[{"data":1,"prerenderedAt":2191},["ShallowReactive",2],{"library-1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":655,"library-sidebar-dao":1657,"library-sidebar-models":1959},{"id":4,"title":5,"body":6,"category":641,"date":642,"description":643,"extension":644,"meta":645,"navigation":646,"order":647,"path":648,"seo":649,"seoDescription":643,"seoTitle":650,"slug":651,"stem":652,"__hash__":653,"_collection":654},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1968年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":632},"minimark",[9,13,17,21,24,27,248,258,265,272,275,278,281,284,287,588,595,602,605,608,611,614,617,620,623,626,629],[10,11,5],"h1",{"id":12},"_1968年中-巴菲特致合伙人信",[14,15,16],"p",{},"1968 年 7 月 11 日",[18,19,20],"h3",{"id":20},"上半年业绩",[14,22,23],{},"1968 年上半年，道指从 905 点略微下跌到 898 点。上半年持有道指可获得 15 美元的股息，在此期间投资道指的整体收益率为 0.9%。对于大多数基金经理而言，虽然他们没像 1967 年领先道指那么多，但今年上半年，道指仍然是一个比较弱的对手。",[14,25,26],{},"上半年，我们的业绩好得出乎意料。在控股公司估值保持不变的情况下（今年年初，在净资产中，控制类的占比是三分之一多一点），我们的总收益是 16%。这个业绩没什么值得激动的。我们投资的有价证券是重仓集中投资的，只投资了几只，与广泛分散的投资方法相比，我们的相对业绩更容易出现较大的波动。我们的长期业绩目标在修改的“基本原则”中写的很清楚，目标定得不高，但是从长期看，如果真能做到，我就很知足了。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) 合伙基金收益率 (2)",[37,44,45],{},"Partnership Results (2)",[37,47,48],{},"有限合伙人收益率 (3)",[50,51,52,67,81,95,109,123,137,151,165,179,193,206,220,234],"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%",[34,194,195,198,201,203],{},[55,196,197],{},"1967",[55,199,200],{},"19.0%",[55,202,122],{},[55,204,205],{},"28.4%",[34,207,208,211,214,217],{},[55,209,210],{},"1968 年上半年",[55,212,213],{},"0.9%",[55,215,216],{},"16.0%",[55,218,219],{},"13.5%",[34,221,222,225,228,231],{},[55,223,224],{},"累计收益率",[55,226,227],{},"167.7%",[55,229,230],{},"1880.0%",[55,232,233],{},"1072.0%",[34,235,236,239,242,245],{},[55,237,238],{},"年化复合收益率",[55,240,241],{},"8.9%",[55,243,244],{},"29.6%",[55,246,247],{},"23.8%",[249,250,251],"blockquote",{},[252,253,254],"ol",{},[255,256,257],"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。",[249,259,260],{},[252,261,262],{},[255,263,264],{},"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。",[249,266,267],{},[252,268,269],{},[255,270,271],{},"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。",[14,273,274],{},"我们只在年末对控股公司进行重新估值，根据现在的情况来看，1968 年归属于我们的盈利应该是 300 多万美元。负责经营控股公司的各位经理人分别是：伯克希尔哈撒韦的肯·切斯 (Ken Chace)、霍赫希尔德科恩公司的路易斯·科恩 (Louis Kohn)、国民赔偿公司 (National Indemnity) 的杰克·林沃特 (Jack Ringwalt) 以及联合棉布商店 (Associated Cotton Shops) 的本·罗斯纳 (Ben Rosner)，他们既有能力，又努力，一如既往地为我们带来出色业绩。",[14,276,277],{},"今年，多元零售公司（Diversified Retailing Company）（霍赫希尔德科恩公司 (Hochschild Kohn) 和联合棉布商店 (Associated Cotton Shops) 的母公司）第一次公开发布了年报。这是因为去年 12 月份，多元零售公司向大约 1000 位投资人公开发售了公司债券。现在多元零售公司的情况有些特殊：从债权人的角度来看，它是一个公众公司；从控股股东角度来看，它是一个私营公司（公司有三个股东，巴菲特合伙基金持股 80%）。随信附上多元零售公司的年报，在今后每年的中期信件中，都会同时把多元零售的年报寄给大家。",[14,279,280],{},"我在之前的信中说了，永久持有控股公司股份也赚钱，但不如来回买卖股权或娴熟地投资有价证券赚钱。尽管如此，如果拥有能力出众的一流经营者，并且回报率令人满意，持有控股公司股份是一种令人愉悦的长期投资。",[18,282,283],{"id":283},"基金公司",[14,285,286],{},"以下是与基金公司业绩的对比：",[28,288,289,313],{},[31,290,291],{},[34,292,293,295,298,301,304,307,310],{},[37,294,39],{},[37,296,297],{},"Mass. Inv. Trust (1)",[37,299,300],{},"Investors Stock (1)",[37,302,303],{},"Lehman (2)",[37,305,306],{},"Tri-Cont. (2)",[37,308,309],{},"道指",[37,311,312],{},"有限合伙人",[50,314,315,334,354,374,394,414,434,453,473,492,511,529,548,568],{},[34,316,317,319,322,325,327,330,332],{},[55,318,57],{},[55,320,321],{},"-11.4%",[55,323,324],{},"-12.4%",[55,326,321],{},[55,328,329],{},"-2.4%",[55,331,60],{},[55,333,66],{},[34,335,336,338,341,344,347,350,352],{},[55,337,71],{},[55,339,340],{},"42.7%",[55,342,343],{},"47.5%",[55,345,346],{},"40.8%",[55,348,349],{},"33.2%",[55,351,74],{},[55,353,80],{},[34,355,356,358,361,364,367,370,372],{},[55,357,85],{},[55,359,360],{},"9.0%",[55,362,363],{},"10.3%",[55,365,366],{},"8.1%",[55,368,369],{},"8.4%",[55,371,88],{},[55,373,94],{},[34,375,376,378,381,384,387,390,392],{},[55,377,99],{},[55,379,380],{},"-1.0%",[55,382,383],{},"-0.6%",[55,385,386],{},"2.5%",[55,388,389],{},"2.8%",[55,391,102],{},[55,393,108],{},[34,395,396,398,401,404,407,410,412],{},[55,397,113],{},[55,399,400],{},"25.6%",[55,402,403],{},"24.9%",[55,405,406],{},"23.6%",[55,408,409],{},"22.5%",[55,411,116],{},[55,413,122],{},[34,415,416,418,421,424,427,430,432],{},[55,417,127],{},[55,419,420],{},"-9.8%",[55,422,423],{},"-13.4%",[55,425,426],{},"-14.4%",[55,428,429],{},"-10.0%",[55,431,130],{},[55,433,136],{},[34,435,436,438,440,443,446,449,451],{},[55,437,141],{},[55,439,88],{},[55,441,442],{},"16.5%",[55,444,445],{},"23.7%",[55,447,448],{},"18.3%",[55,450,144],{},[55,452,150],{},[34,454,455,457,460,463,466,469,471],{},[55,456,155],{},[55,458,459],{},"15.9%",[55,461,462],{},"14.3%",[55,464,465],{},"13.6%",[55,467,468],{},"12.6%",[55,470,158],{},[55,472,164],{},[34,474,475,477,480,483,485,488,490],{},[55,476,169],{},[55,478,479],{},"10.2%",[55,481,482],{},"9.8%",[55,484,200],{},[55,486,487],{},"10.7%",[55,489,172],{},[55,491,178],{},[34,493,494,496,499,501,504,507,509],{},[55,495,183],{},[55,497,498],{},"-7.7%",[55,500,429],{},[55,502,503],{},"-2.6%",[55,505,506],{},"-6.9%",[55,508,186],{},[55,510,192],{},[34,512,513,515,517,519,522,525,527],{},[55,514,197],{},[55,516,88],{},[55,518,105],{},[55,520,521],{},"28.0%",[55,523,524],{},"25.4%",[55,526,200],{},[55,528,205],{},[34,530,531,533,536,538,541,544,546],{},[55,532,210],{},[55,534,535],{},"5.1%",[55,537,389],{},[55,539,540],{},"4.4%",[55,542,543],{},"2.0%",[55,545,213],{},[55,547,219],{},[34,549,550,552,555,558,561,564,566],{},[55,551,224],{},[55,553,554],{},"175.7%",[55,556,557],{},"154.5%",[55,559,560],{},"218.6%",[55,562,563],{},"186.7%",[55,565,227],{},[55,567,233],{},[34,569,570,572,575,578,581,584,586],{},[55,571,238],{},[55,573,574],{},"9.2%",[55,576,577],{},"8.5%",[55,579,580],{},"10.6%",[55,582,583],{},"9.6%",[55,585,241],{},[55,587,247],{},[249,589,590],{},[252,591,592],{},[255,593,594],{},"计算包括资产价值变化以及当年持有人获得的分红。",[249,596,597],{},[252,598,599],{},[255,600,601],{},"来源：1968 Moody’s Bank & Finance Manual for 1957-1966。1968 年上半年数据为估算值。",[14,603,604],{},"由于过去几年道指表现疲弱，到目前为止，四只最大的基金的平均年化收益率领先道指 0.5 个百分点左右。",[18,606,607],{"id":607},"当前的环境",[14,609,610],{},"我不做预测股市涨跌或经济波动的事，不解释。对于现在的情况，我很担心。当前的股市和商界中有一些行为愈演愈烈，虽然短期内不知道会怎样，但长期内很可能带来恶果。",[14,612,613],{},"有的合伙人对金融领域的事件不太感兴趣（也不必感兴趣）。有的合伙人则比较关注金融领域。我随本信附上了一篇文章，这篇文章有真知灼见，写的简单明了，对当前正在肆意蔓延的现象进行了深刻揭露。如今股票炒作风气盛行，如同==击鼓传花的==恶作剧一般（译注：通过不断收购，虚增每股利润）。无论是发起者、高层员工、专业顾问、投资银行还是股票投机者，只要参与其中的，都赚的盆满钵满。去玩这个游戏的都是容易上当、掩耳盗铃、见钱眼开的人。为了制造假象，账目经常被动手脚（有一位想法很潮的企业家，他对我说，他觉得做账就得大胆、有想象力），资本欺诈手段层出不穷，企业的本来面目被重重伪装所掩盖。最终制造出来的产物很流行、很光鲜、很赚钱（流行、光鲜、赚钱， 这几个词的先后顺序该怎么排列，留给哲学家思考吧）。",[14,615,616],{},"坦白的说，此类行为对我们产生了间接影响，我们的业绩被极大地抬高了。==击鼓传花==的规模要不断增加，需要更多的公司做原料，因此很多本来很便宜和不太便宜的股票就活跃起来了。如果我们正好持有此类股票，我们得以提前收获市场的奖赏，否则还要等更长时间。然而，市场对此类公司的胃口越来越大，最后剩下的，从基本面上看便宜的公司，越来越少。",[14,618,619],{},"当后人记录这一时期的股市和商业历史时，马文·梅 (Marvin May) 先生描述的现象一定会留下浓重的一笔，甚至被认为是一场狂潮。各位应该知道，我在这里说“皇帝没穿衣服”，大多数投行机构和飞黄腾达的基金经理肯定不这么想（或者他们会不以为然地说“那又怎么样?”，“今朝有酒今朝醉”）。在当前的投资环境中，我们周围都是这样的投资者：他们不需要逻辑合理才能相信，他们是一群盲目乐观、没有主见、贪得无厌的人，找各种借口骗自己。",[14,621,622],{},"最后，我要说的是，赶快，现在就去买一本亚当·斯密写的《金钱游戏》(The Money Game)。这本书以精彩的文笔描绘了当前金融领域的众生相，书中充满了深刻的见解和高超的智慧。（备注：虽然我很想参与“支持本地邮局”的活动，但我没随本信附赠此书。这本书售价 6.95 美元。）",[18,624,625],{"id":625},"税项",[14,627,628],{},"今年有一些特殊情况，纳税数字比往年更难估算。我们的普通所得肯定会高于平均水平。至于短期资本利得和长期资本利得是多少，受很多变化因素的影响。在今年年初，我建议各位在计算季度纳税估算数字时，对于各位的巴菲特合伙基金账户，暂时采用 8% 计算普通所得（这个数字与往常不同，其中考虑了长期资本利得）。如果对于 9 月 15 日的季度纳税数字估算，8% 这个数字不太合适，我会在 9 月 5 日通知各位。如果无需更改，那么我的下一封信是 11 月 1 日，连同 1969 年的承诺书一起寄给各位。",[14,630,631],{},"沃伦 E. 巴菲特谨上",{"title":633,"searchDepth":634,"depth":634,"links":635},"",2,[636,638,639,640],{"id":20,"depth":637,"text":20},3,{"id":283,"depth":637,"text":283},{"id":607,"depth":637,"text":607},{"id":625,"depth":637,"text":625},"致合伙人信",null,"1968年中巴菲特致合伙人信，分析上半年业绩及市况对合伙基金的影响","md",{},true,34,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":643},"1968年中 巴菲特致合伙人信｜巴菲特","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","_6onkMziwavR_fnAfe2f34yS9akivhzn8NexBL9-AQk","buffett",[656,660,664,668,671,674,677,680,683,686,690,693,696,700,703,706,710,713,716,720,723,726,730,733,736,740,743,746,750,753,756,760,763,766,770,773,776,780,783,786,790,793,796,800,803,806,810,813,816,820,823,826,830,833,836,841,844,847,851,854,857,861,864,867,871,874,877,881,884,887,891,894,897,901,904,907,911,914,917,921,924,927,931,934,937,941,944,947,951,954,957,961,964,967,971,974,977,981,984,987,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1117,1121,1124,1128,1131,1135,1138,1142,1145,1149,1152,1156,1159,1163,1166,1170,1173,1177,1180,1184,1187,1191,1194,1198,1201,1205,1208,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1275,1278,1282,1285,1289,1292,1296,1299,1303,1306,1310,1313,1317,1320,1324,1327,1331,1334,1338,1341,1345,1348,1352,1355,1359,1362,1366,1369,1373,1376,1380,1383,1387,1390,1394,1397,1401,1404,1408,1411,1415,1418,1422,1425,1429,1432,1436,1439,1443,1446,1450,1453,1457,1461,1465,1469,1473,1477,1481,1485,1489,1493,1497,1501,1505,1509,1513,1517,1521,1525,1529,1533,1537,1541,1545,1549,1553,1557,1561,1565,1569,1573,1577,1581,1585,1589,1593,1597,1601,1605,1609,1613,1617,1621,1625,1629,1633,1637,1641,1645,1649,1653],{"title":657,"slug":658,"category":641,"order":659},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":661,"slug":662,"category":663,"order":659},"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":665,"slug":666,"category":667,"order":659},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":669,"slug":670,"category":641,"order":634},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":672,"slug":673,"category":663,"order":634},"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":675,"slug":676,"category":667,"order":634},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":678,"slug":679,"category":641,"order":637},"1958 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巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1010,"slug":1011,"category":663,"order":1008},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1013,"slug":1014,"category":641,"order":1015},"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":1017,"slug":1018,"category":663,"order":1015},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1020,"slug":1021,"category":641,"order":1022},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1024,"slug":1025,"category":663,"order":1022},"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":1027,"slug":1028,"category":839,"order":1029},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1031,"slug":1032,"category":663,"order":1029},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1034,"slug":1035,"category":641,"order":1036},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1038,"slug":1039,"category":663,"order":1036},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1041,"slug":1042,"category":839,"order":1043},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1045,"slug":1046,"category":663,"order":1043},"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":1048,"slug":1049,"category":839,"order":1050},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1052,"slug":1053,"category":663,"order":1050},"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":1055,"slug":1056,"category":839,"order":1057},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1059,"slug":1060,"category":663,"order":1057},"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":1062,"slug":1063,"category":839,"order":1064},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1066,"slug":1067,"category":663,"order":1064},"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":1069,"slug":1070,"category":839,"order":1071},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1073,"slug":1074,"category":663,"order":1071},"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":1076,"slug":1077,"category":839,"order":1078},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1080,"slug":1081,"category":663,"order":1078},"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":1083,"slug":1084,"category":839,"order":1085},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1087,"slug":1088,"category":663,"order":1085},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1090,"slug":1091,"category":839,"order":1092},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1094,"slug":1095,"category":663,"order":1092},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1097,"slug":1098,"category":839,"order":1099},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1101,"slug":1102,"category":663,"order":1099},"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":1104,"slug":1105,"category":839,"order":1106},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1108,"slug":1109,"category":663,"order":1106},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1111,"slug":1112,"category":839,"order":1113},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1115,"slug":1116,"category":663,"order":1113},"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":1118,"slug":1119,"category":839,"order":1120},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1122,"slug":1123,"category":663,"order":1120},"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":1125,"slug":1126,"category":839,"order":1127},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1129,"slug":1130,"category":663,"order":1127},"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":1132,"slug":1133,"category":839,"order":1134},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1136,"slug":1137,"category":663,"order":1134},"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":1139,"slug":1140,"category":839,"order":1141},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1143,"slug":1144,"category":663,"order":1141},"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":1146,"slug":1147,"category":839,"order":1148},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1150,"slug":1151,"category":663,"order":1148},"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":1153,"slug":1154,"category":839,"order":1155},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1157,"slug":1158,"category":663,"order":1155},"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":1160,"slug":1161,"category":839,"order":1162},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1164,"slug":1165,"category":663,"order":1162},"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":1167,"slug":1168,"category":839,"order":1169},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1171,"slug":1172,"category":663,"order":1169},"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":1174,"slug":1175,"category":839,"order":1176},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1178,"slug":1179,"category":663,"order":1176},"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":1181,"slug":1182,"category":839,"order":1183},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1185,"slug":1186,"category":663,"order":1183},"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":1188,"slug":1189,"category":839,"order":1190},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1192,"slug":1193,"category":663,"order":1190},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1195,"slug":1196,"category":839,"order":1197},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1199,"slug":1200,"category":663,"order":1197},"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":1202,"slug":1203,"category":839,"order":1204},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1206,"slug":1207,"category":663,"order":1204},"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":1209,"slug":1210,"category":839,"order":1211},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1213,"slug":1214,"category":663,"order":1211},"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":1216,"slug":1217,"category":839,"order":1218},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1220,"slug":1221,"category":663,"order":1218},"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":1223,"slug":1224,"category":839,"order":1225},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1227,"slug":1228,"category":663,"order":1225},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1230,"slug":1231,"category":839,"order":1232},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1234,"slug":1235,"category":663,"order":1232},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1237,"slug":1238,"category":839,"order":1239},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1241,"slug":1242,"category":663,"order":1239},"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":1244,"slug":1245,"category":839,"order":1246},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1248,"slug":1249,"category":663,"order":1246},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1251,"slug":1252,"category":839,"order":1253},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1255,"slug":1256,"category":663,"order":1253},"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":1258,"slug":1259,"category":839,"order":1260},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1262,"slug":1263,"category":663,"order":1260},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1265,"slug":1266,"category":839,"order":1267},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1269,"slug":1270,"category":663,"order":1267},"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":1272,"slug":1273,"category":839,"order":1274},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1276,"slug":1277,"category":663,"order":1274},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1279,"slug":1280,"category":839,"order":1281},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1283,"slug":1284,"category":663,"order":1281},"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":1286,"slug":1287,"category":839,"order":1288},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1290,"slug":1291,"category":663,"order":1288},"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":1293,"slug":1294,"category":839,"order":1295},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1297,"slug":1298,"category":663,"order":1295},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1300,"slug":1301,"category":839,"order":1302},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1304,"slug":1305,"category":663,"order":1302},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1307,"slug":1308,"category":839,"order":1309},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1311,"slug":1312,"category":663,"order":1309},"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":1314,"slug":1315,"category":839,"order":1316},"2010 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