[{"data":1,"prerenderedAt":2005},["ShallowReactive",2],{"library-ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng":3,"library-sidebar-buffett":468,"library-sidebar-dao":1471,"library-sidebar-models":1773},{"id":4,"title":5,"body":6,"category":454,"date":455,"description":456,"extension":457,"meta":458,"navigation":459,"order":460,"path":461,"seo":462,"seoDescription":456,"seoTitle":463,"slug":464,"stem":465,"__hash__":466,"_collection":467},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng.md","巴菲特：2007年对话佐治亚大学学生",{"type":7,"value":8,"toc":449},"minimark",[9,13,18,22,25,28,34,37,42,45,52,55,61,65,68,75,80,87,90,93,97,100,106,112,118,121,130,137,141,144,147,157,160,163,167,170,173,180,183,186,191,195,198,204,211,217,222,226,229,232,235,240,244,247,250,255,259,262,265,268,271,275,278,281,284,287,294,298,301,307,310,316,322,326,329,332,339,342,346,349,355,360,365,370,373,377,380,386,389,392,395,399,402,407,418,425,431,437,440,443,446],[10,11,5],"h1",{"id":12},"巴菲特2007年对话佐治亚大学学生",[14,15,17],"h2",{"id":16},"巴菲特对话佐治亚大学学生2007","巴菲特：对话佐治亚大学学生2007",[19,20,21],"p",{},"2007 年1 月 Terry 商学院Sham Gad 整理",[19,23,24],{},"开场白",[19,26,27],{},"每个人都有实现梦想的潜能。关键是要让我们每个人都发挥出自己的能力。我请大家玩一个游戏。假设这堂课结束后，你们有一个小时的时间来挑选一位同学，在他的有生之年，你将拥有他收入的10%。除了选父亲最有钱的那个(笑声)，你还会选最有效率的那个人。我预测，你不一定会选成绩最好或智商最高的学生。相反，你会寻找最正直、最聪明的人。想想一个拥有300 马力发动机并以300 马力运转的人，与一个拥有400 马力发动机但以 150 马力运转的人相比，你每次都会选择300 马力的那个人。我想说的是，你应该成为一个高效率的人。",[19,29,30],{},[31,32,33],"strong",{},"习惯的枷锁，开始的时候，它轻的难以察觉，直到后来，却重的无法摆脱。",[19,35,36],{},"问答要点",[38,39,41],"h4",{"id":40},"_1为什么投资伯克希尔","1，为什么投资伯克希尔",[19,43,44],{},"听众：鉴于东北部纺织业的持续衰退，以及新贝德福德和该行业其他公司的经济低迷，是什么促使您在当时收购伯克希尔哈撒韦公司的？",[19,46,47,48,51],{},"巴菲特：1962 年，我从本格雷厄姆那里学到了如何评估企业。他还用雪茄烟蒂来比喻购买企业：你通常能从中得到一口好烟，而且是免费的。伯克希尔在二战后赚了很多钱(比辉瑞和默克还多)，然后就开始走下坡路。1955-1965 十年间，伯克希尔从12 家工厂减少到2 家，随着工厂的关闭，他们回购了自己的股票。1962 年，我们以每股7.3 美元的价格购买了100 万股中的10 万股，公司的营运资本为每股10-11 美元。",[31,49,50],{},"我知道我不会以低于营运资本购买而赔钱","。公司虽然亏损，但也在通过关闭工厂释放资产。",[19,53,54],{},"西伯利·斯坦顿(SeaburyStanton)当时在管理伯克希尔，我去拜访了他。我们达成协议，伯克希尔将以11.5美元的价格回购我持有的股票。因此，我无法继续购买股票，因为我有内部消息。几周后，我收到了Old Colony Trust 的来信，信中提出了11.375 美元的收购要约。下周初，Seabury 以11.375 美元的价格投标。因此，我开始购买更多的伯克希尔股票。Seabury 的其他家庭成员把他们的股票卖给了我，我获得了公司的控股权。家族成员对Seabury 也不是很满意。我们一直经营到1985 年。",[19,56,57,58],{},"喜诗糖果是资本支出单项回报率较低的一个例子(扩张无效)，但由于See's 糖果公司的品牌响亮，整个公司却赚得盆满钵满。我们在1972 年买下了喜诗糖果，从那时起，我们每年都会在圣诞节的第二天提价，但这从未损害过公司的业务。**我们在投资时会问一个问题：你需要等多久才能提价？**如果今天你是一家航空公司，你想提价，一个小时后，你就会因为竞争而降价。而像喜诗糖果这样的好品牌却不会这样。即使我给你一亿美元，当然我不会真给你，但如果我给了你，你也无法损害喜诗糖果在三千万加州人心目中的品牌形象。只有喜诗糖果能做到这一点。",[31,59,60],{},"品牌是，他们承诺提供人们所期望的质量和服务。",[38,62,64],{"id":63},"_2关于慈善捐赠","2，关于慈善捐赠",[19,66,67],{},"听众：巴菲特先生，您曾形容伯克希尔是您的油画杰作，是一个大师级的商业实体，自您接手以来，股东权益的年复合增长率达到21.5%。您将自己的工作描述为资本配置者，并称从事这项工作是您一生的乐趣。2006 年 7 月，您将积累的所有伯克希尔股份分配给比尔梅林达盖茨基金会和其他四个基金会。这一慈善举动规模巨大，执行卓越，目标远大。现在，比尔梅林达盖茨基金会的工作就是每个工作日为您的捐款分配1500 万美元。在您的心目中，这一令人难以置信的行动的哪个部分对您来说最担忧或最重要，为什么？",[19,69,70,71,74],{},"巴菲特：",[31,72,73],{},"实际上，15 年前我就在心里把股票捐给了别人，在心理上建立了一个信托","。我妻子去世后，我不得不做点什么。我与比尔和梅琳达讨论了我的计划后不久，他们给了我一本亚当斯密《国富论》的原版。在第一章中，亚当斯密谈到了\"劳动专业化\"，其中谈到了市场，并允许各国专业化并从事自己擅长的工作。迈克泰森(Mike Tyson)不会试图经营伯克希尔，我也不会试图和Tyson 打拳。这就是我对慈善事业的看法。",[19,76,77],{},[31,78,79],{},"我开始寻找那些更年轻、更聪明、更有经验、用自己的钱做慈善的人。我寻找目标相似的人，他们会把钱用得最好。实际上，我把我的慈善事业外包了出去，这样就不用费脑子了。",[19,81,82,83,86],{},"我在《财富》杂志的文章中说过，商业是我喜欢的游戏，因为我可以击中容易的投球。泰德威廉姆斯(Ted Williams)曾写过一本关于击球的书，他说，",[31,84,85],{},"要想在棒球比赛中取得成功，就必须等待最佳的投球","。喜诗糖果对我来说就是一个简单的投球。这不像奥运会跳水比赛，一个人可以完美地完成一个简单的跳水动作，但得分却低于那些尝试难度系数更大的跳水动作却可能溅起巨大水花的人。跳水比赛是按照难度来评判的。",[19,88,89],{},"**慈善事业与投资的难易程度正好相反。慈善事业是要解决社会上最棘手的问题，因此你会经常失败。我个人不喜欢失败，所以我宁愿让别人去做。我个人也不喜欢去做一些得不到任何反馈的工作。**事实上，我还预期一些项目会失败。我现在的预期寿命还有12 年，在这段时间里，我应该能为我的\"捐款\"再增加数百亿美元。我要坚持做我喜欢做的事，我很高兴其他人会努力把钱捐出去。",[19,91,92],{},"我只是幸运地在正确的时间出现在正确的地点。换个地方，换个时间，我不会这么成功。社会让我赚到了钱，我的钱也应该回归社会。",[38,94,96],{"id":95},"_3关于人性","3，关于人性",[19,98,99],{},"听众：您曾说过，过去50 多年是美国证券市场投资的一个特殊时期，有无数的错误定价。您认为类似的事情还会再次发生吗？如果您今天26 岁只有100 万美元，您将如何获得您说过的用较少资金就能获得50%的回报？",[19,101,70,102,105],{},[31,103,104],{},"有吸引力的机会来自于对人类行为的观察","。1998 年，人们的行为就像受惊的穴居人(LTCM 公司的崩溃)。机会是人们自己创造的。他们会因恐惧而畏缩，因贪婪而兴奋，智商、学历等并不重要。能实现每年增长50%的是小规模资本，大规模资本做不到。问题的关键是，我是在寻找盈利丰厚的股票中致富的。",[19,107,108,109],{},"过去50 年并非独一无二。",[31,110,111],{},"投资只是将人类的行为资本化了。当其他人因恐惧而畏缩，因贪婪而兴奋时，正是人们自己创造出了机会。如果你能将情感从行为上分离，人类行为就能带来成功。",[19,113,114,115],{},"1951 年，20 岁的我从学校毕业。当时有两家股票信息出版商：穆迪(Moody's)和标准普尔(Standardsand Poor's)。我用的是穆迪，我翻烂了每一本穆迪手册。我最近在亚马逊上买了一本1951 年版的穆迪手册。在第1433 页，有只股票你可以赚到钱。它每股收益为29 美元，股价区间为每股3-21 美元。在另一页上，有家公司每股收益为29.5 美元，股价区间为27-28 美元，是收益的1 倍。",[31,116,117],{},"找到这样低估的东西，找到这些还没有被关注的东西，你就能发财。",[19,119,120],{},"几年前，我得到了一本关于韩国股票的投资指南。我开始翻阅它。感觉就像回到了1974 年。看看这家大韩面粉公司-DaeHan，我不知道该怎么读，它是一家面粉公司。它前一年利润为12879 韩元。现在它的账面价值为 20 万韩元，利润为1.8 万韩元。交易价格最高为4.3 万韩元，最低为3.5 万韩元。当时，它的现价是4 万韩元，是盈利的2 倍。在4 个小时内，我找到了20 家这样的公司。",[19,122,123,126,127],{},[31,124,125],{},"关键是没有人会告诉你这些公司的情况","。没有关于DaeHan Flour Company 的经纪人报告。当你这样投资时你就会赚到钱。当然，有一两家公司可能会是糟糕的选择，但其他公司会弥补你的损失。不是所有的公司都是好公司，但有些公司会是好公司，这些公司会让你发财。这不是发生在1932 年，而是2004 年！未来30 年，这些机会还会出现。",[31,128,129],{},"运气背的时候，你会连续遭遇一些糟糕的公司而亏钱，但你也会有几次做什么都赚大钱。",[19,131,132,133,136],{},"**华尔街的分析师都是聪明人，他们更擅长数学，但我们更了解人性。**在你的投资生涯中，会有几次机会，其中会有一两次不会错。例如，1998 年纽约联储发行的30 年期国债收益率，比29.5 年的国债收益率扩大到了30个基点，这导致LTCM 的对冲策略崩溃。(一般国债发行半年后，人们会逐渐把债券雪藏冻结起来，这会导致流动性不足，如果要卖出，就需要折价10 来个基点交易。拉长来看，价差会缩小，对冲策略能赚钱。但价差扩大就会亏损。)而LTCM 以10 个基点的价差进行了对冲交易，但这是一个非常拥挤的交易(价差太小了，必须上杠杆)，即使他们有100%的把握赚钱，但他们承受不起任何风吹草动。这些人都是麻省理工学院的毕业生，非常聪明，他们的高杠杆交易几乎弄崩了整个金融系统。",[31,134,135],{},"我更了解人性，此时绝对是采取行动的好时机","。",[38,138,140],{"id":139},"_4关于海外投资","4，关于海外投资",[19,142,143],{},"听众：巴菲特先生，在考察其他国家的投资机会时，您是看该国的整体财务状况，还是关注外国具体公司的财务状况？您提到投资韩国公司，您是否考虑过所投资国家的状况？",[19,145,146],{},"巴菲特：我们关心公司所在国家的状况。在美国以外的国家投资是有劣势的。几年前，我们希望投资俄罗斯的尤科斯石油(Yukos)或者中国石油时，我们最终选择了中国石油，因为那里的政治局势比较稳定。结果证明这是一个正确的决定。我关心我所投资的国家和地缘政治环境。",[19,148,149,150,153,154],{},"中国石油的售价为350 亿美元，只有埃克森石油的四分之一，但利润却相当于埃克森的80%。有一天，我在阅读公司的年报时，看到董事长在报告中说，",[31,151,152],{},"公司将把利润的45%作为股息发放，这比任何一家类似的公司都要多得多，我喜欢这种安全感","。如果这是一家美国公司，它将以850 亿美元的价格出售；这是一家优秀、稳健的公司。我不像理解美国文化那样理解中国文化。不过，他们在年报中说，他们将把盈利的45%作为股息派发，基本上就是说，如果他们赚钱了，就会派发股息。我投资了4.5 亿美元，现在价值35 亿美元。",[31,155,156],{},"我决定在中国投资而不是俄罗斯，是因为我更喜欢中国的投资环境。",[19,158,159],{},"7 月，尤科斯公司的所有者米哈伊尔霍多尔科夫斯基(Mikhail Khodorkovsky 当时的俄罗斯首富)与我共进早餐，并向我咨询他们是否应该在纽约上市，以及考虑到美国SEC 的规定，这样做是否过于繁琐。四个月后，霍多尔科夫斯基入狱。普京把他送进了监狱。他与普京叫板但输了。他在地缘政治思维上的决定是错误的，现在公司完犊子了。中石油是更好的投资选择。45%的分红是个疯狂的数字，但中国信守了承诺。我从来没有像在美国那样开心过，因为其他地方的法律更不确定，但关键是要买到便宜的东西。俄罗斯的地缘政治环境很糟糕。另一方面，中国一直信守承诺，支付红利。事实上，当红利支票到账时，它被计算到小数点后10 位，他们很守信用。我不了解中国的税法，但你可以用低价买到好企业。",[19,161,162],{},"在伯克希尔，你必须投资数亿美元才能有所作为。我们的问题是找不到值得投资的东西。",[38,164,166],{"id":165},"_5关于非洲市场","5，关于非洲市场",[19,168,169],{},"听众：鉴于非洲的信息闭塞和局限性，您如何找到高于平均水平的股票？在获取可接受的信息方面，您的最佳建议是什么？",[19,171,172],{},"巴菲特：在非洲，除了戴比尔斯(DeBeers)、英美资源(Anglo-American)或南非米勒(SABMiller)之外，没有太多足以让伯克希尔关注的公司。此外，关于这些公司的信息也不多。我知道南非可获得一些股票信息。但关键是要获得优质的信息。相比之下，韩国有很多信息可供使用。网上有Kissline，几秒钟之内，我就能获得韩国证券交易所的信息、年度甚至季度信息。我不确定南非是否也有同样的在线信息。",[19,174,175,176,179],{},"**这没关系，因为我不需要赢得每一场比赛，只需要赢得我玩的比赛。**我的办公室里有三个邮件箱子：",[31,177,178],{},"IN、OUT 和TooHard","。我和麻省理工学院的学生开玩笑说，我应该有一个TooHard 的垃圾箱，他们就真给我做了一个，现在我有了并且一直在用。",[19,181,182],{},"我只对我真正喜欢的球挥棒。如果你一生中这样做10 次，你就会变得富有。你应该像拥有一张有20 个孔的打孔卡一样进行投资，你一生中的每笔交易都打一个孔。",[19,184,185],{},"我认为，如果人们一生中只有10 次购买股票的机会，他们会过得更好。你知道会发生什么吗？他们会确保每次购买都是一次好的投资。在购买之前，他们会做很多很多的研究。",[19,187,188],{},[31,189,190],{},"你不需要有很多4 倍增长的机会就能致富。你不需要投资很多，但股市环境让你觉得你需要一直做些什么。",[38,192,194],{"id":193},"_6关于理性","6，关于理性",[19,196,197],{},"听众：你如何定义自己的性格？您认为您性格中的哪一部分对您的成功助力最大？",[19,199,200,203],{},[31,201,202],{},"巴菲特：你需要的重要品质是智力(Intelligence)、耐心(Patience)和兴趣(Interest)，但最大的一点是要保持理性(Rationality)","。但1997-98 年，人们失去了理智。人们被其他人的所作所为所所迷惑。",[19,205,206,207,210],{},"**不要被别人的行为所迷惑。做一个逆向投资者不是关键，从众也不是关键。关键是你的行为需要挣脱情感的束缚。你需要思考你的周围发生了什么。**在这方面，在奥马哈的生活对我很有帮助。我在纽约时，不到中午就有 50 个人在我耳边说悄悄话。有时这很难摆脱，就像互联网热潮袭来的时候。没人喜欢看到自己的邻居做蠢事还哐哐赚钱。这就像灰姑娘的舞会，我想我就再跳最后一支舞吧，还没到午夜呢。",[31,208,209],{},"这听起来很容易，但离开派对真的很难","。股票的问题在于它们没有时钟，你不知道什么时候会到午夜，因此你很难轻松离场。",[19,212,213,214],{},"我的搭档查理芒格和GEICO 的Tony Nicely 总是很理性。",[31,215,216],{},"即使160 的智商也能说出听起来不错的蠢话。无论智商是120 还是160，人们都会做蠢事。保持理性是唯一能帮助你的东西。",[19,218,219],{},[31,220,221],{},"你总是可以提高自己的理性思维。有一件事可以帮到你，那就是在购买前写下购买股票的理由。写下：我以3千亿美元的价格买入微软，因为......要强迫自己把理由写下来。这会让你的头脑更加清晰，纪律更加严明。这种练习会让你更加理性。",[38,223,225],{"id":224},"_7关于指数基金","7，关于指数基金",[19,227,228],{},"听众：您对交易所交易基金有何看法，如何准确判断？",[19,230,231],{},"巴菲特：ETF 是进入股市或行业的一种相当低成本的方式。我们不持有任何ETF，以后也不会持有。",[19,233,234],{},"我向那些不想花时间研究市场的人推荐指数基金。它们适合95%的人。",[19,236,237],{},[31,238,239],{},"如果你在投资游戏中一无所获，你就不应该期望自己能获胜。",[38,241,243],{"id":242},"_8关于慈善成败","8，关于慈善成败",[19,245,246],{},"听众：您希望如何解决非洲艾滋病治疗的行政成本问题？",[19,248,249],{},"巴菲特：比尔和梅琳达盖茨基金会比我更能解决这些问题。我的工作是给他们更多的钱，这样他们就可以做更多的工作。我更适合筹集资金，让其他人去做他们擅长的工作。与政府相比，我们可以通过私人慈善机构做更多的事情。比尔盖茨认为每个人的生命都是宝贵的；相比其他国家，我们美国更少需要帮助。",[19,251,252],{},[31,253,254],{},"我们判断慈善成功的标准是，我们解决问题的智慧，而不是成败。",[38,256,258],{"id":257},"_9关于卵巢彩票","9，关于卵巢彩票",[19,260,261],{},"听众：继承税或遗产税一直在国会争论不休，但您的立场没有改变，您认为应该保留这一税种。您能否就立法者为何不应修改这一税法谈谈您的看法？",[19,263,264],{},"巴菲特：这不是死亡税。每年美国有220 万人死亡，其中只有4 千份遗产会被征税。联邦政府每年从遗产税中征收了300 亿美元，而这些遗产的继承人中，很大一部分将获得5000 万美元或更多。",[19,266,267],{},"我们必须扪心自问，什么才是适合我们社会的税收政策。让我用一个游戏来说明。想象一下，在你出生前24小时，一个精灵来到你身边，让你设计你将要来到的世界。你可以定义这个世界的所有政治、经济和社会的各个层面。但有一个问题。你必须从60 亿张彩票中抽出一张。在这张彩票上，将写下你在这个世界上的特征，比如，你将出生在美国还是孟加拉国，你是男性还是女性，黑人还是白人，弱智还是正常等等。你会怎么做？你会设计一个讲规则的世界，这个规则最初会促进富足。你将创造一个富足的社会，一个人人富有生产力，能够产出大量商品的世界。其次，你希望公平。你会希望产出被广泛分发。你会设计一个远离恐惧的自由世界，免于年老危机的世界。你希望机会均等，有市场体系，最优秀的人在最适合的岗位。你会希望这个世界能够照顾到那些拿到糟糕彩票的人。这与宗教无关，我是不可知论者。在我出生的时候，我出生在美国的几率大约是50 比1。我中了卵巢彩票。你要确保所有幸运儿都有继续工作的动力。此外，你还希望其他人拥有的机会均等，而不是结果均等。更重要的是要有一个良好的法治体系。你们还希望确保人尽其才，各得其所。你还希望帮助其他没有机会的人。我可以建立这样的制度，让我的子孙十代都不用工作。这样一来，我的后代实际上就从积极进取的人群中被剔除了。富人的后代有可能成为福利领取者。很多家族(我就指名道姓了)创造了社会为他们家族做出贡献的王朝，就因为他们是\"幸运精子俱乐部\"的一员。他们将不再使用食品券，而是拥有股票和债券。遗产税改变了建立家族王朝的能力，使后代脱离了工作群体，即生产性公民群体。",[19,269,270],{},"我们都参加了卵巢彩票，这可能是我们做过的最重要的事情。事实上，你们都是商学院的学生，你们都很聪明，而且前途无量；如果你们有机会用自己的彩票换取挑选100 张彩票的机会，而你们必须从中抽取一张。你会这样做吗？我认为你不会这样做。因为在这100 张彩票中，只有4-5 张会出生在美国。在这些人中，没有多少人会走上你的道路。所以，我们是社会中最优秀的1%，我们非常幸运。我的后代是社会上层10%中的一员。这意味着你是世界上最幸运的1%。",[38,272,274],{"id":273},"_10关于地产投资","10，关于地产投资",[19,276,277],{},"听众：在您职业生涯的早期，您买了一些土地租给了当地的一些农民？您为什么没有继续投资房地产？",[19,279,280],{},"巴菲特：我14 岁时就开始投资农场房地产。整个交易由别人处理的，我只是买了40 英亩地。一个人在土地上耕种，收获X 蒲式耳(bushel)大豆，然后在市场上以每蒲式耳X 美元的价格出售，然后说这是你的支票。我在这项投资中几乎什么也没做。我不知道他是否真的收获了他所说的大豆，也不知道他是否卖出了他所说的大豆，更不知道他是以什么价格卖出的。这有点像有人把所有奶牛都混在一个牛群里，当他们把牛群带到市场时，牛群的主人说，对不起，你的牛都死了。你怎么知道哪些牛是你的？",[19,282,283],{},"1980 年末储贷危机爆发，土地每英亩售价2000 美元。一英亩地能生产120 蒲式耳玉米或45 蒲式耳大豆。按每蒲式耳几美元计算，基本上每英亩收入为80 美元。按照当时的利率，每英亩要支付150 美元的利息。因此，你得到的是80 美元，而付出的是150 美元，这根本不合理。银行家们疯狂地以每英亩2000 美元的价格贷款给农场，利率为10%，以生产每英亩80 美元的作物。",[19,285,286],{},"在很多人损失惨重之后，联邦存款保险公司FDIC 接管了这些农场，并最终以每英亩600 美元的价格出售，这在当时是一笔不错的交易。FDIC 接管了数百个农场，因为人们都疯了，赔得血本无归。",[19,288,289,290,293],{},"储贷协会失去了资本基础，政府拥有了价值1 亿美元的房产，需要低价抛售，这是一个赚钱的机会。",[31,291,292],{},"但我仍然不喜欢农场，因为它们太被动了","。我还是不喜欢种地，我儿子喜欢种地，但我不喜欢。",[38,295,297],{"id":296},"_11关于考察管理层","11，关于考察管理层",[19,299,300],{},"听众：巴菲特先生，有充分的证据表明，您不管理您旗下的经理人。您是对人有很强的直觉吗？还是在评估想要收购的公司的管理层时，您有一套程序？",[19,302,303,304],{},"巴菲特：好问题。",[31,305,306],{},"我在收购时问他们的问题是：他们卖掉自己的生意后还会继续工作吗？",[19,308,309],{},"**你们是爱钱，还是热爱自己的生意？如果他们是热爱自己的生意，那我们就会成交。如果是爱钱，那也没关系，只是这不是我们要找的人。**我不需要找出所有能得10 分的人，我只需要确保和我交易的都是10 分的人。我不能对着全班同学说，\"你是6.5 分，你是8 分\"。我只需要找到几个10 分的就可以了。",[19,311,312,315],{},[31,313,314],{},"在评估一个企业主时，我有直觉吗？有时会有","。人们会把自己暴露出来，我不知道是什么。我们在伯克希尔没有任何合同；人们留下来是因为他们对自己的事业充满热情，我不想搞砸这一点。即使他们已经65 岁也不会有什么变化。我有40 位CEO 在伯克希尔旗下的公司工作。自1965 年以来，他们中没有一个人从伯克希尔跳槽。",[19,317,318,319],{},"如果我告诉GEICO 的路易辛普森(LouSimpson)上午9 点必须到办公室，而他只能有一个小时的午餐时间，他就会离开。",[31,320,321],{},"我不需要找出每个10 分的人，我只需要确定我们投资的那些人是10 分。",[38,323,325],{"id":324},"_12关于爱与恐惧","12，关于爱与恐惧",[19,327,328],{},"听众：NiccoloMachiavelli 说过，一个人可以让人敬畏，也可以让人爱戴。但一个人可能更希望被人畏惧而不是被人爱戴。你同意这句话吗？您是否遇到过\"恐惧\"大于\"爱戴\"的情况？",[19,330,331],{},"巴菲特**：作为管理者，我不相信恐惧**。本格雷厄姆，唐·基奥(DonKeough)和我的父亲，都是我曾经为之工作过的人，他们从未试图让人们因恐惧而做出反应。某些行业可能是有利的，比如野战排长，但即便如此，如果你回头抛弃你的战友...... 也许在某些情况下需要这样做：为一名警察这样行动。",[19,333,334,335,338],{},"我不会那样做的，我不喜欢这种生活。",[31,336,337],{},"我相信最强大的力量是爱，这是与人打交道的最有效方式","。我不想过一种人们害怕我的生活。人们在恐惧中无法正常工作。在某些同归于尽是最终结果的情况下，恐惧是好事。但在伯克希尔不是这样，爱是更好的运作方式。",[19,340,341],{},"顺便问一下，马基雅弗利做得怎么样？500 年后的没有人信仰Machiavelli 宗教，不是吗？",[38,343,345],{"id":344},"_13关于错误","13，关于错误",[19,347,348],{},"听众：有时，我们从失败中学到的东西比从成功中学到的更多。你认为自己最大的错误或失败是什么？",[19,350,70,351,354],{},[31,352,353],{},"我犯过很多\"不作为\"(omission)的错误，而不是作为(commission)的错误","。据我所知，有几次损失了100 亿美元。如果一个企业卖得很便宜，而我没有买，我认为这就是失败的。正如查理所说，我在那件事上是在吮拇指(sucking my thumb)。我在购买Dexter 鞋业时做了一笔糟糕的交易，我也没有从中学到什么。我花了 4 亿美元买下了它，但最大的错误是我放弃了投资现在价值30 亿美元的股票。",[19,356,357],{},[31,358,359],{},"你会犯错误。你不可能在比赛中不犯错误。我没有停下纠结这些，我只是继续向前看。",[19,361,362],{},[31,363,364],{},"大多数商业错误都是不可挽救的挫折，但你还有别的机会。",[19,366,367],{},[31,368,369],{},"人生有两件事是再也没有机会的，一是嫁错了人，二是如何对待自己的孩子。",[19,371,372],{},"**事业，你只需继续向前。在错误中纠结是错误的，也是徒劳无益的。**这就像马克吐温关于坐在热炉子上的猫的故事，它再也没有坐在热炉子上，但它也再也没有坐在冷炉子上。",[38,374,376],{"id":375},"_14关于投资的道德问题","14，关于投资的道德问题",[19,378,379],{},"听众：说到价值观和道德，你把钱捐给谁是否与道德有关？为什么？",[19,381,382,383],{},"巴菲特：查理和我去孟菲斯考察一家嚼烟公司Conwood。最后，我们决定不想拥有它。",[31,384,385],{},"我们会买烟草公司的股票，但我们不想经营它。",[19,387,388],{},"查理最喜欢的公司好市多Costco 就是一个很好的例子，它是美国第三大香烟经销商，但你不会因此而避免购买它的股票。你会为了躲避这些东西而把自己逼疯的。我们的理念是，你不可能对有价证券进行分级，但我们购买股票不会有任何障碍，只是不会涉足某些行业的经营。",[19,390,391],{},"我认为，能源生产应该转向核能。它清洁、廉价、安全。煤炭排放对环境有害。但它仍然是一家好公司。不可能根据道德活动对有价证券进行评级。伯克希尔已经购买并将继续购买公司，但不会购买有某些行为的公司。",[19,393,394],{},"中国石油拥有苏丹40%的石油，而这些石油是苏丹政府所有的。如果他们不拥有，别人也会拥有。此外，您必须记住，如果中国石油不收购，苏丹就有可能拥有100%的石油开采权，这也不是什么好事。我觉得有趣的是，人们有时间抗议中国石油拥有苏丹石油的所有权，但对于从中国进口的3000 亿美元左右的商品，这些人却不抗议中国商品。他们抗议的是人们对中国公司的投资。",[38,396,398],{"id":397},"_15关于筛选过滤器","15，关于筛选过滤器",[19,400,401],{},"听众：除了你所寻找的管理层类型外，当您审视财务信息时，您会很快做出决定。关于财务信息和企业的整体情况，您会考虑哪些因素？",[19,403,404],{},[31,405,406],{},"巴菲特：我们之所以能迅速做出决定，是因为在做出决定之前，我们有过滤器(filters)。",[19,408,409,410,413,414,417],{},"过滤器1：",[31,411,412],{},"我们能否理解这个业务","？以英特尔与口香糖或卫生纸为例，1",[31,415,416],{},"0-20 年后它们会是什么样子？我们只在自己的能力圈内投资","。Jacob 药房于1886 年发明了可乐。可口可乐的人均消费量逐年增加。这是因为苏打水没有味觉记忆。你不会厌倦它。一天中第五次喝和第一次喝，一样好喝。",[19,419,420,421,424],{},"过滤器2：",[31,422,423],{},"企业是否具有持久(durable)的竞争优势","？这就是为什么我不会购买风靡一时的呼啦圈公司、宠物石公司或魔方公司的原因。我会买软饮料和口香糖。这就是我买吉列和可口可乐的原因。",[19,426,427,428],{},"过滤器3：",[31,429,430],{},"是否有我可以信任的管理层？他们是爱钱还是热爱自己的生意？",[19,432,433,434],{},"过滤器4：",[31,435,436],{},"价格是否合理？",[19,438,439],{},"就拿喜诗糖果来说吧。自1972 年以来，我们在营销、工艺等方面没有任何改变。你无法摧毁喜诗糖果的品",[19,441,442],{},"牌。只有喜诗糖果才能做到这一点。你必须将品牌视为对顾客的承诺，即我们将提供顾客所期望的质量和服务。",[19,444,445],{},"我们将产品与快乐联系在一起。你不会看到喜诗糖果赞助当地的殡仪馆。但我们会参加感恩节游行。",[447,448],"hr",{},{"title":450,"searchDepth":451,"depth":451,"links":452},"",2,[453],{"id":16,"depth":451,"text":17},"访谈与文章",null,"巴菲特在佐治亚大学与学生对话，使用收入选择练习阐述成功品质，强调性格、诚信与终身学习。","md",{},true,67,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":5,"description":456},"巴菲特：2007年对话佐治亚大学学生｜巴菲特","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng","QwCv-ywajjd_c2cNdS7MC4uLOl1ao3l3H2hrEEvNss0","buffett",[469,474,477,481,484,487,490,494,497,500,504,507,510,514,517,520,524,527,530,534,537,540,544,547,550,554,557,560,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,614,617,620,624,627,630,634,637,640,644,647,650,655,658,661,665,668,671,675,678,681,685,688,691,695,698,701,705,708,711,715,718,721,725,728,731,735,738,741,745,748,751,755,758,761,765,768,771,775,778,781,785,788,791,795,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1035,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1173,1176,1180,1183,1187,1190,1194,1197,1201,1204,1208,1211,1215,1218,1222,1225,1229,1232,1236,1239,1243,1246,1250,1253,1257,1260,1264,1267,1271,1275,1279,1283,1287,1291,1295,1299,1303,1307,1311,1315,1319,1323,1327,1331,1335,1339,1343,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407,1411,1415,1419,1423,1427,1431,1435,1439,1443,1447,1451,1455,1459,1463,1467],{"title":470,"slug":471,"category":472,"order":473},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":475,"slug":476,"category":454,"order":473},"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":478,"slug":479,"category":480,"order":473},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":482,"slug":483,"category":472,"order":451},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":485,"slug":486,"category":454,"order":451},"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":488,"slug":489,"category":480,"order":451},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":491,"slug":492,"category":472,"order":493},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":495,"slug":496,"category":454,"order":493},"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":498,"slug":499,"category":480,"order":493},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":501,"slug":502,"category":472,"order":503},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":505,"slug":506,"category":454,"order":503},"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":508,"slug":509,"category":480,"order":503},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":511,"slug":512,"category":472,"order":513},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":515,"slug":516,"category":454,"order":513},"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":518,"slug":519,"category":480,"order":513},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":521,"slug":522,"category":472,"order":523},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":525,"slug":526,"category":454,"order":523},"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":528,"slug":529,"category":480,"order":523},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":531,"slug":532,"category":472,"order":533},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":535,"slug":536,"category":454,"order":533},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":538,"slug":539,"category":480,"order":533},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":541,"slug":542,"category":472,"order":543},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":545,"slug":546,"category":454,"order":543},"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":548,"slug":549,"category":480,"order":543},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":551,"slug":552,"category":472,"order":553},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":555,"slug":556,"category":454,"order":553},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":558,"slug":559,"category":480,"order":553},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":561,"slug":562,"category":472,"order":563},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":565,"slug":566,"category":454,"order":563},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":568,"slug":569,"category":480,"order":563},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":571,"slug":572,"category":472,"order":573},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":575,"slug":576,"category":454,"order":573},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":578,"slug":579,"category":480,"order":573},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":581,"slug":582,"category":472,"order":583},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":585,"slug":586,"category":454,"order":583},"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":588,"slug":589,"category":480,"order":583},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":591,"slug":592,"category":472,"order":593},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":595,"slug":596,"category":454,"order":593},"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":598,"slug":599,"category":480,"order":593},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":601,"slug":602,"category":472,"order":603},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":605,"slug":606,"category":454,"order":603},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":608,"slug":609,"category":480,"order":603},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":611,"slug":612,"category":472,"order":613},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":615,"slug":616,"category":454,"order":613},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":618,"slug":619,"category":480,"order":613},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":621,"slug":622,"category":472,"order":623},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":625,"slug":626,"category":454,"order":623},"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":628,"slug":629,"category":480,"order":623},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":631,"slug":632,"category":472,"order":633},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":635,"slug":636,"category":454,"order":633},"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":638,"slug":639,"category":480,"order":633},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":641,"slug":642,"category":472,"order":643},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":645,"slug":646,"category":454,"order":643},"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":648,"slug":649,"category":480,"order":643},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":651,"slug":652,"category":653,"order":654},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":656,"slug":657,"category":454,"order":654},"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":659,"slug":660,"category":480,"order":654},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":662,"slug":663,"category":472,"order":664},"1965年11月 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巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1002,"slug":1003,"category":454,"order":1000},"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":1005,"slug":1006,"category":653,"order":1007},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1009,"slug":1010,"category":454,"order":1007},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1012,"slug":1013,"category":653,"order":1014},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1016,"slug":1017,"category":454,"order":1014},"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":1019,"slug":1020,"category":653,"order":1021},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1023,"slug":1024,"category":454,"order":1021},"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":1026,"slug":1027,"category":653,"order":1028},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1030,"slug":1031,"category":454,"order":1028},"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":1033,"slug":1034,"category":653,"order":460},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":464,"category":454,"order":460},{"title":1037,"slug":1038,"category":653,"order":1039},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1041,"slug":1042,"category":454,"order":1039},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1044,"slug":1045,"category":653,"order":1046},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1048,"slug":1049,"category":454,"order":1046},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1051,"slug":1052,"category":653,"order":1053},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1055,"slug":1056,"category":454,"order":1053},"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":1058,"slug":1059,"category":653,"order":1060},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1062,"slug":1063,"category":454,"order":1060},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1065,"slug":1066,"category":653,"order":1067},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1069,"slug":1070,"category":454,"order":1067},"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":1072,"slug":1073,"category":653,"order":1074},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1076,"slug":1077,"category":454,"order":1074},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1079,"slug":1080,"category":653,"order":1081},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1083,"slug":1084,"category":454,"order":1081},"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":1086,"slug":1087,"category":653,"order":1088},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1090,"slug":1091,"category":454,"order":1088},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1093,"slug":1094,"category":653,"order":1095},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1097,"slug":1098,"category":454,"order":1095},"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":1100,"slug":1101,"category":653,"order":1102},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1104,"slug":1105,"category":454,"order":1102},"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":1107,"slug":1108,"category":653,"order":1109},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1111,"slug":1112,"category":454,"order":1109},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1114,"slug":1115,"category":653,"order":1116},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1118,"slug":1119,"category":454,"order":1116},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1121,"slug":1122,"category":653,"order":1123},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1125,"slug":1126,"category":454,"order":1123},"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":1128,"slug":1129,"category":653,"order":1130},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1132,"slug":1133,"category":454,"order":1130},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1135,"slug":1136,"category":653,"order":1137},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1139,"slug":1140,"category":454,"order":1137},"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":1142,"slug":1143,"category":653,"order":1144},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1146,"slug":1147,"category":454,"order":1144},"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":1149,"slug":1150,"category":653,"order":1151},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1153,"slug":1154,"category":454,"order":1151},"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":1156,"slug":1157,"category":653,"order":1158},"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":1160,"slug":1161,"category":454,"order":1158},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1163,"slug":1164,"category":653,"order":1165},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1167,"slug":1168,"category":454,"order":1165},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1170,"slug":1171,"category":653,"order":1172},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1174,"slug":1175,"category":454,"order":1172},"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":1177,"slug":1178,"category":653,"order":1179},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1181,"slug":1182,"category":454,"order":1179},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1184,"slug":1185,"category":653,"order":1186},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1188,"slug":1189,"category":454,"order":1186},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1191,"slug":1192,"category":653,"order":1193},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1195,"slug":1196,"category":454,"order":1193},"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":1198,"slug":1199,"category":653,"order":1200},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1202,"slug":1203,"category":454,"order":1200},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1205,"slug":1206,"category":653,"order":1207},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1209,"slug":1210,"category":454,"order":1207},"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":1212,"slug":1213,"category":653,"order":1214},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1216,"slug":1217,"category":454,"order":1214},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1219,"slug":1220,"category":653,"order":1221},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1223,"slug":1224,"category":454,"order":1221},"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":1226,"slug":1227,"category":653,"order":1228},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1230,"slug":1231,"category":454,"order":1228},"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":1233,"slug":1234,"category":653,"order":1235},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1237,"slug":1238,"category":454,"order":1235},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1240,"slug":1241,"category":653,"order":1242},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1244,"slug":1245,"category":454,"order":1242},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1247,"slug":1248,"category":653,"order":1249},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1251,"slug":1252,"category":454,"order":1249},"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":1254,"slug":1255,"category":653,"order":1256},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1258,"slug":1259,"category":454,"order":1256},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1261,"slug":1262,"category":653,"order":1263},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1265,"slug":1266,"category":454,"order":1263},"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":1268,"slug":1269,"category":454,"order":1270},"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":1272,"slug":1273,"category":454,"order":1274},"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":1276,"slug":1277,"category":454,"order":1278},"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":1280,"slug":1281,"category":454,"order":1282},"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":1284,"slug":1285,"category":454,"order":1286},"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":1288,"slug":1289,"category":454,"order":1290},"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":1292,"slug":1293,"category":454,"order":1294},"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":1296,"slug":1297,"category":454,"order":1298},"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":1300,"slug":1301,"category":454,"order":1302},"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":1304,"slug":1305,"category":454,"order":1306},"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":1308,"slug":1309,"category":454,"order":1310},"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":1312,"slug":1313,"category":454,"order":1314},"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":1316,"slug":1317,"category":454,"order":1318},"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":1320,"slug":1321,"category":454,"order":1322},"巴菲特：2015年对话IVEY 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