[{"data":1,"prerenderedAt":1632},["ShallowReactive",2],{"library-ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi":3,"library-sidebar-buffett":96,"library-sidebar-dao":1098,"library-sidebar-models":1400},{"id":4,"title":5,"body":6,"category":82,"date":83,"description":84,"extension":85,"meta":86,"navigation":87,"order":88,"path":89,"seo":90,"seoDescription":84,"seoTitle":91,"slug":92,"stem":93,"__hash__":94,"_collection":95},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi.md","巴菲特：你应该了解珠宝生意",{"type":7,"value":8,"toc":78},"minimark",[9,13,17,20,28,34,37,47,50,56,59,66,69,72,75],[10,11,5],"h1",{"id":12},"巴菲特你应该了解珠宝生意",[14,15,16],"p",{},"本您不需要了解发电厂的经济效益，就可以聪明地购买电力。如果你的邻居是电力专家，而你只是个新手，那么你们的电费也将完全相同。",[14,18,19],{},"但购买珠宝则不同。你为一件商品所支付的价格，与你的邻居为一件同类商品所支付的价格，可能会有很大的差异，而且经常是巨大的差异。了解了珠宝行业的经济学原理，你就会明白其中的原因。",[14,21,22,23,27],{},"首先，",[24,25,26],"strong",{},"所有珠宝商的存货周转都非常缓慢，这会占用大量资金。一年周转一次是正常的","。原因很简单：人们购买珠宝的频率很低，而且他们在购买珠宝时，既会购买昂贵的，也会购买个性化的珠宝。因此，他们在选定一件珠宝之前，希望能够看到多种珠宝可供选择。",[14,29,30,33],{},[24,31,32],{},"由于周转率很低，珠宝商必须获得相对较高的销售利润率，才能获得哪怕是一般的投资回报","。在这方面，珠宝业务与百货业务恰恰相反，百货业务虽然利润率低，但存货周转快，投资回报率高。",[14,35,36],{},"为了确定商品的销售价格，珠宝商必须在商品价格的基础上，加上经营成本和预期利润率。经营成本很少低于销售额的40%，甚至经常超过这一水平。这就要求大多数珠宝商将商品定价为其成本的两倍甚至更高。计算方法很简单：珠宝商对成本为50 美分的商品收取1 美元。然后，从50 美分的毛利润中，他们通常要支付40 美分的运营成本，这样每1 美元的销售额就只剩下10 美分的税前利润。考虑到在存货方面的大量投资，10 美分的利润虽然足够，但远不令人兴奋。",[14,38,39,40,43,44],{},"在波仙珠宝(Borsheim's)，其经营情况与我刚才的描述大相径庭。",[24,41,42],{},"由于我们只有一个店面，而且销量巨大，我们的运营成本率通常只占销售额的20%左右。就销售额的百分比而言，我们仅租金成本就比一般竞争对手低了整整5%","，(销售人员没有提成，而NFM 主要靠提成)。因此，我们的商品定价可以而且确实远远低于其他珠宝商。事实上，如果他们的定价与我们不相上下，他们的经营就会出现严重亏损。此外，在一个良性循环中，",[24,45,46],{},"我们的低价会带来不断增长的销售额，进一步降低我们的费用率，从而使我们能够进一步降低价格。",[14,48,49],{},"我们的成本优势有多大？这因竞争对手而异，但根据我的计算，在波仙珠宝花1000 美元买到的东西，在其他地方平均要花1350 美元左右。这就是所谓的\"波仙价格\"。只有在极少数情况下，由于条件限制，我们无法为您提供这种超值优惠，但您总是可以预先知道某件商品是否不可打折。",[14,51,52,53],{},"当然，除非您能确信所购商品的质量，否则价格毫无意义。如果产品有品牌，如手表和瓷器，比较起来就很简单。",[24,54,55],{},"但珠宝通常是\"盲品\"(个性化非标品)，这使得几乎所有的购买者都要听从卖家的摆布。",[14,57,58],{},"我清楚地记得，在第五大道或罗迪欧大道的珠宝店里，我曾感到多么无助，因为我唯一能确定的是，珠宝商的运营成本非常高，他们必须在销售价格中弥补这一点。我还对\"楼上\"那些以寄售商品为生的个体经营者保持警惕，因为寄售商品比直接采购商品的成本更高，必然会抬高他们的零售价。最后，我总是担心我买到的东西的质量，我分不清价值1 万美元与10 万美元的祖母绿或钻石之间的区别(我现在也分不清)。",[14,60,61,62,65],{},"我的无助感让我得出了一个显而易见的结论：\"",[24,63,64],{},"如果你不了解珠宝，那就去了解你的珠宝商","\"。因此，在伯克希尔收购波仙珠宝之前的许多年里，我一直在波仙购买珠宝。我不了解宝石，但我了解Ike Friedman，这位零售业的天才将公司从一无所有发展成为全国最大的单体珠宝店之一。当我收购他的生意时，我没有经过审计，但我有充分的信心，我得到的是物有所值。而这正是我所得到的，正如我从他那里购买一件珠宝时得到的一样。",[14,67,68],{},"这封信的主要目的是告诉您，您不必住在奥马哈附近，也可以从波仙珠宝省钱。我们的\"居家购物\"计划将波仙珠宝带到我们的合格客户身边。您只需与波仙珠宝联系，详细描述您的需求，任何程度的细节。我们将为您挑选最能反映您愿望的产品，并将它们寄送给您。然后，在您舒适的家中或办公室里，您可以方便、悠闲地挑选您最喜欢的物品，或者将全部物品退还给我们。",[14,70,71],{},"这项\"居家购物\"计划取得了令人惊叹的成果。客户们都非常喜欢，并不断再次购买。每年，我们都会寄出价值从100 美元到50 万美元不等的数千份包裹。请致电800-642-GIFT(4438)，了解如何获得波仙珠宝的\"居家购物\"计划的资格。",[14,73,74],{},"波仙珠宝的服务堪称楷模，性价比超乎寻常，产品如假包换。我向您保证。",[14,76,77],{},"沃伦巴菲特",{"title":79,"searchDepth":80,"depth":80,"links":81},"",2,[],"访谈与文章",null,"巴菲特阐述珠宝生意的特殊性，强调购买珠宝不同于购买电力，价格取决于专业知识，消费者需要了解珠宝生意的运作方式。","md",{},true,147,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",{"title":5,"description":84},"巴菲特：你应该了解珠宝生意｜巴菲特","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi","buffett\u002Finterview\u002Fba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi","skgpvUQDjqRf3r_Q4YAMsmO1kfuKYWy4tIEYAsq57G0","buffett",[97,102,105,109,112,115,118,122,125,128,132,135,138,142,145,148,152,155,158,162,165,168,172,175,178,182,185,188,192,195,198,202,205,208,212,215,218,222,225,228,232,235,238,242,245,248,252,255,258,262,265,268,272,275,278,282,285,288,292,295,298,302,305,308,312,315,318,322,325,328,332,335,338,342,345,348,352,355,358,362,365,368,372,375,378,382,385,388,392,395,398,402,405,408,412,415,418,422,425,428,432,435,439,442,446,449,453,456,460,463,467,470,474,477,481,484,488,491,495,498,502,505,509,512,516,519,523,526,530,533,537,540,544,547,551,554,558,561,565,568,572,575,579,582,586,589,593,596,600,603,607,610,614,617,621,624,628,631,635,638,642,645,649,652,656,659,663,666,670,673,677,680,684,687,691,694,698,701,705,708,712,715,719,722,726,729,733,736,740,743,747,750,754,757,761,764,768,771,775,778,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,905,909,913,917,921,925,929,933,937,941,945,949,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1082,1086,1090,1094],{"title":98,"slug":99,"category":100,"order":101},"1956 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":664,"slug":665,"category":82,"order":662},"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":667,"slug":668,"category":100,"order":669},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":671,"slug":672,"category":82,"order":669},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":674,"slug":675,"category":100,"order":676},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":678,"slug":679,"category":82,"order":676},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":681,"slug":682,"category":100,"order":683},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":685,"slug":686,"category":82,"order":683},"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":688,"slug":689,"category":100,"order":690},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":692,"slug":693,"category":82,"order":690},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":695,"slug":696,"category":100,"order":697},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":699,"slug":700,"category":82,"order":697},"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":702,"slug":703,"category":100,"order":704},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":706,"slug":707,"category":82,"order":704},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":709,"slug":710,"category":100,"order":711},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":713,"slug":714,"category":82,"order":711},"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":716,"slug":717,"category":100,"order":718},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":720,"slug":721,"category":82,"order":718},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":723,"slug":724,"category":100,"order":725},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":727,"slug":728,"category":82,"order":725},"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":730,"slug":731,"category":100,"order":732},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":734,"slug":735,"category":82,"order":732},"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":737,"slug":738,"category":100,"order":739},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":741,"slug":742,"category":82,"order":739},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":744,"slug":745,"category":100,"order":746},"2008 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":804,"slug":805,"category":82,"order":802},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":807,"slug":808,"category":100,"order":809},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":811,"slug":812,"category":82,"order":809},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":814,"slug":815,"category":100,"order":816},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":818,"slug":819,"category":82,"order":816},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":821,"slug":822,"category":100,"order":823},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":825,"slug":826,"category":82,"order":823},"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":828,"slug":829,"category":100,"order":830},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":832,"slug":833,"category":82,"order":830},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":835,"slug":836,"category":100,"order":837},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":839,"slug":840,"category":82,"order":837},"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":842,"slug":843,"category":100,"order":844},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":846,"slug":847,"category":82,"order":844},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":849,"slug":850,"category":100,"order":851},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":853,"slug":854,"category":82,"order":851},"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":856,"slug":857,"category":100,"order":858},"2022 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