[{"data":1,"prerenderedAt":1595},["ShallowReactive",2],{"library-2025-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":58,"library-sidebar-dao":1061,"library-sidebar-models":1363},{"id":4,"title":5,"body":6,"category":44,"date":45,"description":46,"extension":47,"meta":48,"navigation":49,"order":50,"path":51,"seo":52,"seoDescription":46,"seoTitle":53,"slug":54,"stem":55,"__hash__":56,"_collection":57},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2025-ba-fei-te-zhi-gu-dong-xin.md","2025 巴菲特致股东信",{"type":7,"value":8,"toc":37},"minimark",[9,13,17,22,25,28,31,34],[10,11,5],"h1",{"id":12},"_2025-巴菲特致股东信",[14,15,16],"p",{},"2025年11月10日\n内布拉斯加州奥马哈市（股票代码：BRK.A；BRK.B）——\n今日，沃伦·E·巴菲特将1800股A股转换为270万股B股，并将这些B股捐赠给四家家族基金会：其中150万股捐赠给苏珊·汤普森·巴菲特基金会，舍伍德基金会、霍华德·G·巴菲特基金会与诺沃基金会各获赠400万股。上述捐赠已于今日完成交付。\n以下是巴菲特先生对其他股东的致辞：",[18,19,21],"h2",{"id":20},"致各位股东","致各位股东：",[14,23,24],{},"我将不再撰写伯克希尔的年度报告，也不再在年度股东大会上长篇发言。用英国人的话说，我要“归于平静”了。\n某种程度上算是吧。\n格雷格·阿贝尔将在年底接任负责人一职。他是一位出色的管理者，工作勤奋不懈，沟通真诚坦率。愿他任期长久。\n我仍会通过年度感恩节致辞与各位及我的子女交流伯克希尔的相关事宜。伯克希尔的个人股东群体十分特殊，他们格外慷慨，愿意将自己的收益分享给那些境遇不佳的人。我很珍惜与大家保持联系的机会。今年请容我先略微回顾过往，之后我会谈谈我所持伯克希尔股票的分配计划，最后再分享一些关于商业和个人的见解。\n感恩节将至，如今95岁的我仍能健在，心中满是感恩，也倍感幸运。在我年轻时，谁也想不到我能活这么久。早年，我曾险些丧命。\n那是1938年，当时奥马哈的市民们习惯将当地医院分为天主教医院和新教医院，在那个年代，这种分类似乎是理所当然的。\n我们家的家庭医生哈雷·霍茨是一位友善的天主教徒，他出诊时总会提着一个黑色的医疗包，还会叫我“船长”，而且收取的诊疗费用一直不高。1938年，我突发严重腹痛，霍茨医生上门诊治，经过一番检查后，他告诉我第二天早上就会好转。\n之后他便回家了，吃过晚饭还打了一会儿桥牌。然而，我那些有些异常的症状始终萦绕在他的脑海中。当天深夜，他安排我前往圣凯瑟琳医院接受紧急阑尾切除术。在接下来的三周里，我感觉自己仿佛身处修女院，并且渐渐喜欢上了这个新的“展示平台”。要知道，即便在那时，我就很喜欢与人交谈，而修女们也十分照顾我。\n更令人开心的是，我三年级的老师马德森小姐让班里30名同学每人给我写一封信。男生写的信我或许已经扔掉了，但女生写的信我读了一遍又一遍——住院原来也有这样的“收获”。\n在我康复期间（实际上康复的第一周情况一直不太稳定），最难忘的是我亲爱的伊迪姑姑送我的一份礼物。她给我带来了一套看起来非常专业的指纹采集工具，我立刻就给所有照顾我的修女采集了指纹。（我或许是她们在圣凯瑟琳医院见到的第一个新教孩子，她们也不知道该对我抱有怎样的期待）。\n当然，我的想法现在看来十分荒唐：我当时觉得，说不定哪天某个修女会走上歧途，到时候联邦调查局（FBI）就会发现他们居然没有采集过修女的指纹。在20世纪30年代，FBI及其局长J·埃德加·胡佛深受美国民众敬重，我甚至想象着胡佛先生会亲自来到奥马哈，查看我这份“宝贵”的指纹收藏。我还进一步幻想，我和J·埃德加能迅速指认并抓获那个行为不端的修女，到那时，我肯定会全国闻名。\n显然，我的幻想从未实现。但颇具讽刺意味的是，多年后人们发现，我当初其实应该给J·埃德加本人采集指纹——因为他后来因滥用职权而声名狼藉。\n好了，这就是20世纪30年代的奥马哈。那时，我和朋友们最渴望得到的东西就是一副雪橇、一辆自行车、一只棒球手套和一列电动火车。让我们再聊聊那个年代其他几位在我成长过程中影响深远，却在很长一段时间里与我素未谋面的孩子，他们都在离我家不远的地方长大。\n首先要说说查理·芒格，他是我64年的挚友。20世纪30年代，查理住的地方离我1958年买下并一直居住至今的房子只有一个街区之隔。\n早年，我与查理擦肩而过，错失了成为朋友的机会。查理比我大6又2\u002F3岁，1940年夏天，他在我祖父的杂货店工作，每天工作10小时，薪水只有2美元。（节俭是巴菲特家族深入骨髓的品质）。第二年，我也在那家杂货店做过类似的工作，但我直到1959年才第一次见到查理——当时他35岁，我28岁。\n二战服役结束后，查理从哈佛法学院毕业，之后便永久移居加州。但查理始终认为，在奥马哈的早年生活对他性格的塑造起到了关键作用。60多年来，查理对我的影响巨大，他是一位无可挑剔的良师，也是一位充满保护欲的“大哥”。我们之间虽有意见分歧，却从未发生过争执。“我早就告诉过你”这句话，在他的字典里根本不存在。\n1958年，我买下了属于自己的第一套房子，也是唯一一套房子。毫无疑问，房子位于奥马哈，距离我长大的地方（宽泛意义上的）约2英里，离我的岳父母家不到两个街区，距离巴菲特杂货店约6个街区，开车到我工作了64年的办公楼只需6到7分钟。\n再来说说另一位奥马哈人——斯坦·利普西。1968年，斯坦将《奥马哈太阳报》（周报）卖给了伯克希尔；十年后，应我的要求，他移居布法罗。当时，伯克希尔旗下子公司拥有的《布法罗晚报》正与当地一家早报展开激烈竞争，那家早报还垄断了布法罗的周日报纸市场，而我们当时正处于劣势。\n最终，斯坦牵头推出了我们的周日版报纸。在之后的几年里，这份曾经持续亏损的报纸，基于我们3300万美元的投资，实现了每年超过100%的税前回报率。在20世纪80年代初期，这笔收入对伯克希尔而言意义重大。\n斯坦在离我家大约五个街区的地方长大。他的邻居中有一位名叫沃尔特·斯科特二世。大家应该还记得，2009年，沃尔特将中美能源公司带入了伯克希尔。在2021年去世前，他一直是伯克希尔备受重视的董事，也是我非常亲密的朋友。几十年来，沃尔特一直是内布拉斯加州慈善事业的领军人物，奥马哈市乃至整个内布拉斯加州都留下了他的印记。\n沃尔特曾就读于本森高中，我原本也该进入这所学校——但在1942年，我父亲出人意料地击败了一位连任四届的现任议员，成功当选国会议员，我的人生轨迹也因此改变。生活中总是充满意外。\n别急，还有更多故事要讲。\n1959年，唐·基奥和他年轻的家人住在我家街对面的房子里，距离芒格一家曾经居住的地方大约100码远。当时，唐还只是一名咖啡推销员，但后来他却成了可口可乐公司的总裁，同时也是伯克希尔尽心尽力的董事。\n我认识唐的时候，他的年薪是1.2万美元，而他和妻子米基要抚养五个孩子，这些孩子后来都进入了天主教学校（需要支付学费）。\n我们两家很快成了好朋友。唐来自爱荷华州西北部的一个农场，毕业于奥马哈的克赖顿大学。早年，他与奥马哈本地姑娘米基结为夫妻。加入可口可乐公司后，唐逐渐成为了全球知名的人物。\n1985年，唐担任可口可乐公司总裁期间，公司推出了“新可乐”，但这次尝试以失败告终。唐发表了一次著名的演讲，向公众道歉，并恢复了“经典可乐”的供应。他之所以改变主意，是因为他发现，公司收到的那些收件人写着“头号白痴”的邮件，最后都会被送到他的办公桌上。他那次“致歉”演讲堪称经典，目前在YouTube上仍能观看。他坦然承认，事实上，可口可乐这款产品属于公众，而非公司所有。此后，可口可乐的销量大幅回升。\n大家可以在CharlieRose.com网站上观看对唐的一次精彩采访（汤姆·墨菲和凯·格雷厄姆也有几段精彩的采访内容）。和查理·芒格一样，唐始终保持着美国中西部人的本色，热情、友善，骨子里透着美国人的特质。\n最后要提到的是阿吉特·贾恩和我们即将上任的加拿大籍CEO格雷格·阿贝尔。阿吉特·贾恩在印度出生长大，而格雷格·阿贝尔在20世纪末都曾在奥马哈居住过几年。事实上，20世纪90年代，格雷格住在法纳姆街，离我家只有几个街区的距离，但当时我们从未见过面。\n难道奥马哈的水里真的含有某种神奇成分吗？\n我十几岁时曾在华盛顿特区生活过一段时间（当时我父亲在国会任职）。1954年，我在曼哈顿找到了一份自以为会长期从事的工作。在那里，本·格雷厄姆和杰里·纽曼对我非常好，我也结交了许多可以相伴一生的朋友。纽约拥有独特的优势，如今依然如此。尽管如此，1956年，在曼哈顿工作了仅一年半后，我还是回到了奥马哈，此后再也没有离开过。\n后来，我的三个孩子以及几个孙辈都是在奥马哈长大的。我的孩子们都就读于公立学校，并且和我父亲（1921届）、我的第一任妻子苏西（1950届）毕业于同一所高中。此外，查理、斯坦·利普西、欧文·布鲁姆金与罗恩·布鲁姆金（二人对内布拉斯加家具城的发展起到了关键作用）以及杰克·林沃尔特（1923届，国民保险公司的创始人，1967年将公司出售给伯克希尔，而该公司后来成为了我们庞大财产与意外保险业务的基石）也都毕业于这所高中。\n美国有许多优秀的公司、顶尖的学校和先进的医疗设施，它们无疑都有各自独特的优势，也都汇聚了各类人才。但我觉得自己非常幸运：我结交了许多可以相伴一生的朋友，遇到了我的两任妻子，在公立学校获得了良好的启蒙教育，在我很小的时候就认识了许多有趣且友善的奥马哈成年人，还在内布拉斯加州国民警卫队里交到了各种各样的朋友。简而言之，内布拉斯加州就是我的家。\n回首往事，我认为无论是伯克希尔还是我个人，之所以能取得如今的成就，很大程度上要归功于我们以奥马哈为根基——如果我当初选择在其他地方定居，恐怕很难有这样的发展。美国中部地区是一个非常适合出生、养育家庭和创办企业的地方。多亏了运气，我在出生时就抽到了一手“好牌”。\n现在来说说我的高龄。我的基因其实并没有太大优势——在我打破纪录之前，我们家族最长寿的纪录（诚然，家族历史越往前追溯，记录就越模糊）是92岁。但我很幸运，遇到了奥马哈一批睿智、友善且尽职尽责的医生，从哈雷·霍茨开始，一直到现在都是如此。至少有三次，我的生命都是被家附近几英里范围内的医生挽救的。（不过，我已经不再给护士们采集指纹了。95岁的年纪，虽然可以做不少古怪的事，但还是要有分寸的）。\n能活到老年，离不开源源不断的好运——要每天都避开“香蕉皮”（比喻意外麻烦）、自然灾害、酒驾或分心驾驶的司机、雷击等等，不胜枚举。\n但幸运女神变幻莫测，而且——没有其他词能更贴切地形容——极其不公平。很多时候，我们的领导人以及富人们得到的好运远多于他们应得的份额，而这些人往往不愿承认这一点。那些出身豪门的人，一出生就获得了终身的经济独立；而另一些人，一出生就面临着凄惨的生活境遇，更糟糕的是，有些人还患有先天性的身体或精神疾病，剥夺了那些我曾认为理所当然的东西。在世界上许多人口稠密的地区，我很可能会过着悲惨的生活，而我的姐妹们的境遇可能会更糟。\n我1930年出生时，身体健康、智力尚可、身为白人男性，还幸运地生在美国。哇！真要感谢幸运女神。我的姐妹们和我一样聪明，性格甚至比我更好，但她们面临的人生前景却与我截然不同。在我人生的大部分时间里，幸运女神都时常眷顾我，但对于90多岁的人，她还有更重要的事情要做。运气也是有上限的。\n与之相反，“时光老人”随着我年龄的增长，对我愈发“关注”。而且他从未失手——对他而言，每个人最终都会成为他的“战利品”。当平衡感、视力、听力和记忆力都在不断下降时，你就知道“时光老人”已经来到你身边了。\n我算是“晚熟”的老人——衰老开始的时间因人而异——但一旦衰老降临，就无法抗拒。\n令人意外的是，我目前的整体状态还不错。虽然我行动变慢了，阅读也越来越吃力，但我仍然每周五天去办公室上班，和一群非常棒的同事一起工作。偶尔，我还能想出一些有用的点子，或者有人会向我们提出一些原本可能不会接触到的合作提议。由于伯克希尔的规模以及当前的市场环境，好点子虽然不多，但也并非完全没有。\n然而，我意外的长寿，也给我的家人以及我的慈善目标的实现带来了一些不可避免的重大影响。\n让我们来详细说说这些影响。",[18,26,27],{"id":27},"未来规划",[14,29,30],{},"我的孩子们都已经超过了正常的退休年龄，分别是72岁、70岁和67岁。如果打赌说这三个人——如今在很多方面都处于巅峰状态——都能像我一样幸运，晚年才开始衰老，那显然是不现实的。为了提高他们能在替代受托人接手前处理完我几乎全部遗产的可能性，我需要加快向他们管理的三家基金会进行生前捐赠的速度。目前，我的孩子们在经验和智慧方面都处于最佳时期，还未步入老年，但这段“黄金时期”不会永远持续下去。\n幸运的是，调整捐赠计划并非难事。不过，还有一个额外因素需要考虑：在伯克希尔的股东们对格雷格建立起我和查理·芒格长期以来所拥有的那种信任之前，我希望保留相当数量的A股。要达到这种信任程度，应该不需要太长时间。我的孩子们以及伯克希尔的董事们已经100%支持格雷格了。\n我的三个孩子如今都具备了管理巨额财富的成熟度、智慧、精力和直觉。而且，即便我百年之后，他们依然会在世——如果有必要，他们能够根据联邦税收政策或其他影响慈善事业的发展动态，制定具有前瞻性或应对性的策略。他们很可能需要去适应这个不断发生巨大变化的世界。“死后操控”（指生前对死后事务过度安排）向来效果不佳，而我也从来没有这样的想法。\n幸运的是，我的三个孩子从他们母亲那里继承了大部分优良基因。几十年来，我也努力成为他们在思维方式和行为举止方面更好的榜样，但我知道，自己永远无法与他们的母亲相提并论。\n我为孩子们安排了三位备选受托人，以应对他们中有人过早离世或丧失行为能力的情况。这些备选受托人没有优先级排序，也不专门对应某个孩子。他们三位都是非常优秀的人，深谙世事，而且没有任何利益冲突。\n我已经向孩子们保证，他们不需要创造奇迹，也不必害怕失败或挫折。失败和挫折是不可避免的，我自己也经历过很多。他们只需要在政府举措和私人慈善事业通常所能达到的效果基础上，做出一定的改进即可——要知道，这些财富再分配方式本身也存在不足。\n早年，我曾考虑过各种宏大的慈善计划。尽管我当时很固执，但那些计划最终都被证明行不通。在我漫长的一生中，我还目睹过各种不合理的财富转移方式：有的由政客操控，有的是家族世袭传承，还有的则出自那些能力不足或行为古怪的慈善家之手。\n如果我的孩子们能把慈善工作做好，就完全可以让他们的母亲和我感到欣慰。他们有着良好的直觉，而且已经有了多年的慈善实践经验——最初管理的资金规模很小，后来资金规模不定期增长，如今每年管理的资金已超过5亿美元。\n他们三人都愿意长时间投入工作，以各自的方式帮助他人。\n我加快向子女管理的基金会进行生前捐赠，这一决定绝不意味着我对伯克希尔的前景看法发生了任何改变。格雷格·阿贝尔的表现完全超出了我最初的预期——当初我认为他应当成为伯克希尔的下一任CEO，而他用实际行动证明了自己的能力。他对我们许多业务和员工的了解，如今已经远超我；而且对于许多CEO甚至不会考虑的事务，他也能快速掌握。无论是CEO、管理顾问、学者，还是政府官员，无论是什么身份，我都想不出有谁比格雷格更适合管理你我手中的资产。\n例如，格雷格对我们财产与意外保险业务的上行潜力和潜在风险的理解，远超许多长期从事该行业的高管。我希望他能身体健康，长期任职。如果运气好的话，在未来的一个世纪里，伯克希尔可能只需要五到六位CEO。我们尤其要避免那些目标是65岁退休、追求“引人注目的财富”或是想要建立“家族企业王朝”的CEO。\n有一个令人不快的现实需要正视：偶尔会有母公司或子公司优秀且忠诚的CEO患上痴呆症、阿尔茨海默病或其他导致长期丧失工作能力的疾病。\n查理和我曾经多次遇到过这种情况，但都没有及时采取行动。这种疏忽可能会酿成大错。董事会必须警惕CEO出现这种状况的可能性，而CEO也必须留意子公司管理层是否有类似问题。说起来容易，做起来难；我可以举出过去一些大公司的例子来证明这一点。我能给出的建议就是，董事们应当保持警惕，发现问题要及时发声。\n在我一生中，改革者们曾试图通过要求披露CEO薪酬与普通员工薪酬的比例，来对CEO形成舆论压力。此后，委托代理声明的篇幅迅速膨胀到100多页，而在此之前，这类声明通常只有20页甚至更少。\n但这些善意的举措并没有起到预期的效果，反而适得其反。根据我的大部分观察，A公司的CEO会去关注B公司竞争对手的薪酬，然后含蓄地向自己公司的董事会表示，自己的薪酬也应该更高。当然，他们还会提高董事的薪酬，并精心挑选薪酬委员会的成员。新规定没有带来薪酬的节制，反而滋生了嫉妒心理。\n这种“攀比加薪”的现象愈演愈烈，逐渐形成了一种恶性循环。要知道，那些富有的CEO也是普通人，他们往往会因为其他CEO比自己更富有而感到困扰。嫉妒与贪婪总是如影随形。而且，有哪个顾问会建议大幅削减CEO或董事的薪酬呢？\n总体而言，伯克希尔旗下业务的前景略优于行业平均水平，其中有几项不相关联的大型核心业务起到了引领作用。然而，一二十年之后，一定会有许多公司的表现超过伯克希尔——公司规模扩大后，增长自然会受到限制。\n伯克希尔是我所知道的所有企业中，发生毁灭性灾难风险最低的公司。而且，与我所了解的几乎所有公司（我见过的公司数不胜数）相比，伯克希尔拥有更注重股东利益的管理层和董事会。最后，伯克希尔的经营方式始终会以对美国有利为原则，坚决避免从事那些可能导致公司依附于他人的活动。随着时间的推移，我们的管理层会积累可观的财富——毕竟他们肩负着重要的责任——但他们并不追求建立“家族财富王朝”或“引人注目的财富”。\n我们的股价会波动不定，在当前管理层任职的60年里，股价曾三次下跌约50%。但大家不必灰心：美国经济总会复苏，伯克希尔的股价也会随之回升。\n最后的几点思考\n或许有一个带有自我色彩的感悟想和大家分享：我可以很开心地说，我对自己人生后半段的满意度，远超前半段。我的建议是：不要为过去的错误苛责自己，至少要从错误中吸取一些教训，然后继续前行。任何时候想要改进都不算晚。找到合适的榜样，然后向他们学习。大家可以从汤姆·墨菲开始，他就是最好的榜样之一。\n大家应该还记得阿尔弗雷德·诺贝尔——后来以他的名字命名诺贝尔奖的那个人。据说，他弟弟去世时，有一家报社搞错了信息，刊登了他的讣告。诺贝尔读到自己的讣告后，内心受到极大震动，意识到自己应该改变生活方式。\n不要指望报社也会为你犯这样的错误：你应该先想清楚自己希望讣告上写些什么，然后按照这个目标去生活，让自己配得上这样的评价。\n伟大并非通过积累巨额财富、获得大量曝光度或掌握巨大政治权力来实现。当你通过成千上万种方式中的任何一种去帮助他人时，你就是在为这个世界做贡献。善意无需成本，却价值连城。无论你是否有宗教信仰，“黄金法则”（指待人如己）都是指导行为的最佳准则之一。\n我写下这些话，是因为我自己也曾无数次考虑不周，犯过很多错误，但幸运的是，我从一些优秀的朋友身上学到了更好的为人处世方式（尽管现在离完美还有很大差距）。请记住，保洁员和董事长一样，都是有尊严的人。\n祝愿所有读到这篇致辞的人都能度过一个愉快的感恩节。即便对于那些“怪人”也是如此——任何时候改变都不算晚。记得要感谢美国，是这个国家为你创造了无数机遇。但同时也要明白，机遇的分配难免会有随意性，有时甚至带有自私自利的色彩。\n请慎重选择你的榜样，然后努力向他们看齐。你永远无法做到完美，但总可以变得更好。",[18,32,33],{"id":33},"关于伯克希尔",[14,35,36],{},"伯克希尔·哈撒韦公司及其子公司从事多元化的业务活动，包括保险与再保险、公用事业与能源、铁路货运、制造业、服务业及零售业。公司普通股在纽约证券交易所上市交易，股票代码分别为BRK.A和BRK.B。",{"title":38,"searchDepth":39,"depth":39,"links":40},"",2,[41,42,43],{"id":20,"depth":39,"text":21},{"id":27,"depth":39,"text":27},{"id":33,"depth":39,"text":33},"致股东信",null,"巴菲特2025年致股东信，回顾人生历程、宣布退休安排及慈善计划","md",{},true,98,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2025-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":46},"2025 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":522,"slug":523,"category":67,"order":520},"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":525,"slug":526,"category":44,"order":527},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":529,"slug":530,"category":67,"order":527},"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":532,"slug":533,"category":44,"order":534},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":536,"slug":537,"category":67,"order":534},"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":539,"slug":540,"category":44,"order":541},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":543,"slug":544,"category":67,"order":541},"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":546,"slug":547,"category":44,"order":548},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":550,"slug":551,"category":67,"order":548},"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":553,"slug":554,"category":44,"order":555},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":557,"slug":558,"category":67,"order":555},"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":560,"slug":561,"category":44,"order":562},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":564,"slug":565,"category":67,"order":562},"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":567,"slug":568,"category":44,"order":569},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":571,"slug":572,"category":67,"order":569},"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":574,"slug":575,"category":44,"order":576},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":578,"slug":579,"category":67,"order":576},"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":581,"slug":582,"category":44,"order":583},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":585,"slug":586,"category":67,"order":583},"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":588,"slug":589,"category":44,"order":590},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":592,"slug":593,"category":67,"order":590},"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":595,"slug":596,"category":44,"order":597},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":599,"slug":600,"category":67,"order":597},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":602,"slug":603,"category":44,"order":604},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":606,"slug":607,"category":67,"order":604},"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":609,"slug":610,"category":44,"order":611},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":613,"slug":614,"category":67,"order":611},"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":616,"slug":617,"category":44,"order":618},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":620,"slug":621,"category":67,"order":618},"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":623,"slug":624,"category":44,"order":625},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":627,"slug":628,"category":67,"order":625},"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":630,"slug":631,"category":44,"order":632},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":634,"slug":635,"category":67,"order":632},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":637,"slug":638,"category":44,"order":639},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":641,"slug":642,"category":67,"order":639},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":644,"slug":645,"category":44,"order":646},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":648,"slug":649,"category":67,"order":646},"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":651,"slug":652,"category":44,"order":653},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":655,"slug":656,"category":67,"order":653},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":658,"slug":659,"category":44,"order":660},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":662,"slug":663,"category":67,"order":660},"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":665,"slug":666,"category":44,"order":667},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":669,"slug":670,"category":67,"order":667},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":672,"slug":673,"category":44,"order":674},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":676,"slug":677,"category":67,"order":674},"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":679,"slug":680,"category":44,"order":681},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":683,"slug":684,"category":67,"order":681},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":686,"slug":687,"category":44,"order":688},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":690,"slug":691,"category":67,"order":688},"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":693,"slug":694,"category":44,"order":695},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":697,"slug":698,"category":67,"order":695},"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":700,"slug":701,"category":44,"order":702},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":704,"slug":705,"category":67,"order":702},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":707,"slug":708,"category":44,"order":709},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":711,"slug":712,"category":67,"order":709},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":714,"slug":715,"category":44,"order":716},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":718,"slug":719,"category":67,"order":716},"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":721,"slug":722,"category":44,"order":723},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":725,"slug":726,"category":67,"order":723},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":728,"slug":729,"category":44,"order":730},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":732,"slug":733,"category":67,"order":730},"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":735,"slug":736,"category":44,"order":737},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":739,"slug":740,"category":67,"order":737},"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":742,"slug":743,"category":44,"order":744},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":746,"slug":747,"category":67,"order":744},"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":749,"slug":750,"category":44,"order":751},"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":753,"slug":754,"category":67,"order":751},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":756,"slug":757,"category":44,"order":758},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":760,"slug":761,"category":67,"order":758},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":763,"slug":764,"category":44,"order":765},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":767,"slug":768,"category":67,"order":765},"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":770,"slug":771,"category":44,"order":772},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":774,"slug":775,"category":67,"order":772},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":777,"slug":778,"category":44,"order":779},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":781,"slug":782,"category":67,"order":779},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":784,"slug":785,"category":44,"order":786},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":788,"slug":789,"category":67,"order":786},"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":791,"slug":792,"category":44,"order":793},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":795,"slug":796,"category":67,"order":793},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":798,"slug":799,"category":44,"order":800},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":802,"slug":803,"category":67,"order":800},"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":805,"slug":806,"category":44,"order":807},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":809,"slug":810,"category":67,"order":807},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":812,"slug":813,"category":44,"order":814},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":816,"slug":817,"category":67,"order":814},"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":819,"slug":820,"category":44,"order":821},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":823,"slug":824,"category":67,"order":821},"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":826,"slug":827,"category":44,"order":828},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":830,"slug":831,"category":67,"order":828},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":833,"slug":834,"category":44,"order":835},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":837,"slug":838,"category":67,"order":835},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":5,"slug":54,"category":44,"order":50},{"title":841,"slug":842,"category":67,"order":50},"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":844,"slug":845,"category":44,"order":846},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":848,"slug":849,"category":67,"order":846},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":851,"slug":852,"category":44,"order":853},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":855,"slug":856,"category":67,"order":853},"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":858,"slug":859,"category":67,"order":860},"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":862,"slug":863,"category":67,"order":864},"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":866,"slug":867,"category":67,"order":868},"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":870,"slug":871,"category":67,"order":872},"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":874,"slug":875,"category":67,"order":876},"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":878,"slug":879,"category":67,"order":880},"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":882,"slug":883,"category":67,"order":884},"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":886,"slug":887,"category":67,"order":888},"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":890,"slug":891,"category":67,"order":892},"巴菲特：2014年CNBC 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