[{"data":1,"prerenderedAt":1787},["ShallowReactive",2],{"library-ba-fei-te-2017nian-jie-shou-cnbccai-fang":3,"library-sidebar-buffett":250,"library-sidebar-dao":1253,"library-sidebar-models":1555},{"id":4,"title":5,"body":6,"category":236,"date":237,"description":238,"extension":239,"meta":240,"navigation":241,"order":242,"path":243,"seo":244,"seoDescription":238,"seoTitle":245,"slug":246,"stem":247,"__hash__":248,"_collection":249},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2017nian-jie-shou-cnbccai-fang.md","巴菲特：2017年接受CNBC采访",{"type":7,"value":8,"toc":232},"minimark",[9,13,17,20,23,26,29,32,35,38,41,48,51,54,64,67,70,76,82,85,88,91,97,100,106,109,112,117,120,123,129,132,135,138,147,150,153,156,159,162,167,170,176,179,182,185,188,194,197,200,203,208,211,217,220,223,226,229],[10,11,5],"h1",{"id":12},"巴菲特2017年接受cnbc采访",[14,15,16],"p",{},"2017年5月20日",[14,18,19],{},"2017 年致股东信刚刚发布不久，\"股神\"巴菲特周一接受 CNBC 专访，力挺美股，透露今年以来苹果持仓已翻倍，同时道出了持仓苹果的真正原因。他对美国经济也表示乐观，预言\"道指最终将升至 10 万点\"。但对于特朗普政策，巴菲特机智地表示：不予置评，以观后效。",[14,21,22],{},"**CNBC：**上周六公布的《致股东的信》中，您开篇依旧在说\"美国活力\"，能给我们讲讲原因吗？为什么对美国的信心这么高？",[14,24,25],{},"**巴菲特：**对美国前景的乐观判断，是我一生投资的最大主题。从我 11 岁买入第一只股票开始，这个主题就压倒一切。",[14,27,28],{},"我们在经济上有过波折，比如 2008 年金融危机。在 1942 年春天，我们也经历过战争。但是无论情况多么糟糕，我们总是会重新站起来。大家想想看，在过去 240 年里都发生了什么？这个国家起步时一无所有，但在不到我岁数三倍的时间里，就成长为世界强国。你知道，人类文明已经延续了数千年，但生活水平几乎没有进步。然后美国展示了一条道路，而且这条路现在依旧充满活力。",[14,30,31],{},"**CNBC：**什么样的消息你觉得有用？比如，很多人会说\"我入场太晚了，道指已到 2 万点，我错过了机会，现在只能等回调。\"你对这类人有什么建议？",[14,33,34],{},"**巴菲特：**他们不知道入场时机，我也不知道。如果这是一场伴随余生的游戏，你最好早些入场。那些为了等待自以为是的正确时点而徘徊不前的人，是非常错误的。我从未见过任何人能连续把握入场时机。比如你打算买一个农场，预计在 10 年、20 年后大幅升值，那现在就该采取行动，除非农场主开价太过荒谬。",[14,36,37],{},"实际上，投资股票最好的方法是随着时间推移持续买进。你可以建立多元化投资，将风险分散到你所拥有的众多公司。然后再逐月、逐年买进，风险就会随时间推移更加分散。如果你迟迟不进场，就犯了一个非常可怕的错误，错失了从时间跨度上分散风险的机会。就算你这次等到了好时点，下次也不一定如此好运了。",[14,39,40],{},"**CNBC：**您曾认为 2008 年和 2009 年的股票很便宜，也在其他时候提过股票被高估。我们现在正处在一个转折点上吗？",[14,42,43,44],{},"**巴菲特：**我们现在还没到泡沫区间。就当前而言，如果利率在 7%-8%，资产价格才会显得非常高。你必须知道，利率就是估值的\"重力作用\"。比如在 1982 年， 高达 15%的利率几乎下拉了所有资产的价格。道理很简单，",[45,46,47],"strong",{},"如果你能从政府债券获得 15%的收益率，干嘛还要购买收益率只有 4%的农场？",[14,49,50],{},"但相对于利率而言，当前股票和历史估值相比其实是便宜的。不过依旧要小心风险--最近利率上涨较多，可能使股价下跌。但我要说，如果十年前金融危机爆发前，你\"非常明智地\"什么都没买，十年后你肯定会后悔。",[14,52,53],{},"**CNBC：**大家还在关注经济民族主义（economic nationalism），我们如何保持美国的活力？是靠宪法和政客吗？这群家伙真的足够聪明？还是要依靠所有美国人？",[14,55,56,57,60,61],{},"**巴菲特：**如果回到 1790 年，美国大约有 400 万人口，其中还有 70 万人是奴隶，当时全球人口 9 个亿。可是，为什么我们这 0.5%的人口，做成了那些 99.5%的人没做成的事情？我认为这是多种因素的组合……",[45,58,59],{},"虽然每个因素都不完美，但市场体系是绝对必要的","。移民制度在某种程度上让那些雄心勃勃和真正想要新生活的人选择了美国。但我会说，",[45,62,63],{},"市场体系是促成这些的压倒性因素。",[14,65,66],{},"**CNBC：**常常听到权威人士或者其他人说，\"现在美国正面临巨大风险，无论是我们的生活方式，还是现在的制度体系，都在受到威胁\"，你怎么看？",[14,68,69],{},"**巴菲特：**在我的一生中，这类话就没停止过。在 1942 年我才 11 岁的时候，那时道指还只有 100 点左右。然后我们输了太平洋战争，不久之后又是珍珠港事件……毫无疑问，时间最终证明我们取得了胜利。",[14,71,72,73],{},"人们常说，\"好吧，事情现在还难以预测，让我们等到尘埃落定，让我们等到更好的投资时机。\"总有一个理由让你等待，我在一生中听到无数这样的理由。我无法预测明天会发生什么，但我可以用一般的思考方式，预测 20 年后会发生什么。如果你买入 10 年期美债，那你的收入几乎无法增长。买股票是个好主意，当然这不意味着股市明天不会下跌 20%，毕竟 1987 年 10 月 19 日时就曾一天暴跌 22%，",[45,74,75],{},"明天可以发生任何事情。",[14,77,78,79],{},"现在人们谈论道指 20000 点是不是太高，要知道在 1929 年前后，道指 200 点也被认为太高。我的意思是，",[45,80,81],{},"道指在你有生之年可能会接近 10 万点，这不需要任何奇迹，只要美国系统继续发挥活力。",[14,83,84],{},"**CNBC：**你此前说过，大选以来已经花费 120 亿美元买进股票。现在还在继续买入吗？",[14,86,87],{},"**巴菲特：**我们此前分两组买进股票，如果加在一起可能有 140 亿美元。其实买入操作在大选前夕就开始了，一共可能有 200 亿美元。当时也是想买够 200 亿就收手。",[14,89,90],{},"**CNBC：**只是看到有自己想买的个股，就下手了吗？",[14,92,93,94],{},"**巴菲特：**我坚决只专注个股，这和美联储决议无关，和大选结果也无关。如果这两件事有不同寻常的影响，也应该体现在利率上。结果利率并未改变多少，说明事件影响不大。",[45,95,96],{},"而且我这 200 亿美元投资的也不是股票，而是商业，是一门生意。",[14,98,99],{},"**CNBC：**什么是生意？就是买入苹果和航空公司？",[14,101,102,103],{},"**巴菲特：**这是个很好的猜测。",[45,104,105],{},"我们现在已经不买苹果了--现在的价格不适合我再买。",[14,107,108],{},"**CNBC：**嘿，看看您的手机，这不是苹果。",[14,110,111],{},"**巴菲特：**我想说的是，苹果虽然涉及非常多的科技因素，但在很大程度上，它依旧是个消费品公司。在 1960 年左右，Phil Fisher 写过一本投资著作，名字叫《怎样选择成长股》（Common Stocks and Uncommon Profits），我建议投资者都该读读这本书，从 Fisher 那里我了解到了\"聊天法\"（scuttlebutt）的价值：走出去，和竞争对手、供应商、客户们交谈，彻底弄清楚一个行业或者一家公司实际上是如何经营运作的。",[14,113,114],{},[45,115,116],{},"当我陪曾孙女去 DQ 买冰激凌时，有时她会带上朋友。他们几乎人手一部 iPhone，我问他们这部手机可以做什么，以及如何做……他们的生活是否离不开它。可这些人都拿着苹果，几乎没空和我说话，除非我请他们吃冰激凌。我意识到苹果有非常高的客户粘性，本身产品也具有极高使用价值（虽然我自己不用）。",[14,118,119],{},"再看未来苹果的盈利能力，我认为库克做了一件了不起的工作，他的资本配置非常聪明。我不清楚苹果研究实验室里面有些什么，但我知道他们的客户心里想什么，因为我花了相当长的时间与他们交流。",[14,121,122],{},"**CNBC：**苹果的最新财报比人们预期的要好，股价也上涨了。",[14,124,125,128],{},[45,126,127],{},"巴菲特：是啊，股价跳涨，这就是为什么我们不能再买的原因","。其实这些上市公司每个季度都会告诉你他们预计的销售和毛利，这些数据已经相当准确了。所以我不认为四季度的财报是个大惊喜，但苹果公司的确有着非凡的事业。",[14,130,131],{},"**CNBC：**让我们来谈谈另一件事。就是您在去年也买了很多航空公司股票。我们发现，至少在去年年底，您在一些公司的持股已经占到 7%-8.5%，对此有什么说法吗？",[14,133,134],{},"**巴菲特：**这些此前已经澄清过了。我办公室的\"一个家伙\"（指 Ted Weschler）此前在一群航空公司身上下注，只是因为他\"想要把钱用来投资\"，最后只留下了美国航空。我自己投了另外三家航空公司：达美、西南、联合大陆航空。你提到的有些公司的仓位我们已经接近 10%。一般说来，我不想任何股票持仓超过 10%，这会使我们交易更加复杂。只有偶尔作出非常大的决定时，才会超过 10%。",[14,136,137],{},"**CNBC：**为什么持仓超过 10%会变得复杂？",[14,139,140,143,144],{},[45,141,142],{},"巴菲特","：因为一旦超过 10%，就会触发短期证券交易限制规定（short swing rule）。如果你在六个月内交易这些股票，利润就要交给公司。无论你先买后卖，还是先卖后买，他们能获得最低的购买价格和最高的卖出价格，这些规则已经写得明白。",[45,145,146],{},"加上你作为大股东必须提前公告自己的行动，都会使事情复杂化。",[14,148,149],{},"现在，我们富国银行持股就超过 10%，不过这些都是因为银行自己回购股份，并不是我们买进股票。",[14,151,152],{},"**CNBC：**你曾说过，在莱特兄弟发明的飞机第一次试飞成功之前，如果有个资本家击落它的话，那么全球各地的投资者也许会有更好的投资局面。但现在为什么要投资航空股？",[14,154,155],{},"**巴菲特：**你可以上网查查，在过去 30 年里，我觉得有将近 100 家航空公司破产。所以航空业经历了一个坏的世纪。互联网公司也一样，他们失败的远不止 100 家，然后才有了现在估值如此高的行业龙头。",[14,157,158],{},"航空业投资是个非常艰难的任务，一方面座位的边际成本几乎为零，另一方面是巨大的固定成本。比如，你每个航班多带一个人，这个人的成本可以忽略不计，但你如果把最后一个座位卖的太便宜，前面座位的买家肯定不愿意，最后大家都等着抢最后放出的便宜座位。",[14,160,161],{},"**CNBC：**在一周前，我们第一次听说了卡夫收购联合利华的消息，但是周五的时候一条新闻推翻了此前的消息，卡夫宣布撤回收购联合利华要约。请问，发生了什么？",[14,163,164,166],{},[45,165,142],{},"：Alex Behring 卡夫的 CEO，3G 资本的 Jorge Paulo 和我同意向联合利华发出友好的要约。大概四周前 Alex Behring 去伦敦会见了联合利华的 CEO，他们进行了友好协商，但是对方没有给出确定答复。实际上，伯克希尔的 Greg Abel20 年前就认识这个 CEO 了，他的履历很漂亮，我们觉得很好。当 Alex Behring 回来的时候，他跟我们说：\"他没有被撵出来。我们要继续吗？\"所以我们大概两周后又去见了 Alex Behring，他有一封信，这是一个交易纲要，他认为，如果他得到一个中性的回复，他就给出纲要，如果是消极回复，他就回来。结果，他去了之后得到了中性的回复，他给出了那封信。现在我想起了一个老故事，关于外交官和女人的，不知道你听过没有？",[14,168,169],{},"**CNBC：**没有。",[14,171,172,173],{},"**巴菲特：**如果一个外交官说\"YES\"他意思是可能。如果他说\"可能\"意味着真实意思是\"NO\"，如果一个外交官说\"NO\"那他就不是一个真的外交官。如果一个女人说\"NO\"那么意思是可能，如果一个女人说可能，她意思是\"YES\"，如果她说\"YES\"那么她不是女人。这是人们总结的。所以说，",[45,174,175],{},"Alex Behring 得到了一个\"可能\"，但不知道是外交官还是女人口中的\"可能\"。",[14,177,178],{},"我自己做收购不是这样的，我就进去然后说，\"如果让我给报价，那么我就做一个，如果你不让我做报价，我就不做。\"我会把这个交给董事会，你和不同种类的人打交道。这些人是不同的文化，他们比别人更有礼貌，等等。所以 Alex 把这个当成了\"也许\"，并将协议给了联合利华。很显然，联合利华不想要这个协议，过了几天，消息泄露了。星期六我接到电话，\"这个协议价格不受欢迎。\"我认为，如果不受欢迎，那么就不会有这个协议。在可能的阶段就要提出来。",[14,180,181],{},"**CNBC：**从来没有打算做敌意收购？",[14,183,184],{},"**巴菲特：**没有。另一方面，可以这样解释。而且，你知道，我不能争辩。如果人们说，\"我们不喜欢的价格，\"这通常是一个可能。我的意思是--",[14,186,187],{},"**CNBC：**是这样说的吗？",[14,189,190,191],{},"**巴菲特：**这是第一次说，并不是第二次。因为他们--当周六，联合利华的代表给我打电话时，我对他说：\"如果你们认为这是一个不友好的收购，请不要担心，就没有这个收购。如果只是简单的处在谈判阶段，这是人们经常这么做的，他们经常把谈判拿到董事会上去。钱不够等等。我不是自己谈判，3G 资本的人做这件事。",[45,192,193],{},"一旦我们都认为这次收购被认为是敌意的话，我们不会继续\"我想联合利华的人已经明白了这件事。我们不做敌意收购。",[14,195,196],{},"**CNBC：**收购联合利华告一段落，下一步有其他目标吗？",[14,198,199],{},"**巴菲特：**没有目标，坦率地说，这一领域的定价是非常不容易的，而且必须是友好交易，这很难。",[14,201,202],{},"**CNBC：**有观众提问：你说过\"当潮水退去时才知道谁在裸泳，你觉得现在有很多人在裸泳吗？\"",[14,204,205],{},[45,206,207],{},"巴菲特：现在不像互联网浪潮期间，现在已经走过了各种峰值，我写过几次，当我认为已经快到顶点的时候，而现在不是的。现在如果利率大幅上升，那么估值很快下降。但是我现在没有看到那些上世纪 60 年代或者互联网繁荣时代的情况。我没有看到很多错误的事情，或者建立在会计技巧上的事情。",[14,209,210],{},"**CNBC：**是否可以这样理解，你说的这一切是基于你认为利率不能快速上升的判断？",[14,212,213,214],{},"**巴菲特：**是的，低利率推高股票，十年期债券按 40 倍市盈率在出售，它不会增长了。如果你可以买高收益的股票或者有温和增长前景的产品，你就不会买收益率较低的十年期债券和 20 年期债券了。",[45,215,216],{},"我说过在 2008 年保留现金的人是傻子，如果从现在起一年多时间里债券收益率继续上涨，股票收益会更低。",[14,218,219],{},"**CNBC：**你认为美联储 3 月份会加息吗？",[14,221,222],{},"**巴菲特：**我真的不知道，但我知道，要考虑日本和欧洲，特别是欧洲，要考虑利差问题。如果美国利率是 8%，而欧洲是 1%，你想想看。。。所以欧洲是一个关键因素。利差要扩大，美元变得更强，有损害出口。利率提升影响广泛，在经济学中做一件事情，要想到很多的后果。如果我是美联储，我就会问，加息会怎样？利差扩大会怎样？",[14,224,225],{},"**CNBC：**观众提问：\"你对国债怎么看？尤其是 50 年、100 年债券？\"",[14,227,228],{},"**巴菲特：**如果像过去 5、6 年一样的利率水平，我认为买长期债券是非常愚蠢的。我不会买 50 年的债券，利率水平不会一成不变。在伯克希尔，我们有 800 多亿美元短期债券，我买债券也只会买短期的。",[14,230,231],{},"（全文完）",{"title":233,"searchDepth":234,"depth":234,"links":235},"",2,[],"访谈与文章",null,"2017年致股东信发布后，巴菲特接受CNBC专访，力挺美股，透露苹果持仓已翻倍，预言道指将涨至10万点。","md",{},true,122,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2017nian-jie-shou-cnbccai-fang",{"title":5,"description":238},"巴菲特：2017年接受CNBC采访｜巴菲特","ba-fei-te-2017nian-jie-shou-cnbccai-fang","buffett\u002Finterview\u002Fba-fei-te-2017nian-jie-shou-cnbccai-fang","SqA9593JXTHkRlZYqI2XM9asqvKva8NLfNAZUlnVMP8","buffett",[251,256,259,263,266,269,272,276,279,282,286,289,292,296,299,302,306,309,312,316,319,322,326,329,332,336,339,342,346,349,352,356,359,362,366,369,372,376,379,382,386,389,392,396,399,402,406,409,412,416,419,422,426,429,432,437,440,443,447,450,453,457,460,463,467,470,473,477,480,483,487,490,493,497,500,503,507,510,513,517,520,523,527,530,533,537,540,543,547,550,553,557,560,563,567,570,573,577,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1038,1042,1045,1049,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249],{"title":252,"slug":253,"category":254,"order":255},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":277,"slug":278,"category":236,"order":275},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":280,"slug":281,"category":262,"order":275},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":283,"slug":284,"category":254,"order":285},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":287,"slug":288,"category":236,"order":285},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":290,"slug":291,"category":262,"order":285},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":293,"slug":294,"category":254,"order":295},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":297,"slug":298,"category":236,"order":295},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":300,"slug":301,"category":262,"order":295},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":303,"slug":304,"category":254,"order":305},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":307,"slug":308,"category":236,"order":305},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":310,"slug":311,"category":262,"order":305},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":313,"slug":314,"category":254,"order":315},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":317,"slug":318,"category":236,"order":315},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":320,"slug":321,"category":262,"order":315},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":323,"slug":324,"category":254,"order":325},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":327,"slug":328,"category":236,"order":325},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":330,"slug":331,"category":262,"order":325},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":333,"slug":334,"category":254,"order":335},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":337,"slug":338,"category":236,"order":335},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":340,"slug":341,"category":262,"order":335},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":343,"slug":344,"category":254,"order":345},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":347,"slug":348,"category":236,"order":345},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":350,"slug":351,"category":262,"order":345},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":353,"slug":354,"category":254,"order":355},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":357,"slug":358,"category":236,"order":355},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":360,"slug":361,"category":262,"order":355},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":363,"slug":364,"category":254,"order":365},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":367,"slug":368,"category":236,"order":365},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":370,"slug":371,"category":262,"order":365},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":373,"slug":374,"category":254,"order":375},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":377,"slug":378,"category":236,"order":375},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":380,"slug":381,"category":262,"order":375},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":383,"slug":384,"category":254,"order":385},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":387,"slug":388,"category":236,"order":385},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":390,"slug":391,"category":262,"order":385},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":393,"slug":394,"category":254,"order":395},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":397,"slug":398,"category":236,"order":395},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":400,"slug":401,"category":262,"order":395},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":403,"slug":404,"category":254,"order":405},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":407,"slug":408,"category":236,"order":405},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":410,"slug":411,"category":262,"order":405},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":413,"slug":414,"category":254,"order":415},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":417,"slug":418,"category":236,"order":415},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":420,"slug":421,"category":262,"order":415},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":423,"slug":424,"category":254,"order":425},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":427,"slug":428,"category":236,"order":425},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":430,"slug":431,"category":262,"order":425},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":433,"slug":434,"category":435,"order":436},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":438,"slug":439,"category":236,"order":436},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":441,"slug":442,"category":262,"order":436},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":444,"slug":445,"category":254,"order":446},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":448,"slug":449,"category":236,"order":446},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":451,"slug":452,"category":262,"order":446},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":454,"slug":455,"category":254,"order":456},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":458,"slug":459,"category":236,"order":456},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":461,"slug":462,"category":262,"order":456},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":464,"slug":465,"category":254,"order":466},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":468,"slug":469,"category":236,"order":466},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":471,"slug":472,"category":262,"order":466},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":474,"slug":475,"category":435,"order":476},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":478,"slug":479,"category":236,"order":476},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":481,"slug":482,"category":262,"order":476},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":484,"slug":485,"category":254,"order":486},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":488,"slug":489,"category":236,"order":486},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":491,"slug":492,"category":262,"order":486},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":494,"slug":495,"category":254,"order":496},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":498,"slug":499,"category":236,"order":496},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":501,"slug":502,"category":262,"order":496},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":504,"slug":505,"category":254,"order":506},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":508,"slug":509,"category":236,"order":506},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":511,"slug":512,"category":262,"order":506},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":514,"slug":515,"category":435,"order":516},"1967 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":686,"slug":687,"category":236,"order":684},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":689,"slug":690,"category":435,"order":691},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":693,"slug":694,"category":236,"order":691},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":696,"slug":697,"category":435,"order":698},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":700,"slug":701,"category":236,"order":698},"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":703,"slug":704,"category":435,"order":705},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":707,"slug":708,"category":236,"order":705},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":710,"slug":711,"category":435,"order":712},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":714,"slug":715,"category":236,"order":712},"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":717,"slug":718,"category":435,"order":719},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":721,"slug":722,"category":236,"order":719},"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":724,"slug":725,"category":435,"order":726},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":728,"slug":729,"category":236,"order":726},"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":731,"slug":732,"category":435,"order":733},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":735,"slug":736,"category":236,"order":733},"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":738,"slug":739,"category":435,"order":740},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":742,"slug":743,"category":236,"order":740},"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":745,"slug":746,"category":435,"order":747},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":749,"slug":750,"category":236,"order":747},"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":752,"slug":753,"category":435,"order":754},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":756,"slug":757,"category":236,"order":754},"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":759,"slug":760,"category":435,"order":761},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":763,"slug":764,"category":236,"order":761},"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":766,"slug":767,"category":435,"order":768},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":770,"slug":771,"category":236,"order":768},"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":773,"slug":774,"category":435,"order":775},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":777,"slug":778,"category":236,"order":775},"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":780,"slug":781,"category":435,"order":782},"1991 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巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":840,"slug":841,"category":236,"order":838},"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":843,"slug":844,"category":435,"order":845},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":847,"slug":848,"category":236,"order":845},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":850,"slug":851,"category":435,"order":852},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":854,"slug":855,"category":236,"order":852},"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":857,"slug":858,"category":435,"order":859},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":861,"slug":862,"category":236,"order":859},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":864,"slug":865,"category":435,"order":866},"2003 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