[{"data":1,"prerenderedAt":1805},["ShallowReactive",2],{"library-ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu":3,"library-sidebar-buffett":269,"library-sidebar-dao":1271,"library-sidebar-models":1573},{"id":4,"title":5,"body":6,"category":255,"date":256,"description":257,"extension":258,"meta":259,"navigation":260,"order":261,"path":262,"seo":263,"seoDescription":257,"seoTitle":264,"slug":265,"stem":266,"__hash__":267,"_collection":268},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu.md","巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）",{"type":7,"value":8,"toc":251},"minimark",[9,13,20,25,31,36,41,46,51,54,59,64,67,72,77,80,85,90,93,96,99,104,109,112,115,118,121,126,131,134,137,140,145,150,153,156,161,166,169,172,177,182,185,188,191,196,201,204,207,210,215,220,223,226,229,232,237,242,245,248],[10,11,5],"h1",{"id":12},"巴菲特2007年接受欧洲mba学生专访珍贵精彩实录",[14,15,16],"p",{},[17,18,19],"strong",{},"主持人：MBA选拔出的学生们从欧洲各地来到米兰，他们想问您一些问题。接下来我们正式开始。",[14,21,22],{},[17,23,24],{},"提问者：选拔管理者看中什么特质？",[14,26,27,30],{},[17,28,29],{},"巴菲特："," 我们在选拔管理者时，会看重智力、精力和诚信这三个特质。我们旗下绝大多数管理者，都是随着我们收购的企业一同加入的。这样一来，我们就有机会观察他们过去20年、30年甚至40年的工作表现，从而了解他们的能力——这就好比你要招募足球运动员，要是能看到他们过去10年的比赛表现，自然就清楚自己要招的人水平如何。如果让我从一个有100名MBA学生的班级里直接选拔管理者，我肯定做不到这么精准的评估。我知道这些学生都很聪明，否则也不会考上MBA，也知道他们精力充沛，但我无法像收购企业时那样，看到他们长期的业绩记录。当我们收购一家企业时，所考察的管理团队往往已经在该企业任职多年，我们能看到他们的业绩，看到他们在困境中的应对表现，看到他们如何对待员工和客户，进而对他们做出全面且准确的评价。",[14,32,33],{},[17,34,35],{},"弗雷斯科（米兰）：晚上好，我的问题可能更偏向个人，希望没有越界。我非常好奇，您在空闲时间会做些什么？有哪些爱好和热爱的事物？更重要的是，这些爱好和热爱的事物是否曾影响过您的商业决策或投资决策？如果有，这些决策带来了怎样的结果？",[14,37,38,40],{},[17,39,29],{}," 首先，我有很多空闲时间，因为伯克希尔的管理者们承担了所有具体工作。我每天主要就是坐在办公室里阅读，偶尔打打电话。可能会让你惊讶的是——先不说电子邮件的使用情况——我在电脑上花费的时间比比尔·盖茨还多。我和比尔一起露面时，有时会拿这个当趣味问题调侃。我每周至少会花12个小时在网上打桥牌，大多数时候在“OK桥牌”（Okay Bridge）这个平台上玩，我的用户名是“T-Bone”，资料里填的年龄是103岁。这样一来，就算我打错牌，别人也会说：“对于一个103岁的老人来说，已经很不错了。”我几乎每晚都会玩，周末也会玩，总是玩不够。顺便说一句，我的桥牌搭档几乎一直是一位定居美国的意大利女士，她这次也跟我一起参加了这次行程，而且她曾两次获得桥牌世界冠军。和她搭档打桥牌非常愉快，这是我最喜欢的活动。我以前还打高尔夫，现在偶尔还会打，但水平已经差到我自己都不忍心看了。除此之外，我还会读很多书，也喜欢看电影，但我最热爱的事情还是经营伯克希尔。",[14,42,43],{},[17,44,45],{},"提问者：我想知道，对您而言，幸福是什么？您已经取得了如今的成就，到了您这个年纪，是什么支撑着您继续前行？与此相关，我还想问问，在您看来，我们目前所生活的、20世纪经济学长期聚焦的经济体系，是否仍然合理？这个体系一直把重点放在最大化产出上，我们是否应该重新考虑其他更注重财富再分配和收入平等的经济体系？",[14,47,48,50],{},[17,49,29],{}," 在77岁这个年纪，我很幸运，每天都能做自己真正想做的事，所以我现在从事的就是自己最热爱的工作。我每天早上都是“跳着踢踏舞去上班”的，我太喜欢我的工作了。我能做自己喜欢的工作，能和自己喜欢的人一起工作——我旗下的管理者们，我基本上都很喜欢他们，显然他们也喜欢我；我也喜欢和我们的股东打交道。这份工作里，没有任何一点是我想换掉的，它就是一份完美的工作。如果它不完美，我早就去做别的事了。",[14,52,53],{},"至于收入平等，我只谈美国，不评论欧洲。我认为美国的税收体系并非最优的公平体系。在美国，我缴纳的联邦税（包括所得税和工资税）占我收入的比例，比我们公司里任何一个人都低。我们公司有些员工的年薪在6万美元到七八十万美元之间，而我的收入远高于他们。但按照现行法律规定——我没有专门的税务顾问，也没有特殊的税务安排，只是依法纳税——我最终的税率却低得多。我认为美国的这种税收状况应该改变。",[14,55,56],{},[17,57,58],{},"卢克·乔丹（伦敦）：您合作过的优秀管理者可能比世上几乎任何人都多。我知道很多人问过您如何寻找和选拔这些管理者，我的问题是：您从他们身上学到了什么？优秀的管理者会做哪些平庸或糟糕的管理者不会做的事（反之亦然）？与此相关，我观察到一个现象：在我们的社会中，公共部门似乎最需要更多优秀的管理者。您认为为什么会出现这种情况？又该如何改善各国政府部门的管理水平？",[14,60,61,63],{},[17,62,29],{}," 你说得对，一方面因为我们旗下有76家不同的运营企业，另一方面因为我已经77岁了，阅历比较丰富，所以我确实和很多优秀的管理者合作过，现在也仍在和他们共事。这些优秀管理者除了具备我之前提到的智力、精力和诚信，还有一个共同特质——他们对自己的工作充满热情，工作不是为了钱。伯克希尔旗下至少有三分之二的管理者已经实现了财务独立，他们早上完全没必要去上班，但他们还是会去，因为他们热爱自己的工作，这份工作能带来创造力。我把他们经营企业比作画家创作画作：他们在脑海中构思出一幅画，然后不断去完善它，永远没有“完成”的那一天。他们每天都能按照自己的想法去“创作”，还能带动身边的人——这种热情会激发其他人的积极性和敬业精神，要是他们只是敷衍了事、应付工作，肯定无法达到这样的效果。",[14,65,66],{},"你提到的如何让公共部门也拥有这种热情，是个很好的问题。当然，有些领导者能激励人们加入政府部门，让他们怀着同样的热情，通过政府工作帮助他人。比如约翰·肯尼迪就通过“和平队”（Peace Corps）项目激励了很多人。无论是商界还是政界，任何领域里有号召力的领导者，都能激发人们的积极性，吸引他们付出你所说的那种努力。我希望美国下一届总统能成为这样的领导者。我认为，需要有一位领导者能让人们跳出固有的思维模式，激发他们自身都未曾察觉的活力和热情。公共部门偶尔会出现这样的领导者，或许还不算太少，但你没法通过制定一份手册之类的东西来批量培养这样的领导者。",[14,68,69],{},[17,70,71],{},"莫兰迪尼（米兰）：您曾经说过，您最喜欢的持股周期是“永远”。但我们看到，私募股权基金的持股周期通常是3到7年，过一段时间后，他们要么把公司卖给另一家私募股权基金，要么让公司增加杠杆。我想问问您，您认为私募股权基金这种商业模式在长期是否具有可持续性？另外，也想再确认一下您“永远持股”的商业模式。",[14,73,74,76],{},[17,75,29],{}," 抱歉，我先澄清一下：对于我们收购控股权的运营型企业，我们的持股周期确实是“永远”；而对于可流通证券，我们也希望能持有非常非常长的时间，但“永远”这个词可能不太适合用来描述可流通证券的持股周期，不过我们买入任何可流通证券时，都没有打算要转手卖出。对于运营型企业，我们承诺除非出现我在年度报告中提到的两种特殊情况，否则绝不会转售。对于可流通证券，我们也没有打算在第二天、下个月或下一年就卖掉，但偶尔也会有卖出的情况。",[14,78,79],{},"我认为我们“永远持股”的商业模式不仅具有可持续性，而且是最好的商业模式。这种模式能吸引那些想出售优秀企业的人，也能吸引优秀的管理者加入我们——因为他们知道，自己花了30年、40年甚至50年打造的家族企业，不会在两年后就被转售，也不会被过度加杠杆，而是能在伯克希尔找到一个“永久的家”。所以我认为，这种商业模式经得起时间的考验。",[14,81,82],{},[17,83,84],{},"比约恩·吕埃尔（丹麦哥本哈根）：我想结合之前提到的两个话题——收入不平等和优秀管理者短缺——继续提问。我认为有一个庞大的群体被我们忽视了，那就是女性管理者，至少在丹麦是这样，或许在世界其他地方也是如此。我想听听您的看法：为商界男女（比如我们这些MBA学生）提供真正平等的机会，对商业发展有何重要意义？另外，您能否提出一两个具有创新性、能改变现状的方法，来推动这种平等？",[14,86,87,89],{},[17,88,29],{}," 在座的七位MBA学生都是男性，这很有意思。要知道，世界上一半的人才是女性，但几千年来，女性的才能一直被严重低估，在很多情况下甚至被压制。我出生在1930年，如果我是女性，今天就不可能站在这里。我不会拥有和男性一样的机会，我的家人也不会用看待男性潜力的眼光来看待我，就算我拥有和男性一样的才智，他们也不会用同样的方式和我讨论未来可能取得的成就。",[14,91,92],{},"不过，至少在美国，这种情况已经有了很大改善，虽然还没有完全解决，但在我有生之年已经发生了巨大的变化。要知道，直到1921年，美国女性才获得投票权，在很多地方女性甚至不能担任陪审员，也不能继承财产。几百年来女性遭受的不公，现在想起来仍让我难以置信。如果我是女性，在那样的环境下，可能早就上街抗议了。",[14,94,95],{},"现在伯克希尔有三位女性CEO：凯西·塔马拉斯负责管理商业资讯公司Business Wire，苏珊·乔克负责管理博希姆珠宝公司（Borsheim's）——她已经担任这个职位12年了，还有一位女性负责管理家居用品公司Pampered Chef。她们都是非常出色的管理者，能力不输任何人。我相信未来我们会有更多女性管理者，因为人才本就稀缺，我们不能把占全球人口一半的女性排除在外。",[14,97,98],{},"我1951年从哥伦比亚商学院毕业时，全班只有一名女生。现在我每年都会和来自大约32所大学的MBA学生见面，我发现来拜访我的学生中，大约有三分之一是女性。所以情况正在朝着好的方向发展，而且早就该这样了。",[14,100,101],{},[17,102,103],{},"斯特凡·永（瑞典斯德哥尔摩）：除了个人生活和管理者素质这些问题，我还想问问投资领域的情况。过去几年，私募股权行业发展迅速，他们筹集的资金越来越多。现在又出现了一个新的不确定因素——主权财富基金的影响力。比如阿布扎比投资局（Abu Dhabi Investment Authority），其规模几乎超过了黑石和KKR等私募股权公司。您认为主权财富基金进入美国和欧洲市场寻找投资机会，会带来哪些影响？",[14,105,106,108],{},[17,107,29],{}," 其实，美国正是主权财富基金兴起的“推手”。美国每年的经常账户赤字高达7000到8000亿美元，换算下来每天大约20亿美元。由于美国进口大于出口，我们要向世界其他地区“输送”这些资金——简单来说，美国的消费占GDP的比例比产出占比高出5%到6%。",[14,110,111],{},"我们每天向全球输送20亿美元，比如每年因对华贸易逆差（约2500亿美元）要向中国输送7亿美元。这些资金实际上变成了其他国家手中的可投资资金。我们美国人可能希望他们把这些钱藏在床垫底下，但对他们来说，这显然不是一个理想的选择。",[14,113,114],{},"所以他们会用这些钱做什么呢？他们会大量购买美国国债，也会在美国进行直接投资，比如建厂等，同时也会购买可流通证券，比如股票和债券。只要美国每天还在向全球输送20亿美元，主权财富基金的存在就是必然的。",[14,116,117],{},"我把主权财富基金看作另一种形式的机构投资者。一般来说，在其他国家投资的投资者，要比被投资的国家面临更多风险。历史上有很多人在国外投资时，遭遇过资产被征用等情况。所以我认为，美国完全没必要担心主权财富基金，而且有些主权财富基金的投资责任感，甚至比美国本土的一些投资者还要强。",[14,119,120],{},"不过，主权财富基金的影响力会越来越大。只要美国每年仍有7000到8000亿美元的经常账户赤字，外国对美国资产的持有量就会越来越多，而主权财富基金就是其中一种重要的持有形式。",[14,122,123],{},[17,124,125],{},"安娜·马丁（CNBC）：您这周一直在四处奔波，同时油价也创下了新高，我想这两者之间应该没有关联，但我还是想问问，油价上涨会如何影响您的投资决策？",[14,127,128,130],{},[17,129,29],{}," 油价上涨显然会影响我们旗下很多运营企业，但如果我们投资的企业（其中很多企业的成本中，原油或天然气占比很高）面临油价上涨的压力，我们的竞争对手也会面临同样的成本压力，所以在成本结构上，我们和竞争对手处于同一起跑线。",[14,132,133],{},"比如我们涉足地毯行业，要知道，地毯的生产原料离不开石油，但我们的竞争对手在石油成本上也会面临同样的压力，所以油价上涨并不会影响我们的投资决策。当然，油价上涨对美国社会有很多影响，比如会大幅加剧经常账户赤字。就拿每桶油价上涨的30美元来说，美国每天进口的石油超过1000万桶，仅这部分额外支出，每年就要向全球多输送1200亿美元。",[14,135,136],{},"所以油价上涨对社会影响很大，但对我们的投资决策影响不大。我可能会后悔几年前没多买些石油股，但这并不会影响我决定是否持有可口可乐、美国运通、富国银行或伯灵顿北方铁路公司的股票。",[14,138,139],{},"不过，油价上涨对铁路行业的竞争地位其实是有利的——用卡车运输同样重量的货物，所需的燃油量大约是铁路运输的3倍，甚至接近4倍。所以随着油价上涨，铁路运输相对于公路运输的竞争优势会更明显。我们在铁路行业有大量投资，从这个角度来说，油价上涨对我们是有利的，但这并不会改变我们的整体投资决策。油价上涨对社会意义重大，但对伯克希尔的投资组合影响不大。",[14,141,142],{},[17,143,144],{},"富比尼（德国）：您在欧洲已经待了三天了，能说说您对欧洲的整体印象吗？我这么问是因为，几天前您提到过，可能有点太晚才来欧洲，您希望自己10年前就来欧洲，可能当时您觉得欧洲的经济活力不够。现在您来了之后，看法有变化吗？",[14,146,147,149],{},[17,148,29],{}," 我对欧洲的第一印象是，这里有很多记者。我确实希望自己能更早来欧洲，如果10年或20年前就来，我们可能已经收购了至少两家欧洲本土的公司。目前，伯克希尔旗下真正总部位于美国之外的公司，只有几年前收购的以色列伊斯卡公司（Iscar），那次收购是伯克希尔历史上最成功的交易之一。所以说，我之前没来欧洲确实是个失误，但“迟做总比不做好”。",[14,151,152],{},"这几天我见了很多人，昨晚见了大约40位商界人士，今晚又见了一大群人。我发现，欧洲商界人士和美国商界人士的相似之处远多于不同之处。他们都对自己的企业充满热情，都经营着优秀的运营型企业。除了偶尔会有语言障碍，欧洲和美国在商业环境上没有本质区别。",[14,154,155],{},"我们在欧洲寻找的投资标的，和在美国寻找的没有任何不同——我们需要有热情的管理者、拥有持久竞争优势的企业、合理的收购价格，以及我们能理解的业务。从这个角度来说，我之前没来欧洲确实很不应该，因为既然没有本质区别，我早就该来这里了。我相信未来10年，我们会在欧洲找到合适的企业进行投资，就像我们在美国做的那样。",[14,157,158],{},[17,159,160],{},"弗朗西·拉伊（彭博电视台）：您之前提到过选拔管理者时看重的三个特质：诚信、精力和智力。目前伯克希尔持有穆迪（Moody's）20%的股份，现在有消息称，穆迪的部分管理者可能存在掩盖评级错误的行为。如果这种情况被证实，您会要求穆迪更换管理层吗？",[14,162,163,165],{},[17,164,29],{}," 我不记得我们曾经要求过任何一家我们持有可流通证券的公司更换管理层。穆迪有自己的董事会，我今天早上看到了关于这件事的简短新闻报道，但我不了解具体情况。如果确实有人做了错事，那他们显然应该离开，但目前我不清楚到底是谁做了什么。",[14,167,168],{},"其实，如果你持有任何一家大公司的股票10年或20年，期间难免会出现一些问题。关键在于公司出现问题后如何应对。伯克希尔现在有25.5万名员工，此时此刻，很可能就有员工在做我不希望他们做的事——这就像一个有25.5万人口的城市，不可能所有人都不出错。",[14,170,171],{},"我们要做的，是尽早发现问题，并在发现问题后及时纠正。但处理穆迪这件事，是穆迪董事会的责任。他们会收集事实真相，查明责任人，我目前不知道谁该对此负责，也不知道是否真的存在需要有人负责的问题。但根据新闻报道，如果最终发现有人确实做了不该做的事，董事会会根据事情的严重程度，对相关人员采取相应的措施。我们作为股东，不会直接干预这件事。",[14,173,174],{},[17,175,176],{},"亚历山大·姆罗泽（彭博新闻社）：我们知道您这次在意大利待了一段时间，您也去过欧洲其他国家，为什么选择意大利呢？这是您此次欧洲之行访问的四个国家之一，意大利有什么特别吸引您的地方？另外，您之前提到过，欧洲和美国在商业环境上没有太多不同，而且您在有些情况下甚至可以通过握手、基于信任达成交易。但欧洲各国的国情不同，法律体系不同，语言也不同，您是否担心文化障碍、法律障碍（比如税收政策）会影响您的决策，比如判断一家欧洲公司是否值得收购？",[14,178,179,181],{},[17,180,29],{}," 选择意大利，首先因为它是一个大国，拥有很多大型家族企业——这和我们选择德国、西班牙的原因一样。“池塘里的鱼越多，钓到鱼的机会就越大”，如果一个国家只有几家符合我们要求的企业，那我们找到投资标的的概率就小得多；而意大利这样的国家，未来10年、20年或30年里，可能会有几十家企业愿意考虑与伯克希尔合作，所以我们很看好意大利。而且我对意大利很熟悉，就像对这次访问的其他国家一样。",[14,183,184],{},"关于你提到的第二个问题，我们其实持有很多全球各地公司的股票，目前我们在全球多个国家的可流通证券投资中，有至少六七笔投资的规模达到了数十亿美元。每次离开美国，我都知道自己对当地文化、税法、监管政策的了解会少一些，但这种差异还不足以让我无法做出投资决策。",[14,186,187],{},"当然，有些国家我确实不太放心，因为我不了解当地的规则，甚至不知道有些国家是否有明确的规则。但我这次访问的这些国家，以及其他很多国家，至少有30到40个国家的市场规模足够大，能容纳符合我们投资规模的企业。虽然我对这些国家的文化了解不深，语言也不通，对税法的理解也不全面，但我知道的信息已经足够让我判断——这家企业是否优秀、管理层是否可靠、价格是否合理。",[14,189,190],{},"比如当初第一次接触以色列伊斯卡公司时，我也不了解以色列的税法，但我通过学习很快就熟悉了相关规则。现在我对以色列规则的了解虽然还不如对美国的了解，但已经足够让我放心投资了。",[14,192,193],{},[17,194,195],{},"戈登·萨纳姆（道琼斯通讯社，米兰）：现在有很多国家的政府都在寻求对全球贸易进行更多管控，出现了“管理型全球化”的趋势。您如何看待这种趋势？是否有可能出现一种新的“布雷顿森林体系”来规范全球贸易？",[14,197,198,200],{},[17,199,29],{}," 我不确定是否需要建立一个完全像“布雷顿森林体系”那样的机制，但很明显，全球不仅在从全球化中受益，也在应对全球化带来的挑战。毫无疑问，贸易越多，全球人民的生活水平就越高，但这并不意味着每个个体都能从更多的贸易中受益。随着贸易增加，某些行业甚至某些国家的经济会受到冲击，全球化因此会成为一个越来越重要的政治议题。",[14,202,203],{},"如果你关注美国的大选情况，就会发现全球化已经成为竞选活动中的一个重要议题，而且未来这个议题的重要性可能会进一步提升。因为全球化意味着变革，它会改变过去的经济活动模式。全球化能让社会受益，能让贸易双方都受益，但它不能让双方的每一个成员都受益。那些受到全球化负面影响的人，很可能会通过发声和政治行动来保护自己的利益。",[14,205,206],{},"其实，我们一直都面临这样的问题。长期来看，我们必须想办法促进更多的国际贸易，同时也要保护那些在富裕社会（比如美国）中因贸易而失去生计的人——比如有些人年纪太大，无法再学习新技能。在这种情况下，我们需要为他们提供社会保障。",[14,208,209],{},"我认为，未来5到10年，各国领导人会频繁讨论如何在最大化全球化收益的同时，应对它给各国和个人就业带来的冲击。至于是通过“布雷顿森林体系”这样的机制，还是其他方式，目前还不确定，但这种讨论一定会发生。",[14,211,212],{},[17,213,214],{},"弗朗切斯科·马诺塔（《晚邮报》）：目前美国和欧洲都在热烈讨论高管薪酬过高的问题，您如何看待当前顶级高管的薪酬水平？伯克希尔旗下公司在高管薪酬方面遵循哪些原则？",[14,216,217,219],{},[17,218,29],{}," 对于一家公司，尤其是大公司来说，谁来管理至关重要。所以如果一位高管能带来卓越的业绩，给他们高薪我完全没有意见。但遗憾的是，至少在美国，目前的薪酬体系在区分“卓越高管”和“平庸高管”的薪酬方面做得并不好。",[14,221,222],{},"实际上，我相当于伯克希尔旗下70多家公司的薪酬委员会主席，但制定高管薪酬并不是什么复杂的事，我不会在这上面花太多时间。40多年来，据我所知，我们从未因为薪酬问题失去过任何一位管理者。我们不聘请薪酬顾问，也不会用一套统一的“ 清单”来规范76家业务特点完全不同的公司的薪酬制度。",[14,224,225],{},"但我可以明确地说，美国的CEO薪酬体系并不是一个有效的市场体系，它和棒球运动员、歌手或演员的薪酬体系不一样。很多时候，你会看到一位高管离开当前岗位时年薪是X美元，但之后却找不到年薪哪怕是X的一半或四分之一的工作。这显然说明，当前的CEO薪酬体系不是基于市场机制的。",[14,227,228],{},"而且，在CEO薪酬谈判中，双方的地位并不平等。薪酬委员会每年只开几个小时的会，委员会成员自己并没有用自有资金购买大量公司股票；而公司的人力资源总监是CEO的下属，他们会向薪酬委员会推荐薪酬顾问。另一边，CEO则非常关心自己的薪酬，希望能和其他公司的CEO看齐，拿到同样多的“福利”。所以美国的高管薪酬体系远非完美。",[14,230,231],{},"但伯克希尔的薪酬体系是合理的，因为我们真正实现了“所有者与管理者的对接”——我们（所有者）和管理者相互理解，我们了解每家企业的业务性质，所以能为不同类型的企业制定合适的薪酬标准。有些企业需要大量资金投入，制定薪酬时就要考虑资本使用效率；有些企业不需要太多资本；有些企业业务简单，就算是“黑猩猩”来管理也能赚钱；有些企业则难度极大，就算是天才也很难做出好业绩。所以，制定薪酬时必须了解企业的业务特点，而目前美国的高管薪酬体系在这方面做得很不到位，充满了不确定性。",[14,233,234],{},[17,235,236],{},"提问者：您觉得在欧洲，尤其是意大利，是否缺乏美国那样的慈善文化？",[14,238,239,241],{},[17,240,29],{}," 除了美国，我对其他国家的慈善文化了解不多。在美国，美国人每年捐赠的慈善资金大约占个人收入的2%。目前美国的GDP约为14万亿美元，按照2%的比例计算，每年的慈善资金大约是2800亿美元。",[14,243,244],{},"不过我注意到一个趋势，美国的“超级富豪”捐赠的慈善资金可能会越来越多。但从某种角度来说，美国中产阶级在慈善捐赠方面比超级富豪做得更好。",[14,246,247],{},"我看过一些关于全球慈善捐赠的数据，但不确定这些数据的可靠性。在很多国家，最大的慈善捐赠领域可能是宗教机构，但其他国家如何统计这方面的数据，我不太清楚。在美国，宗教机构确实是慈善捐赠的最大接受方之一。总的来说，我无法对其他国家的慈善文化做出准确的比较和评价。",[14,249,250],{},"（全）",{"title":252,"searchDepth":253,"depth":253,"links":254},"",2,[],"访谈与文章",null,"巴菲特接受欧洲MBA学生专访，阐述选拔管理者的三大特质：智力、精力与诚信，强调企业文化的重要性。","md",{},true,70,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":5,"description":257},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）2007","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu","buffett\u002Finterview\u002Fba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu","Z9Vi4kICXu1igDSfJ3bfoCIZUk5QCo3rXMwLbw77GPU","buffett",[270,275,278,282,285,288,291,295,298,301,305,308,311,315,318,321,325,328,331,335,338,341,345,348,351,355,358,361,365,368,371,375,378,381,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,525,528,531,535,538,541,545,548,551,555,558,561,565,568,571,575,578,581,585,588,591,595,598,601,605,608,612,615,619,622,626,629,633,636,640,643,647,650,654,657,661,664,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,856,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219,1223,1227,1231,1235,1239,1243,1247,1251,1255,1259,1263,1267],{"title":271,"slug":272,"category":273,"order":274},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":276,"slug":277,"category":255,"order":274},"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":279,"slug":280,"category":281,"order":274},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":283,"slug":284,"category":273,"order":253},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":286,"slug":287,"category":255,"order":253},"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":289,"slug":290,"category":281,"order":253},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":292,"slug":293,"category":273,"order":294},"1958 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":704,"slug":705,"category":255,"order":702},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":707,"slug":708,"category":273,"order":709},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":711,"slug":712,"category":255,"order":709},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":714,"slug":715,"category":273,"order":716},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":718,"slug":719,"category":255,"order":716},"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":721,"slug":722,"category":273,"order":723},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":725,"slug":726,"category":255,"order":723},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":728,"slug":729,"category":273,"order":730},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":732,"slug":733,"category":255,"order":730},"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":735,"slug":736,"category":273,"order":737},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":739,"slug":740,"category":255,"order":737},"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":742,"slug":743,"category":273,"order":744},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":746,"slug":747,"category":255,"order":744},"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":749,"slug":750,"category":273,"order":751},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":753,"slug":754,"category":255,"order":751},"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":756,"slug":757,"category":273,"order":758},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":760,"slug":761,"category":255,"order":758},"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":763,"slug":764,"category":273,"order":765},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":767,"slug":768,"category":255,"order":765},"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":770,"slug":771,"category":273,"order":772},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":774,"slug":775,"category":255,"order":772},"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":777,"slug":778,"category":273,"order":779},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":781,"slug":782,"category":255,"order":779},"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":784,"slug":785,"category":273,"order":786},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":788,"slug":789,"category":255,"order":786},"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":791,"slug":792,"category":273,"order":793},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":795,"slug":796,"category":255,"order":793},"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":798,"slug":799,"category":273,"order":800},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":802,"slug":803,"category":255,"order":800},"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":805,"slug":806,"category":273,"order":807},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":809,"slug":810,"category":255,"order":807},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":812,"slug":813,"category":273,"order":814},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":816,"slug":817,"category":255,"order":814},"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":819,"slug":820,"category":273,"order":821},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":823,"slug":824,"category":255,"order":821},"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":826,"slug":827,"category":273,"order":828},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":830,"slug":831,"category":255,"order":828},"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":833,"slug":834,"category":273,"order":835},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":837,"slug":838,"category":255,"order":835},"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":840,"slug":841,"category":273,"order":842},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":844,"slug":845,"category":255,"order":842},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":847,"slug":848,"category":273,"order":849},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":851,"slug":852,"category":255,"order":849},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":854,"slug":855,"category":273,"order":261},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":265,"category":255,"order":261},{"title":858,"slug":859,"category":273,"order":860},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":862,"slug":863,"category":255,"order":860},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":865,"slug":866,"category":273,"order":867},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":869,"slug":870,"category":255,"order":867},"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":872,"slug":873,"category":273,"order":874},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":876,"slug":877,"category":255,"order":874},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":879,"slug":880,"category":273,"order":881},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":883,"slug":884,"category":255,"order":881},"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":886,"slug":887,"category":273,"order":888},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":890,"slug":891,"category":255,"order":888},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":893,"slug":894,"category":273,"order":895},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":897,"slug":898,"category":255,"order":895},"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":900,"slug":901,"category":273,"order":902},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":904,"slug":905,"category":255,"order":902},"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":907,"slug":908,"category":273,"order":909},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":911,"slug":912,"category":255,"order":909},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":914,"slug":915,"category":273,"order":916},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":918,"slug":919,"category":255,"order":916},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":921,"slug":922,"category":273,"order":923},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":925,"slug":926,"category":255,"order":923},"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":928,"slug":929,"category":273,"order":930},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":932,"slug":933,"category":255,"order":930},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":935,"slug":936,"category":273,"order":937},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":939,"slug":940,"category":255,"order":937},"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":942,"slug":943,"category":273,"order":944},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":946,"slug":947,"category":255,"order":944},"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":949,"slug":950,"category":273,"order":951},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":953,"slug":954,"category":255,"order":951},"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":956,"slug":957,"category":273,"order":958},"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":960,"slug":961,"category":255,"order":958},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":963,"slug":964,"category":273,"order":965},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":967,"slug":968,"category":255,"order":965},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":970,"slug":971,"category":273,"order":972},"2014 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