[{"data":1,"prerenderedAt":2079},["ShallowReactive",2],{"library-huchenghe":3,"library-sidebar-buffett":551,"library-sidebar-dao":1556,"library-sidebar-models":1847},{"id":4,"title":5,"body":6,"category":536,"date":537,"description":538,"extension":539,"meta":540,"navigation":541,"order":542,"path":543,"seo":544,"seoDescription":545,"seoTitle":546,"slug":547,"stem":548,"__hash__":549,"_collection":550},"dao\u002Fdao\u002Fconcepts\u002Fhuchenghe.md","护城河",{"type":7,"value":8,"toc":509},"minimark",[9,12,16,37,55,68,71,76,105,120,124,149,153,172,180,184,195,198,205,222,246,253,261,274,278,286,289,297,300,303,307,315,318,322,328,332,338,341,356,373,399,402,414,432,442,468,474,482,489],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,32,33,36],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fhuchenghe","的概念源自",[25,26,27],"strong",{},"巴菲特","，",[25,30,31],{},"段永平","在其投资框架中将其视为",[25,34,35],{},"生意模式","的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。",[38,39,40],"blockquote",{},[17,41,42,43,45,46,48,49,51,52,54],{},"\"",[20,44,5],{"href":22},"实际上我觉得是",[25,47,35],{},"的一部分，好的",[25,50,35],{},"往往具有很宽的",[20,53,5],{"href":22},"。\"",[38,56,57],{},[17,58,42,59,61,62,64,65,67],{},[25,60,27],{},"讲的",[20,63,5],{"href":22},"实际上指的是某种形式的垄断，往往是由",[25,66,35],{},"决定的。\"（2011-12-17）",[13,69,70],{"id":70},"核心要义",[72,73,75],"h3",{"id":74},"_1-护城河是竞争优势本质是差异化","1. 护城河是竞争优势，本质是差异化",[38,77,78],{},[17,79,42,80,82,83,87,88,90,91,93,94,96,97,101,102,104],{},[20,81,5],{"href":22},"就是竞争优势，好的",[20,84,86],{"href":85},"\u002Flibrary\u002Fshangyemoshi","商业模式","一般都有很强大的",[20,89,5],{"href":22},"。",[20,92,5],{"href":22},"不是一成不变的，看懂",[20,95,5],{"href":22},"对投资很重要。",[20,98,100],{"href":99},"\u002Flibrary\u002Fqiyewenhua","企业文化","对建立和维护",[20,103,5],{"href":22},"有不可或缺的作用。\"（2019-10-03）",[38,106,107],{},[17,108,42,109,113,114,116,117,119],{},[20,110,112],{"href":111},"\u002Flibrary\u002Fchayihua","差异化","指的是产品能满足用户的某个或某些别人满足不了的需求。能够长期维持的",[20,115,112],{"href":111},"就是",[20,118,5],{"href":22},"。\"（2019-08-02）",[72,121,123],{"id":122},"_2-护城河与生意模式的关系","2. 护城河与生意模式的关系",[38,125,126],{},[17,127,42,128,130,131,133,134,136,137,139,140,142,143,145,146,148],{},[20,129,5],{"href":22},"应该是",[25,132,35],{},"的一部分。没有",[20,135,5],{"href":22},"的",[25,138,35],{},"不是好的",[25,141,35],{},"，但有",[20,144,5],{"href":22},"的生意未必就一定是好的",[25,147,35],{},"。\"（2012-06-24）",[72,150,152],{"id":151},"_3-企业文化是护城河的重要组成","3. 企业文化是护城河的重要组成",[38,154,155],{},[17,156,42,157,159,160,162,163,165,166,168,169,171],{},[20,158,5],{"href":22},"是用来判断公司内在价值的一个重要手段（不是唯一的）。",[20,161,100],{"href":99},"是",[20,164,5],{"href":22},"的重要部分。很难想象一个没有很强",[20,167,100],{"href":99},"的企业可以有个很宽的",[20,170,5],{"href":22},"。\"（2010-05-25）",[38,173,174],{},[17,175,176,177,179],{},"\"技术的优势从来就很少是",[20,178,5],{"href":22},"，形成技术的文化才是。\"（2013-08-17）",[72,181,183],{"id":182},"_4-定价能力是护城河的体现","4. 定价能力是护城河的体现",[38,185,186],{},[17,187,188,189,191,192,194],{},"\"定价能力和",[20,190,5],{"href":22},"其实是一回事。",[25,193,27],{},"说相对于管理能力他更看重定价能力，其实建立强的定价能力需要的时间非常长，没有好的管理能力根本做不到。所以他说的不矛盾。\"（2011-02-22）",[13,196,197],{"id":197},"实战案例",[72,199,201,204],{"id":200},"苹果平台生态系统",[25,202,203],{},"苹果","：平台+生态系统",[38,206,207],{},[17,208,42,209,136,211,215,216,218,219,221],{},[25,210,203],{},[20,212,214],{"href":213},"\u002Flibrary\u002Fpingtai","平台","建立起来了，或者说",[25,217,35],{},"或者说",[20,220,5],{"href":22},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[17,223,224,226,227,229,230,42,232,136,234,236,237,240,241,243,244,90],{},[25,225,31],{},"2025年在浙大分享了与",[25,228,27],{},"的对话：他告诉",[25,231,27],{},[25,233,203],{},[25,235,35],{},"比",[25,238,239],{},"可口可乐","好\"，因为Android手机价格远低于iPhone，但真正的",[25,242,203],{},"用户\"who cares？没有人在乎\"——这种价格不敏感性展示了极强的",[20,245,5],{"href":22},[72,247,249,252],{"id":248},"步步高看不见的护城河",[25,250,251],{},"步步高","：看不见的护城河",[38,254,255],{},[17,256,257,258,260],{},"\"其实我们是有条看不见的",[20,259,5],{"href":22},"的。\"",[17,262,263,264,136,266,268,269,273],{},"网友问",[25,265,251],{},[20,267,5],{"href":22},"要素是什么，段永平回答：\"最重要的是",[20,270,272],{"href":271},"\u002Flibrary\u002Fzhengzhi","正直","和诚信。\"（2010-09-22）",[72,275,277],{"id":276},"facebookmeta护城河被证伪","Facebook（Meta）：护城河被证伪",[38,279,280],{},[17,281,282,283,285],{},"\"FB真的是我糊里糊涂买、糊里糊涂赚，但很清楚卖掉的公司之一吧。我还记得当时看到'小扎'在国会质询回答问题时，我突然感觉到FB的",[20,284,5],{"href":22},"其实很浅，面对抖音他们完全没有招架能力，连阴招都上了。看完第二天就基本清仓了。\"（2022-10-09）",[72,287,288],{"id":288},"成本优势不是护城河",[38,290,291],{},[17,292,293,294,296],{},"\"还没见过成本优势可以成",[20,295,5],{"href":22},"的，很少有企业能长期维持低成本的，制造业好像没见过。而且靠自己产品卖低价的企业就很难有长久的，至少我没见过。\"（2010-05-24）",[17,298,299],{},"但\"资源的低成本当然是的，制造业的不是，因为维持不了。\"（2025-04-04）",[13,301,302],{"id":302},"常见误解",[72,304,306],{"id":305},"误解一管理好就有护城河","误解一：管理好就有护城河",[38,308,309],{},[17,310,311,312,314],{},"\"管理层不好的公司怎么会有很深的",[20,313,5],{"href":22},"呢?费解。\"（2013-04-02）",[17,316,317],{},"护城河和管理能力是互相依存的：\"这就像打仗一样，是能打仗的军队重要还是好的战壕重要?没有好的防护，再好的军队也不经打。光有战壕显然也是不行的。\"（2010-04-14）",[72,319,321],{"id":320},"误解二重资产就是护城河","误解二：重资产就是护城河",[17,323,324,325,327],{},"网友问化工类重资产公司是否有",[20,326,5],{"href":22},"，段永平回答：\"一般不会。\"（2019-05-31）",[72,329,331],{"id":330},"误解三技术就是护城河","误解三：技术就是护城河",[38,333,334],{},[17,335,176,336,179],{},[20,337,5],{"href":22},[13,339,340],{"id":340},"思想演变",[17,342,343,346,347,349,350,352,353,355],{},[25,344,345],{},"2010年前后","：",[25,348,31],{},"开始在网络上系统讨论",[20,351,5],{"href":22},"，主要是翻译和引用",[25,354,27],{},"的概念，结合自己做企业的理解。",[17,357,358,361,362,364,365,367,368,162,370,372],{},[25,359,360],{},"2011-2015年","：通过投资",[25,363,203],{},"，对",[20,366,5],{"href":22},"有了更深的理解。特别强调",[20,369,100],{"href":99},[20,371,5],{"href":22},"不可或缺的组成部分。",[17,374,375,378,379,381,382,384,385,387,388,390,391,395,396,398],{},[25,376,377],{},"2019-2025年","：表述更加简洁和直接。将",[20,380,5],{"href":22},"、",[20,383,86],{"href":85},"和",[20,386,100],{"href":99},"融为一个整体框架。\"好的",[20,389,86],{"href":85},"很简单，就是利润和净",[20,392,394],{"href":393},"\u002Flibrary\u002Fxianjinliu","现金流","一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"——\"很难抢\"就是",[20,397,5],{"href":22},"的通俗表达。",[13,400,401],{"id":401},"原话引用",[38,403,404],{},[17,405,42,406,45,408,48,410,51,412,54],{},[20,407,5],{"href":22},[25,409,35],{},[25,411,35],{},[20,413,5],{"href":22},[38,415,416],{},[17,417,42,418,130,420,133,422,136,424,139,426,142,428,145,430,148],{},[20,419,5],{"href":22},[25,421,35],{},[20,423,5],{"href":22},[25,425,35],{},[25,427,35],{},[20,429,5],{"href":22},[25,431,35],{},[38,433,434],{},[17,435,42,436,113,438,116,440,119],{},[20,437,112],{"href":111},[20,439,112],{"href":111},[20,441,5],{"href":22},[38,443,444],{},[17,445,446,447,449,450,454,455,449,457,459,460,28,462,464,465,467],{},"\"我没注意。但投资确实就是买的未来",[20,448,394],{"href":393},"（",[20,451,453],{"href":452},"\u002Flibrary\u002Fzhexian","折现","），未来",[20,456,394],{"href":393},[20,458,453],{"href":452},"）最大的保障就是",[20,461,86],{"href":85},[20,463,86],{"href":85},"里最强的就是垄断，或者叫",[20,466,5],{"href":22},"。\"（2012-03-30）",[38,469,470],{},[17,471,176,472,179],{},[20,473,5],{"href":22},[38,475,476],{},[17,477,478,479,481],{},"\"所谓客户忠诚度实际上是客户信任度（了解度），这个是",[20,480,5],{"href":22},"里很重要的一部分。\"（2010-05-30）",[38,483,484],{},[17,485,188,486,488],{},[20,487,5],{"href":22},"其实是一回事。\"（2011-02-22）",[38,490,491],{},[17,492,493,494,496,497,136,501,503,504,136,506,508],{},"\"吃喝的东西心理上的",[20,495,112],{"href":111},"其实很大的，当然",[20,498,500],{"href":499},"\u002Flibrary\u002Fqudao","渠道",[20,502,112],{"href":111},"也很厉害，比如",[25,505,239],{},[20,507,5],{"href":22},"中，'在哪里都能买到'这点是非常厉害的。\"（2012-07-13）",{"title":510,"searchDepth":511,"depth":511,"links":512},"",2,[513,514,521,529,534,535],{"id":15,"depth":511,"text":15},{"id":70,"depth":511,"text":70,"children":515},[516,518,519,520],{"id":74,"depth":517,"text":75},3,{"id":122,"depth":517,"text":123},{"id":151,"depth":517,"text":152},{"id":182,"depth":517,"text":183},{"id":197,"depth":511,"text":197,"children":522},[523,525,527,528],{"id":200,"depth":517,"text":524},"苹果：平台+生态系统",{"id":248,"depth":517,"text":526},"步步高：看不见的护城河",{"id":276,"depth":517,"text":277},{"id":288,"depth":517,"text":288},{"id":302,"depth":511,"text":302,"children":530},[531,532,533],{"id":305,"depth":517,"text":306},{"id":320,"depth":517,"text":321},{"id":330,"depth":517,"text":331},{"id":340,"depth":511,"text":340},{"id":401,"depth":511,"text":401},"投资理念",null,"护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","md",{},true,11,"\u002Fdao\u002Fconcepts\u002Fhuchenghe",{"title":5,"description":538},"段永平谈护城河：护城河的概念源自巴菲特，段永平在其投资框架中将其视为生意模式的一部分。在投资问答录中，段永平最早系统阐述这一概念大约在2010年前后。","护城河｜大道总纲","huchenghe","dao\u002Fconcepts\u002Fhuchenghe","ztu7JXucRprVYCAw4B7T7dSaftIlr4dc_cepxgtva6Y","dao",[552,557,561,565,568,571,574,577,580,583,587,590,593,597,600,603,607,610,613,617,620,623,627,630,633,637,640,643,647,650,653,656,659,662,666,669,672,676,679,6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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":558,"slug":559,"category":560,"order":556},"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":562,"slug":563,"category":564,"order":556},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":566,"slug":567,"category":555,"order":511},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":569,"slug":570,"category":560,"order":511},"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":572,"slug":573,"category":564,"order":511},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":575,"slug":576,"category":555,"order":517},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":578,"slug":579,"category":560,"order":517},"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":581,"slug":582,"category":564,"order":517},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":584,"slug":585,"category":555,"order":586},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":588,"slug":589,"category":560,"order":586},"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":591,"slug":592,"category":564,"order":586},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":594,"slug":595,"category":555,"order":596},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":598,"slug":599,"category":560,"order":596},"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":601,"slug":602,"category":564,"order":596},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":604,"slug":605,"category":555,"order":606},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":608,"slug":609,"category":560,"order":606},"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":611,"slug":612,"category":564,"order":606},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":614,"slug":615,"category":555,"order":616},"1961年中 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":930,"slug":931,"category":560,"order":928},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":933,"slug":934,"category":555,"order":935},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":937,"slug":938,"category":560,"order":935},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":940,"slug":941,"category":735,"order":942},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":944,"slug":945,"category":560,"order":942},"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":947,"slug":948,"category":735,"order":949},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":951,"slug":952,"category":560,"order":949},"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":954,"slug":955,"category":735,"order":956},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":958,"slug":959,"category":560,"order":956},"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":961,"slug":962,"category":735,"order":963},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":965,"slug":966,"category":560,"order":963},"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":968,"slug":969,"category":735,"order":970},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":972,"slug":973,"category":560,"order":970},"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":975,"slug":976,"category":735,"order":977},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":979,"slug":980,"category":560,"order":977},"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":982,"slug":983,"category":735,"order":984},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":986,"slug":987,"category":560,"order":984},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":989,"slug":990,"category":735,"order":991},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":993,"slug":994,"category":560,"order":991},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":996,"slug":997,"category":735,"order":998},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1000,"slug":1001,"category":560,"order":998},"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":1003,"slug":1004,"category":735,"order":1005},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1007,"slug":1008,"category":560,"order":1005},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1010,"slug":1011,"category":735,"order":1012},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1014,"slug":1015,"category":560,"order":1012},"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":1017,"slug":1018,"category":735,"order":1019},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1021,"slug":1022,"category":560,"order":1019},"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":1024,"slug":1025,"category":735,"order":1026},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1028,"slug":1029,"category":560,"order":1026},"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":1031,"slug":1032,"category":735,"order":1033},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1035,"slug":1036,"category":560,"order":1033},"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":1038,"slug":1039,"category":735,"order":1040},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1042,"slug":1043,"category":560,"order":1040},"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":1045,"slug":1046,"category":735,"order":1047},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1049,"slug":1050,"category":560,"order":1047},"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":1052,"slug":1053,"category":735,"order":1054},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1056,"slug":1057,"category":560,"order":1054},"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":1059,"slug":1060,"category":735,"order":1061},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1063,"slug":1064,"category":560,"order":1061},"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":1066,"slug":1067,"category":735,"order":1068},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1070,"slug":1071,"category":560,"order":1068},"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":1073,"slug":1074,"category":735,"order":1075},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1077,"slug":1078,"category":560,"order":1075},"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":1080,"slug":1081,"category":735,"order":1082},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1084,"slug":1085,"category":560,"order":1082},"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":1087,"slug":1088,"category":735,"order":1089},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1091,"slug":1092,"category":560,"order":1089},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1094,"slug":1095,"category":735,"order":1096},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1098,"slug":1099,"category":560,"order":1096},"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":1101,"slug":1102,"category":735,"order":1103},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1105,"slug":1106,"category":560,"order":1103},"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":1108,"slug":1109,"category":735,"order":1110},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1112,"slug":1113,"category":560,"order":1110},"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":1115,"slug":1116,"category":735,"order":1117},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1119,"slug":1120,"category":560,"order":1117},"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":1122,"slug":1123,"category":735,"order":1124},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1126,"slug":1127,"category":560,"order":1124},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1129,"slug":1130,"category":735,"order":1131},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1133,"slug":1134,"category":560,"order":1131},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1136,"slug":1137,"category":735,"order":1138},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1140,"slug":1141,"category":560,"order":1138},"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":1143,"slug":1144,"category":735,"order":1145},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1147,"slug":1148,"category":560,"order":1145},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1150,"slug":1151,"category":735,"order":1152},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1154,"slug":1155,"category":560,"order":1152},"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":1157,"slug":1158,"category":735,"order":1159},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1161,"slug":1162,"category":560,"order":1159},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1164,"slug":1165,"category":735,"order":1166},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1168,"slug":1169,"category":560,"order":1166},"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":1171,"slug":1172,"category":735,"order":1173},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1175,"slug":1176,"category":560,"order":1173},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1178,"slug":1179,"category":735,"order":1180},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1182,"slug":1183,"category":560,"order":1180},"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":1185,"slug":1186,"category":735,"order":1187},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1189,"slug":1190,"category":560,"order":1187},"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":1192,"slug":1193,"category":735,"order":1194},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1196,"slug":1197,"category":560,"order":1194},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1199,"slug":1200,"category":735,"order":1201},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1203,"slug":1204,"category":560,"order":1201},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1206,"slug":1207,"category":735,"order":1208},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1210,"slug":1211,"category":560,"order":1208},"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":1213,"slug":1214,"category":735,"order":1215},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1217,"slug":1218,"category":560,"order":1215},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1220,"slug":1221,"category":735,"order":1222},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1224,"slug":1225,"category":560,"order":1222},"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":1227,"slug":1228,"category":735,"order":1229},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1231,"slug":1232,"category":560,"order":1229},"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":1234,"slug":1235,"category":735,"order":1236},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1238,"slug":1239,"category":560,"order":1236},"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":1241,"slug":1242,"category":735,"order":1243},"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":1245,"slug":1246,"category":560,"order":1243},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1248,"slug":1249,"category":735,"order":1250},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1252,"slug":1253,"category":560,"order":1250},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1255,"slug":1256,"category":735,"order":1257},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1259,"slug":1260,"category":560,"order":1257},"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":1262,"slug":1263,"category":735,"order":1264},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1266,"slug":1267,"category":560,"order":1264},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1269,"slug":1270,"category":735,"order":1271},"2016 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