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做企业的经验是理解基本面的基础",[64,65,66],"blockquote",{},[17,67,68,69,71],{},"\"做投资和做企业本身没有本质的差异，至少对我来讲是这样的。所以我现在还是觉得在做企业，只是用了不同的方式……对于会做企业的人，做投资成功的机会就大，你要是不会做，往往就变成了",[20,70,45],{"href":44},"。\"（2006年网易证券对话）",[17,73,74,76,77,80,81,84,85,88,89,91],{},[25,75,27],{},"自己做过",[25,78,79],{},"小霸王","和",[25,82,83],{},"步步高","两家企业，这些实战经验是他能看懂",[25,86,87],{},"苹果","等公司",[20,90,5],{"href":22},"的关键。",[59,93,95],{"id":94},"_2-用平常心看基本面忘记成本忽略市场","2. 用平常心看基本面，忘记成本，忽略市场",[64,97,98],{},[17,99,100,101,105,106,108],{},"\"大概很少有人在涨了100倍依然不动心的，所以最关键的还是",[20,102,104],{"href":103},"\u002Flibrary\u002Fpingchangxin","平常心","去看",[20,107,5],{"href":22},"，忘记成本，忽略市场。\"（2012-03-14）",[17,110,111,112,114],{},"这句话在投资问答录中反复出现，是",[25,113,27],{},"投资方法论的核心之一。",[59,116,118],{"id":117},"_3-基本面是使用期权option的前提","3. 基本面是使用期权（option）的前提",[64,120,121],{},[17,122,123,124,126],{},"\"使用option时最重要的就是不要为option而option，只有对",[20,125,5],{"href":22},"非常明白时才有可能有时用一下。还有就是不要用margin做option。\"（2011-10-04）",[64,128,129],{},[17,130,131,132,134,135,139],{},"\"option一定是建立在对",[20,133,5],{"href":22},"的理解上。非",[20,136,138],{"href":137},"\u002Flibrary\u002Fjiazhitouzi","价值投资","的人做option多数都会反着做，最后大多都会很难看。\"（2011-04-09）",[59,141,143],{"id":142},"_4-基本面分析框架商业模式企业文化合理估值","4. 基本面分析框架：商业模式+企业文化+合理估值",[17,145,146,147,150,151,153,154,156,157,159,160,162],{},"在雪球上，",[25,148,149],{},"方三文","（不明真相的群众）曾总结出企业",[20,152,5],{"href":22},"的简易分析框架：\"",[20,155,32],{"href":31},"，",[20,158,37],{"href":36},"，合理估值。\"",[25,161,27],{},"认可这一总结。",[13,164,165],{"id":165},"实战案例",[59,167,169,172],{"id":168},"网易从基本面看到100倍收益",[25,170,171],{},"网易","：从基本面看到100倍收益",[64,174,175],{},[17,176,100,177,105,179,108],{},[20,178,104],{"href":103},[20,180,5],{"href":22},[17,182,183,23,185,187,188,190],{},[25,184,27],{},[25,186,171],{},"上赚了100多倍，但他强调自己并非因为股价涨了就一直持有，而是因为持续关注",[20,189,5],{"href":22},"——公司的游戏业务本身在不断增长。",[59,192,194,196],{"id":193},"苹果基本面的反映",[25,195,87],{},"：基本面的反映",[64,198,199],{},[17,200,201,202,204],{},"\"所谓'动能'不过是",[20,203,5],{"href":22},"的反映而已，该来的早晚会来的，而且也是在礼拜一到礼拜五中的某一天。\"（2012-03-09）",[59,206,207],{"id":207},"做空基本面的风险",[64,209,210],{},[17,211,212,213,215],{},"\"确实是非常危险的。不该做空的理由：做空时不光要面对",[20,214,5],{"href":22},"，还要面对市场的疯狂。\"（2012-06-26）",[17,217,218,220],{},[25,219,27],{},"自己也因做空百度而付出了惨痛代价。",[59,222,223],{"id":223},"一位朋友的故事",[64,225,226],{},[17,227,228,229,231,232,234],{},"\"他做了30年，非常有天赋，非常看",[20,230,5],{"href":22},"，非常努力，绝不轻易出手，有过好多次经典的投资，也有过几次死里逃生的经历……即便如此，他已经富过超过一次了。\"（2015-03-05）——这位朋友用margin，即使看",[20,233,5],{"href":22},"很准也多次险些倾覆。",[13,236,237],{"id":237},"常见误解",[59,239,241],{"id":240},"误解一基本面分析需要复杂的模型","误解一：基本面分析需要复杂的模型",[17,243,244,246,247,249],{},[25,245,27],{},"不用复杂的财务模型，而是用\"毛估估\"的方式看公司",[20,248,5],{"href":22},"。他强调拥有一家公司的心态比掌握分析工具更重要。",[59,251,253],{"id":252},"误解二勤奋调研就能看懂基本面","误解二：勤奋调研就能看懂基本面",[64,255,256],{},[17,257,258],{},"\"过多拜访公司容易短视。我的意思是，很多人拜访公司是为了了解公司短期运营的状况，这种心态对长期投资的帮助不一定大。\"（2010-04-12）",[59,260,262],{"id":261},"误解三量化可以替代基本面研究","误解三：量化可以替代基本面研究",[17,264,265,266,268,269,271,272,274],{},"一位网友问是否应该从",[20,267,138],{"href":137},"转做量化交易。段永平回答：\"你如果做'",[20,270,138],{"href":137},"'很赚钱的话，你为什么想转？如果你连做'",[20,273,138],{"href":137},"'都不赚钱的话，你能干的过人家幻方？\"（2025-01-22）",[13,276,277],{"id":277},"思想演变",[17,279,280,283,284,286,287,80,289,291,292,294],{},[25,281,282],{},"1990年代-2000年代（企业家阶段）","：",[25,285,27],{},"从经营",[25,288,79],{},[25,290,83],{},"中积累了深厚的",[20,293,5],{"href":22},"分析能力，尤其是对消费电子行业。",[17,296,297,300,301,303,304,306],{},[25,298,299],{},"2001-2006年（早期投资阶段）","：将做企业的经验应用到股票投资中，通过分析",[25,302,171],{},"的游戏业务",[20,305,5],{"href":22},"获得了巨大成功。",[17,308,309,312,313,315,316,318,319,321],{},[25,310,311],{},"2006-2015年（体系化阶段）","：在网上与网友互动中，将",[20,314,5],{"href":22},"分析的方法论明确为\"",[20,317,32],{"href":31},"+",[20,320,37],{"href":36},"+合理估值\"。",[17,323,324,327,328,330],{},[25,325,326],{},"2020年代（成熟阶段）","：更加强调\"忘记成本，忽略市场\"，把注意力完全放在生意本身。反对将",[20,329,5],{"href":22},"分析复杂化。",[13,332,333],{"id":333},"原话引用",[64,335,336],{},[17,337,338,339,105,341,108],{},"\"最关键的还是",[20,340,104],{"href":103},[20,342,5],{"href":22},[64,344,345],{},[17,346,123,347,349],{},[20,348,5],{"href":22},"非常明白时才有可能有时用一下。\"（2011-10-04）",[64,351,352],{},[17,353,354],{},"\"做投资和做企业本身没有本质的差异，至少对我来讲是这样的。\"（2006年）",[64,356,357],{},[17,358,131,359,134,361,139],{},[20,360,5],{"href":22},[20,362,138],{"href":137},[64,364,365],{},[17,366,201,367,369],{},[20,368,5],{"href":22},"的反映而已，该来的早晚会来的。\"（2012-03-09）",[64,371,372],{},[17,373,374,375,377,378,381],{},"\"事实上，我们通常都是利用某些历史事件发生，悲观气氛到达顶点时，找到最好的进场机会，恐惧虽然是盲从者的敌人，但却是",[20,376,5],{"href":22},"信徒的好朋友。\"（引用",[25,379,380],{},"巴菲特","1994年原话）",{"title":383,"searchDepth":384,"depth":384,"links":385},"",2,[386,387,394,402,407,408],{"id":15,"depth":384,"text":15},{"id":57,"depth":384,"text":57,"children":388},[389,391,392,393],{"id":61,"depth":390,"text":62},3,{"id":94,"depth":390,"text":95},{"id":117,"depth":390,"text":118},{"id":142,"depth":390,"text":143},{"id":165,"depth":384,"text":165,"children":395},[396,398,400,401],{"id":168,"depth":390,"text":397},"网易：从基本面看到100倍收益",{"id":193,"depth":390,"text":399},"苹果：基本面的反映",{"id":207,"depth":390,"text":207},{"id":223,"depth":390,"text":223},{"id":237,"depth":384,"text":237,"children":403},[404,405,406],{"id":240,"depth":390,"text":241},{"id":252,"depth":390,"text":253},{"id":261,"depth":390,"text":262},{"id":277,"depth":384,"text":277},{"id":333,"depth":384,"text":333},"投资理念",null,"基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","md",{},true,15,"\u002Fdao\u002Fconcepts\u002Fjibenmian",{"title":5,"description":411},"段永平谈基本面：基本面在段永平的投资语境中，指的是对一家公司生意本身的深度了解——包括其商业模式、企业文化、产品竞争力、未来盈利能力等。他把关注基本面视为区分投资与投机的关键标志。","基本面｜大道总纲","jibenmian","dao\u002Fconcepts\u002Fjibenmian","yBCieTud6ehnrUI74YY1sWxXcHZtbegcZ5f6dLjZv7I","dao",[425,430,434,438,441,444,447,450,453,456,460,463,466,470,473,476,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,695,699,702,705,709,712,715,719,722,725,729,732,735,739,742,745,749,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867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有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":431,"slug":432,"category":433,"order":429},"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":435,"slug":436,"category":437,"order":429},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":439,"slug":440,"category":428,"order":384},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":442,"slug":443,"category":433,"order":384},"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":445,"slug":446,"category":437,"order":384},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":448,"slug":449,"category":428,"order":390},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":451,"slug":452,"category":433,"order":390},"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":454,"slug":455,"category":437,"order":390},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":457,"slug":458,"category":428,"order":459},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":461,"slug":462,"category":433,"order":459},"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":464,"slug":465,"category":437,"order":459},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":467,"slug":468,"category":428,"order":469},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":471,"slug":472,"category":433,"order":469},"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":474,"slug":475,"category":437,"order":469},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":477,"slug":478,"category":428,"order":479},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":481,"slug":482,"category":433,"order":479},"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":484,"slug":485,"category":437,"order":479},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":487,"slug":488,"category":428,"order":489},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":491,"slug":492,"category":433,"order":489},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":494,"slug":495,"category":437,"order":489},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":497,"slug":498,"category":428,"order":499},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":501,"slug":502,"category":433,"order":499},"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":504,"slug":505,"category":437,"order":499},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":428,"order":509},"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":858,"slug":859,"category":433,"order":856},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":861,"slug":862,"category":428,"order":863},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":865,"slug":866,"category":433,"order":863},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":868,"slug":869,"category":428,"order":870},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":872,"slug":873,"category":433,"order":870},"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":875,"slug":876,"category":428,"order":877},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":879,"slug":880,"category":433,"order":877},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":882,"slug":883,"category":428,"order":884},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":886,"slug":887,"category":433,"order":884},"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":889,"slug":890,"category":428,"order":891},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":893,"slug":894,"category":433,"order":891},"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":896,"slug":897,"category":428,"order":898},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":900,"slug":901,"category":433,"order":898},"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":903,"slug":904,"category":428,"order":905},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":907,"slug":908,"category":433,"order":905},"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":910,"slug":911,"category":428,"order":912},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":914,"slug":915,"category":433,"order":912},"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":917,"slug":918,"category":428,"order":919},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":921,"slug":922,"category":433,"order":919},"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":924,"slug":925,"category":428,"order":926},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":928,"slug":929,"category":433,"order":926},"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":931,"slug":932,"category":428,"order":933},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":935,"slug":936,"category":433,"order":933},"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":938,"slug":939,"category":428,"order":940},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":942,"slug":943,"category":433,"order":940},"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":945,"slug":946,"category":428,"order":947},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":949,"slug":950,"category":433,"order":947},"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":952,"slug":953,"category":428,"order":954},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":956,"slug":957,"category":433,"order":954},"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":959,"slug":960,"category":428,"order":961},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":963,"slug":964,"category":433,"order":961},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":966,"slug":967,"category":428,"order":968},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":970,"slug":971,"category":433,"order":968},"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":973,"slug":974,"category":428,"order":975},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":977,"slug":978,"category":433,"order":975},"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":980,"slug":981,"category":428,"order":982},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":984,"slug":985,"category":433,"order":982},"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":987,"slug":988,"category":428,"order":989},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":991,"slug":992,"category":433,"order":989},"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":994,"slug":995,"category":428,"order":996},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":998,"slug":999,"category":433,"order":996},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1001,"slug":1002,"category":428,"order":1003},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1005,"slug":1006,"category":433,"order":1003},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1008,"slug":1009,"category":428,"order":1010},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1012,"slug":1013,"category":433,"order":1010},"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":1015,"slug":1016,"category":428,"order":1017},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1019,"slug":1020,"category":433,"order":1017},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1022,"slug":1023,"category":428,"order":1024},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1026,"slug":1027,"category":433,"order":1024},"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":1029,"slug":1030,"category":428,"order":1031},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1033,"slug":1034,"category":433,"order":1031},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1036,"slug":1037,"category":428,"order":1038},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1040,"slug":1041,"category":433,"order":1038},"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":1043,"slug":1044,"category":428,"order":1045},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1047,"slug":1048,"category":433,"order":1045},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1050,"slug":1051,"category":428,"order":1052},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1054,"slug":1055,"category":433,"order":1052},"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":1057,"slug":1058,"category":428,"order":1059},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1061,"slug":1062,"category":433,"order":1059},"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":1064,"slug":1065,"category":428,"order":1066},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1068,"slug":1069,"category":433,"order":1066},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1071,"slug":1072,"category":428,"order":1073},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1075,"slug":1076,"category":433,"order":1073},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1078,"slug":1079,"category":428,"order":1080},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1082,"slug":1083,"category":433,"order":1080},"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":1085,"slug":1086,"category":428,"order":1087},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1089,"slug":1090,"category":433,"order":1087},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1092,"slug":1093,"category":428,"order":1094},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1096,"slug":1097,"category":433,"order":1094},"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":1099,"slug":1100,"category":428,"order":1101},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1103,"slug":1104,"category":433,"order":1101},"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":1106,"slug":1107,"category":428,"order":1108},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1110,"slug":1111,"category":433,"order":1108},"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":1113,"slug":1114,"category":428,"order":1115},"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":1117,"slug":1118,"category":433,"order":1115},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1120,"slug":1121,"category":428,"order":1122},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1124,"slug":1125,"category":433,"order":1122},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1127,"slug":1128,"category":428,"order":1129},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1131,"slug":1132,"category":433,"order":1129},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1134,"slug":1135,"category":428,"order":1136},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1138,"slug":1139,"category":433,"order":1136},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1141,"slug":1142,"category":428,"order":1143},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1145,"slug":1146,"category":433,"order":1143},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1148,"slug":1149,"category":428,"order":1150},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1152,"slug":1153,"category":433,"order":1150},"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":1155,"slug":1156,"category":428,"order":1157},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1159,"slug":1160,"category":433,"order":1157},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1162,"slug":1163,"category":428,"order":1164},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1166,"slug":1167,"category":433,"order":1164},"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":1169,"slug":1170,"category":428,"order":1171},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1173,"slug":1174,"category":433,"order":1171},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1176,"slug":1177,"category":428,"order":1178},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1180,"slug":1181,"category":433,"order":1178},"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":1183,"slug":1184,"category":428,"order":1185},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1187,"slug":1188,"category":433,"order":1185},"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":1190,"slug":1191,"category":428,"order":1192},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1194,"slug":1195,"category":433,"order":1192},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1197,"slug":1198,"category":428,"order":1199},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1201,"slug":1202,"category":433,"order":1199},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1204,"slug":1205,"category":428,"order":1206},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1208,"slug":1209,"category":433,"order":1206},"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":1211,"slug":1212,"category":428,"order":1213},"2025 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