[{"data":1,"prerenderedAt":2820},["ShallowReactive",2],{"library-1962-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":1285,"library-sidebar-dao":2287,"library-sidebar-models":2588},{"id":4,"title":5,"body":6,"category":1271,"date":1272,"description":1273,"extension":1274,"meta":1275,"navigation":1276,"order":1277,"path":1278,"seo":1279,"seoDescription":1273,"seoTitle":1280,"slug":1281,"stem":1282,"__hash__":1283,"_collection":1284},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1962-ba-fei-te-zhi-he-huo-ren-xin.md","1962 巴菲特致合伙人信",{"type":7,"value":8,"toc":1257},"minimark",[9,13,17,20,23,27,30,64,66,70,73,76,186,189,192,195,307,310,313,315,318,321,324,327,474,477,480,486,646,648,651,654,657,718,720,723,726,733,736,739,742,749,752,755,758,761,768,770,773,776,779,782,785,788,940,943,946,949,952,955,957,1146,1149,1152,1155,1158,1161,1164,1167,1170,1173,1175,1178,1181,1184,1187,1190,1193,1196,1199,1202,1204,1207,1210,1213,1216,1219,1222,1225,1227,1230,1233,1236,1239,1242,1245,1248,1251,1254],[10,11,5],"h1",{"id":12},"_1962-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙公司（BUFFETT PARTNERSHIP, LTD.） 810 KIEWIT PLAZA 奥马哈 31，内布拉斯加州",[14,18,19],{},"1963年1月18日",[21,22],"hr",{},[24,25,26],"h3",{"id":26},"基本原则",[14,28,29],{},"有几位合伙人坦白（这个词用得恰如其分），说我的年度信太长，他们实在读不完。我似乎一年比一年啰嗦，所以我决定把最重要的基本原则放在第一页。每个人都应该把这些原则彻底搞清楚。对大多数人来说，这些内容已经重复过很多遍，多少有些厌倦了——但我宁愿让十个合伙人里有九个略感无聊，也不愿让剩下那一个对基本原则存在任何误解。",[31,32,33,37,40,43,46,49,52,55,58,61],"ol",{},[34,35,36],"li",{},"合伙基金绝不向合伙人做任何收益率保证。以每月0.5%比例提现的合伙人，就是在提取自己的资本。如果我们的长期年收益率超过6%，提现金额将由盈利覆盖，本金还会增加。如果收益率达不到6%，则月度款项部分或全部是本金的返还。",[34,38,39],{},"凡某年我们的业绩未能达到正6%，下一年领取月度款项的合伙人所得金额将相应减少。",[34,41,42],{},"我们所说的每年盈亏，指的是市值变化——即年底与年初相比，资产按市值计算的增减情况。这与当年用于报税的已实现损益可能大相径庭。",[34,44,45],{},"我们做得好不好，不能看某一年是盈是亏。衡量标准是与市场整体业绩的对比，包括道琼斯工业指数和主要投资公司。只要我们的业绩优于这些标准，无论盈亏，我们都认为这一年干得不错。如果落后了，那就该挨番茄了。",[34,47,48],{},"我认为评价业绩至少要看三年，五年更理想，三年以内的业绩没有意义。合伙基金肯定会有落后道指的年份，甚至落后很多。除非处于投机炽热的疯牛市，否则一旦连续三年或更长时间表现不如道指，我们都应该把钱取出来，另寻出路。",[34,50,51],{},"我不做预测股市涨跌或经济波动的事。如果你认为我能预测，或者觉得不预测就没法投资，那合伙基金不适合你。",[34,53,54],{},"我无法向合伙人承诺业绩。我能做出承诺并保证做到的是：",[34,56,57],{},"我们选择投资的依据是价值，而非流行程度；",[34,59,60],{},"我们在每一笔投资中都追求极大的安全边际并分散投资，力求将永久性资本损失（不是短期账面浮亏）的风险降到绝对最低；",[34,62,63],{},"我的妻子、子女和我，几乎将我们全部净资产都投在合伙基金里。",[21,65],{},[24,67,69],{"id":68},"_1962年业绩","1962年业绩",[14,71,72],{},"我一直告诉合伙人，我的期望是这样的：道指下跌的年份，我们要大显身手；道指上涨的年份，不管涨多少，我们都可能相形见绌。1962年，这个预期得到了印证。",[14,74,75],{},"由于市场在最后几个月大幅反弹，从道指的全年走势来看，大盘的跌幅并没有很多人想象的那么触目惊心。道指年初731点，六月探底535点，但年底收于652点。1960年底道指收在616点，所以你看，虽然这几年上蹿下跳热闹非凡，整个投资界其实没离开1959年或1960年附近多远。持有道指的投资者去年市值缩水了79.04点，跌幅10.8%——我猜，那些1961年还在追炒高飞股票的人，现在肯定有人懊悔当初没买指数。另外，持有道指还能收到约23.30点的股息，加上股息，道指全年整体收益率为负7.6%。我们自己的整体业绩是正13.9%。下表列出了道指、合伙基金（普通合伙人分成前）及有限合伙人，在巴菲特合伙公司及前身合伙机构历年完整年度的逐年业绩：",[77,78,79,98],"table",{},[80,81,82],"thead",{},[83,84,85,89,92,95],"tr",{},[86,87,88],"th",{},"年份",[86,90,91],{},"道指整体收益率",[86,93,94],{},"合伙基金收益率（注1）",[86,96,97],{},"有限合伙人收益率（注2）",[99,100,101,116,130,144,158,172],"tbody",{},[83,102,103,107,110,113],{},[104,105,106],"td",{},"1957",[104,108,109],{},"-8.4%",[104,111,112],{},"10.4%",[104,114,115],{},"9.3%",[83,117,118,121,124,127],{},[104,119,120],{},"1958",[104,122,123],{},"38.5%",[104,125,126],{},"40.9%",[104,128,129],{},"32.2%",[83,131,132,135,138,141],{},[104,133,134],{},"1959",[104,136,137],{},"20.0%",[104,139,140],{},"25.9%",[104,142,143],{},"20.9%",[83,145,146,149,152,155],{},[104,147,148],{},"1960",[104,150,151],{},"-6.2%",[104,153,154],{},"22.8%",[104,156,157],{},"18.6%",[83,159,160,163,166,169],{},[104,161,162],{},"1961",[104,164,165],{},"22.4%",[104,167,168],{},"45.9%",[104,170,171],{},"35.9%",[83,173,174,177,180,183],{},[104,175,176],{},"1962",[104,178,179],{},"-7.6%",[104,181,182],{},"13.9%",[104,184,185],{},"11.9%",[14,187,188],{},"（注1）1957–61年数据为同期管理的全部有限合伙账户的综合业绩，已扣除全部运营费用，未计向有限合伙人支付的利息及普通合伙人分成。",[14,190,191],{},"（注2）1957–61年数据根据前列合伙基金收益率，按现行合伙协议扣除普通合伙人分成后计算得出。",[14,193,194],{},"下表为上述三者的累计（复合）收益率及平均年化复合收益率：",[77,196,197,211],{},[80,198,199],{},[83,200,201,203,205,208],{},[86,202,88],{},[86,204,91],{},[86,206,207],{},"合伙基金收益率",[86,209,210],{},"有限合伙人收益率",[99,212,213,223,237,251,265,279,293],{},[83,214,215,217,219,221],{},[104,216,106],{},[104,218,109],{},[104,220,112],{},[104,222,115],{},[83,224,225,228,231,234],{},[104,226,227],{},"1957–58",[104,229,230],{},"26.9%",[104,232,233],{},"55.6%",[104,235,236],{},"44.5%",[83,238,239,242,245,248],{},[104,240,241],{},"1957–59",[104,243,244],{},"52.3%",[104,246,247],{},"95.9%",[104,249,250],{},"74.7%",[83,252,253,256,259,262],{},[104,254,255],{},"1957–60",[104,257,258],{},"42.9%",[104,260,261],{},"140.6%",[104,263,264],{},"107.2%",[83,266,267,270,273,276],{},[104,268,269],{},"1957–61",[104,271,272],{},"74.9%",[104,274,275],{},"251.0%",[104,277,278],{},"181.6%",[83,280,281,284,287,290],{},[104,282,283],{},"1957–62",[104,285,286],{},"61.6%",[104,288,289],{},"299.8%",[104,291,292],{},"215.1%",[83,294,295,298,301,304],{},[104,296,297],{},"年化复合收益率",[104,299,300],{},"8.3%",[104,302,303],{},"26.0%",[104,305,306],{},"21.1%",[14,308,309],{},"我有个不太科学的看法：任何投资组合，长期年化收益率能超越道指10个百分点，大概就是极限了。所以请各位在心里对上述某些数字做一点自我调整。",[14,311,312],{},"有些合伙人曾担心规模扩大会影响业绩，这个问题我在去年的年度信里讨论过。当时的结论是：规模大，有些情况下是优势，有些情况下是拖累，综合来看不会损害业绩。我说过，如果我的判断有变，会及时告知大家。1957年初，合伙基金总资产为303,726美元，到1962年初已增长至7,178,500美元。就目前来看，随着资产规模扩大，我们相对道指的优势并未显现出收窄的迹象。",[21,314],{},[24,316,317],{"id":317},"基金公司的业绩",[14,319,320],{},"除了与道指对比，我们一贯还会列出两家最大的开放式股票型基金和两家最大的分散型封闭式投资公司的业绩。马萨诸塞投资者信托（Massachusetts Investors Trust）、投资者股票基金（Investors Stock Fund）、三大陆公司（Tri-Continental Corp.）和雷曼公司（Lehman Corp.）这四家公司管理的资产超过30亿美元，整个基金行业的总资产约为200亿美元，这四家公司应该能代表大多数同类机构的水平。我认为，银行信托部门和投资咨询机构管理着更大规模的资产，其整体业绩与这四家公司也不相上下。",[14,322,323],{},"列出下表，是想说明一点：道指作为衡量投资业绩的基准，并不那么容易战胜。上述四家公司聘请的顾问人才，每年收取的管理费合计约700万美元，整个行业的收费更是远不止于此。然而，这些高薪人才的整体打击率（batting average），其业绩比道指略逊一筹。我这么说绝没有批评的意思。在机构的种种约束之下，管理数以百亿计的资金，能取得这样的平均业绩，几乎已是极限。他们的价值体现在其他方面，而不在于更高的收益率。",[14,325,326],{},"我们的投资组合和投资方法，与上述基金差异显著。但对我们大多数合伙人来说，合伙基金以外的资金可能就是放在类似基金的地方，获取与之相近的收益。所以我认为，用这些基金来检验我们的业绩是很有意义的参照。",[77,328,329,353],{},[80,330,331],{},[83,332,333,335,338,341,344,347,350],{},[86,334,88],{},[86,336,337],{},"马萨诸塞投资者信托（注1）",[86,339,340],{},"投资者股票基金（注1）",[86,342,343],{},"雷曼（注2）",[86,345,346],{},"三大陆（注2）",[86,348,349],{},"道指",[86,351,352],{},"有限合伙人",[99,354,355,374,394,414,434,454],{},[83,356,357,359,362,365,367,370,372],{},[104,358,106],{},[104,360,361],{},"-11.4%",[104,363,364],{},"-12.4%",[104,366,361],{},[104,368,369],{},"-2.4%",[104,371,109],{},[104,373,115],{},[83,375,376,378,381,384,387,390,392],{},[104,377,120],{},[104,379,380],{},"42.7%",[104,382,383],{},"47.5%",[104,385,386],{},"40.8%",[104,388,389],{},"33.2%",[104,391,123],{},[104,393,129],{},[83,395,396,398,401,404,407,410,412],{},[104,397,134],{},[104,399,400],{},"9.0%",[104,402,403],{},"10.3%",[104,405,406],{},"8.1%",[104,408,409],{},"8.4%",[104,411,137],{},[104,413,143],{},[83,415,416,418,421,424,427,430,432],{},[104,417,148],{},[104,419,420],{},"-1.0%",[104,422,423],{},"-0.6%",[104,425,426],{},"2.5%",[104,428,429],{},"2.8%",[104,431,151],{},[104,433,157],{},[83,435,436,438,441,444,447,450,452],{},[104,437,162],{},[104,439,440],{},"25.6%",[104,442,443],{},"24.9%",[104,445,446],{},"23.6%",[104,448,449],{},"22.5%",[104,451,165],{},[104,453,171],{},[83,455,456,458,461,464,467,470,472],{},[104,457,176],{},[104,459,460],{},"-9.8%",[104,462,463],{},"-13.4%",[104,465,466],{},"-13.0%",[104,468,469],{},"-10.0%",[104,471,179],{},[104,473,185],{},[14,475,476],{},"（注1）根据资产价值变化加当年持有人获得的分红计算。",[14,478,479],{},"（注2）1957–61年数据来源：1962年穆迪银行及金融手册（Moody’s Bank & Finance Manual）。1962年为估算值。",[14,481,482],{},[483,484,485],"strong",{},"复合收益率",[77,487,488,510],{},[80,489,490],{},[83,491,492,494,497,500,503,506,508],{},[86,493,88],{},[86,495,496],{},"马萨诸塞投资者信托",[86,498,499],{},"投资者股票基金",[86,501,502],{},"雷曼",[86,504,505],{},"三大陆",[86,507,349],{},[86,509,352],{},[99,511,512,528,548,567,587,607,627],{},[83,513,514,516,518,520,522,524,526],{},[104,515,106],{},[104,517,361],{},[104,519,364],{},[104,521,361],{},[104,523,369],{},[104,525,109],{},[104,527,115],{},[83,529,530,532,535,538,541,544,546],{},[104,531,227],{},[104,533,534],{},"26.4%",[104,536,537],{},"29.2%",[104,539,540],{},"24.7%",[104,542,543],{},"30.0%",[104,545,230],{},[104,547,236],{},[83,549,550,552,555,558,561,563,565],{},[104,551,241],{},[104,553,554],{},"37.8%",[104,556,557],{},"42.5%",[104,559,560],{},"34.8%",[104,562,126],{},[104,564,244],{},[104,566,250],{},[83,568,569,571,574,577,580,583,585],{},[104,570,255],{},[104,572,573],{},"36.4%",[104,575,576],{},"41.6%",[104,578,579],{},"38.2%",[104,581,582],{},"44.8%",[104,584,258],{},[104,586,264],{},[83,588,589,591,594,597,600,603,605],{},[104,590,269],{},[104,592,593],{},"71.3%",[104,595,596],{},"76.9%",[104,598,599],{},"70.8%",[104,601,602],{},"77.4%",[104,604,272],{},[104,606,278],{},[83,608,609,611,614,617,620,623,625],{},[104,610,283],{},[104,612,613],{},"54.5%",[104,615,616],{},"53.2%",[104,618,619],{},"48.6%",[104,621,622],{},"59.7%",[104,624,286],{},[104,626,292],{},[83,628,629,631,634,637,640,642,644],{},[104,630,297],{},[104,632,633],{},"7.5%",[104,635,636],{},"7.4%",[104,638,639],{},"6.8%",[104,641,406],{},[104,643,300],{},[104,645,306],{},[21,647],{},[24,649,650],{"id":650},"复利的魔力",[14,652,653],{},"据说伊莎贝拉女王（Isabella）当年资助哥伦布的费用大约是30,000美元。这笔风险投资通常被认为相当成功。先不管发现新大陆带来的精神满足感，就算最后”逆权侵占”（squatter’s rights）真的站得住脚，这笔买卖也没那么神奇。粗略算一下：30,000美元，按每年4%的复利增长，到1962年大约会变成2,000,000,000,000美元——不是政府统计官员的，可能不太认识这个数，告诉你，这是2万亿美元。同样的算法，也可以替曼哈顿的印第安人申辩几句。这种令人目眩的几何级数，说明了一件事：要想变得非常富有，要么活得足够长，要么让钱以相当高的利率复利滚雪球。对于前者，我没什么有用的建议。",[14,655,656],{},"下表列出了100,000美元分别以5%、10%和15%的复合收益率，经过10年、20年和30年后的结果。每次看到这张表，我都觉得神奇——利率上仅仅几个百分点的差距，日积月累，最终的差距会大得惊人。正因如此，尽管我们追求更高的收益率，但我觉得只要能领先道指几个百分点，这份努力就非常值得。十年、二十年下来，这就是一大笔财富。",[77,658,659,674],{},[80,660,661],{},[83,662,663,665,668,671],{},[86,664],{},[86,666,667],{},"5%",[86,669,670],{},"10%",[86,672,673],{},"15%",[99,675,676,690,704],{},[83,677,678,681,684,687],{},[104,679,680],{},"10年",[104,682,683],{},"$162,889",[104,685,686],{},"$259,374",[104,688,689],{},"$404,553",[83,691,692,695,698,701],{},[104,693,694],{},"20年",[104,696,697],{},"$265,328",[104,699,700],{},"$672,748",[104,702,703],{},"$1,636,640",[83,705,706,709,712,715],{},[104,707,708],{},"30年",[104,710,711],{},"$432,191",[104,713,714],{},"$1,744,930",[104,716,717],{},"$6,621,140",[21,719],{},[24,721,722],{"id":722},"我们的投资方法",[14,724,725],{},"我们的投资可以分为三大类。每一类的特性各不相同，资金在三类之间的分配比例，会对我们某一年相对道指的业绩产生重要影响。各类的实际占比有一定的事先规划，但在很大程度上也是见机行事，取决于投资机会的多寡。",[14,727,728,729,732],{},"第一类是",[483,730,731],{},"低估类","（generals）——即普遍被低估的证券。在这类投资中，我们对公司决策没有话语权，也把控不了估值何时修复。多年来，这始终是我们最大的一类投资，赚的钱也比另外两类都多。我们通常以较大仓位（每只占总资产的5%至10%）持有五六只低估的股票，另外还以较小仓位持有其余十至十五只。",[14,734,735],{},"这类投资有时候见效很快，更多时候则需要等好几年。买入时，往往很难找到任何令人信服的理由来解释它为什么会涨。但也正因为毫无光彩，也看不到任何会刺激近期上涨的催化剂，才会有这么便宜的价格。以低价买入高价值的资产，每笔投资都有相当大的安全边际。将每笔投资的个别安全边际，与分散持仓结合起来，就构成了一个既有足够安全保障、又有可观上涨潜力的投资组合。对于低估类，我们本来就不打算赚到最后一分钱——能在买入价与产业资本视角下公允价值之间某个合适的位置卖出，我们就很满意了。",[14,737,738],{},"很多时候，低估类其实是一种”搭便车”——我们判断大股东有计划将效益不佳或利用率低下的资产转化为更好的用途，于是跟着买。在桑伯恩（Sanborn）和登普斯特（Dempster）这两笔投资中，我们亲自操刀改造，但在其他条件相当的情况下，我们更愿意让别人来干这件苦差事。当然，这类投资不但要求价值本身足够丰厚，跟对人也同样关键。",[14,740,741],{},"低估类的涨跌走势与道指高度相关，便宜不代表不会继续跌。市场急跌时，这类仓位的跌幅可能不亚于道指本身。从长期来看，我相信低估类能跑赢道指，在1961年那样的强势牛市中也不例外——这是我们投资组合中贡献最大的一块。当然，它在市场下跌时也最为脆弱。1962年，低估类不但没替我们赚到钱，我甚至不确定它是否跑赢了道指。",[14,743,744,745,748],{},"第二类是",[483,746,747],{},"套利类","（work-outs）——即投资结果取决于公司行为，而非市场供需的证券。换句话说，这类投资有一个可预期的时间表：在合理的误差范围内，我们能事先判断多久能拿回多少钱、以及什么情况会打乱计划。并购、清算、重组、分拆等公司事件，都是套利机会的来源。近年来，主要的套利机会来自大型综合石油公司收购独立石油生产商。",[14,750,751],{},"无论道指涨跌如何，套利类每年基本都能带来相当稳定的收益。如果某一年我们把投资组合中大量资金押在套利上，这年大市下跌，我们的相对表现就会非常亮眼；这年大市上涨，我们的相对表现则会相当逊色。",[14,753,754],{},"1962年我们很幸运，套利类在投资组合中占了相当高的比重。我以前就说过，这绝对不是因为我预见到了市场会下跌，而是因为当时套利机会比低估类更容易找到。不过，下半年市场反弹，集中于套利类的配置反过来拖累了我们的业绩。",[14,756,757],{},"多年来，套利是我们的第二大投资类别。任何时候，我们同时进行的套利项目大约有五到十个，有的刚刚启动，有的已经接近尾声。由于套利类无论是从最终结果还是持仓过程中的市场表现来看，安全性都相当高，我认为完全可以用借款来补充套利资金。大家在收到审计报告时会看到，今年我们向银行和券商支付了75,000美元的利息。借款利率约为5%，由此推算平均借款规模约为1,500,000美元。1962年是跌市，你可能觉得借钱会压低收益。其实不然，我们所有的借款都用于套利，而套利类今年收益丰厚。不考虑杠杆放大效应，套利类的年收益率通常在10%至20%之间。我自己给借款设了一条规矩：不超过合伙基金净值的25%，但特殊情况下可能短期突破这个限制。",[14,759,760],{},"在年末资产负债表（附在审计报告中）里，大家还会看到约340,000美元的卖空证券。这主要是配合年底一笔套利操作所做的。在那段时间里，我们几乎没有竞争对手，资金锁定几个月就实现了10%以上的收益率（毛利率，非年化）。同步卖空则消除了大盘系统性下跌的风险。",[14,762,763,764,767],{},"第三类是",[483,765,766],{},"控制类","（control situations）——即我们拥有控股权或持有大量股份、能够对公司决策施加影响的投资。这类投资必须以数年为单位来衡量。在某一年里，它可能毫无收益，因为我们在建仓期间，通常希望股价长期低迷，越安静越好。此类投资同样受大盘影响较小。当然，有时候一只股票最初是作为低估类买入的，但同时考虑着发展成控制类。如果股价长期保持低位，这种情况确实可能发生。更常见的是，我们还没买够足够多的股份，股价就涨起来了，于是我们顺势卖出，完成一笔成功的低估类投资。",[21,769],{},[24,771,772],{"id":772},"登普斯特风车制造公司",[14,774,775],{},"1962年业绩的亮点，就是我们目前持股73%的控股投资——登普斯特风车制造公司（Dempster Mill Manufacturing Company）。登普斯特的主营业务是农具（大多数产品零售价在1,000美元以内）、灌溉系统、水井设备以及管道铺设。",[14,777,778],{},"过去十年，这家公司销售额停滞不前、存货周转率低下，投入资本几乎毫无回报。",[14,780,781],{},"1961年8月，我们取得了控股权，买入均价约为每股28美元——早些年有一部分低至每股16美元，大多数是当年8月通过一笔以30.25美元报价的大宗收购获得的。一旦取得控股权，首要考量就变成了资产本身的价值，而非股票这张纸的市场报价。",[14,783,784],{},"去年，我们对登普斯特各项资产分别打了折扣来估值。这些折扣是基于它们目前不能创造盈利的现状，不考虑潜力，只考虑短期内快速变现能得到多少钱。我们的任务，就是让这些资产以不错的复利速度增值。以下是登普斯特去年的合并资产负债表及公允价值计算：",[14,786,787],{},"（单位：千美元）",[77,789,790,809],{},[80,791,792],{},[83,793,794,797,800,803,806],{},[86,795,796],{},"资产",[86,798,799],{},"账面价值",[86,801,802],{},"折扣率",[86,804,805],{},"调整后价值",[86,807,808],{},"负债",[99,810,811,827,844,860,876,892,907,924],{},[83,812,813,816,819,822,824],{},[104,814,815],{},"现金",[104,817,818],{},"$166",[104,820,821],{},"100%",[104,823,818],{},[104,825,826],{},"应付票据",[83,828,829,832,835,838,841],{},[104,830,831],{},"应收账款（净值）",[104,833,834],{},"$1,040",[104,836,837],{},"85%",[104,839,840],{},"$884",[104,842,843],{},"其他负债",[83,845,846,849,852,855,858],{},[104,847,848],{},"存货",[104,850,851],{},"$4,203",[104,853,854],{},"60%",[104,856,857],{},"$2,522",[104,859],{},[83,861,862,865,868,871,874],{},[104,863,864],{},"预付账款等",[104,866,867],{},"$82",[104,869,870],{},"25%",[104,872,873],{},"$21",[104,875],{},[83,877,878,881,884,886,889],{},[104,879,880],{},"流动资产合计",[104,882,883],{},"$5,491",[104,885],{},[104,887,888],{},"$3,593",[104,890,891],{},"负债合计",[83,893,894,897,900,902,904],{},[104,895,896],{},"人寿保险等现金价值",[104,898,899],{},"$45",[104,901,821],{},[104,903,899],{},[104,905,906],{},"账面净资产",[83,908,909,912,915,918,921],{},[104,910,911],{},"厂房设备净值",[104,913,914],{},"$1,383",[104,916,917],{},"拍卖净值估算",[104,919,920],{},"$800",[104,922,923],{},"按快速变现价值调整后的净资产",[83,925,926,929,932,934,937],{},[104,927,928],{},"总资产",[104,930,931],{},"$6,919",[104,933],{},[104,935,936],{},"$4,438",[104,938,939],{},"流通股60,146股，调整后每股价值",[14,941,942],{},"登普斯特的财政年度截至11月30日。由于完整审计报告当时尚未出炉，我估算了部分数字，四舍五入后得出去年登普斯特每股价值约为35美元。",[14,944,945],{},"起初，我们希望与原有管理层携手，共同提升资本效率、改善利润率、削减管理费用。这番努力完全徒劳。白白耗费了约六个月后，我们发现管理层对我们的目标只是嘴上应付——不管是能力不够还是意愿不足，总之什么也没做成。必须换人。",[14,947,948],{},"我有一位好朋友，素来不爱夸大其词，但他极力向我推荐哈里·博特尔（Harry Bottle），说他正是解决我们这类问题的人。1962年4月17日，我在洛杉矶与哈里见面，谈好了与目标挂钩的薪酬方案，4月23日他就已经坐在内布拉斯加州比阿特丽斯（Beatrice）的总裁椅子上了。",[14,950,951],{},"哈里毫无疑问是我们的年度之星。我们给他设定的每一个目标，他都完成了，而且每次都给我们带来意外的惊喜。他一件接一件地完成了原本被认为不可能的任务，而且总是先挑最硬的骨头啃。我们的盈亏平衡点几乎降低了一半，滞销或毫无价值的存货被清仓或核销，营销流程全面改革，没有盈利能力的设施统统卖掉。",[14,953,954],{},"哈里工作的成果，从下面的资产负债表中可见一斑。由于这些资产仍属于不能盈利的资产，依旧按去年的方法估值：",[14,956,787],{},[77,958,959,973],{},[80,960,961],{},[83,962,963,965,967,969,971],{},[86,964,796],{},[86,966,799],{},[86,968,802],{},[86,970,805],{},[86,972,808],{},[99,974,975,988,1004,1018,1032,1045,1059,1073,1086,1101,1116,1131],{},[83,976,977,979,982,984,986],{},[104,978,815],{},[104,980,981],{},"$60",[104,983,821],{},[104,985,981],{},[104,987,826],{},[83,989,990,993,996,999,1002],{},[104,991,992],{},"可供出售证券",[104,994,995],{},"$758",[104,997,998],{},"1962年12月31日市值",[104,1000,1001],{},"$834",[104,1003,843],{},[83,1005,1006,1008,1011,1013,1016],{},[104,1007,831],{},[104,1009,1010],{},"$796",[104,1012,837],{},[104,1014,1015],{},"$676",[104,1017,891],{},[83,1019,1020,1022,1025,1027,1030],{},[104,1021,848],{},[104,1023,1024],{},"$1,634",[104,1026,854],{},[104,1028,1029],{},"$981",[104,1031],{},[83,1033,1034,1036,1039,1041,1043],{},[104,1035,896],{},[104,1037,1038],{},"$41",[104,1040,821],{},[104,1042,1038],{},[104,1044],{},[83,1046,1047,1050,1053,1055,1057],{},[104,1048,1049],{},"递延所得税资产",[104,1051,1052],{},"$170",[104,1054,821],{},[104,1056,1052],{},[104,1058,906],{},[83,1060,1061,1063,1066,1068,1071],{},[104,1062,864],{},[104,1064,1065],{},"$14",[104,1067,870],{},[104,1069,1070],{},"$4",[104,1072,923],{},[83,1074,1075,1077,1079,1081,1084],{},[104,1076],{},[104,1078],{},[104,1080],{},[104,1082,1083],{},"加：哈里·博特尔期权潜在行权收益",[104,1085,981],{},[83,1087,1088,1090,1093,1095,1098],{},[104,1089,880],{},[104,1091,1092],{},"$3,473",[104,1094],{},[104,1096,1097],{},"$2,766",[104,1099,1100],{},"流通股",[83,1102,1103,1106,1109,1111,1113],{},[104,1104,1105],{},"其他投资",[104,1107,1108],{},"$5",[104,1110,821],{},[104,1112,1108],{},[104,1114,1115],{},"加：期权行权后新增股份",[83,1117,1118,1120,1123,1125,1128],{},[104,1119,911],{},[104,1121,1122],{},"$945",[104,1124,917],{},[104,1126,1127],{},"$700",[104,1129,1130],{},"总股本",[83,1132,1133,1135,1138,1140,1143],{},[104,1134,928],{},[104,1136,1137],{},"$4,423",[104,1139],{},[104,1141,1142],{},"$3,471",[104,1144,1145],{},"调整后每股价值",[14,1147,1148],{},"有三点值得特别关注：",[14,1150,1151],{},"（1）虽然经过清理核销（存货核销550,000美元；固定资产出售价格高于账面价值）后净资产略有减少，但我们将资产变现的速度远远超过了当初估值时的预期。",[14,1153,1154],{},"（2）可以说，我们把不赚钱的制造业务资产转化成了赚钱的生意——证券投资。",[14,1156,1157],{},"（3）以极低的价格买入资产，我们根本不需要变什么戏法，就能获得极高的收益率。这正是我们投资理念的基石：“永远不指望能卖出好价钱。要把买入价定得足够吸引人，哪怕卖出价格平平也能赚得盆满钵满。多赚的，不过是锦上添花。”",[14,1159,1160],{},"1963年1月2日，登普斯特获得了一笔1,250,000美元的无担保定期贷款。加上已经”释放”出来的资金，我们可以为登普斯特构建一个折合每股约35美元的证券投资组合——远超我们当初买入整个公司所付出的价格。因此，目前我们对登普斯特的估值包含两部分：制造业务约每股16美元，证券投资组合约每股35美元（投资方式与巴菲特合伙公司基本相同）。",[14,1162,1163],{},"我们当然致力于让制造业务的这16美元以较高的复利增值，我们也有一些好想法去实现这个目标。如果公司能按现在的状态赚到钱，这就好办多了；就算赚不到钱，我们也有应对的方案。",[14,1165,1166],{},"有一点需要说明：去年登普斯特完全是一个资产转化问题，因此与股市涨跌毫无关系，成败完全取决于我们处置资产的成效。1963年，制造业务资产依然重要，但从估值角度来说，由于我们将登普斯特的大量资金按照合伙基金的方式投入低估类股票，它的表现将更接近低估类。出于税务考虑，我们可能不会将登普斯特的资金用于套利。因此，今年道指的涨跌将对登普斯特的估值产生显著影响——这与去年大部分时间的情况截然不同。",[14,1168,1169],{},"最后，还有一件对巴菲特合伙公司真正重要的事。我们现在有了一位善于经营公司的人才，在未来的控制类投资中，他将大有裨益。哈里在接手之前的六天，根本没想过自己会去管一家农具公司。但他适应能力强、勤奋努力、一旦方向确定就雷厉风行。他希望干得好、拿得多——我喜欢这样的人，不像某些经理人，满脑子想的是怎么把总裁洗手间装上镀金水龙头。",[14,1171,1172],{},"哈里和我彼此欣赏，他与巴菲特合伙公司的合作，对我们所有人都是赢家。",[21,1174],{},[24,1176,1177],{"id":1177},"关于保守",[14,1179,1180],{},"经历了1962年，我认为合伙人对”保守”会有更深的体会，所以我要重复一段去年信中的内容：",[14,1182,1183],{},"“从上述三类投资中，大家可以对我们投资组合的保守程度有个大致的了解。很多年前，许多人买入中期或长期市政债券或国债，以为自己的做法极为稳健。这些债券的市值后来多次大幅缩水，这些人大多数也没能保住实际购买力。",[14,1185,1186],{},"“意识到通货膨胀的危险之后，很多人现在几乎不看市盈率或股息率就买入蓝筹股，以为这样就很保守了。那些买债券的人后来的结局我们已经看到了；买蓝筹股的人结局如何尚不得而知，但我认为这种做法风险很大。猜测贪婪善变的大众会给出多高的市盈率，毫无保守可言。",[14,1188,1189],{},"“不是因为很多人暂时和你意见一致，你就是正确的。不是因为重要人物和你意见一致，你就是正确的。在很多人看来，只要这两个条件同时满足，这件事就算通过了保守的检验。",[14,1191,1192],{},"“只要你的前提正确、事实正确、逻辑正确，在很多笔投资下来之后，你终将是对的。真正的保守，只能建立在知识与理性之上。”",[14,1194,1195],{},"我还想补充一点：我们的投资组合与常规做法不同，这本身根本不能证明我们比一般人更保守或更激进。是否保守，只能通过审视投资方法或投资结果来判断。",[14,1197,1198],{},"我认为，检验投资方法是否保守，最客观的测试就是看市场下跌时的业绩表现，最好是道指大幅下跌的时候。从1957年和1960年那两次相对温和的回调中，我们的表现已经证实了我的判断：我们的投资方法确实极为保守。我欢迎任何合伙人提出其他客观的保守性检验标准，看看我们表现如何。我们实现的单笔亏损从来没有超过总净资产的0.5%至1%，我们实现的盈利总额与亏损总额之比约为100:1。当然，这也反映了我们一直处于整体上行的市场环境之中。不过，即便在这样的市场里，亏钱的机会其实比比皆是（你自己可能都遇到过几次），所以我觉得上述数字还是说明了一些问题。",[14,1200,1201],{},"1962年，我们在一笔投资上确实亏损了1.0%，实现盈利与亏损之比仅略高于3:1。但与更常见的（常见不等于保守）股票投资方法相比，我们的方法风险要低得多。去年我们相对道指的全部优势，都是在市场下跌时积累的；市场反弹后，我们的领先幅度则略有收窄。",[21,1203],{},[24,1205,1206],{"id":1206},"例行预测",[14,1208,1209],{},"我肯定不会预测今后一两年的宏观经济或股市走势，因为我根本不知道。",[14,1211,1212],{},"我可以相当有把握地说，在未来十年里，肯定会有几年大盘上涨20%甚至25%，也会有几年同等幅度的下跌，其余年份则在两者之间。这些年份以什么顺序出现，我毫无概念，对长期投资者来说，这也没什么大不了。把前面第一张表里的年份顺序随便打乱，复合收益率仍然不变。假设今后四年道指的收益率分别是+40%、-30%、+10%和-6%，只要四年后我们都还在，具体顺序对我们来说根本无关紧要。从长期来看，算上股息和市值增长，道指的年复合收益率大概在5%左右。尽管过去十年涨幅不小，但凡是期望道指能给出明显更高回报的投资者，恐怕都要失望而归。",[14,1214,1215],{},"我们的工作，就是年复一年地积累相对道指的优势，不必太在意某一年的绝对收益是正是负。在我看来，道指下跌25%而我们只下跌15%的年份，比我们与道指都上涨20%的年份要好得多。",[14,1217,1218],{},"正如我在讲投资方法时已经说明的，相对道指而言，我们表现最好的年份很可能出现在市场下跌或平盘的时候。因此，我们取得的相对收益将会时高时低，差异悬殊。肯定会有我们落后道指的年份，但如果从长期来看，我们能平均每年跑赢道指10个百分点，我就认为结果是令人满意的。",[14,1220,1221],{},"具体来说：如果某年市场下跌35%至40%（我认为未来十年某个年份出现这种情况的概率相当高，只是谁都不知道是哪年），我们应该只下跌15%至20%；如果市场全年基本持平，我们希望能上涨约10个百分点；如果市场大涨20%以上，我们就很难跟上了。从1962年12月31日的水平上涨20%或25%，我们能否跟上是相当值得怀疑的。如果我们长期保持上述表现，且道指年复合收益率约为5%，那么我们的年收益率应该能达到15%左右。",[14,1223,1224],{},"上面这些预期听起来可能有些大胆，到了1965年或1970年回头来看，也许真的会显得大胆。就算长期预测准确，任何一年的实际表现也可能与预期偏差很大。当然，这样的期望背后肯定存在相当程度的个人偏见，这一点大家要有所意识。",[21,1226],{},[24,1228,1229],{"id":1229},"其他事项",[14,1231,1232],{},"今年，我终于从卧室旁边的小房间搬进了一间像模像样的办公室。出乎意料的是，重新回到朝九晚五的生活，我并不觉得不适应。事实上，不用再把所有事情记在信封背面，我挺享受这种感觉。",[14,1234,1235],{},"今年年初，我们的净资产是9,405,400美元。1962年初，苏茜（Susie）和我有三笔规模不小的”非有价证券”投资，其中两笔已经卖出。第三笔将永久持有。我们把卖出那两笔投资所得的收益全部追加到了合伙基金中，现在我们的权益是1,377,400美元。此外，我的三个子女、父母、两位姐妹、两位姐夫、岳父、三位姑姑、四位堂表亲、五位侄子侄女，直接或间接持有的权益合计为893,600美元。",[14,1237,1238],{},"比尔·斯科特（Bill Scott）在我们的工作中表现出色，他和妻子合计持有167,400美元的权益，占他们净资产的很大比例。我们都是把自己的钱放进同一口锅里。",[14,1240,1241],{},"大家在审计报告中可以看到，审计师今年进行了一次突击检查，今后这将成为惯例。毕马威会计师事务所再次出色完成了审计工作，在我们要求的时间节点前按时交付。",[14,1243,1244],{},"苏茜负责办公室的布置——所以说，我那套”木头箱子”的装修风格是彻底落空了。我们备有充足的百事可乐，随时欢迎合伙人来坐坐。",[14,1246,1247],{},"贝丝·菲恩（Beth Feehan）出色的工作，让我们见识了什么叫”注册专业秘书”（CPS）的真正水准。",[14,1249,1250],{},"合伙人们在协议和承诺书的回函方面配合得非常好，我深感感激。这让我的工作轻松了许多。随函附上合伙协议附件”A”，请查阅。审计报告和税务数据很快就会寄到，如有任何疑问，请随时告诉我。",[14,1252,1253],{},"此致",[14,1255,1256],{},"沃伦·E·巴菲特（Warren E. Buffett）",{"title":1258,"searchDepth":1259,"depth":1259,"links":1260},"",2,[1261,1263,1264,1265,1266,1267,1268,1269,1270],{"id":26,"depth":1262,"text":26},3,{"id":68,"depth":1262,"text":69},{"id":317,"depth":1262,"text":317},{"id":650,"depth":1262,"text":650},{"id":722,"depth":1262,"text":722},{"id":772,"depth":1262,"text":772},{"id":1177,"depth":1262,"text":1177},{"id":1206,"depth":1262,"text":1206},{"id":1229,"depth":1262,"text":1229},"致合伙人信",null,"1962年巴菲特致合伙人信，总结年度投资业绩、阐述低估类投资策略及雪茄屁股投资法","md",{},true,8,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1962-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":1273},"1962 巴菲特致合伙人信｜巴菲特","1962-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1962-ba-fei-te-zhi-he-huo-ren-xin","B7GMINKEOXx671T3yPigtpt8L2BgjKa7f-BkDo6SaVs","buffett",[1286,1290,1294,1298,1301,1304,1307,1310,1313,1316,1320,1323,1326,1330,1333,1336,1340,1343,1346,1350,1353,1356,1357,1360,1363,1367,1370,1373,1377,1380,1383,1387,1390,1393,1397,1400,1403,1407,1410,1413,1417,1420,1423,1427,1430,1433,1437,1440,1443,1447,1450,1453,1457,1460,1463,1468,1471,1474,1478,1481,1484,1488,1491,1494,1498,1501,1504,1508,1511,1514,1518,1521,1524,1528,1531,1534,1538,1541,1544,1548,1551,1554,1558,1561,1564,1568,1571,1574,1578,1581,1584,1588,1591,1594,1598,1601,1604,1608,1611,1614,1618,1621,1625,1628,1632,1635,1639,1642,1646,1649,1653,1656,1660,1663,1667,1670,1674,1677,1681,1684,1688,1691,1695,1698,1702,1705,1709,1712,1716,1719,1723,1726,1730,1733,1737,1740,1744,1747,1751,1754,1758,1761,1765,1768,1772,1775,1779,1782,1786,1789,1793,1796,1800,1803,1807,1810,1814,1817,1821,1824,1828,1831,1835,1838,1842,1845,1849,1852,1856,1859,1863,1866,1870,1873,1877,1880,1884,1887,1891,1894,1898,1901,1905,1908,1912,1915,1919,1922,1926,1929,1933,1936,1940,1943,1947,1950,1954,1957,1961,1964,1968,1971,1975,1978,1982,1985,1989,1992,1996,1999,2003,2006,2010,2013,2017,2020,2024,2027,2031,2034,2038,2041,2045,2048,2052,2055,2059,2062,2066,2069,2073,2076,2080,2083,2087,2091,2095,2099,2103,2107,2111,2115,2119,2123,2127,2131,2135,2139,2143,2147,2151,2155,2159,2163,2167,2171,2175,2179,2183,2187,2191,2195,2199,2203,2207,2211,2215,2219,2223,2227,2231,2235,2239,2243,2247,2251,2255,2259,2263,2267,2271,2275,2279,2283],{"title":1287,"slug":1288,"category":1271,"order":1289},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1291,"slug":1292,"category":1293,"order":1289},"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":1295,"slug":1296,"category":1297,"order":1289},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1299,"slug":1300,"category":1271,"order":1259},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1302,"slug":1303,"category":1293,"order":1259},"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":1305,"slug":1306,"category":1297,"order":1259},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1308,"slug":1309,"category":1271,"order":1262},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1311,"slug":1312,"category":1293,"order":1262},"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":1314,"slug":1315,"category":1297,"order":1262},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1317,"slug":1318,"category":1271,"order":1319},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1321,"slug":1322,"category":1293,"order":1319},"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":1324,"slug":1325,"category":1297,"order":1319},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1327,"slug":1328,"category":1271,"order":1329},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1331,"slug":1332,"category":1293,"order":1329},"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":1334,"slug":1335,"category":1297,"order":1329},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1337,"slug":1338,"category":1271,"order":1339},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1341,"slug":1342,"category":1293,"order":1339},"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":1344,"slug":1345,"category":1297,"order":1339},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1347,"slug":1348,"category":1271,"order":1349},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1351,"slug":1352,"category":1293,"order":1349},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1354,"slug":1355,"category":1297,"order":1349},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":1281,"category":1271,"order":1277},{"title":1358,"slug":1359,"category":1293,"order":1277},"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":1361,"slug":1362,"category":1297,"order":1277},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1364,"slug":1365,"category":1271,"order":1366},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1368,"slug":1369,"category":1293,"order":1366},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1371,"slug":1372,"category":1297,"order":1366},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1374,"slug":1375,"category":1271,"order":1376},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1378,"slug":1379,"category":1293,"order":1376},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1381,"slug":1382,"category":1297,"order":1376},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1384,"slug":1385,"category":1271,"order":1386},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1388,"slug":1389,"category":1293,"order":1386},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1391,"slug":1392,"category":1297,"order":1386},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1394,"slug":1395,"category":1271,"order":1396},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1398,"slug":1399,"category":1293,"order":1396},"巴菲特：1983年写给Louie 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":1401,"slug":1402,"category":1297,"order":1396},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1404,"slug":1405,"category":1271,"order":1406},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1408,"slug":1409,"category":1293,"order":1406},"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":1411,"slug":1412,"category":1297,"order":1406},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1414,"slug":1415,"category":1271,"order":1416},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1418,"slug":1419,"category":1293,"order":1416},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1421,"slug":1422,"category":1297,"order":1416},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1424,"slug":1425,"category":1271,"order":1426},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1428,"slug":1429,"category":1293,"order":1426},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1431,"slug":1432,"category":1297,"order":1426},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1434,"slug":1435,"category":1271,"order":1436},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1438,"slug":1439,"category":1293,"order":1436},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":1441,"slug":1442,"category":1297,"order":1436},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1444,"slug":1445,"category":1271,"order":1446},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1448,"slug":1449,"category":1293,"order":1446},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":1451,"slug":1452,"category":1297,"order":1446},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1454,"slug":1455,"category":1271,"order":1456},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1458,"slug":1459,"category":1293,"order":1456},"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":1461,"slug":1462,"category":1297,"order":1456},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1464,"slug":1465,"category":1466,"order":1467},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":1469,"slug":1470,"category":1293,"order":1467},"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":1472,"slug":1473,"category":1297,"order":1467},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1475,"slug":1476,"category":1271,"order":1477},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1479,"slug":1480,"category":1293,"order":1477},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1482,"slug":1483,"category":1297,"order":1477},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1485,"slug":1486,"category":1271,"order":1487},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1489,"slug":1490,"category":1293,"order":1487},"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":1492,"slug":1493,"category":1297,"order":1487},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1495,"slug":1496,"category":1271,"order":1497},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1499,"slug":1500,"category":1293,"order":1497},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1502,"slug":1503,"category":1297,"order":1497},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1505,"slug":1506,"category":1466,"order":1507},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1509,"slug":1510,"category":1293,"order":1507},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1512,"slug":1513,"category":1297,"order":1507},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1515,"slug":1516,"category":1271,"order":1517},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1519,"slug":1520,"category":1293,"order":1517},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":1522,"slug":1523,"category":1297,"order":1517},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1525,"slug":1526,"category":1271,"order":1527},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":1529,"slug":1530,"category":1293,"order":1527},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":1532,"slug":1533,"category":1297,"order":1527},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1535,"slug":1536,"category":1271,"order":1537},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":1539,"slug":1540,"category":1293,"order":1537},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":1542,"slug":1543,"category":1297,"order":1537},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1545,"slug":1546,"category":1466,"order":1547},"1967 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巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1589,"slug":1590,"category":1293,"order":1587},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1592,"slug":1593,"category":1297,"order":1587},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1595,"slug":1596,"category":1466,"order":1597},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1599,"slug":1600,"category":1293,"order":1597},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":1602,"slug":1603,"category":1297,"order":1597},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1605,"slug":1606,"category":1271,"order":1607},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1609,"slug":1610,"category":1293,"order":1607},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":1612,"slug":1613,"category":1297,"order":1607},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1615,"slug":1616,"category":1271,"order":1617},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1619,"slug":1620,"category":1293,"order":1617},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1622,"slug":1623,"category":1466,"order":1624},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1626,"slug":1627,"category":1293,"order":1624},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1629,"slug":1630,"category":1271,"order":1631},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1633,"slug":1634,"category":1293,"order":1631},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1636,"slug":1637,"category":1271,"order":1638},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1640,"slug":1641,"category":1293,"order":1638},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1643,"slug":1644,"category":1271,"order":1645},"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":1647,"slug":1648,"category":1293,"order":1645},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1650,"slug":1651,"category":1271,"order":1652},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1654,"slug":1655,"category":1293,"order":1652},"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":1657,"slug":1658,"category":1466,"order":1659},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1661,"slug":1662,"category":1293,"order":1659},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1664,"slug":1665,"category":1271,"order":1666},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1668,"slug":1669,"category":1293,"order":1666},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1671,"slug":1672,"category":1466,"order":1673},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1675,"slug":1676,"category":1293,"order":1673},"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":1678,"slug":1679,"category":1466,"order":1680},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1682,"slug":1683,"category":1293,"order":1680},"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":1685,"slug":1686,"category":1466,"order":1687},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1689,"slug":1690,"category":1293,"order":1687},"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":1692,"slug":1693,"category":1466,"order":1694},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1696,"slug":1697,"category":1293,"order":1694},"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":1699,"slug":1700,"category":1466,"order":1701},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1703,"slug":1704,"category":1293,"order":1701},"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":1706,"slug":1707,"category":1466,"order":1708},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1710,"slug":1711,"category":1293,"order":1708},"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":1713,"slug":1714,"category":1466,"order":1715},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1717,"slug":1718,"category":1293,"order":1715},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1720,"slug":1721,"category":1466,"order":1722},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1724,"slug":1725,"category":1293,"order":1722},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1727,"slug":1728,"category":1466,"order":1729},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1731,"slug":1732,"category":1293,"order":1729},"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":1734,"slug":1735,"category":1466,"order":1736},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1738,"slug":1739,"category":1293,"order":1736},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1741,"slug":1742,"category":1466,"order":1743},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1745,"slug":1746,"category":1293,"order":1743},"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":1748,"slug":1749,"category":1466,"order":1750},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1752,"slug":1753,"category":1293,"order":1750},"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":1755,"slug":1756,"category":1466,"order":1757},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1759,"slug":1760,"category":1293,"order":1757},"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":1762,"slug":1763,"category":1466,"order":1764},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1766,"slug":1767,"category":1293,"order":1764},"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":1769,"slug":1770,"category":1466,"order":1771},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1773,"slug":1774,"category":1293,"order":1771},"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":1776,"slug":1777,"category":1466,"order":1778},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1780,"slug":1781,"category":1293,"order":1778},"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":1783,"slug":1784,"category":1466,"order":1785},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1787,"slug":1788,"category":1293,"order":1785},"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":1790,"slug":1791,"category":1466,"order":1792},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1794,"slug":1795,"category":1293,"order":1792},"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":1797,"slug":1798,"category":1466,"order":1799},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1801,"slug":1802,"category":1293,"order":1799},"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":1804,"slug":1805,"category":1466,"order":1806},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1808,"slug":1809,"category":1293,"order":1806},"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":1811,"slug":1812,"category":1466,"order":1813},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1815,"slug":1816,"category":1293,"order":1813},"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":1818,"slug":1819,"category":1466,"order":1820},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1822,"slug":1823,"category":1293,"order":1820},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1825,"slug":1826,"category":1466,"order":1827},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1829,"slug":1830,"category":1293,"order":1827},"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":1832,"slug":1833,"category":1466,"order":1834},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1836,"slug":1837,"category":1293,"order":1834},"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":1839,"slug":1840,"category":1466,"order":1841},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1843,"slug":1844,"category":1293,"order":1841},"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":1846,"slug":1847,"category":1466,"order":1848},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1850,"slug":1851,"category":1293,"order":1848},"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":1853,"slug":1854,"category":1466,"order":1855},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1857,"slug":1858,"category":1293,"order":1855},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1860,"slug":1861,"category":1466,"order":1862},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1864,"slug":1865,"category":1293,"order":1862},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1867,"slug":1868,"category":1466,"order":1869},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1871,"slug":1872,"category":1293,"order":1869},"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":1874,"slug":1875,"category":1466,"order":1876},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1878,"slug":1879,"category":1293,"order":1876},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1881,"slug":1882,"category":1466,"order":1883},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1885,"slug":1886,"category":1293,"order":1883},"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":1888,"slug":1889,"category":1466,"order":1890},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1892,"slug":1893,"category":1293,"order":1890},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1895,"slug":1896,"category":1466,"order":1897},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1899,"slug":1900,"category":1293,"order":1897},"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":1902,"slug":1903,"category":1466,"order":1904},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1906,"slug":1907,"category":1293,"order":1904},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1909,"slug":1910,"category":1466,"order":1911},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1913,"slug":1914,"category":1293,"order":1911},"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":1916,"slug":1917,"category":1466,"order":1918},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1920,"slug":1921,"category":1293,"order":1918},"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":1923,"slug":1924,"category":1466,"order":1925},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1927,"slug":1928,"category":1293,"order":1925},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1930,"slug":1931,"category":1466,"order":1932},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1934,"slug":1935,"category":1293,"order":1932},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1937,"slug":1938,"category":1466,"order":1939},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1941,"slug":1942,"category":1293,"order":1939},"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":1944,"slug":1945,"category":1466,"order":1946},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1948,"slug":1949,"category":1293,"order":1946},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1951,"slug":1952,"category":1466,"order":1953},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1955,"slug":1956,"category":1293,"order":1953},"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":1958,"slug":1959,"category":1466,"order":1960},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1962,"slug":1963,"category":1293,"order":1960},"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":1965,"slug":1966,"category":1466,"order":1967},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1969,"slug":1970,"category":1293,"order":1967},"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":1972,"slug":1973,"category":1466,"order":1974},"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":1976,"slug":1977,"category":1293,"order":1974},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1979,"slug":1980,"category":1466,"order":1981},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1983,"slug":1984,"category":1293,"order":1981},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1986,"slug":1987,"category":1466,"order":1988},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1990,"slug":1991,"category":1293,"order":1988},"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":1993,"slug":1994,"category":1466,"order":1995},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1997,"slug":1998,"category":1293,"order":1995},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2000,"slug":2001,"category":1466,"order":2002},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2004,"slug":2005,"category":1293,"order":2002},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2007,"slug":2008,"category":1466,"order":2009},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2011,"slug":2012,"category":1293,"order":2009},"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":2014,"slug":2015,"category":1466,"order":2016},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2018,"slug":2019,"category":1293,"order":2016},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2021,"slug":2022,"category":1466,"order":2023},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2025,"slug":2026,"category":1293,"order":2023},"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":2028,"slug":2029,"category":1466,"order":2030},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2032,"slug":2033,"category":1293,"order":2030},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2035,"slug":2036,"category":1466,"order":2037},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2039,"slug":2040,"category":1293,"order":2037},"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":2042,"slug":2043,"category":1466,"order":2044},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2046,"slug":2047,"category":1293,"order":2044},"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":2049,"slug":2050,"category":1466,"order":2051},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2053,"slug":2054,"category":1293,"order":2051},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2056,"slug":2057,"category":1466,"order":2058},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2060,"slug":2061,"category":1293,"order":2058},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2063,"slug":2064,"category":1466,"order":2065},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2067,"slug":2068,"category":1293,"order":2065},"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":2070,"slug":2071,"category":1466,"order":2072},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2074,"slug":2075,"category":1293,"order":2072},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2077,"slug":2078,"category":1466,"order":2079},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2081,"slug":2082,"category":1293,"order":2079},"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":2084,"slug":2085,"category":1293,"order":2086},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":2088,"slug":2089,"category":1293,"order":2090},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":2092,"slug":2093,"category":1293,"order":2094},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":2096,"slug":2097,"category":1293,"order":2098},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":2100,"slug":2101,"category":1293,"order":2102},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":2104,"slug":2105,"category":1293,"order":2106},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":2108,"slug":2109,"category":1293,"order":2110},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":2112,"slug":2113,"category":1293,"order":2114},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":2116,"slug":2117,"category":1293,"order":2118},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":2120,"slug":2121,"category":1293,"order":2122},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":2124,"slug":2125,"category":1293,"order":2126},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":2128,"slug":2129,"category":1293,"order":2130},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":2132,"slug":2133,"category":1293,"order":2134},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":2136,"slug":2137,"category":1293,"order":2138},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":2140,"slug":2141,"category":1293,"order":2142},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":2144,"slug":2145,"category":1293,"order":2146},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":2148,"slug":2149,"category":1293,"order":2150},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":2152,"slug":2153,"category":1293,"order":2154},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":2156,"slug":2157,"category":1293,"order":2158},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":2160,"slug":2161,"category":1293,"order":2162},"标题：《巴菲特：2017 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