[{"data":1,"prerenderedAt":1605},["ShallowReactive",2],{"library-ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding":3,"library-sidebar-buffett":68,"library-sidebar-dao":1071,"library-sidebar-models":1373},{"id":4,"title":5,"body":6,"category":54,"date":55,"description":56,"extension":57,"meta":58,"navigation":59,"order":60,"path":61,"seo":62,"seoDescription":56,"seoTitle":63,"slug":64,"stem":65,"__hash__":66,"_collection":67},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding.md","巴菲特：2011年500 亿美元的决定",{"type":7,"value":8,"toc":50},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47],[10,11,5],"h1",{"id":12},"巴菲特2011年500-亿美元的决定",[14,15,16],"p",{},"自从我读过本杰明·格雷厄姆的著作《聪明投资者》之后，他一直是我心目中的偶像。此后我一直想去哥伦比亚大学商学院念书，因为他在那里担任教授。",[14,18,19],{},"当我从哥伦比亚商学院毕业，回到奥马哈，并开始推销证券之后，我仍没有忘记他。在1951-1954 年期间，我老是打扰他：经常写信给他讨论有关证券投资的想法。后来我收到了他的一封回信，他在信里说：\"你下一次来纽约的时候，请来见我\"。 于是我就去见了他，他聘请我在他和杰里·纽曼共同负责运营的格雷厄姆纽曼公司工作。我和当时已怀孕四个月的妻子苏茜及女儿一起搬到纽约州怀特普莱恩斯。",[14,21,22],{},"每天早上，我上班都是坐火车到纽约市中央车站。我在那里工作的时间很短：第二年，当我25 岁时，格雷厄姆先生告诉我说，他打算退休了。 事实上，他告诉我的不止是这个消息，他还向我提供了接替他的机会：杰里的儿子米奇担任新的高级合伙人，而我担任新的初级合伙人。格雷厄姆纽曼公司是一家规模非常小的基金公司，管理的资金只有六七百万美元，但名气非常响。",[14,24,25],{},"这是一个非常痛苦的决定。这是我接替自己偶像的机会，我甚至把我大儿子取名为霍华德·格雷厄姆·巴菲特，但我也很想返回奥马哈。那时大概有一个月的时间，我每天早上在上班途中都一直在考虑告诉格雷厄姆先生我打算离职，但很难做到。当我从大学毕业时，我手里头有9800 美元，但到了1955 年年底，我拥有的个人资金已增加到12.7 万美元。我当时想，我要返回奥马哈，选修些大学课程，并且阅读大量书籍——我打算退休！",[14,27,28],{},"我想我们每年有1.2 万美元就够生活开销了，而凭借我已拥有的12.7 万美元个人资产，我可以很轻松地赚到这笔生活费。那时我对我的妻子说：\"复利能保证我会发财致富\"。",[14,30,31],{},"我的妻子和孩子先我一步返回奥马哈，而我则坐上汽车，在返回奥马哈的路上，顺道拜访考察那些我有兴趣投资的公司。 我在宾夕法尼亚州黑泽尔顿停留了一下，拜访了杰都-高地煤炭公司。在密歇根州，我走访了当时正在进行破产清算的卡拉马祖炉灶公司，我去查看该公司待售的公司厂房看上去情况如何，我去了俄亥俄州特拉华市，调研格雷夫兄弟制桶公司(现在谁还知道制桶这门行业呢)，并与公司董事长会面。我事先没有预约，只是顺道拜访而已。我发现人们总是愿意与我交谈，所有这些人都对我给予了帮助。",[14,33,34],{},"在奥马哈，我租了一幢房子，地址是安德伍德大道5202 号，那时每月租金为175 美元。我当时对妻子说：\"我很乐意购买一幢住房，但那样做的话，就像是一个木匠卖掉了自己的工具箱了\"。我不想用光我的所有资金。",[14,36,37],{},"当时我还没有计划创办合伙投资公司，甚至也没想找份工作。只要我可以自行操作投资，我就没有什么可以顾虑的。我当然不想再向别人推销证券了。但纯属机缘巧合，当时有七个人，其中包括我的一些亲戚，他们对我说：\"你以前卖过股票，我们希望你能告诉我们该如何打理自己的资金\"。我回答说：\"我不打算再卖股票了，但我会像格雷厄姆和纽曼那样，建立一个合伙制投资公司，如果你们想加入的话，就可以加入。\" 我的岳父、我的大学室友及其母亲，我的姑妈爱丽丝，我的姐姐及姐夫，我的律师都签约加入，我也投资了 100 美元，这就是我创办投资公司的起步，纯属偶然。",[14,39,40],{},"当我成立这家合伙制投资公司时，我们共进了晚餐，我花49 美分购买了一本账簿，他们带来了各自投资的支票。我在收下他们的支票前，先向他们分发了用复写纸抄写的半页纸，上面列出了我所谓的基本原则。",[14,42,43],{},"我说：\"有关合伙投资公司的法律文件有两到四页之多。对此不必担心。我会完完全全地告诉你们这些文件里有些什么内容，以后你们就不会有任何意想不到的相关问题。但是这些基本原则就是投资理念。如果你赞同我的投资理念，那么我们就开始吧。如果不赞同的话，我也对此表示理解。今后我不会告诉你们我们拥有哪些股票之类的事情。如果我因投资业绩出色而应该得到鲜花，那么我希望得到它，而如果我因投资业绩不佳而应该受到警告，那么我希望你们向我扔来的是鸡蛋。但如果我的投资下跌了5%，而市场却下跌了15%的话，那么我可不希望有人会向我扔鸡蛋，在这种情况下，我会认为自己应该得到鲜花。\" 我们把一切都谈清楚了，接着他们就把支票递给了我。我没有向外募集资金，但一些我不认识的人也开始向我寄来要求入股的支票。而当时在纽约，格雷厄姆纽曼公司正在进行清算。",[14,45,46],{},"在佛蒙特州有一位大学校长，他叫霍默·道奇，之前一直投资于格雷厄姆的基金，他当时问格雷厄姆：\"我该如何处置我的资金呢？\"格雷厄姆回答说：\"嗯，这个孩子曾经在我这里工作过……\"于是道奇便开车来到奥马哈，来到我当时居住的那幢租来的房子，我那时25 岁，看上去像是17 岁，而举止像是12 岁。他当时问我：\"你现在在做什么呢？\"我回答说：\"我在帮我家人做这些投资理财的事情，我也会帮你做这些事情。\" 虽然当时我并没不知道，但25 岁确实是我人生中的一个转折点。那年我在改变自己的生活，创建了我的第一家合伙制投资公司，而这家公司最终变成规模相当大的一家合伙制投资公司，它叫做伯克希尔哈撒韦。当时我并不害怕，只是在做自己喜欢做的事情，而现在我仍然在做这件事情。",[48,49],"hr",{},{"title":51,"searchDepth":52,"depth":52,"links":53},"",2,[],"访谈与文章",null,"巴菲特回忆读完《聪明投资者》后立志进入哥大商学院，分享毕业后回到奥马哈推销证券的早期职业生涯经历。","md",{},true,96,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":5,"description":56},"巴菲特：2011年500 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巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":574,"slug":575,"category":54,"order":572},"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":577,"slug":578,"category":253,"order":579},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":581,"slug":582,"category":54,"order":579},"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":584,"slug":585,"category":253,"order":586},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":588,"slug":589,"category":54,"order":586},"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":591,"slug":592,"category":253,"order":593},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":595,"slug":596,"category":54,"order":593},"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":598,"slug":599,"category":253,"order":600},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":602,"slug":603,"category":54,"order":600},"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":605,"slug":606,"category":253,"order":607},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":609,"slug":610,"category":54,"order":607},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":612,"slug":613,"category":253,"order":614},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":616,"slug":617,"category":54,"order":614},"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":619,"slug":620,"category":253,"order":621},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":623,"slug":624,"category":54,"order":621},"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":626,"slug":627,"category":253,"order":628},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":630,"slug":631,"category":54,"order":628},"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":633,"slug":634,"category":253,"order":635},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":637,"slug":638,"category":54,"order":635},"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":640,"slug":641,"category":253,"order":642},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":644,"slug":645,"category":54,"order":642},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":647,"slug":648,"category":253,"order":649},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":651,"slug":652,"category":54,"order":649},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":654,"slug":655,"category":253,"order":656},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":658,"slug":659,"category":54,"order":656},"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":661,"slug":662,"category":253,"order":663},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":665,"slug":666,"category":54,"order":663},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":668,"slug":669,"category":253,"order":670},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":672,"slug":673,"category":54,"order":670},"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":675,"slug":676,"category":253,"order":677},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":679,"slug":680,"category":54,"order":677},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":682,"slug":683,"category":253,"order":684},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":686,"slug":687,"category":54,"order":684},"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":689,"slug":690,"category":253,"order":691},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":693,"slug":694,"category":54,"order":691},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":696,"slug":697,"category":253,"order":698},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":700,"slug":701,"category":54,"order":698},"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":703,"slug":704,"category":253,"order":705},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":707,"slug":708,"category":54,"order":705},"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":710,"slug":711,"category":253,"order":712},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":714,"slug":715,"category":54,"order":712},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":717,"slug":718,"category":253,"order":719},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":721,"slug":722,"category":54,"order":719},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":724,"slug":725,"category":253,"order":726},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":728,"slug":729,"category":54,"order":726},"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":731,"slug":732,"category":253,"order":733},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":735,"slug":736,"category":54,"order":733},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":738,"slug":739,"category":253,"order":740},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":742,"slug":743,"category":54,"order":740},"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":745,"slug":746,"category":253,"order":747},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":749,"slug":750,"category":54,"order":747},"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":752,"slug":753,"category":253,"order":754},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":756,"slug":757,"category":54,"order":754},"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":759,"slug":760,"category":253,"order":761},"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":763,"slug":764,"category":54,"order":761},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":766,"slug":767,"category":253,"order":768},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":770,"slug":771,"category":54,"order":768},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":773,"slug":774,"category":253,"order":775},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":777,"slug":778,"category":54,"order":775},"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":780,"slug":781,"category":253,"order":782},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":784,"slug":785,"category":54,"order":782},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":787,"slug":788,"category":253,"order":789},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":791,"slug":792,"category":54,"order":789},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":794,"slug":795,"category":253,"order":796},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":798,"slug":799,"category":54,"order":796},"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":801,"slug":802,"category":253,"order":803},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":805,"slug":806,"category":54,"order":803},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":808,"slug":809,"category":253,"order":810},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":812,"slug":813,"category":54,"order":810},"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":815,"slug":816,"category":253,"order":817},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":819,"slug":820,"category":54,"order":817},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":822,"slug":823,"category":253,"order":824},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":826,"slug":827,"category":54,"order":824},"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":829,"slug":830,"category":253,"order":831},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":833,"slug":834,"category":54,"order":831},"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":836,"slug":837,"category":253,"order":60},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":64,"category":54,"order":60},{"title":840,"slug":841,"category":253,"order":842},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":844,"slug":845,"category":54,"order":842},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":847,"slug":848,"category":253,"order":849},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":851,"slug":852,"category":54,"order":849},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":854,"slug":855,"category":253,"order":856},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":858,"slug":859,"category":54,"order":856},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":861,"slug":862,"category":253,"order":863},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":865,"slug":866,"category":54,"order":863},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":868,"slug":869,"category":54,"order":870},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":872,"slug":873,"category":54,"order":874},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":876,"slug":877,"category":54,"order":878},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":880,"slug":881,"category":54,"order":882},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":884,"slug":885,"category":54,"order":886},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":888,"slug":889,"category":54,"order":890},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":892,"slug":893,"category":54,"order":894},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":896,"slug":897,"category":54,"order":898},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":900,"slug":901,"category":54,"order":902},"巴菲特：2014年CNBC 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