[{"data":1,"prerenderedAt":1688},["ShallowReactive",2],{"library-1993-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":152,"library-sidebar-dao":1154,"library-sidebar-models":1456},{"id":4,"title":5,"body":6,"category":138,"date":139,"description":140,"extension":141,"meta":142,"navigation":143,"order":144,"path":145,"seo":146,"seoDescription":140,"seoTitle":147,"slug":148,"stem":149,"__hash__":150,"_collection":151},"buffett\u002Fbuffett\u002Fberkshire\u002F1993-ba-fei-te-zhi-gu-dong-xin.md","1993 巴菲特致股东信",{"type":7,"value":8,"toc":134},"minimark",[9,13,20,23,26,29,45,48,51,54,57,60,63,66,74,77,80,83,86,89,92,95,98,101,104,107,110,113,116,119,122,125,128,131],[10,11,5],"h1",{"id":12},"_1993-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔·哈撒韦公司",[14,21,22],{},"致伯克希尔·哈撒韦公司所有股东：",[14,24,25],{},"1993年，我们的每股账面价值增长了14.3%。自现任管理层接手的29年以来，每股账面价值由当初的19美元成长到目前的8,854美元，年复合增长率约为23.3%。",[14,27,28],{},"回顾过去一年，伯克希尔 (Berkshire) 的净资产增加了15亿美元，这个数字受到两项负面因素和两项正面因素的影响。为了讲清楚，我把它们列在下面。不过如果各位对会计没什么兴趣，尽管跳过这段不看：",[30,31,32,36,39,42],"ol",{},[33,34,35],"li",{},"第一个负面因素来自通用会计准则 (GAAP) 的变更，涉及我们按市价列示的有价证券未实现增值所计提的税款。旧规定要求按增值发生时适用的税率来计算。因此，在1992年底，我们对1986年之后产生的64亿美元利得使用34%的税率，对此前产生的12亿美元利得使用28%的税率。新规定则要求统一按现行税率计算所有利得。1993年一季度新规生效时适用的税率为34%。将该税率应用于1987年之前的利得，使我们的净资产减少了7,000万美元。",[33,37,38],{},"第二个负面因素与第一个相关——1993年第三季度企业税率被提高到35%。这意味着我们所有的未实现利得需要额外多提1%的税款，导致净资产再减少7,500万美元。奇怪的是，GAAP要求这两项调整都从报告收益中扣除，尽管引发这些税负的未实现增值从来没有被计入过利润，而是直接计入了净资产。",[33,40,41],{},"1993年GAAP的另一项变更影响的是我们持有的有价证券的估值方式。近年来，我们保险公司持有的普通股和约当普通股（可转换优先股等）都按市价计算，但母公司或非保险子公司持有的股票则按成本与市价孰低法计算。现在GAAP规定所有普通股都应按市价列示。我们从1993年第四季度开始执行这一规定，此举使伯克希尔的净资产增加了约1.72亿美元。",[33,43,44],{},"最后，我们去年发行了一些新股。在去年年报提到的一项交易中，我们于1993年1月初赎回了4,600万美元的可转换债券，并因此发行了3,944股。此外，在收购德克斯特鞋业 (Dexter Shoe) 时（后文会详细讨论），我们又发行了25,203股。总计新发行29,147股，净资产增加约4.78亿美元。每股账面价值也因发行价格高于原有每股账面价值而有所提升。\n当然，真正重要的是每股内在价值，而非账面价值。账面价值是一个会计概念，衡量的是一家企业投入的资本，包括留存收益在内。内在价值则是对一家企业在其剩余寿命中所能产出的现金流的折现估计值。对大多数公司而言，这两个数字并没有什么关系。但伯克希尔是个例外：我们的账面价值虽然远低于内在价值，却是追踪这一关键数字相当好的指标。1993年，两项指标大约都增长了14%，这个成绩虽令人满意但并不令人惊喜。",[14,46,47],{},"不过，这个增幅比起伯克希尔股价39%的涨幅来说就逊色不少了。当然就长期而言，市价与内在价值终将殊途同归。但短期内两者经常大幅偏离，这种现象我以前也讨论过。两年前，我们两个主要的持股——可口可乐 (Coca-Cola) 和吉列 (Gillette)——的股价涨幅远远超过了它们的盈利增长。在1991年的年报中，我说过这些公司的股票市价不可能持续超越其本业表现。",[14,49,50],{},"从1991年到1993年，可口可乐和吉列的每股经营收益分别增长了38%和37%，但同期股价涨幅仅为11%和6%。换句话说，本业表现超越了股价表现，部分原因无疑在于华尔街对品牌公司产生了新的疑虑。但不管原因是什么，长期来看真正重要的还是这些公司的盈利表现。如果它们经营得好，伯克希尔也会跟着受益，尽管步调不一定完全一致。",[14,52,53],{},"接下来让我给各位上一堂历史课：1919年可口可乐以每股40美元公开上市。到1920年底，市场冷静地重新评估可口可乐的前景后，股价暴跌超过50%至19.50美元。然而到1993年底，当初的一股（股利再投资）价值已经超过210万美元。正如格雷厄姆 (Ben Graham) 所说：\"短期来看，市场是一台投票机——参加投票的资格只需要钱，不需要智慧或情绪控制——但长期来看，市场是一台称重机。\"",[14,55,56],{},"那么我们该如何看待伯克希尔去年股价的超常表现呢？很明显，1993年底伯克希尔的股价相对于内在价值的比率，高于年初时的水平。另一方面，在长期利率只有6%至7%的投资环境下，如果——你们应该明白这是一个巨大的\"如果\"——伯克希尔的副董事长查理·芒格 (Charlie Munger) 和我能够达成我们长期以来的目标，即以年均15%的速度增加伯克希尔的每股内在价值，那么伯克希尔目前的市价也并非不合理。对于这个目标，我们从未退缩。但我们必须再次强调——就像我们多年来一直说的——随着资本基数的不断膨胀，15%的目标只会越来越难以达到。",[14,58,59],{},"我们的优势在于，旗下拥有越来越多的大型运营企业，它们的经济特征从优秀到卓越不等，由表现从卓越到卓越的经理人经营。对于这个阵容，各位完全不必操心。",[14,61,62],{},"在母公司层面，查理跟我利用旗下经理人上缴的资金所做的资本配置工作，结果就不那么确定了：要找到能与现有企业和经理人相媲美的新标的并不容易。尽管困难重重，查理跟我还是乐此不疲地寻找。我们也很高兴地向各位报告，1993年我们收获了一项重要的成果。",[10,64,65],{"id":65},"德克斯特鞋业",[14,67,68,69,73],{},"我们去年的动作是在1991年收购布朗鞋业 (H. H. Brown) 基础上的延续。布朗鞋业是一家经营出色的工作鞋及靴子制造商，实在是一笔成功的投资：虽然我们一开始就对它有很高的期望，但在弗兰克·鲁尼 (Frank Rooney)、吉姆·伊斯勒 (Jim Issler) 以及与他们共事的优秀经理人努力下，实际表现甚至远超我们的预期。正因为对Frank团队的信心，我们在1992年底又收购了洛厄尔鞋业 (Lowell Shoe)。洛厄尔是一家历史悠久的女鞋和护士鞋制造商，业务上还需要一些调整。同样地，结果又超出了我们的预期。因此去年我们毫不犹豫地抓住机会，收购了缅因州德克斯特的德克斯特鞋业 (Dexter Shoe)，一家生产大众价位男女鞋的企业。我可以向各位保证，德克斯特完全",[70,71,72],"em",{},"不","需要改造：这是查理跟我在整个商业生涯中见过的管理最出色的公司之一。",[14,75,76],{},"哈罗德·阿尔方德 (Harold Alfond) 20岁时在一家鞋厂以每小时25美分的工资开始工作，1956年他用1万美元的资本创立了德克斯特。1958年他的侄子彼得·伦德 (Peter Lunder) 加入。从那以后，两人携手打造了一家年产超过750万双鞋的企业，大部分在缅因州生产，其余在波多黎各。大家可能都知道，美国国内制鞋业通常被认为无法与来自低工资国家的进口产品竞争。但似乎没人把这话告诉德克斯特和布朗鞋业那些精明的管理层以及熟练的工人——正是他们联手让这两家公司的美国工厂在面对所有竞争者时都保持了高度的竞争力。",[14,78,79],{},"德克斯特还拥有77家零售店，主要集中在美国东北部。该公司也是高尔夫球鞋的主要制造商，约占美国产量的15%。不过它的看家本领还是为传统零售商生产传统鞋类，而且做得非常出色：去年Nordstrom和JCPenney都授予德克斯特1992年度最佳供应商奖。",[14,81,82],{},"我们1993年的业绩只包含德克斯特自11月7日合并日起的部分。1994年，我们预计伯克希尔鞋类业务的销售额将超过5.5亿美元，税前利润极有可能超过8,500万美元。五年前我们压根没想过会进入制鞋行业。现在光这个产业我们就有7,200名员工，我开车上班时嘴里哼的是\"没有一个行业比得上鞋业\"。我的战略规划就讲这么多吧。",[14,84,85],{},"在伯克希尔，我们对未来并没有预设会进入哪些行业或产业。事实上，我们认为大型企业追求所谓的宏伟愿景进入新领域，通常对股东来说是毒药。我们更愿意专注于两件事：我们想要拥有的企业应具备怎样的经济特征，以及我们想与之共事的经理人应具备怎样的人品——然后寄希望于运气好能同时找到两者。在德克斯特，我们做到了。",[14,87,88],{},"凯瑟琳·格雷厄姆 (Katharine Graham) 去年从华盛顿邮报公司 (The Washington Post Company) 的董事长职位上退休，三年前她已经卸任了CEO。1973年，我们以大约1,000万美元买入了她公司的股票。如今这笔持股每年为我们带来700万美元的股利收入，市值超过4亿美元。当初买入时，我们知道这家公司的经济前景很好。但同样重要的是，查理跟我都认定凯瑟琳将会是一位杰出的管理者，并会公正地对待所有股东。后面这一点尤为关键，因为华盛顿邮报公司有两类股票——我们见过有些管理者会滥用这种结构。",[14,90,91],{},"我们当初对这笔投资的所有判断都被事实验证了。凯瑟琳的管理才能在去年得到了进一步的认可——她被《财富》杂志编辑委员会选入商业名人堂。而代表我们的股东，查理跟我早就把她列入了伯克希尔的名人堂。",[14,93,94],{},"弗兰克·鲁尼 (Frank Rooney) 去年可谓双倍辛劳。他不仅带领布朗鞋业创下了利润新高——比1992年的高点还高出35%——还是我们成功合并德克斯特的关键人物。",[14,96,97],{},"Frank认识Harold Alfond和Peter Lunder已有数十年。在我们买下布朗鞋业后不久，他就告诉我他们经营着多么出色的一家企业。他积极撮合我们见面，很快我们就达成了交易。Frank告诉Harold和Peter，伯克希尔将是德克斯特企业最理想的归宿，而这种保证无疑促成了他们加入我们的决定。",[14,99,100],{},"过去我告诉过各位Frank在担任梅尔维尔公司 (Melville Corp.) CEO的23年间所创下的非凡纪录。现在，72岁的他在伯克希尔的步伐甚至比以前更快。Frank风格低调、从容不迫，但千万不要被他骗了。当他大棒一挥时，球可是直接消失在围墙之外。",[10,102,103],{"id":103},"年度股东大会",[14,105,106],{},"今年的年度股东大会将于1994年4月25日星期一上午9:30，在奥马哈市中心的奥芬剧院 (Orpheum Theater) 举行。去年的参会人数创下了2,200人的新纪录，不过这个剧院还能容纳更多人。我们会在大厅里展示许多旗下的消费品——糖果、喷枪、鞋子、餐具、百科全书等等。其中我最期待的是喜诗糖果 (See's Candies) 为纪念B夫人100岁生日推出的礼盒装——包装上印的是B夫人的照片，而不是原来喜诗太太 (Mrs. See) 的照片。",[14,108,109],{},"我们建议各位尽早在以下酒店预订房间：(1) 拉迪森-雷迪克塔酒店 (Radisson-Redick Tower)，一家小巧（88间房）但不错的酒店，就在奥芬剧院对面；(2) 规模大得多的红狮酒店 (Red Lion Hotel)，距离奥芬剧院步行约五分钟；(3) 万豪酒店 (Marriott)，位于奥马哈西区，离波仙珠宝店 (Borsheim's) 约100码，开车到市中心约20分钟。我们会在万豪酒店安排巴士，8:30和8:45发车前往会场，散会后返回。",[14,111,112],{},"随附的委托书材料会告诉各位如何获取入场所需的识别证。连同识别证，我们会附上奥芬剧院附近停车设施的信息。如果你开车来，请早点到。附近的停车场很快就会停满，你可能得多走几个街区。",[14,114,115],{},"和以往一样，会后我们有巴士送各位去内布拉斯加家具店和波仙珠宝店，之后再从那里送到市区酒店或机场。早到的朋友可以随时逛家具店：周六上午10点到下午5:30营业，周日中午到下午5:30营业。波仙珠宝店通常周日不营业，但4月24日星期天将特别为股东及来宾开放，时间为中午至下午6点。",[14,117,118],{},"过去几年去过波仙珠宝店的朋友可能都见过苏珊·雅克斯 (Susan Jacques)。1994年初，Susan被任命为公司总裁兼CEO。11年前她23岁时进入这家店，起薪是每小时4美元。周日当天Susan将在波仙珠宝店与我们其他许多子公司的经理人一起接待大家，查理跟我也会到场。",[14,120,121],{},"前一天晚上——4月23日星期六——在罗森布拉特体育场 (Rosenblatt Stadium) 有一场棒球赛，奥马哈皇家队 (Omaha Royals) 对阵纳什维尔之声队 (Nashville Sounds)（后者可能会是迈克尔·乔丹所在的球队）。各位可能知道，几年前我个人买下了皇家队25%的股权（一个我不太好意思张扬的资本配置决策），今年联盟很配合地把主场赛事安排在了股东大会期间。",[14,123,124],{},"4月23日我将担任开球嘉宾，而且我保证一定会比去年那次丢脸的表现有所进步。那次捕手莫名其妙地要求我投出\"下沉球\"，而我忠实地照做了——结果差点砸到自己的脚。今年不管捕手打什么暗号，我都要祭出我的高速直球，所以请大家带上测速仪。委托书资料中会有购票说明。遗憾的是，你们不用从黄牛那里买票。",[14,126,127],{},"沃伦·巴菲特",[14,129,130],{},"董事会主席",[14,132,133],{},"1994年3月1日",{"title":135,"searchDepth":136,"depth":136,"links":137},"",2,[],"致股东信",null,"1993年巴菲特致股东信，讨论股票回购决策、喜诗糖果表现及吉列刀片投资","md",{},true,64,"\u002Fbuffett\u002Fberkshire\u002F1993-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":140},"1993 巴菲特致股东信｜巴菲特","1993-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1993-ba-fei-te-zhi-gu-dong-xin","FMnctyBXzfLN1z2zfXMAyU7ntxfPla6aiBIDl3Hiy7Y","buffett",[153,157,161,165,168,171,174,178,181,184,188,191,194,198,201,204,208,211,214,218,221,224,228,231,234,238,241,244,248,251,254,258,261,264,268,271,274,278,281,284,288,291,294,298,301,304,308,311,314,318,321,324,328,331,334,338,341,344,348,351,354,358,361,364,368,371,374,378,381,384,388,391,394,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,495,498,502,505,509,512,516,519,523,526,530,533,537,540,544,547,551,554,558,561,565,568,572,575,579,582,586,589,593,596,600,603,607,610,614,617,621,624,628,631,635,638,642,645,649,652,656,659,663,666,670,673,677,680,684,687,691,694,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,814,817,821,824,828,831,835,838,842,845,849,852,856,859,863,866,870,873,877,880,884,887,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,958,962,966,970,974,978,982,986,990,994,998,1002,1006,1010,1014,1018,1022,1026,1030,1034,1038,1042,1046,1050,1054,1058,1062,1066,1070,1074,1078,1082,1086,1090,1094,1098,1102,1106,1110,1114,1118,1122,1126,1130,1134,1138,1142,1146,1150],{"title":154,"slug":155,"category":138,"order":156},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":158,"slug":159,"category":160,"order":156},"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":162,"slug":163,"category":164,"order":156},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":166,"slug":167,"category":138,"order":136},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":169,"slug":170,"category":160,"order":136},"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":172,"slug":173,"category":164,"order":136},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":175,"slug":176,"category":138,"order":177},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":179,"slug":180,"category":160,"order":177},"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":182,"slug":183,"category":164,"order":177},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":185,"slug":186,"category":138,"order":187},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":189,"slug":190,"category":160,"order":187},"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":192,"slug":193,"category":164,"order":187},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":195,"slug":196,"category":138,"order":197},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":199,"slug":200,"category":160,"order":197},"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":202,"slug":203,"category":164,"order":197},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":205,"slug":206,"category":138,"order":207},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":209,"slug":210,"category":160,"order":207},"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":212,"slug":213,"category":164,"order":207},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":215,"slug":216,"category":138,"order":217},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":219,"slug":220,"category":160,"order":217},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":222,"slug":223,"category":164,"order":217},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":225,"slug":226,"category":138,"order":227},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":229,"slug":230,"category":160,"order":227},"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":232,"slug":233,"category":164,"order":227},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":235,"slug":236,"category":138,"order":237},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":239,"slug":240,"category":160,"order":237},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":242,"slug":243,"category":164,"order":237},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":245,"slug":246,"category":138,"order":247},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":249,"slug":250,"category":160,"order":247},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":252,"slug":253,"category":164,"order":247},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":255,"slug":256,"category":138,"order":257},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":259,"slug":260,"category":160,"order":257},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":262,"slug":263,"category":164,"order":257},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":265,"slug":266,"category":138,"order":267},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":269,"slug":270,"category":160,"order":267},"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":272,"slug":273,"category":164,"order":267},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":275,"slug":276,"category":138,"order":277},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":279,"slug":280,"category":160,"order":277},"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":282,"slug":283,"category":164,"order":277},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":285,"slug":286,"category":138,"order":287},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":289,"slug":290,"category":160,"order":287},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":292,"slug":293,"category":164,"order":287},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":295,"slug":296,"category":138,"order":297},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":299,"slug":300,"category":160,"order":297},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":302,"slug":303,"category":164,"order":297},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":305,"slug":306,"category":138,"order":307},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":309,"slug":310,"category":160,"order":307},"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":312,"slug":313,"category":164,"order":307},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":315,"slug":316,"category":138,"order":317},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":319,"slug":320,"category":160,"order":317},"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":322,"slug":323,"category":164,"order":317},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":325,"slug":326,"category":138,"order":327},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":329,"slug":330,"category":160,"order":327},"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":332,"slug":333,"category":164,"order":327},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":335,"slug":336,"category":138,"order":337},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":339,"slug":340,"category":160,"order":337},"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":342,"slug":343,"category":164,"order":337},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":345,"slug":346,"category":138,"order":347},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":349,"slug":350,"category":160,"order":347},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":352,"slug":353,"category":164,"order":347},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":355,"slug":356,"category":138,"order":357},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":359,"slug":360,"category":160,"order":357},"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":362,"slug":363,"category":164,"order":357},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":365,"slug":366,"category":138,"order":367},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":369,"slug":370,"category":160,"order":367},"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":372,"slug":373,"category":164,"order":367},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":375,"slug":376,"category":138,"order":377},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":379,"slug":380,"category":160,"order":377},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":382,"slug":383,"category":164,"order":377},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":385,"slug":386,"category":138,"order":387},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":389,"slug":390,"category":160,"order":387},"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":392,"slug":393,"category":164,"order":387},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":395,"slug":396,"category":138,"order":397},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":399,"slug":400,"category":160,"order":397},"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":402,"slug":403,"category":164,"order":397},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":405,"slug":406,"category":138,"order":407},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":409,"slug":410,"category":160,"order":407},"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":412,"slug":413,"category":164,"order":407},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":415,"slug":416,"category":138,"order":417},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":419,"slug":420,"category":160,"order":417},"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":422,"slug":423,"category":164,"order":417},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":425,"slug":426,"category":138,"order":427},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":429,"slug":430,"category":160,"order":427},"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":432,"slug":433,"category":164,"order":427},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":435,"slug":436,"category":138,"order":437},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":439,"slug":440,"category":160,"order":437},"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":442,"slug":443,"category":164,"order":437},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":445,"slug":446,"category":138,"order":447},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":449,"slug":450,"category":160,"order":447},"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":452,"slug":453,"category":164,"order":447},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":455,"slug":456,"category":138,"order":457},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":459,"slug":460,"category":160,"order":457},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":462,"slug":463,"category":164,"order":457},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":465,"slug":466,"category":138,"order":467},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":469,"slug":470,"category":160,"order":467},"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":472,"slug":473,"category":164,"order":467},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":475,"slug":476,"category":138,"order":477},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":479,"slug":480,"category":160,"order":477},"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":482,"slug":483,"category":164,"order":477},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":485,"slug":486,"category":138,"order":487},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":489,"slug":490,"category":160,"order":487},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":492,"slug":493,"category":138,"order":494},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":496,"slug":497,"category":160,"order":494},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":499,"slug":500,"category":138,"order":501},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":503,"slug":504,"category":160,"order":501},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":506,"slug":507,"category":138,"order":508},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":510,"slug":511,"category":160,"order":508},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":513,"slug":514,"category":138,"order":515},"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":517,"slug":518,"category":160,"order":515},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":520,"slug":521,"category":138,"order":522},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":524,"slug":525,"category":160,"order":522},"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":527,"slug":528,"category":138,"order":529},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":531,"slug":532,"category":160,"order":529},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":534,"slug":535,"category":138,"order":536},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":538,"slug":539,"category":160,"order":536},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":541,"slug":542,"category":138,"order":543},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":545,"slug":546,"category":160,"order":543},"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":548,"slug":549,"category":138,"order":550},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":552,"slug":553,"category":160,"order":550},"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":555,"slug":556,"category":138,"order":557},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":559,"slug":560,"category":160,"order":557},"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":562,"slug":563,"category":138,"order":564},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":566,"slug":567,"category":160,"order":564},"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":569,"slug":570,"category":138,"order":571},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":573,"slug":574,"category":160,"order":571},"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":576,"slug":577,"category":138,"order":578},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":580,"slug":581,"category":160,"order":578},"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":583,"slug":584,"category":138,"order":585},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":587,"slug":588,"category":160,"order":585},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":590,"slug":591,"category":138,"order":592},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":594,"slug":595,"category":160,"order":592},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":597,"slug":598,"category":138,"order":599},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":601,"slug":602,"category":160,"order":599},"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":604,"slug":605,"category":138,"order":606},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":608,"slug":609,"category":160,"order":606},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":611,"slug":612,"category":138,"order":613},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":615,"slug":616,"category":160,"order":613},"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":618,"slug":619,"category":138,"order":620},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":622,"slug":623,"category":160,"order":620},"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":625,"slug":626,"category":138,"order":627},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":629,"slug":630,"category":160,"order":627},"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":632,"slug":633,"category":138,"order":634},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":636,"slug":637,"category":160,"order":634},"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":639,"slug":640,"category":138,"order":641},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":643,"slug":644,"category":160,"order":641},"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":646,"slug":647,"category":138,"order":648},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":650,"slug":651,"category":160,"order":648},"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":653,"slug":654,"category":138,"order":655},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":657,"slug":658,"category":160,"order":655},"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":660,"slug":661,"category":138,"order":662},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":664,"slug":665,"category":160,"order":662},"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":667,"slug":668,"category":138,"order":669},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":671,"slug":672,"category":160,"order":669},"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":674,"slug":675,"category":138,"order":676},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":678,"slug":679,"category":160,"order":676},"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":681,"slug":682,"category":138,"order":683},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":685,"slug":686,"category":160,"order":683},"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":688,"slug":689,"category":138,"order":690},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":692,"slug":693,"category":160,"order":690},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":5,"slug":148,"category":138,"order":144},{"title":696,"slug":697,"category":160,"order":144},"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":699,"slug":700,"category":138,"order":701},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":703,"slug":704,"category":160,"order":701},"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":706,"slug":707,"category":138,"order":708},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":710,"slug":711,"category":160,"order":708},"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":713,"slug":714,"category":138,"order":715},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":717,"slug":718,"category":160,"order":715},"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":720,"slug":721,"category":138,"order":722},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":724,"slug":725,"category":160,"order":722},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":727,"slug":728,"category":138,"order":729},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":731,"slug":732,"category":160,"order":729},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":734,"slug":735,"category":138,"order":736},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":738,"slug":739,"category":160,"order":736},"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":741,"slug":742,"category":138,"order":743},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":745,"slug":746,"category":160,"order":743},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":748,"slug":749,"category":138,"order":750},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":752,"slug":753,"category":160,"order":750},"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":755,"slug":756,"category":138,"order":757},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":759,"slug":760,"category":160,"order":757},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":762,"slug":763,"category":138,"order":764},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":766,"slug":767,"category":160,"order":764},"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":769,"slug":770,"category":138,"order":771},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":773,"slug":774,"category":160,"order":771},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":776,"slug":777,"category":138,"order":778},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":780,"slug":781,"category":160,"order":778},"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":783,"slug":784,"category":138,"order":785},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":787,"slug":788,"category":160,"order":785},"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":790,"slug":791,"category":138,"order":792},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":794,"slug":795,"category":160,"order":792},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":797,"slug":798,"category":138,"order":799},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":801,"slug":802,"category":160,"order":799},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":804,"slug":805,"category":138,"order":806},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":808,"slug":809,"category":160,"order":806},"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":811,"slug":812,"category":138,"order":813},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":815,"slug":816,"category":160,"order":813},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":818,"slug":819,"category":138,"order":820},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":822,"slug":823,"category":160,"order":820},"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":825,"slug":826,"category":138,"order":827},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":829,"slug":830,"category":160,"order":827},"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":832,"slug":833,"category":138,"order":834},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":836,"slug":837,"category":160,"order":834},"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":839,"slug":840,"category":138,"order":841},"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":843,"slug":844,"category":160,"order":841},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":846,"slug":847,"category":138,"order":848},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":850,"slug":851,"category":160,"order":848},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":853,"slug":854,"category":138,"order":855},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":857,"slug":858,"category":160,"order":855},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":860,"slug":861,"category":138,"order":862},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":864,"slug":865,"category":160,"order":862},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":867,"slug":868,"category":138,"order":869},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":871,"slug":872,"category":160,"order":869},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":874,"slug":875,"category":138,"order":876},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":878,"slug":879,"category":160,"order":876},"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":881,"slug":882,"category":138,"order":883},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":885,"slug":886,"category":160,"order":883},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":888,"slug":889,"category":138,"order":890},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":892,"slug":893,"category":160,"order":890},"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":895,"slug":896,"category":138,"order":897},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":899,"slug":900,"category":160,"order":897},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":902,"slug":903,"category":138,"order":904},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":906,"slug":907,"category":160,"order":904},"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":909,"slug":910,"category":138,"order":911},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":913,"slug":914,"category":160,"order":911},"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":916,"slug":917,"category":138,"order":918},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":920,"slug":921,"category":160,"order":918},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":923,"slug":924,"category":138,"order":925},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":927,"slug":928,"category":160,"order":925},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":930,"slug":931,"category":138,"order":932},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":934,"slug":935,"category":160,"order":932},"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":937,"slug":938,"category":138,"order":939},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":941,"slug":942,"category":160,"order":939},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":944,"slug":945,"category":138,"order":946},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":948,"slug":949,"category":160,"order":946},"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":951,"slug":952,"category":160,"order":953},"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":955,"slug":956,"category":160,"order":957},"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":959,"slug":960,"category":160,"order":961},"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":963,"slug":964,"category":160,"order":965},"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":967,"slug":968,"category":160,"order":969},"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":971,"slug":972,"category":160,"order":973},"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":975,"slug":976,"category":160,"order":977},"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":979,"slug":980,"category":160,"order":981},"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":983,"slug":984,"category":160,"order":985},"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":987,"slug":988,"category":160,"order":989},"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":991,"slug":992,"category":160,"order":993},"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":995,"slug":996,"category":160,"order":997},"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":999,"slug":1000,"category":160,"order":1001},"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":1003,"slug":1004,"category":160,"order":1005},"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":1007,"slug":1008,"category":160,"order":1009},"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":1011,"slug":1012,"category":160,"order":1013},"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":1015,"slug":1016,"category":160,"order":1017},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1019,"slug":1020,"category":160,"order":1021},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1023,"slug":1024,"category":160,"order":1025},"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":1027,"slug":1028,"category":160,"order":1029},"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":1031,"slug":1032,"category":160,"order":1033},"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":1035,"slug":1036,"category":160,"order":1037},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1039,"slug":1040,"category":160,"order":1041},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1043,"slug":1044,"category":160,"order":1045},"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":1047,"slug":1048,"category":160,"order":1049},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1051,"slug":1052,"category":160,"order":1053},"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":1055,"slug":1056,"category":160,"order":1057},"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":1059,"slug":1060,"category":160,"order":1061},"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":1063,"slug":1064,"category":160,"order":1065},"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":1067,"slug":1068,"category":160,"order":1069},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1071,"slug":1072,"category":160,"order":1073},"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":1075,"slug":1076,"category":160,"order":1077},"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":1079,"slug":1080,"category":160,"order":1081},"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":1083,"slug":1084,"category":160,"order":1085},"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":1087,"slug":1088,"category":160,"order":1089},"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":1091,"slug":1092,"category":160,"order":1093},"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":1095,"slug":1096,"category":160,"order":1097},"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":1099,"slug":1100,"category":160,"order":1101},"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":1103,"slug":1104,"category":160,"order":1105},"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":1107,"slug":1108,"category":160,"order":1109},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1111,"slug":1112,"category":160,"order":1113},"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":1115,"slug":1116,"category":160,"order":1117},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1119,"slug":1120,"category":160,"order":1121},"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":1123,"slug":1124,"category":160,"order":1125},"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":1127,"slug":1128,"category":160,"order":1129},"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":1131,"slug":1132,"category":160,"order":1133},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1135,"slug":1136,"category":160,"order":1137},"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":1139,"slug":1140,"category":160,"order":1141},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1143,"slug":1144,"category":160,"order":1145},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1147,"slug":1148,"category":160,"order":1149},"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":1151,"slug":1152,"category":160,"order":1153},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1155,1159,1162,1165,1168,1171,1174,1177,1180,1184,1188,1191,1194,1197,1200,1203,1206,1209,1212,1215,1218,1221,1224,1227,1230,1234,1237,1240,1243,1246,1249,1252,1255,1258,1261,1265,1268,1271,1274,1277,1280,1283,1286,1290,1293,1296,1299,1302,1305,1308,1311,1314,1317,1320,1323,1326,1329,1332,1335,1338,1341,1344,1347,1350,1353,1356,1359,1362,1365,1368,1371,1376,1380,1384,1388,1392,1396,1400,1404,1408,1412,1416,1420,1424,1428,1432,1436,1440,1444,1448,1452],{"title":1156,"slug":1157,"category":1158,"order":156},"本分","benfen","核心哲学",{"title":1160,"slug":1161,"category":1158,"order":136},"平常心","pingchangxin",{"title":1163,"slug":1164,"category":1158,"order":177},"做对的事情","zuoduideshiqing",{"title":1166,"slug":1167,"category":1158,"order":187},"把事情做对","bashiqingzuodui",{"title":1169,"slug":1170,"category":1158,"order":197},"能力圈","nengliquan",{"title":1172,"slug":1173,"category":1158,"order":207},"不做什么","buzuoshenme",{"title":1175,"slug":1176,"category":1158,"order":217},"敢为天下后","ganweitianxiahou",{"title":1178,"slug":1179,"category":1158,"order":227},"消费者导向","xiaofeizhedaoxiang",{"title":1181,"slug":1182,"category":1183,"order":237},"价值投资","jiazhitouzi","投资理念",{"title":1185,"slug":1186,"category":1187,"order":247},"负债","fuzhai","财务指标",{"title":1189,"slug":1190,"category":1183,"order":247},"商业模式","shangyemoshi",{"title":1192,"slug":1193,"category":1183,"order":257},"护城河","huchenghe",{"title":1195,"slug":1196,"category":1187,"order":257},"净现金","jingxianjin",{"title":1198,"slug":1199,"category":1187,"order":267},"开销合理性","kaixiaohelixing",{"title":1201,"slug":1202,"category":1183,"order":267},"现金流","xianjinliu",{"title":1204,"slug":1205,"category":1187,"order":277},"真实利润","zhenshilirun",{"title":1207,"slug":1208,"category":1183,"order":277},"折现","zhexian",{"title":1210,"slug":1211,"category":1183,"order":287},"安全边际","anquanbianji",{"title":1213,"slug":1214,"category":1187,"order":287},"扣除商誉的净资产","jingzichan",{"title":1216,"slug":1217,"category":1183,"order":297},"基本面","jibenmian",{"title":1219,"slug":1220,"category":1183,"order":307},"机会成本","jihuichengben",{"title":1222,"slug":1223,"category":1183,"order":317},"长期持有","zhangqichiyou",{"title":1225,"slug":1226,"category":1183,"order":327},"投机","touji",{"title":1228,"slug":1229,"category":1183,"order":337},"止损","zhisun",{"title":1231,"slug":1232,"category":1233,"order":347},"企业文化","qiyewenhua","企业经营",{"title":1235,"slug":1236,"category":1233,"order":357},"品牌","pinpai",{"title":1238,"slug":1239,"category":1233,"order":367},"差异化","chayihua",{"title":1241,"slug":1242,"category":1233,"order":377},"用户体验","yonghutiyan",{"title":1244,"slug":1245,"category":1233,"order":387},"渠道","qudao",{"title":1247,"slug":1248,"category":1233,"order":397},"平台","pingtai",{"title":1250,"slug":1251,"category":1233,"order":407},"生态系统","shengtaixitong",{"title":1253,"slug":1254,"category":1233,"order":417},"单一产品","danyichanpin",{"title":1256,"slug":1257,"category":1233,"order":427},"造钟人","zaozhongren",{"title":1259,"slug":1260,"category":1233,"order":437},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1262,"slug":1263,"category":1264,"order":447},"进取心","jinquxin","品格与心性",{"title":1266,"slug":1267,"category":1264,"order":457},"耐心","naixin",{"title":1269,"slug":1270,"category":1264,"order":467},"责任心","zerenxin",{"title":1272,"slug":1273,"category":1264,"order":477},"爱心","aixin",{"title":1275,"slug":1276,"category":1264,"order":487},"信誉","xinyu",{"title":1278,"slug":1279,"category":1264,"order":494},"正直","zhengzhi",{"title":1281,"slug":1282,"category":1264,"order":501},"理性","lixing",{"title":1284,"slug":1285,"category":1264,"order":508},"长期主义","zhangqizhuyi",{"title":1287,"slug":1288,"category":1289,"order":946},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1291,"slug":1292,"category":1289,"order":953},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1294,"slug":1295,"category":1289,"order":957},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1297,"slug":1298,"category":1289,"order":961},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1300,"slug":1301,"category":1289,"order":965},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1303,"slug":1304,"category":1289,"order":969},"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":1306,"slug":1307,"category":1289,"order":973},"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":1309,"slug":1310,"category":1289,"order":977},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1312,"slug":1313,"category":1289,"order":981},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1315,"slug":1316,"category":1289,"order":985},"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":1318,"slug":1319,"category":1289,"order":989},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1321,"slug":1322,"category":1289,"order":993},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1324,"slug":1325,"category":1289,"order":997},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1327,"slug":1328,"category":1289,"order":1001},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1330,"slug":1331,"category":1289,"order":1005},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1333,"slug":1334,"category":1289,"order":1009},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1336,"slug":1337,"category":1289,"order":1013},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1339,"slug":1340,"category":1289,"order":1017},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1342,"slug":1343,"category":1289,"order":1021},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1345,"slug":1346,"category":1289,"order":1025},"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":1348,"slug":1349,"category":1289,"order":1029},"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":1351,"slug":1352,"category":1289,"order":1033},"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":1354,"slug":1355,"category":1289,"order":1037},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1357,"slug":1358,"category":1289,"order":1041},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1360,"slug":1361,"category":1289,"order":1045},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1363,"slug":1364,"category":1289,"order":1049},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1366,"slug":1367,"category":1289,"order":1053},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1369,"slug":1370,"category":1289,"order":1057},"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":1372,"slug":1373,"category":1374,"order":1375},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1377,"slug":1378,"category":1374,"order":1379},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1381,"slug":1382,"category":1374,"order":1383},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1385,"slug":1386,"category":1374,"order":1387},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1389,"slug":1390,"category":1374,"order":1391},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1393,"slug":1394,"category":1374,"order":1395},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1397,"slug":1398,"category":1374,"order":1399},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1401,"slug":1402,"category":1374,"order":1403},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1405,"slug":1406,"category":1374,"order":1407},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1409,"slug":1410,"category":1374,"order":1411},"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":1413,"slug":1414,"category":1374,"order":1415},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1417,"slug":1418,"category":1374,"order":1419},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1421,"slug":1422,"category":1374,"order":1423},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1425,"slug":1426,"category":1374,"order":1427},"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":1429,"slug":1430,"category":1374,"order":1431},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1433,"slug":1434,"category":1374,"order":1435},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1437,"slug":1438,"category":1374,"order":1439},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1441,"slug":1442,"category":1374,"order":1443},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1445,"slug":1446,"category":1374,"order":1447},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1449,"slug":1450,"category":1374,"order":1451},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1453,"slug":1454,"category":1374,"order":1455},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1457,1460,1463,1466,1470,1474,1477,1481,1483,1486,1489,1492,1496,1499,1502,1505,1508,1512,1515,1518,1521,1524,1528,1531,1534,1536,1539,1542,1545,1548,1551,1554,1557,1560,1563,1566,1569,1572,1575,1578,1581,1584,1587,1590,1593,1596,1599,1602,1605,1608,1611,1614,1617,1620,1623,1626,1629,1632,1635,1638,1641,1644,1647,1650,1653,1656,1660,1663,1666,1669,1672,1676,1679,1682,1685],{"title":1169,"slug":1458,"category":1459,"order":156},"ability-circle","决策与战略",{"title":1461,"slug":1462,"category":1459,"order":136},"逆向思维","inversion",{"title":1219,"slug":1464,"category":1465,"order":177},"opportunity-cost","经济学",{"title":1467,"slug":1468,"category":1469,"order":187},"复利","compound-interest","数学与概率论",{"title":1471,"slug":1472,"category":1473,"order":197},"激励机制","incentives","心理学",{"title":1475,"slug":1476,"category":1469,"order":207},"概率思维","probabilistic-thinking",{"title":1478,"slug":1479,"category":1480,"order":217},"二阶效应","second-order-effects","哲学与逻辑",{"title":1210,"slug":1482,"category":1459,"order":227},"margin-of-safety",{"title":1484,"slug":1485,"category":1473,"order":237},"心理误判","psychology-of-misjudgment",{"title":1487,"slug":1488,"category":1459,"order":247},"检查清单","checklist",{"title":1490,"slug":1491,"category":1465,"order":257},"规模优势","scale-advantage",{"title":1493,"slug":1494,"category":1495,"order":267},"冗余与容错","redundancy","工程学\u002F系统",{"title":1497,"slug":1498,"category":1469,"order":277},"排列组合","combinatorics",{"title":1500,"slug":1501,"category":1469,"order":287},"费马-帕斯卡","fermat-pascal",{"title":1503,"slug":1504,"category":1469,"order":297},"均值回归","regression-to-the-mean",{"title":1506,"slug":1507,"category":1469,"order":307},"量化分析","quantitative-analysis",{"title":1509,"slug":1510,"category":1511,"order":317},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1513,"slug":1514,"category":1511,"order":327},"平衡态","equilibrium",{"title":1516,"slug":1517,"category":1511,"order":337},"熵增定律","entropy",{"title":1519,"slug":1520,"category":1511,"order":347},"能量守恒","conservation-of-energy",{"title":1522,"slug":1523,"category":1511,"order":357},"杠杆原理","leverage",{"title":1525,"slug":1526,"category":1527,"order":367},"自然选择","natural-selection","生物学\u002F进化论",{"title":1529,"slug":1530,"category":1527,"order":377},"物竞天择","competition-for-resources",{"title":1532,"slug":1533,"category":1527,"order":387},"进化思维","evolutionary-thinking",{"title":1250,"slug":1535,"category":1527,"order":397},"ecosystem",{"title":1537,"slug":1538,"category":1473,"order":407},"爱好倾向","liking-tendency",{"title":1540,"slug":1541,"category":1473,"order":417},"讨厌倾向","disliking-tendency",{"title":1543,"slug":1544,"category":1473,"order":427},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1546,"slug":1547,"category":1473,"order":437},"一致性倾向","consistency-tendency",{"title":1549,"slug":1550,"category":1473,"order":447},"好奇心倾向","curiosity-tendency",{"title":1552,"slug":1553,"category":1473,"order":457},"康德式公平","kantian-fairness",{"title":1555,"slug":1556,"category":1473,"order":467},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1558,"slug":1559,"category":1473,"order":477},"反馈倾向","reciprocation-tendency",{"title":1561,"slug":1562,"category":1473,"order":487},"权威误导","authority-misinfluence",{"title":1564,"slug":1565,"category":1473,"order":494},"重视理由","reason-respecting-tendency",{"title":1567,"slug":1568,"category":1473,"order":501},"过度乐观","over-optimism",{"title":1570,"slug":1571,"category":1473,"order":508},"损失厌恶","loss-aversion",{"title":1573,"slug":1574,"category":1473,"order":515},"否认倾向","denial-tendency",{"title":1576,"slug":1577,"category":1473,"order":522},"过度反应","overreaction-tendency",{"title":1579,"slug":1580,"category":1473,"order":529},"社群影响","social-influence",{"title":1582,"slug":1583,"category":1473,"order":536},"压力倾向","stress-influence-tendency",{"title":1585,"slug":1586,"category":1473,"order":543},"物质主义","materialism-tendency",{"title":1588,"slug":1589,"category":1473,"order":550},"废话倾向","twaddle-tendency",{"title":1591,"slug":1592,"category":1473,"order":557},"确认偏误","confirmation-bias",{"title":1594,"slug":1595,"category":1473,"order":564},"锚定效应","anchoring-effect",{"title":1597,"slug":1598,"category":1473,"order":571},"现时偏差","present-bias",{"title":1600,"slug":1601,"category":1473,"order":578},"贪婪倾向","greed-tendency",{"title":1603,"slug":1604,"category":1465,"order":585},"边际成本\u002F收益","marginal-cost-benefit",{"title":1606,"slug":1607,"category":1465,"order":592},"供需关系","supply-and-demand",{"title":1609,"slug":1610,"category":1465,"order":599},"帕累托最优","pareto-optimality",{"title":1612,"slug":1613,"category":1465,"order":606},"竞争性毁灭","creative-destruction",{"title":1615,"slug":1616,"category":1459,"order":613},"双轨分析","two-track-analysis",{"title":1618,"slug":1619,"category":1459,"order":620},"非线性思维","nonlinear-thinking",{"title":1621,"slug":1622,"category":1459,"order":627},"极化思考","extreme-thinking",{"title":1624,"slug":1625,"category":1459,"order":634},"必要功","necessary-work",{"title":1627,"slug":1628,"category":1495,"order":641},"停机问题","halting-problem",{"title":1630,"slug":1631,"category":1495,"order":648},"闭环系统","closed-loop-system",{"title":1633,"slug":1634,"category":1495,"order":655},"故障安全","fail-safe",{"title":1636,"slug":1637,"category":1495,"order":662},"反向设计","reverse-design",{"title":1639,"slug":1640,"category":1495,"order":669},"瓶颈分析","bottleneck-analysis",{"title":1642,"slug":1643,"category":1480,"order":676},"第一性原理","first-principles",{"title":1645,"slug":1646,"category":1480,"order":683},"证伪思维","falsification",{"title":1648,"slug":1649,"category":1480,"order":690},"奥卡姆剃刀","occams-razor",{"title":1651,"slug":1652,"category":1480,"order":144},"中道思维","middle-way",{"title":1654,"slug":1655,"category":1480,"order":701},"不可知论","agnosticism",{"title":1657,"slug":1658,"category":1659,"order":708},"大数定律","law-of-large-numbers","统计学",{"title":1661,"slug":1662,"category":1659,"order":715},"样本偏差","sample-bias",{"title":1664,"slug":1665,"category":1659,"order":722},"相关性≠因果","correlation-not-causation",{"title":1667,"slug":1668,"category":1659,"order":729},"幸存者偏差","survivorship-bias",{"title":1670,"slug":1671,"category":1659,"order":736},"基本比率","base-rate",{"title":1673,"slug":1674,"category":1675,"order":743},"社会认同","social-proof","社会学",{"title":1677,"slug":1678,"category":1675,"order":750},"部落本能","tribal-instinct",{"title":1680,"slug":1681,"category":1675,"order":757},"金蛋定律","golden-egg-rule",{"title":1683,"slug":1684,"category":1675,"order":764},"互利共生","mutualism",{"title":1686,"slug":1687,"category":1675,"order":771},"激励传导","incentive-transmission",1778147264659]