[{"data":1,"prerenderedAt":1621},["ShallowReactive",2],{"library-1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":84,"library-sidebar-dao":1087,"library-sidebar-models":1389},{"id":4,"title":5,"body":6,"category":70,"date":71,"description":72,"extension":73,"meta":74,"navigation":75,"order":76,"path":77,"seo":78,"seoDescription":72,"seoTitle":79,"slug":80,"stem":81,"__hash__":82,"_collection":83},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin.md","1963年11月 巴菲特致合伙人信",{"type":7,"value":8,"toc":66},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59],[10,11,5],"h1",{"id":12},"_1963年11月-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司 810 KIEWIT PLAZA 内布拉斯加州，奥马哈，邮编 31",[14,18,19],{},"1963 年 11 月 6 日",[14,21,22],{},"致 1964 年合伙人：",[14,24,25],{},"随函附上丰富的感恩节读物：",[14,27,28],{},"（1）两份修订后的 1964 年合伙协议。附有一般条款的那份由你自己保留（内容与去年完全相同），另一份只有一页，请签字、公证后寄回给我们。奥马哈的合伙人可以直接来我们的办公室完成公证。",[14,30,31],{},"（2）一份价值连城的论文——“基本原则”(The Ground Rules)。我希望每位合伙人每年至少读一遍，这篇文章将成为我 11 月份固定寄出的材料之一。“基本原则”中阐述的理念，请做到彻底理解、真心认同——不只是脑袋里明白，还要融入骨髓。若做不到这一点，请勿签署合伙协议。",[14,33,34],{},"（3）两份 1964 年承诺书，一份由你保留，一份寄回给我们。你可以随时修改承诺书，截止时间是 12 月 31 日午夜，所以请尽早寄回，如果之后需要更改，写信或打电话告知我们即可。",[14,36,37],{},"所有提款将在 1 月 1 日后立即支付。提款金额没有下限（最低 100 美元），最高可提取全部权益。追加投资同样没有金额限制，但请在 1 月 10 日前到账。如果你正在处置某些资产，这样的安排也给了你机会把交易放在 1964 年完成，或许对税务上有利。若追加资金在 11 月份存入，则视为预存资金，至年末按 6% 计息；12 月份存入的追加投资则不享有利息。",[14,39,40],{},"1963 年报税所需的完整税务资料将于 1 月 25 日前送达各位。如果你需要提前了解自己的估算税额，请联系我，我可以给你一个大致数字。我们还会在 12 月底寄出一封简短的税务说明信。",[14,42,43],{},"截至 10 月末，道指 1963 年以来的涨幅为 18.8%。我们的低估类、套利类、控股类三个投资类别今年表现都很不错。大约一个月前，我们以持续经营企业的标准，顺利出售了登普斯特农具机械制造公司 (Dempster Mill Manufacturing) 的经营资产，成交结果令人满意。我会在年度信中详细讲述登普斯特这段故事，说不定最后还会情不自禁地来一段”哈里·博特尔 (Harry Bottle) 赞歌”。话说回来，当初我们买得足够便宜，登普斯特从进场那一刻起就已锁定利润；但哈里凭借他出色的工作，给我们这笔投资又额外添了好几道甜点。顺便一提，哈里已经预先存入资金，将在 1964 年成为我们的有限合伙人——我们的合作不是结束，这才刚刚开始。",[14,45,46],{},"当然，1963 年不只有登普斯特。年底还有两个月，什么事都可能发生，阶段性业绩不必太当真，但截至 10 月末，合伙基金整体收益率约为 32%。按照协议中的分成规定，扣除普通合伙人分成、不计部分合伙人选择的每月利息后，有限合伙人的收益率约为 25.5%。在我们大约 300 万美元的收益中，200 余万美元来自有价证券，略不足 100 万美元来自出售登普斯特经营资产。我们今年最赚钱的一笔低估类投资与最赚钱的一笔套利类投资，两者收益之和与出售登普斯特经营资产的收益大致相当。",[14,48,49],{},"大家要清楚一件事：如果我们全年与道指的相对优势能维持在 10 月 31 日的水准，我会将其视为一个异常年份。长期而言，我不认为相对道指领先 13.2 个百分点是可以持续的。每年能比较稳定地小幅领先道指，我就已经相当满足了。",[14,51,52],{},"此致",[14,54,55],{},"沃伦·E·巴菲特 (Warren E. 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":111,"slug":112,"category":92,"order":109},"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":114,"slug":115,"category":96,"order":109},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":117,"slug":118,"category":70,"order":119},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":121,"slug":122,"category":92,"order":119},"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":124,"slug":125,"category":96,"order":119},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":127,"slug":128,"category":70,"order":129},"1960 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巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":699,"slug":700,"category":92,"order":697},"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":702,"slug":703,"category":266,"order":704},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":706,"slug":707,"category":92,"order":704},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":709,"slug":710,"category":266,"order":711},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":713,"slug":714,"category":92,"order":711},"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":716,"slug":717,"category":266,"order":718},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":720,"slug":721,"category":92,"order":718},"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":723,"slug":724,"category":266,"order":725},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":727,"slug":728,"category":92,"order":725},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":730,"slug":731,"category":266,"order":732},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":734,"slug":735,"category":92,"order":732},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":737,"slug":738,"category":266,"order":739},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":741,"slug":742,"category":92,"order":739},"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":744,"slug":745,"category":266,"order":746},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":748,"slug":749,"category":92,"order":746},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":751,"slug":752,"category":266,"order":753},"2011 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副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":783,"slug":784,"category":92,"order":781},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":786,"slug":787,"category":266,"order":788},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":790,"slug":791,"category":92,"order":788},"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":793,"slug":794,"category":266,"order":795},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":797,"slug":798,"category":92,"order":795},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":800,"slug":801,"category":266,"order":802},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":804,"slug":805,"category":92,"order":802},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":807,"slug":808,"category":266,"order":809},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":811,"slug":812,"category":92,"order":809},"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":814,"slug":815,"category":266,"order":816},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":818,"slug":819,"category":92,"order":816},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":821,"slug":822,"category":266,"order":823},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":825,"slug":826,"category":92,"order":823},"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":828,"slug":829,"category":266,"order":830},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":832,"slug":833,"category":92,"order":830},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":835,"slug":836,"category":266,"order":837},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":839,"slug":840,"category":92,"order":837},"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":842,"slug":843,"category":266,"order":844},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":846,"slug":847,"category":92,"order":844},"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":849,"slug":850,"category":266,"order":851},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":853,"slug":854,"category":92,"order":851},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":856,"slug":857,"category":266,"order":858},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":860,"slug":861,"category":92,"order":858},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":863,"slug":864,"category":266,"order":865},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":867,"slug":868,"category":92,"order":865},"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":870,"slug":871,"category":266,"order":872},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":874,"slug":875,"category":92,"order":872},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":877,"slug":878,"category":266,"order":879},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":881,"slug":882,"category":92,"order":879},"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":884,"slug":885,"category":92,"order":886},"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":888,"slug":889,"category":92,"order":890},"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":892,"slug":893,"category":92,"order":894},"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":896,"slug":897,"category":92,"order":898},"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":900,"slug":901,"category":92,"order":902},"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":904,"slug":905,"category":92,"order":906},"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":908,"slug":909,"category":92,"order":910},"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":912,"slug":913,"category":92,"order":914},"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":916,"slug":917,"category":92,"order":918},"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":920,"slug":921,"category":92,"order":922},"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":924,"slug":925,"category":92,"order":926},"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":928,"slug":929,"category":92,"order":930},"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":932,"slug":933,"category":92,"order":934},"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":936,"slug":937,"category":92,"order":938},"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":940,"slug":941,"category":92,"order":942},"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":944,"slug":945,"category":92,"order":946},"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":948,"slug":949,"category":92,"order":950},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":952,"slug":953,"category":92,"order":954},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":956,"slug":957,"category":92,"order":958},"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":960,"slug":961,"category":92,"order":962},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":964,"slug":965,"category":92,"order":966},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":968,"slug":969,"category":92,"order":970},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":972,"slug":973,"category":92,"order":974},"巴菲特：2017年接受PBS 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