[{"data":1,"prerenderedAt":1967},["ShallowReactive",2],{"library-jihuichengben":3,"library-sidebar-buffett":433,"library-sidebar-dao":1438,"library-sidebar-models":1735},{"id":4,"title":5,"body":6,"category":418,"date":419,"description":420,"extension":421,"meta":422,"navigation":423,"order":424,"path":425,"seo":426,"seoDescription":427,"seoTitle":428,"slug":429,"stem":430,"__hash__":431,"_collection":432},"dao\u002Fdao\u002Fconcepts\u002Fjihuichengben.md","机会成本",{"type":7,"value":8,"toc":393},"minimark",[9,12,16,40,56,59,64,79,93,97,105,109,125,129,150,153,157,165,172,175,178,193,200,208,211,219,225,228,232,241,245,250,253,257,262,270,273,282,291,312,324,327,337,345,352,358,366,374,383],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,33,34,36,37,39],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fjihuichengben","在",[25,26,27],"strong",{},"段永平","的投资体系中有两层含义：一是作为",[20,30,32],{"href":31},"\u002Flibrary\u002Fzhexian","折现","率的基准（每个投资者的",[20,35,5],{"href":22},"不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的",[20,38,5],{"href":22},"是你放弃的其他投资机会）。",[17,41,42,43,45,46,49,50,52,53,55],{},"这一概念最早在2001年的经营语境中就已出现。",[25,44,27],{},"在谈及",[25,47,48],{},"步步高","是否应该多元化时就使用了",[20,51,5],{"href":22},"的思维：\"我不做手机不等于我不做别的东西。问题是做什么东西好，这就是一个",[20,54,5],{"href":22},"的问题。\"（2001年《经营天下》访谈）",[13,57,58],{"id":58},"核心要义",[60,61,63],"h3",{"id":62},"_1-折现率就是个人的机会成本","1. 折现率就是个人的机会成本",[65,66,67],"blockquote",{},[17,68,69,70,72,73,75,76,78],{},"\"",[20,71,32],{"href":31},"率实际上是相对于投资人的",[20,74,5],{"href":22},"而言的。最低的",[20,77,5],{"href":22},"就是无风险回报率，比如美国国债的利率。\"",[65,80,81],{},[17,82,83,84,86,87,89,90,92],{},"\"我总觉得每个人给出的'",[20,85,32],{"href":31},"率'应该是每个人自己的（长期）最大",[20,88,5],{"href":22},"。对很多不懂投资的人们而言，最合适的",[20,91,5],{"href":22},"应该是无风险利率。\"（2025-10-05）",[60,94,96],{"id":95},"_2-持有就是买入卖出与买入成本无关","2. 持有就是买入，卖出与买入成本无关",[65,98,99],{},[17,100,101,102,104],{},"\"每天的收盘价就是我们的",[20,103,5],{"href":22},"，没有卖就等于买了，否则可以买其他。所以非常认同段老师的卖和买入成本无关的说法。\"——网友总结，段永平回复：\"赞。\"（2010-03-31）",[60,106,108],{"id":107},"_3-选最好的商业模式就是管理机会成本","3. 选最好的商业模式就是管理机会成本",[65,110,111],{},[17,112,113,114,116,117,121,122,124],{},"\"这是个",[20,115,5],{"href":22},"问题，你总是挑你自己能看懂的公司里面",[20,118,120],{"href":119},"\u002Flibrary\u002Fshangyemoshi","商业模式","最好的投。如果你觉得",[20,123,120],{"href":119},"一般的潜台词就是你知道有更好的，那你为什么要放着更好的不投而去投一般的呢?\"（2021-10-24）",[60,126,128],{"id":127},"_4-把苹果作为机会成本的标杆","4. 把苹果作为机会成本的标杆",[65,130,131],{},[17,132,133,134,137,138,140,141,143,144,146,147,149],{},"\"在我的理解里，",[25,135,136],{},"苹果","的",[20,139,120],{"href":119},"非常强大，未来的复利回报大概率是会高过长期美国国债的。我总是习惯把美国长期国债作为第一",[20,142,5],{"href":22},"（就是最低的意思），",[25,145,136],{},"第二。所以除非看到未来几十年会好过",[25,148,136],{},"的公司，不然我不愿意换的。\"（2022-01-27）",[13,151,152],{"id":152},"实战案例",[60,154,156],{"id":155},"做空百度的教训机会成本最大的错误","做空百度的教训：机会成本最大的错误",[65,158,159],{},[17,160,161,162,164],{},"\"最可惜的是，这次错误把我们的现金储备全部消耗掉了，",[20,163,5],{"href":22},"巨大，不然这次金融危机我就可以帮大家赚更多钱了。\"（2010-03-07）",[65,166,167],{},[17,168,69,169,171],{},[20,170,5],{"href":22},"大，亏点钱是小事。\"（2010-05-12）",[17,173,174],{},"做空百度不仅亏了1.5-2亿美元，更大的损失是消耗了现金储备，导致2008年金融危机时错过了更好的投资机会。",[60,176,177],{"id":177},"守着烂公司的机会成本",[65,179,180],{},[17,181,182,183,186,187,189,190,192],{},"\"花了很长时间，守着一个",[25,184,185],{},"生意模式","很烂的公司，",[20,188,5],{"href":22},"很高，心情也不好吧?花掉的时间也是",[20,191,5],{"href":22},"。\"（2015-09-09）",[60,194,196,199],{"id":195},"茅台的机会成本计算",[25,197,198],{},"茅台","的机会成本计算",[65,201,202],{},[17,203,204,205,207],{},"\"假如你有一笔现金，长期没有使用计划，你觉得投在哪里最舒服（合算）?每个人的",[20,206,5],{"href":22},"都不一样，自己看着办吧。\"（2022-05-02）",[60,209,210],{"id":210},"多元化经营中的机会成本",[65,212,213],{},[17,214,215,216,218],{},"\"我不做手机不等于我不做别的东西。问题是做什么东西好，这就是一个",[20,217,5],{"href":22},"的问题。\"（2001年）",[17,220,221,222,224],{},"这里的",[20,223,5],{"href":22},"思维不仅适用于投资，也适用于企业经营——做一件事的代价是放弃了另一件可能更好的事。",[13,226,227],{"id":227},"常见误解",[60,229,231],{"id":230},"误解一机会成本只是金钱","误解一：机会成本只是金钱",[17,233,234,235,237,238,240],{},"时间也是",[20,236,5],{"href":22},"。\"花掉的时间也是",[20,239,5],{"href":22},"。\"",[60,242,244],{"id":243},"误解二应该追求最高回报率","误解二：应该追求最高回报率",[65,246,247],{},[17,248,249],{},"\"一旦心里有了要求回报率，动作就可能变形，因为人们是有可能为了达到这个要求回报率去铤而走险的。\"",[17,251,252],{},"应该有的是\"可接受回报率\"的底线（国债利率），而不是要求回报率。",[60,254,256],{"id":255},"误解三用指数作为机会成本基准","误解三：用指数作为机会成本基准",[65,258,259],{},[17,260,261],{},"\"其实跟什么比并不能改变你投资的原则。我喜欢选个标准比较低一点的，满足感比较好。\"",[17,263,264,266,267,269],{},[25,265,27],{},"习惯用国债利率而非标普指数作为",[20,268,5],{"href":22},"的最低基准。",[13,271,272],{"id":272},"思想演变",[17,274,275,278,279,281],{},[25,276,277],{},"2001年（经营阶段）","：在企业经营中已经使用",[20,280,5],{"href":22},"思维来思考多元化和产品选择。",[17,283,284,287,288,290],{},[25,285,286],{},"2006-2010年（投资初期）","：在做空百度事件中深刻体验了",[20,289,5],{"href":22},"的巨大影响——不仅是亏损本身，更是错失了金融危机中的投资良机。",[17,292,293,296,297,299,300,302,303,305,306,308,309,311],{},[25,294,295],{},"2011-2022年（体系化阶段）","：将",[20,298,5],{"href":22},"概念融入投资体系的核心，明确\"",[20,301,32],{"href":31},"率=个人",[20,304,5],{"href":22},"\"的等式，并以国债利率作为底线、",[25,307,136],{},"作为标杆来管理自己的",[20,310,5],{"href":22},"。",[17,313,314,317,318,320,321,323],{},[25,315,316],{},"2025年","：在与方三文对话和雪球问答中继续深化这一概念，更加明确地将",[20,319,32],{"href":31},"率和个人",[20,322,5],{"href":22},"挂钩。",[13,325,326],{"id":326},"原话引用",[65,328,329],{},[17,330,69,331,72,333,75,335,78],{},[20,332,32],{"href":31},[20,334,5],{"href":22},[20,336,5],{"href":22},[65,338,339],{},[17,340,341,342,344],{},"\"对，就是",[20,343,5],{"href":22},"的意思。\"（2010年）",[65,346,347],{},[17,348,161,349,351],{},[20,350,5],{"href":22},"巨大。\"（2010-03-07）",[65,353,354],{},[17,355,69,356,171],{},[20,357,5],{"href":22},[65,359,360],{},[17,361,362,363,365],{},"\"你愿意给多少P\u002FE完全取决于你自己的能力或者说你自己的资金的",[20,364,5],{"href":22},"，其实和市场无关。\"（2011-10-01）",[65,367,368],{},[17,369,370,371,373],{},"\"要想搞懂自己不擅长的东西往往没有那么容易，同样的",[20,372,5],{"href":22},"（时间）在自己明白的圈子里往往有大得多的回报。\"（2011-03-04）",[65,375,376],{},[17,377,113,378,116,380,382],{},[20,379,5],{"href":22},[20,381,120],{"href":119},"最好的投。\"（2021-10-24）",[65,384,385],{},[17,386,182,387,186,389,189,391,192],{},[25,388,185],{},[20,390,5],{"href":22},[20,392,5],{"href":22},{"title":394,"searchDepth":395,"depth":395,"links":396},"",2,[397,398,405,411,416,417],{"id":15,"depth":395,"text":15},{"id":58,"depth":395,"text":58,"children":399},[400,402,403,404],{"id":62,"depth":401,"text":63},3,{"id":95,"depth":401,"text":96},{"id":107,"depth":401,"text":108},{"id":127,"depth":401,"text":128},{"id":152,"depth":395,"text":152,"children":406},[407,408,409,410],{"id":155,"depth":401,"text":156},{"id":177,"depth":401,"text":177},{"id":195,"depth":401,"text":195},{"id":210,"depth":401,"text":210},{"id":227,"depth":395,"text":227,"children":412},[413,414,415],{"id":230,"depth":401,"text":231},{"id":243,"depth":401,"text":244},{"id":255,"depth":401,"text":256},{"id":272,"depth":395,"text":272},{"id":326,"depth":395,"text":326},"投资理念",null,"机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","md",{},true,16,"\u002Fdao\u002Fconcepts\u002Fjihuichengben",{"title":5,"description":420},"段永平谈机会成本：机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","机会成本｜大道总纲","jihuichengben","dao\u002Fconcepts\u002Fjihuichengben","e2dtadA5Lo5eX0-Uj-CYYWXGT-Uvi2dYY8S2g5cg8Gg","dao",[434,439,443,447,450,453,456,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,588,591,594,598,601,604,608,611,614,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,695,699,702,705,709,712,715,719,722,725,729,732,735,739,742,745,749,752,755,759,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1038,1042,1045,1049,1052,1056,1059,1063,1066,1070,1073,1077,1080,1084,1087,1091,1094,1098,1101,1105,1108,1112,1115,1119,1122,1126,1129,1133,1136,1140,1143,1147,1150,1154,1157,1161,1164,1168,1171,1175,1178,1182,1185,1189,1192,1196,1199,1203,1206,1210,1213,1217,1220,1224,1227,1231,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310,1314,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354,1358,1362,1366,1370,1374,1378,1382,1386,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434],{"title":435,"slug":436,"category":437,"order":438},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":440,"slug":441,"category":442,"order":438},"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","访谈与文章",{"title":444,"slug":445,"category":446,"order":438},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":448,"slug":449,"category":437,"order":395},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":451,"slug":452,"category":442,"order":395},"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":454,"slug":455,"category":446,"order":395},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":457,"slug":458,"category":437,"order":401},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":460,"slug":461,"category":442,"order":401},"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":463,"slug":464,"category":446,"order":401},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":466,"slug":467,"category":437,"order":468},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":470,"slug":471,"category":442,"order":468},"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":473,"slug":474,"category":446,"order":468},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":476,"slug":477,"category":437,"order":478},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":480,"slug":481,"category":442,"order":478},"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":483,"slug":484,"category":446,"order":478},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":486,"slug":487,"category":437,"order":488},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":490,"slug":491,"category":442,"order":488},"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":493,"slug":494,"category":446,"order":488},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":496,"slug":497,"category":437,"order":498},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":500,"slug":501,"category":442,"order":498},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":503,"slug":504,"category":446,"order":498},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":506,"slug":507,"category":437,"order":508},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":510,"slug":511,"category":442,"order":508},"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":513,"slug":514,"category":446,"order":508},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":516,"slug":517,"category":437,"order":518},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":520,"slug":521,"category":442,"order":518},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":523,"slug":524,"category":446,"order":518},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":526,"slug":527,"category":437,"order":528},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":530,"slug":531,"category":442,"order":528},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":533,"slug":534,"category":446,"order":528},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":536,"slug":537,"category":437,"order":538},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":540,"slug":541,"category":442,"order":538},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":543,"slug":544,"category":446,"order":538},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":546,"slug":547,"category":437,"order":548},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":550,"slug":551,"category":442,"order":548},"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":553,"slug":554,"category":446,"order":548},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":556,"slug":557,"category":437,"order":558},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":560,"slug":561,"category":442,"order":558},"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":563,"slug":564,"category":446,"order":558},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":566,"slug":567,"category":437,"order":568},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":570,"slug":571,"category":442,"order":568},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":573,"slug":574,"category":446,"order":568},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":576,"slug":577,"category":437,"order":578},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":580,"slug":581,"category":442,"order":578},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":583,"slug":584,"category":446,"order":578},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":586,"slug":587,"category":437,"order":424},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",{"title":589,"slug":590,"category":442,"order":424},"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":592,"slug":593,"category":446,"order":424},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":595,"slug":596,"category":437,"order":597},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":599,"slug":600,"category":442,"order":597},"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":602,"slug":603,"category":446,"order":597},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":605,"slug":606,"category":437,"order":607},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":609,"slug":610,"category":442,"order":607},"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":612,"slug":613,"category":446,"order":607},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":615,"slug":616,"category":617,"order":618},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":620,"slug":621,"category":442,"order":618},"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":623,"slug":624,"category":446,"order":618},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":626,"slug":627,"category":437,"order":628},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":630,"slug":631,"category":442,"order":628},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":633,"slug":634,"category":446,"order":628},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":636,"slug":637,"category":437,"order":638},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":640,"slug":641,"category":442,"order":638},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":643,"slug":644,"category":446,"order":638},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":646,"slug":647,"category":437,"order":648},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":650,"slug":651,"category":442,"order":648},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":653,"slug":654,"category":446,"order":648},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":656,"slug":657,"category":617,"order":658},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":660,"slug":661,"category":442,"order":658},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":663,"slug":664,"category":446,"order":658},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":666,"slug":667,"category":437,"order":668},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":670,"slug":671,"category":442,"order":668},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":673,"slug":674,"category":446,"order":668},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":676,"slug":677,"category":437,"order":678},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":680,"slug":681,"category":442,"order":678},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":683,"slug":684,"category":446,"order":678},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":686,"slug":687,"category":437,"order":688},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":690,"slug":691,"category":442,"order":688},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":693,"slug":694,"category":446,"order":688},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":696,"slug":697,"category":617,"order":698},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":700,"slug":701,"category":442,"order":698},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":703,"slug":704,"category":446,"order":698},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":706,"slug":707,"category":437,"order":708},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":710,"slug":711,"category":442,"order":708},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":713,"slug":714,"category":446,"order":708},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":716,"slug":717,"category":437,"order":718},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":720,"slug":721,"category":442,"order":718},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":723,"slug":724,"category":446,"order":718},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":726,"slug":727,"category":437,"order":728},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":730,"slug":731,"category":442,"order":728},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":733,"slug":734,"category":446,"order":728},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":736,"slug":737,"category":437,"order":738},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":740,"slug":741,"category":442,"order":738},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":743,"slug":744,"category":446,"order":738},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":746,"slug":747,"category":617,"order":748},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":750,"slug":751,"category":442,"order":748},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":753,"slug":754,"category":446,"order":748},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":756,"slug":757,"category":437,"order":758},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":760,"slug":761,"category":442,"order":758},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":763,"slug":764,"category":446,"order":758},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":766,"slug":767,"category":437,"order":768},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":770,"slug":771,"category":442,"order":768},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":773,"slug":774,"category":617,"order":775},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":777,"slug":778,"category":442,"order":775},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":780,"slug":781,"category":437,"order":782},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":784,"slug":785,"category":442,"order":782},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":787,"slug":788,"category":437,"order":789},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":791,"slug":792,"category":442,"order":789},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":794,"slug":795,"category":437,"order":796},"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":798,"slug":799,"category":442,"order":796},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":801,"slug":802,"category":437,"order":803},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":805,"slug":806,"category":442,"order":803},"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":808,"slug":809,"category":617,"order":810},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":812,"slug":813,"category":442,"order":810},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":815,"slug":816,"category":437,"order":817},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":819,"slug":820,"category":442,"order":817},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":822,"slug":823,"category":617,"order":824},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":826,"slug":827,"category":442,"order":824},"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":829,"slug":830,"category":617,"order":831},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":833,"slug":834,"category":442,"order":831},"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":836,"slug":837,"category":617,"order":838},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":840,"slug":841,"category":442,"order":838},"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":843,"slug":844,"category":617,"order":845},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":847,"slug":848,"category":442,"order":845},"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":850,"slug":851,"category":617,"order":852},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":854,"slug":855,"category":442,"order":852},"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":857,"slug":858,"category":617,"order":859},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":861,"slug":862,"category":442,"order":859},"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":864,"slug":865,"category":617,"order":866},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":868,"slug":869,"category":442,"order":866},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":871,"slug":872,"category":617,"order":873},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":875,"slug":876,"category":442,"order":873},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":878,"slug":879,"category":617,"order":880},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":882,"slug":883,"category":442,"order":880},"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":885,"slug":886,"category":617,"order":887},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":889,"slug":890,"category":442,"order":887},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":892,"slug":893,"category":617,"order":894},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":896,"slug":897,"category":442,"order":894},"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":899,"slug":900,"category":617,"order":901},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":903,"slug":904,"category":442,"order":901},"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":906,"slug":907,"category":617,"order":908},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":910,"slug":911,"category":442,"order":908},"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":913,"slug":914,"category":617,"order":915},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":917,"slug":918,"category":442,"order":915},"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":920,"slug":921,"category":617,"order":922},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":924,"slug":925,"category":442,"order":922},"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":927,"slug":928,"category":617,"order":929},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":931,"slug":932,"category":442,"order":929},"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":934,"slug":935,"category":617,"order":936},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":938,"slug":939,"category":442,"order":936},"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":941,"slug":942,"category":617,"order":943},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":945,"slug":946,"category":442,"order":943},"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":948,"slug":949,"category":617,"order":950},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":952,"slug":953,"category":442,"order":950},"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":955,"slug":956,"category":617,"order":957},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":959,"slug":960,"category":442,"order":957},"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":962,"slug":963,"category":617,"order":964},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":966,"slug":967,"category":442,"order":964},"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":969,"slug":970,"category":617,"order":971},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":973,"slug":974,"category":442,"order":971},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":976,"slug":977,"category":617,"order":978},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":980,"slug":981,"category":442,"order":978},"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":983,"slug":984,"category":617,"order":985},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":987,"slug":988,"category":442,"order":985},"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":990,"slug":991,"category":617,"order":992},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":994,"slug":995,"category":442,"order":992},"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":997,"slug":998,"category":617,"order":999},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1001,"slug":1002,"category":442,"order":999},"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":1004,"slug":1005,"category":617,"order":1006},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1008,"slug":1009,"category":442,"order":1006},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1011,"slug":1012,"category":617,"order":1013},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1015,"slug":1016,"category":442,"order":1013},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1018,"slug":1019,"category":617,"order":1020},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1022,"slug":1023,"category":442,"order":1020},"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":1025,"slug":1026,"category":617,"order":1027},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1029,"slug":1030,"category":442,"order":1027},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1032,"slug":1033,"category":617,"order":1034},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1036,"slug":1037,"category":442,"order":1034},"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":1039,"slug":1040,"category":617,"order":1041},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1043,"slug":1044,"category":442,"order":1041},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1046,"slug":1047,"category":617,"order":1048},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1050,"slug":1051,"category":442,"order":1048},"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":1053,"slug":1054,"category":617,"order":1055},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1057,"slug":1058,"category":442,"order":1055},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1060,"slug":1061,"category":617,"order":1062},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1064,"slug":1065,"category":442,"order":1062},"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":1067,"slug":1068,"category":617,"order":1069},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1071,"slug":1072,"category":442,"order":1069},"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":1074,"slug":1075,"category":617,"order":1076},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1078,"slug":1079,"category":442,"order":1076},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1081,"slug":1082,"category":617,"order":1083},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1085,"slug":1086,"category":442,"order":1083},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1088,"slug":1089,"category":617,"order":1090},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1092,"slug":1093,"category":442,"order":1090},"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":1095,"slug":1096,"category":617,"order":1097},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1099,"slug":1100,"category":442,"order":1097},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1102,"slug":1103,"category":617,"order":1104},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1106,"slug":1107,"category":442,"order":1104},"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":1109,"slug":1110,"category":617,"order":1111},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1113,"slug":1114,"category":442,"order":1111},"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":1116,"slug":1117,"category":617,"order":1118},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1120,"slug":1121,"category":442,"order":1118},"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":1123,"slug":1124,"category":617,"order":1125},"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":1127,"slug":1128,"category":442,"order":1125},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1130,"slug":1131,"category":617,"order":1132},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1134,"slug":1135,"category":442,"order":1132},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1137,"slug":1138,"category":617,"order":1139},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1141,"slug":1142,"category":442,"order":1139},"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":1144,"slug":1145,"category":617,"order":1146},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1148,"slug":1149,"category":442,"order":1146},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1151,"slug":1152,"category":617,"order":1153},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1155,"slug":1156,"category":442,"order":1153},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1158,"slug":1159,"category":617,"order":1160},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1162,"slug":1163,"category":442,"order":1160},"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":1165,"slug":1166,"category":617,"order":1167},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1169,"slug":1170,"category":442,"order":1167},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1172,"slug":1173,"category":617,"order":1174},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1176,"slug":1177,"category":442,"order":1174},"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":1179,"slug":1180,"category":617,"order":1181},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1183,"slug":1184,"category":442,"order":1181},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1186,"slug":1187,"category":617,"order":1188},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1190,"slug":1191,"category":442,"order":1188},"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":1193,"slug":1194,"category":617,"order":1195},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1197,"slug":1198,"category":442,"order":1195},"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":1200,"slug":1201,"category":617,"order":1202},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1204,"slug":1205,"category":442,"order":1202},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1207,"slug":1208,"category":617,"order":1209},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1211,"slug":1212,"category":442,"order":1209},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1214,"slug":1215,"category":617,"order":1216},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1218,"slug":1219,"category":442,"order":1216},"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":1221,"slug":1222,"category":617,"order":1223},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1225,"slug":1226,"category":442,"order":1223},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1228,"slug":1229,"category":617,"order":1230},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1232,"slug":1233,"category":442,"order":1230},"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":1235,"slug":1236,"category":442,"order":1237},"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":1239,"slug":1240,"category":442,"order":1241},"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":1243,"slug":1244,"category":442,"order":1245},"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":1247,"slug":1248,"category":442,"order":1249},"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":1251,"slug":1252,"category":442,"order":1253},"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":1255,"slug":1256,"category":442,"order":1257},"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":1259,"slug":1260,"category":442,"order":1261},"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":1263,"slug":1264,"category":442,"order":1265},"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":1267,"slug":1268,"category":442,"order":1269},"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":1271,"slug":1272,"category":442,"order":1273},"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":1275,"slug":1276,"category":442,"order":1277},"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":1279,"slug":1280,"category":442,"order":1281},"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":1283,"slug":1284,"category":442,"order":1285},"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":1287,"slug":1288,"category":442,"order":1289},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":1291,"slug":1292,"category":442,"order":1293},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":1295,"slug":1296,"category":442,"order":1297},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":1299,"slug":1300,"category":442,"order":1301},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1303,"slug":1304,"category":442,"order":1305},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1307,"slug":1308,"category":442,"order":1309},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":1311,"slug":1312,"category":442,"order":1313},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":1315,"slug":1316,"category":442,"order":1317},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":1319,"slug":1320,"category":442,"order":1321},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1323,"slug":1324,"category":442,"order":1325},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1327,"slug":1328,"category":442,"order":1329},"巴菲特：2017年查理·罗斯访谈：比尔·盖茨与沃伦·巴菲特","ba-fei-te-2017nian-cha-li-luo-si-fang-tan-bi-er-gai-ci-yu-wo-lun-ba-fei-te",124,{"title":1331,"slug":1332,"category":442,"order":1333},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1335,"slug":1336,"category":442,"order":1337},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",126,{"title":1339,"slug":1340,"category":442,"order":1341},"巴菲特：2018年时代周刊-分享美国财富的秘密","ba-fei-te-2018nian-shi-dai-zhou-kan-fen-xiang-mei-guo-cai-fu-de-mi-mi",127,{"title":1343,"slug":1344,"category":442,"order":1345},"巴菲特：2019年5月雅虎财经专访","ba-fei-te-2019nian-5yue-ya-hu-cai-jing-zhuan-fang",128,{"title":1347,"slug":1348,"category":442,"order":1349},"巴菲特：2019年与芒格及比尔盖茨接受CNBC采访","ba-fei-te-2019nian-yu-mang-ge-ji-bi-er-gai-ci-jie-shou-cnbccai-fang",129,{"title":1351,"slug":1352,"category":442,"order":1353},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1355,"slug":1356,"category":442,"order":1357},"巴菲特：2020年给内布拉斯加大学林肯分校2020届毕业生的建议","ba-fei-te-2020nian-gei-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-2020jie-bi-ye-sheng-de-jian-yi",131,{"title":1359,"slug":1360,"category":442,"order":1361},"巴菲特：2021年专访《成为巴菲特》","ba-fei-te-2021nian-zhuan-fang-cheng-wei-ba-fei-te",132,{"title":1363,"slug":1364,"category":442,"order":1365},"巴菲特：2021年巴菲特芒格接受CNBC专访","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",133,{"title":1367,"slug":1368,"category":442,"order":1369},"巴菲特：2021年让观众无言以对 !有史以来最鼓舞人心的演讲之一","ba-fei-te-2021nian-rang-guan-zhong-wu-yan-yi-dui-you-shi-yi-lai-zui-gu-wu-ren-xin-de-yan-jiang-zhi-yi",134,{"title":1371,"slug":1372,"category":442,"order":1373},"巴菲特：2021年采访《沃伦·巴菲特的投资策略：如何像传奇一样生活和投资（完整访谈）》","ba-fei-te-2021nian-cai-fang-wo-lun-ba-fei-te-de-tou-zi-ce-lue-ru-he-xiang-chuan-qi-yi-yang-sheng-huo-he-tou-zi-wan-zheng-fang-tan",135,{"title":1375,"slug":1376,"category":442,"order":1377},"巴菲特：2022年32 届年度格雷厄姆和多德早餐会","ba-fei-te-2022nian-32-jie-nian-du-ge-lei-e-mu-he-duo-de-zao-can-hui",136,{"title":1379,"slug":1380,"category":442,"order":1381},"巴菲特：2022年和查理罗斯对谈","ba-fei-te-2022nian-he-cha-li-luo-si-dui-tan",137,{"title":1383,"slug":1384,"category":442,"order":1385},"巴菲特：2023年 查理芒格：伯克希尔的总设计师","ba-fei-te-2023nian-cha-li-mang-ge-bo-ke-xi-er-de-zong-she-ji-shi",138,{"title":1387,"slug":1388,"category":442,"order":1389},"巴菲特：初学者如何投资--3 条简单的规则","ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",139,{"title":1391,"slug":1392,"category":442,"order":1393},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1395,"slug":1396,"category":442,"order":1397},"巴菲特：每个投资者都会犯的 10 个错误","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",141,{"title":1399,"slug":1400,"category":442,"order":1401},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1403,"slug":1404,"category":442,"order":1405},"2026伯克希尔股东大会 CNBC专访巴菲特（完整纯中文）","2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",143,{"title":1407,"slug":1408,"category":442,"order":1409},"巴菲特：2026年最新采访 CNBC《财经论谈》","ba-fei-te-2026nian-zui-xin-cai-fang-cnbc-cai-jing-lun-tan",144,{"title":1411,"slug":1412,"category":442,"order":1413},"伯克希尔50 周年：过去、现在和未来","bo-ke-xi-er-50-zhou-nian-guo-qu-xian-zai-he-wei-lai",145,{"title":1415,"slug":1416,"category":442,"order":1417},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1419,"slug":1420,"category":442,"order":1421},"巴菲特：你应该了解珠宝生意","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",147,{"title":1423,"slug":1424,"category":442,"order":1425},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1427,"slug":1428,"category":442,"order":1429},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1431,"slug":1432,"category":442,"order":1433},"康布斯：在普通股中寻找价值","kang-bu-si-zai-pu-tong-gu-zhong-xun-zhao-jie-zhi",150,{"title":1435,"slug":1436,"category":442,"order":1437},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1439,1443,1446,1449,1452,1455,1458,1461,1464,1467,1471,1473,1476,1479,1482,1485,1488,1490,1493,1496,1499,1500,1503,1506,1509,1513,1516,1519,1522,1525,1528,1531,1534,1537,1540,1544,1547,1550,1553,1556,1559,1562,1565,1569,1572,1575,1578,1581,1584,1587,1590,1593,1596,1599,1602,1605,1608,1611,1614,1617,1620,1623,1626,1629,1632,1635,1638,1641,1644,1647,1650,1655,1659,1663,1667,1671,1675,1679,1683,1687,1691,1695,1699,1703,1707,1711,1715,1719,1723,1727,1731],{"title":1440,"slug":1441,"category":1442,"order":438},"本分","benfen","核心哲学",{"title":1444,"slug":1445,"category":1442,"order":395},"平常心","pingchangxin",{"title":1447,"slug":1448,"category":1442,"order":401},"做对的事情","zuoduideshiqing",{"title":1450,"slug":1451,"category":1442,"order":468},"把事情做对","bashiqingzuodui",{"title":1453,"slug":1454,"category":1442,"order":478},"能力圈","nengliquan",{"title":1456,"slug":1457,"category":1442,"order":488},"不做什么","buzuoshenme",{"title":1459,"slug":1460,"category":1442,"order":498},"敢为天下后","ganweitianxiahou",{"title":1462,"slug":1463,"category":1442,"order":508},"消费者导向","xiaofeizhedaoxiang",{"title":1465,"slug":1466,"category":418,"order":518},"价值投资","jiazhitouzi",{"title":1468,"slug":1469,"category":1470,"order":528},"负债","fuzhai","财务指标",{"title":120,"slug":1472,"category":418,"order":528},"shangyemoshi",{"title":1474,"slug":1475,"category":418,"order":538},"护城河","huchenghe",{"title":1477,"slug":1478,"category":1470,"order":538},"净现金","jingxianjin",{"title":1480,"slug":1481,"category":1470,"order":548},"开销合理性","kaixiaohelixing",{"title":1483,"slug":1484,"category":418,"order":548},"现金流","xianjinliu",{"title":1486,"slug":1487,"category":1470,"order":558},"真实利润","zhenshilirun",{"title":32,"slug":1489,"category":418,"order":558},"zhexian",{"title":1491,"slug":1492,"category":418,"order":568},"安全边际","anquanbianji",{"title":1494,"slug":1495,"category":1470,"order":568},"扣除商誉的净资产","jingzichan",{"title":1497,"slug":1498,"category":418,"order":578},"基本面","jibenmian",{"title":5,"slug":429,"category":418,"order":424},{"title":1501,"slug":1502,"category":418,"order":597},"长期持有","zhangqichiyou",{"title":1504,"slug":1505,"category":418,"order":607},"投机","touji",{"title":1507,"slug":1508,"category":418,"order":618},"止损","zhisun",{"title":1510,"slug":1511,"category":1512,"order":628},"企业文化","qiyewenhua","企业经营",{"title":1514,"slug":1515,"category":1512,"order":638},"品牌","pinpai",{"title":1517,"slug":1518,"category":1512,"order":648},"差异化","chayihua",{"title":1520,"slug":1521,"category":1512,"order":658},"用户体验","yonghutiyan",{"title":1523,"slug":1524,"category":1512,"order":668},"渠道","qudao",{"title":1526,"slug":1527,"category":1512,"order":678},"平台","pingtai",{"title":1529,"slug":1530,"category":1512,"order":688},"生态系统","shengtaixitong",{"title":1532,"slug":1533,"category":1512,"order":698},"单一产品","danyichanpin",{"title":1535,"slug":1536,"category":1512,"order":708},"造钟人","zaozhongren",{"title":1538,"slug":1539,"category":1512,"order":718},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1541,"slug":1542,"category":1543,"order":728},"进取心","jinquxin","品格与心性",{"title":1545,"slug":1546,"category":1543,"order":738},"耐心","naixin",{"title":1548,"slug":1549,"category":1543,"order":748},"责任心","zerenxin",{"title":1551,"slug":1552,"category":1543,"order":758},"爱心","aixin",{"title":1554,"slug":1555,"category":1543,"order":768},"信誉","xinyu",{"title":1557,"slug":1558,"category":1543,"order":775},"正直","zhengzhi",{"title":1560,"slug":1561,"category":1543,"order":782},"理性","lixing",{"title":1563,"slug":1564,"category":1543,"order":789},"长期主义","zhangqizhuyi",{"title":1566,"slug":1567,"category":1568,"order":1230},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1570,"slug":1571,"category":1568,"order":1237},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1573,"slug":1574,"category":1568,"order":1241},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1576,"slug":1577,"category":1568,"order":1245},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1579,"slug":1580,"category":1568,"order":1249},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1582,"slug":1583,"category":1568,"order":1253},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",{"title":1585,"slug":1586,"category":1568,"order":1257},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",{"title":1588,"slug":1589,"category":1568,"order":1261},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1591,"slug":1592,"category":1568,"order":1265},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1594,"slug":1595,"category":1568,"order":1269},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",{"title":1597,"slug":1598,"category":1568,"order":1273},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1600,"slug":1601,"category":1568,"order":1277},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1603,"slug":1604,"category":1568,"order":1281},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1606,"slug":1607,"category":1568,"order":1285},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1609,"slug":1610,"category":1568,"order":1289},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1612,"slug":1613,"category":1568,"order":1293},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1615,"slug":1616,"category":1568,"order":1297},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1618,"slug":1619,"category":1568,"order":1301},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1621,"slug":1622,"category":1568,"order":1305},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1624,"slug":1625,"category":1568,"order":1309},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",{"title":1627,"slug":1628,"category":1568,"order":1313},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",{"title":1630,"slug":1631,"category":1568,"order":1317},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",{"title":1633,"slug":1634,"category":1568,"order":1321},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1636,"slug":1637,"category":1568,"order":1325},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1639,"slug":1640,"category":1568,"order":1329},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1642,"slug":1643,"category":1568,"order":1333},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1645,"slug":1646,"category":1568,"order":1337},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1648,"slug":1649,"category":1568,"order":1341},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",{"title":1651,"slug":1652,"category":1653,"order":1654},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1656,"slug":1657,"category":1653,"order":1658},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1660,"slug":1661,"category":1653,"order":1662},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1664,"slug":1665,"category":1653,"order":1666},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1668,"slug":1669,"category":1653,"order":1670},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1672,"slug":1673,"category":1653,"order":1674},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1676,"slug":1677,"category":1653,"order":1678},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1680,"slug":1681,"category":1653,"order":1682},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1684,"slug":1685,"category":1653,"order":1686},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1688,"slug":1689,"category":1653,"order":1690},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":1692,"slug":1693,"category":1653,"order":1694},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1696,"slug":1697,"category":1653,"order":1698},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1700,"slug":1701,"category":1653,"order":1702},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1704,"slug":1705,"category":1653,"order":1706},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":1708,"slug":1709,"category":1653,"order":1710},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1712,"slug":1713,"category":1653,"order":1714},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1716,"slug":1717,"category":1653,"order":1718},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1720,"slug":1721,"category":1653,"order":1722},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1724,"slug":1725,"category":1653,"order":1726},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1728,"slug":1729,"category":1653,"order":1730},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1732,"slug":1733,"category":1653,"order":1734},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1736,1739,1742,1745,1749,1753,1756,1760,1762,1765,1768,1771,1775,1778,1781,1784,1787,1791,1794,1797,1800,1803,1807,1810,1813,1815,1818,1821,1824,1827,1830,1833,1836,1839,1842,1845,1848,1851,1854,1857,1860,1863,1866,1869,1872,1875,1878,1881,1884,1887,1890,1893,1896,1899,1902,1905,1908,1911,1914,1917,1920,1923,1926,1929,1932,1935,1939,1942,1945,1948,1951,1955,1958,1961,1964],{"title":1453,"slug":1737,"category":1738,"order":438},"ability-circle","决策与战略",{"title":1740,"slug":1741,"category":1738,"order":395},"逆向思维","inversion",{"title":5,"slug":1743,"category":1744,"order":401},"opportunity-cost","经济学",{"title":1746,"slug":1747,"category":1748,"order":468},"复利","compound-interest","数学与概率论",{"title":1750,"slug":1751,"category":1752,"order":478},"激励机制","incentives","心理学",{"title":1754,"slug":1755,"category":1748,"order":488},"概率思维","probabilistic-thinking",{"title":1757,"slug":1758,"category":1759,"order":498},"二阶效应","second-order-effects","哲学与逻辑",{"title":1491,"slug":1761,"category":1738,"order":508},"margin-of-safety",{"title":1763,"slug":1764,"category":1752,"order":518},"心理误判","psychology-of-misjudgment",{"title":1766,"slug":1767,"category":1738,"order":528},"检查清单","checklist",{"title":1769,"slug":1770,"category":1744,"order":538},"规模优势","scale-advantage",{"title":1772,"slug":1773,"category":1774,"order":548},"冗余与容错","redundancy","工程学\u002F系统",{"title":1776,"slug":1777,"category":1748,"order":558},"排列组合","combinatorics",{"title":1779,"slug":1780,"category":1748,"order":568},"费马-帕斯卡","fermat-pascal",{"title":1782,"slug":1783,"category":1748,"order":578},"均值回归","regression-to-the-mean",{"title":1785,"slug":1786,"category":1748,"order":424},"量化分析","quantitative-analysis",{"title":1788,"slug":1789,"category":1790,"order":597},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1792,"slug":1793,"category":1790,"order":607},"平衡态","equilibrium",{"title":1795,"slug":1796,"category":1790,"order":618},"熵增定律","entropy",{"title":1798,"slug":1799,"category":1790,"order":628},"能量守恒","conservation-of-energy",{"title":1801,"slug":1802,"category":1790,"order":638},"杠杆原理","leverage",{"title":1804,"slug":1805,"category":1806,"order":648},"自然选择","natural-selection","生物学\u002F进化论",{"title":1808,"slug":1809,"category":1806,"order":658},"物竞天择","competition-for-resources",{"title":1811,"slug":1812,"category":1806,"order":668},"进化思维","evolutionary-thinking",{"title":1529,"slug":1814,"category":1806,"order":678},"ecosystem",{"title":1816,"slug":1817,"category":1752,"order":688},"爱好倾向","liking-tendency",{"title":1819,"slug":1820,"category":1752,"order":698},"讨厌倾向","disliking-tendency",{"title":1822,"slug":1823,"category":1752,"order":708},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1825,"slug":1826,"category":1752,"order":718},"一致性倾向","consistency-tendency",{"title":1828,"slug":1829,"category":1752,"order":728},"好奇心倾向","curiosity-tendency",{"title":1831,"slug":1832,"category":1752,"order":738},"康德式公平","kantian-fairness",{"title":1834,"slug":1835,"category":1752,"order":748},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1837,"slug":1838,"category":1752,"order":758},"反馈倾向","reciprocation-tendency",{"title":1840,"slug":1841,"category":1752,"order":768},"权威误导","authority-misinfluence",{"title":1843,"slug":1844,"category":1752,"order":775},"重视理由","reason-respecting-tendency",{"title":1846,"slug":1847,"category":1752,"order":782},"过度乐观","over-optimism",{"title":1849,"slug":1850,"category":1752,"order":789},"损失厌恶","loss-aversion",{"title":1852,"slug":1853,"category":1752,"order":796},"否认倾向","denial-tendency",{"title":1855,"slug":1856,"category":1752,"order":803},"过度反应","overreaction-tendency",{"title":1858,"slug":1859,"category":1752,"order":810},"社群影响","social-influence",{"title":1861,"slug":1862,"category":1752,"order":817},"压力倾向","stress-influence-tendency",{"title":1864,"slug":1865,"category":1752,"order":824},"物质主义","materialism-tendency",{"title":1867,"slug":1868,"category":1752,"order":831},"废话倾向","twaddle-tendency",{"title":1870,"slug":1871,"category":1752,"order":838},"确认偏误","confirmation-bias",{"title":1873,"slug":1874,"category":1752,"order":845},"锚定效应","anchoring-effect",{"title":1876,"slug":1877,"category":1752,"order":852},"现时偏差","present-bias",{"title":1879,"slug":1880,"category":1752,"order":859},"贪婪倾向","greed-tendency",{"title":1882,"slug":1883,"category":1744,"order":866},"边际成本\u002F收益","marginal-cost-benefit",{"title":1885,"slug":1886,"category":1744,"order":873},"供需关系","supply-and-demand",{"title":1888,"slug":1889,"category":1744,"order":880},"帕累托最优","pareto-optimality",{"title":1891,"slug":1892,"category":1744,"order":887},"竞争性毁灭","creative-destruction",{"title":1894,"slug":1895,"category":1738,"order":894},"双轨分析","two-track-analysis",{"title":1897,"slug":1898,"category":1738,"order":901},"非线性思维","nonlinear-thinking",{"title":1900,"slug":1901,"category":1738,"order":908},"极化思考","extreme-thinking",{"title":1903,"slug":1904,"category":1738,"order":915},"必要功","necessary-work",{"title":1906,"slug":1907,"category":1774,"order":922},"停机问题","halting-problem",{"title":1909,"slug":1910,"category":1774,"order":929},"闭环系统","closed-loop-system",{"title":1912,"slug":1913,"category":1774,"order":936},"故障安全","fail-safe",{"title":1915,"slug":1916,"category":1774,"order":943},"反向设计","reverse-design",{"title":1918,"slug":1919,"category":1774,"order":950},"瓶颈分析","bottleneck-analysis",{"title":1921,"slug":1922,"category":1759,"order":957},"第一性原理","first-principles",{"title":1924,"slug":1925,"category":1759,"order":964},"证伪思维","falsification",{"title":1927,"slug":1928,"category":1759,"order":971},"奥卡姆剃刀","occams-razor",{"title":1930,"slug":1931,"category":1759,"order":978},"中道思维","middle-way",{"title":1933,"slug":1934,"category":1759,"order":985},"不可知论","agnosticism",{"title":1936,"slug":1937,"category":1938,"order":992},"大数定律","law-of-large-numbers","统计学",{"title":1940,"slug":1941,"category":1938,"order":999},"样本偏差","sample-bias",{"title":1943,"slug":1944,"category":1938,"order":1006},"相关性≠因果","correlation-not-causation",{"title":1946,"slug":1947,"category":1938,"order":1013},"幸存者偏差","survivorship-bias",{"title":1949,"slug":1950,"category":1938,"order":1020},"基本比率","base-rate",{"title":1952,"slug":1953,"category":1954,"order":1027},"社会认同","social-proof","社会学",{"title":1956,"slug":1957,"category":1954,"order":1034},"部落本能","tribal-instinct",{"title":1959,"slug":1960,"category":1954,"order":1041},"金蛋定律","golden-egg-rule",{"title":1962,"slug":1963,"category":1954,"order":1048},"互利共生","mutualism",{"title":1965,"slug":1966,"category":1954,"order":1055},"激励传导","incentive-transmission",1778291666642]