[{"data":1,"prerenderedAt":4341},["ShallowReactive",2],{"library-2003-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2805,"library-sidebar-dao":3807,"library-sidebar-models":4109},{"id":4,"title":5,"body":6,"category":2791,"date":2792,"description":2793,"extension":2794,"meta":2795,"navigation":2796,"order":2797,"path":2798,"seo":2799,"seoDescription":2793,"seoTitle":2800,"slug":2801,"stem":2802,"__hash__":2803,"_collection":2804},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2003-ba-fei-te-zhi-gu-dong-xin.md","2003 巴菲特致股东信",{"type":7,"value":8,"toc":2771},"minimark",[9,13,20,24,610,613,616,627,631,636,639,642,650,653,656,659,662,665,668,671,678,681,684,687,694,830,837,844,847,850,853,856,859,862,865,868,871,874,877,880,883,886,889,892,895,898,901,904,915,918,921,924,926,929,932,935,938,941,944,947,950,953,956,959,962,965,968,971,974,977,980,983,985,988,991,994,997,1000,1007,1014,1017,1024,1027,1030,1033,1036,1039,1042,1045,1048,1051,1054,1057,1060,1066,1073,1076,1282,1285,1288,1291,1298,1301,1304,1307,1314,1319,1322,1325,1330,1333,1336,1339,1342,1345,1348,1353,1355,1358,1361,1364,1445,1450,1453,1456,1459,1462,1465,1468,1471,1474,1476,1479,1482,1485,1644,1649,1652,1655,1660,1663,1668,1671,1674,1677,1679,1682,1685,1690,1693,1698,1701,1712,1715,1718,1721,1724,1727,1929,1934,1937,1941,1944,1949,2087,2092,2173,2180,2183,2282,2287,2301,2304,2307,2310,2315,2318,2321,2324,2327,2330,2333,2336,2339,2344,2563,2566,2569,2572,2575,2635,2638,2641,2644,2647,2650,2653,2655,2670,2673,2676,2679,2685,2688,2691,2694,2697,2700,2703,2706,2709,2712,2715,2718,2721,2728,2731,2734,2741,2744,2747,2750,2753,2756,2759,2762,2765,2768],[10,11,5],"h1",{"id":12},"_2003-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"注：以下表格刊登在年报正文的对页，信中有所引用。",[21,22,23],"h3",{"id":23},"伯克希尔与标普500指数业绩对比",[25,26,27,46],"table",{},[28,29,30],"thead",{},[31,32,33,37,40,43],"tr",{},[34,35,36],"th",{},"年份",[34,38,39],{},"伯克希尔每股账面价值年度变动百分比 (1)",[34,41,42],{},"含股息标普500指数年度变动百分比 (2)",[34,44,45],{},"相对结果 (1)-(2)",[47,48,49,64,78,92,105,119,133,147,161,175,189,203,217,230,244,257,271,285,299,312,326,340,352,365,378,392,406,420,432,446,460,473,487,501,515,529,543,557,570,583,597],"tbody",{},[31,50,51,55,58,61],{},[52,53,54],"td",{},"1965",[52,56,57],{},"23.8",[52,59,60],{},"10.0",[52,62,63],{},"13.8",[31,65,66,69,72,75],{},[52,67,68],{},"1966",[52,70,71],{},"20.3",[52,73,74],{},"(11.7)",[52,76,77],{},"32.0",[31,79,80,83,86,89],{},[52,81,82],{},"1967",[52,84,85],{},"11.0",[52,87,88],{},"30.9",[52,90,91],{},"(19.9)",[31,93,94,97,100,102],{},[52,95,96],{},"1968",[52,98,99],{},"19.0",[52,101,85],{},[52,103,104],{},"8.0",[31,106,107,110,113,116],{},[52,108,109],{},"1969",[52,111,112],{},"16.2",[52,114,115],{},"(8.4)",[52,117,118],{},"24.6",[31,120,121,124,127,130],{},[52,122,123],{},"1970",[52,125,126],{},"12.0",[52,128,129],{},"3.9",[52,131,132],{},"8.1",[31,134,135,138,141,144],{},[52,136,137],{},"1971",[52,139,140],{},"16.4",[52,142,143],{},"14.6",[52,145,146],{},"1.8",[31,148,149,152,155,158],{},[52,150,151],{},"1972",[52,153,154],{},"21.7",[52,156,157],{},"18.9",[52,159,160],{},"2.8",[31,162,163,166,169,172],{},[52,164,165],{},"1973",[52,167,168],{},"4.7",[52,170,171],{},"(14.8)",[52,173,174],{},"19.5",[31,176,177,180,183,186],{},[52,178,179],{},"1974",[52,181,182],{},"5.5",[52,184,185],{},"(26.4)",[52,187,188],{},"31.9",[31,190,191,194,197,200],{},[52,192,193],{},"1975",[52,195,196],{},"21.9",[52,198,199],{},"37.2",[52,201,202],{},"(15.3)",[31,204,205,208,211,214],{},[52,206,207],{},"1976",[52,209,210],{},"59.3",[52,212,213],{},"23.6",[52,215,216],{},"35.7",[31,218,219,222,224,227],{},[52,220,221],{},"1977",[52,223,188],{},[52,225,226],{},"(7.4)",[52,228,229],{},"39.3",[31,231,232,235,238,241],{},[52,233,234],{},"1978",[52,236,237],{},"24.0",[52,239,240],{},"6.4",[52,242,243],{},"17.6",[31,245,246,249,251,254],{},[52,247,248],{},"1979",[52,250,216],{},[52,252,253],{},"18.2",[52,255,256],{},"17.5",[31,258,259,262,265,268],{},[52,260,261],{},"1980",[52,263,264],{},"19.3",[52,266,267],{},"32.3",[52,269,270],{},"(13.0)",[31,272,273,276,279,282],{},[52,274,275],{},"1981",[52,277,278],{},"31.4",[52,280,281],{},"(5.0)",[52,283,284],{},"36.4",[31,286,287,290,293,296],{},[52,288,289],{},"1982",[52,291,292],{},"40.0",[52,294,295],{},"21.4",[52,297,298],{},"18.6",[31,300,301,304,306,309],{},[52,302,303],{},"1983",[52,305,267],{},[52,307,308],{},"22.4",[52,310,311],{},"9.9",[31,313,314,317,320,323],{},[52,315,316],{},"1984",[52,318,319],{},"13.6",[52,321,322],{},"6.1",[52,324,325],{},"7.5",[31,327,328,331,334,337],{},[52,329,330],{},"1985",[52,332,333],{},"48.2",[52,335,336],{},"31.6",[52,338,339],{},"16.6",[31,341,342,345,348,350],{},[52,343,344],{},"1986",[52,346,347],{},"26.1",[52,349,298],{},[52,351,325],{},[31,353,354,357,359,362],{},[52,355,356],{},"1987",[52,358,174],{},[52,360,361],{},"5.1",[52,363,364],{},"14.4",[31,366,367,370,373,375],{},[52,368,369],{},"1988",[52,371,372],{},"20.1",[52,374,339],{},[52,376,377],{},"3.5",[31,379,380,383,386,389],{},[52,381,382],{},"1989",[52,384,385],{},"44.4",[52,387,388],{},"31.7",[52,390,391],{},"12.7",[31,393,394,397,400,403],{},[52,395,396],{},"1990",[52,398,399],{},"7.4",[52,401,402],{},"(3.1)",[52,404,405],{},"10.5",[31,407,408,411,414,417],{},[52,409,410],{},"1991",[52,412,413],{},"39.6",[52,415,416],{},"30.5",[52,418,419],{},"9.1",[31,421,422,425,427,430],{},[52,423,424],{},"1992",[52,426,71],{},[52,428,429],{},"7.6",[52,431,391],{},[31,433,434,437,440,443],{},[52,435,436],{},"1993",[52,438,439],{},"14.3",[52,441,442],{},"10.1",[52,444,445],{},"4.2",[31,447,448,451,454,457],{},[52,449,450],{},"1994",[52,452,453],{},"13.9",[52,455,456],{},"1.3",[52,458,459],{},"12.6",[31,461,462,465,468,471],{},[52,463,464],{},"1995",[52,466,467],{},"43.1",[52,469,470],{},"37.6",[52,472,182],{},[31,474,475,478,481,484],{},[52,476,477],{},"1996",[52,479,480],{},"31.8",[52,482,483],{},"23.0",[52,485,486],{},"8.8",[31,488,489,492,495,498],{},[52,490,491],{},"1997",[52,493,494],{},"34.1",[52,496,497],{},"33.4",[52,499,500],{},".7",[31,502,503,506,509,512],{},[52,504,505],{},"1998",[52,507,508],{},"48.3",[52,510,511],{},"28.6",[52,513,514],{},"19.7",[31,516,517,520,523,526],{},[52,518,519],{},"1999",[52,521,522],{},".5",[52,524,525],{},"21.0",[52,527,528],{},"(20.5)",[31,530,531,534,537,540],{},[52,532,533],{},"2000",[52,535,536],{},"6.5",[52,538,539],{},"(9.1)",[52,541,542],{},"15.6",[31,544,545,548,551,554],{},[52,546,547],{},"2001",[52,549,550],{},"(6.2)",[52,552,553],{},"(11.9)",[52,555,556],{},"5.7",[31,558,559,562,564,567],{},[52,560,561],{},"2002",[52,563,60],{},[52,565,566],{},"(22.1)",[52,568,569],{},"32.1",[31,571,572,575,577,580],{},[52,573,574],{},"2003",[52,576,525],{},[52,578,579],{},"28.7",[52,581,582],{},"(7.7)",[31,584,585,588,591,594],{},[52,586,587],{},"年复合增长率 – 1965-2003",[52,589,590],{},"22.2",[52,592,593],{},"10.4",[52,595,596],{},"11.8",[31,598,599,602,605,608],{},[52,600,601],{},"累计总收益 – 1964-2003",[52,603,604],{},"259,485",[52,606,607],{},"4,743",[52,609],{},[14,611,612],{},"注：除以下例外情况外，数据均按日历年度计算：1965年和1966年的年度截止日为9月30日；1967年为截至12月31日的15个月。",[14,614,615],{},"自1979年起，会计准则要求保险公司按市价而非此前的成本与市价孰低法计量所持有的权益证券。在本表中，1978年及之前年度的伯克希尔数据已按新准则进行了重述，其余各项均使用最初公布的数字。",[14,617,618,619,622,623,626],{},"标普500指数的数据为",[17,620,621],{},"税前","数据，而伯克希尔的数据为",[17,624,625],{},"税后","数据。如果像伯克希尔这样的公司仅仅持有标普500指数并据此计提相应的税费，那么在该指数录得正回报的年份，其业绩将低于标普500；而在指数为负回报的年份，其业绩则会优于标普500。长期累计下来，税务成本将导致相当可观的落后幅度。",[21,628,630],{"id":629},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,632,633],{},[17,634,635],{},"致伯克希尔·哈撒韦公司所有股东：",[14,637,638],{},"2003年公司净资产增加了136亿美元，A股和B股每股账面价值增长了21%。自现任管理层接手的39年以来，每股账面价值由当初的19美元成长到目前的50,498美元，年复合增长率约为22.2%。(*)",[14,640,641],{},"不过，真正重要的是每股内在价值，而非账面价值。在这方面，消息是好的：从1964年到2003年，伯克希尔已经从一家摇摇欲坠、内在价值低于账面价值的北方纺织企业，蜕变成一个业务广泛多元、内在价值远超账面价值的企业集团。因此，39年来我们内在价值的增长率，在某种程度上超过了账面价值22.2%的增长率。（想要更深入了解内在价值，以及我的搭档、伯克希尔副董事长查理·芒格 (Charlie Munger) 和我经营伯克希尔所遵循的商业原则，请阅读我们的股东手册，从第69页开始。）",[14,643,644,645,649],{},"虽然并非完美，但账面价值的计算在伯克希尔仍然是一个有用的工具——作为衡量我们内在价值",[646,647,648],"em",{},"长期","增长率的一个略显保守的指标。然而，在评估单一年度业绩与标普500指数的对比时（对比表格见对页），账面价值的参考意义已不如从前。我们的股权持仓，包括可转换优先股在内，占净资产的比例已大幅下降，比如从1980年代平均114%降至2000-03年平均50%。因此，股市的年度波动对我们净资产的影响程度已经远不如以往。",[14,651,652],{},"尽管如此，伯克希尔相对于标普500的长期表现依然至关重要。我们的股东可以通过指数基金，以极低的成本买入标普500。除非我们未来每股内在价值的增长能够跑赢标普500，否则查理和我就没有给各位增添任何你们自己做不到的东西。",[14,654,655],{},"如果我们做不到，将没有任何借口。查理和我拥有一个理想的工作环境。首先，在我们背后有一支无与伦比的经营团队支撑着各项业务。如果有一座企业界的名人堂，我们旗下的许多CEO肯定能名列其中。伯克希尔业绩上的任何不足，都不会是这些经理人造成的。",[14,657,658],{},"此外，我们在管理上享有一种极为罕见的自由度。大多数公司都背负着体制性的包袱。比如说，一家公司的历史可能把它绑定在一个前景有限的行业。更常见的问题是，来自股东群体的压力迫使管理层跟着华尔街的节拍起舞。很多CEO能够顶住压力，但也有不少人屈服了，被迫采用了与他们本意完全不同的经营策略和资本配置方式。",[14,660,661],{},"在伯克希尔，无论是历史包袱还是股东的压力，都不会妨碍我们做出明智的决策。当查理和我犯错时，用网球术语来说，那纯粹是”非受迫性失误”。",[21,663,664],{"id":664},"经营收益",[14,666,667],{},"当估值相近时，我们强烈偏好拥有整家企业而非持有部分股权。不过，在我们经营的大多数年头里，股票通常是更便宜的选择，因此在那些年里，我们的资产配置大幅向股票倾斜，正如前面引用的比例数字所示。",[14,669,670],{},"然而近年来，我们发现越来越难找到股价被明显低估的股票，尤其是考虑到我们手头上不断膨胀的可用资金。时至今日，市场上能买到足够大的量、从而对伯克希尔的业绩指针产生实际影响的股票，只剩下十年前的一小部分了。（基金经理人往往从做大规模中赚到的钱，远多于从把业绩做好中赚到的。所以当有人告诉你基金规模增长不会影响投资业绩时，你最好退后一步：他的鼻子马上就要变长了。）",[14,672,673,674,677],{},"找不到价格诱人且能承载大规模资金的股票，对我们并不构成困扰——",[646,675,676],{},"前提是","我们能找到符合以下条件的企业来收购：(1) 拥有持久而良好的经济特征；(2) 由才干与品德兼备的管理者经营；(3) 价格合理。近年来，我们确实买进了不少这类企业，虽然还不足以消化源源不断涌入的现金。在企业收购方面，我犯过一些严重的错误，有些是做了不该做的，有些是该做却没做的。不过总的来说，这些收购还是为我们带来了不错的每股收益增长。",[14,679,680],{},"下面的表格量化了以上的论点。但首先我必须提醒大家，增长率的呈现可能因为起始或终止日期的精心选择而产生严重的失真。比如，如果起始年份的收益很小，一个本来平淡无奇的长期业绩也能被包装得很惊艳。这种失真的产生，要么是因为基准年的公司规模还很小——也就是说只有少数内部人员能够真正从所宣传的优异业绩中受益——要么是因为一家大公司当时刚好处于盈亏平衡线附近。同样地，选择一个表现特别好的终止年份，也会让增长率好看很多。",[14,682,683],{},"1965年现任管理层接手时，伯克希尔就已经是一家颇具规模的公司了。但1964年它仅赚了175,586美元，也就是每股15美分，几乎就在盈亏平衡的水平上，以此为基准来计算任何收益增长率都毫无意义。不过在当时，连这点微薄的收益都算不错了：自1955年伯克希尔精纺联合公司 (Berkshire Fine Spinning Associates) 与哈撒韦制造公司 (Hathaway Manufacturing) 合并之后的十年里，两家公司合并后累计亏损了1,010万美元，数以千计的员工被裁掉。这显然不是一桩天作之合。",[14,685,686],{},"基于这样的背景，我们为大家呈现伯克希尔的收益增长图景，起始年份定为1968年，同时每隔五年再加一个基准年。我们列出了多组计算结果，好让各位自行判断哪个时段最有参考意义。之所以从1968年开始，是因为那是我们经营国民保险公司 (National Indemnity) 的第一个完整年度——那是我们为拓展伯克希尔版图而进行的第一笔收购。",[14,688,689,690,693],{},"我不认为以2003年作为终止年份会扭曲我们的计算结果。这一年我们的保险业务表现极佳，但由此带来的收益大幅提升，基本上被我们大量持有的现金等价物所赚取的可怜利息所抵消了（这种状况不会持续太久）。还有一点必须指出，以下所有数字均",[646,691,692],{},"不包括","资本利得。",[25,695,696,711],{},[28,697,698],{},[31,699,700,702,705,708],{},[34,701,36],{},[34,703,704],{},"经营收益（百万美元）",[34,706,707],{},"每股经营收益（美元）",[34,709,710],{},"此后每股收益复合增长率",[47,712,713,727,740,753,766,779,792,805,818],{},[31,714,715,718,721,724],{},[52,716,717],{},"1964",[52,719,720],{},".2",[52,722,723],{},".15",[52,725,726],{},"无意义 (1964-2003)",[31,728,729,731,734,737],{},[52,730,96],{},[52,732,733],{},"2.7",[52,735,736],{},"2.69",[52,738,739],{},"22.8% (1968-2003)",[31,741,742,744,747,750],{},[52,743,165],{},[52,745,746],{},"11.9",[52,748,749],{},"12.18",[52,751,752],{},"20.8% (1973-2003)",[31,754,755,757,760,763],{},[52,756,234],{},[52,758,759],{},"30.0",[52,761,762],{},"29.15",[52,764,765],{},"21.1% (1978-2003)",[31,767,768,770,773,776],{},[52,769,303],{},[52,771,772],{},"48.6",[52,774,775],{},"45.60",[52,777,778],{},"24.3% (1983-2003)",[31,780,781,783,786,789],{},[52,782,369],{},[52,784,785],{},"313.4",[52,787,788],{},"273.37",[52,790,791],{},"18.6% (1988-2003)",[31,793,794,796,799,802],{},[52,795,436],{},[52,797,798],{},"477.8",[52,800,801],{},"413.19",[52,803,804],{},"23.9% (1993-2003)",[31,806,807,809,812,815],{},[52,808,505],{},[52,810,811],{},"1,277.0",[52,813,814],{},"1,020.49",[52,816,817],{},"28.2% (1998-2003)",[31,819,820,822,825,828],{},[52,821,574],{},[52,823,824],{},"5,422.0",[52,826,827],{},"3,531.32",[52,829],{},[14,831,832,833,836],{},"往后我们仍将延续过去的资本配置方式。如果股票变得比买下整家公司明显便宜，我们就会大举买入。如果特定的债券变得有吸引力，就像2002年那样，我们会再次大量吃进。在",[646,834,835],{},"任何","市场或经济环境下，我们都乐意买入符合我们标准的企业。而且对于那些合格的标的，越大越好。我们的资金目前并未得到充分利用，这种情况会周期性地出现。这让人很不好受——但总比干蠢事好得多。（这可是我从亲身惨痛教训中学来的。）",[14,838,839,840,843],{},"总的来说，我们确定伯克希尔未来的表现将",[646,841,842],{},"远远","不及过去。尽管如此，查理和我仍然希望我们能交出略高于平均水平的成绩。这就是我们存在的意义。",[21,845,846],{"id":846},"并购活动",[14,848,849],{},"老读者都知道，我们的并购案来源经常出人意料。但要说起源最奇特的，没有哪一笔比得上我们去年收购克莱顿房屋 (Clayton Homes) 了。",[14,851,852],{},"这个不可思议的线索来自田纳西大学 (University of Tennessee) 的一群金融系学生，以及他们的老师阿尔·奥克斯尔 (Al Auxier) 博士。过去五年来，Al每年都带着他的学生到奥马哈 (Omaha) 来，参观内布拉斯加家具店 (Nebraska Furniture Mart) 和波仙珠宝店 (Borsheim’s)，到Gorat’s牛排馆吃牛排，然后到Kiewit大楼跟我座谈，通常大约有40名学生参加。",[14,854,855],{},"经过两个小时的互动之后，参访团照例会送我一份感谢礼物。（礼物不到手，门是不会开的。）往年的礼物包括菲尔·富尔默 (Phil Fulmer) 亲笔签名的橄榄球，以及田纳西州著名女子篮球队的篮球。",[14,857,858],{},"然而今年二月，参访团选择送我一本书——幸运的是，正好是克莱顿房屋创始人吉姆·克莱顿 (Jim Clayton) 刚出版的自传。我早就知道这家公司是预制房屋行业的标杆，这份认知源于此前我犯下的一个错误——买入了该行业最大公司之一Oakwood Homes的一些困境垃圾债券。当时我并不了解预制房屋行业的消费贷款操作已经糟糕到了何种地步。但我很快就学到了教训：Oakwood随即宣告破产。",[14,860,861],{},"必须强调的是，预制房屋能够为购房者提供非常好的性价比。事实上，数十年来，这个行业建造的房屋占全美新建住房的比例一直超过15%。而且在这些年里，预制房屋的品质和品种也在持续改善。",[14,863,864],{},"然而设计与建造技术的进步，并未伴随着销售和融资方式的同步提升。相反，随着时间推移，这个行业的商业模式越来越围绕着零售商和制造商将不良贷款转嫁给不知情的金主身上。当”资产证券化”在1990年代开始流行后，资金供应方与贷款交易之间的距离越拉越远，业者的行为也从差变得更差。几年前该行业相当大的交易量，来自于不该买房的买家，以及不该放贷的贷方。其结果是大量的房屋被收回，而收回后的残值少得可怜。",[14,866,867],{},"Oakwood充分参与了这场疯狂。但克莱顿虽然无法完全独善其身，其表现却比其主要竞争对手好得多。",[14,869,870],{},"收到Jim Clayton的书之后，我告诉学生们我有多佩服他的成就。他们把这个消息带回了诺克斯维尔 (Knoxville)——田纳西大学和克莱顿房屋的共同所在地。随后Al建议我直接给Jim的儿子、公司现任CEO凯文·克莱顿 (Kevin Clayton) 打个电话，当面表达我的看法。在和Kevin交谈之后，我很快就看出他既有能力又坦率实在。",[14,872,873],{},"不久之后，我就出价收购这家公司，而依据仅仅是Jim的自传、我对Kevin的评价、克莱顿的公开财务数据，以及我从Oakwood那段经历中学到的教训。克莱顿的董事会接受了报价，因为他们深知公司未来所需的大规模融资可能很难获得。金主们纷纷逃离这个行业，资产证券化即便还能操作，条件也比以前苛刻昂贵得多。这种融资紧缩对收入严重依赖证券化的克莱顿来说尤其致命。",[14,875,876],{},"直到今天，预制房屋行业仍然深陷困境。违约率居高不下，被收回的房屋比比皆是，零售商的数量已经减少了一半。这个行业需要一种全新的商业模式——一种能够杜绝零售商和销售人员通过注定会违约的贷款来提前套取大笔佣金的模式。那种交易让买方和贷方双双蒙难，并导致大量房屋被收回，进而冲击新房的销售。在一套合理的模式下——要求大额首付款和较短的贷款期限——这个行业的规模可能会比90年代小得多。但它将让购房者在转卖时拥有真正的资产权益，而非一连串的失望。",[14,878,879],{},"说到”圆满收官”，克莱顿已经同意收购Oakwood的资产。交易完成后，克莱顿的产能、地理覆盖范围和销售网点都将大幅扩展。附带的好处是，我们当初以大幅折价买入的Oakwood债券，大概还能给我们带来一小笔利润。",[14,881,882],{},"至于那些学生呢？十月份，我们在诺克斯维尔为最初激发我对克莱顿兴趣的40名学生举办了一场特别的”毕业典礼”。我身着学士帽，为每位学生颁发了一张伯克希尔PhD证书（全称是”杰出辛勤的并购推手”）外加一股B股。Al教授则获赠一股A股。如果大家在年度股东大会上遇到这些来自田纳西州的新股东，请向他们表示感谢。顺便问问他们最近有没有读到什么好书。",[884,885],"hr",{},[14,887,888],{},"今年初春，高盛 (Goldman Sachs) 的一位董事总经理拜伦·特罗特 (Byron Trott) 告诉我，沃尔玛 (Wal-Mart) 有意出售其子公司麦克莱恩 (McLane)。麦克莱恩专门为便利店、药店、批发仓储会员店、大型超市、快餐连锁店、电影院等渠道提供食品杂货及非食品类商品的配送服务。这是一家好公司，只是不在沃尔玛未来发展的核心版图内。但对我们来说，简直是量身定做。",[14,890,891],{},"麦克莱恩的年销售额约230亿美元，但利润率薄如蝉翼——税前约1%——因此它对伯克希尔营收数字的影响将远大于对利润的贡献。过去，一些零售商因为麦克莱恩归属于其主要竞争对手而敬而远之。麦克莱恩杰出的CEO格雷迪·罗齐尔 (Grady Rosier) 已经拿下了其中一些客户——交易完成当天他就全力出击了——后面还会有更多。",[14,893,894],{},"多年来，在《财富》杂志 (Fortune Magazine) 的”最受尊敬企业”评选中，我一直把票投给沃尔玛。麦克莱恩的交易更加坚定了我的看法。为了达成这笔交易，我只跟沃尔玛的CFO汤姆·施韦 (Tom Schoewe) 开了大约两个小时的会，然后双方就握手成交了。（不过，他确实先给本顿维尔总部 (Bentonville) 打了个电话。）29天后，沃尔玛就收到了钱。我们没有做任何”尽职调查”。我们确信一切都会像沃尔玛所说的那样——事实证明确实如此。",[14,896,897],{},"我还应该补充一句，到目前为止，Byron已经为伯克希尔促成了三笔收购。他对伯克希尔的了解超过我们接触过的任何一位投资银行家——说出来让我心疼——他确实赚到了他的顾问费。我期待着第四笔交易的到来（我相信他也一样）。",[21,899,900],{"id":900},"税务",[14,902,903],{},"2003年5月20日，《华盛顿邮报》(The Washington Post) 的评论版刊登了一篇我撰写的文章，对布什总统的减税方案提出批评。13天后，美国财政部主管税务政策的助理部长帕梅拉·奥尔森 (Pamela Olson)，在一场关于新税法的演讲中说道：“这意味着某位——我必须指出——一直在玩弄税法的中西部先知，可以继续高枕无忧地保留他所有的收益。”我想她说的正是我。",[14,905,906,907,910,911,914],{},"可惜的是，我的”琴技”不要说进卡内基音乐厅了，恐怕连高中音乐会都上不了台。伯克希尔将为2003年的收入向财政部缴纳33亿美元的所得税，代表你们也代表我，这笔金额相当于2003财年全美",[646,908,909],{},"所有","企业缴纳的联邦所得税总额的2.5%。（相比之下，伯克希尔的市值仅占全美企业总市值的1%左右。）我们的缴税额几乎肯定能让我们跻身全国纳税大户前十名。事实上，如果全美只有540个纳税人缴纳与伯克希尔同等金额的税款，那么其他所有个人和企业都不用再向山姆大叔缴",[646,912,913],{},"一分钱","的税了。没错：2.9亿美国人民和所有其他企业，都不必向联邦政府缴纳一分钱的所得税、社会保险税、消费税或遗产税。（算法如下：2003财年联邦税收总额，含社会保险费，共计1.782万亿美元；540个”伯克希尔”，每个缴纳33亿美元，加起来正好是1.782万亿美元。）",[14,916,917],{},"我们2002年的联邦税务申报（2003年尚未定案），当年缴纳了17.5亿美元，申报材料厚达8,905页。按规定，我们恭恭敬敬地提交了两份副本，堆起来有七英尺高。在伯克希尔全球总部，我们那只有15.8个人的精干小队，虽然精疲力竭，但内心涌起了一阵自豪感：我们觉得，伯克希尔确确实实扛起了它在国家财政中应尽的那份责任。",[14,919,920],{},"但奥尔森女士却不这么认为。如果这意味着查理和我需要更加努力，那我们随时奉陪。",[14,922,923],{},"不过我倒真希望奥尔森女士能给我已经取得的进步一些赞许。1944年，我提交了人生第一份1040纳税申报表，报告了我作为一个13岁报童的收入。整个申报表才三页纸。在扣除了正当的营业费用——比如35美元的自行车费——之后，我的应纳税额是7美元。我把支票寄给了财政部，而他们——二话不说——立刻兑了现。我们一直相安无事。",[884,925],{},[14,927,928],{},"我能理解为什么财政部现在对美国企业界感到恼火，动不动就发脾气。但它应该向国会和行政部门寻求解决之道，而不是把矛头对准伯克希尔。",[14,930,931],{},"2003财年，企业所得税仅占联邦税收总额的7.4%，远低于1952年战后32%的峰值。除了1983年以外，去年的比率是自1934年有统计数据以来最低的一年。",[14,933,934],{},"即便如此，针对企业（及其投资人，尤其是大股东）的税收优惠，仍然是布什政府2002年和2003年减税方案的重头戏。如果美国真的在打阶级战争的话，我这个阶级显然正在大获全胜。如今，许多大企业——其CEO们玩弄税法的本事让你们的董事长看起来简直笨手笨脚——缴纳的税率远远低于法定的35%联邦税率。",[14,936,937],{},"1985年，伯克希尔缴纳了1.32亿美元的联邦所得税，全美企业合计缴纳了610亿美元。1995年的相应数字分别是2.86亿美元和1,570亿美元。而如前所述，2003年我们将缴纳约33亿美元，而全美企业的合计缴税额却仅为1,320亿美元。我们希望未来伯克希尔缴纳的税款继续增长——因为那意味着我们赚了更多钱——但我们同样希望其他美国企业也能跟上来。我觉得这才是奥尔森女士应该努力的方向。",[21,939,940],{"id":940},"公司治理",[14,942,943],{},"在判断美国企业界是否真心在进行改革时，CEO薪酬依然是最关键的试金石。截至目前，结果并不令人鼓舞。少数CEO，比如通用电气 (General Electric) 的杰夫·伊梅尔特 (Jeff Immelt)，率先推出了对管理层和股东都公平的方案。然而总的来说，他的榜样获得的赞美远多于实际的跟进。",[14,945,946],{},"薪酬之所以失控，我们不难理解。当管理层聘请员工，或者公司与供应商讨价还价时，谈判桌两边的利益关注度是对等的。一方的所得就是另一方的损失，而牵涉的金额对双方都有切身的意义。结果就是一场货真价实的谈判。",[14,948,949],{},"但是，当CEO（或其代表）与薪酬委员会碰面时，情况往往是一边——CEO那边——对谈判结果的在乎程度远远超过另一边。比方说，一位CEO永远会把拿到10万股期权还是50万股期权视为天壤之别。但对薪酬委员会来说，这个差别可能无关痛痒——尤其是在大多数公司里，不管给多少，对报告收益都不会有任何影响。在这种条件下，谈判过程往往带有一种”玩大富翁游戏”的味道。",[14,951,952],{},"CEO越线的行为在1990年代大幅加速，最贪得无厌者（这个头衔的竞争可是异常激烈）所获得的薪酬方案，很快就在其他地方被照搬复制。这场贪婪瘟疫的传播者通常是薪酬顾问和人力资源部门，他们非常清楚谁才是给自己发面包的人。正如一位薪酬顾问所说：“有两种客户你绝对不想得罪——现有的，和潜在的。”",[14,954,955],{},"在所有试图矫正这个失灵系统的改革方案中，呼声最高的是要求”独立”董事。但究竟什么因素才能真正激发独立性，这个问题却在很大程度上被忽视了。",[14,957,958],{},"在去年的年报中，我考察了共同基金领域中法定”独立”董事的表现。1940年的《投资公司法》就已经要求设立这类董事，这意味着我们有足够长的时间来检验法定标准到底产出了什么。在去年的考察中，我们审视了基金董事在两项最核心职责上的表现——无论对共同基金还是其他任何企业都一样。这两项至关重要的职能是：第一，找到（或留住）一位能干且诚实的管理者；第二，给予其公平合理的薪酬。",[14,960,961],{},"我们的调查结果并不乐观。年复一年，在成千上万只基金中，董事们例行公事地续聘现任管理公司，无论其业绩多么惨不忍睹。同样例行公事地，董事们不假思索地批准了在很多情况下远远高于合理水平的管理费。接着，当一家基金管理公司被卖掉——通常是以远超有形资产的天价——董事们突然经历了一次”反向顿悟”，立刻跟新的管理者签约并全盘接受其收费标准。实际上，董事们是在说，谁愿意出最高的价钱买下原来的管理公司，谁就有资格在未来管理股东的钱。",[14,963,964],{},"尽管这些独立基金董事有如此的”摇尾巴”行为，我们并不认为他们是坏人。他们确实不是。但遗憾的是，“董事会的氛围”几乎无一例外地会让他们的受托忠诚基因沉睡过去。",[14,966,967],{},"2003年5月22日，在伯克希尔年报发布不久之后，投资公司协会 (Investment Company Institute) 的主席向会员们发表了题为”我们行业的现状”的讲话。面对那些”指出了我们种种不足”的批评声，他若有所思地说：“这让我不禁想到，如果我们真的做了什么错事，那又会是什么样子呢。”",[14,969,970],{},"当心你许的愿。",[14,972,973],{},"在短短几个月内，全世界开始得知，许多基金管理公司一直奉行着损害其所管理基金持有人利益的政策，同时却不断抬高自身的管理费。必须指出的是，在这些违规行为被揭发之前，这些管理公司就已经享有令美国企业界都为之艳羡的利润率和有形资产回报率。然而为了进一步膨胀利润，他们竟以令人发指的方式践踏了基金持有人的利益。",[14,975,976],{},"那么这些遭到掠夺的基金，其董事们在做什么呢？在我写这封信的此刻，我没有看到任何一位董事终止了与违规管理公司的合约（虽然那些公司自然也开除了一些员工）。你能想象这些董事在自己的钱被骗的时候，也会采取这种”小伙子嘛，难免的”的态度吗？",[14,978,979],{},"更过分的是，至少有一家违规管理公司已经把自己挂牌出售，毫无疑问地希望通过把它所管理的基金”交付”给出价最高的竞标者而大赚一笔。这完全是一场闹剧。基金董事们为什么不直接从竞标者中选出他们认为最优秀的公司，然后直接跟对方签约呢？这样一来，中标者就省去了支付给前任管理者的巨额”买路钱”——这个违背了受托原则的前任管理者根本不配拿到一分钱。不必承担这笔收购成本，中标者肯定可以用远低于常规的管理费来运营这些基金。任何一位真正独立的董事都应该坚持用这种方式来选任新的管理者。",[14,981,982],{},"现实是，无论是已施行数十年的投资公司董事监管规则，还是新近出台的针对美国企业界的规定，都无法催生出真正独立的董事。在这两套规则下，一个人如果100%的收入来自董事酬劳——而且还希望通过入选其他董事会来增加收入——竟然被认定为独立的。这简直荒唐。同样的规则却说，伯克希尔的董事兼律师罗恩·奥尔森 (Ron Olson)，尽管从我们这里获得的收入可能仅占他丰厚总收入的3%，却不具备独立性——原因仅仅是这3%来自伯克希尔支付给他律所的法律服务费，而非他作为伯克希尔董事所获得的酬劳。请放心，无论这3%来自何处，都不会影响Ron的独立性。但如果一个人从董事酬劳中获取20%、30%甚至50%的收入，那就很可能削弱其独立性了，尤其是当他的总收入本身并不高时。事实上，我认为在共同基金领域，情况就是如此。",[884,984],{},[14,986,987],{},"在这里，让我给”独立的”共同基金董事们提一个小建议。何不在每年的年报中简单地声明：“(1) 我们已经考察过其他管理公司，确信我们为来年续聘的这一家属于业内较好的运营者；(2) 我们已与管理者就费率进行了谈判，所达成的条件与其他管理类似规模基金的客户所能谈到的价格相当。”",[14,989,990],{},"让股东们期望基金董事——他们中许多人每年收取超过10万美元的酬劳——就这两点做出声明，应该不算过分吧。可以肯定的是，如果这些董事是把自己的一大笔钱交给管理者来打理的话，他们一定会在这两个问题上先弄个明明白白。如果有董事不愿做出这两项声明，投资人就应该牢记那句老话：“如果你搞不清楚一个人到底站在哪一边，那他多半不是站在你这边的。”",[14,992,993],{},"最后是一项免责声明。尽管舞弊的机会确实存在，但有很多基金一直运营得很好也很尽职。这些基金的投资人从中受益了，其管理者也赚到了他们应得的报酬。确实，如果我担任某些基金的董事，包括一些收费高于平均水平的基金，我会非常乐意做出上述两项声明。此外，那些收费极为低廉的指数基金（比如先锋基金 (Vanguard) 的产品）从定义上就是对投资者友好的，对于大多数想要投资股票的人来说，它们是最佳选择。",[14,995,996],{},"我之所以在这里大声疾呼，纯粹是因为那些明目张胆的不当行为辜负了数百万投资者的信任。数以百计的业内人士对正在发生的一切心知肚明，却没有一个人公开说一句话。最后还是纽约州检察长艾略特·斯皮策 (Eliot Spitzer) 以及协助他的举报人挺身而出，发起了一场大扫除。我们敦促基金董事们继续完成这项工作。与整个美国企业界的董事一样，这些受托人现在必须做出抉择：他们到底是为投资者服务，还是为管理层服务。",[21,998,999],{"id":999},"伯克希尔的治理",[14,1001,1002,1003,1006],{},"真正的独立——即当事情出了错或做了蠢事时敢于挑战强势CEO的勇气——是一位董事最宝贵的品质。可惜这种品质极其罕见。要找到这种品质，必须在品格高尚、利益取向与普通股东一致的人中去寻觅——而且",[646,1004,1005],{},"必须高度一致","。",[14,1008,1009,1010,1013],{},"在伯克希尔，我们一直在做这样的寻觅。目前我们有11位董事，",[646,1011,1012],{},"每一位","连同其家族成员在内，都持有价值超过400万美元的伯克希尔股票。而且，所有人都已持有大量伯克希尔股份多年。其中六位的家族持股价值至少高达数亿美元，持股时间至少可以追溯到三十年前。全部11位董事的股票都跟各位一样，是在公开市场上用真金白银买来的；我们从未发放过期权或限制性股票。查理和我就喜欢这种真金白银、俯仰无愧的持股方式。毕竟，谁会去洗一辆租来的车呢？",[14,1015,1016],{},"此外，伯克希尔的董事酬劳少得可怜（我儿子霍华德 (Howard) 时不时就要提醒我一下）。因此，全部11位董事从伯克希尔获益的空间，与任何其他伯克希尔股东在比例上完全一致。过去如此，将来也是如此。",[14,1018,1019,1020,1023],{},"伯克希尔董事面临的下行风险实际上比各位股东还要大，因为我们",[646,1021,1022],{},"没有","购买任何董事及高管责任保险。因此，如果在他们的任期内真的发生什么灾难性事件，他们所承受的损失将远远超过各位。",[14,1025,1026],{},"我们董事的底线是：你们赢，他们大赢；你们输，他们大输。我们的这套做法或许可以称为”所有者资本主义”。我们不知道还有什么更好的方式来催生真正的独立性。（不过，这种安排也无法保证完美无瑕：我自己就曾在伯克希尔持有大量股份的公司担任过董事，却在一些可疑的提案被橡皮图章般通过时保持了沉默。）",[14,1028,1029],{},"除了独立性之外，董事还应该具备商业头脑、股东导向意识，以及对公司的真正关心。在这些品质中，商业头脑最为稀缺——而如果缺了这一条，其他两条也无济于事。很多人聪明、善于表达、也受人敬重，却对商业缺乏真正的理解。这不是他们的错；他们可能在别的领域大放异彩。但他们不属于企业董事会。同理，我在医学或科学委员会里也会毫无用处（不过，想要一手遮天的主席大概会很欢迎我的加入）。我的名字可以让董事名单更光鲜，但我根本没有能力对专业提案做出有价值的评判。更有甚者，为了掩饰自己的无知，我会选择闭紧嘴巴（如果你能想象得到的话）。实际上，把我换成一盆盆栽，也不会有任何损失。",[14,1031,1032],{},"去年，在着手改组董事会时，我请那些自认具备担任伯克希尔董事条件的股东自荐。尽管既没有责任保险也没有像样的薪酬，我们还是收到了二十多份申请。大部分申请者的条件都很好，都是以股东利益为导向的个人，连同家族在内的伯克希尔持股价值远超100万美元。经过考量后，查理和我——征得在任董事的一致同意——邀请了四位并没有自荐的股东加入董事会：大卫·戈特斯曼 (David Gottesman)、夏洛特·盖曼 (Charlotte Guyman)、唐·基奥 (Don Keough) 和汤姆·墨菲 (Tom Murphy)。这四位都是我的好朋友，我深知他们的实力。他们为伯克希尔的董事会注入了非凡的商业才能。",[14,1034,1035],{},"我们董事会的首要工作就是在我去世、丧失行为能力或开始犯糊涂的时候，选定我的继任者。（广告大师大卫·奥格威 (David Ogilvy) 说得好：“趁年轻的时候培养怪癖。这样等你老了，人家就不会觉得你是在犯老年痴呆。”查理的家人和我的家人都觉得，我们俩对奥格威这个建议过度反应了。）",[14,1037,1038],{},"在我们的董事会议上，除了处理例行的日常事务外，真正的核心讨论——不管我在不在场——都围绕着内部四位候选人各自的优势和短板展开。",[14,1040,1041],{},"我们的董事会深知，其功过最终将由继任者的表现来裁定。他或她必须维护伯克希尔的文化、做好资本配置，并让一群美国最优秀的经理人乐在工作中。这不是世界上最难的差事——这列火车已经在轨道上跑得很欢了——而且对于我们已经确定的四位候选人中的任何一位，我都完全放心。我个人超过99%的身家都押在伯克希尔身上，而且很乐意让我的太太或基金会（取决于她和我谁先走）继续保持这种集中投资。",[21,1043,1044],{"id":1044},"各部门业绩",[14,1046,1047],{},"身为管理者，查理和我想要提供给股东的财务信息和评论，恰恰就是如果角色互换我们自己想要看到的那些。随着伯克希尔的版图不断扩大，要同时做到清晰和合理的简洁变得愈加困难。我们旗下有些企业的经济特征与其他企业截然不同，这意味着我们那些数字混杂在一起的合并报表，几乎无法进行有意义的分析。",[14,1049,1050],{},"因此，在接下来的篇幅中，我们将按四大业务板块分别呈现资产负债表和收益数据，并附上对每个板块的评述。我们特别想让大家了解，我们在什么样的有限条件下才会使用债务融资，因为通常我们是避之唯恐不及的。但我们不会用那些对计算伯克希尔内在价值毫无用处的数据来淹没大家，那样做只会模糊真正重要的事实。有一个提醒：在分析伯克希尔时，请务必记住，应该把这家公司看作一部正在上映的电影，而不是一张静止的照片。过去那些只盯着某个时间节点快照的人，有时会得出错误的结论。",[21,1052,1053],{"id":1053},"保险业务",[14,1055,1056],{},"首先登场的是保险业务——钱就在这里。",[14,1058,1059],{},"我们保险业务中源源不断的资金泉源来自”浮存金“，这笔钱不属于我们，只是暂时由我们保管。我们大部分的浮存金来自两个方面：(1) 保费是预先收取的，但我们提供的服务——保险保障——通常要持续一整年；(2) 今天发生的损失事件并不总是需要我们立即支付理赔金，因为有些损失可能需要好几年才会被报告（想想石棉诉讼案）、协商和最终了结。",[14,1061,1062,1063,1065],{},"浮存金是个好东西——",[646,1064,676],{},"获取它的代价不能太高。浮存金的成本取决于承保业绩，也就是理赔损失和费用支出与收到的保费之间的对比。整个财产意外险行业通常都会产生相当大的承保亏损，因此其浮存金的成本往往并不划算。",[14,1067,1068,1069,1072],{},"总的来说，我们的成绩相当出色。没错，我们有过五个糟糕的年头，浮存金的成本超过了10%。但在伯克希尔经营保险业务的37年中，有18年我们实现了承保盈利，也就是说别人",[646,1070,1071],{},"付钱让我们","帮他们保管资金。而且这些廉价资金的规模增长，远远超出了1967年我刚进入这行时的想象。",[14,1074,1075],{},"年末浮存金（百万美元）",[25,1077,1078,1099],{},[28,1079,1080],{},[31,1081,1082,1084,1087,1090,1093,1096],{},[34,1083,36],{},[34,1085,1086],{},"盖可保险 (GEICO)",[34,1088,1089],{},"通用再保险 (General Re)",[34,1091,1092],{},"其他再保险",[34,1094,1095],{},"其他直保",[34,1097,1098],{},"合计",[47,1100,1101,1116,1133,1150,1168,1187,1206,1225,1244,1263],{},[31,1102,1103,1105,1107,1109,1111,1114],{},[52,1104,82],{},[52,1106],{},[52,1108],{},[52,1110],{},[52,1112,1113],{},"20",[52,1115,1113],{},[31,1117,1118,1120,1122,1124,1127,1130],{},[52,1119,221],{},[52,1121],{},[52,1123],{},[52,1125,1126],{},"40",[52,1128,1129],{},"131",[52,1131,1132],{},"171",[31,1134,1135,1137,1139,1141,1144,1147],{},[52,1136,356],{},[52,1138],{},[52,1140],{},[52,1142,1143],{},"701",[52,1145,1146],{},"807",[52,1148,1149],{},"1,508",[31,1151,1152,1154,1157,1159,1162,1165],{},[52,1153,491],{},[52,1155,1156],{},"2,917",[52,1158],{},[52,1160,1161],{},"4,014",[52,1163,1164],{},"455",[52,1166,1167],{},"7,386",[31,1169,1170,1172,1175,1178,1181,1184],{},[52,1171,505],{},[52,1173,1174],{},"3,125",[52,1176,1177],{},"14,909",[52,1179,1180],{},"4,305",[52,1182,1183],{},"415",[52,1185,1186],{},"22,754",[31,1188,1189,1191,1194,1197,1200,1203],{},[52,1190,519],{},[52,1192,1193],{},"3,444",[52,1195,1196],{},"15,166",[52,1198,1199],{},"6,285",[52,1201,1202],{},"403",[52,1204,1205],{},"25,298",[31,1207,1208,1210,1213,1216,1219,1222],{},[52,1209,533],{},[52,1211,1212],{},"3,943",[52,1214,1215],{},"15,525",[52,1217,1218],{},"7,805",[52,1220,1221],{},"598",[52,1223,1224],{},"27,871",[31,1226,1227,1229,1232,1235,1238,1241],{},[52,1228,547],{},[52,1230,1231],{},"4,251",[52,1233,1234],{},"19,310",[52,1236,1237],{},"11,262",[52,1239,1240],{},"685",[52,1242,1243],{},"35,508",[31,1245,1246,1248,1251,1254,1257,1260],{},[52,1247,561],{},[52,1249,1250],{},"4,678",[52,1252,1253],{},"22,207",[52,1255,1256],{},"13,396",[52,1258,1259],{},"943",[52,1261,1262],{},"41,224",[31,1264,1265,1267,1270,1273,1276,1279],{},[52,1266,574],{},[52,1268,1269],{},"5,287",[52,1271,1272],{},"23,654",[52,1274,1275],{},"13,948",[52,1277,1278],{},"1,331",[52,1280,1281],{},"44,220",[14,1283,1284],{},"去年的表现尤其出色。浮存金规模创下历史新高，而且这些资金完全没有成本，因为所有主要保险板块都为伯克希尔17亿美元的税前承保利润做出了贡献。",[14,1286,1287],{},"我们的成绩之所以如此卓越，只有一个原因：我们拥有真正卓越的管理者。保险公司卖的是一张不具专利性的纸，上面印着一个不具专利性的承诺。任何人都可以复制别人的产品。没有用户基础、关键专利、核心地段或自然资源优势来保护一家保险公司的竞争地位。通常来说，品牌也无关紧要。",[14,1289,1290],{},"因此，真正关键的变量在于管理者的头脑、纪律和操守。我们旗下的管理者在这三方面都堪称出类拔萃。接下来让我们逐一看看这些全明星及其运营成果。",[1292,1293,1294],"ul",{},[1295,1296,1297],"li",{},"通用再保险 (General Re) 在我们1998年收购后的那些年里，一直是伯克希尔的”问题孩子”。更糟糕的是，它还是一个400磅重的问题孩子，因此对我们整体业绩的负面拖累极为沉重。",[14,1299,1300],{},"那已经是过去的事了：通用再保险已经修好了。这要感谢其CEO乔·布兰顿 (Joe Brandon) 和他的搭档塔德·蒙特罗斯 (Tad Montross)。去年写信时，我认为承保和准备金提列方面的纪律已经恢复，而2003年发生的事情更加巩固了我的这一判断。",[14,1302,1303],{},"这并不意味着我们今后不会再遭遇挫折。再保险这门生意注定会时不时地来一记重拳。但在Joe和Tad的带领下，这家公司将成为驱动伯克希尔未来盈利增长的强力引擎。",[14,1305,1306],{},"通用再保险的财务实力即使在2003年初就已经在再保同业中独占鳌头，在过去一年里更是进一步增强。去年它的许多竞争对手遭遇了信用评级下调，使得通用再保险及其姊妹公司国民保险 (National Indemnity)，成为全球主要再保险公司中仅有的两家拥有AAA最高信用评级的企业。",[14,1308,1309,1310,1313],{},"保险公司购买再保险时，买的只是一纸承诺——而这个承诺的有效性可能要到几十年后才会受到检验——在再保险世界里，没有任何承诺比得上通用再保险和国民保险所提供的。而且，不同于大多数再保公司，我们几乎将所承担的全部风险自留下来。因此，我们的理赔能力不取决于其他再保公司偿付我们的能力或意愿。这种",[646,1311,1312],{},"独立的","财务实力，在业界必将面临的超级巨灾到来时，将变得至关重要。",[1292,1315,1316],{},[1295,1317,1318],{},"经常阅读我们年报的读者都知道，阿吉特·贾恩 (Ajit Jain) 在过去18年里为伯克希尔的繁荣做出了多么不可思议的贡献。2003年他继续全力以赴。阿吉特仅凭23人的团队，就运营着全球规模最大的再保险业务之一，专攻超大型和罕见风险。",[14,1320,1321],{},"这些业务通常涉及承担巨灾风险——比如加州大地震的威胁——其规模远超其他任何再保公司愿意接受的上限。这意味着阿吉特（以及伯克希尔）的业绩波动将会非常剧烈。因此，大家应该有心理准备，偶尔会看到他的业务出现一个糟糕透顶的年份。但就长期而言，你可以放心，这位独一无二的管理者一定会交出一份出色的成绩单。",[14,1323,1324],{},"阿吉特签过一些非常特别的保单。比如去年，百事可乐 (PepsiCo) 搞了一次抽奖活动，参与者有机会赢得10亿美元的大奖。百事可乐想要转移这个风险是情理之中的事，而我们就是承接这个风险的最佳人选。于是我们承保了一份10亿美元的保单，全部风险由我们自己承担。由于奖金如果中出的话是分期支付的，我们实际承担的风险现值为2.5亿美元。（我曾热心建议，获奖者可以按每年1美元的标准领取十亿年，可惜这个提议没能通过。）正式抽奖于9月14日举行。阿吉特和我屏息以待，决赛选手当然也是。最后笑着离开的是我们。百事可乐已经决定2004年再办一次。",[1292,1326,1327],{},[1295,1328,1329],{},"1992年托尼·奈斯利 (Tony Nicely) 接任CEO时，盖可保险 (GEICO) 已经是一家相当优秀的保险公司。如今它已蜕变为一家伟大的公司。在他的任期内，保费收入从22亿美元增长到了81亿美元，我们在个人车险市场的份额从2.1%提升到5.0%。更重要的是，GEICO在取得这些增长的同时，还保持了卓越的承保业绩。",[14,1331,1332],{},"（中场来段广告：",[14,1334,1335],{},"67年前利奥·古德温 (Leo Goodwin) 在GEICO创造了一个伟大的商业理念，旨在为保户节省大笔开支。请登录Geico.com或拨打1-800-847-7536，看看我们能为你做些什么。",[14,1337,1338],{},"广告结束）",[14,1340,1341],{},"2003年，无论是向GEICO咨询的电话数量还是成交转化率，都大幅攀升。结果我们的优质保户数量增长了8.2%，标准和非标准保单则增长了21.4%。",[14,1343,1344],{},"GEICO业务的不断增长，使得扩充人员和设施成为永无止境的需求。我很高兴地告诉大家，我们最近一次扩张——于去年12月宣布——是在布法罗 (Buffalo) 设立一个客户服务中心。《布法罗新闻报》(Buffalo News) 的发行人斯坦·利普西 (Stan Lipsey) 在促成这桩合作中发挥了关键作用。",[14,1346,1347],{},"不过这件事的真正功臣是州长乔治·帕塔基 (George Pataki)。正是凭借他的领导力和坚持不懈，布法罗在我们的扩张计划全面铺开后将新增2,500个就业岗位。Stan、Tony和我——连同布法罗——都要感谢他的大力支持。",[1292,1349,1350],{},[1295,1351,1352],{},"伯克希尔规模较小的保险业务同样又度过了辉煌的一年。这个由罗德·埃尔德雷德 (Rod Eldred)、约翰·凯泽 (John Kizer)、汤姆·纳尼 (Tom Nerney)、唐·陶尔 (Don Towle) 和唐·沃斯特 (Don Wurster) 领导的群体，浮存金增长了41%，同时还交出了优异的承保盈利。这些人的工作内容或许平淡无奇，但创造的成果却极其惊人。",[884,1354],{},[14,1356,1357],{},"我们必须再次指出，在任何一个特定年份，一家承保长尾型保险的公司（即理赔往往要在损失事件发生好多年后才会了结的险种），其CEO几乎可以随心所欲地操纵短期报告收益。这个行业因为虚报负债而导致收益数字严重失真的情况，可以说是司空见惯。大多数错误是无心之过。但有时也是故意为之，目的是糊弄投资者和监管机构。审计师和精算师通常都未能阻止这两类错误的发生。",[14,1359,1360],{},"我自己偶尔也会犯错，尤其是几年前未能及时发现通用再保险无意中少提了损失准备金。这不仅意味着我们向各位报告了不准确的数字，而且这个错误还导致我们过早缴纳了大量不必要的税款。啊！（惨叫一声）。不过去年我告诉过各位，我认为我们目前的准备金提列处于适当水平。到目前为止，这个判断经受住了考验。",[14,1362,1363],{},"以下是伯克希尔各保险板块的税前承保业绩：",[25,1365,1366,1378],{},[28,1367,1368],{},[31,1369,1370,1372,1375],{},[34,1371],{},[34,1373,1374],{},"2003年利润(亏损)（百万美元）",[34,1376,1377],{},"2002年利润(亏损)（百万美元）",[47,1379,1380,1391,1402,1413,1424,1434],{},[31,1381,1382,1385,1388],{},[52,1383,1384],{},"通用再保险",[52,1386,1387],{},"$ 145",[52,1389,1390],{},"$(1,393)",[31,1392,1393,1396,1399],{},[52,1394,1395],{},"阿吉特管理业务（不含追溯再保险）",[52,1397,1398],{},"1,434",[52,1400,1401],{},"980",[31,1403,1404,1407,1410],{},[52,1405,1406],{},"阿吉特追溯再保险业务 *",[52,1408,1409],{},"(387)",[52,1411,1412],{},"(433)",[31,1414,1415,1418,1421],{},[52,1416,1417],{},"盖可保险",[52,1419,1420],{},"452",[52,1422,1423],{},"416",[31,1425,1426,1428,1431],{},[52,1427,1095],{},[52,1429,1430],{},"74",[52,1432,1433],{},"32",[31,1435,1436,1439,1442],{},[52,1437,1438],{},"税前承保利润合计",[52,1440,1441],{},"$ 1,718",[52,1443,1444],{},"$ (398)",[1292,1446,1447],{},[1295,1448,1449],{},"这些合同的说明见2002年年度报告第10页，可在www.berkshirehathaway.com上查阅。简而言之，这部分由几份巨额保单组成，可能会产生承保亏损（设有上限），但同时提供了异常庞大的浮存金。(1)",[21,1451,1452],{"id":1452},"受管制的公用事业",[14,1454,1455],{},"通过中美能源控股公司 (MidAmerican Energy Holdings)，我们持有多种公用事业80.5%（完全摊薄基础）的权益。其中最大的几项包括：(1) 约克郡电力 (Yorkshire Electricity) 和北方电力 (Northern Electric)，拥有370万电力用户，是英国第三大配电商；(2) 中美能源 (MidAmerican Energy)，在爱荷华州为68.9万电力用户提供服务；(3) 科恩河管道 (Kern River) 和北方天然管道 (Northern Natural)，承运了全美7.8%的天然气运输量。",[14,1457,1458],{},"伯克希尔有三位合作伙伴持有剩余的19.5%股份：戴夫·索科尔 (Dave Sokol) 和格雷格·阿贝尔 (Greg Abel)——这两位出色的管理者经营着这项业务——以及沃尔特·斯科特 (Walter Scott)，我的老朋友，也是他把这家公司介绍给我的。由于中美能源受《公用事业控股公司法》（PUHCA）约束，伯克希尔的投票权被限制在9.9%以内。沃尔特拥有控制性投票权。",[14,1460,1461],{},"我们有限的投票权使得我们只能以简化方式将中美能源纳入财务报表。我们无法将其资产、负债、收入和费用完整并入报表，而只能在资产负债表和损益表中各记一行。或许某一天——也许很快——PUHCA会被废除或会计规则会改变。届时，伯克希尔的合并报表将全面纳入中美能源，包括它所使用的大量债务。",[14,1463,1464],{},"这笔债务的规模（它目前不是，将来也不会是伯克希尔的义务）是完全适当的。中美能源多元化且稳定的公用事业运营可以确保，即使在严峻的经济环境下，总体收益也完全足以偿还全部债务。",[14,1466,1467],{},"截至年底，中美能源最次级的债务中有15.78亿美元是欠伯克希尔的。这笔债务使得收购交易可以在我们三位合伙人无须追加其已经相当可观的投资的情况下完成融资。通过收取11%的利息，伯克希尔为投入资金取得了合理的回报，而我们的合伙人也免于被稀释各自的持股比例。",[14,1469,1470],{},"中美能源还拥有一项重要的非公用事业业务——美国家庭服务公司 (Home Services of America)，全美第二大房地产经纪商。与我们的公用事业运营不同，这项业务的周期性很强，但我们对此依然充满热情。我们拥有一位出色的经理人罗恩·佩尔蒂尔 (Ron Peltier)，他凭借自身的收购和运营才能，正在打造一个房产经纪帝国。",[14,1472,1473],{},"去年，家庭服务公司参与了486亿美元的房产交易，较2002年增长了117亿美元。其中约23%的增长来自年内完成的四笔收购。通过我们旗下的16家经纪公司——它们都保留了各自的本地品牌——我们在16个州聘用了16,343名经纪人。随着我们继续收购领先的地方性经纪业务，家庭服务公司在未来十年几乎肯定会大幅增长。",[884,1475],{},[14,1477,1478],{},"这里有一则自由市场的粉丝们一定会感兴趣的小故事。1990年3月31日，英国的电力公用事业实行私有化。当天，北方电力和约克郡电力在目前仍在持续运营的业务领域共有6,800名员工。如今他们只有2,539人。然而，这两家公司服务的客户数量与国有时期大致相当，配送的电力甚至比以前更多。",[14,1480,1481],{},"必须指出的是，这并非”去管制化”的胜利。价格和收益至今仍由政府以公平的方式进行管制，这也是应该的。这是一场属于那些坚信以利润为导向的管理者——即使他们知道大部分好处最终会流向客户——也能发现政府永远发现不了的效率提升空间的人们的胜利。",[14,1483,1484],{},"中美能源公司关键运营数据：",[25,1486,1487,1499],{},[28,1488,1489],{},[31,1490,1491,1493,1496],{},[34,1492],{},[34,1494,1495],{},"2003年收益（百万美元）",[34,1497,1498],{},"2002年收益（百万美元）",[47,1500,1501,1512,1523,1534,1545,1556,1567,1578,1589,1600,1611,1622,1633],{},[31,1502,1503,1506,1509],{},[52,1504,1505],{},"英国电力",[52,1507,1508],{},"$ 289",[52,1510,1511],{},"$ 267",[31,1513,1514,1517,1520],{},[52,1515,1516],{},"爱荷华电力",[52,1518,1519],{},"269",[52,1521,1522],{},"241",[31,1524,1525,1528,1531],{},[52,1526,1527],{},"管道运输",[52,1529,1530],{},"261",[52,1532,1533],{},"104",[31,1535,1536,1539,1542],{},[52,1537,1538],{},"家庭服务",[52,1540,1541],{},"113",[52,1543,1544],{},"70",[31,1546,1547,1550,1553],{},[52,1548,1549],{},"其他（净额）",[52,1551,1552],{},"144",[52,1554,1555],{},"108",[31,1557,1558,1561,1564],{},[52,1559,1560],{},"息税前收益",[52,1562,1563],{},"1,076",[52,1565,1566],{},"790",[31,1568,1569,1572,1575],{},[52,1570,1571],{},"利息支出（企业债务，不含伯克希尔）",[52,1573,1574],{},"(225)",[52,1576,1577],{},"(192)",[31,1579,1580,1583,1586],{},[52,1581,1582],{},"支付伯克希尔的利息",[52,1584,1585],{},"(184)",[52,1587,1588],{},"(118)",[31,1590,1591,1594,1597],{},[52,1592,1593],{},"所得税",[52,1595,1596],{},"(251)",[52,1598,1599],{},"(100)",[31,1601,1602,1605,1608],{},[52,1603,1604],{},"净收益",[52,1606,1607],{},"$ 416",[52,1609,1610],{},"$ 380",[31,1612,1613,1616,1619],{},[52,1614,1615],{},"归属于伯克希尔的收益 *",[52,1617,1618],{},"$ 429",[52,1620,1621],{},"$ 359",[31,1623,1624,1627,1630],{},[52,1625,1626],{},"应付其他企业债务",[52,1628,1629],{},"10,296",[52,1631,1632],{},"10,286",[31,1634,1635,1638,1641],{},[52,1636,1637],{},"应付伯克希尔债务",[52,1639,1640],{},"1,578",[52,1642,1643],{},"1,728",[1292,1645,1646],{},[1295,1647,1648],{},"包含支付给伯克希尔的利息（扣除相关所得税后），2003年为1.18亿美元，2002年为7,500万美元。",[21,1650,1651],{"id":1651},"金融及金融产品",[14,1653,1654],{},"这个板块包含了各式各样的业务活动。以下对其中最重要的几项加以评述。",[1292,1656,1657],{},[1295,1658,1659],{},"我个人管理着一些AAA级固定收益证券的机会型策略，过去几年的收益相当可观。这些机会来了又去——而目前，它们正在离去。去年我们加速了它们的退场，由此实现的资本利得约占下表所示总额的24%。",[14,1661,1662],{},"虽然谈不上万无一失，但这些交易不涉及信用风险，而且都是在流动性极高的证券中进行的。因此我们几乎全部使用借入资金来融资。随着资产的缩减，借款也相应减少。我们现在持有的较小规模组合意味着，近期内这个类别的收益将大幅下降。持有的日子挺开心的，到了某个时候，又会轮到我们上场打击。",[1292,1664,1665],{},[1295,1666,1667],{},"远不那么愉快的一项清算工作正在通用再保险证券部门 (Gen Re Securities) 进行，这是我们收购通用再保险时继承下来的交易和衍生品业务。",[14,1669,1670],{},"2002年初我们着手清算时，它还有23,218份合约流通在外，涉及884个交易对手方（其中一些名字我连怎么念都不会，更不用说去评估他们的信用了）。此后，这个部门的经理人非常能干且勤勉地逐步解除头寸。然而到了年底——将近两年后——我们仍有7,580份合约流通在外，涉及453个交易对手方。（正如那首乡村歌曲感叹的：“如果你不走，我又怎么想你呢？”）",[14,1672,1673],{},"缩减这项业务的代价很高。2002年和2003年我们分别产生了1.73亿美元和9,900万美元的税前亏损。必须指出的是，这些亏损来自一个完全符合通用会计准则 (GAAP)、定期按市价计量、并按标准方法预估未来信用损失和管理成本的合约组合。而且，我们的清算是在一个温和的市场环境下进行的——没有出现任何重大的信用损失——而且井然有序。这与如果一场金融危机迫使多家衍生品交易商同时停业时可能出现的情况恰恰相反。",[14,1675,1676],{},"如果我们处理衍生品的经历——再加上去年曝光的房地美 (Freddie Mac) 那令人瞠目结舌的规模和胆大妄为的舞弊行为——让你开始对衍生品领域的会计产生怀疑，那恭喜你变聪明了。无论你的金融知识多么渊博，你都不可能通过阅读一家重度使用衍生品的公司的披露文件来了解其头寸中潜伏着什么风险。事实上，你对衍生品了解得越多，就越觉得那些惯常摆在你面前的披露材料告诉你的东西少得可怜。用达尔文 (Darwin) 的话说：“无知往往比知识更能带来自信。”",[884,1678],{},[14,1680,1681],{},"现在到了忏悔时间：如果我当初更果断地关闭通用再保险证券部门，我确信至少可以为大家省下1亿美元左右的税前损失。查理和我在合并通用再保险的时候就知道其衍生品业务不招人待见。账面上的利润在我们看来虚幻不实，而且我们觉得这项业务承载着无法有效衡量或限制的可观风险。更何况，我们知道这个部门万一出什么大问题，很可能与金融或保险世界的麻烦同步爆发，而这些麻烦会波及伯克希尔的其他业务。换句话说，如果衍生品业务需要支撑，它就会在我们最需要把伯克希尔的资本和信用部署到其他绝好机会上的时候，把这些资源挟持走。（一段历史插曲：1974年我们就有过类似的遭遇，当时我们成为一桩重大保险欺诈案的受害者。有一段时间我们无法判断这桩欺诈最终会让我们损失多少，因此被迫持有比正常情况下更多的现金等价物。若非如此，我们本可以大举买入当时价格便宜得离谱的股票。）",[14,1683,1684],{},"要是换作查理来做决定，他一定会迅速关闭通用再保险证券部门——这一点毫无疑问。然而我却犹豫不决。结果就是，我们的股东为退出这项业务付出了远高于必要水平的代价。",[1292,1686,1687],{},[1295,1688,1689],{},"虽然我们把通用再保险规模不小的人寿和健康再保险业务归入了”保险”板块，但阿吉特·贾恩 (Ajit Jain) 的人寿和年金业务却在这个板块下列示。原因是这项业务在很大程度上涉及资金套利。我们的年金产品种类繁多，从直接在网上销售的零售产品，到要求我们在70年甚至更长时间里向严重受伤人员支付赔付金的结构清偿安排，应有尽有。",[14,1691,1692],{},"去年我们在这项业务中实现了一些额外收入，原因是我们此前以折价买入的某些固定收益证券提前清偿了本金。这种情况已经结束了，因此这个板块在未来几年的收益很可能会下降。(2)",[1292,1694,1695],{},[1295,1696,1697],{},"我们在价值资本公司 (Value Capital) 投资了6.04亿美元，这是一家由马克·伯恩 (Mark Byrne) 运营的合伙企业。伯恩家族多年来以多种方式帮助过伯克希尔。伯克希尔只是Value Capital的有限合伙人，不参与马克公司的管理决策。该企业专注于高度对冲的固定收益投资机会。马克聪明而诚实，他和家人在Value Capital也有大量投资。",[14,1699,1700],{},"由于安然 (Enron) 等公司的会计丑闻，新规则即将出台，很可能要求我们把Value Capital的资产和负债并入伯克希尔的资产负债表。考虑到Value Capital的负债通常超过200亿美元，而这些负债绝不是我们的，我们认为这一要求并不合理。假以时日，其他投资者会加入我们成为Value Capital的合伙人。当加入者足够多时，我们合并它的要求也就自然消失了。",[1292,1702,1703,1706,1709],{},[1295,1704,1705],{},"过去我曾向各位介绍过Berkadia，这是三年前我们与Leucadia合资成立的公司，用于融资和管理破产贷款机构Finova的清算工作。当初的计划是我们出大部分的钱，Leucadia出大部分的脑力。事实就是这样运作的。乔·斯坦伯格 (Joe Steinberg) 和伊恩·卡明 (Ian Cumming) 联手经营Leucadia，在清算Finova的资产组合方面做得出色极了，以至于我们在这笔交易中承担的56亿美元担保已经完全解除。这种快速了结的遗憾副作用是，我们未来的收入将大幅减少。总的来说，Berkadia为我们赚了大钱，Joe和Ian是绝佳的合伙人。",[1295,1707,1708],{},"我们的租赁业务包括XTRA（运输设备）和科特商业服务公司 (CORT)（办公家具）。过去两年，由于经济衰退导致需求下降幅度远超预期，两家公司的收益都比较惨淡。但它们在各自领域仍然处于领导地位，我预计今年的收益至少会有适度改善。",[1295,1710,1711],{},"通过收购克莱顿，我们同时获得了一项规模可观的预制房屋金融业务。克莱顿和这行里的其他公司一样，传统上都是把自己发放的贷款做成证券化产品。这种做法减轻了克莱顿资产负债表的压力，但副作用是导致收入被”提前确认”（这是通用会计准则规定的结果）。",[14,1713,1714],{},"我们从不急着将收入提前入账，我们的资产负债表实力极为雄厚，而且我们相信，长期持有这些消费贷款的经济效益优于目前通过证券化所能获得的收益。因此，克莱顿已经开始自留贷款。",[14,1716,1717],{},"我们认为，用债务来融资一组经过精心筛选的生息应收账款是完全合理的（就像银行所做的那样）。因此，伯克希尔将对外借款来为克莱顿的贷款组合融资，然后以伯克希尔的借款成本加1个百分点转贷给克莱顿。这个加价对伯克希尔来说是合理的回报——毕竟我们动用了自己卓越的信用评级——同时克莱顿也能以颇为划算的成本获取资金。",[14,1719,1720],{},"2003年，伯克希尔以这种方式借贷并转贷了20亿美元，克莱顿将大部分资金用于从退出该业务的金主手中大批收购贷款组合。还有一部分贷款用于弥补克莱顿年初自有业务发放的、后来难以证券化的贷款资金缺口。",[14,1722,1723],{},"大家可能会纳闷，我们坐拥一座现金山，为什么还要去借钱。这是因为我们奉行”各人自扫门前雪”的哲学。我们认为任何借出贷款的子公司，都应该为其持有应收账款所需的资金支付合理的利率，而不应由母公司来补贴。否则的话，有个有钱老爸只会养成草率决策的坏毛病。与此同时，我们在伯克希尔积累的现金，是留待用于企业收购或是买入有望带来可观利润的证券的。克莱顿的贷款组合在未来几年很可能增长到至少50亿美元的规模，只要信用评估标准得当，应该能贡献可观的收益。",[14,1725,1726],{},"为简便起见，我们将克莱顿全部收益归入本板块，尽管其中相当一部分来自消费金融以外的业务。",[25,1728,1729,1748],{},[28,1730,1731],{},[31,1732,1733,1736,1739,1742,1745],{},[34,1734,1735],{},"（百万美元）",[34,1737,1738],{},"2003年税前收益",[34,1740,1741],{},"2002年税前收益",[34,1743,1744],{},"2003年有息负债",[34,1746,1747],{},"2002年有息负债",[47,1749,1750,1767,1784,1801,1818,1835,1851,1867,1884,1899,1915],{},[31,1751,1752,1755,1758,1761,1764],{},[52,1753,1754],{},"交易——经常性收入",[52,1756,1757],{},"$ 379",[52,1759,1760],{},"$ 553",[52,1762,1763],{},"$ 7,826",[52,1765,1766],{},"$ 13,762",[31,1768,1769,1772,1775,1778,1781],{},[52,1770,1771],{},"通用再保险证券",[52,1773,1774],{},"(99)",[52,1776,1777],{},"(173)",[52,1779,1780],{},"8,041*",[52,1782,1783],{},"10,631*",[31,1785,1786,1789,1792,1795,1798],{},[52,1787,1788],{},"人寿年金业务",[52,1790,1791],{},"99",[52,1793,1794],{},"83",[52,1796,1797],{},"2,331",[52,1799,1800],{},"1,568",[31,1802,1803,1806,1809,1812,1815],{},[52,1804,1805],{},"价值资本",[52,1807,1808],{},"31",[52,1810,1811],{},"61",[52,1813,1814],{},"18,238*",[52,1816,1817],{},"20,359*",[31,1819,1820,1823,1826,1829,1832],{},[52,1821,1822],{},"Berkadia",[52,1824,1825],{},"101",[52,1827,1828],{},"115",[52,1830,1831],{},"525",[52,1833,1834],{},"2,175",[31,1836,1837,1840,1843,1845,1848],{},[52,1838,1839],{},"租赁业务",[52,1841,1842],{},"34",[52,1844,1842],{},[52,1846,1847],{},"482",[52,1849,1850],{},"503",[31,1852,1853,1856,1859,1862,1865],{},[52,1854,1855],{},"预制房屋金融（克莱顿）",[52,1857,1858],{},"37**",[52,1860,1861],{},"–",[52,1863,1864],{},"2,032",[52,1866,1861],{},[31,1868,1869,1872,1875,1878,1881],{},[52,1870,1871],{},"其他",[52,1873,1874],{},"84",[52,1876,1877],{},"102",[52,1879,1880],{},"618",[52,1882,1883],{},"630",[31,1885,1886,1889,1892,1895,1897],{},[52,1887,1888],{},"资本利得前收益合计",[52,1890,1891],{},"666",[52,1893,1894],{},"775",[52,1896],{},[52,1898],{},[31,1900,1901,1904,1907,1910,1913],{},[52,1902,1903],{},"交易——资本利得",[52,1905,1906],{},"1,215",[52,1908,1909],{},"578",[52,1911,1912],{},"不适用",[52,1914,1912],{},[31,1916,1917,1919,1922,1925,1927],{},[52,1918,1098],{},[52,1920,1921],{},"$ 1,881",[52,1923,1924],{},"$ 1,353",[52,1926],{},[52,1928],{},[1292,1930,1931],{},[1295,1932,1933],{},"包含全部负债。",[14,1935,1936],{},"** 自2003年8月7日收购之日起。",[21,1938,1940],{"id":1939},"制造服务及零售业务","制造、服务及零售业务",[14,1942,1943],{},"这个类别涵盖的业务种类包罗万象。但先让我们看一看该集团整体合并后的简化资产负债表和利润表。",[14,1945,1946],{},[17,1947,1948],{},"资产负债表（2003年12月31日）单位：百万美元",[25,1950,1951,1966],{},[28,1952,1953],{},[31,1954,1955,1958,1961,1964],{},[34,1956,1957],{},"资产",[34,1959,1960],{},"金额",[34,1962,1963],{},"负债和权益",[34,1965,1960],{},[47,1967,1968,1982,1994,2006,2020,2034,2048,2062,2076],{},[31,1969,1970,1973,1976,1979],{},[52,1971,1972],{},"现金及等价物",[52,1974,1975],{},"$ 1,250",[52,1977,1978],{},"应付票据",[52,1980,1981],{},"$ 1,593",[31,1983,1984,1987,1990,1992],{},[52,1985,1986],{},"应收账款及应收票据",[52,1988,1989],{},"2,796",[52,1991],{},[52,1993],{},[31,1995,1996,1999,2002,2004],{},[52,1997,1998],{},"存货",[52,2000,2001],{},"3,656",[52,2003],{},[52,2005],{},[31,2007,2008,2011,2014,2017],{},[52,2009,2010],{},"其他流动资产",[52,2012,2013],{},"262",[52,2015,2016],{},"其他流动负债",[52,2018,2019],{},"4,300",[31,2021,2022,2025,2028,2031],{},[52,2023,2024],{},"流动资产合计",[52,2026,2027],{},"7,964",[52,2029,2030],{},"流动负债合计",[52,2032,2033],{},"5,893",[31,2035,2036,2039,2042,2045],{},[52,2037,2038],{},"商誉及无形资产",[52,2040,2041],{},"8,351",[52,2043,2044],{},"递延所得税",[52,2046,2047],{},"105",[31,2049,2050,2053,2056,2059],{},[52,2051,2052],{},"固定资产",[52,2054,2055],{},"5,898",[52,2057,2058],{},"长期负债及其他负债",[52,2060,2061],{},"1,890",[31,2063,2064,2067,2070,2073],{},[52,2065,2066],{},"其他非流动资产",[52,2068,2069],{},"1,054",[52,2071,2072],{},"所有者权益",[52,2074,2075],{},"15,379",[31,2077,2078,2080,2083,2085],{},[52,2079],{},[52,2081,2082],{},"$ 23,267",[52,2084],{},[52,2086,2082],{},[14,2088,2089],{},[17,2090,2091],{},"利润表 单位：百万美元",[25,2093,2094,2107],{},[28,2095,2096],{},[31,2097,2098,2101,2104],{},[34,2099,2100],{},"科目",[34,2102,2103],{},"2003年",[34,2105,2106],{},"2002年",[47,2108,2109,2120,2131,2141,2152,2162],{},[31,2110,2111,2114,2117],{},[52,2112,2113],{},"收入",[52,2115,2116],{},"$ 32,106",[52,2118,2119],{},"$ 16,970",[31,2121,2122,2125,2128],{},[52,2123,2124],{},"营业费用（其中折旧费用：2003年6.05亿美元，2002年4.77亿美元）",[52,2126,2127],{},"29,885",[52,2129,2130],{},"14,921",[31,2132,2133,2136,2139],{},[52,2134,2135],{},"净利息费用",[52,2137,2138],{},"64",[52,2140,1555],{},[31,2142,2143,2146,2149],{},[52,2144,2145],{},"税前利润",[52,2147,2148],{},"2,157",[52,2150,2151],{},"1,941",[31,2153,2154,2156,2159],{},[52,2155,1593],{},[52,2157,2158],{},"813",[52,2160,2161],{},"743",[31,2163,2164,2167,2170],{},[52,2165,2166],{},"净利润",[52,2168,2169],{},"$ 1,344",[52,2171,2172],{},"$ 1,198",[14,2174,2175,2176,2179],{},"这个种类繁杂的集团，销售的产品从冰淇淋棒到波音737都有，去年的平均有形净资产回报率高达20.7%。不过，我们收购这些企业时支付的价格大幅溢价于其净资产——这一事实体现在资产负债表上的商誉科目中——因此按我们平均",[646,2177,2178],{},"账面","价值计算的回报率降为9.2%。",[14,2181,2182],{},"以下是较大业务类别或单元的税前收益。",[25,2184,2185,2195],{},[28,2186,2187],{},[31,2188,2189,2191,2193],{},[34,2190,1735],{},[34,2192,1738],{},[34,2194,1741],{},[47,2196,2197,2208,2219,2230,2241,2252,2262,2272],{},[31,2198,2199,2202,2205],{},[52,2200,2201],{},"建筑产品",[52,2203,2204],{},"$ 559",[52,2206,2207],{},"$ 516",[31,2209,2210,2213,2216],{},[52,2211,2212],{},"Shaw地毯",[52,2214,2215],{},"436",[52,2217,2218],{},"424",[31,2220,2221,2224,2227],{},[52,2222,2223],{},"服装鞋类",[52,2225,2226],{},"289",[52,2228,2229],{},"229",[31,2231,2232,2235,2238],{},[52,2233,2234],{},"零售业务",[52,2236,2237],{},"224",[52,2239,2240],{},"219",[31,2242,2243,2246,2249],{},[52,2244,2245],{},"航空服务",[52,2247,2248],{},"72",[52,2250,2251],{},"225",[31,2253,2254,2257,2260],{},[52,2255,2256],{},"麦克莱恩*",[52,2258,2259],{},"150",[52,2261,1861],{},[31,2263,2264,2266,2269],{},[52,2265,1871],{},[52,2267,2268],{},"427",[52,2270,2271],{},"328",[31,2273,2274,2276,2279],{},[52,2275],{},[52,2277,2278],{},"$ 2,157",[52,2280,2281],{},"$ 1,941",[1292,2283,2284],{},[1295,2285,2286],{},"麦克莱恩自2003年5月23日收购之日起。",[1292,2288,2289,2292,2295,2298],{},[1295,2290,2291],{},"我们旗下三家建筑材料企业——Acme砖块 (Acme Brick)、本杰明摩尔 (Benjamin Moore) 和MiTek——去年的经营收益全部创下历史新高。而第四家Johns Manville的收益也在年底呈现上升趋势。这四家公司合计的有形净资产回报率达到21.0%。(3)",[1295,2293,2294],{},"Shaw地毯 (Shaw Industries)——全球最大的宽幅地毯制造商——同样创造了历史最佳业绩。在鲍勃·肖 (Bob Shaw) 的带领下，这家公司从零起步发展成了一个庞然大物，2004年很可能再创盈利纪录。去年11月，Shaw从Dixie集团收购了多项地毯业务，预计今年将新增约2.4亿美元的销售额，使Shaw的总收入接近50亿美元。(4)",[1295,2296,2297],{},"在服装板块中，鲜果布衣 (Fruit of the Loom) 是我们最大的业务。鲜果布衣拥有三大核心资产：一个有148年历史、全球家喻户晓的品牌；低成本的制造能力；以及其CEO约翰·霍兰德 (John Holland)。2003年，鲜果布衣在大卖场渠道（沃尔玛、Target、Kmart等）的男性及男童内衣市场占有率达42.3%，女性及女童内衣的份额也从2002年的11.3%提升至13.9%。",[1295,2299,2300],{},"在零售板块，我们的家具集团赚取了1.06亿美元的税前利润，珠宝业务赚了5,900万美元，喜诗糖果 (See’s Candies) 作为制造商兼零售商也赚了5,900万美元。",[14,2302,2303],{},"威利家具 (R.C. Willey) 和内布拉斯加家具店 (NFM) 去年新开的门店都取得了巨大的成功——威利在拉斯维加斯 (Las Vegas)，NFM在堪萨斯城 (Kansas City)。事实上，我们相信堪萨斯城分店是全美销量最大的家居卖场。（我们在奥马哈的门店虽然坐落在同一块地上，但由三个独立的建筑组成。）",[14,2305,2306],{},"NFM是罗斯·布鲁姆金 (Rose Blumkin)——“B夫人”——1937年用500美元创办的。她一直工作到103岁（嗯……这个想法不赖）。她传给后辈的一条智慧是：“如果你的价格最低，客户就算到河底也会找到你。”我们服务大堪萨斯城地区的门店，坐落在该市人口最稀少的区域之一，完美地印证了B夫人的话。尽管我们有超过25英亩的停车场，有时还是会停满溢出。",[14,2308,2309],{},"猪湾事件 (Bay of Pigs) 惨败之后，肯尼迪 (Kennedy) 总统告诉我们：“胜利有一千个父亲，但失败却是个孤儿。”在NFM堪萨斯城分店轰动开业一个月后，我们就知道这是一个赢家，因为它引来了一位始料未及的”认父者”。一位演讲嘉宾在提到布鲁姆金家族时说：“他们充满信心，而且政府的政策也在发挥作用，使他们得以为我们的1,000位市民同胞提供工作。”讲台上这位骄傲的”父亲”是谁？美国总统乔治·W·布什。",[1292,2311,2312],{},[1295,2313,2314],{},"在航空服务领域，我们的培训业务飞安公司 (FlightSafety) 的”正常”经营收益从1.83亿美元下降至1.5亿美元。（非经常性项目：2002年我们出售了与波音的合资企业权益，获得6,000万美元的税前收益；2003年我们因飞行模拟器提前淘汰而确认了3,700万美元的损失。）近年来企业公务航空业务明显放缓，拖累了飞安公司的业绩。不过，该公司在业内的领先地位依然无人能撼动。其飞行模拟器的原始投入成本为12亿美元，是最接近的竞争对手的三倍多。",[14,2316,2317],{},"我们的共享飞机业务NetJets 2003年税前亏损4,100万美元。该公司在美国市场有一定的经营利润，但被3,200万美元的飞机存货减值以及欧洲市场的持续亏损所吞噬。",[14,2319,2320],{},"NetJets继续主导共享飞机所有权领域，而且领先优势还在扩大：潜在客户压倒性地选择我们而非其他三个主要竞争对手。去年在我们四家之中，以金额计算，NetJets占据了70%的净销售额。",[14,2322,2323],{},"有一个例子可以说明NetJets是如何拉开与竞争对手差距的：我们推出的梅奥诊所 (Mayo Clinic) 高管旅行响应项目——这是我们所有客户都能免费享受的专属福利。无论在地面还是空中，无论在世界任何角落、任何时刻，我们的客户及其家人都可以即时联系梅奥诊所。万一旅途中在国内或海外遭遇紧急状况，梅奥会立即指引他们前往合适的医生或医院。梅奥掌握的患者基础资料也会同步发送给接诊医生。许多客户已经发现这项服务弥足珍贵，包括一位曾在东欧接受紧急脑部手术的客户。",[14,2325,2326],{},"2003年确认的3,200万美元存货减值，是因为年初二手飞机价格下跌所致。具体来说，我们按当时的市场价格从退出的客户手中回购了部分所有权份额，而在我们再次出售之前价格进一步下跌。目前价格已趋于稳定。",[14,2328,2329],{},"欧洲的亏损令人头疼。但任何一家像我们三个竞争对手那样放弃欧洲市场的公司，注定只能沦为二流。我们很多美国客户经常飞往欧洲，他们希望由NetJets的飞机和飞行员来保障安全和舒适。尽管起步较慢，我们现在正以良好的节奏增加欧洲客户。2001年至2003年，我们欧洲业务的管理和飞行收入增长率分别为88%、61%和77%。但到目前为止，我们尚未成功止住亏损。",[14,2331,2332],{},"NetJets杰出的CEO里奇·桑图利 (Rich Santulli) 和我都预计，2004年欧洲的亏损会减少，而且会被美国的利润所抵消。绝大多数客户都深深爱上了NetJets的体验。一旦客户试过我们的服务，再回去坐商业航班就像从拥抱倒退回牵手。假以时日，NetJets将发展成一个非常大的企业，并在客户满意度和利润两方面都占据主导地位。Rich会确保这一点。",[21,2334,2335],{"id":2335},"股票投资",[14,2337,2338],{},"下表列示了我们的普通股投资。截至2003年底市值超过5亿美元的个股逐一列出。",[14,2340,2341],{},[17,2342,2343],{},"2003年12月31日",[25,2345,2346,2365],{},[28,2347,2348],{},[31,2349,2350,2353,2356,2359,2362],{},[34,2351,2352],{},"股份数量",[34,2354,2355],{},"公司名称",[34,2357,2358],{},"持股比例",[34,2360,2361],{},"成本（百万美元）",[34,2363,2364],{},"市值（百万美元）",[47,2366,2367,2383,2400,2417,2433,2450,2467,2484,2500,2517,2534,2548],{},[31,2368,2369,2372,2375,2377,2380],{},[52,2370,2371],{},"151,610,700",[52,2373,2374],{},"美国运通 (American Express)",[52,2376,596],{},[52,2378,2379],{},"$ 1,470",[52,2381,2382],{},"$ 7,312",[31,2384,2385,2388,2391,2394,2397],{},[52,2386,2387],{},"200,000,000",[52,2389,2390],{},"可口可乐 (The Coca-Cola Company)",[52,2392,2393],{},"8.2",[52,2395,2396],{},"1,299",[52,2398,2399],{},"10,150",[31,2401,2402,2405,2408,2411,2414],{},[52,2403,2404],{},"96,000,000",[52,2406,2407],{},"吉列 (The Gillette Company)",[52,2409,2410],{},"9.5",[52,2412,2413],{},"600",[52,2415,2416],{},"3,526",[31,2418,2419,2422,2425,2427,2430],{},[52,2420,2421],{},"14,610,900",[52,2423,2424],{},"H&R Block",[52,2426,2393],{},[52,2428,2429],{},"227",[52,2431,2432],{},"809",[31,2434,2435,2438,2441,2444,2447],{},[52,2436,2437],{},"15,476,500",[52,2439,2440],{},"HCA Inc.",[52,2442,2443],{},"3.1",[52,2445,2446],{},"492",[52,2448,2449],{},"665",[31,2451,2452,2455,2458,2461,2464],{},[52,2453,2454],{},"6,708,760",[52,2456,2457],{},"M&T银行 (M&T Bank)",[52,2459,2460],{},"5.6",[52,2462,2463],{},"103",[52,2465,2466],{},"659",[31,2468,2469,2472,2475,2478,2481],{},[52,2470,2471],{},"24,000,000",[52,2473,2474],{},"穆迪 (Moody’s)",[52,2476,2477],{},"16.1",[52,2479,2480],{},"499",[52,2482,2483],{},"1,453",[31,2485,2486,2489,2492,2494,2497],{},[52,2487,2488],{},"2,338,961,000",[52,2490,2491],{},"中国石油 (PetroChina) H股",[52,2493,456],{},[52,2495,2496],{},"488",[52,2498,2499],{},"1,340",[31,2501,2502,2505,2508,2511,2514],{},[52,2503,2504],{},"1,727,765",[52,2506,2507],{},"华盛顿邮报 (The Washington Post)",[52,2509,2510],{},"18.1",[52,2512,2513],{},"11",[52,2515,2516],{},"1,367",[31,2518,2519,2522,2525,2528,2531],{},[52,2520,2521],{},"56,448,380",[52,2523,2524],{},"富国银行 (Wells Fargo)",[52,2526,2527],{},"3.3",[52,2529,2530],{},"463",[52,2532,2533],{},"3,324",[31,2535,2536,2538,2540,2543,2546],{},[52,2537,1871],{},[52,2539],{},[52,2541,2542],{},"2,863",[52,2544,2545],{},"4,682",[52,2547],{},[31,2549,2550,2552,2555,2557,2560],{},[52,2551],{},[52,2553,2554],{},"普通股投资合计",[52,2556],{},[52,2558,2559],{},"$ 8,515",[52,2561,2562],{},"$35,287",[14,2564,2565],{},"去年我们增持了一些富国银行的股票。此外，在我们的六大重仓股中，可口可乐最近一次调仓是在1994年，美国运通是1998年，吉列是1989年，华盛顿邮报是1973年，穆迪是2000年。股票经纪人实在拿我们没辙。",[14,2567,2568],{},"对于我们目前持有的投资组合，我们既没有特别兴奋，也没有什么不满。我们拥有的都是一些优秀企业的部分所有权——去年它们的内在价值都有了不错的增长——但当前的股价也已经充分反映了它们的优秀。这一结论带来一个令人不快的推论：在大泡沫期间没有卖出我们几个较大的持仓，是我犯下的一个重大错误。如果这些股票现在的定价是合理的，你可能会好奇，四年前当它们的内在价值更低而价格却高得多的时候，我到底在想什么。说实话，我自己也纳闷。",[14,2570,2571],{},"2002年，垃圾债券变得非常便宜，我们买入了约80亿美元。但钟摆摆动得很快，如今这个板块在我们看来明显不再有吸引力了。昨日的野草如今被当作鲜花来定价。",[14,2573,2574],{},"我们已经反复强调，伯克希尔的已实现资本利得在分析层面没有任何意义。我们账面上有大量的未实现利得，而我们何时兑现——或是否兑现——的考量，与在某个特定时间点报告收益完全无关。不过，为了展示我们投资活动的多样性，各位可能对以下2003年已实现利得的分类明细感兴趣：",[25,2576,2577,2587],{},[28,2578,2579],{},[31,2580,2581,2584],{},[34,2582,2583],{},"分类",[34,2585,2586],{},"税前利得（百万美元）",[47,2588,2589,2597,2605,2613,2621,2628],{},[31,2590,2591,2594],{},[52,2592,2593],{},"普通股",[52,2595,2596],{},"$ 448",[31,2598,2599,2602],{},[52,2600,2601],{},"美国政府债券",[52,2603,2604],{},"1,485",[31,2606,2607,2610],{},[52,2608,2609],{},"垃圾债券",[52,2611,2612],{},"1,138",[31,2614,2615,2618],{},[52,2616,2617],{},"外汇合约",[52,2619,2620],{},"825",[31,2622,2623,2625],{},[52,2624,1871],{},[52,2626,2627],{},"233",[31,2629,2630,2632],{},[52,2631],{},[52,2633,2634],{},"$ 4,129",[14,2636,2637],{},"普通股的利润来自我们投资组合的边缘部位——正如前面提到的，不是来自卖出主要持仓。政府债券的利润来自我们清仓长期零息国债（这是政府证券中价格波动最大的品种），以及我在金融及金融产品部门所采用的某些策略。我们保留了大部分垃圾债券持仓，仅出售了少数几个品种。被赎回和到期的债券贡献了垃圾债券这一类别中的其余利润。",[14,2639,2640],{},"2002年，我平生第一次涉足外汇市场，2003年我们进一步扩大了头寸，因为我对美元越来越看空。我应该指出，预言家的墓地里有一大片专门留给宏观经济预测者的区域。事实上，我们在伯克希尔很少做宏观预测，也很少见到有人能持续成功地做出这类预测。",[14,2642,2643],{},"展望未来，我们仍然会——也将继续会——把伯克希尔的绝大部分净资产配置在美国资产上。但近年来，我们国家的贸易赤字一直在把对美国的巨额债权和所有权强行塞给世界其他地区。有一阵子，外国对这类资产的胃口能够轻松消化供给。但到2002年末，全世界开始被这份”大餐”噎住了，美元相对主要货币开始贬值。即便如此，当前的汇率水平不会导致我们的贸易赤字有实质性的缓解。因此，无论外国投资者愿不愿意，他们将继续被美元所淹没。由此产生的后果谁都说不准。但它们可能很棘手——而且事实上，影响范围可能远远超出外汇市场。",[14,2645,2646],{},"作为一个美国人，我希望这个问题能有一个良性的结局。我本人在2003年11月10日的《财富》杂志上提出了一个可能的解决方案——顺带一提，查理对这个建议不以为然。话又说回来，也许我敲响的警钟最终会被证明是多余的：我们国家的活力和韧性一次又一次让唱衰者自讨没趣。但伯克希尔持有数百亿美元的现金等价物，因此持有一些外汇合约来至少部分对冲这一头寸，会让我安心不少。",[14,2648,2649],{},"依照会计规则，这些合约的价值变动必须即时计入资本利得或损失，即便合约尚未平仓。我们在每季度的利润表中将这些变动归入金融及金融产品板块。截至年底，我们未平仓的外汇合约按市值计算约为120亿美元，分布在五种货币中。此外，当我们在2002年购入垃圾债券时，尽可能选择了以欧元计价的品种。目前我们持有约10亿美元的此类债券。",[14,2651,2652],{},"当我们找不到什么令人兴奋的投资标的时，我们的”默认”选项就是美国国债，包括短期国库券和回购协议。无论这些工具的收益率降到多低，我们绝不会为了多赚一点利息就降低信用标准或延长期限。除非我们认为获得了充分的补偿，否则查理和我深恶痛绝承担哪怕一丁点的风险。到目前为止，我们愿意在这条路上走的最远距离，大概就是偶尔吃一盒过期一天的奶酪。",[884,2654],{},[14,2656,2657,2658,2661,2662,2665,2666,2669],{},"2003年有几本投资者可以受益匪浅的好书：玛吉·马哈尔 (Maggie Mahar) 的",[646,2659,2660],{},"Bull!","；另外两本推荐的是贝瑟尼·麦克莱恩 (Bethany McLean) 和彼得·埃尔金德 (Peter Elkind) 合著的",[646,2663,2664],{},"The Smartest Guys in the Room","（《房间里最精明的人》），以及鲍勃·鲁宾 (Bob Rubin) 的",[646,2667,2668],{},"In an Uncertain World","（《在不确定的世界》）。这三本书的调查翔实、文笔上佳。此外，杰森·茨威格 (Jason Zweig) 去年出色地修订了《聪明的投资者》——这是我最钟爱的投资著作。",[21,2671,2672],{"id":2672},"股东指定捐赠计划",[14,2674,2675],{},"从1981年到2002年，伯克希尔执行了一项计划，允许股东指定伯克希尔向其心仪的慈善机构进行捐赠。这些年来，我们依照这项计划累计捐出了1.97亿美元。教会是被指定最多的受赠对象，其他数以千计的机构也从中受益。我们是唯一一家向股东提供此类服务的大型上市公司，查理和我一直为此深感骄傲。",[14,2677,2678],{},"然而，由于堕胎议题引发的争议，我们不得不在2003年终止了这项计划。多年来，双方阵营的众多机构都曾被我们的股东指定为捐赠对象。结果就是，我们时常收到对指定捐给支持堕胎权组织的反对意见。其中有些来自随后发起抵制我们子公司产品的个人和组织。这并不让我们担心。我们拒绝了所有试图限制股东自由选择捐赠对象权利的要求（只要受赠方具有501(c)(3)免税资格即可）。",[14,2680,2681,2682,2684],{},"然而到了2003年，帕姆佩德厨师 (The Pampered Chef) 旗下许多",[646,2683,1312],{},"销售顾问开始切实感受到了抵制的影响。这意味着那些信任我们、但既非我们的员工也无法在伯克希尔决策中发声的人，收入遭受了严重的损失。",[14,2686,2687],{},"对于股东而言，由伯克希尔代为捐赠相比个人直接捐赠，在税务上确有一定的优势。此外，这项计划也与我们的”合伙制”理念相一致，这是我们在股东手册中阐述的首要原则。但当这些好处与那些凭借个人巨大努力建立起自己事业的忠诚伙伴所遭受的伤害相比时，就黯然失色了。确实，查理和我认为，仅仅为了让我们和其他股东获得一点微不足道的税务优惠，就去伤害那些正正当当、勤勤恳恳的善良人，实在称不上什么慈善之举。",[14,2689,2690],{},"因此，伯克希尔目前在母公司层面不再进行任何捐赠。我们的各个子公司继续沿用其在被伯克希尔收购之前就已施行的慈善政策，但前任老板以前用公司资金做的个人捐赠，现在需要从他们自己的腰包里掏了。",[21,2692,2693],{"id":2693},"年度股东大会",[14,2695,2696],{},"去年我请大家投票决定年度股东大会是在周六还是周一召开。我个人更希望是周一。结果周六以2比1胜出。看来伯克希尔要隔好一阵子才会再出现下一次股东民主了。",[14,2698,2699],{},"不过既然各位已经发话了，我们今年的年度股东大会将于5月1日（周六）在奥马哈市中心全新的Qwest中心举行。Qwest中心为我们子公司的展览提供了19.4万平方英尺的场地（去年只有6.5万平方英尺），座位数量也大幅增加。Qwest中心的大门将于早上7点开启，电影短片照例在8点半放映，正式会议9点半开始。中午会有短暂的用餐休息时间。（Qwest中心的餐饮柜台供应三明治。）除了这段间歇之外，查理和我将持续回答问题直到下午3点半。我们会把知道的一切都告诉你们……至少就我而言，还会说得更多。",[14,2701,2702],{},"随本报告附寄的委托书材料中有一份附件，说明了如何获得参加会议及其他活动所需的入场凭证。至于机票、酒店和租车预订，我们再次委托美国运通 (American Express)（800-799-6634）为大家提供专项服务。他们每年都为我们做得非常出色，在此表示感谢。",[14,2704,2705],{},"按照惯例，我们将安排小巴士往返于各大酒店和会场之间。会后，小巴士还将开往酒店、内布拉斯加家具店、波仙珠宝店和机场。即便如此，你可能还是会觉得有一辆车更方便。",[14,2707,2708],{},"今年伯克希尔旗下产品和服务的展览将让大家大开眼界。比如，展厅里将有一栋1,600平方英尺的克莱顿样板房（配有Acme砖块、Shaw地毯、Johns Manville隔热材料、MiTek紧固件、Carefree遮阳篷，并配置了NFM的全套家具）。你会发现它与几十年前人们印象中的活动房屋截然不同。",[14,2710,2711],{},"GEICO将设立展位，派出来自全国各地的顶级业务代表，随时为大家提供汽车保险报价。在大多数情况下，GEICO可以为股东提供约8%的特别折扣。这项优惠在我们运营的49个司法管辖区中的41个都有效。记得带上你现有保单的详细信息，来看看我们能不能帮你省钱。",[14,2713,2714],{},"周六在奥马哈机场，我们将一如既往地展示NetJets的各型飞机供大家参观。请到Qwest中心的NetJets展位了解参观详情。如果你在周末买了我们认为数量适当的产品，你可能真的需要自己的飞机把它们运回家。",[14,2716,2717],{},"位于第72街、道奇街与太平洋街之间那块77英亩地块上的内布拉斯加家具店，将再次推出”伯克希尔周”特价——这意味着我们将为股东提供通常只有员工才能享受的折扣。我们七年前在NFM首次推出这项特价活动，“伯克希尔周”的销售额从1997年的530万美元增长到了2003年的1,730万美元。年年刷新纪录。",[14,2719,2720],{},"要享受折扣，你的购物时间必须在4月29日（周四）至5月3日（周一）之间（含首尾两天），并出示你的股东会入场凭证。这段时间的特价甚至适用于几个通常对打折有铁律般严格限制的知名品牌——他们为了股东会的精神破例让步。我们感谢他们的配合。NFM的营业时间为周一至周六上午10点至晚上9点，周日上午10点至下午6点。今年的周六，下午5点半到8点，我们将为股东举办一场专场活动。我会到场，吃着烤肉喝着可乐。",[14,2722,2723,2724,2727],{},"波仙珠宝店——全美除纽约曼哈顿蒂芙尼 (Tiffany) 门店外最大的珠宝店——将举办两场股东专属活动。第一场是4月30日（周五）下午6点至晚上10点的鸡尾酒会。第二场是5月2日（周日）上午9点至下午4点的大型售卖盛会。记得请查理在你的",[646,2725,2726],{},"购物小票","上签名。",[14,2729,2730],{},"从周四到周一的股东会期间，波仙都将提供股东特惠价，因此如果你想避开周五晚上和周日的汹涌人潮，也可以在其他时间光临，记得表明你的股东身份。周六我们营业到下午6点。波仙的毛利率比其主要竞争对手整整低了20个百分点，所以你买得越多省得越多——至少我的太太和女儿是这么告诉我的。（她们俩小时候就被这个故事深深打动：一个男孩错过了一班电车，于是走路回家，并自豪地宣布自己省下了5分钱。他爸爸大为光火：“你怎么不错过一辆出租车，那不是能省85分吗？”）",[14,2732,2733],{},"在波仙珠宝店外面的广场上，我们请来了世界顶级桥牌高手鲍勃·哈曼 (Bob Hamman) 和莎朗·奥斯伯格 (Sharon Osberg)，周日下午与我们的股东切磋牌技。此外，两届美国国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 也将在广场上——蒙着眼睛——迎接所有挑战者！我看过了，他确实没有偷看。",[14,2735,2736,2737,2740],{},"我最爱的牛排馆Gorat’s将于5月2日（周日）专门为伯克希尔股东开放，营业时间从下午4点到晚上10点。请记住，周日去Gorat’s必须提前预订。要预订请在4月1日拨打402-551-3733（",[646,2738,2739],{},"不要更早打","）。如果周日满座，可以试试你在镇上的其他晚上。像我一样展示你对高级餐饮的精通——点一份三分熟的丁骨牛排，外加双份的土豆煎饼。",[14,2742,2743],{},"周六下午4点到5点，我们将为来自北美以外地区的股东举办一场特别接待会。每年我们的股东大会都吸引了众多来自世界各地的人们，查理和我希望确保能亲自会见这些远道而来的朋友。任何来自美国和加拿大以外的股东都将获得特别凭证和参加这次活动的说明。",[14,2745,2746],{},"查理和我每年在股东大会上都玩得非常开心。各位也一定会。所以请加入我们，到Qwest中心参加一年一度的”资本家的伍德斯托克音乐节”吧。",[14,2748,2749],{},"2004年2月27日",[14,2751,2752],{},"沃伦·巴菲特",[14,2754,2755],{},"董事会主席",[14,2757,2758],{},"(*): 本报告中使用的所有数字均适用于伯克希尔的A股，它是公司在1996年之前唯一流通在外的股票的后续。B股的经济权益相当于A股的三十分之一。",[14,2760,2761],{},"(1): 2002年年度报告第10页对这些合同作了说明，可在www.berkshirehathaway.com上查阅。简而言之，这部分由一些巨额保单组成，可能会产生承保亏损（设有上限），但同时提供了异常庞大的浮存金。",[14,2763,2764],{},"(2): 去年我们在这些业务中实现了一些额外收入，原因是我们此前以折价买入的某些固定收益证券提前清偿了本金。这种情况已经结束，因此这个板块在未来几年的收益很可能会下降。",[14,2766,2767],{},"(3): 我们旗下三家建筑材料企业——Acme砖块、Benjamin Moore油漆和MiTek——去年的经营收益全部创下历史新高。第四家Johns Manville的收益也在年底呈上升趋势。四家公司合计的有形净资产回报率达到21.0%。",[14,2769,2770],{},"(4): 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巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":3254,"slug":3255,"category":2814,"order":3252},"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":3257,"slug":3258,"category":2791,"order":3259},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":3261,"slug":3262,"category":2814,"order":3259},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":3264,"slug":3265,"category":2791,"order":3266},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":3268,"slug":3269,"category":2814,"order":3266},"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":3271,"slug":3272,"category":2791,"order":3273},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":3275,"slug":3276,"category":2814,"order":3273},"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":3278,"slug":3279,"category":2791,"order":3280},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":3282,"slug":3283,"category":2814,"order":3280},"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":3285,"slug":3286,"category":2791,"order":3287},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":3289,"slug":3290,"category":2814,"order":3287},"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":3292,"slug":3293,"category":2791,"order":3294},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":3296,"slug":3297,"category":2814,"order":3294},"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":3299,"slug":3300,"category":2791,"order":3301},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":3303,"slug":3304,"category":2814,"order":3301},"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":3306,"slug":3307,"category":2791,"order":3308},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":3310,"slug":3311,"category":2814,"order":3308},"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":3313,"slug":3314,"category":2791,"order":3315},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":3317,"slug":3318,"category":2814,"order":3315},"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":3320,"slug":3321,"category":2791,"order":3322},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":3324,"slug":3325,"category":2814,"order":3322},"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":3327,"slug":3328,"category":2791,"order":3329},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":3331,"slug":3332,"category":2814,"order":3329},"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":3334,"slug":3335,"category":2791,"order":3336},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":3338,"slug":3339,"category":2814,"order":3336},"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":3341,"slug":3342,"category":2791,"order":3343},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":3345,"slug":3346,"category":2814,"order":3343},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":3348,"slug":3349,"category":2791,"order":3350},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":3352,"slug":3353,"category":2814,"order":3350},"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":3355,"slug":3356,"category":2791,"order":3357},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":3359,"slug":3360,"category":2814,"order":3357},"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":3362,"slug":3363,"category":2791,"order":3364},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":3366,"slug":3367,"category":2814,"order":3364},"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":3369,"slug":3370,"category":2791,"order":3371},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":3373,"slug":3374,"category":2814,"order":3371},"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":3376,"slug":3377,"category":2791,"order":3378},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":3380,"slug":3381,"category":2814,"order":3378},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":3383,"slug":3384,"category":2791,"order":3385},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":3387,"slug":3388,"category":2814,"order":3385},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":3390,"slug":3391,"category":2791,"order":3392},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":3394,"slug":3395,"category":2814,"order":3392},"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":3397,"slug":3398,"category":2791,"order":3399},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":3401,"slug":3402,"category":2814,"order":3399},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":3404,"slug":3405,"category":2791,"order":3406},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":3408,"slug":3409,"category":2814,"order":3406},"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":3411,"slug":3412,"category":2791,"order":3413},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":3415,"slug":3416,"category":2814,"order":3413},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":5,"slug":2801,"category":2791,"order":2797},{"title":3419,"slug":3420,"category":2814,"order":2797},"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":3422,"slug":3423,"category":2791,"order":3424},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":3426,"slug":3427,"category":2814,"order":3424},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":3429,"slug":3430,"category":2791,"order":3431},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":3433,"slug":3434,"category":2814,"order":3431},"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":3436,"slug":3437,"category":2791,"order":3438},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":3440,"slug":3441,"category":2814,"order":3438},"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":3443,"slug":3444,"category":2791,"order":3445},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":3447,"slug":3448,"category":2814,"order":3445},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":3450,"slug":3451,"category":2791,"order":3452},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":3454,"slug":3455,"category":2814,"order":3452},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":3457,"slug":3458,"category":2791,"order":3459},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":3461,"slug":3462,"category":2814,"order":3459},"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":3464,"slug":3465,"category":2791,"order":3466},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":3468,"slug":3469,"category":2814,"order":3466},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":3471,"slug":3472,"category":2791,"order":3473},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":3475,"slug":3476,"category":2814,"order":3473},"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":3478,"slug":3479,"category":2791,"order":3480},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":3482,"slug":3483,"category":2814,"order":3480},"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":3485,"slug":3486,"category":2791,"order":3487},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":3489,"slug":3490,"category":2814,"order":3487},"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":3492,"slug":3493,"category":2791,"order":3494},"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":3496,"slug":3497,"category":2814,"order":3494},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":3499,"slug":3500,"category":2791,"order":3501},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":3503,"slug":3504,"category":2814,"order":3501},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":3506,"slug":3507,"category":2791,"order":3508},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":3510,"slug":3511,"category":2814,"order":3508},"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":3513,"slug":3514,"category":2791,"order":3515},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":3517,"slug":3518,"category":2814,"order":3515},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":3520,"slug":3521,"category":2791,"order":3522},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":3524,"slug":3525,"category":2814,"order":3522},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":3527,"slug":3528,"category":2791,"order":3529},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":3531,"slug":3532,"category":2814,"order":3529},"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":3534,"slug":3535,"category":2791,"order":3536},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":3538,"slug":3539,"category":2814,"order":3536},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":3541,"slug":3542,"category":2791,"order":3543},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":3545,"slug":3546,"category":2814,"order":3543},"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":3548,"slug":3549,"category":2791,"order":3550},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":3552,"slug":3553,"category":2814,"order":3550},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":3555,"slug":3556,"category":2791,"order":3557},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":3559,"slug":3560,"category":2814,"order":3557},"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":3562,"slug":3563,"category":2791,"order":3564},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":3566,"slug":3567,"category":2814,"order":3564},"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":3569,"slug":3570,"category":2791,"order":3571},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":3573,"slug":3574,"category":2814,"order":3571},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":3576,"slug":3577,"category":2791,"order":3578},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":3580,"slug":3581,"category":2814,"order":3578},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":3583,"slug":3584,"category":2791,"order":3585},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":3587,"slug":3588,"category":2814,"order":3585},"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":3590,"slug":3591,"category":2791,"order":3592},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":3594,"slug":3595,"category":2814,"order":3592},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":3597,"slug":3598,"category":2791,"order":3599},"2026 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