[{"data":1,"prerenderedAt":1739},["ShallowReactive",2],{"library-ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu":3,"library-sidebar-buffett":204,"library-sidebar-dao":1205,"library-sidebar-models":1507},{"id":4,"title":5,"body":6,"category":190,"date":191,"description":192,"extension":193,"meta":194,"navigation":195,"order":196,"path":197,"seo":198,"seoDescription":192,"seoTitle":199,"slug":200,"stem":201,"__hash__":202,"_collection":203},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu.md","巴菲特：每个投资者都会犯的 10 个错误",{"type":7,"value":8,"toc":175},"minimark",[9,14,18,24,29,32,36,39,43,46,49,52,56,59,62,65,69,72,76,84,91,95,98,101,104,107,111,114,121,124,127,131,134,141,148,151,158,162,169,172],[10,11,13],"h1",{"id":12},"巴菲特2023年每个投资者都会犯的-10-个错误","巴菲特：2023年每个投资者都会犯的 10 个错误",[15,16,17],"p",{},"2023年11月25日",[19,20,21],"blockquote",{},[15,22,23],{},"导读：巴菲特指出十大投资误区，他建议不为持现而持现，只将资金投优质企业；不判断市场，专注企业本身判断；反对分散投资，倾向重仓看好企业；认为波动性非风险衡量指标，风险源于企业本质与无知；指出高智商者也会做蠢事，投资更需稳定性格；强调投资自己是最佳投资；认为资产配置思考即可，无需专业人士；批判频繁交易，称其近似赌博；提出增长与价值一体，依增长经济学判断投资；建议找到优秀企业便持有，勿空等回调与过度囤现。",[25,26,28],"h3",{"id":27},"_1持有现金","1.持有现金",[15,30,31],{},"我们绝不会为了持有现金而持有现金。我的意思是,我们绝不会认为我们应该持有x%的现金,坦白说,我认为华尔街策略家们提出的这些资产配置方案,比如60%的股票和30%的债券,我们认为这完全是胡说八道。所以我们希望所有的钱都投入到优质的企业中,但有时我们找不到这样的企业,或者有时候意外收到现金,或者有时我们卖出了一些东西,然后我们手头的现金就比我们希望的多了。手头现金比我们希望的多,意味着我们有10或15美分左右的闲置资金,因为我们希望资金得到利用,但我们永远不会为了利用而利用。如果现金一直在累积,你会发现我们随着时间推移会变得相当不高兴,我想我们总会找到办法使用它的。",[25,33,35],{"id":34},"_2喜欢判断市场","2.喜欢判断市场",[15,37,38],{},"你可能难以相信,但我和查理从来不对市场有什么看法,因为那没什么用,而且可能会干扰我们那些有用的看法。如果我们对一个企业的判断是正确的,如果我们认为一个企业有吸引力,那么因为我们对市场走向或其他类似事情有什么想法而不采取行动,那将是非常愚蠢的,因为我们根本不知道,而且放弃你知道的、有利可图的东西,去追求你不知道也永远不会知道的东西,这对我们来说毫无意义,也确实无关紧要。",[25,40,42],{"id":41},"_3分散投资","3.分散投资",[15,44,45],{},"没有什么神奇的,我们喜欢把大量资金投入到我们强烈看好的东西上,这就回到了分散投资的问题。我们认为,对于任何懂行的人来说,一般意义上的分散投资几乎毫无意义。分散投资是对无知的保护。",[15,47,48],{},"我的意思是,如果你想确保相对于市场不会发生任何坏事,你就拥有所有的东西。这没什么问题,对于那些觉得自己不知道如何分析企业的人来说,这是一个完全合理的方法。如果你知道如何分析企业和评估企业价值,拥有50只股票、40只股票或30只股票可能是疯狂的,因为很可能没有那么多优秀的企业是一个人能够理解的。拥有一些超级优秀的企业,然后把钱投入到你认为吸引力排在第30位或第35位的企业中,而不是把更多的钱投入到排名第一的企业中,这在查理和我看来简直是疯了。这是惯常做法,你知道,如果你只需要达到平均水平,在我们看来,这就是承认你并不真正了解你所拥有的企业。",[15,50,51],{},"在个人投资组合的基础上,你知道,我只持有一只股票,但那是我了解的企业,这让我感到非常舒服。你知道,我需要拥有28只股票才能实现适当的分散投资吗?这简直是胡说八道。三家优秀的企业,在这一生中已经足够让你做得很好了。普通人不太可能遇到这种情况。我的意思是,如果你看看这个国家的财富是如何积累的,它们不是通过50家公司的投资组合积累起来的,而是由某个人识别出一家优秀的企业而建立的。",[25,53,55],{"id":54},"_4把波动性视为风险","4.把波动性视为风险",[15,57,58],{},"现代公司金融课程中教授的很多内容都是废话。波动性并不衡量风险,问题在于那些写作和教授风险的人不知道如何衡量风险。贝塔值作为波动性的衡量指标,好处是它很数学化,但在衡量风险方面是错误的。它是一个波动性的衡量指标,但过去的波动性并不能决定投资的风险。",[15,60,61],{},"实际上,以这里的农田为例,在1980年或1980年代初,每英亩售价2000美元的农场跌到了每英亩600美元。当银行业和农业危机发生时,我买了其中一个,农场的贝塔值大幅上升。根据标准经济理论和市场理论,我以每英亩600美元的价格购买的资产比同一农场以前每英亩2000美元时更具风险。现在,因为农田不经常交易,价格也不会被记录,你知道,他们会认为这是荒谬的,认为以600美元每英亩购买几年前售价2000美元每英亩的同一农场会更有风险。但在股票中,因为价格每分钟都在波动,而且因为这让教授金融的人可以使用他们学到的数学,他们实际上会用更技术性的方式解释这一点,但他们实际上已经将过去的波动性转化为各种风险衡量指标,这是荒谬的。",[15,63,64],{},"风险来自于某些类型企业的本质,仅仅因为某些类型企业的简单经济学,就可能有风险,而且风险来自于不知道你在做什么。你知道,如果你理解你所从事的业务的经济学,你了解与你做生意的人,你知道你支付的价格是合理的,你就不会承担任何真正的风险。我不认为查理和我,尤其是在伯克希尔,我们在可交易证券上曾经有过永久性损失,也许最多损失了1%或者净值的0.5%。我在购买德克斯特鞋业时犯了一个严重的错误,这让我们损失了远超净值1%的金额,当时我买下了整个企业,但我对这个企业的判断是错误的。这与鞋价或皮革价格的波动性无关,只是判断错误。但就可交易证券而言,我想不起我们曾经遭受过损失的情况。我们做过很多高贝塔值的证券投资,也做过很多低贝塔值的证券投资。将波动性作为风险衡量指标的整个发展过程,我们从未发现它对我们有任何用处。",[25,66,68],{"id":67},"_5高智商","5.高智商",[15,70,71],{},"我们认为,主要大学教授的公司金融和投资管理课程至少有50%是废话,然而这些人的智商非常高。我们之所以能做得相当好的原因之一是,我们很早就认识到非常聪明的人也会做非常愚蠢的事情,我们试图弄清楚为什么。我还想知道是谁,这样我们就可以避开他们。这是一种性格特质,而不是智力特质。在这个行业里,你不需要太高的智商,我的意思是,你只需要有足够的智商从这里到达奥马哈市区就行了,但你不需要能够玩三维象棋或者在桥牌比赛中名列前茅之类的。你需要一个稳定的性格,你需要一种既不会因跟随大众而感到极大愉悦,也不会因反对大众而感到极大愉悦的性格,因为这不是一个靠民意调查的行业,这是一个靠思考的行业。本·格雷厄姆会说,你是对是错并不取决于有一千人同意你或者一千人不同意你,你是对的,是因为你的事实和推理是正确的。",[25,73,75],{"id":74},"_6最佳投资","6.最佳投资",[15,77,78,79,83],{},"但迄今为止,你能做的最好的投资就是投资自己。我的意思是,比如说沟通技能,我告诉那些即将进入商学院的学生,他们正在学习所有这些复杂的公式,如果他们只是学会更好地沟通,无论是书面还是口头,他们的价值至少会增加50%。如果你不能沟通,就像有人说的,就像在黑暗中对着女孩眨眼一样,什么也不会发生。基本上,你必须能够表达你的想法,而这相对容易。我自己就通过",[80,81,82],"strong",{},"戴尔·卡内基","的课程做到了这一点,现在有些人希望我当时上的课程时间短一些,但这确实非常重要。如果你投资自己,没有人能夺走这一点。",[15,85,86,87,90],{},"如果我给你一辆车,而这是你这辈子唯一能得到的车,你会像你无法想象的那样好好照顾它,一旦有刮痕你就会立即修复,你会阅读使用说明书,你会把它放在车库里,做所有这些事情。而",[80,88,89],{},"你在这个世界上只有一个头脑和一个身体,你不能等到50岁才开始照顾它",",到那时如果你什么都没做,你就已经把它糟蹋了。所以你真的应该确保记住,你只有一个头脑和一个身体来度过这一生,要充分利用它。7",[25,92,94],{"id":93},"_7资产配置","7.资产配置",[15,96,97],{},"我们认为,最小化风险的最好方法是思考。你知道,你说我有60%的股票和40%的债券,然后大张旗鼓地宣布现在我们要把它调整到65比35,就像华尔街的那些所谓的策略师或其他什么人做的那样,我的意思是,这纯粹是胡说八道。我的意思是,60比40或65比35,这根本没有任何意义。",[15,99,100],{},"你应该做的是,总是以短期工具作为你的默认仓位,当你看到任何明智的事情可做时,你就去做,你不应该试图去匹配某个目标。我觉得很有趣,我昨天刚刚读到一篇文章,我想是关于谷歌的两个人的,以及他们因为各自将获得几十亿美元而面临的所有问题。我的意思是,这太有趣了,我几乎想去贺曼商店买一张慰问卡,因为这篇文章一直在说他们有这个可怕的问题,那个可怕的问题,他们需要律师,他们需要财务顾问。他们根本不需要任何人,这些人比那些来找他们的人更聪明,他们没有什么大问题,他们完全有能力自己思考这些问题。有问题的是那些想向他们销售服务的人,他们需要说服他们,他们有问题。",[15,102,103],{},"但是,当你谈论资产配置之类的东西时,你看到的很多东西只是推销。这是一种让你认为如果你不知道如何确定应该是60比40还是65比35,你就需要这些人的方式,但在投资中你根本不需要他们。我的意思是,大多数专业人士告诉你,除非你听他们的并注册他们的服务,否则你就会陷入大麻烦,你知道,他们擅长销售,但是...这就像我的前姐夫在畜牧场工作时常说的,人们会带来牛或其他东西,我会问他,你知道,你怎么让农民雇用你来卖给斯威夫特或阿莫尔或卡特,而不是雇用你旁边的那个人呢?我的意思是,你知道,牛就是牛,阿莫尔会以同样的方式购买,他给了我一个厌恶的眼神,说:\"沃伦,问题不在于你如何卖给他们,而在于你如何告诉他们。\"嗯,华尔街有很多这样的事。",[15,105,106],{},"是的,人们总是渴望知道未来。你知道,国王过去会雇佣魔法师或预言家,他会看羊的内脏或其他东西来寻找如何处理下一场战争的答案。所以,一直以来都有一个市场,有人声称基于他们的专业知识知道未来,现在仍然有很多这样的事情在发生。这和国王雇佣那个看羊内脏的预言家一样疯狂。人们有经济动机去兜售一些可以一遍又一遍销售的偏方。",[25,108,110],{"id":109},"_8频繁交易","8.频繁交易",[15,112,113],{},"真正有趣的数字是,当你把市场的表现不佳,比如说共同基金行业的表现,可能每年低于市场两个百分点,这还低估了实际情况。现在,如果你考虑到所有在共同基金中投资的人,他们不断地在各种基金之间来回切换,这是由一群想要佣金的经纪人引导的。现在你把一个低于正常水平的表现,再因为共同基金投资的频繁变动而下降另外三到四个百分点。所以普通大众,呃,从接触这些专家那里得到了糟糕的结果,而这些人还在领导童子军,参与社区慈善活动,在当地是受人尊敬的人。我认为这令人厌恶。通过成为一个为购买产品的人提供价值的系统的一部分来谋生要好得多。",[15,115,116,117,120],{},"但是,如果能赚钱,没有人会放弃创建赌场或类似的东西,这就是我们在这个国家倾向于做的事。人们有赌博的欲望,顺便说一下,他们在股票中也赌博。我要说,",[80,118,119],{},"日间交易经常非常接近于赌博的定义。但是人们喜欢赌博",",你知道,我的意思是,如果超级碗正在进行,或者更好的是,如果一场非常无聊的足球比赛正在进行,但你没有什么事情可做,而你和其他人坐在一起,如果你在比赛上下注几块钱,你可能会更享受这场比赛。人类赌博的倾向是巨大的。",[15,122,123],{},"现在,当赌博只在内华达州合法化时,你必须走很远的路或者违法才能进行任何严肃的赌博。但是随着各州了解到这是一个多么好的收入来源,他们逐渐使人们更容易、更容易、更容易地赌博。相信我,赌博越容易,人们就越会赌博。我的意思是,当我的孩子们在这里,40年前我买了一台老虎机,把它放在我们家的三楼,我可以给我的孩子们任何他们想要的零用钱,只要是用一角硬币。我的意思是,到了晚上我就把所有的钱都拿回来了。我以为这对他们来说是个很好的教训,他们不会去拉斯维加斯赌博,但相信我,当它在三楼时,他们总能找到它,你知道。哦,我的支付比例也很糟糕,但这就是我这样的父亲。",[15,125,126],{},"但是赌博,你知道,人们总是想要这样做,因为这个原因,我特别认为,在很大程度上,赌博是对无知的征税。我的意思是,如果你想对那些会做出不利于自己的事情的无知人征税,你知道,你就把它放进去,像我这样的人就不用缴税了。我真的不...我发现,当一个政府利用其公民的弱点而不是为他们服务时,我觉得这在社会上是令人反感的。相信我,当政府插手时...",[25,128,130],{"id":129},"_9成长型vs价值型","9.成长型vs价值型",[15,132,133],{},"我真的说过,增长和价值是不可分割的,它们是同一个等式的一部分,或者说增长实际上是价值等式的一部分。所以,我们的立场是,不存在华尔街通常描述的那种作为对比资产类别的增长股或价值股。增长通常对价值是有利的,但只有当它意味着通过现在增加资本,你可以在以后以远高于当前利率的速度获得更多现金时,才是如此。",[15,135,136,137,140],{},"所以,我们在购买任何企业时都会计算我们预期会发生的事情,无论是从中获得的现金还是投入的现金。所以,如果你告诉我,你拥有一个将会增长到天上的企业,那不是很棒吗?我不知道这是否很棒,直到我知道这种增长的经济学是什么,你今天需要投入多少,以及你今天投入后将来能收获多少。经典的例子再次是航空业。",[80,138,139],{},"航空业自从,你知道,奥维尔·莱特兄弟起飞以来一直是一个增长行业,但增长一直是发生在它身上的最糟糕的事情","。对美国公众来说很棒,但增长一直是航空业的诅咒,因为越来越多的资本以不足的回报率投入到这个行业中。",[15,142,143,144,147],{},"现在,",[80,145,146],{},"增长对喜诗糖果来说是很棒的,因为它需要相对较少的增量投资就能卖出更多的糖果","。所以这是增长,我在一些年度报告中讨论过这个问题。增长是等式的一部分,但任何告诉你应该把钱投入增长股或价值股的人,呃,真的不懂投资。除此之外,他们都是很棒的人。",[15,149,150],{},"你知道,真正的重点是,我们试图现在投入资本以获得更多的资本或金钱,我们试图现在投入现金以在以后获得更多的现金。如果你这样做,企业显然会增长,你可以称之为价值,也可以称之为增长,但它们不是两个不同的类别。当我听到人们谈论现在是从增长股转向价值股的时候,或者类似的话,我就会感到畏缩,因为这根本没有任何意义。",[15,152,153,154,157],{},"一般来说,除非你发现一家伟大公司的价格真的令人反感,如果你觉得你已经识别出它了,",[80,155,156],{},"根据定义,一家伟大的公司是一家在30年内仍将保持伟大的公司。如果它只能在三年内保持伟大,你知道,那就不是一家伟大的公司","。我的意思是,呃,所以你真的想要坚持这样一个想法,如果你要进行一次20年的旅行,你不会感到不安,把钱留在那里,不给你的经纪人任何指令,也不给任何委托书,你就这样去旅行,你知道,你回来时它仍然是一家非常强大的公司。",[25,159,161],{"id":160},"_10不要等待回调","10.不要等待回调",[15,163,164,165,168],{},"我认为最好就是拥有它们。我的意思是,你知道,我们可以尝试买卖一些我们拥有的我们认为是优秀企业的东西,但它们太难找了。我们在1972年找到了喜诗糖果,我们在这里那里找到机会做点什么,但它们太难找了。所以,",[80,166,167],{},"坐在那里希望你能在某些恐慌的时刻买入,你知道,你会有点像一个殡仪员的态度,你知道,等待流感大流行之类的","。我的意思是,我不确定那...我不确定那会是一个很好的技巧,那需要很多运气。",[15,170,171],{},"你知道,如果你从道琼斯指数为X开始,你认为它太高了,你知道,当它降到X的90%时你买吗?好吧,如果它确实这样做了,然后降到X的50%,它变得...你知道,你永远不会从这些极端中受益,除非你刚好在某个时候意外地得到一笔钱。所以我认为,主要的事情是找到优秀的企业。所以我们经历过我们的流感大流行,但是你不想花一生的时间等待它们。",[15,173,174],{},"当人们一年前说现金为王时,我的意思是,这很疯狂。我的意思是,现金没有产生任何东西,而且肯定会随着时间的推移贬值。另一方面,你总是要确保你有足够的现金。我的意思是,这就像氧气,你想确保它在周围,你知道,但你不需要有过多的现金。",{"title":176,"searchDepth":177,"depth":177,"links":178},"",2,[179,181,182,183,184,185,186,187,188,189],{"id":27,"depth":180,"text":28},3,{"id":34,"depth":180,"text":35},{"id":41,"depth":180,"text":42},{"id":54,"depth":180,"text":55},{"id":67,"depth":180,"text":68},{"id":74,"depth":180,"text":75},{"id":93,"depth":180,"text":94},{"id":109,"depth":180,"text":110},{"id":129,"depth":180,"text":130},{"id":160,"depth":180,"text":161},"访谈与文章",null,"巴菲特指出投资者常犯的十大错误，包括追涨杀跌、过度交易、盲目跟风等，强调理性与纪律的重要性。","md",{},true,141,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",{"title":5,"description":192},"巴菲特：每个投资者都会犯的 10 个错误｜巴菲特","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu","buffett\u002Finterview\u002Fba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu","5GN5Gp1CwOMRj5_omZRX7k3GvyBduMPItHP-g4bw_30","buffett",[205,210,213,217,220,223,226,229,232,235,239,242,245,249,252,255,259,262,265,269,272,275,279,282,285,289,292,295,299,302,305,309,312,315,319,322,325,329,332,335,339,342,345,349,352,355,359,362,365,369,372,375,379,382,385,389,392,395,399,402,405,409,412,415,419,422,425,429,432,435,439,442,445,449,452,455,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,546,549,553,556,560,563,567,570,574,577,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201],{"title":206,"slug":207,"category":208,"order":209},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":211,"slug":212,"category":190,"order":209},"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":214,"slug":215,"category":216,"order":209},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":218,"slug":219,"category":208,"order":177},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":221,"slug":222,"category":190,"order":177},"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":224,"slug":225,"category":216,"order":177},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":227,"slug":228,"category":208,"order":180},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":230,"slug":231,"category":190,"order":180},"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":233,"slug":234,"category":216,"order":180},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":208,"order":238},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":240,"slug":241,"category":190,"order":238},"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":243,"slug":244,"category":216,"order":238},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":208,"order":248},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":250,"slug":251,"category":190,"order":248},"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":253,"slug":254,"category":216,"order":248},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":256,"slug":257,"category":208,"order":258},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":260,"slug":261,"category":190,"order":258},"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":263,"slug":264,"category":216,"order":258},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":266,"slug":267,"category":208,"order":268},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":270,"slug":271,"category":190,"order":268},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":273,"slug":274,"category":216,"order":268},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":276,"slug":277,"category":208,"order":278},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":280,"slug":281,"category":190,"order":278},"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":283,"slug":284,"category":216,"order":278},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":286,"slug":287,"category":208,"order":288},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":290,"slug":291,"category":190,"order":288},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":293,"slug":294,"category":216,"order":288},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":296,"slug":297,"category":208,"order":298},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":300,"slug":301,"category":190,"order":298},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":303,"slug":304,"category":216,"order":298},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":306,"slug":307,"category":208,"order":308},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":310,"slug":311,"category":190,"order":308},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":313,"slug":314,"category":216,"order":308},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":316,"slug":317,"category":208,"order":318},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":320,"slug":321,"category":190,"order":318},"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":323,"slug":324,"category":216,"order":318},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":326,"slug":327,"category":208,"order":328},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":330,"slug":331,"category":190,"order":328},"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":333,"slug":334,"category":216,"order":328},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":336,"slug":337,"category":208,"order":338},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":340,"slug":341,"category":190,"order":338},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":343,"slug":344,"category":216,"order":338},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":346,"slug":347,"category":208,"order":348},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":350,"slug":351,"category":190,"order":348},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":353,"slug":354,"category":216,"order":348},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":356,"slug":357,"category":208,"order":358},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":360,"slug":361,"category":190,"order":358},"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":363,"slug":364,"category":216,"order":358},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":366,"slug":367,"category":208,"order":368},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":370,"slug":371,"category":190,"order":368},"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":373,"slug":374,"category":216,"order":368},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":376,"slug":377,"category":208,"order":378},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":380,"slug":381,"category":190,"order":378},"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":383,"slug":384,"category":216,"order":378},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":386,"slug":387,"category":208,"order":388},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":390,"slug":391,"category":190,"order":388},"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":393,"slug":394,"category":216,"order":388},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":396,"slug":397,"category":208,"order":398},"1965年11月 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巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":743,"slug":744,"category":190,"order":741},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":746,"slug":747,"category":208,"order":748},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":750,"slug":751,"category":190,"order":748},"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":753,"slug":754,"category":208,"order":755},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":757,"slug":758,"category":190,"order":755},"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":760,"slug":761,"category":208,"order":762},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":764,"slug":765,"category":190,"order":762},"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":767,"slug":768,"category":208,"order":769},"1996 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巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":799,"slug":800,"category":190,"order":797},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":802,"slug":803,"category":208,"order":804},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":806,"slug":807,"category":190,"order":804},"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":809,"slug":810,"category":208,"order":811},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":813,"slug":814,"category":190,"order":811},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":816,"slug":817,"category":208,"order":818},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":820,"slug":821,"category":190,"order":818},"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":823,"slug":824,"category":208,"order":825},"2004 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":911,"slug":912,"category":190,"order":909},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":914,"slug":915,"category":208,"order":916},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":918,"slug":919,"category":190,"order":916},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":921,"slug":922,"category":208,"order":923},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":925,"slug":926,"category":190,"order":923},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":928,"slug":929,"category":208,"order":930},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":932,"slug":933,"category":190,"order":930},"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":935,"slug":936,"category":208,"order":937},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":939,"slug":940,"category":190,"order":937},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":942,"slug":943,"category":208,"order":944},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":946,"slug":947,"category":190,"order":944},"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":949,"slug":950,"category":208,"order":951},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":953,"slug":954,"category":190,"order":951},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":956,"slug":957,"category":208,"order":958},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":960,"slug":961,"category":190,"order":958},"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":963,"slug":964,"category":208,"order":965},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":967,"slug":968,"category":190,"order":965},"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":970,"slug":971,"category":208,"order":972},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":974,"slug":975,"category":190,"order":972},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":977,"slug":978,"category":208,"order":979},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":981,"slug":982,"category":190,"order":979},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":984,"slug":985,"category":208,"order":986},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":988,"slug":989,"category":190,"order":986},"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":991,"slug":992,"category":208,"order":993},"2025 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