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做企业的经验是理解基本面的基础",[64,65,66],"blockquote",{},[17,67,68,69,71],{},"\"做投资和做企业本身没有本质的差异，至少对我来讲是这样的。所以我现在还是觉得在做企业，只是用了不同的方式……对于会做企业的人，做投资成功的机会就大，你要是不会做，往往就变成了",[20,70,45],{"href":44},"。\"（2006年网易证券对话）",[17,73,74,76,77,80,81,84,85,88,89,91],{},[25,75,27],{},"自己做过",[25,78,79],{},"小霸王","和",[25,82,83],{},"步步高","两家企业，这些实战经验是他能看懂",[25,86,87],{},"苹果","等公司",[20,90,5],{"href":22},"的关键。",[59,93,95],{"id":94},"_2-用平常心看基本面忘记成本忽略市场","2. 用平常心看基本面，忘记成本，忽略市场",[64,97,98],{},[17,99,100,101,105,106,108],{},"\"大概很少有人在涨了100倍依然不动心的，所以最关键的还是",[20,102,104],{"href":103},"\u002Flibrary\u002Fpingchangxin","平常心","去看",[20,107,5],{"href":22},"，忘记成本，忽略市场。\"（2012-03-14）",[17,110,111,112,114],{},"这句话在投资问答录中反复出现，是",[25,113,27],{},"投资方法论的核心之一。",[59,116,118],{"id":117},"_3-基本面是使用期权option的前提","3. 基本面是使用期权（option）的前提",[64,120,121],{},[17,122,123,124,126],{},"\"使用option时最重要的就是不要为option而option，只有对",[20,125,5],{"href":22},"非常明白时才有可能有时用一下。还有就是不要用margin做option。\"（2011-10-04）",[64,128,129],{},[17,130,131,132,134,135,139],{},"\"option一定是建立在对",[20,133,5],{"href":22},"的理解上。非",[20,136,138],{"href":137},"\u002Flibrary\u002Fjiazhitouzi","价值投资","的人做option多数都会反着做，最后大多都会很难看。\"（2011-04-09）",[59,141,143],{"id":142},"_4-基本面分析框架商业模式企业文化合理估值","4. 基本面分析框架：商业模式+企业文化+合理估值",[17,145,146,147,150,151,153,154,156,157,159,160,162],{},"在雪球上，",[25,148,149],{},"方三文","（不明真相的群众）曾总结出企业",[20,152,5],{"href":22},"的简易分析框架：\"",[20,155,32],{"href":31},"，",[20,158,37],{"href":36},"，合理估值。\"",[25,161,27],{},"认可这一总结。",[13,164,165],{"id":165},"实战案例",[59,167,169,172],{"id":168},"网易从基本面看到100倍收益",[25,170,171],{},"网易","：从基本面看到100倍收益",[64,174,175],{},[17,176,100,177,105,179,108],{},[20,178,104],{"href":103},[20,180,5],{"href":22},[17,182,183,23,185,187,188,190],{},[25,184,27],{},[25,186,171],{},"上赚了100多倍，但他强调自己并非因为股价涨了就一直持有，而是因为持续关注",[20,189,5],{"href":22},"——公司的游戏业务本身在不断增长。",[59,192,194,196],{"id":193},"苹果基本面的反映",[25,195,87],{},"：基本面的反映",[64,198,199],{},[17,200,201,202,204],{},"\"所谓'动能'不过是",[20,203,5],{"href":22},"的反映而已，该来的早晚会来的，而且也是在礼拜一到礼拜五中的某一天。\"（2012-03-09）",[59,206,207],{"id":207},"做空基本面的风险",[64,209,210],{},[17,211,212,213,215],{},"\"确实是非常危险的。不该做空的理由：做空时不光要面对",[20,214,5],{"href":22},"，还要面对市场的疯狂。\"（2012-06-26）",[17,217,218,220],{},[25,219,27],{},"自己也因做空百度而付出了惨痛代价。",[59,222,223],{"id":223},"一位朋友的故事",[64,225,226],{},[17,227,228,229,231,232,234],{},"\"他做了30年，非常有天赋，非常看",[20,230,5],{"href":22},"，非常努力，绝不轻易出手，有过好多次经典的投资，也有过几次死里逃生的经历……即便如此，他已经富过超过一次了。\"（2015-03-05）——这位朋友用margin，即使看",[20,233,5],{"href":22},"很准也多次险些倾覆。",[13,236,237],{"id":237},"常见误解",[59,239,241],{"id":240},"误解一基本面分析需要复杂的模型","误解一：基本面分析需要复杂的模型",[17,243,244,246,247,249],{},[25,245,27],{},"不用复杂的财务模型，而是用\"毛估估\"的方式看公司",[20,248,5],{"href":22},"。他强调拥有一家公司的心态比掌握分析工具更重要。",[59,251,253],{"id":252},"误解二勤奋调研就能看懂基本面","误解二：勤奋调研就能看懂基本面",[64,255,256],{},[17,257,258],{},"\"过多拜访公司容易短视。我的意思是，很多人拜访公司是为了了解公司短期运营的状况，这种心态对长期投资的帮助不一定大。\"（2010-04-12）",[59,260,262],{"id":261},"误解三量化可以替代基本面研究","误解三：量化可以替代基本面研究",[17,264,265,266,268,269,271,272,274],{},"一位网友问是否应该从",[20,267,138],{"href":137},"转做量化交易。段永平回答：\"你如果做'",[20,270,138],{"href":137},"'很赚钱的话，你为什么想转？如果你连做'",[20,273,138],{"href":137},"'都不赚钱的话，你能干的过人家幻方？\"（2025-01-22）",[13,276,277],{"id":277},"思想演变",[17,279,280,283,284,286,287,80,289,291,292,294],{},[25,281,282],{},"1990年代-2000年代（企业家阶段）","：",[25,285,27],{},"从经营",[25,288,79],{},[25,290,83],{},"中积累了深厚的",[20,293,5],{"href":22},"分析能力，尤其是对消费电子行业。",[17,296,297,300,301,303,304,306],{},[25,298,299],{},"2001-2006年（早期投资阶段）","：将做企业的经验应用到股票投资中，通过分析",[25,302,171],{},"的游戏业务",[20,305,5],{"href":22},"获得了巨大成功。",[17,308,309,312,313,315,316,318,319,321],{},[25,310,311],{},"2006-2015年（体系化阶段）","：在网上与网友互动中，将",[20,314,5],{"href":22},"分析的方法论明确为\"",[20,317,32],{"href":31},"+",[20,320,37],{"href":36},"+合理估值\"。",[17,323,324,327,328,330],{},[25,325,326],{},"2020年代（成熟阶段）","：更加强调\"忘记成本，忽略市场\"，把注意力完全放在生意本身。反对将",[20,329,5],{"href":22},"分析复杂化。",[13,332,333],{"id":333},"原话引用",[64,335,336],{},[17,337,338,339,105,341,108],{},"\"最关键的还是",[20,340,104],{"href":103},[20,342,5],{"href":22},[64,344,345],{},[17,346,123,347,349],{},[20,348,5],{"href":22},"非常明白时才有可能有时用一下。\"（2011-10-04）",[64,351,352],{},[17,353,354],{},"\"做投资和做企业本身没有本质的差异，至少对我来讲是这样的。\"（2006年）",[64,356,357],{},[17,358,131,359,134,361,139],{},[20,360,5],{"href":22},[20,362,138],{"href":137},[64,364,365],{},[17,366,201,367,369],{},[20,368,5],{"href":22},"的反映而已，该来的早晚会来的。\"（2012-03-09）",[64,371,372],{},[17,373,374,375,377,378,381],{},"\"事实上，我们通常都是利用某些历史事件发生，悲观气氛到达顶点时，找到最好的进场机会，恐惧虽然是盲从者的敌人，但却是",[20,376,5],{"href":22},"信徒的好朋友。\"（引用",[25,379,380],{},"巴菲特","1994年原话）",{"title":383,"searchDepth":384,"depth":384,"links":385},"",2,[386,387,394,402,407,408],{"id":15,"depth":384,"text":15},{"id":57,"depth":384,"text":57,"children":388},[389,391,392,393],{"id":61,"depth":390,"text":62},3,{"id":94,"depth":390,"text":95},{"id":117,"depth":390,"text":118},{"id":142,"depth":390,"text":143},{"id":165,"depth":384,"text":165,"children":395},[396,398,400,401],{"id":168,"depth":390,"text":397},"网易：从基本面看到100倍收益",{"id":193,"depth":390,"text":399},"苹果：基本面的反映",{"id":207,"depth":390,"text":207},{"id":223,"depth":390,"text":223},{"id":237,"depth":384,"text":237,"children":403},[404,405,406],{"id":240,"depth":390,"text":241},{"id":252,"depth":390,"text":253},{"id":261,"depth":390,"text":262},{"id":277,"depth":384,"text":277},{"id":333,"depth":384,"text":333},"投资理念",null,"基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","md",{},true,15,"\u002Fdao\u002Fconcepts\u002Fjibenmian",{"title":5,"description":411},"段永平谈基本面：基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","基本面｜大道总纲","jibenmian","dao\u002Fconcepts\u002Fjibenmian","yBCieTud6ehnrUI74YY1sWxXcHZtbegcZ5f6dLjZv7I","dao",[425,430,434,438,441,444,447,450,453,456,460,463,466,470,473,476,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,569,572,575,579,582,585,589,592,595,599,602,605,610,613,616,620,623,626,630,633,636,640,643,646,650,653,656,660,663,666,670,673,676,680,683,686,690,693,696,700,703,706,710,713,716,720,723,726,730,733,736,740,743,746,750,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":431,"slug":432,"category":433,"order":429},"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":435,"slug":436,"category":437,"order":429},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":439,"slug":440,"category":428,"order":384},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":442,"slug":443,"category":433,"order":384},"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":445,"slug":446,"category":437,"order":384},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":448,"slug":449,"category":428,"order":390},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":451,"slug":452,"category":433,"order":390},"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":454,"slug":455,"category":437,"order":390},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":457,"slug":458,"category":428,"order":459},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":461,"slug":462,"category":433,"order":459},"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":464,"slug":465,"category":437,"order":459},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":467,"slug":468,"category":428,"order":469},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":471,"slug":472,"category":433,"order":469},"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":474,"slug":475,"category":437,"order":469},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":477,"slug":478,"category":428,"order":479},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":481,"slug":482,"category":433,"order":479},"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":484,"slug":485,"category":437,"order":479},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":487,"slug":488,"category":428,"order":489},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":491,"slug":492,"category":433,"order":489},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":494,"slug":495,"category":437,"order":489},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":497,"slug":498,"category":428,"order":499},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":501,"slug":502,"category":433,"order":499},"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":504,"slug":505,"category":437,"order":499},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":428,"order":509},"1962年11月 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":859,"slug":860,"category":433,"order":857},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":862,"slug":863,"category":608,"order":864},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":866,"slug":867,"category":433,"order":864},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":869,"slug":870,"category":608,"order":871},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":873,"slug":874,"category":433,"order":871},"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":876,"slug":877,"category":608,"order":878},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":880,"slug":881,"category":433,"order":878},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":883,"slug":884,"category":608,"order":885},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":887,"slug":888,"category":433,"order":885},"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":890,"slug":891,"category":608,"order":892},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":894,"slug":895,"category":433,"order":892},"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":897,"slug":898,"category":608,"order":899},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":901,"slug":902,"category":433,"order":899},"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":904,"slug":905,"category":608,"order":906},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":908,"slug":909,"category":433,"order":906},"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":911,"slug":912,"category":608,"order":913},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":915,"slug":916,"category":433,"order":913},"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":918,"slug":919,"category":608,"order":920},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":922,"slug":923,"category":433,"order":920},"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":925,"slug":926,"category":608,"order":927},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":929,"slug":930,"category":433,"order":927},"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":932,"slug":933,"category":608,"order":934},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":936,"slug":937,"category":433,"order":934},"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":939,"slug":940,"category":608,"order":941},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":943,"slug":944,"category":433,"order":941},"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":946,"slug":947,"category":608,"order":948},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":950,"slug":951,"category":433,"order":948},"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":953,"slug":954,"category":608,"order":955},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":957,"slug":958,"category":433,"order":955},"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":960,"slug":961,"category":608,"order":962},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":964,"slug":965,"category":433,"order":962},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":967,"slug":968,"category":608,"order":969},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":971,"slug":972,"category":433,"order":969},"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":974,"slug":975,"category":608,"order":976},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":978,"slug":979,"category":433,"order":976},"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":981,"slug":982,"category":608,"order":983},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":985,"slug":986,"category":433,"order":983},"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":988,"slug":989,"category":608,"order":990},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":992,"slug":993,"category":433,"order":990},"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":995,"slug":996,"category":608,"order":997},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":999,"slug":1000,"category":433,"order":997},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1002,"slug":1003,"category":608,"order":1004},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1006,"slug":1007,"category":433,"order":1004},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1009,"slug":1010,"category":608,"order":1011},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1013,"slug":1014,"category":433,"order":1011},"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":1016,"slug":1017,"category":608,"order":1018},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1020,"slug":1021,"category":433,"order":1018},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1023,"slug":1024,"category":608,"order":1025},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1027,"slug":1028,"category":433,"order":1025},"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":1030,"slug":1031,"category":608,"order":1032},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1034,"slug":1035,"category":433,"order":1032},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1037,"slug":1038,"category":608,"order":1039},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1041,"slug":1042,"category":433,"order":1039},"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":1044,"slug":1045,"category":608,"order":1046},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1048,"slug":1049,"category":433,"order":1046},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1051,"slug":1052,"category":608,"order":1053},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1055,"slug":1056,"category":433,"order":1053},"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":1058,"slug":1059,"category":608,"order":1060},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1062,"slug":1063,"category":433,"order":1060},"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":1065,"slug":1066,"category":608,"order":1067},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1069,"slug":1070,"category":433,"order":1067},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1072,"slug":1073,"category":608,"order":1074},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1076,"slug":1077,"category":433,"order":1074},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1079,"slug":1080,"category":608,"order":1081},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1083,"slug":1084,"category":433,"order":1081},"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":1086,"slug":1087,"category":608,"order":1088},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1090,"slug":1091,"category":433,"order":1088},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1093,"slug":1094,"category":608,"order":1095},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1097,"slug":1098,"category":433,"order":1095},"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":1100,"slug":1101,"category":608,"order":1102},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1104,"slug":1105,"category":433,"order":1102},"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":1107,"slug":1108,"category":608,"order":1109},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1111,"slug":1112,"category":433,"order":1109},"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":1114,"slug":1115,"category":608,"order":1116},"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":1118,"slug":1119,"category":433,"order":1116},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1121,"slug":1122,"category":608,"order":1123},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1125,"slug":1126,"category":433,"order":1123},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1128,"slug":1129,"category":608,"order":1130},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1132,"slug":1133,"category":433,"order":1130},"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":1135,"slug":1136,"category":608,"order":1137},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1139,"slug":1140,"category":433,"order":1137},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1142,"slug":1143,"category":608,"order":1144},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1146,"slug":1147,"category":433,"order":1144},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1149,"slug":1150,"category":608,"order":1151},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1153,"slug":1154,"category":433,"order":1151},"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":1156,"slug":1157,"category":608,"order":1158},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1160,"slug":1161,"category":433,"order":1158},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1163,"slug":1164,"category":608,"order":1165},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1167,"slug":1168,"category":433,"order":1165},"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":1170,"slug":1171,"category":608,"order":1172},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1174,"slug":1175,"category":433,"order":1172},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1177,"slug":1178,"category":608,"order":1179},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1181,"slug":1182,"category":433,"order":1179},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1184,"slug":1185,"category":608,"order":1186},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1188,"slug":1189,"category":433,"order":1186},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":1191,"slug":1192,"category":608,"order":1193},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1195,"slug":1196,"category":433,"order":1193},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1198,"slug":1199,"category":608,"order":1200},"2024 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