[{"data":1,"prerenderedAt":1952},["ShallowReactive",2],{"library-zhenshilirun":3,"library-sidebar-buffett":421,"library-sidebar-dao":1425,"library-sidebar-models":1720},{"id":4,"title":5,"body":6,"category":406,"date":407,"description":408,"extension":409,"meta":410,"navigation":411,"order":412,"path":413,"seo":414,"seoDescription":415,"seoTitle":416,"slug":417,"stem":418,"__hash__":419,"_collection":420},"dao\u002Fdao\u002Fconcepts\u002Fzhenshilirun.md","真实利润",{"type":7,"value":8,"toc":373},"minimark",[9,12,16,45,51,54,62,72,85,92,102,116,128,132,139,142,146,152,155,159,165,168,172,179,182,189,201,204,207,213,223,227,233,237,244,247,251,254,261,270,274,283,286,301,307,315,325,333,345,355,361,367],[10,11,5],"h1",{"id":5},[13,14,15],"h2",{"id":15},"定义与起源",[17,18,19,20,44],"p",{},"真实利润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、真实利润、",[25,40,42],{"href":41},"\u002Flibrary\u002Fjingzichan","扣除商誉的净资产","，好像没了。"," （2010-03-08）",[17,46,47,48,44],{},"段永平强调：",[21,49,50],{},"但是我在乎利润、成本这些数据里面到底是由哪些东西组成的，你要知道它真实反映的东西是什么。而且你要把数据连续几个季度甚至几年来看，你跟踪一家公司久了，你就知道他是在说谎还是说真话。",[13,52,53],{"id":53},"核心要义",[55,56,58,59,61],"h3",{"id":57},"_1-利润与现金流的关系","1. 利润与",[25,60,37],{"href":36},"的关系",[17,63,64,65,71],{},"段永平认为：",[21,66,67,68,70],{},"长期来讲，没有正的",[25,69,37],{"href":36},"的业务是不可能有利润的。没有利润的业务当然是不行的。"," （2010-04-19）",[17,73,74,75,84],{},"他还说：",[21,76,77,78,80,81,83],{},"时间足够长的情况下，",[25,79,37],{"href":36},"实际上就是利润（或叫基本等于），你想想看什么道理。我有时会把两个东西混一起说是因为我总是假设很长的时间。如果只看一年或几年，他的差别可以很大，有差别时往往要小心，尤其是",[25,82,37],{"href":36},"老是远小于利润时。"," （2010-05-27）",[55,86,88,89,91],{"id":87},"_2-真实利润需要结合现金流来看","2. 真实利润需要结合",[25,90,37],{"href":36},"来看",[17,93,94,95,101],{},"段永平提醒：",[21,96,97,98,100],{},"不能。但一般如果净利润大于",[25,99,37],{"href":36},"时一定要更小心，要看清楚利润到底是些什么（当然平时也要看）。"," （2010-05-08）",[17,103,104,84],{},[21,105,106,107,109,110,112,113,115],{},"如果",[25,108,37],{"href":36},"少于利润的话就要小心了，要看他的钱花在哪里，是否确实对未来的发展有好处，不然会不见的。长期",[25,111,37],{"href":36},"少于利润不是一件好事，要仔细看财报。",[25,114,37],{"href":36},"多于利润这往往是由于折旧或预收等原因。不管是什么原因，最好能明白。",[17,117,118,127],{},[21,119,120,121,123,124,126],{},"我一般看",[25,122,37],{"href":36},"和利润。有些公司的利润挺假的，从",[25,125,37],{"href":36},"能看出来。"," （2010-02-14）",[55,129,131],{"id":130},"_3-警惕纸上富贵","3. 警惕纸上富贵",[17,133,134,135,138],{},"网友提到：",[21,136,137],{},"有些公司是资本黑洞，利润只是纸上富贵。有些公司多年以来全部利润再投入都不够，还要增发或举债，我会避开此类公司，哪怕利润表很漂亮。"," （2010-03-28）",[17,140,141],{},"段永平同意这种观点，强调要区分真实利润和纸上富贵。",[55,143,145],{"id":144},"_4-两种生意模式","4. 两种生意模式",[17,147,148,149,138],{},"段永平引用巴菲特的话：",[21,150,151],{},"有两种生意：第一种每年挣12%，年底可以把钱拿回来；第二种每年挣12%，但是利润必须重新投入运营---永远也看不到现金。这让我想到了一个家伙，他看着自己所有（不能变现的）陈旧设备说：\"这就是我的全部利润了。\"我们可不喜欢这种生意。",[13,153,154],{"id":154},"实战案例",[55,156,158],{"id":157},"创维销售额比市值大","创维：销售额比市值大",[17,160,161,162,138],{},"网友问：",[21,163,164],{},"段总当初买创维我记得是说一年销售额也比市值大很多了，凭这点判断低估了，是不是还有别的因素呢？",[17,166,167],{},"段永平投资创维时，不仅看销售额，更看重真实利润。",[55,169,171],{"id":170},"苹果利润能分给股东","苹果：利润能分给股东",[17,173,174,175,178],{},"段永平说：",[21,176,177],{},"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）",[17,180,181],{},"苹果的利润是真实的，能够通过分红和回购分给股东。",[55,183,185,186,188],{"id":184},"淘宝早期投入期现金流为负","淘宝：早期投入期",[25,187,37],{"href":36},"为负",[17,190,191,192,84],{},"段永平举例：",[21,193,194,195,197,198,200],{},"但是，有些公司在投放期的利润往往是大于",[25,196,37],{"href":36},"的，比如淘宝头几年，",[25,199,37],{"href":36},"有可能是负的（花的钱比进来的钱多，不算发行股票的话），现在情况怎么样不知道。",[17,202,203],{},"这种情况需要区分是暂时的还是长期的。",[13,205,206],{"id":206},"常见误解",[55,208,210,211],{"id":209},"误解一净利润就是净现金流","误解一：净利润就是净",[25,212,37],{"href":36},[17,214,215,216,218,219,101],{},"很多投资者以为净利润就是净",[25,217,37],{"href":36},"，但段永平明确说：",[21,220,97,221,100],{},[25,222,37],{"href":36},[55,224,226],{"id":225},"误解二利润表漂亮就是好公司","误解二：利润表漂亮就是好公司",[17,228,229,230,232],{},"很多人只看利润表，以为利润表漂亮就是好公司，但段永平提醒要结合",[25,231,37],{"href":36},"来看，有些公司利润只是纸上富贵。",[55,234,236],{"id":235},"误解三ebitda很重要","误解三：EBITDA很重要",[17,238,239,240,243],{},"段永平同意芒格的观点：",[21,241,242],{},"芒格都说ebitda是狗屎咯，狗屎的参考价值是什么？"," （2015-12-02）",[13,245,246],{"id":246},"思想演变",[55,248,250],{"id":249},"早期从经营企业中理解真实利润","早期：从经营企业中理解真实利润",[17,252,253],{},"段永平在经营步步高时就非常注重真实利润，明白有些利润只是账面的，不一定能变成现金。",[55,255,257,258,260],{"id":256},"投资时期结合现金流看利润","投资时期：结合",[25,259,37],{"href":36},"看利润",[17,262,263,264,266,267,269],{},"在投资中，段永平将利润和",[25,265,37],{"href":36},"结合起来看，通过",[25,268,37],{"href":36},"验证利润的真实性。",[55,271,273],{"id":272},"成熟时期强调长期视角","成熟时期：强调长期视角",[17,275,276,277,279,280,282],{},"随着经验的积累，段永平越来越强调从长期视角来看利润和",[25,278,37],{"href":36},"的关系，时间足够长的情况下，",[25,281,37],{"href":36},"实际上就是利润。",[13,284,285],{"id":285},"原话引用",[287,288,289],"blockquote",{},[17,290,291,44],{},[21,292,23,293,29,295,29,297,38,299,43],{},[25,294,28],{"href":27},[25,296,33],{"href":32},[25,298,37],{"href":36},[25,300,42],{"href":41},[287,302,303],{},[17,304,305,44],{},[21,306,50],{},[287,308,309],{},[17,310,311,71],{},[21,312,67,313,70],{},[25,314,37],{"href":36},[287,316,317],{},[17,318,319,84],{},[21,320,77,321,80,323,83],{},[25,322,37],{"href":36},[25,324,37],{"href":36},[287,326,327],{},[17,328,329,101],{},[21,330,97,331,100],{},[25,332,37],{"href":36},[287,334,335],{},[17,336,337,84],{},[21,338,106,339,109,341,112,343,115],{},[25,340,37],{"href":36},[25,342,37],{"href":36},[25,344,37],{"href":36},[287,346,347],{},[17,348,349,127],{},[21,350,120,351,123,353,126],{},[25,352,37],{"href":36},[25,354,37],{"href":36},[287,356,357],{},[17,358,359,138],{},[21,360,151],{},[287,362,363],{},[17,364,365,178],{},[21,366,177],{},[287,368,369],{},[17,370,371,243],{},[21,372,242],{},{"title":374,"searchDepth":375,"depth":375,"links":376},"",2,[377,378,387,393,399,405],{"id":15,"depth":375,"text":15},{"id":53,"depth":375,"text":53,"children":379},[380,383,385,386],{"id":57,"depth":381,"text":382},3,"1. 利润与现金流的关系",{"id":87,"depth":381,"text":384},"2. 真实利润需要结合现金流来看",{"id":130,"depth":381,"text":131},{"id":144,"depth":381,"text":145},{"id":154,"depth":375,"text":154,"children":388},[389,390,391],{"id":157,"depth":381,"text":158},{"id":170,"depth":381,"text":171},{"id":184,"depth":381,"text":392},"淘宝：早期投入期现金流为负",{"id":206,"depth":375,"text":206,"children":394},[395,397,398],{"id":209,"depth":381,"text":396},"误解一：净利润就是净现金流",{"id":225,"depth":381,"text":226},{"id":235,"depth":381,"text":236},{"id":246,"depth":375,"text":246,"children":400},[401,402,404],{"id":249,"depth":381,"text":250},{"id":256,"depth":381,"text":403},"投资时期：结合现金流看利润",{"id":272,"depth":381,"text":273},{"id":285,"depth":375,"text":285},"财务指标",null,"真实利润是段永平特别关注的财务指标之一，强调利润的真实性，区分真实利润与纸上富贵。","md",{},true,13,"\u002Fdao\u002Fconcepts\u002Fzhenshilirun",{"title":5,"description":408},"段永平谈真实利润：真实利润是段永平特别关注的财务指标之一，强调利润的真实性，区分真实利润与纸上富贵。","真实利润｜大道总纲","zhenshilirun","dao\u002Fconcepts\u002Fzhenshilirun","Kacr0E7rNSX1nctqEhYDiWHA2xrqvrAlDXuWwWE5Pr4","dao",[422,427,431,435,438,441,444,447,450,453,457,460,463,467,470,473,477,480,483,487,490,493,497,500,503,507,510,513,517,520,523,527,530,533,537,540,543,546,549,552,556,559,562,566,569,572,576,579,582,586,589,592,596,599,602,606,609,612,616,619,622,626,629,632,636,639,642,646,649,652,656,659,662,666,669,672,676,679,682,686,689,692,696,699,702,706,709,712,716,719,722,726,729,732,736,739,742,746,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,920,924,927,931,934,938,941,945,948,952,955,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1229,1233,1237,1241,1245,1249,1253,1257,1261,1265,1269,1273,1277,1281,1285,1289,1293,1297,1301,1305,1309,1313,1317,1321,1325,1329,1333,1337,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421],{"title":423,"slug":424,"category":425,"order":426},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":428,"slug":429,"category":430,"order":426},"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":432,"slug":433,"category":434,"order":426},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":436,"slug":437,"category":425,"order":375},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":439,"slug":440,"category":430,"order":375},"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":442,"slug":443,"category":434,"order":375},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":445,"slug":446,"category":425,"order":381},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":448,"slug":449,"category":430,"order":381},"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":451,"slug":452,"category":434,"order":381},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":454,"slug":455,"category":425,"order":456},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":458,"slug":459,"category":430,"order":456},"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":461,"slug":462,"category":434,"order":456},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":464,"slug":465,"category":425,"order":466},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":468,"slug":469,"category":430,"order":466},"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":471,"slug":472,"category":434,"order":466},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":474,"slug":475,"category":425,"order":476},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":478,"slug":479,"category":430,"order":476},"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":481,"slug":482,"category":434,"order":476},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":484,"slug":485,"category":425,"order":486},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":488,"slug":489,"category":430,"order":486},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":491,"slug":492,"category":434,"order":486},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":494,"slug":495,"category":425,"order":496},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":498,"slug":499,"category":430,"order":496},"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":501,"slug":502,"category":434,"order":496},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":504,"slug":505,"category":425,"order":506},"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":855,"slug":856,"category":430,"order":853},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":858,"slug":859,"category":425,"order":860},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":862,"slug":863,"category":430,"order":860},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":865,"slug":866,"category":425,"order":867},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":869,"slug":870,"category":430,"order":867},"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":872,"slug":873,"category":425,"order":874},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":876,"slug":877,"category":430,"order":874},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":879,"slug":880,"category":425,"order":881},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":883,"slug":884,"category":430,"order":881},"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":886,"slug":887,"category":425,"order":888},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":890,"slug":891,"category":430,"order":888},"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":893,"slug":894,"category":425,"order":895},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":897,"slug":898,"category":430,"order":895},"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":900,"slug":901,"category":425,"order":902},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":904,"slug":905,"category":430,"order":902},"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":907,"slug":908,"category":425,"order":909},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":911,"slug":912,"category":430,"order":909},"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":914,"slug":915,"category":425,"order":916},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":918,"slug":919,"category":430,"order":916},"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":921,"slug":922,"category":425,"order":923},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":925,"slug":926,"category":430,"order":923},"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":928,"slug":929,"category":425,"order":930},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":932,"slug":933,"category":430,"order":930},"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":935,"slug":936,"category":425,"order":937},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":939,"slug":940,"category":430,"order":937},"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":942,"slug":943,"category":425,"order":944},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":946,"slug":947,"category":430,"order":944},"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":949,"slug":950,"category":425,"order":951},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":953,"slug":954,"category":430,"order":951},"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":956,"slug":957,"category":425,"order":958},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":960,"slug":961,"category":430,"order":958},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":963,"slug":964,"category":425,"order":965},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":967,"slug":968,"category":430,"order":965},"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":970,"slug":971,"category":425,"order":972},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":974,"slug":975,"category":430,"order":972},"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":977,"slug":978,"category":425,"order":979},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":981,"slug":982,"category":430,"order":979},"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":984,"slug":985,"category":425,"order":986},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":988,"slug":989,"category":430,"order":986},"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":991,"slug":992,"category":425,"order":993},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":995,"slug":996,"category":430,"order":993},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":998,"slug":999,"category":425,"order":1000},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1002,"slug":1003,"category":430,"order":1000},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1005,"slug":1006,"category":425,"order":1007},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1009,"slug":1010,"category":430,"order":1007},"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":1012,"slug":1013,"category":425,"order":1014},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1016,"slug":1017,"category":430,"order":1014},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1019,"slug":1020,"category":425,"order":1021},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1023,"slug":1024,"category":430,"order":1021},"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":1026,"slug":1027,"category":425,"order":1028},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1030,"slug":1031,"category":430,"order":1028},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1033,"slug":1034,"category":425,"order":1035},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1037,"slug":1038,"category":430,"order":1035},"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":1040,"slug":1041,"category":425,"order":1042},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1044,"slug":1045,"category":430,"order":1042},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1047,"slug":1048,"category":425,"order":1049},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1051,"slug":1052,"category":430,"order":1049},"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":1054,"slug":1055,"category":425,"order":1056},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1058,"slug":1059,"category":430,"order":1056},"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":1061,"slug":1062,"category":425,"order":1063},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1065,"slug":1066,"category":430,"order":1063},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1068,"slug":1069,"category":425,"order":1070},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1072,"slug":1073,"category":430,"order":1070},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1075,"slug":1076,"category":425,"order":1077},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1079,"slug":1080,"category":430,"order":1077},"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":1082,"slug":1083,"category":425,"order":1084},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1086,"slug":1087,"category":430,"order":1084},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1089,"slug":1090,"category":425,"order":1091},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1093,"slug":1094,"category":430,"order":1091},"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":1096,"slug":1097,"category":425,"order":1098},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1100,"slug":1101,"category":430,"order":1098},"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":1103,"slug":1104,"category":425,"order":1105},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1107,"slug":1108,"category":430,"order":1105},"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":1110,"slug":1111,"category":425,"order":1112},"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":1114,"slug":1115,"category":430,"order":1112},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1117,"slug":1118,"category":425,"order":1119},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1121,"slug":1122,"category":430,"order":1119},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1124,"slug":1125,"category":425,"order":1126},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1128,"slug":1129,"category":430,"order":1126},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1131,"slug":1132,"category":425,"order":1133},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1135,"slug":1136,"category":430,"order":1133},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1138,"slug":1139,"category":425,"order":1140},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1142,"slug":1143,"category":430,"order":1140},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1145,"slug":1146,"category":425,"order":1147},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1149,"slug":1150,"category":430,"order":1147},"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":1152,"slug":1153,"category":425,"order":1154},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1156,"slug":1157,"category":430,"order":1154},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1159,"slug":1160,"category":425,"order":1161},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1163,"slug":1164,"category":430,"order":1161},"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":1166,"slug":1167,"category":425,"order":1168},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1170,"slug":1171,"category":430,"order":1168},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1173,"slug":1174,"category":425,"order":1175},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1177,"slug":1178,"category":430,"order":1175},"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":1180,"slug":1181,"category":425,"order":1182},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1184,"slug":1185,"category":430,"order":1182},"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":1187,"slug":1188,"category":425,"order":1189},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1191,"slug":1192,"category":430,"order":1189},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1194,"slug":1195,"category":425,"order":1196},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1198,"slug":1199,"category":430,"order":1196},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1201,"slug":1202,"category":425,"order":1203},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1205,"slug":1206,"category":430,"order":1203},"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":1208,"slug":1209,"category":425,"order":1210},"2025 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