[{"data":1,"prerenderedAt":1883},["ShallowReactive",2],{"library-nengliquan":3,"library-sidebar-buffett":353,"library-sidebar-dao":1357,"library-sidebar-models":1651},{"id":4,"title":5,"body":6,"category":338,"date":339,"description":340,"extension":341,"meta":342,"navigation":343,"order":344,"path":345,"seo":346,"seoDescription":347,"seoTitle":348,"slug":349,"stem":350,"__hash__":351,"_collection":352},"dao\u002Fdao\u002Fconcepts\u002Fnengliquan.md","能力圈",{"type":7,"value":8,"toc":317},"minimark",[9,12,16,32,38,44,47,52,58,65,69,74,78,89,93,98,101,114,134,144,151,154,159,162,167,172,177,182,190,203,206,213,219,223,239,243,246,249,253,261,265,271,276,281,295,300,310],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,24,25,28,29,31],"p",{},"\"能力圈\"（Circle of Competence）是",[21,22,23],"strong",{},"巴菲特","提出的投资概念，",[21,26,27],{},"段永平","在学习",[21,30,23],{},"投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：",[33,34,35],"blockquote",{},[17,36,37],{},"知道自己的能力圈有多大，往往比自己能力圈有多大要重要得多！\n——投资问答录",[17,39,40,41,43],{},"他在2006年与",[21,42,23],{},"共进午餐后的实践中，将能力圈概念从投资延伸到企业经营。",[13,45,46],{"id":46},"核心要义",[48,49,51],"h3",{"id":50},"_1-知道能力圈有多大比能力圈有多大更重要","1. 知道能力圈有多大比能力圈有多大更重要",[17,53,54,55,57],{},"这是段永平反复强调的核心观点，直接来自对",[21,56,23],{},"思想的理解：",[33,59,60],{},[17,61,62,64],{},[21,63,23],{},"说知道自己能力圈有多大比能力圈有多大要重要的多。\n——2011-10-23",[48,66,68],{"id":67},"_2-能力圈-诚实面对自己","2. 能力圈 = 诚实面对自己",[33,70,71],{},[17,72,73],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。有这样的态度，然后如果能看懂一个东西，那它就是在我能力圈内，否则就不是。\n——2025年 浙大演讲",[48,75,77],{"id":76},"_3-安全边际的本质是能力圈","3. 安全边际的本质是能力圈",[33,79,80],{},[17,81,82,83,88],{},"我觉得",[84,85,87],"a",{"href":86},"\u002Flibrary\u002Fanquanbianji","安全边际","实际上应该指的是能力圈而不仅仅是价格。\n——投资问答录",[48,90,92],{"id":91},"_4-不要轻易扩大能力圈","4. 不要轻易扩大能力圈",[33,94,95],{},[17,96,97],{},"不要轻易去\"扩大\"自己的能力圈。搞懂一个生意往往是需要很多年的，不要因为看到一两个概念就轻易跳进自己不熟悉的领域或地方，不然早晚会栽的。\n——投资问答录",[13,99,100],{"id":100},"实战案例",[17,102,103,106,107,110,111,113],{},[21,104,105],{},"投资","网易****：段永平在2001-2002年买入",[21,108,109],{},"网易","时，市场不看好，因为很多人觉得游戏市场不大。但段永平自己做了多年消费电子和游戏产品，确定游戏市场非常大。他说：\"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。\"最终",[21,112,109],{},"投资获利超百倍。",[17,115,116,119,120,123,124,126,127,130,131,133],{},[21,117,118],{},"重仓","苹果",[21,121,122],{},"但不买比亚迪","：段永平敢重仓",[21,125,119],{},"（因为做了多年消费电子，理解产品和",[21,128,129],{},"生意模式","），但不买比亚迪（\"虽然一直有兴趣看，但一直没看出买的兴趣来\"）。即使",[21,132,23],{},"买了比亚迪，段永平也不跟风，因为不在自己能力圈内。",[17,135,136,139,140,143],{},[21,137,138],{},"不投","英伟达****：段永平坦承自己对GPU和AI行业认知有限，因此表示\"不在我的能力圈内\"，尽管",[21,141,142],{},"英伟达","涨了很多。",[17,145,146,147,150],{},"****步步高",[21,148,149],{},"不做不擅长的行业","：\"我们完全可以明天就去做汽车，后天去做牛奶，但是我们不去，因为我们找不到自己的优势。\"（2001年采访）",[13,152,153],{"id":153},"常见误解",[17,155,156],{},[21,157,158],{},"误解一：\"能力圈是固定不变的\"",[17,160,161],{},"段永平指出能力圈可以通过学习扩展，但需要很长时间。他说：\"你上大学不就是在培养你的能力圈嘛，40岁以前，你一定要想办法建立你的能力圈，但是在这以后，我觉得可能就会难。\"",[17,163,164],{},[21,165,166],{},"误解二：\"做过企业家就一定能力圈大\"",[33,168,169],{},[17,170,171],{},"做过企业家的人本来可以有一个优势，那就是更容易看懂公司，更容易知道自己的能力圈在哪里。但我发现我认识的很多企业家对股市并没有任何认识。……仔细想来，做过企业家的人未必就更容易知道自己能力圈的大小，有可能会相反。\n——2011-09-07",[17,173,174],{},[21,175,176],{},"误解三：\"智商高就能力圈大\"",[33,178,179],{},[17,180,181],{},"大概智商高的人未必知道自己的能力圈边界在哪里，但智商高的人可能往往容易越出自己的能力圈。\n——2012-07-28",[17,183,184,23,187],{},[21,185,186],{},"误解四：\"学",[21,188,189],{},"就是学他做什么\"",[33,191,192],{},[17,193,194,195,197,198,202],{},"学",[21,196,23],{},"最重要和人们能够学的东西其实是他",[84,199,201],{"href":200},"\u002Flibrary\u002Fbuzuoshenme","不做什么","！绝大多数人学的是相反的东西，就是他在做什么，那是没办法学的，因为每个人的能力圈不同。\n——2011-10-23",[13,204,205],{"id":205},"思想演变",[48,207,209,210,212],{"id":208},"_2000年代从巴菲特处学习","2000年代：从",[21,211,23],{},"处学习",[17,214,215,216,218],{},"2006年与",[21,217,23],{},"午餐后，段永平开始系统吸收能力圈概念，并将其与自己做企业的经验结合。这一时期主要用于投资决策。",[48,220,222],{"id":221},"_2010年代系统化与深度阐释","2010年代：系统化与深度阐释",[17,224,225,226,228,229,228,233,235,236,238],{},"在投资问答录中大量讨论能力圈，将其与",[21,227,129],{},"、",[84,230,232],{"href":231},"\u002Flibrary\u002Fhuchenghe","护城河",[84,234,87],{"href":86},"等概念整合。提出\"安全边际实际上应该指的是能力圈而不仅仅是价格\"这一独到见解。同时与企业经营中的",[84,237,201],{"href":200},"、聚焦等概念打通。",[48,240,242],{"id":241},"_2020年代更成熟的定义","2020年代：更成熟的定义",[17,244,245],{},"2025年浙大演讲中给出了最精炼的定义：\"能力圈是诚实对自己，知之为知之，不知为不知。\"将能力圈从一个投资工具上升为人生态度。同时坦承\"我能力圈小，能看懂的东西太少了\"，体现了对能力圈边界的自知。",[13,247,248],{"id":248},"原话引用",[33,250,251],{},[17,252,37],{},[33,254,255],{},[17,256,257,258,260],{},"在自己能力圈内的生意自己往往容易懂得多，对别人的不确定性往往对自己是很确定的。比如当年我投",[21,259,109],{},"时，市场不看好的原因是很多人觉得游戏这个市场不是很大。而我自己由于在这个行业里的时间很长，所以很确定这个市场非常大。\n——投资问答录",[33,262,263],{},[17,264,97],{},[33,266,267],{},[17,268,82,269,88],{},[84,270,87],{"href":86},[33,272,273],{},[17,274,275],{},"能力圈不是拿金箍棒在地上画个圈，说待在里面不要出去，外面有妖怪。能力圈是：诚实对自己，知之为知之，不知为不知。\n——2025年 浙大演讲",[33,277,278],{},[17,279,280],{},"股市上那些长期亏钱的大多属于不知道自己能力圈有多大的人。\n——2012-12-29",[33,282,283],{},[17,284,285,286,290,294],{},"能力圈的意思就是你能够判断未来",[84,287,289],{"href":288},"\u002Flibrary\u002Fxianjinliu","现金流",[84,291,293],{"href":292},"\u002Flibrary\u002Fzhexian","折现","的范围。知道自己的能力圈有多大比能力圈本身有多大要重要得多。\n——2011-01-04",[33,296,297],{},[17,298,299],{},"一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么。这是关键。我常说的能力圈就是这个意思。\n——2025年 浙大演讲",[33,301,302],{},[17,303,304,305,307,309],{},"未来",[84,306,289],{"href":288},[84,308,293],{"href":292},"只是一种思维方式，只有在自己能力圈范围内的公司，投资人才能毛估估看明白。\n——投资问答录",[33,311,312],{},[17,313,314,316],{},[21,315,23],{},"讲的能力圈子指的就是每个人都有自己有限的了解范围。每个人总是有些东西懂有些东西不懂。所以投自己懂的东西就容易知道价值，就知道什么叫便宜，就有机会赚钱。\n——2010-03-25",{"title":318,"searchDepth":319,"depth":319,"links":320},"",2,[321,322,329,330,331,337],{"id":15,"depth":319,"text":15},{"id":46,"depth":319,"text":46,"children":323},[324,326,327,328],{"id":50,"depth":325,"text":51},3,{"id":67,"depth":325,"text":68},{"id":76,"depth":325,"text":77},{"id":91,"depth":325,"text":92},{"id":100,"depth":319,"text":100},{"id":153,"depth":319,"text":153},{"id":205,"depth":319,"text":205,"children":332},[333,335,336],{"id":208,"depth":325,"text":334},"2000年代：从巴菲特处学习",{"id":221,"depth":325,"text":222},{"id":241,"depth":325,"text":242},{"id":248,"depth":319,"text":248},"核心哲学",null,"\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","md",{},true,5,"\u002Fdao\u002Fconcepts\u002Fnengliquan",{"title":5,"description":340},"段永平谈能力圈：\"能力圈\"（Circle of Competence）是巴菲特提出的投资概念，段永平在学习巴菲特投资理念后将其吸收并发展。段永平最早系统阐述能力圈是在投资问答录中：","能力圈｜大道总纲","nengliquan","dao\u002Fconcepts\u002Fnengliquan","92ceMdx5d2jhlX7OfKSgtc9x42eqfjYmxUFiZwwEk6U","dao",[354,359,363,367,370,373,376,379,382,385,389,392,395,398,401,404,408,411,414,418,421,424,428,431,434,438,441,444,448,451,454,458,461,464,468,471,474,478,481,484,488,491,494,498,501,504,508,511,514,518,521,524,528,531,534,538,541,544,548,551,554,558,561,564,568,571,574,578,581,584,588,591,594,598,601,604,608,611,614,618,621,624,628,631,634,638,641,644,648,651,654,658,661,664,668,671,674,678,681,684,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,814,817,821,824,828,831,835,838,842,845,849,852,856,859,863,866,870,873,877,880,884,887,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,957,961,964,968,971,975,978,982,985,989,992,996,999,1003,1006,1010,1013,1017,1020,1024,1027,1031,1034,1038,1041,1045,1048,1052,1055,1059,1062,1066,1069,1073,1076,1080,1083,1087,1090,1094,1097,1101,1104,1108,1111,1115,1118,1122,1125,1129,1132,1136,1139,1143,1146,1150,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249,1253,1257,1261,1265,1269,1273,1277,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337,1341,1345,1349,1353],{"title":355,"slug":356,"category":357,"order":358},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":360,"slug":361,"category":362,"order":358},"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":364,"slug":365,"category":366,"order":358},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":368,"slug":369,"category":357,"order":319},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":371,"slug":372,"category":362,"order":319},"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":374,"slug":375,"category":366,"order":319},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":377,"slug":378,"category":357,"order":325},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":380,"slug":381,"category":362,"order":325},"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":383,"slug":384,"category":366,"order":325},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":386,"slug":387,"category":357,"order":388},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":390,"slug":391,"category":362,"order":388},"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":393,"slug":394,"category":366,"order":388},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":396,"slug":397,"category":357,"order":344},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",{"title":399,"slug":400,"category":362,"order":344},"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":402,"slug":403,"category":366,"order":344},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":405,"slug":406,"category":357,"order":407},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":409,"slug":410,"category":362,"order":407},"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":412,"slug":413,"category":366,"order":407},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":415,"slug":416,"category":357,"order":417},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":419,"slug":420,"category":362,"order":417},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":422,"slug":423,"category":366,"order":417},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":425,"slug":426,"category":357,"order":427},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":429,"slug":430,"category":362,"order":427},"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":432,"slug":433,"category":366,"order":427},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":435,"slug":436,"category":357,"order":437},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":439,"slug":440,"category":362,"order":437},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":442,"slug":443,"category":366,"order":437},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":445,"slug":446,"category":357,"order":447},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":449,"slug":450,"category":362,"order":447},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":452,"slug":453,"category":366,"order":447},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":455,"slug":456,"category":357,"order":457},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":459,"slug":460,"category":362,"order":457},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":462,"slug":463,"category":366,"order":457},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":465,"slug":466,"category":357,"order":467},"1963 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":787,"slug":788,"category":362,"order":785},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":790,"slug":791,"category":357,"order":792},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":794,"slug":795,"category":362,"order":792},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":797,"slug":798,"category":357,"order":799},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":801,"slug":802,"category":362,"order":799},"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":804,"slug":805,"category":357,"order":806},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":808,"slug":809,"category":362,"order":806},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":811,"slug":812,"category":357,"order":813},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":815,"slug":816,"category":362,"order":813},"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":818,"slug":819,"category":357,"order":820},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":822,"slug":823,"category":362,"order":820},"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":825,"slug":826,"category":357,"order":827},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":829,"slug":830,"category":362,"order":827},"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":832,"slug":833,"category":357,"order":834},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":836,"slug":837,"category":362,"order":834},"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":839,"slug":840,"category":357,"order":841},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":843,"slug":844,"category":362,"order":841},"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":846,"slug":847,"category":357,"order":848},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":850,"slug":851,"category":362,"order":848},"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":853,"slug":854,"category":357,"order":855},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":857,"slug":858,"category":362,"order":855},"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":860,"slug":861,"category":357,"order":862},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":864,"slug":865,"category":362,"order":862},"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":867,"slug":868,"category":357,"order":869},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":871,"slug":872,"category":362,"order":869},"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":874,"slug":875,"category":357,"order":876},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":878,"slug":879,"category":362,"order":876},"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":881,"slug":882,"category":357,"order":883},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":885,"slug":886,"category":362,"order":883},"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":888,"slug":889,"category":357,"order":890},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":892,"slug":893,"category":362,"order":890},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":895,"slug":896,"category":357,"order":897},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":899,"slug":900,"category":362,"order":897},"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":902,"slug":903,"category":357,"order":904},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":906,"slug":907,"category":362,"order":904},"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":909,"slug":910,"category":357,"order":911},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":913,"slug":914,"category":362,"order":911},"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":916,"slug":917,"category":357,"order":918},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":920,"slug":921,"category":362,"order":918},"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":923,"slug":924,"category":357,"order":925},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":927,"slug":928,"category":362,"order":925},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":930,"slug":931,"category":357,"order":932},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":934,"slug":935,"category":362,"order":932},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":937,"slug":938,"category":357,"order":939},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":941,"slug":942,"category":362,"order":939},"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":944,"slug":945,"category":357,"order":946},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":948,"slug":949,"category":362,"order":946},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":951,"slug":952,"category":357,"order":953},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":955,"slug":956,"category":362,"order":953},"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":958,"slug":959,"category":357,"order":960},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":962,"slug":963,"category":362,"order":960},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":965,"slug":966,"category":357,"order":967},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":969,"slug":970,"category":362,"order":967},"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":972,"slug":973,"category":357,"order":974},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":976,"slug":977,"category":362,"order":974},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":979,"slug":980,"category":357,"order":981},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":983,"slug":984,"category":362,"order":981},"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":986,"slug":987,"category":357,"order":988},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":990,"slug":991,"category":362,"order":988},"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":993,"slug":994,"category":357,"order":995},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":997,"slug":998,"category":362,"order":995},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1000,"slug":1001,"category":357,"order":1002},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1004,"slug":1005,"category":362,"order":1002},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1007,"slug":1008,"category":357,"order":1009},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1011,"slug":1012,"category":362,"order":1009},"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":1014,"slug":1015,"category":357,"order":1016},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1018,"slug":1019,"category":362,"order":1016},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1021,"slug":1022,"category":357,"order":1023},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1025,"slug":1026,"category":362,"order":1023},"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":1028,"slug":1029,"category":357,"order":1030},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1032,"slug":1033,"category":362,"order":1030},"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":1035,"slug":1036,"category":357,"order":1037},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1039,"slug":1040,"category":362,"order":1037},"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":1042,"slug":1043,"category":357,"order":1044},"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":1046,"slug":1047,"category":362,"order":1044},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1049,"slug":1050,"category":357,"order":1051},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1053,"slug":1054,"category":362,"order":1051},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1056,"slug":1057,"category":357,"order":1058},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1060,"slug":1061,"category":362,"order":1058},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1063,"slug":1064,"category":357,"order":1065},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1067,"slug":1068,"category":362,"order":1065},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1070,"slug":1071,"category":357,"order":1072},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1074,"slug":1075,"category":362,"order":1072},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1077,"slug":1078,"category":357,"order":1079},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1081,"slug":1082,"category":362,"order":1079},"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":1084,"slug":1085,"category":357,"order":1086},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1088,"slug":1089,"category":362,"order":1086},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1091,"slug":1092,"category":357,"order":1093},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1095,"slug":1096,"category":362,"order":1093},"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":1098,"slug":1099,"category":357,"order":1100},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1102,"slug":1103,"category":362,"order":1100},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1105,"slug":1106,"category":357,"order":1107},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1109,"slug":1110,"category":362,"order":1107},"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":1112,"slug":1113,"category":357,"order":1114},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1116,"slug":1117,"category":362,"order":1114},"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":1119,"slug":1120,"category":357,"order":1121},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1123,"slug":1124,"category":362,"order":1121},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1126,"slug":1127,"category":357,"order":1128},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1130,"slug":1131,"category":362,"order":1128},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1133,"slug":1134,"category":357,"order":1135},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1137,"slug":1138,"category":362,"order":1135},"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":1140,"slug":1141,"category":357,"order":1142},"2025 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