ai rating summary
🧠 Analysis Trace 🏷️ 深度观点 (Deep-Dive) | 信息密度：8/10 | 🆕 新颖度：4/10 判断：这是投资哲学的经典传教——Ellis用平白有力的语言把”做好投资=控制情绪而非超越他人”这一反直觉的真理重复打入你的脑子。信息密度高，但核心洞察对当代投资者已非新鲜事，其价值更多在于”为什么这样”的说服力。
🎯 核心信号 (The Signal)
- 一句话结论：投资成功的本质不是战胜市场，而是战胜自己——通过写下投资政策、执行纪律、在暴跌时坚持买入来赚取情感自律的溢价。
- 关键证据/要点：
- “不要亏损” = 不要在最糟糕时刻被情绪驱动做决策；真正的亏损来自非理性时刻的果断行动，而非股价波动本身
- 三条成功之路的排序：智力超群（0.1%的人）> 物理勤奋（低效，华尔街陷阱）> 情感自律（最可靠，无需天赋只需纪律）
- 指数基金 = 雇佣全球最聪明的投资者免费为你工作；由于机构占90%成交量，个人选股需要20%的超额回报才能打平成本，概率趋零
- “连续流程”类比：投资像饼干工厂运营，应该是完全自动化、重复且无聊的；任何”有趣的事”都意味着你发现了问题
- “市场先生”心理模型：不必每次敲门都开门；价格波动与价值变化无关，应该对前者麻木不仁
🌲 关键实体与作用 (Entities & Roles)
| 实体 | 在文中的作用 | 立场 |
| Charley Ellis（63岁的投资顾问） | 本文的思想输出方，通过40年经验和多重身份（Rockefeller顾问、GMT创始人、耶鲁基金管理人）为论点背书 | 中立（权威声音） |
| Warren Buffett & Ben Graham | 通过”市场先生”寓言为心理学论证提供经典权威 | 正面（智力超群者的代表） |
| Jack Bogle（先锋基金创始人） | 被Ellis的1975年文章激发，创造了第一只个人指数基金，是理论向实践转化的桥梁 | 正面（理想的执行者） |
| Capital Group（美国基金管理公司） | 被Ellis认可为”最长期一致卓越”的主动基金典范，代表例外情况 | 正面（选择标杆） |
| 华尔街机构（整体） | 被指责”创造你可以赢的幻觉”来维持交易费用与薪酬；同时也是个人投资者无法战胜的竞争者 | 负面（系统性对个人不利的角色） |
| Mr. Market（市场先生） | 心理学隐喻，代表市场短期波动中的情绪性机构；长期投资者应无视其报价 | 中立（工具） |
🛡️ 批判性视角 (Critical Check)
-
逻辑漏洞/风险点：
-
二元对立的简化：Ellis将投资成功分为”智力 vs 勤奋 vs 心理”三路，但这忽视了”系统性研究+长期执行”（即时间维度拉长的勤奋）在中等回报目标中的有效性。不是所有选股者都需要战胜Warren Buffett。
-
时代背景的盲点：2001年访谈发表于互联网泡沫破裂初期，Ellis推荐被动指数，但这正是市场极度失效的时刻。“大多数时间价格约对”这个假设在泡沫期失效——此时被动策略可能让你在下降过程中持续买入廉价烂股票。
-
指数基金的隐性成本被低估：20%超额回报门槛这个数字缺乏分解，在不同费率、税务、交易成本的组合下应有差异；且”机构也是人，也会犯错”的反驳被忽视。
-
职业存在的悖论：作为顾问，Ellis推荐”投资政策就够了”，但这是在自我消解咨询服务的必要性——他自己的建议是”不听建议、执行政策”。
-
立场与意图：
-
传教式深度探讨 + 强烈的行为规范意图：Ellis不是在陈述观察，而是在改造投资者的心智模型。其修辞高度道德化（“被众神毁灭的人先被自信摧毁”、“不要亏损如同绝对真理”），这是规范劝说而非纯粹分析。
💡 启发性思考 (Heuristic Questions)
- 如果”最好的投资政策是拟定后就放着”，那么付费咨询顾问、管理费、以及指数基金内部的费用结构本身，是否都在违反Ellis自己的无为之道？
- ——这揭示一个职业投资者的内在矛盾：Ellis教人”不要做任何事”，但他的整个职业生涯（从Rockefeller顾问到GMT再到耶鲁基金）都建立在”做正确的事”之上。他的建议本质是在说”让我帮你设计一个系统，然后你就可以不需要我了”——这是一个自我消解的商业模式。
📊 补充资讯
文章来源与可信度：
- 原刊：《Money Magazine》，2001年6月（作者 Jason Zweig，现为《WSJ》专栏作家）
- Ellis的身份确认：确实是格林威治协会创始人，耶鲁捐赠基金管理人，“Winning the Loser’s Game”（1975）确为其代表作
- 时代背景：2001年美国股市从互联网泡沫崩溃中恢复期，此时推荐低波动策略符合市场心理
original content
I did this interview with the renowned investment consultant Charley Ellis in June 2001. It still rings true, because wisdom never goes out of style. I especially like the part where he talks about how investing, like manufacturing cookies or toothpaste, is supposed to be boring: “If you find anything interesting, you’ve found something wrong.”
我在 2001 年 6 月与著名投资顾问查理·埃利斯进行了这次采访。这仍然是正确的，因为智慧永远不会过时。我特别喜欢他谈到投资就像制造饼干或牙膏一样应该是无聊的那部分：“如果你发现了任何有趣的东西，那你就发现了错误。”
Wall Street’s Wisest Man 华尔街最聪明的人
What if, whenever the stock market went insane, you could get a painless vaccine that would keep you calm and steady? And imagine that this medicine could make you rich if you took it regularly.
如果每当股市疯狂时，你都能得到一种无痛疫苗，让你保持冷静和稳定，那会怎样？想象一下，如果你定期服用这种药物，它可以让你变得富有。
I just got a strong dose of this wonder drug myself — by having breakfast with Charles D. Ellis. The medicine he administers is called wise advice. And thanks to the booster shot he gave me, I’ve never felt more optimistic as an investor — despite the carnage in the market over the past year.
我刚刚亲身体验了一剂这种神奇药物——与查尔斯·D·埃利斯共进早餐。他所给予的药方叫做明智的建议。多亏了他给我的强心针，我作为投资者从未感到如此乐观——尽管过去一年市场经历了惨烈的动荡。
Ellis, 63, has four decades of investment experience. In the 1960s, he helped manage the Rockefeller family’s fortune and punctured “go-go” stocks as an analyst at Donaldson Lufkin & Jenrette. Later, he founded Wall Street’s top consulting firm, Greenwich Associates, which provides financial advice to everyone from Goldman Sachs to Fidelity and T. Rowe Price, and he currently oversees the $10 billion endowment fund at Yale University. Ellis has also written trailblazing articles and books, including “The Loser’s Game” (a 1975 article that spurred Vanguard’s founder, Jack Bogle, to introduce the first index fund for individual investors) and Investment Policy, a classic book reissued in 1998 as Winning the Loser’s Game. (Disclosure: I helped edit the revised version but took no fee.) His new book, Wall Street People, paints an array of intriguing portraits of some of the great investors of the past century.
埃利斯，63 岁，拥有四十年的投资经验。在 1960 年代，他帮助管理洛克菲勒家族的财富，并在唐纳德森·卢夫金与詹雷特担任分析师时揭穿了“快速增长”股票的泡沫。后来，他创立了华尔街顶尖咨询公司格林威治协会，为高盛、富达和 T. Rowe Price 等提供财务建议，目前他负责耶鲁大学 100 亿美元的捐赠基金。埃利斯还撰写了开创性的文章和书籍，包括《失败者的游戏》（一篇 1975 年的文章，促使先锋基金创始人杰克·博格尔推出首个面向个人投资者的指数基金）和《投资政策》，这本经典书籍在 1998 年重新发行为《赢得失败者的游戏》。 （披露：我曾帮助编辑修订版，但未收取任何费用。）他的新书《华尔街人物》描绘了过去一个世纪一些伟大投资者的引人入胜的肖像。
So on a drizzly day this April, I sat down for breakfast with Ellis at the Yale Club in Manhattan. Fueled by several cups of black coffee and his own boundless mental energy, Ellis held forth for what seemed like a brisk hour and a half. Only after I stepped back into the rain did I realize that we’d talked for nearly five hours. Here’s some of what we touched on.
在这个四月的细雨天，我在曼哈顿的耶鲁俱乐部与埃利斯共进早餐。几杯黑咖啡和他无尽的精神能量驱动下，埃利斯畅谈了近一个半小时。只有当我再次走入雨中时，我才意识到我们已经聊了将近五个小时。以下是我们讨论的一些内容。
Q. You’ve often said that long-term investors should root for stocks to go down, not up. Why?
问：你常说长期投资者应该希望股票下跌，而不是上涨。为什么？
A. If you’re buying something, wouldn’t you rather pay less for it than more? When stocks get cheaper, how can that not be good news for a long-term investor? There are very few times when you should be bold, and history shows that those times are precisely when it seems you should be most afraid. It’s absolutely cockamamie crazy to sell stocks after they drop. Instead, you should say, “Today there’s a first-rate bargain and I’m buying.”
A. 如果你要买东西，难道你不希望花更少的钱吗？当股票变便宜时，这对长期投资者来说怎么会不是好消息呢？你应该大胆出手的时机非常少，而历史表明，这些时机恰恰是在你最应该感到害怕的时候。股票下跌后卖出是绝对荒谬的疯狂。相反，你应该说：“今天有一个一流的便宜货，我要买。”
Q. That’s easier said than done.
这说起来容易，做起来难。
A. Ben Graham and Warren Buffett have talked about a charming, seductive manic-depressive gentleman named Mr. Market. Every day he shows up on your doorstep offering to do business with you. When he’s manic, he’ll offer to buy your stocks or sell you his for absurdly inflated prices. When he’s depressed, his prices go ridiculously low. The mistake most people make is answering the door just because Mr. Market knocks. You don’t have to let him in. Why should you buy just because he’s excited? Why should you sell just because he’s down in the dumps? A long-term investor shouldn’t care about market prices.
A. 本·格雷厄姆和沃伦·巴菲特曾谈到一个迷人而诱人的躁郁症绅士，名叫市场先生。每天他都会出现在你家门口，主动提出与您做生意。当他情绪高涨时，他会以荒谬的高价向您购买股票或向您出售他的股票。当他情绪低落时，他的价格则会低得离谱。大多数人犯的错误是仅仅因为市场先生敲门就开门。你不必让他进来。为什么仅仅因为他兴奋就要买入？为什么仅仅因为他情绪低落就要卖出？长期投资者不应该在意市场价格。
Q. So what should investors care about?
问：那么投资者应该关心什么？
A. Back in 1963, I was in a training program at Wertheim & Co., and one day the firm’s senior partner, J.K. Klingenstein, was our guest speaker. As he was about to leave, one of the trainees blurted out, “Mr. Klingenstein, you’re rich. How can we become rich like you?” Everyone else was mortified, and J.K. was clearly not amused. But then his face softened, and you could see that he was taking the question very seriously and trying to sum up everything he’d learned in a lifetime on Wall Street. The room was silent as a tomb, and finally Mr. Klingenstein said firmly, “Don’t lose.” Then he stood up and left. I’ve never forgotten that moment. That’s what investors should really care about: Don’t lose. Don’t make mistakes. They cost too much. Most of the destruction of investment value occurs in small, private, anguishing experiences that are never discussed and never recorded, because people were doing things they never should have done.
A. 回到 1963 年，我在 Wertheim & Co.的培训项目中，有一天公司的高级合伙人 J.K. Klingenstein 是我们的嘉宾演讲者。当他准备离开时，一位实习生脱口而出：“Klingenstein 先生，您很富有。我们如何才能像您一样富有？”其他人都感到非常尴尬，而 J.K.显然并不觉得好笑。但随后他的脸色缓和了下来，你可以看出他非常认真地对待这个问题，试图总结他在华尔街一生中学到的一切。房间里安静得像坟墓，最后 Klingenstein 先生坚定地说：“不要亏损。”然后他站起来离开了。我从未忘记那个时刻。这才是投资者真正应该关心的：不要亏损。不要犯错误。它们代价太高。大多数投资价值的毁灭发生在小的、私人的、痛苦的经历中，这些经历从未被讨论和记录，因为人们做了他们根本不应该做的事情。
Q. You don’t mean we should stay out of the stock market because we might lose money?
问：你的意思是我们应该避免进入股市，因为我们可能会亏钱？
A. That’s not what losing means. In investing, losing means taking decisive action at the worst possible times — being driven by your emotions precisely when you need to be the most rational.
A. 这并不是失去的意义。在投资中，失去意味着在最糟糕的时刻采取果断行动——在你最需要理性的时候被情绪驱动。
Trying too hard to win eventually means losing. To win the Indianapolis 500, you first have to finish the Indianapolis 500 — that’s five hundred laps around and around that oval. If you try too hard on just one lap, you won’t live to finish. And just think about the Forbes 400 [the magazine’s list of America’s richest people]. The turnover on that list is incredible. So many fortunes have been snuffed out by the temptation to try harder.
过于努力地想要赢得最终意味着失去。要赢得印地安纳波利斯 500 赛，首先你必须完成印地安纳波利斯 500 赛——那是五百圈绕着椭圆形赛道转。如果你在某一圈上过于用力，你将无法活着完成。再想想福布斯 400 [该杂志的美国富豪榜]。这个榜单的更替令人难以置信。许多财富因过于追求而被扼杀。
In a rapidly rising market, the faster you trade, the better you’ll do — and that makes you forget that those whom the gods would destroy, they first make confident. The more you know, the higher the odds that you’ll make a serious mistake. That’s why it’s not the beginners who tend to die at skydiving and why most car accidents happen within a few miles of home. There’s a saying in the British Royal Air Force that investors need to remember: “There are old pilots, and there are bold pilots, but there are no old, bold pilots.”
在一个快速上涨的市场中，你交易得越快，你的表现就会越好——这让你忘记了那些被众神所毁灭的人，首先会让他们变得自信。你知道的越多，你犯严重错误的几率就越高。这就是为什么初学者往往不会在跳伞中丧命，以及为什么大多数车祸发生在离家几英里内。英国皇家空军有一句投资者需要记住的话：“有老飞行员，也有大胆飞行员，但没有老的大胆飞行员。”
Q. So why do so many of us insist on trying so hard, not least to beat the market?
问：那么，为什么我们中的许多人坚持努力，尤其是为了战胜市场呢？
A. Because we’re human beings. Even in our advanced society, there’s a curious belief in magic. It’s a virulent form of the triumph of hope over experience.
A. 因为我们是人类。即使在我们先进的社会中，仍然存在一种对魔法的好奇信仰。这是一种希望战胜经验的顽固形式。
Q. As a consultant, you’ve urged managers of endowments and pension funds to create — and then live by — a formal “investment policy.” What’s that — and should all of us have one?
问：作为顾问，您曾敦促捐赠基金和养老金基金的管理者制定并遵循正式的“投资政策”。这是什么——我们所有人都应该有一个吗？
A. It’s a written statement of what you believe as an investor and what you can hold on to even when everyone you know is either excited or scared to death of the market. Go to a continuous-process factory sometime — a chemical plant, a cookie manufacturer, a place that makes toothpaste. Everything is perfectly repetitive, automated, exactly in place. If you find anything interesting, you’ve found something wrong.
A. 这是一份书面声明，表明你作为投资者的信念，以及即使在你认识的每个人对市场感到兴奋或恐惧时，你仍然可以坚持的信念。去一个连续生产的工厂看看——一个化工厂，一个饼干制造商，一个牙膏生产地。一切都是完美重复的，自动化的，完全到位。如果你发现了任何有趣的东西，那你就发现了问题。
Investing is a continuous process too; it isn’t supposed to be interesting. It’s a responsibility. If you go to the stock market because you want excitement, then sooner or later you will lose. Everyone who thinks the stock market is a game loses — everyone, to the last man, woman and child. So, the purpose of an investment policy is simply to ensure that your continuous process never breaks down.
投资也是一个持续的过程；它不应该是有趣的。这是一种责任。如果你去股市是因为想要刺激，那么迟早你会亏损。每一个认为股市是游戏的人都会亏损——每一个人，直到最后一个男人、女人和孩子。因此，投资政策的目的就是确保你的持续过程永远不会中断。
Visualize yourself looking back when you’re 80 years old, reviewing whether you invested your money wisely. Ask, “What is it I can trust myself to do in good times and in bad?” Then write it down on one side of a single sheet of paper — when you’ll put money in, how you’ll manage it, when and why you’ll take it out. The best plan, for most of us, is to commit to buying some index funds and do nothing else. Benign neglect is the secret to long-term investing success. If you change your investment policy, you are likely to be wrong; if you change it with a sense of urgency, you’re guaranteed to be wrong.
想象一下，当你 80 岁时回顾自己是否明智地投资了钱。问自己：“在好时光和坏时光中，我可以信任自己做什么？”然后把它写在一张纸的一侧——你什么时候投入资金，如何管理，何时以及为什么取出。对大多数人来说，最好的计划是承诺购买一些指数基金，并且不做其他事情。温和的忽视是长期投资成功的秘诀。如果你改变投资政策，你很可能会错；如果你带着紧迫感改变它，你就一定会错。
Q. Why index funds? 问：为什么选择指数基金？
A. Watch a pro football game, and it’s obvious the guys on the field are far faster, stronger and more willing to bear and inflict pain than you are. Surely you would say, “I don’t want to play against those guys!” Well, 90% of stock market volume is done by institutions, and half of that is done by the world’s 50 largest investment firms, deeply committed, vastly well prepared — the smartest sons of bitches in the world working their tails off all day long. You know what? I don’t want to play against those guys either.
A. 看一场职业足球比赛，你会明显感受到场上的球员比你快得多、强壮得多，并且更愿意承受和施加痛苦。你肯定会说：“我不想和那些人比赛！”好吧，90%的股票市场交易量是由机构完成的，而其中一半是由全球 50 家最大的投资公司完成的，他们深度投入、准备充分——世界上最聪明的家伙们整天努力工作。你知道吗？我也不想和那些人比赛。
But I don’t have to play against them. Instead, I can hire them — by buying an index fund. Then they all work for me for free, because stock prices express the best judgment of all the investors out there. Most of the time, those prices are approximately right, so most of the time you’ll be wrong if you second-guess them. Factor in fees and trading costs — not to mention taxes — and you have to do about 20% better than average before your costs just to match the index after your costs. Stock picking is a loser’s game, but Wall Street loves creating the perception that you can win at it.
但我不必与他们竞争。相反，我可以通过购买指数基金来雇佣他们。这样，他们都为我免费工作，因为股票价格反映了所有投资者的最佳判断。大多数时候，这些价格大致是正确的，因此大多数时候，如果你对它们进行猜测，你会错。考虑到费用和交易成本——更不用说税收——你必须比平均水平好大约 20%，才能在扣除成本后仅仅与指数持平。选股是一场失败者的游戏，但华尔街喜欢创造你可以在其中获胜的错觉。
Q. For investors who refuse to index, how do you suggest picking a fund?
问：对于拒绝指数投资的投资者，您建议如何选择基金？
A. If you’re not prepared to stay married, then you shouldn’t get married. And if you’re going to opt for an actively managed fund, pick one in which you’d be comfortable doubling your investment whenever the manager has a dreadful two or three years. If not, you’re making a mistake. Because he will have a dreadful two or three years. I guarantee it. Every good manager does.
A. 如果你没有准备好维持婚姻关系，那么你就不应该结婚。如果你选择主动管理的基金，选择一个你愿意在经理经历糟糕的两三年时加倍投资的基金。如果不这样做，你就是在犯错误。因为他会经历糟糕的两三年。我保证。每个优秀的经理都会。
Q. And what should an investor look for in the fund manager?
问：投资者在基金经理身上应该关注什么？
A. You want an organization designed to help exceptionally talented investors gather information and use it rationally so that their best research comes through. Only novel “soft-shelled” ideas produce extraordinary returns, because the obvious ideas are already reflected in a stock’s price. So you need a fund company that is systematically organized around low turnover and long time horizons, and that has a collegial atmosphere.
A. 你希望有一个组织，旨在帮助极具才华的投资者收集信息并理性使用，以便他们的最佳研究得以体现。只有新颖的“软壳”想法才能产生非凡的回报，因为显而易见的想法已经反映在股票价格中。因此，你需要一家系统性地围绕低周转率和长时间范围组织的基金公司，并且具有合作的氛围。
Q. Are you thinking of the Capital Group, which runs the American Funds?
问：您是在考虑管理美国基金的资本集团吗？
A. No one else has been so consistently excellent for so long.
A. 没有人能如此长时间保持如此一致的卓越表现。
Q. You’ve said that there are three ways to succeed as an investor. What are they?
问：您说过作为投资者成功有三种方式。它们是什么？
A. You can succeed intellectually, physically or emotionally. The intellectual way is how we would all like to succeed: being so smart that we understand things more clearly and see farther ahead than every other investor. The pre-eminent example, obviously, is Warren Buffett. But people like him are very, very, very rare.
A. 你可以在智力、身体或情感上取得成功。智力上的成功是我们所有人都希望实现的：变得如此聪明，以至于我们能更清晰地理解事物，并比其他投资者更远见卓识。显而易见的杰出例子是沃伦·巴菲特。但像他这样的人是非常非常非常稀有的。
The physical way to succeed is simply to work harder, to start at dawn and grind away till midnight and carry home a heavy briefcase full of research and keep working right on through the weekend too. This way is the most popular on Wall Street, where nearly everyone seems to try it. And for some of them, this way works — well, I can’t say I’ve met many people for whom it actually works, but they must think it does, or they wouldn’t keep trying so hard.
成功的物理方式就是更加努力地工作，从黎明开始，一直忙到午夜，带着装满研究资料的沉重公文包回家，并且周末也继续工作。这种方式在华尔街最为流行，几乎每个人似乎都在尝试。对于其中一些人来说，这种方式有效——好吧，我不能说我见过很多人确实有效，但他们一定认为有效，否则他们不会如此努力地继续尝试。
The third way to succeed as an investor is difficult emotionally. When that seductive fellow Mr. Market comes around, you have to pay absolutely no attention to him, no matter what happens. You have to control your emotions, and most of the time that means the best thing to do is nothing. If you can’t control your emotions, being in the market is like walking into a heated area wearing a backpack full of explosives.
作为投资者成功的第三种方式在情感上是困难的。当那个诱人的家伙市场先生出现时，无论发生什么，你都绝对不能关注他。你必须控制自己的情绪，而大多数时候，这意味着最好的做法就是不做任何事情。如果你无法控制自己的情绪，进入市场就像背着装满炸药的背包走进一个高温区域。
I’m not smart enough to succeed the intellectual way, and I can’t work hard enough to succeed the physical way. But the emotionally difficult way takes very little time and makes no intellectual or physical demands on you at all. Statistically, judging by how the public invests, most people don’t like the emotionally difficult path. Then again, more and more people are trying it; the amount of money in index funds has been rising year after year. The emotional path is the only reliable way that I know of to succeed.
我不够聪明，无法以智力的方式成功，也无法努力工作以身体的方式成功。但情感上困难的方式所需时间很少，对你没有任何智力或身体上的要求。从统计上看，根据公众的投资方式，大多数人不喜欢情感上困难的道路。不过，越来越多的人在尝试；指数基金中的资金年年在增加。情感路径是我所知道的唯一可靠的成功方式。
Q. When will this bear market end?
问：这个熊市什么时候结束？
A. As Rhett said to Scarlett, “Frankly, I don’t give a damn.” You’d have to be self-deluding, maybe certifiably nuts, to try answering that. And the answer doesn’t matter anyway. If you ran a commercial tree farm, would you ask for up-to-the-minute bulletins on how the forest was growing today? How many people are investing for success this year, this month, this week, this day? Most people’s true time horizons are much longer than they think — 50 years, even more. They should be investing for success over a lifetime — or more than one lifetime, because part of what they’re investing will go to their kids after they’re gone. “When stocks get cheaper,” says Ellis, “how can that not be good news?
A. 正如瑞特对斯嘉丽所说：“坦白说，我一点也不在乎。”你必须是自欺欺人，甚至可能是精神失常，才会试图回答这个问题。而且答案无关紧要。如果你经营一个商业树木农场，你会要求关于今天森林生长情况的最新通报吗？有多少人在今年、这个月、这个星期、今天投资以获得成功？大多数人的真实时间视野远比他们想象的要长——50 年，甚至更长。他们应该为一生的成功投资——或者超过一个生命，因为他们投资的一部分将在他们去世后留给他们的孩子。“当股票变得更便宜时，”埃利斯说，“这怎么可能不是好消息呢？”
Click here to download PDF: 6.01Ellis
点击此处下载 PDF：6.01Ellis
Source: Money Magazine, June 2001
来源：财经杂志，2001 年 6 月