[{"data":1,"prerenderedAt":1816},["ShallowReactive",2],{"library-ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng":3,"library-sidebar-buffett":279,"library-sidebar-dao":1282,"library-sidebar-models":1584},{"id":4,"title":5,"body":6,"category":265,"date":266,"description":267,"extension":268,"meta":269,"navigation":270,"order":271,"path":272,"seo":273,"seoDescription":267,"seoTitle":274,"slug":275,"stem":276,"__hash__":277,"_collection":278},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng.md","巴菲特：2005年对话堪萨斯大学学生",{"type":7,"value":8,"toc":260},"minimark",[9,13,18,22,28,33,40,46,50,53,57,60,67,71,74,80,84,87,94,98,105,111,119,129,136,142,146,157,160,164,173,177,180,183,187,193,197,200,203,208,212,227,231,234,237,244,248,251,254,257],[10,11,5],"h1",{"id":12},"巴菲特2005年对话堪萨斯大学学生",[14,15,17],"h2",{"id":16},"巴菲特对话堪萨斯大学学生2005","巴菲特：对话堪萨斯大学学生2005",[19,20,21],"p",{},"2005 年12 月2 日",[23,24,25],"blockquote",{},[19,26,27],{},"由于不准携带笔记本，以下笔记是我凭速记和回忆完成的。笔记内容与其他同学核对过，虽然不是一字不差地记录巴菲特的原话，但我相信，在每个问题中，我们都抓住了巴菲特回答的精华。巴菲特在开场白中说，这次交流以回答学生们的问题为主。唯一不能谈的是最近堪萨斯州与内布拉斯加州的橄榄球赛(内布拉斯加州玉米收割者队惨败给了堪萨斯州松鹰队)。",[29,30,32],"h4",{"id":31},"q您年纪越来越大为什么还能总保持充沛的动力去追求超额收益","Q：您年纪越来越大，为什么还能总保持充沛的动力去追求超额收益？",[19,34,35,36],{},"巴菲特：**我不以赚钱多少或复合收益率高低来衡量成功。财产多几位数，不能过得更幸福。我做的事没有终点。这是一个没有终点的旅程。**我真是幸运，我快乐地享受自己的整个旅程。做投资，不是追求在4 分钟内跑完1英里。假如我的目标是4 分钟内跑完1 英里，跑进了4 分钟，我就没别的追求了。",[37,38,39],"strong",{},"在投资中，总有新问题，总有新乐趣，而且新问题与旧问题总是很相似，我可以用上过去学到的知识。",[19,41,42,45],{},[37,43,44],{},"我打算一直做下去，除非哪天我老年痴呆了","。问题是，人得了老年痴呆，自己不知道，只有别人看得出来。我和我的三个孩子说了，什么时候我痴呆了，他们一定要三个人一起告诉我。他们三个人中，谁要是单独告诉我，说我痴呆了，我得考虑把他从遗产继承人中去掉！",[29,47,49],{"id":48},"q最近在ebay-上与您共进午餐的机会拍出了35-万美元的价格请问投资者如何确定巴菲特的价值","Q：最近，在eBay 上，与您共进午餐的机会拍出了35 万美元的价格。请问投资者如何确定巴菲特的价值？",[19,51,52],{},"巴菲特：拍卖午餐筹集的款项用于有意义的慈善事业。旧金山有一座格莱德纪念教堂。1960 年代，格莱德纪念教堂毫无生气，20 多岁的塞西尔·威廉姆斯(Cecil Williams)来到这里担任牧师。塞西尔接纳沉沦到社会底层的人，让教堂重新焕发了生机。格莱德基金会坚持帮助被社会边缘化的群体，得到了许多名人的支持。塞西尔提议拍卖与我共进午餐的机会，他觉得这是个筹集善款的好主意。第一年拍出了2.5万美元。两年以后，第一次开始在eBay 上拍卖，拍出了25 万美元。今年的价格是35 万美元。我答应与出价最高者共进午餐，并拿出一下午的时间与他们交流。我通过拍卖午餐遇到的人都特别有意思。比如说，去年和我共进午餐的人，他经营了一家专门开发安全数据库的公司。这家公司的产品识别出了5 名911 劫机者。我和他很谈得来，后来又和他见了一面，是我请他吃早饭。这么一算，相当于给他购买的午餐打了个半价，17.5 万美元！",[29,54,56],{"id":55},"q您有许多有影响力的朋友请问您从您的朋友身上学到了什么","Q：您有许多有影响力的朋友，请问您从您的朋友身上学到了什么？",[19,58,59],{},"巴菲特：我明白了交朋友要选择益友。我的朋友都是聪明人，在和他们多年的交往中，他们教了我很多东西，但最主要的还是，他们都是好的朋友。盖茨一家带我旅行过四次。每一次，比尔都为我考虑得特别周到。在计划中国之行时，比尔问我，到了中国想吃什么食物。我告诉他，我现在吃的东西是从小吃惯了的，别的什么都不如我现在吃的东西好吃。比尔把我的话当真了，他提前做了安排，派厨师去中国，在我们要入驻的中国酒店，教中国厨师怎么制作汉堡等美国食品。他安排我和12 岁的小孩打乒乓球，其实那孩子可是冠军。我们还一起打德州扑克、一起学画画，玩得最多的当然是桥牌。",[19,61,62,63,66],{},"当兵的人忘不了打仗时结下的友谊，那是多少年互相照应形成的情谊。我对我的朋友也怀着同样的感情。我的另一位好朋友，查理·芒格，是他帮我转向购买好生意，不再像从前那样捡垃圾。",[37,64,65],{},"查理的商业能力、聪明智慧自然是一流的，但我更欣赏的是他的为人处世。在我们多年的合作中，我们俩都受益颇多","。",[29,68,70],{"id":69},"q本格雷厄姆是您的老师您盛赞格雷厄姆认为自己的成功源于格雷厄姆的教诲但是以创造的财富衡量格雷厄姆与您相距甚远请问为什么会这样","Q：本·格雷厄姆是您的老师，您盛赞格雷厄姆，认为自己的成功源于格雷厄姆的教诲。但是，以创造的财富衡量，格雷厄姆与您相距甚远。请问，为什么会这样？",[19,72,73],{},"巴菲特：**格雷厄姆不看重钱。投资只是他的一个副业，他还写剧本、翻译希腊语的书等等。格雷厄姆不把财富积累作为自己追求的目标。**他大学时是文科生，后来立志投身华尔街，相信文科生也能在金融业取得一番成就。格雷厄姆不热衷于赚钱。当年，我好不容易找到一个能赚大钱的好机会，兴冲冲地去找他，我说\"我们要发了！\"可他根本不在意(他的合伙人杰瑞·纽曼倒是很在意)。",[19,75,76,77],{},"**格雷厄姆写书是因为他天生有学者气质。他希望用每个普通人都能看懂的方法把投资讲明白。**格雷厄姆希望研究出一个方法，让爱荷华州的一名牙医能照着做，让没有深入知识的人也能用这套方法赚钱。他希望研究出一种所有人都可以用的量化方法。阅读《聪明投资者》一书，可以将格雷厄姆的智慧总结为三个要点：",[37,78,79],{},"1)买股票就是买公司；2)股市短期是投票器、长期是称重机；3)安全边际。",[29,81,83],{"id":82},"q目前伯克希尔持有400-亿美元的现金您打算如何投资这些现金","Q：目前伯克希尔持有400 亿美元的现金，您打算如何投资这些现金？",[19,85,86],{},"巴菲特：我们今年的投资比较多，例如，投资了34 亿美元收购太平洋公司(PacifiCorp)。现在的收购机会，竞争还是很激烈。很难找到花5 角钱买1 元钱的机会，所以我们要考虑花8 角钱买1 元钱是否合理。400 亿美元拿在手里，对我和查理来说，是个心思。找不到机会虽然难受，但乱投资要遭殃。",[19,88,89,90,93],{},"早晚有一天，市场一定会发生变化，我们一定有机会。我们要时刻准备着行动。1998 年就出了机会。当时，长期资本管理公司崩盘，固定收益证券出现了大机会。在那种情况下，",[37,91,92],{},"一定要让自己和市场的恐惧绝缘","。我那时正在和盖茨一家度假。假如我不是身在黄石公园，而是在纽约，我们能赚20 亿美元。",[29,95,97],{"id":96},"q您不相信半强式有效市场理论请问您如何反驳该理论","Q：您不相信半强式有效市场理论，请问您如何反驳该理论？",[19,99,100,101,104],{},"巴菲特：我怎么能认同这样的理论呢？",[37,102,103],{},"市场是相当有效的，大多数股票的价格是合理的。\"股价大多数时候合理\"，\"股价永远合理\"，这两种说法有天壤之别","。因为这个天壤之别，有人发家致富，有人长期贫穷。举个例子，当年，股市给华盛顿邮报的报价是1 亿美元。当时的华盛顿邮报，假如拍卖的话，哪怕把地点选在荒岛上、把时间选在深更半夜里，都一定有人游泳前来，而且至少出价4 亿美元。这样的市场怎能称之为有效？",[19,106,107,110],{},[37,108,109],{},"投资者只有下功夫挖掘，才找得到这样的投资机会","。1950 年代，穆迪手册和标普手册是提供信息的好帮手。",[23,112,113],{},[19,114,115],{},[116,117,118],"span",{},"此时，巴菲特向学生们展示了1951 年版的《穆迪银行和金融手册》。他把手册翻到了第1431 页，其中列出了西部保险证券(Western Insurance Securities)的信息。",[19,120,121,122,125,126],{},"找机会和淘金一样。西部保险证券1949 年和1950 年的每股盈利分别是21.66 美元和29.09 美元。1950年，它的股价在3-13 美元之间。我亲自去调研了这家公司，发现它一点问题没有。我在《斯科特堡报》(FortScott Newspaper)上发布了广告，求购这家公司的股票。",[116,123,124],{},"巴菲特接着翻到了第1443 页","。我再往下翻两页，这里是第1443 页。找到金矿了！全美保险公司(National American Insurance)，每股盈利29.02 美元，股价27-28 美元。这家公司就在我当时在奥马哈工作的地方附近。我也去进行了调研，这家公司也没任何问题。",[37,127,128],{},"教授们信奉市场有效理论，所以在他们眼里，这些股票的定价一定是对的！",[19,130,131,132,135],{},"现在问题来了，今天还有这样的机会吗？",[116,133,134],{},"这时巴菲特拿出了一本花旗银行编撰的《2004 年韩国股票手册》。","我在花旗银行的经纪人推荐我看一下这本韩国版的穆迪手册。他说，里面情况和1951 年一模一样，他说得一点没错。我一翻，找到了很多估值低的好公司。用了五六个小时的时间，我就做出了一个包含20-25 只股票、投入1亿美元的小型投资组合。以其中的大韩面粉(DaeHan Flour Mills)为例，它在韩国面粉加工行业占据25%的市场份额，净资产是20.6 万韩元，公司持有20.1 万韩元的有价证券，市盈率只有2 倍。",[19,137,138,141],{},[37,139,140],{},"市场绝对不是什么时候都有效。有时候，能出现一些机会，抓住了，你就赚翻了","。教授们必须拥护有效市场理论，否则将被从学术圈里踢出去。",[29,143,145],{"id":144},"q请问今天我们去哪寻找投资机会","Q：请问今天我们去哪寻找投资机会？",[19,147,148,149,152,153,156],{},"巴菲特：**第一步，分成两堆。把公司分成两堆，一堆是你能看懂的、能做出符合逻辑的预测，另一堆是你看不懂的、无法做出符合逻辑的预测。**例如，口香糖公司和软件公司。自己一定要清楚，什么是自己能搞懂的，什么是自己搞不懂的。",[37,150,151],{},"把所有搞不懂的或者难以预测的放到一堆，这一堆是\"太难\"(TooHard)的","。其他的放在另外一堆，",[37,154,155],{},"挑出来以后，你下一步要大量阅读，了解公司所在的行业、收集公司的背景信息。大量阅读年报、季报等公告。通过阅读了解竞争对手的情况。我在分析之前不看股价。我先做功课，估算股票的价值，然后再和当前的市场报价比较。如果提前知道了价格，可能影响自己的分析","。我们准备做一笔50 亿美元的投资，我就是按我刚说的过程研究的这笔投资。",[19,158,159],{},"我年轻时赌马。所有马获胜的概率加起来是100%。有时候，在一场马赛中，能发现赛马术语中所说的\"overlay\"(是指，玩家通过自己的评估方法认为，与公众投注确定的获胜概率相比，一匹马实际上具有更高的获胜概率)。我们是在股市中寻找overlay，就像寻宝一样。要挖掘到更多投资机会，投资者需要扩大自己的能力圈。我在这么多年的投资之中，一直在扩大自己的能力圈。1951 年，我只需要搞懂保险公司就可以了，那时候保险公司的机会足够我用了。",[29,161,163],{"id":162},"q当前的大学生应当如何找工作","Q：当前的大学生应当如何找工作？",[19,165,166,167,66,170],{},"巴菲特：",[116,168,169],{},"巴菲特给出的回答仍然和往常一样：做自己喜欢的事，别担心钱……",[37,171,172],{},"别做自己无法全身心投入的工作，别和自己不喜欢、不信任的人共事。",[29,174,176],{"id":175},"q关于捐款做慈善的想法","Q：关于捐款做慈善的想法？",[19,178,179],{},"巴菲特：怎么捐款做慈善，可以从一个很简单的问题来考虑：\"每花一元钱，如何能救更多人的命？\"盖茨捐了 300 亿美元，他捐了很多钱用于治疗疟疾。盖茨做慈善，就是从这个问题出发，他考虑的不是用自己的名字命名哪座大楼。他的做法特别合理。",[19,181,182],{},"该如何捐赠？是最终去世时捐？还是每年都捐？25 年前，我能捐的数额起不了多大作用，按盖茨做慈善的方法，我帮不上什么大忙。现在好多了，我能出更多力了。",[29,184,186],{"id":185},"q金价创下历史新高您如何看待投资黄金","Q：金价创下历史新高，您如何看待投资黄金？",[19,188,189,190],{},"巴菲特：全世界每年开采价值500 亿美元的黄金，而实际使用的需求没那么多。1900 年金价每盎司20 美元，1935 年涨到每盎司35 美元，1970 年代每盎司20 美元。现在，金价每盎司500 美元。**黄金不能创造收入，倒是需要存储和保险费用。标普指数、道指都比黄金表现好，更何况投资股票还有股息。从长期投资的角度来看，黄金不值得投资。**事实必然如此，因为黄金本身的内在价值就不高。石油以及其他一些大宗商品的实用价值都比黄金高多了。",[37,191,192],{},"我喜欢始终能生钱的资产，黄金不会下蛋。",[29,194,196],{"id":195},"qanheuserbusch-计划提升中国的业务量是否可以通过投资ab-这样的美国公司来实现全球投资","Q：AnheuserBusch 计划提升中国的业务量，是否可以通过投资AB 这样的美国公司来实现全球投资？",[19,198,199],{},"巴菲特：海外业务占比较高的美国公司很少，靠投资美国公司来实现全球投资，不太可行。",[19,201,202],{},"拿AnheuserBusch 啤酒公司来说，它进入中国当然比不进入好，但是中国的业务只占它总业务的很小一部分，我几乎在估值中将它的中国业务忽略不计。在中国投资很难。我们唯一直接投资的是中国石油。中国石油是一家拥有50 万员工的大公司，然而五年前我对它一无所知。三年前，我读了一份报告，觉得中石油有投资价值，那时它的估值只有其他石油巨头的三分之一。我当然希望中石油的资产在美国，那就好了，但我又不想花3 倍的价钱买。我读了中石油的年报，白纸黑字写着公司计划每年将利润的40%用于分红。今年，我们拿到了股息1 亿美元，我们一共才投资了4 亿美元。",[19,204,205],{},[37,206,207],{},"投资中国的银行和保险公司，我不太放心，毕竟我看不懂中国银行和保险公司的现在和未来。",[29,209,211],{"id":210},"q很多人向您请教问题在您印象中别人向您提出的最好的问题是什么","Q：很多人向您请教问题，在您印象中，别人向您提出的最好的问题是什么？",[19,213,214,215,218,219,222,223,226],{},"巴菲特：我知道我自己向别人提出的最好的问题是什么，是问我妻子是否愿意嫁给我。她的回答也许是她答得最坏的！",[116,216,217],{},"巴菲特停顿片刻","这样吧，你说说，别人问你的最好的问题是什么，我来答。",[37,220,221],{},"在所有我回答的问题中，最好的问题是那些让我讲自己的人生经验的","。这些问题，年轻人答不上来。",[37,224,225],{},"无论男还是女，一生之中，最重要的决定都是选择伴侣。最重要的工作都是养儿育女","。孩子五岁之前的那几年特别重要。盖茨一家把子女培养得很好，他们费了很多心思。",[29,228,230],{"id":229},"q您特别富有一些人总向您索取您如何远离这样的人","Q：您特别富有，一些人总向您索取，您如何远离这样的人？",[19,232,233],{},"巴菲特：我很多朋友是我在年轻的时候就结交了的，不是因为我有钱了才和我成为朋友。富二代其实才不好交朋友，我本人算不上富二代。现在很多人给我写信，特别是很多在监狱的人给我写信，甚至还有监狱里的桥牌爱好者给我写信。",[19,235,236],{},"更多的钱并不能给生活带来太大的改变。我也改变不了内布拉斯加州和堪萨斯州的橄榄球比赛分数！我还是像以前一样睡觉(每晚睡七个小时，还是躺在一样的床垫上，你也可以去内布拉斯加家具城买同款的)。我边听iPod 边在跑步机上锻炼，你也可以啊。在座的各位，都比当年的洛克菲勒过得更好。",[19,238,239,240,243],{},"现在，",[37,241,242],{},"你们是大学生，正是投资自己的年龄，现在投资，将来才能获益","。你们自己就是自己的资产，努力提升自己吧。给你1 亿又如何？你不还是你？(Adding$100 million to that asset won't change you that much.)",[29,245,247],{"id":246},"q最近一些美国公司的造假行为被曝光政府是否应答加大惩处力度","Q：最近，一些美国公司的造假行为被曝光，政府是否应答加大惩处力度？",[19,249,250],{},"巴菲特：艾略特·斯皮策(Spitzer)为社会做了一件好事。Millennium Partners 同意庭外和解，支付了1.8 亿",[19,252,253],{},"美元的罚款。MillenniumPartners 已经身败名裂了。经过斯皮策的揭发，所有基金或保险公司都怕当众出丑，不敢再犯类似问题。查理总是说，每年公开绞死几个，对社会功德无量……",[19,255,256],{},"查理只是打个比方。媒体曝光比萨班斯-奥克斯利法案(Sarbanes-Oxley)更有效力。斯皮策可能略有越界，但最终他给社会做了大好事。",[258,259],"hr",{},{"title":261,"searchDepth":262,"depth":262,"links":263},"",2,[264],{"id":16,"depth":262,"text":17},"访谈与文章",null,"巴菲特接待堪萨斯大学学生访问，分享投资哲学与人生智慧，强调诚信、热情与长期复利的力量。","md",{},true,59,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":5,"description":267},"巴菲特：2005年对话堪萨斯大学学生｜巴菲特","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng","uCIix_M6XKqJZaVg-Ue6TUIvIMAnrRS5zaLPPYCiSEc","buffett",[280,285,288,292,295,298,301,305,308,311,315,318,321,325,328,331,335,338,341,345,348,351,355,358,361,365,368,371,375,378,381,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,466,469,472,476,479,482,486,489,492,496,499,502,506,509,512,516,519,522,526,529,532,536,539,542,546,549,552,556,559,562,566,569,572,576,579,582,586,589,592,596,599,602,606,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,790,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1086,1090,1094,1098,1102,1106,1110,1114,1118,1122,1126,1130,1134,1138,1142,1146,1150,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278],{"title":281,"slug":282,"category":283,"order":284},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":286,"slug":287,"category":265,"order":284},"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":289,"slug":290,"category":291,"order":284},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":293,"slug":294,"category":283,"order":262},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":296,"slug":297,"category":265,"order":262},"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":299,"slug":300,"category":291,"order":262},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":302,"slug":303,"category":283,"order":304},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":306,"slug":307,"category":265,"order":304},"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":309,"slug":310,"category":291,"order":304},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":312,"slug":313,"category":283,"order":314},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":316,"slug":317,"category":265,"order":314},"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":319,"slug":320,"category":291,"order":314},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":322,"slug":323,"category":283,"order":324},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":326,"slug":327,"category":265,"order":324},"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":329,"slug":330,"category":291,"order":324},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":332,"slug":333,"category":283,"order":334},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":336,"slug":337,"category":265,"order":334},"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":339,"slug":340,"category":291,"order":334},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":342,"slug":343,"category":283,"order":344},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":346,"slug":347,"category":265,"order":344},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":349,"slug":350,"category":291,"order":344},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":352,"slug":353,"category":283,"order":354},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":356,"slug":357,"category":265,"order":354},"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":359,"slug":360,"category":291,"order":354},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":362,"slug":363,"category":283,"order":364},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":366,"slug":367,"category":265,"order":364},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":369,"slug":370,"category":291,"order":364},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":372,"slug":373,"category":283,"order":374},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":376,"slug":377,"category":265,"order":374},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":379,"slug":380,"category":291,"order":374},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":382,"slug":383,"category":283,"order":384},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":386,"slug":387,"category":265,"order":384},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":389,"slug":390,"category":291,"order":384},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":392,"slug":393,"category":283,"order":394},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":396,"slug":397,"category":265,"order":394},"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":399,"slug":400,"category":291,"order":394},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":402,"slug":403,"category":283,"order":404},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":406,"slug":407,"category":265,"order":404},"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":409,"slug":410,"category":291,"order":404},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":412,"slug":413,"category":283,"order":414},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":416,"slug":417,"category":265,"order":414},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":419,"slug":420,"category":291,"order":414},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":422,"slug":423,"category":283,"order":424},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":426,"slug":427,"category":265,"order":424},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":429,"slug":430,"category":291,"order":424},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":432,"slug":433,"category":283,"order":434},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":436,"slug":437,"category":265,"order":434},"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":439,"slug":440,"category":291,"order":434},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":442,"slug":443,"category":283,"order":444},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":446,"slug":447,"category":265,"order":444},"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":449,"slug":450,"category":291,"order":444},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":452,"slug":453,"category":283,"order":454},"1965 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巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":810,"slug":811,"category":265,"order":808},"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":813,"slug":814,"category":464,"order":815},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":817,"slug":818,"category":265,"order":815},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":820,"slug":821,"category":464,"order":822},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":824,"slug":825,"category":265,"order":822},"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":827,"slug":828,"category":464,"order":829},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":831,"slug":832,"category":265,"order":829},"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":834,"slug":835,"category":464,"order":836},"1995 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巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":866,"slug":867,"category":265,"order":864},"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":869,"slug":870,"category":464,"order":871},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":873,"slug":874,"category":265,"order":871},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":876,"slug":877,"category":464,"order":878},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":880,"slug":881,"category":265,"order":878},"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":883,"slug":884,"category":464,"order":885},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":887,"slug":888,"category":265,"order":885},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":890,"slug":891,"category":464,"order":892},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":894,"slug":895,"category":265,"order":892},"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":897,"slug":898,"category":464,"order":899},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":901,"slug":902,"category":265,"order":899},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":904,"slug":905,"category":464,"order":906},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":908,"slug":909,"category":265,"order":906},"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":911,"slug":912,"category":464,"order":913},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":915,"slug":916,"category":265,"order":913},"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":918,"slug":919,"category":464,"order":920},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":922,"slug":923,"category":265,"order":920},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":925,"slug":926,"category":464,"order":927},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":929,"slug":930,"category":265,"order":927},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":932,"slug":933,"category":464,"order":934},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":936,"slug":937,"category":265,"order":934},"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":939,"slug":940,"category":464,"order":941},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":943,"slug":944,"category":265,"order":941},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":946,"slug":947,"category":464,"order":948},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":950,"slug":951,"category":265,"order":948},"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":953,"slug":954,"category":464,"order":955},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":957,"slug":958,"category":265,"order":955},"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":960,"slug":961,"category":464,"order":962},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":964,"slug":965,"category":265,"order":962},"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":967,"slug":968,"category":464,"order":969},"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":971,"slug":972,"category":265,"order":969},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":974,"slug":975,"category":464,"order":976},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":978,"slug":979,"category":265,"order":976},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":981,"slug":982,"category":464,"order":983},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":985,"slug":986,"category":265,"order":983},"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":988,"slug":989,"category":464,"order":990},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":992,"slug":993,"category":265,"order":990},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":995,"slug":996,"category":464,"order":997},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":999,"slug":1000,"category":265,"order":997},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1002,"slug":1003,"category":464,"order":1004},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1006,"slug":1007,"category":265,"order":1004},"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":1009,"slug":1010,"category":464,"order":1011},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1013,"slug":1014,"category":265,"order":1011},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1016,"slug":1017,"category":464,"order":1018},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1020,"slug":1021,"category":265,"order":1018},"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":1023,"slug":1024,"category":464,"order":1025},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1027,"slug":1028,"category":265,"order":1025},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1030,"slug":1031,"category":464,"order":1032},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1034,"slug":1035,"category":265,"order":1032},"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":1037,"slug":1038,"category":464,"order":1039},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1041,"slug":1042,"category":265,"order":1039},"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":1044,"slug":1045,"category":464,"order":1046},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1048,"slug":1049,"category":265,"order":1046},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1051,"slug":1052,"category":464,"order":1053},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1055,"slug":1056,"category":265,"order":1053},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1058,"slug":1059,"category":464,"order":1060},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1062,"slug":1063,"category":265,"order":1060},"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":1065,"slug":1066,"category":464,"order":1067},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1069,"slug":1070,"category":265,"order":1067},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1072,"slug":1073,"category":464,"order":1074},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1076,"slug":1077,"category":265,"order":1074},"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":1079,"slug":1080,"category":265,"order":1081},"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":1083,"slug":1084,"category":265,"order":1085},"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":1087,"slug":1088,"category":265,"order":1089},"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":1091,"slug":1092,"category":265,"order":1093},"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":1095,"slug":1096,"category":265,"order":1097},"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":1099,"slug":1100,"category":265,"order":1101},"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":1103,"slug":1104,"category":265,"order":1105},"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":1107,"slug":1108,"category":265,"order":1109},"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":1111,"slug":1112,"category":265,"order":1113},"巴菲特：2014年CNBC 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