[{"data":1,"prerenderedAt":1643},["ShallowReactive",2],{"library-1971-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":107,"library-sidebar-dao":1109,"library-sidebar-models":1411},{"id":4,"title":5,"body":6,"category":93,"date":94,"description":95,"extension":96,"meta":97,"navigation":98,"order":99,"path":100,"seo":101,"seoDescription":95,"seoTitle":102,"slug":103,"stem":104,"__hash__":105,"_collection":106},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1971-ba-fei-te-zhi-gu-dong-xin.md","1971 巴菲特致股东信",{"type":7,"value":8,"toc":84},"minimark",[9,13,17,20,24,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,78,81],[10,11,5],"h1",{"id":12},"_1971-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"很高兴向各位报告，1971年的经营收益（扣除资本利得）超过了年初股东权益的14%。这一成绩远高于美国工业平均水平——而且是在纺织业务盈利不佳的情况下取得的，充分证明了我们五年前启动的资本重新配置所带来的成效。管理层将继续致力于提高总资本（长期债务加上股东权益）以及股本回报率。然而，我们也应该认识到，仅仅维持目前这个相对较高的回报率，恐怕比从1960年代大部分时间普遍存在的极低回报率中艰难爬升还要难。",[21,22,23],"h3",{"id":23},"纺织业务",[14,25,26],{},"和大多数纺织企业一样，我们整个1971年都在毛利率不足的困境中挣扎。管理层奋力压低成本，持续寻找价格敏感度较低的面料品类，换来的利润却只是杯水车薪。不过话说回来，若没有这些努力，我们恐怕早已陷入全面亏损。年内就业状况较为稳定，因为我们改善存货管理的计划取得了还算不错的成效。",[14,28,29],{},"正如去年所说，肯·蔡斯 (Ken Chace) 和他的管理团队一直在逆行业大潮而游。恶劣的环境非但没有让他们退缩，反而激发了他们更大的斗志。眼下行业出现了温和回暖的迹象，我们大力加强的销售队伍正在把握这一机会。随着业务量和产品结构的改善，我们预计1972年纺织业务的盈利能力会有所提升——尽管幅度不会很大。",[21,31,32],{"id":32},"保险业务",[14,34,35],{},"多重因素同时发生——交通事故频率下降、大额保单实际费率大幅提高、全年未发生重大灾难——造就了财产意外险行业异常出色的一年。我们从中受益匪浅，当然，这背后也有一些不容忽视的隐忧。",[14,37,38],{},"我们的传统业务——至今仍是规模最大的板块——是专业保单和非标准投保人业务。每当标准保险市场因承保亏损而趋于收紧时，生产商便主动找上门来，我们的业务量就会大幅增长。几年前正是这种状况，这在很大程度上解释了1970年和1971年直接业务保费的井喷式增长。如今整个行业的承保业务已经相当有利可图，越来越多的公司开始争抢不久前还被它们拒之门外的投保人，部分地区的费率也开始下调。我们始终坚守承保盈利这一首要目标，这很可能意味着1972年国民保险公司 (National Indemnity Company) 的直接业务量将出现明显萎缩。杰克·林沃特 (Jack Ringwalt) 和菲尔·利舍 (Phil Liesche) 继续以业内无人能及的方式掌舵这项业务。",[14,40,41],{},"再保险业务的情形与此如出一辙。这项业务在短短两年内发展成相当规模，全靠乔治·杨 (George Young) 的卓越努力。我们是1969年底进入再保险领域的，彼时费率大幅上涨，承保能力也十分紧张。1971年再保险行业利润丰厚，而如今费率削减已现苗头，资本雄厚的强势新竞争对手也纷纷涌现。较低的费率往往伴随着更大的风险敞口。在这样的背景下，我们预计1972年的业务量将有所收缩。我们在保险业务上从不设定业务量目标——再保险尤其如此——因为只要不顾盈利，任何量都可以做到。每当巨灾发生、承保状况恶化之时，我们希望届时能有充足的资源，以承接以合理定价涌来的大量业务。",[14,43,44],{},"1970年，我们通过成立内布拉斯加州居民意外险公司 (Cornhusker Casualty Company) 迈出了”本土化”保险业务的第一步。迄今为止，这一尝试无论在市场开拓还是承保表现上都进展顺利。有鉴于此，我们进一步推进这一布局——1971年在明尼苏达州成立了莱克兰火灾事故保险公司 (Lakeland Fire & Casualty Company)，1972年又在得克萨斯州成立了德州联合保险公司 (Texas United Insurance)。每家公司都将全力深耕各自所在的州，为当地代理商和投保人提供大公司的专业能力，以及小公司才有的便捷和贴心。约翰·林沃特 (John Ringwalt) 自创立之初便全面主持这项业务。他以勤奋的工作、丰富的想象力和出色的才智，将一个想法变成了一门组织完善的生意。“本土化”旗下各公司目前规模尚小，1971年合计保费收入略超过150万美元。预计1972年这一数字将翻倍以上，届时我们也将建立更可靠的基准来评估承保表现。",[14,46,47],{},"1971年的一大亮点是收购了位于芝加哥的家庭和汽车保险公司 (Home & Automobile Insurance Company)。这家公司由维克多·拉布 (Victor Raab) 一手创立，从最初的小额投资起步，发展成库克县一家大型汽车保险公司，1971年保费收入约达750万美元。维克和杰克·林沃特、吉恩·阿贝格 (Gene Abegg) 是同一类人——既有盈利经营的天赋，又对自己的事业充满热情。这三个人都是白手起家，将公司一点一点做大，在以现金方式出售所持股权之后，依然保有当初分毫未减的主人翁精神和自豪感。",[14,49,50],{},"维克在创立家庭和汽车保险公司后将原始股本翻了许多倍，但他的才能和想法始终受制于有限的资本规模。我们为公司注入了资本金，使其得以建立分支机构，将高度专注的现场营销和理赔模式拓展至其他人口稠密地区。",[14,52,53],{},"总体而言，家庭和汽车保险公司新增的业务量，加上”本土化”公司1972年的业务，能否弥补国民保险公司直接业务和再保险业务可能出现的下滑，尚无定论。但是，我们在1970年和1971年大幅增长的保费收入，在高利率时期为投资业务带来了可观的可用资金，这将在未来数年持续带来收益。因此，尽管保费收入的前景不尽乐观，1972年保险业务的投资收益和整体盈利展望还是相当不错的。",[21,55,56],{"id":56},"银行业务",[14,58,59],{},"我们的银行子公司伊利诺伊国民银行及信托公司 (The Illinois National Bank & Trust Company)，以收益占存款的比例衡量，继续引领行业。1971年，伊利诺伊国民银行平均存款的税后回报率远超2%——这还是在以下前提下实现的：（1）几乎不使用借款，仅偶尔为准备金平衡目的进行短期融资；（2）保持远高于行业平均水平的流动性头寸；（3）贷款损失率远低于行业平均；（4）定期存款占比超过50%，所有消费者储蓄账户全年均按法规允许的最高利率计息。这一切都是吉恩·阿贝格 (Gene Abegg) 和鲍勃·克莱恩 (Bob Kline) 出色管理的成果。",[14,61,62],{},"1971年，整个银行业的贷款和投资利率大幅下滑。近几年，伊利诺伊国民银行的存款结构从活期资金向更昂贵的定期资金转移的幅度，已远超行业平均水平。例如，存款利息支出已从1969年的不到170万美元，增至1971年的逾270万美元。尽管如此，该行依然保持着不寻常的高盈利水平。年内营销力度明显加大，成效卓著。",[14,64,65],{},"如今利率比1971年还低，银行业在1972年实现收益增长将面临重重困难。伊利诺伊国民银行的存款增长主要来自定期资金，而这在目前只能产生微乎其微的增量收益。要让伊利诺伊国民银行在1972年维持1971年的盈利水平，需要极为严格的成本管控。",[21,67,68],{"id":68},"融资",[14,70,71],{},"1971年初，由于各保险子公司业务量快速增长，我们重新安排了伯克希尔·哈撒韦 (Berkshire Hathaway) 的银行贷款，为这些子公司补充资本金。事实证明，这一融资安排极为及时——当年晚些时候收购家庭和汽车保险公司的机会出现时，我们恰好有备无患。",[14,73,74],{},"我们的保险和银行子公司肩负着对公众的信托责任。我们坚守一个根本信念：必须以极为稳健的财务状况来运营，才能无可置疑地履行我们的责任。因此，我们将继续规划好财务安排，确保子公司和母公司层面均保持最强大的财务实力。",[14,76,77],{},"沃伦·E·巴菲特 (Warren E. Buffett)",[14,79,80],{},"董事会主席",[14,82,83],{},"1972年3月13日",{"title":85,"searchDepth":86,"depth":86,"links":87},"",2,[88,90,91,92],{"id":23,"depth":89,"text":23},3,{"id":32,"depth":89,"text":32},{"id":56,"depth":89,"text":56},{"id":68,"depth":89,"text":68},"致股东信",null,"1971年巴菲特致股东信，分享经营收益表现、纺织业转型成果及资本配置策略","md",{},true,42,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1971-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":95},"1971 巴菲特致股东信｜巴菲特","1971-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F1971-ba-fei-te-zhi-gu-dong-xin","0xMVqco9xVZA2CQdoFDNm21yVWoOJCRpgOyIUgr-azE","buffett",[108,113,117,121,124,127,130,133,136,139,143,146,149,153,156,159,163,166,169,173,176,179,183,186,189,193,196,199,203,206,209,213,216,219,223,226,229,233,236,239,243,246,249,253,256,259,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,433,436,439,443,446,450,453,457,460,464,467,471,474,478,481,485,488,492,495,496,499,503,506,510,513,517,520,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,913,917,921,925,929,933,937,941,945,949,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105],{"title":109,"slug":110,"category":111,"order":112},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":114,"slug":115,"category":116,"order":112},"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":118,"slug":119,"category":120,"order":112},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":122,"slug":123,"category":111,"order":86},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":125,"slug":126,"category":116,"order":86},"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":128,"slug":129,"category":120,"order":86},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":131,"slug":132,"category":111,"order":89},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":134,"slug":135,"category":116,"order":89},"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":137,"slug":138,"category":120,"order":89},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":140,"slug":141,"category":111,"order":142},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":144,"slug":145,"category":116,"order":142},"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":147,"slug":148,"category":120,"order":142},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":150,"slug":151,"category":111,"order":152},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":154,"slug":155,"category":116,"order":152},"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":157,"slug":158,"category":120,"order":152},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":160,"slug":161,"category":111,"order":162},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":164,"slug":165,"category":116,"order":162},"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":167,"slug":168,"category":120,"order":162},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":170,"slug":171,"category":111,"order":172},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":174,"slug":175,"category":116,"order":172},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":177,"slug":178,"category":120,"order":172},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":180,"slug":181,"category":111,"order":182},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":184,"slug":185,"category":116,"order":182},"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":187,"slug":188,"category":120,"order":182},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":190,"slug":191,"category":111,"order":192},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":194,"slug":195,"category":116,"order":192},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":197,"slug":198,"category":120,"order":192},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":200,"slug":201,"category":111,"order":202},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":204,"slug":205,"category":116,"order":202},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":207,"slug":208,"category":120,"order":202},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":210,"slug":211,"category":111,"order":212},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":214,"slug":215,"category":116,"order":212},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":217,"slug":218,"category":120,"order":212},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":220,"slug":221,"category":111,"order":222},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":224,"slug":225,"category":116,"order":222},"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":227,"slug":228,"category":120,"order":222},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":230,"slug":231,"category":111,"order":232},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":234,"slug":235,"category":116,"order":232},"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":237,"slug":238,"category":120,"order":232},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":240,"slug":241,"category":111,"order":242},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":244,"slug":245,"category":116,"order":242},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":247,"slug":248,"category":120,"order":242},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":250,"slug":251,"category":111,"order":252},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":254,"slug":255,"category":116,"order":252},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":257,"slug":258,"category":120,"order":252},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":260,"slug":261,"category":111,"order":262},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":264,"slug":265,"category":116,"order":262},"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":267,"slug":268,"category":120,"order":262},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":270,"slug":271,"category":111,"order":272},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":274,"slug":275,"category":116,"order":272},"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":277,"slug":278,"category":120,"order":272},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":280,"slug":281,"category":111,"order":282},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":284,"slug":285,"category":116,"order":282},"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":287,"slug":288,"category":120,"order":282},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":290,"slug":291,"category":93,"order":292},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":294,"slug":295,"category":116,"order":292},"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":297,"slug":298,"category":120,"order":292},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":300,"slug":301,"category":111,"order":302},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":304,"slug":305,"category":116,"order":302},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":307,"slug":308,"category":120,"order":302},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":310,"slug":311,"category":111,"order":312},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":314,"slug":315,"category":116,"order":312},"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":317,"slug":318,"category":120,"order":312},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":320,"slug":321,"category":111,"order":322},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":324,"slug":325,"category":116,"order":322},"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":327,"slug":328,"category":120,"order":322},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":330,"slug":331,"category":93,"order":332},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":334,"slug":335,"category":116,"order":332},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":337,"slug":338,"category":120,"order":332},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":340,"slug":341,"category":111,"order":342},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":344,"slug":345,"category":116,"order":342},"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":347,"slug":348,"category":120,"order":342},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":350,"slug":351,"category":111,"order":352},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":354,"slug":355,"category":116,"order":352},"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":357,"slug":358,"category":120,"order":352},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":360,"slug":361,"category":111,"order":362},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":364,"slug":365,"category":116,"order":362},"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":367,"slug":368,"category":120,"order":362},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":370,"slug":371,"category":93,"order":372},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":374,"slug":375,"category":116,"order":372},"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":377,"slug":378,"category":120,"order":372},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":380,"slug":381,"category":111,"order":382},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":384,"slug":385,"category":116,"order":382},"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":387,"slug":388,"category":120,"order":382},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":390,"slug":391,"category":111,"order":392},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":394,"slug":395,"category":116,"order":392},"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":397,"slug":398,"category":120,"order":392},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":400,"slug":401,"category":111,"order":402},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":404,"slug":405,"category":116,"order":402},"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":407,"slug":408,"category":120,"order":402},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":410,"slug":411,"category":111,"order":412},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":414,"slug":415,"category":116,"order":412},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":417,"slug":418,"category":120,"order":412},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":420,"slug":421,"category":93,"order":422},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":424,"slug":425,"category":116,"order":422},"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":427,"slug":428,"category":120,"order":422},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":430,"slug":431,"category":111,"order":432},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":434,"slug":435,"category":116,"order":432},"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":437,"slug":438,"category":120,"order":432},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":440,"slug":441,"category":111,"order":442},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":444,"slug":445,"category":116,"order":442},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":447,"slug":448,"category":93,"order":449},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":451,"slug":452,"category":116,"order":449},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":454,"slug":455,"category":111,"order":456},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":458,"slug":459,"category":116,"order":456},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":461,"slug":462,"category":111,"order":463},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":465,"slug":466,"category":116,"order":463},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":468,"slug":469,"category":111,"order":470},"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":472,"slug":473,"category":116,"order":470},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":475,"slug":476,"category":111,"order":477},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":479,"slug":480,"category":116,"order":477},"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":482,"slug":483,"category":93,"order":484},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":486,"slug":487,"category":116,"order":484},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":489,"slug":490,"category":111,"order":491},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":493,"slug":494,"category":116,"order":491},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":5,"slug":103,"category":93,"order":99},{"title":497,"slug":498,"category":116,"order":99},"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":500,"slug":501,"category":93,"order":502},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":504,"slug":505,"category":116,"order":502},"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":507,"slug":508,"category":93,"order":509},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":511,"slug":512,"category":116,"order":509},"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":514,"slug":515,"category":93,"order":516},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":518,"slug":519,"category":116,"order":516},"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":521,"slug":522,"category":93,"order":523},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":525,"slug":526,"category":116,"order":523},"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":528,"slug":529,"category":93,"order":530},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":532,"slug":533,"category":116,"order":530},"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":535,"slug":536,"category":93,"order":537},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":539,"slug":540,"category":116,"order":537},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":542,"slug":543,"category":93,"order":544},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":546,"slug":547,"category":116,"order":544},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":549,"slug":550,"category":93,"order":551},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":553,"slug":554,"category":116,"order":551},"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":556,"slug":557,"category":93,"order":558},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":560,"slug":561,"category":116,"order":558},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":563,"slug":564,"category":93,"order":565},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":567,"slug":568,"category":116,"order":565},"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":570,"slug":571,"category":93,"order":572},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":574,"slug":575,"category":116,"order":572},"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":577,"slug":578,"category":93,"order":579},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":581,"slug":582,"category":116,"order":579},"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":584,"slug":585,"category":93,"order":586},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":588,"slug":589,"category":116,"order":586},"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":591,"slug":592,"category":93,"order":593},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":595,"slug":596,"category":116,"order":593},"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":598,"slug":599,"category":93,"order":600},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":602,"slug":603,"category":116,"order":600},"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":605,"slug":606,"category":93,"order":607},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":609,"slug":610,"category":116,"order":607},"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":612,"slug":613,"category":93,"order":614},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":616,"slug":617,"category":116,"order":614},"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":619,"slug":620,"category":93,"order":621},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":623,"slug":624,"category":116,"order":621},"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":626,"slug":627,"category":93,"order":628},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":630,"slug":631,"category":116,"order":628},"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":633,"slug":634,"category":93,"order":635},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":637,"slug":638,"category":116,"order":635},"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":640,"slug":641,"category":93,"order":642},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":644,"slug":645,"category":116,"order":642},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":647,"slug":648,"category":93,"order":649},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":651,"slug":652,"category":116,"order":649},"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":654,"slug":655,"category":93,"order":656},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":658,"slug":659,"category":116,"order":656},"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":661,"slug":662,"category":93,"order":663},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":665,"slug":666,"category":116,"order":663},"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":668,"slug":669,"category":93,"order":670},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":672,"slug":673,"category":116,"order":670},"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":675,"slug":676,"category":93,"order":677},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":679,"slug":680,"category":116,"order":677},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":682,"slug":683,"category":93,"order":684},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":686,"slug":687,"category":116,"order":684},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":689,"slug":690,"category":93,"order":691},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":693,"slug":694,"category":116,"order":691},"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":696,"slug":697,"category":93,"order":698},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":700,"slug":701,"category":116,"order":698},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":703,"slug":704,"category":93,"order":705},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":707,"slug":708,"category":116,"order":705},"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":710,"slug":711,"category":93,"order":712},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":714,"slug":715,"category":116,"order":712},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":717,"slug":718,"category":93,"order":719},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":721,"slug":722,"category":116,"order":719},"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":724,"slug":725,"category":93,"order":726},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":728,"slug":729,"category":116,"order":726},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":731,"slug":732,"category":93,"order":733},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":735,"slug":736,"category":116,"order":733},"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":738,"slug":739,"category":93,"order":740},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":742,"slug":743,"category":116,"order":740},"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":745,"slug":746,"category":93,"order":747},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":749,"slug":750,"category":116,"order":747},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":752,"slug":753,"category":93,"order":754},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":756,"slug":757,"category":116,"order":754},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":759,"slug":760,"category":93,"order":761},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":763,"slug":764,"category":116,"order":761},"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":766,"slug":767,"category":93,"order":768},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":770,"slug":771,"category":116,"order":768},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":773,"slug":774,"category":93,"order":775},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":777,"slug":778,"category":116,"order":775},"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":780,"slug":781,"category":93,"order":782},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":784,"slug":785,"category":116,"order":782},"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":787,"slug":788,"category":93,"order":789},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":791,"slug":792,"category":116,"order":789},"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":794,"slug":795,"category":93,"order":796},"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":798,"slug":799,"category":116,"order":796},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":801,"slug":802,"category":93,"order":803},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":805,"slug":806,"category":116,"order":803},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":808,"slug":809,"category":93,"order":810},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":812,"slug":813,"category":116,"order":810},"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":815,"slug":816,"category":93,"order":817},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":819,"slug":820,"category":116,"order":817},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":822,"slug":823,"category":93,"order":824},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":826,"slug":827,"category":116,"order":824},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":829,"slug":830,"category":93,"order":831},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":833,"slug":834,"category":116,"order":831},"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":836,"slug":837,"category":93,"order":838},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":840,"slug":841,"category":116,"order":838},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":843,"slug":844,"category":93,"order":845},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":847,"slug":848,"category":116,"order":845},"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":850,"slug":851,"category":93,"order":852},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":854,"slug":855,"category":116,"order":852},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":857,"slug":858,"category":93,"order":859},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":861,"slug":862,"category":116,"order":859},"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":864,"slug":865,"category":93,"order":866},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":868,"slug":869,"category":116,"order":866},"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":871,"slug":872,"category":93,"order":873},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":875,"slug":876,"category":116,"order":873},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":878,"slug":879,"category":93,"order":880},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":882,"slug":883,"category":116,"order":880},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":885,"slug":886,"category":93,"order":887},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":889,"slug":890,"category":116,"order":887},"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":892,"slug":893,"category":93,"order":894},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":896,"slug":897,"category":116,"order":894},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":899,"slug":900,"category":93,"order":901},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":903,"slug":904,"category":116,"order":901},"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":906,"slug":907,"category":116,"order":908},"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":910,"slug":911,"category":116,"order":912},"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":914,"slug":915,"category":116,"order":916},"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":918,"slug":919,"category":116,"order":920},"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":922,"slug":923,"category":116,"order":924},"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":926,"slug":927,"category":116,"order":928},"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":930,"slug":931,"category":116,"order":932},"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":934,"slug":935,"category":116,"order":936},"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":938,"slug":939,"category":116,"order":940},"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":942,"slug":943,"category":116,"order":944},"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":946,"slug":947,"category":116,"order":948},"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":950,"slug":951,"category":116,"order":952},"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":954,"slug":955,"category":116,"order":956},"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":958,"slug":959,"category":116,"order":960},"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":962,"slug":963,"category":116,"order":964},"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":966,"slug":967,"category":116,"order":968},"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":970,"slug":971,"category":116,"order":972},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":974,"slug":975,"category":116,"order":976},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":978,"slug":979,"category":116,"order":980},"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":982,"slug":983,"category":116,"order":984},"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":986,"slug":987,"category":116,"order":988},"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":990,"slug":991,"category":116,"order":992},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":994,"slug":995,"category":116,"order":996},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":998,"slug":999,"category":116,"order":1000},"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":1002,"slug":1003,"category":116,"order":1004},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1006,"slug":1007,"category":116,"order":1008},"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":1010,"slug":1011,"category":116,"order":1012},"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":1014,"slug":1015,"category":116,"order":1016},"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":1018,"slug":1019,"category":116,"order":1020},"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":1022,"slug":1023,"category":116,"order":1024},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1026,"slug":1027,"category":116,"order":1028},"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":1030,"slug":1031,"category":116,"order":1032},"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":1034,"slug":1035,"category":116,"order":1036},"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":1038,"slug":1039,"category":116,"order":1040},"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":1042,"slug":1043,"category":116,"order":1044},"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":1046,"slug":1047,"category":116,"order":1048},"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":1050,"slug":1051,"category":116,"order":1052},"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":1054,"slug":1055,"category":116,"order":1056},"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":1058,"slug":1059,"category":116,"order":1060},"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":1062,"slug":1063,"category":116,"order":1064},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1066,"slug":1067,"category":116,"order":1068},"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":1070,"slug":1071,"category":116,"order":1072},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1074,"slug":1075,"category":116,"order":1076},"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":1078,"slug":1079,"category":116,"order":1080},"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":1082,"slug":1083,"category":116,"order":1084},"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":1086,"slug":1087,"category":116,"order":1088},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1090,"slug":1091,"category":116,"order":1092},"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":1094,"slug":1095,"category":116,"order":1096},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1098,"slug":1099,"category":116,"order":1100},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1102,"slug":1103,"category":116,"order":1104},"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":1106,"slug":1107,"category":116,"order":1108},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1110,1114,1117,1120,1123,1126,1129,1132,1135,1139,1143,1146,1149,1152,1155,1158,1161,1164,1167,1170,1173,1176,1179,1182,1185,1189,1192,1195,1198,1201,1204,1207,1210,1213,1216,1220,1223,1226,1229,1232,1235,1238,1241,1245,1248,1251,1254,1257,1260,1263,1266,1269,1272,1275,1278,1281,1284,1287,1290,1293,1296,1299,1302,1305,1308,1311,1314,1317,1320,1323,1326,1331,1335,1339,1343,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407],{"title":1111,"slug":1112,"category":1113,"order":112},"本分","benfen","核心哲学",{"title":1115,"slug":1116,"category":1113,"order":86},"平常心","pingchangxin",{"title":1118,"slug":1119,"category":1113,"order":89},"做对的事情","zuoduideshiqing",{"title":1121,"slug":1122,"category":1113,"order":142},"把事情做对","bashiqingzuodui",{"title":1124,"slug":1125,"category":1113,"order":152},"能力圈","nengliquan",{"title":1127,"slug":1128,"category":1113,"order":162},"不做什么","buzuoshenme",{"title":1130,"slug":1131,"category":1113,"order":172},"敢为天下后","ganweitianxiahou",{"title":1133,"slug":1134,"category":1113,"order":182},"消费者导向","xiaofeizhedaoxiang",{"title":1136,"slug":1137,"category":1138,"order":192},"价值投资","jiazhitouzi","投资理念",{"title":1140,"slug":1141,"category":1142,"order":202},"负债","fuzhai","财务指标",{"title":1144,"slug":1145,"category":1138,"order":202},"商业模式","shangyemoshi",{"title":1147,"slug":1148,"category":1138,"order":212},"护城河","huchenghe",{"title":1150,"slug":1151,"category":1142,"order":212},"净现金","jingxianjin",{"title":1153,"slug":1154,"category":1142,"order":222},"开销合理性","kaixiaohelixing",{"title":1156,"slug":1157,"category":1138,"order":222},"现金流","xianjinliu",{"title":1159,"slug":1160,"category":1142,"order":232},"真实利润","zhenshilirun",{"title":1162,"slug":1163,"category":1138,"order":232},"折现","zhexian",{"title":1165,"slug":1166,"category":1138,"order":242},"安全边际","anquanbianji",{"title":1168,"slug":1169,"category":1142,"order":242},"扣除商誉的净资产","jingzichan",{"title":1171,"slug":1172,"category":1138,"order":252},"基本面","jibenmian",{"title":1174,"slug":1175,"category":1138,"order":262},"机会成本","jihuichengben",{"title":1177,"slug":1178,"category":1138,"order":272},"长期持有","zhangqichiyou",{"title":1180,"slug":1181,"category":1138,"order":282},"投机","touji",{"title":1183,"slug":1184,"category":1138,"order":292},"止损","zhisun",{"title":1186,"slug":1187,"category":1188,"order":302},"企业文化","qiyewenhua","企业经营",{"title":1190,"slug":1191,"category":1188,"order":312},"品牌","pinpai",{"title":1193,"slug":1194,"category":1188,"order":322},"差异化","chayihua",{"title":1196,"slug":1197,"category":1188,"order":332},"用户体验","yonghutiyan",{"title":1199,"slug":1200,"category":1188,"order":342},"渠道","qudao",{"title":1202,"slug":1203,"category":1188,"order":352},"平台","pingtai",{"title":1205,"slug":1206,"category":1188,"order":362},"生态系统","shengtaixitong",{"title":1208,"slug":1209,"category":1188,"order":372},"单一产品","danyichanpin",{"title":1211,"slug":1212,"category":1188,"order":382},"造钟人","zaozhongren",{"title":1214,"slug":1215,"category":1188,"order":392},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1217,"slug":1218,"category":1219,"order":402},"进取心","jinquxin","品格与心性",{"title":1221,"slug":1222,"category":1219,"order":412},"耐心","naixin",{"title":1224,"slug":1225,"category":1219,"order":422},"责任心","zerenxin",{"title":1227,"slug":1228,"category":1219,"order":432},"爱心","aixin",{"title":1230,"slug":1231,"category":1219,"order":442},"信誉","xinyu",{"title":1233,"slug":1234,"category":1219,"order":449},"正直","zhengzhi",{"title":1236,"slug":1237,"category":1219,"order":456},"理性","lixing",{"title":1239,"slug":1240,"category":1219,"order":463},"长期主义","zhangqizhuyi",{"title":1242,"slug":1243,"category":1244,"order":901},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1246,"slug":1247,"category":1244,"order":908},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1249,"slug":1250,"category":1244,"order":912},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1252,"slug":1253,"category":1244,"order":916},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1255,"slug":1256,"category":1244,"order":920},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1258,"slug":1259,"category":1244,"order":924},"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":1261,"slug":1262,"category":1244,"order":928},"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":1264,"slug":1265,"category":1244,"order":932},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1267,"slug":1268,"category":1244,"order":936},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1270,"slug":1271,"category":1244,"order":940},"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":1273,"slug":1274,"category":1244,"order":944},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1276,"slug":1277,"category":1244,"order":948},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1279,"slug":1280,"category":1244,"order":952},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1282,"slug":1283,"category":1244,"order":956},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1285,"slug":1286,"category":1244,"order":960},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1288,"slug":1289,"category":1244,"order":964},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1291,"slug":1292,"category":1244,"order":968},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1294,"slug":1295,"category":1244,"order":972},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1297,"slug":1298,"category":1244,"order":976},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1300,"slug":1301,"category":1244,"order":980},"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":1303,"slug":1304,"category":1244,"order":984},"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":1306,"slug":1307,"category":1244,"order":988},"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":1309,"slug":1310,"category":1244,"order":992},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1312,"slug":1313,"category":1244,"order":996},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1315,"slug":1316,"category":1244,"order":1000},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1318,"slug":1319,"category":1244,"order":1004},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1321,"slug":1322,"category":1244,"order":1008},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1324,"slug":1325,"category":1244,"order":1012},"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":1327,"slug":1328,"category":1329,"order":1330},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1332,"slug":1333,"category":1329,"order":1334},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1336,"slug":1337,"category":1329,"order":1338},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1340,"slug":1341,"category":1329,"order":1342},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1344,"slug":1345,"category":1329,"order":1346},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1348,"slug":1349,"category":1329,"order":1350},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1352,"slug":1353,"category":1329,"order":1354},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1356,"slug":1357,"category":1329,"order":1358},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1360,"slug":1361,"category":1329,"order":1362},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1364,"slug":1365,"category":1329,"order":1366},"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":1368,"slug":1369,"category":1329,"order":1370},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1372,"slug":1373,"category":1329,"order":1374},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1376,"slug":1377,"category":1329,"order":1378},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1380,"slug":1381,"category":1329,"order":1382},"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":1384,"slug":1385,"category":1329,"order":1386},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1388,"slug":1389,"category":1329,"order":1390},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1392,"slug":1393,"category":1329,"order":1394},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1396,"slug":1397,"category":1329,"order":1398},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1400,"slug":1401,"category":1329,"order":1402},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1404,"slug":1405,"category":1329,"order":1406},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1408,"slug":1409,"category":1329,"order":1410},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1412,1415,1418,1421,1425,1429,1432,1436,1438,1441,1444,1447,1451,1454,1457,1460,1463,1467,1470,1473,1476,1479,1483,1486,1489,1491,1494,1497,1500,1503,1506,1509,1512,1515,1518,1521,1524,1527,1530,1533,1536,1539,1542,1545,1548,1551,1554,1557,1560,1563,1566,1569,1572,1575,1578,1581,1584,1587,1590,1593,1596,1599,1602,1605,1608,1611,1615,1618,1621,1624,1627,1631,1634,1637,1640],{"title":1124,"slug":1413,"category":1414,"order":112},"ability-circle","决策与战略",{"title":1416,"slug":1417,"category":1414,"order":86},"逆向思维","inversion",{"title":1174,"slug":1419,"category":1420,"order":89},"opportunity-cost","经济学",{"title":1422,"slug":1423,"category":1424,"order":142},"复利","compound-interest","数学与概率论",{"title":1426,"slug":1427,"category":1428,"order":152},"激励机制","incentives","心理学",{"title":1430,"slug":1431,"category":1424,"order":162},"概率思维","probabilistic-thinking",{"title":1433,"slug":1434,"category":1435,"order":172},"二阶效应","second-order-effects","哲学与逻辑",{"title":1165,"slug":1437,"category":1414,"order":182},"margin-of-safety",{"title":1439,"slug":1440,"category":1428,"order":192},"心理误判","psychology-of-misjudgment",{"title":1442,"slug":1443,"category":1414,"order":202},"检查清单","checklist",{"title":1445,"slug":1446,"category":1420,"order":212},"规模优势","scale-advantage",{"title":1448,"slug":1449,"category":1450,"order":222},"冗余与容错","redundancy","工程学\u002F系统",{"title":1452,"slug":1453,"category":1424,"order":232},"排列组合","combinatorics",{"title":1455,"slug":1456,"category":1424,"order":242},"费马-帕斯卡","fermat-pascal",{"title":1458,"slug":1459,"category":1424,"order":252},"均值回归","regression-to-the-mean",{"title":1461,"slug":1462,"category":1424,"order":262},"量化分析","quantitative-analysis",{"title":1464,"slug":1465,"category":1466,"order":272},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1468,"slug":1469,"category":1466,"order":282},"平衡态","equilibrium",{"title":1471,"slug":1472,"category":1466,"order":292},"熵增定律","entropy",{"title":1474,"slug":1475,"category":1466,"order":302},"能量守恒","conservation-of-energy",{"title":1477,"slug":1478,"category":1466,"order":312},"杠杆原理","leverage",{"title":1480,"slug":1481,"category":1482,"order":322},"自然选择","natural-selection","生物学\u002F进化论",{"title":1484,"slug":1485,"category":1482,"order":332},"物竞天择","competition-for-resources",{"title":1487,"slug":1488,"category":1482,"order":342},"进化思维","evolutionary-thinking",{"title":1205,"slug":1490,"category":1482,"order":352},"ecosystem",{"title":1492,"slug":1493,"category":1428,"order":362},"爱好倾向","liking-tendency",{"title":1495,"slug":1496,"category":1428,"order":372},"讨厌倾向","disliking-tendency",{"title":1498,"slug":1499,"category":1428,"order":382},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1501,"slug":1502,"category":1428,"order":392},"一致性倾向","consistency-tendency",{"title":1504,"slug":1505,"category":1428,"order":402},"好奇心倾向","curiosity-tendency",{"title":1507,"slug":1508,"category":1428,"order":412},"康德式公平","kantian-fairness",{"title":1510,"slug":1511,"category":1428,"order":422},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1513,"slug":1514,"category":1428,"order":432},"反馈倾向","reciprocation-tendency",{"title":1516,"slug":1517,"category":1428,"order":442},"权威误导","authority-misinfluence",{"title":1519,"slug":1520,"category":1428,"order":449},"重视理由","reason-respecting-tendency",{"title":1522,"slug":1523,"category":1428,"order":456},"过度乐观","over-optimism",{"title":1525,"slug":1526,"category":1428,"order":463},"损失厌恶","loss-aversion",{"title":1528,"slug":1529,"category":1428,"order":470},"否认倾向","denial-tendency",{"title":1531,"slug":1532,"category":1428,"order":477},"过度反应","overreaction-tendency",{"title":1534,"slug":1535,"category":1428,"order":484},"社群影响","social-influence",{"title":1537,"slug":1538,"category":1428,"order":491},"压力倾向","stress-influence-tendency",{"title":1540,"slug":1541,"category":1428,"order":99},"物质主义","materialism-tendency",{"title":1543,"slug":1544,"category":1428,"order":502},"废话倾向","twaddle-tendency",{"title":1546,"slug":1547,"category":1428,"order":509},"确认偏误","confirmation-bias",{"title":1549,"slug":1550,"category":1428,"order":516},"锚定效应","anchoring-effect",{"title":1552,"slug":1553,"category":1428,"order":523},"现时偏差","present-bias",{"title":1555,"slug":1556,"category":1428,"order":530},"贪婪倾向","greed-tendency",{"title":1558,"slug":1559,"category":1420,"order":537},"边际成本\u002F收益","marginal-cost-benefit",{"title":1561,"slug":1562,"category":1420,"order":544},"供需关系","supply-and-demand",{"title":1564,"slug":1565,"category":1420,"order":551},"帕累托最优","pareto-optimality",{"title":1567,"slug":1568,"category":1420,"order":558},"竞争性毁灭","creative-destruction",{"title":1570,"slug":1571,"category":1414,"order":565},"双轨分析","two-track-analysis",{"title":1573,"slug":1574,"category":1414,"order":572},"非线性思维","nonlinear-thinking",{"title":1576,"slug":1577,"category":1414,"order":579},"极化思考","extreme-thinking",{"title":1579,"slug":1580,"category":1414,"order":586},"必要功","necessary-work",{"title":1582,"slug":1583,"category":1450,"order":593},"停机问题","halting-problem",{"title":1585,"slug":1586,"category":1450,"order":600},"闭环系统","closed-loop-system",{"title":1588,"slug":1589,"category":1450,"order":607},"故障安全","fail-safe",{"title":1591,"slug":1592,"category":1450,"order":614},"反向设计","reverse-design",{"title":1594,"slug":1595,"category":1450,"order":621},"瓶颈分析","bottleneck-analysis",{"title":1597,"slug":1598,"category":1435,"order":628},"第一性原理","first-principles",{"title":1600,"slug":1601,"category":1435,"order":635},"证伪思维","falsification",{"title":1603,"slug":1604,"category":1435,"order":642},"奥卡姆剃刀","occams-razor",{"title":1606,"slug":1607,"category":1435,"order":649},"中道思维","middle-way",{"title":1609,"slug":1610,"category":1435,"order":656},"不可知论","agnosticism",{"title":1612,"slug":1613,"category":1614,"order":663},"大数定律","law-of-large-numbers","统计学",{"title":1616,"slug":1617,"category":1614,"order":670},"样本偏差","sample-bias",{"title":1619,"slug":1620,"category":1614,"order":677},"相关性≠因果","correlation-not-causation",{"title":1622,"slug":1623,"category":1614,"order":684},"幸存者偏差","survivorship-bias",{"title":1625,"slug":1626,"category":1614,"order":691},"基本比率","base-rate",{"title":1628,"slug":1629,"category":1630,"order":698},"社会认同","social-proof","社会学",{"title":1632,"slug":1633,"category":1630,"order":705},"部落本能","tribal-instinct",{"title":1635,"slug":1636,"category":1630,"order":712},"金蛋定律","golden-egg-rule",{"title":1638,"slug":1639,"category":1630,"order":719},"互利共生","mutualism",{"title":1641,"slug":1642,"category":1630,"order":726},"激励传导","incentive-transmission",1778291660312]