[{"data":1,"prerenderedAt":1884},["ShallowReactive",2],{"library-nengliquan":3,"library-sidebar-buffett":353,"library-sidebar-dao":1358,"library-sidebar-models":1652},{"id":4,"title":5,"body":6,"category":338,"date":339,"description":340,"extension":341,"meta":342,"navigation":343,"order":344,"path":345,"seo":346,"seoDescription":347,"seoTitle":348,"slug":349,"stem":350,"__hash__":351,"_collection":352},"dao\u002Fdao\u002Fconcepts\u002Fnengliquan.md","能力圈",{"type":7,"value":8,"toc":317},"minimark",[9,12,16,32,38,44,47,52,58,65,69,74,78,89,93,98,101,114,134,144,151,154,159,162,167,172,177,182,190,203,206,213,219,223,239,243,246,249,253,261,265,271,276,281,295,300,310],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,24,25,28,29,31],"p",{},"\"能力圈\"（Circle of Competence）是",[21,22,23],"strong",{},"巴菲特","提出的投资概念，",[21,26,27],{},"段永平","在学习",[21,30,23],{},"投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：",[33,34,35],"blockquote",{},[17,36,37],{},"知道自己的能力圈有多大，往往比自己能力圈有多大要重要得多！\n——投资问答录",[17,39,40,41,43],{},"他在2006年与",[21,42,23],{},"共进午餐后的实践中，将能力圈概念从投资延伸到企业经营。",[13,45,46],{"id":46},"核心要义",[48,49,51],"h3",{"id":50},"_1-知道能力圈有多大比能力圈有多大更重要","1. 知道能力圈有多大比能力圈有多大更重要",[17,53,54,55,57],{},"这是段永平反复强调的核心观点，直接来自对",[21,56,23],{},"思想的理解：",[33,59,60],{},[17,61,62,64],{},[21,63,23],{},"说知道自己能力圈有多大比能力圈有多大要重要的多。\n——2011-10-23",[48,66,68],{"id":67},"_2-能力圈-诚实面对自己","2. 能力圈 = 诚实面对自己",[33,70,71],{},[17,72,73],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。有这样的态度，然后如果能看懂一个东西，那它就是在我能力圈内，否则就不是。\n——2025年 浙大演讲",[48,75,77],{"id":76},"_3-安全边际的本质是能力圈","3. 安全边际的本质是能力圈",[33,79,80],{},[17,81,82,83,88],{},"我觉得",[84,85,87],"a",{"href":86},"\u002Flibrary\u002Fanquanbianji","安全边际","实际上应该指的是能力圈而不仅仅是价格。\n——投资问答录",[48,90,92],{"id":91},"_4-不要轻易扩大能力圈","4. 不要轻易扩大能力圈",[33,94,95],{},[17,96,97],{},"不要轻易去\"扩大\"自己的能力圈。搞懂一个生意往往是需要很多年的，不要因为看到一两个概念就轻易跳进自己不熟悉的领域或地方，不然早晚会栽的。\n——投资问答录",[13,99,100],{"id":100},"实战案例",[17,102,103,106,107,110,111,113],{},[21,104,105],{},"投资","网易****：段永平在2001-2002年买入",[21,108,109],{},"网易","时，市场不看好，因为很多人觉得游戏市场不大。但段永平自己做了多年消费电子和游戏产品，确定游戏市场非常大。他说：\"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。\"最终",[21,112,109],{},"投资获利超百倍。",[17,115,116,119,120,123,124,126,127,130,131,133],{},[21,117,118],{},"重仓","苹果",[21,121,122],{},"但不买比亚迪","：段永平敢重仓",[21,125,119],{},"（因为做了多年消费电子，理解产品和",[21,128,129],{},"生意模式","），但不买比亚迪（\"虽然一直有兴趣看，但一直没看出买的兴趣来\"）。即使",[21,132,23],{},"买了比亚迪，段永平也不跟风，因为不在自己能力圈内。",[17,135,136,139,140,143],{},[21,137,138],{},"不投","英伟达****：段永平坦承自己对GPU和AI行业认知有限，因此表示\"不在我的能力圈内\"，尽管",[21,141,142],{},"英伟达","涨了很多。",[17,145,146,147,150],{},"****步步高",[21,148,149],{},"不做不擅长的行业","：\"我们完全可以明天就去做汽车，后天去做牛奶，但是我们不去，因为我们找不到自己的优势。\"（2001年采访）",[13,152,153],{"id":153},"常见误解",[17,155,156],{},[21,157,158],{},"误解一：\"能力圈是固定不变的\"",[17,160,161],{},"段永平指出能力圈可以通过学习扩展，但需要很长时间。他说：\"你上大学不就是在培养你的能力圈嘛，40岁以前，你一定要想办法建立你的能力圈，但是在这以后，我觉得可能就会难。\"",[17,163,164],{},[21,165,166],{},"误解二：\"做过企业家就一定能力圈大\"",[33,168,169],{},[17,170,171],{},"做过企业家的人本来可以有一个优势，那就是更容易看懂公司，更容易知道自己的能力圈在哪里。但我发现我认识的很多企业家对股市并没有任何认识。……仔细想来，做过企业家的人未必就更容易知道自己能力圈的大小，有可能会相反。\n——2011-09-07",[17,173,174],{},[21,175,176],{},"误解三：\"智商高就能力圈大\"",[33,178,179],{},[17,180,181],{},"大概智商高的人未必知道自己的能力圈边界在哪里，但智商高的人可能往往容易越出自己的能力圈。\n——2012-07-28",[17,183,184,23,187],{},[21,185,186],{},"误解四：\"学",[21,188,189],{},"就是学他做什么\"",[33,191,192],{},[17,193,194,195,197,198,202],{},"学",[21,196,23],{},"最重要和人们能够学的东西其实是他",[84,199,201],{"href":200},"\u002Flibrary\u002Fbuzuoshenme","不做什么","！绝大多数人学的是相反的东西，就是他在做什么，那是没办法学的，因为每个人的能力圈不同。\n——2011-10-23",[13,204,205],{"id":205},"思想演变",[48,207,209,210,212],{"id":208},"_2000年代从巴菲特处学习","2000年代：从",[21,211,23],{},"处学习",[17,214,215,216,218],{},"2006年与",[21,217,23],{},"午餐后，段永平开始系统吸收能力圈概念，并将其与自己做企业的经验结合。这一时期主要用于投资决策。",[48,220,222],{"id":221},"_2010年代系统化与深度阐释","2010年代：系统化与深度阐释",[17,224,225,226,228,229,228,233,235,236,238],{},"在投资问答录中大量讨论能力圈，将其与",[21,227,129],{},"、",[84,230,232],{"href":231},"\u002Flibrary\u002Fhuchenghe","护城河",[84,234,87],{"href":86},"等概念整合。提出\"安全边际实际上应该指的是能力圈而不仅仅是价格\"这一独到见解。同时与企业经营中的",[84,237,201],{"href":200},"、聚焦等概念打通。",[48,240,242],{"id":241},"_2020年代更成熟的定义","2020年代：更成熟的定义",[17,244,245],{},"2025年浙大演讲中给出了最精炼的定义：\"能力圈是诚实对自己，知之为知之，不知为不知。\"将能力圈从一个投资工具上升为人生态度。同时坦承\"我能力圈小，能看懂的东西太少了\"，体现了对能力圈边界的自知。",[13,247,248],{"id":248},"原话引用",[33,250,251],{},[17,252,37],{},[33,254,255],{},[17,256,257,258,260],{},"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。比如当年我投",[21,259,109],{},"时，市场不看好的原因是很多人觉得游戏这个市场不是很大。而我自己由于在这个行业里的时间很长，所以很确定这个市场非常大。\n——投资问答录",[33,262,263],{},[17,264,97],{},[33,266,267],{},[17,268,82,269,88],{},[84,270,87],{"href":86},[33,272,273],{},[17,274,275],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。\n——2025年 浙大演讲",[33,277,278],{},[17,279,280],{},"股市上那些长期亏钱的大多属于不知道自己能力圈有多大的人。\n——2012-12-29",[33,282,283],{},[17,284,285,286,290,294],{},"能力圈的意思就是你能够判断未来",[84,287,289],{"href":288},"\u002Flibrary\u002Fxianjinliu","现金流",[84,291,293],{"href":292},"\u002Flibrary\u002Fzhexian","折现","的范围。知道自己的能力圈有多大比能力圈本身有多大要重要得多。\n——2011-01-04",[33,296,297],{},[17,298,299],{},"一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么。这是关键。我常说的能力圈就是这个意思。\n——2025年 浙大演讲",[33,301,302],{},[17,303,304,305,307,309],{},"未来",[84,306,289],{"href":288},[84,308,293],{"href":292},"只是一种思维方式，只有在自己能力圈范围内的公司，投资人才能毛估估看明白。\n——投资问答录",[33,311,312],{},[17,313,314,316],{},[21,315,23],{},"讲的能力圈子指的就是每个人都有自己有限的了解范围。每个人总是有些东西懂有些东西不懂。所以投自己懂的东西就容易知道价值，就知道什么叫便宜，就有机会赚钱。\n——2010-03-25",{"title":318,"searchDepth":319,"depth":319,"links":320},"",2,[321,322,329,330,331,337],{"id":15,"depth":319,"text":15},{"id":46,"depth":319,"text":46,"children":323},[324,326,327,328],{"id":50,"depth":325,"text":51},3,{"id":67,"depth":325,"text":68},{"id":76,"depth":325,"text":77},{"id":91,"depth":325,"text":92},{"id":100,"depth":319,"text":100},{"id":153,"depth":319,"text":153},{"id":205,"depth":319,"text":205,"children":332},[333,335,336],{"id":208,"depth":325,"text":334},"2000年代：从巴菲特处学习",{"id":221,"depth":325,"text":222},{"id":241,"depth":325,"text":242},{"id":248,"depth":319,"text":248},"核心哲学",null,"\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","md",{},true,5,"\u002Fdao\u002Fconcepts\u002Fnengliquan",{"title":5,"description":340},"段永平谈能力圈：\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","能力圈｜大道总纲","nengliquan","dao\u002Fconcepts\u002Fnengliquan","92ceMdx5d2jhlX7OfKSgtc9x42eqfjYmxUFiZwwEk6U","dao",[354,359,363,367,370,373,376,379,382,385,389,392,395,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,494,498,501,504,508,511,514,518,521,524,528,531,534,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1081,1084,1088,1091,1095,1098,1102,1105,1109,1112,1116,1119,1123,1126,1130,1133,1137,1140,1144,1147,1151,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310,1314,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354],{"title":355,"slug":356,"category":357,"order":358},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":360,"slug":361,"category":362,"order":358},"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":364,"slug":365,"category":366,"order":358},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":368,"slug":369,"category":357,"order":319},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":371,"slug":372,"category":362,"order":319},"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":374,"slug":375,"category":366,"order":319},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":377,"slug":378,"category":357,"order":325},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":380,"slug":381,"category":362,"order":325},"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":383,"slug":384,"category":366,"order":325},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":386,"slug":387,"category":357,"order":388},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":390,"slug":391,"category":362,"order":388},"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":393,"slug":394,"category":366,"order":388},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":396,"slug":397,"category":357,"order":344},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",{"title":399,"slug":400,"category":362,"order":344},"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":402,"slug":403,"category":366,"order":344},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":405,"slug":406,"category":357,"order":407},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":409,"slug":410,"category":362,"order":407},"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":412,"slug":413,"category":366,"order":407},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":415,"slug":416,"category":357,"order":417},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":419,"slug":420,"category":362,"order":417},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":422,"slug":423,"category":366,"order":417},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":425,"slug":426,"category":357,"order":427},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":429,"slug":430,"category":362,"order":427},"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":432,"slug":433,"category":366,"order":427},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":435,"slug":436,"category":357,"order":437},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":439,"slug":440,"category":362,"order":437},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":442,"slug":443,"category":366,"order":437},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":445,"slug":446,"category":357,"order":447},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":449,"slug":450,"category":362,"order":447},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":452,"slug":453,"category":366,"order":447},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":455,"slug":456,"category":357,"order":457},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":459,"slug":460,"category":362,"order":457},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":462,"slug":463,"category":366,"order":457},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":465,"slug":466,"category":357,"order":467},"1963 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":788,"slug":789,"category":362,"order":786},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":791,"slug":792,"category":537,"order":793},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":795,"slug":796,"category":362,"order":793},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":798,"slug":799,"category":537,"order":800},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":802,"slug":803,"category":362,"order":800},"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":805,"slug":806,"category":537,"order":807},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":809,"slug":810,"category":362,"order":807},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":812,"slug":813,"category":537,"order":814},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":816,"slug":817,"category":362,"order":814},"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":819,"slug":820,"category":537,"order":821},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":823,"slug":824,"category":362,"order":821},"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":826,"slug":827,"category":537,"order":828},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":830,"slug":831,"category":362,"order":828},"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":833,"slug":834,"category":537,"order":835},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":837,"slug":838,"category":362,"order":835},"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":840,"slug":841,"category":537,"order":842},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":844,"slug":845,"category":362,"order":842},"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":847,"slug":848,"category":537,"order":849},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":851,"slug":852,"category":362,"order":849},"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":854,"slug":855,"category":537,"order":856},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":858,"slug":859,"category":362,"order":856},"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":861,"slug":862,"category":537,"order":863},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":865,"slug":866,"category":362,"order":863},"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":868,"slug":869,"category":537,"order":870},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":872,"slug":873,"category":362,"order":870},"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":875,"slug":876,"category":537,"order":877},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":879,"slug":880,"category":362,"order":877},"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":882,"slug":883,"category":537,"order":884},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":886,"slug":887,"category":362,"order":884},"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":889,"slug":890,"category":537,"order":891},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":893,"slug":894,"category":362,"order":891},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":896,"slug":897,"category":537,"order":898},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":900,"slug":901,"category":362,"order":898},"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":903,"slug":904,"category":537,"order":905},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":907,"slug":908,"category":362,"order":905},"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":910,"slug":911,"category":537,"order":912},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":914,"slug":915,"category":362,"order":912},"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":917,"slug":918,"category":537,"order":919},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":921,"slug":922,"category":362,"order":919},"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":924,"slug":925,"category":537,"order":926},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":928,"slug":929,"category":362,"order":926},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":931,"slug":932,"category":537,"order":933},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":935,"slug":936,"category":362,"order":933},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":938,"slug":939,"category":537,"order":940},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":942,"slug":943,"category":362,"order":940},"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":945,"slug":946,"category":537,"order":947},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":949,"slug":950,"category":362,"order":947},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":952,"slug":953,"category":537,"order":954},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":956,"slug":957,"category":362,"order":954},"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":959,"slug":960,"category":537,"order":961},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":963,"slug":964,"category":362,"order":961},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":966,"slug":967,"category":537,"order":968},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":970,"slug":971,"category":362,"order":968},"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":973,"slug":974,"category":537,"order":975},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":977,"slug":978,"category":362,"order":975},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":980,"slug":981,"category":537,"order":982},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":984,"slug":985,"category":362,"order":982},"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":987,"slug":988,"category":537,"order":989},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":991,"slug":992,"category":362,"order":989},"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":994,"slug":995,"category":537,"order":996},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":998,"slug":999,"category":362,"order":996},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1001,"slug":1002,"category":537,"order":1003},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1005,"slug":1006,"category":362,"order":1003},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1008,"slug":1009,"category":537,"order":1010},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1012,"slug":1013,"category":362,"order":1010},"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":1015,"slug":1016,"category":537,"order":1017},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1019,"slug":1020,"category":362,"order":1017},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1022,"slug":1023,"category":537,"order":1024},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1026,"slug":1027,"category":362,"order":1024},"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":1029,"slug":1030,"category":537,"order":1031},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1033,"slug":1034,"category":362,"order":1031},"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":1036,"slug":1037,"category":537,"order":1038},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1040,"slug":1041,"category":362,"order":1038},"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":1043,"slug":1044,"category":537,"order":1045},"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":1047,"slug":1048,"category":362,"order":1045},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1050,"slug":1051,"category":537,"order":1052},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1054,"slug":1055,"category":362,"order":1052},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1057,"slug":1058,"category":537,"order":1059},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1061,"slug":1062,"category":362,"order":1059},"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":1064,"slug":1065,"category":537,"order":1066},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1068,"slug":1069,"category":362,"order":1066},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1071,"slug":1072,"category":537,"order":1073},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1075,"slug":1076,"category":362,"order":1073},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1078,"slug":1079,"category":537,"order":1080},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1082,"slug":1083,"category":362,"order":1080},"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":1085,"slug":1086,"category":537,"order":1087},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1089,"slug":1090,"category":362,"order":1087},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1092,"slug":1093,"category":537,"order":1094},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1096,"slug":1097,"category":362,"order":1094},"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":1099,"slug":1100,"category":537,"order":1101},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1103,"slug":1104,"category":362,"order":1101},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1106,"slug":1107,"category":537,"order":1108},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1110,"slug":1111,"category":362,"order":1108},"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":1113,"slug":1114,"category":537,"order":1115},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1117,"slug":1118,"category":362,"order":1115},"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":1120,"slug":1121,"category":537,"order":1122},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1124,"slug":1125,"category":362,"order":1122},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1127,"slug":1128,"category":537,"order":1129},"2024 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