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折现率就是个人的机会成本",[65,66,67],"blockquote",{},[17,68,69,70,72,73,75,76,78],{},"\"",[20,71,32],{"href":31},"率实际上是相对于投资人的",[20,74,5],{"href":22},"而言的。最低的",[20,77,5],{"href":22},"就是无风险回报率，比如美国国债的利率。\"",[65,80,81],{},[17,82,83,84,86,87,89,90,92],{},"\"我总觉得每个人给出的'",[20,85,32],{"href":31},"率'应该是每个人自己的（长期）最大",[20,88,5],{"href":22},"。对很多不懂投资的人们而言，最合适的",[20,91,5],{"href":22},"应该是无风险利率。\"（2025-10-05）",[60,94,96],{"id":95},"_2-持有就是买入卖出与买入成本无关","2. 持有就是买入，卖出与买入成本无关",[65,98,99],{},[17,100,101,102,104],{},"\"每天的收盘价就是我们的",[20,103,5],{"href":22},"，没有卖就等于买了，否则可以买其他。所以非常认同段老师的卖和买入成本无关的说法。\"——网友总结，段永平回复：\"赞。\"（2010-03-31）",[60,106,108],{"id":107},"_3-选最好的商业模式就是管理机会成本","3. 选最好的商业模式就是管理机会成本",[65,110,111],{},[17,112,113,114,116,117,121,122,124],{},"\"这是个",[20,115,5],{"href":22},"问题，你总是挑你自己能看懂的公司里面",[20,118,120],{"href":119},"\u002Flibrary\u002Fshangyemoshi","商业模式","最好的投。如果你觉得",[20,123,120],{"href":119},"一般的潜台词就是你知道有更好的，那你为什么要放着更好的不投而去投一般的呢?\"（2021-10-24）",[60,126,128],{"id":127},"_4-把苹果作为机会成本的标杆","4. 把苹果作为机会成本的标杆",[65,130,131],{},[17,132,133,134,137,138,140,141,143,144,146,147,149],{},"\"在我的理解里，",[25,135,136],{},"苹果","的",[20,139,120],{"href":119},"非常强大，未来的复利回报大概率是会高过长期美国国债的。我总是习惯把美国长期国债作为第一",[20,142,5],{"href":22},"（就是最低的意思），",[25,145,136],{},"第二。所以除非看到未来几十年会好过",[25,148,136],{},"的公司，不然我不愿意换的。\"（2022-01-27）",[13,151,152],{"id":152},"实战案例",[60,154,156],{"id":155},"做空百度的教训机会成本最大的错误","做空百度的教训：机会成本最大的错误",[65,158,159],{},[17,160,161,162,164],{},"\"最可惜的是，这次错误把我们的现金储备全部消耗掉了，",[20,163,5],{"href":22},"巨大，不然这次金融危机我就可以帮大家赚更多钱了。\"（2010-03-07）",[65,166,167],{},[17,168,69,169,171],{},[20,170,5],{"href":22},"大，亏点钱是小事。\"（2010-05-12）",[17,173,174],{},"做空百度不仅亏了1.5-2亿美元，更大的损失是消耗了现金储备，导致2008年金融危机时错过了更好的投资机会。",[60,176,177],{"id":177},"守着烂公司的机会成本",[65,179,180],{},[17,181,182,183,186,187,189,190,192],{},"\"花了很长时间，守着一个",[25,184,185],{},"生意模式","很烂的公司，",[20,188,5],{"href":22},"很高，心情也不好吧?花掉的时间也是",[20,191,5],{"href":22},"。\"（2015-09-09）",[60,194,196,199],{"id":195},"茅台的机会成本计算",[25,197,198],{},"茅台","的机会成本计算",[65,201,202],{},[17,203,204,205,207],{},"\"假如你有一笔现金，长期没有使用计划，你觉得投在哪里最舒服（合算）?每个人的",[20,206,5],{"href":22},"都不一样，自己看着办吧。\"（2022-05-02）",[60,209,210],{"id":210},"多元化经营中的机会成本",[65,212,213],{},[17,214,215,216,218],{},"\"我不做手机不等于我不做别的东西。问题是做什么东西好，这就是一个",[20,217,5],{"href":22},"的问题。\"（2001年）",[17,220,221,222,224],{},"这里的",[20,223,5],{"href":22},"思维不仅适用于投资，也适用于企业经营——做一件事的代价是放弃了另一件可能更好的事。",[13,226,227],{"id":227},"常见误解",[60,229,231],{"id":230},"误解一机会成本只是金钱","误解一：机会成本只是金钱",[17,233,234,235,237,238,240],{},"时间也是",[20,236,5],{"href":22},"。\"花掉的时间也是",[20,239,5],{"href":22},"。\"",[60,242,244],{"id":243},"误解二应该追求最高回报率","误解二：应该追求最高回报率",[65,246,247],{},[17,248,249],{},"\"一旦心里有了要求回报率，动作就可能变形，因为人们是有可能为了达到这个要求回报率去铤而走险的。\"",[17,251,252],{},"应该有的是\"可接受回报率\"的底线（国债利率），而不是要求回报率。",[60,254,256],{"id":255},"误解三用指数作为机会成本基准","误解三：用指数作为机会成本基准",[65,258,259],{},[17,260,261],{},"\"其实跟什么比并不能改变你投资的原则。我喜欢选个标准比较低一点的，满足感比较好。\"",[17,263,264,266,267,269],{},[25,265,27],{},"习惯用国债利率而非标普指数作为",[20,268,5],{"href":22},"的最低基准。",[13,271,272],{"id":272},"思想演变",[17,274,275,278,279,281],{},[25,276,277],{},"2001年（经营阶段）","：在企业经营中已经使用",[20,280,5],{"href":22},"思维来思考多元化和产品选择。",[17,283,284,287,288,290],{},[25,285,286],{},"2006-2010年（投资初期）","：在做空百度事件中深刻体验了",[20,289,5],{"href":22},"的巨大影响——不仅是亏损本身，更是错失了金融危机中的投资良机。",[17,292,293,296,297,299,300,302,303,305,306,308,309,311],{},[25,294,295],{},"2011-2022年（体系化阶段）","：将",[20,298,5],{"href":22},"概念融入投资体系的核心，明确\"",[20,301,32],{"href":31},"率=个人",[20,304,5],{"href":22},"\"的等式，并以国债利率作为底线、",[25,307,136],{},"作为标杆来管理自己的",[20,310,5],{"href":22},"。",[17,313,314,317,318,320,321,323],{},[25,315,316],{},"2025年","：在与方三文对话和雪球问答中继续深化这一概念，更加明确地将",[20,319,32],{"href":31},"率和个人",[20,322,5],{"href":22},"挂钩。",[13,325,326],{"id":326},"原话引用",[65,328,329],{},[17,330,69,331,72,333,75,335,78],{},[20,332,32],{"href":31},[20,334,5],{"href":22},[20,336,5],{"href":22},[65,338,339],{},[17,340,341,342,344],{},"\"对，就是",[20,343,5],{"href":22},"的意思。\"（2010年）",[65,346,347],{},[17,348,161,349,351],{},[20,350,5],{"href":22},"巨大。\"（2010-03-07）",[65,353,354],{},[17,355,69,356,171],{},[20,357,5],{"href":22},[65,359,360],{},[17,361,362,363,365],{},"\"你愿意给多少P\u002FE完全取决于你自己的能力或者说你自己的资金的",[20,364,5],{"href":22},"，其实和市场无关。\"（2011-10-01）",[65,367,368],{},[17,369,370,371,373],{},"\"要想搞懂自己不擅长的东西往往没有那么容易，同样的",[20,372,5],{"href":22},"（时间）在自己明白的圈子里往往有大得多的回报。\"（2011-03-04）",[65,375,376],{},[17,377,113,378,116,380,382],{},[20,379,5],{"href":22},[20,381,120],{"href":119},"最好的投。\"（2021-10-24）",[65,384,385],{},[17,386,182,387,186,389,189,391,192],{},[25,388,185],{},[20,390,5],{"href":22},[20,392,5],{"href":22},{"title":394,"searchDepth":395,"depth":395,"links":396},"",2,[397,398,405,411,416,417],{"id":15,"depth":395,"text":15},{"id":58,"depth":395,"text":58,"children":399},[400,402,403,404],{"id":62,"depth":401,"text":63},3,{"id":95,"depth":401,"text":96},{"id":107,"depth":401,"text":108},{"id":127,"depth":401,"text":128},{"id":152,"depth":395,"text":152,"children":406},[407,408,409,410],{"id":155,"depth":401,"text":156},{"id":177,"depth":401,"text":177},{"id":195,"depth":401,"text":195},{"id":210,"depth":401,"text":210},{"id":227,"depth":395,"text":227,"children":412},[413,414,415],{"id":230,"depth":401,"text":231},{"id":243,"depth":401,"text":244},{"id":255,"depth":401,"text":256},{"id":272,"depth":395,"text":272},{"id":326,"depth":395,"text":326},"投资理念",null,"机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","md",{},true,16,"\u002Fdao\u002Fconcepts\u002Fjihuichengben",{"title":5,"description":420},"段永平谈机会成本：机会成本在段永平的投资体系中有两层含义：一是作为折现率的基准（每个投资者的机会成本不同，决定了他应该用什么标准来评估投资机会）；二是作为投资决策的核心考量（持有一只股票的机会成本是你放弃的其他投资机会...","机会成本｜大道总纲","jihuichengben","dao\u002Fconcepts\u002Fjihuichengben","e2dtadA5Lo5eX0-Uj-CYYWXGT-Uvi2dYY8S2g5cg8Gg","dao",[434,439,443,447,450,453,456,459,462,465,469,472,475,479,482,485,489,492,495,499,502,505,509,512,515,519,522,525,529,532,535,539,542,545,549,552,555,559,562,565,569,572,575,579,582,585,588,591,594,598,601,604,608,611,614,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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":460,"slug":461,"category":442,"order":401},"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":463,"slug":464,"category":446,"order":401},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":466,"slug":467,"category":437,"order":468},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":470,"slug":471,"category":442,"order":468},"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":473,"slug":474,"category":446,"order":468},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":476,"slug":477,"category":437,"order":478},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":480,"slug":481,"category":442,"order":478},"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":483,"slug":484,"category":446,"order":478},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":486,"slug":487,"category":437,"order":488},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":490,"slug":491,"category":442,"order":488},"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":493,"slug":494,"category":446,"order":488},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":496,"slug":497,"category":437,"order":498},"1961年中 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":895,"slug":896,"category":442,"order":893},"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":898,"slug":899,"category":437,"order":900},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":902,"slug":903,"category":442,"order":900},"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":905,"slug":906,"category":437,"order":907},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":909,"slug":910,"category":442,"order":907},"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":912,"slug":913,"category":437,"order":914},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":916,"slug":917,"category":442,"order":914},"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":919,"slug":920,"category":437,"order":921},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":923,"slug":924,"category":442,"order":921},"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":926,"slug":927,"category":437,"order":928},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":930,"slug":931,"category":442,"order":928},"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":933,"slug":934,"category":437,"order":935},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":937,"slug":938,"category":442,"order":935},"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":940,"slug":941,"category":437,"order":942},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":944,"slug":945,"category":442,"order":942},"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":947,"slug":948,"category":437,"order":949},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":951,"slug":952,"category":442,"order":949},"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":954,"slug":955,"category":437,"order":956},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":958,"slug":959,"category":442,"order":956},"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":961,"slug":962,"category":437,"order":963},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":965,"slug":966,"category":442,"order":963},"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":968,"slug":969,"category":437,"order":970},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":972,"slug":973,"category":442,"order":970},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":975,"slug":976,"category":437,"order":977},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":979,"slug":980,"category":442,"order":977},"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":982,"slug":983,"category":437,"order":984},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":986,"slug":987,"category":442,"order":984},"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":989,"slug":990,"category":437,"order":991},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":993,"slug":994,"category":442,"order":991},"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":996,"slug":997,"category":437,"order":998},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1000,"slug":1001,"category":442,"order":998},"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":1003,"slug":1004,"category":437,"order":1005},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1007,"slug":1008,"category":442,"order":1005},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1010,"slug":1011,"category":437,"order":1012},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1014,"slug":1015,"category":442,"order":1012},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1017,"slug":1018,"category":437,"order":1019},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1021,"slug":1022,"category":442,"order":1019},"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":1024,"slug":1025,"category":437,"order":1026},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1028,"slug":1029,"category":442,"order":1026},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1031,"slug":1032,"category":437,"order":1033},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1035,"slug":1036,"category":442,"order":1033},"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":1038,"slug":1039,"category":437,"order":1040},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1042,"slug":1043,"category":442,"order":1040},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1045,"slug":1046,"category":437,"order":1047},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1049,"slug":1050,"category":442,"order":1047},"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":1052,"slug":1053,"category":437,"order":1054},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1056,"slug":1057,"category":442,"order":1054},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1059,"slug":1060,"category":437,"order":1061},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1063,"slug":1064,"category":442,"order":1061},"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":1066,"slug":1067,"category":437,"order":1068},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1070,"slug":1071,"category":442,"order":1068},"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":1073,"slug":1074,"category":437,"order":1075},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1077,"slug":1078,"category":442,"order":1075},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1080,"slug":1081,"category":437,"order":1082},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1084,"slug":1085,"category":442,"order":1082},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1087,"slug":1088,"category":437,"order":1089},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1091,"slug":1092,"category":442,"order":1089},"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":1094,"slug":1095,"category":437,"order":1096},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1098,"slug":1099,"category":442,"order":1096},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1101,"slug":1102,"category":437,"order":1103},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1105,"slug":1106,"category":442,"order":1103},"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":1108,"slug":1109,"category":437,"order":1110},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1112,"slug":1113,"category":442,"order":1110},"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":1115,"slug":1116,"category":437,"order":1117},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1119,"slug":1120,"category":442,"order":1117},"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":1122,"slug":1123,"category":437,"order":1124},"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":1126,"slug":1127,"category":442,"order":1124},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1129,"slug":1130,"category":437,"order":1131},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1133,"slug":1134,"category":442,"order":1131},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1136,"slug":1137,"category":437,"order":1138},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1140,"slug":1141,"category":442,"order":1138},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1143,"slug":1144,"category":437,"order":1145},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1147,"slug":1148,"category":442,"order":1145},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1150,"slug":1151,"category":437,"order":1152},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1154,"slug":1155,"category":442,"order":1152},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1157,"slug":1158,"category":437,"order":1159},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1161,"slug":1162,"category":442,"order":1159},"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":1164,"slug":1165,"category":437,"order":1166},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1168,"slug":1169,"category":442,"order":1166},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1171,"slug":1172,"category":437,"order":1173},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1175,"slug":1176,"category":442,"order":1173},"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":1178,"slug":1179,"category":437,"order":1180},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1182,"slug":1183,"category":442,"order":1180},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1185,"slug":1186,"category":437,"order":1187},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1189,"slug":1190,"category":442,"order":1187},"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":1192,"slug":1193,"category":437,"order":1194},"2022 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