[{"data":1,"prerenderedAt":348},["ShallowReactive",2],{"buffett-1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3},{"id":4,"title":5,"body":6,"category":336,"description":337,"extension":338,"meta":339,"navigation":340,"order":341,"path":342,"seo":343,"seoDescription":337,"seoTitle":344,"slug":345,"stem":346,"__hash__":347},"buffett\u002Fbuffett\u002Fberkshire\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1963年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":330},"minimark",[9,13,17,20,23,26,30,33,294,297,300,303,306,309,312,315,318,321,324,327],[10,11,5],"h1",{"id":12},"_1963年中-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司",[14,18,19],{},"810 KIEWIT PLAZA",[14,21,22],{},"内布拉斯加州，奥马哈，邮编 31",[14,24,25],{},"1963 年 7 月 10 日",[27,28,29],"h2",{"id":29},"基金公司",[14,31,32],{},"下表是道指、巴菲特合伙基金（含此前各合伙人账户）以及按分散化普通股策略运作的两家最大开放式基金（公募基金）和两家最大封闭式投资公司的累计业绩比较，与以往格式相同：",[34,35,36,67],"table",{},[37,38,39],"thead",{},[40,41,42,46,49,52,55,58,61,64],"tr",{},[43,44,45],"th",{},"年份",[43,47,48],{},"道指",[43,50,51],{},"麻省投资信托 (1)",[43,53,54],{},"投资者股票基金 (1)",[43,56,57],{},"三大陆 (2)",[43,59,60],{},"雷曼 (2)",[43,62,63],{},"合伙基金 (3)",[43,65,66],{},"有限合伙人 (4)",[68,69,70,96,122,148,174,200,226,252],"tbody",{},[40,71,72,76,79,82,85,88,90,93],{},[73,74,75],"td",{},"1957",[73,77,78],{},"-8.4%",[73,80,81],{},"-11.4%",[73,83,84],{},"-12.4%",[73,86,87],{},"-2.4%",[73,89,81],{},[73,91,92],{},"10.4%",[73,94,95],{},"9.3%",[40,97,98,101,104,107,110,113,116,119],{},[73,99,100],{},"1957–58",[73,102,103],{},"26.9%",[73,105,106],{},"26.4%",[73,108,109],{},"29.2%",[73,111,112],{},"30.0%",[73,114,115],{},"24.7%",[73,117,118],{},"55.6%",[73,120,121],{},"44.5%",[40,123,124,127,130,133,136,139,142,145],{},[73,125,126],{},"1957–59",[73,128,129],{},"52.3%",[73,131,132],{},"37.8%",[73,134,135],{},"42.5%",[73,137,138],{},"40.9%",[73,140,141],{},"34.8%",[73,143,144],{},"95.9%",[73,146,147],{},"74.7%",[40,149,150,153,156,159,162,165,168,171],{},[73,151,152],{},"1957–60",[73,154,155],{},"42.9%",[73,157,158],{},"36.4%",[73,160,161],{},"41.6%",[73,163,164],{},"44.8%",[73,166,167],{},"38.2%",[73,169,170],{},"140.6%",[73,172,173],{},"107.2%",[40,175,176,179,182,185,188,191,194,197],{},[73,177,178],{},"1957–61",[73,180,181],{},"74.9%",[73,183,184],{},"71.3%",[73,186,187],{},"76.9%",[73,189,190],{},"77.4%",[73,192,193],{},"70.8%",[73,195,196],{},"251.0%",[73,198,199],{},"181.6%",[40,201,202,205,208,211,214,217,220,223],{},[73,203,204],{},"1957–62",[73,206,207],{},"61.6%",[73,209,210],{},"54.5%",[73,212,213],{},"53.2%",[73,215,216],{},"59.7%",[73,218,219],{},"46.2%",[73,221,222],{},"299.8%",[73,224,225],{},"215.1%",[40,227,228,231,234,237,240,243,246,249],{},[73,229,230],{},"1957–1963\u002F6\u002F30",[73,232,233],{},"77.8%",[73,235,236],{},"72.4%",[73,238,239],{},"69.3%",[73,241,242],{},"75.7%",[73,244,245],{},"60.8%",[73,247,248],{},"355.8%",[73,250,251],{},"252.9%",[40,253,254,260,264,269,274,279,284,289],{},[73,255,256],{},[257,258,259],"strong",{},"年化复合收益率",[73,261,262],{},[257,263,95],{},[73,265,266],{},[257,267,268],{},"8.7%",[73,270,271],{},[257,272,273],{},"8.4%",[73,275,276],{},[257,277,278],{},"9.1%",[73,280,281],{},[257,282,283],{},"7.6%",[73,285,286],{},[257,287,288],{},"26.3%",[73,290,291],{},[257,292,293],{},"21.4%",[14,295,296],{},"备注：",[14,298,299],{},"（1）根据资产价值变动及当年持有人所获分红计算。",[14,301,302],{},"（2）1957–62 年数据来源：1963 年穆迪银行与金融手册；1963 年上半年数据为估算值。",[14,304,305],{},"（3）1957–61 年数据为此前全年运作的所有有限合伙人账户的综合业绩，已扣除经营费用，未扣除合伙人利息和普通合伙人分成。",[14,307,308],{},"（4）1957–61 年数据以前一列合伙基金收益率为基础，按现行合伙协议条款扣除普通合伙人分成后计算。",[14,310,311],{},"从这张表可以看出，收费高昂、地位尊崇的机构投资建议，始终难以跟上这只无人主动管理的蓝筹股指数。我这样说并非要批评这些机构，也不是批评那些方法和逻辑与大基金大体相似的投资顾问和信托部门。这些投资渠道为数以百万计的投资者提供了切实的服务——充分分散风险、省心方便、规避劣质股票等等。但它们的服务不包括（绝大多数情况下也从未承诺包括）让资金以超越大盘的速度复利增长。",[14,313,314],{},"我们合伙基金存在的根本意义，就是与上述投资渠道相比，在承担较低长期本金损失风险的前提下，实现更高的复利增长速度。我们无法保证一定能做到这一点。我们能承诺、也确实承诺的是：在排除漫长投机狂潮的前提下，如果在足够长的时间内我们仍然做不到这一点，我们就清盘。",[27,316,317],{"id":317},"预存资金与提前取款",[14,319,320],{},"我们接受合伙人及潜在合伙人预先存入资金，自存入之日起至年末按 6% 计息。合伙人没有义务在年末将这笔资金转为合伙基金权益，但预存时应当有此意向。",[14,322,323],{},"同样，我们允许合伙人在年末前预先提取资金，上限为其合伙基金账户余额的 20%，并自提取之日起至年末按 6% 计息，利息在年末从其资本账户扣除。我们的用意并不是让合伙基金变成合伙人的提款机，而是通过允许提前取款，帮助合伙人应对突发的资金需求。",[14,325,326],{},"存贷款利率都是 6%，看上去或许不像我巴菲特的风格。我们把提款权理解为一种在意外需要时提供一定流动性的手段，而且实际上，我们相当有把握：预存资金总额会远超提前取款的金额。",[14,328,329],{},"那么，既然商业银行的贷款利率低得多——比如上半年我们就拿到了一笔利率 4% 的六个月期大额银行贷款——为什么还要为预存资金支付 6%？原因在于：第一，我们相信长期收益率能够超过 6%（短期内能否达到 6% 有很大偶然性，但长期若达不到，普通合伙人一分钱分成都没有）。第二，对于可以预期短期内即将成为我们权益资本的资金，我投资时的心态与使用短期银行借款时截然不同。预存资金还有一个额外好处：新增资金可以在全年分批进入，而不必集中在一月份全部涌来。对合伙人而言，6% 的回报也高于任何短期低风险投资，所以这对双方都是合算的安排。截至 1963 年 6 月 30 日，预先提款金额为 21,832.00 美元，预存资金金额为 562,437.11 美元。",{"title":331,"searchDepth":332,"depth":332,"links":333},"",2,[334,335],{"id":29,"depth":332,"text":29},{"id":317,"depth":332,"text":317},"致股东信","1963年中巴菲特致合伙人信，分享上半年投资业绩及套利类投资机会","md",{},true,15,"\u002Fbuffett\u002Fberkshire\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":337},"1963年中 巴菲特致合伙人信｜巴菲特","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","__R_k0TvVsncw6YbnOiPsJEuZXBoX3MgypPqScIMUEY",1778061723898]