[{"data":1,"prerenderedAt":1669},["ShallowReactive",2],{"library-1958-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":132,"library-sidebar-dao":1135,"library-sidebar-models":1437},{"id":4,"title":5,"body":6,"category":119,"date":120,"description":121,"extension":122,"meta":123,"navigation":124,"order":115,"path":125,"seo":126,"seoDescription":121,"seoTitle":127,"slug":128,"stem":129,"__hash__":130,"_collection":131},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1958-ba-fei-te-zhi-he-huo-ren-xin.md","1958 巴菲特致合伙人信",{"type":7,"value":8,"toc":110},"minimark",[9,13,17,20,25,28,31,34,38,41,47,50,53,56,59,62,75,78,81,84,87,90,93,96,99,102,104,107],[10,11,5],"h1",{"id":12},"_1958-巴菲特致合伙人信",[14,15,16],"p",{},"沃伦·E·巴菲特",[14,18,19],{},"内布拉斯加州奥马哈市恩德伍德大道5202号",[21,22,24],"h3",{"id":23},"_1958年股市整体情况","1958年股市整体情况",[14,26,27],{},"我有一位朋友，管理着一只中等规模的投资信托，他最近写道：“美国人阴晴不定的性格，在1958年催生了一场大转变——至少在股市里，用’亢奋’来形容再贴切不过。”",[14,29,30],{},"这句话很好地总结了1958年股市的心理转变，无论业余投资者还是专业人士，都逃不出这个框子。过去一年里，人们随便找个理由就往股市里”投资”。和前些年相比，现在股市里那种阴晴不定的人明显多了，他们能待多久，全看他们觉得还能不费力气地快速赚钱多久。这批人不断壮大队伍、不断把股价往上推，这股劲儿什么时候才会歇，我说不准。但有一点我可以肯定：他们在股市里待的时间越长，最后反弹起来的力道就越猛。",[14,32,33],{},"我从不试图预测大盘走势——我的精力全放在寻找被低估的股票上。不过我确实认为，当社会上弥漫着”买股票肯定赚钱”这种信念时，麻烦迟早要来。一旦麻烦来临，我判断，就连被低估的股票，股价也难免大幅受牵连——尽管它们的内在价值不会因此减损。",[21,35,37],{"id":36},"_1958年业绩","1958年业绩",[14,39,40],{},"去年的信里我写过：",[42,43,44],"blockquote",{},[14,45,46],{},"“相对而言，我们在熊市里应该比牛市里表现更好。所以看我们今年的成绩，要考虑到这本来就是适合我们发挥的年份。在大盘整体大幅上涨的年份，只要能跟上指数涨幅，我就心满意足了。”",[14,48,49],{},"1958年正是最后那句话说的情形，而我的判断也应验了。道指从435点涨到583点，加上大约20点的股息，道指整体涨幅为38.5%。过去一年，我管理的五个合伙人账户平均收益率略高于38.5%，按年初年末市场价值计算，各账户收益率介于36.7%到46.2%之间。考虑到我们有相当大比例的持仓并没能从这波快速上涨行情中受益，我认为这个成绩还算过得去。我的预测仍然不变：在下跌或平盘的行情里，我们的业绩会跑赢大盘；在上涨的行情里，能跟上就不错了。",[21,51,52],{"id":52},"典型案例",[14,54,55],{},"为了让各位更清楚地了解我们的操作方式，我想聊聊1958年我们做的一笔具体投资。去年我提到过我们的第一重仓股，它占各个合伙人账户10%到20%的仓位。我当时说，我希望这只股票最好不涨甚至下跌，这样我们才能继续买进、进一步加仓。因此，在牛市行情中，这只股票可能会拖累我们的相对表现。",[14,57,58],{},"这只股票，是新泽西州联合市的联邦信托公司 (Commonwealth Trust Co.)。我们开始买入时，保守估算，它的内在价值是每股125美元。然而，这家公司每年每股盈利约10美元，却出于充分的理由分文股息不发，这大概是股价被压在50美元左右的主要原因。换言之，我们面前摆着这样一家公司：管理上乘的银行，盈利能力强，股价相对内在价值打了很大的折扣。管理层对我们这批新股东表示欢迎，这笔投资最终亏损的风险看来极小。",[14,60,61],{},"联邦信托的第一大股东是一家更大的银行，持股25.5%（联邦信托总资产约5000万美元，大约是奥马哈第一国民银行 (First National) 规模的一半）。这家大股东多年来一直希望并购联邦信托，却因为某些个人原因始终未能成事——但种种迹象表明，这种僵局不会永久持续。综合起来，摆在我们面前的，是这样一家公司：",[63,64,65,69,72],"ol",{},[66,67,68],"li",{},"防守属性极强；",[66,70,71],{},"价值扎实可靠，而且以令人满意的速度持续积累；",[66,73,74],{},"有迹象表明，公司的价值终将释放——也许一年，也许十年。若是十年，届时价值应已积累到相当可观的水平，大概每股250美元左右。",[14,76,77],{},"花了大约一年时间，我们累积买到了这家银行约12%的股份，平均买入价约每股51美元。显而易见，股价沉闷对我们来说是好事。我们持有的股份越多，这批股票的价值越高——尤其是当我们成为第二大股东之后，我们在任何并购提议上都有了举足轻重的投票权。",[14,79,80],{},"联邦信托只有大约300名股东，平均每月也就成交两笔左右。这样各位就明白了，为什么我说我们某些持仓的股价几乎不受大盘行情的影响。",[14,82,83],{},"遗憾的是，买入过程中确实遇到了竞争，股价被抬高到65美元左右，在这个价位我们既没买也没卖。对流动性极差的股票而言，很小的买单就能引起这么大的价格变动——这也解释了为什么我们的持仓绝对不能”泄露”出去。",[14,85,86],{},"到去年年末，我找到了一个特殊情况，可以以很便宜的价格成为另一家公司的最大股东。于是我卖出了手上全部的联邦信托股票，每股卖到80美元，而当时市场报价比这个价格低约20%。",[14,88,89],{},"当然，我们完全可以继续以50美元的成本价持有联邦信托，继续零零散散地慢慢加仓。我很乐意这么做，只不过如果这样，我们去年的业绩在指数面前就不太好看了。买联邦信托这类股票，到底哪一年才能落袋为安，有很大的偶然性，很难说。单凭某一年的盈亏来评判我们的长期业绩，是靠不住的。话虽如此，我依然坚信，投资于这类被低估且保护完好的股票，是取得长期收益最可靠的途径。",[14,91,92],{},"顺带一提，以80美元买入联邦信托的人，长期来看应该也会有相当不错的回报。但是，内在价值135美元、买价80美元的折价，跟内在价值125美元、买价50美元的折价，差距还是很大的。我认为把资金挪到新的标的上，可以创造更多收益。这只新股票体量比联邦信托大一些，占各个合伙人账户资产的约25%。虽然和我们持有的其他许多股票相比，这只新股票的折价并不特别突出，但我们是它的最大股东，这个地位带来的优势非常实在——我们有更大的影响力，可以左右价值修复所需的时间。就这只股票而言，在我们持有期间，我们几乎可以确定它的表现会优于道指。",[21,94,95],{"id":95},"当前形势",[14,97,98],{},"市场越高，低估的股票就越难找。我发现，现在要凑足够数量的便宜投资机会，确实有些吃力了。我本来想提高套利类品种的仓位比例，但条件合适的套利机会也很难碰到。",[14,100,101],{},"在可能的范围内，我正在尝试通过大量买入几只被低估的股票，自己来创造套利机会。按照这个策略，我们应该能实现我之前的预测——在熊市中跑赢大盘。我希望各位合伙人也以这个标准来评价我。如有任何疑问，欢迎随时来问。",[14,103,16],{},[14,105,106],{},"1959年2月11日",[14,108,109],{},"(1): 英文合集中此处许多版本误印为”will”，正确原文应为”well”。——校对注",{"title":111,"searchDepth":112,"depth":112,"links":113},"",2,[114,116,117,118],{"id":23,"depth":115,"text":24},3,{"id":36,"depth":115,"text":37},{"id":52,"depth":115,"text":52},{"id":95,"depth":115,"text":95},"致合伙人信",null,"1958年巴菲特致合伙人信，分享投资理念、合伙基金业绩表现及低估类投资策略","md",{},true,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":121},"1958 巴菲特致合伙人信｜巴菲特","1958-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1958-ba-fei-te-zhi-he-huo-ren-xin","CYiy75aEV2KkVqA7XKUAmysxfD6kP6dwPtsnH96D50Y","buffett",[133,137,141,145,148,151,154,155,158,161,165,168,171,175,178,181,185,188,191,195,198,201,205,208,211,215,218,221,225,228,231,235,238,241,245,248,251,255,258,261,265,268,271,275,278,281,285,288,291,295,298,301,305,308,311,316,319,322,326,329,332,336,339,342,346,349,352,356,359,362,366,369,372,376,379,382,386,389,392,396,399,402,406,409,412,416,419,422,426,429,432,436,439,442,446,449,452,456,459,462,466,469,473,476,480,483,487,490,494,497,501,504,508,511,515,518,522,525,529,532,536,539,543,546,550,553,557,560,564,567,571,574,578,581,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,939,943,947,951,955,959,963,967,971,975,979,983,987,991,995,999,1003,1007,1011,1015,1019,1023,1027,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131],{"title":134,"slug":135,"category":119,"order":136},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":138,"slug":139,"category":140,"order":136},"巴菲特：1951年最看好的股票：GEICO 保险","ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian","访谈与文章",{"title":142,"slug":143,"category":144,"order":136},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":146,"slug":147,"category":119,"order":112},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":149,"slug":150,"category":140,"order":112},"巴菲特：1953年我最看好的股票：西部保险","ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian",{"title":152,"slug":153,"category":144,"order":112},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":128,"category":119,"order":115},{"title":156,"slug":157,"category":140,"order":115},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":159,"slug":160,"category":144,"order":115},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":162,"slug":163,"category":119,"order":164},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":166,"slug":167,"category":140,"order":164},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":169,"slug":170,"category":144,"order":164},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":172,"slug":173,"category":119,"order":174},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":176,"slug":177,"category":140,"order":174},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":179,"slug":180,"category":144,"order":174},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":182,"slug":183,"category":119,"order":184},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":186,"slug":187,"category":140,"order":184},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":189,"slug":190,"category":144,"order":184},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":192,"slug":193,"category":119,"order":194},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":196,"slug":197,"category":140,"order":194},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":199,"slug":200,"category":144,"order":194},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":202,"slug":203,"category":119,"order":204},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":206,"slug":207,"category":140,"order":204},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":209,"slug":210,"category":144,"order":204},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":212,"slug":213,"category":119,"order":214},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":216,"slug":217,"category":140,"order":214},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":219,"slug":220,"category":144,"order":214},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":222,"slug":223,"category":119,"order":224},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":226,"slug":227,"category":140,"order":224},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":229,"slug":230,"category":144,"order":224},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":232,"slug":233,"category":119,"order":234},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":236,"slug":237,"category":140,"order":234},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":239,"slug":240,"category":144,"order":234},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":242,"slug":243,"category":119,"order":244},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":246,"slug":247,"category":140,"order":244},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":249,"slug":250,"category":144,"order":244},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":252,"slug":253,"category":119,"order":254},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":256,"slug":257,"category":140,"order":254},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":259,"slug":260,"category":144,"order":254},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":262,"slug":263,"category":119,"order":264},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":266,"slug":267,"category":140,"order":264},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":269,"slug":270,"category":144,"order":264},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":272,"slug":273,"category":119,"order":274},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":276,"slug":277,"category":140,"order":274},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":279,"slug":280,"category":144,"order":274},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":282,"slug":283,"category":119,"order":284},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":286,"slug":287,"category":140,"order":284},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":289,"slug":290,"category":144,"order":284},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":292,"slug":293,"category":119,"order":294},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":296,"slug":297,"category":140,"order":294},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":299,"slug":300,"category":144,"order":294},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":302,"slug":303,"category":119,"order":304},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":306,"slug":307,"category":140,"order":304},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":309,"slug":310,"category":144,"order":304},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":312,"slug":313,"category":314,"order":315},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":317,"slug":318,"category":140,"order":315},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":320,"slug":321,"category":144,"order":315},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":323,"slug":324,"category":119,"order":325},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":327,"slug":328,"category":140,"order":325},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":330,"slug":331,"category":144,"order":325},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":333,"slug":334,"category":119,"order":335},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":337,"slug":338,"category":140,"order":335},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":340,"slug":341,"category":144,"order":335},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":343,"slug":344,"category":119,"order":345},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":347,"slug":348,"category":140,"order":345},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":350,"slug":351,"category":144,"order":345},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":353,"slug":354,"category":314,"order":355},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":357,"slug":358,"category":140,"order":355},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":360,"slug":361,"category":144,"order":355},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":363,"slug":364,"category":119,"order":365},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":367,"slug":368,"category":140,"order":365},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":370,"slug":371,"category":144,"order":365},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":373,"slug":374,"category":119,"order":375},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":377,"slug":378,"category":140,"order":375},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":380,"slug":381,"category":144,"order":375},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":383,"slug":384,"category":119,"order":385},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":387,"slug":388,"category":140,"order":385},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":390,"slug":391,"category":144,"order":385},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":393,"slug":394,"category":314,"order":395},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":397,"slug":398,"category":140,"order":395},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":400,"slug":401,"category":144,"order":395},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":403,"slug":404,"category":119,"order":405},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":407,"slug":408,"category":140,"order":405},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":410,"slug":411,"category":144,"order":405},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":413,"slug":414,"category":119,"order":415},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":417,"slug":418,"category":140,"order":415},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":420,"slug":421,"category":144,"order":415},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":423,"slug":424,"category":119,"order":425},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":427,"slug":428,"category":140,"order":425},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":430,"slug":431,"category":144,"order":425},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":433,"slug":434,"category":119,"order":435},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":437,"slug":438,"category":140,"order":435},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":440,"slug":441,"category":144,"order":435},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":443,"slug":444,"category":314,"order":445},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":447,"slug":448,"category":140,"order":445},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":450,"slug":451,"category":144,"order":445},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":453,"slug":454,"category":119,"order":455},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":457,"slug":458,"category":140,"order":455},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":460,"slug":461,"category":144,"order":455},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":463,"slug":464,"category":119,"order":465},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":467,"slug":468,"category":140,"order":465},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":470,"slug":471,"category":314,"order":472},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":474,"slug":475,"category":140,"order":472},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":477,"slug":478,"category":119,"order":479},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":481,"slug":482,"category":140,"order":479},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":484,"slug":485,"category":119,"order":486},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":488,"slug":489,"category":140,"order":486},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":491,"slug":492,"category":119,"order":493},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":495,"slug":496,"category":140,"order":493},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":498,"slug":499,"category":119,"order":500},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":502,"slug":503,"category":140,"order":500},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":505,"slug":506,"category":314,"order":507},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":509,"slug":510,"category":140,"order":507},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":512,"slug":513,"category":119,"order":514},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":516,"slug":517,"category":140,"order":514},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":519,"slug":520,"category":314,"order":521},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":523,"slug":524,"category":140,"order":521},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":526,"slug":527,"category":314,"order":528},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":530,"slug":531,"category":140,"order":528},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":533,"slug":534,"category":314,"order":535},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":537,"slug":538,"category":140,"order":535},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":540,"slug":541,"category":314,"order":542},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":544,"slug":545,"category":140,"order":542},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":547,"slug":548,"category":314,"order":549},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":551,"slug":552,"category":140,"order":549},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":554,"slug":555,"category":314,"order":556},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":558,"slug":559,"category":140,"order":556},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":561,"slug":562,"category":314,"order":563},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":565,"slug":566,"category":140,"order":563},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":568,"slug":569,"category":314,"order":570},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":572,"slug":573,"category":140,"order":570},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":575,"slug":576,"category":314,"order":577},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":579,"slug":580,"category":140,"order":577},"巴菲特：2004年与塔克商学院学生对谈","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":582,"slug":583,"category":314,"order":584},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":586,"slug":587,"category":140,"order":584},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":589,"slug":590,"category":314,"order":591},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":593,"slug":594,"category":140,"order":591},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":596,"slug":597,"category":314,"order":598},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":600,"slug":601,"category":140,"order":598},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":603,"slug":604,"category":314,"order":605},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":607,"slug":608,"category":140,"order":605},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":610,"slug":611,"category":314,"order":612},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":614,"slug":615,"category":140,"order":612},"巴菲特：2005年加州大学问答纪要","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":617,"slug":618,"category":314,"order":619},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":621,"slug":622,"category":140,"order":619},"巴菲特：2005年与塔克商学院学生对谈","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":624,"slug":625,"category":314,"order":626},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":628,"slug":629,"category":140,"order":626},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":631,"slug":632,"category":314,"order":633},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":635,"slug":636,"category":140,"order":633},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":638,"slug":639,"category":314,"order":640},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":642,"slug":643,"category":140,"order":640},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":645,"slug":646,"category":314,"order":647},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":649,"slug":650,"category":140,"order":647},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":652,"slug":653,"category":314,"order":654},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":656,"slug":657,"category":140,"order":654},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":659,"slug":660,"category":314,"order":661},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":663,"slug":664,"category":140,"order":661},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":666,"slug":667,"category":314,"order":668},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":670,"slug":671,"category":140,"order":668},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":673,"slug":674,"category":314,"order":675},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":677,"slug":678,"category":140,"order":675},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":680,"slug":681,"category":314,"order":682},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":684,"slug":685,"category":140,"order":682},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":687,"slug":688,"category":314,"order":689},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":691,"slug":692,"category":140,"order":689},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":694,"slug":695,"category":314,"order":696},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":698,"slug":699,"category":140,"order":696},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":701,"slug":702,"category":314,"order":703},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":705,"slug":706,"category":140,"order":703},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":708,"slug":709,"category":314,"order":710},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":712,"slug":713,"category":140,"order":710},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":715,"slug":716,"category":314,"order":717},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":719,"slug":720,"category":140,"order":717},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":722,"slug":723,"category":314,"order":724},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":726,"slug":727,"category":140,"order":724},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":729,"slug":730,"category":314,"order":731},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":733,"slug":734,"category":140,"order":731},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":736,"slug":737,"category":314,"order":738},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":740,"slug":741,"category":140,"order":738},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":743,"slug":744,"category":314,"order":745},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":747,"slug":748,"category":140,"order":745},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":750,"slug":751,"category":314,"order":752},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":754,"slug":755,"category":140,"order":752},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":757,"slug":758,"category":314,"order":759},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":761,"slug":762,"category":140,"order":759},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":764,"slug":765,"category":314,"order":766},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":768,"slug":769,"category":140,"order":766},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":771,"slug":772,"category":314,"order":773},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":775,"slug":776,"category":140,"order":773},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":778,"slug":779,"category":314,"order":780},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":782,"slug":783,"category":140,"order":780},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":785,"slug":786,"category":314,"order":787},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":789,"slug":790,"category":140,"order":787},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":792,"slug":793,"category":314,"order":794},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":796,"slug":797,"category":140,"order":794},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":799,"slug":800,"category":314,"order":801},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":803,"slug":804,"category":140,"order":801},"巴菲特：2009年对话六所商学院学生","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":806,"slug":807,"category":314,"order":808},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":810,"slug":811,"category":140,"order":808},"巴菲特：2009年对话哥大商学院学生","ba-fei-te-2009nian-dui-hua-ge-da-shang-xue-yuan-xue-sheng",{"title":813,"slug":814,"category":314,"order":815},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":817,"slug":818,"category":140,"order":815},"巴菲特：2009年恐慌是会传染的，我们必须做点什么","ba-fei-te-2009nian-kong-huang-shi-hui-chuan-ran-de-wo-men-bi-xu-zuo-dian-shi-me",{"title":820,"slug":821,"category":314,"order":822},"2014 伯克希尔的过去现在与未来","2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai",85,{"title":824,"slug":825,"category":140,"order":822},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":827,"slug":828,"category":314,"order":829},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":831,"slug":832,"category":140,"order":829},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":834,"slug":835,"category":314,"order":836},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":838,"slug":839,"category":140,"order":836},"巴菲特：2009年阿克伦大学商学院问答实录","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":841,"slug":842,"category":314,"order":843},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":845,"slug":846,"category":140,"order":843},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":848,"slug":849,"category":314,"order":850},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":852,"slug":853,"category":140,"order":850},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":855,"slug":856,"category":314,"order":857},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":859,"slug":860,"category":140,"order":857},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":862,"slug":863,"category":314,"order":864},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":866,"slug":867,"category":140,"order":864},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":869,"slug":870,"category":314,"order":871},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":873,"slug":874,"category":140,"order":871},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":876,"slug":877,"category":314,"order":878},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":880,"slug":881,"category":140,"order":878},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":883,"slug":884,"category":314,"order":885},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":887,"slug":888,"category":140,"order":885},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":890,"slug":891,"category":314,"order":892},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":894,"slug":895,"category":140,"order":892},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":897,"slug":898,"category":314,"order":899},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":901,"slug":902,"category":140,"order":899},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":904,"slug":905,"category":314,"order":906},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":908,"slug":909,"category":140,"order":906},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":911,"slug":912,"category":314,"order":913},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":915,"slug":916,"category":140,"order":913},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":918,"slug":919,"category":314,"order":920},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":922,"slug":923,"category":140,"order":920},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":925,"slug":926,"category":314,"order":927},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":929,"slug":930,"category":140,"order":927},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":932,"slug":933,"category":140,"order":934},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":936,"slug":937,"category":140,"order":938},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":940,"slug":941,"category":140,"order":942},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":944,"slug":945,"category":140,"order":946},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":948,"slug":949,"category":140,"order":950},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":952,"slug":953,"category":140,"order":954},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":956,"slug":957,"category":140,"order":958},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":960,"slug":961,"category":140,"order":962},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":964,"slug":965,"category":140,"order":966},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":968,"slug":969,"category":140,"order":970},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":972,"slug":973,"category":140,"order":974},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":976,"slug":977,"category":140,"order":978},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":980,"slug":981,"category":140,"order":982},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":984,"slug":985,"category":140,"order":986},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":988,"slug":989,"category":140,"order":990},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":992,"slug":993,"category":140,"order":994},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":996,"slug":997,"category":140,"order":998},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1000,"slug":1001,"category":140,"order":1002},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1004,"slug":1005,"category":140,"order":1006},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":1008,"slug":1009,"category":140,"order":1010},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":1012,"slug":1013,"category":140,"order":1014},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":1016,"slug":1017,"category":140,"order":1018},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1020,"slug":1021,"category":140,"order":1022},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1024,"slug":1025,"category":140,"order":1026},"巴菲特：2017年查理·罗斯访谈：比尔·盖茨与沃伦·巴菲特","ba-fei-te-2017nian-cha-li-luo-si-fang-tan-bi-er-gai-ci-yu-wo-lun-ba-fei-te",124,{"title":1028,"slug":1029,"category":140,"order":1030},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1032,"slug":1033,"category":140,"order":1034},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",126,{"title":1036,"slug":1037,"category":140,"order":1038},"巴菲特：2018年时代周刊-分享美国财富的秘密","ba-fei-te-2018nian-shi-dai-zhou-kan-fen-xiang-mei-guo-cai-fu-de-mi-mi",127,{"title":1040,"slug":1041,"category":140,"order":1042},"巴菲特：2019年5月雅虎财经专访","ba-fei-te-2019nian-5yue-ya-hu-cai-jing-zhuan-fang",128,{"title":1044,"slug":1045,"category":140,"order":1046},"巴菲特：2019年与芒格及比尔盖茨接受CNBC采访","ba-fei-te-2019nian-yu-mang-ge-ji-bi-er-gai-ci-jie-shou-cnbccai-fang",129,{"title":1048,"slug":1049,"category":140,"order":1050},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1052,"slug":1053,"category":140,"order":1054},"巴菲特：2020年给内布拉斯加大学林肯分校2020届毕业生的建议","ba-fei-te-2020nian-gei-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-2020jie-bi-ye-sheng-de-jian-yi",131,{"title":1056,"slug":1057,"category":140,"order":1058},"巴菲特：2021年专访《成为巴菲特》","ba-fei-te-2021nian-zhuan-fang-cheng-wei-ba-fei-te",132,{"title":1060,"slug":1061,"category":140,"order":1062},"巴菲特：2021年巴菲特芒格接受CNBC专访","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",133,{"title":1064,"slug":1065,"category":140,"order":1066},"巴菲特：2021年让观众无言以对 !有史以来最鼓舞人心的演讲之一","ba-fei-te-2021nian-rang-guan-zhong-wu-yan-yi-dui-you-shi-yi-lai-zui-gu-wu-ren-xin-de-yan-jiang-zhi-yi",134,{"title":1068,"slug":1069,"category":140,"order":1070},"巴菲特：2021年采访《沃伦·巴菲特的投资策略：如何像传奇一样生活和投资（完整访谈）》","ba-fei-te-2021nian-cai-fang-wo-lun-ba-fei-te-de-tou-zi-ce-lue-ru-he-xiang-chuan-qi-yi-yang-sheng-huo-he-tou-zi-wan-zheng-fang-tan",135,{"title":1072,"slug":1073,"category":140,"order":1074},"巴菲特：2022年32 届年度格雷厄姆和多德早餐会","ba-fei-te-2022nian-32-jie-nian-du-ge-lei-e-mu-he-duo-de-zao-can-hui",136,{"title":1076,"slug":1077,"category":140,"order":1078},"巴菲特：2022年和查理罗斯对谈","ba-fei-te-2022nian-he-cha-li-luo-si-dui-tan",137,{"title":1080,"slug":1081,"category":140,"order":1082},"巴菲特：2023年 查理芒格：伯克希尔的总设计师","ba-fei-te-2023nian-cha-li-mang-ge-bo-ke-xi-er-de-zong-she-ji-shi",138,{"title":1084,"slug":1085,"category":140,"order":1086},"巴菲特：初学者如何投资--3 条简单的规则","ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",139,{"title":1088,"slug":1089,"category":140,"order":1090},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1092,"slug":1093,"category":140,"order":1094},"巴菲特：每个投资者都会犯的 10 个错误","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",141,{"title":1096,"slug":1097,"category":140,"order":1098},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1100,"slug":1101,"category":140,"order":1102},"2026伯克希尔股东大会 CNBC专访巴菲特（完整纯中文）","2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",143,{"title":1104,"slug":1105,"category":140,"order":1106},"巴菲特：2026年最新采访 CNBC《财经论谈》","ba-fei-te-2026nian-zui-xin-cai-fang-cnbc-cai-jing-lun-tan",144,{"title":1108,"slug":1109,"category":140,"order":1110},"伯克希尔50 周年：过去、现在和未来","bo-ke-xi-er-50-zhou-nian-guo-qu-xian-zai-he-wei-lai",145,{"title":1112,"slug":1113,"category":140,"order":1114},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1116,"slug":1117,"category":140,"order":1118},"巴菲特：你应该了解珠宝生意","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",147,{"title":1120,"slug":1121,"category":140,"order":1122},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1124,"slug":1125,"category":140,"order":1126},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1128,"slug":1129,"category":140,"order":1130},"康布斯：在普通股中寻找价值","kang-bu-si-zai-pu-tong-gu-zhong-xun-zhao-jie-zhi",150,{"title":1132,"slug":1133,"category":140,"order":1134},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1136,1140,1143,1146,1149,1152,1155,1158,1161,1165,1169,1172,1175,1178,1181,1184,1187,1190,1193,1196,1199,1202,1205,1208,1211,1215,1218,1221,1224,1227,1230,1233,1236,1239,1242,1246,1249,1252,1255,1258,1261,1264,1267,1271,1274,1277,1280,1283,1286,1289,1292,1295,1298,1301,1304,1307,1310,1313,1316,1319,1322,1325,1328,1331,1334,1337,1340,1343,1346,1349,1352,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421,1425,1429,1433],{"title":1137,"slug":1138,"category":1139,"order":136},"本分","benfen","核心哲学",{"title":1141,"slug":1142,"category":1139,"order":112},"平常心","pingchangxin",{"title":1144,"slug":1145,"category":1139,"order":115},"做对的事情","zuoduideshiqing",{"title":1147,"slug":1148,"category":1139,"order":164},"把事情做对","bashiqingzuodui",{"title":1150,"slug":1151,"category":1139,"order":174},"能力圈","nengliquan",{"title":1153,"slug":1154,"category":1139,"order":184},"不做什么","buzuoshenme",{"title":1156,"slug":1157,"category":1139,"order":194},"敢为天下后","ganweitianxiahou",{"title":1159,"slug":1160,"category":1139,"order":204},"消费者导向","xiaofeizhedaoxiang",{"title":1162,"slug":1163,"category":1164,"order":214},"价值投资","jiazhitouzi","投资理念",{"title":1166,"slug":1167,"category":1168,"order":224},"负债","fuzhai","财务指标",{"title":1170,"slug":1171,"category":1164,"order":224},"商业模式","shangyemoshi",{"title":1173,"slug":1174,"category":1164,"order":234},"护城河","huchenghe",{"title":1176,"slug":1177,"category":1168,"order":234},"净现金","jingxianjin",{"title":1179,"slug":1180,"category":1168,"order":244},"开销合理性","kaixiaohelixing",{"title":1182,"slug":1183,"category":1164,"order":244},"现金流","xianjinliu",{"title":1185,"slug":1186,"category":1168,"order":254},"真实利润","zhenshilirun",{"title":1188,"slug":1189,"category":1164,"order":254},"折现","zhexian",{"title":1191,"slug":1192,"category":1164,"order":264},"安全边际","anquanbianji",{"title":1194,"slug":1195,"category":1168,"order":264},"扣除商誉的净资产","jingzichan",{"title":1197,"slug":1198,"category":1164,"order":274},"基本面","jibenmian",{"title":1200,"slug":1201,"category":1164,"order":284},"机会成本","jihuichengben",{"title":1203,"slug":1204,"category":1164,"order":294},"长期持有","zhangqichiyou",{"title":1206,"slug":1207,"category":1164,"order":304},"投机","touji",{"title":1209,"slug":1210,"category":1164,"order":315},"止损","zhisun",{"title":1212,"slug":1213,"category":1214,"order":325},"企业文化","qiyewenhua","企业经营",{"title":1216,"slug":1217,"category":1214,"order":335},"品牌","pinpai",{"title":1219,"slug":1220,"category":1214,"order":345},"差异化","chayihua",{"title":1222,"slug":1223,"category":1214,"order":355},"用户体验","yonghutiyan",{"title":1225,"slug":1226,"category":1214,"order":365},"渠道","qudao",{"title":1228,"slug":1229,"category":1214,"order":375},"平台","pingtai",{"title":1231,"slug":1232,"category":1214,"order":385},"生态系统","shengtaixitong",{"title":1234,"slug":1235,"category":1214,"order":395},"单一产品","danyichanpin",{"title":1237,"slug":1238,"category":1214,"order":405},"造钟人","zaozhongren",{"title":1240,"slug":1241,"category":1214,"order":415},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1243,"slug":1244,"category":1245,"order":425},"进取心","jinquxin","品格与心性",{"title":1247,"slug":1248,"category":1245,"order":435},"耐心","naixin",{"title":1250,"slug":1251,"category":1245,"order":445},"责任心","zerenxin",{"title":1253,"slug":1254,"category":1245,"order":455},"爱心","aixin",{"title":1256,"slug":1257,"category":1245,"order":465},"信誉","xinyu",{"title":1259,"slug":1260,"category":1245,"order":472},"正直","zhengzhi",{"title":1262,"slug":1263,"category":1245,"order":479},"理性","lixing",{"title":1265,"slug":1266,"category":1245,"order":486},"长期主义","zhangqizhuyi",{"title":1268,"slug":1269,"category":1270,"order":927},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1272,"slug":1273,"category":1270,"order":934},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1275,"slug":1276,"category":1270,"order":938},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1278,"slug":1279,"category":1270,"order":942},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1281,"slug":1282,"category":1270,"order":946},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1284,"slug":1285,"category":1270,"order":950},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",{"title":1287,"slug":1288,"category":1270,"order":954},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",{"title":1290,"slug":1291,"category":1270,"order":958},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1293,"slug":1294,"category":1270,"order":962},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1296,"slug":1297,"category":1270,"order":966},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",{"title":1299,"slug":1300,"category":1270,"order":970},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1302,"slug":1303,"category":1270,"order":974},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1305,"slug":1306,"category":1270,"order":978},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1308,"slug":1309,"category":1270,"order":982},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1311,"slug":1312,"category":1270,"order":986},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1314,"slug":1315,"category":1270,"order":990},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1317,"slug":1318,"category":1270,"order":994},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1320,"slug":1321,"category":1270,"order":998},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1323,"slug":1324,"category":1270,"order":1002},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1326,"slug":1327,"category":1270,"order":1006},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",{"title":1329,"slug":1330,"category":1270,"order":1010},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",{"title":1332,"slug":1333,"category":1270,"order":1014},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",{"title":1335,"slug":1336,"category":1270,"order":1018},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1338,"slug":1339,"category":1270,"order":1022},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1341,"slug":1342,"category":1270,"order":1026},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1344,"slug":1345,"category":1270,"order":1030},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1347,"slug":1348,"category":1270,"order":1034},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1350,"slug":1351,"category":1270,"order":1038},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",{"title":1353,"slug":1354,"category":1355,"order":1356},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1358,"slug":1359,"category":1355,"order":1360},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1362,"slug":1363,"category":1355,"order":1364},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1366,"slug":1367,"category":1355,"order":1368},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1370,"slug":1371,"category":1355,"order":1372},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1374,"slug":1375,"category":1355,"order":1376},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1378,"slug":1379,"category":1355,"order":1380},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1382,"slug":1383,"category":1355,"order":1384},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1386,"slug":1387,"category":1355,"order":1388},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1390,"slug":1391,"category":1355,"order":1392},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":1394,"slug":1395,"category":1355,"order":1396},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1398,"slug":1399,"category":1355,"order":1400},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1402,"slug":1403,"category":1355,"order":1404},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1406,"slug":1407,"category":1355,"order":1408},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":1410,"slug":1411,"category":1355,"order":1412},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1414,"slug":1415,"category":1355,"order":1416},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1418,"slug":1419,"category":1355,"order":1420},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1422,"slug":1423,"category":1355,"order":1424},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1426,"slug":1427,"category":1355,"order":1428},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1430,"slug":1431,"category":1355,"order":1432},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1434,"slug":1435,"category":1355,"order":1436},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1438,1441,1444,1447,1451,1455,1458,1462,1464,1467,1470,1473,1477,1480,1483,1486,1489,1493,1496,1499,1502,1505,1509,1512,1515,1517,1520,1523,1526,1529,1532,1535,1538,1541,1544,1547,1550,1553,1556,1559,1562,1565,1568,1571,1574,1577,1580,1583,1586,1589,1592,1595,1598,1601,1604,1607,1610,1613,1616,1619,1622,1625,1628,1631,1634,1637,1641,1644,1647,1650,1653,1657,1660,1663,1666],{"title":1150,"slug":1439,"category":1440,"order":136},"ability-circle","决策与战略",{"title":1442,"slug":1443,"category":1440,"order":112},"逆向思维","inversion",{"title":1200,"slug":1445,"category":1446,"order":115},"opportunity-cost","经济学",{"title":1448,"slug":1449,"category":1450,"order":164},"复利","compound-interest","数学与概率论",{"title":1452,"slug":1453,"category":1454,"order":174},"激励机制","incentives","心理学",{"title":1456,"slug":1457,"category":1450,"order":184},"概率思维","probabilistic-thinking",{"title":1459,"slug":1460,"category":1461,"order":194},"二阶效应","second-order-effects","哲学与逻辑",{"title":1191,"slug":1463,"category":1440,"order":204},"margin-of-safety",{"title":1465,"slug":1466,"category":1454,"order":214},"心理误判","psychology-of-misjudgment",{"title":1468,"slug":1469,"category":1440,"order":224},"检查清单","checklist",{"title":1471,"slug":1472,"category":1446,"order":234},"规模优势","scale-advantage",{"title":1474,"slug":1475,"category":1476,"order":244},"冗余与容错","redundancy","工程学\u002F系统",{"title":1478,"slug":1479,"category":1450,"order":254},"排列组合","combinatorics",{"title":1481,"slug":1482,"category":1450,"order":264},"费马-帕斯卡","fermat-pascal",{"title":1484,"slug":1485,"category":1450,"order":274},"均值回归","regression-to-the-mean",{"title":1487,"slug":1488,"category":1450,"order":284},"量化分析","quantitative-analysis",{"title":1490,"slug":1491,"category":1492,"order":294},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1494,"slug":1495,"category":1492,"order":304},"平衡态","equilibrium",{"title":1497,"slug":1498,"category":1492,"order":315},"熵增定律","entropy",{"title":1500,"slug":1501,"category":1492,"order":325},"能量守恒","conservation-of-energy",{"title":1503,"slug":1504,"category":1492,"order":335},"杠杆原理","leverage",{"title":1506,"slug":1507,"category":1508,"order":345},"自然选择","natural-selection","生物学\u002F进化论",{"title":1510,"slug":1511,"category":1508,"order":355},"物竞天择","competition-for-resources",{"title":1513,"slug":1514,"category":1508,"order":365},"进化思维","evolutionary-thinking",{"title":1231,"slug":1516,"category":1508,"order":375},"ecosystem",{"title":1518,"slug":1519,"category":1454,"order":385},"爱好倾向","liking-tendency",{"title":1521,"slug":1522,"category":1454,"order":395},"讨厌倾向","disliking-tendency",{"title":1524,"slug":1525,"category":1454,"order":405},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1527,"slug":1528,"category":1454,"order":415},"一致性倾向","consistency-tendency",{"title":1530,"slug":1531,"category":1454,"order":425},"好奇心倾向","curiosity-tendency",{"title":1533,"slug":1534,"category":1454,"order":435},"康德式公平","kantian-fairness",{"title":1536,"slug":1537,"category":1454,"order":445},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1539,"slug":1540,"category":1454,"order":455},"反馈倾向","reciprocation-tendency",{"title":1542,"slug":1543,"category":1454,"order":465},"权威误导","authority-misinfluence",{"title":1545,"slug":1546,"category":1454,"order":472},"重视理由","reason-respecting-tendency",{"title":1548,"slug":1549,"category":1454,"order":479},"过度乐观","over-optimism",{"title":1551,"slug":1552,"category":1454,"order":486},"损失厌恶","loss-aversion",{"title":1554,"slug":1555,"category":1454,"order":493},"否认倾向","denial-tendency",{"title":1557,"slug":1558,"category":1454,"order":500},"过度反应","overreaction-tendency",{"title":1560,"slug":1561,"category":1454,"order":507},"社群影响","social-influence",{"title":1563,"slug":1564,"category":1454,"order":514},"压力倾向","stress-influence-tendency",{"title":1566,"slug":1567,"category":1454,"order":521},"物质主义","materialism-tendency",{"title":1569,"slug":1570,"category":1454,"order":528},"废话倾向","twaddle-tendency",{"title":1572,"slug":1573,"category":1454,"order":535},"确认偏误","confirmation-bias",{"title":1575,"slug":1576,"category":1454,"order":542},"锚定效应","anchoring-effect",{"title":1578,"slug":1579,"category":1454,"order":549},"现时偏差","present-bias",{"title":1581,"slug":1582,"category":1454,"order":556},"贪婪倾向","greed-tendency",{"title":1584,"slug":1585,"category":1446,"order":563},"边际成本\u002F收益","marginal-cost-benefit",{"title":1587,"slug":1588,"category":1446,"order":570},"供需关系","supply-and-demand",{"title":1590,"slug":1591,"category":1446,"order":577},"帕累托最优","pareto-optimality",{"title":1593,"slug":1594,"category":1446,"order":584},"竞争性毁灭","creative-destruction",{"title":1596,"slug":1597,"category":1440,"order":591},"双轨分析","two-track-analysis",{"title":1599,"slug":1600,"category":1440,"order":598},"非线性思维","nonlinear-thinking",{"title":1602,"slug":1603,"category":1440,"order":605},"极化思考","extreme-thinking",{"title":1605,"slug":1606,"category":1440,"order":612},"必要功","necessary-work",{"title":1608,"slug":1609,"category":1476,"order":619},"停机问题","halting-problem",{"title":1611,"slug":1612,"category":1476,"order":626},"闭环系统","closed-loop-system",{"title":1614,"slug":1615,"category":1476,"order":633},"故障安全","fail-safe",{"title":1617,"slug":1618,"category":1476,"order":640},"反向设计","reverse-design",{"title":1620,"slug":1621,"category":1476,"order":647},"瓶颈分析","bottleneck-analysis",{"title":1623,"slug":1624,"category":1461,"order":654},"第一性原理","first-principles",{"title":1626,"slug":1627,"category":1461,"order":661},"证伪思维","falsification",{"title":1629,"slug":1630,"category":1461,"order":668},"奥卡姆剃刀","occams-razor",{"title":1632,"slug":1633,"category":1461,"order":675},"中道思维","middle-way",{"title":1635,"slug":1636,"category":1461,"order":682},"不可知论","agnosticism",{"title":1638,"slug":1639,"category":1640,"order":689},"大数定律","law-of-large-numbers","统计学",{"title":1642,"slug":1643,"category":1640,"order":696},"样本偏差","sample-bias",{"title":1645,"slug":1646,"category":1640,"order":703},"相关性≠因果","correlation-not-causation",{"title":1648,"slug":1649,"category":1640,"order":710},"幸存者偏差","survivorship-bias",{"title":1651,"slug":1652,"category":1640,"order":717},"基本比率","base-rate",{"title":1654,"slug":1655,"category":1656,"order":724},"社会认同","social-proof","社会学",{"title":1658,"slug":1659,"category":1656,"order":731},"部落本能","tribal-instinct",{"title":1661,"slug":1662,"category":1656,"order":738},"金蛋定律","golden-egg-rule",{"title":1664,"slug":1665,"category":1656,"order":745},"互利共生","mutualism",{"title":1667,"slug":1668,"category":1656,"order":752},"激励传导","incentive-transmission",1778291659483]