[{"data":1,"prerenderedAt":65},["ShallowReactive",2],{"buffett-1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3},{"id":4,"title":5,"body":6,"category":53,"description":54,"extension":55,"meta":56,"navigation":57,"order":58,"path":59,"seo":60,"seoDescription":54,"seoTitle":61,"slug":62,"stem":63,"__hash__":64},"buffett\u002Fbuffett\u002Fberkshire\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1961年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":47},"minimark",[9,13,17,20,25,28,32,35,38,41,44],[10,11,5],"h1",{"id":12},"_1961年中-巴菲特致合伙人信",[14,15,16],"p",{},"致我的合伙人：",[14,18,19],{},"过去有合伙人跟我说，一年才写一封信，\"喝两杯之间的等待也太长了\"，建议半年写一次。一年写两封信，应该不至于没话说；至少今年肯定有话说。所以这封信就此诞生，以后每年都会写两封。",[21,22,24],"h2",{"id":23},"二一笔重要的新投资","二、一笔重要的新投资",[14,26,27],{},"我们已经开始在公开市场上积累一笔可能规模相当大的投资，我当然希望这只股票至少在一年内在市场上保持安静。这类投资可能拖累短期业绩，但放眼几年来看，不仅很有希望取得超额收益，同时还具备相当强的防御特性。",[21,29,31],{"id":30},"四其他事项","四、其他事项",[14,33,34],{},"关于上述合并方案，我们已经提交华盛顿申请裁定，等待确认合并为免税操作，以及在新税法框架下现有各合伙账户将被视为一个合伙实体。这些工作量不小，但一旦完成，将来就轻松多了。请保存此信，以便今年晚些时候收到正式协议时对照参考。",[14,36,37],{},"新合伙人的最低投资金额目前为25,000美元，但现有合伙人不受此限制。按照我们的运营方式，合伙人可以在年末以100美元的整数倍追加或提取任意金额。合并后合伙基金的总资产估计约在400万美元左右——正因为有了这个规模，我们才能考虑上文提到的那笔投资，而几年前是无论如何做不到的。",[14,39,40],{},"这封信写出来的内容，比我每年的年度信还要多。如果有任何疑问，尤其是对新合伙协议有不清楚的地方，请随时告诉我。如果问的人多，我会再写一封信，把大家的问题和我的解答一起发给所有合伙人。",[14,42,43],{},"沃伦·E·巴菲特",[14,45,46],{},"1961年7月22日",{"title":48,"searchDepth":49,"depth":49,"links":50},"",2,[51,52],{"id":23,"depth":49,"text":24},{"id":30,"depth":49,"text":31},"致股东信","1961年中巴菲特致合伙人信，首次增加半年报沟通机制，分享投资业绩及控股类投资策略","md",{},true,7,"\u002Fbuffett\u002Fberkshire\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":54},"1961年中 巴菲特致合伙人信｜巴菲特","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","767EuWZtDKN66Iz6YohvGodpxRJYY3PanZvlY-JEmdg",1778061723887]