[{"data":1,"prerenderedAt":1960},["ShallowReactive",2],{"library-anquanbianji":3,"library-sidebar-buffett":429,"library-sidebar-dao":1433,"library-sidebar-models":1728},{"id":4,"title":5,"body":6,"category":414,"date":415,"description":416,"extension":417,"meta":418,"navigation":419,"order":420,"path":421,"seo":422,"seoDescription":423,"seoTitle":424,"slug":425,"stem":426,"__hash__":427,"_collection":428},"dao\u002Fdao\u002Fconcepts\u002Fanquanbianji.md","安全边际",{"type":7,"value":8,"toc":390},"minimark",[9,12,16,40,54,66,69,74,82,90,101,105,117,121,129,137,141,158,166,169,173,182,187,195,216,219,235,238,242,247,251,257,262,266,275,278,290,299,308,317,320,328,334,341,347,353,362,377],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,23,24,28,32,33,36,37,39],"p",{},[20,21,5],"a",{"href":22},"\u002Flibrary\u002Fanquanbianji","原是",[25,26,27],"strong",{},"格雷厄姆",[20,29,31],{"href":30},"\u002Flibrary\u002Fjiazhitouzi","价值投资","理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。",[25,34,35],{},"段永平","对这个概念进行了独特的重新诠释——他认为",[20,38,5],{"href":22},"的核心不是价格，而是对公司的理解度。",[41,42,43],"blockquote",{},[17,44,45,46,48,49,53],{},"\"我觉得",[20,47,5],{"href":22},"实际上应该指的是",[20,50,52],{"href":51},"\u002Flibrary\u002Fnengliquan","能力圈","而不仅仅是价格。\"",[41,55,56],{},[17,57,58,59,62,63,65],{},"\"其实这个问题我想了很多年，一直没懂",[25,60,61],{},"巴菲特","说的",[20,64,5],{"href":22},"是什么意思，但自己最后的体会就是这样，不了解的公司再便宜也可能不便宜。\"（2020-10-15）",[13,67,68],{"id":68},"核心要义",[70,71,73],"h3",{"id":72},"_1-安全边际是理解度不是价格","1. 安全边际是理解度，不是价格",[41,75,76],{},[17,77,78,79,81],{},"\"",[20,80,5],{"href":22},"应该指的就是你自己的了解度，投资里没有数学上100%的东西。\"",[41,83,84],{},[17,85,86,87,89],{},"\"我对",[20,88,5],{"href":22},"的理解是对公司的理解度而不是股票短期的价格波动。对一个伟大公司而言，有时候一点点价格差别10年后看都不是事，但因为差那点价格而错过一个好公司就可能是大事了。\"（2020-10-15）",[41,91,92],{},[17,93,94,95,97,98,100],{},"\"老巴的",[20,96,5],{"href":22},"不是指这个，",[20,99,5],{"href":22},"指的是你对公司有多懂，这是我的理解。不是说有多便宜，便宜的东西可以更便宜的。\"（2025年方三文对话）",[70,102,104],{"id":103},"_2-能力圈内的生意有天然的安全边际","2. 能力圈内的生意有天然的安全边际",[41,106,107],{},[17,108,109,110,112,113,116],{},"\"在自己",[20,111,52],{"href":51},"内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。比如当年我投",[25,114,115],{},"网易","时，市场不看好的原因是很多人觉得游戏这个市场不是很大。而我自己由于在这个行业里的时间很长，所以很确定这个市场非常大。\"",[70,118,120],{"id":119},"_3-不确定性是用安全边际来对付的","3. 不确定性是用安全边际来对付的",[41,122,123],{},[17,124,125,126,128],{},"\"不确定性是用",[20,127,5],{"href":22},"去对付的。\"（2011-05-09）",[41,130,131],{},[17,132,133,134,136],{},"\"如果你指的是你对公司10年后的理解，那把握度就是你的",[20,135,5],{"href":22},"。\"",[70,138,140],{"id":139},"_4-理解越深需要的价格安全边际越小","4. 理解越深，需要的价格安全边际越小",[41,142,143],{},[17,144,145,146,148,149,151,152,154,155,157],{},"\"如果你对一家企业及其未来发展了如指掌，那么你所需要的",[20,147,5],{"href":22},"就会很小。所以，假设你仍想投资一家较为脆弱的企业，你就需要更大的",[20,150,5],{"href":22},"。就好比你开着一辆卡车通过一座标明限重10000磅的桥，而你的卡车重9800磅，如果桥下只有6英寸深的沟壑，你可能会觉得没问题;但要是这座桥横跨大峡谷，你可能就会觉得需要更大的",[20,153,5],{"href":22},"。\"（引用",[25,156,61],{},"1997年原话）",[17,159,160,162,163,165],{},[25,161,35],{},"评论：\"以前没看过",[25,164,61],{},"讲的原话，今天偶尔看到，发现跟我的意思一样一样的。\"（2024-01-21）",[13,167,168],{"id":168},"实战案例",[70,170,171],{"id":115},[25,172,115],{},[17,174,175,176,178,179,181],{},"当年投资",[25,177,115],{},"时，段永平有天然的",[20,180,5],{"href":22},"——他在游戏行业浸润多年，对市场规模的判断远比一般投资者准确。市场认为游戏市场不大，但他\"很确定这个市场非常大\"。",[70,183,185],{"id":184},"苹果",[25,186,184],{},[41,188,189],{},[17,190,191,192,194],{},"\"可能是我说的。我认为老巴的'",[20,193,5],{"href":22},"'实际上指的是理解度而不是价格。从10年的角度看，买的时候比最低价贵30%其实没多少。\"（2013-03-01）",[17,196,197,198,200,201,203,204,206,207,210,211,215],{},"段永平买",[25,199,184],{},"时的",[20,202,5],{"href":22},"来自于他在消费电子行业20多年的经验，让他能看懂",[25,205,184],{},"的",[25,208,209],{},"生意模式","和",[20,212,214],{"href":213},"\u002Flibrary\u002Fhuchenghe","护城河","。",[70,217,218],{"id":218},"雅虎",[17,220,221,222,224,225,228,229,231,232,234],{},"网友说买入雅虎的",[20,223,5],{"href":22},"在于其持有的",[25,226,227],{},"阿里巴巴","股份。段永平回应：\"没有",[25,230,227],{},"集团的话，雅虎就不便宜了。\"——这里的",[20,233,5],{"href":22},"确实更偏向价格层面。",[13,236,237],{"id":237},"常见误解",[70,239,241],{"id":240},"误解一安全边际就是便宜买入","误解一：安全边际就是便宜买入",[41,243,244],{},[17,245,246],{},"\"不了解的公司再便宜也可能不便宜。\"（2020-10-15）",[70,248,250],{"id":249},"误解二安全边际可以用数字衡量","误解二：安全边际可以用数字衡量",[41,252,253],{},[17,254,78,255,81],{},[20,256,5],{"href":22},[41,258,259],{},[17,260,261],{},"\"赌一般指的是48%赢面的下注，90%以上赢面的下注我一般称之为投资。\"",[70,263,265],{"id":264},"误解三安全边际是最重要的","误解三：安全边际是最重要的",[17,267,268,269,271,272,274],{},"网友说\"",[20,270,5],{"href":22},"是重中之重\"，段永平回答：\"很重要的东西之一吧。\"（2010-04-04）——他不把",[20,273,5],{"href":22},"孤立地看作最重要的，而是整个理解体系的一部分。",[13,276,277],{"id":277},"思想演变",[17,279,280,283,284,286,287,289],{},[25,281,282],{},"早期（2010年前后）","：",[25,285,35],{},"开始在网上讨论",[20,288,5],{"href":22},"，已经倾向于将其理解为\"理解度\"而非纯粹的价格折扣。",[17,291,292,295,296,298],{},[25,293,294],{},"中期（2013年）","：明确提出\"我认为老巴的'",[20,297,5],{"href":22},"'实际上指的是理解度而不是价格\"这一标志性观点。",[17,300,301,304,305,307],{},[25,302,303],{},"成熟期（2020-2024年）","：反复强调\"想了很多年\"才理解这个概念。2024年偶然看到",[25,306,61],{},"1997年的原话（桥梁与大峡谷的比喻），发现与自己的理解\"一样一样的\"。",[17,309,310,313,314,316],{},[25,311,312],{},"最新（2025年）","：在方三文对话中再次强调",[20,315,5],{"href":22},"是\"你对公司有多懂\"。",[13,318,319],{"id":319},"原话引用",[41,321,322],{},[17,323,45,324,48,326,53],{},[20,325,5],{"href":22},[20,327,52],{"href":51},[41,329,330],{},[17,331,78,332,81],{},[20,333,5],{"href":22},[41,335,336],{},[17,337,86,338,340],{},[20,339,5],{"href":22},"的理解是对公司的理解度而不是股票短期的价格波动。\"（2020-10-15）",[41,342,343],{},[17,344,191,345,194],{},[20,346,5],{"href":22},[41,348,349],{},[17,350,125,351,128],{},[20,352,5],{"href":22},[41,354,355],{},[17,356,94,357,97,359,361],{},[20,358,5],{"href":22},[20,360,5],{"href":22},"指的是你对公司有多懂，这是我的理解。\"（2025年方三文对话）",[41,363,364],{},[17,365,78,366,368,369,371,372,371,374,376],{},[25,367,61],{},"有几条东西:",[20,370,52],{"href":51},"、",[20,373,214],{"href":213},[20,375,5],{"href":22},"，他没说哪个行业。\"（2010-05-08）",[41,378,379],{},[17,380,381,382,384,385,389],{},"\"买股票应该在公司股价低于其内在价值时买。至于应该是40%还是50%（",[20,383,5],{"href":22},"）还是其他数字则完全由投资人自己的",[20,386,388],{"href":387},"\u002Flibrary\u002Fjihuichengben","机会成本","情况来决定。\"",{"title":391,"searchDepth":392,"depth":392,"links":393},"",2,[394,395,402,407,412,413],{"id":15,"depth":392,"text":15},{"id":68,"depth":392,"text":68,"children":396},[397,399,400,401],{"id":72,"depth":398,"text":73},3,{"id":103,"depth":398,"text":104},{"id":119,"depth":398,"text":120},{"id":139,"depth":398,"text":140},{"id":168,"depth":392,"text":168,"children":403},[404,405,406],{"id":115,"depth":398,"text":115},{"id":184,"depth":398,"text":184},{"id":218,"depth":398,"text":218},{"id":237,"depth":392,"text":237,"children":408},[409,410,411],{"id":240,"depth":398,"text":241},{"id":249,"depth":398,"text":250},{"id":264,"depth":398,"text":265},{"id":277,"depth":392,"text":277},{"id":319,"depth":392,"text":319},"投资理念",null,"安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","md",{},true,14,"\u002Fdao\u002Fconcepts\u002Fanquanbianji",{"title":5,"description":416},"段永平谈安全边际：安全边际原是格雷厄姆价值投资理论的核心概念，传统理解为\"以低于内在价值的价格买入，留出足够的价格安全空间\"。段永平对这个概念进行了独特的重新诠释——他认为安全边际的核心不是价格，而是对公司的理解度。","安全边际｜大道总纲","anquanbianji","dao\u002Fconcepts\u002Fanquanbianji","3M4IsXjCJxiVkAe71fp7g6uVu-kamBXP3pBMvrflliU","dao",[430,435,439,443,446,449,452,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,525,528,531,535,538,541,545,548,551,555,558,561,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,614,617,620,624,627,630,634,637,640,644,647,650,654,657,660,664,667,670,674,677,680,684,687,690,694,697,700,704,707,710,714,717,720,724,727,730,734,737,740,744,747,750,754,757,760,764,767,771,774,778,781,785,7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有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":436,"slug":437,"category":438,"order":434},"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":440,"slug":441,"category":442,"order":434},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":444,"slug":445,"category":433,"order":392},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":447,"slug":448,"category":438,"order":392},"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":450,"slug":451,"category":442,"order":392},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":453,"slug":454,"category":433,"order":398},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":456,"slug":457,"category":438,"order":398},"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":459,"slug":460,"category":442,"order":398},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":462,"slug":463,"category":433,"order":464},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":466,"slug":467,"category":438,"order":464},"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":469,"slug":470,"category":442,"order":464},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":472,"slug":473,"category":433,"order":474},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":476,"slug":477,"category":438,"order":474},"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":479,"slug":480,"category":442,"order":474},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":482,"slug":483,"category":433,"order":484},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":486,"slug":487,"category":438,"order":484},"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":489,"slug":490,"category":442,"order":484},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":492,"slug":493,"category":433,"order":494},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":496,"slug":497,"category":438,"order":494},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":499,"slug":500,"category":442,"order":494},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":502,"slug":503,"category":433,"order":504},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":506,"slug":507,"category":438,"order":504},"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":509,"slug":510,"category":442,"order":504},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":512,"slug":513,"category":433,"order":514},"1962年11月 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":863,"slug":864,"category":438,"order":861},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":866,"slug":867,"category":433,"order":868},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":870,"slug":871,"category":438,"order":868},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":873,"slug":874,"category":433,"order":875},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":877,"slug":878,"category":438,"order":875},"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":880,"slug":881,"category":433,"order":882},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":884,"slug":885,"category":438,"order":882},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":887,"slug":888,"category":433,"order":889},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":891,"slug":892,"category":438,"order":889},"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":894,"slug":895,"category":433,"order":896},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":898,"slug":899,"category":438,"order":896},"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":901,"slug":902,"category":433,"order":903},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":905,"slug":906,"category":438,"order":903},"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":908,"slug":909,"category":433,"order":910},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":912,"slug":913,"category":438,"order":910},"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":915,"slug":916,"category":433,"order":917},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":919,"slug":920,"category":438,"order":917},"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":922,"slug":923,"category":433,"order":924},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":926,"slug":927,"category":438,"order":924},"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":929,"slug":930,"category":433,"order":931},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":933,"slug":934,"category":438,"order":931},"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":936,"slug":937,"category":433,"order":938},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":940,"slug":941,"category":438,"order":938},"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":943,"slug":944,"category":433,"order":945},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":947,"slug":948,"category":438,"order":945},"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":950,"slug":951,"category":433,"order":952},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":954,"slug":955,"category":438,"order":952},"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":957,"slug":958,"category":433,"order":959},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":961,"slug":962,"category":438,"order":959},"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":964,"slug":965,"category":433,"order":966},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":968,"slug":969,"category":438,"order":966},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":971,"slug":972,"category":433,"order":973},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":975,"slug":976,"category":438,"order":973},"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":978,"slug":979,"category":433,"order":980},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":982,"slug":983,"category":438,"order":980},"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":985,"slug":986,"category":433,"order":987},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":989,"slug":990,"category":438,"order":987},"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":992,"slug":993,"category":433,"order":994},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":996,"slug":997,"category":438,"order":994},"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":999,"slug":1000,"category":433,"order":1001},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1003,"slug":1004,"category":438,"order":1001},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1006,"slug":1007,"category":433,"order":1008},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1010,"slug":1011,"category":438,"order":1008},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1013,"slug":1014,"category":433,"order":1015},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1017,"slug":1018,"category":438,"order":1015},"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":1020,"slug":1021,"category":433,"order":1022},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1024,"slug":1025,"category":438,"order":1022},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1027,"slug":1028,"category":433,"order":1029},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1031,"slug":1032,"category":438,"order":1029},"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":1034,"slug":1035,"category":433,"order":1036},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1038,"slug":1039,"category":438,"order":1036},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1041,"slug":1042,"category":433,"order":1043},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1045,"slug":1046,"category":438,"order":1043},"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":1048,"slug":1049,"category":433,"order":1050},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1052,"slug":1053,"category":438,"order":1050},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1055,"slug":1056,"category":433,"order":1057},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1059,"slug":1060,"category":438,"order":1057},"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":1062,"slug":1063,"category":433,"order":1064},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1066,"slug":1067,"category":438,"order":1064},"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":1069,"slug":1070,"category":433,"order":1071},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1073,"slug":1074,"category":438,"order":1071},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1076,"slug":1077,"category":433,"order":1078},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1080,"slug":1081,"category":438,"order":1078},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1083,"slug":1084,"category":433,"order":1085},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1087,"slug":1088,"category":438,"order":1085},"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":1090,"slug":1091,"category":433,"order":1092},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1094,"slug":1095,"category":438,"order":1092},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1097,"slug":1098,"category":433,"order":1099},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1101,"slug":1102,"category":438,"order":1099},"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":1104,"slug":1105,"category":433,"order":1106},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1108,"slug":1109,"category":438,"order":1106},"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":1111,"slug":1112,"category":433,"order":1113},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1115,"slug":1116,"category":438,"order":1113},"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":1118,"slug":1119,"category":433,"order":1120},"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":1122,"slug":1123,"category":438,"order":1120},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1125,"slug":1126,"category":433,"order":1127},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1129,"slug":1130,"category":438,"order":1127},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1132,"slug":1133,"category":433,"order":1134},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1136,"slug":1137,"category":438,"order":1134},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1139,"slug":1140,"category":433,"order":1141},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1143,"slug":1144,"category":438,"order":1141},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1146,"slug":1147,"category":433,"order":1148},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1150,"slug":1151,"category":438,"order":1148},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1153,"slug":1154,"category":433,"order":1155},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1157,"slug":1158,"category":438,"order":1155},"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":1160,"slug":1161,"category":433,"order":1162},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1164,"slug":1165,"category":438,"order":1162},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1167,"slug":1168,"category":433,"order":1169},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1171,"slug":1172,"category":438,"order":1169},"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":1174,"slug":1175,"category":433,"order":1176},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1178,"slug":1179,"category":438,"order":1176},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1181,"slug":1182,"category":433,"order":1183},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1185,"slug":1186,"category":438,"order":1183},"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":1188,"slug":1189,"category":433,"order":1190},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1192,"slug":1193,"category":438,"order":1190},"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":1195,"slug":1196,"category":433,"order":1197},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1199,"slug":1200,"category":438,"order":1197},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1202,"slug":1203,"category":433,"order":1204},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1206,"slug":1207,"category":438,"order":1204},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1209,"slug":1210,"category":433,"order":1211},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1213,"slug":1214,"category":438,"order":1211},"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":1216,"slug":1217,"category":433,"order":1218},"2025 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