u6709\u4e0d\u540c\uff0c\u503a\u5238\u4e3b\u8981\u770b\u503a\u6743\u4e3b\u4f53\u672a\u6765\u51e0\u5e74\u73b0\u91d1\u6d41\u4f1a\u600e\u4e48\u53d8\u5316\u3002<\/p>\n \n\t\u91d1\u878d\u673a\u6784\u5bf9\u5404\u7c7b\u503a\u90fd\u6709\u81ea\u5df1\u7684\u8bc4\u4f30\u4f53\u7cfb\uff0c\u4f1a\u6839\u636e\u4e0d\u540c\u6307\u6807\u8fdb\u884c\u6253\u5206\uff0c\u5176\u4e2d\uff0c\u672a\u6765\u73b0\u91d1\u6d41\u3001\u516c\u53f8\u6cbb\u7406\u7ed3\u6784\u3001\u53ef\u6301\u7eed\u7ecf\u8425\u80fd\u529b\u8fd9\u4e09\u9879\u6743\u91cd\u6700\u5927\u3002<\/p>\n \n\t\u9ad8\u6536\u76ca\u503a\u5f80\u5f80\u610f\u5473\u7740\u66f4\u9ad8\u7684\u98ce\u9669\u3002\u7f8e\u56fd1977\u5e74\u9ad8\u6536\u76ca\u503a\u5238\u5e02\u573a\u5f62\u6210\u4ee5\u6765\uff0c\u5e74\u8fdd\u7ea6\u7387\u5927\u81f4\u57283%\u81f34%\u4e4b\u95f4\u3002\u90a3\u4e48\uff0c\u6295\u8d44\u9ad8\u6536\u76ca\u503a\u7684\u5173\u952e\u5c31\u662f\u8861\u91cf\u503a\u5238\u7684\u6f5c\u5728\u98ce\u9669\uff0c\u6700\u5927\u7a0b\u5ea6\u4e0a\u907f\u5f003%\u81f34%\u7684\u9677\u9631\u3002<\/p>\n \n\t\u4ec0\u4e48\u5f71\u54cd\u503a\u5238\u6536\u76ca<\/strong><\/p>\n \n\t\u503a\u5238\u7684\u6295\u8d44\u6536\u76ca\u4e3b\u8981\u7531\u4e24\u90e8\u5206\u6784\u6210:\u4e00\u662f\u6765\u81ea\u503a\u5238\u56fa\u5b9a\u7684\u5229\u606f\u6536\u5165,\u4e8c\u662f\u6765\u81ea\u5e02\u573a\u4e70\u5356\u4e2d\u8d5a\u53d6\u7684\u5dee\u4ef7\u3002\u8fd9\u4e24\u90e8\u5206\u6536\u5165\u4e2d,\u5229\u606f\u6536\u5165\u662f\u56fa\u5b9a\u7684,\u800c\u4e70\u5356\u5dee\u4ef7\u5219\u53d7\u5230\u5e02\u573a\u8f83\u5927\u7684\u5f71\u54cd\u3002\u5f71\u54cd\u503a\u5238\u6295\u8d44\u6536\u76ca\u9700\u8981\u6ce8\u610f\u7684\u56e0\u7d20\u6709\u51e0\u4e2a\u65b9\u9762\uff1a<\/p>\n \n\t(1) \u503a\u5238\u7684\u7968\u9762\u5229\u7387<\/p>\n \n\t\u503a\u5238\u7968\u9762\u5229\u7387\u8d8a\u9ad8,\u503a\u5238\u5229\u606f\u6536\u5165\u5c31\u8d8a\u9ad8,\u503a\u5238\u6536\u76ca\u4e5f\u5c31\u8d8a\u9ad8\u3002\u503a\u5238\u7684\u7968\u9762\u5229\u7387\u53d6\u51b3\u4e8e\u503a\u5238\u53d1\u884c\u65f6\u7684\u5e02\u573a\u5229\u7387\u3001\u503a\u5238\u671f\u9650\u3001\u53d1\u884c\u8005\u4fe1\u7528\u6c34\u5e73\u3001\u503a\u5238\u7684\u6d41\u52a8\u6027\u6c34\u5e73\u7b49\u56e0\u7d20\u3002\u53d1\u884c\u65f6\u5e02\u573a\u5229\u7387\u8d8a\u9ad8,\u7968\u9762\u5229\u7387\u5c31\u8d8a\u9ad8;\u503a\u5238\u671f\u9650\u8d8a\u957f,\u7968\u9762\u5229\u7387\u5c31\u8d8a\u9ad8;\u53d1\u884c\u8005\u4fe1\u7528\u6c34\u5e73\u8d8a\u9ad8,\u7968\u9762\u5229\u7387\u5c31\u8d8a\u4f4e;\u503a\u5238\u7684\u6d41\u52a8\u6027\u8d8a\u9ad8,\u7968\u9762\u5229\u7387\u5c31\u8d8a\u4f4e\u3002<\/p>\n \n\t(2) \u5e02\u573a\u5229\u7387\u4e0e\u503a\u5238\u4ef7\u683c<\/p>\n \n\t\u7531\u503a\u5238\u6536\u76ca\u7387\u7684\u8ba1\u7b97\u516c\u5f0f\u53ef\u77e5,\u5e02\u573a\u5229\u7387\u7684\u53d8\u52a8\u4e0e\u503a\u5238\u4ef7\u683c\u7684\u53d8\u52a8\u5448\u53cd\u5411\u5173\u7cfb,\u5373\u5f53\u5e02\u573a\u5229\u7387\u5347\u9ad8\u65f6\u503a\u5238\u4ef7\u683c\u4e0b\u964d,\u5e02\u573a\u5229\u7387\u964d\u4f4e\u65f6\u503a\u5238\u4ef7\u683c\u4e0a\u5347\u3002\u5e02\u573a\u5229\u7387\u7684\u53d8\u52a8\u5f15\u8d77\u503a\u5238\u4ef7\u683c\u7684\u53d8\u52a8,\u4ece\u800c\u7ed9\u503a\u5238\u7684\u4e70\u5356\u5e26\u6765\u5dee\u4ef7\u3002\u5e02\u573a\u5229\u7387\u5347\u9ad8,\u503a\u5238\u4e70\u5356\u5dee\u4ef7\u4e3a\u6b63\u6570,\u503a\u5238\u7684\u6295\u8d44\u6536\u76ca\u589e\u52a0;\u5e02\u573a\u5229\u7387\u964d\u4f4e,\u503a\u5238\u4e70\u5356\u5dee\u4ef7\u4e3a\u8d1f\u6570,\u503a\u5238\u7684\u6295\u8d44\u6536\u76ca\u51cf\u5c11\u3002\u968f\u7740\u5e02\u573a\u5229\u7387\u7684\u5347\u964d,\u6295\u8d44\u8005\u5982\u679c\u80fd\u9002\u65f6\u5730\u4e70\u8fdb\u5356\u51fa\u503a\u5238,\u5c31\u53ef\u83b7\u53d6\u66f4\u5927\u7684\u503a\u5238\u6295\u8d44\u6536\u76ca\u3002\u5f53\u7136,\u5982\u679c\u6295\u8d44\u8005\u503a\u5238\u4e70\u5356\u7684\u65f6\u673a\u4e0d\u5f53,\u4e5f\u4f1a\u4f7f\u5f97\u503a\u5238\u7684\u6295\u8d44\u6536\u76ca\u51cf\u5c11\u3002<\/p>\n \n\t\u4e0e\u503a\u5238\u9762\u503c\u548c\u7968\u9762\u5229\u7387\u76f8\u8054\u7cfb,\u5f53\u503a\u5238\u4ef7\u683c\u9ad8\u4e8e\u5176\u9762\u503c\u65f6,\u503a\u5238\u6536\u76ca\u7387\u4f4e\u4e8e\u7968\u9762\u5229\u7387\u3002\u53cd\u4e4b,\u5219\u9ad8\u4e8e\u7968\u9762\u5229\u7387\u3002<\/p>\n \n\t(3) \u503a\u5238\u7684\u6295\u8d44\u6210\u672c<\/p>\n \n\t\u503a\u5238\u6295\u8d44\u7684\u6210\u672c\u5927\u81f4\u6709\u8d2d\u4e70\u6210\u672c\u3001\u4ea4\u6613\u6210\u672c\u548c\u7a0e\u6536\u6210\u672c\u4e09\u90e8\u5206\u3002\u8d2d\u4e70\u6210\u672c\u662f\u6295\u8d44\u4eba\u4e70\u5165\u503a\u5238\u6240\u652f\u4ed8\u7684\u91d1\u989d(\u8d2d\u4e70\u503a\u5238\u7684\u6570\u91cf\u4e0e\u503a\u5238\u4ef7\u683c\u7684\u4e58\u79ef,\u5373\u672c\u91d1);\u4ea4\u6613\u6210\u672c\u5305\u62ec\u7ecf\u7eaa\u4eba\u4f63\u91d1\u3001\u6210\u4ea4\u624b\u7eed\u8d39\u548c\u8fc7\u6237\u624b\u7eed\u8d39\u7b49\u3002<\/p>\n \n\t(4) \u5e02\u573a\u4f9b\u6c42\u3001\u8d27\u5e01\u653f\u7b56\u548c\u8d22\u653f\u653f\u7b56<\/p>\n \n\t\u5e02\u573a\u4f9b\u6c42\u3001\u8d27\u5e01\u653f\u7b56\u548c\u8d22\u653f\u653f\u7b56\u4f1a\u5bf9\u503a\u5238\u4ef7\u683c\u4ea7\u751f\u5f71\u54cd,\u4ece\u800c\u5f71\u54cd\u5230\u6295\u8d44\u8005\u8d2d\u4e70\u503a\u5238\u7684\u6210\u672c,\u56e0\u6b64\u5e02\u573a\u4f9b\u6c42\u3001\u8d27\u5e01\u653f\u7b56\u548c\u8d22\u653f\u653f\u7b56\u4e5f\u662f\u6211\u4eec\u8003\u8651\u6295\u8d44\u6536\u76ca\u65f6\u6240\u4e0d\u53ef\u5ffd\u7565\u7684\u56e0\u7d20\u3002 <\/p>\n \n\t <\/p>\n","protected":false},"excerpt":{"rendered":" \u7545\u9500\u4e66\u300a\u975e\u7406\u6027\u7e41\u8363\u300b\uff08Irrational Exuberance\uff09\u7684\u4f5c\u8005\u7f57\u4f2f\u7279•\u5e0c\u52d2\uff08 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-6232","post","type-post","status-publish","format-standard","hentry","category-12"],"_links":{"self":[{"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=\/wp\/v2\/posts\/6232"}],"collection":[{"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6232"}],"version-history":[{"count":0,"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=\/wp\/v2\/posts\/6232\/revisions"}],"wp:attachment":[{"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/az.c.adneti.net\/cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}