[{"data":1,"prerenderedAt":2502},["ShallowReactive",2],{"library-2017nian-bo-ke-xi-er-gu-dong-da-hui":3,"library-sidebar-buffett":966,"library-sidebar-dao":1968,"library-sidebar-models":2270},{"id":4,"title":5,"body":6,"category":952,"date":953,"description":954,"extension":955,"meta":956,"navigation":957,"order":958,"path":959,"seo":960,"seoDescription":954,"seoTitle":961,"slug":962,"stem":963,"__hash__":964,"_collection":965},"buffett\u002Fbuffett\u002Fshareholders\u002F2017nian-bo-ke-xi-er-gu-dong-da-hui.md","2017年伯克希尔股东大会",{"type":7,"value":8,"toc":948},"minimark",[9,13,21,25,29,32,36,39,41,45,48,50,54,57,59,63,66,68,72,75,78,81,87,90,92,94,98,101,104,107,110,113,116,119,122,125,128,131,134,137,139,143,146,148,152,155,158,161,164,167,170,173,176,178,182,185,188,191,194,197,200,203,205,208,211,213,217,219,223,226,229,232,235,238,241,244,247,249,253,256,259,262,265,268,271,274,277,280,283,286,289,291,295,298,301,304,307,310,313,316,319,322,325,328,331,334,337,340,343,347,350,352,356,358,360,364,367,369,373,376,378,382,384,386,390,393,396,399,402,404,407,410,413,416,419,422,425,428,430,434,437,440,442,446,448,450,454,456,458,462,465,468,471,474,477,480,483,487,489,491,495,497,499,503,505,507,511,513,515,519,522,525,528,531,533,536,539,542,545,548,551,554,557,561,563,565,569,571,573,577,580,583,585,589,591,593,597,600,603,606,610,612,616,618,620,624,626,628,632,635,638,640,644,647,649,653,655,657,661,663,665,669,671,673,677,679,681,685,688,690,694,697,699,703,705,707,711,714,717,720,723,725,728,731,733,737,739,741,744,746,748,751,753,755,758,760,762,765,767,769,773,776,779,782,785,788,791,794,796,800,803,805,809,811,813,817,820,823,825,829,831,833,836,838,840,844,846,848,852,855,857,861,864,866,870,873,879,881,885,888,890,894,897,899,903,905,907,913,915,919,922,924,928,931,933,937,940,943,945],[10,11,5],"h1",{"id":12},"_2017年伯克希尔股东大会",[14,15,17],"h4",{"id":16},"会前采访",[18,19,20],"strong",{},"会前采访：",[14,22,24],{"id":23},"q今年的股东大会与以往有何不同","Q：今年的股东大会与以往有何不同？",[26,27,28],"p",{},"**巴菲特：**没什么大的不同。我们一直这么办股东会，效果还不错，不用改变。去年，我们在Yahoo直播，这算一个比较大的改变。直播的效果很好，我们希望继续。查理和我加到一起179岁了。我们还是像往年一样享受股东大会的快乐。",[30,31],"hr",{},[14,33,35],{"id":34},"q采用直播形式后你们是否想过做些改变","Q：采用直播形式后，你们是否想过做些改变？",[26,37,38],{},"**巴菲特：**我们完全是即兴发挥。我和查理事先没有任何准备，有时候，我们是在开场影片放完之后，才在后台见面。",[30,40],{},[14,42,44],{"id":43},"q您在台上觉得累吗","Q：您在台上觉得累吗？",[26,46,47],{},"**巴菲特：**不累。从头到尾都不累。",[30,49],{},[14,51,53],{"id":52},"q是否考虑过用电子邮件等科技手段与股东交流","Q：是否考虑过用电子邮件等科技手段与股东交流？",[26,55,56],{},"**巴菲特：**伯克希尔的所有股东一律平等。拥有几十亿美元股份的大股东和只有一股的小股东完全一样，没有特殊待遇。我们希望股东读我们写的年报，和我们拥有相同的理念。就像一座教堂，我们不是希望谁都加入进来，只想吸引和我们有共同信念的人。我们希望有固定的股东群体，不希望有很大的流动性。我们用股东都能听得懂的语言和他们交流。我的姐姐和妹妹都是伯克希尔的股东，我怎么和我的姐妹讲，就怎么和伯克希尔的股东讲。比如，我的姐妹可能问我，“与去年相比，伯克希尔今年有什么不同？”伯克希尔的所有股东可能也会问这个问题。我像回答我的姐妹一样，回答所有股东。",[30,58],{},[14,60,62],{"id":61},"q人们有很多关于投资的问题请教您您觉得人们问了这些问题真能学到东西吗真对他们的投资有帮助吗","Q：人们有很多关于投资的问题请教您。您觉得，人们问了这些问题，真能学到东西吗？真对他们的投资有帮助吗？",[26,64,65],{},"**巴菲特：**我觉得有些人能受到启发。我们特别希望人们能领悟什么是正确的投资态度。在美国做长期投资可以享受得天独厚的优势。我们希望人们能明白，不做短线交易，不胡来，只是分享美国发展的红利，就会很好。",[30,67],{},[14,69,71],{"id":70},"q人们最严重的错误是什么","Q：人们最严重的错误是什么？",[26,73,74],{},"**巴菲特：**人们总是觉得自己知道什么时候该买股票，什么时候该卖股票。99%的人根本不应该猜来猜去，什么时候该买，什么时候该卖，甚至都不应该自己选股。他们应该买费用特别低的标普500指数基金。",[26,76,77],{},"……",[26,79,80],{},"————————————",[14,82,84],{"id":83},"qa",[18,85,86],{},"Q&A",[26,88,89],{},"**巴菲特：**谢谢。上午好。这位是查理。我是沃伦。我俩各有所长，他耳朵好使，我眼睛好使，我们是好搭档。欢迎各位来到奥马哈……",[26,91,77],{},[30,93],{},[14,95,97],{"id":96},"q第一个问题是关于富国银行的伯克希尔对富国银行的投资是280亿美元富国银行去年深陷销售丑闻公司的独立董事聘请一家律师事务所进行了调查调查揭露了富国银行存在的严重问题调查人员撰写了富国银行销售行为报告他们得出的结论是公司存在的主要问题是富国银行将权力下放社区银行的领导层权力过大巴菲特先生伯克希尔同样采用权力下放的公司结构高管同样有很大自主权您如何控制类似风险","Q：第一个问题是关于富国银行的，伯克希尔对富国银行的投资是280亿美元。富国银行去年深陷销售丑闻，公司的独立董事聘请一家律师事务所进行了调查。调查揭露了富国银行存在的严重问题。调查人员撰写了《富国银行销售行为报告》，他们得出的结论是公司存在的主要问题是“富国银行将权力下放，社区银行的领导层权力过大”。巴菲特先生，伯克希尔同样采用权力下放的公司结构，高管同样有很大自主权，您如何控制类似风险？",[26,99,100],{},"**巴菲特：**没错，伯克希尔的规模特别大，而且我们坚持充分放权。我们管理公司不是靠条条框框的规定，而是靠员工自觉遵守行为准则。这就是为什么在每年的股东大会之前放映的影片中，都要播放关于所罗门公司的那个片段。我和我们的经理人很少有书面沟通，但是每两年我都会给他们写一封信，信的大意是我们不缺钱，我们希望更富有，但我们不能只盯着赚钱。钱可以少赚，名誉一点都不能玷污。伯克希尔的声誉掌握在每位经理人手中。查理和我相信，只要建立起一种文化，自然会吸引到志同道合的董事和经理人。文化的熏陶胜过1000页规章制度的约束。",[26,102,103],{},"不管怎样，问题肯定会有的。我们伯克希尔有367000名员工。如果是一座拥有367000个家庭的小城市，都赶上奥马哈市区的居民规模了。就在我们在这里开会的当下，肯定有人在做不该做的事，绝对的。我们的经理人要积极发现并纠正错误行为。经理人要履行这个职责。我们要对此类事件给予关注并采取措施。",[26,105,106],{},"富国银行犯了了三个错误，但其中有一个错误是大错特错。每个公司都有自己的激励制度。激励制度是好的，但是制度激励的是什么很重要。公司不能适得其反，激励不良行为。在制定激励制度的同时，公司还要有一套制度来发现不良行为。",[26,108,109],{},"显然，富国银行的激励制度激励的是交叉销售，向客户出售尽可能多的产品和服务。在每个季度的投资报告会中，富国银行都强调平均向每位客户出售的产品和服务的数量。富国银行以此作为公司的工作重心，并把这个数字作为制定员工薪酬和升值的考核标准。事实表明，富国银行的激励制度诱发了员工的错误行为。",[26,111,112],{},"我们也犯过类似错误。哪家公司在制定规章体系时都可能存在漏洞。错了就是错了。一旦发现了错误，一旦CEO了解了情况，知道存在错误，必须当机立断。我们都知道发生在所罗门公司的事情。4月28日，所罗门公司的高层了解到一位员工以虚假交易申购国债。公司的 CEO John Gutfreund 本来说了要向美联储坦白，可他却没坦白。他不想认错，所以就拖着。5月15日，又有一次国债申购，所罗门的员工又进行了虚假交易。事情发生到这，就已经不可收拾了，索罗门公司轰然倒塌。",[26,114,115],{},"CEO 了解到错误行为后，必须第一时间给予制止。所罗门后来一错再错，他们没想到自己的所作所为曝光后产生的影响有多恶劣。他们以为只是缴纳 1.85 亿美元的罚金而已。他们对形势的判断大错特错。最主要的还是错在没有第一时间制止错误。发现错误以后，没及时改正。",[26,117,118],{},"我们伯克希尔在各个子公司设有热线电话，员工可以直接向我举报不良行为。我们每年收到4000多次举报。大多数都是鸡毛蒜皮的小事，不过也有严重的。我们的内审部门负责调查此类事件。只要是严重的错误，我都会收到报告。我们会立即采取行动。我们专门安排人员、专门拿出资金，进行调查。我们确实发现过我们坚决反对的行为。这套机制算不上完美，但很有效。",[26,120,121],{},"富国银行应该也有内审部，也应该有举报电话，只是不知道他们有没有及时响应和处理。总之，他们可能早对此类违规行为有所耳闻，只是没有采取行动。查理，你怎么看？",[26,123,124],{},"**芒格：**每一家拥有众多员工的公司都应该有合规部门。多年以来，我们在选择经理人时特别慎重。我们有一种信任文化。我们的问题比较少。",[26,126,127],{},"**巴菲特：**或早或晚，我们肯定还是会遇到问题。",[26,129,130],{},"**芒格：**肯定的。肯定有我们忽略的地方。",[26,132,133],{},"**巴菲特：**查理的偶像是本·富兰克林。他引用过富兰克林的一句话“一分预防胜过十分治疗”。要我说，当机立断的十分治疗胜过拖泥带水的一百分治疗。问题出现了，你不解决，它还在那。John Gutfreund 最开始时说这是件小事，交点罚款就完了。结果所罗门差点彻底消失。",[26,135,136],{},"必须当机立断。热线电话和匿名信很管用。",[30,138],{},[14,140,142],{"id":141},"q对无人驾驶技术的看法会对bnsf有何影响","Q：对无人驾驶技术的看法，会对BNSF有何影响？",[26,144,145],{},"略",[30,147],{},[14,149,151],{"id":150},"q在hbo的纪录片becoming-warren-buffett中您做了一个比喻您说投资就像打棒球要清楚自己的最佳击球点ted-williams-知道自己的最佳击球点是中下方区域您在分析投资对象时会关注哪些方面来找自己的最佳击球点","Q：在HBO的纪录片《Becoming Warren Buffett》中，您做了一个比喻，您说投资就像打棒球，要清楚自己的最佳击球点。Ted Williams 知道自己的最佳击球点是中下方区域。您在分析投资对象时，会关注哪些方面来找自己的最佳击球点？",[26,153,154],{},"**巴菲特：**好机会基本上是一眼就可以看出来的。我们能看出来，一家公司现在有一定的竞争优势，而且我们能确定，5年、10年、20年后，它仍然能保持当前的竞争优势。这家公司的经理人是值得信任的，能认同并融入伯克希尔的文化。最后就看价格了。",[26,156,157],{},"在买一家公司时，我们要判断现在投资这家公司，将来它能创造多少收益。未来创造收益的确定性越高，投资机会越好。",[26,159,160],{},"我们买的第一家好公司是喜诗糖果，它可以说是一个分水岭。喜诗糖果是一家小公司。1972年，在考虑是否投资喜诗糖果时，我们考虑的是人们将来是否仍然最爱吃喜诗糖果，是否仍然只选喜诗糖果作为礼物。我们很看好喜诗糖果的经理人。它的税前利润是400万美元，我们花2500万美元买下来了。",[26,162,163],{},"我们买喜诗的主要原因就是，我们认为人们不会选价格更便宜的糖果。人们不会的。情人节送糖果的时候，你要是说“我买了便宜货”肯定过不了关。我们判断，喜诗糖果有某种特质。当时，我们不知道喜诗能否把这种特质保持到2017年，但我们判断它至少能保持到1982年、1992年。很幸运，我们判断对了。从那以后，我们就找喜诗糖果那样的公司投资，只是投资对象的规模更大了。",[26,165,166],{},"查理，请补充。",[26,168,169],{},"**芒格：**我们那时候年轻无知。",[26,171,172],{},"**巴菲特：**总比老了无知好。",[26,174,175],{},"**芒格：**那倒是。我们出了较高的价钱买下喜诗糖果很明智。要是价格再高些，我们就不会买了。",[30,177],{},[14,179,181],{"id":180},"q伯克希尔重仓投资的几家公司最近都出现了负面新闻富国银行的激励机制和账户造假美国运通被-costco-抛弃联合航空公司对待乘客不公可口可乐面临苏打汽水饮用量下降的问题您花多长时间评估伯克希尔持有的股票伯克希尔长期持有这些股票的理由是否仍然成立","Q：伯克希尔重仓投资的几家公司最近都出现了负面新闻。富国银行的激励机制和账户造假，美国运通被 Costco 抛弃，联合航空公司对待乘客不公，可口可乐面临苏打汽水饮用量下降的问题。您花多长时间评估伯克希尔持有的股票。伯克希尔长期持有这些股票的理由是否仍然成立？",[26,183,184],{},"**巴菲特：**这几家公司是我们的重仓股。我们花很长时间思考这几家公司。把美国运通、可口可乐、富国银行加起来，我们的投资总额有上千亿美元。我们喜欢这些公司的生意，它们各具特色。我们不是只持有联合航空，四大航空公司的股票，我们都买了。主要是看好这个行业。",[26,186,187],{},"没有一家公司是没问题的。只有一部分公司有很强的竞争优势。这里我以美国运通为例，不知道各位是否读了美国运通的一季度报告，报告中讲到了美国运通的白金卡，白金卡的发展趋势特别好。在全球的增长率达到了 17%，无论是在英国、日本、墨西哥，还是美国。",[26,189,190],{},"这些公司都面临竞争。我们买入美国运通、富国银行、联合航空、可口可乐的时候，我们很清楚它们都会遇到自己的问题，不可能一帆风顺，不可能没有任何竞争。我们之所以投资这些公司，是因为我们认为它们有很强的竞争优势，我们看好它们的财务策略，看好它们的行业地位。",[26,192,193],{},"我们投资过很多公司。投资每一家公司，我们都是看它是否具有可持续的竞争优势。我们发现，只要你生意好，肯定有竞争对手来抢生意。我们要判断一家公司的产品、经理人是否足够出色，能够击败竞争对手。",[26,195,196],{},"竞争对手始终有，不过我们投资的公司基本都有各自的优势。只要生意足够好，哪怕是像喜诗糖果那样的小生意，你就拥有一座经济城堡。在资本主义制度中，总是有对手要把你的城堡夺走。你的城堡周围最好有能防御对手的护城河。你的城堡要有一位优秀的骑士驻防，把掠夺者拒之门外。竞争无时不有。",[26,198,199],{},"可口可乐成立于1886年，美国运通成立于1851、1852年左右。这些公司都身经百战。我们自己经营的公司也遭遇过种种挑战。我们的保险公司遇到过困难。1968 年，我们花 800 万美元买下了国民保险公司。我们有 Tony Nicely 掌管的Geico。我们有为我们创造了巨额财富的 Ajit Jain。我们还有许多大家不太了解的优秀的小型保险公司。保险业从来不缺乏竞争，但是明智的经理人总是可以有效地抵御竞争对手。",[26,201,202],{},"刚才的问题中问了，我们花多长时间评估我们重仓投资的公司。我每天都花时间思考。我想查理也每天都花时间思考。",[26,204,166],{},[26,206,207],{},"**芒格：**我没什么补充的。",[26,209,210],{},"**巴菲特：**他再这么不积极，我们得降他的工资。",[30,212],{},[14,214,216],{"id":215},"q关于伯克希尔与-aig-的一笔再保险交易","Q：关于伯克希尔与 AIG 的一笔再保险交易。",[26,218,145],{},[14,220,222],{"id":221},"q请问芒格先生您在一生中进行过无数次谈判和交易请问您印象最深的是哪一笔","Q：请问芒格先生，您在一生中进行过无数次谈判和交易，请问您印象最深的是哪一笔？",[26,224,225],{},"**芒格：**没什么特别的，只是通过收购喜诗糖果这家公司，我们学到了很多。我们明白了品牌的力量，知道了可以什么都不做就有滚滚财源。如果没有买入喜诗糖果的成功经验，我们后来未必会买可口可乐。我认为要活的有意义，就必须不停地学习。",[26,227,228],{},"我们经过长时间的学习，做出了许多投资决策，给伯克希尔带来了巨大收益。一旦安排一个新人，他没有配置大量资本的经验，那和扔骰子差不多。",[26,230,231],{},"我们在投资中贯穿始终的一条线就是持续学习。如果我们没有持续不间断地学习，各位都不会坐在这。各位肯定还活着，但不会坐在这。（笑）",[26,233,234],{},"**巴菲特：**只有经过过烂生意的折磨，才知道什么是好生意。",[26,236,237],{},"**芒格：**我有位朋友对我说，钓鱼的第一原则是去有鱼的地方钓鱼。",[26,239,240],{},"**巴菲特：**1966 年我们买过巴尔地摩的一家百货公司，总要和竞争对手抢着开店。我们在不断尝试中明白了哪些事是不要做、不能碰的。很多生意太烂了，根本别碰。只要不碰它们，就成功一半了。我们可吃过苦头。",[26,242,243],{},"**芒格：**那些经验永远难忘，就像吃苍耳一样。",[26,245,246],{},"**巴菲特：**好吧，不多说了。（笑）",[30,248],{},[14,250,252],{"id":251},"q沃伦多年来您一直说科技公司难以预测没有护城河不投科技公司后来您却投资了-ibm最近又买了-apple周五您说-ibm-没达到预期卖出了三分之一左右您认为-apple-与-ibm-有何不同吗您通过投资科技股学到了什么","Q：沃伦，多年来，您一直说科技公司难以预测、没有护城河，不投科技公司。后来，您却投资了 IBM，最近又买了 Apple。周五，您说 IBM 没达到预期，卖出了三分之一左右。您认为 Apple 与 IBM 有何不同吗？您通过投资科技股学到了什么？",[26,254,255],{},"**巴菲特：**我确实认为 Apple 和 IBM 有很大差别。六年前，我开始买入 IBM。六年过去了，IBM 的表现不如我的预期。我觉得 Apple 和 IBM 有很大差别。从对护城河和消费者行为的分析来看，与其说 Apple 是一个科技公司，不如说它是一个消费品公司。",[26,257,258],{},"Apple 的产品确实有科技含量，不过 Apple 的客户群与 IBM 的客户群完全不一样，不能用同样的方法分析。我说的未必对，等时间证明吧。投资 Apple 和投资 IBM 的决策依据不一样。我投资 IBM 判断失误了，现在投资 Apple 是对是错，等待时间检验吧。",[26,260,261],{},"我认为，Apple 和 IBM 有相似之处，但不是特别具有可比性。查理，请补充。",[26,263,264],{},"**芒格：**我们以前不投资科技股，是因为我们觉得别人比我们更有优势。不能和比自己强的人比。要说我们在科技股方面，最严重的错误是什么，我觉得是我们能看懂 Google，却错过了。我们早期在 Google 投放的广告效果显著。我们没投 Google，不应该，对不起股东了。我们能做到的，却没做。这样的错误，我们总是犯。",[26,266,267],{},"**巴菲特：**我们是 Google 的客户，Geico 很早就在 Google 上投放广告。数据虽然是很长时间以前的了，但是我记得我们要为每一次点击支付 10 美元、11 美元左右的费用。每次有人点击，Google 都赚钱。只要别人抢不走，这绝对是好生意。我们亲眼看到了 Google 多赚钱。",[26,269,270],{},"对了，要是你们晚上回到酒店闲着没事，可以一直点击 Progressive 保险公司的广告玩。（全场笑）",[26,272,273],{},"别当真。我开玩笑的，想到就随口说了。我们从没见过像 Google 这么好的生意。我记得像视力矫正那样的广告，每次点击费用是 60-70 美元。Google 根本不需要付出额外成本。我当时认识 Google 的创始人。撰写 Google 招股书的人还来找过我。我有很多机会问问题，深入了解 Google。结果我眼睁睁错过了 Google。",[26,275,276],{},"**芒格：**我们也错过了沃尔玛。当初，沃尔玛明显值得投资，我们能看明白，就是没投。",[26,278,279],{},"巴菲特：是看明白了，关键是行动。",[26,281,282],{},"我可能在 IBM 上犯了两次错误。查理，你说有谁能打造这样一台经济机器，在两个截然不同的行业同时大获成功？而且是完全从零开始，要面对强大的竞争对手。Jeff Bezos 在零售业和云计算领域都有所建树。他作为 CEO，白手起家，在两个行业同时取得了成功。英特尔的 Andy Grove 说过，假设你有一把尚方宝剑，可以除掉任何竞争对手，你会选择除掉谁？无论是在零售业，还是云计算领域，很多人应该都想干掉 Jeff。他不是通过投资取得的成就，而是亲手打造的企业。查理？",[26,284,285],{},"芒格：Jeff 不是凡人。",[26,287,288],{},"巴菲特：我们完全错过了 Amazon，一股没买。",[30,290],{},[14,292,294],{"id":293},"q凭借难以复制的路网和经营权铁路拥有巨大的行业壁垒航空业似乎没有什么明显的优势虽然过去15年有一些整合行业进入壁垒几乎不存在退出壁垒却很高另外航空业的转换成本低竞争激烈总是受原油价格波动影响油价上涨时难以转嫁成本油价下跌时又面临降价压力铁路行业的客户则不同他们的选择余地小议价能力有限铁路公司可以在一定程度上转嫁燃料成本压力您在购买航空股后曾表示铁路业和航空业有很大区别不能把投资航空股与投资铁路股进行比较请问当前的航空业有什么变化吗为什么这次伯克希尔拿出将近100亿美元投资四家航空公司在我看来ups和fedex的竞争优势更明显更适合长期投资","Q：凭借难以复制的路网和经营权，铁路拥有巨大的行业壁垒。航空业似乎没有什么明显的优势。虽然过去15年有一些整合，行业进入壁垒几乎不存在，退出壁垒却很高。另外，航空业的转换成本低，竞争激烈，总是受原油价格波动影响，油价上涨时难以转嫁成本，油价下跌时又面临降价压力。铁路行业的客户则不同，他们的选择余地小，议价能力有限，铁路公司可以在一定程度上转嫁燃料成本压力。您在购买航空股后，曾表示铁路业和航空业有很大区别，不能把投资航空股与投资铁路股进行比较。请问当前的航空业有什么变化吗？为什么这次伯克希尔拿出将近100亿美元投资四家航空公司？在我看来，UPS和FedEx的竞争优势更明显，更适合长期投资。",[26,296,297],{},"**巴菲特：**我们决定投资航空股与我们对铁路股的投资没有可比性。铁路股和航空股都属于交通运输业，但是我们对它们的投资没有可比性。",[26,299,300],{},"从奥维尔制造第一架飞机那天起，就再找不出比航空业更艰难的行业了。要是真是为了投资者好，与奥威尔一起发明飞机的威尔伯应该把第一架飞机打下来，免得后来人在100年里不断亏钱。不信你上网输入“航空公司”和“破产”，然后搜索，你可以查到过去几十年里破产的航空公司大概有 100 家。我和查理还担任过美国航空的董事。各位在新闻中可以看到我们对美国航空的投资多失败。这是我最失败的一笔投资之一。",[26,302,303],{},"**芒格：**你还是从中赚了不少钱。",[26,305,306],{},"**巴菲特：**没错，是赚了不少钱。",[26,308,309],{},"**芒格：**算你走运。",[26,311,312],{},"**巴菲特：**我们确实赚钱了，是因为有那么一小段时间人们特别看好美国航空。我们不再担任董事，卖出持有的美国航空后，美国航空竟然破产了两次。不管怎么说，都是烂生意。",[26,314,315],{},"航空业的竞争特别凶，问题是现在航空公司是否还像过去那样非要拼到大家一起死。要是无论大小航空公司，都纷纷走上破产之路，你一定会醒悟自己投错了行业。按客座英里数计算，最近一段时间以来，航空业的客座利用率一直保持在 80% 以上。由此可见，客运量前景乐观。可以说，与历史水平相比，在将来5到10年内，航空公司的客座利用率将保持在高位。过去，因为客座利用率普遍较低，所以航空公司纷纷破产。",[26,317,318],{},"现在的问题是，客座利用率已经上升到 80%，它们是否会在价格上相互绞杀。目前来看，它们的投资收益率是比较高的，应该比 UPS 和 FedEx 高，我们研究过。",[26,320,321],{},"可是，航空公司太难经营，要是明天对手降价怎么办？你也跟着降？另外，还受原油价格波动的不利影响。这个行业不好做，还是会像过去一样对价格很敏感，但已经比过去好多了。另外，因为经历过了破产，它们的劳工关系也有所改善。",[26,323,324],{},"投资航空公司与投资喜诗糖果没法比。查理，有什么补充的？",[26,326,327],{},"**芒格：**投资现在更难做了，竞争更激烈了，全国上下都掀起了一股金融热。过去，做投资曾经相当容易，我们摘到了许多唾手可得的果实，那时我们也有更大的安全边际。现在大环境没那么有利。过去简直就是瓮中捉鳖。我们能接受这个现实：富得不得了之后，变难一点儿很正常。",[26,329,330],{},"**巴菲特：**查理比我看得透。",[26,332,333],{},"**芒格：**沃伦，唾手可得的果实已经摘完了。你就够那些树尖上的吧。",[26,335,336],{},"**巴菲特：**我认为五年十年以后，客运里程数会比现在高。如果五年十年以后，航空公司的净资产价值仍然和现在一样，我们仍然能获得不错的收益率。因为航空公司将以较低的市盈率回购大量股票。最后，公司的价值还是那么多，但股份数少了很多，长期来看，我们的收益率不会太差。四家航空公司都在回购股票。",[26,338,339],{},"**芒格：**别忘了，铁路公司连续几十年都一团糟，后来却好起来了。",[26,341,342],{},"**巴菲特：**我看好我们对航空公司的投资。我们同时买了四大航空公司，这说明我们看不出来哪家公司能表现突出。只是我认为，从概率上来看，五到十年后的客运里程数应该比现在高。",[14,344,346],{"id":345},"q质疑可口可乐污染环境质疑资本主义的恶行","Q：质疑可口可乐污染环境，质疑资本主义的恶行。",[26,348,349],{},"略，巴菲特 说，选择喝可乐是我的自由。",[30,351],{},[14,353,355],{"id":354},"q内在价值伯克希尔过去十年的内在价值复合增长率以及未来十年的符合增长率","Q：内在价值，伯克希尔过去十年的内在价值复合增长率，以及未来十年的符合增长率。",[26,357,145],{},[30,359],{},[14,361,363],{"id":362},"q巴菲特为何卖掉自己的旧车卡迪拉克","Q：巴菲特为何卖掉自己的旧车卡迪拉克？",[26,365,366],{},"略。",[30,368],{},[14,370,372],{"id":371},"q为何巴菲特建议如果自己先过世他的妻子应该买指数基金","Q：为何巴菲特建议如果自己先过世，他的妻子应该买指数基金？",[26,374,375],{},"（因为伯克希尔的股票要捐出去，持有指数基金可以随时卖出，保持现金的流动性……）",[30,377],{},[14,379,381],{"id":380},"q根据新闻报道伯克希尔与-3g-资本合作收购联合利华以后伯克希尔是否会继续和-3g-合作","Q：根据新闻报道，伯克希尔与 3G 资本合作收购联合利华。以后伯克希尔是否会继续和 3G 合作。",[26,383,366],{},[30,385],{},[14,387,389],{"id":388},"q尊敬的巴菲特先生芒格先生我是来自中国的田德华我的公司致力于在亚洲传播价值投资理念我和我的合伙人致力于唤醒1亿中国人让他们走上理智投资之路改变人们的价值观和信念是这个世界上最难的事我们希望唤醒投资者让他们放弃投机拥抱投资我们要改变投机者的价值观和信念请问巴菲特先生我们该怎么做才能传播您的价值投资理念请给我们一些鼓励谢谢","Q：尊敬的巴菲特先生、芒格先生，我是来自中国的田德华，我的公司致力于在亚洲传播价值投资理念，我和我的合伙人致力于唤醒1亿中国人，让他们走上理智投资之路。改变人们的价值观和信念是这个世界上最难的事。我们希望唤醒投资者，让他们放弃投机，拥抱投资。我们要改变投机者的价值观和信念。请问巴菲特先生，我们该怎么做，才能传播您的价值投资理念？请给我们一些鼓励。谢谢。",[26,391,392],{},"**巴菲特：**1936 年凯恩斯在《就业、利息和货币通论》的第 12 章中讲到了投资，他写得很精辟。他讲了投资和投机，讲了人具有投机的天性，还讲了投机的危险。",[26,394,395],{},"市场中总是既有投机者，又有投资者。当投机盛行的时候，当投机很风光的时候，周围的人都兴奋地参与投机。股市中有时就这样。你的邻居明明智商不如你，但买股票赚了大钱，别管是网络股还是什么，反正赚大钱了，你肯定心里不服气。出现这种情况时，人们很容易从众。美国如此，中国也一样。",[26,397,398],{},"另外，与已经有一两百年历史的市场相比，新兴市场可能更容易出现投机风气。很多人把市场当赌场，陷入其中无法自拔，特别是看到别人赚大钱的时候，更容易陷进去。有的人见识过疯狂的投机，他们能好些。有些人没经历过周期，更容易参与投机。",[26,400,401],{},"拿美国来说，1949年我读了本·格雷厄姆写的《聪明的投资者》。格雷厄姆在这本书中倡导投资理念。这本书现在还很畅销。尽管如此，当市场大涨、新股大涨、高杠杆大赚时，许多人还是会冲进去，不只是投机，简直是赌博。在美国有这样的情况，在中国新兴的股市中也一样。中国有很多人参与股市，可能也会出现一些极端的投机现象。美国也一样。",[26,403,166],{},[26,405,406],{},"**芒格：**我同意你说的。中国的股民会吃苦头的。他们都很聪明，都很活跃。将来肯定有被投机冲昏头脑的时候。你们致力于传播价值投资理念，你们真是好心。祝你们好运。",[26,408,409],{},"**巴菲特：**其实，因为市场的投机盛行，投资者反而有更多机会，只要他们保持清醒。查理刚才说了，在困境出现时，伯克希尔会安然无恙。",[26,411,412],{},"我们不会恐惧。没亲身经历过，你肯定不知道恐惧的传播速度有多快。2008 年 9 月初，3500 万人把 3.5 万亿美元投入到了货币市场基金中，所有人都觉得肯定能保值。三周后，他们都吓破胆了，三天内就有 1750 亿美元出逃。",[26,414,415],{},"有时候，公众在市场中的行为特别极端。在这种时候，正是投资者投资的好机会。人们总是闲不住，人们喜欢赌博，只要觉得钱好赚，都会往上冲。短时间里，投机的风气越来越盛行，很多人趋之若鹜，最后终有算总账的一天。",[26,417,418],{},"你们继续布道吧，不管市场怎么波动，希望你们能让更多人明白我们要利用市场，不能被市场左右。",[26,420,421],{},"查理，有什么补充吗？",[26,423,424],{},"**芒格：**沃伦，我们可没少布道，有用吗？",[26,426,427],{},"**巴菲特：**对我们来说，这可能是好事。",[30,429],{},[14,431,433],{"id":432},"q一项税率的改变对-bnsf-的影响","Q：一项税率的改变对 BNSF 的影响？",[26,435,436],{},"巴菲特 回答略。",[26,438,439],{},"芒格：税收的小小变动对 BNSF 没影响。",[30,441],{},[14,443,445],{"id":444},"q未来煤炭消费的减少对-bnsf-的影响","Q：未来煤炭消费的减少对 BNSF 的影响。",[26,447,145],{},[30,449],{},[14,451,453],{"id":452},"q您之前买轻资产现金流强劲的公司现在买的是低增长的重资产公司是否继续投资轻资产公司对股东更有好处","Q：您之前买轻资产、现金流强劲的公司，现在买的是低增长的重资产公司。是否继续投资轻资产公司，对股东更有好处？",[26,455,145],{},[30,457],{},[14,459,461],{"id":460},"q每位伯克希尔的股东都知道伯克希尔的股价我想知道的是伯克希尔对这个世界有何价值apple-创造的价值是-iphonegeico-创造的价值是较低的保费3g-资本的价值是优化公司运营伯克希尔的价值何在我想不明白在管理伯克希尔的子公司时你们完全是放权的伯克希尔的价值肯定不在于牢牢管住子公司由此判断大部分伯克希尔的子公司完全可以脱离伯克希尔所以我的问题是伯克希尔对这个世界有何价值","Q：每位伯克希尔的股东都知道伯克希尔的股价，我想知道的是伯克希尔对这个世界有何价值。Apple 创造的价值是 iPhone。Geico 创造的价值是较低的保费。3G 资本的价值是优化公司运营。伯克希尔的价值何在，我想不明白。在管理伯克希尔的子公司时，你们完全是放权的。伯克希尔的价值肯定不在于牢牢管住子公司。由此判断，大部分伯克希尔的子公司完全可以脱离伯克希尔。所以我的问题是，伯克希尔对这个世界有何价值？",[26,463,464],{},"**巴菲特：**这位股东有一点说的没错。我们对子公司确实是完全放权。但是，我认为，正是我们的放权，可以让子公司更好地发展。如果它们是标普 500 指数的成分股，成为激进投资者的目标，成为被短期倒卖的对象，它们不会发展的这么好。我认为我们的放权对子公司是好事。今天，伯克希尔有大概 50 多位经理人在场。要是你觉得他们可能不会公开说伯克希尔的不好，你不妨找他们私下聊聊。",[26,466,467],{},"伯克希尔给它们提供强大的资本后盾，只要有合适的项目，资金可以马上到位，用不着求银行，用不着看华尔街的脸色。我们放权的管理方式对很多子公司来说大有裨益。要是我们对子公司说，我们更会经营，那肯定不行。我们的长处是善于做资本配置。我们可以给经理人自由发挥的空间。与一般的上市公司的 CEO 相比，我们的 CEO 可以腾出 20% 的时间，用不着会见分析师、出席各种会议、与银行打交道。他们可以全身心地投入到经营公司中。",[26,469,470],{},"我认为，即使我们什么都不做，就是翘着二郎腿坐在这，我们也能做出贡献。",[26,472,473],{},"查理？",[26,475,476],{},"**芒格：**我们一直在努力给全世界树立一个榜样。我们为什么开这个股东大会？就是为了传承伯克希尔的精神气质。长期以来，我悉心呵护伯克希尔。这就是我们要做的，树立一个好榜样。保持理智、保持诚实。（掌声）",[26,478,479],{},"我为伯克希尔感到骄傲。我们卖可口可乐问心无愧。",[26,481,482],{},"（巴菲特 继续说 Geico 不是上市公司，可以不考虑短期盈利，把眼光放长远，所以发展得更好。）",[14,484,486],{"id":485},"q一个关于伯克希尔的年金业务的问题","Q：一个关于伯克希尔的年金业务的问题。",[26,488,366],{},[30,490],{},[14,492,494],{"id":493},"q伯克希尔对-usg-的投资","Q：伯克希尔对 USG 的投资。",[26,496,366],{},[30,498],{},[14,500,502],{"id":501},"q如果ajit-jain-退休谁来接班","Q：如果Ajit Jain 退休，谁来接班？",[26,504,366],{},[30,506],{},[14,508,510],{"id":509},"q关于巴菲特的继任者是否有变化","Q：关于巴菲特的继任者，是否有变化？",[26,512,366],{},[30,514],{},[14,516,518],{"id":517},"q我是一名来自沃顿商学院的学生请问你们在未来三五年内准备投资哪些领域你们最看好哪些行业最看淡哪些行业谢谢","Q：我是一名来自沃顿商学院的学生。请问你们在未来三五年内准备投资哪些领域？你们最看好哪些行业，最看淡哪些行业？谢谢。",[26,520,521],{},"**巴菲特：**查理和我不怎么研究行业，我们也不研究宏观环境。我们完全是见机行事。我们始终就是看林林总总的公司。对我们来说，这是我们的爱好。当投资机会出现在我们面前时，我们会按照我们脑子里的筛选条件一条一条地过。我们俩都是这样的。可能用不上五分钟，我们就能看出来，行还是不行。就是一条一条的筛。我们的第一个筛选条件是，这个投机机会我们能不能看懂。这一条就能把很多投资机会排除掉。要是这条通过了，我们很可能做些投资。我们不是从具体哪个行业出发。",[26,523,524],{},"我们喜欢的公司是那些有护城河的，我们能预见将来的消费者行为。只是与二三十年前相比，现在预期消费者行为更难了。在衡量投资机会时，我们会看当前的投资收益率、将来的投资收益率。",[26,526,527],{},"其实，和大多数人接触五分钟，就能看出来他们是什么样的人，就能看出来能否和他们长期合作。我们做投资决策特别快。",[26,529,530],{},"我们知道自己大概看好哪些行业，知道大概哪些行业里有好公司，但是我们从来不说要投这个行业或那个行业的公司。",[26,532,421],{},[26,534,535],{},"**芒格：**我们有些子公司会做合理的补强收购。总的来说，收购整个公司的竞争越来越激烈。杠杆收购已经成了一个行业。做杠杆收购的人觉得“杠杆收购”不好听，于是他们称自己是私募股权 (PE)，就像干杂活的说自己是工程部长。",[26,537,538],{},"做杠杆收购的，在一周之内通过影子银行，想融到多少资金就能融到多少。他们可以出高价，得到有利条件。所以说，现在收购整个公司很难。我们之所以做得好，是因为有一小群人不希望卖给私募股权。他们珍爱自己的公司，不希望自己的公司被别人妆扮之后转手卖出去。",[26,540,541],{},"**巴菲特：**几年前，有个人来见我。当时，他61岁。他说，我有一家好公司，我不缺钱。只有一件事我放心不下。哪天要是我离世了，只剩下我老伴。这样的事我见过。最后，公司的高管低价把公司买下来，然后卖给竞争对手。我不想这样。我喜欢我的公司，我希望由我自己决定公司的归宿，我还想接着经营公司。",[26,543,544],{},"要是卖给竞争对手，他们的CFO会过来接手，许多和我一起创业的同事都会被赶走。我是拿到钱了，但我的员工没饭碗了。我不想这样。",[26,546,547],{},"要是卖给杠杆收购公司，他们管自己叫私募股权，他们会上很高的杠杆，把公司再倒卖出去，他们把公司修饰一番，谁知道最后会把我的公司卖到哪去。我不想这样。",[26,549,550],{},"你们不一样，和别人不一样。我们就这么谈成了。从逻辑上来说，除非对方是这种态度，我们肯定比不过做杠杆收购的。他们能以很低的成本借到大量资金。他们的计算方法和我们不一样。",[26,552,553],{},"要是你只在乎自己的公司能卖多少钱，我们不是最合适的买家。会有人来找我们的。我们能提供一些别人给不了的东西。把公司卖给我们的人，都很满意。他们都很有钱，做着自己喜欢做的事。他们明白，自己的家人和公司的员工都找到了归宿。",[26,555,556],{},"当然，有些人不这么想。",[14,558,560],{"id":559},"q如何制定继任者的薪酬","Q：如何制定继任者的薪酬？",[26,562,366],{},[30,564],{},[14,566,568],{"id":567},"q关于-bnsf-的问题","Q：关于 BNSF 的问题。",[26,570,366],{},[30,572],{},[14,574,576],{"id":575},"q你们二位可以共同探讨投资机会在资本配置上能很少犯错将来还能一直这样吗","Q：你们二位可以共同探讨投资机会，在资本配置上能很少犯错。将来还能一直这样吗？",[26,578,579],{},"芒格：我干不了多久了。（笑）",[26,581,582],{},"巴菲特：别灰心啊，查理。……",[30,584],{},[14,586,588],{"id":587},"q对冲基金的收费是否合理","Q：对冲基金的收费是否合理。",[26,590,366],{},[30,592],{},[14,594,596],{"id":595},"q我来自中国在今后十年二十年是否可能在中国股市复制你们的辉煌业绩","Q：我来自中国。在今后十年、二十年，是否可能在中国股市复制你们的辉煌业绩？",[26,598,599],{},"**巴菲特：**查理，你是中国问题专家。",[26,601,602],{},"**芒格：**我觉得中国股市比美国股市便宜。我觉得中国前景光明。当然，成长的烦恼肯定少不了。我们的生活态度是随遇而安。在投资中，我们也不限制说一定要投资这个市场或那个市场。",[26,604,605],{},"**巴菲特：**查理的话要上头条了，“芒格预测中国股市将跑赢美国股市”。",[14,607,609],{"id":608},"午休","（午休）",[30,611],{},[14,613,615],{"id":614},"q关于-3g-资本的问题","Q：关于 3G 资本的问题。",[26,617,366],{},[30,619],{},[14,621,623],{"id":622},"q关于伯克希尔回购的问题","Q：关于伯克希尔回购的问题。",[26,625,366],{},[30,627],{},[14,629,631],{"id":630},"q我希望能做可持续的长期投资而且不直接伤害动物伯克希尔有家子公司-ctb与家禽和蛋类有关还有一个关于原子弹的问题","Q：我希望能做可持续的长期投资，而且不直接伤害动物。伯克希尔有家子公司 CTB，与家禽和蛋类有关。还有一个关于原子弹的问题。",[26,633,634],{},"巴菲特：略。",[26,636,637],{},"芒格：我们不为屠宰小鸡而纠结。我反对核战争。",[30,639],{},[14,641,643],{"id":642},"q为什么没给-ted-和-todd-更多资金管理","Q：为什么没给 Ted 和 Todd 更多资金管理。",[26,645,646],{},"（略，巴菲特盛赞 Ted 和 Todd 的表现。）",[30,648],{},[14,650,652],{"id":651},"q关于巴菲特捐赠股份后投票权的变化回购计划","Q：关于巴菲特捐赠股份后，投票权的变化，回购计划。",[26,654,366],{},[30,656],{},[14,658,660],{"id":659},"q关于一个权证的估值","Q：关于一个权证的估值。",[26,662,366],{},[30,664],{},[14,666,668],{"id":667},"q另一个关于3g资本的问题","Q：另一个关于3G资本的问题。",[26,670,366],{},[30,672],{},[14,674,676],{"id":675},"q关于伯克希尔的现金","Q：关于伯克希尔的现金。",[26,678,366],{},[30,680],{},[14,682,684],{"id":683},"q3g-资本的-jorge-paulo-是否可能成为伯克希尔的董事甚至巴菲特的继任者","Q：3G 资本的 Jorge Paulo 是否可能成为伯克希尔的董事，甚至巴菲特的继任者。",[26,686,687],{},"（略，不可能。）",[30,689],{},[14,691,693],{"id":692},"q网购对实体零售业的影响","Q：网购对实体零售业的影响？",[26,695,696],{},"（略，网购的兴起对 Fruit of the Loom 没太大影响。伯克希尔的家具业务也没受到多大冲击。Furniture Mart 开拓了线上销售，势头良好，线上销量占营业额的 10%。还是有许多顾客选择到实体店购物。巴菲特说，十年以后未必仍然会保持现状，世界一直在变。芒格说，我们现在要是经营百货商店肯定很惨。）",[30,698],{},[14,700,702],{"id":701},"q另一个关于伯克希尔内在价值的问题","Q：另一个关于伯克希尔内在价值的问题。",[26,704,366],{},[30,706],{},[14,708,710],{"id":709},"q我来自纽约长岛您告诉过我们这样一条投资建议买自己了解的公司您说过要你能看懂一家公司的生意才能投资它的股票从我2011年参加股东大会以来我对您的了解是您对科技不在行您说过智能手机对您来说太智能您的办公桌上没电脑您过去4年就发了9条微博尽管如此您最近谈了很多关于科技公司的东西请问你怎么从奥马哈先知变成了奥马哈科技专家","Q：我来自纽约长岛。您告诉过我们这样一条投资建议：买自己了解的公司。您说过，要你能看懂一家公司的生意，才能投资它的股票。从我2011年参加股东大会以来，我对您的了解是，您对科技不在行。您说过，智能手机对您来说太智能。您的办公桌上没电脑。您过去4年就发了9条微博。尽管如此，您最近谈了很多关于科技公司的东西。请问你怎么从奥马哈先知变成了奥马哈科技专家？",[26,712,713],{},"**巴菲特：**我好像没总讲科技公司。我确实投入了大笔资金买 IBM 的股票。这笔投资的收益率不太好。我们没亏钱，但现在是牛市，IBM这笔投资拖了我们的后腿。",[26,715,716],{},"最近，我们投入大笔资金买入Apple公司的股票。虽说Apple的产品有科技含量，但是从Apple这家公司的经济特点来看，我觉得它更像是一家消费品公司。",[26,718,719],{},"有些十几岁的孩子对高科技特别感兴趣，我对高科技的知识有限，绝对不如这些孩子们。我觉得我对消费者行为有一些了解。我可以收集到很多关于消费者行为的信息，并从中推断将来的消费者行为会怎样变化。",[26,721,722],{},"我在股票投资中肯定还会犯错的。除了在科技股投资中犯错，在其他行业的股票投资中，我也出错过。不管是投资哪个行业，都从来不可能万无一失。我对保险行业很了解，我投资保险股也失手过一两次。人没有不犯错的。这么说吧，我从生下来到现在，对高科技从来都是不开窍。",[26,724,166],{},[26,726,727],{},"**芒格：**你买 Apple 是进步的表现。你买了 Apple，这说明你不是傻了，就是进步了。希望是你进步了。",[26,729,730],{},"**巴菲特：**我也希望如此。",[30,732],{},[14,734,736],{"id":735},"q人工智能对伯克希尔的影响","Q：人工智能对伯克希尔的影响。",[26,738,366],{},[30,740],{},[26,742,743],{},"Q：关于能源业务的一个问题。",[26,745,366],{},[30,747],{},[26,749,750],{},"Q：如何看待 Amazon 的前景，为什么伯克希尔没买？",[26,752,366],{},[30,754],{},[26,756,757],{},"Q：巴菲特去世后，伯克希尔的股价。",[26,759,366],{},[30,761],{},[26,763,764],{},"Q：关于一个新会计准则的问题。",[26,766,366],{},[30,768],{},[14,770,772],{"id":771},"q芒格先生刚才在回答问题时讲到了中美股市我的问题是我们是否仍然可以参照股市市值和-gdp-的比较以及经周期调整市盈率-cape来衡量股市的整体估值这两个指标对伯克希尔的投资有何影响","Q：芒格先生刚才在回答问题时讲到了中美股市。我的问题是，我们是否仍然可以参照股市市值和 GDP 的比较，以及经周期调整市盈率 (CAPE)，来衡量股市的整体估值？这两个指标对伯克希尔的投资有何影响？",[26,774,775],{},"**巴菲特：**我们在估值时基本不考虑你说的这两个指标。估值没那么简单。人们总是想得到一个万能公式。这样的公式确实有，问题是你不知道公式中的变量该是多少。所有的价值都是这么算的，就是未来现金流的折现。至于市盈率，每个指标都有它特定的含义和用处。但是，在真正给一家公司估值时，不可能简化到一个公式，只要往里面填变量就可以了。",[26,777,778],{},"你说的这两个指标，是人们经常挂在嘴边的。我不是说它们没用。它们有时候有用，有时候完全没用。不可能只用一两个公式算一下，就能判断出整个市场或一家公司，是低估还是高估。最重要的是将来的利率。人们经常把当前的利率放进去，认为用当前的利率最合适，毕竟这是市场的判断。根据 30 年期债券的利率，可以看出人们对投入资金 30 年的收益要求。还有更合适的利率吗？说不出来更合适的利率，不代表我们可以理所当然地使用当前的利率。",[26,780,781],{},"我认为查理在比较中美股市时，用的不是你提到的那两个指标。查理，请你回答一下吧。",[26,783,784],{},"**芒格：**我之前说了，钓鱼的第一原则是去有鱼的地方钓鱼。如果股市是鱼，善于钓鱼的人在中国可以钓到更多鱼。我就是这个意思。中国的鱼更多。",[26,786,787],{},"**巴菲特：**我是这么想的，如果你真要学会给公司估值，你最好亲身尝试一下经营烂生意是怎样的体验。有的公司是做的是好生意，谁都能经营。有的公司做的是烂生意。在烂生意中摸爬滚打两三年，你会对生意有很多领悟。不知道查理怎么看，我们确实是这么过来的，烂生意教了我们许多。做过烂生意，才知道烂生意有多烂，你再怎么努力，都没用，智商再高，都没用。你肯定能从中学到很多，就是别陷进去出不来了。",[26,789,790],{},"查理，有什么补充的吗？",[26,792,793],{},"**芒格：**我们从烂生意里学到了很多。亲身经历一番痛苦学到的东西，体会最深。我们真是吃过这个苦头。",[30,795],{},[14,797,799],{"id":798},"q有什么原因可能导致伯克希尔失败","Q：有什么原因可能导致伯克希尔失败？",[26,801,802],{},"（略。芒格说这是个好问题。）",[30,804],{},[14,806,808],{"id":807},"q关于保险业务的一个问题","Q：关于保险业务的一个问题。",[26,810,366],{},[30,812],{},[14,814,816],{"id":815},"q我来自澳大利亚现在居住在德州巴菲特先生芒格先生说过您最大的过人之处是您是一部学习机器您从来没有停止学习请问过去这几年您学到的最有意义的东西是什么","Q：我来自澳大利亚，现在居住在德州。巴菲特先生，芒格先生说过，您最大的过人之处是您是一部“学习机器”。您从来没有停止学习。请问过去这几年，您学到的最有意义的东西是什么？",[26,818,819],{},"**巴菲特：**学习是很好玩的事儿。查理更是一部学习机器。我比较专，他和我一样专，但他的知识面比我更广。整个世界始终在变。通过学习，不断发现自己的不足，这才叫学习。纠正自己过去错误的观点，接受新观点，这个过程不容易。至于具体学到了什么，美国当下发生的事就很有意思，无论是政治，还是别的。就是观察一件件事在眼前发生、发展。变化如此之快。将来会发生什么，现在正在发生什么，琢磨这些很有意思。不过，我觉得我没什么真知灼见可以和你分享的。看查理能不能说一些。",[26,821,822],{},"**芒格：**我觉得买Apple公司的股票是沃伦的进步。他向他的孙子借Apple平板电脑。这是他的市场调研。我们确实在不断学习，不忘记旧的知识，同时学习新知识……",[30,824],{},[14,826,828],{"id":827},"q关于医保的问题","Q：关于医保的问题。",[26,830,366],{},[30,832],{},[14,834,743],{"id":835},"q关于能源业务的一个问题",[26,837,366],{},[30,839],{},[14,841,843],{"id":842},"q请巴菲特讲讲-mclane-公司","Q：请巴菲特讲讲 Mclane 公司。",[26,845,366],{},[30,847],{},[14,849,851],{"id":850},"q查理沃伦下午好我来自爱荷华州两位老先生肯定是铁膀胱","Q：查理、沃伦，下午好，我来自爱荷华州。两位老先生肯定是铁膀胱。",[26,853,854],{},"**巴菲特：**这是秘密，不告诉你。",[30,856],{},[14,858,860],{"id":859},"q桌子底下是不是有什么装置","Q：桌子底下是不是有什么装置。",[26,862,863],{},"**巴菲特：**没有。不信你来看看。",[30,865],{},[14,867,869],{"id":868},"q一百年后当人们提起你们时两位希望别人会怎样记起你们","Q：一百年后，当人们提起你们时，两位希望别人会怎样记起你们？",[26,871,872],{},"**芒格：**有一次一位股东问沃伦，在他的葬礼上，希望别人说些什么。沃伦说，我希望所有人都异口同声地说，从来没见过这么老的尸体。",[26,874,875,878],{},[18,876,877],{},"巴菲特：","（笑）我的答案很简单。我喜欢当老师。我正式当过老师，也在各种非正式场合当过老师。我遇到了最伟大的一位老师。要是后人觉得我这个老师还过得去，我会感到很欣慰。（掌声）",[30,880],{},[14,882,884],{"id":883},"q请问两位的梦想是什么","Q：请问两位的梦想是什么？",[26,886,887],{},"（略，做自己想做的事。）",[30,889],{},[14,891,893],{"id":892},"q关于-ebitda","Q：关于 EBITDA。",[26,895,896],{},"（略。EBITDA 类似诈骗，不算折旧，更糟的是还进了商学院的教科书。）",[30,898],{},[14,900,902],{"id":901},"q关于裁员","Q：关于裁员。",[26,904,366],{},[26,906,80],{},[14,908,910],{"id":909},"股东大会前对-ted-和-todd-的采访片段",[18,911,912],{},"股东大会前对 Ted 和 Todd 的采访片段：",[26,914,77],{},[14,916,918],{"id":917},"qted这份工作很难得也充满了挑战您是给沃伦巴菲特管理资金也可以说是和巴菲特一起工作您感觉如何","Q：Ted，这份工作很难得，也充满了挑战。您是给沃伦·巴菲特管理资金，也可以说是和巴菲特一起工作。您感觉如何？",[26,920,921],{},"Ted：很好。在很多方面，我还是和以前一样。我以前管理一只基金。基本上，一直都是一个人单干，每天的工作就是阅读。我每天大部分时间都花在阅读上。有一半的阅读是随意的，报纸、行业期刊等等。现在我能有机会在伯克希尔这样的环境里工作，可以向沃伦请教。我们三个每周一中午一起吃午饭。…… 这么多年来，沃伦写的东西，我都读过。……",[30,923],{},[14,925,927],{"id":926},"q再问一下-todd您对这么工作感觉如何","Q：再问一下 Todd，您对这么工作感觉如何？",[26,929,930],{},"Todd：这是千载难逢的好机会。别人经常问我和以前有什么不同。其实，每天做的投资工作，基本没什么改变。唯一的区别是少了一些干扰。……",[30,932],{},[14,934,936],{"id":935},"qtodd您一天的工作是怎样的","Q：Todd，您一天的工作是怎样的？",[26,938,939],{},"Todd：我每天早上七八点到办公室，阅读，晚上七八点回家，陪家人。之后，睡觉前在床上再读一两个小时。我一周可能就接三四个电话，干扰很少。我有一位好助手，她知道我要读什么东西。一批东西读完了，她就把下一批给我。所有阅读材料都分门别类，井井有条。基本上就是每天阅读 12 小时。",[26,941,942],{},"**巴菲特：**查理是两条腿的书架子。我们只能找到这两位了，只有他们能像我们一样读那么多东西。",[26,944,77],{},[26,946,947],{},"（完）",{"title":949,"searchDepth":950,"depth":950,"links":951},"",2,[],"股东大会",null,"2017年伯克希尔股东大会，巴菲特与芒格讨论美国经济、伯克希尔业绩、投资机会、航空股及银行股","md",{},true,24,"\u002Fbuffett\u002Fshareholders\u002F2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"description":954},"2017年伯克希尔股东大会｜巴菲特","2017nian-bo-ke-xi-er-gu-dong-da-hui","buffett\u002Fshareholders\u002F2017nian-bo-ke-xi-er-gu-dong-da-hui","0jAZ0m0BBYtYKzrybSmut5yjIsRqny5LfiuBdsWBGPk","buffett",[967,972,976,979,982,985,988,992,995,998,1002,1005,1008,1012,1015,1018,1022,1025,1028,1032,1035,1038,1042,1045,1048,1052,1055,1058,1062,1065,1068,1072,1075,1078,1082,1085,1088,1092,1095,1098,1102,1105,1108,1112,1115,1118,1122,1125,1128,1132,1135,1138,1142,1145,1148,1152,1155,1158,1162,1165,1168,1172,1175,1178,1182,1185,1188,1192,1195,1198,1201,1204,1205,1209,1212,1215,1219,1222,1225,1229,1232,1235,1239,1242,1245,1249,1252,1255,1259,1262,1265,1269,1272,1275,1279,1282,1285,1289,1292,1295,1299,1302,1306,1309,1313,1316,1320,1323,1327,1330,1334,1337,1341,1344,1348,1351,1355,1358,1362,1365,1369,1372,1376,1379,1383,1386,1390,1393,1397,1400,1404,1407,1411,1414,1418,1421,1425,1428,1432,1435,1439,1442,1446,1449,1453,1456,1460,1463,1467,1470,1474,1477,1481,1484,1488,1491,1495,1498,1502,1505,1509,1512,1516,1519,1523,1526,1530,1533,1537,1540,1544,1547,1551,1554,1558,1561,1565,1568,1572,1575,1579,1582,1586,1589,1593,1596,1600,1603,1607,1610,1614,1617,1621,1624,1628,1631,1635,1638,1642,1645,1649,1652,1656,1659,1663,1666,1670,1673,1677,1680,1684,1687,1691,1694,1698,1701,1705,1708,1712,1715,1719,1722,1726,1729,1733,1736,1740,1743,1747,1750,1754,1757,1761,1764,1768,1772,1776,1780,1784,1788,1792,1796,1800,1804,1808,1812,1816,1820,1824,1828,1832,1836,1840,1844,1848,1852,1856,1860,1864,1868,1872,1876,1880,1884,1888,1892,1896,1900,1904,1908,1912,1916,1920,1924,1928,1932,1936,1940,1944,1948,1952,1956,1960,1964],{"title":968,"slug":969,"category":970,"order":971},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":973,"slug":974,"category":975,"order":971},"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":977,"slug":978,"category":952,"order":971},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui",{"title":980,"slug":981,"category":970,"order":950},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":983,"slug":984,"category":975,"order":950},"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":986,"slug":987,"category":952,"order":950},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":989,"slug":990,"category":970,"order":991},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":993,"slug":994,"category":975,"order":991},"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":996,"slug":997,"category":952,"order":991},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":999,"slug":1000,"category":970,"order":1001},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1003,"slug":1004,"category":975,"order":1001},"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":1006,"slug":1007,"category":952,"order":1001},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1009,"slug":1010,"category":970,"order":1011},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1013,"slug":1014,"category":975,"order":1011},"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":1016,"slug":1017,"category":952,"order":1011},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1019,"slug":1020,"category":970,"order":1021},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1023,"slug":1024,"category":975,"order":1021},"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":1026,"slug":1027,"category":952,"order":1021},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1029,"slug":1030,"category":970,"order":1031},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1033,"slug":1034,"category":975,"order":1031},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1036,"slug":1037,"category":952,"order":1031},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1039,"slug":1040,"category":970,"order":1041},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1043,"slug":1044,"category":975,"order":1041},"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":1046,"slug":1047,"category":952,"order":1041},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1049,"slug":1050,"category":970,"order":1051},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1053,"slug":1054,"category":975,"order":1051},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1056,"slug":1057,"category":952,"order":1051},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1059,"slug":1060,"category":970,"order":1061},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1063,"slug":1064,"category":975,"order":1061},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1066,"slug":1067,"category":952,"order":1061},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1069,"slug":1070,"category":970,"order":1071},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1073,"slug":1074,"category":975,"order":1071},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1076,"slug":1077,"category":952,"order":1071},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1079,"slug":1080,"category":970,"order":1081},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1083,"slug":1084,"category":975,"order":1081},"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":1086,"slug":1087,"category":952,"order":1081},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1089,"slug":1090,"category":970,"order":1091},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1093,"slug":1094,"category":975,"order":1091},"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":1096,"slug":1097,"category":952,"order":1091},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1099,"slug":1100,"category":970,"order":1101},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1103,"slug":1104,"category":975,"order":1101},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1106,"slug":1107,"category":952,"order":1101},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1109,"slug":1110,"category":970,"order":1111},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1113,"slug":1114,"category":975,"order":1111},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1116,"slug":1117,"category":952,"order":1111},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1119,"slug":1120,"category":970,"order":1121},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1123,"slug":1124,"category":975,"order":1121},"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":1126,"slug":1127,"category":952,"order":1121},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1129,"slug":1130,"category":970,"order":1131},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1133,"slug":1134,"category":975,"order":1131},"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":1136,"slug":1137,"category":952,"order":1131},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1139,"slug":1140,"category":970,"order":1141},"1965 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巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1391,"slug":1392,"category":975,"order":1389},"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":1394,"slug":1395,"category":970,"order":1396},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1398,"slug":1399,"category":975,"order":1396},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1401,"slug":1402,"category":970,"order":1403},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1405,"slug":1406,"category":975,"order":1403},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1408,"slug":1409,"category":970,"order":1410},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1412,"slug":1413,"category":975,"order":1410},"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":1415,"slug":1416,"category":970,"order":1417},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1419,"slug":1420,"category":975,"order":1417},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1422,"slug":1423,"category":970,"order":1424},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1426,"slug":1427,"category":975,"order":1424},"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":1429,"slug":1430,"category":970,"order":1431},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1433,"slug":1434,"category":975,"order":1431},"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":1436,"slug":1437,"category":970,"order":1438},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1440,"slug":1441,"category":975,"order":1438},"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":1443,"slug":1444,"category":970,"order":1445},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1447,"slug":1448,"category":975,"order":1445},"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":1450,"slug":1451,"category":970,"order":1452},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1454,"slug":1455,"category":975,"order":1452},"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":1457,"slug":1458,"category":970,"order":1459},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1461,"slug":1462,"category":975,"order":1459},"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":1464,"slug":1465,"category":970,"order":1466},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1468,"slug":1469,"category":975,"order":1466},"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":1471,"slug":1472,"category":970,"order":1473},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1475,"slug":1476,"category":975,"order":1473},"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":1478,"slug":1479,"category":970,"order":1480},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1482,"slug":1483,"category":975,"order":1480},"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":1485,"slug":1486,"category":970,"order":1487},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1489,"slug":1490,"category":975,"order":1487},"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":1492,"slug":1493,"category":970,"order":1494},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1496,"slug":1497,"category":975,"order":1494},"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":1499,"slug":1500,"category":970,"order":1501},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1503,"slug":1504,"category":975,"order":1501},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1506,"slug":1507,"category":970,"order":1508},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1510,"slug":1511,"category":975,"order":1508},"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":1513,"slug":1514,"category":970,"order":1515},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1517,"slug":1518,"category":975,"order":1515},"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":1520,"slug":1521,"category":970,"order":1522},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1524,"slug":1525,"category":975,"order":1522},"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":1527,"slug":1528,"category":970,"order":1529},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1531,"slug":1532,"category":975,"order":1529},"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":1534,"slug":1535,"category":970,"order":1536},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1538,"slug":1539,"category":975,"order":1536},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1541,"slug":1542,"category":970,"order":1543},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1545,"slug":1546,"category":975,"order":1543},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1548,"slug":1549,"category":970,"order":1550},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1552,"slug":1553,"category":975,"order":1550},"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":1555,"slug":1556,"category":970,"order":1557},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1559,"slug":1560,"category":975,"order":1557},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1562,"slug":1563,"category":970,"order":1564},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1566,"slug":1567,"category":975,"order":1564},"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":1569,"slug":1570,"category":970,"order":1571},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1573,"slug":1574,"category":975,"order":1571},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1576,"slug":1577,"category":970,"order":1578},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1580,"slug":1581,"category":975,"order":1578},"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":1583,"slug":1584,"category":970,"order":1585},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1587,"slug":1588,"category":975,"order":1585},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1590,"slug":1591,"category":970,"order":1592},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1594,"slug":1595,"category":975,"order":1592},"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":1597,"slug":1598,"category":970,"order":1599},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1601,"slug":1602,"category":975,"order":1599},"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":1604,"slug":1605,"category":970,"order":1606},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1608,"slug":1609,"category":975,"order":1606},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1611,"slug":1612,"category":970,"order":1613},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1615,"slug":1616,"category":975,"order":1613},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1618,"slug":1619,"category":970,"order":1620},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1622,"slug":1623,"category":975,"order":1620},"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":1625,"slug":1626,"category":970,"order":1627},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1629,"slug":1630,"category":975,"order":1627},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1632,"slug":1633,"category":970,"order":1634},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1636,"slug":1637,"category":975,"order":1634},"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":1639,"slug":1640,"category":970,"order":1641},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1643,"slug":1644,"category":975,"order":1641},"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":1646,"slug":1647,"category":970,"order":1648},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1650,"slug":1651,"category":975,"order":1648},"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":1653,"slug":1654,"category":970,"order":1655},"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":1657,"slug":1658,"category":975,"order":1655},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1660,"slug":1661,"category":970,"order":1662},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1664,"slug":1665,"category":975,"order":1662},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1667,"slug":1668,"category":970,"order":1669},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1671,"slug":1672,"category":975,"order":1669},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1674,"slug":1675,"category":970,"order":1676},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1678,"slug":1679,"category":975,"order":1676},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1681,"slug":1682,"category":970,"order":1683},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1685,"slug":1686,"category":975,"order":1683},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1688,"slug":1689,"category":970,"order":1690},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1692,"slug":1693,"category":975,"order":1690},"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":1695,"slug":1696,"category":970,"order":1697},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1699,"slug":1700,"category":975,"order":1697},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1702,"slug":1703,"category":970,"order":1704},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1706,"slug":1707,"category":975,"order":1704},"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":1709,"slug":1710,"category":970,"order":1711},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1713,"slug":1714,"category":975,"order":1711},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1716,"slug":1717,"category":970,"order":1718},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1720,"slug":1721,"category":975,"order":1718},"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":1723,"slug":1724,"category":970,"order":1725},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1727,"slug":1728,"category":975,"order":1725},"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":1730,"slug":1731,"category":970,"order":1732},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1734,"slug":1735,"category":975,"order":1732},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1737,"slug":1738,"category":970,"order":1739},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1741,"slug":1742,"category":975,"order":1739},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1744,"slug":1745,"category":970,"order":1746},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1748,"slug":1749,"category":975,"order":1746},"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":1751,"slug":1752,"category":970,"order":1753},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1755,"slug":1756,"category":975,"order":1753},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1758,"slug":1759,"category":970,"order":1760},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1762,"slug":1763,"category":975,"order":1760},"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":1765,"slug":1766,"category":975,"order":1767},"巴菲特：2012年对话IVEY 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