[{"data":1,"prerenderedAt":2051},["ShallowReactive",2],{"library-ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":514,"library-sidebar-dao":1517,"library-sidebar-models":1819},{"id":4,"title":5,"body":6,"category":500,"date":501,"description":502,"extension":503,"meta":504,"navigation":505,"order":506,"path":507,"seo":508,"seoDescription":502,"seoTitle":509,"slug":510,"stem":511,"__hash__":512,"_collection":513},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng.md","巴菲特：2013年对话八所商学院学生",{"type":7,"value":8,"toc":496},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71,74,77,80,83,86,89,92,95,98,101,104,107,110,113,116,119,122,125,128,131,134,137,140,143,146,149,152,155,158,161,164,167,170,173,176,179,182,185,188,191,194,197,200,203,206,209,212,215,218,221,224,227,230,233,236,239,242,245,248,251,254,257,260,263,266,269,272,275,278,281,284,287,290,293,296,299,302,305,308,311,314,317,320,323,326,329,332,335,338,341,344,347,350,353,356,359,362,365,368,371,374,377,380,383,386,389,392,395,398,401,404,407,410,413,416,419,422,425,428,431,434,437,440,443,446,449,452,455,458,461,464,467,470,473,476,479,482,485,488,491,494],[10,11,5],"h1",{"id":12},"巴菲特2013年对话八所商学院学生",[14,15,16],"p",{},"沃伦巴菲特会见了来自Maryland 大学等八所商学院的学生。MBA 学生提出了16 个问题。以下为马里兰大学",[14,18,19],{},"Robert H.Smith 商学院金融系David Kass 教授和MBA 学生RahulShah 笔记。",[14,21,22],{},"1，伯克希尔是否随着规模的扩大而降低了门槛回报率？",[14,24,25],{},"巴菲特：BRK 没有设置门槛回报率。资本的增加使获得超额回报变得更加困难。如果我管理100 万美元，我会比管理2100 亿美元(BRK 的净资产)获得更好的回报。规模是回报率的敌人。我还是宁愿管理2100 亿美元，也不愿管理100 万美元。",[14,27,28],{},"2，您过去曾说过，您85%的投资归功于本格雷厄姆，15%归功于菲利普费雪。这个比例现在有变化吗？",[14,30,31],{},"巴菲特：我的投资策略是在格雷厄姆的指导下制定的。我去哥伦比亚大学向格雷厄姆学习投资。按照格雷厄姆的方法，长期来看你不可能亏钱。本质上这是一种定量分析方法，你必须做得足够好。另一方面，随着你拥有越来越多的资金，进入越来越大的公司，这种定量分析方法的适用性也越来越小。以合理的价格购买出色的企业，总比以低价购买一般的企业要好。",[14,33,34],{},"\"雪茄烟蒂投资法\"，你可以在地上捡到一根恶心的雪茄，只剩一口了，你可以把它捡起来，点燃，然后免费抽一口。你可以一直这样做，得到很多免费的雪茄烟蒂。这是一种方法，我就是这么做的。我从定量上寻找非常便宜的股票。在接触了费雪和查理之后，我开始寻找质地更好的公司。以前我这两类都做。现在我们要找的是好公司，而不仅仅是便宜的公司。",[14,36,37],{},"铁路公司规模庞大，10 年后甚至100 年后都会很好。BNSF 铁路现在的税前利润是60 亿美元，而几年前我们收购它时只有30 亿美元。我们现在更倾向于费雪，而不是格雷厄姆，因为我们的资金规模更大。如果资金规模较小，我们会考虑利润率更高，价格更便宜的股票。我从学校毕业后，一页一页地翻阅穆迪的手册。翻到第1433页，才知道好的股票都在后面。西方保险公司1951 年的每股收益为29.09 美元，前一年为21.66 美元。在过去的12 个月里，股票价格在3-13 之间波动。我看到它时的价格是16 美元，市盈率还不到1 倍。2004 年，有人告诉我应该去看看韩国股市。我从花旗集团买了一本书，每页一只股票。书中介绍了韩国所有的上市公司。我翻了翻，找到了大约20 家公司(例如DayHan 鲜花加工厂)，上面有账面价值、每股收益等证券信息。在查看股价之前，不会告诉你任何关于股票的信息。一个下午就找到了大约20 家这样的公司，并买下了其中的一些，但对它们的了解还不够多，无法全部买进。如果你买了20 只市盈率为2 倍的股票，你就会赚钱。这就是格雷厄姆的方法，你可以这样赚钱。如果你有更多的钱，你就必须采用费雪\u002F查理的策略，买入大企业。伯克希尔现在寻找非常强大的大型公司。比如1983 年买下的内布拉斯加家具商场，它现在的收入可能是原来的20 倍。查理告诉我：\"你永远不会反对我，因为你很聪明，而我总是对的\"。",[14,39,40],{},"3，在撰写年度股东信时，您遵循的流程是什么？如何决定要写什么内容？",[14,42,43],{},"巴菲特：我已经写完了2013 年的信，但我将在2014 年2 月28 日寄出。我已经写完要说什么，只需要填上一些数字就可以寄出去了。",[14,45,46],{},"我试着把股东当成我的合作伙伴。我试着想一想，如果他们在经营这个地方，而我是股东，我会希望他们给我发哪些信息，我想要知道些什么？这就是我要告诉他们的。在初稿中，我把它写给我的姐妹们，因为她们对财务一窍不通。\"亲爱的姐妹们\"，我试图向她们解释在她们的立场上想知道什么。我还喜欢写一个章节，作为不直接适用于伯克希尔的一般性教学课程。今年的11500 字有2600 字是关于投资的思考。我在和所有考虑投资的人讨论他们应该如何去做。我每年都会选取一个主题，写上一章。有些人感兴趣，有些人不感兴趣。如果他们会把大部分钱放在我这里，我就会把他们当成我的合伙人(BRK 的经济原则)，这样人们就会知道我们是做什么的。",[14,48,49],{},"1956 年，我花0.49 美元买了一本账簿，两张写合伙协议的纸，但我并不担心合伙协议。我只是用大约半页纸解释了基本原则：这是我能做的，这是我不能做的，这是我打算怎么做的，这是我衡量成功的标准。如果你觉得不错，那就加入吧。如果你不能接受，那就别加入，我们仍然可以做朋友。",[14,51,52],{},"这些基本规则都写在伯克希尔为投资者定制的报告后面。在我们的基本原则中，虽然我们的形式是公司，但我们的态度是合伙关系。我们把你们视为合伙人。你们需要有一个共同基础，就像婚姻一样。如果你们在重要问题上意见不一，那结婚就太疯狂了。BRK 有不同寻常的股东，其中许多人80%的净资产都在BRK。我几乎100%的净资产都在BRK。年度股东报告已经准备好了。但如果市场下跌50%，我们可能会重写(笑声)。",[14,54,55],{},"4，您为什么要将高盛认股权证转换成公司较小的股份？",[14,57,58],{},"巴菲特：高盛和通用电气，我们在2008 年贷款给他们帮助其渡过难关，这是我做梦也没想到的(想象一下通用电气给你打电话，告诉你他们需要你的融资帮助)。伯克希尔收到了5 年后到期的优先股认股权证(2013 年9 月到期)。认股权证可购买50 亿美元的高盛普通股和30 亿美元的通用电气普通股。如果我们行使转股权，就必须投资80 亿美元。这两家公司并不想发行所有这些新股。今年早些时候，我们决定，他们不想发行所有这些股票，我们也不想花费80 亿美元。让我们达成和解吧，两家公司都愿意。我们不用拿出现金，他们也不需要发行所有这些股票。伯克希尔最终获得了高盛价值近20 亿美元的股票，而BRK 无需支付任何现金。通用电气仅为2 亿美元。",[14,60,61],{},"伯克希尔还剩下一笔美国银行的大额认股权证。我们持有的认股权证，让我们有权在2021 年8 月前以每股7.14美元的价格购买7 亿股股票(50 亿美元)。我们将持有这些认股权证，直到股息变得很高，或者持有到到期前。",[14,63,64],{},"高盛和通用电气的交易很有意思，5 年前谁能想到这些。因雷曼破产，货币市场崩溃了。货币市场基金持有大量雷曼票据。3000 多万美国人相信货币市场是安全的，然后雷曼一夜之间倒闭了。这导致一家主要的货币市场基金\"破发\"并失去价值。这导致货币市场一场无声的电子挤兑。货币市场基金规模有3.5 万亿美元，在雷曼倒闭后的头三天，流出资金就达到1750 亿美元。所有货币市场基金都持有商业票据。通用电气等公司持有大量商业票据。",[14,66,67],{},"在此之后，美国工业真的停滞了。乔治布什说：\"如果货币政策不放松，这个傻瓜就会倒下\"。我相信这是有史以来最伟大的经济声明。这就是他支持保尔森和伯南克的原因。各大公司都指望商业票据市场融资。",[14,69,70],{},"2008 年9 月，我们来到了深渊。如果保尔森和伯南克没有干预，再过两天，一切就会结束。伯克希尔总是拥有200 亿美元或更多的现金。这听起来很疯狂，我们从未需要过这样的保证，但在未来100 年的某一天，当世界再次停止运转时，我们将做好准备。会有那么一天的，可能就是明天。那时，你需要现金。那时的现金就像氧气。当你不需要它时，你不会注意到它。当你需要它时，它就是你唯一需要的东西。我们的流动性水平无人能及。我们不希望在银行信贷额度内运作。",[14,72,73],{},"美国财政部无权为货币市场基金提供担保。他们的权力来自国会。保尔森在2008 年9 月设立了交易所稳定基金，为货币市场基金提供担保。这阻止了货币市场基金的挤兑，一切都结束了。在你的一生中，这样的事情可能会发生几次。当它再次发生时，有两件事要注意：不要让它毁了你；如果你有钱\u002F有胆量，你将有机会以不合理的价格购买资产。",[14,75,76],{},"恐惧传播得很快，是具有传染性的。这与智商无关。信心只会一次一个地恢复，而不会大规模恢复。有时恐惧会让投资界陷入瘫痪。你不想在那个时候欠钱，如果你有钱，那么你就想在那个时候买进。\"别人恐惧时要贪婪，别人贪婪时要恐惧\"。",[14,78,79],{},"5，您对市场的理解对您的政治观点有何影响？",[14,81,82],{},"巴菲特：我不敢说理解市场。我的政治观点就是在这个过程中形成的。想象一下，在你出生前24 小时。一个精灵来到你的子宫，对你说：\"你看起来是一个非常有责任感、聪明、有潜力的人。你将在24 小时内诞生，而我将赋予你一个巨大的责任，来决定你即将诞生国家的政治、经济和社会体系。你可以制定规则，任何政治体制，民主制、议会制，任何你想要的，也可以制定经济结构，共产主义、资本主义，任何你想要的，我向你保证，当你出现时，这个世界将满足你和你的子孙后代的要求。有什么要求？第一个要求，就在你出生之前，你必须从一个装有70 亿张纸条的大桶，每个人抽取一张。把你的手伸进去，你就会得到一个新身份，你可能生来就聪明或不聪明，生来就健康或残疾，生来就黑人或白人，生来就在美国或孟加拉国，等等。你根本不知道你会得到哪一张纸条。",[14,84,85],{},"在不知道自己会得到哪一种结果的情况下，你会如何设计这个世界？你希望男性欺负女性吗？你抽到女性的几率是50%。如果你考虑一下政治世界，你会想要一个能满足人们需求的系统。你想要越来越多的产出，因为你会有更多的财富可以分享。美国就是一个很好的制度，人均GDP 达到5 万美元，是我出生时的6 倍。但是，在不知道自己会抽到什么的情况下，你希望这个系统一旦产生产出，就不想让任何人落后。你希望激励表现最好的人，不希望结果是平等的，但希望那些抽到糟糕纸条的人仍能过上体面的生活。你也不希望人们心中有恐惧，担心老无所依，担心医疗费用。",[14,87,88],{},"我称之为\"卵巢彩票\"。我的姐妹们没有得到同样的彩票。人们对她们的期望是：嫁得好，或者如果工作了，可以当护士、教师等。如果你在设计世界时知道男女比例各占一半，那么你就不会想让女性拥有这样的世界，因为你可能会抽到女性。用这样的方式来设计你要生活的世界；这应该是你的理念。我看福布斯400 富豪榜，看他们的数据，看看它在过去30 年是如何增长的。底层美国人的生活也在改善，这很好，但我们不希望出现这种程度的不平等。只有政府才能纠正这种现象。正确的观点是，如果你不知道自己会抽到什么人生，你会如何设计这个世界。如果你不愿意在100 个随机纸条中抽一张赌一把，那你就是幸运的！70 亿人中的前1%。每个人的经历都不相同。你不能说你什么都自己做。我们都有老师，都有引领我们走到今天的前辈。我们不能让别人落后太多。你们肯定都有很好的机会。",[14,90,91],{},"6，您是为数不多的在职场支持女性的男性CEO 之一。您能谈谈您的理由以及我们如何在职场中贡献自己的智慧吗？(一位女生提问) 巴菲特：美国在1776 年写下了\"人人生而平等\"等等的《独立宣言》。1789 年，我们制定了《宪法》，但经过深思熟虑之后...黑人只占白人3\u002F5 权力。他们大意了。他们写的时候没有使用性别代词。他们把自己送上了总统宝座，他们说\"他\"。很快，\"人人生而平等\"就变成了\"男性生而平等\"。在Gettysburg 演说中，林肯重复了\"人人生而平等\"这句话。但在某些州，女性不能投票，甚至不能继承财产。终于在1920 年，也就是在这一新的制度开始的 131 年之后，\"哦，是的，妇女应该有公平的投票权\"。此后，许多大法官在O'Connor 之前就被任命了。在我还是个孩子的时候，每个人都对我抱有期望，但我的姐妹们同样聪明，却被委以不同的工作。在这个国家里，想想我们从只使用一半的人才到现在花费了多久。",[14,93,94],{},"现在，我们开始释放另一半人才的潜能。如果我们只允许身高在5 英尺10 英寸以上的人担任CEO、会计师或律师，而身高在5 英尺10 英寸以下的人必须成为护士等，那就太疯狂了，我们无法释放潜能。女性的情况也是如此。没有人意识到这一点，我爸爸没有，我的老师也没有。女性显然同样聪明，同样努力。没有人比Carrie 更擅长主持我们的年会。我认为，CEO 如果因为性别而放弃最有才华的人，那简直是疯了。但我们正朝着正确的方向前进。我们正在朝着自己设定的理想前进，但Jefferson 设定的这些理想直到很久以后才得以实践。",[14,96,97],{},"7，在收购一家公司时，您如何评估管理层？",[14,99,100],{},"当我把一张大额支票交给了B 夫人，他们其实都不用再继续工作了。但当他们拿到钱，我拿到公司股票后，他们还会继续这样工作吗？当他们把钱放进自己的口袋时，他们还会像以前一样努力工作吗？",[14,102,103],{},"我们3\u002F4 的经理人都是经济独立的富豪。这些人根本不需要去工作，但他们正在努力工作。如果我给一个人 40 亿美元，下个月公司会像过去一样好吗？明年呢？",[14,105,106],{},"我不是跟合同做生意而是人，所以我必须衡量管理层是否会继续以同样的方式工作。总的来说，",[14,108,109],{},"我的评估是正确的，而且我的评估做得更好了。他们不需要我，而是我需要他们。",[14,111,112],{},"我为什么要来工作？我可以做任何我想做的事，但我每天早上起来就迫不及待地投入工作。我喜欢在周六工作，与学生交谈。我为什么这么做？因为我可以按自己的意愿画自己的画。伯克希尔就是我的画。人们喜欢创造事务。我认为我是米开朗基罗，我画的是西斯廷教堂，但在别人看来，我可能只是个小丑。",[14,114,115],{},"第二件事，我想要掌声。我喜欢别人欣赏我的画。如果别人有自己的画，我有什么资格告诉他们该怎么画",[14,117,118],{},"呢？管理也一样，我欣赏他们所做的一切。我了解这个游戏，所以当我称赞他们时，他们知道他们得到了他们喜欢的评论家的认可。我持有他们公司的股票，但这仍然是他们的生意。当经理人真正关心企业时，企业文化就会变得很好。",[14,120,121],{},"8，现在，信息无处不在。如果你今天出生在秘鲁，你能以同样的方式茁壮成长吗？",[14,123,124],{},"巴菲特：是的，我知道。全世界正在发生变化。人们可以在社会经济阶层内自由或向上流动。美国在提高",[14,126,127],{},"GDP 时并不比其他国家更努力，我们允许机会均等。我们甚至没有更聪明地工作，我们只是释放了人们更大的潜能。世界正在为所有人提供机会。",[14,129,130],{},"9，对于今天想从事投资工作的人，你会给他们一些什么样的职业建议？",[14,132,133],{},"巴菲特：你只是想了解它的一切。投资要学的东西太多了。学习什么有效，什么无效，什么有价值，什么没有价值。我在11 岁时以38.25 美元的价格买了3 股城市服务公司优先股。与此同时，我姐姐多丽丝也买了3 股，我父亲买了4 股，所以我们一共买了10 股。我姐姐多丽丝每天上学时都抱怨股票的价格。于是我以42 美元的价格卖掉了股票。两年后，这些股票涨到了200 美元。",[14,135,136],{},"我会努力用经过审计的投资管理记录来管理资金，以便在做得好时吸引更多的人。相比投资，我更喜欢经营企业。经营企业比管理资金更为有趣。",[14,138,139],{},"ToddCombs 和TedWeschler 各自管理着65 亿美元的资金。他们每个人赚的钱都比经营自己的对冲基金要少。但他们喜欢在伯克希尔工作。他们有足够的钱。他们有我欣赏的品格。",[14,141,142],{},"10，关于女性的人生目标。",[14,144,145],{},"巴菲特：我推荐你读凯瑟琳格雷厄姆写的《我的一生略小于美国现代史》。总统们都来看她。她克服了母亲和丈夫说她一无是处的心理障碍。",[14,147,148],{},"今天，许多女性成功地担任了CEO。波仙珠宝的CEO 苏珊雅克(SusanJacques)即将离职，去担任全球宝石协会主席(Worldwide Gem Association)。",[14,150,151],{},"11，您是第一个用\"护城河\"来描述竞争优势的人。晨星公司在此基础上继续发展。您觉得晨星在护城河方面的研究工作怎么样？",[14,153,154],{},"巴菲特：我认为他们做得很好。我在40 多年前就想出了这个词，因为在资本主义中，你需要有这些经济城堡来保护自己。比如苹果、微软等等公司。有些公司的城堡规模较小。如果你在资本主义中有一座经济城堡，人们就会试图占领它。你需要两样东西，一是城堡周围需要有宽阔的护城河，二是城堡里需要有一位聪明的骑士，他正努力拓宽城堡周围的护城河。可口可乐是如何建立护城河的？他们加深了人们脑海中的想法：\"可口可乐就是快乐所在\"。可口可乐的护城河就是你的心中所想。铁路的护城河是进入壁垒。GEICO 的护城河是低价格。我们每天都在努力拓宽护城河。喜诗糖果在消费者心中建立了护城河，它是一个比RussellStover 更有效的情人节礼物。",[14,156,157],{},"41 年来，喜诗糖果每年在12 月26 日都会提价。1972 年，我们以2500 万美元收购了喜诗糖果。如今它的收入已达8000 万美元。理查德布兰森(RichardBranson)10 年前推出的维珍可乐失败了。士力架40 年来一直是头号巧克力棒。",[14,159,160],{},"12，您如何平衡工作与家庭生活，对年轻的专业人士有什么建议？",[14,162,163],{},"巴菲特：你要做的最重要的决定就是嫁给谁。重要的是，你对大事的想法，你必须确保你的配偶，对同样的大事有着相同的想法。不要试图改变某人而结婚。要嫁给一个比你更好的人。要永远与比你优秀的人交往。",[14,165,166],{},"13，您的目标是每年战胜道琼斯工业指数10 个百分点吗？",[14,168,169],{},"巴菲特：几年前，我曾试图战胜指数(标普指数)。现在的目标是跑赢指数10%。如果指数下跌20%，而我们下跌10%，那也没关系。我们没有设定在某些业务或证券中获利的具体数字。我们做的是我们认为当时最好的投资。在我们的能力圈范围内，这是我们能做的最明智的事情吗？希望我们说：是。我们通常认为公司的价值就是从现在到审判日的现金流折现值。",[14,171,172],{},"如果你真正回到投资领域，2600 年前的伊索寓言说\"一鸟在手，胜过两鸟在林\"。但你需要质疑一下：你有多确定灌木丛中有两只鸟？多久能够得到？利率是多少？(笑声)",[14,174,175],{},"投资就是，你现在投入资金，期望以后能得到更多资金。伯克希尔一直在往灌木丛里放更多的鸟。",[14,177,178],{},"如果你只管理100 万美元，那么在没有风险或杠杆的情况下，你应该能跑赢标普500 指数10 个百分点。",[14,180,181],{},"14，你参加过的最困难的谈判是什么？你是如何制定谈判策略的？",[14,183,184],{},"巴菲特：我只从我父亲那里真正学到了谈判。人们的谈判风格各不相同。我不想在谈判中在某个时刻进入\"必须结束\"的境地。当我扼住他们喉咙的时候，我不希望他们扼住我的喉咙。要么我们放弃，要么一方掐死另一方。",[14,186,187],{},"我的风格与大多数人不同，我只是说我会做什么。如果你一生都这样做，那就坚持下去。我可以放弃任何东西。",[14,189,190],{},"我说我出X 美元，通常这就是最好的交易价格。我不想压低价格，然后等你还价，无论如何都要达到X 美",[14,192,193],{},"元。你会为此浪费时间和金钱。我只是说我愿意付多少钱，一旦你建立了信誉，这样做就会很成功。你不想陷入一场无法承受的谈判。",[14,195,196],{},"和你爱的人讨价还价是个可怕的错误。这是毁灭性的。世界上最强大的力量就是无条件的爱。",[14,198,199],{},"15，您最大的投资失误是什么，您是如何从中吸取教训的？",[14,201,202],{},"巴菲特：与其从自己的错误中吸取教训，不如从别人的错误中吸取教训。看看各种各样的商业失败，你不必为此自责，但你一定会犯错误的。",[14,204,205],{},"我最大的错误就是收购了伯克希尔，并试图让它变得更好。我们把所有的钱都投入了一个糟糕的企业，拖累了所有资本长达20 年，即使是在收购国民保险公司之后。伯克希尔是我们发展的基础，但这是一个错误。投资不可能不犯错。",[14,207,208],{},"我们用4 亿美元的伯克希尔股票买下了Dexter 鞋业，这些股票现在价值50-60 亿美元。Dexter 鞋业因国外的竞争而破产。",[14,210,211],{},"我们在KKR 投资的EnergyFutureHolding 债券上损失了20 亿美元。KKR 损失了80 亿美元。",[14,213,214],{},"16，在管理别人的钱并犯错误时，你如何处理责任\u002F负担？",[14,216,217],{},"巴菲特：我告诉他们我会犯错误，但目标是做到这个、这个、还有这个。为了做到这一点，我可能会犯错",[14,219,220],{},"误，但我仍然有可能实现这个目标。我努力让自己在一段时间内不会损失大笔资金。我可能不会通过这种方式赚到最多的钱，但我会努力将永久亏损的风险降到最低。如果一个投资决策有千分之一的可能会给其他人带来永久性损失，我就不会这么去做。",[222,223],"hr",{},[14,225,226],{},"巴菲特：对话IVEY 商学院学生2014",[14,228,229],{},"2014 年1 月31 日",[14,231,232],{},"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。",[14,234,235],{},"1，随着我们的成长，我们的动机也发生了变化。你现在的动机是什么？每天早上醒来时，是什么激励着你？",[14,237,238],{},"巴菲特：我想成为最年长的人！我可以做很多事情，我喜欢和这里的人一起工作。我可以在伯克希尔做我喜欢的工作。我可以画我自己的画。我来这里工作，没有人告诉我该怎么做。这是一块自由的画布。我可以选择画画的颜色。我的经理们也是如此。我给他们自己的画笔，他们可以各自画自己的画。他们干得非常出色。在内布拉斯加家具商场，他们正在向德克萨斯州扩张。这份工作不会给他们的生活带来很大改变，但这是他们的画。",[14,240,241],{},"你会想找到一个你钦佩的地方，为他们工作。我在做我喜欢做的事。我23 岁时接受了本格雷厄姆",[14,243,244],{},"(BenGraham)的一份工作。一开始我提出免费工作，他说我要价太高没有雇佣我。3 年后他还是给了我一份工作，我也没问薪水。我喜欢这份工作，这就是我现在做的工作。",[14,246,247],{},"2，在2010 年的一次采访中，您说父亲给您的最好建议就是无条件的爱。这对您的商业决策有何影响？",[14,249,250],{},"巴菲特：是的，我说过，父亲给我的最大礼物就是无条件的爱。现在，这并不意味着你所做的一切都会得到掌声。如果他不同意我的行为，我父亲肯定会告诉我，但我始终知道他会支持我。",[14,252,253],{},"13 岁时，我搬到了华盛顿。我没有很好地适应，我的行为也不是榜样。父亲找我谈话，告诉我可以做得更",[14,255,256],{},"好。在我的一生中，父亲告诉我，无论我想做什么，他都支持我。这是一个巨大的因素。如果你能从父母那里得到支持，那就太好了。如果没有，那就是一场艰苦的战斗。这就是为什么对你们来说，选择配偶是一生中最重要的决定。你们需要选择一个相信你们并能给你们无条件的爱的配偶。我认为，要找到这样的配偶，最好的办法就是做一个可爱的人。",[14,258,259],{},"我和一位波兰犹太人成为了非常要好的朋友。她在二战期间被关在一个集中营里，她的姐姐和母亲同时被关在不同的集中营里。不幸的是，她的姐姐和母亲再也没有出来。有了这次经历，她交朋友总是很慢。她总是对我说：\"沃伦，每当我遇到一个人，我总是问自己，他们会把我藏起来吗？有些很有钱的人，他们的孩子不会把他们藏起来。很多不明白这一点的有钱人，过着空虚的生活。无论如何，只要你拥有无条件的爱，你就会好起来。",[14,261,262],{},"有一首歌是这样唱的：直到你让铃响了，它才是铃。直到你唱了那首歌，它才是歌。心里的爱并没有停留，直到你付出爱，爱才是爱。《Sixteen Going On Seventeen》A bell is no bell till you ring it，A song is no",[14,264,265],{},"song till you sing it，And love in your heart wasn't put there to stay，Love is not love till you give it",[14,267,268],{},"away。",[14,270,271],{},"3，在收购亨氏Heinz 的过程中，你们通过举债并与3G 资本合作完成了收购。3G 通常采取激进投资策略，他们经常更换管理层，而伯克希尔通常保持管理层不变。是什么让您欣然接受3G 的策略？",[14,273,274],{},"巴菲特：3G 资本的负责人JorgePaulo 是我的好朋友，也是一位出色的经理人，他说他正在考察亨氏，问我是否感兴趣。他给我发了两页建议书，一页是财务方面的，一页是治理方面的，我一个字都不用改。他们都是3G的优秀管理者。无论企业做得多好，总能做得更好，而3G 的经理人是我见过的最好的经理。",[14,276,277],{},"在伯克希尔，我们放手不管。我们有70 多家企业，通常它们都自我经营。例如，BNSF 铁路有40 亿美元的资本预算，但我不审查该预算或其资本分配，因为我信任他们的经理人。人们之所以把企业卖给伯克希尔，是因为他们知道自己将保留控制权，而且不必放弃自己热爱的东西。他们会永远跟伯克希尔在一起，并感激我们放手不管的管理方式。",[14,279,280],{},"我们的放手策略与3G 的团队截然相反。他们经营着自己的企业，而且干得非常出色。3G 是出色的管理者，JorgePaulo 是个了不起的人。我们大约一年前合作，将来可能还会合作。",[14,282,283],{},"4，您认为成长投资、量化投资和其他被动型投资方式最终会超越主动型投资方式吗？",[14,285,286],{},"巴菲特：市场上总会有投资机会，因为人们总是会做出一些极端的事情。LTCM 公司帮助解决了所罗门公司的问题。那里发生的事情是人为造成的，但并不是因为他们不懂市场。2008 年发生的事情也是人为的。房利美、房地美和雷曼在9 月份发生的事情都是人为的。所有这些事情都造成了极端的估值。",[14,288,289],{},"LTCM 公司的一项交易是，当利差达到10-15 个基点时，他们会做空所谓的\"即将上线\"国债，而做多期限略",[14,291,292],{},"有不同的其它国债。新发行的30 年期债券将是\"即将上线\"的债券，但做多29.5 年期债券也没有什么问题，基本上它们是相同的工具。他们将这种交易设置为可以长期运行的策略，但价差太小，你必须使用极高的杠杆才能赚大钱。当两种国债之间的价差扩大到了30 个基点时，对冲策略崩溃了。这太疯狂了，但还是发生了。这让某些人破产了，但也给其他人提供了机会，因为他们总是确保市场的极端情况不会扼杀他们。这种情况还会再次发生。",[14,294,295],{},"你会看到难以置信的机会。虽然这种情况不会经常出现，但在你有生之年一定会再次看到。",[14,297,298],{},"1951 年我从学校毕业时，那时还没有互联网，所以我们只有这些大块头手册。标准普尔和穆迪公司发行了一些手册。20 岁那年，我开始一页一页地翻这些手册。我还翻阅了《工业手册》、《运输手册》和《公用事业手册》，总共大约有1 万页。我一直在寻找便宜的东西。当我翻到这本书的后面，第1433 页时，有一些我从未听说过的公司，但这里有一家叫西部保险证券的公司。上面显示他们每股盈利29.09 美元。而前一年他们赚了21.66 美元。",[14,300,301],{},"这并不能说明什么问题，直到你翻过这一页，看到普通股价，上一年普通股的价格在3-13 美元之间。当我看到它的时候，股价是16 美元。我去找当地的经纪人，他们人很好，承销也不错。公司没有任何问题。",[14,303,304],{},"2004 年，有人让我去韩国看看。他们给了我一本韩国所有证券的手册。一个星期天，我翻阅了这本手册，挑选了大约20 支股票，这些股票与我在穆迪公司挑选的股票类似。我找到一家公司，推测他们是做面粉的。我会寻找资产负债表良好、以2-3 倍市盈率交易、业务不会过时的股票。我对任何特定股票的了解，都不足让我将一半的资金投入其中，但我知道，如果我买下20 只股票，我将获得非常可观的回报。",[14,306,307],{},"这样的投资需要的是金钱和勇气，甚至不需要多高的智商。你只需要130 的智商，然后把多余的智商卖给别人。你需要的是情绪稳定，以及在别人恐惧和吓呆时敢于行动的勇气。这在我的一生中发生过很多次。人类动物也会有同样的反应。",[14,309,310],{},"2008 年秋天，有3000 万美国人拥有货币市场基金，他们在这些基金里总共有3.5 万亿美元，这些钱相当于所有银行存款的一半。9 月初，没有人害怕这些资金安全，因为它们看起来和现金一模一样。两三周后，雷曼倒闭，担心的人从零增加到3000 万。接下来的三天，货币市场基金流出了1750 亿美元，他们不得不卖掉一些东西。他们首先抛售的是政府债券，结果一发不可收拾。恐惧一出现，人们就会惊慌失措。信心是一点一点的恢复的，但恐惧却是一触即发。",[14,312,313],{},"你会再次看到它。未来不会重演，但总会惊人的相似。价值投资者的机会将一如既往。只是当机会来临时，你必须行动，而人们因恐惧不会为你加油。",[14,315,316],{},"5，如果除美国外，您只能在一个国家投资，您会选择哪个国家，为什么？",[14,318,319],{},"巴菲特：很可能是中国。因为我想要一个大市场，因为我们有大笔资金可以投资。我也喜欢韩国，甚至可能是日本。但同样，它必须是一个大市场。",[14,321,322],{},"去年，我们的企业在厂房和设备上花费了100 多亿美元。这是创纪录的一年。其中90%在美国。我们喜欢在美国以外投资的想法，但哪里交易规模没有那么大，而且雷达屏幕上没有那么多机会。",[14,324,325],{},"有趣的是，我们在美国以外的最大投资是在以色列。但那是因为有一天我收到一封信，是一个我从未听说过的人写给我的。信只有一页多点，他在信中介绍了他的公司，他说'我们家族拥有这家公司，我们只想卖给伯克希尔。如果你不想买，我们就不卖了。如果我让你感兴趣，我很乐意从以色列过来告诉你。这封信让我眼前一亮，于是我邀请他过来，他马上过来了。我们以40 亿美元的价格买下了这家公司。",[14,327,328],{},"我们确实从世界各地买东西，但并不常见。这和美国的情况不一样。但我想说的是，你想要进入一个大市",[14,330,331],{},"场，在一个你有可能获得巨大回报的地方。你必须了解游戏规则。我想知道我是否理解这一点。在韩国，我知道大约20 只资产负债表良好的股票，但仅凭这些并不能推动伯克希尔的发展。伯克希尔的市值很大，所以伯克希尔要真正赚钱，我们必须找到大交易。查理和我必须带着大象枪出去，苍蝇拍可不管用。",[14,333,334],{},"6，您与比尔梅琳达盖茨基金会正在努力解决的三大全球性问题是什么？",[14,336,337],{},"巴菲特：基金会无法解决全球三大问题。今天，我们都生活得更好了。实际GDP 增长了，人们对2%的GDP增长表示不满，但如果人口以10%的速度增长，产出就会增加20%。",[14,339,340],{},"网络、核武、生化攻击才是问题所在。很少有政府希望自己的邻国遭受不幸。我们一直有激进分子，也将一直有，但他们的数量在增加，造成破坏的能力也在增强。威胁取决于意图、知识、获取原料的途径和投放能力。",[14,342,343],{},"意图一直存在，并将永远存在。知识的传播也在增加。唯一复杂的是原材料。然而，终究会发生一些事情，因为进攻总是领先于防守。基金会无法解决这些问题，因为它们是政府的问题。",[14,345,346],{},"说到慈善事业，一个人不得不在你知道你能做的事情，和你可能会失败的事情之间做出选择，但你可能会做出很大的改变的机会只有25%。每个人的生命都有同等价值，你必须确定如何才能产生最大的影响。目前，基金会正致力于改善美国以外的医疗状况，特别是针对小儿麻痹症。全世界有很多健康前景可以改变，美国也有很多教育机会可以改变。",[14,348,349],{},"7，您如何看待巴西等新兴经济体？您是否会考虑投资这类市场中的公司？",[14,351,352],{},"巴菲特：我曾多次前往巴西，在那里有相当多的联系人。目前我还没有最喜欢的业务。我无法找到理想的行业；相反，各国应该向特定国家推广其关键部门。",[14,354,355],{},"目前我唯一的标准是，投资规模要足够大，能够推动伯克希尔的发展。以色列的公司就是一个很好的例子，我甚至没有参观其运营情况就投资了。我只想找到一家规模大、管理高效且值得信赖的企业的好的推荐建议。如果有人能清楚地告诉我他有什么业务，他的管理层能做什么，我愿意在10 分钟内投资(前提是我喜欢这个机会)。",[14,357,358],{},"8，如果用1-10 分来衡量，您如何评价自己的成功？",[14,360,361],{},"巴菲特：我不认为我和别人有什么不同。我还是和别人吃同样的食物，和朋友出去玩的很开心，",[14,363,364],{},"唯一不同的是，我现在的旅行方式更好一些。我旅行时会乘坐我的喷气机。对我来说，成功就是做自己喜欢和热衷的事情，只要你做自己喜欢的事情，你就会脱颖而出，表现出色。如果要给自己打分，我永远相信自己是10 分。",[14,366,367],{},"巴菲特的朋友汤姆·墨菲把富人炫耀财富的这类活动称为\"大象聚首\"(elephant-bumping)。再买一栋房子只会给我带来不便，我会觉得有义务住在这栋房子里，而不是住在我现在还算舒适的房子里。例如，我不喜欢游艇。",[14,369,370],{},"游艇只会让我有机会在海上做一些更困难的事情，在海上我会感觉被困住了，而在陆地上我本可以花很少的钱就可以轻松完成这些事情。归根结底，金钱不是衡量成功的最终标准，而是你身边有多少亲人。",[14,372,373],{},"9，儿童系列动画片《秘密百万富翁俱乐部》背后的想法是什么？您想通过这个系列向孩子们传授哪些关于金钱的知识？",[14,375,376],{},"巴菲特：我的父亲从不强迫我做任何事，我也试着对我的孩子们这样做。我的三个孩子都没有完成大学学",[14,378,379],{},"业，三人拿不出一个学位来。你必须找到真正的自己，没有人能教你这一点。我为《秘密百万富翁俱乐部》制作了一系列动画片，共14 集。我演我自己，向那些在金钱方面没有\"正确习惯\"的孩子们教授历史和秘密百万富翁的\"理念\"。我本人和制片人希望向孩子们灌输更好的理财习惯，帮助他们成长。这一举措后来受到了一些名人的追捧，其中包括比尔盖茨和Jay-Z，他们甚至出现在《秘密百万富翁俱乐部》的一些节目中。我们试图解决的一些问题包括信用卡滥用和糟糕的债务。",[14,381,382],{},"10，在男性占主导地位的行业中，对于在此类行业中工作的女性，您有什么建议？",[14,384,385],{},"巴菲特：看看美国只用了一半的人才(男性)就取得了这么大的成就，想想我们用全部的人才(男女)能做什么。",[14,387,388],{},"如果你读过美国宪法，在定义法官和国会时，它没有使用人称代词，但在定义总统时，它使用了\"他\"。此外，Thomas Jefferson 曾说过\"人人生而平等\"，Abraham Lincoln 也重复了这句话。但从那时起，我们有了第19修正案，赋予了妇女选举权。一切都在向前发展。",[14,390,391],{},"在过去的20 年里，我们看到很多行业都发生了巨大的变化。例如，TracyBritt，一位29 岁的女性，是我们旗下4 家公司的董事长(2009 年哈佛商学院毕业后加入伯克希尔担任财务助理)。在我成长的过程中，我在西雅图遇到过一位98 岁的老太太，她是第一位从康奈尔大学毕业的女性。在解剖课上，她不得不站在帘子后面。虽然还有很长的路要走，但我们正在快速前进。",[14,393,394],{},"如果你在一家男性占主导地位的公司工作，只希望伯克希尔收购他们。如果你有一个孩子，九成的女性只做家务，生活会被打断；生活会更加艰难。然而，一家公司如果忽视了一半的人才，就不会有长久的竞争力。在我的成长过程中，我的老师们都很有才华，因为在当时，女性只有几种选择(教师、文员、秘书和另外一种)，所以她们的资质远远超过了要求，她们应该去做别的事情。我觉得我得到的比我应得的要多。",[14,396,397],{},"11，如果你有一个神谕，你最想问什么问题？",[14,399,400],{},"巴菲特：全人类最重要的问题是：上帝存在吗？我是不可知论者，但我还是想知道。这是世界上最伟大的问题。我会比你们更早的知道(笑)。我喜欢现在的世界，因为有足够的不确定性。我可以说我以前看过这类电影，但仍然无法预测结局。我喜欢这种方式，因为过去是相关的，但它并不是未来的决定性因素。现在的游戏方式非常有趣，我不想改变太多。",[14,402,403],{},"12，您认为您一生中最好的非金融投资是什么？",[14,405,406],{},"巴菲特：我的两张结婚证。我不知道它花了我多少钱，但即使花100 万倍的钱也是很划算的。我猜你在寻找有形资产，所以我会说我的房子。在我购买它的时候，它占用了我相当多的自由资金。它之所以如此值得，是因为那里发生了很多事情。我的孩子们在那里长大，他们和他们所有的朋友都聚集在那里。他们回家的时候，朋友们还会来这里玩。虽然有经济方面的原因，但主要动机并不是经济，我买房的每一个理由都得到了满足。",[14,408,409],{},"不久前，我们在那里庆祝了我的好朋友兼生意伙伴查理的90 岁生日。大约有280 人参加。一段时间以来，我一直怀疑查理的听力下降了，但我不知道该怎么告诉他。我去看了医生，问有什么好办法，医生说站在房间对面，用正常的语调说话，看他是否有反应。于是在聚会上，我站在房间对面，用正常的语气问：\"查理，我觉得我们应该用35 美元买微软，你同意吗？\"他没有反应，于是我走过半个房间，再次说：\"查理，我认为我们应该用35 美元买下微软公司，你同意吗？\"他没有任何反应。最后，我几乎走到他身边问：\"查理，我认为我们应该用35美元买下微软公司，你同意吗？\"他直视着我的脸说：\"第三次，同意！\"",[14,411,412],{},"13，伯克希尔的目标是收购能自我运营的公司。什么时候您不得不重组公司的运营或管理团队？",[14,414,415],{},"巴菲特：有时我们不得不更换经理，但我们从未真正重组过整个企业。在这份工作中，更换经理是我最不喜欢的部分；不过，这是不可避免的。我们没有退休政策，经理们知道你的意思是他们没有退休的顾虑了。大多数经理都是我的朋友，我讨厌这样做。伯克希尔更换经理的次数绝对少于同行。我们拥有70 多家企业，通常每年要更换1-2 名经理。",[14,417,418],{},"一个例子是西海岸的Wesco 子公司，我和公司老板是好朋友。他患上了老年痴呆症，因为他是我的好朋友，所以我推迟了几年才采取行动。我不想承认这一点，也不想看到这一点。我几乎总是很晚才更换经理。我本不应该晚点这么做，但我会继续晚点做。在另一种情况下，我不得不面对长期担任CEO 的人的退休问题，他告诉我：",[14,420,421],{},"\"如果我是你，我也会这么做\"。",[14,423,424],{},"通常情况下，我每年都会给经理们发一封两页纸的信，并附上有限的说明，我还会要求他们给我一页纸的回信，告诉我如果一夜之间发生了什么事，应该由谁来接替他们。更换经理是资本主义的一部分，因此这也是我的责任；不过，这样做并不容易。同样重要的是，我必须区分投资失败(这是我的错)和管理不善。CEO 对企业极为重要，因此我们必须采取行动，让公司重回正轨。正确的CEO 就代表了好的企业。",[14,426,427],{},"董事会也是一个社会机构。很难解雇那些善良、真诚但管理能力平庸的人。这其实是美国公司最大的问题。",[14,429,430],{},"我曾在19 个董事会任职，要摆脱平庸的管理层庸很难。想去做这件事也很难。",[14,432,433],{},"14，你一生中犯过的最大错误是什么？你从中吸取了什么教训？",[14,435,436],{},"巴菲特：将伯克希尔作为组建公司集团的载体。当我拥有伯克希尔的一些股份时，他们正在关闭工厂并为回购股票报价。公司询问了我的投标价格，我们双方口头上就11.50 美元回购价格达成了一致。一两个月后，当我收到投标书时，他们又反悔了，出价11.375 美元。于是我一怒之下出手买下了所有股份，解雇了CEO。这是个糟糕的生意，但当时在短期内做得还不错。1967 年初，我还在奥马哈经营一家合伙公司，当地的一位朋友想出售国民保险公司，我买下了它。我没有成立一家新公司来收购它，而是通过伯克希尔收购了它。我把一家好公司和一家糟糕的公司放在了一起。如果我们当时围绕保险公司建立了现在的伯克希尔，我们就会拥有它100%的股份，而不是后来的70%。而且我们的纺织业务还拖了29 年，导致了资本回报率的下降。在这样的基础上建立业务是很糟糕的。",[14,438,439],{},"1990 年代，我在缅因州收购Dexter 鞋业公司时犯了一个错误。我用4 亿美元伯克希尔股票买下了公司，而这家公司的价值为零。我应该付现金的。现在这些股票价值50 亿美元。每次伯克希尔股票下跌，我都会对那笔交易感觉好一点。那真的很愚蠢，而且是双重愚蠢。",[14,441,442],{},"在我的个人生活中，我非常幸运。我很幸运有很棒的父母和老师，他们既是正式的老师，也是朋友。我最大的幸运是，我一生中交到了15 个左右的挚友，他们从未让我失望过。从我的搭档查理芒格开始，很难再找到这样的搭档，它几乎和婚姻一样重要。我们都很有主见，也有不同意见，但从未发生过争吵。他们是我的英雄。让你失望的感觉很糟糕，但这种情况还没有发生过。我一直坚持与比我优秀的人交往。你会向那些与你交往的人的行为靠拢，你也会变得更像他们。",[14,444,445],{},"有时我的商业运气不好，但你要振作起来，继续做下一件事。也许我会在这次棒球比赛中失利，损失10 亿美元。不过这会很有趣，我会和剩下的那个人一起去看比赛，带上一张十亿的支票，即使我们可能会为不同的球队加油。",[14,447,448],{},"15，自2008 年以来，你投出的最好的球和最差的球分别是什么？",[14,450,451],{},"巴菲特：伯克希尔面临的一个挑战是，公司现在的规模庞大，必须投资大额交易才有助力。2008 年经济衰退前，伯克希尔承诺以30 亿美元收购陶氏化学公司的股份，但该交易在2008 年10 月雷曼倒闭后才生效。但伯克希尔信守承诺，完成了收购，但事后看来，用30 亿美元可以做很多更好的交易。",[14,453,454],{},"伯克希尔在2008 年9 月15 日至10 月15 日期间投资了155 亿美元。然而，这只是几个月前就签订的交",[14,456,457],{},"易。如果伯克希尔没有提前用完资金，2009 年初可能会有更好的交易。BNSF 铁路是一笔伟大的投资，幸运的是伯克希尔有足够的资金来完成这笔交易，我们也幸运地获得了这项业务。",[14,459,460],{},"16，2010 年，您与比尔盖茨先生一起公开宣布了\"捐赠誓言\"，鼓励世界上最富有的人将大部分财富捐献给慈善事业。在承诺之前，您曾打算在死后捐出大部分个人财富。然而，这种想法已经改变，您现在的捐赠是有计划的。这种心态变化的原因是什么？您如何看待社会投资(投资不仅仅是为了盈利，而是为了社会目标)？您认为社会投资有其存在的价值，还是认为利润和慈善事业应该分开？",[14,462,463],{},"巴菲特：2004 年我的妻子去世后，我的捐赠计划发生了变化。我和妻子已经拥有了我们所需要的一切，我很早就决定，我们将把多余的钱全部捐献给社会。最初，我85%的财富将捐给五个基金会。最近，我决定将捐给子女的金额翻倍。我还承诺，我在伯克希尔的所有股份都将捐给基金会，并且必须在10 年内花完。我希望现任的管理层来做决定，谁知道10 年后谁会掌权呢。年轻的成功一代，比如扎克伯格，有能力影响年轻一代进行社会投资。我个人认为，投资和社会事业不能混为一谈。大多数将这两者混为一谈的建议都是混乱和令人困惑的，因",[14,465,466],{},"此，作为投资和企业的表现都很糟糕。",[14,468,469],{},"17，巴菲特先生，您能否对最近的\"疯狂三月\"排名比赛，以及房产经纪公司使用伯克希尔名称发表一下看",[14,471,472],{},"法？这是否是伯克希尔名字商业化的开始？",[14,474,475],{},"巴菲特：10 亿美元奖金的\"疯狂三月\"比赛，实际上是一项保险交易。速贷公司将在5 年内向获得完美晋级的选手提供10 亿美元奖金。伯克希尔公司为速贷公司投保了这笔奖金。伯克希尔公司过去也做过类似的交易，例如与百事公司合作，举办了一次抽取某个数字的比赛。伯克希尔公司也承保过特种保险交易。例如，伯克希尔为Alex Rodriguez 在德克萨斯游骑兵队效力时投保。伯克希尔为美国大学生篮球联赛投保过一次。伯克希尔会听取任何保险建议，如果有利可图，就会进行承保。",[14,477,478],{},"关于房地产品牌的问题，近年来BH HomeServicesNetwork 稳步发展，已成为美国第二大经纪公司。包括",[14,480,481],{},"伯克希尔控股ClaytonHomes 以及两年前收购的Prudential 房地产特许经营权公司。最近以BH HomeServices Network 的品牌进行运营是合情合理的，并不是为了更多地使用伯克希尔的名称而进行的品牌推广。",[14,483,484],{},"18，你们在\"私募股权\"市场的战略有何不同？",[14,486,487],{},"巴菲特：在今天的条件下，私募股权市场上有很多交易，人们互相购买。现在有很多竞争和压力，要么现在高价买，要么把钱还回去。伯克希尔只有在控股家族\u002F股东想卖给我们时才会收购。他们会来找我，说他们想把企业卖给伯克希尔。他们也许可以通过卖给别人得到更多的钱，但他们知道，当我说我要收购一家公司时，这笔交易在任何情况下都会完成；我不会改变你的交易。而私募股权投资公司在做了尽职调查后，会改变对你的交易。",[14,489,490],{},"他们知道，当他们把公司卖给伯克希尔后，它将永远成为伯克希尔的一部分。员工不必担心第二天会发生什么。",[14,492,493],{},"如果你有一个好企业，为什么要卖掉它？不过，有些情况可能会迫使你出售，比如家庭问题或严重的经济衰退。例如，我们买下BNSF 铁路，就是因为当时严重的经济衰退。除了价格，伯克希尔是城里最好的投资人。我们坚持自己给出的价格，如果我说X 美元，那就是X 美元。我们不参与谈判，这样可以节省时间。",[222,495],{},{"title":497,"searchDepth":498,"depth":498,"links":499},"",2,[],"访谈与文章",null,"巴菲特会见八所商学院学生，回答16个提问，分享投资哲学、企业经营与人生规划的核心智慧。","md",{},true,107,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":5,"description":502},"巴菲特：2013年对话八所商学院学生｜巴菲特","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng","rY-WwkdKXRVZf-DCdc_a-2RiUTgbEzMHoe0uWg_wauY","buffett",[515,520,523,527,530,533,536,540,543,546,550,553,556,560,563,566,570,573,576,580,583,586,590,593,596,600,603,606,610,613,616,620,623,626,630,633,636,640,643,646,650,653,656,660,663,666,670,673,676,680,683,686,690,693,696,701,704,707,711,714,717,721,724,727,731,734,737,741,744,747,751,754,757,761,764,767,771,774,777,781,784,787,791,794,797,801,804,807,811,814,817,821,824,827,831,834,837,841,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1173,1176,1180,1183,1187,1190,1194,1197,1201,1204,1208,1211,1215,1218,1222,1225,1229,1232,1236,1239,1243,1246,1250,1253,1257,1260,1264,1267,1271,1274,1278,1281,1285,1288,1292,1295,1299,1302,1306,1309,1313,1316,1320,1324,1328,1332,1336,1340,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421,1425,1429,1433,1437,1441,1445,1449,1453,1457,1461,1465,1469,1473,1477,1481,1485,1489,1493,1497,1501,1505,1509,1513],{"title":516,"slug":517,"category":518,"order":519},"1956 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":866,"slug":867,"category":500,"order":864},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":869,"slug":870,"category":518,"order":871},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":873,"slug":874,"category":500,"order":871},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":876,"slug":877,"category":518,"order":878},"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":880,"slug":881,"category":500,"order":878},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":883,"slug":884,"category":518,"order":885},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":887,"slug":888,"category":500,"order":885},"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":890,"slug":891,"category":699,"order":892},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":894,"slug":895,"category":500,"order":892},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":897,"slug":898,"category":518,"order":899},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":901,"slug":902,"category":500,"order":899},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":904,"slug":905,"category":699,"order":906},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":908,"slug":909,"category":500,"order":906},"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":911,"slug":912,"category":699,"order":913},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":915,"slug":916,"category":500,"order":913},"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":918,"slug":919,"category":699,"order":920},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":922,"slug":923,"category":500,"order":920},"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":925,"slug":926,"category":699,"order":927},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":929,"slug":930,"category":500,"order":927},"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":932,"slug":933,"category":699,"order":934},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":936,"slug":937,"category":500,"order":934},"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":939,"slug":940,"category":699,"order":941},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":943,"slug":944,"category":500,"order":941},"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":946,"slug":947,"category":699,"order":948},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":950,"slug":951,"category":500,"order":948},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":953,"slug":954,"category":699,"order":955},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":957,"slug":958,"category":500,"order":955},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":960,"slug":961,"category":699,"order":962},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":964,"slug":965,"category":500,"order":962},"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":967,"slug":968,"category":699,"order":969},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":971,"slug":972,"category":500,"order":969},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":974,"slug":975,"category":699,"order":976},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":978,"slug":979,"category":500,"order":976},"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":981,"slug":982,"category":699,"order":983},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":985,"slug":986,"category":500,"order":983},"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":988,"slug":989,"category":699,"order":990},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":992,"slug":993,"category":500,"order":990},"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":995,"slug":996,"category":699,"order":997},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":999,"slug":1000,"category":500,"order":997},"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":1002,"slug":1003,"category":699,"order":1004},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1006,"slug":1007,"category":500,"order":1004},"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":1009,"slug":1010,"category":699,"order":1011},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1013,"slug":1014,"category":500,"order":1011},"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":1016,"slug":1017,"category":699,"order":1018},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1020,"slug":1021,"category":500,"order":1018},"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":1023,"slug":1024,"category":699,"order":1025},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1027,"slug":1028,"category":500,"order":1025},"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":1030,"slug":1031,"category":699,"order":1032},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1034,"slug":1035,"category":500,"order":1032},"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":1037,"slug":1038,"category":699,"order":1039},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1041,"slug":1042,"category":500,"order":1039},"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":1044,"slug":1045,"category":699,"order":1046},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1048,"slug":1049,"category":500,"order":1046},"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":1051,"slug":1052,"category":699,"order":1053},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1055,"slug":1056,"category":500,"order":1053},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1058,"slug":1059,"category":699,"order":1060},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1062,"slug":1063,"category":500,"order":1060},"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":1065,"slug":1066,"category":699,"order":1067},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1069,"slug":1070,"category":500,"order":1067},"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":1072,"slug":1073,"category":699,"order":1074},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1076,"slug":1077,"category":500,"order":1074},"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":1079,"slug":1080,"category":699,"order":1081},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1083,"slug":1084,"category":500,"order":1081},"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":1086,"slug":1087,"category":699,"order":1088},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1090,"slug":1091,"category":500,"order":1088},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1093,"slug":1094,"category":699,"order":1095},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1097,"slug":1098,"category":500,"order":1095},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1100,"slug":1101,"category":699,"order":1102},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1104,"slug":1105,"category":500,"order":1102},"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":1107,"slug":1108,"category":699,"order":1109},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1111,"slug":1112,"category":500,"order":1109},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1114,"slug":1115,"category":699,"order":1116},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1118,"slug":1119,"category":500,"order":1116},"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":1121,"slug":1122,"category":699,"order":1123},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1125,"slug":1126,"category":500,"order":1123},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1128,"slug":1129,"category":699,"order":1130},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1132,"slug":1133,"category":500,"order":1130},"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":1135,"slug":1136,"category":699,"order":1137},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1139,"slug":1140,"category":500,"order":1137},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1142,"slug":1143,"category":699,"order":1144},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1146,"slug":1147,"category":500,"order":1144},"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":1149,"slug":1150,"category":699,"order":1151},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1153,"slug":1154,"category":500,"order":1151},"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":1156,"slug":1157,"category":699,"order":1158},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1160,"slug":1161,"category":500,"order":1158},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1163,"slug":1164,"category":699,"order":1165},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1167,"slug":1168,"category":500,"order":1165},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1170,"slug":1171,"category":699,"order":1172},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1174,"slug":1175,"category":500,"order":1172},"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":1177,"slug":1178,"category":699,"order":1179},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1181,"slug":1182,"category":500,"order":1179},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1184,"slug":1185,"category":699,"order":1186},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1188,"slug":1189,"category":500,"order":1186},"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":1191,"slug":1192,"category":699,"order":1193},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1195,"slug":1196,"category":500,"order":1193},"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":1198,"slug":1199,"category":699,"order":1200},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1202,"slug":1203,"category":500,"order":1200},"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":1205,"slug":1206,"category":699,"order":1207},"2014 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