[{"data":1,"prerenderedAt":1690},["ShallowReactive",2],{"library-ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui":3,"library-sidebar-buffett":154,"library-sidebar-dao":1156,"library-sidebar-models":1458},{"id":4,"title":5,"body":6,"category":140,"date":141,"description":142,"extension":143,"meta":144,"navigation":145,"order":146,"path":147,"seo":148,"seoDescription":142,"seoTitle":149,"slug":150,"stem":151,"__hash__":152,"_collection":153},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui.md","巴菲特：1986年《如何驯服“赌场社会”》",{"type":7,"value":8,"toc":136},"minimark",[9,13,17,20,29,32,35,41,44,47,52,55,58,61,64,67,70,73,79,82,85,90,93,98,101,104,107,110,115,118,121,124,127,130,133],[10,11,5],"h1",{"id":12},"巴菲特1986年如何驯服赌场社会",[14,15,16],"p",{},"沃伦·E·巴菲特",[14,18,19],{},"发表于1986年12月4日，《华盛顿邮报》",[21,22,23,26],"blockquote",{},[14,24,25],{},"“在传统金融的所有箴言中，没有哪一句比‘流动性崇拜’更反社会……",[14,27,28],{},"投机者或许只是像泡沫一样漂浮在稳定的企业流中，看起来并无大碍。但真正危险的是：当企业本身沦为投机漩涡中的泡沫时；当一个国家的资本发展变成赌场活动的副产品时，事情往往就会一团糟。”",[14,30,31],{},"这段话出自凯恩斯1936年的名著《就业、利息与货币通论》。在那个时代，他的警告听起来或许有些异想天开：1929年大崩盘之后的华尔街极为严肃，几乎没有什么赌场式活动。彼时，企业做自己的事，投机者玩他们的游戏，彼此井水不犯河水。",[14,33,34],{},"但如今我们已经发生了180度的转变。华尔街的投机烟火如今正在企业界和社会中到处投下灰烬。很不幸，这正好验证了凯恩斯当年的最坏预言。",[14,36,37],{},[38,39,40],"strong",{},"请看以下现象：",[14,42,43],{},"如今，“企业勒索”变得非常普遍。手法粗鲁但非常有效。通常，掠夺者（就像街头劫匪）会威胁目标企业的管理层：“要钱还是要工作？”对此，管理层的回应通常是：“把我老板的钱包拿去吧”——也就是说，把股东的钱给了掠夺者。毫不意外，掠夺者和管理层都对这种安排感到满意。",[14,45,46],{},"但对企业的影响却是深远且持久的。健康的资产负债表变得负债累累，为了支付赎金，不得不出售资产部门。在另一些情况下，公司会仓促找“白衣骑士”来收购自己。这种“速配婚姻”常常会给双方带来大麻烦。有时，目标公司干脆通过肢解自己来实施“公司自杀”。",[14,48,49],{},[38,50,51],{},"而你或许会以为，掠夺者和配合的管理层应该感到羞耻，甚至会被华尔街的“贵族阶层”所鄙视。",[14,53,54],{},"然而事实正好相反。整个过程由华尔街“最优秀”——至少是“最高薪”的律师和投行人士来全程服务。虽然目标公司被“阉割”，但支票依然有效。而那些支票金额巨大。律师和投行不仅靠“背书”收钱，还经常第二次回到现场，从融资安排或资产出售中再次抽成。",[14,56,57],{},"而那些“绿色邮件者”（greenmailer，敲诈式收购者）也在华尔街拥有大量朋友。因为他今晚的猎物越多，接下来的几晚华尔街的活动就越多、佣金就越高。",[14,59,60],{},"比如Sir James Goldsmith大战Goodyear、Ronald Perelman大战Gillette，只需几周就能彻底重塑公司格局，为华尔街送来大笔收益。",[14,62,63],{},"对比之下，那些多年默默服务于Potomac Electric或《华盛顿邮报》的公司，即便它们经营稳定成功，却鲜有人追捧。你若是华尔街，会追求谁？",[14,65,66],{},"我们最聪明、最有前途的年轻人早已明白：在1980年代，如果想迅速致富，靠“做交易”远胜于“做产品”。如果有一位刚毕业的MBA问我：“我怎样才能快速变富？”我不会引用本杰明·富兰克林或霍雷肖·阿尔杰的名言，而是会一手捂住鼻子，一手指向华尔街。以每一点智商或每一分工作量来衡量，华尔街的短期回报远远超过通用汽车、通用电气或西尔斯。这一点在今天的大学校园里早已被广泛认知：华尔街已成为一块“圣地”，吸引着不成比例数量的聪明人和野心家。",[14,68,69],{},"华尔街对普通股票和债券的巨大成交量已不满足，便为这家“赌场”发明出一系列全新的诱人产品。最初是期权，接着是与真实金融工具（如国债）挂钩的期货合约，再之后又出现了针对非实物资产（如股市指数）的期货合约。最终，在追求更刺激、更波动的游戏中，华尔街发明了“指数期权”。",[14,71,72],{},"毫无悬念，这些产品迅速大受欢迎。股票的换手率本应以“年”为单位计算，但这些新奇工具的换手率却以“日”为单位波动——甚至每天能达到25%到50%。",[14,74,75,78],{},[38,76,77],{},"经纪人自然对这种客户的“高频交易”爱不释手","：华尔街的收入依赖于交易的频率，而非“药效”本身。但对每笔交易都要“咬一口”的荷官（croupier）来说，这当然是好事；可对投资者（patron）而言，这简直是毒药。当投资者转变成投机者时，他们会遭遇与赌徒类似的负面财务后果——就像一个人从每年下注一次肯塔基德比赛，转而天天下注所有马赛一样。",[14,80,81],{},"华尔街喜欢把这些狂热的金融游戏包装成高尚、利他的行为，说它们是为了让经济更灵活更高效。我自己也从不少短期交易中获利过，因此我理解华尔街为何愿意用这些“高尚哲学”来粉饰自己的行为。最被他们钟爱的说辞，莫过于亚当·斯密的“看不见的手”。",[14,83,84],{},"你或许记得，这只“仁慈的手”本应引导每一位资本家——即便其动机源自私利——最终实现社会正义的目标。但现实却是：短期交易的“无形之脚”常常踢中了整个社会的“胫骨”。",[14,86,87],{},[38,88,89],{},"我一直有一个幻想：",[14,91,92],{},"假如有25位券商遭遇海难，被困在一个无人救援的荒岛上，他们必须组建一个经济体，以维持生活、获得最大化的消费与幸福。那么，他们会如何分工？我想知道：他们是否会派出20人去种田、织布、盖房子，剩下的5人则全天买卖“未来20人能产出多少粮食或衣服”的期权？",[14,94,95],{},[38,96,97],{},"我们该如何应对如今投机的漩涡已经吞噬了实业的问题？",[14,99,100],{},"一个听起来可能很离奇但实际上颇具价值的建议是：让政府对持有期少于一年的股票或衍生工具所产生的任何利润征收100%的税。",[14,102,103],{},"而且这项税收应适用于所有人，包括养老金基金和其他通常不纳税的实体。华尔街的一个巨大讽刺是：这些本应拥有最长投资视野的资金，却在华尔街的竞争赛道上被改造成了最具投机性的参与者之一。",[14,105,106],{},"这项100%税并不会在流动性瞬间需求时剥夺你的资本。如果你在购买后10分钟或10个月以高于成本的价格卖出，你依然可以拿回资金。但除非你的资本配置决策拥有至少一年的时间跨度，否则你将无法从中获利。",[14,108,109],{},"相比之下，房地产市场中一年以上的投资期限一直是常态，这一点从未造成写字楼或购物中心短缺。同理，股票的长期持有也不会造成汽车或电视机的短缺。",[14,111,112],{},[38,113,114],{},"一项100%的税收带来的一个确定性结果是：",[14,116,117],{},"当前用于获取几分钟、几小时或几周内最大收益的巨大脑力和精力，将立刻被重新导向追求长期回报的决策上。虽然华尔街可能不喜欢规则，但它的思维会迅速适应“什么在新规则下最能获利”的问题。",[14,119,120],{},"这种从金融腾挪向远见资产配置的再定位，将产生一系列有益副产品。最诱人的“内幕信息”——即与收购相关的信息——将失去作用。突击式的收购，以及敲诈式的“绿色邮件”，也将大大失去吸引力。短期投机者——无论是养老金基金还是散户——都必然会变成至少是中期投资者。",[14,122,123],{},"国会早已意识到，财务上有雄心的人，会专注于税法所奖励的行为。因此，立法者过去常常把他们认为是“亲社会目标”的事情与优惠税收待遇相结合。那么，为什么不反其道而行之，用“棒子”而不是“胡萝卜”来规范行为？如果短期投机行为把国家的资本配置机制搞得一团糟——用凯恩斯的话说，“这项工作很可能会被搞砸”——那我们何不干脆消除这种行为的激励呢？",[14,125,126],{},"当然，这项改革也会带来一些负面副产品，就像切除肿瘤时，健康组织有时也会被牺牲。但与可实现的收益相比，这些缺点显得微不足道。与其他立法措施相比，这些缺点也显得轻微——那些措施试图通过对华尔街和美国企业界施加“紧身衣”式的规则，来驯服赌场社会。",[14,128,129],{},"投资者、企业家和运营管理者不会受到这种税收的影响，他们仍能在自由市场的全套商业选项中做出选择。MBA学生可以开始关注通过企业建设创造价值，而不是从商业腾挪中攫取过路费。企业控制依然可以发生变化，而且经常应该发生变化。然而，这种变化的频率会远低于当前短期投机活动所造成的频繁变动——这些投机活动如今将企业推向所谓的“play”状态，这是华尔街创造出来的术语，用于描述那些正被推向未知、未计划但不可避免的重大转型中的公司。",[14,131,132],{},"证券交易量，尤其是证券期权和期货的交易量将会减少。如今在赌场中忙碌的许多人，也许可以将注意力转向“造饼”，而不是“分饼”。那些长期抨击现任企业管理者弊病的绿色邮件者和“快速赚钱的艺术家们”，也许可以试试自己的本事，看是否能在他们曾轻蔑对待的对象之上产出更多。",[14,134,135],{},"（全）",{"title":137,"searchDepth":138,"depth":138,"links":139},"",2,[],"访谈与文章",null,"巴菲特在《华盛顿邮报》撰文，批评金融投机文化，引用凯恩斯警示资本市场过度赌场化的社会危害。","md",{},true,16,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":5,"description":142},"巴菲特：1986年《如何驯服“赌场社会”》｜巴菲特","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui","buffett\u002Finterview\u002Fba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui","0I9MXhXqgqReOZ25ys9meJidar50YVRR1yBjzGO3EZc","buffett",[155,160,163,167,170,173,176,180,183,186,190,193,196,200,203,206,210,213,216,220,223,226,230,233,236,240,243,246,250,253,256,260,263,266,270,273,276,280,283,286,290,293,296,300,303,306,309,310,313,317,320,323,327,330,333,337,340,343,347,350,353,357,360,363,367,370,373,377,380,383,387,390,393,397,400,403,407,410,413,417,420,423,427,430,433,437,440,443,447,450,453,457,460,463,467,470,473,477,480,483,487,490,494,497,501,504,508,511,515,518,522,525,529,532,536,539,543,546,550,553,557,560,564,567,571,574,578,581,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,960,964,968,972,976,980,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152],{"title":156,"slug":157,"category":158,"order":159},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":161,"slug":162,"category":140,"order":159},"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",{"title":164,"slug":165,"category":166,"order":159},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":168,"slug":169,"category":158,"order":138},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":171,"slug":172,"category":140,"order":138},"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":174,"slug":175,"category":166,"order":138},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":177,"slug":178,"category":158,"order":179},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":181,"slug":182,"category":140,"order":179},"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":184,"slug":185,"category":166,"order":179},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":187,"slug":188,"category":158,"order":189},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":191,"slug":192,"category":140,"order":189},"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":194,"slug":195,"category":166,"order":189},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":197,"slug":198,"category":158,"order":199},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":201,"slug":202,"category":140,"order":199},"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":204,"slug":205,"category":166,"order":199},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":207,"slug":208,"category":158,"order":209},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":211,"slug":212,"category":140,"order":209},"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":214,"slug":215,"category":166,"order":209},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":217,"slug":218,"category":158,"order":219},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":221,"slug":222,"category":140,"order":219},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":224,"slug":225,"category":166,"order":219},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":227,"slug":228,"category":158,"order":229},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":231,"slug":232,"category":140,"order":229},"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":234,"slug":235,"category":166,"order":229},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":237,"slug":238,"category":158,"order":239},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":241,"slug":242,"category":140,"order":239},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":244,"slug":245,"category":166,"order":239},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":247,"slug":248,"category":158,"order":249},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":251,"slug":252,"category":140,"order":249},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":254,"slug":255,"category":166,"order":249},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":257,"slug":258,"category":158,"order":259},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":261,"slug":262,"category":140,"order":259},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":264,"slug":265,"category":166,"order":259},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":267,"slug":268,"category":158,"order":269},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":271,"slug":272,"category":140,"order":269},"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":274,"slug":275,"category":166,"order":269},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":277,"slug":278,"category":158,"order":279},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":281,"slug":282,"category":140,"order":279},"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":284,"slug":285,"category":166,"order":279},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":287,"slug":288,"category":158,"order":289},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":291,"slug":292,"category":140,"order":289},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":294,"slug":295,"category":166,"order":289},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":297,"slug":298,"category":158,"order":299},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":301,"slug":302,"category":140,"order":299},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":304,"slug":305,"category":166,"order":299},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":307,"slug":308,"category":158,"order":146},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"slug":150,"category":140,"order":146},{"title":311,"slug":312,"category":166,"order":146},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":314,"slug":315,"category":158,"order":316},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":318,"slug":319,"category":140,"order":316},"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":321,"slug":322,"category":166,"order":316},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":324,"slug":325,"category":158,"order":326},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":328,"slug":329,"category":140,"order":326},"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":331,"slug":332,"category":166,"order":326},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":334,"slug":335,"category":158,"order":336},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":338,"slug":339,"category":140,"order":336},"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":341,"slug":342,"category":166,"order":336},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":344,"slug":345,"category":158,"order":346},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":348,"slug":349,"category":140,"order":346},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":351,"slug":352,"category":166,"order":346},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":354,"slug":355,"category":158,"order":356},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":358,"slug":359,"category":140,"order":356},"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":361,"slug":362,"category":166,"order":356},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":364,"slug":365,"category":158,"order":366},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":368,"slug":369,"category":140,"order":366},"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":371,"slug":372,"category":166,"order":366},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":374,"slug":375,"category":158,"order":376},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":378,"slug":379,"category":140,"order":376},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":381,"slug":382,"category":166,"order":376},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":384,"slug":385,"category":158,"order":386},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":388,"slug":389,"category":140,"order":386},"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":391,"slug":392,"category":166,"order":386},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":394,"slug":395,"category":158,"order":396},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":398,"slug":399,"category":140,"order":396},"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":401,"slug":402,"category":166,"order":396},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":404,"slug":405,"category":158,"order":406},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":408,"slug":409,"category":140,"order":406},"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":411,"slug":412,"category":166,"order":406},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":414,"slug":415,"category":158,"order":416},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":418,"slug":419,"category":140,"order":416},"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":421,"slug":422,"category":166,"order":416},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":424,"slug":425,"category":158,"order":426},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":428,"slug":429,"category":140,"order":426},"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":431,"slug":432,"category":166,"order":426},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":434,"slug":435,"category":158,"order":436},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":438,"slug":439,"category":140,"order":436},"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":441,"slug":442,"category":166,"order":436},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":444,"slug":445,"category":158,"order":446},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":448,"slug":449,"category":140,"order":446},"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":451,"slug":452,"category":166,"order":446},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":454,"slug":455,"category":158,"order":456},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":458,"slug":459,"category":140,"order":456},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":461,"slug":462,"category":166,"order":456},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":464,"slug":465,"category":158,"order":466},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":468,"slug":469,"category":140,"order":466},"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":471,"slug":472,"category":166,"order":466},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":474,"slug":475,"category":158,"order":476},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":478,"slug":479,"category":140,"order":476},"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":481,"slug":482,"category":166,"order":476},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":484,"slug":485,"category":158,"order":486},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":488,"slug":489,"category":140,"order":486},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":491,"slug":492,"category":158,"order":493},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":495,"slug":496,"category":140,"order":493},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":498,"slug":499,"category":158,"order":500},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":502,"slug":503,"category":140,"order":500},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":505,"slug":506,"category":158,"order":507},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":509,"slug":510,"category":140,"order":507},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":512,"slug":513,"category":158,"order":514},"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":516,"slug":517,"category":140,"order":514},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":519,"slug":520,"category":158,"order":521},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":523,"slug":524,"category":140,"order":521},"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":526,"slug":527,"category":158,"order":528},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":530,"slug":531,"category":140,"order":528},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":533,"slug":534,"category":158,"order":535},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":537,"slug":538,"category":140,"order":535},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":540,"slug":541,"category":158,"order":542},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":544,"slug":545,"category":140,"order":542},"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":547,"slug":548,"category":158,"order":549},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":551,"slug":552,"category":140,"order":549},"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":554,"slug":555,"category":158,"order":556},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":558,"slug":559,"category":140,"order":556},"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":561,"slug":562,"category":158,"order":563},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":565,"slug":566,"category":140,"order":563},"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":568,"slug":569,"category":158,"order":570},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":572,"slug":573,"category":140,"order":570},"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":575,"slug":576,"category":158,"order":577},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":579,"slug":580,"category":140,"order":577},"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":582,"slug":583,"category":158,"order":584},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":586,"slug":587,"category":140,"order":584},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":589,"slug":590,"category":158,"order":591},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":593,"slug":594,"category":140,"order":591},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":596,"slug":597,"category":158,"order":598},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":600,"slug":601,"category":140,"order":598},"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":603,"slug":604,"category":158,"order":605},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":607,"slug":608,"category":140,"order":605},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":610,"slug":611,"category":158,"order":612},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":614,"slug":615,"category":140,"order":612},"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":617,"slug":618,"category":158,"order":619},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":621,"slug":622,"category":140,"order":619},"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":624,"slug":625,"category":158,"order":626},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":628,"slug":629,"category":140,"order":626},"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":631,"slug":632,"category":158,"order":633},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":635,"slug":636,"category":140,"order":633},"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":638,"slug":639,"category":158,"order":640},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":642,"slug":643,"category":140,"order":640},"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":645,"slug":646,"category":158,"order":647},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":649,"slug":650,"category":140,"order":647},"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":652,"slug":653,"category":158,"order":654},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":656,"slug":657,"category":140,"order":654},"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":659,"slug":660,"category":158,"order":661},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":663,"slug":664,"category":140,"order":661},"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":666,"slug":667,"category":158,"order":668},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":670,"slug":671,"category":140,"order":668},"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":673,"slug":674,"category":158,"order":675},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":677,"slug":678,"category":140,"order":675},"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":680,"slug":681,"category":158,"order":682},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":684,"slug":685,"category":140,"order":682},"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":687,"slug":688,"category":158,"order":689},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":691,"slug":692,"category":140,"order":689},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":694,"slug":695,"category":158,"order":696},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":698,"slug":699,"category":140,"order":696},"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":701,"slug":702,"category":158,"order":703},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":705,"slug":706,"category":140,"order":703},"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":708,"slug":709,"category":158,"order":710},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":712,"slug":713,"category":140,"order":710},"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":715,"slug":716,"category":158,"order":717},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":719,"slug":720,"category":140,"order":717},"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":722,"slug":723,"category":158,"order":724},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":726,"slug":727,"category":140,"order":724},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":729,"slug":730,"category":158,"order":731},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":733,"slug":734,"category":140,"order":731},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":736,"slug":737,"category":158,"order":738},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":740,"slug":741,"category":140,"order":738},"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":743,"slug":744,"category":158,"order":745},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":747,"slug":748,"category":140,"order":745},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":750,"slug":751,"category":158,"order":752},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":754,"slug":755,"category":140,"order":752},"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":757,"slug":758,"category":158,"order":759},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":761,"slug":762,"category":140,"order":759},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":764,"slug":765,"category":158,"order":766},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":768,"slug":769,"category":140,"order":766},"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":771,"slug":772,"category":158,"order":773},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":775,"slug":776,"category":140,"order":773},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":778,"slug":779,"category":158,"order":780},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":782,"slug":783,"category":140,"order":780},"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":785,"slug":786,"category":158,"order":787},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":789,"slug":790,"category":140,"order":787},"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":792,"slug":793,"category":158,"order":794},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":796,"slug":797,"category":140,"order":794},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":799,"slug":800,"category":158,"order":801},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":803,"slug":804,"category":140,"order":801},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":806,"slug":807,"category":158,"order":808},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":810,"slug":811,"category":140,"order":808},"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":813,"slug":814,"category":158,"order":815},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":817,"slug":818,"category":140,"order":815},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":820,"slug":821,"category":158,"order":822},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":824,"slug":825,"category":140,"order":822},"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":827,"slug":828,"category":158,"order":829},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":831,"slug":832,"category":140,"order":829},"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":834,"slug":835,"category":158,"order":836},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":838,"slug":839,"category":140,"order":836},"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":841,"slug":842,"category":158,"order":843},"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":845,"slug":846,"category":140,"order":843},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":848,"slug":849,"category":158,"order":850},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":852,"slug":853,"category":140,"order":850},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":855,"slug":856,"category":158,"order":857},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":859,"slug":860,"category":140,"order":857},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":862,"slug":863,"category":158,"order":864},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":866,"slug":867,"category":140,"order":864},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":869,"slug":870,"category":158,"order":871},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":873,"slug":874,"category":140,"order":871},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":876,"slug":877,"category":158,"order":878},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":880,"slug":881,"category":140,"order":878},"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":883,"slug":884,"category":158,"order":885},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":887,"slug":888,"category":140,"order":885},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":890,"slug":891,"category":158,"order":892},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":894,"slug":895,"category":140,"order":892},"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":897,"slug":898,"category":158,"order":899},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":901,"slug":902,"category":140,"order":899},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":904,"slug":905,"category":158,"order":906},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":908,"slug":909,"category":140,"order":906},"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":911,"slug":912,"category":158,"order":913},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":915,"slug":916,"category":140,"order":913},"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":918,"slug":919,"category":158,"order":920},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":922,"slug":923,"category":140,"order":920},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":925,"slug":926,"category":158,"order":927},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":929,"slug":930,"category":140,"order":927},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":932,"slug":933,"category":158,"order":934},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":936,"slug":937,"category":140,"order":934},"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":939,"slug":940,"category":158,"order":941},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":943,"slug":944,"category":140,"order":941},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":946,"slug":947,"category":158,"order":948},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":950,"slug":951,"category":140,"order":948},"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":953,"slug":954,"category":140,"order":955},"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":957,"slug":958,"category":140,"order":959},"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":961,"slug":962,"category":140,"order":963},"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":965,"slug":966,"category":140,"order":967},"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":969,"slug":970,"category":140,"order":971},"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":973,"slug":974,"category":140,"order":975},"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":977,"slug":978,"category":140,"order":979},"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":981,"slug":982,"category":140,"order":983},"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":985,"slug":986,"category":140,"order":987},"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":989,"slug":990,"category":140,"order":991},"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":993,"slug":994,"category":140,"order":995},"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":997,"slug":998,"category":140,"order":999},"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":1001,"slug":1002,"category":140,"order":1003},"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":1005,"slug":1006,"category":140,"order":1007},"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":1009,"slug":1010,"category":140,"order":1011},"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":1013,"slug":1014,"category":140,"order":1015},"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":1017,"slug":1018,"category":140,"order":1019},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1021,"slug":1022,"category":140,"order":1023},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1025,"slug":1026,"category":140,"order":1027},"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":1029,"slug":1030,"category":140,"order":1031},"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":1033,"slug":1034,"category":140,"order":1035},"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":1037,"slug":1038,"category":140,"order":1039},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1041,"slug":1042,"category":140,"order":1043},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1045,"slug":1046,"category":140,"order":1047},"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":1049,"slug":1050,"category":140,"order":1051},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1053,"slug":1054,"category":140,"order":1055},"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":1057,"slug":1058,"category":140,"order":1059},"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":1061,"slug":1062,"category":140,"order":1063},"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":1065,"slug":1066,"category":140,"order":1067},"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":1069,"slug":1070,"category":140,"order":1071},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1073,"slug":1074,"category":140,"order":1075},"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":1077,"slug":1078,"category":140,"order":1079},"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":1081,"slug":1082,"category":140,"order":1083},"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":1085,"slug":1086,"category":140,"order":1087},"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":1089,"slug":1090,"category":140,"order":1091},"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":1093,"slug":1094,"category":140,"order":1095},"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":1097,"slug":1098,"category":140,"order":1099},"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":1101,"slug":1102,"category":140,"order":1103},"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":1105,"slug":1106,"category":140,"order":1107},"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":1109,"slug":1110,"category":140,"order":1111},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1113,"slug":1114,"category":140,"order":1115},"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":1117,"slug":1118,"category":140,"order":1119},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1121,"slug":1122,"category":140,"order":1123},"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":1125,"slug":1126,"category":140,"order":1127},"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":1129,"slug":1130,"category":140,"order":1131},"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":1133,"slug":1134,"category":140,"order":1135},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1137,"slug":1138,"category":140,"order":1139},"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":1141,"slug":1142,"category":140,"order":1143},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1145,"slug":1146,"category":140,"order":1147},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1149,"slug":1150,"category":140,"order":1151},"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":1153,"slug":1154,"category":140,"order":1155},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1157,1161,1164,1167,1170,1173,1176,1179,1182,1186,1190,1193,1196,1199,1202,1205,1208,1211,1214,1217,1220,1223,1226,1229,1232,1236,1239,1242,1245,1248,1251,1254,1257,1260,1263,1267,1270,1273,1276,1279,1282,1285,1288,1292,1295,1298,1301,1304,1307,1310,1313,1316,1319,1322,1325,1328,1331,1334,1337,1340,1343,1346,1349,1352,1355,1358,1361,1364,1367,1370,1373,1378,1382,1386,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454],{"title":1158,"slug":1159,"category":1160,"order":159},"本分","benfen","核心哲学",{"title":1162,"slug":1163,"category":1160,"order":138},"平常心","pingchangxin",{"title":1165,"slug":1166,"category":1160,"order":179},"做对的事情","zuoduideshiqing",{"title":1168,"slug":1169,"category":1160,"order":189},"把事情做对","bashiqingzuodui",{"title":1171,"slug":1172,"category":1160,"order":199},"能力圈","nengliquan",{"title":1174,"slug":1175,"category":1160,"order":209},"不做什么","buzuoshenme",{"title":1177,"slug":1178,"category":1160,"order":219},"敢为天下后","ganweitianxiahou",{"title":1180,"slug":1181,"category":1160,"order":229},"消费者导向","xiaofeizhedaoxiang",{"title":1183,"slug":1184,"category":1185,"order":239},"价值投资","jiazhitouzi","投资理念",{"title":1187,"slug":1188,"category":1189,"order":249},"负债","fuzhai","财务指标",{"title":1191,"slug":1192,"category":1185,"order":249},"商业模式","shangyemoshi",{"title":1194,"slug":1195,"category":1185,"order":259},"护城河","huchenghe",{"title":1197,"slug":1198,"category":1189,"order":259},"净现金","jingxianjin",{"title":1200,"slug":1201,"category":1189,"order":269},"开销合理性","kaixiaohelixing",{"title":1203,"slug":1204,"category":1185,"order":269},"现金流","xianjinliu",{"title":1206,"slug":1207,"category":1189,"order":279},"真实利润","zhenshilirun",{"title":1209,"slug":1210,"category":1185,"order":279},"折现","zhexian",{"title":1212,"slug":1213,"category":1185,"order":289},"安全边际","anquanbianji",{"title":1215,"slug":1216,"category":1189,"order":289},"扣除商誉的净资产","jingzichan",{"title":1218,"slug":1219,"category":1185,"order":299},"基本面","jibenmian",{"title":1221,"slug":1222,"category":1185,"order":146},"机会成本","jihuichengben",{"title":1224,"slug":1225,"category":1185,"order":316},"长期持有","zhangqichiyou",{"title":1227,"slug":1228,"category":1185,"order":326},"投机","touji",{"title":1230,"slug":1231,"category":1185,"order":336},"止损","zhisun",{"title":1233,"slug":1234,"category":1235,"order":346},"企业文化","qiyewenhua","企业经营",{"title":1237,"slug":1238,"category":1235,"order":356},"品牌","pinpai",{"title":1240,"slug":1241,"category":1235,"order":366},"差异化","chayihua",{"title":1243,"slug":1244,"category":1235,"order":376},"用户体验","yonghutiyan",{"title":1246,"slug":1247,"category":1235,"order":386},"渠道","qudao",{"title":1249,"slug":1250,"category":1235,"order":396},"平台","pingtai",{"title":1252,"slug":1253,"category":1235,"order":406},"生态系统","shengtaixitong",{"title":1255,"slug":1256,"category":1235,"order":416},"单一产品","danyichanpin",{"title":1258,"slug":1259,"category":1235,"order":426},"造钟人","zaozhongren",{"title":1261,"slug":1262,"category":1235,"order":436},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1264,"slug":1265,"category":1266,"order":446},"进取心","jinquxin","品格与心性",{"title":1268,"slug":1269,"category":1266,"order":456},"耐心","naixin",{"title":1271,"slug":1272,"category":1266,"order":466},"责任心","zerenxin",{"title":1274,"slug":1275,"category":1266,"order":476},"爱心","aixin",{"title":1277,"slug":1278,"category":1266,"order":486},"信誉","xinyu",{"title":1280,"slug":1281,"category":1266,"order":493},"正直","zhengzhi",{"title":1283,"slug":1284,"category":1266,"order":500},"理性","lixing",{"title":1286,"slug":1287,"category":1266,"order":507},"长期主义","zhangqizhuyi",{"title":1289,"slug":1290,"category":1291,"order":948},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1293,"slug":1294,"category":1291,"order":955},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1296,"slug":1297,"category":1291,"order":959},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1299,"slug":1300,"category":1291,"order":963},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1302,"slug":1303,"category":1291,"order":967},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1305,"slug":1306,"category":1291,"order":971},"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":1308,"slug":1309,"category":1291,"order":975},"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":1311,"slug":1312,"category":1291,"order":979},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1314,"slug":1315,"category":1291,"order":983},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1317,"slug":1318,"category":1291,"order":987},"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":1320,"slug":1321,"category":1291,"order":991},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1323,"slug":1324,"category":1291,"order":995},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1326,"slug":1327,"category":1291,"order":999},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1329,"slug":1330,"category":1291,"order":1003},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1332,"slug":1333,"category":1291,"order":1007},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1335,"slug":1336,"category":1291,"order":1011},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1338,"slug":1339,"category":1291,"order":1015},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1341,"slug":1342,"category":1291,"order":1019},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1344,"slug":1345,"category":1291,"order":1023},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1347,"slug":1348,"category":1291,"order":1027},"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":1350,"slug":1351,"category":1291,"order":1031},"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":1353,"slug":1354,"category":1291,"order":1035},"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":1356,"slug":1357,"category":1291,"order":1039},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1359,"slug":1360,"category":1291,"order":1043},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1362,"slug":1363,"category":1291,"order":1047},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1365,"slug":1366,"category":1291,"order":1051},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1368,"slug":1369,"category":1291,"order":1055},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1371,"slug":1372,"category":1291,"order":1059},"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":1374,"slug":1375,"category":1376,"order":1377},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1379,"slug":1380,"category":1376,"order":1381},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1383,"slug":1384,"category":1376,"order":1385},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1387,"slug":1388,"category":1376,"order":1389},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1391,"slug":1392,"category":1376,"order":1393},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1395,"slug":1396,"category":1376,"order":1397},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1399,"slug":1400,"category":1376,"order":1401},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1403,"slug":1404,"category":1376,"order":1405},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1407,"slug":1408,"category":1376,"order":1409},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1411,"slug":1412,"category":1376,"order":1413},"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":1415,"slug":1416,"category":1376,"order":1417},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1419,"slug":1420,"category":1376,"order":1421},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1423,"slug":1424,"category":1376,"order":1425},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1427,"slug":1428,"category":1376,"order":1429},"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":1431,"slug":1432,"category":1376,"order":1433},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1435,"slug":1436,"category":1376,"order":1437},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1439,"slug":1440,"category":1376,"order":1441},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1443,"slug":1444,"category":1376,"order":1445},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1447,"slug":1448,"category":1376,"order":1449},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1451,"slug":1452,"category":1376,"order":1453},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1455,"slug":1456,"category":1376,"order":1457},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1459,1462,1465,1468,1472,1476,1479,1483,1485,1488,1491,1494,1498,1501,1504,1507,1510,1514,1517,1520,1523,1526,1530,1533,1536,1538,1541,1544,1547,1550,1553,1556,1559,1562,1565,1568,1571,1574,1577,1580,1583,1586,1589,1592,1595,1598,1601,1604,1607,1610,1613,1616,1619,1622,1625,1628,1631,1634,1637,1640,1643,1646,1649,1652,1655,1658,1662,1665,1668,1671,1674,1678,1681,1684,1687],{"title":1171,"slug":1460,"category":1461,"order":159},"ability-circle","决策与战略",{"title":1463,"slug":1464,"category":1461,"order":138},"逆向思维","inversion",{"title":1221,"slug":1466,"category":1467,"order":179},"opportunity-cost","经济学",{"title":1469,"slug":1470,"category":1471,"order":189},"复利","compound-interest","数学与概率论",{"title":1473,"slug":1474,"category":1475,"order":199},"激励机制","incentives","心理学",{"title":1477,"slug":1478,"category":1471,"order":209},"概率思维","probabilistic-thinking",{"title":1480,"slug":1481,"category":1482,"order":219},"二阶效应","second-order-effects","哲学与逻辑",{"title":1212,"slug":1484,"category":1461,"order":229},"margin-of-safety",{"title":1486,"slug":1487,"category":1475,"order":239},"心理误判","psychology-of-misjudgment",{"title":1489,"slug":1490,"category":1461,"order":249},"检查清单","checklist",{"title":1492,"slug":1493,"category":1467,"order":259},"规模优势","scale-advantage",{"title":1495,"slug":1496,"category":1497,"order":269},"冗余与容错","redundancy","工程学\u002F系统",{"title":1499,"slug":1500,"category":1471,"order":279},"排列组合","combinatorics",{"title":1502,"slug":1503,"category":1471,"order":289},"费马-帕斯卡","fermat-pascal",{"title":1505,"slug":1506,"category":1471,"order":299},"均值回归","regression-to-the-mean",{"title":1508,"slug":1509,"category":1471,"order":146},"量化分析","quantitative-analysis",{"title":1511,"slug":1512,"category":1513,"order":316},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1515,"slug":1516,"category":1513,"order":326},"平衡态","equilibrium",{"title":1518,"slug":1519,"category":1513,"order":336},"熵增定律","entropy",{"title":1521,"slug":1522,"category":1513,"order":346},"能量守恒","conservation-of-energy",{"title":1524,"slug":1525,"category":1513,"order":356},"杠杆原理","leverage",{"title":1527,"slug":1528,"category":1529,"order":366},"自然选择","natural-selection","生物学\u002F进化论",{"title":1531,"slug":1532,"category":1529,"order":376},"物竞天择","competition-for-resources",{"title":1534,"slug":1535,"category":1529,"order":386},"进化思维","evolutionary-thinking",{"title":1252,"slug":1537,"category":1529,"order":396},"ecosystem",{"title":1539,"slug":1540,"category":1475,"order":406},"爱好倾向","liking-tendency",{"title":1542,"slug":1543,"category":1475,"order":416},"讨厌倾向","disliking-tendency",{"title":1545,"slug":1546,"category":1475,"order":426},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1548,"slug":1549,"category":1475,"order":436},"一致性倾向","consistency-tendency",{"title":1551,"slug":1552,"category":1475,"order":446},"好奇心倾向","curiosity-tendency",{"title":1554,"slug":1555,"category":1475,"order":456},"康德式公平","kantian-fairness",{"title":1557,"slug":1558,"category":1475,"order":466},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1560,"slug":1561,"category":1475,"order":476},"反馈倾向","reciprocation-tendency",{"title":1563,"slug":1564,"category":1475,"order":486},"权威误导","authority-misinfluence",{"title":1566,"slug":1567,"category":1475,"order":493},"重视理由","reason-respecting-tendency",{"title":1569,"slug":1570,"category":1475,"order":500},"过度乐观","over-optimism",{"title":1572,"slug":1573,"category":1475,"order":507},"损失厌恶","loss-aversion",{"title":1575,"slug":1576,"category":1475,"order":514},"否认倾向","denial-tendency",{"title":1578,"slug":1579,"category":1475,"order":521},"过度反应","overreaction-tendency",{"title":1581,"slug":1582,"category":1475,"order":528},"社群影响","social-influence",{"title":1584,"slug":1585,"category":1475,"order":535},"压力倾向","stress-influence-tendency",{"title":1587,"slug":1588,"category":1475,"order":542},"物质主义","materialism-tendency",{"title":1590,"slug":1591,"category":1475,"order":549},"废话倾向","twaddle-tendency",{"title":1593,"slug":1594,"category":1475,"order":556},"确认偏误","confirmation-bias",{"title":1596,"slug":1597,"category":1475,"order":563},"锚定效应","anchoring-effect",{"title":1599,"slug":1600,"category":1475,"order":570},"现时偏差","present-bias",{"title":1602,"slug":1603,"category":1475,"order":577},"贪婪倾向","greed-tendency",{"title":1605,"slug":1606,"category":1467,"order":584},"边际成本\u002F收益","marginal-cost-benefit",{"title":1608,"slug":1609,"category":1467,"order":591},"供需关系","supply-and-demand",{"title":1611,"slug":1612,"category":1467,"order":598},"帕累托最优","pareto-optimality",{"title":1614,"slug":1615,"category":1467,"order":605},"竞争性毁灭","creative-destruction",{"title":1617,"slug":1618,"category":1461,"order":612},"双轨分析","two-track-analysis",{"title":1620,"slug":1621,"category":1461,"order":619},"非线性思维","nonlinear-thinking",{"title":1623,"slug":1624,"category":1461,"order":626},"极化思考","extreme-thinking",{"title":1626,"slug":1627,"category":1461,"order":633},"必要功","necessary-work",{"title":1629,"slug":1630,"category":1497,"order":640},"停机问题","halting-problem",{"title":1632,"slug":1633,"category":1497,"order":647},"闭环系统","closed-loop-system",{"title":1635,"slug":1636,"category":1497,"order":654},"故障安全","fail-safe",{"title":1638,"slug":1639,"category":1497,"order":661},"反向设计","reverse-design",{"title":1641,"slug":1642,"category":1497,"order":668},"瓶颈分析","bottleneck-analysis",{"title":1644,"slug":1645,"category":1482,"order":675},"第一性原理","first-principles",{"title":1647,"slug":1648,"category":1482,"order":682},"证伪思维","falsification",{"title":1650,"slug":1651,"category":1482,"order":689},"奥卡姆剃刀","occams-razor",{"title":1653,"slug":1654,"category":1482,"order":696},"中道思维","middle-way",{"title":1656,"slug":1657,"category":1482,"order":703},"不可知论","agnosticism",{"title":1659,"slug":1660,"category":1661,"order":710},"大数定律","law-of-large-numbers","统计学",{"title":1663,"slug":1664,"category":1661,"order":717},"样本偏差","sample-bias",{"title":1666,"slug":1667,"category":1661,"order":724},"相关性≠因果","correlation-not-causation",{"title":1669,"slug":1670,"category":1661,"order":731},"幸存者偏差","survivorship-bias",{"title":1672,"slug":1673,"category":1661,"order":738},"基本比率","base-rate",{"title":1675,"slug":1676,"category":1677,"order":745},"社会认同","social-proof","社会学",{"title":1679,"slug":1680,"category":1677,"order":752},"部落本能","tribal-instinct",{"title":1682,"slug":1683,"category":1677,"order":759},"金蛋定律","golden-egg-rule",{"title":1685,"slug":1686,"category":1677,"order":766},"互利共生","mutualism",{"title":1688,"slug":1689,"category":1677,"order":773},"激励传导","incentive-transmission",1778147265778]