[{"data":1,"prerenderedAt":1973},["ShallowReactive",2],{"library-ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan":3,"library-sidebar-buffett":436,"library-sidebar-dao":1439,"library-sidebar-models":1741},{"id":4,"title":5,"body":6,"category":422,"date":423,"description":424,"extension":425,"meta":426,"navigation":427,"order":428,"path":429,"seo":430,"seoDescription":424,"seoTitle":431,"slug":432,"stem":433,"__hash__":434,"_collection":435},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan.md","巴菲特：2008年对话瑞士洛桑国际管理学院",{"type":7,"value":8,"toc":417},"minimark",[9,13,18,22,28,31,34,37,40,43,46,49,52,55,58,66,69,72,75,78,81,84,87,90,93,96,99,102,105,108,111,114,117,120,123,130,133,136,139,146,149,152,155,158,161,168,171,174,177,180,185,188,191,194,197,200,203,206,209,212,215,218,225,228,231,234,240,243,246,249,252,255,258,265,268,271,274,277,280,285,288,294,301,304,307,310,313,316,319,322,325,328,331,334,337,340,343,346,349,359,362,369,372,378,381,392,399,402,405,408,411,414],[10,11,5],"h1",{"id":12},"巴菲特2008年对话瑞士洛桑国际管理学院",[14,15,17],"h2",{"id":16},"巴菲特对话瑞士洛桑国际管理学院","巴菲特：对话瑞士洛桑国际管理学院",[19,20,21],"p",{},"2008 年8 月",[23,24,25],"blockquote",{},[19,26,27],{},"世界顶级投资大师巴菲特做客瑞士洛桑国际管理学院(International Institute for Management Development，简称IMD)，畅谈自己和以色列Iscar 公司的合作经历，并对家族企业的经营理念和发展方向做了独特的解读，他表示自己随时对全球各地的股票情况进行关注，并将把收购企业进行到底。这是巴菲特欧洲行宣传伯克希尔企业文化的第二站，巴菲特刚刚去了德国和瑞士，下一站是西班牙和意大利。",[19,29,30],{},"Paul：下午好！欢迎来到IMD。IMD 是一所世界领先的教育机构，并且在近期《Financial Time Global》排名中位居第一。我们非常荣幸各位能在百忙之中抽出宝贵的时间于今日与IMD 一道参与这一期特别的网络播报。",[19,32,33],{},"再次欢迎您的加入，我是Paul Hunter，IMD 企业客户中心的主任。我为能邀请到今天的各位嘉宾而感到万分的荣幸。Warren Buffett 先生，世界顶级投资大师，于近期在世界富翁排名中名列第四。Mr Eitan，Iscar 的主席，Iscar 是一家出色的以色利公司，为全球多个工业生产制造金属工具。还有，Prof Joachim，IMD 家族企业研究中心主任。先生们，非常感谢各位的到来。各位观众中如果有任何人有任何问题，请点击屏幕右方的'问题'按钮，我们将在接下来的45 分钟内尽可能多地接受您的问题。那么，先生们，我们开始今天的讨论吧。是何种关联将三位一起带到了IMD？",[19,35,36],{},"Joachim：是家族企业。我们对此津津乐道，特别是我个人作为研究家族企业教授，我非常荣幸能在今日邀请到二位，将我们今日连接到一起的应该是家族企业，也可以说是于近期决定向外销售的Eitan 的家族企业。Eitan，可否就此向我们阐述一下原因呢？",[19,38,39],{},"Eitan：我们今天能来到这里是因为，我曾经花费了很长的时间才最终认识到巴菲特先生，伯**克希尔是某些家族企业在他们的生命中的某一时间段的最终归宿，我们花费了很多的时间才意识到这一点，**因此我认为来到欧洲将是一个绝好的机会让更多的人们了解到这一家族企业的发展策略。",[19,41,42],{},"我们的家族非常成功，企业也很成功。我们与成功的客户一起工作，所有的一切都在过去及现在不断地成长着。我们明白家族扩大的复杂性将会越来越明显，我们也意识到我们应该保护我们长期合作的客户(这里的长期指 50 年以上)以及与我们共同工作了很久的每一个人，当然也包括我们的家族成员。",[19,44,45],{},"我们曾经一度寻找着解决方案。我们也担心过多的成功以及高速的发展将会给我们带来新的影响重大的东西。如果成长的太快，我们是不可能挖掘出一个客户的。于是我们在全世界范围内找寻可能的解决方案，同时我们也希望我们能仍旧拥有我们做事情的自由。我们已经拥有了一个群体，我们也知道至少还会与这一群体继续合作20 或30 年。我们爱我们的事业。我们希望能解决将来的所有权的问题。于是我们找到了巴菲特。进而我给他写了一封信，所有的一切开始于2005 年10 月。",[19,47,48],{},"Paul：巴菲特先生，当你收到Eitan 先生关于提议出售其名下的Iscar 企业的那封信时采取了什么行动？这封信中又具体说了些什么呢？",[19,50,51],{},"巴菲特：那是一封只有一页多一点的信，但这封言简意赅的信使我了解到了这家我从未听说过但是非常出色的公司。Eitan 向我陈述了足够多的财务信息，清楚地说明了这是一家出色的公司。更重要的是，我无法用准确的语言来描述，这封信随之带来的是这个人的品质，我清楚地意识到这个人是我愿意合作的伙伴。信中说如果我感兴趣的话可以与他取得联系。",[19,53,54],{},"我意识到他在以色列，而我在奥马哈，这两个城市间的距离是不近的。他说他会来到奥马哈，于是他真的过来了。亲身的验证了我从那封信中所企盼的一切，不久，我们支付40 亿美元收购他的企业80%的股权。我做这一决定时甚至都没有亲自去他的工厂，或派律师进行客户尽职调查的工作。但是我清楚地知道我收购的是何种企业，我也知道我是与什么样的人合作，我会为此而感到高兴。",[19,56,57],{},"Prof Joachim：这的确是有违常理，我们商业学院中教授学生们关于尽职调查的重要性，教育学生应对此非常谨慎。但是您的意思我理解好像是说这并没有必要。",[19,59,60,61,65],{},"巴菲特：",[62,63,64],"strong",{},"最终，重要的是我们要以合适的价格购买合适的商业，选择合适的合作伙伴","。我们并不核对每一份租约，我们也不会阅读每一份劳务合同。**在我的脑海中的重要的事情是，生意在5 年10 年甚至20 年后将发展成什么样。**如果由于一个小错误，例如我们忽略了某些事情从而影响了购买价格的1%，又或者是我未曾作正确的预测而导致我们少赚了购买价格的1%，所有这些都是没有任何意义的。",[19,67,68],{},"如果纵观一下我们在过去20 年中购买的企业，他们中的绝大多数都是非常成功的，仅有极少数的企业失败，但是为数不多。派出一个团队去评估一个企业没有助益，不管怎么说这都应该这是我的工作。伯克希尔的股东们希望我能够正确的对企业进行评估。他们依赖于我，严格来讲，这也许是不对的，但是他们的确完全依赖于我。",[19,70,71],{},"我个人资产中的99%投入在伯克希尔中，因此我尽量控制购买来的这些企业的整体质量，选择那些我认为有长久竞争优势的企业。同时应拥有我信任的出色的管理层。因为我将大量的资金交与他人，我希望他们在收购之后仍旧对其经营的企业充满激情与热忱。这是关键的决策。我不觉得任何人可以依靠律师来解决这一问题。",[19,73,74],{},"Joachim：那么也就是说，您没有大量的律师和财务专家进行尽职调查工作？",[19,76,77],{},"巴菲特：没有。我是说我并不知道从哪里能找到这样的人。我的整个办公室中仅有19 个人。其中有10 人或者12 人管理财务，其他的人基本上就是处理一些诸如我的邮件的工作。我们无法完全信任尽职调查等事宜。我不认为将责任转出将会为我提供重要的资本分配决策。",[19,79,80],{},"Joachim：信任，对于你和你不断寻找的每一个可能的投资对象之间的关系有多重要？",[19,82,83],{},"巴菲特：100%重要！以色列在千里之外，我仅仅是在购买了Etian 的企业后的几年中去过一次。我们没有任何人对该企业的经营场所进行检查工作。但是我信任Eitan，没有更好的人选我可以信任了。",[19,85,86],{},"我相信，他能够在收购之后仍然与收购前一样兢兢业业地经营着企业。这是一个关键因素。大多数时候我是正确的，但是人总会偶尔犯一些错误。但是我相信Eitan 绝对不会是个错误。这是一个至关重要的决定。",[19,88,89],{},"Joachim：你们之间的关系如何？对你来讲，是否有什么变化？从伯克希尔收购之后你的生活有任何变化吗？",[19,91,92],{},"Eitan：唯一不同的就是，我有了更多的责任。因为我现在要对很多的BH 的股东负责。而在这之前，我只是对我的家族和一些与我一起工作的出色的人负责。现在我要确保使很多人快乐。我要为我的将来所能得到的褒扬而工作。这是我的主要工作。",[19,94,95],{},"Joachin：您在伯克希尔拥有一份资产组合，融合了76 家您持有主要控股权的独立运作的公司，你是如何管理这些公司的？",[19,97,98],{},"巴菲特：我并不管理，而是由我的员工来管理他们。管理的核心内容就是合理的将事情交于其他人去做。我非常善于将责任交予他人。我对挑选合作对象非常谨慎。但是，一旦我做了决定，我便交予他们所有的事情。我并不是只给他们一部分责任。",[19,100,101],{},"我并不知道如何经营那些企业。什么都不知道。我不知道如何创造新产品，我不了解客户。我没能够与企业中的员工建立多年的信任。这是那些管理者的企业。幸运的是，我们成功地进行了收购，我们努力不要让事情变糟。这就是伯克希尔的管理理念。",[19,103,104],{},"Joachim：你曾经说过将收购的企业永久持有？",[19,106,107],{},"巴菲特：完全正确！市场上有很多杠杆收购之后然后做退出策略的私营资产管理公司，这个战略通常指尽可能的运用好每一笔他们可以借用的资金，进而尽其所能将企业的财务等方面做好，然后在适当的时候以一个满意的价格将企业出售。",[19,109,110],{},"而我们没有一个固定的战略。但我们有一个很简单的模式，即拥有出色的企业，拥有出色的管理人员，而且伯克希尔并不会停止收购。我们只是想不断加入更多的好的企业。我们爱他们，我们不会出售这些企业。",[19,112,113],{},"Joachim：你曾经说过那些经营企业的CEO 是面包师，而不是屠户？",[19,115,116],{},"巴菲特：这是一个很好的比喻。这虽然并不是我最先说的，但是**他们的确是一些对事业充满热情的人。他们并不是为了钱而工作。**他们中的四分之三都是非常富有的。如果他们愿意，他们可以在明天做任何事情，包括让我下地狱，但是他们不会这样做，因为他们爱他们的企业。他们想确保企业能正常地运作。我认为我的确很幸运能拥有这些人。",[19,118,119],{},"Joachim：Eitan，收购后你是如何与巴菲特进行交流的呢？你们会在每月或者每年举行会议吗？",[19,121,122],{},"Eitan：我把巴菲特当作一位老师。我尽量做到每隔几个月就来奥马哈，与他一起喝咖啡聊天。基本上，我们并不谈论我们下一年会发展成什么样子，也不会提交任何预算。我们每月会发出一份月报。我们会确保在下一年里，我们会听到更多的褒扬，因为我们热衷于让他们满意并且高兴。这里我说的，包括我们的客户，我们的员工以及股东。我们喜爱这些做法。我们清楚我们现在所做的一切将会长期持续下去。",[19,124,125,126,129],{},"巴菲特：我的有些经理我差不多有三到四年没有见过面。他们运作各自的企业。他们中的有些人喜欢和我交谈，有些人不喜欢，这两种方式我都可以接受。但是他们都有一个共同之处，那就是",[62,127,128],{},"他们爱他们的企业","。",[19,131,132],{},"正如我之前所说，有些经理几乎每天都要和我交谈。但是也有一些例外，有些人我一年中只会交谈一次。他们不需要来到奥马哈。我们也没有公司例会。我非常肯定我带着它(在口袋中找信)。每两年我都会给他们寄一封两页的信，仅仅是为了提醒他们一些事情而已。",[19,134,135],{},"Joachim：我想您曾经提及过一些重要的有关这封信中的观点。您将您的期望列为几类，比如什么是他们必须知道的，以及……",[19,137,138],{},"巴菲特：其实这非常简单。**我告诉他们，第一部分我讲的是，我们拥有所需要的足够的资金，我们希望能拥有更多的资金，但是我们不能容许有丝毫的名誉上的损失。伯克希尔以及我的名誉在他们手中。决不可以用名誉来交换金钱。绝不可以。绝不可以做任何你不想在第二天的新闻头版被报道的事情。**如果发生任何敏感的事情，我告诉他们一定要给我打电话。在核心领域可以有很多赚钱的机会，我的视力不好，我不想有任何不好的事情发生。绝对不想。",[19,140,141,142,145],{},"我在信中说，他们运作各自的企业，两件事情是他们需要改变的，公布退休金，",[62,143,144],{},"如果他们即将碰上任何不寻常的高额的资本支出，他们一定要与我取得联系","。如果没有的话，他们就持续运作各自的企业。",[19,147,148],{},"然后我问他们**，如果在一天晚上发生了事情，他们将如何在第二天一早对后续事情进行处理**。这封信每两年都会寄给他们一封。我每年都会收到他们的答复，详细陈述他们的后续处理方法。然后我们将这些信息加入我们的年报中，以及我们的年终会议。伯克希尔的交流我认为是持续的。我希望他们能反映出公司的文化，并融入公司的文化。每个人在这方面做得都很好。",[19,150,151],{},"Joachim：你拥有世界上最好的东西，你拥有金钱，你还拥有持续创造你所喜爱的商业的自由。",[19,153,154],{},"Eitan：我为家族未来以及与我共同合作了多年的员工以及客户寻找到了最佳的方向，这就像是天堂。我有出色的团队与我合作，我还有一个出色的老师。我们都热衷于来奥马哈参加股东大会，因为这是最激动人心的一天。我们是这个有趣的俱乐部的一部分，任何做出让人感激的事情的人都会得到感谢与尊敬。",[19,156,157],{},"在此之前我们就好像是生活在真空当中，没有人知道我们在做什么。这真的是个非常奇妙的情形，我会持续不断的将它继续下去，因为我们真的很爱这种氛围。",[19,159,160],{},"巴菲特：这些人对股东来说是英雄般的人物，我希望他们能来参加股东大会。通常情况下整个家族都会来，每个人都希望被邀请至大会上。如果邀请到Eitan 的家族来参加奥马哈的特别聚会以及与股东共度周末的话，对我来说这就像是获得了一枚荣誉勋章一样。",[19,162,163,164,167],{},"今年我们的聚会有3.1 万人参加，他们是伯克希尔真正的主",[62,165,166],{},"人","。这些人投入了他们毕生的资金。他们对于像Eitan 这样的人能将他们的家族带至聚会中而感到高兴，这也提高了伯克希尔的价值。",[19,169,170],{},"Joachim：是什么能将伯克希尔捆绑在一起？是你吗？还是文化？",[19,172,173],{},"巴菲特：**是文化！是我们建立的文化。所谓的文化就是我所相信的事情。在开始文化是由个体而逐步强大的，但是一段时间后，它便建立了自身的要素。人们自发选择来加入这一文化。董事自发选择成为董事。**我们付给我们的董事仅仅是900 美元\u002F每年。在美国没有哪家公司能有向我们这样的董事。我们邀请的每一位董事都能接受每年900 美元的薪资邀请。我认为这不会在其他任何地方发生。人们热衷于这一文化，他们愿意成为其中一员，他们愿意看到这一文化持续发展下去。",[19,175,176],{},"Joachim：长期以来，你总是买进，从不卖出。你认为你的企业是家族企业吗？",[19,178,179],{},"巴菲特：是的，我们认为伯克希尔是家族企业。如果你看一下我们的年报，我们早在25 年前就已经公布了商业原则，从未改变。我们坚信应该告诉人们我们是做什么的。正如在餐厅里一样，是提供法国菜还是提供汉堡。我们希望人们能在他们来到伯克希尔时了解他们将加入一个什么样的组织。",[19,181,182],{},[62,183,184],{},"最首要的原则是：我们的态度是合作，我们的理念是合伙公司。我们将企业所有者看作是合作伙伴，我们将企业管理人员看作是合作伙伴。伯克希尔是一个家族企业。",[19,186,187],{},"Joachim：当你谈论家族企业，你就会谈及世代以及继任。你个人的继任问题你是如何计划的？",[19,189,190],{},"巴菲特：我希望能继任自己，但是这个是强求不了的。(哈哈)董事会已经提名了三个候选人，他们中的每一个都是我的最佳代表。我所做的许多事情，他们能做得更好。董事会已经在这三人中的选择上达成了一致，但是这仅仅是目前，这个结果很有可能在也许五年的时间后改变。",[19,192,193],{},"我的确相信能够接任我的人一定是相对年轻的人。这对长期持续这一工作是有帮助的，特别是在我们这种文化氛围中。我不想接任我的人只能接替3-5 年。如果他们能接替我15 年的话那就更好了。这也并不是说他们需要在65 岁的时候离开。随着时间的推移，如果有的人超过了年龄的界限，我们也许会有新的候选人。但是我们的董事会已经在此三名候选人的确定以及继任人的选择上达成了一致。",[19,195,196],{},"Joachim：但是你的企业中也有你的家庭成员？",[19,198,199],{},"巴菲特：我希望我的儿子Howard，是一名非执行主席并且不获取任何薪资，而仅仅是企业文化的守护人，但是决不是采用支配企业决策等方式。",[19,201,202],{},"Joachim：对于你来说，金钱有多重要？",[19,204,205],{},"巴菲特：如果能有所需的一切就可以了。我早在我二十多岁的时候就拥有了我所需要的一切。我拥有了我生命中其他人所想拥有的一切。我拥有一份我喜爱的工作。我与我喜爱的人在一起工作，他们也喜欢我。我每天可以做我想做的任何事情。我拥有我可以自由创作发挥的年会活动。这使我变得很富有。",[19,207,208],{},"现在，我也想好好的用餐，住在一所冬暖夏凉的房子里。去参加一场足球赛等等。但是我并不想像法老们一样修建象征我自己的墓，无论是生前好还是死后。对我来说，生活的水平与生活花费是不能划等号的。我不想拥有一个棒球队而我的名字每天都会出现在报纸上。我对此不感兴趣。我也不想像其他富有的人通常做的那样，拥有世界上最宏大的艺术收藏。我希望能与我的朋友在一起。我希望能做我喜欢做的事情。幸运的是，我做到了。",[19,210,211],{},"Joachim：你计划要将一切捐助给慈善事业？",[19,213,214],{},"巴菲特：我在伯克希尔的股份将捐助于慈善事业，但是并不包括我另存在一个保险箱里的少量资本。我有1%的资产是不属于伯克希尔的，这部分资金是我以后所需要的一切。这1%的资产足够以各种常人期望的方式来满足我的生活。剩余的资产将全部回归社会，因为正是这个社会使得我能做我所从事的一切。",[19,216,217],{},"Joachim：你将为你的孩子留下什么？你是有三个孩子吗？",[19,219,220,221,224],{},"巴菲特：我有三个孩子，根据我对他们平时处理事情的观察，我为他们各自建立了一个独立运作的慈善基金。这样的话他们就可以以其独有的方式参与社会中。不单单是金钱，还在很大程度上投入了他们的精力和时间。我曾经转述我的孩子们我父亲告诉我的话，真的很美，\"",[62,222,223],{},"你所做的一切(只要是正当的)，我都会在后面支持你。你不必成为我，你应该成为你自己","\"。我的父亲给了我毫无条件的爱。我的两位妻子以及我个人都对我们的孩子说过同样的话。",[19,226,227],{},"他们所做的一切与我做的事情同等重要，也许还会更重要。他们应该追随他们各自的方向，他们应该追求他们的热忱。如果他们选择加入成为的某一部分，如果他们做的很出色，我们会像敬佩世界上最杰出的高尔夫球家或者是最富有的人一样敬佩他们。他们都是平等的。",[19,229,230],{},"Joachim：接下来我们将与IMD 的学生一起共同讨论。一位MBA 学生问：你对成功的个人定义是什么？",[19,232,233],{},"巴菲特：我认为成功是……我还是先讲一个故事吧。",[19,235,236,237],{},"在奥马哈我认识一个80 岁的老妇人，波兰籍犹太人，她是一个很好的人。我的好朋友之一。她曾经和全家一起被赶进集中营，其中有人死在了里面。她曾经对我说：\"沃伦，我交朋友的时候会很慢，因为当我看着一个人，在我的脑海深处，总有一个问题存在，他们会把我藏起来吗？\"现在，我会说，如果你到了60 或者70 岁，又或者像我现在的年龄，77 岁，",[62,238,239],{},"如果你有很多人会把你藏起来，那么你就成功了。如果你没有任何人愿意把你藏起来，那么无论你多富有，无论你获得了多少荣誉学位，又或者是无论你有什么样的以你的名字命名的意愿，你仍然是失败的。这也是另一种表述很多人爱你的方式。",[19,241,242],{},"我从来没有遇见过任何一个受无数人爱的，然而到老却不是一个成功者的人。我见过许多人拥有所有的被世界认可的'成功标志'。他们很富有，他们的名字在报纸上被报道，但是地球上没有人爱他们，他们不是成功者。如果在你六十或者七十岁的时候，你有很多爱你的人，那么你就是一个非常成功的人。",[19,244,245],{},"Paul：这真是一个很感人的对成功的定义，很显然，从你的标准以及其他许多人的标准看来，你是成功的。当你回顾过去时，你持续这场游戏已经超过66 年了，你的第一笔股票交易是在你11 岁的时候。那么这些热情和精神是从何而来的？",[19,247,248],{},"巴菲特：我很幸运能拥有我的父母。我很幸运我出生在美国。我有所有的运气。我接受过好的教育，我非常擅长资本配置。我非常幸运，因为我在很年轻的时候就发现了我所喜爱的事业。这也许是个巧合。我毕生都在进行一场我所喜爱的游戏。我从来没有因为我的孩子们的饥饿而被迫妥协，而从事我所不喜欢的事业。因此在诸多方面我是个幸运儿。最重要的是(除了你的父母，你对此别无他选)选择合适的配偶。如果你选择了正确的配偶，很多事情都会实现。我在这方面非常非常幸运。",[19,250,251],{},"Joachim：还有什么问题要问Eitan 先生吗？",[19,253,254],{},"Paul：是的，我们当然还有。正如你曾经在一家著名的杂志上所说，巴菲特是介于心灵，财富以及精神之间的最佳平衡点。当你第一次见到巴菲特时，在最开始的五分钟内你对他的最初印象是怎样的？",[19,256,257],{},"Eitan：我第一次见沃伦是在2005 年10 月25 日奥马哈。当时是9 点钟。我见到了一个非常谦逊的人，我很惊诧，没有警卫，没有司机，什么都没有配备。我的第一感觉就是，这是一个我愿意共同合作的人。从见到他的第一秒我就知道了。当然，我还在离开前从沃伦那里获得了一个小小的提示。当他给我BH 的年度报告时，我问他能否写些什么，或者签个名字。他给我写下了下面的话：致Eitan，一个我愿意长期伴随的人。",[19,259,260,261,264],{},"因此我得到了很明确的信号。",[62,262,263],{},"这就像是一见钟情，从我见到他的第一眼起，我就知道这正是我所找寻的","。现在，基本上可以说，我有两个父亲，一个是我的旧父亲，一个是我的新父亲。",[19,266,267],{},"巴菲特：其实，我是他的祖父。Eitan：不，你做我的祖父太年轻了。",[19,269,270],{},"Paul：巴菲特先生，这其实是个双向的过程。相信你也同时有同样的感觉。那么，你是不是在见到每一个你决定合作的企业经理人时都会有这种感觉呢？这种感觉是不是一定要在那一刻存在呢？",[19,272,273],{},"巴菲特：通常情况下都是存在的。有时候也不会。我爱与我们共同合作的人。如果我认为企业经理人会搅乱我的胃口，那么我就会放弃交易。我不想让我的胃口被搅乱。因此，我们有很多经理人，我和他们中的大多数都是好朋友。不是所有的，有些人我联系很少。但是这些我拥有的人，为我的生命增添了巨大的价值。",[19,275,276],{},"Paul：我们从世界各地收到了很多的提问。BH 名下有76 家企业，一个学生问到，你是否在找寻一种主要的管理模式或者是领导模式，又或者是不是每一家公司都采用不同的方式进行管理？",[19,278,279],{},"巴菲特：他们都是不同类型的。他们中的有些人，其实大多数人都是MBA 毕业，但是也有几个念完高中就结束学业了。还有一些少数的甚至没有任何学历。他们各自都有不同的风格。他们是各自企业的领导者，人们热衷于跟随他们，我经常会惊诧于他们的各种不同的风格与形式。如果今天我把他们所有人都带到这里，那么你们会看到一个差别非常大的群体。",[19,281,282],{},[62,283,284],{},"他们对各自的企业都有着热情。他们都具有使其他人愿意跟随着他跨越下一座高山的潜质。人们相信他们，人们看不到下一座山的背后是怎样的，但是他们跟随的人却可以看到。但是他们的确是不同风格。不过他们爱他们的企业，热情就是关键之处！",[19,286,287],{},"Paul：另一个问题是，人们时常觉得你曾经提及过有关慈善事业的事，你将你资产的85%捐赠给了Bill and Mdlinda Gates 基金。然而你从不过问中国的情况怎么样了等等，很多提问中存在着一个共性，你是如何达到平衡的？也就是说你是如何从一个纯粹的企业家转至一个慈善家的？你会给寻求这一平衡的人什么样的建议？",[19,289,290,291],{},"巴菲特：我认为这确实是取决于个人的。有些人乐于积极的参加慈善事业，有的人不是。人们不应该为他们没有慈善能力而感到不体面。也许他们在资金上是有困难的，他们需要照顾家庭和子女等等。但是我是有足够的资金的，这个金额是很庞大的，因为我于一个合适的时间出生于一个合适的地方，拥有完美的父母，而且我自身具有某种可以在资本市场中大量赢利的才能。如果在一个不需要有资本配置能力的市场中的话，我会一事无成。但正是由于这个市场的存在，我坚信我的能力。然而最终，",[62,292,293],{},"我认为如果当你已经可以做到照顾你个人以及家庭的话，那么我认为接下来可以做的事情就是回报社会。",[19,295,296,297,300],{},"我在很早以前就与我的前任妻子有过计划。其实早在我们二十几岁的时候就已经开始计划了，因为我已经告诉过她我们一定会变得富有。我这样说过，她也这样说过。我们对此持一致的态度。我们的计划就是说我一定会用我所有的资金建立一个基金，",[62,298,299],{},"我们已经给我们的子女留有足够的资金，他们可以做任何他们想做的事情，但绝对不是坐享其成，无所事事","。我们一直遵循这个原则。",[19,302,303],{},"我的第一位妻子已经去世了，然而我还在，这不是我所希望的，她当时真的很年轻。从那之后，我不得不为伯克希尔的股份作出最终的归向选择。我考虑过多种选择。最终我为每一位子女都留有一份有深远意义的基金。除此以外，另一个家族基金也在逐步扩大。",[19,305,306],{},"但是我已经关注Gates 基金有多年的时间了。我遇到了两位非常聪明而且有超常的天才的人，他们与我有着同样的目标。他们坚信每一个人的生命都是同等重要的，无论性别、地域还是肤色。他们正在努力推动着一个使每个人的生活完美的进程。我能有机会加入他们的行列，参与这一规划，并且我已经看到我的工作也由此而变的格外简单。我可以做我喜欢做的事情，我做了大量的授权，然后他们做所有与之相关的重要的事情。这是我所能想到的最佳的解决方案。",[19,308,309],{},"Paul：好的，很好！那么正如人们从报纸与电视上看到的那样，你在这一周基本上都在欧洲度过的，您昨天在德国，今天就到了瑞士，我想您在本周晚些时候就会飞到西班牙和意大利。您曾经向股东们提过伯克希尔在欧洲的话会做得更卓越。为什么是在欧洲？为什么是现在？特别是人们认为日趋疲软的美元并不是一个值得抓取的机会。那么你这么说的深层含义是什么呢？",[19,311,312],{},"巴菲特：让我来回答这个问题。其实我早就应该说了，但是一直没有，现在我要更正一下。我们的公司相当的庞大，应该出现在欧洲以及亚洲以及其它大国中优秀企业的雷达屏幕上。",[19,314,315],{},"我们的确可以为某些企业提供有用的东西，但是并不是所有的企业。这对他们来说也许并不重要。**如果你有一个非常好的家族企业，就应该守护住它。你能做的最好的事情就是自己拥有它。但是在有某个时候也是需要转变的。我希望我们能够出现在他们的雷达屏幕上，这样的话，当转变时刻到来的时候，人们能够想起通知我们，联系我们。**但是并不是每个人都是这样做的。我想我们在美国以外的地方还是不够强大的，这也就是为什么我们一直在试图改变。",[19,317,318],{},"Paul：在您提及BH 可以为企业提供多种帮助时，你说人们从BH 获得比金钱要多得多的东西，那么，BH 可以带来何种其他公司无法提供的东西呢？",[19,320,321],{},"Eitan：**自由，工作中的自由。你可以随心所欲的唱歌。**这是我们想要的，也是我们得到的。成为一项伟业的一部分，为未来做好准备。除此以外我还能要求什么呢？",[19,323,324],{},"巴菲特：他们虽然将股权交给我们，但是此后在很大程度上他们仍然是企业的真正主人。他们可以摆脱任何一个银行家提出的要求，也可从绞尽脑汁取悦华尔街的努力中解脱出来。他们得到了可以做一些比以前更有意义的事情的机会。很多的员工都会很感激他们。我很清楚这种状况会持续很久很久。这个并不像是玩牌，你选择一张卡，然后丢掉另外一张。在伯克希尔不会有这种事情发生。我们的做法是收集更多的卡片，并保留他们。我们是没有竞争者的。",[19,326,327],{},"Paul：我们今天收到了很多的提问，不光是从欧洲，还有亚洲。这里有一个问题是由新浪网一位网友提出的，他的问题是：亚洲是不是你的兴趣范围？他问道：亚洲的股票市场、股票价格以及各种收益情况震荡波动的非常厉害，你是否考虑会从这个市场中寻求交易？亚洲是否是你全球战略中一部分？",[19,329,330],{},"巴菲特：只要是我们公司的规模允许的话我们对任何一种企业都会感兴趣。亚洲也会有一些，也许会有很多。我们喜欢那里的人正如我们喜欢欧洲的人一样。以股票市场来讲，加之各种具有市场潜力的证券，我都会随时对其全球各地的情况进行关注。其实多年前我们对中石油就有投资。我们还对欧洲的许多国家都会有很大的兴趣，还有浦项钢铁(Posco)以及韩国钢铁公司(Korean steel)。我在全世界范围内查看有市场潜力的证券，我也希望全世界的人都能在他们的企业需要帮助时想起伯克希尔。",[19,332,333],{},"Paul：我们收到了很多的提问，我们尽量从中筛选出更有针对性的问题。这个关于教育方面的问题是一名学生提出的。他问：你是否对投资教育有兴趣。为什么不买一家像IMD 这样的商学院？",[19,335,336],{},"巴菲特：在一个的拥有博爱的世界里，Gates 基金中的三分之一都是直接针对教育的，并会从明年开始投入。基金将会给孩子们的全程教育提供教学环境，基金的投入几乎多过4 百万美元左右，占基金总额的三分之一。对于教育机构(企业)来讲，全世界有很多种(多过7500 万种)，然而我们无法满足我们的这一标准。",[19,338,339],{},"Paul：这里有个很有趣的问题，有人说非常感谢你对成功的定义。那么你对运气的定义是什么呢？",[19,341,342],{},"巴菲特：运气吗？这是我所拥有最多的东西了。",[19,344,345],{},"很显然，正如我先前提到过的，我在一个适当的时间出生于一个适当的地方，并拥有很好的父母。有了这些我还需要做什么呢？我把这称作是卵巢彩票。我赢得了这个彩票，这是一个很重要的值得赢取的彩票。就像是你生命中的入场券一样。我出生于1930 年，如果我是个女性，我不会获得那么多的机会。如果我是黑皮肤的话，我也不会获得同样的机会。如果我出生在世界其他的很多的地方的话，我也同样不会拥有这么多的机会。我赢取了卵巢彩票，为此我真的什么都没有做。这是我们生命中很重要的一部分。",[19,347,348],{},"Paul：那么也就是说，很多的运气，很多的成功。好的。从1965 年开始的投资，你获得了21%的非凡的高利润，这真的很棒！你在选择你的股票以及投资企业方面是否有某些特殊的秘密？",[19,350,60,351,354,355,358],{},[62,352,353],{},"我坚持做我了解的事情。我观察股票市场的方式与我收购企业是一样的，我不会选择价格忽上忽下的股票","。我在19 岁那年，读了一本很不错的书，名字叫做《聪明投资者》，从中我非常幸运的学到了一个最核心的理论。这本书为我的生活带来了很大的变化。这完全是运气。",[62,356,357],{},"我不会做任何非同一般的事情。我对未来的十年甚至二十年没有出色的洞察力，我的确是在寻找一些很显而易见的东西，这是我一直以来都在持续做的","。这么多年来以来我虽然没有学到很大量的东西，但是我的确从本格雷厄姆那里获得了正确的知识框架。",[19,360,361],{},"Paul：那么也就是说这框架你已经坚持了很多年。你对一些数据的变化很敏感，人们也了解到有时你会被带入某些政治话题中。正如最近你介入了支持Barack Obama 以及Hillary Cliton 的政治话题中。你会经常介入某些政治话题中吗？你对此感到适应吗？",[19,363,364,365,368],{},"巴菲特：我对诸如税收政策等方面的政治话题是有些自己的观点的，但是我的确服务于Obama 和Cliton，我相信他们都是很棒的总统。如果你自愿参与政治活动的话，那么你就会收到另一个电话要求你再次加入。由什么人来领导一个国家是至关重要的。我们的国家一直都发展得很好，即便我们没有最佳的选择，但是我们获得了大量的利润，这比拥有最佳的选择还要好。",[62,366,367],{},"因此我认为每个人应该参与政治。你应该关心你的领导人是谁。如果有机会的话你应该为他们而工作","，正如我一样，由于我可以比其他大多数人更多的创造财富。无论你怎么认为，我的确相信人们应该参与政治。",[19,370,371],{},"Paul：你是否认为美国现在的政治仍然弱化了美元的优势？",[19,373,374,375],{},"巴菲特：是的，我认为是的。我们在最近几年中一直在做同样的事情。",[62,376,377],{},"如果你一直重复做同样的事情，而同时却希望能收到不同的结果，这是不可能的。",[19,379,380],{},"Paul：我们的时间剩余不多了，我们需要抓紧一些时间。Emitan，接下来的时间我想问你一些问题。你一直关注BH 与Iscar 之间的关系发展，并作了大量的研究以及个案研究。你认为是什么东西使BH 与Iscar 之间的关系如此的不同寻常？家族企业能从中学到什么呢？",[19,382,383,384,387,388,391],{},"Joachim：",[62,385,386],{},"我想人们应该从多年前的家族成员，参与或者领导家族企业开始关注","，这包括你个人、你的父亲或是你的妻子对家族事业的参与与领导。我认为大多数家族企业，可以从这个特殊案例中学习到的东西是，",[62,389,390],{},"你努力培养自己对家族事业的理解，即从中能获取何种成效","。从一个结构完好的角度看上去，我们应该问一个关键性的问题：在未来，我们是否仍然是这个企业的最佳所有者？很显然，纵观整个案例分析，你便会得到答案并找到解决方案。对我来说，这个典型案例的值得强调的关键之处在于：**出售一个家族企业并不意味着损失。**事实上，这样做是有价值的，并且对多方都是互惠互利的，同时也为企业本身建立了一个美好的未来。",[19,393,394,395,398],{},"因此这的确是我们应该从这个特殊案例中应学到的关于家族企业的重要一课。",[62,396,397],{},"一旦家族企业面临着需要或者是被迫出售的局面，机会就在那里","，这对家族本身、所有者以及企业本身都是良好的。",[19,400,401],{},"Paul：Eitan 先生，在这个过程中你遇上了你的心灵伙伴，而巴菲特先生，您也找到了一个非常有投资兴趣的企业，此时，您是否有最后想说的话？您曾经曾经提到过您认为您的人生是一幅未完成的油画，那么，在接下来的几年中你的绘画技巧是什么呢？",[19,403,404],{},"巴菲特：我其实不知道将来的绘画技巧是什么。但是我知道通常情况下他会是什么样的。我想我知道的是，我希望能亲手握着这支画笔",[19,406,407],{},"Paul：这样你就会得到掌控。",[19,409,410],{},"巴菲特：我会将这幅画继续下去，这真是一件乐事。",[19,412,413],{},"Paul：非常好！Mr Eitan， Mr.Buffett，Mr.Joachim，衷心感谢各位今天的到来，感谢所有参与今天的访谈的人。很遗憾，我们仅仅选取了一部分各位的提问，在仅有的时间里我们无法回答所有的问题，但是非常感谢各位的关注。",[415,416],"hr",{},{"title":418,"searchDepth":419,"depth":419,"links":420},"",2,[421],{"id":16,"depth":419,"text":17},"访谈与文章",null,"巴菲特做客瑞士洛桑国际管理学院，畅谈投资理念与伯克希尔经营哲学，强调长期价值创造的重要性。","md",{},true,76,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":5,"description":424},"巴菲特：2008年对话瑞士洛桑国际管理学院｜巴菲特","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan","buffett\u002Finterview\u002Fba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan","erMEQIIgPT1OaJZUeVVIeCQeIfYcKtQWTy_WRNqCCqA","buffett",[437,442,445,449,452,455,458,462,465,468,472,475,478,482,485,488,492,495,498,502,505,508,512,515,518,522,525,528,532,535,538,542,545,548,552,555,558,562,565,568,572,575,578,582,585,588,592,595,598,602,605,608,612,615,618,623,626,629,633,636,639,643,646,649,653,656,659,663,666,669,673,676,679,683,686,689,693,696,699,703,706,709,713,716,719,723,726,729,733,736,739,743,746,749,753,756,759,763,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1066,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1243,1247,1251,1255,1259,1263,1267,1271,1275,1279,1283,1287,1291,1295,1299,1303,1307,1311,1315,1319,1323,1327,1331,1335,1339,1343,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407,1411,1415,1419,1423,1427,1431,1435],{"title":438,"slug":439,"category":440,"order":441},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":443,"slug":444,"category":422,"order":441},"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":446,"slug":447,"category":448,"order":441},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":450,"slug":451,"category":440,"order":419},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":453,"slug":454,"category":422,"order":419},"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":456,"slug":457,"category":448,"order":419},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":459,"slug":460,"category":440,"order":461},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":463,"slug":464,"category":422,"order":461},"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":466,"slug":467,"category":448,"order":461},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":469,"slug":470,"category":440,"order":471},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":473,"slug":474,"category":422,"order":471},"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":476,"slug":477,"category":448,"order":471},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":479,"slug":480,"category":440,"order":481},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":483,"slug":484,"category":422,"order":481},"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":486,"slug":487,"category":448,"order":481},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":489,"slug":490,"category":440,"order":491},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":493,"slug":494,"category":422,"order":491},"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":496,"slug":497,"category":448,"order":491},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":499,"slug":500,"category":440,"order":501},"1961年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":872,"slug":873,"category":422,"order":870},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":875,"slug":876,"category":621,"order":877},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":879,"slug":880,"category":422,"order":877},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":882,"slug":883,"category":621,"order":884},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":886,"slug":887,"category":422,"order":884},"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":889,"slug":890,"category":621,"order":891},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":893,"slug":894,"category":422,"order":891},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":896,"slug":897,"category":621,"order":898},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":900,"slug":901,"category":422,"order":898},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":903,"slug":904,"category":621,"order":905},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":907,"slug":908,"category":422,"order":905},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":910,"slug":911,"category":621,"order":912},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":914,"slug":915,"category":422,"order":912},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":917,"slug":918,"category":621,"order":919},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":921,"slug":922,"category":422,"order":919},"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":924,"slug":925,"category":621,"order":926},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":928,"slug":929,"category":422,"order":926},"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":931,"slug":932,"category":621,"order":933},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":935,"slug":936,"category":422,"order":933},"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":938,"slug":939,"category":621,"order":940},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":942,"slug":943,"category":422,"order":940},"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":945,"slug":946,"category":621,"order":947},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":949,"slug":950,"category":422,"order":947},"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":952,"slug":953,"category":621,"order":954},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":956,"slug":957,"category":422,"order":954},"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":959,"slug":960,"category":621,"order":961},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":963,"slug":964,"category":422,"order":961},"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":966,"slug":967,"category":621,"order":968},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":970,"slug":971,"category":422,"order":968},"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":973,"slug":974,"category":621,"order":975},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":977,"slug":978,"category":422,"order":975},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":980,"slug":981,"category":621,"order":982},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":984,"slug":985,"category":422,"order":982},"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":987,"slug":988,"category":621,"order":989},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":991,"slug":992,"category":422,"order":989},"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":994,"slug":995,"category":621,"order":996},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":998,"slug":999,"category":422,"order":996},"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":1001,"slug":1002,"category":621,"order":1003},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1005,"slug":1006,"category":422,"order":1003},"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":1008,"slug":1009,"category":621,"order":1010},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1012,"slug":1013,"category":422,"order":1010},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1015,"slug":1016,"category":621,"order":1017},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1019,"slug":1020,"category":422,"order":1017},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1022,"slug":1023,"category":621,"order":1024},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1026,"slug":1027,"category":422,"order":1024},"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":1029,"slug":1030,"category":621,"order":1031},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1033,"slug":1034,"category":422,"order":1031},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1036,"slug":1037,"category":621,"order":1038},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1040,"slug":1041,"category":422,"order":1038},"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":1043,"slug":1044,"category":621,"order":1045},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1047,"slug":1048,"category":422,"order":1045},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1050,"slug":1051,"category":621,"order":1052},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1054,"slug":1055,"category":422,"order":1052},"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":1057,"slug":1058,"category":621,"order":1059},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1061,"slug":1062,"category":422,"order":1059},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1064,"slug":1065,"category":621,"order":428},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":432,"category":422,"order":428},{"title":1068,"slug":1069,"category":621,"order":1070},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1072,"slug":1073,"category":422,"order":1070},"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":1075,"slug":1076,"category":621,"order":1077},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1079,"slug":1080,"category":422,"order":1077},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1082,"slug":1083,"category":621,"order":1084},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1086,"slug":1087,"category":422,"order":1084},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1089,"slug":1090,"category":621,"order":1091},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1093,"slug":1094,"category":422,"order":1091},"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":1096,"slug":1097,"category":621,"order":1098},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1100,"slug":1101,"category":422,"order":1098},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1103,"slug":1104,"category":621,"order":1105},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1107,"slug":1108,"category":422,"order":1105},"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":1110,"slug":1111,"category":621,"order":1112},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1114,"slug":1115,"category":422,"order":1112},"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":1117,"slug":1118,"category":621,"order":1119},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1121,"slug":1122,"category":422,"order":1119},"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":1124,"slug":1125,"category":621,"order":1126},"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":1128,"slug":1129,"category":422,"order":1126},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1131,"slug":1132,"category":621,"order":1133},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1135,"slug":1136,"category":422,"order":1133},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1138,"slug":1139,"category":621,"order":1140},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1142,"slug":1143,"category":422,"order":1140},"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":1145,"slug":1146,"category":621,"order":1147},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1149,"slug":1150,"category":422,"order":1147},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1152,"slug":1153,"category":621,"order":1154},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1156,"slug":1157,"category":422,"order":1154},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1159,"slug":1160,"category":621,"order":1161},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1163,"slug":1164,"category":422,"order":1161},"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":1166,"slug":1167,"category":621,"order":1168},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1170,"slug":1171,"category":422,"order":1168},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1173,"slug":1174,"category":621,"order":1175},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1177,"slug":1178,"category":422,"order":1175},"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":1180,"slug":1181,"category":621,"order":1182},"2020 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