[{"data":1,"prerenderedAt":3238},["ShallowReactive",2],{"library-1999-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1702,"library-sidebar-dao":2704,"library-sidebar-models":3006},{"id":4,"title":5,"body":6,"category":1688,"date":1689,"description":1690,"extension":1691,"meta":1692,"navigation":1693,"order":1694,"path":1695,"seo":1696,"seoDescription":1690,"seoTitle":1697,"slug":1698,"stem":1699,"__hash__":1700,"_collection":1701},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1999-ba-fei-te-zhi-gu-dong-xin.md","1999 巴菲特致股东信",{"type":7,"value":8,"toc":1670},"minimark",[9,13,17,20,23,26,29,32,40,43,46,49,52,56,59,66,133,136,192,195,198,201,204,207,210,213,216,219,222,228,231,234,245,248,251,254,257,260,266,401,408,411,414,417,420,423,426,430,433,523,528,533,536,539,542,545,548,551,558,565,572,575,578,580,583,586,589,592,595,598,601,604,615,618,621,624,628,631,634,641,648,651,654,657,660,663,666,669,672,674,677,680,683,686,689,692,695,698,705,708,711,714,717,720,722,725,728,731,734,737,1152,1157,1162,1167,1172,1175,1178,1181,1184,1187,1189,1192,1195,1198,1201,1204,1336,1349,1352,1355,1493,1499,1506,1509,1512,1515,1518,1521,1524,1527,1530,1533,1536,1539,1542,1549,1552,1555,1558,1565,1568,1571,1574,1581,1584,1587,1590,1595,1598,1601,1604,1607,1614,1617,1620,1623,1626,1633,1636,1639,1646,1649,1652,1655,1658,1661,1664,1667],[10,11,5],"h1",{"id":12},"_1999-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司所有股东：",[14,18,19],{},"1999年，伯克希尔 (Berkshire) 的净资产增加了3.58亿美元，A\u002FB股每股账面价值增长了0.5%。自现任管理层接手的35年以来，每股账面价值由当初的19美元成长到目前的37,987美元，年复合增长率约为24.0%。(1)",[14,21,22],{},"(1): 本报告中所有数字均基于伯克希尔A类股，即1996年之前公司唯一流通在外的股份。B类股的经济权益相当于A类股的1\u002F30。",[14,24,25],{},"前面的数字清楚地表明1999年的表现有多糟。无论从绝对数字还是相对标普500指数而言，这都是我任期内最差的一年。相对表现才是我们真正关注的——长期来看，相对较差的成绩最终一定会导致绝对数字也好不到哪里去。",[14,27,28],{},"就算是顽皮豹克鲁索探长 (Inspector Clouseau) 也能找到去年真正的罪魁祸首：没错，就是你们的董事长本人。我个人的表现让我想起一位成绩单上得了四个F和一个D的四分卫，偏偏遇到一位通情达理的教练慢悠悠地说：“孩子，我想你把太多时间花在某一门课上了。”",[14,30,31],{},"我说的这”一门课”就是资本配置，而我1999年的成绩毫无疑问只有D。这一年最拖累我们的，是伯克希尔股票投资组合的糟糕表现——而这个投资组合除了盖可保险 (GEICO) 的路易·辛普森 (Lou Simpson) 管理的一小部分之外，全部由我本人负责。我们好几笔大型投资标的因为自身经营业绩不佳，股价表现远远落后于大盘。我们仍然看好这些公司所处的行业，也愿意继续大量持有它们的股票。只不过它们的受挫严重影响了我们去年的表现，而且何时才能重回正轨也不好说。",[14,33,34,35,39],{},"1999年业绩的不济，导致我们的股价跌幅远超基本面所反映的程度。回顾1998年，当时股价的表现其实好过公司本身的业绩。去年则恰好相反——本业表现好过股价，而且这种偏离一直持续到本信发表之日。当然，就长期而言，公司股价的走势",[36,37,38],"em",{},"必然","会大致与本业的表现趋于一致。",[14,41,42],{},"尽管去年表现不佳，伯克希尔副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我仍然预期，伯克希尔未来十年的内在价值增长将略微超越标普500指数同期的涨幅。当然，这种事谁也没法打包票。但我们愿意用自己全部的身家来做担保。大家应该都听过这组数据：我个人99%以上的净资产都放在伯克希尔。我和我太太从来没有卖过一股伯克希尔的股票，而且——除非哪天支票真的开始跳票——我们也永远不打算卖。",[14,44,45],{},"请注意，我说的是”略微”超越标普500。对伯克希尔来说，大幅超越指数的辉煌已经成为过去式了。当年之所以能做到，主要是因为那时候无论企业还是股票的价格都远比现在便宜得多，而且我们的资本规模也小得多，能够考虑的投资机会比现在宽广得多。",[14,47,48],{},"我们对伯克希尔前景的乐观，还受到另一个因素的制约——在我们看来几乎可以确定的是，标普500在未来一二十年的表现将远不如1982年以来的那段岁月。我最近在《财富》(Fortune) 杂志上发表了一篇文章阐述其中的原因，这份年报后面也附了一份。",[14,50,51],{},"我们的目标很简单：把现有的事业经营好——有在座这些出色的经理人，这并不难——同时继续收购具有同等经济特质和管理水平的新企业。1999年我们在这方面取得了重要进展，买下了乔丹家具 (Jordan’s Furniture)，并签约收购了中美能源 (MidAmerican Energy) 的大部分股权。关于这两家公司后面我会详细介绍，但有一点要在此强调：这两笔交易全部以现金完成，没有发行任何伯克希尔的新股。这样的交易方式可遇不可求，但却是查理和我最偏爱的方式。",[53,54,55],"h3",{"id":55},"内在价值简介",[14,57,58],{},"我在这些年报中经常谈到内在价值——这是我们在收购企业和投资股票时所使用的关键指标，虽然远谈不上精确。（关于这个概念以及其他投资和会计术语的详细讨论，请参阅股东手册第55至62页。内在价值的讨论在第60页。）",[14,60,61,62,65],{},"在最近四年的年报中，我们提供了一张表格，我们认为它对估算伯克希尔的内在价值非常有用。在下面这张更新后的版本中，我们追踪了两个关键的价值组成部分。第一列是我们每股持有的投资金额（包括现金和现金等价物，但不包括金融产品业务持有的资产），第二列是伯克希尔经营业务的税前每股收益——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（详见第61页的讨论）。第二列",[36,63,64],{},"完全","剔除了第一列投资所带来的所有股利、利息和资本利得。实际上，这张表格展示的是：如果把伯克希尔一分为二——一个实体持有所有投资，另一个实体经营所有业务并承担全部公司费用——那它会是什么样子。",[67,68,69,85],"table",{},[70,71,72],"thead",{},[73,74,75,79,82],"tr",{},[76,77,78],"th",{},"年度",[76,80,81],{},"每股投资规模",[76,83,84],{},"税前每股经营收益（剔除所有投资收益）",[86,87,88,100,111,122],"tbody",{},[73,89,90,94,97],{},[91,92,93],"td",{},"1969",[91,95,96],{},"45美元",[91,98,99],{},"4.39美元",[73,101,102,105,108],{},[91,103,104],{},"1979",[91,106,107],{},"577",[91,109,110],{},"13.07",[73,112,113,116,119],{},[91,114,115],{},"1989",[91,117,118],{},"7,200",[91,120,121],{},"108.86",[73,123,124,127,130],{},[91,125,126],{},"1999",[91,128,129],{},"47,339",[91,131,132],{},"(458.55)",[14,134,135],{},"以下是这两个部分每十年的增长率：",[67,137,138,150],{},[70,139,140],{},[73,141,142,145,147],{},[76,143,144],{},"十年期",[76,146,81],{},[76,148,149],{},"税前每股经营收益",[86,151,152,162,172,182],{},[73,153,154,156,159],{},[91,155,104],{},[91,157,158],{},"29.0%",[91,160,161],{},"11.5%",[73,163,164,166,169],{},[91,165,115],{},[91,167,168],{},"28.7%",[91,170,171],{},"23.6%",[73,173,174,176,179],{},[91,175,126],{},[91,177,178],{},"20.7%",[91,180,181],{},"不适用",[73,183,184,187,190],{},[91,185,186],{},"1969-1999年复合增长率",[91,188,189],{},"25.4%",[91,191,181],{},[14,193,194],{},"1999年，我们的每股投资金额变化不大，但每股经营收益却因为几个重大负面因素压倒了若干亮眼的正面表现，而出现了大幅下滑。我们大部分的经营管理者都应该得到A级评价——他们交出了优异的成绩单，并大幅拉开了旗下业务的内在价值与资产负债表上账面价值之间的差距。但很可惜，这一切都被通用再保险 (General Re) 一笔巨大的——而且我认为是反常的——承保损失给抵消掉了。此外，盖可保险的承保收益也如预期般下滑了。不过盖可保险的整体表现仍然非常出色，远远超过我定下的那些严格目标。",[14,196,197],{},"展望今年，我们并不指望承保业绩会有多大改善。虽然盖可保险的内在价值应该还能以令人满意的幅度增长，但其承保表现几乎肯定会走弱。原因是汽车保险行业整体在2000年的表现会更差，而且我们还将大幅增加营销投入。至于通用再保险，我们正在上调费率，只要2000年不发生巨大灾难，该公司的承保损失应该会大幅减少。不过，费率上调的效果需要一段时间才能完全显现，因此通用再保险来年的承保成绩恐怕仍然不会令人满意。",[14,199,200],{},"有一个项目需要大家注意：商誉摊销费用——目前每年约5亿美元——会持续拉大内在价值与账面价值之间的差距。这笔费用降低了我们账上显示的商誉资产和相应的账面价值。但这是一个纯粹的会计事项，与真正的经济商誉毫无关系——后者在大多数年份都是增长的。即便经济商誉保持不变，每年的商誉摊销也会使内在价值和账面价值之间的差距越来越大。",[14,202,203],{},"虽然我们无法给出伯克希尔内在价值的精确数字，甚至连一个近似值都给不了，但查理和我可以向各位保证，它远远超过578亿美元的账面价值。像喜诗糖果 (See’s Candies) 和布法罗新闻报 (Buffalo News) 这样的业务，目前的价值大约是账面价值的15到20倍。我们的目标是在所有子公司持续扩大这个差距。",[53,205,206],{"id":206},"别处读不到的经营故事",[14,208,209],{},"伯克希尔的经理人队伍在好几个重要方面都与众不同。举个例子，他们当中有很高比例的人已经非常富有——靠着自己经营的企业发了大财。他们继续工作，既不是因为缺钱，也不是因为合同约束——我们在伯克希尔根本不签什么合同。他们之所以长时间辛勤工作，纯粹是因为热爱自己的事业。我用”自己的”这个词是斟酌过的，因为这些经理人对各自的企业拥有真正的掌控权——不需要到奥马哈做什么演示汇报，不需要把预算报到总部审批，也没有什么资本支出的条条框框。我们只是简单地要求经理人们把各自的公司当成家族唯一的资产来经营，就好像这笔资产还要传给后代子孙一百年一样。",[14,211,212],{},"查理和我对待经理人的方式，跟我们对待伯克希尔股东的方式是一样的——将心比心，换位思考。虽然”工作”对我来说早已不是为了赚钱，但我仍然乐在其中，原因很简单：它给我成就感，让我自由地按照自己的判断行事，并且每天都有机会和自己欣赏及信赖的人打交道。我们的经理人——每一位都是各自行业的大师级人物——为什么要有不同的想法呢？",[14,214,215],{},"在与伯克希尔的关系上，我们的经理人似乎在身体力行肯尼迪总统的那句名言：“不要问你的国家能为你做什么，问问你能为你的国家做什么。”下面给大家讲一个去年的精彩故事：主角是犹他州家具业霸主威利家具 (R.C. Willey)，我们在1995年从比尔·查尔德 (Bill Child) 家族手中买下了这家公司。Bill和他的大部分管理团队都是摩门教徒，因此威利家具的门店周日从来不开门。这样做生意确实很难——周日可是很多顾客最爱逛街购物的日子。但Bill始终坚守自己的原则——同时还把这家店从他1954年接手时25万美元的年营业额，一路做到了1999年的3.42亿美元。",[14,217,218],{},"Bill认为威利家具完全有能力在犹他州以外的市场取得成功，于是在1997年建议我们到博伊西 (Boise) 开一家分店。坦白说，我非常怀疑”周日不营业”这套做法能否在一个全新的市场——面对每周七天无休的老牌竞争对手——站稳脚跟。不过话说回来，这是Bill负责的生意。所以尽管我心存保留，还是告诉他，遵从你自己的商业判断和宗教信仰吧。",[14,220,221],{},"然后Bill提出了一个非常特别的方案：他愿意自掏腰包买地建店——最终花了大约900万美元——如果经营顺利，再以成本价卖给我们。另一方面，如果销售不及预期，我们可以全身而退，不用付他一分钱。这意味着他个人要承担一栋空置大楼的巨大损失。我告诉他，我很感激他的提议，但既然伯克希尔要享受成功的果实，那也应该一起承担风险。Bill不肯让步：如果因为他的宗教信仰导致经营失败，他希望自己一个人扛下来。",[14,223,224,225],{},"这家分店去年八月开业，立刻大获成功。Bill随即将物业移交给我们——包括一些已经大幅升值的额外土地——我们按成本价给他开了张支票。还有更令人感动的：",[36,226,227],{},"对于两年来占用的资金，Bill拒绝收取一分钱的利息。",[14,229,230],{},"如果还有哪家上市公司的经理人做过类似的事情，我真的闻所未闻。你们不难理解，能够与Bill Child这样的人合作，为什么让我每天早上都雀跃着去上班。",[232,233],"hr",{},[14,235,236,237,240,241,244],{},"一个小花絮：八月简朴的开业之后，大约一个月后我们在博伊西分店举行了盛大的开业典礼。自然，我去剪了彩（我要强调，你们的董事长",[36,238,239],{},"还是","有点用处的）。致辞时，我告诉在场的来宾，销售额远远超出了预期，让我们成为爱达荷州最大的家具店，遥遥领先于竞争对手。然后，随着讲话的推进，我的记忆力奇迹般地越来越好。等到致辞快结束时，一切都想起来了：当初决定在博伊西开店的，分明就是",[36,242,243],{},"我","的主意。",[53,246,247],{"id":247},"财产意外险的经营哲学",[14,249,250],{},"保险是我们最主要的业务——虽然其他业务也非常重要。因此，要了解伯克希尔，你就必须知道如何评估一家保险公司。关键的决定性因素有三个：(1) 公司能产生多少浮存金；(2) 取得浮存金的成本是多少；(3) 最关键的，是这两个因素的长期前景。",[14,252,253],{},"首先说明，浮存金是一笔我们持有但并不属于我们的资金。在保险运营中，浮存金之所以产生，是因为保费的收取先于理赔的支付，而这中间的时间差有时可以长达数年之久。在此期间，保险公司可以将这笔资金用于投资。这种好事通常伴随着一个代价：保险公司收到的保费往往不足以覆盖最终要支付的理赔和费用。两者之间的差额就构成了”承保损失”，也就是浮存金的成本。一家保险公司有存在的价值，前提是它长期的浮存金成本低于通过其他渠道获取资金的成本。反之，如果浮存金的成本高于市场利率，那它就是一颗酸不可言的柠檬。",[14,255,256],{},"有一点需要特别注意：由于理赔成本必须依靠估算，保险公司在计算承保结果时拥有极大的弹性空间，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——通常是无心之失，但有时是刻意为之——可以非常巨大。这些误差的后果会直接反映在利润表上。经验丰富的行家通常能发现准备金中的重大错误，但普通投资者往往只能被动接受呈现给他们的数字。我有时候看到那些大牌审计机构隐隐背书的数字，简直目瞪口呆。1999年，好几家保险公司宣布调整准备金，让之前投资者据以做买卖决策的那些”利润”彻底沦为笑话。在伯克希尔，我们竭力在提列准备金时做到保守和一致。即便如此，我还是要警告大家：不愉快的意外随时可能发生。",[14,258,259],{},"下表显示了伯克希尔自33年前收购国民保险公司 (National Indemnity Company) 进入保险业以来，各业务板块所产生的浮存金（国民保险的传统业务包含在”其他直保”项下）。在这张表中，我们通过以下方式计算浮存金——相对于保费收入，我们持有的浮存金规模相当大——将净损失准备金、损失费用调整准备金、再保险预收资金和未赚取保费准备金加总，再减去应付代理佣金、预付获取成本、预付税负和再保险相关递延费用。（看明白了吧？）",[14,261,262],{},[263,264,265],"strong",{},"年末浮存金（百万美元）",[67,267,268,289],{},[70,269,270],{},[73,271,272,274,277,280,283,286],{},[76,273,78],{},[76,275,276],{},"盖可保险",[76,278,279],{},"通用再保险",[76,281,282],{},"其他再保险",[76,284,285],{},"其他直保",[76,287,288],{},"合计",[86,290,291,307,325,343,362,382],{},[73,292,293,296,298,300,302,305],{},[91,294,295],{},"1967",[91,297],{},[91,299],{},[91,301],{},[91,303,304],{},"20",[91,306,304],{},[73,308,309,312,314,316,319,322],{},[91,310,311],{},"1977",[91,313],{},[91,315],{},[91,317,318],{},"40",[91,320,321],{},"131",[91,323,324],{},"171",[73,326,327,330,332,334,337,340],{},[91,328,329],{},"1987",[91,331],{},[91,333],{},[91,335,336],{},"701",[91,338,339],{},"807",[91,341,342],{},"1,508",[73,344,345,348,351,353,356,359],{},[91,346,347],{},"1997",[91,349,350],{},"2,917",[91,352],{},[91,354,355],{},"4,014",[91,357,358],{},"455",[91,360,361],{},"7,386",[73,363,364,367,370,373,376,379],{},[91,365,366],{},"1998",[91,368,369],{},"3,125",[91,371,372],{},"14,909",[91,374,375],{},"4,305",[91,377,378],{},"415",[91,380,381],{},"22,754",[73,383,384,386,389,392,395,398],{},[91,385,126],{},[91,387,388],{},"3,444",[91,390,391],{},"15,166",[91,393,394],{},"6,285",[91,396,397],{},"403",[91,399,400],{},"25,298",[14,402,403,404,407],{},"浮存金的增长固然重要——但真正至关重要的是它的成本。多年来，我们的承保损失通常都很小——意味着浮存金的成本相应地很低——有时甚至还能实现承保盈利，等于是",[36,405,406],{},"别人付钱让我们","帮他们管钱。事实上，截至1998年底，我们的累计承保结果还是盈利的。然而到了1999年，我们发生了14亿美元的承保损失，浮存金成本一下子飙升至5.8%。稍感欣慰的是，其中有4亿美元的损失我们是”欣然接受”的，因为这笔业务将在未来十年为我们带来一笔可观的浮存金。至于其余的损失，就实在让人高兴不起来了，总体成绩只能用”极差”来形容。除非再来一场巨大灾难，我们预计2000年的浮存金成本会下降，但GEICO激进的营销计划会在一定程度上抵消这种下降，后面我会再详细讨论。",[14,409,410],{},"多年来能取得这么多”零成本”浮存金，要感谢很多人。其中贡献最大的当属阿吉特·贾恩 (Ajit Jain)。阿吉特对伯克希尔的价值怎么高估都不为过：他白手起家，从零开始建立了一个卓越的再保险业务，在他任职期间实现了承保盈利，目前持有63亿美元的浮存金。",[14,412,413],{},"在阿吉特身上，我们看到的是一位同时具备以下能力的承保人：用智慧为大多数风险合理定价；用理性放弃那些自己无法评估的风险；在保费合适时勇于承接巨额保单；在保费不足时严守纪律，拒绝哪怕最小的风险。一个人身上能找到其中任何一项特质都已属罕见，四者兼具简直堪称奇迹。",[14,415,416],{},"由于阿吉特专攻巨灾再保险——这是一个损失不常发生、但一旦发生就极其惨重的险种——他的业务波动性注定远大于大多数保险业务。迄今为止，我们在这本高波动性的保单上运气不错。即便如此，阿吉特的成就依然非凡。",[14,418,419],{},"规模虽然较小但同样重要的”其他直保”业务，也为伯克希尔的内在价值增添了不少分量。这组保险公司在过去五年中贡献了1.92亿美元的承保盈利，外加上表所列的浮存金。在保险界，这样的成绩实属罕见。为此我们要感谢罗德·埃尔德雷德 (Rod Eldred)、布拉德·金斯特勒 (Brad Kinstler)、约翰·基泽尔 (John Kizer)、唐·托尔 (Don Towle) 和唐·沃斯特 (Don Wurster)。",[14,421,422],{},"正如我先前提到的，通用再保险1999年的承保表现极其糟糕（虽然投资收益足以让公司整体仍有盈利）。我们的保费定价实在太低了，国内外业务都是如此。虽然情况正在改善，但尚未完全纠正。不过长期来看，这家公司应该能够稳定地产出低成本的浮存金。目前在通用再保险及其科隆子公司，管理层的绩效奖金直接与浮存金增长及浮存金成本这两个变量挂钩——这也是决定股东价值的两个关键变量。",[14,424,425],{},"虽然一家再保险公司可以设计出目标明确、合理的薪酬体系，但它不可能保证年年都是丰收年。再保险是波动性极大的行业，不管是通用再保险还是阿吉特的业务，都无法免受行业中不理性低价竞争的影响。但通用再保险拥有分销网络、承保技能、企业文化，加上伯克希尔的财务后盾，完全有潜力成为全世界盈利最高的再保险公司。要达到这个目标需要时间、精力和纪律，我们毫不怀疑罗恩·弗格森 (Ron Ferguson) 和他的团队有能力做到。",[53,427,429],{"id":428},"盖可保险-1-800-847-7536-geicocom","盖可保险 (1-800-847-7536 \u002F GEICO.com)",[14,431,432],{},"盖可保险 (GEICO) 1999年取得了非凡的进步。原因很简单：一个绝佳的商业理念，由一位出色的经理人托尼·奈斯利 (Tony Nicely) 加以执行。1996年初伯克希尔买下盖可保险时，我们把钥匙交给Tony，请他就当这家公司100%属于自己来经营。剩下的事他全搞定了。来看看他的成绩单：",[67,434,435,447],{},[70,436,437],{},[73,438,439,441,444],{},[76,440,78],{},[76,442,443],{},"新增自愿性保单数(1)(2)",[76,445,446],{},"有效保单数量(1)",[86,448,449,460,471,482,493,503,513],{},[73,450,451,454,457],{},[91,452,453],{},"1993",[91,455,456],{},"346,882",[91,458,459],{},"2,011,055",[73,461,462,465,468],{},[91,463,464],{},"1994",[91,466,467],{},"384,217",[91,469,470],{},"2,147,549",[73,472,473,476,479],{},[91,474,475],{},"1995",[91,477,478],{},"443,539",[91,480,481],{},"2,310,037",[73,483,484,487,490],{},[91,485,486],{},"1996",[91,488,489],{},"592,300",[91,491,492],{},"2,543,699",[73,494,495,497,500],{},[91,496,347],{},[91,498,499],{},"868,430",[91,501,502],{},"2,949,439",[73,504,505,507,510],{},[91,506,366],{},[91,508,509],{},"1,249,875",[91,511,512],{},"3,562,644",[73,514,515,517,520],{},[91,516,126],{},[91,518,519],{},"1,648,095",[91,521,522],{},"4,328,900",[14,524,525],{},[36,526,527],{},"(1) 仅含”自愿”保单；不包括指定风险等。",[14,529,530],{},[36,531,532],{},"(2) 经修订，剔除在盖可保险不同子公司之间转移的保单。",[14,534,535],{},"1995年，盖可保险在营销上花了3,300万美元，拥有652名电话咨询顾问。去年，公司的营销支出增加到2.42亿美元，顾问人数增长到2,631人。而这只是刚刚起步，2000年的步伐还将大幅加快。说实在的，只要我们能确保新业务顺畅运转，并且最后一块钱的投入还能以有吸引力的成本带来新客户，我们很乐意每年拿出10亿美元投入营销。",[14,537,538],{},"目前有两个趋势在影响获客成本。坏消息是，获得一个咨询电话的成本越来越高了。媒体费率上涨，而且我们也看到了边际递减效应——随着我们和竞争对手同时加大广告投放，每则广告带来的咨询量对所有人来说都在下降。但好在这些不利因素被另一个积极趋势部分抵消了：我们的成交率——也就是咨询转化为实际销售的比例——一直在稳步提升。总体来说，我们获取新业务的成本虽然确实在上升，但仍远低于行业水平。更重要的是，在续保业务的运营成本方面，我们是全美大型汽车保险公司中最低的。这两项重要的竞争优势都是可持续的。别人可以抄袭我们的商业模式，但他们复制不了我们的经济效益。",[14,540,541],{},"上表看起来盖可保险的保户留存率在下降，但这其实是假象，原因有两个。第一，最近几年我们的业务组合从”优选”保户（这类保户的行业留存率本来就高）转向了”标准”和”非标准”保户（留存率低得多）。虽然名字不同，但三类保户的盈利前景其实差不多。第二，相对较新的保户的留存率总是低于长期老客户——而由于我们增长加速，保户队伍中新客户的比例自然提高了。把这两个因素调整后，我们的留存率几乎没什么变化。",[14,543,544],{},"去年我就告诉过大家，1999年盖可保险和整个行业的承保利润率都会下滑，结果确实如此。对2000年我们做出同样的预测。前几年因为事故的频率和严重程度出现了反常的下降，整个行业享受了过高的利润率。行业的应对是降低费率——但现在不得不面对理赔成本上升的现实。如果2000年汽车保险公司的承保利润率再下滑大约3个百分点，我们一点也不会感到意外。",[14,546,547],{},"除了事故频率和严重程度恶化之外，今年还有两个负面因素会打击行业。第一，费率上调的生效总是很慢——一方面有监管审批的延迟，另一方面现有保单必须到期后才能适用新费率。第二，近年来许多汽车保险公司的报告利润受益于准备金回冲——因为它们在更早些年高估了理赔成本。这个多余准备金的蓄水池如今基本干涸了，未来从这个来源能给利润带来的提振微乎其微。",[14,549,550],{},"在薪酬方面，盖可保险——从Tony往下——始终只用两个指标，而且只有两个，来决定奖金和利润分享：(1) 保户数量的增长百分比；(2) “成熟”业务（即投保超过一年的保单）的盈利表现。1999年这两个指标都表现卓越，因此我们发放了相当于年薪28.4%的利润分享金（总计1.133亿美元），覆盖了绝大多数员工。Tony和我特别乐意签这种支票。",[14,552,553,554,557],{},"在伯克希尔，我们希望薪酬政策既简单易懂，又与我们期望员工完成的目标方向一致。拓展新业务的成本很高（而且如前所述，还在越来越高）。如果我们把这部分成本纳入奖金计算——这正是我们入主盖可保险之前管理层的做法——就等于在惩罚员工去争取新保单，尽管新业务对伯克希尔大有好处。所以我们实际上告诉员工：新业务的成本由公司来承担。不仅如此，由于保户增长率也是薪酬公式的一部分，我们",[36,555,556],{},"奖励","员工去拓展这些初期不赚钱的新业务。然后，我们还额外奖励那些能够降低成熟业务运营成本的人。",[14,559,560,561,564],{},"尽管我们投入了大量广告，但新业务最好的来源还是现有保户的口碑推荐——他们总体上对我们的价格和服务很满意。去年《吉普林个人理财》(",[36,562,563],{},"Kiplinger’s Personal Finance Magazine",") 杂志发表了一篇文章，很好地展示了我们在客户满意度方面的表现：该杂志对20个州保险监管部门的调查显示，盖可保险的投诉率远远低于大多数主要竞争对手。",[14,566,567,568,571],{},"我们强大的口碑推荐业务意味着，我们大概只需每年花5,000万美元左右的广告费就能维持现有的保单数量。当然这只是估计，而且我们永远也验证不了它是否准确，因为Tony的脚会一直踩在广告的油门上（而我的脚会踩在他的脚上）。尽管如此，我想强调的是，我们2000年计划投入的3亿至3.5亿美元广告费用，以及为销售顾问、通讯设施等支出的大量额外成本，大部分都是我们",[36,569,570],{},"主动选择","的开支——目的是既实现显著增长，又在美国人心中进一步巩固和延伸盖可保险的品牌承诺。",[14,573,574],{},"就我个人而言，我认为这些支出是伯克希尔能做的最好投资。通过广告，盖可保险正在与海量的美国家庭建立直接联系——平均每个家庭年复一年地每年给我们提供1,100美元的资金。在所有销售各类产品的公司中，这使我们成为全美最顶尖的直销企业之一。而且，随着我们与越来越多的家庭建立起长期关系，现金是源源不断地流入、而不是流出（这里可没有互联网经济那一套）。去年，随着盖可保险的客户基数增加了766,256人，光是经营利润和浮存金增长就贡献了5.9亿美元的资金。",[14,576,577],{},"过去三年，我们在个人汽车保险市场的份额从2.7%提高到了4.1%。但我们理应属于更多的家庭——也许还包括你们家。打个电话来试试看。大约40%打电话来咨询费率的人会发现，跟我们做生意可以省下一笔钱。之所以不是100%，是因为各家保险公司的承保判断不同，有些公司对居住在特定地区或从事特定职业的驾驶人给予更多优惠。然而，我们的成交率表明，在面向所有客户的全国性保险公司中，我们提供最低价格的频率高于任何对手。此外，在40个州我们还能为股东提供特别折扣——通常是8%。报价时请务必表明自己是伯克希尔股东，以便我们的销售顾问做出相应调整。",[232,579],{},[14,581,582],{},"在此我怀着悲痛的心情报告，盖可保险前董事长洛里默·戴维森 (Lorimer Davidson) 于去年11月去世，距他97岁生日仅数日之隔。对盖可保险来说，戴维是将公司带入大联盟的商业巨人。对我而言，他是朋友、导师和偶像。在过去的年报中我多次讲述过他多年来对我的关照。很显然，如果没有他，我的人生将会走上一条完全不同的道路。Tony、路易·辛普森和我去年八月曾去探望他，对他的头脑敏锐——尤其是涉及盖可保险一切事务时——深感惊叹。他至始至终都是盖可保险的头号拥趸，我们将永远怀念他。",[53,584,585],{"id":585},"航空服务业",[14,587,588],{},"我们旗下的两家航空服务公司——飞安国际 (FlightSafety International，简称”FSI”) 和公务机航空 (Executive Jet Aviation，简称”EJA”)——都是各自领域中遥遥领先的龙头。EJA通过其NetJets共享计划销售和管理公务机的部分所有权，其市场份额超过排名第二和第三的竞争对手之和。FSI专门培训飞行员（以及其他交通运输专业人员），其规模大约是最大竞争对手的五倍。",[14,590,591],{},"这两家公司还有一个共同特点：至今仍由各自的创始人经营。阿尔·乌尔斯基 (Al Ueltschi) 在1951年以1万美元创立了FSI，理查德·桑图里 (Rich Santulli) 则在1986年开创了飞机部分所有权行业。两位都是杰出的企业家，早已不需要为钱工作，但依然全身心投入，推动各自的公司不断成长壮大。",[14,593,594],{},"虽然这两家公司的领导地位相似，但经济特征却大不相同。FSI需要投入巨额资本。一台飞行模拟器的造价可高达1,500万美元——而我们有222台。而且每次只能有一个人在模拟器上接受训练，这意味着FSI每一美元营收对应的资本投入极高。因此，要获得合理的资本回报，经营利润率必须足够高。去年，我们在FSI及其持股50%的关联公司飞安波音 (FlightSafety Boeing) 的资本支出合计达2.15亿美元。",[14,596,597],{},"EJA则不同，设备归客户所有，虽然我们当然也必须投资一批自有的核心机队以确保卓越的服务品质。举个例子，感恩节后的那个周日——EJA一年中最忙碌的一天——对我们的运力是极大的考验，因为169架飞机由1,412位所有权人共享，其中很多人都想在下午3点到6点之间飞回家。在那天以及其他某些日子，我们需要动用自有飞机来确保每位客户在想去的时间到达想去的地方。",[14,599,600],{},"话虽如此，我们飞行的飞机大部分还是属于客户的，这意味着在这项业务中，适度的税前利润率就能产出不错的股东权益回报。目前，客户拥有的飞机价值超过20亿美元，此外我们还有42亿美元的飞机订单。事实上，限制我们业务增长的主要瓶颈就是飞机的供应。我们目前接收了全球约8%的公务机交付量，而且还希望这个比例能再高一些。尽管EJA在1999年受到供给制约，但其经常性收入——月管理费加按小时计算的飞行费用——仍增长了46%。",[14,602,603],{},"飞机部分所有权行业仍处于起步阶段。EJA目前正在欧洲积累关键的规模基础，未来我们将在全球范围内扩张。这将非常烧钱——非常非常烧钱——但只要值得，我们在所不惜。规模对我们和客户都至关重要：在全球拥有最多飞行中飞机的公司，才能为客户提供最好的服务。“买下一个份额，拥有整个机队”——在EJA，这句话是有真实含义的。",[14,605,606,607,610,611,614],{},"EJA还享有另一项重要优势：它的两个最大竞争对手都是飞机制造商的子公司，只能销售各自母公司制造的机型。虽然那些都是好飞机，但竞争对手因此在机舱配置和执行任务的灵活性上受到了很大限制。相比之下，EJA提供来自五家供应商的多种机型。因此，我们能给客户他",[36,608,609],{},"真正需要","的飞机——而不是让客户被动接受竞争对手的母公司",[36,612,613],{},"需要卖出","的飞机。",[14,616,617],{},"去年在年报中，我描述了我们家族自1995年以来拥有一架霍克1000型飞机四分之一所有权（即每年200飞行小时）的愉快体验。我被自己的文字给打动了，没过多久就又签下了一架赛斯纳V Ultra型十六分之一的所有权。现在，我每年在EJA和波仙珠宝 (Borsheim’s) 的花费加起来，大约是我年薪的十倍。你们可以把这当作自己消费水平的一个粗略参考。",[14,619,620],{},"过去一年，伯克希尔的两位外部董事也加入了EJA的客户行列。（看来我们付给他们的酬劳太高了。）我要让大家知道，他们和我购买飞机和享受服务的价格，与任何其他客户完全一样：EJA实行”最惠国”政策，谁也别想搞特殊。",[14,622,623],{},"现在，准备好承受冲击吧。去年，EJA通过了终极考验：*查理也签约了。*再没有什么背书能比这个更有力地说明EJA服务的价值了。赶快拨打1-800-848-6436，索取我们关于飞机部分所有权的介绍资料。",[53,625,627],{"id":626},"_1999年的并购活动","1999年的并购活动",[14,629,630],{},"无论是盖可保险还是公务机航空，我们最好的新客户来源都是已经很满意的老客户。事实上，在飞机部分所有权计划中，约65%的新客户是由现有客户推荐而来——他们早已爱上了我们的服务。",[14,632,633],{},"我们的收购也往往遵循同样的模式。在其他公司，高管们可能会和投资银行家一起，通过已经标准化的拍卖流程来物色收购目标。在这个过程中，银行家们会编一本”册子”，让我想起了少年时读的超人漫画。华尔街版本是这样的：一家原本平淡无奇的公司，走进投资银行的电话亭后摇身一变，一跃超越所有竞争对手，收益增长快如子弹。被册子中描述的超级能力所撩拨，那些求购心切的CEO们——个个外表冷酷，骨子里都是露易丝·莱恩——立刻晕头转向。",[14,635,636,637,640],{},"这些册子里最有趣的部分，是它们对未来多年收益预测的那种惊人精确度。然而你要是问编册子的那位银行家，他自己的银行",[36,638,639],{},"下个月","能赚多少钱，他会立刻缩进防护壳里，告诉你市场和经营环境变化太快，实在没法冒险做出预测。",[14,642,643,644,647],{},"有一则故事我实在忍不住要讲：1985年，一家大型投资银行受委托出售斯科特费泽 (Scott Fetzer) 公司，四处推销——但毫无结果。得知这一消息后，我给斯科特费泽当时（也是现任）的CEO拉尔夫·谢伊 (Ralph Schey) 写了一封信，表达了收购的兴趣。我跟Ralph素未谋面，但不到一周我们就达成了交易。不巧的是，斯科特费泽与那家投行签的委托协议规定，公司一旦售出就要支付250万美元的顾问费——即使是买方自己找上门来的也得付。我猜那位银行家觉得既然拿了钱总该做点什么，于是好心地提出把他们事先准备好的那本斯科特费泽介绍册子送我们一份。查理以他一贯的优雅方式回应道：“我愿意出250万美元",[36,645,646],{},"不看","那本册子。”",[14,649,650],{},"在伯克希尔，我们精心设计的收购策略非常简单：就是坐等电话响。可喜的是，电话有时候真的会响，通常是先前卖给我们公司的某位经理人向朋友推荐，建议他们也可以考虑如法炮制。",[14,652,653],{},"这就引出了家具生意的话题。两年前我曾回忆，1983年收购内布拉斯加家具店 (Nebraska Furniture Mart) 以及此后与布鲁姆金家族 (Blumkin) 的交往，如何引出了后续收购威利家具 (R.C. Willey, 1995年) 和明星家具 (Star Furniture, 1997年) 的故事。对我来说，这些缘分都太美好了。伯克希尔不仅获得了三家出色的零售企业，这些交易还让我结识了你这辈子能遇到的最好的一群人。",[14,655,656],{},"自然而然地，我就不停地问布鲁姆金家族的人、Bill Child和梅尔文·沃尔夫 (Melvyn Wolff)：你们身边还有没有像你们一样的人？他们异口同声的回答都是：新英格兰地区的塔特尔曼兄弟 (Tatelman) 和他们出色的乔丹家具 (Jordan’s Furniture)。",[14,658,659],{},"去年我见到了巴里和艾略特·塔特尔曼 (Barry and Eliot Tatelman)，很快我们就签下了伯克希尔收购该公司的协议。与我们之前三次家具收购一样，这也是一家传承已久的家族企业——最早可以追溯到1927年，当时Barry和Eliot的祖父在波士顿郊区创业。在兄弟俩的管理下，乔丹家具在当地的主导地位不断加强，成为新罕布什尔州和马萨诸塞州最大的家具零售商。",[14,661,662],{},"塔特尔曼兄弟不仅仅是卖家具或管理店铺。他们还为上门的顾客呈现一种令人目眩的”娱乐式购物”体验。一家人来到店里，不仅能浏览到种类丰富的商品，还能度过一段美好时光。经营成果同样非凡：乔丹家具每平方英尺的销售额在全美大型家具零售商中高居第一。如果你在波士顿地区，我强烈建议你去逛逛他们的门店——尤其是位于纳提克 (Natick) 的最新店面。记得带钱。",[14,664,665],{},"Barry和Eliot是品格高尚的人——跟伯克希尔旗下其他三家家具公司的同仁一样。当他们把公司卖给我们之后，他们决定给每位员工补发至少每小时0.5美元乘以其在乔丹家具工作总时数的奖金。这笔钱总计900万美元，全部从塔特尔曼兄弟自己口袋里掏出来，而不是从伯克希尔。而且Barry和Eliot签支票的时候满心欢喜。",[14,667,668],{},"我们旗下的每一家家具店都是各自所在区域的第一名。目前我们在马萨诸塞州、新罕布什尔州、德克萨斯州、内布拉斯加州、犹他州和爱达荷州的家具销售额均居首位。去年，明星家具的梅尔文·沃尔夫 (Melvyn Wolff) 和他的姐姐雪莉·图明 (Shirley Toomim) 又取得了两大突破：成功打入圣安东尼奥市场，并大幅扩建了奥斯汀门店。",[14,670,671],{},"放眼整个家具零售业，没有哪家企业能与伯克希尔旗下的家具集团相提并论。这对我来说是乐趣，对你们来说是利润。W.C.菲尔兹 (W.C. Fields) 曾经说过：“是一个女人把我推向了酒瓶，可惜我一直没机会好好感谢她。”我不想犯同样的错误。在此我要感谢路易 (Louie)、罗恩 (Ron) 和艾文·布鲁姆金 (Irv Blumkin)——是他们带我踏入了家具行业，并一路引导我组建了今天这支梦幻团队。",[232,673],{},[14,675,676],{},"现在来说第二笔收购：它是通过我的好友小沃尔特·斯科特 (Walter Scott, Jr.) 促成的，他是Level 3通讯公司的董事长，也是伯克希尔的董事。Walter的人脉很广，其中就包括中美能源 (MidAmerican Energy)——一家公用事业公司，Walter持有大量股份并担任董事。去年九月，在我们共同参加的一个加州会议上，Walter随口问我伯克希尔是否有兴趣大笔投资中美能源。从一开始，与Walter合伙的想法就让我觉得很靠谱。回到奥马哈后，我翻阅了中美能源的一些公开报告，又和Walter及中美能源才华横溢、极具企业家精神的CEO大卫·索科尔 (David Sokol) 短暂地见了两次面。我当即表示，只要价格合适，我们很有兴趣达成交易。",[14,678,679],{},"收购电力公用事业公司涉及各种监管法规，包括1935年的《公用事业控股公司法》，因此相当复杂。我们必须设计一种交易结构，避免让伯克希尔获得投票控制权。最终方案是：我们购买一项11%的固定收益证券，加上普通股与可交换优先股的组合——这将使伯克希尔在中美能源的投票权略低于10%，但获得约76%的经济权益。总投资额约为20亿美元。",[14,681,682],{},"Walter一如既往地用真金白银来支持自己的判断：交易完成时，他和家人将另外追加现金购买更多中美能源的股票，使他们的总投资额达到约2.8亿美元。Walter还将成为该公司的控股股东，我想不出有比他更合适的人选了。",[14,684,685],{},"虽然公用事业行业有诸多监管限制，但我们有可能会在这个领域做出更多的投入。如果真的这样做，涉及的金额可能会相当可观。",[53,687,688],{"id":688},"并购案的会计处理",[14,690,691],{},"在这里我想再次就会计问题发表一些看法，这次是关于并购交易的会计处理。这是当前争议极大的一个话题，在尘埃落定之前，甚至连国会都可能介入（这真是一个可怕的想法）。",[14,693,694],{},"当一家公司被收购时，现行的通用会计准则 (GAAP) 允许两种截然不同的记账方式：“购买法”和”权益合并法”。权益合并法必须以股票作为支付手段；购买法则现金或股票皆可。但不管用什么支付手段，管理层通常都很排斥购买法，因为它几乎总是要求设立一个”商誉“科目，然后逐年摊销——这个过程会给利润背上一笔沉重的年度费用，而且通常要持续数十年。相比之下，权益合并法不需要确认商誉，这也是为什么管理层对它情有独钟。",[14,696,697],{},"现在，财务会计准则委员会 (FASB) 提议取消权益合并法，许多CEO正在厉兵秣马准备开战。这将是一场重要的争论，所以我们也来说说自己的看法。首先，我们认同很多经理人的观点：商誉摊销费用在大多数情况下都是虚假的。关于我对这个问题的思考，大家可以在1983年年报的附录中找到，也可以参阅第55到62页的股东手册。",[14,699,700,701,704],{},"会计准则强制要求的商誉摊销在通常情况下与现实严重脱节，这是一个很深的问题：大多数会计费用至少与实际发生的情况",[36,702,703],{},"有关联","，即便无法精确衡量。比如说，折旧费用虽然不能精确反映实物资产价值的下降，但至少描述了一个确实存在的现象：实物资产必然会不断损耗。同样，存货跌价准备、应收账款坏账准备和保修责任计提，都反映了真实的成本。这些年度费用虽然无法精确计算，但估计的必要性是显而易见的。",[14,706,707],{},"然而经济商誉在很多情况下根本不会减损。事实上，在大量案例中——也许是多数——它的价值会随着时间的推移而增长。从本质上看，经济商誉很像土地：两者的价值都会波动，但波动的方向绝不是预先注定的。以喜诗糖果为例，78年来其经济商誉一直在不规则但极为可观地增长。而且只要我们经营得当，这种增长很可能再持续至少78年。",[14,709,710],{},"为了逃避商誉摊销这个虚假的问题，经理人们欣然拥抱了权益合并法这个虚假的解决方案。这项会计创意源于一个诗意的比喻：两条河流汇合之后，河水便不再分彼此。按照这种理念，一家被更大企业并购的公司并没有被”买下”（尽管它通常获得了可观的”卖出”溢价）。由此推论，并购过程中没有商誉产生，那些恼人的后续利润扣减也就一笔勾销了。取而代之的是，把合并后的实体当作从一开始就是一家公司来做账。",[14,712,713],{},"诗意就到此为止吧。并购的现实通常完全不同：毫无疑问总有一个收购方和一个被收购方，后者确实被”买下了”——不管交易是如何包装的。如果你不信，只要去问问那些在合并中失去工作的员工，哪家是征服者，哪家是被征服者。绝对不会有人搞混。所以在这一点上，FASB是对的：在大多数合并中，确实存在买卖行为。没错，确实有一些真正的”对等合并”，但少之又少。",[14,715,716],{},"查理和我相信，有一种基于现实的方法，既能满足FASB想要如实记录买卖交易的愿望，又能回应管理层反对虚假商誉减值的合理诉求。我们的方案是：首先，收购公司应以公允价值记录其收购价格——不管是以股票还是现金支付。在大多数情况下，这会产生一笔代表经济商誉的大额资产。然后，把这笔资产保留在账上，不要求逐年摊销。日后，如果经济商誉确实发生了减损——这是有可能的——那就像对待任何其他被判定发生减值的资产一样进行减记。",[14,718,719],{},"如果我们提出的方案获得采纳，应当追溯适用，使全美的并购会计处理保持一致——而不是像现在这样乱成一锅粥。我有一个预测：如果这个方案生效，管理层在设计并购结构时会更加理性，在选择用现金还是股票时会考虑对股东的真实影响，而非对报告利润的虚假影响。",[232,721],{},[14,723,724],{},"在收购乔丹家具时，我们采用了一种能最大化股东现金流、但会最小化报告给你们的利润的方式。伯克希尔以现金收购资产，这种做法在税务上允许我们在15年内摊销产生的商誉。显然，这项税务抵减实质性地增加了业务产出的现金流量。相比之下，如果用现金购买的是股权而非资产，由此产生的商誉核销则不能用来抵税。两种做法之间的经济差异是巨大的。",[14,726,727],{},"从收购方的经济角度看，最不划算的交易是以股换股。这种方式往往要支付高昂的溢价，但被收购公司的股票或资产在税基上不会获得任何提升。如果日后出售被收购的公司，所有者可能要缴纳高额的资本利得税（税率在35%甚至更高），即使从经济实质上看这笔出售其实是亏损的。",[14,729,730],{},"在伯克希尔，我们也做过一些税务结构不够理想的交易。之所以这样做，是因为卖方坚持某种特定结构，而我们综合评估后仍然认为交易是合理的。但我们从未为了让账面数字更好看而采用低效的交易结构。",[53,732,733],{"id":733},"报告收益的来源",[14,735,736],{},"下表列示了伯克希尔报告收益的主要来源。在这种呈现方式下，购买法会计调整并没有分配到各具体业务，而是汇总后单独列示。这种做法是为了让你们看到各业务就像我们从未收购它们一样的利润状况。基于第61页讨论的原因，我们认为这种呈现方式对投资者和管理者来说，比通用会计准则要求的将收购溢价逐一计入各业务的做法更为有用。当然，我们在表中显示的利润总额与经审计财务报表中的GAAP数字完全一致。",[67,738,739,755],{},[70,740,741],{},[73,742,743,745,748,750,753],{},[76,744],{},[76,746,747],{},"税前收益",[76,749,747],{},[76,751,752],{},"伯克希尔应占净收益（税后及少数股东权益后）",[76,754,752],{},[86,756,757,770,783,796,813,830,847,864,881,898,915,932,948,965,982,998,1013,1030,1047,1062,1077,1089,1106,1123,1135],{},[73,758,759,762,764,766,768],{},[91,760,761],{},"（百万美元）",[91,763,126],{},[91,765,366],{},[91,767,126],{},[91,769,366],{},[73,771,772,775,777,779,781],{},[91,773,774],{},"经营收益：",[91,776],{},[91,778],{},[91,780],{},[91,782],{},[73,784,785,788,790,792,794],{},[91,786,787],{},"保险集团：",[91,789],{},[91,791],{},[91,793],{},[91,795],{},[73,797,798,801,804,807,810],{},[91,799,800],{},"承保——再保险",[91,802,803],{},"$(1,440)",[91,805,806],{},"$(21)",[91,808,809],{},"$(927)",[91,811,812],{},"$(14)",[73,814,815,818,821,824,827],{},[91,816,817],{},"承保——盖可保险",[91,819,820],{},"24",[91,822,823],{},"269",[91,825,826],{},"16",[91,828,829],{},"175",[73,831,832,835,838,841,844],{},[91,833,834],{},"承保——其他直保",[91,836,837],{},"22",[91,839,840],{},"17",[91,842,843],{},"14",[91,845,846],{},"10",[73,848,849,852,855,858,861],{},[91,850,851],{},"净投资收益",[91,853,854],{},"2,482",[91,856,857],{},"974",[91,859,860],{},"1,764",[91,862,863],{},"731",[73,865,866,869,872,875,878],{},[91,867,868],{},"布法罗新闻报",[91,870,871],{},"55",[91,873,874],{},"53",[91,876,877],{},"34",[91,879,880],{},"32",[73,882,883,886,889,892,895],{},[91,884,885],{},"金融与金融产品业务",[91,887,888],{},"125",[91,890,891],{},"205(1)",[91,893,894],{},"86",[91,896,897],{},"133(1)",[73,899,900,903,906,909,912],{},[91,901,902],{},"航空服务",[91,904,905],{},"225",[91,907,908],{},"181",[91,910,911],{},"132",[91,913,914],{},"110",[73,916,917,920,923,926,929],{},[91,918,919],{},"家具业务",[91,921,922],{},"79(2)",[91,924,925],{},"72",[91,927,928],{},"46(2)",[91,930,931],{},"41",[73,933,934,937,940,943,946],{},[91,935,936],{},"国际冰雪皇后",[91,938,939],{},"56",[91,941,942],{},"58",[91,944,945],{},"35",[91,947,945],{},[73,949,950,953,956,959,962],{},[91,951,952],{},"珠宝",[91,954,955],{},"51",[91,957,958],{},"39",[91,960,961],{},"31",[91,963,964],{},"23",[73,966,967,970,973,976,979],{},[91,968,969],{},"斯科特费泽（不含金融业务）",[91,971,972],{},"147",[91,974,975],{},"137",[91,977,978],{},"92",[91,980,981],{},"85",[73,983,984,987,990,993,996],{},[91,985,986],{},"喜诗糖果",[91,988,989],{},"74",[91,991,992],{},"62",[91,994,995],{},"46",[91,997,318],{},[73,999,1000,1003,1005,1008,1011],{},[91,1001,1002],{},"鞋业集团",[91,1004,840],{},[91,1006,1007],{},"33",[91,1009,1010],{},"11",[91,1012,964],{},[73,1014,1015,1018,1021,1024,1027],{},[91,1016,1017],{},"购买法会计调整",[91,1019,1020],{},"(739)",[91,1022,1023],{},"(123)",[91,1025,1026],{},"(648)",[91,1028,1029],{},"(118)",[73,1031,1032,1035,1038,1041,1044],{},[91,1033,1034],{},"利息费用(3)",[91,1036,1037],{},"(109)",[91,1039,1040],{},"(100)",[91,1042,1043],{},"(70)",[91,1045,1046],{},"(63)",[73,1048,1049,1052,1055,1057,1060],{},[91,1050,1051],{},"股东指定捐赠",[91,1053,1054],{},"(17)",[91,1056,1054],{},[91,1058,1059],{},"(11)",[91,1061,1059],{},[73,1063,1064,1067,1069,1072,1074],{},[91,1065,1066],{},"其他",[91,1068,1007],{},[91,1070,1071],{},"60(4)",[91,1073,304],{},[91,1075,1076],{},"45(4)",[73,1078,1079,1081,1083,1085,1087],{},[91,1080],{},[91,1082],{},[91,1084],{},[91,1086],{},[91,1088],{},[73,1090,1091,1094,1097,1100,1103],{},[91,1092,1093],{},"经营收益",[91,1095,1096],{},"1,085",[91,1098,1099],{},"1,899",[91,1101,1102],{},"671",[91,1104,1105],{},"1,277",[73,1107,1108,1111,1114,1117,1120],{},[91,1109,1110],{},"投资资本利得",[91,1112,1113],{},"1,365",[91,1115,1116],{},"2,415",[91,1118,1119],{},"886",[91,1121,1122],{},"1,553",[73,1124,1125,1127,1129,1131,1133],{},[91,1126],{},[91,1128],{},[91,1130],{},[91,1132],{},[91,1134],{},[73,1136,1137,1140,1143,1146,1149],{},[91,1138,1139],{},"所有实体合计收益",[91,1141,1142],{},"$2,450",[91,1144,1145],{},"$4,314",[91,1147,1148],{},"$1,557",[91,1150,1151],{},"$2,830",[14,1153,1154],{},[36,1155,1156],{},"(1) 包含公务机航空自1998年8月7日起的收益。",[14,1158,1159],{},[36,1160,1161],{},"(2) 包含乔丹家具自1999年11月13日起的收益。",[14,1163,1164],{},[36,1165,1166],{},"(3) 不含金融业务的利息费用。",[14,1168,1169],{},[36,1170,1171],{},"(4) 包含通用再保险1998年内10天的经营数据。",[14,1173,1174],{},"1999年，我们旗下几乎所有的制造、零售和服务业务都取得了优异的成绩。唯一的例外是Dexter鞋业，但它的问题并非出在管理上：在技能、干劲和敬业精神方面，Dexter的管理层与我们其他经理人毫无二致。问题在于我们的鞋子主要在美国生产，而美国本土厂商要想有效地与海外竞争已变得极为困难。1999年，美国消费的13亿双鞋中约93%来自进口——那里的劳动力成本低得惊人。",[14,1176,1177],{},"把Dexter和布朗鞋业 (H.H. Brown) 加在一起，我们目前是美国最大的本土制鞋商，而且未来很可能继续保持这一地位。我们在美国工厂拥有忠诚且技艺精湛的工人，我们希望保住这里的每一个岗位。但为了维持竞争力，我们不得不增加海外采购的比重。在这个过程中，我们发生了可观的遣散和搬迁费用，这些费用已包含在上表的收益中。",[14,1179,1180],{},"几年前，我们拥有200家门店的赫兹伯格钻石 (Helzberg’s) 需要做出运营调整以恢复利润率。在杰夫·科门特 (Jeff Comment) 的领导下，任务完成了，利润大幅反弹。在鞋业方面，我们有哈罗德·阿尔方德 (Harold Alfond)、彼得·伦德 (Peter Lunder)、弗兰克·鲁尼 (Frank Rooney) 和吉姆·伊斯勒 (Jim Issler) 在掌舵，我相信未来几年也会看到类似的改善。",[14,1182,1183],{},"喜诗糖果值得特别一提，因为去年它创下了24%的经营利润率新纪录。自从我们在1972年以2,500万美元买下喜诗以来，它已累计赚取了8.57亿美元的税前利润。而且尽管业务持续增长，它几乎不需要额外的资本投入。这一切要归功于查克·哈金斯 (Chuck Huggins)。在买下公司的第一天，查理和我就把公司交给他管理，他对产品品质和亲切服务近乎狂热的坚持，让顾客、员工和股东都受益匪浅。",[14,1185,1186],{},"Chuck一年比一年出色。当他46岁接手喜诗时，公司的税前利润（以百万美元为单位）大约是他年龄的10%。如今他74岁了，这个比率飙升到了100%。在发现这个有趣的数学关系之后——姑且称之为”哈金斯定律”——查理和我现在一想到Chuck的生日快到了，就暗自窃喜不已。",[232,1188],{},[14,1190,1191],{},"有关我们各项业务的更多详细信息，请参阅年报第39至54页，那里还有按GAAP标准编制的分部收益。此外，在第63至69页，我们按非GAAP基础将伯克希尔的财务数据重新编排为四个部门，这种呈现方式与查理和我思考公司的方式一致。",[53,1193,1194],{"id":1194},"透视收益",[14,1196,1197],{},"在伯克希尔，报告收益不足以衡量真正的经济进步，部分原因在于我们前面表格中列示的数字只包含了被投资公司分配给我们的股利——而这些股利通常只占我们按持股比例应享收益的一小部分。这并不是说我们对这种分配方式有什么意见，恰恰相反：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那部分更有价值。道理很简单：我们的被投资公司往往有机会以很高的回报率将收益进行再投资。既然如此，我们何必要求它们把钱分出来呢？",[14,1199,1200],{},"不过，为了更接近真实地反映伯克希尔的经济状况，我们采用了”透视收益“的概念。我们的计算方法是：(1) 前一部分报告的经营收益，加上 (2) 主要被投资公司的留存经营收益中属于我们的份额——按GAAP准则这部分不会体现在我们的利润中，减去 (3) 如果这些被投资公司的留存收益作为股利分配给我们，伯克希尔需要缴纳的估算税款。在此计算”经营收益”时，我们剔除了购买法会计调整、资本利得以及其他重大非经常性项目。",[14,1202,1203],{},"下表列出了1999年的透视收益，但我要提醒各位，这些数字只能是近似值，因为其中涉及大量的主观判断。（这些被投资公司支付给我们的股利已包含在第13页列示的经营收益中，主要归入”保险集团：净投资收益”项下。）",[67,1205,1206,1219],{},[70,1207,1208],{},[73,1209,1210,1213,1216],{},[76,1211,1212],{},"伯克希尔主要投资公司",[76,1214,1215],{},"年末大约持股比例(1)",[76,1217,1218],{},"伯克希尔应占未分配经营收益（百万美元）(2)",[86,1220,1221,1232,1243,1254,1264,1274,1285,1296,1306,1316,1326],{},[73,1222,1223,1226,1229],{},[91,1224,1225],{},"美国运通 (American Express)",[91,1227,1228],{},"11.3%",[91,1230,1231],{},"228",[73,1233,1234,1237,1240],{},[91,1235,1236],{},"可口可乐 (Coca-Cola)",[91,1238,1239],{},"8.1%",[91,1241,1242],{},"144",[73,1244,1245,1248,1251],{},[91,1246,1247],{},"房地美 (Freddie Mac)",[91,1249,1250],{},"8.6%",[91,1252,1253],{},"127",[73,1255,1256,1259,1262],{},[91,1257,1258],{},"吉列 (Gillette)",[91,1260,1261],{},"9.0%",[91,1263,874],{},[73,1265,1266,1269,1272],{},[91,1267,1268],{},"M&T银行 (M&T Bank)",[91,1270,1271],{},"6.5%",[91,1273,840],{},[73,1275,1276,1279,1282],{},[91,1277,1278],{},"华盛顿邮报 (Washington Post)",[91,1280,1281],{},"18.3%",[91,1283,1284],{},"30",[73,1286,1287,1290,1293],{},[91,1288,1289],{},"富国银行 (Wells Fargo)",[91,1291,1292],{},"3.6%",[91,1294,1295],{},"108",[73,1297,1298,1301,1303],{},[91,1299,1300],{},"伯克希尔应占主要被投资公司未分配收益合计",[91,1302],{},[91,1304,1305],{},"707",[73,1307,1308,1311,1313],{},[91,1309,1310],{},"上述未分配收益的假设税款(3)",[91,1312],{},[91,1314,1315],{},"(99)",[73,1317,1318,1321,1323],{},[91,1319,1320],{},"伯克希尔报告经营收益",[91,1322],{},[91,1324,1325],{},"1,318",[73,1327,1328,1331,1333],{},[91,1329,1330],{},"伯克希尔透视收益合计",[91,1332],{},[91,1334,1335],{},"$1,926",[1337,1338,1339,1343,1346],"ol",{},[1340,1341,1342],"li",{},"不包括可分配给少数股东权益的股份。",[1340,1344,1345],{},"以年平均持股比例计算。",[1340,1347,1348],{},"采用14%的税率，即伯克希尔收到股利时适用的税率。",[53,1350,1351],{"id":1351},"投资业务",[14,1353,1354],{},"以下是我们的普通股投资组合。1999年末市值超过7.5亿美元的投资逐项列示如下。",[67,1356,1357,1373],{},[70,1358,1359],{},[73,1360,1361,1364,1367,1370],{},[76,1362,1363],{},"股份数量",[76,1365,1366],{},"公司名称",[76,1368,1369],{},"成本*（百万美元，1999\u002F12\u002F31）",[76,1371,1372],{},"市值（百万美元，1999\u002F12\u002F31）",[86,1374,1375,1389,1403,1417,1431,1444,1458,1470,1480],{},[73,1376,1377,1380,1383,1386],{},[91,1378,1379],{},"50,536,900",[91,1381,1382],{},"美国运通",[91,1384,1385],{},"$1,470",[91,1387,1388],{},"$8,402",[73,1390,1391,1394,1397,1400],{},[91,1392,1393],{},"200,000,000",[91,1395,1396],{},"可口可乐",[91,1398,1399],{},"1,299",[91,1401,1402],{},"11,650",[73,1404,1405,1408,1411,1414],{},[91,1406,1407],{},"59,559,300",[91,1409,1410],{},"房地美",[91,1412,1413],{},"294",[91,1415,1416],{},"2,803",[73,1418,1419,1422,1425,1428],{},[91,1420,1421],{},"96,000,000",[91,1423,1424],{},"吉列",[91,1426,1427],{},"600",[91,1429,1430],{},"3,954",[73,1432,1433,1436,1439,1441],{},[91,1434,1435],{},"1,727,765",[91,1437,1438],{},"华盛顿邮报",[91,1440,1010],{},[91,1442,1443],{},"960",[73,1445,1446,1449,1452,1455],{},[91,1447,1448],{},"59,136,680",[91,1450,1451],{},"富国银行",[91,1453,1454],{},"349",[91,1456,1457],{},"2,391",[73,1459,1460,1462,1465,1468],{},[91,1461,1066],{},[91,1463,1464],{},"4,180",[91,1466,1467],{},"6,848",[91,1469],{},[73,1471,1472,1474,1476,1478],{},[91,1473],{},[91,1475],{},[91,1477],{},[91,1479],{},[73,1481,1482,1485,1488,1491],{},[91,1483,1484],{},"普通股合计",[91,1486,1487],{},"$8,203",[91,1489,1490],{},"$37,008",[91,1492],{},[1494,1495,1496],"ul",{},[1340,1497,1498],{},"为计税基础的成本，合计比GAAP成本低6.91亿美元。",[14,1500,1501,1502,1505],{},"1999年我们几乎没有调整投资组合。正如前面提到的，我们重仓持有的几家公司去年的经营业绩令人失望。尽管如此，我们相信这些公司拥有经久不衰的重要竞争优势。这种特质——有利于长期投资回报——是查理和我偶尔自信能够识别出来的。但更多时候我们做不到——至少没有很高的把握。顺便说一下，这也解释了为什么我们不持有科技股，尽管我们和大家一样认为科技产品和服务将深刻改变我们的社会。我们的问题——而且这个问题无法靠恶补来解决——在于，我们无法判断科技行业中的哪些参与者拥有真正",[36,1503,1504],{},"持久","的竞争优势。",[14,1507,1508],{},"不过我必须补充一点：缺乏科技方面的洞察力并不会让我们感到沮丧。毕竟，这个世界上有太多领域是查理和我承认自己没什么特殊资本配置能力的。比方说，评估专利权、生产工艺或地质勘探前景，我们根本就插不上话。所以我们干脆就不去碰那些领域的判断。",[14,1510,1511],{},"如果说我们有什么本事的话，那就是我们清楚知道自己什么时候在能力圈内游刃有余，什么时候正在接近边界。预测那些在快速变化行业中经营的公司的长期经济前景，显然远远超出了我们的能力圈。如果有人宣称自己在那些行业里有预测能力——而且股市的走势似乎也验证了他们的说法——我们既不羡慕，也不模仿。相反，我们只是坚守自己懂的东西。如果有朝一日偏离了轨道，那也一定是不小心的，而绝不是因为我们急躁了、用希望取代了理性。值得庆幸的是，在我们画定的能力圈内，伯克希尔几乎可以肯定会不时遇到好的投资机会。",[14,1513,1514],{},"眼下，我们已经持有的这些优秀企业的股价并不那么诱人。换句话说，我们对企业本身的感觉比对它们的股价要好得多。这就是为什么我们没有增持现有持仓。不过我们也没有大幅减仓：如果要在”价格舒适但企业有疑问”和”企业舒适但价格有疑问”之间做选择，我们更倾向后者。当然，真正让我们两眼放光的，是企业令人满意、价格也令人满意的标的。",[14,1516,1517],{},"我们对自己所持股票价格的保留态度，同样适用于整个股市的估值水平。我们从不试图预测股市下个月或明年的走向，现在也不例外。但正如我在随附的文章中指出的，股票投资者目前对未来回报的预期似乎过于乐观了。",[14,1519,1520],{},"我们认为企业利润的增长在很大程度上与国家的GDP增速挂钩，而我们预计GDP的实际增长率大约为3%。在此基础上，我们假设通胀率为2%。查理和我对这个2%的数字并没有特别大的信心，但这是市场的共识：通胀保值债券 (TIPS) 的收益率比标准国债大约低两个百分点，如果你认为通胀率会更高，你只需买入TIPS并做空普通国债就能获利。",[14,1522,1523],{},"如果企业利润确实随GDP增长，大约以5%的速度增长，那么美国企业的估值也不太可能比这个速度涨得更多。再加上股利，你得出的股票回报率将远远低于大多数投资者过去的实际收益或对未来的预期。而当投资者的预期变得更加理性时——几乎可以肯定最终会如此——市场的调整恐怕会相当剧烈，尤其是那些投机气氛最浓厚的板块。",[14,1525,1526],{},"总有一天，伯克希尔将有机会把大笔资金投入股市——对此我们充满信心。但就像那首歌唱的，“谁知道在何处？谁知道在何时？”与此同时，如果有人开始跟你解释这个”迷人”市场中那些真正疯狂的部分到底是怎么回事，你不妨记住另一首歌的歌词：“笨蛋总为不合理的事找理由，聪明人则避而远之。”",[53,1528,1529],{"id":1529},"股票回购",[14,1531,1532],{},"最近，有一些股东建议伯克希尔回购自家股票。大部分建议的理由还算合理，但也有少数逻辑站不住脚。",[14,1534,1535],{},"只有一种情况下公司回购股票才是明智的：第一，公司在满足短期经营需要之后仍有富余资金——包括现金和合理的借贷额度；第二，公司股票在市场上的售价低于以保守方式计算的内在价值。这里我要加一条但书：股东们必须已获得足够的信息来估算这个价值。否则，内部人就可以利用信息不对称的优势，以远低于真实价值的价格买下不知情合伙人的股份。这种事我们极少数情况下见过。当然，通常来说，操纵手段是用来拉高而非压低股价的。",[14,1537,1538],{},"我说的”资金需求”有两种：第一种是维护性支出，即公司为保持竞争地位所必须做的开支（比如赫兹伯格钻石门店的翻新）；第二种是可选的增长性支出，管理层预期每投入一块钱能创造超过一块钱的价值（比如威利家具向爱达荷州的扩张）。",[14,1540,1541],{},"当可用资金超过上述两种需求时，一家拥有追求增长的股东群的公司可以选择收购新业务或回购股份。如果公司股价远低于内在价值，回购通常最有意义。上世纪70年代中期，回购的智慧简直是在向管理层大声呐喊，但几乎没人理会。在那少数响应的公司中，大多数都让它们的股东比采取其他替代方案获得了更多财富。确实，在整个70年代（以及此后断断续续好几年），我们专门寻找大量回购自家股份的公司。这往往是一个信号：公司被低估了，而且有一个以股东利益为导向的管理层。",[14,1543,1544,1545,1548],{},"那个时代已经过去了。如今，回购蔚然成风，但在我们看来，太多的回购出于一个虽未明说但并不光彩的动机：拉抬或支撑股价。选择在今天卖出的股东当然会受益——不管买家是谁、动机何在。但对那些",[36,1546,1547],{},"打算继续持有","的股东来说，以高于内在价值的价格回购股份是有害的。花1.10美元买一张1美元钞票的生意，对那些留下来的人可没什么好处。",[14,1550,1551],{},"查理和我承认，我们有把握估算内在价值的股票只占流通股的一小部分，而且即便是这些，我们用的也是一个价值区间，而非某个伪精确的数字。尽管如此，在我们看来，目前很多进行回购的公司都在以牺牲留下来的股东利益为代价，让卖出股份离开的股东占了便宜。为这些公司说句公道话：CEO对自家公司乐观一些也是人之常情。而且他们对公司的了解确实比我多得多。不过我总觉得，当今太多的回购行为不是出于提升每股价值的考量，而更多是管理层想要”展现信心”或赶时髦。",[14,1553,1554],{},"有时候，公司还会说回购是为了抵消低价行权的股票期权所增发的股份。这种”高买低卖”的策略是很多不幸的投资者也用过的——但人家绝不是故意的！管理层们却似乎对这种明显损害公司的行为乐此不疲。",[14,1556,1557],{},"当然，期权激励和股票回购各自都可能是合理的——但合理的前提绝不是因为二者之间有什么逻辑关联。理性地说，公司回购或发行股票的决定应该独立判断。仅仅因为发行了股票来满足期权行权——或出于任何其他原因——并不意味着公司就应该以高于内在价值的价格回购股票。同样，如果股价远低于内在价值，就应该积极回购——不管公司之前是否发行过股票（或者未来可能因为已发行的期权而被迫发行）。",[14,1559,1560,1561,1564],{},"各位也应该知道，过去有些时候我在该回购时犯了",[36,1562,1563],{},"不回购","的错误。要么是我对伯克希尔价值的评估过于保守，要么是我对其他资金用途太过着迷了。因此我们错过了一些机会——不过当时伯克希尔的交易量实在太小，即使回购也买不了多少，对每股价值的提升效果微乎其微。（举例来说，假设以低于每股内在价值25%的价格买回公司2%的流通股份，最多也只能让每股内在价值增加0.5%——如果这些资金本来可以用于其他创造价值的投资，实际提升还会更小。）",[14,1566,1567],{},"我们收到的一些信件明显暗示，写信人并不在乎内在价值的考量，只是希望我们高调宣布回购意向，好让股价上涨（或停止下跌）。如果写信人明天就打算卖出，他的想法倒是挺合理——至少对他自己而言！但如果他打算继续持有，那他应该希望股价下跌，而且交易量足够大，好让我们大量买入。这是回购计划唯一能给持续持有的股东带来真正好处的方式。",[14,1569,1570],{},"除非我们认为伯克希尔的股票以保守估计明显低于内在价值在交易，否则我们不会回购。我们也不会试图做任何事来推高或压低股价。（无论公开还是私下，我从未告诉过任何人该买或该卖伯克希尔的股票。）相反，我们会向所有股东——以及潜在股东——提供与估值相关的信息，就像我们如果处于相反位置时希望获得的那些信息一样。",[14,1572,1573],{},"最近，当A股跌到45,000美元以下时，我们曾考虑过回购。但我们决定暂缓——即使我们确实打算回购——至少等股东们有机会看到这份年报之后再说。如果我们确实认为回购是明智的，我们一般不会通过纽约证券交易所 (NYSE) 挂单竞价。相反，我们会接受直接向我们提出的卖出要约，价格等于或低于纽交所的买入报价。如果你有意卖出股份，请让你的经纪人拨打402-346-1400联系马克·米勒德 (Mark Millard)。成交后，经纪人可以选择在第三市场或纽交所进行申报。如果B股的折价超过A股的2%，我们会优先回购B股。我们不接受少于10股A股或50股B股的交易。",[14,1575,1576,1577,1580],{},"请注意一点：我们",[36,1578,1579],{},"绝不会","以阻止伯克希尔股价下跌为目的来回购股份。如果我们回购，纯粹是因为我们认为这是一种有吸引力的资金运用方式。在最好的情况下，回购对我们股票内在价值未来增长率的影响也只是非常微小的。",[53,1582,1583],{"id":1583},"股东指定捐赠计划",[14,1585,1586],{},"大约97.3%的合格股份参与了伯克希尔1999年的股东指定捐赠计划，捐赠总额为1,720万美元。",[14,1588,1589],{},"累计过去19年来，伯克希尔已按照股东的意愿累计捐赠了1.47亿美元。伯克希尔旗下子公司也各自进行慈善捐赠，延续着它们被收购之前就已存在的慈善传统（只是前任所有者的个人捐赠责任由他们自己承担）。总计来看，1999年我们的子公司共捐赠了1,380万美元，其中包括250万美元的实物捐赠。",[14,1591,1592],{},[36,1593,1594],{},"要参加未来的计划，你必须持有登记在本人名下（而非经纪人、银行或托管机构名下）的A类股份。在2000年8月31日之前未完成登记的股份将无法参与2000年的计划。当你收到我们寄出的捐赠表格时，请及时填写寄回，以免搁置遗忘。逾期收到的表格恕不受理。",[53,1596,1597],{"id":1597},"年度股东大会",[14,1599,1600],{},"今年的资本家伍德斯托克周末的形式将与往年略有不同。我们不得不做出改变，因为过去三年一直为我们服务的阿克萨本体育馆 (Aksarben Coliseum) 正在逐步关闭。因此，我们将迁移至市政礼堂 (Civic Auditorium)（位于首都大道18街和19街之间，双树酒店后面）——这是奥马哈唯一一个能提供我们所需空间的场馆。",[14,1602,1603],{},"不过，市政礼堂位于奥马哈市中心，如果在工作日在那里开会，停车和交通将是一场噩梦。因此我们决定在4月29日周六召开大会，大门早上7点开放，电影8点半开始放映，正式会议9点半开始。和往年一样，会议将一直进行到下午3点半，中午有短暂的休息用餐时间，市政礼堂内设有餐饮供应点。",[14,1605,1606],{},"随年报附上的委托投票材料中有一份附件，说明了如何获取参加股东大会及其他活动所需的入场凭证。至于机票、酒店和租车预订，我们再次请美国运通 (American Express) (800-799-6634) 为大家提供特别协助。按照惯例，我们将安排巴士在各大酒店和会场之间接送。会后，巴士将往返于酒店、内布拉斯加家具店、波仙珠宝和机场之间。即便如此，自己有辆车可能还是更方便。",[14,1608,1609,1610,1613],{},"2002年和2003年的股东大会已安排在惯例的五月第一个周六。不过2001年，市政礼堂在那个周六已经被预定了，所以我们将改在4月28日开会。市政礼堂在周末应该能很好地满足我们的需求——届时附近的停车场和街道上将有充足的车位。我们还能大幅扩展展商的场地。于是，我克服了自己一贯的商业矜持，将为大家在市政礼堂展示琳琅满目的伯克希尔产品供你们",[36,1611,1612],{},"购买","。作为参照，1999年股东们共买走了3,059磅喜诗糖果、16,155美元的世界图书百科全书及相关产品、1,928双Dexter鞋子、895套Quikut刀具、1,752颗印有伯克希尔标志的高尔夫球以及3,446件伯克希尔服饰。我相信你们能做得更好。",[14,1615,1616],{},"去年，我们还开始在会场销售至少八个公务机部分所有权份额。今年周六和周日，我们将再次在奥马哈机场展示一系列机型供大家参观。请到市政礼堂向EJA的代表咨询参观事宜。",[14,1618,1619],{},"冰雪皇后 (Dairy Queen) 也将在市政礼堂设摊，并再次将全部收入捐赠给儿童奇迹联盟 (Children’s Miracle Network)。去年我们卖出了4,586根Dilly冰淇淋棒、软糖棒和香草\u002F橘子味冰淇淋棒。此外，盖可保险也将设立展位，由来自全国各地的多位顶级销售顾问现场为大家提供汽车保险报价。在大多数情况下，盖可保险可以为你提供特别的股东折扣。带上你现有保险的详细资料过来，看看我们能否帮你省下一笔钱。",[14,1621,1622],{},"最后，阿吉特·贾恩和他的同事将在现场提供无佣金年金和超高额度的责任保险——这种额度在别的地方几乎找不到。找阿吉特聊聊，了解一下如何保护你自己和家人免受1,000万美元理赔判决的冲击。",[14,1624,1625],{},"内布拉斯加家具店新装修的综合卖场坐落在72街道奇街与太平洋街之间一块75英亩的地块上，工作日营业时间为上午10点至晚上9点，周六周日为上午10点至下午6点。这里提供种类无与伦比的商品——家具、电子产品、家电、地毯和电脑——全部以无可匹敌的价格出售。1999年，内布拉斯加家具店仅在72街这一个店就做了超过3亿美元的生意，在一个只有67.5万人口的都会区里，这简直是一个商业奇迹。4月27日（周四）至5月1日（周一）期间，任何出示股东大会凭证的股东都可以享受通常只提供给员工的折扣。这项优惠推出这几年来销售效果惊人。去年五天的”伯克希尔周末”期间，内布拉斯加家具店的营业额达到798万美元，比1998年增长26%，比1997年增长51%。",[14,1627,1628,1629,1632],{},"波仙珠宝——全美最大的珠宝单店，仅次于蒂芙尼 (Tiffany) 的曼哈顿旗舰店——将举办两场股东专属活动。第一场是4月28日（周五）下午6点至晚上10点的香槟甜点派对。第二场大型盛会在4月30日（周日）上午9点至下午6点举行。当天，查理和我将亲临现场，在",[36,1630,1631],{},"购物小票","上签名。从周四到周一都将提供股东优惠价，因此如果你想避开周五晚上和周日最拥挤的人潮，可以选择其他时间前来，记得表明股东身份。周六我们营业到晚上7点。波仙珠宝的毛利率比其主要竞争对手足足低了20个百分点，所以请做好被我们的价格和品类双重震撼的准备吧。",[14,1634,1635],{},"在波仙珠宝店外的商场区域，桥牌史上最伟大的牌手鲍勃·哈曼 (Bob Hamman) 将于周日再次与股东们切磋牌技。我们还会安排其他几位高手在另外几张牌桌上与大家交流。去年牌桌不够用，今年我们会解决这个问题。",[14,1637,1638],{},"两度全美国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 也将再次在商场区域蒙眼迎战所有挑战者。他告诉我，他从来没有在蒙眼状态下同时对弈超过四盘，但今年可能会尝试提高到五盘甚至六盘。如果你是棋迷，去挑战Patrick吧——不过下棋之前记得先检查一下他的蒙眼布。",[14,1640,1641,1642,1645],{},"我最爱的Gorat’s牛排馆将于4月30日（周日）再次专门为伯克希尔股东开门营业，从下午4点一直供应到午夜左右。请记住，周日去Gorat’s必须预约。要预约请在4月3日（",[36,1643,1644],{},"之后","，不要提前）拨打402-551-3733。如果周日订满了，可以试试你在奥马哈逗留期间的其他晚上。我大约每周去Gorat’s做一次”品质检测”，可以向各位报告，他们的带骨丁字牛排（配双份薯饼）仍然是全美无敌的。",[14,1647,1648],{},"照例，周六晚上7点在罗森布拉特体育馆 (Rosenblatt Stadium) 将举行棒球赛。今年奥马哈金钉鞋队 (Omaha Golden Spikes) 将对阵爱荷华小熊队 (Iowa Cubs)。记得早点来，因为好戏一开始就上演。去年到场的人都亲眼看到了你们的董事长给厄尼·班克斯 (Ernie Banks) 投球。",[14,1650,1651],{},"那场对决堪称体育界期待已久的巅峰之战。开头几球——算不上我的最佳水平，但话说回来，我什么时候使出过真本事呢？——之后，我故意朝Ernie扔了一个近身球，好让他知道谁才是老大。Ernie立刻冲向投手丘，我也毫不示弱冲向本垒板。不过冲突最终没有爆发——因为我们在跑到对方面前就已经精疲力尽了。",[14,1653,1654],{},"Ernie对去年的表现很不满意，整个冬天都在研究比赛录像。你们可能知道，Ernie在小熊队的职业生涯中打出过512支全垒打。既然他已经发现了我投球动作中的致命破绽，他打算在4月29日挥出第513支。不过我也没闲着，我已经学会了新的方法来伪装我的”飘蝶球”。来现场看看这场大对决吧。",[14,1656,1657],{},"我还得补充一点：我已经让Ernie保证不会朝我打回头球，因为我的反应速度根本来不及闪躲。我的反应神经跟伍迪·艾伦 (Woody Allen) 有得一拼——据说他的反应慢到曾经被两个人用手推着的车给撞到。",[14,1659,1660],{},"我们的委托投票声明中包含了如何获取球赛门票的说明，以及大量有助于你们享受奥马哈之旅的其他信息。欢迎来到首都大道的资本家嘉年华！",[14,1662,1663],{},"沃伦·巴菲特",[14,1665,1666],{},"董事会主席",[14,1668,1669],{},"2000年3月1日",{"title":1671,"searchDepth":1672,"depth":1672,"links":1673},"",2,[1674,1676,1677,1678,1679,1680,1681,1682,1683,1684,1685,1686,1687],{"id":55,"depth":1675,"text":55},3,{"id":206,"depth":1675,"text":206},{"id":247,"depth":1675,"text":247},{"id":428,"depth":1675,"text":429},{"id":585,"depth":1675,"text":585},{"id":626,"depth":1675,"text":627},{"id":688,"depth":1675,"text":688},{"id":733,"depth":1675,"text":733},{"id":1194,"depth":1675,"text":1194},{"id":1351,"depth":1675,"text":1351},{"id":1529,"depth":1675,"text":1529},{"id":1583,"depth":1675,"text":1583},{"id":1597,"depth":1675,"text":1597},"致股东信",null,"1999年巴菲特致股东信，分析账面价值微增、互联网泡沫警告及投资策略调整","md",{},true,70,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1999-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1690},"1999 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巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1989,"slug":1990,"category":1711,"order":1987},"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":1992,"slug":1993,"category":1715,"order":1987},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1995,"slug":1996,"category":1706,"order":1997},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1999,"slug":2000,"category":1711,"order":1997},"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":2002,"slug":2003,"category":1715,"order":1997},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2005,"slug":2006,"category":1706,"order":2007},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":2009,"slug":2010,"category":1711,"order":2007},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":2012,"slug":2013,"category":1715,"order":2007},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2015,"slug":2016,"category":1688,"order":2017},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":2019,"slug":2020,"category":1711,"order":2017},"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":2022,"slug":2023,"category":1715,"order":2017},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2025,"slug":2026,"category":1706,"order":2027},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":2029,"slug":2030,"category":1711,"order":2027},"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":2032,"slug":2033,"category":1715,"order":2027},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2035,"slug":2036,"category":1706,"order":2037},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":2039,"slug":2040,"category":1711,"order":2037},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":2042,"slug":2043,"category":1688,"order":2044},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":2046,"slug":2047,"category":1711,"order":2044},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":2049,"slug":2050,"category":1706,"order":2051},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":2053,"slug":2054,"category":1711,"order":2051},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":2056,"slug":2057,"category":1706,"order":2058},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":2060,"slug":2061,"category":1711,"order":2058},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":2063,"slug":2064,"category":1706,"order":2065},"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":2067,"slug":2068,"category":1711,"order":2065},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":2070,"slug":2071,"category":1706,"order":2072},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":2074,"slug":2075,"category":1711,"order":2072},"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":2077,"slug":2078,"category":1688,"order":2079},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2081,"slug":2082,"category":1711,"order":2079},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2084,"slug":2085,"category":1706,"order":2086},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2088,"slug":2089,"category":1711,"order":2086},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2091,"slug":2092,"category":1688,"order":2093},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2095,"slug":2096,"category":1711,"order":2093},"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":2098,"slug":2099,"category":1688,"order":2100},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2102,"slug":2103,"category":1711,"order":2100},"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":2105,"slug":2106,"category":1688,"order":2107},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2109,"slug":2110,"category":1711,"order":2107},"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":2112,"slug":2113,"category":1688,"order":2114},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2116,"slug":2117,"category":1711,"order":2114},"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":2119,"slug":2120,"category":1688,"order":2121},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2123,"slug":2124,"category":1711,"order":2121},"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":2126,"slug":2127,"category":1688,"order":2128},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2130,"slug":2131,"category":1711,"order":2128},"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":2133,"slug":2134,"category":1688,"order":2135},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2137,"slug":2138,"category":1711,"order":2135},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2140,"slug":2141,"category":1688,"order":2142},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2144,"slug":2145,"category":1711,"order":2142},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2147,"slug":2148,"category":1688,"order":2149},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2151,"slug":2152,"category":1711,"order":2149},"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":2154,"slug":2155,"category":1688,"order":2156},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2158,"slug":2159,"category":1711,"order":2156},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2161,"slug":2162,"category":1688,"order":2163},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2165,"slug":2166,"category":1711,"order":2163},"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":2168,"slug":2169,"category":1688,"order":2170},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2172,"slug":2173,"category":1711,"order":2170},"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":2175,"slug":2176,"category":1688,"order":2177},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2179,"slug":2180,"category":1711,"order":2177},"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":2182,"slug":2183,"category":1688,"order":2184},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2186,"slug":2187,"category":1711,"order":2184},"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":2189,"slug":2190,"category":1688,"order":2191},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2193,"slug":2194,"category":1711,"order":2191},"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":2196,"slug":2197,"category":1688,"order":2198},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2200,"slug":2201,"category":1711,"order":2198},"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":2203,"slug":2204,"category":1688,"order":2205},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2207,"slug":2208,"category":1711,"order":2205},"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":2210,"slug":2211,"category":1688,"order":2212},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2214,"slug":2215,"category":1711,"order":2212},"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":2217,"slug":2218,"category":1688,"order":2219},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2221,"slug":2222,"category":1711,"order":2219},"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":2224,"slug":2225,"category":1688,"order":2226},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2228,"slug":2229,"category":1711,"order":2226},"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":2231,"slug":2232,"category":1688,"order":2233},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2235,"slug":2236,"category":1711,"order":2233},"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":2238,"slug":2239,"category":1688,"order":2240},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2242,"slug":2243,"category":1711,"order":2240},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2245,"slug":2246,"category":1688,"order":2247},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2249,"slug":2250,"category":1711,"order":2247},"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":2252,"slug":2253,"category":1688,"order":2254},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2256,"slug":2257,"category":1711,"order":2254},"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":2259,"slug":2260,"category":1688,"order":2261},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2263,"slug":2264,"category":1711,"order":2261},"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":2266,"slug":2267,"category":1688,"order":2268},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2270,"slug":2271,"category":1711,"order":2268},"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":2273,"slug":2274,"category":1688,"order":2275},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2277,"slug":2278,"category":1711,"order":2275},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2280,"slug":2281,"category":1688,"order":2282},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2284,"slug":2285,"category":1711,"order":2282},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":5,"slug":1698,"category":1688,"order":1694},{"title":2288,"slug":2289,"category":1711,"order":1694},"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":2291,"slug":2292,"category":1688,"order":2293},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2295,"slug":2296,"category":1711,"order":2293},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2298,"slug":2299,"category":1688,"order":2300},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2302,"slug":2303,"category":1711,"order":2300},"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":2305,"slug":2306,"category":1688,"order":2307},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2309,"slug":2310,"category":1711,"order":2307},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2312,"slug":2313,"category":1688,"order":2314},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2316,"slug":2317,"category":1711,"order":2314},"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":2319,"slug":2320,"category":1688,"order":2321},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2323,"slug":2324,"category":1711,"order":2321},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2326,"slug":2327,"category":1688,"order":2328},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2330,"slug":2331,"category":1711,"order":2328},"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":2333,"slug":2334,"category":1688,"order":2335},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2337,"slug":2338,"category":1711,"order":2335},"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":2340,"slug":2341,"category":1688,"order":2342},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2344,"slug":2345,"category":1711,"order":2342},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2347,"slug":2348,"category":1688,"order":2349},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2351,"slug":2352,"category":1711,"order":2349},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2354,"slug":2355,"category":1688,"order":2356},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2358,"slug":2359,"category":1711,"order":2356},"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":2361,"slug":2362,"category":1688,"order":2363},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2365,"slug":2366,"category":1711,"order":2363},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2368,"slug":2369,"category":1688,"order":2370},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2372,"slug":2373,"category":1711,"order":2370},"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":2375,"slug":2376,"category":1688,"order":2377},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2379,"slug":2380,"category":1711,"order":2377},"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":2382,"slug":2383,"category":1688,"order":2384},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2386,"slug":2387,"category":1711,"order":2384},"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":2389,"slug":2390,"category":1688,"order":2391},"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":2393,"slug":2394,"category":1711,"order":2391},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2396,"slug":2397,"category":1688,"order":2398},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2400,"slug":2401,"category":1711,"order":2398},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2403,"slug":2404,"category":1688,"order":2405},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2407,"slug":2408,"category":1711,"order":2405},"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":2410,"slug":2411,"category":1688,"order":2412},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2414,"slug":2415,"category":1711,"order":2412},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2417,"slug":2418,"category":1688,"order":2419},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2421,"slug":2422,"category":1711,"order":2419},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2424,"slug":2425,"category":1688,"order":2426},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2428,"slug":2429,"category":1711,"order":2426},"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":2431,"slug":2432,"category":1688,"order":2433},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2435,"slug":2436,"category":1711,"order":2433},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2438,"slug":2439,"category":1688,"order":2440},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2442,"slug":2443,"category":1711,"order":2440},"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":2445,"slug":2446,"category":1688,"order":2447},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2449,"slug":2450,"category":1711,"order":2447},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2452,"slug":2453,"category":1688,"order":2454},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2456,"slug":2457,"category":1711,"order":2454},"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":2459,"slug":2460,"category":1688,"order":2461},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2463,"slug":2464,"category":1711,"order":2461},"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":2466,"slug":2467,"category":1688,"order":2468},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2470,"slug":2471,"category":1711,"order":2468},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2473,"slug":2474,"category":1688,"order":2475},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2477,"slug":2478,"category":1711,"order":2475},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2480,"slug":2481,"category":1688,"order":2482},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2484,"slug":2485,"category":1711,"order":2482},"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":2487,"slug":2488,"category":1688,"order":2489},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2491,"slug":2492,"category":1711,"order":2489},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2494,"slug":2495,"category":1688,"order":2496},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2498,"slug":2499,"category":1711,"order":2496},"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":2501,"slug":2502,"category":1711,"order":2503},"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":2505,"slug":2506,"category":1711,"order":2507},"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":2509,"slug":2510,"category":1711,"order":2511},"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":2513,"slug":2514,"category":1711,"order":2515},"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":2517,"slug":2518,"category":1711,"order":2519},"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":2521,"slug":2522,"category":1711,"order":2523},"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":2525,"slug":2526,"category":1711,"order":2527},"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":2529,"slug":2530,"category":1711,"order":2531},"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":2533,"slug":2534,"category":1711,"order":2535},"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":2537,"slug":2538,"category":1711,"order":2539},"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":2541,"slug":2542,"category":1711,"order":2543},"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":2545,"slug":2546,"category":1711,"order":2547},"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":2549,"slug":2550,"category":1711,"order":2551},"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":2553,"slug":2554,"category":1711,"order":2555},"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":2557,"slug":2558,"category":1711,"order":2559},"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":2561,"slug":2562,"category":1711,"order":2563},"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":2565,"slug":2566,"category":1711,"order":2567},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":2569,"slug":2570,"category":1711,"order":2571},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":2573,"slug":2574,"category":1711,"order":2575},"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":2577,"slug":2578,"category":1711,"order":2579},"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":2581,"slug":2582,"category":1711,"order":2583},"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":2585,"slug":2586,"category":1711,"order":2587},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":2589,"slug":2590,"category":1711,"order":2591},"巴菲特：2017年接受PBS 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