[{"data":1,"prerenderedAt":1858},["ShallowReactive",2],{"library-ba-fei-te-1988nian-tan-tou-zi":3,"library-sidebar-buffett":322,"library-sidebar-dao":1324,"library-sidebar-models":1626},{"id":4,"title":5,"body":6,"category":308,"date":309,"description":310,"extension":311,"meta":312,"navigation":313,"order":314,"path":315,"seo":316,"seoDescription":310,"seoTitle":317,"slug":318,"stem":319,"__hash__":320,"_collection":321},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1988nian-tan-tou-zi.md","巴菲特：1988年谈投资",{"type":7,"value":8,"toc":305},"minimark",[9,13,28,31,34,37,40,43,46,49,52,55,58,65,68,71,74,77,80,86,89,92,95,98,101,104,107,110,113,116,119,124,127,130,135,138,144,147,150,156,159,162,165,168,171,176,179,182,185,188,191,194,197,203,206,209,212,215,218,228,231,234,237,239,242,245,248,251,254,257,260,263,266,275,278,281,284,287,294,299,302],[10,11,5],"h1",{"id":12},"巴菲特1988年谈投资",[14,15,16,20],"blockquote",{},[17,18,19],"p",{},"没有人像乔治古德曼(George Goodman)那样记录了投资界的壮举和悲剧。他以亚当斯密(Adam Smith)为笔名的作品完美地捕捉到了市场心理的低迷和疯狂。从1968 年的《金钱游戏》(The Money Game)一书开始，古德曼出版了许多必读书籍，劝诫好奇的投资者在进入股市之前审视自己的性格和气质。正如作者所精辟指出的，投资收益和损失之间的差异，往往可以追溯到自负和自我形象。巴菲特成为古德曼作品中反复出现的人物，这并不奇怪。他在1972 年出版的《超级金钱》(Supermoney)一书中首次介绍了当时在奥马哈以外几乎无人知晓的巴菲特。",[17,21,22,23,27],{},"1985 年，古德曼在公共广播公司播出的《金钱世界》电视节目中再次采访了巴菲特。这次标志性的访谈被誉为巴菲特首次在全国性电视节目中露面。在访谈中，这位伯克希尔CEO 建议观众关注他们能够理解的企业，忽略华尔街的噪音，以长远的眼光进行投资。不过，巴菲特第二次出现在《金钱世界》节目中的关注度要低得多。1988年，古德曼再次来到奥马哈，与这位\"先知\"进行了一次对谈，这一次恰逢当年的年会。这期节目名为《沃伦巴菲特：不情愿的亿万富翁》，于1988 年6 月播出。在那之后，它就消失在电视荧屏上了。令人欣慰的是，几周前，jazz on the coast 在YouTube 上传了这段罕见的巴菲特视频。",[24,25,26],"span",{},"伯克希尔年会的片段、股东的评论以及古德曼自己的看法穿插在整个的节目中。本文仅限于巴菲特访谈的部分","。",[17,29,30],{},"古德曼：如果我第一次见到你时给你1 万美元，我虔诚地希望我给了你，我今天就会有数百万美元。",[17,32,33],{},"巴菲特：如果你在1956 年加入我们的合伙企业，并在1969 年解散合伙企业，将所得收益再投资于伯克希",[17,35,36],{},"尔，这在某种程度上是一种延续，我想你现在会有1500 多万美元。",[17,38,39],{},"古德曼：从1 万美元到1500 万美元。",[17,41,42],{},"巴菲特：差不多吧。",[17,44,45],{},"古德曼：这是一个相当不错的记录。",[17,47,48],{},"巴菲特：没关系，但这并不能说明明天会发生什么。(笑声)",[17,50,51],{},"古德曼：好吧，让我们谈谈明天。从今天开始，有人能做和你一样的事情吗？",[17,53,54],{},"巴菲特：如果他们在第一周没有做太多尝试的话，会的。",[17,56,57],{},"古德曼：你知道学者们是怎么说的。他们说市场是有效的，没有人能打败它，但你确实做到了。",[17,59,60,61],{},"巴菲特：还有其他一些遵循本格雷厄姆原则的人也战胜了市场。",[62,63,64],"strong",{},"事实上，我个人认识的每一位在20 年或更长时间内，真正坚持本格雷厄姆原则的人，他们的业绩都明显好于市场。",[17,66,67],{},"古德曼：那些学识渊博说你无法战胜市场的商学院呢？",[17,69,70],{},"巴菲特：那他们就不那么博学了。(笑)",[17,72,73],{},"古德曼：但你看过一些学术论文。",[17,75,76],{},"巴菲特：我看过这些论文，但我也看过其中一些人的纳税申报单(亏钱)。",[17,78,79],{},"古德曼：沃伦，你说你喜欢购买企业。你怎么知道一家公司值多少钱？",[17,81,82,83],{},"巴菲特：",[62,84,85],{},"我所寻找的企业，我认为自己知道未来大致将会发生什么。如果你买的是债券，你完全知道未来会发生什么。假设它是一种优质债券，是美国政府债券。如果上面写着9%的票面利率，你就会算出30 年内9%的票面利率将会赚到多少。现在，当你购买一家企业时，其实你也是在购买带有息票的东西，唯一的区别是，它们没有印上具体金额。标明息票上的金额是我的工作。有些公司我觉得我有能力做到，有些公司我却一无所知。",[17,87,88],{},"古德曼：你似乎远离高科技公司。",[17,90,91],{},"巴菲特：你向我列举了十家高科技公司的名字，问我十年或十个月后它们会发展到什么地步，我根本不知",[17,93,94],{},"道。这就像买可可豆之类的东西一样。我就是不知道会发生什么。",[17,96,97],{},"古德曼：过去你购买这些可预测的股票真的让你大赚特赚吗？",[17,99,100],{},"巴菲特：是的，没错。",[17,102,103],{},"古德曼：是吗？",[17,105,106],{},"巴菲特：但这类股票并不常见。不过，偶尔也会冒出一些绝好的生意。",[17,108,109],{},"70 年代中期，整个华盛顿邮报公司以8000 万美元的价格出售，而当时这些资产的价值不低于4 亿美元。没有人会跟你争论这些资产值不值4 亿美元。因为价格是有目共睹的，但当时人们对这个市场并不热情。",[17,111,112],{},"古德曼：你多年来一直在谈论这一投资理念。这不是什么秘密。",[17,114,115],{},"巴菲特：这不是秘密。",[17,117,118],{},"古德曼：为什么不是每个人都这么做？",[17,120,82,121],{},[62,122,123],{},"嗯，这需要耐心。很多人都没有耐心。人们宁愿被承诺下周会中彩票，也不愿被承诺慢慢致富。Gus Levy 常说，他是长期贪婪，而不是短期贪婪。如果你是短期贪婪，你可能不会得到很好的长期结果。",[17,125,126],{},"(Gus Levy 高盛合伙人，纽交所主席，1976 年创建了纳斯达克全美交易系统)",[17,128,129],{},"古德曼：你说过，他们可以关闭纽交所两年，而你不会在乎。你能解释一下吗？",[17,131,82,132],{},[62,133,134],{},"当我们拥有股票时，我们就拥有了企业的一部分。纽交所开不开市，与《华盛顿邮报》在五年或十年内是否更有价值没有任何关系。我们要做的是投资好生意。如果我们投资好生意，股市就会自己照顾自己。",[17,136,137],{},"证券交易所在周六和周日关闭，我也没有痒痒的荨麻疹发作。如果它关闭几年，而公司业务运营得很好，我们的业绩就会很好。",[17,139,140,141,27],{},"古德曼：我注意到你在年报中说，",[62,142,143],{},"如果你在扑克游戏中玩了30 分钟，却不知道谁是傻瓜，那么你就是傻瓜",[17,145,146],{},"巴菲特：你说对了。",[17,148,149],{},"古德曼：你如何将其应用于股市和投资？",[17,151,152,153],{},"巴菲特：如果你认为市场比你更了解你的公司......换句话说，",[62,154,155],{},"如果你的股票下跌了10%，这让你感到不安，这显然意味着你认为市场比你更了解这家公司。在这种情况下，你就成了傻瓜。",[17,157,158],{},"如果下跌了10%，而你想买更多，因为你知道企业的价值与你之前买入时一样高，或者随着时间的推移可能更高一点，所以你买了更多，那他们就是傻瓜。",[17,160,161],{},"古德曼：您如此著名的箴言从何而来？",[17,163,164],{},"巴菲特：我也不知道。(笑)它们几乎是我智力的极限，所以我只能用一句话来表达。",[17,166,167],{},"古德曼：1987 年10 月19 日股灾是一个反常现象，还是会再次发生？",[17,169,170],{},"巴菲特：哦，它总是会再次发生。股市上什么事都有可能发生。如果你读一读几百年前的金融史，看看南海泡沫和郁金香热潮，以及我们国家的一些恐慌。1914 年前后，我们的证券交易所就关闭了几个月。",[17,172,173],{},[62,174,175],{},"任何事情都有可能发生。你应该处理好自己的事情，这样，即使最不寻常的事情发生了，你第二天还能在股市中继续徜徉。任何时候，如果你为了一点钱而上了杠杆拼上身家，你就会鼓励你所吸引的人做出愚蠢的行为。而通过期货市场可以获得的高杠杆，就会鼓励这种行为。",[17,177,178],{},"古德曼：小额投资者对股指期货和指数套利交易，以及股市的所有波动有多少研究？",[17,180,181],{},"巴菲特：他应该希望这些工具会导致其他人做出非常愚蠢的行为，然后他应偶尔介入。他个人应该置之不理，但在某种程度上，愚蠢的工具偶尔会导致愚蠢的价格出现，此时他就可以利用它们，而其它时候他应该置之不理。",[17,183,184],{},"古德曼：老的篮球运动员会失去双腿。老的投资者会失去双腿吗？",[17,186,187],{},"巴菲特：我不这么认为。他们可能会失去双腿，但他们并不那么需要双腿。**作为一个稳健的投资人，其实只需要对自己的性情有一定的控制能力，有能力知道自己知道些什么，知道自己不知道些什么，偶尔还需要采取行动。我不认为随着年龄的增长，这种能力会消失。**再过几年，我可能会给你举个例子，但到目前为止还没有什么好的效果。从某种意义上说，随着时间的推移，你在前进的过程中不断积累更多的商业知识，这是一种优势。",[17,189,190],{},"古德曼：有很多关于硅谷文化的讨论。伯克希尔有自己的文化吗？",[17,192,193],{},"巴菲特：我想伯克希尔也有自己的文化，但它与硅谷文化相去甚远。",[17,195,196],{},"古德曼：伯克希尔的文化是什么？",[17,198,199,200],{},"巴菲特：**我们喜欢那些热爱自己事业的经理人。我们喜欢他们像我一样，一到办公室就想跳踢踏舞。**这就是我们经理人的样子。当我们收购那些在一段时间内取得巨大成功的经理人拥有的企业时，我们的运气非常好。我们买下企业后，他们通常都非常富有，而且事后他们仍继续工作。而对于商学院的毕业生，我们就没那么幸运了。",[62,201,202],{},"我们发现，很难教会一只新狗老把戏。我们喜欢那些有一段成功记录的人。",[17,204,205],{},"古德曼：如果必须要展望未来五年或十年，你认为哪些业务会是好生意？",[17,207,208],{},"巴菲特：**那些拥有某种特许经营权的企业。**好生意之所以是好生意，是因为如果我走进一家店，想买一条好时巧克力棒，他们不会卖给我一条没有品牌的巧克力棒。如果我要花35 美分买一条好时巧克力棒，而他们说\"难道你不喜欢这条30 美分的无品牌巧克力棒吗？\"我会买好时巧克力棒。如果没有的话，我就会去街对面买。这就是好生意是好生意的原因。我对我买的那盒牛奶没有那种感觉。杂货店的冷藏柜里有哪种牛奶，我就买哪种。",[17,210,211],{},"古德曼：所以这是特许经营权的力量？",[17,213,214],{},"巴菲特：这就是特许经营权的力量。",[17,216,217],{},"古德曼：当本格雷厄姆谈到这些事情时，他谈到的是有形资产。地上的钢铁、砖块和砂浆。但你把本格雷厄姆的想法扩展到了特许经营权这个概念上，是吗？",[17,219,82,220,227],{},[62,221,222,223,226],{},"我是在本格雷厄姆之后才学到特许经营权的价值。",[62,224,225],{},"我从本格雷厄姆那里学到了","购买有价值的资产、安全边际和摆脱市场先生影响的投资原则","。可以说，我从本格雷厄姆那里学到了正确的投资态度。但我买的股票与他如果今天还活着会买的股票完全不同。",[17,229,230],{},"古德曼：您还自己报税吗？",[17,232,233],{},"巴菲特：是的，这是一个非常简单的报税表。",[17,235,236],{},"古德曼：真的吗？",[17,238,233],{},[17,240,241],{},"古德曼：沃伦，多年来你一直反对公司福利，但你最终还是买了一架公务机。",[17,243,244],{},"巴菲特：我无法解释。我脑子里一片空白。多年来，我一直在演讲中反对这些，而且我得告诉你，我很喜欢它。(笑声)",[17,246,247],{},"古德曼：但你拥有的是全美最便宜的公务机。",[17,249,250],{},"巴菲特：嗯，不，我不知道这是不是最便宜的公务机。但它非常适合我。我得告诉你，我对这种生活的潜力还未来开发，因为在过去的几年里，它显然让我的生活轻松了许多。",[17,252,253],{},"古德曼：沃伦，你关于金钱和子女的言论引起了轩然大波。你有三个孩子和孙子。你爱你的孩子，他们也爱你，但你说过你不会给他们任何钱，因为那样做不好。",[17,255,256],{},"巴菲特：我听到富人的孩子，或者富人自己，谈论食品券对领救济母亲的削弱作用。他们说，你把这些食品券交给她们，会导致他们恶性循环，这太可怕了。当然，当一个非常富有的孩子或将继承一大笔钱的孩子出生时，当他们离开子宫时，就会得到终生供应的食品券。他们有一个福利官，他被称为信托受托人，食品券只是少量的股票和债券。似乎没有人注意到这种特殊的终生食品券供应形式所带来的破坏性影响。总的来说，我认为，如果我要成为一名短跑运动员，如果我与其他同时离开起跑线的人一起冲刺，我会成为一名更好的短跑运动员，而不是因为他们说，因为我是短跑名将Jesse Owens 的孩子，我就可以在50 码线上起跑。",[17,258,259],{},"古德曼：您的孩子对此有何感想？",[17,261,262],{},"巴菲特：我觉得他们感觉很好。我不像听起来那么严厉，但也差不多了。笑声",[17,264,265],{},"古德曼：你这样做是为了钱吗？钱对你来说意味着什么？",[17,267,82,268,271,272],{},[62,269,270],{},"钱是我做自己非常喜欢做的事情的副产品","。我想，如果你发现一个运动员做得很好，我不是在拿自己做比较，我想是Ted Williams(棒球)或Arnold Palmer(高尔夫)之类的人，在他们有足够的钱吃饭之后，他们继续这样做并不是为了钱。我猜想，如果Ted Williams 拿着棒球界最高的薪水，但打击率却只有0.220，他会很不高兴。",[62,273,274],{},"而如果他拿着棒球界最低的薪水，打击率却高达0.400，他就会非常开心。这就是我对这份工作的感觉。",[17,276,277],{},"古德曼：当你看到这张纸上写着你的净资产超过10 亿美元时，你有什么感觉？",[17,279,280],{},"巴菲特：这是做我喜欢做的事情的副产品。在这个行业里，如果我的打击率达到0.400 能够保持很久，你就会得到一大笔钱。",[17,282,283],{},"古德曼：这是一笔不小的数目。你打算怎么处理这笔钱？",[17,285,286],{},"巴菲特：最终，这些钱都会回归社会。99%以上都会回归社会。这是应该的。",[17,288,289],{},[290,291],"img",{"alt":292,"src":293},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-380284006811725092.png",[14,295,296],{},[17,297,298],{},"另一个不容错过的精彩片段也来自古德曼的《金钱世界》节目，1988 年，沃伦巴菲特和汤姆墨菲(首府\u002FABC广播公司CEO)在肥皂剧《Loving》中友情客串了一次。在他们的戏份中，酒保巴菲特和服务生墨菲被要求护送一位不守规矩的顾客离开酒吧。不过两人都没有台词。事实上，《金钱世界》的这个简短场景我从未见过。",[17,300,301],{},"\"他们很明智，\"巴菲特告诉《奥马哈世界先驱报》关于他的肥皂剧客串。\"他们不信任我们进行的任何对话。\" \"对于一个曾经诞生过Henry Fonda，Marlon Brando 和Fred Astaire 的小镇来说，让我告诉你，我是个悲哀的评论员\"。",[17,303,304],{},"\"如果他们要评选本赛季表现最差的球员，那我一定会获胜\"。",{"title":292,"searchDepth":306,"depth":306,"links":307},2,[],"访谈与文章",null,"巴菲特做客乔治·古德曼节目，探讨投资收益与损失的心理学根源，强调自负对投资决策的负面影响。","md",{},true,20,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1988nian-tan-tou-zi",{"title":5,"description":310},"巴菲特：1988年谈投资｜巴菲特","ba-fei-te-1988nian-tan-tou-zi","buffett\u002Finterview\u002Fba-fei-te-1988nian-tan-tou-zi","wo7ySX5cqcmuxpFon5dUKjG0FOzboky0PPNMRz7uVxA","buffett",[323,328,331,335,338,341,344,348,351,354,358,361,364,368,371,374,378,381,384,388,391,394,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,494,498,501,504,508,511,514,517,518,521,525,528,531,535,538,541,545,548,551,555,558,561,565,568,571,575,578,581,585,588,591,595,598,601,605,608,611,615,618,621,625,628,631,635,638,641,645,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1288,1292,1296,1300,1304,1308,1312,1316,1320],{"title":324,"slug":325,"category":326,"order":327},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":329,"slug":330,"category":308,"order":327},"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":332,"slug":333,"category":334,"order":327},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":336,"slug":337,"category":326,"order":306},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":339,"slug":340,"category":308,"order":306},"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":342,"slug":343,"category":334,"order":306},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":345,"slug":346,"category":326,"order":347},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":349,"slug":350,"category":308,"order":347},"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":352,"slug":353,"category":334,"order":347},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":355,"slug":356,"category":326,"order":357},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":359,"slug":360,"category":308,"order":357},"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":362,"slug":363,"category":334,"order":357},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":365,"slug":366,"category":326,"order":367},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":369,"slug":370,"category":308,"order":367},"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":372,"slug":373,"category":334,"order":367},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":375,"slug":376,"category":326,"order":377},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":379,"slug":380,"category":308,"order":377},"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":382,"slug":383,"category":334,"order":377},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":385,"slug":386,"category":326,"order":387},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":389,"slug":390,"category":308,"order":387},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":392,"slug":393,"category":334,"order":387},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":395,"slug":396,"category":326,"order":397},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":399,"slug":400,"category":308,"order":397},"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":402,"slug":403,"category":334,"order":397},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":405,"slug":406,"category":326,"order":407},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":409,"slug":410,"category":308,"order":407},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":412,"slug":413,"category":334,"order":407},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":415,"slug":416,"category":326,"order":417},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":419,"slug":420,"category":308,"order":417},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":422,"slug":423,"category":334,"order":417},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":425,"slug":426,"category":326,"order":427},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":429,"slug":430,"category":308,"order":427},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":432,"slug":433,"category":334,"order":427},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":435,"slug":436,"category":326,"order":437},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":439,"slug":440,"category":308,"order":437},"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":442,"slug":443,"category":334,"order":437},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":445,"slug":446,"category":326,"order":447},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":449,"slug":450,"category":308,"order":447},"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":452,"slug":453,"category":334,"order":447},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":455,"slug":456,"category":326,"order":457},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":459,"slug":460,"category":308,"order":457},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":462,"slug":463,"category":334,"order":457},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":465,"slug":466,"category":326,"order":467},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":469,"slug":470,"category":308,"order":467},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":472,"slug":473,"category":334,"order":467},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":475,"slug":476,"category":326,"order":477},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":479,"slug":480,"category":308,"order":477},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":482,"slug":483,"category":334,"order":477},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":485,"slug":486,"category":326,"order":487},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":489,"slug":490,"category":308,"order":487},"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":492,"slug":493,"category":334,"order":487},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":495,"slug":496,"category":326,"order":497},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":499,"slug":500,"category":308,"order":497},"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":502,"slug":503,"category":334,"order":497},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":505,"slug":506,"category":326,"order":507},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":509,"slug":510,"category":308,"order":507},"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":512,"slug":513,"category":334,"order":507},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":515,"slug":516,"category":326,"order":314},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"slug":318,"category":308,"order":314},{"title":519,"slug":520,"category":334,"order":314},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":522,"slug":523,"category":326,"order":524},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":526,"slug":527,"category":308,"order":524},"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":529,"slug":530,"category":334,"order":524},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":532,"slug":533,"category":326,"order":534},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":536,"slug":537,"category":308,"order":534},"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":539,"slug":540,"category":334,"order":534},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":542,"slug":543,"category":326,"order":544},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":546,"slug":547,"category":308,"order":544},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":549,"slug":550,"category":334,"order":544},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":552,"slug":553,"category":326,"order":554},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":556,"slug":557,"category":308,"order":554},"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":559,"slug":560,"category":334,"order":554},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":562,"slug":563,"category":326,"order":564},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":566,"slug":567,"category":308,"order":564},"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":569,"slug":570,"category":334,"order":564},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":572,"slug":573,"category":326,"order":574},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":576,"slug":577,"category":308,"order":574},"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":579,"slug":580,"category":334,"order":574},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":582,"slug":583,"category":326,"order":584},"1967 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