[{"data":1,"prerenderedAt":1875},["ShallowReactive",2],{"library-ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":338,"library-sidebar-dao":1341,"library-sidebar-models":1643},{"id":4,"title":5,"body":6,"category":324,"date":325,"description":326,"extension":327,"meta":328,"navigation":329,"order":330,"path":331,"seo":332,"seoDescription":326,"seoTitle":333,"slug":334,"stem":335,"__hash__":336,"_collection":337},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng.md","巴菲特：2012年对话IVEY 商学院学生",{"type":7,"value":8,"toc":320},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71,74,77,80,83,86,89,92,95,98,101,104,107,110,113,116,119,122,125,128,131,134,137,140,143,146,149,152,155,158,161,164,167,170,173,176,179,182,185,188,191,194,197,200,203,206,209,212,215,218,221,224,227,230,233,236,239,242,245,248,251,254,257,260,263,266,269,272,275,278,281,284,287,290,293,296,299,302,305,308,311,314,317],[10,11,5],"h1",{"id":12},"巴菲特2012年对话ivey-商学院学生",[14,15,16],"p",{},"2012 年3 月30 日",[14,18,19],{},"巴菲特会见了来自Ivey 商学院GeorgeAthanassakos 博士带队的MBA 和HBA 学生。以下为会谈纪要。",[14,21,22],{},"Q：您已经做了60 多年的投资，随着时间的推移，您的投资原则发生了哪些变化？",[14,24,25],{},"价值投资的原则从本格雷厄姆的教导至今从未改变。",[14,27,28],{},"希腊作家伊索曾经说过：一鸟在手，胜过两鸟在林。我认为事实并非总是如此。在评估一家企业时，我们应将其视为\"推迟消费，现在投入资金，日后获得更多回报\"，即\"一鸟在手，胜过两鸟在林\"。有两个主要问题需要回答：1).投资者能拿回多少钱；2).他们什么时候能拿回钱。",[14,30,31],{},"我所追求的是回报的确定性，确保灌木丛中有两只鸟。我处理确定性问题的方法是，利用竞争优势，寻找历史上回报和收益都很高的公司。",[14,33,34],{},"例如，可口可乐诞生于1886 年。它的诞生是为了治疗头痛，但发明者机缘巧合地想到了口感极好的产品，并将其发展成了今天的饮料。关键是，我可以看清楚十年后的可口可乐的样子。它已经存在了很长时间，并将继续存在下去。即使再过十年，它也不会与今天有太大的不同。它已在200 个国家开展业务，销售额不断增长。业务具有确定性。可口可乐每涨价一分钱，就能增加数十亿美元的收入。可口可乐已成为全球数百万消费者的生活习惯，多花一分钱又算得了什么呢？",[14,36,37],{},"投资的原则是投资于确定性，你知道你投入的资金会得到两只鸟。另一方面，在互联网狂热时期，人们投资的公司以前和现在都不产生收益，因此不确定性很高。",[14,39,40],{},"Q：请解释一下你年轻时的理想和动机。",[14,42,43],{},"我总是把它与绘画联系在一起。享受你正在做的事情，如果表现出色，那就更好了。父亲教会我拥有一张内在记分卡的重要性，并在生活中努力去实现它。这将帮助你做自己喜欢做的事情。",[14,45,46],{},"看看你的同学；选择一个你喜欢的人\"买下\"，选择一个你不喜欢的人\"卖掉\"。然后把这些人的特质写下来，你会发现这些特质不是天生的，而是在生活中培养出来的。写下来并遵循它们。",[14,48,49],{},"如果免费给你一辆你想要的任何汽车，你会选择什么车？但只有一个限制条件，这将是你余生拥有的唯一一辆车。这辆车就相当于你的身体。你必须照顾好它，给它最好的燃料，保护好它，不要滥用它，因为它是你余生唯一拥有的一辆车。",[14,51,52],{},"Q：企业应如何平衡社会责任和财政责任？",[14,54,55],{},"不要做任何反社会和违法的事情。我曾经让股东决定捐款的去向。然而，这在一些社区引起了反社会反应。",[14,57,58],{},"因此，应该注意不要影响到其他人。",[14,60,61],{},"归根结底，这是个人的选择，但受到股东的限制。",[14,63,64],{},"Q：金融危机后，政府采取了各种措施，如《Dodd Frank Act》，以降低银行业的风险。您认为这些措施是否使当今世界变得更加安全？",[14,66,67],{},"美国是一个更安全的地方，但欧盟不是。美国的经济状况要比欧盟好得多，欧盟在去年年底曾一度濒临流动性危机。尽管欧盟如今一团糟，但它也会渡过难关的。人们和他们的欲望不会消失。10-20 年后，他们将重新开始消费。",[14,69,70],{},"在美国，几年前造成问题的东西已经不存在了，但泡沫将来还会出现，因为那时我们会遇到新的问题。这就是资本主义的本质。诀窍在于，当所有人都兴奋不已时，不要过于激动，而要努力发掘这些泡沫带来的机遇。",[14,72,73],{},"Q：您对中国经济的崛起有什么看法？中国的GDP 何时能赶上美国？",[14,75,76],{},"中国的人口是美国的四倍，而且同样聪明，同样勤奋。因此，中国最终将超越美国。100 年前，美国人口为 400 万，欧盟人口为7500 万，中国人口为2.9 亿。但在这100 年间，美国的GDP 占到世界的25%，因为他们知道如何释放人类的潜能。现在，中国正在以美国为榜样，学习美国如何创造奇迹。",[14,78,79],{},"中国的进步对美国和世界其他国家来说并非坏事，因为世界不再是零和游戏。随着时间的推移，中国做得越好，美国也会做得越好。如今在美国有很多反华言论。然而，我们与中国人以及印度人有许多共同之处。一个合作的世界对每个人都会更好。",[14,81,82],{},"美国不应该在平等问题上对世界说教，因为我们需要照照镜子(黑人的收入是白人的五分之三，妇女直到1920年代才成为平等的公民)。要小心美国政治代表的反华言论。",[14,84,85],{},"Q：在最近的一篇文章中，您谈到了回到奥马哈，而不是留在纽约做您的导师本格雷厄姆的初级合伙人。你的动机是什么？",[14,87,88],{},"为了得到这份工作，我缠了本格雷厄姆好几个月。事实上，我提出免费工作，他回答说\"你的价格太高了\"。初级合伙人对我没有吸引力，因为这不是一份长期的工作。你可能会拿到12.5 万美元的底薪，但之后的发展有限。",[14,90,91],{},"但如果你能建立自己的梦想，为什么不呢？",[14,93,94],{},"我决定住在奥马哈，因为我喜欢这里的城市和社区，这里就是我的家。这一切都取决于你真正想做什么。住在曼哈顿很贵，而且你需要很有钱。那里缺乏社区感和生活方式，因此缺乏生活乐趣。在纽约，你可能需要每天做50 件事，但我宁愿在办公室里读点书，每天做1 到2 件事，并把它们做好。我回到奥马哈时没有真正的计划，离开纽约时也没有总体规划。",[14,96,97],{},"在生活和工作之间找到平衡点也非常重要。追随自己的内心，做自己喜欢的事情。",[14,99,100],{},"Q：助学贷款为人们提供了接受高等教育的机会，但在美国，学生债务高达一万亿美元。约36%的学生毕业时\"几乎没有接受过高等教育\"。就高等教育的发展趋势而言，是否会出现泡沫？你对这个问题有什么看法，这个泡沫什么时候会破灭？",[14,102,103],{},"你能得到的最好教育就是投资你自己。但这并不总是指学院或大学。我有两个学位，但我没有把它们挂在墙上，事实上，我甚至不知道它们放在哪里。我曾经害怕当众演讲，现在我意识到，总有一天我必须这样做。我有一张戴尔卡耐基(Dale Carnegie)公开演讲课程的证书，只花了100 美元。因此，我不认为每个人都适合上大学，上大学的一个好处是给你一个起点。事实上，我的三个孩子都没有从大学毕业。",[14,105,106],{},"约翰梅洛(John Mellor)对一群学生进行了研究。其中一组被送往海滩，另一组则在大学学习。他们的结果相差不大。每个人要始终坚持不懈地提高自己的能力。你应该经常问自己：这对我有价值吗？我上大学是因为父母的期望。当我拿到录取通知书时，我对父亲说：要不你替我去上吧。你要在追求梦想的同时为社会做出贡献。",[14,108,109],{},"Q：美元会继续成为世界的安全网吗？",[14,111,112],{},"毫无疑问，随着时间的推移，美元将失去购买力。所有纸币都会贬值。至于美元相对于其他货币的表现，就不那么确定了。贬值之所以可悲，是因为它伤害了不成熟的投资者和信任政府的人。对冲美元的最佳方式是在经济增长的地区买房，并办理30 年期4%的抵押贷款。您实际上是在做空美元。",[14,114,115],{},"Q：在您拥有或未拥有的行业或企业中，是否存在尚未开发的定价能力？",[14,117,118],{},"伯克希尔最初是一家人造丝西服衬里公司。他们生产优质产品，但从来没有人要求在西服中使用指定品牌的衬里。即使我们是年度供应商，我们也不可能要求一个更高的价格。",[14,120,121],{},"另一个例子是新印刷品。有些产品或服务对企业的价值链至关重要，但定价权却很小(例如，蓝色牛仔裤的缝线\u002F报纸的印刷服务)",[14,123,124],{},"喜诗糖果是我们一家拥有定价权的企业。我们的产品经常被用作特殊的点心或礼物。我第一次买喜诗糖果",[14,126,127],{},"时，把它送给了我未来的妻子，并得到了她的一个吻。从那以后，我的生活就有了保障。这是因为喜诗糖果是一种提供快乐的产品。情人节那天，你真的会在乎一盒巧克力的价格是4 美元还是5 美元吗？你不可能回家对妻子说你买的是廉价巧克力。消费者也不会在意每年的定价。我年轻的时候，糖果每磅卖1.95 美元。如今却卖到了16美元\u002F磅。喜诗糖果总是在12 月26 日提价。我买下这家公司时，它的销售额是400 万美元。如今，它的销售额已达8300 万美元。这就是定价能力。",[14,129,130],{},"可口可乐在北美的定价能力已大不如前。北美消费者发现了可口可乐和百事可乐的替代品。他们会购买售价较低的可乐，这使得可乐的定价能力与大宗商品无异。然而，在国际上，可口可乐仍然是那一刻的特殊享受。",[14,132,133],{},"您还可以从运营效率中看到定价能力。例如，与卡车运输相比，BNSF 铁路公司的铁路运输的成本效率和竞争力高出三倍。成本效率更高的产品能够要求更高的价格。他们的产品具有定价权，因为他们的消费者愿意支付更高的价格来获取这些效率。",[14,135,136],{},"Q：您对当今CEO 的个人素质和薪酬有何看法？",[14,138,139],{},"我钦佩的许多CEO 都是普通人。与3000 万美元薪水相比，如果他们的薪水是100 万美元，他们也会同样出色地完成工作。",[14,141,142],{},"然而，管理是一个充满竞争的环境，高管的薪酬也会水涨船高。人们往往会遵循业内惯例，去模仿周围人的行为。即使是最优秀的人也会屈服于环境。",[14,144,145],{},"在伯克希尔，\"其他人都在这么做\"从来都不是一个可以接受的理由，但也许这就是为什么我只被派到过一次薪酬委员会的原因。他们不希望薪酬委员会里有斗牛犬，而希望有摇尾巴的可卡犬。这样，管理层就可以请来人力资源专家，让他们告诉委员会该怎么做。当然，这些专家会观察其他人都在做什么，并试图让他们的客户处于前四分之一，因为没有人愿意说他们的薪酬处于后四分之一，尽管必须有人这么做。这样一来，薪酬就越来越高，这是个糟糕的制度，但目前我们只有这个制度。",[14,147,148],{},"Q：如果今天重新开始，你的人生会取得同样的成功吗？",[14,150,151],{},"机会一直就在那里，世界仍将继续发展。我想我仍会玩得很开心。你应该追随自己的激情。我的爱好是评估公司。我真的相信，你能做出的最重要的决定就是选择合适的配偶。所以我想，如果我有幸拥有同样的两个因素，即优秀的榜样和合适的配偶，我想我会做得很好。",[14,153,154],{},"请记住，我非常幸运的出生在美国。赢得\"卵巢彩票\"可以改变人生。我的两个姐姐和我一样聪明，但却从来没有得到过同样的关注和机会。如果你可以玩一个游戏，把你的名字放在一个装有70 亿个名字的木桶里，从中抽出一个，然后从这个人的人生开始，你愿意吗？100 人中可能只有5 人出生在美国，其中一半人的智力低于平均水平。有些人有健康问题，许多人没有同样的机会接受教育。你不会玩这个游戏的。要意识到你现在所拥有的这些是多么幸运。",[14,156,157],{},"Q：企业现在开始更加关注短期成果，您有什么建议，既能实现这些成果，又能保持长期关注？",[14,159,160],{},"你要选择一个不需要去适应一个拥有会让你反胃的文化的地方。把你的职业生涯想象成一幅你永远也画不完的画。你应该寻找一家与你原则相同的公司，而不是相反。你应该找一个你对工作充满热情的地方，这对第一份工作来说很难。不要为了钱而工作。",[14,162,163],{},"对我来说，我有我想要的工作。我们有彼此喜欢的人。你应该去为你最欣赏的人工作。人生只有一次。",[14,165,166],{},"你不希望在一个以季度业绩为评判标准的地方工作。是的，这个世界已经变得更加短期化。要避免为那些承受巨大压力的人工作，因为他们会为了特殊奖励去提高年终业绩而伪造数字。我在吉列公司董事会任职时，该公司在沃尔玛会在季度末打折促销剃须刀片，以提高业绩。这是一个可怕的\"跑步竞赛\"。在伯克希尔，我不知道我们年底的成绩如何。我们各尽所能，等结果出来就知道了。我们不想逐月竞赛。",[14,168,169],{},"Q：你对占领运动和类似的平等运动有何看法？",[14,171,172],{},"我认为这并不十分有效，但就像其他团体一样，他们喜欢受到关注。但是，如果你上网在BING 上搜索，BING 不是Google，别告诉比尔盖茨是我说的，你就会找到纳税最高的400 人。你可以查询最近的400 位最高收入者，他们平均每人的收入为2.7 亿美元。1992 年，同样的400 人每人的收入为4500 万美元。这个数字从",[14,174,175],{},"4500 万美元上升到了2.7 亿美元。1992 年，其中16 人的纳税额低于15%。近年来，30 人的纳税额低于10%，131 人的纳税额低于15%。这比普通人30%的缴纳额要低得多。",[14,177,178],{},"与食品券一样，它们会造成周期性问题。我理解人们的不快，但没有人对自己的生活感到满意。我们要的",[14,180,181],{},"是，结果虽然不平等但机会是平等的。我们得到的都是周围人和前人的成果。而你却希望那些得到了长稻草的人把稻草分给短稻草的人。问问在诺曼底海滩死去的人，你是否还认为自己交了太多的税。",[14,183,184],{},"我国人均GDP 最高，因此没有理由让20%的人口的收入低于2 万美元的贫困线。在低收入阶层中，有2400万个家庭6100 万人。想想看，如果你拿到的是另一张人生彩票，你会怎么想？有些人根本无法适应市场经济体系，因为他们拥有其他的天赋或技能。",[14,186,187],{},"Q：您在生活中学到的最重要的东西是什么？",[14,189,190],{},"找到你的激情。当你看到它时，你就会知道。它比金钱更重要。你要问这样一个问题：\"我在哪里能找到最多的乐趣？\"我不知道有谁是充满激情却过得不好的。如果你对工作充满热情，你就会拥有美好的人生。高尔夫球手的生活都是最美好的，他们不是所有运动中赚钱最多的，但他们却能享受到最多的乐趣。",[14,192,193],{},"Q：两周前，高盛集团的Greg Smith 辞职，称高盛的企业文化是有毒的。您认为政界人士应如何防止Greg Smith 对高盛提出的某些指控，并进一步保护投资者？",[14,195,196],{},"在大型组织或公司中，总会有人做错事或说坏话。公司可以通过给员工的报告和信件来宣传公司的价值观和原则，尽量减少这种情况的发生。",[14,198,199],{},"我们有27 万人在伯克希尔工作，现在就有人在做违法的事情。我写给员工的信很短，主要内容是\"千万不要为了钱而出卖声誉\"，\"不要去做任何会让你登上第二天报纸封面的事情\"。",[14,201,202],{},"持有商业交易信息是合法的。这就是商业运作的方式，每一方都有不同的愿望和要求。就企业文化而言，在过去20 年里，无论是公共还是私营企业，都没有发生任何需要采取行动的真正变化。我觉得这篇文章有些不妥，而且也没有必要对法律进行重大修改，但那些做出对社会有重大影响的决定的人应该承担相应的后果。\"大而不能倒\"机构的CEO 应该在机构倒闭时承担赔偿风险，而不是带着巨额收益离开。经过Dodd-Frank 改革和2007 年的余波，美国的金融体系已经稳固。另一方面，欧洲尚未解决银行和金融主权问题。不管如何监管，泡沫和恐慌总是会发生的，这就是资本主义的本性，过度膨胀，过度乐观，但这正是你可以发财的时候。",[14,204,205],{},"你不能让每个人都做他们不该做的事。我告诉我的经理们，我们有我们需要的所有资金，永远不要以声誉换取利益，许多其他经营企业的人也有同感。然而，在高盛这样的大型企业中，你不能期望每个人都有完美的行为。我从未见过我的任何财务顾问从事有问题的活动，我不认为Greg Smith 的观点是对高盛集团的准确反映。",[14,207,208],{},"Q：爱迪生说过：大多数人都错过了机遇，因为它穿着工作服，看起来像工作。现在还有机会吗？",[14,210,211],{},"艰苦奋斗从来没有杀死过任何人，但为什么要冒险呢？与五六十年前相比，当今社会已经富裕了许多。成功的诀窍在于找到自己喜欢做的事情。",[14,213,214],{},"度蜜月时，我去西部旅行。当我来到赌场，看到那些衣着光鲜的人都在参加一场赔率对他们不利的游戏时，我意识到自己发财毫无问题！",[14,216,217],{},"现在机会更多了，我们生活在一个更加富裕的社会，想想我们过去几十年的巨大发展吧。今天在美国出生的婴儿是世界上最幸运的人，比任何时候都幸运。互联网是一个巨大的资源，而且是免费的。我喜欢我的私人飞机，但在我放弃使用互联网之前，我会首先放弃它。思考并衡量自己的生活与父母的生活。世界绝不是零和游戏。今天的机会比许多年前要多得多，今天的年轻人将比昨天的年轻人拥有更多的机会。",[14,219,220],{},"Q：您早期职业生涯的关键是基本信息套利。鉴于世界的变化和现在信息以光速传播，您是如何继续取得如此巨大成功的？",[14,222,223],{},"人们现在有了更多的信息，但他们的行为仍然是非理性的。",[14,225,226],{},"当我第一次从事证券分析师工作时，上市股票信息只有两种来源：穆迪手册或标普手册。因此，我几乎整天都在一页一页地翻阅这本书，寻找价值被低估的证券。我发现一家公司的收益约为13 美元\u002F股，交易价格为22 美元。因此，以2 倍的市盈率计算，这是一个很好的买点。但当时只有400 名股东，我根本无法真正买到它。于是，我来到公司总部所在的小镇，在报纸上刊登了购买股票的广告。有时候，你必须付出一点努力才能得到好的交易。通过翻阅韩国的股票手册，我今天也发现了一些这样的机会。但归根结底，成功的关键在于情绪稳定。致富不需要高智商。",[14,228,229],{},"Q：请解释您的总体投资策略",[14,231,232],{},"随着时间的推移，慢慢投资于股票。投资你自己。增强自己的才能和弱点。特别是口头和书面的沟通表达能力。",[14,234,235],{},"购买那些能永远发展下去的公司，比如可口可乐。但关键是要长期慢慢地积累股票，不要试图把握市场时",[14,237,238],{},"机。对于更严肃的投资者来说，要策略性，机会性地购买股票。当你有资本并出现好的交易机会的时候，就要重仓要全力以赴。我的合伙基金对一次投资的金额有限制。当这是个绝好的机会，于是我找到我的投资者，告诉他们我想增加投资额。最后，我把75%的资金投入了这项投资，最后的效果很好。我相信我还会这么做的。",[14,240,241],{},"不要使用杠杆，如果没有好的投资机会，就坐拥现金。",[14,243,244],{},"Q：随着互联网的出现，您的策略发生了哪些变化？",[14,246,247],{},"我总是说，买你能理解的东西，专注于你的能力圈。这个圈子有多大并不重要，但你必须知道它的边界。",[14,249,250],{},"查理和我在互联网发展初期曾与比尔盖茨会面，讨论商业化以及如何从中赚钱的问题。盖茨了解技术，而我们拥有商业头脑。于是，我们见了面，坐下来讨论我们能做什么，以及互联网的未来。3 个小时后，我们一无所获，一次也没有谈及Google 或Facebook 之类的东西。因为你根本不知道互联网会走向何方。后来有人走过来跟我谈论互联网，说它将如何改变一切。我问他具体会改变什么？他回答说：\"一切！\"。于是我问，如果我买口香糖，它会改变吗？好吧...不会。它会改变我购买口香糖的品牌吗？好吧...也不会。所以我说，好吧，我去买口香糖，你去买互联网。要专注于你自己的能力圈。",[14,252,253],{},"Q：关于量化宽松和零利率。从长远来看，这对经济有好处吗？",[14,255,256],{},"在危机之前，我从未听说过量化宽松这个词。它是债务的货币化。我们都应该感谢政府，因为在2008 年之",[14,258,259],{},"后，他们做了正确的事情。他们有破釜沉舟的意愿，而且做得再好不过了。史上最伟大的经济学家说过： \"如果不放松银根，这个傻瓜(George W. Bush)就会倒下\"。但是，当支出超过收入时，就会出现问题，这是由巨大的刺激政策造成的。支出占GDP 的比例仍比收入高出9%。",[14,261,262],{},"2009 年8 月，我在《纽约时报》上发表了一篇文章。\"刺激政策的问题\"。持续的巨额刺激，许多后果将被推迟到未来几年。伯南克仍在放水。如果他这样做的时间太长，将会产生可怕的后果。为通货膨胀埋下伏笔。",[14,264,265],{},"通货膨胀就像性病。得了它，你一时半会意识不到，而治愈它又是痛苦的。伯南克是正确位置上的正确人",[14,267,268],{},"选，他知道这一点，但他认为经济仍然不够活跃。但我们不应该这样做太久(利率接近于零)，我们可能已经做过头了，但我不知道。",[14,270,271],{},"Q：您如何看待欧洲目前的局势？",[14,273,274],{},"在美国，美联储有权做出决定并采取行动。",[14,276,277],{},"在立法、税收或文化方面不一致的情况下放弃印钞能力是不明智的。",[14,279,280],{},"在美国，您可以给美联储打电话。在欧洲，没有一个\"号码\"可以拨打。",[14,282,283],{},"Q：怎样才能成为优秀的价值投资者，价值投资者与其他专业投资者有何不同？",[14,285,286],{},"价值投资者总是从长远角度看问题，我们不关心明天发财，而是关心十年后发财。我们希望自己能更胜一",[14,288,289],{},"筹。价值投资者并不关心明天能否致富。想快速致富的人根本不会致富。慢慢致富并没有错。",[14,291,292],{},"记住，我们睡的是同一张床垫，吃的是同一种食物。一定要记得多找点乐子，你可能没有很多钱买不了很多东西，但你的生活会很愉快。我认识很多在经济上并不富有的人，但他们仍然很快乐。我也认识很多不快乐的有钱人。",[14,294,295],{},"Q：鉴于您和许多价值投资者都取得了成功，为什么不是所有投资者都遵循这一投资策略呢？",[14,297,298],{},"我不知道！这与高智商无关。这似乎无法引起某些人的共鸣，谈论它，或向他们展示业绩表现都无济于事。",[14,300,301],{},"他们只是对此感觉不舒服。我也不明白为什么价值投资没有流行起来。我的意思是，还有什么其他类型的投资呢？除了价值投资，你还想要别的吗？但问题是，人们就是不愿意相信。他们选择在情感上得到满足的东西。即使你给他们看结果，他们还是不相信你。然而，最终还是要通过结果来证明。",[14,303,304],{},"Q：在共同基金公司等大型金融组织中，要成为一名成功的价值投资者，是否存在任何制度上的限制？",[14,306,307],{},"长期以来，共同基金在法律约束下遵循价值投资理念，取得超额收益的例子不胜枚举：彼得林奇Peter Lynch (富达投资公司)或比尔鲁安Bill Ruane (红杉基金公司)。",[14,309,310],{},"在我创建合伙公司时，我选择不设置任何约束条件，但我确实告知合伙人，我在单一证券上的投资不会超过25%。1961 年，我想推翻这一约束条件，大量投资于美国运通，并将这一想法告诉了合伙人，但没有告诉他们是哪家证券。我投资了整个投资组合的近40%。在法律制度的约束下，人们仍然可以从事价值投资，聪明的投资者就是善于利用他们的约束。",[14,312,313],{},"Q：在招聘团队成员时，您会看重哪些关键技能、能力和行为特征？",[14,315,316],{},"首先也是最重要的一点，我要找的是那些谦逊的、人品良好的人。在我的招聘决定中，潜在员工的成绩和学校名称都不重要。我非常希望了解潜在员工的背景、家庭和工作动机。对金融和价值投资感兴趣是件好事，但是有求知欲的人也可以学习这个专业。",[318,319],"hr",{},{"title":321,"searchDepth":322,"depth":322,"links":323},"",2,[],"访谈与文章",null,"巴菲特会见Ivey商学院学生，分享60多年投资经验，强调时间、耐心与长期思考在投资中的重要性。","md",{},true,101,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":5,"description":326},"巴菲特：2012年对话IVEY 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巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":746,"slug":747,"category":324,"order":744},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":749,"slug":750,"category":523,"order":751},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":753,"slug":754,"category":324,"order":751},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":756,"slug":757,"category":523,"order":758},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":760,"slug":761,"category":324,"order":758},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":763,"slug":764,"category":523,"order":765},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":767,"slug":768,"category":324,"order":765},"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":770,"slug":771,"category":523,"order":772},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":774,"slug":775,"category":324,"order":772},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":777,"slug":778,"category":523,"order":779},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":781,"slug":782,"category":324,"order":779},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":784,"slug":785,"category":523,"order":786},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":788,"slug":789,"category":324,"order":786},"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":791,"slug":792,"category":523,"order":793},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":795,"slug":796,"category":324,"order":793},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":798,"slug":799,"category":523,"order":800},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":802,"slug":803,"category":324,"order":800},"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":805,"slug":806,"category":523,"order":807},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":809,"slug":810,"category":324,"order":807},"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":812,"slug":813,"category":523,"order":814},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":816,"slug":817,"category":324,"order":814},"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":819,"slug":820,"category":523,"order":821},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":823,"slug":824,"category":324,"order":821},"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":826,"slug":827,"category":523,"order":828},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":830,"slug":831,"category":324,"order":828},"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":833,"slug":834,"category":523,"order":835},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":837,"slug":838,"category":324,"order":835},"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":840,"slug":841,"category":523,"order":842},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":844,"slug":845,"category":324,"order":842},"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":847,"slug":848,"category":523,"order":849},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":851,"slug":852,"category":324,"order":849},"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":854,"slug":855,"category":523,"order":856},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":858,"slug":859,"category":324,"order":856},"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":861,"slug":862,"category":523,"order":863},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":865,"slug":866,"category":324,"order":863},"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":868,"slug":869,"category":523,"order":870},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":872,"slug":873,"category":324,"order":870},"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":875,"slug":876,"category":523,"order":877},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":879,"slug":880,"category":324,"order":877},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":882,"slug":883,"category":523,"order":884},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":886,"slug":887,"category":324,"order":884},"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":889,"slug":890,"category":523,"order":891},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":893,"slug":894,"category":324,"order":891},"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":896,"slug":897,"category":523,"order":898},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":900,"slug":901,"category":324,"order":898},"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":903,"slug":904,"category":523,"order":905},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":907,"slug":908,"category":324,"order":905},"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":910,"slug":911,"category":523,"order":912},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":914,"slug":915,"category":324,"order":912},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":917,"slug":918,"category":523,"order":919},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":921,"slug":922,"category":324,"order":919},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":924,"slug":925,"category":523,"order":926},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":928,"slug":929,"category":324,"order":926},"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":931,"slug":932,"category":523,"order":933},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":935,"slug":936,"category":324,"order":933},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":938,"slug":939,"category":523,"order":940},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":942,"slug":943,"category":324,"order":940},"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":945,"slug":946,"category":523,"order":947},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":949,"slug":950,"category":324,"order":947},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":952,"slug":953,"category":523,"order":954},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":956,"slug":957,"category":324,"order":954},"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":959,"slug":960,"category":523,"order":961},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":963,"slug":964,"category":324,"order":961},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":966,"slug":967,"category":523,"order":968},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":970,"slug":971,"category":324,"order":968},"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":973,"slug":974,"category":523,"order":975},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":977,"slug":978,"category":324,"order":975},"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":980,"slug":981,"category":523,"order":982},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":984,"slug":985,"category":324,"order":982},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":987,"slug":988,"category":523,"order":989},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":991,"slug":992,"category":324,"order":989},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":994,"slug":995,"category":523,"order":996},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":998,"slug":999,"category":324,"order":996},"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":1001,"slug":1002,"category":523,"order":1003},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1005,"slug":1006,"category":324,"order":1003},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1008,"slug":1009,"category":523,"order":1010},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1012,"slug":1013,"category":324,"order":1010},"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":1015,"slug":1016,"category":523,"order":1017},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1019,"slug":1020,"category":324,"order":1017},"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":1022,"slug":1023,"category":523,"order":1024},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1026,"slug":1027,"category":324,"order":1024},"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":1029,"slug":1030,"category":523,"order":1031},"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":1033,"slug":1034,"category":324,"order":1031},"巴菲特：2009年收购BNSF 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