[{"data":1,"prerenderedAt":1674},["ShallowReactive",2],{"library-ba-fei-te-2010nian-cnbc-zhuan-fang":3,"library-sidebar-buffett":137,"library-sidebar-dao":1140,"library-sidebar-models":1442},{"id":4,"title":5,"body":6,"category":123,"date":124,"description":125,"extension":126,"meta":127,"navigation":128,"order":129,"path":130,"seo":131,"seoDescription":125,"seoTitle":132,"slug":133,"stem":134,"__hash__":135,"_collection":136},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2010nian-cnbc-zhuan-fang.md","巴菲特：2010年CNBC 专访",{"type":7,"value":8,"toc":119},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,76,79,82,85,88,91,98,101,104,107,110,113,116],[10,11,5],"h1",{"id":12},"巴菲特2010年cnbc-专访",[14,15,16],"p",{},"2010 年10 月18 日",[14,18,19],{},"巴菲特接受美国全国广播公司财经频道记者贝基·奎克(BeckyQuick)的采访，不过和先前的采访不同，本次",[14,21,22],{},"采访的主要话题只有一个，就是回忆过去的投资经历，主要是控股伯克希尔的有趣经历。",[14,24,25],{},"Becky：好的。沃伦，非常感谢你今天参加我们的节目。",[14,27,28],{},"巴菲特：我很荣幸。",[14,30,31],{},"Becky：我们现在想问个究竟的是你曾经做过的最糟糕的交易是什么？你从中学到了什么？",[14,33,34],{},"巴菲特：我曾买过的最糟糕的股票是——这个地方要擂鼓了——伯克希尔哈撒韦。对于这一点我也许需要略作解释。那是在1962 年上半年的时候，我正在经营一家小型合伙公司，资产大概700 万美元。他们现在称之为对冲基金。当时它是一只便宜的股票，用运营资本的标准看是便宜。不过它是属于一家连续几年走下坡路的纺织公司的股票。所以它原本是一家大型公司，他们不停地关闭一家又一家工厂。每次他们关闭工厂的时候，他们会拿着款项大批回购他们的股票。我猜想他们将会关掉另外一家工厂，尽管他们手中的工厂所剩无几。我吃进股票。我打算让他们回购我的股票，从中赚取微薄的利润。于是我开始吃进股票。到1964 年的时候我们手中已经持有该公司的大量股票。于是我去拜访他们的经理斯坦顿先生。",[14,36,37],{},"他看着我说道：巴菲特先生，我们刚刚卖掉了几家工厂。我们有多余的现金。我们打算回购你手中的股票。你打算以什么样的价格出售你持有的股票？我说：每股11.5 美元。他说：你答应我你将以每股11.5 美元的价格出售你的股票吗？我说：斯坦顿先生，我向你保证，如果在不久的将来回购的话，我将以每股11.5 美元的价格出售给你。我回到了奥马哈。几周后我打开了一封信——就是这封：来自伯克希尔哈撒韦的要约收购——发自1964年。如果你仔细看看你会看到价格是11.375 美元。他撬掉我0.125 美元。如果那封信上标明是11.5 美元的话，我会卖掉我的股票。但这封信让我发疯。于是我出去开始吃进股票，最后我控制了这家公司，炒了斯坦顿先生的鱿鱼。我们就是从那里起步的。",[14,39,40],{},"此时此刻这听上去有点像一个非常不错的恶有恶报的道德小故事。但事实是我把一大笔钱用在了一个可怕的企业上。伯克希尔哈撒韦从此成为了我做一切事情的基础。所以到了1967 年，当一家不错的保险公司出现在我眼前的时候，我为伯克希尔哈撒韦买下了它。我真应该把它单独作为一个新实体买下来。因为那时的伯克希尔哈撒韦带着这些纺织资产前行。所以开始的时候它所有的资产都是没有任何价值的纺织资产。然后渐渐地我们加入了其他资产。但我们一直带着这些行头前进。在随后的20 年里我一直为纺织业而奋斗，直到我放弃为止。如果当初我们不把钱投到纺织业而一开始就投资保险业的话，伯克希尔的市值将会是今天的两倍。所以这就是2000 亿美元(代价)。你可以算一算就能算出来。因为这个天才自认为能够经营一家纺织企业。",[14,42,43],{},"Becky：为什么是2000 亿美元？",[14,45,46],{},"巴菲特：噢，因为如果我们把我投在纺织企业的钱投向保险企业并以此为起点的话，我们会更好。因为那笔钱的使用拖了我们的后腿。我是说我们不得不——其净市值为2000 万美元。伯克希尔哈撒韦年复一年地不挣一分钱。所以你就有了2000 亿美元的故事。附带说一句，如果10 年后你回来问我的话，我也许给你一个更吓人的数字。",[14,48,49],{},"Becky：可是如果你必须从你的那个故事中得到某种寓意的话，它是不是就是\"别为了刁难自己这张脸而割掉自己的鼻子\"？",[14,51,52],{},"巴菲特：**我想说无论你是不是因怒生恨，如果你进入了一个不好的行业，赶紧出来。**那是一个非常糟糕的错误，仅仅因为我不经意地陷入了那个行业，可以这么说吧。我常常说如果你想让人知道你是一个好经理的话，那么去购买一家好企业。这才是行事之道。人人都将会认为你聪明。而当我拥有一家像\"喜诗糖果\"这样的好企业时，人们就想：\"好家伙，那家伙真聪明。\"当我涉足像纺织业这样糟糕的行业时，我不知道自己在做什么，或者像后来涉足制鞋业，或者无论什么样的糟糕行业，如果你自认为是个管理天才的话，你去一个糟糕的企业试试。",[14,54,55],{},"Becky：那就是你吸取的教训吗？",[14,57,58],{},"巴菲特：当然。",[14,60,61],{},"Becky：可是你实际运用过它吗？",[14,63,64],{},"巴菲特：实际上这件事发生很多年后，我在每年的年度报告里都写上一句话。我说：当一名以聪明而闻名的经理人，遇到以糟糕的经济状况而闻名的企业时，保持不变的是企业的糟糕的名声。",[14,66,67],{},"Becky：所以那就是你得到的教训啦？可是有一个东西每天都在提醒着你。它就是伯克希尔哈撒韦公司。",[14,69,70,71,75],{},"巴菲特：是的。我时不时地受到诱惑。因为我在1950 年左右就开始和本·格雷厄姆在一起了，而他的整个思想就是买便宜的股票。你别想买进便宜的股票。你要买进好股票。",[72,73,74],"strong",{},"以一个合理的价位买进好股票比以一个便宜的价位买进便宜的东西要好得多","。当初我没有那么做。",[14,77,78],{},"Becky：你用了多久悟出了这个教训？",[14,80,81],{},"巴菲特：噢，我花了20 年时间才最终放弃了纺织业。我雇了一个了不起的人去经营它。在西伯里·斯坦顿被解雇之后，一个名叫肯·蔡司的人经营它。他很不错，既诚实能干又勤勤恳恳。他不能让它起死回生。但我们还是不断地在它身上费尽心思，我们买下了另外一家纺织厂，位于新罕布尔什州的曼彻斯特市。这是我犯的另外一个错误。如果你打算在一个糟糕的企业里表现你的聪明才智的话，为什么不在一个好企业里去展现你的聪明才智？",[14,83,84],{},"Becky：可是实际上，你花了20 年时间却终于放弃了它。你什么时候稍微明白了\"噢，这样不行\"的呢？真用了20 年的时间？",[14,86,87],{},"巴菲特：噢，不是的。我很快就想到了。但我只是不断地在想，我不打算放弃它。顺便说一下，我们当时拥有一个很棒的工人大军。我是指，我们不是被别的而是被活跃的竞争搞垮的。我们会购买新设备或者我们会把这间工厂搬到曼彻斯特，我们会说\"看看所有这些工厂的协同作用吧\"，如此等等，不一而足。但一切都无济于事。事实上，我过去常常不自量力。他们经常不断地送给我这样的字条：如果我们买下这台机器，我们就会节省14 个人力。如果我们买下这台机器，我们就会节省12 个人力。我不断地把这些字条放进抽屉里。买下所有那些机器，我们就会比我们开始时节省更多的人力——设想我们没有人操作那些机器。但那样不行。",[14,89,90],{},"Becky：有没有这样的行业，你之所以没有进入是因为你想过\"等一下，我以前曾经走过这条路\"？在哪个地方你受到过诱惑但你又反悔了？",[14,92,93,94,97],{},"巴菲特：我常常接到处理一些老大难企业的请求。你知道吗？人们这样说：你为什么不去处理它？你拥有这么多资源和这么好的经理人。但是有趣的是，做企业不同于参加奥林匹克运动会。在奥林匹克运动会上，假如你从事跳水运动的话，站在一个高台上往下跳并做四五个翻转动作一路往下跳，你进入水中的姿势有点难看，但有难度系数的因素在里面。所以你比那些屈体跳水跳得漂亮的人得到的分数还高。所以难度系数在奥林匹克运动会上有用，但它在企业经营上没用。",[72,95,96],{},"你不会因事情难做的事实而得到额外加分","。所以你最好只跨过1 尺高的栏杆，而不是试图跨过7 尺高的栏杆。",[14,99,100],{},"Becky：你知道人们会说：\"好吧，等等看\"。你从事一些已经被人们宣布死亡的报纸业有什么不同吗？",[14,102,103],{},"巴菲特：你说的对。不过我们是在1977 年购入的报纸企业。而且这么多年来我们做得很好。一开始的时候我们做得并不好。后来我们就做得很好了。可是2010 年的报业不是1977 年的报业。我是说，它发生了天翻地覆的变化。真的，我们把这句话写在了我们的年度报告里，即我们经营伯克希尔的方法和他们在商学院里教的方法不一样。因为在商学院里他们说，你要卖掉表现平平的企业，而且要不断地购买新企业。我将其称之为金拉米管理模式(Ginrummy 一种双人纸牌游戏)。假如我有50 个孩子而其中一个的表现不如其他孩子的话，我不会把他送给别人收养。除非它们永远让我们亏损，或者它们碰到了劳动力方面的重大难题，否则我们维持那些表现不如其他企业的企业。所以如果我打算遵循那一投资哲学的话，我最好留意我购买的企业，是吧？",[14,105,106],{},"Becky：没错。你的生意伙伴查理·芒格如何看？他会说你犯的最大错误是什么？",[14,108,109],{},"巴菲特：噢，他也许会重复我说的这些话。我想说的是，仅仅通过谈话我就学到了很多——我从查理那里学到了很多。1959 年查理第一次见到我时就告诉了我这句话。他是这么说的——我原本可以省去很多麻烦的，假如我听他的话的话。可是查理知道什么呢？",[14,111,112],{},"Becky：好。沃伦，非常感谢你。我们真的感谢你抽时间来我们节目做客。",[14,114,115],{},"巴菲特：谢谢你。谢谢你们邀请我。",[117,118],"hr",{},{"title":120,"searchDepth":121,"depth":121,"links":122},"",2,[],"访谈与文章",null,"巴菲特接受CNBC专访，回忆过去的投资经历，重点讲述控股伯克希尔·哈撒韦公司的决策过程与经验教训。","md",{},true,89,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2010nian-cnbc-zhuan-fang",{"title":5,"description":125},"巴菲特：2010年CNBC 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":622,"slug":623,"category":123,"order":620},"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":625,"slug":626,"category":322,"order":627},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":629,"slug":630,"category":123,"order":627},"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":632,"slug":633,"category":322,"order":634},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":636,"slug":637,"category":123,"order":634},"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":639,"slug":640,"category":322,"order":641},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":643,"slug":644,"category":123,"order":641},"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":646,"slug":647,"category":322,"order":648},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":650,"slug":651,"category":123,"order":648},"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":653,"slug":654,"category":322,"order":655},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":657,"slug":658,"category":123,"order":655},"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":660,"slug":661,"category":322,"order":662},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":664,"slug":665,"category":123,"order":662},"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":667,"slug":668,"category":322,"order":669},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":671,"slug":672,"category":123,"order":669},"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":674,"slug":675,"category":322,"order":676},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":678,"slug":679,"category":123,"order":676},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":681,"slug":682,"category":322,"order":683},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":685,"slug":686,"category":123,"order":683},"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":688,"slug":689,"category":322,"order":690},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":692,"slug":693,"category":123,"order":690},"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":695,"slug":696,"category":322,"order":697},"1995 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