[{"data":1,"prerenderedAt":1784},["ShallowReactive",2],{"library-ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":247,"library-sidebar-dao":1250,"library-sidebar-models":1552},{"id":4,"title":5,"body":6,"category":233,"date":234,"description":235,"extension":236,"meta":237,"navigation":238,"order":239,"path":240,"seo":241,"seoDescription":235,"seoTitle":242,"slug":243,"stem":244,"__hash__":245,"_collection":246},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng.md","巴菲特：2008年对话商学院学生",{"type":7,"value":8,"toc":228},"minimark",[9,13,18,22,28,33,36,39,42,45,53,57,60,75,79,82,85,88,92,95,98,101,104,108,119,126,129,133,136,139,143,146,150,160,163,170,174,177,188,192,205,209,212,216,219,222,225],[10,11,5],"h1",{"id":12},"巴菲特2008年对话商学院学生",[14,15,17],"h2",{"id":16},"巴菲特对话商学院学生2008","巴菲特：对话商学院学生2008",[19,20,21],"p",{},"2008 年2 月25 日",[23,24,25],"blockquote",{},[19,26,27],{},"Emory 大学Goizueta 商学院和UT-Austin 大学McCombs 商学院的学生拜访巴菲特先生并参与问答环节。我尽可能根据回忆和其他学生的笔记去重现所听到的对话。我不能保证记录完全准确，但我将尽力保留神韵。",[29,30,32],"h4",{"id":31},"q随着财富公式fortunesformula凯利公式的流行投资界产生了许多关于分散与集中的争论我知道您支持哪一方但是我想问的是您能否详细告诉我们您如何分配仓位如何摊低成本","Q：随着\"财富公式\"(Fortune'sFormula)、凯利公式的流行，投资界产生了许多关于分散与集中的争论。我知道您支持哪一方，但是我想问的是，您能否详细告诉我们，您如何分配仓位、如何摊低成本？",[19,34,35],{},"巴菲特：关于分散，我有两个观点**。如果是职业投资者、如果对自己有信心，我建议高度集中。对于其他普通人，如果不懂投资，我建议高度分散**。从长期来看，经济一定越来越好。普通人只是要注意一点，别在价格太贵或者不该买的时候买。大多数人应该购买低手续费的指数基金，长期定投。你是个普通人，还想耍点小聪明，每个周花一小时研究研究投资，最后你很可能后悔自己太傻。",[19,37,38],{},"如果投资是你的专长，分散不符合逻辑。不把资金投到第1 位的机会，非要投到第20 位的机会，不合理。以勒布朗·詹姆斯为例，球队里有勒布朗·詹姆斯，一定要让他上场，不能把他换下来，让他给别的球员让位。你要是有40 个女人的后宫，没一个女人你能懂。",[19,40,41],{},"查理和我主要投资的就是5 只股票。假如我管理5000 万美元、1 亿美元或2 亿美元的资金，我将用80%的仓位集中投资5 只股票，并把25%的仓位分配给第一重仓股。1964 年，我找到了一个好机会，值得下重注，我愿意用高达40%的仓位投资。我告诉自己的投资者，他们需要的话，可以把自己的钱撤回去。没一个人撤资。我找到的这个机会是卷入色拉油丑闻的美国运通。1951 年，我几乎把自己的所有资产都投进去了，买了GEICO 的股票。1998 年末，长期资本管理公司陷入了困境。当时新旧国债的价差拉大，我愿意把我个人账户中75%的资金拿出来，投资这个机会。有一些时候，甚至在过去几年也出现过这样的机会，我愿意用高达75%的仓位去做一笔投资。如果你知道怎么玩，如果你真懂生意，你可以重仓。",[19,43,44],{},"在过去50-60 年里，**查理和我两个人，我们做了那么多笔投资，最终让我们亏损超过个人总资产2%的投资，一笔都没有。我们只是承受过股价波动带来的账面损失，一笔投资账面亏损50%的时候也遇到过。**所以，我们总是说，不借钱。我们不想把自己的命运交到别人手里。",[19,46,47,48,52],{},"什么东西大甩卖，人们都抢着买。",[49,50,51],"strong",{},"只有股票大甩卖，人们不高兴","。看好一家公司，30 买了，跌到20，应该再买才对。麦当劳的汉堡降价了，这不是好事吗？",[29,54,56],{"id":55},"q请问哪个行业在21-世纪最具成长性为什么","Q：请问哪个行业在21 世纪最具成长性？为什么？",[19,58,59],{},"巴菲特：我们不这么考虑问题。我们不妨回顾一下1930 年代，那时候，没一个人能预测到汽车和飞机给世界带来的天翻地覆的变化。当时有2000 家生产汽车的公司，现在美国只剩下3 家了，而且都只能勉强活下去。这些公司给社会带来了巨大贡献，却给投资者带来了巨大痛苦。买这样的公司，投资者不但要选对公司，还要选对时机。自从奥维尔·莱特发明飞机以来，航空公司给投资者带来的财富总和接近零。当莱特兄弟试飞的时候，哪位资本家当场把他们击落就好了，那就算给我们后世这些投资者造福了。再以生产电视机的公司为例。电视机厂商也曾经遍地都是，RCA 和GE 都生产过电视机，现在你在美国根本找不到一家电视机厂商。",[19,61,62,63,66,67,70,71,74],{},"什么样的生意才是好生意？",[49,64,65],{},"可口可乐是好生意。它的产品始终没变","，从它诞生起到122 年后的今天，可口可乐每天卖出15 亿瓶。可口可乐拥有护城河。你掌握了一座城堡，总有人来争夺。吉列占剃须刀70%的市场份额，毛利率为80%，产品始终是那个产品。",[49,68,69],{},"男人不善变，刮胡子几乎是他们唯一的打扮","。士力架在过去40 年里始终占据糖果第一的宝座。",[49,72,73],{},"如果你给我10 亿美元，让我打倒士力架，我做不到。好生意经得起这样的检验","。可口可乐、吉列，是打不倒的。Virgin 创始人理查德·布兰森RichardBranson 是一位营销天才，他搞出了一个维珍可乐，到底也没能撼动可口可乐。用好生意构筑的城堡周围环绕着宽广的护城河，我们就找这样的投资机会。成长性当然好，但我们更喜欢好生意。在今年的年报中，有一部分内容的标题是\"TheGreat, theGood, and theGruesome\"，我将专门讨论这个问题。",[29,76,78],{"id":77},"q虽然您公开了自己的投资方法但很少有人能模仿您取得成功请问这是为什么","Q：虽然您公开了自己的投资方法，但很少有人能模仿您取得成功，请问这是为什么？",[19,80,81],{},"巴菲特：我问过格雷厄姆同样的问题。很多人都去哥伦比亚大学听他讲课。他用当时的股票作为例子讲课。听完一学期的课，用格雷厄姆讲的例子，学生们都能做出一个肯定赚钱的投资组合了。格雷厄姆的一生是分享的一生。因为他分享，或许他聚集的财富少了，但是他活得更幸福。钱只不过是纸面上的一串数字，一个人去世时拥有8600 万还是4200 万，没多大区别。在听过格雷厄姆讲课的学生中，最后90%都干别的去了。",[19,83,84],{},"我从11 岁开始投资，第一次买股票买了3 股CitiesService 的优先股。我把奥马哈图书馆所有关于投资的书都读了。我开始的时候研究走势图、学技术分析。我很痴迷技术分析，但用技术分析根本没赚到钱。19 岁的时候，我读了格雷厄姆的《聪明投资者》，这本书改变了我的一生。因为我读了这本书，格雷厄姆是不是有什么损失呢？或许吧，我们在投资中相互竞争，格雷厄姆因此赚得钱少了，但是格雷厄姆不在乎。",[19,86,87],{},"**格雷厄姆讲的理念，能听进去的人，一听就听进去了；听不进去的人，怎么给他讲都没用。**归根结底在于人们性格的差异。人人都想要赚钱快，钱不是这么赚的。许多人想要的东西，格雷厄姆讲的理念给不了他们。**按格雷厄姆讲的，投资者做不到能掐会算，只是坚守自己的能力圈，等待明显的好机会。**与赌股票第二天的涨跌相比，格雷厄姆的方法不够刺激。大多数买互联网公司的人，连市值多少都不清楚。他们买，是因为自己觉得能涨。你让他们写下来，\"**我买市值60 亿美元的XYZ 公司，是因为……\"，他们根本写不出来。**还是龟兔赛跑的道理，最后一定是乌龟胜利。查理和我两个人讲怎么投资，我们是培养了竞争对手。然而，大多数人不和我们竞争。有和我们竞争的，也没关系，我们的钱早就花不完了。",[29,89,91],{"id":90},"q在众多的经理人之中有一些最终能成为杰出的领导者请问这样的经理人具备哪些品质您认为他们身上具有哪些软技能和硬技能","Q：在众多的经理人之中，有一些最终能成为杰出的领导者。请问这样的经理人具备哪些品质？您认为他们身上具有哪些\"软\"技能和\"硬\"技能？",[19,93,94],{},"巴菲特：伯克希尔有45 位经理人。我们和这些经理人，有的是一年交流一次、有的是一个月交流一次，有的是每天都交流。我一般每个月都和Blumkins 一家吃饭，我们也一起出去度假，因为我们是朋友。我们选择经理人，主要看他们是否热爱自己的生意。一般是经理人自己来找我们。我从来没买过别人转手倒卖的公司。我们没办法亲自打理生意，我希望经理人不辜负我们的托付。我们几乎不和经理人签什么合同。经理人把生意卖给我，我开出支票以后，希望他们仍然像以前一样管理生意。我**最关注的一个问题是，有了5 亿美元之后，这位经理人是否还能早上6 点钟起来去工作，把赚来的钱都送到奥马哈。我要盯着他们的眼睛，看他们爱的是生意，还是金钱。爱钱没关系，但是他们要更爱自己的生意。**我为什么每天早上7 点就到公司上班，急着开始工作，因为我可以自由地创作自己的作品，而且我也喜欢听到别人的掌声。",[19,96,97],{},"我收购了一家珠宝商，BenBridge。这家公司已经传到第四代了，有100 多家分店。他们只想卖给伯克希尔。创始家族和员工都不想把公司卖给别人，只选伯克希尔。在伯克希尔旗下的Borsheims，我们有一位经理人来自津巴布韦，她根本没读过MBA。我们不看学历、分数或HR 推荐，我们看的是对生意的热爱。我们也提供公平合理的薪酬，我们不愿经理人因为觉得不公平而有怨言。",[19,99,100],{},"(接着讲了ForestRiver 的Pete，还有内布拉斯加家具城的B 夫人。)……",[19,102,103],{},"这样的人，是开多高的薪水，都请不来的。我们很荣幸，从1965 年到现在，我们没有一个经理人转投竞争对手。有的经理人退休了、有的被辞退了。总之，我们把画布交给经理人，让他们有自由施展的天地。",[29,105,107],{"id":106},"q您在商业上取得了巨大的成功拥有大量财富是一位名人您为什么能仍然如此平易近人不骄不躁请问您在人生中遇到的哪些人或经历的哪些事对您的世界观人生观影响最大","Q：您在商业上取得了巨大的成功、拥有大量财富、是一位名人，您为什么能仍然如此平易近人、不骄不躁？请问您在人生中遇到的哪些人或经历的哪些事对您的世界观、人生观影响最大？",[19,109,110,111,114,115,118],{},"巴菲特：",[49,112,113],{},"我很幸运，有正确的榜样引导我","。告诉我你的榜样是谁，我就知道你能成为什么样的人。人生最重要的工作之一是养育儿女。",[49,116,117],{},"学校教的知识再多，都不如子女从父母身上学到的多","。我的父亲对我的影响特别大，后来格雷厄姆也对我产生了很大影响。我的榜样从来没让我失望。",[19,120,121,122,125],{},"我能取得今时今日的成就，和我自己一点关系都没有。我父亲是一位股票经纪人，大崩盘之后，他没事可做了。我出生在1930 年的美国，出生在美国最严重的一场资本市场危机之中。我一生下来，天生就有资产配置的能力。我生在了我的天赋大有用武之地的时代。",[49,123,124],{},"性格是我的天赋中很重要的一部分。我天生善于做投资，后来又通过实践，完善了自己的这种能力","。我没什么好骄傲的。盖茨说过，如果我出生在原始社会，早成了野兽的盘中餐。我跑不快、爬不高。我给野兽讲资产配置，它们只能把我吃了。在座的所有人，你们都赢了娘胎彩票。",[19,127,128],{},"我从来没捐过可能影响我生活的一分钱。有些人真是为捐款而在生活上做出了牺牲。他们因为给教堂捐款，或者在别的地方捐了钱，而放弃外出就餐，或放弃带孩子去迪斯尼游玩。有些东西不是自己掌控的，有什么理由自我膨胀。",[29,130,132],{"id":131},"q请问您最严重的错误是什么您最后悔的事是什么","Q：请问您最严重的错误是什么？您最后悔的事是什么？",[19,134,135],{},"巴菲特：我们犯过很多错，错了就错了，我不纠结。我们没什么后悔的。投资的过程，就是做大量决策的过程，不犯错不可能。我们有些该做的投资，却没做，少赚了100 亿美元，这样的错误不会显示在财务报表中，是别人看不出来的。1994 年，我们支付伯克希尔的股票，收购了一家鞋业公司。这家鞋业公司现在的价值是零，当年我们支付的伯克希尔股票现在值35 亿美元。现在，伯克希尔股票跌下来，我倒是能开心些。跌下来的时候，我当年因犯错而付出的代价就没那么大了。1973 年，汤姆·墨菲推荐为以3500 万美元收购NBC，我们拒绝了。该做的没做，这是大错。",[19,137,138],{},"**就我个人的生活而言，总有些事，我本来可以换一种做法。在我的生活中，太多的好事眷顾了我，为不开心的事耿耿于怀，不值得。找到好伴侣，就成功了一大半。只要你身体健康、家庭幸福，一辈子一定能过得很好。**没被哈佛商学院录取是我最幸运的事之一，塞翁失马，焉知非福。",[29,140,142],{"id":141},"q最近中东和亚洲的主权财富基金兴起请问它们是否会对公司募集资金造成影响请问它们带来的竞争是否会对您的投资策略或机会产生影响","Q：最近，中东和亚洲的主权财富基金兴起。请问它们是否会对公司募集资金造成影响？请问它们带来的竞争是否会对您的投资策略或机会产生影响？",[19,144,145],{},"巴菲特：任何对手的竞争都是竞争。主权财富基金这个现象值得关注。很多抨击中国、抨击OPEC 的言论，都是政治手段。如今，在美国与全球的贸易中，美国买得多，美国多花了20 亿美元。我们把这20 亿美元交到其他国家手里，它们肯定要用这笔钱购买资产。只要我们消费大于生产的现象不改变，我们只能让世界其他国家在美国投资。美国的各路基金觉得能从这些外国投资者身上占便宜，最近在引诱它们买入股权。中国想要收购Unocal 公司，Unocal 是一家三流的石油生产商，它的油田在印度等海外国家。美国国会暴跳如雷，395 位议员签署决议反对中国收购。**100 年来，美国公司在世界各地购买资产、贿赂官员，现在却不准中国收购区区一个Unocal。中国人忍了，但他们不满。我们购买国外的资产，支付给人家美元，然后却指手画脚地干涉人家怎么花这些钱，这不公平。**主权财富基金的现象是我们造成的，我不反对它们投资美国。我建议这些主权财富基金购买指数基金。购买指数基金，它们既有机会投资美国市场，又不至于听信推销而买了烂公司。",[29,147,149],{"id":148},"q如今面对市场中的众多机构投资者和对冲基金个人投资者自己分析证券还能有机会吗","Q：如今，面对市场中的众多机构投资者和对冲基金，个人投资者自己分析证券，还能有机会吗？",[19,151,152,153,156,157],{},"巴菲特：我觉得现在市场上被忽略的机会不多。问题是，我只能看那些规模比较大的投资机会，这样一来，你们和我相比，其实有比较优势。几年前，一位朋友推荐我看一下韩国股市。我们买了市盈率只有三四倍的Posco 公司。",[49,154,155],{},"我找到了20 多家基本面稳健，市盈率只有两三倍的公司。我做了个组合分散投资，因为我不太熟悉韩国股市","。我们一直在寻找特别异常的机会。有时候，在证券市场中，能出现异常的机会。",[49,158,159],{},"我喜欢开枪打桶里的鱼，而且最好是桶里没水了再开枪。",[19,161,162],{},"几年前，在30 年期和29.5 年期国债中出现了这样的机会。由于流动性较差，旧国债的价格低30 个基点。长期资本管理公司最开始是在相差10 个基点时入场的，但他们杠杆太高，最后爆仓了。",[19,164,165,166,169],{},"大多数时候，大多数证券，市场的定价都是有效的。定价错误的机会，没人告诉你。CNBC 中没有，券商报告中也没有，只能自己找。1951 年，我刚毕业，我翻阅《穆迪手册》和《标普手册》，寻找投资机会。我一页一页地翻。就好像一个篮球教练，在找身高2 米以上的球员。除了足够高，我还得看协调性如何等等。要是一个1米5 的人走到我面前，对我说：\"你先看看我的球技吧\"。我说：\"不了，谢谢\"。在《穆迪手册》的第1443 页，我找到了西部保险证券。它前两年的每股盈利分别是21.66 美元和29.09 美元，它的股价在3 美元到13 美元之间。然后，我做了该做的调研工作，研究它的盈利是否真实。市场最后一定能把错误纠正过来。",[49,167,168],{},"机会是有的，用不着找到太多，一生能找到10 个，足够你发达了。只是不能犯大错，一个零都不能有。再大的数，乘以零，结果都是零。千万别一夜回到解放前","。",[29,171,173],{"id":172},"q您认为谁将成为下一个伟大的投资者您是否看好与您风格类似的投资者","Q：您认为谁将成为下一个伟大的投资者？您是否看好与您风格类似的投资者？",[19,175,176],{},"巴菲特：我们刚刚为伯克希尔找到了一位优秀的投资者。经过董事会的确认，我们现在有3 个候选人可以取代我作CEO，4 个候选人可以取代我管理投资。他们在各自目前的工作中都表现出色，而且都愿意拿更低的薪酬为伯克希尔工作。1969 年，我关闭了自己的合伙公司，需要帮我的投资人找到新的投资管理者。我推荐了比尔·鲁安(BillRuane)、桑迪·戈特斯曼(SandyGottesman)、还有沃尔特·施洛斯(WalterSchloss)。他们几个人都是不可能失手的。",[19,178,179,180,183,184,187],{},"至于新一代的投资者，我了解的不多，毕竟他们和我不是同一代人。",[49,181,182],{},"只看业绩记录不行。只看业绩记录，无法预测将来表现如何","。在一段时间里，总是有一些业绩漂亮的人。我也知道有的人管理500 万美元，一年能赚50%，但是资金规模上升到10 亿美元，就不行了。",[49,185,186],{},"业绩表现好的基金经理，管理的资金规模一般也越来越大，最后他们的优势往往被规模抵消","。首先，真正有能力的基金经理很难找，其次，即使找到了，很难阻止他们募集更多资金。这就像赌马，一匹马3 岁的时候赢过，现在12 岁了，还赌它赢。还有一点是，避免使用杠杆的基金经理。杠杆能把智商160 的投资者毁了。",[29,189,191],{"id":190},"q在去年的wesco-年会上查理说获得成功的最佳途径是让自己配得上成功请您根据您的经历谈一谈您做了哪些努力让自己配得上成功请您给我提供一些建议告诉我们如何做才能配得上成功","Q：在去年的Wesco 年会上，查理说：\"获得成功的最佳途径是让自己配得上成功\"。请您根据您的经历谈一谈，您做了哪些努力让自己配得上成功？请您给我提供一些建议，告诉我们如何做才能配得上成功？",[19,193,110,194,197,198,169,201,204],{},[49,195,196],{},"最主要的是，行得正，坐得端","。我刚一毕业，就向格雷厄姆提出免费为他打工，他说我免费都太贵了。我一直没放弃，始终希望能为格雷厄姆做些什么，始终在格雷厄姆眼前出现。我一直为格雷厄姆提供股票线索，一直与他保持联系。",[49,199,200],{},"做好事总能得好报。在生活中，千万别斤斤计较",[49,202,203],{},"汤姆·墨菲从来不算计。他总是为我做很多事，我根本回报不了。无论是在婚姻中，还是在商业上，斤斤计较都是个大毛病。我总是换位思考。大多数人都知恩图报。你为别人做一件事，别人能为你做两件事","。在午饭时加班，早晨第一个上班，这样的人很少。多出一份力，别人一定能注意到你。不求别人的表扬和回报，总是愿意主动出一份力。1959 年，查理和我开始合伙做投资。我们经常各执己见。我们有分歧，但从来不争吵。出了什么错，我们从来不往对方头上算。推荐各位读《穷查理宝典》。",[29,206,208],{"id":207},"q在您的投资生涯中您是否有受过诱惑偏离了您的投资策略如果有您是如何处理的","Q：在您的投资生涯中，您是否有受过诱惑，偏离了您的投资策略？如果有，您是如何处理的？",[19,210,211],{},"巴菲特：我不是那种自制力超强的人。我天生只想做符合逻辑的事。我在私人生活中也一样，我不在乎其他富人怎么生活。我不会因为别人有一艘400 英尺长的豪华游艇，我就要搞一艘405 英尺的。我的一些朋友有豪华游艇。在他们的豪华游艇上，55 个服务人员伺候14 个人。在这55 个人里，有偷鸡摸狗的，有互相乱搞关系的，我可不想管这些乱七八糟的事。反正我朋友有豪华游艇，我能免费坐，多好。我也不需要好几处大别墅。如果我想做一些发疯发狂的事，我可以做，可惜AnnaNicoleSmith 已经不在人间了(1994 年26 岁美胸尤物安娜嫁给89岁石油大亨Howard Marshall II，一年后丈夫去世，遗嘱却一分钱都没有留给她)。我想起一个段子，有个60 岁的老头，娶了一个25 岁的姑娘。这个老头的朋友问他，你怎么做到的。他说：\"我和她说我90 了\"。",[29,213,215],{"id":214},"q有人说您能获得成功一部分原因是您住在奥马哈远离了华尔街的喧嚣请问您认为工作和生活哪个更重要您如何保持工作和生活的平衡","Q：有人说，您能获得成功，一部分原因是您住在奥马哈，远离了华尔街的喧嚣。请问您认为工作和生活哪个更重要，您如何保持工作和生活的平衡？",[19,217,218],{},"巴菲特：我工作特别开心，工作对我来说不是工作。我可以无拘无束地做自己喜欢的事。我妻子负责带小",[19,220,221],{},"孩。我们两个人都接受这样的安排，这也符合亚当·斯密讲的\"分工\"。女人的选择有限，男女的地位不是那么平等。**在我自己的生活中，我根本不参与自己不喜欢的社交活动或会议。**在我的事业走上正轨以后，我从来不需要在工作和生活之间做取舍。我的消遣很简单，每周在网上打12 个小时的桥牌。我和比尔一起打，他叫\"chalengr\"，叫\"tbone\"。",[19,223,224],{},"有一次，我在哈佛大学演讲，我告诉学生们，给自己最欣赏的人打工。学生们听了，都自己做老板去了。找工作，一定要找自己欣赏的老板、自己欣赏的公司。男人一般很少面对工作和生活二者之间难以取舍的问题，女人经常面对这样的取舍。",[226,227],"hr",{},{"title":229,"searchDepth":230,"depth":230,"links":231},"",2,[232],{"id":16,"depth":230,"text":17},"访谈与文章",null,"巴菲特与Emory和UT-Austin商学院学生对话，分享投资智慧与人生经验，强调理性决策与长期主义。","md",{},true,75,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":5,"description":235},"巴菲特：2008年对话商学院学生｜巴菲特","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng","sqxnqTfaHqVh2f4mb9E7KsDjkGAJbvYIPsxdZA-aC6Q","buffett",[248,253,256,260,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,434,437,440,444,447,450,454,457,460,464,467,470,474,477,480,484,487,490,494,497,500,504,507,510,514,517,520,524,527,530,534,537,540,544,547,550,554,557,560,564,567,570,574,577,580,584,587,591,594,598,601,605,608,612,615,619,622,626,629,633,636,640,643,647,650,654,657,661,664,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,870,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1054,1058,1062,1066,1070,1074,1078,1082,1086,1090,1094,1098,1102,1106,1110,1114,1118,1122,1126,1130,1134,1138,1142,1146,1150,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246],{"title":249,"slug":250,"category":251,"order":252},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":254,"slug":255,"category":233,"order":252},"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":257,"slug":258,"category":259,"order":252},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":261,"slug":262,"category":251,"order":230},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":264,"slug":265,"category":233,"order":230},"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":267,"slug":268,"category":259,"order":230},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":270,"slug":271,"category":251,"order":272},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":274,"slug":275,"category":233,"order":272},"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":277,"slug":278,"category":259,"order":272},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":280,"slug":281,"category":251,"order":282},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":284,"slug":285,"category":233,"order":282},"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":287,"slug":288,"category":259,"order":282},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":290,"slug":291,"category":251,"order":292},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":294,"slug":295,"category":233,"order":292},"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":297,"slug":298,"category":259,"order":292},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":300,"slug":301,"category":251,"order":302},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":304,"slug":305,"category":233,"order":302},"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":307,"slug":308,"category":259,"order":302},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":310,"slug":311,"category":251,"order":312},"1961年中 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":711,"slug":712,"category":233,"order":709},"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":714,"slug":715,"category":432,"order":716},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":718,"slug":719,"category":233,"order":716},"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":721,"slug":722,"category":432,"order":723},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":725,"slug":726,"category":233,"order":723},"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":728,"slug":729,"category":432,"order":730},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":732,"slug":733,"category":233,"order":730},"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":735,"slug":736,"category":432,"order":737},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":739,"slug":740,"category":233,"order":737},"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":742,"slug":743,"category":432,"order":744},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":746,"slug":747,"category":233,"order":744},"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":749,"slug":750,"category":432,"order":751},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":753,"slug":754,"category":233,"order":751},"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":756,"slug":757,"category":432,"order":758},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":760,"slug":761,"category":233,"order":758},"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":763,"slug":764,"category":432,"order":765},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":767,"slug":768,"category":233,"order":765},"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":770,"slug":771,"category":432,"order":772},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":774,"slug":775,"category":233,"order":772},"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":777,"slug":778,"category":432,"order":779},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":781,"slug":782,"category":233,"order":779},"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":784,"slug":785,"category":432,"order":786},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":788,"slug":789,"category":233,"order":786},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":791,"slug":792,"category":432,"order":793},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":795,"slug":796,"category":233,"order":793},"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":798,"slug":799,"category":432,"order":800},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":802,"slug":803,"category":233,"order":800},"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":805,"slug":806,"category":432,"order":807},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":809,"slug":810,"category":233,"order":807},"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":812,"slug":813,"category":432,"order":814},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":816,"slug":817,"category":233,"order":814},"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":819,"slug":820,"category":432,"order":821},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":823,"slug":824,"category":233,"order":821},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":826,"slug":827,"category":432,"order":828},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":830,"slug":831,"category":233,"order":828},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":833,"slug":834,"category":432,"order":835},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":837,"slug":838,"category":233,"order":835},"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":840,"slug":841,"category":432,"order":842},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":844,"slug":845,"category":233,"order":842},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":847,"slug":848,"category":432,"order":849},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":851,"slug":852,"category":233,"order":849},"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":854,"slug":855,"category":432,"order":856},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":858,"slug":859,"category":233,"order":856},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":861,"slug":862,"category":432,"order":863},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":865,"slug":866,"category":233,"order":863},"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":868,"slug":869,"category":432,"order":239},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":243,"category":233,"order":239},{"title":872,"slug":873,"category":432,"order":874},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":876,"slug":877,"category":233,"order":874},"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":879,"slug":880,"category":432,"order":881},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":883,"slug":884,"category":233,"order":881},"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":886,"slug":887,"category":432,"order":888},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":890,"slug":891,"category":233,"order":888},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":893,"slug":894,"category":432,"order":895},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":897,"slug":898,"category":233,"order":895},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":900,"slug":901,"category":432,"order":902},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":904,"slug":905,"category":233,"order":902},"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":907,"slug":908,"category":432,"order":909},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":911,"slug":912,"category":233,"order":909},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":914,"slug":915,"category":432,"order":916},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":918,"slug":919,"category":233,"order":916},"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":921,"slug":922,"category":432,"order":923},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":925,"slug":926,"category":233,"order":923},"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":928,"slug":929,"category":432,"order":930},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":932,"slug":933,"category":233,"order":930},"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":935,"slug":936,"category":432,"order":937},"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":939,"slug":940,"category":233,"order":937},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":942,"slug":943,"category":432,"order":944},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":946,"slug":947,"category":233,"order":944},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":949,"slug":950,"category":432,"order":951},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":953,"slug":954,"category":233,"order":951},"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":956,"slug":957,"category":432,"order":958},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":960,"slug":961,"category":233,"order":958},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":963,"slug":964,"category":432,"order":965},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":967,"slug":968,"category":233,"order":965},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":970,"slug":971,"category":432,"order":972},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":974,"slug":975,"category":233,"order":972},"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":977,"slug":978,"category":432,"order":979},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":981,"slug":982,"category":233,"order":979},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":984,"slug":985,"category":432,"order":986},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":988,"slug":989,"category":233,"order":986},"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":991,"slug":992,"category":432,"order":993},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":995,"slug":996,"category":233,"order":993},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":998,"slug":999,"category":432,"order":1000},"2021 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