[{"data":1,"prerenderedAt":1693},["ShallowReactive",2],{"library-ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan":3,"library-sidebar-buffett":156,"library-sidebar-dao":1159,"library-sidebar-models":1461},{"id":4,"title":5,"body":6,"category":142,"date":143,"description":144,"extension":145,"meta":146,"navigation":147,"order":148,"path":149,"seo":150,"seoDescription":144,"seoTitle":151,"slug":152,"stem":153,"__hash__":154,"_collection":155},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan.md","巴菲特：为何股票能跑赢黄金与债券",{"type":7,"value":8,"toc":135},"minimark",[9,14,18,21,24,27,35,38,41,46,52,55,58,61,64,67,70,74,80,83,89,92,95,98,101,104,107,110,114,117,120,123,126,129,132],[10,11,13],"h1",{"id":12},"巴菲特2012年为何股票能跑赢黄金与债券","巴菲特：2012年为何股票能跑赢黄金与债券",[15,16,17],"p",{},"《财富》杂志官网 2012年2月9日 商业新闻",[15,19,20],{},"沃伦·巴菲特：为何股票能跑赢黄金与债券",[15,22,23],{},"本文摘编自“奥马哈先知”即将发布的股东信，他在文中阐释了为何长期来看，股票几乎总能战胜其他投资品种。",[15,25,26],{},"作者：沃伦·巴菲特",[15,28,29,30,34],{},"投资常被描述为当下投入资金，期望未来获得更多资金的过程。在伯克希尔·哈撒韦公司），我们采用了更严苛的定义：投资是将当下的购买力转移给他人，且经过合理预期，在扣除名义收益的税费后，未来能获得更多购买力。更简洁地说，",[31,32,33],"strong",{},"投资就是延迟当下的消费，以便未来能有更强的消费能力","。",[15,36,37],{},"从这一定义可推导出一个重要结论：一项投资的风险并非由贝塔系数（华尔街术语，包含波动性，常被用于衡量风险）衡量，而是由在投资者预期持有期内，该投资导致其购买力损失的合理概率决定。只要资产在持有期内有充分把握能带来购买力的提升，即便价格大幅波动，也不算有风险；反之，看似价格稳定的资产，可能暗藏巨大风险。",[15,39,40],{},"投资的选择繁多，但主要可分为三大类，理解每类的特点至关重要。下面我们逐一分析：",[42,43,45],"h2",{"id":44},"第一类货币计价类投资","第一类：货币计价类投资",[15,47,48,51],{},[31,49,50],{},"货币计价类投资包括货币市场基金、债券、抵押贷款、银行存款及其他金融工具。这类投资大多被视为“安全”，但事实上它们是最危险的资产之一","。它们的贝塔系数可能为零，风险却不容小觑。",[15,53,54],{},"过去一个世纪里，即便持有者能按时收取利息和本金，这类工具仍在许多国家摧毁了投资者的购买力。而且，这种糟糕的结果还会不断重演。政府决定货币的最终价值，而系统性力量有时会促使政府采取引发通胀的政策，这类政策偶尔还会失控。",[15,56,57],{},"即便在对稳定货币诉求强烈的美国，自1965年我接手伯克希尔管理工作以来，美元价值已暴跌86%。如今购买当年1美元能买到的东西，至少需要7美元。因此，一家免税机构在这段时期内，债券投资的年化收益率需达到4.3%，才能勉强维持购买力。如果管理者将其中任何一部分利息视为“收益”，那无疑是自欺欺人。",[15,59,60],{},"对于你我这样需要缴纳个人所得税的投资者而言，情况则更为糟糕。在这47年间，美国国库券的滚动投资年化收益率为5.7%，这听起来似乎不错。但如果一位投资者的平均个人所得税率为25%，那么这5.7%的收益率实际上无法带来任何实际收益——显性的所得税会吞噬1.4个百分点的名义收益率，而隐性的通胀税会侵蚀剩余的4.3个百分点。值得注意的是，这种隐性的通胀“税”，是投资者通常认为的主要负担——显性所得税的三倍多。我们的货币上印着“我们信仰上帝”，但操控政府印钞机的终究是凡人。",[15,62,63],{},"当然，高利率能补偿投资者在货币计价类投资中面临的通胀风险——事实上，20世纪80年代初的高利率就很好地起到了这个作用。但目前的利率水平，远不足以抵消投资者承担的购买力风险。如今的债券，实在应该贴上风险警示标签。",[15,65,66],{},"因此，在当前环境下，我并不看好货币计价类投资。即便如此，伯克希尔仍持有大量此类资产，且主要是短期品种。对于伯克希尔而言，充足的流动性至关重要，无论利率多么不尽如人意，这一需求都不会被忽视。为满足流动性需求，我们主要持有美国国库券——在经济最混乱的时期，它是唯一能确保流动性的投资。我们的流动性运营底线是200亿美元，100亿美元是绝对最低值。",[15,68,69],{},"除了流动性和监管要求外，我们仅在两类情况下会购买货币相关证券：一是特定信贷资产定价错误（如周期性垃圾债危机中可能出现的情况）；二是利率升至一定水平，使得未来利率下降时，高评级债券有望实现可观的资本利得。尽管我们过去曾利用过这两类机会，未来也可能再次尝试，但目前已与这类机会无缘。如今，华尔街人士谢尔比·卡卢姆·戴维斯很久以前的一句俏皮话恰如其分：“那些被宣传为‘无风险回报’的债券，如今的定价只能带来‘无回报风险’。”",[42,71,73],{"id":72},"第二类非生产性资产投资","第二类：非生产性资产投资",[15,75,76,79],{},[31,77,78],{},"第二类投资是指那些本身永远不会产生任何收益，但投资者购买的初衷是期望未来有其他人（同样清楚这些资产毫无生产力）愿意以更高价格接手的资产","。17世纪，郁金香就曾短暂成为这类投资者的追捧对象。",[15,81,82],{},"这类投资需要不断扩大的买家群体，而这些买家之所以被吸引，是因为他们相信买家群体还会进一步扩大。资产所有者的动力并非来自资产本身能创造价值——它永远是“无生命”的，而是源于相信未来他人会对其抱有更强烈的渴望。",[15,84,85,88],{},[31,86,87],{},"这类资产中最主要的就是黄金","。目前，黄金深受那些对几乎所有其他资产（尤其是纸币，正如我们所指出的，他们对纸币价值的担忧并非毫无道理）感到恐惧的投资者青睐。但**黄金存在两大显著缺陷：既无多大实际用途，也不具备增值能力。**诚然，黄金有一定的工业和装饰用途，但这类需求既有限，也无法消化新增的黄金产量。而且，即便你持有一盎司黄金直至永恒，最终你拥有的依然只是一盎司黄金。",[15,90,91],{},"大多数黄金购买者的动机，是相信恐惧者的队伍会不断壮大。过去十年，这一信念被证明是正确的。此外，金价上涨本身又催生了更多购买热情，吸引了那些将价格上涨视为投资逻辑得到验证的投资者。当“跟风”投资者涌入时，他们会在短期内创造出自己的“真理”。",[15,93,94],{},"过去15年里，互联网股票和房地产的案例表明，将最初合理的投资逻辑与广为人知的价格上涨相结合，可能引发何等严重的泡沫。在这些泡沫中，大批原本持怀疑态度的投资者被市场给出的“证据”说服，买家群体在一段时间内持续扩大，推动泡沫不断膨胀。但再大的泡沫终将破裂，正如那句古老的谚语所言：“智者始于始，愚者终于终。”",[15,96,97],{},"目前全球黄金存量约为17万吨。若将这些黄金全部熔化，会形成一个边长约68英尺的立方体（想象一下，它能轻松放进一个棒球场的内场）。按我撰写本文时每盎司1750美元的金价计算，其总价值约为9.6万亿美元。我们称之为“资产堆A”。",[15,99,100],{},"现在我们构建一个价值相当的“资产堆B”：用同样的9.6万亿美元，我们可以买下美国全部农田（4亿英亩，年产值约2000亿美元），再加上16家埃克森美孚公司（全球最盈利的公司，一家年利润就超过400亿美元）。完成这些收购后，我们还能剩下约1万亿美元作为流动资金（如此大规模的收购后，没必要过得捉襟见肘）。你能想象一位手握9.6万亿美元的投资者，会选择资产堆A而非资产堆B吗？",[15,102,103],{},"除了现有黄金存量的估值高得惊人外，当前金价还使得每年的黄金产量能创造约1600亿美元的价值。无论是珠宝和工业用户、恐慌的个人投资者，还是投机者，都必须持续吸纳这些新增供应，才能维持当前价格的平衡。",[15,105,106],{},"一个世纪后，这4亿英亩农田仍将产出海量的玉米、小麦、棉花及其他农作物——无论货币形式如何变化，它都将持续创造宝贵的财富。埃克森美孚公司可能已向股东支付了数万亿美元的股息，其资产价值也将增至数万亿美元（别忘了，你能拥有16家埃克森美孚）。而那17万吨黄金，规模不会改变，依然无法创造任何价值。你可以抚摸这个黄金立方体，但它不会有任何回应。",[15,108,109],{},"诚然，一个世纪后当人们陷入恐慌时，很可能仍会纷纷涌入黄金市场。但我坚信，资产堆A当前9.6万亿美元的估值，在未来一个世纪的复合增长率，将远低于资产堆B。",[42,111,113],{"id":112},"第三类生产性资产投资","第三类：生产性资产投资",[15,115,116],{},"前两类投资在恐慌情绪达到顶峰时最受欢迎：对经济崩溃的恐惧促使人们涌向货币计价类资产（尤其是美国国债），而对货币崩溃的担忧则推动人们转向黄金等非生产性资产。2008年末，我们听到“现金为王”的说法，而当时恰恰是应该配置现金而非持有现金的时候；类似地，20世纪80年代初，“现金是垃圾”的论调盛行，而那时固定收益类投资正处于历史上最具吸引力的水平。在这些时刻，那些需要从中获得安全感的投资者，为这份慰藉付出了沉重代价。",[15,118,119],{},"我个人的偏好——想必你也能猜到——是第三类投资：生产性资产投资，包括企业、农场或房地产。理想情况下，这类资产应能在通胀时期，以最少的新增资本投入，维持产出的购买力价值。农场、房地产以及可口可乐（KO）、IBM（IBM）和我们旗下的喜诗糖果等众多企业，都符合这一双重标准。当然，有些公司——比如受监管的公用事业公司——并不达标，因为通胀会给它们带来沉重的资本支出压力：要想增加收益，所有者就必须投入更多资金。即便如此，这类投资仍优于非生产性资产和货币计价类资产。",[15,121,122],{},"无论一个世纪后的货币是基于黄金、贝壳、鲨鱼牙，还是像如今这样的纸币，人们都愿意用每天几分钟的劳动，来换取一瓶可口可乐或一些喜诗花生脆糖。未来，美国人口将消耗更多商品、食物，需要更大的居住空间。人们将永远用自己生产的东西，去交换他人生产的东西。",[15,124,125],{},"美国的企业将继续高效地为民众提供所需的商品和服务。打个比方，这些商业“奶牛”将存活数百年，还能不断产出更多“牛奶”。它们的价值不在于交换媒介，而在于产奶能力。“牛奶”的销售收入将为“奶牛”的所有者带来复利增长，就像20世纪道琼斯工业平均指数从66点上涨至11497点（期间还支付了丰厚的股息）那样。",[15,127,128],{},"伯克希尔的目标是增加对一流企业的持股。我们的首选是全资拥有这些企业，但也会通过持有大量流通股票的方式成为股东。我相信，长期来看，这类投资将成为我们所探讨的三大类投资中无可争议的赢家，更重要的是，它也是迄今为止最安全的投资。",[15,130,131],{},"本文选自2012年2月27日出版的《财富》杂志。",[15,133,134],{},"（全）",{"title":136,"searchDepth":137,"depth":137,"links":138},"",2,[139,140,141],{"id":44,"depth":137,"text":45},{"id":72,"depth":137,"text":73},{"id":112,"depth":137,"text":113},"访谈与文章",null,"巴菲特在《财富》撰文，阐释为何长期来看股票总能跑赢黄金与债券，强调股权投资的长期复利优势。","md",{},true,100,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":5,"description":144},"巴菲特：为何股票能跑赢黄金与债券（2012年）｜巴菲特","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan","buffett\u002Finterview\u002Fba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan","GZW5UYp2jW9hU-MqgkcevpjROZ8t_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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":163,"slug":164,"category":142,"order":161},"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":166,"slug":167,"category":168,"order":161},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":170,"slug":171,"category":160,"order":137},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":173,"slug":174,"category":142,"order":137},"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":176,"slug":177,"category":168,"order":137},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":179,"slug":180,"category":160,"order":181},"1958 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巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":564,"slug":565,"category":142,"order":562},"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":567,"slug":568,"category":341,"order":569},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":571,"slug":572,"category":142,"order":569},"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":574,"slug":575,"category":341,"order":576},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":578,"slug":579,"category":142,"order":576},"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":581,"slug":582,"category":341,"order":583},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":585,"slug":586,"category":142,"order":583},"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":588,"slug":589,"category":341,"order":590},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":592,"slug":593,"category":142,"order":590},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":595,"slug":596,"category":341,"order":597},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":599,"slug":600,"category":142,"order":597},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":602,"slug":603,"category":341,"order":604},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":606,"slug":607,"category":142,"order":604},"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":609,"slug":610,"category":341,"order":611},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":613,"slug":614,"category":142,"order":611},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":616,"slug":617,"category":341,"order":618},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":620,"slug":621,"category":142,"order":618},"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":623,"slug":624,"category":341,"order":625},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":627,"slug":628,"category":142,"order":625},"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":630,"slug":631,"category":341,"order":632},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":634,"slug":635,"category":142,"order":632},"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":637,"slug":638,"category":341,"order":639},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":641,"slug":642,"category":142,"order":639},"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":644,"slug":645,"category":341,"order":646},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":648,"slug":649,"category":142,"order":646},"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":651,"slug":652,"category":341,"order":653},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":655,"slug":656,"category":142,"order":653},"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":658,"slug":659,"category":341,"order":660},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":662,"slug":663,"category":142,"order":660},"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":665,"slug":666,"category":341,"order":667},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":669,"slug":670,"category":142,"order":667},"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":672,"slug":673,"category":341,"order":674},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":676,"slug":677,"category":142,"order":674},"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":679,"slug":680,"category":341,"order":681},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":683,"slug":684,"category":142,"order":681},"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":686,"slug":687,"category":341,"order":688},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":690,"slug":691,"category":142,"order":688},"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":693,"slug":694,"category":341,"order":695},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":697,"slug":698,"category":142,"order":695},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":700,"slug":701,"category":341,"order":702},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":704,"slug":705,"category":142,"order":702},"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":707,"slug":708,"category":341,"order":709},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":711,"slug":712,"category":142,"order":709},"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":714,"slug":715,"category":341,"order":716},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":718,"slug":719,"category":142,"order":716},"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":721,"slug":722,"category":341,"order":723},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":725,"slug":726,"category":142,"order":723},"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":728,"slug":729,"category":341,"order":730},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":732,"slug":733,"category":142,"order":730},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":735,"slug":736,"category":341,"order":737},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":739,"slug":740,"category":142,"order":737},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":742,"slug":743,"category":341,"order":744},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":746,"slug":747,"category":142,"order":744},"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":749,"slug":750,"category":341,"order":751},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":753,"slug":754,"category":142,"order":751},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":756,"slug":757,"category":341,"order":758},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":760,"slug":761,"category":142,"order":758},"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":763,"slug":764,"category":341,"order":765},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":767,"slug":768,"category":142,"order":765},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":770,"slug":771,"category":341,"order":772},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":774,"slug":775,"category":142,"order":772},"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":777,"slug":778,"category":341,"order":779},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":781,"slug":782,"category":142,"order":779},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":784,"slug":785,"category":341,"order":786},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":788,"slug":789,"category":142,"order":786},"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":791,"slug":792,"category":341,"order":793},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":795,"slug":796,"category":142,"order":793},"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":798,"slug":799,"category":341,"order":800},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":802,"slug":803,"category":142,"order":800},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":805,"slug":806,"category":341,"order":807},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":809,"slug":810,"category":142,"order":807},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":812,"slug":813,"category":341,"order":814},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":816,"slug":817,"category":142,"order":814},"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":819,"slug":820,"category":341,"order":821},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":823,"slug":824,"category":142,"order":821},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":826,"slug":827,"category":341,"order":828},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":830,"slug":831,"category":142,"order":828},"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":833,"slug":834,"category":341,"order":835},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":837,"slug":838,"category":142,"order":835},"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":840,"slug":841,"category":341,"order":842},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":844,"slug":845,"category":142,"order":842},"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":847,"slug":848,"category":341,"order":849},"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":851,"slug":852,"category":142,"order":849},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":854,"slug":855,"category":341,"order":856},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":858,"slug":859,"category":142,"order":856},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":861,"slug":862,"category":341,"order":863},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":865,"slug":866,"category":142,"order":863},"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":868,"slug":869,"category":341,"order":870},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":872,"slug":873,"category":142,"order":870},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":875,"slug":876,"category":341,"order":877},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":879,"slug":880,"category":142,"order":877},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":882,"slug":883,"category":341,"order":884},"2017 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