[{"data":1,"prerenderedAt":1757},["ShallowReactive",2],{"library-ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan":3,"library-sidebar-buffett":222,"library-sidebar-dao":1223,"library-sidebar-models":1525},{"id":4,"title":5,"body":6,"category":208,"date":209,"description":210,"extension":211,"meta":212,"navigation":213,"order":214,"path":215,"seo":216,"seoDescription":210,"seoTitle":217,"slug":218,"stem":219,"__hash__":220,"_collection":221},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan.md","巴菲特：2003年我为什么不看好美元",{"type":7,"value":8,"toc":200},"minimark",[9,13,18,22,28,31,34,37,40,43,46,49,52,55,58,61,64,67,70,73,76,79,82,85,88,91,94,97,100,103,106,114,117,120,123,126,129,132,135,138,141,144,147,150,153,156,159,162,165,170,175,178,181,188,191,194,197],[10,11,5],"h1",{"id":12},"巴菲特2003年我为什么不看好美元",[14,15,17],"h2",{"id":16},"巴菲特我为什么不看好美元2003","巴菲特：我为什么不看好美元2003",[19,20,21],"p",{},"2003 年10 月26 日 《财富》杂志",[23,24,25],"blockquote",{},[19,26,27],{},"美国日渐扩大的贸易逆差让我们逐步失去了立国之本 这里有一个解决的办法，而且我们有必要立即行动",[19,29,30],{},"我要就美国的贸易逆差问题发出警告，同时我也要为解决这个问题献计献策。但首先我需要提醒大家，你们可能会出于两个原因对我所说的内容表示怀疑。首先，我对宏观经济走势的预测一向不能鼓舞人心。例如，过去的二十年里我在通货膨胀问题上总是显得风声鹤唳，草木皆兵。这方面的例子还有很多，早在1987 年我就公开表示，我对日渐扩大的贸易逆差感到忧心忡忡，但正如大家所了解的，我们不仅顶住了贸易逆差带来的压力，而且发展得欣欣向荣。因此，在贸易问题方面，我至少喊过一次\"狼来了\"。尽管如此，我还是要喊狼来了，而且这一次我有伯克希尔公司的资金支持。截至2002 年春，我已有近72 年没有买过外汇了。但自那以后，伯克希尔斥巨资购买了若干种外汇，而且现在仍然持有。我不会透露它们具体是哪几种货币，事实上，我购买了哪些外汇与我要讲的观点毫不相干。重要的是这一举动所暗含的意义：我持有其他货币就意味著我认为美元将贬值。",[19,32,33],{},"我既是一个美国公民也是一个投资者，因此我真切希望我的这些举动是错误的。由于美元贬值，伯克希尔公司和我们的股东可能会在生活的其他方面遭受损失，与之相比，公司从外汇交易中获得的任何收益都将显得苍白无力。但是，作为伯克希尔的领导者，我的责任是以合理的方式对公司的资金进行投资。我之所以最终决定把钱投向我一直以来不感兴趣的领域，是因为我们的贸易逆差已经达到了极其糟糕的程度，请恕我直言，当前的贸易逆差已导致我们国家的\"净资产\"正以惊人的速度向海外转移。这种资产转移如果长时间持续下去将酿成大祸。",[19,35,36],{},"为了能清楚地阐明原因，请大家跟我来一次狂想之旅，我们的目的地是两座与世隔绝的小岛\"挥霍岛\"和\"勤俭岛\"，这两座岛面积相同，左右相邻。在这两座小岛上，土地是唯一的固定资产，而小岛的社会结构也非常原始，居民们需要的只是食物，而且也只生产食物。事实上，岛上的每位居民每天工作八小时就能创造出足够维系自己生活的食物。在很长的一段时间里，他们就一直这样生活著。两座小岛上的所有人都按照规定每天工作八小时，这也就是说每个社会都能自给自足。",[19,38,39],{},"但是，勤俭岛上勤劳的居民有一天做出决定，他们要多储存一些食物并利用这些食物进行投资，于是他们开始每天工作16 小时。在这种模式下，勤俭岛的居民继续依靠八小时工作所生产的食物维持生计，与此同时他们把相同数量的食物出口到挥霍岛上，这也是他们唯一可以出口的地方。",[19,41,42],{},"挥霍岛的居民对这一变化感到欣喜若狂，因为他们从此以后可以不再依靠辛苦劳作为生，而且还能享受到与以往一样的食物。当然，这一过程中自然还需要等价交换物，但是对挥霍岛的居民来说，这种交换并无大碍：勤俭岛居民只是想用自己的食物交换挥霍岛的债券(这种债券自然是按照\"挥霍岛币\"计价发行的)。",[19,44,45],{},"时光飞逝，勤俭岛的居民积累了大量此类债券，而持有这些债券就意味著，勤俭岛的居民可以凭借债券索取挥霍岛未来的生产成果。挥霍岛上的一些权威人士发觉到危机的降临。据他们预测，对挥霍岛居民而言，这种既要维持他们的食物所需又要偿还他们所累积的债务(或仅仅是偿还债务利息)的交换活动，最终将迫使他们每天工作 8 小时以上。但是，挥霍岛的居民根本没有兴趣听这些权威人士的逆耳忠言。",[19,47,48],{},"与此同时，勤俭岛上的居民开始感到紧张不安。他们问：拿着一个懒惰的小岛发放的债券能有什么好处？于是勤俭岛的居民改变了他们的战略：他们继续持有部分债券，但他们把大部分债券都卖给了挥霍岛的居民以换取挥霍岛币，随后勤俭岛居民利用这笔收入去购买挥霍岛的土地。最终，勤俭岛的居民完全拥有了挥霍岛。",[19,50,51],{},"从那一刻起，挥霍岛的居民不得不面对等价交换的悲惨结果：现在他们已经没有东西可供交换了。他们不但每天必须工作8 个小时以维持生计，而且还要加班加点地工作，以偿还债务利息并向勤俭岛居民支付土地租金，因为他们当初一时大意，把这些土地都卖给了勤俭岛的居民。结果，勤俭岛居民利用收购而不是征服的手段使挥霍岛沦为了自己的殖民地。",[19,53,54],{},"当然，有人会争辩说，挥霍岛居民未来的生产成果必须长期运往勤俭岛，但这些生产成果的现值只相当于勤俭岛居民最初放弃的产量，因此从这点来看这是一项公平交易。但是，由于挥霍岛上的一代居民不劳而获，挥霍岛未来的若干代居民就得用毕生的时间来还债，这种情形如果用经济学家的话来说，就是颇为戏剧性的\"隔代不平等现象\"。",[19,56,57],{},"且让我们以一个家庭为例来考虑这个问题：假设我，沃伦·巴菲特，能够使用到期支付的巴菲特家族借据来购买我一生所需的所有消费品，而这些债务及利息将由我的子孙后代以货物和服务的形式偿还，人们可能会把这种情形看作是巴菲特家族与债权人之间的平等交易。但是，自我以后的几代巴菲特家族的成员可能都不会赞同这项交易(他们甚至有可能试图赖帐，但愿他们不要这么做)。",[19,59,60],{},"让我们再考虑一下那两座小岛的情形：面对着有史以来数额最庞大的债务利息，挥霍岛政府迟早会做出决",[19,62,63],{},"定，实施有可能引发严重通货膨胀的政策——即发行更多的挥霍岛币以冲减每张货币的价值。挥霍岛政府的理由是，毕竟那些令人不安的挥霍岛债券只是索取相应数目的挥霍岛币而已，而非这些货币的相应价值。简而言之，让挥霍岛币贬值可以缓解挥霍岛的财政危机。",[19,65,66],{},"正是因为看到了这样的前景，所以如果我是勤俭岛的居民，我会选择直接拥有挥霍岛的土地而不是该岛政府所发行的债券。大多数政府都认为，强制没收外国人的资产在道义上令人难以接受，而如果采取措施冲减外国人所持债券的购买力则相对稳妥一些。毕竟，在掩人耳目情况下的偷窃要好于强取豪夺。",[19,68,69],{},"说了这么多岛国间的事情，那么这些事与美国之间究竟有何干系呢？简而言之，自第二次世界大战后直到",[19,71,72],{},"1970 年代初的这段时间里，我们一直是按勤俭岛的方式辛勤工作，通常情况下我们出口的产品远多于我们的进口量。与此同时，我们把富余的产品投资海外，结果我们的净投资额，即以我们持有的外国资产减去外国人持有的美国资产，从1950 年的370 亿美元增长到了1970 年的680 亿美元，(这是根据政府当时使用的计算方法得出的，当然政府后来又对计算方法进行了修改)。当时，我们国家的\"净资产\"总值既包括了国内的所有财富，同时也包括了我们在世界其他地区的相当一部分财富。",[19,74,75],{},"另外，对世界其他地区而言，由于当时的美国持有其他国家大量资产，美国完全处于净所有人的地位，所以我们意识到建立在贸易盈余之上的净投资收入已经成为了投资资金的第二大来源。我们国家的财政状况与个人的情况相类似，个人一方面会把自己的部分工资存起来，另一方面则会利用从现有储蓄中得到的分红进行再投资。",[19,77,78],{},"1970 年代末，这种贸易形势发生了逆转，贸易逆差出现了，最初的逆差额约占GDP 的1%。这种情况并不算糟，尤其是考虑到我们的净投资收入仍然是正值。实际上，如果以复利方式计算我们仍然在盈利，我们的净资产结余在1980 年达到了3600 亿美元的历史峰值。",[19,80,81],{},"然而，从那以后我们就走起了下坡路，而且在近五年中下降之势还在迅速加快。如今，我们的年均贸易逆差额已经超过了GDP 的4%。同样令人感到不安的是，世界其他地区拥有的美国资产已经比我们拥有的其他国家资产多了2.5 万亿美元，这个数字大得惊人。这2.5 万亿美元的资产中，有一部分投在了借据凭证上，即美国的债券，其中既有政府债券也有私营企业债券，还有一部分资金则投入了地产和股票等资产。",[19,83,84],{},"实际上，长期以来我们国家的做派就有如一个拥有万顷良田的大富之家。为了能消费我们生产能力所不能满足的这4%的商品，也就是我们的贸易逆差，我们每天都在出售农场的土地，而且我们拿现有资产所做的抵押也在一天天增加。",[19,86,87],{},"为了能正确审视外国人拥有的这2.5 万亿美元净资产，我们拿它与价值12 万亿美元的公开发售的美国股票，或者是具有相同价值的美国住宅用房地产，再或者是我所预计的总额达50 万亿美元的国家财富相比较。比较的结果显示，已经被转往海外的资产非同小可，以国家财富为例，它占到了其中的5%。",[19,89,90],{},"然而，更为重要的是，按照贸易逆差目前的发展速度来看，外国人拥有的美国资产将以每年5000 亿美元的速度继续增长，也就是说这种逆差每年都会使外国人手中的美国国家财富增加1 个百分点。随着这种净资产的逐步增加，我们的年均净投资收入也将不断流失。结果是，我们得向世界其他地区支付越来越多的股票分红和利息，而不是像以往那样收取分红和利息。我们已经进入了综合收入出现亏损的阶段。再见，快乐时光；你好，艰辛岁月。",[19,92,93],{},"经济学的基础知识告诉我们，任何国家都不可能长期承受数额巨大、持续增长的贸易逆差。当贸易逆差积累到某一点时，清算的时刻也就到了，我们国家无节制的快乐消费将因为汇率的调整，以及债权国不愿接受挥霍无度者无限制签发的借据而终止。而这种情况实际上已经在世界其他地区发生过，正如我们看到的那样，许多肆意挥霍的国家由于突然失去贷款，已经苦苦挣扎了几十年。",[19,95,96],{},"然而，美国的情况却非常特殊。实际上，我们今天能为所欲为是因为我们过去的财政状况非常好，再加上我们富甲四方。我们的债权人既没有怀疑我们的偿债能力，也没有对我们的还款意愿产生疑忌，而且我们还有无数令人满意的资产可供我们交换消费品。换言之，凭着我们的国家信用卡，我们可以购买数量惊人的商品。但是，这张信用卡是有最高贷款限额的。",[19,98,99],{},"这种以资产换消费品的交易现在就该停止，而且我还为终止这种交易制定了计划。我的解决办法非常巧妙，它其实就是一种关税，只是名目不同而已。但这是吸收了大部分自由市场精髓的关税，它既不对具体行业实施保护，也不惩罚某个国家，更不会引发贸易战。这项计划将扩大我们的出口，同时还很有可能增加全世界的贸易总量。按照该计划，我们可以在美元不贬值的情况下实现贸易收支平衡，否则的话我相信美元几乎注定要贬值。",[19,101,102],{},"为了实现贸易收支平衡，我们将向美国所有的出口商发放一种我所说的\"进口许可证\"(ImportCertificates)，其数额与他们以美元计的出口额相等。每个出口商将相应地把进口许可证卖给那些希望把商品进口到美国的相关各方，无论是外国的出口商抑或是本地的进口商。例如，进口商要进口100 万美元的商品，他就需要有进口许可证，而进口许可证正是100 万美元出口商品的副产品。如此一来，贸易平衡自然也就得以实现。由于我们每月的出口总量大约为800 亿美元，因此我们就要发放巨额的等量进口许可证，即每月800 亿份进口许可证，而且人们肯定会把这些许可证拿到极其活跃的流动市场中进行交易。至于哪些希望把商品出口到我们国家的出口商将得到这些许可证，以及他们愿意以多高的价格购买许可证，都将由市场竞争来决定(在我想来，许可证的使用期限应该要短，大概在半年左右，这样投机分子就不会有兴趣囤积居奇了)。为了能形象地说明这个问题，让我们假定每张进口许可证的售价为10 美分，即每一美元出口商品的背后都有10 美分的盈余。在其他条件不变的情况下，这个数字就意味着，美国的生产商把自己的商品拿到出口市场上销售所获得的收入要比在国内市场上销售多10%，这10%的盈利即来自出售进口许可证。",[19,104,105],{},"在我看来，许多出口商会把这笔收入看作是成本的削减，这样它们就会降低产品在国际市场上的售价。日用类产品将尤为支撑这种措施。例如，如果铝在国内市场上的售价是66 美分\u002F磅，而进口许可证的价格是铝价的10%，那么国内的铝生产商在国际市场上能够以60 美分\u002F磅的价格(加上运输费)销售，与此同时生产商还能获得正常的利润率。在这种情况下，美国产品将变得极具竞争力，出口也将扩大。照此发展，美国的就业机会也将有所增加。",[19,107,108,109,113],{},"当然，那些向美国出口商品的外国厂商将面临更加艰难的经济形势。但是，无论采取什么样的贸易\"解决方案\"，毫无疑问，解决方案必将出台，它们都得直面这个问题",[110,111,112],"span",{},"正如赫伯斯坦(HerbStein)所言：\"如果某件事情无法永远运转下去，那它终将停止。\"","采用进口许可证的方法在某种程度上可以让那些向美国出口商品的国家获得极大的灵活性，因为这项计划并没有使某个具体行业或某种具体产品处于不利的位置。自由市场将最终决定哪些产品会销往美国，以及由谁来销售。而进",[19,115,116],{},"口许可证只是决定了所售产品的美元累计总量。",[19,118,119],{},"为了清楚地说明在进口方面究竟会出现哪些情况，我们以进口商按2 万美元的价格进口的轿车为例。按照新的计划并且假设进口许可证的售价为车价的10%，那么进口商的成本将升至2.2 万美元。如果市场对这款轿车的需求非常旺盛，进口商则能够轻松地把这笔成本转嫁给美国的消费者。然而在通常情况下，市场竞争的作用会要求外国制造商即便不承担2000 美元进口许可证的全部费用，也要分担一部分相关成本。",[19,121,122],{},"当然，在这个进口许可证计划中并没有免费的午餐：美国公民也必将为此承担部分负面后果。绝大部分进口商品的价格将会上涨，而且那些具有竞争力的国产商品也将涨价。无论是从整体利益，还是从局部利益来看，进口许可证的成本都会像税收一样作用在消费者身上。这是个严重的倒退。然而，不论是让美元不断贬值，或者对具体产品加征关税，抑或是对进口商品发放配额(在我看来，借助这些措施取得成功的几率很小)都同样存在着缺陷。我们会因为目前进口产品的涨价而承受一定的痛苦，但如果我们听任政府以前所未有的额度，拿自己国家的净资产去做交换，我们同样会承受痛苦，而且与后者相比较，前者的痛苦几乎算不了什么，而这才是最重要的。",[19,124,125],{},"我认为，进口许可证很快就会让美国走上贸易收支平衡的轨道，尽管与当前的进口水平相比较，这种收支平衡会有所下降，但它却优于当前的出口水平。虽然说哪个行业最终能够通过\"比较优势\"的考验是由自由市场来决定的，但是进口许可证仍将适度帮助美国的各个产业提高在全球市场中的竞争力。",[19,127,128],{},"这种方法不会被那些净出口国所效仿，因为它们采取进口许可证制度毫无意义。那么主要的出口国会在其他方面采取报复性措施吗？这个计划会引发另一场史慕德-哈利(Smoot-Hawley)关税大战吗？(美国总统胡佛于",[19,130,131],{},"1930 年6 月签署\"史慕德-哈利法案\"，触发了全球贸易报复行动，导致世界贸易迅速滑落)，几乎不会。在\"史慕德-哈利法案\"的时代，我们享有不合理的贸易顺差，而且我们希望予以维持。如今我们遭受着严重的贸易逆差，而且世界各国都认为我们应该纠正这个错误的局面。",[19,133,134],{},"几十年来，世界各国一直在与形式多样、错综复杂的惩罚性关税、出口补贴、配额和盯住美元的汇率等现象做斗争。长期以来，那些试图积聚巨额贸易顺差的出口大国都采取了许多抑制进口、鼓励出口的措施，但是至今仍未爆发过大规模的贸易战。一项促使全世界最大的贸易债务国实现收支平衡的建议，肯定不会令某个国家陷于经济崩溃。世界出口大国在过去一直表现得较为理智，它们将来仍会如此，但与以往一样，它们也会试图让我们相信，出于自身利益的考虑，它们会采取完全不同的行动。",[19,136,137],{},"实行进口许可证计划后可能出现的结果是，在经过一些初期的调整后，出口国将把它们的聪明才智用于鼓励从我国进口商品。让我们从中国的角度出发来看看这个问题，目前中国每年向我们出口价值约1400 亿美元的商品和服务，而仅从我们这里购买250 亿美元的商品和服务。一旦实施了进口许可证制度，中国可能采取的措施之一是每年购买1150 亿份许可证，以弥补这个缺口。但是，它也可能做出另一种选择，即减少对美国的出口以降低对进口许可证的需求，或者增加从我们这儿购买的商品数量。而后一种选择对中国来说可能最为适合，而且我们也希望它实施这一举措。",[19,139,140],{},"如果我们的出口得以增加，进口许可证的供应量将因此而扩大，那么进口许可证的市场价格也将随之下降。",[19,142,143],{},"实际上，如果我们的出口能够显著增加，进口许可证就会变得毫无价值，而这个计划也将因此而失去存在的意义。当世界出口大国意识到这种情况的发生已经在所难免时，它们可能会立即取消正在实行的抑制从我国进口商品的机制。",[19,145,146],{},"一旦我们开始实行进口许可证计划，我们也许要经历几年过渡期，在此期间我们会故意制造小额的贸易逆",[19,148,149],{},"差，当我们逐步向着自己的目标迈进时，这种贸易逆差将帮助世界其他国家和地区做出调整。在执行这项计划的同时，我们的政府可以每月公开拍卖一些\"奖励性\"的进口许可证，抑或是直接将它们赠与那些需要扩大出口额的欠发达国家。我们可以把第二种选择看成一种对外援助，这种形式的对外援助可能会取得明显成效，而且会很受欢迎。",[19,151,152],{},"在结束本文之前，我需要再次提醒诸位，我曾经喊过狼来了。一般来说，美国的灾难预言家的平均成功率很低。我们的国家一直都嘲笑那些对国家经济潜力和我们的活力持怀疑态度的人。许多悲观的预言家完全低估了激发我们克服困难的动力，而这些困难一度显得非常凶险。实际上，我们的国家依然非常强盛，而我们的经济也同样欣欣向荣。",[19,154,155],{},"但我同时也认为，在贸易逆差这个问题上，我们正面临着困难，它将全面考验我们寻找解决办法的能力。美元逐步贬值并不是解决问题的答案。不错，美元贬值会在某种程度上减少我们的贸易逆差，但它却不足以阻止我国的净资产外流或是减少我们的投资收入逆差。",[19,157,158],{},"也许还有其他解决办法比我的更合理。但是，一厢情愿的痴心妄想，以及时常与它做伴的各种幼稚想法，却不在我们的考虑之列。从我现在的观点来看，采取行动阻止国家财富外流势在必行，而进口许可证计划似乎是实现这个目标的最有效办法，而且我们因此所承受的痛苦也最少。我只请大家牢记，这并不是个无所谓的小问题：",[19,160,161],{},"举例来说，按照目前世界其他国家和地区在美国进行净投资的速度，我们公开交易的股票中，每年会有4%被它们购买和储存起来。",[19,163,164],{},"在评估伯克希尔的商业选择时，我的合伙人查理·芒格提出建议，他诙谐的祝愿应该引起我们的重视：\"我只想知道我将葬身何处，这样我就永远也不会去到那里。\"我国的贸易政策制定者应该把他的警告引以为诫，切勿重蹈挥霍岛的覆辙。",[23,166,167],{},[19,168,169],{},"《财富》杂志特约编辑卡罗尔卢米斯是伯克希尔的股东，她与沃伦巴菲特合作撰写了这篇文章。",[171,172,174],"h3",{"id":173},"补充报道外国人为什么不能抛售他们的美元","补充报道：外国人为什么不能抛售他们的美元？",[19,176,177],{},"2003 年11 月10 日",[19,179,180],{},"在阅读有关美元问题的文章时，你有多少次看到这样的评论：\"分析人士说，真正令他们感到担心的是，外国人将开始抛售美元\"？",[19,182,183,184],{},"如果你下次再看到类似的内容，尽管将之抛于脑后。事实是，作为一个整体，外国人不能抛售他们所持有的美元。实际上，",[185,186,187],"strong",{},"由于我们的贸易逆差，外国人不断有新的美元收入进账，因此他们也在不断增加对美国的投资。",[19,189,190],{},"当然，世界其他国家和地区的确有权选择他们应该以何种形式持有美国资产。例如，他们可以决定出售美国债券以购买美国股票。或者他们也可以进军美国的房地产业，就像日本人在1980 年代所做的那样。此外，他们采取的任何行动都会影响到美元的价格，特别是当采取这些行动的是那些急功近利的购买者或出售者时，就更是如此。但是，假设日本人既要从美国的房地产业中抽身而出，又想彻底摆脱所有美元资产，那他们仅仅把房地产出售给美国人是无法实现这些目的的，因为他们得到的付款还将是美元。而如果他们不把房地产卖给美国人，比方说卖给法国人，然后得到欧元，那么，这些资产将仍然保留在外国人手中。无论选择哪种方法出售，世界其他国家和地区所持有的美元资产都不会改变，除非与此同时美元价格发生变化。",[19,192,193],{},"问题的底线是，以整体来看待，除非其他国家从美国购买的商品和服务远多于我们从他们那里购买的商品和服务，否则他们是绝对不会减少对美国的投资规模的。这种情形就叫做美国贸易顺差，但我们目前不是顺差。",[19,195,196],{},"你可以设想一些激进的策略以改变这种状况。例如，世界其他国家和地区为美国提供巨额援助，这些援助将抵消我们的贸易逆差。但是，从现实的角度来考虑，面对我们的巨额贸易逆差，世界其他国家和地区不仅会牢牢把持已有的美国资产，而且还会继续增加持有量。当然，这也正是我们的国家净财富为什么逐渐流失海外的原因。",[198,199],"hr",{},{"title":201,"searchDepth":202,"depth":202,"links":203},"",2,[204],{"id":16,"depth":202,"text":17,"children":205},[206],{"id":173,"depth":207,"text":174},3,"访谈与文章",null,"巴菲特在《财富》撰文警告美国贸易逆差风险，提出进口证书解决方案，强调立即行动应对经济安全隐患。","md",{},true,47,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":5,"description":210},"巴菲特：2003年我为什么不看好美元｜巴菲特","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan","buffett\u002Finterview\u002Fba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan","sYBGj7GcYEdMhhxWDZq7m7_8G6Lj7RN_bLJAwq3KvvA","buffett",[223,228,231,235,238,241,244,247,250,253,257,260,263,267,270,273,277,280,283,287,290,293,297,300,303,307,310,313,317,320,323,327,330,333,337,340,343,347,350,353,357,360,363,367,370,373,377,380,383,387,390,393,397,400,403,407,410,413,417,420,423,427,430,433,437,440,443,447,450,453,457,460,463,467,470,473,477,480,483,487,490,493,497,500,503,507,510,513,517,520,523,527,530,533,537,540,543,547,550,553,557,560,564,567,571,574,578,581,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,647,648,652,655,659,662,666,669,673,676,680,683,687,690,694,697,701,704,708,711,715,718,722,725,729,732,736,739,743,746,750,753,757,760,764,767,771,774,778,781,785,788,792,795,799,802,806,809,813,816,820,823,827,830,834,837,841,844,848,851,855,858,862,865,869,872,876,879,883,886,890,893,897,900,904,907,911,914,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1027,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219],{"title":224,"slug":225,"category":226,"order":227},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":229,"slug":230,"category":208,"order":227},"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":232,"slug":233,"category":234,"order":227},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":236,"slug":237,"category":226,"order":202},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":239,"slug":240,"category":208,"order":202},"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":242,"slug":243,"category":234,"order":202},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":245,"slug":246,"category":226,"order":207},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":248,"slug":249,"category":208,"order":207},"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":251,"slug":252,"category":234,"order":207},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":254,"slug":255,"category":226,"order":256},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":258,"slug":259,"category":208,"order":256},"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":261,"slug":262,"category":234,"order":256},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":264,"slug":265,"category":226,"order":266},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":268,"slug":269,"category":208,"order":266},"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":271,"slug":272,"category":234,"order":266},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":274,"slug":275,"category":226,"order":276},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":278,"slug":279,"category":208,"order":276},"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":281,"slug":282,"category":234,"order":276},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":284,"slug":285,"category":226,"order":286},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":288,"slug":289,"category":208,"order":286},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":291,"slug":292,"category":234,"order":286},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":294,"slug":295,"category":226,"order":296},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":298,"slug":299,"category":208,"order":296},"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":301,"slug":302,"category":234,"order":296},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":304,"slug":305,"category":226,"order":306},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":308,"slug":309,"category":208,"order":306},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":311,"slug":312,"category":234,"order":306},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":314,"slug":315,"category":226,"order":316},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":318,"slug":319,"category":208,"order":316},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":321,"slug":322,"category":234,"order":316},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":324,"slug":325,"category":226,"order":326},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":328,"slug":329,"category":208,"order":326},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":331,"slug":332,"category":234,"order":326},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":334,"slug":335,"category":226,"order":336},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":338,"slug":339,"category":208,"order":336},"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":341,"slug":342,"category":234,"order":336},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":344,"slug":345,"category":226,"order":346},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":348,"slug":349,"category":208,"order":346},"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":351,"slug":352,"category":234,"order":346},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":354,"slug":355,"category":226,"order":356},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":358,"slug":359,"category":208,"order":356},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":361,"slug":362,"category":234,"order":356},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":364,"slug":365,"category":226,"order":366},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":368,"slug":369,"category":208,"order":366},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":371,"slug":372,"category":234,"order":366},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":374,"slug":375,"category":226,"order":376},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":378,"slug":379,"category":208,"order":376},"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":381,"slug":382,"category":234,"order":376},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":384,"slug":385,"category":226,"order":386},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":388,"slug":389,"category":208,"order":386},"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":391,"slug":392,"category":234,"order":386},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":394,"slug":395,"category":226,"order":396},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":398,"slug":399,"category":208,"order":396},"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":401,"slug":402,"category":234,"order":396},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":404,"slug":405,"category":226,"order":406},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":408,"slug":409,"category":208,"order":406},"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":411,"slug":412,"category":234,"order":406},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":414,"slug":415,"category":226,"order":416},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":418,"slug":419,"category":208,"order":416},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":421,"slug":422,"category":234,"order":416},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":424,"slug":425,"category":226,"order":426},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":428,"slug":429,"category":208,"order":426},"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":431,"slug":432,"category":234,"order":426},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":434,"slug":435,"category":226,"order":436},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":438,"slug":439,"category":208,"order":436},"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":441,"slug":442,"category":234,"order":436},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":444,"slug":445,"category":226,"order":446},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":448,"slug":449,"category":208,"order":446},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":451,"slug":452,"category":234,"order":446},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":454,"slug":455,"category":226,"order":456},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":458,"slug":459,"category":208,"order":456},"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":461,"slug":462,"category":234,"order":456},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":464,"slug":465,"category":226,"order":466},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":468,"slug":469,"category":208,"order":466},"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":471,"slug":472,"category":234,"order":466},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":474,"slug":475,"category":226,"order":476},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":478,"slug":479,"category":208,"order":476},"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":481,"slug":482,"category":234,"order":476},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":484,"slug":485,"category":226,"order":486},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":488,"slug":489,"category":208,"order":486},"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":491,"slug":492,"category":234,"order":486},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":494,"slug":495,"category":226,"order":496},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":498,"slug":499,"category":208,"order":496},"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":501,"slug":502,"category":234,"order":496},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":504,"slug":505,"category":226,"order":506},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":508,"slug":509,"category":208,"order":506},"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":511,"slug":512,"category":234,"order":506},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":514,"slug":515,"category":226,"order":516},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":518,"slug":519,"category":208,"order":516},"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":521,"slug":522,"category":234,"order":516},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":524,"slug":525,"category":226,"order":526},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":528,"slug":529,"category":208,"order":526},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":531,"slug":532,"category":234,"order":526},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":534,"slug":535,"category":226,"order":536},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":538,"slug":539,"category":208,"order":536},"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":541,"slug":542,"category":234,"order":536},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":544,"slug":545,"category":226,"order":546},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":548,"slug":549,"category":208,"order":546},"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":551,"slug":552,"category":234,"order":546},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":554,"slug":555,"category":226,"order":556},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":558,"slug":559,"category":208,"order":556},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":561,"slug":562,"category":226,"order":563},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":565,"slug":566,"category":208,"order":563},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":568,"slug":569,"category":226,"order":570},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":572,"slug":573,"category":208,"order":570},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":575,"slug":576,"category":226,"order":577},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":579,"slug":580,"category":208,"order":577},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":582,"slug":583,"category":226,"order":584},"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":586,"slug":587,"category":208,"order":584},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":589,"slug":590,"category":226,"order":591},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":593,"slug":594,"category":208,"order":591},"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":596,"slug":597,"category":226,"order":598},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":600,"slug":601,"category":208,"order":598},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":603,"slug":604,"category":226,"order":605},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":607,"slug":608,"category":208,"order":605},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":610,"slug":611,"category":226,"order":612},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":614,"slug":615,"category":208,"order":612},"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":617,"slug":618,"category":226,"order":619},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":621,"slug":622,"category":208,"order":619},"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":624,"slug":625,"category":226,"order":626},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":628,"slug":629,"category":208,"order":626},"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":631,"slug":632,"category":226,"order":633},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":635,"slug":636,"category":208,"order":633},"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":638,"slug":639,"category":226,"order":640},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":642,"slug":643,"category":208,"order":640},"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":645,"slug":646,"category":226,"order":214},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":218,"category":208,"order":214},{"title":649,"slug":650,"category":226,"order":651},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":653,"slug":654,"category":208,"order":651},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":656,"slug":657,"category":226,"order":658},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":660,"slug":661,"category":208,"order":658},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":663,"slug":664,"category":226,"order":665},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":667,"slug":668,"category":208,"order":665},"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":670,"slug":671,"category":226,"order":672},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":674,"slug":675,"category":208,"order":672},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":677,"slug":678,"category":226,"order":679},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":681,"slug":682,"category":208,"order":679},"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":684,"slug":685,"category":226,"order":686},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":688,"slug":689,"category":208,"order":686},"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":691,"slug":692,"category":226,"order":693},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":695,"slug":696,"category":208,"order":693},"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":698,"slug":699,"category":226,"order":700},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":702,"slug":703,"category":208,"order":700},"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":705,"slug":706,"category":226,"order":707},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":709,"slug":710,"category":208,"order":707},"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":712,"slug":713,"category":226,"order":714},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":716,"slug":717,"category":208,"order":714},"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":719,"slug":720,"category":226,"order":721},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":723,"slug":724,"category":208,"order":721},"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":726,"slug":727,"category":226,"order":728},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":730,"slug":731,"category":208,"order":728},"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":733,"slug":734,"category":226,"order":735},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":737,"slug":738,"category":208,"order":735},"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":740,"slug":741,"category":226,"order":742},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":744,"slug":745,"category":208,"order":742},"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":747,"slug":748,"category":226,"order":749},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":751,"slug":752,"category":208,"order":749},"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":754,"slug":755,"category":226,"order":756},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":758,"slug":759,"category":208,"order":756},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":761,"slug":762,"category":226,"order":763},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":765,"slug":766,"category":208,"order":763},"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":768,"slug":769,"category":226,"order":770},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":772,"slug":773,"category":208,"order":770},"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":775,"slug":776,"category":226,"order":777},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":779,"slug":780,"category":208,"order":777},"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":782,"slug":783,"category":226,"order":784},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":786,"slug":787,"category":208,"order":784},"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":789,"slug":790,"category":226,"order":791},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":793,"slug":794,"category":208,"order":791},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":796,"slug":797,"category":226,"order":798},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":800,"slug":801,"category":208,"order":798},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":803,"slug":804,"category":226,"order":805},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":807,"slug":808,"category":208,"order":805},"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":810,"slug":811,"category":226,"order":812},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":814,"slug":815,"category":208,"order":812},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":817,"slug":818,"category":226,"order":819},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":821,"slug":822,"category":208,"order":819},"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":824,"slug":825,"category":226,"order":826},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":828,"slug":829,"category":208,"order":826},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":831,"slug":832,"category":226,"order":833},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":835,"slug":836,"category":208,"order":833},"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":838,"slug":839,"category":226,"order":840},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":842,"slug":843,"category":208,"order":840},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":845,"slug":846,"category":226,"order":847},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":849,"slug":850,"category":208,"order":847},"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":852,"slug":853,"category":226,"order":854},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":856,"slug":857,"category":208,"order":854},"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":859,"slug":860,"category":226,"order":861},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":863,"slug":864,"category":208,"order":861},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":866,"slug":867,"category":226,"order":868},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":870,"slug":871,"category":208,"order":868},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":873,"slug":874,"category":226,"order":875},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":877,"slug":878,"category":208,"order":875},"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":880,"slug":881,"category":226,"order":882},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":884,"slug":885,"category":208,"order":882},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":887,"slug":888,"category":226,"order":889},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":891,"slug":892,"category":208,"order":889},"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":894,"slug":895,"category":226,"order":896},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":898,"slug":899,"category":208,"order":896},"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":901,"slug":902,"category":226,"order":903},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":905,"slug":906,"category":208,"order":903},"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":908,"slug":909,"category":226,"order":910},"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":912,"slug":913,"category":208,"order":910},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":915,"slug":916,"category":226,"order":917},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":919,"slug":920,"category":208,"order":917},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":922,"slug":923,"category":226,"order":924},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":926,"slug":927,"category":208,"order":924},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":929,"slug":930,"category":226,"order":931},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":933,"slug":934,"category":208,"order":931},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":936,"slug":937,"category":226,"order":938},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":940,"slug":941,"category":208,"order":938},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":943,"slug":944,"category":226,"order":945},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":947,"slug":948,"category":208,"order":945},"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":950,"slug":951,"category":226,"order":952},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":954,"slug":955,"category":208,"order":952},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":957,"slug":958,"category":226,"order":959},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":961,"slug":962,"category":208,"order":959},"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":964,"slug":965,"category":226,"order":966},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":968,"slug":969,"category":208,"order":966},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":971,"slug":972,"category":226,"order":973},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":975,"slug":976,"category":208,"order":973},"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":978,"slug":979,"category":226,"order":980},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":982,"slug":983,"category":208,"order":980},"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":985,"slug":986,"category":226,"order":987},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":989,"slug":990,"category":208,"order":987},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":992,"slug":993,"category":226,"order":994},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":996,"slug":997,"category":208,"order":994},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":999,"slug":1000,"category":226,"order":1001},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1003,"slug":1004,"category":208,"order":1001},"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":1006,"slug":1007,"category":226,"order":1008},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1010,"slug":1011,"category":208,"order":1008},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1013,"slug":1014,"category":226,"order":1015},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1017,"slug":1018,"category":208,"order":1015},"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":1020,"slug":1021,"category":208,"order":1022},"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":1024,"slug":1025,"category":208,"order":1026},"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":1028,"slug":1029,"category":208,"order":1030},"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":1032,"slug":1033,"category":208,"order":1034},"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":1036,"slug":1037,"category":208,"order":1038},"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":1040,"slug":1041,"category":208,"order":1042},"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":1044,"slug":1045,"category":208,"order":1046},"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":1048,"slug":1049,"category":208,"order":1050},"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":1052,"slug":1053,"category":208,"order":1054},"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":1056,"slug":1057,"category":208,"order":1058},"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":1060,"slug":1061,"category":208,"order":1062},"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":1064,"slug":1065,"category":208,"order":1066},"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":1068,"slug":1069,"category":208,"order":1070},"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":1072,"slug":1073,"category":208,"order":1074},"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":1076,"slug":1077,"category":208,"order":1078},"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":1080,"slug":1081,"category":208,"order":1082},"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":1084,"slug":1085,"category":208,"order":1086},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1088,"slug":1089,"category":208,"order":1090},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1092,"slug":1093,"category":208,"order":1094},"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":1096,"slug":1097,"category":208,"order":1098},"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":1100,"slug":1101,"category":208,"order":1102},"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":1104,"slug":1105,"category":208,"order":1106},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1108,"slug":1109,"category":208,"order":1110},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":1112,"slug":1113,"category":208,"order":1114},"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":1116,"slug":1117,"category":208,"order":1118},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":1120,"slug":1121,"category":208,"order":1122},"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":1124,"slug":1125,"category":208,"order":1126},"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":1128,"slug":1129,"category":208,"order":1130},"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":1132,"slug":1133,"category":208,"order":1134},"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":1136,"slug":1137,"category":208,"order":1138},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":1140,"slug":1141,"category":208,"order":1142},"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":1144,"slug":1145,"category":208,"order":1146},"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":1148,"slug":1149,"category":208,"order":1150},"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":1152,"slug":1153,"category":208,"order":1154},"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":1156,"slug":1157,"category":208,"order":1158},"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":1160,"slug":1161,"category":208,"order":1162},"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":1164,"slug":1165,"category":208,"order":1166},"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":1168,"slug":1169,"category":208,"order":1170},"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":1172,"slug":1173,"category":208,"order":1174},"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":1176,"slug":1177,"category":208,"order":1178},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":1180,"slug":1181,"category":208,"order":1182},"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":1184,"slug":1185,"category":208,"order":1186},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":1188,"slug":1189,"category":208,"order":1190},"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":1192,"slug":1193,"category":208,"order":1194},"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":1196,"slug":1197,"category":208,"order":1198},"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":1200,"slug":1201,"category":208,"order":1202},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":1204,"slug":1205,"category":208,"order":1206},"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":1208,"slug":1209,"category":208,"order":1210},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":1212,"slug":1213,"category":208,"order":1214},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":1216,"slug":1217,"category":208,"order":1218},"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":1220,"slug":1221,"category":208,"order":1222},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[1224,1228,1231,1234,1237,1240,1243,1246,1249,1253,1257,1260,1263,1266,1269,1272,1275,1278,1281,1284,1287,1290,1293,1296,1299,1303,1306,1309,1312,1315,1318,1321,1324,1327,1330,1334,1337,1340,1343,1346,1349,1352,1355,1359,1362,1365,1368,1371,1374,1377,1380,1383,1386,1389,1392,1395,1398,1401,1404,1407,1410,1413,1416,1419,1422,1425,1428,1431,1434,1437,1440,1445,1449,1453,1457,1461,1465,1469,1473,1477,1481,1485,1489,1493,1497,1501,1505,1509,1513,1517,1521],{"title":1225,"slug":1226,"category":1227,"order":227},"本分","benfen","核心哲学",{"title":1229,"slug":1230,"category":1227,"order":202},"平常心","pingchangxin",{"title":1232,"slug":1233,"category":1227,"order":207},"做对的事情","zuoduideshiqing",{"title":1235,"slug":1236,"category":1227,"order":256},"把事情做对","bashiqingzuodui",{"title":1238,"slug":1239,"category":1227,"order":266},"能力圈","nengliquan",{"title":1241,"slug":1242,"category":1227,"order":276},"不做什么","buzuoshenme",{"title":1244,"slug":1245,"category":1227,"order":286},"敢为天下后","ganweitianxiahou",{"title":1247,"slug":1248,"category":1227,"order":296},"消费者导向","xiaofeizhedaoxiang",{"title":1250,"slug":1251,"category":1252,"order":306},"价值投资","jiazhitouzi","投资理念",{"title":1254,"slug":1255,"category":1256,"order":316},"负债","fuzhai","财务指标",{"title":1258,"slug":1259,"category":1252,"order":316},"商业模式","shangyemoshi",{"title":1261,"slug":1262,"category":1252,"order":326},"护城河","huchenghe",{"title":1264,"slug":1265,"category":1256,"order":326},"净现金","jingxianjin",{"title":1267,"slug":1268,"category":1256,"order":336},"开销合理性","kaixiaohelixing",{"title":1270,"slug":1271,"category":1252,"order":336},"现金流","xianjinliu",{"title":1273,"slug":1274,"category":1256,"order":346},"真实利润","zhenshilirun",{"title":1276,"slug":1277,"category":1252,"order":346},"折现","zhexian",{"title":1279,"slug":1280,"category":1252,"order":356},"安全边际","anquanbianji",{"title":1282,"slug":1283,"category":1256,"order":356},"扣除商誉的净资产","jingzichan",{"title":1285,"slug":1286,"category":1252,"order":366},"基本面","jibenmian",{"title":1288,"slug":1289,"category":1252,"order":376},"机会成本","jihuichengben",{"title":1291,"slug":1292,"category":1252,"order":386},"长期持有","zhangqichiyou",{"title":1294,"slug":1295,"category":1252,"order":396},"投机","touji",{"title":1297,"slug":1298,"category":1252,"order":406},"止损","zhisun",{"title":1300,"slug":1301,"category":1302,"order":416},"企业文化","qiyewenhua","企业经营",{"title":1304,"slug":1305,"category":1302,"order":426},"品牌","pinpai",{"title":1307,"slug":1308,"category":1302,"order":436},"差异化","chayihua",{"title":1310,"slug":1311,"category":1302,"order":446},"用户体验","yonghutiyan",{"title":1313,"slug":1314,"category":1302,"order":456},"渠道","qudao",{"title":1316,"slug":1317,"category":1302,"order":466},"平台","pingtai",{"title":1319,"slug":1320,"category":1302,"order":476},"生态系统","shengtaixitong",{"title":1322,"slug":1323,"category":1302,"order":486},"单一产品","danyichanpin",{"title":1325,"slug":1326,"category":1302,"order":496},"造钟人","zaozhongren",{"title":1328,"slug":1329,"category":1302,"order":506},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":1331,"slug":1332,"category":1333,"order":516},"进取心","jinquxin","品格与心性",{"title":1335,"slug":1336,"category":1333,"order":526},"耐心","naixin",{"title":1338,"slug":1339,"category":1333,"order":536},"责任心","zerenxin",{"title":1341,"slug":1342,"category":1333,"order":546},"爱心","aixin",{"title":1344,"slug":1345,"category":1333,"order":556},"信誉","xinyu",{"title":1347,"slug":1348,"category":1333,"order":563},"正直","zhengzhi",{"title":1350,"slug":1351,"category":1333,"order":570},"理性","lixing",{"title":1353,"slug":1354,"category":1333,"order":577},"长期主义","zhangqizhuyi",{"title":1356,"slug":1357,"category":1358,"order":1015},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":1360,"slug":1361,"category":1358,"order":1022},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":1363,"slug":1364,"category":1358,"order":1026},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":1366,"slug":1367,"category":1358,"order":1030},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":1369,"slug":1370,"category":1358,"order":1034},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":1372,"slug":1373,"category":1358,"order":1038},"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":1375,"slug":1376,"category":1358,"order":1042},"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":1378,"slug":1379,"category":1358,"order":1046},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":1381,"slug":1382,"category":1358,"order":1050},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":1384,"slug":1385,"category":1358,"order":1054},"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":1387,"slug":1388,"category":1358,"order":1058},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":1390,"slug":1391,"category":1358,"order":1062},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":1393,"slug":1394,"category":1358,"order":1066},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":1396,"slug":1397,"category":1358,"order":1070},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":1399,"slug":1400,"category":1358,"order":1074},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":1402,"slug":1403,"category":1358,"order":1078},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":1405,"slug":1406,"category":1358,"order":1082},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":1408,"slug":1409,"category":1358,"order":1086},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":1411,"slug":1412,"category":1358,"order":1090},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":1414,"slug":1415,"category":1358,"order":1094},"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":1417,"slug":1418,"category":1358,"order":1098},"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":1420,"slug":1421,"category":1358,"order":1102},"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":1423,"slug":1424,"category":1358,"order":1106},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":1426,"slug":1427,"category":1358,"order":1110},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":1429,"slug":1430,"category":1358,"order":1114},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":1432,"slug":1433,"category":1358,"order":1118},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":1435,"slug":1436,"category":1358,"order":1122},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":1438,"slug":1439,"category":1358,"order":1126},"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":1441,"slug":1442,"category":1443,"order":1444},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":1446,"slug":1447,"category":1443,"order":1448},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":1450,"slug":1451,"category":1443,"order":1452},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":1454,"slug":1455,"category":1443,"order":1456},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":1458,"slug":1459,"category":1443,"order":1460},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":1462,"slug":1463,"category":1443,"order":1464},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":1466,"slug":1467,"category":1443,"order":1468},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":1470,"slug":1471,"category":1443,"order":1472},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":1474,"slug":1475,"category":1443,"order":1476},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":1478,"slug":1479,"category":1443,"order":1480},"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":1482,"slug":1483,"category":1443,"order":1484},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":1486,"slug":1487,"category":1443,"order":1488},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":1490,"slug":1491,"category":1443,"order":1492},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":1494,"slug":1495,"category":1443,"order":1496},"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":1498,"slug":1499,"category":1443,"order":1500},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":1502,"slug":1503,"category":1443,"order":1504},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":1506,"slug":1507,"category":1443,"order":1508},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":1510,"slug":1511,"category":1443,"order":1512},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":1514,"slug":1515,"category":1443,"order":1516},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":1518,"slug":1519,"category":1443,"order":1520},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":1522,"slug":1523,"category":1443,"order":1524},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[1526,1529,1532,1535,1539,1543,1546,1550,1552,1555,1558,1561,1565,1568,1571,1574,1577,1581,1584,1587,1590,1593,1597,1600,1603,1605,1608,1611,1614,1617,1620,1623,1626,1629,1632,1635,1638,1641,1644,1647,1650,1653,1656,1659,1662,1665,1668,1671,1674,1677,1680,1683,1686,1689,1692,1695,1698,1701,1704,1707,1710,1713,1716,1719,1722,1725,1729,1732,1735,1738,1741,1745,1748,1751,1754],{"title":1238,"slug":1527,"category":1528,"order":227},"ability-circle","决策与战略",{"title":1530,"slug":1531,"category":1528,"order":202},"逆向思维","inversion",{"title":1288,"slug":1533,"category":1534,"order":207},"opportunity-cost","经济学",{"title":1536,"slug":1537,"category":1538,"order":256},"复利","compound-interest","数学与概率论",{"title":1540,"slug":1541,"category":1542,"order":266},"激励机制","incentives","心理学",{"title":1544,"slug":1545,"category":1538,"order":276},"概率思维","probabilistic-thinking",{"title":1547,"slug":1548,"category":1549,"order":286},"二阶效应","second-order-effects","哲学与逻辑",{"title":1279,"slug":1551,"category":1528,"order":296},"margin-of-safety",{"title":1553,"slug":1554,"category":1542,"order":306},"心理误判","psychology-of-misjudgment",{"title":1556,"slug":1557,"category":1528,"order":316},"检查清单","checklist",{"title":1559,"slug":1560,"category":1534,"order":326},"规模优势","scale-advantage",{"title":1562,"slug":1563,"category":1564,"order":336},"冗余与容错","redundancy","工程学\u002F系统",{"title":1566,"slug":1567,"category":1538,"order":346},"排列组合","combinatorics",{"title":1569,"slug":1570,"category":1538,"order":356},"费马-帕斯卡","fermat-pascal",{"title":1572,"slug":1573,"category":1538,"order":366},"均值回归","regression-to-the-mean",{"title":1575,"slug":1576,"category":1538,"order":376},"量化分析","quantitative-analysis",{"title":1578,"slug":1579,"category":1580,"order":386},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":1582,"slug":1583,"category":1580,"order":396},"平衡态","equilibrium",{"title":1585,"slug":1586,"category":1580,"order":406},"熵增定律","entropy",{"title":1588,"slug":1589,"category":1580,"order":416},"能量守恒","conservation-of-energy",{"title":1591,"slug":1592,"category":1580,"order":426},"杠杆原理","leverage",{"title":1594,"slug":1595,"category":1596,"order":436},"自然选择","natural-selection","生物学\u002F进化论",{"title":1598,"slug":1599,"category":1596,"order":446},"物竞天择","competition-for-resources",{"title":1601,"slug":1602,"category":1596,"order":456},"进化思维","evolutionary-thinking",{"title":1319,"slug":1604,"category":1596,"order":466},"ecosystem",{"title":1606,"slug":1607,"category":1542,"order":476},"爱好倾向","liking-tendency",{"title":1609,"slug":1610,"category":1542,"order":486},"讨厌倾向","disliking-tendency",{"title":1612,"slug":1613,"category":1542,"order":496},"避免怀疑倾向","doubt-avoidance-tendency",{"title":1615,"slug":1616,"category":1542,"order":506},"一致性倾向","consistency-tendency",{"title":1618,"slug":1619,"category":1542,"order":516},"好奇心倾向","curiosity-tendency",{"title":1621,"slug":1622,"category":1542,"order":526},"康德式公平","kantian-fairness",{"title":1624,"slug":1625,"category":1542,"order":536},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":1627,"slug":1628,"category":1542,"order":546},"反馈倾向","reciprocation-tendency",{"title":1630,"slug":1631,"category":1542,"order":556},"权威误导","authority-misinfluence",{"title":1633,"slug":1634,"category":1542,"order":563},"重视理由","reason-respecting-tendency",{"title":1636,"slug":1637,"category":1542,"order":570},"过度乐观","over-optimism",{"title":1639,"slug":1640,"category":1542,"order":577},"损失厌恶","loss-aversion",{"title":1642,"slug":1643,"category":1542,"order":584},"否认倾向","denial-tendency",{"title":1645,"slug":1646,"category":1542,"order":591},"过度反应","overreaction-tendency",{"title":1648,"slug":1649,"category":1542,"order":598},"社群影响","social-influence",{"title":1651,"slug":1652,"category":1542,"order":605},"压力倾向","stress-influence-tendency",{"title":1654,"slug":1655,"category":1542,"order":612},"物质主义","materialism-tendency",{"title":1657,"slug":1658,"category":1542,"order":619},"废话倾向","twaddle-tendency",{"title":1660,"slug":1661,"category":1542,"order":626},"确认偏误","confirmation-bias",{"title":1663,"slug":1664,"category":1542,"order":633},"锚定效应","anchoring-effect",{"title":1666,"slug":1667,"category":1542,"order":640},"现时偏差","present-bias",{"title":1669,"slug":1670,"category":1542,"order":214},"贪婪倾向","greed-tendency",{"title":1672,"slug":1673,"category":1534,"order":651},"边际成本\u002F收益","marginal-cost-benefit",{"title":1675,"slug":1676,"category":1534,"order":658},"供需关系","supply-and-demand",{"title":1678,"slug":1679,"category":1534,"order":665},"帕累托最优","pareto-optimality",{"title":1681,"slug":1682,"category":1534,"order":672},"竞争性毁灭","creative-destruction",{"title":1684,"slug":1685,"category":1528,"order":679},"双轨分析","two-track-analysis",{"title":1687,"slug":1688,"category":1528,"order":686},"非线性思维","nonlinear-thinking",{"title":1690,"slug":1691,"category":1528,"order":693},"极化思考","extreme-thinking",{"title":1693,"slug":1694,"category":1528,"order":700},"必要功","necessary-work",{"title":1696,"slug":1697,"category":1564,"order":707},"停机问题","halting-problem",{"title":1699,"slug":1700,"category":1564,"order":714},"闭环系统","closed-loop-system",{"title":1702,"slug":1703,"category":1564,"order":721},"故障安全","fail-safe",{"title":1705,"slug":1706,"category":1564,"order":728},"反向设计","reverse-design",{"title":1708,"slug":1709,"category":1564,"order":735},"瓶颈分析","bottleneck-analysis",{"title":1711,"slug":1712,"category":1549,"order":742},"第一性原理","first-principles",{"title":1714,"slug":1715,"category":1549,"order":749},"证伪思维","falsification",{"title":1717,"slug":1718,"category":1549,"order":756},"奥卡姆剃刀","occams-razor",{"title":1720,"slug":1721,"category":1549,"order":763},"中道思维","middle-way",{"title":1723,"slug":1724,"category":1549,"order":770},"不可知论","agnosticism",{"title":1726,"slug":1727,"category":1728,"order":777},"大数定律","law-of-large-numbers","统计学",{"title":1730,"slug":1731,"category":1728,"order":784},"样本偏差","sample-bias",{"title":1733,"slug":1734,"category":1728,"order":791},"相关性≠因果","correlation-not-causation",{"title":1736,"slug":1737,"category":1728,"order":798},"幸存者偏差","survivorship-bias",{"title":1739,"slug":1740,"category":1728,"order":805},"基本比率","base-rate",{"title":1742,"slug":1743,"category":1744,"order":812},"社会认同","social-proof","社会学",{"title":1746,"slug":1747,"category":1744,"order":819},"部落本能","tribal-instinct",{"title":1749,"slug":1750,"category":1744,"order":826},"金蛋定律","golden-egg-rule",{"title":1752,"slug":1753,"category":1744,"order":833},"互利共生","mutualism",{"title":1755,"slug":1756,"category":1744,"order":840},"激励传导","incentive-transmission",1778147266388]