[{"data":1,"prerenderedAt":1758},["ShallowReactive",2],{"library-1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":222,"library-sidebar-dao":1224,"library-sidebar-models":1526},{"id":4,"title":5,"body":6,"category":208,"date":209,"description":210,"extension":211,"meta":212,"navigation":213,"order":214,"path":215,"seo":216,"seoDescription":210,"seoTitle":217,"slug":218,"stem":219,"__hash__":220,"_collection":221},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1961年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":199},"minimark",[9,13,17,20,23,28,31,34,41,47,50,52,56,59,61,65,68,71,77,83,151,154,160,166,172,178,180,184,187,190,193,196],[10,11,5],"h1",{"id":12},"_1961年中-巴菲特致合伙人信",[14,15,16],"p",{},"致我的合伙人：",[14,18,19],{},"过去有合伙人跟我说，一年才写一封信，“喝两杯之间的等待也太长了”，建议半年写一次。一年写两封信，应该不至于没话说；至少今年肯定有话说。所以这封信就此诞生，以后每年都会写两封。",[21,22],"hr",{},[24,25,27],"h3",{"id":26},"一1961年上半年业绩","一、1961年上半年业绩",[14,29,30],{},"1961年上半年，道琼斯工业指数 (Dow-Jones Industrial Average) 含股息的整体涨幅约为13%。这本是我们最难超越指数的行情，然而全程运营的所有合伙账户，业绩都略微领先道指。1961年新成立的几个账户，从各自成立之日算起，有的与指数持平，有的超过了指数，区别主要在于成立时间的早晚。",[14,32,33],{},"这里我要强调两点。",[14,35,36,40],{},[37,38,39],"strong",{},"第一点","：一年的时间太短，根本不足以评判投资表现；六个月就更短了，参考价值更低。我之所以对半年写一封信有些迟疑，一个重要原因就是担心合伙人开始用短期业绩来衡量一切——而短期业绩最容易误导人。我自己更看重五年维度的表现，最好是能经历牛市和熊市双重考验的相对收益。",[14,42,43,46],{},[37,44,45],{},"第二点","：我希望大家都明白，如果市场继续保持1961年上半年这样的上涨节奏，我不仅怀疑我们能否继续跑赢道指，甚至很可能会落后于道指。",[14,48,49],{},"我们的持仓，相比一般的投资组合，我始终认为更偏保守；而大盘越涨，我们就越保守。任何时候，我都会专门安排一部分资金，投向至少在一定程度上与市场走势脱钩的证券，大盘越涨，这部分资金的占比就越高。然而，市场这口大锅越是沸腾热闹，即便是业余厨子（尤其是业余厨子）也能做出好菜——偏偏我们的投资组合，有更大的仓位根本就不在锅里。",[21,51],{},[24,53,55],{"id":54},"二一笔重要的新投资","二、一笔重要的新投资",[14,57,58],{},"我们已经开始在公开市场上积累一笔可能规模相当大的投资，我当然希望这只股票至少在一年内在市场上保持安静。这类投资可能拖累短期业绩，但放眼几年来看，不仅很有希望取得超额收益，同时还具备相当强的防御特性。",[21,60],{},[24,62,64],{"id":63},"三合并进展","三、合并进展",[14,66,67],{},"年底将所有合伙人整合到一个账户的工作正在推进。过去一年多新加入的合伙人，我都已经逐一谈过这个目标；先前各合伙账户的代表合伙人，我也都一一讨论了方案。",[14,69,70],{},"新协议的主要条款如下：",[14,72,73,76],{},[37,74,75],{},"(A)"," 根据年末市场价值合并所有合伙账户，并明确各合伙人将来对年末未实现收益所应承担的税务责任如何分摊。合并本身不需要缴税，也不会因此加快利润的兑现。",[14,78,79,82],{},[37,80,81],{},"(B)"," 有限合伙人与普通合伙人之间的利润分配方式如下：以年初市值计算的资金为基础，利润先按每年6%分配给合伙人；超出部分，普通合伙人获得四分之一，所有有限合伙人按各自出资比例分享四分之三。若当年收益未达到6%，差额将结转至未来的超额收益中弥补，但不追溯调整既往的利润。目前，新加入的合伙人有三种利润分成方案可供选择：",[84,85,86,105],"table",{},[87,88,89],"thead",{},[90,91,92,96,99,102],"tr",{},[93,94,95],"th",{},"方案",[93,97,98],{},"固定利率",[93,100,101],{},"普通合伙人超额分成",[93,103,104],{},"有限合伙人超额分成",[106,107,108,123,137],"tbody",{},[90,109,110,114,117,120],{},[111,112,113],"td",{},"1",[111,115,116],{},"6%",[111,118,119],{},"1\u002F3",[111,121,122],{},"2\u002F3",[90,124,125,128,131,134],{},[111,126,127],{},"2",[111,129,130],{},"4%",[111,132,133],{},"1\u002F4",[111,135,136],{},"3\u002F4",[90,138,139,142,145,148],{},[111,140,141],{},"3",[111,143,144],{},"无",[111,146,147],{},"1\u002F6",[111,149,150],{},"5\u002F6",[14,152,153],{},"如果实现利润，与前两个方案相比，有限合伙人在新方案下显然能分到更多。对于第三个方案，年收益率在18%以内，新方案对有限合伙人更有利；超过18%，现行协议则更合算。目前约80%的合伙资产选择了前两个方案。我希望：如果我们的年均收益率确实超过了18%，目前选择第三个方案的合伙人不会觉得新协议让他们吃了亏。",[14,155,156,159],{},[37,157,158],{},"(C)"," 如果发生亏损，不会追溯我作为普通合伙人先前分得的利润，但需要用将来的超额收益弥补。我和我的妻子在合并后的新账户中将是单一最大的投资方，大约占合伙人总资产的六分之一，所以若是亏损，我们承担的绝对金额将超过其他任何一位合伙人或家族。我会在合伙协议中加入一条禁止性条款：我本人及家人不得购买任何有价证券。换言之，我所有的有价证券投资都将放在这个新账户里——如果收益率超过6%，我可以享有分成，但我的命运和大家是完全绑在一起的。",[14,161,162,165],{},[37,163,164],{},"(D)"," 以年初市值计算资金，按每年6%的利率每月向合伙人支付利息。不希望提取资金的合伙人，目前可以选择将这笔钱自动记为预先存入资金，获得6%的利息，年末用于购买合伙基金的额外份额。很多合伙人希望定期提现，另一些人则希望将全部收益再投入——这一直是整合工作的一道坎，现在就迎刃而解了。",[14,167,168,171],{},[37,169,170],{},"(E)"," 有限合伙人在年中有权向合伙基金借款，最高额度为其合伙权益市值的20%，利率6%，年末或提前偿还。目前合伙人只能在年末兑现权益，此条款为这笔投资增加了一定的流动性。当然，放进合伙账户的资金本意是相对长期的，我们绝无意将其变成一家银行。我预计这条款实际上很少会被用到，只是在出现意外、等不到年末再兑现就会造成困难的情况下，给大家留一条路。",[14,173,174,177],{},[37,175,176],{},"(F)"," 对于日后对合伙税务申报所做的任何小额调整，将由我直接承担。这样就不必麻烦八十多位合伙人为小事修改此前的申报。就现在的情况而言，哪怕一点小小的变动——比如规定合伙账户收到的某笔股息，资本返还比例从68%调整为63%——也要引发大量的文书工作。为避免这种情况，凡涉及税款调整金额低于1,000美元的，将由我直接支付。",[21,179],{},[24,181,183],{"id":182},"四其他事项","四、其他事项",[14,185,186],{},"关于上述合并方案，我们已经提交华盛顿申请裁定，等待确认合并为免税操作，以及在新税法框架下现有各合伙账户将被视为一个合伙实体。这些工作量不小，但一旦完成，将来就轻松多了。请保存此信，以便今年晚些时候收到正式协议时对照参考。",[14,188,189],{},"新合伙人的最低投资金额目前为25,000美元，但现有合伙人不受此限制。按照我们的运营方式，合伙人可以在年末以100美元的整数倍追加或提取任意金额。合并后合伙基金的总资产估计约在400万美元左右——正因为有了这个规模，我们才能考虑上文提到的那笔投资，而几年前是无论如何做不到的。",[14,191,192],{},"这封信写出来的内容，比我每年的年度信还要多。如果有任何疑问，尤其是对新合伙协议有不清楚的地方，请随时告诉我。如果问的人多，我会再写一封信，把大家的问题和我的解答一起发给所有合伙人。",[14,194,195],{},"沃伦·E·巴菲特",[14,197,198],{},"1961年7月22日",{"title":200,"searchDepth":201,"depth":201,"links":202},"",2,[203,205,206,207],{"id":26,"depth":204,"text":27},3,{"id":54,"depth":204,"text":55},{"id":63,"depth":204,"text":64},{"id":182,"depth":204,"text":183},"致合伙人信",null,"1961年中巴菲特致合伙人信，首次增加半年报沟通机制，分享投资业绩及控股类投资策略","md",{},true,7,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":210},"1961年中 巴菲特致合伙人信｜巴菲特","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","htDOOcQ1v-ZTrAG16Y2WGcL2_RkIX-ebqxJEl0X5fSk","buffett",[223,227,231,235,238,241,244,247,250,253,257,260,263,267,270,273,277,280,283,284,287,290,294,297,300,304,307,310,314,317,320,324,327,330,334,337,340,344,347,350,354,357,360,364,367,370,374,377,380,384,387,390,394,397,400,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,525,528,531,535,538,541,545,548,551,555,558,562,565,569,572,576,579,583,586,590,593,597,600,604,607,611,614,618,621,625,628,632,635,639,642,646,649,653,656,660,663,667,670,674,677,681,684,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,814,817,821,824,828,831,835,838,842,845,849,852,856,859,863,866,870,873,877,880,884,887,891,894,898,901,905,908,912,915,919,922,926,929,933,936,940,943,947,950,954,957,961,964,968,971,975,978,982,985,989,992,996,999,1003,1006,1010,1013,1017,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196,1200,1204,1208,1212,1216,1220],{"title":224,"slug":225,"category":208,"order":226},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":228,"slug":229,"category":230,"order":226},"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":232,"slug":233,"category":234,"order":226},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":236,"slug":237,"category":208,"order":201},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":239,"slug":240,"category":230,"order":201},"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":242,"slug":243,"category":234,"order":201},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":245,"slug":246,"category":208,"order":204},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":248,"slug":249,"category":230,"order":204},"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":251,"slug":252,"category":234,"order":204},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":254,"slug":255,"category":208,"order":256},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":258,"slug":259,"category":230,"order":256},"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":261,"slug":262,"category":234,"order":256},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":264,"slug":265,"category":208,"order":266},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":268,"slug":269,"category":230,"order":266},"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":271,"slug":272,"category":234,"order":266},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":274,"slug":275,"category":208,"order":276},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":278,"slug":279,"category":230,"order":276},"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":281,"slug":282,"category":234,"order":276},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":218,"category":208,"order":214},{"title":285,"slug":286,"category":230,"order":214},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":288,"slug":289,"category":234,"order":214},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":291,"slug":292,"category":208,"order":293},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":295,"slug":296,"category":230,"order":293},"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":298,"slug":299,"category":234,"order":293},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":301,"slug":302,"category":208,"order":303},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":305,"slug":306,"category":230,"order":303},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":308,"slug":309,"category":234,"order":303},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":311,"slug":312,"category":208,"order":313},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":315,"slug":316,"category":230,"order":313},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":318,"slug":319,"category":234,"order":313},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":321,"slug":322,"category":208,"order":323},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":325,"slug":326,"category":230,"order":323},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":328,"slug":329,"category":234,"order":323},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":331,"slug":332,"category":208,"order":333},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":335,"slug":336,"category":230,"order":333},"巴菲特：1983年写给Louie 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巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":724,"slug":725,"category":230,"order":722},"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":727,"slug":728,"category":403,"order":729},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":731,"slug":732,"category":230,"order":729},"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":734,"slug":735,"category":403,"order":736},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":738,"slug":739,"category":230,"order":736},"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":741,"slug":742,"category":403,"order":743},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":745,"slug":746,"category":230,"order":743},"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":748,"slug":749,"category":403,"order":750},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":752,"slug":753,"category":230,"order":750},"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":755,"slug":756,"category":403,"order":757},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":759,"slug":760,"category":230,"order":757},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":762,"slug":763,"category":403,"order":764},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":766,"slug":767,"category":230,"order":764},"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":769,"slug":770,"category":403,"order":771},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":773,"slug":774,"category":230,"order":771},"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":776,"slug":777,"category":403,"order":778},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":780,"slug":781,"category":230,"order":778},"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":783,"slug":784,"category":403,"order":785},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":787,"slug":788,"category":230,"order":785},"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":790,"slug":791,"category":403,"order":792},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":794,"slug":795,"category":230,"order":792},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":797,"slug":798,"category":403,"order":799},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":801,"slug":802,"category":230,"order":799},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":804,"slug":805,"category":403,"order":806},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":808,"slug":809,"category":230,"order":806},"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":811,"slug":812,"category":403,"order":813},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":815,"slug":816,"category":230,"order":813},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":818,"slug":819,"category":403,"order":820},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":822,"slug":823,"category":230,"order":820},"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":825,"slug":826,"category":403,"order":827},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":829,"slug":830,"category":230,"order":827},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":832,"slug":833,"category":403,"order":834},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":836,"slug":837,"category":230,"order":834},"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":839,"slug":840,"category":403,"order":841},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":843,"slug":844,"category":230,"order":841},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":846,"slug":847,"category":403,"order":848},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":850,"slug":851,"category":230,"order":848},"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":853,"slug":854,"category":403,"order":855},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":857,"slug":858,"category":230,"order":855},"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":860,"slug":861,"category":403,"order":862},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":864,"slug":865,"category":230,"order":862},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":867,"slug":868,"category":403,"order":869},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":871,"slug":872,"category":230,"order":869},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":874,"slug":875,"category":403,"order":876},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":878,"slug":879,"category":230,"order":876},"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":881,"slug":882,"category":403,"order":883},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":885,"slug":886,"category":230,"order":883},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":888,"slug":889,"category":403,"order":890},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":892,"slug":893,"category":230,"order":890},"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":895,"slug":896,"category":403,"order":897},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":899,"slug":900,"category":230,"order":897},"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":902,"slug":903,"category":403,"order":904},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":906,"slug":907,"category":230,"order":904},"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":909,"slug":910,"category":403,"order":911},"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":913,"slug":914,"category":230,"order":911},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":916,"slug":917,"category":403,"order":918},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":920,"slug":921,"category":230,"order":918},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":923,"slug":924,"category":403,"order":925},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":927,"slug":928,"category":230,"order":925},"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":930,"slug":931,"category":403,"order":932},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":934,"slug":935,"category":230,"order":932},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":937,"slug":938,"category":403,"order":939},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":941,"slug":942,"category":230,"order":939},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":944,"slug":945,"category":403,"order":946},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":948,"slug":949,"category":230,"order":946},"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":951,"slug":952,"category":403,"order":953},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":955,"slug":956,"category":230,"order":953},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":958,"slug":959,"category":403,"order":960},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":962,"slug":963,"category":230,"order":960},"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":965,"slug":966,"category":403,"order":967},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":969,"slug":970,"category":230,"order":967},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":972,"slug":973,"category":403,"order":974},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":976,"slug":977,"category":230,"order":974},"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":979,"slug":980,"category":403,"order":981},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":983,"slug":984,"category":230,"order":981},"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":986,"slug":987,"category":403,"order":988},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":990,"slug":991,"category":230,"order":988},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":993,"slug":994,"category":403,"order":995},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":997,"slug":998,"category":230,"order":995},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1000,"slug":1001,"category":403,"order":1002},"2025 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