[{"data":1,"prerenderedAt":1848},["ShallowReactive",2],{"library-ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng":3,"library-sidebar-buffett":312,"library-sidebar-dao":1314,"library-sidebar-models":1616},{"id":4,"title":5,"body":6,"category":298,"date":299,"description":300,"extension":301,"meta":302,"navigation":303,"order":304,"path":305,"seo":306,"seoDescription":300,"seoTitle":307,"slug":308,"stem":309,"__hash__":310,"_collection":311},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng.md","巴菲特：2009年对话六所商学院学生",{"type":7,"value":8,"toc":293},"minimark",[9,13,18,22,28,31,34,37,45,48,51,54,57,60,63,66,71,78,85,88,91,94,97,103,109,112,119,126,129,132,138,141,144,151,154,157,163,166,169,172,175,178,181,184,187,190,193,196,202,205,208,211,217,220,223,226,229,232,235,241,248,254,257,260,263,270,273,276,281,284,287,290],[10,11,5],"h1",{"id":12},"巴菲特2009年对话六所商学院学生",[14,15,17],"h2",{"id":16},"巴菲特对话六所商学院学生2009","巴菲特：对话六所商学院学生2009",[19,20,21],"p",{},"2009 年2 月6 日",[23,24,25],"blockquote",{},[19,26,27],{},"来自Emory 大学Goizueta 商学院等六所商学院的学生前来奥马哈拜访巴菲特并参与问答环节。我尽可能根据回忆和其他学生的笔记去重现所听到的对话。我不能保证记录完全准确，但我将尽力保留神韵。",[19,29,30],{},"巴菲特：你们听说今年的华尔街圣诞庆典都取消了吗？他们甚至找不出三个聪明人和一个处女…",[19,32,33],{},"市场有时效率很低，而现在就是其中之一。现在有很多投资机会。",[19,35,36],{},"Kansas 大学：伯克希尔投资了几家保险公司，你会进入健康险业务吗？",[19,38,39,40,44],{},"巴菲特：不会。",[41,42,43],"strong",{},"健康险业务非常依赖国家政策，这是一个艰难的行业，竞争很激烈","。从商业的角度，我不怎么看好它，我不喜欢高贷款损失率的保单。话虽如此，但如果健康险业务被低估，我还是愿意买进。",[19,46,47],{},"保险是一个很有趣的行业。你知道，我们为MikeTyson 承保了两年的人寿保险。我希望在保单中增加一条免赔条款，就是假如泰森被女性枪杀，我们将不予赔付。不过，他们没有同意。",[19,49,50],{},"South Dakota 大学：你最近投资了高盛和通用电气，现在是买进金融板块的时机吗？",[19,52,53],{},"巴菲特：除非你理解这个行业，否则不管什么行业你都不应该买进。不过我相信，现在在金融业中有很好的价值和很大的机会，因为现在金融业正遭受冷落。该不该买进不是看行业，而是看公司是否被低估。",[19,55,56],{},"**你们知道如何评估公司的价值，预测未来的现金流折现值，然后在留足安全边际的前提下买进，预期的利润要大于当前的利润。不受追捧的东西总是值得去研究的。**假如我现在刚从学校毕业，我会先去研究一下。",[19,58,59],{},"Creighton 大学：风险因素在你的投资决策中有何影响？你向新兴市场投资吗？",[19,61,62],{},"巴菲特：总的来说，因为我需要投资的金额很大，所以我对新兴市场不怎么感冒。",[19,64,65],{},"风险不等于β系数，风险来自于你对某件事理解不透彻，而不是因为β系数。",[19,67,68],{},[41,69,70],{},"在我得到一个点子的时候，我通常使用十个过滤器来筛选。最重要的一点是，我是否能够理解这个业务，并理解其不利的影响。我很少有损失达到净值的1%的时候。我可能是风险厌恶者，但是我不是行动厌恶者。",[19,72,73,74,77],{},"B 夫人花了16 年积攒了500 美元，创办了内布拉斯加家具商场。IBM 的老汤姆·沃森(Tom Watson Sr)说，我不是天才。",[41,75,76],{},"但我在某些领域很聪明，而且我就待在这些地方","。我只在我有自信的市场投资。当我在1983 年买进内布拉斯加家具商场的时候，B 夫人只接受现金而不愿意要伯克希尔的股票。为什么呢？因为她不理解股票的价值。她理解现金，所以她就拿了现金**。我不需要几千个投资点子，只要做对几个点子就足够了。**",[19,79,80,81,84],{},"泰德·威廉斯写了本《The Science of Hitting》(击球的科学)，他把打击区划分成92 个球形区。他知道，假如在甜蜜区击球，他能打出43%，假如有点偏离一点，他只能打出35%。",[41,82,83],{},"你必须知道自己的甜蜜区在哪里。投资的魅力在于，这是一个\"想挥棒才挥的游戏\"，而不像棒球，球来了你就得挥棒。投资中我不想挥棒，就可以不挥棒","。",[19,86,87],{},"当我进行投资的时候，我不在意股价会不会从10 美元变成2 美元，我在意的是企业价值会不会从10 美元变成2 美元。",[19,89,90],{},"要避免上杠杆。我很早就下了决定，我绝不会使负债超过我的净值的25%，除了在刚起步的时候，我从来没有超过这个值。",[19,92,93],{},"我喜欢在有利的条件下下注。我总是试图让赔率对我有利。当我去拉斯维加斯的时候，我不会花5 美元去玩 21 点。假如有人走进我的房间白送我5 美元，那倒不错。我喜欢胜率更高一些的游戏。",[19,95,96],{},"Emory 大学：你对价值是怎么看的？",[19,98,99,100],{},"巴菲特：价值的公式是公元前600 年一位名叫伊索的人传下的：一鸟在手胜过二鸟在林。投资就是用一只在手的鸟，来换取树林里的两只或更多的鸟。关键是，专注于你喜欢的树林，弄明白得到林中鸟要花多长时间。",[41,101,102],{},"当利率是20%的时候，你就得立即抓到林中鸟。当利率是1%的时候，你10 年后抓鸟也无妨。要思考资产最终会产出什么。要专注于资产本身，而不是什么β系数。",[19,104,105,106],{},"我真的不关心波动性，股价对我来说不重要。股价波动正好给我机会以划算的价格买进。就算他们让纽交所休市5 年，我也不在乎。我更关心业务本身而不是事件。",[41,107,108],{},"我关心公司的产品是否有价格弹性(提价能力)，以及公司能不能获得更多的市场份额，人们喝可乐是不是更多了。",[19,110,111],{},"20 年前，我以每英亩600 美元的价格从FDIC 处拍卖了一座农场(巴菲特买了500 亩农场给大儿子耕种)。我现在对农业依然一无所知，但是我的儿子懂。我问他，买种耕作以及收获玉米的生产成本是多少，每英亩的产出是多少，预期的玉米价格是多少。在20 年里，我一直都没得到过这个农场的报价。",[19,113,114,115,118],{},"假如我来教授商学院，我只会开设两门课程。",[41,116,117],{},"第一门当然是如何评估企业价值的投资课程。第二门课程是如何看待股市以及如何应对波动","。股市是很有趣的。没有人强迫你行动，而且一直都有一群傻瓜在给公司定价，所以你的胜率很高。我希望市场像一个狂躁抑郁的醉鬼。",[19,120,121,122,125],{},"在《聪明投资者》这本书的第8 章，格雷厄姆讲了一个市场先生的故事，这是我读过的最棒的故事。现在纽交所里面有几千家公司供你选择。对我来说，因为我投资规模太大，可选范围大大缩小了。",[41,123,124],{},"看待市场的态度远远比智商重要得多","。高智商的人也会陷入麻烦，你看LTCM 公司破产了。你们得有正确的哲学气质。",[19,127,128],{},"Penn 大学：你为什么投资哈雷·戴维森呢？(哈雷向BRK 定向发行5 年期3 亿美元优先债，年利率15%)",[19,130,131],{},"巴菲特：我喜欢它那15%的年利率。相比其他信贷，不管是相对还是绝对而言，15%的利率都极具吸引力。而且我们必须要在投资组合中配置一定量的债务组合。最近政府为一些公司提供担保，但不是所有的公司都能够得到。流动性是紧张还是富裕，不是取决于公司的信贷质量，而是取决于能否得到政府的救助。一些金融公司在获取资金方面存在问题，但在受顾客欢迎方面没有问题。",[19,133,134,137],{},[41,135,136],{},"任何一个能够让顾客把公司的名称纹在自己身上的公司，都具有非常强大的品牌","。对于这类投资，我不得不考虑到它们无法偿还债务的可能性。假如它们债务违约，我会想拥有这家公司吗？哈雷戴维森的股票不会一文不值。企业债券市场的风险溢价从极低的水平迅速攀升到极高的水平(定价暴跌)。现在的债券市场完全失控。另一方面，政府债券定价过高，政府债券中出现泡沫。现在的国债实际上是负利率。",[19,139,140],{},"我没想到居然会看到这样的情况。过去投资美国10 年期国债，居然回报率低的还不如直接把钱塞在床垫子下面。做多企业债券并做空10 年期国债，一直以来都是个好主意。而聪明人因为这么做，现在却濒临破产了(企债暴跌国债暴涨)，因为即使你判断正确，你也需要有能力抗住这种暴跌。我总是做最坏的打算。如果核弹爆炸，或者美联储主席伯南克带着帕丽斯·希尔顿(Paris Hilton 希尔顿集团继承人，演员)私奔去了南美，我会怎么办。",[19,142,143],{},"Texas 大学：你觉得美国的强权已经发生改变了吗？",[19,145,146,147,150],{},"巴菲特：",[41,148,149],{},"你可以做空美元，但是我绝不会做空美国的国运","。美国的体制使得这个国家能够比其他国家更多地释放人类的潜能，从1776 年起，美国的体制就和其他国家不一样了。美国人不是最聪明的，我们的资源也不是最多的，但不一样的美国体系却充分释放了人类的潜能。",[19,152,153],{},"今天，我们拥有相同的体制，拥有相似的智力。我也曾做空过美元和美股，但美国长期必将胜出。虽然我们会经过各种崎岖的道路，但是我们有法制、平等的机会，以及贤能的政府。我们有市场体系，人们投入精力和想象力创造出大众欢迎的产品。我们的潜力远远未完全开发出。",[19,155,156],{},"Kansas 大学：我知道你是很厉害的桥牌玩家，你认为桥牌和投资有关联吗？两者之间存在相通性吗？",[19,158,159,160],{},"巴菲特：桥牌是最好的游戏。你要根据每一次叫牌和出牌，还有已经打出的牌和尚未打出的牌去进行推理。它能教会你什么叫做合伙关系，以及其他的为人技巧。",[41,161,162],{},"在桥牌游戏中，你需要根据已有的一切信息进行推理，这种做法同样适用于投资。在桥牌游戏中，就像在生活中一样，虽然每次你抓到的牌都不一样，但历史具有借鉴意义。过去并不能决定未来，但你可以从这些经历中吸取教训。",[19,164,165],{},"我认为桥牌中的合伙关系是人生的重要课程。假如我要去打仗，我会希望有最好的搭档。我曾经和一位世界冠军搭档，对抗我的姐姐和姐夫，但我们输了，所以我吃下了计分纸。",[19,167,168],{},"South Dakota 大学：你对衍生品怎么看，你认为衍生品是如何影响全球市场的？",[19,170,171],{},"巴菲特：在2002 年的致股东信中，我称衍生品为\"大规模杀伤性武器\"。衍生品是一种保险产品，其结算时间很长，比如说100 年，这和股票可以在3 天内结算形成鲜明的对比。这种系统会导致公司积累巨额的保险赔付。在2008 年9 月AIG 打电话给我，告诉我它们的信用评级要被降级了，可能会被要求更高的保证金。AIG 是一家有几十年历史的公司，在48 小时内就被衍生品摧毁了。",[19,173,174],{},"使用衍生品，你就暴露在交易对手面前，因此你的命运就握在别人手里。这样的赔付慢慢会积累到几十亿美元，假如一家保险公司倒下，整个系统也会连锁倒下。衍生品本身不是邪恶的，我们需要正确地使用它们。对于金融系统来说，衍生品简直就是耗子药。虽然伯克希尔持有很多衍生品，不过我们总是持有大量现金以防万一。",[19,176,177],{},"Creighton 大学：你对刺激计划怎么看？你宁愿看到政府减税还是削减开支呢？",[19,179,180],{},"巴菲特：我们显然遭遇了重大问题，不过我们能够解决问题。有人也许认为刺激计划能够立即对经济产生影响，不过当前的提案是不会有快速效果的。当处理这种情况时，我们不能只做一件事，我们要不断地问自己，下一个要解决的问题是什么。我们已经动用了货币政策，而且对所有的一切都提供了保证。这是标准的凯恩斯处方。减税在短期内对各人的好处各不相同。减税就相当于是，大家不用为政府开支买单，而且政府还会寄给你钱，不过总比什么都不做要好。最后，你应该买进就连白痴也能管理好的公司的股票，因为有时候真的会有白痴登上宝座的。你知道，美国政府也是一样。",[19,182,183],{},"Emory 大学：你今天的观点和20 年前有何不同？你预期的2030 年最大的变化将是什么？",[19,185,186],{},"巴菲特：我在年轻时学习到的投资基础理论，到今天也没有改变。我很幸运，在19 岁时读了《聪明投资者》，学到了投资概念和投资决策的结构。随着时间的推移，我学会了不同的应用方法，我学到了能力圈之外的东西。我在1972 年收购了喜诗糖果，我认为我对品牌价值的理解，驱使我在1988 年做出买进可口可乐的决策。随着经验的增加，我在预测评估人类行为方面变得越来越聪明了。我的妻子是我在人类行为方面的导师。",[19,188,189],{},"我真的很喜欢做我所做的事情，我可以去做我想做的任何事情。我喜欢和大家这样聊天。Irv 和Ron Blumkin都是我的好朋友，而且在买进企业的过程中我还不断交到好朋友。我不想买游艇或豪宅。我已经活到了平均寿命，活一天赚一天了。不过年龄并不会影响我从事投资工作，和高尔夫球手Arnold Palmer 不一样，他老了可就不能再打球了。",[19,191,192],{},"Penn 大学：你对普通美国人有何建议呢？",[19,194,195],{},"巴菲特：给可能失业的人提建议不是一件容易的事情。我父亲在1931 年8 月13 日去上班时，发现他工作的银行倒闭了，他所有的钱都存在这家银行里，自然都打了水漂。他没有工作，没有钱，还有两个孩子。所以，你们要尽可能做好准备，不要负债。疾病会带来悲痛，信用卡债务比疾病更可怕。信用卡是毒药。假如你挣1 美元，花95 美分而不是1.05 美元，你就一直能够立于不败之地，而欠了债，再爬起来就不那么容易了。",[19,197,198,199],{},"假如你想一路顺风，你就要在做事情之前事先动动脑子。在事情进展顺利的时候，人们不一定喜欢听建议。",[41,200,201],{},"人们冒着失去自己一切的风险，去追求自己没有的或者根本并不需要的东西。查理曾说，\"问题不在于如何变富，而在于如何保持理智。\"",[19,203,204],{},"Texas 大学：美国面对的最大的挑战是什么？",[19,206,207],{},"巴菲特：最大的问题可能是大规模恐怖袭击。总有人不适应社会，想伤害其他人。1945 年，我们发明了核武器，这改变了一切。不过人类的动物本性没有改变，我们仍然有一定比例的人精神失常。问题在于这些人的知识、资源和交付能力。这种敌对意识的传染病的威力巨大。今天信息传播更快。政府、个人还有团体无法保证100%安全。假如我有办法，我愿意把所有的钱都投进去。坐在这里的每个人都中了我所说的卵巢彩票，我们生逢其时，非常幸运。我们人类中最幸运的1%。",[19,209,210],{},"Kansas 大学：在次级债危机中，美国财长保尔森犯了什么错误？",[19,212,213,214,84],{},"巴菲特：Hank Paulson 是一个伟大的人，也是一位很好的朋友。他在市场方面非常聪明，但是在政治方面就没那么聪明了。我很同情他。他不是总指挥，他得和至少535 个动机各异的人(国会议员)周旋。整个局势发展得非常快，超出所有人的想象。第一个TARP(问题资产援助计划)被否决，改变了市场形势。所有的变量都会互相影响。国会没有意识到问题有多么严峻。我将其称为2008 年9 月的\"经济上的珍珠港事件\"。罗斯福当年可是得到了一张空白支票可以随便填的，大家的想法很重要，信赖很重要。",[41,215,216],{},"保尔森要重建对金融系统的信心",[19,218,219],{},"在当时的情况下，保尔森要完成他的任务几乎是不可能的。他曾经在高盛银行工作，那里可不需要什么多数同意。担任公务员的人难免会遭遇不公正的攻击、批评和挑剔。我当一次事后诸葛亮，让雷曼兄弟破产可能不是正确的决定，但在当时很难判断。这导致了信任危机，随后货币市场基金崩溃了。当人们开始担心货币市场的资金问题时，这就是个大问题。当时人们想得到政府的定心丸，但这很容易重回老路。当人们认为花旗或雷曼是纸牌搭成的房子时……信任也就不复存在了。就好像诺亚在洪水到来之前建造方舟。你能想象大家对他的反应吗？",[19,221,222],{},"South Dakota 大学：你对美国的贸易逆差有何看法？",[19,224,225],{},"巴菲特：在2009 年8 月我和奥巴马有过一次谈话，我说，\"我有一个好消息和一个坏消息。好消息是经济会很糟糕，所以你肯定会当选。坏消息是，在你就职的时候，经济会更糟糕。\"奥巴马问道，\"现在重新选举是不是有点来不及了？\"贸易逆差摆在那里，它会导致问题，而且可能使局势恶化。不过，在我们解决最大的问题之前，要把所有的其他问题放在一边。",[19,227,228],{},"我们创办了主权财富基金，采购的产品和服务比世界上其他任何国家都多。油价下跌有助于降低贸易赤字，但是在每个人都感觉好起来之前，局势不会好转。每天我们买进的产品和服务超过出口20 亿美元。我们用美元向出口国付款。贸易赤字使美国背上了债务。有时候，我们有点虚伪。例如，三年前，中国想买Unocal 公司(一家小型石油公司)，国会谴责中国用我们付给他们的美元来收购这家石油公司。这有点虚伪。",[19,230,231],{},"贸易逆差产生了一种情况，我们向别人开了支票，而当别人想要使用这些支票的时候，我们感到不安。1980年代，日本买了洛克菲勒中心。难道日本人会把楼拆了搬回日本吗，那么为什么不开心呢？在核武器时代，煽动仇恨是不好的，这就是美国资产被别人收购的问题所在。在我们解决当前问题的时候，贸易赤字仍将大幅增加。",[19,233,234],{},"Creighton 大学：你为什么选择这样的生活？",[19,236,237,238],{},"巴菲特：你的意思是不是说，我为什么这么节俭？你买不到健康，也买不到爱。我可以参加任何一家我想参加的高尔夫俱乐部。我是奥古斯塔国家残疾人俱乐部的最高会员。比起去世界上最豪华的高尔夫球场，我宁愿在这里跟我喜欢的人打球。我可以做任何我喜欢做的事情，我喜欢什么就买什么。",[41,239,240],{},"我对汽车不感兴趣，我的目标不是叫别人嫉妒，不要把生活成本和生活标准混为一谈。",[19,242,243,244,247],{},"Bella Eidenberg 是波兰犹太人，她从奥斯威辛集中营生还，不过她的一些家人遭遇了不幸。20 年前，她说她在交朋友方面很困难，她心里一直都在问，\"假如在二战时，你会把我藏在你的家里吗？\"",[41,245,246],{},"假如你有很多会冒险收留你的朋友，那么你就拥有成功的人生。这是钱买不到的","。我认识一些人，身家几十亿美元，不过他们的孩子们说，\"他藏在阁楼里\"。",[19,249,250,251],{},"我估计我每年的生活费要10 万美元，除了我的飞机每年要花100-150 万美元。我喜欢这架飞机，飞机使我的生活更美好。我的电脑和飞机大大改变了我的生活，假如要我放弃其中的一个，我都不知道该如何选择。假如我拿出30 亿美元的伯克希尔股票，我可以雇3 万个画家，每人每年10 万美元薪水，专门负责给我画肖像。我可以雇5 万个人，每人每年6 万美元薪水，腰上围块布扮埃及人，搬运石头给我造一座巴菲特金字塔。不过这可不是我要的生活。",[41,252,253],{},"我认为我应该给我的孩子足够的帮助，让他们可以做任何事情，但不要太多，让他们无事可做。",[19,255,256],{},"Penn 大学：你对好银行、烂银行怎么看？",[19,258,259],{},"巴菲特：这很难做到，但是假如做到了，就能起到很大的效果。用\"整合银行\"的方法来处理烂银行，有很多过去的问题有待清理。在美国有七千家银行，状况各异，所以很难对其全面改革。他们正在努力解决的最大问题是如何给整合银行定价。有一些聪明、正直的人正在努力地试图解决问题。",[19,261,262],{},"Emory 大学：你对自己宽松的日程表很自豪。你是否认为美国企业的日程安排过密，太繁琐了？",[19,264,265,266,269],{},"巴菲特：(展示他的空白日程表)，比尔·盖茨的日程安排太密了。",[41,267,268],{},"我很幸运，我可以对任何事情说不","，因为没有什么组织可以用经济压力来迫使我就范。很多CEO 要参加很多仪式，这是他们工作的一部分。我宁可送报纸，也不愿意当通用电气的CEO。他们的事情太多了，真是痛苦。不要误解了我的意思。对我来说是痛苦，而那些CEO却很擅长对付这些。我猜想，财富500 强企业的CEO，就算给他们降薪50%，他们也干得很高兴。",[19,271,272],{},"伯克希尔旗下大约有76 位CEO，他们无需面对银行家和律师。在伯克希尔，我们从来不召集CEO 开会。我们没有演讲会，也没有委员会。这样他们可以变得更有效率。假如让他们专心做喜欢的事情，他们能做得更好。",[19,274,275],{},"Kansas 大学：成功经理人的三个特点是什么？",[19,277,146,278],{},[41,279,280],{},"激情是我在经理人身上最看重的东西。智商反而不是真的那么重要。他们需要能够很好的跟其他人合作，并有能力让别人做你派发给他们的任务。我认为这三个特点是：聪明(intelligence)、勤奋(energy)和正直(integrity)。如果他不正直，那既聪明又勤奋的经理人会害死你的，你得到的是一个努力工作的骗子。假如一个人不正直，还是又蠢又懒比较好。",[19,282,283],{},"假如你要把你未来收入的10%投在一个同窗身上，**你应该选那个最能和别人合作的人。**这些品质是可选择的。假如你可以选择一个同学进行做空，那么他就是大家都不愿与之共事的人。你可以选出你向往的那种人，看看你选出的两个人的品质(一个做多，一个做空)。其实，这些品质你自己也都有。这就像婚姻一样。**假如你想要一个能够持久的婚姻，那就该找一个期望值比较低的人结婚。不要记仇，记仇不能为你建立组织、组建家庭等等。**我从来没有和查理拌过嘴。",[19,285,286],{},"当我接管所罗门的时候，我要挑选最优秀的人来执掌它。我面试了12 个人，每人面试15 分钟，我问我自己，\"我愿意跟谁待在一个散兵坑呢？\"我从来不看成绩或者毕业院校。当我选中Deryck Maughan 的时候，他压根没有问过报酬或期权或保险之类的问题，他直接就去上班了。",[19,288,289],{},"**习惯的枷锁，开始的时候，它轻的难以察觉，直到后来，却重的无法摆脱。**至于选人方面，你们要想想在生活中应该怎样培养自己的习惯，才能使我选择你？",[291,292],"hr",{},{"title":294,"searchDepth":295,"depth":295,"links":296},"",2,[297],{"id":16,"depth":295,"text":17},"访谈与文章",null,"巴菲特接待六所商学院学生访问，分享投资理念与人生智慧，强调理性思考、长期主义与做热爱之事。","md",{},true,82,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":5,"description":300},"巴菲特：2009年对话六所商学院学生｜巴菲特","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng","buffett\u002Finterview\u002Fba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng","xeObXvSsx4JQSf2lAAyyw28cVu7ZFeR1lK9wpldAPbc","buffett",[313,318,321,325,328,331,334,338,341,344,348,351,354,358,361,364,368,371,374,378,381,384,388,391,394,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,494,498,501,504,508,511,514,518,521,524,528,531,534,538,541,544,548,551,554,558,561,564,568,571,574,578,581,584,588,591,594,598,601,604,608,611,614,618,621,624,628,631,634,638,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,983,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1118,1122,1126,1130,1134,1138,1142,1146,1150,1154,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310],{"title":314,"slug":315,"category":316,"order":317},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":319,"slug":320,"category":298,"order":317},"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":322,"slug":323,"category":324,"order":317},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":326,"slug":327,"category":316,"order":295},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":329,"slug":330,"category":298,"order":295},"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":332,"slug":333,"category":324,"order":295},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":335,"slug":336,"category":316,"order":337},"1958 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":747,"slug":748,"category":298,"order":745},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":750,"slug":751,"category":316,"order":752},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":754,"slug":755,"category":298,"order":752},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":757,"slug":758,"category":316,"order":759},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":761,"slug":762,"category":298,"order":759},"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":764,"slug":765,"category":316,"order":766},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":768,"slug":769,"category":298,"order":766},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":771,"slug":772,"category":316,"order":773},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":775,"slug":776,"category":298,"order":773},"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":778,"slug":779,"category":316,"order":780},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":782,"slug":783,"category":298,"order":780},"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":785,"slug":786,"category":316,"order":787},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":789,"slug":790,"category":298,"order":787},"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":792,"slug":793,"category":316,"order":794},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":796,"slug":797,"category":298,"order":794},"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":799,"slug":800,"category":316,"order":801},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":803,"slug":804,"category":298,"order":801},"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":806,"slug":807,"category":316,"order":808},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":810,"slug":811,"category":298,"order":808},"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":813,"slug":814,"category":316,"order":815},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":817,"slug":818,"category":298,"order":815},"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":820,"slug":821,"category":316,"order":822},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":824,"slug":825,"category":298,"order":822},"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":827,"slug":828,"category":316,"order":829},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":831,"slug":832,"category":298,"order":829},"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":834,"slug":835,"category":316,"order":836},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":838,"slug":839,"category":298,"order":836},"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":841,"slug":842,"category":316,"order":843},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":845,"slug":846,"category":298,"order":843},"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":848,"slug":849,"category":316,"order":850},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":852,"slug":853,"category":298,"order":850},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":855,"slug":856,"category":316,"order":857},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":859,"slug":860,"category":298,"order":857},"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":862,"slug":863,"category":316,"order":864},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":866,"slug":867,"category":298,"order":864},"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":869,"slug":870,"category":316,"order":871},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":873,"slug":874,"category":298,"order":871},"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":876,"slug":877,"category":316,"order":878},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":880,"slug":881,"category":298,"order":878},"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":883,"slug":884,"category":316,"order":885},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":887,"slug":888,"category":298,"order":885},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":890,"slug":891,"category":316,"order":892},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":894,"slug":895,"category":298,"order":892},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":897,"slug":898,"category":316,"order":899},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":901,"slug":902,"category":298,"order":899},"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":904,"slug":905,"category":316,"order":906},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":908,"slug":909,"category":298,"order":906},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":911,"slug":912,"category":316,"order":913},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":915,"slug":916,"category":298,"order":913},"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":918,"slug":919,"category":316,"order":920},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":922,"slug":923,"category":298,"order":920},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":925,"slug":926,"category":316,"order":927},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":929,"slug":930,"category":298,"order":927},"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":932,"slug":933,"category":316,"order":934},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":936,"slug":937,"category":298,"order":934},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":939,"slug":940,"category":316,"order":941},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":943,"slug":944,"category":298,"order":941},"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":946,"slug":947,"category":316,"order":948},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":950,"slug":951,"category":298,"order":948},"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":953,"slug":954,"category":316,"order":955},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":957,"slug":958,"category":298,"order":955},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":960,"slug":961,"category":316,"order":962},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":964,"slug":965,"category":298,"order":962},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":967,"slug":968,"category":316,"order":969},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":971,"slug":972,"category":298,"order":969},"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":974,"slug":975,"category":316,"order":976},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":978,"slug":979,"category":298,"order":976},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":981,"slug":982,"category":316,"order":304},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",{"title":5,"slug":308,"category":298,"order":304},{"title":985,"slug":986,"category":316,"order":987},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":989,"slug":990,"category":298,"order":987},"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":992,"slug":993,"category":316,"order":994},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":996,"slug":997,"category":298,"order":994},"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":999,"slug":1000,"category":316,"order":1001},"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":1003,"slug":1004,"category":298,"order":1001},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1006,"slug":1007,"category":316,"order":1008},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1010,"slug":1011,"category":298,"order":1008},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1013,"slug":1014,"category":316,"order":1015},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1017,"slug":1018,"category":298,"order":1015},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1020,"slug":1021,"category":316,"order":1022},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1024,"slug":1025,"category":298,"order":1022},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1027,"slug":1028,"category":316,"order":1029},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1031,"slug":1032,"category":298,"order":1029},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1034,"slug":1035,"category":316,"order":1036},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1038,"slug":1039,"category":298,"order":1036},"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":1041,"slug":1042,"category":316,"order":1043},"2018 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