[{"data":1,"prerenderedAt":2307},["ShallowReactive",2],{"library-duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu":3,"library-sidebar-buffett":776,"library-sidebar-dao":1782,"library-sidebar-models":2075},{"id":4,"title":5,"body":6,"category":762,"date":763,"description":764,"extension":765,"meta":766,"navigation":767,"order":768,"path":769,"seo":770,"seoDescription":764,"seoTitle":771,"slug":772,"stem":773,"__hash__":774,"_collection":775},"dao\u002Fdao\u002Fspeeches\u002Fduanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu.md","2006年做客新浪财经频道聊天全实录",{"type":7,"value":8,"toc":758},"minimark",[9,17,41,44,52,62,68,73,76,81,91,109,131,145,174,179,185,207,221,238,246,257,263,274,280,331,337,358,367,370,378,387,396,413,427,433,442,451,463,474,486,495,506,511,514,525,531,534,542,547,553,561,564,579,582,591,594,614,623,626,631,636,639,656,661,664,669,679,688,698,704,709,718,731,736,739,744,747,750,755],[10,11,12,16],"p",{},[13,14,15],"strong",{},"段永平","：2006年做客新浪财经频道聊天全实录",[10,18,19,20,23,24,26,27,30,31,33,34,37,38,40],{},"主持人 ： 各位网友大家上午好！今天我们非常荣幸地连线了",[13,21,22],{},"步步高","的创始人",[13,25,15],{},"先生。段总的成名作应该是做",[13,28,29],{},"小霸王","学习机，随后在",[13,32,22],{},"VCD等上的成功，让世人见证了一个创业家的诞生。近来让大家非常关注的是段总花了62.01万美元同美国股神",[13,35,36],{},"巴菲特","共进午餐，甚至有人说",[13,39,15],{},"才是中国的首富。接下来各位网友有任何问题都可以同段总进行交流。网友除了通过电脑参与，还可以通过新浪网，在移动中关注聊天的全过程，手机新浪网的网址是3g.sina.com.cn。",[10,42,43],{},"下面请段总跟我们的网友打声招呼。",[10,45,46,48,49,51],{},[13,47,15],{}," ： 各位网友好，我叫",[13,50,15],{},"，大家有什么问题都可以问。",[53,54,56,36,59],"h1",{"id":55},"有机会跟巴菲特一起是无价的",[13,57,58],{},"有机会跟",[13,60,61],{},"一起是无价的",[10,63,64,65,67],{},"主持人 ： 段总，既然刚才我们提到了",[13,66,36],{},"，那就先从这个很轻松的话题开始吧。首先我想恭喜一下段总，能够实现跟股神一起共进午餐。我有一个问题是，你有这个想法最早是在什么时候？你有没有想到实现这个愿望竟然要花这么多钱？",[10,69,70,72],{},[13,71,15],{}," ： 真正有这个想法应该是很久以前，当时知道他在拍卖，每年拍一次，因为是募捐。三、四年前，准确讲应该是在三年前左右的时候。",[10,74,75],{},"主持人 ： 有没有想到实现这个愿望竟然要花这么多钱呢？",[10,77,78,80],{},[13,79,15],{}," ： 钱我倒没太在意，没有觉得这个钱很贵。因为我觉得能够有机会跟他在一起应该是无价的，而且又不是他自己收你钱，他只是一个捐赠而已。你要确认一件事情，你要捐的这个事情是不是你愿意做的一件事，而不是吃一顿饭有多少钱的问题。我做这件事之前还专门考察过这家基金会干的事情，在那儿花了不少时间，见了所有的人。对他们的工作还比较满意，觉得还不错，所以做的时候没有觉得有价钱的问题，那倒不是一个太大的问题。因为主要是看你的承受能力，我是代表一家基金会去投的。基金会本身每年都是有这样的预算，你要去做这样的慈善，只要在它的预算之内就不是个问题。",[53,82,84,87,88],{"id":83},"看价值而不是价格大幅波动的价格是你的机会",[13,85,86],{},"看价值而不是价格","，",[13,89,90],{},"大幅波动的价格是你的机会",[10,92,93,94,96,97,99,100,102,103,105,106,108],{},"主持人 ： 既然想同",[13,95,36],{},"一起共进午餐，我想你一定对",[13,98,36],{},"有自己的研究和理解。",[13,101,36],{},"也是很多人非常熟悉的投资大师，能不能给我们谈一谈你所理解的",[13,104,36],{},"是一个什么样的人？",[13,107,36],{},"的伟大究竟在何处？你的看法是什么样的？",[10,110,111,113,114,116,117,122,123,127,128,130],{},[13,112,15],{}," ： ",[13,115,36],{},"的伟大主要是，他是",[118,119,121],"a",{"href":120},"\u002Flibrary\u002Fjiazhitouzi","价值投资","者的非常坚决的执行者。而且他投资的理论非常简单，但是简单的东西不等于容易，简单就简单在一定要寻找企业的价值。一般的投资或者是",[118,124,126],{"href":125},"\u002Flibrary\u002Ftouji","投机","者多数都会被投资价格所困扰，在这一点上给我的启发非常大。因为我本身是做企业出身的，要比绝大多数人容易了解一个企业的价值。在这之前我并没有做过股票市场的投资，以前感觉股票非常",[118,129,126],{"href":125},"，有很多神秘的东西。但是看了他的东西以后，他这么一说投资我也能搞懂。这几年时间，确实如此，它是一件非常简单的事情，但是你要非常坚持地去做，了解一个企业的价值，找到价格严重偏低的企业做投资。",[10,132,133,134,136,137,139,140,87,142,144],{},"主持人 ： 你刚才提到了",[13,135,36],{},"是全球",[118,138,121],{"href":120},"的坚定捍卫者。我们也知道很多人评价",[13,141,36],{},[13,143,36],{},"之所以很成功是因为他对很多非常简单的原则做了非常极至的坚持。比如说他曾经也表示，如果你不打算持有一支股票十年就不会持有十分钟。但是有一个问题，资本变化太快了，股市又在大幅度变动，身为一个投资者不可能无动于衷。你怎么面对你所投资股票的大幅度波动？",[10,146,147,149,150,152,153,155,156,158,159,161,162,164,165,167,168,170,171,173],{},[13,148,15],{}," ： 大幅波动是价格，",[13,151,36],{},"厉害的是坚守的是一个企业的价值，一个企业的价值不会大幅度波动。一个企业你如果能够找到价值，大浮波动的价格就是你的机会。",[13,154,36],{},"之所以赚钱也是这个原因，如果没有大幅度波动，如果每一个企业的价值和价格都是一样的就没有太多机会。这个不是",[13,157,36],{},"讲的，马克思就讲过价格是围绕价值上下波动的，你在价值判断上下得工夫足够多，",[13,160,36],{},"讲你有足够的安全空间的话就可以做投资了。但是最难的是你要确定企业的价值，这也是一个区间，也不是一个很简单的数字，最简单的是你必须要去做这件事，但是绝大多数的、广州人投资人一说就说成“",[118,163,126],{"href":125},"者”，",[118,166,126],{"href":125},"者特别关心投资的价格，但是真正的投资者，就像",[13,169,36],{},"所谓的",[118,172,121],{"href":120},"者，最关注的是企业的价值，价值不会大幅度上下波动的。",[53,175,177],{"id":176},"投资我能看懂的企业股票",[13,178,176],{},[10,180,181,182,184],{},"主持人 ： 但是你在投资的过程中，比如我们也曾看到",[13,183,36],{},"在传统公司方面投资，由于所投资公司的业绩并不是一直像人们想象的那么好，实际上有一个大幅度的下降。这样的话，价格的缩水必然带来资产价值的缩水，这时也能说因为我现在所投资的资产依然还处于低谷，我就继续持有吗？世人似乎很难理解，为什么我们不在高位把它抛出去，而要等到它下跌呢？",[10,186,187,189,190,192,193,195,196,198,199,203,204,206],{},[13,188,15],{}," ： 第一，",[13,191,36],{},"怎么投资股票我并不关心，因为",[13,194,36],{},"投资股票最简单的原则是，当你买一支股票的时候，其实你是在买它的生意、买它的企业，所以你一定要搞懂你所投资的东西。我投资是我能搞懂的，",[13,197,36],{},"投资是他能搞懂的。最重要的是我要关注我投资的公司是不是我能弄得懂。如果你发现这个企业的基本价值、",[118,200,202],{"href":201},"\u002Flibrary\u002Fjibenmian","基本面","发生很大变化的时候，你可能就会卖掉这支股票。",[13,205,36],{},"也不是说从来没有卖过他的股票，他也是会卖的。",[10,208,209,210,212,213,217,218,220],{},"主持人 ： 还有人认为",[13,211,36],{},"很成功有一个很重要的个性特点是他有足够的",[118,214,216],{"href":215},"\u002Flibrary\u002Fnaixin","耐心","，但是这个",[118,219,216],{"href":215},"似乎在资本市场上是一个非常宝贵的品质，因为很多人都无法静下心来、坚持下来，你怎么理解一个投资人的个性在投资中所起的重要作用？",[10,222,223,225,226,228,229,231,232,234,235,237],{},[13,224,15],{}," ： 你说得很对，很少人有",[118,227,216],{"href":215},"。同时也很少人能够在投资方面成功。成功的人都必须是要有",[118,230,216],{"href":215},"的，所谓",[118,233,216],{"href":215},"是一个必要条件，当然也有个别人不小心赚到钱，跟你去澳门赌场赚到钱没有区别。但是作为投资来说是必须长期坚持的一个东西，你不长期坚持，没有",[118,236,216],{"href":215},"就没有机会得到一个很好的回报。",[10,239,240,242,243,245],{},[118,241,216],{"href":215},"是一个真正所谓",[118,244,121],{"href":120},"者一定要具有的，如果你不具有就没有机会。",[53,247,249,252,253,256],{"id":248},"我叫段永平不叫巴菲特",[13,250,251],{},"我叫","段永平****，",[13,254,255],{},"不叫","巴菲特****",[10,258,259,260,262],{},"主持人 ： 国内有媒体都把你称为“中国的",[13,261,36],{},"”，你承认这种称号吗？",[10,264,265,267,268,270,271,273],{},[13,266,15],{}," ： 我不叫",[13,269,36],{},"，我的名字叫",[13,272,15],{},"。",[10,275,276,277,279],{},"主持人 ： 但有人认为你是中国做",[118,278,121],{"href":120},"的一个伟大的发现者。",[10,281,282,284,285,287,288,290,291,87,295,299,300,302,303,305,306,308,309,311,312,315,316,318,319,321,322,324,325,327,328,330],{},[13,283,15],{}," ： NO，NO，这个太过分了。我个人理解，中国也有一些投资者对",[13,286,36],{},"很了解，包括我自己认识的一些朋友，我昨天还跟几个朋友在一起聊天，我觉得他们对",[13,289,36],{},"的理解非常好，不亚于我。我做事情一般是看两个方面，一个是你",[118,292,294],{"href":293},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情",[118,296,298],{"href":297},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","。其实",[118,301,121],{"href":120},"也不是",[13,304,36],{},"的发明，他只是一个很坚决的执行者。你理解了这个东西以后，",[118,307,298],{"href":297},"这方面大家可能有些差异，能力、了解的范围是不同的。",[13,310,36],{},"没有投资",[13,313,314],{},"微软","，主要的原因是他当时怎么也看不懂。所以，很多人都说",[13,317,314],{},"没有赚到钱，是不是一个损失，对",[13,320,36],{},"来讲这就是一个正确的事情，因为没有在",[13,323,36],{},"上投资，也没有让他亏钱的不熟悉的行业中投资，他投他该投的地方。也有投",[13,326,314],{},"赚了很多钱的，这跟",[13,329,36],{},"没有关系。",[10,332,333,334,336],{},"主持人 ： 有的媒体把你称为“中国的",[13,335,36],{},"”，是因为你在中国IT概念股最低潮的时候大举进入，并且获得了巨大的成功。很多网友都在问这个问题，能不能请您给我们谈一些细节，比如你在什么时候、什么价格买的这些股票。他们当时都被美国投资者抛弃，你怎么能做出这种人弃我取的投资决定？",[10,338,339,341,342,87,345,347,348,350,351,354,355,357],{},[13,340,15],{}," ： 很重要的是确定企业的价值，举一个简单的例子，我当时投资了",[13,343,344],{},"网易",[13,346,344],{},"当时手里的现金2块多钱，股票的价钱才8毛。我了解了一下这家公司，这家公司在未来没有道理会一直亏钱，将来很有可能赚钱。其实当时并没有完全看得出来，现在当然很厉害了，我按当时一块每股买的价钱，后来到每股四块钱，现在每个季度可以赚1块多，当时我没看到，如果当时看到的话，我应该会把公司都买下来，而我只买了5%，说明人的眼光还是有限的。具体的东西很简单，两块多钱的现金，还不算这家公司本身有形和无形的，加上它未来的业务模式，包括人等等，这些东西我认为这家公司有一天是可以成长起来的，当然也有巧合的东西，比如做在线游戏，大家知道我是做游戏出身的，我对游戏这个产业非常了解的，看得懂他做的一些东西。华尔街很多人就看不懂，说游戏哪儿有人玩，我就知道游戏这个东西，以不同的形式大家每天都在玩不同的游戏。因为我在之前做了超过十年以上的游戏产业，我对游戏的理解是比绝大多数其他投资人要更清楚。所以，这是属于我能搞懂的行业，就像",[13,349,36],{},"能够搞懂",[13,352,353],{},"可口可乐","一样，我能搞懂游戏的这个产业，能够知道",[13,356,344],{},"做游戏能够做多大。",[10,359,360,361,363,364,366],{},"投资以后我一直拿着",[13,362,344],{},"的股权，因为我觉得企业的进步其实比我想象的还要好，其实我也一直都是拿着",[13,365,344],{},"的股权，算是一个非常长线的投资，已经有四年多了。",[10,368,369],{},"主持人 ： 你怎么看待2000年网络股的泡沫期？网络股从一个非常热的时期到一个低谷的转变？你还继续看好中国的IT概念股吗？",[10,371,372,374,375,377],{},[13,373,15],{}," ： 我投资企业，并不投资概念，我投资",[13,376,344],{},"，并不是所有的Internet都投的。我正是在泡沫那个年代才关注网络的，网友的意思是大家都在网上，我一直也是一个网友。我很久就在想泡沫的这个年代，大家都说网络是个泡沫，如果是一个网络，大家每天都在用网络，看E—mail、新闻、冲浪，现在网络的用户就越来越多，我们其实是依赖于网络这个东西，怎么可能是个泡沫呢？一定会有人在这里找到商机，并且能够活下来，并且活得不错。",[10,379,380,381,383,384,386],{},"作为投资来讲，最重要的是，我要找到这是谁，不是去投资一个概念。投资概念或者投资一个行业我认为是不对的，你是投资一个行业里的企业，如果网友真的对",[13,382,36],{},"感兴趣，其实可以有机会看看有关",[13,385,36],{},"的书，看了你会相对容易懂一些。",[10,388,389,390,392,393,395],{},"主持人 ： 我曾经也认真地读过",[13,391,36],{},"写给股东的那本书，我跟我一些朋友交流的过程中，交流到最后突然得出一个结论，就是",[13,394,36],{},"很难复制，因为他在投资的时候，选择不仅是价值低估的公司，而且选择的是优秀经理人管理的公司。同时他可能因为持股的增加，会介入董事会方面的管理。他实际上是组合性的投资，这对一般投资者来讲是很难做的。我想问一个问题，你在找到一个价值低估公司的时候，你对公司所拥有的优秀经理人有没有一个特别的要求？或者你在买入中国这些网络股的时候，跟他们的高管都非常熟悉吗？怎么判定他们是优秀的经理人？",[10,397,398,400,401,403,404,406,407,409,410,412],{},[13,399,15],{}," ： 你刚刚说的很对。",[13,402,36],{},"很难复制这是正确的，",[13,405,36],{},"只有一个。你作为投资人，要做到",[13,408,36],{},"的程度，逻辑上",[13,411,36],{},"做的所有事情你都应该能做到。如果你做不到就不应该做投资。很多人跟我说对他们的投资有什么建议，我说我最大的建议就是你不要做，就像你不要去澳门堵钱一样，当然说我想玩一玩，输点钱不在乎，这没有关系。股票市场投资是有统计的，85%到90%的股民是亏钱的。这个不光是在中国，在美国也如此。",[10,414,415,416,418,419,421,422,424,425,273],{},"你说复制很困难很正确，正是因为难才只有一个",[13,417,36],{},"，要是容易就都成",[13,420,36],{},"了。其实大家的理解都对，你要想真的做一个好的投资者，必须做",[13,423,36],{},"做的类似所有事情，你要真实了解这家公司。你要了解一家公司就要了解它整个方面，包括它现在的产品、未来的产品。产品是由谁来做的呢？就是由人来做的，就必须了解他的人。你光了解这个公司的人本身还不够，还要了解这个行业，还要了解这个公司潜在的竞争对手、未来得竞争对手，还要了解消费者、供应商，整个工业链的所有环节都要了解，你才有可能找到机会，否则就称之为",[118,426,126],{"href":125},[10,428,429,430,432],{},"股票市场绝大多数人是在",[118,431,126],{"href":125},"的。当然还有一种叫理财，理财是另外一种。理财就像大多数的基金像是在做理财，我说的是美国的状况。中国的理财，我看过一本《基金黑幕》，不知道真实度有多高，黑幕的这种做法就是叫做庄，搞黑的。美国现在有没有这种情况呢？肯定资本市场也有，只不过管理规范度比较高，这种比例相对很小，而且做这种事情的风险会非常大。",[10,434,435,436,438,439,441],{},"所以，你去了解一家公司的时候，就是要很全面、很全面地去了解，而不能从",[118,437,126],{"href":125},"的角度去理解。理财就是简单的跟买大盘一样，不是一个具体的股，因为大盘买长期来讲是赚钱的，因为一个企业总是在赚钱，只不过是赚多赚少的问题，平均而言所有的企业都是这样，具体某一个企业可能亏损、破产，但是所有的企业，因为社会是在前进，经济是在发展，企业在成长，肯定会赚钱。从理财的角度来讲，你乱买一些股票，如果你的股票管理比较规范，其实最后还是赚钱的，只是赚的钱跟利息去比，而不是像",[13,440,36],{},"这种投资者，所谓的成长空间、获利空间往往是大过利息空间的。",[53,443,445,36,448],{"id":444},"我的投资风格跟巴菲特是一模一样的",[13,446,447],{},"我的投资风格跟",[13,449,450],{},"是一模一样的",[10,452,453,454,456,457,459,460,462],{},"主持人 ： ",[13,455,36],{},"被称为“股神”，但是他在新经济领域的投资其实并不出色。你也信奉",[118,458,121],{"href":120},"，但是我们知道的非常成功的投资都是IT方面的企业。这样看起来你其实和",[13,461,36],{},"的投资风格还是有差别的，你认为你的投资风格是什么样？",[10,464,465,467,468,470,471,473],{},[13,466,15],{}," ： 我认为我的投资风格跟",[13,469,36],{},"是一模一样的，就是搞自己懂的企业。",[13,472,36],{},"懂的企业跟他自己的生长环境、理解的东西有很大关系，所以他搞懂什么就投什么。我也不一定只投IT，我最近有一个比较有意思的投资是投了美国一家公司，这个跟IT一点关系都没有，IT也取代不了它。哪一天我们搬个家，把家往网上一放家就搬了，那这家公司就完蛋了，我就没有机会了，这还是一个朋友推荐给我的，是一个美国的教授，当然也是中国人。后来我发现这个东西真的是有投资的价值，大家都一起去投。",[10,475,476,477,479,480,482,483,485],{},"我投资的是企业不是行业，我投资跟",[13,478,36],{},"是一样的投法，其实并没有差异。他也是要如何",[118,481,298],{"href":297},"，我投的东西可能跟他投的不一样，如果他投什么我就投什么不行，比如他投保险公司，因为我没有办法鉴别哪家保险公司是好的保险公司，哪家保险公司是不好的保险公司，我没有办法鉴别就不能投，这方面他是非常强的，他的投资里头有保险公司占了非常大比例，就是因为他对保险公司特别了解。我可能对游戏特别了解，所以我在游戏行业里就有一点投资。当然有些其它行业，我能够了解、搞清楚，我认为这家公司有足够的投资价值我就投了。其实我根本不太关心",[13,484,36],{},"投了什么股票，因为他投资的东西往往可能是我不懂的。",[53,487,489,36,492],{"id":488},"我问巴菲特的是两个问题",[13,490,491],{},"我问",[13,493,494],{},"的是两个问题",[10,496,453,497,499,500,502,503,505],{},[13,498,36],{},"在《写给股东的信》中有一句话，一只鼓囊囊的钱包是投资的大敌。意思可能是钱越多投资可能越有问题，而你最想问",[13,501,36],{},"的问题是如果你手里有很多钱而没有投资目标怎么办？有一个问题是，你认为",[13,504,36],{},"最有可能怎样回答你？有没有给我们做一个预测？",[10,507,508,510],{},[13,509,15],{}," ： 第一，这个问题是被媒体给断章取义了，我的问题是“当你手里有钱却没有好的投资目标；当你现在发现了一个好的目标却没有足够钱的时候，会分别怎么处理”。",[10,512,513],{},"主持人 ： 是两个问题。",[10,515,516,518,519,521,522,524],{},[13,517,15],{}," ： 前面那个问题，",[13,520,36],{},"说过，他说我们发现世界上最难做的事情就是什么都不做。我现在不是说特别清楚，如果我知道他的答案，我就不需要问他了。我知道他有很好答案的原因是，",[13,523,36],{},"手里长期拿着很多现金，一直可以拿在手里，这个对我来讲就觉得非常难。因为当我们拿到钱的时候，我们总想干点什么，事实上也很难把现金留在手里留足够长的时间，从来没有像他留那么长的时间。另一方面当你手里没有钱，可不可以做融资，做融资就会增加你很大的风险，因为市场是很波动的。本来投资的是价值，但是可能因为市场波动受到价格的影响，因为你用融资了。这个问题其实我也很困惑，尤其是我有一个很好的朋友，投资做得非常大，但经常喜欢用融资，其实我是很反对的。",[10,526,527,528,530],{},"一方面我想知道，我的另一个朋友跟我一起去，",[13,529,36],{},"可能劝他不要用融资，但我不知道他会不会劝。",[10,532,533],{},"主持人 ： 您认为融资风险非常大，在资本市场用融资这个手段，在可持续发展上会遇到很大问题？",[10,535,536,538,539,541],{},[13,537,15],{}," ： 对，因为你从事的是很长期的事业，但是用到融资就变成短期的",[118,540,126],{"href":125},"了，一旦价格影响，就会导致你出现巨大的亏损，这样就不合算了。本来找对了目标却用了错误的方法，最后可能赔钱。",[53,543,545],{"id":544},"我对国内股市暂时还不会进行大量投资",[13,546,544],{},[10,548,549,550,552],{},"主持人 ： 我们知道",[13,551,36],{},"的哈撒韦公司是一个公众公司，既拿自己的钱做投资，也拿投资者的钱做投资，而且有一个投资团队，你有没有计划将来发起一个基金？还是说更愿意成为一个个人投资者。",[10,554,555,557,558,560],{},[13,556,15],{}," ： 我本身有基金，我有朋友委托我做理财，但是我不想做公众公司，我不想让投资成为我生活的全部，投资只是我的爱好。像",[13,559,36],{},"基本大部分都在公司里头，因为承担的责任太大。这是我眼前的想法，因为我的孩子还小，我要花很多时间跟家庭、小孩在一块儿。所以，如果规模太大，我个人的精力承受不了。",[10,562,563],{},"主持人 ： 很多国际投资者和基金机构都看好中国股市，认为新兴市场投资回报率比欧美成熟市场更高。而你在中国做了这么多年，会更了解中国，归在中国股市上进行大量投资吗？",[10,565,566,568,569,572,573,575,576,578],{},[13,567,15],{}," ： 我对国内的股市并不是很了解，目前来看还不会大量投资，我在国内做了一些小的投资，当然因为我了解也不够。前一段时间媒体跟我聊的时候，问我在国内有没有投，我说有投，投了一支",[13,570,571],{},"万科","，就变成了“",[13,574,15],{},"只买了",[13,577,571],{},"”，里面是这么讲，但是标题上意思是说别的股票不能买，这个不对。而且我没有花足够的精力，因为我现在主要生活在那边（美国）。",[10,580,581],{},"我将来有没有这个可能呢？是有的。只要有机会，找到合适的目标，我也是可以投，只是国内像A股市场没有像在纳斯达克这么完善，所以得到的资料往往花的精力更多。",[53,583,585,87,588],{"id":584},"看准价值后庄家越砸我越买",[13,586,587],{},"看准价值后",[13,589,590],{},"庄家越砸我越买",[10,592,593],{},"主持人 ： 国内投资中我们发现包括基金也好或者是刚才你说的基金黑幕，还有大量的资金会采取做庄的方式来做投资，这样其实在中国最近十几年发展中我们发现里面的风险非常大，你是怎么看待这种投资的前景呢？",[10,595,596,598,599,601,602,604,605,607,608,610,611,613],{},[13,597,15],{}," ： 首先你如果是个",[118,600,121],{"href":120},"者，没有人做庄也是没有影响的，因为你是在投他的价值，如果你发现他的价值是确定的，你就可以投。比方你认为他的价值是十块钱、五块钱，价格背离价值的时候就是你的机会。我记得我投",[13,603,571],{},"的时候有人讲，你在国内这么投，你去买，那庄家会砸你的，我说那我就高兴，庄家砸我，我就买。因为我买",[13,606,571],{},"的时候，现在",[13,609,571],{},"什么价格我不知道，当时买",[13,612,571],{},"的时候比如2、3块钱，我当时对它的评估，这个公司的价值是不应该只有这一点的，应该超过这个数字。至于超多少我不知道，我当时的评价是至少有一倍。有一倍我就买了，有人说你为什么不跟庄家配合，我说第一我不知道谁是庄家，第二我也不会了解它。如果有人愿意砸给我，我只要还有钱就多买，这是很高兴的事情。",[10,615,616,617,619,620,622],{},"其次，庄家不会对你有影响，庄家这种现状的存在会对散户有很大影响，如果你不是一个",[118,618,121],{"href":120},"者。我个人的观点，我其实并不是很清楚是否真的有庄家存在，我只是听说，也没有特别具体的研究过。我看过一些书上这么讲，但是我并没有亲身经历过。我是认为，庄家这种投法时间长了以后其实也很难赚到钱，因为如果有庄家存在，最后只是庄家跟庄家打而已，如果你是",[118,621,121],{"href":120},"者，会不在意这种事情，因为价格大家最后会被发现的。",[10,624,625],{},"主持人 ： 现在很多人都谈你投资方面的成就，但是很少人知道你以前是做实业的，而且做实业也是非常成功的。你早期做的实业这种经验对你现在的投资或者是将来的投资会带来什么样非常大的帮助呢？",[10,627,628,630],{},[13,629,15],{}," ： 我个人认为，你要投资跟做一个企业是一样的。对它的帮助非常巨大的地方是，因为我是做企业出身的，有很多做企业的经验，比较容易判断一个企业是不是一个不好的企业。如果有一个公司做一些违背企业常理的事情，如果这个企业不讲信用，这个公司就不是一个好公司，这种公司我就不会做长线，不会投资它。",[53,632,634],{"id":633},"所谓资本市场赚钱不会比做企业更快",[13,635,633],{},[10,637,638],{},"新浪财经：我们在国内看到很多在资本市场做得非常好的所谓的操盘手，他们有时也会做实业，但是几乎都没有做成功。所以，很多人认为做资本赚钱太快，再去做实业的时候心态会很浮躁，他们更愿意在办公室里搞资本运作，而不愿意查看生产线。我想问您的是，你现在在资本市场也很成功，但是你现在还有企业，你认为你还有非常大的心思来经营好你的企业吗？",[10,640,641,643,644,646,647,649,650,652,653,655],{},[13,642,15],{}," ： 所谓资本市场赚钱不会比做企业更快，这是个很简单的统计，你不能用某一个人在资本市场上赚到钱了去跟所有的实业平均比例来计算，这肯定是不对的。就像你去赌场，虽然看见一些人眉飞色舞出来了，一辆大巴上坐50个人，只有1个人赚钱，但是剩下的人都不吭声的，不吭声的只是赔钱，赚钱的人肯定比亏的平均的钱多。股市不是赌场，不会像赌场亏那么多，去赌场肯定是要亏的，不然就不会开赌场。我做投资和做实业不认为有什么本质的差别，本质是一样的。我们公司其实做得也不错，因为我早就已经不在第一线了，我最主要的是在公司里相当于一个顾问，我做事情要看两个大方面：一，",[118,645,294],{"href":293},"。二，怎么",[118,648,298],{"href":297},"。对我来讲只是要看公司",[118,651,294],{"href":293},"，当我发现我们公司有不对事情的时候，可能会跳出来说。同时，如果CEO、在一线的人如果感觉到有疑问，怀疑现在做的是不是对的事情，大家可以一起来讨论。至于这件事情怎么把它做对？这是个时间的问题，对的事情早晚会做对。当然你在",[118,654,294],{"href":293},"的时候要衡量有没有足够的能力把这件事情做对，如果没有能力做对，那么你做它本身就是不对的事情。",[53,657,659],{"id":658},"做慈善还要拿着牌子到处举好像很荒唐的事",[13,660,658],{},[10,662,663],{},"主持人 ： 在可预见的将来，你会把全部的重心都放到投资方面而不是企业方面吗？",[10,665,666,668],{},[13,667,15],{}," ： 我主要的工作其实是做慈善，投资是的爱好，我会花一部分精力，但不是主要的精力。我现在做的慈善的东西，不光花我自己赚来的钱，还有我的一些朋友，包括国内，因为国内的慈善行业并不太好，你去捐钱很多人会找你麻烦，为什么捐给他不捐给我呀？所以有些人也很想做慈善的事情，但是又不愿意自己露面，就会把钱交到我手里帮他花。这也挺好，因为我大部分时间不住在国内，找我的人相对少一些，大家说就没有那么多麻烦。这是很有意思的事情，将来随着慈善行业大幅度改善以后，我可能就没有这样的压力了。",[10,670,671,672,674,675,678],{},"但同时，慈善基金会如何花这个钱让别人放心呢？我做得好大家放心，大家可能会把钱交给我来花。就像",[13,673,36],{},"把钱交给",[13,676,677],{},"比尔·盖茨","来花的道理是一样的。未来这可能是我主要的工作，除了我自己的家庭以外，我的工作会花很多时间在这方面。",[10,680,681,682,684,685,687],{},"主持人 ： 提到慈善，有人认为慈善其实不分国界的，当然也会有人质疑，你为什么不把跟",[13,683,36],{},"吃饭的钱捐到国内来，也有人认为这是",[13,686,15],{},"私人的事情，不应该去做道德推定。你怎么看待这些不同的言论？",[10,689,690,113,692,694,695,697],{},[13,691,15],{},[13,693,36],{},"把钱投给",[13,696,677],{},"基金会，除了认为这个基金会是最高效率的基金会之一以外，还有一个重要的因素是他喜欢这个基金会，是因为这个基金会慈善的目的是不分国界、肤色、种族，这是慈善一个最基本的东西。如果要是把它区分，本身就不那么慈善了。对我来讲，我捐在美国、中国都是一样的，我本人生活在美国，对我来讲并不是外国。中国是我成长的地方，所以对我来讲也是自己的国家。所以，我这两边其实都做，而且我在中国做的比在美国做的，至少从目前到未来，我想应该是多得多。每一笔钱不一定直接花在中国这个地方，但是我们做慈善一般不愿意说，因为毕竟这个东西说了会很尴尬，比如谁有困难，你帮了一点忙到处说“你看他没钱的时候我给他钱了”，好像很滑稽。我记得原来华东水灾，我们在中央台捐了现金，很多人都说我们在中央电视台捐了钱，还举着一个牌子晃悠。我就觉得很奇怪，如果我捐献，让我举个牌子我不去，你邻居有困难，你资助了一下，拿着牌子到处举，好像很荒唐。这次为什么大家知道？因为是拍卖，我没有办法，如果不是拍卖就不会有人知道这件事。",[10,699,700,701,703],{},"包括我在国内做的事情，因为一些特殊的原因，比方说我在9月份以前会帮浙大募捐一笔钱，可能比这几顿饭都要多得多。因为我们正好是校庆，浙大明年就是110年校庆，今年把这个事做了，一方面表示浙大对我的培育之恩，是一种很大的感谢。同时，也希望引起其他校友以及关注人士的关注，吸引更多的人来支持我们的教育事业。这个感谢可能会有非常多的钱，相比一顿饭钱来讲很多。有人说一顿饭钱很贵，对我来讲不觉得很贵，我是觉得荣幸的，能够以这些钱去跟",[13,702,36],{},"做交易，我相信交易给慈善事业带来的回报，会比我捐助的钱还要多得多。这其实并不真是花在饭钱上，大家经常愿意炒一些非本质的东西，我很遗憾。当然我也很高兴，其实很多人还是很理解的。",[53,705,707],{"id":706},"改正错误无论多大的代价都是最小的代价",[13,708,706],{},[10,710,711,712,714,715,717],{},"网友：",[13,713,36],{},"也是我非常敬重的投资大师，这次你跟",[13,716,36],{},"共进午餐，请教一个问题，如果开始的投资做得非常不适当、不好，作为投资大师是怎么做的？如果你开始做投资，发现投资判断是不准确的，你会及时出来吗？",[10,719,720,722,723,87,725,727,728,730],{},[13,721,15],{}," ： 要",[118,724,294],{"href":293},[118,726,298],{"href":297},"。如果一开始就没有做对，是个错误，错误就要尽快改。改正无论多大的代价都是最小的代价。比如你买错一支股票，假设10块钱买的，亏了5块钱，后来你发现这家公司根本不值5块钱。一般人讲等到我赚到10块钱再跑，这是错了。如果你重新判断，这家公司价格远低于10块钱，当亏了5块钱时你要及时跑，当你做错事的时候，改正无论多大的代价都是最小的代价。当你希望它涨一点，这是",[118,729,126],{"href":125},"的心态。",[53,732,734],{"id":733},"我肯定不是首富",[13,735,733],{},[10,737,738],{},"主持人 ： 最后一个问题，现在很多人都在说，你才是中国的首富，如果是的话，你应该是中国历史上第一位通过资本市场上创造传奇的人，而且改写了中国财富的历史，你怎么评价这个说法？",[10,740,741,743],{},[13,742,15],{}," ： 第一，我肯定不是首富。你看财富胡润榜也好，福布斯榜也好，我不入流，所以不存在这个问题。第二，通过资本市场赚钱，比我多的有的是。像他们做企业，上市了以后，他们自己的市值可能远高于我现在在资本市场赚的钱，我在资本市场上赚的钱其实并不是那么多。所以，应该不存在这个问题。",[10,745,746],{},"主持人 ： 今天非常高兴也非常荣幸您接受我们这样一个在线的访谈。由于时间关系，咱们今天只能聊到这里就要结束了。各位网友也做了非常踊跃的参与，我们也一并表示感谢，也非常欢迎段总在适当的时候，在你方便的时候能够来新浪财经做客。",[10,748,749],{},"非常感谢你。",[10,751,752,754],{},[13,753,15],{}," ： 谢谢。",[10,756,757],{},"主持人 ： 再见！",{"title":759,"searchDepth":760,"depth":760,"links":761},"",2,[],"访谈实录",null,"段永平首次做客新浪聊天，谈与巴菲特午餐缘起、价值投资理念、投资网易始末及慈善观。","md",{},true,114,"\u002Fdao\u002Fspeeches\u002Fduanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":5,"description":764},"2006年做客新浪财经频道聊天全实录｜大道总纲","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu","dao\u002Fspeeches\u002Fduanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu","xgPRsdG1DQRZ-pFiqNpZ4Uj1ubQk9x2lCMK7A_UyFGk","dao",[777,782,786,790,793,796,799,803,806,809,813,816,819,823,826,829,833,836,839,843,846,849,853,856,859,863,866,869,873,876,879,883,886,889,893,896,899,903,906,909,913,916,919,923,926,929,933,936,939,943,946,949,953,956,959,964,967,970,974,977,980,984,987,990,994,997,1000,1004,1007,1010,1014,1017,1020,1024,1027,1030,1034,1037,1040,1044,1047,1050,1054,1057,1060,1064,1067,1070,1074,1077,1080,1084,1087,1090,1094,1097,1100,1104,1107,1110,1114,1117,1121,1124,1128,1131,1135,1138,1142,1145,1149,1152,1156,1159,1163,1166,1170,1173,1177,1180,1184,1187,1191,1194,1198,1201,1205,1208,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1275,1278,1282,1285,1289,1292,1296,1299,1303,1306,1310,1313,1317,1320,1324,1327,1331,1334,1338,1341,1345,1348,1352,1355,1359,1362,1366,1369,1373,1376,1380,1383,1387,1390,1394,1397,1401,1404,1408,1411,1415,1418,1422,1425,1429,1432,1436,1439,1443,1446,1450,1453,1457,1460,1464,1467,1471,1474,1478,1481,1485,1488,1492,1495,1499,1502,1506,1509,1513,1516,1520,1523,1527,1530,1534,1537,1541,1544,1548,1551,1555,1558,1562,1565,1569,1572,1576,1579,1583,1587,1591,1595,1599,1603,1607,1611,1615,1619,1623,1627,1631,1634,1638,1642,1646,1650,1654,1658,1662,1666,1670,1674,1678,1682,1686,1690,1694,1698,1702,1706,1710,1714,1718,1722,1726,1730,1734,1738,1742,1746,1750,1754,1758,1762,1766,1770,1774,1778],{"title":778,"slug":779,"category":780,"order":781},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":783,"slug":784,"category":785,"order":781},"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","访谈与文章",{"title":787,"slug":788,"category":789,"order":781},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":791,"slug":792,"category":780,"order":760},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":794,"slug":795,"category":785,"order":760},"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":797,"slug":798,"category":789,"order":760},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":800,"slug":801,"category":780,"order":802},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":804,"slug":805,"category":785,"order":802},"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":807,"slug":808,"category":789,"order":802},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":810,"slug":811,"category":780,"order":812},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":814,"slug":815,"category":785,"order":812},"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":817,"slug":818,"category":789,"order":812},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":820,"slug":821,"category":780,"order":822},"1960 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1157,"slug":1158,"category":785,"order":1155},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1160,"slug":1161,"category":780,"order":1162},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1164,"slug":1165,"category":785,"order":1162},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1167,"slug":1168,"category":962,"order":1169},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1171,"slug":1172,"category":785,"order":1169},"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":1174,"slug":1175,"category":962,"order":1176},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1178,"slug":1179,"category":785,"order":1176},"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":1181,"slug":1182,"category":962,"order":1183},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1185,"slug":1186,"category":785,"order":1183},"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":1188,"slug":1189,"category":962,"order":1190},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1192,"slug":1193,"category":785,"order":1190},"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":1195,"slug":1196,"category":962,"order":1197},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1199,"slug":1200,"category":785,"order":1197},"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":1202,"slug":1203,"category":962,"order":1204},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1206,"slug":1207,"category":785,"order":1204},"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":1209,"slug":1210,"category":962,"order":1211},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1213,"slug":1214,"category":785,"order":1211},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1216,"slug":1217,"category":962,"order":1218},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1220,"slug":1221,"category":785,"order":1218},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1223,"slug":1224,"category":962,"order":1225},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1227,"slug":1228,"category":785,"order":1225},"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":1230,"slug":1231,"category":962,"order":1232},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1234,"slug":1235,"category":785,"order":1232},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1237,"slug":1238,"category":962,"order":1239},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1241,"slug":1242,"category":785,"order":1239},"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":1244,"slug":1245,"category":962,"order":1246},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1248,"slug":1249,"category":785,"order":1246},"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":1251,"slug":1252,"category":962,"order":1253},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1255,"slug":1256,"category":785,"order":1253},"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":1258,"slug":1259,"category":962,"order":1260},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1262,"slug":1263,"category":785,"order":1260},"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":1265,"slug":1266,"category":962,"order":1267},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1269,"slug":1270,"category":785,"order":1267},"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":1272,"slug":1273,"category":962,"order":1274},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1276,"slug":1277,"category":785,"order":1274},"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":1279,"slug":1280,"category":962,"order":1281},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1283,"slug":1284,"category":785,"order":1281},"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":1286,"slug":1287,"category":962,"order":1288},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1290,"slug":1291,"category":785,"order":1288},"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":1293,"slug":1294,"category":962,"order":1295},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1297,"slug":1298,"category":785,"order":1295},"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":1300,"slug":1301,"category":962,"order":1302},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1304,"slug":1305,"category":785,"order":1302},"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":1307,"slug":1308,"category":962,"order":1309},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1311,"slug":1312,"category":785,"order":1309},"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":1314,"slug":1315,"category":962,"order":1316},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1318,"slug":1319,"category":785,"order":1316},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1321,"slug":1322,"category":962,"order":1323},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1325,"slug":1326,"category":785,"order":1323},"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":1328,"slug":1329,"category":962,"order":1330},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1332,"slug":1333,"category":785,"order":1330},"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":1335,"slug":1336,"category":962,"order":1337},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1339,"slug":1340,"category":785,"order":1337},"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":1342,"slug":1343,"category":962,"order":1344},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1346,"slug":1347,"category":785,"order":1344},"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":1349,"slug":1350,"category":962,"order":1351},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1353,"slug":1354,"category":785,"order":1351},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1356,"slug":1357,"category":962,"order":1358},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1360,"slug":1361,"category":785,"order":1358},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1363,"slug":1364,"category":962,"order":1365},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1367,"slug":1368,"category":785,"order":1365},"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":1370,"slug":1371,"category":962,"order":1372},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1374,"slug":1375,"category":785,"order":1372},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1377,"slug":1378,"category":962,"order":1379},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1381,"slug":1382,"category":785,"order":1379},"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":1384,"slug":1385,"category":962,"order":1386},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1388,"slug":1389,"category":785,"order":1386},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1391,"slug":1392,"category":962,"order":1393},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1395,"slug":1396,"category":785,"order":1393},"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":1398,"slug":1399,"category":962,"order":1400},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1402,"slug":1403,"category":785,"order":1400},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1405,"slug":1406,"category":962,"order":1407},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1409,"slug":1410,"category":785,"order":1407},"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":1412,"slug":1413,"category":962,"order":1414},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1416,"slug":1417,"category":785,"order":1414},"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":1419,"slug":1420,"category":962,"order":1421},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1423,"slug":1424,"category":785,"order":1421},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1426,"slug":1427,"category":962,"order":1428},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1430,"slug":1431,"category":785,"order":1428},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1433,"slug":1434,"category":962,"order":1435},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1437,"slug":1438,"category":785,"order":1435},"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":1440,"slug":1441,"category":962,"order":1442},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1444,"slug":1445,"category":785,"order":1442},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1447,"slug":1448,"category":962,"order":1449},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1451,"slug":1452,"category":785,"order":1449},"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":1454,"slug":1455,"category":962,"order":1456},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1458,"slug":1459,"category":785,"order":1456},"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":1461,"slug":1462,"category":962,"order":1463},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1465,"slug":1466,"category":785,"order":1463},"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":1468,"slug":1469,"category":962,"order":1470},"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":1472,"slug":1473,"category":785,"order":1470},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1475,"slug":1476,"category":962,"order":1477},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1479,"slug":1480,"category":785,"order":1477},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1482,"slug":1483,"category":962,"order":1484},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1486,"slug":1487,"category":785,"order":1484},"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":1489,"slug":1490,"category":962,"order":1491},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1493,"slug":1494,"category":785,"order":1491},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1496,"slug":1497,"category":962,"order":1498},"2016 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