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不是投资，也不是投机，这就是纯粹的赌博。没人能解释为什么要买单日期权，除非有内幕消息。这类交易的规模大得惊人，现在市场的投机氛围比以往任何时候都浓。但这并不意味着投资没有机会，只是大量资产的价格会显得非常荒谬。我们现在的监管比过去多得多，但人们总在琢磨怎么绕开规则，而不是遵守规则。",[18,55,56],{},"贝基·奎克：你自己也说过，60年投资生涯里，真正好的年份也就五年左右。这意味着你一直在等待下一个好机会。你觉得什么样的环境才算好机会？",[18,58,59],{},"巴菲特：很多时候，一个电话、一封邮件机会就来了。我们去年就收到一封信，收购了一家公司，虽然规模不算特别大。我们体量足够大，能承接任何交易，决策速度比任何人都快，而且我们言出必行。现在市面上的钱比以往任何时候都多。",[18,61,62],{},"贝基·奎克：最好的机会是不是往往出现在市场恐慌、宏观环境出问题的时候？",[18,64,65],{},"巴菲特：没错。最佳买入时机，就是别人都不接电话的时候。平时大家都吹嘘自己的交易部门多厉害，可一旦市场崩盘，他们要么不接电话，要么报价随时变动、价差极大，甚至会利用你透露的意图反过来对付你。那种感觉就像走进屠宰场。",[18,67,68],{},"贝基·奎克：那你觉得现在是否正在酝酿类似的恐慌行情？",[18,70,71],{},"巴菲特：如果大家都能预见，那就不会发生了。真正的风险都是突如其来的。比如1914年斐迪南大公遇刺引发一战，就是典型的黑天鹅。大家天天讨论的风险，通常都不会发生。但未知的风险一定会来，甚至包括核武器这类极端威胁。我不喜欢跟别人传递这种焦虑，意识到风险存在即可，没必要过度担忧，更不要四处宣扬末日将至。",[18,73,74],{},"贝基·奎克：我们聊聊通胀吧，通胀上升是当前的一个重要问题。伯克希尔旗下的企业如何应对通胀？",[18,76,77],{},"巴菲特：我们应对不了恶性通胀。二战后，很多国家都经历过恶性通胀，一旦发生，整个经济逻辑都会改变。德国一战后就经历过，还有很多国家先后破产六七次。当前的通胀并不算极端，大概在3%以上，远低于疫情期间8%—9%的水平。但油价上涨带来的输入性通胀仍有影响。在沃尔克之前，市场曾出现“现金就是垃圾”的局面，人们对货币失去信心，盲目借贷，最终导致大量农场主破产。货币信用崩塌对一个国家的伤害是毁灭性的。我一直希望美国不会走到那一步，但我们也不能完全幸免。",[18,79,80],{},"贝基·奎克：你一直支持美联储主席鲍威尔。他刚刚开完最后一次FOMC会议，并表示会继续留任美联储。",[18,82,83],{},"巴菲特：他在任，我会更安心。就像当年沃尔克在任时一样。经济学家并不擅长预测未知，比如保罗·萨缪尔森那本用了25年的经典教材，就完全没有提及零利率这种关键现象。真正造成破坏的，永远是你没预料到的事。",[18,85,86],{},"贝基·奎克：我们聊聊你持仓公司的CEO吧。你称赞苹果的蒂姆·库克做得非常出色。",[18,88,89],{},"巴菲特：他极其优秀。",[18,91,92],{},"贝基·奎克：不止库克，可口可乐的詹姆斯·昆西卸任，安盛的维基·哈利伯也宣布退休。这些核心持仓都在换CEO，这会带来问题吗？",[18,94,95],{},"巴菲特：好公司反而更容易在管理层更迭时出问题，因为业务太稳，错误决策能掩盖很久。库克从一开始就非常出色。我们大部分经理人能处理好日常问题，但应对颠覆性风险，是我，现在是格雷格的职责。",[18,97,98],{},"贝基·奎克：你对这些持仓依然有信心吗？见过新任CEO吗？",[18,100,101],{},"巴菲特：我连老CEO都没见过几个。选人本身就容易出错，就像婚姻一样，离婚率那么高，说明判断人本来就很难。婚前婚后表现不一样，大家刚结婚一个月时，几乎都会觉得和预期有差距。",[18,103,104],{},"贝基·奎克：我们聊聊AI深度伪造。股东大会开场出现的“假巴菲特”做得很逼真。你一直很担心深度伪造带来的风险。",[18,106,107],{},"巴菲特：我确实很担心。最可怕的是伪造国家领导人讲话，就像当年奥逊·威尔斯的《世界大战》广播剧引发全民恐慌一样。现在有九个左右的国家拥有核武器，新技术带来的未知风险更大，我们完全没有应对经验。",[18,109,110],{},"贝基·奎克：回到伯克希尔本身。你之前跟我聊过格雷格·阿贝尔，说他人很好，但你选他不是因为人好，那是因为什么？",[18,112,113],{},"巴菲特：他对商业的判断力极强。顺带一提，他很快就要正式加入美国国籍了。他很认真地在学习相关知识，连他小儿子都能帮他复习。我妻子当年入籍时也是这样，人们成为美国公民时的那种自豪感很真切。美国有它独特的魅力，200多年来一直吸引着全世界的人，我活了95岁，亲眼见证了这一点。格雷格对入籍这件事很看重，这让我很欣赏。",[18,115,116],{},"贝基·奎克：今年是美国建国250周年，你亲历了其中95年。你觉得美国的独特优势能延续吗？",[18,118,119],{},"巴菲特：美国确实有它的“秘方”，我也说不清具体是什么，但只要可以选择，绝大多数人都会愿意出生在美国。它不完美，分配机制很不公平，也吸引过形形色色的人，但它确实运转得很好。我们当然可以做得更好。",[18,121,122],{},"贝基·奎克：现场有数千位跟随你几十年的股东和伙伴，你有什么话想对他们说？",[18,124,125],{},"巴菲特：我给他们的第一条准则，就是践行黄金法则：你希望别人怎么对待你，你就怎么对待别人。我不算虔诚的信徒，但两千多年来，没有比这更朴素有效的道理了。如果全世界都遵守这条法则，社会会美好得多。它适用于父母、老板、所有人，零成本，却能让你收获善意。我从没见过遵守这个原则的人会不快乐。",[18,127,128],{},"贝基·奎克：沃伦，非常感谢你今天接受采访。伯克希尔·哈撒韦董事长沃伦·巴菲特。格雷格·阿贝尔很快将登上主舞台，敬请关注。",{"title":130,"searchDepth":131,"depth":131,"links":132},"",2,[133],{"id":16,"depth":131,"text":16},"访谈与文章",null,"2026年巴菲特首次坐在伯克希尔股东大会观众席而非主舞台，接受CNBC专访，回顾过去一年、谈论继任者格雷格·阿贝尔的表现。","md",{},true,143,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",{"title":5,"description":136},"2026伯克希尔股东大会 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":633,"slug":634,"category":134,"order":631},"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":636,"slug":637,"category":333,"order":638},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":640,"slug":641,"category":134,"order":638},"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":643,"slug":644,"category":333,"order":645},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":647,"slug":648,"category":134,"order":645},"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":650,"slug":651,"category":333,"order":652},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":654,"slug":655,"category":134,"order":652},"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":657,"slug":658,"category":333,"order":659},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":661,"slug":662,"category":134,"order":659},"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":664,"slug":665,"category":333,"order":666},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":668,"slug":669,"category":134,"order":666},"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":671,"slug":672,"category":333,"order":673},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":675,"slug":676,"category":134,"order":673},"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":678,"slug":679,"category":333,"order":680},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":682,"slug":683,"category":134,"order":680},"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":685,"slug":686,"category":333,"order":687},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":689,"slug":690,"category":134,"order":687},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":692,"slug":693,"category":333,"order":694},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":696,"slug":697,"category":134,"order":694},"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":699,"slug":700,"category":333,"order":701},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":703,"slug":704,"category":134,"order":701},"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":706,"slug":707,"category":333,"order":708},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":710,"slug":711,"category":134,"order":708},"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":713,"slug":714,"category":333,"order":715},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":717,"slug":718,"category":134,"order":715},"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":720,"slug":721,"category":333,"order":722},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":724,"slug":725,"category":134,"order":722},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":727,"slug":728,"category":333,"order":729},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":731,"slug":732,"category":134,"order":729},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":734,"slug":735,"category":333,"order":736},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":738,"slug":739,"category":134,"order":736},"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":741,"slug":742,"category":333,"order":743},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":745,"slug":746,"category":134,"order":743},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":748,"slug":749,"category":333,"order":750},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":752,"slug":753,"category":134,"order":750},"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":755,"slug":756,"category":333,"order":757},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":759,"slug":760,"category":134,"order":757},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":762,"slug":763,"category":333,"order":764},"2003 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