[{"data":1,"prerenderedAt":1973},["ShallowReactive",2],{"library-zhangqichiyou":3,"library-sidebar-buffett":443,"library-sidebar-dao":1448,"library-sidebar-models":1741},{"id":4,"title":5,"body":6,"category":428,"date":429,"description":430,"extension":431,"meta":432,"navigation":433,"order":434,"path":435,"seo":436,"seoDescription":437,"seoTitle":438,"slug":439,"stem":440,"__hash__":441,"_collection":442},"dao\u002Fdao\u002Fconcepts\u002Fzhangqichiyou.md","长期持有",{"type":7,"value":8,"toc":400},"minimark",[9,12,16,34,54,57,62,74,79,87,91,105,116,120,125,135,139,156,159,166,179,186,200,207,221,225,230,235,238,242,253,257,270,273,277,282,285,297,306,318,338,341,349,359,364,368,372,379,390],[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],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fzhangqichiyou","在",[25,26,27],"strong",{},"段永平","看来不是一个独立的投资策略，而是",[20,30,32],{"href":31},"\u002Flibrary\u002Fjiazhitouzi","价值投资","的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。",[17,35,36,37,40,41,43,44,46,47,49,50,53],{},"最早的明确表述见于2007年与",[25,38,39],{},"巴菲特","共进午餐后的网易专访。段永平回忆他给",[25,42,39],{},"写邮件说：\"我跟他学到的最重要的东西是：买股票就像买一个公司的一部分，买股票就要",[20,45,5],{"href":22},"。\"",[25,48,39],{},"回信说：\"你说的就是我当年跟本杰明.",[25,51,52],{},"格雷厄姆","学的，正是这个理念改变了我的看法，影响了我的一生。\"",[13,55,56],{"id":56},"核心要义",[58,59,61],"h3",{"id":60},"_1-价值投资不等于长期投资但价值投资一般都是长期投资","1. 价值投资不等于长期投资，但价值投资一般都是长期投资",[63,64,65],"blockquote",{},[17,66,67,68,70,71,73],{},"\"只想说一点:'长期投资'并不自动等于",[20,69,32],{"href":31},"，但",[20,72,32],{"href":31},"一般都是长期投资。\"",[63,75,76],{},[17,77,78],{},"\"也许'长期投资'这个说法有点问题，叫'投资长期'似乎不容易误解。\"",[63,80,81],{},[17,82,83,84,86],{},"\"我跟好多人讲，他就是讲不明白。说哎呀",[20,85,32],{"href":31},"就是长期投资，不是的。\"（2025年浙大演讲）",[58,88,90],{"id":89},"_2-好公司才值得长期持有","2. 好公司才值得长期持有",[63,92,93],{},[17,94,95,96,98,99,101,102,104],{},"\"",[20,97,32],{"href":31},"并不是盲目地买进并",[20,100,5],{"href":22},"。如果是好公司才值得在好价格时买进并",[20,103,5],{"href":22},"。当然，好价格并不一定是抄底的价格（如果是当然好），好价格指的是10年后回头看:哇塞，那真是好价格。\"",[63,106,107],{},[17,108,109,110,112,113,115],{},"\"好价和",[20,111,5],{"href":22},"的关系是什么呢?其实是好股",[20,114,5],{"href":22},"就是好价了，而不是买到了好价钱的意思。\"（2019-10-14）",[58,117,119],{"id":118},"_3-不打算拿十年就不要碰","3. 不打算拿十年就不要碰",[63,121,122],{},[17,123,124],{},"\"不打算拿10年的股票一定别去打算拿10天，不然就是'炒'了。\"（2011-12-13）",[63,126,127],{},[17,128,129,130,134],{},"\"不打算拿十年的'投资'最好就不要碰，不要想着市场或者风口啥的。打算拿十年的结果未必就一定要拿十年的，但不打算拿十年的心态会让你很容易做一个",[20,131,133],{"href":132},"\u002Flibrary\u002Ftouji","投机","的决定。\"（2026-01-23）",[58,136,138],{"id":137},"_4-时间是好生意的朋友","4. 时间是好生意的朋友",[63,140,141],{},[17,142,143,144,146,147,149,150,152,153,155],{},"\"时间是好生意的朋友，烂生意的敌人。如果",[20,145,5],{"href":22},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果",[20,148,5],{"href":22},"好生意，就算买得贵了一些，只要",[20,151,5],{"href":22},"，还是会取得出色的收益。\"（引用",[25,154,39],{},"演讲）",[13,157,158],{"id":158},"实战案例",[58,160,162,165],{"id":161},"苹果14年的持有",[25,163,164],{},"苹果","：14年的持有",[17,167,168,170,171,173,174,178],{},[25,169,27],{},"2011年买入",[25,172,164],{},"，到2025年已持有14年。他说：\"要是对这个生意理解不了，对文化理解不了，对",[20,175,177],{"href":176},"\u002Flibrary\u002Fshangyemoshi","商业模式","理解不了，早就跑了，也不可能留到现在。\"（2025年浙大演讲）",[58,180,182,185],{"id":181},"茅台十几年的持有",[25,183,184],{},"茅台","：十几年的持有",[63,187,188],{},[17,189,190,191,193,194,196,197,199],{},"\"很多人说，",[20,192,32],{"href":31},"很难。但",[20,195,133],{"href":132},"更难！我买",[25,198,184],{},"一直拿着，拿了十几年，我难在哪儿了？\"（2025年）",[58,201,203,206],{"id":202},"网易赚了100多倍但最终卖出",[25,204,205],{},"网易","：赚了100多倍但最终卖出",[17,208,209,210,212,213,215,216,220],{},"段永平在",[25,211,205],{},"上赚了100多倍，但后来还是卖出了。他坦言：\"我卖肯定有我卖的原因，有卖的道理，而且我其实也没少赚，因为我有其他的也很好的投资标的。\"——这说明",[20,214,5],{"href":22},"不是永远不卖，而是基于对公司和",[20,217,219],{"href":218},"\u002Flibrary\u002Fjihuichengben","机会成本","的判断。",[58,222,224],{"id":223},"被套时才想起长线最危险的情形","被套时才想起长线：最危险的情形",[63,226,227],{},[17,228,229],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"",[63,231,232],{},[17,233,234],{},"\"这里'被套'的意思是指有些人本来只打算拿10天的股票，结果因为'亏钱'了而决定改为拿10年，这种决定往往会让人亏更多。\"（2011-12-13）",[13,236,237],{"id":237},"常见误解",[58,239,241],{"id":240},"误解一长期持有就是价值投资","误解一：长期持有就是价值投资",[63,243,244],{},[17,245,246,247,249,250,252],{},"\"最危险的可能是一知半解的那种:比如号称自己是",[20,248,32],{"href":31},"者，也知道",[20,251,32],{"href":31},"要拿长线的道理（知其然不知其所以然），结果买错股票又坚持长线持有。\"",[58,254,256],{"id":255},"误解二长期持有意味着坚守","误解二：长期持有意味着坚守",[63,258,259],{},[17,260,261,262,264,265,269],{},"\"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",[25,263,184],{},"，每天",[20,266,268],{"href":267},"\u002Flibrary\u002Fxianjinliu","现金流","杠杠的，你在坚守啥?\"",[17,271,272],{},"网友补充：\"'坚守'好像是在说抱着印钞机感觉很难受的样子。\"",[58,274,276],{"id":275},"误解三不应该做差价","误解三：不应该做差价",[63,278,279],{},[17,280,281],{},"\"我也想过这么做来着，谁不想赚差价啊，但这么做的结果基本上都是瞎忙半天还少赚了，所以以后就不再想干这种事情了。\"",[13,283,284],{"id":284},"思想演变",[17,286,287,290,291,293,294,296],{},[25,288,289],{},"2007年","：与",[25,292,39],{},"共进午餐后，明确了\"买股票就要",[20,295,5],{"href":22},"\"的理念。",[17,298,299,302,303,305],{},[25,300,301],{},"2010-2013年","：在雪球上大量讨论",[20,304,5],{"href":22},"的条件和注意事项。特别提出\"投资长期\"的说法来纠正\"长期投资\"的误解。",[17,307,308,311,312,314,315,317],{},[25,309,310],{},"2019-2020年","：提炼出\"好股",[20,313,5],{"href":22},"就是好价了\"的精妙表述，将好公司和",[20,316,5],{"href":22},"紧密联系。",[17,319,320,323,324,326,327,329,330,334,335,337],{},[25,321,322],{},"2025-2026年","：在多个场合重申",[20,325,5],{"href":22},"的前提是看懂公司的",[20,328,177],{"href":176},"和",[20,331,333],{"href":332},"\u002Flibrary\u002Fqiyewenhua","企业文化","。同时明确\"不打算拿十年的心态会让你做出",[20,336,133],{"href":132},"的决定\"。",[13,339,340],{"id":340},"原话引用",[63,342,343],{},[17,344,345,346,348],{},"\"买股票就像买一个公司的一部分，买股票就要",[20,347,5],{"href":22},"。\"（2007年网易专访）",[63,350,351],{},[17,352,95,353,98,355,101,357,46],{},[20,354,32],{"href":31},[20,356,5],{"href":22},[20,358,5],{"href":22},[63,360,361],{},[17,362,363],{},"\"长线持有一定是在买对好股票的前提下。有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[63,365,366],{},[17,367,124],{},[63,369,370],{},[17,371,78],{},[63,373,374],{},[17,375,376,377,115],{},"\"好股",[20,378,5],{"href":22},[63,380,381],{},[17,382,383,384,386,387,389],{},"\"呵呵，最理想的就是可以",[20,385,5],{"href":22},"、永远不想卖的股票（",[25,388,39],{},"讲的）。\"（2010-05-16）",[63,391,392],{},[17,393,143,394,396,397,399],{},[20,395,5],{"href":22},"一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。\"（引用",[25,398,39],{},"）",{"title":401,"searchDepth":402,"depth":402,"links":403},"",2,[404,405,412,421,426,427],{"id":15,"depth":402,"text":15},{"id":56,"depth":402,"text":56,"children":406},[407,409,410,411],{"id":60,"depth":408,"text":61},3,{"id":89,"depth":408,"text":90},{"id":118,"depth":408,"text":119},{"id":137,"depth":408,"text":138},{"id":158,"depth":402,"text":158,"children":413},[414,416,418,420],{"id":161,"depth":408,"text":415},"苹果：14年的持有",{"id":181,"depth":408,"text":417},"茅台：十几年的持有",{"id":202,"depth":408,"text":419},"网易：赚了100多倍但最终卖出",{"id":223,"depth":408,"text":224},{"id":237,"depth":402,"text":237,"children":422},[423,424,425],{"id":240,"depth":408,"text":241},{"id":255,"depth":408,"text":256},{"id":275,"depth":408,"text":276},{"id":284,"depth":402,"text":284},{"id":340,"depth":402,"text":340},"投资理念",null,"长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","md",{},true,17,"\u002Fdao\u002Fconcepts\u002Fzhangqichiyou",{"title":5,"description":430},"段永平谈长期持有：长期持有在段永平看来不是一个独立的投资策略，而是价值投资的自然结果。他特别强调\"投资长期\"比\"长期投资\"更准确——重点不在于\"长期\"，而在于投的是值得长期拥有的好公司。","长期持有｜大道总纲","zhangqichiyou","dao\u002Fconcepts\u002Fzhangqichiyou","JiOwcPDhPed2ixJHy_8BpdEosMhgaSNThnirfzDoiN8","dao",[444,449,453,457,460,463,466,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,589,592,595,599,602,605,608,611,6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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":450,"slug":451,"category":452,"order":448},"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":454,"slug":455,"category":456,"order":448},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":458,"slug":459,"category":447,"order":402},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":461,"slug":462,"category":452,"order":402},"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":464,"slug":465,"category":456,"order":402},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":467,"slug":468,"category":447,"order":408},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":470,"slug":471,"category":452,"order":408},"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":473,"slug":474,"category":456,"order":408},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":476,"slug":477,"category":447,"order":478},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":480,"slug":481,"category":452,"order":478},"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":483,"slug":484,"category":456,"order":478},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":486,"slug":487,"category":447,"order":488},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":490,"slug":491,"category":452,"order":488},"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":493,"slug":494,"category":456,"order":488},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":496,"slug":497,"category":447,"order":498},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":500,"slug":501,"category":452,"order":498},"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":503,"slug":504,"category":456,"order":498},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":506,"slug":507,"category":447,"order":508},"1961年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":878,"slug":879,"category":452,"order":876},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":881,"slug":882,"category":627,"order":883},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":885,"slug":886,"category":452,"order":883},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":888,"slug":889,"category":627,"order":890},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":892,"slug":893,"category":452,"order":890},"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":895,"slug":896,"category":627,"order":897},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":899,"slug":900,"category":452,"order":897},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":902,"slug":903,"category":627,"order":904},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":906,"slug":907,"category":452,"order":904},"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":909,"slug":910,"category":627,"order":911},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":913,"slug":914,"category":452,"order":911},"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":916,"slug":917,"category":627,"order":918},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":920,"slug":921,"category":452,"order":918},"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":923,"slug":924,"category":627,"order":925},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":927,"slug":928,"category":452,"order":925},"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":930,"slug":931,"category":627,"order":932},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":934,"slug":935,"category":452,"order":932},"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":937,"slug":938,"category":627,"order":939},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":941,"slug":942,"category":452,"order":939},"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":944,"slug":945,"category":627,"order":946},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":948,"slug":949,"category":452,"order":946},"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":951,"slug":952,"category":627,"order":953},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":955,"slug":956,"category":452,"order":953},"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":958,"slug":959,"category":627,"order":960},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":962,"slug":963,"category":452,"order":960},"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":965,"slug":966,"category":627,"order":967},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":969,"slug":970,"category":452,"order":967},"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":972,"slug":973,"category":627,"order":974},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":976,"slug":977,"category":452,"order":974},"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":979,"slug":980,"category":627,"order":981},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":983,"slug":984,"category":452,"order":981},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":986,"slug":987,"category":627,"order":988},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":990,"slug":991,"category":452,"order":988},"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":993,"slug":994,"category":627,"order":995},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":997,"slug":998,"category":452,"order":995},"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":1000,"slug":1001,"category":627,"order":1002},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1004,"slug":1005,"category":452,"order":1002},"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":1007,"slug":1008,"category":627,"order":1009},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1011,"slug":1012,"category":452,"order":1009},"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":1014,"slug":1015,"category":627,"order":1016},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1018,"slug":1019,"category":452,"order":1016},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1021,"slug":1022,"category":627,"order":1023},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1025,"slug":1026,"category":452,"order":1023},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1028,"slug":1029,"category":627,"order":1030},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1032,"slug":1033,"category":452,"order":1030},"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":1035,"slug":1036,"category":627,"order":1037},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1039,"slug":1040,"category":452,"order":1037},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1042,"slug":1043,"category":627,"order":1044},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1046,"slug":1047,"category":452,"order":1044},"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":1049,"slug":1050,"category":627,"order":1051},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1053,"slug":1054,"category":452,"order":1051},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1056,"slug":1057,"category":627,"order":1058},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1060,"slug":1061,"category":452,"order":1058},"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":1063,"slug":1064,"category":627,"order":1065},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1067,"slug":1068,"category":452,"order":1065},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1070,"slug":1071,"category":627,"order":1072},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1074,"slug":1075,"category":452,"order":1072},"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":1077,"slug":1078,"category":627,"order":1079},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1081,"slug":1082,"category":452,"order":1079},"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":1084,"slug":1085,"category":627,"order":1086},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1088,"slug":1089,"category":452,"order":1086},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1091,"slug":1092,"category":627,"order":1093},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1095,"slug":1096,"category":452,"order":1093},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1098,"slug":1099,"category":627,"order":1100},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1102,"slug":1103,"category":452,"order":1100},"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":1105,"slug":1106,"category":627,"order":1107},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1109,"slug":1110,"category":452,"order":1107},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1112,"slug":1113,"category":627,"order":1114},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1116,"slug":1117,"category":452,"order":1114},"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":1119,"slug":1120,"category":627,"order":1121},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1123,"slug":1124,"category":452,"order":1121},"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":1126,"slug":1127,"category":627,"order":1128},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1130,"slug":1131,"category":452,"order":1128},"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":1133,"slug":1134,"category":627,"order":1135},"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":1137,"slug":1138,"category":452,"order":1135},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1140,"slug":1141,"category":627,"order":1142},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1144,"slug":1145,"category":452,"order":1142},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1147,"slug":1148,"category":627,"order":1149},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1151,"slug":1152,"category":452,"order":1149},"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":1154,"slug":1155,"category":627,"order":1156},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1158,"slug":1159,"category":452,"order":1156},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1161,"slug":1162,"category":627,"order":1163},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1165,"slug":1166,"category":452,"order":1163},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1168,"slug":1169,"category":627,"order":1170},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1172,"slug":1173,"category":452,"order":1170},"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":1175,"slug":1176,"category":627,"order":1177},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1179,"slug":1180,"category":452,"order":1177},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1182,"slug":1183,"category":627,"order":1184},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1186,"slug":1187,"category":452,"order":1184},"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":1189,"slug":1190,"category":627,"order":1191},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1193,"slug":1194,"category":452,"order":1191},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1196,"slug":1197,"category":627,"order":1198},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1200,"slug":1201,"category":452,"order":1198},"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":1203,"slug":1204,"category":627,"order":1205},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1207,"slug":1208,"category":452,"order":1205},"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":1210,"slug":1211,"category":627,"order":1212},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1214,"slug":1215,"category":452,"order":1212},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1217,"slug":1218,"category":627,"order":1219},"2024 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