[{"data":1,"prerenderedAt":1879},["ShallowReactive",2],{"library-jingzichan":3,"library-sidebar-buffett":348,"library-sidebar-dao":1353,"library-sidebar-models":1647},{"id":4,"title":5,"body":6,"category":333,"date":334,"description":335,"extension":336,"meta":337,"navigation":338,"order":339,"path":340,"seo":341,"seoDescription":342,"seoTitle":343,"slug":344,"stem":345,"__hash__":346,"_collection":347},"dao\u002Fdao\u002Fconcepts\u002Fjingzichan.md","扣除商誉的净资产",{"type":7,"value":8,"toc":304},"minimark",[9,12,16,45,52,55,60,75,78,82,89,92,96,106,109,113,119,128,131,135,142,145,149,159,165,169,174,177,180,184,187,191,194,198,201,204,208,211,215,218,225,234,237,252,258,270,276,284,290,298],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,44],"p",{},"扣除商誉的净资产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：",[21,22,23,24,29,30,29,34,38,39,43],"strong",{},"比较在意的数字是几个：",[25,26,28],"a",{"href":27},"\u002Flibrary\u002Ffuzhai","负债","、",[25,31,33],{"href":32},"\u002Flibrary\u002Fjingxianjin","净现金",[25,35,37],{"href":36},"\u002Flibrary\u002Fxianjinliu","现金流","、开销合理性、",[25,40,42],{"href":41},"\u002Flibrary\u002Fzhenshilirun","真实利润","、扣除商誉的净资产，好像没了。"," （2010-03-08）",[17,46,47,48,51],{},"段永平还创造了\"有效净资产\"的概念：",[21,49,50],{},"编这个名词的目的就是不想让自己被\"净资产\"的表面数字所迷惑。\"有效净资产\"指的其实就是公司的真实盈利能力。有效净资产只是一个概念，并不是定义为净资产减无效资产的那个东西。"," （2010-08-20）",[13,53,54],{"id":54},"核心要义",[56,57,59],"h3",{"id":58},"_1-有效净资产概念","1. 有效净资产概念",[17,61,62,63,51],{},"段永平解释：",[21,64,65,66,68,69,71,72,74],{},"计算价值只和未来总的",[25,67,37],{"href":36},"折现有关。其实净资产只是产生未来",[25,70,37],{"href":36},"的因素之一，所以我编了个\"有效净资产\"的名词。也就是说，不能产生",[25,73,37],{"href":36},"的净资产其实没有价值（有时还可能是负价值）。",[17,76,77],{},"有效净资产指的是公司的真实盈利能力，而不是账面净资产。",[56,79,81],{"id":80},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[17,83,84,85,88],{},"段永平强调：",[21,86,87],{},"不赚钱的净资产有时候就是个累赘。比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？"," （2010-04-25）",[17,90,91],{},"有些净资产不仅不能产生价值，还会成为负担。",[56,93,95],{"id":94},"_3-警惕价值陷阱","3. 警惕价值陷阱",[17,97,98,99,105],{},"段永平提醒：",[21,100,101,102,104],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[25,103,37],{"href":36},"折现的概念就容易理解芒格说的是啥了。所以未必市值低过净资产甚至现金的股票就值得投资，除非你能看懂你买的是什么。"," （2012-06-26）",[17,107,108],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[56,110,112],{"id":111},"_4-净资产收益率roe是参考指标","4. 净资产收益率（ROE）是参考指标",[17,114,115,116,44],{},"段永平说：",[21,117,118],{},"\"净资产收益率\"是个很好的指标，可以用来排除那些你不喜欢的公司，但不能作为\"核心指标\"去决定你是否要投的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。最后还是要回到\"right business，right people，right price\"。",[17,120,121,127],{},[21,122,123,124,126],{},"在没有贷款的前提下，净资产收益率高的公司当然是不错的，说明公司的盈利能力强。净资产收益率低的公司一般都不太好，但成长型公司的初期可能净资产收益率会很低。关键还是看你能不能看懂公司的未来（",[25,125,37],{"href":36},"）。"," （2011-02-13）",[13,129,130],{"id":130},"实战案例",[56,132,134],{"id":133},"uhal净资产高的机会","UHAL：净资产高的机会",[17,136,137,138,141],{},"段永平举例：",[21,139,140],{},"我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。"," （2010-03-09）",[17,143,144],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[56,146,148],{"id":147},"网易现金比市值高","网易：现金比市值高",[17,150,151,152,158],{},"网友问：",[21,153,154,155,157],{},"你买网易时说它\"企业里面的现金就有2块钱，股价不到1块钱\"。请问大哥：这里的\"现金\"指的是净资产还是",[25,156,37],{"href":36},"？"," （2010-04-06）",[17,160,161,162,164],{},"段永平投资网易时，不仅看现金，更看重公司的未来",[25,163,37],{"href":36},"。",[56,166,168],{"id":167},"渺无人烟的酒店负价值的净资产","渺无人烟的酒店：负价值的净资产",[17,170,137,171,88],{},[21,172,173],{},"比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？",[17,175,176],{},"这说明有些净资产不仅没有价值，还可能是负价值。",[13,178,179],{"id":179},"常见误解",[56,181,183],{"id":182},"误解一净资产高就是好","误解一：净资产高就是好",[17,185,186],{},"很多投资者以为净资产高就是好公司，但段永平强调不赚钱的净资产有时候就是个累赘。",[56,188,190],{"id":189},"误解二市值低于净资产就值得投资","误解二：市值低于净资产就值得投资",[17,192,193],{},"很多人以为市值低于净资产就值得投资，但段永平提醒这可能是价值陷阱，关键是要能看懂你买的是什么。",[56,195,197],{"id":196},"误解三roe是核心指标","误解三：ROE是核心指标",[17,199,200],{},"很多人把ROE作为核心指标，但段永平认为ROE是个很好的参考指标，但不能作为\"核心指标\"去决定你是否要投的公司。",[13,202,203],{"id":203},"思想演变",[56,205,207],{"id":206},"早期从经营企业中理解有效净资产","早期：从经营企业中理解有效净资产",[17,209,210],{},"段永平在经营步步高时就明白，有些资产能赚钱，有些资产不能赚钱，甚至会成为负担。",[56,212,214],{"id":213},"投资时期提出有效净资产概念","投资时期：提出有效净资产概念",[17,216,217],{},"在投资中，段永平提出了有效净资产的概念，强调不能被净资产的表面数字所迷惑。",[56,219,221,222,224],{"id":220},"成熟时期结合未来现金流折现","成熟时期：结合未来",[25,223,37],{"href":36},"折现",[17,226,227,228,230,231,233],{},"随着经验的积累，段永平越来越强调要结合未来",[25,229,37],{"href":36},"折现来看待净资产，净资产只是产生未来",[25,232,37],{"href":36},"的因素之一。",[13,235,236],{"id":236},"原话引用",[238,239,240],"blockquote",{},[17,241,242,44],{},[21,243,23,244,29,246,29,248,38,250,43],{},[25,245,28],{"href":27},[25,247,33],{"href":32},[25,249,37],{"href":36},[25,251,42],{"href":41},[238,253,254],{},[17,255,256,51],{},[21,257,50],{},[238,259,260],{},[17,261,262,51],{},[21,263,65,264,68,266,71,268,74],{},[25,265,37],{"href":36},[25,267,37],{"href":36},[25,269,37],{"href":36},[238,271,272],{},[17,273,274,88],{},[21,275,87],{},[238,277,278],{},[17,279,280,105],{},[21,281,101,282,104],{},[25,283,37],{"href":36},[238,285,286],{},[17,287,288,44],{},[21,289,118],{},[238,291,292],{},[17,293,294,127],{},[21,295,123,296,126],{},[25,297,37],{"href":36},[238,299,300],{},[17,301,302,141],{},[21,303,140],{},{"title":305,"searchDepth":306,"depth":306,"links":307},"",2,[308,309,316,321,326,332],{"id":15,"depth":306,"text":15},{"id":54,"depth":306,"text":54,"children":310},[311,313,314,315],{"id":58,"depth":312,"text":59},3,{"id":80,"depth":312,"text":81},{"id":94,"depth":312,"text":95},{"id":111,"depth":312,"text":112},{"id":130,"depth":306,"text":130,"children":317},[318,319,320],{"id":133,"depth":312,"text":134},{"id":147,"depth":312,"text":148},{"id":167,"depth":312,"text":168},{"id":179,"depth":306,"text":179,"children":322},[323,324,325],{"id":182,"depth":312,"text":183},{"id":189,"depth":312,"text":190},{"id":196,"depth":312,"text":197},{"id":203,"depth":306,"text":203,"children":327},[328,329,330],{"id":206,"depth":312,"text":207},{"id":213,"depth":312,"text":214},{"id":220,"depth":312,"text":331},"成熟时期：结合未来现金流折现",{"id":236,"depth":306,"text":236},"财务指标",null,"扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","md",{},true,14,"\u002Fdao\u002Fconcepts\u002Fjingzichan",{"title":5,"description":335},"段永平谈扣除商誉的净资产：扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","扣除商誉的净资产｜大道总纲","jingzichan","dao\u002Fconcepts\u002Fjingzichan","auJi83TT5vomLogx7LRT3-VmDV2EmywoBQYmqaPSgqA","dao",[349,354,358,362,365,368,371,374,377,380,384,387,390,394,397,400,404,407,410,414,417,420,424,427,430,434,437,440,444,447,450,454,457,460,464,467,470,474,477,480,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,534,537,540,544,547,550,554,557,560,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,614,617,620,624,627,630,634,637,640,644,647,650,654,657,660,664,667,670,674,677,680,684,687,691,694,698,701,705,708,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,981,985,988,992,995,999,1002,1006,1009,1013,1016,1020,1023,1027,1030,1034,1037,1041,1044,1048,1051,1055,1058,1062,1065,1069,1072,1076,1079,1083,1086,1090,1093,1097,1100,1104,1107,1111,1114,1118,1121,1125,1128,1132,1135,1139,1142,1146,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249,1253,1257,1261,1265,1269,1273,1277,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337,1341,1345,1349],{"title":350,"slug":351,"category":352,"order":353},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":355,"slug":356,"category":357,"order":353},"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":359,"slug":360,"category":361,"order":353},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":363,"slug":364,"category":352,"order":306},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":366,"slug":367,"category":357,"order":306},"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":369,"slug":370,"category":361,"order":306},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":372,"slug":373,"category":352,"order":312},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":375,"slug":376,"category":357,"order":312},"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":378,"slug":379,"category":361,"order":312},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":381,"slug":382,"category":352,"order":383},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":385,"slug":386,"category":357,"order":383},"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":388,"slug":389,"category":361,"order":383},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":391,"slug":392,"category":352,"order":393},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":395,"slug":396,"category":357,"order":393},"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":398,"slug":399,"category":361,"order":393},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":401,"slug":402,"category":352,"order":403},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":405,"slug":406,"category":357,"order":403},"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":408,"slug":409,"category":361,"order":403},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":411,"slug":412,"category":352,"order":413},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":415,"slug":416,"category":357,"order":413},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":418,"slug":419,"category":361,"order":413},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":421,"slug":422,"category":352,"order":423},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":425,"slug":426,"category":357,"order":423},"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":428,"slug":429,"category":361,"order":423},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":431,"slug":432,"category":352,"order":433},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":435,"slug":436,"category":357,"order":433},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":438,"slug":439,"category":361,"order":433},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":441,"slug":442,"category":352,"order":443},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":445,"slug":446,"category":357,"order":443},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":448,"slug":449,"category":361,"order":443},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":451,"slug":452,"category":352,"order":453},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":455,"slug":456,"category":357,"order":453},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":458,"slug":459,"category":361,"order":453},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":461,"slug":462,"category":352,"order":463},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":465,"slug":466,"category":357,"order":463},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":468,"slug":469,"category":361,"order":463},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":471,"slug":472,"category":352,"order":473},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":475,"slug":476,"category":357,"order":473},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":478,"slug":479,"category":361,"order":473},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":481,"slug":482,"category":352,"order":339},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":484,"slug":485,"category":357,"order":339},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":487,"slug":488,"category":361,"order":339},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":490,"slug":491,"category":352,"order":492},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":494,"slug":495,"category":357,"order":492},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":497,"slug":498,"category":361,"order":492},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":500,"slug":501,"category":352,"order":502},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":504,"slug":505,"category":357,"order":502},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":507,"slug":508,"category":361,"order":502},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":510,"slug":511,"category":352,"order":512},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":514,"slug":515,"category":357,"order":512},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":517,"slug":518,"category":361,"order":512},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":520,"slug":521,"category":352,"order":522},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":524,"slug":525,"category":357,"order":522},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":527,"slug":528,"category":361,"order":522},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":530,"slug":531,"category":532,"order":533},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":535,"slug":536,"category":357,"order":533},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":538,"slug":539,"category":361,"order":533},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":541,"slug":542,"category":352,"order":543},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":545,"slug":546,"category":357,"order":543},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":548,"slug":549,"category":361,"order":543},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":551,"slug":552,"category":352,"order":553},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":555,"slug":556,"category":357,"order":553},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":558,"slug":559,"category":361,"order":553},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":561,"slug":562,"category":352,"order":563},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":565,"slug":566,"category":357,"order":563},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":568,"slug":569,"category":361,"order":563},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":571,"slug":572,"category":532,"order":573},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":575,"slug":576,"category":357,"order":573},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":578,"slug":579,"category":361,"order":573},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":581,"slug":582,"category":352,"order":583},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":585,"slug":586,"category":357,"order":583},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":588,"slug":589,"category":361,"order":583},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":591,"slug":592,"category":352,"order":593},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":595,"slug":596,"category":357,"order":593},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":598,"slug":599,"category":361,"order":593},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":601,"slug":602,"category":352,"order":603},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":605,"slug":606,"category":357,"order":603},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":608,"slug":609,"category":361,"order":603},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":611,"slug":612,"category":532,"order":613},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":615,"slug":616,"category":357,"order":613},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":618,"slug":619,"category":361,"order":613},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":621,"slug":622,"category":352,"order":623},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":625,"slug":626,"category":357,"order":623},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":628,"slug":629,"category":361,"order":623},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":631,"slug":632,"category":352,"order":633},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":635,"slug":636,"category":357,"order":633},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":638,"slug":639,"category":361,"order":633},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":641,"slug":642,"category":352,"order":643},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":645,"slug":646,"category":357,"order":643},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":648,"slug":649,"category":361,"order":643},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":651,"slug":652,"category":352,"order":653},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":655,"slug":656,"category":357,"order":653},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":658,"slug":659,"category":361,"order":653},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":661,"slug":662,"category":532,"order":663},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":665,"slug":666,"category":357,"order":663},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":668,"slug":669,"category":361,"order":663},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":671,"slug":672,"category":352,"order":673},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":675,"slug":676,"category":357,"order":673},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":678,"slug":679,"category":361,"order":673},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":681,"slug":682,"category":352,"order":683},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":685,"slug":686,"category":357,"order":683},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":688,"slug":689,"category":532,"order":690},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":692,"slug":693,"category":357,"order":690},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":695,"slug":696,"category":352,"order":697},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":699,"slug":700,"category":357,"order":697},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":702,"slug":703,"category":352,"order":704},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":706,"slug":707,"category":357,"order":704},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":709,"slug":710,"category":352,"order":711},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":713,"slug":714,"category":357,"order":711},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":716,"slug":717,"category":352,"order":718},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":720,"slug":721,"category":357,"order":718},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":723,"slug":724,"category":532,"order":725},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":727,"slug":728,"category":357,"order":725},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":730,"slug":731,"category":352,"order":732},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":734,"slug":735,"category":357,"order":732},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":737,"slug":738,"category":532,"order":739},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":741,"slug":742,"category":357,"order":739},"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":744,"slug":745,"category":532,"order":746},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":748,"slug":749,"category":357,"order":746},"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":751,"slug":752,"category":532,"order":753},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":755,"slug":756,"category":357,"order":753},"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":758,"slug":759,"category":532,"order":760},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":762,"slug":763,"category":357,"order":760},"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":765,"slug":766,"category":532,"order":767},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":769,"slug":770,"category":357,"order":767},"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":772,"slug":773,"category":532,"order":774},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":776,"slug":777,"category":357,"order":774},"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":779,"slug":780,"category":532,"order":781},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":783,"slug":784,"category":357,"order":781},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":786,"slug":787,"category":532,"order":788},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":790,"slug":791,"category":357,"order":788},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":793,"slug":794,"category":532,"order":795},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":797,"slug":798,"category":357,"order":795},"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":800,"slug":801,"category":532,"order":802},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":804,"slug":805,"category":357,"order":802},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":807,"slug":808,"category":532,"order":809},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":811,"slug":812,"category":357,"order":809},"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":814,"slug":815,"category":532,"order":816},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":818,"slug":819,"category":357,"order":816},"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":821,"slug":822,"category":532,"order":823},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":825,"slug":826,"category":357,"order":823},"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":828,"slug":829,"category":532,"order":830},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":832,"slug":833,"category":357,"order":830},"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":835,"slug":836,"category":532,"order":837},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":839,"slug":840,"category":357,"order":837},"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":842,"slug":843,"category":532,"order":844},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":846,"slug":847,"category":357,"order":844},"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":849,"slug":850,"category":532,"order":851},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":853,"slug":854,"category":357,"order":851},"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":856,"slug":857,"category":532,"order":858},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":860,"slug":861,"category":357,"order":858},"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":863,"slug":864,"category":532,"order":865},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":867,"slug":868,"category":357,"order":865},"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":870,"slug":871,"category":532,"order":872},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":874,"slug":875,"category":357,"order":872},"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":877,"slug":878,"category":532,"order":879},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":881,"slug":882,"category":357,"order":879},"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":884,"slug":885,"category":532,"order":886},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":888,"slug":889,"category":357,"order":886},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":891,"slug":892,"category":532,"order":893},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":895,"slug":896,"category":357,"order":893},"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":898,"slug":899,"category":532,"order":900},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":902,"slug":903,"category":357,"order":900},"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":905,"slug":906,"category":532,"order":907},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":909,"slug":910,"category":357,"order":907},"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":912,"slug":913,"category":532,"order":914},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":916,"slug":917,"category":357,"order":914},"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":919,"slug":920,"category":532,"order":921},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":923,"slug":924,"category":357,"order":921},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":926,"slug":927,"category":532,"order":928},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":930,"slug":931,"category":357,"order":928},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":933,"slug":934,"category":532,"order":935},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":937,"slug":938,"category":357,"order":935},"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":940,"slug":941,"category":532,"order":942},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":944,"slug":945,"category":357,"order":942},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":947,"slug":948,"category":532,"order":949},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":951,"slug":952,"category":357,"order":949},"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":954,"slug":955,"category":532,"order":956},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":958,"slug":959,"category":357,"order":956},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":961,"slug":962,"category":532,"order":963},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":965,"slug":966,"category":357,"order":963},"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":968,"slug":969,"category":532,"order":970},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":972,"slug":973,"category":357,"order":970},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":975,"slug":976,"category":532,"order":977},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":979,"slug":980,"category":357,"order":977},"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":982,"slug":983,"category":532,"order":984},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":986,"slug":987,"category":357,"order":984},"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":989,"slug":990,"category":532,"order":991},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":993,"slug":994,"category":357,"order":991},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":996,"slug":997,"category":532,"order":998},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1000,"slug":1001,"category":357,"order":998},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1003,"slug":1004,"category":532,"order":1005},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1007,"slug":1008,"category":357,"order":1005},"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":1010,"slug":1011,"category":532,"order":1012},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1014,"slug":1015,"category":357,"order":1012},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1017,"slug":1018,"category":532,"order":1019},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1021,"slug":1022,"category":357,"order":1019},"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":1024,"slug":1025,"category":532,"order":1026},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1028,"slug":1029,"category":357,"order":1026},"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":1031,"slug":1032,"category":532,"order":1033},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1035,"slug":1036,"category":357,"order":1033},"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":1038,"slug":1039,"category":532,"order":1040},"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":1042,"slug":1043,"category":357,"order":1040},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1045,"slug":1046,"category":532,"order":1047},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1049,"slug":1050,"category":357,"order":1047},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1052,"slug":1053,"category":532,"order":1054},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1056,"slug":1057,"category":357,"order":1054},"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":1059,"slug":1060,"category":532,"order":1061},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1063,"slug":1064,"category":357,"order":1061},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1066,"slug":1067,"category":532,"order":1068},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1070,"slug":1071,"category":357,"order":1068},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1073,"slug":1074,"category":532,"order":1075},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1077,"slug":1078,"category":357,"order":1075},"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":1080,"slug":1081,"category":532,"order":1082},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1084,"slug":1085,"category":357,"order":1082},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1087,"slug":1088,"category":532,"order":1089},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1091,"slug":1092,"category":357,"order":1089},"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":1094,"slug":1095,"category":532,"order":1096},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1098,"slug":1099,"category":357,"order":1096},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1101,"slug":1102,"category":532,"order":1103},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1105,"slug":1106,"category":357,"order":1103},"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":1108,"slug":1109,"category":532,"order":1110},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1112,"slug":1113,"category":357,"order":1110},"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":1115,"slug":1116,"category":532,"order":1117},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1119,"slug":1120,"category":357,"order":1117},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1122,"slug":1123,"category":532,"order":1124},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1126,"slug":1127,"category":357,"order":1124},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1129,"slug":1130,"category":532,"order":1131},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1133,"slug":1134,"category":357,"order":1131},"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":1136,"slug":1137,"category":532,"order":1138},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1140,"slug":1141,"category":357,"order":1138},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1143,"slug":1144,"category":532,"order":1145},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1147,"slug":1148,"category":357,"order":1145},"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":1150,"slug":1151,"category":357,"order":1152},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1154,"slug":1155,"category":357,"order":1156},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1158,"slug":1159,"category":357,"order":1160},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":1162,"slug":1163,"category":357,"order":1164},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":1166,"slug":1167,"category":357,"order":1168},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":1170,"slug":1171,"category":357,"order":1172},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":1174,"slug":1175,"category":357,"order":1176},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":1178,"slug":1179,"category":357,"order":1180},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":1182,"slug":1183,"category":357,"order":1184},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":1186,"slug":1187,"category":357,"order":1188},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":1190,"slug":1191,"category":357,"order":1192},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":1194,"slug":1195,"category":357,"order":1196},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":1198,"slug":1199,"category":357,"order":1200},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":1202,"slug":1203,"category":357,"order":1204},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":1206,"slug":1207,"category":357,"order":1208},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":1210,"slug":1211,"category":357,"order":1212},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":1214,"slug":1215,"category":357,"order":1216},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1218,"slug":1219,"category":357,"order":1220},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1222,"slug":1223,"category":357,"order":1224},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":1226,"slug":1227,"category":357,"order":1228},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":1230,"slug":1231,"category":357,"order":1232},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":1234,"slug":1235,"category":357,"order":1236},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1238,"slug":1239,"category":357,"order":1240},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1242,"slug":1243,"category":357,"order":1244},"巴菲特：2017年查理·罗斯访谈：比尔·盖茨与沃伦·巴菲特","ba-fei-te-2017nian-cha-li-luo-si-fang-tan-bi-er-gai-ci-yu-wo-lun-ba-fei-te",124,{"title":1246,"slug":1247,"category":357,"order":1248},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1250,"slug":1251,"category":357,"order":1252},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",126,{"title":1254,"slug":1255,"category":357,"order":1256},"巴菲特：2018年时代周刊-分享美国财富的秘密","ba-fei-te-2018nian-shi-dai-zhou-kan-fen-xiang-mei-guo-cai-fu-de-mi-mi",127,{"title":1258,"slug":1259,"category":357,"order":1260},"巴菲特：2019年5月雅虎财经专访","ba-fei-te-2019nian-5yue-ya-hu-cai-jing-zhuan-fang",128,{"title":1262,"slug":1263,"category":357,"order":1264},"巴菲特：2019年与芒格及比尔盖茨接受CNBC采访","ba-fei-te-2019nian-yu-mang-ge-ji-bi-er-gai-ci-jie-shou-cnbccai-fang",129,{"title":1266,"slug":1267,"category":357,"order":1268},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1270,"slug":1271,"category":357,"order":1272},"巴菲特：2020年给内布拉斯加大学林肯分校2020届毕业生的建议","ba-fei-te-2020nian-gei-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-2020jie-bi-ye-sheng-de-jian-yi",131,{"title":1274,"slug":1275,"category":357,"order":1276},"巴菲特：2021年专访《成为巴菲特》","ba-fei-te-2021nian-zhuan-fang-cheng-wei-ba-fei-te",132,{"title":1278,"slug":1279,"category":357,"order":1280},"巴菲特：2021年巴菲特芒格接受CNBC专访","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",133,{"title":1282,"slug":1283,"category":357,"order":1284},"巴菲特：2021年让观众无言以对 !有史以来最鼓舞人心的演讲之一","ba-fei-te-2021nian-rang-guan-zhong-wu-yan-yi-dui-you-shi-yi-lai-zui-gu-wu-ren-xin-de-yan-jiang-zhi-yi",134,{"title":1286,"slug":1287,"category":357,"order":1288},"巴菲特：2021年采访《沃伦·巴菲特的投资策略：如何像传奇一样生活和投资（完整访谈）》","ba-fei-te-2021nian-cai-fang-wo-lun-ba-fei-te-de-tou-zi-ce-lue-ru-he-xiang-chuan-qi-yi-yang-sheng-huo-he-tou-zi-wan-zheng-fang-tan",135,{"title":1290,"slug":1291,"category":357,"order":1292},"巴菲特：2022年32 届年度格雷厄姆和多德早餐会","ba-fei-te-2022nian-32-jie-nian-du-ge-lei-e-mu-he-duo-de-zao-can-hui",136,{"title":1294,"slug":1295,"category":357,"order":1296},"巴菲特：2022年和查理罗斯对谈","ba-fei-te-2022nian-he-cha-li-luo-si-dui-tan",137,{"title":1298,"slug":1299,"category":357,"order":1300},"巴菲特：2023年 查理芒格：伯克希尔的总设计师","ba-fei-te-2023nian-cha-li-mang-ge-bo-ke-xi-er-de-zong-she-ji-shi",138,{"title":1302,"slug":1303,"category":357,"order":1304},"巴菲特：初学者如何投资--3 条简单的规则","ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",139,{"title":1306,"slug":1307,"category":357,"order":1308},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1310,"slug":1311,"category":357,"order":1312},"巴菲特：每个投资者都会犯的 10 个错误","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",141,{"title":1314,"slug":1315,"category":357,"order":1316},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1318,"slug":1319,"category":357,"order":1320},"2026伯克希尔股东大会 CNBC专访巴菲特（完整纯中文）","2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",143,{"title":1322,"slug":1323,"category":357,"order":1324},"巴菲特：2026年最新采访 CNBC《财经论谈》","ba-fei-te-2026nian-zui-xin-cai-fang-cnbc-cai-jing-lun-tan",144,{"title":1326,"slug":1327,"category":357,"order":1328},"伯克希尔50 周年：过去、现在和未来","bo-ke-xi-er-50-zhou-nian-guo-qu-xian-zai-he-wei-lai",145,{"title":1330,"slug":1331,"category":357,"order":1332},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1334,"slug":1335,"category":357,"order":1336},"巴菲特：你应该了解珠宝生意","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",147,{"title":1338,"slug":1339,"category":357,"order":1340},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1342,"slug":1343,"category":357,"order":1344},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1346,"slug":1347,"category":357,"order":1348},"康布斯：在普通股中寻找价值","kang-bu-si-zai-pu-tong-gu-zhong-xun-zhao-jie-zhi",150,{"title":1350,"slug":1351,"category":357,"order":1352},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1354,1358,1361,1364,1367,1370,1373,1376,1379,1383,1385,1388,1391,1393,1396,1398,1400,1402,1405,1406,1409,1412,1415,1418,1421,1425,1428,1431,1434,1437,1440,1443,1446,1449,1452,1456,1459,1462,1465,1468,1471,1474,1477,1481,1484,1487,1490,1493,1496,1499,1502,1505,1508,1511,1514,1517,1520,1523,1526,1529,1532,1535,1538,1541,1544,1547,1550,1553,1556,1559,1562,1567,1571,1575,1579,1583,1587,1591,1595,1599,1603,1607,1611,1615,1619,1623,1627,1631,1635,1639,1643],{"title":1355,"slug":1356,"category":1357,"order":353},"本分","benfen","核心哲学",{"title":1359,"slug":1360,"category":1357,"order":306},"平常心","pingchangxin",{"title":1362,"slug":1363,"category":1357,"order":312},"做对的事情","zuoduideshiqing",{"title":1365,"slug":1366,"category":1357,"order":383},"把事情做对","bashiqingzuodui",{"title":1368,"slug":1369,"category":1357,"order":393},"能力圈","nengliquan",{"title":1371,"slug":1372,"category":1357,"order":403},"不做什么","buzuoshenme",{"title":1374,"slug":1375,"category":1357,"order":413},"敢为天下后","ganweitianxiahou",{"title":1377,"slug":1378,"category":1357,"order":423},"消费者导向","xiaofeizhedaoxiang",{"title":1380,"slug":1381,"category":1382,"order":433},"价值投资","jiazhitouzi","投资理念",{"title":28,"slug":1384,"category":333,"order":443},"fuzhai",{"title":1386,"slug":1387,"category":1382,"order":443},"商业模式","shangyemoshi",{"title":1389,"slug":1390,"category":1382,"order":453},"护城河","huchenghe",{"title":33,"slug":1392,"category":333,"order":453},"jingxianjin",{"title":1394,"slug":1395,"category":333,"order":463},"开销合理性","kaixiaohelixing",{"title":37,"slug":1397,"category":1382,"order":463},"xianjinliu",{"title":42,"slug":1399,"category":333,"order":473},"zhenshilirun",{"title":224,"slug":1401,"category":1382,"order":473},"zhexian",{"title":1403,"slug":1404,"category":1382,"order":339},"安全边际","anquanbianji",{"title":5,"slug":344,"category":333,"order":339},{"title":1407,"slug":1408,"category":1382,"order":492},"基本面","jibenmian",{"title":1410,"slug":1411,"category":1382,"order":502},"机会成本","jihuichengben",{"title":1413,"slug":1414,"category":1382,"order":512},"长期持有","zhangqichiyou",{"title":1416,"slug":1417,"category":1382,"order":522},"投机","touji",{"title":1419,"slug":1420,"category":1382,"order":533},"止损","zhisun",{"title":1422,"slug":1423,"category":1424,"order":543},"企业文化","qiyewenhua","企业经营",{"title":1426,"slug":1427,"category":1424,"order":553},"品牌","pinpai",{"title":1429,"slug":1430,"category":1424,"order":563},"差异化","chayihua",{"title":1432,"slug":1433,"category":1424,"order":573},"用户体验","yonghutiyan",{"title":1435,"slug":1436,"category":1424,"order":583},"渠道","qudao",{"title":1438,"slug":1439,"category":1424,"order":593},"平台","pingtai",{"title":1441,"slug":1442,"category":1424,"order":603},"生态系统","shengtaixitong",{"title":1444,"slug":1445,"category":1424,"order":613},"单一产品","danyichanpin",{"title":1447,"slug":1448,"category":1424,"order":623},"造钟人","zaozhongren",{"title":1450,"slug":1451,"category":1424,"order":633},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1453,"slug":1454,"category":1455,"order":643},"进取心","jinquxin","品格与心性",{"title":1457,"slug":1458,"category":1455,"order":653},"耐心","naixin",{"title":1460,"slug":1461,"category":1455,"order":663},"责任心","zerenxin",{"title":1463,"slug":1464,"category":1455,"order":673},"爱心","aixin",{"title":1466,"slug":1467,"category":1455,"order":683},"信誉","xinyu",{"title":1469,"slug":1470,"category":1455,"order":690},"正直","zhengzhi",{"title":1472,"slug":1473,"category":1455,"order":697},"理性","lixing",{"title":1475,"slug":1476,"category":1455,"order":704},"长期主义","zhangqizhuyi",{"title":1478,"slug":1479,"category":1480,"order":1145},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1482,"slug":1483,"category":1480,"order":1152},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1485,"slug":1486,"category":1480,"order":1156},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1488,"slug":1489,"category":1480,"order":1160},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1491,"slug":1492,"category":1480,"order":1164},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1494,"slug":1495,"category":1480,"order":1168},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",{"title":1497,"slug":1498,"category":1480,"order":1172},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",{"title":1500,"slug":1501,"category":1480,"order":1176},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1503,"slug":1504,"category":1480,"order":1180},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1506,"slug":1507,"category":1480,"order":1184},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",{"title":1509,"slug":1510,"category":1480,"order":1188},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1512,"slug":1513,"category":1480,"order":1192},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1515,"slug":1516,"category":1480,"order":1196},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1518,"slug":1519,"category":1480,"order":1200},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1521,"slug":1522,"category":1480,"order":1204},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1524,"slug":1525,"category":1480,"order":1208},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1527,"slug":1528,"category":1480,"order":1212},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1530,"slug":1531,"category":1480,"order":1216},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1533,"slug":1534,"category":1480,"order":1220},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1536,"slug":1537,"category":1480,"order":1224},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",{"title":1539,"slug":1540,"category":1480,"order":1228},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",{"title":1542,"slug":1543,"category":1480,"order":1232},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",{"title":1545,"slug":1546,"category":1480,"order":1236},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1548,"slug":1549,"category":1480,"order":1240},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1551,"slug":1552,"category":1480,"order":1244},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1554,"slug":1555,"category":1480,"order":1248},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1557,"slug":1558,"category":1480,"order":1252},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1560,"slug":1561,"category":1480,"order":1256},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",{"title":1563,"slug":1564,"category":1565,"order":1566},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1568,"slug":1569,"category":1565,"order":1570},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1572,"slug":1573,"category":1565,"order":1574},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1576,"slug":1577,"category":1565,"order":1578},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1580,"slug":1581,"category":1565,"order":1582},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1584,"slug":1585,"category":1565,"order":1586},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1588,"slug":1589,"category":1565,"order":1590},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1592,"slug":1593,"category":1565,"order":1594},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1596,"slug":1597,"category":1565,"order":1598},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1600,"slug":1601,"category":1565,"order":1602},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":1604,"slug":1605,"category":1565,"order":1606},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1608,"slug":1609,"category":1565,"order":1610},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1612,"slug":1613,"category":1565,"order":1614},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1616,"slug":1617,"category":1565,"order":1618},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":1620,"slug":1621,"category":1565,"order":1622},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1624,"slug":1625,"category":1565,"order":1626},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1628,"slug":1629,"category":1565,"order":1630},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1632,"slug":1633,"category":1565,"order":1634},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1636,"slug":1637,"category":1565,"order":1638},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1640,"slug":1641,"category":1565,"order":1642},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1644,"slug":1645,"category":1565,"order":1646},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1648,1651,1654,1657,1661,1665,1668,1672,1674,1677,1680,1683,1687,1690,1693,1696,1699,1703,1706,1709,1712,1715,1719,1722,1725,1727,1730,1733,1736,1739,1742,1745,1748,1751,1754,1757,1760,1763,1766,1769,1772,1775,1778,1781,1784,1787,1790,1793,1796,1799,1802,1805,1808,1811,1814,1817,1820,1823,1826,1829,1832,1835,1838,1841,1844,1847,1851,1854,1857,1860,1863,1867,1870,1873,1876],{"title":1368,"slug":1649,"category":1650,"order":353},"ability-circle","决策与战略",{"title":1652,"slug":1653,"category":1650,"order":306},"逆向思维","inversion",{"title":1410,"slug":1655,"category":1656,"order":312},"opportunity-cost","经济学",{"title":1658,"slug":1659,"category":1660,"order":383},"复利","compound-interest","数学与概率论",{"title":1662,"slug":1663,"category":1664,"order":393},"激励机制","incentives","心理学",{"title":1666,"slug":1667,"category":1660,"order":403},"概率思维","probabilistic-thinking",{"title":1669,"slug":1670,"category":1671,"order":413},"二阶效应","second-order-effects","哲学与逻辑",{"title":1403,"slug":1673,"category":1650,"order":423},"margin-of-safety",{"title":1675,"slug":1676,"category":1664,"order":433},"心理误判","psychology-of-misjudgment",{"title":1678,"slug":1679,"category":1650,"order":443},"检查清单","checklist",{"title":1681,"slug":1682,"category":1656,"order":453},"规模优势","scale-advantage",{"title":1684,"slug":1685,"category":1686,"order":463},"冗余与容错","redundancy","工程学\u002F系统",{"title":1688,"slug":1689,"category":1660,"order":473},"排列组合","combinatorics",{"title":1691,"slug":1692,"category":1660,"order":339},"费马-帕斯卡","fermat-pascal",{"title":1694,"slug":1695,"category":1660,"order":492},"均值回归","regression-to-the-mean",{"title":1697,"slug":1698,"category":1660,"order":502},"量化分析","quantitative-analysis",{"title":1700,"slug":1701,"category":1702,"order":512},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1704,"slug":1705,"category":1702,"order":522},"平衡态","equilibrium",{"title":1707,"slug":1708,"category":1702,"order":533},"熵增定律","entropy",{"title":1710,"slug":1711,"category":1702,"order":543},"能量守恒","conservation-of-energy",{"title":1713,"slug":1714,"category":1702,"order":553},"杠杆原理","leverage",{"title":1716,"slug":1717,"category":1718,"order":563},"自然选择","natural-selection","生物学\u002F进化论",{"title":1720,"slug":1721,"category":1718,"order":573},"物竞天择","competition-for-resources",{"title":1723,"slug":1724,"category":1718,"order":583},"进化思维","evolutionary-thinking",{"title":1441,"slug":1726,"category":1718,"order":593},"ecosystem",{"title":1728,"slug":1729,"category":1664,"order":603},"爱好倾向","liking-tendency",{"title":1731,"slug":1732,"category":1664,"order":613},"讨厌倾向","disliking-tendency",{"title":1734,"slug":1735,"category":1664,"order":623},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1737,"slug":1738,"category":1664,"order":633},"一致性倾向","consistency-tendency",{"title":1740,"slug":1741,"category":1664,"order":643},"好奇心倾向","curiosity-tendency",{"title":1743,"slug":1744,"category":1664,"order":653},"康德式公平","kantian-fairness",{"title":1746,"slug":1747,"category":1664,"order":663},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1749,"slug":1750,"category":1664,"order":673},"反馈倾向","reciprocation-tendency",{"title":1752,"slug":1753,"category":1664,"order":683},"权威误导","authority-misinfluence",{"title":1755,"slug":1756,"category":1664,"order":690},"重视理由","reason-respecting-tendency",{"title":1758,"slug":1759,"category":1664,"order":697},"过度乐观","over-optimism",{"title":1761,"slug":1762,"category":1664,"order":704},"损失厌恶","loss-aversion",{"title":1764,"slug":1765,"category":1664,"order":711},"否认倾向","denial-tendency",{"title":1767,"slug":1768,"category":1664,"order":718},"过度反应","overreaction-tendency",{"title":1770,"slug":1771,"category":1664,"order":725},"社群影响","social-influence",{"title":1773,"slug":1774,"category":1664,"order":732},"压力倾向","stress-influence-tendency",{"title":1776,"slug":1777,"category":1664,"order":739},"物质主义","materialism-tendency",{"title":1779,"slug":1780,"category":1664,"order":746},"废话倾向","twaddle-tendency",{"title":1782,"slug":1783,"category":1664,"order":753},"确认偏误","confirmation-bias",{"title":1785,"slug":1786,"category":1664,"order":760},"锚定效应","anchoring-effect",{"title":1788,"slug":1789,"category":1664,"order":767},"现时偏差","present-bias",{"title":1791,"slug":1792,"category":1664,"order":774},"贪婪倾向","greed-tendency",{"title":1794,"slug":1795,"category":1656,"order":781},"边际成本\u002F收益","marginal-cost-benefit",{"title":1797,"slug":1798,"category":1656,"order":788},"供需关系","supply-and-demand",{"title":1800,"slug":1801,"category":1656,"order":795},"帕累托最优","pareto-optimality",{"title":1803,"slug":1804,"category":1656,"order":802},"竞争性毁灭","creative-destruction",{"title":1806,"slug":1807,"category":1650,"order":809},"双轨分析","two-track-analysis",{"title":1809,"slug":1810,"category":1650,"order":816},"非线性思维","nonlinear-thinking",{"title":1812,"slug":1813,"category":1650,"order":823},"极化思考","extreme-thinking",{"title":1815,"slug":1816,"category":1650,"order":830},"必要功","necessary-work",{"title":1818,"slug":1819,"category":1686,"order":837},"停机问题","halting-problem",{"title":1821,"slug":1822,"category":1686,"order":844},"闭环系统","closed-loop-system",{"title":1824,"slug":1825,"category":1686,"order":851},"故障安全","fail-safe",{"title":1827,"slug":1828,"category":1686,"order":858},"反向设计","reverse-design",{"title":1830,"slug":1831,"category":1686,"order":865},"瓶颈分析","bottleneck-analysis",{"title":1833,"slug":1834,"category":1671,"order":872},"第一性原理","first-principles",{"title":1836,"slug":1837,"category":1671,"order":879},"证伪思维","falsification",{"title":1839,"slug":1840,"category":1671,"order":886},"奥卡姆剃刀","occams-razor",{"title":1842,"slug":1843,"category":1671,"order":893},"中道思维","middle-way",{"title":1845,"slug":1846,"category":1671,"order":900},"不可知论","agnosticism",{"title":1848,"slug":1849,"category":1850,"order":907},"大数定律","law-of-large-numbers","统计学",{"title":1852,"slug":1853,"category":1850,"order":914},"样本偏差","sample-bias",{"title":1855,"slug":1856,"category":1850,"order":921},"相关性≠因果","correlation-not-causation",{"title":1858,"slug":1859,"category":1850,"order":928},"幸存者偏差","survivorship-bias",{"title":1861,"slug":1862,"category":1850,"order":935},"基本比率","base-rate",{"title":1864,"slug":1865,"category":1866,"order":942},"社会认同","social-proof","社会学",{"title":1868,"slug":1869,"category":1866,"order":949},"部落本能","tribal-instinct",{"title":1871,"slug":1872,"category":1866,"order":956},"金蛋定律","golden-egg-rule",{"title":1874,"slug":1875,"category":1866,"order":963},"互利共生","mutualism",{"title":1877,"slug":1878,"category":1866,"order":970},"激励传导","incentive-transmission",1778291667248]