[{"data":1,"prerenderedAt":2459},["ShallowReactive",2],{"library-duanyongping-shangyeluoji-di1jie-weidaqiye":3,"library-sidebar-buffett":950,"library-sidebar-dao":1945,"library-sidebar-models":2227},{"id":4,"title":5,"body":6,"category":936,"date":937,"description":938,"extension":939,"meta":940,"navigation":941,"order":942,"path":943,"seo":944,"seoDescription":938,"seoTitle":945,"slug":946,"stem":947,"__hash__":948,"_collection":949},"dao\u002Fdao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di1jie-weidaqiye.md","商业逻辑篇：第1节：伟大企业",{"type":7,"value":8,"toc":930},"minimark",[9,14,28,34,41,44,47,50,53,56,59,62,65,68,71,74,77,80,85,92,98,103,114,128,131,145,151,165,171,174,177,182,197,203,206,209,212,217,223,228,234,237,240,243,248,253,256,262,265,268,276,279,287,296,302,308,317,328,334,350,356,364,375,380,383,393,399,404,410,416,422,428,431,436,442,455,461,466,474,481,486,491,496,499,504,509,514,519,527,530,533,542,553,558,561,564,569,574,577,582,587,592,595,598,601,604,609,620,623,629,634,639,644,649,652,655,660,664,667,670,673,676,679,682,685,688,691,694,697,700,703,708,713,719,724,729,746,749,754,759,762,767,772,775,778,783,786,791,796,801,804,809,812,817,820,830,833,838,841,846,849,854,857,862,865,870,875,880,883,888,895,898,903,908,911,916,925],[10,11,13],"h1",{"id":12},"第1节伟大企业","第1节：伟大企业",[15,16,17,27],"p",{},[18,19,20,21,26],"strong",{},"伟大企业的其中一项特质是“",[22,23,25],"a",{"href":24},"\u002Flibrary\u002Flirunzhishangdezhuiqiu","利润之上的追求","”"," ，乔布斯和他的苹果给予了这项特质以最完美的诠释。",[15,29,30,33],{},[18,31,32],{},"段永平："," 这是《乔布斯传》最后一章“遗产：无比辉煌的创新天堂”中的一段自述，我反复读了很多遍，字里行间跃然纸上的是一个虽有阴暗面却始终闪亮的灵魂。",[15,35,36,37,40],{},"吉姆.柯林斯在《基业长青》中曾经总结过",[18,38,39],{},"伟大企业的其中一项特质是“利润之上的追求”"," ，乔布斯和他的苹果给予了这项特质以最完美的诠释。（2014-02-01）",[15,42,43],{},"原文：",[15,45,46],{},"我的激情所在是打造一家可以传世的公司，这家公司里的人动力十足地创造伟大的产品。其他一切都是第二位的。当然，能赚钱很棒，因为那样你才能够制造伟大的产品。但是动力来自产品，而不是利润。斯卡利本末倒置，把赚钱当成了目标。这种差别很微妙，但它却会影响每一件事：你聘用谁，提拔谁，会议上讨论什么事情。",[15,48,49],{},"有些人说：“消费者想要什么就给他们什么。”但那不是我的方式。我们的责任是提前一步搞清楚他们将来想要什么。我记得亨利·福特曾说过，“如果我最初问消费者他们想要什么，他们应该是会告诉我，‘要一匹更快的马！’”人们不知道想要什么，直到你把它摆在他们面前。正因如此，我从不依靠市场研究。我们的任务是读懂还没落到纸面上的东西。",[15,51,52],{},"宝丽来的埃德温·兰德曾谈过人文与科学的交集。我喜欢那个交集。那里有种魔力。有很多人在创新，但创新并不是我事业最主要的与众不同之处。苹果之所以能与人们产生共鸣，是因为在我们的创新中深藏着一种人文精神。我认为伟大的艺术家和伟大的工程师是相似的，他们都有自我表达的欲望。事实上最早做Mac的最优秀的人里，有些人同时也是诗人和音乐家。在20世纪70年代，计算机成为人们表现创造力的一种方式。一些伟大的艺术家，像列奥纳多·达·芬奇和米开朗基罗，同时也是精通科学的人。米开朗基罗懂很多关于采石的知识，他不是只知道如何雕塑。",[15,54,55],{},"人们付钱让我们为他们整合东西，因为他们不能7天24小时地去想这些。如果你对生产伟大的产品有极大的激情，它会推着你去追求一体化，去把你的硬件、软件以及内容管理都整合在一起。你想开辟新的领域，就必须自己来做。如果你想让产品对其他硬件或软件开放，你就只能放弃一些愿景。",[15,57,58],{},"过去，不同阶段有不同的公司成为了硅谷的典范。很长一段时间里，是惠普。后来，在半导体时代，是仙童和英特尔。我觉得，有一段时间是苹果，后来没落了。而今天，我认为是苹果和谷歌——苹果更多一些。我想苹果已经经受住了时间的检验。它曾有过起起伏伏，但如今仍然走在时代的前沿。",[15,60,61],{},"要指出微软的不足很容易。他们显然已经丧失了统治地位，已经变得基本上无关紧要。但是我欣赏他们所做的，也了解那有多么困难。他们很擅长商业方面的事务。他们在产品方面从未有过应有的野心。比尔喜欢把自己说成是做产品的人，但他真的不是。他是个商人。赢得业务比做出伟大的产品更重要。他最后成了最富有的人，如果这就是他的目标，那么他实现了。但那从来都不是我的目标，而且我怀疑，那最终是否是他的目标。我欣赏他，欣赏他创建的公司，很出色，我也喜欢跟他合作。他很聪明，实际上也很有幽默感。但是微软的基因里从来都没有人文精神和艺术气质。即使在看到Mac以后，他们都模仿不好。他们完全没搞懂它是怎么回事儿。",[15,63,64],{},"像IBM或微软这样的公司为什么会衰落，我有我自己的见解。这样的公司干得很好，它们进行创新，成为或接近成为某个领域的垄断者，然后产品的质量就变得不那么重要了。这些公司开始重视优秀的销售人员，因为是他们在推动销售、改写了收入数字，而不是产品的工程师和设计师。因此销售人员最后成为公司的经营者。IBM的约翰·埃克斯是聪明、善辩、非常棒的销售人员，但是对产品一无所知。同样的事情也发生在施乐。做销售的人经营公司，做产品的人就不再那么重要，其中很多人就失去了创造的激情。斯卡利加入后，苹果就发生了这样的事情，那是我的失误；鲍尔默接管微软后也是这样。苹果很幸运，能够东山再起，但我认为只要鲍尔默还在掌舵，微软就不会有什么起色。",[15,66,67],{},"我讨厌一种人，他们把自己称为“企业家”，实际上真正想做的却是创建一家企业，然后把它卖掉或上市，他们就可以变现，一走了之。他们不愿意费力气打造一家真正的公司，而这正是商业领域里最艰难的工作。只有做到这一点你才能真正有所贡献，为前人留下的遗产添砖加瓦。你要打造一家再过一两代人仍然屹立不倒的公司。那就是沃尔特·迪士尼，还有休利特和帕卡德，还有创建英特尔的人所做的。他们创造了传世的公司，而不仅仅是赚了钱。这正是我对苹果的期望。",[15,69,70],{},"我不认为我对别人很苛刻，但如果谁把什么事搞砸了，我会当面跟他说。诚实是我的责任。我知道我在说什么，而且事实证明通常我是对的。那是我试图创建的文化。我们相互间诚实到残酷的地步，任何人都可以跟我说，他们认为我就是一堆狗屎，我也可以这样说他们。我们有过一些激烈的争吵，互相吼叫，那可以说是我最美好的一段时光。我在别人面前说“罗恩，那个商店看起来像坨屎”的时候没什么不良感觉。或者我会说“天啊，我们把这个工艺搞砸了”，就当着负责人的面。这就是我们的规矩：你就得超级诚实。也许有更好的方式，像个绅士俱乐部一样，大家都戴着领带，说着上等人的敬语，满嘴华丽委婉的词汇，但是我对此不太在行，因为我是来自加利福尼亚的中产阶级。",[15,72,73],{},"我有时候对别人很严厉，可能没有必要那么严厉。我还记得里德6岁时，他回到家，而我那天刚解雇了一个人，我当时就在想，一个人要怎样告诉他的家人和幼子他失业了。很不好受。但是必须有人去做这样的事。我认为确保团队的优秀始终是我的责任，如果我不去做这件事，没有人会去做。",[15,75,76],{},"你必须不断地去推动创新。迪伦本来可以一直唱抗议歌曲，可能会赚很多钱，但是他没有那么做。他必须向前走，1965年在民谣中融入电子音乐元素时，他疏远了很多人。1966年的欧洲巡演是他的巅峰。他会先上台演奏原声吉他，观众非常喜欢。然后他会带出The Band乐队，他们都演奏电子乐器，观众有时候就会喝倒彩。有一次他正要唱《像一块滚石》，观众中有人高喊“叛徒！”迪伦说：“搞他个震耳欲聋！”他们真那样做了。披头士乐队也一样。他们一直演变、前行、改进他们的艺术。那就是我一直试图做的事情——不断前进。否则，就如迪伦所说，如果你不忙着求生，你就在忙着求死。",[15,78,79],{},"我的动力是什么？我觉得，大多数创造者都想为我们能够得益于前人取得的成就而表达感激。我并没有发明我用的语言或数学。我的食物基本都不是我自己做的，衣服更是一件都没做过。我所做的每一件事都有赖于我们人类的其他成员，以及他们的贡献和成就。我们很多人都想回馈社会，在历史的长河中再添上一笔。我们只能用这种大多数人都掌握的方式去表达——因为我们不会写鲍勃·迪伦的歌或汤姆·斯托帕德（Tom Stoppard）的戏剧。我们试图用我们仅有的天分去表达我们深层的感受，去表达我们对前人所有贡献的感激，去为历史长河加上一点儿什么。那就是推动我的力量。2014-02-01",[81,82,84],"h2",{"id":83},"一什么样的企业是伟大的企业","一、什么样的企业是伟大的企业",[86,87,88],"ol",{},[89,90,91],"li",{},"引用：巴菲特语录",[15,93,94,97],{},[18,95,96],{},"伟大企业的定义如下：在25年或30年仍然能够保持其伟大企业地位的企业"," 。",[15,99,100,102],{},[18,101,32],{}," 这个定义好！（2012-07-28）",[86,104,106],{"start":105},2,[89,107,108,109,113],{},"网友：伟大的公司应该是具有“",[22,110,112],{"href":111},"\u002Flibrary\u002Fxiaofeizhedaoxiang","消费者导向","”的文化并且能做出“伟大产品”的公司，比如苹果公司。优秀公司有哪些特征？",[15,115,116,118,119],{},[18,117,32],{}," 有本书叫",[120,121,123,124],"good",{"to":122,"great":122},"","，翻译好像叫《从优秀到卓越》，同一个作者还有一本书：",[125,126,127],"built",{"to":122,"last":122},"——《基业长青》",[15,129,130],{},"我觉得这两本书写得非常好，至少没见过写得更好的。这两本书唯一的缺陷（在我眼里），就是用了股价去衡量公司的好坏。我觉得还有更好的办法去衡量一个好公司。（2010-05-05）",[15,132,133,135,136,140,144],{},[18,134,32],{}," 说来惭愧，这两本书我也没看完过，但翻过，觉得确实是好书。不喜欢的地方是这书也是用市值来衡量一个公司的价值的。用市值衡量的缺陷是具有时点性，在某些时点对某些时点不对。如果用未来",[22,137,139],{"href":138},"\u002Flibrary\u002Fxianjinliu","现金流",[22,141,143],{"href":142},"\u002Flibrary\u002Fzhexian","折现","的概念来衡量就好了，但从来没见过谁这么做，毕竟教授们都不是真做投资的。忽略这点，这书就是我看过的最好的关于企业的书（我没看过别的）。（2012-07-24）",[86,146,148],{"start":147},3,[89,149,150],{},"网友：（乔布斯自述）这段话的意思可不可以理解成，再好的公司如果没有优秀的管理人，迟早会衰落的，就像苹果。可是优秀的管理人员迟早会离开公司，那这个公司是不是就不值得投资了？您是否也有过因为管理人员变更，而抛售之前买的股票？",[15,152,153,155,156,164],{},[18,154,32],{}," 苹果衰落了吗？苹果其实从没有像现在这么强大过！这段话的意思是，",[18,157,158,159,163],{},"没有强大的文化，就不会有伟大的公司。乔布斯就是想建立强大的",[22,160,162],{"href":161},"\u002Flibrary\u002Fqiyewenhua","企业文化","并且确实做到了！只有强大的企业文化才能不断吸引到好的人才并留住他们。不能理解这点的人们大概就只能炒一辈子股票了"," 。（2014-02-02）",[86,166,168],{"start":167},4,[89,169,170],{},"网友：我有一个博友问您两个问题：",[15,172,173],{},"问题1：《好公司为什么会失败》中列了几条加以论述：1、错误数字2、遗忘股东3、人才代价4、滥用激励5、广告崇拜6、抄捷径7、错误预测的风险8、迷信大型IT工程9、大做表现文章10、萧条恐惧症不知段总对其中的哪几条认同？",[15,175,176],{},"2、《基业长青》、《从优秀到卓越》（吉姆·柯林斯）与《追求卓越》（汤姆·彼得斯）相比，段总更倾向于谁的理念？",[15,178,179,181],{},[18,180,32],{}," 1“好公司”的定义是什么？“失败”的定义是什么？没定义怎么讨论？如果“好公司”的定义是那些做事“成功率”远高于一般公司的公司的话，那么“失败”的定义就该是那些高“成功率”外“失败”的那些个案。",[15,183,184],{},[18,185,186,187,191,192,196],{},"所谓的“好公司”我觉得应该是有原则的公司，不是单纯利润导向的公司；是那些知道要",[22,188,190],{"href":189},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","（或者说，知道什么样的事情不该做），然后去追求高效率",[22,193,195],{"href":194},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","的公司。",[15,198,199,202],{},[18,200,201],{},"事情做对的过程是个学习的过程，谁都会犯错误，好公司也不例外。"," 有时候这些错误也是会致命的，如果你把这些叫失败的话。",[15,204,205],{},"你说的那本书里论述的那10条大部分都不应该是“好公司”会犯的错，倒像是一般甚至烂公司会犯的错。但错误预测的风险对谁都会存在，有时候也会要命，但“好公司”犯这种错误的概率比一般公司要低。",[15,207,208],{},"知道“概率”的意思吗？真的知道吗？巴菲特买错过很多只股票，每一只错误的股票都可以被称为“失败”，巴菲特“失败”吗？",[15,210,211],{},"2：他们一个讲的是要做对的事情，一个讲的是如何高效率把事情做对，你更倾向于谁的理念？（2011-09-27）",[15,213,214,216],{},[18,215,32],{}," 说一点我特别喜欢苹果的地方：苹果是非常难见到的能够长期focus在“做对的事情”的企业。",[15,218,219,222],{},[18,220,221],{},"多数人在投资时很习惯去看有没有“把事情做对”这点，从而会很容易掉进短期表现当中。即使是伟大的企业在“做对的事情”的过程当中也是可能会犯错的，因为“把事情做对”往往需要一个过程。所谓“长期投资”从某种角度上说，就是要能够相信坚持“做对的事情”的有能力的公司最后会“把事情做对”。"," （2013-02-13）",[15,224,225],{},[18,226,227],{},"5. 引用：失去乔布斯后的苹果，库克都做了什么？……",[15,229,230,233],{},[18,231,232],{},"段永平：他说：“当我们付出努力，为了让盲人也可以使用我们的设备时，我是不会考虑该死的ROI（投资回报率）的。”苹果在发起环保倡议、保护员工安全和其他政策时也是如此。———这就叫利润之上的追求！"," （2019-06-27）",[15,235,236],{},"网友：我知道一般来讲，好的公司都有“利润之外”的追求。在《基业长青》里面说\"visionary company was guided more by a core ideology—core values and a sense of purpose beyond just making money\"。（有远见卓识的公司更受核心意识形态、核心价值观和目标意识的引导，而不仅仅是赚钱。）",[15,238,239],{},"1）有“利润之外“追求的公司一般来说更“长青”，我目前的理解是因为这样的公司更容易避开诱惑，更专注，更倾向做对的事情，员工更加团结。你怎么看我的理解？你能简单说说“利润之外”追求对公司的好处在哪里么？",[15,241,242],{},"2）如果我不是一个CEO，只是公司的一个manager，对于“利润之外”追求这样的idea（想法），能用在我自己的团队／组织里面吗？",[15,244,245,247],{},[18,246,32],{}," 1. 有“利润之上”的追求则更容易看到事物的本质，就会更容易坚持做对的事情或者说更不容易做错的事情，就不大会受到短期的诱惑而偏离大方向。",[86,249,250],{"start":105},[89,251,252],{},"如果你是一个有“利润之上”追求的manager，你就会找到很多ideas，但如果不是，别人怎么说你都会用功利的角度看的。",[15,254,255],{},"补充一点：有“利润之上”追求并不是好企业的充分条件，但有“利润之上”追求的企业成为好企业的概率要比一般企业大很多，时间越长差别越大。（2013-03-03）",[15,257,258,261],{},[18,259,260],{},"不明真相的群众："," 什么是利润之上的追求？比如，超越股东利益的社会价值、适用不特定主体的方法论、超越实际功效的审美趣味。",[15,263,264],{},"对于大多数企业来说，利润之上的追求是奢侈的，不切实际的。但对于顶级公司来说，利润之上的追求是必不可少的。",[15,266,267],{},"因为：1，利润之上的追求有一定的虚幻性，对于企业来说，就可以作为方向上看得见却不容易触及的战略目标，作为激励有持久性。而利润，太实，容易在触及后让企业进入懈怠的“贤者时间”。",[15,269,270,271,275],{},"2，利润之上的追求可以增加",[22,272,274],{"href":273},"\u002Flibrary\u002Fpinpai","品牌","的美誉度，从而增加用户的锁定能力，和企业的经营寿命。",[15,277,278],{},"3，利润之上的追求可以增加员工的认同感，提升团队的人员质量和工作质量。",[15,280,281,282,286],{},"有些",[22,283,285],{"href":284},"\u002Flibrary\u002Fshangyemoshi","商业模式","很好的企业，很可能是因为没有利润之上的追求，没能成为顶级企业。",[15,288,289,292,293],{},[18,290,291],{},"段永平"," ：",[18,294,295],{},"利润之上的追求指的是把消费者需求放在公司短期利益前面。",[15,297,298,301],{},[18,299,300],{},"多数公司碰到问题时讨论的都是有没有钱赚的问题，而有利润之上追求的公司碰到问题时可能会先问一句，这是对的事情吗？这是应该赚的钱吗……？其实差别很小，但20年后差别很大"," （2020-07-10）",[86,303,305],{"start":304},6,[89,306,307],{},"网友：我要怎样才能够提高自己把事情做对的能力呢？有什么方法更好的学习吗，比如您是怎么学习在投资上把事情做对的，研究很多公司吗？",[15,309,310,312,313,316],{},[18,311,32],{}," 更好的学习方法是啥意思？每个人都应该去找自己合适的学习方法。也许开个公司并做得很好是学习投资的一个好办法，知道买股票就是买公司但不知道什么是好公司也是没有用的。",[18,314,315],{},"好的商业模式加好的企业文化一般是好公司的特征。"," （2015-04-17）",[86,318,320],{"start":319},7,[89,321,322,323,327],{},"网友：看段总这么明白地谈论",[22,324,326],{"href":325},"\u002Flibrary\u002Fjiazhitouzi","价值投资","，真有一种豁然开朗的感觉。",[15,329,330,331,333],{},"第一，价值投资者所投资的公司无所谓伟大的，平庸的。你眼中伟大的公司并非就是伟大的公司，现在伟大的公司未来未必会继续伟大，还要看公司未来",[22,332,139],{"href":138},"情况。",[15,335,336,337,339,340,344,345,347,348,333],{},"第二，价值投资者关注的是公司未来",[22,338,139],{"href":138},"的折现。用四毛钱买入一元钱的公司股票着眼的是公司低估现状，未来公司是不是继续低估抑或价值回归，投资者并未给予相当的认知。具有经济城堡和",[22,341,343],{"href":342},"\u002Flibrary\u002Fhuchenghe","护城河","的公司并非一定具有未来",[22,346,139],{"href":138},"，也并非一定会成为价值投资的获取目标，也要看公司",[22,349,139],{"href":138},[15,351,352,353,355],{},"第三，价值投资者的水平高低体现在对该公司未来",[22,354,139],{"href":138},"折现的理解范围上，换句话说，体现了对标的公司的认知水平上。",[15,357,358,360,361,363],{},[18,359,32],{}," 1. 没有未来",[22,362,139],{"href":138},"的公司不可能是伟大的公司；",[86,365,366,372],{"start":105},[89,367,368,369,371],{},"并非具有未来",[22,370,139],{"href":138},"的“护城河”是干什么用的？（2011-01-09）",[89,373,374],{},"网友：段总，一般来说，企业在哪些方面出现问题呢？请列举一些，",[15,376,377,379],{},[18,378,32],{}," 任何方面都会出问题。你查查所有倒闭的公司，看看他们都出的啥问题就行了。",[15,381,382],{},"网友：其实我最想问的问题是选企业的“漏斗”，就是哪些原则是企业不能违背的。这个问题好像很难说清，简单说说您的看法就行",[15,384,385,392],{},[18,386,32,387,391],{},[22,388,390],{"href":389},"\u002Flibrary\u002Fzhengzhi","正直","和诚信--integrity。这是所有great企业的共性，也是出问题的企业的最大“漏斗”"," 。（2010-10-22）",[86,394,396],{"start":395},9,[89,397,398],{},"网友：感觉投资伟大公司与投资普通公司相比一个巨大的优势是省心，不太需要另外寻找投资目标，也不太需要时时关注市场给的价格是不是太贵。",[15,400,401,403],{},[18,402,32],{}," 是的，享受公司成长远好过心随股动。（2017-03-16）",[86,405,407],{"start":406},10,[89,408,409],{},"网友：穷查理宝典中，查理说：一家价格公平的伟大企业好于价格高高在上的好企业。这句话中伟大企业和好企业分别指什么？有什么区别？能不能这样理解，一家价格公平的稳定增长型企业好于价格高高在上的快速增长型企业？",[15,411,412,415],{},[18,413,414],{},"段永平：基业长青里对伟大企业和好企业有定义"," 。（2010-08-20）",[86,417,419],{"start":418},11,[89,420,421],{},"网友：我觉得马云和王石对“成为一个什么样的企业”思考的挺多的，而不仅仅着眼于赚钱。这有点像教育孩子，国内太多的家长总教育孩子如何活得更好，而不是为什么活和活成一个什么样的人。在这学习一段时间后，越来越发现看企业越像看人，许多东西都是相同的。",[15,423,424,427],{},[18,425,426],{},"段永平：其实真正好的能持续经营的企业大多都不是着眼于利润的，利润不过是水到渠成的结果而已，就是所谓让利润追着自己跑的那种"," 。（2011-01-28）",[15,429,430],{},"网友：利润导向从表面看是没什么错的，好像作为一个家庭的男人，你要拼命给家里搞钱养活老婆孩子，如果不以利润为导向，男主人拼命把自己所从事的工作搞到最棒，其实钱的问题会自然解决掉。",[15,432,433,435],{},[18,434,32],{}," 如果没有“取之有道”的约束，利润导向很容易不择手段。国内现在这个问题实际上非常严重。（2010-06-09）",[86,437,439],{"start":438},12,[89,440,441],{},"网友：如何理解一个好企业（符合价值投资理念）的老板或CEO的价值？人的因素与产品的因素哪个更大？",[15,443,444,446,447,454],{},[18,445,32],{}," 从5年10年的角度看，CEO至关重要。从10-50年的角度看董事会很重要，因为董事会能找出好的CEO。从更长的角度看企业文化更重要，因为一个好的企业文化可以维持有一个好的董事会。GE就是一个好例子。",[18,448,449,450,453],{},"好的公司之所以是好的公司，必然会有些好的产品。但所谓好的产品的寿命是非常有限的。所谓好的",[22,451,452],{"href":284},"生意模式","可以让好的产品的寿命大幅度提高"," 。（2010-04-03）",[86,456,458],{"start":457},13,[89,459,460],{},"网友：这几天看了乔布斯传，终于明白苹果公司为什么伟大了。无论从战略到细节，乔布斯都100%全力掌控，战略+执行都到位。",[15,462,463,465],{},[18,464,32],{}," 小说的东西不可全信。对多数人来讲，看这本书只是看了个热闹，很多人会得出很片面的结论，比如没有乔布斯的苹果会不行等等。有趣的是微软得出的结论和我一样，就是没有乔布斯的苹果更厉害。（2012-01-25）",[81,467,469,470],{"id":468},"二伟大公司管理层ceo造钟人","二、伟大公司管理层（CEO）：",[22,471,473],{"href":472},"\u002Flibrary\u002Fzaozhongren","造钟人",[15,475,476],{},[18,477,478,480],{},[22,479,473],{"href":472},"与报时人",[86,482,483],{},[89,484,485],{},"网友：看了吉姆·柯林斯的《基业长青》、《从优秀到卓越》等几本书。对报时人和造钟人的区分还是懵懵懂懂，主要是企业文化的建设是吗？请教段总：报时人和造钟人最显著的区别是什么？主要是从企业的哪些地方可以区分出来？谢谢。",[15,487,488,490],{},[18,489,32],{}," 再看一遍，不然我说你也不明白。（2011-08-24）",[86,492,493],{"start":105},[89,494,495],{},"【引用】巴菲特31年股东信精华（2012-02-17）",[15,497,498],{},"如果一个生意要依靠一位超级明星才能产生好成效，那这个生意本身不会被认为是好生意。一家在你们地区首席脑外科医生领导下的医疗合伙公司，可能有着令人高兴的可观的、不断增长的利润，但这对于它的将来并不意味着任何东西。随着外科医生的离去，合伙公司的“壁垒”也一起消失。然而，你却可以肯定梅奥诊所（Mayo Clinic）（美国最好的医院之一）的成功将会一直持续下去，虽然你根本不知道它的CEO叫什么名字。（2007）",[86,500,501],{"start":147},[89,502,503],{},"网友：这几天在读《基业长青》，（惭愧，现在才读），读到一个造钟人报时人的概念，商鞅与秦孝公就像两个造钟人，将秦国打造成了一个自己会报时的钟。",[15,505,506,508],{},[18,507,32],{}," 《基业长青》是本好书啊，不过这本书让我失去了早期投资苹果的机会，因为看完这本书后我就把乔布斯划到报时人里去了（现在绝大多数人还这么认为）。还好后来突然悟到其实他还是一个很好的造钟人。（2012-03-25）",[86,510,511],{"start":167},[89,512,513],{},"网友：请问段总，看好苹果的公司文化，还是看好其CEO？我个人感觉你看好的是前者。",[15,515,516,518],{},[18,517,32],{}," 我曾经一直认为Jobs是个报时人，最近突然觉得只有Jobs的苹果是不可能成为今天这个样子的。今天的苹果，Jobs的作用已经不是那么大了。就算Jobs不打算再回来，今天的苹果也会靠惯性向前的。还有就是，当年的苹果董事会为什么会在赶走Jobs后又能请他回来呢？这可不是容易做到的事。（2011-01-22）",[15,520,521,522,526],{},"网友：我很认同你的观点，苹果董事会能在赶走Jobs后请回他，正体现了以企业利益为上的思维模式，从这点上，董事会是称职的，",[22,523,525],{"href":524},"\u002Flibrary\u002Flixing","理性","的！",[15,528,529],{},"另再请教一个问题：如何判断一个企业有好的人才计划，尤其是培养、选拔优秀后备人才的计划，企业内部有简单、实效的工作机制？毕竟我们一般只能看到企业的工作计划，战略计划等？",[15,531,532],{},"如果，我们投资者真能掌握到企业有一群“对”的人，那么我们投资成功率将会大很多！",[15,534,535,537,538,541],{},[18,536,32],{}," 我自己好像没有一个简单的判断办法，至少自己没总结过。",[18,539,540],{},"总觉得很难判断领导层是否“对”，但相对容易判断他们是否“不对”。不对的就不碰，错误的概率就大幅度降低了"," 。（2011-01-22）",[86,543,545],{"start":544},5,[89,546,547,548,552],{},"网友：段总一定是用了苹果的产品才对苹果的未来这么有信心吧。还有没有去苹果公司做实地调研？我想这么大的市值的公司成大空间相对总是不如当年小市值的网易的。原来大家一致担心的乔布斯的健康算不算是一个很大的威胁？苹果的产品离开乔布斯一定做不到这么好吧？在一个公司风头最劲的时候买他的股票，我总觉得有点趋势投资的感觉，呵呵。当然段总用",[22,549,551],{"href":550},"\u002Flibrary\u002Fpingchangxin","平常心","看苹果价钱还很便宜那一定是笔好买卖了，呵呵。段总对苹果的理解程度我是一定望尘莫及的，见笑了。",[15,554,555,557],{},[18,556,32],{}," 苹果的上升空间当然远不如当年的网易，可当年的网易是可遇不可求的，而且现在就算碰上了，对我的帮助也不大。",[15,559,560],{},"苹果这样的公司难道还要去公司看？那能看到什么？",[15,562,563],{},"我只是somehow突然想起来要认真看看苹果，以前老觉得Jobs个人太厉害了，是个报时人，后来突然想明白其实现在他已经没有那么重要了，至少在未来几年里。毕竟我们是同行，虽然差距还比较大，但有些东西容易搞懂一些。（2011-02-15）",[86,565,566],{"start":304},[89,567,568],{},"网友：是什么事情让您突然悟到乔布斯还是一个很好的造钟人的呀？",[15,570,571,573],{},[18,572,32],{}," 因为我看见那个钟了。（2012-03-29）",[15,575,576],{},"网友：库克：乔布斯最大的贡献、留给世界最好的礼物在于苹果及其文化。他非常关注这些。他花费了许多时间设计我们的新园区，这将是留给下一代的礼物。苹果大学是另一个例子。他希望通过苹果大学去培养苹果的下一代领导者，并确保过往的教训不会被忘记。",[15,578,579,581],{},[18,580,32],{}," 加一个：发现并任命库克为CEO。（2015-03-20）",[15,583,584,586],{},[18,585,32],{}," 库克是个比乔布斯更好的CEO。库克更理性，同时骨子里对乔布斯的追求非常理解。前段时间我见到一个投资界的老前辈时，我说我认为库克其实是个更好的CEO时，他老人家说其实我也这么认为。基业长青里说乔布斯是个“报时人”，其实乔布斯同时还是个非常好的“造钟人”，库克其实就是乔布斯最伟大的发明（发现）之一。（2018-08-07）",[86,588,589],{"start":319},[89,590,591],{},"网友：受博友委托，他向你提问以下的问题，你可有时间解惑一下吗？",[15,593,594],{},"1、这段时间我看了科林斯的《基业长青》、《从优秀到卓越》、《再造卓越》，又看了韦尔奇的相关书籍，感觉科林斯与韦尔奇很多观点相通共融，我想段总当年拜访SONY（索尼）后，认为SONY所存在的问题是不是：企业内部的官僚化作风？",[15,596,597],{},"2、韦尔奇自身受德鲁克的影响比较大，是不是可以说德鲁克是管理学的理论大师，而韦尔奇是最优秀的实践者？",[15,599,600],{},"3、段总谈苹果与乔布斯比较多一些，而对GE（通用电气）与韦尔奇谈得比较少一些，我个人认为GE的韦尔奇在造钟方面要远强于苹果的乔布斯，如果用足球来类比的话，韦尔奇就是巴西的贝利，而乔布斯就是阿根廷的马拉多纳。肥沃土壤所生长出的优良的果实和概率远大于土壤稍差的，GE就是巴西，苹果就是阿根廷。",[15,602,603],{},"4、不知段总有空的话能否写篇博文谈谈GE和韦尔奇，谢谢！",[15,605,606,608],{},[18,607,32],{}," 1. 我从来没去过SONY；",[86,610,611,614,617],{"start":105},[89,612,613],{},"我知道德鲁克，但从来没看过他的东西；",[89,615,616],{},"我今年一月才突然悟出来其实乔布斯也是一个很好的造钟人。他的问题是他同时还是一个极为罕见的报时人，我和科林斯都上当了，不然几年前我就该买苹果的；",[89,618,619],{},"没空！你可以去看韦尔奇的东西。",[15,621,622],{},"补充一点，从书名上看，德鲁克的东西主要是教大家如何把事情做对的。如果我现在20来岁，我觉得我会好好看看他的东西。（2011-11-04）",[86,624,626],{"start":625},8,[89,627,628],{},"网友：您觉得苹果公司沦为普通公司的可能性有多大？如果会沦为普通公司，第一个判断的标致是什么？",[15,630,631,633],{},[18,632,32],{}," 这届CEO任内似乎不太可能。苹果董事会似乎不错，所以以后应该也会不错。如果苹果产品对多数现有用户不再有黏性的时候，苹果就是普通公司了，那时的苹果可能就像sony，松下等等。（2012-03-29）",[86,635,636],{"start":395},[89,637,638],{},"网友z：马云算不算？他说：没有理想就没有明天，没有现实活不过现在。也是二元的。",[15,640,641,643],{},[18,642,32],{}," 好的企业和企业家都是理想主义和现实主义的结合。没有理想主义做不大，不理解现实走不远。",[15,645,646,648],{},[18,647,32],{}," 突然想到一个例子，也许可以解释。投资其实就是个最好的例子。",[15,650,651],{},"我们也许永远都无法找到一个既完美又便宜的公司（股票），我们总是对自己的目标持有两种相反的观点（positive和negative），但这并不应该妨碍我们“该出手时就出手” 。（2011-03-08）",[15,653,654],{},"网友：又一回检验了您的一流智力。您推荐的《基业常青》的确值得反复研读，能提升对好的企业的理解。希望自己能先知道如何识别好企业，然后再学会毛估估。虽然很难，但要坚持。",[15,656,657,659],{},[18,658,32],{}," 我觉得《Good to Great》和《Built to Last》确实是经营企业者该读的书，我第一次看这两本书的时候有很兴奋的感觉，很多年的体会和心得都被人写出来了。（2010-03-16）",[81,661,663],{"id":662},"三长长的坡厚厚的雪-滚雪球","三、长长的坡，厚厚的雪---滚雪球",[15,665,666],{},"虽然打雪仗也需要厚厚的雪，但大概没办法形成大大的雪球。",[15,668,669],{},"什么公司是在长长的坡上滚着厚厚的雪呢？我举几个我看着像的，博友们也可以举例子。",[15,671,672],{},"苹果是吧？苹果是在一个长长的坡上，似乎雪也是厚厚的。三星OPPO和vivo以及华为这类公司？似乎也都在长长的坡上，但雪没那么厚。不过这些公司还是要感谢苹果的，因为苹果，所以长长的坡上有时候雪也不薄。当然，那些追求“性价比”的公司恐怕是既没有长长的坡也更没有厚厚的雪的。",[15,674,675],{},"茅台当然是吧？！长长的坡，厚厚的雪，虽然偶尔会损失一点点雪。",[15,677,678],{},"网易也应该算吧？游戏做成这个样子？！有谁不玩游戏呢？大家玩不同游戏而已。",[15,680,681],{},"腾讯应该也算吧？有疑问吗？",[15,683,684],{},"Google应该也算吧？绝对是长长的坡厚厚的雪。",[15,686,687],{},"amazon？当然是长长的坡，但上面的雪不太厚啊，不然人家怎么能坚持亏20年？京东不会比amazon好的。",[15,689,690],{},"阿胶片仔黄之类有点像？",[15,692,693],{},"阿里应该也算吧？虽然我很钦佩马云，也觉得他们怎么看都有些在长长的坡上，但有些业务已经超出我这种早已退出江湖的人的理解范围了。",[15,695,696],{},"Facebook？微博？yy？陌陌？我看这些公司时偶尔会觉得自己已经不再年轻了（就是因为自己不用，所以看不懂的意思）",[15,698,699],{},"短短的坡，雪也是少少的例子其实也很多的，那时啥反应都是没用的哈。有意思的是这种公司有兴趣的人也不少，因为大家觉得坡比较陡吗？滚起来快？没雪的时候滚的是啥呢？",[15,701,702],{},"……大家自己举例吧。（2017-03-17）",[15,704,705],{},[18,706,707],{},"问答：",[86,709,710],{},[89,711,712],{},"网友：海康威视、大华股份这种也算，坡很长（城市化就是陌生人化，就会出现各种安全问题，而且产品会和手机一样不断升级，需求永远存在，而且强劲）、雪很厚（随着视频监控行业越来越注重软件，粘性越来越大，外在进入者越来越难），也就是说，这两大巨头会在一家需求强劲而持续的市场中拥有越来越大的垄断力。作为一个在一家号称最国际化央企工作过超十年的人，我对海康威视的长跑能力有点担心……",[15,714,715,718],{},[18,716,717],{},"段永平：这里长长的坡其实不光指的是行业，而是包括企业本身能否长跑，所以企业文化很重要。"," （2017-03-18）",[86,720,721],{"start":105},[89,722,723],{},"网友：那些追求“性价比”的公司恐怕是既没有长长的坡也更没有厚厚的雪的。段大哥，追求“性价比”的公司为什么会没有好的结果呢？我以前买过“性价比高”的手机，发现手机质量不够好，经常出一些小毛病。（2017-03-18）",[15,725,726,728],{},[18,727,32],{}," 说追求“性价比”的公司大多是在为自己的低价找借口。长寿公司大概是不太强调“性价比”这个概念的，老百姓心里有杆秤。好货不便宜啊。（2017-03-25）",[86,730,731,734,737,740,743],{"start":147},[89,732,733],{},"网友：关于阿胶的疑问：",[89,735,736],{},"价格越来越高了，消费人群应该会相对少点吧。还是吃阿胶的人本来就不会在乎这样的价格？",[89,738,739],{},"公司近些年推出了不少新产品，加价，库存也有积压，公司的策略是否有些短视？",[89,741,742],{},"对于养生而言，坚持锻炼、注意休息、良好的生活习惯等可以代替阿胶吧。",[89,744,745],{},"如果要买入，多大的价位合适啊。",[15,747,748],{},"请段总帮忙释疑。",[15,750,751,753],{},[18,752,32],{}," 我没仔细看过这家公司，只是看到这么多年他们都能一直提价且产品并没有不好卖。（2017-03-20）",[15,755,756,758],{},[18,757,32],{}," 阿胶我搞不懂，不知道人们为什么用。（2018-05）",[15,760,761],{},"网友：大道您好！您在长长的坡，厚厚的雪中提到片仔癀之类有点像？现在以5年或者以10年来看，片仔癀是否有长长的坡，厚厚的雪？",[15,763,764,766],{},[18,765,32],{}," 不了解片仔癀，只是听人说过其药用效果。（2019-10-19）",[86,768,769],{"start":167},[89,770,771],{},"网友：段大哥的Google我实在是看不懂，我菜鸟吧。YAHOO 百度、，Google都难以估值。我找遍了《评估原理》也找不到一种标尺.",[15,773,774],{},"我谈谈我的看法（错了别骂）：搜琐引擎是核心之一，网民的偏好、CEO的水平决定了它们的价值的大部。这3点变化太快了。",[15,776,777],{},"谁敢说自己的引擎领先100年，网民要的是便利快捷，其他无所谓（看看360的例子）。CEO的年龄会不断的和年轻人有代沟。给网站估值太难了，能估出来的可能还没出生。个人观点，乱说的（别骂）。",[15,779,780,782],{},[18,781,32],{}," 你讲的很有道理。我喜欢阿里巴巴和Google主要是觉得他们的文化很好。好的文化在变化快的世界里往往会有优势。",[15,784,785],{},"另外，我Google很少，试试水。（2010-05-16）",[86,787,788],{"start":544},[89,789,790],{},"网友：您觉得GE（通用电气）的投资和苹果的投资有什么不同吗？我觉得GE的投资更像是一次性的利润，而苹果看上去是那种长坡厚雪型的公司，是不需要卖的。我曾经在A股买过烟蒂，但是发现需要时常关注一些短期的东西，虽然也赚钱了，但投资过程并不省心。现在学乖了，知道生意模式最重要，所以只买好公司了。",[15,792,793,795],{},[18,794,32],{}," 如果放到今天来看，我大概不会买GE，而是应该那个时候就买苹果。因为回过头来想，我对GE的理解并不是很透，但苹果却是我能真的理解的公司。不过，当时我认为GE的文化很好，公司应该可以转危为安的。（2017-05-22）",[86,797,798],{"start":304},[89,799,800],{},"网友：大道方便说一下腾讯么，特别是护城河、企业文化等，每次看你分析公司总能直达本质、一针见血。",[15,802,803],{},"网友D：估摸着大道要出手腾讯了。",[15,805,806,808],{},[18,807,32],{}," 长长的坡，厚厚的雪！最近确实已经投了一些了，但比例还很小。用苹果换似乎有点不舍得，我似乎更懂苹果些。要再仔细想想。（2018-10-15）",[15,810,811],{},"网友：段总好，假如有一天FB（脸书）进入中国后会对腾讯有很大的影响吗，特别是现在的年轻人基于好奇和好玩的心理。",[15,813,814,816],{},[18,815,32],{}," 那时候现在的年轻人可能都已经很老了。（2018-10-17）",[15,818,819],{},"网友：我的问题是：从现在到后面第10年或者第15年的时间，腾讯这家公司，您认为能到的市值是多少？",[15,821,822,824,825,829],{},[18,823,32],{}," 市值是别人愿意出多少钱买这家公司的意思。我不知道别人愿意出多少钱买这家公司，所以我不知道腾讯能到多少市值。不过，我认为腾讯这家公司大概率10-15年内一年可以赚2000-3000亿人民币，愿意出多少钱买这家公司完全取决于你自己的",[22,826,828],{"href":827},"\u002Flibrary\u002Fjihuichengben","机会成本","。（2019-03-14）",[15,831,832],{},"网友：大道您好，关于腾讯您在2018年10月份说过“最近确实已经投了一些了，但比例还很小。用苹果换似乎有点不舍得，我似乎更懂苹果些。要再仔细想想。”，能从您自己的机会成本讲讲卖了些苹果买腾讯的原因么。您也讲过不要为了调仓而调仓，两家都是好公司，腾讯的PE（市盈率）要比苹果高不少. 另外您是在中国香港买的腾讯么，在美国用美元买腾讯ADR（美国存托凭证）和在中国香港买腾讯股票有啥区别么？我人在美国",[15,834,835,837],{},[18,836,32],{}," 我们没有卖苹果买腾讯，所以ADR买的不多。用人民币买了不少港股。ADR每年要交管理费，不如在中国香港买。（2019-03-15）",[15,839,840],{},"网友：向你请教一下，你买腾讯的逻辑。",[15,842,843,845],{},[18,844,32],{}," 我觉得10年后回过头来看，腾讯赚的钱（我买的份额占的比例）应该比我存银行的利息要多。（2019-03-16）",[15,847,848],{},"网友：另外一个问题关于企业文化，前些年有些网友跟您提问你敢买入苹果是不是因为您是行业内的人，知道很多行业潜规则，直接和cook打过交道，您的回答是您当年做功课的时候也会去搜集cook网上的视频来看，敢重仓投资苹果不需要直接认识cook。想问一下，您去年建仓腾讯和fb（脸书）肯定也是基于多年的观察，但这俩公司所在行业应该不属于您从事过的行业，您投资他们前有做过些什么功课吗？您会利用身边的资源去找这些企业高管出来聊天吗？您是根据什么来判断这些企业的企业文化是否符合自己的投资价值观呢？",[15,850,851,853],{},[18,852,291],{}," ：我投腾讯和FB没找过任何内部高管聊，虽然我其实也认识腾讯的高管（球友）。我投资的标准很简单：商业模式，企业文化，合理价钱。所以当商业模式和企业文化不错的公司价钱也不错时，我就会有兴趣。（2019-03-16）",[15,855,856],{},"网友：您之前说买腾讯是因为您看到未来十年他可能会创造2000-3000亿的年利润，请问这个数字是怎么样的出来的呢？看了您以前的文章您几乎都能提前五六年预测苹果和茅台的收入和利润而且他们俩还真做到了！请问您是根据什么来做出这些神预测？",[15,858,859,861],{},[18,860,32],{}," 其实都是瞎猜的。生意模式好，企业文化好，基本上你就可以简单地希望他们会正常增长，所以给个五年十年的，有增长不奇怪啊。关键是要看懂生意和商业模式。（2019-03-17）",[15,863,864],{},"网友：大道您好，请问您最认可腾讯这家企业哪些方面，什么本质层面竞争优势，能让您下决心持有10年以上？",[15,866,867,869],{},[18,868,32],{}," 马化腾人不错，而且年轻，微信及微信支付的影响非常大且深远。我们确实买了一点腾讯，但比例很小。（2019-10-15）",[86,871,872],{"start":319},[89,873,874],{},"网友：您怎么看FB（脸书），高管的不断离职会不会对公司产生致命打击？现价可以买入做长期投资吗？",[15,876,877,879],{},[18,878,291],{}," ：我不推荐人买股票，我觉得如果你需要问人该不该买的时候那就还没到你能买的时候。我个人觉得FB也是家不错的公司，生意模式和文化都不错，扎克伯格年轻有为，还能好好干很多年。公司有人离职很正常。（2019-03-20）",[15,881,882],{},"网友：您投资FB，应该是大概率觉得它未来5-10年净利润达到500亿美金左右，请问能分享下这其中的逻辑吗？",[15,884,885,887],{},[18,886,291],{}," ：大概就是觉得生意模式很好，企业文化也很好，扎克伯克还那么年轻，所以这个公司还会有不错的成长空间。（2019-03-23）",[15,889,890,891,894],{},"【",[18,892,893],{},"备注：段永平："," Facebook（FB）准备卖掉了，有些不舒服的东西。（2020-07-31）",[15,896,897],{},"今天清空了FB，算是赚了不少。由于自己不用FB的任何产品，所以对FB的理解一直没达到很透彻的地步。最近一段时间，抖音就把他吓成这个样子，说明他可能还是有弱点的。我的卖出也符合“对自己不够了解的公司，涨了也想卖跌了也想卖”的情况。（2020-08-04）】",[86,899,900],{"start":625},[89,901,902],{},"网友：大道您好！塑化剂时全部买入了茅台但继续下跌，无法再买内心不平静，知道您投资茅台后仿佛看到曙光，非常高兴。后来又跟您学习了社交属性的公司，受益匪浅。但是亚马逊、阿里巴巴的合理价格一直非常困惑，请问有办法大概估算吗？按未来电商占整个零售业的可能的比例考虑合理吗？另外，向您请教：如果投资的伟大企业中有一家非常便宜了，另外几家价格合理，卖出价格合理的买入特别便宜的算是做对的事情吗？谢谢！",[15,904,905,907],{},[18,906,32],{}," 我知道amazon是家伟大的公司，但也不知道应该值多少钱，不过未来他们一年赚500亿或更多似乎不是件太困难的事情。换来换去这种事情难度比较高，少作为佳。（2019-06-01）",[15,909,910],{},"网友：以前您谈起亚马逊时，曾说：“amazon？当然是长长的坡，但上面的雪不太厚啊，不然人家怎么能坚持亏20年？”最近您又评论说“我知道 amazon是家伟大的公司，但也不知道应该值多少钱，不过未来他们一年赚500亿或更多似乎不是件太困难的事情。”请问您比从前更看好亚马逊了吗？",[15,912,913,915],{},[18,914,291],{}," ：是的，我对amazon的认识有些改变，确实觉得这个公司企业文化和生意模式都很厉害。以前对amazon的生意模式不太有概念。（2019-06-11）",[15,917,918,919,921,922,924],{},"网友：大道，请问您怎么看amazon？估值900b，去年的运营",[22,920,139],{"href":138},"大致有30b，看起来也不贵？但是折旧15b（CapEx也大致15b），stock comp有5b，导致利润只有10b，如果看未来",[22,923,139],{"href":138},"，看30b还是10b比较合理？谢谢。",[15,926,927,929],{},[18,928,32],{}," 看未来能赚多少钱，看不懂就不碰了。我现在对amazon的看法：这是一家企业文化很强大，生意模式也日渐强大的公司，未来一年赚500亿以上是大概率事件。（2019-09-21）",{"title":122,"searchDepth":105,"depth":105,"links":931},[932,933,935],{"id":83,"depth":105,"text":84},{"id":468,"depth":105,"text":934},"二、伟大公司管理层（CEO）：造钟人",{"id":662,"depth":105,"text":663},"投资问答录",null,"伟大企业的特质：利润之上的追求、强大企业文化、造钟人与报时人、长坡厚雪等投资选股框架。","md",{},true,401,"\u002Fdao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di1jie-weidaqiye",{"title":5,"description":938},"商业逻辑篇：第1节：伟大企业｜大道总纲","duanyongping-shangyeluoji-di1jie-weidaqiye","dao\u002Fbusiness-logic\u002Fduanyongping-shangyeluoji-di1jie-weidaqiye","7LaS1k60lCwXIahR2RMocPoEn09f30ZmoFiIHZ6AFUo","dao",[951,956,960,964,967,970,973,976,979,982,985,988,991,994,997,1000,1003,1006,1009,1012,1015,1018,1021,1024,1027,1030,1033,1036,1039,1042,1045,1048,1051,1054,1057,1060,1063,1066,1069,1072,1076,1079,1082,1086,1089,1092,1096,1099,1102,1106,1109,1112,1116,1119,1122,1126,1129,1132,1136,1139,1142,1146,1149,1152,1156,1159,1162,1166,1169,1172,1176,1179,1182,1186,1189,1192,1196,1199,1202,1206,1209,1212,1216,1219,1222,1226,1229,1232,1236,1239,1242,1246,1249,1252,1256,1259,1262,1266,1269,1272,1276,1279,1283,1286,1290,1293,1297,1300,1304,1307,1311,1314,1318,1321,1325,1328,1332,1335,1339,1342,1346,1349,1353,1356,1360,1363,1367,1370,1374,1377,1381,1384,1388,1391,1395,1398,1402,1405,1409,1412,1416,1419,1423,1426,1430,1433,1437,1440,1444,1447,1451,1454,1458,1461,1465,1468,1472,1475,1479,1482,1486,1489,1493,1496,1500,1503,1507,1510,1514,1517,1521,1524,1528,1531,1535,1538,1542,1545,1549,1552,1556,1559,1563,1566,1570,1573,1577,1580,1584,1587,1591,1594,1598,1601,1605,1608,1612,1615,1619,1622,1626,1629,1633,1636,1640,1643,1647,1650,1654,1657,1661,1664,1668,1671,1675,1678,1682,1685,1689,1692,1696,1699,1703,1706,1710,1713,1717,1720,1724,1727,1731,1734,1738,1741,1745,1749,1753,1757,1761,1765,1769,1773,1777,1781,1785,1789,1793,1797,1801,1805,1809,1813,1817,1821,1825,1829,1833,1837,1841,1845,1849,1853,1857,1861,1865,1869,1873,1877,1881,1885,1889,1893,1897,1901,1905,1909,1913,1917,1921,1925,1929,1933,1937,1941],{"title":952,"slug":953,"category":954,"order":955},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":957,"slug":958,"category":959,"order":955},"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","访谈与文章",{"title":961,"slug":962,"category":963,"order":955},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":965,"slug":966,"category":954,"order":105},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":968,"slug":969,"category":959,"order":105},"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":971,"slug":972,"category":963,"order":105},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":974,"slug":975,"category":954,"order":147},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":977,"slug":978,"category":959,"order":147},"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":980,"slug":981,"category":963,"order":147},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":983,"slug":984,"category":954,"order":167},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",{"title":986,"slug":987,"category":959,"order":167},"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":989,"slug":990,"category":963,"order":167},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":992,"slug":993,"category":954,"order":544},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",{"title":995,"slug":996,"category":959,"order":544},"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":998,"slug":999,"category":963,"order":544},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1001,"slug":1002,"category":954,"order":304},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",{"title":1004,"slug":1005,"category":959,"order":304},"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":1007,"slug":1008,"category":963,"order":304},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1010,"slug":1011,"category":954,"order":319},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":1013,"slug":1014,"category":959,"order":319},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1016,"slug":1017,"category":963,"order":319},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1019,"slug":1020,"category":954,"order":625},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",{"title":1022,"slug":1023,"category":959,"order":625},"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":1025,"slug":1026,"category":963,"order":625},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1028,"slug":1029,"category":954,"order":395},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":1031,"slug":1032,"category":959,"order":395},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1034,"slug":1035,"category":963,"order":395},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1037,"slug":1038,"category":954,"order":406},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":1040,"slug":1041,"category":959,"order":406},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1043,"slug":1044,"category":963,"order":406},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1046,"slug":1047,"category":954,"order":418},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":1049,"slug":1050,"category":959,"order":418},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1052,"slug":1053,"category":963,"order":418},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1055,"slug":1056,"category":954,"order":438},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",{"title":1058,"slug":1059,"category":959,"order":438},"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":1061,"slug":1062,"category":963,"order":438},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1064,"slug":1065,"category":954,"order":457},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":1067,"slug":1068,"category":959,"order":457},"巴菲特：1983年向Rose Blumkin 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巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1368,"slug":1369,"category":959,"order":1366},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1371,"slug":1372,"category":954,"order":1373},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1375,"slug":1376,"category":959,"order":1373},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1378,"slug":1379,"category":954,"order":1380},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1382,"slug":1383,"category":959,"order":1380},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1385,"slug":1386,"category":954,"order":1387},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1389,"slug":1390,"category":959,"order":1387},"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":1392,"slug":1393,"category":954,"order":1394},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1396,"slug":1397,"category":959,"order":1394},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1399,"slug":1400,"category":954,"order":1401},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1403,"slug":1404,"category":959,"order":1401},"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":1406,"slug":1407,"category":954,"order":1408},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1410,"slug":1411,"category":959,"order":1408},"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":1413,"slug":1414,"category":954,"order":1415},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1417,"slug":1418,"category":959,"order":1415},"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":1420,"slug":1421,"category":954,"order":1422},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1424,"slug":1425,"category":959,"order":1422},"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":1427,"slug":1428,"category":954,"order":1429},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1431,"slug":1432,"category":959,"order":1429},"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":1434,"slug":1435,"category":954,"order":1436},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1438,"slug":1439,"category":959,"order":1436},"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":1441,"slug":1442,"category":954,"order":1443},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1445,"slug":1446,"category":959,"order":1443},"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":1448,"slug":1449,"category":954,"order":1450},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1452,"slug":1453,"category":959,"order":1450},"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":1455,"slug":1456,"category":954,"order":1457},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1459,"slug":1460,"category":959,"order":1457},"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":1462,"slug":1463,"category":954,"order":1464},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1466,"slug":1467,"category":959,"order":1464},"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":1469,"slug":1470,"category":954,"order":1471},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1473,"slug":1474,"category":959,"order":1471},"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":1476,"slug":1477,"category":954,"order":1478},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1480,"slug":1481,"category":959,"order":1478},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1483,"slug":1484,"category":954,"order":1485},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1487,"slug":1488,"category":959,"order":1485},"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":1490,"slug":1491,"category":954,"order":1492},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1494,"slug":1495,"category":959,"order":1492},"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":1497,"slug":1498,"category":954,"order":1499},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1501,"slug":1502,"category":959,"order":1499},"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":1504,"slug":1505,"category":954,"order":1506},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1508,"slug":1509,"category":959,"order":1506},"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":1511,"slug":1512,"category":954,"order":1513},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1515,"slug":1516,"category":959,"order":1513},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1518,"slug":1519,"category":954,"order":1520},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1522,"slug":1523,"category":959,"order":1520},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1525,"slug":1526,"category":954,"order":1527},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1529,"slug":1530,"category":959,"order":1527},"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":1532,"slug":1533,"category":954,"order":1534},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1536,"slug":1537,"category":959,"order":1534},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1539,"slug":1540,"category":954,"order":1541},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1543,"slug":1544,"category":959,"order":1541},"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":1546,"slug":1547,"category":954,"order":1548},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1550,"slug":1551,"category":959,"order":1548},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1553,"slug":1554,"category":954,"order":1555},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1557,"slug":1558,"category":959,"order":1555},"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":1560,"slug":1561,"category":954,"order":1562},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1564,"slug":1565,"category":959,"order":1562},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1567,"slug":1568,"category":954,"order":1569},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1571,"slug":1572,"category":959,"order":1569},"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":1574,"slug":1575,"category":954,"order":1576},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1578,"slug":1579,"category":959,"order":1576},"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":1581,"slug":1582,"category":954,"order":1583},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1585,"slug":1586,"category":959,"order":1583},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1588,"slug":1589,"category":954,"order":1590},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1592,"slug":1593,"category":959,"order":1590},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1595,"slug":1596,"category":954,"order":1597},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1599,"slug":1600,"category":959,"order":1597},"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":1602,"slug":1603,"category":954,"order":1604},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1606,"slug":1607,"category":959,"order":1604},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1609,"slug":1610,"category":954,"order":1611},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1613,"slug":1614,"category":959,"order":1611},"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":1616,"slug":1617,"category":954,"order":1618},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1620,"slug":1621,"category":959,"order":1618},"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":1623,"slug":1624,"category":954,"order":1625},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1627,"slug":1628,"category":959,"order":1625},"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":1630,"slug":1631,"category":954,"order":1632},"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":1634,"slug":1635,"category":959,"order":1632},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1637,"slug":1638,"category":954,"order":1639},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1641,"slug":1642,"category":959,"order":1639},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1644,"slug":1645,"category":954,"order":1646},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1648,"slug":1649,"category":959,"order":1646},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1651,"slug":1652,"category":954,"order":1653},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1655,"slug":1656,"category":959,"order":1653},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1658,"slug":1659,"category":954,"order":1660},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1662,"slug":1663,"category":959,"order":1660},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1665,"slug":1666,"category":954,"order":1667},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1669,"slug":1670,"category":959,"order":1667},"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":1672,"slug":1673,"category":954,"order":1674},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1676,"slug":1677,"category":959,"order":1674},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1679,"slug":1680,"category":954,"order":1681},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1683,"slug":1684,"category":959,"order":1681},"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":1686,"slug":1687,"category":954,"order":1688},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1690,"slug":1691,"category":959,"order":1688},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1693,"slug":1694,"category":954,"order":1695},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1697,"slug":1698,"category":959,"order":1695},"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":1700,"slug":1701,"category":954,"order":1702},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1704,"slug":1705,"category":959,"order":1702},"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":1707,"slug":1708,"category":954,"order":1709},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1711,"slug":1712,"category":959,"order":1709},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1714,"slug":1715,"category":954,"order":1716},"2024 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