[{"data":1,"prerenderedAt":2075},["ShallowReactive",2],{"library-1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":539,"library-sidebar-dao":1541,"library-sidebar-models":1843},{"id":4,"title":5,"body":6,"category":525,"date":526,"description":527,"extension":528,"meta":529,"navigation":530,"order":531,"path":532,"seo":533,"seoDescription":527,"seoTitle":534,"slug":535,"stem":536,"__hash__":537,"_collection":538},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1964年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":517},"minimark",[9,13,17,20,24,27,30,33,199,205,215,222,229,232,235,238,241,244,468,470,477,484,487,490,493,496,499,502,505,508,511,514],[10,11,5],"h1",{"id":12},"_1964年中-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司 810 基威特广场 内布拉斯加州奥马哈市 31 号",[14,18,19],{},"1964 年 7 月 8 日",[21,22,23],"h3",{"id":23},"上半年业绩",[14,25,26],{},"6 月 23 日我们全家要去加州，所以这封信我 6 月 18 日就提前写了，有些不合规矩。有的合伙人收信都是掐着日子的，为了和往年时间保持一致，有些数据我先留空，比尔（Bill）会在 6 月 30 日的最终数据出来后填入。",[14,28,29],{},"1964 年上半年，道琼斯工业指数（以下简称”道指”）从 762.95 点上涨至 831.50 点，同期股息约为 14.40 点，上半年整体收益率为 10.0%。6 月 18 日我写这封信时，我们的上半年业绩看来与道指相差无几。我多希望能向各位报告：道指持平，而我们上涨 5%；要是道指跌了 10%，而我们持平，那就更好了。我一直和大家说，市场持平或下跌时，我们相对容易领先道指；市场上涨时，就难多了。",[14,31,32],{},"下表是道指收益率、普通合伙人分成前合伙基金收益率，以及有限合伙人收益率的逐年最新对比。",[34,35,36,55],"table",{},[37,38,39],"thead",{},[40,41,42,46,49,52],"tr",{},[43,44,45],"th",{},"年份",[43,47,48],{},"道指整体收益率 (1)",[43,50,51],{},"合伙基金收益率 (2)",[43,53,54],{},"有限合伙人收益率 (3)",[56,57,58,73,87,101,115,129,143,157,171,185],"tbody",{},[40,59,60,64,67,70],{},[61,62,63],"td",{},"1957",[61,65,66],{},"-8.4%",[61,68,69],{},"10.4%",[61,71,72],{},"9.3%",[40,74,75,78,81,84],{},[61,76,77],{},"1958",[61,79,80],{},"38.5%",[61,82,83],{},"40.9%",[61,85,86],{},"32.2%",[40,88,89,92,95,98],{},[61,90,91],{},"1959",[61,93,94],{},"20.0%",[61,96,97],{},"25.9%",[61,99,100],{},"20.9%",[40,102,103,106,109,112],{},[61,104,105],{},"1960",[61,107,108],{},"-6.2%",[61,110,111],{},"22.8%",[61,113,114],{},"18.6%",[40,116,117,120,123,126],{},[61,118,119],{},"1961",[61,121,122],{},"22.4%",[61,124,125],{},"45.9%",[61,127,128],{},"35.9%",[40,130,131,134,137,140],{},[61,132,133],{},"1962",[61,135,136],{},"-7.6%",[61,138,139],{},"13.9%",[61,141,142],{},"11.9%",[40,144,145,148,151,154],{},[61,146,147],{},"1963",[61,149,150],{},"20.6%",[61,152,153],{},"38.7%",[61,155,156],{},"30.5%",[40,158,159,162,165,168],{},[61,160,161],{},"1964 年上半年",[61,163,164],{},"10.9%",[61,166,167],{},"12.0%",[61,169,170],{},"10.5%",[40,172,173,176,179,182],{},[61,174,175],{},"累计收益率",[61,177,178],{},"116.1%",[61,180,181],{},"521.0%",[61,183,184],{},"354.4%",[40,186,187,190,193,196],{},[61,188,189],{},"年化复合收益率",[61,191,192],{},"10.8%",[61,194,195],{},"27.6%",[61,197,198],{},"22.2%",[14,200,201],{},[202,203,204],"strong",{},"注释：",[206,207,208],"blockquote",{},[209,210,211],"ol",{},[212,213,214],"li",{},"根据道指年度涨跌计算，其中包含股息。表格中为合伙基金整年运作的年份。",[206,216,217],{},[209,218,219],{},[212,220,221],{},"1957-61 年的数据是之前全年管理的所有有限合伙人账户的综合业绩，其中扣除了经营费用，未计算有限合伙人利息和普通合伙人分成。",[206,223,224],{},[209,225,226],{},[212,227,228],{},"1957-61 年的数据按前一列合伙基金收益率计算得出，按照当前合伙协议扣除了普通合伙人分成，未计算有限合伙人的每月提现。",[14,230,231],{},"上半年的买入情况让我相当满意。在我看来，投资这件事 90% 是买入，所以买入顺利，我格外高兴。在”低估类”投资中，我们的合伙基金现在是三家公司的最大单一股东。这些股票以远低于产业资本所能给予估值的价格买入，我们还在持续以同样价格买入。其中一只，大约从 18 个月前开始，我们就一直在买；另外两只，各从大约一年前开始，我们也一直在买。今后一年、两年，甚至更长时间里，我们什么都不做，就一周接一周地耐心买入这些股票——这完全在我的预期之内。",[14,233,234],{},"在上述三只股票的投资中，我们最希望看到的情形是：公司在我们持续买入期间不断取得实质进展——盈利改善、资产价值提升——而股票市价却纹丝不动。这对我们的短期业绩没什么好处，尤其是在市场上涨时，但我们感到踏实，长期来看必然会有丰厚回报。这样买下去，最终要么外部因素触发股价上涨，要么我们以低廉价格取得公司控股权，两种结果我都欢迎。",[14,236,237],{},"不过，有一点大家应该清楚：我们”低估类”中的大多数持仓，虽然我们仍然认为严重低估，但我们根本没有机会取得控股权。对于这些股票，经过一段时间，市场应该会证明我们的分析是正确的，但与那些我们有望控股的股票不同，在这些股票上，我们没有”两手准备”。",[21,239,240],{"id":240},"基金公司",[14,242,243],{},"我们一直拿两只规模最大、通常持有 95-100% 股票的开放式基金，以及两只规模最大的分散投资封闭式基金，与我们合伙基金的业绩做对比。这四家公司分别是：Massachusetts Investors Trust、Investors Stock Fund、Tri-Continental Corp. 和 Lehman Corp.，管理资产逾 40 亿美元，整个基金行业的管理总规模约为 280 亿美元，这四家应该能代表大多数基金公司。还有一些管理规模更大的投资顾问机构，它们的绝大多数业绩应该和这四家不相上下。",[34,245,246,270],{},[37,247,248],{},[40,249,250,252,255,258,261,264,267],{},[43,251,45],{},[43,253,254],{},"Mass. Inv. Trust (1)",[43,256,257],{},"Investors Stock (1)",[43,259,260],{},"Lehman (2)",[43,262,263],{},"Tri-Cont. (2)",[43,265,266],{},"道指",[43,268,269],{},"有限合伙人",[56,271,272,291,311,331,351,371,391,410,430,450],{},[40,273,274,276,279,282,284,287,289],{},[61,275,63],{},[61,277,278],{},"-11.4%",[61,280,281],{},"-12.4%",[61,283,278],{},[61,285,286],{},"-2.4%",[61,288,66],{},[61,290,72],{},[40,292,293,295,298,301,304,307,309],{},[61,294,77],{},[61,296,297],{},"42.7%",[61,299,300],{},"47.5%",[61,302,303],{},"40.8%",[61,305,306],{},"33.2%",[61,308,80],{},[61,310,86],{},[40,312,313,315,318,321,324,327,329],{},[61,314,91],{},[61,316,317],{},"9.0%",[61,319,320],{},"10.3%",[61,322,323],{},"8.1%",[61,325,326],{},"8.4%",[61,328,94],{},[61,330,100],{},[40,332,333,335,338,341,344,347,349],{},[61,334,105],{},[61,336,337],{},"-1.0%",[61,339,340],{},"-0.6%",[61,342,343],{},"2.5%",[61,345,346],{},"2.8%",[61,348,108],{},[61,350,114],{},[40,352,353,355,358,361,364,367,369],{},[61,354,119],{},[61,356,357],{},"25.6%",[61,359,360],{},"24.9%",[61,362,363],{},"23.6%",[61,365,366],{},"22.5%",[61,368,122],{},[61,370,128],{},[40,372,373,375,378,381,384,387,389],{},[61,374,133],{},[61,376,377],{},"-9.8%",[61,379,380],{},"-13.4%",[61,382,383],{},"-14.4%",[61,385,386],{},"-10.0%",[61,388,136],{},[61,390,142],{},[40,392,393,395,397,400,403,406,408],{},[61,394,147],{},[61,396,94],{},[61,398,399],{},"16.5%",[61,401,402],{},"23.7%",[61,404,405],{},"18.3%",[61,407,150],{},[61,409,156],{},[40,411,412,414,417,420,423,426,428],{},[61,413,161],{},[61,415,416],{},"11.0%",[61,418,419],{},"9.5%",[61,421,422],{},"9.6%",[61,424,425],{},"8.6%",[61,427,164],{},[61,429,170],{},[40,431,432,434,437,440,443,446,448],{},[61,433,175],{},[61,435,436],{},"105.8%",[61,438,439],{},"95.5%",[61,441,442],{},"98.2%",[61,444,445],{},"105.1%",[61,447,178],{},[61,449,184],{},[40,451,452,454,457,460,462,464,466],{},[61,453,189],{},[61,455,456],{},"10.1%",[61,458,459],{},"9.4%",[61,461,422],{},[61,463,456],{},[61,465,192],{},[61,467,198],{},[14,469,204],{},[206,471,472],{},[209,473,474],{},[212,475,476],{},"计算包括资产价值变化以及当年持有人获得的分红。",[206,478,479],{},[209,480,481],{},[212,482,483],{},"来源：1964 年穆迪银行与金融手册（Moody’s Bank & Finance Manual）1957-63 年数据。1964 年上半年数据为估算值。",[14,485,486],{},"从这些数据中可以看出：那些最贵、最受尊崇的投资管理机构，始终难以追上这个无人打理的一揽子蓝筹股指数。这些基金就像漂在池塘上的鸭子——水位（市场）涨，鸭子跟着涨；水位落，鸭子跟着落。不管有没有动物保护协会，鸭子的功过得看它自己的表现，它没有资格对池塘水位的涨跌呱呱乱叫。如上表所示，水位高低对我们合伙基金的业绩影响颇大，不过我们也一直在扑腾翅膀。",[14,488,489],{},"我想强调：我并不是说道指是衡量股票投资业绩的唯一标准。但我确实认为，所有投资管理活动（包括自己管理自己的资金）都应经受客观检验，而且检验标准应该事先确定，而不是事后随便挑选。",[14,491,492],{},"资产管理是一门大生意。基金经理非常重视评估汽车、钢铁、化工等各行各业公司的管理层，这些评估耗费大量心力，往往郑重其事地出炉，目的是找出哪些公司管理得好、哪些管理存在问题。他们不辞辛劳地把投资组合里每家公司的管理层评估得一清二楚，却没有人用同样的标准来审视他们自己，这实在说不过去。我们认为，投资者和基金经理都必须确立业绩评估标准，并像研究投资标的一样，定期、客观地审视自己的业绩。",[14,494,495],{},"我们将坚定地贯彻这一原则，不管结果指向何方。不用说，设定业绩衡量标准，只能保证评估是客观的，绝对不等于我们就能取得好成绩。我要再提醒一下大家，回顾我们”基本原则”（Ground Rules）中关于标准适用的说明——鉴于我们的投资方式，至少要看三年才能评判我们的业绩；而且在投机气氛浓厚的时期，我们很可能落后大盘。有一点，我可以向各位保证：既然我们把标准定在了 90 厘米，标准就始终是 90 厘米，不会因为达不到而改变标准。在我看来，整个资产管理行业涉及数以千亿计的资金，如果人人都确立合理的能力衡量标准并认真执行，整个行业将运转得更加健康。在日常商业活动中，无论评估市场、人员、机器，还是流程，人们普遍遵循既定标准。资产管理可是世界上规模最大的行业。",[21,497,498],{"id":498},"税项",[14,500,501],{},"进入 1964 年时，我们有 2,991,090 美元的未实现收益，这些全部属于 1963 年的合伙人。截至 6 月 30 日，我们已实现资本利得 2,826,248.76 美元（其中 96% 属于长期资本利得）。照这个进度来看，1964 年 1 月 25 日那封信里（第 3 项）向各位报告的、归属于各位权益的未实现增值，今年很可能会全部实现。我要再次提醒大家：已实现收益的多少与我们的业绩表现并无关联。完全有可能出现这样的情况——我们实现了大量资本利得，但同期各位在合伙基金中的权益市值却大幅缩水。所以，实现的资本利得多，不必欢欣鼓舞；实现的资本利得少，也没有理由愁眉苦脸。我们从不玩提前交税或推迟交税的把戏，投资决策只基于对最有利概率组合的判断。如果最优选择恰好要交税，那就交。好在长期资本利得税率还算合理。",[14,503,504],{},"正如我们在 1964 年 4 月 1 日的税务信中所说，申报 1964 年预估税款时，最稳妥的办法是照报 1963 年的实际纳税金额，这样不会被罚款。",[14,506,507],{},"1 月 1 日新加入的合伙人只需缴纳少量税款，所有合伙人在加入第一年都是如此。这是因为，已实现资本利得会优先分配给持有未实现增值的老合伙人。同样地，这与实际收益无关。所有有限合伙人，无论新老，最终收益完全相同（按《合伙协议》第五段，Bill Scott、Ruth Scott 和 Susan Buffett 除外）。和往常一样，各位目前的普通所得税负均属名义性质，数额不大。",[14,509,510],{},"按照惯例，我们将在 11 月 1 日左右，向合伙人以及届时表示有意加入的准合伙人寄出修订版合伙协议、1965 年承诺书及 1964 年纳税估算数据等文件。在此之前，如果这封信里有什么看不明白的地方，今年夏天尽管找比尔。",[14,512,513],{},"此致",[14,515,516],{},"沃伦·E·巴菲特（Warren E. Buffett）",{"title":518,"searchDepth":519,"depth":519,"links":520},"",2,[521,523,524],{"id":23,"depth":522,"text":23},3,{"id":240,"depth":522,"text":240},{"id":498,"depth":522,"text":498},"致合伙人信",null,"1964年中巴菲特致合伙人信，探讨投资业绩衡量标准及合伙人关系维护","md",{},true,17,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":527},"1964年中 巴菲特致合伙人信｜巴菲特","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","YQXtwOOhHuYG9z0fKBox9uTZatF1062IlVlrwDEGE-w","buffett",[540,544,548,552,555,558,561,564,567,570,574,577,580,584,587,590,594,597,600,604,607,610,614,617,620,624,627,630,634,637,640,644,647,650,654,657,660,664,667,670,674,677,680,684,687,690,694,697,700,701,704,707,711,714,717,722,725,728,732,735,738,742,745,748,752,755,758,762,765,768,772,775,778,782,785,788,792,795,798,802,805,808,812,815,818,822,825,828,832,835,838,842,845,848,852,855,858,862,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1173,1176,1180,1183,1187,1190,1194,1197,1201,1204,1208,1211,1215,1218,1222,1225,1229,1232,1236,1239,1243,1246,1250,1253,1257,1260,1264,1267,1271,1274,1278,1281,1285,1288,1292,1295,1299,1302,1306,1309,1313,1316,1320,1323,1327,1330,1334,1337,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421,1425,1429,1433,1437,1441,1445,1449,1453,1457,1461,1465,1469,1473,1477,1481,1485,1489,1493,1497,1501,1505,1509,1513,1517,1521,1525,1529,1533,1537],{"title":541,"slug":542,"category":525,"order":543},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":545,"slug":546,"category":547,"order":543},"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":549,"slug":550,"category":551,"order":543},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":553,"slug":554,"category":525,"order":519},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":556,"slug":557,"category":547,"order":519},"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":559,"slug":560,"category":551,"order":519},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":562,"slug":563,"category":525,"order":522},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":565,"slug":566,"category":547,"order":522},"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":568,"slug":569,"category":551,"order":522},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":571,"slug":572,"category":525,"order":573},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":575,"slug":576,"category":547,"order":573},"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":578,"slug":579,"category":551,"order":573},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":581,"slug":582,"category":525,"order":583},"1960 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":887,"slug":888,"category":547,"order":885},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":890,"slug":891,"category":525,"order":892},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":894,"slug":895,"category":547,"order":892},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":897,"slug":898,"category":525,"order":899},"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":901,"slug":902,"category":547,"order":899},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":904,"slug":905,"category":525,"order":906},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":908,"slug":909,"category":547,"order":906},"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":911,"slug":912,"category":720,"order":913},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":915,"slug":916,"category":547,"order":913},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":918,"slug":919,"category":525,"order":920},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":922,"slug":923,"category":547,"order":920},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":925,"slug":926,"category":720,"order":927},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":929,"slug":930,"category":547,"order":927},"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":932,"slug":933,"category":720,"order":934},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":936,"slug":937,"category":547,"order":934},"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":939,"slug":940,"category":720,"order":941},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":943,"slug":944,"category":547,"order":941},"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":946,"slug":947,"category":720,"order":948},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":950,"slug":951,"category":547,"order":948},"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":953,"slug":954,"category":720,"order":955},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":957,"slug":958,"category":547,"order":955},"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":960,"slug":961,"category":720,"order":962},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":964,"slug":965,"category":547,"order":962},"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":967,"slug":968,"category":720,"order":969},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":971,"slug":972,"category":547,"order":969},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":974,"slug":975,"category":720,"order":976},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":978,"slug":979,"category":547,"order":976},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":981,"slug":982,"category":720,"order":983},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":985,"slug":986,"category":547,"order":983},"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":988,"slug":989,"category":720,"order":990},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":992,"slug":993,"category":547,"order":990},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":995,"slug":996,"category":720,"order":997},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":999,"slug":1000,"category":547,"order":997},"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":1002,"slug":1003,"category":720,"order":1004},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1006,"slug":1007,"category":547,"order":1004},"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":1009,"slug":1010,"category":720,"order":1011},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1013,"slug":1014,"category":547,"order":1011},"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":1016,"slug":1017,"category":720,"order":1018},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1020,"slug":1021,"category":547,"order":1018},"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":1023,"slug":1024,"category":720,"order":1025},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1027,"slug":1028,"category":547,"order":1025},"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":1030,"slug":1031,"category":720,"order":1032},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1034,"slug":1035,"category":547,"order":1032},"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":1037,"slug":1038,"category":720,"order":1039},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1041,"slug":1042,"category":547,"order":1039},"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":1044,"slug":1045,"category":720,"order":1046},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1048,"slug":1049,"category":547,"order":1046},"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":1051,"slug":1052,"category":720,"order":1053},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1055,"slug":1056,"category":547,"order":1053},"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":1058,"slug":1059,"category":720,"order":1060},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1062,"slug":1063,"category":547,"order":1060},"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":1065,"slug":1066,"category":720,"order":1067},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1069,"slug":1070,"category":547,"order":1067},"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":1072,"slug":1073,"category":720,"order":1074},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1076,"slug":1077,"category":547,"order":1074},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1079,"slug":1080,"category":720,"order":1081},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1083,"slug":1084,"category":547,"order":1081},"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":1086,"slug":1087,"category":720,"order":1088},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1090,"slug":1091,"category":547,"order":1088},"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":1093,"slug":1094,"category":720,"order":1095},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1097,"slug":1098,"category":547,"order":1095},"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":1100,"slug":1101,"category":720,"order":1102},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1104,"slug":1105,"category":547,"order":1102},"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":1107,"slug":1108,"category":720,"order":1109},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1111,"slug":1112,"category":547,"order":1109},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1114,"slug":1115,"category":720,"order":1116},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1118,"slug":1119,"category":547,"order":1116},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1121,"slug":1122,"category":720,"order":1123},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1125,"slug":1126,"category":547,"order":1123},"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":1128,"slug":1129,"category":720,"order":1130},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1132,"slug":1133,"category":547,"order":1130},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1135,"slug":1136,"category":720,"order":1137},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1139,"slug":1140,"category":547,"order":1137},"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":1142,"slug":1143,"category":720,"order":1144},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1146,"slug":1147,"category":547,"order":1144},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1149,"slug":1150,"category":720,"order":1151},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1153,"slug":1154,"category":547,"order":1151},"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":1156,"slug":1157,"category":720,"order":1158},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1160,"slug":1161,"category":547,"order":1158},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1163,"slug":1164,"category":720,"order":1165},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1167,"slug":1168,"category":547,"order":1165},"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":1170,"slug":1171,"category":720,"order":1172},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1174,"slug":1175,"category":547,"order":1172},"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":1177,"slug":1178,"category":720,"order":1179},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1181,"slug":1182,"category":547,"order":1179},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1184,"slug":1185,"category":720,"order":1186},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1188,"slug":1189,"category":547,"order":1186},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1191,"slug":1192,"category":720,"order":1193},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1195,"slug":1196,"category":547,"order":1193},"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":1198,"slug":1199,"category":720,"order":1200},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1202,"slug":1203,"category":547,"order":1200},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1205,"slug":1206,"category":720,"order":1207},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1209,"slug":1210,"category":547,"order":1207},"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":1212,"slug":1213,"category":720,"order":1214},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1216,"slug":1217,"category":547,"order":1214},"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":1219,"slug":1220,"category":720,"order":1221},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1223,"slug":1224,"category":547,"order":1221},"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":1226,"slug":1227,"category":720,"order":1228},"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":1230,"slug":1231,"category":547,"order":1228},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1233,"slug":1234,"category":720,"order":1235},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1237,"slug":1238,"category":547,"order":1235},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1240,"slug":1241,"category":720,"order":1242},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1244,"slug":1245,"category":547,"order":1242},"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":1247,"slug":1248,"category":720,"order":1249},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1251,"slug":1252,"category":547,"order":1249},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1254,"slug":1255,"category":720,"order":1256},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1258,"slug":1259,"category":547,"order":1256},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1261,"slug":1262,"category":720,"order":1263},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1265,"slug":1266,"category":547,"order":1263},"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":1268,"slug":1269,"category":720,"order":1270},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1272,"slug":1273,"category":547,"order":1270},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1275,"slug":1276,"category":720,"order":1277},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1279,"slug":1280,"category":547,"order":1277},"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":1282,"slug":1283,"category":720,"order":1284},"2020 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