[{"data":1,"prerenderedAt":1669},["ShallowReactive",2],{"library-ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you":3,"library-sidebar-buffett":134,"library-sidebar-dao":1135,"library-sidebar-models":1437},{"id":4,"title":5,"body":6,"category":120,"date":121,"description":122,"extension":123,"meta":124,"navigation":125,"order":126,"path":127,"seo":128,"seoDescription":122,"seoTitle":129,"slug":130,"stem":131,"__hash__":132,"_collection":133},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you.md","巴菲特：1987年-关于股票指数期货的早期担忧",{"type":7,"value":8,"toc":114},"minimark",[9,13,17,24,27,30,33,36,76,79,91,107],[10,11,5],"h1",{"id":12},"巴菲特1987年-关于股票指数期货的早期担忧",[14,15,16],"h3",{"id":16},"关于股票指数期货的早期担忧",[18,19,20],"p",{},[21,22,23],"strong",{},"1987年12月7日",[18,25,26],{},"1982年，美国最杰出的投资者之一曾警告称，股票指数期货对市场而言是坏消息。",[18,28,29],{},"巴菲特在1982年3月写了一封信给众议院监督与调查小组主席约翰·丁格尔（John Dingell），当时国会正在考虑是否允许芝加哥商品交易所交易与股票指数（如标准普尔500指数）相关的期货合约。一些批评者认为期货交易加剧了1987年10月19日股市崩盘的发生。巴菲特坚守他五年前所表达的观点。",[18,31,32],{},"这封信的目的是评论任何涉及股票指数的期货市场中可能出现的交易活动来源。我的评论背景是，我在投资行业的各个方面有约30年的经验，包括几年担任证券销售员。过去25年，我一直从事金融分析工作，目前我独立负责一个总额超过6亿美元的股票投资组合。",[18,34,35],{},"在预测投机市场中会发生什么方面，我们不可能做到精准，因此你应该警惕任何声称能够精确预测的人。我认为以下内容代表了一种合理的预期：",[37,38,39,45,48,54,59,62,67,70],"ol",{},[40,41,42],"li",{},[21,43,44],{},"股票指数期货合约的作用",[40,46,47],{},"股票指数期货合约可以在帮助真正的投资者降低风险方面发挥作用。一个投资者可能会得出合理结论，认为他能够识别被低估的证券，但也可能认为他完全无法预测股票市场的短期波动。这是我在自己的投资管理中所持的观点。这样的投资者可能希望“消除”市场波动，而通过不断做空一个代表性指数，他可以实现这一目标。假设一个投资者持有1000万美元的指数，他将只受到自己在选择特定证券上的技能带来的净回报或损失，而不必担心这些结果会被整体市场的波动所掩盖或影响。由于涉及到成本，并且大多数投资者认为，从长远来看，股价总体会有所上升，我认为大多数投资专业人士不会以这种方式进行持续对冲。但是，我也认为，这是一种理性行为，且少数投资者会始终保持“市场中立”的态度和行为。",[40,49,50],{},[51,52,53],"em",{},"目前该投资组合的市值已超过25亿美元。",[40,55,56],{},[21,57,58],{},"期货交易中的风险减轻策略与风险增加策略",[40,60,61],{},"如前所述，我认为有一种合理的风险减轻策略，就是通过做空期货合约来实现。然而，我没有看到与之对应的任何长期投资或对冲策略。按照定义，因此，期货交易的最大50%可以期望用于风险减轻，而不少于50%的（即多头方）交易则必然是增加风险或投机性行为。",[40,63,64],{},[21,65,66],{},"投机交易的实际比例",[40,68,69],{},"实际的交易比例与这种最大50%对50%的风险减轻和风险增加的划分将有显著不同。大型奖池与较小的入场费用总是会增加人们的投机倾向，无论实际赔率多么不利。这就是为什么拉斯维加斯赌场会宣传大奖，州彩票会大肆宣传大奖的原因。在证券市场中，不明智的投资者常常受到类似的方式诱惑，具体表现为：（a）“便士股”（penny stocks），这些股票“由推广商制造”，目的是捕捉轻信者——它们制造着巨额回报的梦想，实际上却导致灾难性的结果；（b）低保证金要求，通过这种方式，投资者能够以相对较小的资金，获得类似大额投资的金融经验。",[40,71,72,75],{},[21,73,74],{},"我们的历史上曾多次经历过高总投资\u002F低首付现象导致的麻烦","。",[18,77,78],{},"最为熟悉的例子无疑是20世纪20年代末的股市繁荣，那时股票市场的投机活动与10%的保证金政策相伴随，并因此被进一步加剧。理智的头脑随后认为，这种低保证金的投机并没有什么社会正义可言，反而从长远来看，它损害了资本市场。因此，保证金法规被引入，并成为投资领域的一项永久性内容。当然，能够以10%的首付进行股票指数期货交易，实际上只是绕过了保证金要求，赌徒们在全国范围内都会立即意识到这一点。",[37,80,81],{},[40,82,83,86],{},[21,84,85],{},"经纪人自然偏爱新的交易工具。",[37,87,88],{},[40,89,90],{},"他们的热情通常与他们预期的活动量成正比。活动量越大，公众所承担的成本越高，经纪行业将从中获得的收入也就越多。每一份期货合约的到期，所涉及的交易也只是输家支付赢家的差额。由于赌场（期货市场及其支持的经纪人）每次交易都能收取一笔费用，因此可以肯定，它将对创造大量输家和赢家非常感兴趣。但必须记住的是，对参与者而言，这是一种典型的“负和博弈”。在费用扣除之前，损失和收益互相抵消；而在扣除费用之后，净损失则是相当可观的。事实上，除非损失非常巨大，否则赌场将终止运营，因为玩家的净损失构成了赌场唯一的收入来源。这种“负和”特性与传统的股票投资截然不同，后者通常是一场“正和博弈”，因为底层公司从总体上赚取了大量资金，这些资金最终会惠及它们的所有者——股东。",[92,93,94],"ul",{},[40,95,96,99],{},[21,97,98],{},"投机性质",[37,100,101,104],{},[40,102,103],{},"我认为，这些期货合约所产生的活动中，有非常高的比例——可能至少是95%，甚至更高——将完全是投机性质的。你将会看到人们在股票市场的短期波动上进行投注，并能够用相对较小的资金做出相对较大的下注。他们将受到经纪人的鼓励，经纪人将看到客户资本的快速周转——这是经纪人实现即时收入的最佳方式。这95%的人会在这些交易中留下大量资金，而赌场会从每笔交易中获取一部分收益。",[40,105,106],{},"从长远来看，投机主导的活动如果与传统的资本市场相联系，并且让大量参与者遭受损失，那么它们对资本市场是没有好处的。即使参与这种投机活动的人并非真正的投资者，且他们所购买的并不是真正的股票，他们仍然会感觉自己在股市中经历了不愉快的体验。经历了资本市场最糟糕的一面后，他们显然可能会对未来资本市场产生负面看法。历史证明，在此前的几次投机浪潮之后，确实是这种情形。你或许会问，经纪行业是否足够聪明，能照顾到其长期利益。历史表明，经纪人往往目光短浅（比如上世纪60年代末的情况），他们通常在行为最荒谬时最为高兴。许多经纪人更加关心的是这个月的毛收入，而不是他们的客户，甚至证券行业的长期发展。",[18,108,109,110,113],{},"我们",[21,111,112],{},"不需要","更多人在这个国家参与与股票市场相关的非必要的赌博工具，也不需要鼓励他们这么做的经纪人。我们需要的是那些能够从长远角度审视企业前景并相应投资的投资者和顾问。我们需要的是明智的投资资本承诺，而不是杠杆化的市场投注。在资本市场的聪明且符合社会利益的领域，活跃的、刺激的赌场并没有增强它的吸引力，反而阻碍了这一领域的健康发展，因为它们使用了类似的语言，并由相同的人员服务。",{"title":115,"searchDepth":116,"depth":116,"links":117},"",2,[118],{"id":16,"depth":119,"text":16},3,"访谈与文章",null,"巴菲特重申对股票指数期货的担忧，分析1987年股灾与衍生品的关系，警告金融创新系统性风险。","md",{},true,18,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":5,"description":122},"巴菲特：1987年-关于股票指数期货的早期担忧｜巴菲特","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you","buffett\u002Finterview\u002Fba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you","0-dxd3ov2oTEioArbkNAkXgViGgf7NS8P3609rSzna4","buffett",[135,140,143,147,150,153,156,159,162,165,169,172,175,179,182,185,189,192,195,199,202,205,209,212,215,219,222,225,229,232,235,239,242,245,249,252,255,259,262,265,269,272,275,279,282,285,289,292,295,299,302,305,308,309,312,316,319,322,326,329,332,336,339,342,346,349,352,356,359,362,366,369,372,376,379,382,386,389,392,396,399,402,406,409,412,416,419,422,426,429,432,436,439,442,446,449,452,456,459,462,466,469,473,476,480,483,487,490,494,497,501,504,508,511,515,518,522,525,529,532,536,539,543,546,550,553,557,560,564,567,571,574,578,581,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,939,943,947,951,955,959,963,967,971,975,979,983,987,991,995,999,1003,1007,1011,1015,1019,1023,1027,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131],{"title":136,"slug":137,"category":138,"order":139},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":141,"slug":142,"category":120,"order":139},"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":144,"slug":145,"category":146,"order":139},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":148,"slug":149,"category":138,"order":116},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":151,"slug":152,"category":120,"order":116},"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":154,"slug":155,"category":146,"order":116},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":157,"slug":158,"category":138,"order":119},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":160,"slug":161,"category":120,"order":119},"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":163,"slug":164,"category":146,"order":119},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":166,"slug":167,"category":138,"order":168},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":170,"slug":171,"category":120,"order":168},"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":173,"slug":174,"category":146,"order":168},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":138,"order":178},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":180,"slug":181,"category":120,"order":178},"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":183,"slug":184,"category":146,"order":178},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":138,"order":188},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":190,"slug":191,"category":120,"order":188},"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":193,"slug":194,"category":146,"order":188},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":138,"order":198},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":200,"slug":201,"category":120,"order":198},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":203,"slug":204,"category":146,"order":198},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":206,"slug":207,"category":138,"order":208},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":210,"slug":211,"category":120,"order":208},"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":213,"slug":214,"category":146,"order":208},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":216,"slug":217,"category":138,"order":218},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":220,"slug":221,"category":120,"order":218},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":223,"slug":224,"category":146,"order":218},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":226,"slug":227,"category":138,"order":228},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":230,"slug":231,"category":120,"order":228},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":233,"slug":234,"category":146,"order":228},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":138,"order":238},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":240,"slug":241,"category":120,"order":238},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":243,"slug":244,"category":146,"order":238},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":138,"order":248},"1963 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":593,"slug":594,"category":120,"order":591},"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":596,"slug":597,"category":138,"order":598},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":600,"slug":601,"category":120,"order":598},"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":603,"slug":604,"category":138,"order":605},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":607,"slug":608,"category":120,"order":605},"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":610,"slug":611,"category":138,"order":612},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":614,"slug":615,"category":120,"order":612},"与沃伦·巴菲特的问答纪要 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巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":642,"slug":643,"category":120,"order":640},"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":645,"slug":646,"category":138,"order":647},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":649,"slug":650,"category":120,"order":647},"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":652,"slug":653,"category":138,"order":654},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":656,"slug":657,"category":120,"order":654},"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":659,"slug":660,"category":138,"order":661},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":663,"slug":664,"category":120,"order":661},"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":666,"slug":667,"category":138,"order":668},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":670,"slug":671,"category":120,"order":668},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":673,"slug":674,"category":138,"order":675},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":677,"slug":678,"category":120,"order":675},"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":680,"slug":681,"category":138,"order":682},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":684,"slug":685,"category":120,"order":682},"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":687,"slug":688,"category":138,"order":689},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":691,"slug":692,"category":120,"order":689},"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":694,"slug":695,"category":138,"order":696},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":698,"slug":699,"category":120,"order":696},"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":701,"slug":702,"category":138,"order":703},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":705,"slug":706,"category":120,"order":703},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":708,"slug":709,"category":138,"order":710},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":712,"slug":713,"category":120,"order":710},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":715,"slug":716,"category":138,"order":717},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":719,"slug":720,"category":120,"order":717},"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":722,"slug":723,"category":138,"order":724},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":726,"slug":727,"category":120,"order":724},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":729,"slug":730,"category":138,"order":731},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":733,"slug":734,"category":120,"order":731},"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":736,"slug":737,"category":138,"order":738},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":740,"slug":741,"category":120,"order":738},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":743,"slug":744,"category":138,"order":745},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":747,"slug":748,"category":120,"order":745},"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":750,"slug":751,"category":138,"order":752},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":754,"slug":755,"category":120,"order":752},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":757,"slug":758,"category":138,"order":759},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":761,"slug":762,"category":120,"order":759},"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":764,"slug":765,"category":138,"order":766},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":768,"slug":769,"category":120,"order":766},"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":771,"slug":772,"category":138,"order":773},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":775,"slug":776,"category":120,"order":773},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":778,"slug":779,"category":138,"order":780},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":782,"slug":783,"category":120,"order":780},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":785,"slug":786,"category":138,"order":787},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":789,"slug":790,"category":120,"order":787},"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":792,"slug":793,"category":138,"order":794},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":796,"slug":797,"category":120,"order":794},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":799,"slug":800,"category":138,"order":801},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":803,"slug":804,"category":120,"order":801},"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":806,"slug":807,"category":138,"order":808},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":810,"slug":811,"category":120,"order":808},"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":813,"slug":814,"category":138,"order":815},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":817,"slug":818,"category":120,"order":815},"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":820,"slug":821,"category":138,"order":822},"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":824,"slug":825,"category":120,"order":822},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":827,"slug":828,"category":138,"order":829},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":831,"slug":832,"category":120,"order":829},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":834,"slug":835,"category":138,"order":836},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":838,"slug":839,"category":120,"order":836},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":841,"slug":842,"category":138,"order":843},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":845,"slug":846,"category":120,"order":843},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":848,"slug":849,"category":138,"order":850},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":852,"slug":853,"category":120,"order":850},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":855,"slug":856,"category":138,"order":857},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":859,"slug":860,"category":120,"order":857},"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":862,"slug":863,"category":138,"order":864},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":866,"slug":867,"category":120,"order":864},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":869,"slug":870,"category":138,"order":871},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":873,"slug":874,"category":120,"order":871},"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":876,"slug":877,"category":138,"order":878},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":880,"slug":881,"category":120,"order":878},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":883,"slug":884,"category":138,"order":885},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":887,"slug":888,"category":120,"order":885},"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":890,"slug":891,"category":138,"order":892},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":894,"slug":895,"category":120,"order":892},"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":897,"slug":898,"category":138,"order":899},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":901,"slug":902,"category":120,"order":899},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":904,"slug":905,"category":138,"order":906},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":908,"slug":909,"category":120,"order":906},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":911,"slug":912,"category":138,"order":913},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":915,"slug":916,"category":120,"order":913},"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":918,"slug":919,"category":138,"order":920},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":922,"slug":923,"category":120,"order":920},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":925,"slug":926,"category":138,"order":927},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":929,"slug":930,"category":120,"order":927},"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":932,"slug":933,"category":120,"order":934},"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":936,"slug":937,"category":120,"order":938},"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":940,"slug":941,"category":120,"order":942},"巴菲特：2013年 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