[{"data":1,"prerenderedAt":2039},["ShallowReactive",2],{"library-duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua":3,"library-sidebar-buffett":520,"library-sidebar-dao":1518,"library-sidebar-models":1807},{"id":4,"title":5,"body":6,"category":506,"date":507,"description":508,"extension":509,"meta":510,"navigation":511,"order":512,"path":513,"seo":514,"seoDescription":508,"seoTitle":515,"slug":516,"stem":517,"__hash__":518,"_collection":519},"dao\u002Fdao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di6jie-shougouheduoyuanhua.md","商业逻辑篇：第6节：收购和多元化",{"type":7,"value":8,"toc":501},"minimark",[9,14,19,37,50,56,62,67,73,78,84,89,100,109,115,118,121,127,130,133,136,139,142,151,157,160,165,168,173,184,190,193,199,205,210,215,221,225,230,235,240,245,250,255,260,268,273,278,281,286,296,301,306,316,321,327,332,337,340,345,348,357,362,367,370,375,378,383,386,391,394,400,403,408,413,416,419,422,427,430,435,440,445,454,460,465,470,476,481,486,496],[10,11,13],"h1",{"id":12},"第6节收购和多元化","第6节：收购和多元化",[15,16,18],"h2",{"id":17},"一收购","一、收购",[20,21,22],"ol",{},[23,24,25,26,31,32,36],"li",{},"网友：对企业来说，“",[27,28,30],"a",{"href":29},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","”是如何判断的？譬如，吉利收购沃尔沃，联想收购IBM pc部门等。是否回过头来，还是依据我们对",[27,33,35],{"href":34},"\u002Flibrary\u002Fqiyewenhua","企业文化","的理解，相当于自己在做企业？",[38,39,40,44,45,49],"p",{},[41,42,43],"strong",{},"段永平："," 简单的东西不容易啊。“做对的事情，",[27,46,48],{"href":47},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","”就是简单不容易的典型代表。其实从外人的角度来看，我无法判断吉利的收购案或联想的收购案对他们来讲是否是件对的事情，但他们最后自己都会知道的。",[38,51,52,55],{},[41,53,54],{},"关于并购，我可以讲一个我的简单理解。如果当有人本着“大不一定强，不大则一定不强。所以要做强则先做大。”的想法去并购的话，那结局一定是很难看的。韦尔奇的自传里写过一些关于并购的原则，你有兴趣可以去看看。（"," 2011-01-25）",[20,57,59],{"start":58},2,[23,60,61],{},"网友：美的它发展很快，不可否认它的收购和并购都很成功，你估计步步高会不会这样做？或者继续练好自己的内功？",[38,63,64,66],{},[41,65,43],{}," 我们不会走M&A，就是收购和兼并这条路去发展。我们这种办法短期看来好像慢很多，但从10年20年的角度来看，有可能是最快的。很累但很有成就感。（2010-03-25）",[20,68,70],{"start":69},3,[23,71,72],{},"网友：段总：快鱼吃慢鱼，慢即是快，中间的尺度该如何衡量？什么时候该快？什么时候该慢？比如张裕，洋河蓝色经典，该怎么衡量呢？",[38,74,75,77],{},[41,76,43],{}," 其实前面类似的东西从不同角度说过若干次了。快鱼吃慢鱼指的是效率问题，也就是把事情做对的能力问题。但做对的事情总是要放在前面的，两者并不矛盾。在自然界里，好像“快”的动物的生存能力也是比“慢”的动物的生存能力弱的。（2010-08-31）",[20,79,81],{"start":80},4,[23,82,83],{},"网友：我还有一个问题，如果一家公司基本以纯股票形式收购另外一家公司而本身亏损很大，被收购公司是一家盈利未上市公司，可否看成是被反向收购了，这样的公司有没有投资价值，尤其在股价低于收购时的股票价值时？",[38,85,86,88],{},[41,87,43],{}," 呵呵，看不太懂。感觉好像其中一家有点傻。（2010-03-05）",[20,90,92],{"start":91},5,[23,93,94,95,99],{},"网友：吉利买下沃尔沃轿车",[27,96,98],{"href":97},"\u002Flibrary\u002Fpinpai","品牌","，联想买下IBM笔记本品牌，海尔将三洋中华区品牌买下来。请问段大哥，品牌还能这样出售吗？万一收购方将品牌越做越差，不是更影响未出售的品牌和产品。到时连叫停的权力都没有了。",[38,101,102,104,105,108],{},[41,103,43],{}," 你是为买方着急还是为卖方着急？",[41,106,107],{},"一般来讲多是只有错买没有错卖的。你说的这几个例子也是如此，卖方没啥要担心的"," 。（2016-11-25）",[20,110,112],{"start":111},6,[23,113,114],{},"【引用】巴菲特31年股东信精华（2012-02-17）",[38,116,117],{},"母公司是不会单纯因为价格因素就将自己旗下最优秀的子公司给卖掉，公司总裁一定会问，为什么要把我皇冠上的珠宝给变卖掉？不过当场景转换到其个人的投资组合时，他却又会毫不犹豫地，甚至是情急地从这家公司换到另一家公司，靠的不过是股票经纪人肤浅的几句话语，其中最烂的一句当属“你不会因为获利而破产”。你能想象得出一家公司的总裁会用类似的话语建议董事会将最有潜力的子公司给卖掉吗？就我个人的观点，适用于企业经营的原则也同样适用于股票投资，投资人在持有一家公司的股票所展现的韧性，应当与一家公司的老板持有公司全部的股权一样。（1993）",[38,119,120],{},"对于购并的对象，我们偏爱那些“产生现金”而非“消化现金”的公司。由于高通胀的影响，越来越多的公司发现它们必须将所赚得的每一块钱再投入才能维持其原有的生产力，就算这些公司账面数字再好看，除非看到白花花的现金，我们对之仍保持高度警戒。（1980）",[20,122,124],{"start":123},7,[23,125,126],{},"网友：《21世纪》：吉利集团合并沃尔沃公司后，吉利董事局主席说，吉利是吉利，沃尔沃是沃尔沃，他们是各自独立的公司，他们并不在一个体系下运作。而根据麦肯锡的报告，目前越来越多亚洲企业采取如此做法，你如何评价？",[38,128,129],{},"韦尔奇：每一家公司都会有它的处事风格。可能中国公司认为没有能力去接管沃尔沃，沃尔沃可能也是这样考虑的。但是，这种情况下，并购方就可能错失了技术交流的机会，失去了财务部门提升成本效益的机会，失去了人力资源部门开发人才的机会。",[38,131,132],{},"另一方面，置沃尔沃于不管，可能也是一个成功的办法，因为他们缺少人才去完成全部的工作。",[38,134,135],{},"《21世纪》：有人认为，这是一次筷子与刀叉所相遇的机会，这两家公司各有优点，但如果他们的合并并不能良好发展，可能会引起不小的问题。",[38,137,138],{},"韦尔奇：但是为什么要置沃尔沃于不管呢？既然如此为什么又要并购沃尔沃呢？为什么？你告诉我为什么？是看上了沃尔沃的人才，技术还是市场呢？",[38,140,141],{},"感觉韦尔奇的思路很清晰，其实韦尔奇这样回答我也有点心里这样想！",[38,143,144,146,147,150],{},[41,145,43],{}," 呵呵，",[41,148,149],{},"让韦尔奇来管个中国公司他就明白了。语言及文化沟通是大问题，没法解决。"," 但这种收购最大的好处可能是在专利上。（2011-12-06）",[20,152,154],{"start":153},8,[23,155,156],{},"引用：苹果CFO（首席财务官）称谷歌收购摩托罗拉移动价格偏高",[38,158,159],{},"据国外媒体报道，谷歌斥资125亿美元收购摩托罗拉移动价格偏高。",[38,161,162,164],{},[41,163,43],{}," 别人谁买moto都很难有好下场，但google出手则可能有点不同。一方面说明google确实急了，另一方面，google的文化确实强大，或许有机会？无论如何，google的文化和moto的差异实在是太大了，如果google能够搞掂moto那就是google的有一个奇迹。3-5年后就能看到结果。（2011-08-19）",[38,166,167],{},"网友：大道觉得并购摩托罗拉的决策做的怎样？要改变这么大一家公司的文化可不容易，印象中以前好像没有特别成功的。",[38,169,170,172],{},[41,171,43],{}," google买moto肯定不是为了买moto的生意，所以我无法评价。如果是为了生意而去那就是脑袋坏了。（2012-01-24）",[20,174,176],{"start":175},9,[23,177,178,179,183],{},"网友：畅游今天市值15亿美元，持有",[27,180,182],{"href":181},"\u002Flibrary\u002Fjingxianjin","净现金","3.304亿美元，净利润达2.455亿美元，扣除现金，市盈率4.7倍。结论是：便宜，低估。",[38,185,186,189],{},[41,187,188],{},"段永平：刚刚知道他们居然已经买了几家公司了。对国内喜欢买公司的公司还是小心为上。"," （2012-02-07）",[38,191,192],{},"网友：求教，频繁收购公司容易出的问题在哪里？",[38,194,195,198],{},[41,196,197],{},"段永平：我不知道，但知道收购的成功率一般都很低。只有具有很强企业文化的公司收购的成功概率才可能比较高点，"," 比如google，比如GE等。（2012-02-07）",[20,200,202],{"start":201},10,[23,203,204],{},"网友：想请教下，就是现在也在谈一个类似于企业并购的事情，感觉被并购的管理层还达不到巴菲特多数例子中那些管理层的品行水准，所以想问下就是我看到的巴菲特收购例子中，没有提到业绩对赌之类的，是不是巴老收购一般都不谈对赌呢？真是完全凭着对于人和企业的把握来做收购呢？",[38,206,207,209],{},[41,208,43],{}," 对赌双方一般都比较短视。作为投资方，对赌总是立于不败之地的，对接受投资的人而言，参与对赌是匪夷所思的。（2017-01-07）",[20,211,213],{"start":212},11,[23,214,114],{},[38,216,217,220],{},[41,218,219],{},"第一类你买到的（不管是有意或无意的）是那种特别能够适应通货膨胀的公司，通常他们又具备两种特征：一是容易去调升价格（即使是当产品需求平缓而产能未充分利用也一样）且不怕会失去市场占有率或销售量；二是只要增加额外少量的资本支出，便可以使营业额大幅增加（虽然增加的原因大部分是因为通货膨胀而非实际增加产出的缘故）。"," 近十几年来，只要符合以上两种条件，虽然这种情况不多，即使是能力普通的经理人也能使这项购并案圆满成功。（1981）",[15,222,224],{"id":223},"二多元化","二、多元化",[20,226,227],{},[23,228,229],{},"网友：问下段哥，VCD、DVD、电话、复读机、点读机、手机，为何说不是多元化呢？是因为有好的人才团队，因人设事吗？怎么来定义聚焦和多元化？",[38,231,232,234],{},[41,233,43],{}," 这都是我们3个公司在不同时期由不同team做的产品。每个团队都应该是高度聚焦的才能做好。（2010-10-15）",[38,236,237,239],{},[41,238,43],{}," 我们每个事业部都是高度独立和专业化的，都非常专注于自己擅长的领域。我们不会为了多元化而多元化。（2010-03-09）",[20,241,242],{"start":58},[23,243,244],{},"网友：段哥，美的在做空调还有电磁炉、豆浆机等小家电，不少人说它不够专一，那步步高现在除了手机、学习机也在做小家电，想听您谈谈对多元化的理解。",[38,246,247,249],{},[41,248,43],{}," 我们这些不同大类的产品都是不同的公司做的，完全独立的不同的团队，不会为其他产品分心，所以不是多元化的产物。我不赞成一般意义上的多元化，尤其不赞成为多元化而多元化的多元化---有很多公司在经历一段不错的发展后，为了分散风险，开始搞起了多元化，结果其中有些公司很快就不用再担心风险的问题了。（2010-09-20）",[38,251,252,254],{},[41,253,43],{}," A股有些公司就有这个问题，看着利润不错，可老是不知道公司会怎么用这些钱。一看他们多元化我就有点晕。（2010-05-23）",[20,256,257],{"start":69},[23,258,259],{},"马化腾否认QPhone谣言 重申腾讯不做手机",[38,261,262,263,267],{},"就外界盛传“腾讯将于近期推出基于安卓",[27,264,266],{"href":265},"\u002Flibrary\u002Fpingtai","平台","的手机产品QPhone”一事，马化腾今日在其微博上予以否认，并重申腾讯不会做手机。马化腾在其微博上称：“借辟谣再次重申：我们不会做手机，不特宫（特供）做扣费机，",[38,269,270,272],{},[41,271,43],{}," 这个我能看懂。（2012-06-13）",[20,274,275],{"start":80},[23,276,277],{},"盛大非游戏业务盈利前景不明 拖累整体利润",[38,279,280],{},"（i美股讯）2011年8月31日，盛大公布了第二季度财报，Q2净营收较去年同期增长26%；普通股股东应占净利润（GAAP）为880万元人民币，同比下降近94.8%。净利润大幅下滑主要……",[38,282,283,285],{},[41,284,43],{}," 没有焦点的公司早晚会有麻烦。（2011-09-01）",[20,287,288],{"start":91},[23,289,290,291,295],{},"网友：品种越多，占用的",[27,292,294],{"href":293},"\u002Flibrary\u002Fqudao","渠道","库存越大——是不是说会给经销商增加负担？",[38,297,298,300],{},[41,299,43],{}," 经销商的负担难道不是自己的负担？怪不得有人为了2015年成第一而向经销商压货呢。（2011-04-09）",[20,302,303],{"start":111},[23,304,305],{},"网友：一直不明白为什么要避免多元化，另外，可口可乐不也有多个子品牌么？",[38,307,308,310,311,315],{},[41,309,43],{}," 很少有公司能够做好“多元化”的，尤其是那些为了多元化而多元化的公司。子品牌是不同的概念，一般是在其",[27,312,314],{"href":313},"\u002Flibrary\u002Fnengliquan","能力圈","内。茅台出53度飞天以外的白酒或许有一定的道理，毕竟还是在白酒的行业里，但如果做别的酒，比如葡萄酒或啤酒就有点怪了。（2013-02-25）",[20,317,318],{"start":123},[23,319,320],{},"网友：段总，您好，请问您对tcl这些年无论在经营范围或者在经营地域，都实行遍地开花的做法是怎么看的，自知不是一个好问题，不过，真的觉得tcl这种经营方式挺值得探讨的。说白了，我是想问，他们似乎也一直在努力，怎么利润回报就不理想呢？他们的经营业绩是不是开始有转好的迹象，即将进入收获期呢？",[38,322,323,326],{},[41,324,325],{},"段永平：“一直在努力”就一定有利润？先要做对的事情，努力才有用"," 。（2010-10-14）",[20,328,329],{"start":153},[23,330,331],{},"不明真相的群众：你有没有做过这样的交易：赚了钱，事后却发现事实或逻辑搞错了？",[38,333,334,336],{},[41,335,43],{}," 我的特斯拉就是典型哈。认真想来当年的GE也算是买错了，放在今天我大概会做不一样的决定。我们在GE上的收获也还是不错的，好像是9.6块买的，20出头卖掉了。当时卖的原因就是我突然发现我买的GE和我想象的那个不一样。（2018-09-21）",[38,338,339],{},"不明真相的群众：什么事让你发现不一样？",[38,341,342,344],{},[41,343,43],{}," 我是看着基业长青的书和韦尔奇的书买的GE哈。杰克韦尔奇说他们的企业文化里最重要的一条就是integrity，他还说过不少企业文化的东西，结果后来我发现在GE网站上居然都找不到。当然，还有一个很重要的原因是，GE的生意太复杂，我看不懂。再就是，我有点怀疑这家公司cooking book，因为他们的earring老是刚刚好。简而言之，我觉得当初买GE是欠妥的。（2018-09-21）",[38,346,347],{},"不明真相的群众：杰克韦尔奇本人，他的“战略”我也是有疑惑的。他入主GE早期做的一些战略，看起来是不错的，主要是聚焦、做减法，但到了晚期，又走回去了。",[38,349,350,352,353,356],{},[41,351,43],{}," 这个我同意。",[41,354,355],{},"我当时一直都说，从来没见过企业多元化成功的例子，GE是个例外。现在看来，时间长了都不行哈"," 。（2018-09-21）",[20,358,359],{"start":175},[23,360,361],{},"网友：怎么判断是多元化？像苹果从电脑到手机到平板，到手机，到手表，好像不是多元化，要是做汽车算多元化么？我有些迷糊。",[38,363,364,366],{},[41,365,43],{}," 不知道多元化定义是什么，看着像是在同一个老板管理下的业务之间关联度很小的东西。苹果的各业务之间高度关联，显然不是一般所说的多元化。（2018-11-03）",[38,368,369],{},"网友Q：看懂一个大公司的各业务之间是否高度关联和互补。也超出了我们很多人的能力圈。段总抽时间多给我们聊聊腾讯有没有多元化问题吧。",[38,371,372,374],{},[41,373,43],{}," 感觉产品上腾讯不算多元化的，他们的绝大多数产品间或多或少都是有关联或者是内在关联的。投资上似乎有点散，但仔细一想似乎也大多是有关联的。至少他们不是在追求多元化吧？（2018-11-03）",[38,376,377],{},"不明真相的群众：我感觉确定不好的多元化，是这个做不好，看看换另一个事情能不能好点，这种搞法。",[38,379,380,382],{},[41,381,43],{}," 实际情况多数可能会是因为在某个地方成功了，所以就觉得自己很厉害，想做更多的事情，不小心就跑到能力圈外面去了。有时候试一试也没啥错，所以这里其实还是蛮难划一条特别清楚的界限的。很多人的所谓多元化大概都是因为生意而去的，什么好赚钱就跟着去做点啥，和自己原来的用户群没啥关系。举个例子：如果腾讯开始做房地产了，那就叫多元化，但如果他们买块地给自己员工盖宿舍或建自己的办公楼就不算。又比如有个群众因为自己爱好开了个网站，虽然和他以前干的事情不完全一样，也不知道在不在自己的能力圈内，所以依然不算是多元化，但可以叫做创业了。（2018-11-04）",[38,384,385],{},"网友G：史总也是多元化摔了跟头？",[38,387,388,390],{},[41,389,43],{}," 史玉柱做事情还是蛮专注的，当年出问题也不是因为多元化。后来做了保健品以及游戏，在生意上也算是蛮成功的。后来这两个生意的管理团队完全不同，所以不算多元化。（2018-11-04）",[38,392,393],{},"网友K：成功并能保持的人 都是有他厉害的地方的。",[38,395,396,399],{},[41,397,398],{},"段永平：很多所谓厉害的人其实仅仅是因为他们一直在老老实实做他们该做的事情而已"," ，单看每件事情是很难看出来他们厉害在哪里的。（2018-11-05）",[38,401,402],{},"网友F：段老师，有点绕哈。是不是在新的领域（另一元），自己的能力能够满足现有客户的需求，并能创造价值，获得收益，这叫多元化成功（或者就不叫多元化）？而不在自己能力圈之内的多元化是有害的！能力圈形成之前，能力培养阶段叫创业，小失败叫试错？",[38,404,405,407],{},[41,406,43],{}," 多元化的意思就是俗语“不要吊死在一棵树上”，要多找几棵树。（2018-11-21）",[20,409,410],{"start":201},[23,411,412],{},"网友：偶像芒格一直提议反过来想，抛个问题求解：关于市场上龙头房企“恒碧万融”四大家，未来哪些因素可能会导致这些公司走向衰落，甚至彻底价值毁灭？",[38,414,415],{},"不明真相的群众：1、杠杆。2、多元化。",[38,417,418],{},"网友C：以前还不太理解多元化的危害，多元化相当于把两只手分到两边，四处开火。这几年看人人、航美、网秦、迅雷、乐视，好像都是从不看好自己的主业、多元化开始走向羸弱的。贾布斯如果不多元化瞎折腾，按爱奇艺这估值，乐视网今年估计也能值几百亿吧。",[38,420,421],{},"不明真相的群众：大部分企业的“多元化”，并不是“不看好自己的主业”，而是没有能力经营好自己的主业，所以觉得另搞一件事情也许会解决问题？但大概率另一件事情也搞不好。所以本质上是自身的能力问题，而不是事的问题，更不是多元化的问题。这跟人生碰上问题怪“原生家庭”是一样的。",[38,423,424,426],{},[41,425,43],{}," 我看到的多元化多是因为自己在某个地方成功了，想要如法炮制到别的地方。比方说篮球打好了就跑去打棒球，或者高尔夫啥的？（这句话是开我喜欢的两个篮球运动员的玩笑哈）（2019-01-09）",[38,428,429],{},"网友F：其中的一个是我也特别喜欢的球星库里，喜欢打高尔夫球，据说高尔夫比篮球打得还溜！",[38,431,432,434],{},[41,433,43],{}," 喜欢打棒球那个是乔丹，居然中间去打了一年职业比赛，然后回来又拿了三届冠军。库里和乔丹一样，在篮球以外的运动上都不如其他职业球员。（2019-01-10）",[20,436,437],{"start":212},[23,438,439],{},"引用：《步步高总裁段永平人大演讲精彩实录》",[38,441,442],{},[41,443,444],{},"问：请问您对企业多元化和归核化的看法？",[38,446,447,449,450,453],{},[41,448,43],{}," 归核化可能就是我们企业的焦点法则，意思就是集中优势兵力打歼灭战。我一向是反对多元化的，我们现在的情况不是多元化，应称为行业的专业化和产品的多样化。我们产品有几大类，但分为三个独立的公司。",[41,451,452],{},"一般地，如果我们判断进不了前三名的行业，我们就不进入"," 。",[38,455,456,459],{},[41,457,458],{},"段永平"," ：这是我们还没开始卖DVD以前的事情了，忘了哪一年，大概是99年的样子？简而言之，那时候我比现在要年轻很多。（2019-10-19）",[38,461,462],{},[41,463,464],{},"3. 分拆",[20,466,467],{},[23,468,469],{},"网友：苹果分拆，是否更利于旗下的子产品部发展壮大？段总最大的担心是不是分拆后的企业文化跟着稀释？",[38,471,472,475],{},[41,473,474],{},"段永平：不知道你是不是觉得汽车的4个轮子拆开来跑车会跑得更快？"," （2013-02-21）",[20,477,478],{"start":58},[23,479,480],{},"网友：一直搞不清楚，腾讯旗下这么多生意，分什么不学搜狐和盛大把旗下有潜力的业务（比如电商，游戏）分拆上市呢？",[38,482,483,485],{},[41,484,43],{}," 把海陆空3军分拆上市会是啥子结果？（2011-10-16）",[20,487,488],{"start":69},[23,489,490,491,495],{},"网友：从长期看，分拆上市并没有提高总公司的内在价值，不过好处是可能从公司层面上分业经营，对某些盈利不错的主业会有点隔离的保护吧。大致看来应该跟拆细差不多吧，格雷厄姆说这种事情对投资者没有意义，但一般会促使那些",[27,492,494],{"href":493},"\u002Flibrary\u002Ftouji","投机","者有冲动“要做些什么”。",[38,497,498,500],{},[41,499,43],{}," 分拆一般是没有意义的。我能想出来的意义大概是不同部门都想通过自己的业绩来体现自己的价值，而老板又没办法协调，大概就只能这么做。（2010-04-29）",{"title":502,"searchDepth":58,"depth":58,"links":503},"",[504,505],{"id":17,"depth":58,"text":18},{"id":223,"depth":58,"text":224},"投资问答录",null,"段永平谈收购并购和多元化的看法，包括收购的原则、多元化的陷阱、企业分拆的理解等内容","md",{},true,406,"\u002Fdao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",{"title":5,"description":508},"商业逻辑篇：第6节：收购和多元化｜大道总纲","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua","dao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di6jie-shougouheduoyuanhua","4EBd3B-UyIxFGEwVikLp2nDXIpGMG_dVZQ98V5l9jWg","dao",[521,526,530,534,537,540,543,546,549,552,555,558,561,564,567,570,573,576,579,582,585,588,591,594,597,600,603,606,609,612,615,618,621,624,628,631,634,638,641,644,648,651,654,658,661,664,668,671,674,678,681,684,688,691,694,699,702,705,709,712,715,719,722,725,729,732,735,739,742,745,749,752,755,759,762,765,769,772,775,779,782,785,789,792,795,799,802,805,809,812,815,819,822,825,829,832,835,839,842,845,849,852,856,859,863,866,870,873,877,880,884,887,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,957,961,964,968,971,975,978,982,985,989,992,996,999,1003,1006,1010,1013,1017,1020,1024,1027,1031,1034,1038,1041,1045,1048,1052,1055,1059,1062,1066,1069,1073,1076,1080,1083,1087,1090,1094,1097,1101,1104,1108,1111,1115,1118,1122,1125,1129,1132,1136,1139,1143,1146,1150,1153,1157,1160,1164,1167,1171,1174,1178,1181,1185,1188,1192,1195,1199,1202,1206,1209,1213,1216,1220,1223,1227,1230,1234,1237,1241,1244,1248,1251,1255,1258,1262,1265,1269,1272,1276,1279,1283,1286,1290,1293,1297,1300,1304,1307,1311,1314,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354,1358,1362,1366,1370,1374,1378,1382,1386,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454,1458,1462,1466,1470,1474,1478,1482,1486,1490,1494,1498,1502,1506,1510,1514],{"title":522,"slug":523,"category":524,"order":525},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":527,"slug":528,"category":529,"order":525},"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":531,"slug":532,"category":533,"order":525},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":535,"slug":536,"category":524,"order":58},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":538,"slug":539,"category":529,"order":58},"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":541,"slug":542,"category":533,"order":58},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":544,"slug":545,"category":524,"order":69},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":547,"slug":548,"category":529,"order":69},"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":550,"slug":551,"category":533,"order":69},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":553,"slug":554,"category":524,"order":80},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",{"title":556,"slug":557,"category":529,"order":80},"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":559,"slug":560,"category":533,"order":80},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":562,"slug":563,"category":524,"order":91},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",{"title":565,"slug":566,"category":529,"order":91},"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":568,"slug":569,"category":533,"order":91},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":571,"slug":572,"category":524,"order":111},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",{"title":574,"slug":575,"category":529,"order":111},"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":577,"slug":578,"category":533,"order":111},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":580,"slug":581,"category":524,"order":123},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":583,"slug":584,"category":529,"order":123},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":586,"slug":587,"category":533,"order":123},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":589,"slug":590,"category":524,"order":153},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",{"title":592,"slug":593,"category":529,"order":153},"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":595,"slug":596,"category":533,"order":153},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":598,"slug":599,"category":524,"order":175},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":601,"slug":602,"category":529,"order":175},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":604,"slug":605,"category":533,"order":175},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":607,"slug":608,"category":524,"order":201},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":610,"slug":611,"category":529,"order":201},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":613,"slug":614,"category":533,"order":201},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":616,"slug":617,"category":524,"order":212},"1962年中 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巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":920,"slug":921,"category":529,"order":918},"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":923,"slug":924,"category":697,"order":925},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":927,"slug":928,"category":529,"order":925},"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":930,"slug":931,"category":697,"order":932},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":934,"slug":935,"category":529,"order":932},"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":937,"slug":938,"category":697,"order":939},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":941,"slug":942,"category":529,"order":939},"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":944,"slug":945,"category":697,"order":946},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":948,"slug":949,"category":529,"order":946},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":951,"slug":952,"category":697,"order":953},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":955,"slug":956,"category":529,"order":953},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":958,"slug":959,"category":697,"order":960},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":962,"slug":963,"category":529,"order":960},"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":965,"slug":966,"category":697,"order":967},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":969,"slug":970,"category":529,"order":967},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":972,"slug":973,"category":697,"order":974},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":976,"slug":977,"category":529,"order":974},"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":979,"slug":980,"category":697,"order":981},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":983,"slug":984,"category":529,"order":981},"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":986,"slug":987,"category":697,"order":988},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":990,"slug":991,"category":529,"order":988},"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":993,"slug":994,"category":697,"order":995},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":997,"slug":998,"category":529,"order":995},"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":1000,"slug":1001,"category":697,"order":1002},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1004,"slug":1005,"category":529,"order":1002},"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":1007,"slug":1008,"category":697,"order":1009},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1011,"slug":1012,"category":529,"order":1009},"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":1014,"slug":1015,"category":697,"order":1016},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1018,"slug":1019,"category":529,"order":1016},"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":1021,"slug":1022,"category":697,"order":1023},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1025,"slug":1026,"category":529,"order":1023},"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":1028,"slug":1029,"category":697,"order":1030},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1032,"slug":1033,"category":529,"order":1030},"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":1035,"slug":1036,"category":697,"order":1037},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1039,"slug":1040,"category":529,"order":1037},"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":1042,"slug":1043,"category":697,"order":1044},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1046,"slug":1047,"category":529,"order":1044},"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":1049,"slug":1050,"category":697,"order":1051},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1053,"slug":1054,"category":529,"order":1051},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1056,"slug":1057,"category":697,"order":1058},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1060,"slug":1061,"category":529,"order":1058},"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":1063,"slug":1064,"category":697,"order":1065},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1067,"slug":1068,"category":529,"order":1065},"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":1070,"slug":1071,"category":697,"order":1072},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1074,"slug":1075,"category":529,"order":1072},"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":1077,"slug":1078,"category":697,"order":1079},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1081,"slug":1082,"category":529,"order":1079},"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":1084,"slug":1085,"category":697,"order":1086},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1088,"slug":1089,"category":529,"order":1086},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1091,"slug":1092,"category":697,"order":1093},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1095,"slug":1096,"category":529,"order":1093},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1098,"slug":1099,"category":697,"order":1100},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1102,"slug":1103,"category":529,"order":1100},"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":1105,"slug":1106,"category":697,"order":1107},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1109,"slug":1110,"category":529,"order":1107},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1112,"slug":1113,"category":697,"order":1114},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1116,"slug":1117,"category":529,"order":1114},"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":1119,"slug":1120,"category":697,"order":1121},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1123,"slug":1124,"category":529,"order":1121},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1126,"slug":1127,"category":697,"order":1128},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1130,"slug":1131,"category":529,"order":1128},"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":1133,"slug":1134,"category":697,"order":1135},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1137,"slug":1138,"category":529,"order":1135},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1140,"slug":1141,"category":697,"order":1142},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1144,"slug":1145,"category":529,"order":1142},"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":1147,"slug":1148,"category":697,"order":1149},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1151,"slug":1152,"category":529,"order":1149},"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":1154,"slug":1155,"category":697,"order":1156},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1158,"slug":1159,"category":529,"order":1156},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1161,"slug":1162,"category":697,"order":1163},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1165,"slug":1166,"category":529,"order":1163},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1168,"slug":1169,"category":697,"order":1170},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1172,"slug":1173,"category":529,"order":1170},"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":1175,"slug":1176,"category":697,"order":1177},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1179,"slug":1180,"category":529,"order":1177},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1182,"slug":1183,"category":697,"order":1184},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1186,"slug":1187,"category":529,"order":1184},"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":1189,"slug":1190,"category":697,"order":1191},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1193,"slug":1194,"category":529,"order":1191},"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":1196,"slug":1197,"category":697,"order":1198},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1200,"slug":1201,"category":529,"order":1198},"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":1203,"slug":1204,"category":697,"order":1205},"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":1207,"slug":1208,"category":529,"order":1205},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1210,"slug":1211,"category":697,"order":1212},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1214,"slug":1215,"category":529,"order":1212},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1217,"slug":1218,"category":697,"order":1219},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1221,"slug":1222,"category":529,"order":1219},"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":1224,"slug":1225,"category":697,"order":1226},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1228,"slug":1229,"category":529,"order":1226},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1231,"slug":1232,"category":697,"order":1233},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1235,"slug":1236,"category":529,"order":1233},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1238,"slug":1239,"category":697,"order":1240},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1242,"slug":1243,"category":529,"order":1240},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":1245,"slug":1246,"category":697,"order":1247},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1249,"slug":1250,"category":529,"order":1247},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1252,"slug":1253,"category":697,"order":1254},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1256,"slug":1257,"category":529,"order":1254},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":1259,"slug":1260,"category":697,"order":1261},"2020 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