[{"data":1,"prerenderedAt":2502},["ShallowReactive",2],{"library-1961-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":966,"library-sidebar-dao":1968,"library-sidebar-models":2270},{"id":4,"title":5,"body":6,"category":952,"date":953,"description":954,"extension":955,"meta":956,"navigation":957,"order":958,"path":959,"seo":960,"seoDescription":954,"seoTitle":961,"slug":962,"stem":963,"__hash__":964,"_collection":965},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1961-ba-fei-te-zhi-he-huo-ren-xin.md","1961 巴菲特致合伙人信",{"type":7,"value":8,"toc":938},"minimark",[9,13,17,20,25,28,31,34,37,132,139,142,209,212,215,275,281,339,342,345,348,351,354,357,360,363,366,474,477,481,577,580,583,586,589,592,595,601,604,607,613,616,622,625,628,631,634,637,640,643,646,649,652,655,658,661,664,667,670,673,676,679,682,685,688,691,694,697,700,703,706,709,712,715,718,721,724,727,730,733,738,868,873,933],[10,11,5],"h1",{"id":12},"_1961-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙人有限公司 810 基威特广场 内布拉斯加州奥马哈 31 号",[14,18,19],{},"1962年1月24日",[21,22,24],"h3",{"id":23},"_1961年的业绩","1961年的业绩",[14,26,27],{},"我一直告诉合伙人们，我预期（也希望）在下跌或横盘的市场里，我们能跑赢大盘，但在上涨的市场里，可能就不那么好看了——当然，说预期还是说希望，有时候自己也分不清。在大盘强劲上涨的年份，我预计我们会很难跟上大市的步伐。",[14,29,30],{},"1961年股市表现相当亮眼，我们无论从绝对收益还是相对收益来看都成绩喜人。但这改变不了上一段里我的基本判断。",[14,32,33],{},"1961年，以道琼斯工业指数（以下简称”道指”）衡量，包括股息在内，市场整体收益率为22.2%。全年运营的各合伙人账户，扣除运营费用之后、向有限合伙人分配或计提普通合伙人分成之前，平均收益率为45.9%。各账户的具体收益数字，以及1961年新成立账户的情况，请见附录。",[14,35,36],{},"合伙基金如今已满五个整年，以下分别列出逐年与累计（按复利计算）的业绩。计算方式与上段相同：扣除费用之后，向合伙人分配或计提分成之前。",[38,39,40,59],"table",{},[41,42,43],"thead",{},[44,45,46,50,53,56],"tr",{},[47,48,49],"th",{},"年份",[47,51,52],{},"全年运营的合伙账户数",[47,54,55],{},"合伙基金收益率",[47,57,58],{},"道指收益率*",[60,61,62,77,91,105,119],"tbody",{},[44,63,64,68,71,74],{},[65,66,67],"td",{},"1957",[65,69,70],{},"3",[65,72,73],{},"10.4%",[65,75,76],{},"-8.4%",[44,78,79,82,85,88],{},[65,80,81],{},"1958",[65,83,84],{},"5",[65,86,87],{},"40.9%",[65,89,90],{},"38.5%",[44,92,93,96,99,102],{},[65,94,95],{},"1959",[65,97,98],{},"6",[65,100,101],{},"25.9%",[65,103,104],{},"19.9%",[44,106,107,110,113,116],{},[65,108,109],{},"1960",[65,111,112],{},"7",[65,114,115],{},"22.8%",[65,117,118],{},"-6.3%",[44,120,121,124,126,129],{},[65,122,123],{},"1961",[65,125,112],{},[65,127,128],{},"45.9%",[65,130,131],{},"22.2%",[133,134,135],"ul",{},[136,137,138],"li",{},"含持有道指成分股所获股息。",[14,140,141],{},"按复利计算，累计业绩如下：",[38,143,144,155],{},[41,145,146],{},[44,147,148,150,152],{},[47,149,49],{},[47,151,55],{},[47,153,154],{},"道指收益率",[60,156,157,165,176,187,198],{},[44,158,159,161,163],{},[65,160,67],{},[65,162,73],{},[65,164,76],{},[44,166,167,170,173],{},[65,168,169],{},"1957-58",[65,171,172],{},"55.6%",[65,174,175],{},"26.9%",[44,177,178,181,184],{},[65,179,180],{},"1957-59",[65,182,183],{},"95.9%",[65,185,186],{},"52.2%",[44,188,189,192,195],{},[65,190,191],{},"1957-60",[65,193,194],{},"140.6%",[65,196,197],{},"42.6%",[44,199,200,203,206],{},[65,201,202],{},"1957-61",[65,204,205],{},"251.0%",[65,207,208],{},"74.3%",[14,210,211],{},"上述数字反映的是合伙基金整体收益，而非各位最关心的有限合伙人实际收益。由于过去几年分成方案各有不同，我用合伙人整体净收益（按年初年末市值计算）来衡量整体表现，这样最公允。",[14,213,214],{},"按当前巴菲特合伙人有限公司协议的分成方式折算，有限合伙人收益如下：",[38,216,217,228],{},[41,218,219],{},[44,220,221,223,226],{},[47,222,49],{},[47,224,225],{},"有限合伙人收益率",[47,227,154],{},[60,229,230,239,248,257,266],{},[44,231,232,234,237],{},[65,233,67],{},[65,235,236],{},"9.3%",[65,238,76],{},[44,240,241,243,246],{},[65,242,81],{},[65,244,245],{},"32.2%",[65,247,90],{},[44,249,250,252,255],{},[65,251,95],{},[65,253,254],{},"20.9%",[65,256,104],{},[44,258,259,261,264],{},[65,260,109],{},[65,262,263],{},"18.6%",[65,265,118],{},[44,267,268,270,273],{},[65,269,123],{},[65,271,272],{},"35.9%",[65,274,131],{},[14,276,277],{},[278,279,280],"strong",{},"复合收益率",[38,282,283,293],{},[41,284,285],{},[44,286,287,289,291],{},[47,288,49],{},[47,290,225],{},[47,292,154],{},[60,294,295,303,312,321,330],{},[44,296,297,299,301],{},[65,298,67],{},[65,300,236],{},[65,302,76],{},[44,304,305,307,310],{},[65,306,169],{},[65,308,309],{},"44.5%",[65,311,175],{},[44,313,314,316,319],{},[65,315,180],{},[65,317,318],{},"74.7%",[65,320,186],{},[44,322,323,325,328],{},[65,324,191],{},[65,326,327],{},"107.2%",[65,329,197],{},[44,331,332,334,337],{},[65,333,202],{},[65,335,336],{},"181.6%",[65,338,208],{},[21,340,341],{"id":341},"关于衡量标准",[14,343,344],{},"我在最初筛选合伙人，以及此后与合伙人打交道的过程中，最重视的一件事，就是确认我们用的是同一把尺子。如果业绩差，合伙人应该撤资，我自己也该另觅出路，不必再做投资了。如果业绩好，我当然知道自己干得出色——这种状态，我相信自己适应起来不会有什么困难。",[14,346,347],{},"问题在于，什么叫好、什么叫差，我们必须事先说清楚。衡量标准要先定，事后再找参照，无论什么业绩，总能找到一个更差的标杆。",[14,349,350],{},"我一直以道指作为我们的及格线。我个人认为，三年是检验投资表现的最短年限，而最有说服力的考察期，是期末道指点位与期初大体相当的那段时间——看的就是在市场原地踏步的情况下，你究竟赚了多少。",[14,352,353],{},"道指当然不是完美的衡量标准，但它有三个好处：人所共知、历史悠久、能相当准确地反映普通投资者的市场体验。如果要用别的标准来衡量大市表现，我也不反对，比如其他股市指数、大型分散化股票基金、银行共同信托基金等，都行。",[14,355,356],{},"你可能会觉得，打败一个无人管理的30只蓝筹股指数，听上去没什么难度，我定的标准是不是太低了。其实不然，道指是一个相当难缠的对手。亚瑟·威辛保 (Arthur Wiesenberger) 写过一本关于投资公司的经典著作，其中列出了所有主要共同基金1946至1960年这15年的业绩。目前美国基金管理的资产超过200亿美元，这些基金的整体表现代表着数千万投资者的实际收益。虽然没有现成的数据，但我相信绝大多数顶级投资咨询机构和银行信托部门，业绩也和这些基金差不多。",[14,358,359],{},"威辛保的《Charts & Statistics》一书收录了70只自1946年起便有持续业绩记录的基金。我剔除了其中32只，原因各不相同——有些是平衡型基金（因此没有充分参与大市上涨），有些是行业专项基金，等等。我觉得拿这32只做比较不公平。顺带一提，被我剔除的这32只里，有31只跑输道指，所以这个筛选完全没有美化结论的嫌疑。",[14,361,362],{},"剩下38只基金，我认为与道指具有可比性。结果：32只跑输，6只跑赢。1960年末，跑赢的6只资产规模合计约10亿美元，跑输的32只合计约65亿美元。而那6只跑赢的，每年领先道指的幅度也不过寥寥几个百分点。",[14,364,365],{},"以下是我们运营以来，与最大的两只开放式股票基金及最大的两只封闭式基金的逐年对比（没有1961年的数据，因为我暂时拿不到准确数字，粗略估算结果与1957-60年的情况相差不大）：",[38,367,368,392],{},[41,369,370],{},[44,371,372,374,377,380,383,386,389],{},[47,373,49],{},[47,375,376],{},"Mass. Inv. Trust",[47,378,379],{},"Investors Stock",[47,381,382],{},"Lehman",[47,384,385],{},"Tri-Cont.",[47,387,388],{},"道指",[47,390,391],{},"有限合伙人",[60,393,394,414,434,454],{},[44,395,396,398,401,404,407,410,412],{},[65,397,67],{},[65,399,400],{},"-12.0%",[65,402,403],{},"-12.4%",[65,405,406],{},"-11.4%",[65,408,409],{},"-2.4%",[65,411,76],{},[65,413,236],{},[44,415,416,418,421,424,427,430,432],{},[65,417,81],{},[65,419,420],{},"44.1%",[65,422,423],{},"47.6%",[65,425,426],{},"40.8%",[65,428,429],{},"33.2%",[65,431,90],{},[65,433,245],{},[44,435,436,438,441,444,447,450,452],{},[65,437,95],{},[65,439,440],{},"8.2%",[65,442,443],{},"10.3%",[65,445,446],{},"8.1%",[65,448,449],{},"8.4%",[65,451,104],{},[65,453,254],{},[44,455,456,458,461,464,467,470,472],{},[65,457,109],{},[65,459,460],{},"-0.9%",[65,462,463],{},"-0.1%",[65,465,466],{},"2.6%",[65,468,469],{},"2.8%",[65,471,118],{},[65,473,263],{},[14,475,476],{},"（数据来源：Moody’s Banks & Finance Manual, 1961）",[14,478,479],{},[278,480,280],{},[38,482,483,501],{},[41,484,485],{},[44,486,487,489,491,493,495,497,499],{},[47,488,49],{},[47,490,376],{},[47,492,379],{},[47,494,382],{},[47,496,385],{},[47,498,388],{},[47,500,391],{},[60,502,503,519,539,557],{},[44,504,505,507,509,511,513,515,517],{},[65,506,67],{},[65,508,400],{},[65,510,403],{},[65,512,406],{},[65,514,409],{},[65,516,76],{},[65,518,236],{},[44,520,521,523,526,529,532,535,537],{},[65,522,169],{},[65,524,525],{},"26.8%",[65,527,528],{},"29.3%",[65,530,531],{},"24.7%",[65,533,534],{},"30.0%",[65,536,175],{},[65,538,309],{},[44,540,541,543,546,548,551,553,555],{},[65,542,180],{},[65,544,545],{},"37.2%",[65,547,197],{},[65,549,550],{},"34.8%",[65,552,87],{},[65,554,186],{},[65,556,318],{},[44,558,559,561,564,567,570,573,575],{},[65,560,191],{},[65,562,563],{},"36.0%",[65,565,566],{},"42.5%",[65,568,569],{},"38.3%",[65,571,572],{},"44.8%",[65,574,197],{},[65,576,327],{},[14,578,579],{},"Massachusetts Investors Trust 净资产约18亿美元；Investors Stock Fund 约10亿美元；Tri-Continental Corporation 约5亿美元；Lehman Corporation 约3.5亿美元；四家合计超过35亿美元。",[14,581,582],{},"列出上面这些表格和数据，不是为了批评基金公司。换我来管这么大规模的资金，受种种限制，不能像管合伙基金这样运作，我的业绩大概也好不到哪里去。我想说明的是：道指是个难打的对手，美国绝大多数投资基金，别说跑赢，就算跟上也很吃力。",[14,584,585],{},"我们的投资组合与道指的成分股大相径庭。我们的投资方法和共同基金的也截然不同。",[14,587,588],{},"然而，大多数合伙人如果不把资金交给我们，很可能就会放进某种收益与道指大致相当的渠道。所以，我认为用道指来衡量我们的业绩，是合理的。",[21,590,591],{"id":591},"我们的投资方法",[14,593,594],{},"我们的投资分为三大类。各类投资的特性不同，资金在三类之间的分配比例，会对我们任何一年相对道指的表现产生重要影响。三类之间的具体比例，有一定规划，但在很大程度上也要见机行事，取决于实际可用的投资机会。",[14,596,597,600],{},[278,598,599],{},"第一类是低估类股票","（以下称”低估类”），在这类投资中，我们对公司决策没有话语权，也没有办法掌控估值修复的时间表。多年来，低估类一直是我们最大的投资类别，赚到的钱也比其他两类更多。我们通常以较重仓位（每只占总资产5%至10%）持有五六只低估股票，另外以较轻仓位持有另外十到十五只。",[14,602,603],{},"这类投资有时很快获利，很多时候需要好几年。买入的时候，往往说不清楚这只股票为什么会涨。但也正因为这些股票黯淡无光、短期没有任何显而易见的催化剂，才有那么便宜的价格。付出的价格低，得到的价值高。每一笔低估类投资的价值都远超价格，自带可观的安全边际。每只单独有安全边际，分散持有多只，便形成了一个既安全又有上涨潜力的投资组合。多年下来，我们在这类投资上的买入时机，始终明显优于卖出时机。做低估类投资，我们从来没打算赚到最后一分钱，能在买入价和产业资本评估的合理价值之间某个位置出手，我们就很满足了。",[14,605,606],{},"低估类股票的涨跌受大盘牵制很深。便宜归便宜，该跌的时候一样跌。市场急跌时，这类股票的跌幅可能不亚于道指。但长期来看，我相信低估类会跑赢道指。在像1961年这样大涨的行情里，低估类是我们整个投资组合里表现最好的一块。当然，市场下跌时，它也是最脆弱的一块。",[14,608,609,612],{},[278,610,611],{},"第二类是”套利类”","（work-outs）。这类投资的结果取决于公司行为，而非证券买卖双方的供需关系。换句话说，这类股票有明确的时间表，在误差范围内，我们事先就能预判大约多久能拿到多少回报、以及什么情况会打乱原有计划。套利机会源于并购、清算、重组、分拆等公司活动。近几年，主要来源是大型综合石油公司对独立石油生产商的收购。",[14,614,615],{},"这类投资每年带来的收益相对稳定，在很大程度上不受道指涨跌影响。某年我们把大部分资金押在套利上，若那年大市下跌，相对业绩就会非常好；若大市大涨，相对业绩就会显得很差。多年来，套利类是我们第二大投资类别。任何时候，我们手上通常同时有十到十五个套利操作，有的刚刚开始，有的已接近尾声。无论从最终结果还是过程中的市场表现来看，套利类具有高度安全性，因此我认为完全可以借钱来为这部分仓位融资。不计借款的杠杆效果，套利类的收益率通常在10%至20%之间。我给自己定了一条硬性规定：借款不得超过合伙基金净值的25%。大多数时候我们不借钱，借的时候也只是用于套利。",[14,617,618,621],{},[278,619,620],{},"第三类是”控制类”","，我们或拥有控股权，或持有大量股份并参与影响公司决策。这类投资必须用几年的维度来衡量。在收集筹码的过程中，我们恰恰希望股价长期低迷不动，所以单独某一年，控制类可能毫无贡献。这类投资同样与道指的涨跌关联不大。有时候，我们是以低估类的逻辑买入一只股票，但心里想着它或许将来能演变成控制类。如果股价长期低迷，这种情况确实可能发生。如果还没买够，股价就已经涨了，我们就在高价卖出，顺利完成一笔低估类投资。我们目前正在买入的一些股票，再过几年，有可能发展成控制类。",[21,623,624],{"id":624},"登普斯特风车制造公司",[14,626,627],{},"我们目前控股登普斯特风车制造公司 (Dempster Mill Manufacturing Company)，该公司位于内布拉斯加州比阿特丽斯市。五年前，我们最初是把它作为低估类股票买入的，后来又买到了一大笔，四年前我进入了董事会。1961年8月，我们取得了绝对控股权。这笔投资也说明，我们很多操作确实不是那种一蹴而就的事情。",[14,629,630],{},"目前我们持有登普斯特70%的股份，另有10%由几位关联人士共同持有。其余股东只有150人左右，这只股票几乎没有成交量，对于控股股东而言，市场报价也毫无意义。我们自己的买卖行为，就足以大幅影响挂牌价格。",[14,632,633],{},"因此，我必须对我们年末控股权益的价值做出估算。这件事格外重要，因为新合伙人买入、老合伙人卖出，都是以这个价格为基础。估算的价值不应该是我们希望它将来能值多少，也不应该是急于收购者愿意出的价，而应该是在当前条件下合理短的时间内出售能拿到多少钱。我们会致力于提升公司价值，我们对此有合理的预期。",[14,635,636],{},"登普斯特生产农业机械和供水系统，1961年销售额约为900万美元。近年来，公司经营利润相对于投入资本而言极为微薄，原因是管理不力，加上行业本身也颇为艰难。目前，公司合并净资产（账面价值）约为450万美元，折合每股75美元，合并营运资金约为每股50美元，年末我们将控股权益估值为每股35美元。我不敢说这个估值精准无误，但我认为对新老合伙人都公允。只要盈利能力哪怕恢复到中等水平，这个估值就有提升空间；就算恢复不了，登普斯特将来也应该能变现出更高的价值。我们取得控股权的平均成本约为每股28美元，按35美元估值，这只股票目前占合伙基金净值的21%。",[14,638,639],{},"当然，这部分投资的价值，不会仅仅因为通用汽车 (General Motors)、美国钢铁 (U.S. Steel) 涨了就跟着涨。在火热的大牛市里，搞控制类投资，跟直接买大盘股相比，显得格外费劲。但在当前的市场点位，我看到的危险比机会更多。控制类和套利类，能让我们的一部分投资组合与这些危险绝缘。",[21,641,642],{"id":642},"关于保守",[14,644,645],{},"从上面对三类投资的描述中，你或许能感受到我们的投资组合有多保守。多年前，许多人认为买中期或长期市政债券或国债是最保守的做法。结果，这些债券的市值大幅缩水，绝大多数情况下连保值都做不到，更别提提升实际购买力了。",[14,647,648],{},"现在，大家意识到通货膨胀的威胁了——或许意识得过头了。很多人几乎不看市盈率、股息率，就冲进蓝筹股，以为这样很保守。跟买债券的例子不同，这一次还没有事后可供参考的结果，但我认为这种做法危机四伏。猜测贪婪善变的大众会给企业盈利贴上多高的估值倍数，根本谈不上保守。",[14,650,651],{},"别人暂时和你意见一致，不代表你就是对的。重要人物和你意见一致，也不代表你就是对的。在很多圈子里，只要这两个条件同时满足，人们就认为某种做法算得上保守了。",[14,653,654],{},"但真正的对错，是在经历了许多笔投资之后才见分晓的——前提是你的假设正确、事实正确、推理正确。真正的保守，只有凭借知识和理性才能实现。",[14,656,657],{},"还要补充一点：我们的投资组合不走寻常路，但这本身并不能证明我们比普通投资方式更保守或更激进。是否保守，只能通过检验投资方法和投资结果来判断。",[14,659,660],{},"我认为，评判我们投资保守程度最客观的方法，就是看市场下跌时的表现，最好是大幅下跌。1957年和1960年市场温和回落，我们的表现可以印证我的判断：我们的投资方式极为保守。欢迎任何合伙人提出其他客观衡量保守程度的方法，来检验我们。我们从未出现超过净资产总额0.5%的已实现亏损，我们已实现收益与已实现亏损的比例约为100比1。这固然在一定程度上反映出我们一直处于上行市场，但即便在这样的市场里，亏钱的机会也处处皆是（你自己就能找到不少例子），所以我认为这个比例还是能说明一些问题的。",[21,662,663],{"id":663},"关于规模",[14,665,666],{},"除了”我死了怎么办”这个问题（这个话题颇有几分玄妙，我自己其实也挺感兴趣的），合伙人问我最多的就是：“合伙基金规模快速扩张，会对业绩产生什么影响？”",[14,668,669],{},"规模扩大是把双刃剑。就”被动型”投资而言——也就是我们不打算通过持股规模来影响公司决策的那类——规模扩大对收益率不利。对于主投大盘蓝筹的基金或信托，庞大的资金规模对收益率的影响微乎其微。买入10,000股通用汽车，相比买入1,000股或100股，成本（按数学期望值计算）只多一点点。",[14,671,672],{},"但我们投资的一部分股票（不是全部）——买入10,000股要比买入100股难得多，有时候根本买不到。因此，对我们一部分投资来说，资金规模扩大确实不利。我认为对更大比例的投资来说，规模扩大的不利影响很小，这部分包括大多数套利类和部分低估类。",[14,674,675],{},"但对于控制类投资，资金规模扩大绝对是优势。没有足够的资金，“桑伯恩地图”那笔投资根本做不成。我坚信，随着资金增长，控制类投资的机会只会越来越多。原因有二：一是所需资金越大，竞争对手就会被一个个挡在门外；二是公司规模越大，股权往往越分散。",[14,677,678],{},"那么，被动型投资前景趋弱，与控制类投资前景向好，哪边更重要？这个问题我没法给出确定的答案，因为很大程度上取决于市场状况。我目前的判断是，两者应该大体相抵。如果我的想法有变，会及时告诉大家。有一点我可以非常确定地说：1960年和1961年，如果不是因为我们的规模比1956和1957年大得多，业绩不会有那么好。",[21,680,681],{"id":681},"一个预测",[14,683,684],{},"老读者（我这是王婆卖瓜，自卖自夸了）看到我开口预测，肯定觉得我反常。预测这件事，我一向敬而远之，现在也是——通常意义上如此。",[14,686,687],{},"我肯定不会预测明后两年的宏观经济或股市走向，因为我完全不知道。",[14,689,690],{},"不过有一点我相当确定：今后十年里，有几年大盘会涨20%到25%，有几年会跌差不多的幅度，其余大多数年份则夹在中间。哪年涨、哪年跌，我毫无头绪，长期投资者也不必太在意。",[14,692,693],{},"放眼足够长的时间，我认为道指含股息和市值增长的年复合收益率大概在5%到7%之间。这几年大市涨得不少，但要是期望大市长期能超过这个水平，恐怕要失望了。",[14,695,696],{},"我们的工作是年复一年积累相对道指的超额收益，不必太纠结某一年的绝对结果是正还是负。一年里，若我们跌15%而道指跌25%，在我看来，比我们和道指都涨20%的年份要好得多。我和合伙人一再强调这一点，也亲眼看着他们点头，有人深信不疑，有人半信半疑。这一点对我非常重要：我希望你不仅在脑子里认同这个逻辑，更要打心底里接受它。",[14,698,699],{},"正如在介绍我们投资方法时所说的，我们相对道指最出色的年份，很可能出现在下跌或横盘的市场里。因此，我们取得的超额优势会时多时少，差异相当大。有些年份我们肯定会落后道指，但如果从长期来看，我们能平均每年跑赢道指10个百分点，我就认为这是令人满意的结果。",[14,701,702],{},"具体而言：如果某年市场下跌35%或40%（今后十年里某一年出现这种情况的概率相当大，但谁也不知道是哪年），我们应该只跌15%或20%；如果道指基本持平，我们应该能涨约10个百分点；如果道指涨超20%，我们很难跟上。长期保持这样的表现，假设道指年复合收益率在5%到7%，我们的目标是每年15%到17%。",[14,704,705],{},"这些预期听起来或许有些大胆，等到1965年或1970年回头来看，很可能显得更加大胆——也可能完全证明是错的。但我认为合伙人有权知道我的真实想法，尽管这一行的特点就是让预期很容易出错。单独某一年，波动可能相当剧烈。1961年正是如此，幸运的是，波动的方向是向上的。可不能每次都这么走运！",[21,707,708],{"id":708},"其他事项",[14,710,711],{},"我们现在搬进了基威特广场810室，聘请了一位专业秘书贝丝·亨利 (Beth Henley)，还有一位在我专长领域有丰富经验的同事比尔·斯科特 (Bill Scott)。我父亲与我们共用办公室（他也分摊费用），在那里经营券商业务。我们没有一笔经纪业务通过他来处理，所以不存在任何利益输送的问题。",[14,713,714],{},"总体而言，不含借款利息和内布拉斯加州无形资产税，我估计我们的运营开支不到净资产的0.5%。这笔钱花得值，欢迎你随时登门，亲眼看看钱是怎么用的。",[14,716,717],{},"现在我们有90多位合伙人，大约持有40只左右的股票。能从一些繁琐的日常事务中解脱出来，对我来说实在是一大轻松。",[14,719,720],{},"我们的合伙人如今遍布全美，从加利福尼亚到佛蒙特州，1962年初的净资产为7,178,500美元。苏茜 (Susie) 和我在合伙基金中的权益为1,025,000美元，我的其他亲属合计权益为782,600美元。去年新合伙人的最低投资门槛是25,000美元，今年我在考虑是否适当提高。",[14,722,723],{},"毕马威 (Peat, Marwick, Mitchell & Company) 出色地完成了这次审计，比以往更早提交了报税数据，并保证以后会保持这个效率。",[14,725,726],{},"对于这封信的任何内容、审计情况或你的合伙权益，如有任何疑问，请随时告诉我。",[14,728,729],{},"诚挚的 沃伦·E·巴菲特 (Warren E. Buffett)",[21,731,732],{"id":732},"附录",[14,734,735],{},[278,736,737],{},"1961年管理的合伙人账户",[38,739,740,756],{},[41,741,742],{},[44,743,744,747,750,753],{},[47,745,746],{},"合伙人账户",[47,748,749],{},"1961年1月1日资产市值",[47,751,752],{},"1961年总收益*",[47,754,755],{},"收益率",[60,757,758,772,786,800,814,828,842,856],{},[44,759,760,763,766,769],{},[65,761,762],{},"Buffett Associates",[65,764,765],{},"486,874.27",[65,767,768],{},"225,387.80",[65,770,771],{},"46.3%",[44,773,774,777,780,783],{},[65,775,776],{},"Buffett Fund",[65,778,779],{},"351,839.29",[65,781,782],{},"159,696.93",[65,784,785],{},"45.4%",[44,787,788,791,794,797],{},[65,789,790],{},"Dacee",[65,792,793],{},"235,480.31",[65,795,796],{},"116,504.47",[65,798,799],{},"49.5%",[44,801,802,805,808,811],{},[65,803,804],{},"Emdee",[65,806,807],{},"140,005.24",[65,809,810],{},"67,387.28",[65,812,813],{},"48.1%",[44,815,816,819,822,825],{},[65,817,818],{},"Glenoff",[65,820,821],{},"78,482.70",[65,823,824],{},"39,693.80",[65,826,827],{},"50.5%",[44,829,830,833,836,839],{},[65,831,832],{},"Mo-Buff",[65,834,835],{},"325,844.71",[65,837,838],{},"149,163.71",[65,840,841],{},"45.8%",[44,843,844,847,850,853],{},[65,845,846],{},"Underwood",[65,848,849],{},"582,256.82",[65,851,852],{},"251,951.26",[65,854,855],{},"43.3%",[44,857,858,861,863,866],{},[65,859,860],{},"合计",[65,862],{},[65,864,865],{},"1,009,785.25",[65,867,128],{},[14,869,870],{},[278,871,872],{},"1961年新成立的合伙人账户",[38,874,875,889],{},[41,876,877],{},[44,878,879,881,884,887],{},[47,880,746],{},[47,882,883],{},"投入资金",[47,885,886],{},"1961年总收益",[47,888,755],{},[60,890,891,905,919],{},[44,892,893,896,899,902],{},[65,894,895],{},"Ann 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巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1039,"slug":1040,"category":974,"order":1037},"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":1042,"slug":1043,"category":978,"order":1037},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1045,"slug":1046,"category":952,"order":1047},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1049,"slug":1050,"category":974,"order":1047},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1052,"slug":1053,"category":978,"order":1047},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1055,"slug":1056,"category":952,"order":1057},"1962年12月 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Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":1082,"slug":1083,"category":978,"order":1077},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1085,"slug":1086,"category":952,"order":1087},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1089,"slug":1090,"category":974,"order":1087},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":1092,"slug":1093,"category":978,"order":1087},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1095,"slug":1096,"category":952,"order":1097},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1099,"slug":1100,"category":974,"order":1097},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1102,"slug":1103,"category":978,"order":1097},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1105,"slug":1106,"category":952,"order":1107},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1109,"slug":1110,"category":974,"order":1107},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1112,"slug":1113,"category":978,"order":1107},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1115,"slug":1116,"category":952,"order":1117},"1964 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巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1139,"slug":1140,"category":974,"order":1137},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":1142,"slug":1143,"category":978,"order":1137},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1145,"slug":1146,"category":1147,"order":1148},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":1150,"slug":1151,"category":974,"order":1148},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":1153,"slug":1154,"category":978,"order":1148},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1156,"slug":1157,"category":952,"order":1158},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1160,"slug":1161,"category":974,"order":1158},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1163,"slug":1164,"category":978,"order":1158},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1166,"slug":1167,"category":952,"order":1168},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1170,"slug":1171,"category":974,"order":1168},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":1173,"slug":1174,"category":978,"order":1168},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1176,"slug":1177,"category":952,"order":1178},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1180,"slug":1181,"category":974,"order":1178},"巴菲特：1991年 年喜诗糖果70 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1314,"slug":1315,"category":974,"order":1312},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1317,"slug":1318,"category":952,"order":1319},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1321,"slug":1322,"category":974,"order":1319},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1324,"slug":1325,"category":952,"order":1326},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":1328,"slug":1329,"category":974,"order":1326},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1331,"slug":1332,"category":952,"order":1333},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1335,"slug":1336,"category":974,"order":1333},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1338,"slug":1339,"category":1147,"order":1340},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1342,"slug":1343,"category":974,"order":1340},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1345,"slug":1346,"category":952,"order":1347},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1349,"slug":1350,"category":974,"order":1347},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1352,"slug":1353,"category":1147,"order":1354},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1356,"slug":1357,"category":974,"order":1354},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":1359,"slug":1360,"category":1147,"order":1361},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1363,"slug":1364,"category":974,"order":1361},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":1366,"slug":1367,"category":1147,"order":1368},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1370,"slug":1371,"category":974,"order":1368},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":1373,"slug":1374,"category":1147,"order":1375},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1377,"slug":1378,"category":974,"order":1375},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1380,"slug":1381,"category":1147,"order":1382},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1384,"slug":1385,"category":974,"order":1382},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1387,"slug":1388,"category":1147,"order":1389},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1391,"slug":1392,"category":974,"order":1389},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1394,"slug":1395,"category":1147,"order":1396},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1398,"slug":1399,"category":974,"order":1396},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1401,"slug":1402,"category":1147,"order":1403},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1405,"slug":1406,"category":974,"order":1403},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1408,"slug":1409,"category":1147,"order":1410},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1412,"slug":1413,"category":974,"order":1410},"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":1415,"slug":1416,"category":1147,"order":1417},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1419,"slug":1420,"category":974,"order":1417},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1422,"slug":1423,"category":1147,"order":1424},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1426,"slug":1427,"category":974,"order":1424},"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":1429,"slug":1430,"category":1147,"order":1431},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1433,"slug":1434,"category":974,"order":1431},"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":1436,"slug":1437,"category":1147,"order":1438},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1440,"slug":1441,"category":974,"order":1438},"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":1443,"slug":1444,"category":1147,"order":1445},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1447,"slug":1448,"category":974,"order":1445},"巴菲特：2005年加州大学问答纪要","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":1450,"slug":1451,"category":1147,"order":1452},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1454,"slug":1455,"category":974,"order":1452},"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":1457,"slug":1458,"category":1147,"order":1459},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1461,"slug":1462,"category":974,"order":1459},"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":1464,"slug":1465,"category":1147,"order":1466},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1468,"slug":1469,"category":974,"order":1466},"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":1471,"slug":1472,"category":1147,"order":1473},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1475,"slug":1476,"category":974,"order":1473},"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":1478,"slug":1479,"category":1147,"order":1480},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1482,"slug":1483,"category":974,"order":1480},"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":1485,"slug":1486,"category":1147,"order":1487},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1489,"slug":1490,"category":974,"order":1487},"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":1492,"slug":1493,"category":1147,"order":1494},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1496,"slug":1497,"category":974,"order":1494},"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":1499,"slug":1500,"category":1147,"order":1501},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1503,"slug":1504,"category":974,"order":1501},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1506,"slug":1507,"category":1147,"order":1508},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1510,"slug":1511,"category":974,"order":1508},"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":1513,"slug":1514,"category":1147,"order":1515},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1517,"slug":1518,"category":974,"order":1515},"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":1520,"slug":1521,"category":1147,"order":1522},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1524,"slug":1525,"category":974,"order":1522},"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":1527,"slug":1528,"category":1147,"order":1529},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1531,"slug":1532,"category":974,"order":1529},"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":1534,"slug":1535,"category":1147,"order":1536},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1538,"slug":1539,"category":974,"order":1536},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1541,"slug":1542,"category":1147,"order":1543},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1545,"slug":1546,"category":974,"order":1543},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1548,"slug":1549,"category":1147,"order":1550},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1552,"slug":1553,"category":974,"order":1550},"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":1555,"slug":1556,"category":1147,"order":1557},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1559,"slug":1560,"category":974,"order":1557},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1562,"slug":1563,"category":1147,"order":1564},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1566,"slug":1567,"category":974,"order":1564},"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":1569,"slug":1570,"category":1147,"order":1571},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1573,"slug":1574,"category":974,"order":1571},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1576,"slug":1577,"category":1147,"order":1578},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1580,"slug":1581,"category":974,"order":1578},"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":1583,"slug":1584,"category":1147,"order":1585},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1587,"slug":1588,"category":974,"order":1585},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1590,"slug":1591,"category":1147,"order":1592},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1594,"slug":1595,"category":974,"order":1592},"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":1597,"slug":1598,"category":1147,"order":1599},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1601,"slug":1602,"category":974,"order":1599},"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":1604,"slug":1605,"category":1147,"order":1606},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1608,"slug":1609,"category":974,"order":1606},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1611,"slug":1612,"category":1147,"order":1613},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1615,"slug":1616,"category":974,"order":1613},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1618,"slug":1619,"category":1147,"order":1620},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1622,"slug":1623,"category":974,"order":1620},"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":1625,"slug":1626,"category":1147,"order":1627},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1629,"slug":1630,"category":974,"order":1627},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1632,"slug":1633,"category":1147,"order":1634},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1636,"slug":1637,"category":974,"order":1634},"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":1639,"slug":1640,"category":1147,"order":1641},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1643,"slug":1644,"category":974,"order":1641},"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":1646,"slug":1647,"category":1147,"order":1648},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1650,"slug":1651,"category":974,"order":1648},"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":1653,"slug":1654,"category":1147,"order":1655},"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":1657,"slug":1658,"category":974,"order":1655},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1660,"slug":1661,"category":1147,"order":1662},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1664,"slug":1665,"category":974,"order":1662},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1667,"slug":1668,"category":1147,"order":1669},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1671,"slug":1672,"category":974,"order":1669},"巴菲特：2009年阿克伦大学商学院问答实录","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1674,"slug":1675,"category":1147,"order":1676},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1678,"slug":1679,"category":974,"order":1676},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1681,"slug":1682,"category":1147,"order":1683},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1685,"slug":1686,"category":974,"order":1683},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1688,"slug":1689,"category":1147,"order":1690},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1692,"slug":1693,"category":974,"order":1690},"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":1695,"slug":1696,"category":1147,"order":1697},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1699,"slug":1700,"category":974,"order":1697},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1702,"slug":1703,"category":1147,"order":1704},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1706,"slug":1707,"category":974,"order":1704},"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":1709,"slug":1710,"category":1147,"order":1711},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1713,"slug":1714,"category":974,"order":1711},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1716,"slug":1717,"category":1147,"order":1718},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1720,"slug":1721,"category":974,"order":1718},"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":1723,"slug":1724,"category":1147,"order":1725},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1727,"slug":1728,"category":974,"order":1725},"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":1730,"slug":1731,"category":1147,"order":1732},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1734,"slug":1735,"category":974,"order":1732},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1737,"slug":1738,"category":1147,"order":1739},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1741,"slug":1742,"category":974,"order":1739},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1744,"slug":1745,"category":1147,"order":1746},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1748,"slug":1749,"category":974,"order":1746},"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":1751,"slug":1752,"category":1147,"order":1753},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1755,"slug":1756,"category":974,"order":1753},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1758,"slug":1759,"category":1147,"order":1760},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1762,"slug":1763,"category":974,"order":1760},"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":1765,"slug":1766,"category":974,"order":1767},"巴菲特：2012年对话IVEY 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