[{"data":1,"prerenderedAt":1763},["ShallowReactive",2],{"library-ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji":3,"library-sidebar-buffett":227,"library-sidebar-dao":1229,"library-sidebar-models":1531},{"id":4,"title":5,"body":6,"category":213,"date":214,"description":215,"extension":216,"meta":217,"navigation":218,"order":219,"path":220,"seo":221,"seoDescription":215,"seoTitle":222,"slug":223,"stem":224,"__hash__":225,"_collection":226},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji.md","巴菲特：2017年对话北京大学学生：最好的投资是投资自己",{"type":7,"value":8,"toc":210},"minimark",[9,13,17,20,27,30,36,39,44,47,50,55,58,63,66,69,75,80,83,88,91,96,99,104,110,115,120,123,126,129,134,141,146,152,157,160,163,168,174,179,182,187,190,196,201,204,207],[10,11,5],"h1",{"id":12},"巴菲特2017年对话北京大学学生最好的投资是投资自己",[14,15,16],"p",{},"2017年2月17日",[14,18,19],{},"美国中部时间 2 月 17 日，全球知名的“巴菲特午餐”访问活动在沃伦巴菲特的家乡奥马哈举行，这顿“免费”的午餐正是该访问活动中的一个环节。北京大学是中国大陆第一家受巴菲特办公室邀请参加该活动的大学。来自北京大学光华管理学院的 20 名学生代表参加了此次访问活动，并向巴菲特提问。",[14,21,22],{},[23,24],"img",{"alt":25,"src":26},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_5186959125811745089.png",[14,28,29],{},"在长达 4 小时的午餐中，巴菲特和青年学子交流了很多精彩的话题。据了解，每年申请参与“巴菲特午餐”访问活动的全球知名商学院不少于 200 所。此次，共计 8 所大学受邀，包括加州大学伯克利分校、芝加哥大学、威斯康星大学等。北京大学光华管理学院依托北京大学深厚的历史底蕴和文化积淀，作为北大工商管理教育的主体，是亚太地区最优秀的商学院之一，在众多商学院中脱颖而出，是此次中国唯一一家受邀全程参与 2017 年“巴菲特午餐”访问活动的商学院。",[14,31,32],{},[33,34,35],"strong",{},"Q1：您对在中国投资有兴趣吗？如果在中国投资的话，最看好哪个行业？",[14,37,38],{},"**巴菲特：**中国是一个很大的市场，具有非常多的可能性。我和我的合作伙伴查理芒格有很多关于中国的讨论和研究，我们注重公司的价值而非股票价格，希望购买下整个企业以进行运营。在过去的 50 年，中国人口飞速发展，人口红利巨大。一些波折并不会影响中国发展的脚步。中、美将来会是两大经济强国。如果在中国能找到合适的行业、合适的时间、合适的管理团队，我们会毫不犹豫的投资。",[14,40,41],{},[33,42,43],{},"Q2：您既是世界上最富有的人之一，也是最慷慨的人之一。您是如何看待财富的？这种观念是一开始就有的，还是逐渐建立起来的？",[14,45,46],{},"**巴菲特：**这是个好问题，我们来谈谈金钱。金钱很有用，但它买不到两样东西：时间和爱。我有一样东西可以算作奢侈品——私人飞机，其他东西都和你们一样。在超过某个特定节点之后，金钱就失去它的效用了。慈善可以改变很多人的生活，我和我太太都认为我们应该把金钱用在解决社会问题上。比如美国的大学有很多资金，而非洲的疾病治疗资金却很短缺。",[14,48,49],{},"金钱可以带来很多有趣的体验，我享受投资。但是，拥有更多的东西不见得会更快乐。金钱无法买来爱，当人们试图通过金钱去控制自己的孩子时，可能会带来灾难性的结果。我认为照顾好家人是很重要的。",[14,51,52],{},[33,53,54],{},"Q3：比尔盖茨曾说您是他认识的最乐观的人。您认为自己是乐观的人吗？乐观是与生俱来还是后天培养的？",[14,56,57],{},"**巴菲特：**乐观对于一个好投资者来说是至关重要的品质。现在与三个世纪前的杰斐逊时期相比，人口、交通、经济制度、政府、法治等各个方面都发生了巨大的变化和进步。人们并没有更聪明，或更努力，而是学会更好地利用自己的潜能。现在这个房间里的任何一个人都比过去最富有的人生活得好，享受着更好的医疗、更好的娱乐……变好的趋势还会延续下去，我们的孩子会生活得比我们更好。面对这种社会的进步，我怎能不乐观呢？乐观的就是现实的。",[14,59,60],{},[33,61,62],{},"Q4：如果您成为了总统，会如何制定移民政策？",[14,64,65],{},"**巴菲特：**美国一直对移民抱有开放欢迎的态度，这也是美国能走到今天的重要原因。谷歌等美国企业的成功离不开移民的贡献。",[14,67,68],{},"1930 年代，有两位犹太裔移民为了躲避德国纳粹来到美国，成为美国公民。他们就是阿尔伯特•爱因斯坦和利奥•西拉德。1939 年，他们向时任美国总统的罗斯福写了一封信，提及德国正在研究核武器，建议美国尽早进行相应研究，这封信拯救了美国。如果往近了说，史蒂夫•乔布斯也是移民的儿子。要知道，人气愈旺，市场愈旺。",[14,70,71,72],{},"有些人担忧移民带来的潜在危险。特朗普总统的移民政策对当下这些潜在威胁做出了反应。然而，",[33,73,74],{},"移民们是出于对美国的热爱而选择这个国家。如果美国保持对移民的开放态度，50 年后的美国会更加美好。",[14,76,77],{},[33,78,79],{},"Q5：您过去发现了许多成功的公司。您的投资成为整个市场的风向标，这对您的投资带来怎样的影响？",[14,81,82],{},"**巴菲特：**我与证监会签署了一些保密合约，但公司的投资组合依然遵循证监会信息披露的标准。每一个季度我们都需要公开公司的投资组合。然而我认为，交易决定本身其实也是知识产权。这些公告会推高成本。我尽量不公开我们的交易，减少对市场的影响。",[14,84,85],{},[33,86,87],{},"Q6：你怎么看待报纸行业的发展？",[14,89,90],{},"**巴菲特：**在过去，报纸上的广告是重要的信息来源。而今天，这个行业在走下坡路，分类广告不再那么重要，报纸的发行量在下降，广告收入不断流失。网络的发展加速了报纸的改变。报纸的发行量下降。纽约时报、华尔街日报的在线部分使得他们可以继续发展纸质发行（成本共享），华盛顿邮报也在几年前开始了线上部分。其它大部分报纸还没找到可行的电子收费模式。",[14,92,93],{},[33,94,95],{},"Q7：有哪些事情对您的投资产生了重要的影响？",[14,97,98],{},"巴菲特：本杰明•格林汉姆（Benjamin Graham）的《聪明的投资者》(The intelligent investor)对我的影响很大。我刚开始投资的时候一直侧重技术分析，而这本书彻底改变了我的投资思路，教会我如何理解股票市场。在我看来，商学院教投资只需要两门课：一是如何思考股票。二是如何对股票进行估值。投资策略的准则就在于安全边际(margin of safety)。",[14,100,101],{},[33,102,103],{},"投资的秘诀从未改变。你可以问问自己，首先，你对这笔投资有多肯定？其次，你需要多久达到预想的目标？第三，具体要怎样做？",[14,105,106,107],{},"投资就是买一盘生意。一百万美金可以让你在奥马哈投资三个项目，你会投资什么？你可能会投资快餐店，因为奥马哈的人们每天都需要吃饭。如此种种，你会有一个思路。这也是投资的乐趣所在——你只需要做出决定，而不需要自己亲手去做生意。同时，由于市场价格每天都在改变，也就意味着每一天投资都有不同的机会。",[33,108,109],{},"你要利用市场先生（Mr.Market）的疯狂或愚蠢，而不是被他所影响。",[14,111,112],{},[33,113,114],{},"Q8：您最喜欢的投资是什么？",[14,116,117],{},[33,118,119],{},"巴菲特：有两笔投资是我认为最值得的。",[14,121,122],{},"首先是对自己的投资。任何可以提高你能力的投资都是值得的。年轻时我不擅公众演讲，于是我报了一个 Dale Carnegie（卡内基）课程，提高自己的演讲能力。这让我受用一生。",[14,124,125],{},"另外就是对朋友的投资。一个人交往的朋友会塑造他的人生，如我的合伙人芒格。1951 年我 21 岁，想投资保险公司。可那时我对保险行业一无所知。我在哥伦比亚大学的老师、本杰明•格林汉姆当时在政府员工保险公司(GEICO)任职董事，所以我坐火车去华盛顿找他。可惜我忘记了那是周六，他不上班。公司的一个管理员为我开了门，把我介绍给 Lorimer Davidson。他当时是公司的副总裁。他知道我是格林汉姆的学生，于是与我聊了四个小时，为我讲解了整个保险行业，这改变了我的一生，他成为我一辈子的良师益友。",[14,127,128],{},"曾经我想投资煤矿行业，我会问煤矿公司的朋友，你会买你们公司哪个竞争对手的股票？如果你要沽空某竞争对手的股票，你会沽空谁？为什么？当问一圈后，你对这个行业就基本了解了。这个方法在做市场研究的时候非常有用，因为人们往往更愿意谈论竞争对手。",[14,130,131],{},[33,132,133],{},"Q9：您最近与比尔盖茨先生有一场对人工智能的讨论。您是如何看待人工智能对投资领域以及股票市场的影响的？",[14,135,136,137,140],{},"**巴菲特：**人工智能毫无疑问是会到来的，并将在很大程度上引发一些行业的变革。然而对于投资领域，我不认为人工智能将会对投资决策会有变革式的影响。",[33,138,139],{},"首先，我几年前就开始与一些 AI 领域的专家深入探讨，AI 在某些领域的发展状况还处于瓶颈期，目前尚不足以支持替代人脑思维的功能。当然，最重要的是","，投资并不仅仅是围绕计算。我们了解一家公司及其行业的运营和价值是需要复杂思维和判断的。对于短期投资而言，人工智能可以帮助高效完成很多交易；但对于长期投资，我不认为人工智能会有很大影响。回顾 1987 年，股票市场在一天之内下跌 22%，主要是受程序化主导发生的。我还是坚持认为电脑技术以及人工智能不会对投资界有很大的影响。",[14,142,143],{},[33,144,145],{},"Q10：您如何看待关于企业管理与领导的问题？",[14,147,148,151],{},[33,149,150],{},"巴菲特","：当我们进行企业运营时，不要去模仿别人的做法，要考虑我们自己需要做什么。一个成功的领导者能够把正确的人安排在正确的位置上，并且适时进行管理和跟踪。当然，还要说到做到，只有这样员工才会信任你。",[14,153,154],{},[33,155,156],{},"Q11：信息传播速度的加快，使得市场有效性提升，被错误定价的证券数量减少。这对您的投资有什么影响？",[14,158,159],{},"**巴菲特：**今天相比于 50 年前，市场竞争激烈了很多，但是人们也拥有更快更简单的途径来获取信息。1957 年，我还在学校的时候，主要通过读公司的年报来获取信息。那个时候的年报只包含公司非常基本的财务信息。我有一本 50 年前的信用评级公司穆迪（Moody）的年报（编者注：巴菲特拿出一般很厚的书）读到第 1433 页，是国家西方人寿保险公司（NWLI）的公年报。据报告所述，1950 年，NWLI 每股收益 21.66 美元，一年之后是每股 29.09 美元。此前 12 个月，这只个股的交易价在 3 到 13 美元。公司股票交易额非常小，不过那个时候我也只是一个很小的投资者。以前买股票是很麻烦的事情。",[14,161,162],{},"几年前，有人告诉我应该留意韩国。我得到一本花旗的册子，上面每页介绍了一只韩国个股，韩国所有的公开上市公司都列入其中。把这本册子从头读到尾，了解它提供的面值、每股收益等。一般来说股票价格不会告诉你任何事。我可以找出同行业等大概 15-20 家公司，一个下午就找到大约 20 家公司。",[14,164,165],{},[33,166,167],{},"Q12：您认为，一家公司董事会所面临的三个最大的挑战是什么？",[14,169,170,173],{},[33,171,172],{},"巴菲特：我认为他们可能面临的一个挑战是收购","。通常情况下，在一次收购中，CEO 会听取单方面的演示，解释这次收购为什么以及如何发生。我见证了一百多个收购演示，多数收购是不可能发生的。**我的建议是，董事会应该听取两组投资银行家的演示，一组解释为什么交易应该继续，另一组指出为什么交易不应该继续。这可以确保获取的推理是合理的。如果收购不该继续，投资银行家和律师就应该离开并停止交易。这种终止情况不会经常发生，但应该要发生更多。许多 CEO 对于收购知之甚少，但很好地了解收购对他们很重要。",[14,175,176],{},[33,177,178],{},"Q13：您最困难的一次投资经历是什么？",[14,180,181],{},"**巴菲特：**当初我开始投资公司购买股票时，我喜欢购买非常低估值的股票，但是这些公司都不是好公司。我花了 20 年才走出 “捡烟蒂”式投资。估值便宜的公司就像一艘漏水的船。查理告诉我去寻找和投资伟大的企业。US Arrow Air Inc.（航空货运公司）在 1987 年出售价格达到 3000 万美金，而公司却破产过两次。在投资的世界中，不需要担心投资的过错。1922 年 4 月，股市跌去了 27 点，后又反弹 39 点。我把我的所有持仓在反弹时卖掉了，然后市场后来上升了 200 多点。",[14,183,184],{},[33,185,186],{},"Q14：这个问题是关于银行业监管的，银行希望监管放松，然而如何去平衡监管与行业的增长？",[14,188,189],{},"**巴菲特：**有一篇文章详细的回答了您的问题，在 Tim Geithner 发表关于风险的担忧。1.银行是否遵从他们应符合的行为。2.联邦存款保险公司（FDIC）是一家政府公司，为储户提供存款保险。当银行破产后，仍然是纳税人为这些费用买单。",[14,191,192,193],{},"我们现在可能比过去更容易受到金融冲击。在 2008 年 9 月，大于 35 亿美金的市值蒸发。现在我们必须懂得如何处理市场恐慌。国会现在拥有更大的权利。唯一的办法就是委任一位有公信力的人。例如，美联储主席。35 亿美金的货币市场基金可以让整个市场瘫痪。当人们害怕时，每个人都涌向出口。然而当人们的信心恢复时，却需要一个一个的恢复。从某种意义上来说，我们需要监管当最坏情况的发生，我们需要联邦存款保险公司来支持和稳定银行系统。",[33,194,195],{},"我们的市场没有美联储是无法运转的。",[14,197,198],{},[33,199,200],{},"Q15：如果您在 2017 年毕业，您会如何从零开始建立职业生涯？",[14,202,203],{},"**巴菲特：**当我感到有信心时，我选择了两位基金经理来到伯克希尔·哈撒韦，他们现在每人管理 100 亿美金。这两位基金经理有一些特质是非常稀有的。他们没有过去的成绩记录。当我毕业后，我总是会选择一个职业，是当我不需要工作时也会去做的职业。我不希望我梦游般的上班，而我也不会太在意我的起薪。我会选择那些我喜爱的，让我有激情的工作。如果不是这样的话，我只会不断地看着时钟等待下班。对于 MBA 学生，我建议大家毕业前着重培养商业思维，以及掌握如何评估公司价值。",[14,205,206],{},"备注：美国中部时间 2 月 17 日，全球知名的“巴菲特午餐”访问活动在沃伦巴菲特的家乡奥马哈举行，这顿“免费”的午餐正是该访问活动中的一个环节。此次，共计 8 所大学受邀，包括加州大学伯克利分校、芝加哥大学、威斯康星大学等。北京大学是中国大陆第一家受巴菲特办公室邀请参加该活动的大学。",[14,208,209],{},"（全文完）",{"title":25,"searchDepth":211,"depth":211,"links":212},2,[],"访谈与文章",null,"巴菲特接待北京大学学生访问，强调最好的投资是投资自己，培养技能与品格比追逐短期财富更重要。","md",{},true,121,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",{"title":5,"description":215},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己｜巴菲特","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji","buffett\u002Finterview\u002Fba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji","_E0mptPe6rZ5aRBn9o7UjdPDglRuz1g3INur5frUNlc","buffett",[228,233,236,240,243,246,249,253,256,259,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,433,436,439,443,446,449,453,456,459,463,466,469,473,476,479,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,533,536,539,543,546,549,553,556,559,563,566,570,573,577,580,584,587,591,594,598,601,605,608,612,615,619,622,626,629,633,636,640,643,647,650,654,657,661,664,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1109,1113,1117,1121,1125,1129,1133,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225],{"title":229,"slug":230,"category":231,"order":232},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":254,"slug":255,"category":213,"order":252},"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":257,"slug":258,"category":239,"order":252},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":260,"slug":261,"category":231,"order":262},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":264,"slug":265,"category":213,"order":262},"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":267,"slug":268,"category":239,"order":262},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":270,"slug":271,"category":231,"order":272},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":274,"slug":275,"category":213,"order":272},"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":277,"slug":278,"category":239,"order":272},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":280,"slug":281,"category":231,"order":282},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":284,"slug":285,"category":213,"order":282},"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":287,"slug":288,"category":239,"order":282},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":290,"slug":291,"category":231,"order":292},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":294,"slug":295,"category":213,"order":292},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":297,"slug":298,"category":239,"order":292},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":300,"slug":301,"category":231,"order":302},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":304,"slug":305,"category":213,"order":302},"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":307,"slug":308,"category":239,"order":302},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":310,"slug":311,"category":231,"order":312},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":314,"slug":315,"category":213,"order":312},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":317,"slug":318,"category":239,"order":312},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":320,"slug":321,"category":231,"order":322},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":324,"slug":325,"category":213,"order":322},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":327,"slug":328,"category":239,"order":322},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":330,"slug":331,"category":231,"order":332},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":334,"slug":335,"category":213,"order":332},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":337,"slug":338,"category":239,"order":332},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":340,"slug":341,"category":231,"order":342},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":344,"slug":345,"category":213,"order":342},"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":347,"slug":348,"category":239,"order":342},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":350,"slug":351,"category":231,"order":352},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":354,"slug":355,"category":213,"order":352},"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":357,"slug":358,"category":239,"order":352},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":360,"slug":361,"category":231,"order":362},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":364,"slug":365,"category":213,"order":362},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":367,"slug":368,"category":239,"order":362},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":370,"slug":371,"category":231,"order":372},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":374,"slug":375,"category":213,"order":372},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":377,"slug":378,"category":239,"order":372},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":380,"slug":381,"category":231,"order":382},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":384,"slug":385,"category":213,"order":382},"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":387,"slug":388,"category":239,"order":382},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":390,"slug":391,"category":231,"order":392},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":394,"slug":395,"category":213,"order":392},"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":397,"slug":398,"category":239,"order":392},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":400,"slug":401,"category":231,"order":402},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":404,"slug":405,"category":213,"order":402},"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":407,"slug":408,"category":239,"order":402},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":410,"slug":411,"category":231,"order":412},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":414,"slug":415,"category":213,"order":412},"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":417,"slug":418,"category":239,"order":412},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":420,"slug":421,"category":231,"order":422},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":424,"slug":425,"category":213,"order":422},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":427,"slug":428,"category":239,"order":422},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":430,"slug":431,"category":231,"order":432},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":434,"slug":435,"category":213,"order":432},"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":437,"slug":438,"category":239,"order":432},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":440,"slug":441,"category":231,"order":442},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":444,"slug":445,"category":213,"order":442},"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":447,"slug":448,"category":239,"order":442},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":450,"slug":451,"category":231,"order":452},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":454,"slug":455,"category":213,"order":452},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":457,"slug":458,"category":239,"order":452},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":460,"slug":461,"category":231,"order":462},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":464,"slug":465,"category":213,"order":462},"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":467,"slug":468,"category":239,"order":462},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":470,"slug":471,"category":231,"order":472},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":474,"slug":475,"category":213,"order":472},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":477,"slug":478,"category":239,"order":472},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":480,"slug":481,"category":231,"order":482},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":484,"slug":485,"category":213,"order":482},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":487,"slug":488,"category":239,"order":482},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":490,"slug":491,"category":231,"order":492},"1967 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":606,"slug":607,"category":213,"order":604},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":609,"slug":610,"category":231,"order":611},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":613,"slug":614,"category":213,"order":611},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":616,"slug":617,"category":231,"order":618},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":620,"slug":621,"category":213,"order":618},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":623,"slug":624,"category":231,"order":625},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":627,"slug":628,"category":213,"order":625},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":630,"slug":631,"category":231,"order":632},"1973 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":662,"slug":663,"category":213,"order":660},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":665,"slug":666,"category":231,"order":667},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":669,"slug":670,"category":213,"order":667},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":672,"slug":673,"category":231,"order":674},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":676,"slug":677,"category":213,"order":674},"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":679,"slug":680,"category":231,"order":681},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":683,"slug":684,"category":213,"order":681},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":686,"slug":687,"category":231,"order":688},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":690,"slug":691,"category":213,"order":688},"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":693,"slug":694,"category":231,"order":695},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":697,"slug":698,"category":213,"order":695},"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":700,"slug":701,"category":231,"order":702},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":704,"slug":705,"category":213,"order":702},"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":707,"slug":708,"category":231,"order":709},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":711,"slug":712,"category":213,"order":709},"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":714,"slug":715,"category":231,"order":716},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":718,"slug":719,"category":213,"order":716},"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":721,"slug":722,"category":231,"order":723},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":725,"slug":726,"category":213,"order":723},"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":728,"slug":729,"category":231,"order":730},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":732,"slug":733,"category":213,"order":730},"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":735,"slug":736,"category":231,"order":737},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":739,"slug":740,"category":213,"order":737},"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":742,"slug":743,"category":231,"order":744},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":746,"slug":747,"category":213,"order":744},"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":749,"slug":750,"category":231,"order":751},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":753,"slug":754,"category":213,"order":751},"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":756,"slug":757,"category":231,"order":758},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":760,"slug":761,"category":213,"order":758},"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":763,"slug":764,"category":231,"order":765},"1992 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巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":823,"slug":824,"category":213,"order":821},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":826,"slug":827,"category":231,"order":828},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":830,"slug":831,"category":213,"order":828},"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":833,"slug":834,"category":231,"order":835},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":837,"slug":838,"category":213,"order":835},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":840,"slug":841,"category":231,"order":842},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":844,"slug":845,"category":213,"order":842},"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":847,"slug":848,"category":231,"order":849},"2004 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