[{"data":1,"prerenderedAt":2085},["ShallowReactive",2],{"library-1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":549,"library-sidebar-dao":1551,"library-sidebar-models":1853},{"id":4,"title":5,"body":6,"category":535,"date":536,"description":537,"extension":538,"meta":539,"navigation":540,"order":541,"path":542,"seo":543,"seoDescription":537,"seoTitle":544,"slug":545,"stem":546,"__hash__":547,"_collection":548},"buffett\u002Fbuffett\u002Fberkshire\u002F1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1965年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":531},"minimark",[9,13,17,24,27,30,33,211,217,220,223,226,229,232,235,238,484,489,492,495,498,501,504,507,510,513,516,519,522,525,528],[10,11,5],"h1",{"id":12},"_1965年中-巴菲特致合伙人信",[14,15,16],"p",{},"1965 年 7 月 9 日",[14,18,19,20],{},"沃伦·巴菲特，普通合伙人",[21,22,23],"span",{},"^1",[10,25,26],{"id":26},"上半年业绩",[14,28,29],{},"1965 年上半年，道指从 874.13 下跌到 868.03。它的下跌幅度很小，但走的不是直线线路，而是观光线路，在 5 月 14 日曾达到 939.62 的高点。加上 13.49 点的股息，道指上涨 7.39 点，整体收益率是 0.8%。",[14,31,32],{},"我们上半年的业绩不错，未扣除普通合伙人分成的收益率是 10.4%，领先道指 9.6 个百分点。下面是道指收益率、普通合伙人分成前合伙基金收益率以及有限合伙人收益率的最新逐年对比情况。",[34,35,36,55],"table",{},[37,38,39],"thead",{},[40,41,42,46,49,52],"tr",{},[43,44,45],"th",{},"年份",[43,47,48],{},"道指整体收益率 (1)",[43,50,51],{},"合伙基金收益率 (2)",[43,53,54],{},"有限合伙人收益率 (3)",[56,57,58,73,87,101,115,129,143,157,171,183,197],"tbody",{},[40,59,60,64,67,70],{},[61,62,63],"td",{},"1957",[61,65,66],{},"-8.4%",[61,68,69],{},"10.4%",[61,71,72],{},"9.3%",[40,74,75,78,81,84],{},[61,76,77],{},"1958",[61,79,80],{},"38.5%",[61,82,83],{},"40.9%",[61,85,86],{},"32.2%",[40,88,89,92,95,98],{},[61,90,91],{},"1959",[61,93,94],{},"20.0%",[61,96,97],{},"25.9%",[61,99,100],{},"20.9%",[40,102,103,106,109,112],{},[61,104,105],{},"1960",[61,107,108],{},"-6.2%",[61,110,111],{},"22.8%",[61,113,114],{},"18.6%",[40,116,117,120,123,126],{},[61,118,119],{},"1961",[61,121,122],{},"22.4%",[61,124,125],{},"45.9%",[61,127,128],{},"35.9%",[40,130,131,134,137,140],{},[61,132,133],{},"1962",[61,135,136],{},"-7.6%",[61,138,139],{},"13.9%",[61,141,142],{},"11.9%",[40,144,145,148,151,154],{},[61,146,147],{},"1963",[61,149,150],{},"20.6%",[61,152,153],{},"38.7%",[61,155,156],{},"30.5%",[40,158,159,162,165,168],{},[61,160,161],{},"1964",[61,163,164],{},"18.7%",[61,166,167],{},"27.8%",[61,169,170],{},"22.3%",[40,172,173,176,179,181],{},[61,174,175],{},"1965 年上半年",[61,177,178],{},"0.8%",[61,180,69],{},[61,182,72],{},[40,184,185,188,191,194],{},[61,186,187],{},"累计收益率**",[61,189,190],{},"133.2%",[61,192,193],{},"682.4%",[61,195,196],{},"449.7%",[40,198,199,202,205,208],{},[61,200,201],{},"年化复合收益率**",[61,203,204],{},"10.5%",[61,206,207],{},"27.4%",[61,209,210],{},"22.2%",[212,213,214],"blockquote",{},[14,215,216],{},"(1) 根据道指年度涨跌计算，其中包含股息。表格中为合伙基金整年运作的年份。\n(2) 1957-61 年的数据是之前全年管理的所有有限合伙人账户的综合业绩，其中扣除了经营费用，未计算有限合伙人利息和普通合伙人分成。\n(3) 1957-61 年的数据按前一列合伙基金收益率计算得出，按照当前合伙协议，扣除了普通合伙人分成。",[14,218,219],{},"我们一直提醒各位：(1) 三年以下的短期业绩毫无意义，我们有一部分投资是控股类，短期业绩对我们更没意义。(2) 与道指和公募基金相比，在市场下跌时，我们能跑在前面，在市场泡沫中，我们可能望尘莫及。",[14,221,222],{},"按照上面的第二点，我们的表现应该是：上半年前四个月道指大涨时，难以跟上指数；五月份、六月份，道指下跌时，我们逐渐取得领先优势。实际情况则完全相反：在今年上半年，市场大涨时，我们遥遥领先；后来市场下跌时，我们跟随道指下跌。",[14,224,225],{},"对于上述表现，我并不引以为傲。我更愿意看到的情况是，我们能按照我们的设想取得领先优势。之所以如实报告，有两个原因：(1) 无论我做对了，还是做错了，各位合伙人都有权知道；(2) 从这个现象可以说明，虽然我们有既定的概率和预期，实际情况可能远远偏离预期，短期情况尤其如此。在上一封年度信中，我告诉大家，我们的长期目标是每年领先道指 10 个百分点。今年前六个月，我们就领先了 9.6 个百分点，远远高于平均水平。当与平均水平相比，我们的业绩偏好时，合伙人总是能处变不惊，这值得赞许。与平均水平的偏离，不总是偏好，偏向差的一面时肯定会有，各位要做好准备。",[14,227,228],{},"在上一年的年度信中，我们讲了有几个“低估类（基于产业资本视角）”投资。上半年，通过一些列买入活动，我们取得了其中一只股票的控股权。在取得控股权后，评判价值的首要决定因素就变成了企业的资产和盈利能力。在持有一家公司的少数权益时，盈利能力和资产当然也非常重要，但是从短期看，价格的决定因素是供求关系，盈利能力和资产只能间接影响价值，未必能主导股价。",[14,230,231],{},"取得控股权益后，我们拥有的不再是股票，而是公司，这时要按公司本身估算价值。在今年中期的报告中，我们以保守的方法计算控股公司的价值。在年末的报告中，我们将按照资产和盈利能力的变化重新估值。在 1966 年 1 月的年度信中，我将详细介绍这笔控股投资的情况。现在我只告诉大家，我们对收购成本和企业运营都非常满意，也非常看好公司的管理层。",[10,233,234],{"id":234},"基金公司",[14,236,237],{},"我们一直拿最大的两只开放式股票型基金（股票占 95-100%）和最大的两只分散投资的封闭式股票型基金的业绩，与合伙基金的收益率做对比。Massachusetts Investors Trust、Investors Stock Fund, Tri- Continental Corp. 这四家公司管理着 40 多亿美元的资金，基金行业管理的总资产是 300 亿美元，它们应该能代表大多数的基金公司。以下是这四只基金的业绩。有些投资顾问机构管理的资产规模更大，它们绝大多数的业绩应该和这四家基金公司不相上下。",[34,239,240,264],{},[37,241,242],{},[40,243,244,246,249,252,255,258,261],{},[43,245,45],{},[43,247,248],{},"Mass. Inv. Trust (1)",[43,250,251],{},"Investors Stock (1)",[43,253,254],{},"Lehman (2)",[43,256,257],{},"Tri-Cont. (2)",[43,259,260],{},"道指",[43,262,263],{},"有限合伙人",[56,265,266,285,305,325,345,365,385,404,424,442,463],{},[40,267,268,270,273,276,278,281,283],{},[61,269,63],{},[61,271,272],{},"-11.4%",[61,274,275],{},"-12.4%",[61,277,272],{},[61,279,280],{},"-2.4%",[61,282,66],{},[61,284,72],{},[40,286,287,289,292,295,298,301,303],{},[61,288,77],{},[61,290,291],{},"42.7%",[61,293,294],{},"47.5%",[61,296,297],{},"40.8%",[61,299,300],{},"33.2%",[61,302,80],{},[61,304,86],{},[40,306,307,309,312,315,318,321,323],{},[61,308,91],{},[61,310,311],{},"9.0%",[61,313,314],{},"10.3%",[61,316,317],{},"8.1%",[61,319,320],{},"8.4%",[61,322,94],{},[61,324,100],{},[40,326,327,329,332,335,338,341,343],{},[61,328,105],{},[61,330,331],{},"-1.0%",[61,333,334],{},"-0.6%",[61,336,337],{},"2.5%",[61,339,340],{},"2.8%",[61,342,108],{},[61,344,114],{},[40,346,347,349,352,355,358,361,363],{},[61,348,119],{},[61,350,351],{},"25.6%",[61,353,354],{},"24.9%",[61,356,357],{},"23.6%",[61,359,360],{},"22.5%",[61,362,122],{},[61,364,128],{},[40,366,367,369,372,375,378,381,383],{},[61,368,133],{},[61,370,371],{},"-9.8%",[61,373,374],{},"-13.4%",[61,376,377],{},"-14.4%",[61,379,380],{},"-10.0%",[61,382,136],{},[61,384,142],{},[40,386,387,389,391,394,397,400,402],{},[61,388,147],{},[61,390,94],{},[61,392,393],{},"16.5%",[61,395,396],{},"23.7%",[61,398,399],{},"18.3%",[61,401,150],{},[61,403,156],{},[40,405,406,408,411,414,417,420,422],{},[61,407,161],{},[61,409,410],{},"15.9%",[61,412,413],{},"14.3%",[61,415,416],{},"14.0%",[61,418,419],{},"13.6%",[61,421,164],{},[61,423,170],{},[40,425,426,428,431,433,436,438,440],{},[61,427,175],{},[61,429,430],{},"0.0%",[61,432,334],{},[61,434,435],{},"2.7%",[61,437,430],{},[61,439,178],{},[61,441,72],{},[40,443,444,447,450,453,456,459,461],{},[61,445,446],{},"累计收益率",[61,448,449],{},"114.9%",[61,451,452],{},"102.8%",[61,454,455],{},"111.7%",[61,457,458],{},"115.4%",[61,460,190],{},[61,462,196],{},[40,464,465,468,471,474,477,480,482],{},[61,466,467],{},"年化复合收益率",[61,469,470],{},"9.4%",[61,472,473],{},"8.7%",[61,475,476],{},"9.2%",[61,478,479],{},"9.5%",[61,481,204],{},[61,483,210],{},[212,485,486],{},[14,487,488],{},"(1) 计算包括资产价值变化以及当年持有人获得的分红。\n(2) 来源：1965 Moody's Bank & Finance Manual for 1957-64。1965 年上半年数据为估算值。",[14,490,491],{},"去年，我说基金就像漂在池塘上的鸭子。水（市场）涨起来时，鸭子跟着往上涨；水（市场）落下去时，鸭子跟着往下落。1965 年上半年，池塘的水位几乎没变。如表格所示，鸭子也趴在池塘上。",[14,493,494],{},"我在报告业绩时说了，五月份和六月份落潮的时候，我们未能幸免。但是我们在前四个月里拍打了翅膀，所以最后我们比其他鸭子飞得高一些。芝加哥大学证券价格研究中心主任詹姆斯 H. 洛瑞 (James H. Lorie) 说得更直白。他在 1965 年 5 月 25 日的《华尔街日报》上说：“我们找不到证据，无法证明基金公司的选股能力优于随机选股。”",[14,496,497],{},"美国经济大环境好，过去这些年，随机选股都能获得很好的业绩。水位一直在上涨。我认为，从概率的角度讲，长期来看，美国经济会越来越好，水位会越来越高，但中间少不了大的波折。无论潮起潮落，我们都将矢志不渝地搏浪击水。要是我们业绩下降，还不如各位自己在水面上漂浮，我们只能引咎辞职。",[10,499,500],{"id":500},"预先存入资金和提取资金",[14,502,503],{},"我们接受合伙人以及潜在合伙人预先存入资金，并从资金存入之日起到年末支付 6% 的利息。合伙人没有责任在年末将存入的资金转为合伙基金权益，但是在预先存入基金时应当以在年末转为基金权益为意向。",[14,505,506],{},"我们同样允许合伙人在年末之前预先提取资金，最高取款金额为其合伙基金账户资金的 20%，并从资金提取之日起到年末收取 6% 的利息，利息扣除时间为年末。这么安排不是打算把合伙基金变成合伙人的银行，而是通过允许预先提取资金，满足合伙人的紧急资金需求。像每季度需要向联邦政府税款，这样的资金需求可以预知。合伙人应当在年初从资本账户中提取，不要在年中预先提取资金。预先提取资金的安排是为了应急。",[14,508,509],{},"存款（预先存入资金）和贷款（预先提取资金）利率都是 6%，看起来不是我巴菲特的风格。（我肯定对这样的生意提不起来兴趣。）从旁观者的角度来看，我们合伙基金的大部分活动都是商业性质的，但是关于预先存取资金的安排没有利差。尽管如此，我认为这个安排和合理，符合所有合伙人的利益。",[14,511,512],{},"我们的合伙人间接持有大量流动资产，有的合伙人投入了自己的大部分资金。我们应该为合伙人的权益提供一定的流动性，不能只等到年末才允许存取。实际上，我们有理由相信，预先存入资金的数量会远远超过预先提取资金的数量。例如，截止 1965 年 6 月 30 日，预先提取资金的金额是 98,851 美元，预先存入资金的金额是 652,931 美元。",[14,514,515],{},"预先存入资金远远高于预先提取资金，但是我们能从商业银行获得利率更低的贷款，为什么还要为预先存入资金支付 6% 的利率？原因有两点：第一，我们相信我们的长期收益率会高于 6%（达不到这个目标，普通合伙人一分钱分成都没有），短期内能否超过 6% 有很大偶然性。第二，提前存入的资金，在可以预见的短期内能成为我们的权益资本，和短期银行贷款相比，我用这些资金投资，心态不一样。提前存入资金对我们还有个好处：我们平时总是在 1 月份集中收到大量资金，允许提前存入资金后，可以在一年中分批收到追加投资。对合伙人来说，6% 的利率比任何短期低风险投资收益率都高，这对我们来说是互利互惠。",[10,517,518],{"id":518},"其他事项",[14,520,521],{},"在去年的信中，我说计划将办公室大举扩张到 84 平米。一切很顺利（计划完成时，百事可乐还凉着呢）。",[14,523,524],{},"四月份，约翰•哈丁 (John Harding) 加入了我们。我们选员工从来没看走眼过，约翰也是那么出色。",[14,526,527],{},"按照惯例，我们将在 11 月 1 日左右（向合伙人以及有意在 11 月 1 日前后加入的准合伙人）寄出 1966 年承诺书以及 1964 年纳税估算数据等文件。",[14,529,530],{},"沃伦 E. 巴菲特谨上",{"title":532,"searchDepth":533,"depth":533,"links":534},"",2,[],"致股东信",null,"1965年中巴菲特致合伙人信，阐述上半年业绩表现及控股类投资标的选择","md",{},true,21,"\u002Fbuffett\u002Fberkshire\u002F1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":537},"1965年中 巴菲特致合伙人信｜巴菲特","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","BXhBXIKdGv_Z6SBjlUfUx8j3vyk9BSygW2RXVQSezhs","buffett",[550,554,558,562,565,568,571,575,578,581,585,588,591,595,598,601,605,608,611,615,618,621,625,628,631,635,638,641,645,648,651,655,658,661,665,668,671,675,678,681,685,688,691,695,698,701,705,708,711,715,718,721,725,728,731,735,738,741,745,748,751,752,755,758,762,765,768,772,775,778,782,785,788,792,795,798,802,805,808,812,815,818,822,825,828,832,835,838,842,845,848,852,855,858,862,865,868,872,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1242,1246,1249,1253,1256,1260,1263,1267,1270,1274,1277,1281,1284,1288,1291,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407,1411,1415,1419,1423,1427,1431,1435,1439,1443,1447,1451,1455,1459,1463,1467,1471,1475,1479,1483,1487,1491,1495,1499,1503,1507,1511,1515,1519,1523,1527,1531,1535,1539,1543,1547],{"title":551,"slug":552,"category":535,"order":553},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":555,"slug":556,"category":557,"order":553},"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":559,"slug":560,"category":561,"order":553},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":563,"slug":564,"category":535,"order":533},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":566,"slug":567,"category":557,"order":533},"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":569,"slug":570,"category":561,"order":533},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":572,"slug":573,"category":535,"order":574},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":576,"slug":577,"category":557,"order":574},"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":579,"slug":580,"category":561,"order":574},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":582,"slug":583,"category":535,"order":584},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":586,"slug":587,"category":557,"order":584},"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":589,"slug":590,"category":561,"order":584},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":592,"slug":593,"category":535,"order":594},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":596,"slug":597,"category":557,"order":594},"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":599,"slug":600,"category":561,"order":594},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":602,"slug":603,"category":535,"order":604},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":606,"slug":607,"category":557,"order":604},"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":609,"slug":610,"category":561,"order":604},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":612,"slug":613,"category":535,"order":614},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":616,"slug":617,"category":557,"order":614},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":619,"slug":620,"category":561,"order":614},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":622,"slug":623,"category":535,"order":624},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":626,"slug":627,"category":557,"order":624},"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":629,"slug":630,"category":561,"order":624},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":632,"slug":633,"category":535,"order":634},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":636,"slug":637,"category":557,"order":634},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":639,"slug":640,"category":561,"order":634},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":642,"slug":643,"category":535,"order":644},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":646,"slug":647,"category":557,"order":644},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":649,"slug":650,"category":561,"order":644},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":652,"slug":653,"category":535,"order":654},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":656,"slug":657,"category":557,"order":654},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":659,"slug":660,"category":561,"order":654},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":662,"slug":663,"category":535,"order":664},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":666,"slug":667,"category":557,"order":664},"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":669,"slug":670,"category":561,"order":664},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":672,"slug":673,"category":535,"order":674},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":676,"slug":677,"category":557,"order":674},"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":679,"slug":680,"category":561,"order":674},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":682,"slug":683,"category":535,"order":684},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":686,"slug":687,"category":557,"order":684},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":689,"slug":690,"category":561,"order":684},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":692,"slug":693,"category":535,"order":694},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":696,"slug":697,"category":557,"order":694},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":699,"slug":700,"category":561,"order":694},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":702,"slug":703,"category":535,"order":704},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":706,"slug":707,"category":557,"order":704},"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":709,"slug":710,"category":561,"order":704},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":712,"slug":713,"category":535,"order":714},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":716,"slug":717,"category":557,"order":714},"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":719,"slug":720,"category":561,"order":714},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":722,"slug":723,"category":535,"order":724},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":726,"slug":727,"category":557,"order":724},"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":729,"slug":730,"category":561,"order":724},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":732,"slug":733,"category":535,"order":734},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":736,"slug":737,"category":557,"order":734},"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":739,"slug":740,"category":561,"order":734},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":742,"slug":743,"category":535,"order":744},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":746,"slug":747,"category":557,"order":744},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":749,"slug":750,"category":561,"order":744},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":545,"category":535,"order":541},{"title":753,"slug":754,"category":557,"order":541},"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":756,"slug":757,"category":561,"order":541},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":759,"slug":760,"category":535,"order":761},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":763,"slug":764,"category":557,"order":761},"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":766,"slug":767,"category":561,"order":761},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":769,"slug":770,"category":535,"order":771},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":773,"slug":774,"category":557,"order":771},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":776,"slug":777,"category":561,"order":771},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":779,"slug":780,"category":535,"order":781},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":783,"slug":784,"category":557,"order":781},"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":786,"slug":787,"category":561,"order":781},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":789,"slug":790,"category":535,"order":791},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":793,"slug":794,"category":557,"order":791},"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":796,"slug":797,"category":561,"order":791},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":799,"slug":800,"category":535,"order":801},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":803,"slug":804,"category":557,"order":801},"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":806,"slug":807,"category":561,"order":801},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":809,"slug":810,"category":535,"order":811},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":813,"slug":814,"category":557,"order":811},"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":816,"slug":817,"category":561,"order":811},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":819,"slug":820,"category":535,"order":821},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":823,"slug":824,"category":557,"order":821},"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":826,"slug":827,"category":561,"order":821},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":829,"slug":830,"category":535,"order":831},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":833,"slug":834,"category":557,"order":831},"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":836,"slug":837,"category":561,"order":831},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":839,"slug":840,"category":535,"order":841},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":843,"slug":844,"category":557,"order":841},"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":846,"slug":847,"category":561,"order":841},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":849,"slug":850,"category":535,"order":851},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":853,"slug":854,"category":557,"order":851},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":856,"slug":857,"category":561,"order":851},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":859,"slug":860,"category":535,"order":861},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":863,"slug":864,"category":557,"order":861},"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":866,"slug":867,"category":561,"order":861},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":869,"slug":870,"category":535,"order":871},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":873,"slug":874,"category":557,"order":871},"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":876,"slug":877,"category":561,"order":871},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":879,"slug":880,"category":535,"order":881},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":883,"slug":884,"category":557,"order":881},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":886,"slug":887,"category":535,"order":888},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":890,"slug":891,"category":557,"order":888},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":893,"slug":894,"category":535,"order":895},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":897,"slug":898,"category":557,"order":895},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":900,"slug":901,"category":535,"order":902},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":904,"slug":905,"category":557,"order":902},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":907,"slug":908,"category":535,"order":909},"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":911,"slug":912,"category":557,"order":909},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":914,"slug":915,"category":535,"order":916},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":918,"slug":919,"category":557,"order":916},"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":921,"slug":922,"category":535,"order":923},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":925,"slug":926,"category":557,"order":923},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":928,"slug":929,"category":535,"order":930},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":932,"slug":933,"category":557,"order":930},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":935,"slug":936,"category":535,"order":937},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":939,"slug":940,"category":557,"order":937},"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":942,"slug":943,"category":535,"order":944},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":946,"slug":947,"category":557,"order":944},"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":949,"slug":950,"category":535,"order":951},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":953,"slug":954,"category":557,"order":951},"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":956,"slug":957,"category":535,"order":958},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":960,"slug":961,"category":557,"order":958},"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":963,"slug":964,"category":535,"order":965},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":967,"slug":968,"category":557,"order":965},"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":970,"slug":971,"category":535,"order":972},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":974,"slug":975,"category":557,"order":972},"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":977,"slug":978,"category":535,"order":979},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":981,"slug":982,"category":557,"order":979},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":984,"slug":985,"category":535,"order":986},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":988,"slug":989,"category":557,"order":986},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":991,"slug":992,"category":535,"order":993},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":995,"slug":996,"category":557,"order":993},"2004年：《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":998,"slug":999,"category":535,"order":1000},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1002,"slug":1003,"category":557,"order":1000},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1005,"slug":1006,"category":535,"order":1007},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1009,"slug":1010,"category":557,"order":1007},"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":1012,"slug":1013,"category":535,"order":1014},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1016,"slug":1017,"category":557,"order":1014},"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":1019,"slug":1020,"category":535,"order":1021},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1023,"slug":1024,"category":557,"order":1021},"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":1026,"slug":1027,"category":535,"order":1028},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1030,"slug":1031,"category":557,"order":1028},"与沃伦·巴菲特的问答纪要 2005年","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":1033,"slug":1034,"category":535,"order":1035},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1037,"slug":1038,"category":557,"order":1035},"2005年：《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":1040,"slug":1041,"category":535,"order":1042},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1044,"slug":1045,"category":557,"order":1042},"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":1047,"slug":1048,"category":535,"order":1049},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1051,"slug":1052,"category":557,"order":1049},"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":1054,"slug":1055,"category":535,"order":1056},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1058,"slug":1059,"category":557,"order":1056},"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":1061,"slug":1062,"category":535,"order":1063},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1065,"slug":1066,"category":557,"order":1063},"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":1068,"slug":1069,"category":535,"order":1070},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1072,"slug":1073,"category":557,"order":1070},"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":1075,"slug":1076,"category":535,"order":1077},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1079,"slug":1080,"category":557,"order":1077},"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":1082,"slug":1083,"category":535,"order":1084},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1086,"slug":1087,"category":557,"order":1084},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1089,"slug":1090,"category":535,"order":1091},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1093,"slug":1094,"category":557,"order":1091},"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":1096,"slug":1097,"category":535,"order":1098},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1100,"slug":1101,"category":557,"order":1098},"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":1103,"slug":1104,"category":535,"order":1105},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1107,"slug":1108,"category":557,"order":1105},"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":1110,"slug":1111,"category":535,"order":1112},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1114,"slug":1115,"category":557,"order":1112},"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":1117,"slug":1118,"category":535,"order":1119},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1121,"slug":1122,"category":557,"order":1119},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1124,"slug":1125,"category":535,"order":1126},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1128,"slug":1129,"category":557,"order":1126},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1131,"slug":1132,"category":535,"order":1133},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1135,"slug":1136,"category":557,"order":1133},"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":1138,"slug":1139,"category":535,"order":1140},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1142,"slug":1143,"category":557,"order":1140},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1145,"slug":1146,"category":535,"order":1147},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1149,"slug":1150,"category":557,"order":1147},"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":1152,"slug":1153,"category":535,"order":1154},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1156,"slug":1157,"category":557,"order":1154},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1159,"slug":1160,"category":535,"order":1161},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1163,"slug":1164,"category":557,"order":1161},"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":1166,"slug":1167,"category":535,"order":1168},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1170,"slug":1171,"category":557,"order":1168},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1173,"slug":1174,"category":535,"order":1175},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1177,"slug":1178,"category":557,"order":1175},"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":1180,"slug":1181,"category":535,"order":1182},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1184,"slug":1185,"category":557,"order":1182},"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":1187,"slug":1188,"category":535,"order":1189},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1191,"slug":1192,"category":557,"order":1189},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1194,"slug":1195,"category":535,"order":1196},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1198,"slug":1199,"category":557,"order":1196},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1201,"slug":1202,"category":535,"order":1203},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1205,"slug":1206,"category":557,"order":1203},"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":1208,"slug":1209,"category":535,"order":1210},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1212,"slug":1213,"category":557,"order":1210},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1215,"slug":1216,"category":535,"order":1217},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1219,"slug":1220,"category":557,"order":1217},"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":1222,"slug":1223,"category":535,"order":1224},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1226,"slug":1227,"category":557,"order":1224},"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":1229,"slug":1230,"category":535,"order":1231},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1233,"slug":1234,"category":557,"order":1231},"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":1236,"slug":1237,"category":535,"order":1238},"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":1240,"slug":1241,"category":557,"order":1238},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1243,"slug":1244,"category":535,"order":1245},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1247,"slug":1248,"category":557,"order":1245},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1250,"slug":1251,"category":535,"order":1252},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1254,"slug":1255,"category":557,"order":1252},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1257,"slug":1258,"category":535,"order":1259},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1261,"slug":1262,"category":557,"order":1259},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1264,"slug":1265,"category":535,"order":1266},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1268,"slug":1269,"category":557,"order":1266},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1271,"slug":1272,"category":535,"order":1273},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1275,"slug":1276,"category":557,"order":1273},"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":1278,"slug":1279,"category":535,"order":1280},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1282,"slug":1283,"category":557,"order":1280},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1285,"slug":1286,"category":535,"order":1287},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1289,"slug":1290,"category":557,"order":1287},"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":1292,"slug":1293,"category":535,"order":1294},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1296,"slug":1297,"category":557,"order":1294},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1299,"slug":1300,"category":535,"order":1301},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1303,"slug":1304,"category":557,"order":1301},"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":1306,"slug":1307,"category":535,"order":1308},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1310,"slug":1311,"category":557,"order":1308},"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":1313,"slug":1314,"category":535,"order":1315},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1317,"slug":1318,"category":557,"order":1315},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1320,"slug":1321,"category":535,"order":1322},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1324,"slug":1325,"category":557,"order":1322},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1327,"slug":1328,"category":535,"order":1329},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1331,"slug":1332,"category":557,"order":1329},"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":1334,"slug":1335,"category":535,"order":1336},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1338,"slug":1339,"category":557,"order":1336},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1341,"slug":1342,"category":535,"order":1343},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1345,"slug":1346,"category":557,"order":1343},"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":1348,"slug":1349,"category":557,"order":1350},"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":1352,"slug":1353,"category":557,"order":1354},"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":1356,"slug":1357,"category":557,"order":1358},"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":1360,"slug":1361,"category":557,"order":1362},"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":1364,"slug":1365,"category":557,"order":1366},"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":1368,"slug":1369,"category":557,"order":1370},"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":1372,"slug":1373,"category":557,"order":1374},"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":1376,"slug":1377,"category":557,"order":1378},"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":1380,"slug":1381,"category":557,"order":1382},"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":1384,"slug":1385,"category":557,"order":1386},"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":1388,"slug":1389,"category":557,"order":1390},"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":1392,"slug":1393,"category":557,"order":1394},"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":1396,"slug":1397,"category":557,"order":1398},"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":1400,"slug":1401,"category":557,"order":1402},"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":1404,"slug":1405,"category":557,"order":1406},"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":1408,"slug":1409,"category":557,"order":1410},"亚利桑那州立大学雷鸟全球领导力教授杰夫·坎宁安采访沃伦·巴菲特（2015年）","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":1412,"slug":1413,"category":557,"order":1414},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1416,"slug":1417,"category":557,"order":1418},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1420,"slug":1421,"category":557,"order":1422},"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":1424,"slug":1425,"category":557,"order":1426},"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":1428,"slug":1429,"category":557,"order":1430},"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":1432,"slug":1433,"category":557,"order":1434},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1436,"slug":1437,"category":557,"order":1438},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1440,"slug":1441,"category":557,"order":1442},"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":1444,"slug":1445,"category":557,"order":1446},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1448,"slug":1449,"category":557,"order":1450},"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":1452,"slug":1453,"category":557,"order":1454},"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":1456,"slug":1457,"category":557,"order":1458},"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":1460,"slug":1461,"category":557,"order":1462},"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":1464,"slug":1465,"category":557,"order":1466},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1468,"slug":1469,"category":557,"order":1470},"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":1472,"slug":1473,"category":557,"order":1474},"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":1476,"slug":1477,"category":557,"order":1478},"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":1480,"slug":1481,"category":557,"order":1482},"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":1484,"slug":1485,"category":557,"order":1486},"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":1488,"slug":1489,"category":557,"order":1490},"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":1492,"slug":1493,"category":557,"order":1494},"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":1496,"slug":1497,"category":557,"order":1498},"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":1500,"slug":1501,"category":557,"order":1502},"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":1504,"slug":1505,"category":557,"order":1506},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1508,"slug":1509,"category":557,"order":1510},"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":1512,"slug":1513,"category":557,"order":1514},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1516,"slug":1517,"category":557,"order":1518},"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":1520,"slug":1521,"category":557,"order":1522},"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":1524,"slug":1525,"category":557,"order":1526},"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":1528,"slug":1529,"category":557,"order":1530},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1532,"slug":1533,"category":557,"order":1534},"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":1536,"slug":1537,"category":557,"order":1538},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1540,"slug":1541,"category":557,"order":1542},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1544,"slug":1545,"category":557,"order":1546},"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":1548,"slug":1549,"category":557,"order":1550},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1552,1556,1559,1562,1565,1568,1571,1574,1577,1581,1585,1588,1591,1594,1597,1600,1603,1606,1609,1612,1615,1618,1621,1624,1627,1631,1634,1637,1640,1643,1646,1649,1652,1655,1658,1662,1665,1668,1671,1674,1677,1680,1683,1687,1690,1693,1696,1699,1702,1705,1708,1711,1714,1717,1720,1723,1726,1729,1732,1735,1738,1741,1744,1747,1750,1753,1756,1759,1762,1765,1768,1773,1777,1781,1785,1789,1793,1797,1801,1805,1809,1813,1817,1821,1825,1829,1833,1837,1841,1845,1849],{"title":1553,"slug":1554,"category":1555,"order":553},"本分","benfen","核心哲学",{"title":1557,"slug":1558,"category":1555,"order":533},"平常心","pingchangxin",{"title":1560,"slug":1561,"category":1555,"order":574},"做对的事情","zuoduideshiqing",{"title":1563,"slug":1564,"category":1555,"order":584},"把事情做对","bashiqingzuodui",{"title":1566,"slug":1567,"category":1555,"order":594},"能力圈","nengliquan",{"title":1569,"slug":1570,"category":1555,"order":604},"不做什么","buzuoshenme",{"title":1572,"slug":1573,"category":1555,"order":614},"敢为天下后","ganweitianxiahou",{"title":1575,"slug":1576,"category":1555,"order":624},"消费者导向","xiaofeizhedaoxiang",{"title":1578,"slug":1579,"category":1580,"order":634},"价值投资","jiazhitouzi","投资理念",{"title":1582,"slug":1583,"category":1584,"order":644},"负债","fuzhai","财务指标",{"title":1586,"slug":1587,"category":1580,"order":644},"商业模式","shangyemoshi",{"title":1589,"slug":1590,"category":1580,"order":654},"护城河","huchenghe",{"title":1592,"slug":1593,"category":1584,"order":654},"净现金","jingxianjin",{"title":1595,"slug":1596,"category":1584,"order":664},"开销合理性","kaixiaohelixing",{"title":1598,"slug":1599,"category":1580,"order":664},"现金流","xianjinliu",{"title":1601,"slug":1602,"category":1584,"order":674},"真实利润","zhenshilirun",{"title":1604,"slug":1605,"category":1580,"order":674},"折现","zhexian",{"title":1607,"slug":1608,"category":1580,"order":684},"安全边际","anquanbianji",{"title":1610,"slug":1611,"category":1584,"order":684},"扣除商誉的净资产","jingzichan",{"title":1613,"slug":1614,"category":1580,"order":694},"基本面","jibenmian",{"title":1616,"slug":1617,"category":1580,"order":704},"机会成本","jihuichengben",{"title":1619,"slug":1620,"category":1580,"order":714},"长期持有","zhangqichiyou",{"title":1622,"slug":1623,"category":1580,"order":724},"投机","touji",{"title":1625,"slug":1626,"category":1580,"order":734},"止损","zhisun",{"title":1628,"slug":1629,"category":1630,"order":744},"企业文化","qiyewenhua","企业经营",{"title":1632,"slug":1633,"category":1630,"order":541},"品牌","pinpai",{"title":1635,"slug":1636,"category":1630,"order":761},"差异化","chayihua",{"title":1638,"slug":1639,"category":1630,"order":771},"用户体验","yonghutiyan",{"title":1641,"slug":1642,"category":1630,"order":781},"渠道","qudao",{"title":1644,"slug":1645,"category":1630,"order":791},"平台","pingtai",{"title":1647,"slug":1648,"category":1630,"order":801},"生态系统","shengtaixitong",{"title":1650,"slug":1651,"category":1630,"order":811},"单一产品","danyichanpin",{"title":1653,"slug":1654,"category":1630,"order":821},"造钟人","zaozhongren",{"title":1656,"slug":1657,"category":1630,"order":831},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1659,"slug":1660,"category":1661,"order":841},"进取心","jinquxin","品格与心性",{"title":1663,"slug":1664,"category":1661,"order":851},"耐心","naixin",{"title":1666,"slug":1667,"category":1661,"order":861},"责任心","zerenxin",{"title":1669,"slug":1670,"category":1661,"order":871},"爱心","aixin",{"title":1672,"slug":1673,"category":1661,"order":881},"信誉","xinyu",{"title":1675,"slug":1676,"category":1661,"order":888},"正直","zhengzhi",{"title":1678,"slug":1679,"category":1661,"order":895},"理性","lixing",{"title":1681,"slug":1682,"category":1661,"order":902},"长期主义","zhangqizhuyi",{"title":1684,"slug":1685,"category":1686,"order":1343},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1688,"slug":1689,"category":1686,"order":1350},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1691,"slug":1692,"category":1686,"order":1354},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1694,"slug":1695,"category":1686,"order":1358},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1697,"slug":1698,"category":1686,"order":1362},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1700,"slug":1701,"category":1686,"order":1366},"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":1703,"slug":1704,"category":1686,"order":1370},"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":1706,"slug":1707,"category":1686,"order":1374},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1709,"slug":1710,"category":1686,"order":1378},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1712,"slug":1713,"category":1686,"order":1382},"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":1715,"slug":1716,"category":1686,"order":1386},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1718,"slug":1719,"category":1686,"order":1390},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1721,"slug":1722,"category":1686,"order":1394},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1724,"slug":1725,"category":1686,"order":1398},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1727,"slug":1728,"category":1686,"order":1402},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1730,"slug":1731,"category":1686,"order":1406},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1733,"slug":1734,"category":1686,"order":1410},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1736,"slug":1737,"category":1686,"order":1414},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1739,"slug":1740,"category":1686,"order":1418},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1742,"slug":1743,"category":1686,"order":1422},"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":1745,"slug":1746,"category":1686,"order":1426},"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":1748,"slug":1749,"category":1686,"order":1430},"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":1751,"slug":1752,"category":1686,"order":1434},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1754,"slug":1755,"category":1686,"order":1438},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1757,"slug":1758,"category":1686,"order":1442},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1760,"slug":1761,"category":1686,"order":1446},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1763,"slug":1764,"category":1686,"order":1450},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1766,"slug":1767,"category":1686,"order":1454},"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":1769,"slug":1770,"category":1771,"order":1772},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1774,"slug":1775,"category":1771,"order":1776},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1778,"slug":1779,"category":1771,"order":1780},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1782,"slug":1783,"category":1771,"order":1784},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1786,"slug":1787,"category":1771,"order":1788},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1790,"slug":1791,"category":1771,"order":1792},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1794,"slug":1795,"category":1771,"order":1796},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1798,"slug":1799,"category":1771,"order":1800},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1802,"slug":1803,"category":1771,"order":1804},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1806,"slug":1807,"category":1771,"order":1808},"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":1810,"slug":1811,"category":1771,"order":1812},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1814,"slug":1815,"category":1771,"order":1816},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1818,"slug":1819,"category":1771,"order":1820},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1822,"slug":1823,"category":1771,"order":1824},"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":1826,"slug":1827,"category":1771,"order":1828},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1830,"slug":1831,"category":1771,"order":1832},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1834,"slug":1835,"category":1771,"order":1836},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1838,"slug":1839,"category":1771,"order":1840},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1842,"slug":1843,"category":1771,"order":1844},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1846,"slug":1847,"category":1771,"order":1848},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1850,"slug":1851,"category":1771,"order":1852},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1854,1857,1860,1863,1867,1871,1874,1878,1880,1883,1886,1889,1893,1896,1899,1902,1905,1909,1912,1915,1918,1921,1925,1928,1931,1933,1936,1939,1942,1945,1948,1951,1954,1957,1960,1963,1966,1969,1972,1975,1978,1981,1984,1987,1990,1993,1996,1999,2002,2005,2008,2011,2014,2017,2020,2023,2026,2029,2032,2035,2038,2041,2044,2047,2050,2053,2057,2060,2063,2066,2069,2073,2076,2079,2082],{"title":1566,"slug":1855,"category":1856,"order":553},"ability-circle","决策与战略",{"title":1858,"slug":1859,"category":1856,"order":533},"逆向思维","inversion",{"title":1616,"slug":1861,"category":1862,"order":574},"opportunity-cost","经济学",{"title":1864,"slug":1865,"category":1866,"order":584},"复利","compound-interest","数学与概率论",{"title":1868,"slug":1869,"category":1870,"order":594},"激励机制","incentives","心理学",{"title":1872,"slug":1873,"category":1866,"order":604},"概率思维","probabilistic-thinking",{"title":1875,"slug":1876,"category":1877,"order":614},"二阶效应","second-order-effects","哲学与逻辑",{"title":1607,"slug":1879,"category":1856,"order":624},"margin-of-safety",{"title":1881,"slug":1882,"category":1870,"order":634},"心理误判","psychology-of-misjudgment",{"title":1884,"slug":1885,"category":1856,"order":644},"检查清单","checklist",{"title":1887,"slug":1888,"category":1862,"order":654},"规模优势","scale-advantage",{"title":1890,"slug":1891,"category":1892,"order":664},"冗余与容错","redundancy","工程学\u002F系统",{"title":1894,"slug":1895,"category":1866,"order":674},"排列组合","combinatorics",{"title":1897,"slug":1898,"category":1866,"order":684},"费马-帕斯卡","fermat-pascal",{"title":1900,"slug":1901,"category":1866,"order":694},"均值回归","regression-to-the-mean",{"title":1903,"slug":1904,"category":1866,"order":704},"量化分析","quantitative-analysis",{"title":1906,"slug":1907,"category":1908,"order":714},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1910,"slug":1911,"category":1908,"order":724},"平衡态","equilibrium",{"title":1913,"slug":1914,"category":1908,"order":734},"熵增定律","entropy",{"title":1916,"slug":1917,"category":1908,"order":744},"能量守恒","conservation-of-energy",{"title":1919,"slug":1920,"category":1908,"order":541},"杠杆原理","leverage",{"title":1922,"slug":1923,"category":1924,"order":761},"自然选择","natural-selection","生物学\u002F进化论",{"title":1926,"slug":1927,"category":1924,"order":771},"物竞天择","competition-for-resources",{"title":1929,"slug":1930,"category":1924,"order":781},"进化思维","evolutionary-thinking",{"title":1647,"slug":1932,"category":1924,"order":791},"ecosystem",{"title":1934,"slug":1935,"category":1870,"order":801},"爱好倾向","liking-tendency",{"title":1937,"slug":1938,"category":1870,"order":811},"讨厌倾向","disliking-tendency",{"title":1940,"slug":1941,"category":1870,"order":821},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1943,"slug":1944,"category":1870,"order":831},"一致性倾向","consistency-tendency",{"title":1946,"slug":1947,"category":1870,"order":841},"好奇心倾向","curiosity-tendency",{"title":1949,"slug":1950,"category":1870,"order":851},"康德式公平","kantian-fairness",{"title":1952,"slug":1953,"category":1870,"order":861},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1955,"slug":1956,"category":1870,"order":871},"反馈倾向","reciprocation-tendency",{"title":1958,"slug":1959,"category":1870,"order":881},"权威误导","authority-misinfluence",{"title":1961,"slug":1962,"category":1870,"order":888},"重视理由","reason-respecting-tendency",{"title":1964,"slug":1965,"category":1870,"order":895},"过度乐观","over-optimism",{"title":1967,"slug":1968,"category":1870,"order":902},"损失厌恶","loss-aversion",{"title":1970,"slug":1971,"category":1870,"order":909},"否认倾向","denial-tendency",{"title":1973,"slug":1974,"category":1870,"order":916},"过度反应","overreaction-tendency",{"title":1976,"slug":1977,"category":1870,"order":923},"社群影响","social-influence",{"title":1979,"slug":1980,"category":1870,"order":930},"压力倾向","stress-influence-tendency",{"title":1982,"slug":1983,"category":1870,"order":937},"物质主义","materialism-tendency",{"title":1985,"slug":1986,"category":1870,"order":944},"废话倾向","twaddle-tendency",{"title":1988,"slug":1989,"category":1870,"order":951},"确认偏误","confirmation-bias",{"title":1991,"slug":1992,"category":1870,"order":958},"锚定效应","anchoring-effect",{"title":1994,"slug":1995,"category":1870,"order":965},"现时偏差","present-bias",{"title":1997,"slug":1998,"category":1870,"order":972},"贪婪倾向","greed-tendency",{"title":2000,"slug":2001,"category":1862,"order":979},"边际成本\u002F收益","marginal-cost-benefit",{"title":2003,"slug":2004,"category":1862,"order":986},"供需关系","supply-and-demand",{"title":2006,"slug":2007,"category":1862,"order":993},"帕累托最优","pareto-optimality",{"title":2009,"slug":2010,"category":1862,"order":1000},"竞争性毁灭","creative-destruction",{"title":2012,"slug":2013,"category":1856,"order":1007},"双轨分析","two-track-analysis",{"title":2015,"slug":2016,"category":1856,"order":1014},"非线性思维","nonlinear-thinking",{"title":2018,"slug":2019,"category":1856,"order":1021},"极化思考","extreme-thinking",{"title":2021,"slug":2022,"category":1856,"order":1028},"必要功","necessary-work",{"title":2024,"slug":2025,"category":1892,"order":1035},"停机问题","halting-problem",{"title":2027,"slug":2028,"category":1892,"order":1042},"闭环系统","closed-loop-system",{"title":2030,"slug":2031,"category":1892,"order":1049},"故障安全","fail-safe",{"title":2033,"slug":2034,"category":1892,"order":1056},"反向设计","reverse-design",{"title":2036,"slug":2037,"category":1892,"order":1063},"瓶颈分析","bottleneck-analysis",{"title":2039,"slug":2040,"category":1877,"order":1070},"第一性原理","first-principles",{"title":2042,"slug":2043,"category":1877,"order":1077},"证伪思维","falsification",{"title":2045,"slug":2046,"category":1877,"order":1084},"奥卡姆剃刀","occams-razor",{"title":2048,"slug":2049,"category":1877,"order":1091},"中道思维","middle-way",{"title":2051,"slug":2052,"category":1877,"order":1098},"不可知论","agnosticism",{"title":2054,"slug":2055,"category":2056,"order":1105},"大数定律","law-of-large-numbers","统计学",{"title":2058,"slug":2059,"category":2056,"order":1112},"样本偏差","sample-bias",{"title":2061,"slug":2062,"category":2056,"order":1119},"相关性≠因果","correlation-not-causation",{"title":2064,"slug":2065,"category":2056,"order":1126},"幸存者偏差","survivorship-bias",{"title":2067,"slug":2068,"category":2056,"order":1133},"基本比率","base-rate",{"title":2070,"slug":2071,"category":2072,"order":1140},"社会认同","social-proof","社会学",{"title":2074,"slug":2075,"category":2072,"order":1147},"部落本能","tribal-instinct",{"title":2077,"slug":2078,"category":2072,"order":1154},"金蛋定律","golden-egg-rule",{"title":2080,"slug":2081,"category":2072,"order":1161},"互利共生","mutualism",{"title":2083,"slug":2084,"category":2072,"order":1168},"激励传导","incentive-transmission",1778147263801]