[{"data":1,"prerenderedAt":1766},["ShallowReactive",2],{"library-ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016":3,"library-sidebar-buffett":230,"library-sidebar-dao":1232,"library-sidebar-models":1534},{"id":4,"title":5,"body":6,"category":216,"date":217,"description":218,"extension":219,"meta":220,"navigation":221,"order":222,"path":223,"seo":224,"seoDescription":218,"seoTitle":225,"slug":226,"stem":227,"__hash__":228,"_collection":229},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016.md","巴菲特：2016年对话八所商学院学生2016",{"type":7,"value":8,"toc":211},"minimark",[9,13,18,22,25,28,33,44,48,51,55,58,62,69,73,76,79,83,86,90,93,97,103,107,110,114,117,121,124,128,131,135,138,142,148,152,155,158,162,168,172,175,179,182,185,189,199,202,205,208],[10,11,5],"h1",{"id":12},"巴菲特2016年对话八所商学院学生2016",[14,15,17],"h2",{"id":16},"巴菲特对话八所商学院学生2016","巴菲特：对话八所商学院学生2016",[19,20,21],"p",{},"2016 年11 月18 日",[19,23,24],{},"沃伦巴菲特会见了来自耶鲁、哥伦比亚、Grinell 等八所商学院的学生。以下为马里兰大学David Kass 教授和MBA 学生笔记。在两个半小时的对话时间内巴菲特回答了20 个问题。",[19,26,27],{},"在回答问题前，巴菲特提到他的听力不如从前。他说，最近有一次他站在房间的另一头，对芒格说：\"我们在 33 元的价格买入通用汽吧？\"芒格没有反应，他靠近了一点，又说了一次。芒格仍然没有反应。然后他走到芒格身边，再重复说了一次。芒格回答：\"我已经回答两次了！这是第三次回答：好的！\" 巴菲特还邀请所有在场学生参加伯克希尔在奥马哈的年度会议。\"由于伯克希尔买了航空公司股票，你们应该做头等舱去参会\"。",[29,30,32],"h4",{"id":31},"_1你在招聘时最看重候选人的什么特质","1，你在招聘时最看重候选人的什么特质？",[19,34,35,36,40,41],{},"巴菲特：伯克希尔共有36 万名员工，但总部只有25 个人。伯克希尔70 家企业的经理们自己选择自己想要的人。",[37,38,39],"strong",{},"他们所看重的品质是聪明、勤奋和正直。但是作为经理人最重要的是对所从事业务充满激情","。使伯克希尔的70 位经理脱颖而出的不是智商，而是对他们事业的激情。我在21 岁开始找工作时，曾经被格雷厄姆拒绝。几年后，我收到来自他的一封信：下次你到纽约的时候，来找我谈谈。于是我第二天就过去了。我从来没有问过工资的事情。",[37,42,43],{},"你应该从事的工作是：当你无需工作时，仍然想做的事情。",[29,45,47],{"id":46},"_2标普500-指数的公司里变得越来越好的公司有多少","2，标普500 指数的公司里，变得越来越好的公司有多少？",[19,49,50],{},"巴菲特：我是19 家上市公司的董事会成员。3G 资本增加了对卡夫亨氏(Kraft Heinz)和A-B 啤酒(Anheuser Busch InBev)的投资。亚马逊的Jeff Bezos 是我见过的最好的生意人。管理质量在提高，管理层的薪酬也更好。CEO 的主要职责是资本配置。董事们的薪水现在约为30-40 万美元，但董事一般不起作用。Berkshire 的董事是自己用现金购买伯克希尔股票，而不是大多数公司通常使用的授予股票期权的方式。",[29,52,54],{"id":53},"_3你担心国债的规模吗","3，你担心国债的规模吗？",[19,56,57],{},"巴菲特：美国的负债\u002FGDP 比值是100%，但净负债(减去信托基金)会少点，占GDP 的70%。我们的净负债在第二次世界大战中高达GDP 的120%，在里根时代低至35-38%。只要我们的债务是美元，它不会导致我们任何问题，我们可以总是印刷更多的美元。税收占GDP 的16-20%。今天的医疗成本占GDP 的17%，高于1970年的5%。而第二高国家在医疗保健上只占GDP 的11%。公司税占GDP 的2%，低于过去的4%。",[29,59,61],{"id":60},"_4关于joe-rosenfeld","4，关于Joe Rosenfeld",[19,63,64,65,68],{},"巴菲特多年以来是Grinnell 学院的受托人，Joe Rosenfeld 在Grinnell 是巴菲特的英雄。巴菲特也提到，我们一生中做的最重要的决定是选择配偶。\"",[37,66,67],{},"如果你想要一个长久的婚姻，嫁一个低期望值的人","。",[29,70,72],{"id":71},"_5你对主动管理和被动管理的看法是什么","5，你对主动管理和被动管理的看法是什么？",[19,74,75],{},"巴菲特：总的来说，被动管理就是主动管理。标普500 代表美国的总体发展成果。九年前，巴菲特用100 万美元打赌先锋标普500 指数基金的表现比一只FOF(基金的基金)更好。结果标普500 指数的表现显著超过这只FOF 基金。对冲基金总回报的一半已经流向基金管理人，并且他们的表现逊于指数达40%。基金经理越来越有钱，投资者却遭到损失。找到良好管理的公司，让他们长期成长。这是被动的方法。购买并持有。",[19,77,78],{},"成功的投资者需要有正确的大局观。高智商的人经常犯傻。",[29,80,82],{"id":81},"_6你对多德-弗兰克法案怎么看","6，你对多德-弗兰克法案怎么看？",[19,84,85],{},"巴菲特：我们今天处理金融危机的手段空间不如2008 年。我们在2008 年遭遇了金融危机。多德-弗兰克法案已经夺走了美联储在危机中采取行动的能力。在2008 年9 月伯南克说他将做任何事情，并且只有他能够阻止金融危机蔓延。现在货币市场基金规模已经达到3.5 万亿美元，这个数字是美国银行7 万亿美元存款的50%。这可能是有史以来的最大规模。伯南克能够从1933 年设立的紧急稳定基金中获得黄金。2008 年，乔治·布什总统说出了也许是经济史上十个最重要的单词：\"如果市场仍然没钱，伯南克就下台。\"但多德-弗兰克法案把美联储的权利收回了。恐惧是持续性的，信心却是一点点回来，而不是连续的。通用电气和高盛都是\"多米诺骨牌\"上的一个环节。我们很幸运，我们有最好的人民。",[29,87,89],{"id":88},"_7固定收益市场对股票有什么影响","7，固定收益市场对股票有什么影响？",[19,91,92],{},"巴菲特：利率之于资产的估值，好比地球引力之于物体的质量。在股票价格过高之前，将会有许多利率变动。30 年国债的利率从1982 年的14.5%下降到到2016 年的2.5%。最近30 年期国债从2.6%上升至2.8%。从现在起四至五年，如果长期利率保持在4%，股票是便宜的。\"我们每天购买股票比卖出多，直到利率变得更高\"。有利可图的交易将是卖出30 年期债券，并买入标普500 指数。但这很难做到大规模。借钱交易比任何事情更容易使人破产。芒格说过，聪明人\"因为酒，女人和杠杆(liquor、ladies and leverage)\"破产。",[29,94,96],{"id":95},"_8为什么巴菲特不投资科技公司","8，为什么巴菲特不投资科技公司？",[19,98,99,100],{},"巴菲特：Berkshire 的基金经理TedWeschler 与ToddCombs 各自管理90 亿美元的资金。他们投资了苹果。苹果用户对苹果提供的产品着迷。巴菲特在自己的能力圈范围内具有投资上的竞争优势，不包括技术公司。随着时间的推移，他的投资眼界变得更加宽广，但是在他的能力圈外，科技圈子的人了解得比他多。",[37,101,102],{},"巴菲特提到，他没有投资微软，即使微软的win 产品完全没有生产成本，而且微软因为垄断操作系统而极为赚钱。",[29,104,106],{"id":105},"_9有哪些基本投资智慧是你不同意的","9，有哪些基本(投资)智慧是你不同意的？",[19,108,109],{},"巴菲特：长久以来，投资并没有太大的变化。BenGrahams 的班级里有15 个学生。他的关注的是2-3 年的现金流和确定回报。股票是具有票息的债券。伯克希尔是具有票息的股票。几年前巴菲特投资了15 个韩国公司，卖掉的时候赚了两倍的收益。除了这些公司的估值很低是确定的以外，他对这些公司所知并不多。他当时做了分散投资，获得了非常不错的结果。如果你投资了好公司，那么你就无需分散投资。任何智商超过130 的人都应该在那个价位卖出股票。",[29,111,113],{"id":112},"_10如果你今天以一百万美元开始你会怎么投资呢","10，如果你今天以一百万美元开始，你会怎么投资呢？",[19,115,116],{},"巴菲特：如果我现在只有一百万美元，那么肯定什么地方出了大问题。今天，用一百万美元，他和芒格可能将这些钱投资在四只股票上。当他从哥伦比亚大学毕业的时候，他将资金净值的75%投资在GEICO 保险中。他在 1956 年用10.5 万美元开始投资，到1969\u002F70 结束合伙公司的时候，资金达1.05 亿美元，增长1000 倍。",[29,118,120],{"id":119},"_11你会欣赏别人的哪些素质","11，你会欣赏别人的哪些素质？",[19,122,123],{},"巴菲特：选择那些你会想要得到他未来赚的钱的10%的人。那些很有幽默感、你会想由他们来领导的人。",[29,125,127],{"id":126},"_12你对高频交易有什么看法","12，你对高频交易有什么看法？",[19,129,130],{},"巴菲特：高频交易不会给世界带来任何东西。它不会伤害到伯克希尔。巴菲特建议收点交易税。",[29,132,134],{"id":133},"_13美联储的行为对股票市场有哪些影响","13，美联储的行为对股票市场有哪些影响？",[19,136,137],{},"巴菲特：央行已经降低利率，对全球产生了影响。欧洲是负利率。10 年前，美联储的资产负债1 万亿美元，今天是4 万亿美元。如果巴菲特可以重生，他想当美联储主席。美联储是美国财政部的第四大收入来源。它去年向美国财政部支付了1170 亿美元的股息。它是有史以来最大的对冲基金。其净资产为4-5 万亿美元，其中包括 2.5 万亿美元的国债，美联储承担超过3%的美国收入。中央银行从未如此重要，也没有人知道这种情况(负利率)接下会怎样发展。哪里有混乱，哪里就有机会。",[29,139,141],{"id":140},"_14你对富国银行新任ceo-tim-sloan-怎么看","14，你对富国银行新任CEO Tim-Sloan 怎么看？",[19,143,144,145],{},"巴菲特：整个三分之一美国都与富国银行有业务往来。虽然WFC 破坏了某些信任，但是从现在开始一年内储户的数量仍然会增加。其资产负债表为1-2 万亿美元。前首席执行官JohnStumpf 创建了一个影响不良的激励制度。他本应该迅速反应，但他没有。1989 年所罗门兄弟的JohnGutfreund 的反应也慢了。出现问题是，人们应该迅速面对。\"准确定位问题，迅速获知问题，然后解决问题\"(Get it right,Get it fast,Get it over)。富国银行终将做的很好。伯克希尔没有卖出富国银行的股票。",[37,146,147],{},"芒格说：\"一盎司的预防比一吨的治疗更有价值。\"",[29,149,151],{"id":150},"_15ajitjain-和保险的问题","15，AjitJain 和保险的问题",[19,153,154],{},"巴菲特：1950 年一月份的一个星期六的早晨，当我乘坐火车从纽约到华盛顿特区拜访GEICO 时，他是幸运的。因为他的偶像格雷厄姆是GEICO 的主席，巴菲特想尽可能多地学习。他敲了门，出来的是一个看门人。他并不知道，华盛顿的人们在星期六的时候是不上班的(跟在奥马哈一样)。巴菲特问：除了你还有其他人在吗？幸运的是，一个叫做LorimarDavidson 的高管就在那里，然后他花了接下来的3-4 个小时向巴菲特解释了保险业务。",[19,156,157],{},"这改变了巴菲特的生活轨迹。1967 年伯克希尔买下了国民保险公司。1986 年的一个星期六AjitJain 走进了他的办公室。30 年后的今天，Ajit 管理着伯克希尔的再保险业务，每天都和巴菲特交谈。Ajit\"每个小时都有新创意\"(911 恐袭之后)，而GEICO 从1936 年之后就没有改变过。十年后Ajit 的业务将与今天非常不同。在伯克希尔，假如哪位雇员能成功预测哪16 支球队将会进入NCAA March Madness 的\"甜蜜16 强\"，那么公司将会每年支付他100 万美元直到他死亡。GEICO 的平均保单是1700 美元\u002F年。一些Geico 员工的保单电话销售能力是其他人的四倍。\"当你和客户在打电话的时候，在你的桌子上放一张你最爱的人的照片，然后用你和那个人交谈的方式去交谈。\"",[29,159,161],{"id":160},"_16科技的发展是否会取代人类智慧","16，科技的发展是否会取代人类智慧？",[19,163,164,165],{},"巴菲特：",[37,166,167],{},"技术摆脱不了人类基因里的恐惧和贪婪。你不能给电脑编程来产生持续的竞争优势，也不能为员工创造激情。伯克希尔现在并不处于劣势。相比计算机，巴菲特更喜欢TedWeschler 和ToddCombs。",[29,169,171],{"id":170},"_17你所犯的最大错误是什么从中学到了什么","17，你所犯的最大错误是什么，从中学到了什么？",[19,173,174],{},"巴菲特：他最初的三项业务现在已经破产了：(1) 伯克希尔纺织业务，(2)蓝筹印花公司，以及(3)零售业务，位于Baltimore 的百货商店。他犯了一些\"人\"方面的错误。他工作最糟糕的部分就是不得不解雇一个员工。他最遗憾的是\"那些即使我做了充分的调查，但也没有做、最终错过的事\"。",[29,176,178],{"id":177},"_18为什么伯克希尔投资航空公司你会避免投资周期性行业吗","18，为什么伯克希尔投资航空公司？你会避免投资周期性行业吗？",[19,180,181],{},"巴菲特：巴菲特不会讨论他最近的投资。但是他在美国Air Preferred(1989)上损失了一大笔钱。有段时间他的股票25 分美元都卖不出去，但是后面几年后以2 美元卖出，赚了一大笔。",[19,183,184],{},"通常较小的仓位(10 亿美元以下)就是Ted 的或者是Todd 的的决定。",[29,186,188],{"id":187},"_19金融行业中最重要的技能是什么","19，金融行业中最重要的技能是什么？",[19,190,164,191,194,195,198],{},[37,192,193],{},"金融行业最重要的技能是销售技能","。好比你是怎样说服别人与你结婚的，你是怎样得到一份工作的。能做得好的最重要的特质是，",[37,196,197],{},"能够控制恐惧和贪婪的能力","，因为恐惧和贪婪可能毁了一切。",[19,200,201],{},"任何一个已经富有的人，还想要翻倍都是愚蠢的想法。为什么要拿你已有的去冒险，去追求你并不需要的",[19,203,204],{},"呢？如果你已经富有，那再去冒险就没有什么好处了，反而会面临不利的风险。",[19,206,207],{},"最后，巴菲特用\"在年会上给我而不是芒格投票\"作为结束。",[209,210],"hr",{},{"title":212,"searchDepth":213,"depth":213,"links":214},"",2,[215],{"id":16,"depth":213,"text":17},"访谈与文章",null,"巴菲特会见耶鲁、哥大等八所商学院学生，在两个半小时内回答多样化的提问，分享投资智慧与人生经验。","md",{},true,119,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",{"title":5,"description":218},"巴菲特：2016年对话八所商学院学生2016｜巴菲特","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016","buffett\u002Finterview\u002Fba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016","h9wOi_xBRvwYCUaGfUNWUFkgNyAfAIF9Sa2cbS-m0Dk","buffett",[231,236,239,243,246,249,252,256,259,262,266,269,272,276,279,282,286,289,292,296,299,302,306,309,312,316,319,322,326,329,332,336,339,342,346,349,352,356,359,362,366,369,372,376,379,382,386,389,392,396,399,402,406,409,412,416,419,422,426,429,432,436,439,442,446,449,452,456,459,462,466,469,472,476,479,482,486,489,492,496,499,502,506,509,512,516,519,522,526,529,532,536,539,542,546,549,552,556,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228],{"title":232,"slug":233,"category":234,"order":235},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":257,"slug":258,"category":216,"order":255},"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":260,"slug":261,"category":242,"order":255},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":263,"slug":264,"category":234,"order":265},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":267,"slug":268,"category":216,"order":265},"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":270,"slug":271,"category":242,"order":265},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":273,"slug":274,"category":234,"order":275},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":277,"slug":278,"category":216,"order":275},"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":280,"slug":281,"category":242,"order":275},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":283,"slug":284,"category":234,"order":285},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":287,"slug":288,"category":216,"order":285},"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":290,"slug":291,"category":242,"order":285},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":293,"slug":294,"category":234,"order":295},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":297,"slug":298,"category":216,"order":295},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":300,"slug":301,"category":242,"order":295},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":303,"slug":304,"category":234,"order":305},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":307,"slug":308,"category":216,"order":305},"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":310,"slug":311,"category":242,"order":305},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":313,"slug":314,"category":234,"order":315},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":317,"slug":318,"category":216,"order":315},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":320,"slug":321,"category":242,"order":315},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":323,"slug":324,"category":234,"order":325},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":327,"slug":328,"category":216,"order":325},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":330,"slug":331,"category":242,"order":325},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":333,"slug":334,"category":234,"order":335},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":337,"slug":338,"category":216,"order":335},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":340,"slug":341,"category":242,"order":335},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":343,"slug":344,"category":234,"order":345},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":347,"slug":348,"category":216,"order":345},"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":350,"slug":351,"category":242,"order":345},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":353,"slug":354,"category":234,"order":355},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":357,"slug":358,"category":216,"order":355},"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":360,"slug":361,"category":242,"order":355},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":363,"slug":364,"category":234,"order":365},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":367,"slug":368,"category":216,"order":365},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":370,"slug":371,"category":242,"order":365},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":373,"slug":374,"category":234,"order":375},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":377,"slug":378,"category":216,"order":375},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":380,"slug":381,"category":242,"order":375},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":383,"slug":384,"category":234,"order":385},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":387,"slug":388,"category":216,"order":385},"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":390,"slug":391,"category":242,"order":385},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":393,"slug":394,"category":234,"order":395},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":397,"slug":398,"category":216,"order":395},"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":400,"slug":401,"category":242,"order":395},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":403,"slug":404,"category":234,"order":405},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":407,"slug":408,"category":216,"order":405},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":410,"slug":411,"category":242,"order":405},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":413,"slug":414,"category":234,"order":415},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":417,"slug":418,"category":216,"order":415},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":420,"slug":421,"category":242,"order":415},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":423,"slug":424,"category":234,"order":425},"1965年11月 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周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":450,"slug":451,"category":242,"order":445},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":453,"slug":454,"category":234,"order":455},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":457,"slug":458,"category":216,"order":455},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":460,"slug":461,"category":242,"order":455},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":463,"slug":464,"category":234,"order":465},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":467,"slug":468,"category":216,"order":465},"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":470,"slug":471,"category":242,"order":465},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":473,"slug":474,"category":234,"order":475},"1966年中 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