[{"data":1,"prerenderedAt":1734},["ShallowReactive",2],{"library-ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin":3,"library-sidebar-buffett":198,"library-sidebar-dao":1200,"library-sidebar-models":1502},{"id":4,"title":5,"body":6,"category":184,"date":185,"description":186,"extension":187,"meta":188,"navigation":189,"order":190,"path":191,"seo":192,"seoDescription":186,"seoTitle":193,"slug":194,"stem":195,"__hash__":196,"_collection":197},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin.md","巴菲特：1991年巴菲特致所罗门股东信",{"type":7,"value":8,"toc":173},"minimark",[9,13,17,20,23,26,29,36,39,45,51,54,57,60,63,66,69,72,75,78,81,84,87,94,100,103,106,109,112,115,118,124,127,130,133,136,139,142,145,148,155,158,161,170],[10,11,5],"h1",{"id":12},"巴菲特1991年巴菲特致所罗门股东信",[14,15,16],"p",{},"1991 年11 月1 日 WSJ 亚洲",[14,18,19],{},"《所罗门公司董事长关于公司状况和前景的报告》",[14,21,22],{},"致所罗门公司股东：",[14,24,25],{},"在本报告中，我不仅要向您介绍所罗门公司第三季度的业绩，还要向您介绍我对公司未来发展方向的看法。",[14,27,28],{},"从我们发布的公告和媒体报道中，您已经了解了导致我于8 月18 日被任命为所罗门公司临时董事长的事件。此后，我们继续调查所罗门公司过去在政府证券市场和其他领域的行为。我们目前的结论是：所罗门公司少数员工的行为令人震惊，这一事实将证明，作为股东，这将付出高昂的代价，但不当行为和错误判断仅限于这些少数员工。简而言之，我认为我们存在一个极其严重的问题，但不是一个普遍存在的问题。",[30,31,33],"h3",{"id":32},"控制与合规",[34,35,32],"strong",{},[14,37,38],{},"自8 月18 日以来，我们已经在我们的证券子公司所罗门兄弟公司(Salomon Brothers Inc.)制定了规则和程",[14,40,41,42],{},"序，我们认为这些规则和程序为行业树立了标准。此外，我们已经开始以新的方式监督所罗门兄弟公司的情况，例如，通过成立董事会合规委员会，并期望在这一领域成为领导者。",[34,43,44],{},"即便如此，鼓励模范行为的氛围可能比规则更重要，尽管这些规则是必要的。",[14,46,47,48],{},"在我担任董事长期间，我将把自己视为公司的首席合规官，我已经要求所罗门的所有9000 名员工在这方面协助我。我还敦促他们以超越规则的检验标准为指导：",[34,49,50],{},"在考虑任何商业行为时，员工应该扪心自问，他是否愿意看到一个知情的且持批判态度的记者，立即将其行为刊登在当地报纸的头版上，让他的配偶、子女和朋友们阅读。在所罗门，我们只是不想参与任何合法，但我们作为公民会觉得令人反感的活动。",[30,52,53],{"id":53},"经营业绩",[14,55,56],{},"第三季度的日常运营产生了极好的利润，这在很大程度上是由于固定收益市场异常有利的趋势。不过，我需要提醒大家注意两个影响收益的重大调整，一个是负面的，一个是正面的。首先，我们设立了2 亿美元的税前法律准备金，用于支付潜在的和解、判决、罚款、诉讼费用和其他相关费用。其次，我们为所罗门兄弟公司记录的赔偿费用比通常预期的要少大约1.1 亿美元。由于某些法律费用可能无法抵扣税款，因此这两个异常项目适用不同的税率，这两项合计导致净收入减少约7500 万美元。",[30,58,59],{"id":59},"法律费用",[14,61,62],{},"我想从法律费用开始逐一阐述这些不寻常的项目。现在没有人能够肯定地估计所罗门过去的不当行为和错误判断最终会给公司带来多少直接成本。还有非常重要的次要成本，如业务损失和资金增加的成本，但是，正如我稍后将详细介绍的，可能还有重大的次要收益。然而，无论这些成本是多少，我们40 亿美元庞大的股本基数几乎保证了这些成本不会造成巨大损失。",[14,64,65],{},"我们将尽快支付任何罚款或处罚，我们还将努力及时解决有效的法律索赔。然而，我们将在必要的范围内对无效或夸大的索赔进行诉讼，这种情况会很多。也就是说，我们将对过去的行为做出适当的补偿，但我们不会成为任何人的替罪羊。会计规则要求我们与审计师和法律顾问共同审查准备金的规模。我们已经这样做了，根据目前有限的信息，他们同意目前的估计值。我们将根据信息和事件澄清情况对储备金进行调整。",[30,67,68],{"id":68},"关于薪酬",[14,70,71],{},"你们中的大多数人都读过有关所罗门兄弟公司高额薪酬的文章。你们中的一些人也读过我在伯克希尔年度报告中对激励薪酬的讨论。在这些文章中，我曾说过，我相信合理的激励薪酬计划是奖励经理人的绝佳方式，我也接受了为非凡的经理人业绩支付真正非凡薪酬的概念。我将继续坚持这些观点。",[14,73,74],{},"但所罗门兄弟公司的问题在于，其薪酬计划在某些关键方面是不合理的。一个不合理的现象是，与整体业绩相比，总体薪酬水平过高。例如，去年证券部门赚取了约10%的原始权益资本，远远低于美国企业的平均水平，但为该部门工作的106 人却赚取了100 万美元或更多。这些人中有许多人的业绩非常好，他们的薪酬显然是实至名归。但总的结果是不合理的：尽管1990 年未计薪酬的营业利润与1989 年持平，但薪酬却增加了1.2 亿美元。当然，这意味着股东的收益下降了同样的数额。",[14,76,77],{},"与此相关的不合理性与所罗门公司盈利的不平衡方式有关。事实上，所罗门公司的董事们并没有获得足够的信息。我现在掌握的数据显示，所罗门公司近几年的总体利润乏善可陈，其原因是少数业务领域的盈利出色，应该补充的是，这些业务领域的经营诚实守信、道德高尚，而其余的业务领域，盈利不足或根本没有盈利。然而，薪酬计划并没有考虑到这种极端的不均衡性。实际上，一些人的良好业绩补贴给另一些人真正的超额回报。如果一家私人合伙公司选择了这种平均主义的财富分享制度，那是可以理解的。但所罗门是一家依靠大量股东资本的上市公司，在这样的经营模式中，业绩优异者的超额收益，即他们创造的超出其正当报酬的收益，归股东所有是合适的。",[14,79,80],{},"当然许多重要工作的绩效很难量化，如合规、审计、资金和研究。对于这些工作，以及运营和支持性工作，无论利润是高是低，所罗门员工的薪酬通常应符合行业标准。我们的薪酬计划还必须既要奖励合作的、为公司利益着想的行为，又要认识到有些业务部门的利润相对较低，但却为公司带来了宝贵的、难以量化的附带利益。",[14,82,83],{},"尽管如此，仍有许多工作的绩效是可以具体衡量的，也应该衡量。在这些工作中，如果员工为公司创造了卓越的业绩，同时在工作中表现出色且没有过多风险，那么他们就应该获得一流的报酬。另一方面，为公司所有者带来平庸回报的员工，其薪酬也应反映出这一不足。在过去，这既不是所罗门的期望，也不是实践做法。",[14,85,86],{},"所罗门公司董事们决定，公司1991 年的薪酬总额将略低于1990 年的水平。然而，到1991 年6 月30 日为止，应计报酬的比率大大超过了1990 年的比率。因此，在第三季度对应计项目进行了1.1 亿美元的下调。",[14,88,89,90,93],{},"在1991 年和未来，所罗门兄弟公司的高薪人员将根据股权合伙计划(EPP)以股票的形式获得大部分报酬，这是去年前任管理层制定的，我们对此表示由衷的赞赏。EPP 激励经理们像所有者一样思考，",[34,91,92],{},"因为它要求他们持有所购买的股票至少5 年","，因此他们既要面对企业的风险，也要抓住机遇。这种安排与股票期权计划形成鲜明对比，在股票期权计划中，经理人只有在游戏已经获胜的情况下才会投入资金，然后通常会迅速出售股票。",[14,95,96,97],{},"所罗门兄弟公司的业务兼具杠杆效应和收益波动性，因此，将适用于经理人个人的财务等式与适用于普通股东的财务等式相比较，是特别必要和适当的。",[34,98,99],{},"我们希望看到公司的经理们通过所有权而不是简单地搭乘他人所有权的便车而致富，事实上，我认为所有权能够及时地为我们最优秀的经理们带来巨大的财富，其数额可能远远超出他们现在所认为的可能。",[14,101,102],{},"为了避免稀释，EPP 的受托人在市场上为该计划购买股票，在未来的某个时间点，公司本身可能会选择回购股票以减少已发行股票。在相对较短的几年内，所罗门公司的关键员工可能拥有公司25%或更多的股份，这些股份是用他们自己的报酬购买的。每个员工为公司做得越好，他或她拥有的股票就越多。",[14,104,105],{},"我们的绩效薪酬理念无疑会导致一些管理人员离职。但非常重要的是，同样的理念可能会吸引业绩最好的经理人留下来，因为这些人可能会认为自己是打击率0.350 的击球手，应该得到合理的报酬，而不是看到他们的正当报酬被部分分配给业绩较差的经理人。事实上，我很高兴地向大家报告，我们某些最优秀的经理已经要求修改EPP 计划，允许他们大幅提高通过该计划进行投资的收入比例。",[14,107,108],{},"如果有异常数量的人员离开公司，结果不一定是糟糕的。其他与我们有相同想法和价值观的人将会被赋予更多的责任和机会。最终，我们必须拥有与我们的原则相匹配的人才，而不是相反。",[30,110,111],{"id":111},"关于杠杆",[14,113,114],{},"9 月30 日的资产负债表总额比6 月30 日减少了370 多亿美元，从1340 亿美元降至970 亿美元。然而，变化的速度比这些数字所显示的还要快：8 月16 日，就在我就任主席之前，总资产约为1500 亿美元。",[14,116,117],{},"在所罗门兄弟公司的业务中，大量借入资金是必要和适当的。例如，我们将继续作出大量短期承诺，为股票、抵押贷款和债券的承销和大宗购买提供资金。事实上，我们希望成为这些领域的领导者。",[14,119,120,121],{},"尽管如此，我们还是有意降低了资产负债表的总额，以减少我们的杠杆率。一般来说，我不喜欢巨大的杠杆，就所罗门而言，我认为过去资产负债表的膨胀往往是为了获得过于微薄的回报。更大的总额实际上会导致更小的利润：",[34,122,123],{},"正如商业银行和投资银行近年来所认识到的那样，获得资金越容易，投资决策越缺乏纪律。",[14,125,126],{},"关于资产负债表的最后一点令人欣慰：所罗门的前任管理层非常倾向于保守的提列准备金。各种业务风险的巨额准备金一直并将继续保持。",[14,128,129],{},"菲布罗能源公司Phibro Energy Inc.",[14,131,132],{},"Phibro 能源公司是所罗门公司拥有的另一个主要企业，在1990 年取得辉煌业绩后，今年只实现了一般的利润。许多投资者认识到Phibro 是石油和相关衍生工具交易的世界领导者，但却不了解Phibro 炼油业务的规模。Phibro 的四家炼油厂通常每天加工约33 万桶石油，相当于埃克森公司在美国炼油产量的三分之一以上。但今年炼油价差缩小，Phibro 的炼油业务利润急剧下降。",[14,134,135],{},"然而，公司在西伯利亚石油项目White Nights(WNJE)上取得了卓越的进展，我们的俄罗斯合作伙伴是Varyeganneftegaz 生产协会。我会见了Varyeganneftegaz 的天才总经理兼WNJE 董事长Anatoli Sivak，他对迄今为止的发展充满热情。从本质上讲，该项目是在三个指定油田区域，钻探新井并对现有油井进行改造。作为回报，WNJE 有权获得在没有WNJE 开发的情况下成功生产的增量产量。迄今为止，WNJE 已进行了37 次修井，其中25 次获得成功。此外，最近还完成了一口新井。这些油井的日产量合计增加了约4700 桶。WNJE 正在用石油换取硬通货，钻井速度也将加快。尽管该项目存在政治和石油工程风险，但WNJE 的潜力巨大。",[30,137,138],{"id":138},"结论",[14,140,141],{},"近年来，母公司所罗门公司和Phibro 能源公司都被高层管理人员视为所罗门兄弟公司的附属公司。这是可以理解的，因为母公司的管理者来自证券部门。但现在，我们将所罗门公司视为两个独立的大型企业的所有者，每个企业都将以其所需的股本回报率来衡量。",[14,143,144],{},"我早些时候曾指出，我们目前的问题很可能会给未来带来好处。我们有望纠正所罗门兄弟公司的某些弱点，如果不改变管理层，这些弱点很可能得不到解决；与此同时，该公司的优势在很大程度上保持不变。尽管盈利的波动性会一直很高，但所罗门公司有能力在有利的市场条件下赚取可观的利润。",[14,146,147],{},"此外，我相信，我们可以在球场中央积极发挥，而不需要近线耍酷，从而获得这些优厚的回报。良好的收益与良好的行为并不矛盾。",[14,149,150,151,154],{},"我们的目标是J.P.摩根几十年前提出的，他希望看到他的银行以\"一流的方式开展一流的业务\"。",[34,152,153],{},"事实上，我们不仅会根据我们所做的业务来评判自己，还会根据我们拒绝做的业务来评判自己。与所有大型组织一样，所罗门银行会有失误，甚至失败，但是，在我们力所能及的范围内，我们将迅速承认错误，并同样迅速地纠正错误","。",[14,156,157],{},"自上任以来，我做出的最好的决定就是任命DeryckMaughan 为所罗门兄弟公司的首席运营官。他和Phibro的管理层与我一起承诺，要将所罗门兄弟公司打造成一家为客户、员工和所有者创造卓越业绩的公司。",[14,159,160],{},"沃伦巴菲特 临时董事长",[162,163,164,167],"blockquote",{},[14,165,166],{},"1991 年9 月4 日巴菲特出席所罗门听证会，该片段成为每年股东大会会前花絮",[14,168,169],{},"国家有权期望它的规则和法律得到遵守，但我也要求所罗门每位雇员做自己的合规官，他们首先要遵守法律，然后问自己，希不希望他们有任何行为，明天出现在他们妻子孩子朋友阅读的报纸头版头条上，如果他们同意这项考验，就不必担心我说的其他话。折损公司的财富，我可以理解，但折损公司仅剩的声誉，我会毫不留情。",[171,172],"hr",{},{"title":174,"searchDepth":175,"depth":175,"links":176},"",2,[177,179,180,181,182,183],{"id":32,"depth":178,"text":32},3,{"id":53,"depth":178,"text":53},{"id":59,"depth":178,"text":59},{"id":68,"depth":178,"text":68},{"id":111,"depth":178,"text":111},{"id":138,"depth":178,"text":138},"访谈与文章",null,"巴菲特致所罗门公司股东，介绍公司状况与未来方向，强调诚信经营与风险管控的重要性。","md",{},true,24,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":5,"description":186},"巴菲特：1991年巴菲特致所罗门股东信｜巴菲特","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin","buffett\u002Finterview\u002Fba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin","Oj4uJROEdl4YZ5Bccr9Gs3t5fI915hVnChcjCUZRP2g","buffett",[199,204,207,211,214,217,220,223,226,229,233,236,239,243,246,249,253,256,259,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,384,387,390,394,397,400,404,407,410,414,417,420,424,427,430,433,434,437,441,444,447,451,454,457,461,464,467,471,474,477,481,484,487,491,494,497,501,504,507,511,514,517,521,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,926,930,933,937,940,944,947,951,954,958,961,965,968,972,975,979,982,986,989,993,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124,1128,1132,1136,1140,1144,1148,1152,1156,1160,1164,1168,1172,1176,1180,1184,1188,1192,1196],{"title":200,"slug":201,"category":202,"order":203},"1956 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":224,"slug":225,"category":184,"order":178},"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":227,"slug":228,"category":210,"order":178},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":230,"slug":231,"category":202,"order":232},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":234,"slug":235,"category":184,"order":232},"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":237,"slug":238,"category":210,"order":232},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":240,"slug":241,"category":202,"order":242},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":244,"slug":245,"category":184,"order":242},"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":247,"slug":248,"category":210,"order":242},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":250,"slug":251,"category":202,"order":252},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":254,"slug":255,"category":184,"order":252},"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":257,"slug":258,"category":210,"order":252},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":260,"slug":261,"category":202,"order":262},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":264,"slug":265,"category":184,"order":262},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":267,"slug":268,"category":210,"order":262},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":270,"slug":271,"category":202,"order":272},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":274,"slug":275,"category":184,"order":272},"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":277,"slug":278,"category":210,"order":272},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":280,"slug":281,"category":202,"order":282},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":284,"slug":285,"category":184,"order":282},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":287,"slug":288,"category":210,"order":282},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":290,"slug":291,"category":202,"order":292},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":294,"slug":295,"category":184,"order":292},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":297,"slug":298,"category":210,"order":292},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":300,"slug":301,"category":202,"order":302},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":304,"slug":305,"category":184,"order":302},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":307,"slug":308,"category":210,"order":302},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":310,"slug":311,"category":202,"order":312},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":314,"slug":315,"category":184,"order":312},"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":317,"slug":318,"category":210,"order":312},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":320,"slug":321,"category":202,"order":322},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":324,"slug":325,"category":184,"order":322},"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":327,"slug":328,"category":210,"order":322},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":330,"slug":331,"category":202,"order":332},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":334,"slug":335,"category":184,"order":332},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":337,"slug":338,"category":210,"order":332},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":340,"slug":341,"category":202,"order":342},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":344,"slug":345,"category":184,"order":342},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":347,"slug":348,"category":210,"order":342},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":350,"slug":351,"category":202,"order":352},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":354,"slug":355,"category":184,"order":352},"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":357,"slug":358,"category":210,"order":352},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":360,"slug":361,"category":202,"order":362},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":364,"slug":365,"category":184,"order":362},"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":367,"slug":368,"category":210,"order":362},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":370,"slug":371,"category":202,"order":372},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":374,"slug":375,"category":184,"order":372},"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":377,"slug":378,"category":210,"order":372},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":380,"slug":381,"category":382,"order":383},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin","致股东信",19,{"title":385,"slug":386,"category":184,"order":383},"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":388,"slug":389,"category":210,"order":383},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":391,"slug":392,"category":202,"order":393},"1965年11月 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巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":442,"slug":443,"category":184,"order":440},"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":445,"slug":446,"category":210,"order":440},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":448,"slug":449,"category":202,"order":450},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":452,"slug":453,"category":184,"order":450},"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":455,"slug":456,"category":210,"order":450},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":458,"slug":459,"category":382,"order":460},"1967 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":574,"slug":575,"category":184,"order":572},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":577,"slug":578,"category":202,"order":579},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":581,"slug":582,"category":184,"order":579},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":584,"slug":585,"category":382,"order":586},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":588,"slug":589,"category":184,"order":586},"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":591,"slug":592,"category":382,"order":593},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":595,"slug":596,"category":184,"order":593},"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":598,"slug":599,"category":382,"order":600},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":602,"slug":603,"category":184,"order":600},"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":605,"slug":606,"category":382,"order":607},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":609,"slug":610,"category":184,"order":607},"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":612,"slug":613,"category":382,"order":614},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":616,"slug":617,"category":184,"order":614},"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":619,"slug":620,"category":382,"order":621},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":623,"slug":624,"category":184,"order":621},"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":626,"slug":627,"category":382,"order":628},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":630,"slug":631,"category":184,"order":628},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":633,"slug":634,"category":382,"order":635},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":637,"slug":638,"category":184,"order":635},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":640,"slug":641,"category":382,"order":642},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":644,"slug":645,"category":184,"order":642},"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":647,"slug":648,"category":382,"order":649},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":651,"slug":652,"category":184,"order":649},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":654,"slug":655,"category":382,"order":656},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":658,"slug":659,"category":184,"order":656},"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":661,"slug":662,"category":382,"order":663},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":665,"slug":666,"category":184,"order":663},"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":668,"slug":669,"category":382,"order":670},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":672,"slug":673,"category":184,"order":670},"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":675,"slug":676,"category":382,"order":677},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":679,"slug":680,"category":184,"order":677},"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":682,"slug":683,"category":382,"order":684},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":686,"slug":687,"category":184,"order":684},"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":689,"slug":690,"category":382,"order":691},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":693,"slug":694,"category":184,"order":691},"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":696,"slug":697,"category":382,"order":698},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":700,"slug":701,"category":184,"order":698},"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":703,"slug":704,"category":382,"order":705},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":707,"slug":708,"category":184,"order":705},"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":710,"slug":711,"category":382,"order":712},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":714,"slug":715,"category":184,"order":712},"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":717,"slug":718,"category":382,"order":719},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":721,"slug":722,"category":184,"order":719},"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":724,"slug":725,"category":382,"order":726},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":728,"slug":729,"category":184,"order":726},"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":731,"slug":732,"category":382,"order":733},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":735,"slug":736,"category":184,"order":733},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":738,"slug":739,"category":382,"order":740},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":742,"slug":743,"category":184,"order":740},"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":745,"slug":746,"category":382,"order":747},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":749,"slug":750,"category":184,"order":747},"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":752,"slug":753,"category":382,"order":754},"1995 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