[{"data":1,"prerenderedAt":1791},["ShallowReactive",2],{"library-ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin":3,"library-sidebar-buffett":254,"library-sidebar-dao":1257,"library-sidebar-models":1559},{"id":4,"title":5,"body":6,"category":240,"date":241,"description":242,"extension":243,"meta":244,"navigation":245,"order":246,"path":247,"seo":248,"seoDescription":242,"seoTitle":249,"slug":250,"stem":251,"__hash__":252,"_collection":253},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin.md","巴菲特：1997年巴菲特谈微软的信",{"type":7,"value":8,"toc":235},"minimark",[9,13,17,24,33,36,39,46,49,60,67,74,81,84,91,94,99,113,120,126,135,149,155,161,167,173,176,179,184,189,192,195,198,201,204,211,218,221,224,227,232],[10,11,5],"h1",{"id":12},"巴菲特1997年巴菲特谈微软的信",[14,15,16],"h2",{"id":16},"巴菲特谈微软的信1997",[18,19,20],"p",{},[21,22,23],"strong",{},"1997 年8 月17 日",[25,26,27,30],"blockquote",{},[18,28,29],{},"Jeff Raikes(内布拉斯加长大，毕业于斯坦福大学，1981 年从苹果离职加入微软担任产品经理，1984 年成为微软首席战略官，他是苹果和微软图形操作系统幕后功臣，是微软仅次于盖茨和鲍尔默的三号人物，后担任微软商业软件部门的总裁，是推动Office 发展壮大的领军人物。2008 年接任盖茨基金会CEO，还担任COSTCO 董事。",[18,31,32],{},"致：Warren Buffett 主题：Go Huskers!(Nebraska Huskers 内布拉斯加职棒队)",[18,34,35],{},"沃伦，我先要为这封长信道歉。我真的希望您觉得这很有趣，同时我也不期望您会给我一个很长的回复。也许什么时候你可以抽出几分钟的时间，让我可以了解到您对以下业务观点的看法。",[18,37,38],{},"我们很期待在几周后的比赛中见到您。如果有什么我能做的，请告诉我，让您在对华盛顿队的比赛中搏杀的更愉快(更多一点的Husker 精神)，我也将问问比尔盖茨的计划，以及我可能提供的帮助。我很遗憾地说，我对我们队伍的前景非常悲观。你可能已经注意到，华盛顿队今年的排名非常靠前。他们有Huard，可以说是全国排名前二或前三的职业四分卫之一，而且还是名大二学生。他们的防守非常出色。与此同时，Husker 队将更换8 名首发防守球员，春季赛显示Frost 的投球仍然不够好。如果没有均衡的进攻，我们很难对抗他们的速度。而且Huard 有可能挑战我们的副手，我们需要一个出色的传球冲刺计划，就像在Nebraska 对阵Florida 的Fiesta Bowl 比赛中使用的\"费城闪电战\"一样。我希望你们能从秋季训练中听到更好的消息。这里的人都知道我是Husker 队的忠实球迷。我无法告诉你们，如果Husker 队再输两场，我会有多痛苦。",[18,40,41,42,45],{},"Tricia 和我带孩子们去了迪斯尼乐园，之后又去了Nantucket 和Cuttyhunk(Martha 葡萄园附近的一个小岛)度了个短假。假期的一部分时间我在读Roger Lowenstein 的书《",[21,43,44],{},"巴菲特传：一个美国资本家的成长","》Buffett: The Making of an American Capitalist，我非常喜欢这本书！在从Cuttyhunk 前往波士顿Logan 机场的途中，我们沿着新贝德福德的Cove 路行驶，试图找到Berkshire Hathaway 的旧工厂。虽然我看到了几家老工厂，但我并不确定就是那家，我一直在寻找码头吊机。也许它已经被拆毁了。",[18,47,48],{},"这本书让我想到了您的高尔夫球赛、餐后的\"与沃伦对话\"，以及一个不可避免的问题，您为什么不投资微软或高科技？Lowenstein 的书激发了我对这一问题的思考，我认为与你分享我对这一问题的一些想法会很有趣。但我要强调的是，我这样做的目的并不是试图改变您的观点(尽管我希望这不会强化您的观点！)。我只是将此视为一次有趣的讨论或智力练习。虽然很多人会认为我们的业务复杂或难以理解，但我绝对相信一个精明的投资者只需3-4个小时就能了解我们的业务(如果让比尔盖茨讲解，可能不到2 个小时！)。",[18,50,51,52,55,56,59],{},"在某些方面，我认为可口可乐或喜诗糖果的业务特征与微软非常相似。我想你会喜欢操作系统业务的简单性。例如，在1996 财年，",[21,53,54],{},"全球售出了5000 万台个人电脑PC，其中约80%PC 的操作系统获得了微软的许可证","。虽然我不会写下\"",[21,57,58],{},"收费桥梁","\"的比喻，但我们公司以外的人可能会用这种方式来描述这项业务。这4000 万份许可证的平均价格约为45 美元\u002F份，总收入约为18 亿美元。顺便提一下，剩下1000 万台PC 基本上也都在运行微软的操作系统，我们只是没有为此获得报酬。如果盗版问题减少，操作系统将是我们业务的主要优势之一。",[18,61,62,63,66],{},"在2000 财年，将有大约1 亿台PC 售出。我们认为可以将盗版率降低到10%，并获得9000 万台PC 操作系统的授权。但",[21,64,65],{},"我们这项业务也有定价权","。我想我听到过这个词，它与你在喜诗糖果的定价决定联系在一起。我们将向新版操作系统Windows NT 过渡。今天我们的NT 系统每台售价超过100 美元，但只在一小部分PC 使用。",[18,68,69,70,73],{},"在2000 财年，NT 将占据PC 操作系统销售量的70%。我们可以实现平均每台约80 美元的许可收入。因此，9000 万份许可证的总收入约为72 亿美元，而在过去3-4 年内，这一数字仅略低于20 亿美元。",[21,71,72],{},"由于这项业务实际上没有商品成本(COGs)，销售队伍也只有100-150 人，这是一个利润率超过90%的业务","。该业务有研发费用，但我相信利润可能与糖浆业务一样好！",[18,75,76,77,80],{},"PC 的销售量实际上还有上升空间。与您对",[21,78,79],{},"可口可乐的分析类似，PC 在国际市场的渗透率也有很大的增长空间","。在美国，每千人拥有的PC 数量约为400 台左右，但在大多数国家，甚至在一些欧洲国家，这一数字迅速下降到100 台或更少。(不幸的是，我现在不在西雅图，所以手头没有这些数字，但史蒂夫鲍尔默Steve Ballmer 可以凭记忆背出这些数字)。",[18,82,83],{},"上述业务就是我们所说的OEM 业务(2B)，即我们来自PC 制造商的收入。其余大部分业务称为\"制成品\"业务(2C)。它包括购买办公软件、教育或娱乐软件等的企业或个人。同样，结构也非常简单。PC 就像一把需要刀片的剃须刀。1996 财年，近5000 万台PC 购买了微软的操作系统，平均每台PC 的软件收入约为140 美元，即70 亿美元。这一数字不包括上述OEM 授权业务。(Steve Ballmer 可以随口说出世界上任何一个国家的PC 数量和每台 PC 的销售收入。比尔盖茨可能也可以做到这一点，尽管他不像鲍尔默那样花那么多时间)。",[18,85,86,87,90],{},"因此，从某种意义上说就是这样。",[21,88,89],{},"一定数量的PC 被售出，每台PC 上使用微软软件的数量不断增长，利用微软品牌销售更多应用软件的能力，一定的定价权，国际市场的增长，以及有机会通过进一步减少盗版来增加收入","。很显然，我不会在几个小时的会议中讨论所有细节，但这些就是业务的核心。当然，开发软件要有研发投入，但这类似于迪斯尼不断制作新内容，或内布拉斯加家具市场不断保持其销售模式的新鲜感，以及比尔盖茨密切管理的一项投资。",[18,92,93],{},"即使是一些新的\"媒体\"业务，实际上也并不新鲜或与众不同。就以我们收购WebTV 或Comcast 的交易来说吧。我看到一些报道这些投资的文章，将微软描述成一家媒体公司。微软真正的目标是找出一种方法来获得每台电视的\"操作系统\"特许使用费。每年销售1000 万台电视，每台电视收取10-20 美元，这就是一笔不错的小型\"操作系统\"业务。",[25,95,96],{},[18,97,98],{},"(1995 年，WebTV Networks 成立，随后在1996 年7 月发布了WebTV 产品；WebTV 是一组设备，包含了连接至电视或显示器的精简客户端，提供上网功能，以及在线服务。1997 年2 月，微软消费者平台部门Craig Mundie 找到了WebTV 的创始人Steve Perlman，80 年代曾在苹果工作。尽管最初WebTV 销售量不大，但微软对WebTV 印象深刻，并且看到了WebTV 的产品供应以及将该技术应用于其他微软消费者和视频产品供应的巨大潜力。随后，微软提出收购WebTV，在硅谷围绕WebTV 建立一个微软园区，并将WebTV 建立为微软的一个部门，以开发基于电视的产品和服务，由Perlman 担任该部门的总裁。1997 年4 月6 日，WebTV 被微软4.25 亿美元并购，加入MSN 服务之中，将其改称MSNTV。类似于GoogleTV，MSNTV 提供一个链接器，让电视可以连上互联网，以访问MSN 提供的服务。MSNTV 服务持续了17 年，在2013 年7 月1 日，MSNTV 告知客户服务将在2013 年9 月30 日结束，而服务将会持续到2014 年1 月15 日。此后WebTV 正式退出了市场。2006 年第一代AppleTV 发布，2012 年各种互联网IPTV盒子全面爆发。)",[18,100,101,104,105,108,109,112],{},[21,102,103],{},"\"制成品业务\"和\"OEM 操作系统业务\"之间存在巨大的战略协同效应","。例如，我们的微软Office 拥有约90%的办公生产力软件份额，这是一项伟大的业务(约58 美元，营业利润率也超过85%)。但同样重要的是，",[21,106,107],{},"这些软件受到实际用户的高度重视(操作系统对用户来说更隐形一些)，他们抵制更换软件品牌","。",[21,110,111],{},"如果我们拥有建立在操作系统之上的关键\"特许经营权\"(Franchises)，我们就能大大拓宽保护操作系统业务的\"护城河\"(Moat)","。也就是说，如果我拥有布法罗最成功的日报，就不会让我的竞争对手去拥有周日版。",[18,114,115,116,119],{},"让我们以这个比喻，",[21,117,118],{},"以及操作系统和运行其上的软件之间的战略协同作用为基础","。这有助于解释我们对Pete Higgins(应用和内容集团副总裁)管理业务的投资(互动媒体，如MSN、MSNBC、Expedia、Sidewalk 等)。同样，一些报纸和杂志的文章会说微软试图成为一家媒体公司。但我更愿意将其视为对潜在\"用户特许经营权\"的投资，这将有助于保护我们未来的操作系统业务。我们希望从这些特许经营权中赚取大量利润，但更重要的是，这些应用软件特许经营权将保护我们每台PC 的Windows 操作系统的特许权使用费，并希望保护我们每台电视机顶盒的特许权使用费。这些业务的成功将有助于增加未来定价权的机会。",[18,121,122,123],{},"因此，我真的不认为我们的业务比您投资的其他伟大企业更难理解。但有一个潜在的区别让我担心，这也是我花时间与您分享这些想法的关键原因。我担心的差异在于\"护城河的宽度\"。对于可口可乐，你可以非常有信心地认为，用户的偏好不会迅速从喝汽水(尤其是可乐)转向其它。",[21,124,125],{},"在技术领域，我们可能会更频繁地看到\"范式转变\"(paradigm shifts)，即旧的领导者被新的领导者所取代。图形用户界面取代字符用户界面，互联网爆炸式大发展，等等。",[18,127,128,131,132],{},[21,129,130],{},"在没有技术层面的范式转变的情况下，市场份额的变化很少超过几个点。而随着技术上的范式转变，市场份额会迅速变化几十个百分点","。我在微软的前十年一直在开发Microsoft Office。大部分时间我们的份额都远远落后(不到10%)。但图形用户界面的转变使我们取代了原来的领导者(Lotus1-2-3 和WordPerfect)，现在我们的份额达到了90%，当然，份额变化的关键是他们未能识别计算模式(computing paradigm)的转变并进行适当的投资。",[21,133,134],{},"他们是领导者，他们本可以选择自我革命。但他们的行动不够迅速，害怕投资新模式会为我们打开大门。具有讽刺意味的是，正是他们的缓慢步伐为我们打开了大门。",[25,136,137,140,143,146],{},[18,138,139],{},"(1979 年，Dan Brick 发明世界上第一个电子表格软件VisiCalc。由于电子表格不用编程，既易学又使用方便，所以很受用户欢迎。1983 年，莲花公司出品Lotus 1-2-3 表格软件。它比VisiCalc 要强大得多，增加了多种功能，同时还将表格计算、绘图、数据库分析等功能集于一身，因此获得了巨大的成功，在 IBM 及其兼容机系统上得到了广泛的应用，风行一时。莲花开发公司(Lotus Development Corp.)成立于1982 年，1995 年被IBM 以35亿美金并购。随着微软公司Excel 的出现，微软始终没有忘记做到与Lotus1-2-3 的兼容，莲花在与微软在电子表格产品的竞争中逐渐处于下风。到了微软公司推出Excel7 以后，Lotus1-2-3 大部分市场都被微软夺走了。IBM Lotus1-2-3 已于2013 年6 月停止销售，软件支持到2014 年9 月30 日。)",[18,141,142],{},"(WordPerfect 是一款文字处理软件。由Satellite Software International1980 年开发。WordPerfect 能够运行在各式各样的电脑和操作系统上，由于开发者太迟开发出Windows 版本，以及Microsoft Office 开始将Excel 和PPT 捆绑在同一个软件包，WordPerfect 逐渐失去了市占率。",[18,144,145],{},"1980 年，SSI 为小型电脑Data General 开发软件WordPerfect 1.0。1983 年，SSI 为DOS 系统发布",[18,147,148],{},"WordPerfect 3.0。1986 年SSI 更名为WordPerfect Corp.。1988 年发布第一个Mac 版本。1988 年，发布Unix 版本WordPerfect 4.2。1991 年发布Windows 版本。1992 年，发布Unix 基于图形的WordPerfect 5.1。1994 年3 月 21 日，Novell 以14 亿美元的股票收购WordPerfect Corp.。同时Novell 以1.45 亿美元收购Borland 的Quattro Pro 电子表格。1996 年1 月31 日，Corel 收购Novell 公司的WordPerfect 软件产品，包括PerfectOffice，WordPerfect，Quattro Pro 以及其他相关软件。1996 年，Corel 发布第一个Linux 版本WordPerfect 6.0。2000年后，支持Windows 的版本WordPerfect Office 2000 发布，最新版为2021 版。)",[18,150,151,152,108],{},"我还记得1991 年我们的第一次谈话。你问我对IBM 最近遭遇的困境看法。我不记得我当时到底说了什么。我认为，",[21,153,154],{},"他们沉迷于前几代计算机的强大能力，这使他们对PC 时代和客户端-服务器计算模式的转变视而不见",[18,156,157,160],{},[21,158,159],{},"在技术领域，护城河可能更窄","。互联网爆炸式的大发展，其速度之快令人惊叹。Java 技术也是如此迅速地声名鹊起。我们有一些强大的护城河，但即便如此，18 个月前，分析师还在质疑我们的发展速度是否足够快。(显然，那是收购微软的大好时机！)。",[18,162,163,164],{},"我对我们未来5-10 年的业务充满信心。但我承认，人们更容易对可口可乐未来10 年的业务充满信心。总之，我长期医疗隐约地猜到，你并不是不了解这个行业。事实上，比尔盖茨可能已经向您解释了上述所有内容，(我很抱歉让您觉得无聊，但写下来对我来说既有趣又有好处)。",[21,165,166],{},"我的结论是，您不投资技术公司或微软，是因为您认为技术的护城河更窄，风险太大，而且可能出现快速的模式转变，从而过快地破坏您的股票投资。",[18,168,169,172],{},[21,170,171],{},"由于微软是我所了解的业务(也就是说我的能力圈很窄！)，而且我同意您对投资的看法(呆在能力圈内)，因此我90%以上的净资产都绑在微软","。(多亏了比尔盖茨，我的净资产已达到了9 位数)。我对90%净资产投在微软感到非常满意。我们家庭有一个免税市政债券的\"安全垫\"，所以我知道即使发生什么事情，我们的家庭也会没事。我们不打算给孩子们留下太多，所以我只是积累一大笔钱，以便有朝一日回馈社会。我确实想知道十年、二十年或更久以后的情况。如果到那时微软的前景发生了变化，我希望我已经从你的方法中学到了足够的知识，这样我就有能力识别出新的具有内在价值的领域，并继续让财富高速增长。但现在，我要努力卖出更多的软件......",[18,174,175],{},"我很好奇您对Lowenstein 写的书有何看法。另一方面，我相信，您的人生有很多值得骄傲的事情，在书中娓娓道来是一件很困难的事情。我很高兴能够了解到格雷厄姆的投资方法，更重要的是您对这种投资方法的重大改进。我发现EMT(有效市场理论)的论点非常可笑。他们应该在迪斯尼乐园呆上几天，这样他们就能观察到群体理论的实际应用：相信我，排最长队伍的项目并不一定意味着是最有价值的项目！但是，这本书最棒的部分是能更多地了解你的价值观，特别是引导你在投资中取得成功的品格准则。我希望有一个神奇公式来教导我们的孩子！",[18,177,178],{},"下面是这封信的最后一个任务。我写的远远不够，无法充分感谢您为我做的所有伟大的事情，在Augusta 和 Seminole 教我高尔夫，特别是巴菲特的经典课程，让我有机会聆听你们精彩的谈话，并向您学习。我想让您知道，我真的很感激你的好意，如果有什么我可以回报您的，请让我知道。",[18,180,181],{},[21,182,183],{},"谢谢 Jeff Raikes",[18,185,186],{},[21,187,188],{},"1997 年8 月21 日",[18,190,191],{},"来自：Warren Buffett",[18,193,194],{},"致：Jeff Raikes",[18,196,197],{},"Hi, Jeff：",[18,199,200],{},"我很少有朋友使用电子邮箱，所以我一周左右才查看一次(通常什么也找不到)，所以请原谅我回复得很慢。我的打字速度相当快，但准确度却很差，因为我知道我总是写信给，那些会觉得破译字谜是个有趣而又简单的挑战的人，所以我就更愿意继续往下打字，而不是向前纠正错误。",[18,202,203],{},"恐怕你对Husker 队的情况判断错误。我们确实需要一个奇迹，但这不太可能发生在Frost 喊出的每一个字都听不见的体育场里。我希望Osborne 整个夏天都能让他练习打手势。",[18,205,206,207,210],{},"您对微软的分析，为什么我应该投资于它，为什么我不投资于它，再正确不过了。实际上，**该公司是从信息流上的收取特许权使用费，该信息流在不断的增长。**这就好比你从一条溪流中流过的每加仑水都能获得报酬，但随着支流的增加，小溪流汇成了亚马逊河，你会获得额外的报酬。",[21,208,209],{},"最棘手的问题是推动价格上涨的难度有多大","。在去年12 月的会议后，我就这个问题给比尔盖茨写了一封信。Bell 贝尔公司本应该预料到微软的到来，让其他人来建设电话基础设施，而他可以按分钟和距离(甚至是通话的重要性，如果他能想出一个接听等待时进行监控的方法的话)来永久收费。",[18,212,213,214,217],{},"可口可乐现在从摄入量中收取特许权专利费；如果平均摄入量为一盎司，每天可能有72 亿盎司。",[21,215,216],{},"我知道这种情况持续下去的可能性近乎100%确定(也许是错误的)，只要可乐不致癌，我能100%的确定","。比尔盖茨有一个更好的特许权，但我永远不敢打赌反对它。我不认为我有能力评估它特许权持续的可能性，除非用枪指着我的头，强迫我做出猜测，我会选择支持而不是反对它。但是，如果要我去判断确定性是80%还是55%，比如说连续20年，这将是愚蠢的。如果我不得不做出这样的决定，我会尽我所能，但我更愿意将投资业务构建成为一种不必强迫挥棒的游戏，而只是等待利润最丰厚的一击！",[18,219,220],{},"前几天我在有线电视上看到泰德威廉姆斯(Ted Williams)的节目，他提到了一本书叫《The Science of Hitting》(1986《击球的科学》)。书中有一幅他在节目中提到的击球框架图，上面有很多小方块，都是好球区的一部分。在他最喜欢的区域，方格显示打击率为40%，这反映出他认为如果只在该区域挥棒，他将打出的打击率。打击率低一点的外围，仍在好球区，但打击率降到了26%。当然，如果他已打出两个好球，他就会挥棒击出26%的好球，否则他就会等待他所说的\"甜蜜区\"内的好球。我认为同样的方法也适用于投资。",[18,222,223],{},"你的甜蜜区域，因为你的商业经验，你每天看到的东西，你的天赋等等，会和我的不一样。此外，我敢肯定，你在我的甜蜜区(可乐更容易)，会比我在你的甜蜜区(技术更难)会打得更好，只是因为它们通常都是明显更胖的球。作为一个网络初学者，我总是觉得，当我发送任何电子邮件时，它将消失在茫茫网络中，我不希望我所知道的一切都会发生这种情况(我喜欢确定性)。",[18,225,226],{},"加油，HUSKERS 队。",[18,228,229],{},[21,230,231],{},"沃伦巴菲特",[233,234],"hr",{},{"title":236,"searchDepth":237,"depth":237,"links":238},"",2,[239],{"id":16,"depth":237,"text":16},"访谈与文章",null,"巴菲特致信微软高管Jeff Raikes，讨论软件开发与商业合作，展示其对科技产业的理解与投资逻辑。","md",{},true,29,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":5,"description":242},"巴菲特：1997年巴菲特谈微软的信｜巴菲特","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin","buffett\u002Finterview\u002Fba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin","56sqOhhUKqUmZJclBjgpkMQ8_tRHRc00lhS5DcNbQuM","buffett",[255,260,263,267,270,273,276,280,283,286,290,293,296,300,303,306,310,313,316,320,323,326,330,333,336,340,343,346,350,353,356,360,363,366,370,373,376,380,383,386,390,393,396,400,403,406,410,413,416,420,423,426,430,433,436,441,444,447,451,454,457,461,464,467,471,474,477,481,484,487,491,494,497,501,504,507,511,514,517,521,524,527,531,534,537,540,541,544,548,551,554,558,561,564,568,571,574,578,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105,1109,1113,1117,1121,1125,1129,1133,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249,1253],{"title":256,"slug":257,"category":258,"order":259},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":261,"slug":262,"category":240,"order":259},"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",{"title":264,"slug":265,"category":266,"order":259},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":268,"slug":269,"category":258,"order":237},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":271,"slug":272,"category":240,"order":237},"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":274,"slug":275,"category":266,"order":237},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":277,"slug":278,"category":258,"order":279},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":281,"slug":282,"category":240,"order":279},"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":284,"slug":285,"category":266,"order":279},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":287,"slug":288,"category":258,"order":289},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":291,"slug":292,"category":240,"order":289},"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":294,"slug":295,"category":266,"order":289},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":297,"slug":298,"category":258,"order":299},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":301,"slug":302,"category":240,"order":299},"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":304,"slug":305,"category":266,"order":299},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":307,"slug":308,"category":258,"order":309},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":311,"slug":312,"category":240,"order":309},"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":314,"slug":315,"category":266,"order":309},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":317,"slug":318,"category":258,"order":319},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":321,"slug":322,"category":240,"order":319},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":324,"slug":325,"category":266,"order":319},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":327,"slug":328,"category":258,"order":329},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":331,"slug":332,"category":240,"order":329},"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":334,"slug":335,"category":266,"order":329},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":337,"slug":338,"category":258,"order":339},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":341,"slug":342,"category":240,"order":339},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":344,"slug":345,"category":266,"order":339},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":347,"slug":348,"category":258,"order":349},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":351,"slug":352,"category":240,"order":349},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":354,"slug":355,"category":266,"order":349},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":357,"slug":358,"category":258,"order":359},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":361,"slug":362,"category":240,"order":359},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":364,"slug":365,"category":266,"order":359},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":367,"slug":368,"category":258,"order":369},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":371,"slug":372,"category":240,"order":369},"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":374,"slug":375,"category":266,"order":369},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":377,"slug":378,"category":258,"order":379},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":381,"slug":382,"category":240,"order":379},"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":384,"slug":385,"category":266,"order":379},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":387,"slug":388,"category":258,"order":389},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":391,"slug":392,"category":240,"order":389},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":394,"slug":395,"category":266,"order":389},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":397,"slug":398,"category":258,"order":399},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":401,"slug":402,"category":240,"order":399},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":404,"slug":405,"category":266,"order":399},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":407,"slug":408,"category":258,"order":409},"1964 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巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":750,"slug":751,"category":240,"order":748},"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":753,"slug":754,"category":439,"order":755},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":757,"slug":758,"category":240,"order":755},"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":760,"slug":761,"category":439,"order":762},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":764,"slug":765,"category":240,"order":762},"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":767,"slug":768,"category":439,"order":769},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":771,"slug":772,"category":240,"order":769},"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":774,"slug":775,"category":439,"order":776},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":778,"slug":779,"category":240,"order":776},"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":781,"slug":782,"category":439,"order":783},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":785,"slug":786,"category":240,"order":783},"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":788,"slug":789,"category":439,"order":790},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":792,"slug":793,"category":240,"order":790},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":795,"slug":796,"category":439,"order":797},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":799,"slug":800,"category":240,"order":797},"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":802,"slug":803,"category":439,"order":804},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":806,"slug":807,"category":240,"order":804},"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":809,"slug":810,"category":439,"order":811},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":813,"slug":814,"category":240,"order":811},"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":816,"slug":817,"category":439,"order":818},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":820,"slug":821,"category":240,"order":818},"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":823,"slug":824,"category":439,"order":825},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":827,"slug":828,"category":240,"order":825},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":830,"slug":831,"category":439,"order":832},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":834,"slug":835,"category":240,"order":832},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":837,"slug":838,"category":439,"order":839},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":841,"slug":842,"category":240,"order":839},"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":844,"slug":845,"category":439,"order":846},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":848,"slug":849,"category":240,"order":846},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":851,"slug":852,"category":439,"order":853},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":855,"slug":856,"category":240,"order":853},"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":858,"slug":859,"category":439,"order":860},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":862,"slug":863,"category":240,"order":860},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":865,"slug":866,"category":439,"order":867},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":869,"slug":870,"category":240,"order":867},"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":872,"slug":873,"category":439,"order":874},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":876,"slug":877,"category":240,"order":874},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":879,"slug":880,"category":439,"order":881},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":883,"slug":884,"category":240,"order":881},"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":886,"slug":887,"category":439,"order":888},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":890,"slug":891,"category":240,"order":888},"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":893,"slug":894,"category":439,"order":895},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":897,"slug":898,"category":240,"order":895},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":900,"slug":901,"category":439,"order":902},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":904,"slug":905,"category":240,"order":902},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":907,"slug":908,"category":439,"order":909},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":911,"slug":912,"category":240,"order":909},"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":914,"slug":915,"category":439,"order":916},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":918,"slug":919,"category":240,"order":916},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":921,"slug":922,"category":439,"order":923},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":925,"slug":926,"category":240,"order":923},"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":928,"slug":929,"category":439,"order":930},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":932,"slug":933,"category":240,"order":930},"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":935,"slug":936,"category":439,"order":937},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":939,"slug":940,"category":240,"order":937},"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":942,"slug":943,"category":439,"order":944},"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":946,"slug":947,"category":240,"order":944},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":949,"slug":950,"category":439,"order":951},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":953,"slug":954,"category":240,"order":951},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":956,"slug":957,"category":439,"order":958},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":960,"slug":961,"category":240,"order":958},"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":963,"slug":964,"category":439,"order":965},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":967,"slug":968,"category":240,"order":965},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":970,"slug":971,"category":439,"order":972},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":974,"slug":975,"category":240,"order":972},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":977,"slug":978,"category":439,"order":979},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":981,"slug":982,"category":240,"order":979},"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":984,"slug":985,"category":439,"order":986},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":988,"slug":989,"category":240,"order":986},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":991,"slug":992,"category":439,"order":993},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":995,"slug":996,"category":240,"order":993},"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":998,"slug":999,"category":439,"order":1000},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1002,"slug":1003,"category":240,"order":1000},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1005,"slug":1006,"category":439,"order":1007},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1009,"slug":1010,"category":240,"order":1007},"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":1012,"slug":1013,"category":439,"order":1014},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1016,"slug":1017,"category":240,"order":1014},"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":1019,"slug":1020,"category":439,"order":1021},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1023,"slug":1024,"category":240,"order":1021},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1026,"slug":1027,"category":439,"order":1028},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1030,"slug":1031,"category":240,"order":1028},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1033,"slug":1034,"category":439,"order":1035},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1037,"slug":1038,"category":240,"order":1035},"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":1040,"slug":1041,"category":439,"order":1042},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1044,"slug":1045,"category":240,"order":1042},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1047,"slug":1048,"category":439,"order":1049},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1051,"slug":1052,"category":240,"order":1049},"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":1054,"slug":1055,"category":240,"order":1056},"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":1058,"slug":1059,"category":240,"order":1060},"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":1062,"slug":1063,"category":240,"order":1064},"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":1066,"slug":1067,"category":240,"order":1068},"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":1070,"slug":1071,"category":240,"order":1072},"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":1074,"slug":1075,"category":240,"order":1076},"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":1078,"slug":1079,"category":240,"order":1080},"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":1082,"slug":1083,"category":240,"order":1084},"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":1086,"slug":1087,"category":240,"order":1088},"巴菲特：2014年CNBC 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