[{"data":1,"prerenderedAt":1699},["ShallowReactive",2],{"library-1974-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":163,"library-sidebar-dao":1165,"library-sidebar-models":1467},{"id":4,"title":5,"body":6,"category":149,"date":150,"description":151,"extension":152,"meta":153,"navigation":154,"order":155,"path":156,"seo":157,"seoDescription":151,"seoTitle":158,"slug":159,"stem":160,"__hash__":161,"_collection":162},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1974-ba-fei-te-zhi-gu-dong-xin.md","1974 巴菲特致股东信",{"type":7,"value":8,"toc":138},"minimark",[9,13,17,20,23,26,30,33,36,39,41,44,47,50,53,56,59,62,65,68,71,74,76,79,82,85,88,91,93,96,99,102,105,107,110,113,116,119,121,124,127,129,132,135],[10,11,5],"h1",{"id":12},"_1974-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"由于保险业务表现欠佳，1974年公司整体经营业绩令人不满意。去年年报中已预测盈利会有所下滑，但这次下滑的幅度——随着年份推进愈演愈烈——仍出乎意料。1974年经营收益为8,383,576美元，折合每股8.56美元，期初股东权益回报率为10.3%。这是自1970年以来的最低股本回报率。我们的纺织业务和银行业务均表现出色，较1973年已属不俗的业绩基础上又有所进步。然而，保险承保业务——过去几份年报均指出其盈利水平难以为继——随着时间推移急转直下，大幅恶化。",[14,21,22],{},"1975年的前景同样不乐观。我们的纺织业务毫无疑问将出现大幅倒退，银行业务盈利也可能温和下滑。保险承保业务目前是个大问号——这一领域今年肯定不会令人满意，甚至可能极为糟糕。保险投资收入以及我们在蓝筹印花公司 (Blue Chip Stamps) 的权益收益，前景尚算合理。在此期间，我们计划继续夯实财务实力和流动性，为保险费率回归合理水平做好准备，届时我们将再度积极把握这一领域的增长机会。",[24,25],"hr",{},[27,28,29],"h3",{"id":29},"纺织业务",[14,31,32],{},"1974年前九个月，纺织需求异常旺盛，价格相当坚挺。然而进入第四季度，明显的疲软迹象开始显现，并延续至1975年。",[14,34,35],{},"目前我们的产能利用率约为三分之一。在这样的开工水平下，经营亏损在所难免。随着出货量下滑，我们持续向下调整运营规模，以避免库存积压。",[14,37,38],{},"我们的产品主要集中在窗帘领域。消费者信心不足的时期，窗帘很可能高居”可推迟购买清单”前列。极低的新屋开工率也压制了需求。此外，零售商普遍致力于压缩库存，我们多少也受到了这股风气的波及。这些负面趋势终将在适当时候逆转，在那之前我们尽力将损失控制在最低限度。",[24,40],{},[27,42,43],{"id":43},"保险承保业务",[14,45,46],{},"过去几年，我们一再评论保险承保的异常高盈利状况。这种局面注定会引来盲目竞争，进而导致费率严重不足。与此同时，显而易见的是，许多保险机构——无论大小——都存在损失准备金严重低计的问题，这不可避免地造成对所售产品真实成本的错误估算。1974年，上述因素叠加高通胀，共同导致承保业绩急速恶化。",[14,48,49],{},"我们所提供产品的赔付成本——汽车维修、医疗赔付、伤残补偿金等——据我们估计每月增速约为1%。当然这种增长并非匀速前进，但通胀无情地侵蚀着我们所提供的各类修复服务，无论是人身还是财产。然而财险和意外险的费率在过去数年间几乎纹丝未动。成本快速攀升而价格原地踏步，利润率将会如何，不难预见。",[14,51,52],{},"保险行业权威机构Best’s估计，1974年美国全部汽车保险保费合计仅上涨约2%。这点资金增量远不足以覆盖保险赔付和各项费用。很显然，当年用于人身伤亡的医疗费用、陪审团对伤痛苦难的赔偿裁决以及汽车修复费用，增幅都远不止于此。既然保费代表销售收入，而上述各项代表商品成本，利润率急转为负也就顺理成章了。",[14,54,55],{},"撰写本报告之际，这种恶化仍在持续。许多大公司的损失准备金看来仍有相当程度的低估，意味着这些竞争对手仍在低估自身的真实成本。费率不仅需要大幅提升以追上每月上涨的成本，更需要弥补已经形成的费用与收入缺口。就目前形势来看，保险公司很可能要在采取适当定价行动之前，先承受更为惨烈的承保业绩亏损。",[14,57,58],{},"除”本州”业务 (home state) 之外，保险运营各主要板块今年业绩均大幅下滑。",[14,60,61],{},"国民保险公司 (National Indemnity Company) 的传统直保业务是我们最大的保险板块，经历连续数年的高盈利之后，今年产生了约4%的承保亏损。保单量有所增加，但在费率回归合理水平之前，我们并不鼓励这样的增长。历史经验表明，在这一周期的某个节点——也就是大型保险公司把红字吃够了之后——我们将迎来在补偿性费率下的业务回流。这项业务由非常出色的承保人菲尔·利舍 (Phil Liesche) 领衔，团队上下以盈利为导向。我们相信它过去表现优秀，未来大多数年份同样会贡献丰厚收益。",[14,63,64],{},"再保险业务的激烈竞争让行业内几乎每一家公司都蒙受了重大损失，我们也不例外。我们的承保亏损约超过12%——数字触目惊心，但可能与行业平均水平相差无几。更令人忧虑的是，1974年重大保险灾害事故的发生数量与往年大致相当，并没有出现能够解释如此糟糕行业业绩的”超级灾难”。问题的根源在于费率严重不足，意外险领域尤为突出，而我们在这一领域的风险敞口相当大。我们的再保险部门由乔治·扬 (George Young) 管理，他是一位能力卓越、勤勉尽责的经理人。他已取消了大量价格完全不合理的合同，除了保费与风险相称的领域外，并不着力扩大业务规模。以目前的费率水平来看，整个再保险行业——以及我们自己——在1975年实现盈利的可能性极低。",[14,66,67],{},"在约翰·林沃特 (John Ringwalt) 的领导下，我们的”本州”系列公司1974年取得了良好进展。我们似乎正在建立起一支健全的代理队伍，有能力在可接受的赔付率下开展业务。费用比率目前仍偏高，但随着运营规模扩大到经济合理的体量，费用率将会下降。去年年报中提到的德克萨斯州问题看来正在好转。我们认为”本州”业务是未来最具前景的领域之一。",[14,69,70],{},"我们将家庭和汽车保险公司 (Home and Automobile Insurance Company) 扩张至佛罗里达州的努力，结果证明是一场灾难。这一市场的承保亏损将超过200万美元，其中很大一部分已在1974年确认。我们在1974年中期决定退出佛罗里达市场，但此后由于保险合同的长期性以及未决赔款的不利发展，大额亏损仍在持续累积。这个错误我们不能归咎于外部保险业的整体环境。事后来看，很显然我们的管理层当初并不具备在该地区经营所必需的承保信息和定价知识。在家庭和汽车保险公司传统业务集中地——库克县 (Cook County)——1974年的证据也越来越清楚地表明费率不足。因此，年中我们提高了费率，而竞争对手并未跟进；结果是竞争对手以我们认为完全不切实际的价格从我们手中抢走业务，我们在这一地区的业务量大幅萎缩。",[14,72,73],{},"尽管1974年和1975年保险业务的基调偏于悲观，我们仍然认为保险行业本身具有内在吸引力。即便将1974年的糟糕业绩计算在内，我们在这一领域的资本综合回报率依然可观。在损失准备金和费用准备金的计算上，我们已竭力做到如实反映。我们的许多竞争对手财务状况已大为削弱，而我们雄厚的资本实力使我们在条件成熟时，有充分准备实现大幅增长。",[24,75],{},[27,77,78],{"id":78},"保险投资业务",[14,80,81],{},"1974年，我们保险公司运营所产生的投资资金继续增长，投资收入相应增加，使得保险集团尽管承保业绩不佳，整体仍维持了盈利。正如保险集团资产负债表所呈现的，我们的流动性大幅提升。这一趋势在年底后持续延伸。在整个保险业承保业绩欠佳、资本比率普遍承压的背景下，维持更高的流动性水平是合宜之举，令人安心。这也消除了为维持现金流而不惜以任何价格承揽业务的潜在诱惑——那正是许多公司面临的主要困境。",[14,83,84],{},"关于证券市值，有几点值得一提。保险集团和银行合计持有约1.4亿美元的债券投资。其中约2,000万美元投资于极短期国库券或商业票据，市场价格波动微乎其微。剩余约1.2亿美元为较长期限债券，其中相当大比例为平均期限约十二至十五年的市政债券。鉴于我们庞大的流动性储备以及金融业务固有的经营特性，我们极不可能被迫在不利条件下出售这些债券。相反，我们的预期是：这些债券要么持有至到期，要么在我们认为有利的时机择机出售。",[14,86,87],{},"然而，我们债券组合在任何特定日期的市值，都取决于同类证券的可获得收益率，而市值本身可能大幅波动。举例而言，1974年高等级市政债券的权威指数收益率从年初的5.18%攀升至年底的7.08%。在债券市场，收益率每变化1%的百分之一称为一个”基点”，因此利率水平变化1%即为100个基点。以该指数衡量，1974年债券收益率上升了190个基点。对于15年期债券，收益率每上升10个基点，市值约下降1%。因此，对于1.2亿美元的此类债券，很显然，收益率哪怕仅变化10个基点——这在一天之内就轻而易举——我们债券组合的市值就会变动逾100万美元。如此一来，1974年我们的债券组合年初市值大致与账面价值相近，但到年底，市值已大幅低于账面价值。我们债券组合的市值将继续随收益率总体水平的涨跌而双向波动，但我们认为，只要保持充足的流动性，这种波动以及它所产生的未实现损益，并非举足轻重之事。",[14,89,90],{},"1974年，我们的股票投资组合随大多数权益类组合一同再度下跌——到年底，市值已较账面价值低约1,700万美元。同样，除非我们认为时机有利，否则我们并无压力出售这些证券。我们相信，经过数年时间，整体投资组合的实际价值将证明超过其成本。1974年已确认净资本亏损，1975年很可能再度如此。然而，我们认为我们持有的几只主要股票在未来数年具有大幅增值的巨大潜力，因此对于我们的股票投资组合感到相当踏实。写作本文时，该组合的市场贬值已较年底水平收窄逾半，反映出股市整体水平的回升。",[24,92],{},[27,94,95],{"id":95},"银行业务",[14,97,98],{},"关于伊利诺伊国民银行及信托公司 (Illinois National Bank and Trust)，已经没有多少新话可说了。在尤金·阿贝格 (Eugene Abegg) 的掌舵下，卓越已成为常态。年复一年，他持续经营着全美最赚钱的银行之一，同时向储户支付最高水平的利率，以远超同行的流动性水平运营，并保持着上乘的贷款质量。",[14,100,101],{},"在查看银行单独损益表时，有两个因素值得特别关注。提交合并纳税申报表的影响已体现在相关数字中，保险业务的税务亏损被用于抵消银行业务产生的应税负债。另外，此前由银行缴纳的一项财产税现已转由母公司承担，计入公司销售及行政费用。由于权责发生制的处理，这在1974年同时在银行和公司层面产生了双重影响。",[14,103,104],{},"在目前的货币市场条件下，我们预计1975年银行盈利将有所下降，但我们仍然相信，它与国内几乎任何一家银行机构相比，依然更具竞争力。",[24,106],{},[27,108,109],{"id":109},"蓝筹印花公司",[14,111,112],{},"1974年，我们持续增持蓝筹印花公司 (Blue Chip Stamps) 股份，约占其流通股的25.5%。总体而言，我们对蓝筹印花的业绩及未来前景感到相当满意。印花销售量继续大幅萎缩，但蓝筹印花管理层在调整运营成本方面表现出色。旗下子公司喜诗糖果公司 (See’s Candy Shops, Inc.) 今年业绩突出，未来前景同样令人乐观。",[14,114,115],{},"你们的董事长担任蓝筹印花公司的董事会成员，同时也是其64%控股子公司韦斯科金融公司 (Wesco Financial Corporation) 的董事会成员，并出任喜诗糖果公司的董事会主席。我们预计蓝筹印花将成为伯克希尔持续强劲盈利能力的重要来源。",[14,117,118],{},"蓝筹印花公司的年报将于5月发布，其中包含截至1975年3月1日年度的财务报表，经普华永道公司 (Price, Waterhouse and Company) 审计。任何伯克希尔·哈撒韦公司的股东如希望获取一份蓝筹印花公司年报，可随时致函：加利福尼亚州洛杉矶市东南大街5801号，蓝筹印花公司，秘书罗伯特·H·伯德 (Robert H. Bird) 先生收，邮编90040。",[24,120],{},[27,122,123],{"id":123},"与多元零售公司合并事宜",[14,125,126],{},"如此前所知，拟议中与多元零售公司 (Diversified Retailing Company, Inc.) 的合并，已于1975年1月28日经双方董事会决定终止。我们仍然认为此类合并终将是值得追求的，并希望在未来某个适当时机重启这一议题。",[24,128],{},[14,130,131],{},"沃伦·E·巴菲特 (Warren E. Buffett)",[14,133,134],{},"董事长",[14,136,137],{},"1975年3月31日",{"title":139,"searchDepth":140,"depth":140,"links":141},"",2,[142,144,145,146,147,148],{"id":29,"depth":143,"text":29},3,{"id":43,"depth":143,"text":43},{"id":78,"depth":143,"text":78},{"id":95,"depth":143,"text":95},{"id":109,"depth":143,"text":109},{"id":123,"depth":143,"text":123},"致股东信",null,"1974年巴菲特致股东信，分析业绩下滑原因、讨论保险业务困境及未来应对策略","md",{},true,45,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1974-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":151},"1974 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":514,"slug":515,"category":172,"order":512},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":517,"slug":518,"category":167,"order":519},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":521,"slug":522,"category":172,"order":519},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":524,"slug":525,"category":167,"order":526},"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":528,"slug":529,"category":172,"order":526},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":531,"slug":532,"category":167,"order":533},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":535,"slug":536,"category":172,"order":533},"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":538,"slug":539,"category":149,"order":540},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":542,"slug":543,"category":172,"order":540},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":545,"slug":546,"category":167,"order":547},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":549,"slug":550,"category":172,"order":547},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":552,"slug":553,"category":149,"order":554},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":556,"slug":557,"category":172,"order":554},"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":559,"slug":560,"category":149,"order":561},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":563,"slug":564,"category":172,"order":561},"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":566,"slug":567,"category":149,"order":568},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":570,"slug":571,"category":172,"order":568},"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":5,"slug":159,"category":149,"order":155},{"title":574,"slug":575,"category":172,"order":155},"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":577,"slug":578,"category":149,"order":579},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":581,"slug":582,"category":172,"order":579},"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":584,"slug":585,"category":149,"order":586},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":588,"slug":589,"category":172,"order":586},"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":591,"slug":592,"category":149,"order":593},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":595,"slug":596,"category":172,"order":593},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":598,"slug":599,"category":149,"order":600},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":602,"slug":603,"category":172,"order":600},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":605,"slug":606,"category":149,"order":607},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":609,"slug":610,"category":172,"order":607},"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":612,"slug":613,"category":149,"order":614},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":616,"slug":617,"category":172,"order":614},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":619,"slug":620,"category":149,"order":621},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":623,"slug":624,"category":172,"order":621},"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":626,"slug":627,"category":149,"order":628},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":630,"slug":631,"category":172,"order":628},"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":633,"slug":634,"category":149,"order":635},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":637,"slug":638,"category":172,"order":635},"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":640,"slug":641,"category":149,"order":642},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":644,"slug":645,"category":172,"order":642},"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":647,"slug":648,"category":149,"order":649},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":651,"slug":652,"category":172,"order":649},"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":654,"slug":655,"category":149,"order":656},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":658,"slug":659,"category":172,"order":656},"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":661,"slug":662,"category":149,"order":663},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":665,"slug":666,"category":172,"order":663},"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":668,"slug":669,"category":149,"order":670},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":672,"slug":673,"category":172,"order":670},"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":675,"slug":676,"category":149,"order":677},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":679,"slug":680,"category":172,"order":677},"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":682,"slug":683,"category":149,"order":684},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":686,"slug":687,"category":172,"order":684},"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":689,"slug":690,"category":149,"order":691},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":693,"slug":694,"category":172,"order":691},"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":696,"slug":697,"category":149,"order":698},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":700,"slug":701,"category":172,"order":698},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":703,"slug":704,"category":149,"order":705},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":707,"slug":708,"category":172,"order":705},"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":710,"slug":711,"category":149,"order":712},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":714,"slug":715,"category":172,"order":712},"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":717,"slug":718,"category":149,"order":719},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":721,"slug":722,"category":172,"order":719},"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":724,"slug":725,"category":149,"order":726},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":728,"slug":729,"category":172,"order":726},"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":731,"slug":732,"category":149,"order":733},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":735,"slug":736,"category":172,"order":733},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":738,"slug":739,"category":149,"order":740},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":742,"slug":743,"category":172,"order":740},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":745,"slug":746,"category":149,"order":747},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":749,"slug":750,"category":172,"order":747},"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":752,"slug":753,"category":149,"order":754},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":756,"slug":757,"category":172,"order":754},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":759,"slug":760,"category":149,"order":761},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":763,"slug":764,"category":172,"order":761},"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":766,"slug":767,"category":149,"order":768},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":770,"slug":771,"category":172,"order":768},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":773,"slug":774,"category":149,"order":775},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":777,"slug":778,"category":172,"order":775},"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":780,"slug":781,"category":149,"order":782},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":784,"slug":785,"category":172,"order":782},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":787,"slug":788,"category":149,"order":789},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":791,"slug":792,"category":172,"order":789},"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":794,"slug":795,"category":149,"order":796},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":798,"slug":799,"category":172,"order":796},"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":801,"slug":802,"category":149,"order":803},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":805,"slug":806,"category":172,"order":803},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":808,"slug":809,"category":149,"order":810},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":812,"slug":813,"category":172,"order":810},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":815,"slug":816,"category":149,"order":817},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":819,"slug":820,"category":172,"order":817},"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":822,"slug":823,"category":149,"order":824},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":826,"slug":827,"category":172,"order":824},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":829,"slug":830,"category":149,"order":831},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":833,"slug":834,"category":172,"order":831},"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":836,"slug":837,"category":149,"order":838},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":840,"slug":841,"category":172,"order":838},"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":843,"slug":844,"category":149,"order":845},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":847,"slug":848,"category":172,"order":845},"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":850,"slug":851,"category":149,"order":852},"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":854,"slug":855,"category":172,"order":852},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":857,"slug":858,"category":149,"order":859},"2014 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