{"id":37765,"date":"2024-05-09T13:55:20","date_gmt":"2024-05-09T05:55:20","guid":{"rendered":"https:\/\/vertu.com\/?p=37765"},"modified":"2024-05-09T13:55:20","modified_gmt":"2024-05-09T05:55:20","slug":"%d8%a7%d9%84%d9%85%d9%83%d8%a7%d8%aa%d8%a8-%d8%a7%d9%84%d8%b9%d8%a7%d8%a6%d9%84%d9%8a%d8%a9-%d9%83%d9%8a%d9%81-%d8%aa%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d9%83%d8%a7%d8%aa%d8%a8-%d8%a7%d9%84%d8%b9","status":"publish","type":"post","link":"https:\/\/legacy.vertu.com\/ar\/%d9%86%d9%85%d8%b7-%d8%a7%d9%84%d8%ad%d9%8a%d8%a7%d8%a9\/%d8%a7%d9%84%d9%85%d9%83%d8%a7%d8%aa%d8%a8-%d8%a7%d9%84%d8%b9%d8%a7%d8%a6%d9%84%d9%8a%d8%a9-%d9%83%d9%8a%d9%81-%d8%aa%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d9%83%d8%a7%d8%aa%d8%a8-%d8%a7%d9%84%d8%b9\/","title":{"rendered":"\u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629: \u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u0646\u0627\u0636\u062c\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629\u061f"},"content":{"rendered":"

\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0636\u0631\u060c \u064a\u0639\u0648\u062f \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0645\u0627\u0626\u0629 \u0639\u0627\u0645.<\/p>\n

\u0641\u064a \u0639\u0627\u0645 1838<\/strong>\u060c \u062a\u0645 \u062a\u0623\u0633\u064a\u0633 \u0628\u064a\u062a \u0645\u0648\u0631\u063a\u0627\u0646\u060c \u0625\u064a\u0630\u0627\u0646\u064b\u0627 \u0628\u0638\u0647\u0648\u0631 \u0623\u0648\u0644 \u0645\u0643\u062a\u0628 \u0644\u0623\u0633\u0631\u0629 \u0648\u0627\u062d\u062f\u0629 \u064a\u062e\u062f\u0645 \u0639\u0627\u0626\u0644\u0629 \u0648\u0627\u062d\u062f\u0629 \u0641\u0642\u0637. \u0648\u0641\u064a 1882<\/strong>\u060c \u0623\u0646\u0634\u0623 \u0631\u0648\u0643\u0641\u0644\u0631 \u0645\u0643\u062a\u0628 \u0639\u0627\u0626\u0644\u0629 \u0631\u0648\u0643\u0641\u0644\u0631.<\/p>\n

\u0648\u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647\u0627 \"\u062e\u062f\u0645\u064b\u0627\" \u0645\u062a\u0645\u0631\u0633\u064a\u0646 \u0644\u0644\u0645\u0644\u064a\u0627\u0631\u062f\u064a\u0631\u0627\u062a\u060c \u0641\u0625\u0646 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0623\u0645\u0631 \u0628\u062f\u064a\u0647\u064a. \u0625\u0630\u0646\u060c \u0645\u0627 \u0647\u064a \u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u0646\u0627\u0636\u062c\u0629 \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627 \u0648\u0623\u0645\u0631\u064a\u0643\u0627 \u0627\u0644\u062a\u064a \u0644\u062f\u064a\u0647\u0627 \u0642\u0631\u0646 \u0645\u0646 \u0627\u0644\u062e\u0628\u0631\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u061f \u0648\u0643\u064a\u0641 \u064a\u062e\u0635\u0635\u0648\u0646 \u0623\u0635\u0648\u0644\u0647\u0645\u061f<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

The structure of each family office depends on a variety of factors, including the size of the family, the size of the staff, and the nature of the family's investments. Different organizational structures also vary greatly, making it difficult to summarize a systematic classification.<\/p>\n

\u062a\u0631\u0643\u0632 \u0628\u0639\u0636 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u0629 \u0627\u0644\u0648\u0627\u062d\u062f\u0629 \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0644\u0627 \u062a\u0633\u0639\u0649 \u0644\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u062a\u0645\u0648\u064a\u0644 \u062e\u0627\u0631\u062c\u064a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u060c \u0648\u0644\u064a\u0633 \u0644\u062f\u064a\u0647\u0627 \u0647\u064a\u0643\u0644 \u062a\u0646\u0638\u064a\u0645\u064a \u0645\u062b\u0644 \u0644\u062c\u0646\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0643\u0648\u0646\u0629 \u0645\u0646 \u0645\u062f\u064a\u0631\u064a\u0646 \u062e\u0627\u0631\u062c\u064a\u064a\u0646.<\/p>\n

A single-family office indicates the service and management of a family's asset allocation needs.<\/p>\n

\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0647\u0648 \u0645\u062d\u0648\u0631 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0625\u062c\u0631\u0627\u0621\u0627\u062a\u0647 \u0623\u0643\u062b\u0631 \u062a\u0648\u062c\u0647\u0627\u064b \u0646\u062d\u0648 \u0627\u0644\u0633\u0648\u0642. \u0648\u0644\u0627 \u064a\u062a\u062e\u0630 \u0627\u0644\u062a\u062e\u0637\u064a\u0637 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0646 \u0627\u0644\u062a\u0622\u0632\u0631 \u0645\u0639 \u0627\u0644\u0634\u0631\u0643\u0629 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0623\u0648 \u0627\u0644\u0648\u062d\u064a\u062f \u0644\u0644\u0642\u064a\u0627\u0633.<\/p>\n

\u0644\u0627 \u064a\u0648\u062c\u062f \u0623\u064a \u062a\u0645\u0648\u064a\u0644 \u062e\u0627\u0631\u062c\u064a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646\u0647 \u0644\u0627 \u064a\u0648\u062c\u062f \u062d\u0627\u0644\u064a\u064b\u0627 \u0623\u064a \u0625\u062f\u0627\u0631\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u062e\u0627\u0631\u062c \u0627\u0644\u0639\u0627\u0626\u0644\u0629 \u0628\u0623\u064a \u0634\u0643\u0644 \u0645\u0646 \u0627\u0644\u0623\u0634\u0643\u0627\u0644.<\/p>\n

\u0644\u0627 \u064a\u0648\u062c\u062f \u0647\u064a\u0643\u0644 \u062a\u0646\u0638\u064a\u0645\u064a \u0645\u062b\u0644 \u0644\u062c\u0646\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 (IC) \u0627\u0644\u0645\u0624\u0644\u0641\u0629 \u0645\u0646 \u0645\u062f\u064a\u0631\u064a\u0646 \u062e\u0627\u0631\u062c\u064a\u064a\u0646\u060c \u0645\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0641\u0631\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0647\u0648 \u0644\u062c\u0646\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u064a\u062a\u062e\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0645\u0646 \u0642\u0628\u0644 \u0641\u0631\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631.<\/p>\n

01 \u0622\u0644\u064a\u0629 \u0627\u0644\u0625\u062f\u0627\u0631\u0629 \u0648\u0635\u0646\u0639 \u0627\u0644\u0642\u0631\u0627\u0631<\/h2>\n

The first three points are relatively easy to understand, so let's focus on the last point.<\/p>\n

\u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0645\u0643\u0627\u062a\u0628\/\u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u0644\u062f\u064a\u0647\u0627 \u0645\u062c\u0644\u0633 \u0625\u062f\u0627\u0631\u0629 \u0644\u062c\u0646\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 (IC)\u060c \u062a\u0642\u0648\u0645 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0645\u0624\u0633\u0633\u0627\u062a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u062a\u0648\u0638\u064a\u0641 \u0628\u0639\u0636 \u0627\u0644\u0645\u062e\u0636\u0631\u0645\u064a\u0646 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0627\u0644 \u0623\u0648 \u0627\u0644\u0634\u062e\u0635\u064a\u0627\u062a \u0627\u0644\u0645\u0639\u0631\u0648\u0641\u0629 \u0641\u064a \u0627\u0644\u0645\u062c\u062a\u0645\u0639 \u0644\u062a\u0634\u0643\u064a\u0644 \u0644\u062c\u0646\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0648\u064a\u062d\u062a\u0627\u062c \u0641\u0631\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0625\u0644\u0649 \u0627\u0644\u062a\u0639\u0627\u0648\u0646 \u0645\u0639 \u0641\u0631\u064a\u0642 \u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0644\u062a\u0632\u0648\u064a\u062f \u0644\u062c\u0646\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u062a\u0648\u0635\u064a\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0643\u0627\u0645\u0644\u0629 \u0648\u0645\u0641\u0635\u0644\u0629. \u0648\u0623\u062e\u064a\u0631\u0627\u064b\u060c \u064a\u0639\u0648\u062f \u0627\u0644\u0623\u0645\u0631 \u0641\u064a \u0627\u0644\u0646\u0647\u0627\u064a\u0629 \u0625\u0644\u0649 \u0644\u062c\u0646\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u062a\u0642\u0631\u0631 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0633\u064a\u062a\u0645 \u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0623\u0645 \u0644\u0627.<\/p>\n

\u0641\u064a \u0639\u0645\u0644\u064a\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u0644\u062a\u062c\u0646\u0628 \u0627\u0644\u0647\u062f\u0631 \u063a\u064a\u0631 \u0627\u0644\u0636\u0631\u0648\u0631\u064a \u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0642\u062f\u0631 \u0627\u0644\u0625\u0645\u0643\u0627\u0646\u060c \u0647\u0646\u0627\u0643 \u062a\u0631\u0643\u064a\u0632 \u0623\u0643\u0628\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u0646\u0627\u0642\u0634\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0643\u0645\u0627 \u0623\u0646 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0648\u0627\u0635\u0644 \u0648\u0628\u062f\u0621 \u0627\u0644\u0645\u0634\u0631\u0648\u0639 \u0623\u0643\u062b\u0631 \u0648\u0636\u0648\u062d\u064b\u0627. \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0645\u0646\u0627\u0642\u0634\u0627\u062a \u0627\u0644\u0645\u062a\u0643\u0631\u0631\u0629 \u0642\u0628\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u064a\u062a\u0645 \u0631\u0641\u0639 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649\u060c \u0648\u062a\u062a\u0642\u062f\u0645 \u0639\u0642\u062f\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0645\u0645\u0627 \u064a\u062d\u0633\u0646 \u0623\u064a\u0636\u064b\u0627 \u0645\u0646 \u0645\u0639\u062f\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0648\u0645\u0639\u062f\u0644 \u0646\u062c\u0627\u062d \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0623\u062b\u0646\u0627\u0621 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0645\u0646\u0627\u0642\u0634\u0629\u060c \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0646\u0627\u0643 \u062e\u0644\u0627\u0641\u0627\u062a\u060c \u064a\u0637\u0631\u062d \u0627\u0644\u062c\u0645\u064a\u0639 \u0634\u0643\u0648\u0643\u0647\u0645 \u0639\u0644\u0649 \u0637\u0627\u0648\u0644\u0629 \u0627\u0644\u0646\u0642\u0627\u0634 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0648\u0627\u0644\u0645\u0641\u062a\u0648\u062d\u060c \u0648\u064a\u0633\u062a\u0645\u0639\u0648\u0646 \u0625\u0644\u0649 \u0627\u0644\u0622\u0631\u0627\u0621 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0645\u0646 \u0628\u0639\u0636\u0647\u0645 \u0627\u0644\u0628\u0639\u0636. \u0648\u0627\u0644\u0633\u0628\u0628 \u0641\u064a \u0627\u0644\u0645\u0646\u0627\u0642\u0634\u0629 \u0647\u0648 \u0627\u0644\u0633\u0639\u064a \u0644\u062a\u0648\u0636\u064a\u062d \u0627\u0644\u0642\u0636\u0627\u064a\u0627 \u0648\u062a\u062d\u0645\u0651\u0644 \u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0647\u0645 \u0627\u0644\u062e\u0627\u0635.<\/p>\n

\u0641\u064a \u0627\u0644\u0645\u0648\u0627\u0641\u0642\u0629 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u060c \u064a\u0646\u0635\u0628 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0639\u0644\u0649 \u0639\u062f\u062f \u0627\u0644\u0623\u0635\u0648\u0627\u062a<\/strong>. \u0625\u0630\u0627 \u0635\u0648\u0651\u062a \u0623\u0643\u062b\u0631 \u0645\u0646 \u0646\u0635\u0641 \u0627\u0644\u0634\u0639\u0628 \u0636\u062f \u0645\u0634\u0631\u0648\u0639 \u0645\u0627\u060c \u0648\u0635\u0648\u0651\u062a \u0644\u0635\u0627\u0644\u062d\u0647 \u0631\u0626\u064a\u0633 \u0647\u064a\u0626\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0641\u0625\u0646 \u0631\u0626\u064a\u0633 \u0647\u064a\u0626\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0644\u0646 \u064a\u0641\u0631\u0636 \u062a\u063a\u064a\u064a\u0631\u0627\u064b \u0641\u064a \u0627\u0644\u062a\u0635\u0648\u064a\u062a \u0644\u0635\u0627\u0644\u062d\u0647 \u0644\u0645\u062c\u0631\u062f \u0623\u0646\u0647 \u064a\u0645\u0644\u0643 \u0633\u0644\u0637\u0629 \u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631.<\/p>\n

\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u062d\u062a\u0631\u0627\u0645 \u0627\u0644\u0645\u0647\u0646\u064a\u0629 \u0648\u0627\u0644\u062b\u0642\u0629 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u0627\u062d\u062a\u0631\u0627\u0641\u064a\u0629 \u0623\u0645\u0631 \u0645\u0647\u0645 \u0644\u0644\u063a\u0627\u064a\u0629<\/strong>. It depends on the understanding and recognition of each other's work processes, work rhythms, investment capabilities, and other aspects among family office members.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0648\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0647\u0630\u0647 \u0627\u0644\u062b\u0642\u0629 \u0644\u064a\u0633\u062a \u0645\u0648\u062c\u0648\u062f\u0629 \u0641\u0642\u0637 \u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0648\u0644\u0643\u0646 \u0623\u064a\u0636\u064b\u0627 \u0628\u064a\u0646 \u0627\u0644\u0645\u062e\u0635\u0635\u064a\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u064a\u0646. \u0648\u0642\u062f \u062a\u0634\u0643\u0644\u062a \u062f\u0627\u0626\u0631\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0648\u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u062c\u0647\u0627\u062a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062f\u0627\u0626\u0631\u0629\u060c \u064a\u062d\u0627\u0641\u0638 \u0627\u0644\u062c\u0645\u064a\u0639 \u0639\u0644\u0649 \u062d\u0627\u0644\u0629 \u0645\u0646 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0627\u0644\u0646\u0633\u0628\u064a\u0629 \u0644\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a. \u0648\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u0645\u0645\u0627\u0631\u0633\u0648\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0645\u0639 \u0628\u0639\u0636\u0647\u0645 \u0627\u0644\u0628\u0639\u0636 \u0648\u064a\u0646\u062e\u0631\u0637\u0648\u0646 \u0641\u064a \u0645\u0646\u0627\u0642\u0634\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u0647\u0646\u064a\u0629 \u0645\u0639\u064b\u0627. \u0648\u062a\u0639\u062a\u0628\u0631 \u0645\u0642\u0627\u0631\u0646\u0629 \u0627\u0644\u0645\u0644\u0627\u062d\u0638\u0627\u062a \u0628\u064a\u0646 \u0628\u0639\u0636\u0647\u0645 \u0627\u0644\u0628\u0639\u0636 \u0637\u0631\u064a\u0642\u0629 \u0635\u062d\u064a\u0629 \u0644\u0644\u063a\u0627\u064a\u0629 \u0644\u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u062a\u064f\u0639\u062f \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0627\u0644\u0646\u0627\u0636\u062c\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0627\u0644\u064a\u064a\u0646 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645.<\/p>\n

\u0645\u0646 \u062d\u064a\u062b \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644, they do not set a fixed asset allocation ratio, but instead, they conduct a quantitative allocation analysis based on the level of investment risk tolerance and the family's wishes<\/strong>. \u0633\u064a\u062d\u062f\u062f\u0648\u0646 \u0627\u062a\u062c\u0627\u0647\u064b\u0627 \u0639\u0627\u0645\u064b\u0627 \u0644\u0644\u062a\u062e\u0635\u064a\u0635 \u0648\u0641\u0642\u064b\u0627 \u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u0626\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0648\u0646\u0633\u0628\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u0625\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f.<\/p>\n

\u0628\u0634\u0643\u0644 \u0639\u0627\u0645\u060c \u0633\u064a\u0636\u0639\u0648\u0646 \u062a\u0648\u0642\u0639\u064b\u0627 \u0644\u062a\u062d\u0645\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0648\u064a\u062d\u062f\u062f\u0648\u0646 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0637\u0644\u0642 \u0648\u0627\u0644\u0646\u0633\u0628\u064a \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0628\u0639\u062f \u0630\u0644\u0643\u060c \u0633\u064a\u062d\u062f\u062f\u0648\u0646 \u0646\u0633\u0628\u0629 \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641 \u0648\u062a\u0648\u0642\u0639 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0648\u0639\u0627\u062f\u0629\u064b \u0645\u0627 \u064a\u0643\u0648\u0646 \u0647\u0646\u0627\u0643 \u062a\u0639\u062f\u064a\u0644 \u0631\u0626\u064a\u0633\u064a \u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0643\u0644 3-5 \u0633\u0646\u0648\u0627\u062a\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0623\u062e\u0631\u0649 \u0648\u0641\u0642\u064b\u0627 \u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/p>\n

\u0648\u0628\u0648\u062c\u0647 \u0639\u0627\u0645\u060c \u0633\u064a\u062a\u0645 \u0625\u064a\u0644\u0627\u0621 \u0627\u0644\u0627\u0647\u062a\u0645\u0627\u0645 \u0644\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0641\u0626\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0648 \u0641\u0626\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0645\u0641\u0636\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644\u060c \u0648\u0633\u064a\u062a\u0645 \u0625\u062c\u0631\u0627\u0621 \u0627\u0644\u062a\u0639\u0644\u0645 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0648\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0641\u0626\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649\u060c \u0641\u0625\u0646 \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0647\u0648 \u0627\u0644\u0635\u064a\u0627\u0646\u0629 \u0648\u0627\u0644\u062a\u0639\u062f\u064a\u0644. \u062a\u0646\u0639\u0643\u0633 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0635\u064a\u0627\u0646\u0629 \u0647\u0630\u0647 \u0628\u0634\u0643\u0644 \u0623\u0633\u0627\u0633\u064a \u0641\u064a \u0645\u0631\u062d\u0644\u0629 \u0645\u0627 \u0628\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0645\u062b\u0644 \u062a\u0639\u062f\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u0648\u062a\u062e\u0641\u064a\u0636 \u0623\u0648 \u062a\u062e\u0627\u0631\u062c \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0630\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0641\u0635\u0644\u064a \u0627\u0644\u0636\u0639\u064a\u0641 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u060c \u0648\u0645\u0627 \u0625\u0644\u0649 \u0630\u0644\u0643.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0628\u0634\u0643\u0644 \u0639\u0627\u0645\u060c \u0644\u062f\u0649 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0645\u062c\u0645\u0648\u0639\u0629 \u0648\u0627\u0633\u0639\u0629 \u0645\u0646 \u0641\u0626\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644. \u062a\u062a\u0628\u0639 \u0645\u0639\u0638\u0645 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0623\u0633\u0631\u0629 \u0627\u0644\u0648\u0627\u062d\u062f\u0629 4 \u0641\u0626\u0627\u062a \u0623\u0635\u0648\u0644 \u0631\u0626\u064a\u0633\u064a\u0629 \u064821 \u0641\u0626\u0629 \u0623\u0635\u0648\u0644 \u0641\u0631\u0639\u064a\u0629\u060c \u0644\u0630\u0644\u0643 \u0647\u0646\u0627\u0643 \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0643\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0627\u0644\u0627\u0646\u062a\u0628\u0627\u0647 \u0625\u0644\u064a\u0647\u0627<\/strong>\u060c \u0647\u0646\u0627\u0643 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u062a\u0639\u0644\u0645\u0647\u0627\u060c \u0648\u0647\u0646\u0627\u0643 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u062a\u062a\u0628\u0639\u0647\u0627.<\/p>\n

\u0646\u062a\u064a\u062c\u0629 \u0647\u0630\u0627 \u0627\u0644\u0639\u0645\u0644 \u0647\u064a \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062a\u0646\u0648\u0639 \u0641\u064a \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0639\u0648\u0627\u0626\u062f<\/strong>. \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u062a\u0646\u0648\u064a\u0639 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0626\u062f.<\/p>\n

In contrast, in China, some of the more mainstream asset categories are very concentrated, the sources of returns are quite close, and the correlation of returns is also very high. For example, everyone's money has rushed into the venture capital of the primary market, this sub-asset category.<\/p>\n

02 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0635\u0648\u0644<\/h2>\n

\u0641\u064a \u063a\u0636\u0648\u0646 \u0633\u0646\u0648\u0627\u062a \u0642\u0644\u064a\u0644\u0629\u060c \u0648\u0628\u0633\u0628\u0628 \u0632\u064a\u0627\u062f\u0629 \u062d\u062c\u0645 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0639\u0646 \u0627\u0644\u0637\u0644\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0634\u0631\u0648\u0639\u0627\u062a \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062c\u0648\u062f\u0629\u060c \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u062d\u062f\u0648\u062b \u0635\u0631\u0627\u0639 \u062f\u0627\u062e\u0644 \u0627\u0644\u0635\u0646\u0627\u0639\u0629\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644 \u0643\u0644\u0627 \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u064a\u0646 \u063a\u064a\u0631 \u0633\u0639\u062f\u0627\u0621. \u0648\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0627\u0644\u0629\u060c \u0641\u0625\u0646\u0647 \u0623\u064a\u0636\u064b\u0627 \u0623\u0633\u0647\u0644 \u0644\u062a\u0648\u0644\u064a\u062f \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629 \u063a\u064a\u0631 \u0627\u0644\u0635\u062d\u064a\u0629 \u0648\u062a\u0634\u0648\u064a\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631<\/strong>.<\/p>\n

\u0625\u0646 \u0643\u064a\u0641\u064a\u0629 \u062a\u062d\u0642\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u062a\u0645\u0627\u064a\u0632 \u0645\u062b\u0644 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0647\u0648 \u062f\u0631\u0633 \u064a\u062c\u0628 \u0623\u0646 \u064a\u062a\u0639\u0644\u0645\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0627\u0644\u0635\u064a\u0646\u064a\u0648\u0646.<\/p>\n

\u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642<\/strong>\u060c \u062a\u0631\u0643\u0632 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0623\u0648\u0644\u064a\u0629 \u0639\u0644\u0649 \u0639\u0645\u0644\u064a\u0629 \u062a\u062d\u062f\u064a\u062f \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0634\u062e\u0635\u064a\u0629\u061b \u0628\u064a\u0646\u0645\u0627 \u062a\u0631\u0643\u0632 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629 \u0639\u0644\u0649 \u062a\u0648\u0641\u064a\u0631 \u0645\u0646\u062a\u062c \u0645\u0635\u0645\u0645 \u062e\u0635\u064a\u0635\u064b\u0627 \u0644\u062a\u062d\u0642\u064a\u0642 \u0623\u0647\u062f\u0627\u0641 \u0639\u0627\u0626\u062f\u0627\u062a \u0645\u062d\u062f\u062f\u0629. \u0648\u0644\u0630\u0644\u0643\u060c \u064a\u062d\u062a\u0627\u062c \u0645\u0645\u0627\u0631\u0633\u0648 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0625\u0644\u0649 \u062a\u062d\u0644\u064a\u0644 \u0623\u0646\u0641\u0633\u0647\u0645 \u0648\u0625\u064a\u062c\u0627\u062f \u0646\u0642\u0627\u0637 \u0642\u0648\u062a\u0647\u0645 \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u062a\u0648\u0641\u064a\u0631 \u0625\u0637\u0627\u0631 \u0645\u0633\u062a\u062f\u0627\u0645 \u0644\u0644\u0639\u0627\u0626\u062f\u0627\u062a.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0639\u062f\u0645 \u0627\u0644\u0625\u0641\u0631\u0627\u0637 \u0641\u064a \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u062a\u0631\u0643\u064a\u0632 \u0643\u0628\u0627\u0631 \u0627\u0644\u0644\u0627\u0639\u0628\u064a\u0646 \u0648\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0639\u0642\u0644\u064a\u0629 \u0644\u0627 \u062a\u062a\u0633\u0645 \u0628\u0627\u0644\u062e\u0648\u0641 \u0645\u0646 \u062a\u0641\u0648\u064a\u062a \u0627\u0644\u0641\u0631\u0635\u0629 (\u0627\u0644\u062e\u0648\u0641 \u0645\u0646 \u062a\u0641\u0648\u064a\u062a \u0627\u0644\u0641\u0631\u0635\u0629) \u0645\u0646 \u0623\u062c\u0644 \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u0649 \u0623\u0646\u0633\u0628 \u0627\u0644\u0644\u0627\u0639\u0628\u064a\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u064a\u0646 \u0645\u0646 \u0628\u064a\u0646 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0644\u0627\u0639\u0628\u064a\u0646.<\/p>\n

\u0648\u0628\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u062d\u0627\u0644\u060c \u0648\u0628\u0633\u0628\u0628 \u0627\u0644\u0627\u062e\u062a\u0644\u0627\u0641\u0627\u062a \u0641\u064a \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 \u0648\u0628\u064a\u0626\u0627\u062a \u0623\u0633\u0648\u0627\u0642 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0641\u0636\u0644\u0627\u064b \u0639\u0646 \u0646\u062f\u0631\u0629 \u0641\u0626\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u062c\u0648\u062f\u0629 \u0645\u062d\u0644\u064a\u0627\u064b\u060c \u0641\u0625\u0646 \u0627\u0644\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u0646\u0627\u0633 \u064a\u062e\u0634\u0648\u0646 \u0643\u062b\u064a\u0631\u0627\u064b \u0645\u0646 \u0627\u0631\u062a\u0643\u0627\u0628 \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0623\u0648 \u0627\u0644\u0641\u0634\u0644. \u0648\u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u062f\u0631\u062c\u0629 \u0639\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u062a\u0643\u0631\u0627\u0631 \u0641\u064a \u062c\u0647\u0648\u062f\u0647\u0645 \u0648\u0627\u062a\u062c\u0627\u0647\u0647\u0645 \u063a\u064a\u0631 \u0627\u0644\u0635\u062d\u064a\u062d. \u0644\u064a\u0633 \u0641\u0642\u0637 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0639\u0627\u0645\u0648\u0646\u060c \u0648\u0644\u0643\u0646 \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0648\u0646\u060c \u0645\u0639\u0631\u0636\u0648\u0646 \u0644\u0644\u0648\u0642\u0648\u0639 \u0641\u064a \u0639\u0645\u0644\u064a\u0629 \u0645\u0637\u0627\u0631\u062f\u0629 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629 \u0648\u064a\u062c\u062f\u0648\u0646 \u0635\u0639\u0648\u0628\u0629 \u0641\u064a \u062a\u062e\u0644\u064a\u0635 \u0623\u0646\u0641\u0633\u0647\u0645.<\/p>\n

\u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u0642\u062f \u064a\u062a\u062c\u0647 \u0628\u0639\u0636 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u0623\u0647\u062f\u0627\u0641 \u0623\u062c\u0646\u0628\u064a\u0629 \u0644\u0644\u0647\u0631\u0648\u0628 \u0645\u0646 \"\u0627\u0644\u0627\u0646\u062f\u0645\u0627\u062c\"\u060c \u0648\u0644\u0643\u0646 \u0647\u0646\u0627\u0643 \u0628\u0639\u0636 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u064a\u0646\u0637\u0648\u064a \u0639\u0644\u064a\u0647\u0627 \u0630\u0644\u0643. \u064a\u064f\u0631\u062c\u0649 \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u064a\u0646 \u062a\u0648\u062e\u064a \u0627\u0644\u062d\u0630\u0631 \u0628\u0634\u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629\u060c \u0648\u062a\u062c\u0646\u0628 \u0627\u0644\u0648\u0642\u0648\u0639 \u0641\u064a \u0641\u062e \u0627\u0644\u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0628\u0633\u0628\u0628 \u0645\u0644\u0627\u062d\u0642\u0629 \u0627\u0644\u0623\u0633\u0645\u0627\u0621 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0648\u0627\u062a\u0628\u0627\u0639 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0627\u0644\u0633\u0627\u0626\u062f\u0629 \u0648\u0627\u0644\u062a\u063a\u0627\u0636\u064a \u0639\u0646 \u0630\u0644\u0643.<\/strong> Before investing, investors must carefully assess the risks. This is because overseas asset allocation requires a high level of financial strength and investment expertise. When allocating assets, it is important to consider one's own situation and not to blindly follow trends.<\/p>\n

03 \u0641\u0626\u0627\u062a \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0623\u0643\u062b\u0631 \u0648\u0641\u0631\u0629<\/h2>\n

\u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0627\u0644\u0623\u0645\u0631 \u0628\u0627\u062e\u062a\u064a\u0627\u0631 \u0645\u062f\u064a\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642\u060c \u0641\u0644\u062f\u064a\u0646\u0627 \u0628\u0639\u0636 \u0627\u0644\u0623\u0641\u0643\u0627\u0631:<\/p>\n

Firstly, don't overemphasize the extremely high returns of a fund during a certain historical period or a specific project<\/strong>\u0648\u0630\u0644\u0643 \u0644\u0623\u0646 \u0645\u0627 \u0646\u0633\u062a\u062b\u0645\u0631 \u0641\u064a\u0647 \u0647\u0648 \u0635\u0646\u062f\u0648\u0642 \u0648\u0641\u0631\u064a\u0642. \u0648\u0645\u062f\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0646\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 \u0628\u0643\u062b\u064a\u0631 \u062f\u0648\u0631\u0629 \u062d\u064a\u0627\u0629 \u0623\u064a \u0641\u062a\u0631\u0629 \u062a\u0627\u0631\u064a\u062e\u064a\u0629 \u0623\u0648 \u0645\u0634\u0631\u0648\u0639.<\/p>\n

\u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0635\u0646\u062f\u0648\u0642 \u062a\u062d\u0648\u0637 \u0628\u0639\u0627\u0626\u062f \u0633\u0646\u0648\u064a \u0642\u062f\u0631\u0647 50%. \u0646\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0627\u0644\u0646\u0638\u0631 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0648\u0627\u0644\u0628\u064a\u0626\u0629 \u0627\u0644\u062a\u064a \u062a\u0645 \u0641\u064a\u0647\u0627 \u062a\u062d\u0642\u064a\u0642 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f 50%\u061f \u0643\u064a\u0641 \u0643\u0627\u0646\u062a \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a\u061f \u0646\u062d\u062a\u0627\u062c \u0623\u064a\u0636\u064b\u0627 \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0641\u064a\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0628\u0625\u0645\u0643\u0627\u0646\u0647 \u062a\u0643\u0631\u0627\u0631 \u0647\u0630\u0627 \u0627\u0644\u0639\u0627\u0626\u062f \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u061f \u0645\u062a\u0649 \u064a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a\u0647\u061f \u0643\u064a\u0641 \u064a\u062c\u0628 \u0623\u0646 \u0646\u062d\u0627\u0641\u0638 \u0639\u0644\u0649 \u0645\u0648\u0642\u0641\u0646\u0627 \u0628\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u061f \u0645\u0627 \u062d\u062c\u0645 \u0627\u0644\u0645\u0648\u0642\u0641 \u0627\u0644\u0630\u064a \u064a\u062c\u0628 \u0623\u0646 \u0646\u062e\u0635\u0635\u0647\u061f \u0643\u064a\u0641 \u064a\u062c\u0628 \u0623\u0646 \u0646\u0641\u0643\u0631 \u0641\u064a \u0632\u064a\u0627\u062f\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0646\u0627 \u0648\u0627\u0644\u062e\u0631\u0648\u062c\u061f \u0645\u0627 \u0647\u0648 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629\u061f<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b\u060c \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0627\u0644\u0634\u0631\u064a\u0643 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u062c\u062f\u064a\u0631 \u0628\u062a\u0639\u0627\u0648\u0646\u0646\u0627 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u0645\u062f \u0645\u062c\u062a\u0647\u062f\u0627\u064b \u0648\u0645\u062d\u062a\u0631\u0641\u0627\u064b \u0644\u0644\u063a\u0627\u064a\u0629 \u0648\u0623\u0646 \u064a\u062a\u0645\u062a\u0639 \u0628\u0631\u0624\u0649 \u0641\u0631\u064a\u062f\u0629. \u0648\u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0635\u0627\u062f\u0642\u0627\u064b \u0648\u0634\u0641\u0627\u0641\u0627\u064b \u0645\u0639 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646 \u0648\u0623\u0646 \u064a\u062a\u0645\u062a\u0639 \u0628\u062a\u0648\u0627\u0635\u0644 \u062c\u064a\u062f. \u0648\u0641\u064a \u0638\u0644 \u0628\u064a\u0626\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0636\u0639\u064a\u0641\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\u060c \u0633\u064a\u062a\u0639\u0627\u0648\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646 \u0628\u0634\u0643\u0644 \u0623\u0648\u062b\u0642 \u0645\u0639 \u0628\u0639\u0636 \u0627\u0644\u0634\u0631\u0643\u0627\u0621 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u064a\u0646 \u0627\u0644\u0645\u0648\u062b\u0648\u0642 \u0628\u0647\u0645.<\/p>\n

\u0625\u0630\u0646\u060c \u0643\u064a\u0641 \u064a\u062a\u0645 \u0628\u0646\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u062b\u0642\u0629\u061f \u0642\u0628\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u064a\u062c\u0628 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0644\u062f\u064a\u0646\u0627 \u0641\u0647\u0645 \u0634\u0627\u0645\u0644 \u0644\u0634\u062e\u0635\u064a\u0629 \u0645\u062f\u064a\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0648\u0641\u0644\u0633\u0641\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0648\u0642\u062f\u0631\u0627\u062a\u0647\u060c \u0648\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0641\u0647\u0645 \u0647\u064a \u0623\u064a\u0636\u064b\u0627 \u0639\u0645\u0644\u064a\u0629 \u0628\u0646\u0627\u0621 \u0627\u0644\u062b\u0642\u0629 \u062a\u062f\u0631\u064a\u062c\u064a\u064b\u0627.<\/p>\n

\u0625\u0646 \u0628\u0646\u0627\u0621 \u0627\u0644\u062b\u0642\u0629 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0631\u064a\u062c\u064a\u0629\u060c \u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u062a\u062f\u0645\u064a\u0631 \u0627\u0644\u062b\u0642\u0629 \u0644\u0627 \u064a\u062a\u0645 \u0625\u0644\u0627 \u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629. \u0648\u0628\u0635\u0641\u062a\u0646\u0627 \u0634\u0631\u0643\u0627\u0621 \u0645\u062d\u062f\u0648\u062f\u064a\u0646\u060c \u064a\u0645\u0643\u0646\u0646\u0627 \u0623\u064a\u0636\u064b\u0627 \u0641\u0647\u0645 \u0628\u0639\u0636 \u0627\u0644\u0623\u0645\u0648\u0631 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 (ODD)\u060c \u0648\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 (LDD)\u060c \u0648\u0627\u0644\u0625\u0634\u0627\u0631\u0629 (\u0625\u0644\u0649 \u0627\u0644\u0645\u0644\u0627\u062d\u0638\u0627\u062a).<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

It is worth noting that in the United States, judgment of people is a very important part of investment. For example, a U.S. fund manager who specializes in global macro strategy has started four businesses in a row. Whenever the fund's performance was poor, he would liquidate the entire fund. In 2021, although his new fund performed very well, people in the industry who knew about his character avoided him.<\/p>\n

\u0628\u0627\u062e\u062a\u0635\u0627\u0631\u060c \u0627\u0644\u062b\u0642\u0629 \u0648\u0627\u0644\u0634\u062e\u0635\u064a\u0629 \u0647\u064a \u0645\u0627 \u062a\u062f\u0641\u0639\u0647 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0648\u0627\u0644\u0648\u0642\u062a \u0644\u0644\u062a\u062c\u0631\u0628\u0629 \u0648\u0627\u0644\u062e\u0637\u0623<\/strong>.<\/p>\n

\u062b\u0627\u0646\u064a\u064b\u0627\u060c \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u062d\u0641\u0648\u0641 \u0628\u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0627\u0644\u0627\u0633\u062a\u0639\u062f\u0627\u062f \u0644\u0644\u0633\u064a\u0637\u0631\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0633\u0628\u0642\u064b\u0627<\/strong>. An important step in doing a good job of risk control is to do due diligence. Adequate due diligence can reduce the likelihood of low-probability events. Don't buy a big lesson because of a little laziness. Low-probability events are hard to avoid, what we can do is to reduce the probability of occurrence and control the cost of risk.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u062a\u0623\u0645\u0644 \u062c\u0645\u064a\u0639 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0639\u0627\u0626\u0644\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u062b\u0648\u0631 \u0639\u0644\u0649 \u0635\u0646\u062f\u0648\u0642 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a\u0647 \u0625\u0644\u0649 \u0623\u062c\u0644 \u063a\u064a\u0631 \u0645\u0633\u0645\u0649. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0648\u0644\u0623\u0633\u0628\u0627\u0628 \u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0642\u062f \u062a\u0633\u062d\u0628 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647\u0627 \u0641\u064a \u0623\u062d\u062f \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642. \u0648\u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0633\u062d\u0628\u060c \u0647\u0646\u0627\u0643 \u0639\u062f\u0629 \u0645\u0628\u0627\u062f\u0626:<\/p>\n

\u0623\u0648\u0644\u0627\u064b\u060c \u0627\u0644\u062d\u0633\u0645 \u0647\u0648 \u0627\u0644\u0645\u0641\u062a\u0627\u062d<\/strong>. If you want to withdraw, don't hesitate and don't have any concerns. Withdraw when necessary.<\/p>\n

\u062b\u0627\u0646\u064a\u0627\u064b\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062a\u062d\u062f\u064a\u062f \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0644\u0642\u0629 \u0628\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0634\u0643\u0644 \u0645\u0639\u0642\u0648\u0644\u060c \u0648\u0648\u0636\u0639 \u0645\u0639\u0627\u064a\u064a\u0631 \u0643\u0645\u064a\u0629 \u0648\u0646\u0648\u0639\u064a\u0629 \u0645\u0633\u0628\u0642\u0627\u064b<\/strong>.<\/p>\n

From the LP's perspective, we need to establish a reasonable expectation for the returns of a fund, in order to form a relatively fair understanding of the future.<\/p>\n

\u0639\u0646\u062f\u0645\u0627 \u064a\u0624\u062f\u064a \u0627\u0644\u0637\u0628\u064a\u0628 \u0627\u0644\u0639\u0627\u0645 \u0623\u062f\u0627\u0621\u064b \u0633\u064a\u0626\u064b\u0627\u060c \u0641\u0625\u0646 \u0623\u0648\u0644 \u0634\u064a\u0621 \u064a\u062c\u0628 \u0623\u0646 \u0646\u0646\u0638\u0631 \u0625\u0644\u064a\u0647 \u0647\u0648 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0642\u062f \u0627\u0633\u062a\u0648\u0641\u0649 \u062a\u0648\u0642\u0639\u0627\u062a\u0646\u0627<\/strong>\u0625\u0630\u0627 \u0643\u0627\u0646 \u0642\u062f \u062d\u0642\u0642 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a\u060c \u0641\u0642\u062f \u0646\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u062a\u062d\u0644\u064a\u0644 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0646\u0627\u0643 \u0623\u064a \u0645\u0634\u0643\u0644\u0627\u062a \u0641\u064a \u062a\u062e\u0635\u064a\u0635 \u0647\u0630\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u0645\u0646\u0638\u0648\u0631 \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u0625\u0644\u064a\u0643 \u0645\u062b\u0627\u0644 \u0628\u0633\u064a\u0637: \u0625\u0630\u0627 \u0643\u0627\u0646 \u0623\u062f\u0627\u0621 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u062a\u062d\u0648\u0637 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0636\u0639\u064a\u0641\u064b\u0627 \u0628\u0634\u0643\u0644 \u0645\u0637\u0644\u0642\u060c \u0648\u0644\u0643\u0646\u0647 \u0643\u0627\u0646 \u0623\u062f\u0627\u0621\u064b \u0623\u0641\u0636\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0645\u0624\u0634\u0631 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u060c \u0641\u0643\u0645\u062e\u0635\u0635\u060c \u0623\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0641\u064a\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0639\u0644\u064a \u062a\u062e\u0635\u064a\u0635 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0623\u0645 \u0644\u0627.<\/p>\n

04 \u0643\u064a\u0641\u064a\u0629 \u0627\u062e\u062a\u064a\u0627\u0631 \u0645\u062f\u064a\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642\u061f<\/h2>\n

\u0639\u0646\u062f\u0645\u0627 \u0644\u0627 \u064a\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0634\u0631\u064a\u0643 \u0628\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a\u060c \u062d\u062a\u0649 \u0644\u0648 \u0643\u0627\u0646 \u0623\u062f\u0627\u0624\u0647 \u0627\u0644\u0645\u0637\u0644\u0642 \u062c\u064a\u062f\u0627\u064b\u060c \u0641\u0625\u0646\u0646\u0627 \u0646\u062d\u062a\u0627\u062c \u0623\u064a\u0636\u0627\u064b \u0625\u0644\u0649 \u0627\u0644\u062d\u0643\u0645 \u0639\u0644\u0649 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0629 \u0642\u062f \u0623\u062b\u0631\u062a \u0639\u0644\u0649 \u062b\u0642\u062a\u0646\u0627 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0634\u0631\u064a\u0643. \u0648\u0625\u0630\u0627 \u062a\u0623\u062b\u0631\u060c \u0641\u0633\u0648\u0641 \u0646\u0646\u0633\u062d\u0628 \u0628\u0634\u0643\u0644 \u062d\u0627\u0633\u0645.<\/p>\n

\u062b\u0627\u0644\u062b\u064b\u0627\u060c \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0643 \u0645\u064f\u062e\u0635\u0635\u064b\u0627 \u0644\u0644\u0623\u0635\u0648\u0644\u060c \u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u0644\u0643 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0644\u062f\u064a\u0643 \u0623\u0648\u0647\u0627\u0645 \u0648\u0645\u0634\u0627\u0639\u0631 \u062d\u0648\u0644 \u0623\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0623\u0648 \u0623\u0635\u0644\u060c \u0648\u0644\u0627 \u064a\u0646\u0628\u063a\u064a \u0644\u0643 \u0623\u0646 \u062a\u0634\u0639\u0631 \u0628\u0627\u0644\u062e\u0648\u0641 \u0645\u0646 \u062a\u0641\u0648\u064a\u062a \u0627\u0644\u0641\u0631\u0635\u0629.<\/strong>.<\/p>\n

\u0647\u0646\u0627\u0643 \u0645\u0642\u0648\u0644\u0629 \u062a\u0642\u0648\u0644 "\u0644\u0627 \u062a\u062a\u0632\u0648\u062c \u0645\u0646 \u0645\u0646\u0635\u0628"\u060c \u0648\u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0644\u0627 \u062a\u0633\u0645\u062d \u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0643 \u0628\u0623\u0646 "\u064a\u062e\u062a\u0637\u0641\u0643"\u060c \u0648\u0627\u0646\u0633\u062d\u0628 \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0630\u0644\u0643 \u0636\u0631\u0648\u0631\u064a\u0627.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>\n

\u0643\u0646 \u0645\u0633\u062a\u062b\u0645\u0631\u064b\u0627 \u0637\u0648\u064a\u0644 \u0627\u0644\u0623\u062c\u0644 \u0648\u0645\u0627\u0631\u0633 \u0636\u0628\u0637 \u0627\u0644\u0646\u0641\u0633 \u0636\u062f \u0639\u0642\u0644\u064a\u0629 \u062c\u0646\u064a \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u0633\u0631\u064a\u0639\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u062a\u0628\u0627\u0639 \u0627\u0644\u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0648\u0645\u0644\u0627\u062d\u0642\u0629 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0631\u062a\u0641\u0639\u0629. \u0643\u0646 \u064a\u0642\u0638\u064b\u0627 \u0628\u0634\u0623\u0646 \u0627\u0644\u0645\u0631\u0627\u0643\u0632 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u062d\u0643\u0645\u0643 \u0648\u0645\u0646\u0637\u0642\u0643\u060c \u0648\u062a\u062c\u0646\u0628 \u0627\u0644\u0639\u062f\u0648\u0627\u0646\u064a\u0629 \u0627\u0644\u0645\u0641\u0631\u0637\u0629 \u0623\u0648 \u0627\u062a\u0628\u0627\u0639 \u0627\u0644\u062d\u0634\u062f.<\/p>\n

\u0645\u0644\u0627\u062d\u0638\u0629: \u0627\u0644\u0645\u062d\u062a\u0648\u0649 \u0648\u0627\u0644\u0622\u0631\u0627\u0621 \u0627\u0644\u0645\u0630\u0643\u0648\u0631\u0629 \u0623\u0639\u0644\u0627\u0647 \u0647\u064a \u0644\u0644\u0625\u0634\u0627\u0631\u0629 \u0641\u0642\u0637 \u0648\u0644\u0627 \u062a\u0645\u062b\u0644 \u0623\u064a \u0645\u0648\u0642\u0641 \u0644\u0634\u0631\u0643\u062a\u0646\u0627. \u0648\u0644\u0627 \u062a\u0634\u0643\u0644 \u0646\u0635\u064a\u062d\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u064a\u0631\u062c\u0649 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627 \u0628\u062d\u0630\u0631.<\/p>\n

\"\u0635\u0648\u0631\u0629\"<\/p>","protected":false},"excerpt":{"rendered":"

Nowadays, family offices in the United States have a history of over a hundred years. In 1838, the House of […]<\/p>","protected":false},"author":1,"featured_media":37764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[49],"tags":[],"class_list":["post-37765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fashion-and-design"],"acf":[],"_links":{"self":[{"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/posts\/37765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/comments?post=37765"}],"version-history":[{"count":0,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/posts\/37765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/media\/37764"}],"wp:attachment":[{"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/media?parent=37765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/categories?post=37765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legacy.vertu.com\/ar\/wp-json\/wp\/v2\/tags?post=37765"}],"curies":[{"name":"\u0648\u0648\u0631\u062f\u0628\u0631\u064a\u0633","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}