[{"data":1,"prerenderedAt":1878},["ShallowReactive",2],{"library-jingzichan":3,"library-sidebar-buffett":348,"library-sidebar-dao":1352,"library-sidebar-models":1646},{"id":4,"title":5,"body":6,"category":333,"date":334,"description":335,"extension":336,"meta":337,"navigation":338,"order":339,"path":340,"seo":341,"seoDescription":342,"seoTitle":343,"slug":344,"stem":345,"__hash__":346,"_collection":347},"dao\u002Fdao\u002Fconcepts\u002Fjingzichan.md","扣除商誉的净资产",{"type":7,"value":8,"toc":304},"minimark",[9,12,16,45,52,55,60,75,78,82,89,92,96,106,109,113,119,128,131,135,142,145,149,159,165,169,174,177,180,184,187,191,194,198,201,204,208,211,215,218,225,234,237,252,258,270,276,284,290,298],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,44],"p",{},"扣除商誉的净资产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：",[21,22,23,24,29,30,29,34,38,39,43],"strong",{},"比较在意的数字是几个：",[25,26,28],"a",{"href":27},"\u002Flibrary\u002Ffuzhai","负债","、",[25,31,33],{"href":32},"\u002Flibrary\u002Fjingxianjin","净现金",[25,35,37],{"href":36},"\u002Flibrary\u002Fxianjinliu","现金流","、开销合理性、",[25,40,42],{"href":41},"\u002Flibrary\u002Fzhenshilirun","真实利润","、扣除商誉的净资产，好像没了。"," （2010-03-08）",[17,46,47,48,51],{},"段永平还创造了\"有效净资产\"的概念：",[21,49,50],{},"编这个名词的目的就是不想让自己被\"净资产\"的表面数字所迷惑。\"有效净资产\"指的其实就是公司的真实盈利能力。有效净资产只是一个概念，并不是定义为净资产减无效资产的那个东西。"," （2010-08-20）",[13,53,54],{"id":54},"核心要义",[56,57,59],"h3",{"id":58},"_1-有效净资产概念","1. 有效净资产概念",[17,61,62,63,51],{},"段永平解释：",[21,64,65,66,68,69,71,72,74],{},"计算价值只和未来总的",[25,67,37],{"href":36},"折现有关。其实净资产只是产生未来",[25,70,37],{"href":36},"的因素之一，所以我编了个\"有效净资产\"的名词。也就是说，不能产生",[25,73,37],{"href":36},"的净资产其实没有价值（有时还可能是负价值）。",[17,76,77],{},"有效净资产指的是公司的真实盈利能力，而不是账面净资产。",[56,79,81],{"id":80},"_2-不赚钱的净资产是累赘","2. 不赚钱的净资产是累赘",[17,83,84,85,88],{},"段永平强调：",[21,86,87],{},"不赚钱的净资产有时候就是个累赘。比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？"," （2010-04-25）",[17,90,91],{},"有些净资产不仅不能产生价值，还会成为负担。",[56,93,95],{"id":94},"_3-警惕价值陷阱","3. 警惕价值陷阱",[17,97,98,99,105],{},"段永平提醒：",[21,100,101,102,104],{},"这个大概就是人们常说的价值陷阱，如果理解未来",[25,103,37],{"href":36},"折现的概念就容易理解芒格说的是啥了。所以未必市值低过净资产甚至现金的股票就值得投资，除非你能看懂你买的是什么。"," （2012-06-26）",[17,107,108],{},"仅仅因为市值低于净资产就投资，很可能会掉入价值陷阱。",[56,110,112],{"id":111},"_4-净资产收益率roe是参考指标","4. 净资产收益率（ROE）是参考指标",[17,114,115,116,44],{},"段永平说：",[21,117,118],{},"\"净资产收益率\"是个很好的指标，可以用来排除那些你不喜欢的公司，但不能作为\"核心指标\"去决定你是否要投的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。最后还是要回到\"right business，right people，right price\"。",[17,120,121,127],{},[21,122,123,124,126],{},"在没有贷款的前提下，净资产收益率高的公司当然是不错的，说明公司的盈利能力强。净资产收益率低的公司一般都不太好，但成长型公司的初期可能净资产收益率会很低。关键还是看你能不能看懂公司的未来（",[25,125,37],{"href":36},"）。"," （2011-02-13）",[13,129,130],{"id":130},"实战案例",[56,132,134],{"id":133},"uhal净资产高的机会","UHAL：净资产高的机会",[17,136,137,138,141],{},"段永平举例：",[21,139,140],{},"我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。"," （2010-03-09）",[17,143,144],{},"UHAL的净资产高，但关键是要能看懂公司的真实价值。",[56,146,148],{"id":147},"网易现金比市值高","网易：现金比市值高",[17,150,151,152,158],{},"网友问：",[21,153,154,155,157],{},"你买网易时说它\"企业里面的现金就有2块钱，股价不到1块钱\"。请问大哥：这里的\"现金\"指的是净资产还是",[25,156,37],{"href":36},"？"," （2010-04-06）",[17,160,161,162,164],{},"段永平投资网易时，不仅看现金，更看重公司的未来",[25,163,37],{"href":36},"。",[56,166,168],{"id":167},"渺无人烟的酒店负价值的净资产","渺无人烟的酒店：负价值的净资产",[17,170,137,171,88],{},[21,172,173],{},"比如在渺无人烟的地方建个酒店，花了一个亿，现在每年亏500w。重置成本还是一个亿，现在5000w想卖，这里谁要？",[17,175,176],{},"这说明有些净资产不仅没有价值，还可能是负价值。",[13,178,179],{"id":179},"常见误解",[56,181,183],{"id":182},"误解一净资产高就是好","误解一：净资产高就是好",[17,185,186],{},"很多投资者以为净资产高就是好公司，但段永平强调不赚钱的净资产有时候就是个累赘。",[56,188,190],{"id":189},"误解二市值低于净资产就值得投资","误解二：市值低于净资产就值得投资",[17,192,193],{},"很多人以为市值低于净资产就值得投资，但段永平提醒这可能是价值陷阱，关键是要能看懂你买的是什么。",[56,195,197],{"id":196},"误解三roe是核心指标","误解三：ROE是核心指标",[17,199,200],{},"很多人把ROE作为核心指标，但段永平认为ROE是个很好的参考指标，但不能作为\"核心指标\"去决定你是否要投的公司。",[13,202,203],{"id":203},"思想演变",[56,205,207],{"id":206},"早期从经营企业中理解有效净资产","早期：从经营企业中理解有效净资产",[17,209,210],{},"段永平在经营步步高时就明白，有些资产能赚钱，有些资产不能赚钱，甚至会成为负担。",[56,212,214],{"id":213},"投资时期提出有效净资产概念","投资时期：提出有效净资产概念",[17,216,217],{},"在投资中，段永平提出了有效净资产的概念，强调不能被净资产的表面数字所迷惑。",[56,219,221,222,224],{"id":220},"成熟时期结合未来现金流折现","成熟时期：结合未来",[25,223,37],{"href":36},"折现",[17,226,227,228,230,231,233],{},"随着经验的积累，段永平越来越强调要结合未来",[25,229,37],{"href":36},"折现来看待净资产，净资产只是产生未来",[25,232,37],{"href":36},"的因素之一。",[13,235,236],{"id":236},"原话引用",[238,239,240],"blockquote",{},[17,241,242,44],{},[21,243,23,244,29,246,29,248,38,250,43],{},[25,245,28],{"href":27},[25,247,33],{"href":32},[25,249,37],{"href":36},[25,251,42],{"href":41},[238,253,254],{},[17,255,256,51],{},[21,257,50],{},[238,259,260],{},[17,261,262,51],{},[21,263,65,264,68,266,71,268,74],{},[25,265,37],{"href":36},[25,267,37],{"href":36},[25,269,37],{"href":36},[238,271,272],{},[17,273,274,88],{},[21,275,87],{},[238,277,278],{},[17,279,280,105],{},[21,281,101,282,104],{},[25,283,37],{"href":36},[238,285,286],{},[17,287,288,44],{},[21,289,118],{},[238,291,292],{},[17,293,294,127],{},[21,295,123,296,126],{},[25,297,37],{"href":36},[238,299,300],{},[17,301,302,141],{},[21,303,140],{},{"title":305,"searchDepth":306,"depth":306,"links":307},"",2,[308,309,316,321,326,332],{"id":15,"depth":306,"text":15},{"id":54,"depth":306,"text":54,"children":310},[311,313,314,315],{"id":58,"depth":312,"text":59},3,{"id":80,"depth":312,"text":81},{"id":94,"depth":312,"text":95},{"id":111,"depth":312,"text":112},{"id":130,"depth":306,"text":130,"children":317},[318,319,320],{"id":133,"depth":312,"text":134},{"id":147,"depth":312,"text":148},{"id":167,"depth":312,"text":168},{"id":179,"depth":306,"text":179,"children":322},[323,324,325],{"id":182,"depth":312,"text":183},{"id":189,"depth":312,"text":190},{"id":196,"depth":312,"text":197},{"id":203,"depth":306,"text":203,"children":327},[328,329,330],{"id":206,"depth":312,"text":207},{"id":213,"depth":312,"text":214},{"id":220,"depth":312,"text":331},"成熟时期：结合未来现金流折现",{"id":236,"depth":306,"text":236},"财务指标",null,"扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","md",{},true,14,"\u002Fdao\u002Fconcepts\u002Fjingzichan",{"title":5,"description":335},"段永平谈扣除商誉的净资产：扣除商誉的净资产是段永平特别关注的财务指标之一，强调有效净资产，区分赚钱的资产和不赚钱的资产。","扣除商誉的净资产｜大道总纲","jingzichan","dao\u002Fconcepts\u002Fjingzichan","auJi83TT5vomLogx7LRT3-VmDV2EmywoBQYmqaPSgqA","dao",[349,354,358,362,365,368,371,374,377,380,384,387,390,394,397,400,404,407,410,414,417,420,424,427,430,434,437,440,444,447,450,454,457,460,464,467,470,474,477,480,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,533,536,539,543,546,549,553,556,559,563,566,569,573,576,579,583,586,589,593,596,599,603,606,609,613,616,619,623,626,629,633,636,639,643,646,649,653,656,659,663,666,669,673,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220,1224,1228,1232,1236,1240,1244,1248,1252,1256,1260,1264,1268,1272,1276,1280,1284,1288,1292,1296,1300,1304,1308,1312,1316,1320,1324,1328,1332,1336,1340,1344,1348],{"title":350,"slug":351,"category":352,"order":353},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":355,"slug":356,"category":357,"order":353},"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":359,"slug":360,"category":361,"order":353},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":363,"slug":364,"category":352,"order":306},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":366,"slug":367,"category":357,"order":306},"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":369,"slug":370,"category":361,"order":306},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":372,"slug":373,"category":352,"order":312},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":375,"slug":376,"category":357,"order":312},"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":378,"slug":379,"category":361,"order":312},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":381,"slug":382,"category":352,"order":383},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":385,"slug":386,"category":357,"order":383},"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":388,"slug":389,"category":361,"order":383},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":391,"slug":392,"category":352,"order":393},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":395,"slug":396,"category":357,"order":393},"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":398,"slug":399,"category":361,"order":393},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":401,"slug":402,"category":352,"order":403},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":405,"slug":406,"category":357,"order":403},"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":408,"slug":409,"category":361,"order":403},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":411,"slug":412,"category":352,"order":413},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":415,"slug":416,"category":357,"order":413},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":418,"slug":419,"category":361,"order":413},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":421,"slug":422,"category":352,"order":423},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":425,"slug":426,"category":357,"order":423},"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":428,"slug":429,"category":361,"order":423},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":431,"slug":432,"category":352,"order":433},"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":782,"slug":783,"category":357,"order":780},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":785,"slug":786,"category":352,"order":787},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":789,"slug":790,"category":357,"order":787},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":792,"slug":793,"category":352,"order":794},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":796,"slug":797,"category":357,"order":794},"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":799,"slug":800,"category":352,"order":801},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":803,"slug":804,"category":357,"order":801},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":806,"slug":807,"category":352,"order":808},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":810,"slug":811,"category":357,"order":808},"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":813,"slug":814,"category":352,"order":815},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":817,"slug":818,"category":357,"order":815},"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":820,"slug":821,"category":352,"order":822},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":824,"slug":825,"category":357,"order":822},"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":827,"slug":828,"category":352,"order":829},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":831,"slug":832,"category":357,"order":829},"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":834,"slug":835,"category":352,"order":836},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":838,"slug":839,"category":357,"order":836},"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":841,"slug":842,"category":352,"order":843},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":845,"slug":846,"category":357,"order":843},"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":848,"slug":849,"category":352,"order":850},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":852,"slug":853,"category":357,"order":850},"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":855,"slug":856,"category":352,"order":857},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":859,"slug":860,"category":357,"order":857},"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":862,"slug":863,"category":352,"order":864},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":866,"slug":867,"category":357,"order":864},"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":869,"slug":870,"category":352,"order":871},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":873,"slug":874,"category":357,"order":871},"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":876,"slug":877,"category":352,"order":878},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":880,"slug":881,"category":357,"order":878},"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":883,"slug":884,"category":352,"order":885},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":887,"slug":888,"category":357,"order":885},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":890,"slug":891,"category":352,"order":892},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":894,"slug":895,"category":357,"order":892},"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":897,"slug":898,"category":352,"order":899},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":901,"slug":902,"category":357,"order":899},"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":904,"slug":905,"category":352,"order":906},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":908,"slug":909,"category":357,"order":906},"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":911,"slug":912,"category":352,"order":913},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":915,"slug":916,"category":357,"order":913},"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":918,"slug":919,"category":352,"order":920},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":922,"slug":923,"category":357,"order":920},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":925,"slug":926,"category":352,"order":927},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":929,"slug":930,"category":357,"order":927},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":932,"slug":933,"category":352,"order":934},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":936,"slug":937,"category":357,"order":934},"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":939,"slug":940,"category":352,"order":941},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":943,"slug":944,"category":357,"order":941},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":946,"slug":947,"category":352,"order":948},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":950,"slug":951,"category":357,"order":948},"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":953,"slug":954,"category":352,"order":955},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":957,"slug":958,"category":357,"order":955},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":960,"slug":961,"category":352,"order":962},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":964,"slug":965,"category":357,"order":962},"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":967,"slug":968,"category":352,"order":969},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":971,"slug":972,"category":357,"order":969},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":974,"slug":975,"category":352,"order":976},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":978,"slug":979,"category":357,"order":976},"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":981,"slug":982,"category":352,"order":983},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":985,"slug":986,"category":357,"order":983},"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":988,"slug":989,"category":352,"order":990},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":992,"slug":993,"category":357,"order":990},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":995,"slug":996,"category":352,"order":997},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":999,"slug":1000,"category":357,"order":997},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1002,"slug":1003,"category":352,"order":1004},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1006,"slug":1007,"category":357,"order":1004},"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":1009,"slug":1010,"category":352,"order":1011},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1013,"slug":1014,"category":357,"order":1011},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1016,"slug":1017,"category":352,"order":1018},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1020,"slug":1021,"category":357,"order":1018},"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":1023,"slug":1024,"category":352,"order":1025},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1027,"slug":1028,"category":357,"order":1025},"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":1030,"slug":1031,"category":352,"order":1032},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1034,"slug":1035,"category":357,"order":1032},"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":1037,"slug":1038,"category":352,"order":1039},"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":1041,"slug":1042,"category":357,"order":1039},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1044,"slug":1045,"category":352,"order":1046},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1048,"slug":1049,"category":357,"order":1046},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1051,"slug":1052,"category":352,"order":1053},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1055,"slug":1056,"category":357,"order":1053},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1058,"slug":1059,"category":352,"order":1060},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1062,"slug":1063,"category":357,"order":1060},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1065,"slug":1066,"category":352,"order":1067},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1069,"slug":1070,"category":357,"order":1067},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1072,"slug":1073,"category":352,"order":1074},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1076,"slug":1077,"category":357,"order":1074},"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":1079,"slug":1080,"category":352,"order":1081},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1083,"slug":1084,"category":357,"order":1081},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1086,"slug":1087,"category":352,"order":1088},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1090,"slug":1091,"category":357,"order":1088},"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":1093,"slug":1094,"category":352,"order":1095},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1097,"slug":1098,"category":357,"order":1095},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1100,"slug":1101,"category":352,"order":1102},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1104,"slug":1105,"category":357,"order":1102},"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":1107,"slug":1108,"category":352,"order":1109},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1111,"slug":1112,"category":357,"order":1109},"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":1114,"slug":1115,"category":352,"order":1116},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1118,"slug":1119,"category":357,"order":1116},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1121,"slug":1122,"category":352,"order":1123},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1125,"slug":1126,"category":357,"order":1123},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1128,"slug":1129,"category":352,"order":1130},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1132,"slug":1133,"category":357,"order":1130},"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":1135,"slug":1136,"category":352,"order":1137},"2025 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