[{"data":1,"prerenderedAt":1961},["ShallowReactive",2],{"library-anquanbianji":3,"library-sidebar-buffett":429,"library-sidebar-dao":1434,"library-sidebar-models":1729},{"id":4,"title":5,"body":6,"category":414,"date":415,"description":416,"extension":417,"meta":418,"navigation":419,"order":420,"path":421,"seo":422,"seoDescription":423,"seoTitle":424,"slug":425,"stem":426,"__hash__":427,"_collection":428},"dao\u002Fdao\u002Fconcepts\u002Fanquanbianji.md","安全边际",{"type":7,"value":8,"toc":390},"minimark",[9,12,16,40,54,66,69,74,82,90,101,105,117,121,129,137,141,158,166,169,173,182,187,195,216,219,235,238,242,247,251,257,262,266,275,278,290,299,308,317,320,328,334,341,347,353,362,377],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,32,33,36,37,39],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fanquanbianji","原是",[25,26,27],"strong",{},"格雷厄姆",[20,29,31],{"href":30},"\u002Flibrary\u002Fjiazhitouzi","价值投资","理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。",[25,34,35],{},"段永平","对这个概念进行了独特的重新诠释——他认为",[20,38,5],{"href":22},"的核心不是价格，而是对公司的理解度。",[41,42,43],"blockquote",{},[17,44,45,46,48,49,53],{},"\"我觉得",[20,47,5],{"href":22},"实际上应该指的是",[20,50,52],{"href":51},"\u002Flibrary\u002Fnengliquan","能力圈","而不仅仅是价格。\"",[41,55,56],{},[17,57,58,59,62,63,65],{},"\"其实这个问题我想了很多年，一直没懂",[25,60,61],{},"巴菲特","说的",[20,64,5],{"href":22},"是什么意思，但自己最后的体会就是这样，不了解的公司再便宜也可能不便宜。\"（2020-10-15）",[13,67,68],{"id":68},"核心要义",[70,71,73],"h3",{"id":72},"_1-安全边际是理解度不是价格","1. 安全边际是理解度，不是价格",[41,75,76],{},[17,77,78,79,81],{},"\"",[20,80,5],{"href":22},"应该指的就是你自己的了解度，投资里没有数学上100%的东西。\"",[41,83,84],{},[17,85,86,87,89],{},"\"我对",[20,88,5],{"href":22},"的理解是对公司的理解度而不是股票短期的价格波动。对一个伟大公司而言，有时候一点点价格差别10年后看都不是事，但因为差那点价格而错过一个好公司就可能是大事了。\"（2020-10-15）",[41,91,92],{},[17,93,94,95,97,98,100],{},"\"老巴的",[20,96,5],{"href":22},"不是指这个，",[20,99,5],{"href":22},"指的是你对公司有多懂，这是我的理解。不是说有多便宜，便宜的东西可以更便宜的。\"（2025年方三文对话）",[70,102,104],{"id":103},"_2-能力圈内的生意有天然的安全边际","2. 能力圈内的生意有天然的安全边际",[41,106,107],{},[17,108,109,110,112,113,116],{},"\"在自己",[20,111,52],{"href":51},"内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。比如当年我投",[25,114,115],{},"网易","时，市场不看好的原因是很多人觉得游戏这个市场不是很大。而我自己由于在这个行业里的时间很长，所以很确定这个市场非常大。\"",[70,118,120],{"id":119},"_3-不确定性是用安全边际来对付的","3. 不确定性是用安全边际来对付的",[41,122,123],{},[17,124,125,126,128],{},"\"不确定性是用",[20,127,5],{"href":22},"去对付的。\"（2011-05-09）",[41,130,131],{},[17,132,133,134,136],{},"\"如果你指的是你对公司10年后的理解，那把握度就是你的",[20,135,5],{"href":22},"。\"",[70,138,140],{"id":139},"_4-理解越深需要的价格安全边际越小","4. 理解越深，需要的价格安全边际越小",[41,142,143],{},[17,144,145,146,148,149,151,152,154,155,157],{},"\"如果你对一家企业及其未来发展了如指掌，那么你所需要的",[20,147,5],{"href":22},"就会很小。所以，假设你仍想投资一家较为脆弱的企业，你就需要更大的",[20,150,5],{"href":22},"。就好比你开着一辆卡车通过一座标明限重10000磅的桥，而你的卡车重9800磅，如果桥下只有6英寸深的沟壑，你可能会觉得没问题;但要是这座桥横跨大峡谷，你可能就会觉得需要更大的",[20,153,5],{"href":22},"。\"（引用",[25,156,61],{},"1997年原话）",[17,159,160,162,163,165],{},[25,161,35],{},"评论：\"以前没看过",[25,164,61],{},"讲的原话，今天偶尔看到，发现跟我的意思一样一样的。\"（2024-01-21）",[13,167,168],{"id":168},"实战案例",[70,170,171],{"id":115},[25,172,115],{},[17,174,175,176,178,179,181],{},"当年投资",[25,177,115],{},"时，段永平有天然的",[20,180,5],{"href":22},"——他在游戏行业浸润多年，对市场规模的判断远比一般投资者准确。市场认为游戏市场不大，但他\"很确定这个市场非常大\"。",[70,183,185],{"id":184},"苹果",[25,186,184],{},[41,188,189],{},[17,190,191,192,194],{},"\"可能是我说的。我认为老巴的'",[20,193,5],{"href":22},"'实际上指的是理解度而不是价格。从10年的角度看，买的时候比最低价贵30%其实没多少。\"（2013-03-01）",[17,196,197,198,200,201,203,204,206,207,210,211,215],{},"段永平买",[25,199,184],{},"时的",[20,202,5],{"href":22},"来自于他在消费电子行业20多年的经验，让他能看懂",[25,205,184],{},"的",[25,208,209],{},"生意模式","和",[20,212,214],{"href":213},"\u002Flibrary\u002Fhuchenghe","护城河","。",[70,217,218],{"id":218},"雅虎",[17,220,221,222,224,225,228,229,231,232,234],{},"网友说买入雅虎的",[20,223,5],{"href":22},"在于其持有的",[25,226,227],{},"阿里巴巴","股份。段永平回应：\"没有",[25,230,227],{},"集团的话，雅虎就不便宜了。\"——这里的",[20,233,5],{"href":22},"确实更偏向价格层面。",[13,236,237],{"id":237},"常见误解",[70,239,241],{"id":240},"误解一安全边际就是便宜买入","误解一：安全边际就是便宜买入",[41,243,244],{},[17,245,246],{},"\"不了解的公司再便宜也可能不便宜。\"（2020-10-15）",[70,248,250],{"id":249},"误解二安全边际可以用数字衡量","误解二：安全边际可以用数字衡量",[41,252,253],{},[17,254,78,255,81],{},[20,256,5],{"href":22},[41,258,259],{},[17,260,261],{},"\"赌一般指的是48%赢面的下注，90%以上赢面的下注我一般称之为投资。\"",[70,263,265],{"id":264},"误解三安全边际是最重要的","误解三：安全边际是最重要的",[17,267,268,269,271,272,274],{},"网友说\"",[20,270,5],{"href":22},"是重中之重\"，段永平回答：\"很重要的东西之一吧。\"（2010-04-04）——他不把",[20,273,5],{"href":22},"孤立地看作最重要的，而是整个理解体系的一部分。",[13,276,277],{"id":277},"思想演变",[17,279,280,283,284,286,287,289],{},[25,281,282],{},"早期（2010年前后）","：",[25,285,35],{},"开始在网上讨论",[20,288,5],{"href":22},"，已经倾向于将其理解为\"理解度\"而非纯粹的价格折扣。",[17,291,292,295,296,298],{},[25,293,294],{},"中期（2013年）","：明确提出\"我认为老巴的'",[20,297,5],{"href":22},"'实际上指的是理解度而不是价格\"这一标志性观点。",[17,300,301,304,305,307],{},[25,302,303],{},"成熟期（2020-2024年）","：反复强调\"想了很多年\"才理解这个概念。2024年偶然看到",[25,306,61],{},"1997年的原话（桥梁与大峡谷的比喻），发现与自己的理解\"一样一样的\"。",[17,309,310,313,314,316],{},[25,311,312],{},"最新（2025年）","：在方三文对话中再次强调",[20,315,5],{"href":22},"是\"你对公司有多懂\"。",[13,318,319],{"id":319},"原话引用",[41,321,322],{},[17,323,45,324,48,326,53],{},[20,325,5],{"href":22},[20,327,52],{"href":51},[41,329,330],{},[17,331,78,332,81],{},[20,333,5],{"href":22},[41,335,336],{},[17,337,86,338,340],{},[20,339,5],{"href":22},"的理解是对公司的理解度而不是股票短期的价格波动。\"（2020-10-15）",[41,342,343],{},[17,344,191,345,194],{},[20,346,5],{"href":22},[41,348,349],{},[17,350,125,351,128],{},[20,352,5],{"href":22},[41,354,355],{},[17,356,94,357,97,359,361],{},[20,358,5],{"href":22},[20,360,5],{"href":22},"指的是你对公司有多懂，这是我的理解。\"（2025年方三文对话）",[41,363,364],{},[17,365,78,366,368,369,371,372,371,374,376],{},[25,367,61],{},"有几条东西:",[20,370,52],{"href":51},"、",[20,373,214],{"href":213},[20,375,5],{"href":22},"，他没说哪个行业。\"（2010-05-08）",[41,378,379],{},[17,380,381,382,384,385,389],{},"\"买股票应该在公司股价低于其内在价值时买。至于应该是40%还是50%（",[20,383,5],{"href":22},"）还是其他数字则完全由投资人自己的",[20,386,388],{"href":387},"\u002Flibrary\u002Fjihuichengben","机会成本","情况来决定。\"",{"title":391,"searchDepth":392,"depth":392,"links":393},"",2,[394,395,402,407,412,413],{"id":15,"depth":392,"text":15},{"id":68,"depth":392,"text":68,"children":396},[397,399,400,401],{"id":72,"depth":398,"text":73},3,{"id":103,"depth":398,"text":104},{"id":119,"depth":398,"text":120},{"id":139,"depth":398,"text":140},{"id":168,"depth":392,"text":168,"children":403},[404,405,406],{"id":115,"depth":398,"text":115},{"id":184,"depth":398,"text":184},{"id":218,"depth":398,"text":218},{"id":237,"depth":392,"text":237,"children":408},[409,410,411],{"id":240,"depth":398,"text":241},{"id":249,"depth":398,"text":250},{"id":264,"depth":398,"text":265},{"id":277,"depth":392,"text":277},{"id":319,"depth":392,"text":319},"投资理念",null,"安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","md",{},true,14,"\u002Fdao\u002Fconcepts\u002Fanquanbianji",{"title":5,"description":416},"段永平谈安全边际：安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","安全边际｜大道总纲","anquanbianji","dao\u002Fconcepts\u002Fanquanbianji","3M4IsXjCJxiVkAe71fp7g6uVu-kamBXP3pBMvrflliU","dao",[430,435,439,443,446,449,452,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,525,528,531,535,538,541,545,548,551,555,558,561,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,615,618,621,625,628,631,635,638,641,645,648,651,655,658,661,665,668,671,675,678,681,685,688,691,695,698,701,705,708,711,715,718,721,725,728,731,735,738,741,745,748,751,755,758,761,765,768,772,775,779,782,786,7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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":436,"slug":437,"category":438,"order":434},"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":440,"slug":441,"category":442,"order":434},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":444,"slug":445,"category":433,"order":392},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":447,"slug":448,"category":438,"order":392},"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":450,"slug":451,"category":442,"order":392},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":453,"slug":454,"category":433,"order":398},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":456,"slug":457,"category":438,"order":398},"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":459,"slug":460,"category":442,"order":398},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":462,"slug":463,"category":433,"order":464},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":466,"slug":467,"category":438,"order":464},"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":469,"slug":470,"category":442,"order":464},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":472,"slug":473,"category":433,"order":474},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":476,"slug":477,"category":438,"order":474},"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":479,"slug":480,"category":442,"order":474},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":482,"slug":483,"category":433,"order":484},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":486,"slug":487,"category":438,"order":484},"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":489,"slug":490,"category":442,"order":484},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":492,"slug":493,"category":433,"order":494},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":496,"slug":497,"category":438,"order":494},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":499,"slug":500,"category":442,"order":494},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":502,"slug":503,"category":433,"order":504},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":506,"slug":507,"category":438,"order":504},"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":509,"slug":510,"category":442,"order":504},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":512,"slug":513,"category":433,"order":514},"1962年11月 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":864,"slug":865,"category":438,"order":862},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":867,"slug":868,"category":613,"order":869},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":871,"slug":872,"category":438,"order":869},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":874,"slug":875,"category":613,"order":876},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":878,"slug":879,"category":438,"order":876},"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":881,"slug":882,"category":613,"order":883},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":885,"slug":886,"category":438,"order":883},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":888,"slug":889,"category":613,"order":890},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":892,"slug":893,"category":438,"order":890},"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":895,"slug":896,"category":613,"order":897},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":899,"slug":900,"category":438,"order":897},"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":902,"slug":903,"category":613,"order":904},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":906,"slug":907,"category":438,"order":904},"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":909,"slug":910,"category":613,"order":911},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":913,"slug":914,"category":438,"order":911},"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":916,"slug":917,"category":613,"order":918},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":920,"slug":921,"category":438,"order":918},"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":923,"slug":924,"category":613,"order":925},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":927,"slug":928,"category":438,"order":925},"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":930,"slug":931,"category":613,"order":932},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":934,"slug":935,"category":438,"order":932},"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":937,"slug":938,"category":613,"order":939},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":941,"slug":942,"category":438,"order":939},"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":944,"slug":945,"category":613,"order":946},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":948,"slug":949,"category":438,"order":946},"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":951,"slug":952,"category":613,"order":953},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":955,"slug":956,"category":438,"order":953},"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":958,"slug":959,"category":613,"order":960},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":962,"slug":963,"category":438,"order":960},"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":965,"slug":966,"category":613,"order":967},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":969,"slug":970,"category":438,"order":967},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":972,"slug":973,"category":613,"order":974},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":976,"slug":977,"category":438,"order":974},"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":979,"slug":980,"category":613,"order":981},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":983,"slug":984,"category":438,"order":981},"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":986,"slug":987,"category":613,"order":988},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":990,"slug":991,"category":438,"order":988},"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":993,"slug":994,"category":613,"order":995},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":997,"slug":998,"category":438,"order":995},"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":1000,"slug":1001,"category":613,"order":1002},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1004,"slug":1005,"category":438,"order":1002},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1007,"slug":1008,"category":613,"order":1009},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1011,"slug":1012,"category":438,"order":1009},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1014,"slug":1015,"category":613,"order":1016},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1018,"slug":1019,"category":438,"order":1016},"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":1021,"slug":1022,"category":613,"order":1023},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1025,"slug":1026,"category":438,"order":1023},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1028,"slug":1029,"category":613,"order":1030},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1032,"slug":1033,"category":438,"order":1030},"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":1035,"slug":1036,"category":613,"order":1037},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1039,"slug":1040,"category":438,"order":1037},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1042,"slug":1043,"category":613,"order":1044},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1046,"slug":1047,"category":438,"order":1044},"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":1049,"slug":1050,"category":613,"order":1051},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1053,"slug":1054,"category":438,"order":1051},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1056,"slug":1057,"category":613,"order":1058},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1060,"slug":1061,"category":438,"order":1058},"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":1063,"slug":1064,"category":613,"order":1065},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1067,"slug":1068,"category":438,"order":1065},"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":1070,"slug":1071,"category":613,"order":1072},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1074,"slug":1075,"category":438,"order":1072},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1077,"slug":1078,"category":613,"order":1079},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1081,"slug":1082,"category":438,"order":1079},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1084,"slug":1085,"category":613,"order":1086},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1088,"slug":1089,"category":438,"order":1086},"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":1091,"slug":1092,"category":613,"order":1093},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1095,"slug":1096,"category":438,"order":1093},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1098,"slug":1099,"category":613,"order":1100},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1102,"slug":1103,"category":438,"order":1100},"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":1105,"slug":1106,"category":613,"order":1107},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1109,"slug":1110,"category":438,"order":1107},"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":1112,"slug":1113,"category":613,"order":1114},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1116,"slug":1117,"category":438,"order":1114},"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":1119,"slug":1120,"category":613,"order":1121},"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":1123,"slug":1124,"category":438,"order":1121},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1126,"slug":1127,"category":613,"order":1128},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1130,"slug":1131,"category":438,"order":1128},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1133,"slug":1134,"category":613,"order":1135},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1137,"slug":1138,"category":438,"order":1135},"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":1140,"slug":1141,"category":613,"order":1142},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1144,"slug":1145,"category":438,"order":1142},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1147,"slug":1148,"category":613,"order":1149},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1151,"slug":1152,"category":438,"order":1149},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1154,"slug":1155,"category":613,"order":1156},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1158,"slug":1159,"category":438,"order":1156},"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":1161,"slug":1162,"category":613,"order":1163},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1165,"slug":1166,"category":438,"order":1163},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1168,"slug":1169,"category":613,"order":1170},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1172,"slug":1173,"category":438,"order":1170},"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":1175,"slug":1176,"category":613,"order":1177},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1179,"slug":1180,"category":438,"order":1177},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1182,"slug":1183,"category":613,"order":1184},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1186,"slug":1187,"category":438,"order":1184},"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":1189,"slug":1190,"category":613,"order":1191},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1193,"slug":1194,"category":438,"order":1191},"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":1196,"slug":1197,"category":613,"order":1198},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1200,"slug":1201,"category":438,"order":1198},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1203,"slug":1204,"category":613,"order":1205},"2024 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