[{"data":1,"prerenderedAt":2097},["ShallowReactive",2],{"library-shangyemoshi":3,"library-sidebar-buffett":569,"library-sidebar-dao":1574,"library-sidebar-models":1865},{"id":4,"title":5,"body":6,"category":554,"date":555,"description":556,"extension":557,"meta":558,"navigation":559,"order":560,"path":561,"seo":562,"seoDescription":563,"seoTitle":564,"slug":565,"stem":566,"__hash__":567,"_collection":568},"dao\u002Fdao\u002Fconcepts\u002Fshangyemoshi.md","商业模式",{"type":7,"value":8,"toc":527},"minimark",[9,12,28,32,46,60,72,75,80,100,104,115,134,138,154,167,180,184,195,198,205,216,231,252,259,268,272,275,286,290,304,307,311,331,335,348,352,365,368,379,391,406,421,424,440,448,468,485,493,504],[10,11,5],"h1",{"id":5},[13,14,15],"blockquote",{},[16,17,18,19,23,24,27],"p",{},"注：",[20,21,22],"strong",{},"段永平","本人更常使用\"",[20,25,26],{},"生意模式","\"一词，两者含义相同。",[29,30,31],"h2",{"id":31},"定义与起源",[16,33,34,36,37,41,42,45],{},[20,35,22],{},"对",[38,39,5],"a",{"href":40},"\u002Flibrary\u002Fshangyemoshi","的重视源于2006年与",[20,43,44],{},"巴菲特","共进午餐时的关键对话。这是他在投资理念上最重要的一次进化。",[13,47,48],{},[16,49,50,51,53,54,56,57,59],{},"\"我最重要的收获就是我问他，你看公司最重要的什么，他说",[38,52,5],{"href":40},"。那个给我印象很深，因为我们看公司就是什么都看。我说你第一个看什么，他说",[38,55,5],{"href":40},"，如果",[38,58,5],{"href":40},"不对，我就不往下看了。他有过滤器。\"（2025年）",[16,61,62,63,65,66,68,69,71],{},"在此之前，他虽然也知道",[20,64,26],{},"重要，\"但往往是和其他很多重要的东西混在一起看的。当年",[20,67,44],{},"特别提醒我，应该首先看",[20,70,26],{},"，这几年下来慢慢觉得确实应该如此。\"",[29,73,74],{"id":74},"核心要义",[76,77,79],"h3",{"id":78},"_1-商业模式是投资的第一过滤器","1. 商业模式是投资的第一过滤器",[13,81,82],{},[16,83,84,85,87,88,90,91,93,94,96,97,99],{},"\"大道第一次见",[20,86,44],{},"时，曾经问过一个问题：当你看一家公司时，首先看什么？",[20,89,44],{},"说：",[38,92,5],{"href":40},"（",[20,95,26],{},"）！大道从听到这句话后大概花了10年的时间才真的理解了这句话的威力。首先看'",[38,98,5],{"href":40},"'很重要，刮到一个'谢'字时就不用再往下刮了吧。\"（2025-10-24）",[76,101,103],{"id":102},"_2-商业模式的定义赚钱的模式","2. 商业模式的定义：赚钱的模式",[13,105,106],{},[16,107,108,109,111,112,114],{},"\"顺便说一下什么叫",[20,110,26],{},"：",[20,113,26],{},"就是赚钱的模式，最后赚得越多的模式就应该越好。\"（2013-03-04）",[13,116,117],{},[16,118,119,120,122,123,125,126,130,131,133],{},"\"",[38,121,5],{"href":40},"简单讲就是公司赚钱的模式。好的",[38,124,5],{"href":40},"是有",[38,127,129],{"href":128},"\u002Flibrary\u002Fhuchenghe","护城河","的，举个极端的例子就是海关（虽然这不是通常意义的",[38,132,5],{"href":40},"）。\"（2019-03-14）",[76,135,137],{"id":136},"_3-商业模式与护城河企业文化的关系","3. 商业模式与护城河、企业文化的关系",[13,139,140],{},[16,141,119,142,144,145,147,148,150,151,153],{},[38,143,129],{"href":128},"实际上我觉得是",[20,146,26],{},"的一部分，好的",[20,149,26],{},"往往具有很宽的",[38,152,129],{"href":128},"。\"",[13,155,156],{},[16,157,158,159,161,162,166],{},"\"好的",[20,160,26],{},"往往是好的未来",[38,163,165],{"href":164},"\u002Flibrary\u002Fxianjinliu","现金流","的保障。\"",[13,168,169],{},[16,170,171,172,176,177,179],{},"\"不好的",[38,173,175],{"href":174},"\u002Flibrary\u002Fqiyewenhua","企业文化","，它可能会把好的",[38,178,5],{"href":40},"毁掉。\"（2025年）",[76,181,183],{"id":182},"_4-两道过滤器商业模式-企业文化","4. 两道过滤器：商业模式 + 企业文化",[13,185,186],{},[16,187,188,189,191,192,194],{},"\"因为价格是你的运气，但是",[38,190,5],{"href":40},"的第一关一定要过，你还要看他",[38,193,175],{"href":174},"是不是你喜欢的。\"（2025年）",[29,196,197],{"id":197},"实战案例",[76,199,201,204],{"id":200},"苹果梦寐以求的生意模式",[20,202,203],{},"苹果","：梦寐以求的生意模式",[16,206,207,209,210,212,213,215],{},[20,208,22],{},"2011年买入",[20,211,203],{},"，核心原因是看懂了它的",[20,214,26],{},"。",[13,217,218],{},[16,219,220,221,224,225,227,228,230],{},"\"本人喜欢",[20,222,223],{},"苹果****生意模式","的很重要的一点来自于自己在消费电子20多年的体验，",[20,226,203],{},"是我一直梦寐以求但似乎难以达到的",[20,229,26],{},"。\"（2013-01-22）",[16,232,233,234,236,237,239,240,242,243,246,247,249,250,215],{},"他曾在2019年与",[20,235,44],{},"聚会时说",[20,238,203],{},"的",[20,241,26],{},"比",[20,244,245],{},"可口可乐","好，",[20,248,44],{},"一句\"Wow\"就get了这个点，随后大量买入",[20,251,203],{},[76,253,255,258],{"id":254},"网易看懂游戏行业的本质",[20,256,257],{},"网易","：看懂游戏行业的本质",[16,260,261,262,264,265,267],{},"2001年买入",[20,263,257],{},"，是因为理解了游戏行业的",[20,266,26],{},"和市场空间。",[76,269,271],{"id":270},"通用电气ge失败案例","通用电气（GE）：失败案例",[16,273,274],{},"2008年买入GE，后来反思这是一个错误。",[13,276,277],{},[16,278,279,280,282,283,285],{},"\"它当然是个错误，因为它不符合我后来决定的，要符合",[38,281,175],{"href":174},"和",[38,284,5],{"href":40},"这两个过滤器。\"（2025年方三文对话）",[76,287,289],{"id":288},"zoom生意模式不够强大","Zoom：生意模式不够强大",[13,291,292],{},[16,293,294,295,297,298,300,301,303],{},"\"我很欣赏Zoom的创始人和CEO，也觉得Zoom的文化很好，但就是搞不清Zoom的",[38,296,129],{"href":128},"在哪里（或者说",[38,299,5],{"href":40},"不是很强大）。在看到强大的",[38,302,129],{"href":128},"之前，我是不敢大投的。\"（2022-01-30）",[29,305,306],{"id":306},"常见误解",[76,308,310],{"id":309},"误解一好的商业模式可以复制","误解一：好的商业模式可以复制",[13,312,313],{},[16,314,119,315,317,318,321,322,324,325,327,328,330],{},[20,316,26],{},"可以复制吗?复制一下",[20,319,320],{},"谷歌","或者",[20,323,203],{},"试试?好的",[20,326,26],{},"是包括",[38,329,175],{"href":174},"在里面的，非常非常难复制。\"（2013-05-31）",[76,332,334],{"id":333},"误解二低毛利率也可以是好赛道","误解二：低毛利率也可以是好赛道",[13,336,337],{},[16,338,339,340,342,343,347],{},"\"首先，好赛道是不会进入低毛利的，低毛利的都是",[38,341,5],{"href":40},"比较差的，产品",[38,344,346],{"href":345},"\u002Flibrary\u002Fchayihua","差异化","很小的产品。那作为创业者你还要进去，那就脑子坏了呗。\"（2025年浙大演讲）",[76,349,351],{"id":350},"误解三商业模式一般但管理好就够了","误解三：商业模式一般但管理好就够了",[13,353,354],{},[16,355,356,357,361,362,364],{},"\"这是个",[38,358,360],{"href":359},"\u002Flibrary\u002Fjihuichengben","机会成本","问题，你总是挑你自己能看懂的公司里面",[38,363,5],{"href":40},"最好的投。\"（2021-10-24）",[29,366,367],{"id":367},"思想演变",[16,369,370,111,373,375,376,378],{},[20,371,372],{},"2006年之前",[20,374,22],{},"看公司是\"什么都看\"，",[20,377,26],{},"只是众多考量因素之一。",[16,380,381,384,385,387,388,390],{},[20,382,383],{},"2006年（转折点）","：与",[20,386,44],{},"午餐后，开始将",[38,389,5],{"href":40},"放在第一位作为过滤器。但他坦言\"大概花了10年的时间才真的理解了这句话的威力\"。",[16,392,393,396,397,399,400,402,403,405],{},[20,394,395],{},"2010年代（融会贯通期）","：明确了\"",[38,398,5],{"href":40},"+",[38,401,175],{"href":174},"\"的两道过滤器体系。在雪球上大量讨论各行业的",[20,404,26],{},"优劣。",[16,407,408,411,412,414,415,417,418,420],{},[20,409,410],{},"2020年代（极简表达期）","：将",[38,413,5],{"href":40},"的判断更加简化——\"好的",[38,416,5],{"href":40},"很简单，就是利润和净",[38,419,165],{"href":164},"一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"（2020-10-11）",[29,422,423],{"id":423},"原话引用",[13,425,426],{},[16,427,119,428,430,431,433,434,436,437,439],{},[20,429,44],{},"说",[20,432,26],{},"最重要。我自己大概对这句话想了好几年了，还在继续想，但确实越来越感觉到",[20,435,44],{},"这个说法有道理。和",[20,438,44],{},"吃顿饭没白吃，这句话就已经值个100顿饭了吧?\"",[13,441,442],{},[16,443,444,445,447],{},"\"什么是",[20,446,26],{},"?我也说不清楚，也许大学里的教授能给个文点的定义吧。但是，我觉得我大致知道那到底是什么意思。\"",[13,449,450],{},[16,451,452,453,455,456,458,459,461,462,464,465,467],{},"\"一般来说，",[38,454,5],{"href":40},"经常要看的东西不外是",[38,457,129],{"href":128},"是否长期坚固（产品",[38,460,346],{"href":345},"的持续性，",[38,463,175],{"href":174},"），长期的毛利率是否合理（产品的可替代性），长期的净",[38,466,165],{"href":164},"（长期而言其实就是净利润）是否让人满意……\"（2020-11-06）",[13,469,470],{},[16,471,119,472,239,474,478,479,481,482,484],{},[20,473,203],{},[38,475,477],{"href":476},"\u002Flibrary\u002Fpingtai","平台","建立起来了，或者说",[20,480,26],{},"或者说",[38,483,129],{"href":128},"已经形成了（光软件一年都几十亿的收入了）。\"（2011年）",[13,486,487],{},[16,488,489,490,492],{},"\"投资也好，创业也好，其实都是要很认真地去想一个",[38,491,5],{"href":40},"的。\"（2025年浙大演讲）",[13,494,495],{},[16,496,497,498,500,501,503],{},"\"如果",[38,499,5],{"href":40},"不对，我就不往下看了。\"（引述",[20,502,44],{},"，2025年）",[13,505,506],{},[16,507,508,509,511,512,516,517,519,520,519,522,526],{},"\"所有有关投资的说法实际上都是在讨论如何看懂",[38,510,165],{"href":164},"的问题（如何",[38,513,515],{"href":514},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","），比如",[20,518,26],{},"、",[38,521,129],{"href":128},[38,523,525],{"href":524},"\u002Flibrary\u002Fnengliquan","能力圈","，等等。\"",{"title":528,"searchDepth":529,"depth":529,"links":530},"",2,[531,532,539,547,552,553],{"id":31,"depth":529,"text":31},{"id":74,"depth":529,"text":74,"children":533},[534,536,537,538],{"id":78,"depth":535,"text":79},3,{"id":102,"depth":535,"text":103},{"id":136,"depth":535,"text":137},{"id":182,"depth":535,"text":183},{"id":197,"depth":529,"text":197,"children":540},[541,543,545,546],{"id":200,"depth":535,"text":542},"苹果：梦寐以求的生意模式",{"id":254,"depth":535,"text":544},"网易：看懂游戏行业的本质",{"id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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":576,"slug":577,"category":578,"order":574},"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":580,"slug":581,"category":582,"order":574},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":584,"slug":585,"category":573,"order":529},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":587,"slug":588,"category":578,"order":529},"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":590,"slug":591,"category":582,"order":529},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":593,"slug":594,"category":573,"order":535},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":596,"slug":597,"category":578,"order":535},"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":599,"slug":600,"category":582,"order":535},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":602,"slug":603,"category":573,"order":604},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":606,"slug":607,"category":578,"order":604},"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":609,"slug":610,"category":582,"order":604},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":612,"slug":613,"category":573,"order":614},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":616,"slug":617,"category":578,"order":614},"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":619,"slug":620,"category":582,"order":614},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":622,"slug":623,"category":573,"order":624},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":626,"slug":627,"category":578,"order":624},"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":629,"slug":630,"category":582,"order":624},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":632,"slug":633,"category":573,"order":634},"1961年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1004,"slug":1005,"category":578,"order":1002},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1007,"slug":1008,"category":753,"order":1009},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1011,"slug":1012,"category":578,"order":1009},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1014,"slug":1015,"category":753,"order":1016},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1018,"slug":1019,"category":578,"order":1016},"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":1021,"slug":1022,"category":753,"order":1023},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1025,"slug":1026,"category":578,"order":1023},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1028,"slug":1029,"category":753,"order":1030},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1032,"slug":1033,"category":578,"order":1030},"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":1035,"slug":1036,"category":753,"order":1037},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1039,"slug":1040,"category":578,"order":1037},"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":1042,"slug":1043,"category":753,"order":1044},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1046,"slug":1047,"category":578,"order":1044},"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":1049,"slug":1050,"category":753,"order":1051},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1053,"slug":1054,"category":578,"order":1051},"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":1056,"slug":1057,"category":753,"order":1058},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1060,"slug":1061,"category":578,"order":1058},"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":1063,"slug":1064,"category":753,"order":1065},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1067,"slug":1068,"category":578,"order":1065},"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":1070,"slug":1071,"category":753,"order":1072},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1074,"slug":1075,"category":578,"order":1072},"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":1077,"slug":1078,"category":753,"order":1079},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1081,"slug":1082,"category":578,"order":1079},"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":1084,"slug":1085,"category":753,"order":1086},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1088,"slug":1089,"category":578,"order":1086},"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":1091,"slug":1092,"category":753,"order":1093},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1095,"slug":1096,"category":578,"order":1093},"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":1098,"slug":1099,"category":753,"order":1100},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1102,"slug":1103,"category":578,"order":1100},"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":1105,"slug":1106,"category":753,"order":1107},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1109,"slug":1110,"category":578,"order":1107},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1112,"slug":1113,"category":753,"order":1114},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1116,"slug":1117,"category":578,"order":1114},"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":1119,"slug":1120,"category":753,"order":1121},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1123,"slug":1124,"category":578,"order":1121},"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":1126,"slug":1127,"category":753,"order":1128},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1130,"slug":1131,"category":578,"order":1128},"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":1133,"slug":1134,"category":753,"order":1135},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1137,"slug":1138,"category":578,"order":1135},"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":1140,"slug":1141,"category":753,"order":1142},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1144,"slug":1145,"category":578,"order":1142},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1147,"slug":1148,"category":753,"order":1149},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1151,"slug":1152,"category":578,"order":1149},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1154,"slug":1155,"category":753,"order":1156},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1158,"slug":1159,"category":578,"order":1156},"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":1161,"slug":1162,"category":753,"order":1163},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1165,"slug":1166,"category":578,"order":1163},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1168,"slug":1169,"category":753,"order":1170},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1172,"slug":1173,"category":578,"order":1170},"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":1175,"slug":1176,"category":753,"order":1177},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1179,"slug":1180,"category":578,"order":1177},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1182,"slug":1183,"category":753,"order":1184},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1186,"slug":1187,"category":578,"order":1184},"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":1189,"slug":1190,"category":753,"order":1191},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1193,"slug":1194,"category":578,"order":1191},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1196,"slug":1197,"category":753,"order":1198},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1200,"slug":1201,"category":578,"order":1198},"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":1203,"slug":1204,"category":753,"order":1205},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1207,"slug":1208,"category":578,"order":1205},"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":1210,"slug":1211,"category":753,"order":1212},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1214,"slug":1215,"category":578,"order":1212},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1217,"slug":1218,"category":753,"order":1219},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1221,"slug":1222,"category":578,"order":1219},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1224,"slug":1225,"category":753,"order":1226},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1228,"slug":1229,"category":578,"order":1226},"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":1231,"slug":1232,"category":753,"order":1233},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1235,"slug":1236,"category":578,"order":1233},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1238,"slug":1239,"category":753,"order":1240},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1242,"slug":1243,"category":578,"order":1240},"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":1245,"slug":1246,"category":753,"order":1247},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1249,"slug":1250,"category":578,"order":1247},"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":1252,"slug":1253,"category":753,"order":1254},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1256,"slug":1257,"category":578,"order":1254},"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":1259,"slug":1260,"category":753,"order":1261},"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":1263,"slug":1264,"category":578,"order":1261},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1266,"slug":1267,"category":753,"order":1268},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1270,"slug":1271,"category":578,"order":1268},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1273,"slug":1274,"category":753,"order":1275},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1277,"slug":1278,"category":578,"order":1275},"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":1280,"slug":1281,"category":753,"order":1282},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1284,"slug":1285,"category":578,"order":1282},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1287,"slug":1288,"category":753,"order":1289},"2016 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