\u627e\u5230\u4e00\u4e9b\u7279\u6b8a\u673a\u4f1a\uff0c\u8fdb\u884c\u6295\u8d44\uff0c\u8fd9\u975e\u5e38\u91cd\u8981<\/p>\n
\u7f16\u8005\u6309\uff1a\u672c\u6587\u6765\u81ea\u5fae\u4fe1\u516c\u4f17\u53f7 \u5bb6\u529e\u65b0\u667a\u70b9\uff08ID\uff1afoinsight\uff09\uff0c\u4f5c\u8005\uff1afoinsight\uff0c\u5fae\u60f3\u667a\u4e91\u7ecf\u6388\u6743\u8f6c\u8f7d\u3002<\/p>\n
\u672c\u671f\uff0c\u6211\u4eec\u8d70\u8fdb\u5bb6\u65cf\u529e\u516c\u5ba4\uff08\u4ee5\u4e0b\u7b80\u79f0\u300c\u5bb6\u529eChalkstreamCapitalGroup\uff08\u4ee5\u4e0b\u7b80\u79f0Chalkstream\uff09\uff0c\u5bf9\u8bddChalkstream\u7684\u5408\u4f19\u4ebaAndrewTsai\u30022003\u5e74\uff0cAndrewTsai\u4e0e\uf97e\u5316\u5927\u5e08PeterMuller \u5171\u540c\u521b\u7acb\u4e86Chalkstream\uff0c\u5e76\u62c5\u4efbCEO\u4e00\u89d2\u3002Chalkstream\u6700\u521d\u662f\u4e3a\u4e86\u7ba1\u7406Muller\u7684\u8d44\u91d1\uff0c\u4f46\u8be5\u516c\u53f8\u5f88\u5feb\u6210\u4e3a\u4e00\u5bb6\u9762\u5411\u8d85\u9ad8\u51c0\u503c\u4eba\u58eb\u7684\u8054\u5408\u5bb6\u65cf\u529e\u516c\u5ba4\uff0c\u5c24\u5176\u662f\u91d1\u878d\u670d\u52a1\u548c\u5bf9\u51b2\u57fa\u91d1\u884c\u4e1a\u7684\u4eba\u58eb\u3002<\/p>\n
1990\u5e74\u4ee3\u521d\uff0cAndrewTsai\u66fe\u5728\u4f26\u6566\u548c\u7ebd\u7ea6\u7684\u96f7\u66fc\u5144\u5f1f\u516c\u53f8\u62c5\u4efb\u56fa\u5b9a\u6536\u76ca\u4ea4\u6613\u5458\uff0c\u5e76\u4e8e1997\u5e74\u4e0e\u4ed6\u4eba\u5171\u540c\u521b\u7acb\u4e86\u91cf\u5316\u5bf9\u51b2\u57fa\u91d1\u516c\u53f8Integrity Capital Management\u30021999 \u5e74\uff0cAndrewTsai\u79bb\u5f00\u5e76\u6210\u4e3aUrbanfetch\u7684\u603b\u88c1\uff0c\u8fd9\u662f\u4e00\u5bb6\u521d\u521b\u516c\u53f8\uff0c\u627f\u8bfa\u5ba2\u6237\u5728\u7f51\u4e0a\u8ba2\u8d2d\u7684\u4efb\u4f55\u4e1c\u897f\u2014\u2014\u4ece\u7cd6\u679c\u5230 DVD\u2014\u2014\u90fd\u53ef\u4ee5\u5728\u4e00\u5c0f\u65f6\u5185\u9001\u8fbe\u3002<\/p>\n
2003\u5e74\uff0c\u5f53\u4ed6\u62c5\u4efb\u4e00\u5bb6\u7531\u51ef\u96f7\u96c6\u56e2\u652f\u6301\u7684\u516c\u53f8\u7684CEO\u65f6\uff0c\u4ed6\u548cPeterMuller\u51b3\u5b9a\u63a8\u51faChalkstream\u30022004\u5e74\uff0c\u4ed6\u4eec\u7684\u65b0\u516c\u53f8\u5411\u5916\u90e8\u8d44\u672c\u5f00\u653e\u3002<\/p>\n
\u8be5\u7bc7\u8bbf\u8c08\u8bb2\u8ff0\u4e86AndrewTsai\u7684\u4e00\u4e9b\u4eba\u751f\u7ecf\u9a8c\u548c\u6559\u8bad\uff0c\u4ee5\u53caChalkstream\u7684\u6295\u8d44\u60c5\u51b5\u3002AndrewTsai\u6240\u79c9\u6301\u7684\u8d44\u4ea7\u914d\u7f6e\u7406\u5ff5\u4e0e\u5f88\u591a\u6295\u8d44\u8005\u4e0d\u540c\uff0c\u4ed6\u5f3a\u8c03\u6df1\u5ea6\u7814\u7a76\uff0c\u5c06\u6295\u8d44\u4e3b\u9898\u96c6\u4e2d\u5728\u5229\u57fa\u5e02\u573a\u3001\u4f4e\u8d1d\u5854\u9886\u57df\u4ee5\u53ca\u957f\u5c3e\u9886\u57df\u7b49\u3002\u6b64\u5916\uff0c\u4ed6\u8fd8\u5efa\u8bae\uff0c\u91d1\u878d\u516c\u53f8\u66f4\u9700\u8981\u6709\u5c5e\u4e8e\u81ea\u5df1\u7684\u6587\u5316\u3002<\/p>\n
Q\uff1a\u6700\u521d\uff0c\u60a8\u662f\u5982\u4f55\u5bf9\u6295\u8d44\u4ea7\u751f\u5174\u8da3\u7684\uff1f<\/p>\n
A\uff1a\u6211\u6bd5\u4e1a\u4e8e\u6c83\u987f\u5546\u5b66\u9662\u3002\u6bd5\u4e1a\u540e\uff0c\u6211\u7684\u5927\u90e8\u5206\u540c\u5b66\u9009\u62e9\u6210\u4e3a\u4e00\u540d\u6295\u8d44\u94f6\ufa08\u5206\u6790\u5e08\uff0c\u4ed6\u4eec\u591a\u5de5\u4f5c\u4e8eDLJ\u3001\u9ad8\u76db\u3001Solley\u7b49\u3002<\/p>\n
\u540e\u6765\uff0c\u6211\u5728Susquehanna\u83b7\u5f97\u4e86\u7b2c\u4e00\u4e2a\u6691\u671f\u5b9e\u4e60\u673a\u4f1a\u3002\u8fd9\u662f\u4e00\u5bb6\u7f8e\u56fd\u8de8\u56fd\u79c1\u4eba\u91d1\u878d\u79d1\u6280\u516c\u53f8\uff0c\u4e1a\u52a1\u8303\u56f4\u6db5\u76d6\u8bc1\u5238\u6295\u8d44\u3001\u4ea4\u6613\u3001\u91d1\u878d\u670d\u52a1\u7b49\u3002\u5927\u4e09\u7684\u65f6\u5019\uff0c\u6211\u4f11\u4e86\u4e00\u4e2a\u5b66\u671f\uff0c\u5728\u4e00\u5bb6\u573a\u5185\u5546\u54c1\u4ea4\u6613\u6240\u5de5\u4f5c\u3002<\/p>\n
\u4e5f\u6b63\u662f\u5728\u90a3\u91cc\uff0c\u6211\u770b\u5230\u5404\u8272\u5404\u6837\u7684\u4ea4\u6613\u8d44\u4ea7\u4e0e\u4ea4\u6613\u5f62\u5f0f\u3002\u56de\u5230\u5b66\u6821\u540e\uff0c\u6211\u5c31\u5f00\u59cb\u7814\u7a76\u4e0d\u540c\u7684\u5bf9\u51b2\u57fa\u91d1\u7ecf\u7406\uff0c\u5e76\u57281992\u5e74\u5b8c\u6210\u4e86\u81ea\u5df1\u7684\u6bd5\u4e1a\u8bba\u6587\u3002\u8bba\u6587\u5185\u5bb9\u662f\u5173\u4e8e\u5982\u4f55\u5efa\u7acb\u5bf9\u51b2\u57fa\u91d1\u7684\u3002<\/p>\n
\u5f97\u76ca\u4e8e\u5728Susquehanna\u7684\u5de5\u4f5c\u7ecf\u5386\uff0c\u6211\u6bd5\u4e1a\u540e\u5f97\u5230\u4e86\u96f7\u66fc\u7684\u5de5\u4f5c\uff0c\u88ab\u5206\u5230\u56fa\u6536\u4ea4\u6613\u5c0f\u7ec4\uff0c\u8fd9\u4e5f\u662f\u6211\u91d1\u878d\u804c\u4e1a\u751f\u6daf\u7684\u5f00\u7aef\u3002<\/p>\n
Q\uff1a\u5f53\u65f6\u5728\u56fa\u5b9a\u6536\u76ca\u67dc\u53f0\u4e0a\u7684\u4ea4\uf9e0\u662f\u600e\u6837\u7684\uff1f<\/p>\n
A:\u5f53\u65f6\u6574\u4e2a\u91d1\u878d\u4ea4\u6613\u6b63\u5904\u4e8e\u7535\u5b50\u5316\u7684\u8fc7\u6e21\u65f6\u671f\u3002\u6211\u7684\u7b2c\u4e00\u4efb\u8001\u677f\u662f\u65e9\u671f\u5bbd\u5ba2\uff08\u7528\u8ba1\u7b97\u673a\u8fdb\u884c\u8f85\u52a9\u4ea4\u6613\u7684\u4ea4\u6613\u5458\uff09\u6d6a\u6f6e\u4e2d\u7684\u4e00\u5458\u3002\u6709\u4e00\u5929\uff0c\u4ed6\u5bf9\u6211\u4eec\u8bf4\uff0c\u53ef\u4ee5\u4f7f\u7528\u8ba1\u7b97\u673a\u6280\u672f\u6765\u7814\u7a76\u73b0\u91d1\u3001\u6cf0\u5fb7\u4ef7\u5dee\uff08\u63073\u4e2a\u6708\u671f\u7684\u7f8e\u56fd\u56fd\u5e93\u5238\u671f\u8d27\u4e0e\u6b27\u6d32\u7f8e\u5143\u5229\u7387\u671f\u8d27(\u4ea6\u662f3\u4e2a\u6708\u671f)\u4e4b\u95f4\u7684\u4ef7\u5dee\uff09\u4ee5\u53ca\u57fa\u5dee\u7b49\uff08\u67d0\u4e00\u7279\u5b9a\u5546\u54c1\u4e8e\u67d0\u4e00\u7279\u5b9a\u7684\u65f6\u95f4\u548c\u5730\u70b9\u7684\u73b0\u8d27\u4ef7\u683c\u4e0e\u671f\u8d27\u4ef7\u683c\u4e4b\u5dee\uff09\u4e4b\u95f4\u7684\u5173\u7cfb\u3002<\/p>\n
1994\u5e74\uff0c\u7f8e\u8054\u50a8\u610f\u5916\u52a0\u606f\u4ee5\u53ca\u5404\u79cd\u52a8\u8361\u7684\u7ecf\u6d4e\u5f62\u52bf\uff0c\u7ed9\u6211\u7559\u4e0b\u4e86\u5404\u79cd\u6df7\u4e71\u7684\u70d9\u5370\u3002\u6211\u5728\u96f7\u66fc\u5de5\u4f5c\u4e86\u5927\u7ea65\u5e74\u30021995\u5e74\uff0c\u4ed6\u4eec\u6d3e\u6211\u53bb\u4f26\u6566\uff0c\u8ba9\u6211\u8d1f\u8d23\u6b27\u6d32\u503a\u5238\u5e02\u573a\uff0c\u5c24\u5176\u662f\u5fb7\u56fd\u503a\u5238\u5e02\u573a\u3002<\/p>\n
Q\uff1a\u540e\u6765\uff0c\u60a8\u4e3a\u4ec0\u4e48\u79bb\u5f00\u4e86\u96f7\u66fc\uff1f<\/p>\n
A\uff1a\u6211\u7684\u68a6\u60f3\u548c\u613f\u666f\u662f\u6210\u4e3a\u4e70\u65b9\u3002\u79bb\u5f00\u96f7\u66fc\u65f6\uff0c\u6211\u5356\u6389\u4e86\u6240\u6709\u7684\u80a1\u7968\u3002\u540e\u6765\uff0c\u6211\u610f\u8bc6\u5230\u5356\u6389\u6240\u6709\u80a1\u7968\u662f\u4e00\u4e2a\u5f88\u611a\u8822\u7684\u884c\u4e3a\uff0c\u4e8e\u662f\u4fdd\u7559\u4e86\u4e00\u80a1\u3002<\/p>\n
\u6700\u521d\uff0c\u6211\u548c\u6211\u7684\u597d\u670b\u53cb\u517c\u5408\u4f19\u4eba RossStevens\u3001CliffAsness\u5728GSAM\u6210\u7acb\u4e86GlobalAlphaFund\u3002\u540e\u6765\uff0c RossStevens\u51b3\u5b9a\u5206\u62c6\uff0c\u6211\u51b3\u5b9a\u548c\u4ed6\u4e00\u8d77\u5efa\u7acbIntegrity Capital Management\u3002\u5f7c\u65f6\u662f1997\u5e74\uff0c\u90a3\u5e74\u621127\u5c81\u3002<\/p>\n
\u548c\u96f7\u66fc\u5144\u5f1f\u56fa\u5b9a\u6536\u76ca\u5957\u5229\u4ea4\u6613\u4e0d\u540c\u7684\u662f\uff0c IntegrityCapital\u8fd0\u7528\u7684\u662f\u91cf\u5316\u6295\u8d44\u65b9\u6cd5\u3002\u90a3\u65f6\uff0c\u6211\u771f\u7684\u5f88\u5e78\u798f\uff0c\u80fd\u5c06\u8d44\u4ea7\u7c7b\u522b\u6269\u5c55\u5230\u80a1\u7968\u3001\u5546\u54c1\u4ee5\u53ca\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\u4e2d\u53bb\u3002<\/p>\n
\u6211\u4eec\u8fd0\u884c\u4e86\u4e24\u5e74\uff0c\u4e5f\u6709\u5f88\u68d2\u7684\u6295\u8d44\u8005\uff0c\u5176\u4e2d\uff0c\u951a\u5b9a\u6295\u8d44\u8005\u5c31\u662f\u8457\u540d\u7684\uf97e\u5316\u6295\u8d44\u5927\u5e08PeterMuller \uff0c\u4ed6\u540e\u6765\u6210\u4e3a\u4e86\u6211\u5728 Chalkstream \u7684\u5408\u4f19\u4eba\u3002\u4f46\u662f\u5230\u4e861999\u5e74\uff0c\u968f\u7740\u79d1\u6280\u80a1\u7684\u98de\u901f\u4e0a\u6da8\uff0c\u6240\u6709\u7684\u8d44\u91d1\u90fd\u5728\u6d41\u5411\u53e6\u5916\u4e00\u4e2a\u65b9\u5411\uff0c\u800c\u6211\u6240\u5728\u7684\u9886\u57df\u60f3\u8981\u7b79\u96c6\u8d44\u91d1\u53d8\u5f97\u975e\u5e38\u56f0\u96be\u3002<\/p>\n
\u6700\u7ec8\uff0c\u6211\u51b3\u5b9a\u57281999\u5e74\u5173\u95edIntegrityCapital\uff0c\u9009\u62e9\u6210\u4e3aUrbanfetch\u7684\u603b\u88c1\u3002<\/p>\n
Q\uff1a\u4f60\u662f\u5982\u4f55\u4ece\u4e00\u5bb6\u5bf9\u51b2\u57fa\u91d1\u516c\u53f8\u8f6c\u5230Urbanfetch\u7684\uff1f<\/p>\n
A\uff1a\u867d\u7136\u5f53\u65f6\u7b79\u96c6\u91cf\u5316\u57fa\u91d1\u5f88\u96be\uff0c\u8003\u8651\u5230\u6211\u5f88\u559c\u6b22\u4e14\u5c0a\u91cdIntegrityCapital\u7684\u535a\u58eb\u56e2\u961f\uff0c\u4e3a\u4e86\u80fd\u8ba9\u8fd9\u652f\u56e2\u961f\u7ee7\u7eed\u5728\u4e00\u8d77\uff0c\u6211\u51b3\u5b9a\u5c06\u8fd9\u4e2a\u56e2\u961f\u8f6c\u5230Urbanfetch\u4e2d\u53bb\u3002\u4f46\u662f\u65b0\u7684\u516c\u53f8\u4e1a\u52a1\u9700\u8981\u89e3\u51b3\u5f88\u591a\u95ee\u9898\uff0c\u5982\u7269\u6d41\u3001\u8fd0\u8425\u7ba1\u7406\u7b49\u3002\u8fd9\u548c\u73b0\u6709\u56e2\u961f\u6240\u505a\u7684\u4e8b\u60c5\u6ca1\u6709\u592a\u5927\u7684\u5173\u7cfb\u3002<\/p>\n
\u4e8e\u662f\uff0c\u6211\u4eec\u5f00\u59cb\u5efa\u7acb\u4e00\u4e2a\u56f4\u7ed5\u4e0a\u8ff0\u4e1a\u52a1\u7684\u56e2\u961f\uff0c\u5e76\u4ece\u98ce\u9669\u8d44\u672c\u5bb6\u548c\u5176\u4ed6\u6295\u8d44\u4eba\u90a3\u91cc\u7b79\u96c6\u4e86\u4e00\u5927\u7b14\u94b1\u3002<\/p>\n
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Urbanfetch\u7684\u4e1a\u52a1\u6a21\u5f0f\u548c\u4e9a\u9a6c\u900a\u6709\u7740\u60ca\u4eba\u7684\u76f8\u4f3c\u4e4b\u5904\u3002\u6211\u4eec\u4e3a\u4e00\u4e9b\u5927\u516c\u53f8\u8fd0\u884c\u7b2c\u4e09\u65b9\u7269\u6d41\uff0c\u5e76\u8fdb\u884c\u5728\u7ebf\u4ea4\u4ed8\u3002\u4f46\u4e0d\u5e78\u7684\u662f\uff0c\u540e\u6765Urbanfetch\u8fd8\u662f\u7834\u4ea7\u4e86\u3002<\/p>\n
Q\uff1a\u63a5\u4e0b\u6765\uff0c\u60a8\u53bb\u4e86\u54ea\u91cc\uff1f<\/p>\n
A\uff1a\u5f53\u65f6\u51ef\u96f7\u96c6\u56e2\u627e\u5230\u4e86\u6211\uff0c\u5bf9\u6211\u8bf4\uff0c\u4ed6\u4eec\u6709\u4e00\u4e9b\u6280\u672f\u6295\u8d44\u7ec4\u5408\uff0c\u53ef\u4ee5\u8ba9\u6211\u62c5\u4efb\u5176\u4e2d\u4e00\u5bb6\u516c\u53f8\u7684\u4e34\u65f6CEO\u3002\u5982\u679c\u6211\u540c\u610f\u7684\u8bdd\uff0c\u5c06\u83b7\u5f97\u5927\u91cf\u7684\u80a1\u6743\u3002\u8fd9\u662f\u4e00\u4e2a\u6709\u8da3\u7684\u673a\u4f1a\uff0c\u5bf9\u6211\u6765\u8bf4\uff0c\u6211\u4e5f\u5f88\u9ad8\u5174\u80fd\u8ba4\u8bc6\u51ef\u96f7\u96c6\u56e2\u7684\u4eba\u3002<\/p>\n
\u8fd9\u8ba9\u6211\u5927\u5f00\u773c\u754c\u3002\u6211\u88ab\u9080\u8bf7\u4f5c\u4e3a\u4e00\u5bb6\u516c\u53f8\u7684\u4e34\u65f6CEO\uff0c\u5e76\u4e0e\u8be5\u516c\u53f8\u521b\u59cb\u4eba\u4e00\u8d77\u5f00\u4f1a\u3002\u8fd9\u8ba9\u6211\u4e86\u89e3\u5230\uff0c\u4e00\u79cd\u65b0\u7684\u6295\u8d44\u65b9\u5f0f\uff0c\u6bd4\u5982\u957f\u671f\u975e\u6d41\u52a8\u6027\u79c1\u52df\u80a1\u6743\u6295\u8d44\u3002\u6b64\u5916\uff0c\u6211\u8fd8\u5b66\u4f1a\u4e86\u5982\u4f55\u4e0e\u516c\u53f8\u7ba1\u7406\u5c42\u6253\u4ea4\u9053\uff0c\u4ee5\u53ca\u4ed6\u4eec\u5904\u7406\u95ee\u9898\u7684\u65b9\u5f0f\u3002<\/p>\n
\u4f46\u6700\u7ec8\uff0c\u6211\u8fd8\u662f\u8f9e\u53bb\u4e86\u8be5\u516c\u53f8\u7684CEO\u804c\u4f4d\u3002<\/p>\n
Q\uff1a\u5728\u90a3\u6bb5\u505c\u987f\u65f6\u671f\uff0c\u60a8\u90fd\u505a\u4e86\u54ea\u4e9b\u601d\u8003\uff1f<\/p>\n
A\uff1a\u6211\u5f00\u59cb\u601d\u8003\u81ea\u5df1\u7684\u4f59\u751f\u7a76\u7adf\u60f3\u8981\u505a\u4ec0\u4e48\u4e8b\u3002\u6211\u4e4b\u524d\u505a\u8fc7\u56fa\u6536\u4ea4\u6613\u5458\u3001\u5bf9\u51b2\u57fa\u91d1\u91cf\u5316\u5206\u6790\u5e08\u3001\u98ce\u9669\u6295\u8d44\u521d\u521b\u516c\u53f8\u4ee5\u53ca\u4e00\u5bb6\u79d1\u6280\u9886\u57df\u516c\u53f8\u7684CEO\u3002\u6211\u82b1\u4e86\u5f88\u591a\u65f6\u95f4\u4e0e\u4eba\u4ea4\u6d41\uff0c\u6700\u7ec8\u53d1\u73b0\u81ea\u5df1\u8fd8\u662f\u559c\u6b22\u7ecf\u8425\u516c\u53f8\u3002\u4e5f\u5c31\u5728\u90a3\u65f6\uff0c\u6211\u51b3\u5b9a\u91cd\u65b0\u8fdb\u5165\u6295\u8d44\u9886\u57df\u3002<\/p>\n
Q\uff1a\u60a8\u662f\u5982\u4f55\u548cPeterMuller\u51b3\u5b9a\u63a8\u51faChalkstream\u7684\uff1f<\/p>\n
A\uff1a\u540e\u6765\uff0c\u6211\u9047\u5230\u4e86PeterMuller\u3002\u4ed6\u95ee\u6211\u63a5\u4e0b\u6765\u60f3\u8981\u505a\u4ec0\u4e48\u3002\u6211\u8bf4\uff0c\u4e0d\u786e\u5b9a\uff0c\u9700\u8981\u82b1\u70b9\u65f6\u95f4\u3002PeterMuller\u63a5\u7740\u8bf4\uff0c\u6211\u613f\u610f\u4e0e\u4f60\u4e00\u8d77\u5de5\u4f5c\uff0c\u8fd9\u5c31\u662f\u6211\u4eec\u521b\u5efa\u5bb6\u529e\u7684\u8d77\u6e90\u3002\u7136\u540e\uff0c\u6211\u6210\u4e3a\u4e86Chalkstream\u7684\u6838\u5fc3\u6210\u5458\u3002<\/p>\n
PeterMuller\u662f\u4e00\u4e2a\u591a\u624d\u591a\u827a\u7684\u4eba\uff0c\u662f\u4e2a\u97f3\u4e50\u5bb6\uff0c\u4e5f\u662f\u6709\u53f2\u4ee5\u6765\u6700\u4f1f\u5927\u7684\u91cf\u5316\u6295\u8d44\u5927\u5e08\u4e4b\u4e00\u3002\u4ed6\u7ecf\u8425\u7740\u4e00\u5bb6\u540d\u4e3aPDTPartners\u7684\u5bf9\u51b2\u57fa\u91d1\u3002\u5bf9\u6211\u6765\u8bf4\uff0c\u4ed6\u4e0d\u4ec5\u662f\u4e2a\u5546\u4e1a\u4f19\u4f34\uff0c\u8fd8\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u670b\u53cb\u3002<\/p>\n
Q\uff1aChalkstream\u5bf9\u60a8\u6765\u8bf4\uff0c\u53c8\u662f\u4e00\u4e2a\u65b0\u7684\u5f00\u59cb\u3002\u5728\u8fd9\u91cc\uff0c\u60a8\u662f\u5982\u4f55\u5c06\u60a8\u8fc7\u5f80\u4e30\u5bcc\u7684\u7ecf\u9a8c\u4e0ePeterMuller\u72ec\u6709\u7684\u91cf\u5316\u6295\u8d44\u89c6\u89d2\u7ed3\u5408\u8d77\u6765\u7684\uff1f<\/p>\n
A\uff1a\u6700\u521d\u6709\u4e00\u5468\u65f6\u95f4\uff0c\u6211\u548c\u4ed6\u5728\u4e0d\u540c\u7684\u5730\u65b9\u3002\u5728\u90a3\u4e4b\u524d\uff0c\u4ed6\u5148\u662f\u8ba9\u6211\u8bfb\u4e00\u672c\u4e66\uff0c\u8fd9\u662f\u4e00\u672c\u5173\u4e8e\u7edf\u8ba1\u5b66\u4e0e\u535a\u5f08\u8bba\u7684\u4e66\u3002\u540e\u6765\uff0c\u6211\u4eec\u5728\u590f\u5a01\u5937\u89c1\u9762\u65f6\uff0c\u4ed6\u6b63\u5728\u90a3\u91cc\u51b2\u6d6a\u3002\u4ed6\u95ee\u6211\uff0c\u4ece\u4e66\u4e2d\u5b66\u5230\u4e86\u4ec0\u4e48\uff1f\u6211\u8bf4\uff0c\u8c22\u8c22\u4f60\u7684\u63a8\u8350\u3002\u63a5\u4e0b\u6765\uff0c\u6211\u5411\u4ed6\u9610\u8ff0\u4e86\u81ea\u5df1\u5bf9\u8fd9\u672c\u4e66\u7684\u8ba4\u77e5\u3002\u63a5\u7740\uff0c\u6211\u5bf9\u4ed6\u8bf4\uff0c\u6211\u4eec\u5e94\u8be5\u4ee5\u8fd9\u672c\u4e66\u91cc\u9610\u8ff0\u7684\u7406\u5ff5\u4e3a\u84dd\u56fe\u8fdb\u884c\u89c4\u5212\u3002<\/p>\n
\u6211\u60f3\u505a\u4e00\u4e2a\u201c\u957f\u5c3e\u201d\u6295\u8d44\u8005\uff0c\u8fd9\u53ef\u4ee5\u8ba9\u6211\u4eec\u83b7\u5f97\u4e00\u4e9b\u957f\u671f\u673a\u4f1a\uff0c\u4e14\u8fdb\u884c\u96c6\u4e2d\u8d4c\u6ce8\u3002\u8fd9\u6837\uff0c\u6211\u4eec\u53ef\u4ee5\u5728\u522b\u4eba\u201c\u9632\u5b88\u201d\u65f6\u9009\u62e9\u201c\u8fdb\u653b\u201d\u3002<\/p>\n
\u4e00\u5f00\u59cb\uff0c\u6211\u4eec\u771f\u7684\u5f88\u60f3\u5efa\u7acb\u4e00\u4e9b\u4e13\u6ce8\u4e8e\u957f\u671f\u6295\u8d44\u7684\u8d44\u4ea7\uff0c\u4f46\u6211\u4eec\u5e0c\u671b\u80fd\u4ee5\u4e00\u79cd\u4e13\u6ce8\u4e8e\u7ade\u4e89\u529b\u8f83\u5f31\u3001\u5229\u57fa\u5e02\u573a\u4ee5\u53ca\u81ea\u5df1\u53ef\u4ee5\u96c6\u4e2d\u62bc\u6ce8\u7684\u9886\u57df\u7684\u65b9\u5f0f\u6765\u505a\u8fd9\u4ef6\u4e8b\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u91c7\u53d6\u4e86\u4e0e\u8d44\u4ea7\u914d\u7f6e\u6846\u67b6\u76f8\u53cd\u7684\u65b9\u5f0f\u3002<\/p>\n
\u4ece2004\u5e74\u5f00\u59cb\uff0c\u6211\u4eec\u5c31\u5f00\u59cb\u6df1\u5165\u7814\u7a76\u4e00\u4e9b\u9886\u57df\u5e76\u5bf9\u5b83\u4eec\u8fdb\u884c\u62bc\u6ce8\uff0c\u5e76\u8bd5\u56fe\u627e\u5230\u4e00\u4e9b\u201c\u4e0d\u5bf9\u79f0\u201d\u7684\u8d4c\u6ce8\uff08\u5373\u6240\u8c13\u7684\u7a00\u6709\u9879\u76ee\u6216\u7a00\u6709\u4e8b\u4ef6\uff09\u3002<\/p>\n
Q: \u60a8\u63d0\u5230\u4e86\u4e13\u6ce8\u529b\u3002Chalkstream\u4e3b\u8981\u4e13\u6ce8\u4e8e\u54ea\u4e9b\u8d44\u4ea7\u9886\u57df\uff1f<\/p>\n
A\uff1a\u5f88\u591a\u673a\u6784\u90fd\u559c\u6b22\u591a\u5143\u5316\u3002\u867d\u7136\u591a\u5143\u5316\u975e\u5e38\u91cd\u8981\uff0c\u4f46\u6211\u4eec\u8fd8\u662f\u559c\u6b22\u96c6\u4e2d\u8d4c\u6ce8\uff0c\u6bd4\u5982\uff0c\u591a\u5934\u3001\u7a7a\u5934\u3001\u6389\u671f\uff08\u6307\u5728\u5916\u6c47\u5e02\u573a\u4e0a\u4e70\u8fdb\u5373\u671f\u5916\u6c47\u7684\u540c\u65f6\u53c8\u5356\u51fa\u540c\u79cd\u8d27\u5e01\u7684\u8fdc\u671f\u5916\u6c47\uff09\u3001\u5bf9\u51b2\u7b49\u3002\u5982\u679c\u6211\u4eec\u8fc7\u4e8e\u591a\u5143\u5316\uff0c\u5c31\u5f88\u96be\u96c6\u4e2d\u5728\u4e00\u4e9b\u4e0d\u5bf9\u79f0\u7684\u8d4c\u6ce8\u4e0a\uff0c\u4e5f\u96be\u4ee5\u7ee7\u7eed\u96c6\u4e2d\u6211\u4eec\u7684\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n
\u5728\u4e00\u4e2a\u7279\u5b9a\u7684\u65f6\u95f4\u91cc\uff0c\u5728\u6211\u4eec\u7684\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u53ef\u80fd\u53ea\u6709\u51e0\u4e2a\u4e3b\u9898\u662f\u6709\u610f\u4e49\u7684\u3002\u6bd4\u5982\u65e5\u672c\u3001\u97e9\u56fd\uff0c\u8fd8\u6709\u7535\u529b\u4ea4\u6613\uff0c\u8fd9\u4e9b\u90fd\u662f\u6211\u4eec\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u5927\u4e3b\u9898\uff0c\u5b83\u4eec\u7ea6\u5360\u6211\u4eec\u98ce\u9669\u655e\u53e3\u768440%\u3002\u5728\u8fd9\u4e9b\u4e3b\u9898\u4e0b\uff0c\u8fd8\u6709\u5f88\u591a\u5934\u5bf8\uff0c\u5176\u4f59\u7684\u662f\u4f4e\u51c0\u503c\u7684\u96c6\u4e2d\u6295\u8d44\u7ec4\u5408\u3002<\/p>\n
Q\uff1a\u53ef\u5426\u5177\u4f53\u8c08\u8c08\uff0c\u60a8\u662f\u5982\u4f55\u4ece\u4e00\u5f00\u59cb\u5efa\u7acb\u8be5\u6295\u8d44\u7b56\u7565\u7684\uff1f<\/p>\n
A\uff1a\u6211\u4eec\u7684\u6574\u4e2a\u6d41\u7a0b\u548c\u7ec4\u7ec7\u67b6\u6784\u90fd\u662f\u56f4\u7ed5\u7075\u6d3b\u6027\u6765\u6784\u5efa\u7684\uff0c\u53ef\u4ee5\u6709\u81ea\u7531\u53d1\u6325\u7684\u7a7a\u95f4\uff0c\u65e0\u8bba\u5728\u4efb\u4f55\u4e0d\u540c\u7684\u5730\u533a\u548c\u4e0d\u540c\u7684\u53f8\u6cd5\u7ba1\u8f96\u533a\u57df\u5185\uff0c\u6211\u4eec\u7684\u56e2\u961f\u53ef\u4ee5\u5feb\u901f\u62e7\u6210\u4e00\u80a1\u7ef3\u6765\u53c2\u4e0e\u5230\u8fd0\u8425\u3001\u4ea4\u6613\u548c\u6cd5\u5f8b\u4e2d\u53bb\u3002<\/p>\n
\u7531\u6b64\uff0c\u6211\u4eec\u7684\u6295\u8d44\u5f62\u5f0f\u4e5f\u662f\u975e\u5e38\u7075\u6d3b\u7684\uff0c\u53ef\u4ee5\u76f4\u6295\uff0c\u53ef\u4ee5\u6210\u4e3aFOF\u6295\u8d44\u5176\u4ed6\u57fa\u91d1\uff0c\u53ef\u4ee5\u6210\u4e3a\u79cd\u5b50\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u6295\u8d44\u79c1\u52df\u80a1\u6743\u548c\u623f\u5730\u4ea7\u3002\u867d\u7136\u8fd9\u79cd\u5f62\u5f0f\u5f88\u597d\uff0c\u4f46\u4e5f\u5b58\u5728\u4e00\u5b9a\u7684\u98ce\u9669\u3002<\/p>\n
\u4e3a\u786e\u4fdd\u4e0d\u4f1a\u6210\u4e3a\u6295\u8d44\u4e2d\u7684\u201c\u50bb\u74dc\u201d\uff0c\u6211\u4eec\u4f1a\u4ece\u8bc4\u4f30\u8d44\u4ea7\u7c7b\u522b\u6846\u67b6\u7684\u89d2\u5ea6\u6765\u770b\u5f85\u4e8b\u60c5\u3002\u7c97\u7565\u5730\u770b\uff0c\u5982\u679c\u60f3\u8981\u83b7\u5f97unlevered\u6536\u76ca\uff08\u5bb6\u529e\u65b0\u667a\u70b9\u6ce8\uff1a\u53ef\u4ee5\u7406\u89e3\u4e3a\u65e0\u98ce\u9669\u6536\u76ca\u7387\u52a0\u4e0a\u4e0e\u5e02\u573a\u76f8\u5173\u7684\u8d85\u989d\u6536\u76ca\u7387\uff09\uff0c\u53ef\u4ee5\u901a\u8fc7\u80a1\u7968\u83b7\u5f97\uff0c\u53ef\u4ee5\u76f4\u63a5\u8d37\u6b3e\uff0c\u53ef\u4ee5\u901a\u8fc7\u8d44\u672c\u5316\u7387\u83b7\u5f97\uff08\u53c8\u79f0\u8fd8\u539f\u5316\u7387\u3001\u6536\u76ca\u7387\u3001\u5b83\u4e0e\u94f6\u884c\u5229\u7387\u4e00\u6837\u4e5f\u662f\u4e00\u79cd\u5229\u7387\uff0c\u6307\u7684\u662f\u628a\u8d44\u672c\u6295\u5165\u5230\u4e0d\u52a8\u4ea7\u6240\u5e26\u6765\u7684\u6536\u76ca\u7387\uff09\u3002<\/p>\n
\u4f46\u5982\u679c\u60f3\u8981\u83b7\u5f97\u6536\u76ca\uff0c\u5c31\u9700\u8981\u5bfb\u627e\u5230\u4e00\u4e9b\u201c\u6781\u7aef\u201d\u7684\u60c5\u51b5\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u6781\u7aef\u60c5\u51b5\u4f1a\u7ed9\u6211\u4eec\u5e26\u6765\u4e00\u4e9b\u597d\u7684\u6295\u8d44\u673a\u4f1a\u3002<\/p>\n
\u56e0\u6b64\uff0c\u4e00\u5e74\u4e4b\u4e2d\uff0c\u6211\u4eec\u81f3\u5c11\u4f1a\u5bf9\u4e00\u4e9b\u9886\u57df\u6df1\u5165\u7814\u7a761-2\u6b21\u3002\u5982\u679c\u6ca1\u6709\u7814\u7a76\u7ed3\u679c\u7684\u8bdd\uff0c\u6211\u4eec\u5c31\u4f1a\u6682\u65f6\u6401\u7f6e\uff0c\u4f46\u4e5f\u4e0d\u6392\u9664\u672a\u6765\u4f1a\u51fa\u73b0\u65b0\u7684\u673a\u4f1a\u3002<\/p>\n
\u6bd4\u5982\uff0c\u66fe\u7ecf\u5728\u533b\u7597\u9886\u57df\u5c31\u51fa\u73b0\u4e86\u8fd9\u79cd\u60c5\u51b5\u3002\u7ea610\u5e74\u524d\uff0c\u6211\u4eec\u5728\u8be5\u9886\u57df\u82b1\u8d39\u4e86\u5927\u91cf\u65f6\u95f4\uff0c\u4f46\u6700\u540e\u8fd8\u662f\u65e0\u6cd5\u7ed9\u51fa\u5408\u7406\u7684\u610f\u89c1\u3002\u4f46\u662f\u5c31\u5728\u51e0\u5e74\u524d\uff0c\u8be5\u9886\u57df\u51fa\u73b0\u4e86\u6295\u8d44\u673a\u4f1a\u3002<\/p>\n
\u5bf9\u6b64\uff0c\u6211\u4eec\u6709\u4e00\u4e2a\u611f\u609f\uff1a\u5f53\u6211\u4eec\u6df1\u5165\u63a2\u8ba8\u4e00\u4e2a\u9886\u57df\u65f6\uff0c\u867d\u7136\u53ef\u80fd\u4e0d\u4f1a\u7acb\u523b\u6295\u8d44\u5b83\uff0c\u4f46\u5374\u83b7\u5f97\u4e86\u5bf9\u5b83\u7684\u6df1\u5165\u8ba4\u77e5\u3002<\/p>\n
\u56e0\u6b64\uff0cChalkstream\u7684\u76ee\u6807\u662f\uff0c\u6df1\u5165\u67d0\u4e2a\u9886\u57df\u5e76\u6210\u4e3a\u8be5\u9886\u57df\u7684\u9876\u7ea7\u5206\u914d\u8005\u6216\u5408\u4f5c\u4f19\u4f34\u4e4b\u4e00\u3002\u8fd9\u4e5f\u662f\u6211\u4eec\u4e4b\u6240\u4ee5\u8981\u4e13\u6ce8\uff0c\u4e0d\u505a\u5f88\u591a\u8d44\u4ea7\u7c7b\u522b\u6295\u8d44\u7684\u539f\u56e0\u3002<\/p>\n
Q\uff1a\u53ef\u5426\u4ee5\u65e5\u672c\u5e02\u573a\u4e3a\u4f8b\uff0c\u8c08\u8c08\u4f60\u4eec\u5bf9\u4e00\u4e2a\u9886\u57df\u7684\u7814\u7a76\u662f\u5982\u4f55\u5f00\u59cb\u7684\uff1f<\/p>\n
A\uff1a\u6211\u8ba4\u4e3a\u6ca1\u6709\u4ec0\u4e48\u6bd4\u5b9e\u5730\u8003\u5bdf\u66f4\u4e3a\u91cd\u8981\u7684\u4e86\u3002\u4ec52018\u5e74\uff0c\u6211\u5c31\u53bb\u4e86\u65e5\u672c\u7ea65\u6b21\u3002\u6211\u4eec\u5f53\u65f6\u5bf9\u4e00\u4e9b\u62e5\u6709\u51c0\u73b0\u91d1\u6d41\u7684\u516c\u53f8\u8fdb\u884c\u4e86\u7b5b\u9009\uff0c\u5e76\u7b5b\u9009\u51fa\u4e86350\u5bb6\u516c\u53f8\uff0c\u60f3\u8981\u5168\u90e8\u8fdb\u884c\u6295\u8d44\u3002<\/p>\n
\u4f46\u968f\u7740\u5bf9\u5176\u7814\u7a76\u7684\u6df1\u5165\uff0c\u6211\u4eec\u6539\u53d8\u4e86\u770b\u6cd5\uff1a\u9700\u8981\u96c6\u4e2d\u6295\u8d44\uff0c\u800c\u975e\u5168\u90e8\u3002\u96c6\u4e2d\u5b50\u5f39\u6295\u8d44\u4e00\u4e9b\u516c\u53f8\uff0c\u5e76\u901a\u8fc7\u56de\u8d2d\u80a1\u7968\uff0c\u53d1\u884c\u80a1\u606f\uff0c\u51fa\u552e\u8d44\u4ea7\u7b49\u6765\u6539\u53d8\u8fd9\u4e9b\u516c\u53f8\uff0c\u4ee5\u83b7\u5f97\u60f3\u8981\u7684\u7ed3\u679c\uff0c\u6211\u4eec\u8ba4\u4e3a\u8fd9\u5c06\u4f1a\u662f\u4e00\u4e2a\u5f88\u597d\u7684\u6295\u8d44\u6a21\u5f0f\uff0c\u4e14\u4e3a\u83b7\u5f97\u8be5alpha \u800c\u652f\u4ed8\u7684\u8d39\u7528\u4e5f\u662f\u503c\u5f97\u7684\u3002<\/p>\n
\u4e3a\u6b64\uff0c\u6211\u4eec\u5bf9\u4e00\u4e9b\u57fa\u91d1\u7ecf\u7406\u8fdb\u884c\u4e86\u4e00\u4e9b\u5c0f\u989d\u914d\u7f6e\u3002\u4e8b\u5b9e\u8bc1\u660e\uff0c\u6211\u4eec\u662f\u5bf9\u7684\u3002\u6b64\u540e\u4e0d\u4e45\uff0c2008\u5e74\u91d1\u878d\u5371\u673a\u5230\u6765\u3002\u5728\u65e5\u672c\uff0c\u5f53\u6574\u4e2a\u5e02\u573a\u5927\u76d8\u4e0b\u8dcc\u4e8644%\u65f6\uff0c\u6211\u4eec\u6240\u6295\u7684\u9632\u5fa1\u6027\u57fa\u91d1\u5e73\u5747\u4ec5\u4e0b\u964d\u4e8616%\u300117%\u3002<\/p>\n
2008\u5e74\u4e4b\u540e\uff0c\u5c24\u5176\u57282011\u5e74\u5de6\u53f3\uff0c\u8fd9\u4e9b\u9632\u5fa1\u6027\u57fa\u91d1\u66f4\u662f\u5728\u6574\u4e2a\u5e02\u573a\u8fde\u7eed\u56db\u5e74\u6301\u5e73\u6536\u76ca\u7684\u65f6\u5019\uff0c\u4e3aChalkstream\u521b\u9020\u4e86\u975e\u5e38\u597d\u7684alpha \u3002\u8fd9\u4e9b\u9632\u5fa1\u6027\u57fa\u91d1\u4ee4\u6211\u4eec\u5370\u8c61\u6df1\u523b\uff0c\u8fd9\u4e5f\u662fChalkstream\u81f3\u4eca\u4ecd\u6295\u8d44\u65e5\u672c\u5e02\u573a\u7684\u539f\u56e0\u3002<\/p>\n
\u4e5f\u6b63\u662f2011\u5e74\u30012012\u5e74\u5de6\u53f3\uff0cChalkstream\u5f00\u59cb\u5728\u65e5\u672c\u5e02\u573a\uff0c\u6269\u5927\u6295\u8d44\u89c4\u6a21\uff0c\u51b3\u5b9a\u6301\u6709\u66f4\u591a\u7684\u5934\u5bf8\u3002<\/p>\n
Q\uff1a\u60a8\u662f\u5982\u4f55\u4ece0\u5f00\u59cb\u6784\u5efa\u6295\u8d44\u7ec4\u5408\u7684\uff1f<\/p>\n
A\uff1a\u9996\u5148\uff0c\u6211\u4eec\u4f1a\u5bf9\u81ea\u5df1\u611f\u5174\u8da3\u7684\u7814\u7a76\u9886\u57df\u548c\u6218\u672f\u4fdd\u6301\u957f\u671f\u7684\u8010\u5fc3\u3002Chalkstream\u503e\u5411\u4e8e\u4e13\u6ce8\u67d0\u4e00\u9886\u57df\uff0c\u5b83\u53ef\u80fd\u662f\u5c0f\u578b\u533a\u57df\u6027\u94f6\u884c\u9886\u57df\uff0c\u4e5f\u53ef\u80fd\u662f\u533b\u7597\u5065\u5eb7\u9886\u57df\u3002<\/p>\n
\u7136\u540e\uff0c\u6211\u4eec\u4f1a\u521b\u5efa\u4e00\u4e2a\u4f4ebeta\u7684\u6838\u5fc3\u6295\u8d44\u7ec4\u5408\u3002Chalkstream\u6b63\u8bd5\u56fe\u7ed3\u5408\u591a\u7b56\u7565\u5bf9\u51b2\u57fa\u91d1\u3001FOF\u548c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u4f18\u52bf\uff0c\u4ee5\u83b7\u5f97\u76f4\u63a5\u4ea4\u6613\u80fd\u529b\u548c\u4e00\u4e9b\u57fa\u7840\u8bbe\u65bd\uff0c\u4ee5\u4fbf\u5feb\u901f\u5f00\u5c55\u4e1a\u52a1\u3002<\/p>\n
\u5176\u6b21\uff0c\u6211\u4eec\u4f1a\u548c\u90a3\u4e9b\u60f3\u8981\u4e0e\u6211\u4eec\u4ea4\u8c08\u7684\u4eba\u4ea4\u6d41\u3002Chalkstream\u4e5f\u5e0c\u671b\u6709\u80fd\u529b\u5bf9\u4ed6\u4eec\u8fdb\u884c\u957f\u671f\u6295\u8d44\uff0c\u5728\u57f9\u517b\u4eba\u624d\u7684\u540c\u65f6\uff0c\u8fd8\u53ef\u4ee5\u4e3a\u4ed6\u4eec\u63d0\u4f9b\u8fd0\u8425\u8d44\u91d1\u548cLP\u8d44\u91d1\u652f\u6301\u3002<\/p>\n
\u6bd4\u5982\uff0cChalkstream\u66fe\u6295\u8d44\u4e86\u4e00\u652f\u533b\u7597\u56e2\u961f\uff0c\u4ed6\u4eec\u505a\u4e86\u4e00\u4e9b\u975e\u5e38\u4e86\u4e0d\u8d77\u7684\u4e8b\u60c5\u3002\u867d\u7136\u5728\u8fc7\u53bb\u7684\u4e94\u516d\u5e74\u91cc\uff0cChalkstream\u8fd9\u90e8\u5206\u7684\u6295\u8d44\u7ec4\u5408\u53ef\u80fd\u4e00\u76f4\u662f\u6807\u666e\u6307\u6570\u76840.1\u5de6\u53f3\uff0c\u4f46\u5b83\u4eec\u7684alpha\u5374\u4e00\u76f4\u5f88\u7a33\u5b9a\u3002<\/p>\n
\u603b\u4e4b\uff0c\u6211\u4eec\u8ba4\u4e3a\u5e94\u8be5\u5efa\u7acb\u4e00\u4e9b\u8ba9\u81ea\u5df1\u6709\u8010\u5fc3\u53bb\u7814\u7a76\u548c\u6301\u7eed\u6295\u5165\u7684\u8d44\u4ea7\uff0c\u800c\u975e\u4e00\u4e9b\u5f3a\u8feb\u6027\u7684\u6218\u672f\u8d4c\u6ce8\u3002\u76ee\u524d\uff0cChalkstream\u5df2\u7ecf\u5efa\u7acb\u4e86\u5177\u6709\u76f8\u5f53\uf967\u9519\u56de\u62a5\u7684\u4f4ebeta\u6295\u8d44\u7ec4\u5408\u3002\u4f4ebeta\u53ef\u4ee5\u8ba9\u6295\u8d44\u8005\u83b7\u5f97\u4e00\u4e2a\u9884\u671f\u7684\u56de\u62a5\uff0c\u4e14\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4f1a\u8d8a\u6765\u8d8a\u9ad8\u3002\u56e0\u6b64\uff0c\u6211\u8ba4\u4e3a\u62e5\u6709\u80a1\u7968\u662f\u4e00\u4ef6\u597d\u4e8b\uff0c\u4f46\u524d\u63d0\u662f\u5f97\u6709\u957f\u8fdc\u7684\u773c\u5149\u3002<\/p>\n
Q\uff1a\u4ee5\u60a8\u548cPeterMuller\u7684\u80cc\u666f\uff0c\u4ee5\u53ca\u5bf9\u5229\u5dee\u548c\uf97e\u5316\u6295\u8d44\u73b0\u72b6\u7684\u6df1\u523b\u7406\u89e3\uff0c\u60a8\u662f\u5982\u4f55\u770b\u5f85\u4e3b\u52a8\u548c\u88ab\u52a8\u6295\u8d44\u7684\uff1f<\/p>\n
A\uff1a\u51e0\u4e4e\u6240\u6709\u7684\u4e1c\u897f\u90fd\u53ef\u4ee5\u91cf\u5316\uff0c\u51e0\u4e4e\u6240\u6709\u7684\u4e1c\u897f\u90fd\u6709\u5927\u6570\u636e\u3002\u591a\u5e74\u6765\uff0c\u88ab\u52a8\u578b\u57fa\u91d1\u786e\u5b9e\u6253\u8d25\u4e86\u5f88\u591a\u4e3b\u52a8\u578b\u57fa\u91d1\uff0c\u4e14\u672a\u6765\uff0c\u6211\u8ba4\u4e3a\u5c06\u4f1a\u6709\u5927\u91cf\u7684\u8d44\u91d1\u6d8c\u5165\u5230\u88ab\u52a8\u578b\u57fa\u91d1\u4e2d\u53bb\u3002\u4f46\u662f\u88ab\u52a8\u578b\u57fa\u91d1\u7684\u7b56\u7565\u6709\u5f88\u591a\u76f8\u4f3c\u4e4b\u5904\uff0c\u5b83\u771f\u7684\u5f88\u96be\u521b\u9020\u51fa\u5f88\u591a\u79ef\u6781\u7684alpha\u3002<\/p>\n
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\u6211\u8ba4\u4e3a\u88ab\u52a8\u4e0e\u4e3b\u52a8\u7684\u4e89\u8bba\uff0c\u5b9e\u9645\u4e0a\u4e00\u76f4\u5b58\u5728\u3002\u8fd9\u5e76\u975e\u4e00\u4e2a\u65b0\u8bdd\u9898\u3002\u76ee\u524d\uff0c\u6211\u4eec\u6b63\u8bd5\u56fe\u6709\u610f\u8bc6\u5730\u5bf9beta\u8fdb\u884c\u8d4c\u6ce8\uff0c\u5e76\u8bd5\u56fe\u4e13\u6ce8\u4e8e\u81ea\u5df1\u8ba4\u4e3a\u6709\u5408\u7406\u7684\u673a\u4f1a\uff0c\u4e14\u80fd\u79ef\u6781\u521b\u9020alpha \u7684\u9886\u57df\u3002<\/p>\n
Q\uff1aChalkstream\u662f\u5982\u4f55\u6311\u9009\u57fa\u91d1\u7ecf\u7406\u7684\uff1f\u5c24\u5176\u5728\u4e9a\u6d32\u5e02\u573a\u4e0a\uff0c\u4f1a\u503e\u5411\u4e8e\u7cbe\u901a\u82f1\u8bed\u7684\u7ecf\u7406\u5417\uff1f<\/p>\n
A\uff1a\u867d\u7136\u5728Chalkstream\u7684\u57fa\u91d1\u7ecf\u7406\u4e2d\u6709\u4e00\u4e9b\u7cbe\u901a\u82f1\u8bed\u7684\u4eba\uff0c\u4f46\u6211\u8ba4\u4e3a\uff0c\u6bd4\u8bed\u8a00\u66f4\u91cd\u8981\u7684\u662f\u6587\u5316\u654f\u611f\u6027\u3002\u8fd9\u4e5f\u662f\u6211\u4eec\u5728\u72af\u4e86\u4e00\u4e9b\u9519\u8bef\u540e\u5f97\u51fa\u7684\u6559\u8bad\u3002<\/p>\n
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\u6211\u8ba4\u4e3a\uff0cChalkstream\u6700\u7ec8\u80fd\u5728\u65e5\u672c\u548c\u97e9\u56fd\u53d6\u5f97\u6210\u529f\u7684\u90e8\u5206\u539f\u56e0\uff0c\u662f\u4e0e\u8fd9\u4e9b\u57fa\u91d1\u7ecf\u7406\u5efa\u7acb\u4e86\u826f\u597d\u7684\u4f19\u4f34\u5173\u7cfb\uff0c\u5e76\u5c55\u73b0\u4e86\u826f\u597d\u7684\u5408\u4f5c\u80fd\u529b\u3002<\/p>\n
Q\uff1aChalkstream\u6700\u8fd1\u5728\u6301\u7eed\u5173\u6ce8\u54ea\u4e2a\u9886\u57df\uff1f\u5982\u4f55\u7b5b\u9009\u6295\u8d44\u6807\u7684\uff1f<\/p>\n
A\uff1a\u6211\u4eec\u6700\u8fd1\u5728\u5173\u6ce8\u7535\u529b\u4ea4\u6613\u9886\u57df\uff0c\u4f1a\u6295\u8d44\u4e00\u4e9b\u6709\u6838\u5fc3\u4ef7\u503c\u89c2\u7684\u516c\u53f8\u3002\u5bf9\u6295\u8d44\u7ec4\u5408\uff0cChalkstream\u4f1a\u91cd\u70b9\u5173\u6ce8\u516c\u53f8\u5927\u5c0f\u3001\u56e2\u961f\u548c\u5408\u4f5c\u4f19\u4f34\u4e09\u4e2a\u65b9\u9762\u3002<\/p>\n
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\u6bd4\u5982\uff0c\u5728\u7535\u529b\u4ea4\u6613\u9886\u57df\uff0c\u6211\u4eec\u6240\u5173\u6ce8\u7684\u56e2\u961f\u6210\u5458\u591a\u4e3a\u524d\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u6216\u80fd\u6e90\u8d38\uf9e0\u516c\u53f8\u7684\u516c\u7528\u4e8b\u4e1a\u4ea4\uf9e0\u5458\uff0c\u5e0c\u671b\u5728\u8fd9\u4e2a\u8d44\u4ea7\u7c7b\u522b\u4e2d\u80fd\u4e0e\u8fd9\u4e9b\u56e2\u961f\u8fdb\u884c\u957f\u671f\u5408\u4f5c\uff0c\u5e76\u5728\u8be5\u8d44\u4ea7\u7c7b\u522b\u4e2d\u5360\u636e\u524d\u6392\u5e2d\u4f4d\u3002<\/p>\n
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Q\uff1a\u4eceChalkstream \u8c08\u8d77\uff0c\u8d35\u516c\u53f8\u7684\u6587\u5316\u662f\u600e\u6837\u7684\uff1f<\/p>\n
A\uff1a\u6211\u4eec\u6bcf\u5e74\u90fd\u4f1a\u505a\u4e00\u6b21\u573a\u5916\u6d3b\u52a8\uff0c\u5e26\u56e2\u961f\u53bb\u4e00\u4e2a\u65b0\u7684\u5730\u65b9\u5f853\u5929\u3002\u6bcf\u6b21\u5916\u51fa\u6d3b\u52a8\u6240\u8ba8\u8bba\u7684\u4e3b\u9898\u90fd\u662f\u4e00\u6837\u7684\uff0c\u4e0d\u8c08\u8bba\u77ed\u671f\u5185\u7684\u4e8b\u60c5\uff0c\u800c\u662f\u4ece\u73b0\u5728\u5f00\u59cb\u7684\u4e94\uf98e\u5185\u5f00\u59cb\u56de\u6eaf\u5012\u63a8\uff0c\u6211\u4eec\u5e0c\u671b\u81ea\u5df1\u4eca\u5929\u5f00\u59cb\u505a\uf9fd\u4e48\uff0c\u505c\u6b62\u505a\uf9fd\u4e48\u3002<\/p>\n
\u6b64\u5916\uff0c\u6211\u4eec\u6bcf\u4e2a\u5b63\u5ea6\u90fd\u6709\u4e00\u6b21\u6218\u7565\u4f1a\u8bae\uff0c\u4f1a\u8ba8\u8bba\u5f88\u591a\u4e0d\u540c\u7684\u4e8b\u60c5\uff0c\u800c\u8fd9\u4e9b\u4e8b\u60c5\u4e0e\u957f\u671f\u76ee\u6807\u65e0\u5173\u3002<\/p>\n
\u6211\u975e\u5e38\u76f8\u4fe1\u5fc3\u7075\u548c\u8eab\u4f53\u4e4b\u95f4\u7684\u5173\u7cfb\u3002\u6211\u82b1\u4e86\u5f88\u591a\u65f6\u95f4\u5728\u5185\u90e8\u601d\u8003\uff0c\u4f60\u662f\u5982\u4f55\u7ba1\uf9e4\u4f60\u7684\u80fd\uf97e\u7684\uff0c\u4ee5\u53ca\u4f60\u662f\u5982\u4f55\u770b\u5f85\u81ea\u5df1\u4e00\u6574\u5929\u7684\u5de5\u4f5c\u7684\u3002<\/p>\n
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\u6211\u4eec\u4f1a\u505a\u4e00\u4e9b\u7ec3\u4e60\uff0c\u4e14\u5fc5\u987b\u4ee5\u4e00\u79cd\u5feb\u901f\u7ea6\u4f1a\u7684\u65b9\u5f0f\u76f8\u4e92\u63d0\u4f9b\u53cd\u9988\u3002\u8fd9\u6837\u505a\u7684\u76ee\u7684\u662f\uff0c\u5f53\u4f60\u8bd5\u56fe\u7ba1\u7406\u4e00\u4e2a\u7ec4\u7ec7\u65f6\uff0c\u4f60\u77e5\u9053\u5982\u4f55\u7a81\u7834\u548c\u5207\u5165\uff0c\u4ee5\u4e00\u79cd\u56de\u5230\u672c\u6211\u7684\u72b6\u6001\u6765\u89e3\u51b3\u95ee\u9898\uff0c\u800c\u975e\u4ec5\u4ec5\u4e13\u6ce8\u4e8e\u81ea\u6211\u548c\u624b\u5934\u4e0a\u7684\u4efb\u52a1\u3002<\/p>\n
Q\uff1aChalkstream\u662f\u5982\u4f55\u5177\u4f53\u521b\u5efa\u4e0a\u8ff0\u6587\u5316\u7684\uff1f<\/p>\n
A\uff1a\u7b2c\u4e00\u6b65\uff0c\u5efa\u7acb\u4e00\u4e2a\u4eb2\u5bc6\u7684\u5173\u7cfb\u3002\u6211\u4f1a\u8bf7\u5927\u5bb6\u4e00\u8d77\u51fa\u53bb\u5403\u665a\u9910\u548c\u5348\u9910\uff0c\u5e76\u5bf9\u4ed6\u4eec\u8bf4\uff0c\u5982\u679c\u4f60\u4eec\u80fd\u66f4\u597d\u5730\u7406\u89e3\u548c\u5c0a\u91cd\u5f7c\u6b64\uff0c\u6211\u4f1a\u4e3a\u6b64\u6b21\u805a\u9910\u4e70\u5355\u3002<\/p>\n
\u6bd4\u5982\uff0c\u6211\u53ef\u80fd\u4f1a\u5bf9A\u8bf4\uff0c\u4f60\u5728\u4e0a\u6b21\u4f1a\u8bae\u4e0a\u56e0\u4e3a\u67d0\u4e9b\u539f\u56e0\u505a\u4e86\u4e00\u4e9b\u4e8b\uff0c\u6fc0\u6012\u5230\u4e86\u5927\u5bb6\u3002\u6211\u4e4b\u6240\u4ee5\u5bf9\u4f60\u63d0\u53ca\u8fd9\u4ef6\u4e8b\uff0c\u5e76\u4e0d\u662f\u56e0\u4e3a\u4f60\u662f\u4e00\u4e2a\u574f\u4eba\uff0c\u6070\u6070\u662f\u56e0\u4e3a\u4f60\u662f\u4e00\u4e2a\u597d\u4eba\uff0c\u6211\u624d\u613f\u610f\u63d0\u53ca\u3002A\u53ef\u80fd\u4f1a\u8bf4\uff0c\u54c7\uff0c\u8c22\u8c22\u3002<\/p>\n
\u4e8b\u5b9e\u4e0a\uff0c\u53cd\u9988\u5176\u5b9e\u662f\u5728\u9001\u4eba\u793c\u7269\u3002\u5b83\uf967\u4e00\u5b9a\u4ee5\u6d41\u7a0b\u4e3a\u5bfc\u5411\uff0c\u4f46\u6211\u786e\u5b9e\u8ba4\u4e3a\u771f\u6b63\u91cd\u8981\u7684\u6587\u5316\u8981\u70b9\u5728\u4e8e\uff0c\u5982\u4f55\u521b\u5efa\u4e00\u4e2a\u80fd\u591f\u5feb\u901f\u9002\u5e94\uf967\u65ad\u53d8\u5316\u7684\u73af\u5883\u7684\u7ec4\u7ec7\uff0c\u5e76\u4ece\u5185\u90e8\u5f00\u59cb\uff0c\u5feb\u901f\u7ea0\u6b63\u4e00\u4e9b\u9519\u8bef\u3002<\/p>\n
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Q\uff1a\u770b\u5230\u4e00\u4e2a\u597d\u7684\u6295\u8d44\u673a\u4f1a\u65f6\uff0c\u597d\u4e00\u4e2a\u673a\u4f1a\u65f6\uff0c\u53ef\u80fd\u4f1a\u53d7\u5230\u8d44\u91d1\u6216\u80fd\u529b\u7684\u9650\u5236\u3002\u60a8\u73b0\u5728\u6240\u7ba1\u7406\u7684\u8d44\u91d1\uff0c\u4ec5\u4ec5\u53ea\u662fPeterMuller\u4e2a\u4eba\u7684\u8d22\u5bcc\uff0c\u8fd8\u662f\u4e5f\u6709\u60a8\u548c\u5176\u4ed6\u5408\u4f5c\u4f19\u4f34\u7684\u8d44\u91d1\uff1f\u60a8\u53c8\u662f\u5982\u4f55\u770b\u5f85\u6295\u8d44\u548c\u6269\u5927\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u4e4b\u95f4\u7684\u5173\u7cfb\u7684\uff1f<\/p>\n
A\uff1a\u5bf9\u6211\u548cPeterMulle\u800c\u8a00\uff0c\u5355\u4e00\u5bb6\u529e\u62e5\u6709\u67d0\u79cd\u529b\u91cf\uff0c\u5b83\u53ef\u4ee5\u5438\u5f15\u6770\u51fa\u4eba\u624d\u3002\u6211\u4e5f\u77e5\u9053\uff0c\u5f88\u591a\u5355\u4e00\u5bb6\u529e\u62e5\u6709\u8fd9\u79cd\u529b\u91cf\u3002\u4f46\u5c31\u6211\u6240\u77e5\uff0c\u8fd8\u6709\u5f88\u5927\u4e00\u90e8\u5206\u4eba\u613f\u610f\u52a0\u5165\u67d0\u79cd\u7ec4\u7ec7\u6216\u8005\u53c2\u4e0e\u67d0\u79cd\u4e8b\u4ef6\u7684\u521d\u8877\u662f\uff0c\u4e0d\u5e0c\u671b\u5b83\u53d1\u5c55\u5f97\u8d8a\u6765\u8d8a\u5927\u3002<\/p>\n
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