[{"data":1,"prerenderedAt":2011},["ShallowReactive",2],{"library-ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da":3,"library-sidebar-buffett":474,"library-sidebar-dao":1477,"library-sidebar-models":1779},{"id":4,"title":5,"body":6,"category":461,"date":462,"description":463,"extension":464,"meta":465,"navigation":466,"order":467,"path":468,"seo":469,"seoDescription":463,"seoTitle":5,"slug":470,"stem":471,"__hash__":472,"_collection":473},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da.md","巴菲特：2006年与沃顿商学院学生问答",{"type":7,"value":8,"toc":457},"minimark",[9,13,17,24,29,34,39,42,52,60,63,66,71,76,80,83,86,89,92,95,98,109,112,115,120,125,129,132,135,138,141,144,147,150,155,160,164,167,170,173,176,179,182,185,190,195,199,202,207,210,214,217,220,223,228,233,237,240,243,246,249,254,259,263,266,269,274,279,283,286,289,292,295,298,301,304,307,310,313,318,323,327,330,333,336,339,342,347,352,356,359,362,365,370,375,379,382,385,391,396,401,405,408,411,416,421,425,428,431,437,442,447,451,454],[10,11,5],"h1",{"id":12},"巴菲特2006年与沃顿商学院学生问答",[10,14,16],{"id":15},"_2006年巴菲特2006年与沃顿商学院学生问答","2006年：《巴菲特：2006年与沃顿商学院学生问答》",[18,19,20],"p",{},[21,22,23],"strong",{},"2006 年 2 月 17 日",[18,25,26],{},[21,27,28],{},"提问Q1：",[18,30,31],{},[21,32,33],{},"伯克希尔有众多优秀的经理人，您特别擅长发现和选择人才。人们常说，有才能的人，特别难管理。我们将来要从事经理人的工作，请给我们提供一些建议。您的经理人绩效特别高，您是怎么管理的？",[18,35,36],{},[21,37,38],{},"巴菲特：",[18,40,41],{},"首先，我说两点。",[43,44,45,49],"ol",{},[46,47,48],"li",{},"我有机会自由地挥毫泼墨，创作自己的作品，这是我人生的幸运；",[46,50,51],{},"我喜欢展示自己的作品，我喜欢得到掌声；",[18,53,54,55,59],{},"在选择经理人的时候，我盯着他们的眼睛，问他们是爱钱、还是爱生意？如果他们爱生意，但不能每天早晨从床上蹦起来去工作，那是我的错。我有责任给我的经理人提供两样东西：一个是让他们创作自己的作品的自由，另一个是掌声。我给他们鼓掌，他们觉得我的掌声恰到好处，因为我懂他们管理的生意。我只是换位思考而已，把适用于自己的，也提供给别人。伯克希尔的很多经理人本身已经很富有了。在他们将生意出售给伯克希尔时，我要他们看着我的眼睛说，是爱钱，还是爱生意。我不和经理人签合同。当我们的经理人早晨 6 点半就起床去工作时，他的妻子问：“你这么起早贪黑的，赚来的钱都送到了奥马哈，你何苦啊？”我希望，他妻子这么问他的时候，他能给他的妻子一个很好的回答。我有责任建立一套合理的薪酬体系，这套薪酬体系不是发伯克希尔的股票期权",[56,57,58],"span",{},"伯克希尔股价的高低与他们的业绩不直接相关","。",[18,61,62],{},"我给老虎伍兹当过球童，我在伯克希尔要做的就是找到各行各业里的老虎伍兹。",[18,64,65],{},"在工作上，最重要的是做自己喜欢的工作，和自己喜欢的人共事。如果这个人，不是你敬佩的、信任的，肯定不行。我只聘请我愿意和他做朋友或邻居的人。我选择让我的生活更轻松的人。谁都没办法和让自己反胃的人共事。",[18,67,68],{},[21,69,70],{},"提问Q2：",[18,72,73],{},[21,74,75],{},"请推荐您最近读的几本书。",[18,77,78],{},[21,79,38],{},[18,81,82],{},"非商业的书：",[18,84,85],{},"凯瑟琳·格雷厄姆 (Katharine Graham) 写的《Personal History》",[18,87,88],{},"这本书充满真意，讲述了最有趣味的一种人生。",[18,90,91],{},"凯瑟琳是一位有能力的女性，但是她的母亲和丈夫都说她不行，所以她自己特别缺乏自信。后来，她全凭自己的坚持，最终取得了成功。凯瑟琳的自传写得太好了，我都不敢写了，怎么写都不可能比她写得更好。",[18,93,94],{},"关于商业的书：",[18,96,97],{},"本·格雷厄姆写的《聪明的投资者》，学会了格雷厄姆教的思维方式，不可能做不好投资。",[43,99,100,103,106],{},[46,101,102],{},"买股票就是买公司。不想要这家公司，也别买它的股票，学会分析生意。",[46,104,105],{},"市场是你的仆人，不是你的老师。",[46,107,108],{},"每笔投资都留足安全边际。",[18,110,111],{},"查理·芒格写的《穷查理宝典》，查理关于商业和人类行为的智慧简直逆天了。他从冷眼旁观中有很多领悟。",[18,113,114],{},"《客户的游艇在哪里》也是一本好看而且有智慧的书。",[18,116,117],{},[21,118,119],{},"提问Q3：",[18,121,122],{},[21,123,124],{},"您对投资的热爱从何而来？",[18,126,127],{},[21,128,38],{},[18,130,131],{},"我觉得投资是一场充满魅力的比赛。参与这场比赛的人如此之多，也可以说，投资是一场终极的比赛。",[18,133,134],{},"我应该是天生就有投资的基因吧。在这个时代、在这个地方——伟大的美国社会，我天生具备投资基因，实在是幸运。如果我出生在非洲，为了不被狮子吃掉而拼命奔跑，大声喊着“我会配置资本”，我有投资基因，也没用啊。",[18,136,137],{},"内布拉斯加家具城的 B 夫人是天生拥有商业基因的。只是她年轻的时候，从苏联长途跋涉到了美国，才发挥出来。来到美国之后，B 夫人的大女儿 5 岁时去上学，在学校里学英语，B 夫人的英语是向自己的女儿学的。经过 16 年的努力，B 夫人攒下了 500 美元（每次她攒够 50 美元，就寄回苏联，资助亲戚来美国）。有一次，她走进美国家具城，简直看呆了。她模仿美国家具城的名字，自己开了一家店，进了 2000 美元的货在自己家里出售。内布拉斯加家具城现在的营业额已经高达 3.5 亿美元。她不会读，也不会写。在我们签的合同上，她只是打了一个记号表示同意。她的竞争对手曾经把她告上法庭。她自己为自己在法庭上辩护，她说：“地毯，我是 2 元进的货，卖 3 元，他们卖 5 元。您说吧，请问您觉得我应该从自己的客户身上敲诈多少？”后来，连法官都从她那买了地毯。",[18,139,140],{},"从 B 夫人的事迹中，我们可以看出，她身上必然有过人之处。这个过人之处不是高智商。伯克希尔有很多没念完大学的经理人。",[18,142,143],{},"B 夫人很少在家，几乎总在店里。她很少请人去她家里，我拜访过她几次。在她的家中，所有家具上面都挂着绿色的价签，她说这让她更有家的感觉。",[18,145,146],{},"老虎伍兹每天都练习打 500 个球。每一个球，都不是随便打的，而是心中看好了具体目标，一定要让球落在草坪上的某个地方。只是为了钱，根本做不到。",[18,148,149],{},"我喜欢投资就像我喜欢打桥牌一样。我一周打 12 小时的桥牌。打桥牌对我来说很重要，拥有一艘游艇、五栋大别墅，我绝对受不了。",[18,151,152],{},[21,153,154],{},"提问Q4：",[18,156,157],{},[21,158,159],{},"您如何看待美国日益悬殊的贫富差距？富人应该为社会做些什么？",[18,161,162],{},[21,163,38],{},[18,165,166],{},"假设这样一个情景：在你出生之前的 24 小时，一个精灵出现了，它给你一个权力，你可以设计自己将要生活的世界，社会制度如何、政治制度如何等等。",[18,168,169],{},"精灵也有个条件，你必须从 60 亿张彩票中随机抽取一张。这张彩票将决定你在这个世界生下来之后，是怎样的人，是黑人还是白人、是富有还是贫穷、是男人还是女人、是身体健壮还是孱弱多病、是聪明过人还是头脑迟钝。",[18,171,172],{},"你已经知道了，自己要随机抽取一张彩票决定自己生下来是怎样的人，那么你会设计一个怎样的世界？",[18,174,175],{},"你一定希望设计一个富饶的世界，生产力不受制度的任何阻碍，物质资源极大丰富。你一定希望设计一个像选拔奥运会运动员一样的机制，让杰克·韦尔奇去经营通用电气，让麦克·泰森去打拳击。美国在这方面做得很好。机会均等特别重要。首先，要建立一个有监管的自由市场，使得生产出的产品能满足人们的需求，这是第一步。然后，要建立一个公正的社会，把那些没抽到好彩票的人照顾好。美国发展到今天，智商 80、90 的人能做的工作很少。整个社会群体的智商分布没变化，但工作对智商的需求却变了。",[18,177,178],{},"一个富足的社会应该消除不应有的恐惧，社会保障制度是一项特别好的制度。100 年前，美国还没办法建立社保制度。1930 年代，时机成熟了，美国的社保制度建立了起来。",[18,180,181],{},"美国的机制体制能充分释放人们的潜力，所以我们才这么富裕。中国已经逐渐赶上来了。",[18,183,184],{},"1790 年，一个智商 90 的人能做 90% 的工作，即使是没有抽到好彩票的人，也有许多机会。在当今时代，人们的智商分布曲线没变，但工作对智商的需求变了。",[18,186,187],{},[21,188,189],{},"提问Q5：",[18,191,192],{},[21,193,194],{},"最近“按基本面选股定投”（包括乔·格林布拉特的书）比较流行，即按照股息、估值等基本面数据选股，而不是像传统的指数那样按市值分配权重，您如何看？",[18,196,197],{},[21,198,38],{},[18,200,201],{},"乔的理论基础是用便宜的价格买好公司，我同意。乔写书，是写给那些希望得到一套固定体系的人。一个投资者，如果能看懂生意，可以实现更高的投资收益。如果看不懂生意，乔给出的那套体系比看 CNBC 强多了。例如，一位牙医，不想花太多精力研究投资，完全可以用乔的方法。乔的方法是分散投资，所以承受得起偶尔遭遇公司欺诈或个别亏损。格林布拉特的根本出发点是用便宜的价格买好公司，在座的各位都有很大的潜力，你们有能力自己去研究公司，研究公司的生意好不好、管理层是否优秀、股价是否合理。我做投资就是研究这些。乔的书很不错。",[18,203,204],{},[21,205,206],{},"提问Q6：",[18,208,209],{},"您希望FASB或SEC实施哪些进一步的标准或法规，以防止或遏制误导性的财务报告？",[18,211,212],{},[21,213,38],{},[18,215,216],{},"舆论曝光让90年代的种种过度行为被清理出局。我们每年需要从最糟糕的50人名单中公开绞死3人。确实已经有一些“绞刑”发生了！90年代的CEO们出现了道德滑坡：如果那些人人敬仰的人都在这么做，那我为什么不能？媒体曝光对企业行为的影响甚至超过法律。",[18,218,219],{},"在过去10年中，我们已经见识了几乎是有史以来最严重的欺诈行为。如今再当坏人已经不再“时髦”。而在1990年代，这种行为或许还更容易被接受。陪审团审判虽然不可预测，但它们的存在以及你可能登上财经版头条的事实，具有重要威慑作用。",[18,221,222],{},"我常把董事会比作“大象相撞”。如果你总是和其他重要人物发生摩擦，那你一定是在做某件重要的事情。而指出他们工作糟糕，只会让这些“大象”难堪。",[18,224,225],{},[21,226,227],{},"提问Q7：",[18,229,230],{},[21,231,232],{},"请问评估一位基金经理应该看多长时间的业绩？有很多价投大 V 推荐 Oakmark，但是它在过去 10 年里的收益率只有 8.4%。",[18,234,235],{},[21,236,38],{},[18,238,239],{},"我评估基金经理人不是只看数字，我要看业绩是怎么取得的。例如，在 8 年时间里，20 个人都跑赢了标普指数 300 个基点，我可能会排除其中的 18 个。在市场的不同阶段，总有这种或那种投资风格的收益特别显眼。就像浮在池塘上的鸭子，天下雨了，鸭子以为是自己把自己升高了，其实是下雨了。这也不能怪鸭子。在某个市场阶段，某种风格恰好能赚钱。我几乎没见过能改变自己风格的人，有的话，也非常少。",[18,241,242],{},"1969 年，我关闭了自己的合伙基金，需要给我的客户找到新的投资途径。我把资金寄还给客户，不知该说些什么好。我推荐购买市政债券，还推荐了两位基金经理，一位是比尔·鲁安 (Bill Ruane)，另一位是桑迪·戈特斯曼 (Sandy Gottesman)。",[18,244,245],{},"我退出是因为我不看好当时的市场。有些客户资金量较少，桑迪不感兴趣，比尔接纳了他们。最初的几年，比尔的业绩比较差，但我一点都不担心。",[18,247,248],{},"再以长期资本管理公司为例，我知道他们是一群全世界智商最高的人，但是他们过分依赖统计方法了。他们用的杠杆特别高，不怕一万、就怕万一。",[18,250,251],{},[21,252,253],{},"提问Q8：",[18,255,256],{},[21,257,258],{},"您喜欢刁钻的问题。能否请您分享一下别人问过您的最难、最刁钻的问题？也请您分享一下您自己提出过的最难的问题？",[18,260,261],{},[21,262,38],{},[18,264,265],{},"当我与公司会面时，在会议最后我总会问这样一个问题：“如果你要离开十年，只能买你一个竞争对手的股票，你会选哪一家？如果你只能做空一家竞争对手的股票，又会选哪一家？”这是一个“银弹式”的问题。我还常问：“如果我们角色互换，你会问我哪些问题，假如我是你来经营这家公司？”",[18,267,268],{},"我自己问过的最重要的问题，是我问我的妻子愿不愿意嫁给我。幸运的是，我得到了正确的答案。一个人最深刻的变化来自于与伴侣的互动。你的配偶是谁，对你的人生产生极其深远的影响，而有些人确实会在这个选择上犯错。",[18,270,271],{},[21,272,273],{},"提问Q9：",[18,275,276],{},[21,277,278],{},"当您思考接下来的100到500年，您预见到哪些最重要的社会或宏观经济变化？（您是否依然相信美国将继续作为一个政治／经济强国的重要地位？）",[18,280,281],{},[21,282,38],{},[18,284,285],{},"贸易赤字或经常账户赤字是目前最大的问题。我们最终可能会改变在医疗保险债务方面所作的承诺。政府实际上拥有对你收入的某种版税资产。政府拥有伯克希尔35%的收益。政府从伯克希尔获得了30亿美元的收入。他们持有的是A级股票——他们拿走公司创造的现金，而不再投资。这些股票比我自己的股票还值钱。想象一下，如果政府设立一家特殊目的公司——“伯克希尔税务公司”——那这家公司的价值会是多少？它的价值会高于还是低于普通的伯克希尔股票？而A级股票所代表的政府收益比例也是可以调整的。二战时，美国政府拥有91%的收益份额。如果今天美国股市价值在16万亿到17万亿美元之间，那政府所持有的那一部分到底值多少？",[18,287,288],{},"我对贸易赤字很担忧。我们每天都在向世界其他国家发出20亿美元的“欠条”。我们就像一个花费超出收入6%的富人家庭，为此我们不得不不断变卖“家产”。这些债权人将有权利索取我们生产的一部分。这对我们这一代人而言，把这样的包袱强加给下一代是很危险的。回想一下美国独立战争——试想如果富兰克林当年把GDP的4%送给英国，听上去也许是个好主意，但最终这将导致政治不稳定，并会被重新谈判。我们正在一步步把自己推向这样的境地。",[18,290,291],{},"如今世界其他国家拥有3万亿美元的美国资产。这看起来没什么，但利息会逐渐积累。净投资收益将变为负数。这是当前我们社会面临的第一大问题（除了大规模杀伤性武器）。这个问题比政治周期还要持久，我们正在接受“供应商融资”。",[18,293,294],{},"我们必须对高端医疗进行配给，尤其是那些只延长生命几个月的治疗。这对富裕社会来说是非常棘手的问题。药品会越来越好，人们寿命也会延长，但这会使资源变得更加紧张。你愿意花多少钱来把预期寿命从92岁延长到93岁？这将会在生产年龄群体与退休人群之间引发冲突，这在AARP（美国退休人员协会）等组织中已有体现。",[18,296,297],{},"对世界而言，最重要的问题是我们如何面对核武器和生化武器知识的扩散。我们永远会有一部分“妄想狂”存在。过去，这些人最多只能扔块石头。而如今，他们能造成的破坏远大于以往。希特勒当年驱逐了德国最优秀的科学家，仅仅因为他极端反犹；而这些科学家发明的V2火箭若当时真有核弹头，也许会改写整个二战历史。",[18,299,300],{},"现在我们有数以百万计“疯子”存在于世界上（比例其实没变），关键在于——他们究竟能造成多大的破坏？这个限制因素是什么？知识就像资源一样，是一种限制因素。人类永远有意图，现在他们也具备知识。某种攻击终将发生，迟早而已。这类攻击更可能来自生物武器而非核武器。我们因天花病毒文化稀缺而“幸运”地避免了一些问题，全世界仅有两个地方拥有相关培养文化。天花有7天潜伏期，非常适合被用于空中旅行传播。",[18,302,303],{},"华盛顿特区的狙击案中，仅2人杀了1-2人\u002F天，就让整座城市陷入瘫痪。",[18,305,306],{},"我创立基金会的目的，就是为了解决那些没有自然资金来源的大问题。如果有任何一件事是金钱能解决的，那它就会是我优先考虑的问题。",[18,308,309],{},"扶贫不是答案。世界上最富有的国家也使用过核武器。（这里引用了巴菲特父亲在国会的回忆）在二战期间，美国国会没有人对投掷核弹、造成20万人死亡感到忧虑。他们认为自己有理由那么做。我们全世界都有一些人，是以一种扭曲的逻辑思考问题。我曾是战略空军司令部的顾问（他们其实只是想让我去为他们争取更多预算）。我们已经准备好发射核弹。这是一种“用掉它，否则就失去它”的心态。",[18,311,312],{},"至于伊朗，如果有25个国家拥有高浓缩铀，或者那些长期由独裁者和神职人员控制的国家，最终几十年下来肯定会发生点什么。我知道这一点，因为我从事保险工作。麦克纳马拉在《战争迷雾》中就显示了战争的真正风险。如果是俄罗斯，他们很可能会从古巴发射核弹。",[18,314,315],{},[21,316,317],{},"提问Q10：",[18,319,320],{},[21,321,322],{},"如果你必须在年底前捐出10亿美元用于慈善事业，你会捐给什么事业？你会如何做出决定？",[18,324,325],{},[21,326,38],{},[18,328,329],{},"我每年捐赠1.25亿至1.5亿美元用于慈善。我为我的六位受托人录制了一段时长1分45秒的视频，并写了一封信，他们几乎都是女性——伙计们要小心了！我给她们的是原则而不是具体指令。",[18,331,332],{},"其中一项原则是：关注那些没有自然支持群体、非常重要的社会问题——那些在政治上不受欢迎的观念。举个例子，约翰·洛克菲勒曾资助黑人大学，那是当时没人愿意碰的问题。这些学校没有富有的校友，洛克菲勒说：“那我就做他们的校友。”这正是我喜欢的那种事情。",[18,334,335],{},"做不受欢迎的事，往往意味着你会频繁失败。我希望我的基金会专注于那些具有高失败风险的事务——这是我做生意时所追求的反面。我期待他们去挑战最难的问题。我的理念是：他们活着时的判断比我死后埋六英尺地下时更可靠！",[18,337,338],{},"我希望他们资助减少核、化学或生物武器攻击概率的事业，但我不知道如何有效使用这笔钱。此外，我也支持女性的生育自由，这在大多数基金会看来并没有自然支持群体，所以它们不会碰。但我相信收养。我认为在促进生育自由方面可以做很多好事。我不希望女性被迫承担20年的非自愿母亲身份——男人当然也不希望！",[18,340,341],{},"我的基金会不被允许做小事。如果她们只是写出一张100万美元或1000万美元的支票，那我可要从地下跳出来吓她们一跳。",[18,343,344],{},[21,345,346],{},"提问Q11：",[18,348,349],{},[21,350,351],{},"您曾经说过，伯克希尔时刻准备着应对大灾难，您为什么这么说？",[18,353,354],{},[21,355,38],{},[18,357,358],{},"查理和我比较擅长考虑最坏的情况。我研究过历史上 11 次最严重的经济危机。我们现在考虑的是，如果股市关闭几天或几个月，伯克希尔要具备应对的能力。我们经营的伯克希尔不依靠任何人。",[18,360,361],{},"长期资本管理公司卖出新国债，买入旧国债。新旧国债的价差达到 10 个基点时，长期资本管理公司认为价差一定会消失。最终价差确实消失了，然而，在 1998 年 9 月，价差最大拉到了 30 个基点，完全不能用任何逻辑解释。这个机会，伯克希尔也参与了，但是我们没拿可能伤到我们自己的资金量去参与。机会是好机会，问题是只要与零相乘，再大的数都得归零。",[18,363,364],{},"聪明人用不着上杠杆，蠢人没资格上杠杆。伯克希尔可以利用保险业务的浮存金，但是我们的浮存金不是一成不变的。作为保险公司，我们特别担心大灾难。我们承保海湾地区的巨灾险……伯克希尔准备好了因某一场巨灾而损失 60 亿美元。我们承保全球最大的风险，我们自愿去承担巨大的风险。我们做好了准备，即使股市关闭 6 个月，也有能力应对。我们不依靠任何人，我们自己有流动性。",[18,366,367],{},[21,368,369],{},"提问Q12：",[18,371,372],{},[21,373,374],{},"您讲过，用 1 角钱买 1 元钱的东西，但是价格到了 1.5 元，您为什么不卖？该什么时候卖出？",[18,376,377],{},[21,378,38],{},[18,380,381],{},"在我投资的前 30 年中，我能找到的机会特别多，值 1 元钱的东西，我 6 角钱就卖了，因为找到了另一个更好的机会——值 1 元钱的东西只卖 4 角钱。现在情况不一样了。现在，只有生意变了或者我们不信任管理层了，我们才卖出。如果现在我只管理 1.5 亿美元，我不会像管理伯克希尔这样投资。",[18,383,384],{},"1951 年，我刚毕业的时候，我翻看穆迪手册。在第 1440 页上，有一家公司，1949 年和 1950 年的每股盈利分别是 21.66 美元和 29.09 美元，股价在 13-30 美元之间。这样的机会，让人眼前一亮。我读了公司的年报，找业内人士调研，发现这家公司毫无问题。这本大厚手册，越往后面翻，金子越多，我真应该从后往前找。",[18,386,387,388],{},"在今天的美国，很难找到这么好的机会了。但是，我在韩国找到了 20 只市盈率只有 2-4 倍的股票，公司都是基础行业的好公司。这些公司是没人推的，因为它们缺乏流动性，赚不到多少佣金。我对西方国家的股票比较熟，对韩国股票不太了解，所以不能投入大量资金。",[56,389,390],{},"巴菲特还说，他用分散的组合购买韩国股票，也是为了防范个别公司可能产生的风险。",[18,392,393],{},[21,394,395],{},"提问Q13：",[18,397,398],{},[21,399,400],{},"您如何评价 Jim Cramer？他决定买哪只股票，能把股价拉升 5% 以上。他是否就是市场先生的化身？我听说，他有时候刚爱上一只股票，但没过几周就变心了。",[18,402,403],{},[21,404,38],{},[18,406,407],{},"我一年能找到一个好机会，就谢天谢地了。每一天，每一只股票，都能给出个结论，这我做不到。市场是疯子、酒鬼、狂躁抑郁症患者，每天卖出 4000 家公司。在一年之内，股价高点是低点的两倍。公司本身其实和农场、公寓一样，它们的价值不可能像股价那样大幅波动。你买了一个农场，你肯定根据农场本身来决定它值多少钱，不可能听每天从门口走过的路人信口开出的价格。",[18,409,410],{},"投资是全世界最好的比赛，因为你仅仅需要找到 1 个机会，就拿到了对自己有利的一手好牌。像 Cramer 那样投资，我做不到。他主要是娱乐大众，他确实特别搞笑。",[18,412,413],{},[21,414,415],{},"提问Q14：",[18,417,418],{},[21,419,420],{},"您在研究一家公司的时候，一般看它过去多少年？",[18,422,423],{},[21,424,38],{},[18,426,427],{},"伯克希尔的规模越来越大，我的投资范围越来越小，我对自己投资范围内的公司很了解。通用电气，从 1941 年到现在的年报，我都有，已经基本了解了，所以研究的时候不用专门研究它的历史。如果一家公司，我不太了解它的历史，我一般先深入了解整个行业的状况。",[18,429,430],{},"我喜欢简单的生意，最好是 10 分钟之内可以看懂整个行业的商业模式。特别简单的生意，看懂了，直接打电话成交就可以了。我希望了解一个生意的护城河，希望了解客户的粘性多大，竞争对手如何。我会问它的客户是否经常比价。",[18,432,433,436],{},[56,434,435],{},"巴菲特说了两个很容易理解的公司，一个是发布新闻稿的 BusinessWire，另一个是一家做相框的公司。"," 通用汽车很难看懂。汽车行业在我的能力圈之外。我有三个整理箱：IN (选入)、OUT (筛出)、TOO HARD (太难)。",[18,438,439],{},[21,440,441],{},"提问Q15：",[18,443,444],{},[21,445,446],{},"您最近收购了 Applied Underwriters 公司，您能否说几句？",[18,448,449],{},[21,450,38],{},[18,452,453],{},"这家公司为小企业主提供服务，主要经营职工赔偿保险，它做的是大多数保险公司不关注的一块业务。我研究了这家公司的业绩，发现它做得很好。我收购的公司，没有一家是通过竞拍买来的。有的人在出售自己的公司时，希望给公司找个好归宿，我每次都说同样的一番话劝他们卖给我。我说：“你可以把自己的作品挂到大都会博物馆，也可以把它卖给披着羊皮的典当行（杠杆收购基金），他们买去了，把你的公司打扮一番，再倒手贩卖给别的典当行。卖给我的话，除了我，谁都骗不了你——无论是华尔街、卡尔·伊坎，还是强势的董事会，都动不了你。”",[18,455,456],{},"（完）",{"title":458,"searchDepth":459,"depth":459,"links":460},"",2,[],"访谈与文章",null,"巴菲特与沃顿商学院学生问答，分享人才选拔、经理人管理与伯克希尔企业文化的核心理念。","md",{},true,61,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":5,"description":463},"ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da","buffett\u002Finterview\u002Fba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da","V29JMUND42-mvpEHESUqlOP2Awwi-d9IfpM40G4GyF8","buffett",[475,480,483,487,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,570,573,576,580,583,586,590,593,596,600,603,606,610,613,616,620,623,626,630,633,636,640,643,646,650,653,656,661,664,667,671,674,677,681,684,687,691,694,697,701,704,707,711,714,717,721,724,727,731,734,737,741,744,747,751,754,757,761,764,767,771,774,777,781,784,787,791,794,797,801,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,999,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1081,1084,1088,1091,1095,1098,1102,1105,1109,1112,1116,1119,1123,1126,1130,1133,1137,1140,1144,1147,1151,1154,1158,1161,1165,1168,1172,1175,1179,1182,1186,1189,1193,1196,1200,1203,1207,1210,1214,1217,1221,1224,1228,1231,1235,1238,1242,1245,1249,1252,1256,1259,1263,1266,1270,1273,1277,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421,1425,1429,1433,1437,1441,1445,1449,1453,1457,1461,1465,1469,1473],{"title":476,"slug":477,"category":478,"order":479},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":481,"slug":482,"category":461,"order":479},"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":484,"slug":485,"category":486,"order":479},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":488,"slug":489,"category":478,"order":459},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":491,"slug":492,"category":461,"order":459},"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":494,"slug":495,"category":486,"order":459},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":497,"slug":498,"category":478,"order":499},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":501,"slug":502,"category":461,"order":499},"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":504,"slug":505,"category":486,"order":499},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":478,"order":509},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":511,"slug":512,"category":461,"order":509},"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":514,"slug":515,"category":486,"order":509},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":517,"slug":518,"category":478,"order":519},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":521,"slug":522,"category":461,"order":519},"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":524,"slug":525,"category":486,"order":519},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":527,"slug":528,"category":478,"order":529},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":531,"slug":532,"category":461,"order":529},"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":534,"slug":535,"category":486,"order":529},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":537,"slug":538,"category":478,"order":539},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":541,"slug":542,"category":461,"order":539},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":544,"slug":545,"category":486,"order":539},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":547,"slug":548,"category":478,"order":549},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":551,"slug":552,"category":461,"order":549},"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":554,"slug":555,"category":486,"order":549},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":557,"slug":558,"category":478,"order":559},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":561,"slug":562,"category":461,"order":559},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":564,"slug":565,"category":486,"order":559},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":567,"slug":568,"category":478,"order":569},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":571,"slug":572,"category":461,"order":569},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":574,"slug":575,"category":486,"order":569},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":577,"slug":578,"category":478,"order":579},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":581,"slug":582,"category":461,"order":579},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":584,"slug":585,"category":486,"order":579},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":587,"slug":588,"category":478,"order":589},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":591,"slug":592,"category":461,"order":589},"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":594,"slug":595,"category":486,"order":589},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":597,"slug":598,"category":478,"order":599},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":601,"slug":602,"category":461,"order":599},"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":604,"slug":605,"category":486,"order":599},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":607,"slug":608,"category":478,"order":609},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":611,"slug":612,"category":461,"order":609},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":614,"slug":615,"category":486,"order":609},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":617,"slug":618,"category":478,"order":619},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":621,"slug":622,"category":461,"order":619},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":624,"slug":625,"category":486,"order":619},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":627,"slug":628,"category":478,"order":629},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":631,"slug":632,"category":461,"order":629},"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":634,"slug":635,"category":486,"order":629},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":637,"slug":638,"category":478,"order":639},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":641,"slug":642,"category":461,"order":639},"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":644,"slug":645,"category":486,"order":639},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":647,"slug":648,"category":478,"order":649},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":651,"slug":652,"category":461,"order":649},"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":654,"slug":655,"category":486,"order":649},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":657,"slug":658,"category":659,"order":660},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":662,"slug":663,"category":461,"order":660},"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":665,"slug":666,"category":486,"order":660},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":668,"slug":669,"category":478,"order":670},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":672,"slug":673,"category":461,"order":670},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":675,"slug":676,"category":486,"order":670},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":678,"slug":679,"category":478,"order":680},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":682,"slug":683,"category":461,"order":680},"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":685,"slug":686,"category":486,"order":680},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":688,"slug":689,"category":478,"order":690},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":692,"slug":693,"category":461,"order":690},"巴菲特：1991年 年喜诗糖果70 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巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1033,"slug":1034,"category":461,"order":1031},"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":1036,"slug":1037,"category":659,"order":1038},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1040,"slug":1041,"category":461,"order":1038},"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":1043,"slug":1044,"category":659,"order":1045},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1047,"slug":1048,"category":461,"order":1045},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1050,"slug":1051,"category":659,"order":1052},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1054,"slug":1055,"category":461,"order":1052},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1057,"slug":1058,"category":659,"order":1059},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1061,"slug":1062,"category":461,"order":1059},"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":1064,"slug":1065,"category":659,"order":1066},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1068,"slug":1069,"category":461,"order":1066},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1071,"slug":1072,"category":659,"order":1073},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1075,"slug":1076,"category":461,"order":1073},"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":1078,"slug":1079,"category":659,"order":1080},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1082,"slug":1083,"category":461,"order":1080},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1085,"slug":1086,"category":659,"order":1087},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1089,"slug":1090,"category":461,"order":1087},"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":1092,"slug":1093,"category":659,"order":1094},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1096,"slug":1097,"category":461,"order":1094},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1099,"slug":1100,"category":659,"order":1101},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1103,"slug":1104,"category":461,"order":1101},"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":1106,"slug":1107,"category":659,"order":1108},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1110,"slug":1111,"category":461,"order":1108},"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":1113,"slug":1114,"category":659,"order":1115},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1117,"slug":1118,"category":461,"order":1115},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1120,"slug":1121,"category":659,"order":1122},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1124,"slug":1125,"category":461,"order":1122},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1127,"slug":1128,"category":659,"order":1129},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1131,"slug":1132,"category":461,"order":1129},"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":1134,"slug":1135,"category":659,"order":1136},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1138,"slug":1139,"category":461,"order":1136},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1141,"slug":1142,"category":659,"order":1143},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1145,"slug":1146,"category":461,"order":1143},"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":1148,"slug":1149,"category":659,"order":1150},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1152,"slug":1153,"category":461,"order":1150},"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":1155,"slug":1156,"category":659,"order":1157},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1159,"slug":1160,"category":461,"order":1157},"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":1162,"slug":1163,"category":659,"order":1164},"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":1166,"slug":1167,"category":461,"order":1164},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1169,"slug":1170,"category":659,"order":1171},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1173,"slug":1174,"category":461,"order":1171},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1176,"slug":1177,"category":659,"order":1178},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1180,"slug":1181,"category":461,"order":1178},"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":1183,"slug":1184,"category":659,"order":1185},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1187,"slug":1188,"category":461,"order":1185},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1190,"slug":1191,"category":659,"order":1192},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1194,"slug":1195,"category":461,"order":1192},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1197,"slug":1198,"category":659,"order":1199},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1201,"slug":1202,"category":461,"order":1199},"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":1204,"slug":1205,"category":659,"order":1206},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1208,"slug":1209,"category":461,"order":1206},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1211,"slug":1212,"category":659,"order":1213},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1215,"slug":1216,"category":461,"order":1213},"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":1218,"slug":1219,"category":659,"order":1220},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1222,"slug":1223,"category":461,"order":1220},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1225,"slug":1226,"category":659,"order":1227},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1229,"slug":1230,"category":461,"order":1227},"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":1232,"slug":1233,"category":659,"order":1234},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1236,"slug":1237,"category":461,"order":1234},"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":1239,"slug":1240,"category":659,"order":1241},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1243,"slug":1244,"category":461,"order":1241},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1246,"slug":1247,"category":659,"order":1248},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1250,"slug":1251,"category":461,"order":1248},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1253,"slug":1254,"category":659,"order":1255},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1257,"slug":1258,"category":461,"order":1255},"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":1260,"slug":1261,"category":659,"order":1262},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1264,"slug":1265,"category":461,"order":1262},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1267,"slug":1268,"category":659,"order":1269},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1271,"slug":1272,"category":461,"order":1269},"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":1274,"slug":1275,"category":461,"order":1276},"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":1278,"slug":1279,"category":461,"order":1280},"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":1282,"slug":1283,"category":461,"order":1284},"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":1286,"slug":1287,"category":461,"order":1288},"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":1290,"slug":1291,"category":461,"order":1292},"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":1294,"slug":1295,"category":461,"order":1296},"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":1298,"slug":1299,"category":461,"order":1300},"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":1302,"slug":1303,"category":461,"order":1304},"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":1306,"slug":1307,"category":461,"order":1308},"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":1310,"slug":1311,"category":461,"order":1312},"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":1314,"slug":1315,"category":461,"order":1316},"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":1318,"slug":1319,"category":461,"order":1320},"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":1322,"slug":1323,"category":461,"order":1324},"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":1326,"slug":1327,"category":461,"order":1328},"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":1330,"slug":1331,"category":461,"order":1332},"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":1334,"slug":1335,"category":461,"order":1336},"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":1338,"slug":1339,"category":461,"order":1340},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1342,"slug":1343,"category":461,"order":1344},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1346,"slug":1347,"category":461,"order":1348},"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":1350,"slug":1351,"category":461,"order":1352},"标题：《巴菲特：2017 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