[{"data":1,"prerenderedAt":2016},["ShallowReactive",2],{"library-ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao":3,"library-sidebar-buffett":480,"library-sidebar-dao":1482,"library-sidebar-models":1784},{"id":4,"title":5,"body":6,"category":466,"date":467,"description":468,"extension":469,"meta":470,"navigation":471,"order":472,"path":473,"seo":474,"seoDescription":468,"seoTitle":475,"slug":476,"stem":477,"__hash__":478,"_collection":479},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao.md","巴菲特：2014年与ivey商学院MBA学生会面纪要",{"type":7,"value":8,"toc":462},"minimark",[9,13,20,25,28,33,36,41,44,47,49,54,57,61,64,67,70,73,88,91,93,98,101,105,108,111,114,116,121,124,128,131,134,137,140,143,146,148,153,156,160,163,166,169,172,175,177,182,185,189,192,195,198,200,205,208,212,215,218,220,225,228,232,235,237,242,245,249,252,254,259,262,266,269,272,275,278,280,285,288,292,295,298,300,305,308,312,315,318,321,324,326,331,334,338,341,344,347,350,352,357,360,364,367,370,373,376,379,381,386,389,393,396,399,401,406,409,413,416,419,421,426,429,433,436,439,441,446,449,453,456,459],[10,11,5],"h1",{"id":12},"巴菲特2014年与ivey商学院mba学生会面纪要",[14,15,16],"p",{},[17,18,19],"strong",{},"会议纪要：Dr. George Athanassakos 与 Ivey 商学院 MBA 与 HBA 学生会见沃伦·巴菲特",[14,21,22],{},[17,23,24],{},"时间：2014年1月31日 上午10:00 - 中午12:00 地点：奥马哈，内布拉斯加州",[26,27],"hr",{},[14,29,30],{},[17,31,32],{},"问题1：",[14,34,35],{},"随着成长，我们的动力发生了变化。您现在的动力是什么？每天早上醒来是什么激励您起床的？",[14,37,38],{},[17,39,40],{},"巴菲特：",[14,42,43],{},"我想成为世界上最老的人！我可以做很多事情，我热爱与这里的人一起工作。我在伯克希尔的工作让我如愿以偿——我能自由“作画”。我每天去工作，没有人告诉我该怎么做。那是一张白纸，我可以随意选择颜色作画。对我的经理们来说也一样，我给他们各自的画笔，他们可以自己作画。他们画得很棒。比如在内布拉斯加家具商场，他们正在向德州扩张。虽然这份工作不会从根本上改变他们的生活，但这是他们的“画作”。",[14,45,46],{},"你应该寻找一个你尊敬且愿意为之工作的地方。我正在做我热爱的事情。我23岁时向本·格雷厄姆提出愿意免费为他工作，他说我太贵了，不需要我。但最终他还是给了我一份工作，我也从未问过薪水，因为我热爱它，而这也是我现在仍在做的工作。",[26,48],{},[14,50,51],{},[17,52,53],{},"问题2：",[14,55,56],{},"您在2010年的一场采访中提到，您父亲给予您最好的礼物是“无条件的爱”。这对您的商业决策产生了怎样的影响？",[14,58,59],{},[17,60,40],{},[14,62,63],{},"是的，我曾说过我父亲给我最伟大的礼物就是无条件的爱。当然，这并不意味着你所做的一切都会被鼓励和赞扬。实际上，如果他不同意我的行为，他一定会告诉我。但我始终知道他会在我身边。",[14,65,66],{},"我13岁时搬到了华盛顿。那时我并不懂事，行为也很糟糕。我父亲与我谈心，并鼓励我做得更好。此后，无论我决定做什么，他始终无条件支持我。这是一个巨大的优势。如果你从父母那里获得这种支持，那非常好；如果没有，那就像逆水行舟。所以你选择配偶时至关重要。你需要一个相信你、爱你的人，这样你才能获得这种“无条件的爱”。找到一个爱你的人，其实就是成为一个值得被爱的人。",[14,68,69],{},"我曾与一位波兰女性成为很好的朋友。她是二战时期的集中营幸存者。当时她和姐姐、母亲被分别关押在不同的集中营。只有她一人幸存，其他人再也没回来。这段经历使她在交友方面非常谨慎。她常对我说：“沃伦，每当我认识一个新朋友时，我都会想：如果那是战时，他们会藏起我吗？”有些富人，他们的孩子根本不会藏他们。",[14,71,72],{},"她常引用一首诗，内容如下：",[74,75,76,79,82,85],"blockquote",{},[14,77,78],{},"一个铃铛不响，除非你摇它，",[14,80,81],{},"一首歌不唱，便无旋律；",[14,83,84],{},"心中的爱若不付出，就毫无意义，",[14,86,87],{},"爱只有在分享中才是真爱！",[14,89,90],{},"很多富人不懂这个道理，他们活得很空虚。但无论你处于什么境地，只要你拥有“无条件的爱”，你就会过得很好。",[26,92],{},[14,94,95],{},[17,96,97],{},"问题3：",[14,99,100],{},"在亨氏的收购中，您使用了债务融资并与 3G Capital 合作。3G 通常采取激进策略，经常更换管理层，而伯克希尔哈撒韦通常保留现有管理层。是什么让您愿意接受 3G 的策略？",[14,102,103],{},[17,104,40],{},[14,106,107],{},"3G Capital 的负责人 Jorge Paulo 是我的好朋友，也是一位杰出的管理者。他说他正在看亨氏，问我有没有兴趣。他发给我一份两页纸的提案，一页讲财务，一页讲治理，我一个字也没改。他们是我见过最优秀的经理人之一。无论一家公司表现多好，总还有提升空间，而 3G 的经理们总是追求更好。",[14,109,110],{},"而在伯克希尔，我们则采取“放手式”管理。我们拥有 70 多家子公司，大多数都由它们自己运营。例如，伯灵顿北方铁路有 40 亿美元的资本预算，我不会过问这笔预算或其资本分配，因为我信任他们的管理者。人们把公司卖给伯克希尔，是因为他们知道自己仍可以部分保留控制权，不必放弃他们热爱的事业。他们将永远留在伯克希尔，我们也感激他们接受我们的“放手式”风格。",[14,112,113],{},"这种风格与 Jorge Paulo 的团队完全不同。他们运营的是他们拥有的企业，亲力亲为，并做得非常出色。3G 是优秀的管理团队，Jorge Paulo 是个了不起的人。我们大约一年前开始合作，将来很可能还会继续合作。",[26,115],{},[14,117,118],{},[17,119,120],{},"问题4：",[14,122,123],{},"您认为成长型、量化型以及其他被动投资方式最终会超越主动型投资风格吗？",[14,125,126],{},[17,127,40],{},[14,129,130],{},"市场中永远会有投资机会，因为总有人会做出极端行为。长期资本管理公司帮助解决了所罗门的问题。是人类制造了那些崩盘，但并不是因为他们不了解市场。2008 年发生的事情也是人为的。房利美和房地美，以及 9 月的雷曼，都不是自然灾害，是人为的，而这些行为往往会导致极端的市场估值。",[14,132,133],{},"长期资本的一个交易策略是“做空现券，做多非现券”，这两种国债的期限仅有细微差别。新的 30 年期债券刚发行时成为“现券”，而旧的 29 年半期债券则几乎一样。但他们通过极高的杠杆进行套利交易，赚取极小的利差。利差从10-15个基点拉大到30个基点，最终他们破产了。但这样的市场错位，为那些不贪心、不激进的投资者提供了机会。类似机会将再次出现，不会频繁，但你一生中一定会遇到。",[14,135,136],{},"1951 年我刚从学校毕业时，那时没有互联网，我只好翻阅厚厚的手册。标准普尔、穆迪等会出版工业、交通、公共事业等行业的10,000页资料。我寻找那些被低估的公司。在工业手册的后面，我发现了一家叫 Western Insurance Securities 的公司。他们每股收益 29.09 美元，而股价只有 16 美元。我打电话联系了他们的代表，人很好，公司也稳健。我投资了他们。",[14,138,139],{},"2004 年，有人让我看看韩国市场。他们给了我一本关于韩国所有上市公司的手册。某个星期天，我挑出约 20 家财报不错的公司，认为这些公司不会消失。我不了解这些公司的细节，但我知道买入 20 家这样的企业肯定会有不错的回报。",[14,141,142],{},"投资需要的不仅仅是智力，更重要的是“情绪稳定”和“勇气”。2008 年秋，3000 万美国人拥有货币基金，总金额超过三万亿美元。在雷曼倒闭前，没有人担心货币基金。但雷曼倒闭的三天内，有 1750 亿美元从货币基金撤出。人一旦恐慌，就会像多米诺骨牌一样崩塌。信心可以一点点恢复，但恐惧往往是瞬间的。",[14,144,145],{},"这种情况还会重演，虽然细节不同，但节奏类似。价值投资者总是在孤独中买入，因为机会来临时，没有人会为你喝彩。",[26,147],{},[14,149,150],{},[17,151,152],{},"问题 5：",[14,154,155],{},"如果只能在美国以外的一个国家投资，你会选择哪个国家？为什么？",[14,157,158],{},[17,159,40],{},[14,161,162],{},"也许是中国。但我会希望它是一个大市场，因为我们要投入很多钱。我也喜欢韩国，但它必须是一个大市场。也可能是日本。",[14,164,165],{},"我们去年在企业上花了超过 100 亿美元用于设备和厂房投资，是创纪录的一年。其中 90% 是在美国完成的。我们当然也希望在美国以外投资，但问题在于，A）这些交易不够大，B）它们也没有引起我们足够的关注。",[14,167,168],{},"我们在美国以外最大的投资其实是以色列，但那是因为我某天收到了一封陌生人的信。信纸一页半长，他在信里介绍自己的公司，说：“我们家族拥有这家公司，并且我们只想把它卖给伯克希尔。如果你不愿买，我们就不卖。”如果你感兴趣，可以来以色列看看。我被打动了，于是邀请他过来。他真的飞来了，我们最终以 40 亿美元收购了这家公司。",[14,170,171],{},"我们确实会从全球各地寻找投资标的，但这样的机会并不常见。世界上很多地方都不像美国那样适合投资。",[14,173,174],{},"但我想强调一点：你需要身处一个大市场，并且这个市场能提供巨大的回报预期。而且你必须了解这个游戏的规则。我希望你知道我是否真正理解它。在韩国，我确实挑出了一些资产负债表漂亮的公司，大约有 20 家，但这对伯克希尔来说不够。我们需要“打大象”的枪，苍蝇拍是没用的。",[26,176],{},[14,178,179],{},[17,180,181],{},"问题 6：",[14,183,184],{},"你和比尔·盖茨基金会正努力解决的三大全球性问题是什么？",[14,186,187],{},[17,188,40],{},[14,190,191],{},"我们无法用基金会解决全球三大最紧迫的问题。如今我们生活得很安全。实际 GDP 增长虽然不高，但人口每年增长 10% 的话，总产出会提高 20%。问题是网络攻击、核攻击、生化攻击。这些都属于政府层面的问题。我们过去有激进分子，现在也有，而且他们制造伤害的能力更强了。",[14,193,194],{},"造成破坏的威胁取决于动机、知识、原材料、交付能力。这些威胁一直都存在，而且会一直存在。唯一复杂的问题是原材料。但防守永远落后于进攻。我们无法通过基金会解决这些问题，因为它们是政府范畴。",[14,196,197],{},"谈到慈善时，你必须在能做好的事和可能失败但影响巨大的事之间做出选择。人生中有平等的价值，你得选择怎样能带来最大的影响。目前，基金会专注于在美国以外改善医疗，特别是根除小儿麻痹症的问题。当然，美国国内也有很多健康、教育方面的改革机会。",[26,199],{},[14,201,202],{},[17,203,204],{},"问题 7：",[14,206,207],{},"你如何看待巴西等新兴经济体？你是否有兴趣在这些市场投资？如果有，具体会在哪些行业？",[14,209,210],{},[17,211,40],{},[14,213,214],{},"我去过很多次巴西，也有不少联系人。我现在并没有偏好的行业。我认为每个国家应该专注于发展自己的强项。",[14,216,217],{},"我唯一的标准是：这项投资是否足够大，值得我们在伯克希尔考虑。以色列的那个公司就是很好的例子。即使我不懂，也愿意投资，因为那个企业很大、很诚实、值得信赖。如果你能找到一家诚实且管理良好的大公司，我愿意投入。",[26,219],{},[14,221,222],{},[17,223,224],{},"问题 8：",[14,226,227],{},"如果让你在 1 到 10 分的尺度上给自己的成功打分，你会打几分？",[14,229,230],{},[17,231,40],{},[14,233,234],{},"我并不认为我和别人有多不同。我仍然吃着一样的食物，和朋友们一起出去时也玩得很开心，就像其他人一样。唯一的不同大概是我现在出行时坐私人飞机。对我来说，成功就是做你所热爱的事情，并且充满热情。只要你做的是你真正喜欢的事，你就会脱颖而出并取得更好的成绩。如果非要打分，我会说我永远是 10 分。我觉得很多有钱人喜欢炫耀他们的财富，就像“大象撞击”那样（象征性展示地位）。但比如说再买一栋房子对我来说只是个麻烦，我可能会觉得必须住在那儿，结果反而不如现在这个家来得舒服。再比如我不喜欢游艇。它们只是让你把本可以在陆地上更方便完成的事情，变得在海上更难操作而已。我在 Y 俱乐部就可以花少得多的钱做到同样的事。归根结底，金钱并不是衡量成功的标准，真正的成功是你身边有多少深爱你的人。",[26,236],{},[14,238,239],{},[17,240,241],{},"问题 9：",[14,243,244],{},"你推出儿童系列《秘密百万富翁俱乐部》的初衷是什么？你希望通过这个系列让孩子们学到什么关于金钱的内容？",[14,246,247],{},[17,248,40],{},[14,250,251],{},"我父亲从不强迫我做任何事，我也尽力用同样的方式对待自己的孩子。他们三个都上完了大学，但我们家只有一张学位证，要轮流用。你必须找到真正的自我；这不是别人能教你的。在《秘密百万富翁俱乐部》里，我制作了大约 14 集动画。我自己配音，并教授孩子们一些“秘密百万富翁的理念”，帮助他们养成更好的金钱习惯，并推动他们成长。这项计划后来吸引了一些名人加入，比如比尔·盖茨和 Jay-Z，他们还出现在了几集节目中。我们试图向孩子们传达的一些重要观念包括：信用卡的使用和避免坏账等。",[26,253],{},[14,255,256],{},[17,257,258],{},"问题 10：",[14,260,261],{},"对于在男性主导行业工作的女性专业人士，你有什么建议？",[14,263,264],{},[17,265,40],{},[14,267,268],{},"想象一下：过去我们只用了人才库的一小部分就能做到这些事，如果用了 100%，那会是怎样的局面？你去读美国宪法，会发现其中在提及法官和国会议员时并不使用性别代词，但一旦涉及总统就用的是“他（he）”和“他的（his）”。托马斯·杰斐逊曾说“人人生而平等”，林肯也重复了这句话。但从第十九修正案开始，女性终于获得了投票权。时代在变化。",[14,270,271],{},"在过去二十年里，我们看到很多行业都发生了剧变。比如说，29 岁的 Tracy Britt 是四家公司的董事长。她是从康奈尔大学毕业的第一个女性。当年她在解剖学课堂上必须站在帘子后面。虽然还有很长的路要走，但我们正在快速前进。",[14,273,274],{},"如果你正在一家男性主导的公司工作，那就希望伯克希尔·哈撒韦把这家公司收购吧。如果你有孩子，十分之九的情况下，女性会承担家务并因此生活被打断；生活会更艰难。然而，一个忽视一半人才的公司，从长远来看是不会具备竞争力的。",[14,276,277],{},"我小时候，看到女性只能担任极少数角色，比如老师、秘书、或者在家照顾孩子。而很多女性其实能力很强，却没有机会。我们当时错过了很多优秀女性，她们本可以担任董事长的职位。",[26,279],{},[14,281,282],{},[17,283,284],{},"问题 11：",[14,286,287],{},"如果你有机会问神谕者一个问题，你会问什么？",[14,289,290],{},[17,291,40],{},[14,293,294],{},"对全人类来说最重要的问题莫过于：“有神存在吗？”我是个不可知论者，但我仍然很想知道答案。这是世界上最伟大的问题。而且，比你们快得多，我很快就会知道答案了（笑）。",[14,296,297],{},"我喜欢现在这个世界，因为它保留了足够的未知。我可以说我已经“看过了这部电影”的前半段，但我仍然无法预测结局。我喜欢这样——过去固然重要，但它并不决定未来。这个“游戏”以现在这种方式进行真的很有趣，我也不愿意改变太多。",[26,299],{},[14,301,302],{},[17,303,304],{},"问题 12：",[14,306,307],{},"你认为你人生中最好的非财务投资是什么？",[14,309,310],{},[17,311,40],{},[14,313,314],{},"是我两次结婚的“许可证”，虽然我并不知道它们到底值多少钱，但即便要我为此付出百万倍的价格，那依然是笔划算的投资。我猜你想问的是有形资产，那我会说是我的房子。",[14,316,317],{},"当年我买下它时，它占据了我可支配现金的一大部分。但它如此值得，是因为一切重要的回忆都发生在那里。我的孩子们在那里长大，他们的朋友们也常聚在那儿。即使他们现在长大了，他们的朋友仍会回来探访。虽然买房这笔交易有财务方面的考量，但推动我买下它的最主要动机却是非财务的，而正是这些理由，令这笔投资无比值得。",[14,319,320],{},"前不久，我们在那儿为我亲密的朋友和商业伙伴查理举办了90岁生日庆祝活动，来了大约280人。有段时间我一直怀疑查理的听力在下降，但我不知道该怎么告诉他。我去看了医生，问怎么测试最合适，医生建议我站在房间对面，用正常音量说话，看他有没有反应。",[14,322,323],{},"于是，在聚会上，我站在房间的另一头，用正常语气说：“查理，我觉得我们应该以35美元买入通用汽车，你同意吗？”他没有回应。我又走近一半的距离，再次说：“查理，我觉得我们应该以35美元买入通用汽车，你同意吗？”仍然没有反应。最后，我走到他几乎身边，说：“查理，我觉得我们应该以35美元买入通用汽车，你同意吗？”他直视着我说：“我已经说第三次了，同意！”",[26,325],{},[14,327,328],{},[17,329,330],{},"问题 13：",[14,332,333],{},"伯克希尔倾向于收购能自主运营的公司。那么你们什么时候需要重组一家公司的运营或管理团队？",[14,335,336],{},[17,337,40],{},[14,339,340],{},"我们确实更换过一些管理者，但从未需要重组整个企业。更换经理人是我这份工作中最不喜欢的部分，但这在所难免。我们没有退休制度，经理人都知道当你找他们谈话的时候，其实就是在告诉他们他们“要下场了”。很多人是我们的朋友，我真心不愿意换人。但总体来说，伯克希尔更换管理者的频率低于同业。我们拥有 70 多家企业，通常每年会换掉 1 到 2 位经理。",[14,342,343],{},"举个例子，西海岸的一家保险公司老板是我好友，后来他患上了阿尔茨海默病。因为他是我好友，我拖了几年才采取行动——我不愿承认、不愿面对。但我早该这么做。我几乎总是太晚换人，尽管我知道该做。我还遇到过一个长期担任 CEO 的人，他告诉我：“如果我是你，我也会这么做。”",[14,345,346],{},"通常我会给经理人写一封一页或两页的信，告诉他们如果有什么变动，请告知我后继者是谁。这是我的职责所在，即使这并不容易。辨别坏投资尚且容易，识别糟糕的人才管理才是真正艰难的。CEO 的角色太重要了，所以我们必须在公司表现不佳时及时行动。一个正确的 CEO 会让整个公司恢复正轨。",[14,348,349],{},"董事会不是那么容易让人解雇的地方。很难解雇一个业绩一般的 CEO，因为他们可能是好人。美国很多董事会的真正问题就在于此。我现在坐在 19 家董事会里，这真的是个难题，没人愿意站出来做艰难决定。",[26,351],{},[14,353,354],{},[17,355,356],{},"问题14：",[14,358,359],{},"你一生中犯过的最大错误是什么？你从中学到了什么？",[14,361,362],{},[17,363,40],{},[14,365,366],{},"用伯克希尔作为我们最终建立起的公司的载体，是我一生中最大的错误之一。当时我持有伯克希尔的一些股份，而这家公司正关闭纺织厂并回购股票。他们提出了一个回购价格，我们口头约定是每股 11.50 美元。但一个月或两个月后，我递交回购时，他们违背承诺，出价只有 11 又 3\u002F8 美元。于是我就买下了所有流通股。而那时原本的 CEO 已经不在职了。伯克希尔本是一个很糟糕的生意，只不过那时它短期表现还算不错。",[14,368,369],{},"当时我仍在奥马哈经营合伙制基金。1967 年初，本地有个家伙想出售 National Indemnity Insurance Company（国家赔偿保险公司），我买下了它。但我不是另起炉灶成立一家新公司来承接，而是把它放进了伯克希尔。我把一个好公司（保险）放进了一个烂业务（纺织）。如果当年我们以保险公司为基础来构建现在的伯克希尔，那么我们就能持有它 100% 的股份，而不是后来的 70%。我们还白白背负了伯克希尔的纺织业务整整 29 年，这严重拖累了我们的收益率。这是一个极糟糕的起点。",[14,371,372],{},"我还犯过另一个错，是在 1990 年代收购缅因州一家鞋厂。我用价值 4 亿美元的伯克希尔股票换了一个一文不值的业务。我本该用现金支付的。现在那家公司股票值 50 亿美元了。每次伯克希尔股价下跌时，我就会对这笔交易心里稍微好受一点点。这真是太蠢了，蠢上加蠢。",[14,374,375],{},"但我个人生活中却幸运得不可思议。我有非常好的父母，老师也非常棒，不仅仅是课上的那种，还有人生中的朋友。我人生中最幸运的事是拥有了大约 15 个亲密朋友，我从未对他们失望过。与查理·芒格成为搭档更是莫大的幸运。要找到像他这样的人几乎不可能，就像婚姻一样重要。我们虽然都是强势型人格，意见也常常不同，但从未争吵过。他们是我心中的英雄。人生中最糟的事之一是被人辜负，但这事从未发生在我身上。我刻意让自己与那些比我更优秀的人为伍。你会逐渐变得更像你身边的人。",[14,377,378],{},"我在商业上也曾遭遇过一些运气不佳的时候，但你得振作起来，继续前行。也许这次篮球锦标赛我也会运气不好，赔上一亿美元。虽然如此，这还是会很有趣，我会带着支票和最后留下的那位参赛者一起去看比赛——可能我们还会为不同的球队加油。",[26,380],{},[14,382,383],{},[17,384,385],{},"问题15：",[14,387,388],{},"自 2008 年以来，你做过最棒的一笔投资是什么？最糟的一笔又是什么？",[14,390,391],{},[17,392,40],{},[14,394,395],{},"伯克希尔所面临的一大挑战就是它实在太大了，以至于它必须寻找很大的交易。2008 年金融危机爆发前，伯克希尔曾决定收购陶氏化学（Dow Chemical），出价 30 亿美元，而这笔交易在 2008 年 10 月生效。我们当时承诺了就必须兑现，最终我们也确实履约。但事后回头看，那时其实还有许多比它更好的交易，仅 30 亿美元就能搞定。还有一件事是我们在 2008 年 10 月 15 日和 10 月 25 日之间总共投资了 155 亿美元，时机上略早了一点。",[14,397,398],{},"伯克希尔当时还没有“用尽子弹”，但实际上我们已将能打的几乎都打出去了。许多最佳交易其实出现在 2009 年初。伯灵顿北方铁路（Burlington Northern）是一笔非常棒的交易，它为伯克希尔提供了一个永久的、稳定的收益来源，但它耗尽了我们最后的“火力”。伯克希尔在那之后很难再有精力出手做新的交易。",[26,400],{},[14,402,403],{},[17,404,405],{},"问题16：",[14,407,408],{},"2010 年，你与比尔·盖茨先生共同公开发起了“捐赠誓言”，鼓励全球最富有的人将其大部分财富捐赠给慈善事业。在此之前，你原本打算在去世后再将大部分个人财富捐出。然而你改变了这个想法，并开始按计划进行捐赠。请问是什么促使了你这一观念上的转变？你如何看待社会投资（即不仅为利润而投资，还带有社会目标）？你是否认为社会投资有其存在空间？还是认为利润与慈善应当彼此分离？",[14,410,411],{},[17,412,40],{},[14,414,415],{},"自从我妻子于 2004 年去世之后，我的捐赠计划发生了变化。我很早就决定，我和妻子已经拥有了我们所需的一切，剩下的所有财富都将回馈社会。起初，我计划将 85% 的财富捐赠给五个基金会。最近，我决定将原本要留给孩子们的金额翻倍。我还承诺，我所持有的所有伯克希尔·哈撒韦的股份将在我去世后捐给这些基金会，并要求在 10 年内全部使用完毕。我希望现任管理层能来做这些决策，而不是 10 年后谁也不知道的人来主导。",[14,417,418],{},"如今的年轻成功人士，例如扎克伯格，能够通过社会影响力引导下一代以社会为本。我个人并不认为投资和社会问题应当混合在一起。大多数将这两者混合的提案都模糊不清、界限不明，结果通常既不能成为好投资，也难以作为成功的企业。",[26,420],{},[14,422,423],{},[17,424,425],{},"问题17：",[14,427,428],{},"巴菲特先生，您能否谈谈最近“疯狂三月”篮球竞猜大赛以及伯克希尔名字被用于房地产业务的情况？这是否标志着伯克希尔品牌开始商业化？",[14,430,431],{},[17,432,40],{},[14,434,435],{},"“十亿美元疯狂三月竞猜”其实是一笔保险交易。Quicken Loans 会在 5 年内向预测完全正确的人支付 10 亿美元奖金，而伯克希尔就是为 Quicken Loans 提供承保的一方。伯克希尔以前也做过类似的交易，例如与百事可乐合作搞过某个竞猜活动。非常规保险业务正是伯克希尔的专长之一。例如，伯克希尔曾为棒球选手亚历克斯·罗德里格斯加盟德州游骑兵队时投保，也曾承保 NCAA 锦标赛等。",[14,437,438],{},"至于房地产业务品牌的问题，伯克希尔旗下的“伯克希尔哈撒韦家庭服务网络”（Berkshire Hathaway HomeServices Network）近年来稳定扩张，目前已成为美国第二大房地产经纪网络。伯克希尔还持有 Clayton Homes 和普天寿（Prudential）房地产业务的特许经营权（后者是两年前收购的）。更名为“伯克希尔哈撒韦家庭服务网络”只是顺理成章的品牌过渡，而非为了强化“伯克希尔”名称而做的大规模品牌营销。",[26,440],{},[14,442,443],{},[17,444,445],{},"问题18：",[14,447,448],{},"你们在“非公开市场”中的投资策略有何不同？",[14,450,451],{},[17,452,40],{},[14,454,455],{},"在当下环境下，非公开市场有很多交易在进行。人们彼此之间不断买卖企业。这种市场充满竞争，买方也有压力必须尽快完成交易或迅速回笼资金。而伯克希尔只会在创始家族或大股东主动提出出售时才出手。他们会来找我们，说他们想把公司卖给伯克希尔。他们知道卖给别人也许能获得更高报价，但他们也知道，我们说要买就一定会买，不管市场风云如何，交易一定会达成。我不会像私募基金那样，在尽职调查之后改变条款。他们知道，把企业卖给伯克希尔，就意味着成为我们家族的一员，员工也无需担心第二天会发生什么。",[14,457,458],{},"当然，如果你有一个好生意，为什么还要卖呢？不过，确实存在一些不得不卖的情况，比如家庭问题或经济衰退。例如我们收购伯灵顿铁路时正值深度衰退期。我们，伯克希尔，是这个市场中除了价格以外最好的买家。我们给出的价格是多少就是多少，不谈判，这也省去了很多麻烦。",[14,460,461],{},"（全）",{"title":463,"searchDepth":464,"depth":464,"links":465},"",2,[],"访谈与文章",null,"巴菲特会见Ivey商学院MBA与HBA学生，分享投资理念与职业建议，强调理性决策与长期思考的重要性。","md",{},true,110,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",{"title":5,"description":468},"巴菲特：2014年与ivey商学院MBA学生会面纪要｜巴菲特","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao","buffett\u002Finterview\u002Fba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao","3rKpUNfF2SydPjrPZrqc5rw3h8-Hir8h0xLoLtcsYDw","buffett",[481,486,489,493,496,499,502,506,509,512,516,519,522,526,529,532,536,539,542,546,549,552,556,559,562,566,569,572,576,579,582,586,589,592,596,599,602,606,609,612,616,619,622,626,629,632,636,639,642,646,649,652,656,659,662,666,669,672,676,679,682,686,689,692,696,699,702,706,709,712,716,719,722,726,729,732,736,739,742,746,749,752,756,759,762,766,769,772,776,779,782,786,789,792,796,799,802,806,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1173,1176,1180,1183,1187,1190,1194,1197,1201,1204,1208,1211,1215,1218,1222,1225,1229,1232,1236,1239,1243,1246,1250,1253,1257,1260,1264,1267,1271,1274,1278,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354,1358,1362,1366,1370,1374,1378,1382,1386,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454,1458,1462,1466,1470,1474,1478],{"title":482,"slug":483,"category":484,"order":485},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":487,"slug":488,"category":466,"order":485},"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":490,"slug":491,"category":492,"order":485},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":494,"slug":495,"category":484,"order":464},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":497,"slug":498,"category":466,"order":464},"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":500,"slug":501,"category":492,"order":464},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":503,"slug":504,"category":484,"order":505},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":507,"slug":508,"category":466,"order":505},"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":510,"slug":511,"category":492,"order":505},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":513,"slug":514,"category":484,"order":515},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":517,"slug":518,"category":466,"order":515},"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":520,"slug":521,"category":492,"order":515},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":523,"slug":524,"category":484,"order":525},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":527,"slug":528,"category":466,"order":525},"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":530,"slug":531,"category":492,"order":525},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":533,"slug":534,"category":484,"order":535},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":537,"slug":538,"category":466,"order":535},"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":540,"slug":541,"category":492,"order":535},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":543,"slug":544,"category":484,"order":545},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":547,"slug":548,"category":466,"order":545},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":550,"slug":551,"category":492,"order":545},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":553,"slug":554,"category":484,"order":555},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":557,"slug":558,"category":466,"order":555},"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":560,"slug":561,"category":492,"order":555},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":563,"slug":564,"category":484,"order":565},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":567,"slug":568,"category":466,"order":565},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":570,"slug":571,"category":492,"order":565},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":573,"slug":574,"category":484,"order":575},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":577,"slug":578,"category":466,"order":575},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":580,"slug":581,"category":492,"order":575},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":583,"slug":584,"category":484,"order":585},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":587,"slug":588,"category":466,"order":585},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":590,"slug":591,"category":492,"order":585},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":593,"slug":594,"category":484,"order":595},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":597,"slug":598,"category":466,"order":595},"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":600,"slug":601,"category":492,"order":595},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":603,"slug":604,"category":484,"order":605},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":607,"slug":608,"category":466,"order":605},"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":610,"slug":611,"category":492,"order":605},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":613,"slug":614,"category":484,"order":615},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":617,"slug":618,"category":466,"order":615},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":620,"slug":621,"category":492,"order":615},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":623,"slug":624,"category":484,"order":625},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":627,"slug":628,"category":466,"order":625},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":630,"slug":631,"category":492,"order":625},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":633,"slug":634,"category":484,"order":635},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":637,"slug":638,"category":466,"order":635},"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":640,"slug":641,"category":492,"order":635},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":643,"slug":644,"category":484,"order":645},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":647,"slug":648,"category":466,"order":645},"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":650,"slug":651,"category":492,"order":645},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":653,"slug":654,"category":484,"order":655},"1965 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巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":677,"slug":678,"category":466,"order":675},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":680,"slug":681,"category":492,"order":675},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":683,"slug":684,"category":484,"order":685},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":687,"slug":688,"category":466,"order":685},"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":690,"slug":691,"category":492,"order":685},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":693,"slug":694,"category":484,"order":695},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":697,"slug":698,"category":466,"order":695},"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":700,"slug":701,"category":492,"order":695},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":703,"slug":704,"category":484,"order":705},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":707,"slug":708,"category":466,"order":705},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":710,"slug":711,"category":492,"order":705},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":713,"slug":714,"category":484,"order":715},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":717,"slug":718,"category":466,"order":715},"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":720,"slug":721,"category":492,"order":715},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":723,"slug":724,"category":484,"order":725},"1966年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":915,"slug":916,"category":466,"order":913},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":918,"slug":919,"category":484,"order":920},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":922,"slug":923,"category":466,"order":920},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":925,"slug":926,"category":484,"order":927},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":929,"slug":930,"category":466,"order":927},"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":932,"slug":933,"category":484,"order":934},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":936,"slug":937,"category":466,"order":934},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":939,"slug":940,"category":484,"order":941},"1981 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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":967,"slug":968,"category":484,"order":969},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":971,"slug":972,"category":466,"order":969},"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":974,"slug":975,"category":484,"order":976},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":978,"slug":979,"category":466,"order":976},"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":981,"slug":982,"category":484,"order":983},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":985,"slug":986,"category":466,"order":983},"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":988,"slug":989,"category":484,"order":990},"1988 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巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1076,"slug":1077,"category":466,"order":1074},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1079,"slug":1080,"category":484,"order":1081},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1083,"slug":1084,"category":466,"order":1081},"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":1086,"slug":1087,"category":484,"order":1088},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1090,"slug":1091,"category":466,"order":1088},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1093,"slug":1094,"category":484,"order":1095},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1097,"slug":1098,"category":466,"order":1095},"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":1100,"slug":1101,"category":484,"order":1102},"2004 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巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1132,"slug":1133,"category":466,"order":1130},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1135,"slug":1136,"category":484,"order":1137},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1139,"slug":1140,"category":466,"order":1137},"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":1142,"slug":1143,"category":484,"order":1144},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1146,"slug":1147,"category":466,"order":1144},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1149,"slug":1150,"category":484,"order":1151},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1153,"slug":1154,"category":466,"order":1151},"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":1156,"slug":1157,"category":484,"order":1158},"2012 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1188,"slug":1189,"category":466,"order":1186},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1191,"slug":1192,"category":484,"order":1193},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1195,"slug":1196,"category":466,"order":1193},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1198,"slug":1199,"category":484,"order":1200},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1202,"slug":1203,"category":466,"order":1200},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1205,"slug":1206,"category":484,"order":1207},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1209,"slug":1210,"category":466,"order":1207},"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":1212,"slug":1213,"category":484,"order":1214},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1216,"slug":1217,"category":466,"order":1214},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1219,"slug":1220,"category":484,"order":1221},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1223,"slug":1224,"category":466,"order":1221},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":1226,"slug":1227,"category":484,"order":1228},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1230,"slug":1231,"category":466,"order":1228},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1233,"slug":1234,"category":484,"order":1235},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1237,"slug":1238,"category":466,"order":1235},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1240,"slug":1241,"category":484,"order":1242},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1244,"slug":1245,"category":466,"order":1242},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":1247,"slug":1248,"category":484,"order":1249},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1251,"slug":1252,"category":466,"order":1249},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1254,"slug":1255,"category":484,"order":1256},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1258,"slug":1259,"category":466,"order":1256},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1261,"slug":1262,"category":484,"order":1263},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1265,"slug":1266,"category":466,"order":1263},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":1268,"slug":1269,"category":484,"order":1270},"2025 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