[{"data":1,"prerenderedAt":2098},["ShallowReactive",2],{"library-ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":562,"library-sidebar-dao":1564,"library-sidebar-models":1866},{"id":4,"title":5,"body":6,"category":548,"date":549,"description":550,"extension":551,"meta":552,"navigation":553,"order":554,"path":555,"seo":556,"seoDescription":550,"seoTitle":557,"slug":558,"stem":559,"__hash__":560,"_collection":561},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng.md","巴菲特：2003年对话沃顿商学院学生",{"type":7,"value":8,"toc":522},"minimark",[9,13,18,22,27,30,33,36,42,45,48,52,55,61,66,69,72,77,81,84,89,94,100,106,109,114,119,122,126,131,134,140,144,147,152,159,164,169,172,175,181,185,188,191,196,201,205,208,214,219,223,226,233,238,242,245,250,253,256,259,268,272,275,278,283,288,293,296,299,302,305,308,312,315,318,322,325,328,333,336,342,346,349,352,355,358,362,365,370,374,382,385,388,392,395,398,404,408,411,414,417,420,423,427,430,433,436,439,442,445,448,452,455,460,465,469,474,481,486,493,498,501,504,507,519],[10,11,5],"h1",{"id":12},"巴菲特2003年对话沃顿商学院学生",[14,15,17],"h2",{"id":16},"巴菲特对话沃顿商学院学生2003","巴菲特：对话沃顿商学院学生2003",[19,20,21],"p",{},"2003 年10 月10 日",[23,24,26],"h3",{"id":25},"_1关于成功的人生","1，关于成功的人生",[19,28,29],{},"看看你的同学或同事，然后问问自己：**如果我能购买任何人收入的10%，我会选择谁？如果我能做空某人收入的10%，会选择谁？**本格雷厄姆曾广泛使用过这个练习。",[19,31,32],{},"问问自己选择的依据是什么，然后在纸上写下每个人的品质。",[19,34,35],{},"要知道，这些品质并不是生来就有的，它们是建立在决心和习惯的基础上。",[19,37,38],{},[39,40,41],"strong",{},"习惯的枷锁，开始的时候，它轻的难以察觉，直到后来，却重的无法摆脱。",[19,43,44],{},"你不想等到五六十岁才去培养这些品质。",[19,46,47],{},"扪心自问，如果你的决定被一个不友好但聪明的记者写在报纸头条上，你会感到不舒服吗？",[23,49,51],{"id":50},"_2关于对聪明投资者会做哪些修改或补充","2，关于对《聪明投资者》会做哪些修改或补充",[19,53,54],{},"我不会做出太多改动。这本书的原则在今天和写作时同样适用。重要的章节是第8 章和第20 章。",[19,56,57,58],{},"投资基本原则**：将股票视为企业，不受市场先生的影响，始终保持一定的安全边际**。如果你能遵循这些简单的原则，你就一定能做得很好。",[39,59,60],{},"在遵循这些简单原则的过程中，最大的障碍就是让自己远离其他人的感受。",[19,62,63],{},[39,64,65],{},"你的一生只需要几个好主意。",[19,67,68],{},"长期来看，企业价格和价值之间一般都保持稳定，但任何一年的低价和高价之间的差距都可能超过原来的3",[19,70,71],{},"倍。3000 多家公司每天定价一次，这就提供了巨大的投资机会。",[19,73,74],{},[39,75,76],{},"理解并遵循《聪明投资者》中阐述的原则，并不需要很高的智商，人们要么明白，要么不明白。",[23,78,80],{"id":79},"_3关于价值投资的困难之处","3，关于价值投资的困难之处",[19,82,83],{},"伯克希尔拥有太多资金，导致可投资的领域大幅缩小。",[19,85,86],{},[39,87,88],{},"价值投资总是困难重重，因为你总是很难让自己在投资中完全摆脱情绪的影响。",[19,90,91],{},[39,92,93],{},"帕斯卡说过：人类的大部分麻烦都源于无法安静地坐在房间里。这不是最艰难的游戏，机会总是扎堆出现。",[19,95,96,99],{},[39,97,98],{},"聪明人会犯的错误不多，但杠杆就是其中之一。《赌金者》(When Genius Failed)是一本很好的书，它清楚地说明了杠杆所带来的麻烦","。如果你认为可以将人类行为简化为数学公式是一个可怕的错误。",[19,101,102,103],{},"你很难从人群中完全脱离出来。",[39,104,105],{},"我在纽约工作了两年，如果继续住在那里，投资就不会做得这么好。我可能会被许多想法和情绪冲动所\"过度刺激\"。",[19,107,108],{},"我的生活并没有因为财富的积累而发生巨大的变化。我们的生活也不应该因为金钱而改变。尽管我身价数十亿，但我的生活与你们非常相似，我仍然睡7 个小时，吃一样的东西，看体育比赛，穿相似的衣服。",[19,110,111],{},[39,112,113],{},"关键是要保持清醒的头脑，不要被金钱所吞噬。最重要的是要去做自己喜欢的事。",[19,115,116],{},[39,117,118],{},"投资很简单，但并不容易。任何人都不要试图快速致富。",[19,120,121],{},"股票市场具有流动性，因此在企业基本面没有发生变化的情况下，股价也可能剧烈波动。而农田或其他硬资产的价格波动一般较小。因此股票市场的投资机会总是扎堆出现。",[23,123,125],{"id":124},"_4现在开始投资是否为时已晚","4，现在开始投资是否为时已晚？",[19,127,128],{},[39,129,130],{},"尽早投资，年龄将是一个优势。",[19,132,133],{},"8-19 岁，我实际上浪费了好几年时间，在这期间我并没有积极地投资。随着时间的推移，你会学会了如何为企业估值，以及在无法为企业估值时意识到这一点。现在开始并不晚，时间非常充裕。",[19,135,136,139],{},[39,137,138],{},"你并不需要太多的想法。您可能只需要真正理解四五个行业。如果你热爱投资这个领域，你就想沉浸其中。你想了解各种商业模式","。当我买下NFM 时，我了解这家企业。我知道哪些企业在我的能力圈范围之内。",[23,141,143],{"id":142},"_5关于读什么书","5，关于读什么书",[19,145,146],{},"除了本格雷厄姆的书之外，还可以阅读菲利普费雪的书。在1960 年代出版的书籍《普通股不普通的利润》和《保守型投资者夜夜安枕》(合集为《怎样选择成长股》)。",[19,148,149],{},[39,150,151],{},"你必须阅读\"无数\"的年度报告。",[19,153,154,155,158],{},"你需要寻找那些你认为10 年、15 年后大概率成功的企业。",[39,156,157],{},"它们拥有定价权、特许经营权吗","？也许它是奥马哈唯一的凯迪拉克经销商。",[19,160,161],{},[39,162,163],{},"我喜欢确定性。我喜欢在桶里射鱼，但我喜欢在没水后这么做。",[19,165,166],{},[39,167,168],{},"需要注意的三件事：好生意，好管理层，好价格。",[19,170,171],{},"每年圣诞节后的第二天，喜诗糖果都会提高价格。这是我送给自己的圣诞礼物。",[19,173,174],{},"魔镜魔镜，今年秋季我该提价多少钱？更多！这就是我喜欢的生意。",[19,176,177,178],{},"在美国人们会买巧克力作为节日礼物。",[39,179,180],{},"但你不会买更便宜的巧克力，然后告诉你女朋友你买的是廉价货。",[23,182,184],{"id":183},"_6关于凯瑟琳格雷厄姆katherine-graham","6，关于凯瑟琳格雷厄姆(Katherine Graham)",[19,186,187],{},"巴菲特为她做的最重要的事情就是帮助她树立信心。当巴菲特教她做生意和阅读年报时，一开始她睡着了。",[19,189,190],{},"她有两个基本的误解：1，她认为男人天生比女人聪明。在她遇到我之后，她就摆脱了这一点。2，她因为没上过商学院而感觉低人一等。一直以来凯瑟琳格雷厄姆心中笼罩着一些错误的观念，我只好给她植入一些正确的观念。所有这些观念都是她多年来，被她的母亲和专横的丈夫所灌输的低人一等的结果。",[19,192,193],{},[39,194,195],{},"世界上最重要的事情就是你在最初几年教给孩子们的东西。请确保你配得上成为他们的英雄，因为你会成为他们的英雄。作为父母，你无时无刻不处于教师的位置上。",[19,197,198],{},[39,199,200],{},"人生中最重要的一件事，就是你把谁当作自己的英雄。",[23,202,204],{"id":203},"_7关于对冲基金","7，关于对冲基金",[19,206,207],{},"巴菲特在为格雷厄姆纽曼公司工作时，偶然接触到了合伙制公司形式，这也是他用来吸引资本的公司形式。",[19,209,210,213],{},[39,211,212],{},"既收管理费，又收业绩分成是不道德的","。这种薪酬体系很容易被滥用。这会导致募集资产比经营绩效更为重要。这是错误的激励机制。",[19,215,216],{},[39,217,218],{},"不把全部身家放在里面也是不道德的。",[23,220,222],{"id":221},"_8关于好的投资机会","8，关于好的投资机会",[19,224,225],{},"如果你管理的投资金额较小，比如1-2 千万美元，你会寻找那些优秀的、高ROE 的公司(如可口可乐)，还是去寻找那些从统计数字上看起来股价很便宜、但ROE 可能低于平均水平的公司？你会投资哪种公司：雪茄烟蒂式公司，特殊事件的普通公司，以及规模小且被忽视的优秀公司？",[19,227,228,229,232],{},"比起火热的可口可乐，我在关注其它东西时能发现更多投资机会。",[39,230,231],{},"你想在几乎没有竞争的地方投资","。如果你关注相对冷门的雪茄烟蒂式投资，你就消除一些相当厉害的竞争对手：因为规模太大了，伯克希尔这类公司不可能涉足这些领域，以及那些只看卖方研究报告投资的人，因为他们不覆盖这些小的业务。",[19,234,235],{},[39,236,237],{},"人生的秘诀之一就是远离竞争。",[23,239,241],{"id":240},"_9关于日常活动","9，关于日常活动",[19,243,244],{},"据《福布斯》1993 年的报道，您每天花5-6 个小时阅读。世界上有什么东西能花这么长时间？年度报告？期刊？书籍？还是以上所有？",[19,246,247],{},[39,248,249],{},"好点子肯定是来自某些东西。它不是在睡觉和吃饭时出现的，而是来自于阅读。",[19,251,252],{},"我倾向于阅读眼前的一切，我以前每天阅读5-6 个小时。现在每周有12 个小时在电脑上玩桥牌。",[19,254,255],{},"尽管如此，巴菲特还是读了很多书。除去电子邮件，他花在电脑上的时间比比尔盖茨还多。他愿意花费数百万美元在互联网上打桥牌，但他们仍然没有找到支付方式。梅格·惠特曼(Meg Whitman,时任电商eBay 公司CEO)的商业模式非常好。",[19,257,258],{},"我们在伯克希尔没有会议。我们这里没有PPT。",[260,261,262,265],"blockquote",{},[19,263,264],{},"\u003C梅格惠特曼Meg Whitman>",[19,266,267],{},"2019 福布斯全球亿万富豪榜排名645 位。2020 年3 月16 日，Meg Whitman 以140 亿元财富位列《2020 胡润全球白手起家女富豪榜》第36 位。2021 年4 月，以58 亿美元财富位列《2021 福布斯全球富豪榜》第476 名。 1958年， Whitman 出生于纽约冷泉港的一个富裕家庭。在冷泉港高中就读期间，Whitman 不仅成绩名列前茅，还参加了许多课外活动。1973 年，Whitman 的母亲随代表团访问了中国。这次难忘的经历令从来不争强好胜的母亲彻底改变，Whitman 回忆说：\"妈妈从中国回来后，她就认为自己能做她想做的任何事情，她希望我也能做到，这是一次改变我们整个家庭的经历。\"高中毕业后，Whitman 就读于普林斯顿大学，她本想成为一名医师，但对生物化学课程感到乏味，于是她转攻经济学。1977 年秋，Whitman 成功考入哈佛大学商学院，攻读经济学硕士。1979 年，Whitman 拿到MBA 学位，加盟了宝洁公司的客户服务部门。后来Whitman 跟随哈佛医学院的丈夫格林菲斯·哈什来到旧金山，担任贝恩公司的旧金山分公司的商业咨询顾问。在那里，她将自己在宝洁公司学到的经验发扬光大，那就是听从客户的意见，并着手实现他们的需求。之后加盟迪斯尼公司负责营销的高级副总裁。1992-1995 年，Whitman 跟随丈夫回到了波士顿，加盟Stride Rite 鞋业的总裁，推出了极为成功的Munchkin 婴儿鞋系列，更革新了Stride Rite 的品牌与零售店定位。1995-1997 年，Whitman 是全球最大花卉产品公司FTD 的总裁长兼CEO，在任期间成功地将公司从原先由各花商联合组成的协会性质，转变为营利的私人企业。1997 年，加盟Hasbro 公司，任学前儿童部的总经理，负责全球知名孩童玩具品牌孩之宝和土豆先生的全球管理与行销。在任期间，她重整了整个学前儿童部的组织，公司盈利也因而上升。1997 年11 月，硅谷猎头大卫·贝尔尼找到惠特曼，邀请她加入eBay。1998 年3 月，Whitman 正式加盟eBay 公司担任公司总裁兼CEO。彼时的eBay 还是一个简陋的黑白网站，公司里仅有30 名员工。在她的成功领导下，eBay 成为全球性的在线市场和世界头号消费者电子商务网站。Whitman 在树立品牌方面的专门技能和她丰富的消费者技术经验，帮助eBay 公司在新经济中把握方向，并为公司培育了真正的全球市场。带领eBay 在十年间公司资产翻2000 倍。她本人也因此获得了\"电子商务教母\"、《Economist》\"在线跳蚤市场女王\"的美誉。eBay 的CIO-Maynard Webb 说：佩服她不耻下问的精神，谁都看得出 Whitman 一定不要当差不多先生。2008 年，Whitman 从eBay 离职之后，参与过美国加州州长的竞选，并为竞选投入了大约1.6 亿美元，尽管赢得了党内初选，但在2010 年11 月2 日的选举中败给Jerry Brown。2009 年，惠特曼选择离开eBay 加入了会员制汽车租赁服务公司Zipcar。2011 年9 月，Whitman 担负起拯救惠普的使命，出任惠普CEO。彼时的惠普，已经没有了昔日硅谷巨头的雄风，在与戴尔的竞争中屡屡落败。直言不讳、平易近人、坚持不懈的Whitman 是惠普亟需的那种领导者。她果断而不专横，说服力强而不油腔滑调。她是团队建设者，知道想要实现好转，就必须改正成百上千个不起眼的缺陷，而不是把一切都押注于虚无缥缈的灵丹妙药。2015 年11 月，惠普正式分拆为惠普公司和惠普企业两家独立上市公司，前者主营PC 和打印机等硬件产品，后者向企业用户提供软件、服务等。2018 年2 月，Whitman 辞去了惠普公司董事长，并离开了惠普董事会，投身于专注企业计算的惠普企业HPE。",[23,269,271],{"id":270},"_10关于投资模型","10，关于投资模型",[19,273,274],{},"您拥有或使用哪些模型，可以在15 分钟内为一家公司出价？",[19,276,277],{},"多元模型，这是查理的词。",[19,279,280],{},[39,281,282],{},"如果你拥有足够丰富的知识结构去做这件事，你就会知道应该什么时候出手。",[19,284,285],{},[39,286,287],{},"模型：我理解该业务吗？该业务的竞争优势是什么？它们的持续性如何？会发生变化吗？",[19,289,290],{},[39,291,292],{},"我喜欢确定性，我不喜欢变化。变化对人类有利，但对投资不利。",[19,294,295],{},"投资内布拉斯加家具商场NFM：敲定投资的过程非常快；问及应收账款和负债状况；查看了未经审计的损益表，但没有资产负债表。",[19,297,298],{},"投资克莱顿之家(Clayton Homes)：艰难行业中的好生意；在从未去过公司的情况下，第二次电话出价即达",[19,300,301],{},"成交易；为做出这些快速决定做好准备(学会发现机会并抓住机会)",[19,303,304],{},"投资乐森卓尔(Larson Juhl)：从未考虑过此类业务；15 分钟电话达成交易；1.8 万个零售网点，销售人员每年拜访所有客户6 次；难以竞争。投资于销售团队、分销体系、价格敏感度低的客户(明天就要，不在乎是72 美元还是84 美元)；不需要智商就能理解。",[19,306,307],{},"投资MiTek：连接件业务；相对于住宅成本而言，其成本忽略不计；承包商关注的是可靠性，而不是低价格；互联网不会改变该业务；从未去企业参观。",[23,309,311],{"id":310},"_11关于失败的投资","11，关于失败的投资",[19,313,314],{},"我们都知道您著名的\"不作为之罪\"，您说这些\"不作为\"让伯克希尔的股东损失了数十亿美元。您能否谈谈您所做的一些不太成功的投资，以及您从中学到了什么？",[19,316,317],{},"失败案例：1.收购伯克希尔纺织公司；2.合伙公司时多元零售公司收购的百货公司(Hochschild、Kohn)；3.蓝筹印花公司。它的销售规模从1.2 亿美元锐减到今年的5 万美元(老式巴菲特投资风格：捡烟蒂)。有趣的是，今天的伯克希尔正是从这\"三股溪流\"中壮大的。",[23,319,321],{"id":320},"_12关于中国的投资","12，关于中国的投资",[19,323,324],{},"我们买下中石油是因为它极度便宜。",[19,326,327],{},"在中国投资被太多变量影响。你必须在20 件事情的判断上做对，才能保证成功。",[19,329,330],{},[39,331,332],{},"我们的想法就是尽量保持简单。",[19,334,335],{},"在黄金堆中寻找银针并没有什么益处。直接抱紧整个黄金堆就好。",[19,337,338,341],{},[39,339,340],{},"不要去做三级难度的跳水。在投资中，进行高难度投资并没有难度分加成","。只要在低台跳进水池即可，因为并不乘以难度分，从高台上跳水的人得到的湿身程度跟你完全相同。他只是付出了更多努力。",[23,343,345],{"id":344},"_13关于信息来源","13，关于信息来源",[19,347,348],{},"您认为聪明的投资者对您的投资方法或风格最大的误解是什么？",[19,350,351],{},"我首先要知道人们的看法是什么，然后才能知道他们的误解是什么。",[19,353,354],{},"在伯克希尔，这是一个合伙公司，尽管现在这种模式越来越少。",[19,356,357],{},"人们可能会认为我们是从别人那里获取信息，但其实没有。我们不与管理层会面，我们以前会这么做。现在我可以通过看10-K 报告来完成投资。我购买了很多很多公司100 股股票，只是为了得到其年度报告。",[23,359,361],{"id":360},"_14关于通货膨胀","14，关于通货膨胀",[19,363,364],{},"这个问题是关于通货膨胀的，在你1980 年的信中，你说：绝大部分的公司资本甚至没有部分地跟上通货膨胀指数，因此必须将一定比例的收益进行再投资，才能维持其当前真实的盈利能力水平。我的问题是，为什么没有更多的公司资本跟上通货膨胀指数？",[19,366,367],{},[39,368,369],{},"对于像喜诗糖果这样不需要任何资本投入的公司来说，通货膨胀是朋友，或者至少不是敌人。",[23,371,373],{"id":372},"_15关于衍生品的风险","15，关于衍生品的风险",[19,375,376,377,381],{},"你在2002 年致股东的信中写道，你和芒格先生认为，",[378,379,380],"span",{},"金融衍生品","是定时炸弹，对交易方和经济体系来说皆是如此。对于你的警告，这种不置可否甚至在某些情况下不屑一顾的反应，是否让你感到担忧？你本人是否对人们没有注意到你的警告感到失望？",[19,383,384],{},"不，因为这是一个低概率事件。通用再保险GenRe 就是一个定时炸弹的例子，尽管现在我们的交易对手已经减少到500 家，但在我看来，这仍然是一个很大的数字。",[19,386,387],{},"我从事的是保险行业，我必须认识到，虽然事件发生的概率可能是1\u002F40，但仍然可以肯定的是，在某些时候，它仍然是一定会发生的。",[23,389,391],{"id":390},"_16关于最想见的人","16，关于最想见的人",[19,393,394],{},"无论是否在世，如果有三个人你可以见到，他们会是谁，为什么？",[19,396,397],{},"我的接生医生，这样我就可以重新开始。",[19,399,400,401],{},"事实上，每个人都很有趣。",[39,402,403],{},"我有你能想象到的最棒的朋友，查理芒格就是一个非常有趣的人。",[23,405,407],{"id":406},"_17关于应对失控","17，关于应对失控",[19,409,410],{},"你在失去理智的时候是如何应对的？让卢辛普森(LouSimpson)在你开始失去理智时给你一巴掌？",[19,412,413],{},"我怎么知道我是不是疯了？这是个很重要的问题。我已经指派我的家人去做这件事了。他们必须集体告诉",[19,415,416],{},"我。如果只有一个人告诉我，他就会被除名。",[19,418,419],{},"偶尔，我不得不解雇某人。这是我唯一不喜欢的事情。我喜欢的两件事是：我每天都能来伯克希尔，我每天都可以在伯克希尔上做画。我想画什么就画什么，没人会告诉我该怎么去画。",[19,421,422],{},"我喜欢的第二件事是掌声。我喜欢人们喜欢伯克希尔。",[23,424,426],{"id":425},"_18关于阿诺德施瓦辛格arnold-schwarzenegger","18，关于阿诺德施瓦辛格Arnold Schwarzenegger",[19,428,429],{},"我赢得了阿诺德模仿秀。",[19,431,432],{},"阿诺德面临着一个非常棘手的问题，他必须做一些不受欢迎的事情。阿诺德非常聪明，非常精于理财。",[19,434,435],{},"19，关于慈善捐赠",[19,437,438],{},"您能否谈谈您对公司在企业捐赠方面所扮演角色的看法，尤其是考虑到最近欢乐大厨公司(PamperedChef)和 Buffet 基金会的发展情况？",[19,440,441],{},"我们的选择很简单(停止捐赠)，因为无辜的人因为我们而失去了收入。",[19,443,444],{},"在此之前，我们希望让人们以一种节税的方式选择自己的慈善机构。",[19,446,447],{},"他提到了具体捐赠，比如计划生育。妇女应该有权做出自己的选择。如果我是女性，我希望自己做出选择。",[23,449,451],{"id":450},"_20关于评估管理层","20，关于评估管理层",[19,453,454],{},"在商界您是如何对其他人进行评估的？如果有的话，您会对与您有业务关系或正在考虑建立业务关系的人进行何种尽职调查？",[19,456,457],{},[39,458,459],{},"我会看着他们的眼睛。我没有任何公式，但我能感觉到。",[19,461,462],{},[39,463,464],{},"我能感觉到他们是喜欢钱还是喜欢生意。如果他们喜欢钱，他们就会带着钱离开公司。",[23,466,468],{"id":467},"_21关于选修什么课程","21，关于选修什么课程",[19,470,471],{},[39,472,473],{},"会计至关重要。因为它是商业的语言。会计基本上是最重要的。",[19,475,476,477,480],{},"另一项优势：",[39,478,479],{},"与生俱来的概率感","。我不会下愚蠢的赌注。即使是50 美分也不行。",[19,482,483],{},[39,484,485],{},"我天生会以概率的思维方式去思考。",[19,487,488,489,492],{},"你一定要读一读鲍勃鲁宾(Bob Rubin，克林顿前财长，高盛CEO)即将出版的自传《",[39,490,491],{},"在不确定的世界","》(In an Uncertain World，2004)，因为他是一个擅长概率思维的人。",[19,494,495],{},[39,496,497],{},"大多数CEO 对资本配置一窍不通。这通常不是他们拥有的技能。",[19,499,500],{},"作为CEO，他要收购企业，但这些人中的大多数甚至不会自己购买股票。这就好比你拉了一辈子小提琴，然后到卡内基音乐厅演奏时，他们给了你一架钢琴。",[19,502,503],{},"22，关于是否跟踪其他投资者",[19,505,506],{},"嗯，我确实读过OID 中关于其它的投资者，但答案是否定的",[260,508,509,516],{},[19,510,511],{},[512,513],"img",{"alt":514,"src":515},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-4301743850917519524.png",[19,517,518],{},"每当人生有变化的时候，很多人总会想到Rubin 自传。Rubin 在毕业后也不太确定自己想做什么，退学哈佛法学院，在欧洲游学一年后入学耶鲁法学院，因为他觉得\"哈佛法学院在严肃的讨论合同，而耶鲁法学院在认真的讨论人生\"。从律师到高盛CEO，再到财政部长。Rubin 游刃有余的横跨商界和政界。Rubin 在自传中谈到了他顿悟的人生哲学：生活要有一个锚点，然后以这个锚点为中心拓展更丰富的人生经历。",[520,521],"hr",{},{"title":514,"searchDepth":523,"depth":523,"links":524},2,[525],{"id":16,"depth":523,"text":17,"children":526},[527,529,530,531,532,533,534,535,536,537,538,539,540,541,542,543,544,545,546,547],{"id":25,"depth":528,"text":26},3,{"id":50,"depth":528,"text":51},{"id":79,"depth":528,"text":80},{"id":124,"depth":528,"text":125},{"id":142,"depth":528,"text":143},{"id":183,"depth":528,"text":184},{"id":203,"depth":528,"text":204},{"id":221,"depth":528,"text":222},{"id":240,"depth":528,"text":241},{"id":270,"depth":528,"text":271},{"id":310,"depth":528,"text":311},{"id":320,"depth":528,"text":321},{"id":344,"depth":528,"text":345},{"id":360,"depth":528,"text":361},{"id":372,"depth":528,"text":373},{"id":390,"depth":528,"text":391},{"id":406,"depth":528,"text":407},{"id":425,"depth":528,"text":426},{"id":450,"depth":528,"text":451},{"id":467,"depth":528,"text":468},"访谈与文章",null,"巴菲特与沃顿商学院学生对话，使用收入选择练习阐述成功品质，强调性格、诚信与终身学习的重要性。","md",{},true,45,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":5,"description":550},"巴菲特：2003年对话沃顿商学院学生｜巴菲特","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng","iTKyctpoo34mOgGYurmhbDSz6wqi5bRDjdmbq3n2K5M","buffett",[563,568,571,575,578,581,584,587,590,593,597,600,603,607,610,613,617,620,623,627,630,633,637,640,643,647,650,653,657,660,663,667,670,673,677,680,683,687,690,693,697,700,703,707,710,713,717,720,723,727,730,733,737,740,743,748,751,754,758,761,764,768,771,774,778,781,784,788,791,794,798,801,804,808,811,814,818,821,824,828,831,834,838,841,844,848,851,854,858,861,864,868,871,874,878,881,884,888,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,957,961,964,968,971,974,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1038,1042,1045,1049,1052,1056,1059,1063,1066,1070,1073,1077,1080,1084,1087,1091,1094,1098,1101,1105,1108,1112,1115,1119,1122,1126,1129,1133,1136,1140,1143,1147,1150,1154,1157,1161,1164,1168,1171,1175,1178,1182,1185,1189,1192,1196,1199,1203,1206,1210,1213,1217,1220,1224,1227,1231,1234,1238,1241,1245,1248,1252,1255,1259,1262,1266,1269,1273,1276,1280,1283,1287,1290,1294,1297,1301,1304,1308,1311,1315,1318,1322,1325,1329,1332,1336,1339,1343,1346,1350,1353,1357,1360,1364,1368,1372,1376,1380,1384,1388,1392,1396,1400,1404,1408,1412,1416,1420,1424,1428,1432,1436,1440,1444,1448,1452,1456,1460,1464,1468,1472,1476,1480,1484,1488,1492,1496,1500,1504,1508,1512,1516,1520,1524,1528,1532,1536,1540,1544,1548,1552,1556,1560],{"title":564,"slug":565,"category":566,"order":567},"1956 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巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":889,"slug":890,"category":548,"order":887},"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":892,"slug":893,"category":574,"order":887},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":895,"slug":896,"category":566,"order":897},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":899,"slug":900,"category":548,"order":897},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":902,"slug":903,"category":746,"order":904},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":906,"slug":907,"category":548,"order":904},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":909,"slug":910,"category":566,"order":911},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":913,"slug":914,"category":548,"order":911},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":916,"slug":917,"category":566,"order":918},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":920,"slug":921,"category":548,"order":918},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":923,"slug":924,"category":566,"order":925},"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":927,"slug":928,"category":548,"order":925},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":930,"slug":931,"category":566,"order":932},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":934,"slug":935,"category":548,"order":932},"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":937,"slug":938,"category":746,"order":939},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":941,"slug":942,"category":548,"order":939},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":944,"slug":945,"category":566,"order":946},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":948,"slug":949,"category":548,"order":946},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":951,"slug":952,"category":746,"order":953},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":955,"slug":956,"category":548,"order":953},"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":958,"slug":959,"category":746,"order":960},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":962,"slug":963,"category":548,"order":960},"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":965,"slug":966,"category":746,"order":967},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":969,"slug":970,"category":548,"order":967},"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":972,"slug":973,"category":746,"order":554},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":558,"category":548,"order":554},{"title":976,"slug":977,"category":746,"order":978},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":980,"slug":981,"category":548,"order":978},"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":983,"slug":984,"category":746,"order":985},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":987,"slug":988,"category":548,"order":985},"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":990,"slug":991,"category":746,"order":992},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":994,"slug":995,"category":548,"order":992},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":997,"slug":998,"category":746,"order":999},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1001,"slug":1002,"category":548,"order":999},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1004,"slug":1005,"category":746,"order":1006},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1008,"slug":1009,"category":548,"order":1006},"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":1011,"slug":1012,"category":746,"order":1013},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1015,"slug":1016,"category":548,"order":1013},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1018,"slug":1019,"category":746,"order":1020},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1022,"slug":1023,"category":548,"order":1020},"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":1025,"slug":1026,"category":746,"order":1027},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1029,"slug":1030,"category":548,"order":1027},"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":1032,"slug":1033,"category":746,"order":1034},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1036,"slug":1037,"category":548,"order":1034},"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":1039,"slug":1040,"category":746,"order":1041},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1043,"slug":1044,"category":548,"order":1041},"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":1046,"slug":1047,"category":746,"order":1048},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1050,"slug":1051,"category":548,"order":1048},"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":1053,"slug":1054,"category":746,"order":1055},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1057,"slug":1058,"category":548,"order":1055},"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":1060,"slug":1061,"category":746,"order":1062},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1064,"slug":1065,"category":548,"order":1062},"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":1067,"slug":1068,"category":746,"order":1069},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1071,"slug":1072,"category":548,"order":1069},"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":1074,"slug":1075,"category":746,"order":1076},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1078,"slug":1079,"category":548,"order":1076},"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":1081,"slug":1082,"category":746,"order":1083},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1085,"slug":1086,"category":548,"order":1083},"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":1088,"slug":1089,"category":746,"order":1090},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1092,"slug":1093,"category":548,"order":1090},"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":1095,"slug":1096,"category":746,"order":1097},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1099,"slug":1100,"category":548,"order":1097},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1102,"slug":1103,"category":746,"order":1104},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1106,"slug":1107,"category":548,"order":1104},"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":1109,"slug":1110,"category":746,"order":1111},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1113,"slug":1114,"category":548,"order":1111},"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":1116,"slug":1117,"category":746,"order":1118},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1120,"slug":1121,"category":548,"order":1118},"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":1123,"slug":1124,"category":746,"order":1125},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1127,"slug":1128,"category":548,"order":1125},"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":1130,"slug":1131,"category":746,"order":1132},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1134,"slug":1135,"category":548,"order":1132},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1137,"slug":1138,"category":746,"order":1139},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1141,"slug":1142,"category":548,"order":1139},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1144,"slug":1145,"category":746,"order":1146},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1148,"slug":1149,"category":548,"order":1146},"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":1151,"slug":1152,"category":746,"order":1153},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1155,"slug":1156,"category":548,"order":1153},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1158,"slug":1159,"category":746,"order":1160},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1162,"slug":1163,"category":548,"order":1160},"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":1165,"slug":1166,"category":746,"order":1167},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1169,"slug":1170,"category":548,"order":1167},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1172,"slug":1173,"category":746,"order":1174},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1176,"slug":1177,"category":548,"order":1174},"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":1179,"slug":1180,"category":746,"order":1181},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1183,"slug":1184,"category":548,"order":1181},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1186,"slug":1187,"category":746,"order":1188},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1190,"slug":1191,"category":548,"order":1188},"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":1193,"slug":1194,"category":746,"order":1195},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1197,"slug":1198,"category":548,"order":1195},"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":1200,"slug":1201,"category":746,"order":1202},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1204,"slug":1205,"category":548,"order":1202},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1207,"slug":1208,"category":746,"order":1209},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1211,"slug":1212,"category":548,"order":1209},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1214,"slug":1215,"category":746,"order":1216},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1218,"slug":1219,"category":548,"order":1216},"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":1221,"slug":1222,"category":746,"order":1223},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1225,"slug":1226,"category":548,"order":1223},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1228,"slug":1229,"category":746,"order":1230},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1232,"slug":1233,"category":548,"order":1230},"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":1235,"slug":1236,"category":746,"order":1237},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1239,"slug":1240,"category":548,"order":1237},"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":1242,"slug":1243,"category":746,"order":1244},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1246,"slug":1247,"category":548,"order":1244},"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":1249,"slug":1250,"category":746,"order":1251},"2014 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