[{"data":1,"prerenderedAt":2605},["ShallowReactive",2],{"library-1968-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":1069,"library-sidebar-dao":2071,"library-sidebar-models":2373},{"id":4,"title":5,"body":6,"category":1055,"date":1056,"description":1057,"extension":1058,"meta":1059,"navigation":1060,"order":1061,"path":1062,"seo":1063,"seoDescription":1057,"seoTitle":1064,"slug":1065,"stem":1066,"__hash__":1067,"_collection":1068},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968-ba-fei-te-zhi-he-huo-ren-xin.md","1968 巴菲特致合伙人信",{"type":7,"value":8,"toc":1041},"minimark",[9,13,17,21,24,27,30,33,226,236,243,250,253,450,453,456,755,762,769,772,775,778,783,786,789,792,795,896,899,906,913,920,927,934,941,943,946,949,952,955,958,961,964,967,969,972,975,978,981,984,987,990,993,996,999,1002,1005,1008,1011,1014,1021,1028,1035,1038],[10,11,5],"h1",{"id":12},"_1968-巴菲特致合伙人信",[14,15,16],"p",{},"1969 年 1 月 22 日",[18,19,20],"h3",{"id":20},"年的业绩",[14,22,23],{},"谁都有犯错的时候。",[14,25,26],{},"1968 年年初，我对巴菲特合伙基金的前景感到前所未有的悲观，但是，去年我们实现了 40,032,691 美元的总收益。主要是因为我们抓住了一个很简单、很合理的机会，这个机会正好成熟了(投资机会像女人一样，招人喜欢，却难以捉摸)。",[14,28,29],{},"我相信各位都保持着知识分子的纯洁性，不会把上面的收益数字当回事，而是希望我报告一下相对道指的表现。去年，将股息计算在内，道指的收益率是上涨 7.7%，我们的收益率是上涨 58.8%，创造了新纪录。大家应该把这个业绩看成是极端异常情况，就像在桥牌中一连抓了 13 张黑桃，你叫到大满贯，却不动声色，把钱装在兜里，继续打下一局。我们也会有运气不好的时候。",[14,31,32],{},"下面是道指收益率、普通合伙人分成前合伙基金收益率(收益超过 6% 的部分，普通合伙人提取 25%)以及有限合伙人收益率的最新逐年对比情况。",[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)",[56,57,58,73,87,101,115,129,143,157,171,185,199,212],"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",[61,163,164],{},"18.7%",[61,166,167],{},"27.8%",[61,169,170],{},"22.3%",[40,172,173,176,179,182],{},[61,174,175],{},"1965",[61,177,178],{},"14.2%",[61,180,181],{},"47.2%",[61,183,184],{},"36.9%",[40,186,187,190,193,196],{},[61,188,189],{},"1966",[61,191,192],{},"-15.6%",[61,194,195],{},"20.4%",[61,197,198],{},"16.8%",[40,200,201,204,207,209],{},[61,202,203],{},"1967",[61,205,206],{},"19.0%",[61,208,128],{},[61,210,211],{},"28.4%",[40,213,214,217,220,223],{},[61,215,216],{},"1968",[61,218,219],{},"7.7%",[61,221,222],{},"58.8%",[61,224,225],{},"45.6%",[227,228,229],"blockquote",{},[230,231,232],"ol",{},[233,234,235],"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。",[227,237,238],{},[230,239,240],{},[233,241,242],{},"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。",[227,244,245],{},[230,246,247],{},[233,248,249],{},"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。",[14,251,252],{},"下表是累计收益率或复合收益率：",[34,254,255,270],{},[37,256,257],{},[40,258,259,261,264,267],{},[43,260,45],{},[43,262,263],{},"道指整体收益率",[43,265,266],{},"合伙基金收益率",[43,268,269],{},"有限合伙人收益率",[56,271,272,282,296,310,324,338,352,366,380,394,408,422,436],{},[40,273,274,276,278,280],{},[61,275,63],{},[61,277,66],{},[61,279,69],{},[61,281,72],{},[40,283,284,287,290,293],{},[61,285,286],{},"1957 – 58",[61,288,289],{},"26.9%",[61,291,292],{},"55.6%",[61,294,295],{},"44.5%",[40,297,298,301,304,307],{},[61,299,300],{},"1957 – 59",[61,302,303],{},"52.3%",[61,305,306],{},"95.9%",[61,308,309],{},"74.7%",[40,311,312,315,318,321],{},[61,313,314],{},"1957 – 60",[61,316,317],{},"42.9%",[61,319,320],{},"140.6%",[61,322,323],{},"107.2%",[40,325,326,329,332,335],{},[61,327,328],{},"1957 – 61",[61,330,331],{},"74.9%",[61,333,334],{},"251.0%",[61,336,337],{},"181.6%",[40,339,340,343,346,349],{},[61,341,342],{},"1957 – 62",[61,344,345],{},"61.6%",[61,347,348],{},"299.8%",[61,350,351],{},"215.1%",[40,353,354,357,360,363],{},[61,355,356],{},"1957 – 63",[61,358,359],{},"94.9%",[61,361,362],{},"454.5%",[61,364,365],{},"311.2%",[40,367,368,371,374,377],{},[61,369,370],{},"1957 - 64",[61,372,373],{},"131.3%",[61,375,376],{},"608.7%",[61,378,379],{},"402.9%",[40,381,382,385,388,391],{},[61,383,384],{},"1957 - 65",[61,386,387],{},"164.1%",[61,389,390],{},"943.2%",[61,392,393],{},"588.5%",[40,395,396,399,402,405],{},[61,397,398],{},"1957 - 66",[61,400,401],{},"122.9%",[61,403,404],{},"1156.0%",[61,406,407],{},"704.2%",[40,409,410,413,416,419],{},[61,411,412],{},"1957 - 67",[61,414,415],{},"165.3%",[61,417,418],{},"1606.9%",[61,420,421],{},"932.6%",[40,423,424,427,430,433],{},[61,425,426],{},"1957 - 68",[61,428,429],{},"185.7%",[61,431,432],{},"2610.6%",[61,434,435],{},"1403.5%",[40,437,438,441,444,447],{},[61,439,440],{},"年化复合收益率",[61,442,443],{},"9.1%",[61,445,446],{},"31.6%",[61,448,449],{},"25.3%",[18,451,452],{"id":452},"基金公司",[14,454,455],{},"和往常一样，下面是股票投资占 95-100% 的最大的两只开放式股票型基金（从 1957 年到 1966 年，这两只基金是规模最大的，现在是第二大和第三大）以及分散投资的最大的两只封闭式股票型基金的业绩，与合伙基金的收益率的对比情况。",[34,457,458,482],{},[37,459,460],{},[40,461,462,464,467,470,473,476,479],{},[43,463,45],{},[43,465,466],{},"Mass. Inv. Trust (1)",[43,468,469],{},"Investors Stock (1)",[43,471,472],{},"Lehman (2)",[43,474,475],{},"Tri-Cont. (2)",[43,477,478],{},"道指",[43,480,481],{},"有限合伙人实际收益率",[56,483,484,503,523,543,563,583,603,622,642,661,680,698,716,737],{},[40,485,486,488,491,494,496,499,501],{},[61,487,63],{},[61,489,490],{},"-11.4%",[61,492,493],{},"-12.4%",[61,495,490],{},[61,497,498],{},"-2.4%",[61,500,66],{},[61,502,72],{},[40,504,505,507,510,513,516,519,521],{},[61,506,77],{},[61,508,509],{},"42.7%",[61,511,512],{},"47.5%",[61,514,515],{},"40.8%",[61,517,518],{},"33.2%",[61,520,80],{},[61,522,86],{},[40,524,525,527,530,533,536,539,541],{},[61,526,91],{},[61,528,529],{},"9.0%",[61,531,532],{},"10.3%",[61,534,535],{},"8.1%",[61,537,538],{},"8.4%",[61,540,94],{},[61,542,100],{},[40,544,545,547,550,553,556,559,561],{},[61,546,105],{},[61,548,549],{},"-1.0%",[61,551,552],{},"-0.6%",[61,554,555],{},"2.5%",[61,557,558],{},"2.8%",[61,560,108],{},[61,562,114],{},[40,564,565,567,570,573,576,579,581],{},[61,566,119],{},[61,568,569],{},"25.6%",[61,571,572],{},"24.9%",[61,574,575],{},"23.6%",[61,577,578],{},"22.5%",[61,580,122],{},[61,582,128],{},[40,584,585,587,590,593,596,599,601],{},[61,586,133],{},[61,588,589],{},"-9.8%",[61,591,592],{},"-13.4%",[61,594,595],{},"-14.4%",[61,597,598],{},"-10.0%",[61,600,136],{},[61,602,142],{},[40,604,605,607,609,612,615,618,620],{},[61,606,147],{},[61,608,94],{},[61,610,611],{},"16.5%",[61,613,614],{},"23.7%",[61,616,617],{},"18.3%",[61,619,150],{},[61,621,156],{},[40,623,624,626,629,632,635,638,640],{},[61,625,161],{},[61,627,628],{},"15.9%",[61,630,631],{},"14.3%",[61,633,634],{},"13.6%",[61,636,637],{},"12.6%",[61,639,164],{},[61,641,170],{},[40,643,644,646,649,652,654,657,659],{},[61,645,175],{},[61,647,648],{},"10.2%",[61,650,651],{},"9.8%",[61,653,206],{},[61,655,656],{},"10.7%",[61,658,178],{},[61,660,184],{},[40,662,663,665,668,670,673,676,678],{},[61,664,189],{},[61,666,667],{},"-7.7%",[61,669,598],{},[61,671,672],{},"-2.6%",[61,674,675],{},"-6.9%",[61,677,192],{},[61,679,198],{},[40,681,682,684,686,688,691,694,696],{},[61,683,203],{},[61,685,94],{},[61,687,111],{},[61,689,690],{},"28.0%",[61,692,693],{},"25.4%",[61,695,206],{},[61,697,211],{},[40,699,700,702,704,706,709,712,714],{},[61,701,216],{},[61,703,532],{},[61,705,535],{},[61,707,708],{},"6.7%",[61,710,711],{},"6.8%",[61,713,219],{},[61,715,225],{},[40,717,718,721,724,727,730,733,735],{},[61,719,720],{},"累计收益率",[61,722,723],{},"189.3%",[61,725,726],{},"167.7%",[61,728,729],{},"225.6%",[61,731,732],{},"200.2%",[61,734,429],{},[61,736,435],{},[40,738,739,741,743,746,748,751,753],{},[61,740,440],{},[61,742,72],{},[61,744,745],{},"8.6%",[61,747,532],{},[61,749,750],{},"9.6%",[61,752,443],{},[61,754,449],{},[227,756,757],{},[230,758,759],{},[233,760,761],{},"计算包括资产价值变化以及当年持有人获得的分红。",[227,763,764],{},[230,765,766],{},[233,767,768],{},"来源:1968 Moody’s Bank & Finance Manual for 1957-1967。1968 年数据为估算值。",[14,770,771],{},"12 年过去了，这四只基金目前管理 50 多亿美元的总资产，占基金行业总规模的 10% 以上，但是按年化复合收益率计算，他们的平均收益率竟然才比道指高零点几个百分点。",[14,773,774],{},"前几年高歌猛进的一些基金最近偃旗息鼓了。在投资风格激进的基金公司中，蔡至勇 (Gerald Tsai) 的曼哈顿基金 (Manhattan Fund) 最负盛名，但它 1968 年只取得了亏损 6.9% 的业绩。1968 年，很多规模较小的基金继续大幅跑赢大市，但是与前两年跑赢大市的基金数量相比，就少多了。",[14,776,777],{},"在往年的信中，每次写到基金公司这部分，我经常斥责基金公司庸懒散慢，现在很多基金公司来了个一百八十度大转弯，变得高度紧张了。有一家基金公司(这家基金公司历史悠久，一说名字各位肯定知道)的基金经理掌管着 10 亿美元以上的资金，1968 年，在发行一只新产品时，他说:",[227,779,780],{},[14,781,782],{},"“国内国际经济环境日益复杂，资产管理已成为全天候工作。一位称职的基金经理研究证券不能只看每周或每天的情况。研究证券，必须关注每一分钟的动向。”",[14,784,785],{},"哇喔!",[14,787,788],{},"听他这么一说，我每次起身去拿百事喝都感到惭愧。掌管着大笔资金的人像打了鸡血一样，而且这样的越来越多，股票就那些，谁都不知道最后的结果会怎样。这个场面，看起来很热闹，也很吓人。",[18,790,791],{"id":791},"年业绩分析",[14,793,794],{},"1968 年我们的四大类投资都表现不错。我们实现的总收益是 40,032,691 美元，具体如下:",[34,796,797,810],{},[37,798,799],{},[40,800,801,804,807],{},[43,802,803],{},"类别",[43,805,806],{},"平均投资金额",[43,808,809],{},"总收益",[56,811,812,823,834,845,856,867,876,886],{},[40,813,814,817,820],{},[61,815,816],{},"控制类",[61,818,819],{},"$24,996,998",[61,821,822],{},"$5,886,109",[40,824,825,828,831],{},[61,826,827],{},"低估类（基于产业资本视角）",[61,829,830],{},"$16,363,100",[61,832,833],{},"$21,994,736",[40,835,836,839,842],{},[61,837,838],{},"低估类（相对低估）",[61,840,841],{},"$8,766,878",[61,843,844],{},"$4,271,825",[40,846,847,850,853],{},[61,848,849],{},"套利类",[61,851,852],{},"$18,980,602",[61,854,855],{},"$7,317,128",[40,857,858,861,864],{},[61,859,860],{},"其他（包括国债）",[61,862,863],{},"$12,744,973",[61,865,866],{},"$839,496",[40,868,869,871,873],{},[61,870,809],{},[61,872],{},[61,874,875],{},"$40,309,294",[40,877,878,881,883],{},[61,879,880],{},"减：日常费用，包括利息",[61,882],{},[61,884,885],{},"$276,603",[40,887,888,891,893],{},[61,889,890],{},"净收益",[61,892],{},[61,894,895],{},"$40,032,691",[14,897,898],{},"和两年前的信中所写的一样，有几个地方需要说明一下(不想读博士学位的可以跳过这部分):",[227,900,901],{},[230,902,903],{},[233,904,905],{},"1965 年 1 月 18 日的信中介绍了上述各个投资类别。如果你需要回顾一下，在附近的报刊亭又买不到便携版，请向我们索取。",[227,907,908],{},[230,909,910],{},[233,911,912],{},"分类不是严丝合缝的。一笔投资归在哪个类别，事后不会更改的，但最初归类时多少有些主观因素。有些投资不太好归类，例如，有的套利投资失败后，我仍然持有，但持有的理由已经和最初买入的理由不完全相同了(可能是因为固执)。",[227,914,915],{},[230,916,917],{},[233,918,919],{},"计算合伙基金收益率时，我们以年初投资金额为基准。上述表格记录的是各类投资的平均投资金额，这样计算出来的收益率比实际要低。例如，一只股票，我们 1 月 1 日以 100 美元买入，到 12 月 31 日，它上涨到 200 美元，则平均投资金额是 150 美元，收益率是 66.66%，而按照常用的计算方法，收益率则是 100%。换言之，上表中的平均投资金额是以每月的平均市值计算的。",[227,921,922],{},[230,923,924],{},[233,925,926],{},"所有数字均按照 100% 自有资金、无杠杆的基础计算。利息和日常费用从总收益中扣除，不分摊到各个类别。与具体某笔投资直接相关的费用，例如，因做空股票而支付的股息，直接从相应类别中扣除。在涉及融券做空的情况下，计算平均投资金额时，用多头仓位减去空头仓位得出净投资金额。",[227,928,929],{},[230,930,931],{},[233,932,933],{},"上述表格用处有限。各个投资类别的收益都主要来自一两笔投资。如果收集了大量稳定的数据 (例如，美国男性的死亡率)，那么可以从中得出一些结论和预测，但我们的投资不是这么回事。我们在投资中面临的是一系列不知何时出现、各有不同特点的事件，我们要前思后想，琢磨各种可能性，然后做出决定。",[227,935,936],{},[230,937,938],{},[233,939,940],{},"最后，我们在进行上述计算时不像数钱时那么上心，再说这也算不上纯粹的自检，所以里面可能有笔误或计算错误。",[18,942,816],{"id":816},[14,944,945],{},"总体来说，1968年控股公司交出了一份令人满意的业绩。多元零售公司（Diversified Retailing CompanyInc.）（持股80％）和伯克希尔哈撒韦公司（Berkshire Hathaway Inc.）（持股70％）的税后利润合计为 500多万美元。",[14,947,948],{},"联合棉布商店（Associated Cotton Shops）和国民赔偿公司（National Indemnity）表现尤其突出，这两家公司分别是多元零售和伯克希尔哈撒韦的子公司，分别由本·罗斯纳（Ben Rosner）和杰克·林沃特（JackRingwalt） 领导。这两家公司都取得了20％左右的资本收益率。在财富 500 强公司中（美国规模最大的制造业公司排名，通用汽车居于榜首），1967年，只有37家公司的资本收益率达到了20％。IBM、通用电气（General Electric）、通用汽车（General Motors）、宝洁（Procter＆Gamble）、杜邦 （DuPont）、控制数据（Control Data）和惠普（Hewlett-Packard），这些公司虽然名气更大，但我们的经理 人取得了比他们更优秀的资本收益率。",[14,950,951],{},"现在还是有合伙人对我说这样的话：“伯克希尔涨了四块钱，太好了！”“伯克希尔上周怎么跌了三块钱，出什么情况了？”在评估控股权益时，我们不看市场价格。1967年年末，我们给伯克希尔哈撒韦的估值是25，当时市场价格是20左右。1968年年末，我们给它的估值是31，当时市场价格是37左右。要是这两年的市场价格分别是15和50，我们的估值还是会和原来一样。（“买入要花多少钱，这个是价格；买到的是什么，这个是价值。”）就控股投资而言，我们的盈亏全看生意经营情况，我们不想通过各种手段在股市获利。",[18,953,827],{"id":954},"低估类基于产业资本视角",[14,956,957],{},"这些年来，这个类别的平均收益率最高，盈利投资所占百分比也最高。我正是从低估类中领悟了投资的道理。在合伙基金早年，在我们的所有投资机会中，低估类占了很大一部分。在巴菲特合伙基金这12年的历程中，把低估类的每一笔投资都算在一起，我们实现的总利润大概是总亏损的50倍。1968 年，我们发现一个行业中存在明显的投资机会（并从多方面加以利用），结果赚了大钱。在利用这个投资机会的过程中，我们因为做了一些工作，还获得了一大笔费用（记录在审计文件中的“其他收入”中）。",[14,959,960],{},"到目前为止，在持续取得良好业绩方面，我对低估类（基于产业资本视角）的确定性最大。但是，现在我们在这个类别的总投资还不到200万美元，而且我一个备选机会都没有。1968年，机会像约翰斯顿水灾奔涌而来。1969年，机会像阿尔图纳市一个水龙头漏出来的水滴。",[18,962,838],{"id":963},"低估类相对低估",[14,965,966],{},"此类投资创造的收益占1966年和1967年总收益的三分之二左右。我在去年的信里说了，这个类别连续两年取得佳绩，主要是因为我们抓住了一个机会。我还说了：“在相对低估类中，无论是看规模，还是看潜力，我们现在没有一只股票能与这只相提并论。”我感到很高兴的是，我去年说的这句话完全正确。我不太高兴的是，今年还是这个情况。",[18,968,849],{"id":849},[14,970,971],{},"1967年，我们的套利类投资彻底做砸了。1968年，我们做得很好。我们的投资方法是每年相对集中地只做几笔投资。一些专做套利的大型机构每年同时做 50多笔套利。与大量分散的方法相比，我们每年的业绩波动幅度更大。我觉得按照我们的投资方法，平均下来，我们的业绩不会差。1968年，我们的表现比1967年好，我对自己的结论也更有信心了。",[14,973,974],{},"这里还是要提醒一下，一般计算业绩的方法是以年初的数字为基准，而且在套利投资中的资金有一部分可以是借来的，按我们的方法计算，我们在套利类投资（其他几类也一样）中的业绩会略微低一些。",[976,977],"hr",{},[14,979,980],{},"当前的机会，无论从质量上看，还是数量上看，都是历史新低。我已经说过很多遍了，但还是要说。具体原因我在1967年10月9日的信中讲过了。这个现象是越来越严重。",[14,982,983],{},"德州仪器公司的达拉斯总部挂着一块牌子，上面写着：“我们不相信奇迹，我们创造奇迹。”有时候，我甚至觉得我们的办公室上也应该挂一个这样的牌子。一个棒球选手，岁数大了、身体发福了、脚步慢了、眼神也不好了，作为替补出场，他也可能精确地打出一记本垒打，但是谁都不会因为这个把他当成首发。",[14,985,986],{},"展望未来，我们面临的是诸多重大不利因素。我们不至于一事无成，但也很难取得良好的收益率。",[18,988,989],{"id":989},"大事记",[14,991,992],{},"我有个上了年纪的朋友，他说：“怀旧已经没了过去的味道。”虽然如此，我们还是来一次怀旧吧。",[14,994,995],{},"1956年5月5日，七位有限合伙人（四个家人，三个好友）出资105,000美元，普通合伙人也不是光说不练，拿出了100美元合伙投资，这就是我们合伙基金的前身。1956年，新成立了两个合伙人账户。1957年1月1日，净资产合计为303,726美元。1957年，我们取得了31,615.97 美元的收益，这就是第一页上显示的10.4％的收益率。1968年，纽约股票交易所全年的交易时间大约是1,200小时，我们平均每小时的收益是33,000美元左右，这和1957年全年的收益差不多。（要是纽约股票交易所还是像以前一样，每天交易5.5小时，每周交易5天，那就好了，你肯定这么想的，是不是？）",[14,997,998],{},"1962年1月1日，我们将之前的所有有限合伙人账户整合到一起。我不用在家办公了，而且我们还聘请了第一个全职员工。当时的净资产是7,178,500美元。从那时起，我们的净资产增长到现在的104,429,431 美元，员工只增加了一人。从1963年起（资产为9,405,400美元），房租从3,947美元涨到5,823 美元（要是我签订了百分比租约，本·罗斯纳（Ben Rosner）肯定饶不了我），差旅费从 3,206美元增加到3,603 美元，会员费和订阅费从900美元增长到994美元。帕金森定律（Parkinson’s Laws）中的某一条或许在我们这也有效，好在我们还没出现失控的局面。",[14,1000,1001],{},"55岁的盖普西·罗丝·李（Gypsy Rose Lee）在讲到自己的身体这项固定资产时，她说过这么一句话：“20年前我什么样，现在还什么样，就是都低了点。”显然，在回顾我们的金融资产时，我们的结论和她说的不一样。",[18,1003,1004],{"id":1004},"其他事项",[14,1006,1007],{},"虽说投资环境困难重重，但我们的办公环境无可挑剔。因为有多娜（Donna）、格拉迪斯（Gladys）、比尔（Bill）和约翰（John），我们的组织效率高、速度快，而且大家关系都很融洽。他们是最棒的。",[14,1009,1010],{},"1969年1月1日，我们的员工及其配偶、子女在合伙基金共计投资2700多万美元。姨、舅、叔、婶、爸、妈、兄弟姐妹、各种表亲，巴菲特合伙基金真像一个大家庭一样，里面都是“自己人”。",[14,1012,1013],{},"几天后，各位将收到如下文件：",[227,1015,1016],{},[230,1017,1018],{},[233,1019,1020],{},"一份包含税收数据的信函，其中列有申报1968年联邦所得税所需的所有巴菲特合伙基金信息。",[227,1022,1023],{},[230,1024,1025],{},[233,1026,1027],{},"毕马威会计师事务所（今年他们的工作仍然很出色）出具的1968年审计报告，其中包含巴菲特合伙基金的运营数据和财务状况以及合伙人资本账户的信息。",[227,1029,1030],{},[230,1031,1032],{},[233,1033,1034],{},"一份由我签署的、证明您于1969年1月1日持有巴菲特合伙基金权益的文件，其中的权益数据与审计报告中列出的数据一致。",[14,1036,1037],{},"如果对信中内容有任何疑问，或者年中遇到任何问题，请随时与我联系。下一封信是上半年总结，各位将在 7月 10 日左右收到。",[14,1039,1040],{},"沃伦 E. 巴菲特谨上",{"title":1042,"searchDepth":1043,"depth":1043,"links":1044},"",2,[1045,1047,1048,1049,1050,1051,1052,1053,1054],{"id":20,"depth":1046,"text":20},3,{"id":452,"depth":1046,"text":452},{"id":791,"depth":1046,"text":791},{"id":816,"depth":1046,"text":816},{"id":954,"depth":1046,"text":827},{"id":963,"depth":1046,"text":838},{"id":849,"depth":1046,"text":849},{"id":989,"depth":1046,"text":989},{"id":1004,"depth":1046,"text":1004},"致合伙人信",null,"1968年巴菲特致合伙人信，总结年度投资业绩及合伙基金运作哲学","md",{},true,31,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":1057},"1968 巴菲特致合伙人信｜巴菲特","1968-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968-ba-fei-te-zhi-he-huo-ren-xin","nQci8yvAW8oGsrxJFmNIS-niitlhpSurHw4SNUo9Hcg","buffett",[1070,1074,1078,1082,1085,1088,1091,1094,1097,1100,1104,1107,1110,1114,1117,1120,1124,1127,1130,1134,1137,1140,1144,1147,1150,1154,1157,1160,1164,1167,1170,1174,1177,1180,1184,1187,1190,1194,1197,1200,1204,1207,1210,1214,1217,1220,1224,1227,1230,1234,1237,1240,1244,1247,1250,1255,1258,1261,1265,1268,1271,1275,1278,1281,1285,1288,1291,1295,1298,1301,1305,1308,1311,1315,1318,1321,1325,1328,1331,1335,1338,1341,1345,1348,1351,1355,1358,1361,1365,1368,1371,1372,1375,1378,1382,1385,1388,1392,1395,1398,1402,1405,1409,1412,1416,1419,1423,1426,1430,1433,1437,1440,1444,1447,1451,1454,1458,1461,1465,1468,1472,1475,1479,1482,1486,1489,1493,1496,1500,1503,1507,1510,1514,1517,1521,1524,1528,1531,1535,1538,1542,1545,1549,1552,1556,1559,1563,1566,1570,1573,1577,1580,1584,1587,1591,1594,1598,1601,1605,1608,1612,1615,1619,1622,1626,1629,1633,1636,1640,1643,1647,1650,1654,1657,1661,1664,1668,1671,1675,1678,1682,1685,1689,1692,1696,1699,1703,1706,1710,1713,1717,1720,1724,1727,1731,1734,1738,1741,1745,1748,1752,1755,1759,1762,1766,1769,1773,1776,1780,1783,1787,1790,1794,1797,1801,1804,1808,1811,1815,1818,1822,1825,1829,1832,1836,1839,1843,1846,1850,1853,1857,1860,1864,1867,1871,1875,1879,1883,1887,1891,1895,1899,1903,1907,1911,1915,1919,1923,1927,1931,1935,1939,1943,1947,1951,1955,1959,1963,1967,1971,1975,1979,1983,1987,1991,1995,1999,2003,2007,2011,2015,2019,2023,2027,2031,2035,2039,2043,2047,2051,2055,2059,2063,2067],{"title":1071,"slug":1072,"category":1055,"order":1073},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1075,"slug":1076,"category":1077,"order":1073},"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":1079,"slug":1080,"category":1081,"order":1073},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1083,"slug":1084,"category":1055,"order":1043},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1086,"slug":1087,"category":1077,"order":1043},"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":1089,"slug":1090,"category":1081,"order":1043},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1092,"slug":1093,"category":1055,"order":1046},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1095,"slug":1096,"category":1077,"order":1046},"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":1098,"slug":1099,"category":1081,"order":1046},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1101,"slug":1102,"category":1055,"order":1103},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1105,"slug":1106,"category":1077,"order":1103},"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":1108,"slug":1109,"category":1081,"order":1103},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1111,"slug":1112,"category":1055,"order":1113},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1115,"slug":1116,"category":1077,"order":1113},"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":1118,"slug":1119,"category":1081,"order":1113},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1121,"slug":1122,"category":1055,"order":1123},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1125,"slug":1126,"category":1077,"order":1123},"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":1128,"slug":1129,"category":1081,"order":1123},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1131,"slug":1132,"category":1055,"order":1133},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1135,"slug":1136,"category":1077,"order":1133},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1138,"slug":1139,"category":1081,"order":1133},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1141,"slug":1142,"category":1055,"order":1143},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1145,"slug":1146,"category":1077,"order":1143},"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":1148,"slug":1149,"category":1081,"order":1143},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1151,"slug":1152,"category":1055,"order":1153},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1155,"slug":1156,"category":1077,"order":1153},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1158,"slug":1159,"category":1081,"order":1153},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1161,"slug":1162,"category":1055,"order":1163},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1165,"slug":1166,"category":1077,"order":1163},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1168,"slug":1169,"category":1081,"order":1163},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1171,"slug":1172,"category":1055,"order":1173},"1962年中 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1466,"slug":1467,"category":1077,"order":1464},"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":1469,"slug":1470,"category":1253,"order":1471},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1473,"slug":1474,"category":1077,"order":1471},"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":1476,"slug":1477,"category":1253,"order":1478},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1480,"slug":1481,"category":1077,"order":1478},"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":1483,"slug":1484,"category":1253,"order":1485},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1487,"slug":1488,"category":1077,"order":1485},"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":1490,"slug":1491,"category":1253,"order":1492},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1494,"slug":1495,"category":1077,"order":1492},"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":1497,"slug":1498,"category":1253,"order":1499},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1501,"slug":1502,"category":1077,"order":1499},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1504,"slug":1505,"category":1253,"order":1506},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1508,"slug":1509,"category":1077,"order":1506},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1511,"slug":1512,"category":1253,"order":1513},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1515,"slug":1516,"category":1077,"order":1513},"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":1518,"slug":1519,"category":1253,"order":1520},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1522,"slug":1523,"category":1077,"order":1520},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1525,"slug":1526,"category":1253,"order":1527},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1529,"slug":1530,"category":1077,"order":1527},"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":1532,"slug":1533,"category":1253,"order":1534},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1536,"slug":1537,"category":1077,"order":1534},"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":1539,"slug":1540,"category":1253,"order":1541},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1543,"slug":1544,"category":1077,"order":1541},"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":1546,"slug":1547,"category":1253,"order":1548},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1550,"slug":1551,"category":1077,"order":1548},"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":1553,"slug":1554,"category":1253,"order":1555},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1557,"slug":1558,"category":1077,"order":1555},"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":1560,"slug":1561,"category":1253,"order":1562},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1564,"slug":1565,"category":1077,"order":1562},"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":1567,"slug":1568,"category":1253,"order":1569},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1571,"slug":1572,"category":1077,"order":1569},"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":1574,"slug":1575,"category":1253,"order":1576},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1578,"slug":1579,"category":1077,"order":1576},"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":1581,"slug":1582,"category":1253,"order":1583},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1585,"slug":1586,"category":1077,"order":1583},"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":1588,"slug":1589,"category":1253,"order":1590},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1592,"slug":1593,"category":1077,"order":1590},"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":1595,"slug":1596,"category":1253,"order":1597},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1599,"slug":1600,"category":1077,"order":1597},"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":1602,"slug":1603,"category":1253,"order":1604},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1606,"slug":1607,"category":1077,"order":1604},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1609,"slug":1610,"category":1253,"order":1611},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1613,"slug":1614,"category":1077,"order":1611},"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":1616,"slug":1617,"category":1253,"order":1618},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1620,"slug":1621,"category":1077,"order":1618},"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":1623,"slug":1624,"category":1253,"order":1625},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1627,"slug":1628,"category":1077,"order":1625},"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":1630,"slug":1631,"category":1253,"order":1632},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1634,"slug":1635,"category":1077,"order":1632},"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":1637,"slug":1638,"category":1253,"order":1639},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1641,"slug":1642,"category":1077,"order":1639},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1644,"slug":1645,"category":1253,"order":1646},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1648,"slug":1649,"category":1077,"order":1646},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1651,"slug":1652,"category":1253,"order":1653},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1655,"slug":1656,"category":1077,"order":1653},"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":1658,"slug":1659,"category":1253,"order":1660},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1662,"slug":1663,"category":1077,"order":1660},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1665,"slug":1666,"category":1253,"order":1667},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1669,"slug":1670,"category":1077,"order":1667},"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":1672,"slug":1673,"category":1253,"order":1674},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1676,"slug":1677,"category":1077,"order":1674},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1679,"slug":1680,"category":1253,"order":1681},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1683,"slug":1684,"category":1077,"order":1681},"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":1686,"slug":1687,"category":1253,"order":1688},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1690,"slug":1691,"category":1077,"order":1688},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1693,"slug":1694,"category":1253,"order":1695},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1697,"slug":1698,"category":1077,"order":1695},"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":1700,"slug":1701,"category":1253,"order":1702},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1704,"slug":1705,"category":1077,"order":1702},"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":1707,"slug":1708,"category":1253,"order":1709},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1711,"slug":1712,"category":1077,"order":1709},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1714,"slug":1715,"category":1253,"order":1716},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1718,"slug":1719,"category":1077,"order":1716},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1721,"slug":1722,"category":1253,"order":1723},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1725,"slug":1726,"category":1077,"order":1723},"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":1728,"slug":1729,"category":1253,"order":1730},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1732,"slug":1733,"category":1077,"order":1730},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1735,"slug":1736,"category":1253,"order":1737},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1739,"slug":1740,"category":1077,"order":1737},"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":1742,"slug":1743,"category":1253,"order":1744},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1746,"slug":1747,"category":1077,"order":1744},"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":1749,"slug":1750,"category":1253,"order":1751},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1753,"slug":1754,"category":1077,"order":1751},"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":1756,"slug":1757,"category":1253,"order":1758},"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":1760,"slug":1761,"category":1077,"order":1758},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1763,"slug":1764,"category":1253,"order":1765},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1767,"slug":1768,"category":1077,"order":1765},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1770,"slug":1771,"category":1253,"order":1772},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1774,"slug":1775,"category":1077,"order":1772},"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":1777,"slug":1778,"category":1253,"order":1779},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1781,"slug":1782,"category":1077,"order":1779},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1784,"slug":1785,"category":1253,"order":1786},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1788,"slug":1789,"category":1077,"order":1786},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1791,"slug":1792,"category":1253,"order":1793},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1795,"slug":1796,"category":1077,"order":1793},"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":1798,"slug":1799,"category":1253,"order":1800},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1802,"slug":1803,"category":1077,"order":1800},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1805,"slug":1806,"category":1253,"order":1807},"2019 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