[{"data":1,"prerenderedAt":1674},["ShallowReactive",2],{"library-1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":137,"library-sidebar-dao":1140,"library-sidebar-models":1442},{"id":4,"title":5,"body":6,"category":123,"date":124,"description":125,"extension":126,"meta":127,"navigation":128,"order":129,"path":130,"seo":131,"seoDescription":125,"seoTitle":132,"slug":133,"stem":134,"__hash__":135,"_collection":136},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin.md","1967年10月 巴菲特致合伙人信",{"type":7,"value":8,"toc":119},"minimark",[9,13,17,20,23,26,36,43,50,57,60,63,66,69,72,75,78,83,86,89,92,95,98,101,104,107,110,113,116],[10,11,5],"h1",{"id":12},"_1967年10月-巴菲特致合伙人信",[14,15,16],"p",{},"1967 年 10 月 9 日",[14,18,19],{},"致各位合伙人：",[14,21,22],{},"过去 11 年里，我给巴菲特合伙基金设定的目标始终不变，即我们的业绩平均每年领先道指 10 个百分点。在过去的环境中，我认为这个目标有难度，但可以实现。",[14,24,25],{},"现在情况发生了如下变化，我们的目标应该随之改变：",[27,28,29],"blockquote",{},[30,31,32],"ol",{},[33,34,35],"li",{},"过去十年里，市场环境日渐改变，用定量分析方法判断，一眼看上去就很便宜的股票骤然减少。",[27,37,38],{},[30,39,40],{},[33,41,42],{},"人们一窝蜂地追逐投资业绩（几年前，倡导衡量投资业绩的人没几个，我是其中之一，没想到现在变成了这样），市场变得极度亢奋，我的分析方法没了用武之地。",[27,44,45],{},[30,46,47],{},[33,48,49],{},"我们的资产规模已经达到 6500 万美元，好的投资机会却如同一条日渐干涸的小溪，越来越少。这个问题我在 1967 年 1 月的信中讲过的，它一直困扰着我们。",[27,51,52],{},[30,53,54],{},[33,55,56],{},"当年的我，比现在年轻、比现在穷，为了追求高超的投资业绩不顾一切，现在我对高超业绩的追求已不复当年那么强烈。",[14,58,59],{},"下面我们逐一分析上述变化。",[14,61,62],{},"在投资中，对证券和公司进行评估时，总是既有定性因素，又有定量因素。一个极端是纯粹的定性派，他们的主张是：“挑好公司买（前景好、行业状况好、管理层好），不用管价格。”另一个极端是纯粹的定量派，他们会说：“挑好价格买，不用管公司（和股票）。”证券投资领域是个好行当，两种方法都能赚钱。其实，所有分析师都会或多或少同时用到这两种方法，没有只使用一种，不用另一种的。至于一个人到底算是定性派，还是定量派，就看他在分析过程中更强调哪种方法。",[14,64,65],{},"有意思的是，虽说我认为我自己基本上算是定量派的（我写这句话的时候正是课间休息，大家都出去了，教室里可能就我一个人），这些年来我真正抓住的大的投资机会都是特别偏向定性的，都是我“看准了的大概率机会”。这些机会是给我们赚大钱的。这样的机会不常有，能真正看准的机会本来就少。至于通过定量分析发现的投资机会，用不着看得多准，数字应该一目了然，就像当头棒喝一样。所以说，真正能赚大钱的，是那些定性决策看得准的。不过，在我看来，通过定量分析，找到那些明显的投资机会，赚钱赚得更稳。",[14,67,68],{},"这些年来，通过统计数据就能找到的便宜货几乎绝迹了。或许是因为过去二十年里，没再出现 30 年代时的经济危机，没有人们对股票的厌恶，就没有遍地都是的便宜货，人们把股票筛选了一遍又一遍。或许是因为杠杆收购被日益接受并随之广泛应用（日益接受和广泛应用，哪个在先，哪个在后，让行为学家研究吧）。能吸引杠杆收购的本来就是便宜的品种。或许是因为证券分析从业人员暴增，现在研究股票的分析师比前几年多多了。无论原因如何，摆在我们面前的现实是用定量方法能找到的便宜货已经基本绝迹了，我们赖以为生的主食没了。用定量方法可能偶尔还能找到几个便宜货。偶尔也可能发现我在定性方面非常确定的股票，这里有我们赚大钱的机会，但是，这种机会很稀少。在过去三年里，我们的业绩那么好，主要就是得益于发现了一个这样的好机会。",[14,70,71],{},"给我们造成困难的第二点是人们越来越看重投资业绩。多年来，我一直说衡量投资业绩很重要。我一直告诉合伙人，如果我们的业绩超不过平均水平，就不应该把钱交给我投资。这几年，投资界（特别是投资者）日益认识到衡量投资业绩的重要性。过去一两年，这简直成了潮流。衡量投资业绩是理所应当的，但人们走偏了，我们拭目以待吧。",[14,73,74],{},"我总是提醒合伙人，在衡量我们投资业绩的时候，至少要看三年，才能看出来我们行不行。不出所料，大众不关注投资业绩则已，一关注就走极端。他们的预期时间越缩越短，衡量大资金的表现时，看一年、一个季度、一个月，甚至更短的时间（产生了所谓的“即时分析”）。短期业绩亮丽能获得巨大回报，不但业绩报酬高，而且下一轮募集资金时会备受追捧。由此形成了一种自我循环，参与短线的资金越来越多。这种现象产生的后果令人不安：在越来越快的投资节奏中，投资什么（具体的公司或股票）越来越不重要，有时候甚至完全不算回事。",[14,76,77],{},"我个人认为，由此产生的是大规模的投机。这不算什么新鲜事，但是这一次，越来越多的职业投资者（很多甚至是从前很温和的投资者）都认为自己必须要“上车”。借助各种仪式、名人和词汇，这场游戏被美化的冠冕堂皇。到目前为止，这么投资的人非常赚钱。或许这会成为将来市场的新常态，但是，我了解自己，我知道这么投资，我做不来。正如在上一封年度信中所说：",[27,79,80],{},[14,81,82],{},"“在证券投资中，预测市场走势，忽略商业估值的行为经常盛行。我们不会效仿。近年来，这种投资风气经常能迅速赚大钱，就在我写这封信的这个月就是如此。这个投资方法是否合理？我无法证实，也无法否认。我的理智（或许是我的偏见）不完全认同这种投资方法，我的秉性也绝对不适合这种投资方法。我不会拿自己的钱这么投资，也绝对不会拿各位的钱这么投资。”",[14,84,85],{},"在证券市场中，大量资金任何形式的亢奋，都可能给所有市场参与者带来伤害。我无意预测股市走向，一年后道指到底会是 600 点、900 点，还是 1200 点，我一无所知。就算当前以及未来的投机活动会导致严重后果，经验告诉我们，猜测具体会是什么时间毫无意义。我明确知道的是：按照当前的市场状况，从中期来看，市场活动会给我们造成更多困难。",[14,87,88],{},"上面说的这些话可能只是一个“老顽固”的想法（怎么说我现在都 37 了）。游戏不按自己的规则玩了，人们总是会说新方法一无是处，早晚会出问题。我自己以前就对这种老顽固非常不以为然。我也看到过，有些人用老眼光看问题，不正视现实，结果遭到了惩罚。说到底，我与当前的市场环境不合拍。我很清楚的是：我不会放弃我原来的投资方法，而接受新的投资方法，哪怕会因此错过唾手可得的大量财富。原来的投资方法，虽然在现在的环境中很难发挥作用，但它的逻辑我懂。新的投资方法，我不完全明白，也没成功用过，还可能导致严重的本金永久损失。",[14,90,91],{},"我们面临的第三个困难是我们现在的资金规模大多了。前些年，我找到的投资机会总是我们资金量的 110% 到 1000%。我很难想象会有现在的情况。我当初向合伙人保证，如果情况变了，会告诉大家。在 1967 年 1 月的信中，我履行了承诺。主要由于上述两个情况的变化，现在我们更大的资金规模已经开始或多或少地拖累我们的业绩。我总结了四点原因，其中这一点是最不重要的。就算我们的资金只有当前的十分之一，我们的业绩也不会提高多少。但是，在当前的情况下，增加的资金规模在一定程度上是一个负面因素。",[14,93,94],{},"最后一个，也是最重要的一个的一个变化，是我没年轻时的冲劲了。合伙基金成立时，我把跑步机的马达设置在“跑赢道指十个点”。那时，我比现在年轻、比现在穷，可能也比现在更争强好胜。就算没有前三个影响我们业绩的因素，我还是觉得，考虑到我个人的情况变化，应该降低跑步机的速度。根据我的观察，在行行色色的商业活动和日常生活中，很多旧习惯、老路子早就行不通了，但仍然一成不变甚至愈积愈深。伯特兰•罗素 (Bertrand Russell) 讲过一个故事：有两个立陶宛女孩，二战后住在他的庄园里。虽然罗素家不缺吃的，但每天晚上天黑后，她们都跑出去偷邻居的蔬菜，藏到自己的屋里。罗素勋爵对这两个女孩说，在陷入战乱的立陶宛，她们有必要这么做，但是这里是英国乡村，用不着这么做。这两个女孩点头表示明白了，但还是继续偷菜。",[14,96,97],{},"后来罗素想明白了，虽然在邻居看来这两个女孩的行为很怪，但其实老洛克菲勒不也这样吗。（译注：罗素认为，老洛克菲勒年轻时经历过贫穷的痛苦，所以成年后不停地敛财。）",[14,99,100],{},"我对我自己很清楚，别人把资金交给我打理，我说好了要实现一个目标，就不可能不全力以赴。我越来越不想全力以赴了。我希望重新设定一个经济目标，多做一些与经济利益无关的事。可能是投资之外的事，也可能是仍然做投资，但不追求最高收益。例如，我可能一直经营一家我很满意（但远远算不上多优秀）的控股公司，因为我喜欢这里的人和这个生意，就算其他投资可能更赚钱。以低廉的价格买入公司，然后转售出去，这样更赚钱。但是，一直做公司的所有者，通过一些财务决策，让公司一点一滴的进步，这样更快乐（特别是不用投入太多的个人精力）。",[14,102,103],{},"因此，我可能只做比较简单、安全、赚钱而且快乐的事。这样一来，我们的投资活动不会比过去更保守。我的想法有我自己的偏见，但我一直认为我们的投资始终非常保守。将来，从长期看，我们向下的风险不会变小，但向上的潜力会变小。",[14,105,106],{},"具体说，我们的长期目标是每年取得 9% 的收益率或领先道指 5 个百分点，二者取其较低者。也就是说，如果今后五年道指的平均收益率是 -2%，我希望取得 +3% 的平均收益率。如果道指的收益率是 +12%，我们能取得 +9% 的收益率，我就满意了。这些目标定得不高，但是在今天的情况下，我认为我们无法再做到领先道指十个百分点，也很难实现这个不算太高的新目标。另外，我希望目标定得低一些，我也可以少努力一些。（我很明白，我只会更努力。）",[14,108,109],{},"我会把新目标写在《基本原则》里，大概在 11 月 1 日左右，连同 1968 年的承诺书一起寄给你。我希望尽早把这封信寄给各位，给大家留足时间斟酌思考，有不明白的地方，可以提前问我。请各位一切都清楚了，再做 1968 年的投资决定。我还是一样，把我所有的资金（除了 Data Documents 股票的投资），以及我家人的所有资金都留在合伙基金。一个目标，我感到满意，认为能做到，你可能未必认同。要是合伙人有更好的投资选择，当然可以把资金投到别的地方，这再正常不过了，我完全支持和理解。",[14,111,112],{},"关于目标和追求，当面说一套，背后做一套，我对这样的行为极其反感。正因为如此，我总是尽量 l00% 毫无保留地告诉大家我的目标和我的想法，大家根据我所说的做投资决策，我不会讲虚伪的话（我在投资过程中遇到过几次虚伪的行为）。我在这封信里讲的这些情况变化都不是一夜之间就出现的。有些东西，我深思熟虑，琢磨了很长时间。相信各位都理解我，我是想在过去承诺的目标达到后，再谈降低未来的目标。目标都定好了，如果没达到，我不会降低跑步机的速度。",[14,114,115],{},"信中有任何难解之处，请随时联系我，我帮你解读。",[14,117,118],{},"沃伦 E. 巴菲特谨上",{"title":120,"searchDepth":121,"depth":121,"links":122},"",2,[],"致合伙人信",null,"1967年10月巴菲特致合伙人信，阐述投资哲学转变及定性因素在投资中的重要性","md",{},true,28,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":125},"1967年10月 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有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":143,"slug":144,"category":145,"order":141},"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":147,"slug":148,"category":149,"order":141},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":151,"slug":152,"category":123,"order":121},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":154,"slug":155,"category":145,"order":121},"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":157,"slug":158,"category":149,"order":121},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":160,"slug":161,"category":123,"order":162},"1958 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巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":556,"slug":557,"category":145,"order":554},"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":559,"slug":560,"category":322,"order":561},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":563,"slug":564,"category":145,"order":561},"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":566,"slug":567,"category":322,"order":568},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":570,"slug":571,"category":145,"order":568},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":573,"slug":574,"category":322,"order":575},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":577,"slug":578,"category":145,"order":575},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":580,"slug":581,"category":322,"order":582},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":584,"slug":585,"category":145,"order":582},"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":587,"slug":588,"category":322,"order":589},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":591,"slug":592,"category":145,"order":589},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":594,"slug":595,"category":322,"order":596},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":598,"slug":599,"category":145,"order":596},"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":601,"slug":602,"category":322,"order":603},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":605,"slug":606,"category":145,"order":603},"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":608,"slug":609,"category":322,"order":610},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":612,"slug":613,"category":145,"order":610},"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":615,"slug":616,"category":322,"order":617},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":619,"slug":620,"category":145,"order":617},"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":622,"slug":623,"category":322,"order":624},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":626,"slug":627,"category":145,"order":624},"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":629,"slug":630,"category":322,"order":631},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":633,"slug":634,"category":145,"order":631},"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":636,"slug":637,"category":322,"order":638},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":640,"slug":641,"category":145,"order":638},"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":643,"slug":644,"category":322,"order":645},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":647,"slug":648,"category":145,"order":645},"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":650,"slug":651,"category":322,"order":652},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":654,"slug":655,"category":145,"order":652},"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":657,"slug":658,"category":322,"order":659},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":661,"slug":662,"category":145,"order":659},"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":664,"slug":665,"category":322,"order":666},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":668,"slug":669,"category":145,"order":666},"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":671,"slug":672,"category":322,"order":673},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":675,"slug":676,"category":145,"order":673},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":678,"slug":679,"category":322,"order":680},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":682,"slug":683,"category":145,"order":680},"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":685,"slug":686,"category":322,"order":687},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":689,"slug":690,"category":145,"order":687},"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":692,"slug":693,"category":322,"order":694},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":696,"slug":697,"category":145,"order":694},"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":699,"slug":700,"category":322,"order":701},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":703,"slug":704,"category":145,"order":701},"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":706,"slug":707,"category":322,"order":708},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":710,"slug":711,"category":145,"order":708},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":713,"slug":714,"category":322,"order":715},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":717,"slug":718,"category":145,"order":715},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":720,"slug":721,"category":322,"order":722},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":724,"slug":725,"category":145,"order":722},"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":727,"slug":728,"category":322,"order":729},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":731,"slug":732,"category":145,"order":729},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":734,"slug":735,"category":322,"order":736},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":738,"slug":739,"category":145,"order":736},"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":741,"slug":742,"category":322,"order":743},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":745,"slug":746,"category":145,"order":743},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":748,"slug":749,"category":322,"order":750},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":752,"slug":753,"category":145,"order":750},"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":755,"slug":756,"category":322,"order":757},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":759,"slug":760,"category":145,"order":757},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":762,"slug":763,"category":322,"order":764},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":766,"slug":767,"category":145,"order":764},"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":769,"slug":770,"category":322,"order":771},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":773,"slug":774,"category":145,"order":771},"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":776,"slug":777,"category":322,"order":778},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":780,"slug":781,"category":145,"order":778},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":783,"slug":784,"category":322,"order":785},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":787,"slug":788,"category":145,"order":785},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":790,"slug":791,"category":322,"order":792},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":794,"slug":795,"category":145,"order":792},"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":797,"slug":798,"category":322,"order":799},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":801,"slug":802,"category":145,"order":799},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":804,"slug":805,"category":322,"order":806},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":808,"slug":809,"category":145,"order":806},"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":811,"slug":812,"category":322,"order":813},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":815,"slug":816,"category":145,"order":813},"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":818,"slug":819,"category":322,"order":820},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":822,"slug":823,"category":145,"order":820},"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":825,"slug":826,"category":322,"order":827},"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":829,"slug":830,"category":145,"order":827},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":832,"slug":833,"category":322,"order":834},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":836,"slug":837,"category":145,"order":834},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":839,"slug":840,"category":322,"order":841},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":843,"slug":844,"category":145,"order":841},"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":846,"slug":847,"category":322,"order":848},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":850,"slug":851,"category":145,"order":848},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":853,"slug":854,"category":322,"order":855},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":857,"slug":858,"category":145,"order":855},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":860,"slug":861,"category":322,"order":862},"2017 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