[{"data":1,"prerenderedAt":1731},["ShallowReactive",2],{"library-ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si":3,"library-sidebar-buffett":194,"library-sidebar-dao":1197,"library-sidebar-models":1499},{"id":4,"title":5,"body":6,"category":180,"date":181,"description":182,"extension":183,"meta":184,"navigation":185,"order":186,"path":187,"seo":188,"seoDescription":182,"seoTitle":189,"slug":190,"stem":191,"__hash__":192,"_collection":193},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si.md","巴菲特：2008年财富杂志：沃伦之思",{"type":7,"value":8,"toc":175},"minimark",[9,13,18,25,28,31,34,37,40,43,48,51,54,57,62,66,69,72,76,79,83,91,94,97,102,106,109,113,116,120,123,127,130,134,137,141,144,148,151,158,162,165,169,172],[10,11,5],"h1",{"id":12},"巴菲特2008年财富杂志沃伦之思",[14,15,17],"h2",{"id":16},"财富杂志沃伦之思2008","财富杂志：沃伦之思2008",[19,20,21],"blockquote",{},[22,23,24],"p",{},"华尔街一片混乱，财富杂志记者NicholasVarchaver 来到奥马哈寻找智慧。沃伦巴菲特谈论了经济、信贷危机、贝尔斯登等问题... 巴菲特说，他\"接到了一个关于贝尔斯登的电话\"，但他说，在仅有两天时间进行尽职调查的情况下就拯救了这家投资银行，\"这需要一些勇气，而我并不想这样做\"。",[22,26,27],{},"如果说伯克希尔定于今年5 月3 日举行的年会被称为资本家的Woodstock 音乐节，那么这或许就相当于BobDylan 在自己家里举行的私人演出：伯克希尔CEO 沃伦巴菲特每年约15 次邀请一批商学院学生进行为期一天的集中学习。学生们参观公司的一两家企业，然后前往位于奥马哈市中心的伯克希尔总部，巴菲特会在那里进行两个小时的问答。随后，大家前往巴菲特最喜欢的一家餐厅，巴菲特在那里请大家吃午餐喝冰激凌啤酒。最后，每位学生都有机会与巴菲特合影留念。",[22,29,30],{},"4 月初，这位亿万富翁接待了宾夕法尼亚大学沃顿商学院(巴菲特本科曾就读于该学院)的150 名学生，为财富杂志提供了一次难得的旁听机会，他阐述了从贝尔斯登的救助计划到对经济预测的各个方面，以及他是愿意做通用电气的CEO 还是报童等等。以下是他与学生们的问答环节，在PiccoloPete's 餐厅与沃顿商学院的学生们共进午餐，并品尝意大利干酪鸡肉以及在办公室接受财富杂志采访的部分节选。",[22,32,33],{},"巴菲特首先用一系列可口可乐产品欢迎学生们的到来。巴菲特说：伯克希尔拥有可口可乐公司8%多的股份，因此我们可以从12 罐可口可乐中获得一罐的利润。我不在乎你们喝不喝，但如果你们愿意的话，就打开罐子吧。",[22,35,36],{},"随后，他又谈到了更重要的问题：在我们开始提问之前，我想告诉大家最近发生的一件事。如果你们还在学习有效市场理论，这是25 年前的标准课程，那么这可能对你们有些意义。但我们最近有一个例子说明了为什么这个理论是错误的。在过去的八九个周里，伯克希尔在拍卖利率证券(利率定期在拍卖会上重置的债券)上建立了约 40 亿美元的头寸。我们看到的情况确实非常惊人。我们每天都会收到投标名单。令人着迷的是，在这些竞标名单上，同一种信贷证券经常会以不同价格出现不止一次。",[22,38,39],{},"这是昨天的一个案例。我们竞标的是公民保险公司(Citizens Insurance)，它是佛罗里达州的一个机构。它的成立是为了照顾飓风保险，它由保费税支持。如果他们有一个大的飓风和基金变得不足，他们就会提高保费税。该公司的信用没有问题。所以那天我们竞标了三份不同的公民保险公司的证券。我们买到了一个利率为11.33%的投标。我们没买的一个利率是9.87%还有一个是6.0%。同一个债券，同样的时间，同样的交易商，完全不同的价格。这是一个大问题，这不是什么小异常现象，就像学术界每次发现与他们理论相左的东西时喜欢说的那样。",[22,41,42],{},"市场上发生了如此疯狂的事情。这些年来，市场并没有变得更加理性，市场变得更具羊群效应。但当人们恐慌时，当恐惧或贪婪占据上风时，人们的反应和过去一样不理性。",[44,45,47],"h4",{"id":46},"_1您认为美国金融市场正在失去竞争优势吗","1，您认为美国金融市场正在失去竞争优势吗？",[22,49,50],{},"我不认为我们会失去优势。我的意思是，Sarbanes­Oxley 法案是有成本的，其中有些是浪费了的。但相对于 20 万亿美元的总市值而言，这些成本并不算高。我认为，我们国家的资本市场非常好，它们经常被搞砸，以至于对投资来说它们变得更加美妙。我的意思是，如果你从事我的工作，你就不会想要一个完美运行的资本市场。无论监管如何，人们都会继续做傻事，而且永远会做傻事。监管所能达到的目标是非常有限的。以过去十年中最大的两起会计灾难为例：房地美和房利美。两家公司都存在数十亿美元的错误列报。",[22,52,53],{},"现在，这是两个非常重要的机构。我的意思是，几年前，它们占抵押贷款流量的40%以上。现在，我认为它们已经达到了70%。它们本质上是准政府性质的。所以政府成立了一个叫OFHEO 的组织(联邦住房企业监督办公室)。我不清楚这些字母代表什么意思。但如果你去OFHEO 的网站，你会发现它的目的只是监管这两家公司。OFHEO 有200 名员工。他们的工作就是监督两家公司然后说，\"这些人的行为是否合规？\"当然，在这200 人的工作期间发生了两起史上最大的会计错报事件太不可思议了。我的意思是，它们两家都是！",[22,55,56],{},"监管人是非常、非常、非常困难的。如果我被任命为新的监管者，如果你给我100 个你能想象到的最聪明的人为我工作，而我每天都能从最大的机构获得抵押贷款头寸，他们所有的衍生品头寸，所有的股票头寸和货币头寸，我将无法告诉你他们做得如何。当你涉及非常复杂的工具，有数百个交易对手时，就很难监管了。交易对手的行为和风险，是财政部和美联储认为必须在周末对贝尔斯登采取行动的重要原因。我认为他们这样做是正确的。我在某个地方读到过，当成千上万的交易对手签订了14 万亿美元名义价值的合同，没有人知道会发生什么。如果破产的话，这些人会试图解除所有这些合同。这会对市场造成什么影响，会对其他交易对手造成什么影响，这些都会变得非常非常复杂。因此，监管是系统的重要组成部分。但有效的监管确实很难。",[19,58,59],{},[22,60,61],{},"在PiccoloPete's 餐厅，巴菲特曾与微软的比尔盖茨和纽约洋基队的Alex Rodriguez 等人共进晚餐。在这里巴菲特与12 位沃顿商学院的学生同坐一桌，谈论了许多话题。",[44,63,65],{"id":64},"_2您对选举有何感想","2，您对选举有何感想？",[22,67,68],{},"在他们都提交竞选申请之前，我就告诉希拉里Hillary，如果她参加竞选，我会支持她；我也告诉巴拉克Barack，如果他参选，我会支持他。所以，我现在是一个政治重婚主义者。但我觉得无论谁参选都会很好。实际上，我觉得如果共和党获胜，John McCain 会是我更喜欢的人选。我认为这次我们有三位异常优秀的候选人。",[22,70,71],{},"他们的做法都很温和。我们还不确定的是Barack。另一方面，他也有机会成为最具变革性的人物。",[44,73,75],{"id":74},"_3我知道你有一条送报路线那是你的第一份工作吗","3，我知道你有一条送报路线，那是你的第一份工作吗？",[22,77,78],{},"嗯，我为祖父工作，在家族杂货店工作，非常辛苦。但如果你让我选择是当通用电气或IBM 或通用汽车的CEO，还是送报纸，我会选择去送报纸。我会的，我喜欢做这个。我可以思考我想思考的东西。我不必做任何我不想做的事情。成为通用电气的CEO 也许很棒。杰夫伊梅尔特Jeff Immelt 是我的朋友，他是个很棒的人。但想想他要做的所有事情，不管他想不想做，所以我宁愿送报纸。",[44,80,82],{"id":81},"_4你是如何获得灵感的","4，你是如何获得灵感的？",[22,84,85,86,90],{},"我只是阅读。我整天都在阅读。我是说，我们在中国石油投了5 亿美元。我所做的就是阅读年度报告。",[87,88,89],"span",{},"伯克希尔2002 年购买了5 亿美元，2007 年以40 亿美元卖出","。",[22,92,93],{},"5，对于非专业投资者，您有什么建议？他们应该把钱放在哪里？",[22,95,96],{},"好吧，如果他们不打算做一个积极的投资者，而且很少有人会尝试这样做，那么他们就应该继续投资指数基金。任何低成本的指数基金。他们应该长期定投。他们将无法选择正确的价格和买卖时点。他们要做的是避免错误的价格和错误的股票。你只需确保你拥有美国企业的一部分，而不是一次性全部买入。",[19,98,99],{},[22,100,101],{},"当巴菲特说他准备好拍照时，150 名学生在几秒钟内全部冲出教室，排起了长队。在接下来的半个小时里，每个人都轮流与巴菲特合影，他经常摆出各种夸张的姿势(他们最喜欢的是\"抢他的钱包\")。然后他开始离开，77 岁的巴菲特上演了一出\"难熬的一天\"，30 名学生尾随他来到他的金色凯迪拉克旁。空闲下来后，他开车载着这位财富记者回到办公室，继续回答问题。",[44,103,105],{"id":104},"_7与过去的危机相比当前的动荡如何","7，与过去的危机相比，当前的动荡如何？",[22,107,108],{},"这很难说。每一次都有很多变数。但毫无疑问的是，这次出现了极端的杠杆作用，在某些情况下，住宅或收购的价格也达到了极端的水平。你有20 万亿美元的住宅房地产和11 万亿美元的抵押贷款，其中很多没有问题，但也有很多有问题。2006 年，美国有3300 亿美元的现金用于抵押贷款再融资。这是一个很大的数字，我的意思是，我们现在谈论的是1500 亿美元的刺激计划，但那是3300 亿美元的刺激计划。这还只是优质抵押贷款。这还不是次级抵押贷款。所以过度杠杆化对经济是一种地狱般的刺激。",[44,110,112],{"id":111},"_8如果这是一个地狱般的刺激那么你认为1500-亿美元的政府刺激计划会产生影响吗","8，如果这是一个地狱般的刺激，那么你认为1500 亿美元的政府刺激计划会产生影响吗？",[22,114,115],{},"好吧，这比我们原本拥有的要多出1500 亿美元。但我们也不是没有过刺激措施。与此同时，或多或少出现了杠杆并购热潮，这次被称作私募股权投资。弊端层出不穷，条款也变得糟糕透顶。你的银行系统被这些问题缠身。抵押贷款行业正在去杠杆化，这将是痛苦的。",[44,117,119],{"id":118},"_9你所描述的情况表明我们离转危为安还很遥远","9，你所描述的情况表明，我们离转危为安还很遥远。",[22,121,122],{},"我想是的。我的意思是，似乎每个人都说这次危机将是短暂且浅层的，但看起来恰恰相反。要知道，去杠杆化本质上需要大量的时间，会有很多痛苦。其后果会以不同的方式显现出来。现在，我不会根据宏观预测来投资一分钱，所以我不认为人们应该因此而抛售股票。我也不认为他们应该因此而买入股票。",[44,124,126],{"id":125},"_10你举的ofheo-例子暗示你对监管不太乐观","10，你举的OFHEO 例子暗示你对监管不太乐观。",[22,128,129],{},"金融业变得如此复杂，相互依存性如此之强。在《华盛顿邮报》董事长Don Graham 的晚宴上，我曾与艾伦格林斯潘Alan Greenspan 争论过这个问题。他会说，你已经通过所有这些工具将风险分散到世界各地，现在你不需要将风险全部集中在你的银行里。但你所做的是，你把各个机构的偿付能力相互联系在一起，达到了一个没人能预料的程度。这很难评估。如果贝尔斯登没有衍生品账簿，我猜美联储就不会这么做。",[44,131,133],{"id":132},"_11您是否发现银行一直在关注自己的投资却不知道自己拥有什么这是否令人震惊","11，您是否发现，银行一直在关注自己的投资，却不知道自己拥有什么，这是否令人震惊？",[22,135,136],{},"我读过一些住宅抵押贷款支持的证券抵押贷款MBS 的招股说明书，成千上万的抵押贷款支持着它们，然后这些抵押贷款都被分级成大约30 个等级。你只需将其中较低的等级和其他50 个类似等级组合在一起，就可以创建一个CDO。现在，如果你要了解CDO，你需要阅读的页数是50×300，即15000 页。如果你把CDO 中的一个较低等级，再从中取出50 个，然后就创建一个CDO 的平方，那么你现在要阅读75 万页才能理解一个证券。我的意思是，这是不可能做到的。当你开始购买其他证券时，没人知道他们在做什么。这太荒谬了。当然，你拿着MBS 的低档产品，做了100 笔，还以为是在分散风险。见鬼，它们都是一样的。我的意思是，不管它们是在加州还是内布拉斯加州，情况可能会有点不同，但你认为这是不相关的风险，因此你可以把CDO 的最高50%称为超级优先级，这不是超级优先级或任何东西。它是一堆初级产品的组合体，这些初级产品都是相关的。",[44,138,140],{"id":139},"_12如果大型金融机构似乎都不知道自己的投资组合里有什么投资者又怎么会知道什么时候是安全的呢","12，如果大型金融机构似乎都不知道自己的投资组合里有什么，投资者又怎么会知道什么时候是安全的呢？",[22,142,143],{},"他们做不到，他们无法知道。实际上，他们必须试图读懂管理公司的人的DNA。但我认为，在任何大型金融组织中，CEO 都必须是首席风险官。我就是伯克希尔的首席风险官。我想我知道自己处理事情的极限。最糟糕的就是模型和电子表格。我的意思是，在所罗门，他们有所有这些模型，你知道，最后他们崩溃了。",[44,145,147],{"id":146},"_13我们现在应该对投资者说什么","13，我们现在应该对投资者说什么？",[22,149,150],{},"答案是，你不希望投资者认为今天读到的东西对他们的投资策略很重要。他们的投资策略应该考虑到：(a)如果你知道经济会发生什么，你仍然不一定知道股市会发生什么。(b)他们无法挑选比平均水平更好的股票。长期来看，持有股票很棒。你只可能在两方面犯错：你可能买了错误的股票，你可能在错误的时间买卖股票。而事实是，你基本上不需要卖掉它们。但他们可以购买美国工业的各个部分的指数，如果美国工业的各个部分指数都不行，那么在这里和那里挑选股票肯定也不行。",[22,152,153,154],{},"然后人们不得不担心自己会变得贪婪。",[155,156,157],"strong",{},"我常说，当别人恐惧时，你应该贪婪；当别人贪婪时，你应该恐惧。但这个奢望太高了。当然在别人贪婪和恐惧时，你至少要尽量避免这样做。",[44,159,161],{"id":160},"_14根据你的规则现在似乎是贪婪的好时机人们相当恐惧","14，根据你的规则，现在似乎是贪婪的好时机。人们相当恐惧。",[22,163,164],{},"你说得对。他们正朝着这个方向发展。这就是股票便宜的原因。今天的股票比一年前或三年前更值得买。",[44,166,168],{"id":167},"_15但你仍然长期看好美国","15，但你仍然长期看好美国？",[22,170,171],{},"美国经济会好起来的。但不会每年、每周、每月都很好。我的意思是，如果你不相信这一点，那就别买股票了。但这是有道理的。我的意思是，我们的生产力每年都在提高。从长远来看，这是一个正和游戏。投资者被打败的唯一途径就是高额管理费或试图超越市场。",[173,174],"hr",{},{"title":176,"searchDepth":177,"depth":177,"links":178},"",2,[179],{"id":16,"depth":177,"text":17},"访谈与文章",null,"《财富》记者拜访巴菲特，谈论经济、信贷危机与贝尔斯登问题，分享奥马哈智者的洞察与投资建议。","md",{},true,80,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":5,"description":182},"巴菲特：2008年财富杂志：沃伦之思｜巴菲特","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si","buffett\u002Finterview\u002Fba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si","ZaPyojk72WiCPPXgoQmhz1xL59FvjE63fkt_Ol4oZvg","buffett",[195,200,203,207,210,213,216,220,223,226,230,233,236,240,243,246,250,253,256,260,263,266,270,273,276,280,283,286,290,293,296,300,303,306,310,313,316,320,323,326,330,333,336,340,343,346,350,353,356,360,363,366,370,373,376,381,384,387,391,394,397,401,404,407,411,414,417,421,424,427,431,434,437,441,444,447,451,454,457,461,464,467,471,474,477,481,484,487,491,494,497,501,504,507,511,514,517,521,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,852,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105,1109,1113,1117,1121,1125,1129,1133,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193],{"title":196,"slug":197,"category":198,"order":199},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":201,"slug":202,"category":180,"order":199},"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":204,"slug":205,"category":206,"order":199},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":208,"slug":209,"category":198,"order":177},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":211,"slug":212,"category":180,"order":177},"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":214,"slug":215,"category":206,"order":177},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":217,"slug":218,"category":198,"order":219},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":221,"slug":222,"category":180,"order":219},"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":224,"slug":225,"category":206,"order":219},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":227,"slug":228,"category":198,"order":229},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":231,"slug":232,"category":180,"order":229},"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":234,"slug":235,"category":206,"order":229},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":237,"slug":238,"category":198,"order":239},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":241,"slug":242,"category":180,"order":239},"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":244,"slug":245,"category":206,"order":239},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":247,"slug":248,"category":198,"order":249},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":251,"slug":252,"category":180,"order":249},"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":254,"slug":255,"category":206,"order":249},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":257,"slug":258,"category":198,"order":259},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":261,"slug":262,"category":180,"order":259},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":264,"slug":265,"category":206,"order":259},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":267,"slug":268,"category":198,"order":269},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":271,"slug":272,"category":180,"order":269},"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":274,"slug":275,"category":206,"order":269},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":277,"slug":278,"category":198,"order":279},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":281,"slug":282,"category":180,"order":279},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":284,"slug":285,"category":206,"order":279},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":287,"slug":288,"category":198,"order":289},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":291,"slug":292,"category":180,"order":289},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":294,"slug":295,"category":206,"order":289},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":297,"slug":298,"category":198,"order":299},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":301,"slug":302,"category":180,"order":299},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":304,"slug":305,"category":206,"order":299},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":307,"slug":308,"category":198,"order":309},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":311,"slug":312,"category":180,"order":309},"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":314,"slug":315,"category":206,"order":309},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":317,"slug":318,"category":198,"order":319},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":321,"slug":322,"category":180,"order":319},"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":324,"slug":325,"category":206,"order":319},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":327,"slug":328,"category":198,"order":329},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":331,"slug":332,"category":180,"order":329},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":334,"slug":335,"category":206,"order":329},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":337,"slug":338,"category":198,"order":339},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":341,"slug":342,"category":180,"order":339},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":344,"slug":345,"category":206,"order":339},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":347,"slug":348,"category":198,"order":349},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":351,"slug":352,"category":180,"order":349},"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":354,"slug":355,"category":206,"order":349},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":357,"slug":358,"category":198,"order":359},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":361,"slug":362,"category":180,"order":359},"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":364,"slug":365,"category":206,"order":359},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":367,"slug":368,"category":198,"order":369},"1965 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