[{"data":1,"prerenderedAt":3614},["ShallowReactive",2],{"library-1997-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2078,"library-sidebar-dao":3080,"library-sidebar-models":3382},{"id":4,"title":5,"body":6,"category":2064,"date":2065,"description":2066,"extension":2067,"meta":2068,"navigation":2069,"order":2070,"path":2071,"seo":2072,"seoDescription":2066,"seoTitle":2073,"slug":2074,"stem":2075,"__hash__":2076,"_collection":2077},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1997-ba-fei-te-zhi-gu-dong-xin.md","1997 巴菲特致股东信",{"type":7,"value":8,"toc":2045},"minimark",[9,13,20,23,26,29,32,35,38,41,44,47,50,117,120,123,180,183,191,194,197,204,207,211,222,225,228,231,234,237,240,243,246,249,252,263,266,270,273,276,279,282,794,797,800,803,806,812,819,822,825,828,831,834,838,841,844,847,914,917,920,923,926,929,932,935,938,940,943,946,949,952,1375,1380,1385,1390,1393,1400,1403,1406,1409,1412,1415,1418,1567,1580,1584,1587,1590,1593,1596,1599,1602,1605,1608,1611,1614,1617,1620,1623,1626,1629,1636,1639,1642,1645,1652,1663,1670,1673,1676,1679,1839,1845,1848,1851,1858,1865,1867,1870,1873,1876,1879,1882,1885,1888,1891,1894,1897,1900,1903,1910,1912,1915,1918,1921,1924,1927,1938,1948,1951,1954,1957,1960,1963,1966,1971,1974,1977,1980,1983,1990,1993,1996,1999,2002,2005,2012,2015,2018,2021,2024,2027,2030,2033,2036,2039,2042],[10,11,5],"h1",{"id":12},"_1997-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],{},"致伯克希尔·哈撒韦公司所有股东：",[14,24,25],{},"1997年，伯克希尔的净资产增加了80亿美元，A股和B股的每股账面价值均增长了34.1%。自现任管理层接手的33年以来，每股账面价值由当初的19美元成长到目前的25,488美元，年复合增长率约为24.1%。(1)",[14,27,28],{},"(1): 本报告中所有数据均适用于伯克希尔A股，这是本公司在1996年以前流通在外的唯一一种股份。B股拥有A股三十分之一的经济权益。",[14,30,31],{},"看到34.1%的回报率，大家可能忍不住想要宣布胜利、鸣金收兵。但去年的业绩算不上什么了不起的壮举：在1997年这样的大牛市里，随便哪个投资人都能赚到可观的回报。牛市中，大家一定要避免成为那只暴风雨后呱呱大叫的骄傲鸭子，以为是自己高超的泳技让它浮上了天。一只有理性思维的鸭子反而应该在大雨过后，看看池塘里其他鸭子都在什么位置。",[14,33,34],{},"那么我们这只鸭子在1997年的评级如何呢？报表显示，虽然去年我们拼命地往前划，但那些被动投资标普500指数的懒鸭子几乎和我们涨得一样多。所以对于1997年的表现，我们的评价是：不过是正常的呱呱叫而已。",[14,36,37],{},"当股市火热的时候，我们跟标普500指数相比往往比较吃亏。标普指数和共同基金不需要承担税收成本，因为它们可以把税负直接转嫁给投资人。而伯克希尔去年则必须支付或计提高达42亿美元的联邦所得税，相当于我们年初净资产的18%。",[14,39,40],{},"伯克希尔永远得缴企业所得税，这意味着我们必须克服税负的拖累才能证明自己存在的价值。很显然，伯克希尔副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我不可能年年都能跨过这道坎。但长期而言，我们预期能维持对标普指数的些微优势，这也是大家衡量我们表现应该采用的标尺。我们不会让大家沦落到像芝加哥小熊队球迷那样——面对连续几个赛季的惨淡战绩，只好自我安慰：“有什么好沮丧的？谁都可能有一个不太走运的世纪嘛。”",[14,42,43],{},"当然，账面价值的增长并不是伯克希尔的终极目标。真正重要的是每股内在商业价值的增长。不过一般来说，这两个指标大致是同步变动的，1997年就是如此：得益于盖可保险 (GEICO) 爆炸性的出色表现，伯克希尔的内在价值（远高于账面价值）以接近账面价值增长的速度在提升。",[14,45,46],{},"关于”内在价值“等概念的详细解释，请参阅我们的股东手册 (Owner’s Manual)，其中阐述了本公司以股东为核心的经营原则，是伯克希尔所有股东都应该了解的重要信息。",[14,48,49],{},"在过去两年的年报中，我们为各位提供了一张查理和我认为最能评估伯克希尔内在价值的表格。在下面这个更新版本中，我们追踪了两项关键的价值指标。第一列是我们每股持有的投资金额（含现金及现金等价物）；第二列是每股来自伯克希尔经营业务的税前收益（已扣除利息和公司费用，但未扣除所得税和购买法会计调整数），同时也排除了来自第一列投资所实现的全部股利收入、利息收入和资本利得。实际上，你可以把伯克希尔想象成两家公司：一家持有所有投资组合，另一家经营旗下所有业务并承担全部公司费用。",[51,52,53,69],"table",{},[54,55,56],"thead",{},[57,58,59,63,66],"tr",{},[60,61,62],"th",{},"年份",[60,64,65],{},"每股投资金额",[60,67,68],{},"税前每股经营收益（不含投资收益）",[70,71,72,84,95,106],"tbody",{},[57,73,74,78,81],{},[75,76,77],"td",{},"1967",[75,79,80],{},"41美元",[75,82,83],{},"1.09美元",[57,85,86,89,92],{},[75,87,88],{},"1977",[75,90,91],{},"372",[75,93,94],{},"12.44",[57,96,97,100,103],{},[75,98,99],{},"1987",[75,101,102],{},"3,910",[75,104,105],{},"108.14",[57,107,108,111,114],{},[75,109,110],{},"1997",[75,112,113],{},"38,043",[75,115,116],{},"717.82",[14,118,119],{},"那些无视我们3.8万名员工辛勤付出、武断地将伯克希尔视为一家投资公司的专家们，应该好好看看第二列的数字。自1967年我们进行第一笔企业并购以来，税前经营收益已从当时的100万美元增长到8.88亿美元。而且请注意，在这个计算中，我们已将伯克希尔的全部公司费用——660万美元的管理开支、6,690万美元的利息支出、以及1,540万美元的股东指定捐赠——统统算在经营业务头上，尽管其中有一部分费用理应归属于投资业务。",[14,121,122],{},"下表是这两个部门每十年的增长率：",[51,124,125,137],{},[54,126,127],{},[57,128,129,132,134],{},[60,130,131],{},"十年期",[60,133,65],{},[60,135,136],{},"税前每股经营收益",[70,138,139,149,159,169],{},[57,140,141,143,146],{},[75,142,88],{},[75,144,145],{},"24.6%",[75,147,148],{},"27.6%",[57,150,151,153,156],{},[75,152,99],{},[75,154,155],{},"26.5%",[75,157,158],{},"24.1%",[57,160,161,163,166],{},[75,162,110],{},[75,164,165],{},"25.5%",[75,167,168],{},"20.8%",[57,170,171,174,177],{},[75,172,173],{},"1967-1997年复合增长率",[75,175,176],{},"25.6%",[75,178,179],{},"24.2%",[14,181,182],{},"1997年，我们的两项业务都取得了令人满意的增长：每股投资金额增加了9,543美元，增幅33.5%；每股经营收益增加了296.43美元，增幅70.3%。不过有一点必须说明：我们的巨灾再保险业务运气不错（后面会详细说明），同时盖可保险的承保利润也远超我们对大多数年份的预期，因此1997年的经营收益大大好于我们的预估，也超过我们对1998年的展望。",[14,184,185,186,190],{},"不管是投资还是经营收益，未来的增长速度都必然会下降。对于任何负责资本配置的人来说，没有什么比成功本身更能让你放慢脚步了。我自己的经历就是最好的例子：回想1951年在哥伦比亚大学跟着本杰明·格雷厄姆 (Ben Graham) 上课的时候，只要抓住一个能赚1万美元的投资机会，就能让我当年的投资业绩提升整整100个百分点。到了今天，一笔为伯克希尔带来5亿美元税前利润的投资，也只能让我们的业绩提升",[187,188,189],"em",{},"一个","百分点。怪不得我在1950年代的年度回报率比后来任何一个十年都要高出将近30个百分点。查理的经历也类似。我们不是变笨了，只是变大了。以我们目前的规模，即便取得了业绩上的优势，也只能是微乎其微。",[14,192,193],{},"不过好在我们已经配置资本的那些业务——无论是全资运营的子公司还是被动持股的公司——都具有出色的长期前景。而且我们还拥有一支能力和专注力都无出其右的经理人团队。这些经理人大多本身就很富有，完全不需要靠伯克希尔的薪水来维持生活。他们工作的动力来自于成就感，而非名利。",[14,195,196],{},"虽然对于我们已经拥有的投资组合颇感欣慰，但陆续涌入的资金却让我们发愁——找不到合适的投资去处。目前不管是整体收购还是买股票，价格都太高了。这并不意味着价格一定会下跌——我们对此完全没有看法——只是说明新投入的资金能换来的预期收益实在是少得可怜。",[14,198,199,200,203],{},"在这种情况下，我们试着效法棒球传奇明星泰德·威廉姆斯 (Ted Williams) 的自律精神。在他的著作《击球的科学》(",[187,201,202],{},"The Science of Hitting",") 中，泰德把好球区划分成77个小格子，每格大小和一个棒球差不多。只有球进入他心目中的”最佳格子”时，他才挥棒出击，这样做他知道自己能维持四成的超高打击率；但如果勉强去打”最差位置”——好球区外角偏低的球——打击率就会降到两成三。换句话说，耐心等待最肥美的好球是通往名人堂的大道；好坏球照单全收只会让你被送回小联盟。",[14,205,206],{},"就我们目前看到的投资”来球”而言，即使落在好球区，也只是勉强擦过外角偏低的位置。如果我们挥棒，就只能锁定很低的回报。但如果我们眼睁睁看着今天这些球飞过去，也没有人能保证下一个球会更对我们的胃口。也许过去那些诱人的低价才是反常的，而不是今天的高价。还好不像泰德，我们不会因为连续三次不挥棒就被三振出局；不过话说回来，日复一日扛着球棒站在那里，也着实不是什么有趣的事。",[208,209,210],"h3",{"id":210},"非常规投资",[14,212,213,214,217,218,221],{},"当我们找不到最理想的投资标的——经营良好、价格合理、拥有优秀经济特质的企业时，通常会把新资金投入最高品质的短期投资工具。不过有时候，我们也会涉足其他领域。显然，我们相信这些替代性投资赚钱的概率大于亏钱。但我们也清楚，这些投资不具备以理想价格买入优秀企业那种确定性。碰到后一种机会，我们",[187,215,216],{},"确知","自己一定会赚钱，唯一的问题是什么时候；而对于替代性投资，我们只是",[187,219,220],{},"认为","自己会赚钱，同时也意识到有时候会出现亏损，偶尔甚至是大额亏损。",[14,223,224],{},"截至年底，我们共有三项非常规的投资头寸。第一项是1,400万桶的石油衍生品合约，这是我们在1994至1995年间建立的4,570万桶头寸的剩余部分。已结算的3,170万桶合约为我们贡献了约6,190万美元的税前利润。剩余合约将于1998年和1999年到期，年底未实现盈利为1,160万美元。按照会计准则，大宗商品头寸必须按市价入账，因此这些合约的未实现损益已反映在我们的年度和季度财务报表中。当初我们之所以建立这些头寸，是因为判断石油期货价格略有低估。至于目前的价格是否有吸引力，我们没有任何看法。",[14,226,227],{},"第二项非常规投资是白银。去年我们买进了1.112亿盎司的白银。按市价计算，这个头寸在1997年为我们带来了9,740万美元的税前收益。某种意义上，这算是重温旧梦：30年前，我因为预期美国政府将终止白银的货币地位而买入白银。此后我一直关注贵金属的基本面，但没有再出手。近年来，白银库存大幅下降，去年夏天查理和我得出结论：白银价格需要上涨才能让供需恢复平衡。需要强调的是，通胀预期并不在我们计算白银价值的考量范围内。",[14,229,230],{},"第三项也是最大的一项非常规投资：46亿美元（按摊销成本计）的美国长期零息国债。这种证券不支付利息，而是通过折价发行向持有人提供回报。这一特性使得零息债券的价格对利率变动极为敏感。利率上升时，持有零息债券会亏得很惨；利率下跌时，则可以赚得盆满钵满。由于1997年利率下降，我们年末在零息债券上的未实现税前利润高达5.988亿美元。因为我们按市价入账，这笔收益已经反映在年末的账面价值中。",[14,232,233],{},"当然，放着现金等价物不拿而去投资零息债券是有风险的——这种基于宏观判断的投资，成功的概率永远不可能接近100%。不过各位聘请查理和我来是运用我们最好的判断力，而不是来避免丢脸的。当我们认为胜算站在我们这边时，偶尔会做出一些不走寻常路的举动。万一哪天我们判断失误，还请大家多多包涵。跟克林顿总统一样，我们绝对与各位感同身受：芒格家族超过90%的身家在伯克希尔，巴菲特家族更是超过99%。",[208,235,236],{"id":236},"我们如何看待股市波动",[14,238,239],{},"先来一个小测验：如果你打算一辈子吃汉堡，自己又不养牛，那你是希望牛肉价格上涨还是下跌呢？同样，如果你隔三差五就要换车，自己又不是卖车的，你会希望车价上涨还是下跌呢？这些问题的答案不言自明。",[14,241,242],{},"那么最后一道考题来了：如果你预计未来五年自己会是一个净储蓄者，你应该希望这段时间的股市是涨还是跌？许多投资人在这个问题上答错了。虽然他们在未来很多年里都会持续买入股票，股价上涨时却欢呼雀跃，股价下跌时反而闷闷不乐。这就好比你明明要去买汉堡，看到汉堡涨价了反而高兴得手舞足蹈，这有什么道理？只有打算在近期卖出股票的人才应该因为股价上涨而高兴。打算买入的人应该盼着股价下跌才对。",[14,244,245],{},"对于不打算卖出的伯克希尔股东来说，这个道理就更清楚了。首先，即使你们把自己赚来的每一分钱都花光了，伯克希尔也会自动帮你们存钱：伯克希尔通过留存全部收益，再将这些钱投入到企业收购和证券投资中。显然，我们买入这些投资标的的价格越低，各位间接享有的储蓄计划回报就越高。",[14,247,248],{},"此外，通过伯克希尔，你们还持有多家不断回购自家股票的公司的大量股权。股价越低，这些回购计划给我们带来的好处就越大：当股价低迷时，被投资公司用同样一笔钱回购的股份更多，间接提升了我们的持股比例。举例来说，过去几年可口可乐 (Coca-Cola)、华盛顿邮报 (The Washington Post) 和富国银行 (Wells Fargo) 在股价很低时大量回购的股票，给伯克希尔带来的好处远远超过它们在目前高价位进行的回购。",[14,250,251],{},"每年年底，大约有97%的伯克希尔股份仍然掌握在年初持有它们的那批股东手中。这说明他们都是储蓄者。因此，每当股市下跌，他们都应该感到高兴——因为这意味着我们和被投资公司的资金都能得到更好的运用。",[14,253,254,255,258,259,262],{},"所以，下次当你看到”投资者在股市暴跌中损失惨重”的新闻标题时，请在脑海中把它改成：“",[187,256,257],{},"撤退者","在股市暴跌中损失惨重——但投资者赚翻了。”记者们常常忘记这样一个简单的事实：有卖方就必然有买方，一方的损失必然是另一方的收益。就像他们在高尔夫比赛中常说的：“每一记推杆，总会让",[187,260,261],{},"某个人","高兴。”",[14,264,265],{},"我们在1970和1980年代从大批股票和企业的低价中获益良多。那些对短线过客不友好的市场，对长住户来说却是天堂。近年来，我们在那些年代做出的投资决策陆续获得了验证，但新的好机会却少之又少。作为企业级的”储蓄者”，伯克希尔一直在寻找合理运用资金的途径，只是可能还需要一段时间，才能找到让我们真正兴奋的投资机会。",[208,267,269],{"id":268},"保险业务概览","保险业务——概览",[14,271,272],{},"真正让我们兴奋的是保险业务。盖可保险正处于高速成长期，而且我们预期这种势头还会持续下去。不过在详细展开之前，先来聊聊”浮存金“以及如何衡量它的成本。除非你理解这个概念，否则根本无法对伯克希尔的内在价值做出合理的判断。",[14,274,275],{},"首先，浮存金是一笔我们持有但并不属于我们的资金。在保险公司的运营中，浮存金的产生是因为保费先于赔付收取，这个时间差有时长达许多年。在此期间，保险公司可以将这笔钱拿去投资。当然，这种美差通常也有代价：保险公司收取的保费往往不足以覆盖最终要支付的赔款和费用，由此产生的差额就是”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成本长期低于它通过其他渠道获取资金的成本，这项业务就有存在的价值。反之，如果浮存金成本高于市场利率，它就像是一颗酸柠檬。",[14,277,278],{},"在这里需要提个醒：由于损失成本必须依靠估算，保险公司在核算承保结果方面有相当大的自由裁量空间，这使得投资者很难准确衡量一家保险公司真正的浮存金成本。估算误差——通常是无心的，但有时是故意的——可能大得惊人。这些误差的后果会直接反映在公司的损益表上。经验丰富的行家通常能发现准备金中的重大纰漏，但普通投资大众除了接受报表上的数字之外别无他法。有时候，那些经大牌会计师事务所背书的数字也着实让我大跌眼镜。至于伯克希尔，查理和我在向各位呈报承保结果时，始终尽量采取保守的做法，因为就我们的经验而言，保险业里的意外从来都不是什么好消息。",[14,280,281],{},"不过，正如下表所示，伯克希尔的保险业务可以说是大获全胜。表中的浮存金，是将损失准备金、损失费用调整准备金、再保险预收款项和未赚取保费准备金加总后，再扣除应付代理人余额、预付取得成本、预付税款以及再保相关递延费用计算得出的。相对于我们的保费规模，浮存金的数额相当可观。至于浮存金的成本，则取决于承保盈亏。在某些年度——比如最近连续五年——我们都录得了承保利润，换句话说，我们光是持有这些资金就能让我们赚钱。",[51,283,284,302],{},[54,285,286],{},[57,287,288,290,293,296,299],{},[60,289,62],{},[60,291,292],{},"承保损失（百万美元）(1)",[60,294,295],{},"平均浮存金（百万美元）(2)",[60,297,298],{},"浮存金近似成本(1\u002F2)",[60,300,301],{},"长期政府债券年末收益率",[70,303,304,320,335,350,367,382,397,412,429,446,461,475,490,505,520,535,552,569,586,603,620,636,653,669,686,703,720,735,750,765,780],{},[57,305,306,308,311,314,317],{},[75,307,77],{},[75,309,310],{},"盈利",[75,312,313],{},"17.3",[75,315,316],{},"低于零",[75,318,319],{},"5.50%",[57,321,322,325,327,330,332],{},[75,323,324],{},"1968",[75,326,310],{},[75,328,329],{},"19.9",[75,331,316],{},[75,333,334],{},"5.90%",[57,336,337,340,342,345,347],{},[75,338,339],{},"1969",[75,341,310],{},[75,343,344],{},"23.4",[75,346,316],{},[75,348,349],{},"6.79%",[57,351,352,355,358,361,364],{},[75,353,354],{},"1970",[75,356,357],{},"0.37",[75,359,360],{},"32.4",[75,362,363],{},"1.14%",[75,365,366],{},"6.25%",[57,368,369,372,374,377,379],{},[75,370,371],{},"1971",[75,373,310],{},[75,375,376],{},"52.5",[75,378,316],{},[75,380,381],{},"5.81%",[57,383,384,387,389,392,394],{},[75,385,386],{},"1972",[75,388,310],{},[75,390,391],{},"69.5",[75,393,316],{},[75,395,396],{},"5.82%",[57,398,399,402,404,407,409],{},[75,400,401],{},"1973",[75,403,310],{},[75,405,406],{},"73.3",[75,408,316],{},[75,410,411],{},"7.27%",[57,413,414,417,420,423,426],{},[75,415,416],{},"1974",[75,418,419],{},"7.36",[75,421,422],{},"79.1",[75,424,425],{},"9.30%",[75,427,428],{},"8.13%",[57,430,431,434,437,440,443],{},[75,432,433],{},"1975",[75,435,436],{},"11.35",[75,438,439],{},"87.6",[75,441,442],{},"12.96%",[75,444,445],{},"8.03%",[57,447,448,451,453,456,458],{},[75,449,450],{},"1976",[75,452,310],{},[75,454,455],{},"102.6",[75,457,316],{},[75,459,460],{},"7.30%",[57,462,463,465,467,470,472],{},[75,464,88],{},[75,466,310],{},[75,468,469],{},"139.0",[75,471,316],{},[75,473,474],{},"7.97%",[57,476,477,480,482,485,487],{},[75,478,479],{},"1978",[75,481,310],{},[75,483,484],{},"190.4",[75,486,316],{},[75,488,489],{},"8.93%",[57,491,492,495,497,500,502],{},[75,493,494],{},"1979",[75,496,310],{},[75,498,499],{},"227.3",[75,501,316],{},[75,503,504],{},"10.08%",[57,506,507,510,512,515,517],{},[75,508,509],{},"1980",[75,511,310],{},[75,513,514],{},"237.0",[75,516,316],{},[75,518,519],{},"11.94%",[57,521,522,525,527,530,532],{},[75,523,524],{},"1981",[75,526,310],{},[75,528,529],{},"228.4",[75,531,316],{},[75,533,534],{},"13.61%",[57,536,537,540,543,546,549],{},[75,538,539],{},"1982",[75,541,542],{},"21.56",[75,544,545],{},"220.6",[75,547,548],{},"9.77%",[75,550,551],{},"10.64%",[57,553,554,557,560,563,566],{},[75,555,556],{},"1983",[75,558,559],{},"33.87",[75,561,562],{},"231.3",[75,564,565],{},"14.64%",[75,567,568],{},"11.84%",[57,570,571,574,577,580,583],{},[75,572,573],{},"1984",[75,575,576],{},"48.06",[75,578,579],{},"253.2",[75,581,582],{},"18.98%",[75,584,585],{},"11.58%",[57,587,588,591,594,597,600],{},[75,589,590],{},"1985",[75,592,593],{},"44.23",[75,595,596],{},"390.2",[75,598,599],{},"11.34%",[75,601,602],{},"9.34%",[57,604,605,608,611,614,617],{},[75,606,607],{},"1986",[75,609,610],{},"55.84",[75,612,613],{},"797.5",[75,615,616],{},"7.00%",[75,618,619],{},"7.60%",[57,621,622,624,627,630,633],{},[75,623,99],{},[75,625,626],{},"55.43",[75,628,629],{},"1,266.7",[75,631,632],{},"4.38%",[75,634,635],{},"8.95%",[57,637,638,641,644,647,650],{},[75,639,640],{},"1988",[75,642,643],{},"11.08",[75,645,646],{},"1,497.7",[75,648,649],{},"0.74%",[75,651,652],{},"9.00%",[57,654,655,658,661,664,667],{},[75,656,657],{},"1989",[75,659,660],{},"24.40",[75,662,663],{},"1,541.3",[75,665,666],{},"1.58%",[75,668,474],{},[57,670,671,674,677,680,683],{},[75,672,673],{},"1990",[75,675,676],{},"26.65",[75,678,679],{},"1,637.3",[75,681,682],{},"1.63%",[75,684,685],{},"8.24%",[57,687,688,691,694,697,700],{},[75,689,690],{},"1991",[75,692,693],{},"119.59",[75,695,696],{},"1,895.0",[75,698,699],{},"6.31%",[75,701,702],{},"7.40%",[57,704,705,708,711,714,717],{},[75,706,707],{},"1992",[75,709,710],{},"108.96",[75,712,713],{},"2,290.4",[75,715,716],{},"4.76%",[75,718,719],{},"7.39%",[57,721,722,725,727,730,732],{},[75,723,724],{},"1993",[75,726,310],{},[75,728,729],{},"2,624.7",[75,731,316],{},[75,733,734],{},"6.35%",[57,736,737,740,742,745,747],{},[75,738,739],{},"1994",[75,741,310],{},[75,743,744],{},"3,056.6",[75,746,316],{},[75,748,749],{},"7.88%",[57,751,752,755,757,760,762],{},[75,753,754],{},"1995",[75,756,310],{},[75,758,759],{},"3,607.2",[75,761,316],{},[75,763,764],{},"5.95%",[57,766,767,770,772,775,777],{},[75,768,769],{},"1996",[75,771,310],{},[75,773,774],{},"6,702.0",[75,776,316],{},[75,778,779],{},"6.64%",[57,781,782,784,786,789,791],{},[75,783,110],{},[75,785,310],{},[75,787,788],{},"7,093.1",[75,790,316],{},[75,792,793],{},"5.92%",[14,795,796],{},"自1967年进入保险业以来，我们的浮存金以年复合21.7%的速度增长。更妙的是，这些资金不但没有花我们一分钱，反而还帮我们赚了钱。这里有一个会计上的讽刺：虽然浮存金在资产负债表上被列为负债，但它对伯克希尔的价值，实际上超过了同等金额的股东权益。",[14,798,799],{},"1998年第一季度，几项大型合约到期将导致我们的浮存金暂时下降，但长期来看，我们预期浮存金会大幅增长。同时我们也相信，取得浮存金的成本仍将维持在极为有利的水平。",[208,801,802],{"id":802},"巨灾再保险业务",[14,804,805],{},"不过，有时候我们浮存金的成本也会急剧飙升。这主要是因为我们深度参与的巨灾再保险业务，本质上就是保险行业中波动最大的险种。在这项业务中，我们向其他保险公司和再保险公司出售保单，帮助它们在超大型灾害来袭时控制损失。伯克希尔是精明买家的首选：当”大事件”真正发生时，巨灾保险承保方的财务实力将面临严峻考验，而在这方面，伯克希尔无出其右。",[14,807,808,809],{},"由于真正的特大灾害毕竟比较罕见，我们的巨灾业务大多数年份都会赚得盆满钵满，然后偶尔录得一笔巨额亏损。换句话说，我们这项业务到底有多大的吸引力，需要很多年才能看清楚。",[187,810,811],{},"但有一点各位必须明白：巨灾业务出现灾难性年份不是”可能会发生”的事情——而是”肯定会发生”的。唯一的问题是它何时降临。",[14,813,814,815,818],{},"去年我们在巨灾业务上走了大运。全球一整年都没有发生造成巨额保险损失的大型灾害，所以我们收到的保费基本上全部落进了口袋。然而，这种好结果也有其阴暗面。许多”不明真相的投资人”——也就是那些靠销售人员忽悠而非凭自身承保知识做判断的人——纷纷涌入再保险市场，购买一种叫做”巨灾债券”的东西。但这个名字的第二个字完全是奥威尔式的误导：真正的债券是发行方有义务向你付款；而这种所谓的”债券”，本质上是",[187,816,817],{},"买方","对发行方做出附条件付款承诺的合约。",[14,820,821],{},"这种拐弯抹角的架构之所以存在，是因为产品推销者想要规避法律——法律禁止未经州政府许可的实体从事保险承保。推销者把保险合约叫做”债券”还有一个附带好处：可以让不明就里的买家误以为这种产品的风险远低于实际水平。",[14,823,824],{},"如果这些合约定价不当，其中蕴含的风险可能极其巨大。而巨灾保险有一个特别阴险的特点——即使定价严重偏低，很长时间内也不会被发现。打个比方：两颗骰子掷出12点的概率是1\u002F36。现在假设骰子每年掷一次，你作为”债券买方”同意在掷出12点时支付5,000万美元，而你每年收到的”保费”是100万美元。这意味着你对风险的定价严重偏低。然而，你可能连续好多年都觉得自己在轻松赚钱。事实上，你有75.4%的概率在头十年一分钱都不用赔。但最终，你会破产。",[14,826,827],{},"在这个骰子的例子中，概率很容易计算。但涉及到特大飓风和地震时，概率估算就模糊得多了，我们在伯克希尔能做到的最多也只是估计一个大致的概率范围。缺乏精确的数据，加上巨灾本身就极为罕见，这恰好给推销者提供了可乘之机。他们通常会雇一位”专家”来告诉潜在的债券买家，发生损失的概率有多低。这位专家自己不掏一分钱，却能先拿到一笔定金——不管他的预测准不准都归他所有。毫不意外的是：只要赌注够大，你总能找到一位专家信誓旦旦地告诉你——还是拿骰子来说——掷出12点的概率不是1\u002F36，而是1\u002F100。平心而论，这位专家可能真心相信自己的估算是对的，这虽然让人不忍苛责，但恰恰使得他更加危险。",[14,829,830],{},"“投资者”资金涌入巨灾债券——这些债券到最后可能真会名副其实——已经导致巨灾再保费率大幅下滑。因此，我们在1998年会减少这方面的业务量。不过好在我们手上有几份大型多年期合约还在执行，可以缓解业务下降的冲击。其中最大的两份在去年的年报中已经向各位介绍过——一份是佛罗里达的飓风险，另一份是与加州地震局 (California Earthquake Authority, CEA) 签订的加州地震险。我们的”最坏情形”税后损失仍然是约6亿美元，也就是CEA保单规定的上限。虽然这个数字听起来很大，但也不过是伯克希尔市值的1%左右。事实上，只要价格合理，我们非常愿意大幅提高”最坏情形”的风险敞口。",[14,832,833],{},"我们的巨灾再保险业务由阿吉特·贾恩 (Ajit Jain) 一手建立，他还在其他许多方面为伯克希尔的成功做出了贡献。阿吉特既有对定价不合理的保单说”不”的纪律性，又有另辟蹊径开拓新业务的想象力。毫不夸张地说，他是伯克希尔最宝贵的资产之一。无论阿吉特选择从事什么行业，他都会成为那一行的明星；幸运的是，他偏偏钟情于保险业。",[208,835,837],{"id":836},"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",[14,839,840],{},"去年我曾经谈到盖可保险的托尼·奈斯利 (Tony Nicely) 以及他出色的管理才能。要是当时我已经知道他在1997年能交出这样的成绩单，我恐怕得挖空心思去找更多的溢美之词了。现年54岁的Tony在盖可保险已经服务了36年，去年达到了他职业生涯的巅峰。作为CEO，他将远景、活力和热忱传递给了盖可大家庭的每一位成员——引导他们的眼光从”已经取得的成绩”转向”还能取得的成绩”。",[14,842,843],{},"我们用两个指标来衡量盖可保险的表现：第一，自愿投保汽车保单（即不包括州政府强制分配给我们的保单）的净增加数量；第二，“成熟”汽车保单业务的盈利能力——所谓”成熟”，是指投保超过一年、已经度过了取得成本拖累期而开始盈利的保单。1996年有效保单增长了10%，当时我告诉大家这已经很令人兴奋了，因为那是20年来的新高。到了1997年，增长率又跃升至16%。",[14,845,846],{},"下表是过去五年新增自愿投保保单和有效保单数量的统计：",[51,848,849,862],{},[54,850,851],{},[57,852,853,856,859],{},[60,854,855],{},"年度",[60,857,858],{},"新增自愿投保汽车保单",[60,860,861],{},"有效保单数量",[70,863,864,874,884,894,904],{},[57,865,866,868,871],{},[75,867,724],{},[75,869,870],{},"354,882",[75,872,873],{},"2,011,055",[57,875,876,878,881],{},[75,877,739],{},[75,879,880],{},"396,217",[75,882,883],{},"2,147,549",[57,885,886,888,891],{},[75,887,754],{},[75,889,890],{},"461,608",[75,892,893],{},"2,310,037",[57,895,896,898,901],{},[75,897,769],{},[75,899,900],{},"617,669",[75,902,903],{},"2,543,699",[57,905,906,908,911],{},[75,907,110],{},[75,909,910],{},"913,176",[75,912,913],{},"2,949,439",[14,915,916],{},"当然，任何一家保险公司如果不在乎承保质量，都可以快速扩张。然而盖可保险当年的承保利润率高达保费收入的8.1%，远高于行业平均水平。说实话，这个数字甚至高于我们自己的预期：我们的目标是将低成本运营的好处大部分回馈给客户，自己只保留4%左右的承保利润。基于这一原则，我们在1997年略微下调了平均费率，今年可能还会进一步降低。当然，费率的调整因人而异，取决于投保人的具体情况和所在地区；我们始终力求让每位驾驶人的费率能够合理反映其预期损失。",[14,918,919],{},"盖可保险并非近年来唯一取得好成绩的汽车保险公司。去年全行业的利润远超自身预期，也远超可持续的水平。激烈的竞争很快就会大幅压缩利润空间。但这恰恰是我们乐于看到的：长期来看，艰难的市场环境有利于低成本运营者——这正是我们一直以来的定位，未来也将如此。",[14,921,922],{},"去年我曾告诉大家，盖可保险的员工获得了创纪录的16.9%利润分享奖金，并解释了决定这一比例的两个简单变量：保单增长和成熟业务的盈利能力。我还提到1996年的表现太过出色，以至于我们不得不扩大奖金分配图表的边界。这张新图表在1997年又不够用了——我们再次扩大了边界，全公司10,500名员工获得了相当于基本薪资26.9%的利润分享奖金，总额高达7,100万美元。此外，同样这两个变量——保单增长和成熟业务盈利——也决定了以Tony为首的数十位高管的现金奖金。",[14,924,925],{},"在盖可保险，我们采用的薪酬方式对股东和管理层来说都说得通。我们颁发的是绩效勋章，而不是彩票：在伯克希尔所有子公司中，薪酬都不与我们的股价挂钩——员工对股价根本没有什么实质性的影响力。相反，我们将奖金与每个业务单元自身的经营业绩挂钩，因为那才是员工直接创造的成果。当业绩出色的时候——就像盖可保险去年那样——查理和我最乐意做的事就是签发一张大额支票。",[14,927,928],{},"盖可保险1998年的承保利润可能会下降，但增长势头有望进一步加速。我们已准备好踩油门了：盖可保险今年的营销费用将突破1亿美元大关，比1997年增长50%。目前我们的市场份额只有3%，预计在未来十年将大幅提升。汽车保险市场的蛋糕相当庞大——年规模约1,150亿美元——有数以千万计的驾驶人只要把保单转到我们这里，就能省下一大笔钱。",[930,931],"hr",{},[14,933,934],{},"在1995年的年报中，我曾描述过我和各位欠洛里默·戴维森 (Lorimer Davidson) 的一笔大人情。1951年初的一个周六，一个20岁的愣头青不请自来、也没打招呼，就冒冒失失地闯进了盖可保险的总部。Davy耐心地向他介绍了盖可保险以及整个行业的来龙去脉。Davy后来当上了盖可保险的CEO，并与我维持了长达47年的师友情谊。没有他的慷慨和智慧，伯克希尔也不可能从盖可保险获得如此丰厚的回报。事实上，如果我没有遇到Davy，我可能永远都不会真正理解保险这个行业——多年来，保险业务对伯克希尔的成功起到了至关重要的作用。",[14,936,937],{},"Davy去年已95岁高龄，长途旅行对他来说很辛苦。不过Tony和我希望能说服他来参加今年的股东年会，好让我们的股东们能当面向他致谢，感谢他对伯克希尔做出的重要贡献。祝我们好运吧。",[930,939],{},[14,941,942],{},"虽然规模比盖可保险小得多，但我们其他的直保业务去年交出的成绩单加在一起同样令人惊叹。国民保险公司 (National Indemnity) 传统业务的承保利润率高达32.9%，而且一如既往，相对于保费规模产生了大量的浮存金。过去三年，这个由唐·沃斯特 (Don Wurster) 领导的部门平均利润率达到24.3%。由罗德·埃尔德雷德 (Rod Eldred) 管理的住宅保险 (Homestate) 业务，在持续吸收地域扩张费用的情况下，仍然录得14.1%的承保利润率。Rod三年的平均成绩是惊人的15.1%。布拉德·金斯特勒 (Brad Kinstler) 在加州主持的伯克希尔工伤赔偿保险业务，在艰难的市场环境下仅录得小幅承保亏损；三年平均承保成绩为正的1.5%。约翰·基泽 (John Kizer) 领导的中部州保险 (Central States Indemnity)，在保费收入创下新纪录的同时，承保盈利也相当可观。唐·陶尔 (Don Towle) 掌管的堪萨斯银行家保险 (Kansas Bankers Surety)，表现完全不负我们1996年收购时的厚望。",[14,944,945],{},"总计下来，这五家保险公司的综合承保利润率为15.0%。两位Don，加上Rod、Brad和John，为伯克希尔创造了显著的价值，而且我们相信好戏还在后头。",[208,947,948],{"id":948},"报告收益的来源",[14,950,951],{},"下表列示了伯克希尔报告收益的主要来源。在此表中，购买法会计调整数没有分摊到具体的业务上，而是汇总后单独列示。这样做是为了让各位看到旗下各项业务本来面目的收益状况，就好像我们从未收购过它们一样。出于先前讨论过的原因，我们认为这种呈现方式比通用会计准则 (GAAP) 要求的逐项摊销方式，对投资者和管理者都更有参考价值。当然，表中的利润总额与经审计的财务报表中的GAAP总额完全一致。",[51,953,954,970],{},[54,955,956],{},[57,957,958,960,963,965,968],{},[60,959],{},[60,961,962],{},"税前收益",[60,964,962],{},[60,966,967],{},"税后收益（伯克希尔应占）",[60,969,967],{},[70,971,972,985,998,1011,1028,1045,1062,1079,1096,1113,1130,1147,1164,1181,1198,1215,1232,1249,1266,1283,1300,1312,1329,1346,1358],{},[57,973,974,977,979,981,983],{},[75,975,976],{},"（百万美元）",[75,978,110],{},[75,980,769],{},[75,982,110],{},[75,984,769],{},[57,986,987,990,992,994,996],{},[75,988,989],{},"经营收益：",[75,991],{},[75,993],{},[75,995],{},[75,997],{},[57,999,1000,1003,1005,1007,1009],{},[75,1001,1002],{},"保险集团：",[75,1004],{},[75,1006],{},[75,1008],{},[75,1010],{},[57,1012,1013,1016,1019,1022,1025],{},[75,1014,1015],{},"承保——巨灾再保险",[75,1017,1018],{},"283.0",[75,1020,1021],{},"167.0",[75,1023,1024],{},"182.7",[75,1026,1027],{},"107.4",[57,1029,1030,1033,1036,1039,1042],{},[75,1031,1032],{},"承保——其他再保险",[75,1034,1035],{},"(155.2)",[75,1037,1038],{},"(174.8)",[75,1040,1041],{},"(100.1)",[75,1043,1044],{},"(112.4)",[57,1046,1047,1050,1053,1056,1059],{},[75,1048,1049],{},"承保——盖可保险",[75,1051,1052],{},"280.7",[75,1054,1055],{},"171.4",[75,1057,1058],{},"181.1",[75,1060,1061],{},"110.2",[57,1063,1064,1067,1070,1073,1076],{},[75,1065,1066],{},"承保——其他直保",[75,1068,1069],{},"52.9",[75,1071,1072],{},"58.5",[75,1074,1075],{},"34.1",[75,1077,1078],{},"37.6",[57,1080,1081,1084,1087,1090,1093],{},[75,1082,1083],{},"净投资收益",[75,1085,1086],{},"882.3",[75,1088,1089],{},"726.2",[75,1091,1092],{},"703.6",[75,1094,1095],{},"593.1",[57,1097,1098,1101,1104,1107,1110],{},[75,1099,1100],{},"布法罗新闻报",[75,1102,1103],{},"55.9",[75,1105,1106],{},"50.4",[75,1108,1109],{},"32.7",[75,1111,1112],{},"29.5",[57,1114,1115,1118,1121,1124,1127],{},[75,1116,1117],{},"金融业务",[75,1119,1120],{},"28.1",[75,1122,1123],{},"23.1",[75,1125,1126],{},"18.0",[75,1128,1129],{},"14.9",[57,1131,1132,1135,1138,1141,1144],{},[75,1133,1134],{},"飞安公司 (FlightSafety)",[75,1136,1137],{},"139.5",[75,1139,1140],{},"3.1(1)",[75,1142,1143],{},"84.4",[75,1145,1146],{},"1.9(1)",[57,1148,1149,1152,1155,1158,1161],{},[75,1150,1151],{},"家具业务",[75,1153,1154],{},"56.8(2)",[75,1156,1157],{},"43.8",[75,1159,1160],{},"32.2(2)",[75,1162,1163],{},"24.8",[57,1165,1166,1169,1172,1175,1178],{},[75,1167,1168],{},"珠宝业务",[75,1170,1171],{},"31.6",[75,1173,1174],{},"27.8",[75,1176,1177],{},"18.3",[75,1179,1180],{},"16.1",[57,1182,1183,1186,1189,1192,1195],{},[75,1184,1185],{},"斯科特费泽（不含金融业务）",[75,1187,1188],{},"118.9",[75,1190,1191],{},"121.7",[75,1193,1194],{},"77.3",[75,1196,1197],{},"81.6",[57,1199,1200,1203,1206,1209,1212],{},[75,1201,1202],{},"喜诗糖果",[75,1204,1205],{},"58.6",[75,1207,1208],{},"51.9",[75,1210,1211],{},"35.0",[75,1213,1214],{},"30.8",[57,1216,1217,1220,1223,1226,1229],{},[75,1218,1219],{},"鞋业集团",[75,1221,1222],{},"48.8",[75,1224,1225],{},"61.6",[75,1227,1228],{},"32.2",[75,1230,1231],{},"41.0",[57,1233,1234,1237,1240,1243,1246],{},[75,1235,1236],{},"购买法会计调整",[75,1238,1239],{},"(104.9)",[75,1241,1242],{},"(75.7)",[75,1244,1245],{},"(97.0)",[75,1247,1248],{},"(70.5)",[57,1250,1251,1254,1257,1260,1263],{},[75,1252,1253],{},"利息费用(3)",[75,1255,1256],{},"(106.6)",[75,1258,1259],{},"(94.3)",[75,1261,1262],{},"(67.1)",[75,1264,1265],{},"(56.6)",[57,1267,1268,1271,1274,1277,1280],{},[75,1269,1270],{},"股东指定捐赠",[75,1272,1273],{},"(15.4)",[75,1275,1276],{},"(13.3)",[75,1278,1279],{},"(9.9)",[75,1281,1282],{},"(8.5)",[57,1284,1285,1288,1291,1294,1297],{},[75,1286,1287],{},"其他",[75,1289,1290],{},"60.7",[75,1292,1293],{},"73.0",[75,1295,1296],{},"37.0",[75,1298,1299],{},"42.2",[57,1301,1302,1304,1306,1308,1310],{},[75,1303],{},[75,1305],{},[75,1307],{},[75,1309],{},[75,1311],{},[57,1313,1314,1317,1320,1323,1326],{},[75,1315,1316],{},"经营收益",[75,1318,1319],{},"1,715.7",[75,1321,1322],{},"1,221.4",[75,1324,1325],{},"1,194.5",[75,1327,1328],{},"883.1",[57,1330,1331,1334,1337,1340,1343],{},[75,1332,1333],{},"出售投资的资本利得",[75,1335,1336],{},"1,111.9",[75,1338,1339],{},"2,484.5",[75,1341,1342],{},"707.1",[75,1344,1345],{},"1,605.5",[57,1347,1348,1350,1352,1354,1356],{},[75,1349],{},[75,1351],{},[75,1353],{},[75,1355],{},[75,1357],{},[57,1359,1360,1363,1366,1369,1372],{},[75,1361,1362],{},"所有实体收益合计",[75,1364,1365],{},"2,827.6",[75,1367,1368],{},"3,705.9",[75,1370,1371],{},"1,901.6",[75,1373,1374],{},"2,488.6",[14,1376,1377],{},[187,1378,1379],{},"(1) 飞安公司从1996年12月23日收购之日算起。",[14,1381,1382],{},[187,1383,1384],{},"(2) 家具业务包含明星家具自1997年7月1日起的收益。",[14,1386,1387],{},[187,1388,1389],{},"(3) 利息费用不含金融业务的利息支出。",[14,1391,1392],{},"总体而言，我们旗下的运营业务继续表现非凡，远远超越行业平均水平。尤其令人欣慰的是，赫兹伯格钻石 (Helzberg’s) 在经历了令人失望的1996年之后盈利大幅好转。赫兹伯格的CEO杰夫·科门特 (Jeff Comment) 在1997年初果断采取行动，带领公司在至关重要的圣诞旺季中大有斩获。进入今年以来，销售势头依然强劲。",[14,1394,1395,1396,1399],{},"一般人可能没有意识到我们旗下许多业务的表现有多么杰出：如果把布法罗新闻报 (Buffalo News) 或斯科特费泽 (Scott Fetzer) 的盈利记录与其上市同行相比，它们看起来并不突出。但大多数上市公司会将三分之二甚至更多的收益留存不分配，用来支持自身的增长。而伯克希尔的这些子公司则把赚到的收益100%上交给母公司，用来支持",[187,1397,1398],{},"我们","的增长。",[14,1401,1402],{},"实际上，上市公司的业绩反映了其留存收益的累积效应，而我们子公司的业绩却没有这样的”加成”。不过长期来看，这些子公司上交的资金在伯克希尔的其他地方创造了极为可观的盈利能力。仅布法罗新闻报、喜诗糖果 (See’s Candies) 和斯科特费泽三家，就已经向我们上交了18亿美元，而这些资金都被我们妥善运用了。因此，我们对这些经理人的感激远不止于表格中看到的那些收益数字。",[14,1404,1405],{},"年报中有各项业务按GAAP准则编制的分部收益详细信息。此外，我们还按照查理和我思考公司的方式，将伯克希尔的财务数据重新编排为四大业务板块（非GAAP口径）。我们的目的就是站在各位的角度——假设我们双方的位置对调——向你们提供我们自己想要看到的财务信息。",[208,1407,1408],{"id":1408},"透视收益",[14,1410,1411],{},"报告收益并不能很好地反映伯克希尔的经济状况，部分原因在于表格中列示的数字仅包括我们从被投资公司收到的股利——然而这些股利通常只是归属于我们所有权比例的收益的一小部分。不过，我们并不在乎这样的利润分配方式，总体而言，我们认为被投资公司的未分配收益对我们来说比分配出来的部分更有价值。原因很简单：我们的被投资公司往往有机会以高回报率将收益进行再投资。既然如此，又何必非要他们把钱分给我们呢？",[14,1413,1414],{},"不过，为了更真实地反映伯克希尔的经济现实，我们采用了”透视收益“的概念。按照我们的计算方法，透视收益由以下三部分组成：(1) 前面报告的经营收益，加上 (2) 主要被投资公司按我们持股比例应占的留存经营收益——根据GAAP准则，这部分未反映在我们的利润中，减去 (3) 如果这些留存收益实际分配给我们时需要缴纳的估计税款。在这里计算”经营收益”时，我们剔除了购买法会计调整数、资本利得以及其他重大非经常性项目。",[14,1416,1417],{},"下表列示了我们1997年的透视收益，不过请各位注意，这些数字只能算是估计值，因为其中涉及不少主观判断。（被投资公司分配给我们的股利已包含在经营收益中，主要计入”保险集团：净投资收益”项下。）",[51,1419,1420,1433],{},[54,1421,1422],{},[57,1423,1424,1427,1430],{},[60,1425,1426],{},"伯克希尔主要被投资公司",[60,1428,1429],{},"年末伯克希尔持股比例(1)",[60,1431,1432],{},"伯克希尔应占未分配经营收益（百万美元）(2)",[70,1434,1435,1446,1457,1468,1479,1489,1500,1511,1519,1529,1539,1549,1557],{},[57,1436,1437,1440,1443],{},[75,1438,1439],{},"美国运通 (American Express)",[75,1441,1442],{},"10.7%",[75,1444,1445],{},"161",[57,1447,1448,1451,1454],{},[75,1449,1450],{},"可口可乐 (The Coca-Cola Company)",[75,1452,1453],{},"8.1%",[75,1455,1456],{},"216",[57,1458,1459,1462,1465],{},[75,1460,1461],{},"迪士尼 (The Walt Disney Company)",[75,1463,1464],{},"3.2%",[75,1466,1467],{},"65",[57,1469,1470,1473,1476],{},[75,1471,1472],{},"房地美 (Freddie Mac)",[75,1474,1475],{},"8.6%",[75,1477,1478],{},"86",[57,1480,1481,1484,1486],{},[75,1482,1483],{},"吉列 (The Gillette Company)",[75,1485,1475],{},[75,1487,1488],{},"82",[57,1490,1491,1494,1497],{},[75,1492,1493],{},"华盛顿邮报 (The Washington Post Company)",[75,1495,1496],{},"16.5%",[75,1498,1499],{},"30",[57,1501,1502,1505,1508],{},[75,1503,1504],{},"富国银行 (Wells Fargo & Company)",[75,1506,1507],{},"7.8%",[75,1509,1510],{},"103",[57,1512,1513,1515,1517],{},[75,1514],{},[75,1516],{},[75,1518],{},[57,1520,1521,1524,1526],{},[75,1522,1523],{},"伯克希尔应占主要被投资公司未分配收益合计",[75,1525],{},[75,1527,1528],{},"743",[57,1530,1531,1534,1536],{},[75,1532,1533],{},"对这些未分配收益的假设税(3)",[75,1535],{},[75,1537,1538],{},"(105)",[57,1540,1541,1544,1546],{},[75,1542,1543],{},"伯克希尔报告的经营收益",[75,1545],{},[75,1547,1548],{},"1,292",[57,1550,1551,1553,1555],{},[75,1552],{},[75,1554],{},[75,1556],{},[57,1558,1559,1562,1564],{},[75,1560,1561],{},"伯克希尔透视收益合计",[75,1563],{},[75,1565,1566],{},"1,930",[1568,1569,1570,1574,1577],"ol",{},[1571,1572,1573],"li",{},"不包括可分配给少数股东权益的股份。",[1571,1575,1576],{},"以年度平均持股比例计算。",[1571,1578,1579],{},"适用税率为14%，即伯克希尔收取现金股利时的平均税率。",[208,1581,1583],{"id":1582},"_1997年的收购活动","1997年的收购活动",[14,1585,1586],{},"1997年，我们同意收购明星家具 (Star Furniture) 和国际冰雪皇后 (International Dairy Queen)（后者于1998年初完成交割）。这两家企业完全符合我们的标准：业务易于理解、拥有优秀的经济特质、由杰出的管理者经营。",[14,1588,1589],{},"明星家具的交易有一段有趣的渊源。每当我们进入一个我并不熟悉其领军人物的行业时，我总会问新的合作伙伴：“在你们这行还有没有别的同类好手？”因此，1983年我们买下内布拉斯加家具店 (Nebraska Furniture Mart) 时，布鲁姆金 (Blumkin) 家族就告诉我，全美其他地方还有三家出色的家具零售商。不过当时没有一家有出售的意愿。",[14,1591,1592],{},"多年以后，艾文·布鲁姆金 (Irv Blumkin) 得知当初推荐的三家公司之一——威利家具 (R.C. Willey) 的CEO比尔·柴尔德 (Bill Child) 可能有意合并，我们立即抓住机会促成了交易，详情在1995年的年报中已经介绍过。这次合作非常愉快——Bill是完美的合伙人。后来我自然也问了Bill同样的问题，结果他说出的名单与Blumkin家族如出一辙，其中一家就是位于休斯顿的明星家具。只是时间一年年过去，始终没有任何一家流露出出售的意愿。",[14,1594,1595],{},"然而，就在去年股东年会前的一个周四，所罗门公司的鲍勃·德纳姆 (Bob Denham) 告诉我，明星家具的长期控股股东兼CEO梅尔文·沃尔夫 (Melvyn Wolff) 想和我谈谈。我们邀请Melvyn前来参加股东年会，他在奥马哈的所见所闻进一步坚定了他对伯克希尔的好感。与此同时，我也看了明星家具的财务报表——所见颇为满意。",[14,1597,1598],{},"几天后，Melvyn和我在纽约碰面，前后只花了两个小时就达成了交易。正如当年与Blumkin家族和Bill Child打交道一样，我不需要去查核租约或拟定雇佣合同之类的。我知道我面对的是一个正直的人——有这一点就够了。",[14,1600,1601],{},"虽然Wolff家族与明星家具的渊源可以追溯到1924年，但公司直到Melvyn和他的妹妹雪莉·图明 (Shirley Toomin) 在1962年接手后才真正焕发生机。如今明星家具有12家门店——10家在休斯顿，奥斯丁和布莱恩各一家——很快还会进军圣安东尼奥。十年之后明星家具的规模是现在的好几倍，我一点都不会感到意外。",[14,1603,1604],{},"下面这个故事很能说明Melvyn和Shirley的为人：当他们向员工宣布公司出售的消息时，同时宣布将向所有帮助公司取得成功的人发放一笔丰厚的特别奖金——而他们对这个群体的定义是公司里的每一个人。根据交易条款，这笔钱是Melvyn和Shirley自掏腰包，不是我们出的。查理和我最喜欢与这样的人成为合伙人。",[14,1606,1607],{},"明星家具的交易于7月1日完成。此后几个月，明星家具本已不俗的销售和盈利增长进一步加速。Melvyn和Shirley将出席今年的股东年会，希望大家有机会和他们见见面。",[14,1609,1610],{},"下一笔收购：国际冰雪皇后 (International Dairy Queen)。冰雪皇后在全球23个国家运营5,792家门店——除了少数几家自营店外，其余全部为加盟店。此外，IDQ还授权经营了409家Orange Julius和43家Karmelkorn。有190个地点设有”甜品中心”，同时提供其中两种或三种产品。",[14,1612,1613],{},"冰雪皇后早年的历程颇为坎坷。1970年，来自明尼阿波利斯的约翰·穆蒂 (John Mooty) 和鲁迪·路德 (Rudy Luther) 领导的团队接管了公司。新管理层继承的是一堆五花八门的加盟协议，外加前任遗留的不合理融资安排，公司境况岌岌可危。在接下来的几年里，管理层理顺了运营，将餐饮服务扩展到更多网点，总体上构建了一个强健的组织。",[14,1615,1616],{},"去年夏天，Luther先生不幸辞世，其遗产需要出售股份。一年前，威廉布莱尔公司 (William Blair & Co.) 的迪克·基普哈特 (Dick Kiphart) 曾介绍我认识John Mooty和冰雪皇后的CEO迈克·沙利文 (Mike Sullivan)，这两位给我留下了深刻的印象。因此，当我们得到与冰雪皇后合并的机会时，我们提出了与先前收购飞安公司 (FlightSafety) 时相同模式的方案：卖方股东可以选择领取现金或者接受市值略低的伯克希尔股票。通过有意压低股票对价，我们鼓励持有人尽量选择现金——这是我们最偏好的支付方式。即便如此，最终也只有45%的冰雪皇后股东选择了现金。",[14,1618,1619],{},"在这次交易中，查理和我总算发挥了一点产品方面的专业知识：查理几十年来一直是明尼苏达州卡斯湖和贝米吉的冰雪皇后的常客，而我则是奥马哈门店的忠实拥趸。我们真正做到了”把钱花在了嘴巴上”。",[208,1621,1622],{"id":1622},"自我检讨",[14,1624,1625],{},"我之前提到过，在收购中我们强烈偏好使用现金而非伯克希尔的股票。看看过去的记录你就知道为什么了：如果把我们历史上所有纯股票并购案加在一起（不算早期与多元零售 (Diversified Retailing) 和蓝筹印花 (Blue Chip Stamps) 两家关联公司的合并），你会发现我们的股东反而不如不做这些交易。说出来虽然让我心痛，但事实就是：每当我发行股票，就等于让各位亏了钱。",[14,1627,1628],{},"不过有一点要澄清：这种结果绝不是因为卖方误导了我们，也不是因为他们事后没有尽心尽力地经营。恰恰相反，在交易谈判中，卖方一直坦诚相待；完成交易后，他们更是表现出了充沛的精力和卓越的能力。",[14,1630,1631,1632,1635],{},"问题出在我们自己这边：我们原本就已经拥有了一批真正了不起的企业，这意味着把其中任何一部分拿出去交换新的东西，几乎都不是一笔划算的买卖。每当我们在合并中发行新股，实际上就是稀释了各位在所有这些企业中的所有权——包括可口可乐、吉列、美国运通这些持有部分股权的公司，以及旗下所有杰出的运营业务。用体育来打个比方：对一支棒球队来说，挖来一位预期打击率三成五的球员几乎总是件好事——",[187,1633,1634],{},"除非","你要拿一位打击率三成八的球员去交换。",[14,1637,1638],{},"正因为我们的球员名单上已经满是三成八打击率的高手，我们一直尽量用现金进行收购，而这方面的成绩远比用股票好得多。从1967年的国民保险公司开始，接着是喜诗糖果、布法罗新闻报、斯科特费泽和盖可保险等等——这些用现金收购的大型企业，买下来之后的表现都好得惊人。它们给伯克希尔带来了巨大的价值——确实远远超出了我当初的预期。",[14,1640,1641],{},"我们相信，想要从我们现有的企业和管理团队”向上交换”到更好的，几乎不可能。我们的处境跟亚瑟王传说中的莫德雷德 (Mordred) 正好相反——王后格温妮维尔 (Guenevere) 曾评论说：“关于他，我唯一能说的好话就是他一定能娶到好老婆，因为世上每个人的条件都比他强。”但对伯克希尔来说，要找到门当户对的伴侣实在是难上加难。",[14,1643,1644],{},"所以各位可以放心，查理和我未来会非常不愿意发行新股。在迫不得已的情况下——比如被收购方的某些股东坚持要求获得股票——我们也会附带提供一个颇具吸引力的现金选项，尽量引导更多的卖方选择收取现金。",[14,1646,1647,1648,1651],{},"合并上市公司给我们带来了一个特殊的难题。如果我们要向被收购方提供",[187,1649,1650],{},"任何","溢价，就必须满足以下两个条件之一：要么我们自己的股票相对于被收购方的股票被高估了；要么两家公司合在一起后的盈利会超过它们各自独立经营的总和。历史上看，伯克希尔的股票很少被高估。而在当前的市场环境下，找到被低估的收购标的几乎是不可能的事。至于另一种可能——协同效应带来的收益——通常都不切实际，因为我们期望被收购企业在并入后的表现至少和并入前一样好就行。加入伯克希尔大家庭通常既不会让它们的收入增加，也不会让它们的成本下降。",[14,1653,1654,1655,1658,1659,1662],{},"事实上，如果被收购方此前一直在用股票期权作为薪酬方案的一部分，那么在被伯克希尔收购之后，其",[187,1656,1657],{},"账面","成本（但不是真实成本）反而会",[187,1660,1661],{},"上升","。在这种情况下，被收购方过去的”盈利”是被高估了的，因为它们遵循了一种标准的——但在我们看来完全错误的——会计惯例，即忽视企业发行期权的成本。当伯克希尔收购一家使用期权的公司后，我们会立即用经济价值相当的现金补偿方案来替代原有的期权计划。这样一来，被收购方真实的薪酬成本才能从”暗箱”里走出来，如实地冲减盈利。",[14,1664,1665,1666,1669],{},"伯克希尔在合并上市公司时采用的原则，",[187,1667,1668],{},"本应","成为所有收购方的计算准则。对任何收购方而言，支付收购溢价都没有意义，除非满足以下条件之一：a) 相对于被收购方，自家股票被高估了；或者 b) 两家企业合并后的盈利将超过各自独立经营的总和。不出所料，收购方通常会祭出第二个理由，因为很少有人愿意承认自己的股票被高估了。然而，那些贪得无厌的收购者——以印钞票的速度发行新股的那群人——实际上已经默认了这一点。（通常，他们玩的不过是华尔街版的连锁信游戏。）",[14,1671,1672],{},"有些合并确实能产生可观的协同效应——尽管买方往往出价过高；但在另一些合并中，预期的成本节约和收入增长到头来不过是一场空。不过有一件事是确定无疑的：只要CEO对一桩特别愚蠢的收购热情高涨，他的内部团队和外部顾问就总能炮制出各种预测来为其立场背书。只有在童话故事里，才有人敢告诉国王他没穿衣服。",[208,1674,1675],{"id":1675},"股票投资",[14,1677,1678],{},"下表列示了我们的普通股投资，其中市值超过7.5亿美元的逐一列出。",[51,1680,1681,1697],{},[54,1682,1683],{},[57,1684,1685,1688,1691,1694],{},[60,1686,1687],{},"股份数量",[60,1689,1690],{},"公司名称",[60,1692,1693],{},"成本（截至1997\u002F12\u002F31）（百万美元）*",[60,1695,1696],{},"市值（截至1997\u002F12\u002F31）（百万美元）",[70,1698,1699,1712,1725,1738,1751,1764,1778,1791,1804,1816,1826],{},[57,1700,1701,1704,1706,1709],{},[75,1702,1703],{},"49,456,900",[75,1705,1439],{},[75,1707,1708],{},"1,392.7",[75,1710,1711],{},"4,414.0",[57,1713,1714,1717,1719,1722],{},[75,1715,1716],{},"200,000,000",[75,1718,1450],{},[75,1720,1721],{},"1,298.9",[75,1723,1724],{},"13,337.5",[57,1726,1727,1730,1732,1735],{},[75,1728,1729],{},"21,563,414",[75,1731,1461],{},[75,1733,1734],{},"381.2",[75,1736,1737],{},"2,134.8",[57,1739,1740,1743,1745,1748],{},[75,1741,1742],{},"63,977,600",[75,1744,1472],{},[75,1746,1747],{},"329.4",[75,1749,1750],{},"2,683.1",[57,1752,1753,1756,1758,1761],{},[75,1754,1755],{},"48,000,000",[75,1757,1483],{},[75,1759,1760],{},"600.0",[75,1762,1763],{},"4,821.0",[57,1765,1766,1769,1772,1775],{},[75,1767,1768],{},"23,733,198",[75,1770,1771],{},"旅行家集团 (Travelers Group Inc.)",[75,1773,1774],{},"604.4",[75,1776,1777],{},"1,278.6",[57,1779,1780,1783,1785,1788],{},[75,1781,1782],{},"1,727,765",[75,1784,1493],{},[75,1786,1787],{},"10.6",[75,1789,1790],{},"840.6",[57,1792,1793,1796,1798,1801],{},[75,1794,1795],{},"6,690,218",[75,1797,1504],{},[75,1799,1800],{},"412.6",[75,1802,1803],{},"2,270.9",[57,1805,1806,1808,1811,1814],{},[75,1807,1287],{},[75,1809,1810],{},"2,177.1",[75,1812,1813],{},"4,467.2",[75,1815],{},[57,1817,1818,1820,1822,1824],{},[75,1819],{},[75,1821],{},[75,1823],{},[75,1825],{},[57,1827,1828,1831,1834,1837],{},[75,1829,1830],{},"普通股合计",[75,1832,1833],{},"7,206.9",[75,1835,1836],{},"36,247.7",[75,1838],{},[1840,1841,1842],"ul",{},[1571,1843,1844],{},"成本以税务基础计算，合计比GAAP账面成本低18亿美元。",[14,1846,1847],{},"年内我们净卖出了约占年初投资组合5%的持仓。我们大幅减持了几只市值低于7.5亿美元披露门槛的股票，同时也小幅减持了几只上表中列出的较大头寸。1997年的部分卖出操作，是为了根据我们对股票和债券两个市场相对价值的判断，适度调整我们的债股比例，这种调整在1998年仍在继续。",[14,1849,1850],{},"需要补充说明的是，报表上显示的部分持仓反映的是盖可保险的路易·辛普森 (Lou Simpson) 的投资决策。Lou独立管理着一个近20亿美元的股票投资组合，有时会与我管理的组合有所重叠，不过他的操作经常与我不同。",[14,1852,1853,1854,1857],{},"虽然我们从不试图预测股市的走势，但我们确实会以一种非常粗略的方式来评估股市的合理价值。在去年的股东年会上，当时道琼斯指数在7,071点，长期国债收益率为6.89%，查理和我表示，",[187,1855,1856],{},"如果","满足以下两个条件，我们并不认为股市被高估：1) 利率维持不变或继续下降；2) 美国企业继续维持近年来非凡的股本回报率。到目前为止，利率确实又下降了——第一个条件已经满足；而股本回报率也依然处于异常高的水平。如果这种状况继续保持——同时利率也维持在近期水平附近——那么没有理由认为股市总体上被高估了。不过另一方面，股本回报率可不一定能维持在当前或接近当前的水平。",[14,1859,1860,1861,1864],{},"1979年夏天，当时股票在我看来便宜得很，我在《福布斯》(",[187,1862,1863],{},"Forbes",") 杂志上写了一篇文章，题为”当市场一片乐观时，你将付出高昂的价格”。那时候，市场弥漫着怀疑和失望的情绪，而我想说的是投资者反而应该感到高兴，因为悲观情绪把价格压到了真正有吸引力的水平。然而现在，我们面对的是一片欢乐祥和的共识。这并不一定意味着现在不该买股票：美国企业目前的盈利能力比几年前高出了许多，而在利率走低的环境下，每一美元的收益都变得更有价值。然而，今天的价格水平已经大幅侵蚀了本杰明·格雷厄姆所说的”安全边际“——他视之为智慧投资的基石。",[930,1866],{},[14,1868,1869],{},"在去年的年报中，我详细讨论了我们最大的持仓——可口可乐。可口可乐在全球的市场主导地位仍在不断扩大，但不幸的是，为公司创造辉煌业绩的领路人已经离我们而去。自1981年起担任可口可乐CEO的罗伯托·郭思达 (Roberto Goizueta) 于去年十月因病辞世。他去世之后，我逐一重新阅读了过去九年间他写给我的一百多封信件和便条。这些文字完全可以作为一本成功经营企业和经营人生的教科书。",[14,1871,1872],{},"在这些书信中，Roberto展现出了辉煌而清晰的战略远见，始终着眼于增进可口可乐股东的福祉。Roberto非常清楚他要把公司带到哪里、怎样才能到达那里、以及为什么这条路对股东最为有利——同样重要的是，他对实现目标抱有一种炽烈的紧迫感。他手写给我的一张便条最能说明他的心态：“对了，我跟Olguita说了，她所谓的’痴迷’，你叫它’专注’。我更喜欢你的说法。”就像所有认识Roberto的人一样，我会永远怀念他。",[14,1874,1875],{},"一如他对公司的关切，Roberto早在看起来根本不必要的时候就着手安排了无缝接班。Roberto知道道格·艾弗斯特 (Doug Ivester) 是接班的不二人选，并在多年间与Doug密切配合，确保在交接的时刻不会有任何动力的丢失。在Doug的领导下，可口可乐这台蒸汽压路机将一如既往地勇往直前。",[208,1877,1878],{"id":1878},"可转换优先股",[14,1880,1881],{},"两年前，我曾向各位汇报了我们在1987至1991年间通过私募购买的五项可转换优先股投资的最新情况。当时，我们已经卖出了冠军国际 (Champion International) 的持股，获得了小幅利润。剩下的四项投资中，吉列 (Gillette) 和第一帝国 (First Empire State) 已经转换为普通股，我们持有大额的未实现盈利；另外两项——全美航空 (USAir) 和所罗门兄弟 (Salomon)——则一直是”问题儿童”。有段时间，后面这两项投资让我忍不住哼起一首乡村歌曲的歌词：“你要是不走，我怎么想念你呢？”",[14,1883,1884],{},"自那次汇报以来，四项投资的价值都大幅增长。吉列和第一帝国的普通股股价飙涨，与两家公司出色的经营业绩完全吻合。截至年底，我们1989年投入吉列的6亿美元已经增值为48亿美元，1991年投入第一帝国的4,000万美元则增值至2.36亿美元。",[14,1886,1887],{},"与此同时，我们那两只”后进生”也强势复活了。所罗门最近并入了旅行家集团 (Travelers Group)，这笔交易终于让苦等多年的股东获得了丰厚的回报。伯克希尔所有的股东——包括我个人——都深深亏欠德里克·莫恩 (Deryck Maughan) 和鲍勃·德纳姆 (Bob Denham)。首先，他们在1991年所罗门丑闻爆发后，扮演了拯救公司免于灭顶之灾的关键角色；其次，他们让公司恢复了活力，使其成为旅行家集团眼中颇具吸引力的收购标的。我常说，我渴望与我喜爱、信任和尊敬的经理人共事。没有谁比Deryck和Bob更完美地诠释了这一标准。",[14,1889,1890],{},"伯克希尔在所罗门投资上的最终成果还需要一段时间才能完全结算，但可以确定的是，结果将远好于我两年前的预期。回头来看，我觉得这段所罗门经历既引人入胜又富有教育意义，尽管在1991至1992年间，我的感觉就像那位戏剧评论家所写的：“我本来可以好好欣赏这出戏，只可惜坐到了一个糟糕的座位——它正对着舞台。”",[14,1892,1893],{},"全美航空的重生简直堪称奇迹。一直关注我在这笔投资上操作的人都知道，我这回的战绩可谓”完美无瑕——从头到尾没做对过一次”。一开始买进这只股票就是个错误，后来又反复试图以五折出手，再次犯错。",[14,1895,1896],{},"两项变化恰好与公司的惊人反弹同步发生：1) 查理和我辞去了该公司的董事职务；2) 斯蒂芬·沃尔夫 (Stephen Wolf) 接任CEO。还好对我们的面子来说，第二件事才是关键：Stephen Wolf在这家航空公司取得的成就堪称非凡。",[14,1898,1899],{},"全美航空还有很长的路要走，不过存活已经不再是问题。因此，该公司在1997年补齐了拖欠我们优先股的全部股息，还额外支付了延迟付息的补偿。公司的普通股股价更是从4美元的低点一路飙升到73美元的新高。",[14,1901,1902],{},"我们的优先股已被通知在3月15日赎回。但该公司股价的大涨使得我们的转换权——不久前还被我们认为一文不值——变得价值非凡。几乎可以肯定，我们在全美航空的持股将为我们带来不错的利润——当然，前提是先把我这些年买胃药的钱扣掉——而且利润可能还相当可观。",[14,1904,1905,1906,1909],{},"下次我再做出什么大而愚蠢的投资决策时，伯克希尔的股东都知道该怎么办了：",[187,1907,1908],{},"赶紧给Wolf先生打电话","。",[930,1911],{},[14,1913,1914],{},"除了可转换优先股之外，我们在1991年还进行了另一笔私募投资——买入3亿美元的美国运通 Percs。这种证券本质上是一种普通股，但在头三年有一个交换条件：我们可以获得额外的股息，但股价上涨带来的资本利得受到上限约束。尽管有这个上限，这笔投资最终获利极为丰厚，这要归功于你们的董事长做出的一个既靠运气又靠实力的决策——其中运气占110%，剩下的才是实力。",[14,1916,1917],{},"按照约定，我们的Percs要在1994年8月转换为普通股，在这之前的那个月，我一直在考虑是否应该在转换时卖出。持有的理由之一是美国运通有一位杰出的CEO——哈维·戈卢布 (Harvey Golub)，他似乎有能力将公司的潜力发挥到极致（后来的事实也充分证明了这一点）。但这种潜力有多大却值得商榷：美国运通面临来自以Visa为首的众多发卡机构的激烈竞争。权衡利弊之后，我倾向于卖出。",[14,1919,1920],{},"就在这时，我走了狗屎运。在做决定的那个月，我恰好在缅因州普劳茨内克与赫兹租车 (Hertz) 的CEO弗兰克·奥尔森 (Frank Olson) 一起打高尔夫。Frank是一位才华横溢的管理者，因为业务关系对信用卡行业了如指掌。于是从第一洞开球起我就追着他问个不停。到了第二洞果岭上，Frank已经让我完全相信美国运通的企业卡是一项绝佳的特许经营生意——我当场决定不卖了。打到后九洞时，我更是转守为攻、决定加仓。几个月之后，伯克希尔已经持有了美国运通10%的股权。",[14,1922,1923],{},"如今我们在美国运通的投资浮盈高达30亿美元，我自然对Frank感激不尽。不过我们共同的朋友乔治·吉莱斯皮 (George Gillespie) 说我搞错了感恩的对象。他强调，要不是他安排了那场球，还把我和Frank排在同一组，哪有后面这些好事。",[208,1925,1926],{"id":1926},"季报",[14,1928,1929,1930,1937],{},"在去年的信中，我谈到邮寄季报的成本不断攀升，以及将季报送达”街名”股东（即不以本名登记的股东）的难度。鉴于我们现已在公司网站 ",[1931,1932,1936],"a",{"href":1933,"rel":1934},"http:\u002F\u002Fwww.berkshirehathaway.com",[1935],"nofollow","www.berkshirehathaway.com"," 上发布季报和年报信息，我征询了大家对是否继续印刷纸质季报的意见。回复的股东不多，但很明显，至少有一小部分希望获取季报信息的股东对从互联网上阅读完全不感兴趣。作为一个一辈子饱受”科技恐惧症”折磨的人，我对这群人完全能够感同身受。",[14,1939,1940,1941,1944,1945,1909],{},"然而，印刷季报的费用还在持续飙涨，因此我们决定今后只向主动提出要求的股东寄送纸质版。如果你需要季报，请填写本报告附带的回复卡。与此同时，请各位放心，",[187,1942,1943],{},"所有","股东仍将继续收到纸质版的",[187,1946,1947],{},"年报",[14,1949,1950],{},"喜欢用电脑的股东们，一定要去我们的网站首页看看。上面有大量关于伯克希尔现况的信息，还有自1977年以来的全部年度股东信。此外，网站上还链接了伯克希尔旗下众多子公司的主页。在这些网站上你可以更深入地了解子公司的产品——没错，甚至可以直接下单购买。",[14,1952,1953],{},"根据美国证监会 (SEC) 的规定，我们必须在每个季度结束后45天内提交季报信息。我们在互联网上发布信息的一个目的，是让这些重要资讯——以完整、未经媒体过滤的形式——在股市休市期间同步传达给所有感兴趣的人。为此，我们计划在1998年的三个周五——5月15日、8月14日和11月13日——向SEC提交季报，并在当晚将同样的信息发布在互联网上。这样做可以确保我们的所有股东——不管是以本名还是街名持有——都站在同等的起跑线上。同样，我们也计划在1999年3月13日周六在互联网上发布1998年年报，纸质版也将在大约同一时间寄出。",[208,1955,1956],{"id":1956},"股东指定捐赠计划",[14,1958,1959],{},"1997年约有97.7%的有效股权参与了伯克希尔的股东指定捐赠计划。捐出的款项总计1,540万美元，惠及3,830家慈善机构。",[14,1961,1962],{},"累计过去17年以来，伯克希尔已按照股东的意愿捐赠了总计1.131亿美元。伯克希尔其他的慈善捐赠由旗下子公司各自进行，延续的是它们被收购之前的慈善传统（只是原来的老板需要自行负责其个人的慈善捐赠）。总计来看，我们旗下的子公司在1997年捐赠了810万美元，其中包括440万美元的实物捐赠。",[14,1964,1965],{},"每年都有少数股东因为未将股份登记在本人名下，或者未在规定的60天期限内将指定捐赠表格寄回给我们，而错过了这个计划。对此查理和我深感遗憾。但对于逾期的回复，我们不得不予以拒绝——因为我们不可能在拒绝其他不符合规定的股东的同时，对这些人网开一面。",[14,1967,1968],{},[187,1969,1970],{},"若要参加未来的捐赠计划，您必须持有登记在本人（而非经纪人、银行或存管机构的代理人）名下的A股。在1998年8月31日之前未以本人名义登记的股份将无法参与1998年的计划。收到捐赠表格后，请尽快填写寄回，以免搁置遗忘。",[208,1972,1973],{"id":1973},"年度股东大会",[14,1975,1976],{},"今年伯克希尔的”伍德斯托克周末”将在5月2日至4日举行。压轴大戏是5月4日周一上午9点30分开始的年度股东大会。去年我们在Aksarben体育馆开会，工作人员和与会的股东们对场地都非常满意。唯一的小危机是：年会前一天晚上，我的嗓子哑了——查理梦寐以求的愿望几乎成真。可惜第二天早上当我带着恢复的声音出现时，在一旁的查理简直要崩溃了。",[14,1978,1979],{},"去年约有7,500人出席了年会。他们来自全美50个州以及16个国家，包括澳大利亚、巴西、以色列、沙特阿拉伯、新加坡和希腊。算上几个备用的分会场，我们有信心容纳超过11,000人，今年即使股东人数大幅增加应该也没问题。Aksarben停车位充足、音响效果好、座椅也舒适。",[14,1981,1982],{},"大门将于周一上午7点开放，8点30分我们将再次举办由首席财务官马克·汉伯格 (Marc Hamburg) 精心制作的伯克希尔电影短片的全球首映。会议将持续到下午3点30分，中午有短暂的休息时间。这段间隙既方便精疲力竭的人悄悄离场，也让死忠粉们有时间在Aksarben的小卖部吃个午饭。查理和我很喜欢听股东们提问——所以有什么问题尽管带来。",[14,1984,1985,1986,1989],{},"会场外的大厅里照例会有伯克希尔的产品",[187,1987,1988],{},"出售","。去年——倒不是说我特别留意这种事——我们又创了销售纪录：卖出2,500磅喜诗糖果、1,350双Dexter皮鞋、价值75,000美元的世界图书百科全书及相关出版物，以及888套Quikut小刀。我们还接受了一系列印有伯克希尔标志的新款服饰的预订，共售出约1,000件polo衫、卫衣和T恤。在今年的年会上，我们将推出1998年的全新系列。",[14,1991,1992],{},"盖可保险将再次派出来自各地区办公室的明星业务员设摊服务。去看看你是否能通过转投盖可保险来省钱吧。大约40%来咨询的人发现确实可以节省保费。没能达到100%的原因是各家保险公司对风险的评判标准不同——有些公司对居住在某些特定地区或从事某些特定职业的驾驶人更为优待。然而我们相信，在面向所有人销售的全国性保险公司中，我们提供最低价格的频率最高。在随本报告附赠的盖可保险资料中，各位会看到在38个州我们为股东提供最高8%的特别折扣，我们还在申请将这一折扣扩展到其他州的驾驶人。",[14,1994,1995],{},"随本报告附上的委托投票资料中说明了如何领取年会入场所需的凭证。预计参会人数众多，请大家尽早预订机票、酒店和租车。美国运通（电话800-799-6634）将很乐意为您提供相关安排服务。一如往年，我们将安排大巴在各大酒店和会场之间接送，年会结束后还会送大家去内布拉斯加家具店、波仙珠宝店 (Borsheim’s) 和机场。不过，你可能会觉得自己租一辆车更方便。",[14,1997,1998],{},"内布拉斯加家具店的主馆占地75英亩，距离Aksarben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。5月1日至5日期间，股东凭随年会入场券附赠的优惠券到内布拉斯加家具店购物，可享受仅限员工的内部折扣。",[14,2000,2001],{},"波仙珠宝店通常周日不营业，但5月3日将为股东特别开放，时间为上午10点至下午6点。去年的股东专场销售额是历史第二高，仅次于1996年。我认为这不过是一个小波动，希望今年各位能证明我是对的。查理将在现场接受签名请求。不过，只有在他签的是波仙珠宝的销售票据时，他才会露出笑容。打算在周六（上午10点至下午5点30分）或周一（上午10点至晚上8点）前往参观的股东，请务必表明伯克希尔股东的身份，这样波仙珠宝的CEO苏珊·雅克斯 (Susan Jacques) 才能给您格外热情的接待。顺便一提，Susan在1997年的表现非常出色。作为经理人，她完全是每个老板梦寐以求的那种人。",[14,2003,2004],{},"周日下午，我们还将在波仙珠宝店外的步行广场为桥牌爱好者准备一个特别节目。在那里，鲍勃·哈曼 (Bob Hamman)——超过三十年的桥牌传奇——将接受所有挑战者的对决。快来展示一下你的牌技，让Bob刮目相看吧。",[14,2006,2007,2008,2011],{},"我最爱的Gorat’s牛排馆一年只有一个周日营业——就是伯克希尔股东年会的前一天晚上。去年餐厅从下午4点开始供餐，一直忙到凌晨1点半，因为它接了1,100个预订，而座位只有235个，这简直是一场耐力赛。如果你预订了座位但临时去不了，请一定提前通知Gorat’s——他们竭尽全力为我们服务，我们也应该投桃报李。你可以从4月1日起（",[187,2009,2010],{},"不要再早了","）拨打402-551-3733预订。去年我因为嗓子的问题不得不提前离开，但今年我打算从从容容地享用我的半熟丁骨牛排和双份薯饼，一口一口地细细品味。",[14,2013,2014],{},"吃完牛排后，查理和我将赶往道奇街以南114街的冰雪皇后。整个奥马哈都市区有12家冰雪皇后，但114街这家最适合接待我们预计的大批人流。门店南侧马路两边有好几百个停车位。为了接待我们的股东，这家冰雪皇后还会将周日的营业时间延长至晚上11点。",[14,2016,2017],{},"114街门店目前由一对姐妹——科妮·伯奇 (Coni Birge) 和黛布·诺沃特尼 (Deb Novotny) 经营。她们的祖父于1962年在当时还是城市边缘的这个地方盖起了这栋楼。1972年她们的母亲简·诺布尔 (Jan Noble) 接手经营，Coni和Deb则是第三代经营者。Jan、Coni和Deb周日晚上都会到场，希望大家能跟她们打个招呼。如果你挤不进Gorat’s，就来尝尝她们的汉堡吧。然后大约八点钟，来跟我一起享用一份”脏乱圣代” (Dusty Sundae) 作为甜点。这是我的独门秘方——冰雪皇后会为你提供一份配方——而且只在股东日这天供应。",[14,2019,2020],{},"5月2日周六晚上，奥马哈皇家队将在罗森布拉特体育馆 (Rosenblatt Stadium) 迎战阿尔伯克基公爵队。一如往年，你们的董事长将恬不知耻地利用自己持有球队25%股份的特权，登上投手丘首发。但今年你们会看到一些新花样。",[14,2022,2023],{},"过去几年的比赛中，令全场观众百思不得其解的是，我总是摇头否决捕手的第一个暗号。他一直要求我投出拿手的弧线球，而我却次次顽强抵抗。最后我端出来的总是一个软绵绵的快速球，巅峰时速不过每小时8英里（还是在顺风的条件下）。",[14,2025,2026],{},"我之所以不肯投弧线球，背后是有故事的。各位中可能有人知道，坎迪·卡明斯 (Candy Cummings) 在1867年发明了曲线球，并在国家联盟中大放异彩，每个赛季至少赢得28场胜投。然而，这种球路立刻招致了最高当局的批评——没错，就是时任哈佛大学校长的查尔斯·艾略特 (Charles Elliott)。他宣称：“我听说今年哈佛赢得棒球锦标赛是因为我们有一位投曲线球的好投手。我还了解到，曲线球的目的就是刻意欺骗击球手。哈佛不从事教人欺骗的行当。”（我没有编这个故事。）",[14,2028,2029],{},"自从我了解到Elliott校长在此问题上的道德教诲后，我就一直严格克制自己，从不使用我那威力无穷的曲线球——尽管它可能会让可怜的击球手们叫苦连天。不过现在，是时候让我的本能碾过Elliott的教条了——我不再忍了。周六晚上来球场看看吧，让你们见识一下我那雄伟壮丽的弧线球。",[14,2031,2032],{},"股东年会的委托投票资料中有如何获取球赛门票的信息。我们还会提供一份信息包，介绍本地各大热门去处，当然也包括那12家冰雪皇后。",[14,2034,2035],{},"五月来奥马哈——这个资本主义的摇篮——好好享受吧。",[14,2037,2038],{},"沃伦·巴菲特",[14,2040,2041],{},"董事会主席",[14,2043,2044],{},"1998年2月27日",{"title":2046,"searchDepth":2047,"depth":2047,"links":2048},"",2,[2049,2051,2052,2053,2054,2055,2056,2057,2058,2059,2060,2061,2062,2063],{"id":210,"depth":2050,"text":210},3,{"id":236,"depth":2050,"text":236},{"id":268,"depth":2050,"text":269},{"id":802,"depth":2050,"text":802},{"id":836,"depth":2050,"text":837},{"id":948,"depth":2050,"text":948},{"id":1408,"depth":2050,"text":1408},{"id":1582,"depth":2050,"text":1583},{"id":1622,"depth":2050,"text":1622},{"id":1675,"depth":2050,"text":1675},{"id":1878,"depth":2050,"text":1878},{"id":1926,"depth":2050,"text":1926},{"id":1956,"depth":2050,"text":1956},{"id":1973,"depth":2050,"text":1973},"致股东信",null,"1997年巴菲特致股东信，分析投资收益创纪录、股票投资组合表现及长期持有理念","md",{},true,68,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1997-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":2066},"1997 巴菲特致股东信｜巴菲特","1997-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F1997-ba-fei-te-zhi-gu-dong-xin","hXpbJ31o80kbEXlYl0lsLkcqLXKeTMdmflYt93HbgK8","buffett",[2079,2084,2088,2092,2095,2098,2101,2104,2107,2110,2114,2117,2120,2124,2127,2130,2134,2137,2140,2144,2147,2150,2154,2157,2160,2164,2167,2170,2174,2177,2180,2184,2187,2190,2194,2197,2200,2204,2207,2210,2214,2217,2220,2224,2227,2230,2234,2237,2240,2244,2247,2250,2254,2257,2260,2264,2267,2270,2274,2277,2280,2284,2287,2290,2294,2297,2300,2304,2307,2310,2314,2317,2320,2324,2327,2330,2334,2337,2340,2344,2347,2350,2354,2357,2360,2364,2367,2370,2374,2377,2380,2384,2387,2390,2394,2397,2400,2404,2407,2410,2414,2417,2421,2424,2428,2431,2435,2438,2442,2445,2449,2452,2456,2459,2463,2466,2470,2473,2477,2480,2484,2487,2491,2494,2498,2501,2505,2508,2512,2515,2519,2522,2526,2529,2533,2536,2540,2543,2547,2550,2554,2557,2561,2564,2568,2571,2575,2578,2582,2585,2589,2592,2596,2599,2603,2606,2610,2613,2617,2620,2624,2627,2631,2634,2638,2641,2645,2648,2649,2652,2656,2659,2663,2666,2670,2673,2677,2680,2684,2687,2691,2694,2698,2701,2705,2708,2712,2715,2719,2722,2726,2729,2733,2736,2740,2743,2747,2750,2754,2757,2761,2764,2768,2771,2775,2778,2782,2785,2789,2792,2796,2799,2803,2806,2810,2813,2817,2820,2824,2827,2831,2834,2838,2841,2845,2848,2852,2855,2859,2862,2866,2869,2873,2876,2880,2884,2888,2892,2896,2900,2904,2908,2912,2916,2920,2924,2928,2932,2936,2940,2944,2948,2952,2956,2960,2964,2968,2972,2976,2980,2984,2988,2992,2996,3000,3004,3008,3012,3016,3020,3024,3028,3032,3036,3040,3044,3048,3052,3056,3060,3064,3068,3072,3076],{"title":2080,"slug":2081,"category":2082,"order":2083},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":2105,"slug":2106,"category":2087,"order":2050},"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":2108,"slug":2109,"category":2091,"order":2050},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2111,"slug":2112,"category":2082,"order":2113},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":2115,"slug":2116,"category":2087,"order":2113},"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":2118,"slug":2119,"category":2091,"order":2113},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2121,"slug":2122,"category":2082,"order":2123},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":2125,"slug":2126,"category":2087,"order":2123},"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":2128,"slug":2129,"category":2091,"order":2123},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2131,"slug":2132,"category":2082,"order":2133},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":2135,"slug":2136,"category":2087,"order":2133},"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":2138,"slug":2139,"category":2091,"order":2133},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2141,"slug":2142,"category":2082,"order":2143},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":2145,"slug":2146,"category":2087,"order":2143},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":2148,"slug":2149,"category":2091,"order":2143},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2151,"slug":2152,"category":2082,"order":2153},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":2155,"slug":2156,"category":2087,"order":2153},"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":2158,"slug":2159,"category":2091,"order":2153},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2161,"slug":2162,"category":2082,"order":2163},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":2165,"slug":2166,"category":2087,"order":2163},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":2168,"slug":2169,"category":2091,"order":2163},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2171,"slug":2172,"category":2082,"order":2173},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":2175,"slug":2176,"category":2087,"order":2173},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":2178,"slug":2179,"category":2091,"order":2173},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2181,"slug":2182,"category":2082,"order":2183},"1962年中 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巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2527,"slug":2528,"category":2087,"order":2525},"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":2530,"slug":2531,"category":2064,"order":2532},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2534,"slug":2535,"category":2087,"order":2532},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2537,"slug":2538,"category":2064,"order":2539},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2541,"slug":2542,"category":2087,"order":2539},"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":2544,"slug":2545,"category":2064,"order":2546},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2548,"slug":2549,"category":2087,"order":2546},"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":2551,"slug":2552,"category":2064,"order":2553},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2555,"slug":2556,"category":2087,"order":2553},"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":2558,"slug":2559,"category":2064,"order":2560},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2562,"slug":2563,"category":2087,"order":2560},"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":2565,"slug":2566,"category":2064,"order":2567},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2569,"slug":2570,"category":2087,"order":2567},"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":2572,"slug":2573,"category":2064,"order":2574},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2576,"slug":2577,"category":2087,"order":2574},"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":2579,"slug":2580,"category":2064,"order":2581},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2583,"slug":2584,"category":2087,"order":2581},"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":2586,"slug":2587,"category":2064,"order":2588},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2590,"slug":2591,"category":2087,"order":2588},"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":2593,"slug":2594,"category":2064,"order":2595},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2597,"slug":2598,"category":2087,"order":2595},"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":2600,"slug":2601,"category":2064,"order":2602},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2604,"slug":2605,"category":2087,"order":2602},"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":2607,"slug":2608,"category":2064,"order":2609},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2611,"slug":2612,"category":2087,"order":2609},"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":2614,"slug":2615,"category":2064,"order":2616},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2618,"slug":2619,"category":2087,"order":2616},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2621,"slug":2622,"category":2064,"order":2623},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2625,"slug":2626,"category":2087,"order":2623},"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":2628,"slug":2629,"category":2064,"order":2630},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2632,"slug":2633,"category":2087,"order":2630},"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":2635,"slug":2636,"category":2064,"order":2637},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2639,"slug":2640,"category":2087,"order":2637},"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":2642,"slug":2643,"category":2064,"order":2644},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2646,"slug":2647,"category":2087,"order":2644},"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":5,"slug":2074,"category":2064,"order":2070},{"title":2650,"slug":2651,"category":2087,"order":2070},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2653,"slug":2654,"category":2064,"order":2655},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2657,"slug":2658,"category":2087,"order":2655},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2660,"slug":2661,"category":2064,"order":2662},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2664,"slug":2665,"category":2087,"order":2662},"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":2667,"slug":2668,"category":2064,"order":2669},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2671,"slug":2672,"category":2087,"order":2669},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2674,"slug":2675,"category":2064,"order":2676},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2678,"slug":2679,"category":2087,"order":2676},"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":2681,"slug":2682,"category":2064,"order":2683},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2685,"slug":2686,"category":2087,"order":2683},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2688,"slug":2689,"category":2064,"order":2690},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2692,"slug":2693,"category":2087,"order":2690},"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":2695,"slug":2696,"category":2064,"order":2697},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2699,"slug":2700,"category":2087,"order":2697},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2702,"slug":2703,"category":2064,"order":2704},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2706,"slug":2707,"category":2087,"order":2704},"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":2709,"slug":2710,"category":2064,"order":2711},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2713,"slug":2714,"category":2087,"order":2711},"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":2716,"slug":2717,"category":2064,"order":2718},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2720,"slug":2721,"category":2087,"order":2718},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2723,"slug":2724,"category":2064,"order":2725},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2727,"slug":2728,"category":2087,"order":2725},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2730,"slug":2731,"category":2064,"order":2732},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2734,"slug":2735,"category":2087,"order":2732},"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":2737,"slug":2738,"category":2064,"order":2739},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2741,"slug":2742,"category":2087,"order":2739},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2744,"slug":2745,"category":2064,"order":2746},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2748,"slug":2749,"category":2087,"order":2746},"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":2751,"slug":2752,"category":2064,"order":2753},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2755,"slug":2756,"category":2087,"order":2753},"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":2758,"slug":2759,"category":2064,"order":2760},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2762,"slug":2763,"category":2087,"order":2760},"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":2765,"slug":2766,"category":2064,"order":2767},"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":2769,"slug":2770,"category":2087,"order":2767},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2772,"slug":2773,"category":2064,"order":2774},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2776,"slug":2777,"category":2087,"order":2774},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2779,"slug":2780,"category":2064,"order":2781},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2783,"slug":2784,"category":2087,"order":2781},"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":2786,"slug":2787,"category":2064,"order":2788},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2790,"slug":2791,"category":2087,"order":2788},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2793,"slug":2794,"category":2064,"order":2795},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2797,"slug":2798,"category":2087,"order":2795},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2800,"slug":2801,"category":2064,"order":2802},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2804,"slug":2805,"category":2087,"order":2802},"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":2807,"slug":2808,"category":2064,"order":2809},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2811,"slug":2812,"category":2087,"order":2809},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2814,"slug":2815,"category":2064,"order":2816},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2818,"slug":2819,"category":2087,"order":2816},"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":2821,"slug":2822,"category":2064,"order":2823},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2825,"slug":2826,"category":2087,"order":2823},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2828,"slug":2829,"category":2064,"order":2830},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2832,"slug":2833,"category":2087,"order":2830},"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":2835,"slug":2836,"category":2064,"order":2837},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2839,"slug":2840,"category":2087,"order":2837},"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":2842,"slug":2843,"category":2064,"order":2844},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2846,"slug":2847,"category":2087,"order":2844},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2849,"slug":2850,"category":2064,"order":2851},"2024 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