{"id":16033,"date":"2026-06-09T13:37:21","date_gmt":"2026-06-09T05:37:21","guid":{"rendered":"https:\/\/gaoshaoxing.com\/?p=16033"},"modified":"2026-07-06T13:23:24","modified_gmt":"2026-07-06T05:23:24","slug":"%e5%88%9b%e6%a1%88%e4%be%8b002-warren-buffett-%ef%bc%9a%e6%8a%8a%e6%97%b6%e9%97%b4%e5%8f%98%e6%88%90%e8%b4%a2%e5%af%8c","status":"publish","type":"post","link":"https:\/\/gaoshaoxing.com\/?p=16033","title":{"rendered":"[\u521b\u6848\u4f8b002] Warren Buffett \uff1a\u628a\u65f6\u95f4\u53d8\u6210\u8d22\u5bcc"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\u4ed6\u505a\u7684\u4e8b\u7b80\u5355\u5230\u50cf\u4e00\u53e5\u5e9f\u8bdd\uff0c\u53ef\u771f\u6b63\u505a\u5230\u7684\u4eba\u51e0\u4e4e\u6ca1\u6709<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8ba9\u4eba\u8bf4\u51fa\u4e00\u4e2a\u6700\u4f1a\u8d5a\u94b1\u7684\u4eba\uff0c\u5f88\u591a\u4eba\u4f1a\u60f3\u5230\u67d0\u4e2a\u53d1\u660e\u4e86\u65b0\u6280\u672f\u3001\u9020\u51fa\u4e86\u65b0\u4ea7\u54c1\u3001\u7a81\u7136\u7206\u53d1\u7684\u79d1\u6280\u5bcc\u8c6a\u3002\u4f46\u628a\u6807\u51c6\u6362\u4e00\u6362\u2014\u2014\u8c01\u6700\u4f1a\u628a\u65f6\u95f4\u672c\u8eab\u53d8\u6210\u8d22\u5bcc\u2014\u2014\u7b54\u6848\u5f88\u53ef\u80fd\u662f\u4e00\u4e2a\u505a\u7740\u542c\u8d77\u6765\u6beb\u4e0d\u523a\u6fc0\u7684\u4e8b\u60c5\u7684\u4eba\uff1aWarren Buffett\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ed6\u4e0d\u53d1\u660e\u6280\u672f\uff0c\u4e0d\u505a\u4ea7\u54c1\uff0c\u4e0d\u642d\u5e73\u53f0\uff0c\u4e0d\u9760\u6d41\u91cf\u3002\u4ed6\u505a\u7684\u4e8b\u60c5\u7b80\u5355\u5230\u51e0\u4e4e\u50cf\u5e9f\u8bdd\uff1a\u627e\u5230\u597d\u516c\u53f8\uff0c\u4e70\u4e0b\u6765\uff0c\u7136\u540e\u7b49\u5b83\u53d8\u5f97\u66f4\u503c\u94b1\u3002\u53ef\u6b63\u56e0\u4e3a\u5b83\u542c\u8d77\u6765\u592a\u7b80\u5355\uff0c\u53cd\u800c\u85cf\u7740\u8fd9\u4e2a\u6848\u4f8b\u6700\u503c\u5f97\u7814\u7a76\u7684\u95ee\u9898\u2014\u2014\u5982\u679c\u53ea\u662f&#8221;\u4e70\u597d\u516c\u53f8\u3001\u957f\u671f\u6301\u6709&#8221;\uff0c\u4e3a\u4ec0\u4e48\u5168\u4e16\u754c\u771f\u6b63\u505a\u5230\u7684\u4eba\u51e4\u6bdb\u9e9f\u89d2\uff1f\u4e3a\u4ec0\u4e48\u51e0\u4e4e\u6240\u6709\u4eba\u90fd\u77e5\u9053\u590d\u5229\uff0c\u5374\u6781\u5c11\u6709\u4eba\u771f\u6b63\u5403\u5230\u590d\u5229\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u628a Buffett \u53ea\u5f53\u6210\u4e00\u4e2a&#8221;\u80a1\u795e&#8221;\u6765\u770b\uff0c\u8fd9\u4e2a\u6848\u4f8b\u5c31\u7814\u7a76\u6d45\u4e86\u3002\u4ed6\u771f\u6b63\u8981\u62c6\u7684\uff0c\u4e0d\u662f\u4ed6\u4e70\u8fc7\u54ea\u53ea\u80a1\u7968\uff0c\u800c\u662f\u4e00\u4e2a\u666e\u901a\u4eba\u4e5f\u80fd\u501f\u9274\u7684\u4e1c\u897f\uff1a\u4e00\u4e2a\u4eba\u5982\u4f55\u9760\u7406\u6027\u3001\u8010\u5fc3\u548c\u8d44\u672c\u914d\u7f6e\uff0c\u628a\u7b49\u5f85\u672c\u8eab\u53d8\u6210\u4e00\u79cd\u8d5a\u94b1\u7684\u80fd\u529b\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6848\u4f8b\u4eba\u7269<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Warren Buffett 1930 \u5e74\u51fa\u751f\u5728\u7f8e\u56fd\u5185\u5e03\u62c9\u65af\u52a0\u5dde\u7684\u5965\u9a6c\u54c8\u3002\u4ed6\u7684\u8d77\u70b9\u5e76\u4e0d\u7b97\u4f4e\u2014\u2014\u7236\u4eb2 Howard Buffett \u662f\u4e00\u540d\u80a1\u7968\u7ecf\u7eaa\u4eba\uff0c\u540e\u6765\u8fd8\u5f53\u8fc7\u56fd\u4f1a\u8bae\u5458\u3002\u6240\u4ee5\u4ed6\u5f88\u65e9\u5c31\u63a5\u89e6\u5230\u4e86\u5546\u4e1a\u3001\u80a1\u7968\u548c\u6570\u5b57\uff0c\u8fd9\u4e2a\u5165\u53e3\u6bd4\u5927\u591a\u6570\u4eba\u8981\u65e9\u5f97\u591a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u628a\u4ed6\u7684\u6210\u529f\u53ea\u5f52\u4e8e\u5bb6\u5ead\u80cc\u666f\uff0c\u5c31\u770b\u9519\u4e86\u91cd\u70b9\u3002\u5bb6\u5ead\u7ed9\u7684\u662f\u4e00\u4e2a\u65e9\u63a5\u89e6\u6295\u8d44\u4e16\u754c\u7684\u5165\u53e3\uff0c\u771f\u6b63\u8ba9\u4ed6\u6210\u4e3a Buffett \u7684\uff0c\u662f\u6b64\u540e\u51e0\u5341\u5e74\u6781\u5176\u7a33\u5b9a\u7684\u5224\u65ad\u548c\u6267\u884c\u3002\u4ed6\u4ece\u5c0f\u5c31\u5bf9\u94b1\u5982\u4f55\u751f\u94b1\u5f02\u5e38\u654f\u611f\uff1a\u9001\u62a5\u7eb8\u3001\u5356\u53e3\u9999\u7cd6\u3001\u5356\u53ef\u4e50\u3001\u7ecf\u8425\u5f39\u73e0\u673a\uff0c11 \u5c81\u4e70\u4e86\u4eba\u751f\u7b2c\u4e00\u53ea\u80a1\u7968\uff0c14 \u5c81\u5c31\u7528\u81ea\u5df1\u6512\u7684\u94b1\u4e70\u8fc7\u4e00\u5757\u519c\u5730\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540e\u6765\u4ed6\u8fdb\u5165\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\uff0c\u5e08\u4ece Benjamin Graham\u2014\u2014\u4ef7\u503c\u6295\u8d44\u7684\u5960\u57fa\u4eba\u3002Graham \u6559\u7ed9\u4ed6\u4e00\u4e2a\u542c\u8d77\u6765\u5e73\u5e73\u65e0\u5947\u3001\u5374\u5f88\u5c11\u6709\u4eba\u771f\u6b63\u6d88\u5316\u7684\u89c2\u5ff5\uff1a\u4e00\u53ea\u80a1\u7968\u4e0d\u662f\u8d4c\u573a\u91cc\u7684\u7b79\u7801\uff0c\u800c\u662f\u4e00\u5bb6\u516c\u53f8\u7684\u4e00\u90e8\u5206\u6240\u6709\u6743\u3002\u8fd9\u53e5\u8bdd\uff0c\u540e\u6765\u6210\u4e86\u4ed6\u4e00\u751f\u7684\u5730\u57fa\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7b2c\u4e00\u6876\u91d1<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f88\u591a\u4eba\u4ee5\u4e3a Buffett \u7684\u7b2c\u4e00\u6876\u91d1\u6765\u81ea\u4f2f\u514b\u5e0c\u5c14\uff0c\u5176\u5b9e\u4e0d\u662f\u3002\u82e5\u8bba\u6700\u65e9\u8d5a\u5230\u7684\u94b1\uff0c\u662f\u4ed6\u5c11\u5e74\u65f6\u9001\u62a5\u3001\u5012\u5356\u96f6\u98df\u3001\u7ecf\u8425\u5f39\u73e0\u673a\u6512\u4e0b\u7684\u90a3\u4e9b\uff1b\u4f46\u4ece\u521b\u5bcc\u7684\u89d2\u5ea6\u770b\uff0c\u8fd9\u4e9b\u90fd\u4e0d\u662f\u5173\u952e\u3002\u4ed6\u771f\u6b63\u7684\u7b2c\u4e00\u6876\u91d1\uff0c\u662f\u5e74\u8f7b\u65f6\u5c31\u62ff\u5230\u4e86\u4e00\u5957\u53ef\u4ee5\u53cd\u590d\u4f7f\u7528\u7684\u6295\u8d44\u6846\u67b6\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u5957\u6846\u67b6\u6765\u81ea Graham\uff0c\u6838\u5fc3\u662f\u7528&#8221;\u4f01\u4e1a\u4ef7\u503c&#8221;\u800c\u4e0d\u662f&#8221;\u5e02\u573a\u60c5\u7eea&#8221;\u53bb\u770b\u4e00\u53ea\u80a1\u7968\u3002\u4e0d\u8981\u56e0\u4e3a\u4e00\u53ea\u80a1\u7968\u6da8\u4e86\u5c31\u89c9\u5f97\u5b83\u597d\uff0c\u4e5f\u4e0d\u8981\u56e0\u4e3a\u5b83\u8dcc\u4e86\u5c31\u89c9\u5f97\u5b83\u5dee\uff0c\u800c\u8981\u5148\u95ee\uff1a\u8fd9\u5bb6\u516c\u53f8\u5230\u5e95\u503c\u591a\u5c11\u94b1\uff1f\u73b0\u5728\u5e02\u573a\u7ed9\u5b83\u7684\u4ef7\u683c\uff0c\u662f\u4e0d\u662f\u660e\u663e\u4f4e\u4e8e\u5b83\u771f\u6b63\u7684\u4ef7\u503c\uff1f\u8fd9\u5c31\u50cf\u4e70\u4e1c\u897f\u2014\u2014\u4e0d\u662f\u770b\u5230\u6253\u6298\u5c31\u4e70\uff0c\u800c\u662f\u5148\u77e5\u9053\u5b83\u503c\u591a\u5c11\uff0c\u518d\u5224\u65ad\u8fd9\u4e2a\u6298\u6263\u662f\u4e0d\u662f\u771f\u4fbf\u5b9c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1956 \u5e74\uff0cBuffett \u6210\u7acb\u4e86\u81ea\u5df1\u7684\u6295\u8d44\u5408\u4f19\u516c\u53f8\uff0c\u66ff\u4eb2\u53cb\u548c\u5c11\u6570\u5408\u4f19\u4eba\u7ba1\u94b1\u3002\u90a3\u65f6\u4ed6\u8fd8\u4e0d\u662f\u540e\u6765\u7684&#8221;\u80a1\u795e&#8221;\uff0c\u505a\u7684\u4e8b\u4e5f\u4e0d\u795e\u79d8\uff1a\u627e\u5230\u5e02\u573a\u4f4e\u4f30\u7684\u516c\u53f8\uff0c\u4e70\u5165\uff0c\u7136\u540e\u7b49\u4ef7\u503c\u88ab\u53d1\u73b0\u3002\u4f46\u6b63\u662f\u4ece\u8fd9\u4e00\u523b\u8d77\uff0c\u4ed6\u4e0d\u518d\u53ea\u662f\u7528\u81ea\u5df1\u7684\u94b1\u6295\u8d44\uff0c\u800c\u662f\u5efa\u7acb\u4e86\u4e00\u53f0\u53ef\u4ee5\u6301\u7eed\u8fd0\u8f6c\u7684\u8d44\u672c\u914d\u7f6e\u673a\u5668\u3002\u4e3a\u4ec0\u4e48\u662f\u4ed6\uff1f\u56e0\u4e3a\u5728\u522b\u4eba\u628a\u80a1\u5e02\u5f53\u6210\u731c\u6da8\u8dcc\u7684\u5730\u65b9\u65f6\uff0c\u4ed6\u5f88\u65e9\u5c31\u62ff\u5230\u4e86\u4e00\u526f&#8221;\u770b\u4f01\u4e1a\u3001\u770b\u4ef7\u683c\u3001\u770b\u65f6\u95f4&#8221;\u7684\u773c\u955c\uff0c\u800c\u4e14\u51e0\u5341\u5e74\u6ca1\u6458\u4e0b\u6765\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6838\u5fc3\u6545\u4e8b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u7814\u7a76 Buffett \u7684\u4eba\u603b\u60f3\u627e\u4ed6\u7684&#8221;\u9009\u80a1\u79d8\u8bc0&#8221;\uff0c\u4f46\u8fd9\u4e2a\u65b9\u5411\u4ece\u4e00\u5f00\u59cb\u5c31\u504f\u4e86\u3002\u4ed6\u6700\u91cd\u8981\u7684\u80fd\u529b\u4e0d\u662f\u9009\u80a1\u7968\uff0c\u800c\u662f\u7528\u4e70\u4e0b\u4e00\u6574\u5bb6\u516c\u53f8\u7684\u65b9\u5f0f\u53bb\u7406\u89e3\u80a1\u7968\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5927\u591a\u6570\u4eba\u4e70\u80a1\u7968\u65f6\u60f3\u7684\u662f\uff1a\u660e\u5929\u4f1a\u4e0d\u4f1a\u6da8\uff0c\u4e0b\u4e2a\u6708\u80fd\u4e0d\u80fd\u8d5a\u4e00\u7b14\u3002Buffett \u95ee\u7684\u662f\u53e6\u4e00\u4e2a\u95ee\u9898\uff1a\u5982\u679c\u8fd9\u5bb6\u516c\u53f8\u4ece\u6b64\u4e0d\u518d\u4e0a\u5e02\u3001\u80a1\u4ef7\u518d\u4e5f\u4e0d\u663e\u793a\uff0c\u6211\u613f\u4e0d\u613f\u610f\u5c31\u8fd9\u6837\u62e5\u6709\u5b83\u5341\u5e74\u3001\u4e8c\u5341\u5e74\uff1f\u8fd9\u4e24\u4e2a\u95ee\u9898\u770b\u8d77\u6765\u76f8\u4f3c\uff0c\u5176\u5b9e\u5929\u5dee\u5730\u522b\u2014\u2014\u524d\u8005\u662f\u4ef7\u683c\u6e38\u620f\uff0c\u540e\u8005\u662f\u751f\u610f\u5224\u65ad\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e9\u671f\u7684\u4ed6\u66f4\u50cf\u4e00\u4e2a&#8221;\u6361\u4fbf\u5b9c\u8d27&#8221;\u7684\u4eba\uff0c\u6309 Graham 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class=\"wp-block-paragraph\">\u628a\u4ed6\u7684\u6210\u529f\u5982\u5b9e\u62c6\u5f00\uff0c\u540c\u6837\u79bb\u4e0d\u5f00\u4e09\u5757\u3002\u5b9e\u529b\uff0c\u662f\u6781\u5f3a\u7684\u9605\u8bfb\u80fd\u529b\u3001\u6570\u5b57\u80fd\u529b\u3001\u5546\u4e1a\u5224\u65ad\uff0c\u4ee5\u53ca\u6700\u5bb9\u6613\u88ab\u4f4e\u4f30\u7684\u60c5\u7eea\u63a7\u5236\u2014\u2014\u6295\u8d44\u5e02\u573a\u6bcf\u5929\u90fd\u5728\u8003\u9a8c\u4eba\u6027\uff0c\u5f88\u591a\u4eba\u4e0d\u662f\u8d25\u5728\u4e0d\u77e5\u9053\uff0c\u800c\u662f\u8d25\u5728\u5fcd\u4e0d\u4f4f\u3002\u65f6\u4ee3\uff0c\u662f\u4ed6\u6210\u957f\u4e8e\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u957f\u671f\u6269\u5f20\u7684\u5e74\u4ee3\uff1a\u6210\u719f\u7684\u4ea7\u6743\u5236\u5ea6\u3001\u516c\u5f00\u900f\u660e\u7684\u5e02\u573a\u3001\u5927\u91cf\u4f18\u79c0\u4f01\u4e1a\u548c\u957f\u671f\u7684\u7ecf\u6d4e\u589e\u957f\uff0c\u7ed9\u4ef7\u503c\u6295\u8d44\u63d0\u4f9b\u4e86\u6781\u597d\u7684\u571f\u58e4\u3002\u8fd0\u6c14\uff0c\u662f\u4ed6\u5f88\u65e9\u63a5\u89e6\u80a1\u7968\uff0c\u5148\u540e\u9047\u5230 Graham \u548c Munger\uff0c\u53c8\u6070\u597d\u6d3b\u5728\u4e00\u4e2a\u5141\u8bb8\u8d44\u672c\u957f\u671f\u590d\u5229\u7684\u73af\u5883\u91cc\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u8fd9\u4e0d\u662f\u4e00\u4e2a&#8221;\u53ea\u9760\u52aa\u529b&#8221;\u7684\u6545\u4e8b\u3002\u66f4\u51c6\u786e\u5730\u8bf4\uff0c\u662f\u4e00\u4e2a\u80fd\u529b\u6781\u5f3a\u7684\u4eba\uff0c\u7ad9\u5728\u4e00\u4e2a\u7279\u522b\u9002\u5408\u590d\u5229\u751f\u957f\u7684\u65f6\u4ee3\u91cc\uff0c\u5e76\u4e14\u51e0\u5341\u5e74\u6ca1\u6709\u79bb\u5f00\u8fc7\u81ea\u5df1\u7684\u65b9\u6cd5\u3002\u4e09\u8005\u7f3a\u4e00\uff0c\u6545\u4e8b\u90fd\u4f1a\u660e\u663e\u53d8\u5f31\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6210\u529f\u5fc5\u8981\u5173\u952e\u8981\u7d20<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u53ea\u7559\u6700\u5173\u952e\u7684\u51e0\u6761\uff0c\u5927\u81f4\u662f\u8fd9\u4e9b\u3002\u7b2c\u4e00\uff0c\u6781\u65e9\u5f00\u59cb\u2014\u2014\u590d\u5229\u6700\u5403\u65f6\u95f4\uff0c\u8d8a\u65e9\u8d77\u6b65\uff0c\u540e\u9762\u7684\u66f2\u7ebf\u8d8a\u5938\u5f20\u3002\u7b2c\u4e8c\uff0c\u4e00\u5957\u4ef7\u503c\u6295\u8d44\u6846\u67b6\u2014\u2014\u6ca1\u6709\u5b83\uff0c\u6295\u8d44\u5f88\u5bb9\u6613\u6ed1\u6210\u60c5\u7eea\u6e38\u620f\u3002\u7b2c\u4e09\uff0c\u60c5\u7eea\u63a7\u5236\u2014\u2014\u5e02\u573a\u5267\u70c8\u6ce2\u52a8\u65f6\uff0c\u77e5\u9053\u4ec0\u4e48\u662f\u5bf9\u7684\u6ca1\u7528\uff0c\u80fd\u4e0d\u80fd\u575a\u6301\u624d\u6709\u7528\u3002\u7b2c\u56db\uff0c\u8d44\u672c\u914d\u7f6e\u80fd\u529b\u2014\u2014\u4ed6\u4e0d\u662f\u53ea\u4f1a\u4e70\u80a1\u7968\uff0c\u800c\u662f\u61c2\u5f97\u628a\u8d44\u91d1\u653e\u5230\u6700\u503c\u5f97\u957f\u671f\u62e5\u6709\u7684\u8d44\u4ea7\u4e0a\u3002\u7b2c\u4e94\uff0c\u4e00\u4e2a\u80fd\u8ba9\u4f18\u79c0\u4f01\u4e1a\u957f\u671f\u6210\u957f\u7684\u5e02\u573a\u73af\u5883\u2014\u2014\u6ca1\u6709\u8fd9\u7247\u571f\u58e4\uff0c\u518d\u597d\u7684\u65b9\u6cd5\u4e5f\u96be\u53d1\u6325\u5230\u6781\u81f4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u62bd\u6389\u5176\u4e2d\u4efb\u4f55\u4e00\u6761\uff0c\u8fd9\u4e2a\u6545\u4e8b\u90fd\u4f1a\u660e\u663e\u51cf\u8272\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u76f8\u4f3c\u6848\u4f8b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Charlie Munger<\/strong>\u3002\u4ed6\u672c\u662f\u5f8b\u5e08\uff0c\u540e\u6765\u8f6c\u5411\u6295\u8d44\uff0c\u662f\u4f2f\u514b\u5e0c\u5c14\u7684\u957f\u671f\u526f\u4e3b\u5e2d\uff0c\u4e5f\u662f\u5bf9 Buffett \u5f71\u54cd\u6700\u6df1\u7684\u4eba\u3002\u4ed6\u6700\u5927\u7684\u8d21\u732e\u4e0d\u662f\u5e2e\u5fd9\u6311\u67d0\u4e00\u53ea\u80a1\u7968\uff0c\u800c\u662f\u6539\u53d8\u4e86 Buffett \u770b\u516c\u53f8\u7684\u65b9\u5f0f\u2014\u2014\u628a\u4ed6\u4ece&#8221;\u5bfb\u627e\u4ef7\u683c\u4f4e\u4e8e\u8d44\u4ea7\u7684\u4fbf\u5b9c\u8d27&#8221;\uff0c\u63a8\u5411&#8221;\u5b81\u53ef\u7528\u5408\u7406\u4ef7\u683c\u4e70\u771f\u6b63\u4f18\u79c0\u7684\u516c\u53f8&#8221;\u3002\u7528\u4ed6\u7684\u8bdd\u8bf4\uff0c\u4e0e\u5176\u603b\u5728\u6361\u70df\u5c41\u80a1\uff0c\u4e0d\u5982\u53bb\u4e70\u4e00\u53f0\u80fd\u957f\u671f\u751f\u94b1\u7684\u673a\u5668\u3002\u4ed6\u4e0d\u662f\u53e6\u4e00\u4e2a Buffett\uff0c\u800c\u662f\u8ba9 Buffett \u7684\u65b9\u6cd5\u8fdb\u5316\u4e86\u7684\u4eba\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u674e\u5f55\uff08Li Lu\uff09<\/strong>\u3002\u4ed6 1966 \u5e74\u51fa\u751f\u4e8e\u4e2d\u56fd\uff0c\u540e\u8d74\u7f8e\u6c42\u5b66\uff0c1997 \u5e74\u521b\u529e\u559c\u9a6c\u62c9\u96c5\u8d44\u672c\uff0c\u505a\u7684\u662f\u957f\u671f\u4ef7\u503c\u6295\u8d44\u2014\u2014\u66ff\u957f\u671f\u8d44\u672c\u5bfb\u627e\u88ab\u4f4e\u4f30\u7684\u4f18\u79c0\u4f01\u4e1a\uff0c\u5f3a\u8c03\u6df1\u5ea6\u7814\u7a76\u3001\u4f01\u4e1a\u5185\u5728\u4ef7\u503c\u548c\u957f\u671f\u6301\u6709\u3002Munger \u66fe\u9ad8\u5ea6\u8ba4\u53ef\u4ed6\uff0c\u8fd8\u628a\u5bb6\u65cf\u7684\u94b1\u4ea4\u7ed9\u4ed6\u6253\u7406\u3002\u674e\u5f55\u4ee3\u8868\u7684\u662f\u4ef7\u503c\u6295\u8d44\u7684\u4e00\u79cd\u5ef6\u4f38\uff1a\u628a\u540c\u4e00\u5957\u5e95\u5c42\u65b9\u6cd5\uff0c\u5e26\u5230\u66f4\u590d\u6742\u3001\u66f4\u591a\u53d8\u7684\u5168\u7403\u548c\u4e9a\u6d32\u5e02\u573a\u91cc\uff0c\u8bc1\u660e\u5b83\u5e76\u4e0d\u53ea\u5c5e\u4e8e\u67d0\u4e00\u4e2a\u56fd\u5bb6\u6216\u67d0\u4e00\u4e2a\u65f6\u4ee3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Howard Marks<\/strong>\u3002\u4ed6\u662f\u6a61\u6811\u8d44\u672c\u7684\u8054\u5408\u521b\u59cb\u4eba\uff0c\u6700\u64c5\u957f\u7684\u662f\u56f0\u5883\u503a\u2014\u2014\u5f53\u522b\u4eba\u56e0\u4e3a\u6050\u614c\u628a\u67d0\u4e9b\u8d44\u4ea7\u8d31\u5356\u65f6\uff0c\u53bb\u7814\u7a76\u8fd9\u4e9b\u8d44\u4ea7\u5230\u5e95\u8fd8\u503c\u4e0d\u503c\u3002\u4ef7\u683c\u82e5\u4f4e\u5230\u8db3\u591f\u5b89\u5168\uff0c\u5c31\u4e70\u5165\uff0c\u7b49\u5f85\u4fee\u590d\u3002\u4ed6\u548c Buffett \u7684\u8def\u5f84\u4e0d\u5b8c\u5168\u4e00\u6837\uff0c\u5374\u5171\u4eab\u540c\u4e00\u4e2a\u5e95\u5c42\uff1a\u4e0d\u8ddf\u7740\u60c5\u7eea\u8dd1\uff0c\u5728\u60c5\u7eea\u6781\u7aef\u65f6\u4fdd\u6301\u7406\u6027\u3002\u4ed6\u957f\u671f\u5199\u6295\u8d44\u5907\u5fd8\u5f55\uff0c\u5411\u65e0\u6570\u4eba\u8bb2\u6e05\u695a\u5468\u671f\u3001\u98ce\u9669\u4e0e\u4eba\u6027\uff0c\u8fd9\u4efd\u5f71\u54cd\u529b\u751a\u81f3\u8d85\u8fc7\u4e86\u4ed6\u7684\u6295\u8d44\u672c\u8eab\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Seth Klarman<\/strong>\u3002\u4ed6 1982 \u5e74\u521b\u529e Baupost\uff0c\u4ee5\u4ef7\u503c\u6295\u8d44\u548c\u98ce\u9669\u63a7\u5236\u8457\u79f0\uff0c\u6700\u6709\u540d\u7684\u7406\u5ff5\u662f&#8221;\u5b89\u5168\u8fb9\u9645&#8221;\uff0c\u5199\u7684\u540c\u540d\u8457\u4f5c\u56e0\u7edd\u7248\u4e00\u5ea6\u88ab\u7092\u6210\u6295\u8d44\u5708\u7684\u6536\u85cf\u54c1\u3002\u4ed6\u5728\u80a1\u7968\u3001\u503a\u5238\u3001\u56f0\u5883\u8d44\u4ea7\u3001\u623f\u5730\u4ea7\u7b49\u4e0d\u540c\u9886\u57df\u5bfb\u627e\u4ef7\u683c\u660e\u663e\u4f4e\u4e8e\u4ef7\u503c\u7684\u673a\u4f1a\uff0c\u6838\u5fc3\u4fe1\u6761\u548c Buffett \u4e00\u81f4\uff1a\u6295\u8d44\u7684\u7b2c\u4e00\u4efb\u52a1\u4e0d\u662f\u8d5a\u5feb\u94b1\uff0c\u800c\u662f\u907f\u514d\u6c38\u4e45\u6027\u635f\u5931\u2014\u2014\u5148\u6d3b\u4e0b\u6765\uff0c\u590d\u5229\u624d\u6709\u673a\u4f1a\u53d1\u751f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ed6\u4eec\u7684\u5171\u6027<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Buffett\u3001Munger\u3001\u674e\u5f55\u3001Howard Marks\u3001Seth Klarman\uff0c\u505a\u6cd5\u5404\u6709\u4e0d\u540c\uff1a\u6709\u4eba\u4e70\u4f1f\u5927\u516c\u53f8\uff0c\u6709\u4eba\u505a\u56f0\u5883\u503a\uff0c\u6709\u4eba\u505a\u5168\u7403\u957f\u671f\u6295\u8d44\uff0c\u6709\u4eba\u5728\u5404\u7c7b\u8d44\u4ea7\u91cc\u627e\u5b89\u5168\u8fb9\u9645\u3002\u4f46\u4ed6\u4eec\u5171\u540c\u770b\u7a7f\u4e86\u540c\u4e00\u4ef6\u4e8b\u2014\u2014\u5e02\u573a\u7ecf\u5e38\u4f1a\u72af\u9519\u3002\u6709\u65f6\u5b83\u592a\u5174\u594b\uff0c\u628a\u666e\u901a\u4e1c\u897f\u5439\u5f97\u5f88\u8d35\uff1b\u6709\u65f6\u5b83\u592a\u6050\u60e7\uff0c\u628a\u597d\u4e1c\u897f\u7838\u5f97\u5f88\u4fbf\u5b9c\u3002\u4ed6\u4eec\u771f\u6b63\u5728\u505a\u7684\uff0c\u4e0d\u662f\u9884\u6d4b\u660e\u5929\u7684\u6da8\u8dcc\uff0c\u800c\u662f\u5224\u65ad\u4ef7\u683c\u548c\u4ef7\u503c\u4e4b\u95f4\u7684\u90a3\u6bb5\u8ddd\u79bb\u3002<\/p>\n\n\n\n<p 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