[{"data":1,"prerenderedAt":4352},["ShallowReactive",2],{"library-2012-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2816,"library-sidebar-dao":3818,"library-sidebar-models":4120},{"id":4,"title":5,"body":6,"category":2802,"date":2803,"description":2804,"extension":2805,"meta":2806,"navigation":2807,"order":2808,"path":2809,"seo":2810,"seoDescription":2804,"seoTitle":2811,"slug":2812,"stem":2813,"__hash__":2814,"_collection":2815},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2012-ba-fei-te-zhi-gu-dong-xin.md","2012 巴菲特致股东信",{"type":7,"value":8,"toc":2787},"minimark",[9,13,20,726,740,745,748,751,754,757,764,767,770,778,781,786,789,792,795,798,803,810,813,822,825,834,837,840,843,848,851,859,862,865,868,871,876,879,882,885,888,891,898,908,911,913,920,923,926,929,932,935,937,940,943,946,953,1008,1019,1030,1037,1040,1051,1058,1069,1076,1079,1081,1084,1091,1094,1096,1099,1106,1109,1112,1114,1117,1123,1126,1129,1131,1134,1137,1244,1249,1252,1255,1258,1268,1271,1279,1282,1287,1290,1293,1296,1299,1302,1439,1518,1521,1524,1527,1530,1533,1537,1540,1545,1695,1700,1798,1803,1806,1809,1812,1815,1826,1829,1831,1838,1841,1844,1851,1853,1856,1862,1865,1868,1871,1878,1881,1884,1886,1889,1892,1895,1898,1901,1904,1907,1910,1991,1996,1999,2002,2005,2308,2313,2316,2319,2321,2324,2327,2330,2333,2336,2340,2347,2354,2361,2368,2371,2378,2381,2384,2387,2394,2397,2404,2406,2413,2420,2423,2426,2429,2436,2438,2441,2444,2447,2450,2453,2456,2459,2462,2465,2480,2487,2490,2497,2500,2503,2510,2517,2520,2523,2526,2529,2535,2541,2544,2547,2553,2560,2563,2573,2584,2591,2593,2608,2611,2614,2617,2620,2623,2626,2633,2640,2643,2654,2657,2664,2667,2674,2689,2696,2699,2702,2705,2708,2711,2714,2717,2728,2746,2749,2752,2755,2758,2761,2763,2766,2769,2772,2775,2778,2781,2784],[10,11,5],"h1",{"id":12},"_2012-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔与标普500指数业绩对比",[21,22,23,42],"table",{},[24,25,26],"thead",{},[27,28,29,33,36,39],"tr",{},[30,31,32],"th",{},"年份",[30,34,35],{},"伯克希尔每股账面价值年度变动百分比 (1)",[30,37,38],{},"含股息标普500指数年度变动百分比 (2)",[30,40,41],{},"相对结果 (1)-(2)",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,226,240,253,267,281,295,308,322,336,348,361,374,388,402,416,428,442,456,469,483,497,511,525,539,553,566,579,592,605,619,630,644,658,672,686,699,713],"tbody",{},[27,46,47,51,54,57],{},[48,49,50],"td",{},"1965",[48,52,53],{},"23.8",[48,55,56],{},"10.0",[48,58,59],{},"13.8",[27,61,62,65,68,71],{},[48,63,64],{},"1966",[48,66,67],{},"20.3",[48,69,70],{},"(11.7)",[48,72,73],{},"32.0",[27,75,76,79,82,85],{},[48,77,78],{},"1967",[48,80,81],{},"11.0",[48,83,84],{},"30.9",[48,86,87],{},"(19.9)",[27,89,90,93,96,98],{},[48,91,92],{},"1968",[48,94,95],{},"19.0",[48,97,81],{},[48,99,100],{},"8.0",[27,102,103,106,109,112],{},[48,104,105],{},"1969",[48,107,108],{},"16.2",[48,110,111],{},"(8.4)",[48,113,114],{},"24.6",[27,116,117,120,123,126],{},[48,118,119],{},"1970",[48,121,122],{},"12.0",[48,124,125],{},"3.9",[48,127,128],{},"8.1",[27,130,131,134,137,140],{},[48,132,133],{},"1971",[48,135,136],{},"16.4",[48,138,139],{},"14.6",[48,141,142],{},"1.8",[27,144,145,148,151,154],{},[48,146,147],{},"1972",[48,149,150],{},"21.7",[48,152,153],{},"18.9",[48,155,156],{},"2.8",[27,158,159,162,165,168],{},[48,160,161],{},"1973",[48,163,164],{},"4.7",[48,166,167],{},"(14.8)",[48,169,170],{},"19.5",[27,172,173,176,179,182],{},[48,174,175],{},"1974",[48,177,178],{},"5.5",[48,180,181],{},"(26.4)",[48,183,184],{},"31.9",[27,186,187,190,193,196],{},[48,188,189],{},"1975",[48,191,192],{},"21.9",[48,194,195],{},"37.2",[48,197,198],{},"(15.3)",[27,200,201,204,207,210],{},[48,202,203],{},"1976",[48,205,206],{},"59.3",[48,208,209],{},"23.6",[48,211,212],{},"35.7",[27,214,215,218,220,223],{},[48,216,217],{},"1977",[48,219,184],{},[48,221,222],{},"(7.4)",[48,224,225],{},"39.3",[27,227,228,231,234,237],{},[48,229,230],{},"1978",[48,232,233],{},"24.0",[48,235,236],{},"6.4",[48,238,239],{},"17.6",[27,241,242,245,247,250],{},[48,243,244],{},"1979",[48,246,212],{},[48,248,249],{},"18.2",[48,251,252],{},"17.5",[27,254,255,258,261,264],{},[48,256,257],{},"1980",[48,259,260],{},"19.3",[48,262,263],{},"32.3",[48,265,266],{},"(13.0)",[27,268,269,272,275,278],{},[48,270,271],{},"1981",[48,273,274],{},"31.4",[48,276,277],{},"(5.0)",[48,279,280],{},"36.4",[27,282,283,286,289,292],{},[48,284,285],{},"1982",[48,287,288],{},"40.0",[48,290,291],{},"21.4",[48,293,294],{},"18.6",[27,296,297,300,302,305],{},[48,298,299],{},"1983",[48,301,263],{},[48,303,304],{},"22.4",[48,306,307],{},"9.9",[27,309,310,313,316,319],{},[48,311,312],{},"1984",[48,314,315],{},"13.6",[48,317,318],{},"6.1",[48,320,321],{},"7.5",[27,323,324,327,330,333],{},[48,325,326],{},"1985",[48,328,329],{},"48.2",[48,331,332],{},"31.6",[48,334,335],{},"16.6",[27,337,338,341,344,346],{},[48,339,340],{},"1986",[48,342,343],{},"26.1",[48,345,294],{},[48,347,321],{},[27,349,350,353,355,358],{},[48,351,352],{},"1987",[48,354,170],{},[48,356,357],{},"5.1",[48,359,360],{},"14.4",[27,362,363,366,369,371],{},[48,364,365],{},"1988",[48,367,368],{},"20.1",[48,370,335],{},[48,372,373],{},"3.5",[27,375,376,379,382,385],{},[48,377,378],{},"1989",[48,380,381],{},"44.4",[48,383,384],{},"31.7",[48,386,387],{},"12.7",[27,389,390,393,396,399],{},[48,391,392],{},"1990",[48,394,395],{},"7.4",[48,397,398],{},"(3.1)",[48,400,401],{},"10.5",[27,403,404,407,410,413],{},[48,405,406],{},"1991",[48,408,409],{},"39.6",[48,411,412],{},"30.5",[48,414,415],{},"9.1",[27,417,418,421,423,426],{},[48,419,420],{},"1992",[48,422,67],{},[48,424,425],{},"7.6",[48,427,387],{},[27,429,430,433,436,439],{},[48,431,432],{},"1993",[48,434,435],{},"14.3",[48,437,438],{},"10.1",[48,440,441],{},"4.2",[27,443,444,447,450,453],{},[48,445,446],{},"1994",[48,448,449],{},"13.9",[48,451,452],{},"1.3",[48,454,455],{},"12.6",[27,457,458,461,464,467],{},[48,459,460],{},"1995",[48,462,463],{},"43.1",[48,465,466],{},"37.6",[48,468,178],{},[27,470,471,474,477,480],{},[48,472,473],{},"1996",[48,475,476],{},"31.8",[48,478,479],{},"23.0",[48,481,482],{},"8.8",[27,484,485,488,491,494],{},[48,486,487],{},"1997",[48,489,490],{},"34.1",[48,492,493],{},"33.4",[48,495,496],{},"0.7",[27,498,499,502,505,508],{},[48,500,501],{},"1998",[48,503,504],{},"48.3",[48,506,507],{},"28.6",[48,509,510],{},"19.7",[27,512,513,516,519,522],{},[48,514,515],{},"1999",[48,517,518],{},"0.5",[48,520,521],{},"21.0",[48,523,524],{},"(20.5)",[27,526,527,530,533,536],{},[48,528,529],{},"2000",[48,531,532],{},"6.5",[48,534,535],{},"(9.1)",[48,537,538],{},"15.6",[27,540,541,544,547,550],{},[48,542,543],{},"2001",[48,545,546],{},"(6.2)",[48,548,549],{},"(11.9)",[48,551,552],{},"5.7",[27,554,555,558,560,563],{},[48,556,557],{},"2002",[48,559,56],{},[48,561,562],{},"(22.1)",[48,564,565],{},"32.1",[27,567,568,571,573,576],{},[48,569,570],{},"2003",[48,572,521],{},[48,574,575],{},"28.7",[48,577,578],{},"(7.7)",[27,580,581,584,586,589],{},[48,582,583],{},"2004",[48,585,401],{},[48,587,588],{},"10.9",[48,590,591],{},"(0.4)",[27,593,594,597,599,602],{},[48,595,596],{},"2005",[48,598,236],{},[48,600,601],{},"4.9",[48,603,604],{},"1.5",[27,606,607,610,613,616],{},[48,608,609],{},"2006",[48,611,612],{},"18.4",[48,614,615],{},"15.8",[48,617,618],{},"2.6",[27,620,621,624,626,628],{},[48,622,623],{},"2007",[48,625,81],{},[48,627,178],{},[48,629,178],{},[27,631,632,635,638,641],{},[48,633,634],{},"2008",[48,636,637],{},"(9.6)",[48,639,640],{},"(37.0)",[48,642,643],{},"27.4",[27,645,646,649,652,655],{},[48,647,648],{},"2009",[48,650,651],{},"19.8",[48,653,654],{},"26.5",[48,656,657],{},"(6.7)",[27,659,660,663,666,669],{},[48,661,662],{},"2010",[48,664,665],{},"13.0",[48,667,668],{},"15.1",[48,670,671],{},"(2.1)",[27,673,674,677,680,683],{},[48,675,676],{},"2011",[48,678,679],{},"4.6",[48,681,682],{},"2.1",[48,684,685],{},"2.5",[27,687,688,691,693,696],{},[48,689,690],{},"2012",[48,692,360],{},[48,694,695],{},"16.0",[48,697,698],{},"(1.6)",[27,700,701,704,707,710],{},[48,702,703],{},"年复合增长率 – 1965-2012",[48,705,706],{},"19.7%",[48,708,709],{},"9.4%",[48,711,712],{},"10.3",[27,714,715,718,721,724],{},[48,716,717],{},"累计总收益 – 1964-2012",[48,719,720],{},"586,817%",[48,722,723],{},"7,433%",[48,725],{},[14,727,728,731,732,735,736,739],{},[17,729,730],{},"注："," 数据均按日历年度计算，以下年份除外：1965年和1966年，截至9月30日的年度；1967年，截至12月31日的15个月。自1979年起，会计准则要求保险公司按市值而非按成本与市值孰低法对其持有的权益证券进行估值。在本表中，伯克希尔1978年及之前的数据已按新准则进行了追溯调整。其他方面均采用最初公布的数字。标普500的数字是",[17,733,734],{},"税前","的，而伯克希尔的数字是",[17,737,738],{},"税后","的。如果像伯克希尔这样的公司仅仅持有标普500并计提相应税费，那么在标普500录得正收益的年份，其业绩将落后于标普500，但在标普500为负收益的年份则会超越。长期来看，税收成本将导致累计差距相当可观。",[741,742,744],"h3",{"id":743},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,746,747],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,749,750],{},"2012年，伯克希尔为股东创造了241亿美元的收益。我们动用其中13亿美元回购了自家股票，因此公司当年净资产增加了228亿美元。A股和B股的每股账面价值均增长了14.4%。在过去48年间（即自现任管理层接手以来），每股账面价值从19美元增长到114,214美元，年复合增长率为19.7%。(*)",[14,752,753],{},"(*): 本报告中所有每股数据均以伯克希尔A股为基准。B股数据为A股的1\u002F1500。",[14,755,756],{},"去年伯克希尔有不少好消息，但我们还是先从坏消息说起吧。",[758,759,760],"ul",{},[761,762,763],"li",{},"1965年我掌管的合伙公司入主伯克希尔时，我做梦都想不到，有一天我们能在一年内赚到241亿美元，结果对照首页的业绩对比表一看，居然还不达标。",[14,765,766],{},"但事实就是不达标。48年来，伯克希尔的账面价值增长率第9次落后于标普500指数的回报率（后者包含股息再投资和股价上涨）。需要指出的是，这9次里有8次标普500的年度回报率超过了15%。逆风的时候，我们反而做得更好。",[14,768,769],{},"截至目前，在任何5年期的衡量尺度上，我们从未落后于标普——43次跑赢的纪录一直保持着。（详见年报第103页。）但标普指数最近连续4年上涨，在这段时间里它跑赢了我们。如果2013年市场继续上涨，我们的5年连胜纪录就要终结了。",[14,771,772,773,777],{},"有一件事你们可以确信：无论伯克希尔的业绩如何，我的搭档、公司副董事长查理·芒格 (Charlie Munger) 和我都不会更换衡量标准。我们的工作就是以超越标普指数的速度提升公司的内在商业价值——我们用账面价值作为内在价值的一个",[774,775,776],"em",{},"明显被低估的替代指标","。如果我们做到了，伯克希尔的股价虽然年度间难以预测，但长期来看终将跑赢标普。如果我们没做到，那我们的管理没有为投资者创造任何价值，他们完全可以买一只低成本指数基金来获取标普的回报。",[14,779,780],{},"查理和我相信，伯克希尔内在价值的增长速度长期来看可能会略微超过标普的回报。我们对此充满信心，因为我们拥有一批杰出的企业、一群了不起的运营经理人，以及以股东利益为导向的企业文化。不过，当市场下跌或持平时，我们的相对表现几乎肯定会更好。在市场特别强劲的年份，请预期我们将暂时落后。",[758,782,783],{},[761,784,785],{},"2012年第二件令人失望的事，是我未能完成一笔大型收购。我追了几头大象，结果空手而归。",[14,787,788],{},"不过今年年初我们的运气来了。2月份，我们同意收购一家全资持有亨氏 (H. J. Heinz) 的控股公司50%的股权。另外一半将由豪尔赫·保罗·雷曼 (Jorge Paulo Lemann) 领衔的一小群投资者持有，他是巴西著名的商人和慈善家。",[14,790,791],{},"再好不过的合作伙伴了。雷曼是我的老朋友，也是一位卓越的经理人。他的投资团队和伯克希尔将各自出资约40亿美元购买控股公司的普通股。伯克希尔还将另外投资80亿美元购买股息率9%的优先股。这些优先股还有两个特征大大增加了它的价值：它将在某个时间点以显著溢价被赎回，而且附带认股权证，允许我们以象征性价格购买控股公司5%的普通股。",[14,793,794],{},"约120亿美元的总投资吞掉了伯克希尔去年的大部分利润。但我们手头依然有大把现金，而且还在以不错的速度持续积累。所以我们得继续干活了——查理和我重新穿上狩猎装备，继续去猎象。",[14,796,797],{},"接下来是2012年的一些好消息：",[758,799,800],{},[761,801,802],{},"去年我告诉大家，BNSF铁路 (BNSF)、伊斯卡 (Iscar)、路博润 (Lubrizol)、马蒙集团 (Marmon Group) 和中美能源 (MidAmerican Energy)——我们最赚钱的五家非保险公司——2012年税前收益很可能超过100亿美元。它们做到了。尽管美国经济增长乏力、全球许多经济体走弱，我们的”五驾马车”总收益高达101亿美元，比2011年多了约6亿。",[14,804,805,806,809],{},"这个组合里，8年前伯克希尔只拥有中美能源一家，当时其税前收益为3.93亿美元。后来，我们又用全现金收购了另外三家。在收购第五家——BNSF铁路时，我们支付了约70%的现金，其余部分增发股票，使流通股数量增加了6.1%。因此，这五家公司为伯克希尔贡献的97亿美元年度收益增长，只伴随着微小的股份稀释。这正符合我们的目标——不是简单地做大，而是要提升",[774,807,808],{},"每股","业绩。",[14,811,812],{},"除非美国经济崩盘——我们预计不会——五驾马车2013年应该还会继续提高利润。掌管它们的五位杰出CEO会确保这一点。",[758,814,815],{},[761,816,817,818,821],{},"尽管我2012年一笔大型收购都没谈成，但我们子公司的经理人做得比我好多了。去年是补强收购 (bolt-on) 创纪录的一年，我们花了大约23亿美元收购了26家公司，并入了我们现有的业务。这些交易全部用现金完成，伯克希尔没有增发",[774,819,820],{},"任何","股票。",[14,823,824],{},"查理和我喜欢这类收购：它们通常风险不高，不给总部增添任何负担，还能拓展我们那些久经考验的经理人的施展空间。",[758,826,827],{},[761,828,829,830,833],{},"我们的保险业务去年大放异彩。它不仅为伯克希尔提供了730亿美元的",[774,831,832],{},"免费","资金用于投资，还贡献了16亿美元的承保利润，这是连续第十年实现承保盈利。这真的是鱼和熊掌兼得。",[14,835,836],{},"盖可保险 (GEICO) 一路领跑，在不牺牲承保纪律的前提下继续蚕食市场份额。自1995年我们取得控制权以来，GEICO在个人车险市场的份额从2.5%增长到了9.7%。保费收入同期从28亿美元增长到167亿美元。未来还有巨大的增长空间。",[14,838,839],{},"GEICO卓越的业绩要归功于托尼·奈斯利 (Tony Nicely) 和他的2.7万名同事。另外，我们还得感谢我们的吉祥物壁虎 (Gecko)。不管刮风下雨还是天昏地暗，这只小蜥蜴始终坚守岗位，不知疲倦地告诉美国人，到GEICO.com可以省一大笔保费。",[14,841,842],{},"每当我细数自己的幸运，GEICO我要数两遍。",[758,844,845],{},[761,846,847],{},"事实证明，我们的新任投资经理托德·库姆斯 (Todd Combs) 和泰德·韦施勒 (Ted Weschler) 聪明能干、品行端正，在投资组合管理之外的许多方面都在帮助伯克希尔，而且与我们的企业文化完美契合。找到这两位简直是中了大奖。2012年，他们两位都以两位数的优势跑赢了标普500指数。就连我也被远远甩在了身后。",[14,849,850],{},"因此，我们已经将他们各自管理的资金增加到近50亿美元（其中部分来自子公司的养老金）。托德和泰德都很年轻，在查理和我退出舞台之后，他们将长期管理伯克希尔庞大的投资组合。他们接班以后大家尽可高枕无忧。",[758,852,853,856],{},[761,854,855],{},"伯克希尔年末员工总数创纪录地达到288,462人（详见年报第106页），比上年增加17,604人。然而我们总部的员工依然是24人。没什么必要扩张得太疯狂。",[761,857,858],{},"伯克希尔的”四大”投资——美国运通 (American Express)、可口可乐 (Coca-Cola)、IBM和富国银行 (Wells Fargo)——都度过了美好的一年。我们在这四家公司的持股比例在年内均有提升。我们增持了富国银行（目前持股8.7%，2011年底为7.6%）和IBM（6.0%，上年为5.5%）。与此同时，可口可乐和美国运通各自的股票回购提升了我们的持股比例。我们在可口可乐的持股从8.8%增至8.9%，在美国运通的持股从13.0%增至13.7%。",[14,860,861],{},"伯克希尔在四家公司的持股比例未来很可能继续提升。梅·韦斯特 (Mae West) 说得好：“好东西再多也不嫌多。”",[14,863,864],{},"这四家公司拥有出色的业务，由既有才华又以股东利益为导向的经理人掌管。在伯克希尔，我们宁愿持有一家优秀公司非控股但足够大的一部分，也不愿拥有一家平庸公司的全部。我们在资本配置上的灵活性，使我们比那些只能收购自己有能力运营的公司具有重大优势。",[14,866,867],{},"按年末持股数量计算，2012年我们在”四大”中占有的收益份额为39亿美元。然而我们向你们报告的收益中，只包括了我们实际收到的股息——约11亿美元。但请不要搞错：那28亿美元未被报告的收益，对我们来说同样有价值。",[14,869,870],{},"四家公司留存的利润通常用于回购——这提升了我们在未来收益中的份额——以及投资那些通常很有优势的商业机会。假以时日，我们预期这四家被投资公司将带来远超当前水平的收益。如果我们判断正确，伯克希尔收到的股息将会增加，更重要的是，我们未实现的资本利得也会增加（年底四大公司的未实现资本利得合计267亿美元）。",[758,872,873],{},[761,874,875],{},"去年有不少CEO一遇到资本配置决策就大声嚷嚷”不确定性”，愁眉苦脸（尽管他们当中许多公司的利润和现金都创了历史纪录）。在伯克希尔，我们完全不分享他们的恐惧。恰恰相反，2012年我们在厂房和设备上创纪录地投资了98亿美元，其中约88%投向美国。这比2011年我们上一个纪录又增加了19%。不管那些权威人士怎么说，查理和我喜欢在值得的项目上大笔投钱。我们更愿意听加里·艾伦 (Gary Allan) 新乡村歌曲里唱的：“暴风雨终有雨停时。”",[14,877,878],{},"我们会继续猛踩油门，2013年几乎确定又将创下资本支出的新纪录。美国遍地都是机会。",[880,881],"hr",{},[14,883,884],{},"给我的CEO同行们一点感想：未来当然充满不确定性——美国自1776年以来就一直面对着未知。只不过有时候人们会把那些永远存在的无数不确定性盯得死死的，而有时候他们又选择视而不见（通常是因为最近一段时间风平浪静）。",[14,886,887],{},"长期来看，美国企业的前景一片光明。股票同样也会表现出色，因为它们的命运与企业的经营业绩紧密相连。周期性的挫折难以避免，但投资者和经理人所参与的这场游戏，赢面是大大向他们倾斜的。（道琼斯工业指数在20世纪从66点涨到了11,497点，这是一个惊人的17,320%的涨幅，尽管期间经历了四场代价惨重的战争、一次大萧条和多次经济衰退。而且别忘了，整个世纪里股东还收到了可观的股息。）",[14,889,890],{},"既然这场游戏本身就如此有利，查理和我认为，依据塔罗牌的排列、“专家”的预测或商业景气的起落，试图跳进跳出这个游戏是一个巨大的错误。不在场的风险远远大于在场的风险。",[14,892,893,894,897],{},"我自己的经历就是一个鲜活的例子：我在1942年春天第一次买股票，当时美国在太平洋战场正遭受重大失利。每天的头条都是更多的坏消息。即便如此，也没有人在谈论什么”不确定性”——我认识的",[774,895,896],{},"每一个","美国人都坚信我们会赢。",[14,899,900,901,904,905,907],{},"自那段危险岁月以来，这个国家取得的成就令人叹为观止：经通胀调整后，1941年到2012年间，人均GDP翻了",[774,902,903],{},"四倍","多。在这段时期里，",[774,906,896],{},"明天都充满不确定性。然而，美国的命运始终清晰如一：日益富足。",[14,909,910],{},"如果你是一位CEO，有一个规模大、利润丰厚的项目因为短期忧虑而被搁置，打电话给伯克希尔吧。让我们来帮你卸下包袱。",[880,912],{},[14,914,915,916,919],{},"总而言之，查理和我希望通过以下方式提升每股内在价值：(1) 增强众多子公司的盈利能力；(2) 通过补强收购进一步增加它们的利润；(3) 分享我们被投资公司的成长；(4) 当伯克希尔的股价明显低于内在价值时回购股票；(5) 偶尔完成一笔大型收购。我们还会尽量避免增发伯克希尔的股票——如果有的话也极其罕见——以此为",[774,917,918],{},"你们","实现利益最大化。",[14,921,922],{},"这些增长基石都建立在坚如磐石的基础之上。百年之后，BNSF铁路和中美能源将继续在美国经济中扮演重要角色。保险对企业和个人永远都不可或缺——而没有哪家公司比伯克希尔为这个领域投入了更多资源。看到这些以及其他优势，查理和我都很看好你们公司的前景。",[741,924,925],{"id":925},"企业内在价值",[14,927,928],{},"虽然查理和我不停地谈论内在商业价值，但我们无法告诉你伯克希尔股票精确的内在价值是多少（就此而言，任何其他股票也一样）。不过在2010年的年报里，我们提出了三个要素——其中一个是定性的——我们认为它们是合理估算伯克希尔内在价值的关键。那段讨论完整地收录在年报第104-105页。",[14,930,931],{},"以下是两个定量因素的最新数据：2012年，我们的每股投资增长了15.7%，达到113,786美元；我们除保险和投资业务外的每股税前收益也增长了15.7%，达到8,085美元。",[14,933,934],{},"自1970年以来，我们的每股投资以年复合19.4%的速度增长，每股收益的增速则为20.8%。伯克希尔股价在这42年间以非常接近这两个价值指标的速度增长，这并非巧合。查理和我乐于看到两个方面同时增长，但我们的重点将始终放在提升经营收益上。",[880,936],{},[14,938,939],{},"现在，让我们来看看四大业务板块的运营情况。它们各自的资产负债结构和收入特征差异巨大。把它们混在一起反而妨碍分析。因此我们将它们作为四个独立的业务来讨论，这也是查理和我看待它们的方式。",[741,941,942],{"id":942},"保险业务",[14,944,945],{},"先来看保险——伯克希尔的核心业务，也是多年来驱动我们扩张的引擎。",[14,947,948,949,952],{},"财产意外险 (P\u002FC) 公司先收保费，后付赔款。在某些极端情况下，比如某些工伤事故，赔付可能拖延数十年。这种”先收钱、后赔付”的模式让我们手握大笔资金——我们称之为”浮存金“——这些钱最终要付给别人。但在此期间，我们可以用这些浮存金为伯克希尔做投资。尽管单笔保单和理赔不断进出，但我们持有的浮存金相对于保费收入总能维持在一个相当稳定的比例。因此，随着业务增长，浮存金也在增长。我们增长了",[774,950,951],{},"多少","呢？请看下表：",[21,954,955,964],{},[24,956,957],{},[27,958,959,961],{},[30,960,32],{},[30,962,963],{},"浮存金（百万美元）",[43,965,966,973,980,987,994,1001],{},[27,967,968,970],{},[48,969,119],{},[48,971,972],{},"39",[27,974,975,977],{},[48,976,257],{},[48,978,979],{},"237",[27,981,982,984],{},[48,983,392],{},[48,985,986],{},"1,632",[27,988,989,991],{},[48,990,529],{},[48,992,993],{},"27,871",[27,995,996,998],{},[48,997,662],{},[48,999,1000],{},"65,832",[27,1002,1003,1005],{},[48,1004,690],{},[48,1006,1007],{},"73,125",[14,1009,1010,1011,1014,1015,1018],{},"去年我告诉大家，我们的浮存金未来很可能趋于平稳，甚至小幅下降。我们的保险公司CEO们一心要证明我说错了，他们",[774,1012,1013],{},"做到了","，去年浮存金增加了25亿美元。我现在预计2013年还会进一步增长。但再往后的增长会越来越难。好的方面是，GEICO的浮存金几乎肯定会继续增长。然而在国民保险公司 (National Indemnity) 的再保险部门，我们有一些正在清偿中的合同，其浮存金在逐步减少。如果未来某个时候我们的浮存金确实出现下降，那也将是",[774,1016,1017],{},"非常","平缓的——每年最多不超过2%。",[14,1020,1021,1022,1025,1026,1029],{},"如果我们的保费收入超过了各项费用和最终赔付的总和，我们就会在浮存金带来的投资收益之外，额外录得一笔承保利润。赚到这种利润的时候，我们享受的是免费使用资金的好处——更妙的是，别人还",[774,1023,1024],{},"倒贴","我们利息。这就好比你去银行贷款，银行反过来",[774,1027,1028],{},"给你","付利息。",[14,1031,1032,1033,1036],{},"遗憾的是，所有保险公司都渴望达到这种美好结果，由此引发了激烈的竞争。大多数年份竞争都激烈到令整个财产意外险行业在承保上出现明显",[774,1034,1035],{},"亏损","。这种亏损实际上就是整个行业为持有浮存金所支付的代价。例如，州立农业保险 (State Farm)——美国遥遥领先的最大保险公司，也是一家管理良好的企业——在截至2011年的11年中，有8年出现了承保亏损。（它们2012年的财务数据尚未公布。）在保险业赔钱的方式五花八门，而这个行业从未停止过发明新花样。",[14,1038,1039],{},"如本报告开篇所述，我们已经连续十年实现承保盈利，这段时期的税前总利润达186亿美元。展望未来，我相信我们大多数年份仍将保持承保盈利。如果确实如此，我们的浮存金就比免费的还好。",[14,1041,1042,1043,1046,1047,1050],{},"那么，这种诱人的浮存金如何影响内在价值的计算？在计算伯克希尔的账面价值时，浮存金的",[774,1044,1045],{},"全部","金额被作为负债扣除，就好像我们明天就必须付清，而且以后再也收不回来似的。但这种看待浮存金的方式是不对的，它更应该被视为一笔循环基金。如果浮存金既无成本又能长期存续——我相信伯克希尔的情况正是如此——那么这项负债的真实价值将",[774,1048,1049],{},"远远","低于会计账面上的负债。",[14,1052,1053,1054,1057],{},"对这项被夸大的负债的部分抵消，是记入我们账面价值资产端的155亿美元保险公司”商誉“。实际上，这些商誉代表的是我们为保险业务产生浮存金的能力所支付的价格。然而，商誉的账面成本与其真实价值",[774,1055,1056],{},"毫无","对应关系。举个例子，如果一家保险公司持续产生大额承保亏损，那么账面上的任何商誉资产都应被视为一文不值，不管当初花了多少钱。",[14,1059,1060,1061,1064,1065,1068],{},"幸运的是，伯克希尔的情况并非如此。查理和我相信，我们保险公司商誉的真正经济价值——也就是我们愿意为收购一家能产生",[774,1062,1063],{},"同等质量","浮存金的保险公司所支付的价格——远远超过其历史账面成本。浮存金的价值是我们认为伯克希尔内在商业价值远超账面价值的一个原因——一个",[774,1066,1067],{},"重大","的原因。",[14,1070,1071,1072,1075],{},"让我再强调一次，无成本的浮存金",[774,1073,1074],{},"不","应该被视为整个财产意外险行业的普遍预期结果：保险世界里像伯克希尔这样的优质浮存金极为罕见。在截至2011年的45年中，有37年整个行业的保费不足以覆盖赔付加费用。因此，几十年来整个行业的有形资产回报率一直远低于美国其他行业的平均水平，这种糟糕的表现几乎肯定会持续下去。",[14,1077,1078],{},"另一个令人不快的现实让行业前景更加黯淡：保险公司目前的投资收益受益于”历史遗留”的高息债券组合，这些组合的收益率远高于未来几年——或许更长时间——资金再投资时能获得的收益率。如今的债券组合实际上是在不断贬值的资产。随着债券到期并以更低利率续投，保险公司的收益将受到重大打击。",[880,1080],{},[14,1082,1083],{},"伯克希尔之所以拥有如此卓越的经济特征，完全是因为我们有一批出色的经理人在运营着一些非凡的保险业务。让我来介绍一下几个主要的公司。",[14,1085,1086,1087,1090],{},"首先，按浮存金规模排第一的是伯克希尔·哈撒韦再保险集团，由阿吉特·贾恩 (Ajit Jain) 掌管。阿吉特承保的是别人没有意愿或没有资本去承保的风险。他的业务集承保能力、速度、果断于一身，最重要的是他的头脑——这种组合在保险业独一无二。但他从未让伯克希尔暴露于与我们资源不匹配的风险之下。事实上，在规避风险方面，我们比大多数大型保险公司保守得",[774,1088,1089],{},"多","。举例来说，如果保险行业因某场超级巨灾遭受2,500亿美元的损失——大约是历史上最大损失的三倍——伯克希尔整体当年很可能仍然录得可观利润，因为它的收入来源太多了。其他所有大型保险公司和再保险公司则将深陷亏损，有些甚至面临破产。",[14,1092,1093],{},"从1985年白手起家，阿吉特已经打造了一家拥有350亿美元浮存金和丰厚累计承保利润的保险帝国——这是任何其他保险公司CEO都难以望其项背的壮举。他为伯克希尔贡献了数十亿乃至数百亿美元的价值。如果你在年会上遇到阿吉特，请向他深深鞠躬。",[880,1095],{},[14,1097,1098],{},"我们的另一家再保险巨头是通用再保险 (General Re)，由泰德·蒙特罗斯 (Tad Montross) 管理。",[14,1100,1101,1102,1105],{},"归根结底，一家稳健的保险公司必须遵循四条纪律。它必须：(1) 理解",[774,1103,1104],{},"所有","可能导致保单产生赔付的风险敞口；(2) 保守地评估每种风险实际发生的概率及其可能的赔付成本；(3) 设定合理的保费，使得在平均水平上覆盖预期赔付成本和运营费用后仍有盈利空间；(4) 如果拿不到合适的保费，愿意果断放弃。",[14,1107,1108],{},"很多保险公司前三条都能通过，却在第四条上栽了跟头。他们就是无法抗拒竞争对手正在争抢的业务。那句老话——“别人都在做，我们也得做”——在哪个行业都会带来麻烦，但在保险业尤其致命。",[14,1110,1111],{},"泰德严格遵守了这四条保险戒律，业绩就是最好的证明。在他的领导下，通用再保险的巨额浮存金比无成本还优越，我们预计平均而言这种状况将会持续。我们尤其看好通用再保险的国际人寿再保险业务，自1998年收购以来，该业务一直保持着持续且有利可图的增长。",[880,1113],{},[14,1115,1116],{},"最后是GEICO，62年前我就是从这家保险公司开始入门的。GEICO由托尼·奈斯利经营，他18岁就加入公司，到2012年已服务了51年。",[14,1118,1119,1120,1122],{},"看到托尼取得的成就，我简直不敢相信自己的眼睛。需要指出的是，他去年的真实业绩远比GEICO按通用会计准则 (GAAP) 报告的6.8亿美元承保利润要好得多。由于年初会计准则发生了变动，我们在GEICO的承保收益中计入了4.1亿美元的费用。这笔费用与2012年的实际经营",[774,1121,1056],{},"关系，既不改变现金、收入、费用，也不改变税收。实际上，这笔减记只是进一步拉大了GEICO的内在价值与我们账面记录价值之间本已巨大的差距。",[14,1124,1125],{},"更了不起的是，GEICO实现这笔承保利润的同时，还遭遇了公司历史上最大的单笔赔付。罪魁祸首是飓风”桑迪” (Sandy)，它给GEICO造成的损失是此前纪录保持者飓风”卡特里娜” (Katrina) 的三倍多。风暴中有46,906辆GEICO承保的车辆被损毁——这个惊人的数字恰恰反映了GEICO在纽约大都会地区领先的市场份额。",[14,1127,1128],{},"去年GEICO在现有客户续保率（“黏性”）和报价转化率（“成交率”）两项指标上都有明显提升。这两个数字背后意味着巨大的利润：续保率哪怕仅仅持续提升一个百分点，就意味着内在价值增加超过10亿美元。GEICO 2012年的成绩有力地证明了，只要人们去比较一下GEICO的价格，通常都能发现可以省下一大笔钱。（不妨试试拨打1-800-847-7536或登录GEICO.com。记得说你是伯克希尔的股东——这通常能让你享受折扣。）",[880,1130],{},[14,1132,1133],{},"除了三大保险业务之外，我们还拥有一批规模较小的保险公司，大多在保险行业的各种细分角落耕耘。整体来看，这些公司一直在贡献承保利润。而且如下表所示，它们还为我们提供了可观的浮存金。查理和我非常珍视这些公司和它们的经理人。",[14,1135,1136],{},"2012年底，我们通过收购卫保险 (Guard Insurance) 扩大了这个大家庭。它是一家位于威尔克斯-巴里 (Wilkes-Barre) 的工伤保险公司，主要服务于中小企业。Guard的年保费规模约3亿美元。这家公司在传统业务和即将推出的新业务上都有很好的增长前景。",[21,1138,1139,1157],{},[24,1140,1141],{},[27,1142,1143,1145,1148,1151,1154],{},[30,1144,942],{},[30,1146,1147],{},"2012年承保利润（百万美元）",[30,1149,1150],{},"2011年承保利润（百万美元）",[30,1152,1153],{},"2012年末浮存金（百万美元）",[30,1155,1156],{},"2011年末浮存金（百万美元）",[43,1158,1159,1176,1193,1210,1227],{},[27,1160,1161,1164,1167,1170,1173],{},[48,1162,1163],{},"伯克希尔再保险",[48,1165,1166],{},"$ 304",[48,1168,1169],{},"$ (714)",[48,1171,1172],{},"$ 34,821",[48,1174,1175],{},"$ 33,728",[27,1177,1178,1181,1184,1187,1190],{},[48,1179,1180],{},"通用再保险",[48,1182,1183],{},"355",[48,1185,1186],{},"144",[48,1188,1189],{},"20,128",[48,1191,1192],{},"19,714",[27,1194,1195,1198,1201,1204,1207],{},[48,1196,1197],{},"GEICO",[48,1199,1200],{},"680*",[48,1202,1203],{},"576",[48,1205,1206],{},"11,578",[48,1208,1209],{},"11,169",[27,1211,1212,1215,1218,1221,1224],{},[48,1213,1214],{},"其他直保",[48,1216,1217],{},"286",[48,1219,1220],{},"242",[48,1222,1223],{},"6,598",[48,1225,1226],{},"5,960",[27,1228,1229,1232,1235,1238,1241],{},[48,1230,1231],{},"合计",[48,1233,1234],{},"$ 1,625",[48,1236,1237],{},"$ 248",[48,1239,1240],{},"$ 73,125",[48,1242,1243],{},"$ 70,571",[758,1245,1246],{},[761,1247,1248],{},"该数字已扣除因行业会计准则变更导致的4.1亿美元费用。",[14,1250,1251],{},"在所有大型保险公司中，伯克希尔给我的印象是全世界最好的。1967年3月，杰克·林沃特 (Jack Ringwalt) 以860万美元把他的两家财产意外险公司卖给了我们——那是我们的幸运日。",[741,1253,1254],{"id":1254},"受管制的资本密集型业务",[14,1256,1257],{},"这个板块有两家重要公司——BNSF铁路和中美能源，它们具有区别于其他业务的共同特征。因此，我们在这封信中将它们单独归为一类，并在GAAP资产负债表和损益表中分列它们的合并财务数据。",[14,1259,1260,1261,1263,1264,1267],{},"两家公司的一个关键特征是：对寿命极长的受管制资产进行了巨额投资，部分资金来自伯克希尔",[774,1262,1074],{},"提供担保的大额长期债务。实际上它们根本不需要我们的信用背书，因为即使在最恶劣的环境下，它们的盈利能力也足以覆盖利息支出。例如，在去年疲弱的经济中，BNSF的利息覆盖倍数为9.6倍。（我们对利息覆盖倍数的定义是税前收益\u002F利息，",[774,1265,1266],{},"而非","EBITDA\u002F利息——后者是一个被广泛使用但我们认为存在严重缺陷的指标。）与此同时，中美能源有两个关键因素确保它在任何情况下都能偿还债务：一是抗衰退的盈利能力——这得益于我们独家提供的基本服务；二是多元化的收入来源——使它不会被任何单一监管机构的决定严重伤害。",[14,1269,1270],{},"每一天，我们这两家子公司都在关键领域为美国经济提供着动力：",[758,1272,1273],{},[761,1274,1275,1276,1278],{},"BNSF承运了全美约15%（按吨英里计）的城际货运量，无论是通过公路、铁路、水路、航空还是管道运输。事实上，我们的货运吨英里数超过",[774,1277,820],{},"其他公司，这使得BNSF成为美国经济循环系统中最重要的大动脉。",[14,1280,1281],{},"BNSF还以极为节能环保的方式运输货物，一加仑柴油就能将一吨货物运送约500英里。卡车完成同样的任务大约要消耗四倍的燃油。",[758,1283,1284],{},[761,1285,1286],{},"中美能源的电力设施为十个州的受管制零售客户提供服务。只有一家公用事业控股公司服务的州更多。此外，我们还是可再生能源的领军者：第一，9年前从零起步，我们目前占全国风力发电装机容量的6%。第二，正在建设中的三个项目完工后，我们将拥有美国太阳能发电装机容量的约14%。",[14,1288,1289],{},"这类项目需要巨额的资本投资。完工后，我们的可再生能源组合总耗资将达130亿美元。只要监管方承诺给予合理的回报，我们乐意做出这样的投资——在这方面，我们对未来的监管环境给予了极大的信任。",[14,1291,1292],{},"我们的信心既源于过往经验，也源于一个认知：社会永远需要对交通和能源进行大规模投资。善待资本提供者以确保资金持续流向关键项目，符合政府的自身利益。同样，以赢得监管机构及其所代表的民众认可的方式运营业务，也符合我们的自身利益。",[14,1294,1295],{},"我们的经理人必须着眼长远，思考国家未来需要什么。能源和交通项目需要多年才能落地见效，一个不断增长的国家可不能在基础设施上掉队。",[14,1297,1298],{},"我们一直在尽自己的一份力。不管你怎么听说美国基础设施年久失修，这绝对不适用于BNSF和铁路行业整体。美国的铁路系统从未像现在这样好，这是全行业巨额投资的结果。但我们绝不会躺在功劳簿上：BNSF 2013年将在铁路上投入约40亿美元，大约是其折旧费用的两倍，也超过了任何一家铁路公司的单年投资额。",[14,1300,1301],{},"BNSF的马特·罗斯 (Matt Rose) 和中美能源的格雷格·阿贝尔 (Greg Abel) 是两位杰出的CEO。他们是出色的管理者，经营的业务既服务好了客户，也回报了股东。我对他们心存感激，你们也应该如此。以下是他们业务的关键数据：",[21,1303,1304,1317],{},[24,1305,1306],{},[27,1307,1308,1311,1314],{},[30,1309,1310],{},"中美能源（持股89.8%）",[30,1312,1313],{},"2012年收益（百万美元）",[30,1315,1316],{},"2011年收益（百万美元）",[43,1318,1319,1330,1341,1352,1363,1373,1384,1395,1406,1417,1428],{},[27,1320,1321,1324,1327],{},[48,1322,1323],{},"英国公用事业",[48,1325,1326],{},"$ 429",[48,1328,1329],{},"$ 469",[27,1331,1332,1335,1338],{},[48,1333,1334],{},"爱荷华公用事业",[48,1336,1337],{},"236",[48,1339,1340],{},"279",[27,1342,1343,1346,1349],{},[48,1344,1345],{},"西部公用事业",[48,1347,1348],{},"737",[48,1350,1351],{},"771",[27,1353,1354,1357,1360],{},[48,1355,1356],{},"管道业务",[48,1358,1359],{},"383",[48,1361,1362],{},"388",[27,1364,1365,1368,1371],{},[48,1366,1367],{},"家庭服务",[48,1369,1370],{},"82",[48,1372,972],{},[27,1374,1375,1378,1381],{},[48,1376,1377],{},"其他（净额）",[48,1379,1380],{},"91",[48,1382,1383],{},"36",[27,1385,1386,1389,1392],{},[48,1387,1388],{},"公司利息和税前经营收益",[48,1390,1391],{},"1,958",[48,1393,1394],{},"1,982",[27,1396,1397,1400,1403],{},[48,1398,1399],{},"利息",[48,1401,1402],{},"314",[48,1404,1405],{},"336",[27,1407,1408,1411,1414],{},[48,1409,1410],{},"所得税",[48,1412,1413],{},"172",[48,1415,1416],{},"315",[27,1418,1419,1422,1425],{},[48,1420,1421],{},"净收益",[48,1423,1424],{},"$ 1,472",[48,1426,1427],{},"$ 1,331",[27,1429,1430,1433,1436],{},[48,1431,1432],{},"归属伯克希尔收益",[48,1434,1435],{},"$ 1,323",[48,1437,1438],{},"$ 1,204",[21,1440,1441,1452],{},[24,1442,1443],{},[27,1444,1445,1448,1450],{},[30,1446,1447],{},"BNSF铁路",[30,1449,1313],{},[30,1451,1316],{},[43,1453,1454,1465,1476,1487,1498,1508],{},[27,1455,1456,1459,1462],{},[48,1457,1458],{},"收入",[48,1460,1461],{},"$ 20,835",[48,1463,1464],{},"$ 19,548",[27,1466,1467,1470,1473],{},[48,1468,1469],{},"运营费用",[48,1471,1472],{},"14,835",[48,1474,1475],{},"14,247",[27,1477,1478,1481,1484],{},[48,1479,1480],{},"利息和税前经营收益",[48,1482,1483],{},"6,000",[48,1485,1486],{},"5,301",[27,1488,1489,1492,1495],{},[48,1490,1491],{},"利息（净额）",[48,1493,1494],{},"623",[48,1496,1497],{},"560",[27,1499,1500,1502,1505],{},[48,1501,1410],{},[48,1503,1504],{},"2,005",[48,1506,1507],{},"1,769",[27,1509,1510,1512,1515],{},[48,1511,1421],{},[48,1513,1514],{},"$ 3,372",[48,1516,1517],{},"$ 2,972",[14,1519,1520],{},"眼尖的读者可能注意到中美能源收益表中有个不和谐的地方。家庭服务公司 (HomeServices)——一家房地产经纪公司——怎么会出现在”受管制的资本密集型业务”板块里？",[14,1522,1523],{},"嗯，2000年我们收购中美能源控制权的时候，它就附带了过来。当时我的注意力集中在中美能源的公用事业运营上，几乎没注意到家庭服务公司，它那时只拥有少数几家房地产经纪公司。",[14,1525,1526],{},"然而从那以后，这家公司持续收购住宅经纪公司——2012年又增加了3家——目前已在美国多个主要城市拥有约1.6万名经纪人。（旗下经纪公司清单见年报第107页。）2012年，我们的经纪人参与的房屋交易额达420亿美元，比2011年增长33%。",[14,1528,1529],{},"此外，家庭服务公司去年还收购了保德信 (Prudential) 和Real Living特许经营业务67%的股权，这两个品牌在全国共向544家经纪公司发放了经营许可证，并从其销售中收取少量特许费。我们已约定在五年内收购剩余股权。未来几年，我们将逐步把旗下的特许加盟商和自有经纪公司统一更名为伯克希尔·哈撒韦家庭服务 (Berkshire Hathaway HomeServices)。",[14,1531,1532],{},"罗恩·佩尔蒂埃 (Ron Peltier) 在市场低迷期间将家庭服务公司管理得非常出色。现在，随着住房市场持续走强，我们预计收益将显著提升。",[741,1534,1536],{"id":1535},"制造服务和零售业务","制造、服务和零售业务",[14,1538,1539],{},"我们在这个板块的业务包罗万象。先来看一下整个集团的资产负债表和利润表摘要。",[14,1541,1542],{},[17,1543,1544],{},"资产负债表 2012年12月31日（百万美元）",[21,1546,1547,1562],{},[24,1548,1549],{},[27,1550,1551,1554,1557,1560],{},[30,1552,1553],{},"资产",[30,1555,1556],{},"金额",[30,1558,1559],{},"负债与权益",[30,1561,1556],{},[43,1563,1564,1578,1592,1606,1618,1630,1642,1656,1670,1684],{},[27,1565,1566,1569,1572,1575],{},[48,1567,1568],{},"现金及等价物",[48,1570,1571],{},"$ 5,338",[48,1573,1574],{},"应付票据",[48,1576,1577],{},"$ 1,454",[27,1579,1580,1583,1586,1589],{},[48,1581,1582],{},"应收账款及票据",[48,1584,1585],{},"7,382",[48,1587,1588],{},"其他流动负债",[48,1590,1591],{},"8,527",[27,1593,1594,1597,1600,1603],{},[48,1595,1596],{},"存货",[48,1598,1599],{},"9,675",[48,1601,1602],{},"流动负债合计",[48,1604,1605],{},"9,981",[27,1607,1608,1611,1614,1616],{},[48,1609,1610],{},"其他流动资产",[48,1612,1613],{},"734",[48,1615],{},[48,1617],{},[27,1619,1620,1623,1626,1628],{},[48,1621,1622],{},"流动资产合计",[48,1624,1625],{},"23,129",[48,1627],{},[48,1629],{},[27,1631,1632,1634,1636,1639],{},[48,1633],{},[48,1635],{},[48,1637,1638],{},"递延税款",[48,1640,1641],{},"4,907",[27,1643,1644,1647,1650,1653],{},[48,1645,1646],{},"商誉及其他无形资产",[48,1648,1649],{},"26,017",[48,1651,1652],{},"长期债务及其他负债",[48,1654,1655],{},"5,826",[27,1657,1658,1661,1664,1667],{},[48,1659,1660],{},"固定资产",[48,1662,1663],{},"18,871",[48,1665,1666],{},"少数股东权益",[48,1668,1669],{},"2,062",[27,1671,1672,1675,1678,1681],{},[48,1673,1674],{},"其他资产",[48,1676,1677],{},"3,416",[48,1679,1680],{},"伯克希尔权益",[48,1682,1683],{},"48,657",[27,1685,1686,1688,1691,1693],{},[48,1687],{},[48,1689,1690],{},"$ 71,433",[48,1692],{},[48,1694,1690],{},[14,1696,1697],{},[17,1698,1699],{},"损益表（百万美元）",[21,1701,1702,1715],{},[24,1703,1704],{},[27,1705,1706,1708,1710,1713],{},[30,1707],{},[30,1709,690],{},[30,1711,1712],{},"2011*",[30,1714,662],{},[43,1716,1717,1730,1743,1757,1771,1785],{},[27,1718,1719,1721,1724,1727],{},[48,1720,1458],{},[48,1722,1723],{},"$ 83,255",[48,1725,1726],{},"$ 72,406",[48,1728,1729],{},"$ 66,610",[27,1731,1732,1734,1737,1740],{},[48,1733,1469],{},[48,1735,1736],{},"76,978",[48,1738,1739],{},"67,239",[48,1741,1742],{},"62,225",[27,1744,1745,1748,1751,1754],{},[48,1746,1747],{},"利息费用",[48,1749,1750],{},"146",[48,1752,1753],{},"130",[48,1755,1756],{},"111",[27,1758,1759,1762,1765,1768],{},[48,1760,1761],{},"税前收益",[48,1763,1764],{},"6,131",[48,1766,1767],{},"5,037",[48,1769,1770],{},"4,274",[27,1772,1773,1776,1779,1782],{},[48,1774,1775],{},"所得税及少数股东权益",[48,1777,1778],{},"2,432",[48,1780,1781],{},"1,998",[48,1783,1784],{},"1,812",[27,1786,1787,1789,1792,1795],{},[48,1788,1421],{},[48,1790,1791],{},"$ 3,699",[48,1793,1794],{},"$ 3,039",[48,1796,1797],{},"$ 2,462",[758,1799,1800],{},[761,1801,1802],{},"包含路博润自9月16日起的收益。",[14,1804,1805],{},"符合通用会计准则 (GAAP) 的收入和费用数据列示在年报第29页。上表中的运营费用是非GAAP数字。具体来说，它们剔除了一些购买法会计调整项，主要是某些无形资产的摊销。我们这样列示数据，是因为查理和我认为调整后的数字更准确地反映了表中这些汇总业务的真实成本和利润。",[14,1807,1808],{},"我不打算逐一解释所有调整——有些细小而晦涩——但认真的投资者应该理解无形资产之间的本质区别：有些的价值确实在逐渐消耗，而另一些则永远不会贬值。拿软件来说，摊销费用就是实实在在的成本。但像客户关系摊销这类费用，只是因为购买法会计准则的规定而产生的，明显不是真实的成本。GAAP并不区分这两类费用。也就是说，两者在计算利润时都被记为费用——尽管从投资者的角度看，它们简直天差地别。",[14,1810,1811],{},"在年报第29页列示的GAAP数字中，本板块各公司的6亿美元摊销费用被全部计为成本。我们大致认为其中约20%属于”真实”费用——这也正是我们在上表中计入的部分——其余的则不是。由于我们做了大量收购，这种差别变得相当可观。",[14,1813,1814],{},"“非真实”的摊销费用在我们一些主要的被投资公司中也占有不小的比重。IBM近年进行了大量小型收购，现在经常报告”调整后营业利润”——一个剔除了某些购买法会计调整的非GAAP数字。分析师关注的就是这个数字，他们也理应如此。",[14,1816,1817,1818,1821,1822,1825],{},"然而，富国银行的一笔”非真实”摊销费用，公司自身并未强调，据我所知分析师的报告中也从未提及过。富国银行报告的利润深受”核心存款摊销”费用之累，这暗示着这些存款正在以相当快的速度流失。但实际上，核心存款一直在",[774,1819,1820],{},"增长","。去年这笔摊销费用约15亿美元。除了GAAP会计准则的要求之外，这笔巨额费用在任何意义上都",[774,1823,1824],{},"不是","一项真实费用。",[14,1827,1828],{},"好了，今天的会计课到此结束。怎么没有人大声喊”再来一点，再来一点”？",[880,1830],{},[14,1832,1833,1834,1837],{},"这个板块的公司卖的产品从棒棒糖到喷气式飞机，五花八门。其中一些公司拥有极好的经济特征——无杠杆净",[774,1835,1836],{},"有形","资产的税后回报率从25%到100%以上不等。还有一些公司的回报率在12-20%之间，算是不错。但也有少数公司的回报率非常差，这是我在资本配置上犯下的严重错误的结果。",[14,1839,1840],{},"50多年前，查理就告诉我：以合理的价格买一家优秀的公司，远比以便宜的价格买一家平庸的公司要好。尽管他的道理令人信服，我还是时不时犯捡便宜的老毛病，结果从勉强凑合到一塌糊涂不等。幸运的是，我的失误通常发生在小额收购上。大型收购总体上进展顺利，有几笔甚至非常出色。",[14,1842,1843],{},"因此，把这个板块作为一个整体来看，它是一个优秀的企业集团。它们使用着226亿美元的净有形资产，在此基础上获得了16.3%的税后回报率。",[14,1845,1846,1847,1850],{},"当然，再好的生意如果买贵了，也可能成为一笔糟糕的投资。我们在大多数收购中都支付了远超净有形资产的溢价，这反映在我们报表上巨额的无形资产数字中。不过总体而言，我们在这个板块部署的资本获得了相当可观的回报。而且这些企业的内在价值合计远超账面价值。话虽如此，保险业务和受管制行业板块中内在价值与账面价值之间的差距要",[774,1848,1849],{},"大得多","。那里才是真正的大赢家。",[880,1852],{},[14,1854,1855],{},"马蒙集团 (Marmon) 就是一个账面价值与内在价值之间存在明显巨大差距的好例子。让我来解释一下这个差距的奇特由来。",[14,1857,1858,1859,1861],{},"去年我告诉大家，我们增持了马蒙的股份，持股比例升至80%（2008年最初收购了64%）。我还告诉大家，GAAP会计准则要求我们以远低于实际支付价格的金额入账。我花了整整一年思考这条古怪的会计准则，但始终找不出",[774,1860,820],{},"合理的解释——查理和我们的首席财务官马克·汉堡 (Marc Hamburg) 也想不通。更让我困惑的是，据说如果我们之前没有持有64%的股份，那2011年购买的这16%就可以按实际成本入账了。",[14,1863,1864],{},"2012年（以及2013年初追溯至2012年底），我们又增持了马蒙10%的股份，同样离奇的会计处理再次出现。我们立即减记的7亿美元对利润没有影响，但降低了账面价值，因此也降低了2012年的净资产增长。",[14,1866,1867],{},"最近10%增持的价格意味着我们现在持有的马蒙90%股份价值约126亿美元。然而我们在资产负债表上的账面价值只有80亿美元。查理和我认为最近的收购价格代表了极佳的价值。如果我们是对的，我们持有的马蒙实际价值比账面价值至少高出46亿美元。",[14,1869,1870],{},"马蒙是一家多元化企业，旗下约有150家公司在各行各业经营。它最大的业务是持有油罐车并租赁给各类货运商，如石油和化工公司。马蒙通过两家子公司——美国联合油罐车公司 (Union Tank Car) 和加拿大的Procor——运营这项业务。",[14,1872,1873,1874,1877],{},"联合油罐车公司历史悠久，曾归标准石油托拉斯 (Standard Oil Trust) 所有，直到1911年帝国被拆分。下次看到火车经过时，留意油罐车上的UTLX标志。作为伯克希尔的股东，带有这个标识的油罐车就是你们的财产。当你看到一辆UTLX油罐车时，不妨挺起胸膛，享受一个世纪前约翰·D·洛克菲勒 (John D. Rockefeller) 看着",[774,1875,1876],{},"他的","车队时所体验的那份满足感。",[14,1879,1880],{},"油罐车归货运商或出租方所有，铁路公司并不拥有。到年底，联合油罐车和Procor合计拥有97,000辆油罐车，净账面价值40亿美元。值得注意的是，一辆新车的成本要10万美元以上。联合油罐车同时还是重要的油罐车制造商——少部分出售，大部分自持并出租。目前订单已经排到了2014年。",[14,1882,1883],{},"在BNSF和马蒙这两家公司，我们都受益于美国石油产量的复苏。事实上，我们的铁路目前每天运输约50万桶石油，大约相当于美国”下48州”（即不包括阿拉斯加和海上油田）总产量的10%。种种迹象表明，BNSF的石油运输量在未来几年将大幅增长。",[880,1885],{},[14,1887,1888],{},"篇幅所限，我们无法详细讨论这个板块的许多其他公司。部分较大子公司2012年的具体经营情况见年报第76至79页。",[741,1890,1891],{"id":1891},"金融和金融产品",[14,1893,1894],{},"这是我们最小的业务板块，包括两家租赁公司——XTRA（拖车租赁）和科特商业服务 (CORT)（家具租赁），以及克莱顿住宅 (Clayton Homes)——全美领先的预制房屋生产商和融资商。除了这些全资子公司之外，这个板块还包括一组金融资产以及我们在伯凯迪亚商业抵押 (Berkadia Commercial Mortgage) 50%的权益。",[14,1896,1897],{},"我们把克莱顿放在这个板块，是因为它持有并管理着33.2万笔抵押贷款，总额137亿美元。这些贷款大部分发放给了中低收入家庭。然而在整个房地产市场崩盘期间，这些贷款表现良好，进一步验证了我们的信念：合理的首付比例和合理的月供收入比能够有效防范大规模止赎损失，即便在市场动荡时期也是如此。",[14,1899,1900],{},"克莱顿去年还生产了25,872套预制房屋，比2011年增长13.5%。这一产量约占全国独栋住宅建设总量的4.8%，使克莱顿成为全美第一大住宅建造商。",[14,1902,1903],{},"CORT和XTRA在各自领域同样是领导者。XTRA 2012年在新租赁设备上的投资为2.56亿美元，超过其折旧费用的两倍。当竞争对手们还在为当下的不确定性犯愁时，XTRA已经在为明天做准备了。",[14,1905,1906],{},"伯凯迪亚继续表现出色。我们在路氏 (Leucadia) 的合伙人承担了这项合作中的大部分工作——查理和我欣然接受这种安排。",[14,1908,1909],{},"以下是这个板块的税前收益概述：",[21,1911,1912,1924],{},[24,1913,1914],{},[27,1915,1916,1918,1921],{},[30,1917],{},[30,1919,1920],{},"2012年（百万美元）",[30,1922,1923],{},"2011年（百万美元）",[43,1925,1926,1937,1948,1959,1970,1981],{},[27,1927,1928,1931,1934],{},[48,1929,1930],{},"伯凯迪亚",[48,1932,1933],{},"$ 35",[48,1935,1936],{},"$ 25",[27,1938,1939,1942,1945],{},[48,1940,1941],{},"克莱顿",[48,1943,1944],{},"255",[48,1946,1947],{},"154",[27,1949,1950,1953,1956],{},[48,1951,1952],{},"CORT",[48,1954,1955],{},"42",[48,1957,1958],{},"29",[27,1960,1961,1964,1967],{},[48,1962,1963],{},"XTRA",[48,1965,1966],{},"106",[48,1968,1969],{},"126",[27,1971,1972,1975,1978],{},[48,1973,1974],{},"金融业务净收益*",[48,1976,1977],{},"410",[48,1979,1980],{},"440",[27,1982,1983,1985,1988],{},[48,1984,1231],{},[48,1986,1987],{},"$ 848",[48,1989,1990],{},"$ 774",[758,1992,1993],{},[761,1994,1995],{},"不包括资本利得或损失",[741,1997,1998],{"id":1998},"投资业务",[14,2000,2001],{},"以下是我们年末持有的市值超过10亿美元的普通股投资：",[14,2003,2004],{},"2012年12月31日",[21,2006,2007,2026],{},[24,2008,2009],{},[27,2010,2011,2014,2017,2020,2023],{},[30,2012,2013],{},"股份数",[30,2015,2016],{},"公司",[30,2018,2019],{},"持股比例",[30,2021,2022],{},"成本*（百万美元）",[30,2024,2025],{},"市值（百万美元）",[43,2027,2028,2045,2062,2079,2096,2113,2129,2146,2163,2179,2195,2211,2228,2244,2261,2278,2293],{},[27,2029,2030,2033,2036,2039,2042],{},[48,2031,2032],{},"151,610,700",[48,2034,2035],{},"美国运通",[48,2037,2038],{},"13.7",[48,2040,2041],{},"$ 1,287",[48,2043,2044],{},"$ 8,715",[27,2046,2047,2050,2053,2056,2059],{},[48,2048,2049],{},"400,000,000",[48,2051,2052],{},"可口可乐",[48,2054,2055],{},"8.9",[48,2057,2058],{},"1,299",[48,2060,2061],{},"14,500",[27,2063,2064,2067,2070,2073,2076],{},[48,2065,2066],{},"24,123,911",[48,2068,2069],{},"康菲石油 (ConocoPhillips)",[48,2071,2072],{},"2.0",[48,2074,2075],{},"1,219",[48,2077,2078],{},"1,399",[27,2080,2081,2084,2087,2090,2093],{},[48,2082,2083],{},"22,999,600",[48,2085,2086],{},"DIRECTV",[48,2088,2089],{},"3.8",[48,2091,2092],{},"1,057",[48,2094,2095],{},"1,154",[27,2097,2098,2101,2104,2107,2110],{},[48,2099,2100],{},"68,115,484",[48,2102,2103],{},"IBM",[48,2105,2106],{},"6.0",[48,2108,2109],{},"11,680",[48,2111,2112],{},"13,048",[27,2114,2115,2118,2121,2123,2126],{},[48,2116,2117],{},"28,415,250",[48,2119,2120],{},"穆迪 (Moody’s)",[48,2122,387],{},[48,2124,2125],{},"287",[48,2127,2128],{},"1,430",[27,2130,2131,2134,2137,2140,2143],{},[48,2132,2133],{},"20,060,390",[48,2135,2136],{},"慕尼黑再保险 (Munich Re)",[48,2138,2139],{},"11.3",[48,2141,2142],{},"2,990",[48,2144,2145],{},"3,599",[27,2147,2148,2151,2154,2157,2160],{},[48,2149,2150],{},"20,668,118",[48,2152,2153],{},"菲利普斯66 (Phillips 66)",[48,2155,2156],{},"3.3",[48,2158,2159],{},"660",[48,2161,2162],{},"1,097",[27,2164,2165,2168,2171,2173,2176],{},[48,2166,2167],{},"3,947,555",[48,2169,2170],{},"浦项制铁 (POSCO)",[48,2172,357],{},[48,2174,2175],{},"768",[48,2177,2178],{},"1,295",[27,2180,2181,2184,2187,2190,2192],{},[48,2182,2183],{},"52,477,678",[48,2185,2186],{},"宝洁 (Procter & Gamble)",[48,2188,2189],{},"1.9",[48,2191,1405],{},[48,2193,2194],{},"3,563",[27,2196,2197,2200,2203,2205,2208],{},[48,2198,2199],{},"25,848,838",[48,2201,2202],{},"赛诺菲 (Sanofi)",[48,2204,2072],{},[48,2206,2207],{},"2,073",[48,2209,2210],{},"2,438",[27,2212,2213,2216,2219,2222,2225],{},[48,2214,2215],{},"415,510,889",[48,2217,2218],{},"乐购 (Tesco)",[48,2220,2221],{},"5.2",[48,2223,2224],{},"2,350",[48,2226,2227],{},"2,268",[27,2229,2230,2233,2236,2238,2241],{},[48,2231,2232],{},"78,060,769",[48,2234,2235],{},"美国合众银行 (U.S. Bancorp)",[48,2237,441],{},[48,2239,2240],{},"2,401",[48,2242,2243],{},"2,493",[27,2245,2246,2249,2252,2255,2258],{},[48,2247,2248],{},"54,823,433",[48,2250,2251],{},"沃尔玛 (Wal-Mart)",[48,2253,2254],{},"1.6",[48,2256,2257],{},"2,837",[48,2259,2260],{},"3,741",[27,2262,2263,2266,2269,2272,2275],{},[48,2264,2265],{},"456,170,061",[48,2267,2268],{},"富国银行",[48,2270,2271],{},"8.7",[48,2273,2274],{},"10,906",[48,2276,2277],{},"15,592",[27,2279,2280,2282,2285,2287,2290],{},[48,2281],{},[48,2283,2284],{},"其他",[48,2286],{},[48,2288,2289],{},"7,646",[48,2291,2292],{},"11,330",[27,2294,2295,2297,2300,2302,2305],{},[48,2296],{},[48,2298,2299],{},"按市值计的普通股投资合计",[48,2301],{},[48,2303,2304],{},"$ 49,796",[48,2306,2307],{},"$ 87,662",[758,2309,2310],{},[761,2311,2312],{},"这是我们的实际购买价格，同时也是我们的税务成本基础；由于需要进行增值或减值调整，GAAP”成本”在个别情况下有所不同。",[14,2314,2315],{},"关于这份名单的构成，有一点值得说明。在伯克希尔以往的年报中，这里列出的每一只股票都是我买的，也就是说，是我为伯克希尔做出了买入决策。但从这份名单开始，托德·库姆斯或泰德·韦施勒的投资——或两人联合投资——只要达到入榜门槛（今年为10亿美元），都会包含在内。上表中第一只这样的股票就是DIRECTV，托德和泰德各自的投资组合中都持有这只股票，2012年底他们的合计持仓市值就是上面列示的11.5亿美元。",[14,2317,2318],{},"托德和泰德还管理着伯克希尔部分子公司的养老金，其他一些养老金因监管要求由外部顾问管理。养老金账户的持仓不包含在我们年报的列表中，尽管其投资组合往往与伯克希尔有所重叠。",[880,2320],{},[14,2322,2323],{},"我们正在继续缩减衍生品组合中涉及伯克希尔承担类保险风险的部分。（不过，我们的电力和天然气公用事业业务仍将出于运营目的继续使用衍生品。）新的合约将要求我们提供抵押品，除极少数例外，我们不愿意这么做。市场有时会出现极端行为，我们无意让伯克希尔暴露于金融世界中某个突如其来的事件——那种可能在转瞬之间要求我们拿出堆积如山的现金的事件。",[14,2325,2326],{},"查理和我信奉多重冗余流动性的经营理念，我们回避任何可能实质性耗尽现金的义务。这种做法在100年中的99年会降低我们的回报率。但在第100年——别人纷纷倒下的时候——我们却能安然度过。而且，100年里我们每一年都能安睡无忧。",[14,2328,2329],{},"我们出售的为企业债券提供信用保护的衍生品将在明年全部到期。现在几乎可以确定，我们从这些合约中获得的利润将约为10亿美元税前收益。我们在签订这些衍生品时还收到了非常可观的预付款，在五年存续期内，归属于它们的”浮存金“平均约为20亿美元。总的来说，这些衍生品带来了非常令人满意的结果，尤其考虑到在整个金融恐慌和随后的衰退期间，我们担保的是企业信用——其中大部分还是高收益品种。",[14,2331,2332],{},"在我们另一项主要的衍生品承诺中，我们卖出了美国、英国、欧洲和日本四个主要股指的长期看跌期权。这些合约是在2004年至2008年间签订的，即使在最糟糕的情况下也只需要提供少量抵押品。2010年，我们解除了约10%的风险敞口，赚得2.22亿美元。剩余合约将于2018年至2026年间陆续到期。只有到期日当天的指数值才算数，我们的交易对手无权提前终止合约。",[14,2334,2335],{},"伯克希尔在签订这些尚未到期的合约时收到了42亿美元的保费。如果所有合约在2011年底到期，我们需要支付62亿美元；2012年底的对应数字为39亿美元。由于即时结算负债大幅下降，我们在2012年底将GAAP负债从2011年底的85亿美元降低到了75亿美元。虽然没有百分之百的把握，但查理和我相信，最终的负债很可能远低于我们目前账面上的数字。与此同时，我们可以自由地将这些合约带来的42亿美元浮存金投资于我们看好的标的。",[741,2337,2339],{"id":2338},"我们买了一些报纸报纸","我们买了一些报纸……报纸？",[14,2341,2342,2343,2346],{},"过去15个月里，我们以3.44亿美元收购了28家日报。这可能让你感到疑惑，原因有二。第一，我在信中和年会上一直告诉大家，整个报业的发行量、广告和利润",[774,2344,2345],{},"毫无疑问","会下降。这个预测至今有效。第二，我们购买的资产远达不到我们经常申明的收购规模标准。",[14,2348,2349,2350,2353],{},"第二点比较好解释。查理和我喜欢报纸，",[774,2351,2352],{},"只要经济上说得通","，我们会买下它们，哪怕它们的规模远达不到我们收购一家，比方说，小器件厂的门槛。解释第一点需要费些笔墨，还涉及一些历史。",[14,2355,2356,2357,2360],{},"简单来说，新闻就是人们不知道却想知道的事情。人们会从任何能提供即时性、便利性、可靠性、全面性和低成本最佳组合的渠道寻找",[774,2358,2359],{},"对他们重要","的新闻。这些因素的相对重要性因新闻的类型和受众的需求而异。",[14,2362,2363,2364,2367],{},"在电视和互联网出现之前，报纸是种类繁多的新闻的",[774,2365,2366],{},"首要","来源，这使得它成为绝大多数人不可或缺的东西。无论你关注的是国际、国内、本地、体育还是股市行情，你订的那份报纸通常是最先告诉你最新信息的。实际上，报纸包含的内容多到你物超所值，哪怕只有少数几页与你的兴趣直接相关。更妙的是，广告商通常承担了产品的几乎全部成本，读者只是搭个顺风车。",[14,2369,2370],{},"此外，广告本身也为大批读者提供了至关重要的信息，实际上相当于提供了更多的”新闻”。编辑们听了可能会皱眉头，但对许多读者来说，得知哪里有工作机会或出租公寓、哪个超市本周末打什么特价、哪部电影在哪里什么时候上映，远比社论版上的观点重要得多。",[14,2372,2373,2374,2377],{},"反过来说，地方报纸对广告商来说也不可或缺。如果西尔斯 (Sears) 或赛福威 (Safeway) 在奥马哈开了新店，它们需要一个”大喇叭”来告诉全城居民为什么",[774,2375,2376],{},"今天","就该去逛逛它们的店。事实上，大型百货公司和杂货店争相在报纸上打出多页广告来压倒对手，因为它们知道广告里的商品很快就会被一扫而空。没有任何其他宣传方式能比得上报纸，广告自然而然就卖出去了。",[14,2379,2380],{},"只要一份报纸是其所在社区的唯一一份，它的利润就肯定非常丰厚——经营水平好坏影响不大。（正如一位南方的出版商坦率地承认的那样：“我一生中的优越地位完全归功于美国的两项伟大制度——裙带关系和垄断。”）",[14,2382,2383],{},"多年来，几乎所有城市都变成了只有一份报纸的地方（或者两份竞争报纸联手作为一个经济实体运营）。这种收缩是不可避免的，因为大多数人只愿意读一份报纸、为一份报纸付费。当竞争存在时，发行量显著领先的报纸几乎自动吸引到最多的广告。于是广告吸引读者，读者吸引广告。这种共生关系宣判了弱势报纸的末日，人们称之为”胖者生存”。",[14,2385,2386],{},"如今世界变了。股市行情和全国体育赛事的细节，早在报纸开印之前就已经是旧闻。互联网上有大量的招聘和房源信息。电视全天候轰炸着政治、国内和国际新闻。在一个接一个的领域，报纸失去了它的”首要”地位。随着读者流失，广告也随之下降。（招聘分类广告的收入——长期以来报纸的巨大收入来源——在过去12年里暴跌了超过90%。）",[14,2388,2389,2390,2393],{},"然而，在传播本地新闻方面，报纸依然占据着无可争议的霸主地位。如果你想知道",[774,2391,2392],{},"你的","小城里在发生什么——无论是关于市长、税收还是高中橄榄球队的新闻——没有什么能替代一份尽职尽责的地方报纸。读者看到关于加拿大关税或巴基斯坦政局的文章可能会犯困，但一条与他自己或邻居有关的新闻，他会一字不落读到最后。只要社区归属感普遍存在，一份满足社区特殊信息需求的报纸就会对相当一部分居民不可或缺。",[14,2395,2396],{},"但即便是有价值的产品，也会因错误的商业策略而自我毁灭。过去十年来，几乎所有大型报纸都在经历这个过程。出版商们——包括伯克希尔旗下的布法罗新闻报 (Buffalo News)——在互联网上免费提供报纸内容，同时却对纸质版收取不低的费用。这除了导致纸质报纸发行量急剧稳步下降之外，还能带来什么结果呢？发行量下降又进一步降低了报纸对广告商的价值。在这种情况下，过去的”良性循环”完全逆转了。",[14,2398,2399,2400,2403],{},"《华尔街日报》很早就采用了收费模式。而地方报纸的典范是小沃尔特·赫斯曼 (Walter Hussman, Jr.) 出版的《阿肯色民主党公报》(",[774,2401,2402],{},"Arkansas Democrat-Gazette",")。沃尔特也很早就开始收费，过去十几年里他的报纸的发行量保持得比全国任何一份大报都好。尽管沃尔特树立了有力的榜样，但其他报纸，包括伯克希尔旗下的，直到最近一两年才开始探索收费模式。最终哪种模式效果最好——答案尚不明朗——一定会被广泛效仿。",[880,2405],{},[14,2407,2408,2409,2412],{},"查理和我相信，向联系紧密的社区提供全面可靠的信息、",[774,2410,2411],{},"同时","拥有合理互联网策略的报纸，将在很长时间内保持活力。我们不认为削减新闻内容或降低出版频率能带来成功。事实上，贫乏的新闻报道几乎必然导致读者流失。而一些大城市正在尝试的低于日刊的出版频率——虽然短期内可能改善利润——长期来看几乎肯定会削弱报纸的影响力。我们的目标是让报纸充满读者感兴趣的内容，并从觉得我们有用的人那里获得合理的报酬，无论他们手中拿的是纸质版还是看的是网络版。",[14,2414,2415,2416,2419],{},"我们的信心还得益于特里·克鲁格 (Terry Kroeger) 在《奥马哈世界先驱报》(",[774,2417,2418],{},"Omaha World-Herald",") 的出色管理团队，他们有能力监管一大批报纸。不过各份报纸在新闻报道和编辑立场上将保持独立。（我投票给了奥巴马，但我们12份表态支持总统候选人的日报中，有10份选择了罗姆尼。）",[14,2421,2422],{},"我们的报纸当然也无法抵挡那些压低收入的力量。尽管如此，我们2012年全年持有的6份小型日报收入持平，这比大城市日报的成绩要好得多。另外，我们全年运营的两份大报——布法罗新闻报和《奥马哈世界先驱报》——收入降幅控制在3%，也优于行业平均水平。在全美50个最大都会区的报纸中，我们在布法罗和奥马哈的报纸在当地的渗透率名列前茅。",[14,2424,2425],{},"这种受欢迎程度并非偶然：这要归功于两位主编——《新闻报》的玛格丽特·沙利文 (Margaret Sullivan) 和《世界先驱报》的迈克·赖利 (Mike Reilly)——他们提供的信息使各自的报纸成为关注社区动态的读者不可或缺的读物。（非常遗憾地告诉大家，玛格丽特最近离开我们加入了《纽约时报》，这种邀请很难拒绝。纽约时报抢到了一位难得的人才，我们祝她一切顺利。）",[14,2427,2428],{},"几乎可以肯定，长期来看伯克希尔的报纸现金收益将呈下降趋势。即使是明智的互联网策略也无法完全阻止温和的侵蚀。不过以我们的收购成本来衡量，我相信这些报纸将达到或超过我们的收购回报标准。迄今为止的结果印证了这一信念。",[14,2430,2431,2432,2435],{},"查理和我仍然严格遵循经济原则第11条（详见年报第99页），绝不会继续运营一项注定永远亏损的业务。我们从媒体集团 (Media General) 打包收购时得到的一份日报，在原来的管理下严重亏损。分析其经营情况后，我们看不到任何扭亏的可能，只好忍痛将其关闭。不过我们其余的日报在很长时间内都应该保持盈利。（它们的名单见年报第108页。）在合适的价格——这意味着以当前利润的",[774,2433,2434],{},"极低","倍数——我们还会购买更多我们喜欢类型的报纸。",[880,2437],{},[14,2439,2440],{},"年底发生了伯克希尔报业运营的一个里程碑事件：斯坦·利普西 (Stan Lipsey) 从布法罗新闻报的出版人职位上退休了。我毫不夸张地说，如果没有斯坦，新闻报现在可能早就不存在了。",[14,2442,2443],{},"查理和我在1977年4月收购了新闻报。当时它是一份晚报，工作日占主导地位但没有周日版。全国报纸的发行趋势正从晚报转向晨报。而且周日版对都市日报的盈利越来越至关重要。没有周日版，新闻报注定要输给它的晨报竞争对手，后者拥有规模庞大且根基深厚的周日产品。",[14,2445,2446],{},"于是我们在1977年底开始发行周日版。然后一切都乱了套。我们的竞争对手把我们告上法庭，地区法官小查尔斯·布里安特 (Charles Brieant, Jr.) 做出了一项严厉判决，严重阻碍了我们周日版的推出。漫长的17个月后，他的判决被第二巡回上诉法院以3比0的票数严词推翻。在上诉待审期间，我们丢失了发行量，资金大量失血，随时面临关门的危险。",[14,2448,2449],{},"这时候斯坦·利普西登场了。他是我1960年代的一位朋友，他和妻子曾把一份奥马哈小型周报卖给伯克希尔。我发现斯坦是一位非凡的报业人才，对发行、生产、销售和编辑各个环节了如指掌。（他是帮助那份小周报在1973年赢得普利策奖的关键人物。）所以当我在布法罗焦头烂额时，我请斯坦离开他在奥马哈舒适的生活，去布法罗接手。",[14,2451,2452],{},"他毫不犹豫。斯坦和我们的主编默里·莱特 (Murray Light) 一起，在整整四年的黑暗日子里坚持奋斗，直到新闻报在1982年赢得了竞争。自那以后，尽管布法罗的经济环境困难重重，新闻报的业绩一直非常出色。无论作为朋友还是作为管理者，斯坦都是最棒的。",[741,2454,2455],{"id":2455},"分红",[14,2457,2458],{},"伯克希尔有不少股东——包括我的一些好朋友——希望公司发放现金股息。让他们困惑的是，我们乐意收取伯克希尔所持大多数股票的股息，自己却一毛不拔。那我们就来看看，什么时候分红对股东有意义，什么时候没有意义。",[14,2460,2461],{},"一家盈利的公司可以通过多种方式分配利润（这些方式并不互斥）。公司管理层首先应该审视当前业务中的再投资机会——提高效率的项目、扩展地域、延伸和改进产品线，或者用其他方式拓宽公司与竞争对手之间的护城河。",[14,2463,2464],{},"我要求子公司的经理人始终不懈地寻找拓宽护城河的机会，他们也确实找到了许多经济上行之有效的做法。但有时候我们的经理人也会失准。失败的常见原因是他们先确定了自己想要的答案，然后倒推去寻找支持的理由。当然，这个过程是潜意识的——这也正是它如此危险的原因。",[14,2466,2467,2468,2471,2472,2475,2476,2479],{},"你们的董事长也没能免俗。在伯克希尔1986年的年报中，我描述了20年来我们在原有纺织业务上的管理努力和资本投入如何最终竹篮打水。我",[774,2469,2470],{},"希望","这门生意能成功，于是",[774,2473,2474],{},"一厢情愿","地做出了一连串糟糕的决定。（我甚至",[774,2477,2478],{},"又","买了一家新英格兰纺织厂。）但一厢情愿只在迪士尼电影里能梦想成真；在商业上，它是毒药。",[14,2481,2482,2483,2486],{},"尽管过去犯过这样的错误，可用资金的首要去向始终是研究能否",[774,2484,2485],{},"明智","地投入到我们的各项业务中。2012年我们创纪录的121亿美元固定资产投资和补强收购证明，伯克希尔内部是资本配置的沃土。在这方面我们还有一个优势：由于我们在经济的众多领域都有业务，可选择的范围远比大多数公司宽广。在决定资金去向时，我们可以浇灌鲜花，跳过杂草。",[14,2488,2489],{},"即使在现有业务中投入了大量资本之后，伯克希尔依然会源源不断地产生大量富余现金。因此，我们的下一步就是寻找与当前业务无关的收购机会。这里我们的标准很简单：查理和我是否认为这笔交易能让我们的股东在每股基础上比收购前更加富有？",[14,2491,2492,2493,2496],{},"我在收购中犯过不少错误，而且还会继续犯。不过总体来说，我们的记录还算令人满意，这意味着我们的股东比把同样的资金用于回购或分红要富有",[774,2494,2495],{},"得多","。",[14,2498,2499],{},"当然，借用标准的免责声明：过去的业绩不能保证未来的回报。这一点对伯克希尔尤其如此：以我们现在的体量，做出既有意义又明智的收购比过去大多数年份都要困难得多。",[14,2501,2502],{},"尽管如此，一笔大型收购依然有可能大幅提升我们的每股内在价值。BNSF铁路就是一个好例子：它现在的价值远高于我们的账面成本。如果当时我们把那笔资金用于分红或回购，你和我的情况都会比现在更差。虽然像BNSF这样的大项目可遇不可求，但海里还是有鲸鱼的。",[14,2504,2505,2506,2509],{},"资金的第三种用途——股票回购——在公司股价明显低于保守估计的内在价值时是明智之举。事实上，有纪律的回购是",[774,2507,2508],{},"最稳妥","的明智用钱方式：以8毛钱或更低的价格买1美元的东西，很难犯错。我们在去年的年报中解释了我们的回购标准，如果机会出现，我们会大量回购。我们最初说不会支付超过账面价值110%的价格，但事实证明那不切实际。因此，当12月一大笔股票以约116%的账面价值出售时，我们将上限提高到了120%。",[14,2511,2512,2513,2516],{},"但永远不要忘记：在回购决策中，价格至关重要。如果回购价高于内在价值，那就是在",[774,2514,2515],{},"毁灭","价值。董事们和我都认为，以不超过账面价值120%的价格进行回购，对继续持有的股东有实实在在的好处。",[14,2518,2519],{},"最后我们来谈谈分红。这里需要做一些假设，还要算一些数学。这些数字需要仔细阅读，但它们对于理解支持和反对分红的理由至关重要。所以请耐心听我讲。",[14,2521,2522],{},"假设你和我各自拥有一家净资产200万美元的公司的一半。这家公司每年的有形净资产回报率为12%——即24万美元——而且可以合理预期再投资的收益率同样是12%。此外，总有外部投资者愿意以净资产125%的价格买入我们公司的股份。因此，我们各自拥有的资产现在值125万美元。",[14,2524,2525],{},"你可能希望公司每年将三分之一的利润分配给两位股东，其余三分之二用于再投资。你觉得这个方案在当期收入和资本增值之间取得了很好的平衡。于是你建议我们分配8万美元利润，留存16万美元以增加公司未来的盈利能力。第一年，你的分红为4万美元；随着利润增长和三分之一分配比例的维持，你的分红也会逐年增长。总体而言，股息和股票价值每年都会增长8%（12%的净资产回报率减去4%的净资产分配率）。",[14,2527,2528],{},"十年后，公司的净资产将达到4,317,850美元（初始的200万按8%复利计算），你来年的分红将为86,357美元。我们每人持有的股份价值2,698,656美元（各占公司净资产一半的125%）。之后我们将过上幸福的生活——分红和股票价值继续以每年8%的速度增长。",[14,2530,2531,2532,2534],{},"但还有另一种方式会让我们更幸福。在这种情形下，我们将",[774,2533,1104],{},"利润留存在公司，同时每人每年卖出手中3.2%的股份。由于股份可以按净资产125%的价格卖出，这种方法第一年同样能产生4万美元的现金收入，而且这笔收入也会逐年增长。我们姑且称之为”卖出法”。",[14,2536,2537,2538,2540],{},"在”卖出法”下，十年后公司的净资产将增长到6,211,696美元（200万按12%复利计算）。由于我们每年都在卖股票，",[774,2539,2019],{},"会下降，十年后我们各自将拥有公司36.12%的股份。即便如此，你所持股份对应的净资产仍有2,243,540美元。别忘了，我们每一美元的净资产都可以按1.25美元卖出。因此，你剩余股份的市场价值将为2,804,425美元，比”分红法”下的股票价值高出约4%。",[14,2542,2543],{},"此外，在”卖出法”下，你每年收到的现金也将比”分红法”多出4%。瞧！——你不仅每年有更多的钱花，最终手里的财产也更多。",[14,2545,2546],{},"当然，上述计算建立在这样的假设之上：我们假想的公司平均每年能获得12%的净资产回报率，而且股东能以平均125%的账面价值卖出股份。就此而言，标普500的净资产回报率明显超过12%，其交易价格也远高于净资产的125%。这两个假设对伯克希尔来说似乎也是合理的，虽然当然无法保证。",[14,2548,2549,2550,2552],{},"而且往好的方面想，这些假设被超越的可能性也是存在的。如果真是如此，“卖出法”的优势就更加明显。回顾伯克希尔的历史——诚然这段历史不太可能重演——“卖出法”给股东创造的财富会",[774,2551,1049],{},"超过”分红法”。",[14,2554,2555,2556,2559],{},"除了数学上的优势之外，“卖出法”还有两个——",[774,2557,2558],{},"非常重要","的——额外论据。第一，分红策略强制对所有股东执行统一的现金分配政策。比方说分红比例是40%，那些希望30%或50%的股东都会不满意。我们60万股东在现金需求上各不相同。可以肯定地说，他们中的很多人——也许大多数——正处于净储蓄阶段，从逻辑上讲应该更希望公司一分钱都不分。",[14,2561,2562],{},"相比之下，“卖出法”让每位股东自行选择现金收入和资本积累的比例。一位股东可以选择变现60%的年度利润，另一位可以选择20%或完全不变现。当然，在”分红法”下，股东也可以把收到的股息用来买回更多股票。但这样做他会吃亏：既要交税，又要以125%的溢价才能把股息再投资回去。（记住，公开市场上的股票交易价格是账面价值的125%。）",[14,2564,2565,2566,2568,2569,2572],{},"分红的第二个弊端同等重要：对",[774,2567,1104],{},"需要纳税的股东而言，“分红法”的税收后果不如——通常",[774,2570,2571],{},"远不如","——“卖出法”。在”分红法”下，股东每年收到的全部现金都要纳税；而”卖出法”下只需对现金收入中的利得部分纳税。",[14,2574,2575,2576,2579,2580,2583],{},"让我用自己的例子来结束这道数学题——我听到你们如释重负的欢呼声了，就像牙医终于放下了钻头——来说明一位股东如何在不断减持股票的同时，他在企业中的",[774,2577,2578],{},"投资","反而在增加。过去7年里，我每年捐出约4.25%的伯克希尔股票。经过这个过程，我最初持有的712,497,000股B股等值股份（拆股调整后）已减少到528,525,623股。显然我的持股",[774,2581,2582],{},"比例","已经大幅下降。",[14,2585,2586,2587,2590],{},"但我在公司的实际投资却增加了：我当前持有的伯克希尔股份的账面价值远超七年前。（具体数字：2005年为282亿美元，2012年为402亿美元。）换句话说，虽然我的持股比例大幅下降，但我在伯克希尔投入",[774,2588,2589],{},"工作","的资金反而多了很多。同样，我在伯克希尔内在商业价值和正常盈利能力中的份额也远大于2005年。随着时间推移，我预计这种价值的增长还会继续——尽管肯定不会匀速——即使我现在每年捐出超过4.5%的股份（比例增加是因为我最近加倍了对某些基金会的终身承诺）。",[880,2592],{},[14,2594,2595,2596,2599,2600,2603,2604,2607],{},"最重要的是，分红政策应当始终保持清晰、一致和理性。反复无常的政策会把股东搞糊涂，还会赶走潜在的投资者。菲利普·费雪 (Phil Fisher) 54年前在他的《怎样选择成长股》(",[774,2597,2598],{},"Common Stocks and Uncommon Profits",") 第7章中把这个道理讲得非常精彩——对认真的投资者而言，这本书在经典书目上仅次于《聪明的投资者》(",[774,2601,2602],{},"The Intelligent Investor",") 和1940年版的《证券分析》(",[774,2605,2606],{},"Security Analysis",")。费雪解释说，你可以成功地经营一家汉堡店，也可以成功地经营一家中餐馆。但你不能在两者之间翻来覆去，还指望留住任何一方的食客。",[14,2609,2610],{},"大多数公司奉行稳定的分红策略，通常努力逐年提高分红，非常不愿意削减。我们”四大”投资的公司都遵循这种合理且可以理解的做法，在某些情况下还非常积极地回购股票。",[14,2612,2613],{},"我们为它们的做法鼓掌，并希望它们继续沿着当前的路走下去。我们喜欢增加的股息，我们也喜欢以合适价格进行的回购。",[14,2615,2616],{},"然而在伯克希尔，我们一直遵循一种不同的方针，我们深知这样做是明智的，也希望你刚刚读完的那些段落已经让你理解了其中的道理。只要我们关于账面价值增长和市场价格溢价的假设看起来合理，我们就会坚持这一策略。如果其中任何一个因素发生实质性恶化，我们将重新审视我们的做法。",[741,2618,2619],{"id":2619},"年度股东大会",[14,2621,2622],{},"年会将于5月4日（周六）在CenturyLink中心举行。卡丽·索瓦 (Carrie Sova) 负责统筹。（虽然是个新名字，其实还是去年那位出色的卡丽——她6月份嫁给了一个非常幸运的男士。）总部的全体同事都会协助她，整个活动完全是我们自己操办的，我为每一位参与筹备的人感到无比骄傲。",[14,2624,2625],{},"早上7点开门，7点半我们将举行第二届国际扔报纸挑战赛。目标是一座克莱顿住宅的门廊，距投掷线精确35英尺。去年我成功击败了所有挑战者。但如今伯克希尔收购了一大批报纸，随之而来的还有很多扔报纸的高手（至少他们自己是这么说的）。来看看他们的本事是否名副其实吧。更好的是，亲自来一把。报纸有36到42页，你得自己折（不准用橡皮筋）。",[14,2627,2628,2629,2632],{},"8点半将放映一部新的伯克希尔电影。一小时后，我们开始问答环节，将持续到下午3点半（午间在CenturyLink的看台处休息用餐）。短暂休息后，查理和我将于3点45分召开正式年度会议。如果你想在提问期间中途离场，请在",[774,2630,2631],{},"查理","讲话的时候走。",[14,2634,2635,2636,2639],{},"离场最好的理由当然是去——",[774,2637,2638],{},"购物","。在会场旁边19.43万平方英尺的大厅里，我们会摆满来自数十家伯克希尔子公司的产品，随时为你服务。去年大家尽了全力，大多数摊位都刷新了销售纪录。在9个小时里，我们卖出了1,090双贾斯汀靴子 (Justin)（每30秒一双）、10,010磅喜诗糖果 (See’s)、12,879把Quikut小刀（每分钟24把），以及5,784双Wells Lamont手套——永远的热销品。但你们能做得更好。记住：谁要是说钱买不到幸福，那一定是还没来我们年会上购过物。",[14,2641,2642],{},"去年我们的跑鞋公司布鲁克斯 (Brooks) 第一次参展就卖了15万美元。布鲁克斯势头正猛：2012年销量增长34%，这还是在2011年同样增长34%的基础上。公司管理层预计2013年还能再涨23%。我们将再次推出一款年会纪念特别版跑鞋。",[14,2644,2645,2646,2649,2650,2653],{},"周日早上8点，我们将启动”伯克希尔5公里跑”，起点在CenturyLink中心。参赛详情会随你的入场证件一起收到的《来宾指南》中说明。我们设置了丰富的竞赛组别，包括一个媒体组。（报道",[774,2647,2648],{},"他们的","表现一定很有趣。）遗憾的是，我本人无法参加跑步——总得有",[774,2651,2652],{},"人","去打发令枪。",[14,2655,2656],{},"我得提醒大家，我们队伍里可是人才济济。泰德·韦施勒的马拉松成绩是3小时01分。布鲁克斯跑鞋精力充沛的CEO吉姆·韦伯 (Jim Weber) 也是一位飞毛腿，最好成绩3小时31分。托德·库姆斯专攻铁人三项，但5公里跑也有22分钟的纪录。",[14,2658,2659,2660,2663],{},"不过这才刚开了个头：我们的董事也是飞毛腿（好吧，",[774,2661,2662],{},"部分","董事是）。史蒂夫·伯克 (Steve Burke) 在波士顿马拉松跑出了惊人的2小时39分。（这是他家的传统——他妻子格蕾琴 (Gretchen) 以3小时25分完成了纽约马拉松。）夏洛特·盖曼 (Charlotte Guyman) 的最好成绩是3小时37分，苏·德克尔 (Sue Decker) 在纽约跑了3小时36分。至于查理嘛，他没有回复我的问卷。",[14,2665,2666],{},"GEICO将在购物区设摊，由全国各地的顶尖顾问坐镇。去问个报价吧。在大多数情况下，GEICO可以为你提供股东折扣（通常8%）。我们运营的51个辖区中有44个允许提供这项特别优惠。（补充说明：如果你已经享有另一项折扣，如某些特定群体的优惠，则不能叠加。）带上你现有保险的详情，来看看我们能不能帮你省钱。我相信你们当中至少有一半能省。",[14,2668,2669,2670,2673],{},"一定要去”书虫”书店看看。那里会有约35种图书和DVD，包括几本新书。卡罗尔·卢米斯 (Carol Loomis) 自1977年以来一直帮我编辑这封信，对我来说无价之宝，她最近出版了《跳着踢踏舞去上班：沃伦·巴菲特的一切》(",[774,2671,2672],{},"Tap Dancing to Work: Warren Buffett on Practically Everything",")。她和我联合签名了500本，年会独家发售。",[14,2675,2676,2677,2680,2681,2684,2685,2688],{},"小威廉·桑代克 (William Thorndike, Jr.) 的《商界局外人》(",[774,2678,2679],{},"The Outsiders",") 是一本关于在资本配置上表现卓越的CEO的杰出著作。书中有关于我们的董事汤姆·墨菲 (Tom Murphy) 的深刻一章——他是我见过的最优秀的企业管理者。我还推荐杰克·博格尔 (Jack Bogle) 的《文化冲突》(",[774,2682,2683],{},"The Clash of the Cultures",") 和劳拉·里滕豪斯 (Laura Rittenhouse) 的《从字里行间挖掘投资机会》(",[774,2686,2687],{},"Investing Between the Lines",")。如果你买了书需要寄送，附近就有快递服务。",[14,2690,2691,2692,2695],{},"《奥马哈世界先驱报》将再次设摊，展售几本新近出版的书。热血的”剥玉米者”球迷们——有哪个内布拉斯加人不是呢？——肯定会想买一本《不可战胜》(",[774,2693,2694],{},"Unbeatable",")。这本书讲述了内布拉斯加橄榄球队1993-97年的故事，那是汤姆·奥斯本 (Tom Osborne) 的球队打出60胜3负的黄金时代。",[14,2697,2698],{},"如果你是花钱大户——或者想成为一个的话——周六中午到下午5点之间来奥马哈机场东侧的Signature Aviation吧。在那里我们会停放一排奈杰 (NetJets) 的飞机，包管让你心跳加速。坐巴士来，开私人飞机走。活着就要享受一把嘛。",[14,2700,2701],{},"随本报告附寄的代理投票材料的附件说明了如何获取入场证件。航空公司有时会在伯克希尔周末抬高票价。如果你从远方来，不妨比较一下飞堪萨斯城和飞奥马哈的费用。两城之间车程约两个半小时，你也许能省下一大笔钱，尤其是如果你本来就打算在奥马哈租车的话。省下的钱就花在我们这里吧。",[14,2703,2704],{},"内布拉斯加家具店 (Nebraska Furniture Mart) 坐落在72街、道奇路和太平洋路之间一块77英亩的场地上，我们将再次推出”伯克希尔周末”特惠活动。去年这家店在年会期间的销售额达到3,590万美元，创下空前纪录，让其他零售商嫉妒得脸都绿了。要享受伯克希尔折扣，你必须在4月30日（周二）至5月6日（周一）期间购物（含首尾两天），并出示入场证件。这段时间的特价甚至适用于几家知名品牌的产品——它们通常有铁一般的不打折规矩，但出于股东周末的情谊破例了。我们感谢它们的配合。内布拉斯加家具店的营业时间是周一至周六上午10点到晚上9点，周日上午10点到下午6点。今年周六傍晚5点半到8点，家具店还将举办一场野餐会，欢迎大家参加。",[14,2706,2707],{},"在波仙珠宝 (Borsheim’s)，我们将再次举办两场股东专属活动。第一场是5月3日（周五）晚6点到9点的鸡尾酒会。第二场是盛大的主活动，5月5日（周日）上午9点到下午4点。周六营业至晚上6点。最近几年，我们三天的销售额远超12月全月——12月通常是珠宝商最好的月份。",[14,2709,2710],{},"周日下午1点左右，我将在波仙珠宝亲自站柜台。去年我的销售额达到150万美元。今年不卖到200万我不收工。因为我需要在天黑前离开，到时候我会拼了命做生意的。快来占我的便宜吧。问我要”疯狂沃伦”特价就行。",[14,2712,2713],{},"整个周末波仙珠宝都会人山人海。为了方便大家，股东特惠价从4月29日（周一）延续到5月11日（周六）。在此期间，请出示入场证件或证券账户对账单证明你是伯克希尔股东。",[14,2715,2716],{},"周日，在波仙外面的广场上，两度美国国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 将蒙住双眼，以一对六的方式迎战所有睁大了眼睛的挑战者。旁边，来自达拉斯的魔术大师诺曼·贝克 (Norman Beck) 将让观众目瞪口呆。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) 也会在周日下午与股东们切磋牌技。不过别跟他们赌钱。",[14,2718,2719,2720,2723,2724,2727],{},"5月5日（周日），Gorat’s和Piccolo’s两家餐厅将再次专为伯克希尔股东开放。两家都营业到晚上10点，Gorat’s下午1点开门，Piccolo’s下午4点开门。这两家都是我的最爱，周日晚上我两家都会去。记住：在Gorat’s订位请于4月1日起（",[774,2721,2722],{},"不要更早","）拨打402-551-3733；Piccolo’s请拨402-342-9038。在Piccolo’s记得点一杯超大号沙士冰淇淋漂浮当甜点。只有胆小鬼才点小号的。（我曾亲眼看到比尔·盖茨 (Bill Gates) 在一顿正餐",[774,2725,2726],{},"之后","干掉了两杯超大号的——那一刻我就知道他会成为一位伟大的董事。）",[14,2729,2730,2731,2736,2737,2741,2742,2496],{},"我们将再次由三位财经记者主持会议的问答环节，代为提出股东通过电子邮件发送给他们的问题。三位记者及其邮箱地址是：《财富》杂志的卡罗尔·卢米斯：",[2732,2733,2735],"a",{"href":2734},"mailto:cloomis@fortunemail.com","cloomis@fortunemail.com","；CNBC的贝基·奎克 (Becky Quick)：",[2732,2738,2740],{"href":2739},"mailto:BerkshireQuestions@cnbc.com","BerkshireQuestions@cnbc.com","；《纽约时报》的安德鲁·罗斯·索尔金 (Andrew Ross Sorkin)：",[2732,2743,2745],{"href":2744},"mailto:arsorkin@nytimes.com","arsorkin@nytimes.com",[14,2747,2748],{},"每位记者将从提交的问题中选出六个他或她认为最有趣、最重要的。根据他们过去的反馈，你的问题越简洁、提交得越早、越与伯克希尔相关、每封邮件不超过两个问题，就越有可能被选中。（在邮件中请注明，如果你的问题被选中，是否希望公开你的姓名。）",[14,2750,2751],{},"去年我们还邀请了一个由三位跟踪伯克希尔的分析师组成的小组。三位都是保险业专家，股东们随后表示希望今年能更多元化一些。因此，今年我们只邀请一位保险分析师——来自野村证券 (Nomura Securities) 的克利夫·加兰特 (Cliff Gallant)。红杉基金 (Ruane, Cunniff & Goldfarb) 的乔纳森·勃兰特 (Jonathan Brandt) 将加入分析师小组，负责提出关于非保险业务的问题。",[14,2753,2754],{},"最后——为了增添一点料——我们还想在小组中加入一位有资质的看空伯克希尔的人，最好是已经在做空我们股票的。目前还没找到这样的熊派，我们欢迎毛遂自荐。唯一的要求是你必须是投资专业人士，并且看空伯克希尔。三位分析师将带来他们自己针对伯克希尔的问题，和记者、观众交替提问。",[14,2756,2757],{},"查理和我认为所有股东都应该同时获得伯克希尔的新信息，并有充足的时间进行分析。这就是为什么我们尽量在周五收盘后发布财务信息，年会也安排在周六举行的原因。我们不会与大型机构投资者或分析师进行一对一的沟通。我们希望记者和分析师提出的问题能帮助股东更好地理解他们的投资。",[14,2759,2760],{},"查理和我不会提前得到任何关于问题内容的暗示。我们知道记者和分析师会提出一些刁钻的问题，这正合我们心意。总共我们预计至少有54个问题，每位分析师和记者各6个，观众18个。如果还有多余时间，我们会从观众中多收一些。提问观众将于上午8:15在会场和主要分会场的11个麦克风处抽签决定。",[880,2762],{},[14,2764,2765],{},"出于充分的理由，我经常赞扬旗下运营经理人的成就。他们是真正的全明星，经营各自的业务就像那是他们家族唯一的资产一样。我相信他们的思维方式之”股东导向“，在大型上市公司中无出其右。他们中大多数人在财务上完全不需要工作；打出商业”本垒打”的快乐对他们来说和薪水一样重要。",[14,2767,2768],{},"同样重要的，还有与我在公司总部一起工作的23位男女同事（我们都在同一层楼办公，我们打算一直保持这个传统！）。",[14,2770,2771],{},"这个团队高效地处理着SEC和其他监管要求的繁杂事务，提交21,500页的联邦所得税申报表以及各州和海外税务申报，回复数不清的股东和媒体咨询，编制年度报告，筹备全国规模最大的年度股东大会，协调董事会活动——还有数不胜数的其他工作。",[14,2773,2774],{},"他们以愉快的心态和令人难以置信的效率处理所有这些事务，让我的生活轻松又惬意。他们的工作远不止伯克希尔的日常业务：去年他们接待了48所大学（从200多所申请中遴选出来的），这些学校的学生来到奥马哈参加与我的问答日活动。他们还处理我收到的各种各样的请求，安排我的出行，甚至给我订午餐的汉堡。没有哪个CEO能享受到比这更好的待遇了——我真心觉得自己每天都是跳着踢踏舞去上班的。",[14,2776,2777],{},"总部的这些同事以及旗下的运营经理人，请接受我最深的感谢，他们同样值得你们的感谢。5月4号，来奥马哈这个资本家的摇篮吧，为他们喝彩。",[14,2779,2780],{},"沃伦·E·巴菲特",[14,2782,2783],{},"董事会主席",[14,2785,2786],{},"2013年3月1日",{"title":2788,"searchDepth":2789,"depth":2789,"links":2790},"",2,[2791,2793,2794,2795,2796,2797,2798,2799,2800,2801],{"id":743,"depth":2792,"text":744},3,{"id":925,"depth":2792,"text":925},{"id":942,"depth":2792,"text":942},{"id":1254,"depth":2792,"text":1254},{"id":1535,"depth":2792,"text":1536},{"id":1891,"depth":2792,"text":1891},{"id":1998,"depth":2792,"text":1998},{"id":2338,"depth":2792,"text":2339},{"id":2455,"depth":2792,"text":2455},{"id":2619,"depth":2792,"text":2619},"致股东信",null,"2012年巴菲特致股东信，讨论收购伊斯卡、投资收益、股票回购及美国经济前景","md",{},true,83,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2012-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":2804},"2012 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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":2823,"slug":2824,"category":2825,"order":2821},"巴菲特：1951年最看好的股票：GEICO 保险","ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian","访谈与文章",{"title":2827,"slug":2828,"category":2829,"order":2821},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":2831,"slug":2832,"category":2820,"order":2789},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":2834,"slug":2835,"category":2825,"order":2789},"巴菲特：1953年我最看好的股票：西部保险","ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian",{"title":2837,"slug":2838,"category":2829,"order":2789},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2840,"slug":2841,"category":2820,"order":2792},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":2843,"slug":2844,"category":2825,"order":2792},"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":2846,"slug":2847,"category":2829,"order":2792},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2849,"slug":2850,"category":2820,"order":2851},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":2853,"slug":2854,"category":2825,"order":2851},"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":2856,"slug":2857,"category":2829,"order":2851},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2859,"slug":2860,"category":2820,"order":2861},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":2863,"slug":2864,"category":2825,"order":2861},"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":2866,"slug":2867,"category":2829,"order":2861},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2869,"slug":2870,"category":2820,"order":2871},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":2873,"slug":2874,"category":2825,"order":2871},"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":2876,"slug":2877,"category":2829,"order":2871},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2879,"slug":2880,"category":2820,"order":2881},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":2883,"slug":2884,"category":2825,"order":2881},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":2886,"slug":2887,"category":2829,"order":2881},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2889,"slug":2890,"category":2820,"order":2891},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":2893,"slug":2894,"category":2825,"order":2891},"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":2896,"slug":2897,"category":2829,"order":2891},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2899,"slug":2900,"category":2820,"order":2901},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":2903,"slug":2904,"category":2825,"order":2901},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":2906,"slug":2907,"category":2829,"order":2901},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2909,"slug":2910,"category":2820,"order":2911},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":2913,"slug":2914,"category":2825,"order":2911},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":2916,"slug":2917,"category":2829,"order":2911},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2919,"slug":2920,"category":2820,"order":2921},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":2923,"slug":2924,"category":2825,"order":2921},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":2926,"slug":2927,"category":2829,"order":2921},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2929,"slug":2930,"category":2820,"order":2931},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":2933,"slug":2934,"category":2825,"order":2931},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":2936,"slug":2937,"category":2829,"order":2931},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2939,"slug":2940,"category":2820,"order":2941},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":2943,"slug":2944,"category":2825,"order":2941},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":2946,"slug":2947,"category":2829,"order":2941},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2949,"slug":2950,"category":2820,"order":2951},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":2953,"slug":2954,"category":2825,"order":2951},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2956,"slug":2957,"category":2829,"order":2951},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2959,"slug":2960,"category":2820,"order":2961},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":2963,"slug":2964,"category":2825,"order":2961},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":2966,"slug":2967,"category":2829,"order":2961},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2969,"slug":2970,"category":2820,"order":2971},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":2973,"slug":2974,"category":2825,"order":2971},"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":2976,"slug":2977,"category":2829,"order":2971},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2979,"slug":2980,"category":2820,"order":2981},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":2983,"slug":2984,"category":2825,"order":2981},"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":2986,"slug":2987,"category":2829,"order":2981},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2989,"slug":2990,"category":2820,"order":2991},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":2993,"slug":2994,"category":2825,"order":2991},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":2996,"slug":2997,"category":2829,"order":2991},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2999,"slug":3000,"category":2802,"order":3001},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":3003,"slug":3004,"category":2825,"order":3001},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":3006,"slug":3007,"category":2829,"order":3001},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3009,"slug":3010,"category":2820,"order":3011},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":3013,"slug":3014,"category":2825,"order":3011},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":3016,"slug":3017,"category":2829,"order":3011},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3019,"slug":3020,"category":2820,"order":3021},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":3023,"slug":3024,"category":2825,"order":3021},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":3026,"slug":3027,"category":2829,"order":3021},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3029,"slug":3030,"category":2820,"order":3031},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":3033,"slug":3034,"category":2825,"order":3031},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":3036,"slug":3037,"category":2829,"order":3031},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3039,"slug":3040,"category":2802,"order":3041},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":3043,"slug":3044,"category":2825,"order":3041},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":3046,"slug":3047,"category":2829,"order":3041},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3049,"slug":3050,"category":2820,"order":3051},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":3053,"slug":3054,"category":2825,"order":3051},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":3056,"slug":3057,"category":2829,"order":3051},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3059,"slug":3060,"category":2820,"order":3061},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":3063,"slug":3064,"category":2825,"order":3061},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":3066,"slug":3067,"category":2829,"order":3061},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3069,"slug":3070,"category":2820,"order":3071},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":3073,"slug":3074,"category":2825,"order":3071},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":3076,"slug":3077,"category":2829,"order":3071},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3079,"slug":3080,"category":2802,"order":3081},"1967 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巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":3123,"slug":3124,"category":2825,"order":3121},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":3126,"slug":3127,"category":2829,"order":3121},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3129,"slug":3130,"category":2802,"order":3131},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":3133,"slug":3134,"category":2825,"order":3131},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":3136,"slug":3137,"category":2829,"order":3131},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3139,"slug":3140,"category":2820,"order":3141},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":3143,"slug":3144,"category":2825,"order":3141},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":3146,"slug":3147,"category":2829,"order":3141},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":3149,"slug":3150,"category":2820,"order":3151},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":3153,"slug":3154,"category":2825,"order":3151},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":3156,"slug":3157,"category":2802,"order":3158},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":3160,"slug":3161,"category":2825,"order":3158},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":3163,"slug":3164,"category":2820,"order":3165},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":3167,"slug":3168,"category":2825,"order":3165},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":3170,"slug":3171,"category":2820,"order":3172},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":3174,"slug":3175,"category":2825,"order":3172},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":3177,"slug":3178,"category":2820,"order":3179},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":3181,"slug":3182,"category":2825,"order":3179},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":3184,"slug":3185,"category":2820,"order":3186},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":3188,"slug":3189,"category":2825,"order":3186},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":3191,"slug":3192,"category":2802,"order":3193},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":3195,"slug":3196,"category":2825,"order":3193},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":3198,"slug":3199,"category":2820,"order":3200},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":3202,"slug":3203,"category":2825,"order":3200},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":3205,"slug":3206,"category":2802,"order":3207},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":3209,"slug":3210,"category":2825,"order":3207},"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":3212,"slug":3213,"category":2802,"order":3214},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":3216,"slug":3217,"category":2825,"order":3214},"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":3219,"slug":3220,"category":2802,"order":3221},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":3223,"slug":3224,"category":2825,"order":3221},"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":3226,"slug":3227,"category":2802,"order":3228},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":3230,"slug":3231,"category":2825,"order":3228},"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":3233,"slug":3234,"category":2802,"order":3235},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":3237,"slug":3238,"category":2825,"order":3235},"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":3240,"slug":3241,"category":2802,"order":3242},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":3244,"slug":3245,"category":2825,"order":3242},"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":3247,"slug":3248,"category":2802,"order":3249},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":3251,"slug":3252,"category":2825,"order":3249},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":3254,"slug":3255,"category":2802,"order":3256},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":3258,"slug":3259,"category":2825,"order":3256},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":3261,"slug":3262,"category":2802,"order":3263},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":3265,"slug":3266,"category":2825,"order":3263},"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":3268,"slug":3269,"category":2802,"order":3270},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":3272,"slug":3273,"category":2825,"order":3270},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":3275,"slug":3276,"category":2802,"order":3277},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":3279,"slug":3280,"category":2825,"order":3277},"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":3282,"slug":3283,"category":2802,"order":3284},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":3286,"slug":3287,"category":2825,"order":3284},"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":3289,"slug":3290,"category":2802,"order":3291},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":3293,"slug":3294,"category":2825,"order":3291},"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":3296,"slug":3297,"category":2802,"order":3298},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":3300,"slug":3301,"category":2825,"order":3298},"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":3303,"slug":3304,"category":2802,"order":3305},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":3307,"slug":3308,"category":2825,"order":3305},"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":3310,"slug":3311,"category":2802,"order":3312},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":3314,"slug":3315,"category":2825,"order":3312},"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":3317,"slug":3318,"category":2802,"order":3319},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":3321,"slug":3322,"category":2825,"order":3319},"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":3324,"slug":3325,"category":2802,"order":3326},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":3328,"slug":3329,"category":2825,"order":3326},"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":3331,"slug":3332,"category":2802,"order":3333},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":3335,"slug":3336,"category":2825,"order":3333},"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":3338,"slug":3339,"category":2802,"order":3340},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":3342,"slug":3343,"category":2825,"order":3340},"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":3345,"slug":3346,"category":2802,"order":3347},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":3349,"slug":3350,"category":2825,"order":3347},"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":3352,"slug":3353,"category":2802,"order":3354},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":3356,"slug":3357,"category":2825,"order":3354},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":3359,"slug":3360,"category":2802,"order":3361},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":3363,"slug":3364,"category":2825,"order":3361},"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":3366,"slug":3367,"category":2802,"order":3368},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":3370,"slug":3371,"category":2825,"order":3368},"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":3373,"slug":3374,"category":2802,"order":3375},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":3377,"slug":3378,"category":2825,"order":3375},"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":3380,"slug":3381,"category":2802,"order":3382},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":3384,"slug":3385,"category":2825,"order":3382},"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":3387,"slug":3388,"category":2802,"order":3389},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":3391,"slug":3392,"category":2825,"order":3389},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":3394,"slug":3395,"category":2802,"order":3396},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":3398,"slug":3399,"category":2825,"order":3396},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":3401,"slug":3402,"category":2802,"order":3403},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":3405,"slug":3406,"category":2825,"order":3403},"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":3408,"slug":3409,"category":2802,"order":3410},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":3412,"slug":3413,"category":2825,"order":3410},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":3415,"slug":3416,"category":2802,"order":3417},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":3419,"slug":3420,"category":2825,"order":3417},"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":3422,"slug":3423,"category":2802,"order":3424},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":3426,"slug":3427,"category":2825,"order":3424},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":3429,"slug":3430,"category":2802,"order":3431},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":3433,"slug":3434,"category":2825,"order":3431},"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":3436,"slug":3437,"category":2802,"order":3438},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":3440,"slug":3441,"category":2825,"order":3438},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":3443,"slug":3444,"category":2802,"order":3445},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":3447,"slug":3448,"category":2825,"order":3445},"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":3450,"slug":3451,"category":2802,"order":3452},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":3454,"slug":3455,"category":2825,"order":3452},"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":3457,"slug":3458,"category":2802,"order":3459},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":3461,"slug":3462,"category":2825,"order":3459},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":3464,"slug":3465,"category":2802,"order":3466},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":3468,"slug":3469,"category":2825,"order":3466},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":3471,"slug":3472,"category":2802,"order":3473},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":3475,"slug":3476,"category":2825,"order":3473},"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":3478,"slug":3479,"category":2802,"order":3480},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":3482,"slug":3483,"category":2825,"order":3480},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":3485,"slug":3486,"category":2802,"order":3487},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":3489,"slug":3490,"category":2825,"order":3487},"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":5,"slug":2812,"category":2802,"order":2808},{"title":3493,"slug":3494,"category":2825,"order":2808},"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":3496,"slug":3497,"category":2802,"order":3498},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":3500,"slug":3501,"category":2825,"order":3498},"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":3503,"slug":3504,"category":2802,"order":3505},"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":3507,"slug":3508,"category":2825,"order":3505},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":3510,"slug":3511,"category":2802,"order":3512},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":3514,"slug":3515,"category":2825,"order":3512},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":3517,"slug":3518,"category":2802,"order":3519},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":3521,"slug":3522,"category":2825,"order":3519},"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":3524,"slug":3525,"category":2802,"order":3526},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":3528,"slug":3529,"category":2825,"order":3526},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":3531,"slug":3532,"category":2802,"order":3533},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":3535,"slug":3536,"category":2825,"order":3533},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":3538,"slug":3539,"category":2802,"order":3540},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":3542,"slug":3543,"category":2825,"order":3540},"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":3545,"slug":3546,"category":2802,"order":3547},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":3549,"slug":3550,"category":2825,"order":3547},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":3552,"slug":3553,"category":2802,"order":3554},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":3556,"slug":3557,"category":2825,"order":3554},"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":3559,"slug":3560,"category":2802,"order":3561},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":3563,"slug":3564,"category":2825,"order":3561},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":3566,"slug":3567,"category":2802,"order":3568},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":3570,"slug":3571,"category":2825,"order":3568},"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":3573,"slug":3574,"category":2802,"order":3575},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":3577,"slug":3578,"category":2825,"order":3575},"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":3580,"slug":3581,"category":2802,"order":3582},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":3584,"slug":3585,"category":2825,"order":3582},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":3587,"slug":3588,"category":2802,"order":3589},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":3591,"slug":3592,"category":2825,"order":3589},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":3594,"slug":3595,"category":2802,"order":3596},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":3598,"slug":3599,"category":2825,"order":3596},"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":3601,"slug":3602,"category":2802,"order":3603},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":3605,"slug":3606,"category":2825,"order":3603},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":3608,"slug":3609,"category":2802,"order":3610},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":3612,"slug":3613,"category":2825,"order":3610},"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":3615,"slug":3616,"category":2825,"order":3617},"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":3619,"slug":3620,"category":2825,"order":3621},"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":3623,"slug":3624,"category":2825,"order":3625},"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":3627,"slug":3628,"category":2825,"order":3629},"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":3631,"slug":3632,"category":2825,"order":3633},"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":3635,"slug":3636,"category":2825,"order":3637},"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":3639,"slug":3640,"category":2825,"order":3641},"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":3643,"slug":3644,"category":2825,"order":3645},"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":3647,"slug":3648,"category":2825,"order":3649},"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":3651,"slug":3652,"category":2825,"order":3653},"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":3655,"slug":3656,"category":2825,"order":3657},"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":3659,"slug":3660,"category":2825,"order":3661},"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":3663,"slug":3664,"category":2825,"order":3665},"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":3667,"slug":3668,"category":2825,"order":3669},"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":3671,"slug":3672,"category":2825,"order":3673},"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":3675,"slug":3676,"category":2825,"order":3677},"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":3679,"slug":3680,"category":2825,"order":3681},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":3683,"slug":3684,"category":2825,"order":3685},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":3687,"slug":3688,"category":2825,"order":3689},"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":3691,"slug":3692,"category":2825,"order":3693},"标题：《巴菲特：2017 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