[{"data":1,"prerenderedAt":3447},["ShallowReactive",2],{"library-1996-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1911,"library-sidebar-dao":2913,"library-sidebar-models":3215},{"id":4,"title":5,"body":6,"category":1897,"date":1898,"description":1899,"extension":1900,"meta":1901,"navigation":1902,"order":1903,"path":1904,"seo":1905,"seoDescription":1899,"seoTitle":1906,"slug":1907,"stem":1908,"__hash__":1909,"_collection":1910},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1996-ba-fei-te-zhi-gu-dong-xin.md","1996 巴菲特致股东信",{"type":7,"value":8,"toc":1879},"minimark",[9,13,20,25,28,31,34,37,49,52,55,58,61,169,172,175,182,185,189,192,195,198,201,204,208,211,214,217,220,223,226,229,232,235,238,241,244,247,251,254,257,260,263,760,763,766,772,775,778,781,784,787,790,793,796,799,802,805,808,811,815,818,821,824,827,830,833,840,843,846,849,851,854,857,860,867,870,873,876,1279,1284,1289,1294,1299,1302,1305,1308,1311,1314,1317,1320,1323,1326,1487,1500,1503,1506,1673,1679,1682,1685,1688,1691,1694,1697,1700,1703,1706,1709,1712,1715,1718,1721,1723,1726,1729,1732,1735,1738,1741,1744,1747,1750,1753,1756,1759,1762,1765,1768,1771,1774,1777,1780,1783,1786,1789,1792,1795,1798,1801,1804,1814,1817,1820,1822,1825,1828,1833,1836,1839,1842,1849,1852,1855,1858,1861,1864,1867,1870,1873,1876],[10,11,5],"h1",{"id":12},"_1996-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔·哈撒韦公司",[14,21,22],{},[17,23,24],{},"董事长致辞",[14,26,27],{},"致伯克希尔·哈撒韦公司所有股东：",[14,29,30],{},"1996年我们的净资产增加了62亿美元，增幅为36.1%。不过每股账面价值的增幅要低一些，为31.8%，原因是伯克希尔的流通股数增加了：我们通过发行新股收购了飞安国际公司 (FlightSafety International)，同时还发售了新的B级普通股。(1) 自现任管理层接手的32年以来，每股账面价值由当初的19美元成长到目前的19,011美元，年复合增长率约为23.8%。",[14,32,33],{},"(1): 每股B级普通股拥有A级普通股1\u002F30的经济利益。A级普通股即1996年5月之前伯克希尔唯一发行在外的股份。在本报告中，所有”每股”数字均以”A级普通股等价数”为基础，即A级普通股的流通股数加上B级普通股流通股数的1\u002F30。",[14,35,36],{},"基于技术性原因，我们必须将1995年的财务报表予以重编，这件事需要我做一番不怎么刺激的会计奥秘解读。我会长话短说。",[14,38,39,40,44,45,48],{},"重编是因为此前被归类为投资的盖可保险 (GEICO) 在1996年1月2日正式成为伯克希尔100%持有的子公司。从经济角度来看——考虑到可观的税务优惠与其他好处——我们在1995年底持有的51%盖可保险股权，在两天后我们取得剩余49%股权之时，其价值",[41,42,43],"em",{},"大幅增加","了。然而针对这种”渐进式收购”，会计准则却要求我们在持股比例达到100%的时候，必须将原来51%的账面价值",[41,46,47],{},"向下调减","。这笔调减——同时也降低了账面价值——金额为4.784亿美元。结果导致我们原来那51%的盖可保险股权账面价值，不但低于我们收购剩余49%股权时的市价，也低于我们对这49%股权本身的入账金额。",[14,50,51],{},"不过，我刚才描述的账面价值减少也有补偿：1996年我们两度以溢价发行伯克希尔股份，第一次是在5月发售B级普通股募集现金，第二次是在12月同时发行A级与B级普通股用以支付收购飞安国际的部分对价。总的来说，以上三个非经营性因素对去年31.8%每股账面价值增幅的净影响还不到一个百分点。",[14,53,54],{},"我之所以一再谈论每股账面价值的增长，是因为它大致反映了我们一年来的经济进步。不过，就像伯克希尔的副董事长查理·芒格 (Charlie Munger) 和我一再告诉各位的，在伯克希尔真正重要的是内在价值，而非账面价值。最近一次向各位传达这个信息，是在去年6月我们发行B级普通股之后寄给大家的股东手册 (Owner’s Manual) 当中。在那本手册里，我们不但定义了若干关键术语——比如内在价值——同时也阐明了我们的企业原则。",[14,56,57],{},"多年来，我们在年报前头列出了这些原则，而在这封信里，我们偶尔也会援引股东手册，这样就不必重复某些定义与解释了。举例来说，如果你想温习一下什么是”内在价值“，建议翻翻那本手册。",[14,59,60],{},"去年我们首度提供给各位一张查理跟我认为有助于估计伯克希尔内在价值的表格。在随后这张更新版中，我们追踪两项与价值相关的关键指标。第一栏是每股持有的投资金额（含现金及等价物），第二栏是来自伯克希尔经营业务的每股税前收益——扣除了所有利息和企业管理费用，但未扣所得税及购买法会计调整数。经营收益一栏已扣除来自第一栏投资所贡献的全部股利、利息和资本利得。实际上，如果把伯克希尔拆成两部分，这两栏数字便分别代表各自的业绩表现。",[62,63,64,80],"table",{},[65,66,67],"thead",{},[68,69,70,74,77],"tr",{},[71,72,73],"th",{},"年份",[71,75,76],{},"每股投资金额",[71,78,79],{},"每股税前经营收益（不含投资收益）",[81,82,83,95,106,117,128,139,147,158],"tbody",{},[68,84,85,89,92],{},[86,87,88],"td",{},"1965",[86,90,91],{},"4 美元",[86,93,94],{},"4.08 美元",[68,96,97,100,103],{},[86,98,99],{},"1975",[86,101,102],{},"159",[86,104,105],{},"(6.48)",[68,107,108,111,114],{},[86,109,110],{},"1985",[86,112,113],{},"2,443",[86,115,116],{},"18.86",[68,118,119,122,125],{},[86,120,121],{},"1995",[86,123,124],{},"22,088",[86,126,127],{},"258.20",[68,129,130,133,136],{},[86,131,132],{},"1996",[86,134,135],{},"28,500",[86,137,138],{},"421.39",[68,140,141,143,145],{},[86,142],{},[86,144],{},[86,146],{},[68,148,149,152,155],{},[86,150,151],{},"年复合增长率，1965-95",[86,153,154],{},"33.4%",[86,156,157],{},"14.7%",[68,159,160,163,166],{},[86,161,162],{},"单年增长率，1995-96",[86,164,165],{},"29.0%",[86,167,168],{},"63.2%",[14,170,171],{},"从这张表大家可以看出，1996年我们的每股投资金额增加了29.0%，非投资的本业收益则增加了63.2%。我们的目标是让这两栏数字以合理的速度持续增长——当然，偶尔能以不合理的速度暴增就更好了。",[14,173,174],{},"不过，两个现实因素让我们不敢过度乐观。首先，过去的增长速度我们无法再达到，甚至难以接近：伯克希尔如今的股东权益规模庞大得惊人——全美资本规模超过我们的企业不到十家——而过多的资本必然会拖累回报率。其次，不论增长的速度如何，都不会是一条平稳的直线：上表第一栏的数字将在很大程度上随着证券市场的波动而起伏；第二栏的数字则会受到巨灾再保险业务盈利大幅摆动的影响。",[14,176,177,178,181],{},"在这张表中，依照我们股东指定捐赠计划 (shareholder-designated contributions) 所做出的捐款被归入第二栏的减项，虽然我们将之视为股东的福利而非费用。公司其他所有开支也同样归入第二栏。这些成本恐怕是全美大企业中最低的了：我们税后的总部费用占净资产的比率不到万分之二（即1%的五十分之一）。即便如此，查理过去还是觉得这个比例高得离谱，主要怪我使用伯克希尔的企业专机”无可辩解号”(",[41,179,180],{},"The Indefensible",")。不过查理最近来了个180度的”反向启示”：自从我们买下飞安国际——一家主业就是训练企业飞行员的公司——之后，他现在一提到飞机就喜形于色。",[14,183,184],{},"说正经的，成本控制至关重要。举个例子，股票型共同基金每年产生的企业费用——主要是付给基金经理的管理费——平均约在100个基点，随着时间推移这笔费用很可能会吃掉投资者10%乃至更多的回报。查理跟我无法向各位保证伯克希尔的投资业绩，但我们可以向各位保证：伯克希尔赚到的利润几乎全部归股东所有。我们是来跟各位一起赚钱的，不是来赚各位的钱的。",[186,187,188],"h3",{"id":188},"内在价值与股价的关系",[14,190,191],{},"去年当伯克希尔股价约在36,000美元时，我曾向各位报告过：(1) 伯克希尔近年来股价的涨幅超过了内在价值的增长，虽然后者的增长本身也相当令人满意；(2) 这种超额表现不可能无限期地持续下去；(3) 查理跟我当时不认为伯克希尔的价值被低估了。",[14,193,194],{},"自从我发出这些警告之后，伯克希尔的内在价值已经大幅增加了——主要归功于盖可保险惊人的表现（后面还会详细介绍）——而与此同时，我们的股价却几乎没有变动。这意味着1996年伯克希尔的股价表现落后于企业本身。因此，今天的价格\u002F价值关系相较于一年前已经大不相同，也是查理和我认为比较合理的状态。",[14,196,197],{},"长期而言，伯克希尔股东的整体收益必然会与企业本身的经营收益一致。当股价暂时跑赢或跑输企业表现时，少数股东——无论是买方还是卖方——就会以交易对手的利益为代价获得额外好处。一般来说，在这场博弈中，老到的一方比天真的一方更占便宜。",[14,199,200],{},"虽然我们的首要目标是让全体伯克希尔股东从持股中获取的总收益最大化，但我们同样希望尽量减少某些股东以牺牲其他股东利益来获利的情形。这正是我们经营一家家族合伙企业时会追求的目标，而我们相信对一家上市公司的经营者来说同样适用。在合伙企业中，公平要求合伙权益在合伙人加入或退出时得到公正的估值；在上市公司中，只有当市场价格与内在价值保持同步时才能实现公平。显然，理想状态不可能永远维持，但身为管理者——可以通过他的政策和沟通——极大地促进公平的实现。",[14,202,203],{},"当然，股东持有股份的时间越长，伯克希尔的经营成果对其投资回报的影响就越大——而他买卖股票时的价格相对于内在价值是溢价还是折价，影响就越小。这也是我们希望吸引具有长期投资视野的股东的原因之一。总的来说，我认为我们在这方面做得相当成功。在全美大型企业中，伯克希尔的长期持股股东比例大概排名第一。",[186,205,207],{"id":206},"_1996年的并购","1996年的并购",[14,209,210],{},"1996年我们完成了两笔并购，两家公司都恰好具备我们想要的特质——出色的商业模式和杰出的管理者。",[14,212,213],{},"第一笔是堪萨斯银行家保险公司 (Kansas Bankers Surety, KBS)，一家从名字就能看出专业领域的保险公司。这家在22个州开展业务的公司拥有出类拔萃的承保记录，全赖唐·托尔 (Don Towle) 这位非凡的经理人。Don与数百位银行家都保持着密切的个人关系，对业务的每一个细节都了然于胸。他经营公司的感觉就好像那是”他自己的”事业一样——这种态度正是我们在伯克希尔最为珍视的。由于KBS规模相对较小，我们把它放在了持股80%的子公司韦斯科金融 (Wesco) 旗下，后者正希望拓展其保险业务。",[14,215,216],{},"大家或许会对我们那精心策划、极其老练的并购策略感兴趣。1996年初，我受邀参加侄媳妇简·罗杰斯 (Jane Rogers) 的四十岁生日宴会。鉴于我对社交活动向来兴致缺缺，我立刻按照惯例，以我一贯优雅的方式开始编造各种理由推脱。然而策划者们使出了一招妙棋——他们把我安排在一个我一直乐意打交道的人旁边，那就是Jane的父亲罗伊·丁斯代尔 (Roy Dinsdale)——于是我去了。",[14,218,219],{},"宴会在1月26日举行。虽然现场音乐震耳欲聋——乐队为什么非得弹得那么响，难道他们的出场费是按分贝计算的？——我还是勉强听到Roy说他刚开完堪萨斯银行家保险的董事会，那是一家我一直很欣赏的公司。我大声吼回去说，要是这家公司哪天想卖，一定要通知我。",[14,221,222],{},"2月12日，我收到Roy的来函：“亲爱的沃伦：随函附上堪萨斯银行家保险的年度财务资料，就是我们在Janie宴会上聊到的那家公司。如有任何需要，请随时联系。”2月13日，我告诉Roy我们愿意出7,500万美元买下这家公司——不久之后交易便敲定了。我现在正盘算着怎么再搞到Jane下次生日宴会的邀请函。",[14,224,225],{},"我们在1996年的另一笔收购——全球飞行员训练的领导者飞安国际公司——规模大得多，约15亿美元，但起源同样充满戏剧性。这个故事的功臣首先要推理查德·瑟塞尔 (Richard Sercer)，塔克森市的一位航空顾问；其次是他的太太阿尔玛·墨菲 (Alma Murphy)，哈佛医学院眼科专业毕业的她，在1990年软磨硬泡说服了丈夫买入伯克希尔的股票。此后两人每年都来参加我们的股东大会，只是我一直没有机会跟他们认识。",[14,227,228],{},"碰巧的是，Richard同时也是飞安国际的长期股东，去年他突发灵感觉得这两家公司可以完美结合。他很了解我们的收购标准，也知道飞安国际79岁的CEO阿尔·乌尔斯基 (Al Ueltschi) 可能希望为自己的公司找到一个理想归宿，同时获得一种他余生都乐意持有的证券作为对价。于是在7月份，Richard写信给所罗门公司 (Salomon Inc) 的CEO鲍勃·登纳姆 (Bob Denham)，建议他探讨合并的可能性。",[14,230,231],{},"Bob接手之后，9月18日我和Al在纽约碰面。我对飞安国际的业务本来就很熟悉，大约60秒内我就确认Al正是我们需要的那类管理者。一个月后，合同签好了。由于查理跟我希望尽量减少发行伯克希尔股份，我们设计的交易结构给予飞安国际的股东现金或股票两种选择，但条件设定上鼓励那些对税务无差异的股东选择现金。这个引导的结果是，大约51%的飞安国际股份换成了现金，41%换成伯克希尔A级普通股，8%换成伯克希尔B级普通股。",[14,233,234],{},"Al一生热爱飞行，而且真的为查尔斯·林白 (Charles Lindbergh) 担任过驾驶。在1930年代经历了一番特技飞行的生涯后，他开始为泛美航空的传奇掌门人胡安·特里普 (Juan Trippe) 工作。1951年，在仍服务于泛美航空期间，Al创立了飞安国际，之后把它打造成飞行模拟器制造商和全球飞行员训练的领军企业（单引擎飞机、直升机、喷气机和舰载机）。公司在41个地点运营，配备了175台飞行模拟器，涵盖从Cessna 210小型飞机到波音747的各类机型。模拟器的造价可不便宜——最贵的高达1,900万美元——所以这行不像我们的很多其他业务，属于资本密集型产业。公司约一半的营收来自培训企业飞行员，其余大部分来自航空公司和军方。",[14,236,237],{},"Al今年虽然79岁了，但无论外表还是行动力都像55岁的人。他会一如既往地管理公司运营：成功的模式我们从不乱动。我跟他说，虽然伯克希尔不搞股票拆分，但等他100岁时，我们倒是可以考虑把他的年纪”一拆为二”。",[14,239,240],{},"看到我们这种用人策略，有些人可能会以为查理跟我早年被就业机会均等委员会的年龄歧视条款给深深刺激过。其实真正的原因纯粹是出于自利：要教一条新狗学老把戏实在太难了！在伯克希尔，许多年过七十的经理人至今仍频频击出全垒打，与他们年轻时作为明星击球手赢得美名时的表现一模一样。所以，想要到我们这里谋得一职，不妨学学那位76岁老翁成功追到25岁大美人的策略。朋友们羡慕不已地问他：“你到底是怎么说服她答应的？”老翁的回答是：“简单，我告诉她我86岁。”",[242,243],"hr",{},[14,245,246],{},"顺便做个广告：如果你拥有一家具备出色经济特质的大型企业，想要加入一个同样拥有类似特质的卓越企业家族，伯克希尔或许正是你要找的归宿。我们的条件列在年报的后面。如果贵公司符合这些条件——而我又没能赶上你下次参加的生日宴会——那就给我打个电话吧。",[186,248,250],{"id":249},"保险业务概述","保险业务——概述",[14,252,253],{},"1996年我们的保险业务表现极其出色。不论是以盖可保险为主的直保业务，还是”巨灾”再保险业务，成绩都非常亮眼。",[14,255,256],{},"如同在过去的年报中一再解释的，衡量我们保险业务的关键，第一是我们获取的”浮存金“规模有多大，第二是获取浮存金的成本有多高。这些问题大家务必理解，因为浮存金虽然不反映在公司的账面价值中，却是伯克希尔内在价值的重要组成部分。",[14,258,259],{},"先说浮存金是什么：浮存金是一笔我们持有但不属于我们的资金。在保险公司的运营中，浮存金产生的原因在于保费是在损失理赔之前收取的。其次，保险公司收取的保费通常不足以覆盖最终需要支付的损失和费用。这个差额就是所谓的”承保损失”——也就是浮存金的成本。如果一家保险公司的浮存金长期成本低于从其他渠道获取资金的成本，那它就是一门有价值的生意。但如果浮存金的成本高于市场利率，那它就像一只在陆地上笨拙的信天翁。",[14,261,262],{},"下表显示，伯克希尔的保险业务可以说是大获全胜。表中的浮存金——相对于我们的保费收入，规模非常庞大——计算方式是将损失准备金、损失费用调整准备金、再保险持有资金和未赚取保费加总，再扣除代理人余额、预付取得成本、预付税款和再保险相关递延费用。浮存金的成本取决于我们的承保损失或利润。在那些实现了承保利润的年份——比如最近四年——我们的浮存金成本实际上是负的。换句话说，我们不但不用花钱持有这些资金，反而因持有它们而获得回报。",[62,264,265,283],{},[65,266,267],{},[68,268,269,271,274,277,280],{},[71,270,73],{},[71,272,273],{},"承保损失 (1)（百万美元）",[71,275,276],{},"平均浮存金 (2)（百万美元）",[71,278,279],{},"近似资金成本（1与2之比）",[71,281,282],{},"年末长期国债收益率",[81,284,285,302,317,332,349,364,379,394,411,427,442,457,472,487,502,517,534,551,568,584,601,618,635,651,668,685,702,717,732,746],{},[68,286,287,290,293,296,299],{},[86,288,289],{},"1967",[86,291,292],{},"盈利",[86,294,295],{},"17.3",[86,297,298],{},"低于零",[86,300,301],{},"5.50%",[68,303,304,307,309,312,314],{},[86,305,306],{},"1968",[86,308,292],{},[86,310,311],{},"19.9",[86,313,298],{},[86,315,316],{},"5.90%",[68,318,319,322,324,327,329],{},[86,320,321],{},"1969",[86,323,292],{},[86,325,326],{},"23.4",[86,328,298],{},[86,330,331],{},"6.79%",[68,333,334,337,340,343,346],{},[86,335,336],{},"1970",[86,338,339],{},"0.37",[86,341,342],{},"32.4",[86,344,345],{},"1.14%",[86,347,348],{},"6.25%",[68,350,351,354,356,359,361],{},[86,352,353],{},"1971",[86,355,292],{},[86,357,358],{},"52.5",[86,360,298],{},[86,362,363],{},"5.81%",[68,365,366,369,371,374,376],{},[86,367,368],{},"1972",[86,370,292],{},[86,372,373],{},"69.5",[86,375,298],{},[86,377,378],{},"5.82%",[68,380,381,384,386,389,391],{},[86,382,383],{},"1973",[86,385,292],{},[86,387,388],{},"73.3",[86,390,298],{},[86,392,393],{},"7.27%",[68,395,396,399,402,405,408],{},[86,397,398],{},"1974",[86,400,401],{},"7.36",[86,403,404],{},"79.1",[86,406,407],{},"9.30%",[86,409,410],{},"8.13%",[68,412,413,415,418,421,424],{},[86,414,99],{},[86,416,417],{},"11.35",[86,419,420],{},"87.6",[86,422,423],{},"12.96%",[86,425,426],{},"8.03%",[68,428,429,432,434,437,439],{},[86,430,431],{},"1976",[86,433,292],{},[86,435,436],{},"102.6",[86,438,298],{},[86,440,441],{},"7.30%",[68,443,444,447,449,452,454],{},[86,445,446],{},"1977",[86,448,292],{},[86,450,451],{},"139.0",[86,453,298],{},[86,455,456],{},"7.97%",[68,458,459,462,464,467,469],{},[86,460,461],{},"1978",[86,463,292],{},[86,465,466],{},"190.4",[86,468,298],{},[86,470,471],{},"8.93%",[68,473,474,477,479,482,484],{},[86,475,476],{},"1979",[86,478,292],{},[86,480,481],{},"227.3",[86,483,298],{},[86,485,486],{},"10.08%",[68,488,489,492,494,497,499],{},[86,490,491],{},"1980",[86,493,292],{},[86,495,496],{},"237.0",[86,498,298],{},[86,500,501],{},"11.94%",[68,503,504,507,509,512,514],{},[86,505,506],{},"1981",[86,508,292],{},[86,510,511],{},"228.4",[86,513,298],{},[86,515,516],{},"13.61%",[68,518,519,522,525,528,531],{},[86,520,521],{},"1982",[86,523,524],{},"21.56",[86,526,527],{},"220.6",[86,529,530],{},"9.77%",[86,532,533],{},"10.64%",[68,535,536,539,542,545,548],{},[86,537,538],{},"1983",[86,540,541],{},"33.87",[86,543,544],{},"231.3",[86,546,547],{},"14.64%",[86,549,550],{},"11.84%",[68,552,553,556,559,562,565],{},[86,554,555],{},"1984",[86,557,558],{},"48.06",[86,560,561],{},"253.2",[86,563,564],{},"18.98%",[86,566,567],{},"11.58%",[68,569,570,572,575,578,581],{},[86,571,110],{},[86,573,574],{},"44.23",[86,576,577],{},"390.2",[86,579,580],{},"11.34%",[86,582,583],{},"9.34%",[68,585,586,589,592,595,598],{},[86,587,588],{},"1986",[86,590,591],{},"55.84",[86,593,594],{},"797.5",[86,596,597],{},"7.00%",[86,599,600],{},"7.60%",[68,602,603,606,609,612,615],{},[86,604,605],{},"1987",[86,607,608],{},"55.43",[86,610,611],{},"1,266.7",[86,613,614],{},"4.38%",[86,616,617],{},"8.95%",[68,619,620,623,626,629,632],{},[86,621,622],{},"1988",[86,624,625],{},"11.08",[86,627,628],{},"1,497.7",[86,630,631],{},"0.74%",[86,633,634],{},"9.00%",[68,636,637,640,643,646,649],{},[86,638,639],{},"1989",[86,641,642],{},"24.40",[86,644,645],{},"1,541.3",[86,647,648],{},"1.58%",[86,650,456],{},[68,652,653,656,659,662,665],{},[86,654,655],{},"1990",[86,657,658],{},"26.65",[86,660,661],{},"1,637.3",[86,663,664],{},"1.63%",[86,666,667],{},"8.24%",[68,669,670,673,676,679,682],{},[86,671,672],{},"1991",[86,674,675],{},"119.59",[86,677,678],{},"1,895.0",[86,680,681],{},"6.31%",[86,683,684],{},"7.40%",[68,686,687,690,693,696,699],{},[86,688,689],{},"1992",[86,691,692],{},"108.96",[86,694,695],{},"2,290.4",[86,697,698],{},"4.76%",[86,700,701],{},"7.39%",[68,703,704,707,709,712,714],{},[86,705,706],{},"1993",[86,708,292],{},[86,710,711],{},"2,624.7",[86,713,298],{},[86,715,716],{},"6.35%",[68,718,719,722,724,727,729],{},[86,720,721],{},"1994",[86,723,292],{},[86,725,726],{},"3,056.6",[86,728,298],{},[86,730,731],{},"7.88%",[68,733,734,736,738,741,743],{},[86,735,121],{},[86,737,292],{},[86,739,740],{},"3,607.2",[86,742,298],{},[86,744,745],{},"5.95%",[68,747,748,750,752,755,757],{},[86,749,132],{},[86,751,292],{},[86,753,754],{},"6,702.0",[86,756,298],{},[86,758,759],{},"6.64%",[14,761,762],{},"自从1967年进入保险业以来，我们的浮存金规模以22.3%的年复合增长率增长。在多数年份里，我们的资金成本都低于零。这些”免费”资金的取得，极大地提升了伯克希尔的整体绩效。更重要的是，完成对盖可保险的收购之后，我们以更大规模继续获得”免费”资金的概率又大大增加了。",[186,764,765],{"id":765},"巨灾再保险业务",[14,767,768,769],{},"和过去三年一样，我们再次强调：伯克希尔保险业务之所以有如此出色的成绩，部分原因是我们的巨灾险业务又走运地安然度过一年。在这项业务中，我们向保险公司和再保险公司出售保单，帮助它们分散面临超级大灾难时可能承受的损失。由于真正意义上的重大灾难并不常发生，所以我们的巨灾险业务大多数年份都会赚大钱——然后偶尔录得一笔巨亏。换言之，巨灾险这门生意的吸引力需要很长时间才能得到验证。",[41,770,771],{},"不过大家必须明白的是，保险业遭遇特别糟糕年头不是一种可能性——而是确定性。唯一的问题是它什么时候会来。",[14,773,774],{},"我之所以把丑话说在前头，是因为我不希望有一天你们突然听到某场大灾难让我们损失惨重，就恐慌地抛售伯克希尔的股票。如果你可能做出那样的反应，那你现在就不应该持有伯克希尔的股票——就像如果股市暴跌会让你恐慌性抛售，那你根本就不应该碰股票一样。听到”吓人”的消息就把好公司卖掉，通常是个糟糕的决定。（几十年前一手打造可口可乐帝国并持有大量公司股份的商业天才罗伯特·伍德拉夫 (Robert Woodruff) 有一次被问到，什么时候是卖出可口可乐股票的好时机。伍德拉夫的回答很简单：“我不知道。我从来没有卖过。”）",[14,776,777],{},"在我们的巨灾再保险业务中，客户主要是那些面临收益大幅波动风险、希望降低这种波动的保险公司。我们出售的产品——当然我们希望定价合理——就是把这种波动转移到我们自己账上的意愿。伯克希尔收益的上下波动丝毫不会让我们困扰：查理跟我宁可要波动的15%长期回报，也不要平稳的12%。（毕竟，我们的收益每天、每周都在大幅波动——凭什么要求收益的变化必须跟地球绕太阳公转的周期一致呢？）当然，如果我们的股东合伙人也能接受波动性，那我们执行业务时就会更加得心应手——这也是我们一再发出同样警告的原因。",[14,779,780],{},"1996年我们承接了几笔大型的巨灾险风险敞口。年中我们与好事达保险 (Allstate) 签约承保佛罗里达飓风险，虽然没有权威的记录可以证明这一点，但我们相信这是有史以来单一公司独力为自己账户承担的最大单笔巨灾风险。然而到了年末，我们又为加州地震局 (California Earthquake Authority) 签出了一份保单，自1997年4月1日起生效，其潜在赔付金额超过佛罗里达保单的一倍以上。再一次，我们独力承担了全部风险。尽管承保金额如此庞大，若发生一场真正的超级大灾难，伯克希尔的税后”最坏情况”损失大概不会超过6亿美元，不到我们账面价值的3%、市值的1.5%。要衡量这一风险敞口到底有多大，不妨回头看看前面那张表，你会发现证券市场带给我们的波动要大得多。",[14,782,783],{},"在巨灾再保险业务中，我们拥有三大竞争优势。第一，向我们购买再保险的客户都知道，即使在最恶劣的情况下，我们既有能力也有意愿支付赔款。如果真的发生了一场灾难性事件，金融恐慌很可能紧接而至。到了那个时候，一些向来享有盛誉的再保公司可能在其客户最急需援助之际反而拿不出钱来。事实上，我们之所以从不将承保的风险再转嫁出去，一个原因就是对灾难来临时其他公司的理赔能力有所保留。而只要是伯克希尔做出的承诺，保户可以百分之百地确信能够立即获得赔付。",[14,785,786],{},"我们的第二项优势——与第一项有些关联——虽然不太起眼却非常重要。在一场超级大灾难过后，保险公司很可能发现很难再买到再保险，尽管那恰恰是它们最急需保障的时候。在那种时刻，伯克希尔毫无疑问仍将拥有非常充裕的承保能力——但自然而然，我们的长期老客户将享有优先权。这个商业现实已经让全世界的保险公司和再保险公司意识到与我们保持业务往来的必要性。事实上，我们目前正从一些再保公司那里收取不菲的”待命费”，他们只是为了确保万一市场收紧时能从我们这里拿到承保额度。",[14,788,789],{},"我们的最后一项优势是：我们能提供的单笔承保限额之高，是整个行业中无人能及、甚至无人能接近的。需要大额保障的保险公司都知道，只要给伯克希尔打一通电话，就能立即得到一个明确而坚定的报价。",[14,791,792],{},"关于我们最大的风险敞口——加州地震险——有几点值得做些说明。1994年的北岭大地震 (Northridge) 给保险业造成的住宅保险损失远远超出了计算机模型的预测。然而，该次地震的烈度与加州”最坏情况”相比还算是相对轻微的。可以想见，保险业者都——咳——被震到了，纷纷开始考虑把地震责任从住宅保单中撤掉。",[14,794,795],{},"加州保险专员查克·奎肯布什 (Chuck Quackenbush) 对此做出了一个深思熟虑的回应，设计了一款新的住宅地震保单，由州政府资助的加州地震局承保。这个机构于1996年12月1日开始运营，需要大量的分层再保险——这时就轮到我们上场了。如果地震局在截至2001年3月31日止的期间内累计损失超过50亿美元，伯克希尔将赔付约10亿美元。（媒体最初报道的数字更大，但那是在所有加州保险公司都参加的情况下；最终只有72%的保险公司签约加入。）",[14,797,798],{},"那么，在保单有效期内我们真正需要赔付的概率到底有多大？老实说，我们不知道——我们也不认为计算机模型能帮上什么忙，因为我们觉得那些模型所呈现的精确性不过是海市蜃楼。事实上，这种模型反而可能让决策者陷入一种虚假的安全感，从而增加他们犯下大错的概率。在保险和投资领域，这样的惨剧我们已经见过不少了。还记得”投资组合保险”吗？它在1987年股灾中造成的破坏力之大，以至于有人开玩笑说，当时该跳楼的应该是那些计算机。",[14,800,801],{},"虽然对风险的评估永远做不到十全十美，保险公司仍然可以做出明智的承保决策。毕竟，你不需要知道一个人的确切年龄就能判断他够不够投票资格，也不需要知道他的精确体重就能看出他该减肥了。做保险这一行，最重要的是记住：几乎所有的意外都不会让人高兴。牢记这一点，我们在定价巨灾险时力争让大约90%的保费收入最终用于赔付损失和相关费用。假以时日，我们就会知道自己的定价是否明智——但这需要很长时间。巨灾再保险这行跟投资一样，往往要很久以后你才能搞清楚自己当初到底是不是在做正确的事。",[14,803,804],{},"但有一件事我可以百分之百地确定：我们拥有全世界经营巨灾再保险业务最优秀的人才——阿吉特·贾恩 (Ajit Jain)，他对伯克希尔的价值简直无法估量。在再保险这个领域，灾难性的保单比比皆是。我之所以清楚，是因为1970年代我本人就踩过太多这样的坑，而且盖可保险也有一大堆1980年代初期签下的愚蠢保单至今仍在善后——尽管当时的管理层能力很强。不过我可以向各位保证，阿吉特不会犯那种错误。",[14,806,807],{},"我曾经提到过，一场超级大灾难可能引发金融市场的灾难。这种可能性虽然不大，但也不是天方夜谭。如果加州真的发生了一场大到触及我们赔付上限的地震，我们在其他方面几乎肯定也会受到打击。比如说，喜诗糖果 (See’s)、富国银行 (Wells Fargo) 和房地美 (Freddie Mac) 都可能遭受重创。不过总的来说，我们应该能够应对这些风险的叠加。",[14,809,810],{},"就这一点以及其他方面来说，我们都在努力对伯克希尔的未来进行”逆向工程”，时刻牢记查理的格言：“我只想知道自己最后会死在哪里，这样我就永远不去那个地方。”（反过来想真的管用：试着把乡村歌曲倒着唱，你很快就能找回你的房子、车子和老婆。）如果我们无法承受某种可能的后果——哪怕它发生的概率极小——我们就绝不种下那颗种子。这也是我们不大规模举债的原因，也是为什么我们的巨灾险业务虽然最大赔付额听起来很吓人，但绝不会让伯克希尔的内在价值伤筋动骨。",[186,812,814],{"id":813},"保险业务盖可保险及其他直保业务","保险业务——盖可保险及其他直保业务",[14,816,817],{},"去年我们完成对盖可保险的全资收购时，我们的期望很高——如今这些期望不但全部实现，而且被一一超越。不论从商业角度还是个人角度都是如此：盖可保险的运营主管托尼·奈斯利 (Tony Nicely) 是一位卓越的企业管理者，与他共事也是一件愉快的事。在几乎任何条件下，盖可保险都是一项极其珍贵的资产。有Tony掌舵，公司正在达到几年前整个组织想都不敢想的业绩水平。",[14,819,820],{},"盖可保险的成功没有任何神秘可言：公司的竞争力直接源自其低成本运营者的定位。低成本带来低价格，低价格能够吸引并留住优质保户。当满意的保户向朋友推荐我们时，良性循环的最后一环就画上了完美的句号。盖可保险每年通过客户推荐获得超过100万份新保单，占新增业务的一半以上。这一优势为我们节省了大量的获客成本——从而进一步降低了运营成本。",[14,822,823],{},"这套模式在1996年大显身手：盖可保险的自愿性车险保单数量增长了10%。在此前的20年中，公司有史以来最好的年度增速仅为8%，而且只出现过一次。更妙的是，自愿性保单的增长在年内呈加速态势，主要由非标准市场的大幅增长所带动——这个市场过去一直是盖可保险有待开发的领域。我之所以着重强调自愿性保单，是因为从风险分配池等渠道获得的非自愿业务是亏钱的。那方面的增长实在不受欢迎。",[14,825,826],{},"如果保费增长不能带来合理的承保利润，那增长就毫无意义。好消息是：去年我们不但达到了承保目标，还超额完成了。不过我们真正的目标不是扩大利润率，而是把利润通过降价回馈给客户。在这种策略之下，我们相信1997年的增长将轻松超过去年。",[14,828,829],{},"我们预计会有新的竞争者进入直销市场，一些现有竞争对手也可能扩大地域覆盖范围。但不管怎样，我们享有的规模经济应该能让我们维持甚至加宽保护经济城堡的护城河。我们在市场渗透率最高的地区拥有最低的成本。随着保单数量的增加和渗透率的同步提升，我们预计成本将进一步大幅下降。盖可保险可持续的成本优势，正是1951年吸引我投资这家公司的原因——当时整家公司的市值不过700万美元。这也是我去年愿意花23亿美元买下我们原先不拥有的那49%股权的原因。",[14,831,832],{},"要让一门好生意发挥到极致，必须有出色的管理和明确的方向。幸运的是，Tony就是那个管理和方向永远不会动摇的卓越管理者。为了让整个盖可保险组织都能像他一样专注，我们需要一套同样方向明确的薪酬计划——在完成收购后，我们立刻将其付诸实施。",[14,834,835,836,839],{},"如今，从Tony开始的数十位高管，其奖金完全取决于两个关键变量：(1) 自愿性车险保单的增长，以及 (2) “成熟”车险业务（即入账超过一年的保单）的承保盈利能力。此外，我们也用同样的指标来计算公司利润分享计划的年度分配。在盖可保险，",[41,837,838],{},"每个人","都清楚什么才是真正重要的。",[14,841,842],{},"盖可保险的这套计划完美体现了伯克希尔激励薪酬的原则：目标应该 (1) 根据具体业务的经济特性量身定制；(2) 规则简单明了，便于衡量达成程度；(3) 与参与者的日常工作直接相关。相应地，我们摒弃”彩票式”的激励方案，比如伯克希尔股票期权——其最终价值可能从零到天文数字不等——但完全不在我们想要影响的当事人的掌控范围之内。在我们看来，产生随机回报的激励制度不但浪费股东的钱，还可能让经理人分心，偏离我们最看重的专注行为。",[14,844,845],{},"每个季度，盖可保险全部9,000名员工都能看到决定利润分享计划分配额的经营成果。1996年他们乐坏了，因为计算出来的数字早就突破了年初制定的上限图表。连我都知道怎么解决这个问题：把图表放大。最终，该计划创下了16.9%的历史最高分配比例（4,000万美元），而此前五年同类计划的平均分配比例还不到10%。而且，在伯克希尔，我们从来不会用”抬高门槛”来回应优异的表现。如果盖可保险的业绩继续提升，我们会很乐意继续制作更大的图表。",[14,847,848],{},"路易·辛普森 (Lou Simpson) 继续以出色的方式管理着盖可保险的投资：去年他的股票投资组合跑赢标普500指数6.2个百分点。对于Lou在盖可保险投资部门的表现，我们同样将薪酬与业绩挂钩——但看的是四年期的投资业绩，而不是承保成绩或盖可保险的整体表现。我们认为，有些保险公司将奖金与公司整体业绩绑定的做法实在愚蠢——一方面（承保或投资）的杰出表现完全有可能被另一方面的糟糕表现所抵消。在伯克希尔，如果你的打击率高达三成五，我可以保证你的薪酬绝对不会被亏待，哪怕队里其他人的打击率只有两成。不过幸运的是，在盖可保险，无论承保还是投资，我们都拥有Lou和Tony这样足以进入名人堂的明星球员。",[242,850],{},[14,852,853],{},"虽然规模自然不及盖可保险，但我们其他的直保业务去年同样交出了令人惊叹的成绩单。国民保险公司 (National Indemnity) 的传统业务综合比率仅为74.2%，而且一如既往地相对于保费收入贡献了大量浮存金。过去三年，这块由唐·沃斯特 (Don Wurster) 负责的业务平均综合比率为83.0%。由罗德·埃尔德雷德 (Rod Eldred) 管理的住宅保险业务 (Home-State)，即使需要消化拓展新州的费用，综合比率仍只有87.1%。Rod的三年平均综合比率更是低至令人惊叹的83.2%。伯克希尔的工伤赔偿保险业务由布拉德·金斯特勒 (Brad Kinstler) 在加州负责运营，目前已拓展至另外六个州，尽管需要承担扩张费用，仍再次实现了优异的承保利润。最后，中央州立赔偿保险公司 (Central States Indemnity) 的约翰·基泽 (John Kizer) 在保费收入创下新高的同时，也录得了可观的承保收益。总体而言，我们的小型保险业务（如今包括堪萨斯银行家保险在内）创下了业内几乎无人能及的承保记录。Don、Rod、Brad和John都为伯克希尔创造了巨大的价值，而我们相信未来还有更多精彩。",[186,855,856],{"id":856},"税务",[14,858,859],{},"1961年，肯尼迪总统说过：“不要问国家能为你做什么，问问你能为国家做什么。”去年我们决定照他的建议试一试——谁说问问又没关系的？结果我们被告知要给美国国库寄去8.6亿美元的所得税。",[14,861,862,863,866],{},"给大家提供一个视角：如果另外再有2,000个纳税人缴同样数额的税，那么联邦政府1996年的预算就能够收支平衡，而不需要向",[41,864,865],{},"任何","一个美国人多收一分钱的税——不管是所得税、社会保障税，还是你想得出来的任何税种。伯克希尔的股东确实可以自豪地说：“我已经在公司纳过了。”",[14,868,869],{},"查理跟我认为伯克希尔缴纳巨额税款完全天经地义。我们对社会的贡献，充其量也只是与社会对我们的贡献成正比而已。伯克希尔能在美国兴旺发达，换到其他任何地方都不可能。",[186,871,872],{"id":872},"报告收益的来源",[14,874,875],{},"下表列出了伯克希尔报告收益的主要来源。在这张表中，购买法会计调整数没有分配到各个具体的被收购企业，而是汇总后单独列示。这种做法可以让各位看到，如果我们没有收购这些企业，它们原本会报告怎样的收益。出于前面讨论过的原因，我们认为这种呈现方式对投资者和管理者来说，比按照通用会计准则 (GAAP) 要求将收购溢价逐一分摊到各业务的做法更有用。当然，我们列示的收益合计数与经审计的财务报表中的通用会计准则合计数完全一致。",[62,877,878,894],{},[65,879,880],{},[68,881,882,884,887,889,892],{},[71,883],{},[71,885,886],{},"税前收益",[71,888,886],{},[71,890,891],{},"伯克希尔应占净收益（税后及少数股东权益后）",[71,893,891],{},[81,895,896,910,923,936,953,970,987,1003,1020,1037,1054,1071,1088,1104,1121,1136,1153,1170,1187,1204,1216,1233,1250,1262],{},[68,897,898,901,903,906,908],{},[86,899,900],{},"（百万美元）",[86,902,132],{},[86,904,905],{},"1995(1)",[86,907,132],{},[86,909,905],{},[68,911,912,915,917,919,921],{},[86,913,914],{},"经营收益：",[86,916],{},[86,918],{},[86,920],{},[86,922],{},[68,924,925,928,930,932,934],{},[86,926,927],{},"保险集团：",[86,929],{},[86,931],{},[86,933],{},[86,935],{},[68,937,938,941,944,947,950],{},[86,939,940],{},"承保业务",[86,942,943],{},"222.1",[86,945,946],{},"20.5",[86,948,949],{},"142.8",[86,951,952],{},"11.3",[68,954,955,958,961,964,967],{},[86,956,957],{},"净投资收益",[86,959,960],{},"726.2",[86,962,963],{},"501.6",[86,965,966],{},"593.1",[86,968,969],{},"417.7",[68,971,972,975,978,981,984],{},[86,973,974],{},"布法罗新闻报",[86,976,977],{},"50.4",[86,979,980],{},"46.8",[86,982,983],{},"29.5",[86,985,986],{},"27.3",[68,988,989,992,994,997,1000],{},[86,990,991],{},"菲希海默",[86,993,295],{},[86,995,996],{},"16.9",[86,998,999],{},"9.3",[86,1001,1002],{},"8.8",[68,1004,1005,1008,1011,1014,1017],{},[86,1006,1007],{},"金融业务",[86,1009,1010],{},"23.1",[86,1012,1013],{},"20.8",[86,1015,1016],{},"14.9",[86,1018,1019],{},"12.6",[68,1021,1022,1025,1028,1031,1034],{},[86,1023,1024],{},"家具业务",[86,1026,1027],{},"43.8",[86,1029,1030],{},"29.7(2)",[86,1032,1033],{},"24.8",[86,1035,1036],{},"16.7(2)",[68,1038,1039,1042,1045,1048,1051],{},[86,1040,1041],{},"珠宝业务",[86,1043,1044],{},"27.8",[86,1046,1047],{},"33.9(3)",[86,1049,1050],{},"16.1",[86,1052,1053],{},"19.1(3)",[68,1055,1056,1059,1062,1065,1068],{},[86,1057,1058],{},"柯比",[86,1060,1061],{},"58.5",[86,1063,1064],{},"50.2",[86,1066,1067],{},"39.9",[86,1069,1070],{},"32.1",[68,1072,1073,1076,1079,1082,1085],{},[86,1074,1075],{},"斯科特费泽制造集团",[86,1077,1078],{},"50.6",[86,1080,1081],{},"34.1",[86,1083,1084],{},"32.2",[86,1086,1087],{},"21.2",[68,1089,1090,1093,1096,1098,1101],{},[86,1091,1092],{},"喜诗糖果",[86,1094,1095],{},"51.9",[86,1097,1064],{},[86,1099,1100],{},"30.8",[86,1102,1103],{},"29.8",[68,1105,1106,1109,1112,1115,1118],{},[86,1107,1108],{},"鞋业集团",[86,1110,1111],{},"61.6",[86,1113,1114],{},"58.4",[86,1116,1117],{},"41.0",[86,1119,1120],{},"37.5",[68,1122,1123,1126,1128,1130,1133],{},[86,1124,1125],{},"世界百科全书",[86,1127,1019],{},[86,1129,1002],{},[86,1131,1132],{},"9.5",[86,1134,1135],{},"7.0",[68,1137,1138,1141,1144,1147,1150],{},[86,1139,1140],{},"购买法会计调整",[86,1142,1143],{},"(75.7)",[86,1145,1146],{},"(27.0)",[86,1148,1149],{},"(70.5)",[86,1151,1152],{},"(23.4)",[68,1154,1155,1158,1161,1164,1167],{},[86,1156,1157],{},"利息费用(4)",[86,1159,1160],{},"(94.3)",[86,1162,1163],{},"(56.0)",[86,1165,1166],{},"(56.6)",[86,1168,1169],{},"(34.9)",[68,1171,1172,1175,1178,1181,1184],{},[86,1173,1174],{},"股东指定捐赠",[86,1176,1177],{},"(13.3)",[86,1179,1180],{},"(11.6)",[86,1182,1183],{},"(8.5)",[86,1185,1186],{},"(7.0)",[68,1188,1189,1192,1195,1198,1201],{},[86,1190,1191],{},"其他",[86,1193,1194],{},"58.8",[86,1196,1197],{},"37.4",[86,1199,1200],{},"34.8",[86,1202,1203],{},"24.4",[68,1205,1206,1208,1210,1212,1214],{},[86,1207],{},[86,1209],{},[86,1211],{},[86,1213],{},[86,1215],{},[68,1217,1218,1221,1224,1227,1230],{},[86,1219,1220],{},"经营收益合计",[86,1222,1223],{},"1,221.4",[86,1225,1226],{},"814.7",[86,1228,1229],{},"883.1",[86,1231,1232],{},"600.2",[68,1234,1235,1238,1241,1244,1247],{},[86,1236,1237],{},"出售证券收益",[86,1239,1240],{},"2,484.5",[86,1242,1243],{},"194.1",[86,1245,1246],{},"1,605.5",[86,1248,1249],{},"125.0",[68,1251,1252,1254,1256,1258,1260],{},[86,1253],{},[86,1255],{},[86,1257],{},[86,1259],{},[86,1261],{},[68,1263,1264,1267,1270,1273,1276],{},[86,1265,1266],{},"全部收益合计",[86,1268,1269],{},"3,705.9",[86,1271,1272],{},"1,008.8",[86,1274,1275],{},"2,488.6",[86,1277,1278],{},"725.2",[14,1280,1281],{},[41,1282,1283],{},"(1) 1995年数据不含盖可保险相关重述。",[14,1285,1286],{},[41,1287,1288],{},"(2) 家具业务1995年数据包含威利家具 (R.C. Willey) 自1995年6月29日起的收益。",[14,1290,1291],{},[41,1292,1293],{},"(3) 珠宝业务1995年数据包含赫兹伯格钻石 (Helzberg’s) 自1995年4月30日起的收益。",[14,1295,1296],{},[41,1297,1298],{},"(4) 利息费用不含金融业务的利息支出。",[14,1300,1301],{},"去年到这个环节时，我曾提到有三项业务的收益出现下滑——布法罗新闻报 (Buffalo News)、鞋业集团和世界百科全书 (World Book)。很高兴向大家报告，它们在1996年都实现了收益增长。",[14,1303,1304],{},"不过对世界百科全书来说，这可不容易：尽管它如今已是全美唯一通过直销方式销售百科全书的公司（大英百科全书去年退出了该市场），其销售册数仍然下降了。此外，世界百科全书投入了大量资金开发新的CD-ROM产品，但直到1997年初与IBM合作推出后才开始产生营收。面对这些不利因素，如果世界百科全书没有大力改革分销方式并削减总部费用从而大幅降低固定成本的话，利润恐怕会荡然无存。总的来说，该公司已经在确保自身能在印刷和电子出版两大市场长期生存方面迈出了一大步。",[14,1306,1307],{},"去年唯一让我们失望的是珠宝业务：波仙珠宝 (Borsheim’s) 表现不错，但赫兹伯格钻石的收益大幅下滑。它的费用水平是按照同店销售额大幅增长的预期来安排的——这与近几年的趋势一致。然而当销售持平时，利润率便随之下降。赫兹伯格钻石的CEO杰夫·科蒙特 (Jeff Comment) 正在果断地处理费用问题，公司1997年的收益应该会有所改善。",[14,1309,1310],{},"总的来说，我们旗下的运营业务继续表现出色，远远超越各自行业的平均水平。为此，查理跟我向所有经理人致以深深的敬意。如果各位在年度股东大会上遇到他们，也请代我们向他们表示感谢。",[14,1312,1313],{},"年报中提供了我们各项业务更详细的信息，同时也可以找到按通用会计准则编制的分部收益数据。此外，我们还按照非通用会计准则的方式，将伯克希尔的财务数据重新编排为四个分部——这与查理跟我思考公司的方式一致。我们的目的是，设身处地地提供各位我们自己会希望得到的财务信息。",[186,1315,1316],{"id":1316},"透视收益",[14,1318,1319],{},"报告收益很难准确反映伯克希尔的经济进步，部分原因在于表中列示的数字仅包括被投资公司分配给我们的股利——而这些股利通常只占我们应享有收益的很小一部分。倒不是说我们介意这样的分配方式，总体来看，我们反而认为被投资公司的未分配收益对我们来说比分配出来的更有价值。道理很简单：我们的被投资公司通常有机会将留存收益以高回报率进行再投资。既然如此，为什么非要让它们分出来呢？",[14,1321,1322],{},"不过，为了比报告收益更贴近伯克希尔的经济现实，我们采用了”透视收益“这个概念。我们的计算方式是：(1) 前面列出的经营收益，加上 (2) 我们在主要被投资公司的留存经营收益中应占的份额——这部分按通用会计准则不反映在我们的利润中，减去 (3) 如果这些被投资公司的留存收益改为分配给我们时，伯克希尔估计需要缴纳的税款。在此所说的”经营收益”已扣除购买法会计调整、资本利得及其他重大非经常性项目。",[14,1324,1325],{},"下表列出了我们1996年的透视收益，不过我要提醒各位这些数字只是近似值，其中包含了不少判断性估计。（被投资公司分配给我们的股利已包含在前面的经营收益中，主要列示在”保险集团：净投资收益”项下。）",[62,1327,1328,1341],{},[65,1329,1330],{},[68,1331,1332,1335,1338],{},[71,1333,1334],{},"伯克希尔主要被投资公司",[71,1336,1337],{},"年末近似持股比例(1)",[71,1339,1340],{},"伯克希尔应占未分配经营收益（百万美元）(2)",[81,1342,1343,1354,1365,1376,1387,1398,1409,1420,1431,1439,1449,1459,1469,1477],{},[68,1344,1345,1348,1351],{},[86,1346,1347],{},"美国运通 (American Express)",[86,1349,1350],{},"10.5%",[86,1352,1353],{},"132",[68,1355,1356,1359,1362],{},[86,1357,1358],{},"可口可乐公司 (The Coca-Cola Company)",[86,1360,1361],{},"8.1%",[86,1363,1364],{},"180",[68,1366,1367,1370,1373],{},[86,1368,1369],{},"华特迪士尼公司 (The Walt Disney Company)",[86,1371,1372],{},"3.6%",[86,1374,1375],{},"50",[68,1377,1378,1381,1384],{},[86,1379,1380],{},"房地美 (Federal Home Loan Mortgage Corp.)",[86,1382,1383],{},"8.4%",[86,1385,1386],{},"77",[68,1388,1389,1392,1395],{},[86,1390,1391],{},"吉列公司 (The Gillette Company)",[86,1393,1394],{},"8.6%",[86,1396,1397],{},"73",[68,1399,1400,1403,1406],{},[86,1401,1402],{},"麦当劳公司 (McDonald’s Corporation)",[86,1404,1405],{},"4.3%",[86,1407,1408],{},"38",[68,1410,1411,1414,1417],{},[86,1412,1413],{},"华盛顿邮报公司 (The Washington Post Company)",[86,1415,1416],{},"15.8%",[86,1418,1419],{},"27",[68,1421,1422,1425,1428],{},[86,1423,1424],{},"富国银行 (Wells Fargo & Company)",[86,1426,1427],{},"8.0%",[86,1429,1430],{},"84",[68,1432,1433,1435,1437],{},[86,1434],{},[86,1436],{},[86,1438],{},[68,1440,1441,1444,1446],{},[86,1442,1443],{},"伯克希尔应占主要被投资公司未分配收益合计",[86,1445],{},[86,1447,1448],{},"661",[68,1450,1451,1454,1456],{},[86,1452,1453],{},"上述未分配收益的假设税款(3)",[86,1455],{},[86,1457,1458],{},"(93)",[68,1460,1461,1464,1466],{},[86,1462,1463],{},"伯克希尔报告经营收益",[86,1465],{},[86,1467,1468],{},"954",[68,1470,1471,1473,1475],{},[86,1472],{},[86,1474],{},[86,1476],{},[68,1478,1479,1482,1484],{},[86,1480,1481],{},"伯克希尔透视收益合计",[86,1483],{},[86,1485,1486],{},"1,522",[1488,1489,1490,1494,1497],"ol",{},[1491,1492,1493],"li",{},"不包含可分配给少数股东权益的股份",[1491,1495,1496],{},"以年度平均持股比例计算",[1491,1498,1499],{},"适用税率为14%，即伯克希尔收到股利时的实际税率",[186,1501,1502],{"id":1502},"普通股投资",[14,1504,1505],{},"下面是我们的普通股投资。市值超过5亿美元的个股逐一列示。",[62,1507,1508,1524],{},[65,1509,1510],{},[68,1511,1512,1515,1518,1521],{},[71,1513,1514],{},"股数",[71,1516,1517],{},"公司",[71,1519,1520],{},"成本*（百万美元，截至1996\u002F12\u002F31）",[71,1522,1523],{},"市值（百万美元，截至1996\u002F12\u002F31）",[81,1525,1526,1540,1554,1568,1582,1596,1610,1624,1638,1650,1660],{},[68,1527,1528,1531,1534,1537],{},[86,1529,1530],{},"49,456,900",[86,1532,1533],{},"美国运通",[86,1535,1536],{},"1,392.7",[86,1538,1539],{},"2,794.3",[68,1541,1542,1545,1548,1551],{},[86,1543,1544],{},"200,000,000",[86,1546,1547],{},"可口可乐",[86,1549,1550],{},"1,298.9",[86,1552,1553],{},"10,525.0",[68,1555,1556,1559,1562,1565],{},[86,1557,1558],{},"24,614,214",[86,1560,1561],{},"华特迪士尼",[86,1563,1564],{},"577.0",[86,1566,1567],{},"1,716.8",[68,1569,1570,1573,1576,1579],{},[86,1571,1572],{},"64,246,000",[86,1574,1575],{},"房地美",[86,1577,1578],{},"333.4",[86,1580,1581],{},"1,772.8",[68,1583,1584,1587,1590,1593],{},[86,1585,1586],{},"48,000,000",[86,1588,1589],{},"吉列",[86,1591,1592],{},"600.0",[86,1594,1595],{},"3,732.0",[68,1597,1598,1601,1604,1607],{},[86,1599,1600],{},"30,156,600",[86,1602,1603],{},"麦当劳",[86,1605,1606],{},"1,265.3",[86,1608,1609],{},"1,368.4",[68,1611,1612,1615,1618,1621],{},[86,1613,1614],{},"1,727,765",[86,1616,1617],{},"华盛顿邮报",[86,1619,1620],{},"10.6",[86,1622,1623],{},"579.0",[68,1625,1626,1629,1632,1635],{},[86,1627,1628],{},"7,291,418",[86,1630,1631],{},"富国银行",[86,1633,1634],{},"497.8",[86,1636,1637],{},"1,966.9",[68,1639,1640,1642,1645,1648],{},[86,1641,1191],{},[86,1643,1644],{},"1,934.5",[86,1646,1647],{},"3,295.4",[86,1649],{},[68,1651,1652,1654,1656,1658],{},[86,1653],{},[86,1655],{},[86,1657],{},[86,1659],{},[68,1661,1662,1665,1667,1670],{},[86,1663,1664],{},"普通股投资合计",[86,1666],{},[86,1668,1669],{},"7,910.2",[86,1671,1672],{},"27,750.6",[1674,1675,1676],"ul",{},[1491,1677,1678],{},"成本以税务基础计算，合计比通用会计准则成本少12亿美元。",[14,1680,1681],{},"我们的投资组合变化很小：我们打盹时赚的钱比醒着时还多。",[14,1683,1684],{},"按兵不动在我们看来是一种明智的行为。我们或者其他企业管理者都不会因为有人预测美联储可能小幅调整贴现率，或者因为华尔街某位权威改变了对市场的看法，就疯狂地把旗下高盈利的子公司买进卖出。那为什么我们要对持有出色企业的少数股权采取不同态度呢？成功投资上市公司的部分股权，其要领与成功收购整家子公司并无二致。两种情况下你都只需要以合理的价格买入一家经济效益出色、管理层诚实能干的企业。然后，你只需持续关注这些特质是否依然保持就行了。",[14,1686,1687],{},"如果执行得当，这种投资策略最终的结果往往是：投资者持有的少数几家公司的股份占其投资组合的极大比重。这位投资者会得到类似的结果——假设他买入了一批顶尖大学篮球明星未来收益20%的权益。其中少数球员后来会成为NBA明星，投资者从他们那里获得的权利金收入很快就会占到他总收入的绝大部分。如果有人建议这位投资者卖掉他最成功投资的一部分，仅仅因为这些投资在组合中占比太大——那就好比建议公牛队交易迈克尔·乔丹 (Michael Jordan)，只因为他对球队来说太重要了。",[14,1689,1690],{},"研究我们在子公司和股票上的投资，大家会发现我们偏爱那些不太可能经历重大变化的行业和企业。原因很简单：无论是收购整家公司还是买入部分股权，我们寻找的都是那些我们认为十年或二十年后几乎可以肯定仍拥有巨大竞争优势的企业。快速变化的行业环境或许可以让人大赚一笔，但它无法提供我们所追求的确定性。",[14,1692,1693],{},"我还要强调的是，作为普通公民，查理跟我欢迎变化：新想法、新产品、新工艺等等推动了我们国家生活水平的提高，这显然是好事。但作为投资者，我们对一个急剧变化的行业的态度，跟我们对太空探险的态度差不多：我们为这种勇敢的壮举鼓掌喝彩，但若要我们亲自上去坐火箭，那还是免了吧。",[14,1695,1696],{},"当然，所有企业都会在某种程度上发生变化。今天的喜诗糖果在很多方面已经不同于1972年我们买下它的时候了：它提供不同品种的糖果，使用不同的设备，通过不同的渠道销售。但人们今天购买盒装巧克力的原因，以及他们为什么选择买喜诗而不是其他品牌——这些从1920年代喜诗家族 (See) 创立这门生意以来几乎就没变过。而且，这些动因在未来20年乃至50年也不太可能改变。",[14,1698,1699],{},"在买股票时，我们同样在寻找类似的可预测性。以可口可乐为例：在罗伯托·戈伊苏埃塔 (Roberto Goizueta) 的领导下，可口可乐产品的营销热情和创意达到了新高度，他为股东创造出了令人难以置信的价值。在唐·基奥 (Don Keough) 和道格·艾维斯特 (Doug Ivester) 的协助下，罗伯托重新审视并改善了公司的方方面面。但可口可乐的基本面——支撑其竞争统治地位和惊人经济效益的那些本质特征——多年来始终如一。",[14,1701,1702],{},"我最近在研读可口可乐1896年的年报（所以大家别觉得自己在阅读上已经落后了！）。当时可口可乐虽然已是饮料行业的领导者，但问世也不过才十年光景。然而其未来百年的蓝图在当时就已经画好了。当年的销售额不过14.8万美元，公司总裁阿萨·坎德勒 (Asa Candler) 说：“我们一直不遗余力地向全世界推广：可口可乐是为所有人的健康与愉快感受而打造的卓越之物。”虽然”健康”这一点可能有些牵强，但我很高兴可口可乐在一百年后的今天仍然遵循坎德勒当初立下的核心主题。坎德勒还说过——罗伯托现在完全可以引用同样的话——“没有任何同类产品能像可口可乐这样深深扎根于公众的喜爱之中。”顺便一提，当年的可乐糖浆销售量不过116,492加仑，而1996年的销售量约为32亿加仑。",[14,1704,1705],{},"我实在忍不住再引用坎德勒的一段话：“从今年大约3月1日起……我们聘用了十位巡回推销员，通过他们以及总部的有序书信往来，我们的业务范围差不多覆盖了整个合众国。”这才是我心目中的销售队伍。",[14,1707,1708],{},"像可口可乐和吉列 (Gillette) 这样的公司，大可以贴上”确定性”的标签。分析师们对于这些公司在未来一二十年的软饮料或剃须用品业务量的预测可能会有些许差异。而且，我们说”确定性”也并非意味着这些公司可以在制造、分销、包装和产品创新等领域停止持续努力。然而最终，没有哪位头脑清醒的观察者——即使是这些公司最凶猛的竞争对手，假设他们诚实评估的话——会质疑可口可乐和吉列将在终其一生的投资生涯中称霸全球各自的领域。实际上，它们的优势很可能还会继续扩大。过去十年，两家公司在原本已经巨大的市场份额基础上又大幅提升，所有迹象都表明它们在未来十年将继续重演这一表现。",[14,1710,1711],{},"当然，许多高科技公司或新兴产业的企业在增长百分比上会远远超过这些”确定性”公司。但我宁愿确信一个好结果，也不愿幻想一个伟大的结果。",[14,1713,1714],{},"查理跟我穷尽一生寻找，也只能辨认出少数几家”确定性”公司。仅凭市场领导地位并不能保证什么：看看几年前通用汽车 (General Motors)、IBM和西尔斯 (Sears) 遭受的冲击吧——它们都曾享受过似乎不可撼动的漫长统治期。虽然某些行业确实赋予了领导者几乎无法逾越的优势，“大者恒大”几乎成了自然法则，但大多数行业并非如此。因此，每一个真正的”确定性”公司旁边，都有几十个”冒牌货”——这些公司现在风光无限，但在竞争攻势面前不堪一击。考虑到成为”确定性”公司所需的条件，查理和我承认，我们永远凑不齐什么”漂亮五十”甚至”闪亮二十”。因此，在投资组合中真正的”确定性”公司之外，我们加入了几只”极有可能”的品种。",[14,1716,1717],{},"当然，即使是最好的企业，你也可能出价过高。这种多付的风险会周期性地浮现，而以我们的看法，目前几乎所有股票——包括”确定性”公司在内——的买入价格可能都偏高了。在过热的市场中买入股票的投资者必须认识到，即使是一家卓越的公司，其价值追上你所支付价格的过程，往往也需要相当漫长的时间。",[14,1719,1720],{},"一个更为严重的问题是：一家优秀公司的管理层偏离了方向，把原本极好的核心业务丢在一边，转而去收购一些平庸甚至更差的业务。这种事一旦发生，投资者的痛苦往往会持续很长时间。不幸的是，多年前可口可乐和吉列恰恰发生过这种事。（你能相信吗？几十年前可口可乐居然在搞养虾，而吉列竟然在搞石油勘探！）当我们考虑投资那些总体上看起来很优秀的企业时，最令查理跟我担心的就是管理层失去焦点。我们见过太多这样的情形：管理者因为傲慢或无聊而心猿意马，导致企业的价值停滞不前。不过，鉴于可口可乐和吉列现任及未来储备的管理层，这种情况不会再在这两家公司身上发生了。",[242,1722],{},[14,1724,1725],{},"关于各位自己的投资方式，让我分享几点想法。大多数投资者——无论是机构还是个人——会发现持有股票最好的方式是通过手续费低廉的指数基金。走这条路的人，几乎可以肯定会跑赢绝大多数投资专家交出的净回报（扣除费用和开支之后）。",[14,1727,1728],{},"不过，如果你选择自己构建投资组合，有几条值得牢记。聪明的投资并不复杂，但这远不是说它简单。投资者真正需要的能力，是正确评估所选择企业的价值。请注意”所选择”这个词：你不需要成为每家公司的专家，甚至不需要懂很多家。你只需要能够评估你能力圈之内的公司就够了。能力圈的大小并不重要；但清楚地知道它的边界在哪里，至关重要。",[14,1730,1731],{},"要成功投资，你不需要懂Beta值、有效市场、现代投资组合理论、期权定价或新兴市场。事实上，你完全不懂这些可能反而更好。当然，这与大多数商学院的主流观点格格不入——它们的金融课程往往被这些科目所占据。但在我们看来，有志于投资的学生只需要上好两门课——“如何给企业估值”和”如何看待市场价格”。",[14,1733,1734],{},"作为投资者，你的目标很简单：以合理的价格买入一些容易理解的企业的部分股权，而且你可以非常有把握地认为它们的收益在五年、十年乃至二十年后会远比今天高得多。随着时间推移，你会发现符合这些标准的公司屈指可数——所以一旦找到一家，就应该买入有份量的仓位。与此同时，你必须抵制住偏离这些准则的诱惑：如果你不愿意持有一只股票十年，那就连持有十分钟都不要考虑。慢慢构建起一个组合，让其中各家公司的总收益逐年攀升，那么这个组合的市值也将随之增长。",[14,1736,1737],{},"虽然很少有人意识到，但这恰恰就是伯克希尔股东累积财富的方法：多年来我们的透视收益以可观的速度增长，而我们的股价也相应上涨。如果那些收益增长没有实现，伯克希尔的价值就不会有多大增长。",[14,1739,1740],{},"我们如今大幅扩大的收益基础，不可避免地意味着未来的增长率将不及过去。不过，我们会继续朝着一贯的方向努力。我们将通过把现有业务经营好来积累收益——这部分不难，因为我们的运营经理人才华横溢——同时继续全资或部分收购那些不太会被变革所冲击且拥有重要竞争优势的企业。",[186,1742,1743],{"id":1743},"全美航空",[14,1745,1746],{},"维珍大西洋航空的富豪老板理查德·布兰森 (Richard Branson) 被问到如何才能变成百万富翁时，他有一个现成的答案：“其实很简单。先成为一个亿万富翁，然后去买一家航空公司就行了。”你们的董事长不信这个邪，决定在1989年以3.58亿美元投资全美航空 (USAir) 年利率9.25%的优先股来亲自验证一下。",[14,1748,1749],{},"我很喜欢也很敬佩当时的CEO艾德·科罗尼 (Ed Colodny)，到现在仍然如此。但我对全美航空业务的分析既肤浅又错误。我被该公司多年盈利的历史记录所迷惑，又过于相信优先股这种高级证券所提供的保障，以至于忽视了最关键的一点：全美航空的收入将日益受到监管放开后惨烈竞争的侵蚀，而其成本结构却还停留在管制时代保护利润的年月。这些成本如果不加以控制，就是灾难的预兆，无论这家航空公司过去的记录多么光鲜。（如果历史能给出所有答案，那《福布斯》富豪榜上排名最靠前的就该是图书管理员了。）",[14,1751,1752],{},"然而，要使成本合理化，全美航空需要对劳资合同进行重大改革——而这恰恰是大多数航空公司发现极其难以实现的事情，除非它们面临真实可信的破产威胁或已经实际进入了破产程序。全美航空也不例外。就在我们买入优先股之后，公司收入与支出之间的缺口开始急剧扩大。在1990年至1994年间，全美航空累计亏损了24亿美元，普通股的股东权益几乎被彻底消耗殆尽。",[14,1754,1755],{},"在这段时间的大部分日子里，公司还是在向我们支付优先股股利，但到1994年就停付了。之后不久，由于前景看起来特别惨淡，我们将这笔投资的账面价值减记了75%，降至8,950万美元。此后，在1995年的大部分时间里，我曾试图以面额的50%出售我们持有的股份。所幸，我没有成功。",[14,1757,1758],{},"在投资全美航空所犯的一连串错误中，我倒有一件事做对了：投资时，我们在优先股合同中写入了一项不太常见的条款，规定任何欠付的股利都将按”惩罚性股利”累积——利率为优惠利率加5个百分点。这意味着当我们9.25%的股利被停付了两年之后，这笔欠款以13.25%至14%的利率滚存复利。",[14,1760,1761],{},"面对这一惩罚条款，全美航空有充足的动力尽早清偿欠款。1996年下半年公司扭亏为盈之后，确实开始偿付，给了我们4,790万美元。我们要大大感谢公司CEO斯蒂芬·沃尔夫 (Stephen Wolf)，是他从这家航空公司身上挤出了足以支付这笔款项的业绩。当然，全美航空近来的表现也在很大程度上受益于航空业的行业顺风——这种顺风可能是周期性的。公司仍然有基本的成本问题需要解决。",[14,1763,1764],{},"不管怎样，根据全美航空公开交易证券的市场价格判断，我们持有的优先股现在大概值回了3.58亿美元的面值，上下出入不大。此外，这些年来我们陆续收到了合计2.405亿美元的股利（含1997年收到的3,000万美元）。",[14,1766,1767],{},"1996年初，在任何欠付股利被清偿之前，我又一次试图抛售我们的持股——这次的价格大约是3.35亿美元。各位真是幸运：我再一次未能得逞——又差点在胜利的大门口自己制造了一场失败。",[14,1769,1770],{},"在另一个场合，一位朋友曾经问我：“你既然这么有钱，怎么还这么笨？”回顾我在全美航空这个案子上的表现之后，你可能会觉得他说得有道理。",[186,1772,1773],{"id":1773},"财务融资",[14,1775,1776],{},"去年我们给所罗门兄弟公司 (Salomon Brothers) 开了四张支票，每一次我们都对所付费用换来的服务感到满意。其中一笔交易我已经说过了：飞安国际的收购案，所罗门担任发起方投资银行。第二笔，所罗门帮我们旗下的金融子公司安排了一次小规模债券发行。",[14,1778,1779],{},"此外，我们还通过所罗门完成了两笔大额发行，两者都颇有意思。第一笔是5月份发售的517,500股B级普通股，净筹集5.65亿美元。此前我已经告诉过各位，这次发行是为了应对市场上有人扬言要设立模仿伯克希尔的单位信托基金。这些基金会利用我们过去的——而且绝对不可复制的——业绩记录来引诱不知情的小额投资者，并向这些无辜者收取高昂的费用和佣金。",[14,1781,1782],{},"我相信这类信托基金本来可以轻轻松松卖出几十亿美元的份额，而且我也相信早期的营销成功会引来更多基金效仿。（在证券行业，凡是能卖的东西就一定会被卖出去。）与此同时，这些基金会把募集到的资金不加选择地涌入固定而有限的伯克希尔股票供给中。可以预见的结果是：我们的股票出现投机泡沫。至少在一段时间内，股价的暴涨会自我验证——吸引新一波天真而敏感的投资者涌入这些基金，从而引发更多的伯克希尔股票买盘。",[14,1784,1785],{},"一些选择退出的伯克希尔股东可能会觉得这是天赐良机，因为他们可以利用那些怀着错误期望进场的人来获利。然而，继续留下来的股东一旦现实降临就要承受苦果，因为到那时伯克希尔将背负数十万名心怀不满的间接持股人（即信托基金的投资者），以及一个受损的声誉。",[14,1787,1788],{},"我们发行B级普通股不但阻止了那些信托基金的发售，还为那些在听过我们的警告之后仍想投资伯克希尔的人提供了一个低成本的渠道。为了抑制经纪人推销新股的一贯热情——因为那才是真正赚钱的地方——我们把承销佣金设定为仅1.5%，这是我们所见过的普通股承销中最低的佣金率。此外，我们将发行规模设为不限量，以此打消那些专门炒新的投资者——他们指望通过热炒和稀缺性的组合来获取短期价差。",[14,1790,1791],{},"总之，我们尽力确保B级普通股只会被具有长期视角的投资者所购买。这些努力总体上是成功的：B级普通股发行后的即时交易量——这是衡量”快进快出”的粗略指标——远低于新股发行的正常水平。最终，我们新增了大约40,000名股东，我相信他们中的大多数既理解自己拥有的是什么，也与我们拥有相同的投资时间框架。",[14,1793,1794],{},"所罗门在处理这次非同寻常的交易时表现堪称完美。他们的投资银行家完全理解我们想要实现的目标，并将发行的每一个细节都量身打造以满足这些目标。如果我们的发行采用标准模式，所罗门本可以赚到多得多的钱——可能是实际收入的十倍。但参与此事的投资银行家没有任何试图将条款往那个方向微调的举动。相反，他们提出的一些建议甚至有悖于所罗门自身的经济利益，却让伯克希尔的目标更有把握地实现。特里·菲茨杰拉德 (Terry Fitzgerald) 主导了这次发行，我们感谢他所做的出色工作。",[14,1796,1797],{},"了解了这些背景，大家就不会奇怪，当年末我们决定发行一批可以用来换取我们所持有的部分所罗门股份的伯克希尔票据时，我们再次找到了Terry。这一次，所罗门同样完成了一流的工作，以4.471亿美元的价格发售了面值5亿美元的五年期票据。每1,000美元面值的票据可换取17.65股所罗门股份，并可在三年后按增值后的价值赎回。计入原始发行折价和1%的票面利率，对于那些不选择换成所罗门股票的持有人来说，该证券的到期收益率为3%。但我们认为这些票据很可能会在到期前被转换。如果是这样，我们在转换前实际承担的利率成本大约为1.1%。",[14,1799,1800],{},"近年来有报道说查理跟我对所有投资银行的费用都很不满。这完全是误解。过去三十年来我们付过数不清的费用——从1967年我们聘请查理·海德 (Charlie Heider) 协助收购国民保险公司时开的那张支票算起——只要费用与表现相称，我们就乐意付钱。以1996年在所罗门兄弟完成的几笔交易来说，我们觉得物超所值。",[186,1802,1803],{"id":1803},"其他事项",[14,1805,1806,1807,1813],{},"经过激烈的内心挣扎，查理跟我决定跨入二十世纪。因此，我们将把伯克希尔未来的季度和年度报告发布在互联网上，大家可以通过 ",[1808,1809,1810],"a",{"href":1810,"rel":1811},"http:\u002F\u002Fwww.berkshirehathaway.com",[1812],"nofollow"," 访问。我们会选择在周六”发布”这些报告，以便所有感兴趣的人在交易开始前有充裕的时间消化信息。未来12个月的发布时间表是：1997年5月17日、8月16日、11月15日和1998年3月14日。我们同时也会在网站上发布所有新闻稿。",[14,1815,1816],{},"某个时候，我们可能会停止邮寄季度报告，而只在网上发布。这将节省相当可观的费用。此外，我们有大量股东的股份登记在经纪商名下，季报邮寄到他们手中的时间很不稳定：有些股东收到邮件的时间比其他人晚好几个星期。",[14,1818,1819],{},"仅通过网络发布的缺点是，我们的许多股东没有电脑。不过这些股东大多可以很方便地通过同事或朋友打印出来。如果你希望我们继续邮寄季报，请告诉我。我们希望听到大家的意见——首先想知道你们到底有没有在读这些报告——至少在1997年我们不会做任何改变。另外，年报除了在网上发布外，我们肯定还会继续以现有的印刷形式寄给各位。",[242,1821],{},[14,1823,1824],{},"大约有97.2%的有效股权参与了伯克希尔1996年的股东指定捐赠计划。捐赠总额为1,330万美元，惠及3,910家慈善机构。股东指定捐赠计划的详细说明见年报附录。",[14,1826,1827],{},"每年都有少数股东因为没有把股份登记在自己名下，或者没能在规定的60天期限内将指定捐赠表格寄回而错失这项计划。这让查理和我很头痛。但如果回复迟到，我们只能拒绝——因为我们不可能对某些股东网开一面，同时却拒绝其他股东的类似请求。",[14,1829,1830],{},[41,1831,1832],{},"想要参加未来计划的股东，必须持有登记在实际持有人名下——而非经纪商、银行或存管机构名下——的A级普通股。在1997年8月31日之前未完成登记的股份将无法参加1997年的计划。收到表格后请尽快寄回，以免被搁在一旁忘记了。",[186,1834,1835],{"id":1835},"年度股东大会",[14,1837,1838],{},"我们资本家版的伍德斯托克 (Woodstock) 音乐节——伯克希尔年度股东大会——将于5月5日周一举行。查理跟我都非常享受这场盛会，衷心希望大家都来。我们将在上午9:30开始，中午休息大约15分钟（现场提供食物——当然，要收费），然后继续与铁杆与会者畅谈至少到下午3:30。去年我们有来自全美50个州的代表出席，还有来自澳大利亚、希腊、以色列、葡萄牙、新加坡、瑞典、瑞士和英国的股东。年度股东大会是股东们就公司经营相关问题获得解答的场合，因此查理和我会一直坐在台上回答问题，直到我们开始头昏脑胀为止。（如果真到了那一步，希望各位能及时察觉到变化。）",[14,1840,1841],{},"去年约有5,000人出席，把假日会议中心 (Holiday Convention Centre) 挤得满满当当——尽管我们已经分散到了三个厅。今年，由于新发行的B级普通股使得我们的股东人数翻了一倍，因此我们把大会搬到了可容纳约10,000人且拥有巨大停车场的阿克萨本体育馆 (Aksarben Coliseum)。大门将于上午7:00开放，8:30我们会——应大众的强烈要求——放映由我们的CFO马克·汉堡 (Marc Hamburg) 制作的全新伯克希尔短片。（在伯克希尔，每个人都必须身兼数职。）",[14,1843,1844,1845,1848],{},"克服了我们对哪怕带有一丝商业气息的活动与生俱来的厌恶感之后，我们还将在会议厅外的走廊摆出大量的伯克希尔产品",[41,1846,1847],{},"供各位选购","。去年我们打破了所有记录，卖出了1,270磅的喜诗糖果、1,143双Dexter鞋子、价值29,000美元的世界百科全书及相关出版物，以及700套由我们旗下Quikut子公司生产的刀具。此外，许多股东咨询了盖可保险的汽车保单。如果你有兴趣看看能否省些保费，请把你现在的保单带到会场。我们估计大约40%的股东可以通过在我们这里投保来省钱。（我们很想说100%，但保险业不是这样运作的：由于各家保险公司的承保判断不同，我们的某些股东目前支付的费率确实比盖可保险还低。）",[14,1850,1851],{},"随本报告寄出的委托书材料中附有说明，告诉各位如何获取入场所需的证件。预计到场人数众多，请尽早预订机票和酒店。美国运通 (American Express)（电话800-799-6634）将很乐意为您提供相关安排服务。和往年一样，我们会安排巴士接送住在主要酒店的股东往返会场，会后还会送大家到内布拉斯加家具店、波仙珠宝和机场。",[14,1853,1854],{},"内布拉斯加家具店的主店占地75英亩，距离阿克萨本体育馆约一英里，营业时间为工作日上午10点至晚上9点、周六上午10点至下午6点、周日中午至下午6点。来的时候别忘了跟”B夫人“罗斯·布鲁姆金 (Rose Blumkin) 打个招呼。她今年103岁了，有时候会戴着氧气罩，氧气罐就挂在她的购物车上。不过如果你想跟上她的步伐，需要吸氧的恐怕是你。内布拉斯加家具店去年的营业额约为2.65亿美元——创下单一地点家具零售店的全美纪录——你只要到现场看看他们的商品和价格就知道为什么了。",[14,1856,1857],{},"波仙珠宝通常周日不营业，但将在5月4日为股东特别开放，从上午10点到下午6点。去年的”股东周日”，我们打破了波仙的所有记录——成交笔数、销售额，毫无疑问还有每平方英寸的参观人数。由于今年预计同样会人满为患，周日参加的所有股东都必须带好入场证。偏好不那么疯狂体验的股东可以选择周六（上午10点至下午5:30）或周一（上午10点至晚上8点）前往，同样享有特别优待。今年找个时间来吧，让波仙珠宝的CEO苏珊·雅克斯 (Susan Jacques) 和她技艺精湛的同事们对你的钱包实施一次无痛手术。",[14,1859,1860],{},"我最爱的牛排馆Gorat’s去年在年会那个周末完全订满了，尽管他们在周日下午4点额外加了一轮。你可以从4月1日起开始预订*（不能更早）*，电话402-551-3733。我会在周日参观完波仙珠宝之后到Gorat’s，享用我的老搭配——三分熟丁骨牛排加双份土豆煎饼。我还要推荐一道菜——这是我那位不可或缺的助理黛比·博萨内克 (Debbie Bosanek) 和我午餐时的标准菜单——热牛肉三明治配土豆泥浇肉汁。报上黛比的名字，你可以多得一船肉汁。",[14,1862,1863],{},"5月3日周六晚上，奥马哈皇家队 (Omaha Royals) 将在罗森布拉特球场 (Rosenblatt Stadium) 迎战印第安纳波利斯印第安人队 (Indianapolis Indians)。按照我一年投一球的正常轮值——我将首发出场。",[14,1865,1866],{},"虽然罗森布拉特球场外表看起来平平无奇，但其实暗藏玄机：球场坐落在一个独特的地质构造上，偶尔会发出短促的重力波，导致即使是投得最平稳的球也会突然急速下坠。过去我已经好几次成为这种怪异现象的受害者了，但我期望今年能碰上好运。球赛现场有很多拍照机会，不过要想抓拍到我的快速球飞向本垒板的瞬间，你需要惊人的反应速度。",[14,1868,1869],{},"我们的委托书材料中包含了获取球赛门票的信息。我们还会提供一份信息手册，列出周日晚间营业的餐厅以及周末你在奥马哈可以参加的各种活动。伯克希尔全体成员都期待着与各位见面。",[14,1871,1872],{},"沃伦·巴菲特",[14,1874,1875],{},"董事会主席",[14,1877,1878],{},"1997年2月28日",{"title":1880,"searchDepth":1881,"depth":1881,"links":1882},"",2,[1883,1885,1886,1887,1888,1889,1890,1891,1892,1893,1894,1895,1896],{"id":188,"depth":1884,"text":188},3,{"id":206,"depth":1884,"text":207},{"id":249,"depth":1884,"text":250},{"id":765,"depth":1884,"text":765},{"id":813,"depth":1884,"text":814},{"id":856,"depth":1884,"text":856},{"id":872,"depth":1884,"text":872},{"id":1316,"depth":1884,"text":1316},{"id":1502,"depth":1884,"text":1502},{"id":1743,"depth":1884,"text":1743},{"id":1773,"depth":1884,"text":1773},{"id":1803,"depth":1884,"text":1803},{"id":1835,"depth":1884,"text":1835},"致股东信",null,"1996年巴菲特致股东信，讨论股票拆分影响、GEICO保险强劲增长及再保险业务","md",{},true,67,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1996-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1899},"1996 巴菲特致股东信｜巴菲特","1996-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F1996-ba-fei-te-zhi-gu-dong-xin","I3vGvfpJtYGy9Q7Rz1ouamtGw1Cp8N7koa47Qrb8gzU","buffett",[1912,1917,1921,1925,1928,1931,1934,1937,1940,1943,1947,1950,1953,1957,1960,1963,1967,1970,1973,1977,1980,1983,1987,1990,1993,1997,2000,2003,2007,2010,2013,2017,2020,2023,2027,2030,2033,2037,2040,2043,2047,2050,2053,2057,2060,2063,2067,2070,2073,2077,2080,2083,2087,2090,2093,2097,2100,2103,2107,2110,2113,2117,2120,2123,2127,2130,2133,2137,2140,2143,2147,2150,2153,2157,2160,2163,2167,2170,2173,2177,2180,2183,2187,2190,2193,2197,2200,2203,2207,2210,2213,2217,2220,2223,2227,2230,2233,2237,2240,2243,2247,2250,2254,2257,2261,2264,2268,2271,2275,2278,2282,2285,2289,2292,2296,2299,2303,2306,2310,2313,2317,2320,2324,2327,2331,2334,2338,2341,2345,2348,2352,2355,2359,2362,2366,2369,2373,2376,2380,2383,2387,2390,2394,2397,2401,2404,2408,2411,2415,2418,2422,2425,2429,2432,2436,2439,2443,2446,2450,2453,2457,2460,2464,2467,2471,2474,2475,2478,2482,2485,2489,2492,2496,2499,2503,2506,2510,2513,2517,2520,2524,2527,2531,2534,2538,2541,2545,2548,2552,2555,2559,2562,2566,2569,2573,2576,2580,2583,2587,2590,2594,2597,2601,2604,2608,2611,2615,2618,2622,2625,2629,2632,2636,2639,2643,2646,2650,2653,2657,2660,2664,2667,2671,2674,2678,2681,2685,2688,2692,2695,2699,2702,2706,2709,2713,2717,2721,2725,2729,2733,2737,2741,2745,2749,2753,2757,2761,2765,2769,2773,2777,2781,2785,2789,2793,2797,2801,2805,2809,2813,2817,2821,2825,2829,2833,2837,2841,2845,2849,2853,2857,2861,2865,2869,2873,2877,2881,2885,2889,2893,2897,2901,2905,2909],{"title":1913,"slug":1914,"category":1915,"order":1916},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":1918,"slug":1919,"category":1920,"order":1916},"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":1922,"slug":1923,"category":1924,"order":1916},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1926,"slug":1927,"category":1915,"order":1881},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1929,"slug":1930,"category":1920,"order":1881},"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":1932,"slug":1933,"category":1924,"order":1881},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1935,"slug":1936,"category":1915,"order":1884},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1938,"slug":1939,"category":1920,"order":1884},"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":1941,"slug":1942,"category":1924,"order":1884},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1944,"slug":1945,"category":1915,"order":1946},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1948,"slug":1949,"category":1920,"order":1946},"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":1951,"slug":1952,"category":1924,"order":1946},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1954,"slug":1955,"category":1915,"order":1956},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1958,"slug":1959,"category":1920,"order":1956},"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":1961,"slug":1962,"category":1924,"order":1956},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1964,"slug":1965,"category":1915,"order":1966},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1968,"slug":1969,"category":1920,"order":1966},"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":1971,"slug":1972,"category":1924,"order":1966},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1974,"slug":1975,"category":1915,"order":1976},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1978,"slug":1979,"category":1920,"order":1976},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1981,"slug":1982,"category":1924,"order":1976},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1984,"slug":1985,"category":1915,"order":1986},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1988,"slug":1989,"category":1920,"order":1986},"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":1991,"slug":1992,"category":1924,"order":1986},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1994,"slug":1995,"category":1915,"order":1996},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1998,"slug":1999,"category":1920,"order":1996},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":2001,"slug":2002,"category":1924,"order":1996},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2004,"slug":2005,"category":1915,"order":2006},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":2008,"slug":2009,"category":1920,"order":2006},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":2011,"slug":2012,"category":1924,"order":2006},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2014,"slug":2015,"category":1915,"order":2016},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":2018,"slug":2019,"category":1920,"order":2016},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":2021,"slug":2022,"category":1924,"order":2016},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2024,"slug":2025,"category":1915,"order":2026},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":2028,"slug":2029,"category":1920,"order":2026},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":2031,"slug":2032,"category":1924,"order":2026},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2034,"slug":2035,"category":1915,"order":2036},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":2038,"slug":2039,"category":1920,"order":2036},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":2041,"slug":2042,"category":1924,"order":2036},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2044,"slug":2045,"category":1915,"order":2046},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":2048,"slug":2049,"category":1920,"order":2046},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2051,"slug":2052,"category":1924,"order":2046},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2054,"slug":2055,"category":1915,"order":2056},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":2058,"slug":2059,"category":1920,"order":2056},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":2061,"slug":2062,"category":1924,"order":2056},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2064,"slug":2065,"category":1915,"order":2066},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":2068,"slug":2069,"category":1920,"order":2066},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":2071,"slug":2072,"category":1924,"order":2066},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2074,"slug":2075,"category":1915,"order":2076},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":2078,"slug":2079,"category":1920,"order":2076},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":2081,"slug":2082,"category":1924,"order":2076},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2084,"slug":2085,"category":1915,"order":2086},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":2088,"slug":2089,"category":1920,"order":2086},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":2091,"slug":2092,"category":1924,"order":2086},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2094,"slug":2095,"category":1897,"order":2096},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":2098,"slug":2099,"category":1920,"order":2096},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":2101,"slug":2102,"category":1924,"order":2096},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2104,"slug":2105,"category":1915,"order":2106},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":2108,"slug":2109,"category":1920,"order":2106},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":2111,"slug":2112,"category":1924,"order":2106},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2114,"slug":2115,"category":1915,"order":2116},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":2118,"slug":2119,"category":1920,"order":2116},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":2121,"slug":2122,"category":1924,"order":2116},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2124,"slug":2125,"category":1915,"order":2126},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":2128,"slug":2129,"category":1920,"order":2126},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":2131,"slug":2132,"category":1924,"order":2126},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2134,"slug":2135,"category":1897,"order":2136},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":2138,"slug":2139,"category":1920,"order":2136},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":2141,"slug":2142,"category":1924,"order":2136},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2144,"slug":2145,"category":1915,"order":2146},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":2148,"slug":2149,"category":1920,"order":2146},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":2151,"slug":2152,"category":1924,"order":2146},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2154,"slug":2155,"category":1915,"order":2156},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":2158,"slug":2159,"category":1920,"order":2156},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":2161,"slug":2162,"category":1924,"order":2156},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2164,"slug":2165,"category":1915,"order":2166},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":2168,"slug":2169,"category":1920,"order":2166},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":2171,"slug":2172,"category":1924,"order":2166},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2174,"slug":2175,"category":1897,"order":2176},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":2178,"slug":2179,"category":1920,"order":2176},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":2181,"slug":2182,"category":1924,"order":2176},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2184,"slug":2185,"category":1915,"order":2186},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":2188,"slug":2189,"category":1920,"order":2186},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":2191,"slug":2192,"category":1924,"order":2186},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2194,"slug":2195,"category":1915,"order":2196},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":2198,"slug":2199,"category":1920,"order":2196},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":2201,"slug":2202,"category":1924,"order":2196},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2204,"slug":2205,"category":1915,"order":2206},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":2208,"slug":2209,"category":1920,"order":2206},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":2211,"slug":2212,"category":1924,"order":2206},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2214,"slug":2215,"category":1915,"order":2216},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":2218,"slug":2219,"category":1920,"order":2216},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":2221,"slug":2222,"category":1924,"order":2216},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2224,"slug":2225,"category":1897,"order":2226},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":2228,"slug":2229,"category":1920,"order":2226},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":2231,"slug":2232,"category":1924,"order":2226},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2234,"slug":2235,"category":1915,"order":2236},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":2238,"slug":2239,"category":1920,"order":2236},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":2241,"slug":2242,"category":1924,"order":2236},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2244,"slug":2245,"category":1915,"order":2246},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":2248,"slug":2249,"category":1920,"order":2246},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":2251,"slug":2252,"category":1897,"order":2253},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":2255,"slug":2256,"category":1920,"order":2253},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":2258,"slug":2259,"category":1915,"order":2260},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":2262,"slug":2263,"category":1920,"order":2260},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":2265,"slug":2266,"category":1915,"order":2267},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":2269,"slug":2270,"category":1920,"order":2267},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":2272,"slug":2273,"category":1915,"order":2274},"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":2276,"slug":2277,"category":1920,"order":2274},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":2279,"slug":2280,"category":1915,"order":2281},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":2283,"slug":2284,"category":1920,"order":2281},"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":2286,"slug":2287,"category":1897,"order":2288},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2290,"slug":2291,"category":1920,"order":2288},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2293,"slug":2294,"category":1915,"order":2295},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2297,"slug":2298,"category":1920,"order":2295},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2300,"slug":2301,"category":1897,"order":2302},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2304,"slug":2305,"category":1920,"order":2302},"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":2307,"slug":2308,"category":1897,"order":2309},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2311,"slug":2312,"category":1920,"order":2309},"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":2314,"slug":2315,"category":1897,"order":2316},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2318,"slug":2319,"category":1920,"order":2316},"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":2321,"slug":2322,"category":1897,"order":2323},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2325,"slug":2326,"category":1920,"order":2323},"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":2328,"slug":2329,"category":1897,"order":2330},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2332,"slug":2333,"category":1920,"order":2330},"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":2335,"slug":2336,"category":1897,"order":2337},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2339,"slug":2340,"category":1920,"order":2337},"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":2342,"slug":2343,"category":1897,"order":2344},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2346,"slug":2347,"category":1920,"order":2344},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2349,"slug":2350,"category":1897,"order":2351},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2353,"slug":2354,"category":1920,"order":2351},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2356,"slug":2357,"category":1897,"order":2358},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2360,"slug":2361,"category":1920,"order":2358},"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":2363,"slug":2364,"category":1897,"order":2365},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2367,"slug":2368,"category":1920,"order":2365},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2370,"slug":2371,"category":1897,"order":2372},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2374,"slug":2375,"category":1920,"order":2372},"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":2377,"slug":2378,"category":1897,"order":2379},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2381,"slug":2382,"category":1920,"order":2379},"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":2384,"slug":2385,"category":1897,"order":2386},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2388,"slug":2389,"category":1920,"order":2386},"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":2391,"slug":2392,"category":1897,"order":2393},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2395,"slug":2396,"category":1920,"order":2393},"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":2398,"slug":2399,"category":1897,"order":2400},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2402,"slug":2403,"category":1920,"order":2400},"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":2405,"slug":2406,"category":1897,"order":2407},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2409,"slug":2410,"category":1920,"order":2407},"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":2412,"slug":2413,"category":1897,"order":2414},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2416,"slug":2417,"category":1920,"order":2414},"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":2419,"slug":2420,"category":1897,"order":2421},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2423,"slug":2424,"category":1920,"order":2421},"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":2426,"slug":2427,"category":1897,"order":2428},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2430,"slug":2431,"category":1920,"order":2428},"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":2433,"slug":2434,"category":1897,"order":2435},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2437,"slug":2438,"category":1920,"order":2435},"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":2440,"slug":2441,"category":1897,"order":2442},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2444,"slug":2445,"category":1920,"order":2442},"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":2447,"slug":2448,"category":1897,"order":2449},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2451,"slug":2452,"category":1920,"order":2449},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2454,"slug":2455,"category":1897,"order":2456},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2458,"slug":2459,"category":1920,"order":2456},"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":2461,"slug":2462,"category":1897,"order":2463},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2465,"slug":2466,"category":1920,"order":2463},"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":2468,"slug":2469,"category":1897,"order":2470},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2472,"slug":2473,"category":1920,"order":2470},"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":5,"slug":1907,"category":1897,"order":1903},{"title":2476,"slug":2477,"category":1920,"order":1903},"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":2479,"slug":2480,"category":1897,"order":2481},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2483,"slug":2484,"category":1920,"order":2481},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2486,"slug":2487,"category":1897,"order":2488},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2490,"slug":2491,"category":1920,"order":2488},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2493,"slug":2494,"category":1897,"order":2495},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2497,"slug":2498,"category":1920,"order":2495},"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":2500,"slug":2501,"category":1897,"order":2502},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2504,"slug":2505,"category":1920,"order":2502},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2507,"slug":2508,"category":1897,"order":2509},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2511,"slug":2512,"category":1920,"order":2509},"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":2514,"slug":2515,"category":1897,"order":2516},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2518,"slug":2519,"category":1920,"order":2516},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2521,"slug":2522,"category":1897,"order":2523},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2525,"slug":2526,"category":1920,"order":2523},"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":2528,"slug":2529,"category":1897,"order":2530},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2532,"slug":2533,"category":1920,"order":2530},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2535,"slug":2536,"category":1897,"order":2537},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2539,"slug":2540,"category":1920,"order":2537},"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":2542,"slug":2543,"category":1897,"order":2544},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2546,"slug":2547,"category":1920,"order":2544},"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":2549,"slug":2550,"category":1897,"order":2551},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2553,"slug":2554,"category":1920,"order":2551},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2556,"slug":2557,"category":1897,"order":2558},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2560,"slug":2561,"category":1920,"order":2558},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2563,"slug":2564,"category":1897,"order":2565},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2567,"slug":2568,"category":1920,"order":2565},"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":2570,"slug":2571,"category":1897,"order":2572},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2574,"slug":2575,"category":1920,"order":2572},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2577,"slug":2578,"category":1897,"order":2579},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2581,"slug":2582,"category":1920,"order":2579},"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":2584,"slug":2585,"category":1897,"order":2586},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2588,"slug":2589,"category":1920,"order":2586},"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":2591,"slug":2592,"category":1897,"order":2593},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2595,"slug":2596,"category":1920,"order":2593},"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":2598,"slug":2599,"category":1897,"order":2600},"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":2602,"slug":2603,"category":1920,"order":2600},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2605,"slug":2606,"category":1897,"order":2607},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2609,"slug":2610,"category":1920,"order":2607},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2612,"slug":2613,"category":1897,"order":2614},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2616,"slug":2617,"category":1920,"order":2614},"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":2619,"slug":2620,"category":1897,"order":2621},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2623,"slug":2624,"category":1920,"order":2621},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2626,"slug":2627,"category":1897,"order":2628},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2630,"slug":2631,"category":1920,"order":2628},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2633,"slug":2634,"category":1897,"order":2635},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2637,"slug":2638,"category":1920,"order":2635},"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":2640,"slug":2641,"category":1897,"order":2642},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2644,"slug":2645,"category":1920,"order":2642},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2647,"slug":2648,"category":1897,"order":2649},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2651,"slug":2652,"category":1920,"order":2649},"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":2654,"slug":2655,"category":1897,"order":2656},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2658,"slug":2659,"category":1920,"order":2656},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2661,"slug":2662,"category":1897,"order":2663},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2665,"slug":2666,"category":1920,"order":2663},"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":2668,"slug":2669,"category":1897,"order":2670},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2672,"slug":2673,"category":1920,"order":2670},"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":2675,"slug":2676,"category":1897,"order":2677},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2679,"slug":2680,"category":1920,"order":2677},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2682,"slug":2683,"category":1897,"order":2684},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2686,"slug":2687,"category":1920,"order":2684},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2689,"slug":2690,"category":1897,"order":2691},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2693,"slug":2694,"category":1920,"order":2691},"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":2696,"slug":2697,"category":1897,"order":2698},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2700,"slug":2701,"category":1920,"order":2698},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2703,"slug":2704,"category":1897,"order":2705},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2707,"slug":2708,"category":1920,"order":2705},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":2710,"slug":2711,"category":1920,"order":2712},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":2714,"slug":2715,"category":1920,"order":2716},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":2718,"slug":2719,"category":1920,"order":2720},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":2722,"slug":2723,"category":1920,"order":2724},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":2726,"slug":2727,"category":1920,"order":2728},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":2730,"slug":2731,"category":1920,"order":2732},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":2734,"slug":2735,"category":1920,"order":2736},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":2738,"slug":2739,"category":1920,"order":2740},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":2742,"slug":2743,"category":1920,"order":2744},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":2746,"slug":2747,"category":1920,"order":2748},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":2750,"slug":2751,"category":1920,"order":2752},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":2754,"slug":2755,"category":1920,"order":2756},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":2758,"slug":2759,"category":1920,"order":2760},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":2762,"slug":2763,"category":1920,"order":2764},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":2766,"slug":2767,"category":1920,"order":2768},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":2770,"slug":2771,"category":1920,"order":2772},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":2774,"slug":2775,"category":1920,"order":2776},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":2778,"slug":2779,"category":1920,"order":2780},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":2782,"slug":2783,"category":1920,"order":2784},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":2786,"slug":2787,"category":1920,"order":2788},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":2790,"slug":2791,"category":1920,"order":2792},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":2794,"slug":2795,"category":1920,"order":2796},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":2798,"slug":2799,"category":1920,"order":2800},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":2802,"slug":2803,"category":1920,"order":2804},"巴菲特：2017年查理·罗斯访谈：比尔·盖茨与沃伦·巴菲特","ba-fei-te-2017nian-cha-li-luo-si-fang-tan-bi-er-gai-ci-yu-wo-lun-ba-fei-te",124,{"title":2806,"slug":2807,"category":1920,"order":2808},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":2810,"slug":2811,"category":1920,"order":2812},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",126,{"title":2814,"slug":2815,"category":1920,"order":2816},"巴菲特：2018年时代周刊-分享美国财富的秘密","ba-fei-te-2018nian-shi-dai-zhou-kan-fen-xiang-mei-guo-cai-fu-de-mi-mi",127,{"title":2818,"slug":2819,"category":1920,"order":2820},"巴菲特：2019年5月雅虎财经专访","ba-fei-te-2019nian-5yue-ya-hu-cai-jing-zhuan-fang",128,{"title":2822,"slug":2823,"category":1920,"order":2824},"巴菲特：2019年与芒格及比尔盖茨接受CNBC采访","ba-fei-te-2019nian-yu-mang-ge-ji-bi-er-gai-ci-jie-shou-cnbccai-fang",129,{"title":2826,"slug":2827,"category":1920,"order":2828},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":2830,"slug":2831,"category":1920,"order":2832},"巴菲特：2020年给内布拉斯加大学林肯分校2020届毕业生的建议","ba-fei-te-2020nian-gei-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-2020jie-bi-ye-sheng-de-jian-yi",131,{"title":2834,"slug":2835,"category":1920,"order":2836},"巴菲特：2021年专访《成为巴菲特》","ba-fei-te-2021nian-zhuan-fang-cheng-wei-ba-fei-te",132,{"title":2838,"slug":2839,"category":1920,"order":2840},"巴菲特：2021年巴菲特芒格接受CNBC专访","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",133,{"title":2842,"slug":2843,"category":1920,"order":2844},"巴菲特：2021年让观众无言以对 !有史以来最鼓舞人心的演讲之一","ba-fei-te-2021nian-rang-guan-zhong-wu-yan-yi-dui-you-shi-yi-lai-zui-gu-wu-ren-xin-de-yan-jiang-zhi-yi",134,{"title":2846,"slug":2847,"category":1920,"order":2848},"巴菲特：2021年采访《沃伦·巴菲特的投资策略：如何像传奇一样生活和投资（完整访谈）》","ba-fei-te-2021nian-cai-fang-wo-lun-ba-fei-te-de-tou-zi-ce-lue-ru-he-xiang-chuan-qi-yi-yang-sheng-huo-he-tou-zi-wan-zheng-fang-tan",135,{"title":2850,"slug":2851,"category":1920,"order":2852},"巴菲特：2022年32 届年度格雷厄姆和多德早餐会","ba-fei-te-2022nian-32-jie-nian-du-ge-lei-e-mu-he-duo-de-zao-can-hui",136,{"title":2854,"slug":2855,"category":1920,"order":2856},"巴菲特：2022年和查理罗斯对谈","ba-fei-te-2022nian-he-cha-li-luo-si-dui-tan",137,{"title":2858,"slug":2859,"category":1920,"order":2860},"巴菲特：2023年 查理芒格：伯克希尔的总设计师","ba-fei-te-2023nian-cha-li-mang-ge-bo-ke-xi-er-de-zong-she-ji-shi",138,{"title":2862,"slug":2863,"category":1920,"order":2864},"巴菲特：初学者如何投资--3 条简单的规则","ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",139,{"title":2866,"slug":2867,"category":1920,"order":2868},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":2870,"slug":2871,"category":1920,"order":2872},"巴菲特：每个投资者都会犯的 10 个错误","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",141,{"title":2874,"slug":2875,"category":1920,"order":2876},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":2878,"slug":2879,"category":1920,"order":2880},"2026伯克希尔股东大会 CNBC专访巴菲特（完整纯中文）","2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",143,{"title":2882,"slug":2883,"category":1920,"order":2884},"巴菲特：2026年最新采访 CNBC《财经论谈》","ba-fei-te-2026nian-zui-xin-cai-fang-cnbc-cai-jing-lun-tan",144,{"title":2886,"slug":2887,"category":1920,"order":2888},"伯克希尔50 周年：过去、现在和未来","bo-ke-xi-er-50-zhou-nian-guo-qu-xian-zai-he-wei-lai",145,{"title":2890,"slug":2891,"category":1920,"order":2892},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":2894,"slug":2895,"category":1920,"order":2896},"巴菲特：你应该了解珠宝生意","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",147,{"title":2898,"slug":2899,"category":1920,"order":2900},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":2902,"slug":2903,"category":1920,"order":2904},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":2906,"slug":2907,"category":1920,"order":2908},"康布斯：在普通股中寻找价值","kang-bu-si-zai-pu-tong-gu-zhong-xun-zhao-jie-zhi",150,{"title":2910,"slug":2911,"category":1920,"order":2912},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[2914,2918,2921,2924,2927,2930,2933,2936,2939,2943,2947,2950,2953,2956,2959,2962,2965,2968,2971,2974,2977,2980,2983,2986,2989,2993,2996,2999,3002,3005,3008,3011,3014,3017,3020,3024,3027,3030,3033,3036,3039,3042,3045,3049,3052,3055,3058,3061,3064,3067,3070,3073,3076,3079,3082,3085,3088,3091,3094,3097,3100,3103,3106,3109,3112,3115,3118,3121,3124,3127,3130,3135,3139,3143,3147,3151,3155,3159,3163,3167,3171,3175,3179,3183,3187,3191,3195,3199,3203,3207,3211],{"title":2915,"slug":2916,"category":2917,"order":1916},"本分","benfen","核心哲学",{"title":2919,"slug":2920,"category":2917,"order":1881},"平常心","pingchangxin",{"title":2922,"slug":2923,"category":2917,"order":1884},"做对的事情","zuoduideshiqing",{"title":2925,"slug":2926,"category":2917,"order":1946},"把事情做对","bashiqingzuodui",{"title":2928,"slug":2929,"category":2917,"order":1956},"能力圈","nengliquan",{"title":2931,"slug":2932,"category":2917,"order":1966},"不做什么","buzuoshenme",{"title":2934,"slug":2935,"category":2917,"order":1976},"敢为天下后","ganweitianxiahou",{"title":2937,"slug":2938,"category":2917,"order":1986},"消费者导向","xiaofeizhedaoxiang",{"title":2940,"slug":2941,"category":2942,"order":1996},"价值投资","jiazhitouzi","投资理念",{"title":2944,"slug":2945,"category":2946,"order":2006},"负债","fuzhai","财务指标",{"title":2948,"slug":2949,"category":2942,"order":2006},"商业模式","shangyemoshi",{"title":2951,"slug":2952,"category":2942,"order":2016},"护城河","huchenghe",{"title":2954,"slug":2955,"category":2946,"order":2016},"净现金","jingxianjin",{"title":2957,"slug":2958,"category":2946,"order":2026},"开销合理性","kaixiaohelixing",{"title":2960,"slug":2961,"category":2942,"order":2026},"现金流","xianjinliu",{"title":2963,"slug":2964,"category":2946,"order":2036},"真实利润","zhenshilirun",{"title":2966,"slug":2967,"category":2942,"order":2036},"折现","zhexian",{"title":2969,"slug":2970,"category":2942,"order":2046},"安全边际","anquanbianji",{"title":2972,"slug":2973,"category":2946,"order":2046},"扣除商誉的净资产","jingzichan",{"title":2975,"slug":2976,"category":2942,"order":2056},"基本面","jibenmian",{"title":2978,"slug":2979,"category":2942,"order":2066},"机会成本","jihuichengben",{"title":2981,"slug":2982,"category":2942,"order":2076},"长期持有","zhangqichiyou",{"title":2984,"slug":2985,"category":2942,"order":2086},"投机","touji",{"title":2987,"slug":2988,"category":2942,"order":2096},"止损","zhisun",{"title":2990,"slug":2991,"category":2992,"order":2106},"企业文化","qiyewenhua","企业经营",{"title":2994,"slug":2995,"category":2992,"order":2116},"品牌","pinpai",{"title":2997,"slug":2998,"category":2992,"order":2126},"差异化","chayihua",{"title":3000,"slug":3001,"category":2992,"order":2136},"用户体验","yonghutiyan",{"title":3003,"slug":3004,"category":2992,"order":2146},"渠道","qudao",{"title":3006,"slug":3007,"category":2992,"order":2156},"平台","pingtai",{"title":3009,"slug":3010,"category":2992,"order":2166},"生态系统","shengtaixitong",{"title":3012,"slug":3013,"category":2992,"order":2176},"单一产品","danyichanpin",{"title":3015,"slug":3016,"category":2992,"order":2186},"造钟人","zaozhongren",{"title":3018,"slug":3019,"category":2992,"order":2196},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":3021,"slug":3022,"category":3023,"order":2206},"进取心","jinquxin","品格与心性",{"title":3025,"slug":3026,"category":3023,"order":2216},"耐心","naixin",{"title":3028,"slug":3029,"category":3023,"order":2226},"责任心","zerenxin",{"title":3031,"slug":3032,"category":3023,"order":2236},"爱心","aixin",{"title":3034,"slug":3035,"category":3023,"order":2246},"信誉","xinyu",{"title":3037,"slug":3038,"category":3023,"order":2253},"正直","zhengzhi",{"title":3040,"slug":3041,"category":3023,"order":2260},"理性","lixing",{"title":3043,"slug":3044,"category":3023,"order":2267},"长期主义","zhangqizhuyi",{"title":3046,"slug":3047,"category":3048,"order":2705},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":3050,"slug":3051,"category":3048,"order":2712},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":3053,"slug":3054,"category":3048,"order":2716},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":3056,"slug":3057,"category":3048,"order":2720},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":3059,"slug":3060,"category":3048,"order":2724},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":3062,"slug":3063,"category":3048,"order":2728},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",{"title":3065,"slug":3066,"category":3048,"order":2732},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",{"title":3068,"slug":3069,"category":3048,"order":2736},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":3071,"slug":3072,"category":3048,"order":2740},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":3074,"slug":3075,"category":3048,"order":2744},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",{"title":3077,"slug":3078,"category":3048,"order":2748},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":3080,"slug":3081,"category":3048,"order":2752},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":3083,"slug":3084,"category":3048,"order":2756},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":3086,"slug":3087,"category":3048,"order":2760},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":3089,"slug":3090,"category":3048,"order":2764},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":3092,"slug":3093,"category":3048,"order":2768},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":3095,"slug":3096,"category":3048,"order":2772},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":3098,"slug":3099,"category":3048,"order":2776},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":3101,"slug":3102,"category":3048,"order":2780},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":3104,"slug":3105,"category":3048,"order":2784},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",{"title":3107,"slug":3108,"category":3048,"order":2788},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",{"title":3110,"slug":3111,"category":3048,"order":2792},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",{"title":3113,"slug":3114,"category":3048,"order":2796},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":3116,"slug":3117,"category":3048,"order":2800},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":3119,"slug":3120,"category":3048,"order":2804},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":3122,"slug":3123,"category":3048,"order":2808},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":3125,"slug":3126,"category":3048,"order":2812},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":3128,"slug":3129,"category":3048,"order":2816},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",{"title":3131,"slug":3132,"category":3133,"order":3134},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":3136,"slug":3137,"category":3133,"order":3138},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":3140,"slug":3141,"category":3133,"order":3142},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":3144,"slug":3145,"category":3133,"order":3146},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":3148,"slug":3149,"category":3133,"order":3150},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":3152,"slug":3153,"category":3133,"order":3154},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":3156,"slug":3157,"category":3133,"order":3158},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":3160,"slug":3161,"category":3133,"order":3162},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":3164,"slug":3165,"category":3133,"order":3166},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":3168,"slug":3169,"category":3133,"order":3170},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":3172,"slug":3173,"category":3133,"order":3174},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":3176,"slug":3177,"category":3133,"order":3178},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":3180,"slug":3181,"category":3133,"order":3182},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":3184,"slug":3185,"category":3133,"order":3186},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":3188,"slug":3189,"category":3133,"order":3190},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":3192,"slug":3193,"category":3133,"order":3194},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":3196,"slug":3197,"category":3133,"order":3198},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":3200,"slug":3201,"category":3133,"order":3202},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":3204,"slug":3205,"category":3133,"order":3206},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":3208,"slug":3209,"category":3133,"order":3210},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":3212,"slug":3213,"category":3133,"order":3214},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[3216,3219,3222,3225,3229,3233,3236,3240,3242,3245,3248,3251,3255,3258,3261,3264,3267,3271,3274,3277,3280,3283,3287,3290,3293,3295,3298,3301,3304,3307,3310,3313,3316,3319,3322,3325,3328,3331,3334,3337,3340,3343,3346,3349,3352,3355,3358,3361,3364,3367,3370,3373,3376,3379,3382,3385,3388,3391,3394,3397,3400,3403,3406,3409,3412,3415,3419,3422,3425,3428,3431,3435,3438,3441,3444],{"title":2928,"slug":3217,"category":3218,"order":1916},"ability-circle","决策与战略",{"title":3220,"slug":3221,"category":3218,"order":1881},"逆向思维","inversion",{"title":2978,"slug":3223,"category":3224,"order":1884},"opportunity-cost","经济学",{"title":3226,"slug":3227,"category":3228,"order":1946},"复利","compound-interest","数学与概率论",{"title":3230,"slug":3231,"category":3232,"order":1956},"激励机制","incentives","心理学",{"title":3234,"slug":3235,"category":3228,"order":1966},"概率思维","probabilistic-thinking",{"title":3237,"slug":3238,"category":3239,"order":1976},"二阶效应","second-order-effects","哲学与逻辑",{"title":2969,"slug":3241,"category":3218,"order":1986},"margin-of-safety",{"title":3243,"slug":3244,"category":3232,"order":1996},"心理误判","psychology-of-misjudgment",{"title":3246,"slug":3247,"category":3218,"order":2006},"检查清单","checklist",{"title":3249,"slug":3250,"category":3224,"order":2016},"规模优势","scale-advantage",{"title":3252,"slug":3253,"category":3254,"order":2026},"冗余与容错","redundancy","工程学\u002F系统",{"title":3256,"slug":3257,"category":3228,"order":2036},"排列组合","combinatorics",{"title":3259,"slug":3260,"category":3228,"order":2046},"费马-帕斯卡","fermat-pascal",{"title":3262,"slug":3263,"category":3228,"order":2056},"均值回归","regression-to-the-mean",{"title":3265,"slug":3266,"category":3228,"order":2066},"量化分析","quantitative-analysis",{"title":3268,"slug":3269,"category":3270,"order":2076},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":3272,"slug":3273,"category":3270,"order":2086},"平衡态","equilibrium",{"title":3275,"slug":3276,"category":3270,"order":2096},"熵增定律","entropy",{"title":3278,"slug":3279,"category":3270,"order":2106},"能量守恒","conservation-of-energy",{"title":3281,"slug":3282,"category":3270,"order":2116},"杠杆原理","leverage",{"title":3284,"slug":3285,"category":3286,"order":2126},"自然选择","natural-selection","生物学\u002F进化论",{"title":3288,"slug":3289,"category":3286,"order":2136},"物竞天择","competition-for-resources",{"title":3291,"slug":3292,"category":3286,"order":2146},"进化思维","evolutionary-thinking",{"title":3009,"slug":3294,"category":3286,"order":2156},"ecosystem",{"title":3296,"slug":3297,"category":3232,"order":2166},"爱好倾向","liking-tendency",{"title":3299,"slug":3300,"category":3232,"order":2176},"讨厌倾向","disliking-tendency",{"title":3302,"slug":3303,"category":3232,"order":2186},"避免怀疑倾向","doubt-avoidance-tendency",{"title":3305,"slug":3306,"category":3232,"order":2196},"一致性倾向","consistency-tendency",{"title":3308,"slug":3309,"category":3232,"order":2206},"好奇心倾向","curiosity-tendency",{"title":3311,"slug":3312,"category":3232,"order":2216},"康德式公平","kantian-fairness",{"title":3314,"slug":3315,"category":3232,"order":2226},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":3317,"slug":3318,"category":3232,"order":2236},"反馈倾向","reciprocation-tendency",{"title":3320,"slug":3321,"category":3232,"order":2246},"权威误导","authority-misinfluence",{"title":3323,"slug":3324,"category":3232,"order":2253},"重视理由","reason-respecting-tendency",{"title":3326,"slug":3327,"category":3232,"order":2260},"过度乐观","over-optimism",{"title":3329,"slug":3330,"category":3232,"order":2267},"损失厌恶","loss-aversion",{"title":3332,"slug":3333,"category":3232,"order":2274},"否认倾向","denial-tendency",{"title":3335,"slug":3336,"category":3232,"order":2281},"过度反应","overreaction-tendency",{"title":3338,"slug":3339,"category":3232,"order":2288},"社群影响","social-influence",{"title":3341,"slug":3342,"category":3232,"order":2295},"压力倾向","stress-influence-tendency",{"title":3344,"slug":3345,"category":3232,"order":2302},"物质主义","materialism-tendency",{"title":3347,"slug":3348,"category":3232,"order":2309},"废话倾向","twaddle-tendency",{"title":3350,"slug":3351,"category":3232,"order":2316},"确认偏误","confirmation-bias",{"title":3353,"slug":3354,"category":3232,"order":2323},"锚定效应","anchoring-effect",{"title":3356,"slug":3357,"category":3232,"order":2330},"现时偏差","present-bias",{"title":3359,"slug":3360,"category":3232,"order":2337},"贪婪倾向","greed-tendency",{"title":3362,"slug":3363,"category":3224,"order":2344},"边际成本\u002F收益","marginal-cost-benefit",{"title":3365,"slug":3366,"category":3224,"order":2351},"供需关系","supply-and-demand",{"title":3368,"slug":3369,"category":3224,"order":2358},"帕累托最优","pareto-optimality",{"title":3371,"slug":3372,"category":3224,"order":2365},"竞争性毁灭","creative-destruction",{"title":3374,"slug":3375,"category":3218,"order":2372},"双轨分析","two-track-analysis",{"title":3377,"slug":3378,"category":3218,"order":2379},"非线性思维","nonlinear-thinking",{"title":3380,"slug":3381,"category":3218,"order":2386},"极化思考","extreme-thinking",{"title":3383,"slug":3384,"category":3218,"order":2393},"必要功","necessary-work",{"title":3386,"slug":3387,"category":3254,"order":2400},"停机问题","halting-problem",{"title":3389,"slug":3390,"category":3254,"order":2407},"闭环系统","closed-loop-system",{"title":3392,"slug":3393,"category":3254,"order":2414},"故障安全","fail-safe",{"title":3395,"slug":3396,"category":3254,"order":2421},"反向设计","reverse-design",{"title":3398,"slug":3399,"category":3254,"order":2428},"瓶颈分析","bottleneck-analysis",{"title":3401,"slug":3402,"category":3239,"order":2435},"第一性原理","first-principles",{"title":3404,"slug":3405,"category":3239,"order":2442},"证伪思维","falsification",{"title":3407,"slug":3408,"category":3239,"order":2449},"奥卡姆剃刀","occams-razor",{"title":3410,"slug":3411,"category":3239,"order":2456},"中道思维","middle-way",{"title":3413,"slug":3414,"category":3239,"order":2463},"不可知论","agnosticism",{"title":3416,"slug":3417,"category":3418,"order":2470},"大数定律","law-of-large-numbers","统计学",{"title":3420,"slug":3421,"category":3418,"order":1903},"样本偏差","sample-bias",{"title":3423,"slug":3424,"category":3418,"order":2481},"相关性≠因果","correlation-not-causation",{"title":3426,"slug":3427,"category":3418,"order":2488},"幸存者偏差","survivorship-bias",{"title":3429,"slug":3430,"category":3418,"order":2495},"基本比率","base-rate",{"title":3432,"slug":3433,"category":3434,"order":2502},"社会认同","social-proof","社会学",{"title":3436,"slug":3437,"category":3434,"order":2509},"部落本能","tribal-instinct",{"title":3439,"slug":3440,"category":3434,"order":2516},"金蛋定律","golden-egg-rule",{"title":3442,"slug":3443,"category":3434,"order":2523},"互利共生","mutualism",{"title":3445,"slug":3446,"category":3434,"order":2530},"激励传导","incentive-transmission",1778291660944]