[{"data":1,"prerenderedAt":1876},["ShallowReactive",2],{"library-ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng":3,"library-sidebar-buffett":340,"library-sidebar-dao":1342,"library-sidebar-models":1644},{"id":4,"title":5,"body":6,"category":326,"date":327,"description":328,"extension":329,"meta":330,"navigation":331,"order":332,"path":333,"seo":334,"seoDescription":328,"seoTitle":335,"slug":336,"stem":337,"__hash__":338,"_collection":339},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng.md","巴菲特：2003年对话田纳西大学学生",{"type":7,"value":8,"toc":308},"minimark",[9,13,18,22,28,33,36,39,46,49,52,58,62,65,68,71,77,88,94,97,101,107,113,116,120,127,138,144,147,151,154,157,163,167,170,177,181,188,191,200,203,207,214,217,222,226,229,234,237,242,245,251,254,258,265,275,280,284,289,292,295,298,305],[10,11,5],"h1",{"id":12},"巴菲特2003年对话田纳西大学学生",[14,15,17],"h2",{"id":16},"巴菲特对话田纳西大学学生2003","巴菲特：对话田纳西大学学生2003",[19,20,21],"p",{},"2003 年秋",[23,24,25],"blockquote",{},[19,26,27],{},"本节目主要由克莱顿家族基金会提供资金支持，并由克莱顿住宅公司提供支持，克莱顿住宅公司在美国各地为家庭和个人建造可负担的房屋。自1999 年以来，田纳西大学商学院以与沃伦巴菲特的合作而感到自豪。我们的金融学生每年在奥克森教授的带领下前往内布拉斯加州奥马哈，与“奥马哈先知”沃伦巴菲特会面并学习。2003年2 月，他们访问了巴菲特先生，赠送了一本关于吉姆克莱顿的书，触发了伯克希尔哈撒韦收购诺克斯维尔的克莱顿住宅公司，这是一家制造房屋行业的领导者。但巴菲特先生最能讲述这个故事。这个故事真是相当奇妙，我不确定是否有任何收购历史有过这样的背景。学生们早些年来访问时，会带来足球或篮球，而去年这批学生带来了一本关于吉姆克莱顿的书，最终促成了一笔17 亿美元的交易。为了表达对这些田纳西大学学生和教师的感谢，巴菲特先生于2003 年秋季访问了校园，与MBA 和金融学生在商学院年度MBA 研讨会上交流。他在校园里向2 月份访问他的学生和教师赠送了伯克希尔哈撒韦公司的股票。沃伦巴菲特被公认为世界第二富有的人，部分原因在于他常识性的和直投资方法。在观看这段视频后，你将更好地理解和欣赏他的投资哲学和丰富的经验。",[29,30,32],"h3",{"id":31},"_1学生你最大的投资错误是什么你从中学到了哪些可以分享给我们的经验","1，学生：你最大的投资错误是什么？你从中学到了哪些可以分享给我们的经验？",[19,34,35],{},"巴菲特：我最大的投资错误是遗漏的错误而不是犯下的错误。你可以在我们的资产负债表或损益表上看到犯下的错误，但会计并不会记录遗漏的错误，而这些错误是巨大的，除非我自己坦白，否则没人会知道。但既然你问了，我可以说，我过去曾提到过的一些错误，我总是提到我们在80 年代初没有购买房利美股票。",[19,37,38],{},"但我不认为这是一个错误，比如我没有购买微软。我在1991 年7 月5 日见到了比尔·盖茨，他花了大约10 个小时向我解释微软的情况，第二天他说宁愿向一只猩猩解释，说那样更容易理解。虽然这让我很感兴趣，但我对这个领域了解不够，所以没有做出投资决定，这超出了我的能力圈。",[19,40,41,45],{},[42,43,44],"strong",{},"在投资中，重要的不是你的能力圈有多大，而是知道它的边界在哪里，这样你就能留在圈内","。房利美在我能力圈内，而我错过了它，我应得一个“吮拇指”奖。",[19,47,48],{},"另一个更糟糕的例子是，我计划购买一亿股沃尔玛的股票，大约在五六年前，每股23 美元。如果我们买了，这些股票现在价值约115-120 亿美元。我知道沃尔玛是零售业，但当股票从23 美元涨到23.125 美元时，我却决定等它回到之前的价格，结果错过了八九十亿的机会，这些错误不会出现在我们的财务报表中。",[19,50,51],{},"另外还有伯克希尔，蓝筹印花公司和多元零售公司，这三个公司合并成了今天的伯克希尔哈撒韦，这三个公司都是错误的决定。伯克希尔最初是一家纺织公司，我们买下它时，资本只有2000 万美元，纺织行业是一个糟糕的行业，但因为价格便宜，我就买了，这个错误决定花了我很长时间才纠正过来。多元零售公司在1966 年买了巴尔的摩的一家百货公司，这也是一个错误。蓝筹印花公司曾是一个巨大的企业，但在我们管理下，从每年1.2 亿美元的销售额降到现在的5 万美元。",[19,53,54,55],{},"这些都是犯下的错误，而更多的错误是遗漏的错误，我们每年都会有新的错误。我会在今年的报告中专门列出今年我做的最愚蠢的事情，但这些错误并不会影响我的乐趣。",[42,56,57],{},"如果打高尔夫每次都能一杆进洞，游戏也就没意思了，重要的是享受游戏的过程。",[29,59,61],{"id":60},"_2学生您能否推荐一些书籍或其他资源这些可能对我们做出投资决策有帮助","2，学生：您能否推荐一些书籍或其他资源，这些可能对我们做出投资决策有帮助？",[19,63,64],{},"巴菲特：是的，对我投资影响最大的一本书，也是我在19 岁时读的书，叫做《聪明的投资者》。这本书在",[19,66,67],{},"1949 年出版，当时我在内布拉斯加大学读书。我在11 岁时开始投资，在七八九岁时还在摸索尝试，因此不幸的是直到11 岁才开始正式投资。我11 岁时买了我的第一只股票，然后我尝试了各种方法，比如技术分析等这些疯狂的事。这很有趣，但无利可图，但很有趣。我做了这些直到19 岁。",[19,69,70],{},"然后在1949 年，我读到了《聪明的投资者》，作者是格雷厄姆。我之前从未听说过他。这本书中只有两个章节是关键，但它们为我的投资哲学提供了框架，这些观点非常基本和简单，但却非常重要，就像十诫一样简单。",[19,72,73,76],{},[42,74,75],{},"首先，股票代表的是公司业务的一部分","。你不能把股票看作是不同的东西，你要评估一个企业，然后根据流通股数进行拆分，但你必须考虑你进入的是哪种企业，它的经济特性、竞争对手和管理体系等等，而不是一个小小的代码。我在十一二岁时，几乎知道纽交所所有公司的代码，但我并不了解它们背后所代表的东西，所以我必须开始把这些代码或报纸上的名称作为企业来看待，决定如何评估这些企业。",[19,78,79,80,83,84,87],{},"其次，格雷厄姆在书中给了你一个关于投资者如何对待股票市场波动的精彩观点。他在第八章中谈到了“",[42,81,82],{},"市场先生","”。关于投资者对股票价格的态度，没有比这更好的东西了。大多数人对股票价格反应错误，他们在股票上涨时感觉良好，下跌时感觉糟糕，认为股市是在指导他们。",[42,85,86],{},"但市场先生是你投资中的合伙人，他每天都会告诉你他愿意以什么价格买下你的股权或以同样的价格卖给你更多的股份，在私人企业中没有人会这样做","。",[19,89,90,91,87],{},"最后，格雷厄姆在书中讲的是",[42,92,93],{},"安全边际。如果你来到一座桥，上面写着承载能力为一万磅，而你驾驶的卡车重9800 磅，你会绕开再找另一座桥通过。你总是会留有安全边际，不会试图太接近",[19,95,96],{},"利用这三个投资原则，你可以在此基础上建立各种投资结构，但这些原则是基础。如果你有这些理念，并且在《聪明的投资者》中找到了，我从未发现任何东西可以与之相比。",[29,98,100],{"id":99},"_3学生作为格雷厄姆的追随者格雷厄姆的哪一条建议对你影响最大","3，学生：作为格雷厄姆的追随者，格雷厄姆的哪一条建议对你影响最大？",[19,102,103,104],{},"巴菲特：我刚才提到的所有三条建议，从某种意义上说都对我产生了影响。你不能失去三条腿中的任何一条，这仍然是一个好的投资哲学。但我会说，",[42,105,106],{},"长期来看，处理大笔资金最重要的是理解公司业务。",[19,108,109,112],{},[42,110,111],{},"金融市场没有什么深奥的东西，就是人们会失去理智","。如果你问我未来的金融市场，我可以非常有信心地预测，我不知道何时，也不知道顺序，不知道是先贪婪还是先恐惧，但在未来三四十年内，你会看到一些不可思议的异常现象。在那时，你必须能够独立思考。",[19,114,115],{},"美国市场大约有13 到14 万亿美元的股票，这是接近全球市场的一半。所以，除非你有比我更多的钱，否则你不需要看整个世界。像可口可乐，收入中有超过三分之二来自美国以外，吉列也是如此。如果你想扩大你的投资范围，这没有什么问题，但美国在未来三四十年内会做得很好。",[29,117,119],{"id":118},"_4学生您能谈谈对房地产投资的总体看法吗","4，学生：您能谈谈对房地产投资的总体看法吗？",[19,121,122,123,126],{},"巴菲特：在大多数情况下，你在谈论实际直接拥有房地产。",[42,124,125],{},"房地产主要是本地市场，许多人在这方面有优势，因为他们最了解自己的本地市场","。没有任何资产类别是神奇的，也没有什么是糟糕的东西。就像股票一样，这取决于哪些股票、什么价格、各种因素。",[19,128,129,130,133,134,137],{},"对许多人来说，房地产是非常容易理解的资产类别，实际上在某些情况下，如果你是小规模经营，你的投资也能起作用。人们通常在房地产中有一些杠杆，这",[42,131,132],{},"样","你会获得放大的回报，无论是正的还是负的，因为你利用了杠杆。",[42,135,136],{},"我不建议对股票进行杠杆操作，但在房地产中使用杠杆是完全合适的，在很多情况下也是如此","。我认为许多人会对他们拥有的房地产了解更多，因为他们直接参与了本地市场，而这往往比他们对所持有的股票或所使用的投资顾问了解得多。",[19,139,140,141],{},"我多年来在这方面做了一些投资，但不多。我认为这是一个非常好的投资类别，但最终还是要预测资产未来的现金流并将其与当前价格进行比较。这适用于任何类型的投资。",[42,142,143],{},"投资意味着现在花钱以便以后获得更多的钱，关键在于你对以后获得这些钱的确定性有多大信心。",[19,145,146],{},"如果你对房地产比对股票更有信心，那么我建议你在房地产上多投入，因为你应该进入你最了解的游戏。",[29,148,150],{"id":149},"_5学生您认为国内生产商能否再次成功地与外国生产商竞争","5，学生：您认为国内生产商能否再次成功地与外国生产商竞争？",[19,152,153],{},"巴菲特：这是一个很好的问题，我可能会很快写点东西。我们在一些非常重要的行业中失去了竞争力。我曾经在纺织业，这是一项艰难的业务，退出后变得更艰难了。事实是，我们在很多方面都无法与世界竞争。比如我们的鲜果布衣，也许我们有两万名员工中有16000 人在美国以外工作，这些生产甚至从墨西哥转移到了更低成本的国家。我们在制鞋业，美国人每年购买12 亿双鞋(人均四双)，但我们不再在美国生产这些鞋子了。以前我们的大部分国内销售鞋子都是在国内生产的，但现在这12 亿双鞋子中，我猜不会有超过5000 万双是在美国生产的，这是数十万个工作岗位，家具制造业也是如此，我们的家具零售商现在主要去中国或其他东方国家采购。",[19,155,156],{},"美国消费者会选择高质量、低价格的商品。汽车行业我们仍然相对强大，但我们国内的汽车公司最大的挑战是历史成本。在1960 年代，通用汽车几乎是全国第一大公司，当时有超过50%的汽车生产份额，他们担心拥有太多市场份额。那时，他们签订了一些未来的承诺，尤其是在退休后的健康福利和养老金方面，导致现在的管理层负担沉重。",[19,158,159,160,87],{},"我建议，",[42,161,162],{},"尽量避免高劳动成本且这些劳动可以在其他地方复制的业务。因为如果有人支付工人四分之一或五分之一的工资，他们会击败我，这就是现实",[29,164,166],{"id":165},"_6学生现在我的同龄人可能会经历八次不同的职业变动您认为这对美国劳动力产生了什么影响是好的还是坏的","6，学生：现在我的同龄人可能会经历八次不同的职业变动，您认为这对美国劳动力产生了什么影响？是好的还是坏的？",[19,168,169],{},"巴菲特：就我们自己的业务而言，我不会想要接受任何我不喜欢的工作。我认为，做很多你不喜欢的事，只是为了建立简历或者为了在六次工作变动后，最终找到你想要的地方是很疯狂的。我曾遇到一个学生，他在不同的地方工作和学习，然后他打算跳槽去一家管理咨询公司，因为他认为这会完善他的简历**。我告诉他，这就像把性生活省下来到晚年的时候再用一样疯狂。你应该找到一份你喜欢的工作，并且投入其中。你可能会在那份工作中度过余生，也可能不会，但你应该以投入一生的心态去对待它，这让我每天都感到兴奋。**",[19,171,172,173,176],{},"另一方面，",[42,174,175],{},"有很多工作，即使我没有钱，我也不会为了任何价钱去做","。比如我宁愿送报纸，也不愿意做那些每天让我不想做的事情。如果我能赚七万五千美元，并且每周有12 小时打桥牌的时间，但要为了赚三十万美元而放弃这些，我是不会做的。",[29,178,180],{"id":179},"_7学生巴菲特先生当您考虑收购一家公司时您最看重管理团队的哪些素质","7，学生：巴菲特先生，当您考虑收购一家公司时，您最看重管理团队的哪些素质？",[19,182,183,184,187],{},"巴菲特：首先，",[42,185,186],{},"我希望管理团队热爱他们的业务","。通常情况下，卖给我的人会继续经营公司，所以我必须判断他们是爱钱还是爱业务。我不会依赖合同来留住某人，所以我寻找那些热爱自己业务的人。",[19,189,190],{},"飞安公司的阿尔·乌尔斯基(Al Ueltschi)就是一个典型例子，他热爱他的业务，他认为他在培训飞行员并挽救生命，而这是真的，飞行员的培训在过去50 年里大大提高了安全性，他对此感到自豪，而且他现在仍然像50 年前一样热爱这项业务。",[19,192,193,87,196,199],{},[42,194,195],{},"我还寻找诚实的人，但这通常是附带的",[42,197,198],{},"我说我们在寻找有诚信，聪明和勤奋的","人。如果一个人没有诚信，后两者会害了你，因为如果他们聪明又有勤奋，但没有诚信，他们会对你造成更大的伤害。",[19,201,202],{},"我们在伯克希尔找到的这些人都具备这些素质。如果某人成功经营了30 年，他们可能是聪明的、勤奋的，并且不想伤害他们的业务。伯克希尔是他们业务的好归宿，我们因此得到了优秀的管理人员。",[29,204,206],{"id":205},"_8学生在哪三个领域或行业中您可能会集中寻找那些千里挑一的优质公司","8，学生：在哪三个领域或行业中，您可能会集中寻找那些千里挑一的优质公司？",[19,208,209,210,213],{},"巴菲特：",[42,211,212],{},"我会在我理解的领域内寻找","。我理解保险业，已经从事这个行业很久了，我理解大多数金融业务，我理解某些零售业，尽管零售业可能有些棘手。因此，我会关注我最了解的领域。",[19,215,216],{},"我们会遇到一些意外的机会，比如我两年前没有计划进入内衣业务，但鲜果布衣破产了。我非常熟悉这家公司，并且明白这不是一个复杂的业务，公司因负债过多和管理不善陷入困境，但这些问题是可以解决的。我了解这个品牌的实力和业务的性质，这使得我们可以进入这个领域。我们找到了一个杰出的经理人约翰·霍兰德(John Holland)愿意回来管理公司，这也是我们购买它的原因，如果没有霍兰德的管理，我是不会买这家公司的。",[19,218,219],{},[42,220,221],{},"投资的关键是要理解业务，并知道自己的能力圈在哪，这非常重要。",[29,223,225],{"id":224},"_8学生在石油能源投资中您更偏爱石油精炼石油服务还是石油勘探","8，学生：在石油能源投资中，您更偏爱石油精炼、石油服务还是石油勘探？",[19,227,228],{},"巴菲特：石油精炼业务是一个有趣的领域，因为当供需紧张时，它是一个有利可图的大宗商品业务。人们不会轻易建造新的炼油厂，这使得供需紧张，但我不会尝试去预测市场的高峰期。",[19,230,231],{},[42,232,233],{},"石油生产业务在美国并不是一个非常好的业务，你需要在地面上钻探，承担各种费用，然后在大约10 年的时间内卖掉产品，你需要获得较高的投资回报率，因为这是一个长周期的库存业务。",[19,235,236],{},"在石油服务领域，我会看具体的产品类型和专利的保护期限。如果你有一个非常重要的小部件在一个大的项目中，比如霍华德·休斯(Howard Hughes)通过他父亲的钻探工具公司赚了很多钱，因为他有一个关键的产品。",[23,238,239],{},[19,240,241],{},"(霍华德休斯，钢铁侠原型，美国著名商业大亨、投资者、飞行员、航空工程、电影制片人、慈善家，当时世界上最富有的人之一。他首先担任电影制片人，然后成为航空界的一位有影响力的人物。在后期的生活中，他由于几次飞机坠毁造成的慢性疼痛和不断加剧的耳聋令强迫症OCD 恶化，使他的行为变得古怪和过着隐居的生活方式。老霍华德休斯是钻探石油使用的双锥旋转钻头的发明者和休斯工具公司的创办者，他发明的钻头在石油钻探史上有革命意义。但是霍华德休斯的父母在其十几岁的时候双双故去，他继承了其父亲的大部分遗产。)",[19,243,244],{},"我们关注石油行业，我们是中石油的第三大股东，中石油生产的石油大约是埃克森美孚的80%，虽然很多人可能没听说过它。中石油是一家大公司，去年它的价格非常低，我读了它的年报，发现它的估值非常低，所以我们决定投资它。",[19,246,247,248,87],{},"在石油精炼业务中，人们在供需紧张时会赚到钱。我不会试图去预测何时会出现供需紧张，但这是一个周期性行业。总结下来，",[42,249,250],{},"关键是理解行业，并知道自己在哪些领域有优势",[19,252,253],{},"从来没有人会走进裁缝店说“我想要一件带哈撒韦衬里的灰色条纹西装”，所以这是一个糟糕的业务。即使我们被评为年度供应商，当我们试图将价格提高四分之一分时，他们会问：你叫什么名字？(你疯了吧？)他们对我们毫无兴趣。这是一个真正的普通商品业务，唯一我们能赚钱的时候是人造丝紧缺的时候，因为我们有杜邦公司的人造丝配额。当人造丝紧缺时，我们可以提高衬里的价格，因为其他人得不到人造丝，然后大概一天后它就恢复到原来的状态，所有的工作都没有真正带来利润，我们的利润只是因为我们有人造丝配额。当人造丝配额有价值时我们赚钱，否则就不赚钱。这就是普通商品业务的特点，虽然偶尔会有好处，但它们非常残酷。",[29,255,257],{"id":256},"_9学生能否总结一下您的投资哲学并给出一条最重要的投资建议","9，学生：能否总结一下您的投资哲学，并给出一条最重要的投资建议？",[19,259,260,261,264],{},"巴菲特：如果让我给出一条投资建议，我会说前面提到的三个原则。如果你真的将这些牢记于心，使每一个后续决策都经过这样的处理：",[42,262,263],{},"股票是一门生意，股市是为你服务的，而不是指导你的，并始终保持安全边际","。如果你能做到这一点，确保所有的决策都符合这些原则，你就不会做出糟糕的投资决定。",[19,266,267,270,271,274],{},[42,268,269],{},"没有什么魔法公式，只有努力工作","。我离开学校时，市场上有很多非常便宜的东西，但没有人告诉我，",[42,272,273],{},"我必须自己去寻找","。我翻阅了几遍《穆迪手册》，这些手册总共有约一万五千页。我逐页翻阅，因为没有人会告诉我如何找到极其便宜的股票。",[19,276,277],{},[42,278,279],{},"如果现在我有少量资金，我会再次对小公司做同样的事情，你会找到一些机会，只要你足够努力。",[29,281,283],{"id":282},"_10学生最近财富杂志将您评为商界最有权势的人之一您如何衡量成功您是否考虑过这些排名","10，学生：最近《财富》杂志将您评为商界最有权势的人之一，您如何衡量成功？您是否考虑过这些排名？",[19,285,209,286],{},[42,287,288],{},"如果谈论商业成功，我认为成功是在长时间内成功经营一家企业，让股东、员工和你自己都过得很好。但如果你真正谈论作为一个人的成功，那就是在我这个年纪，如果有很多人愿意爱你，你就成功了。",[19,290,291],{},"我有一个朋友曾在1942 年的德国集中营中，她失去了家人。她现在住在奥马哈，在她看来，成功的底线是有人愿意爱你。到了我这个年纪，如果有很多人愿意爱你，你会对生活感到非常满意，那你就是成功的。如果你过着一种没有人爱的生活，那你就是失败的。",[19,293,294],{},"我见过这两种人，这就是最终的衡量标准，但你不能买到它。这有点令人恼火，因为你必须通过自己的人格魅力去获得它。",[19,296,297],{},"我的老板格雷厄姆在他十几岁时，曾经坐下来想，他喜欢和钦佩的人有哪些品质，然后他写下来，并问自己：**我不能拥有这些品质吗？**这些并不是天赋或技能，而是人类的品质。想一想你喜欢和钦佩的那些人，写下你钦佩的那些品质，你会发现你自己也可以拥有这些品质。你也可以写下你讨厌的品质，如果你有这些品质，人们也会讨厌你。",[19,299,300,301,304],{},"这种选择在你六七十岁时是非常困难的，",[42,302,303],{},"因为习惯的枷锁，开始的时候，它轻的难以察觉，直到后来，却重的无法摆脱","。因此，你现在养成的习惯，将在以后伴随你一生。你可以拥有你钦佩的人的习惯，并去除那些让你感到厌恶的人的习惯。这是为什么我喜欢与学生交流的原因，因为学生们可以从现在开始决定他们想成为什么样的人。到了70 岁，你真正关心的是谁仍爱你。",[306,307],"hr",{},{"title":309,"searchDepth":310,"depth":310,"links":311},"",2,[312],{"id":16,"depth":310,"text":17,"children":313},[314,316,317,318,319,320,321,322,323,324,325],{"id":31,"depth":315,"text":32},3,{"id":60,"depth":315,"text":61},{"id":99,"depth":315,"text":100},{"id":118,"depth":315,"text":119},{"id":149,"depth":315,"text":150},{"id":165,"depth":315,"text":166},{"id":179,"depth":315,"text":180},{"id":205,"depth":315,"text":206},{"id":224,"depth":315,"text":225},{"id":256,"depth":315,"text":257},{"id":282,"depth":315,"text":283},"访谈与文章",null,"巴菲特接待田纳西大学商学院学生访问，分享投资理念与人生智慧，强调价值投资原则与长期持有的重要性。","md",{},true,46,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":5,"description":328},"巴菲特：2003年对话田纳西大学学生｜巴菲特","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng","CrmXwDfeHY0YFxQNDomH-v79TE8dIsUcYQ_UBUaB89g","buffett",[341,346,349,353,356,359,362,365,368,371,375,378,381,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,526,529,532,536,539,542,546,549,552,556,559,562,566,569,572,576,579,582,586,589,592,596,599,602,606,609,612,616,619,622,626,629,632,636,639,642,646,649,652,656,659,662,666,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,759,760,764,767,771,774,778,781,785,788,792,795,799,802,806,809,813,816,820,823,827,830,834,837,841,844,848,851,855,858,862,865,869,872,876,879,883,886,890,893,897,900,904,907,911,914,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1117,1121,1124,1128,1131,1135,1138,1142,1146,1150,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310,1314,1318,1322,1326,1330,1334,1338],{"title":342,"slug":343,"category":344,"order":345},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":347,"slug":348,"category":326,"order":345},"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":350,"slug":351,"category":352,"order":345},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":354,"slug":355,"category":344,"order":310},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":357,"slug":358,"category":326,"order":310},"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":360,"slug":361,"category":352,"order":310},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":363,"slug":364,"category":344,"order":315},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":366,"slug":367,"category":326,"order":315},"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":369,"slug":370,"category":352,"order":315},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":372,"slug":373,"category":344,"order":374},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":376,"slug":377,"category":326,"order":374},"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":379,"slug":380,"category":352,"order":374},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":382,"slug":383,"category":344,"order":384},"1960 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":800,"slug":801,"category":326,"order":798},"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":803,"slug":804,"category":524,"order":805},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":807,"slug":808,"category":326,"order":805},"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":810,"slug":811,"category":524,"order":812},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":814,"slug":815,"category":326,"order":812},"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":817,"slug":818,"category":524,"order":819},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":821,"slug":822,"category":326,"order":819},"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":824,"slug":825,"category":524,"order":826},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":828,"slug":829,"category":326,"order":826},"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":831,"slug":832,"category":524,"order":833},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":835,"slug":836,"category":326,"order":833},"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":838,"slug":839,"category":524,"order":840},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":842,"slug":843,"category":326,"order":840},"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":845,"slug":846,"category":524,"order":847},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":849,"slug":850,"category":326,"order":847},"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":852,"slug":853,"category":524,"order":854},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":856,"slug":857,"category":326,"order":854},"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":859,"slug":860,"category":524,"order":861},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":863,"slug":864,"category":326,"order":861},"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":866,"slug":867,"category":524,"order":868},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":870,"slug":871,"category":326,"order":868},"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":873,"slug":874,"category":524,"order":875},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":877,"slug":878,"category":326,"order":875},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":880,"slug":881,"category":524,"order":882},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":884,"slug":885,"category":326,"order":882},"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":887,"slug":888,"category":524,"order":889},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":891,"slug":892,"category":326,"order":889},"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":894,"slug":895,"category":524,"order":896},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":898,"slug":899,"category":326,"order":896},"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":901,"slug":902,"category":524,"order":903},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":905,"slug":906,"category":326,"order":903},"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":908,"slug":909,"category":524,"order":910},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":912,"slug":913,"category":326,"order":910},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":915,"slug":916,"category":524,"order":917},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":919,"slug":920,"category":326,"order":917},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":922,"slug":923,"category":524,"order":924},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":926,"slug":927,"category":326,"order":924},"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":929,"slug":930,"category":524,"order":931},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":933,"slug":934,"category":326,"order":931},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":936,"slug":937,"category":524,"order":938},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":940,"slug":941,"category":326,"order":938},"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":943,"slug":944,"category":524,"order":945},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":947,"slug":948,"category":326,"order":945},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":950,"slug":951,"category":524,"order":952},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":954,"slug":955,"category":326,"order":952},"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":957,"slug":958,"category":524,"order":959},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":961,"slug":962,"category":326,"order":959},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":964,"slug":965,"category":524,"order":966},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":968,"slug":969,"category":326,"order":966},"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":971,"slug":972,"category":524,"order":973},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":975,"slug":976,"category":326,"order":973},"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":978,"slug":979,"category":524,"order":980},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":982,"slug":983,"category":326,"order":980},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":985,"slug":986,"category":524,"order":987},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":989,"slug":990,"category":326,"order":987},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":992,"slug":993,"category":524,"order":994},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":996,"slug":997,"category":326,"order":994},"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":999,"slug":1000,"category":524,"order":1001},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1003,"slug":1004,"category":326,"order":1001},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1006,"slug":1007,"category":524,"order":1008},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1010,"slug":1011,"category":326,"order":1008},"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":1013,"slug":1014,"category":524,"order":1015},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1017,"slug":1018,"category":326,"order":1015},"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":1020,"slug":1021,"category":524,"order":1022},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1024,"slug":1025,"category":326,"order":1022},"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":1027,"slug":1028,"category":524,"order":1029},"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":1031,"slug":1032,"category":326,"order":1029},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1034,"slug":1035,"category":524,"order":1036},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1038,"slug":1039,"category":326,"order":1036},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1041,"slug":1042,"category":524,"order":1043},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1045,"slug":1046,"category":326,"order":1043},"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":1048,"slug":1049,"category":524,"order":1050},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1052,"slug":1053,"category":326,"order":1050},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1055,"slug":1056,"category":524,"order":1057},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1059,"slug":1060,"category":326,"order":1057},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1062,"slug":1063,"category":524,"order":1064},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1066,"slug":1067,"category":326,"order":1064},"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":1069,"slug":1070,"category":524,"order":1071},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1073,"slug":1074,"category":326,"order":1071},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1076,"slug":1077,"category":524,"order":1078},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1080,"slug":1081,"category":326,"order":1078},"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":1083,"slug":1084,"category":524,"order":1085},"2020 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