[{"data":1,"prerenderedAt":1732},["ShallowReactive",2],{"library-ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan":3,"library-sidebar-buffett":196,"library-sidebar-dao":1198,"library-sidebar-models":1500},{"id":4,"title":5,"body":6,"category":182,"date":183,"description":184,"extension":185,"meta":186,"navigation":187,"order":188,"path":189,"seo":190,"seoDescription":184,"seoTitle":191,"slug":192,"stem":193,"__hash__":194,"_collection":195},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan.md","2004年：《巴菲特：2004年与塔克商学院学生对谈》",{"type":7,"value":8,"toc":178},"minimark",[9,14,18,24,29,32,35,38,41,46,49,82,87,90,95,98,101,104,107,110,113,116,119,122,125,128,131,134,137,140,143,146,149,154,157,172,175],[10,11,13],"h1",{"id":12},"巴菲特2004年与塔克商学院学生对谈","巴菲特：2004年与塔克商学院学生对谈",[15,16,17],"p",{},"沃伦.巴菲特 2004年4月25日",[15,19,20],{},[21,22,23],"strong",{},"2004 Tuck Trip 2004 年塔克之旅",[15,25,26],{},[21,27,28],{},"Trip Agenda 行程安排",[15,30,31],{},"8:15-9:45am 与执行副总裁鲍勃·巴特 (Bob Batt) 一起参观内布拉斯加州家具市场",[15,33,34],{},"上午 10 点至 11:30 在伯克希尔哈撒韦公司与沃伦·巴菲特讨论",[15,36,37],{},"11:45-2:15 PM 在 Gorat's Steakhouse 与沃伦·巴菲特共进午",[15,39,40],{},"2:30-3:30pm Borsheim 与总裁兼首席执行官 Susan Jacques 一起参观",[15,42,43],{},[21,44,45],{},"完整注释",[15,47,48],{},"内布拉斯加州家具市场和 Borsheim 的参观：",[50,51,52,56,59,62,70,73,76,79],"ul",{},[53,54,55],"li",{},"\"卖便宜货，说真话\"。露丝-布卢姆金，\"B 夫人\"，NFM 创始人",[53,57,58],{},"\"照顾好你的顾客，他们就会照顾好你\"。露丝-布卢姆金，\"B 夫人\"，NFM 创始人",[53,60,61],{},"成功的企业在于把握关键时刻\"。NFM 执行副总裁鲍勃-巴特",[53,63,64,65,69],{},"\"",[66,67,68],"span",{},"家具零售","的关键不是你卖什么，而是你买什么。\" -Bob Batt，NFM 执行副总裁",[53,71,72],{},"“大多数商界人士忘记了与客户保持友好并建立融洽关系的重要性。”-Bob Batt，NFM 执行副总裁",[53,74,75],{},"“从沃伦·巴菲特那里获得商业建议就像从阿尔伯特·爱因斯坦那里学习物理课。” -Bob Batt，NFM 执行副总裁",[53,77,78],{},"\"在自己的能力范围内行事\"。沃伦-巴菲特",[53,80,81],{},"“巴菲特先生喜欢那些低成本生产企业，他相信这些行业的需求将永远稳定或不断增长。内布拉斯加家具城和博仙百货就是两个典型的例子。” -Susan Jacques，Borsheim's 总裁兼首席执行官",[15,83,84],{},[21,85,86],{},"巴菲特的开场演讲（转述）",[15,88,89],{},"如果说你们今天离开这里时有什么收获的话，那应该就是这个： 我先来问一个问题，以达到我的目的。如果你可以选择这个房间里的一个人的 10%，在未来 30 年里持有或 \"做多\"，你会选谁？不会是智商最高的人，不会是明星运动员，你会看重他的某些其他品质......如果你必须挑选一个人在未来 30 年 \"做空\"，那会是谁呢？现在问问你自己为什么会做出这些选择。如果你正确地考虑了这些问题，你选择的那个人可能是诚实、勇敢、可靠的人；你选择的那个人可能是自负、喜欢邀功的人。问题是，成功主要取决于选择性品质，而不是与生俱来的。你可以选择可靠或不可靠。要改变并不容易，所以现在就要正确选择。伯特兰-罗素曾说过：\"习惯的枷锁，开始的时候，轻的难以察觉，到后来，却重的无法摆脱\"。所以问问自己：\"我想成为什么样的人？在这个过程的最后，你应该确定你想买的人就是你自己。你们都拿着中奖彩票。",[15,91,92],{},[21,93,94],{},"Q&A 问答环节",[15,96,97],{},"问：您认为资本主义最大的成功和缺点是什么？",[15,99,100],{},"**巴菲特：**在资本主义取得的明显成功中，我们想要和需要的东西更加丰富以及生活水平大幅提高是很好的候选。上个世纪，美国的生活水平几乎提高了七倍。一个世纪在更大的时间轴上不过是一个小点，而生产力和生活水平的如此提高肯定是史无前例的。资本主义另一个值得注意的成功之处在于，它在分配资源和把最优秀的人安排到最合适的地方方面肯定优于任何其他制度。想想看：1790 年进行了第一次全球人口普查，当时中国有 2.9 亿人，欧洲有 1 亿人，现在的美国有 400 万人。现在美国拥有世界人口的4.5%，但GDP却占全球的30%。我相信，伟大的美国之书尚未写成，它将是一部能够记录这种增长是多么壮观的著作；同样，214 年只是一瞬间。当我们思考这样的增长时，我不认为致因是人，而一定是制度。关岛最聪明的人和冰岛最聪明的人一样聪明，而冰岛最聪明的人和美国最聪明的人一样聪明。在美国出生对我的成功比后来发生的任何事情都重要。",[15,102,103],{},"问：接着最后一个问题，您认为资本主义的缺点是什么？",[15,105,106],{},"**巴菲特：**资本主义和任何制度一样，都是不完美的，但它正在变得更好，我们正在接近机会平等等目标，并学会如何处理那些受到制度伤害的人。但资本主义肯定是一个自由市场，在许多方面都是一个竞争激烈的市场。而市场意味着失败者。在我职业生涯的早期，我在新贝德福德收购了一家纺织厂，纺织厂的绝大多数工人都是葡萄牙人，不会说任何英语。随着时间的推移，世界其他地方的纺织厂能够更高效地运营，我们根本无法与之竞争。我不得不关闭工厂，解雇所有人；工人们都是体制的牺牲品。你无法重新培训或挽救这些人，他们已经受够了。因此，资本主义的真正挑战在于，你不能在更大产出的齿轮上扔沙子，但你也要照顾伤亡者。如果你环顾四周，就会发现大多数人都背负着真正的恐惧；恐惧是可怕的，人们不应该生活在恐惧之中。我们应该减少社会对那些他们永远不应该担心的事情的恐惧--对挨饿的恐惧，对没有医疗服务的恐惧。这些才是你们应该考虑解决的问题。",[15,108,109],{},"问：您认为我们应该如何照顾那些受到制度伤害的人，比如你们以前的纺织厂工人？",[15,111,112],{},"**巴菲特：**我会从税收制度入手。这并不容易实施，但对富人征收某种形式的大幅累进消费税对我来说很有意义。例如，当我驾驶私人飞机时，我使用了数百加仑的飞机燃油，但我并没有被征收更高的税率。乘坐私人飞机通常是不必要的、过度的消费，我应该被征收更高的消费税。这里还有一个例子： 我可以轻而易举地雇佣 2 万人，每年支付他们 5 万美元，让他们整天坐在这里为我画肖像，寻找最完美的肖像。这不仅荒唐，而且会使 2 万名有生产力的贡献者离开系统，我应该为此付出高昂的代价。除了想办法把钱重新分配给 \"最底层的 20%\"，我们还需要集中精力想办法帮助人们成为有用的人，让他们感到自己是有用的。这意味着为人们找到工作，让他们参与社会活动等等。",[15,114,115],{},"问：去年夏天我在造纸和包装行业工作，非常享受我的经历。我的同学对造纸业都不感兴趣，而且我工作的公司也好几年没有 MBA 实习生了。显然，造纸业面临着挑战，但您认为这是机遇还是障碍？",[15,117,118],{},"**巴菲特：**你说得没错，造纸业面临挑战。资本密集、利润低、周期性强。这是一个残酷的行业；没有人会关心戴尔电脑的包装盒是谁制造的。一般来说，商品企业，即使你是低成本生产商，也很困难。我对大学和商学院毕业生通常有两个建议。关于你工作的地方，最重要的是你欣赏\u002F热爱它。听起来你很喜欢你的工作经历，这很好。但我的第二个建议是搭上正确的列车，即朝着正确的方向前进。商学院里没有一门叫做 \"搭上正确的列车 \"的课程，但这真的很重要。你可以是一名普通乘客，但如果你搭上了正确的列车，它就会载你走很长的路。你想从经验中学习，但在可能的情况下，你也想从别人的经验中学习。管理自己的职业生涯就像投资一样，难易程度并不重要。因此，你可以搭上正确的列车，为自己省钱省力。",[15,120,121],{},"问：随着近期全球政治经济的变化和恐怖活动的激增，一些人认为全球各类市场的不确定性正在增加。您认为事情的发展方向是什么？我们应该如何应对这种高度的不确定性？",[15,123,124],{},"**巴菲特：**人类不会随着时间的推移而发生很大的变化。但直到最近，大多数危险人物大规模伤害他人的能力都很有限，....。我认为恐怖主义问题显然是一个无解的问题。我相信我们会解决其他所有问题--我们在治疗重大疾病等方面取得了进展--但在我看来，恐怖主义问题是不可能解决的，因为总会有一些麻烦的人试图伤害大量的人。意图肯定是存在的。如何制造恐怖的知识也在传播。如果有了意图和知识，恐怖主义的第三个方面就是'材料和可交付性'。这对恐怖分子来说更难获得，也是我们应该努力防止的。如果我知道我们能找到解决恐怖主义的办法，我会将我基金会的资金百分之百地投入到这项工作中；但我不确定是否有解决办法。",[15,126,127],{},"问：在您取得了所有成就之后，您想留下什么遗产？",[15,129,130],{},"**巴菲特：**我认为榜样是你能留下的最好的东西。显然，你要留下正确的榜样。我的意思是，威尔特-张伯伦的墓碑上可能写着：\"最后，我独自长眠\"，而这可能不是你想留下的榜样。如果我在伯克希尔-哈撒韦公司所做的一切--在真正追求股东价值的过程中经营一家独特而独立的公司--能够持续下去，并且人们能够从中吸取教训，改进他们投资和经营公司的方式，那将是一笔很好的遗产。",[15,132,133],{},"问：在考虑收购时，您首先会看重管理团队的哪些方面？",[15,135,136],{},"**巴菲特：**那么，你在女孩身上寻找什么呢？说真的，你要找的是合乎逻辑的东西--激情、对经营业务的兴趣、诚实。比如，她们是热爱事业，还是热爱金钱？这是第一个筛选条件。我指的是真正的激情；B 夫人经营内布拉斯加家具市场直到 103 岁去世，这就是激情。如果说气质是管理金钱最重要的个人资产，那么在生意场上，那就是激情。其次，如果你做了一段时间，你就会知道如何去做。但很显然，没有一个管理团队是完美的，所以你往往只能做出判断。你不想永远等待找到完美的团队。顺便提一下，我的一个朋友花了二十年时间寻找完美女人；不幸的是，当他找到她时，却发现她正在寻找完美男人。",[15,138,139],{},"问：我曾在各种科技企业工作过，但据我了解，你们通常不投资科技领域。这是为什么？作为个人和投资者，您如何看待技术？",[15,141,142],{},"**巴菲特：**技术显然可以提高企业生产力，推动更好的消费产品等，因此作为个人，我非常欣赏技术的力量。作为投资者，我避开了科技行业，因为总的来说，我对许多科技公司的独特之处并没有深入的了解。我不知道如何发现技术领域持久的竞争优势。为了致富，你会找到具有持久竞争优势的企业，而且你不会为它们付出过高的代价。技术基于变革；而变化确实是投资者的敌人。相对于更广泛的经济而言，技术的变化更加迅速且难以预测。对我来说，所有科技领域看起来都像是 7 英尺的栏杆。",[15,144,145],{},"问：您如何看待流入私募股权和对冲基金的所有资金？在私募股权投资活动大幅增长的基础上，您认为购买企业的未来会发生变化吗？",[15,147,148],{},"**巴菲特：**我来告诉你我对对冲基金的看法。对冲基金是一种巨大的时尚。你可以随便挑十家对冲基金，我敢打赌，在未来十年里，它们的平均表现将低于标准普尔指数。你无法从美国企业中创造出比企业本身创造的更多的资金；因此，从长远来看，这些对冲基金中的大多数将无法证明其高昂的费用是合理的，它们将会消失。在华尔街，有创新者，有模仿者，也有完全无能的人。现在全球大多数对冲基金恐怕都是由后两类人经营的。",[15,150,151],{},[21,152,153],{},"行程简单感想",[15,155,156],{},"在飞往奥马哈的飞机上，我回想了杰克-伯恩（Jack Byrne）在前一天晚上的电话交谈中向我和一些同学提出的一个问题。伯恩先生是伯克希尔-哈撒韦公司（Berkshire Hathaway）旗下公司 GEICO 的前董事长兼首席执行官，也是巴菲特过去 25 年来的亲密朋友和同事。他在开始我们的谈话时问道：\"您希望从奥马哈之行中得到什么？你此行的目标是什么？Byrne 先生继续就他认为最值得与巴菲特先生讨论的话题提供了很好的建议；这次通话的目的是帮助我们从与巴菲特先生的交谈中获得最大的收获。多亏了伯恩先生，我们做到了。我继续思考伯恩先生的第一个问题：我希望从这次与巴菲特对话的机会中得到什么？我很清楚，我去奥马哈不是为了签名，也不是为了得到一张可以挂在办公室墙上的照片；和我的许多同学一样，我已经阅读了大量巴菲特的文献，我想更深入地了解巴菲特先生的投资过程：他是如何评估潜在收购对象的？他的投资过程与一般的积极投资者有何不同？一路走来,他是如何从错误中吸取教训的？在奥马哈的一天里，我们清楚地认识到，巴菲特先生对这些问题并没有任何 \"秘密 \"答案。现在回想起来，如果认为有什么秘诀可以将这一切融会贯通，或者解释巴菲特作为投资者所取得的无与伦比的成功，那似乎太简单了。撇开秘诀不谈，塔克大学的学生们所获得的东西要有价值得多；我们对历史上最伟大的商业领袖和投资者之一是如何对待世界的、他如何看待问题以及他的价值观有了更好的了解。在我们与巴菲特先生的讨论中，有几个中心主题贯穿始终：",[158,159,160,163,166,169],"ol",{},[53,161,162],{},"\"保持在你的能力范围内\"。显然，巴菲特先生的成功很大程度上源于他严于律己，专注于投资他所了解的企业，避免投资他不了解的企业。他建议我们不断提问，永远不要认为自己在任何事情上都已经达到了 \"专家 \"的地位。",[53,164,165],{},"你还有时间选择自己的道路；说真话，做独立的人。巴菲特先生的中心思想之一是，成功取决于可选择的品质，而不是与生俱来的。他提醒我们，我们每个人都可以选择自己是否可靠、诚实和富有同情心。",[53,167,168],{},"天下没有免费的午餐。对于生活中的大多数事情来说，那些工作更努力、思考更清晰的人最终会得到回报。如果你愿意在商业或生活决策上掷骰子，那么你就应该愿意接受更多的结果，包括失败。",[53,170,171],{},"\"生命的意义在于尽你所能，确保你在乎的人也爱你\" 在返回汉诺威的飞机上，我和一些同学回顾了这一天的经历。许多人说，这是他们塔克大学经历中的亮点，值得修几个商学院的学分。我很感谢能有机会与巴菲特先生和他的同事们共度时光，并学习他们的经验。爱丽丝-施罗德（Alice Schroeder）是摩根士丹利前《机构投资者》杂志的保险分析师，后转为记者（目前正在撰写关于沃伦-巴菲特的 \"终极 \"著作），当天大部分时间她都在现场。爱丽丝参加了最近几次 MBA 学生的访问，并特别评论说，塔克大学的学生是近年来访问伯克希尔-哈撒韦公司的所有 MBA 团体中 \"迄今为止 \"准备最充分的。",[15,173,174],{},"奥托尔",[15,176,177],{},"塔克商学院",{"title":179,"searchDepth":180,"depth":180,"links":181},"",2,[],"访谈与文章",null,"巴菲特接待塔克商学院学生访问，分享投资理念与企业经营智慧，强调长期主义与理性决策的重要性。","md",{},true,50,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":5,"description":184},"巴菲特：2004年与塔克商学院学生对谈｜巴菲特","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan","buffett\u002Finterview\u002Fba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan","MrjpIjgPmivOLR_aXyLMyXGmrA1vWB2eVBipDxGEdKI","buffett",[197,202,205,209,212,215,218,222,225,228,232,235,238,242,245,248,252,255,258,262,265,268,272,275,278,282,285,288,292,295,298,302,305,308,312,315,318,322,325,328,332,335,338,342,345,348,352,355,358,362,365,368,372,375,378,382,385,388,392,395,398,402,405,408,412,415,418,422,425,428,432,435,438,442,445,448,452,455,458,462,465,468,472,475,478,482,485,488,492,495,498,502,505,508,512,515,518,522,525,528,532,535,539,542,546,549,553,556,560,563,567,570,574,577,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,643,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1002,1006,1010,1014,1018,1022,1026,1030,1034,1038,1042,1046,1050,1054,1058,1062,1066,1070,1074,1078,1082,1086,1090,1094,1098,1102,1106,1110,1114,1118,1122,1126,1130,1134,1138,1142,1146,1150,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194],{"title":198,"slug":199,"category":200,"order":201},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":203,"slug":204,"category":182,"order":201},"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":206,"slug":207,"category":208,"order":201},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":210,"slug":211,"category":200,"order":180},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":213,"slug":214,"category":182,"order":180},"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":216,"slug":217,"category":208,"order":180},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":219,"slug":220,"category":200,"order":221},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":223,"slug":224,"category":182,"order":221},"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":226,"slug":227,"category":208,"order":221},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":229,"slug":230,"category":200,"order":231},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":233,"slug":234,"category":182,"order":231},"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":236,"slug":237,"category":208,"order":231},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":239,"slug":240,"category":200,"order":241},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":243,"slug":244,"category":182,"order":241},"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":246,"slug":247,"category":208,"order":241},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":249,"slug":250,"category":200,"order":251},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":253,"slug":254,"category":182,"order":251},"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":256,"slug":257,"category":208,"order":251},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":259,"slug":260,"category":200,"order":261},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":263,"slug":264,"category":182,"order":261},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":266,"slug":267,"category":208,"order":261},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":269,"slug":270,"category":200,"order":271},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":273,"slug":274,"category":182,"order":271},"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":276,"slug":277,"category":208,"order":271},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":279,"slug":280,"category":200,"order":281},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":283,"slug":284,"category":182,"order":281},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":286,"slug":287,"category":208,"order":281},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":289,"slug":290,"category":200,"order":291},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":293,"slug":294,"category":182,"order":291},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":296,"slug":297,"category":208,"order":291},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":299,"slug":300,"category":200,"order":301},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":303,"slug":304,"category":182,"order":301},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":306,"slug":307,"category":208,"order":301},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":309,"slug":310,"category":200,"order":311},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":313,"slug":314,"category":182,"order":311},"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":316,"slug":317,"category":208,"order":311},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":319,"slug":320,"category":200,"order":321},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":323,"slug":324,"category":182,"order":321},"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":326,"slug":327,"category":208,"order":321},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":329,"slug":330,"category":200,"order":331},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":333,"slug":334,"category":182,"order":331},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":336,"slug":337,"category":208,"order":331},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":339,"slug":340,"category":200,"order":341},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":343,"slug":344,"category":182,"order":341},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":346,"slug":347,"category":208,"order":341},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":349,"slug":350,"category":200,"order":351},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":353,"slug":354,"category":182,"order":351},"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":356,"slug":357,"category":208,"order":351},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":359,"slug":360,"category":200,"order":361},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":363,"slug":364,"category":182,"order":361},"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":366,"slug":367,"category":208,"order":361},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":369,"slug":370,"category":200,"order":371},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":373,"slug":374,"category":182,"order":371},"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":376,"slug":377,"category":208,"order":371},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":379,"slug":380,"category":200,"order":381},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":383,"slug":384,"category":182,"order":381},"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":386,"slug":387,"category":208,"order":381},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":389,"slug":390,"category":200,"order":391},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":393,"slug":394,"category":182,"order":391},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":396,"slug":397,"category":208,"order":391},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":399,"slug":400,"category":200,"order":401},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":403,"slug":404,"category":182,"order":401},"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":406,"slug":407,"category":208,"order":401},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":409,"slug":410,"category":200,"order":411},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":413,"slug":414,"category":182,"order":411},"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":416,"slug":417,"category":208,"order":411},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":419,"slug":420,"category":200,"order":421},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":423,"slug":424,"category":182,"order":421},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":426,"slug":427,"category":208,"order":421},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":429,"slug":430,"category":200,"order":431},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":433,"slug":434,"category":182,"order":431},"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":436,"slug":437,"category":208,"order":431},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":439,"slug":440,"category":200,"order":441},"1966年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":631,"slug":632,"category":182,"order":629},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":634,"slug":635,"category":200,"order":636},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":638,"slug":639,"category":182,"order":636},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":641,"slug":642,"category":200,"order":188},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":192,"category":182,"order":188},{"title":645,"slug":646,"category":200,"order":647},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":649,"slug":650,"category":182,"order":647},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":652,"slug":653,"category":200,"order":654},"1981 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