[{"data":1,"prerenderedAt":1875},["ShallowReactive",2],{"library-ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":338,"library-sidebar-dao":1341,"library-sidebar-models":1643},{"id":4,"title":5,"body":6,"category":324,"date":325,"description":326,"extension":327,"meta":328,"navigation":329,"order":330,"path":331,"seo":332,"seoDescription":326,"seoTitle":333,"slug":334,"stem":335,"__hash__":336,"_collection":337},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng.md","巴菲特：2010年对话IVEY 商学院学生",{"type":7,"value":8,"toc":319},"minimark",[9,13,18,22,28,33,36,39,42,45,49,52,55,59,65,68,71,75,78,81,84,87,90,94,97,100,103,106,109,112,117,121,124,127,130,133,136,140,143,146,149,152,155,158,161,164,168,171,174,177,180,183,186,190,195,200,205,208,212,215,218,221,225,228,231,234,237,240,243,246,249,252,255,258,262,265,268,272,275,278,281,284,287,291,294,297,300,303,307,310,313,316],[10,11,5],"h1",{"id":12},"巴菲特2010年对话ivey-商学院学生",[14,15,17],"h2",{"id":16},"巴菲特对话ivey-商学院学生2010","巴菲特：对话IVEY 商学院学生2010",[19,20,21],"p",{},"2010 年2 月26 日",[23,24,25],"blockquote",{},[19,26,27],{},"巴菲特会见了来自Ivey 商学院GeorgeAthanassakos 博士带队的MBA 和HBA 学生。以下为会谈纪要。",[29,30,32],"h4",{"id":31},"q关于新兴市场投资","Q：关于新兴市场投资",[19,34,35],{},"从根本上说，投资新兴市场与投资发达市场非常相似：你仍然需要了解你所投资的企业及其未来2 年、5 年、10 年的前景。此外，这些企业需要在很大程度上不受重大变化的影响，并有很大的上升空间(例如，未来人均购买力将提高)。",[19,37,38],{},"投资那些在新兴市场投资和运营的企业(如可口可乐)，是接触新兴市场的好方法。",[19,40,41],{},"美国成为新兴市场的净出口国并非威胁，因为最终重要的是释放人类的潜力。这使整个人类得以进步(这不是零和游戏，每个人都能从进步中获益)。",[19,43,44],{},"一般来说，伯克希尔对外国有价证券的兴趣较小，伯克希尔更感兴趣的是购买整个企业或其中的大部分。2000 年中期在翻阅一本韩国股票手册时，发现了大量便宜货(好公司，3 倍市盈率或更低)。买了20 只构成了一个组合，以降低整体风险(因为伯克希尔的仓位需要很大才能对其业绩产生影响)。",[29,46,48],{"id":47},"q如果今天创办巴菲特合伙公司巴菲特会做什么不同的事情","Q：如果今天创办巴菲特合伙公司，巴菲特会做什么不同的事情",[19,50,51],{},"巴菲特先生解释了巴菲特合伙公司：他最初与朋友和家人建立了一个合伙公司，管理的资金总额为10.5 万美元，后来与许多奥马哈当地人建立了一系列合伙公司，最终进行了合并。他不想浪费时间向合伙人解释，因此每年给合伙人写一封信，以减轻人们的投资\"心理压力\"。",[19,53,54],{},"巴菲特最初是一名股票经纪人，但他承认自己不是最好的推销员，他想为自己和投资者做真正的投资分析工作。他唯一的遗憾是起步不够早(但他第一次购买股票是在11 岁)。",[29,56,58],{"id":57},"q关于内部记分卡","Q：关于\"内部记分卡\"",[19,60,61],{},[62,63,64],"strong",{},"第一条建议是\"要嫁得好\"。你无法选择你的父母，但你可以选择你的配偶，要嫁给一个\"低期望值\"的人。",[19,66,67],{},"**第二条建议是要确保自己拥有正确的人生英雄。**他提到了自己的一些英雄，包括父亲霍华德巴菲特和恩师本格雷厄姆。",[19,69,70],{},"巴菲特谈到了奥马哈的一位波兰籍大屠杀幸存者，这位老人在去年去世。他认为人生真正的成功意味着，在六七十岁的时候，有很多人愿意\"把你藏起来\"(也就是说，如果他们遇到了像他所比喻的大屠杀那样的情况，他们会不会愿意把自己的命搭进去救你？)",[29,72,74],{"id":73},"q伯克希尔收购bnsf-铁路伯灵顿北方圣达菲公司","Q：伯克希尔收购BNSF 铁路(伯灵顿北方圣达菲)公司",[19,76,77],{},"巴菲特谈到了，铁路与美国经济整体长期目标的同步性，以及铁路的一些基本要素：美国40%的货物通过铁路运输，二氧化碳排放量低(使用1 加仑柴油可行驶480 英里)，以及资本密集，BNSF 的资本支出超出折旧摊销数十亿美元。",[19,79,80],{},"虽然BNSF 的业绩比2008 年的水平下降了16%，但他认为10-20 年后将会有更多的货物通过铁路运输到全国各地，BNSF 将获得\"合理的资本回报\"。BNSF 运营的西部地区比东部地区更具吸引力。",[19,82,83],{},"除了伯克希尔之前持有的BNSF 股份之外，巴菲特在沃斯堡访问DTI、Justin Boot 和ACME Bricks 时，他与BNSF 铁路的CEO-Matt Rose 会面时产生了收购的想法。他将BNSF 铁路与喜诗糖果做了对比，喜诗糖果的销售规模很小，单位销售使用的资本很少(税前利润7000 万美元，投入资本4000 万美元)，而铁路业务则是资本密集型的低回报业务。",[19,85,86],{},"他谈到了喜诗糖果的定价权：每到12 月26 日，价格就会上涨1 美分。在圣诞节和情人节，销售量最大，没有人愿意购买便宜货；与BNSF 铁路不同，喜诗糖果的问题在于它的销售额几乎没有增长，也没有机会再重新配置资本。",[19,88,89],{},"BNSF 铁路是一项很好的投资，主要是因为它提供了以相当高的回报率重新部署资本的机会(更新铁路设施如铁轨、桥梁、隧道、机车等)。",[29,91,93],{"id":92},"q关于美国联邦债务及其对子孙后代的影响","Q：关于美国联邦债务及其对子孙后代的影响",[19,95,96],{},"关于赤字的水平，巴菲特说，由于信托基金的存在，赤字实际上占GDP 的60%而不是80%。二战结束时赤字率为120%，与二战前相比，我们现在的日子要好过得多。",[19,98,99],{},"你无法真正承诺未来20 年的福利：资本回报可能会增加，政府可以承诺任何人们想要的东西，但这不一定会发生；事情必须调整。",[19,101,102],{},"雄心和创新并没有消亡；巴菲特不知道下一个好机会会从哪里来，但他相信它们正在到来。",[19,104,105],{},"巴菲特确实非常担心原子弹化学或生物武器战争。狂热分子可能大规模地伤害他人，他们一直存在，并将继续存在。事实上，顽固分子与人口成正比；最大的区别在于，只有现在才有可能以指数级增长的方式伤害他人。我们在思考大规模攻击时必须考虑到：意图、知识、材料和可投递性。现在唯一的瓶颈是核材料，必须继续强调这一点，这也是他最担心的地方。",[19,107,108],{},"巴菲特先生谈到我们的生活如何比John D. Rockefeller 更好，洛克菲勒曾控制着美国有史以来最大比例的GDP。我们现在可以根据喜好选择温暖或寒冷的环境，我们可以通过电视观看世界大赛，而不必真的坐火车前往，等等。",[19,110,111],{},"巴菲特与我们生活的对比：我们的日常消费大致相同(他的西装更贵，但穿在他身上显得很廉价，他还使用私人飞机)；财富带来了生活上的些许改善，但总体而言差别不大。",[19,113,114],{},[62,115,116],{},"成功就是得到你想要的；幸福就是想要你得到的。",[29,118,120],{"id":119},"q关于中国经济是否存在泡沫","Q：关于中国经济是否存在泡沫",[19,122,123],{},"巴菲特拒绝评论Jim Chanos 对中国房地产形势的评论。",[19,125,126],{},"巴菲特称，美国经济的结构释放了世界上像盖茨家族和福特家族的潜力。中国吸收了我们制度中的元素，并自然地加以调整，以释放2 亿人的潜能。巴菲特别指出，如果中国发展得好，我们也不会受苦。\"我们的繁荣让世界其他国家受苦了吗？\"",[19,128,129],{},"巴菲特谈到了比亚迪的成功，王传福于1995 年创立了比亚迪，现年43 岁，拥有13 万名员工和1.3 万名工程师，在中国(全球最大的汽车市场)销售最好的汽车。",[19,131,132],{},"巴菲特的西装是在中国定制的。",[19,134,135],{},"\"主队赢得每场比赛固然好，但这是不可能的\"。巴菲特谈到了1938 年Lewis-Schmeling 的比赛(全世界都在关注这场比赛，但比赛没有赚到钱，麦迪逊广场花园只有2.5 万人观看了比赛)。现在，通过付费观看中量级拳击手能赚到数亿美元，而发明电视机的人什么也没赚到，赚到钱的是通过电视机赚钱的人。",[29,137,139],{"id":138},"q关于过去30-年的金融创新","Q：关于过去30 年的金融创新",[19,141,142],{},"金融创新与其他地方的创新并无不同。\"那它为什么不好呢？\"",[19,144,145],{},"巴菲特说，首先， CDO 的平方并不是当前最重要的问题，在货币的范畴内，极端情况永远存在。",[19,147,148],{},"巴菲特讨论了这样一个寓言故事：房间里的每个人同时遭遇了海难，来到了一个荒岛上，每个人都靠种植大米而生存。大家每天在稻田里工作8 小时，就可以靠大米生存，生活满足。但如果有20%的人开始进行大米期货和期权交易，导致其他人不得不每天工作9 小时呢？每个人的情况都会变得更糟。这就像任何\"赌场\"式的活动一样，社会的净收益是多少？",[19,150,151],{},"虽然社会可能并不公平，但华尔街上有很多钱，需要加以约束。",[19,153,154],{},"看不见的手有时会失控。衍生品是大规模杀伤性金融武器。",[19,156,157],{},"但这也不全是坏事：就智商和精力而言，华尔街赚的钱最多，那么我们如何在不\"把孩子和洗澡水一起倒掉\"的情况下解决问题呢？",[19,159,160],{},"如果情况变得足够极端，美国就会\"做正确的事\"(比如经济刺激计划)。",[19,162,163],{},"我们能否拥有一个开明的、不受限制的市场体系还有待观察，但当你拥有美国政府支持的特权时，你就需要在一定的监管规则的范围内运作。如果你想违规，那么对不起。",[29,165,167],{"id":166},"q关于巴菲特最困难的挑战以及他是如何克服困难的","Q：关于巴菲特最困难的挑战，以及他是如何克服困难的",[19,169,170],{},"巴菲特并不认为自己一生中遇到过多少逆境。他认为自己异常幸运。",[19,172,173],{},"我中了卵巢彩票。我没有什么可抱怨的。在我出生时，大约有五十分之一的机会出生在美国。我还有一对好父母，接受了良好的教育。我是白人。而且我是男性。我的姐妹们和我一样聪明，但尽管我们的父母没有告诉她们该做什么，她们还是从社会上得到了应该做什么的信息。",[19,175,176],{},"我的性格使我擅长资本分配。我没有被哈佛大学录取，这在当时看来似乎很不走运，但却是我遇到的最好的事情。最后我被哥伦比亚大学录取，成为格雷厄姆和多德的学生。",[19,178,179],{},"我没有肌肉。我的体格很差，但似乎没什么问题。医生说我很健康！",[19,181,182],{},"去嫉妒你没有的东西，那是一种精神上的摧残。",[19,184,185],{},"如果你有机会与世界60 亿人随机抽取的100 个人互相交换生命，你会这样做吗？如果你不愿意，我想没有人会这么做。这是因为你幸运地生活在北美，你足够聪明，有能力接受良好的教育。你们是人类中最幸运的1%。",[29,187,189],{"id":188},"q关于性格的重要性特别是谦逊耐心和纪律","Q：关于性格的重要性(特别是谦逊、耐心和纪律)",[19,191,192],{},[62,193,194],{},"选一个你希望长期交往的同学，或者获得他终身收入的10%。想一想你喜欢、钦佩、以及富有成效的人。这个人的智商可能不是最高的，但他们的能力很强。你打赌他们会非常成功。现在再选一个你不喜欢的同学。列出成功学生的优秀品质和不成功学生的不良品质。",[19,196,197],{},[62,198,199],{},"目标是通过努力实现成功者的优秀品质，消除不成功学生的不良品质和习惯，从而成为一个成功者。培养你喜欢的人的品质，戒掉你不喜欢的人的品质。",[19,201,202],{},[62,203,204],{},"趁年轻，改变不良品质：习惯的枷锁，开始时它轻的难以察觉，直到后来它沉重到你根本无法挣脱。",[19,206,207],{},"与行业知识相比，吸引优秀人才加盟更能带来成功。",[29,209,211],{"id":210},"q关于美国经济从制造业驱动型经济向服务型经济转型","Q：关于美国经济从制造业驱动型经济向服务型经济转型",[19,213,214],{},"目前，美国交给中国绿纸片，他们给我们运来2250 亿美元我们想买的东西。他们为什么不把他们",[19,216,217],{},"的钱和他们生产的商品留着呢？人们就是不这么想。",[19,219,220],{},"中美关系不可能永远这样持续下去，而不可能永远持续下去的事情就会结束。目前的优势在于，美国可以用自己的货币对债务进行计价。而其他国家不能。动态并不一定需要逆转。稳定状态是有可能存在的。人们认为，维持目前的体系符合相关国家的利益，而且这种体系可能还会存在一段时间。如果它真的结束了，也不会是世界末日。钱不会消失，只会流入其他人的口袋。中国目前的安排是出口商品并收取现金。这种情况可能在一段时间内不会改变。",[29,222,224],{"id":223},"q关于对伯克希尔控股公司以及潜在投资公司的经理人的判断","Q：关于对伯克希尔控股公司以及潜在投资公司的经理人的判断",[19,226,227],{},"购买一家好到白痴都能经营的企业，因为迟早会有一个白痴来经营。",[19,229,230],{},"我总是问自己：经理人是爱企业，还是爱钱？",[19,232,233],{},"经理人需要有激情。否则，合同将无法让他们在精神上留着这里，或长期留在这里。",[19,235,236],{},"确保他们不会失去对事业的激情，并向他们承诺，他们将\"自己画出自己的画\"，我不会给他们太多的指导，从而剥夺他们的激情。",[19,238,239],{},"巴菲特热爱自己的工作，因为他可以画自己的画，并获得掌声。",[19,241,242],{},"优秀的经理人都是具有类似等式的人。巴菲特会给他的经理们掌声，让他们画自己的画。伯克希尔的经理们没有合同。",[19,244,245],{},"伯克希尔从未向私募股权公司购买过资产，因为他们爱的是钱，而不是企业。这并不是坏事，只是不适合巴菲特。",[19,247,248],{},"每个人都在争夺最高职位，这不是一个健康的环境。例如，在通用电气，会有40 名高管希望获得最高职位。当新任CEO 公布后，那些没有被选中的人就会立即离职。就这样，你失去了39 位最优秀的员工，却保留了一位。在伯克希尔，人们热爱自己的工作。没有人想要我的位置，因为他们都热爱自己的工作。",[19,250,251],{},"接受让你兴奋的工作，钱就会随之而来。我们的目标是，每天工作结束时都能变得更聪明。这就是Rose Blumkin (内布拉斯加家具商场创始人)一直工作到103 岁的原因。",[19,253,254],{},"当你有选择的时候，总是对自己所做的事情感到兴奋。这并不总是可能的。",[19,256,257],{},"巴菲特曾经在Penny 百货公司卖过衬衫，他不喜欢这样。",[29,259,261],{"id":260},"q关于押注美国经济","Q：关于押注美国经济",[19,263,264],{},"你怎么能不把赌注押在在美国身上呢？",[19,266,267],{},"电话发明40 年后，人们平均要花53 个小时才能赚到足够支付3 分钟长途电话费的钱。看看你现在可以免费做什么。美国的制度促进了这种发展。",[29,269,271],{"id":270},"q关于可口可乐收购其北美主要灌装商","Q：关于可口可乐收购其北美主要灌装商",[19,273,274],{},"可口可乐历史上最愚蠢的合同是与大型装瓶商签订的固定价格糖浆长期许可协议。这是一种低效的装瓶方",[19,276,277],{},"式。每个装瓶商都紧紧抓住这些许可证不放。没有人能碰它们，百事可乐和可口可乐最终就像大宗商品一样。如今仍有80-90 份这些合同存在，可口可乐收购了这家大型装瓶商，试图重组分销渠道，使产品分销合理化。",[19,279,280],{},"可乐是一种好产品。它是唯一一种没有味觉记忆的产品。一天中的第五杯可乐喝起来和第一杯一样新鲜。你不会厌倦这种味道。(巴菲特先生每天喝5-6 瓶可乐，相当于每天从可乐中摄取750 卡路里。巴菲特开玩笑说，他的一半生命归功于可乐！)",[19,282,283],{},"可口可乐与快乐联系在一起，并赞助这类活动，比如奥运会等。",[19,285,286],{},"你希望一个品牌长期与情感联系在一起。伯克希尔子公司喜诗糖果也是如此：如果一个男人在情人节给他的爱人买了巧克力，并得到了她的一个吻，这会让他对这个品牌产生积极的联想！",[29,288,290],{"id":289},"q关于他作为公众人物的角色","Q：关于他作为公众人物的角色",[19,292,293],{},"**巴菲特不会支持任何他不相信的东西，无论它对伯克希尔是有利还是有害。**他说，他看到什么就会说出自己的看法。",[19,295,296],{},"巴菲特认为，与生活在美国的其他人相比，他和伯克希尔公司的税负较低。他要为6600 万美元的收入缴纳16.6%的税。他认为这不公平，认为应该对制度进行重大改革。",[19,298,299],{},"他将低税率归功于George Bush 执政时期颁布的政策。",[19,301,302],{},"George Bush 是我的税务规划师！他似乎认为像我这样的人已经奄奄一息，需要得到保护。",[29,304,306],{"id":305},"q关于伦理","Q：关于伦理",[19,308,309],{},"当事情出错时，有些人认为你需要更好的公关。问题是你做错了。",[19,311,312],{},"有些人想在靠近底线的地方打球，但在球场中央打球还是能赚很多钱的。",[19,314,315],{},"永远不要用声誉换取金钱。",[317,318],"hr",{},{"title":320,"searchDepth":321,"depth":321,"links":322},"",2,[323],{"id":16,"depth":321,"text":17},"访谈与文章",null,"巴菲特会见Ivey商学院学生，分享投资新兴市场与发达市场的不同逻辑，强调理性决策与长期思考。","md",{},true,92,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":5,"description":326},"巴菲特：2010年对话IVEY 商学院学生｜巴菲特","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng","GxGRFZQK7RZ3onQ7NDDZh5vMnIk0fs26__bu9bqf9yw","buffett",[339,344,347,351,354,357,360,364,367,370,374,377,380,384,387,390,394,397,400,404,407,410,414,417,420,424,427,430,434,437,440,444,447,450,454,457,460,464,467,470,474,477,480,484,487,490,494,497,500,504,507,510,514,517,520,525,528,531,535,538,541,545,548,551,555,558,561,565,568,571,575,578,581,585,588,591,595,598,601,605,608,611,615,618,621,625,628,631,635,638,641,645,648,651,655,658,661,665,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1080,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249,1253,1257,1261,1265,1269,1273,1277,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337],{"title":340,"slug":341,"category":342,"order":343},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":345,"slug":346,"category":324,"order":343},"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":348,"slug":349,"category":350,"order":343},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":352,"slug":353,"category":342,"order":321},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":355,"slug":356,"category":324,"order":321},"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":358,"slug":359,"category":350,"order":321},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":361,"slug":362,"category":342,"order":363},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":365,"slug":366,"category":324,"order":363},"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":368,"slug":369,"category":350,"order":363},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":371,"slug":372,"category":342,"order":373},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":375,"slug":376,"category":324,"order":373},"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":378,"slug":379,"category":350,"order":373},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":381,"slug":382,"category":342,"order":383},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":385,"slug":386,"category":324,"order":383},"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":388,"slug":389,"category":350,"order":383},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":391,"slug":392,"category":342,"order":393},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":395,"slug":396,"category":324,"order":393},"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":398,"slug":399,"category":350,"order":393},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":401,"slug":402,"category":342,"order":403},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":405,"slug":406,"category":324,"order":403},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":408,"slug":409,"category":350,"order":403},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":411,"slug":412,"category":342,"order":413},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":415,"slug":416,"category":324,"order":413},"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":418,"slug":419,"category":350,"order":413},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":421,"slug":422,"category":342,"order":423},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":425,"slug":426,"category":324,"order":423},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":428,"slug":429,"category":350,"order":423},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":431,"slug":432,"category":342,"order":433},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":435,"slug":436,"category":324,"order":433},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":438,"slug":439,"category":350,"order":433},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":441,"slug":442,"category":342,"order":443},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":445,"slug":446,"category":324,"order":443},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":448,"slug":449,"category":350,"order":443},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":451,"slug":452,"category":342,"order":453},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":455,"slug":456,"category":324,"order":453},"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":458,"slug":459,"category":350,"order":453},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":461,"slug":462,"category":342,"order":463},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":465,"slug":466,"category":324,"order":463},"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":468,"slug":469,"category":350,"order":463},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":471,"slug":472,"category":342,"order":473},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":475,"slug":476,"category":324,"order":473},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":478,"slug":479,"category":350,"order":473},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":481,"slug":482,"category":342,"order":483},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":485,"slug":486,"category":324,"order":483},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":488,"slug":489,"category":350,"order":483},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":491,"slug":492,"category":342,"order":493},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":495,"slug":496,"category":324,"order":493},"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":498,"slug":499,"category":350,"order":493},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":501,"slug":502,"category":342,"order":503},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":505,"slug":506,"category":324,"order":503},"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":508,"slug":509,"category":350,"order":503},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":511,"slug":512,"category":342,"order":513},"1965 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