[{"data":1,"prerenderedAt":1692},["ShallowReactive",2],{"library-ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo":3,"library-sidebar-buffett":155,"library-sidebar-dao":1158,"library-sidebar-models":1460},{"id":4,"title":5,"body":6,"category":141,"date":142,"description":143,"extension":144,"meta":145,"navigation":146,"order":147,"path":148,"seo":149,"seoDescription":143,"seoTitle":150,"slug":151,"stem":152,"__hash__":153,"_collection":154},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo.md","巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货",{"type":7,"value":8,"toc":137},"minimark",[9,13,20,26,29,32,35,38,43,46,49,52,55,58,61,64,67,70,76,79,85,88,91,94,97,100,103,106,109,112,115,118,121,126,129,132],[10,11,5],"h1",{"id":12},"巴菲特1983年写给louie-blumkin的信内布拉斯加州家具百货",[14,15,16],"blockquote",{},[17,18,19],"p",{},"Louis Blumkin是美国家具零售业的传奇人物，也是内布拉斯加家具商城（Nebraska Furniture Mart，简称NFM）创始人Rose “Mrs. B” Blumkin的儿子。他在母亲的带领下，于1948年加入家族企业，凭借卓越的商业头脑和对客户的深刻理解，将NFM发展成为北美最大的家居用品零售商之一。",[17,21,22],{},[23,24,25],"strong",{},"伯克希尔·哈撒韦公司",[17,27,28],{},"1440 凯威特广场",[17,30,31],{},"内布拉斯加州奥马哈市 68131",[17,33,34],{},"电话：402-346-1400",[17,36,37],{},"沃伦·E·巴菲特，董事长",[17,39,40],{},[23,41,42],{},"1983年8月8日",[17,44,45],{},"Mr. Louis Blumkin",[17,47,48],{},"7011 Farnam Street",[17,50,51],{},"Omaha, Nebraska 68122",[17,53,54],{},"亲爱的路易斯：",[17,56,57],{},"这是我在那天我们谈话之后，想要写下的一些想法。",[17,59,60],{},"大多数企业主在其一生中将大量时间投入到建设自己的企业中。通过不断的重复经验，他们在商品经营、采购、人员选择和管理方面磨练了技巧。这是一个学习的过程，犯错是难免的，但这些错误往往也会促成后续几年的成功。",[17,62,63],{},"相比之下，“老板型经理人”往往只卖一次企业——而且常常是在情绪高度紧张的气氛中进行的，面临着来自不同方向的巨大压力。其中一个主要的压力来源，是买方希望尽快完成交易，不管这对买卖双方意味着什么后果。不仅在经济上而且在情感上，这都是一个重大的决定，所以这类过程往往容易出错。而一生一次的企业出售，不容重来。",[17,65,66],{},"价格固然重要，但在出售过程中，价格往往不是最困难的部分。如果你和你的家族经营着一个所在领域中独一无二的优秀企业，买家自然会意识到这一点。而且这样的企业随着时间的推移往往会变得越来越有价值。所以，如果现在没有必须出售的理由，将来几乎一定会有人出更高的价格。理解这一点，你就可以从更有利的地位与买方谈判，并争取时间，选择最合适的买家。",[17,68,69],{},"如果你最终决定出售，我认为伯克希尔·哈撒韦提供了一些其他买家不具备的优势。实际上，所有买家基本都可以分为以下两类之一：",[17,71,72,75],{},[23,73,74],{},"(1)"," 一家与你所处行业相关但位于别处的公司，或者在你的业务领域有兴趣的大型企业。这样的买家——无论他们作出多少承诺——通常都会派遣经理人来管理。他们最终会想亲自介入业务。",[17,77,78],{},"如果收购方规模远远大于你，他们很可能拥有一整套管理层，这些管理层部分是通过承诺未来并购机会吸引来的。他们有自己的一套管理方式，尽管你的经营记录无疑远好于他们，但人的本性终会使他们认为自己的方法更高明。你和你的家人可能有朋友曾把企业卖给大型运营公司，我相信他们的经历会验证这样一个事实：母公司接管子公司运营的情况非常普遍——尤其是当母公司在类似业务方面有经验时。",[17,80,81,84],{},[23,82,83],{},"（2）"," 另一类是所谓的“金融操盘者”，他们通常利用大量借入的资金来操作，目的是在时机成熟时将所收购公司转售给公众或其他公司。这类买家的主要“贡献”通常是调整会计方法，使盈利数据在出售前被呈现得尽可能亮丽。",[17,86,87],{},"我附上一篇来自上周《纽约杂志》的文章，专门讲述这类交易。这类交易因股市上涨和融资环境宽松而变得日益频繁。这种提议的识别并不困难：一个典型信号就是买家打算用被收购公司资产的市值来担保支付价款的大部分。",[17,89,90],{},"如果卖家的唯一动机是兑现筹码、退出企业，那么上述两类买家中任一类都是可以接受的。许多卖家确实属于这种情况。但如果卖家出让的是一生的创造成果，而这家公司已成为其个性和存在感的延伸，那上述买家类型就存在严重缺陷。",[17,92,93],{},"伯克希尔是一种不同寻常的买家。我们买企业，是为了保留现有的一切——而不是更换操作团队。我们从不期望——也不希望——去接管那些已经由出色企业家自主管理的企业。我们重要的业务经理大多数已经与伯克希尔合作多年，有些人我们从未见过面，也彼此未曾谋面。卖家继续保持以往的方式运营企业，我们则适应他们的方式，而不是相反。",[17,95,96],{},"我们没有——也不打算有——什么家族成员、刚毕业的MBA等被承诺未来能接管被我们收购企业的人员。我们不会有，也不愿有。",[17,98,99],{},"我还附上了一些关于Ben Rosner的资料。他的服装连锁店是我们1967年收购的。Ben起初计划仅在婚前经营一年，但结果他干了整整十五年，直到他81岁那年卖掉了位于罗克福德的银行。",[17,101,102],{},"你应该知道我们当地的收购案例，比如Jack Ringwalt和Stan Lipsey。毫无疑问，如果所收购企业的经营表现很好，建立良好关系是容易的。《太阳报》的财务表现并不成功，你完全可以去问Stan Lipsey，在这种困难情况下我们是如何对待的。（事实上，你可以联系我们任何一个被收购企业的前老板，了解我们是否信守了承诺。）",[17,104,105],{},"任何买家都会告诉你，他需要你，如果他有头脑，那他确实是需要你的。但很多买家，即便前期说得再动听，在交易完成后却不会按照他们承诺的那样行事。我们会严格按照我们承诺的方式去做，不仅因为我们承诺了，也因为我们确实需要这样去做。",[17,107,108],{},"正因如此，我们希望这个家族中仍在运营公司的人能保留20%的股权。我们需要80%的股权来进行并表和税务安排，而这种整合对我们非常重要。同样重要的，是运营家族成员继续作为所有者参与公司运营。我们说得很简单明了：除非该企业的关键成员或现任管理层愿意留下并作为合伙人继续经营，我们是不会购买这家公司股份的。合同无法保证这样的行为，我们将完全依赖你的信用和承诺。",[17,110,111],{},"我通常参与的事务包括资本分配、公司高管的选聘与薪酬设定。其他关于人员任命、运营策略等属于查理的职责范围。有些经理会与我探讨他们的决策，有些则不会，这取决于他们的个性以及我们之间的私人关系。例如，Stan 会和我聊很多关于布法罗新闻的事务，但那是因为他本人愿意这么做，而不是出于我们规定的制度。",[17,113,114],{},"如果你决定与伯克希尔做生意，我们将支付现金。如果家族中愿意出售股份的人希望在再投资决策上征求我的建议，我也很乐意提供帮助。你的企业不会被用于任何伯克希尔贷款的抵押担保，也不会涉及任何中介。",[17,116,117],{},"此外，我们不会在交易宣布之后就提出改变建议（当然附带道歉、责怪银行、律师、董事会等）。你知道你跟谁做生意，我们也不会让别人来与您协商交易细节，而几个月后却让另一个人接手执行（这种事在Data Documents交易中就发生过，结果买方董事会要求修改协议，或可能要求出售或关闭某业务部门来符合母公司方向的需求）。",[17,119,120],{},"我写这封信的时候，并不知道你们家族是否有1%或50%的可能性打算出售。但写出来对我没有任何成本——把这些想法记录下来也许会有帮助——而且如果我没有表达这些想法，结果却在某天的报纸上看到公司已经被卖掉了，那我会觉得自己相当愚蠢。",[17,122,123],{},[23,124,125],{},"我不会打扰你；如果你有一点点兴趣，我会很感激你打电话给我。我会感到无比自豪，如果伯克希尔能和你家族中仍在运营企业的成员共同拥有内布拉斯加家具商场。我相信我们在财务上会非常成功；我也相信，出售股份的家族成员与继续经营的成员在五年、十年甚至二十年后，仍会对这笔交易感到满意。",[17,127,128],{},"此致",[17,130,131],{},"敬礼",[17,133,134],{},[23,135,136],{},"沃伦·E·巴菲特",{"title":138,"searchDepth":139,"depth":139,"links":140},"",2,[],"访谈与文章",null,"巴菲特致信内布拉斯加家具商城经理人Louie Blumkin，阐述伯克希尔的经营理念与长期合作关系。","md",{},true,12,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":5,"description":143},"巴菲特：1983年写给Louie 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":182,"slug":183,"category":141,"order":180},"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":185,"slug":186,"category":167,"order":180},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":188,"slug":189,"category":159,"order":190},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":192,"slug":193,"category":141,"order":190},"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":195,"slug":196,"category":167,"order":190},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":198,"slug":199,"category":159,"order":200},"1960 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巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":658,"slug":659,"category":141,"order":656},"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":661,"slug":662,"category":337,"order":663},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":665,"slug":666,"category":141,"order":663},"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":668,"slug":669,"category":337,"order":670},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":672,"slug":673,"category":141,"order":670},"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":675,"slug":676,"category":337,"order":677},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":679,"slug":680,"category":141,"order":677},"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":682,"slug":683,"category":337,"order":684},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":686,"slug":687,"category":141,"order":684},"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":689,"slug":690,"category":337,"order":691},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":693,"slug":694,"category":141,"order":691},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":696,"slug":697,"category":337,"order":698},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":700,"slug":701,"category":141,"order":698},"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":703,"slug":704,"category":337,"order":705},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":707,"slug":708,"category":141,"order":705},"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":710,"slug":711,"category":337,"order":712},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":714,"slug":715,"category":141,"order":712},"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":717,"slug":718,"category":337,"order":719},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":721,"slug":722,"category":141,"order":719},"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":724,"slug":725,"category":337,"order":726},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":728,"slug":729,"category":141,"order":726},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":731,"slug":732,"category":337,"order":733},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":735,"slug":736,"category":141,"order":733},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":738,"slug":739,"category":337,"order":740},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":742,"slug":743,"category":141,"order":740},"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":745,"slug":746,"category":337,"order":747},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":749,"slug":750,"category":141,"order":747},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":752,"slug":753,"category":337,"order":754},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":756,"slug":757,"category":141,"order":754},"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":759,"slug":760,"category":337,"order":761},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":763,"slug":764,"category":141,"order":761},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":766,"slug":767,"category":337,"order":768},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":770,"slug":771,"category":141,"order":768},"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":773,"slug":774,"category":337,"order":775},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":777,"slug":778,"category":141,"order":775},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":780,"slug":781,"category":337,"order":782},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":784,"slug":785,"category":141,"order":782},"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":787,"slug":788,"category":337,"order":789},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":791,"slug":792,"category":141,"order":789},"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":794,"slug":795,"category":337,"order":796},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":798,"slug":799,"category":141,"order":796},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":801,"slug":802,"category":337,"order":803},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":805,"slug":806,"category":141,"order":803},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":808,"slug":809,"category":337,"order":810},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":812,"slug":813,"category":141,"order":810},"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":815,"slug":816,"category":337,"order":817},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":819,"slug":820,"category":141,"order":817},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":822,"slug":823,"category":337,"order":824},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":826,"slug":827,"category":141,"order":824},"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":829,"slug":830,"category":337,"order":831},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":833,"slug":834,"category":141,"order":831},"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":836,"slug":837,"category":337,"order":838},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":840,"slug":841,"category":141,"order":838},"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":843,"slug":844,"category":337,"order":845},"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":847,"slug":848,"category":141,"order":845},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":850,"slug":851,"category":337,"order":852},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":854,"slug":855,"category":141,"order":852},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":857,"slug":858,"category":337,"order":859},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":861,"slug":862,"category":141,"order":859},"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":864,"slug":865,"category":337,"order":866},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":868,"slug":869,"category":141,"order":866},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":871,"slug":872,"category":337,"order":873},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":875,"slug":876,"category":141,"order":873},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":878,"slug":879,"category":337,"order":880},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":882,"slug":883,"category":141,"order":880},"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":885,"slug":886,"category":337,"order":887},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":889,"slug":890,"category":141,"order":887},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":892,"slug":893,"category":337,"order":894},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":896,"slug":897,"category":141,"order":894},"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":899,"slug":900,"category":337,"order":901},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":903,"slug":904,"category":141,"order":901},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":906,"slug":907,"category":337,"order":908},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":910,"slug":911,"category":141,"order":908},"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":913,"slug":914,"category":337,"order":915},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":917,"slug":918,"category":141,"order":915},"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":920,"slug":921,"category":337,"order":922},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":924,"slug":925,"category":141,"order":922},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":927,"slug":928,"category":337,"order":929},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":931,"slug":932,"category":141,"order":929},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":934,"slug":935,"category":337,"order":936},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":938,"slug":939,"category":141,"order":936},"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":941,"slug":942,"category":337,"order":943},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":945,"slug":946,"category":141,"order":943},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":948,"slug":949,"category":337,"order":950},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":952,"slug":953,"category":141,"order":950},"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":955,"slug":956,"category":141,"order":957},"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":959,"slug":960,"category":141,"order":961},"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":963,"slug":964,"category":141,"order":965},"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":967,"slug":968,"category":141,"order":969},"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":971,"slug":972,"category":141,"order":973},"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":975,"slug":976,"category":141,"order":977},"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":979,"slug":980,"category":141,"order":981},"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":983,"slug":984,"category":141,"order":985},"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":987,"slug":988,"category":141,"order":989},"巴菲特：2014年CNBC 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