[{"data":1,"prerenderedAt":1889},["ShallowReactive",2],{"library-fuzhai":3,"library-sidebar-buffett":358,"library-sidebar-dao":1362,"library-sidebar-models":1657},{"id":4,"title":5,"body":6,"category":343,"date":344,"description":345,"extension":346,"meta":347,"navigation":348,"order":349,"path":350,"seo":351,"seoDescription":352,"seoTitle":353,"slug":354,"stem":355,"__hash__":356,"_collection":357},"dao\u002Fdao\u002Fconcepts\u002Ffuzhai.md","负债",{"type":7,"value":8,"toc":315},"minimark",[9,12,16,45,52,55,60,67,73,79,86,90,96,103,109,113,119,126,130,137,144,147,151,158,164,168,180,185,189,195,198,202,205,209,212,216,221,224,228,235,239,252,256,259,262,270,284,290,297,303,309],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,44],"p",{},"负债是段永平在看财报时特别关注的几个数字之一。他在2010年明确提到：",[21,22,23,24,29,30,34,35,29,39,43],"strong",{},"比较在意的数字是几个：负债、",[25,26,28],"a",{"href":27},"\u002Flibrary\u002Fjingxianjin","净现金","、",[25,31,33],{"href":32},"\u002Flibrary\u002Fxianjinliu","现金流","、开销合理性、",[25,36,38],{"href":37},"\u002Flibrary\u002Fzhenshilirun","真实利润",[25,40,42],{"href":41},"\u002Flibrary\u002Fjingzichan","扣除商誉的净资产","，好像没了。"," （2010-03-08）",[17,46,47,48,51],{},"段永平在经营步步高期间就秉持低负债或无负债的理念，这一理念也延续到了他的投资中。他认为：",[21,49,50],{},"我们也不负债。负债的好处是可以发展快些。不负债的好处是可以活得长些。"," （2010-04-21）",[13,53,54],{"id":54},"核心要义",[56,57,59],"h3",{"id":58},"_1-区分有息负债和无息负债","1. 区分有息负债和无息负债",[17,61,62,63,66],{},"段永平特别强调要区分不同类型的负债：",[21,64,65],{},"你要算他们的有息负债。预收款也是负债，但意义差很多。"," （2013-03-05）",[17,68,69,72],{},[21,70,71],{},"有息负债","：银行借贷或债券类的东西，到期要还的，需要支付利息。段永平说的\"少借债\"指的就是这类债。",[17,74,75,78],{},[21,76,77],{},"无息负债","：预收类的款项，这类债务一般不会给企业带来风险。比如预收款、应付账款等。",[17,80,81,82,85],{},"段永平指出：",[21,83,84],{},"无息负债多数情况为预收或应付类的东西，一般没啥短期风险吧？"," （2013-07-01）",[56,87,89],{"id":88},"_2-低负债或无负债的重要性","2. 低负债或无负债的重要性",[17,91,92,93,51],{},"段永平认为：",[21,94,95],{},"不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。",[17,97,98,99,102],{},"他在投资中也秉持这一理念：",[21,100,101],{},"反正一般负债多的公司我也不买，GE例外了一次。"," （2010-04-24）",[17,104,105,108],{},[21,106,107],{},"我个人一般对有负债的公司不太愿意重仓，另外就是无论多有把握也绝对不要用margin。"," （2010-06-07）",[56,110,112],{"id":111},"_3-用enterprise-value考虑负债影响","3. 用Enterprise Value考虑负债影响",[17,114,115,116,108],{},"段永平提出用企业价值（Enterprise Value）来考虑负债的影响：",[21,117,118],{},"企业价值（市值＋负债-现金）",[17,120,121,122,125],{},"他解释说：",[21,123,124],{},"用enterprise value最大的好处是让投资者注意负债的影响，不然只看pe的人就很容易以为通用汽车的股票很便宜。通用汽车公司破产以前的pe非常低，但e\u002Fe非常高。"," （2010-06-09）",[56,127,129],{"id":128},"_4-房地产行业的高负债令人困惑","4. 房地产行业的高负债令人困惑",[17,131,132,133,136],{},"段永平在讨论房地产公司时说：",[21,134,135],{},"我不懂房地产，对这个行业普遍高举债感到困惑。"," （2019-04-22）",[17,138,139,140,143],{},"他举例说：",[21,141,142],{},"我记得美国有一家房地产公司，叫\"NVR\"，曾经因为太多负债而差一点破产，股票掉到过0.2\u002F股，后来侥幸活过来以后就再也不借钱了，几十年以后的现在的股价大概在$700\u002F股上下。"," （2011-09-26）",[13,145,146],{"id":146},"实战案例",[56,148,150],{"id":149},"网易完全无负债","网易：完全无负债",[17,152,153,154,157],{},"段永平在2001年投资网易时，网易就是完全无负债的公司：",[21,155,156],{},"网易一直没有负债。"," （2010-07-07）",[17,159,160,163],{},[21,161,162],{},"是账上现金。他们没有负债。不记得了，反正觉得他们能有机会赚钱。"," （2010-04-06）",[56,165,167],{"id":166},"苹果现金远超负债","苹果：现金远超负债",[17,169,170,171,66],{},"在讨论苹果公司时，段永平提到：",[21,172,173,174,176,177,179],{},"苹果目前应该依然是现在世界上获利最高的企业，但扣掉",[25,175,28],{"href":27},"以后的市值其实已经比google扣掉",[25,178,28],{"href":27},"以后的市值要低了。",[17,181,182,143],{},[21,183,184],{},"如果现金超过负债，那就应该很安全。",[56,186,188],{"id":187},"万科有息负债与预收款的区别","万科：有息负债与预收款的区别",[17,190,191,192,143],{},"在讨论万科时，段永平分析了万科的负债结构：",[21,193,194],{},"还没认真看过财报。如果现金超过负债，那就应该很安全。我对大多数公司的担心是很多公司为了发展快些而去负债，结果某一天因为负债而陷入麻烦。万科相对而言还是比较健康的，但似乎对营业额的增长也很有追求。",[13,196,197],{"id":197},"常见误解",[56,199,201],{"id":200},"误解一所有负债都是危险的","误解一：所有负债都是危险的",[17,203,204],{},"很多投资者认为所有负债都是危险的，但段永平区分了有息负债和无息负债。预收款这类无息负债实际上是好事，表明公司产品受欢迎。",[56,206,208],{"id":207},"误解二高负债等于高风险","误解二：高负债等于高风险",[17,210,211],{},"段永平指出，要看负债的结构和性质。如果公司现金远超有息负债，那就是安全的。但如果是为了快速发展而大量举债，那就会有风险。",[56,213,215],{"id":214},"误解三负债高的公司股票便宜","误解三：负债高的公司股票便宜",[17,217,218,219,125],{},"段永平用通用汽车的例子说明：",[21,220,124],{},[13,222,223],{"id":223},"思想演变",[56,225,227],{"id":226},"早期经营步步高时的低负债理念","早期：经营步步高时的低负债理念",[17,229,230,231,234],{},"段永平在经营步步高时就坚持低负债：",[21,232,233],{},"基本上是靠滚雪球，钱多就多做些，没钱就不做。我比较保守，老觉得借钱不太舒服。再说，那时民营企业很难借到钱。"," （2011-05-12）",[56,236,238],{"id":237},"投资时期用负债筛选公司","投资时期：用负债筛选公司",[17,240,241,242,44],{},"在投资中，段永平将负债作为重要的筛选指标：",[21,243,23,244,29,246,34,248,29,250,43],{},[25,245,28],{"href":27},[25,247,33],{"href":32},[25,249,38],{"href":37},[25,251,42],{"href":41},[56,253,255],{"id":254},"成熟时期区分不同类型的负债","成熟时期：区分不同类型的负债",[17,257,258],{},"随着经验的积累，段永平进一步区分了有息负债和无息负债，更加细致地分析公司的负债结构。",[13,260,261],{"id":261},"原话引用",[263,264,265],"blockquote",{},[17,266,267,51],{},[21,268,269],{},"我们也不负债。负债的好处是可以发展快些。不负债的好处是可以活得长些。再说，一般来讲，银行都是要确认你不需要钱时才借钱给你的。",[263,271,272],{},[17,273,274,44],{},[21,275,23,276,29,278,34,280,29,282,43],{},[25,277,28],{"href":27},[25,279,33],{"href":32},[25,281,38],{"href":37},[25,283,42],{"href":41},[263,285,286],{},[17,287,288,66],{},[21,289,65],{},[263,291,292],{},[17,293,294,143],{},[21,295,296],{},"有息负债大概就是银行借贷或债券类的东西，到期要还的。我说的少借债指的就是这类债。会计上的债务还包括预收类的款项，这类债务一般不会给企业带来风险。",[263,298,299],{},[17,300,301,102],{},[21,302,101],{},[263,304,305],{},[17,306,307,108],{},[21,308,107],{},[263,310,311],{},[17,312,313,136],{},[21,314,135],{},{"title":316,"searchDepth":317,"depth":317,"links":318},"",2,[319,320,327,332,337,342],{"id":15,"depth":317,"text":15},{"id":54,"depth":317,"text":54,"children":321},[322,324,325,326],{"id":58,"depth":323,"text":59},3,{"id":88,"depth":323,"text":89},{"id":111,"depth":323,"text":112},{"id":128,"depth":323,"text":129},{"id":146,"depth":317,"text":146,"children":328},[329,330,331],{"id":149,"depth":323,"text":150},{"id":166,"depth":323,"text":167},{"id":187,"depth":323,"text":188},{"id":197,"depth":317,"text":197,"children":333},[334,335,336],{"id":200,"depth":323,"text":201},{"id":207,"depth":323,"text":208},{"id":214,"depth":323,"text":215},{"id":223,"depth":317,"text":223,"children":338},[339,340,341],{"id":226,"depth":323,"text":227},{"id":237,"depth":323,"text":238},{"id":254,"depth":323,"text":255},{"id":261,"depth":317,"text":261},"财务指标",null,"负债是段永平特别关注的财务指标之一，强调低负债或无负债的重要性，区分有息负债和无息负债。","md",{},true,10,"\u002Fdao\u002Fconcepts\u002Ffuzhai",{"title":5,"description":345},"段永平谈负债：负债是段永平特别关注的财务指标之一，强调低负债或无负债的重要性，区分有息负债和无息负债。","负债｜大道总纲","fuzhai","dao\u002Fconcepts\u002Ffuzhai","4vk7cMI9nQkEWDo5Qy9yHqszdAazpw5esaaUaGIPTNc","dao",[359,364,368,372,375,378,381,384,387,390,394,397,400,404,407,410,414,417,420,424,427,430,434,437,440,444,447,450,453,456,459,463,466,469,473,476,479,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,533,536,539,543,546,549,553,556,559,563,566,569,573,576,579,583,586,589,593,596,599,603,606,609,613,616,619,623,626,629,633,636,639,643,646,649,653,656,659,663,666,669,673,676,679,683,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1166,1170,1174,1178,1182,1186,1190,1194,1198,1202,1206,1210,1214,1218,1222,1226,1230,1234,1238,1242,1246,1250,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310,1314,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354,1358],{"title":360,"slug":361,"category":362,"order":363},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":365,"slug":366,"category":367,"order":363},"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":369,"slug":370,"category":371,"order":363},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":373,"slug":374,"category":362,"order":317},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":376,"slug":377,"category":367,"order":317},"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":379,"slug":380,"category":371,"order":317},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":382,"slug":383,"category":362,"order":323},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":385,"slug":386,"category":367,"order":323},"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":388,"slug":389,"category":371,"order":323},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":391,"slug":392,"category":362,"order":393},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":395,"slug":396,"category":367,"order":393},"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":398,"slug":399,"category":371,"order":393},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":401,"slug":402,"category":362,"order":403},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":405,"slug":406,"category":367,"order":403},"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":408,"slug":409,"category":371,"order":403},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":411,"slug":412,"category":362,"order":413},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":415,"slug":416,"category":367,"order":413},"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":418,"slug":419,"category":371,"order":413},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":421,"slug":422,"category":362,"order":423},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":425,"slug":426,"category":367,"order":423},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":428,"slug":429,"category":371,"order":423},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":431,"slug":432,"category":362,"order":433},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":435,"slug":436,"category":367,"order":433},"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":438,"slug":439,"category":371,"order":433},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":441,"slug":442,"category":362,"order":443},"1962年11月 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":792,"slug":793,"category":367,"order":790},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":795,"slug":796,"category":362,"order":797},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":799,"slug":800,"category":367,"order":797},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":802,"slug":803,"category":362,"order":804},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":806,"slug":807,"category":367,"order":804},"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":809,"slug":810,"category":362,"order":811},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":813,"slug":814,"category":367,"order":811},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":816,"slug":817,"category":362,"order":818},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":820,"slug":821,"category":367,"order":818},"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":823,"slug":824,"category":362,"order":825},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":827,"slug":828,"category":367,"order":825},"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":830,"slug":831,"category":362,"order":832},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":834,"slug":835,"category":367,"order":832},"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":837,"slug":838,"category":362,"order":839},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":841,"slug":842,"category":367,"order":839},"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":844,"slug":845,"category":362,"order":846},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":848,"slug":849,"category":367,"order":846},"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":851,"slug":852,"category":362,"order":853},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":855,"slug":856,"category":367,"order":853},"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":858,"slug":859,"category":362,"order":860},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":862,"slug":863,"category":367,"order":860},"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":865,"slug":866,"category":362,"order":867},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":869,"slug":870,"category":367,"order":867},"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":872,"slug":873,"category":362,"order":874},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":876,"slug":877,"category":367,"order":874},"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":879,"slug":880,"category":362,"order":881},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":883,"slug":884,"category":367,"order":881},"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":886,"slug":887,"category":362,"order":888},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":890,"slug":891,"category":367,"order":888},"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":893,"slug":894,"category":362,"order":895},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":897,"slug":898,"category":367,"order":895},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":900,"slug":901,"category":362,"order":902},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":904,"slug":905,"category":367,"order":902},"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":907,"slug":908,"category":362,"order":909},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":911,"slug":912,"category":367,"order":909},"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":914,"slug":915,"category":362,"order":916},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":918,"slug":919,"category":367,"order":916},"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":921,"slug":922,"category":362,"order":923},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":925,"slug":926,"category":367,"order":923},"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":928,"slug":929,"category":362,"order":930},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":932,"slug":933,"category":367,"order":930},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":935,"slug":936,"category":362,"order":937},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":939,"slug":940,"category":367,"order":937},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":942,"slug":943,"category":362,"order":944},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":946,"slug":947,"category":367,"order":944},"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":949,"slug":950,"category":362,"order":951},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":953,"slug":954,"category":367,"order":951},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":956,"slug":957,"category":362,"order":958},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":960,"slug":961,"category":367,"order":958},"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":963,"slug":964,"category":362,"order":965},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":967,"slug":968,"category":367,"order":965},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":970,"slug":971,"category":362,"order":972},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":974,"slug":975,"category":367,"order":972},"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":977,"slug":978,"category":362,"order":979},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":981,"slug":982,"category":367,"order":979},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":984,"slug":985,"category":362,"order":986},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":988,"slug":989,"category":367,"order":986},"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":991,"slug":992,"category":362,"order":993},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":995,"slug":996,"category":367,"order":993},"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":998,"slug":999,"category":362,"order":1000},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1002,"slug":1003,"category":367,"order":1000},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1005,"slug":1006,"category":362,"order":1007},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1009,"slug":1010,"category":367,"order":1007},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1012,"slug":1013,"category":362,"order":1014},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1016,"slug":1017,"category":367,"order":1014},"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":1019,"slug":1020,"category":362,"order":1021},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1023,"slug":1024,"category":367,"order":1021},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1026,"slug":1027,"category":362,"order":1028},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1030,"slug":1031,"category":367,"order":1028},"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":1033,"slug":1034,"category":362,"order":1035},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1037,"slug":1038,"category":367,"order":1035},"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":1040,"slug":1041,"category":362,"order":1042},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1044,"slug":1045,"category":367,"order":1042},"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":1047,"slug":1048,"category":362,"order":1049},"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":1051,"slug":1052,"category":367,"order":1049},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1054,"slug":1055,"category":362,"order":1056},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1058,"slug":1059,"category":367,"order":1056},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1061,"slug":1062,"category":362,"order":1063},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1065,"slug":1066,"category":367,"order":1063},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1068,"slug":1069,"category":362,"order":1070},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1072,"slug":1073,"category":367,"order":1070},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1075,"slug":1076,"category":362,"order":1077},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1079,"slug":1080,"category":367,"order":1077},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1082,"slug":1083,"category":362,"order":1084},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1086,"slug":1087,"category":367,"order":1084},"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":1089,"slug":1090,"category":362,"order":1091},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1093,"slug":1094,"category":367,"order":1091},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1096,"slug":1097,"category":362,"order":1098},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1100,"slug":1101,"category":367,"order":1098},"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":1103,"slug":1104,"category":362,"order":1105},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1107,"slug":1108,"category":367,"order":1105},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1110,"slug":1111,"category":362,"order":1112},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1114,"slug":1115,"category":367,"order":1112},"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":1117,"slug":1118,"category":362,"order":1119},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1121,"slug":1122,"category":367,"order":1119},"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":1124,"slug":1125,"category":362,"order":1126},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1128,"slug":1129,"category":367,"order":1126},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1131,"slug":1132,"category":362,"order":1133},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1135,"slug":1136,"category":367,"order":1133},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1138,"slug":1139,"category":362,"order":1140},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1142,"slug":1143,"category":367,"order":1140},"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":1145,"slug":1146,"category":362,"order":1147},"2025 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