[{"data":1,"prerenderedAt":1919},["ShallowReactive",2],{"library-ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu":3,"library-sidebar-buffett":383,"library-sidebar-dao":1385,"library-sidebar-models":1687},{"id":4,"title":5,"body":6,"category":369,"date":370,"description":371,"extension":372,"meta":373,"navigation":374,"order":375,"path":376,"seo":377,"seoDescription":371,"seoTitle":378,"slug":379,"stem":380,"__hash__":381,"_collection":382},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu.md","巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录",{"type":7,"value":8,"toc":366},"minimark",[9,13,17,24,27,30,35,42,45,48,51,56,61,64,67,70,73,76,79,83,86,89,91,95,98,101,104,107,109,113,116,119,122,125,128,131,133,137,140,143,145,149,152,155,158,160,164,167,170,173,175,179,182,185,188,191,193,197,200,203,206,208,212,215,218,220,224,227,230,233,236,238,242,245,248,251,253,257,260,263,265,269,275,278,281,286,289,297,300,303,306,309,312,315,318,321,324,327,330,333,336,339,342,345,348,351,354,357,360,363],[10,11,5],"h1",{"id":12},"巴菲特2018年再度邀请北大光华学子共进午餐问答全记录",[14,15,16],"p",{},"美国中部时间 2 月 23 日，巴菲特再度自掏腰包，邀请包括斯坦福、加州大学洛杉矶分校(UCLA)、北京大学在内的全球 10 所大学的学子共进午餐，并与他们面对面交流。该活动已开展 10 余年，参与者由当地的几所院校拓展至全球各地的大学，许多院校需“排队”多年才有幸获得这样的机会。北京大学光华管理学院在 2017 和 2018 年连续两度受邀，也是今年亚洲唯一受邀的学院。",[14,18,19],{},[20,21],"img",{"alt":22,"src":23},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_8989894149189204374.png",[14,25,26],{},"今年的“北大学霸团”仍由北大光华管理学院投资管理教授兼 PE 投资人陶迅（Jeffrey Towson）带队。陶迅教授目前在领英拥有 240 万粉丝，是领英中国拥有最多粉丝的三大商业作家之一。陶迅教授是亚马逊畅销书作者，著有《The One Hour China Contrarian Book》和《What Would Ben Graham Do Now?》等。",[14,28,29],{},"2018 年 2 月 22 日星期四，光华学子们抵达奥马哈市。这里到处都是冰雪皑皑的场景，路上罕见行人，车辆也有超过一半是货运卡车。从机场到酒店只需要二十分钟，路上的唯一一幢高楼，看上去有三四十层楼高。司机说，那是奥马哈最高楼，里面是第一国民银行。《巴菲特传》里提到，巴菲特在十二岁时说，如果自己三十岁时赚不到一百万美金，就从奥马哈最高的楼上跳下去——幸亏他最终没有从这里跳下去。",[14,31,32],{},[20,33],{"alt":22,"src":34},"\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-8324706390661173467.png",[14,36,37,38],{},"常年位居全球富豪榜前几名的巴菲特数十年如一日久居奥马哈，而不是繁华的大都市或气候宜人的度假胜地。",[39,40,41],"strong",{},"巴菲特曾说，在纽约，身边会有 50 种不同的错误声音。也许奥马哈反而是他能够保持独立清醒，不被打扰的世外桃源。",[14,43,44],{},"问答大会设在奥马哈希尔顿酒店的宴会厅。北京大学和斯坦福大学一起被安排在了全厅的中央，也是最靠近演讲台的位置，可以清楚地看见台上的小桌放着两罐樱桃味的可口可乐和三本厚厚的股票汇编。",[14,46,47],{},"没有音乐伴奏，没有随从，巴菲特先生从侧门走了进来。学子们纷纷起身鼓掌。87 岁高龄的巴菲特先生一头白发，满脸笑容，快步走上了演讲台，简单的一个“嗨”向大家打招呼后，他说：“我们可以开始问答环节了，10 所学校按首字母排序来进行提问。”",[14,49,50],{},"面对提问，巴菲特先生未曾有迟疑，如数家珍地讲出当年他做投资决策时的一些背景和理由，包括市场的供需状况、宏观状况、大家的反应等等。从 11 岁开始第一次买股票以来，巴老对每笔投资的细节都信手拈来，多年之前投资的企业的业务和财务数据都能脱口而出，观点逻辑清晰，回答中穿插了许多经典的美式幽默。对于每个问题，巴菲特先生都尽量展开讲述自己的见解，因而全程 120 分钟只谈了 14 个问题。",[14,52,53],{},[39,54,55],{},"以下为巴菲特与学生的问答记录：",[57,58,60],"h4",{"id":59},"q1巴菲特先生您在-1970-年代投资了报业比如华盛顿邮报后来被证明是相当好的投资2018-年您最想投资哪些行业","Q1：巴菲特先生，您在 1970 年代投资了报业，比如华盛顿邮报后来被证明是相当好的投资。2018 年，您最想投资哪些行业？",[14,62,63],{},"**巴菲特：**报业从 1880 年代开始发展——当时，每座城市都有十家以上的报社，语言也包括英语、西班牙语、德语，等等。有很长一段时间，报纸是人们获取信息不可或缺的渠道。此外，这个行业也是一个自然垄断行业，因为人们一天只需要阅读一份报纸。",[14,65,66],{},"到了 1970 年代，整个美国仅剩下 1700 家报社。当时，报纸已经分门别类，比如工作、房地产、棒球、金融等。现在，除报纸外，我们可以从更多其他渠道获取资讯。此外，报纸上的每一行文字都是有成本的，但无论你在网络上发布多少信息都是免费的。总体而言，电视台、互联网已经取代了报纸，成为大多数人的主要信息来源，报业逐渐失去了用户群和垄断力量。",[14,68,69],{},"华盛顿邮报创始于 1930 年代，并于 1970 年代成为华盛顿特区的最佳报纸。之后华盛顿邮报破产并且被拍卖了。在我们投资时，它还拥有四家电视台、新闻周刊和其他资产。整个公司的售价为 8000 万美元，资产则很容易达到 4-5 亿美元。所以，这是不需要多加考量就可以做的投资决策，并且获得了超过 100 倍的回报。",[14,71,72],{},"至于今天最好的生意是什么，我希望我知道，但即使我知道，我也不会告诉你。如果你知道，请悄悄地告诉我，不要对其他人喊出来。最好的产业是有护城河的城堡。总会有其他人打算攻击你的城堡，但问题是你的护城河是否够宽。一些伟大的企业分散在许多领域，人们不会注意到它们，竞争对手也不会瞄准它们。但是随着信息变得无处不在，这种事情变得很少。此外，有一些行业和公司曾经享受过护城河，但是这些行业已经逐渐消失了。报纸曾经是具有地方性自然垄断力量的行业，但由于互联网的出现，报纸逐渐被侵蚀。另一个例子是 AOL，AOL 在 20 年前是很大的生意。当时人人都恨他们，但他们一直在增长。这是好业务的特征之一。（备注：AOL，美国在线公司 American Online，2000 年至 2009 年期间是美国时代华纳的子公司，著名的因特网服务提供商。）",[14,74,75],{},"Google 是优秀企业的另一个例子，该渠道对用户来说是非常重要的。汽车保险供应商 GEICO 每次从 Google 获得汽车保险点击，得支付 10 美元。在这种情况下，谷歌的护城河是很大的，大到竞争者 Bing 被用户戏称为“ButIt’sNotGoogle”(但它不是谷歌)。",[77,78],"hr",{},[57,80,82],{"id":81},"q2伯克希尔哈撒韦公司去年在加拿大做了一笔-4-亿美元的投资您认为加拿大还有什么其他的投资机会吗","Q2：伯克希尔哈撒韦公司去年在加拿大做了一笔 4 亿美元的投资。您认为加拿大还有什么其他的投资机会吗？",[14,84,85],{},"**巴菲特：**那次投资有运气成分。当时，加拿大一家银行遭到挤兑。在美国，联邦存款保险公司通常会阻止挤兑。伯克希尔及时给银行提供贷款，阻止了挤兑的发生。其他银行也会提供信贷帮助，但往往条件更为苛刻。伯克希尔的条件更优，且伯克希尔出手，有利于提升银行信誉，从而阻止挤兑。",[14,87,88],{},"加拿大是个好的投资地点。在 1977 还是 1978 年，我花了两千万美元买了一座大桥。那是一家公开上市的公司，并且拥有重要大桥之一。我总能在 2 分钟内判断我是否要达成一个交易。",[77,90],{},[57,92,94],{"id":93},"q3伯克希尔为一个房地产投资信托reit支付了-4-亿美元您如何适应低利率以及如何在不断变化的货币政策下做出投资决策","Q3：伯克希尔为一个房地产投资信托（REIT）支付了 4 亿美元。您如何适应低利率，以及如何在不断变化的货币政策下做出投资决策？",[14,96,97],{},"**巴菲特：**伯克希尔从不根据宏观经济上的考虑做出决策。观察利率本身很有趣，但我不认为利率会对投资决策产生任何影响。投资决策应该由业务本身的性质和特点决定，而不是由利率决定。",[14,99,100],{},"我欣赏美国经济的长期增长。我有生之年经历了 15 位美国总统，这个数字占所有美国总统的三分之一。随着时间的推移，美国的业务表现很好。美国现在所有的资产都是在短短几百年间从无变到有的。这是一场胜利者的游戏，你也想参与其中。我不会让政治信仰影响投资信念。",[14,102,103],{},"在经济衰退期间，你也可以看到希望。1942 年，我以 14.75 美元的价格买下了第一只股票。那时，美国在太平洋战场上失利，人民陷入绝望。如果你当时投入了大约 114 美元，今天它的价值将达到 40 万美元。",[14,105,106],{},"看看我们现在，再看看 1776 年的情况，你很容易就能看到趋势线是怎样的。如果有一股巨大的顺风正在形成，短期阵风将无关紧要。不要在有大顺风的游戏中跳舞，进进出出。你需要关心的是，随着时间的推移，资产会产生什么价值。你不需要订阅报纸，你只需要穆迪手册。",[77,108],{},[57,110,112],{"id":111},"q4在评估公司的增长时您会看哪些特征和财务指标呢","Q4：在评估公司的增长时，您会看哪些特征和财务指标呢？",[14,114,115],{},"**巴菲特：**我会寻找那些为世界做了点什么的股票。在评估增长时，有太多指标可以考虑，所以关键在于选择看哪些指标。",[14,117,118],{},"收益是一个考察标准。但必须记住，如果你做了一个非常显然的投资决策，别人也可以这么做。重要的是洞察到别人没有发现的地方。坚持将注意力集中在自己能力圈范围内的股票也是十分重要的。上个季度，基于对智能手机的理解，我买入了苹果公司的股票。",[14,120,121],{},"品牌与商标的力量是很重要的一个考虑，比如麦当劳的品牌。",[14,123,124],{},"公司的管理层对公司是否充满热情，是一个需要重视的因素。虽然最值得投资的公司，是那些已经好到无须考虑管理层的公司。",[14,126,127],{},"盈利能力与现金流也十分重要。",[14,129,130],{},"变化在随时发生，有时甚至是急剧发生的。把投资想象成棒球，而你是击球员。投资一家公司就像当棒球飞来时，你在不断调整位置。球是否处于“好球带”，对结果至关重要。但是，与棒球运动不同的是，投资的时候投资者可以选择“不挥棒”。因为，在投资中，没有明确的“好球带”，除非你足够地了解公司及其投资潜能。",[77,132],{},[57,134,136],{"id":135},"q5除了阅读公司的年报之外要做出成功投资还必须阅读什么其他材料呢","Q5：除了阅读公司的年报之外，要做出成功投资，还必须阅读什么其他材料呢？",[14,138,139],{},"**巴菲特：**你的理性认识会不断随着学习而增强，公司年报并不是最重要的阅读材料。没有什么可以与亲自参与实践可比，但这需要很多很多的时间和成本。学无止境，以可口可乐为例，我所能做的不过是尝试去对文化的变化和口味的变化进行判断。假设你拥有一家公司，可以想象一下公司的弱点，所面临的挑战，护城河以及竞争态势，等等。比如在决定是否购买糖果公司的时候，你需要考虑一盒巧克力的价格敏感度。该敏感度是很低的。",[14,141,142],{},"其他可以考虑的因素还包括，5 年或者 10 年之后这个公司会是什么样子，世界会是什么样子，文化会是什么样子，等等。",[77,144],{},[57,146,148],{"id":147},"q6您如何把社会责任与投资决策相结合","Q6：您如何把社会责任与投资决策相结合？",[14,150,151],{},"**巴菲特：**作为公民，我们有责任付出努力并参与到社会工作中，但试图通过社会责任感来给公司排名将导致失败。不要因为社会责任感而作出一个投资决策。",[14,153,154],{},"之前查理和我有机会在德克萨斯州购买一家嚼烟公司。我们看了公司的数据，发现从来没有见过比这更好的生意，但我们最终没有买这家公司，因为我们并不想参与其中。我们从来没有买过对社会不利的公司。",[14,156,157],{},"查理最喜欢的公司 Costco 也卖香烟，但那并不影响我们对这家公司的喜爱。就像我喜欢可口可乐一样，为了喝可乐，我愿意放弃一年的生命。这是我愿意付出的代价，是我的个人选择。你需要做你信仰的事情，并尽自己的本分。对于卷烟问题，我认为征收重税会起到一些作用，但征税也不是完美的解决方案。",[77,159],{},[57,161,163],{"id":162},"q7您-1999-年在-sunvalley太阳谷峰会的演讲中提到了被过度高估的市场我们今天也面临类似的情况吗","Q7：您 1999 年在 SunValley（太阳谷峰会）的演讲中提到了被过度高估的市场。我们今天也面临类似的情况吗？",[14,165,166],{},"**巴菲特：**1999 年和今天有相似之处——在这两个时期，股市都出现了上涨趋势。然而，目前的情况与 1999 年没有可比性。1999 年，债券超过 3％，股票吸引力不高。当时，潘恩韦伯对人们预计在十年内通过股权投资获得的收益进行了调查，答案是在 10 年内每年超过 15％——这非常乐观！",[14,168,169],{},"真正的诀窍是找到明显的机会——那些向你大喊的机会。从成千上万的公司里，找到那些真正有潜力的公司，并正确评估它们。你需要做的，只是找到 1-2 个被明显地错误定价的机会，就可以变得非常有钱。另一方面，如果你找不到任何东西，你可以选择持有现金。",[14,171,172],{},"我曾阅读穆迪和标准普尔汇编，这些书籍是关于工业、交通等行业的。我逐页读了这些书籍。总的来说，要从中找到明显的机会，并抓住它们。这并不需要任何财务公式或数学公式的背景知识。此外，很多人认为波动性是一种风险，但实际上它对你有好处，因为你真正想要的是，那些你了解的资产的市场价格，与其真实价值之间存在巨大的差异。",[77,174],{},[57,176,178],{"id":177},"q8未来工商业的主要挑战是什么如何处理这些挑战","Q8：未来工商业的主要挑战是什么？如何处理这些挑战？",[14,180,181],{},"**巴菲特：**任何行业中都一直会有挑战存在，比如汽车行业中的无人驾驶汽车。但无论如何，资本主义在美国都会很好地存续下去。无论有没有无人驾驶汽车，加油站一样能经营得很好，这就表明，行业中还是存在一些不变的东西。",[14,183,184],{},"我有个朋友叫杰克泰勒，他从不是班上最好的学生，1941 年就从高中退学了。然后他加入了空军，在二战的时候飞来飞去，退役后开始从圣路易斯往华盛顿卖车。他想到一个主意：很多人买不起车，那就租给他们！于是他从 5 辆车开始，扩张到 17 辆，最后成为了全美最大的租车商。他的秘诀是，他比所有竞争对手招聘的大学毕业生都多，他爱说这是个年轻人的行业。在座的每一位都比他要出众，而且这是一个最好的时代，医疗、科技进步和社会保障都在变好。",[14,186,187],{},"当然，移民问题是个挑战，但别忘了美国基本上是由两个移民建立起来的。网络攻击也需要注意，它的杀伤力还是很大的。当然还是有枪支武器的问题。",[14,189,190],{},"关注机遇的话，现在美国、加拿大、亚洲，特别是中国，都是特别适合开展商业活动的地方。我们应该关注医疗和教育行业。在座的每一位都能成就大事，毕竟世界上有 70 亿人口，如果我们每个人都贡献出一个机遇，并且从 100 个人那里获得机遇，那我们已经能非常非常成功了。一定要努力找到那关键的 100 人！",[77,192],{},[57,194,196],{"id":195},"q9为了维持当前美国经济的健康您认为需要做些什么","Q9：为了维持当前美国经济的健康，您认为需要做些什么？",[14,198,199],{},"**巴菲特：**美国的人均 GDP 为 59,000 美元，比 1960 年代提高了 6 倍。我们所要做的就是保持已带给我们发展的机构和体系。增长的动力之一是，随着时间的推移，我们的市场体系变得越来越专业化，释放了专业人才的潜能。",[14,201,202],{},"我们的目标是让每个人都有一种参与感和幸福感。假设我们的世界是依赖于足球运动生存。但是有一些人没有这样的技能，利用国家创造的财富，我们可以给这些人和他们的家人体面的生活。如果他们愿意并且有能力，我们就能帮助他们找到工作。我们有了社会保障，因为我们希望人们在辛劳一生后能够生活自足。最重要的是，我们希望保持一直以来推动我们进步的氛围。正是这种氛围，驱使着生命垂危的史蒂夫乔布斯仍然想要通过创新改变人们生活。我们需要发掘我们这个体系中人才的潜能，来创造能够造福于所有人的东西，并照顾那些根本没有能力参与竞争的人。",[14,204,205],{},"美国的秘密武器就是：一个释放人才潜能的体系。想想看，我们回到美国有 400 万人口、中国有 6000 万人口的时代，美国能够进步得比中国快得多的原因是，当时中国政府限制了人的潜能而美国却在释放它。如今，中国已经发生了翻天覆地的变化，这也显示出中国社会有多大的潜力。当社会不只有农业的时候，会有更多的人才可以被利用。你能想象吗——曾经的农民中可能就有史蒂夫乔布斯式的人才，但在那个时代，他永远不会有用武之地，除非通过分工越来越专业化的市场体系来释放人的潜能。这就是我非常乐观的原因。我们的生活质量在过去有了许多改善，将来也会如此。",[77,207],{},[57,209,211],{"id":210},"q10人工智能ai现在非常流行因为机器在质量和数量分析方面都超越了人类这项技术会如何影响对冲基金和其他基金经理ai-会成为比人类更好的投资者吗","Q10：人工智能（AI）现在非常流行，因为机器在质量和数量分析方面都超越了人类。这项技术会如何影响对冲基金和其他基金经理？AI 会成为比人类更好的投资者吗？",[14,213,214],{},"**巴菲特：**我并不这么认为。平均而言，机器在投资决策中可能会超越人类，但最好的人类会击败机器。AI 可能比标准普尔 500 做得更好，但没有一台机器可以击败查理芒格。计算机擅长快速处理，因此在快速交易情况下，如动量交易和算法交易，机器具有优势。",[14,216,217],{},"让机器决定投资和资金分配是非常危险的。基金保护和其他类型的自动化订单是 1997 年的崩盘的原因之一，2008 年的崩盘也是。如果让机器做投资决策的趋势继续下去，它将继续造成崩盘，而我们在未来的几十年里将有可能看到一些灾难。总体而言，拥有正确投资理念的人将会不受机器影响，继续做好的投资。",[77,219],{},[57,221,223],{"id":222},"q11如果您必须在-2018-年从零开始你将如何改变您的职业与商业道路","Q11：如果您必须在 2018 年从零开始，你将如何改变您的职业与商业道路?",[14,225,226],{},"**巴菲特：**我还是会做我现在做的事情，问问自己，实现目标的最佳入口是什么?",[14,228,229],{},"1950 年，当我开始在奥马哈进行证券投资的时候，我免费为我心中的英雄本杰明格雷厄姆(BenGraham)工作。理想状态是我能自己管理资金进行投资，但显而易见的是，当时我没有那么多钱。因此，我需要吸引一些投资合伙人，而一个重要的办法是，我需要有一个亮眼的投资记录。就像拥有良好成绩的小棒球联盟球员加入职业棒球大联盟一样，年轻的证券投资人需要有一份体面的投资业绩，这样人们就可能给你大笔资金做投资。直到 1956 年 5 月，我才真正开始独立管理资金进行投资，向别人募集了一些资金。那时我还没有投资的总体规划。我的大学室友知道我过去的小额资金投资业绩很好，因此他相信我，也投资了我的基金。",[14,231,232],{},"去年，伯克希尔哈撒韦公司招聘了两三个人。实际上有一大堆人来应聘，他们都有出色的业绩记录。我要弄清楚的是，在这些优秀的业绩背后，他们是如何做到的，以及他们是怎样的人。",[14,234,235],{},"如果我今天重新开始我的职业生涯，我仍然只会做我有热情的工作，我还是会从事过去一次又一次做过的那些工作。我每天都期待着工作，是跳着踢踏舞去上班的。我有社保和退休金收入，所以我现在并不需要为钱工作，我仍然在工作是因为我喜欢工作。如果你去做你有激情而且擅长的事，人们就会来找你。",[77,237],{},[57,239,241],{"id":240},"q12这些年来您的个人生活对您的事业发展有什么影响","Q12：这些年来，您的个人生活对您的事业发展有什么影响？",[14,243,244],{},"**巴菲特：**个人生活的幸福，毋庸置疑会帮助到你的职业发展。与相关联的人都保持友好的关系是很重要的。比如我和搭档查理芒格，自 1959 年起到今天，我们都未曾有过一次争吵。人生最重要的搭档，则是你的配偶。总之，个人生活与事业发展紧密相关。",[14,246,247],{},"说到事业，我们不会买下公司后，进行管理层换血。我们想要找的，是那些对事业有热情、对公司有责任感的人。",[14,249,250],{},"总的来说，若想获得事业的成功，你需要找到你的热情所在。对我来说，投资就像是在一块没有边界的大白板上绘画，这也是我最乐在其中的。我享受做出正确决策所得到的喝彩与光环。而投资，可以满足我的这些标准，我热爱我正在做的一切。",[77,252],{},[57,254,256],{"id":255},"q13您一直强调保持内在计分卡innerscorecard对获得成功的事业和令人满意的生活很有必要在不同的人生阶段您有没有对内在计分卡做过修正","Q13：您一直强调，保持内在计分卡（innerscorecard）对获得成功的事业和令人满意的生活很有必要。在不同的人生阶段，您有没有对内在计分卡做过修正？",[14,258,259],{},"**巴菲特：**人们经常从外部评价你，这是外在计分卡。实际上，保持一个内在计分卡非常重要。在过去几十年里，我的内在计分卡并没有多少改变。在我 13 岁时，有一次我情绪很低落，我父亲通过这种方法使我平静下来。随着时间的流逝，这个计分卡会逐渐成熟，而且对你的性格产生重要影响。如果你对自己不满意，那么请设定高标准。无论你把它称作计分卡还是清单，你的目标是让它帮助你成为自己想成为的人。",[14,261,262],{},"让我们设想一下，我给你一个机会，从你周围 20 人中选择一人，你可以得到这个人今后全部收入的 10%。这个人不一定是最聪明的或最擅长运动的，实际上你可能会选择最慷慨、诚实、正直、与人为善的那个。接下来这个场景更有趣，你可以选择卖空一个人，可以说这是你最不想成为的人。把你敬佩的人具有的特质放在这个清单上，你可以成为那个人。到最后，你会发现美好的事物会源源不断聚集到你身边。正如一首诗所说的，“一个钟只有敲响的时候才是钟，一首歌只有唱的时候才成为歌，爱在心中不是为了被掩藏起来，只有给予的时候才是爱。”",[77,264],{},[57,266,268],{"id":267},"q14您有过的最惨痛的教训是什么有什么建议分享给我们","Q14：您有过的最惨痛的教训是什么？有什么建议分享给我们？",[14,270,271,274],{},[39,272,273],{},"巴菲特："," 除疾病之外，任何发生在我身上的困难，最终似乎都会随着时间而渐渐走向好的一面。最重要的建议就是，珍惜你身边的人，把你最优秀的特质展示出来。你应该与那些积极的、可以激励你的人为伍，远离充满负能量的人，因为这种负能量会蔓延、会影响到你的心态。你会发现，成功与乐观积极息息相关，而与人为善，比 IQ、比解方程的能力更重要。",[14,276,277],{},"每位坐在这个房间里的学生，都有着无限的潜力，你们有精力、有很好的教育条件、有各种让你拥有成功人生的先决条件。你们只需要明智地选择与谁为伍。",[14,279,280],{},"我祝福你们。",[14,282,283],{},[20,284],{"alt":22,"src":285},"\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-504537400347995161.png",[14,287,288],{},"备注：沃伦的午餐是一罐樱桃可乐和一杯冰淇淋圣代。他和我们的全体学生谈了大概一个小时。大家都兴奋不已，每个人都获得了聊天机会。",[290,291,292],"blockquote",{},[14,293,294],{},[39,295,296],{},"圆桌午餐：巴菲特先生连续第二年选择与北大光华学子同桌",[14,298,299],{},"问答环节结束后，在 10 个大学中，巴菲特先生连续第二年选择了与北大学子同桌。因为去年巴菲特先生就选择了与北大光华学子同桌午餐，今年他们就不太抱希望，然而，巴菲特表示，北大是飞行最远来到这里的学校，今年仍然会与北大学子同桌午餐。这让光华学子们非常感动。",[14,301,302],{},"由于人数较多，午餐会采取自助取餐＋分学校圆桌的形式，包括牛排、鸡肉、甜点等美式餐点。巴菲特先生只吃了由他的秘书乔安娜小姐取来的香草味冰淇淋球，喝的是樱桃味可口可乐。餐间，北京大学的同学们热情地与巴菲特先生交流。",[14,304,305],{},"北大光华本科生田乙豆问巴菲特先生说：“如果巴菲特先生也有一次午餐会的机会，可以选择和世界上任何一个人共进午餐，无论是健在的还是逝去的。您会选择谁？为什么？”",[14,307,308],{},"巴菲特听到这个问题微微一笑，回答说：“如果我的老朋友查理·芒格来回答这个问题，他或许会说他并不需要这样的机会。因为你想和格雷厄姆共进午餐的话，你可以去读他的《证券分析》；如果你想和费雪共进午餐，你可以去读他的《怎样选择成长股》。总而言之，书籍将成为你和健在或逝去的大师进行交流的途径。”",[14,310,311],{},"他说完这段，突然笑眯眯地舀了一勺手里捧着的冰淇淋，接着说：“但如果我来回答这个问题，我会说是我的父亲和我的第一位妻子。因为，他们才是我现在最想念的人。”",[14,313,314],{},"北大光华金融硕士刘悦则问道：“放眼全球，知名的女性投资人很少，请问巴菲特先生觉得背后的原因是什么？”",[14,316,317],{},"巴菲特先生回答说，他有一个姐姐和一个妹妹，她们都很聪明，但是那个年代给女性的机会太少，而今天时代不同，作为投资人，没有人会在意你的性别，只要你有足够好看的业绩。在伯克希尔·哈撒韦内部的考核也同样如此。巴菲特先生强调了好几遍“没有人在意”这个词。",[14,319,320],{},"北大光华 MBA 王楠问了巴菲特先生两个问题。第一个问题是：“您是否曾想过设置一个‘沃伦巴菲特’奖，去鼓励人们在商业领域做出更多贡献，就像诺贝尔奖在科学领域那样？”",[14,322,323],{},"巴菲特先生明确回答说：“不会。”原因在于，第一，经营一个基金会太过费时，所以他的慈善事业都是在盖茨基金会中运营；第二，他不会用他的名字命名任何事，他会选择用他第一任妻子的名字或是他父亲的名字命名，但是从未想过要用自己的名字。",[14,325,326],{},"王楠的第二个问题是：“我其实很好奇，您手机里都有哪些 app？”",[14,328,329],{},"巴菲特先生回答说：“哦，一个都没有。我不用智能手机，我用的是翻盖手机。世界上总得有人不用苹果手机，如果我用了，那么全世界就没人不用苹果了。我花更多时间在读书和桥牌上，这是我喜欢的。”",[14,331,332],{},"北大光华 MBA 张可向巴菲特提问说：“巴菲特先生，我是一名 MBA 学生，除了追求事业上的进步外，我还希望可以让社会变得更好。对于三十岁的我们来说，您认为有哪些实际可行的事情可以做呢？”",[14,334,335],{},"巴菲特先生回答说：“其实有很多事情是可以做的。比如做一些很简单的事。”他说，给予他很大影响和帮助的，往往是一些非常简单的道理。比如小时候他的父亲对他的教导，他小时候看的书和别人告诉他的一些建议，听上去都很简单，却让人受益匪浅。",[14,337,338],{},"此外，她还问道：“巴菲特先生，您一直强调配偶的重要性，那么人该怎么选择自己的配偶呢？您怎么能确定这就是你想要的人呢？”",[14,340,341],{},"巴菲特笑了下说，刚和 Susan 认识时候他是个很笨的人，什么都不会做，所以一直是 Susan 在教他，在照顾他。“其实你在与人交往的时候会发现，能为你做到这些的人其实并不多。你也就很容易分辨谁是可以和你共度一生的人。”可能是回忆起了 Susan，他的表情开始变得甜蜜起来，与大家聊起年轻时候的往事。",[14,343,344],{},"光华学子们还从中国为巴菲特先生带来了礼物：一套围棋棋子和棋桌。选择这套礼物有三重考虑：首先，历史悠久的围棋不仅益智，而且棋盘之间有着丰富的哲学意义；第二，Alpha Go 人工智能在人机围棋大战中击败世界冠军柯洁的新闻，引起了大家对人工智将如何影响人类社会的思考；第三，最有趣的是，这份礼物是从淘宝网上买的，光华学子们也向巴菲特先生简单介绍了中国电商的蓬勃发展。",[14,346,347],{},"巴菲特先生收到礼物非常开心，说自己的好朋友比尔·盖茨也酷爱围棋，自己有机会会向他请教。他同时很欣慰新一代的中国青年在关注人工智能、电子商务等新的商业方向。",[14,349,350],{},"这次美国之旅，光华学子们一路见到了无数巴菲特先生的投资标的：快餐店里的“可乐”饮料机，餐饮小店餐桌上的“亨氏”番茄酱，商场里精致的“喜诗糖果”展示柜，美国中西部洲际铁路上疾驶的载满 “BNSF 货运公司”货柜的列车，遍布西部各城市小镇的“富国银行”网点，拉斯维加斯赌场里刷屏的“盖可保险”车险广告",[14,352,353],{},"亲眼所见，巴菲特先生投资这些企业的缘由一目了然：“可乐”饮料覆盖率极高，甚至是一部分人的餐食必备；“BNSF”是全美最大的铁路货运商之一，稳稳占据着美国铁路货运的寡头市场份额；“富国银行”网点众多且临近社区，与零售业务方面具备其他银行难以复制的优势；美国地广人稀，通勤多靠自驾，“盖可保险”汽车保险业务必定市场广阔；“喜诗糖果”、“亨氏”食品、“家具城”、“波仙珠宝”等都是“老字号”，为客户所熟识和喜爱，垄断一方。做出最初始的是否投资此类公司的判断，确实只需要基本的常识，而不是太多的专业知识。",[14,355,356],{},"本文整理自参加巴菲特午餐活动的 20 名光华学子提交的活动记录与感想。",[14,358,359],{},"这 20 位同学是：张可、王楠、周思蕊、田乙豆、赵芸笛、郑凌坤、刘悦、曾敬诚、苏澍、施知序、谢天森、欧阳萌凇、曹代勇、张力培、张威、李紫心、李永箭、李辉俊、师伟恒、Melody Tien。",[14,361,362],{},"特此感谢！",[14,364,365],{},"（全文完）",{"title":22,"searchDepth":367,"depth":367,"links":368},2,[],"访谈与文章",null,"巴菲特再度邀请北大光华学子共进午餐，进行开放式问答，分享投资理念、人生智慧与对中国市场的看法。","md",{},true,126,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",{"title":5,"description":371},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录｜巴菲特","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu","buffett\u002Finterview\u002Fba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu","Yd4_VpUAmHReDIfXgSwuzEn6bAzpKcIjW-_cLQnogGE","buffett",[384,389,392,396,399,402,405,409,412,415,419,422,425,429,432,435,439,442,445,449,452,455,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,695,699,702,705,709,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,981,985,988,992,995,999,1002,1006,1009,1013,1016,1020,1023,1027,1030,1034,1037,1041,1044,1048,1051,1055,1058,1062,1065,1069,1072,1076,1079,1083,1086,1090,1093,1097,1100,1104,1107,1111,1114,1118,1121,1125,1128,1132,1135,1139,1142,1146,1149,1153,1156,1160,1163,1167,1170,1174,1177,1181,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381],{"title":385,"slug":386,"category":387,"order":388},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":390,"slug":391,"category":369,"order":388},"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":393,"slug":394,"category":395,"order":388},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":397,"slug":398,"category":387,"order":367},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":400,"slug":401,"category":369,"order":367},"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":403,"slug":404,"category":395,"order":367},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":406,"slug":407,"category":387,"order":408},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":410,"slug":411,"category":369,"order":408},"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":413,"slug":414,"category":395,"order":408},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":416,"slug":417,"category":387,"order":418},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":420,"slug":421,"category":369,"order":418},"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":423,"slug":424,"category":395,"order":418},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":426,"slug":427,"category":387,"order":428},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":430,"slug":431,"category":369,"order":428},"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":433,"slug":434,"category":395,"order":428},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":436,"slug":437,"category":387,"order":438},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":440,"slug":441,"category":369,"order":438},"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":443,"slug":444,"category":395,"order":438},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":446,"slug":447,"category":387,"order":448},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":450,"slug":451,"category":369,"order":448},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":453,"slug":454,"category":395,"order":448},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":456,"slug":457,"category":387,"order":458},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":460,"slug":461,"category":369,"order":458},"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":463,"slug":464,"category":395,"order":458},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":466,"slug":467,"category":387,"order":468},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":470,"slug":471,"category":369,"order":468},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":473,"slug":474,"category":395,"order":468},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":476,"slug":477,"category":387,"order":478},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":480,"slug":481,"category":369,"order":478},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":483,"slug":484,"category":395,"order":478},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":486,"slug":487,"category":387,"order":488},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":490,"slug":491,"category":369,"order":488},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":493,"slug":494,"category":395,"order":488},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":496,"slug":497,"category":387,"order":498},"1963 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":846,"slug":847,"category":369,"order":844},"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":849,"slug":850,"category":387,"order":851},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":853,"slug":854,"category":369,"order":851},"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":856,"slug":857,"category":387,"order":858},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":860,"slug":861,"category":369,"order":858},"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":863,"slug":864,"category":387,"order":865},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":867,"slug":868,"category":369,"order":865},"与沃伦·巴菲特的问答纪要 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巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":895,"slug":896,"category":369,"order":893},"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":898,"slug":899,"category":387,"order":900},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":902,"slug":903,"category":369,"order":900},"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":905,"slug":906,"category":387,"order":907},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":909,"slug":910,"category":369,"order":907},"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":912,"slug":913,"category":387,"order":914},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":916,"slug":917,"category":369,"order":914},"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":919,"slug":920,"category":387,"order":921},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":923,"slug":924,"category":369,"order":921},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":926,"slug":927,"category":387,"order":928},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":930,"slug":931,"category":369,"order":928},"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":933,"slug":934,"category":387,"order":935},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":937,"slug":938,"category":369,"order":935},"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":940,"slug":941,"category":387,"order":942},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":944,"slug":945,"category":369,"order":942},"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":947,"slug":948,"category":387,"order":949},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":951,"slug":952,"category":369,"order":949},"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":954,"slug":955,"category":387,"order":956},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":958,"slug":959,"category":369,"order":956},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":961,"slug":962,"category":387,"order":963},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":965,"slug":966,"category":369,"order":963},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":968,"slug":969,"category":387,"order":970},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":972,"slug":973,"category":369,"order":970},"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":975,"slug":976,"category":387,"order":977},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":979,"slug":980,"category":369,"order":977},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":982,"slug":983,"category":387,"order":984},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":986,"slug":987,"category":369,"order":984},"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":989,"slug":990,"category":387,"order":991},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":993,"slug":994,"category":369,"order":991},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":996,"slug":997,"category":387,"order":998},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1000,"slug":1001,"category":369,"order":998},"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":1003,"slug":1004,"category":387,"order":1005},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1007,"slug":1008,"category":369,"order":1005},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1010,"slug":1011,"category":387,"order":1012},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1014,"slug":1015,"category":369,"order":1012},"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":1017,"slug":1018,"category":387,"order":1019},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1021,"slug":1022,"category":369,"order":1019},"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":1024,"slug":1025,"category":387,"order":1026},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1028,"slug":1029,"category":369,"order":1026},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1031,"slug":1032,"category":387,"order":1033},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1035,"slug":1036,"category":369,"order":1033},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1038,"slug":1039,"category":387,"order":1040},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1042,"slug":1043,"category":369,"order":1040},"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":1045,"slug":1046,"category":387,"order":1047},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1049,"slug":1050,"category":369,"order":1047},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1052,"slug":1053,"category":387,"order":1054},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1056,"slug":1057,"category":369,"order":1054},"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":1059,"slug":1060,"category":387,"order":1061},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1063,"slug":1064,"category":369,"order":1061},"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":1066,"slug":1067,"category":387,"order":1068},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1070,"slug":1071,"category":369,"order":1068},"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":1073,"slug":1074,"category":387,"order":1075},"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":1077,"slug":1078,"category":369,"order":1075},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1080,"slug":1081,"category":387,"order":1082},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1084,"slug":1085,"category":369,"order":1082},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1087,"slug":1088,"category":387,"order":1089},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1091,"slug":1092,"category":369,"order":1089},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1094,"slug":1095,"category":387,"order":1096},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1098,"slug":1099,"category":369,"order":1096},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1101,"slug":1102,"category":387,"order":1103},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1105,"slug":1106,"category":369,"order":1103},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1108,"slug":1109,"category":387,"order":1110},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1112,"slug":1113,"category":369,"order":1110},"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":1115,"slug":1116,"category":387,"order":1117},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1119,"slug":1120,"category":369,"order":1117},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1122,"slug":1123,"category":387,"order":1124},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1126,"slug":1127,"category":369,"order":1124},"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":1129,"slug":1130,"category":387,"order":1131},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1133,"slug":1134,"category":369,"order":1131},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1136,"slug":1137,"category":387,"order":1138},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1140,"slug":1141,"category":369,"order":1138},"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":1143,"slug":1144,"category":387,"order":1145},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1147,"slug":1148,"category":369,"order":1145},"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":1150,"slug":1151,"category":387,"order":1152},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1154,"slug":1155,"category":369,"order":1152},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1157,"slug":1158,"category":387,"order":1159},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1161,"slug":1162,"category":369,"order":1159},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1164,"slug":1165,"category":387,"order":1166},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1168,"slug":1169,"category":369,"order":1166},"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":1171,"slug":1172,"category":387,"order":1173},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1175,"slug":1176,"category":369,"order":1173},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1178,"slug":1179,"category":387,"order":1180},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1182,"slug":1183,"category":369,"order":1180},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":1185,"slug":1186,"category":369,"order":1187},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1189,"slug":1190,"category":369,"order":1191},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1193,"slug":1194,"category":369,"order":1195},"巴菲特：2013年 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