[{"data":1,"prerenderedAt":2640},["ShallowReactive",2],{"library-ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban":3,"library-sidebar-buffett":1103,"library-sidebar-dao":2106,"library-sidebar-models":2408},{"id":4,"title":5,"body":6,"category":1089,"date":1090,"description":1091,"extension":1092,"meta":1093,"navigation":1094,"order":1095,"path":1096,"seo":1097,"seoDescription":1091,"seoTitle":1098,"slug":1099,"stem":1100,"__hash__":1101,"_collection":1102},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban.md","巴菲特：2012年跳着踢踏舞去上班",{"type":7,"value":8,"toc":1085},"minimark",[9,13,17,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71,74,77,80,83,86,89,92,95,98,101,104,107,110,113,116,119,122,125,128,131,134,137,140,143,146,149,152,155,158,161,164,167,170,173,176,179,182,185,188,191,194,197,200,203,206,209,212,215,218,221,224,227,230,233,236,239,242,245,248,251,254,257,260,263,266,269,272,275,278,281,284,287,290,293,296,299,302,305,308,311,314,317,320,323,326,329,332,335,338,341,344,347,350,353,356,359,362,365,368,371,374,377,380,383,386,389,392,395,398,401,404,407,410,413,416,419,422,425,428,431,434,437,440,443,446,449,452,455,458,461,464,467,470,473,476,479,482,485,488,491,494,497,500,503,506,509,512,515,518,521,524,527,530,533,536,539,542,545,548,551,554,557,560,563,566,569,572,575,578,581,584,587,590,593,596,599,602,605,608,611,614,617,620,623,626,629,632,635,638,641,644,647,650,653,656,659,662,665,668,671,674,677,680,683,686,689,692,695,698,701,704,707,710,713,716,719,722,725,728,731,734,737,740,743,746,749,752,755,758,761,764,767,770,773,776,779,782,785,788,791,794,797,799,802,805,808,811,814,817,820,823,826,829,832,835,838,841,844,847,850,853,856,859,862,865,868,871,874,877,880,883,886,889,892,895,898,901,904,907,910,913,916,919,922,925,928,931,934,937,940,943,946,949,952,955,958,961,964,967,970,973,976,979,982,985,988,991,994,997,1000,1003,1006,1009,1012,1015,1018,1021,1024,1027,1030,1033,1036,1039,1042,1045,1048,1051,1054,1057,1060,1063,1066,1069,1072,1074,1077,1079,1082],[10,11,5],"h1",{"id":12},"巴菲特2012年跳着踢踏舞去上班",[14,15,16],"p",{},"2012 年11 月26 日",[14,18,19,20],{},"沃伦巴菲特和《跳着踢踏舞去上班》作者卡罗尔卢米斯，一同做客查理罗斯节目，探讨政治观点、职业决策和慈善事业。",[21,22,23],"a",{"href":23,"rel":24},"https:\u002F\u002Fcharlierose.com\u002Fvideos\u002F17620",[25],"nofollow",[14,27,28],{},"罗斯：沃伦巴菲特和卡罗尔卢米斯来到了节目现场。巴菲特是世界上最成功的投资者之一，也是我们节目的老朋友。卡罗尔是《财富》杂志的传奇撰稿人，从巴菲特还是一名来自奥马哈的35 岁对冲基金经理时，她就开始关注他的职业生涯。早在1966 年，她甚至还把他的名字拼错了。卡罗尔卢米斯在《财富》杂志上首次提到沃伦巴菲特时，把他名字里的\"t\"少写了一个。这段小插曲却开启了一段美好的友谊，也拉开了《财富》杂志对这位伯克希尔哈撒韦公司董事长报道的序幕。《跳着踢踏舞去上班》是卡罗尔卢米斯的新书，这本书收录了一系列文章，讲述了沃伦巴菲特非凡的人生故事，同时也是一个关于友谊的故事。",[14,30,31],{},"罗斯：很高兴他们二位能一同来到节目现场。欢迎你们(谢谢)。很高兴你们来。你们俩以前都单独上过节目，但这次能一起在这里真是太好了。能一起上节目太棒了。",[14,33,34],{},"卢米斯：我很高兴能来。确实很棒。",[14,36,37],{},"罗斯：我想聊聊这本书、你的职业生涯、《财富》杂志以及你们之间的关系。不过今天早上，我们都读到了你写的一篇专栏文章，叫《对富人征收最低税》。你在文章开头就说，你认识的大多数投资者，如果投资收益不错，他们不会因为要交税而感到不满。",[14,39,40],{},"巴菲特：是我认识的每一个投资者。我都82 岁了，感觉自己像第欧根尼一样在寻找这样的投资者，就是那种会说\"我觉得我要错过这个赚大钱的机会了，就因为要交税\"的人，可我从来没找到过。",[14,42,43],{},"罗斯：哪怕是稳赚不赔的买卖，就因为要交税就放弃？",[14,45,46],{},"巴菲特：查理，我今晚半夜给你打电话，而且不是跟你开玩笑，我跟你说\"这是我这辈子想到的最棒的投资点子\"。然后你肯定不会问别的，只会问\"我得交多少税？\" 罗斯：我可不这么觉得。你在文章里还说：\"与此同时，也许我们会遇到某个有绝佳投资想法的人，却因为担心成功后要交税而放弃。把这个机会给我吧，让我来帮他摆脱这个困扰。\"",[14,48,49],{},"巴菲特：这个提议对所有观众都有效。",[14,51,52],{},"罗斯：你这么说肯定有更深层的目的。你认为国会现在就应该实施的最低税率是多少？不用等漫长的税法改革，也不用等各种相关事务都安排妥当之后再行动。",[14,54,55],{},"巴菲特：我认为对于年收入超过100 万美元的人，超出100 万美元的部分最低税率应该是30%。你也知道，现在有人提议把最高税率提高到39.6%。目前的税率是36%。",[14,57,58],{},"罗斯：所以如果年收入在100 万美元到1000 万美元之间，最低税率是30%？",[14,60,61],{},"巴菲特：对，100 万美元到1000 万美元这部分收入是30%的税率。超过1000 万美元的部分，税率是",[14,63,64],{},"35%。我提出这个建议是因为，在我们有数据的最近一年，也就是2009 年，400 名纳税最高的人，他们的平均年收入是2.02 亿美元，其中一半人的税率低于20%，四分之一的人税率低于15%。信不信由你，有6 个人平均年收入2.02 亿美元，却一分钱税都没交。我是说，他们属于威拉德罗姆尼提到的那47%(不纳税)的人。我猜罗姆尼还得到了他们的选票，但他们就是一群吃白食的人，纯粹的吃白食的人。不过，这些年我们在我的办公室做过三次调查，每次办公室里有16 到21 名员工。每次我的税率，我说的是工资税加上所得税，都比办公室里其他人低很多。这些人的收入各不相同。而且很多时候，税法并没有体现出累进性。我认为税法应该具有累进性。当有些人年收入1500 万美元、2000 万美元甚至2 亿美元，却只交10%的税时，我觉得必须得采取点措施了。",[14,66,67],{},"罗斯：但有人会站出来说，这是因为他们的大部分收入来自股息，而股息的税率比较低。",[14,69,70],{},"巴菲特：嗯，他们可能会说大部分收入来自资本利得。而资本利得的税率也比较低。设定这个最低税率就是要确保高收入人群的纳税税率，和那些年收入10 万美元左右的普通民众差不多。",[14,72,73],{},"罗斯：如果你能自行设定资本利得和普通收入的税率，你会怎么设定呢？",[14,75,76],{},"巴菲特：嗯，我可能会觉得资本利得税率至少应该是25%，股息应该按普通收入征税，而且我希望建立一个比现在更具累进性的税收体系。但由于富人的游说者和律师太擅长钻税法的空子了，所以我觉得应该设定一个最低税率，这样不管你请了多厉害的游说者或律师，只要你年收入达到1000 万美元或2000 万美元，你的纳税税率就得和大多数看这个节目的人差不多。",[14,78,79],{},"罗斯：卡罗尔，你写过很多极其成功的商业人士，也很了解他们。你觉得要是和他们一对一坐下来聊，他们会认同巴菲特的观点吗？还是不会认同？他们会是什么态度？",[14,81,82],{},"卢米斯：嗯，我觉得肯定不会所有人都认同。",[14,84,85],{},"罗斯：没错。就他关于税收公平和必要性的观点而言，在富人圈子里，他是不是像荒野里孤独的呐喊者？",[14,87,88],{},"卢米斯：我觉得有很多人认同他的观点。但我也不确定认同的人会不会超过一半。",[14,90,91],{},"罗斯：所以你觉得他是对的？",[14,93,94],{},"卢米斯：我确实觉得他是对的。我得说，我丈夫曾在华尔街工作，那段时间华尔街收入很高，所以我可不是站着说话不腰疼，毕竟我家也得交不少税。我觉得问题在于，大家从来都不讨论工资税，这个问题从来没被纳入讨论范围。但就像沃伦指出的，把工资税算进去后，情况就大不一样了，所以我确实认为他是对的。",[14,96,97],{},"罗斯：你希望总统能对这个提议做出回应，你觉得现在就应该这么做。",[14,99,100],{},"巴菲特：我希望总统和国会都能重视这个提议。我觉得我们没必要一直等下去。税法存在很多问题，确实需要改革，支出也需要削减。但我不想等到所有事情都安排妥当了，才去做那些现在就很明显该做的事。那些谈论税法改革的人，有些是真心想推动改革，但也有些人只是拿\"改革\"当幌子，把事情往后拖一两年。我可不想让那些明明该做的事，因为要等所有事情一起解决而被搁置。",[14,102,103],{},"罗斯：所以现在就实施最低税率？",[14,105,106],{},"巴菲特：我希望从1 月1 日就开始实施。",[14,108,109],{},"罗斯：如果\"财政悬崖\"真的发生了，会对我们的经济产生什么影响？",[14,111,112],{},"巴菲特：我觉得影响不会太大，因为我认为人们会认为很快就能找到解决办法。这有点像债务上限问题。大家都知道，虽然有时候其他国家可能觉得我们很愚蠢，但他们也不相信我们会自我毁灭。所以我希望在1 月1 日之前能达成解决方案，但就算稍微晚一点，我也不认为……就算你跟我保证我们会撞上\"财政悬崖\"，我今天也不会卖掉一股股票。",[14,114,115],{},"罗斯：你就这么有信心他们最终能解决问题？",[14,117,118],{},"巴菲特：是的，而且我相信美国经济的运转能力。",[14,120,121],{},"罗斯：经济在好转吗？",[14,123,124],{},"巴菲特：在好转。实际上从2009 年夏天开始就在好转了。你看，股市已经连续四年实现正回报。经济确实在改善。之前我们经历了一个巨大的泡沫，泡沫破裂后，对社会各个方面都产生了影响，而且华尔街等很多地方的不当行为更是加剧了这种影响。就像多米诺骨牌一样，问题一个接一个。我们面临了很多问题。不过这三年来我们一直在恢复，虽然花了很长时间，因为问题很严重，但我们一直在进步。",[14,126,127],{},"罗斯：这本书叫《跳着踢踏舞去上班》，你为什么选这个书名呢？",[14,129,130],{},"卢米斯：跟你说吧，过去几个月我对出版行业了解了很多，我发现书名是出版商和作者协商确定的。在考虑了两三个其他书名之后，我想到了这个，出版商很有眼光，说\"我觉得这个书名很棒，就用它了\"。这个书名很贴切，因为他就是这样一个人，每天都跳着踢踏舞去上班，一直都是如此。",[14,132,133],{},"罗斯：在采访中你也谈到过\"跳着踢踏舞去上班\"。这是什么意思呢？能给我解释一下吗？",[14,135,136],{},"巴菲特：这就是说我每天早上都迫不及待地想去上班。对我来说，一天中最兴奋的时刻就是去上班。我从来没有哪一天不想去上班的。",[14,138,139],{},"罗斯：你是不是更喜欢周一到周五，而不是周六和周日？",[14,141,142],{},"巴菲特：这得看内布拉斯加大学的橄榄球队有没有比赛。",[14,144,145],{},"罗斯：或者看他们是不是和圣母大学的球队比赛。",[14,147,148],{},"巴菲特：对，今年我可不希望我们和圣母大学的球队比赛。",[14,150,151],{},"卢米斯：你怎么知道他周六和周日不去办公室呢？",[14,153,154],{},"巴菲特：我周六会去办公室。",[14,156,157],{},"罗斯：但你在办公室做的事和在家做的事没什么区别啊，都是看书、打电话。",[14,159,160],{},"巴菲特：我看书、思考，打电话，和朋友聊天。对我来说，周六、周日和工作日没什么太大区别。不过工作日事情会多一些。",[14,162,163],{},"罗斯：这让我想起你问他的一个问题，最让你惊讶的建议是什么。你问的是他收到过的最糟糕的建议还是最棒的建议？",[14,165,166],{},"卢米斯：当时我们在做一个重要选题。当时他要登上杂志封面，我在还不知道他会怎么回答的情况下问他，你这辈子收到过的最好的建议是什么？结果他说了很长时间他收到过的最糟糕的建议。我回去把这个情况告诉了主编，当时我还有点不好意思，觉得自己没问到该问的内容，不过我们还是让他登上了封面。",[14,168,169],{},"罗斯：但有趣的是你回答问题的方式。沃伦，很多聪明人都劝你别进入证券行业。你怎么看这件事呢？毕竟你还是进入了证券行业。",[14,171,172],{},"巴菲特：不仅是聪明人，还有那些爱我的、我也爱的人都这么劝我。他们是真心为我好，给我他们认为最好的建议。",[14,174,175],{},"罗斯：是因为他们觉得你还没准备好，还是当时证券行业不景气？",[14,177,178],{},"巴菲特：他们觉得当时股票价格太高了，因为道琼斯指数超过了200 点。但我一直觉得，做任何事，想做就赶紧去做。让我坐着干等时机，我可做不到。当然，那时候我才20 岁，可能表现得像14 岁，看起来也就16 岁左右。所以他们这么说，也许是委婉地告诉我\"等你成熟点再做吧\"。但除此之外，他们真的觉得股市太高了。毕竟这两个人是我最崇拜的人，他们都劝我别涉足股市。",[14,180,181],{},"罗斯：这两个人是你父亲和本·格雷厄姆吧。",[14,183,184],{},"巴菲特：我父亲和本·格雷厄姆，而我当时就说\"听着，我现在就想干\"。我那时候甚至都不想上大学。",[14,186,187],{},"罗斯：但你其实已经在投资了，你11 岁就开始投资了。",[14,189,190],{},"巴菲特：没错，但那时候我可以全职做这件事了。",[14,192,193],{},"罗斯：所以你第一次见到这个人的时候。你当时在写一篇报道。在见到他之前，你在写一个对冲基金经理的报道，他叫什么来着？",[14,195,196],{},"卢米斯：阿尔弗雷德·温斯洛·琼斯Alfred Winslow Jones(对冲基金之父)。",[14,198,199],{},"罗斯：阿尔弗雷德，他很有名。然后巴菲特这个名字出现了。",[14,201,202],{},"卢米斯：是的。巴菲特这个名字出现了。Samuel M. Stayman，一个桥牌玩家，是BPL 巴菲特合伙公司的投资者。然后我就稀里糊涂地把他的名字拼错了，只写了一个\"t\"。所以他第一次出现在《财富》杂志上的时候，名字就被我拼错了。我得说，这里的\"我们\"指的是我，因为就是我拼错的。",[14,204,205],{},"巴菲特：从那以后，因为她再也没出过错，我就一直被拼成只有一个\"t\"的\"巴菲特\"了。(幽默)",[14,207,208],{},"罗斯：你的丈夫约翰·卢米斯John Loomis 先见到了巴菲特。他回来后怎么说的？",[14,210,211],{},"卢米斯：他说\"我觉得我刚遇到了美国最聪明的投资者\"。当然，像所有妻子一样，我当时翻了个白眼，心里",[14,213,214],{},"想，哦，真的吗？后来我一起见到了巴菲特和他的第一任妻子苏珊，我才意识到他有多了不起，从那以后我也这么认为。后来他接管了伯克希尔·哈撒韦公司，但那时，根本没人知道这个名字。它完全不起眼。1970 年，我们对他的报道从最初拼错名字的一句话，增加到了两段话。到1977 年，我们发表了一篇由沃伦自己撰写的7000 字文章，是关于通货膨胀如何欺骗股票投资者的。我们发现他很擅长写作，之后也一直关注他。这本书里收录了他写的十几篇文章，我刚提到的那篇只是其中之一。",[14,216,217],{},"罗斯：我读过那篇文章。现在还有人在谈论那篇文章。",[14,219,220],{},"巴菲特：我不确定他们都怎么评价它。",[14,222,223],{},"卢米斯：人们会写信跟他讨论，也会写信给我们。这篇文章很有名，真的。",[14,225,226],{},"罗斯：如果你现在写类似的文章——也许你正在写，除了给股东的信之外，你会如何描述当下的情况呢？",[14,228,229],{},"巴菲特：我会回顾很多历史，不过基本上我仍然会说，对于大多数有长期投资能力的人来说，股票是最好的投资选择。",[14,231,232],{},"罗斯：还得聊聊给股东的信。你开始写这封信的时候——你认识她，欣赏她，认为她是你见过最出色的商业撰稿人。现在依然这么认为。",[14,234,235],{},"巴菲特：绝对是。",[14,237,238],{},"罗斯：跟我讲讲给股东的信吧，你写这封信的目的是什么，在你心里，你是在写给谁看呢？",[14,240,241],{},"巴菲特：我把股东们当作我的合伙人，现在有60 万人。但在我心里，我通常想着的是我的两个姐妹，Bertie和Doris。她们很聪明，不过不在金融行业工作。我想象她们离开一年后回来，她们的很多钱都投资在伯克希尔，我想告诉她们，我认为哪些事情对她们很重要。如果我们的角色互换，我希望她们也能这样告诉我。所以我努力这么做。偶尔，我也会写一篇文章，谈谈我认为在投资领域普遍重要的事情。",[14,243,244],{},"罗斯：甚至是关乎国家的事情。你是一开始就参与了这封信相关工作……",[14,246,247],{},"卢米斯：1977 年我开始参与这封信的相关工作。",[14,249,250],{},"罗斯：是沃伦让你看看这封信吗？",[14,252,253],{},"卢米斯：沃伦把信发给我，说\"我在年报里尝试一些新内容，你帮我看看，说说你的想法\"。我当时回复得很谨慎，只说建议把一个\"the\"改成\"a\"。后来这个建议似乎还不错，所以第二年他又把信发给我，之后就成了惯例。他会手写内容，他的助手打字，然后把信发给我，我们会来回交流修改意见。",[14,255,256],{},"罗斯：原来如此。这里面还有个故事，你写的第一篇文章，编辑们想修改一些内容。是第一篇文章吗？基本上他们差点毙了这篇文章，因为你不太想让他们大幅修改，是吗？",[14,258,259],{},"巴菲特：嗯，应该就是1977 年那篇文章。Meg Greenfield，她是《新闻周刊》的著名撰稿人。我给她看我写的文章，Meg 很委婉地跟我说：沃伦，你不用在一篇文章里把你知道的所有东西都写出来。",[14,261,262],{},"罗斯：是不是还有个故事，《财富》杂志的一个编辑去找主编，说……",[14,264,265],{},"卢米斯：有个负责这篇文章的编辑去奥马哈，想让他修改一些内容，然后打电话回来说：我让他改内容，但进展不太顺利。或许我们该考虑不发表这篇文章了。主编说：不，我觉得这篇文章值得发表。于是我们就发表了。这篇7000 字的文章几乎没有配图。",[14,267,268],{},"罗斯：那她现在主要做什么呢？就是检查细节吗？",[14,270,271],{},"巴菲特：不是，我在发给她之前，通常会把信修改大概十遍。然后发给她，她从不试图更改内容，但她会指出文章逻辑不顺畅、语法错误等各种问题。有时她会写\"这是我在这份报告里最不喜欢的部分\"，通常她指出来的确实是不太好的地方。",[14,273,274],{},"罗斯：你们的友谊有多少年了？",[14,276,277],{},"卢米斯：嗯，有多久了呢？35 年？不止，我们的友谊比这更久。我们的友谊可以追溯到1967 年。",[14,279,280],{},"巴菲特：对。她有四十个纪念手链，每个手链上都挂着我们每一份年报的复刻品。",[14,282,283],{},"卢米斯：没错。",[14,285,286],{},"罗斯：你们友谊的秘诀是什么？",[14,288,289],{},"巴菲特：对我来说，原因有很多。她是个很棒的朋友，而且她是我见过最聪明的人之一，她很客观。当我胡说八道的时候，她会很委婉地指出来。",[14,291,292],{},"罗斯：卡罗尔，你也是这么认为的吗？",[14,294,295],{},"卢米斯：嗯，我觉得我是少数会和他争论的人之一。我确实这么觉得。有时候我会……",[14,297,298],{},"罗斯：平时没人和你争论吗？",[14,300,301],{},"巴菲特：查理，我的合伙人查理·芒格，我们从没吵过架，但有很多意见分歧。每次有分歧的时候，他总会",[14,303,304],{},"说：沃伦，等我们讨论完，你就会同意我的观点，因为你很聪明，而我是对的。",[14,306,307],{},"卢米斯：我得把查理也算进少数会和他争论的人里。我觉得这样的人真的没几个。",[14,309,310],{},"罗斯：会和他争论的人没几个。我很好奇，为什么他能取得这么辉煌的成就呢？你曾在和我的一次交谈中",[14,312,313],{},"说，他很擅长看财务报表，能从里面找到关键信息，有时候关键信息就在一个脚注里。",[14,315,316],{},"卢米斯：确实如此。",[14,318,319],{},"罗斯：所以他能发现机会，预见未来。",[14,321,322],{},"卢米斯：他确实能。他在这方面的能力，很少有其他投资者能比得上。他对商业有着广泛而深入的了解，我可能跟你说过这一点。所以当有新情况出现时，他能把它放在自己已有的认知框架里分析。而且他非常理性，我觉得没几个人能像他这样。",[14,324,325],{},"罗斯：你说的理性是什么意思？",[14,327,328],{},"卢米斯：就是他在考虑是否投资的时候，不会被情绪左右。他做决策非常理性，股价下跌的时候，他会继续买入，而大多数人在股价下跌时会恐慌抛售。他在投资决策上非常自律。",[14,330,331],{},"罗斯：这一点展开说需要很长时间，不过，你为什么对价值判断如此敏锐呢？以至于股价下跌的时候，你知道它的价值并没有改变，所以你会继续买入。而且你能准确判断价值，不会多花一分冤枉钱。",[14,333,334],{},"巴菲特：我只投资那些我能确定价值的公司。有数千家公司，我根本不知道它们的价值。但我清楚我了解的那些公司的价值。顺便说一句，价值判断也不用精确到具体数字。比如说，要是现在有个人走进来，体重在300到350 磅之间，我不用知道他具体体重是327 磅，也能看出他很胖。所以只要在我能判断的价值范围内，我就觉得没问题。但我也知道，有很多公司我搞不清楚。所以对于那些我不了解的公司，我就不参与。我通常能判断出我正在打交道的公司是否在我的理解范围内，而且会计是一种语言，我很喜欢这种语言。",[14,336,337],{},"罗斯：这是一种你不仅理解，还很喜欢的语言。因为它能让你洞察很多信息。",[14,339,340],{},"巴菲特：是的，我喜欢。它真的能给我很多信息，而且有时候我也能发现其中的虚假信息。",[14,342,343],{},"所以，看财务报表的时候，就像在演奏音乐一样。当然，不是所有公司的财务报表都能这样。但我用不着对那些我忽略的公司做出准确判断。",[14,345,346],{},"罗斯：当你看到一个脚注，从中发现重要信息的时候，你是不是会有点激动？",[14,348,349],{},"巴菲特：你说得对。关键信息往往就在脚注里。脚注能给人提示。顺便说一句，卡罗尔在这方面也很厉害。",[14,351,352],{},"罗斯：不管好坏，脚注里都藏着故事。",[14,354,355],{},"卢米斯：和他比起来，我可差远了。",[14,357,358],{},"罗斯：我们来看看伯克希尔的投资，你还持有很多可口可乐的股票吗？",[14,360,361],{},"巴菲特：很多。是的。",[14,363,364],{},"罗斯：你很早就发现了它的价值。",[14,366,367],{},"巴菲特：嗯，但还不够早。我大概1935 年就开始喝可口可乐了，可直到1988 年才买入它的股票。所以在这件事上，我反应有点慢。",[14,369,370],{},"罗斯：你还持有很多富国银行的股票，而且还在增持。",[14,372,373],{},"巴菲特：对，持有很多富国银行的股票。",[14,375,376],{},"罗斯：你看到了它的价值。",[14,378,379],{},"巴菲特：没错。选择投资对象时，要考虑很多因素，管理层是一方面，当然，还要有某种持久的竞争优势。",[14,381,382],{},"重点是\"持久\"Enduring。呼啦圈曾经很火，还有一些流行一时的东西，但都是昙花一现。但我喜欢那种，我能预见到未来五年、十年，它还能保持竞争优势的公司(advantage maintaining)。",[14,384,385],{},"罗斯：所以你最近投资了迪尔公司(John Deere)。",[14,387,388],{},"巴菲特：那不是我做的投资。我们还有另外两位投资经理。",[14,390,391],{},"罗斯：好的，但你了解他们的业务，对吧？",[14,393,394],{},"巴菲特：不。我不想了解他们的业务。我不想知道。",[14,396,397],{},"罗斯：为什么呢？毕竟你雇人来做投资……",[14,399,400],{},"巴菲特：嗯，因为他们管理着大概40 亿美元左右的资金。",[14,402,403],{},"罗斯：你不想知道他们在做什么？",[14,405,406],{},"巴菲特：不想。他们有责任管理这些资金，必须有充分的自主权。他们不能看着我的脸色行事，而且他们的收入取决于这些证券的表现。",[14,408,409],{},"罗斯：你说过你在寻找\"大象级\"的投资项目。什么样的项目才算\"大象级\"的呢？",[14,411,412],{},"巴菲特：没错，越大越好。以我们目前的资金规模来看，大概价值200 亿美元以上的项目吧，可能还会更高一点。",[14,414,415],{},"罗斯：最高到多少呢？",[14,417,418],{},"巴菲特：这得看这个项目有多吸引人。不是所有\"大象\"都一样。",[14,420,421],{},"罗斯：所以你一直在寻找大象。你是怎么寻找\"大象级\"投资项目的呢？你说你已经准备好扣动扳机了，随时准备行动。你也有资金，有450 亿美元或者更多。钱都准备好了。你也做好了准备。但你怎么找到合适的目标呢？",[14,423,424],{},"巴菲特：如果你说的是收购整个公司，我们现在说的就是这种情况。达到那种规模的公司我都有所了解。可以说我见过所有的\"大象\"。所以，问题在于，公司里的某个人，比如CEO 真的有出售公司的想法。然后我很快就能判断是否应该购买……主动权其实在他们那边。因为像可口可乐、富国银行都不会出售，99%的公司都不会。",[14,426,427],{},"我了解我们所说的这个规模的所有公司，如果有一天我接到电话，有人说\"我们认真考虑过了，觉得加入伯克希尔会发展得更好\"，那我随时准备扣动扳机……",[14,429,430],{},"罗斯：卡罗尔，你不觉得很神奇吗？很多主动找到伯克希尔的公司，都很希望加入。",[14,432,433],{},"卢米斯：没错，确实是这样。",[14,435,436],{},"罗斯：你知道，如果他们喜欢这个提议，我想到了那家以色列公司。如果有人说，巴菲特先生，我能去奥马哈和您谈谈吗？你很快就能决定是否要继续谈下去。",[14,438,439],{},"巴菲特：大概5 到10 秒就能决定。",[14,441,442],{},"罗斯：讲讲这方面的情况。毕竟涉及并购……",[14,444,445],{},"卢米斯：你知道，他真的能在几分钟甚至几秒钟内就决定是否要进一步考虑某个项目。在这么短的时间内，他就会在电话里告诉对方，\"嗯，我很感兴趣\"或者\"嗯，我觉得这个项目不适合我们\"。而且他心里有杆秤。",[14,447,448],{},"他见识过大量的公司，就像我之前说的，他有自己的分析框架，能判断出这家公司有没有长期发展的潜力。",[14,450,451],{},"就像可口可乐，它就有长期发展的特质。",[14,453,454],{},"罗斯：是的。你在这本书里也提到了他犯过的最大错误，他犯过的最大错误是什么？",[14,456,457],{},"卢米斯：没错。沃伦会说，有些错误是因为没有采取行动，他明明知道应该买某只股票，却没有买。",[14,459,460],{},"他提到过房利美，那是在房利美陷入困境之前。不过我觉得他要是买了也会及时脱手。但他确实从房地美脱身了，他在房地美上投入了很多，并且在正确的时机卖出了。所以，他最大的错误，有几次是被别人的错误行为连累。这一点毫无疑问。嗯，我想到的这个人是David Sokol 大卫·索科尔，他为伯克希尔做了很多了不起的事。",[14,462,463],{},"所以，我觉得沃伦也不可能事先知道David Sokol 会做出那些不合适的行为。",[14,465,466],{},"罗斯：我打赌你肯定问过自己这个问题：我怎么就没看到呢？",[14,468,469],{},"巴菲特：没错。我也不知道答案。而且他为伯克希尔做了很多好事。",[14,471,472],{},"罗斯：那是当然。你永远也想不明白。但你说过，最难做的事就是解雇员工，而且这种情况不常发生。",[14,474,475],{},"巴菲特：没错，这真的很痛苦。而且你知道，我不常需要做这种事。我甚至愿意花大价钱找个人专门来做解雇员工这件事。但问题是，我做不到，因为这些人都是我的朋友。",[14,477,478],{},"罗斯：有一篇封面报道，你得提醒我是哪一篇——我记得是你写的一篇深度报道，关于他从投资者向CEO 和管理者角色转变的内容。这篇报道展示了沃伦·巴菲特在这方面的能力。",[14,480,481],{},"卢米斯：没错。这本书里有好几篇文章都和这个主题相关。但我猜你说的那篇是《The Inside Story of",[14,483,484],{},"Warren Buffett》。",[14,486,487],{},"罗斯：那是第一篇深度报道。",[14,489,490],{},"卢米斯：对，那是我写的第一篇关于沃伦的长篇文章。之前我也就写过两段话介绍他之类的。那是1988 年，当时他正处于转型期。那时他有六家公司，他称之为\"六大圣企\"，我忘了是六家还是七家？",[14,492,493],{},"巴菲特：我记得是七家。",[14,495,496],{},"卢米斯：七家，\"七大圣企\"。像Fetchheimer 公司，你知道，这个名字现在听起来也不是特别响亮。但当时他显然在朝新方向发展，查理芒格也在帮他，因为查理向他指出了像喜诗糖果这样的公司的价值。就在那个时候，伯克希尔从一家以投资见长的公司，转型为一家以全资拥有众多优质公司而闻名的企业。甚至到现在，我都觉得伯克希尔被低估了。沃伦的能力并没有被低估，但伯克希尔的实力和影响力，我认为还是有点被低估了。",[14,498,499],{},"罗斯：你有善于放权的名声。但你也不是整天在外面游船度假。你也没有……你放权不是因为你想去做别的",[14,501,502],{},"事。你想做的事，其实和你长期以来每天做的事是一样的。",[14,504,505],{},"巴菲特：没错。实际上，你可以说是\"完全放权\"。查理，我喜欢让别人去做事。我喜欢了解事情的进展，但我不想指挥乐队演奏，我只想听演奏。",[14,507,508],{},"罗斯：我曾经问过他关于资本配置的问题——他会怎么定义呢？他说：他们把钱送到奥马哈就行了。这就是他对资本配置的定义allocation of capital。",[14,510,511],{},"巴菲特：我很明智吧。我就是这么做的。",[14,513,514],{},"卢米斯：旗下子公司的CEO 们也说，他们甚至都不用操心这事。把钱送到奥马哈就好了。",[14,516,517],{},"罗斯：我们赚到钱，你负责花就行。这就是你认为伯克希尔成功的原因吗？",[14,519,520],{},"巴菲特：嗯，我们每年有120-130 亿美元可以用来投资。",[14,522,523],{},"罗斯：好的，这些都是智慧的结晶。投资法则：第一条，永远不要赔钱。第二条，永远不要忘记第一条法",[14,525,526],{},"则。还有关于职业建议，我觉得这一点非常重要。我总是告诉大学生，选择一份即使你已经财务自由了也会想去做的工作，这样你会做得很出色。你和我，对此都深信不疑。",[14,528,529],{},"卢米斯：确实如此。在大多数公司里，个人的能力都会得到认可。所以你要做的就是进入一家公司，展示自己的能力，然后就会得到晋升的机会。",[14,531,532],{},"巴菲特：我23 岁的时候搬到纽约。当时我们有了一个孩子，另一个也即将出生，我在本·格雷厄姆手下工作，他是我崇拜的偶像。我在拿到第一份薪水之前，都不知道自己的工资是多少。我从来没问过薪水的事，我只知道我会喜欢这份工作。",[14,534,535],{},"罗斯：他和你父亲在对你的影响方面，仍然是最重要的人吗？",[14,537,538],{},"巴菲特：他们的影响非常大，但也有其他人影响过我。比如Joe Rosenfield(乔·罗森菲尔德是格林内尔学院捐赠基金受托人)、Tom Murphy。当然，我的几任妻子也对我影响很大。卡罗尔对我的影响也很大。",[14,540,541],{},"罗斯：她还和你一起打桥牌。",[14,543,544],{},"巴菲特：她对我的影响方方面面都有。",[14,546,547],{},"罗斯：你几乎每天都给她打电话。",[14,549,550],{},"巴菲特：几乎每天都打。",[14,552,553],{},"罗斯：她每天给你打？",[14,555,556],{},"巴菲特：是我打给她。几乎每天都打。",[14,558,559],{},"罗斯：那你们都聊些什么呢？是类似于\"你看到这个了吗\"这种话题吗？比如\"你读了这个新闻吗\"之类的？",[14,561,562],{},"巴菲特：看当时发生了什么事吧。有很多可聊的。",[14,564,565],{},"卢米斯：没错。大的商业事件之类的。我们最近还没忙到……",[14,567,568],{},"巴菲特：昨晚你的节目。",[14,570,571],{},"罗斯：你第二天早上锻炼的时候会看。还有一件事，\"互联网改变不了口香糖行业。我研究互联网的时候，会思考某个行业或公司会如何受到它的冲击或改变，然后避开这类公司。以箭牌口香糖为例，我觉得互联网不会改变人们嚼口香糖的方式。",[14,573,574],{},"巴菲特：创新对社会来说非常重要，但创新也会打乱很多行业格局。我在书里的一篇文章里以汽车行业为例。曾经有几千家汽车公司，只有少数几家勉强成功了。汽车行业无疑非常重要，我也很高兴它被发明出来。飞机行业也很重要。但看看自奥维尔·莱特在基蒂霍克成功试飞以来航空业的发展，有些资本家真应该当时就把他\"打下来\"，因为这个行业让我们赔了不少钱。",[14,576,577],{},"罗斯：航空业有什么问题呢？",[14,579,580],{},"巴菲特：嗯，航空业销售的产品在很大程度上被视为同质化商品。航空公司增加一个座位的成本几乎为零。",[14,582,583],{},"所以他们就想以任何价格把最后一个座位卖出去。要是有四五家公司都这么做，价格就会被压得很低。",[14,585,586],{},"航空业的行业结构决定了它很难获得持续的竞争优势，而且飞机的固定投资非常巨大。你买了一架飞机，花了几亿美元，然后你想卖掉一个座位，看到报纸上竞争对手的票价，你就不得不跟着定价。这个行业的结构存在很大问题。而我也曾涉足这个行业。",[14,588,589],{},"罗斯：你还投资过货运铁路行业。",[14,591,592],{},"巴菲特：对。BNSF 北方圣达菲铁路铁路公司。",[14,594,595],{},"罗斯：没错。你为什么投资这个公司呢？",[14,597,598],{},"巴菲特：铁路行业承担了美国42%的城际货运量。它用一加仑柴油就能把一吨货物运输500 英里。这是一种非常高效的运输方式。如今美国有四家大型铁路公司，不会再新建更多了。在未来50 年甚至100 年，铁路都将是货物运输的支柱。",[14,600,601],{},"罗斯：你在金融衍生品方面有什么经历呢？",[14,603,604],{},"卢米斯：我得说，他在金融衍生品方面的经历很复杂。首先，书里有个很有意思的故事，发生在1987 年股市崩盘之后，他给众议员John Dingle 写了一封信。在信里，他对指数期货交易提出了警告，当时指数期货交易即将得到国会批准，后来也确实获批了。如果当时人们听了沃伦的警告，我觉得现在的情况会好很多。这是他早期对金融衍生品的看法。",[14,606,607],{},"巴菲特：我记得我实际上是在1982 年写的这封信。",[14,609,610],{},"卢米斯：嗯，你在1982 年写的，但我们在1987 年股市崩盘后才发表。",[14,612,613],{},"巴菲特：在问题出现之后。",[14,615,616],{},"卢米斯：没错。《财富》杂志发表了这封信。说到金融衍生品，我觉得沃伦很难忽视那些定价不合理的证券。",[14,618,619],{},"我觉得他一般不会去买原棉之类的东西，或者说很少买。但在他看来，金融衍生品常常定价不合理。",[14,621,622],{},"巴菲特：你发现了这一点，哈？",[14,624,625],{},"罗斯：这对他来说是个机会？",[14,627,628],{},"卢米斯：所以一方面，他会在年报里警告大家警惕金融衍生品的风险；另一方面，他会买入那些明显定价不合理的金融衍生品。",[14,630,631],{},"巴菲特：我们持有200 多种金融衍生品，每一种都是我决定买入的。我们收购过一家叫GenRe 通用再保险的公司，它有23000 种金融衍生品，我们花了4 亿美元才清算完这些产品。我们试图全部清算，现在还剩一些。",[14,633,634],{},"但我挑选的这200 多种衍生品，我觉得我们能从中获利。我对每一种都了如指掌。我觉得，像雷曼兄弟可能持有上百万种金融衍生品，这会带来巨大的交易对手风险。我们收购通用再保险的时候，有900 多个交易对手。",[14,636,637],{},"其中300-400 个我都不知道是谁，我连他们的名字都读不出来。这可不是我认为的审慎理财方式。",[14,639,640],{},"罗斯：《Dodd-Frank 法案》不是对金融衍生品有相关规定吗？",[14,642,643],{},"卢米斯：在一定程度上有。但和沃伦一样，我也没把整个法案读完，也没写过相关文章，所以我也没有很明确的观点。不过我比较认可沃尔克法则(Volcker Rule)。",[14,645,646],{},"罗斯：你认可这个法则吗？",[14,648,649],{},"巴菲特：是的，我认可。",[14,651,652],{},"罗斯：你觉得它是正确的举措？",[14,654,655],{},"巴菲特：总体来说是的。我觉得银行越专注于纯粹的银行业务，我越放心。银行从美国政府那里获得了一种特殊的\"特许权\"，人们认为他们的存款有美国政府担保。虽然不完全正确，但人们就是这么认为的。当银行有能力从那些觉得有政府兜底的人那里吸收资金时，无论银行信用如何，人们都会把钱存进去。所以，需要有切实的监管，确保银行不会滥用这种\"特许权\"。银行有了这些资金和人们的信任，可能会做出一些非常激进的事情。尤其是当收益归管理层所有的时候。我倒不担心股东的道德风险，在这些银行出问题时，股东往往损失惨重，但管理层却赚得盆满钵满，也不会破产。",[14,657,658],{},"罗斯：你怎么看待……我觉得这和刚才说的也有关系……2008 年的次贷危机是怎么回事呢？",[14,660,661],{},"巴菲特：引发危机的不只是次贷问题，但次贷是它其中的一部分……我们经历了一场史无前例的房地产泡沫。",[14,663,664],{},"在房地产市场高峰期，房地产总值达到22 万亿美元，而美国总资产可能也就60 万亿美元左右。房地产是一项庞大的资产。5000 万个家庭以房产为抵押进行借贷，借贷总额达到11-12 万亿美元。所以，基本上这是一项存在巨大泡沫、依靠大量借贷持有的资产。人们就像在1920 年代认为股票只会涨不会跌一样，觉得房价只会一直上涨。",[14,666,667],{},"所以当房地产泡沫破裂，不仅房地产行业受到冲击，这种影响还在整个经济体系中蔓延开来。我们发现，美国几乎所有公司都像多米诺骨牌一样，紧密相连，然后一个接一个地倒下。",[14,669,670],{},"罗斯：你觉得那些公司的高管知道自己在做什么吗？",[14,672,673],{},"巴菲特：他们没有预见到多米诺骨牌倒下的后果。当多米诺骨牌开始倒下，最终会波及所有人，而人们当时没有意识到这些\"多米诺骨牌\"有多大，彼此之间靠得多近。比如，人们看到房利美和房地美在9 月前后最先陷入困境，接着是WaMu 华盛顿互惠银行、Lehman 雷曼兄弟，然后Merrill 美林证券也岌岌可危。突然之间，人们意识到，如果他们在这些银行有业务往来，那他们的业务也会受到影响，这引发了我所见过的最疯狂的恐慌。",[14,675,676],{},"罗斯：这是你见过最疯狂的恐慌？",[14,678,679],{},"巴菲特：到目前为止是的。",[14,681,682],{},"罗斯：你在1969 年底离开了对冲基金行业，为什么离开呢？",[14,684,685],{},"巴菲特：因为在那之前我业绩一直不错，很多人都指望着我。但当时我觉得市场变得非常投机，我不知道在那种情况下怎么赚钱。我好胜心也比较强，不想做得比别人差，但又不想做他们正在做的那些投机行为。所以唯一的办法就是把钱退给投资者，我就这么做了。",[14,687,688],{},"罗斯：你现在怎么看对冲基金行业？",[14,690,691],{},"巴菲特：嗯，我做过一个很有名的赌约，卡罗尔一直在关注进展。我赌一个对冲基金组合，也就是FOF 基金中的基金，长期表现会不如标普500 指数。",[14,693,694],{},"罗斯：赌约的内容是什么？",[14,696,697],{},"巴菲特：实际上，我们在一个叫LongBets 的平台上，为慈善事业下注100 万美元。仅仅自称是对冲基金并不能让你有什么特别的赚钱方法，而且对冲基金的费用非常高。我认为，总体而言，对冲基金的收益不会比标普 500 指数更好，而投资标普500 指数的成本极低。",[14,699,700],{},"罗斯：在有些年份，你的表现不如标普500 指数，你是什么感受？",[14,702,703],{},"巴菲特：有好几个年份都是这样。这让我觉得我明年得做得更好，毕竟这是我的工作。",[14,705,706],{},"卢米斯：注意到他的好胜心了吧？",[14,708,709],{},"巴菲特：要是没有好胜心，我也不会干这一行。从长期来看战胜指数(是个挑战)……",[14,711,712],{},"罗斯：还有一个经常被问到你的问题，就是接班问题。你说过董事会现在已经知道谁会是你的接班人。",[14,714,715],{},"巴菲特：他们现在就知道。如果我今晚去世，明天早上他们就会任命那个人。",[14,717,718],{},"罗斯：而被任命的人现在还不知道自己会被选中。",[14,720,721],{},"巴菲特：没错。",[14,723,724],{},"罗斯：他的职责会和你现在一样吗？",[14,726,727],{},"巴菲特：不，只会承担我一半的职责。他只负责运营公司业务，而Todd 和Ted 会负责投资部分。我的工作会一分为二。",[14,729,730],{},"罗斯：但运营公司业务对你来说，和你一直以来从事的投资工作一样重要吗？",[14,732,733],{},"巴菲特：从长远来看，运营公司业务肯定更重要，现在也是如此。",[14,735,736],{},"罗斯：但运营公司业务给你的精神满足感，和投资一样吗？",[14,738,739],{},"巴菲特：运营公司业务能给我带来更多精神上的满足感。",[14,741,742],{},"罗斯：你和比尔·盖茨的友谊，我和你、和比尔都聊过很多次。但对于现在的观众，我想再说一说。你们在比尔母亲家共进晚餐时，比尔的父亲问你们最钦佩的品质是什么，我记得比尔说是专注。",[14,744,745],{},"巴菲特：我们俩的回答都是：专注Focus。",[14,747,748],{},"罗斯：后来苏珊去世后，你决定做慈善，就像她会做的那样。你选择了比尔，是因为你认为盖茨基金会的运作方式很正确吗？",[14,750,751],{},"巴菲特：我选择了五个基金会，盖茨基金会是其中规模最大的一个。",[14,753,754],{},"罗斯：规模很大。但你们的友谊最初是怎么建立起来的呢？",[14,756,757],{},"巴菲特：就像我和查理·芒格的友谊一样，你会发现对方很有趣，值得信任。和他们在一起很开心。不过要说明的是，我选了五个基金会。我把给每个孩子基金会的资金都翻了一倍，所以他们每个基金会都有超过20 亿美元，但他们无法像比尔那样大规模地运作。比尔的运作规模要大得",[14,759,760],{},"多。",[14,762,763],{},"罗斯：那给盖茨基金会的资金呢？",[14,765,766],{},"巴菲特：嗯，数额可能还是差不多。是按资产递减余额的5%捐赠，如果股票每年涨幅超过5%，实际捐赠金额还会增加。",[14,768,769],{},"罗斯：卡罗尔你认识他这么久，和他交谈过这么多次，你对他还有什么感到好奇的地方吗？",[14,771,772],{},"卢米斯：我很好奇他怎么会一直精力充沛。我觉得他和别人交流时，比如和你聊天，就能获得能量，这一点太惊人了。我有时候担心自己会累，而他却总是活力满满地四处奔波。我还好奇什么呢？有时候我会想，他对自己那些不太成功的投资，内心深处是怎么想的。不过我也没太多好奇的，因为我已经了解他很多了。",[14,774,775],{},"巴菲特：她对我的事了如指掌。相信我，她什么都知道。",[14,777,778],{},"罗斯：我也了解不少。",[14,780,781],{},"卢米斯：事实上，写这本书的过程让我对所有事情又有了新的认识。",[14,783,784],{},"罗斯：还有一件事。伯克希尔已经超越了通用电气，按市值计算，现在是全球第六大公司，对吗？",[14,786,787],{},"巴菲特：嗯，在这方面，这并不让我感到惊讶。",[14,789,790],{},"罗斯：这对你来说有什么特殊意义吗？我打赌肯定有。",[14,792,793],{},"巴菲特：嗯，但重要的是长期来看，我们的表现要优于大盘。我的工作是为投资者创造比他们自己投资更好的收益。因为我们留存了所有收益，公司规模变得很大，但未来还会更大。",[14,795,796],{},"罗斯：你刚认识他的时候，我记得伯克希尔的股价大概是每股22 美元，是吗？",[14,798,283],{},[14,800,801],{},"罗斯：现在是每股13.3 万美元吗？",[14,803,804],{},"卢米斯：我不太清楚今天的股价，但大概是每股13 万美元。还是同一只股票，从22 美元涨到13 万美元，太惊人了。",[14,806,807],{},"罗斯：我们再回到国家经济和全球经济的话题。欧洲的情况怎么样？",[14,809,810],{},"巴菲特：欧洲经济在一定程度上仍在下滑。我们在全球都有业务，实际上亚洲的经济增速是最快的，但现在也有所放缓。",[14,812,813],{},"罗斯：不再是两位数的增长了吗？",[14,815,816],{},"巴菲特：欧洲经济下滑已经有一段时间了。相比6 个月或9 个月前，美国经济实际上是最强劲的。房地产市场正在强势复苏。",[14,818,819],{},"罗斯：那新兴国家呢？比如巴西，它们的情况如何？",[14,821,822],{},"巴菲特：新兴国家也在发展。但在我看来，5 年后、10 年后，全球各地的经济都会更好。",[14,824,825],{},"罗斯：为什么这么说呢？",[14,827,828],{},"3 巴菲特：因为资本主义和市场体系是有效的。自1776 年以来，美国的经济体系就一直在发挥作用，这可不是因为1794 年有什么刺激计划。而是因为我们的体系能够激发人们的潜能。美国有3.12 亿人都希望明天过得比今天更好，从长期来看，这种动力会推动经济发展。人类的潜能在很大程度上还未被充分挖掘，而我们的体系会逐渐释放这些潜能。虽然发展过程会有起伏，但美国会不断前进，也会继续保持发展的态势。我认为，从概率上来说，当今世界最幸运的人，就是出生在美国的婴儿。",[14,830,831],{},"罗斯：比在中国出生的婴儿还幸运吗？中国的经济基础相对较低，发展机会不是更多吗？",[14,833,834],{},"巴菲特：是的。",[14,836,837],{},"罗斯：在过去三年里，是什么造就了最多的亿万富翁？",[14,839,840],{},"巴菲特：我不太清楚过去三年的情况，但金融行业造就了很多亿万富翁。而且我认为，与他们对社会的贡献相比，这个数量不成比例。",[14,842,843],{},"罗斯：嗯，这是个很有道理的观点。有人认为金融行业在我们的经济中占比过高。",[14,845,846],{},"巴菲特：当一个国家有庞大的资本主义体系时，即便只是这个体系的一些\"面包屑\"，也能让人变得非常富有，尤其是当这些人很擅长让别人把钱交给他们，还能享受税收优惠等各种好处的时候。我很久以前就说过，如果你想凭借一定的智商和精力变得富有，那就捏着鼻子去华尔街吧。这话有一定的道理。这并不是说他们不慈善，只是说和社会的其他行业相比，在华尔街赚钱相对更容易。",[14,848,849],{},"罗斯：就拿新闻行业来说……你投资了报纸，社区报纸，为什么呢？是因为有机会从特定的公司收购，而且有很多这样的机会吗？还是你坚信什么，或者就像默多克一样，这是出于一种本能？",[14,851,852],{},"巴菲特：这有我个人的喜好因素，但我不会因为这个喜好就出过高的价格。",[14,854,855],{},"罗斯：比如说，你会不会认为默多克有时候会因为非买不可，所以出价过高？",[14,857,858],{},"巴菲特：没错，确实有这种情况。",[14,860,861],{},"罗斯：他觉得自己能提高运营效率，即便高价买入也能盈利。你有过这样的情况吗？有没有出过比你认为合理的价格更高的钱……",[14,863,864],{},"巴菲特：在伯克希尔我不会这么做。",[14,866,867],{},"罗斯：这是你对股东的责任？",[14,869,870],{},"巴菲特：是的，毕竟这是他们的钱。这也是为什么我不会干预报纸的编辑立场。我投票支持奥巴马，但我们旗下有12 家报纸，其中10 家支持罗姆尼，而我是CEO。不过有两家报纸支持我投票的奥巴马，但另外10 家支持罗姆尼。",[14,872,873],{},"罗斯：说到奥巴马总统，你觉得他在第二个任期会有什么不同吗？",[14,875,876],{},"巴菲特：会有一些不同。他不会……",[14,878,879],{},"罗斯：你为什么这么认为呢？会有哪些不同？",[14,881,882],{},"巴菲特：嗯，我觉得总统的第二个任期和第一个任期通常会有所不同。但在第一个任期，在一定程度上，总统和他所在的政党必须考虑连任的问题。而第二个任期就没有这个顾虑了，这时的问题就是如何让国会配合自己，提高执政效率。",[14,884,885],{},"罗斯：你和他有交流的机会。他给你打电话，然后……",[14,887,888],{},"巴菲特：我从来没给总统打过电话。",[14,890,891],{},"罗斯：但假设他打电话给你，你们在电话里交谈，或者你和他以及其他CEO 见面交流。你觉得他在第一个任期的四年之后，对商业的态度有改变吗？",[14,893,894],{},"巴菲特：我觉得在第一个任期里，他觉得商界误解了他，而商界也觉得自己被他误解了。我觉得他们…… 罗斯：你觉得他明白商业是创造就业机会的关键吗？",[14,896,897],{},"巴菲特：这一点毫无疑问。他知道美国经济的发展依赖资本主义体系的良好运转，而商业是其中的一部分。",[14,899,900],{},"我觉得当人们感觉被对方误解时，这种误解会不断加深。",[14,902,903],{},"罗斯：当时就是这种情况。",[14,905,906],{},"巴菲特：我觉得双方都应该放下这些，就当没发生过。在人际交往中，这有时候是个好办法。当国家的利益受到威胁时，我觉得这更是个好办法。所以我建议双方都应该说，也许我之前被你误解了，但没关系，让我们向前看，一起合作。",[14,908,909],{},"罗斯：但你觉得他会这么做吗？",[14,911,912],{},"巴菲特：我觉得他非常希望取得巨大的成功。我相信他会的，而且我觉得经济形势会对他有所帮助。但我也认为，双方在一些核心问题上都不会轻易让步，但言辞上应该始终保持克制，并且应该寻找合作的机会。",[14,914,915],{},"罗斯：如果他任命杰米·戴蒙这样的人担任财政部长，这对美国来说会是一个重大信号吗？比如说任命杰米·戴蒙为财政部长？",[14,917,918],{},"巴菲特：嗯，我觉得这可能会是一个重大信号。我觉得杰米·戴蒙会是非常合适的人选。如果金融市场出现问题，我认为他绝对是最佳人选。而且全球的领导人也会对他有信心。",[14,920,921],{},"罗斯：那你怎么看待杰米在伦敦的业务出现的问题，还有那些衍生品之类的事情呢？",[14,923,924],{},"巴菲特：如果你管理着一个资产规模2 万亿美元的机构，就像我管理伯克希尔几十年，难免会出一些问题。",[14,926,927],{},"不管是管理军队、教堂还是政府，任何大型机构都会有人偶尔犯错，而且有时候他们能长期隐瞒错误。当然，在金融机构工作，一旦犯错，涉及的金额可能会非常巨大。所以，很明显这是管理上的失误，但伯克希尔也出现过管理失误。我也会继续犯错，我希望能尽量减少错误，并且尽快发现错误，但错误还是难以避免，甚至可能是大错误。",[14,929,930],{},"罗斯：鲍尔斯-辛普森计划(Bowles-Simpson)应该成为政府制定政策的蓝本吗？你认为这是正确的方向吗？",[14,932,933],{},"巴菲特：嗯，我觉得政策蓝本应该是能使财政收入达到GDP 的18.5%，并且基本上没有税收漏洞，体现累进税制的理念。我认为政府支出应该削减到GDP 的21%。",[14,935,936],{},"罗斯：你是想消除赤字还是债务呢？",[14,938,939],{},"巴菲特：这个计划并不能消除年度赤字。但它能使债务占GDP 的比例保持稳定。",[14,941,942],{},"罗斯：从本质上说，这是我们可以接受的。",[14,944,945],{},"巴菲特：我们可以接受。目前净债务占GDP 的比例在73%左右。在大家最近对此感到担忧之前，我们一直认为这个比例是可以接受的。二战结束时，这个比例高达120%。如果能实现18.5%的财政收入和21%的支出占比，债务占GDP 的比例就不会增加，甚至可能会略微下降，降到60%多。",[14,947,948],{},"罗斯：和沃伦的友谊对你来说意味着什么？",[14,950,951],{},"卢米斯：哦，这是一段非常美好的友谊。你能想象随时都能和沃伦谈论几乎任何事情吗？能就你心里的每一个想法征求他的意见，这太珍贵了。写这本书的过程也让我收获很多，把所有的事情梳理一遍，再加上我的引言，看着沃伦一步步成为现在的他，我们能参与其中，真的很了不起，我非常享受这个过程。",[14,953,954],{},"罗斯：我很明智地让她来做最后的总结。",[14,956,957],{},"巴菲特：你确实很明智。",[14,959,960],{},"罗斯：这本书叫《跳着踢踏舞去上班：巴菲特的快乐投资和人生智慧》，收录了1966-2012 年的文章，并由卡罗尔·J·卢米斯整理扩充。谢谢二位。感谢你们参加我们的节目。",[14,962,963],{},"巴菲特：谢谢你，查理。",[14,965,966],{},"卢米斯：谢谢你，查理。",[14,968,969],{},"",[14,971,972],{},"Joe Rosenfield，1925 年毕业于格林内尔学院，成为一名律师。同时还经营者父亲的Younkers 百货商店。",[14,974,975],{},"1940 年代担任格林内尔学院捐赠基金受托人，Joe 把后半生全部的热情投入到帮助母校摆脱财务困境的任务之中，他认为，只有尽可能地扩大捐赠基金的规模，才能让格林内尔学院继续生存下去。",[14,977,978],{},"1967 年，通过亲戚的一次偶然介绍，罗森菲尔德结识了巴菲特，两人一拍即合。格林内尔在奥马哈以东300公里，巴菲特亲切的称Joe 为中西部朋友。1968 年，在罗森菲尔德的盛情邀请下，巴菲特加入格林内尔学院捐助基金董事会。当时学院可流动的捐赠基金约为1200 万美元。Joe 晚上给我打电话，讨论一些可以充实格林内尔学院资金的行动时，他的热情听起来就像一个在糖果店里的孩子。巴菲特表示，越是离谱的投资越受到他和罗森菲尔德的青睐。1976 年，巴菲特在新奥尔良参加一个报业经济会议时，他发现由于母公司遭遇财务困难，美国俄亥俄州两座城市辛辛那提和代顿的电视台都处于待售状态。由于监管限制，他无法以华盛顿邮报股东的身份购买这两家电视台，因此，巴菲特致电罗森菲尔德，建议他通过捐助基金收购这两家公司的股权。由于基金理事会讨论这一收购计划耗费了太多的时间，辛辛那提电视台被另一家多媒体公司抢先拿下。又是在巴菲特的建议下，格林内尔学院捐赠基金购买了这家多媒体公司的股票，随后，该股价格飞涨。另一边，基金理事会花1100 万美元购买了代顿电视台的股权，1980 年代基金售出这些股权，它的价值已经翻了两番。二人还曾通过基金在英特尔公司初创时期购买其可转换债券、卖空AT&T 的套利证券，以及其他多到数不清的投资行动。罗森菲尔德于2000 年与世长辞，享年96 岁，但他与巴菲特合作操作的捐赠基金造福了格林内尔学院一代又一代的学生。罗森菲尔德也是巴菲特一个重要的伙伴和导师。巴菲特称，罗森菲尔德“是一位非凡的朋友，是我在世界上最敬佩的人之一”。他也曾经说过，罗森菲尔德是一个十分慷慨和聪明的人，在他心目中是可以类比父亲的形象。巴菲特曾在1987 年被任命为捐赠基金终身受托人，但自2000 年罗森菲尔德去世后，他对基金的运作已不再活跃。2011 年，随着他集中退出一些与伯克希尔业务没有直接关系的董事身份，巴菲特请辞格林内尔学院终身受托人一职，结束了这份曾与罗森菲尔德共事三十多年的工作。",[14,980,981],{},"Joseph Frankel Rosenfield",[14,983,984],{},"《Money》2000 年6 月JasonZweig",[14,986,987],{},"今年春天，在得梅因市一间朴素的公寓里，Joseph Frankel Rosenfield 约瑟夫-弗兰克尔-罗森菲尔德低调地庆祝了自己96 岁的生日。罗森菲尔德值得庆祝的远不止是从西奥多罗斯福Theodore Roosevelt 的首个总统任期活到了比尔克林顿BillClinton 的第二个总统任期。若他不是极为谦逊的人，他的邮箱估计早就被写着\"致世界上最伟大的投资者之一\"的生日贺卡挤爆了。",[14,989,990],{},"你可能从未听说过乔罗森菲尔德，但请相信我：你能从他身上学到很多东西。罗森菲尔德在一小群精英基金经理中颇负盛名，其中就包括沃伦巴菲特，自1960 年代起，巴菲特就是他最亲密的朋友之一。巴菲特是如何评价这位投资大师的呢？巴菲特说：Joe 是理性战胜传统的典范。罗森菲尔德无视投资的传统观念，让财富增长的速度和持续时间几乎超过了其他所有人。自1968 年以来，他把1100 万美元变成了超过10 亿美元。他积累这些财富，靠的不是频繁的短线交易，而是买入并长期持有，常常一持有就是几十年。30 年间，他进行的重大投资不超过6次，卖出的次数更是少之又少。罗森菲尔德说：如果你看好一只股票，就得做好长期持有、按兵不动的准备。",[14,992,993],{},"从1960 年代中期到1990 年代中期，罗森菲尔德是他的母校爱荷华州格林内尔学院GrinnellCollege 投资委员会的核心成员。他施展投资魔法，大多是为了格林内尔学院，而非他自己。到1999 年仅有1300 名学生占地108英亩校园的格林内尔学院，成为美国人均捐赠基金最多的私立文理学院。其总计10.2 亿美元的捐赠基金，不仅让 Amherst 和Vassar 学院等顶尖文理学院相形见绌，就连卡内基梅隆大学Carnegie-Mellon 和乔治城大学 Georgetown 这样的名校也难以企及。",[14,995,996],{},"请允许我向你介绍这位将美国一所优秀的小型学院变成最富学院的人。罗森菲尔德身材瘦高，双手修长，绿色的眼睛炯炯有神。自从去年做了膝盖手术后，他大部分时间都坐在轮椅上。他充满魅力、睿智且风趣，思维依旧敏锐如剃刀。他常穿着休闲裤，搭配一件芝加哥小熊队ChicagoCubs 的T 恤。几十年来，罗森菲尔德个人持有小熊队3%的股份，70 多岁时，他还发誓要活到小熊队赢得世界大赛那一天,这或许能解释为何他身上有种\"不老传奇\"的气质。",[14,998,999],{},"1925 年，罗森菲尔德从格林内尔学院毕业，获得政治学学士学位，比后来成为著名演员GaryCooper 的Frank“Cowboy”Cooper 早一年毕业。1948 年，在从事法律工作20 多年后，罗森菲尔德成为Younkers 公司的董事长，这家不断发展壮大的零售连锁企业收购了他家位于得梅因的百货商店。然而，到了1960 年代，临近Younkers 公司65 岁退休年龄的罗森菲尔德，开始将更多时间投入到格林内尔学院，他从1941 年起就加入了学院董事会。董事会成员Gardiner Dutton 说：1970 年我加入董事会那天，Joe 对我说，'我们的任务是让这所学院在财务上坚不可摧'。这就是他的原话。",[14,1001,1002],{},"罗森菲尔德说：太多人都是\"胆小鬼\"，只要股票跌几个百分点就惊慌失措。股票本就如此！",[14,1004,1005],{},"了不起的Joe 罗森菲尔德仍然记得1929 年股市崩盘后，他为自己账户买入的第一批股票。他说，\"早期我做了太多短期投资，我会在30 天、60 天、90 天内买卖股票，像Studebaker、Dodge、NashMotors 这些公司的股票。我原以为这样能赚大钱，但我错了。我没破产，但也损失惨重。短线买入最终总会让你受伤。\" 这是他从未动摇过的教训，也是从一开始就决定了他为格林内尔学院投资策略的理念。\"我觉得政府债券对学院没什么帮助\"，罗森菲尔德说。于是，他开始寻找\"我们可以长期持有的优质普通股\"。",[14,1007,1008],{},"不久后，他得到了助力。1967 年，一些朋友把他介绍给了沃伦巴菲特。在那个时候，巴菲特的私人合伙公司连续10 年大幅跑赢市场，但总资产还不到7500 万美元。几乎奥马哈以外的人都没听说过他。但罗森菲尔德回忆道：\"我能看出他头脑非凡，我立刻就被他吸引了。\"两人在马丁路德金牧师在格林内尔学院的一次演讲上一拍即合。巴菲特证实说：我们一见如故。Joe 是个极其慷慨又聪明的人。我从没想过要取代我真正的父亲，但如果在我父亲去世后，我能认Joe 做父亲，我一定会这么做\"。罗森菲尔德很快就投资了他这位新朋友的公司，为格林内尔学院买入了300 股伯克希尔哈撒韦的股票，花费了10525 美元。1968 年，巴菲特加入了格林内尔学院的董事会。",[14,1010,1011],{},"同年，格林内尔学院的另一位校董Robert Noyce 打电话告诉罗森菲尔德，他正在创办一家新公司。Noyce 在大学三年级时，因从附近农场偷了一头25 磅重的猪，并在校园烧烤聚会上烤了吃，被格林内尔学院开除；不过，他的物理教授认为他是自己教过的最优秀的学生，将开除改为了停学一学期。Noyce 一直没忘记这份恩情，所以才想让学院入股他新创办的NM 电子公司。罗森菲尔德感兴趣吗？\"学院想买下你愿意出让给我们的所有股份\"。他立刻告诉Noyce。",[14,1013,1014],{},"格林内尔学院的捐赠基金出资10 万美元，罗森菲尔德和另一位校董各自又额外投入10 万美元，这使得学校能够提供诺伊斯和他的伙伴Gordon Moore 戈登摩尔、Andrew Grove 安德鲁格罗夫为这家公司筹集的300 万美元风险资本中的10%。很快，这家公司就更名为Intel 英特尔。到1974 年，也就是英特尔上市三年后，格林内尔学院的捐赠基金增长了一倍多，达到2700 万美元，而与此同时，股市市值却缩水了40%。",[14,1016,1017],{},"与此同时，罗森菲尔德一直保持着敏锐的观察力和开放的思维。1976 年，罗森菲尔德从巴菲特那里得知，俄亥俄州Dayton 市的一家电视台WDTN 正在出售。捐赠基金很少会去控股私人公司，但罗森菲尔德思考问题像个商人，而不是官僚。他以1290 万美元的价格为格林内尔学院拿下了WDTN 电视台，当时电视台的售价通常是年收入的三到四倍，而他的成交价仅为年收入的2.5 倍。",[14,1019,1020],{},"接下来，从1978 年到1981 年，在巴菲特的建议下，罗森菲尔德将1000 万美元，也就是整个捐赠基金的三分之一，投入到红杉基金Sequoia Fund。1989 年，罗森菲尔德又买入了2500 万美元的房地美Freddie Mac 的股份。如今，格林内尔学院近三分之二的捐赠基金，即超过6 亿美元，都投在了红杉基金上。这是单个股东在任何一只共同基金中积累的最大投资之一。",[14,1022,1023],{},"1977-1997 年间，红杉基金的表现超过了94%的美国多元化股票基金，每年比标普500 指数高出2.7 个百分",[14,1025,1026],{},"点。与此同时，整个1990 年代，房地美蓬勃发展。尽管罗森菲尔德已经出售了格林内尔学院持有的大部分房地美股份，但学校仍从中获利约1.3 亿美元。",[14,1028,1029],{},"巴菲特说：如果在我父亲去世后，我能认Joe 做父亲，我一定会这么做。",[14,1031,1032],{},"卖出是个禁忌词 罗森菲尔德打破了许多常规。首先，他从不依靠投资委员会来做投资决策。对大多数捐赠基金而言，投资一家未经考验的科技公司，在离校600 英里私下收购一家电视台，这类事都必须提交给委员会讨论。经过冗长乏味的辩论后，委员会很可能会否决这些高风险的提议。罗森菲尔德挺了挺肩膀说道：我就是强行推进这些事。",[14,1034,1035],{},"而且，罗森菲尔德没有分散投资，而是集中押注。格林内尔学院的捐赠基金总共持有不到20 种不同的股票和共同基金(这里把红杉基金中的10 只股票分别单独计算)。很多大学的投资经理数量都比格林内尔学院的投资项目还多。外部顾问通常会把资产细分，比如，3.5%投入到中型成长股，1%投入到日本小型股，2%投入到新兴市场债券等等。每一小部分都至少有一个经理负责，而每个经理又持有几十甚至上百种投资。这种过度分散投资，还层层支付高额费用的结果就是业绩平平：到1999 年的10 年间，普通捐赠基金的年收益率为13%，而格林内尔学院的捐赠基金年收益率为15.6%。最后，罗森菲尔德尽量少操作，很少买入，几乎从不卖出。事实上，他认为卖出和犯错没什么区别。这能怪他吗？1971 年英特尔上市后，格林内尔学院就像坐拥一座金矿，但Noyce 却把它当成了一个火药桶。Noyce 担心自己刚起步的公司会让给予他第二次机会的学院在财务上陷入困境，这种担忧让他备受折磨，于是他开始缠着罗森菲尔德，让他卖掉股份。罗森菲尔德回忆道，\"Bob 对此十分焦虑，他说，'我不想让学院因为我而遭受任何损失！'但我会说，'Bob，我们会考虑的。我们愿意冒这个险'。\"然而，最终Noyce 还是说服了罗森菲尔德，在1974-1980 年间，学院以1400 万美元的价格卖掉了持有的英特尔股份，获利4583%。罗森菲尔德说：\"我真希望我们当时没卖，那是我们犯过的最大错误。卖出这些股份让我们损失了至少5000 万美元，甚至更多。\"然后罗森菲尔德盯着我问道：你怎么看？我喃喃地说，损失可能不止5000 万美元；我实在不忍心告诉一位 96 岁的老人，他卖掉的那些股份如今价值几十亿美元。",[14,1037,1038],{},"格林内尔学院卖掉了WDTN 电视台，只是因为它的价值涨得太快，罗森菲尔德认为不能再把这么多捐赠基金放在一项非上市且流动性差的投资上。1981 年，Hearst Corp 公司以4900 万美元从格林内尔学院买下了这家电视台，在股市上涨约90%的这段时间里，格林内尔学院获得了281%的利润。",[14,1040,1041],{},"1989-1993 年间，罗森菲尔德以370 万美元卖掉了格林内尔学院持有的伯克希尔公司的股份，当时肯定有令人信服的理由，但现在罗森菲尔德、巴菲特，以及格林内尔学院的任何人都想不起来原因了。",[14,1043,1044],{},"那么红杉基金和房地美呢？这些投资让格林内尔学院在过去几年里过度暴露在表现不佳的金融股风险中。",[14,1046,1047],{},"1999 年，红杉基金下跌了16.5%，而房地美的价值下跌了27%。许多投资者早就撤资了，所以我问罗森菲尔德，他是否担心这些糟糕的短期回报。他整个脸都写满了疑惑，反问道：我为什么要担心？太多人都是胆小鬼，股票跌几个百分点就惊慌失措。股票本来就是这样的！我觉得红杉基金和房地美最终会让学院赚很多钱。\"",[14,1049,1050],{},"罗森菲尔德谈及英特尔股票时说：我真希望我们当时没卖。那是我们犯过的最大错误。 从长远来看",[14,1052,1053],{},"罗森菲尔德对格林内尔学院意味着什么呢？校长Russell Osgood 说，巨额的捐赠基金让格林内尔学院在其他小型学校纷纷倒闭的情况下得以幸存。格林内尔学院也没有把这笔资金花在铺张浪费上，校园里最高的建筑仍然比小镇郊外的金阳饲料筒仓矮。相反，这些钱用于将学费维持在比同类学校低14%的水平，为91%的学生提供资助，并维持一种极为亲密的教育体验。这里的平均班级规模是16 人。来自北达科他州俾斯麦市的英语专业学生 Ellen Wolter 说：\"这里几乎不像学校，更像是一个热烈的读书俱乐部\"。",[14,1055,1056],{},"在格林内尔学院的两天里，我总觉得有些不对劲，但又说不上来。后来我突然意识到：格林内尔学院的校园里有57 栋建筑，却没有一栋以罗森菲尔德的名字命名，而且很多学生甚至都不知道他们学院最大的捐赠者是谁。",[14,1058,1059],{},"这才是真正的谦逊，真正的投资天才所具备的谦逊。你永远不会看到罗森菲尔德在CNBC 上大肆宣扬自己的投资理念，但这恰恰是你应该充分关注他的原因。想想这些经验教训吧。",[14,1061,1062],{},"把少数事情做好。罗森菲尔德打造出价值数十亿美元的投资组合，靠的不是把少量资金分散到所有看似不错的投资项目中，而是把大量资金投入到少数几个前景极佳的项目中。同样，如果你发现了几个自己真正了解的投资项目，那就大量买入。不过，我认为罗森菲尔德是个罕见的例外。没有他那样卓越的知识、技能和人脉，我们大多数普通人需要广泛地分散投资，投资于现金、债券、美国股票和外国股票。",[14,1064,1065],{},"耐心坚守。如果你找到了自己真正理解的投资项目，那就坚持持有。既然你最初买入是看中了它们的长期潜力，就绝不要因为短期的不如意就惊慌卖出。耐心是投资者最强大的武器——不仅仅是以年为单位，而是以十年为单位来衡量。看看罗森菲尔德的坚韧：1990 年，他刚买入房地美股票后，股价就下跌了27%，格林内尔学院的捐赠基金总额也缩水了近三分之一。虽然从1979-1998 年，红杉基金的累计表现超过了标普500 指数，但在这期间有8 年，也就是40%的时间，该基金的表现不如标普500 指数。与普通的共同基金投资者不同，普通投资者平均只持有股票三年，而罗森菲尔德从不惊慌。他只是等待。巴菲特说：Joe 投资时从不感情用事，全是靠理性分析。",[14,1067,1068],{},"为目标而投资。罗森菲尔德就是一个鲜活的例子提醒着我们，财富是实现目标的手段，而非目标本身。他唯一的孩子在1962 年去世，妻子在1977 年离世。他把自己的大部分人生和全部财富都献给了格林内尔学院。他说：我只是想用这些钱做点好事。这对我们所有人来说都是一课。我们不应盲目追求财富增长，也不应以拥有的财产来衡量自身价值，而应该停下来问问自己：如果我从不拿这些钱去做好事，那它有什么用呢？有没有办法让我的财富延续下去，为我的名字增光呢？",[14,1070,1071],{},"出于这些原因，罗森菲尔德仍然热衷于增加自己的投资。他说，我刚买了一些伯克希尔B 股，但我知道我得持有一段时间，才能看到收益。他身体前倾，眼睛闪烁着光芒问道：我变老了又怎样呢？",[14,1073,969],{},[14,1075,1076],{},"罗森菲尔德：有各种各样的宣传让人们相信急躁会有回报，但急躁肯定会让人赔钱。我一直都着眼于长远。 他笑着补充道：我有的是时间。",[14,1078,969],{},[14,1080,1081],{},"《Mentor: Life and Legacy of Joe Rosenfield》",[1083,1084],"hr",{},{"title":1086,"searchDepth":1087,"depth":1087,"links":1088},"",2,[],"访谈与文章",null,"巴菲特与《跳着踢踏舞去上班》作者卡罗尔·卢米斯做客查理·罗斯节目，探讨政治观点、职业决策与慈善事业。","md",{},true,102,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",{"title":5,"description":1091},"巴菲特：2012年跳着踢踏舞去上班｜巴菲特","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban","buffett\u002Finterview\u002Fba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban","_UiF1p0zD_5NiJ1AtYT_i6gV8-uhNpuKyn3jyWpVRbQ","buffett",[1104,1109,1112,1116,1119,1122,1125,1129,1132,1135,1139,1142,1145,1149,1152,1155,1159,1162,1165,1169,1172,1175,1179,1182,1185,1189,1192,1195,1199,1202,1205,1209,1212,1215,1219,1222,1225,1229,1232,1235,1239,1242,1245,1249,1252,1255,1259,1262,1265,1269,1272,1275,1279,1282,1285,1290,1293,1296,1300,1303,1306,1310,1313,1316,1320,1323,1326,1330,1333,1336,1340,1343,1346,1350,1353,1356,1360,1363,1366,1370,1373,1376,1380,1383,1386,1390,1393,1396,1400,1403,1406,1410,1413,1416,1420,1423,1426,1430,1433,1436,1440,1443,1447,1450,1454,1457,1461,1464,1468,1471,1475,1478,1482,1485,1489,1492,1496,1499,1503,1506,1510,1513,1517,1520,1524,1527,1531,1534,1538,1541,1545,1548,1552,1555,1559,1562,1566,1569,1573,1576,1580,1583,1587,1590,1594,1597,1601,1604,1608,1611,1615,1618,1622,1625,1629,1632,1636,1639,1643,1646,1650,1653,1657,1660,1664,1667,1671,1674,1678,1681,1685,1688,1692,1695,1699,1702,1706,1709,1713,1716,1720,1723,1727,1730,1734,1737,1741,1744,1748,1751,1755,1758,1762,1765,1769,1772,1776,1779,1783,1786,1790,1793,1797,1800,1804,1807,1811,1814,1818,1821,1825,1828,1832,1835,1839,1842,1846,1849,1853,1856,1860,1863,1867,1870,1874,1877,1881,1884,1888,1891,1895,1898,1902,1905,1909,1910,1914,1918,1922,1926,1930,1934,1938,1942,1946,1950,1954,1958,1962,1966,1970,1974,1978,1982,1986,1990,1994,1998,2002,2006,2010,2014,2018,2022,2026,2030,2034,2038,2042,2046,2050,2054,2058,2062,2066,2070,2074,2078,2082,2086,2090,2094,2098,2102],{"title":1105,"slug":1106,"category":1107,"order":1108},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":1110,"slug":1111,"category":1089,"order":1108},"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":1113,"slug":1114,"category":1115,"order":1108},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1117,"slug":1118,"category":1107,"order":1087},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1120,"slug":1121,"category":1089,"order":1087},"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":1123,"slug":1124,"category":1115,"order":1087},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1126,"slug":1127,"category":1107,"order":1128},"1958 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1455,"slug":1456,"category":1089,"order":1453},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1458,"slug":1459,"category":1107,"order":1460},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1462,"slug":1463,"category":1089,"order":1460},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1465,"slug":1466,"category":1107,"order":1467},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":1469,"slug":1470,"category":1089,"order":1467},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1472,"slug":1473,"category":1107,"order":1474},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1476,"slug":1477,"category":1089,"order":1474},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1479,"slug":1480,"category":1288,"order":1481},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1483,"slug":1484,"category":1089,"order":1481},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1486,"slug":1487,"category":1107,"order":1488},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1490,"slug":1491,"category":1089,"order":1488},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1493,"slug":1494,"category":1288,"order":1495},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1497,"slug":1498,"category":1089,"order":1495},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":1500,"slug":1501,"category":1288,"order":1502},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1504,"slug":1505,"category":1089,"order":1502},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":1507,"slug":1508,"category":1288,"order":1509},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1511,"slug":1512,"category":1089,"order":1509},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":1514,"slug":1515,"category":1288,"order":1516},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1518,"slug":1519,"category":1089,"order":1516},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1521,"slug":1522,"category":1288,"order":1523},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1525,"slug":1526,"category":1089,"order":1523},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1528,"slug":1529,"category":1288,"order":1530},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1532,"slug":1533,"category":1089,"order":1530},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1535,"slug":1536,"category":1288,"order":1537},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1539,"slug":1540,"category":1089,"order":1537},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1542,"slug":1543,"category":1288,"order":1544},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1546,"slug":1547,"category":1089,"order":1544},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1549,"slug":1550,"category":1288,"order":1551},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1553,"slug":1554,"category":1089,"order":1551},"巴菲特：2004年与塔克商学院学生对谈","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":1556,"slug":1557,"category":1288,"order":1558},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1560,"slug":1561,"category":1089,"order":1558},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1563,"slug":1564,"category":1288,"order":1565},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1567,"slug":1568,"category":1089,"order":1565},"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":1570,"slug":1571,"category":1288,"order":1572},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1574,"slug":1575,"category":1089,"order":1572},"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":1577,"slug":1578,"category":1288,"order":1579},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1581,"slug":1582,"category":1089,"order":1579},"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":1584,"slug":1585,"category":1288,"order":1586},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1588,"slug":1589,"category":1089,"order":1586},"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":1591,"slug":1592,"category":1288,"order":1593},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1595,"slug":1596,"category":1089,"order":1593},"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":1598,"slug":1599,"category":1288,"order":1600},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1602,"slug":1603,"category":1089,"order":1600},"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":1605,"slug":1606,"category":1288,"order":1607},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1609,"slug":1610,"category":1089,"order":1607},"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":1612,"slug":1613,"category":1288,"order":1614},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1616,"slug":1617,"category":1089,"order":1614},"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":1619,"slug":1620,"category":1288,"order":1621},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1623,"slug":1624,"category":1089,"order":1621},"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":1626,"slug":1627,"category":1288,"order":1628},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1630,"slug":1631,"category":1089,"order":1628},"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":1633,"slug":1634,"category":1288,"order":1635},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1637,"slug":1638,"category":1089,"order":1635},"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":1640,"slug":1641,"category":1288,"order":1642},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1644,"slug":1645,"category":1089,"order":1642},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1647,"slug":1648,"category":1288,"order":1649},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1651,"slug":1652,"category":1089,"order":1649},"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":1654,"slug":1655,"category":1288,"order":1656},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1658,"slug":1659,"category":1089,"order":1656},"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":1661,"slug":1662,"category":1288,"order":1663},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1665,"slug":1666,"category":1089,"order":1663},"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":1668,"slug":1669,"category":1288,"order":1670},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1672,"slug":1673,"category":1089,"order":1670},"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":1675,"slug":1676,"category":1288,"order":1677},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1679,"slug":1680,"category":1089,"order":1677},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1682,"slug":1683,"category":1288,"order":1684},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1686,"slug":1687,"category":1089,"order":1684},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1689,"slug":1690,"category":1288,"order":1691},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1693,"slug":1694,"category":1089,"order":1691},"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":1696,"slug":1697,"category":1288,"order":1698},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1700,"slug":1701,"category":1089,"order":1698},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1703,"slug":1704,"category":1288,"order":1705},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1707,"slug":1708,"category":1089,"order":1705},"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":1710,"slug":1711,"category":1288,"order":1712},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1714,"slug":1715,"category":1089,"order":1712},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1717,"slug":1718,"category":1288,"order":1719},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1721,"slug":1722,"category":1089,"order":1719},"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":1724,"slug":1725,"category":1288,"order":1726},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1728,"slug":1729,"category":1089,"order":1726},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1731,"slug":1732,"category":1288,"order":1733},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1735,"slug":1736,"category":1089,"order":1733},"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":1738,"slug":1739,"category":1288,"order":1740},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1742,"slug":1743,"category":1089,"order":1740},"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":1745,"slug":1746,"category":1288,"order":1747},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1749,"slug":1750,"category":1089,"order":1747},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1752,"slug":1753,"category":1288,"order":1754},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1756,"slug":1757,"category":1089,"order":1754},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1759,"slug":1760,"category":1288,"order":1761},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1763,"slug":1764,"category":1089,"order":1761},"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":1766,"slug":1767,"category":1288,"order":1768},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1770,"slug":1771,"category":1089,"order":1768},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1773,"slug":1774,"category":1288,"order":1775},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1777,"slug":1778,"category":1089,"order":1775},"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":1780,"slug":1781,"category":1288,"order":1782},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1784,"slug":1785,"category":1089,"order":1782},"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":1787,"slug":1788,"category":1288,"order":1789},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1791,"slug":1792,"category":1089,"order":1789},"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":1794,"slug":1795,"category":1288,"order":1796},"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":1798,"slug":1799,"category":1089,"order":1796},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1801,"slug":1802,"category":1288,"order":1803},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1805,"slug":1806,"category":1089,"order":1803},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1808,"slug":1809,"category":1288,"order":1810},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1812,"slug":1813,"category":1089,"order":1810},"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":1815,"slug":1816,"category":1288,"order":1817},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1819,"slug":1820,"category":1089,"order":1817},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1822,"slug":1823,"category":1288,"order":1824},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1826,"slug":1827,"category":1089,"order":1824},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1829,"slug":1830,"category":1288,"order":1831},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1833,"slug":1834,"category":1089,"order":1831},"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":1836,"slug":1837,"category":1288,"order":1838},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1840,"slug":1841,"category":1089,"order":1838},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1843,"slug":1844,"category":1288,"order":1845},"2019 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