[{"data":1,"prerenderedAt":1709},["ShallowReactive",2],{"library-ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an":3,"library-sidebar-buffett":173,"library-sidebar-dao":1175,"library-sidebar-models":1477},{"id":4,"title":5,"body":6,"category":159,"date":160,"description":161,"extension":162,"meta":163,"navigation":164,"order":165,"path":166,"seo":167,"seoDescription":161,"seoTitle":168,"slug":169,"stem":170,"__hash__":171,"_collection":172},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an.md","巴菲特：2014年谈可口可乐薪酬方案",{"type":7,"value":8,"toc":154},"minimark",[9,13,18,22,25,28,31,34,37,40,43,46,49,52,55,58,61,64,67,70,73,76,79,82,85,88,91,94,97,100,103,106,109,112,115,118,121,124,127,130,133,136,139,142,145,148,151],[10,11,5],"h1",{"id":12},"巴菲特2014年谈可口可乐薪酬方案",[14,15,17],"h2",{"id":16},"巴菲特谈可口可乐薪酬方案","巴菲特：谈可口可乐薪酬方案",[19,20,21],"p",{},"2014 年4 月28 日",[19,23,24],{},"上周，巴菲特拒绝投票反对一项有争议的可口可乐高管股票期权计划，他认为该计划太过分了。这引发了对这位传奇投资家兼伯克希尔CEO 的批评浪潮，他通常是媒体的宠儿。《纽约时报》专栏作家JoeNocera 称巴菲特是个懦夫。可口可乐投票后不久，巴菲特接受了《财富》杂志的采访，为自己辩护。尽管受到批评，但巴菲特说，他认为自己对可口可乐的薪酬方案采取了强硬立场。更重要的是，他说自己没有什么权力阻止公司发放过高的薪酬。与几年前相比，这发生了巨大的变化，当时巴菲特写道，只有像他这样的大股东，才能扭转美国公司高管薪酬失控的局面。显然，巴菲特和其他像他一样的人也被打败了。",[19,26,27],{},"财富：您认为高管薪酬与美国其他职业的薪酬不符吗？",[19,29,30],{},"巴菲特：嗯，我认为这与一位杰出管理者所能带来的价值并不相悖。如果你经营的是一家市值数十亿美元的公司，就价值而言，10 分和8 分之间的差距是巨大的。相比娱乐明星或体育明星来说，我并不认这些数字是过分的。尽管如此，我认为在某些情况下，几乎是在自愿的基础上，高管薪酬应该有所节制。",[19,32,33],{},"财富：过去，你曾说高管股票期权计划是\"一张免费的彩票\"，\"只有在少数的情况下才是公平的\"，是为\"想打瞌睡的经理人Rip Van Winkles\"制定的薪酬计划。(小说主人公Rip Van Winkles 为躲避凶悍妻子，去山上打猎时喝了仙酒一睡就是20 年，回乡后物是人非，妻子去世，孩子和狗都不认识他了。)",[19,35,36],{},"巴菲特：所有这些都可能是真的。",[19,38,39],{},"财富：2006 年，你曾说过，改变过高的高管薪酬唯一方法就是，像你这样的大股东站出来要求推倒重来。你为什么没有投票反对可口可乐的期权计划？",[19,41,42],{},"巴菲特：我们确实投了弃权票。这是来自伯克希尔非常响亮的声音。这显然意味着我们不赞成该计划。",[19,44,45],{},"财富：为什么不对董事也投弃权票呢？",[19,47,48],{},"巴菲特：因为实际上我认为他们有一群好董事。他们做了太多的薪酬计划，别的公司都是这么干的，所以我们也无法免俗。这些公司不会想到从根本上重新审视整个薪酬计划的合理性，也不太可能想得到，他们的顾问也不可能建议他们这样去做。",[19,50,51],{},"财富：公司利用股票期权所做的事情就是将高管薪酬资本化。多年以后，这笔费用将由股东来支付。",[19,53,54],{},"巴菲特：实际上，我已经给伯克希尔公司董事会写了一份备忘录，我可能会写进明年的年报中，我认为对于接替我的伯克希尔CEO 来说，应该有一个合理的期权计划。在这种情况下，他将是目前唯一一个获得期权的人，因为他是唯一一个对公司整体运营的成功负责任的人。",[19,56,57],{},"财富：可口可乐为其薪酬计划辩护的理由之一是，该计划不仅适用于高管人员，也适用于6500 名员工。但你不认为这是一种辩护理由。",[19,59,60],{},"巴菲特：不，我不认为这是一种辩护。",[19,62,63],{},"财富：再说回RipVanWinkle 的CEO 们，根据可口可乐的薪酬计划，公司的回报率每年可能会下降10%，而高管们仍然有资格获得数十亿美元？",[19,65,66],{},"巴菲特：期权是时间的版税。",[19,68,69],{},"财富：您读过关于不平等问题的新书，Thomas Piketty 的《21 世纪资本论》吗？",[19,71,72],{},"巴菲特：我读过大约六篇关于它的书评。但不是这本书。",[19,74,75],{},"财富：你打算读这本书吗？",[19,77,78],{},"巴菲特：我不知道。我读过很多书评，我想我知道书中写了什么。我可能会读，也可能不会读，但这是我有理由读的一本书。",[19,80,81],{},"财富：《纽约时报》最近根据一项研究称，你已经失去了你的阿尔法。你还记得你最后一次看到投资机会是在什么地方吗？如果我发现了，我可以抄作业吗？",[19,83,84],{},"巴菲特：丢了我的什么？",[19,86,87],{},"财富：失去了阿尔法。也就是你超越市场的能力。",[19,89,90],{},"巴菲特：是的，但我想有些跟踪我们的人对此作出了回应，那不是我写的。但我们会找到投资机会的。",[19,92,93],{},"财富：David Witt 是美国中部一个温和的会计师，也是伯克希尔的股东，他想得到一定的分红。但你为什么不同意分红呢？",[19,95,96],{},"巴菲特：我在年报中写过一篇关于分红和回购的长文。那是一年前的事了。我详细解释了为什么我认为不分红对他更好。我们正在进行投票，你会发现股东们对此的看法很有意思。",[19,98,99],{},"财富：为什么你喜欢交个人税，却讨厌交公司税？",[19,101,102],{},"巴菲特：我不会多交一毛钱的个人税，也不会多交一毛钱的公司税。这很简单。就拿我自己来说，我曾表示愿意为任何参议员自愿缴纳的税款提供等额支持，我还表示愿意为共和党参议员领袖Mitch McConnell 自愿缴纳的税款提供三倍支持，但他们从未接受我的建议。",[19,104,105],{},"实际上，如果你仔细看一下，伯克希尔的税率是相当高的。但如果能降低的话，我会让它更低。只要法律允许，我都会努力降低伯克希尔的税率。例如，在风能方面，如果我们建造了大量风力发电场，就可以获得税收减免。这是建造风力发电厂的唯一理由。如果没有税收减免，建造它们就没有意义。",[19,107,108],{},"财富：在今年的股东信中，您谈到了公共养老金计划日益严重的问题。您认为解决办法是什么？",[19,110,111],{},"巴菲特：解决办法是要么改变承诺，要么增加税收。但问题是，对于任何一位政客来说，他只能在位一两",[19,113,114],{},"年。他最好的解决办法就是什么都不做，因为他会离职的。而且，这个问题也不是那种，你明天一觉醒来就会导致电灯熄灭或街道没有铲雪的问题。这是世界上最容易推迟的问题。在奥马哈，我不想改变对在公共场所工作的人们所做的承诺。因此，我认为我们或许应该征收更多的税。但这在很多城市或州都行不通。相对于税基而言，问题太大了。底特律的税收不足以支付承诺的养老金。他们已经走得太远了。",[19,116,117],{},"财富：你认为我们应该做些什么？或者我们应该做点什么，来解决美国就业机会的外包，以及美国公司对其生产并销售给美国人的商品不纳税？",[19,119,120],{},"巴菲特：由于某些国家的税率太低，这种情况已经到了不可收拾的地步。有一些公司，特别是在处理知识产权的时候，你可以编造理由，说你的收入是在爱尔兰或百慕大或诸如此类的地方产生的，而实际上这些收入在很大程度上来源于这里。这些公司在海外积累了大量现金余额，然后他们会说，给我们一段免税期，我们就把钱拿回来。但是，一旦他们发现自己可以逍遥法外，这当然会诱使他们在海外做更多的事情。这是一个疯狂的情况，但它已经发展了很多年。税法中的这一部分确实需要认真研究一下。",[19,122,123],{},"财富：在去年的年会上，您说您对美联储退出量化宽松政策和货币刺激政策感到担忧。您认为美联储退出量化宽松政策后的情况会如何，您是否仍然担心可能发生的情况？",[19,125,126],{},"巴菲特：嗯，我说过这是一部非常有趣的电影，因为赌注很大，而且我们不知道结局。",[19,128,129],{},"但我认为情况仍然如此。但到目前为止，我们还没有看到与此相关的任何大问题。",[19,131,132],{},"财富：那么，你对结束量化宽松的结束不那么担忧了吗？",[19,134,135],{},"巴菲特：不，这仍然是一部有趣的电影。我不知道结果会怎样，所以我觉得它很有趣。",[19,137,138],{},"财富：谢谢。",[19,140,141],{},"2014 年，可口可乐向美国SEC 提交的文件中显示，可口可乐的股权激励计划于2 月19 日由可口可乐薪酬委员会向董事会提出，这一计划的目的是为了将职工、高管和董事会成员的个人权益与公司股东的权益结合起来。该计划将留存5 亿股用于股权激励。业绩逊于预期却提出丰厚股权激励引发部分股东不满，早在2014 年的股权激励计划之前，2012-2013 年，可口可乐公司还先后发放了6000 万、6300 万和7300 万股用于股权激励，如果包括这部分股份，总股本将扩大到52 亿股。按照可口可乐目前近1800 亿美元的市值粗略计算，发放全部股权激励计划后，股价将为每股34 美元左右，较目前的每股40 美元将将稀释约13%。美国一名律师指责传奇投资人巴菲特在对可口可乐的管理层股权激励计划投票时，未能尽到大股东应尽的义务。巴菲特近日在接受媒体采访时表示，可口可乐公司的高管股票奖励方案\"过于庞大\"，并对该薪酬方案投了弃权票。巴菲特表示，这是他记忆中第一次对可口可乐投弃权票，但由于不想对可口可乐管理层造成过大的压力，他没有投反对票。此前，可口可乐公司通过了 2014 年的130 亿美元高管股票奖励方案，以对冲基金Wintergreen Advisers 创始人特斯为首的股东强烈反对。特斯认为，这项方案将在很大程度上摊薄现有股东所持有的可口可乐股票。",[19,143,144],{},"Carol Loomis：巴菲特先生，可口可乐公司有一个过度的薪酬计划，但你没有在股东大会之前告诉投资者。",[19,146,147],{},"如果你在会议之前就将其披露，我们的投票也许会有所不同。你投了弃权票，必定有其原因。你怎么会作出这种非巴菲特式的行为呢？",[19,149,150],{},"巴菲特：一些人觉得这很奇怪，其实非巴菲特式的行为，并无任何不同。一位反对可口可乐期权方案的股东提出了这个建议。他对稀释股权的计算很疯狂，我们不介意讨论一下。但我的确与Muhktar Kent(可口可乐公司CEO)讨论过，我告诉他我们会投弃权票。我说我很尊敬可口可乐，但贵公司的薪酬计划有些过度。我们随即宣布投了弃权票，并就此作出了解释。我认为这是代表伯克希尔选择的最有效的途径。关于可口可乐薪酬计划的过度性质，我们作出了一个非常清晰的声明，但没有因此向可口可乐公司\"宣战\"。我们既不认同不准确的计算结果，也不加入与我没有互动的某人的行动。如果你要发起战争，你必须知道盟友是谁。我认为通过投弃权票，我们获得了最好的结果。",[152,153],"hr",{},{"title":155,"searchDepth":156,"depth":156,"links":157},"",2,[158],{"id":16,"depth":156,"text":17},"访谈与文章",null,"巴菲特解释其拒绝投票反对可口可乐高管股票期权计划的原因，引发媒体批评，阐述其公司治理理念。","md",{},true,113,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",{"title":5,"description":161},"巴菲特：2014年谈可口可乐薪酬方案｜巴菲特","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an","buffett\u002Finterview\u002Fba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an","_Myej9bvK-9rjVKDr-VWGmjZGiKvvFikUcEWo88w42k","buffett",[174,179,182,186,189,192,195,199,202,205,209,212,215,219,222,225,229,232,235,239,242,245,249,252,255,259,262,265,269,272,275,279,282,285,289,292,295,299,302,305,309,312,315,319,322,325,329,332,335,339,342,345,349,352,355,359,362,365,369,372,375,379,382,385,389,392,395,399,402,405,409,412,415,419,422,425,429,432,435,439,442,445,449,452,455,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,516,519,523,526,530,533,537,540,544,547,551,554,558,561,565,568,572,575,579,582,586,589,593,596,600,603,607,610,614,617,621,624,628,631,635,638,642,645,649,652,656,659,663,666,670,673,677,680,684,687,691,694,698,701,705,708,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,982,986,990,994,998,1002,1006,1010,1014,1018,1022,1023,1027,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171],{"title":175,"slug":176,"category":177,"order":178},"1956 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":608,"slug":609,"category":159,"order":606},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":611,"slug":612,"category":177,"order":613},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":615,"slug":616,"category":159,"order":613},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":618,"slug":619,"category":177,"order":620},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":622,"slug":623,"category":159,"order":620},"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":625,"slug":626,"category":177,"order":627},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":629,"slug":630,"category":159,"order":627},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":632,"slug":633,"category":177,"order":634},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":636,"slug":637,"category":159,"order":634},"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":639,"slug":640,"category":177,"order":641},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":643,"slug":644,"category":159,"order":641},"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":646,"slug":647,"category":177,"order":648},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":650,"slug":651,"category":159,"order":648},"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":653,"slug":654,"category":177,"order":655},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":657,"slug":658,"category":159,"order":655},"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":660,"slug":661,"category":177,"order":662},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":664,"slug":665,"category":159,"order":662},"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":667,"slug":668,"category":177,"order":669},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":671,"slug":672,"category":159,"order":669},"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":674,"slug":675,"category":177,"order":676},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":678,"slug":679,"category":159,"order":676},"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":681,"slug":682,"category":177,"order":683},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":685,"slug":686,"category":159,"order":683},"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":688,"slug":689,"category":177,"order":690},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":692,"slug":693,"category":159,"order":690},"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":695,"slug":696,"category":177,"order":697},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":699,"slug":700,"category":159,"order":697},"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":702,"slug":703,"category":177,"order":704},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":706,"slug":707,"category":159,"order":704},"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":709,"slug":710,"category":177,"order":711},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":713,"slug":714,"category":159,"order":711},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":716,"slug":717,"category":177,"order":718},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":720,"slug":721,"category":159,"order":718},"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":723,"slug":724,"category":177,"order":725},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":727,"slug":728,"category":159,"order":725},"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":730,"slug":731,"category":177,"order":732},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":734,"slug":735,"category":159,"order":732},"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":737,"slug":738,"category":177,"order":739},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":741,"slug":742,"category":159,"order":739},"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":744,"slug":745,"category":177,"order":746},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":748,"slug":749,"category":159,"order":746},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":751,"slug":752,"category":177,"order":753},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":755,"slug":756,"category":159,"order":753},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":758,"slug":759,"category":177,"order":760},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":762,"slug":763,"category":159,"order":760},"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":765,"slug":766,"category":177,"order":767},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":769,"slug":770,"category":159,"order":767},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":772,"slug":773,"category":177,"order":774},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":776,"slug":777,"category":159,"order":774},"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":779,"slug":780,"category":177,"order":781},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":783,"slug":784,"category":159,"order":781},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":786,"slug":787,"category":177,"order":788},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":790,"slug":791,"category":159,"order":788},"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":793,"slug":794,"category":177,"order":795},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":797,"slug":798,"category":159,"order":795},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":800,"slug":801,"category":177,"order":802},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":804,"slug":805,"category":159,"order":802},"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":807,"slug":808,"category":177,"order":809},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":811,"slug":812,"category":159,"order":809},"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":814,"slug":815,"category":177,"order":816},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":818,"slug":819,"category":159,"order":816},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":821,"slug":822,"category":177,"order":823},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":825,"slug":826,"category":159,"order":823},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":828,"slug":829,"category":177,"order":830},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":832,"slug":833,"category":159,"order":830},"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":835,"slug":836,"category":177,"order":837},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":839,"slug":840,"category":159,"order":837},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":842,"slug":843,"category":177,"order":844},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":846,"slug":847,"category":159,"order":844},"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":849,"slug":850,"category":177,"order":851},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":853,"slug":854,"category":159,"order":851},"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":856,"slug":857,"category":177,"order":858},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":860,"slug":861,"category":159,"order":858},"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":863,"slug":864,"category":177,"order":865},"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":867,"slug":868,"category":159,"order":865},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":870,"slug":871,"category":177,"order":872},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":874,"slug":875,"category":159,"order":872},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":877,"slug":878,"category":177,"order":879},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":881,"slug":882,"category":159,"order":879},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":884,"slug":885,"category":177,"order":886},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":888,"slug":889,"category":159,"order":886},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":891,"slug":892,"category":177,"order":893},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":895,"slug":896,"category":159,"order":893},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":898,"slug":899,"category":177,"order":900},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":902,"slug":903,"category":159,"order":900},"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":905,"slug":906,"category":177,"order":907},"2018 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