[{"data":1,"prerenderedAt":2005},["ShallowReactive",2],{"library-touji":3,"library-sidebar-buffett":474,"library-sidebar-dao":1479,"library-sidebar-models":1773},{"id":4,"title":5,"body":6,"category":459,"date":460,"description":461,"extension":462,"meta":463,"navigation":464,"order":465,"path":466,"seo":467,"seoDescription":468,"seoTitle":469,"slug":470,"stem":471,"__hash__":472,"_collection":473},"dao\u002Fdao\u002Fconcepts\u002Ftouji.md","投机",{"type":7,"value":8,"toc":434},"minimark",[9,12,16,37,46,59,62,67,75,86,100,104,116,129,133,141,149,153,161,171,174,177,193,197,205,211,214,232,235,243,246,250,256,267,271,281,285,299,310,315,318,332,340,346,358,361,368,377,385,392,398,406,420,426],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,33,34,36],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Ftouji","在",[25,26,27],"strong",{},"段永平","的框架中是与",[20,30,32],{"href":31},"\u002Flibrary\u002Fjiazhitouzi","价值投资","对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反",[20,35,5],{"href":22},"的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。",[17,38,39,40,42,43,45],{},"在投资语境中，段永平2006年首次系统区分了投资与",[20,41,5],{"href":22},"：\"股票市场绝大多数人是在",[20,44,5],{"href":22},"的。\"（2006年新浪财经）",[47,48,49],"blockquote",{},[17,50,51,52,54,55,58],{},"\"我以前觉得所谓的股票市场就是一个很",[20,53,5],{"href":22},"的东西，说不清、道不明的东西。\"（2006年网易证券对话）——直到了解",[25,56,57],{},"巴菲特","后他才对投资有了\"豁然开朗的心情\"。",[13,60,61],{"id":61},"核心要义",[63,64,66],"h3",{"id":65},"_1-投机与投资的本质区别","1. 投机与投资的本质区别",[47,68,69],{},[17,70,71,72,74],{},"\"",[20,73,5],{"href":22},"和投资的概念，看起来在行为上似乎很近似，但结果上差异会很大。\"（2006年网易证券对话）",[47,76,77],{},[17,78,79,80,82,83,85],{},"\"投资这个游戏其实只有一个玩法，就是'",[20,81,32],{"href":31},"'。",[20,84,5],{"href":22},"则有不同的玩法，到赌场有很多玩法，可以玩'大小'等等，什么都可以玩。\"（2007年网易专访）",[47,87,88],{},[17,89,90,91,93,94,96,97,99],{},"\"投资其实就是",[20,92,32],{"href":31},"。你不投价值，那你投的是什么？但",[20,95,5],{"href":22},"不一样，人家",[20,98,5],{"href":22},"投资在机会上，你这样讲也OK。\"（2025年浙大演讲）",[63,101,103],{"id":102},"_2-投机会上瘾","2. 投机会上瘾",[47,105,106],{},[17,107,108,109,111,112,115],{},"\"呵呵，",[20,110,5],{"href":22},"是会上瘾的，不好改。这是",[25,113,114],{},"芒格","说的。\"",[47,117,118],{},[17,119,120,121,123,124,128],{},"\"其实每个人都有一颗",[20,122,5],{"href":22},"的心，所以才需要信仰。我对信仰的理解就是'",[20,125,127],{"href":126},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","'，或者说知道是'不对的事情'就别做了。人们热爱做'不对的事情'是因为这类事情往往有短期诱惑。\"",[63,130,132],{"id":131},"_3-用融资就是投机","3. 用融资就是投机",[47,134,135],{},[17,136,137,138,140],{},"\"因为你从事的是很长期的事业，但是用到融资就变成短期的",[20,139,5],{"href":22},"了，一旦价格影响，就会导致你出现巨大的亏损。\"（2006年新浪财经）",[47,142,143],{},[17,144,145,146,148],{},"\"投资用的是闲钱，不然就是",[20,147,5],{"href":22},"了。\"",[63,150,152],{"id":151},"_4-投机者的下场","4. 投机者的下场",[47,154,155],{},[17,156,157,158,160],{},"\"你看那些，很",[20,159,5],{"href":22},"很有名的那些人，大部分死得都很惨。这是真事，真死了，或者说生意也死得很惨，国内也不是没有。作为一个有钱人，好好的跑去坐了牢了，你这种多想不开。\"（2025年浙大演讲）",[47,162,163],{},[17,164,71,165,167,168,170],{},[20,166,32],{"href":31},"的风险不该比开车出门大，",[20,169,5],{"href":22},"的风险不会比去赌场小。\"",[13,172,173],{"id":173},"实战案例",[63,175,176],{"id":176},"段永平自己的投机经历",[47,178,179],{},[17,180,71,181,183,184,186,187,189,190,192],{},[25,182,57],{},"有",[20,185,5],{"href":22},"过的，不是没有的，",[20,188,5],{"href":22},"是好玩，投资是赚钱的，所以是两回事，我现在也会",[20,191,5],{"href":22},"的，但是金额比较少，全力以赴押上去的就会非常的小心。\"（2006年网易证券对话）",[63,194,196],{"id":195},"做空百度最差的投机","做空百度：最差的投机",[47,198,199],{},[17,200,201,202,204],{},"\"不过，这其实不算我最差的投资，因为这根本就是彻头彻尾的",[20,203,5],{"href":22},"。以后不会再有这种例子了。\"（2010-03-07）",[17,206,207,208,210],{},"段永平做空百度亏了1.5-2亿美元，这是在",[25,209,57],{},"告诫他不要做空之后犯的错误。",[63,212,213],{"id":213},"买option是投机",[47,215,216],{},[17,217,218,219,223,224,228,229,231],{},"\"卖option其实不会有短期赚大钱的机会，但是实实在在产生净",[20,220,222],{"href":221},"\u002Flibrary\u002Fxianjinliu","现金流","的办法，在懂的",[20,225,227],{"href":226},"\u002Flibrary\u002Fjibenmian","基本面","的前提下长期而言是有机会获得高于平均市场回报的回报的。买option则是",[20,230,5],{"href":22},"，常做铁亏。\"（2011-07-16）",[63,233,234],{"id":234},"止盈止亏是投机的概念",[47,236,237],{},[17,238,239,240,242],{},"\"是的，止盈止亏都是",[20,241,5],{"href":22},"的概念。\"（2025-12-01）",[13,244,245],{"id":245},"常见误解",[63,247,249],{"id":248},"误解一短线就一定是投机","误解一：短线就一定是投机",[17,251,252,253,255],{},"段永平区分的标准不是时间长短，而是是否在买\"未来",[20,254,222],{"href":221},"\"。",[47,257,258],{},[17,259,260,261,263,264,266],{},"\"做空是比较",[20,262,5],{"href":22},"的。\"（2006年网易证券对话）——这里短不是因为时间短，而是因为做空不是在买未来",[20,265,222],{"href":221},"。",[63,268,270],{"id":269},"误解二投机总是亏钱","误解二：投机总是亏钱",[47,272,273],{},[17,274,71,275,277,278,280],{},[20,276,5],{"href":22},"是好玩，投资是赚钱的。\"——段永平承认",[20,279,5],{"href":22},"有时能赚钱，但长期来看不如投资。",[63,282,284],{"id":283},"误解三可以从投机转向投资","误解三：可以从投机转向投资",[47,286,287],{},[17,288,289,290,292,293,295,296,298],{},"\"如果股民意识到",[20,291,5],{"href":22},"无法赚钱，如果想从",[20,294,5],{"href":22},"转向投资，有什么样的心态可以从",[20,297,5],{"href":22},"转向投资？\"",[47,300,301],{},[17,302,303,304,306,307,309],{},"\"我想一、二句话是说不清楚的，起码要看整套",[25,305,57],{},"的书。这么多年，我碰到了很多的人，都看了",[25,308,57],{},"的书，但是懂了吗？\"（2006年网易证券对话）",[17,311,312,314],{},[25,313,27],{},"认为以自己10年投资的经历来看，\"还真没有见过谁真的变了\"（2011-12-31）。",[13,316,317],{"id":317},"思想演变",[17,319,320,323,324,326,327,331],{},[25,321,322],{},"1999年（经营阶段）","：在企业经营中就已经树立了反",[20,325,5],{"href":22},"的价值观——\"比如，在企业中，经常有各种各样的诱惑围绕着你，面对这些诱惑就需要",[20,328,330],{"href":329},"\u002Flibrary\u002Fpingchangxin","平常心","。\"（1999年人大演讲）",[17,333,334,337,338,266],{},[25,335,336],{},"2006年（区分投资与投机）","：首次在投资语境中系统区分投资与",[20,339,5],{"href":22},[17,341,342,345],{},[25,343,344],{},"2007-2010年（痛定思痛）","：做空百度的惨痛教训让他更加坚定\"不做空、不借钱、不做不懂的东西\"。",[17,347,348,351,352,354,355,357],{},[25,349,350],{},"2025年","：在浙大演讲和方三文对话中，用更加通俗直白的语言阐述",[20,353,5],{"href":22},"的危害，并提出\"止盈止亏都是",[20,356,5],{"href":22},"的概念\"这一清晰论断。",[13,359,360],{"id":360},"原话引用",[47,362,363],{},[17,364,365,366,45],{},"\"股票市场绝大多数人是在",[20,367,5],{"href":22},[47,369,370],{},[17,371,372,373,266,375,74],{},"\"做投资和做企业本身没有本质的差异……你要是不会做，往往就变成了",[20,374,5],{"href":22},[20,376,5],{"href":22},[47,378,379],{},[17,380,71,381,111,383,115],{},[20,382,5],{"href":22},[25,384,114],{},[47,386,387],{},[17,388,120,389,391],{},[20,390,5],{"href":22},"的心，所以才需要信仰。\"",[47,393,394],{},[17,395,145,396,148],{},[20,397,5],{"href":22},[47,399,400],{},[17,401,71,402,167,404,170],{},[20,403,32],{"href":31},[20,405,5],{"href":22},[47,407,408],{},[17,409,410,411,413,414,416,417,419],{},"\"很多人说，",[20,412,32],{"href":31},"很难。但",[20,415,5],{"href":22},"更难！",[20,418,5],{"href":22},"百分之八九十的散户都是亏钱的，牛市、熊市都亏。\"（2025年）",[47,421,422],{},[17,423,239,424,242],{},[20,425,5],{"href":22},[47,427,428],{},[17,429,430,431,433],{},"\"不打算拿十年的心态会让你很容易做一个",[20,432,5],{"href":22},"的决定。\"（2026-01-23）",{"title":435,"searchDepth":436,"depth":436,"links":437},"",2,[438,439,446,452,457,458],{"id":15,"depth":436,"text":15},{"id":61,"depth":436,"text":61,"children":440},[441,443,444,445],{"id":65,"depth":442,"text":66},3,{"id":102,"depth":442,"text":103},{"id":131,"depth":442,"text":132},{"id":151,"depth":442,"text":152},{"id":173,"depth":436,"text":173,"children":447},[448,449,450,451],{"id":176,"depth":442,"text":176},{"id":195,"depth":442,"text":196},{"id":213,"depth":442,"text":213},{"id":234,"depth":442,"text":234},{"id":245,"depth":436,"text":245,"children":453},[454,455,456],{"id":248,"depth":442,"text":249},{"id":269,"depth":442,"text":270},{"id":283,"depth":442,"text":284},{"id":317,"depth":436,"text":317},{"id":360,"depth":436,"text":360},"投资理念",null,"投机在段永平的框架中是与价值投资对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反投机的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。","md",{},true,18,"\u002Fdao\u002Fconcepts\u002Ftouji",{"title":5,"description":461},"段永平谈投机：投机在段永平的框架中是与价值投资对立的概念。他在1999年做客人民大学时就已经在经营理念中体现了反投机的思想——强调\"播种、耕种，然后才收获\"，反对\"投入2000万短时间挣两亿\"的诱惑。","投机｜大道总纲","touji","dao\u002Fconcepts\u002Ftouji","XypaoS1pXUSpwhCHZeMKQ9huDtxhBQEUYKli2IBEV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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":481,"slug":482,"category":483,"order":479},"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":485,"slug":486,"category":487,"order":479},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":489,"slug":490,"category":478,"order":436},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":492,"slug":493,"category":483,"order":436},"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":495,"slug":496,"category":487,"order":436},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":498,"slug":499,"category":478,"order":442},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":501,"slug":502,"category":483,"order":442},"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":504,"slug":505,"category":487,"order":442},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":478,"order":509},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":511,"slug":512,"category":483,"order":509},"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":514,"slug":515,"category":487,"order":509},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":517,"slug":518,"category":478,"order":519},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":521,"slug":522,"category":483,"order":519},"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":524,"slug":525,"category":487,"order":519},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":527,"slug":528,"category":478,"order":529},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":531,"slug":532,"category":483,"order":529},"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":534,"slug":535,"category":487,"order":529},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":537,"slug":538,"category":478,"order":539},"1961年中 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巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":881,"slug":882,"category":483,"order":879},"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":884,"slug":885,"category":658,"order":886},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":888,"slug":889,"category":483,"order":886},"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":891,"slug":892,"category":658,"order":893},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":895,"slug":896,"category":483,"order":893},"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":898,"slug":899,"category":658,"order":900},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":902,"slug":903,"category":483,"order":900},"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":905,"slug":906,"category":658,"order":907},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":909,"slug":910,"category":483,"order":907},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":912,"slug":913,"category":658,"order":914},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":916,"slug":917,"category":483,"order":914},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":919,"slug":920,"category":658,"order":921},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":923,"slug":924,"category":483,"order":921},"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":926,"slug":927,"category":658,"order":928},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":930,"slug":931,"category":483,"order":928},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":933,"slug":934,"category":658,"order":935},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":937,"slug":938,"category":483,"order":935},"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":940,"slug":941,"category":658,"order":942},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":944,"slug":945,"category":483,"order":942},"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":947,"slug":948,"category":658,"order":949},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":951,"slug":952,"category":483,"order":949},"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":954,"slug":955,"category":658,"order":956},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":958,"slug":959,"category":483,"order":956},"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":961,"slug":962,"category":658,"order":963},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":965,"slug":966,"category":483,"order":963},"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":968,"slug":969,"category":658,"order":970},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":972,"slug":973,"category":483,"order":970},"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":975,"slug":976,"category":658,"order":977},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":979,"slug":980,"category":483,"order":977},"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":982,"slug":983,"category":658,"order":984},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":986,"slug":987,"category":483,"order":984},"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":989,"slug":990,"category":658,"order":991},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":993,"slug":994,"category":483,"order":991},"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":996,"slug":997,"category":658,"order":998},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1000,"slug":1001,"category":483,"order":998},"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":1003,"slug":1004,"category":658,"order":1005},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1007,"slug":1008,"category":483,"order":1005},"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":1010,"slug":1011,"category":658,"order":1012},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1014,"slug":1015,"category":483,"order":1012},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1017,"slug":1018,"category":658,"order":1019},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1021,"slug":1022,"category":483,"order":1019},"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":1024,"slug":1025,"category":658,"order":1026},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1028,"slug":1029,"category":483,"order":1026},"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":1031,"slug":1032,"category":658,"order":1033},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1035,"slug":1036,"category":483,"order":1033},"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":1038,"slug":1039,"category":658,"order":1040},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1042,"slug":1043,"category":483,"order":1040},"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":1045,"slug":1046,"category":658,"order":1047},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1049,"slug":1050,"category":483,"order":1047},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1052,"slug":1053,"category":658,"order":1054},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1056,"slug":1057,"category":483,"order":1054},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1059,"slug":1060,"category":658,"order":1061},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1063,"slug":1064,"category":483,"order":1061},"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":1066,"slug":1067,"category":658,"order":1068},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1070,"slug":1071,"category":483,"order":1068},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1073,"slug":1074,"category":658,"order":1075},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1077,"slug":1078,"category":483,"order":1075},"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":1080,"slug":1081,"category":658,"order":1082},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1084,"slug":1085,"category":483,"order":1082},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1087,"slug":1088,"category":658,"order":1089},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1091,"slug":1092,"category":483,"order":1089},"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":1094,"slug":1095,"category":658,"order":1096},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1098,"slug":1099,"category":483,"order":1096},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1101,"slug":1102,"category":658,"order":1103},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1105,"slug":1106,"category":483,"order":1103},"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":1108,"slug":1109,"category":658,"order":1110},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1112,"slug":1113,"category":483,"order":1110},"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":1115,"slug":1116,"category":658,"order":1117},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1119,"slug":1120,"category":483,"order":1117},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1122,"slug":1123,"category":658,"order":1124},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1126,"slug":1127,"category":483,"order":1124},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1129,"slug":1130,"category":658,"order":1131},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1133,"slug":1134,"category":483,"order":1131},"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":1136,"slug":1137,"category":658,"order":1138},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1140,"slug":1141,"category":483,"order":1138},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1143,"slug":1144,"category":658,"order":1145},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1147,"slug":1148,"category":483,"order":1145},"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":1150,"slug":1151,"category":658,"order":1152},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1154,"slug":1155,"category":483,"order":1152},"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":1157,"slug":1158,"category":658,"order":1159},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1161,"slug":1162,"category":483,"order":1159},"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":1164,"slug":1165,"category":658,"order":1166},"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":1168,"slug":1169,"category":483,"order":1166},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1171,"slug":1172,"category":658,"order":1173},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1175,"slug":1176,"category":483,"order":1173},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1178,"slug":1179,"category":658,"order":1180},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1182,"slug":1183,"category":483,"order":1180},"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":1185,"slug":1186,"category":658,"order":1187},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1189,"slug":1190,"category":483,"order":1187},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1192,"slug":1193,"category":658,"order":1194},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1196,"slug":1197,"category":483,"order":1194},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1199,"slug":1200,"category":658,"order":1201},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1203,"slug":1204,"category":483,"order":1201},"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":1206,"slug":1207,"category":658,"order":1208},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1210,"slug":1211,"category":483,"order":1208},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1213,"slug":1214,"category":658,"order":1215},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1217,"slug":1218,"category":483,"order":1215},"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":1220,"slug":1221,"category":658,"order":1222},"2020 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