[{"data":1,"prerenderedAt":2910},["ShallowReactive",2],{"library-1963-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":1374,"library-sidebar-dao":2376,"library-sidebar-models":2678},{"id":4,"title":5,"body":6,"category":1360,"date":1361,"description":1362,"extension":1363,"meta":1364,"navigation":1365,"order":1366,"path":1367,"seo":1368,"seoDescription":1362,"seoTitle":1369,"slug":1370,"stem":1371,"__hash__":1372,"_collection":1373},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963-ba-fei-te-zhi-he-huo-ren-xin.md","1963 巴菲特致合伙人信",{"type":7,"value":8,"toc":1347},"minimark",[9,13,17,20,23,26,29,34,37,40,164,176,179,182,309,317,320,323,325,328,331,334,337,343,509,512,515,520,701,704,707,709,712,715,718,721,724,727,800,803,806,809,811,814,817,820,823,858,861,864,866,869,872,875,878,881,884,887,901,904,907,910,912,915,919,922,925,928,931,942,945,952,955,958,961,964,978,981,984,987,990,998,1001,1004,1006,1010,1013,1016,1019,1022,1025,1028,1286,1289,1318,1321,1324,1327,1330,1333,1336],[10,11,5],"h1",{"id":12},"_1963-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司",[14,18,19],{},"810 基威特广场",[14,21,22],{},"内布拉斯加州奥马哈 31 号",[14,24,25],{},"1964年1月18日",[27,28],"hr",{},[30,31,33],"h3",{"id":32},"_1963年业绩","1963年业绩",[14,35,36],{},"1963年是丰收的一年。说它丰收，不是因为我们的净资产较年初增加了3,637,167美元，取得了38.7%的收益率——尽管务实的合伙人对这个数字会很满意。说它丰收，是因为我们的业绩大幅领先于我们的核心衡量基准——道琼斯工业指数（以下简称”道指”）。就算我们跌了20%、道指跌了30%，我这封信还是会以”1963年是丰收的一年”开头。无论某一年涨跌如何，只要我们能在足够长的时间里持续领先道指，长期业绩就会令人满意——钱赚到了，心也踏实。",[14,38,39],{},"以下是最新的逐年业绩对比，包括道指表现、普通合伙人分成前合伙基金收益率，以及全年管理的有限合伙人收益率：",[41,42,43,62],"table",{},[44,45,46],"thead",{},[47,48,49,53,56,59],"tr",{},[50,51,52],"th",{},"年份",[50,54,55],{},"道指整体收益率 (1)",[50,57,58],{},"合伙基金收益率 (2)",[50,60,61],{},"有限合伙人收益率 (3)",[63,64,65,80,94,108,122,136,150],"tbody",{},[47,66,67,71,74,77],{},[68,69,70],"td",{},"1957",[68,72,73],{},"-8.4%",[68,75,76],{},"10.4%",[68,78,79],{},"9.3%",[47,81,82,85,88,91],{},[68,83,84],{},"1958",[68,86,87],{},"38.5%",[68,89,90],{},"40.9%",[68,92,93],{},"32.2%",[47,95,96,99,102,105],{},[68,97,98],{},"1959",[68,100,101],{},"20.0%",[68,103,104],{},"25.9%",[68,106,107],{},"20.9%",[47,109,110,113,116,119],{},[68,111,112],{},"1960",[68,114,115],{},"-6.2%",[68,117,118],{},"22.8%",[68,120,121],{},"18.6%",[47,123,124,127,130,133],{},[68,125,126],{},"1961",[68,128,129],{},"22.4%",[68,131,132],{},"45.9%",[68,134,135],{},"35.9%",[47,137,138,141,144,147],{},[68,139,140],{},"1962",[68,142,143],{},"-7.6%",[68,145,146],{},"13.9%",[68,148,149],{},"11.9%",[47,151,152,155,158,161],{},[68,153,154],{},"1963",[68,156,157],{},"20.7%",[68,159,160],{},"38.7%",[68,162,163],{},"30.5%",[165,166,167,170,173],"blockquote",{},[14,168,169],{},"（1）按道指年度涨跌计算，含当年股息。",[14,171,172],{},"（2）1957—1961年数据为之前全年管理的所有有限合伙人账户的综合业绩，已扣除经营费用，未计入有限合伙人利息及普通合伙人分成。",[14,174,175],{},"（3）1957—1961年数据根据前列合伙基金收益率计算得出，已按现行合伙协议扣除普通合伙人分成。",[14,177,178],{},"有位合伙人开玩笑说，能不能再加一列，列出普通合伙人的收益率——这么说吧，普通合伙人也一样跑赢了道指。",[14,180,181],{},"下表是基于上表数据的累计复合收益率：",[41,183,184,199],{},[44,185,186],{},[47,187,188,190,193,196],{},[50,189,52],{},[50,191,192],{},"道指整体收益率",[50,194,195],{},"合伙基金收益率",[50,197,198],{},"有限合伙人收益率",[63,200,201,211,225,239,253,267,281,295],{},[47,202,203,205,207,209],{},[68,204,70],{},[68,206,73],{},[68,208,76],{},[68,210,79],{},[47,212,213,216,219,222],{},[68,214,215],{},"1957—58",[68,217,218],{},"26.9%",[68,220,221],{},"55.6%",[68,223,224],{},"44.5%",[47,226,227,230,233,236],{},[68,228,229],{},"1957—59",[68,231,232],{},"52.3%",[68,234,235],{},"95.9%",[68,237,238],{},"74.7%",[47,240,241,244,247,250],{},[68,242,243],{},"1957—60",[68,245,246],{},"42.9%",[68,248,249],{},"140.6%",[68,251,252],{},"107.2%",[47,254,255,258,261,264],{},[68,256,257],{},"1957—61",[68,259,260],{},"74.9%",[68,262,263],{},"251.0%",[68,265,266],{},"181.6%",[47,268,269,272,275,278],{},[68,270,271],{},"1957—62",[68,273,274],{},"61.6%",[68,276,277],{},"299.8%",[68,279,280],{},"215.1%",[47,282,283,286,289,292],{},[68,284,285],{},"1957—63",[68,287,288],{},"95.1%",[68,290,291],{},"454.5%",[68,293,294],{},"311.2%",[47,296,297,300,303,306],{},[68,298,299],{},"年化复合收益率",[68,301,302],{},"10.0%",[68,304,305],{},"27.7%",[68,307,308],{},"22.3%",[14,310,311,312,316],{},"我们已经连续七年大丰收了。抱歉了，约瑟（Joseph）",[313,314,315],"span",{},"译注：《圣经》中埃及法老梦见七个丰年、七个荒年，约瑟受命在丰年积粮备荒","，我们不打算照着圣经的剧本走。（对于诺亚式的分散投资，我向来也不怎么感冒。）",[14,318,319],{},"说正经的。从上面的数据来看，我们跑赢道指17.7个百分点。大家务必记住一点：依我判断，长期保持这种领先优势是不可能的。能长期跑赢道指10个百分点就已经很了不起了，就算领先幅度更小，也能创造惊人的长期收益，这一点我们稍后会讲到。我这个判断是主观的，不管有没有依据，终归是主观的。但有一点可以确定：按照我的判断，在相当长的时间内，我们相对道指的领先幅度很可能大幅收窄，甚至在某些年份会明显落后于道指，我们必须有这个思想准备。",[14,321,322],{},"上面这些话，在我们每年11月寄出的《基本原则》（The Ground Rules）里都有体现，但值得反复强调。",[27,324],{},[30,326,327],{"id":327},"基金公司",[14,329,330],{},"我们一直拿两只最大的开放式股票型基金（股票仓位通常在95%至100%）以及两只最大的分散化封闭式基金的业绩，与合伙基金做对比。这四家公司是 Massachusetts Investors Trust、Investors Stock Fund、Tri-Continental Corp. 和 Lehman Corp.，合计管理约40亿美元资产，整个基金行业管理的总资产约为250亿美元，这四家应该能代表大多数基金公司的状况。我认为，它们的业绩同样能代表规模更为庞大的银行信托部门及投资咨询机构。",[14,332,333],{},"下面这张对比表想说明一件事：道指并不是那么容易战胜的衡量基准。仅上述四家基金的管理团队每年收取的费用就超过700万美元，而这在整个行业中不过是九牛一毛。从这些高薪人才的打击率来看，他们的业绩比道指还略逊一筹。",[14,335,336],{},"我们的投资组合和运作方式与这些基金公司大相径庭。不过，对大多数合伙人而言，如果不投资我们的合伙基金，另一个选择大概就是买基金，获得与基金相近的收益率。正因如此，我认为以这些基金作为参照标准是有意义的。",[14,338,339],{},[340,341,342],"strong",{},"年度业绩",[41,344,345,369],{},[44,346,347],{},[47,348,349,351,354,357,360,363,366],{},[50,350,52],{},[50,352,353],{},"Mass. Inv. Trust (1)",[50,355,356],{},"Investors Stock (1)",[50,358,359],{},"Lehman (2)",[50,361,362],{},"Tri-Cont. (2)",[50,364,365],{},"道指",[50,367,368],{},"有限合伙人",[63,370,371,390,410,430,450,470,490],{},[47,372,373,375,378,381,383,386,388],{},[68,374,70],{},[68,376,377],{},"-11.4%",[68,379,380],{},"-12.4%",[68,382,377],{},[68,384,385],{},"-2.4%",[68,387,73],{},[68,389,79],{},[47,391,392,394,397,400,403,406,408],{},[68,393,84],{},[68,395,396],{},"42.7%",[68,398,399],{},"47.5%",[68,401,402],{},"40.8%",[68,404,405],{},"33.2%",[68,407,87],{},[68,409,93],{},[47,411,412,414,417,420,423,426,428],{},[68,413,98],{},[68,415,416],{},"9.0%",[68,418,419],{},"10.3%",[68,421,422],{},"8.1%",[68,424,425],{},"8.4%",[68,427,101],{},[68,429,107],{},[47,431,432,434,437,440,443,446,448],{},[68,433,112],{},[68,435,436],{},"-1.0%",[68,438,439],{},"-0.6%",[68,441,442],{},"2.5%",[68,444,445],{},"2.8%",[68,447,115],{},[68,449,121],{},[47,451,452,454,457,460,463,466,468],{},[68,453,126],{},[68,455,456],{},"25.6%",[68,458,459],{},"24.9%",[68,461,462],{},"23.6%",[68,464,465],{},"22.5%",[68,467,129],{},[68,469,135],{},[47,471,472,474,477,480,483,486,488],{},[68,473,140],{},[68,475,476],{},"-9.8%",[68,478,479],{},"-13.4%",[68,481,482],{},"-14.4%",[68,484,485],{},"-10.0%",[68,487,143],{},[68,489,149],{},[47,491,492,494,496,499,502,505,507],{},[68,493,154],{},[68,495,101],{},[68,497,498],{},"16.5%",[68,500,501],{},"23.8%",[68,503,504],{},"19.5%",[68,506,157],{},[68,508,163],{},[14,510,511],{},"（1）计算包括资产价值变化以及当年持有人获得的分红。",[14,513,514],{},"（2）1957—1962年数据来源：1963年穆迪银行与金融手册；1963年为估算值。",[14,516,517],{},[340,518,519],{},"复合收益率",[41,521,522,544],{},[44,523,524],{},[47,525,526,528,531,534,537,540,542],{},[50,527,52],{},[50,529,530],{},"Mass. Inv. Trust",[50,532,533],{},"Investors Stock",[50,535,536],{},"Lehman",[50,538,539],{},"Tri-Cont.",[50,541,365],{},[50,543,368],{},[63,545,546,562,582,601,621,641,661,681],{},[47,547,548,550,552,554,556,558,560],{},[68,549,70],{},[68,551,377],{},[68,553,380],{},[68,555,377],{},[68,557,385],{},[68,559,73],{},[68,561,79],{},[47,563,564,566,569,572,575,578,580],{},[68,565,215],{},[68,567,568],{},"26.4%",[68,570,571],{},"29.2%",[68,573,574],{},"24.7%",[68,576,577],{},"30.0%",[68,579,218],{},[68,581,224],{},[47,583,584,586,589,592,595,597,599],{},[68,585,229],{},[68,587,588],{},"37.8%",[68,590,591],{},"42.5%",[68,593,594],{},"34.8%",[68,596,90],{},[68,598,232],{},[68,600,238],{},[47,602,603,605,608,611,614,617,619],{},[68,604,243],{},[68,606,607],{},"36.4%",[68,609,610],{},"41.6%",[68,612,613],{},"38.2%",[68,615,616],{},"44.8%",[68,618,246],{},[68,620,252],{},[47,622,623,625,628,631,634,637,639],{},[68,624,257],{},[68,626,627],{},"71.3%",[68,629,630],{},"76.9%",[68,632,633],{},"70.8%",[68,635,636],{},"77.4%",[68,638,260],{},[68,640,266],{},[47,642,643,645,648,651,654,657,659],{},[68,644,271],{},[68,646,647],{},"54.5%",[68,649,650],{},"53.2%",[68,652,653],{},"46.2%",[68,655,656],{},"59.7%",[68,658,274],{},[68,660,280],{},[47,662,663,665,668,671,674,677,679],{},[68,664,285],{},[68,666,667],{},"85.4%",[68,669,670],{},"78.5%",[68,672,673],{},"81.0%",[68,675,676],{},"90.8%",[68,678,288],{},[68,680,294],{},[47,682,683,685,688,691,694,697,699],{},[68,684,299],{},[68,686,687],{},"9.2%",[68,689,690],{},"8.6%",[68,692,693],{},"8.8%",[68,695,696],{},"9.7%",[68,698,302],{},[68,700,308],{},[14,702,703],{},"道指是无人管理的指数，读者可能觉得奇怪：华尔街那些大人物使出浑身解数，怎么连打平道指都做不到？但现实就是如此，无可辩驳。也别以为这些基金跑不赢道指，是因为它们比道指更保守。从业绩对比可以看出来，大量研究也证实了这一点：整体而言，这批机构管理的股票投资组合，下跌时与道指基本同步。但如果以市场下跌时的表现来检验，我们的投资方式反而比这些公募基金保守得多。过去我们做到了，但未来如何，我无法保证。",[14,705,706],{},"我对公募基金的评价也许听起来有些重，但我只是在陈述事实，不是要批评它们。在机构的框架内管理数十亿美元的资金，能取得的也只能是这样的业绩。在这套体系里，想特立独行是极其困难的。所以公募基金的整体回报，自然只能与大盘如影随形。一般来说，公募基金的价值不在于帮你跑赢市场，也不在于比市场更抗跌。在我看来，它们的意义在于：操作简单、省心省力、自动分散风险——此外，或许最重要的一点是，它们帮助投资者抵制诱惑，远离那些看似诱人、实则会把人带进沟里的错误方法。",[27,708],{},[30,710,711],{"id":711},"复利的喜悦",[14,713,714],{},"现在进入最让人心跳加速的环节。去年，为了把复利的概念讲透，我拿伊莎贝拉女王（Isabella）的故事开了个炮——大家还记得吧，她被忽悠着去资助发现新大陆这种看起来风光、实则复合收益率低得可怜的买卖。",[14,716,717],{},"既然复利这个话题听起来太俗气，我这次决定换个高雅一点的切入口——艺术界。1540年，法兰西的弗朗西斯一世（Francis I of France）花了4,000埃居买下达芬奇的名画《蒙娜丽莎》。有些合伙人可能没有关注埃居汇率的习惯——当时的4,000埃居大约相当于20,000美元。",[14,719,720],{},"如果弗朗西斯一世头脑清醒，能找到税后年化6%的投资，这笔钱到今天就值1,000,000,000,000,000.00美元——也就是1000万亿，是美国当前国债的3,000倍以上，全靠6%的复利。相信各位听完这个故事，家里再也不会有人提”买画算不算投资”这个话题了。",[14,722,723],{},"不过，正如我去年指出的，这个故事还有另外两点启示。一是活得越长越好。二是复合收益率哪怕相差几个百分点，最终结果的差距也会大得惊人。",[14,725,726],{},"以下是100,000美元在不同收益率下的复利累积结果：",[41,728,729,747],{},[44,730,731],{},[47,732,733,735,738,741,744],{},[50,734],{},[50,736,737],{},"4%",[50,739,740],{},"8%",[50,742,743],{},"12%",[50,745,746],{},"16%",[63,748,749,766,783],{},[47,750,751,754,757,760,763],{},[68,752,753],{},"10年",[68,755,756],{},"48,024美元",[68,758,759],{},"115,892美元",[68,761,762],{},"210,584美元",[68,764,765],{},"341,143美元",[47,767,768,771,774,777,780],{},[68,769,770],{},"20年",[68,772,773],{},"119,111美元",[68,775,776],{},"366,094美元",[68,778,779],{},"864,627美元",[68,781,782],{},"1,846,060美元",[47,784,785,788,791,794,797],{},[68,786,787],{},"30年",[68,789,790],{},"224,337美元",[68,792,793],{},"906,260美元",[68,795,796],{},"2,895,970美元",[68,798,799],{},"8,484,940美元",[14,801,802],{},"显而易见，收益率相差区区几个百分点，对长期复利投资的最终成果影响极为巨大，而且时间越长，这种差距越是成倍放大。只要巴菲特合伙基金在足够长的时间里，哪怕只是适度跑赢主流投资工具几个百分点，我们就算尽到了自己的职责。",[14,804,805],{},"有些合伙人可能觉得奇怪，为什么上面的表格没有把前面提到的22.3%收益率列进去算一算？那是因为：第一，22.3%是税前数字，所得税需要各位合伙人自行缴纳，而非由合伙基金代缴；第二，即便扣除税项，用如此高的复利率去演算，得出的数字也荒诞到失去实际意义——哪怕本金再小。",[14,807,808],{},"我认为，道指在过去七年的高复合收益率长期延续的可能性极低。前面我也说了，我们这几年相对道指的巨大领先优势同样难以为继。综合这两点判断，巴菲特合伙基金未来的复合收益率将大幅低于迄今为止的水平。如果在业绩历史中加入一个我们下跌30%、道指相应下跌40%的年份（这种事迟早会发生），我们和道指的业绩数字就会更接近长期的现实。但即便如此，如上面的复利表格所示，只要收益率保持在一个合理水平，长期投资结果仍然非常令人满意。",[27,810],{},[30,812,813],{"id":813},"我们的投资方法",[14,815,816],{},"每次写到这里，我都有点为难。一方面，我知道有些合伙人对我们的投资细节很感兴趣；另一方面，对很多合伙人来说，这些东西无异于天书，他们大概希望我别写了，赶紧去工作。",[14,818,819],{},"为了兼顾两类合伙人，我打算在这里只简单介绍我们的三类投资，有兴趣深入研究的合伙人可以去附录里看详细案例。",[14,821,822],{},"这三类投资的区分，不在于它们的预期长期收益率有所不同。我们希望在十到十五年的维度上，每一类都能实现跑赢道指10个百分点这个目标。但在具体某一年，由于市场行情的剧烈变化，这三类投资的表现会截然不同。简单说来：",[165,824,825,831,837,843,846,849,852,855],{},[14,826,827,830],{},[340,828,829],{},"低估类（Generals）","——这类投资是低估的股票，判断标准以定量分析为主，但定性因素同样受到高度重视。通常来说，这类投资几乎看不出近期股价上涨的具体催化剂。这些股票既不光鲜，也没有市场追捧。它们唯一的优势就是价格低廉——通过审慎分析可以看出，公司的市值远低于产业资本对其的合理估值。我再次强调：定量分析是第一位的、是根本，但定性同样重要。我们喜欢优秀的管理层，喜欢有前途的行业，也希望看到某种”催化剂”能打破原本死气沉沉的管理层或股东群体的惰性——但归根结底，我们要买得值。低估类与道指的走势高度同步：道指大幅下跌时，低估类也会跟着大跌；反之，在市场强劲上行的年份，低估类应该表现最为出色。长期来看，我们期望它能帮助我们实现领先道指的目标。",[14,832,833,836],{},[340,834,835],{},"套利类（Workouts）","——这类投资是有时间表可循的。机会来自各类公司行动——出售、并购、重组、分拆等等。我们做这类投资，不依赖传闻或”内幕消息”，只看公司的公开公告。在报纸上白纸黑字读到了，我们才会出手。套利类投资有时也会受大盘影响，但主要风险不是市场涨跌，而是中途出现意外导致预期进展落空——常见的意外包括反垄断等政府干预、股东否决、税收政策限制等。许多套利投资的账面毛利看起来不高。一位朋友说，这是在别人已经赚了9角5分之后，再去捡最后那几分钱。但正因为确定性高、持有时间短，年化收益率算下来其实相当不错。套利类每年贡献的绝对利润比低估类更稳定。在市场下跌的年份，套利类积少成多，能帮我们积累起相当大的领先优势；在牛市中，它则会拖累我们的整体业绩。长期来看，我认为套利类能与低估类一样实现我们跑赢道指的目标。",[14,838,839,842],{},[340,840,841],{},"控制类（Controls）","——这类投资比较罕见，但一旦出手，规模往往不小。有的是一开始就通过大宗交易建立控制性持股；有的则是从低估类发展而来——某只低估股的价格在低位徘徊太久，让我们得以持续买入，最终取得部分或完全控股的地位，能够对公司施加影响。到了这个阶段，我们是主动介入还是保持相对被动，取决于我们对公司前景和管理层能力的判断。最近几个月，我们一直在大量买入一只低估类股票，这家公司管理层优秀、策略合理。如果我们持续买入后在某个时点实现了控股，我们大概率会保持非常被动的姿态，不会干预公司的日常经营。",[14,844,845],{},"我们不愿为了主动而主动。在其他条件相同的情况下，我更乐意放手让别人去干。不过，如果必须主动介入才能让资本得到最优配置，大家尽管放心——我们绝不会袖手旁观。",[14,847,848],{},"不论主动还是被动，控制类投资有一点是必须做到的：买入时就要把利润锁定在里面。这类投资的先决条件是一个有吸引力的买入价格。一旦取得控股权，我们投资价值的高低，就不再取决于市场那时常失去理智的报价，而是企业本身的价值。",[14,850,851],{},"我们有意愿、也有财力去取得控股地位，这使我们在低估类的很多持仓上都具备了进退自如的灵活性：如果市场回心转意，股价自然会上涨；如果市场仍然视而不见，我们就继续买入，直到公司成为我们的，届时评判我们判断正确与否的，是公司本身，而不是市场。",[14,853,854],{},"衡量控制类的投资回报，至少需要几年时间。按部就班地买入本身就需要时间，此后还可能需要改善管理层、重新配置资本、推动出售或并购等——这一切都决定了控制类投资必须以年而非月来度量。也正因如此，在控制类投资中，我们要求利润空间必须足够大；如果看起来空间有限，我们就直接放弃。",[14,856,857],{},"在买入阶段，控制类的走势与道指基本同步；进入后期阶段，其表现则更接近套利类。",[14,859,860],{},"如我过去所说，这三类投资在我们组合中的比例，很大程度上取决于机会的多寡。在道指下跌的某一年，我们主要持有的是低估类还是套利类，往往有相当的偶然性，但这对我们相对道指的表现会产生重大影响。这也是为什么单独一年的业绩意义不大——无论好坏，都不必太当真。",[14,862,863],{},"如果说随着资产规模增长有什么趋势可循，我预期是控制类的比例会有所提升——目前它是三类中占比最低的。我未必说得对，终归还要看未来的市场走向，而这一点你不知道，我也不知道，我不作预测。写这封信的时候，我们的资金配置是：低估类占比最大，套利类居次，控制类最小。",[27,865],{},[30,867,868],{"id":868},"其他事项",[14,870,871],{},"我们今年的初始净资产为17,454,900美元。资产快速增长，合伙人自然会问：规模扩大会不会稀释未来业绩？到目前为止，合伙基金的规模增长与我们领先道指的幅度呈正相关，而非负相关。不过，这一点不必当真。规模大，有时候是优势，有时候是劣势。依我之见，就算我们现在的资产只有100万或500万美元，当前的投资组合也不会更好。我们看到的投资机会，似乎总比账户里的钱多出10%来。如果这个情况发生了变化，我一定会告诉大家。",[14,873,874],{},"苏茜（Susie）和我在合伙基金中的投资是2,392,900美元。这是我第一次除月度取息外还额外提取了资金——再不提取，国税局就要一直对我失望了。苏茜和我还有几只很小的”非有价证券”（股东不足300人），是早年的投资，总价值大约不到我们在合伙基金权益的1%。此外，1960年我们还投资了本地一家公司，规模相对较大，我们打算长期持有。除此之外，我们所有的资产都放在巴菲特合伙基金这一个篮子里，将来也会继续如此。业绩我保证不了，但我可以保证与大家共进退。另外，我们大家庭里那一长串亲戚——三个子女、我的父母、两个姐妹、两位姐夫、岳父、四位姑姑、四位表亲、五位侄子侄女——直接或间接持有的合伙基金权益合计达到了1,247,190美元。",[14,876,877],{},"比尔·斯科特（Bill Scott）夫妇也把家庭净资产的绝大部分投入了合伙基金，他们的权益合计237,400美元。比尔干得非常出色，我们1964年正在推进的几笔颇为有趣的投资，大部分的联络工作都是他负责的。我也尽可能把日常事务交给了他。各位合伙人如有任何需要处理的事或想咨询问题，如果我不在，直接找比尔就好。",[14,879,880],{},"贝丝（Beth）和多娜（Donna）一贯高效地应对着与日俱增的工作量。12月和1月这两个月，她们肯定会暗想：当初怎么没找份轻松点的工作。但不管事情堆成多高的山，她们总能把一切打理得井井有条。",[14,882,883],{},"毕马威会计师事务所（Peat, Marwick, Mitchell）在紧张的时间节点内一如既往地出色完成了审计工作。以前，他们每年对我们的证券、现金等资产进行一次突击检查；今后，我们要求他们每年进行两次。这笔费用不算贵，我认为任何金融机构都应该接受这样的检查。",[14,885,886],{},"下周之内，各位将收到以下文件：",[165,888,889,892,895,898],{},[14,890,891],{},"（1）一封税务函，其中包含申报1963年联邦所得税所需的全部巴菲特合伙基金数据。税务申报请以本函为唯一依据。",[14,893,894],{},"（2）毕马威会计师事务所出具的1963年审计报告，其中载有巴菲特合伙基金的运营情况、财务状况以及各合伙人的资本账户数据。",[14,896,897],{},"（3）一封由我签署的函件，证明您在1964年1月1日的巴菲特合伙基金权益金额，该数字与审计报告中的数字完全一致。",[14,899,900],{},"（4）合伙协议附件”A”，其中列有全体合伙人名单。",[14,902,903],{},"如有疑问，请随时告知。随着规模扩大，信函漏寄、姓名遗漏、数字错位等情况出错的概率也在上升。如果发现我们出了差错，请一定告诉我们。下一封信是上半年总结，大约在7月15日前后寄出。",[14,905,906],{},"此致",[14,908,909],{},"沃伦·E·巴菲特",[27,911],{},[30,913,914],{"id":914},"附录",[30,916,918],{"id":917},"德州国家石油texas-national-petroleum","德州国家石油（Texas National Petroleum）",[14,920,921],{},"这是一笔普通的套利投资，来源于近年来套利机会的头号来源——石油天然气公司的卖盘。",[14,923,924],{},"德州国家石油是一家规模较小的石油生产商，多年前我就对它有些印象。",[14,926,927],{},"1962年初，市场上流传着它将向加州联合石油（Union Oil of California）卖盘的传言。我从来不靠传言操作，但这一次传言是真的——要是我在传言阶段就入场，而不是等到公告出来才介入，我们能赚到远远更多的钱。不过，那份钱让别人去赚吧，那不是我的风格。",[14,929,930],{},"1962年4月初，交易的基本条款公布。当时，德州国家石油在外流通的证券共有三类：",[165,932,933,936,939],{},[14,934,935],{},"（1）利率6.5%的债券，赎回价104.25。在卖盘完成前持续计息，完成时予以赎回。在外流通总额650万美元，交易完成前，我们买入了其中面值264,000美元的债券。",[14,937,938],{},"（2）普通股约370万股，其中高管和董事持有约40%。委托书估算清算后每股可得7.42美元。从交易宣布到最终完成的约六个月时间里，我们共买入64,035股。",[14,940,941],{},"（3）认股权证650,000份，行权价每股3.50美元。以委托书估算的7.42美元清算价计算，每份认股权证的套利收益约为3.92美元。六个月内，我们买到了83,200份认股权证，约占总发行量的13%。",[14,943,944],{},"股东否决的风险基本为零——这笔交易由控股股东主导谈判，价格也很合理。此类交易照例需要走产权调查、法律意见等流程，但这些风险同样几近于零。也不存在反垄断问题。当然，并非所有套利交易都能如此幸运。",[14,946,947,948,951],{},"唯一的小麻烦是需要取得必要的税务裁定。联合石油采用的是标准的ABC生产付款融资方案",[313,949,950],{},"译注：一种以资产销售额按比例偿还融资款的结构","，南加州大学（University of Southern California）是付款方，由于其慈善机构身份，审批出现了一些延误。",[14,953,954],{},"这给国税局出了个新问题，但我们了解到，南加州大学愿意放弃其慈善身份认定——即便如此，因为资金全部来自银行借款，他们的收益依然相当可观。这个问题造成了延误，但并不威胁交易本身的完成。",[14,956,957],{},"4月23日和24日，我们与公司进行了沟通，他们估计交易将于8月或9月完成。5月9日，委托书寄出，其中说明这笔交易”将于1962年夏季完成，此后数月内，大部分清算收益将分配给股东”——估算金额仍为每股7.42美元。",[14,959,960],{},"5月29日，比尔·斯科特出席了在休斯顿召开的股东大会，公司在会上仍表示预计9月1日完成交易。",[14,962,963],{},"以下摘录了此后数月我们与公司高管通话的部分内容：",[165,965,966,969,972,975],{},[14,967,968],{},"6月18日，董秘表示：“联合石油已收到通知，国税局初步拟定了有利裁定，但还需经过更多审批人员的核准。公司仍期待7月内收到裁定。”",[14,970,971],{},"7月24日，公司总裁表示，他预计”下周初”就能收到国税局裁定。",[14,973,974],{},"8月13日，公司财务主管告知，德州国家石油、联合石油和南加州大学的代表已齐聚华盛顿，共同推动裁定落地。",[14,976,977],{},"9月18日，公司财务主管告知：“没有新消息，不过国税局说裁定下周就能出来。”",[14,979,980],{},"清算估算金额仍为每股7.42美元。",[14,982,983],{},"裁定于9月末收到，交易于10月31日完成。我们的债券于11月13日被赎回。此后不久，我们将认股权证转换为股票，从普通股收到的清算付款如下：1962年12月14日3.50美元，1963年2月4日3.90美元，1963年4月24日15美分。大概一两年后还会收到另外4美分。147,235股（认股权证行权后）哪怕每股4美分，也是一笔不小的钱。",[14,985,986],{},"这笔套利印证了一般规律：（1）交易完成时间通常比最初预期更长；（2）最终清算所得往往比估算略高。德州国家石油多花了大约两个月，我们的收益也比预计多出了几个百分点。",[14,988,989],{},"德州国家石油的财务结果如下：",[165,991,992,995],{},[14,993,994],{},"（1）债券部分：我们投入了260,773美元，平均持有时间不足五个月。我们收到了6.5%的利息，并实现了14,446美元的资本利得，综合年化收益率约为20%。",[14,996,997],{},"（2）股票和认股权证部分：我们已实现资本利得89,304美元，还有目前估值约2,946美元的少量尾款尚未收到。4月份初始投入146,000美元，持仓陆续增加，至10月份总投入达731,000美元。按资金实际使用时间计算，年化收益率约为22%。",[14,999,1000],{},"以上两项均以纯自有资金投入计算。我认为，在套利投资组合中完全可以适度使用杠杆，但在低估类投资中借钱操作则极为危险。",[14,1002,1003],{},"我们说德州国家石油，不是要标榜我们有多了不起的成就。我们做过比这更成功的套利，也有比这逊色的。这只是我们日常套利操作中一个典型案例。我们的做法是：尽可能收集所有相关信息，持续跟踪进展，并结合我们的经验对一切进行综合评估。我们当然不会看到套利机会就一头扎进去——不同交易的吸引力差异很大。如果套利中途夭折，市值的缩水会相当惨烈。所以，虽然我们清楚地知道失手是难免的，但套利这件事上犯不起错。",[27,1005],{},[30,1007,1009],{"id":1008},"登普斯特农具机械制造公司dempster-mill-mfg","登普斯特农具机械制造公司（Dempster Mill Mfg.）",[14,1011,1012],{},"这笔投资于1956年作为低估类开始。当时股价18美元，每股账面价值72美元，其中流动资产（现金、应收账款和存货）减去全部负债后，每股净值约为50美元。登普斯特曾经很赚钱，但我们介入时已经只是勉强保持收支平衡。",[14,1014,1015],{},"定性分析是负面的（行业竞争相当激烈，管理层也平平无奇），但数字极具吸引力。经验表明，买入100只这样的股票，在一到三年内，其中大约七八十只能实现不错的收益。买入时很难说清哪只股票最终会上涨，也说不清原因——也许是行业状况好转、也许是收到收购要约、也许是投资者情绪转变——但整个组合的前景是有利的。",[14,1017,1018],{},"此后五年，我们一直在小批量持续买入这只股票。在这段时间的大部分里，我担任了公司董事，对现有管理层领导下的盈利前景越来越不看好。但与此同时，我对公司资产和经营状况也有了更深入的了解，定量评估的结论始终保持非常有利。",[14,1020,1021],{},"到1961年中期，我们持有登普斯特约30%的股份（此前我们数次提出收购要约，均以失败告终）。1961年8月和9月，我们以每股30.25美元的价格完成了几笔大宗买入，随后以相同价格提出收购要约，持股比例由此升至70%以上。在此前五年里，我们的买入价格在16至25美元之间。",[14,1023,1024],{},"取得控制权后，我们将执行副总裁提升为总裁，放手让他在不受原有策略束缚的情况下一展身手。结果仍不理想。1962年4月23日，我们聘请哈里·博特尔（Harry Bottle）出任总裁。",[14,1026,1027],{},"哈里是这份工作的不二人选。我之前盛赞过他的成就，不必再复述——请看下面资产负债表的前后对比，资本重新部署的成果一目了然。",[41,1029,1030,1042],{},[44,1031,1032],{},[47,1033,1034,1036,1039],{},[50,1035],{},[50,1037,1038],{},"1961年11月30日",[50,1040,1041],{},"1963年7月31日（未经审计）",[63,1043,1044,1055,1065,1075,1091,1099,1110,1121,1132,1149,1157,1168,1179,1196,1204,1214,1225,1241,1249,1260,1271],{},[47,1045,1046,1049,1052],{},[68,1047,1048],{},"现金",[68,1050,1051],{},"166,000美元",[68,1053,1054],{},"89,000美元",[47,1056,1057,1060,1062],{},[68,1058,1059],{},"美国政府债券（成本法）",[68,1061],{},[68,1063,1064],{},"289,000美元",[47,1066,1067,1070,1072],{},[68,1068,1069],{},"其他有价证券（市价法，高于成本）",[68,1071],{},[68,1073,1074],{},"2,049,000美元",[47,1076,1077,1082,1086],{},[68,1078,1079],{},[340,1080,1081],{},"现金及证券合计",[68,1083,1084],{},[340,1085,1051],{},[68,1087,1088],{},[340,1089,1090],{},"2,436,000美元",[47,1092,1093,1095,1097],{},[68,1094],{},[68,1096],{},[68,1098],{},[47,1100,1101,1104,1107],{},[68,1102,1103],{},"应收账款（净值）",[68,1105,1106],{},"1,040,000美元",[68,1108,1109],{},"864,000美元",[47,1111,1112,1115,1118],{},[68,1113,1114],{},"存货",[68,1116,1117],{},"4,203,000美元",[68,1119,1120],{},"890,000美元",[47,1122,1123,1126,1129],{},[68,1124,1125],{},"预付账款等",[68,1127,1128],{},"82,000美元",[68,1130,1131],{},"12,000美元",[47,1133,1134,1139,1144],{},[68,1135,1136],{},[340,1137,1138],{},"流动资产合计",[68,1140,1141],{},[340,1142,1143],{},"5,491,000美元",[68,1145,1146],{},[340,1147,1148],{},"4,202,000美元",[47,1150,1151,1153,1155],{},[68,1152],{},[68,1154],{},[68,1156],{},[47,1158,1159,1162,1165],{},[68,1160,1161],{},"其他资产",[68,1163,1164],{},"45,000美元",[68,1166,1167],{},"62,000美元",[47,1169,1170,1173,1176],{},[68,1171,1172],{},"厂房及设备净值",[68,1174,1175],{},"1,383,000美元",[68,1177,1178],{},"862,000美元",[47,1180,1181,1186,1191],{},[68,1182,1183],{},[340,1184,1185],{},"资产合计",[68,1187,1188],{},[340,1189,1190],{},"6,919,000美元",[68,1192,1193],{},[340,1194,1195],{},"5,126,000美元",[47,1197,1198,1200,1202],{},[68,1199],{},[68,1201],{},[68,1203],{},[47,1205,1206,1209,1212],{},[68,1207,1208],{},"应付票据",[68,1210,1211],{},"1,230,000美元",[68,1213],{},[47,1215,1216,1219,1222],{},[68,1217,1218],{},"其他负债",[68,1220,1221],{},"1,088,000美元",[68,1223,1224],{},"274,000美元",[47,1226,1227,1232,1237],{},[68,1228,1229],{},[340,1230,1231],{},"负债合计",[68,1233,1234],{},[340,1235,1236],{},"2,318,000美元",[68,1238,1239],{},[340,1240,1224],{},[47,1242,1243,1245,1247],{},[68,1244],{},[68,1246],{},[68,1248],{},[47,1250,1251,1254,1257],{},[68,1252,1253],{},"流通股数",[68,1255,1256],{},"60,146股",[68,1258,1259],{},"62,146股",[47,1261,1262,1265,1268],{},[68,1263,1264],{},"净资产",[68,1266,1267],{},"4,601,000美元",[68,1269,1270],{},"4,852,000美元",[47,1272,1273,1278,1282],{},[68,1274,1275],{},[340,1276,1277],{},"负债及净资产合计",[68,1279,1280],{},[340,1281,1190],{},[68,1283,1284],{},[340,1285,1195],{},[14,1287,1288],{},"哈里做了这些：",[165,1290,1291,1294,1297,1300,1303,1306,1309,1312,1315],{},[14,1292,1293],{},"（1）将存货从逾400万美元（其中大量是周转极慢的滞销品）压缩至100万美元以下，大幅降低了存货持有成本，也极大地减少了商品过时淘汰的风险；",[14,1295,1296],{},"（2）腾出资金用于投资有价证券，由此获得超过40万美元的收益；",[14,1298,1299],{},"（3）将销售及管理费用从每月150,000美元削减至75,000美元；",[14,1301,1302],{},"（4）将工厂间接制造费用从每直接工时6美元降至4.50美元；",[14,1304,1305],{},"（5）关闭五家亏损分公司（保留三家盈利的），以效率更高的分销商取而代之；",[14,1307,1308],{},"（6）整顿了内布拉斯加州哥伦布市一家配件工厂长期存在的乱象；",[14,1310,1311],{},"（7）砍掉了消耗大量资金却贡献零利润的承包业务（释放出的资金可投入证券获利）；",[14,1313,1314],{},"（8）调整了维修配件的定价，在几乎不影响销量的前提下，估计多增加了200,000美元的利润；以及最重要的——",[14,1316,1317],{},"（9）通过以上种种措施，使登普斯特的盈利能力恢复到与所用资本规模相称的水平。",[14,1319,1320],{},"1963年，有两件事同时压过来：一方面，哈里恢复盈利能力的速度让我大吃一惊，我们很快就用完了税损结转，面临着沉重的企业所得税；另一方面，公司内部积累了大量闲置流动资金。两相夹击，我们别无选择，必须在年底前将公司注销或卖出。",[14,1322,1323],{},"我们的计划是在1963年底前完成其中一件事。注销公司虽然麻烦重重，但会让我们的合伙人实际获得的收益翻倍，同时也可以规避登普斯特持有证券的企业层面资本利得税。",[14,1325,1326],{},"几笔交易都在推进到相当进度后告吹，几乎到了最后一刻，一笔资产出售才最终谈成。这笔交易细节颇多，但净效果是我们大约收回了账面价值。加上我们在有价证券投资组合上的收益，我们每股实现的价值约为80美元。登普斯特（已更名为 First Beatrice Corp.——公司名称及商标已出售给新买家）如今资产几乎全部是现金和有价证券。在巴菲特合伙基金的年末审计中，我们持有的 First Beatrice 以资产价值（证券按市价计算）减去200,000美元储备金（用于各类或有事项）进行估值。",[14,1328,1329],{},"顺便说一句，我认为买方会把登普斯特经营得相当出色。他们给我的印象是一批有能力的人，对于如何拓展业务、提升盈利能力也有切实可行的规划。继续以非法人形式经营登普斯特我们会很乐意，以合理价格卖掉我们同样很乐意。我们追求的是买得好——而不是卖得好。",[14,1331,1332],{},"哈里跟我是同一路人——都喜欢丰厚的奖赏。他现在已是巴菲特合伙基金的有限合伙人。下次我们再遇到需要大刀阔斧整治的公司，他就是我要找的人。",[14,1334,1335],{},"登普斯特的故事给我们留下了几点启示：",[165,1337,1338,1341,1344],{},[14,1339,1340],{},"（1）我们做的这门生意，需要耐心。它和一个装满风头正劲的热门股的投资组合几乎没有共同点——在后者大行其道的岁月里，我们可能看起来格外沉闷。",[14,1342,1343],{},"对于我们正在买入的股票，它们的价格几个月甚至几年纹丝不动，这对我们来说其实是好事。这也说明，评判我们的业绩，需要足够的时间维度。我们认为，最少要看三年。",[14,1345,1346],{},"（2）我们不能谈论我们正在进行的投资。这种开口就说的做法，绝不可能改善我们的结果，在某些情况下甚至会造成严重损害。因此，不论是谁——包括合伙人在内——如果问我们是否看好某只股票，我们只能援引”宪法第五修正案”，保持沉默。",{"title":1348,"searchDepth":1349,"depth":1349,"links":1350},"",2,[1351,1353,1354,1355,1356,1357,1358,1359],{"id":32,"depth":1352,"text":33},3,{"id":327,"depth":1352,"text":327},{"id":711,"depth":1352,"text":711},{"id":813,"depth":1352,"text":813},{"id":868,"depth":1352,"text":868},{"id":914,"depth":1352,"text":914},{"id":917,"depth":1352,"text":918},{"id":1008,"depth":1352,"text":1009},"致合伙人信",null,"1963年巴菲特致合伙人信，分享年度投资业绩、讨论套利类投资及低估类投资机会","md",{},true,12,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":1362},"1963 巴菲特致合伙人信｜巴菲特","1963-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963-ba-fei-te-zhi-he-huo-ren-xin","12uIeN1jGofRwze2EsQdMwYVE9lokB3n8Vb9kRsuY-E","buffett",[1375,1379,1383,1387,1390,1393,1396,1399,1402,1405,1409,1412,1415,1419,1422,1425,1429,1432,1435,1439,1442,1445,1449,1452,1455,1459,1462,1465,1469,1472,1475,1479,1482,1485,1486,1489,1492,1496,1499,1502,1506,1509,1512,1516,1519,1522,1526,1529,1532,1536,1539,1542,1546,1549,1552,1557,1560,1563,1567,1570,1573,1577,1580,1583,1587,1590,1593,1597,1600,1603,1607,1610,1613,1617,1620,1623,1627,1630,1633,1637,1640,1643,1647,1650,1653,1657,1660,1663,1667,1670,1673,1677,1680,1683,1687,1690,1693,1697,1700,1703,1707,1710,1714,1717,1721,1724,1728,1731,1735,1738,1742,1745,1749,1752,1756,1759,1763,1766,1770,1773,1777,1780,1784,1787,1791,1794,1798,1801,1805,1808,1812,1815,1819,1822,1826,1829,1833,1836,1840,1843,1847,1850,1854,1857,1861,1864,1868,1871,1875,1878,1882,1885,1889,1892,1896,1899,1903,1906,1910,1913,1917,1920,1924,1927,1931,1934,1938,1941,1945,1948,1952,1955,1959,1962,1966,1969,1973,1976,1980,1983,1987,1990,1994,1997,2001,2004,2008,2011,2015,2018,2022,2025,2029,2032,2036,2039,2043,2046,2050,2053,2057,2060,2064,2067,2071,2074,2078,2081,2085,2088,2092,2095,2099,2102,2106,2109,2113,2116,2120,2123,2127,2130,2134,2137,2141,2144,2148,2151,2155,2158,2162,2165,2169,2172,2176,2180,2184,2188,2192,2196,2200,2204,2208,2212,2216,2220,2224,2228,2232,2236,2240,2244,2248,2252,2256,2260,2264,2268,2272,2276,2280,2284,2288,2292,2296,2300,2304,2308,2312,2316,2320,2324,2328,2332,2336,2340,2344,2348,2352,2356,2360,2364,2368,2372],{"title":1376,"slug":1377,"category":1360,"order":1378},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1380,"slug":1381,"category":1382,"order":1378},"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":1384,"slug":1385,"category":1386,"order":1378},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1388,"slug":1389,"category":1360,"order":1349},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1391,"slug":1392,"category":1382,"order":1349},"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":1394,"slug":1395,"category":1386,"order":1349},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1397,"slug":1398,"category":1360,"order":1352},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1400,"slug":1401,"category":1382,"order":1352},"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":1403,"slug":1404,"category":1386,"order":1352},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1406,"slug":1407,"category":1360,"order":1408},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1410,"slug":1411,"category":1382,"order":1408},"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":1413,"slug":1414,"category":1386,"order":1408},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1416,"slug":1417,"category":1360,"order":1418},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1420,"slug":1421,"category":1382,"order":1418},"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":1423,"slug":1424,"category":1386,"order":1418},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1426,"slug":1427,"category":1360,"order":1428},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1430,"slug":1431,"category":1382,"order":1428},"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":1433,"slug":1434,"category":1386,"order":1428},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1436,"slug":1437,"category":1360,"order":1438},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1440,"slug":1441,"category":1382,"order":1438},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1443,"slug":1444,"category":1386,"order":1438},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1446,"slug":1447,"category":1360,"order":1448},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1450,"slug":1451,"category":1382,"order":1448},"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":1453,"slug":1454,"category":1386,"order":1448},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1456,"slug":1457,"category":1360,"order":1458},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1460,"slug":1461,"category":1382,"order":1458},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1463,"slug":1464,"category":1386,"order":1458},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1466,"slug":1467,"category":1360,"order":1468},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1470,"slug":1471,"category":1382,"order":1468},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1473,"slug":1474,"category":1386,"order":1468},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1476,"slug":1477,"category":1360,"order":1478},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1480,"slug":1481,"category":1382,"order":1478},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1483,"slug":1484,"category":1386,"order":1478},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":1370,"category":1360,"order":1366},{"title":1487,"slug":1488,"category":1382,"order":1366},"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":1490,"slug":1491,"category":1386,"order":1366},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1493,"slug":1494,"category":1360,"order":1495},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1497,"slug":1498,"category":1382,"order":1495},"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":1500,"slug":1501,"category":1386,"order":1495},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1503,"slug":1504,"category":1360,"order":1505},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1507,"slug":1508,"category":1382,"order":1505},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1510,"slug":1511,"category":1386,"order":1505},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1513,"slug":1514,"category":1360,"order":1515},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1517,"slug":1518,"category":1382,"order":1515},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1520,"slug":1521,"category":1386,"order":1515},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1523,"slug":1524,"category":1360,"order":1525},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1527,"slug":1528,"category":1382,"order":1525},"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":1530,"slug":1531,"category":1386,"order":1525},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1533,"slug":1534,"category":1360,"order":1535},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1537,"slug":1538,"category":1382,"order":1535},"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":1540,"slug":1541,"category":1386,"order":1535},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1543,"slug":1544,"category":1360,"order":1545},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1547,"slug":1548,"category":1382,"order":1545},"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":1550,"slug":1551,"category":1386,"order":1545},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1553,"slug":1554,"category":1555,"order":1556},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":1558,"slug":1559,"category":1382,"order":1556},"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":1561,"slug":1562,"category":1386,"order":1556},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1564,"slug":1565,"category":1360,"order":1566},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1568,"slug":1569,"category":1382,"order":1566},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1571,"slug":1572,"category":1386,"order":1566},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1574,"slug":1575,"category":1360,"order":1576},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1578,"slug":1579,"category":1382,"order":1576},"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":1581,"slug":1582,"category":1386,"order":1576},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1584,"slug":1585,"category":1360,"order":1586},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1588,"slug":1589,"category":1382,"order":1586},"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":1591,"slug":1592,"category":1386,"order":1586},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1594,"slug":1595,"category":1555,"order":1596},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1598,"slug":1599,"category":1382,"order":1596},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1601,"slug":1602,"category":1386,"order":1596},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1604,"slug":1605,"category":1360,"order":1606},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1608,"slug":1609,"category":1382,"order":1606},"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":1611,"slug":1612,"category":1386,"order":1606},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1614,"slug":1615,"category":1360,"order":1616},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":1618,"slug":1619,"category":1382,"order":1616},"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":1621,"slug":1622,"category":1386,"order":1616},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1624,"slug":1625,"category":1360,"order":1626},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":1628,"slug":1629,"category":1382,"order":1626},"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":1631,"slug":1632,"category":1386,"order":1626},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1634,"slug":1635,"category":1555,"order":1636},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":1638,"slug":1639,"category":1382,"order":1636},"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":1641,"slug":1642,"category":1386,"order":1636},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1644,"slug":1645,"category":1360,"order":1646},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":1648,"slug":1649,"category":1382,"order":1646},"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":1651,"slug":1652,"category":1386,"order":1646},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1654,"slug":1655,"category":1360,"order":1656},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1658,"slug":1659,"category":1382,"order":1656},"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":1661,"slug":1662,"category":1386,"order":1656},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1664,"slug":1665,"category":1360,"order":1666},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1668,"slug":1669,"category":1382,"order":1666},"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":1671,"slug":1672,"category":1386,"order":1666},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1674,"slug":1675,"category":1360,"order":1676},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1678,"slug":1679,"category":1382,"order":1676},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1681,"slug":1682,"category":1386,"order":1676},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1684,"slug":1685,"category":1555,"order":1686},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1688,"slug":1689,"category":1382,"order":1686},"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":1691,"slug":1692,"category":1386,"order":1686},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1694,"slug":1695,"category":1360,"order":1696},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1698,"slug":1699,"category":1382,"order":1696},"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":1701,"slug":1702,"category":1386,"order":1696},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1704,"slug":1705,"category":1360,"order":1706},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1708,"slug":1709,"category":1382,"order":1706},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1711,"slug":1712,"category":1555,"order":1713},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1715,"slug":1716,"category":1382,"order":1713},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1718,"slug":1719,"category":1360,"order":1720},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1722,"slug":1723,"category":1382,"order":1720},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1725,"slug":1726,"category":1360,"order":1727},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1729,"slug":1730,"category":1382,"order":1727},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1732,"slug":1733,"category":1360,"order":1734},"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":1736,"slug":1737,"category":1382,"order":1734},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1739,"slug":1740,"category":1360,"order":1741},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1743,"slug":1744,"category":1382,"order":1741},"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":1746,"slug":1747,"category":1555,"order":1748},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1750,"slug":1751,"category":1382,"order":1748},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1753,"slug":1754,"category":1360,"order":1755},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1757,"slug":1758,"category":1382,"order":1755},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1760,"slug":1761,"category":1555,"order":1762},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1764,"slug":1765,"category":1382,"order":1762},"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":1767,"slug":1768,"category":1555,"order":1769},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1771,"slug":1772,"category":1382,"order":1769},"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":1774,"slug":1775,"category":1555,"order":1776},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1778,"slug":1779,"category":1382,"order":1776},"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":1781,"slug":1782,"category":1555,"order":1783},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1785,"slug":1786,"category":1382,"order":1783},"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":1788,"slug":1789,"category":1555,"order":1790},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1792,"slug":1793,"category":1382,"order":1790},"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":1795,"slug":1796,"category":1555,"order":1797},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1799,"slug":1800,"category":1382,"order":1797},"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":1802,"slug":1803,"category":1555,"order":1804},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1806,"slug":1807,"category":1382,"order":1804},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1809,"slug":1810,"category":1555,"order":1811},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1813,"slug":1814,"category":1382,"order":1811},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1816,"slug":1817,"category":1555,"order":1818},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1820,"slug":1821,"category":1382,"order":1818},"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":1823,"slug":1824,"category":1555,"order":1825},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1827,"slug":1828,"category":1382,"order":1825},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1830,"slug":1831,"category":1555,"order":1832},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1834,"slug":1835,"category":1382,"order":1832},"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":1837,"slug":1838,"category":1555,"order":1839},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1841,"slug":1842,"category":1382,"order":1839},"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":1844,"slug":1845,"category":1555,"order":1846},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1848,"slug":1849,"category":1382,"order":1846},"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":1851,"slug":1852,"category":1555,"order":1853},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1855,"slug":1856,"category":1382,"order":1853},"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":1858,"slug":1859,"category":1555,"order":1860},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1862,"slug":1863,"category":1382,"order":1860},"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":1865,"slug":1866,"category":1555,"order":1867},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1869,"slug":1870,"category":1382,"order":1867},"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":1872,"slug":1873,"category":1555,"order":1874},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1876,"slug":1877,"category":1382,"order":1874},"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":1879,"slug":1880,"category":1555,"order":1881},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1883,"slug":1884,"category":1382,"order":1881},"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":1886,"slug":1887,"category":1555,"order":1888},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1890,"slug":1891,"category":1382,"order":1888},"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":1893,"slug":1894,"category":1555,"order":1895},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1897,"slug":1898,"category":1382,"order":1895},"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":1900,"slug":1901,"category":1555,"order":1902},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1904,"slug":1905,"category":1382,"order":1902},"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":1907,"slug":1908,"category":1555,"order":1909},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1911,"slug":1912,"category":1382,"order":1909},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1914,"slug":1915,"category":1555,"order":1916},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1918,"slug":1919,"category":1382,"order":1916},"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":1921,"slug":1922,"category":1555,"order":1923},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1925,"slug":1926,"category":1382,"order":1923},"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":1928,"slug":1929,"category":1555,"order":1930},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1932,"slug":1933,"category":1382,"order":1930},"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":1935,"slug":1936,"category":1555,"order":1937},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1939,"slug":1940,"category":1382,"order":1937},"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":1942,"slug":1943,"category":1555,"order":1944},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1946,"slug":1947,"category":1382,"order":1944},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1949,"slug":1950,"category":1555,"order":1951},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1953,"slug":1954,"category":1382,"order":1951},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1956,"slug":1957,"category":1555,"order":1958},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1960,"slug":1961,"category":1382,"order":1958},"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":1963,"slug":1964,"category":1555,"order":1965},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1967,"slug":1968,"category":1382,"order":1965},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1970,"slug":1971,"category":1555,"order":1972},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1974,"slug":1975,"category":1382,"order":1972},"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":1977,"slug":1978,"category":1555,"order":1979},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1981,"slug":1982,"category":1382,"order":1979},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1984,"slug":1985,"category":1555,"order":1986},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1988,"slug":1989,"category":1382,"order":1986},"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":1991,"slug":1992,"category":1555,"order":1993},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1995,"slug":1996,"category":1382,"order":1993},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1998,"slug":1999,"category":1555,"order":2000},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2002,"slug":2003,"category":1382,"order":2000},"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":2005,"slug":2006,"category":1555,"order":2007},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2009,"slug":2010,"category":1382,"order":2007},"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":2012,"slug":2013,"category":1555,"order":2014},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2016,"slug":2017,"category":1382,"order":2014},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2019,"slug":2020,"category":1555,"order":2021},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2023,"slug":2024,"category":1382,"order":2021},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2026,"slug":2027,"category":1555,"order":2028},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2030,"slug":2031,"category":1382,"order":2028},"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":2033,"slug":2034,"category":1555,"order":2035},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2037,"slug":2038,"category":1382,"order":2035},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2040,"slug":2041,"category":1555,"order":2042},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2044,"slug":2045,"category":1382,"order":2042},"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":2047,"slug":2048,"category":1555,"order":2049},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2051,"slug":2052,"category":1382,"order":2049},"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":2054,"slug":2055,"category":1555,"order":2056},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2058,"slug":2059,"category":1382,"order":2056},"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":2061,"slug":2062,"category":1555,"order":2063},"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":2065,"slug":2066,"category":1382,"order":2063},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2068,"slug":2069,"category":1555,"order":2070},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2072,"slug":2073,"category":1382,"order":2070},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2075,"slug":2076,"category":1555,"order":2077},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2079,"slug":2080,"category":1382,"order":2077},"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":2082,"slug":2083,"category":1555,"order":2084},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2086,"slug":2087,"category":1382,"order":2084},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2089,"slug":2090,"category":1555,"order":2091},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2093,"slug":2094,"category":1382,"order":2091},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2096,"slug":2097,"category":1555,"order":2098},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2100,"slug":2101,"category":1382,"order":2098},"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":2103,"slug":2104,"category":1555,"order":2105},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2107,"slug":2108,"category":1382,"order":2105},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2110,"slug":2111,"category":1555,"order":2112},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2114,"slug":2115,"category":1382,"order":2112},"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":2117,"slug":2118,"category":1555,"order":2119},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2121,"slug":2122,"category":1382,"order":2119},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2124,"slug":2125,"category":1555,"order":2126},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2128,"slug":2129,"category":1382,"order":2126},"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":2131,"slug":2132,"category":1555,"order":2133},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2135,"slug":2136,"category":1382,"order":2133},"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":2138,"slug":2139,"category":1555,"order":2140},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2142,"slug":2143,"category":1382,"order":2140},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2145,"slug":2146,"category":1555,"order":2147},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2149,"slug":2150,"category":1382,"order":2147},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2152,"slug":2153,"category":1555,"order":2154},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2156,"slug":2157,"category":1382,"order":2154},"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":2159,"slug":2160,"category":1555,"order":2161},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2163,"slug":2164,"category":1382,"order":2161},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2166,"slug":2167,"category":1555,"order":2168},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2170,"slug":2171,"category":1382,"order":2168},"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":2173,"slug":2174,"category":1382,"order":2175},"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":2177,"slug":2178,"category":1382,"order":2179},"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":2181,"slug":2182,"category":1382,"order":2183},"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":2185,"slug":2186,"category":1382,"order":2187},"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":2189,"slug":2190,"category":1382,"order":2191},"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":2193,"slug":2194,"category":1382,"order":2195},"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":2197,"slug":2198,"category":1382,"order":2199},"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":2201,"slug":2202,"category":1382,"order":2203},"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":2205,"slug":2206,"category":1382,"order":2207},"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":2209,"slug":2210,"category":1382,"order":2211},"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":2213,"slug":2214,"category":1382,"order":2215},"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":2217,"slug":2218,"category":1382,"order":2219},"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":2221,"slug":2222,"category":1382,"order":2223},"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":2225,"slug":2226,"category":1382,"order":2227},"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":2229,"slug":2230,"category":1382,"order":2231},"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":2233,"slug":2234,"category":1382,"order":2235},"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":2237,"slug":2238,"category":1382,"order":2239},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":2241,"slug":2242,"category":1382,"order":2243},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":2245,"slug":2246,"category":1382,"order":2247},"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":2249,"slug":2250,"category":1382,"order":2251},"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":2253,"slug":2254,"category":1382,"order":2255},"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":2257,"slug":2258,"category":1382,"order":2259},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":2261,"slug":2262,"category":1382,"order":2263},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":2265,"slug":2266,"category":1382,"order":2267},"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":2269,"slug":2270,"category":1382,"order":2271},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":2273,"slug":2274,"category":1382,"order":2275},"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":2277,"slug":2278,"category":1382,"order":2279},"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":2281,"slug":2282,"category":1382,"order":2283},"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":2285,"slug":2286,"category":1382,"order":2287},"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":2289,"slug":2290,"category":1382,"order":2291},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":2293,"slug":2294,"category":1382,"order":2295},"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":2297,"slug":2298,"category":1382,"order":2299},"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":2301,"slug":2302,"category":1382,"order":2303},"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":2305,"slug":2306,"category":1382,"order":2307},"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":2309,"slug":2310,"category":1382,"order":2311},"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":2313,"slug":2314,"category":1382,"order":2315},"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":2317,"slug":2318,"category":1382,"order":2319},"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":2321,"slug":2322,"category":1382,"order":2323},"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":2325,"slug":2326,"category":1382,"order":2327},"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":2329,"slug":2330,"category":1382,"order":2331},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":2333,"slug":2334,"category":1382,"order":2335},"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":2337,"slug":2338,"category":1382,"order":2339},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":2341,"slug":2342,"category":1382,"order":2343},"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":2345,"slug":2346,"category":1382,"order":2347},"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":2349,"slug":2350,"category":1382,"order":2351},"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":2353,"slug":2354,"category":1382,"order":2355},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":2357,"slug":2358,"category":1382,"order":2359},"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":2361,"slug":2362,"category":1382,"order":2363},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":2365,"slug":2366,"category":1382,"order":2367},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":2369,"slug":2370,"category":1382,"order":2371},"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":2373,"slug":2374,"category":1382,"order":2375},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[2377,2381,2384,2387,2390,2393,2396,2399,2402,2406,2410,2413,2416,2419,2422,2425,2428,2431,2434,2437,2440,2443,2446,2449,2452,2456,2459,2462,2465,2468,2471,2474,2477,2480,2483,2487,2490,2493,2496,2499,2502,2505,2508,2512,2515,2518,2521,2524,2527,2530,2533,2536,2539,2542,2545,2548,2551,2554,2557,2560,2563,2566,2569,2572,2575,2578,2581,2584,2587,2590,2593,2598,2602,2606,2610,2614,2618,2622,2626,2630,2634,2638,2642,2646,2650,2654,2658,2662,2666,2670,2674],{"title":2378,"slug":2379,"category":2380,"order":1378},"本分","benfen","核心哲学",{"title":2382,"slug":2383,"category":2380,"order":1349},"平常心","pingchangxin",{"title":2385,"slug":2386,"category":2380,"order":1352},"做对的事情","zuoduideshiqing",{"title":2388,"slug":2389,"category":2380,"order":1408},"把事情做对","bashiqingzuodui",{"title":2391,"slug":2392,"category":2380,"order":1418},"能力圈","nengliquan",{"title":2394,"slug":2395,"category":2380,"order":1428},"不做什么","buzuoshenme",{"title":2397,"slug":2398,"category":2380,"order":1438},"敢为天下后","ganweitianxiahou",{"title":2400,"slug":2401,"category":2380,"order":1448},"消费者导向","xiaofeizhedaoxiang",{"title":2403,"slug":2404,"category":2405,"order":1458},"价值投资","jiazhitouzi","投资理念",{"title":2407,"slug":2408,"category":2409,"order":1468},"负债","fuzhai","财务指标",{"title":2411,"slug":2412,"category":2405,"order":1468},"商业模式","shangyemoshi",{"title":2414,"slug":2415,"category":2405,"order":1478},"护城河","huchenghe",{"title":2417,"slug":2418,"category":2409,"order":1478},"净现金","jingxianjin",{"title":2420,"slug":2421,"category":2409,"order":1366},"开销合理性","kaixiaohelixing",{"title":2423,"slug":2424,"category":2405,"order":1366},"现金流","xianjinliu",{"title":2426,"slug":2427,"category":2409,"order":1495},"真实利润","zhenshilirun",{"title":2429,"slug":2430,"category":2405,"order":1495},"折现","zhexian",{"title":2432,"slug":2433,"category":2405,"order":1505},"安全边际","anquanbianji",{"title":2435,"slug":2436,"category":2409,"order":1505},"扣除商誉的净资产","jingzichan",{"title":2438,"slug":2439,"category":2405,"order":1515},"基本面","jibenmian",{"title":2441,"slug":2442,"category":2405,"order":1525},"机会成本","jihuichengben",{"title":2444,"slug":2445,"category":2405,"order":1535},"长期持有","zhangqichiyou",{"title":2447,"slug":2448,"category":2405,"order":1545},"投机","touji",{"title":2450,"slug":2451,"category":2405,"order":1556},"止损","zhisun",{"title":2453,"slug":2454,"category":2455,"order":1566},"企业文化","qiyewenhua","企业经营",{"title":2457,"slug":2458,"category":2455,"order":1576},"品牌","pinpai",{"title":2460,"slug":2461,"category":2455,"order":1586},"差异化","chayihua",{"title":2463,"slug":2464,"category":2455,"order":1596},"用户体验","yonghutiyan",{"title":2466,"slug":2467,"category":2455,"order":1606},"渠道","qudao",{"title":2469,"slug":2470,"category":2455,"order":1616},"平台","pingtai",{"title":2472,"slug":2473,"category":2455,"order":1626},"生态系统","shengtaixitong",{"title":2475,"slug":2476,"category":2455,"order":1636},"单一产品","danyichanpin",{"title":2478,"slug":2479,"category":2455,"order":1646},"造钟人","zaozhongren",{"title":2481,"slug":2482,"category":2455,"order":1656},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":2484,"slug":2485,"category":2486,"order":1666},"进取心","jinquxin","品格与心性",{"title":2488,"slug":2489,"category":2486,"order":1676},"耐心","naixin",{"title":2491,"slug":2492,"category":2486,"order":1686},"责任心","zerenxin",{"title":2494,"slug":2495,"category":2486,"order":1696},"爱心","aixin",{"title":2497,"slug":2498,"category":2486,"order":1706},"信誉","xinyu",{"title":2500,"slug":2501,"category":2486,"order":1713},"正直","zhengzhi",{"title":2503,"slug":2504,"category":2486,"order":1720},"理性","lixing",{"title":2506,"slug":2507,"category":2486,"order":1727},"长期主义","zhangqizhuyi",{"title":2509,"slug":2510,"category":2511,"order":2168},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":2513,"slug":2514,"category":2511,"order":2175},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":2516,"slug":2517,"category":2511,"order":2179},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":2519,"slug":2520,"category":2511,"order":2183},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":2522,"slug":2523,"category":2511,"order":2187},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":2525,"slug":2526,"category":2511,"order":2191},"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":2528,"slug":2529,"category":2511,"order":2195},"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":2531,"slug":2532,"category":2511,"order":2199},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":2534,"slug":2535,"category":2511,"order":2203},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":2537,"slug":2538,"category":2511,"order":2207},"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":2540,"slug":2541,"category":2511,"order":2211},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":2543,"slug":2544,"category":2511,"order":2215},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":2546,"slug":2547,"category":2511,"order":2219},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":2549,"slug":2550,"category":2511,"order":2223},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":2552,"slug":2553,"category":2511,"order":2227},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":2555,"slug":2556,"category":2511,"order":2231},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":2558,"slug":2559,"category":2511,"order":2235},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":2561,"slug":2562,"category":2511,"order":2239},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":2564,"slug":2565,"category":2511,"order":2243},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":2567,"slug":2568,"category":2511,"order":2247},"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":2570,"slug":2571,"category":2511,"order":2251},"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":2573,"slug":2574,"category":2511,"order":2255},"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":2576,"slug":2577,"category":2511,"order":2259},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":2579,"slug":2580,"category":2511,"order":2263},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":2582,"slug":2583,"category":2511,"order":2267},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":2585,"slug":2586,"category":2511,"order":2271},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":2588,"slug":2589,"category":2511,"order":2275},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":2591,"slug":2592,"category":2511,"order":2279},"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":2594,"slug":2595,"category":2596,"order":2597},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":2599,"slug":2600,"category":2596,"order":2601},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":2603,"slug":2604,"category":2596,"order":2605},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":2607,"slug":2608,"category":2596,"order":2609},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":2611,"slug":2612,"category":2596,"order":2613},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":2615,"slug":2616,"category":2596,"order":2617},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":2619,"slug":2620,"category":2596,"order":2621},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":2623,"slug":2624,"category":2596,"order":2625},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":2627,"slug":2628,"category":2596,"order":2629},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":2631,"slug":2632,"category":2596,"order":2633},"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":2635,"slug":2636,"category":2596,"order":2637},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":2639,"slug":2640,"category":2596,"order":2641},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":2643,"slug":2644,"category":2596,"order":2645},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":2647,"slug":2648,"category":2596,"order":2649},"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":2651,"slug":2652,"category":2596,"order":2653},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":2655,"slug":2656,"category":2596,"order":2657},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":2659,"slug":2660,"category":2596,"order":2661},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":2663,"slug":2664,"category":2596,"order":2665},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":2667,"slug":2668,"category":2596,"order":2669},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":2671,"slug":2672,"category":2596,"order":2673},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":2675,"slug":2676,"category":2596,"order":2677},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[2679,2682,2685,2688,2692,2696,2699,2703,2705,2708,2711,2714,2718,2721,2724,2727,2730,2734,2737,2740,2743,2746,2750,2753,2756,2758,2761,2764,2767,2770,2773,2776,2779,2782,2785,2788,2791,2794,2797,2800,2803,2806,2809,2812,2815,2818,2821,2824,2827,2830,2833,2836,2839,2842,2845,2848,2851,2854,2857,2860,2863,2866,2869,2872,2875,2878,2882,2885,2888,2891,2894,2898,2901,2904,2907],{"title":2391,"slug":2680,"category":2681,"order":1378},"ability-circle","决策与战略",{"title":2683,"slug":2684,"category":2681,"order":1349},"逆向思维","inversion",{"title":2441,"slug":2686,"category":2687,"order":1352},"opportunity-cost","经济学",{"title":2689,"slug":2690,"category":2691,"order":1408},"复利","compound-interest","数学与概率论",{"title":2693,"slug":2694,"category":2695,"order":1418},"激励机制","incentives","心理学",{"title":2697,"slug":2698,"category":2691,"order":1428},"概率思维","probabilistic-thinking",{"title":2700,"slug":2701,"category":2702,"order":1438},"二阶效应","second-order-effects","哲学与逻辑",{"title":2432,"slug":2704,"category":2681,"order":1448},"margin-of-safety",{"title":2706,"slug":2707,"category":2695,"order":1458},"心理误判","psychology-of-misjudgment",{"title":2709,"slug":2710,"category":2681,"order":1468},"检查清单","checklist",{"title":2712,"slug":2713,"category":2687,"order":1478},"规模优势","scale-advantage",{"title":2715,"slug":2716,"category":2717,"order":1366},"冗余与容错","redundancy","工程学\u002F系统",{"title":2719,"slug":2720,"category":2691,"order":1495},"排列组合","combinatorics",{"title":2722,"slug":2723,"category":2691,"order":1505},"费马-帕斯卡","fermat-pascal",{"title":2725,"slug":2726,"category":2691,"order":1515},"均值回归","regression-to-the-mean",{"title":2728,"slug":2729,"category":2691,"order":1525},"量化分析","quantitative-analysis",{"title":2731,"slug":2732,"category":2733,"order":1535},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":2735,"slug":2736,"category":2733,"order":1545},"平衡态","equilibrium",{"title":2738,"slug":2739,"category":2733,"order":1556},"熵增定律","entropy",{"title":2741,"slug":2742,"category":2733,"order":1566},"能量守恒","conservation-of-energy",{"title":2744,"slug":2745,"category":2733,"order":1576},"杠杆原理","leverage",{"title":2747,"slug":2748,"category":2749,"order":1586},"自然选择","natural-selection","生物学\u002F进化论",{"title":2751,"slug":2752,"category":2749,"order":1596},"物竞天择","competition-for-resources",{"title":2754,"slug":2755,"category":2749,"order":1606},"进化思维","evolutionary-thinking",{"title":2472,"slug":2757,"category":2749,"order":1616},"ecosystem",{"title":2759,"slug":2760,"category":2695,"order":1626},"爱好倾向","liking-tendency",{"title":2762,"slug":2763,"category":2695,"order":1636},"讨厌倾向","disliking-tendency",{"title":2765,"slug":2766,"category":2695,"order":1646},"避免怀疑倾向","doubt-avoidance-tendency",{"title":2768,"slug":2769,"category":2695,"order":1656},"一致性倾向","consistency-tendency",{"title":2771,"slug":2772,"category":2695,"order":1666},"好奇心倾向","curiosity-tendency",{"title":2774,"slug":2775,"category":2695,"order":1676},"康德式公平","kantian-fairness",{"title":2777,"slug":2778,"category":2695,"order":1686},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":2780,"slug":2781,"category":2695,"order":1696},"反馈倾向","reciprocation-tendency",{"title":2783,"slug":2784,"category":2695,"order":1706},"权威误导","authority-misinfluence",{"title":2786,"slug":2787,"category":2695,"order":1713},"重视理由","reason-respecting-tendency",{"title":2789,"slug":2790,"category":2695,"order":1720},"过度乐观","over-optimism",{"title":2792,"slug":2793,"category":2695,"order":1727},"损失厌恶","loss-aversion",{"title":2795,"slug":2796,"category":2695,"order":1734},"否认倾向","denial-tendency",{"title":2798,"slug":2799,"category":2695,"order":1741},"过度反应","overreaction-tendency",{"title":2801,"slug":2802,"category":2695,"order":1748},"社群影响","social-influence",{"title":2804,"slug":2805,"category":2695,"order":1755},"压力倾向","stress-influence-tendency",{"title":2807,"slug":2808,"category":2695,"order":1762},"物质主义","materialism-tendency",{"title":2810,"slug":2811,"category":2695,"order":1769},"废话倾向","twaddle-tendency",{"title":2813,"slug":2814,"category":2695,"order":1776},"确认偏误","confirmation-bias",{"title":2816,"slug":2817,"category":2695,"order":1783},"锚定效应","anchoring-effect",{"title":2819,"slug":2820,"category":2695,"order":1790},"现时偏差","present-bias",{"title":2822,"slug":2823,"category":2695,"order":1797},"贪婪倾向","greed-tendency",{"title":2825,"slug":2826,"category":2687,"order":1804},"边际成本\u002F收益","marginal-cost-benefit",{"title":2828,"slug":2829,"category":2687,"order":1811},"供需关系","supply-and-demand",{"title":2831,"slug":2832,"category":2687,"order":1818},"帕累托最优","pareto-optimality",{"title":2834,"slug":2835,"category":2687,"order":1825},"竞争性毁灭","creative-destruction",{"title":2837,"slug":2838,"category":2681,"order":1832},"双轨分析","two-track-analysis",{"title":2840,"slug":2841,"category":2681,"order":1839},"非线性思维","nonlinear-thinking",{"title":2843,"slug":2844,"category":2681,"order":1846},"极化思考","extreme-thinking",{"title":2846,"slug":2847,"category":2681,"order":1853},"必要功","necessary-work",{"title":2849,"slug":2850,"category":2717,"order":1860},"停机问题","halting-problem",{"title":2852,"slug":2853,"category":2717,"order":1867},"闭环系统","closed-loop-system",{"title":2855,"slug":2856,"category":2717,"order":1874},"故障安全","fail-safe",{"title":2858,"slug":2859,"category":2717,"order":1881},"反向设计","reverse-design",{"title":2861,"slug":2862,"category":2717,"order":1888},"瓶颈分析","bottleneck-analysis",{"title":2864,"slug":2865,"category":2702,"order":1895},"第一性原理","first-principles",{"title":2867,"slug":2868,"category":2702,"order":1902},"证伪思维","falsification",{"title":2870,"slug":2871,"category":2702,"order":1909},"奥卡姆剃刀","occams-razor",{"title":2873,"slug":2874,"category":2702,"order":1916},"中道思维","middle-way",{"title":2876,"slug":2877,"category":2702,"order":1923},"不可知论","agnosticism",{"title":2879,"slug":2880,"category":2881,"order":1930},"大数定律","law-of-large-numbers","统计学",{"title":2883,"slug":2884,"category":2881,"order":1937},"样本偏差","sample-bias",{"title":2886,"slug":2887,"category":2881,"order":1944},"相关性≠因果","correlation-not-causation",{"title":2889,"slug":2890,"category":2881,"order":1951},"幸存者偏差","survivorship-bias",{"title":2892,"slug":2893,"category":2881,"order":1958},"基本比率","base-rate",{"title":2895,"slug":2896,"category":2897,"order":1965},"社会认同","social-proof","社会学",{"title":2899,"slug":2900,"category":2897,"order":1972},"部落本能","tribal-instinct",{"title":2902,"slug":2903,"category":2897,"order":1979},"金蛋定律","golden-egg-rule",{"title":2905,"slug":2906,"category":2897,"order":1986},"互利共生","mutualism",{"title":2908,"slug":2909,"category":2897,"order":1993},"激励传导","incentive-transmission",1778291659651]