[{"data":1,"prerenderedAt":3507},["ShallowReactive",2],{"library-2005-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1971,"library-sidebar-dao":2973,"library-sidebar-models":3275},{"id":4,"title":5,"body":6,"category":1957,"date":1958,"description":1959,"extension":1960,"meta":1961,"navigation":1962,"order":1963,"path":1964,"seo":1965,"seoDescription":1959,"seoTitle":1966,"slug":1967,"stem":1968,"__hash__":1969,"_collection":1970},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2005-ba-fei-te-zhi-gu-dong-xin.md","2005 巴菲特致股东信",{"type":7,"value":8,"toc":1942},"minimark",[9,13,17,20,23,26,102,109,112,173,178,186,193,197,200,203,206,214,221,224,229,232,235,238,243,246,249,254,257,260,263,266,269,276,283,286,289,292,295,298,301,303,306,309,312,315,318,320,323,326,329,332,439,444,447,450,453,456,463,466,469,472,642,647,650,653,656,659,662,664,667,670,673,676,683,686,693,696,699,705,708,710,713,894,899,903,906,912,1050,1055,1169,1176,1179,1280,1285,1288,1296,1299,1304,1307,1310,1316,1319,1324,1327,1329,1332,1339,1342,1344,1347,1350,1353,1356,1359,1362,1365,1368,1371,1374,1377,1382,1637,1642,1645,1648,1650,1653,1656,1659,1662,1665,1672,1675,1678,1681,1684,1691,1698,1701,1704,1706,1709,1712,1715,1718,1721,1724,1735,1742,1745,1752,1755,1758,1761,1764,1775,1778,1781,1784,1790,1792,1795,1798,1801,1817,1820,1823,1826,1829,1832,1835,1838,1841,1844,1847,1850,1853,1856,1863,1866,1869,1875,1878,1881,1884,1887,1890,1893,1896,1899,1902,1905,1908,1915,1922,1925,1928,1930,1933,1936,1939],[10,11,5],"h1",{"id":12},"_2005-巴菲特致股东信",[14,15,16],"p",{},"我写这份报告的目的，是为各位提供估算伯克希尔内在价值所需的信息。我之所以说”估算”，是因为内在价值的计算虽然至关重要，却不可避免地不够精确，而且常常大错特错。一家企业的未来越不确定，计算结果就越可能离谱得不着边际。（关于内在价值的解释，请参见第77-78页。）在这方面伯克希尔有一些优势：多种相对稳定的收益来源，加上充裕的流动性和极低的负债。这些因素意味着，伯克希尔的内在价值能够比绝大多数公司的内在价值计算得更为精确。",[14,18,19],{},"然而，尽管伯克希尔的财务特征有助于提高估值精度，但如此众多的收益来源却使得内在价值的计算变得更加复杂。回到1965年，当时我们只有一家小小的纺织厂，计算内在价值简直是小菜一碟。如今我们拥有68种经营特性和财务特性差异巨大的业务。这些五花八门、互不相关的企业，加上我们庞大的投资组合，使你根本不可能仅仅分析一下合并报表就对公司的内在价值做出明智的估算。",[14,21,22],{},"为了缓解这一难题，我们将旗下业务合理地归为四大类，后文将逐一讨论。在讨论中，我们会提供每类业务及其重要组成部分的关键数据。当然，伯克希尔的整体价值可能高于或低于这四部分之和。最终结果取决于：我们旗下众多业务作为一个更大企业的组成部分，是运作得更好还是更差；以及在控股公司的统筹下，资本配置是改善了还是恶化了。换句话说，伯克希尔作为母公司究竟给各个子公司带来了什么好处？我们的股东直接持有这68家企业的股票，是否会更加有利？这些都是重要的问题，但需要各位股东自己来寻找答案。",[14,24,25],{},"不过，在讨论各项具体业务之前，让我们先看两组数据，说明我们从何处起步以及现在身在何处。第一组数据是每股投资金额（包括现金及现金等价物）。计算时，我们将旗下金融企业所持投资排除在外，因为这些投资大部分被借款所抵消：",[27,28,29,42],"table",{},[30,31,32],"thead",{},[33,34,35,39],"tr",{},[36,37,38],"th",{},"年份",[36,40,41],{},"每股投资金额*",[43,44,45,54,62,70,78,86,94],"tbody",{},[33,46,47,51],{},[48,49,50],"td",{},"1965",[48,52,53],{},"$ 4",[33,55,56,59],{},[48,57,58],{},"1975",[48,60,61],{},"159",[33,63,64,67],{},[48,65,66],{},"1985",[48,68,69],{},"2,407",[33,71,72,75],{},[48,73,74],{},"1995",[48,76,77],{},"21,817",[33,79,80,83],{},[48,81,82],{},"2005",[48,84,85],{},"$ 74,129",[33,87,88,91],{},[48,89,90],{},"1965-2005复合增长率",[48,92,93],{},"28.0%",[33,95,96,99],{},[48,97,98],{},"1995-2005复合增长率",[48,100,101],{},"13.0%",[103,104,105],"ul",{},[106,107,108],"li",{},"扣除少数股东权益",[14,110,111],{},"除了这些有价证券（少数例外情况下由非保险企业持有）之外，我们还拥有种类广泛的非保险业务。下面以每股为基础列示这些企业的税前收益（不含商誉摊销）：",[27,113,114,123],{},[30,115,116],{},[33,117,118,120],{},[36,119,38],{},[36,121,122],{},"每股税前收益*",[43,124,125,131,138,145,152,159,166],{},[33,126,127,129],{},[48,128,50],{},[48,130,53],{},[33,132,133,135],{},[48,134,58],{},[48,136,137],{},"4",[33,139,140,142],{},[48,141,66],{},[48,143,144],{},"52",[33,146,147,149],{},[48,148,74],{},[48,150,151],{},"175",[33,153,154,156],{},[48,155,82],{},[48,157,158],{},"$ 2,441",[33,160,161,163],{},[48,162,90],{},[48,164,165],{},"17.2%",[33,167,168,170],{},[48,169,98],{},[48,171,172],{},"30.2%",[103,174,175],{},[106,176,177],{},"税前，扣除少数股东权益",[14,179,180,181,185],{},"在讨论增长率的时候，你很有必要留心基期和终期年份的选择。如果起止年份中有一个是异常的，那么无论怎么算出来的增长率都会被歪曲。尤其是当基期年份盈利特别差时，算出来的增长率会高得惊人却毫无实际意义。不过在上表中，作为基期的1965年度的盈利却是异乎寻常地",[182,183,184],"em",{},"好","——伯克希尔1965年的盈利水平高于此前十年中的九个年度。",[14,187,188,189,192],{},"从上面两张表可以看出，伯克希尔两个价值要素的比较增长率在最近十年发生了很大变化，这反映了我们的经营重心日益向企业并购倾斜。尽管如此，伯克希尔副董事长兼我的合伙人查理·芒格（Charlie Munger）和我的目标仍然是让",[182,190,191],{},"两张","表的数字都能实现增长。对于这一雄心壮志，我们希望——打个比方——避免遭遇一对老夫妇的命运，他们的浪漫生活已经沉寂了许久。在结婚五十周年纪念日的晚餐结束后，妻子在轻柔的音乐、醉人的红酒和摇曳的烛光下，感到了一阵久违的悸动，于是故作娇羞地向丈夫提议上楼缠绵一番。丈夫极度纠结了好一会儿，最后回答说：“二选一我还行，两个都来可不行。”",[194,195,196],"h3",{"id":196},"并购",[14,198,199],{},"在未来几年，我们现有的业务总体上应该能在经营利润方面实现温和增长。但仅仅依靠这些业务自身，并不能产生真正令人满意的回报。要完成这一目标，我们需要进行大型并购。",[14,201,202],{},"在这方面，2005年令人鼓舞。我们达成了五项收购协议：其中两项已于去年完成，一项在年底后完成，另外两项预计也将很快完成。这些交易都不涉及发行伯克希尔的股票。这一点至关重要却常常被忽视：当一家公司的管理层得意洋洋地用股票收购另一家公司时，收购方的股东们同时也在出售自己在所有现有资产中的一部分权益。我自己也做过几次这种交易——总的来说，我的这些行为让各位股东付出了代价。",[14,204,205],{},"以下是去年的收购：",[103,207,208,211],{},[106,209,210],{},"6月30日，我们收购了医疗防护公司（Medical Protective Company，简称”MedPro”），这是一家位于韦恩堡（Fort Wayne）、拥有106年历史的医疗事故保险公司。医疗事故保险是一种很难承保的险种，已经成了许多保险公司的坟墓。但MedPro应该会做得不错。它将拥有所有伯克希尔旗下保险公司共同享有的理念优势——承保纪律高于一切其他目标。此外，作为伯克希尔的一员，MedPro拥有远超竞争对手的财务实力，这能让医生们安心：那些需要漫长时间才能结案的索赔，不会因为保险公司倒闭而重新落到他们头上。最后，公司有一位聪明且精力充沛的CEO蒂姆·科内西（Tim Kenesey），他本能地就像伯克希尔的经理人那样思考。",[106,212,213],{},"我们的第二笔收购是森林河公司（Forest River），于8月31日完成。几个月前的6月21日，我收到了一份两页纸的传真，逐条说明了森林河为什么符合我们在本报告第25页列出的收购标准。在此之前，我既没听说过这家年销售额16亿美元的休闲房车制造商，也不认识它的老板兼经理人皮特·利格尔（Pete Liegl）。但传真说的很有道理，我立刻要求提供更多数据。第二天早上数据就到了，当天下午我就向Pete发出了要约。6月28日，我们握手成交。",[14,215,216,217,220],{},"Pete是一位非凡的企业家。几年前，他把当时规模还远不如现在的企业卖给了一家杠杆收购公司（LBO），对方接手后立刻开始对他指手画脚。不久Pete就离开了，公司很快陷入破产。随后Pete又把公司买了回来。你尽可以放心，",[182,218,219],{},"我","绝不会告诉Pete该怎么经营他的生意。",[14,222,223],{},"森林河拥有60家工厂、5,400名员工，在房车行业持续扩大市场份额，同时还在向船艇制造等其他领域拓展。Pete今年61岁——而且绝对处于加速前进的状态。请读一读随本报告附上的《RV Business》杂志的那篇文章，你就会明白为什么Pete和伯克希尔天生就是一对。",[103,225,226],{},[106,227,228],{},"2005年11月12日，《华尔街日报》（The Wall Street Journal）刊登了一篇关于伯克希尔独特的并购和管理模式的文章。文中Pete宣称：“把公司卖给巴菲特比去更新驾照还容易。”",[14,230,231],{},"纽约的凯西·巴伦·塔姆拉兹（Cathy Baron Tamraz）读到了这篇文章，深有同感。11月21日，她给我写了一封信，开头这样写道：“作为美国商业资讯公司（Business Wire）的总裁，我想向您介绍我的公司，因为我认为它符合最近一篇《华尔街日报》文章中所详细描述的伯克希尔子公司的特征。”",[14,233,234],{},"读完Cathy那封两页的信，我觉得Business Wire和伯克希尔正是天造地设的一对。我特别喜欢她信中倒数第二段的话：“我们把公司管理得很紧凑，把不必要的开支控制到最低。这里没有秘书，也没有管理层级。但我们会大手笔投资以获取技术优势、推动业务发展。”",[14,236,237],{},"我立刻给Cathy打了电话，不久伯克希尔就与Business Wire的控股股东洛里·洛基（Lorry Lokey）达成了收购协议。洛里于1961年创建了这家公司（并刚刚任命Cathy为CEO）。我喜欢像洛里这样的成功故事。今年78岁的他，已经把公司打造成一家在150个国家为25,000家客户传播信息的优秀企业。他的故事，和许多其他选择伯克希尔作为毕生事业归宿的企业家一样，是好创意、好人才和勤奋工作完美结合的典范。",[103,239,240],{},[106,241,242],{},"12月，我们同意收购应用承保公司（Applied Underwriters）81%的股权。这家公司为小型企业提供薪资服务和工伤赔偿保险的综合服务，大部分客户位于加利福尼亚州。",[14,244,245],{},"1998年，当这家公司只有12名员工时，它收购了一家位于奥马哈（Omaha）、拥有24名员工、提供类似服务的公司。打造了Applied出色业务的希德·费伦茨（Sid Ferenc）和史蒂夫·门齐斯（Steve Menzies）得出结论，奥马哈作为运营基地有很多优势——我得说这真是远见卓识——如今公司479名员工中有400人都在这里工作。",[14,247,248],{},"不到一年前，Applied与阿吉特·贾恩（Ajit Jain）签署了一份大额再保险合同，阿吉特是国民保险公司（National Indemnity）再保险部门的杰出经理人。阿吉特对Sid和Steve印象深刻，而他们也很欣赏伯克希尔的经营方式。于是我们决定合力而为。我们很高兴Sid和Steve保留了Applied 19%的股权。仅仅12年前他们还是白手起家，想象一下有了伯克希尔的支持他们还能创造什么样的成就，真让人兴奋不已。",[103,250,251],{},[106,252,253],{},"去年春天，我们控股80.5%的子公司中美能源（MidAmerican Energy）达成协议，收购太平洋电力公司（PacifiCorp），这是一家为西部六个州提供电力服务的大型公用事业公司。这类收购需要获得许多监管部门的审批，目前我们已经全部获批，预计交易很快就会完成。届时伯克希尔将购买34亿美元的中美能源普通股，中美能源再加上17亿美元的借款来完成此次收购。投资受监管的公用事业，你不能指望获得超高利润，但这个行业为大额资金提供了获取合理回报的机会——因此对伯克希尔来说是很合适的。几年前我曾说过，我们希望在公用事业领域进行一些大型收购。请注意我说的是”一些”——我们还会继续寻找更多机会。",[14,255,256],{},"除了收购新业务之外，我们还在继续进行”补强收购”（bolt-on）。有些规模可不小：旗下地毯企业Shaw工业去年斥资约5.5亿美元进行了两笔收购，推进了纵向整合，有望在未来提高利润率。XTRA和克莱顿房屋（Clayton Homes）也进行了提升价值的收购。",[14,258,259],{},"与许多并购方不同，伯克希尔没有”退出策略”。我们买入就是为了永久持有。不过我们确实有一个”进入策略”——在美国和海外寻找符合我们六项标准、且价格能够产生合理回报的企业。如果你有合适的企业，请给我打个电话。就像一个充满憧憬的少女，我会守在电话旁等候。",[194,261,262],{"id":262},"保险业务",[14,264,265],{},"现在让我们来谈谈四大业务板块，首先从保险这个核心业务开始。在保险业务中，最重要的是浮存金的规模以及长期获取浮存金的成本。",[14,267,268],{},"对于新读者，我来解释一下。“浮存金”是一笔不属于我们、但暂时由我们持有的资金。我们大部分浮存金的产生有两个原因：（1）保费是预先收取的，而我们提供的保险保障服务通常覆盖一年左右的时间；（2）今天发生的损失事件并不总是立刻导致我们赔付，因为有时候从损失的报告（石棉损失就是一个例子）、协商到最终赔付，需要经过好多年。1967年我们进入保险业时的2,000万美元浮存金，经过内部增长和外部收购，如今已增长到490亿美元。",[14,270,271,272,275],{},"浮存金是件美妙的事——",[182,273,274],{},"前提是","获取成本不能太高。它的成本取决于承保业绩，也就是我们最终支付的费用和赔款与收到的保费相比如何。当保险公司取得承保利润时——伯克希尔从事保险业务39年来大约有一半年份做到了——浮存金的成本甚至低于零。在那些年份里，我们实际上是拿着别人的钱还要别人倒贴给我们。然而对大多数保险公司来说，日子要艰难得多：总体而言，财产意外险行业几乎总是出现承保亏损。当亏损严重时，浮存金的代价就变得非常昂贵，有时甚至是毁灭性的。",[14,277,278,279,282],{},"2004年我们的浮存金成本低于零，我曾告诉大家，如果不发生超级巨灾，2005年浮存金成本仍有望为零。但超级巨灾",[182,280,281],{},"确实","发生了，而作为巨灾保险的专业承保人，伯克希尔遭受了34亿美元的飓风损失。尽管如此，2005年我们的浮存金仍然是零成本的，这要归功于我们其他保险业务——尤其是GEICO——所创造的卓越业绩。",[284,285],"hr",{},[14,287,288],{},"GEICO的有效汽车保单增长了12.1%，使其在美国私人乘用车保险市场的份额从约5.6%升至约6.1%。汽车保险是一门大生意：每一个百分点的市场份额相当于16亿美元的销售额。",[14,290,291],{},"虽然我们的品牌实力无法量化，但我相信它也在显著增强。1996年伯克希尔全资控股GEICO时，其年广告支出为3,100万美元。去年已经增长到5.02亿美元。而且我迫不及待地想花更多。",[14,293,294],{},"我们的广告之所以有效，是因为我们有一个很好的故事可以讲：与任何一家面向所有客户的全国性保险公司相比，更多的人能通过在我们这里投保而省钱。（有些专业汽车保险公司在其细分领域确实对特定客户群体做得特别好；此外，由于我们的全国性竞争对手使用与我们不同的费率体系，他们有时价格会比我们低。）去年，我们的转化率——即网络和电话报价转化为实际销售的比率——创下了历史新高。这有力地证明了我们的价格相对于竞争对手比以往更具吸引力。请登录GEICO.com或致电800-847-7536亲自验证。记得一定要说明你是伯克希尔的股东，因为这通常能让你享受到额外折扣。",[14,296,297],{},"去年我提到过GEICO于2004年8月进入新泽西州。那里的车主们非常喜欢我们。我们在该州的新保户续保率高于其他任何一个州，到2007年左右，GEICO很可能将成为新泽西州第三大汽车保险公司。在那里，和其他地方一样，我们的低成本带来低价格，低价格带来稳定增长的盈利性业务。",[14,299,300],{},"这个简单的公式55年前我第一次发现GEICO时就让我印象深刻。事实上，21岁那年我还写了一篇关于这家公司的文章——在第24页上有重印——当时它的市值只有700万美元。你可以在文中看到，我称GEICO为”我最喜欢的证券”。至今我仍然这样称呼它。",[284,302],{},[14,304,305],{},"我们的再保险业务主要由通用再保险（General Re）和国民保险公司（National Indemnity）经营。前者由乔·布兰登（Joe Brandon）和塔德·蒙特罗斯（Tad Montross）管理，后者由阿吉特·贾恩管理。考虑到2005年飓风给整个行业带来的异常巨大损失，两家公司的表现都相当不错。",[14,307,308],{},"大气、海洋或其他因素是否已经显著改变了飓风发生的频率或强度，目前仍是一个悬而未决的问题。近年来的情况令人忧虑。例如，我们知道在2004年之前的一百年间，大约有59次三级或以上强度的飓风袭击了美国东南部和墨西哥湾沿岸各州，其中只有3次达到五级。我们还知道，2004年有3次三级飓风重创了这些地区，2005年又有4次，其中之一的卡特里娜飓风是保险业有史以来破坏力最大的飓风。此外，去年沿海地区还出现了3次五级飓风，所幸在登陆前风力减弱了。",[14,310,311],{},"这种更加频繁、更加猛烈的风暴袭击仅仅是一个异常现象吗？还是由气候、水温或我们尚未完全了解的其他变量引起的？这些因素是否正在以某种方式发展，可能很快就会制造出让卡特里娜飓风相形见绌的超级灾难？",[14,313,314],{},"Joe、阿吉特和我不知道这些至关重要的问题的答案。我们知道的是，我们的无知意味着必须遵循帕斯卡（Pascal）在他那场关于上帝是否存在的著名赌注中所给出的指引。你可能还记得，他的结论是：既然不知道答案，那么从个人得失的比率来看，他应该选择”上帝存在”这个答案。",[14,316,317],{},"以此为指导，我们得出结论：目前我们只能在远高于去年的价格水平上承保超级巨灾保险——而且总体风险敞口必须控制在这样一个水平上：如果某些重要变量发生变化，在不远的将来导致损害更严重的风暴，我们也不至于焦头烂额。2004年之后我们已经有了类似的感觉——并在价格没有上涨时削减了承保规模。现在我们更加谨慎了。但如果价格合适，我们仍然有能力和意愿成为全球最大的超级巨灾保险承保人。",[284,319],{},[14,321,322],{},"我们旗下规模较小的保险公司，加上新纳入的MedPro，去年取得了非常出色的业绩。不过，下表中的数据并没有完全反映它们的表现。原因是我们在收购MedPro之后，立即将其损失准备金增加了约1.25亿美元。",[14,324,325],{},"没人能精确知道需要多少资金才能支付我们承继的索赔。医疗事故保险是一种”长尾”险种，意味着索赔往往需要好多年才能解决。此外，还有一些已经发生但我们暂时还不知道的损失。不过，从事保险业务多年来，我们学到了一条——是用惨痛代价学来的——经验：保险业的意外远不是对称的。每十个坏消息中能遇到一个好消息，你就算走运了。然而，保险公司面对步步逼近的损失问题时，往往过于乐观。他们的行为就像一个在弹簧刀搏斗中的家伙，当对手朝他的喉咙猛力砍了一刀之后，他得意洋洋地喊道：“你根本没碰到我。”对手淡淡地回答：“等你摇摇脑袋试试看。”",[14,327,328],{},"扣除我们为前期保单增提的准备金，MedPro是以承保盈利的状态经营的。我们其他主要保险公司合计在12.7亿美元的保费收入上取得了3.24亿美元的承保利润。这是一个非凡的成绩，为此我们要感谢伯克希尔·哈撒韦家乡保险公司（Berkshire Hathaway Homestate Companies）的罗德·埃尔德雷德（Rod Eldred）、中央州赔偿保险公司（Central States Indemnity）的约翰·基泽尔（John Kizer）、美国责任保险公司（U.S. Liability）的汤姆·纳尼（Tom Nerney）、堪萨斯银行家担保公司（Kansas Bankers Surety）的唐·陶尔（Don Towle）以及国民保险公司的唐·沃斯特（Don Wurster）。",[14,330,331],{},"以下是我们各主要保险业务的承保和浮存金总体统计：",[27,333,334,352],{},[30,335,336],{},[33,337,338,340,343,346,349],{},[36,339,262],{},[36,341,342],{},"承保损益2005（百万美元）",[36,344,345],{},"承保损益2004（百万美元）",[36,347,348],{},"年末浮存金2005（百万美元）",[36,350,351],{},"年末浮存金2004（百万美元）",[43,353,354,371,388,405,422],{},[33,355,356,359,362,365,368],{},[48,357,358],{},"通用再保险",[48,360,361],{},"$ (334)",[48,363,364],{},"$ 3",[48,366,367],{},"$ 22,920",[48,369,370],{},"$ 23,120",[33,372,373,376,379,382,385],{},[48,374,375],{},"伯克希尔再保险",[48,377,378],{},"(1,069)",[48,380,381],{},"417",[48,383,384],{},"16,233",[48,386,387],{},"15,278",[33,389,390,393,396,399,402],{},[48,391,392],{},"盖可保险",[48,394,395],{},"1,221",[48,397,398],{},"970",[48,400,401],{},"6,692",[48,403,404],{},"5,960",[33,406,407,410,413,416,419],{},[48,408,409],{},"其他保险",[48,411,412],{},"235*",[48,414,415],{},"161",[48,417,418],{},"3,442",[48,420,421],{},"1,736",[33,423,424,427,430,433,436],{},[48,425,426],{},"合计",[48,428,429],{},"$ 53",[48,431,432],{},"$ 1,551",[48,434,435],{},"$ 49,287",[48,437,438],{},"$ 46,094",[103,440,441],{},[106,442,443],{},"自2005年6月30日起包括MedPro在内。",[194,445,446],{"id":446},"受管制的公用事业",[14,448,449],{},"我们持有中美能源控股公司（MidAmerican Energy Holdings）80.5%的股权（完全稀释后），该公司拥有多种公用事业企业。其中最大的包括：（1）约克郡电力公司（Yorkshire Electricity）和北方电力公司（Northern Electric），拥有370万电力用户，是英国第三大电力分销商；（2）中美能源，主要为爱荷华州的70.6万用户提供电力服务；（3）科恩河（Kern River）和北方天然气（Northern Natural）管道，输送了美国天然气消费量的7.8%。太平洋电力公司的收购完成后，我们将在西部六个州增加160万电力用户，其中俄勒冈州和犹他州的业务量最大。这笔交易将使中美能源的收入增加33亿美元，资产增加141亿美元。",[14,451,452],{},"《公用事业控股公司法案》（PUHCA）于2005年8月8日被废止，这一里程碑事件使伯克希尔能够在2006年2月9日将所持中美能源优先股转换为有投票权的普通股。此次转换结束了PUHCA强加于我们的一套错综复杂的公司架构安排。现在我们同时持有中美能源83.4%的普通股和投票权，使我们能够在财务会计和税收上合并该公司的报表。不过，我们真正的经济权益是前面提到的80.5%，因为已发行的期权在未来几年内肯定会被行使，届时将稀释我们的持股比例。",[14,454,455],{},"虽然我们的投票权大幅增加了，但四方持股的合作模式丝毫没有改变。我们把中美能源看作伯克希尔、沃尔特·斯科特（Walter Scott）以及两位出色的经理人戴夫·索科尔（Dave Sokol）和格雷格·阿贝尔（Greg Abel）之间的合伙企业。每一方持有多少投票权并不重要；我们只会在大家一致认为明智时才采取重大举措。与Dave、Greg和Walter共事五年，进一步坚定了我最初的信念：伯克希尔不可能找到更好的合作伙伴了。",[14,457,458,459,462],{},"你会注意到，今年我们提供了两份资产负债表：一份是根据通用会计准则（GAAP）编制的2005年12月31日的实际数据（",[182,460,461],{},"不","合并中美能源），另一份则反映了随后优先股转换的情况。今后伯克希尔所有的财务报表都将包含中美能源的数据。",[14,464,465],{},"说起来也许有些不搭调，中美能源还拥有美国第二大房地产经纪公司。而且它确实是一颗明珠。母公司名叫美国家庭服务公司（HomeServices of America），但我们的19,200名经纪人通过18家以当地品牌运营的公司开展业务。加上三笔小型收购，我们去年参与了640亿美元的房地产交易，比2004年增长了6.5%。",[14,467,468],{},"近年来持续炙手可热的住宅房地产市场目前正在降温，这应该会为我们带来更多的收购机会。公司CEO罗恩·佩尔蒂耶（Ron Peltier）和我都预计，十年后HomeServices的规模将远超现在。",[14,470,471],{},"下表是中美能源业务经营的主要数据：",[27,473,474,487],{},[30,475,476],{},[33,477,478,481,484],{},[36,479,480],{},"项目",[36,482,483],{},"2005收益（百万美元）",[36,485,486],{},"2004收益（百万美元）",[43,488,489,500,511,521,532,543,554,565,576,587,598,609,620,631],{},[33,490,491,494,497],{},[48,492,493],{},"英国电力",[48,495,496],{},"$ 308",[48,498,499],{},"$ 326",[33,501,502,505,508],{},[48,503,504],{},"爱荷华电力",[48,506,507],{},"288",[48,509,510],{},"268",[33,512,513,516,519],{},[48,514,515],{},"管道运输业务",[48,517,518],{},"309",[48,520,507],{},[33,522,523,526,529],{},[48,524,525],{},"家庭服务",[48,527,528],{},"148",[48,530,531],{},"130",[33,533,534,537,540],{},[48,535,536],{},"其他（净额）",[48,538,539],{},"107",[48,541,542],{},"172",[33,544,545,548,551],{},[48,546,547],{},"来自锌回收项目停运的损益",[48,549,550],{},"8",[48,552,553],{},"(579)",[33,555,556,559,562],{},[48,557,558],{},"息税前收益",[48,560,561],{},"1,168",[48,563,564],{},"605",[33,566,567,570,573],{},[48,568,569],{},"利息支出——其他债务",[48,571,572],{},"(200)",[48,574,575],{},"(212)",[33,577,578,581,584],{},[48,579,580],{},"利息支出——伯克希尔次级债券",[48,582,583],{},"(157)",[48,585,586],{},"(170)",[33,588,589,592,595],{},[48,590,591],{},"所得税",[48,593,594],{},"(248)",[48,596,597],{},"(53)",[33,599,600,603,606],{},[48,601,602],{},"净收益",[48,604,605],{},"$ 563",[48,607,608],{},"$ 170",[33,610,611,614,617],{},[48,612,613],{},"归属于伯克希尔的收益 *",[48,615,616],{},"$ 523",[48,618,619],{},"$ 237",[33,621,622,625,628],{},[48,623,624],{},"应付其他方债务",[48,626,627],{},"10,296",[48,629,630],{},"10,528",[33,632,633,636,639],{},[48,634,635],{},"应付伯克希尔债务",[48,637,638],{},"1,289",[48,640,641],{},"1,478",[103,643,644],{},[106,645,646],{},"包括伯克希尔获得的利息收入（扣除相关所得税后），2005年为1.02亿美元，2004年为1.1亿美元。",[194,648,649],{"id":649},"金融与金融产品",[14,651,652],{},"我们金融业务的明星是克莱顿房屋公司（Clayton Homes），由凯文·克莱顿（Kevin Clayton）出色地管理着。他卓越的业绩并非水涨船高的结果：自2003年伯克希尔收购克莱顿以来，预制房屋行业一直令人失望。行业销量停滞在40年来的低点，最近因卡特里娜飓风带来的需求回升几乎肯定是短暂的。近年来，许多行业参与者都在亏损，只有克莱顿赚到了可观的利润。",[14,654,655],{},"在这种严酷的环境下，克莱顿从一些大银行手中买入了大量预制房屋贷款，这些银行觉得这类贷款无利可图而且难以服务。克莱顿的运营专长加上伯克希尔的财务资源，使这成为我们的一项优秀业务，而且我们在其中处于领先地位。目前我们管理着170亿美元的贷款，而收购时仅有54亿美元。此外，克莱顿现在持有其管理的贷款组合中的96亿美元，这个头寸几乎全部是伯克希尔入主后建立的。",[14,657,658],{},"为了给这个贷款组合融资，克莱顿从伯克希尔借款，而伯克希尔则在公开市场上以同等金额借入资金。作为使用伯克希尔信用的代价，伯克希尔在自身借款成本的基础上加收一个百分点。2005年克莱顿为此支付了8,300万美元。这笔金额包含在对面页表格的”其他”收入中，而克莱顿4.16亿美元的收益是扣除该笔支出后的数字。",[14,660,661],{},"在制造业务方面，克莱顿同样非常活跃。在原有20家工厂的基础上，2004年通过收购破产的奥克伍德公司（Oakwood）——几年前还是行业巨头之一——一举新增12家工厂。2005年又收购了拥有4家工厂的卡斯滕公司（Karsten），大大增强了克莱顿在西海岸的实力。",[284,663],{},[14,665,666],{},"很久以前，马克·吐温（Mark Twain）说过：“一个试图揪着猫尾巴把猫扛回家的人，会学到一个用其他任何方式都学不到的教训。”如果马克·吐温还在世，他也许会试试去清算一个衍生品业务。过不了几天，他就会觉得还是揪猫尾巴更好。",[14,668,669],{},"去年，在我们继续努力退出通用再保险的衍生品业务的过程中，税前损失为1.04亿美元。自我们开始这项工作以来，累计损失已达4.04亿美元。",[14,671,672],{},"最初我们有23,218份未平仓合约。到2005年初减少到了2,890份。你也许以为到这个阶段损失应该止住了，但血仍在流。去年将未平仓合约减至741份，让我们又付出了前面提到的1.04亿美元代价。",[14,674,675],{},"请记住，1990年设立这个部门的初衷，是通用再保险希望满足保险客户的需求。然而我们2005年清算的合约中，有一份期限竟然长达100年！很难想象这样的合约能满足什么”需求”，除了也许是一个关心报酬的交易员想在账上放一份长期合约的需求。长期合约，或者那些包含多个变量的合约，是最难按市值计价的（按市值计价是衍生品会计核算的标准程序），而且为交易员们在估值时留下了最大的”想象”空间。怪不得交易员们会拼命推销这类合约。",[14,677,678,679,682],{},"一个根据假设数字就能算出巨额利润的业务，显然充满了危险。当两个交易员执行一笔包含多个——有时相当深奥——变量且结算日遥远的交易时，他们各自所代表的公司在计算收益时都必须对这些合约进行估值。同一份合约，A公司可能给出一个价格，B公司给出另一个价格。你可以打赌，估值差异——我亲眼见过几个",[182,680,681],{},"巨大","的差异——往往倾向于让各自公司的收益更好看的方向。在这个奇异的世界里，两方执行一笔纸面交易，双方竟然都能立刻报告盈利。",[14,684,685],{},"我每年都会详述我们在衍生品方面的经历，原因有二。一个是个人原因，而且相当不愉快。残酷的事实是，由于我没有立即行动关闭通用再保险的衍生品交易业务，给各位股东造成了大笔损失。在收购通用再保险时，查理和我都知道这是个麻烦，并告诉了管理层我们想退出这项业务。确保这件事得到执行是我的责任。然而我没有正面解决问题，而是浪费了好几年时间试图出售该业务。这注定是徒劳的，因为没有任何现实的方案能让我们从那个将持续几十年的债务迷宫中脱身。我们承担的义务尤其令人不安，因为一旦爆发的后果根本无法衡量。更糟糕的是，如果严重问题发生，我们知道它很可能与金融市场其他领域的问题同时出现。",[14,687,688,689,692],{},"所以我想不伤毫发地脱身的努力失败了，与此同时还有更多的交易被记入账簿。怪我优柔寡断。（查理称之为”吮手指”。）当一个问题存在时，无论是人事方面还是业务运营方面，行动的时机就是",[182,690,691],{},"现在","。",[14,694,695],{},"我反复阐述我们在这一领域遇到的问题的第二个原因，是希望我们的经验能对经理人、审计师和监管者有所启发。从某种意义上说，我们就是这座商业煤矿里的金丝雀，应该在断气之前唱出警告之歌。全球衍生品合约的数量和价值持续急剧膨胀，现已是1998年——上一次金融混乱爆发之时——的数倍。",[14,697,698],{},"我们的经历尤其应该发人深省，因为就退出条件而言，我们算是优于平均水平的候选人。通用再保险在衍生品领域只是一个相对小的玩家。它有幸在温和的市场环境中解除了其据称具有流动性的头寸，而且全程没有受到财务或其他压力的逼迫，否则可能会被迫以低效的方式进行清算。我们过去的会计处理是传统的，实际上还被认为是保守的。另外，据我们所知没有任何人涉及不当行为。",[14,700,701,702,692],{},"但对于其他人来说，未来的故事可能截然不同。想象一下，一家或多家公司（麻烦总是会蔓延的）持有数倍于我们的头寸，在混乱的市场中、在极端且人尽皆知的压力下试图平仓。这种情景现在就应该引起高度关注，而不是等到事后才亡羊补牢。考虑和改进新奥尔良防洪堤可靠性的最佳时机，应该是在卡特里娜飓风到来",[182,703,704],{},"之前",[14,706,707],{},"当我们最终把通用再保险证券公司（Gen Re Securities）彻底关门大吉时，我对它的离去将会是这样一种心情，就像一首乡村歌曲里唱的那样：“我老婆跟我最好的朋友跑了，我真是想死他了。”",[284,709],{},[14,711,712],{},"以下是我们各类金融及金融产品业务的经营情况：",[27,714,715,734],{},[30,716,717],{},[33,718,719,722,725,728,731],{},[36,720,721],{},"（百万美元）",[36,723,724],{},"税前收益2005",[36,726,727],{},"税前收益2004",[36,729,730],{},"有息负债2005",[36,732,733],{},"有息负债2004",[43,735,736,753,770,787,803,820,837,850,865,880],{},[33,737,738,741,744,747,750],{},[48,739,740],{},"交易——经常性收入",[48,742,743],{},"$ 200",[48,745,746],{},"$ 264",[48,748,749],{},"$ 1,061",[48,751,752],{},"$ 5,751",[33,754,755,758,761,764,767],{},[48,756,757],{},"通用再保险证券（损失）",[48,759,760],{},"(104)",[48,762,763],{},"(44)",[48,765,766],{},"2,617*",[48,768,769],{},"5,437*",[33,771,772,775,778,781,784],{},[48,773,774],{},"人寿年金业务",[48,776,777],{},"11",[48,779,780],{},"(57)",[48,782,783],{},"2,461",[48,785,786],{},"2,467",[33,788,789,792,795,798,801],{},[48,790,791],{},"价值资本（损失）",[48,793,794],{},"(33)",[48,796,797],{},"30",[48,799,800],{},"N\u002FA",[48,802,800],{},[33,804,805,808,811,814,817],{},[48,806,807],{},"租赁业务",[48,809,810],{},"173",[48,812,813],{},"92",[48,815,816],{},"370",[48,818,819],{},"391",[33,821,822,825,828,831,834],{},[48,823,824],{},"克莱顿金融",[48,826,827],{},"416",[48,829,830],{},"192",[48,832,833],{},"9,299",[48,835,836],{},"3,636",[33,838,839,842,844,846,848],{},[48,840,841],{},"其他",[48,843,61],{},[48,845,539],{},[48,847,800],{},[48,849,800],{},[33,851,852,855,858,861,863],{},[48,853,854],{},"资本利得前收益合计",[48,856,857],{},"822",[48,859,860],{},"584",[48,862],{},[48,864],{},[33,866,867,870,873,876,878],{},[48,868,869],{},"交易——资本利得（损失）",[48,871,872],{},"(234)",[48,874,875],{},"1,750",[48,877],{},[48,879],{},[33,881,882,884,887,890,892],{},[48,883,426],{},[48,885,886],{},"$ 588",[48,888,889],{},"$ 2,334",[48,891],{},[48,893],{},[103,895,896],{},[106,897,898],{},"包括所有负债",[194,900,902],{"id":901},"制造服务和零售业务","制造、服务和零售业务",[14,904,905],{},"我们这部分业务可谓包罗万象。不过先让我们看看整个集团的概要资产负债表和利润表。",[14,907,908],{},[909,910,911],"strong",{},"资产负债表 2005年12月31日（百万美元）",[27,913,914,929],{},[30,915,916],{},[33,917,918,921,924,927],{},[36,919,920],{},"资产",[36,922,923],{},"金额",[36,925,926],{},"负债与权益",[36,928,923],{},[43,930,931,945,957,969,983,997,1011,1025,1039],{},[33,932,933,936,939,942],{},[48,934,935],{},"现金及等价物",[48,937,938],{},"$ 1,004",[48,940,941],{},"应付票据",[48,943,944],{},"$ 1,469",[33,946,947,950,953,955],{},[48,948,949],{},"应收账款和票据",[48,951,952],{},"3,287",[48,954],{},[48,956],{},[33,958,959,962,965,967],{},[48,960,961],{},"存货",[48,963,964],{},"4,143",[48,966],{},[48,968],{},[33,970,971,974,977,980],{},[48,972,973],{},"其他流动资产",[48,975,976],{},"342",[48,978,979],{},"其他流动负债",[48,981,982],{},"5,371",[33,984,985,988,991,994],{},[48,986,987],{},"流动资产合计",[48,989,990],{},"8,776",[48,992,993],{},"流动负债合计",[48,995,996],{},"6,840",[33,998,999,1002,1005,1008],{},[48,1000,1001],{},"商誉及无形资产",[48,1003,1004],{},"9,260",[48,1006,1007],{},"递延所得税",[48,1009,1010],{},"338",[33,1012,1013,1016,1019,1022],{},[48,1014,1015],{},"固定资产",[48,1017,1018],{},"7,148",[48,1020,1021],{},"长期及其他负债",[48,1023,1024],{},"2,188",[33,1026,1027,1030,1033,1036],{},[48,1028,1029],{},"其他资产",[48,1031,1032],{},"1,021",[48,1034,1035],{},"所有者权益",[48,1037,1038],{},"16,839",[33,1040,1041,1043,1046,1048],{},[48,1042,426],{},[48,1044,1045],{},"$ 26,205",[48,1047,426],{},[48,1049,1045],{},[14,1051,1052],{},[909,1053,1054],{},"利润表（百万美元）",[27,1056,1057,1071],{},[30,1058,1059],{},[33,1060,1061,1063,1065,1068],{},[36,1062,480],{},[36,1064,82],{},[36,1066,1067],{},"2004",[36,1069,1070],{},"2003",[43,1072,1073,1087,1101,1114,1128,1142,1155],{},[33,1074,1075,1078,1081,1084],{},[48,1076,1077],{},"收入",[48,1079,1080],{},"$ 46,896",[48,1082,1083],{},"$ 44,142",[48,1085,1086],{},"$ 32,106",[33,1088,1089,1092,1095,1098],{},[48,1090,1091],{},"营业费用",[48,1093,1094],{},"44,190",[48,1096,1097],{},"41,604",[48,1099,1100],{},"29,885",[33,1102,1103,1106,1109,1112],{},[48,1104,1105],{},"（其中折旧费用）",[48,1107,1108],{},"699",[48,1110,1111],{},"676",[48,1113,564],{},[33,1115,1116,1119,1122,1125],{},[48,1117,1118],{},"利息费用（净额）",[48,1120,1121],{},"83",[48,1123,1124],{},"57",[48,1126,1127],{},"64",[33,1129,1130,1133,1136,1139],{},[48,1131,1132],{},"税前利润",[48,1134,1135],{},"2,623",[48,1137,1138],{},"2,481",[48,1140,1141],{},"2,157",[33,1143,1144,1146,1149,1152],{},[48,1145,591],{},[48,1147,1148],{},"977",[48,1150,1151],{},"941",[48,1153,1154],{},"813",[33,1156,1157,1160,1163,1166],{},[48,1158,1159],{},"净利润",[48,1161,1162],{},"$ 1,646",[48,1164,1165],{},"$ 1,540",[48,1167,1168],{},"$ 1,344",[14,1170,1171,1172,1175],{},"这个五花八门的业务组合，销售的产品从Dilly Bar冰淇淋到波音737的部分所有权无所不包，去年的平均有形净资产回报率达到了令人称赞的22.2%。值得注意的是，取得这一回报只用了很少的财务杠杆。显然，我们拥有一些非常卓越的企业。但我们收购其中大部分企业时，支付了大大高于净资产的溢价——这一点反映在资产负债表上的商誉项目中——这使得我们平均",[182,1173,1174],{},"账面","价值的回报率降至10.1%。",[14,1177,1178],{},"以下是规模较大的业务类别或经营单位的税前收益：",[27,1180,1181,1191],{},[30,1182,1183],{},[33,1184,1185,1187,1189],{},[36,1186,721],{},[36,1188,724],{},[36,1190,727],{},[43,1192,1193,1204,1215,1226,1237,1248,1259,1269],{},[33,1194,1195,1198,1201],{},[48,1196,1197],{},"建筑产品",[48,1199,1200],{},"$ 751",[48,1202,1203],{},"$ 643",[33,1205,1206,1209,1212],{},[48,1207,1208],{},"Shaw工业",[48,1210,1211],{},"485",[48,1213,1214],{},"466",[33,1216,1217,1220,1223],{},[48,1218,1219],{},"服装鞋类",[48,1221,1222],{},"348",[48,1224,1225],{},"325",[33,1227,1228,1231,1234],{},[48,1229,1230],{},"珠宝、家居和糖果零售",[48,1232,1233],{},"257",[48,1235,1236],{},"215",[33,1238,1239,1242,1245],{},[48,1240,1241],{},"航空服务",[48,1243,1244],{},"120",[48,1246,1247],{},"191",[33,1249,1250,1253,1256],{},[48,1251,1252],{},"麦克莱恩",[48,1254,1255],{},"217",[48,1257,1258],{},"228",[33,1260,1261,1263,1266],{},[48,1262,841],{},[48,1264,1265],{},"445",[48,1267,1268],{},"413",[33,1270,1271,1274,1277],{},[48,1272,1273],{},"税前收益合计",[48,1275,1276],{},"$ 2,623",[48,1278,1279],{},"$ 2,481",[103,1281,1282],{},[106,1283,1284],{},"我们的建筑产品企业和Shaw工业继续受到原材料和能源成本上涨的冲击。这些业务大多是石油（更准确地说是石化产品）和天然气的消费大户，而这些大宗商品的价格已经飙升。",[14,1286,1287],{},"我们同样提高了许多产品的售价，但提价生效之前往往有一段滞后期。尽管如此，我们的建筑产品业务和Shaw工业在2005年仍然取得了令人满意的成绩，这要归功于它们强大的商业特许权和能干的管理层。",[103,1289,1290,1293],{},[106,1291,1292],{},"在服装方面，我们最大的企业鲜果布衣（Fruit of the Loom）再次实现了利润和市场份额的双增长。你们当然知道我们在男性内衣市场的领导地位，我们在大型零售商（沃尔玛、Target等）的销售占比约为48.7%，高于2002年收购该公司时的44.2%。在女性及少女内衣方面，虽然基数较小，但增长更为显著，在大型零售商中的销售占比从2002年的13.7%攀升至2005年的24.7%。在一个主要品类中取得这样的增长谈何容易。要感谢鲜果布衣杰出的CEO约翰·霍兰德（John Holland）让这一切成为现实。",[106,1294,1295],{},"去年我告诉过各位，本布里奇珠宝（Ben Bridge）和威利家具（R.C. Willey）的同店销售增长远远超过行业平均水平。你可能会认为，一年的爆发式增长会使下一年的同比变得困难。但本布里奇的埃德和乔恩·布里奇（Ed and Jon Bridge），以及威利家具的斯科特·海马斯（Scott Hymas）不惧这种挑战。本布里奇2005年同店增长6.6%，威利家具更是达到9.9%。",[14,1297,1298],{},"威利家具”周日不营业”的原则，在我们向新市场扩张时继续碾压那些一周开门七天的竞争对手。几年前我还十分怀疑的博伊西（Boise）店，2005年增长了21%，此前2004年已增长10%。我们11月新开的里诺（Reno）店一开张就跑出了超过博伊西店早期的销售节奏，2006年6月我们将在萨克拉门托（Sacramento）开业。如果这家店能如我所料取得成功，那么未来几年加利福尼亚人将会看到更多的威利家具店。",[103,1300,1301],{},[106,1302,1303],{},"在航空服务方面，随着公务航空的持续复苏，飞安公司（FlightSafety）的收益有所改善。为了支持增长，我们大力投资新的飞行模拟器。我们最新的扩展使训练中心达到42个，包括9月在英国法恩伯勒（Farnborough）开设的一个大型设施。到2007年全面建成后，我们将在这座建筑及其15台飞行模拟器上累计投资超过1亿美元。飞安公司能干的CEO布鲁斯·惠特曼（Bruce Whitman）确保没有任何竞争对手能在服务的广度和深度上与我们相提并论。",[14,1305,1306],{},"利捷航空（NetJets）的经营成果则是另一个故事了。去年我曾说这项业务会在2005年盈利——我错得一塌糊涂。",[14,1308,1309],{},"需要指出的是，我们的欧洲业务表现出色，既有良好的增长又缩小了亏损。客户合同增加了37%。我们是欧洲唯一一家具有相当规模的飞机共享所有权运营商，我们在那里如今遍地开花的布局，是NetJets成为该行业全球领导者的关键因素。",[14,1311,1312,1313,1315],{},"然而，尽管客户数量大幅增加，我们的美国业务却深陷亏损。经营效率下降，成本急剧攀升。我们相信三个最大的竞争对手也遭遇了类似的困难，但它们都隶属于飞机制造商，对获取足够利润的必要性可能有着与我们不同的看法。无论如何，这三家竞争对手所管理的机队",[182,1314,426],{},"价值，仍然低于我们运营的机队价值。",[14,1317,1318],{},"里奇·桑图利（Rich Santulli），我见过的最具活力的经理人之一，将会解决我们的收入\u002F支出问题。但他绝不会以损害NetJets服务品质的方式来解决。他和我都承诺要保持其他任何对手都无法匹敌的服务水平、安全保障和飞行安全。",[103,1320,1321],{},[106,1322,1323],{},"我们的零售业务中包括喜诗糖果（See’s Candies），一家我们在1972年初就收购的公司（这使它成为我们历史最悠久的非保险业务）。当时查理和我立刻决定让46岁的查克·哈金斯（Chuck Huggins）来掌舵。虽然我们在选择经理人方面还是新手，但查理和我这次任命可算打了一个本垒打。在34年的任期中，Chuck对客户和品牌的热爱渗透到了整个组织，使公司利润增长了十倍以上。而这一成绩是在一个增长极其缓慢甚至可能毫无增长的行业中取得的。（这个行业的销量数据很难搞清楚。）",[14,1325,1326],{},"年底，Chuck把喜诗的接力棒交给了布拉德·金斯特勒（Brad Kinstler），Brad此前在管理赛普拉斯保险（Cypress Insurance）和菲希海默（Fechheimer’s）时就为伯克希尔立下了汗马功劳。把经理人调来调去对我们来说并不寻常，但Brad的出色记录使他成为喜诗这个职位的不二人选。我希望Chuck和他的妻子唐娜（Donna）能来参加年度股东大会。如果他们来了，各位股东可以和查理及我一起，为这位美国第一的糖果经营者献上他完全应得的热烈掌声。",[284,1328],{},[14,1330,1331],{},"每一天，我们旗下每一家企业的竞争地位，都在以无数种方式变得更强或更弱。如果我们让客户欣喜、消除不必要的成本、改善产品和服务，我们就在积蓄力量。但如果我们对客户漫不经心，或对臃肿的成本听之任之，我们的企业就会萎缩。就每一天而言，我们行为的影响微乎其微；但日积月累，其后果巨大无比。",[14,1333,1334,1335,1338],{},"当我们的长期竞争地位因这些几乎不引人注目的行为而得到改善时，我们称之为”加宽护城河“。如果我们想在十年二十年后仍然拥有理想的企业，这么做至关重要。当然，我们总是希望在短期内赚更多的钱。但当短期和长期发生冲突时，加宽护城河",[182,1336,1337],{},"必须","优先。如果管理层为了实现短期盈利目标而做出糟糕的决策，从而在成本、客户满意度或品牌实力方面落了下风，那么事后再怎么出色的补救也无法弥补已经造成的损害。看看今天汽车和航空行业的经理人吧，他们正在费力应对前任们留下的沉重包袱。查理喜欢引用本·富兰克林（Ben Franklin）的话：”一盎司的预防抵得上一磅的治疗。“但有时候，再多的治疗也无法弥补过去的错误。",[14,1340,1341],{},"我们的经理人专注于加宽护城河——而且做得出色极了。道理很简单，他们对自己的事业满腔热情。通常在我们到来之前，他们就已经经营这些企业很长时间了；我们到来之后唯一的作用就是不要碍手碍脚。如果各位在年度股东大会上见到这些英雄们——我还要加上我们的四位女中豪杰——请向他们为你们所做的工作表示感谢。",[284,1343],{},[14,1345,1346],{},"我们经理人的态度，与下面这位年轻人形成了鲜明的对比。这个小伙子娶了一位商业大亨的独生女儿，说实话那姑娘相貌平平、性格沉闷。婚礼之后，如释重负的父亲把新女婿叫来，开始讨论未来：",[14,1348,1349],{},"“孩子，你就是我一直盼望却始终没有的乘龙快婿。这是公司50%的股权证书，从今天起你就是我平起平坐的合伙人了。”",[14,1351,1352],{},"“谢谢您，父亲。”",[14,1354,1355],{},"“那你想负责什么？管销售怎么样？”",[14,1357,1358],{},"“恐怕不行，就算一个人在撒哈拉沙漠里快渴死了，我也卖不出去一杯水。”",[14,1360,1361],{},"“那么，负责人力资源怎么样？”",[14,1363,1364],{},"“我实在对别人毫无兴趣。”",[14,1366,1367],{},"“没关系，公司里还有很多其他事可以做。你想干什么呢？”",[14,1369,1370],{},"“说实话，什么都提不起我的兴趣。你干嘛不把我的股份买回去算了？”",[194,1372,1373],{"id":1373},"投资业务",[14,1375,1376],{},"下表列示了我们的普通股投资。2005年底市值超过7亿美元的股票逐一列明。",[14,1378,1379],{},[909,1380,1381],{},"2005年12月31日",[27,1383,1384,1403],{},[30,1385,1386],{},[33,1387,1388,1391,1394,1397,1400],{},[36,1389,1390],{},"股份数量",[36,1392,1393],{},"公司名称",[36,1395,1396],{},"持股比例",[36,1398,1399],{},"成本*（百万美元）",[36,1401,1402],{},"市值（百万美元）",[43,1404,1405,1422,1439,1456,1473,1490,1507,1524,1541,1558,1574,1591,1608,1622],{},[33,1406,1407,1410,1413,1416,1419],{},[48,1408,1409],{},"151,610,700",[48,1411,1412],{},"美国运通",[48,1414,1415],{},"12.2",[48,1417,1418],{},"$ 1,287",[48,1420,1421],{},"$ 7,802",[33,1423,1424,1427,1430,1433,1436],{},[48,1425,1426],{},"30,322,137",[48,1428,1429],{},"Ameriprise金融",[48,1431,1432],{},"12.1",[48,1434,1435],{},"183",[48,1437,1438],{},"1,243",[33,1440,1441,1444,1447,1450,1453],{},[48,1442,1443],{},"43,854,200",[48,1445,1446],{},"安海斯-布希",[48,1448,1449],{},"5.6",[48,1451,1452],{},"2,133",[48,1454,1455],{},"1,884",[33,1457,1458,1461,1464,1467,1470],{},[48,1459,1460],{},"200,000,000",[48,1462,1463],{},"可口可乐",[48,1465,1466],{},"8.4",[48,1468,1469],{},"1,299",[48,1471,1472],{},"8,062",[33,1474,1475,1478,1481,1484,1487],{},[48,1476,1477],{},"6,708,760",[48,1479,1480],{},"M&T银行",[48,1482,1483],{},"6.0",[48,1485,1486],{},"103",[48,1488,1489],{},"732",[33,1491,1492,1495,1498,1501,1504],{},[48,1493,1494],{},"48,000,000",[48,1496,1497],{},"穆迪公司",[48,1499,1500],{},"16.2",[48,1502,1503],{},"499",[48,1505,1506],{},"2,948",[33,1508,1509,1512,1515,1518,1521],{},[48,1510,1511],{},"2,338,961,000",[48,1513,1514],{},"中国石油H股（或等价物）",[48,1516,1517],{},"1.3",[48,1519,1520],{},"488",[48,1522,1523],{},"1,915",[33,1525,1526,1529,1532,1535,1538],{},[48,1527,1528],{},"100,000,000",[48,1530,1531],{},"宝洁",[48,1533,1534],{},"3.0",[48,1536,1537],{},"940",[48,1539,1540],{},"5,788",[33,1542,1543,1546,1549,1552,1555],{},[48,1544,1545],{},"19,944,300",[48,1547,1548],{},"沃尔玛",[48,1550,1551],{},"0.5",[48,1553,1554],{},"944",[48,1556,1557],{},"933",[33,1559,1560,1563,1566,1569,1571],{},[48,1561,1562],{},"1,727,765",[48,1564,1565],{},"华盛顿邮报公司",[48,1567,1568],{},"18.0",[48,1570,777],{},[48,1572,1573],{},"1,322",[33,1575,1576,1579,1582,1585,1588],{},[48,1577,1578],{},"95,092,200",[48,1580,1581],{},"富国银行",[48,1583,1584],{},"5.7",[48,1586,1587],{},"2,754",[48,1589,1590],{},"5,975",[33,1592,1593,1596,1599,1602,1605],{},[48,1594,1595],{},"1,724,200",[48,1597,1598],{},"白山保险",[48,1600,1601],{},"16.0",[48,1603,1604],{},"369",[48,1606,1607],{},"963",[33,1609,1610,1612,1614,1617,1620],{},[48,1611,841],{},[48,1613],{},[48,1615,1616],{},"4,937",[48,1618,1619],{},"7,154",[48,1621],{},[33,1623,1624,1627,1629,1632,1635],{},[48,1625,1626],{},"普通股投资合计",[48,1628],{},[48,1630,1631],{},"$ 15,947",[48,1633,1634],{},"$ 46,721",[48,1636],{},[103,1638,1639],{},[106,1640,1641],{},"这是我们的实际购入成本，也是我们的计税基础；由于必须进行的增值或减值调整，在少数情况下通用会计准则的”成本”有所不同。",[14,1643,1644],{},"去年我们投资组合的两个变化源于公司事件：吉列（Gillette）被宝洁（Procter & Gamble）合并，美国运通（American Express）分拆了Ameriprise。此外，我们大幅增持了由迪克·科瓦切维奇（Dick Kovacevich）出色经营的富国银行（Wells Fargo），并建立了安海斯-布希（Anheuser-Busch）和沃尔玛（Wal-Mart）的头寸。",[14,1646,1647],{},"不要期望我们的股票投资组合出现什么奇迹。虽然我们持有多家实力雄厚、盈利丰厚的企业的大量股权，但它们的股价谈不上便宜。作为一个整体，它们的价值也许能在十年内翻一番。它们的每股收益总体上可能每年增长6-8%，股价也将大致跟随这一增长。（当然，这些公司的经理人们会认为我的预期太保守了——我希望他们是对的。）",[284,1649],{},[14,1651,1652],{},"宝洁与吉列的合并于2005年第四季度完成，要求伯克希尔记录50亿美元的税前资本利得。这笔由通用会计准则要求的会计分录，从经济角度看毫无意义，各位在评估伯克希尔2005年收益时应当忽略不计。合并之前我们无意出售吉列的股票，合并之后我们也无意出售宝洁的股票，合并也没有导致我们缴纳任何税款。",[14,1654,1655],{},"怎么强调CEO对一家公司的重要性都不为过。2001年吉姆·基尔茨（Jim Kilts）到吉列之前，这家公司正在苦苦挣扎，尤其深受资本配置失误之害。最典型的例子是，吉列收购金霸王（Duracell）让股东们损失了数十亿美元——这笔损失在传统会计中从来不会被显示出来。简而言之，吉列在这笔收购中获得的商业价值并不等于它付出的代价。（令人惊讶的是，这条最基本的衡量标准在管理层及其投资银行家讨论收购时几乎总是被忽视。）",[14,1657,1658],{},"Jim上任吉列后，迅速严肃了财务纪律、收紧了运营、激活了市场营销，这些举措大幅提升了公司的内在价值。吉列并入宝洁则进一步释放了两家公司的发展潜力。凭借他的成就，Jim获得了非常丰厚的报酬——但他挣的每一分钱都实至名归。（这不是什么学术评价：作为吉列9.7%的股东，伯克希尔实际上支付了相应比例的薪酬。）确实，对于一家巨型企业的真正杰出CEO，很难说给多少钱算多。但这种CEO实在太稀缺了。",[14,1660,1661],{},"太多时候，美国高管薪酬与业绩之间的脱节到了荒唐的地步。而且这种状况不会改变，因为在涉及CEO薪酬的问题上，投资者始终处于不利地位。结果就是，一个平庸甚至糟糕的CEO——在他精心挑选的人力资源副总裁和一个来自”只涨不跌咨询公司”的顾问帮助下——经常能从一个设计糟糕的薪酬安排中捞到大笔钱财。",[14,1663,1664],{},"以十年期固定价格股票期权为例（谁会不想要呢？）。假设停滞公司（Stagnant, Inc.）的CEO废物先生（Fred Futile）拿到了一大笔这种期权——比方说相当于公司1%的股权——他的个人利益方向就一目了然了：他应该完全不分红，而把公司所有收益用来回购股票。",[14,1666,1667,1668,1671],{},"让我们假设在废物先生的领导下，停滞公司果然如其名——名副其实地停滞不前。授予期权后的十年里，公司每年在100亿美元净资产的基础上赚取10亿美元，相当于当时流通在外的1亿股股票每股10美元。废物先生不分红，固定地把所有收益用来回购股票。如果股票始终以每股收益的十倍定价，到期权到期时将增值158%。因为到那时，回购会把股份数量减少到3,870万股，每股收益因此升至25.80美元。仅仅靠扣下股东的收益不进行分配，废物先生就轻轻松松赚到1.58亿美元，尽管公司业务毫无改善。更令人咋舌的是，即使停滞公司的盈利在这十年间",[182,1669,1670],{},"下降","了20%，废物先生仍然能赚到超过1亿美元。",[14,1673,1674],{},"废物先生还可以通过不分红、把扣下的收益投到各种令人失望的项目和并购上来大赚一笔。即使这些举措只带来了可怜的5%回报率，废物先生仍然能大丰收。具体来说——假设停滞公司的市盈率一直保持在十倍不变——废物先生的期权会让他赚到6,300万美元。与此同时，股东们会纳闷：当初授予废物先生期权时所宣称的”利益一致”到底去了哪里？",[14,1676,1677],{},"一个”正常”的分红政策——比如将收益的三分之一派发红利——当然不会产生如此极端的结果，但仍然可以让毫无建树的经理人获得丰厚的回报。",[14,1679,1680],{},"CEO们完全明白这道数学题，他们知道每派出一分钱的红利，所有已发行期权的价值就减少一分。但我从来没有在要求批准固定价格期权计划的股东委托书材料中，看到过对这种管理层与股东利益冲突的说明。尽管CEO们在公司内部总是宣讲资本是有成本的，但他们不知为何总是忘了告诉股东们——固定价格期权给了CEO们免费的资本。",[14,1682,1683],{},"事情本来不必如此：对于董事会来说，设计一种在留存收益时自动调整的期权简直是小菜一碟。但是——让人吃惊又吃惊——这种期权几乎从来没有被发行过。事实上，行权价随留存收益调整的期权这个概念，对于薪酬”专家”们来说简直闻所未闻，然而这些专家对每一种有利于管理层的方案都了如指掌，简直像活百科全书。（“吃谁的面包唱谁的歌。”）",[14,1685,1686,1687,1690],{},"被解雇对CEO来说反而可能是一个特别丰收的日子。事实上，在清理办公桌走人的那一天，他”赚到”的钱比一个扫厕所的美国工人一辈子赚的还多。忘掉那句古老的格言”成功是成功之母”吧——如今在高管层，普遍的规律是：",[182,1688,1689],{},"失败","才是成功之母。",[14,1692,1693,1694,1697],{},"巨额的离职补偿、奢侈的福利和为平庸业绩支付的超标薪酬之所以屡见不鲜，是因为薪酬委员会已经沦为比较数据的奴隶。操作手法很简单：三位左右的董事——",[182,1695,1696],{},"可不是随机选出来的","——在董事会开会前被轰炸几个小时，接受那些永远只升不降的薪酬统计数据。此外，委员会还被告知其他公司经理人正在享受的新福利。就这样，各种匪夷所思的”好处”像撒糖一样撒向CEO们，原因不过是公司版的我们小时候都用过的说辞：“但是妈妈，别的小朋友都有啊。”当薪酬委员会遵循这种”逻辑”时，昨天最令人瞠目结舌的过分做法，就成了今天的起步价。",[14,1699,1700],{},"薪酬委员会应该学学汉克·格林伯格（Hank Greenberg）的态度——底特律棒球队的传奇强击手，也是我少年时代的偶像。汉克的儿子史蒂夫（Steve）曾做过球员经纪人。有一次他代表一名外场手与一家大联盟球队谈判时，问老爸他应该要求多少签约奖金。汉克，一个真正信奉按绩效付酬的人，直截了当地问：“他去年打击率多少？”Steve回答说”二成四六”。汉克立刻回答：“要一套球衣就行了。”",[14,1702,1703],{},"（让我在这里简短地坦白一下：在批评薪酬委员会的行为时，我并非以真正的内部人士身份发言。虽然我担任过二十家上市公司的董事，但只有一位CEO把我安排进了他的薪酬委员会。嗯……）",[284,1705],{},[14,1707,1708],{},"关于美国长期贸易失衡问题，我在此前的报告中已经详细阐述过，我的观点没有变化。但这一信念在2005年让伯克希尔付出了9.55亿美元的税前损失。这笔金额包含在我们的损益表中，也说明了通用会计准则对待利得和损失的不同方式。当我们持有股票或债券的长期头寸时，年度市值变化反映在资产负债表上，但只要资产没有出售，通常不会反映在损益表中。例如，我们持有的可口可乐股票从早年的10亿美元增值到1998年底的134亿美元，此后又回落到81亿美元——这些变动都没有影响到我们的损益表。然而长期外汇头寸是每日按市值计价的，因此在每个报告期都会影响收益。从我们首次建立外汇合约头寸至今，我们累计盈利20亿美元。",[14,1710,1711],{},"2005年我们适度减少了直接外汇头寸。但我们通过购买以多种外币计价且大部分利润来自国际市场的股票，部分抵消了这一变化。查理和我更喜欢这种获取非美元敞口的方式。这主要是因为利率的变化：随着美国利率相对于世界其他地区的上升，持有大多数外币现在涉及显著的负”持有成本”。我们直接外汇头寸的持有成本确实在2005年造成了损失，2006年可能依然如此。相比之下，持有外国股票随着时间推移可能产生正的持有收益——也许还相当可观。",[14,1713,1714],{},"影响美国经常账户赤字的深层因素继续恶化，而且看不到缓和的迹象。不仅我们的贸易逆差——经常账户中最大也是最为人知的项目——在2005年创下了历史新高，而且我们还可以预期第二个项目——投资收益余额——也将很快转为负数。随着外国投资者持有的美国资产（或对美国的债权）相对于美国在海外的投资增长更快，这些投资者从其持有资产上获得的收益将开始超过我们从海外资产上获得的收益。最后，经常账户的第三个组成部分——单方面转移支付——始终是负数。",[14,1716,1717],{},"需要强调的是，美国是异常富裕的，而且还将更加富裕。因此，经常账户的巨大失衡可能会持续很长时间，而不会对美国经济或市场造成明显的有害影响。但我不相信这种良性状态能永远持续下去。要么美国人尽快以我们自己选择的方式来解决这个问题，要么到了某个时刻，这个问题将以一种我们不太愿意看到的方式自行找上门来。",[194,1719,1720],{"id":1720},"如何使投资收益最小化",[14,1722,1723],{},"对于伯克希尔和其他美国股票的持有者来说，过去这些年赚钱一直是轻而易举的事。举一个真正长期的例子：从1899年12月31日到1999年12月31日，道琼斯指数从66点涨到了11,497点。（猜猜需要多大的年增长率才能产生这个结果？答案在本节末尾，保证让你大吃一惊。）这一巨大的涨幅源于一个简单的原因：在整个20世纪，美国企业经营得非常出色，投资者搭上了企业繁荣的顺风车。企业至今仍然经营得很好。但如今，股东们却在通过一系列自找的伤害，大幅削减着他们从投资中本可获得的回报。",[14,1725,1726,1727,1730,1731,1734],{},"要理解这一切是怎么发生的，先从一个基本事实说起：除了一些无关紧要的例外（比如企业破产时部分损失由债权人承担），",[182,1728,1729],{},"从现在到世界末日，所有股东作为一个整体所能获得的最大收益，等于他们拥有的所有企业加在一起所创造的收益","。当然，通过聪明的或幸运的买卖，投资者A可以从投资者B那里多拿走一块饼。而且不错，当股市飙升时所有投资者都",[182,1732,1733],{},"感觉","自己更富有了。但一个股东想要退出，前提必须是有人来接替他的位置。如果一个投资者在高位卖出，另一个投资者就必须在高位买入。对于所有股东整体而言，根本不存在什么魔法——不会有天外飞来的金币——让他们能从企业那里榨取超过企业本身所创造的财富。",[14,1736,1737,1738,1741],{},"实际上，股东们获得的收益必然少于企业的收益，因为存在”摩擦”成本。这正是我要说的重点：这些成本如今已经膨胀到这样的程度，将导致股东们的实际收益",[182,1739,1740],{},"远远","低于他们在历史上曾经获得的水平。",[14,1743,1744],{},"为了理解这种摩擦成本是如何暴涨的，你可以想象一下：所有美国上市公司始终被一个家族所拥有。我们叫他们”牛逼家族”（Gotrocks）。在缴纳股息所得税之后，这个家族——一代又一代——靠着旗下企业的总体收益变得越来越富有。目前这个收益大约是每年7,000亿美元。自然，这个家族也会花掉一部分钱。但省下的那部分会以复利稳步增长。在牛逼家族中，每个人都以同样的速度变得更加富有，一切和谐美好。",[14,1746,1747,1748,1751],{},"但现在假设有几个伶牙俐齿的”帮助者”找上门来，劝说每个家庭成员通过买入某些股票、卖出另一些股票来智取自己的亲戚。这些帮助者——当然要收取费用——殷勤地同意处理这些交易。牛逼家族仍然拥有全部美国上市公司；这些交易只不过是在家庭成员之间重新分配谁持有什么。于是这个家族每年的财富增长减少了，等于美国企业的总收益",[182,1749,1750],{},"减去","支付给帮助者的佣金。家庭成员交易越频繁，他们分到的大饼就越少，帮助者分走的就越多。这些充当经纪人的帮助者对此心知肚明：交易活跃是他们的好朋友，于是他们想方设法鼓励更多的交易。",[14,1753,1754],{},"过了一阵子，大多数家庭成员意识到，在这场新的”打败我兄弟”的游戏中，他们表现并不怎么样。于是另一批帮助者登场了。这些新来者向牛逼家族的每个成员解释说，单靠自己是不可能智胜其他家庭成员的。开出的药方是：“雇一个基金经理吧——就是我们——交给专业人士来干。”这些身兼经理人的帮助者继续使用之前那批经纪人帮助者来执行交易；这些经理人甚至可能增加交易频率，好让经纪人的生意更加兴隆。总之，大饼中更大的一块落入了两批帮助者之手。",[14,1756,1757],{},"这个家族越来越失望。每个成员都雇了专业人士，但整体的财务状况反而每况愈下。怎么办？当然是寻求更多帮助。",[14,1759,1760],{},"于是第三批帮助者——财务规划师和机构咨询顾问——出场了，他们来帮牛逼家族挑选基金经理。已经晕头转向的家族对这种帮助自然是求之不得。到这时候他们才明白，自己既选不对股票，也选不对选股的人。但有人可能会问：你凭什么觉得自己能选对顾问呢？可惜牛逼家族并没有想到这个问题，而那些顾问帮助者当然也不会主动点破。",[14,1762,1763],{},"现在牛逼家族要供养三批昂贵的帮助者了，他们发现业绩反而更差了，陷入了绝望之中。就在希望似乎完全破灭的时候，第四批人——我们称之为”超级帮助者”——闪亮登场。这些友善的家伙向牛逼家族解释说，他们之所以成绩不理想，是因为现有的帮助者——经纪人、基金经理、顾问——积极性不够，只是在走过场而已。“你们能指望这帮行尸走肉什么呢？”新来的人问道。",[14,1765,1766,1767,1770,1771,1774],{},"新来者提出了一个简单得令人窒息的解决方案：",[182,1768,1769],{},"给更多的钱","。超级帮助者信心满满地宣称：每个家庭成员除了支付高昂的固定费用外，还必须掏出巨额的业绩提成，这样才能",[182,1772,1773],{},"真正","胜过自己的亲戚。",[14,1776,1777],{},"家族中比较敏锐的成员注意到，有些超级帮助者其实就是原来的基金经理换了身新衣服，上面绣着诸如”对冲基金”或”私募股权”之类性感的名号。但新来的帮助者向牛逼家族保证，这身行头至关重要，它赋予穿着者一种神奇的力量，就像性格温和的克拉克·肯特（Clark Kent）换上超人的披风后就威力无穷一样。被这番解释安抚后，家族决定照价全付。",[14,1779,1780],{},"这就是我们今天所处的境地：如果所有股东只是安安静静地坐在摇椅上，原本属于他们的企业收益中创纪录的一大块，现在正流向日益庞大的帮助者大军。尤其昂贵的是近年来泛滥成灾的利润分成安排：当帮助者们聪明或走运时，他们拿走大部分利润；当帮助者们愚蠢或倒霉（偶尔还有不老实的）时，全部损失由家庭成员承担——外加高昂的固定费用。",[14,1782,1783],{},"大量这类安排——正面，帮助者拿走大头；反面，牛逼家族亏钱并为此特权支付高价——也许把这个家族改名叫”倒霉家族”（Hadrocks）更为贴切。如今，这个家族的各种摩擦成本加在一起可能高达美国企业总收益的20%。换句话说，支付给帮助者的负担使美国股票投资者整体上只能获得企业收益的80%左右，而如果他们安安静静地坐着、不听任何人的建议，就能稳稳地拿到100%。",[14,1785,1786,1787],{},"很久以前，艾萨克·牛顿爵士给了我们三大运动定律，那是天才的杰作。但牛顿的天才并没有延伸到投资领域：他在南海泡沫中损失惨重，后来解释说：“我能计算天体的运动，却无法计算人类的疯狂。”如果不是这次投资惨败造成了心理创伤，牛顿很可能会继续发现第四大运动定律：",[182,1788,1789],{},"对于投资者整体而言，动作越多，收益越少。",[284,1791],{},[14,1793,1794],{},"本节开头提出的问题的答案是：具体来说，道琼斯指数在20世纪从65.73点涨到了11,497.12点，相当于年复合增长率5.3%。（当然投资者还能收到股息。）要在21世纪实现同样的增长率，道琼斯指数到2099年12月31日必须涨到——请做好心理准备——精确的2,011,011.23点。不过我愿意退而求其次到2,000,000点就满足了；毕竟进入21世纪的头六年，道琼斯指数根本没有上涨。",[194,1796,1797],{"id":1797},"债务与风险",[14,1799,1800],{},"随着中美能源并入报表，我们新的资产负债表可能会让人觉得伯克希尔加大了对借债的容忍度。但事实并非如此。除了象征性的金额之外，我们回避债务，只为以下三个目的才借款：",[1802,1803,1804,1807,1810],"ol",{},[106,1805,1806],{},"我们偶尔使用回购协议，作为某些涉及美国政府（或政府机构）证券的短期投资策略的一部分。这类交易高度机会主义，且只涉及流动性最好的证券。几年前我们做了几笔有趣的交易，现已了结或正在到期。相应的债务也已大幅减少，不久后可能归零。",[106,1808,1809],{},"我们针对风险特征我们了解的带息应收账款组合进行借款。2001年我们就这样做过，当时我们与洛伊卡迪亚公司（Leucadia）合伙，为56亿美元的银行债务提供担保，接管了破产的Finova公司（该公司持有多种应收账款）。那笔债务已全部偿还。近期，我们借款为克莱顿管理的一个广泛分散、业绩可预测的预制房屋应收账款组合提供融资。另一种做法是将这些应收账款”证券化”——即出售——但保留服务权。如果我们采用这种在业内十分常见的做法，资产负债表上就不会出现我们目前列示的债务，而且我们报告收益的时间也会提前。但最终我们赚到的钱会更少。如果市场条件变化到有利于证券化（这不太可能），我们可以出售部分组合并消除相关债务。在那之前，我们宁要更好的利润，不要更好的门面。",[106,1811,1812,1813,1816],{},"中美能源有大量债务，但那只是该公司自己的债务。虽然它会出现在我们的合并资产负债表上，但伯克希尔",[182,1814,1815],{},"并不","为其提供担保。",[14,1818,1819],{},"即便如此，这些债务毫无疑问是安全的，因为它由中美能源多元化的、高度稳定的公用事业收益来偿付。如果某个意想不到的灾难损害了中美能源旗下某一项公用事业资产，其他资产的收益仍然绰绰有余地覆盖所有债务。此外，中美能源保留所有收益不分红——这种积累权益的做法在公用事业行业是非常罕见的。",[14,1821,1822],{},"从风险的角度看，拥有十种各不相同且互不相关的公用事业收入，假设利息覆盖比率为2:1，要比只有单一来源但覆盖倍数更高的收入安全得多。一场灾难性事件就可以让单一公用事业公司破产——看看卡特里娜飓风对新奥尔良当地电力公司造成的后果就知道了——不管它的债务政策多么保守。一场地区性灾难——比如美国西部的一场地震——却不可能对中美能源造成同样的毁灭性打击。甚至连查理这样的忧虑者，也想不出有什么事件能系统性地大幅削减公用事业收入。由于中美能源受管制的收入来源日益多元化，它将始终大量使用债务。",[14,1824,1825],{},"我们对债务的态度基本就是如此。我们对伯克希尔层面为并购或运营目的而承担大额债务没有任何兴趣。当然，传统的商业智慧会说我们太保守了，如果在资产负债表中注入适度的杠杆，可以安全地增加利润。",[14,1827,1828],{},"也许吧。但伯克希尔数十万投资者中，有很多人将个人净资产的很大一部分投在了我们的股票上（需要强调的是，其中包括大量的董事和核心经理人），公司的一场灾难就是他们的一场灾难。此外，还有一些因永久伤残而需要我们支付长达五十年甚至更久的保险赔偿金的人。对这些人以及其他利益相关方，我们已经承诺无论发生什么都给予绝对的安全保障——无论是金融恐慌、证券交易所关闭（1914年曾长时间关闭过）、甚至是国内遭受核武器、化学或生物武器的袭击。",[14,1830,1831],{},"我们非常乐意承担巨大的风险。事实上，我们承保的与单一灾难事件挂钩的高限额保单超过了任何其他保险公司。我们还持有庞大的投资组合，在某些情况下市值可能急剧快速下跌（如1987年10月19日发生的那样）。但无论发生什么，伯克希尔都有足够的净资产、收益来源和流动性来轻松应对问题。",[14,1833,1834],{},"任何其他方式都是危险的。多年来，一些非常聪明的人用惨痛的代价学到了一个教训：一长串令人心动的数字乘以一个零，结果永远是零。我永远不想亲身体验这个等式的杀伤力，更不想因为把它的惩罚加之于他人而承担责任。",[194,1836,1837],{"id":1837},"管理继任",[14,1839,1840],{},"作为公司的所有者，你们自然会关心：在我的精力开始衰退之后，我是否会坚持继续担任CEO；如果是的话，董事会将如何处理这个问题。你们也想知道如果我今晚猝然离世会怎样。",[14,1842,1843],{},"第二个问题很容易回答。我们旗下绝大多数企业拥有强大的市场地位、强劲的发展势头和出色的经理人。伯克希尔独特的企业文化已经深植于每家子公司之中，即使我离世，它们的运营也不会有丝毫偏差。",[14,1845,1846],{},"此外，伯克希尔有三位相当年轻且完全有能力出任CEO的经理人。这三位中的任何一位，在我工作中某些管理方面都远胜于我。不利的一面是，他们没有一个拥有我那种跨领域的经验，正是这种经验让我在商业和投资两个领域都能从容决策。解决这个问题的办法是让公司内另一个人负责有价证券投资。在伯克希尔，这是一份很有意思的工作，新CEO毫无问题能够找到一位才华横溢的人来胜任。实际上，这正是我们在GEICO过去26年所做的事情，效果好极了。",[14,1848,1849],{},"伯克希尔的董事会已经对这三位CEO候选人进行了充分讨论，并一致同意了如果今天就需要接替者应由谁来担任。董事们持续更新对这一问题的看法，如果情况发生变化——新的管理明星可能崛起，现有的人选也会变老——他们可能会改变自己的判断。重要的是，董事们现在知道——将来也始终会知道——当需要的时刻来临时，他们该怎么做。",[14,1851,1852],{},"另一个必须面对的问题是：如果需要更换CEO的原因不是因为我的死亡，而是因为我的衰退——尤其是当这种衰退伴随着我自欺欺人地认为自己正处于管理才华的新巅峰时——董事会是否准备好采取行动。这个问题并非我独有。查理和我在伯克希尔的子公司中多次遇到过。人的老化速度差异极大——但迟早所有人的才华和精力都会衰退。有些经理人到了八十多岁还保持着旺盛的战斗力——82岁的查理就是一个活生生的奇迹——而另一些人刚到六十岁就明显走下坡路了。当能力衰退时，自我评估的能力通常也随之衰退。往往需要别人来吹响哨子。",[14,1854,1855],{},"当那一天来临时，我们的董事会将不得不挺身而出。从财务角度看，董事会成员有着异乎寻常的动力去这样做。我不知道还有哪家美国公司的董事会，董事们的财务利益与股东的利益如此完全一致。几乎没有哪家董事会能相提并论。然而，在私人关系层面，要告诉别人——尤其是一位朋友——他或她已经不能胜任了，对大多数人来说都极其难以启齿。",[14,1857,1858,1859,1862],{},"然而如果我成了那个需要被告知的人，我们的董事会传达这个信息是在帮我的忙。我所拥有的",[182,1860,1861],{},"每一股","伯克希尔股票都将捐赠给慈善事业，我希望社会能从这些捐赠和遗赠中获得最大的好处。如果因为我的同事们逃避了他们的责任，没有（我希望温和地）告诉我该离开了，从而使我所持股份的慈善潜力被削弱的话，那将是一场悲剧。但不必为此担心。我们有一群非常出色的董事，他们总是会做对股东来说正确的事。",[14,1864,1865],{},"而既然说到这个话题，我的感觉好得很。",[194,1867,1868],{"id":1868},"年度股东大会",[14,1870,1871,1872,692],{},"今年的股东大会将在5月6日周六举行。与往常一样，Qwest中心的大门将在早上7点打开，最新的伯克希尔电影短片8:30放映。9:30我们将直接进入问答环节，一直持续到下午3:00（中间在Qwest的餐位午休）。然后短暂休息后，查理和我将在3:15召开正式年度股东大会。这个安排去年效果很好，因为想参加正式会议的人可以如愿，其他人则可以自由地去",[182,1873,1874],{},"购物",[14,1876,1877],{},"去年各位在购物方面也确实尽了本分。与会场相连的194,300平方英尺的大厅摆满了伯克希尔旗下企业的产品，参会的21,000人让每个展位都创下了销售纪录。凯利·布罗兹（Kelly Broz，原姓Muchemore），伯克希尔的”齐格菲尔德”，精心策划了这场盛大的购物嘉年华和大会本身。参展商们都爱她，我也一样。Kelly在10月份结婚了，我送她出嫁。她问我想在婚礼节目单上怎么介绍。我回答说”嫉妒新郎”——就这么印上去了。",[14,1879,1880],{},"今年我们将展示两套克莱顿预制房屋（内装Acme砖块、Shaw地毯、Johns Manville隔热材料、MiTek连接件、Carefree遮阳篷和内布拉斯加家具店的家具）。你会发现，这些标价7.9万和8.9万美元的房屋非常超值。事实上，去年三位股东对此深以为然，以至于买下了我们展示的那套标价11.9万美元的样板房。克莱顿房屋两侧将是森林河公司的房车展。",[14,1882,1883],{},"GEICO将设立展位，配备来自全国各地的顶级保险顾问，为你提供汽车保险报价。在大多数情况下，GEICO能为你提供特别的股东折扣（通常为8%）。这项优惠在我们开展业务的50个司法管辖区中的45个都可以提供。（补充一点：如果你已经符合其他折扣条件，如特定团体折扣，则股东折扣不能叠加。）请带上你现有的保险资料，看看我们能否帮你省钱。我相信对于至少一半的人来说，我们可以做到。顺便申请一下新的GEICO信用卡。这是我现在用的那张。",[14,1885,1886],{},"周六在奥马哈机场，我们将照例展示利捷航空的各型飞机供各位参观。请到Qwest中心的NetJets展位了解参观事宜。坐着大巴来奥马哈，驾着你的新飞机离开。",[14,1888,1889],{},"Qwest中心的书虫书店去年创下了伯克希尔相关书籍的销售纪录。令人惊叹的是，其中3,500本是我的合伙人的智慧结晶——《穷查理宝典》（Poor Charlie’s Almanack）。这意味着每9秒就卖出一本。而且理由充分：你找不到一本比这更满是真知灼见的书了。口口相传使查理首印的20,500册全部售罄，因此我们将在本次大会上推出修订扩充版。去年书虫书店还提供了其他22种书籍和DVD，共售出4,597册，销售额84,746美元。我们的股东简直是书商梦寐以求的客户。",[14,1891,1892],{},"随本报告附寄的委托书材料中有一份说明，告诉各位如何获取参加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，我们再次委托美国运通（800-799-6634）为各位提供专门协助。每年负责此事的卡罗尔·佩德森（Carol Pedersen）都做得非常周到，在此向她表示感谢。",[14,1894,1895],{},"在第72大街位于Dodge和Pacific之间、占地77英亩的内布拉斯加家具店（Nebraska Furniture Mart），我们将再次推出”伯克希尔周末”特惠价格。九年前我们在NFM首次举办这项活动，“伯克希尔周末”的销售额从1997年的530万美元增长到2005年的2,740万美元（比前一年增长9%）。一想到这个销售额，我就浑身起鸡皮疙瘩。",[14,1897,1898],{},"要享受折扣，你必须在5月4日（周四）至5月8日（周一）之间购买，并出示大会入场凭证。特惠期间的优惠价格甚至适用于几家通常对折扣有铁律般禁令的知名品牌，但本着股东周末的精神，他们为各位破了例。我们感谢他们的配合。NFM周一至周六营业时间为上午10:00至晚上9:00，周日为上午10:00至下午6:00。今年周六下午5:30至8:00，我们将举办一场仅限股东参加的特别活动。我会在那里，一边吃烧烤、喝可乐，一边数钱。",[14,1900,1901],{},"波仙珠宝店（Borsheim’s）将再次举办两场股东专属活动。第一场是5月5日（周五）下午6:00至晚上10:00的鸡尾酒会。第二场是主要的大型售卖活动，5月7日（周日）上午9:00至下午4:00举行。周六营业至下午6:00。",[14,1903,1904],{},"整个周末波仙珠宝店都将人潮涌动。因此为了方便各位，从5月1日（周一）到5月13日（周六），出示大会凭证或经纪账户对账单表明股东身份，即可享受股东优惠价。",[14,1906,1907],{},"波仙珠宝的毛利率，即使在股东折扣之前，也比其主要竞争对手整整低了二十个百分点。去年股东会期间的销售比2004年增长了9%，而2004年本身比前一年猛增了73%。店里卖出了5,000套伯克希尔大富翁游戏——然后就脱销了。我们汲取了教训：今年会备足库存。",[14,1909,1910,1911,1914],{},"在波仙珠宝店外面的帐篷里，两届美国国际象棋冠军帕特里克·沃尔夫（Patrick Wolff）将蒙上双眼，六人一组地迎战所有挑战者。此外，世界顶级桥牌高手鲍勃·哈曼（Bob Hamman）和莎伦·奥斯伯格（Sharon Osberg）将在周日下午与股东们切磋牌技。他们计划",[182,1912,1913],{},"睁着眼","打——但Bob即使打全国冠军赛也从来不理牌。",[14,1916,1917,1918,1921],{},"我最钟爱的牛排馆Gorat’s将于5月7日（周日）再次专门为伯克希尔股东开放，从下午4:00营业至晚上10:00。请记住，那天去Gorat’s一定要提前预约。预约请在4月1日（",[182,1919,1920],{},"不要提前","）致电402-551-3733。",[14,1923,1924],{},"这个学年，大约有35个大学班级来奥马哈与我交流。我带几乎所有人——加起来大概有2,000名学生——去Gorat’s吃午饭。他们都很喜欢。想知道为什么，周日就来加入我们吧。",[14,1926,1927],{},"周六下午4:00至5:30，我们将再次为来自北美以外的股东举办特别招待会。每年都有来自世界各地的人们参加我们的大会，查理和我希望亲自接待这些远道而来的朋友。去年我们非常高兴地接待了来自数十个国家的400多位海外股东。任何来自美国和加拿大以外的股东都将获得参加这一活动的特别凭证和指南。",[284,1929],{},[14,1931,1932],{},"查理和我实在是万分幸运。我们生在美国；有了不起的父母让我们受到了良好的教育；享受着幸福的家庭和健康的身体；还天生带着一种”商业”基因，让我们获得的成功与为社会做出同等甚至更多贡献的其他人相比大得不成比例。不仅如此，我们长期从事着自己热爱的工作，每天都得到才华横溢、性格开朗的同事们在方方面面的帮助。难怪我们每天都跳着踢踏舞去上班。但对我们来说，没有什么比在伯克希尔年度股东大会上与我们的股东合伙人们欢聚一堂更快乐的事了。5月6日，请来Qwest中心参加我们一年一度的资本家伍德斯托克音乐节（Woodstock for Capitalists）。我们在那里等你们。",[14,1934,1935],{},"沃伦·E·巴菲特",[14,1937,1938],{},"董事会主席",[14,1940,1941],{},"2006年2月28日",{"title":1943,"searchDepth":1944,"depth":1944,"links":1945},"",2,[1946,1948,1949,1950,1951,1952,1953,1954,1955,1956],{"id":196,"depth":1947,"text":196},3,{"id":262,"depth":1947,"text":262},{"id":446,"depth":1947,"text":446},{"id":649,"depth":1947,"text":649},{"id":901,"depth":1947,"text":902},{"id":1373,"depth":1947,"text":1373},{"id":1720,"depth":1947,"text":1720},{"id":1797,"depth":1947,"text":1797},{"id":1837,"depth":1947,"text":1837},{"id":1868,"depth":1947,"text":1868},"致股东信",null,"2005年巴菲特致股东信，深入探讨内在价值评估方法、保险业务稳定收益及投资理念","md",{},true,76,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2005-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1959},"2005 巴菲特致股东信｜巴菲特","2005-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2005-ba-fei-te-zhi-gu-dong-xin","WiOSHgyXG2xWs-u3PUpXe041eb5Gfu8Iivm0cV0oYeY","buffett",[1972,1977,1981,1985,1988,1991,1994,1997,2000,2003,2007,2010,2013,2017,2020,2023,2027,2030,2033,2037,2040,2043,2047,2050,2053,2057,2060,2063,2067,2070,2073,2077,2080,2083,2087,2090,2093,2097,2100,2103,2107,2110,2113,2117,2120,2123,2127,2130,2133,2137,2140,2143,2147,2150,2153,2157,2160,2163,2167,2170,2173,2177,2180,2183,2187,2190,2193,2197,2200,2203,2207,2210,2213,2217,2220,2223,2227,2230,2233,2237,2240,2243,2247,2250,2253,2257,2260,2263,2267,2270,2273,2277,2280,2283,2287,2290,2293,2297,2300,2303,2307,2310,2314,2317,2321,2324,2328,2331,2335,2338,2342,2345,2349,2352,2356,2359,2363,2366,2370,2373,2377,2380,2384,2387,2391,2394,2398,2401,2405,2408,2412,2415,2419,2422,2426,2429,2433,2436,2440,2443,2447,2450,2454,2457,2461,2464,2468,2471,2475,2478,2482,2485,2489,2492,2496,2499,2503,2506,2510,2513,2517,2520,2524,2527,2531,2534,2538,2541,2545,2548,2552,2555,2559,2562,2566,2569,2573,2576,2580,2583,2587,2590,2594,2597,2598,2601,2605,2608,2612,2615,2619,2622,2626,2629,2633,2636,2640,2643,2647,2650,2654,2657,2661,2664,2668,2671,2675,2678,2682,2685,2689,2692,2696,2699,2703,2706,2710,2713,2717,2720,2724,2727,2731,2734,2738,2741,2745,2748,2752,2755,2759,2762,2766,2769,2773,2777,2781,2785,2789,2793,2797,2801,2805,2809,2813,2817,2821,2825,2829,2833,2837,2841,2845,2849,2853,2857,2861,2865,2869,2873,2877,2881,2885,2889,2893,2897,2901,2905,2909,2913,2917,2921,2925,2929,2933,2937,2941,2945,2949,2953,2957,2961,2965,2969],{"title":1973,"slug":1974,"category":1975,"order":1976},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1998,"slug":1999,"category":1980,"order":1947},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":2001,"slug":2002,"category":1984,"order":1947},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2004,"slug":2005,"category":1975,"order":2006},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":2008,"slug":2009,"category":1980,"order":2006},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":2011,"slug":2012,"category":1984,"order":2006},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2014,"slug":2015,"category":1975,"order":2016},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":2018,"slug":2019,"category":1980,"order":2016},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":2021,"slug":2022,"category":1984,"order":2016},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2024,"slug":2025,"category":1975,"order":2026},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":2028,"slug":2029,"category":1980,"order":2026},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":2031,"slug":2032,"category":1984,"order":2026},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2034,"slug":2035,"category":1975,"order":2036},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":2038,"slug":2039,"category":1980,"order":2036},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":2041,"slug":2042,"category":1984,"order":2036},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2044,"slug":2045,"category":1975,"order":2046},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":2048,"slug":2049,"category":1980,"order":2046},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":2051,"slug":2052,"category":1984,"order":2046},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2054,"slug":2055,"category":1975,"order":2056},"1962年11月 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发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":2101,"slug":2102,"category":1984,"order":2096},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2104,"slug":2105,"category":1975,"order":2106},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":2108,"slug":2109,"category":1980,"order":2106},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2111,"slug":2112,"category":1984,"order":2106},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2114,"slug":2115,"category":1975,"order":2116},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":2118,"slug":2119,"category":1980,"order":2116},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":2121,"slug":2122,"category":1984,"order":2116},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2124,"slug":2125,"category":1975,"order":2126},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":2128,"slug":2129,"category":1980,"order":2126},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":2131,"slug":2132,"category":1984,"order":2126},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2134,"slug":2135,"category":1975,"order":2136},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":2138,"slug":2139,"category":1980,"order":2136},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":2141,"slug":2142,"category":1984,"order":2136},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2144,"slug":2145,"category":1975,"order":2146},"1965 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2350,"slug":2351,"category":1980,"order":2348},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2353,"slug":2354,"category":1975,"order":2355},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2357,"slug":2358,"category":1980,"order":2355},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2360,"slug":2361,"category":1957,"order":2362},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2364,"slug":2365,"category":1980,"order":2362},"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":2367,"slug":2368,"category":1957,"order":2369},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2371,"slug":2372,"category":1980,"order":2369},"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":2374,"slug":2375,"category":1957,"order":2376},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2378,"slug":2379,"category":1980,"order":2376},"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":2381,"slug":2382,"category":1957,"order":2383},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2385,"slug":2386,"category":1980,"order":2383},"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":2388,"slug":2389,"category":1957,"order":2390},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2392,"slug":2393,"category":1980,"order":2390},"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":2395,"slug":2396,"category":1957,"order":2397},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2399,"slug":2400,"category":1980,"order":2397},"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":2402,"slug":2403,"category":1957,"order":2404},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2406,"slug":2407,"category":1980,"order":2404},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2409,"slug":2410,"category":1957,"order":2411},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2413,"slug":2414,"category":1980,"order":2411},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2416,"slug":2417,"category":1957,"order":2418},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2420,"slug":2421,"category":1980,"order":2418},"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":2423,"slug":2424,"category":1957,"order":2425},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2427,"slug":2428,"category":1980,"order":2425},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2430,"slug":2431,"category":1957,"order":2432},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2434,"slug":2435,"category":1980,"order":2432},"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":2437,"slug":2438,"category":1957,"order":2439},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2441,"slug":2442,"category":1980,"order":2439},"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":2444,"slug":2445,"category":1957,"order":2446},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2448,"slug":2449,"category":1980,"order":2446},"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":2451,"slug":2452,"category":1957,"order":2453},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2455,"slug":2456,"category":1980,"order":2453},"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":2458,"slug":2459,"category":1957,"order":2460},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2462,"slug":2463,"category":1980,"order":2460},"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":2465,"slug":2466,"category":1957,"order":2467},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2469,"slug":2470,"category":1980,"order":2467},"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":2472,"slug":2473,"category":1957,"order":2474},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2476,"slug":2477,"category":1980,"order":2474},"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":2479,"slug":2480,"category":1957,"order":2481},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2483,"slug":2484,"category":1980,"order":2481},"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":2486,"slug":2487,"category":1957,"order":2488},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2490,"slug":2491,"category":1980,"order":2488},"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":2493,"slug":2494,"category":1957,"order":2495},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2497,"slug":2498,"category":1980,"order":2495},"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":2500,"slug":2501,"category":1957,"order":2502},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2504,"slug":2505,"category":1980,"order":2502},"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":2507,"slug":2508,"category":1957,"order":2509},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2511,"slug":2512,"category":1980,"order":2509},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2514,"slug":2515,"category":1957,"order":2516},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2518,"slug":2519,"category":1980,"order":2516},"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":2521,"slug":2522,"category":1957,"order":2523},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2525,"slug":2526,"category":1980,"order":2523},"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":2528,"slug":2529,"category":1957,"order":2530},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2532,"slug":2533,"category":1980,"order":2530},"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":2535,"slug":2536,"category":1957,"order":2537},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2539,"slug":2540,"category":1980,"order":2537},"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":2542,"slug":2543,"category":1957,"order":2544},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2546,"slug":2547,"category":1980,"order":2544},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2549,"slug":2550,"category":1957,"order":2551},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2553,"slug":2554,"category":1980,"order":2551},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2556,"slug":2557,"category":1957,"order":2558},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2560,"slug":2561,"category":1980,"order":2558},"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":2563,"slug":2564,"category":1957,"order":2565},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2567,"slug":2568,"category":1980,"order":2565},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2570,"slug":2571,"category":1957,"order":2572},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2574,"slug":2575,"category":1980,"order":2572},"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":2577,"slug":2578,"category":1957,"order":2579},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2581,"slug":2582,"category":1980,"order":2579},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2584,"slug":2585,"category":1957,"order":2586},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2588,"slug":2589,"category":1980,"order":2586},"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":2591,"slug":2592,"category":1957,"order":2593},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2595,"slug":2596,"category":1980,"order":2593},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":5,"slug":1967,"category":1957,"order":1963},{"title":2599,"slug":2600,"category":1980,"order":1963},"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":2602,"slug":2603,"category":1957,"order":2604},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2606,"slug":2607,"category":1980,"order":2604},"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":2609,"slug":2610,"category":1957,"order":2611},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2613,"slug":2614,"category":1980,"order":2611},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2616,"slug":2617,"category":1957,"order":2618},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2620,"slug":2621,"category":1980,"order":2618},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2623,"slug":2624,"category":1957,"order":2625},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2627,"slug":2628,"category":1980,"order":2625},"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":2630,"slug":2631,"category":1957,"order":2632},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2634,"slug":2635,"category":1980,"order":2632},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2637,"slug":2638,"category":1957,"order":2639},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2641,"slug":2642,"category":1980,"order":2639},"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":2644,"slug":2645,"category":1957,"order":2646},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2648,"slug":2649,"category":1980,"order":2646},"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":2651,"slug":2652,"category":1957,"order":2653},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2655,"slug":2656,"category":1980,"order":2653},"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":2658,"slug":2659,"category":1957,"order":2660},"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":2662,"slug":2663,"category":1980,"order":2660},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2665,"slug":2666,"category":1957,"order":2667},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2669,"slug":2670,"category":1980,"order":2667},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2672,"slug":2673,"category":1957,"order":2674},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2676,"slug":2677,"category":1980,"order":2674},"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":2679,"slug":2680,"category":1957,"order":2681},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2683,"slug":2684,"category":1980,"order":2681},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2686,"slug":2687,"category":1957,"order":2688},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2690,"slug":2691,"category":1980,"order":2688},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2693,"slug":2694,"category":1957,"order":2695},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2697,"slug":2698,"category":1980,"order":2695},"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":2700,"slug":2701,"category":1957,"order":2702},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2704,"slug":2705,"category":1980,"order":2702},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2707,"slug":2708,"category":1957,"order":2709},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2711,"slug":2712,"category":1980,"order":2709},"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":2714,"slug":2715,"category":1957,"order":2716},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2718,"slug":2719,"category":1980,"order":2716},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2721,"slug":2722,"category":1957,"order":2723},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2725,"slug":2726,"category":1980,"order":2723},"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":2728,"slug":2729,"category":1957,"order":2730},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2732,"slug":2733,"category":1980,"order":2730},"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":2735,"slug":2736,"category":1957,"order":2737},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2739,"slug":2740,"category":1980,"order":2737},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2742,"slug":2743,"category":1957,"order":2744},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2746,"slug":2747,"category":1980,"order":2744},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2749,"slug":2750,"category":1957,"order":2751},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2753,"slug":2754,"category":1980,"order":2751},"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":2756,"slug":2757,"category":1957,"order":2758},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2760,"slug":2761,"category":1980,"order":2758},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2763,"slug":2764,"category":1957,"order":2765},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2767,"slug":2768,"category":1980,"order":2765},"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":2770,"slug":2771,"category":1980,"order":2772},"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":2774,"slug":2775,"category":1980,"order":2776},"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":2778,"slug":2779,"category":1980,"order":2780},"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":2782,"slug":2783,"category":1980,"order":2784},"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":2786,"slug":2787,"category":1980,"order":2788},"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":2790,"slug":2791,"category":1980,"order":2792},"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":2794,"slug":2795,"category":1980,"order":2796},"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":2798,"slug":2799,"category":1980,"order":2800},"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":2802,"slug":2803,"category":1980,"order":2804},"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":2806,"slug":2807,"category":1980,"order":2808},"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":2810,"slug":2811,"category":1980,"order":2812},"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":2814,"slug":2815,"category":1980,"order":2816},"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":2818,"slug":2819,"category":1980,"order":2820},"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":2822,"slug":2823,"category":1980,"order":2824},"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":2826,"slug":2827,"category":1980,"order":2828},"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":2830,"slug":2831,"category":1980,"order":2832},"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":2834,"slug":2835,"category":1980,"order":2836},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":2838,"slug":2839,"category":1980,"order":2840},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":2842,"slug":2843,"category":1980,"order":2844},"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":2846,"slug":2847,"category":1980,"order":2848},"标题：《巴菲特：2017 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