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买股票就是买未来现金流",[45,68,69],{},[17,70,71,72,74,76,77,79,80,82],{},"\"买股票就是买公司，买公司就是买其未来",[20,73,5],{"href":22},[20,75,34],{"href":33},"。这里",[20,78,5],{"href":22},"指的是净",[20,81,5],{"href":22},"，未来指的是公司的整个生命周期，不是3年，也不是5年。\"",[45,84,85],{},[17,86,87,88,92,93,95,96,98,52],{},"\"从",[20,89,91],{"href":90},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","的角度讲，投资里",[20,94,91],{"href":90},"就是:买股票就是买公司，就是买公司的生意，就是买公司未来的净",[20,97,5],{"href":22},[20,99,34],{"href":33},[63,101,103],{"id":102},"_2-未来现金流折现是思维方式不是计算公式","2. 未来现金流折现是思维方式，不是计算公式",[45,105,106],{},[17,107,108,109,111,113],{},"\"所谓未来",[20,110,5],{"href":22},[20,112,34],{"href":33},"只是个思维方式，千万不要去套公式，因为没人可以真的确定公式中的变量，所有假设可能都是不靠谱的。\"",[45,115,116],{},[17,117,118,119,121,123,124,128],{},"\"未来",[20,120,5],{"href":22},[20,122,34],{"href":33},"只是一种思维方式，只有在自己",[20,125,127],{"href":126},"\u002Flibrary\u002Fnengliquan","能力圈","范围内的公司，投资人才能毛估估看明白。没人真用公式的，至少胜者都是不用公式的。（说自己有公式还有参数的人们都是不懂甚至可能是骗人的，别理他们。）\"",[63,130,132],{"id":131},"_3-看懂现金流就是看懂公司","3. 看懂现金流就是看懂公司",[45,134,135],{},[17,136,137,138,140,141,143,144,146,147,151,152,155,156,155,160,162],{},"\"所谓能看懂公司就是能看懂其未来",[20,139,5],{"href":22},"（",[20,142,91],{"href":90},"）。所有所谓有关投资的说法实际上都是在讨论如何看懂",[20,145,5],{"href":22},"的问题（如何",[20,148,150],{"href":149},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","），比如",[25,153,154],{},"生意模式","、",[20,157,159],{"href":158},"\u002Flibrary\u002Fhuchenghe","护城河",[20,161,127],{"href":126},"等。\"",[63,164,166],{"id":165},"_4-现金流是区分好生意和苦生意的标准","4. 现金流是区分好生意和苦生意的标准",[45,168,169],{},[17,170,171,172,176,177,179],{},"\"好的",[20,173,175],{"href":174},"\u002Flibrary\u002Fshangyemoshi","商业模式","很简单，就是利润和净",[20,178,5],{"href":22},"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）",[45,181,182],{},[17,183,184,185,188,189,191],{},"\"买了一个好生意一直拿着真的会觉得很难受吗?假设我们拥有整个",[25,186,187],{},"茅台","，每天",[20,190,5],{"href":22},"杠杠的，你在坚守啥?\"",[13,193,194],{"id":194},"实战案例",[63,196,198],{"id":197},"网易",[25,199,197],{},[17,201,202,204,205,207,208,210,211,213,214,216,217,219],{},[25,203,27],{},"2001年买入",[25,206,197],{},"时，关键判断就是看到了",[25,209,197],{},"未来能够产生可观的",[20,212,5],{"href":22},"。当时",[25,215,197],{},"股价约1美元，但他看到游戏业务将带来巨大的",[20,218,5],{"href":22},"。",[63,221,223],{"id":222},"苹果",[25,224,222],{},[17,226,227,228,230,231,235,236,238,239,241],{},"2011年买入",[25,229,222],{},"时的简单计算：市值3000亿，",[20,232,234],{"href":233},"\u002Flibrary\u002Fjingxianjin","净现金","1000亿，利润约200亿。\"用2000亿\"去衡量未来的",[20,237,5],{"href":22},"，判断未来5年利润大概率涨到500亿——这就是\"毛估估\"看未来",[20,240,5],{"href":22},"的典型案例。",[63,243,245],{"id":244},"加密货币没有现金流就不碰","加密货币：没有现金流就不碰",[45,247,248],{},[17,249,250,251,253],{},"\"没有",[20,252,5],{"href":22},"的东西我不会感兴趣的，you don't get the point!!!\"（2025-11-20）",[13,255,256],{"id":256},"常见误解",[63,258,260],{"id":259},"误解一可以用公式精确计算","误解一：可以用公式精确计算",[45,262,263],{},[17,264,265,266,268],{},"\"一般来讲，任何人只要试图用未来",[20,267,5],{"href":22},"的计算公式去计算公司的内在价值时，就说明其实他还不太懂自己在干什么。\"",[63,270,272],{"id":271},"误解二应该重点关注某个财务指标","误解二：应该重点关注某个财务指标",[17,274,275,276,278,279,281],{},"网友问\"净利润、",[20,277,5],{"href":22},"和自由",[20,280,5],{"href":22},"，哪个指标是我们应该重点关注的？\"",[45,283,284],{},[17,285,286],{},"\"如果你拥有一家公司的话，你就知道什么是你应该重点关注的了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。\"",[63,288,290],{"id":289},"误解三未来现金流折现可以学会","误解三：未来现金流折现可以学会",[45,292,293],{},[17,294,295],{},"\"大概只有一个办法，那就是保有拥有这家公司的心态。你要真有这种心态，其实不用学就会了，因为那都是真金白银啊。\"",[13,297,298],{"id":298},"思想演变",[17,300,301,304,305,307,308,310],{},[25,302,303],{},"早期（2001-2006年）","：主要是实践阶段，通过投资",[25,306,197],{},"等验证\"买未来",[20,309,5],{"href":22},"\"的思路。",[17,312,313,316,317,319,321],{},[25,314,315],{},"中期（2007-2015年）","：在雪球上反复阐述\"未来",[20,318,5],{"href":22},[20,320,34],{"href":33},"\"的概念，强调这是一种思维方式而非计算方法。归纳出\"基本版、说明版、啰嗦版\"三个层次的投资理解。",[17,323,324,327,328,330],{},[25,325,326],{},"近期（2020-2025年）","：表述更加直接。在2025年方三文对话中说：\"你一定要看懂生意，你也要看懂未来的",[20,329,5],{"href":22},"；难是难在你很难做到这一点，大部分公司都不容易看懂。\"",[17,332,333,334,336],{},"特别值得注意的是，2025年前后段永平开始更多使用具体计算来举例（如以",[25,335,187],{},"利润增长率带入公式），但始终强调这只是帮助思考的工具，不是投资决策的公式。",[13,338,339],{"id":339},"原话引用",[45,341,342],{},[17,343,49,344,52],{},[20,345,5],{"href":22},[45,347,348],{},[17,349,71,350,352,76,354,79,356,358],{},[20,351,5],{"href":22},[20,353,34],{"href":33},[20,355,5],{"href":22},[20,357,5],{"href":22},"，未来指的是公司的整个生命周期。\"",[45,360,361],{},[17,362,363,364,366,367,52],{},"\"公司价值是什么?就是公司未来",[20,365,5],{"href":22},"的",[20,368,34],{"href":33},[45,370,371],{},[17,372,373,374,376,378],{},"\"我理解的投资归纳起来就是:买股票就是买公司，买公司就是买公司的未来",[20,375,5],{"href":22},[20,377,34],{"href":33},"，句号!\"",[45,380,381],{},[17,382,383,384,386],{},"\"我说的信仰就是你骨子里真的相信的东西，是不会被某些事情动摇的，比如长期利润及净",[20,385,5],{"href":22},"好的公司股价早晚会跟上来等等。\"",[45,388,389],{},[17,390,391,392,394,395,397],{},"\"很多人说很难看懂未来",[20,393,5],{"href":22},"。其实绝大多数公司的未来",[20,396,5],{"href":22},"我也是看不懂的。看不懂的就不碰。\"",[45,399,400],{},[17,401,402,403,405,406,408],{},"\"非常有趣的是，如果人们不是买'未来",[20,404,5],{"href":22},"'的话，那他们到底买的是什么呢?不是买'未来",[20,407,5],{"href":22},"'的实际上很可能是在加入一个零和游戏中。\"",[45,410,411],{},[17,412,250,413,253],{},[20,414,5],{"href":22},{"title":416,"searchDepth":417,"depth":417,"links":418},"",2,[419,420,427,432,437,438],{"id":15,"depth":417,"text":15},{"id":61,"depth":417,"text":61,"children":421},[422,424,425,426],{"id":65,"depth":423,"text":66},3,{"id":102,"depth":423,"text":103},{"id":131,"depth":423,"text":132},{"id":165,"depth":423,"text":166},{"id":194,"depth":417,"text":194,"children":428},[429,430,431],{"id":197,"depth":423,"text":197},{"id":222,"depth":423,"text":222},{"id":244,"depth":423,"text":245},{"id":256,"depth":417,"text":256,"children":433},[434,435,436],{"id":259,"depth":423,"text":260},{"id":271,"depth":423,"text":272},{"id":289,"depth":423,"text":290},{"id":298,"depth":417,"text":298},{"id":339,"depth":417,"text":339},"投资理念",null,"现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","md",{},true,12,"\u002Fdao\u002Fconcepts\u002Fxianjinliu",{"title":5,"description":441},"段永平谈现金流：现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","现金流｜大道总纲","xianjinliu","dao\u002Fconcepts\u002Fxianjinliu","YzEtjGo3rQvPqmZ8dR-Yuvr7chqRfy1Cm5TP5B5QDAE","dao",[455,460,464,468,471,474,477,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,640,643,646,650,653,656,660,663,666,670,673,676,680,683,686,690,693,696,700,703,706,710,713,716,720,723,726,730,733,736,740,743,746,750,753,756,760,763,766,770,773,776,780,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1038,1042,1045,1049,1052,1056,1059,1063,1066,1070,1073,1077,1080,1084,1087,1091,1094,1098,1101,1105,1108,1112,1115,1119,1122,1126,1129,1133,1136,1140,1143,1147,1150,1154,1157,1161,1164,1168,1171,1175,1178,1182,1185,1189,1192,1196,1199,1203,1206,1210,1213,1217,1220,1224,1227,1231,1234,1238,1241,1245,1248,1252,1255,1259,1263,1267,1271,1275,1279,1283,1287,1291,1295,1299,1303,1307,1311,1315,1319,1323,1327,1331,1335,1339,1343,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407,1411,1415,1419,1423,1427,1431,1435,1439,1443,1447,1451,1455],{"title":456,"slug":457,"category":458,"order":459},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":461,"slug":462,"category":463,"order":459},"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":465,"slug":466,"category":467,"order":459},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":469,"slug":470,"category":458,"order":417},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":472,"slug":473,"category":463,"order":417},"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":475,"slug":476,"category":467,"order":417},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":478,"slug":479,"category":458,"order":423},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":481,"slug":482,"category":463,"order":423},"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":484,"slug":485,"category":467,"order":423},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":487,"slug":488,"category":458,"order":489},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":491,"slug":492,"category":463,"order":489},"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":494,"slug":495,"category":467,"order":489},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":497,"slug":498,"category":458,"order":499},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":501,"slug":502,"category":463,"order":499},"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":504,"slug":505,"category":467,"order":499},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":458,"order":509},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":511,"slug":512,"category":463,"order":509},"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":514,"slug":515,"category":467,"order":509},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":517,"slug":518,"category":458,"order":519},"1961年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":889,"slug":890,"category":463,"order":887},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":892,"slug":893,"category":638,"order":894},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":896,"slug":897,"category":463,"order":894},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":899,"slug":900,"category":638,"order":901},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":903,"slug":904,"category":463,"order":901},"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":906,"slug":907,"category":638,"order":908},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":910,"slug":911,"category":463,"order":908},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":913,"slug":914,"category":638,"order":915},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":917,"slug":918,"category":463,"order":915},"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":920,"slug":921,"category":638,"order":922},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":924,"slug":925,"category":463,"order":922},"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":927,"slug":928,"category":638,"order":929},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":931,"slug":932,"category":463,"order":929},"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":934,"slug":935,"category":638,"order":936},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":938,"slug":939,"category":463,"order":936},"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":941,"slug":942,"category":638,"order":943},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":945,"slug":946,"category":463,"order":943},"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":948,"slug":949,"category":638,"order":950},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":952,"slug":953,"category":463,"order":950},"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":955,"slug":956,"category":638,"order":957},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":959,"slug":960,"category":463,"order":957},"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":962,"slug":963,"category":638,"order":964},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":966,"slug":967,"category":463,"order":964},"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":969,"slug":970,"category":638,"order":971},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":973,"slug":974,"category":463,"order":971},"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":976,"slug":977,"category":638,"order":978},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":980,"slug":981,"category":463,"order":978},"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":983,"slug":984,"category":638,"order":985},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":987,"slug":988,"category":463,"order":985},"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":990,"slug":991,"category":638,"order":992},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":994,"slug":995,"category":463,"order":992},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":997,"slug":998,"category":638,"order":999},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1001,"slug":1002,"category":463,"order":999},"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":1004,"slug":1005,"category":638,"order":1006},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1008,"slug":1009,"category":463,"order":1006},"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":1011,"slug":1012,"category":638,"order":1013},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1015,"slug":1016,"category":463,"order":1013},"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":1018,"slug":1019,"category":638,"order":1020},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1022,"slug":1023,"category":463,"order":1020},"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":1025,"slug":1026,"category":638,"order":1027},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1029,"slug":1030,"category":463,"order":1027},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1032,"slug":1033,"category":638,"order":1034},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1036,"slug":1037,"category":463,"order":1034},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1039,"slug":1040,"category":638,"order":1041},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1043,"slug":1044,"category":463,"order":1041},"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":1046,"slug":1047,"category":638,"order":1048},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1050,"slug":1051,"category":463,"order":1048},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1053,"slug":1054,"category":638,"order":1055},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1057,"slug":1058,"category":463,"order":1055},"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":1060,"slug":1061,"category":638,"order":1062},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1064,"slug":1065,"category":463,"order":1062},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1067,"slug":1068,"category":638,"order":1069},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1071,"slug":1072,"category":463,"order":1069},"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":1074,"slug":1075,"category":638,"order":1076},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1078,"slug":1079,"category":463,"order":1076},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1081,"slug":1082,"category":638,"order":1083},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1085,"slug":1086,"category":463,"order":1083},"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":1088,"slug":1089,"category":638,"order":1090},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1092,"slug":1093,"category":463,"order":1090},"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":1095,"slug":1096,"category":638,"order":1097},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1099,"slug":1100,"category":463,"order":1097},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1102,"slug":1103,"category":638,"order":1104},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1106,"slug":1107,"category":463,"order":1104},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1109,"slug":1110,"category":638,"order":1111},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1113,"slug":1114,"category":463,"order":1111},"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":1116,"slug":1117,"category":638,"order":1118},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1120,"slug":1121,"category":463,"order":1118},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1123,"slug":1124,"category":638,"order":1125},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1127,"slug":1128,"category":463,"order":1125},"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":1130,"slug":1131,"category":638,"order":1132},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1134,"slug":1135,"category":463,"order":1132},"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":1137,"slug":1138,"category":638,"order":1139},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1141,"slug":1142,"category":463,"order":1139},"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":1144,"slug":1145,"category":638,"order":1146},"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":1148,"slug":1149,"category":463,"order":1146},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1151,"slug":1152,"category":638,"order":1153},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1155,"slug":1156,"category":463,"order":1153},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1158,"slug":1159,"category":638,"order":1160},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1162,"slug":1163,"category":463,"order":1160},"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":1165,"slug":1166,"category":638,"order":1167},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1169,"slug":1170,"category":463,"order":1167},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1172,"slug":1173,"category":638,"order":1174},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1176,"slug":1177,"category":463,"order":1174},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1179,"slug":1180,"category":638,"order":1181},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1183,"slug":1184,"category":463,"order":1181},"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":1186,"slug":1187,"category":638,"order":1188},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1190,"slug":1191,"category":463,"order":1188},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1193,"slug":1194,"category":638,"order":1195},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1197,"slug":1198,"category":463,"order":1195},"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":1200,"slug":1201,"category":638,"order":1202},"2020 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