[{"data":1,"prerenderedAt":2161},["ShallowReactive",2],{"library-1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":625,"library-sidebar-dao":1627,"library-sidebar-models":1929},{"id":4,"title":5,"body":6,"category":611,"date":612,"description":613,"extension":614,"meta":615,"navigation":616,"order":617,"path":618,"seo":619,"seoDescription":613,"seoTitle":620,"slug":621,"stem":622,"__hash__":623,"_collection":624},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1967年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":602},"minimark",[9,13,17,21,24,27,235,245,252,259,262,265,268,271,274,558,565,572,575,578,581,584,587,590,593,596,599],[10,11,5],"h1",{"id":12},"_1967年中-巴菲特致合伙人信",[14,15,16],"p",{},"1967 年 7 月 12 日",[18,19,20],"h3",{"id":20},"上半年业绩",[14,22,23],{},"和往年一样，因为我们一家要去加州度假，这封信也是六月末写的。为了与往年相称（对于损益表，我总是克服我对美感的追求，不讲对称），有些地方我先保留了空白，等数字补上后，相信我的结论也不会有问题。",[14,25,26],{},"1967 年，我们一开局就很受伤，一月份表现惨淡，道指上涨 8.5%，合伙基金上涨 3.3%。尽管开局不利，上半年结束之时，我们还是取得了 21% 的收益率，领先道指 9.6 个百分点。今年上半年和去年一样，打败道指比较容易（很多人觉得战胜道指很容易，不可能每年都如此），很多基金经理都跑赢了道指。按照惯例，下表汇总了我们上半年的业绩：",[28,29,30,49],"table",{},[31,32,33],"thead",{},[34,35,36,40,43,46],"tr",{},[37,38,39],"th",{},"年份",[37,41,42],{},"道指整体收益率 (1)",[37,44,45],{},"合伙基金收益率 (2)",[37,47,48],{},"有限合伙人收益率 (3)",[50,51,52,67,81,95,109,123,137,151,165,179,193,207,221],"tbody",{},[34,53,54,58,61,64],{},[55,56,57],"td",{},"1957",[55,59,60],{},"-8.4%",[55,62,63],{},"10.4%",[55,65,66],{},"9.3%",[34,68,69,72,75,78],{},[55,70,71],{},"1958",[55,73,74],{},"38.5%",[55,76,77],{},"40.9%",[55,79,80],{},"32.2%",[34,82,83,86,89,92],{},[55,84,85],{},"1959",[55,87,88],{},"20.0%",[55,90,91],{},"25.9%",[55,93,94],{},"20.9%",[34,96,97,100,103,106],{},[55,98,99],{},"1960",[55,101,102],{},"-6.2%",[55,104,105],{},"22.8%",[55,107,108],{},"18.6%",[34,110,111,114,117,120],{},[55,112,113],{},"1961",[55,115,116],{},"22.4%",[55,118,119],{},"45.9%",[55,121,122],{},"35.9%",[34,124,125,128,131,134],{},[55,126,127],{},"1962",[55,129,130],{},"-7.6%",[55,132,133],{},"13.9%",[55,135,136],{},"11.9%",[34,138,139,142,145,148],{},[55,140,141],{},"1963",[55,143,144],{},"20.6%",[55,146,147],{},"38.7%",[55,149,150],{},"30.5%",[34,152,153,156,159,162],{},[55,154,155],{},"1964",[55,157,158],{},"18.7%",[55,160,161],{},"27.8%",[55,163,164],{},"22.3%",[34,166,167,170,173,176],{},[55,168,169],{},"1965",[55,171,172],{},"14.2%",[55,174,175],{},"47.2%",[55,177,178],{},"36.9%",[34,180,181,184,187,190],{},[55,182,183],{},"1966",[55,185,186],{},"-15.6%",[55,188,189],{},"20.4%",[55,191,192],{},"16.8%",[34,194,195,198,201,204],{},[55,196,197],{},"1967 年上半年",[55,199,200],{},"11.4%",[55,202,203],{},"21.0%",[55,205,206],{},"17.3%",[34,208,209,212,215,218],{},[55,210,211],{},"累计收益率",[55,213,214],{},"148.3%",[55,216,217],{},"1419.8%",[55,219,220],{},"843.3%",[34,222,223,226,229,232],{},[55,224,225],{},"年化复合收益率",[55,227,228],{},"9.1%",[55,230,231],{},"29.6%",[55,233,234],{},"23.8%",[236,237,238],"blockquote",{},[239,240,241],"ol",{},[242,243,244],"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。",[236,246,247],{},[239,248,249],{},[242,250,251],{},"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。",[236,253,254],{},[239,255,256],{},[242,257,258],{},"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。",[14,260,261],{},"在合伙基金上半年业绩统计中，控股公司的估值保持不变，我们的收益完全来自有价证券投资。今年年初，我们投资有价证券的部分占净资产的 63.3%。",[14,263,264],{},"在 12 月份承诺书最终生效之前，我们会考虑所有相关情况（包括经营、市场和信用情况），决定是否对多元零售公司 (Diversified Retailing Company, DRC) 和伯克希尔•哈撒韦公司重新估值。",[14,266,267],{},"上半年，多元零售公司和伯克希尔哈撒韦公司都进行了大型收购。多元零售公司（我们持有 80% 股份）及其两个子公司（霍赫希尔德科恩公司 (Hochschild Kohn) 和联合棉布商店 (Associated Cotton Shops)）都非常令人满意。纺织行业的伯克希尔哈撒韦却步履维艰。虽然现在我没看到它的内在价值有任何减损，但是它的纺织业务是不可能取得像样的资产回报率了。如果道指继续上涨，投资组合中的伯克希尔纺织业务会严重拖累我们的相对表现（今年上半年就是如此）。在市场强劲上涨时，控股公司的相对表现较弱是意料之中的，但是如果控股公司本身的业务也没起色，那就麻烦了。我一个朋友有句话说得好：“想要的东西没得到，就得到了经验。”(Experience is what you find when you’re looking for something else.)",[18,269,270],{"id":270},"基金公司",[14,272,273],{},"与往常一样，下面是合伙基金与股票投资占 95-100% 的最大的两只开放式股票型基金（共同基金）和最大的两只封闭式基金的对比情况。",[28,275,276,300],{},[31,277,278],{},[34,279,280,282,285,288,291,294,297],{},[37,281,39],{},[37,283,284],{},"Mass. Inv. Trust (1)",[37,286,287],{},"Investors Stock (1)",[37,289,290],{},"Lehman (2)",[37,292,293],{},"Tri-Cont. (2)",[37,295,296],{},"道指",[37,298,299],{},"有限合伙人",[50,301,302,321,341,361,381,401,421,440,460,480,499,519,539],{},[34,303,304,306,309,312,314,317,319],{},[55,305,57],{},[55,307,308],{},"-11.4%",[55,310,311],{},"-12.4%",[55,313,308],{},[55,315,316],{},"-2.4%",[55,318,60],{},[55,320,66],{},[34,322,323,325,328,331,334,337,339],{},[55,324,71],{},[55,326,327],{},"42.7%",[55,329,330],{},"47.5%",[55,332,333],{},"40.8%",[55,335,336],{},"33.2%",[55,338,74],{},[55,340,80],{},[34,342,343,345,348,351,354,357,359],{},[55,344,85],{},[55,346,347],{},"9.0%",[55,349,350],{},"10.3%",[55,352,353],{},"8.1%",[55,355,356],{},"8.4%",[55,358,88],{},[55,360,94],{},[34,362,363,365,368,371,374,377,379],{},[55,364,99],{},[55,366,367],{},"-1.0%",[55,369,370],{},"-0.6%",[55,372,373],{},"2.5%",[55,375,376],{},"2.8%",[55,378,102],{},[55,380,108],{},[34,382,383,385,388,391,394,397,399],{},[55,384,113],{},[55,386,387],{},"25.6%",[55,389,390],{},"24.9%",[55,392,393],{},"23.6%",[55,395,396],{},"22.5%",[55,398,116],{},[55,400,122],{},[34,402,403,405,408,411,414,417,419],{},[55,404,127],{},[55,406,407],{},"-9.8%",[55,409,410],{},"-13.4%",[55,412,413],{},"-14.4%",[55,415,416],{},"-10.0%",[55,418,130],{},[55,420,136],{},[34,422,423,425,427,430,433,436,438],{},[55,424,141],{},[55,426,88],{},[55,428,429],{},"16.5%",[55,431,432],{},"23.7%",[55,434,435],{},"18.3%",[55,437,144],{},[55,439,150],{},[34,441,442,444,447,450,453,456,458],{},[55,443,155],{},[55,445,446],{},"15.9%",[55,448,449],{},"14.3%",[55,451,452],{},"13.6%",[55,454,455],{},"12.6%",[55,457,158],{},[55,459,164],{},[34,461,462,464,467,470,473,476,478],{},[55,463,169],{},[55,465,466],{},"10.2%",[55,468,469],{},"9.8%",[55,471,472],{},"19.0%",[55,474,475],{},"10.7%",[55,477,172],{},[55,479,178],{},[34,481,482,484,487,489,492,495,497],{},[55,483,183],{},[55,485,486],{},"-7.7%",[55,488,416],{},[55,490,491],{},"-2.6%",[55,493,494],{},"-6.9%",[55,496,186],{},[55,498,192],{},[34,500,501,503,506,509,512,515,517],{},[55,502,197],{},[55,504,505],{},"11.3%",[55,507,508],{},"12.3%",[55,510,511],{},"19.3%",[55,513,514],{},"14.4%",[55,516,200],{},[55,518,206],{},[34,520,521,523,526,529,532,535,537],{},[55,522,211],{},[55,524,525],{},"143.3%",[55,527,528],{},"126.4%",[55,530,531],{},"185.4%",[55,533,534],{},"156.8%",[55,536,214],{},[55,538,220],{},[34,540,541,543,546,548,551,554,556],{},[55,542,225],{},[55,544,545],{},"8.9%",[55,547,353],{},[55,549,550],{},"10.5%",[55,552,553],{},"9.4%",[55,555,228],{},[55,557,234],{},[236,559,560],{},[239,561,562],{},[242,563,564],{},"计算包括资产价值变化以及当年持有人获得的分红。",[236,566,567],{},[239,568,569],{},[242,570,571],{},"来源：1967 Moody&# 39;s Bank & Finance Manual for 1957-1966。1967 年上半年数据为估算值。",[14,573,574],{},"主要还是靠潮涨潮落，不是游泳的真本事。",[18,576,577],{"id":577},"税项",[14,579,580],{},"进入 1967 年，我们未实现的收益是 16,361,974 美元。截止 6 月 30 日，我们实现了 7,084,104 美元的净资本收益，由此看来，今年年初归属于合伙人权益的未实现收益中的很大一部分，都会在今年实现。在 1967 年 2 月 2 日寄给各位的信中，我们在第三条报告了这一金额。11 月份，我们会将 2 月 2 日信的副本以及税收信函寄给各位，让各位了解大概的纳税情况。",[14,582,583],{},"我一直这样建议大家，在估算中期纳税数字时，使用上一年实际支付的税收金额，这样比较稳妥，不会受罚。",[14,585,586],{},"最终数字是多少还不得而知，但现在知道的是，缴纳的税款中大部分是长期资本利得，短期资本利得和普通所得很少。（有些人计算收益和本金时总是很糊涂，我经常想善意地批评一下。我和苏茜刚结婚的时候，我对她说：“别担心 income（收入），重要的是 outcome（结果）。”）",[18,588,589],{"id":589},"其他事项",[14,591,592],{},"上半年，由于要全身心投入到自己的投资管理工作中，斯坦•波尔米塔 (Stan Perlmeter) 辞去了合伙基金解散委员会的职务。经其余委员选举，小弗雷德•斯坦贝克 (Fred Stanback, Jr.) 填补了空缺。小弗雷德是我们的一位老合伙人，也是一位经验丰富的投资者。",[14,594,595],{},"和往年一样，我们将在 11 月 1 日左右寄出承诺书以及 1967 年纳税估算数据等文件。",[14,597,598],{},"今年有个特殊情况，为了引起各位的注意，我会在 10 月份专门给大家写一封信。我要说的不是修改《合伙协议》，而是由于环境变化，“基本原则”需要进行一些修改。我希望提前通知大家，让大家在安排 1968 年的计划之前有足够的时间消化。《合伙协议》代表我们在法律上达成的一致，“基本原则”代表我们在个人理念上达成的一致。从某些方面来说，我认为“基本原则”这份文件更重要。在我看来，如果有可能影响合伙基金的活动或业绩的变化，一定要事先告诉大家，把一切都讲明白，这就是我为什么 10 月份会专门写一封信给各位。",[14,600,601],{},"沃伦 E. 巴菲特谨上",{"title":603,"searchDepth":604,"depth":604,"links":605},"",2,[606,608,609,610],{"id":20,"depth":607,"text":20},3,{"id":270,"depth":607,"text":270},{"id":577,"depth":607,"text":577},{"id":589,"depth":607,"text":589},"致合伙人信",null,"1967年中巴菲特致合伙人信，分享上半年投资业绩及控股类投资公司表现","md",{},true,30,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":613},"1967年中 巴菲特致合伙人信｜巴菲特","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","e18tzlripcCcQAsQUY0w2vF_gHYOi3F5anXyfY4CSbU","buffett",[626,630,634,638,641,644,647,650,653,656,660,663,666,670,673,676,680,683,686,690,693,696,700,703,706,710,713,716,720,723,726,730,733,736,740,743,746,750,753,756,760,763,766,770,773,776,780,783,786,790,793,796,800,803,806,811,814,817,821,824,827,831,834,837,841,844,847,851,854,857,861,864,867,871,874,877,881,884,887,891,894,897,901,904,907,911,914,917,918,921,924,928,931,934,938,941,944,948,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1003,1007,1010,1014,1017,1021,1024,1028,1031,1035,1038,1042,1045,1049,1052,1056,1059,1063,1066,1070,1073,1077,1080,1084,1087,1091,1094,1098,1101,1105,1108,1112,1115,1119,1122,1126,1129,1133,1136,1140,1143,1147,1150,1154,1157,1161,1164,1168,1171,1175,1178,1182,1185,1189,1192,1196,1199,1203,1206,1210,1213,1217,1220,1224,1227,1231,1234,1238,1241,1245,1248,1252,1255,1259,1262,1266,1269,1273,1276,1280,1283,1287,1290,1294,1297,1301,1304,1308,1311,1315,1318,1322,1325,1329,1332,1336,1339,1343,1346,1350,1353,1357,1360,1364,1367,1371,1374,1378,1381,1385,1388,1392,1395,1399,1402,1406,1409,1413,1416,1420,1423,1427,1431,1435,1439,1443,1447,1451,1455,1459,1463,1467,1471,1475,1479,1483,1487,1491,1495,1499,1503,1507,1511,1515,1519,1523,1527,1531,1535,1539,1543,1547,1551,1555,1559,1563,1567,1571,1575,1579,1583,1587,1591,1595,1599,1603,1607,1611,1615,1619,1623],{"title":627,"slug":628,"category":611,"order":629},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":631,"slug":632,"category":633,"order":629},"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":635,"slug":636,"category":637,"order":629},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":639,"slug":640,"category":611,"order":604},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":642,"slug":643,"category":633,"order":604},"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":645,"slug":646,"category":637,"order":604},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":648,"slug":649,"category":611,"order":607},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":651,"slug":652,"category":633,"order":607},"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":654,"slug":655,"category":637,"order":607},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":657,"slug":658,"category":611,"order":659},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":661,"slug":662,"category":633,"order":659},"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":664,"slug":665,"category":637,"order":659},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":667,"slug":668,"category":611,"order":669},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":671,"slug":672,"category":633,"order":669},"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":674,"slug":675,"category":637,"order":669},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":677,"slug":678,"category":611,"order":679},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":681,"slug":682,"category":633,"order":679},"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":684,"slug":685,"category":637,"order":679},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":687,"slug":688,"category":611,"order":689},"1961年中 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1022,"slug":1023,"category":633,"order":1020},"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":1025,"slug":1026,"category":809,"order":1027},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1029,"slug":1030,"category":633,"order":1027},"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":1032,"slug":1033,"category":809,"order":1034},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1036,"slug":1037,"category":633,"order":1034},"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":1039,"slug":1040,"category":809,"order":1041},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1043,"slug":1044,"category":633,"order":1041},"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":1046,"slug":1047,"category":809,"order":1048},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1050,"slug":1051,"category":633,"order":1048},"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":1053,"slug":1054,"category":809,"order":1055},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1057,"slug":1058,"category":633,"order":1055},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1060,"slug":1061,"category":809,"order":1062},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1064,"slug":1065,"category":633,"order":1062},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1067,"slug":1068,"category":809,"order":1069},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1071,"slug":1072,"category":633,"order":1069},"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":1074,"slug":1075,"category":809,"order":1076},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1078,"slug":1079,"category":633,"order":1076},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1081,"slug":1082,"category":809,"order":1083},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1085,"slug":1086,"category":633,"order":1083},"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":1088,"slug":1089,"category":809,"order":1090},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1092,"slug":1093,"category":633,"order":1090},"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":1095,"slug":1096,"category":809,"order":1097},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1099,"slug":1100,"category":633,"order":1097},"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":1102,"slug":1103,"category":809,"order":1104},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1106,"slug":1107,"category":633,"order":1104},"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":1109,"slug":1110,"category":809,"order":1111},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1113,"slug":1114,"category":633,"order":1111},"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":1116,"slug":1117,"category":809,"order":1118},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1120,"slug":1121,"category":633,"order":1118},"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":1123,"slug":1124,"category":809,"order":1125},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1127,"slug":1128,"category":633,"order":1125},"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":1130,"slug":1131,"category":809,"order":1132},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1134,"slug":1135,"category":633,"order":1132},"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":1137,"slug":1138,"category":809,"order":1139},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1141,"slug":1142,"category":633,"order":1139},"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":1144,"slug":1145,"category":809,"order":1146},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1148,"slug":1149,"category":633,"order":1146},"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":1151,"slug":1152,"category":809,"order":1153},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1155,"slug":1156,"category":633,"order":1153},"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":1158,"slug":1159,"category":809,"order":1160},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1162,"slug":1163,"category":633,"order":1160},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1165,"slug":1166,"category":809,"order":1167},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1169,"slug":1170,"category":633,"order":1167},"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":1172,"slug":1173,"category":809,"order":1174},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1176,"slug":1177,"category":633,"order":1174},"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":1179,"slug":1180,"category":809,"order":1181},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1183,"slug":1184,"category":633,"order":1181},"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":1186,"slug":1187,"category":809,"order":1188},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1190,"slug":1191,"category":633,"order":1188},"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":1193,"slug":1194,"category":809,"order":1195},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1197,"slug":1198,"category":633,"order":1195},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1200,"slug":1201,"category":809,"order":1202},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1204,"slug":1205,"category":633,"order":1202},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1207,"slug":1208,"category":809,"order":1209},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1211,"slug":1212,"category":633,"order":1209},"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":1214,"slug":1215,"category":809,"order":1216},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1218,"slug":1219,"category":633,"order":1216},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1221,"slug":1222,"category":809,"order":1223},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1225,"slug":1226,"category":633,"order":1223},"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":1228,"slug":1229,"category":809,"order":1230},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1232,"slug":1233,"category":633,"order":1230},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1235,"slug":1236,"category":809,"order":1237},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1239,"slug":1240,"category":633,"order":1237},"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":1242,"slug":1243,"category":809,"order":1244},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1246,"slug":1247,"category":633,"order":1244},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1249,"slug":1250,"category":809,"order":1251},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1253,"slug":1254,"category":633,"order":1251},"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":1256,"slug":1257,"category":809,"order":1258},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1260,"slug":1261,"category":633,"order":1258},"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":1263,"slug":1264,"category":809,"order":1265},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1267,"slug":1268,"category":633,"order":1265},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1270,"slug":1271,"category":809,"order":1272},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1274,"slug":1275,"category":633,"order":1272},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1277,"slug":1278,"category":809,"order":1279},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1281,"slug":1282,"category":633,"order":1279},"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":1284,"slug":1285,"category":809,"order":1286},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1288,"slug":1289,"category":633,"order":1286},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1291,"slug":1292,"category":809,"order":1293},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1295,"slug":1296,"category":633,"order":1293},"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":1298,"slug":1299,"category":809,"order":1300},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1302,"slug":1303,"category":633,"order":1300},"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":1305,"slug":1306,"category":809,"order":1307},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1309,"slug":1310,"category":633,"order":1307},"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":1312,"slug":1313,"category":809,"order":1314},"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":1316,"slug":1317,"category":633,"order":1314},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1319,"slug":1320,"category":809,"order":1321},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1323,"slug":1324,"category":633,"order":1321},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1326,"slug":1327,"category":809,"order":1328},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1330,"slug":1331,"category":633,"order":1328},"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":1333,"slug":1334,"category":809,"order":1335},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1337,"slug":1338,"category":633,"order":1335},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1340,"slug":1341,"category":809,"order":1342},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1344,"slug":1345,"category":633,"order":1342},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1347,"slug":1348,"category":809,"order":1349},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1351,"slug":1352,"category":633,"order":1349},"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":1354,"slug":1355,"category":809,"order":1356},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1358,"slug":1359,"category":633,"order":1356},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1361,"slug":1362,"category":809,"order":1363},"2019 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