[{"data":1,"prerenderedAt":1883},["ShallowReactive",2],{"library-zhisun":3,"library-sidebar-buffett":355,"library-sidebar-dao":1360,"library-sidebar-models":1651},{"id":4,"title":5,"body":6,"category":340,"date":341,"description":342,"extension":343,"meta":344,"navigation":345,"order":346,"path":347,"seo":348,"seoDescription":349,"seoTitle":350,"slug":351,"stem":352,"__hash__":353,"_collection":354},"dao\u002Fdao\u002Fconcepts\u002Fzhisun.md","止损",{"type":7,"value":8,"toc":316},"minimark",[9,12,16,42,45,54,57,62,74,83,87,98,108,112,122,128,132,137,140,143,147,152,158,161,177,181,195,213,216,220,225,229,234,238,241,244,256,265,274,283,286,292,300,306,311],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,29,31,32,36,37,41],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fzhisun","是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。",[25,26,27],"strong",{},"段永平","对",[20,30,5],{"href":22},"有明确的态度：这是一个",[20,33,35],{"href":34},"\u002Flibrary\u002Ftouji","投机","概念，不属于",[20,38,40],{"href":39},"\u002Flibrary\u002Fjiazhitouzi","价值投资","的范畴。",[17,43,44],{},"这一观点在文档中最明确的表述出现在2025年底的雪球问答中。",[46,47,48],"blockquote",{},[17,49,50,51,53],{},"\"是的，止盈止亏都是",[20,52,35],{"href":34},"的概念。\"（2025-12-01）",[13,55,56],{"id":56},"核心要义",[58,59,61],"h3",{"id":60},"_1-价值投资没有止损只有止错","1. 价值投资没有止损，只有止错",[17,63,64,65,67,68,70,71,73],{},"网友提出：\"我认为",[20,66,40],{"href":39},"没有",[20,69,5],{"href":22},"，只有止错。因为股价波动只是他人的看法并不是生意本身变了。但",[20,72,40],{"href":39},"者关注的是生意本身，卖出往往是因为生意本身变质了。这种情况下本来对的生意变的错了，只能止错。\"",[46,75,76],{},[17,77,78,80,81,53],{},[25,79,27],{},"回复：\"是的，止盈止亏都是",[20,82,35],{"href":34},[58,84,86],{"id":85},"_2-发现错了马上改就是最小的代价","2. 发现错了马上改就是最小的代价",[17,88,89,91,92,94,95,97],{},[25,90,27],{},"虽然不认同技术层面的\"",[20,93,5],{"href":22},"\"，但他非常强调\"发现错了马上改\"的原则——这不是基于股价的",[20,96,5],{"href":22},"，而是基于对生意判断的\"止错\"。",[46,99,100],{},[17,101,102,103,107],{},"\"我对",[20,104,106],{"href":105},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","的看法是：发现错了马上改，不管多大的代价都是最小的代价。\"（2010-03-14）",[58,109,111],{"id":110},"_3-卖出与买入成本无关","3. 卖出与买入成本无关",[46,113,114],{},[17,115,116,117,121],{},"\"每天的收盘价就是我们的",[20,118,120],{"href":119},"\u002Flibrary\u002Fjihuichengben","机会成本","，没有卖就等于买了。\"——网友总结，段永平表示认同。",[17,123,124,125,127],{},"这意味着卖出的决策应该基于当前的",[20,126,120],{"href":119},"判断，而非买入价格。所谓\"止损\"（即股价跌破买入成本就卖出）在这个框架下毫无意义。",[58,129,131],{"id":130},"_4-被套时想起长线最危险","4. 被套时想起长线最危险",[46,133,134],{},[17,135,136],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来……这里'被套'的意思是指有些人本来只打算拿10天的股票，结果因为'亏钱'了而决定改为拿10年，这种决定往往会让人亏更多。\"（2011-12-13）",[17,138,139],{},"这说明\"不止损硬扛\"和\"随意止损\"都是错的。关键不在于止损不止损，而在于你是否真正理解这家公司的生意。",[13,141,142],{"id":142},"实战案例",[58,144,146],{"id":145},"做空百度该止错而没有及时止","做空百度：该\"止错\"而没有及时止",[46,148,149],{},[17,150,151],{},"\"开始还是想小玩玩，后来又不服输，最后被夹空而投降。\"（2010-03-07）",[17,153,154,155,157],{},"段永平做空百度亏了1.5-2亿美元。这个案例说明，问题不在于是否设了\"",[20,156,5],{"href":22},"\"，而在于做空本身就是\"做错了的事情\"，应该在发现错误的第一时间就\"止错\"。",[58,159,160],{"id":160},"卖出投资判断改变的公司",[17,162,163,164,166,167,171,172,176],{},"段永平卖出Facebook（Meta）的决定就是典型的\"止错\"而非\"",[20,165,5],{"href":22},"\"：\"我突然感觉到FB的",[20,168,170],{"href":169},"\u002Flibrary\u002Fhuchenghe","护城河","其实很浅，面对抖音他们完全没有招架能力，连阴招都上了。看完第二天就基本清仓了。\"（2022-10-09）——这里的卖出与股价无关，而是因为对公司",[20,173,175],{"href":174},"\u002Flibrary\u002Fjibenmian","基本面","的判断发生了变化。",[58,178,180],{"id":179},"网友问止损段永平反问","网友问止损，段永平反问",[46,182,183],{},[17,184,185,186,188,189,191,192,194],{},"网友：\"",[20,187,40],{"href":39},"者的投资体系中有",[20,190,5],{"href":22},"或者动态止盈的概念吗？\"\n段永平：\"",[20,193,40],{"href":39},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01）",[17,196,197,198,200,201,205,209,210,212],{},"这个反问揭示了他的核心立场：如果你真的理解了",[20,199,40],{"href":39},"的定义（买未来",[20,202,204],{"href":203},"\u002Flibrary\u002Fxianjinliu","现金流",[20,206,208],{"href":207},"\u002Flibrary\u002Fzhexian","折现","），就不会问出关于",[20,211,5],{"href":22},"的问题。",[13,214,215],{"id":215},"常见误解",[58,217,219],{"id":218},"误解一价值投资者也需要止损","误解一：价值投资者也需要止损",[17,221,222,224],{},[25,223,27],{},"明确否定了这一点。如果你买入是基于对生意的理解，那么股价下跌只是别人的看法，不影响生意本身。你应该关注的是生意有没有变质，而不是股价有没有跌。",[58,226,228],{"id":227},"误解二卖covered-call是止盈","误解二：卖covered call是止盈",[46,230,231],{},[17,232,233],{},"网友：\"个人愚见，我觉得您卖covered call本质上也是一种止盈手段。\"\n段永平：\"哈，确实是愚见。\"（2025-12-04）",[58,235,237],{"id":236},"误解三不止损就是死扛","误解三：不止损就是死扛",[17,239,240],{},"不止损不等于无条件持有。段永平的做法是：如果发现自己对公司的判断错了，立刻修正（\"止错\"），不管亏了多少。但如果公司的生意没变，股价下跌反而可能是加仓的好机会。",[13,242,243],{"id":243},"思想演变",[17,245,246,247,249,250,252,253,255],{},"在",[25,248,27],{},"的投资体系中，",[20,251,5],{"href":22},"概念的演变其实是他对",[20,254,40],{"href":39},"理解深化的一个侧面。",[17,257,258,261,262,264],{},[25,259,260],{},"早期","：他没有专门讨论",[20,263,5],{"href":22},"，但在2006年的访谈中已经暗含了\"发现错了就改\"的思路。",[17,266,267,270,271,273],{},[25,268,269],{},"2010年前后","：通过做空百度的教训，深刻理解了\"不对的事情马上停\"的重要性——这不是",[20,272,5],{"href":22},"，而是\"止错\"。",[17,275,276,279,280,282],{},[25,277,278],{},"2025年底","：在雪球上首次明确表态\"止盈止亏都是",[20,281,35],{"href":34},"的概念\"，给出了最清晰的判断。",[13,284,285],{"id":285},"原话引用",[46,287,288],{},[17,289,50,290,53],{},[20,291,35],{"href":34},[46,293,294],{},[17,295,296,297,299],{},"\"",[20,298,40],{"href":39},"的定义是什么？需要先搞清楚定义哈。\"（2025-12-01，回应网友关于止损的提问）",[46,301,302],{},[17,303,102,304,107],{},[20,305,106],{"href":105},[46,307,308],{},[17,309,310],{},"\"有很多人往往只是在'被套'的时候才想起'长线'来。\"（2011-12-13）",[46,312,313],{},[17,314,315],{},"\"你要短线能赚钱那当然做短线啊！最短的短线在澳门。\"（2026-01-22）",{"title":317,"searchDepth":318,"depth":318,"links":319},"",2,[320,321,328,333,338,339],{"id":15,"depth":318,"text":15},{"id":56,"depth":318,"text":56,"children":322},[323,325,326,327],{"id":60,"depth":324,"text":61},3,{"id":85,"depth":324,"text":86},{"id":110,"depth":324,"text":111},{"id":130,"depth":324,"text":131},{"id":142,"depth":318,"text":142,"children":329},[330,331,332],{"id":145,"depth":324,"text":146},{"id":160,"depth":324,"text":160},{"id":179,"depth":324,"text":180},{"id":215,"depth":318,"text":215,"children":334},[335,336,337],{"id":218,"depth":324,"text":219},{"id":227,"depth":324,"text":228},{"id":236,"depth":324,"text":237},{"id":243,"depth":318,"text":243},{"id":285,"depth":318,"text":285},"投资理念",null,"止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","md",{},true,19,"\u002Fdao\u002Fconcepts\u002Fzhisun",{"title":5,"description":342},"段永平谈止损：止损是股票交易中的常见术语，指当股价下跌到一定程度时卖出以限制损失。段永平对止损有明确的态度：这是一个投机概念，不属于价值投资的范畴。","止损｜大道总纲","zhisun","dao\u002Fconcepts\u002Fzhisun","8h7jjHRql8m4l3Fn1nrZOL7aX5OxjpzdCTA7jPGOepI","dao",[356,361,365,369,372,375,378,381,384,387,391,394,397,401,404,407,411,414,417,421,424,427,431,434,437,441,444,447,451,454,457,461,464,467,471,474,477,481,484,487,491,494,497,501,504,507,511,514,517,521,524,527,531,534,537,541,544,547,551,554,557,561,564,567,571,574,577,581,584,587,591,594,597,601,604,607,611,614,617,621,624,627,631,634,637,641,644,647,651,654,657,661,664,667,671,674,677,681,684,687,691,694,698,701,705,708,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,981,985,988,992,995,999,1002,1006,1009,1013,1016,1020,1023,1027,1030,1034,1037,1041,1044,1048,1051,1055,1058,1062,1065,1069,1072,1076,1079,1083,1086,1090,1093,1097,1100,1104,1107,1111,1114,1118,1121,1125,1128,1132,1135,1139,1142,1146,1149,1153,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1288,1292,1296,1300,1304,1308,1312,1316,1320,1324,1328,1332,1336,1340,1344,1348,1352,1356],{"title":357,"slug":358,"category":359,"order":360},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":382,"slug":383,"category":364,"order":324},"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":385,"slug":386,"category":368,"order":324},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":388,"slug":389,"category":359,"order":390},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":392,"slug":393,"category":364,"order":390},"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":395,"slug":396,"category":368,"order":390},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":398,"slug":399,"category":359,"order":400},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":402,"slug":403,"category":364,"order":400},"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":405,"slug":406,"category":368,"order":400},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":408,"slug":409,"category":359,"order":410},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":412,"slug":413,"category":364,"order":410},"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":415,"slug":416,"category":368,"order":410},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":418,"slug":419,"category":359,"order":420},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":422,"slug":423,"category":364,"order":420},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":425,"slug":426,"category":368,"order":420},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":428,"slug":429,"category":359,"order":430},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":432,"slug":433,"category":364,"order":430},"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":435,"slug":436,"category":368,"order":430},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":438,"slug":439,"category":359,"order":440},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":442,"slug":443,"category":364,"order":440},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":445,"slug":446,"category":368,"order":440},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":448,"slug":449,"category":359,"order":450},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":452,"slug":453,"category":364,"order":450},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":455,"slug":456,"category":368,"order":450},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":458,"slug":459,"category":359,"order":460},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":462,"slug":463,"category":364,"order":460},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":465,"slug":466,"category":368,"order":460},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":468,"slug":469,"category":359,"order":470},"1963 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":818,"slug":819,"category":364,"order":816},"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":821,"slug":822,"category":540,"order":823},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":825,"slug":826,"category":364,"order":823},"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":828,"slug":829,"category":540,"order":830},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":832,"slug":833,"category":364,"order":830},"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":835,"slug":836,"category":540,"order":837},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":839,"slug":840,"category":364,"order":837},"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":842,"slug":843,"category":540,"order":844},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":846,"slug":847,"category":364,"order":844},"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":849,"slug":850,"category":540,"order":851},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":853,"slug":854,"category":364,"order":851},"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":856,"slug":857,"category":540,"order":858},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":860,"slug":861,"category":364,"order":858},"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":863,"slug":864,"category":540,"order":865},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":867,"slug":868,"category":364,"order":865},"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":870,"slug":871,"category":540,"order":872},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":874,"slug":875,"category":364,"order":872},"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":877,"slug":878,"category":540,"order":879},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":881,"slug":882,"category":364,"order":879},"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":884,"slug":885,"category":540,"order":886},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":888,"slug":889,"category":364,"order":886},"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":891,"slug":892,"category":540,"order":893},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":895,"slug":896,"category":364,"order":893},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":898,"slug":899,"category":540,"order":900},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":902,"slug":903,"category":364,"order":900},"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":905,"slug":906,"category":540,"order":907},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":909,"slug":910,"category":364,"order":907},"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":912,"slug":913,"category":540,"order":914},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":916,"slug":917,"category":364,"order":914},"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":919,"slug":920,"category":540,"order":921},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":923,"slug":924,"category":364,"order":921},"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":926,"slug":927,"category":540,"order":928},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":930,"slug":931,"category":364,"order":928},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":933,"slug":934,"category":540,"order":935},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":937,"slug":938,"category":364,"order":935},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":940,"slug":941,"category":540,"order":942},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":944,"slug":945,"category":364,"order":942},"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":947,"slug":948,"category":540,"order":949},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":951,"slug":952,"category":364,"order":949},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":954,"slug":955,"category":540,"order":956},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":958,"slug":959,"category":364,"order":956},"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":961,"slug":962,"category":540,"order":963},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":965,"slug":966,"category":364,"order":963},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":968,"slug":969,"category":540,"order":970},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":972,"slug":973,"category":364,"order":970},"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":975,"slug":976,"category":540,"order":977},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":979,"slug":980,"category":364,"order":977},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":982,"slug":983,"category":540,"order":984},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":986,"slug":987,"category":364,"order":984},"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":989,"slug":990,"category":540,"order":991},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":993,"slug":994,"category":364,"order":991},"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":996,"slug":997,"category":540,"order":998},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1000,"slug":1001,"category":364,"order":998},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1003,"slug":1004,"category":540,"order":1005},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1007,"slug":1008,"category":364,"order":1005},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1010,"slug":1011,"category":540,"order":1012},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1014,"slug":1015,"category":364,"order":1012},"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":1017,"slug":1018,"category":540,"order":1019},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1021,"slug":1022,"category":364,"order":1019},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1024,"slug":1025,"category":540,"order":1026},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1028,"slug":1029,"category":364,"order":1026},"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":1031,"slug":1032,"category":540,"order":1033},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1035,"slug":1036,"category":364,"order":1033},"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":1038,"slug":1039,"category":540,"order":1040},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1042,"slug":1043,"category":364,"order":1040},"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":1045,"slug":1046,"category":540,"order":1047},"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":1049,"slug":1050,"category":364,"order":1047},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1052,"slug":1053,"category":540,"order":1054},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1056,"slug":1057,"category":364,"order":1054},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1059,"slug":1060,"category":540,"order":1061},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1063,"slug":1064,"category":364,"order":1061},"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":1066,"slug":1067,"category":540,"order":1068},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1070,"slug":1071,"category":364,"order":1068},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1073,"slug":1074,"category":540,"order":1075},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1077,"slug":1078,"category":364,"order":1075},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1080,"slug":1081,"category":540,"order":1082},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1084,"slug":1085,"category":364,"order":1082},"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":1087,"slug":1088,"category":540,"order":1089},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1091,"slug":1092,"category":364,"order":1089},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1094,"slug":1095,"category":540,"order":1096},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1098,"slug":1099,"category":364,"order":1096},"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":1101,"slug":1102,"category":540,"order":1103},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1105,"slug":1106,"category":364,"order":1103},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1108,"slug":1109,"category":540,"order":1110},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1112,"slug":1113,"category":364,"order":1110},"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":1115,"slug":1116,"category":540,"order":1117},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1119,"slug":1120,"category":364,"order":1117},"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":1122,"slug":1123,"category":540,"order":1124},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1126,"slug":1127,"category":364,"order":1124},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1129,"slug":1130,"category":540,"order":1131},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1133,"slug":1134,"category":364,"order":1131},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1136,"slug":1137,"category":540,"order":1138},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1140,"slug":1141,"category":364,"order":1138},"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":1143,"slug":1144,"category":540,"order":1145},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1147,"slug":1148,"category":364,"order":1145},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1150,"slug":1151,"category":540,"order":1152},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1154,"slug":1155,"category":364,"order":1152},"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":1157,"slug":1158,"category":364,"order":1159},"巴菲特：2012年对话IVEY 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