[{"data":1,"prerenderedAt":1971},["ShallowReactive",2],{"library-ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang":3,"library-sidebar-buffett":434,"library-sidebar-dao":1437,"library-sidebar-models":1739},{"id":4,"title":5,"body":6,"category":420,"date":421,"description":422,"extension":423,"meta":424,"navigation":425,"order":426,"path":427,"seo":428,"seoDescription":422,"seoTitle":429,"slug":430,"stem":431,"__hash__":432,"_collection":433},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang.md","巴菲特：2021年巴菲特芒格接受CNBC专访",{"type":7,"value":8,"toc":416},"minimark",[9,13,17,23,26,29,32,35,41,44,50,53,56,59,62,65,68,71,74,77,80,83,89,92,95,98,101,104,107,110,113,116,119,122,128,131,140,143,149,152,158,161,164,167,170,173,176,179,182,187,190,193,196,199,205,211,214,217,220,223,226,229,232,235,238,241,244,249,252,255,262,265,271,274,277,280,283,286,289,292,295,298,304,307,310,313,319,322,325,328,331,334,337,340,343,346,349,359,362,365,368,371,374,377,380,383,386,389,392,399,402,405,408,413],[10,11,5],"h1",{"id":12},"巴菲特2021年巴菲特芒格接受cnbc专访",[14,15,16],"p",{},"2021年6月29日",[18,19,20],"blockquote",{},[14,21,22],{},"巴菲特和芒格、6月29日在CNBC的专题采访“巴菲特与芒格——智慧的财富”上分享的最新精彩观点和人生经验。",[14,24,25],{},"**1、问：**让我们从先前的对冲基金Archegos爆仓事件开始，这次事件导致让瑞士信贷损失了55亿美元……",[14,27,28],{},"**芒格：**想想看这件事是多么愚蠢，诚然这笔交易非常有诱惑性，给这个混蛋放贷可以轻松赚到快钱，但他（Archegos的比尔·黄）是一个内幕交易者，来自最疯狂的对冲基金行业。",[14,30,31],{},"这个行业喜欢用非正常的方式扩充信用，然后赚到异常高的利润，全世界都知道这里充斥着骗子和傻子，但是他们充耳不闻，因为他们觉得正因如此才可以轻松赚钱。",[14,33,34],{},"巴菲特：很久以前我们就学到一条规律：你不可能和一个不正直的人达成好的交易，如果你还对此心存侥幸，那我劝你最好放弃。因为当你达成这样的交易之后，你的对手方总是会赢，伯克希尔以及我个人都不会把时间浪费在这种事情上。",[14,36,37],{},[38,39,40],"strong",{},"不正直的交易对手懂得更多邪门歪道，虽然他们最终可能会输光一切，但就单个交易来说，他们会赢，让你蒙受损失，所以我也劝大家不要在这种事上浪费生命。",[14,42,43],{},"**2、问：**也不只是瑞士信贷栽了跟头，还有很多公司和Archegos做生意……",[14,45,46,47],{},"**芒格：**没错，没错，",[38,48,49],{},"这说明他们都是傻瓜，但瑞士信贷是其中最大的傻瓜。",[14,51,52],{},"**巴菲特：**1934年，在大萧条结束之后，吸取了1929年市场杠杆过高的教训，美联储被授予了限制市场杠杆率的权利",[14,54,55],{},"**芒格：**这是个极好的主意。",[14,57,58],{},"**巴菲特：**好得不得了。",[14,60,61],{},"**芒格：**不能更好了。",[14,63,64],{},"**巴菲特：**在1934到1973年间，我记得美联储共计动用这项权利23还是24次，无论如何，美联储是决定杠杆是否会造成系统性问题的决策机关。",[14,66,67],{},"1973到1974年的比率限制是50%，今天也一样，但在那之前的40年间，美联储把这个比例调整了23次，最高达到100%，最低也到过很低，总之这对宏观经济来说是一个很重要的指标。但是最终，华尔街找到了应对的方法。",[14,69,70],{},"**芒格：**他们通过游说来影响法规的修改。",[14,72,73],{},"**巴菲特：**对的。",[14,75,76],{},"**芒格：**这样他们就可以获得几乎无限的杠杆，同时进行私下交易，不记录在案，由此浑水摸鱼。",[14,78,79],{},"**3、问：**那银行可能会说：“我们内部消化了所有的杠杆问题，很多人的资产负债表甚至没有因此受损”，你怎么看？",[14,81,82],{},"**芒格：**有一个关于银行自我感觉良好的笑话，两个人用剃刀互割，一个人割了另一个人一刀，另一个人说，你没割到我。出刀的人说，等到你摇头的时候再说（意思是说头都给他割了，他还没察觉到）。",[14,84,85,88],{},[38,86,87],{},"4、问","：那你们对今天的监管有什么建议？",[14,90,91],{},"**芒格：**监管应该修改法律，当然，如果你开一家赌场，你自然会希望那些大玩家更激进地赌博，这也是证券市场上正在发生的，但这是一个巨大的错误，也引发过很多悲剧。",[14,93,94],{},"我们不该把人们带入他们承担不起的赌局，而且在交付环节也蕴含着风险，现在整个市场都处于混乱之中。通过这种不合理信贷扩张赚到钱的人会替它辩护，但没有人会反对信贷扩张。",[14,96,97],{},"上一次监管作出正确的选择，是在整个西方世界在遭受史上最严重的衰退之后——只有这种程度的衰退才会让政界有所反应。这段时间发生的不过是一种总回报互换（total return swap）。",[14,99,100],{},"**5、问：**那这一次的问题该如何解决呢？有人建议让交易更加公开透明、打击高杠杆行为，你们认为答案是什么？",[14,102,103],{},"**芒格：**答案是：永远不要让这种事情发生。",[14,105,106],{},"如果一开始你没有阻止错误发生，那它一定不会让你好受。",[14,108,109],{},"**巴菲特：**但是监管真的非常非常非常难做，以为如果你要搞大事情，就相当于要打击众多机构的利润中心。",[14,111,112],{},"**芒格：**大宗经纪业务本质上说就是专门贷款而给金融弄潮儿，这本身就非常危险，当这些人违反规则，就会伤及多家经纪商，他持续购买股票以维持股价，就是为了防止追加保证金，一旦变成这样，事情就会朝着难看的结局发展——事实也正是如此。",[14,114,115],{},"**6、问：**你刚刚提到了大萧条，那你认为在改变发生之前会发生一次系统性崩盘吗？",[14,117,118],{},"**芒格：**上一次监管采取正确措施是在西方世界发生最大危机之后，我自然是不想再看到这种情况发生。贤明的政策制定者应该在危机发生之前就采取措施。",[14,120,121],{},"**巴菲特：**但这很难的啦",[14,123,124,125],{},"芒格：但是有趣的是，",[38,126,127],{},"中国政府正采取的措施就是我所喜欢的事前措施，但我们鼓吹的伟大的自由市场经济、正让市场陷入疯狂的过剩，而中国政府正在阻止这种情况发生，他们对市场投机行为采取先发制人的措施。",[14,129,130],{},"**7、问：**查理，你说中国政府采取的措施正是我们应该效仿的，那对于马云你又如何看待相关事件呢？",[14,132,133,136,137],{},[38,134,135],{},"芒格：你说的没错，但马云正是我说的那类金融弄潮儿","，所以监管让他“见鬼去吧”，马云此前的所作所为就相当于告诉大家：“你们根本不知道你们在做什么，你们就是一群，让我来教你们做人做事，我比你们做得更好”，而",[38,138,139],{},"他说这些只是想不受限制地涉足银行业。",[14,141,142],{},"**问：**但他确实也给很多人提供了贷款……",[14,144,145,146],{},"**芒格：**中国政府只是做了正确的事，他们相当于告诉马云：小子，我们不会让你为所欲为。",[38,147,148],{},"我不是说我们要全盘效仿中国，但是我确实希望我们的金融监管能在一定程度上师法中国。",[14,150,151],{},"**问：**无论如何，蚂蚁金融确实给很多得不到信贷支持的人群提供了所需的贷款。",[14,153,154,157],{},[38,155,156],{},"芒格：我知道，但是银行业本质上对政府有担保责任","，你不会想让马云这样的弄潮儿去经营银行业，让他们去做其他的生意就好。",[14,159,160],{},"**8、问：**在美国，哪些人属于金融弄潮儿？",[14,162,163],{},"**芒格：**我可不想开始点名。",[14,165,166],{},"**巴菲特：**他们自己会跳出来的。……（略去一段，原因是大家都懂的）",[14,168,169],{},"**芒格：**没错，本质上大家都没有什么不同，中国也一样。但是对于银行业来说，以美国的影子银行为例，人们可能认为它们不过是新兴的银行。",[14,171,172],{},"但现在杠杆收购贷款业务已经流向了这些影子银行，目前这还没有引起什么大问题，但如果真的一直不出问题那才怪了。总之我不认为让这些人经营银行业是什么好事。",[14,174,175],{},"**9、问：**也许我们该聊聊Robinhood了，它也算是金融科技创新涉足了传统的券商领域",[14,177,178],{},"**芒格：**Robinhood的所作所为令人不齿。",[14,180,181],{},"**问：**为什么这么说？",[14,183,184],{},[38,185,186],{},"芒格：本质上它就是在开赌场，还伪装成正经生意。",[14,188,189],{},"**问：**但相反的意见认为它确实也让一般人有了接触证券市场的渠道。",[14,191,192],{},"**芒格：**它不想别人称之为赌场，但它本质上还是赌场。",[14,194,195],{},"**巴菲特：**Robinhood绝不会鼓励人们去买入交易成本低廉的ETF指数基金，然后让他们长期持有，比如说50年。我保证如果你去Robinhood开户，他们不会给你这样的投资建议。",[14,197,198],{},"**芒格：**对的。",[14,200,201,202],{},"**巴菲特：**相反，",[38,203,204],{},"你会得到很多交易建议",[14,206,207,210],{},[38,208,209],{},"芒格：而且它会告诉人们没有交易佣金，但其实交易佣金都隐含在交易价格之中了","，这本质上是一种腌臜，丑恶的行为，但有趣的是很多好人、正直的人也在支持它的所作所为。",[14,212,213],{},"**10、问：**谈谈蓝带印花公司这笔交易？",[14,215,216],{},"**芒格：**当时我们和另外一个朋友，瑞克·格林一起买入了蓝带印花公司的股票，很快我们就成为最大股东，现在这家公司已经是伯克希尔的一部分了，但是现在赠品兑换券行业已经消失了，这家公司的早期生意也早就消失了。",[14,218,219],{},"**巴菲特：**不是消失，而是失败了。",[14,221,222],{},"**芒格：**没错，是失败了。",[14,224,225],{},"**芒格：**但是在这个行业失败之前，我们也赚了不少，所以这笔交易对我们来说还算好。",[14,227,228],{},"**巴菲特：**我们对这家公司进行了转型，但实事求是地说，这家公司原本的三项业务最后都消失了，不再适应这个社会的发展。",[14,230,231],{},"事实上我们最早的一笔交易是入股了一家所谓“多元化零售”公司，实际上就是巴尔的摩的一家百货商店，当时桑迪·特斯曼（Sandy Gottesman）持股10%，查理占10%，然后以合伙人身份持有10%，我也以合伙人身份持80%，但我们是平等的合伙人。",[14,233,234],{},"我们投入了600万美元，虽然称之为“多元化零售”，但事实上我们只有一家百货商店，这笔投资一开始也让我们收获了不少乐趣，但是我们慢慢也看到这家百货商店……",[14,236,237],{},"**芒格：**行业开始不景气，我们的生意也无法持续。并没有过很久，我们就意识到，我们犯了一个巨大的错误。",[14,239,240],{},"**巴菲特：**是的。",[14,242,243],{},"**11、问：**为什么这么说？",[14,245,246],{},[38,247,248],{},"芒格：你也听过一句话，叫做“让我离开这个陷阱，我不要这个奶酪了”。我们领悟了一个事实就是，我们买进的这项生意并不好做，卖方做了一个正确的决定，而我们做了一个糟糕的决策。",[14,250,251],{},"**巴菲特：**是的，当时经营它的人是桑迪妻子的亲属，非常优秀的人。",[14,253,254],{},"**芒格：**非常值得尊敬的人。",[14,256,257,258,261],{},"**巴菲特：**是的，非常聪明。",[38,259,260],{},"如果一家企业由这么好的管理人运作依然亏损，那么这之中必然存在问题。所以不如把优秀的人才放到另一项事务上，并且把资本也放到其他项目上","。",[14,263,264],{},"**芒格：**这家公司并没有真正地亏钱，但是我们可以预见到，它之后即将亏损。",[14,266,267,268],{},"**巴菲特：**是的，所以我们把这家百货商场出售了。这家连锁百货商场在1983年关门，赫茨勒的丝绸百货公司在1985年或是1986年也关掉了。很容易理解，那里的人们想要建更多的分店。但是，",[38,269,270],{},"你不会想在注定走向失败的企业里面再投入更多的资本。",[14,272,273],{},"我们在里面投入了600万美元，这是一个愚蠢的决定。那600万美元现在值多少钱？查理？",[14,275,276],{},"**芒格：**好多亿美元。",[14,278,279],{},"**巴菲特：**上百亿美元。",[14,281,282],{},"**芒格：**对。",[14,284,285],{},"**巴菲特：**如果这家连锁百货商场成功了，我们就拥有了一个不错的小生意，会给我们带来不错的利润。但正因为它失败了，我们创造了超过250亿美元的收益，虽然在当时它并不像能创造这么多利润的项目。",[14,287,288],{},"**12、问：**所以，当你认识到这件事情是个错误的时候，你做了哪些事情？如何去解决它？",[14,290,291],{},"**巴菲特：**我们问桑迪，我们之中谁是最好的销售，去把它卖掉。然后，我们就把这个生意卖掉了，卖来的钱放到了伯克希尔里面。",[14,293,294],{},"**芒格：**我们拿回了95%的钱。",[14,296,297],{},"**巴菲特：**是的，我们借了600万美金，得以买入伯克希尔的股票和蓝带印花公司并将其合为一体。就像一盘意面，表面看起来很复杂，并不理想，所以我们将其合为一体。",[14,299,300,301],{},"就像我的许多合伙人一样，我和查理都还持有零售方面的股票。但是就过去的日子来说，发生在我们身上的最好的事情就是，",[38,302,303],{},"这个失败的事情显然会失败。",[14,305,306],{},"**13、问：**为什么？",[14,308,309],{},"**芒格：**迅速撤出。",[14,311,312],{},"**巴菲特：**对，然后把资本放到其他地方。",[14,314,315,316],{},"**芒格：**我们学会的一件事情就是，",[38,317,318],{},"如果显而易见这是一个错误，那就去快速地纠正它。在你等待的期间它并不会变好。",[14,320,321],{},"**14、问：**去年，在疫情之下你们的生活都发生了巨大的变化。查理，我听说你现在非常习惯用Zoom？",[14,323,324],{},"**芒格：**是的，我简直爱上了Zoom。",[14,326,327],{},"**问：**那么你用Zoom与人聊天的频率如何？",[14,329,330],{},"**芒格：**一天至少三次！我在澳大利亚谈了一项生意，Zoom成了必需品，它太方便了。",[14,332,333],{},"**巴菲特：**对，如果你也97岁的话。虽然显然我和查理的交流很多，但我们从来没有用Zoom交流过。",[14,335,336],{},"**芒格：**那只是因为——",[14,338,339],{},"**巴菲特：**我不用Zoom。",[14,341,342],{},"**问：**为什么你不喜欢Zoom呢？",[14,344,345],{},"**巴菲特：**用Zoom的话，一整个屏幕上显示的都是人像，我不认为这对于我来说是个加分项。你知道，我喜欢把脚翘在桌子上；所以，我对电话非常满意。",[14,347,348],{},"**15、问：**所以疫情后，生活和工作发生了哪些变化？回到正轨上去还是另外发生了什么？",[14,350,351,352,355,356],{},"**芒格：**我想，",[38,353,354],{},"频繁出差的事情再也不会发生了","。一个接一个的公司都决定一年只开一次或者两次现场会议，其他都在Zoom线上完成。当然，很多人都发现他们并不需要在办公室。我想，很多新的改变会发生，",[38,357,358],{},"我们不会再回到从前。",[14,360,361],{},"**巴菲特：**我们的一些生意也发生了变化，而另一些则变化甚微。",[14,363,364],{},"在整个疫情过程中，预测经济和病毒将如何变化在很多方面震惊了我们。如果我们看各国疫情的曲线，我们就会发现，一个经济非常强盛的世界会如何被其他事情所扰乱，而这种事件根本无法被预测。",[14,366,367],{},"疫情带来的经济影响是极其不平均的；我们不知道究竟有多少个小型企业在这场疫情中受创严重，但是，绝大多数的大型企业表现较好，除非他们做的是酒店之类的行业。",[14,369,370],{},"**芒格：**但是，一些国家做得比我们好。比如中国只封城了6个星期。而事实证明，这是一个非常正确的决策。他们不允许任何的接触，人们在公寓的箱子里面拿取生活用品而这就是你在这6周里面与外界的所有接触。而当这一切结束之后，他们又正常恢复了工作。事实证明，他们的作为非常正确。",[14,372,373],{},"**巴菲特：**但是其他国家，他们不断地封城再封城，导致了很多问题。像是瑞典，瑞典说，“我们不会这么做”，看起来在一段时间之内疫情表现不那么糟糕，但是这带来的结果非常非常地不可预计。",[14,375,376],{},"**芒格：**是的，非常困难。",[14,378,379],{},"**巴菲特：**是的，这种不可估计的结果还没有结束，从经济层面同样难以预计。最终结果要比人们的预测要好一些。但是对于某些人来说，他们自己没有错，但却被破坏了希望。政府应该给予这些人帮助。",[14,381,382],{},"**芒格：**但是，某些企业——是繁荣的。",[14,384,385],{},"从疫情中恢复并不仅仅使得他们回归正轨，而是创造了他们从未预期过的、难以置信的成功。汽车经销商们在疫情期间赚到了他们从未预想过的钱。",[14,387,388],{},"**巴菲特：**我们合作的所有经销商们，他们都意识到，在3月和4月，他们将会面临严重的问题。有一些人希望可以从政府处得到一些帮助，但是我们作为富有的母公司可以为他们提供一些帮助。",[14,390,391],{},"**16、问：**什么事情使你最为震惊？去年你学到了哪些？",[14,393,394,395,398],{},"**巴菲特：**我发现，",[38,396,397],{},"人们并不像他们自以为地了解那么多","。但最重要的是，人们知道了，疫情注定会发生，这并不是最糟糕的。我们所有人、社会都准备着，有些事情看似遥远，但可能马上就发生。",[14,400,401],{},"世界可能出现另外一场疫情，或者，我们知道会有核武器、化学武器、生化武器，还有网络威胁，每一种都存在极可怕的潜在威胁。而这些似乎都不是社会有能力去处理的问题。",[14,403,404],{},"网络威胁才刚刚出现，但看看它已经造成的破坏。查理和我在很多方面的都非常幸运，但是最幸运的其实是我们处在的时间与地点。",[14,406,407],{},"在拥有75亿人口的200个国家之间，存在紧张的关系，不同的制度、政府以及各种各样的事情。我们究竟如何解决这些问题，使人类，从现在开始的50年、100年、200年，能够享受到更好的生活，而不是去让世界变得更糟。",[14,409,410],{},[38,411,412],{},"第六部分：如何管理公司",[14,414,415],{},"从市值来说，这是世界上最大的10家公司之一，在全球拥有36万名员工。但是伯克希尔哈撒韦分散式经营的总部设在这里，在奥马哈的一栋建筑里租用了两层楼，只有24个员工。这里的不同之处就在于两个人，沃伦·巴菲特和查理·芒格都不喜欢官僚主义。",{"title":417,"searchDepth":418,"depth":418,"links":419},"",2,[],"访谈与文章",null,"2021年6月，巴菲特与芒格在CNBC","md",{},true,133,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",{"title":5,"description":422},"巴菲特：2021年巴菲特芒格接受CNBC专访｜巴菲特","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang","buffett\u002Finterview\u002Fba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang","hnpClqF0V4BGKJGPHKmV6k1z9tn1pzzuGl7Ekf8q7Wo","buffett",[435,440,443,447,450,453,456,460,463,466,470,473,476,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,570,573,576,580,583,586,590,593,596,600,603,606,610,613,616,621,624,627,631,634,637,641,644,647,651,654,657,661,664,667,671,674,677,681,684,687,691,694,697,701,704,707,711,714,717,721,724,727,731,734,737,741,744,747,751,754,757,761,764,767,771,774,778,781,785,788,792,795,799,802,806,809,813,816,820,823,827,830,834,837,841,844,848,851,855,858,862,865,869,872,876,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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":786,"slug":787,"category":420,"order":784},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":789,"slug":790,"category":438,"order":791},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":793,"slug":794,"category":420,"order":791},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":796,"slug":797,"category":438,"order":798},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":800,"slug":801,"category":420,"order":798},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":803,"slug":804,"category":438,"order":805},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":807,"slug":808,"category":420,"order":805},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":810,"slug":811,"category":619,"order":812},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":814,"slug":815,"category":420,"order":812},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":817,"slug":818,"category":438,"order":819},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":821,"slug":822,"category":420,"order":819},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":824,"slug":825,"category":619,"order":826},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":828,"slug":829,"category":420,"order":826},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":831,"slug":832,"category":619,"order":833},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":835,"slug":836,"category":420,"order":833},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":838,"slug":839,"category":619,"order":840},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":842,"slug":843,"category":420,"order":840},"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":845,"slug":846,"category":619,"order":847},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":849,"slug":850,"category":420,"order":847},"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":852,"slug":853,"category":619,"order":854},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":856,"slug":857,"category":420,"order":854},"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":859,"slug":860,"category":619,"order":861},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":863,"slug":864,"category":420,"order":861},"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":866,"slug":867,"category":619,"order":868},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":870,"slug":871,"category":420,"order":868},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":873,"slug":874,"category":619,"order":875},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":877,"slug":878,"category":420,"order":875},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":880,"slug":881,"category":619,"order":882},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":884,"slug":885,"category":420,"order":882},"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":887,"slug":888,"category":619,"order":889},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":891,"slug":892,"category":420,"order":889},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":894,"slug":895,"category":619,"order":896},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":898,"slug":899,"category":420,"order":896},"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":901,"slug":902,"category":619,"order":903},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":905,"slug":906,"category":420,"order":903},"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":908,"slug":909,"category":619,"order":910},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":912,"slug":913,"category":420,"order":910},"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":915,"slug":916,"category":619,"order":917},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":919,"slug":920,"category":420,"order":917},"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":922,"slug":923,"category":619,"order":924},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":926,"slug":927,"category":420,"order":924},"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":929,"slug":930,"category":619,"order":931},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":933,"slug":934,"category":420,"order":931},"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":936,"slug":937,"category":619,"order":938},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":940,"slug":941,"category":420,"order":938},"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":943,"slug":944,"category":619,"order":945},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":947,"slug":948,"category":420,"order":945},"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":950,"slug":951,"category":619,"order":952},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":954,"slug":955,"category":420,"order":952},"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":957,"slug":958,"category":619,"order":959},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":961,"slug":962,"category":420,"order":959},"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":964,"slug":965,"category":619,"order":966},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":968,"slug":969,"category":420,"order":966},"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":971,"slug":972,"category":619,"order":973},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":975,"slug":976,"category":420,"order":973},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":978,"slug":979,"category":619,"order":980},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":982,"slug":983,"category":420,"order":980},"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":985,"slug":986,"category":619,"order":987},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":989,"slug":990,"category":420,"order":987},"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":992,"slug":993,"category":619,"order":994},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":996,"slug":997,"category":420,"order":994},"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":999,"slug":1000,"category":619,"order":1001},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1003,"slug":1004,"category":420,"order":1001},"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":1006,"slug":1007,"category":619,"order":1008},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1010,"slug":1011,"category":420,"order":1008},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1013,"slug":1014,"category":619,"order":1015},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1017,"slug":1018,"category":420,"order":1015},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1020,"slug":1021,"category":619,"order":1022},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1024,"slug":1025,"category":420,"order":1022},"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":1027,"slug":1028,"category":619,"order":1029},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1031,"slug":1032,"category":420,"order":1029},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1034,"slug":1035,"category":619,"order":1036},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1038,"slug":1039,"category":420,"order":1036},"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":1041,"slug":1042,"category":619,"order":1043},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1045,"slug":1046,"category":420,"order":1043},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1048,"slug":1049,"category":619,"order":1050},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1052,"slug":1053,"category":420,"order":1050},"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":1055,"slug":1056,"category":619,"order":1057},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1059,"slug":1060,"category":420,"order":1057},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1062,"slug":1063,"category":619,"order":1064},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1066,"slug":1067,"category":420,"order":1064},"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":1069,"slug":1070,"category":619,"order":1071},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1073,"slug":1074,"category":420,"order":1071},"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":1076,"slug":1077,"category":619,"order":1078},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1080,"slug":1081,"category":420,"order":1078},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1083,"slug":1084,"category":619,"order":1085},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1087,"slug":1088,"category":420,"order":1085},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1090,"slug":1091,"category":619,"order":1092},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1094,"slug":1095,"category":420,"order":1092},"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":1097,"slug":1098,"category":619,"order":1099},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1101,"slug":1102,"category":420,"order":1099},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1104,"slug":1105,"category":619,"order":1106},"2011 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铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1132,"slug":1133,"category":619,"order":1134},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1136,"slug":1137,"category":420,"order":1134},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1139,"slug":1140,"category":619,"order":1141},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1143,"slug":1144,"category":420,"order":1141},"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":1146,"slug":1147,"category":619,"order":1148},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1150,"slug":1151,"category":420,"order":1148},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1153,"slug":1154,"category":619,"order":1155},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1157,"slug":1158,"category":420,"order":1155},"巴菲特：2010年CNBC 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