[{"data":1,"prerenderedAt":1891},["ShallowReactive",2],{"library-jingxianjin":3,"library-sidebar-buffett":359,"library-sidebar-dao":1364,"library-sidebar-models":1659},{"id":4,"title":5,"body":6,"category":344,"date":345,"description":346,"extension":347,"meta":348,"navigation":349,"order":350,"path":351,"seo":352,"seoDescription":353,"seoTitle":354,"slug":355,"stem":356,"__hash__":357,"_collection":358},"dao\u002Fdao\u002Fconcepts\u002Fjingxianjin.md","净现金",{"type":7,"value":8,"toc":317},"minimark",[9,12,16,46,53,62,65,70,79,84,88,91,97,103,107,114,120,123,127,137,143,146,150,153,159,167,171,176,182,185,189,195,199,209,213,216,219,223,229,233,236,240,243,246,261,267,275,283,289,295,301,309],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,45],"p",{},"净现金是段永平在看财报时特别关注的几个数字之一。他在2010年明确提到：",[21,22,23,24,29,30,34,35,39,40,44],"strong",{},"比较在意的数字是几个：",[25,26,28],"a",{"href":27},"\u002Flibrary\u002Ffuzhai","负债","、净现金、",[25,31,33],{"href":32},"\u002Flibrary\u002Fxianjinliu","现金流","、开销合理性、",[25,36,38],{"href":37},"\u002Flibrary\u002Fzhenshilirun","真实利润","、",[25,41,43],{"href":42},"\u002Flibrary\u002Fjingzichan","扣除商誉的净资产","，好像没了。"," （2010-03-08）",[17,47,48,49,52],{},"段永平定义净现金：",[21,50,51],{},"我说现金一般就是指净现金，不然就不知道什么意思了。"," （2010-04-06）",[17,54,55,61],{},[21,56,57,58,60],{},"如果只讲现金的话，我指的就是净现金，就是减去",[25,59,28],{"href":27},"后的。"," （2010-02-14）",[13,63,64],{"id":64},"核心要义",[66,67,69],"h3",{"id":68},"_1-净现金的计算方法","1. 净现金的计算方法",[17,71,72,73,78],{},"段永平解释净现金的计算：",[21,74,75,76],{},"大致就是账面现金（+短期可变现的如股票）-",[25,77,28],{"href":27}," （2010-03-28）",[17,80,81,82],{},"净现金 = 公司账上的现金 + 短期可变现的资产（如股票） - ",[25,83,28],{"href":27},[66,85,87],{"id":86},"_2-净现金是安全垫","2. 净现金是安全垫",[17,89,90],{},"段永平在投资中经常用净现金作为安全垫来评估公司价值。例如，在投资苹果时：",[17,92,93,96],{},[21,94,95],{},"举个所谓懂的例子：比如苹果，我在2011年买苹果的时候，苹果大概3000亿市值（当时股价310\u002F7=44），手里有1000亿净现金，那时候利润大概不到200亿。所以当时想的东西非常简单，用2000亿左右市值买个目前赚接近200亿／年..."," （2019-05-20）",[17,98,99,102],{},[21,100,101],{},"苹果目前应该依然是现在世界上获利最高的企业，但扣掉净现金以后的市值其实已经比google扣掉净现金以后的市值要低了。"," （2013-03-05）",[66,104,106],{"id":105},"_3-市值低于净现金的机会","3. 市值低于净现金的机会",[17,108,109,110,113],{},"段永平提到：",[21,111,112],{},"不能简单的单纯看数字，除非账面净现金多过股价了。"," （2010-03-10）",[17,115,116,117,78],{},"网友问：",[21,118,119],{},"我很想知道对于购买市值低于净资产，甚至是净现金的公司，特别要注意哪些问题？",[17,121,122],{},"这种情况可能存在投资机会，但需要小心甄别。",[66,124,126],{"id":125},"_4-净现金与企业价值enterprise-value","4. 净现金与企业价值（Enterprise Value）",[17,128,129,130,136],{},"段永平提出用企业价值来评估公司：",[21,131,132,133,135],{},"企业价值（市值＋",[25,134,28],{"href":27},"-现金）"," （2010-06-07）",[17,138,139,140,142],{},"这个概念与净现金密切相关，企业价值 = 市值 + ",[25,141,28],{"href":27}," - 现金，也就是市值减去净现金。",[13,144,145],{"id":145},"实战案例",[66,147,149],{"id":148},"网易现金比市值还高","网易：现金比市值还高",[17,151,152],{},"段永平在2001年投资网易时，网易的现金比市值还高，这是他投资的触发点之一：",[17,154,155,158],{},[21,156,157],{},"网友X：我记得以前媒体报道说当时网易的现金比市值还高是你买他的触发点之一，不知是否是这样？"," （2010-07-07）",[17,160,161,52],{},[21,162,163,164,166],{},"段永平：是账上现金。他们没有",[25,165,28],{"href":27},"。不记得了，反正觉得他们能有机会赚钱。",[66,168,170],{"id":169},"苹果净现金作为安全垫","苹果：净现金作为安全垫",[17,172,173,96],{},[21,174,175],{},"举个所谓懂的例子：比如苹果，我在2011年买苹果的时候，苹果大概3000亿市值（当时股价310\u002F7=44），手里有1000亿净现金，那时候利润大概不到200亿。所以当时想的东西非常简单，用2000亿左右市值买个目前赚接近200亿／年，未来5左右会赚到500亿／年或以上的公司...",[17,177,178,181],{},[21,179,180],{},"举个例子吧：比如目前的苹果，市值扣掉净现金后，大约8000亿左右，年利润500亿左右。如果你认为苹果未来20年以上的年利润只多不少，而你又没别的办法赚到6%以上的年利润，那你就可以买苹果了。"," （2019-04-07）",[13,183,184],{"id":184},"常见误解",[66,186,188],{"id":187},"误解一净现金就是货币资金","误解一：净现金就是货币资金",[17,190,191,192,194],{},"很多投资者以为净现金就是报表上的货币资金，但段永平明确说净现金是减去",[25,193,28],{"href":27},"后的现金。",[66,196,198],{"id":197},"误解二净现金多的公司就一定值得买","误解二：净现金多的公司就一定值得买",[17,200,201,202,208],{},"段永平提醒：",[21,203,204,205,207],{},"公司的价值取决于其未来的净",[25,206,33],{"href":32},"（的折现）。账上的现金在\"未来\"不一定还在，所以不能简单用现金来衡量，除非马上清算。"," （2011-12-28）",[66,210,212],{"id":211},"误解三净现金不影响公司价值","误解三：净现金不影响公司价值",[17,214,215],{},"段永平用企业价值的概念说明净现金对公司价值的影响，市值扣掉净现金后才是公司业务的真实价值。",[13,217,218],{"id":218},"思想演变",[66,220,222],{"id":221},"早期从经营企业中理解现金的重要性","早期：从经营企业中理解现金的重要性",[17,224,225,226,228],{},"段永平在经营步步高时就非常重视",[25,227,33],{"href":32},"和现金储备，这为他后来投资时关注净现金奠定了基础。",[66,230,232],{"id":231},"投资初期用净现金作为安全垫","投资初期：用净现金作为安全垫",[17,234,235],{},"在投资网易时，段永平利用净现金作为安全垫，这是他早期投资的重要方法。",[66,237,239],{"id":238},"成熟时期结合企业价值评估","成熟时期：结合企业价值评估",[17,241,242],{},"随着经验的积累，段永平将净现金与企业价值（Enterprise Value）结合起来，更全面地评估公司价值。",[13,244,245],{"id":245},"原话引用",[247,248,249],"blockquote",{},[17,250,251,45],{},[21,252,23,253,29,255,34,257,39,259,44],{},[25,254,28],{"href":27},[25,256,33],{"href":32},[25,258,38],{"href":37},[25,260,43],{"href":42},[247,262,263],{},[17,264,265,52],{},[21,266,51],{},[247,268,269],{},[17,270,271,61],{},[21,272,57,273,60],{},[25,274,28],{"href":27},[247,276,277],{},[17,278,279,78],{},[21,280,75,281],{},[25,282,28],{"href":27},[247,284,285],{},[17,286,287,96],{},[21,288,175],{},[247,290,291],{},[17,292,293,102],{},[21,294,101],{},[247,296,297],{},[17,298,299,113],{},[21,300,112],{},[247,302,303],{},[17,304,305,136],{},[21,306,132,307,135],{},[25,308,28],{"href":27},[247,310,311],{},[17,312,313,208],{},[21,314,204,315,207],{},[25,316,33],{"href":32},{"title":318,"searchDepth":319,"depth":319,"links":320},"",2,[321,322,329,333,338,343],{"id":15,"depth":319,"text":15},{"id":64,"depth":319,"text":64,"children":323},[324,326,327,328],{"id":68,"depth":325,"text":69},3,{"id":86,"depth":325,"text":87},{"id":105,"depth":325,"text":106},{"id":125,"depth":325,"text":126},{"id":145,"depth":319,"text":145,"children":330},[331,332],{"id":148,"depth":325,"text":149},{"id":169,"depth":325,"text":170},{"id":184,"depth":319,"text":184,"children":334},[335,336,337],{"id":187,"depth":325,"text":188},{"id":197,"depth":325,"text":198},{"id":211,"depth":325,"text":212},{"id":218,"depth":319,"text":218,"children":339},[340,341,342],{"id":221,"depth":325,"text":222},{"id":231,"depth":325,"text":232},{"id":238,"depth":325,"text":239},{"id":245,"depth":319,"text":245},"财务指标",null,"净现金是段永平特别关注的财务指标之一，指公司账上的现金减去负债，是评估公司安全性的重要指标。","md",{},true,11,"\u002Fdao\u002Fconcepts\u002Fjingxianjin",{"title":5,"description":346},"段永平谈净现金：净现金是段永平特别关注的财务指标之一，指公司账上的现金减去负债，是评估公司安全性的重要指标。","净现金｜大道总纲","jingxianjin","dao\u002Fconcepts\u002Fjingxianjin","lrkA8BDS8F1rCOwv0N2n_6cilOBdpHWO5-7ceM8FS70","dao",[360,365,369,373,376,379,382,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,464,467,470,474,477,480,484,487,490,494,497,500,504,507,510,514,517,520,524,527,530,534,537,540,545,548,551,555,558,561,565,568,571,575,578,581,585,588,591,595,598,601,605,608,611,615,618,621,625,628,631,635,638,641,645,648,651,655,658,661,665,668,671,675,678,681,685,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,814,817,821,824,828,831,835,838,842,845,849,852,856,859,863,866,870,873,877,880,884,887,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,957,961,964,968,971,975,978,982,985,989,992,996,999,1003,1006,1010,1013,1017,1020,1024,1027,1031,1034,1038,1041,1045,1048,1052,1055,1059,1062,1066,1069,1073,1076,1080,1083,1087,1090,1094,1097,1101,1104,1108,1111,1115,1118,1122,1125,1129,1132,1136,1139,1143,1146,1150,1153,1157,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1288,1292,1296,1300,1304,1308,1312,1316,1320,1324,1328,1332,1336,1340,1344,1348,1352,1356,1360],{"title":361,"slug":362,"category":363,"order":364},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":366,"slug":367,"category":368,"order":364},"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":370,"slug":371,"category":372,"order":364},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":374,"slug":375,"category":363,"order":319},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":377,"slug":378,"category":368,"order":319},"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":380,"slug":381,"category":372,"order":319},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":383,"slug":384,"category":363,"order":325},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":386,"slug":387,"category":368,"order":325},"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":389,"slug":390,"category":372,"order":325},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":392,"slug":393,"category":363,"order":394},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":396,"slug":397,"category":368,"order":394},"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":399,"slug":400,"category":372,"order":394},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":402,"slug":403,"category":363,"order":404},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":406,"slug":407,"category":368,"order":404},"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":409,"slug":410,"category":372,"order":404},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":412,"slug":413,"category":363,"order":414},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":416,"slug":417,"category":368,"order":414},"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":419,"slug":420,"category":372,"order":414},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":422,"slug":423,"category":363,"order":424},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":426,"slug":427,"category":368,"order":424},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":429,"slug":430,"category":372,"order":424},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":432,"slug":433,"category":363,"order":434},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":436,"slug":437,"category":368,"order":434},"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":439,"slug":440,"category":372,"order":434},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":442,"slug":443,"category":363,"order":444},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":446,"slug":447,"category":368,"order":444},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":449,"slug":450,"category":372,"order":444},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":452,"slug":453,"category":363,"order":454},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":456,"slug":457,"category":368,"order":454},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":459,"slug":460,"category":372,"order":454},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":462,"slug":463,"category":363,"order":350},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":465,"slug":466,"category":368,"order":350},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":468,"slug":469,"category":372,"order":350},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":471,"slug":472,"category":363,"order":473},"1963 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":843,"slug":844,"category":368,"order":841},"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":846,"slug":847,"category":543,"order":848},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":850,"slug":851,"category":368,"order":848},"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":853,"slug":854,"category":543,"order":855},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":857,"slug":858,"category":368,"order":855},"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":860,"slug":861,"category":543,"order":862},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":864,"slug":865,"category":368,"order":862},"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":867,"slug":868,"category":543,"order":869},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":871,"slug":872,"category":368,"order":869},"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":874,"slug":875,"category":543,"order":876},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":878,"slug":879,"category":368,"order":876},"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":881,"slug":882,"category":543,"order":883},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":885,"slug":886,"category":368,"order":883},"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":888,"slug":889,"category":543,"order":890},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":892,"slug":893,"category":368,"order":890},"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":895,"slug":896,"category":543,"order":897},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":899,"slug":900,"category":368,"order":897},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":902,"slug":903,"category":543,"order":904},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":906,"slug":907,"category":368,"order":904},"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":909,"slug":910,"category":543,"order":911},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":913,"slug":914,"category":368,"order":911},"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":916,"slug":917,"category":543,"order":918},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":920,"slug":921,"category":368,"order":918},"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":923,"slug":924,"category":543,"order":925},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":927,"slug":928,"category":368,"order":925},"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":930,"slug":931,"category":543,"order":932},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":934,"slug":935,"category":368,"order":932},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":937,"slug":938,"category":543,"order":939},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":941,"slug":942,"category":368,"order":939},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":944,"slug":945,"category":543,"order":946},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":948,"slug":949,"category":368,"order":946},"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":951,"slug":952,"category":543,"order":953},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":955,"slug":956,"category":368,"order":953},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":958,"slug":959,"category":543,"order":960},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":962,"slug":963,"category":368,"order":960},"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":965,"slug":966,"category":543,"order":967},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":969,"slug":970,"category":368,"order":967},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":972,"slug":973,"category":543,"order":974},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":976,"slug":977,"category":368,"order":974},"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":979,"slug":980,"category":543,"order":981},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":983,"slug":984,"category":368,"order":981},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":986,"slug":987,"category":543,"order":988},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":990,"slug":991,"category":368,"order":988},"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":993,"slug":994,"category":543,"order":995},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":997,"slug":998,"category":368,"order":995},"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":1000,"slug":1001,"category":543,"order":1002},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1004,"slug":1005,"category":368,"order":1002},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1007,"slug":1008,"category":543,"order":1009},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1011,"slug":1012,"category":368,"order":1009},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1014,"slug":1015,"category":543,"order":1016},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1018,"slug":1019,"category":368,"order":1016},"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":1021,"slug":1022,"category":543,"order":1023},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1025,"slug":1026,"category":368,"order":1023},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1028,"slug":1029,"category":543,"order":1030},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1032,"slug":1033,"category":368,"order":1030},"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":1035,"slug":1036,"category":543,"order":1037},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1039,"slug":1040,"category":368,"order":1037},"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":1042,"slug":1043,"category":543,"order":1044},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1046,"slug":1047,"category":368,"order":1044},"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":1049,"slug":1050,"category":543,"order":1051},"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":1053,"slug":1054,"category":368,"order":1051},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1056,"slug":1057,"category":543,"order":1058},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1060,"slug":1061,"category":368,"order":1058},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1063,"slug":1064,"category":543,"order":1065},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1067,"slug":1068,"category":368,"order":1065},"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":1070,"slug":1071,"category":543,"order":1072},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1074,"slug":1075,"category":368,"order":1072},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1077,"slug":1078,"category":543,"order":1079},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1081,"slug":1082,"category":368,"order":1079},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1084,"slug":1085,"category":543,"order":1086},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1088,"slug":1089,"category":368,"order":1086},"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":1091,"slug":1092,"category":543,"order":1093},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1095,"slug":1096,"category":368,"order":1093},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1098,"slug":1099,"category":543,"order":1100},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1102,"slug":1103,"category":368,"order":1100},"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":1105,"slug":1106,"category":543,"order":1107},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1109,"slug":1110,"category":368,"order":1107},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1112,"slug":1113,"category":543,"order":1114},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1116,"slug":1117,"category":368,"order":1114},"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":1119,"slug":1120,"category":543,"order":1121},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1123,"slug":1124,"category":368,"order":1121},"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":1126,"slug":1127,"category":543,"order":1128},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1130,"slug":1131,"category":368,"order":1128},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1133,"slug":1134,"category":543,"order":1135},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1137,"slug":1138,"category":368,"order":1135},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1140,"slug":1141,"category":543,"order":1142},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1144,"slug":1145,"category":368,"order":1142},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":1147,"slug":1148,"category":543,"order":1149},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1151,"slug":1152,"category":368,"order":1149},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1154,"slug":1155,"category":543,"order":1156},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1158,"slug":1159,"category":368,"order":1156},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":1161,"slug":1162,"category":368,"order":1163},"巴菲特：2012年对话IVEY 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