[{"data":1,"prerenderedAt":1691},["ShallowReactive",2],{"library-ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui":3,"library-sidebar-buffett":154,"library-sidebar-dao":1157,"library-sidebar-models":1459},{"id":4,"title":5,"body":6,"category":140,"date":141,"description":142,"extension":143,"meta":144,"navigation":145,"order":146,"path":147,"seo":148,"seoDescription":142,"seoTitle":149,"slug":150,"stem":151,"__hash__":152,"_collection":153},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui.md","巴菲特：1986年《如何驯服“赌场社会”》",{"type":7,"value":8,"toc":136},"minimark",[9,13,17,20,29,32,35,41,44,47,52,55,58,61,64,67,70,73,79,82,85,90,93,98,101,104,107,110,115,118,121,124,127,130,133],[10,11,5],"h1",{"id":12},"巴菲特1986年如何驯服赌场社会",[14,15,16],"p",{},"沃伦·E·巴菲特",[14,18,19],{},"发表于1986年12月4日，《华盛顿邮报》",[21,22,23,26],"blockquote",{},[14,24,25],{},"“在传统金融的所有箴言中，没有哪一句比‘流动性崇拜’更反社会……",[14,27,28],{},"投机者或许只是像泡沫一样漂浮在稳定的企业流中，看起来并无大碍。但真正危险的是：当企业本身沦为投机漩涡中的泡沫时；当一个国家的资本发展变成赌场活动的副产品时，事情往往就会一团糟。”",[14,30,31],{},"这段话出自凯恩斯1936年的名著《就业、利息与货币通论》。在那个时代，他的警告听起来或许有些异想天开：1929年大崩盘之后的华尔街极为严肃，几乎没有什么赌场式活动。彼时，企业做自己的事，投机者玩他们的游戏，彼此井水不犯河水。",[14,33,34],{},"但如今我们已经发生了180度的转变。华尔街的投机烟火如今正在企业界和社会中到处投下灰烬。很不幸，这正好验证了凯恩斯当年的最坏预言。",[14,36,37],{},[38,39,40],"strong",{},"请看以下现象：",[14,42,43],{},"如今，“企业勒索”变得非常普遍。手法粗鲁但非常有效。通常，掠夺者（就像街头劫匪）会威胁目标企业的管理层：“要钱还是要工作？”对此，管理层的回应通常是：“把我老板的钱包拿去吧”——也就是说，把股东的钱给了掠夺者。毫不意外，掠夺者和管理层都对这种安排感到满意。",[14,45,46],{},"但对企业的影响却是深远且持久的。健康的资产负债表变得负债累累，为了支付赎金，不得不出售资产部门。在另一些情况下，公司会仓促找“白衣骑士”来收购自己。这种“速配婚姻”常常会给双方带来大麻烦。有时，目标公司干脆通过肢解自己来实施“公司自杀”。",[14,48,49],{},[38,50,51],{},"而你或许会以为，掠夺者和配合的管理层应该感到羞耻，甚至会被华尔街的“贵族阶层”所鄙视。",[14,53,54],{},"然而事实正好相反。整个过程由华尔街“最优秀”——至少是“最高薪”的律师和投行人士来全程服务。虽然目标公司被“阉割”，但支票依然有效。而那些支票金额巨大。律师和投行不仅靠“背书”收钱，还经常第二次回到现场，从融资安排或资产出售中再次抽成。",[14,56,57],{},"而那些“绿色邮件者”（greenmailer，敲诈式收购者）也在华尔街拥有大量朋友。因为他今晚的猎物越多，接下来的几晚华尔街的活动就越多、佣金就越高。",[14,59,60],{},"比如Sir James Goldsmith大战Goodyear、Ronald Perelman大战Gillette，只需几周就能彻底重塑公司格局，为华尔街送来大笔收益。",[14,62,63],{},"对比之下，那些多年默默服务于Potomac Electric或《华盛顿邮报》的公司，即便它们经营稳定成功，却鲜有人追捧。你若是华尔街，会追求谁？",[14,65,66],{},"我们最聪明、最有前途的年轻人早已明白：在1980年代，如果想迅速致富，靠“做交易”远胜于“做产品”。如果有一位刚毕业的MBA问我：“我怎样才能快速变富？”我不会引用本杰明·富兰克林或霍雷肖·阿尔杰的名言，而是会一手捂住鼻子，一手指向华尔街。以每一点智商或每一分工作量来衡量，华尔街的短期回报远远超过通用汽车、通用电气或西尔斯。这一点在今天的大学校园里早已被广泛认知：华尔街已成为一块“圣地”，吸引着不成比例数量的聪明人和野心家。",[14,68,69],{},"华尔街对普通股票和债券的巨大成交量已不满足，便为这家“赌场”发明出一系列全新的诱人产品。最初是期权，接着是与真实金融工具（如国债）挂钩的期货合约，再之后又出现了针对非实物资产（如股市指数）的期货合约。最终，在追求更刺激、更波动的游戏中，华尔街发明了“指数期权”。",[14,71,72],{},"毫无悬念，这些产品迅速大受欢迎。股票的换手率本应以“年”为单位计算，但这些新奇工具的换手率却以“日”为单位波动——甚至每天能达到25%到50%。",[14,74,75,78],{},[38,76,77],{},"经纪人自然对这种客户的“高频交易”爱不释手","：华尔街的收入依赖于交易的频率，而非“药效”本身。但对每笔交易都要“咬一口”的荷官（croupier）来说，这当然是好事；可对投资者（patron）而言，这简直是毒药。当投资者转变成投机者时，他们会遭遇与赌徒类似的负面财务后果——就像一个人从每年下注一次肯塔基德比赛，转而天天下注所有马赛一样。",[14,80,81],{},"华尔街喜欢把这些狂热的金融游戏包装成高尚、利他的行为，说它们是为了让经济更灵活更高效。我自己也从不少短期交易中获利过，因此我理解华尔街为何愿意用这些“高尚哲学”来粉饰自己的行为。最被他们钟爱的说辞，莫过于亚当·斯密的“看不见的手”。",[14,83,84],{},"你或许记得，这只“仁慈的手”本应引导每一位资本家——即便其动机源自私利——最终实现社会正义的目标。但现实却是：短期交易的“无形之脚”常常踢中了整个社会的“胫骨”。",[14,86,87],{},[38,88,89],{},"我一直有一个幻想：",[14,91,92],{},"假如有25位券商遭遇海难，被困在一个无人救援的荒岛上，他们必须组建一个经济体，以维持生活、获得最大化的消费与幸福。那么，他们会如何分工？我想知道：他们是否会派出20人去种田、织布、盖房子，剩下的5人则全天买卖“未来20人能产出多少粮食或衣服”的期权？",[14,94,95],{},[38,96,97],{},"我们该如何应对如今投机的漩涡已经吞噬了实业的问题？",[14,99,100],{},"一个听起来可能很离奇但实际上颇具价值的建议是：让政府对持有期少于一年的股票或衍生工具所产生的任何利润征收100%的税。",[14,102,103],{},"而且这项税收应适用于所有人，包括养老金基金和其他通常不纳税的实体。华尔街的一个巨大讽刺是：这些本应拥有最长投资视野的资金，却在华尔街的竞争赛道上被改造成了最具投机性的参与者之一。",[14,105,106],{},"这项100%税并不会在流动性瞬间需求时剥夺你的资本。如果你在购买后10分钟或10个月以高于成本的价格卖出，你依然可以拿回资金。但除非你的资本配置决策拥有至少一年的时间跨度，否则你将无法从中获利。",[14,108,109],{},"相比之下，房地产市场中一年以上的投资期限一直是常态，这一点从未造成写字楼或购物中心短缺。同理，股票的长期持有也不会造成汽车或电视机的短缺。",[14,111,112],{},[38,113,114],{},"一项100%的税收带来的一个确定性结果是：",[14,116,117],{},"当前用于获取几分钟、几小时或几周内最大收益的巨大脑力和精力，将立刻被重新导向追求长期回报的决策上。虽然华尔街可能不喜欢规则，但它的思维会迅速适应“什么在新规则下最能获利”的问题。",[14,119,120],{},"这种从金融腾挪向远见资产配置的再定位，将产生一系列有益副产品。最诱人的“内幕信息”——即与收购相关的信息——将失去作用。突击式的收购，以及敲诈式的“绿色邮件”，也将大大失去吸引力。短期投机者——无论是养老金基金还是散户——都必然会变成至少是中期投资者。",[14,122,123],{},"国会早已意识到，财务上有雄心的人，会专注于税法所奖励的行为。因此，立法者过去常常把他们认为是“亲社会目标”的事情与优惠税收待遇相结合。那么，为什么不反其道而行之，用“棒子”而不是“胡萝卜”来规范行为？如果短期投机行为把国家的资本配置机制搞得一团糟——用凯恩斯的话说，“这项工作很可能会被搞砸”——那我们何不干脆消除这种行为的激励呢？",[14,125,126],{},"当然，这项改革也会带来一些负面副产品，就像切除肿瘤时，健康组织有时也会被牺牲。但与可实现的收益相比，这些缺点显得微不足道。与其他立法措施相比，这些缺点也显得轻微——那些措施试图通过对华尔街和美国企业界施加“紧身衣”式的规则，来驯服赌场社会。",[14,128,129],{},"投资者、企业家和运营管理者不会受到这种税收的影响，他们仍能在自由市场的全套商业选项中做出选择。MBA学生可以开始关注通过企业建设创造价值，而不是从商业腾挪中攫取过路费。企业控制依然可以发生变化，而且经常应该发生变化。然而，这种变化的频率会远低于当前短期投机活动所造成的频繁变动——这些投机活动如今将企业推向所谓的“play”状态，这是华尔街创造出来的术语，用于描述那些正被推向未知、未计划但不可避免的重大转型中的公司。",[14,131,132],{},"证券交易量，尤其是证券期权和期货的交易量将会减少。如今在赌场中忙碌的许多人，也许可以将注意力转向“造饼”，而不是“分饼”。那些长期抨击现任企业管理者弊病的绿色邮件者和“快速赚钱的艺术家们”，也许可以试试自己的本事，看是否能在他们曾轻蔑对待的对象之上产出更多。",[14,134,135],{},"（全）",{"title":137,"searchDepth":138,"depth":138,"links":139},"",2,[],"访谈与文章",null,"巴菲特在《华盛顿邮报》撰文，批评金融投机文化，引用凯恩斯警示资本市场过度赌场化的社会危害。","md",{},true,16,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":5,"description":142},"巴菲特：1986年《如何驯服“赌场社会”》｜巴菲特","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui","buffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui","0I9MXhXqgqReOZ25ys9meJidar50YVRR1yBjzGO3EZc","buffett",[155,160,163,167,170,173,176,180,183,186,190,193,196,200,203,206,210,213,216,220,223,226,230,233,236,240,243,246,250,253,256,260,263,266,270,273,276,280,283,286,290,293,296,300,303,306,309,310,313,317,320,323,327,330,333,338,341,344,348,351,354,358,361,364,368,371,374,378,381,384,388,391,394,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,495,498,502,505,509,512,516,519,523,526,530,533,537,540,544,547,551,554,558,561,565,568,572,575,579,582,586,589,593,596,600,603,607,610,614,617,621,624,628,631,635,638,642,645,649,652,656,659,663,666,670,673,677,680,684,687,691,694,698,701,705,708,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105,1109,1113,1117,1121,1125,1129,1133,1137,1141,1145,1149,1153],{"title":156,"slug":157,"category":158,"order":159},"1956 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巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":629,"slug":630,"category":140,"order":627},"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":632,"slug":633,"category":336,"order":634},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":636,"slug":637,"category":140,"order":634},"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":639,"slug":640,"category":336,"order":641},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":643,"slug":644,"category":140,"order":641},"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":646,"slug":647,"category":336,"order":648},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":650,"slug":651,"category":140,"order":648},"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":653,"slug":654,"category":336,"order":655},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":657,"slug":658,"category":140,"order":655},"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":660,"slug":661,"category":336,"order":662},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":664,"slug":665,"category":140,"order":662},"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":667,"slug":668,"category":336,"order":669},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":671,"slug":672,"category":140,"order":669},"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":674,"slug":675,"category":336,"order":676},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":678,"slug":679,"category":140,"order":676},"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":681,"slug":682,"category":336,"order":683},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":685,"slug":686,"category":140,"order":683},"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":688,"slug":689,"category":336,"order":690},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":692,"slug":693,"category":140,"order":690},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":695,"slug":696,"category":336,"order":697},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":699,"slug":700,"category":140,"order":697},"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":702,"slug":703,"category":336,"order":704},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":706,"slug":707,"category":140,"order":704},"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":709,"slug":710,"category":336,"order":711},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":713,"slug":714,"category":140,"order":711},"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":716,"slug":717,"category":336,"order":718},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":720,"slug":721,"category":140,"order":718},"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":723,"slug":724,"category":336,"order":725},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":727,"slug":728,"category":140,"order":725},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":730,"slug":731,"category":336,"order":732},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":734,"slug":735,"category":140,"order":732},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":737,"slug":738,"category":336,"order":739},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":741,"slug":742,"category":140,"order":739},"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":744,"slug":745,"category":336,"order":746},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":748,"slug":749,"category":140,"order":746},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":751,"slug":752,"category":336,"order":753},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":755,"slug":756,"category":140,"order":753},"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":758,"slug":759,"category":336,"order":760},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":762,"slug":763,"category":140,"order":760},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":765,"slug":766,"category":336,"order":767},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":769,"slug":770,"category":140,"order":767},"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":772,"slug":773,"category":336,"order":774},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":776,"slug":777,"category":140,"order":774},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":779,"slug":780,"category":336,"order":781},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":783,"slug":784,"category":140,"order":781},"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":786,"slug":787,"category":336,"order":788},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":790,"slug":791,"category":140,"order":788},"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":793,"slug":794,"category":336,"order":795},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":797,"slug":798,"category":140,"order":795},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":800,"slug":801,"category":336,"order":802},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":804,"slug":805,"category":140,"order":802},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":807,"slug":808,"category":336,"order":809},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":811,"slug":812,"category":140,"order":809},"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":814,"slug":815,"category":336,"order":816},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":818,"slug":819,"category":140,"order":816},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":821,"slug":822,"category":336,"order":823},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":825,"slug":826,"category":140,"order":823},"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":828,"slug":829,"category":336,"order":830},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":832,"slug":833,"category":140,"order":830},"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":835,"slug":836,"category":336,"order":837},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":839,"slug":840,"category":140,"order":837},"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":842,"slug":843,"category":336,"order":844},"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":846,"slug":847,"category":140,"order":844},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":849,"slug":850,"category":336,"order":851},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":853,"slug":854,"category":140,"order":851},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":856,"slug":857,"category":336,"order":858},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":860,"slug":861,"category":140,"order":858},"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":863,"slug":864,"category":336,"order":865},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":867,"slug":868,"category":140,"order":865},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":870,"slug":871,"category":336,"order":872},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":874,"slug":875,"category":140,"order":872},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":877,"slug":878,"category":336,"order":879},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":881,"slug":882,"category":140,"order":879},"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":884,"slug":885,"category":336,"order":886},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":888,"slug":889,"category":140,"order":886},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":891,"slug":892,"category":336,"order":893},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":895,"slug":896,"category":140,"order":893},"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":898,"slug":899,"category":336,"order":900},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":902,"slug":903,"category":140,"order":900},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":905,"slug":906,"category":336,"order":907},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":909,"slug":910,"category":140,"order":907},"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":912,"slug":913,"category":336,"order":914},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":916,"slug":917,"category":140,"order":914},"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":919,"slug":920,"category":336,"order":921},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":923,"slug":924,"category":140,"order":921},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":926,"slug":927,"category":336,"order":928},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":930,"slug":931,"category":140,"order":928},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":933,"slug":934,"category":336,"order":935},"2025 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