[{"data":1,"prerenderedAt":1809},["ShallowReactive",2],{"library-ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan":3,"library-sidebar-buffett":272,"library-sidebar-dao":1275,"library-sidebar-models":1577},{"id":4,"title":5,"body":6,"category":258,"date":259,"description":260,"extension":261,"meta":262,"navigation":263,"order":264,"path":265,"seo":266,"seoDescription":260,"seoTitle":267,"slug":268,"stem":269,"__hash__":270,"_collection":271},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan.md","巴菲特：2005年与塔克商学院学生对谈",{"type":7,"value":8,"toc":254},"minimark",[9,12,17,21,31,37,42,45,48,51,56,59,62,67,70,111,114,119,122,125,130,133,138,141,147,150,153,156,159,162,165,168,171,174,177,180,183,186,189,192,195,198,201,204,207,210,213,216,219,222,225,228,231,234,237,240,243,248,251],[10,11,5],"title",{},[13,14,16],"h1",{"id":15},"_2005年巴菲特2005年与塔克商学院学生对谈","2005年：《巴菲特：2005年与塔克商学院学生对谈》",[18,19,20],"p",{},"沃伦.巴菲特 2005年4月20日",[22,23,24,28],"ul",{},[25,26,27],"li",{},"标题：Visit to Warren Buffett by a group of MBA students from the Tuck School of Business",[25,29,30],{},"作者：Tuck School of Business",[18,32,33],{},[34,35,36],"strong",{},"2005 Tuck Trip 2005 年塔克之旅",[18,38,39],{},[34,40,41],{},"行程安排",[18,43,44],{},"8:15-9:45am 与执行副总裁鲍勃·巴特 (Bob Batt) 一起参观内布拉斯加州家具市场",[18,46,47],{},"上午 10 点至 11:30 在伯克希尔哈撒韦公司与沃伦·巴菲特讨论",[18,49,50],{},"11:45-2:15 PM 在 Gorat's Steakhouse 与沃伦·巴菲特共进午餐",[18,52,53],{},[34,54,55],{},"摘要",[18,57,58],{},"塔克商学院 49 名二年级学生和 Robert Howell 教授连续第二年飞往内布拉斯加州奥马哈，与传奇投资家、伯克希尔·哈撒韦公司董事长沃伦·巴菲特进行了两小时的问答环节。会议结束后，巴菲特先生带我们大家去高拉特牛排馆吃午餐。在我们会面之前，我们与执行副总裁鲍勃·巴特 (Bob Batt) 一起私人参观了伯克希尔旗下的内布拉斯加州家具市场。",[18,60,61],{},"我们对这次旅行抱有很高的期望，巴菲特先生超出了我们的期望。请参阅以下活动记录，以及对我们经验的一些简短反思。",[18,63,64],{},[34,65,66],{},"参观内布拉斯加州家具市场",[18,68,69],{},"进入这家巨大的家具超市后，鲍勃·巴特 (Bob Batt) 与员工杰夫 (Jeff) 和克里斯汀 (Kristen) 一起向我们打招呼，举着本周早些时候《华尔街日报》文章中刚刚报道过的“美国第一商学院”的标语。在参观过程中，我们从巴特先生那里得到了几点建议：",[22,71,72,75,78,81,84,87,90,93,96,99,102,105,108],{},[25,73,74],{},"关于周末\u002F节假日营业：“有顾客就在场营业”",[25,76,77],{},"萨姆·沃尔顿：“如果你不在意你的顾客，其他人会在意他们”",[25,79,80],{},"奥马哈的家具零售现在是一项全球性业务，中国和印度的事件将影响利润。",[25,82,83],{},"持续清洁非常重要，没有人会从肮脏的商店购买东西。",[25,85,86],{},"目标客户是女性，她们做出购买决定。",[25,88,89],{},"“你卖东西的时候可信度如何？”",[25,91,92],{},"从迪士尼乐园学到了人群控制，让排队的人乐在其中。",[25,94,95],{},"没有寄售，所有库存自有：“现金为王”——家具厂家会给支付现金的顾客折扣",[25,97,98],{},"1975年，NFM在龙卷风中失去了所有商店，第二天他们就向红十字会捐款。",[25,100,101],{},"NFM没有雇佣合同，61年来从未解雇过员工。",[25,103,104],{},"当被问及 NFM 的目标市场是什么时，巴特先生回答说“我们都想要”。",[25,106,107],{},"电视销售与内布拉斯加州的足球赛程高度相关。",[25,109,110],{},"“邻接”非常重要；将互补的物品彼此靠近展示。例如，出售椅子和沙发的地方附近摆放灯和地毯。",[18,112,113],{},"大约一个小时后，许多学生开始为他们未来的房子规划厨房和客厅。 多次提到了 NFM 的创建故事，也是我们与巴菲特先生会面时反复出现的主题。罗斯·布卢姆金，又名“ B 夫人”'于 1937 年用朋友和家人的 500 美元在她的地下室创立了 NFM。她不识字，也从未上过学，但却创建了当地最大的家具零售商。 1983年，NFM被卖给了巴菲特先生。在与现任管理团队发生意见分歧后，B夫人在97岁时又开了一家家具店。几年后，她将这家新的家具店卖给了伯克希尔公司，当时巴菲特先生明智地要求她签署一份为期 10 年的竞业禁止协议。她最大的财富就是她的激情，巴菲特先生认为这是商业成功的先决条件",[18,115,116],{},[34,117,118],{},"从 NFM 到伯克希尔总部的巴士行程",[18,120,121],{},"当我们开车穿过奥马哈时，司机打开扩音器告诉我们即将经过巴菲特先生的房子。我们无法辨别是哪一栋房子，在我们到达巴菲特先生家之前，我们指定的摄影师拍了几处错误的房子的照片。巴菲特先生的房子并不是这个街区最大的房子。当天晚些时候，我们对这一看法有了更多的了解。",[18,123,124],{},"与巴菲特的问答环节：我们会议的少数规则之一是禁止使用笔记本电脑，因此所有笔记都是用笔和纸做的。以下是我根据潦草的笔记和记忆抄录的内容，不应将其视为巴菲特先生的原话。",[18,126,127],{},[34,128,129],{},"介绍",[18,131,132],{},"\"当你入住酒店时，他们会给你一本小册子，上面写着'在奥马哈要做的事......你正在做'。在圣母大学，他们的更衣室里挂着一个牌子，上面写着'像冠军一样比赛'，在伯克希尔，我们也挂了一个牌子，上面写着'安全第一'。这两点对企业都很重要。当科学家马克斯-普朗克（Max Planck）在欧洲巡回演讲他的理论时，他做了很多次同样的演讲，最终他的司机记住了他的演讲。有一天，为了好玩，马克斯和他的司机互换了衣服，司机完美无瑕地发表了演讲，而马克斯则穿着司机的制服在台下观看。在开场问答时，司机收到了一位观众提出的一个极其复杂的技术问题，他摇了摇头，用气呼呼的语气回答说：'这个问题太简单了，我还是让我的司机来回答吧。关于这一点，请问我任何你想问的问题，简单或复杂的，除了我的投资以外的任何问题。\" \\巴菲特先生还祝贺我们被《华尔街日报》评为第一商学院。]",[18,134,135],{},[34,136,137],{},"问答环节",[18,139,140],{},"问：在您给股东的一封信中，您不情愿地称拜伦·特洛特为“一位赚取佣金的投资银行家”。您认为华尔街哪些方面做得好，哪些方面做得不好？",[18,142,143,146],{},[34,144,145],{},"巴菲特："," 华尔街很会赚钱。每增加一个单位的精力和智商，你在华尔街比在其他任何地方都能赚到更多的钱。另一方面，华尔街创造了许多产品，但并非所有产品都是好产品。“你不做，别人也会做 \"的感觉无处不在。HBO 有部电影将于 10 月份上映，名为《最后的机会》，讲述的是一名俄罗斯士兵被恐怖分子收买，偷窃武器，从而引发了一场核危机。他差点就不干了，但他们告诉他'如果你不干，别人也会干，所以还不如让你来拿钱'。这种想法让人们陷入困境，比如首席执行官管理收益。1985 年，克利夫兰的一家公司 Scott & Fetzer（一家包括世界图书百科全书在内的企业集团）要出售他们的业务，第一波士顿是他们的顾问，他们向 20 个买家发出了报价，但没有人上钩。伯克希尔公司没有收到报价，但我给卖方拉尔夫-谢伊先生发了一封信，说我们有兴趣，并做了这笔交易。由于第一波士顿公司要从任何交易中收取费用，在一次成交晚宴上，他们向查理提供了他们的投资分析书，查理回答说 \"不，谢谢\"。我们只买卖方关心业务去向的公司。",[18,148,149],{},"问：股票期权费用化对创业和小企业有何影响？",[18,151,152],{},"**巴菲特：**没多大影响。伯克希尔从未在我们的公司使用期权作为补偿。在 The Pampered Chef（伯克希尔收购的一家烹饪用具公司），我们的员工非常重视旅行奖励，将其视为一种额外的补偿。通常情况下，股票期权的接受者并不像授予者那样看重期权，或者说不应该看重期权。上世纪 90 年代，当我们与所罗门兄弟公司（Salomon Brothers）合作时，我并没有向员工授予股票期权，而是提出以股票期权现值的 80% 出售给他们。他们拒绝了。",[18,154,155],{},"问：您认为考虑到新兴市场的增长，石油价格是否合理？",[18,157,158],{},"**巴菲特：**从目前的信息来看，这个价格是合理的。2004 年，石油价格为 35 美元\u002F桶，2012 年的期货价格为 27 美元。如今，远期曲线是平的，市场认为这种价格会持续下去。美国目前有 50 万口产油井，国内已没有未被发现的石油。从美国的油井中抽出足够的原油大约需要一个小时，而生产出的汽油足够装满一个20加仑的油箱，而装满油箱大约需要一分钟。\\每人一个问题。此时，一名学生在提问前说这是一个由两部分组成的问题，以下是巴菲特先生的回答。］",[18,160,161],{},"我认识一对年长的夫妇，他们就是所谓的浪漫挑战者。一天晚上，他们坐下来享用了一顿亲密的晚餐，有蜡烛和葡萄酒，妻子感到了很长时间没有感受到的激动。她向丈夫建议他们上楼做爱。他回答说：“我可以选择其中之一，但不能两者都做。”这就是我思考两部分问题的方式。",[18,163,164],{},"问：您如何看待经济中的杠杆作用？",[18,166,167],{},"**巴菲特：**目前，我们是世界其他国家的巨额债务国。危险在于，我们的后代和他们的后代将不愿偿还这笔债务，或者换一种说法，他们将拒绝接受偿还这笔债务将给社会带来的成本。比方说，在独立战争期间，殖民者可以做出这样的选择：与其进行一场会付出成千上万人生命代价的血腥战争，不如同意永久向乔治王支付国民总收入的 5%，以换取完全独立和政治自由。现在，对于殖民者来说，这将是一笔巨大的交易，只需每年支付 5%，他们就有可能免于一死并获得自由。几十年后，他们的子女可能不认为这是一笔划算的交易，但仍然会从父母那里听到故事，并可能会支付这笔费用。但最终，三代或四代之后，会有足够多的美国人忘记这笔交易的初衷，并以某种方式要求改变条件--可能会再次与英国开战以停止支付。今天的危险在于，未来几代美国人将不愿意继续为今天的支出买单，并迫使采取可能产生负面后果的政治行动。",[18,169,170],{},"关于住房问题，让我们假设奥马哈通过了一项法律，规定任何人不得迁入或迁出，出生率与死亡率完全相等，唯一允许新建的住房只能用于替换损坏或毁坏的建筑物。换句话说，房地产供求关系完全稳定。现在让我们假设，为了增加财富，有人想出了这样一个主意：在每年年底，每个人都可以将自己房子的地契卖给邻居，每年小镇都会将每栋房子的价格提高 20%。居民们可以从镇外借钱来进行交易，纸面财富的增加让他们可以从内布拉斯加州以外进口更多的奢侈品。可以看出，奥马哈的经济并没有创造出真正的价值。",[18,172,173],{},"问：您有什么职业建议？",[18,175,176],{},"**巴菲特：**如果你想赚大钱，就去华尔街吧。但更重要的是，做你愿意免费做的事，对自己的工作充满热情才是最重要的。我热爱我的工作；我甚至没那么忙。昨天一整天，我一共接了五个电话，其中一个还是打错的。NFM 的 B 女士很有激情，这就是她成功的原因。几个月前，我和另一位 MBA 学生聊天，他很有才华，大约 30 岁，来自一所名校，简历也很出色。我问他想从事什么职业，他回答说，他想进入某个领域，但觉得应该先在麦肯锡工作几年，为自己的简历增光添彩。在我看来，这就像把性生活留到晚年一样。这毫无意义。",[18,178,179],{},"问：在您的许多信中，您都谈到了透过挡风玻璃而不是后视镜看问题的重要性。您认为当今人们通过后视镜错误地看待了哪些问题？",[18,181,182],{},"**巴菲特：**投资者总是在寻找圣杯，寻找下一个能在数年内带来业绩和养老金回报的好点子。现在，\"另类投资\"--私募股权投资、对冲基金，这些资产在科技泡沫破灭后的过去五年中表现优于普通股。现在有这么多资金在追逐这些理念，未来的回报可能不会那么好。到一定时候，普通股又会成为好的投资品种，关注它们的人会越来越少。",[18,184,185],{},"在伯克希尔，我们关注很多 \"超级猫\"（超级巨灾）保险业务，很少有公司会承保这些业务。我们面临的挑战是确定何时会发生模式转变，何时未来不再像过去一样。未来一百年的飓风活动很可能与过去一百年不同。另一个例子是，我们承保了很多 D and O 保险，即董事和高级职员责任险。安然事件后，我强烈地感觉到，与五年前相比，在普通陪审员观看了数小时关于所有丑闻的新闻报道之前，陪审团对公司欺诈等行为的受害者的处罚将更加严厉。目前还没有模型可以量化这种额外风险，但这种风险是历史数据无法反映的。",[18,187,188],{},"问：您对汉克·格林伯格的遭遇有何看法？",[18,190,191],{},"**巴菲特：**汉克是个了不起的人，他在纽约州北部长大，参加过诺曼底战役，代表 AIG 在全球各地不知疲倦地工作。如果人们认为 AIG 不那么完美，汉克也会非常反感，这可能是导致他出现问题的原因之一。对他来说，指责 AIG 的任何不当行为就像说自己的女儿丑一样，他无法客观地看待这件事。",[18,193,194],{},"问：在您的信中，您经常谈到不要使事情过于复杂化的重要性。保持生活简单的秘诀是什么？",[18,196,197],{},"**巴菲特：**在进行投资时，就当你在生活中有一张打卡机，上面只有 20 个方格，每次进行投资时，你都要打卡。这会约束你只做自己非常有信心的投资。显而易见的事情才能赚大钱。如果使用 8%与 10%的贴现率会决定一个投资想法的成败，那么这可能不是一个好主意。",[18,199,200],{},"早在 1951 年，穆迪公司就按行业出版了厚厚的手册，涉及所有流通股。我翻阅了所有的手册，长达数千页，因为我希望下一页就会出现一个好主意。我发现像全美保险公司和西部保险证券公司这样无人关注的公司，其交易价格远远低于其内在价值。去年，我们在韩国证券交易所发现了一家钢铁公司，该公司没有分析师报道，没有研究，但却是世界上最赚钱的钢铁公司。",[18,202,203],{},"问：如何成为一名成功的总经理？",[18,205,206],{},"**巴菲特：**首先，你必须了解自己的思维方式。你必须选择合适的环境。我无法想象要为数百人负责，还要整天去开会，所以我和另外 17 个人一起工作。而且，你必须对自己的工作充满热情。",[18,208,209],{},"问：您认为全球财富正在转移还是正在创造？",[18,211,212],{},"**巴菲特：**人们把太多的智慧和精力用于从资本主义的餐桌上拾取碎屑，而不是准备这顿饭。。",[18,214,215],{},"问：您如何识别非凡的业务能力？",[18,217,218],{},"**巴菲特：**还是激情。当 B 女士的儿子参加二战时，他们每天都有书信往来......谈论家具生意。上世纪 80 年代，伯克希尔公司收购了 NFM 公司 90% 的股份，我和 B 女士握手并签署了一份两页纸的协议。没有审计账目，没有尽职调查，我相信她的诚信。当沃尔玛把他们的一个经营单位卖给我时，他们的首席财务官来到我的办公室，我给了他一个价格，他给本顿维尔（阿肯色州-沃尔玛总部）打了电话，当天交易就完成了。我知道沃尔玛是怎么做生意的，当我们接手这个部门时，情况和他们描述的一模一样。伯克希尔的业务之一是 FlightSafety，创始人致力于防止死亡事故的发生，他并不为下一季度的数字所动。",[18,220,221],{},"问：您对教育有何看法？",[18,223,224],{},"**巴菲特：**比尔-盖茨认为我们（美国）落后了 \\（巴菲特先生与比尔-盖茨经常交谈） 与现在的孩子相比，我上公立学校时有一个很大的优势。在我上学的时候，女性的职业机会很少，所以很多非常有才华的女性成为了教师，我从她们的教导中受益匪浅。如今，职业机会越来越多，因此潜在的教师队伍缩小了。",[18,226,227],{},"问：您谈到了在职业生涯早期搭乘正确列车的重要性，您如何识别正确列车？",[18,229,230],{},"**巴菲特：**不要关注起薪。在我还不知道薪水是多少之前，我就接受了本杰明·格雷厄姆的第一份工作。做你热爱的事情。",[18,232,233],{},"问：中国和印度对美国经济有多重要？",[18,235,236],{},"**巴菲特：**我在美国出生的几率是五十分之一。我中了卵巢彩票。如果我出生在孟加拉国，我很可能不会有这么好的机会。作为人类，我们应该希望中国和印度取得成功，尽管这肯定会给许多美国人民造成混乱。",[18,238,239],{},"问：你有什么遗憾吗？",[18,241,242],{},"**巴菲特：**我太幸运了。回首往事，如果说我当时应该向右或向左转，那就大错特错了。如果你在每个洞都能一杆进洞，那你就打不了多久高尔夫球了。我相信向前看是有好处的。",[18,244,245],{},[34,246,247],{},"高拉特牛排馆",[18,249,250],{},"在巴菲特的办公室结束会议后，巴菲特先生请我们在距酒店约 10 分钟路程的 Gorat 牛排馆共进午餐。用餐过程中，一群群学生礼貌地轮流到他的餐桌旁。在开车去餐厅的路上，我总结了这次旅行的教训。巴菲特先生在他的车里带着我们五个人，三个在前面，三个在后面，他开车（没有开收音机），并在路上指出了一些奥马哈的企业和地标。巴菲特先生是如此彻底地解除了戒心、友善，并对过度使用的陈词滥调……“脚踏实地”表示歉意，以至于我不得不提醒自己，我旁边坐着的是谁。感觉就像是我朋友的爸爸开车送我们结束足球训练回家。",[18,252,253],{},"巴菲特先生谈到的主要主题--做自己感兴趣的事、要有激情、始终正直行事、不要随波逐流、尊重你的社区、最好的想法是显而易见的......都在乘车途中得到了具体体现。而巴菲特先生身上所蕴含的公信力则是最重要的因素。他并不是住在高楼大厦里，在随从的簇拥下，就 \"普通人 \"应该如何开展业务和生活发表建议。相反，在我们的会议上，他只是简单地描述了他自己的生活、他的经历、他观察到的在商业和投资中行得通和行不通的东西，以及他对未来的担忧。这对我们所有人的影响不仅仅是对巴菲特先生的钦佩，而是对我们自己坚持自我、确定个人成功愿景的能力重新燃起了信心和激情。也许，激励能力是巴菲特先生最宝贵的品质。",{"title":255,"searchDepth":256,"depth":256,"links":257},"",2,[],"访谈与文章",null,"巴菲特接待塔克商学院MBA学生访问，分享投资理念与职业建议，强调做热爱之事与培养核心技能。","md",{},true,56,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":5,"description":260},"巴菲特：2005年与塔克商学院学生对谈｜巴菲特","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan","buffett\u002Finterview\u002Fba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan","cW1O_t06ai6EZZCWbaqWQdpMFV03mnfZusyptZVlAlQ","buffett",[273,278,281,285,288,291,294,298,301,304,308,311,314,318,321,324,328,331,334,338,341,344,348,351,354,358,361,364,368,371,374,378,381,384,388,391,394,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,589,592,595,599,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,762,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219,1223,1227,1231,1235,1239,1243,1247,1251,1255,1259,1263,1267,1271],{"title":274,"slug":275,"category":276,"order":277},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":279,"slug":280,"category":258,"order":277},"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",{"title":282,"slug":283,"category":284,"order":277},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":286,"slug":287,"category":276,"order":256},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":289,"slug":290,"category":258,"order":256},"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":292,"slug":293,"category":284,"order":256},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":295,"slug":296,"category":276,"order":297},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":299,"slug":300,"category":258,"order":297},"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":302,"slug":303,"category":284,"order":297},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":305,"slug":306,"category":276,"order":307},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":309,"slug":310,"category":258,"order":307},"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":312,"slug":313,"category":284,"order":307},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":315,"slug":316,"category":276,"order":317},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":319,"slug":320,"category":258,"order":317},"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":322,"slug":323,"category":284,"order":317},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":325,"slug":326,"category":276,"order":327},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":329,"slug":330,"category":258,"order":327},"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":332,"slug":333,"category":284,"order":327},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":335,"slug":336,"category":276,"order":337},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":339,"slug":340,"category":258,"order":337},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":342,"slug":343,"category":284,"order":337},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":345,"slug":346,"category":276,"order":347},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":349,"slug":350,"category":258,"order":347},"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":352,"slug":353,"category":284,"order":347},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":355,"slug":356,"category":276,"order":357},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":359,"slug":360,"category":258,"order":357},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":362,"slug":363,"category":284,"order":357},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":365,"slug":366,"category":276,"order":367},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":369,"slug":370,"category":258,"order":367},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":372,"slug":373,"category":284,"order":367},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":375,"slug":376,"category":276,"order":377},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":379,"slug":380,"category":258,"order":377},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":382,"slug":383,"category":284,"order":377},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":385,"slug":386,"category":276,"order":387},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":389,"slug":390,"category":258,"order":387},"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":392,"slug":393,"category":284,"order":387},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":395,"slug":396,"category":276,"order":397},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":399,"slug":400,"category":258,"order":397},"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":402,"slug":403,"category":284,"order":397},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":405,"slug":406,"category":276,"order":407},"1963年12月 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":757,"slug":758,"category":258,"order":755},"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":760,"slug":761,"category":457,"order":264},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":268,"category":258,"order":264},{"title":764,"slug":765,"category":457,"order":766},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":768,"slug":769,"category":258,"order":766},"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":771,"slug":772,"category":457,"order":773},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":775,"slug":776,"category":258,"order":773},"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":778,"slug":779,"category":457,"order":780},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":782,"slug":783,"category":258,"order":780},"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":785,"slug":786,"category":457,"order":787},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":789,"slug":790,"category":258,"order":787},"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":792,"slug":793,"category":457,"order":794},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":796,"slug":797,"category":258,"order":794},"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":799,"slug":800,"category":457,"order":801},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":803,"slug":804,"category":258,"order":801},"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":806,"slug":807,"category":457,"order":808},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":810,"slug":811,"category":258,"order":808},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":813,"slug":814,"category":457,"order":815},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":817,"slug":818,"category":258,"order":815},"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":820,"slug":821,"category":457,"order":822},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":824,"slug":825,"category":258,"order":822},"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":827,"slug":828,"category":457,"order":829},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":831,"slug":832,"category":258,"order":829},"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":834,"slug":835,"category":457,"order":836},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":838,"slug":839,"category":258,"order":836},"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":841,"slug":842,"category":457,"order":843},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":845,"slug":846,"category":258,"order":843},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":848,"slug":849,"category":457,"order":850},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":852,"slug":853,"category":258,"order":850},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":855,"slug":856,"category":457,"order":857},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":859,"slug":860,"category":258,"order":857},"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":862,"slug":863,"category":457,"order":864},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":866,"slug":867,"category":258,"order":864},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":869,"slug":870,"category":457,"order":871},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":873,"slug":874,"category":258,"order":871},"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":876,"slug":877,"category":457,"order":878},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":880,"slug":881,"category":258,"order":878},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":883,"slug":884,"category":457,"order":885},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":887,"slug":888,"category":258,"order":885},"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":890,"slug":891,"category":457,"order":892},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":894,"slug":895,"category":258,"order":892},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":897,"slug":898,"category":457,"order":899},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":901,"slug":902,"category":258,"order":899},"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":904,"slug":905,"category":457,"order":906},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":908,"slug":909,"category":258,"order":906},"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":911,"slug":912,"category":457,"order":913},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":915,"slug":916,"category":258,"order":913},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":918,"slug":919,"category":457,"order":920},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":922,"slug":923,"category":258,"order":920},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":925,"slug":926,"category":457,"order":927},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":929,"slug":930,"category":258,"order":927},"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":932,"slug":933,"category":457,"order":934},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":936,"slug":937,"category":258,"order":934},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":939,"slug":940,"category":457,"order":941},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":943,"slug":944,"category":258,"order":941},"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":946,"slug":947,"category":457,"order":948},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":950,"slug":951,"category":258,"order":948},"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":953,"slug":954,"category":457,"order":955},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":957,"slug":958,"category":258,"order":955},"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":960,"slug":961,"category":457,"order":962},"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":964,"slug":965,"category":258,"order":962},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":967,"slug":968,"category":457,"order":969},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":971,"slug":972,"category":258,"order":969},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":974,"slug":975,"category":457,"order":976},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":978,"slug":979,"category":258,"order":976},"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":981,"slug":982,"category":457,"order":983},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":985,"slug":986,"category":258,"order":983},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":988,"slug":989,"category":457,"order":990},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":992,"slug":993,"category":258,"order":990},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":995,"slug":996,"category":457,"order":997},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":999,"slug":1000,"category":258,"order":997},"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":1002,"slug":1003,"category":457,"order":1004},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1006,"slug":1007,"category":258,"order":1004},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1009,"slug":1010,"category":457,"order":1011},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1013,"slug":1014,"category":258,"order":1011},"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":1016,"slug":1017,"category":457,"order":1018},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1020,"slug":1021,"category":258,"order":1018},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1023,"slug":1024,"category":457,"order":1025},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1027,"slug":1028,"category":258,"order":1025},"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":1030,"slug":1031,"category":457,"order":1032},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1034,"slug":1035,"category":258,"order":1032},"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":1037,"slug":1038,"category":457,"order":1039},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1041,"slug":1042,"category":258,"order":1039},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1044,"slug":1045,"category":457,"order":1046},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1048,"slug":1049,"category":258,"order":1046},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1051,"slug":1052,"category":457,"order":1053},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1055,"slug":1056,"category":258,"order":1053},"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":1058,"slug":1059,"category":457,"order":1060},"2025 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《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":1084,"slug":1085,"category":258,"order":1086},"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":1088,"slug":1089,"category":258,"order":1090},"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":1092,"slug":1093,"category":258,"order":1094},"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":1096,"slug":1097,"category":258,"order":1098},"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":1100,"slug":1101,"category":258,"order":1102},"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":1104,"slug":1105,"category":258,"order":1106},"巴菲特：2014年CNBC 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