[{"data":1,"prerenderedAt":1770},["ShallowReactive",2],{"library-ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu":3,"library-sidebar-buffett":234,"library-sidebar-dao":1236,"library-sidebar-models":1538},{"id":4,"title":5,"body":6,"category":220,"date":221,"description":222,"extension":223,"meta":224,"navigation":225,"order":226,"path":227,"seo":228,"seoDescription":222,"seoTitle":229,"slug":230,"stem":231,"__hash__":232,"_collection":233},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu.md","巴菲特：2008年怀念恩师格雷厄姆",{"type":7,"value":8,"toc":212},"minimark",[9,13,18,22,28,31,34,37,40,43,46,49,52,55,58,61,64,68,73,76,79,82,85,90,93,101,104,107,110,113,116,119,122,125,128,131,134,137,140,144,147,150,153,156,159,162,165,168,171,174,181,184,187,190,193,196,203,206,209],[10,11,5],"h1",{"id":12},"巴菲特2008年怀念恩师格雷厄姆",[14,15,17],"h2",{"id":16},"巴菲特怀念恩师格雷厄姆2008","巴菲特：怀念恩师格雷厄姆2008",[19,20,21],"p",{},"2008 年11 月5 日",[23,24,25],"blockquote",{},[19,26,27],{},"格雷厄姆享有\"现代证券分析之父\"的美誉，是价值投资理论奠基人，其所著的《证券分析》和《聪明投资者》被公认为\"划时代的、里程碑式的投资圣经\"，至今仍极为畅销。格雷厄姆任教于哥伦比亚大学，是巴菲特的研究生老师，并被巴菲特膜拜为一生的\"精神导师\"。巴菲特很早的时候就从卡内基的书里学到了几十条为人处世的原则，其中重要的一条就是\"人人都喜欢被肯定和赞美\"，所以我们基本上从巴菲特的每次演讲和访谈中都能听到他对别人的赞美之声。他对自己的老师格雷厄姆的赞美更是无以复加，不厌其烦。2008 年11 月5 日，巴菲特专门录制了一段视频，讲述自己和格雷厄姆之间的师生感情，讲述了自己如何受格雷厄姆的影响从而形成自己独特的投资风格，其目的正如巴菲特自己所说——让观众在做人和投资方面都有所增益。",[19,29,30],{},"能够借此机会和你们谈谈本杰明·格雷厄姆我真的感到很高兴。我生命中有若干幸运的日子，但最幸运的一天出现在1949 年，那时我19 岁，在内布拉斯加州大学林肯分校读书，那天我随手拿起一本《聪明投资者》来读。",[19,32,33],{},"那本书不仅仅改变了我的投资理念，还真正地改变了我的一生。如果我不是刚开始就看到那本书的话，我现在可能会在不同的地方过着不同的人生。自从读了那本书之后，里面的投资理念就牢牢扎在我心里，再也没有改变过。尽管我对它进行了一点点加工和润色，但正是本杰明的思想引领我走上了正途。",[19,35,36],{},"一年多以后，我很晚才去申请到哥伦比亚大学读书，学校大卫·多德教授录取了我，在第二学期的时候，本杰明教授开始给我上课，我得以认识他本人。当我毕业的时候，我对他说我愿意免费为他工作，他说我高估了自己，他也许说的没错。",[19,38,39],{},"几年后，我收到了他的一封来信。他在信里说，等我下次去纽约时，想和我谈谈。我立即动身，和他约定24小时后在纽约会面。他给了我一份工作。我没有问薪水，不过到了月底的时候，我幸运的发现他给我发了工资，他也许已经忘了我曾说过的为他免费工作的话。为他工作我学到了很多，哪怕只是每天围着他身边转，就能得到很多启发。后来，我们成为朋友，我们的友谊持续了大约25 年直到他去世。这样说来，我和格雷厄姆这样一位了不起的人物一起共事达四分之一个世纪之久。",[19,41,42],{},"我们人人都知道他的思想，投资理念，对职业证券分析师，对你对我以及我们投资实践的影响，他对我的投资产生的影响尤其深远。",[19,44,45],{},"他在为人处事方面同样优秀，他总是非常慷慨。1954 年12 月，在我回去接受那份工作不久，我的大儿子就出生了，我用我父亲的名\"霍华德\"作为儿子的名字，而用本·格雷厄姆的姓\"格雷厄姆\"作为儿子的中间名，既是为了纪念我父亲，也为了感谢格雷厄姆。本杰明乘坐一架白色飞机来到我们的公寓，他给了我一台摄像机和一台放映机，那个时候拥有它们可是一件与众不同的事情，因此，从霍华德·格雷厄姆·巴菲特出生的那刻起，我们就能够记录下发生在他身上的所有趣事。",[19,47,48],{},"记得有一次，我太太说过类似我缺乏舞蹈细胞之类的话，她说的没错。本杰明给了我一张可以参加亚曼瑞舞蹈培训班的免费课程卡。那也许是他做出的最糟糕的一笔投资，他花的钱根本没有获得相应的价值。",[19,50,51],{},"在1976 年他移居到了加州，我和家人时常去看望他。他总是鼓励我，为我和我的家人付出。我不管做什么，都没有办法报答格雷厄姆的恩情。所以，现在能够在这里告诉你和全世界的人，格雷厄姆是一个多么不平凡的人，我真的感到很高兴。我认为这是很有意义的一件事。",[19,53,54],{},"格雷厄姆的慷慨非常难得。他天生智力超群，他天生就拥有很少有人能与之匹敌的头脑。特别是在今天的很多人看来，他在1934 年就能写出一本叫《证券分析》的书是多么了不起，这本书也许是写于1932 年和1933年。他在股市崩盘所导致的大萧条中遭受了沉重打击。他给别人管理资金，而当时客户对发生的情况非常不满。",[19,56,57],{},"但他能够以非常理性的眼光远视未来，不受任何情绪的影响，非常理智的写出这么一本伟大的书，完全没有因为过去一两年发生的事情而恐慌。不管怎么说，他写了这么一本书，75 年后的今天，每天我们仍然能从中学到新东西。所以说它是一项了不起的智慧结晶。话说回来，他就是这么了不起，天生就聪明过人。",[19,59,60],{},"他完全可以不必对别人那么好。我是说他完全可以傲慢自大，可以自认为高人一等，因为他肯定知道他比周围99.99%的人都聪明。但他根本不是那类人。我们所有的学生都得到了他的恩惠。",[19,62,63],{},"他每周四都到哥伦比亚大学来教书，一直持续了20 年或25 年，就是为了帮助学生们。这些学生也许他永远不会再见到，也不会帮上他什么忙。他传授给我们的知识，实际上把我们培养成了他的竞争对手。我就抄作业买了一些格雷厄姆-纽曼公司买的股票。但我买的不多，因为那时候我没有多少钱。但他对于正在培养竞争对手毫不在意。他常常使用最新的投资案例讲课。我们坐在教室里听他讲，而这些东西是我们自己怎么都无法发现的事情。他就是这么的慷慨大方，能认识他我很荣幸。希望通过我说的这些话，你们能对格雷厄姆有更多了解。",[65,66,67],"h3",{"id":67},"哥伦比亚商学院纪录片",[23,69,70],{},[19,71,72],{},"这里是哥伦比亚商学院，这所大学的历史比交易所还悠久，相信对华尔街了如指掌的教授们，能够客观理性的看待股票市场。CourtneyBrown 院子和BenjaminGraham 教授正在给将来的经纪人和客户经理讲课。",[19,74,75],{},"学生：股票价格为什么会出现如此巨大的波动？",[19,77,78],{},"格雷厄姆：这个问题不能用数学来回答，只能通过投资者的心理来解释。股票价格之所以会出现巨大的变化，就是因为人们总是戴着\"玫瑰色眼镜\"(感性眼光)而不是\"深蓝色眼镜\"(理性眼光)来看待股票。不仅投机者如此，投资者也是这样。或许美国人的心理，本质上并没有出现多大的变化，这么多年来，美国人就是在等待一个借口，好重新拾起他们过去常有的投机态度。如果历史规律起作用，股市再次上涨到危险水平的可能性就很大。",[19,80,81],{},"学生：我想问一个关于华尔街专业人士的问题，华尔街专业人士对于短期或长期市场趋势的预测更准确吗？如果不是，为什么？",[19,83,84],{},"格雷厄姆：嗯，这个问题很有意思。我们已经研究了二三十年了，实事求是的说，预测市场趋势你可以选择抛硬币，或者听信专家们的一致意见，结果几乎总是没什么差别。至于为什么预测不可靠，这是个很有意思的问题，我的回答是这样的：华尔街上的每个人都精明极了，他们聪明才智互相抵消了。他们知道的东西，差不多都已经反映在股价上了，因此，决定将来如何的，是那些他们所不知道的东西。",[86,87,89],"h4",{"id":88},"一些访谈关于教学","一些访谈：关于教学",[19,91,92],{},"巴菲特：Ben 是一位好老师，他天生就是一位好老师。我后来也教过别人，还模仿了他的教学方法。他讲的课把我们都吸引住了。",[19,94,95,96,100],{},"Marshall Weinberg(学生)：他说了一句话改变了我的一生。我本来是学哲学的，Ben 开课时说，\"如果你想在华尔街赚钱，你必须要有正确的心态。这方面没有人比哲学家斯宾诺莎(Baruch Spinoza)说的更好\"。听他这么一说，我一下子来了精神，我马上抬起头来，他说的话我一字不差都记着。他说，\"",[97,98,99],"strong",{},"斯宾诺莎说过，你必须以永恒的眼光看待问题\"","。我一下子就被Ben 吸引住了。我很认真的听课，特别喜欢他讲的课。就这样，我后来来到了华尔街工作。",[19,102,103],{},"Thomas Graham Kahn(卡恩儿子)：Ben 很善于启发学生，他用他正在进行的投资作为案例讲课。",[19,105,106],{},"Edwin Schloss(施洛斯儿子)：他下课都走不了，因为年轻的学生们都围着他，问他这只股票怎么样，那只怎么样，学生也不是问具体怎么分析股票，他们就是想知道自己买的对不对。",[19,108,109],{},"Henry Schneider(学生)：再复杂的问题，他都能化繁为简，用最简单的话讲明白。他思维敏捷，才华横溢。他很少打领带，他常穿白色外套，这样就不怕沾上粉笔灰，这就是他的工作服。",[19,111,112],{},"Irving Kahn(学生&助教)：他上课的时间是在下午收盘后，他在课堂上讲的内容都是当天发生的情况，因此，他的课程非常受欢迎。很多人讲的都是去年怎么怎么样，而他讲的是今天市场是好是坏。他讲当天的情况，学生们很喜欢听。有次我们一起坐地铁去上课，他打开一本书，用笔在做标记，然后还问我怎么看这一段。他对人很坦诚，知无不言，言无不尽。",[19,114,115],{},"Charles Brandes(学生)：他会问我一些问题，我觉得他早已经知道答案了，这就是苏格拉底式教学法，老师在提问的时候，就已经知道答案了，但他就是想让学生个人先仔细思考。",[86,117,118],{"id":118},"关于课堂",[19,120,121],{},"巴菲特：他是一个实践者，他讲课用的都是当下的例子。听他讲课，就像和打击率高达40%的棒球明星学习打棒球。有时，我们都知道他正在投资什么。听他的课，又像看欧亨利的小说，结尾总是出乎意料。",[19,123,124],{},"小施洛斯：有一次，他讲了两家公司，公司A 看起来比公司B 更便宜，最后他才告诉学生，这其实是同一家公司(鼎盛时期和困难时期的波音公司)。",[19,126,127],{},"温伯格：下课后，学生们总是找他问问题，他非常平易近人，他对学生很好，很和蔼，很宽容。",[86,129,130],{"id":130},"博学多才",[19,132,133],{},"小施洛斯：他是一个博学的人，他对股市很感兴趣，对拉丁语希腊语很感兴趣。",[19,135,136],{},"温伯格：格雷厄姆引用过一句话，这句话在课堂上讲过也写在他书里，它出自维吉尔的史诗《埃涅阿斯纪》(The Aeneid)：\"历经无数风险，历经跌宕起伏，我们一路前行\"。这些东西他总是信手拈来，这就是格雷厄姆。",[19,138,139],{},"Benjamin Graham Jr. \"Buz\"(小儿子)：有一天，我刚在学校上了拉丁文课程。我告诉他我们正在学习西塞罗的《反喀提林演说》。他说，哦，我记得这一篇。然后他就凭着记忆，用拉丁语把整篇演讲都背诵了下来。我在网上查了一下，这篇演讲有3200 个单词。其实，对于我老爸的博学，我都习惯了，但我还是被镇住了。",[86,141,143],{"id":142},"关于聪明投资者","关于《聪明投资者》",[19,145,146],{},"巴菲特：这本书改变了我的命运，要是我在1949 年没有读到这本书，我的未来会大不相同。看到这本书，我当时就眼前一亮，格雷厄姆说的太有道理了。这让我有机会跟他和大卫多德学习投资。虽然跟多德教授学习不大一样，但也很有帮助，这本书影响了我的职业生涯。",[19,148,149],{},"温伯格：这本书当时就对我产生了很大的影响。重要的是要看财务数据，而不要被周围人说的话所影响。关注公司基本面这一点非常重要，别的什么都别管，而且还要保持极度的耐心。",[19,151,152],{},"卡恩：这本书一开始并不受欢迎，这么多人竟然都忽视了这本书，很少有人关注。格雷厄姆说，大多数人不要买股票，他的思想太超前了。",[86,154,155],{"id":155},"关于价值投资",[19,157,158],{},"小施洛斯：在大萧条时期，格雷厄姆亏了很多钱，所以，他的投资理念就是保住本金。格雷厄姆是这么讲风险的，因为存在风险，所以1 美元的东西，要50 美分以下买入。他就是要买低估的东西。他们很多年前以前就翻阅股票手册，这跟我和我父亲的方法完全一样。多年以来，我们一直在翻阅《价值线》，寻找每个行业里最有价值的股票。",[19,160,161],{},"卡恩：他只相信现金，他不喜欢有大量负债的公司。",[19,163,164],{},"巴菲特：格雷厄姆总是把自己当作是一个被动投资者，至少我认识他的时候是这样。他每只股票都买一点，他的投资组合是高度分散的，而我追求的投资风格不是这样。他其实根本不追求实现最优秀的投资业绩。他几乎什么都买一点，他寻找的哪些完全不是好公司，他找的是些普通的或中等偏上的公司，但是它们的价格非常非常便宜，他的方法很有效。形成鲜明对比的是，格雷厄姆纽曼公司的股东，从GEICO 公司的投资中赚了很多钱，GEICO 公司跟格雷厄姆寻找的那种公司完全不同。要是发现一个投资点子，他不会兴奋，也不会故作镇定，而我就会很兴奋。他总是觉得，我们不应该通过跟管理层交流来了解公司。他认为，全美普通投资者都能通过读他的书(自行研究公司)，但却没有能力直接跟管理层进行交流。他认为，我们要像这些普通的投资者一样做投资，也就是哪些读了他的书(自行分析)的普通投资者。要是我们通过额外的努力获得信息，我们就作弊了。而我就喜欢跟管理层交流，我们早期管理基金的方式，就和读了格雷厄姆的书，但没机会拜访管理层的普通投资者一样，所以，我觉得这有点太消极，节奏太慢了。 话说回来，那时我也还是个二三十岁的年轻人(没什么人脉)。",[19,166,167],{},"温伯格：在我认识的所有人里，所有的格雷厄姆的学生，都有一个共同点，他们都几乎从不亏钱，因为格雷厄姆教我们的是，买的要便宜，便宜到不管发生什么，都伤害不到我们。当时，巴菲特和施洛斯翻阅《穆迪手册》，从头翻到尾，一只股票都不落下，后来他们(单干后)也是这么做的，研究分析财务报表。",[86,169,170],{"id":170},"关于他的慷慨",[19,172,173],{},"巴菲特：赚钱不是他的动力。我记得有一次和他一起坐电梯，去楼下的餐厅吃饭，他和我说的话仍记忆犹",[19,175,176,177,180],{},"新。他说：\"",[97,178,179],{},"沃伦，别太着急赚钱，钱不会改变你的生活方式，或许会改变女人的生活方式，我们的妻子可能会过得不一样，但是你看，我们俩穿的一样的衣服，去同样的地方吃饭。所以，慢慢来","\"。他总是无私奉献，我为他工作时，我第一个儿子刚刚出生，我们给他起名霍华德·格雷厄姆·巴菲特，既为了纪念我的父亲，也为了表达对Ben的敬意。他和妻子给我们送来了礼物，是录像机和放映机，这些东西在当时非常贵重。他总是这样，从来不求回报。他过生日的时候，每个参加聚会的人都收到他的礼物，因为他觉得获得快乐的人是他。",[19,182,183],{},"小施洛斯：Ben 是一个非常非常大度的人，他和别人一起吃饭，从不隐瞒自己买了什么股票，我父亲有好几次都很懊恼，因为格雷厄姆刚吃饭回来，股价就涨了好几个点。别人听完格雷厄姆的话，就把股价炒高了。在那个年代，有些股票流动性很差，别人知道他买了什么股票，股票很容易就会上涨几个点。",[19,185,186],{},"Henry Schneider(学生)：他对公众毫无保留，这样的行为真的是非常的慷慨大方。我知道，他的合伙人纽曼不太赞同他的做法，因为他有时会透露合伙公司的商业秘密。但他就是希望自己的学生，都能学会证券分析。",[19,188,189],{},"Charles Brandes(学生)：他毫无保留，对教书育人充满热忱。当时我很年轻，是他的助手，也是他的学生。他还邀请我去他家做客，讨论投资。",[86,191,192],{"id":192},"关于他的精神遗产",[19,194,195],{},"温伯格：我认为，格雷厄姆是一种投资方式的开创者。",[19,197,198,199,202],{},"小施洛斯：",[97,200,201],{},"他清楚自己是逆向投资者，他投资的公司都是身陷困境的，他愿意在别人抛弃的时候买入","。他的思想是创新的，是一种全新的投资方法。我认为，他当时未必意识到，他对将来投资世界的影响会有多大。他是个非常谦虚的人，他做的一切都是为了探索和创新，都令人振奋。他是个非常有思想的人。他当时应该不知道他的投资哲学对将来的影响会有多深远。我觉得他当时肯定不知道。他对金融领域做出了具有开创性的巨大贡献。",[19,204,205],{},"Henry Schneider(学生)：他认为，在华尔街，激进投资者做的事情是有益的，有很多公司的管理层，没有尽到本分，不努力经营公司。激进投资者可以督促这些公司的管理层，这对社会有很多好处。例如，提供更多的就业机会等。从这方面来看， 格雷厄姆和亚当史密斯很像。",[19,207,208],{},"巴菲特：他说，他希望每天都能做一些傻事，一些创造性的事和一些慷慨的事。他真的是每天都做着一些慷慨的事。他不必每周四下午都去哥伦比亚商学院给学生们讲课，这些学生们，很多人可能还不知道这样的机会有多难得，格雷厄姆几十年如一日，根本不求回报。他一直都是如此。他就是希望对别人更好，而不在乎别人对自己怎么样。",[210,211],"hr",{},{"title":213,"searchDepth":214,"depth":214,"links":215},"",2,[216],{"id":16,"depth":214,"text":17,"children":217},[218],{"id":67,"depth":219,"text":67},3,"访谈与文章",null,"巴菲特撰文纪念恩师格雷厄姆，回顾其对现代证券分析的奠基性贡献，强调《聪明投资者》的持久影响力。","md",{},true,77,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":5,"description":222},"巴菲特：2008年怀念恩师格雷厄姆｜巴菲特","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu","buffett\u002Finterview\u002Fba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu","Q1l8To_gsy8XV4Mw6zTzGd0ZvLpg-aBjDKg7vDqIpvo","buffett",[235,240,243,247,250,253,256,259,262,265,269,272,275,279,282,285,289,292,295,299,302,305,309,312,315,319,322,325,329,332,335,339,342,345,349,352,355,359,362,365,369,372,375,379,382,385,389,392,395,399,402,405,409,412,415,420,423,426,430,433,436,440,443,446,450,453,456,460,463,466,470,473,476,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,570,573,577,580,584,587,591,594,598,601,605,608,612,615,619,622,626,629,633,636,640,643,647,650,654,657,661,664,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,870,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232],{"title":236,"slug":237,"category":238,"order":239},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":241,"slug":242,"category":220,"order":239},"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":244,"slug":245,"category":246,"order":239},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":248,"slug":249,"category":238,"order":214},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":251,"slug":252,"category":220,"order":214},"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":254,"slug":255,"category":246,"order":214},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":257,"slug":258,"category":238,"order":219},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":260,"slug":261,"category":220,"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":263,"slug":264,"category":246,"order":219},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":266,"slug":267,"category":238,"order":268},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":270,"slug":271,"category":220,"order":268},"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":273,"slug":274,"category":246,"order":268},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":276,"slug":277,"category":238,"order":278},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":280,"slug":281,"category":220,"order":278},"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":283,"slug":284,"category":246,"order":278},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":286,"slug":287,"category":238,"order":288},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":290,"slug":291,"category":220,"order":288},"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":293,"slug":294,"category":246,"order":288},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":296,"slug":297,"category":238,"order":298},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":300,"slug":301,"category":220,"order":298},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":303,"slug":304,"category":246,"order":298},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":306,"slug":307,"category":238,"order":308},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":310,"slug":311,"category":220,"order":308},"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":313,"slug":314,"category":246,"order":308},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":316,"slug":317,"category":238,"order":318},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":320,"slug":321,"category":220,"order":318},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":323,"slug":324,"category":246,"order":318},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":326,"slug":327,"category":238,"order":328},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":330,"slug":331,"category":220,"order":328},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":333,"slug":334,"category":246,"order":328},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":336,"slug":337,"category":238,"order":338},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":340,"slug":341,"category":220,"order":338},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":343,"slug":344,"category":246,"order":338},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":346,"slug":347,"category":238,"order":348},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":350,"slug":351,"category":220,"order":348},"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":353,"slug":354,"category":246,"order":348},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":356,"slug":357,"category":238,"order":358},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":360,"slug":361,"category":220,"order":358},"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":363,"slug":364,"category":246,"order":358},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":366,"slug":367,"category":238,"order":368},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":370,"slug":371,"category":220,"order":368},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":373,"slug":374,"category":246,"order":368},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":376,"slug":377,"category":238,"order":378},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":380,"slug":381,"category":220,"order":378},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":383,"slug":384,"category":246,"order":378},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":386,"slug":387,"category":238,"order":388},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":390,"slug":391,"category":220,"order":388},"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":393,"slug":394,"category":246,"order":388},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":396,"slug":397,"category":238,"order":398},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":400,"slug":401,"category":220,"order":398},"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":403,"slug":404,"category":246,"order":398},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":406,"slug":407,"category":238,"order":408},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":410,"slug":411,"category":220,"order":408},"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":413,"slug":414,"category":246,"order":408},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":416,"slug":417,"category":418,"order":419},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":421,"slug":422,"category":220,"order":419},"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":424,"slug":425,"category":246,"order":419},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":427,"slug":428,"category":238,"order":429},"1965年11月 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巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":823,"slug":824,"category":220,"order":821},"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":826,"slug":827,"category":418,"order":828},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":830,"slug":831,"category":220,"order":828},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":833,"slug":834,"category":418,"order":835},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":837,"slug":838,"category":220,"order":835},"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":840,"slug":841,"category":418,"order":842},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":844,"slug":845,"category":220,"order":842},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":847,"slug":848,"category":418,"order":849},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":851,"slug":852,"category":220,"order":849},"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":854,"slug":855,"category":418,"order":856},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":858,"slug":859,"category":220,"order":856},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":861,"slug":862,"category":418,"order":863},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":865,"slug":866,"category":220,"order":863},"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":868,"slug":869,"category":418,"order":226},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":230,"category":220,"order":226},{"title":872,"slug":873,"category":418,"order":874},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":876,"slug":877,"category":220,"order":874},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":879,"slug":880,"category":418,"order":881},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":883,"slug":884,"category":220,"order":881},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":886,"slug":887,"category":418,"order":888},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":890,"slug":891,"category":220,"order":888},"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":893,"slug":894,"category":418,"order":895},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":897,"slug":898,"category":220,"order":895},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":900,"slug":901,"category":418,"order":902},"2011 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副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":932,"slug":933,"category":220,"order":930},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":935,"slug":936,"category":418,"order":937},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":939,"slug":940,"category":220,"order":937},"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":942,"slug":943,"category":418,"order":944},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":946,"slug":947,"category":220,"order":944},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":949,"slug":950,"category":418,"order":951},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":953,"slug":954,"category":220,"order":951},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":956,"slug":957,"category":418,"order":958},"2017 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巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":988,"slug":989,"category":220,"order":986},"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":991,"slug":992,"category":418,"order":993},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":995,"slug":996,"category":220,"order":993},"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":998,"slug":999,"category":418,"order":1000},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1002,"slug":1003,"category":220,"order":1000},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1005,"slug":1006,"category":418,"order":1007},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1009,"slug":1010,"category":220,"order":1007},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1012,"slug":1013,"category":418,"order":1014},"2025 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