[{"data":1,"prerenderedAt":2078},["ShallowReactive",2],{"library-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":3,"library-sidebar-buffett":542,"library-sidebar-dao":1544,"library-sidebar-models":1846},{"id":4,"title":5,"body":6,"category":528,"date":529,"description":530,"extension":531,"meta":532,"navigation":533,"order":534,"path":535,"seo":536,"seoDescription":530,"seoTitle":537,"slug":538,"stem":539,"__hash__":540,"_collection":541},"buffett\u002Fbuffett\u002Finterview\u002Fba-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.md","与沃伦·巴菲特的问答纪要 2005年",{"type":7,"value":8,"toc":524},"minimark",[9,14,18,21,24,27,30,36,52,55,60,104,106,111,125,127,132,146,148,153,164,166,171,179,181,186,200,202,207,236,238,243,257,259,264,281,283,288,305,307,312,320,322,327,350,352,357,362,364,369,383,385,390,410,412,417,434,436,441,455,457,462,485,487,492,515,518,521],[10,11,13],"h1",{"id":12},"巴菲特2005年-加州大学洛杉矶分校安德森管理学院-南加州大学马歇尔商学院问答纪要","巴菲特：2005年 加州大学洛杉矶分校安德森管理学院 & 南加州大学马歇尔商学院问答纪要",[15,16,17],"p",{},"加州大学洛杉矶分校安德森管理学院 & 南加州大学马歇尔商学院",[15,19,20],{},"伯克希尔·哈撒韦公司总部",[15,22,23],{},"内布拉斯加州奥马哈市",[15,25,26],{},"2005年10月7日",[15,28,29],{},"沃伦·巴菲特先生精力充沛、富有魅力，且极具幽默感。他热爱自己所从事的事业，拥有一种独特的能力——能够吸收大量信息，并将其浓缩为简洁易懂的观点。",[15,31,32],{},[33,34,35],"strong",{},"提问：对于艾伦·格林斯潘近期关于“长期持续低波动后，资产价值通常会出现逆转”的言论，您有何看法？",[37,38,39,43,46,49],"ul",{},[40,41,42],"li",{},"格林斯潘的观点是正确的。",[40,44,45],{},"当前信贷利差已处于压缩状态。几年前，我曾购买过数十亿美元的垃圾债券。",[40,47,48],{},"若利率持续上升，情况可能会变得非常糟糕。",[40,50,51],{},"“华尔街的波动幅度极大。”只要你能保持冷静头脑，做出理性且有依据的决策，它终将让你变得富有。",[53,54],"hr",{},[15,56,57],{},[33,58,59],{},"提问：对于即将进入投资管理领域的MBA学生，您有什么建议？",[37,61,62,65,68,71,74,77,80,83,86,89,92,95,98,101],{},[40,63,64],{},"首先，投资管理是一个很棒的领域——如果你热爱它，就不会觉得这是一份工作。在这个领域，你有机会获得非常丰厚的报酬。",[40,66,67],{},"要对自己所做的工作和所在的公司抱有热情。",[40,69,70],{},"为你敬佩的人工作。“我在与本杰明·格雷厄姆共事时找到了自己的热情所在。当初我第一次走进他的办公室时，对他说‘我愿意无偿为您工作’，而格雷厄姆立刻回应道‘即便如此，你还是溢价了’。”",[40,72,73],{},"“对我而言，金钱并非那么重要，起薪也无关紧要。”",[40,75,76],{},"“反之，如果你喜欢自主投资，那就开始深入研究吧。钻研公司情况，翻阅资料，耐心等待有价值的机会主动浮现。记住，要不断研究、研究、再研究。”",[40,78,79],{},"“没有人会主动把绝佳的投资机会告诉你。”",[40,81,82],{},"巴菲特先生的职业生涯始于西部保险证券（Western Insurance Securities）。1951年，他在《穆迪银行与金融手册》中发现了投资机会：大西部保险公司（Great Western Insurance）的股价全年在3至13美元之间波动，但其账面价值却高达20美元。",[40,84,85],{},"即便你在公司任职，无论你的初始资金多么微薄，都应该尝试自主投资。",[40,87,88],{},"要不断构建自己的知识体系，因为知识具有累积性。若巴菲特先生当初没有研究保险公司，他就无法为后续的投资做好准备，也不会有勇气做出那些投资决策。",[40,90,91],{},"投资理念应源于你认为合理的判断，而非你读到的内容或他人告知的信息。要基于自己的认知采取行动。",[40,93,94],{},"“用你的性格特质为自己打分。”性格特质指的是不被市场波动左右的能力，要能看清事物的本质。",[40,96,97],{},"在做出投资决策前，拿出笔记本，不看公司股价，写下“我愿意以Y价格购买该公司X股股票，原因是……”。购买一家公司（或其股票）的唯一理由，是它的内在价值远高于当前售价。随后，你需要通过充分研究，确定该股票内在价值的合理区间。",[40,99,100],{},"投资是一场“正和游戏：只要你排除所有错误操作，就能取得成功。”",[40,102,103],{},"要精确计算一家公司的内在价值，几乎是不可能的。",[53,105],{},[15,107,108],{},[33,109,110],{},"提问：您如何保持冷静的头脑和清晰的判断力？桥牌和运动在这方面能为您提供哪些帮助？",[37,112,113,116,119,122],{},[40,114,115],{},"身处奥马哈对我很有帮助，这里不会有华尔街每天向我灌输20个所谓的“投资理念”。",[40,117,118],{},"我倾向于基于自己已知的信息采取行动，合理的机会自然会在我面前浮现。",[40,120,121],{},"投资理念应源于你的认知和所学知识。运动和桥牌能让我的头脑保持清醒和敏锐。",[40,123,124],{},"例如，在市场泡沫时期，股市总市值曾达到GDP的170%，而实际盈利仅占GDP的6%，这意味着当时的市场市盈率高达30倍。在其他时期， 股市总市值与GDP的比值曾低至70%，“具体数值你们可以自己计算。”",[53,126],{},[15,128,129],{},[33,130,131],{},"提问：您如何看待白领犯罪以及近期对这类犯罪的量刑？在避免此类麻烦方面，您有什么建议？",[37,133,134,137,140,143],{},[40,135,136],{},"“那些被判有罪的人罪有应得，但目前的司法体系绝非完美。”",[40,138,139],{},"在谈及如何避免麻烦时，巴菲特先生回忆起一个故事：一名死刑犯首次阅读《圣经》，当被问及为何阅读时，他回答“我在寻找漏洞”。这就好比那些长达数百页的公司道德准则，总会存在漏洞。",[40,141,142],{},"“判断每一个行为时，都要假设一位聪明且略带敌意的记者会将其写成文章，刊登在报纸头版。”",[40,144,145],{},"“在合规的范围内，依然有大量赚钱的机会。”如果某个商业决策的道德性模糊不清，那它很可能是错误的；而当决策在道德上是正确的时，你根本无需质疑。巴菲特先生提到，他的管理者们若遇到道德模糊的问题，常会向他咨询——只要他们来咨询，往往意味着决策可能存在道德问题；如果决策在道德上无懈可击，他们根本不会来征求意见。",[53,147],{},[15,149,150],{},[33,151,152],{},"提问：我们这一代人正面临养老金和社会保障问题，您认为我们的子女及孙辈将面临哪些挑战？",[37,154,155,158,161],{},[40,156,157],{},"从非经济角度来看，恐怖主义已升级到全新水平，且将在未来一段时间内持续存在。我曾对恐怖事件发生的概率做过计算：若未来50年每年发生恐怖事件的概率为10%，那么50年内发生恐怖事件的总概率将高达99%；若每年概率为1%，50年内发生的总概率也约有40%。",[40,159,160],{},"从经济角度来看，美国的消费规模比生产规模高出6%。我认为，贸易逆差将是一个长期存在的问题。我们通过输出债券或股票等金融资产，来换取外国商品，而这种模式终有一天会给我们带来麻烦，还可能引发政治后果。",[40,162,163],{},"若将所得税、工资税及战略性税务规划等因素考虑在内，美国实际上已形成了统一税率，而这一情况的出现“并未被大多数人察觉”。",[53,165],{},[15,167,168],{},[33,169,170],{},"提问：政府应在经济和商业中扮演何种角色？",[37,172,173,176],{},[40,174,175],{},"政府无疑应发挥作用，但这需要小心平衡，如同走钢丝。例如，中国海洋石油总公司（CNOOC）曾计划收购优尼科（Unocal），但美国政府否决了这一收购案——这一做法的合理性值得商榷（我承认存在国家安全考量，但该决定似乎并不恰当）。",[40,177,178],{},"“纯粹的市场体系是行不通的。”",[53,180],{},[15,182,183],{},[33,184,185],{},"提问：外界反复提及，美国股市未来或将进入个位数回报区间。因此，投资者正寻求其他渠道以实现预期回报。您对此有何看法？",[37,187,188,191,194,197],{},[40,189,190],{},"个位数回报并非那么糟糕。股市的估值有时会脱离实际，近期就有些“偏高”。在全球GDP增速仅为5%的情况下，若认为能持续获得10%的回报，这种想法是不切实际的。",[40,192,193],{},"我们应聚焦于生产中国市场所需的产品。",[40,195,196],{},"格林斯潘曾给我寄过一篇1901年《纽约时报》的文章，他提到，1901年一份报纸售价1美分，如今售价1美元，还开玩笑说“这意味着价格的复合年增长率仅为4%！”",[40,198,199],{},"如今我们的生活水平，是100年前的7倍。",[53,201],{},[15,203,204],{},[33,205,206],{},"提问：本杰明·格雷厄姆和您本人经常强调“安全边际”原则，但若长期等待却始终没有合适的投资机会，会不会陷入“被动观望”的困境？",[37,208,209,212,215,218,221,224,227,230,233],{},[40,210,211],{},"安全边际指的是一家企业未被充分利用的定价能力。",[40,213,214],{},"若你从事投资管理工作，且必须挑选公司进行投资，那么即便某些公司估值已处于合理水平，只要其业务模式强劲、本身属于优质企业，依然可以选择。",[40,216,217],{},"应选择具有持久竞争优势的公司： 例如，喜诗糖果（See's Candy）和博希姆珠宝（Borsheims）。这类公司的产品具有情感价值。",[40,219,220],{},"若消费者对某种产品没有特殊偏好，那它就属于大宗商品。",[40,222,223],{},"同时，要选择管理团队出色的公司： 管理团队应热爱业务本身，而非仅仅追求金钱。",[40,225,226],{},"你必须具备识人辨人的能力。",[40,228,229],{},"巴菲特每天都兴致勃勃地去上班，因为他知道结果充满不确定性（这种未知感让他充满动力）。",[40,231,232],{},"他在做决策时，往往不会依赖确凿的（硬性）数据，而是基于对“安全边际”的坚定认知。",[40,234,235],{},"巴菲特先生用一个生动的例子解释了“安全边际”的概念：他问在场众人，是否有人会驾驶一辆重达9800磅的卡车，驶过一座最大承重仅为10000磅的桥？答案无疑是“不会”——没人愿意冒这种风险。桥梁设计者在计算最大承重时可能存在微小误差，而且桥梁的承重能力也可能随时间推移而下降。因此，只有当卡车重量远低于10000磅时，才应驶过该桥。",[53,237],{},[15,239,240],{},[33,241,242],{},"提问：几年前，您在对一群大学生的演讲中提到，“研究企业失败案例，可能比研究成功案例收获更多”。您能否举一个近期的企业失败案例，并分享从中能吸取到的教训？",[37,244,245,248,251,254],{},[40,246,247],{},"企业必须具备持久的经济竞争力（即竞争优势），且其管理团队需值得敬佩和信任。在评估管理团队时，我会问自己：“他们是热爱金钱，还是热爱业务本身？”在伯克希尔·哈撒韦，我从不用雇佣合同束缚管理层，而是会识别极端情况，并基于高概率做出决策。",[40,249,250],{},"我的大多数错误都源于“遗漏”——即在自己熟悉的行业中，未能投资那些本应投资的公司（例如，在我的能力圈内，我曾错过对沃尔玛的投资）。我不把科技泡沫时期的失误算作错误，因为我当时并不了解科技行业。",[40,252,253],{},"不要长时间纠结于自己的错误，因为事物总在变化，下一个问题往往与之前不同——例如，德克斯特鞋业（Dexter Shoe）的案例，就是因为我低估了行业动态的变化。",[40,255,256],{},"基于自己的判断采取行动，并且要敢于“下重注”。通常情况下，其他人不会这样做。",[53,258],{},[15,260,261],{},[33,262,263],{},"提问：您如何看待印度和中国作为潜在投资市场的前景？",[37,265,266,269,272,275,278],{},[40,267,268],{},"我们将中国视为重要的市场，中国经济目前发展态势良好。",[40,270,271],{},"1790年，美国人口仅为400万，而当时中国人口已达2.5亿。如今，中国才刚刚找到适合自身的商业模式，并正在释放潜力——这种潜力，美国在200多年前就已认识到。",[40,273,274],{},"巴菲特先生认为，中国8%的GDP增速是真实且可持续的。",[40,276,277],{},"伯克希尔·哈撒韦投资中石油，是因为其股价低廉，而非因为它是“中国公司”。",[40,279,280],{},"伯克希尔·哈撒韦将继续关注中国的投资机会，但会因当地存在的风险和不确定性，对投资标的进行折价评估，降低报价。",[53,282],{},[15,284,285],{},[33,286,287],{},"提问：《福布斯》近期公布了“美国400富豪榜”，我在阅读这些富豪的传记时发现，他们的离婚率相当高。您如何看待在追求积极工作态度的同时，维持健康家庭生活这一挑战？",[37,289,290,293,296,299,302],{},[40,291,292],{},"时代确实发生了巨大变化。过去，通常是男性赚钱养家，女性负责家务并理解丈夫的工作；而如今，夫妻双方大多都有工作，且投资管理领域的工作压力极大。",[40,294,295],{},"“在任何等式中，你都无法让两个变量同时最大化。”你需要一位理解你的配偶——他\u002F她能认可让你快乐的事物，并支持你的决定。",[40,297,298],{},"最重要的是孩子——孩子生命中的前5年至关重要，这几年是他们成长发育的关键时期，一旦错过就无法重来。永远不要对孩子使用讽刺的语言。",[40,300,301],{},"如果你让孩子失望，他们会一直记得。我从未被人失望过，这是我能取得如今成功的重要原因之一。",[40,303,304],{},"我计划给孩子们足够的钱，“让他们有能力去做任何想做的事，但又不至于多到让他们无所事事”。我为每个孩子都设立了基金会，并会向基金会捐款。我的女儿积极参与一个帮扶贫困儿童的组织，该组织从孩子很小的时候就开始提供帮助，努力让贫困儿童能获得与富裕家庭孩子同等的早期机会。",[53,306],{},[15,308,309],{},[33,310,311],{},"提问：对冲基金的角色是什么？",[37,313,314,317],{},[40,315,316],{},"对冲基金本质上只是一种薪酬模式的变化，并没有什么神奇的秘诀。事实上，本杰明·格雷厄姆早在1924年就创立了第一只对冲基金，只是他并未因此获得认可。",[40,318,319],{},"大型机构投资者对市场回报抱有不切实际的期望，且不愿降低这种期望，因此他们转而寻求另类投资工具。若市场回报率为7%，那么2%的管理费就显得非常高昂。未来几年，对冲基金很可能会让投资者失望。",[53,321],{},[15,323,324],{},[33,325,326],{},"提问：如果您现在要创办一家控股公司，且面临与职业生涯初期相似的资金限制，您会采取何种策略？这一策略与您之前在伯克希尔·哈撒韦采用的策略有何不同？原因是什么？",[37,328,329,332,335,338,341,344,347],{},[40,330,331],{},"要做出重大决策，而非频繁决策。",[40,333,334],{},"假设你的人生有一张“决策打卡卡”，一生中只能做20次决策，那么你一定会成功，因为每一次决策你都会抱有极高的信心。",[40,336,337],{},"若我有1000万美元（或100万美元）用于投资，我有信心大幅跑赢标准普尔指数，目标是每年至少跑赢10%；但如果有100亿美元，我只能勉强跑赢该指数。",[40,339,340],{},"应从海量公司中筛选出小型公司，并应用基本筛选标准。",[40,342,343],{},"我会选择投资小型公司，筛选时会参考企业价值与销售额比率（EV\u002FSales）等指标，同时寻找符合其他标准（如利息支出与收益比率、息税前利润等）的低价公司。",[40,345,346],{},"以我在韩国的投资为例：我投入了一笔相对较少的资金，发现当地有许多公司的市盈率仅为2倍。例如，浦项制铁（Posco，股票代码PKX）是全球盈利最高的钢铁公司，税后利润达40亿美元；Daihan Flower Mills也是一个很好的例子。",[40,348,349],{},"目前房地产投资信托基金（REITs）的估值相对过高，但在1991年它们“不被看好”时，曾是极具价值的投资标的。",[53,351],{},[15,353,354],{},[33,355,356],{},"提问：在当今的投资界，哪些价值投资者的风格让您联想到自己早期的投资经历？",[37,358,359],{},[40,360,361],{},"我不在纽约工作，因此对当前活跃的价值投资者群体了解不多；在我的同行中，有少数人（如本杰明·格雷厄姆的前学生）的投资风格与我早期相似。",[53,363],{},[15,365,366],{},[33,367,368],{},"提问：过去50年，美国新建的非营利性大学数量极少，您认为这对美国经济而言是个问题吗？",[37,370,371,374,377,380],{},[40,372,373],{},"这算不上什么问题，美国的大学体系依然非常强大。",[40,375,376],{},"“我很幸运能在那个年代成长于奥马哈”——当时的世界并不平等，我曾受教于一批极具才华的女性，她们却因时代限制无法拥有自己的职业。",[40,378,379],{},"我非常感谢在奥马哈接受的优质公立教育。能遇到优秀的教师对我帮助很大——当时大多数教师是女性，因为她们在那个年代几乎没有其他职业选择。如今，女性的职业选择更加丰富，因此投身教育行业的优秀女性也越来越少。",[40,381,382],{},"我更担心学前教育和小学教育的现状，我们需要让这些阶段的教育在经济层面更加公平。",[53,384],{},[15,386,387],{},[33,388,389],{},"提问：您认为下一代人将面临哪些担忧？",[37,391,392,395,398,401,404,407],{},[40,393,394],{},"今年是质能方程（E=MC²）提出100周年。1945年，人类掌握了能在单次事件中造成大量人员伤亡的力量，这与数百年来的传统武器（从投石、滑膛枪到加农炮等）截然不同。",[40,396,397],{},"如今，制造核武器、化学武器和生物武器等大规模杀伤性武器的知识已普及，获取相关材料成为关键瓶颈，必须对材料供应进行严格管控。",[40,399,400],{},"有人认为消除贫困就能解决大规模杀伤性武器带来的威胁，这种观点是错误的。事实上，只有富裕国家使用过核武器。防止重大恐怖事件发生的唯一方法，是管控大规模杀伤性武器的供应。",[40,402,403],{},"利奥·西拉德（Leo Szilard）曾起草一封信，由爱因斯坦转交给罗斯福总统，提醒他关注核能的威力。幸运的是，希特勒并未率先掌握核能——因为他迫害犹太人，而爱因斯坦正是德裔犹太人。",[40,405,406],{},"从经济角度来看，美国经济总体将保持良好发展态势。但经常账户赤字可能会不时引发市场动荡，甚至导致“灾难性”的市场波动。资产所有权的转移不可能无限持续，其引发的政治问题终将显现。",[40,408,409],{},"当市场出现混乱时，会发生各种反常现象，而这其中蕴藏着巨大的投资机会。",[53,411],{},[15,413,414],{},[33,415,416],{},"提问：鉴于房地产市场的大幅上涨，您认为未来几年洛杉矶、旧金山等热门市场会出现何种走势？",[37,418,419,422,425,428,431],{},[40,420,421],{},"房地产市场将出现回调。",[40,423,424],{},"我不责怪人们购买高价房屋，因为那些创新性贷款的吸引力实在太大。",[40,426,427],{},"我预计未来几年房价将出现大幅下跌，跌幅达到10%或以上的可能性很大。",[40,429,430],{},"目前房地产投资信托基金（REITs）的估值普遍过高。",[40,432,433],{},"通货膨胀可能会使情况进一步恶化。",[53,435],{},[15,437,438],{},[33,439,440],{},"提问：您如何看待医疗改革？",[37,442,443,446,449,452],{},[40,444,445],{},"美国的医疗支出占GDP的14%，这一比例约为其他发达国家的两倍。",[40,447,448],{},"医疗体系必须实行“配给制”。从历史上看，医疗服务的供给一直是按收入水平分配的。在一个“富裕的民主国家”，由政府来推行医疗配给制难度极大，“但我可不想成为负责这件事的人。”",[40,450,451],{},"医疗改革的难点在于，如何区分哪些服务可以实现全民覆盖，哪些服务（如重症监护）需要特殊安排。生命最后阶段的医疗支持所消耗的费用，占医疗总支出的绝大部分。这就带来了一个极具政治影响的困境：如何决定谁能获得更长的生命支持？目前的体系更倾向于富裕人群，他们有能力承担最优质的生命支持服务，但通过“配给制”来调整这一体系，会面临巨大的政治风险。谁愿意承担这个责任呢？",[40,453,454],{},"正常的竞争性市场应实现“低成本且不降低质量”。美国企业若想在市场中竞争，就必须控制成本，因此需要降低成本结构——这意味着医疗福利成本要么保持稳定，要么必须下降。",[53,456],{},[15,458,459],{},[33,460,461],{},"趣味事实：",[37,463,464,467,470,473,476,479,482],{},[40,465,466],{},"巴菲特先生希望收购Trader Joe's（乔氏超市）或In-N-Out Burger（因-纳-奥快餐），其中更倾向于收购Trader Joe's，并表示会向促成这笔交易的人支付“中介费”。他曾给In-N-Out Burger的老板写过一封信，但未收到回复。他很少主动写信，更希望别人带着交易机会来找他。",[40,468,469],{},"他喜欢Trader Joe's的巧克力樱桃和姜饼曲奇。",[40,471,472],{},"他拥有麦当劳的黄金卡和Johnny Rockets餐厅的会员卡，凭卡可带3位客人免费就餐。",[40,474,475],{},"他是圣路易斯红雀队（棒球）的球迷，前一天还观看了该队对阵圣地亚哥教士队的季后赛。",[40,477,478],{},"他喜欢内布拉斯加州大学的橄榄球队，但认为德克萨斯理工大学队会赢得比赛，不过比分差距会比去年小。",[40,480,481],{},"午餐时，他在Gorat's牛排馆点了一份樱桃可乐和一份开放式热牛肉三明治。",[40,483,484],{},"他驾驶一辆银色林肯城市轿车，车牌为“THRIFTY”（意为“节俭”）。",[53,486],{},[15,488,489],{},[33,490,491],{},"笑话\u002F引语：",[37,493,494,497,500,503,506,509,512],{},[40,495,496],{},"关于“卵巢彩票”的评论——我们很幸运能生而为人，否则我可能只是达尔文进化论世界里的一只小毛茸茸动物。",[40,498,499],{},"“别吃我！我会进行资本配置！”",[40,501,502],{},"“太棒了！这些才是味道最好的！”",[40,504,505],{},"提及彼得·林奇的名言：“不要创办连傻瓜都能经营的企业，因为总有一天，傻瓜真的会来经营它！”",[40,507,508],{},"（调侃美国总统职位）“这可不像是我们总能选出‘首轮选秀权’级别的候选人。”",[40,510,511],{},"巴菲特：“魔镜啊魔镜，挂在墙上，今年秋天我的糖果该卖多少钱？”",[40,513,514],{},"魔镜：“涨价，沃伦，涨价！”",[15,516,517],{},"内布拉斯加家具商城执行副总裁鲍勃·巴特（Bob Batt）的评价：“从沃伦那里学习商业知识，就像从爱因斯坦那里学习物理一样。”",[15,519,520],{},"2006年1月19日",[15,522,523],{},"（全）",{"title":525,"searchDepth":526,"depth":526,"links":527},"",2,[],"访谈与文章",null,"巴菲特接待UCLA与USC商学院学生访问，分享投资智慧与人生经验，强调独立思考与长期主义。","md",{},true,55,"\u002Fbuffett\u002Finterview\u002Fba-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":5,"description":530},"巴菲特：2005年加州大学问答纪要｜巴菲特","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","buffett\u002Finterview\u002Fba-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","jp3rtbAW2fMYYe5MHnpoHAwsLShLC3dHsc4GEdNfoMs","buffett",[543,548,551,555,558,561,564,568,571,574,578,581,584,588,591,594,598,601,604,608,611,614,618,621,624,628,631,634,638,641,644,648,651,654,658,661,664,668,671,674,678,681,684,688,691,694,698,701,704,708,711,714,718,721,724,728,731,734,738,741,744,748,751,754,758,761,764,768,771,774,778,781,784,788,791,794,798,801,804,808,811,814,818,821,824,828,831,834,838,841,844,848,851,854,858,861,864,868,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1024,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1242,1246,1249,1253,1256,1260,1263,1267,1270,1274,1277,1281,1284,1288,1291,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1348,1352,1356,1360,1364,1368,1372,1376,1380,1384,1388,1392,1396,1400,1404,1408,1412,1416,1420,1424,1428,1432,1436,1440,1444,1448,1452,1456,1460,1464,1468,1472,1476,1480,1484,1488,1492,1496,1500,1504,1508,1512,1516,1520,1524,1528,1532,1536,1540],{"title":544,"slug":545,"category":546,"order":547},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":549,"slug":550,"category":528,"order":547},"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":552,"slug":553,"category":554,"order":547},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":556,"slug":557,"category":546,"order":526},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":559,"slug":560,"category":528,"order":526},"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":562,"slug":563,"category":554,"order":526},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":565,"slug":566,"category":546,"order":567},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":569,"slug":570,"category":528,"order":567},"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":572,"slug":573,"category":554,"order":567},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":575,"slug":576,"category":546,"order":577},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":579,"slug":580,"category":528,"order":577},"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":582,"slug":583,"category":554,"order":577},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":585,"slug":586,"category":546,"order":587},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":589,"slug":590,"category":528,"order":587},"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":592,"slug":593,"category":554,"order":587},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":595,"slug":596,"category":546,"order":597},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":599,"slug":600,"category":528,"order":597},"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":602,"slug":603,"category":554,"order":597},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":605,"slug":606,"category":546,"order":607},"1961年中 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":921,"slug":922,"category":528,"order":919},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":924,"slug":925,"category":546,"order":926},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":928,"slug":929,"category":528,"order":926},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":931,"slug":932,"category":546,"order":933},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":935,"slug":936,"category":528,"order":933},"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":938,"slug":939,"category":546,"order":940},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":942,"slug":943,"category":528,"order":940},"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":945,"slug":946,"category":546,"order":947},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":949,"slug":950,"category":528,"order":947},"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":952,"slug":953,"category":546,"order":954},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":956,"slug":957,"category":528,"order":954},"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":959,"slug":960,"category":546,"order":961},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":963,"slug":964,"category":528,"order":961},"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":966,"slug":967,"category":546,"order":968},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":970,"slug":971,"category":528,"order":968},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":973,"slug":974,"category":546,"order":975},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":977,"slug":978,"category":528,"order":975},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":980,"slug":981,"category":546,"order":982},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":984,"slug":985,"category":528,"order":982},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":987,"slug":988,"category":546,"order":989},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":991,"slug":992,"category":528,"order":989},"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":994,"slug":995,"category":546,"order":996},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":998,"slug":999,"category":528,"order":996},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1001,"slug":1002,"category":546,"order":1003},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1005,"slug":1006,"category":528,"order":1003},"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":1008,"slug":1009,"category":546,"order":1010},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1012,"slug":1013,"category":528,"order":1010},"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":1015,"slug":1016,"category":546,"order":1017},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1019,"slug":1020,"category":528,"order":1017},"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":1022,"slug":1023,"category":546,"order":534},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":538,"category":528,"order":534},{"title":1026,"slug":1027,"category":546,"order":1028},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1030,"slug":1031,"category":528,"order":1028},"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":1033,"slug":1034,"category":546,"order":1035},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1037,"slug":1038,"category":528,"order":1035},"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":1040,"slug":1041,"category":546,"order":1042},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1044,"slug":1045,"category":528,"order":1042},"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":1047,"slug":1048,"category":546,"order":1049},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1051,"slug":1052,"category":528,"order":1049},"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":1054,"slug":1055,"category":546,"order":1056},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1058,"slug":1059,"category":528,"order":1056},"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":1061,"slug":1062,"category":546,"order":1063},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1065,"slug":1066,"category":528,"order":1063},"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":1068,"slug":1069,"category":546,"order":1070},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1072,"slug":1073,"category":528,"order":1070},"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":1075,"slug":1076,"category":546,"order":1077},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1079,"slug":1080,"category":528,"order":1077},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1082,"slug":1083,"category":546,"order":1084},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1086,"slug":1087,"category":528,"order":1084},"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":1089,"slug":1090,"category":546,"order":1091},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1093,"slug":1094,"category":528,"order":1091},"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":1096,"slug":1097,"category":546,"order":1098},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1100,"slug":1101,"category":528,"order":1098},"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":1103,"slug":1104,"category":546,"order":1105},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1107,"slug":1108,"category":528,"order":1105},"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":1110,"slug":1111,"category":546,"order":1112},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1114,"slug":1115,"category":528,"order":1112},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1117,"slug":1118,"category":546,"order":1119},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1121,"slug":1122,"category":528,"order":1119},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1124,"slug":1125,"category":546,"order":1126},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1128,"slug":1129,"category":528,"order":1126},"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":1131,"slug":1132,"category":546,"order":1133},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1135,"slug":1136,"category":528,"order":1133},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1138,"slug":1139,"category":546,"order":1140},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1142,"slug":1143,"category":528,"order":1140},"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":1145,"slug":1146,"category":546,"order":1147},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1149,"slug":1150,"category":528,"order":1147},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1152,"slug":1153,"category":546,"order":1154},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1156,"slug":1157,"category":528,"order":1154},"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":1159,"slug":1160,"category":546,"order":1161},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1163,"slug":1164,"category":528,"order":1161},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1166,"slug":1167,"category":546,"order":1168},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1170,"slug":1171,"category":528,"order":1168},"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":1173,"slug":1174,"category":546,"order":1175},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1177,"slug":1178,"category":528,"order":1175},"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":1180,"slug":1181,"category":546,"order":1182},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1184,"slug":1185,"category":528,"order":1182},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1187,"slug":1188,"category":546,"order":1189},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1191,"slug":1192,"category":528,"order":1189},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1194,"slug":1195,"category":546,"order":1196},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1198,"slug":1199,"category":528,"order":1196},"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":1201,"slug":1202,"category":546,"order":1203},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1205,"slug":1206,"category":528,"order":1203},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1208,"slug":1209,"category":546,"order":1210},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1212,"slug":1213,"category":528,"order":1210},"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":1215,"slug":1216,"category":546,"order":1217},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1219,"slug":1220,"category":528,"order":1217},"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":1222,"slug":1223,"category":546,"order":1224},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1226,"slug":1227,"category":528,"order":1224},"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":1229,"slug":1230,"category":546,"order":1231},"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":1233,"slug":1234,"category":528,"order":1231},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1236,"slug":1237,"category":546,"order":1238},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1240,"slug":1241,"category":528,"order":1238},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1243,"slug":1244,"category":546,"order":1245},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1247,"slug":1248,"category":528,"order":1245},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1250,"slug":1251,"category":546,"order":1252},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1254,"slug":1255,"category":528,"order":1252},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1257,"slug":1258,"category":546,"order":1259},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1261,"slug":1262,"category":528,"order":1259},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1264,"slug":1265,"category":546,"order":1266},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1268,"slug":1269,"category":528,"order":1266},"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":1271,"slug":1272,"category":546,"order":1273},"2018 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