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买股票就是买未来现金流",[45,68,69],{},[17,70,71,72,74,76,77,79,80,82],{},"\"买股票就是买公司，买公司就是买其未来",[20,73,5],{"href":22},[20,75,34],{"href":33},"。这里",[20,78,5],{"href":22},"指的是净",[20,81,5],{"href":22},"，未来指的是公司的整个生命周期，不是3年，也不是5年。\"",[45,84,85],{},[17,86,87,88,92,93,95,96,98,52],{},"\"从",[20,89,91],{"href":90},"\u002Flibrary\u002Fzuoduideshiqing","做对的事情","的角度讲，投资里",[20,94,91],{"href":90},"就是:买股票就是买公司，就是买公司的生意，就是买公司未来的净",[20,97,5],{"href":22},[20,99,34],{"href":33},[63,101,103],{"id":102},"_2-未来现金流折现是思维方式不是计算公式","2. 未来现金流折现是思维方式，不是计算公式",[45,105,106],{},[17,107,108,109,111,113],{},"\"所谓未来",[20,110,5],{"href":22},[20,112,34],{"href":33},"只是个思维方式，千万不要去套公式，因为没人可以真的确定公式中的变量，所有假设可能都是不靠谱的。\"",[45,115,116],{},[17,117,118,119,121,123,124,128],{},"\"未来",[20,120,5],{"href":22},[20,122,34],{"href":33},"只是一种思维方式，只有在自己",[20,125,127],{"href":126},"\u002Flibrary\u002Fnengliquan","能力圈","范围内的公司，投资人才能毛估估看明白。没人真用公式的，至少胜者都是不用公式的。（说自己有公式还有参数的人们都是不懂甚至可能是骗人的，别理他们。）\"",[63,130,132],{"id":131},"_3-看懂现金流就是看懂公司","3. 看懂现金流就是看懂公司",[45,134,135],{},[17,136,137,138,140,141,143,144,146,147,151,152,155,156,155,160,162],{},"\"所谓能看懂公司就是能看懂其未来",[20,139,5],{"href":22},"（",[20,142,91],{"href":90},"）。所有所谓有关投资的说法实际上都是在讨论如何看懂",[20,145,5],{"href":22},"的问题（如何",[20,148,150],{"href":149},"\u002Flibrary\u002Fbashiqingzuodui","把事情做对","），比如",[25,153,154],{},"生意模式","、",[20,157,159],{"href":158},"\u002Flibrary\u002Fhuchenghe","护城河",[20,161,127],{"href":126},"等。\"",[63,164,166],{"id":165},"_4-现金流是区分好生意和苦生意的标准","4. 现金流是区分好生意和苦生意的标准",[45,168,169],{},[17,170,171,172,176,177,179],{},"\"好的",[20,173,175],{"href":174},"\u002Flibrary\u002Fshangyemoshi","商业模式","很简单，就是利润和净",[20,178,5],{"href":22},"一直都是杠杠的，而且竞争对手哪怕用很长的时间也很难抢。\"（2020-10-11）",[45,181,182],{},[17,183,184,185,188,189,191],{},"\"买了一个好生意一直拿着真的会觉得很难受吗?假设我们拥有整个",[25,186,187],{},"茅台","，每天",[20,190,5],{"href":22},"杠杠的，你在坚守啥?\"",[13,193,194],{"id":194},"实战案例",[63,196,198],{"id":197},"网易",[25,199,197],{},[17,201,202,204,205,207,208,210,211,213,214,216,217,219],{},[25,203,27],{},"2001年买入",[25,206,197],{},"时，关键判断就是看到了",[25,209,197],{},"未来能够产生可观的",[20,212,5],{"href":22},"。当时",[25,215,197],{},"股价约1美元，但他看到游戏业务将带来巨大的",[20,218,5],{"href":22},"。",[63,221,223],{"id":222},"苹果",[25,224,222],{},[17,226,227,228,230,231,235,236,238,239,241],{},"2011年买入",[25,229,222],{},"时的简单计算：市值3000亿，",[20,232,234],{"href":233},"\u002Flibrary\u002Fjingxianjin","净现金","1000亿，利润约200亿。\"用2000亿\"去衡量未来的",[20,237,5],{"href":22},"，判断未来5年利润大概率涨到500亿——这就是\"毛估估\"看未来",[20,240,5],{"href":22},"的典型案例。",[63,243,245],{"id":244},"加密货币没有现金流就不碰","加密货币：没有现金流就不碰",[45,247,248],{},[17,249,250,251,253],{},"\"没有",[20,252,5],{"href":22},"的东西我不会感兴趣的，you don't get the point!!!\"（2025-11-20）",[13,255,256],{"id":256},"常见误解",[63,258,260],{"id":259},"误解一可以用公式精确计算","误解一：可以用公式精确计算",[45,262,263],{},[17,264,265,266,268],{},"\"一般来讲，任何人只要试图用未来",[20,267,5],{"href":22},"的计算公式去计算公司的内在价值时，就说明其实他还不太懂自己在干什么。\"",[63,270,272],{"id":271},"误解二应该重点关注某个财务指标","误解二：应该重点关注某个财务指标",[17,274,275,276,278,279,281],{},"网友问\"净利润、",[20,277,5],{"href":22},"和自由",[20,280,5],{"href":22},"，哪个指标是我们应该重点关注的？\"",[45,283,284],{},[17,285,286],{},"\"如果你拥有一家公司的话，你就知道什么是你应该重点关注的了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。\"",[63,288,290],{"id":289},"误解三未来现金流折现可以学会","误解三：未来现金流折现可以学会",[45,292,293],{},[17,294,295],{},"\"大概只有一个办法，那就是保有拥有这家公司的心态。你要真有这种心态，其实不用学就会了，因为那都是真金白银啊。\"",[13,297,298],{"id":298},"思想演变",[17,300,301,304,305,307,308,310],{},[25,302,303],{},"早期（2001-2006年）","：主要是实践阶段，通过投资",[25,306,197],{},"等验证\"买未来",[20,309,5],{"href":22},"\"的思路。",[17,312,313,316,317,319,321],{},[25,314,315],{},"中期（2007-2015年）","：在雪球上反复阐述\"未来",[20,318,5],{"href":22},[20,320,34],{"href":33},"\"的概念，强调这是一种思维方式而非计算方法。归纳出\"基本版、说明版、啰嗦版\"三个层次的投资理解。",[17,323,324,327,328,330],{},[25,325,326],{},"近期（2020-2025年）","：表述更加直接。在2025年方三文对话中说：\"你一定要看懂生意，你也要看懂未来的",[20,329,5],{"href":22},"；难是难在你很难做到这一点，大部分公司都不容易看懂。\"",[17,332,333,334,336],{},"特别值得注意的是，2025年前后段永平开始更多使用具体计算来举例（如以",[25,335,187],{},"利润增长率带入公式），但始终强调这只是帮助思考的工具，不是投资决策的公式。",[13,338,339],{"id":339},"原话引用",[45,341,342],{},[17,343,49,344,52],{},[20,345,5],{"href":22},[45,347,348],{},[17,349,71,350,352,76,354,79,356,358],{},[20,351,5],{"href":22},[20,353,34],{"href":33},[20,355,5],{"href":22},[20,357,5],{"href":22},"，未来指的是公司的整个生命周期。\"",[45,360,361],{},[17,362,363,364,366,367,52],{},"\"公司价值是什么?就是公司未来",[20,365,5],{"href":22},"的",[20,368,34],{"href":33},[45,370,371],{},[17,372,373,374,376,378],{},"\"我理解的投资归纳起来就是:买股票就是买公司，买公司就是买公司的未来",[20,375,5],{"href":22},[20,377,34],{"href":33},"，句号!\"",[45,380,381],{},[17,382,383,384,386],{},"\"我说的信仰就是你骨子里真的相信的东西，是不会被某些事情动摇的，比如长期利润及净",[20,385,5],{"href":22},"好的公司股价早晚会跟上来等等。\"",[45,388,389],{},[17,390,391,392,394,395,397],{},"\"很多人说很难看懂未来",[20,393,5],{"href":22},"。其实绝大多数公司的未来",[20,396,5],{"href":22},"我也是看不懂的。看不懂的就不碰。\"",[45,399,400],{},[17,401,402,403,405,406,408],{},"\"非常有趣的是，如果人们不是买'未来",[20,404,5],{"href":22},"'的话，那他们到底买的是什么呢?不是买'未来",[20,407,5],{"href":22},"'的实际上很可能是在加入一个零和游戏中。\"",[45,410,411],{},[17,412,250,413,253],{},[20,414,5],{"href":22},{"title":416,"searchDepth":417,"depth":417,"links":418},"",2,[419,420,427,432,437,438],{"id":15,"depth":417,"text":15},{"id":61,"depth":417,"text":61,"children":421},[422,424,425,426],{"id":65,"depth":423,"text":66},3,{"id":102,"depth":423,"text":103},{"id":131,"depth":423,"text":132},{"id":165,"depth":423,"text":166},{"id":194,"depth":417,"text":194,"children":428},[429,430,431],{"id":197,"depth":423,"text":197},{"id":222,"depth":423,"text":222},{"id":244,"depth":423,"text":245},{"id":256,"depth":417,"text":256,"children":433},[434,435,436],{"id":259,"depth":423,"text":260},{"id":271,"depth":423,"text":272},{"id":289,"depth":423,"text":290},{"id":298,"depth":417,"text":298},{"id":339,"depth":417,"text":339},"投资理念",null,"现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","md",{},true,12,"\u002Fdao\u002Fconcepts\u002Fxianjinliu",{"title":5,"description":441},"段永平谈现金流：现金流是段永平投资哲学中最基础的概念。他将整个投资体系建立在\"未来现金流折现\"这一核心思维方式之上。这一理念直接来源于巴菲特和格雷厄姆的价值投资理论。","现金流｜大道总纲","xianjinliu","dao\u002Fconcepts\u002Fxianjinliu","YzEtjGo3rQvPqmZ8dR-Yuvr7chqRfy1Cm5TP5B5QDAE","dao",[455,460,464,468,471,474,477,480,483,486,490,493,496,500,503,506,510,513,516,520,523,526,530,533,536,540,543,546,550,553,556,560,563,566,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,695,699,702,705,709,712,715,719,722,725,729,732,735,739,742,745,749,752,755,759,762,765,769,772,775,779,782,785,789,792,796,799,803,806,810,813,817,820,824,827,831,834,838,841,845,848,852,855,859,862,866,869,873,876,880,883,887,890,894,897,901,904,908,911,915,918,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,981,985,988,992,995,999,1002,1006,1009,1013,1016,1020,1023,1027,1030,1034,1037,1041,1044,1048,1051,1055,1058,1062,1065,1069,1072,1076,1079,1083,1086,1090,1093,1097,1100,1104,1107,1111,1114,1118,1121,1125,1128,1132,1135,1139,1142,1146,1149,1153,1156,1160,1163,1167,1170,1174,1177,1181,1184,1188,1191,1195,1198,1202,1205,1209,1212,1216,1219,1223,1226,1230,1233,1237,1240,1244,1247,1251,1254,1258,1262,1266,1270,1274,1278,1282,1286,1290,1294,1298,1302,1306,1310,1314,1318,1322,1326,1330,1334,1338,1342,1346,1350,1354,1358,1362,1366,1370,1374,1378,1382,1386,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454],{"title":456,"slug":457,"category":458,"order":459},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":461,"slug":462,"category":463,"order":459},"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":465,"slug":466,"category":467,"order":459},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":469,"slug":470,"category":458,"order":417},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":472,"slug":473,"category":463,"order":417},"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":475,"slug":476,"category":467,"order":417},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":478,"slug":479,"category":458,"order":423},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":481,"slug":482,"category":463,"order":423},"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":484,"slug":485,"category":467,"order":423},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":487,"slug":488,"category":458,"order":489},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":491,"slug":492,"category":463,"order":489},"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":494,"slug":495,"category":467,"order":489},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":497,"slug":498,"category":458,"order":499},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":501,"slug":502,"category":463,"order":499},"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":504,"slug":505,"category":467,"order":499},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":507,"slug":508,"category":458,"order":509},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":511,"slug":512,"category":463,"order":509},"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":514,"slug":515,"category":467,"order":509},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":517,"slug":518,"category":458,"order":519},"1961年中 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":916,"slug":917,"category":463,"order":914},"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":919,"slug":920,"category":458,"order":921},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":923,"slug":924,"category":463,"order":921},"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":926,"slug":927,"category":458,"order":928},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":930,"slug":931,"category":463,"order":928},"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":933,"slug":934,"category":458,"order":935},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":937,"slug":938,"category":463,"order":935},"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":940,"slug":941,"category":458,"order":942},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":944,"slug":945,"category":463,"order":942},"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":947,"slug":948,"category":458,"order":949},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":951,"slug":952,"category":463,"order":949},"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":954,"slug":955,"category":458,"order":956},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":958,"slug":959,"category":463,"order":956},"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":961,"slug":962,"category":458,"order":963},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":965,"slug":966,"category":463,"order":963},"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":968,"slug":969,"category":458,"order":970},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":972,"slug":973,"category":463,"order":970},"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":975,"slug":976,"category":458,"order":977},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":979,"slug":980,"category":463,"order":977},"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":982,"slug":983,"category":458,"order":984},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":986,"slug":987,"category":463,"order":984},"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":989,"slug":990,"category":458,"order":991},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":993,"slug":994,"category":463,"order":991},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":996,"slug":997,"category":458,"order":998},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1000,"slug":1001,"category":463,"order":998},"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":1003,"slug":1004,"category":458,"order":1005},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1007,"slug":1008,"category":463,"order":1005},"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":1010,"slug":1011,"category":458,"order":1012},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1014,"slug":1015,"category":463,"order":1012},"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":1017,"slug":1018,"category":458,"order":1019},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1021,"slug":1022,"category":463,"order":1019},"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":1024,"slug":1025,"category":458,"order":1026},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1028,"slug":1029,"category":463,"order":1026},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1031,"slug":1032,"category":458,"order":1033},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1035,"slug":1036,"category":463,"order":1033},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1038,"slug":1039,"category":458,"order":1040},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1042,"slug":1043,"category":463,"order":1040},"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":1045,"slug":1046,"category":458,"order":1047},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1049,"slug":1050,"category":463,"order":1047},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1052,"slug":1053,"category":458,"order":1054},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1056,"slug":1057,"category":463,"order":1054},"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":1059,"slug":1060,"category":458,"order":1061},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1063,"slug":1064,"category":463,"order":1061},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1066,"slug":1067,"category":458,"order":1068},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1070,"slug":1071,"category":463,"order":1068},"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":1073,"slug":1074,"category":458,"order":1075},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1077,"slug":1078,"category":463,"order":1075},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1080,"slug":1081,"category":458,"order":1082},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1084,"slug":1085,"category":463,"order":1082},"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":1087,"slug":1088,"category":458,"order":1089},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1091,"slug":1092,"category":463,"order":1089},"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":1094,"slug":1095,"category":458,"order":1096},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1098,"slug":1099,"category":463,"order":1096},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1101,"slug":1102,"category":458,"order":1103},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1105,"slug":1106,"category":463,"order":1103},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1108,"slug":1109,"category":458,"order":1110},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1112,"slug":1113,"category":463,"order":1110},"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":1115,"slug":1116,"category":458,"order":1117},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1119,"slug":1120,"category":463,"order":1117},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1122,"slug":1123,"category":458,"order":1124},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1126,"slug":1127,"category":463,"order":1124},"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":1129,"slug":1130,"category":458,"order":1131},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1133,"slug":1134,"category":463,"order":1131},"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":1136,"slug":1137,"category":458,"order":1138},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1140,"slug":1141,"category":463,"order":1138},"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":1143,"slug":1144,"category":458,"order":1145},"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":1147,"slug":1148,"category":463,"order":1145},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1150,"slug":1151,"category":458,"order":1152},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1154,"slug":1155,"category":463,"order":1152},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1157,"slug":1158,"category":458,"order":1159},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1161,"slug":1162,"category":463,"order":1159},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1164,"slug":1165,"category":458,"order":1166},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1168,"slug":1169,"category":463,"order":1166},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1171,"slug":1172,"category":458,"order":1173},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1175,"slug":1176,"category":463,"order":1173},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1178,"slug":1179,"category":458,"order":1180},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1182,"slug":1183,"category":463,"order":1180},"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":1185,"slug":1186,"category":458,"order":1187},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1189,"slug":1190,"category":463,"order":1187},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1192,"slug":1193,"category":458,"order":1194},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1196,"slug":1197,"category":463,"order":1194},"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":1199,"slug":1200,"category":458,"order":1201},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1203,"slug":1204,"category":463,"order":1201},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1206,"slug":1207,"category":458,"order":1208},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1210,"slug":1211,"category":463,"order":1208},"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":1213,"slug":1214,"category":458,"order":1215},"2022 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