[{"data":1,"prerenderedAt":1861},["ShallowReactive",2],{"library-kaixiaohelixing":3,"library-sidebar-buffett":331,"library-sidebar-dao":1335,"library-sidebar-models":1629},{"id":4,"title":5,"body":6,"category":316,"date":317,"description":318,"extension":319,"meta":320,"navigation":321,"order":322,"path":323,"seo":324,"seoDescription":325,"seoTitle":326,"slug":327,"stem":328,"__hash__":329,"_collection":330},"dao\u002Fdao\u002Fconcepts\u002Fkaixiaohelixing.md","开销合理性",{"type":7,"value":8,"toc":288},"minimark",[9,12,16,49,56,59,64,69,72,76,82,85,89,96,102,108,112,119,122,125,129,136,143,147,153,158,161,165,172,175,179,182,186,189,193,196,199,203,206,210,213,217,220,223,240,246,252,258,264,272,280],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,48],"p",{},"开销合理性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：",[21,22,23,24,29,30,29,34,38,39,29,43,47],"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",[25,44,46],{"href":45},"\u002Flibrary\u002Fjingzichan","扣除商誉的净资产","，好像没了。"," （2010-03-08）",[17,50,51,52,55],{},"关于什么是合理的开销，段永平回答：",[21,53,54],{},"只要是理性的开支就可称为合理。如果是受股东压力或者说受\"成长\"的压力而花钱则有危险","。（2010-11-01）",[13,57,58],{"id":58},"核心要义",[60,61,63],"h3",{"id":62},"_1-理性开支就是合理","1. 理性开支就是合理",[17,65,66,67,55],{},"段永平定义合理开销：",[21,68,54],{},[17,70,71],{},"关键在于是否是\"理性\"的开支，而不是为了满足外界的预期而花钱。",[60,73,75],{"id":74},"_2-反对为了成长而盲目花钱","2. 反对为了成长而盲目花钱",[17,77,78,79,55],{},"段永平特别反对为了成长而盲目花钱：",[21,80,81],{},"如果是受股东压力或者说受\"成长\"的压力而花钱则有危险",[17,83,84],{},"很多公司为了满足华尔街或市场对成长的预期，会盲目扩大开支，这是非常危险的。",[60,86,88],{"id":87},"_3-资本支出大的行业不容易出现好企业","3. 资本支出大的行业不容易出现好企业",[17,90,91,92,95],{},"网友问：",[21,93,94],{},"我理解的是资本支出大的行业不容易出现好企业。不知道对不对？"," （2019-3-16）",[17,97,98,99,95],{},"段永平回答：",[21,100,101],{},"\"资本支出大的行业不容易出现好企业\"，我同意这个观点。",[17,103,104,105,107],{},"资本支出大的行业往往需要不断投入大量资金来维持运营，不容易产生自由",[25,106,37],{"href":36},"。",[60,109,111],{"id":110},"_4-成本控制是日常基本功","4. 成本控制是日常基本功",[17,113,114,115,118],{},"段永平认为：",[21,116,117],{},"对的，控制成本和经济好坏无关，是个一直要做的事情。最好笑的就是经常看到上市公司为了满足华尔街的预期去减成本，尤其是为了减成本而裁员。"," （2016-05-30）",[17,120,121],{},"成本控制应该渗透到企业文化中，而不是为了短期目标而临时削减。",[13,123,124],{"id":124},"实战案例",[60,126,128],{"id":127},"苹果明智地进行开销","苹果：明智地进行开销",[17,130,131,132,135],{},"网友引用库克的话：",[21,133,134],{},"我们会明智地进行开销。我会把每一笔花出去的钱都当作是我们兜里的最后一分钱。我认为股东会希望我们这样做。我不认为他们希望我们挥霍摆阔。"," （2012-02-14）",[17,137,138,139,142],{},"段永平对此的反应是：",[21,140,141],{},"（微笑）"," （2012-02-14），表示认可。",[60,144,146],{"id":145},"步步高广告费只占价格很小一部分","步步高：广告费只占价格很小一部分",[17,148,91,149,152],{},[21,150,151],{},"步步高最近的生活电器产品的广告都是在央视播放的，代言人还都是韩国的一线明星，广告费和代言费都不是小数目，能不能保本呢？是不是会大副抬高步步高电器的价格呢？"," （2010-03-27）",[17,154,98,155,152],{},[21,156,157],{},"广告费只可能占价格的很小一部分。消费者的眼睛是雪亮的，价格太贵他们会不知道？",[17,159,160],{},"这说明步步高在广告开销上是理性的。",[60,162,164],{"id":163},"喜诗糖果资本支出小的好生意","喜诗糖果：资本支出小的好生意",[17,166,167,168,171],{},"巴菲特说过喜诗是好生意，飞行安全公司是一般生意，航空公司是糟糕的生意。段永平同意：",[21,169,170],{},"资本支出大的行业不容易出现好企业","。（2019-3-16）",[13,173,174],{"id":174},"常见误解",[60,176,178],{"id":177},"误解一为了成长应该多花钱","误解一：为了成长应该多花钱",[17,180,181],{},"很多人认为为了公司成长应该多花钱，但段永平认为如果是受\"成长\"压力而花钱则有危险。",[60,183,185],{"id":184},"误解二资本支出大说明公司在扩张","误解二：资本支出大说明公司在扩张",[17,187,188],{},"很多人认为资本支出大是好事，说明公司在扩张，但段永平认为资本支出大的行业不容易出现好企业。",[60,190,192],{"id":191},"误解三减成本就是好事情","误解三：减成本就是好事情",[17,194,195],{},"段永平认为，真正懂得成本控制的公司是把成本控制渗透到企业文化中的，而不是为了满足华尔街预期而临时减成本。",[13,197,198],{"id":198},"思想演变",[60,200,202],{"id":201},"早期从经营企业中理解成本控制","早期：从经营企业中理解成本控制",[17,204,205],{},"段永平在经营步步高时就非常注重成本控制，这为他后来关注开销合理性奠定了基础。",[60,207,209],{"id":208},"投资时期理性开支作为筛选指标","投资时期：理性开支作为筛选指标",[17,211,212],{},"在投资中，段永平将开销合理性作为重要的筛选指标，避免投资那些为了成长而盲目花钱的公司。",[60,214,216],{"id":215},"成熟时期强调成本控制是企业文化","成熟时期：强调成本控制是企业文化",[17,218,219],{},"随着经验的积累，段永平越来越强调成本控制应该渗透到企业文化中，是日常基本功。",[13,221,222],{"id":222},"原话引用",[224,225,226],"blockquote",{},[17,227,228,48],{},[21,229,23,230,29,232,29,234,38,236,29,238,47],{},[25,231,28],{"href":27},[25,233,33],{"href":32},[25,235,37],{"href":36},[25,237,42],{"href":41},[25,239,46],{"href":45},[224,241,242],{},[17,243,244,55],{},[21,245,54],{},[224,247,248],{},[17,249,250,95],{},[21,251,101],{},[224,253,254],{},[17,255,256,118],{},[21,257,117],{},[224,259,260],{},[17,261,262,152],{},[21,263,157],{},[224,265,266],{},[17,267,268,271],{},[21,269,270],{},"你自己削减一下自己的开销试试？两年后你就明白了。"," （2016-05-28）",[224,273,274],{},[17,275,276,279],{},[21,277,278],{},"依我们过去的经验显示，一家高成本结构公司的经营者，永远找得到增加公司开支的理由；而相对的，一家低成本结构公司的经营者，永远找得到节省公司开支的方法，即使后者的成本早已远低于前者。"," （1978）",[224,281,282],{},[17,283,284,287],{},[21,285,286],{},"其实最理想的公司是能把利润继续投入到原来的生意模式里的公司，分红是其次的选择。有些公司，比如苹果，就是已经没办法把利润再投入，所以才开始回购和分红的。当然，分红比乱花钱好100倍。"," （2013-9-28）",{"title":289,"searchDepth":290,"depth":290,"links":291},"",2,[292,293,300,305,310,315],{"id":15,"depth":290,"text":15},{"id":58,"depth":290,"text":58,"children":294},[295,297,298,299],{"id":62,"depth":296,"text":63},3,{"id":74,"depth":296,"text":75},{"id":87,"depth":296,"text":88},{"id":110,"depth":296,"text":111},{"id":124,"depth":290,"text":124,"children":301},[302,303,304],{"id":127,"depth":296,"text":128},{"id":145,"depth":296,"text":146},{"id":163,"depth":296,"text":164},{"id":174,"depth":290,"text":174,"children":306},[307,308,309],{"id":177,"depth":296,"text":178},{"id":184,"depth":296,"text":185},{"id":191,"depth":296,"text":192},{"id":198,"depth":290,"text":198,"children":311},[312,313,314],{"id":201,"depth":296,"text":202},{"id":208,"depth":296,"text":209},{"id":215,"depth":296,"text":216},{"id":222,"depth":290,"text":222},"财务指标",null,"开销合理性是段永平特别关注的财务指标之一，强调理性支出，反对为了成长而盲目花钱。","md",{},true,12,"\u002Fdao\u002Fconcepts\u002Fkaixiaohelixing",{"title":5,"description":318},"段永平谈开销合理性：开销合理性是段永平特别关注的财务指标之一，强调理性支出，反对为了成长而盲目花钱。","开销合理性｜大道总纲","kaixiaohelixing","dao\u002Fconcepts\u002Fkaixiaohelixing","-zly4ibjPzKqI6QybRHnJAVfsqsYiPPZ_0SMmyTaGTU","dao",[332,337,341,345,348,351,354,357,360,363,367,370,373,377,380,383,387,390,393,397,400,403,407,410,413,417,420,423,427,430,433,437,440,443,446,449,452,456,459,462,466,469,472,476,479,482,486,489,492,496,499,502,506,509,512,516,519,522,526,529,532,536,539,542,546,549,552,556,559,562,566,569,572,576,579,582,586,589,592,596,599,602,606,609,612,616,619,622,626,629,632,636,639,642,646,649,652,656,659,662,666,669,673,676,680,683,687,690,694,697,701,704,708,711,715,718,722,725,729,732,736,739,743,746,750,753,757,760,764,767,771,774,778,781,785,788,792,795,799,802,806,809,813,816,820,823,827,830,834,837,841,844,848,851,855,858,862,865,869,872,876,879,883,886,890,893,897,900,904,907,911,914,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1117,1121,1124,1128,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219,1223,1227,1231,1235,1239,1243,1247,1251,1255,1259,1263,1267,1271,1275,1279,1283,1287,1291,1295,1299,1303,1307,1311,1315,1319,1323,1327,1331],{"title":333,"slug":334,"category":335,"order":336},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":338,"slug":339,"category":340,"order":336},"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":342,"slug":343,"category":344,"order":336},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":346,"slug":347,"category":335,"order":290},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":349,"slug":350,"category":340,"order":290},"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":352,"slug":353,"category":344,"order":290},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":355,"slug":356,"category":335,"order":296},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":358,"slug":359,"category":340,"order":296},"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":361,"slug":362,"category":344,"order":296},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":364,"slug":365,"category":335,"order":366},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":368,"slug":369,"category":340,"order":366},"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":371,"slug":372,"category":344,"order":366},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":374,"slug":375,"category":335,"order":376},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":378,"slug":379,"category":340,"order":376},"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":381,"slug":382,"category":344,"order":376},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":384,"slug":385,"category":335,"order":386},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":388,"slug":389,"category":340,"order":386},"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":391,"slug":392,"category":344,"order":386},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":394,"slug":395,"category":335,"order":396},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":398,"slug":399,"category":340,"order":396},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":401,"slug":402,"category":344,"order":396},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":404,"slug":405,"category":335,"order":406},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":408,"slug":409,"category":340,"order":406},"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":411,"slug":412,"category":344,"order":406},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":414,"slug":415,"category":335,"order":416},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":418,"slug":419,"category":340,"order":416},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":421,"slug":422,"category":344,"order":416},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":424,"slug":425,"category":335,"order":426},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":428,"slug":429,"category":340,"order":426},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":431,"slug":432,"category":344,"order":426},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":434,"slug":435,"category":335,"order":436},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":438,"slug":439,"category":340,"order":436},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":441,"slug":442,"category":344,"order":436},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":444,"slug":445,"category":335,"order":322},"1963 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":793,"slug":794,"category":340,"order":791},"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":796,"slug":797,"category":335,"order":798},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":800,"slug":801,"category":340,"order":798},"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":803,"slug":804,"category":335,"order":805},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":807,"slug":808,"category":340,"order":805},"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":810,"slug":811,"category":335,"order":812},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":814,"slug":815,"category":340,"order":812},"与沃伦·巴菲特的问答纪要 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巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":842,"slug":843,"category":340,"order":840},"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":845,"slug":846,"category":335,"order":847},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":849,"slug":850,"category":340,"order":847},"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":852,"slug":853,"category":335,"order":854},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":856,"slug":857,"category":340,"order":854},"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":859,"slug":860,"category":335,"order":861},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":863,"slug":864,"category":340,"order":861},"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":866,"slug":867,"category":335,"order":868},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":870,"slug":871,"category":340,"order":868},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":873,"slug":874,"category":335,"order":875},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":877,"slug":878,"category":340,"order":875},"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":880,"slug":881,"category":335,"order":882},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":884,"slug":885,"category":340,"order":882},"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":887,"slug":888,"category":335,"order":889},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":891,"slug":892,"category":340,"order":889},"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":894,"slug":895,"category":335,"order":896},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":898,"slug":899,"category":340,"order":896},"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":901,"slug":902,"category":335,"order":903},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":905,"slug":906,"category":340,"order":903},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":908,"slug":909,"category":335,"order":910},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":912,"slug":913,"category":340,"order":910},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":915,"slug":916,"category":335,"order":917},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":919,"slug":920,"category":340,"order":917},"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":922,"slug":923,"category":335,"order":924},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":926,"slug":927,"category":340,"order":924},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":929,"slug":930,"category":335,"order":931},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":933,"slug":934,"category":340,"order":931},"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":936,"slug":937,"category":335,"order":938},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":940,"slug":941,"category":340,"order":938},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":943,"slug":944,"category":335,"order":945},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":947,"slug":948,"category":340,"order":945},"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":950,"slug":951,"category":335,"order":952},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":954,"slug":955,"category":340,"order":952},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":957,"slug":958,"category":335,"order":959},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":961,"slug":962,"category":340,"order":959},"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":964,"slug":965,"category":335,"order":966},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":968,"slug":969,"category":340,"order":966},"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":971,"slug":972,"category":335,"order":973},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":975,"slug":976,"category":340,"order":973},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":978,"slug":979,"category":335,"order":980},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":982,"slug":983,"category":340,"order":980},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":985,"slug":986,"category":335,"order":987},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":989,"slug":990,"category":340,"order":987},"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":992,"slug":993,"category":335,"order":994},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":996,"slug":997,"category":340,"order":994},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":999,"slug":1000,"category":335,"order":1001},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1003,"slug":1004,"category":340,"order":1001},"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":1006,"slug":1007,"category":335,"order":1008},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1010,"slug":1011,"category":340,"order":1008},"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":1013,"slug":1014,"category":335,"order":1015},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1017,"slug":1018,"category":340,"order":1015},"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":1020,"slug":1021,"category":335,"order":1022},"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":1024,"slug":1025,"category":340,"order":1022},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1027,"slug":1028,"category":335,"order":1029},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1031,"slug":1032,"category":340,"order":1029},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1034,"slug":1035,"category":335,"order":1036},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1038,"slug":1039,"category":340,"order":1036},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1041,"slug":1042,"category":335,"order":1043},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1045,"slug":1046,"category":340,"order":1043},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1048,"slug":1049,"category":335,"order":1050},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1052,"slug":1053,"category":340,"order":1050},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1055,"slug":1056,"category":335,"order":1057},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1059,"slug":1060,"category":340,"order":1057},"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":1062,"slug":1063,"category":335,"order":1064},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1066,"slug":1067,"category":340,"order":1064},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1069,"slug":1070,"category":335,"order":1071},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1073,"slug":1074,"category":340,"order":1071},"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":1076,"slug":1077,"category":335,"order":1078},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1080,"slug":1081,"category":340,"order":1078},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1083,"slug":1084,"category":335,"order":1085},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1087,"slug":1088,"category":340,"order":1085},"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":1090,"slug":1091,"category":335,"order":1092},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1094,"slug":1095,"category":340,"order":1092},"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":1097,"slug":1098,"category":335,"order":1099},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1101,"slug":1102,"category":340,"order":1099},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1104,"slug":1105,"category":335,"order":1106},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1108,"slug":1109,"category":340,"order":1106},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1111,"slug":1112,"category":335,"order":1113},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1115,"slug":1116,"category":340,"order":1113},"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":1118,"slug":1119,"category":335,"order":1120},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1122,"slug":1123,"category":340,"order":1120},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1125,"slug":1126,"category":335,"order":1127},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1129,"slug":1130,"category":340,"order":1127},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":1132,"slug":1133,"category":340,"order":1134},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1136,"slug":1137,"category":340,"order":1138},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1140,"slug":1141,"category":340,"order":1142},"巴菲特：2013年 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