[{"data":1,"prerenderedAt":2302},["ShallowReactive",2],{"library-ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang":3,"library-sidebar-buffett":765,"library-sidebar-dao":1768,"library-sidebar-models":2070},{"id":4,"title":5,"body":6,"category":751,"date":752,"description":753,"extension":754,"meta":755,"navigation":756,"order":757,"path":758,"seo":759,"seoDescription":753,"seoTitle":760,"slug":761,"stem":762,"__hash__":763,"_collection":764},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-cha-li-luo-si-zhuan-fang.md","巴菲特：2007年查理罗斯专访",{"type":7,"value":8,"toc":746},"minimark",[9,13,18,22,36,39,42,45,53,56,59,62,65,68,71,74,77,80,83,86,89,92,95,98,105,108,111,114,117,120,123,126,136,139,142,145,148,151,154,157,160,163,173,176,179,185,191,194,197,200,203,206,209,212,215,220,223,226,231,234,245,252,255,258,261,264,267,270,276,279,282,285,288,291,297,300,303,311,314,317,320,327,330,333,336,339,346,352,359,362,368,371,388,391,397,404,407,410,413,416,419,422,425,428,431,434,437,440,443,446,449,452,455,458,461,464,467,470,473,476,479,482,485,488,491,494,497,500,503,506,509,512,519,522,525,528,531,534,537,540,547,550,553,556,559,562,565,568,571,574,577,583,586,589,592,595,598,601,604,607,610,613,616,619,625,628,639,642,645,648,651,654,657,660,663,666,669,672,675,678,681,684,687,690,693,696,699,705,708,711,718,721,728,731,734,737,740,743],[10,11,5],"h1",{"id":12},"巴菲特2007年查理罗斯专访",[14,15,17],"h2",{"id":16},"巴菲特查理罗斯专访2007","巴菲特：查理罗斯专访2007",[19,20,21],"p",{},"2007 年5 月10 日",[23,24,25,33],"blockquote",{},[19,26,27],{},[28,29,30],"a",{"href":30,"rel":31},"https:\u002F\u002Fcharlierose.com\u002Fvideos\u002F19608",[32],"nofollow",[19,34,35],{},"查理罗斯：沃伦巴菲特是伯克希尔哈撒韦公司的董事长兼CEO。伯克希尔是一家非常成功的公司，刚刚经历了史上最成功的年份之一。沃伦巴菲特担任CEO 已有42 年，他或许已成为全球最受敬仰的投资者。我们在2004 年开启了一系列对话，此后对话一直在延续。期间，我们谈论过他的公司、他的人生、他向比尔梅琳达盖茨基金会做出的巨额慈善捐赠，还有他对世界的看法。",[19,37,38],{},"查理·罗斯：感谢您再次来到节目对话。我们从2004 年开始这些对话，之后在2005 年、2006 年也有交流，现在是2007 年。希望这样的对话能持续很长时间。",[19,40,41],{},"沃伦·巴菲特：我也希望如此，查理。",[19,43,44],{},"罗斯：自我们上次交谈以来，这一年意义非凡。去年8 月，您做出了史上最大规模的慈善捐赠，这我们之前也讨论过。此外，您与优秀的伴侣阿斯特丽德·门克斯Astrid Menks 喜结连理。再者，2006 年对您和伯克希尔而言，都是极为出色的一年。但最重要的是，您一直在做并且还将继续做自己最喜欢的事，那就是管理伯克希尔。",[19,46,47,48,52],{},"巴菲特：这是人生中最大的幸事。",[49,50,51],"strong",{},"想想看，做着自己热爱的事还能获得报酬，每天都过得很开心，身边围绕着自己爱的人，做着自己喜欢做的事，没有比这更美好的了","。",[19,54,55],{},"罗斯：2006 年是辉煌的一年，跟我讲讲吧。",[19,57,58],{},"巴菲特：确实是不错的一年。我们完成了一些不错的收购。公司的管理层都很给力，而且一切顺利。我觉得这么说最为恰当。",[19,60,61],{},"罗斯：2006 年对伯克希尔来说，是增长幅度最大的一年。除了埃克森(Exxon 主要靠分红)，以及一些靠收购实现增长的公司，伯克希尔的净值增长幅度在美国商业史上名列前茅。",[19,63,64],{},"巴菲特：没错，也有其他公司盈利更多，但它们把利润都分配出去了。就实际的净值增长金额而言，我想我们去年创下了纪录。",[19,66,67],{},"罗斯：人们愿意花大价钱与您共进午餐。",[19,69,70],{},"巴菲特：前提是我别太频繁地出售这个机会。",[19,72,73],{},"罗斯：没错，这就是供求关系。那么，您经历过的最贵的午餐是多少钱？",[19,75,76],{},"巴菲特：嗯，我一会儿离开这里就要去赴一场午餐约会，有位先生为此支付了61 万美元。Samantha Wolinsky 还另外支付了1 万美元来安排这次午餐，所以慈善机构能收到62 万美元。**这位先生是美籍华人(段永平)，已经入了美国国籍。这次他会带着妻子，还有另外7 个人一起来(OPPO 陈明永，VIVO 沈炜，PDD 黄峥)。**他妻子非常有才华。我们会聊他们感兴趣的任何话题。到目前为止，每一次这样的午餐我都很享受。",[19,78,79],{},"罗斯：您举办过多少次这样的午餐了？",[19,81,82],{},"巴菲特：我猜大概10 次左右吧。自从我们在eBay 上拍卖这个机会后，价格真的大幅上涨。这位先生很有意思，他之前因为觉得自己英语不够好，所以没敢太早出价。但去年，他觉得自己英语水平可以了，就出价61 万美元。他给eBay 设置的出价上限是65 万美元，打算一直加价，直到最后一秒超过其他竞拍者。在这个过程中，我结识了很多有趣的人，自己也收获颇丰。",[19,84,85],{},"罗斯：我敢打赌，他们不会问您具体该投资哪只股票，因为您肯定不会说。他们更多的是希望您分享一下对某些事的看法，比如年轻人对什么感兴趣。",[19,87,88],{},"巴菲特：是的。我曾与一对年轻夫妇见面，那位先生是非常成功的投资经理，他并不需要知道如何赚钱，但他想聊聊如何养育孩子。因为他很有钱，所以面临很多相关问题。无论他们想聊什么，我都没问题。这些午餐有时能持续长达3 个小时，只要他们想聊，我就会一直陪着。",[19,90,91],{},"罗斯：随着公司规模不断扩大，规模大带来的风险是什么？有哪些弊端和优势呢？",[19,93,94],{},"巴菲特：规模是业绩的制约因素。管理1000 亿或2000 亿美元的公司，和管理1 亿或100 万美元的公司，方式截然不同。所以规模会影响业绩。当我管理几十万美元资金的时候，整个世界都是我的投资范围。随便一个想法，涉及成千上万的公司，只要是好点子，就能影响我们的净值。但现在，这个范围不断缩小，因为就算我们用1 亿美元做出了聪明的投资，赚了1 亿美元，扣除税后是6500 万美元，和1600 亿美元的公司净值相比，这点收益微不足道。所以我必须关注大型公司，这意味着可供选择的公司相对较少。也就是说，很多在管理100 万或 1000 万美元资金时可行的投资，现在已经不合适了。",[19,96,97],{},"罗斯：现在的重点是收购，而不是持有股权吗？",[19,99,100,101,104],{},"巴菲特：没错。我们现在拥有73 家企业，业务涵盖从DQ 冰淇淋店、汉堡熟食店，到NetJet 的737 飞机租赁业务等各个领域。我们涉足的领域很广泛，但我还想拓展更多。我希望73 这个数字能变得更大。我也喜欢投资股票，在一定程度上，我了解这个游戏规则。",[49,102,103],{},"但伯克希尔的真正目标，是通过优秀的管理者运营企业，不断提升盈利能力","。这意味着我什么都不用做，只需坐在办公室里，弹弹尤克里里之类的。",[19,106,107],{},"罗斯：可不止这么简单吧。",[19,109,110],{},"巴菲特：嗯，但事实就是**，如果拥有一家好企业，它就像一份源源不断带来收益的礼物。随着时间推移，它会越来越好。和在股市中频繁换股不同，如果我们现有的73 家企业在未来10 年仅凭自身就能大幅盈利，在此基础上，我们还会收购更多企业。我喜欢做这件事，也喜欢和我们合作的管理者，这非常有趣。**",[19,112,113],{},"罗斯：您对一些公司的投资有进有出，沃尔玛就是其中之一。",[19,115,116],{},"巴菲特：是的。我们时不时会卖出股票。实际上，我犯过一个严重的错误，90 年代中期我就打算买入大量沃尔玛股票。如果当时买了，我们可能会赚80 亿或90 亿美元。但后来股价稍微上涨，我就犹豫不决，结果把潜在的巨额利润变成了微薄的收益。不过这是我们不太愿意提及的事情之一。",[19,118,119],{},"罗斯：这可是100 亿美元的失误。但您又重新投资沃尔玛了。",[19,121,122],{},"巴菲特：是一个100 亿美元的失误。我们持有沃尔玛的股份不多，但确实持有一些。",[19,124,125],{},"罗斯：我记得《华尔街日报》或其他什么地方报道过，说您正在考虑一项重大收购。显然，您不会告诉我具体内容。这是真的吗？",[19,127,128,129,132,133],{},"巴菲特：是真的，但成功的可能性总是很小。",[49,130,131],{},"有很多公司希望能并入伯克希尔，但从市场可行性和对伯克希尔股东负责的角度来看，很多交易都无法达成","。有很多人想加入我们，但目前的价格和收购竞争态势，让成功完成任何一笔收购的可能性都很低。",[49,134,135],{},"不过，这就像不断尝试去追求很多女孩，最终总会有一个答应你。",[19,137,138],{},"罗斯：就您拥有的资源而言，支付能力不是问题。",[19,140,141],{},"巴菲特：没错。大家都知道我们的支票肯定能兑现，我们有能力进行大规模交易。我们签订的合同里，从来没有\"以获得融资为前提\"这样的条款。我们资金充足，所以只要我和别人握手达成协议，那就是板上钉钉的事。",[19,143,144],{},"罗斯：每周有多少人给您发邮件，说\"巴菲特先生，我想把我的公司卖给您\"？",[19,146,147],{},"巴菲特：没多少，查理。**因为我在年报里列出了我们的收购标准，其中一条是公司每年的税前利润要达到7500 万美元或以上。我试图筛选一下，我告诉大家，我们在寻找的是\"圣伯纳犬\"，而不是\"吉娃娃\"。**即便如此，我还是会收到一些\"吉娃娃\"的收购提议。人们总是忍不住说，我这有个很棒的小公司，也许他们说的是真的。但我没办法把精力放在这上面。所以明确列出收购标准后，这类提议的数量就减少了。",[19,149,150],{},"罗斯：您很喜欢报业，您欣赏经营《布法罗新闻报》的人。",[19,152,153],{},"巴菲特：我热爱报业。如果我不能做现在的工作，我很想从事新闻行业。",[19,155,156],{},"罗斯：您曾说过，除非报业成为难以承受的资金黑洞，我们知道这个行业不会再像以前那么景气，但我们还是会保留它。",[19,158,159],{},"巴菲特：没错。我在年报的附录里写过，只有两种情况下我们才会出售一家企业：一**是它会成为无休止的资金消耗源；二是遇到无法解决的劳工问题。**如果没有这两个问题，即使我们预见到某个企业的未来发展不佳，或者有人出两倍的价格收购我们经营状况不错的企业，我们也不会感兴趣。",[19,161,162],{},"罗斯：您收购企业的时候就会一直持有。",[19,164,165,166,169,170],{},"巴菲特：收购了就会长期持有，这是一辈子的事。但商学院可不是这么教的。",[49,167,168],{},"在商学院，他们会说如果有人出价3 倍收购你价值1 倍的企业，你就应该卖掉。他们还","会讲企业投资组合，",[49,171,172],{},"但我们的企业可不是投资组合。",[19,174,175],{},"罗斯：确实。这些是您拥有的企业，您是以所有者的心态去对待它们。",[19,177,178],{},"巴菲特：人们选择和我合作，是信任我们会好好对待他们毕生心血建立起来的事业，他们希望为企业找到一个好归宿。我们不会因为有人出价高一点，就改变这种承诺。",[19,180,181,184],{},[49,182,183],{},"罗斯：这和","一些私募股权公司的做法截然不同。他们买卖资产。",[19,186,187,188],{},"巴菲特：是的，我们之间的业务模式不同。",[49,189,190],{},"他们有所谓的退出策略，而我们只有进入策略，没有退出策略。",[19,192,193],{},"罗斯：如今有很多关于收购的讨论，比如Sam Zell 花了大价钱收购Tribune 公司，后来又卖给了黑石集团。",[19,195,196],{},"巴菲特：没错，从他的角度来看，这是一笔非常明智的交易。但Tribune 公司未来发展就是另一回事了。不过从税务和以小博大的角度来看，这笔交易的架构设计得非常精妙。但Tribune 后续的经营管理还是个问题。",[19,198,199],{},"罗斯：而且我们都知道，报业在走下坡路。就像您说的，人们收购报纸是因为它能带来影响力。拥有一家报纸会让你变得重要。",[19,201,202],{},"巴菲特：这是个艰难的行业。但如果你在我住的奥马哈拥有《奥马哈世界先驱报》，或者在内布拉斯加州弗里蒙特拥有《弗里蒙特论坛报》，你会自然而然地成为当地非常重要的人物，甚至可能是最重要的。你会立刻获得重要地位、声望，这些是金钱不一定能带来的。这就好比拥有一支体育队，影响力加倍。如果你拥有纽约洋基队，在纽约你就会很有影响力。但如果你拥有《纽约时报》或者《华尔街日报》，那你的影响力会更大。",[19,204,205],{},"从赋予所有者影响力的重要性来看，WSJ《华尔街日报》是全球第二重要的资产。",[19,207,208],{},"罗斯：确实如此。第一是《纽约时报》。",[19,210,211],{},"您怎么看待Rupert Murdoch 收购《华尔街日报》这件事？是因为他热爱报业吗？还是因为品牌影响力？",[19,213,214],{},"巴菲特：嗯，我一点也不惊讶。他热爱报业。而且在互联网时代，《华尔街日报》和《纽约时报》的未来，可能与普通的都市日报有所不同。另外还有它们的全国性影响力。很多年前，总编Bernard Kilgore 提出了一个很棒的理念。当时《华尔街日报》的发行量大概只有2 万多份。他有个想法，其他报纸都是以城市来界定受众范围，比如奥马哈的报纸服务于奥马哈，费城的报纸服务于费城。**但他设想打造一个不受地理限制，而是由共同兴趣定义的\"城市\"。于是他创造了一个新的\"城市\"，从地理位置上看是全国性的，但这个\"城市\"里的人有共同的兴趣。他创办《华尔街日报》就是为了服务这个\"城市\"。这个\"城市\"受众优质，各方面条件都很好。**这是个非常棒的想法，而且执行得也很好。所以《华尔街日报》，还有现在的《纽约时报》，都超越了特定的地理区域。在互联网时代，这种全国性报纸可能比奥马哈、布法罗、费城或迈阿密等地的地方性报纸更具优势。",[23,216,217],{},[19,218,219],{},"(1941 年Bernard Kilgore 被任命为《华尔街日报》总编辑，1945 年成为CEO，在WSJ 领导岗位上度过了25年的职业生涯。Kilgore 是WSJ 标志性的头版设计的设计者，其中包括《What's News》摘要，以及其全国分发策略，使该报的发行量从1941 年的3.3 万份增加到1967 年离任时的1100 万份。)",[19,221,222],{},"罗斯：您担任董事的《华盛顿邮报》就没有做到这一点。",[19,224,225],{},"巴菲特：嗯，《华盛顿邮报》还是以地方报纸为主，发行量主要集中在华盛顿地区。不过它的网站影响力已经超出了华盛顿。问题在于能否通过网站盈利，也就是经济账是否划算。《奥马哈世界先驱报》能盈利，是因为没有竞争对手。但现在它赚的钱比以前少，未来可能还会更少，因为出现了新的竞争形式。但就本地直接竞争而言，它没有直接竞争对手。在互联网上，我可以轻松点击浏览《洛杉矶时报》《纽约时报》《华尔街日报》《布法罗新闻报》等各种报纸，不需要费什么力气。我可不想每天去家门口收集世界各地的8 份报纸，然后再慢慢挑选。",[19,227,228],{},[49,229,230],{},"以前报业盈利状况很好，是因为在大多数情况下，它们处于垄断地位。但现在这种垄断优势在减弱，而且科技发展日新月异。现在有一代人，他们不像我们小时候那样，每天都离不开报纸。",[19,232,233],{},"罗斯：如果您是Bancroft 班克罗夫特家族的成员，您会出售《华尔街日报》吗？",[19,235,236,237,240,241,244],{},"巴菲特：这是他们需要做的决定。这很有意思，因为从某种意义上说，几乎所有企业最终本质上都是普通的商业实体(终将衰亡)，就像卖柠檬水的小摊。",[49,238,239],{},"企业的价值在于未来能产生的现金流","。但对于体育队、电影制片厂，尤其是像报纸这样的行业，其价值不仅包括未来产生的现金流，还包括它带来的影响力。",[49,242,243],{},"所以是A 盈利能力+B 影响力，《华尔街日报》的B 因素占比很大","。从某种程度上说，Bancroft 家族并没有真正获得这种影响力带来的价值。他们可能有一些内在的成就感，但大家都知道拥有洋基队的老板George Steinbrenner，却不一定知道Bancroft 家族的成员。所以他们拥有的这份资产，不只是对默多克，还有对其他人来说，都非常有价值，这个B因素包括影响力、权力等等，随便你怎么称呼它。他们可以选择出售，但自己却无法真正获得其全部价值。",[19,246,247,248,251],{},"不过，他们有家族传承，这份产业是父母或祖辈传下来的。",[49,249,250],{},"他们认为这是一项非常重要的家族资产，因此，不能仅仅因为价格高低就轻易出售","。但Bancroft 家族有35 人左右，这么多人聚在一起，很难达成一致意见。有一些人已经改变了想法。问题是是否会有更多人改变，目前我们还不知道答案。",[19,253,254],{},"罗斯：要是你是个赌徒，你会和鲁伯特·默多克对赌吗？",[19,256,257],{},"巴菲特：到目前为止，和他对赌的人可没怎么赢过钱。",[19,259,260],{},"罗斯：他倒是靠自己的决策赚了不少钱。",[19,262,263],{},"巴菲特：没错，他一开始就是个非常聪明的人，而且他对媒体的了解，几乎无人能及。我记得1974 年，他刚买下《纽约邮报》后，就来到Kay Graham 的公寓。那时他来美国还没多久，却能同时谈论报纸和电视在商业和编辑方面的事务。我都不确定他当时来美国有没有六个月，但他对这些的了解，比我认识的业内大多数人都要深刻。他对行业的两面都了如指掌，既是出版商又是编辑，或者说既是老板又是编辑，这就是他的专长领域。",[19,265,266],{},"罗斯：你有没有那么一瞬间也考虑过这件事，毕竟50 亿美元在你的资本规模里不算特别多……",[19,268,269],{},"巴菲特：我们的支票能轻松支付这笔钱。如果有个\"好机会\"摆在面前，查理，你肯定会想一想。",[19,271,272,273],{},"罗斯：不止一瞬间，对吧？",[49,274,275],{},"丘吉尔说过，我看着菜单并不意味着我就要点菜。",[19,277,278],{},"巴菲特：我就知道你会这么说。话虽是这么说，但我得说，全世界有相当一部分人，不只是美国人，但主要是美国人，那些有大量财富的人都会考虑这件事。我觉得在这种情况下，出现其他竞争者并非完全不可能。我不是在预测什么，但这样的机会可不常见。",[19,280,281],{},"要是纽约洋基队要出售，你觉得会只有一个人考虑收购吗？肯定不是。会有很多人或团体考虑组建收购财团之类的。这就好比一幅稀世名画摆在一群艺术收藏家面前，只不过这件事的影响力要大得多。因为世界上著名的画作有很多，但《纽约时报》和《华尔街日报》这两个资产，未来可不会再出现了。",[19,283,284],{},"罗斯：听起来你还在考虑这件事。",[19,286,287],{},"巴菲特：嗯，就算没别的，这也算是一场值得关注的\"赛事\"。",[19,289,290],{},"罗斯：在我听来，这就像是一幅你喜欢的著名且美丽的画作，而且它处于你所熟悉的金融领域。毕竟金融类报纸以及提供金融信息的金融服务公司，一直以来都是最成功的。",[19,292,293,294],{},"巴菲特：没错，确实是这样。回顾过去，这真的很有意思。",[49,295,296],{},"如果回到35 年前，几乎没人能想到金融信息领域会有如此爆发式的发展。现在人们对金融信息的关注度，和30 年前相比，增长速度远远超过体育、政治等其他领域，简直是呈爆炸式增长。而且金融信息是可以收费的。",[19,298,299],{},"1970 年的时候，道琼斯公司在这个领域占据主导地位，不仅有《华尔街日报》，还有道琼斯新闻专线Dow Jones news ticker。1977 年我走进传媒大鳄Walter Annenberg 沃尔特·安纳伯格的家，他家里就有news ticker，那时候人们就是通过这个获取金融新闻的。如今呢，默多克为了收购《华尔街日报》要出价50 亿美元，而Bloomberg 彭博社的市值则超过200 亿美元，彭博社可是很多年后才创立的。",[19,301,302],{},"**金融信息领域曾经是一个极佳的商业领域，道琼斯公司拥有绝佳的业务基础。但坦率地说，从商业角度来看，他们把一手好牌打烂了。**我不是说道琼斯让《华尔街日报》变得不重要了，或者报纸质量不行了，但从商业角度，从拥有受众、业务基础等方面来看，他们曾经占据这个领域的主导地位，却让别人抢走了这个机会。他们虽然保住了《华尔街日报》，但在将最初的资产货币化方面(市值上)，也就是吸引投资者等方面，没有把握好机会。本来道琼斯公司现在的市值可能达到500 亿美元，而不是50 亿美元。",[23,304,305,308],{},[19,306,307],{},"1939 年4 月30 日NBC 公开播放电视。1941 年7 月1 日NBC 播出第一条电视广告(BULOVA 时钟)。1948 年次进行有线电视播出。1954 年NBC 播出彩色电视。1956 年CBS 首次使用磁带录像设备。在美国的电视产业结构体系中，商业电视一直是其中的主体。早先美国主要是由ABC、NBC 和CBA 三大传统电视网所垄断，以后福克斯FOX 公司、联合派拉蒙电视网UPN、华纳兄弟公司WB 相继崛起。除这些商业电视网外，有线电视、公共电视、地方电视台、卫星电视等共同构成了美国庞大的电视传播网络。而从等级结构来看，各大电视网除了所在城市的直属台之外，在全国各地又拥有许多数量不等的附属台，对附属台的覆盖范围，美国法律又进行了明确的限定不超过35%。",[19,309,310],{},"1953 年《电视指南》(TV Guide)杂志在美国出版，在业界普遍看衰的情况下，创始人Annenberg 将《TV Guide》做成了口袋书大小的32 开小杂志，并将杂志内容与电视媒体深度融合，受到读者的喜爱。1960 年代《TV Guide》超越《读者文摘》，以每周发行超越2000 万册的成绩，一跃成为美国市场上最畅销的杂志，作为一个成功的媒体融合案例，《TV Guide》所创造的奇迹为后人津津乐道。1988 年Annenberg 准备卖掉《TV guide》和《每日赛马快讯》Daily Racing Form，这俩份杂志拥有极强的定价能力，巴菲特说每年Walter 都会走到魔镜面前说：魔镜魔镜，明年售价应该定为多少？巴菲特在1991 圣母大学演讲提到《每日赛马快讯》垄断的提价能力。巴菲特提议与墨菲合资收购它们，他们一起到比弗利山面见Annenberg，开价10 亿美元却被拒绝了。随后默多克的新闻集团(News Corp)以30 亿美元收购了这2 份杂志的母公司三角出版公司(Triangle Publications)。随着电视日益完善的导视系统以及电视网站的逐渐增多，该杂志的发行量已经降至不到300 万份。1997 年《TV guide》启动了官网TVGuide.com。2000 年将200 多个卫星电视的节目介绍都放了上去，为美国5000 万家庭订户海外300 万订户提供随时搜索和点播节目的互动服务，年经营利润超过美国4 大有线电视网利润总和。2007 年默多克的新闻集团再次出手以50 亿美元收购了《华尔街日报》的母公司道琼斯公司。作为世界最大的英文报纸出版商，新闻集团在全球发行超过175 种报纸，每周发行量逾4000 万份，销售额和发行量居全球第一。旗下福克斯电视网和35 家电视台覆盖了全美40%的观众群。2022 年粉丝平台Fandom 以5000 万美元从Red Venture 收购TV Guide 等8 个娱乐游戏品牌。",[19,312,313],{},"罗斯：太不可思议了。有意思的是，当出现你感兴趣的事情，就像看到一幅很棒的画作，不管它在哪、是什么，你都会去看看，心里想着要是合适，自己就能参与其中。",[19,315,316],{},"巴菲特：大概是这样。",[19,318,319],{},"罗斯：这肯定会给你带来一些挑战和兴奋感吧。",[19,321,322,323,326],{},"巴菲特：没错，",[49,324,325],{},"但你得确保这种感觉不会过头。要是你有一张大额支票，又被某项资产吸引，可能就会做出一些蠢事","。说到底，我是为股东工作的。",[19,328,329],{},"罗斯：我知道。但实际上，你现在正在寻找投资业务的接班人。在考虑接班人的问题上，你已经确定有三个人可能担任首席执行官。董事会或执行委员会之类的已经知道这几个人选了吧？",[19,331,332],{},"巴菲特：完全正确。",[19,334,335],{},"罗斯：而且你已经选定了，如果今天你发生意外，谁将成为伯克希尔的下一任CEO，对吗？",[19,337,338],{},"巴菲特：整个董事会已经做出了选择。我们周一开会再次确认了人选。不过一年后情况也可能变化，因为一些意外事件，我们可能会做出不同的决定。这个人选可能受伤或者……",[19,340,341,342,345],{},"罗斯：有意思的是，你现在宣布要寻找一位投资大师接班人。其中一个标准是，",[49,343,344],{},"这个人要懂得识别风险。他们不能拿你毕生心血建立起来的事业去冒险","。谈谈这方面吧。",[19,347,348,349,52],{},"巴菲特：这是必须的。我见过很多智商高达160 的人，他们对投资很感兴趣，在投资领域也有丰富经验，但最后却把自己的事业搞砸了。",[49,350,351],{},"要在投资领域有所作为，你得有一定的热情，积极参与其中。但关键是要控制好这种热情。大多数人，即使是很聪明的人，也很难不被投资游戏冲昏头脑，心里想着\"我再玩一把就收手\"，就像在还差5 分就到午夜12 点的时候，灰姑娘还想再跳最后一支舞。他们觉得自己比其他人聪明，就算知道游戏会结束，也认为自己能提前退出。或者他们没有防范那些完全意想不到的风险",[19,353,354,355,358],{},"LTCM 长期资本管理公司就是一个很好的例子。所以我非常谨慎，绝不会把伯克希尔的投资业务交给那些可能存在致命缺陷的人。大多数年份里，他们可能赚很多钱，但用数字来举例，28 乘以33 乘以17 乘以22 再乘以0，结果就是0。",[49,356,357],{},"投资中不能出现\"0\"这样的失误","。我见过很多人前期业绩很好，但最后却搞砸了一切。",[19,360,361],{},"罗斯：然后一切就都完了。",[19,363,364,365],{},"巴菲特：没错，一切全完了，又得重新开始。",[49,366,367],{},"我希望找到的人，不仅能看到已知的风险，也就是他们之前遇到过的风险，还能预见到未来可能出现的风险。",[19,369,370],{},"我给奥马哈的学生讲课时，会问他们一些问题，这些学生都很聪明。在2006-2007 学年有35 所大学的学生来到奥马哈，和我在Gorat's 牛排馆共进午餐。我和他们相处了大概5 个小时。其中还有来自巴西的学生。通常会有150 人左右坐在教室里，他们大多是MBA 学生，对金融很感兴趣。",[19,372,373,376,377,380,381,384,385],{},[49,374,375],{},"我会问他们有多少人听说过北太平洋铁路股票逼空战，通常几乎没人举手。我10 岁或11 岁的时候，就读遍了所有能找到的金融历史资料，因为投资不只是看上周图表上的数字，更重要的是理解人们的行为","。我有一次和艾伦·格林斯潘聊起北太平洋铁路股票逼空战，他对这个事件了如指掌。",[49,378,379],{},"你得知道，人们有时候会做出一些超乎想象的事情","。想想希特勒在德国的所作所为，人类做出疯狂、自我毁灭或群体疯狂行为的能力是不可估量的。1987年10 月19 日，股市一天之内暴跌了22%，难道是发生了什么事情，突然改变了人们的预期？还有LTCM 公司破产事件，类似的事情很多。未来还会出现其他类似情况，虽然不会完全一样，但会有相似的因素，其根源往往是人的因素。就像马克·吐温说的，",[49,382,383],{},"历史不会重演，但总会惊人地相似","。我们会看到一些和1929 年相似的情况。",[49,386,387],{},"我必须找到一个能考虑到这些因素，并且不会被市场潮流冲垮的人来接手投资业务。",[19,389,390],{},"罗斯：这非常关键。据我所知，你打算再挑选三四个人，给他们10 亿或20 亿美元资金，观察他们的表现。除了看业绩，你还会如何衡量他们是否具备你刚才提到的那些品质呢？",[19,392,393,394],{},"巴菲特：顺便说一下，",[49,395,396],{},"我还会考察他们过去10 年为自己做的投资。比起看他们最后给我一个投资成绩，我更愿意看他们多年来在每一次投资机会中的决策，这样我能了解更多。所以我关注的不仅是他们的业绩，还有他们取得这些业绩的方式，从这当中我能解读出很多信息。",[19,398,399,400,403],{},"查理，我以前也做过类似的事，有过2 次(选择接班人)。我关闭自己的投资合伙公司时挑选了三个人(戈特斯曼+鲁安)，最后有一个人(比尔鲁安)脱颖而出。37 年后回头看，这三个人选都很不错，",[49,401,402],{},"不仅因为他们投资能力很强，还因为他们没有做出自我毁灭的决策","。还有一次是我为GEICO 挑选投资经理(路易·辛普森)。所以选到对的接班人并非不可能。但现在对我来说更难了，因为我和现在这些候选人不是同一代人。我不像40-50 岁的时候，对同龄人那么了解，现在我不太了解这一批40-50 岁的人。",[19,405,406],{},"罗斯：你在寻找的人，大概40 岁出头吧？",[19,408,409],{},"巴菲特：嗯，但也可能是35 岁，或者50 岁。不可能是76 岁，因为我认识一个76 岁热爱他的工作的人(巴菲特自己)……",[19,411,412],{},"罗斯：是的，而且我们有路易·辛普森，他非常出色，他有能力胜任。",[19,414,415],{},"巴菲特：是的。我们还有查理·芒格，但查理已经83 岁了。不过他状态还不错。但他自己可能都没意识到。",[19,417,418],{},"罗斯：在年报致股东的信中，你又一次谈到了贸易逆差，也就是所谓的经常账户赤字。你认为这是美元将继续贬值的原因之一。谈谈这个吧。从某种意义上说，我们为了满足消费习惯，正在出让自己的资产来维持消费。",[19,420,421],{},"巴菲特：完全正确。这是一个日积月累的过程。就好比每天坐在餐桌前，比正常饮食多吃一片吐司。你不会吃了一片之后，突然站起来，大家就惊呼\"天哪，你看起来胖了，最好别吃那片吐司了\"。但如果你长期每天摄入的热量比消耗的多几百卡路里，总有一天你会发现自己的身材走样了。我们是世界上最富有的国家，有很多资产可以用来交易。其他国家很乐意接收我们的资产和借条。不过，他们现在不像以前那么乐意了，这就是美元贬值的原因。而且我们很难改变消费大于生产的习惯。这是个很棘手的问题，贸易逆差大概有20 亿美元……",[19,423,424],{},"罗斯：但想想你刚说的，如果最后我们可能陷入糟糕的境地，而你又说我们不太可能改变这个习惯，这听起来像是在预测厄运。",[19,426,427],{},"巴菲特：倒也不是厄运。这只是预测美国的大量资产所有权会转移到其他地方，然后你的子孙后代，基本上每天、每周都得花一部分时间工作，来偿还你很久以前欠下的债务。如果只是美国国内的预算赤字，你偿还的债务会成为别人的收入。但当资产转移到其他国家，你现在的生活水平就会比不转移时要低。而且为了支付债务利息，你的生活质量会下降。",[19,429,430],{},"罗斯：公司可能还会把生产转移到海外。",[19,432,433],{},"巴菲特：嗯，很难说这会带来哪些影响。但有一点是，过去我们一直比其他国家拥有更多的海外资产，从",[19,435,436],{},"1915 年，差不多100 年前开始，因为我们在海外拥有资产，所以其他国家付给我们的收益，一直比我们付给他们的多。但现在情况反转了，而且这种差距还会越来越大。",[19,438,439],{},"**实际上，我们就像一个原本有储蓄账户的人，现在却把储蓄花光了来消费，接着开始用信用卡透支。目前信用卡的利息还不高，但如果我们长期使用信用卡，利息会越来越高，过不了多久你就会察觉到问题。**不过，这种变化是渐进的。在民主国家，任何对长期发展不利但变化缓慢的问题，政府都很难解决。",[19,441,442],{},"罗斯：有两件事，我是猜的但我不确定，大多数民主党人找你寻求支持和建议。",[19,444,445],{},"巴菲特：还有钱。",[19,447,448],{},"罗斯：对，我所说的支持就包括钱。",[19,450,451],{},"巴菲特：我明白，他们说的支持也是这个意思。\"沃伦，我们希望得到你的支持\"。没错，就是这样。他们心里都有个具体的数字。这是他们的\"提醒\"。",[19,453,454],{},"罗斯：我猜你想和他们谈两件事。一个是贸易逆差，让政治人物意识到这个问题的紧迫性；另一件我猜是遗产税。或者相关的问题……",[19,456,457],{},"巴菲特：没错。我还想和他们谈谈大规模杀伤性武器的问题。",[19,459,460],{},"罗斯：关于大规模杀伤性武器，你会对他们说些什么呢？",[19,462,463],{},"巴菲特：嗯，在最后一次总统竞选期间，如果你还记得的话，在一场辩论中，两位候选人都被问到最重要的问题是什么，答案就是大规模杀伤性武器问题。但这是个很难解决的问题，查理。",[19,465,466],{},"我在某种程度上很理解，这确实是最重要的问题。从长远来看，我们的经济会发展得很好。我可以向你保证，只要你的子孙后代还在生活，他们的生活就会比你更好。这才是真正的问题所在。而且，世界上有相当多的人、组织，甚至还有一些国家对我们怀有恶意。由于他们的恶意，他们现在对我们造成伤害的能力，是50 年前的很多倍。所以，我们必须高度重视这个问题。",[19,468,469],{},"罗斯：好的，但你认为政治领导人应该做些什么，而他们目前可能还没做的呢？",[19,471,472],{},"巴菲特：比如，我们有纳恩-卢格法案(Nunn-Lugar)，就是关于和俄罗斯合作的。确保他们的武器处于可控状态。我认为这绝对必要。你知道，世界上有大量的武器材料，可能会落入坏人之手。而且这个问题还涉及到生物武器领域。",[19,474,475],{},"罗斯：这是人们最担心的。最可怕的就是恐怖分子获得核武器。",[19,477,478],{},"巴菲特：绝对是这样。或者生物武器。或者化学武器。",[19,480,481],{},"罗斯：没错。你在2008 年的政治竞选活动中，有没有支持的候选人呢？",[19,483,484],{},"巴菲特：我有两位非常希望成为美国总统的候选人，那就是希拉里·克林顿和巴拉克·奥巴马。我认为他们俩都能成为出色的总统。",[19,486,487],{},"罗斯：你更倾向于其中一位吗？",[19,489,490],{},"巴菲特：不。我不想偏袒任何一方。但我认为他们俩都能带领我们的国家变得更好。我觉得美国现在已经很不错了。",[19,492,493],{},"罗斯：就像你说的，美国对你很好。有一种说法叫\"卵巢彩票\"，你从中受益了。",[19,495,496],{},"巴菲特：确实如此。美国是个很棒的国家。但现在，嗯，美国一直以来，我们本可以做得更好，在照顾3 亿人民方面，我们可以比现在做得更好，而不只是照顾像我这样的人。",[19,498,499],{},"罗斯：你相信他们能做到这一点，他们有想法、有计划，有智慧和精力去实现。",[19,501,502],{},"巴菲特：还有领导能力。你得让人们支持你，让人们追求他们以前从未过多考虑过的目标。我认为他们俩都会是伟大的领导者。",[19,504,505],{},"罗斯：还有一点。这个国家对你这么好，你也一直铭记于心。你能取得今天的成就，部分原因是你出生在这个国家。你生逢其时，父母给了你正确的价值观，所有这些因素都很重要。",[19,507,508],{},"巴菲特：没错。要是把我扔到阿富汗，我走在街上说\"我是做资本配置的\"，他们肯定会说\"伙计，找个正经工作吧\"。",[19,510,511],{},"罗斯：但看看这些情况，你在韩国股市的投资收益比在美国股市还好。我不知道这意味着什么，但肯定有一定的意义。",[19,513,514,515,518],{},"巴菲特：嗯，这只能说明韩国在1997-1998 年经历了一些不好的事情，人们当时有点看衰韩国。韩国遇到了经济危机，国际货币基金组织介入等等。所以在2002 年，人们对韩国的认知还停留在1997-1998 年的情况，而那早就成为过去了。",[49,516,517],{},"市场往往喜欢回顾过去，而不是展望未来。他们总是用后视镜看韩国，而实际上韩国的前景一片光明","。但这并不意味着韩国就是创业或生活的更好选择。不过，韩国确实发展得很不错。",[19,520,521],{},"罗斯：你喜欢韩国吗？",[19,523,524],{},"巴菲特：喜欢，但前几年韩国的股票价格非常便宜，便宜得离谱。而美国股票虽然也比现在便宜一些，但和前几年韩国股票的低估值相比，还是差得远。",[19,526,527],{},"罗斯：可以说，如今你比以往任何时候都更关注海外投资，对吗？",[19,529,530],{},"巴菲特：是的。我一直都有关注海外投资，但现在关注得更多了，这是事实。",[19,532,533],{},"罗斯：部分原因是，你不再通过外汇交易来对赌货币走势。你现在通过投资国际公司，比如收购伊斯卡(Iscar)这样的公司，来间接对赌货币走势。或者通过获取国际收益。",[19,535,536],{},"巴菲特：没错。通过国际收益。我们在美国的投资仍然比其他任何地方都多。我们在美国的业务和投资永远是最多的，毕竟我们有这么多企业，大多数企业的主要盈利都来自美国。但我们正在通过像伊斯卡这样的公司直接获取更多的国际收益，同时也通过可口可乐、宝洁这样的公司间接获取国际收益。这些公司的市场遍布全球。而且对于大多数这样的公司，它们的国际收益增长速度会比国内收益快。此外，多年来它们还可能获得一些货币增值收益。虽然这对我来说不是最重要的因素，但我确实会考虑。",[19,538,539],{},"罗斯：你曾经通过外汇交易赚了22 亿美元，为什么后来不做了呢？",[19,541,542,543,546],{},"巴菲特：因为利率变化使得大多数货币交易的利差从正转负。以前，如果货币价格保持不变，我每年能赚几亿美元。但现在，如果货币价格不变，我每年反而会亏损几亿美元。利差变成了负数。我现在不想讲得太专业，但这使得以这种方式持有货币头寸的成本变高了。所以我决定，",[49,544,545],{},"直接获取其他货币的海外收益是更好的选择","，这样能获得正的利差。",[19,548,549],{},"罗斯：没错。你有一项投资是中国石油，对吗？投资金额大概是33 亿美元还是多少，我不太确定是股份还是其他什么。",[19,551,552],{},"巴菲特：是的。现在这项投资的价值略低于30 亿美元。我们当初投入了大约4 亿美元。",[19,554,555],{},"罗斯：听起来这是一笔很典型的投资，投入4 亿美元，现在价值30 亿美元。就像投入1000 万美元，现在价值20 亿美元一样。",[19,557,558],{},"巴菲特：不，不是一回事。",[19,560,561],{},"罗斯：不过，你在年度股东大会上的表现很有意思。一些人认为，伯克希尔应该对在中国的投资进行调整，尤其是在石油行业，他们认为中国购买了苏丹大量的石油产品，如果你公开声明出售在中国的投资，比如中国石油的股份，就能对中国政府产生影响。",[19,563,564],{},"巴菲特：嗯，中国石油88%的股份由中国政府持有。而中国政府在苏丹事务中扮演着重要角色。",[19,566,567],{},"罗斯：我记得中国购买了苏丹70%的石油资产。",[19,569,570],{},"巴菲特：不是购买70%资产，可能是购买了苏丹70%的石油产量。不过苏丹的石油也可以卖给其他国家。",[19,572,573],{},"巴菲特：石油是一种商品。所以你也不知道你油箱里的油来自哪里。",[19,575,576],{},"罗斯：我想说的重点是，通过投资或撤资，你能影响政府的行为吗？在这种情况下，中国是世界上发展最快的经济体之一。",[19,578,579,580,52],{},"巴菲特：嗯，我觉得我所做的任何事，能改变中国政府行为的可能性很渺茫，就像我能通过自己的行为改变美国政府或奥马哈市议会的想法一样渺茫。我的意思是，最后可能会有新闻报道，\"巴菲特这样做了，还发表了这样的言论\"。但实际上，大约两年前，我给中国石油的负责人写过一封信，因为他们当时计划进行一次小规模的股票增发，我认为这不是个好主意，我觉得他们不应该稀释股权。那是一次小规模的增发。后来我收到了他们很客气的回信，他们说很高兴我能成为股东，也尊重我的观点，但他们还是会进行股票增发。当然，他们确实这么做了。这种情况在美国也会发生。说到底，",[49,581,582],{},"中国政府会做他们认为符合中国利益的事情",[19,584,585],{},"而且，在中国33 家最大的上市公司中，中国政府是其中32 家的控股股东。相信我，中国政府在那里的所有重大商业活动中都起着关键作用。他们有自己的政策，这取决于他们自己。他们不会被这些公司的管理层左右，也不会被我影响，甚至可能不会被汉克·保尔森影响，尽管保尔森很优秀，他们也很欣赏他。所以，通过伯克希尔撤资去影响中国政府政策是一件徒劳的事情。",[19,587,588],{},"此外，中国政府参与了苏丹的石油项目。如果中国政府撤资，他们也不能把石油和管道都带走。他们只能把资产卖给别人，要么卖给苏丹政府，要么卖给其他想参与的国家。如果卖给苏丹政府，相比资产的价值，他们得到的钱会很少。苏丹政府肯定希望中国政府出售，这样他们会更有利。如果卖给其他实体，我猜苏丹政府会重新谈判，争取更好的交易条件。你不可能把资产撤回来。苏丹每天要生产40 万桶石油，这些石油肯定会被出售。坦率地说，如果这些石油不被出售，美国政府会不高兴，因为这意味着全球石油供应会减少40 万桶，油价就会上涨。如果苏丹停止生产石油，美国的每个人都得为汽油支付更高的价格。这会大幅减少全球石油供应，而目前全球石油供应已经相当紧张了。苏丹发生的事情确实很糟糕，但认为中国石油的股东能改变中国政府的政策，或者认为中国离开苏丹会损害苏丹政府的利益，这些观点都站不住脚。",[19,590,591],{},"罗斯：我觉得有件事似乎对中国政府产生了影响，那就是奥运会。奥运会是他们展示国家的机会，他们肯定希望一切顺利。",[19,593,594],{},"巴菲特：他们很重视奥运会。非常重视。",[19,596,597],{},"罗斯：所以当苏丹Darfur 问题和奥运会联系起来后，中国政府就前往达尔富尔，并表示……",[19,599,600],{},"巴菲特：中国很看重奥运会带来的声誉，这一点我们可能都无法完全理解。我是说，我们也喜欢在美国举办奥运会，比如在亚特兰大，但我肯定这和中国举办北京奥运会的感受完全不同。",[19,602,603],{},"罗斯：我们来谈谈慈善事业吧。去年8 月，你备受瞩目的宣布向盖茨基金会以及另外四个基金会捐赠。我想，另外四个基金会包括你三个孩子的基金会，还有一个是以你已故妻子命名的基金会。现在回头看，你是否更加确定这是正确的决定，有没有进一步的思考，或者遇到什么问题呢？",[19,605,606],{},"巴菲特：查理，我很满意。这就是我想做的事情，一切都如我所愿。我希望这些钱能得到妥善利用。我那些放在保险箱里的股票凭证，现在可以转化为疫苗、教育资源或者其他有意义的东西。真正的问题是如何把这些钱用得最好。我的孩子们做得非常出色，比尔和梅琳达也会做得很好。这是一个很好的捐赠机会。坦率地说，我喜欢我现在做的事情。如果我把自己的工作做好，他们的工作也会更有价值。所以这是非常理想的状态，我不会对这件事做任何改变。",[19,608,609],{},"罗斯：有一件事很有意思。你在给股东的信中提到过，我对您商业理念的很多了解都来自这封信，就像你经常说的，这是你的\"书\"，卡罗尔·卢米斯和所有了解你的人也都这么认为。你提到过一个观点，如果你展望未来25年，你的寿命可能还有12-13 年。",[19,611,612],{},"巴菲特：可能是10 年，也可能是20 年，但肯定不会是50 年。",[19,614,615],{},"罗斯：你也知道，按照你的遗嘱，可能需要三年时间来处理遗产。所以基本上，你希望所有的钱在25 年内捐赠出去。",[19,617,618],{},"巴菲特：是的，我的律师希望时间能更长一点……但我希望把钱都捐赠出去。我已经决定把钱交给这些优秀的人去处理。我看到他们在做正确的事情，我了解他们的目标。我不会去干涉每一个具体的决策。但我不知道50 年后会是什么情况，到那时会是另一代人，会有很多变化。我坚信，要基于自己了解的情况做决策，而不是去猜测未知的事情。所以我为什么要假设50 或60 年后，那些我从未见过，甚至可能还没出生的人，会比我现在认识并挑选的人做得更好呢？",[19,620,621,622],{},"**基金会的一个特点是，它们没有市场检验机制。**在这个国家，我们做的大多数事情都有市场检验，但基金会不同，好的基金会、差的基金会、发展停滞的基金会都一直存在。我相信，在我确定有合适的人做正确的事的时候，把钱花出去。50 年后，社会依然会有很多慈善需求，也会有很多富人。如果我现在支持的基金会做得很好，他们就能向未来的慈善家证明，\"看看我用巴菲特的钱做了什么，用你的钱我能做得更好\"。",[49,623,624],{},"如果他们能通过这个考验，就能获得更多的捐赠。如果做不到，他们就会被淘汰，被其他人取代。",[19,626,627],{},"罗斯：比尔和梅琳达有没有让你对他们如何使用资金更感兴趣，还是你只是说\"我信任他们，我希望了解进展，但我更喜欢经营伯克希尔\"？",[19,629,630,631,634,635,638],{},"巴菲特：是后者。",[49,632,633],{},"我是个喜欢\"外包\"的人","。我生孩子的时候没自己接生，而是找了产科医生。我也不会让家人给我补牙，更不会自己动手。如果别人能把事情做得比我好，在很多方面都是如此，比如弹尤克里里都比我弹得好，那我就让他们帮我做。",[49,636,637],{},"人们让我管理他们的资金，是因为他们觉得我比他们做得更好。我让这些人来分配慈善资金，是因为我觉得他们比我更合适","。在其他领域这样做很合理，在慈善领域也一样。",[19,640,641],{},"自从我们上次谈论这个话题以来，有一件好事，我听说很多人，不仅是美国人，还有其他国家的人，都在重新思考慈善资金的分配方式，有些人甚至已经做出了重大调整。有人告诉我，他们捐赠了大量资金。他们以前根本没怎么想过这件事，但受到影响后开始思考并行动。",[19,643,644],{},"罗斯：你激励了人们进行慈善捐赠。而且是现在就捐赠，而不是以后。",[19,646,647],{},"巴菲特：没错，没错。我觉得我甚至还在某种程度上影响了人们，让他们不再执着于设立专业的慈善机构。我就收到过这样的反馈。比如前几天，有个人跟我说他打算捐10 亿美元。我觉得他会真的捐这笔钱，而且……",[19,649,650],{},"罗斯：捐给慈善基金会吗？有没有考虑捐给盖茨基金会呢？",[19,652,653],{},"巴菲特：嗯，盖茨基金会收到了很多捐赠提议。我觉得他们会开始接受一些外部捐款。我觉得他们对此有点意外，所以他们重新考虑了这件事。他们之前没打算这么做，但我觉得他们现在会这么做。",[19,655,656],{},"罗斯：你选择他们一部分原因是友谊，另一部分原因是你非常敬重他们所做的事，以及他们创建基金会的方式，对吗？",[19,658,659],{},"巴菲特：我见证过他们做事。比如说，如果你告诉我今年你要代替我参加高尔夫锦标赛，还说能打出69 杆的成绩，也许你行，也许不行。但如果是泰格伍兹这么跟我说，我肯定直接把球杆交给他。",[19,661,662],{},"罗斯：你能想到有谁比你现在更快乐吗？当然，是在合法的前提下。",[19,664,665],{},"巴菲特：我想没有。至少在合法的范围内没有。",[19,667,668],{},"罗斯：不过，你也批评过美国一些投资经理的做法。就像你在股东信里说的，你对那些收取\"2%管理费加20%业绩提成\"的人有些保留意见。",[19,670,671],{},"巴菲特：是的，从某种意义上说，我不怪他们尽可能多赚钱**。但在美国，相当一部分投资资金由这些收取\"2+20\"费用的经理管理，还期望他们扣除费用后能取得高于平均水平的业绩，我觉得这很荒谬**。这根本不可能。如果只有一小部分资金由收取这种费用的人管理，他们就不能跑赢市场，管理大规模资金时更做不到。然而，这些经理们即便搞砸了，自己也能赚得盆满钵满。不管业绩好坏，他们都要先收取2%的管理费，这很有意思。他们中有些人之前管理共同基金时，管理费只有0.5%，也没有业绩提成。但换到另一个领域，他们就说，\"我们太厉害了，应该拿业绩提成\"，而且现在最低要收2%的管理费，还说不然早上都懒得去上班。",[19,673,674],{},"罗斯：你还提到过，很多人只要业绩有所增长就能拿到20%的提成。但你和路易·辛普森的合作模式不同，只有业绩超过特定标准，他才能拿10%的提成。",[19,676,677],{},"巴菲特：没错，就是这样。这就好比去赛马场，给10 个人推荐不同的马。总会有一匹马获胜。如果你连续10 年每年都成立一个投资合伙企业，收取\"2+20\"的费用，总会有那么三四年，哪怕是一只猩猩选的投资都能赚25%，然后你就能拿到高额提成。但接下来亏损来了，这些投资人会说，\"太倒霉了，我再找下家合作\"。",[19,679,680],{},"罗斯：但肯定有人喜欢他们，因为养老金和其他各种资金都源源不断地流向他们。",[19,682,683],{},"巴菲特：没错。我有个妹夫在奥马哈的牲畜饲养场工作。我问他，那些农民来卖猪的时候，你和其他卖家竞争，你是怎么说动他们的？他说，沃伦，关键不是怎么卖，而是怎么说。",[19,685,686],{},"罗斯：牲畜饲养场里也有智慧，对吧？",[19,688,689],{},"巴菲特：没错。",[19,691,692],{},"罗斯：现在伯克希尔·哈撒韦总部只有19 个人。他们都在做什么呢？",[19,694,695],{},"巴菲特：是啊，我们太\"疯狂\"了。这说明老板不在的时候，公司就是这样精简运营。",[19,697,698],{},"我们有73 家运营企业。去年，我们的联邦纳税申报单超过了10000 页，这些工作都在我们办公室完成。我们还有州所得税申报、国外纳税申报，以及美国SEC 相关事务。所以我们在会计部门安排了不少人。我们没有人力资源主管，没有投资者关系部门，也没有公关部门。虽然作为一家大型上市公司，这些部门一般都有，但我们没有。不过，我们还是挺忙的，尤其是季度末的时候。",[19,700,701,702],{},"罗斯：这个问题引出了下一个问题。你担任伯克希尔CEO 的42 年里，",[49,703,704],{},"公司能发展到现在，几乎都是你一个人，通过大量阅读、频繁打电话、会见很多人，并做出长期决策实现的。",[19,706,707],{},"巴菲特：而且还得让很多人去经营企业。",[19,709,710],{},"罗斯：当然，这是收购企业的一部分。你投资企业，收购那些你相信管理层的企业。但在奥马哈，就你一个人做出这些决策，这太了不起了。这源于你的热情、热爱、知识、原则，还有一套分析体系。",[19,712,713,714,717],{},"巴菲特：",[49,715,716],{},"我就像在创作一幅属于自己的画作，不停地画，这幅画永远也画不完。我喜欢看着画布越来越大","。但这并不辛苦。如果有股东在听，我想告诉他们，我每天工作结束时可没累得满头大汗。这真不是什么辛苦的事。我每晚都打桥牌。工作可以变得很辛苦，要是我们让整个大楼里都是各部门相互汇报的人，我还收到大量数据，比如昨天喜诗糖果卖了多少盒花生脆糖。我确实会看很多数据，但都是重要的数据。也有很多没必要的工作。我们没有委员会。要是有委员会，可能就会有75 个人参与，然后还得有其他委员会来协调各委员会之间的工作，接着这些人还要去参加各种会议，回来再向其他人汇报会议内容。这样的流程没完没了，但我们没有这些。",[19,719,720],{},"罗斯：Ronald Reagan 罗纳德·里根是怎么形容工作的来着？",[19,722,723,724,727],{},"巴菲特：里根说过，\"",[49,725,726],{},"努力工作也许不会累死人，但我何必去冒这个险呢","\"。",[19,729,730],{},"罗斯：还有件事，就像我之前提到的。你和Astrid Menks 再婚了，她给你的生活带来了什么呢？",[19,732,733],{},"巴菲特：哦，她把我照顾得很好。这太棒了。我们在一起生活了很长时间，Astrid 是世界上最好的人。我的生活非常幸福。",[19,735,736],{},"罗斯：谢谢。很高兴你能来。能成为你的朋友我也很开心。",[19,738,739],{},"巴菲特：谢谢，查理。",[19,741,742],{},"罗斯：谢谢。沃伦·巴菲特。",[744,745],"hr",{},{"title":747,"searchDepth":748,"depth":748,"links":749},"",2,[750],{"id":16,"depth":748,"text":17},"访谈与文章",null,"巴菲特接受查理·罗斯专访，回顾伯克希尔业绩，分享投资洞察与人生智慧，强调长期主义与做热爱之事。","md",{},true,71,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":5,"description":753},"巴菲特：2007年查理罗斯专访｜巴菲特","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang","buffett\u002Finterview\u002Fba-fei-te-2007nian-cha-li-luo-si-zhuan-fang","I7522I_IWFu5nVdjJf0-1mQVXkWqI0QB0XOshA3oRjk","buffett",[766,771,774,778,781,784,787,791,794,797,801,804,807,811,814,817,821,824,827,831,834,837,841,844,847,851,854,857,861,864,867,871,874,877,881,884,887,891,894,897,901,904,907,911,914,917,921,924,927,931,934,937,941,944,947,952,955,958,962,965,968,972,975,978,982,985,988,992,995,998,1002,1005,1008,1012,1015,1018,1022,1025,1028,1032,1035,1038,1042,1045,1048,1052,1055,1058,1062,1065,1068,1072,1075,1078,1082,1085,1088,1092,1095,1098,1102,1105,1109,1112,1116,1119,1123,1126,1130,1133,1137,1140,1144,1147,1151,1154,1158,1161,1165,1168,1172,1175,1179,1182,1186,1189,1193,1196,1200,1203,1207,1210,1214,1217,1221,1224,1228,1231,1235,1238,1242,1245,1249,1252,1256,1259,1263,1266,1270,1273,1277,1280,1284,1287,1291,1294,1298,1301,1305,1308,1312,1315,1319,1322,1326,1329,1333,1336,1340,1343,1347,1350,1354,1357,1360,1361,1365,1368,1372,1375,1379,1382,1386,1389,1393,1396,1400,1403,1407,1410,1414,1417,1421,1424,1428,1431,1435,1438,1442,1445,1449,1452,1456,1459,1463,1466,1470,1473,1477,1480,1484,1487,1491,1494,1498,1501,1505,1508,1512,1515,1519,1522,1526,1529,1533,1536,1540,1543,1547,1550,1554,1557,1561,1564,1568,1572,1576,1580,1584,1588,1592,1596,1600,1604,1608,1612,1616,1620,1624,1628,1632,1636,1640,1644,1648,1652,1656,1660,1664,1668,1672,1676,1680,1684,1688,1692,1696,1700,1704,1708,1712,1716,1720,1724,1728,1732,1736,1740,1744,1748,1752,1756,1760,1764],{"title":767,"slug":768,"category":769,"order":770},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":772,"slug":773,"category":751,"order":770},"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":775,"slug":776,"category":777,"order":770},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":779,"slug":780,"category":769,"order":748},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":782,"slug":783,"category":751,"order":748},"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":785,"slug":786,"category":777,"order":748},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":788,"slug":789,"category":769,"order":790},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":792,"slug":793,"category":751,"order":790},"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":795,"slug":796,"category":777,"order":790},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":798,"slug":799,"category":769,"order":800},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":802,"slug":803,"category":751,"order":800},"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":805,"slug":806,"category":777,"order":800},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":808,"slug":809,"category":769,"order":810},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":812,"slug":813,"category":751,"order":810},"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":815,"slug":816,"category":777,"order":810},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":818,"slug":819,"category":769,"order":820},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":822,"slug":823,"category":751,"order":820},"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":825,"slug":826,"category":777,"order":820},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":828,"slug":829,"category":769,"order":830},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":832,"slug":833,"category":751,"order":830},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":835,"slug":836,"category":777,"order":830},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":838,"slug":839,"category":769,"order":840},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":842,"slug":843,"category":751,"order":840},"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":845,"slug":846,"category":777,"order":840},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":848,"slug":849,"category":769,"order":850},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":852,"slug":853,"category":751,"order":850},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":855,"slug":856,"category":777,"order":850},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":858,"slug":859,"category":769,"order":860},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":862,"slug":863,"category":751,"order":860},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":865,"slug":866,"category":777,"order":860},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":868,"slug":869,"category":769,"order":870},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":872,"slug":873,"category":751,"order":870},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":875,"slug":876,"category":777,"order":870},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":878,"slug":879,"category":769,"order":880},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":882,"slug":883,"category":751,"order":880},"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":885,"slug":886,"category":777,"order":880},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":888,"slug":889,"category":769,"order":890},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":892,"slug":893,"category":751,"order":890},"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":895,"slug":896,"category":777,"order":890},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":898,"slug":899,"category":769,"order":900},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":902,"slug":903,"category":751,"order":900},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":905,"slug":906,"category":777,"order":900},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":908,"slug":909,"category":769,"order":910},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":912,"slug":913,"category":751,"order":910},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":915,"slug":916,"category":777,"order":910},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":918,"slug":919,"category":769,"order":920},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":922,"slug":923,"category":751,"order":920},"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":925,"slug":926,"category":777,"order":920},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":928,"slug":929,"category":769,"order":930},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":932,"slug":933,"category":751,"order":930},"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":935,"slug":936,"category":777,"order":930},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":938,"slug":939,"category":769,"order":940},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":942,"slug":943,"category":751,"order":940},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":945,"slug":946,"category":777,"order":940},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":948,"slug":949,"category":950,"order":951},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":953,"slug":954,"category":751,"order":951},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":956,"slug":957,"category":777,"order":951},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":959,"slug":960,"category":769,"order":961},"1965年11月 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巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1194,"slug":1195,"category":751,"order":1192},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1197,"slug":1198,"category":950,"order":1199},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1201,"slug":1202,"category":751,"order":1199},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1204,"slug":1205,"category":950,"order":1206},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1208,"slug":1209,"category":751,"order":1206},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1211,"slug":1212,"category":950,"order":1213},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1215,"slug":1216,"category":751,"order":1213},"巴菲特：2004年与塔克商学院学生对谈","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":1218,"slug":1219,"category":950,"order":1220},"1980 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1250,"slug":1251,"category":751,"order":1248},"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":1253,"slug":1254,"category":950,"order":1255},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1257,"slug":1258,"category":751,"order":1255},"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":1260,"slug":1261,"category":950,"order":1262},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1264,"slug":1265,"category":751,"order":1262},"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":1267,"slug":1268,"category":950,"order":1269},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1271,"slug":1272,"category":751,"order":1269},"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":1274,"slug":1275,"category":950,"order":1276},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1278,"slug":1279,"category":751,"order":1276},"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":1281,"slug":1282,"category":950,"order":1283},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1285,"slug":1286,"category":751,"order":1283},"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":1288,"slug":1289,"category":950,"order":1290},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1292,"slug":1293,"category":751,"order":1290},"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":1295,"slug":1296,"category":950,"order":1297},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1299,"slug":1300,"category":751,"order":1297},"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":1302,"slug":1303,"category":950,"order":1304},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1306,"slug":1307,"category":751,"order":1304},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1309,"slug":1310,"category":950,"order":1311},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1313,"slug":1314,"category":751,"order":1311},"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":1316,"slug":1317,"category":950,"order":1318},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1320,"slug":1321,"category":751,"order":1318},"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":1323,"slug":1324,"category":950,"order":1325},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1327,"slug":1328,"category":751,"order":1325},"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":1330,"slug":1331,"category":950,"order":1332},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1334,"slug":1335,"category":751,"order":1332},"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":1337,"slug":1338,"category":950,"order":1339},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1341,"slug":1342,"category":751,"order":1339},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1344,"slug":1345,"category":950,"order":1346},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1348,"slug":1349,"category":751,"order":1346},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1351,"slug":1352,"category":950,"order":1353},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1355,"slug":1356,"category":751,"order":1353},"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":1358,"slug":1359,"category":950,"order":757},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":761,"category":751,"order":757},{"title":1362,"slug":1363,"category":950,"order":1364},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1366,"slug":1367,"category":751,"order":1364},"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":1369,"slug":1370,"category":950,"order":1371},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1373,"slug":1374,"category":751,"order":1371},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1376,"slug":1377,"category":950,"order":1378},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1380,"slug":1381,"category":751,"order":1378},"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":1383,"slug":1384,"category":950,"order":1385},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1387,"slug":1388,"category":751,"order":1385},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1390,"slug":1391,"category":950,"order":1392},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1394,"slug":1395,"category":751,"order":1392},"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":1397,"slug":1398,"category":950,"order":1399},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1401,"slug":1402,"category":751,"order":1399},"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":1404,"slug":1405,"category":950,"order":1406},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1408,"slug":1409,"category":751,"order":1406},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1411,"slug":1412,"category":950,"order":1413},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1415,"slug":1416,"category":751,"order":1413},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1418,"slug":1419,"category":950,"order":1420},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1422,"slug":1423,"category":751,"order":1420},"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":1425,"slug":1426,"category":950,"order":1427},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1429,"slug":1430,"category":751,"order":1427},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1432,"slug":1433,"category":950,"order":1434},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1436,"slug":1437,"category":751,"order":1434},"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":1439,"slug":1440,"category":950,"order":1441},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1443,"slug":1444,"category":751,"order":1441},"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":1446,"slug":1447,"category":950,"order":1448},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1450,"slug":1451,"category":751,"order":1448},"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":1453,"slug":1454,"category":950,"order":1455},"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":1457,"slug":1458,"category":751,"order":1455},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1460,"slug":1461,"category":950,"order":1462},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1464,"slug":1465,"category":751,"order":1462},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1467,"slug":1468,"category":950,"order":1469},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1471,"slug":1472,"category":751,"order":1469},"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":1474,"slug":1475,"category":950,"order":1476},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1478,"slug":1479,"category":751,"order":1476},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1481,"slug":1482,"category":950,"order":1483},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1485,"slug":1486,"category":751,"order":1483},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1488,"slug":1489,"category":950,"order":1490},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1492,"slug":1493,"category":751,"order":1490},"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":1495,"slug":1496,"category":950,"order":1497},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1499,"slug":1500,"category":751,"order":1497},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1502,"slug":1503,"category":950,"order":1504},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1506,"slug":1507,"category":751,"order":1504},"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":1509,"slug":1510,"category":950,"order":1511},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1513,"slug":1514,"category":751,"order":1511},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1516,"slug":1517,"category":950,"order":1518},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1520,"slug":1521,"category":751,"order":1518},"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":1523,"slug":1524,"category":950,"order":1525},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1527,"slug":1528,"category":751,"order":1525},"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":1530,"slug":1531,"category":950,"order":1532},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1534,"slug":1535,"category":751,"order":1532},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1537,"slug":1538,"category":950,"order":1539},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1541,"slug":1542,"category":751,"order":1539},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1544,"slug":1545,"category":950,"order":1546},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1548,"slug":1549,"category":751,"order":1546},"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":1551,"slug":1552,"category":950,"order":1553},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1555,"slug":1556,"category":751,"order":1553},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1558,"slug":1559,"category":950,"order":1560},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1562,"slug":1563,"category":751,"order":1560},"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":1565,"slug":1566,"category":751,"order":1567},"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":1569,"slug":1570,"category":751,"order":1571},"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":1573,"slug":1574,"category":751,"order":1575},"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":1577,"slug":1578,"category":751,"order":1579},"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":1581,"slug":1582,"category":751,"order":1583},"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":1585,"slug":1586,"category":751,"order":1587},"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":1589,"slug":1590,"category":751,"order":1591},"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":1593,"slug":1594,"category":751,"order":1595},"巴菲特：2014年CNBC 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