[{"data":1,"prerenderedAt":1914},["ShallowReactive",2],{"library-ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan":3,"library-sidebar-buffett":377,"library-sidebar-dao":1380,"library-sidebar-models":1682},{"id":4,"title":5,"body":6,"category":363,"date":364,"description":365,"extension":366,"meta":367,"navigation":368,"order":369,"path":370,"seo":371,"seoDescription":365,"seoTitle":372,"slug":373,"stem":374,"__hash__":375,"_collection":376},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan.md","巴菲特：2003年《美国正滑向贸易赤字的危险边缘》",{"type":7,"value":8,"toc":359},"minimark",[9,13,17,57,60,67,72,75,80,83,86,93,96,101,104,111,114,119,125,128,131,134,139,142,161,166,169,172,178,181,184,187,190,193,196,199,202,205,208,211,214,217,220,223,226,229,232,235,238,241,244,247,250,253,256,259,262,265,268,271,274,277,280,283,286,289,292,295,298,301,304,309,314,317,320,327,330,333,340,347,353,356],[10,11,5],"h1",{"id":12},"巴菲特2003年美国正滑向贸易赤字的危险边缘",[14,15,16],"p",{},"2025年巴菲特股东大会上，巴菲特在“第十一个”问题中讲述了这么一段话：",[18,19,20,28,43],"blockquote",{},[14,21,22,23,27],{},"是的。我们迄今为止其实只做过",[24,25,26],"strong",{},"一次真正意义上的“货币押注”","，是很多年前我在《财富》杂志写那篇文章（《美国正滑向贸易赤字的危险边缘》）的时候。",[14,29,30,31,34,35,38,39,42],{},"当时我们买入了",[24,32,33],{},"12种外币","（也就是说，从技术上看，是",[24,36,37],{},"做空美元","）。其中只有四五种是“主要货币”，其余是一些相对冷门的组合。我们持有那个仓位大概几年时间，",[24,40,41],{},"赚了几十亿美元","，对我们来说当时是个很重要的收益，对现在也一样。",[14,44,45,46,49,50,53,54],{},"查理一直认为，如果股票以外一定要选择一个投资领域，他宁可去做外汇。他对债券、房地产、很多领域都很了解，但他一直说：“",[24,47,48],{},"如果我真的想赚很多钱，我可能会选择外汇市场。","”不过我们后来也就",[24,51,52],{},"只做过那一次","。未来是否可能再次操作？",[24,55,56],{},"不能说完全不可能，但机会很小。",[14,58,59],{},"巴菲特在当时为什么大仓位看空美元，分析逻辑是什么，他为什么指出“美国正在不断‘出卖’自己”，美国又应该如何解决贸易逆差？",[14,61,62,63,66],{},"今天分享的就是巴菲特2003年当时写的文章《美国正滑向贸易赤字的危险边缘》，文章中介绍了巴菲特",[24,64,65],{},"做空美元的逻辑","以及他提出关于解决贸易逆差的方案：",[18,68,69],{},[14,70,71],{},"“进口证”（Import Certificates, IC）制度：美国出口商可凭出口额获得等额IC，进口商需购买IC后方可进口商品，从而强制实现贸易平衡。该机制虽可能推高部分进口品价格，对消费者造成影响，但相比于美元持续贬值和国家财富外流的长期代价，这种方式更温和且具有可操作性。",[14,73,74],{},"这篇文章写于多年前，但放在今天看，依然惊心动魄。",[14,76,77],{},[24,78,79],{},"01｜“储蓄村”与“浪费村”的故事",[14,81,82],{},"巴菲特用一个非常简单的比喻开场：假设世界上有两个村庄，一个叫“储蓄村”，勤劳、节俭、出口多；另一个叫“浪费村”，懒散、消费多、进口多。起初“浪费村”靠卖资源和卖地来换商品，慢慢地，它不再拥有自己的资产，只能靠借钱过日子。",[14,84,85],{},"没错，这就是美国和世界的真实写照。",[14,87,88,89,92],{},"二战后，美国是全球最强的“储蓄村”，不仅出口远多于进口，还赚了大量海外投资回报。但从1970年代起，美国开始“入不敷出”，每年都在把更多的美元交给世界来换取商品。几十年下来，外国人持有的美国资产，已经比美国人持有的外国资产多出了 ",[24,90,91],{},"2.5万亿美元","。",[14,94,95],{},"换句话说，美国人为了继续高消费，正在一点点“出卖”自己的公司、地产、股票，甚至未来的利息。",[14,97,98],{},[24,99,100],{},"02｜为什么这很危险？",[14,102,103],{},"表面上看，美国依然是世界第一大经济体，拥有美元霸权和强大的信用。但这张“国家信用卡”不是无限额度的。",[14,105,106,107,110],{},"每年超过 ",[24,108,109],{},"4% GDP"," 的贸易赤字，等于美国在不停向世界借钱买商品。这不仅削弱了美元的购买力，还让美国逐渐从“收租者”变成了“交租者”——以前靠海外投资赚钱，现在每年要支付越来越多的利息和股息给海外投资者。",[14,112,113],{},"更可怕的是，一旦其他国家不愿再“买单”，信心崩塌，美元贬值、资产泡沫破裂，后果将难以估量。",[14,115,116],{},[24,117,118],{},"03｜“进口证”方案：拯救贸易赤字的新思路？",[14,120,121,122,92],{},"巴菲特并不是只会批评，他还提出了一个看似“奇怪”的方案：",[24,123,124],{},"“进口证制度”（Import Certificates, IC）",[14,126,127],{},"简单说，美国出口商每出口1美元，就可以获得1美元的进口证。进口商若想进口商品，必须购买相应金额的IC。这相当于强制要求：你想买国外的，就得先卖出去同等价值的产品。",[14,129,130],{},"比如，一辆成本2万美元的进口车，在IC制度下可能多花2000美元买证，相当于提高进口门槛。这不仅会倒逼消费者选择本土商品，也会让美国制造在全球更具竞争力，创造更多就业。",[14,132,133],{},"当然，这个方案也有代价——进口商品涨价，普通消费者的钱包会受影响。但和继续“卖资产换商品”相比，这或许是更小的痛。",[14,135,136],{},[24,137,138],{},"04｜我们能从中学到什么？",[14,140,141],{},"也许你会想，这离我们太远了。但其实，这段故事给中国和普通人都提了个醒：",[143,144,145,151,156],"ul",{},[146,147,148],"li",{},[24,149,150],{},"一个国家不能长期依赖外部“输血”，否则迟早“失血过多”。",[146,152,153],{},[24,154,155],{},"个人理财也是一样：别总靠信用卡消费，透支未来，终究要还。",[146,157,158],{},[24,159,160],{},"保持生产能力和创新力，是一个国家和个人真正的底气。",[14,162,163],{},[24,164,165],{},"以下是巴菲特写于2003年《美国正滑向贸易赤字的危险边缘》全文翻译：",[14,167,168],{},"美国日益扩大的贸易赤字正在把国家从我们脚下出卖掉。",[14,170,171],{},"这里有一个解决问题的方法——而且我们必须立刻采取行动。",[14,173,174,175],{},"作者：",[24,176,177],{},"沃伦·E·巴菲特",[14,179,180],{},"我即将发出一个关于美国贸易赤字的警告，同时也会提出一个解决这一问题的办法。但在开始之前，我必须说明两点，可能会让你对我接下来的话持保留态度。首先，我在宏观经济预测方面的记录并不值得称道。举个例子，在过去二十年中，我对通货膨胀过于担忧。回到今天的主题，早在1987年，我就开始公开担心美国不断扩大的贸易赤字——而如你所知，我们不仅挺过来了，而且还发展得不错。所以至少在贸易问题上，我可以算“狼来了”里那只“叫错一次”的狼。",[14,182,183],{},"尽管如此，我还是要再次发出警告——这一次，我用伯克希尔·哈撒韦的资金作背书。直到2002年春天，我活了将近72年，都没有买过任何一种外国货币。而从那以后，伯克希尔已对多种货币进行了大量投资，并且目前仍持有其中几种。我不会具体说明是哪几种货币；事实上，这些具体细节并不重要。重要的是背后的核心观点：持有其他货币，意味着我们认为美元将会贬值。",[14,185,186],{},"无论作为一个美国人还是一个投资者，我其实都希望我们的这些外汇投资最终被证明是错误的。因为如果美元真的大幅下跌，那么伯克希尔通过货币交易获得的利润，也会远远比不上公司和我们股东在生活其他方面因美元贬值所承受的损失。",[14,188,189],{},"但作为伯克希尔·哈撒韦的掌舵人，我有责任将公司资金用于合理的投资。而我终于“用行动支持自己长期以来的观点”的原因，是因为贸易赤字已经严重恶化，到了一个令人震惊的地步：可以说，我们国家的“净资产”正以惊人的速度被转移到海外。",[14,191,192],{},"如果这种财富转移持续下去，麻烦就大了。为了说明为什么会这样，让我们做一个异想天开的假设旅行：去两个并排、面积相等的孤立小岛——“挥霍岛”（Squanderville）和“节俭岛”（Thriftville）看看。这两个岛的唯一资本资产是土地，居民社会非常原始，只需要食物，且只生产食物。每天工作8小时，每个居民就能生产足够维持自己生存的食物。长期以来，两岛的居民都是这样生活的——每天工作8小时，实现自给自足。",[14,194,195],{},"后来，节俭岛的勤劳居民决定进行储蓄和投资，他们开始每天工作16小时。他们依然用每天前8小时生产的食物维持生活，而将另外8小时生产的食物出口到他们唯一的贸易对象——挥霍岛。",[14,197,198],{},"挥霍岛的居民对此乐开了花：现在，他们可以过上不劳而获的生活，依然吃得很好。是的，这当然是有交换条件的——但对挥霍岛居民来说，这似乎没什么危害：节俭岛人只要求用“挥霍债券”（当然是用挥霍币计价）来交换他们的食物。",[14,200,201],{},"随着时间推移，节俭岛积累了大量挥霍债券，这些债券本质上是对挥霍岛未来产出的索取权。挥霍岛上的少数专家嗅出了危机。他们预见到：挥霍岛人未来既要吃饭，又要偿还甚至只是维持这笔不断累积的债务，最终将不得不每天工作超过8小时。但挥霍岛居民对这种“危言耸听”毫无兴趣。",[14,203,204],{},"与此同时，节俭岛居民开始感到不安。他们开始怀疑：一个懒散国家发的“我欠你”到底值几个钱？于是他们改变了策略：继续持有一部分债券的同时，把大多数债券卖给挥霍岛居民换取挥霍币，再用这些钱去购买挥霍岛的土地。最终，节俭岛人拥有了挥霍岛的全部土地。",[14,206,207],{},"这时候，挥霍岛人不得不面对一个令人难堪的等式：他们不仅要恢复每天8小时工作来维持生存——因为他们已无物可出卖——还必须额外工作来偿还债务，并支付土地租金给节俭岛人。换句话说，挥霍岛被“购买殖民”了，而不是通过战争被征服。",[14,209,210],{},"当然，有人可能会辩称：挥霍岛未来必须源源不断输送给节俭岛的产出，其现值正好相当于节俭岛最初放弃的产出，因此这是一笔公平交易。但问题在于——得到“免费搭车”的是当代挥霍岛人，而未来世代却要为此永久埋单，用经济学术语说，这产生了极其严重的“代际不公平”。",[14,212,213],{},"换个角度，从家庭来看：想象一下，我，沃伦·巴菲特，让我一生中所有商品和服务的供应者接受“巴菲特家族”签发的欠条，而这些欠条将由我的子孙后代来偿还（包括本金、利息以及实物交付）。从交易本身看，这或许看起来公平：巴菲特家族单位与债权人进行了一次等价交换。但你可以想象，我的后代可不会感谢这笔交易——说不定还会考虑赖账。",[14,215,216],{},"再回到那两个岛：迟早，挥霍岛政府在面对日益增加的债务偿付压力时，会转向高度通胀的政策——也就是多印挥霍币，稀释其价值。毕竟，政府会这么想：那些讨厌的挥霍债券，只是对“数量”有要求，而不是对币值有要求。换句话说，让挥霍币贬值，就能减轻财政压力。",[14,218,219],{},"这也是为什么如果我是节俭岛的居民，我会更愿意直接拥有挥霍岛的土地，而不是持有它的政府债券。大多数政府在道德上更难下手去没收外国人持有的实物资产，而比起明抢，偷抢（通胀）总是更“受欢迎”。",[14,221,222],{},"那这场“跳岛之旅”到底和美国有什么关系呢？简单来说，在二战结束后直到1970年代初，美国一直像勤奋的“节俭岛”：我们出口总是多于进口，并将贸易盈余投资到海外。结果是，我们的净海外资产（即我们持有的外国资产减去外国持有的美国资产）不断增长——按照当时政府使用的计算方法，从1950年的370亿美元增加到了1970年的680亿美元。",[14,224,225],{},"总结来说，那时候美国的“净资产”，不仅包括我们国土上的全部财富，还包含了全球其他地区一小部分的财富。",[14,227,228],{},"此外，由于我们对外是资产净持有方，我们还能从中获取投资收益。这些收益叠加在贸易盈余之上，又成为可再投资的一笔资金。用一个人的理财类比，我们的财政状况就像一个既在存工资又在再投资分红的家庭。",[14,230,231],{},"但到了1970年代末，局势发生了逆转。美国开始出现贸易赤字，最初约为GDP的1%。这个比例并不算严重，尤其是在我们依然保持正的投资收益的前提下。事实上，在复利效应的推动下，我们的净海外资产在1980年达到了顶峰——3600亿美元。",[14,233,234],{},"然而此后一路下坡，近五年来情况更是急转直下。我们如今的年度贸易赤字已超过GDP的4%。更严重的是，现在世界其他国家对美国资产的净持有额已经高达2.5万亿美元，也就是说，他们持有的美国资产比我们持有的外国资产多出2.5万亿。",[14,236,237],{},"这2.5万亿美元部分体现在债券（包括政府和企业债券）上，也包括房产、股票等实物资产。",[14,239,240],{},"换句话说，美国这个国家就像一个极度富有的大家族，拥有一大片巨大的农场。为了每年消费比产出多出4%（这就是我们的贸易赤字），我们每天都在卖掉一小块土地，或者给尚未出售的部分再加上一笔新的抵押贷款。",[14,242,243],{},"为了理解2.5万亿美元这个数字的分量，可以与美国的其它资产对比：比如美国公开上市股票的总市值约为12万亿美元，住宅房地产也差不多这个水平，而我估算整个国家的总财富大约是50万亿美元。换句话说，我们已经“转手”到国外的资产，相当于我们国家财富的5%。",[14,245,246],{},"但更重要的是：在目前的贸易赤字水平下，外国对我们资产的净持有额每年还将增长约5000亿美元。也就是说，每年将新增1个百分点的国家财富被“卖”到海外。随着外国持有资产的增长，流出美国的投资收益也将持续增长。",[14,248,249],{},"这就意味着，我们将不得不每年向全球支付越来越多的利息和分红，从一个“坐收其利”的国家变成一个“净支付者”。",[14,251,252],{},"我们已经走进了“负复利”的世界——欢愉已远，痛苦将至。",[14,254,255],{},"我们在《经济学导论》中学到：一个国家无法长期维持巨额、持续增长的贸易赤字。按理论说法，当某个国家沉迷于消费、挥霍无度时，总有一天汇率调整和债权国不再愿意接受源源不断的“欠条”将会迫使它刹车。而事实也是如此——我们从过去几十年中那些放纵消费的国家突然被切断信贷支持的经历就能看出这一点。",[14,257,258],{},"然而，美国却拥有一种“特殊待遇”。我们今天可以随心所欲地行事，是因为我们过去的财务行为堪称典范——并且因为我们“太有钱了”。无论是我们的还款能力还是还款意愿，目前都没有人质疑。而且，我们仍然坐拥大批极具吸引力的资产，可以用来换取我们想消费的东西。换句话说，我们国家的“信用卡”额度惊人，几乎可以随意刷。",[14,260,261],{},"但这张卡也不是没有上限的。",[14,263,264],{},"现在就是我们该停止用资产去交换消费品的时候了。而我有一个方案可以实现这一点。我的方案听起来可能有点“花招”的意味——本质上是一个关税，只不过换了个名字。但它与传统意义上的关税不同：它保留了大部分自由市场的优点，既不保护特定行业，也不针对特定国家，更不会激化贸易战。",[14,266,267],{},"这个方案将会刺激我们的出口，甚至可能带来全球贸易的整体增长。而且，它能让我们“收支平衡”，避免美元大幅贬值——否则，我相信那几乎是不可避免的结局。",[14,269,270],{},"在“进口凭证（IC）”方案中，并不存在“免费的午餐”：它会对美国公民造成一些严重的负面影响。大多数进口商品的价格将上涨，一些在国内具有竞争力的产品价格也会随之上升。因此，ICs的成本，全部或部分，通常将等同于对消费者加征的一种税收。",[14,272,273],{},"这是一个严峻的问题。但如果美元持续贬值，或者我们提高对特定商品的关税、设置配额，这些替代性做法可能会带来更小的成功概率，同时也会产生不良后果。最重要的是，与我们未来若继续放任不管、不断出让国家净资产所将承受的痛苦相比，眼下进口商品价格上涨带来的痛苦其实微不足道。",[14,275,276],{},"我相信，ICs将较快促成一个新的贸易平衡点——高于当前出口水平，但低于当前进口水平。这种机制将温和地增强我们所有行业在全球市场中的竞争力，同时依然由自由市场决定哪些行业最终能够通过“比较优势”的考验。",[14,278,279],{},"这种方案不会被净出口国仿效，因为他们的ICs将毫无价值。那么，主要出口国会不会采取报复措施？这会不会引发另一场类似“斯穆特-霍利关税法案”的贸易战？几乎不可能。当年我们推行斯穆特-霍利法案时，美国正拥有不合理的贸易顺差，并试图维持这种顺差。而现在，我们却处在一个损害性的贸易赤字局面，全世界都清楚我们必须加以纠正。",[14,281,282],{},"多年来，世界一直在与错综复杂的惩罚性关税、出口补贴、配额、货币锚定等手段博弈。主要出口国长期以来就使用这些手段来促进出口、限制进口，但却并未引发重大的贸易战。很显然，一个旨在让世界最大债务国收支平衡的提案，不太可能成为贸易战的导火索。主要出口国在过去表现得非常理性，将来也很可能继续如此——尽管他们可能会试图让我们误以为情况不会如此。",[14,284,285],{},"IC方案的最可能结果是：出口国在一些初期的姿态之后，将会将其创新能力转向如何鼓励从美国进口商品。以中国为例，目前它每年向我们出口约1400亿美元的商品和服务，却仅从我们这里购买250亿美元。如果实行ICs，中国可以选择每年购买1150亿美元的凭证来填补这一差额。但它也可以通过减少对美出口或增加从美进口来降低对ICs的需求。后者可能是中国最能接受的选项，而我们也应该希望事情向这个方向发展。",[14,287,288],{},"如果美国出口增长，IC的供应随之增加，其市场价格自然会下降。实际上，如果出口增长到足够的程度，ICs最终可能会失去价值，从而使整个方案自动失效。在这种情形下，那些拥有改变现实能力的重要出口国可能会迅速取消他们目前用来限制美国产品出口的各种机制。",[14,290,291],{},"如果我们实施IC计划，我们也可以设立一些过渡期，在这段时间内故意维持一个相对较小的赤字，从而让世界有时间逐步适应我们的转变。政府可以选择每月拍卖“额外”的ICs，或者将其赠予那些有出口需求的发展中国家。后者将构成一种有效且受欢迎的对外援助形式。",[14,293,294],{},"最后，我想再次提醒大家，我曾经也发出过“狼来了”的警告。总体而言，在美国，末日论者的命中率非常低。我们的国家总是能让那些质疑我们经济潜力或恢复能力的人看起来像傻瓜。很多悲观者低估了我们克服看似严重问题的那种强大活力。我们依旧拥有一个真正非凡的国家与经济体系。",[14,296,297],{},"但我相信，我们面临的贸易赤字问题，将会考验我们一切解决问题的能力。美元的温和贬值不会是答案。诚然，它或许能在一定程度上减少贸易赤字，但远远不够以阻止我们国家净资产的流失，和投资收入赤字的不断扩大。",[14,299,300],{},"或许还存在比我的方案更有意义的解决方法。然而，幻想——以及与之常伴的“吸吮拇指”式迟疑——显然不是其中之一。就我目前所见，我们必须采取行动来阻止国家财富的快速流失，而IC机制似乎是最不痛苦、同时最可靠的办法。请始终记住，这并非一个“小问题”：以目前世界对美国的净投资速度来看，它每年几乎可以“买走”我们近4%的公开上市股票。",[14,302,303],{},"在伯克希尔评估商业选项时，我的合伙人查理·芒格常常半开玩笑地说：“我只想知道我会在哪儿死去，然后我就永远不去那里。”制定我们贸易政策的人应当认真对待这一忠告——并远离“浪费之城”。",[14,305,306],{},[24,307,308],{},"附录：",[14,310,311],{},[24,312,313],{},"为什么外国人无法抛弃他们手中的美元",[14,315,316],{},"你在关于美元的文章中有多少次看到过类似这样的评论？",[14,318,319],{},"“分析人士表示，他们真正担忧的是外国人将开始抛售美元。”",[14,321,322,323,326],{},"下次再看到类似说法，请无视它。事实是：",[24,324,325],{},"外国整体上根本无法抛弃美元","。实际上，由于我们的贸易赤字不断将新的美元输送到外国人手中，他们也就必须不断地增加对美国的投资。",[14,328,329],{},"当然没错，世界其他国家可以选择持有哪些美国资产。例如，他们可以卖出美国国债，转而购买美国股票。或者像1980年代的日本那样，把资金投向美国房地产。",[14,331,332],{},"此外，任何此类操作——尤其是在情绪紧张的买卖方推动下——都可能影响美元的价格。",[14,334,335,336,339],{},"但请设想一种情况：假设日本人既想脱手他们在美国的房地产，也想完全退出所有美元资产。他们无法通过把房地产卖给美国人来实现这一点，因为他们收到的仍然是美元。而如果他们把房地产卖给非美国人——比如法国人，用欧元结算——那么这些资产仍然掌握在外国人手里。无论是哪种出售方式，",[24,337,338],{},"全球持有的美元资产总量并未改变","（除非同时伴随美元价格的波动）。",[14,341,342,343,346],{},"核心问题在于：除非其他国家总体上",[24,344,345],{},"从美国购买的商品和服务多于我们从他们那里购买的","，否则他们无法“撤出”对美国的投资。那样的状态被称为“美国贸易顺差”，而我们现在并不存在这种情况。",[14,348,349,350,92],{},"你当然可以想象出一些激进的情节来改变这一局面。例如，世界其他国家向美国大规模提供外国援助，以抵消我们的贸易赤字。但从任何现实角度来看，我们庞大的贸易赤字都意味着：",[24,351,352],{},"世界其他国家不仅必须继续持有它们拥有的美国资产，而且还得不断增持",[14,354,355],{},"这也正是为什么，美国的国家净资产正在逐渐从我们自己的国土流向海外。",[14,357,358],{},"（全）",{"title":360,"searchDepth":361,"depth":361,"links":362},"",2,[],"访谈与文章",null,"巴菲特在《财富》撰文警告美国贸易赤字风险，披露其进行的货币押注，提出进口证书制度平衡贸易。","md",{},true,43,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":5,"description":365},"巴菲特：2003年美国正滑向贸易赤字的危险边缘｜巴菲特","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan","buffett\u002Finterview\u002Fba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan","8gPQmvoQvjZepnjHnvrGr-RDcq3Xof6-B107uzAyKL0","buffett",[378,383,386,390,393,396,399,403,406,409,413,416,419,423,426,429,433,436,439,443,446,449,453,456,459,463,466,469,473,476,479,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,533,536,539,543,546,549,553,556,559,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,614,617,620,624,627,630,634,637,640,644,647,650,654,657,660,664,667,670,674,677,680,684,687,690,694,697,700,704,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,776,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1173,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1288,1292,1296,1300,1304,1308,1312,1316,1320,1324,1328,1332,1336,1340,1344,1348,1352,1356,1360,1364,1368,1372,1376],{"title":379,"slug":380,"category":381,"order":382},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":384,"slug":385,"category":363,"order":382},"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":387,"slug":388,"category":389,"order":382},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":391,"slug":392,"category":381,"order":361},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":394,"slug":395,"category":363,"order":361},"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":397,"slug":398,"category":389,"order":361},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":400,"slug":401,"category":381,"order":402},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":404,"slug":405,"category":363,"order":402},"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":407,"slug":408,"category":389,"order":402},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":410,"slug":411,"category":381,"order":412},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":414,"slug":415,"category":363,"order":412},"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":417,"slug":418,"category":389,"order":412},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":420,"slug":421,"category":381,"order":422},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":424,"slug":425,"category":363,"order":422},"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":427,"slug":428,"category":389,"order":422},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":430,"slug":431,"category":381,"order":432},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":434,"slug":435,"category":363,"order":432},"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":437,"slug":438,"category":389,"order":432},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":440,"slug":441,"category":381,"order":442},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":444,"slug":445,"category":363,"order":442},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":447,"slug":448,"category":389,"order":442},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":450,"slug":451,"category":381,"order":452},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":454,"slug":455,"category":363,"order":452},"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":457,"slug":458,"category":389,"order":452},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":460,"slug":461,"category":381,"order":462},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":464,"slug":465,"category":363,"order":462},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":467,"slug":468,"category":389,"order":462},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":470,"slug":471,"category":381,"order":472},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":474,"slug":475,"category":363,"order":472},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":477,"slug":478,"category":389,"order":472},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":480,"slug":481,"category":381,"order":482},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":484,"slug":485,"category":363,"order":482},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":487,"slug":488,"category":389,"order":482},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":490,"slug":491,"category":381,"order":492},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":494,"slug":495,"category":363,"order":492},"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":497,"slug":498,"category":389,"order":492},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":500,"slug":501,"category":381,"order":502},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":504,"slug":505,"category":363,"order":502},"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":507,"slug":508,"category":389,"order":502},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":510,"slug":511,"category":381,"order":512},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":514,"slug":515,"category":363,"order":512},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":517,"slug":518,"category":389,"order":512},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":520,"slug":521,"category":381,"order":522},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":524,"slug":525,"category":363,"order":522},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":527,"slug":528,"category":389,"order":522},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":530,"slug":531,"category":381,"order":532},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":534,"slug":535,"category":363,"order":532},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":537,"slug":538,"category":389,"order":532},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":540,"slug":541,"category":381,"order":542},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":544,"slug":545,"category":363,"order":542},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":547,"slug":548,"category":389,"order":542},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":550,"slug":551,"category":381,"order":552},"1965 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巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":908,"slug":909,"category":363,"order":906},"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":911,"slug":912,"category":562,"order":913},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":915,"slug":916,"category":363,"order":913},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":918,"slug":919,"category":562,"order":920},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":922,"slug":923,"category":363,"order":920},"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":925,"slug":926,"category":562,"order":927},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":929,"slug":930,"category":363,"order":927},"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":932,"slug":933,"category":562,"order":934},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":936,"slug":937,"category":363,"order":934},"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":939,"slug":940,"category":562,"order":941},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":943,"slug":944,"category":363,"order":941},"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":946,"slug":947,"category":562,"order":948},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":950,"slug":951,"category":363,"order":948},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":953,"slug":954,"category":562,"order":955},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":957,"slug":958,"category":363,"order":955},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":960,"slug":961,"category":562,"order":962},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":964,"slug":965,"category":363,"order":962},"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":967,"slug":968,"category":562,"order":969},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":971,"slug":972,"category":363,"order":969},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":974,"slug":975,"category":562,"order":976},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":978,"slug":979,"category":363,"order":976},"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":981,"slug":982,"category":562,"order":983},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":985,"slug":986,"category":363,"order":983},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":988,"slug":989,"category":562,"order":990},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":992,"slug":993,"category":363,"order":990},"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":995,"slug":996,"category":562,"order":997},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":999,"slug":1000,"category":363,"order":997},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1002,"slug":1003,"category":562,"order":1004},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1006,"slug":1007,"category":363,"order":1004},"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":1009,"slug":1010,"category":562,"order":1011},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1013,"slug":1014,"category":363,"order":1011},"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":1016,"slug":1017,"category":562,"order":1018},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1020,"slug":1021,"category":363,"order":1018},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1023,"slug":1024,"category":562,"order":1025},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1027,"slug":1028,"category":363,"order":1025},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1030,"slug":1031,"category":562,"order":1032},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1034,"slug":1035,"category":363,"order":1032},"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":1037,"slug":1038,"category":562,"order":1039},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1041,"slug":1042,"category":363,"order":1039},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1044,"slug":1045,"category":562,"order":1046},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1048,"slug":1049,"category":363,"order":1046},"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":1051,"slug":1052,"category":562,"order":1053},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1055,"slug":1056,"category":363,"order":1053},"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":1058,"slug":1059,"category":562,"order":1060},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1062,"slug":1063,"category":363,"order":1060},"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":1065,"slug":1066,"category":562,"order":1067},"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":1069,"slug":1070,"category":363,"order":1067},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1072,"slug":1073,"category":562,"order":1074},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1076,"slug":1077,"category":363,"order":1074},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1079,"slug":1080,"category":562,"order":1081},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1083,"slug":1084,"category":363,"order":1081},"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":1086,"slug":1087,"category":562,"order":1088},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1090,"slug":1091,"category":363,"order":1088},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1093,"slug":1094,"category":562,"order":1095},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1097,"slug":1098,"category":363,"order":1095},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1100,"slug":1101,"category":562,"order":1102},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1104,"slug":1105,"category":363,"order":1102},"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":1107,"slug":1108,"category":562,"order":1109},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1111,"slug":1112,"category":363,"order":1109},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1114,"slug":1115,"category":562,"order":1116},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1118,"slug":1119,"category":363,"order":1116},"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":1121,"slug":1122,"category":562,"order":1123},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1125,"slug":1126,"category":363,"order":1123},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1128,"slug":1129,"category":562,"order":1130},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1132,"slug":1133,"category":363,"order":1130},"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":1135,"slug":1136,"category":562,"order":1137},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1139,"slug":1140,"category":363,"order":1137},"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":1142,"slug":1143,"category":562,"order":1144},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1146,"slug":1147,"category":363,"order":1144},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1149,"slug":1150,"category":562,"order":1151},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1153,"slug":1154,"category":363,"order":1151},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1156,"slug":1157,"category":562,"order":1158},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1160,"slug":1161,"category":363,"order":1158},"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":1163,"slug":1164,"category":562,"order":1165},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1167,"slug":1168,"category":363,"order":1165},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1170,"slug":1171,"category":562,"order":1172},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1174,"slug":1175,"category":363,"order":1172},"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":1177,"slug":1178,"category":363,"order":1179},"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":1181,"slug":1182,"category":363,"order":1183},"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":1185,"slug":1186,"category":363,"order":1187},"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":1189,"slug":1190,"category":363,"order":1191},"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":1193,"slug":1194,"category":363,"order":1195},"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":1197,"slug":1198,"category":363,"order":1199},"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":1201,"slug":1202,"category":363,"order":1203},"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":1205,"slug":1206,"category":363,"order":1207},"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":1209,"slug":1210,"category":363,"order":1211},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":1213,"slug":1214,"category":363,"order":1215},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":1217,"slug":1218,"category":363,"order":1219},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":1221,"slug":1222,"category":363,"order":1223},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":1225,"slug":1226,"category":363,"order":1227},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":1229,"slug":1230,"category":363,"order":1231},"巴菲特：2015年对话IVEY 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