[{"data":1,"prerenderedAt":2756},["ShallowReactive",2],{"library-1980-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1220,"library-sidebar-dao":2222,"library-sidebar-models":2524},{"id":4,"title":5,"body":6,"category":1206,"date":1207,"description":1208,"extension":1209,"meta":1210,"navigation":1211,"order":1212,"path":1213,"seo":1214,"seoDescription":1208,"seoTitle":1215,"slug":1216,"stem":1217,"__hash__":1218,"_collection":1219},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1980-ba-fei-te-zhi-gu-dong-xin.md","1980 巴菲特致股东信",{"type":7,"value":8,"toc":1191},"minimark",[9,13,17,20,23,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,78,81,84,87,90,93,96,99,102,105,108,111,114,648,651,654,657,977,987,990,993,996,999,1002,1005,1008,1011,1019,1022,1025,1028,1031,1034,1037,1040,1043,1046,1049,1052,1055,1058,1061,1064,1067,1070,1073,1076,1079,1082,1085,1088,1091,1094,1097,1100,1103,1106,1109,1112,1115,1118,1121,1124,1128,1131,1134,1137,1140,1143,1146,1149,1152,1155,1158,1161,1164,1167,1170,1173,1176,1179,1182,1185,1188],[10,11,5],"h1",{"id":12},"_1980-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],{},"1980年本公司的经营收益从1979年的3,600万美元增长至4,190万美元，但期初股本回报率（持有证券投资以原始成本计算）却从18.6%下滑至17.8%。我们认为后一项指标是衡量管理层单一年度经营绩效最恰当的标尺。当然，要合理运用这一标尺，还需要对许多因素有所了解，包括会计政策、资产的历史账面价值、财务杠杆以及行业状况。",[14,21,22],{},"各位在评估我们的经营绩效时，有两个因素需要特别留意——一个是对我们自身经营相当有利的正面因素，另一个则是对企业绩效普遍不利的负面因素。让我们先从好的一面说起。",[24,25,26],"h3",{"id":26},"无控制权持股的收益",[14,28,29],{},"当一家公司拥有另一家公司部分股权时，在会计处理上需要从三大类方法中选择其一，而持有表决权股票的比例在很大程度上决定了应当采用哪一类会计原则。",[14,31,32],{},"通用会计准则（GAAP）规定，若持股比例超过50%（自然也有例外，比如我们先前持有的银行子公司），则被投资公司的销售收入、费用、税金和收益等所有项目都需要完全并表。伯克希尔持有60%股权的蓝筹印花 (Blue Chip Stamps) 便属于这一类。因此，蓝筹印花的所有收入和支出项目都完全并入了伯克希尔的合并损益表中，其余40%股东在蓝筹印花净收益中的权益则以”少数股东权益”的名义扣除。",[14,34,35],{},"第二类是持股比例在20%至50%之间的公司（通常称为”被投资公司”），也需要将其收益按比例纳入。例如韦斯科金融 (Wesco Financial)，由伯克希尔控制但仅持有48%的股权——其收益通过投资公司损益表中的一行分录来体现。与50%以上的类别不同，这里省略了所有收入和费用的明细项目，只按比例纳入净收益。也就是说，如果A公司拥有B公司三分之一的股权，那么不管B公司是否分配利润，B公司收益的三分之一都会出现在A公司的报表中。无论是这一类还是50%以上那一类，在公司间税收和购买法价格调整方面都有一些修正条款，这部分细节就留待以后再详加说明吧。（我知道大家肯定迫不及待。）",[14,37,38],{},"最后是持股比例低于20%的情况。在这种情况下，会计规则要求投资公司仅将收到的股利计入收益，未分配的收益则完全忽略。因此，假设我们持有一家X公司10%的股份，而X公司在1980年赚了1,000万美元，那么（忽略公司间股息的少量税收）我们在报表上体现的收益将是：(a) 如果X公司将1,000万美元全部分红，则为100万美元；(b) 如果X公司分配50%即500万美元，则为50万美元；或者(c) 如果X公司将全部收益留存再投资，则为零。",[14,40,41],{},"之所以强迫各位上了这堂简化版的会计课，是因为伯克希尔将大量资源集中于保险业务，相应地其资产也大量集中在第三类（持股低于20%）的公司上。这些公司大多只将收益中很小的比例以股利形式分配。这意味着它们当前获利能力中只有一小部分体现在我们的报告经营收益里。然而，尽管我们的报告经营收益只反映了从这些公司收到的股利，我们的经济利益实际上取决于它们的收益，而非它们的股利。",[14,43,44],{},"近年来，随着保险业务蒸蒸日上，加上证券市场在普通股领域出现了格外诱人的机会，我们在这第三类公司中的持股大幅增加。持股的大幅增长，叠加这些部分持有的公司自身收益的增长，产生了一个不寻常的结果：去年这些公司保留的属于”我们”的收益（即没有以股利形式支付给我们的部分）超过了伯克希尔全年报告的经营收益总额。换句话说，按照传统会计方法，我们的收益”冰山”只有不到一半浮出了水面。这种情况在企业界相当罕见，但在我们这里很可能会反复出现。",[14,46,47],{},"我们对收益实质的分析与通用会计准则有所不同，尤其是在通胀高企且充满不确定性的年代更是如此。（不过，批评这些会计准则要比改进它们容易得多。其中固有的问题是极其棘手的。）我们曾经100%持有一些企业，其报告收益对我们来说远不值票面上那个数字——即便在会计意义上我们完全控制了这些收益的去向。（所谓的”控制”不过是理论上的。除非我们把全部收益再投进去，现有资产的价值就会急剧恶化。而那些再投资的收益根本不可能赚到接近市场水平的资本回报。）与此同时，我们也持有一些公司的少数股权，这些公司拥有非凡的再投资机会，其留存收益对我们的经济价值远远超过账面上的每一美元。",[14,49,50],{},"因此，对伯克希尔而言，留存收益的价值并不取决于我们持有的是100%、50%、20%还是1%的股权。真正决定这些留存收益价值的，是它们被用在了什么地方，以及这种使用所产生的后续回报水平。无论是我们自己决定这些资金的用途，还是由我们虽未聘请、但选择加入的管理者来决定，道理都是一样的。（重要的是行为本身，而非行为者。）而且，这些留存收益是否被纳入我们自己的报告经营收益，丝毫不影响其价值。如果一棵树生长在一片我们部分拥有的森林里，即便我们没有在财务报表上记录它的生长，我们依然拥有那棵树的一部分。",[14,52,53],{},"我得提醒各位，这种看法是不走寻常路的。但比起让我们能够入账的收益被投到前景可疑的项目上——哪怕操盘的是我们自己——我们宁愿让那些无法入账的收益在一家我们持有10%股权的公司里被一个我们并未亲自聘请的管理层善加利用。",[14,55,56],{},"（我们忍不住在这里插播一段简短的广告。在被投资公司使用留存收益的各种方式中，有一种经常让我们格外兴奋，那就是回购自家股票。道理很简单：如果一家优秀的企业在市场上以远低于内在价值的价格出售，那还有什么比以这种便宜价格大幅扩大全体股东权益更确定、更有利可图的资本运用呢？公司并购的竞争本质几乎注定了在整体收购另一家企业时，必须支付全价——甚至常常超过全价。但证券市场的竞价拍卖机制，却时常让经营优秀的公司有机会以不到通过协商收购获得同等盈利能力所需价格50%的代价，买回自家的一部分业务。）",[24,58,59],{"id":59},"企业长期绩效",[14,61,62],{},"如前所述，我们以经营收益除以股东权益（证券投资以原始成本计算）来评估单一年度的企业绩效。然而，我们衡量长期绩效的标尺则包含了所有已实现和未实现的资本利得或损失。长期来看，我们的股本回报率远远超过了每年回报率的平均水平。造成这一可喜成果的主要原因很简单：前面讨论的那些无控制权持股所留存的收益最终转化成了市场价值的增长。",[14,64,65],{},"当然，这种从留存收益到市值增长的转化是高度不均匀的（有些年甚至会出现反向的情况），在时间上无法预测，也不太可能精确地一美元对一美元实现。而且，以一个愚蠢的价格买入一批股票，可能把那家公司十年收益累积的效果全部抵销。但只要买入价格合理，长期来看市场几乎必然会认可留存收益的累积效果。时不时你甚至还能收到蛋糕上的糖霜——市场增值远远超过买入后的累积留存收益。",[14,67,68],{},"自现任管理层接掌伯克希尔的16年以来，每股账面价值（其中保险业务的股权投资以市价计算）已从19.46美元增长至400.80美元，年复合增长率为20.5%。（实际上你做得更好：过去十年里人体内所含矿物质成分的价值以年复合22%的速度增长。）更令人欣慰的是，我们取得这一成绩的过程中犯了不少错误。错误清单太过痛苦和冗长，就不在这里详述了。但它清楚地说明，即使管理上时常遭到三振出局，一个相当不错的企业打击率仍然是可以达到的。",[14,70,71],{},"我们旗下的保险业务将继续把大量资金投向那些经营良好、竞争地位有利的无控制权公司，这些公司往往只将收益中很小的比例用于分红。按照这一策略，我们预期长期回报将持续超过每年报告经营收益所体现的水平。我们对此信心十足，这一点很容易用数字来量化：如果我们愿意卖掉手中所有的股票投资，换成长期免税债券，报告经营收益马上就能每年净增3,000万美元以上。但这种转换对我们毫无吸引力。",[14,73,74],{},"好消息到此为止。",[24,76,77],{"id":77},"股东的实际回报",[14,79,80],{},"很不幸，公司财务报表中列示的报告收益已不再是决定你——作为股东——是否真正赚到钱的主要变量。因为只有购买力的增长才代表投资的真正收益。如果你(a)放弃十个汉堡去做一项投资；(b)收到税后股利够买两个汉堡；(c)在卖出投资后获得的税后收入够买八个汉堡，那么(d)不管这笔投资以美元计算升值了多少，你的投资实际收入为零。你可能觉得自己更有钱了，但你并不能因此吃得更好。",[14,82,83],{},"高通胀率相当于对资本额外征了一次税，使得大部分企业投资变得不明智——至少以给股东创造正的实际投资回报这个标准来衡量的话。这个”门槛利率”——即公司必须达到的股本回报率才能让其股东获得任何实际回报——近年来已急剧上升。一般纳税投资者现在就好比在一台不断加速向下滑动的自动扶梯上拼命往上跑，结果净进步为零。",[14,85,86],{},"举例来说，在一个通胀率为12%的世界里，一家股本回报率为20%的企业（很少有管理层能持续做到这一点）将全部收益分配给适用50%税率的个人股东，实际上是在蚕食他们的真实资本，而非增加它。（20%的回报中有一半要交所得税；剩下的10%让企业所有者在年初时100%的购买力变成了98%——尽管他们一分钱的”收益”都没花。）对于这个税率档次的投资者来说，如果物价稳定，哪怕公司的股本回报率只有区区几个百分点，他们的实际处境反而会更好。",[14,88,89],{},"单纯的显性所得税本身，如果没有隐性通胀税的叠加，永远不可能把一个正的企业回报变成负的股东回报。（即便个人所得税对股利和资本利得的税率高达90%，只要通胀率为零，股东仍能留下一些实际收益。）但通胀税却不受报告收益的约束。与近年经历的水平相差不远的通胀率，就足以把大多数企业实现的正回报变成全体股东——包括那些不需要缴纳显性税的股东——的负回报。（例如，如果通胀率达到16%，那么美国企业中股本回报率低于这一水平的60%以上的企业，其股东将获得负的实际回报——即便股利和资本利得的所得税全部取消也无济于事。）",[14,91,92],{},"当然，这两种形式的税收是共存并相互作用的，因为显性税收是对名义收入而非实际收入征收的。因此，如果以不变购买力来衡量股东回报，你实际上是在为亏损缴纳所得税。",[14,94,95],{},"在目前的通胀率下，我们相信适用中等或高税率的个人投资者（有别于退休基金、慈善机构等免税实体）不应指望从投资一般美国企业获得任何实际的长期回报，即便他们把收到的全部税后股利都再投资进去也一样。因为企业的平均股本回报率已被通胀对资本征收的隐性税和对股利及留存收益增值征收的显性税完全抵销。",[14,97,98],{},"正如我们去年所说，伯克希尔对这个问题没有什么灵丹妙药。（明年我们还会再说一遍。）通胀对我们的股本回报率没有任何帮助。",[14,100,101],{},"指数化增长是所有人都在寻求的抗通胀良方。但绝大部分（尽管存在重要的例外）企业资本甚至未能实现部分的指数化。当然，如果公司保留了可观的收益——即用于再投资而非分红——每股收益和每股股利通常会上升。但没有通胀的情况下也是如此。同样地，一个勤俭的工薪族如果愿意只拿一半工资当现金（他的工资”红利”），并持续把另一半（他的”留存收益“）存入储蓄账户，即使从不加薪，他的总收入也能年年增长。但无论是这个高储蓄的工薪族，还是一家高留存收益公司的股东——股本回报率维持不变而年度股息率却上升了——都没有真正实现指数化增长。",[14,103,104],{},"要让资本真正实现指数化增长，股本回报率必须上升，也就是说，企业收益必须在不需要追加任何资本（包括营运资金）的前提下，与物价水平的上升成比例地持续增长。（因增加投资而产生的收益增长不算在内。）只有极少数的企业接近具备这种能力。而伯克希尔不在其列。",[14,106,107],{},"当然，我们有一项保留收益用于再投资以追求成长、多元化和增强实力的企业政策，其附带效果是最大限度地减少了目前对我们股东征收的显性税。然而，在日常生活中，你将承受隐性的通胀税，而当你想把在伯克希尔的投资转换为其他形式的投资或用于消费时，你也将面临显性税收。",[24,109,110],{"id":110},"报告收益的来源",[14,112,113],{},"下表显示了伯克希尔报告收益的来源。伯克希尔拥有蓝筹印花 (Blue Chip Stamps) 约60%的股份，而蓝筹印花又拥有韦斯科金融 (Wesco Financial Corporation) 80%的股份。表中列示了各业务实体的总收益以及伯克希尔所占的份额。所有归属于各业务实体的重大资本利得和损失均汇总在表格底部的已实现证券收益项目中，不计入经营收益。我们对经营收益的计算也不包括出售互助储贷 (Mutual Savings and Loan) 分支机构的收益。在这一点上，它与我们经审计的财务报表中将该项目纳入”已实现投资收益前的收益”的列报方式有所不同。",[115,116,117,140],"table",{},[118,119,120],"thead",{},[121,122,123,126,129,131,133,135,138],"tr",{},[124,125],"th",{},[124,127,128],{},"税前收益",[124,130,128],{},[124,132,128],{},[124,134,128],{},[124,136,137],{},"税后净收益",[124,139,137],{},[141,142,143,162,181,204,221,238,261,284,305,326,349,372,395,418,441,463,486,509,532,548,571,592,615,631],"tbody",{},[121,144,145,148,151,153,156,158,160],{},[146,147],"td",{},[146,149,150],{},"合计",[146,152,150],{},[146,154,155],{},"伯克希尔份额",[146,157,155],{},[146,159,155],{},[146,161,155],{},[121,163,164,167,170,173,175,177,179],{},[146,165,166],{},"（千美元）",[146,168,169],{},"1980",[146,171,172],{},"1979",[146,174,169],{},[146,176,172],{},[146,178,169],{},[146,180,172],{},[121,182,183,186,189,192,195,198,201],{},[146,184,185],{},"总收益——所有实体",[146,187,188],{},"$ 85,945",[146,190,191],{},"$ 68,632",[146,193,194],{},"$ 70,146",[146,196,197],{},"$ 56,427",[146,199,200],{},"$ 53,122",[146,202,203],{},"$ 42,817",[121,205,206,209,211,213,215,217,219],{},[146,207,208],{},"经营收益：",[146,210],{},[146,212],{},[146,214],{},[146,216],{},[146,218],{},[146,220],{},[121,222,223,226,228,230,232,234,236],{},[146,224,225],{},"保险集团：",[146,227],{},[146,229],{},[146,231],{},[146,233],{},[146,235],{},[146,237],{},[121,239,240,243,246,249,252,255,258],{},[146,241,242],{},"承保收益",[146,244,245],{},"$ 6,738",[146,247,248],{},"$ 3,742",[146,250,251],{},"$ 6,737",[146,253,254],{},"$ 3,741",[146,256,257],{},"$ 3,637",[146,259,260],{},"$ 2,214",[121,262,263,266,269,272,275,278,281],{},[146,264,265],{},"净投资收益",[146,267,268],{},"30,939",[146,270,271],{},"24,224",[146,273,274],{},"30,927",[146,276,277],{},"24,216",[146,279,280],{},"25,607",[146,282,283],{},"20,106",[121,285,286,289,292,295,297,299,302],{},[146,287,288],{},"伯克希尔-Waumbec 纺织",[146,290,291],{},"(508)",[146,293,294],{},"1,723",[146,296,291],{},[146,298,294],{},[146,300,301],{},"202",[146,303,304],{},"848",[121,306,307,310,313,316,318,320,323],{},[146,308,309],{},"联合零售商店",[146,311,312],{},"2,440",[146,314,315],{},"2,775",[146,317,312],{},[146,319,315],{},[146,321,322],{},"1,169",[146,324,325],{},"1,280",[121,327,328,331,334,337,340,343,346],{},[146,329,330],{},"喜诗糖果",[146,332,333],{},"15,031",[146,335,336],{},"12,785",[146,338,339],{},"8,958",[146,341,342],{},"7,598",[146,344,345],{},"4,212",[146,347,348],{},"3,448",[121,350,351,354,357,360,363,366,369],{},[146,352,353],{},"布法罗晚报",[146,355,356],{},"(2,805)",[146,358,359],{},"(4,617)",[146,361,362],{},"(1,672)",[146,364,365],{},"(2,744)",[146,367,368],{},"(816)",[146,370,371],{},"(1,333)",[121,373,374,377,380,383,386,389,392],{},[146,375,376],{},"蓝筹印花——母公司",[146,378,379],{},"7,699",[146,381,382],{},"2,397",[146,384,385],{},"4,588",[146,387,388],{},"1,425",[146,390,391],{},"3,060",[146,393,394],{},"1,624",[121,396,397,400,403,406,409,412,415],{},[146,398,399],{},"伊利诺伊国民银行",[146,401,402],{},"5,324",[146,404,405],{},"5,747",[146,407,408],{},"5,200",[146,410,411],{},"5,614",[146,413,414],{},"4,731",[146,416,417],{},"5,027",[121,419,420,423,426,429,432,435,438],{},[146,421,422],{},"韦斯科金融——母公司",[146,424,425],{},"2,916",[146,427,428],{},"2,413",[146,430,431],{},"1,392",[146,433,434],{},"1,098",[146,436,437],{},"1,044",[146,439,440],{},"937",[121,442,443,446,449,452,454,457,460],{},[146,444,445],{},"互助储贷",[146,447,448],{},"5,814",[146,450,451],{},"10,447",[146,453,315],{},[146,455,456],{},"4,751",[146,458,459],{},"1,974",[146,461,462],{},"3,261",[121,464,465,468,471,474,477,480,483],{},[146,466,467],{},"精密钢铁",[146,469,470],{},"2,833",[146,472,473],{},"3,254",[146,475,476],{},"1,352",[146,478,479],{},"1,480",[146,481,482],{},"656",[146,484,485],{},"723",[121,487,488,491,494,497,500,503,506],{},[146,489,490],{},"负债利息",[146,492,493],{},"(12,230)",[146,495,496],{},"(8,248)",[146,498,499],{},"(9,390)",[146,501,502],{},"(5,860)",[146,504,505],{},"(4,809)",[146,507,508],{},"(2,900)",[121,510,511,514,517,520,523,526,529],{},[146,512,513],{},"其他",[146,515,516],{},"2,170",[146,518,519],{},"1,342",[146,521,522],{},"1,590",[146,524,525],{},"996",[146,527,528],{},"1,255",[146,530,531],{},"753",[121,533,534,536,538,540,542,544,546],{},[146,535],{},[146,537],{},[146,539],{},[146,541],{},[146,543],{},[146,545],{},[146,547],{},[121,549,550,553,556,559,562,565,568],{},[146,551,552],{},"经营收益合计",[146,554,555],{},"$ 66,361",[146,557,558],{},"$ 57,984",[146,560,561],{},"$ 54,389",[146,563,564],{},"$ 46,813",[146,566,567],{},"$ 41,922",[146,569,570],{},"$ 35,988",[121,572,573,576,579,582,585,587,590],{},[146,574,575],{},"互助储贷——出售分支机构",[146,577,578],{},"5,873",[146,580,581],{},"–",[146,583,584],{},"2,803",[146,586,581],{},[146,588,589],{},"1,293",[146,591,581],{},[121,593,594,597,600,603,606,609,612],{},[146,595,596],{},"已实现证券收益",[146,598,599],{},"13,711",[146,601,602],{},"10,648",[146,604,605],{},"12,954",[146,607,608],{},"9,614",[146,610,611],{},"9,907",[146,613,614],{},"6,829",[121,616,617,619,621,623,625,627,629],{},[146,618],{},[146,620],{},[146,622],{},[146,624],{},[146,626],{},[146,628],{},[146,630],{},[121,632,633,636,638,640,642,644,646],{},[146,634,635],{},"总收益",[146,637,188],{},[146,639,191],{},[146,641,194],{},[146,643,197],{},[146,645,200],{},[146,647,203],{},[14,649,650],{},"蓝筹印花和韦斯科都是上市公司，各自有信息披露义务。在本报告第40至53页，我们转载了两家公司主要高管的叙述性报告，其中描述了1980年的运营情况。我们建议各位仔细阅读，并请特别留意路易·文森蒂 (Louie Vincenti) 和查理·芒格 (Charlie Munger) 在重新定位互助储贷业务方面所做的出色工作。如需获取任何一家公司的完整年度报告，伯克希尔股东可致函索取：蓝筹印花请联系Robert H. Bird先生，地址为5801 South Eastern Avenue, Los Angeles, California 90040；韦斯科金融请联系Bette Deckard女士，地址为315 East Colorado Boulevard, Pasadena, California 91109。",[14,652,653],{},"如前所述，我们在非控制公司中的未分配收益，其重要性丝毫不亚于上表详列的报告经营收益。至于已分配的部分，当然主要通过保险集团收益中的净投资收益来体现。",[14,655,656],{},"下表展示了伯克希尔在各非控制公司中的持股比例，这些公司仅已分配收益（即股利）计入了我们的报表。",[115,658,659,675],{},[118,660,661],{},[121,662,663,666,669,672],{},[124,664,665],{},"持股数",[124,667,668],{},"公司",[124,670,671],{},"成本 （千美元）",[124,673,674],{},"市值 （千美元）",[141,676,677,691,705,719,733,747,761,775,789,803,817,831,845,859,873,887,901,915,929,939,951,964],{},[121,678,679,682,685,688],{},[146,680,681],{},"434,550 (a)",[146,683,684],{},"联合出版公司 (Affiliated Publications, Inc.)",[146,686,687],{},"$ 2,821",[146,689,690],{},"$ 12,222",[121,692,693,696,699,702],{},[146,694,695],{},"464,317 (a)",[146,697,698],{},"美国铝业公司 (Aluminum Company of America)",[146,700,701],{},"25,577",[146,703,704],{},"27,685",[121,706,707,710,713,716],{},[146,708,709],{},"475,217 (b)",[146,711,712],{},"克利夫兰-克利夫斯钢铁 (Cleveland-Cliffs Iron Company)",[146,714,715],{},"12,942",[146,717,718],{},"15,894",[121,720,721,724,727,730],{},[146,722,723],{},"1,983,812 (b)",[146,725,726],{},"通用食品 (General Foods, Inc.)",[146,728,729],{},"62,507",[146,731,732],{},"59,889",[121,734,735,738,741,744],{},[146,736,737],{},"7,200,000 (a)",[146,739,740],{},"盖可保险 (GEICO Corporation)",[146,742,743],{},"47,138",[146,745,746],{},"105,300",[121,748,749,752,755,758],{},[146,750,751],{},"2,015,000 (a)",[146,753,754],{},"汉迪哈曼 (Handy & Harman)",[146,756,757],{},"21,825",[146,759,760],{},"58,435",[121,762,763,766,769,772],{},[146,764,765],{},"711,180 (a)",[146,767,768],{},"天联广告 (Interpublic Group of Companies, Inc.)",[146,770,771],{},"4,531",[146,773,774],{},"22,135",[121,776,777,780,783,786],{},[146,778,779],{},"1,211,834 (a)",[146,781,782],{},"凯撒铝业 (Kaiser Aluminum & Chemical Corp.)",[146,784,785],{},"20,629",[146,787,788],{},"27,569",[121,790,791,794,797,800],{},[146,792,793],{},"282,500 (a)",[146,795,796],{},"媒体综合 (Media General)",[146,798,799],{},"4,545",[146,801,802],{},"8,334",[121,804,805,808,811,814],{},[146,806,807],{},"247,039 (b)",[146,809,810],{},"国民底特律银行 (National Detroit Corporation)",[146,812,813],{},"5,930",[146,815,816],{},"6,299",[121,818,819,822,825,828],{},[146,820,821],{},"881,500 (a)",[146,823,824],{},"全国学生营销 (National Student Marketing)",[146,826,827],{},"5,128",[146,829,830],{},"5,895",[121,832,833,836,839,842],{},[146,834,835],{},"391,400 (a)",[146,837,838],{},"奥美国际 (Ogilvy & Mather Int’l. Inc.)",[146,840,841],{},"3,709",[146,843,844],{},"9,981",[121,846,847,850,853,856],{},[146,848,849],{},"370,088 (b)",[146,851,852],{},"平克顿 (Pinkerton’s, Inc.)",[146,854,855],{},"12,144",[146,857,858],{},"16,489",[121,860,861,864,867,870],{},[146,862,863],{},"245,700 (b)",[146,865,866],{},"雷诺烟草 (R. J. Reynolds Industries)",[146,868,869],{},"8,702",[146,871,872],{},"11,228",[121,874,875,878,881,884],{},[146,876,877],{},"1,250,525 (b)",[146,879,880],{},"SAFECO保险 (SAFECO Corporation)",[146,882,883],{},"32,062",[146,885,886],{},"45,177",[121,888,889,892,895,898],{},[146,890,891],{},"151,104 (b)",[146,893,894],{},"时代镜报 (The Times Mirror Company)",[146,896,897],{},"4,447",[146,899,900],{},"6,271",[121,902,903,906,909,912],{},[146,904,905],{},"1,868,600 (a)",[146,907,908],{},"华盛顿邮报 (The Washington Post Company)",[146,910,911],{},"10,628",[146,913,914],{},"42,277",[121,916,917,920,923,926],{},[146,918,919],{},"667,124 (b)",[146,921,922],{},"伍尔沃斯 (F.W. Woolworth Company)",[146,924,925],{},"13,583",[146,927,928],{},"16,511",[121,930,931,933,935,937],{},[146,932],{},[146,934],{},[146,936],{},[146,938],{},[121,940,941,943,945,948],{},[146,942],{},[146,944],{},[146,946,947],{},"$ 298,848",[146,949,950],{},"$ 497,591",[121,952,953,955,958,961],{},[146,954],{},[146,956,957],{},"其他所有普通股持仓",[146,959,960],{},"26,313",[146,962,963],{},"32,096",[121,965,966,968,971,974],{},[146,967],{},[146,969,970],{},"普通股合计",[146,972,973],{},"$ 325,161",[146,975,976],{},"$ 529,687",[978,979,980,984],"ol",{},[981,982,983],"li",{},"全部由伯克希尔或其保险子公司持有。",[981,985,986],{},"蓝筹印花和\u002F或韦斯科持有这些公司的股份。",[14,988,989],{},"所有数字均代表伯克希尔在集团总持股中所占的净权益。",[14,991,992],{},"从这张表中你可以看到，我们潜在盈利能力的行业分布与表面看起来的情况大不相同。例如，我们的保险子公司持有凯撒铝业 (Kaiser Aluminum) 大约3%的股份，以及美国铝业 (Alcoa) 约1.25%的股份。我们在这些公司1980年收益中所占的份额大约为1,300万美元。（如果这些收益最终一美元对一美元地转化为市值增长和股利，则需要扣除一笔不小但无法精确计算的税款；大约25%可能是一个合理的假设。）因此，我们在铝业中的经济利益实际上超过了我们所控制并在报表上详细披露的几乎所有业务。如果我们维持现有持股不变，从长远来看，铝业的景气变动对我们业绩表现的影响，将大于我们对大多数具有管理控制权的公司所做的直接经营决策。",[24,994,995],{"id":995},"盖可保险",[14,997,998],{},"我们最大的非控股持仓是盖可保险 (GEICO Corp.) 的720万股，相当于约33%的股权。通常，这样的持股比例（超过20%）应当按照”被投资公司”的方式处理，需要将盖可保险收益的相应比例反映在我们的报表中。然而，我们是依据哥伦比亚特区和纽约州保险部门的特别命令购买这些股票的，该命令要求将股票的投票权交给独立方。没有投票权，我们33%的股权就不符合权益法的处理条件。（平克顿 (Pinkerton’s) 也是类似的情况。）",[14,1000,1001],{},"当然，盖可保险的未分配收益是否每年被计入我们的经营收益，与其对我们或你们伯克希尔股东的经济价值毫无关系。这些留存收益的价值将取决于盖可保险管理层运用它们的能力。",[14,1003,1004],{},"在这一点上，我们简直再满意不过了。盖可保险可以说代表了最佳投资——将一项极其重要且极难复制的商业优势，与一个卓越的管理团队完美结合，其经营能力与资本配置能力相得益彰。",[14,1006,1007],{},"如各位所见，我们的持股成本约为4,700万美元，其中大约一半在1976年投入，其余大部分在1980年投入。按照目前的股息率，我们从盖可保险报告的收益每年略超300万美元。但我们估计，我们所占的盈利能力大约在每年2,000万美元的量级。也就是说，仅仅是这一项持股的未分配收益，就可能相当于伯克希尔全部报告经营收益的40%。",[14,1009,1010],{},"我们要强调的是，盖可保险管理层保留属于我们的大约1,700万美元不予分配，我们完全放心，就好像这笔钱在我们自己手里一样。仅在过去两年，盖可保险就通过回购自家股票，将流通在外的股份从3,420万股缩减至2,160万股，大幅增强了股东在这项根本无法复制的业务中的权益。股东们不可能得到更好的对待了。",[14,1012,1013,1014,1018],{},"我们在过去的报告中多次谈到，购买和经营”困境反转”型企业通常令人失望。这些年来，我们接触了数十个行业的数百个困境反转项目，无论是作为参与者还是旁观者，我们都一直在跟踪其实际表现与预期的对比。我们的结论是：除了极少数例外，",[1015,1016,1017],"strong",{},"当一个以卓越著称的管理者遇上一个以糟糕的基本面著称的行业时，最终安然无恙的是那个行业的名声","。",[14,1020,1021],{},"盖可保险看起来似乎是个例外，它从1976年的破产边缘东山再起了。卓越的管理能力确实是其起死回生不可或缺的要素，而杰克·伯恩 (Jack Byrne) 在那年上任后，正是大量提供了这种能力的人。",[14,1023,1024],{},"但同样重要的是，盖可保险此前一直享有的根本性商业优势——这种优势曾带来惊人的成功——在公司内部始终完好无损，只不过被淹没在一片财务和经营危机之中。",[14,1026,1027],{},"盖可保险的设计初衷就是在一个庞大的市场（汽车保险）中做低成本运营商，而这个市场中大部分竞争对手的营销架构限制了它们的调整能力。按照设计运营，它既能为客户提供非凡的价值，又能为自身赚取非凡的回报。几十年来它一直就是这么运营的。70年代中期的危机并非源于这一根本性经济优势的削弱或消失。",[14,1029,1030],{},"盖可保险当时的困境类似于1964年色拉油丑闻之后的美国运通 (American Express)。两家都是独一无二的公司，暂时因为一场财务打击而摇摇欲坠，但其卓越的基本经济实力并未被摧毁。盖可保险和美国运通的情况——非凡的商业特许权加上一个可以局部切除的肿瘤（当然需要一位技艺高超的外科医生）——应当与真正的”困境反转”区分开来，后者是指管理层期望——也需要——完成一场企业版的皮格马利翁式蜕变。",[14,1032,1033],{},"不管怎么称呼，我们对盖可保险的这笔持股非常满意，如前所述，我们的成本是4,700万美元。如果要通过协商收购整家企业的方式，买下一个具有一流经济特质和光明前景、年盈利能力为2,000万美元的类似企业，至少要花2亿美元（在某些行业还要高得多）。100%持股确实能给所有者提供杠杆收购、更换管理层、重新配置现金流和出售业务等选项。它还可能给企业总部带来一些刺激（这一点倒是很少有人提及）。",[14,1035,1036],{},"非常令人满意的是，我们保险业务的性质决定了我们以远低于整体收购价格的代价买入许多经营良好的企业的少数股权，而这些企业根本不需要更换管理层、重新配置现金流或拆分出售。管理界的杰克·伯恩和商业界的盖可保险都是凤毛麟角。还有什么比与他们两者建立合伙关系更好的呢？",[24,1038,1039],{"id":1039},"保险行业现况",[14,1041,1042],{},"保险行业的承保状况继续按照我们预期的方向发展，综合比率（定义见第37页）从1979年的100.6上升至1980年的估计值103.5。几乎可以肯定，这一趋势将持续下去，1981年和1982年行业承保损失将显著且逐步攀升。要了解其中原因，我建议各位阅读丘博保险 (Chubb Corp.) 的芭芭拉·斯图尔特 (Barbara Stewart) 在1980年10月发表的关于财产意外险竞争态势的精彩分析。（丘博的年报一贯呈现业内最深刻、坦诚且文笔出色的行业状况讨论；你们应该加入其年报邮寄名单。）Stewart 女士的分析虽然不令人愉快，但我们认为它非常可能是准确的。",[14,1044,1045],{},"而不幸的是，一个尚未被广泛报道但格外棘手的问题很可能会延长并加剧即将到来的行业痛苦。它不仅可能在承保损失创历史新高时让许多保险公司继续拼命争抢业务——还可能在那个时候让它们加倍努力。",[14,1047,1048],{},"这个问题源于债券价格的下跌，以及保险会计惯例允许公司按摊余成本而非市场价值列示债券。许多保险公司持有的长期债券，以摊余成本计算，金额达到其净资产的二到三倍。如果是三倍的话，债券价格从成本价下跌三分之一——假如在账面上予以确认——就会把净资产全部抹掉。而它们确实贬值了。一些最大且最知名的财产意外险公司，如果将债券持仓按市价计算，目前会发现自己的净资产微乎其微，甚至为负值。当然，它们的债券价格也可能回升，从而部分地、甚至可以设想完全地恢复账面净资产的实质。或者它们可能继续下跌。（我们深信，对股票或债券价格的短期预测是毫无用处的。预测也许能让你对预测者有很多了解；但对于未来则一无所告。）",[14,1050,1051],{},"有人可能觉得奇怪：一家保险公司的股票投资组合价格下跌到大幅减少净资产时，会威胁到其生存，但债券价格发生更大幅度的下跌却毫无反应。业界的辩解是，不管当前市价如何，债券到期时会按面值全额兑付，所以任何期间内的价格下跌最终都会消除。这个过程可能要二十年、三十年甚至四十年，但只要不卖出，到最后它们都值面值。当然，如果卖出了——即便是换成相对价值更高的类似债券——损失就必须立即入账，而公布的净资产也必须立刻相应扣减。",[14,1053,1054],{},"在这种情况下，许多投资选择就此消失了，可能一消失就是几十年。例如，当面临巨额承保损失时，有些保险公司从免税债券转换为应税债券可能在商业上完全合理。不愿确认重大债券损失也许是阻止这一明智举措的唯一因素。",[14,1056,1057],{},"但大规模未实现债券损失带来的全面影响远比投资思维的僵化更加严重。购买和持有这些债券的资金来源，是一个由投保人和索赔人（面孔不断变化）提供的资金池——这些资金实际上只是暂时存放在保险公司。只要这个资金池保持规模，就不必卖出任何债券。但如果资金池缩水——业务量大幅下降时就会如此——就必须出售资产来偿还债务。而如果这些资产恰恰是含有巨额未实现损失的债券，那么这些损失将迅速变成已实现的，并在这一过程中摧毁净资产。",[14,1059,1060],{},"因此，一家债券市值缩水已接近账面净资产的保险公司（目前这样的公司比比皆是），同时又面临明显不足且肯定还会继续恶化的费率水平，它有两种选择。第一种是管理层告诉承保人员继续按照风险敞口来定价——“确保每一美元的费用成本加预期赔付成本，都能收到一美元的保费”。",[14,1062,1063],{},"这一指令的后果是可以预见的：(a) 由于大部分业务都对价格敏感且为年度续保，许多现有保单将在短期内流失到竞争对手那里；(b) 随着保费收入大幅缩水，负债（预收保费和应付赔款）将滞后但相应减少；(c) 资产（债券）必须出售以匹配负债的减少；(d) 此前未确认的净资产消失将部分地（取决于出售的规模）在保险公司公布的财务报表上得到确认。",[14,1065,1066],{},"这一令人沮丧的连锁反应有一些变体，对账面净资产的惩罚略小一些。有些公司在(c)阶段的反应是出售已经按市价列示的股票，或者近期购入、损失较小的债券。这种驼鸟式的做法——卖掉好资产、留下最大的亏损——虽然短期内不那么痛苦，但长期来看不太可能是赢家。",[14,1068,1069],{},"第二种选择简单得多：不管费率水平如何，也不管预计的承保损失有多大，照单全收，以维持现有的保费收入、资产和负债水平——然后祈祷好日子会来，不管是承保方面还是债券价格方面。行业媒体对”现金流承保”批评甚多——所谓现金流承保，就是不顾预期的承保亏损也要承接业务，以获取资金在当前的高利率下进行投资。这第二种选择也许更准确的叫法是”资产维持式承保”——接受糟糕的业务只是为了保住现有的资产。",[14,1071,1072],{},"当然，你知道会选择哪个选项。同样清楚的是，只要还有许多大型保险公司觉得不得不选择第二种，承保市场就不会有好转的一天。因为如果大部分同业觉得不管价格是否合理都必须维持保费收入水平，那么所有保险公司都不得不跟着压低价格。除了自己已经陷入财务困境之外，下一个最糟糕的处境就是一大群竞争对手都有财务问题，而他们可以通过”不惜任何代价也要卖出”的策略来拖延问题的爆发。",[14,1074,1075],{},"我们前面提到，那些不愿意——出于种种原因，包括公众反应、机构自尊或保护账面净资产——以迫使确认重大损失的价格出售债券的公司，可能会发现自己的投资姿态被冻结长达十年甚至更久。但如前所述，这只是问题的一半。那些大量投资于长期债券的公司，在相当长的时期内，不仅可能失去了许多投资选择，还可能失去了许多承保方面的选择。",[14,1077,1078],{},"在这方面，我们自己的处境是令人满意的。我们相信，在所有股东持有的大型财产意外险集团中，以摊余成本对所有保险公司的债券进行估值，我们的净资产相对于保费收入而言是最强的。如果以市价计算债券价值，我们的相对优势就更加显著了。（但为了不过度自满，我们提醒自己：我们的资产和负债期限错配仍远比我们希望的严重，而且我们也在债券上亏了不少钱，因为你们的主席在应该采取行动的时候光顾着夸夸其谈了。）",[14,1080,1081],{},"我们雄厚的资本实力和投资灵活性将使我们能够在预期将持续较长时间的定价不足环境中做出我们认为最明智的决策。但行业的麻烦就是我们的麻烦。我们的财务优势并不能让我们免受目前席卷整个财产意外险行业的恶性定价环境的影响。它只是给了我们更强的持久力和更多的选择。",[24,1083,1084],{"id":1084},"保险业务的运营",[14,1086,1087],{},"国民保险公司 (National Indemnity) 的经理们在菲尔·列舍 (Phil Liesche) 的带领下，加上罗兰·米勒 (Roland Miller) 和比尔·莱恩斯 (Bill Lyons) 一如既往的得力协助，在1980年超越了自我。虽然保费收入持平，但相对于行业的承保利润率达到了历史最高水平。我们预计1981年该业务的保费收入将有所下降。但其管理层不会听到来自总部的任何抱怨，他们的就业和薪酬也不会受到影响。我们非常钦佩国民保险的承保纪律——这一纪律由创始人杰克·林沃尔特 (Jack Ringwalt) 从公司创立之初便植入其中——并且深知这种纪律一旦中断，恐怕永远也无法完全恢复。",[14,1089,1090],{},"约翰·苏厄德 (John Seward) 领导的家庭与汽车保险公司 (Home and Auto) 继续取得良好进展，用竞争较不激烈的险种（主要是小额一般责任险）来替代不断减少的汽车保单。随着承保业绩的改善，业务正在地域和产品线两个维度上缓步扩张。",[14,1092,1093],{},"再保险业务继续反映出直接承保人的过度行为和问题。更糟的是，它还有放大这些过度行为的潜力。再保险的特点是进入门槛极低、保费预先大额收取、而损失报告和赔付严重滞后。一开始，每天早上的邮件里满是现金而几乎没有索赔。这种状态会产生一种幸福甚至近乎飘飘然的感觉，就像一个涉世未深的年轻人第一次拿到信用卡时的感觉。",[14,1095,1096],{},"这种产生现金的特性本身就极具吸引力，加上当前的高利率更是锦上添花，正在把再保险市场变成”业余爱好者之夜”。如果没有发生超级巨灾，未来几年行业承保表现将很差。如果真的发生了这样的巨灾，那将是一场大屠杀，有些公司将无力履行合同承诺。乔治·扬 (George Young) 继续为我们在这项业务中做着一流的工作。加上投资收益后，业绩还算可以获利。我们将继续保持在再保险领域的活跃参与，但在可预见的未来，我们预计这项业务的保费收入不会有增长。",[14,1098,1099],{},"住宅保险 (Homestate) 业务我们仍面临严重问题。堪萨斯州的弗洛伊德·泰勒 (Floyd Taylor) 做得非常出色，但我们在其他地区的承保表现远低于平均水平。表现最差的是爱荷华保险公司 (Insurance Company of Iowa)，自1973年成立以来每年都蒙受巨额损失。去年秋天我们放弃了在该州的承保业务，并将该公司并入内布拉斯加州居民意外险公司 (Cornhusker Casualty)。住宅保险的概念有潜力，但要实现它还需要付出大量努力。",[14,1101,1102],{},"我们的工伤赔偿保险业务遭受了一个沉重打击：弗兰克·德纳多 (Frank DeNardo) 去年不幸去世，年仅37岁。Frank 天生就有承保人的直觉。他是一位出色的技术专家和强悍的竞争者；他很快就解决了国民保险公司加州工伤赔偿部门的主要问题。当初把 Frank 引荐给我们的丹·格罗斯曼 (Dan Grossman) 在 Frank 去世后立即接手，继续运营这项业务，目前以伯克希尔另一家子公司红杉火险 (Redwood Fire and Casualty) 为承保主体。",[14,1104,1105],{},"我们在工伤赔偿保险领域的主力——赛普拉斯保险公司 (Cypress Insurance Company)，由米尔特·桑顿 (Milt Thornton) 领导，继续保持着出色的业绩。年复一年，Milt 和菲尔·列舍一样，运营着一个远远领先于竞争对手的承保业务。在行业内他备受仰慕和模仿，但无人能及。",[14,1107,1108],{},"总体而言，我们预计1981年保险业务量将大幅下滑，承保业绩也将变差。我们预期自己的承保表现将略优于行业平均水平，但当然，大部分同业也都这么认为。最终肯定有人会失望。",[24,1110,1111],{"id":1111},"纺织业务及零售业务",[14,1113,1114],{},"过去一年我们缩减了纺织业务的规模。Waumbec 工厂的运营已经终止了，虽然我们很不情愿，但这是必须的。部分设备转移到了新贝德福德 (New Bedford)，但大部分已经或将要连同房产一起出售。你们的主席犯了一个代价高昂的错误——没有更早地面对这一现实。",[14,1116,1117],{},"在新贝德福德，我们淘汰了大约三分之一的织布机，放弃了一些产品差异化不显著的大批量生产线。即便一切顺利——而这种情况少之又少——这些生产线也无法产生与投资相匹配的回报。而在一个完整的行业周期中，亏损是最可能的结果。",[14,1119,1120],{},"我们剩余的纺织业务规模仍然相当可观，已分为制造和销售两个部门，各自可以独立开展业务。这样一来，分销能力和工厂产能就不必绑定在一起。我们最近购买了二手130英寸索尔 (Saurer) 织机，使利润率最高的纺织产品线的产能翻了一倍多。当前形势表明纺织业又将迎来艰难的一年，但好在我们投入这一业务的资本已大幅减少。",[14,1122,1123],{},"本·罗斯纳 (Ben Rosner) 在联合零售商店 (Associated Retail Stores) 的业绩继续让我们惊叹。在零售业普遍惨淡的一年里，联合零售的收益依然出色——而且这些收益全部转化成了现金。1981年3月7日，联合零售将迎来它的50岁生日。Ben 在这50年的每一年里都在经营这家公司（1931年至1966年期间与合伙人利奥·西蒙 (Leo Simon) 一起）。",[24,1125,1127],{"id":1126},"伊利诺伊国民银行及rockford信托的处置","伊利诺伊国民银行及Rockford信托的处置",[14,1129,1130],{},"1980年12月31日，我们完成了将41,086股Rockford Bancorp Inc.（拥有伊利诺伊国民银行 (Illinois National Bank) 97.7%的股份）的股票交换为同等数量伯克希尔·哈撒韦公司股票的程序。",[14,1132,1133],{},"我们设计的交换方式允许所有伯克希尔股东维持各自在该银行的权益比例（我本人除外，我被允许保留我应得比例的80%）。由此他们获得的所有权地位，与我们采取更传统的分拆方式完全一致。在大约1,300名股东中，有24位选择了这种按比例交换。",[14,1135,1136],{},"我们还允许超额交换，另有39位股东接受了这一选择，从而增加了他们在银行的持股比例、减少了在伯克希尔的持股比例。他们全部获得了所申请的全额 Bancorp 股票，因为这39位股东所需的总股数刚好略少于其余1,200多位选择不放弃任何伯克希尔股份的股东所释出的数量。作为最后的兜底交换人，我承接了剩余的小部分（Bancorp 约3%的股份）。这些股份加上我从基本分配额度（正常比例的80%）中获得的股份，使我在银行的权益比例略有下降，而在伯克希尔的权益比例略有上升。",[14,1138,1139],{},"银行管理层对这一结果感到满意。Bancorp 将作为一家结构简单、费用低廉的控股公司运营，拥有65位股东。而这些股东每一位都是通过自觉、主动的决定成为 Bancorp 所有者的。",[24,1141,1142],{"id":1142},"融资",[14,1144,1145],{},"8月份，我们发行了6,000万美元票面利率12.75%的公司债，2005年8月1日到期，偿债基金从1991年开始提存。",[14,1147,1148],{},"主承销商为唐纳森·勒夫金·詹里特证券公司 (Donaldson, Lufkin & Jenrette Securities Corporation)，代表人为比尔·费舍尔 (Bill Fisher)，以及柴尔斯·海德公司 (Chiles, Heider & Company, Inc.)，代表人为查理·海德 (Charlie Heider)，他们从头到尾为这次融资提供了绝对一流的服务。",[14,1150,1151],{},"与大多数企业不同，伯克希尔并非因为有什么具体的紧迫需求而融资。相反，我们之所以借钱，是因为我们相信在远短于贷款期限的时间内，会有许多好的投资机会出现。最具吸引力的机会往往出现在信贷极其昂贵——甚至根本借不到钱的时候。在那种时刻，我们希望拥有充足的火力。",[14,1153,1154],{},"对于并购对象，我们偏好那些能够产生现金而非消耗现金的企业。随着通胀加剧，越来越多的公司发现，它们必须把内部产生的全部资金投回去，才能维持现有的实物业务规模。这种经营有一种海市蜃楼般的特质。无论账面数字多么好看，对于那些似乎永远无法把漂亮数字转化为无附加条件现金的企业，我们始终保持警惕。",[14,1156,1157],{},"符合我们标准的企业并不好找。（每年我们研究数以百计的并购案例，其中只有寥寥几个能引起我们的兴趣。）而且，我们现有业务的合理扩张也不容易实施。但我们将继续利用这两条途径来推动伯克希尔的成长。",[14,1159,1160],{},"在任何情况下，我们都计划以充裕的流动性来运营，负债规模适中、结构合理，并保持充足的资本实力。这种保守的做法使我们的股本回报率多少打了些折扣，但这是唯一让我们感到安心的方式。",[1162,1163],"hr",{},[14,1165,1166],{},"吉恩·阿贝格 (Gene Abegg)，我们长期拥有的Rockford银行的创始人，于1980年7月2日辞世，享年82岁。作为朋友、银行家和公民，他都是无人能出其右的。",[14,1168,1169],{},"当你从一个人手里买下一家公司，而他随后以雇员而非所有者的身份继续经营时，你会对这个人有非常深入的了解。在收购之前，卖方对公司了如指掌，而你则是从零开始。卖方有几十种方式可以误导买方——通过遗漏、含糊和偷换概念。支票易手之后，微妙的（和不那么微妙的）态度变化可能发生，当初心照不宣的默契可能烟消云散。就像从求婚到结婚的过程一样，失望总是难以避免。",[14,1171,1172],{},"从我们第一次见面起，Gene 就是百分之百地坦诚相待——这是他唯一的行事方式。谈判开始时，他把所有负面因素摆在桌面上；另一方面，在交易完成后的数年间，他还会不时告诉我一些当初没有讨论过的、随收购一起获得的价值。",[14,1174,1175],{},"尽管他把银行卖给我们时已经71岁高龄，Gene 后来为我们工作却比他为自己干的时候还卖力。他从不拖延一分钟才报告问题，但 Gene 那里问题本来就极少。对于一个在1933年银行停业日手头有足够现金全额偿付所有储户的人，你还能对他有什么别的期望呢？Gene 从未忘记自己经手的是别人的钱。虽然这种受托人的态度始终占据主导，但他精湛的管理技能使得这家银行的盈利能力经常在全美名列前茅。",[14,1177,1178],{},"Gene 执掌伊利诺伊国民银行将近50年——差不多是我们国家历史的四分之一。乔治·米德 (George Mead)，一位富有的工业家，在Rockford的几家银行相继倒闭后把他从芝加哥请来开设了一家新银行。Mead 先生出资，Gene 掌舵。他的领导才能很快在Rockford几乎每一项重大市政活动中都留下了印记。",[14,1180,1181],{},"这些年来，几十位Rockford的居民告诉过我 Gene 给予他们的帮助。有些时候是经济上的帮助，但每一次都包含着智慧、共情和友谊。他对我也一直如此。因为各自的年龄和位置不同，有时我是晚辈，有时我是长辈。不管是哪种关系，它始终是独一无二的，我深深怀念。",[14,1183,1184],{},"沃伦·E·巴菲特",[14,1186,1187],{},"董事会主席",[14,1189,1190],{},"1981年2月27日",{"title":1192,"searchDepth":1193,"depth":1193,"links":1194},"",2,[1195,1197,1198,1199,1200,1201,1202,1203,1204,1205],{"id":26,"depth":1196,"text":26},3,{"id":59,"depth":1196,"text":59},{"id":77,"depth":1196,"text":77},{"id":110,"depth":1196,"text":110},{"id":995,"depth":1196,"text":995},{"id":1039,"depth":1196,"text":1039},{"id":1084,"depth":1196,"text":1084},{"id":1111,"depth":1196,"text":1111},{"id":1126,"depth":1196,"text":1127},{"id":1142,"depth":1196,"text":1142},"致股东信",null,"1980年巴菲特致股东信，汇报经营收益增长但股本回报率下滑、保险业务表现及通胀影响","md",{},true,51,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1980-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1208},"1980 巴菲特致股东信｜巴菲特","1980-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F1980-ba-fei-te-zhi-gu-dong-xin","vGcy61uX8aaPXLB6t4-n7I9ko7U3pODG3aNjdxYJ5Ko","buffett",[1221,1226,1230,1234,1237,1240,1243,1246,1249,1252,1256,1259,1262,1266,1269,1272,1276,1279,1282,1286,1289,1292,1296,1299,1302,1306,1309,1312,1316,1319,1322,1326,1329,1332,1336,1339,1342,1346,1349,1352,1356,1359,1362,1366,1369,1372,1376,1379,1382,1386,1389,1392,1396,1399,1402,1406,1409,1412,1416,1419,1422,1426,1429,1432,1436,1439,1442,1446,1449,1452,1456,1459,1462,1466,1469,1472,1476,1479,1482,1486,1489,1492,1496,1499,1502,1506,1509,1512,1516,1519,1522,1526,1529,1532,1536,1539,1542,1546,1549,1552,1556,1559,1563,1566,1570,1573,1577,1580,1584,1587,1591,1594,1598,1601,1605,1608,1612,1615,1619,1622,1626,1629,1633,1636,1640,1643,1647,1650,1654,1657,1661,1664,1668,1671,1672,1675,1679,1682,1686,1689,1693,1696,1700,1703,1707,1710,1714,1717,1721,1724,1728,1731,1735,1738,1742,1745,1749,1752,1756,1759,1763,1766,1770,1773,1777,1780,1784,1787,1791,1794,1798,1801,1805,1808,1812,1815,1819,1822,1826,1829,1833,1836,1840,1843,1847,1850,1854,1857,1861,1864,1868,1871,1875,1878,1882,1885,1889,1892,1896,1899,1903,1906,1910,1913,1917,1920,1924,1927,1931,1934,1938,1941,1945,1948,1952,1955,1959,1962,1966,1969,1973,1976,1980,1983,1987,1990,1994,1997,2001,2004,2008,2011,2015,2018,2022,2026,2030,2034,2038,2042,2046,2050,2054,2058,2062,2066,2070,2074,2078,2082,2086,2090,2094,2098,2102,2106,2110,2114,2118,2122,2126,2130,2134,2138,2142,2146,2150,2154,2158,2162,2166,2170,2174,2178,2182,2186,2190,2194,2198,2202,2206,2210,2214,2218],{"title":1222,"slug":1223,"category":1224,"order":1225},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":1227,"slug":1228,"category":1229,"order":1225},"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":1231,"slug":1232,"category":1233,"order":1225},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1235,"slug":1236,"category":1224,"order":1193},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1238,"slug":1239,"category":1229,"order":1193},"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":1241,"slug":1242,"category":1233,"order":1193},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1244,"slug":1245,"category":1224,"order":1196},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1247,"slug":1248,"category":1229,"order":1196},"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":1250,"slug":1251,"category":1233,"order":1196},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1253,"slug":1254,"category":1224,"order":1255},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1257,"slug":1258,"category":1229,"order":1255},"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":1260,"slug":1261,"category":1233,"order":1255},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1263,"slug":1264,"category":1224,"order":1265},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1267,"slug":1268,"category":1229,"order":1265},"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":1270,"slug":1271,"category":1233,"order":1265},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1273,"slug":1274,"category":1224,"order":1275},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1277,"slug":1278,"category":1229,"order":1275},"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":1280,"slug":1281,"category":1233,"order":1275},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1283,"slug":1284,"category":1224,"order":1285},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1287,"slug":1288,"category":1229,"order":1285},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1290,"slug":1291,"category":1233,"order":1285},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1293,"slug":1294,"category":1224,"order":1295},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1297,"slug":1298,"category":1229,"order":1295},"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":1300,"slug":1301,"category":1233,"order":1295},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1303,"slug":1304,"category":1224,"order":1305},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1307,"slug":1308,"category":1229,"order":1305},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1310,"slug":1311,"category":1233,"order":1305},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1313,"slug":1314,"category":1224,"order":1315},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1317,"slug":1318,"category":1229,"order":1315},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1320,"slug":1321,"category":1233,"order":1315},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1323,"slug":1324,"category":1224,"order":1325},"1962年中 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1599,"slug":1600,"category":1229,"order":1597},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1602,"slug":1603,"category":1224,"order":1604},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1606,"slug":1607,"category":1229,"order":1604},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1609,"slug":1610,"category":1206,"order":1611},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1613,"slug":1614,"category":1229,"order":1611},"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":1616,"slug":1617,"category":1206,"order":1618},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1620,"slug":1621,"category":1229,"order":1618},"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":1623,"slug":1624,"category":1206,"order":1625},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1627,"slug":1628,"category":1229,"order":1625},"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":1630,"slug":1631,"category":1206,"order":1632},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1634,"slug":1635,"category":1229,"order":1632},"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":1637,"slug":1638,"category":1206,"order":1639},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1641,"slug":1642,"category":1229,"order":1639},"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":1644,"slug":1645,"category":1206,"order":1646},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1648,"slug":1649,"category":1229,"order":1646},"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":1651,"slug":1652,"category":1206,"order":1653},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1655,"slug":1656,"category":1229,"order":1653},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1658,"slug":1659,"category":1206,"order":1660},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1662,"slug":1663,"category":1229,"order":1660},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1665,"slug":1666,"category":1206,"order":1667},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1669,"slug":1670,"category":1229,"order":1667},"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":5,"slug":1216,"category":1206,"order":1212},{"title":1673,"slug":1674,"category":1229,"order":1212},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1676,"slug":1677,"category":1206,"order":1678},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1680,"slug":1681,"category":1229,"order":1678},"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":1683,"slug":1684,"category":1206,"order":1685},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1687,"slug":1688,"category":1229,"order":1685},"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":1690,"slug":1691,"category":1206,"order":1692},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1694,"slug":1695,"category":1229,"order":1692},"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":1697,"slug":1698,"category":1206,"order":1699},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1701,"slug":1702,"category":1229,"order":1699},"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":1704,"slug":1705,"category":1206,"order":1706},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1708,"slug":1709,"category":1229,"order":1706},"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":1711,"slug":1712,"category":1206,"order":1713},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1715,"slug":1716,"category":1229,"order":1713},"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":1718,"slug":1719,"category":1206,"order":1720},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1722,"slug":1723,"category":1229,"order":1720},"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":1725,"slug":1726,"category":1206,"order":1727},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1729,"slug":1730,"category":1229,"order":1727},"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":1732,"slug":1733,"category":1206,"order":1734},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1736,"slug":1737,"category":1229,"order":1734},"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":1739,"slug":1740,"category":1206,"order":1741},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1743,"slug":1744,"category":1229,"order":1741},"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":1746,"slug":1747,"category":1206,"order":1748},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1750,"slug":1751,"category":1229,"order":1748},"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":1753,"slug":1754,"category":1206,"order":1755},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1757,"slug":1758,"category":1229,"order":1755},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1760,"slug":1761,"category":1206,"order":1762},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1764,"slug":1765,"category":1229,"order":1762},"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":1767,"slug":1768,"category":1206,"order":1769},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1771,"slug":1772,"category":1229,"order":1769},"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":1774,"slug":1775,"category":1206,"order":1776},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1778,"slug":1779,"category":1229,"order":1776},"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":1781,"slug":1782,"category":1206,"order":1783},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1785,"slug":1786,"category":1229,"order":1783},"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":1788,"slug":1789,"category":1206,"order":1790},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1792,"slug":1793,"category":1229,"order":1790},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1795,"slug":1796,"category":1206,"order":1797},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1799,"slug":1800,"category":1229,"order":1797},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1802,"slug":1803,"category":1206,"order":1804},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1806,"slug":1807,"category":1229,"order":1804},"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":1809,"slug":1810,"category":1206,"order":1811},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1813,"slug":1814,"category":1229,"order":1811},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1816,"slug":1817,"category":1206,"order":1818},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1820,"slug":1821,"category":1229,"order":1818},"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":1823,"slug":1824,"category":1206,"order":1825},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1827,"slug":1828,"category":1229,"order":1825},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1830,"slug":1831,"category":1206,"order":1832},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1834,"slug":1835,"category":1229,"order":1832},"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":1837,"slug":1838,"category":1206,"order":1839},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1841,"slug":1842,"category":1229,"order":1839},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1844,"slug":1845,"category":1206,"order":1846},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1848,"slug":1849,"category":1229,"order":1846},"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":1851,"slug":1852,"category":1206,"order":1853},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1855,"slug":1856,"category":1229,"order":1853},"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":1858,"slug":1859,"category":1206,"order":1860},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1862,"slug":1863,"category":1229,"order":1860},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1865,"slug":1866,"category":1206,"order":1867},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1869,"slug":1870,"category":1229,"order":1867},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1872,"slug":1873,"category":1206,"order":1874},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1876,"slug":1877,"category":1229,"order":1874},"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":1879,"slug":1880,"category":1206,"order":1881},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1883,"slug":1884,"category":1229,"order":1881},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1886,"slug":1887,"category":1206,"order":1888},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1890,"slug":1891,"category":1229,"order":1888},"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":1893,"slug":1894,"category":1206,"order":1895},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1897,"slug":1898,"category":1229,"order":1895},"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":1900,"slug":1901,"category":1206,"order":1902},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1904,"slug":1905,"category":1229,"order":1902},"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":1907,"slug":1908,"category":1206,"order":1909},"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":1911,"slug":1912,"category":1229,"order":1909},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1914,"slug":1915,"category":1206,"order":1916},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1918,"slug":1919,"category":1229,"order":1916},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1921,"slug":1922,"category":1206,"order":1923},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1925,"slug":1926,"category":1229,"order":1923},"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":1928,"slug":1929,"category":1206,"order":1930},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1932,"slug":1933,"category":1229,"order":1930},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1935,"slug":1936,"category":1206,"order":1937},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1939,"slug":1940,"category":1229,"order":1937},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1942,"slug":1943,"category":1206,"order":1944},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1946,"slug":1947,"category":1229,"order":1944},"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":1949,"slug":1950,"category":1206,"order":1951},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1953,"slug":1954,"category":1229,"order":1951},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1956,"slug":1957,"category":1206,"order":1958},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1960,"slug":1961,"category":1229,"order":1958},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":1963,"slug":1964,"category":1206,"order":1965},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1967,"slug":1968,"category":1229,"order":1965},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1970,"slug":1971,"category":1206,"order":1972},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1974,"slug":1975,"category":1229,"order":1972},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1977,"slug":1978,"category":1206,"order":1979},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1981,"slug":1982,"category":1229,"order":1979},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":1984,"slug":1985,"category":1206,"order":1986},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1988,"slug":1989,"category":1229,"order":1986},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1991,"slug":1992,"category":1206,"order":1993},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1995,"slug":1996,"category":1229,"order":1993},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1998,"slug":1999,"category":1206,"order":2000},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2002,"slug":2003,"category":1229,"order":2000},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":2005,"slug":2006,"category":1206,"order":2007},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2009,"slug":2010,"category":1229,"order":2007},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2012,"slug":2013,"category":1206,"order":2014},"2026 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