[{"data":1,"prerenderedAt":993},["ShallowReactive",2],{"buffett-2019-ba-fei-te-zhi-gu-dong-xin":3},{"id":4,"title":5,"body":6,"category":981,"description":982,"extension":983,"meta":984,"navigation":985,"order":986,"path":987,"seo":988,"seoDescription":982,"seoTitle":989,"slug":990,"stem":991,"__hash__":992},"buffett\u002Fbuffett\u002Fberkshire\u002F2019-ba-fei-te-zhi-gu-dong-xin.md","2019 巴菲特致股东信",{"type":7,"value":8,"toc":977},"minimark",[9,13,20,666,672,676,679,687,693,712,719,726,729,740,743,750,753,756,763,766,769,776,779,782,785,788,791,794,797,800,803,865,872,879,886,889,892,895,898,901,904,914,917,920,931,938,941,944,947,958,965,968,971,974],[10,11,5],"h1",{"id":12},"_2019-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",[21,22,23,39],"table",{},[24,25,26],"thead",{},[27,28,29,33,36],"tr",{},[30,31,32],"th",{},"年份",[30,34,35],{},"伯克希尔每股市值年度变动百分比",[30,37,38],{},"含股息标普500指数年度变动百分比",[40,41,42,54,65,76,87,98,109,120,131,142,153,164,175,186,197,208,219,230,241,252,263,274,285,296,307,318,329,340,351,362,373,384,395,406,417,428,439,450,461,472,483,494,504,514,525,536,546,557,568,579,590,601,612,623,634,644,655],"tbody",{},[27,43,44,48,51],{},[45,46,47],"td",{},"1965",[45,49,50],{},"49.5",[45,52,53],{},"10.0",[27,55,56,59,62],{},[45,57,58],{},"1966",[45,60,61],{},"(3.4)",[45,63,64],{},"(11.7)",[27,66,67,70,73],{},[45,68,69],{},"1967",[45,71,72],{},"13.3",[45,74,75],{},"30.9",[27,77,78,81,84],{},[45,79,80],{},"1968",[45,82,83],{},"77.8",[45,85,86],{},"11.0",[27,88,89,92,95],{},[45,90,91],{},"1969",[45,93,94],{},"19.4",[45,96,97],{},"(8.4)",[27,99,100,103,106],{},[45,101,102],{},"1970",[45,104,105],{},"(4.6)",[45,107,108],{},"3.9",[27,110,111,114,117],{},[45,112,113],{},"1971",[45,115,116],{},"80.5",[45,118,119],{},"14.6",[27,121,122,125,128],{},[45,123,124],{},"1972",[45,126,127],{},"8.1",[45,129,130],{},"18.9",[27,132,133,136,139],{},[45,134,135],{},"1973",[45,137,138],{},"(2.5)",[45,140,141],{},"(14.8)",[27,143,144,147,150],{},[45,145,146],{},"1974",[45,148,149],{},"(48.7)",[45,151,152],{},"(26.4)",[27,154,155,158,161],{},[45,156,157],{},"1975",[45,159,160],{},"2.5",[45,162,163],{},"37.2",[27,165,166,169,172],{},[45,167,168],{},"1976",[45,170,171],{},"129.3",[45,173,174],{},"23.6",[27,176,177,180,183],{},[45,178,179],{},"1977",[45,181,182],{},"46.8",[45,184,185],{},"(7.4)",[27,187,188,191,194],{},[45,189,190],{},"1978",[45,192,193],{},"14.5",[45,195,196],{},"6.4",[27,198,199,202,205],{},[45,200,201],{},"1979",[45,203,204],{},"102.5",[45,206,207],{},"18.2",[27,209,210,213,216],{},[45,211,212],{},"1980",[45,214,215],{},"32.8",[45,217,218],{},"32.3",[27,220,221,224,227],{},[45,222,223],{},"1981",[45,225,226],{},"31.8",[45,228,229],{},"(5.0)",[27,231,232,235,238],{},[45,233,234],{},"1982",[45,236,237],{},"38.4",[45,239,240],{},"21.4",[27,242,243,246,249],{},[45,244,245],{},"1983",[45,247,248],{},"69.0",[45,250,251],{},"22.4",[27,253,254,257,260],{},[45,255,256],{},"1984",[45,258,259],{},"(2.7)",[45,261,262],{},"6.1",[27,264,265,268,271],{},[45,266,267],{},"1985",[45,269,270],{},"93.7",[45,272,273],{},"31.6",[27,275,276,279,282],{},[45,277,278],{},"1986",[45,280,281],{},"14.2",[45,283,284],{},"18.6",[27,286,287,290,293],{},[45,288,289],{},"1987",[45,291,292],{},"4.6",[45,294,295],{},"5.1",[27,297,298,301,304],{},[45,299,300],{},"1988",[45,302,303],{},"59.3",[45,305,306],{},"16.6",[27,308,309,312,315],{},[45,310,311],{},"1989",[45,313,314],{},"84.6",[45,316,317],{},"31.7",[27,319,320,323,326],{},[45,321,322],{},"1990",[45,324,325],{},"(23.1)",[45,327,328],{},"(3.1)",[27,330,331,334,337],{},[45,332,333],{},"1991",[45,335,336],{},"35.6",[45,338,339],{},"30.5",[27,341,342,345,348],{},[45,343,344],{},"1992",[45,346,347],{},"29.8",[45,349,350],{},"7.6",[27,352,353,356,359],{},[45,354,355],{},"1993",[45,357,358],{},"38.9",[45,360,361],{},"10.1",[27,363,364,367,370],{},[45,365,366],{},"1994",[45,368,369],{},"25.0",[45,371,372],{},"1.3",[27,374,375,378,381],{},[45,376,377],{},"1995",[45,379,380],{},"57.4",[45,382,383],{},"37.6",[27,385,386,389,392],{},[45,387,388],{},"1996",[45,390,391],{},"6.2",[45,393,394],{},"23.0",[27,396,397,400,403],{},[45,398,399],{},"1997",[45,401,402],{},"34.9",[45,404,405],{},"33.4",[27,407,408,411,414],{},[45,409,410],{},"1998",[45,412,413],{},"52.2",[45,415,416],{},"28.6",[27,418,419,422,425],{},[45,420,421],{},"1999",[45,423,424],{},"(19.9)",[45,426,427],{},"21.0",[27,429,430,433,436],{},[45,431,432],{},"2000",[45,434,435],{},"26.6",[45,437,438],{},"(9.1)",[27,440,441,444,447],{},[45,442,443],{},"2001",[45,445,446],{},"6.5",[45,448,449],{},"(11.9)",[27,451,452,455,458],{},[45,453,454],{},"2002",[45,456,457],{},"(3.8)",[45,459,460],{},"(22.1)",[27,462,463,466,469],{},[45,464,465],{},"2003",[45,467,468],{},"15.8",[45,470,471],{},"28.7",[27,473,474,477,480],{},[45,475,476],{},"2004",[45,478,479],{},"4.3",[45,481,482],{},"10.9",[27,484,485,488,491],{},[45,486,487],{},"2005",[45,489,490],{},"0.8",[45,492,493],{},"4.9",[27,495,496,499,502],{},[45,497,498],{},"2006",[45,500,501],{},"24.1",[45,503,468],{},[27,505,506,509,511],{},[45,507,508],{},"2007",[45,510,471],{},[45,512,513],{},"5.5",[27,515,516,519,522],{},[45,517,518],{},"2008",[45,520,521],{},"(31.8)",[45,523,524],{},"(37.0)",[27,526,527,530,533],{},[45,528,529],{},"2009",[45,531,532],{},"2.7",[45,534,535],{},"26.5",[27,537,538,541,543],{},[45,539,540],{},"2010",[45,542,240],{},[45,544,545],{},"15.1",[27,547,548,551,554],{},[45,549,550],{},"2011",[45,552,553],{},"(4.7)",[45,555,556],{},"2.1",[27,558,559,562,565],{},[45,560,561],{},"2012",[45,563,564],{},"16.8",[45,566,567],{},"16.0",[27,569,570,573,576],{},[45,571,572],{},"2013",[45,574,575],{},"32.7",[45,577,578],{},"32.4",[27,580,581,584,587],{},[45,582,583],{},"2014",[45,585,586],{},"27.0",[45,588,589],{},"13.7",[27,591,592,595,598],{},[45,593,594],{},"2015",[45,596,597],{},"(12.5)",[45,599,600],{},"1.4",[27,602,603,606,609],{},[45,604,605],{},"2016",[45,607,608],{},"23.4",[45,610,611],{},"12.0",[27,613,614,617,620],{},[45,615,616],{},"2017",[45,618,619],{},"21.9",[45,621,622],{},"21.8",[27,624,625,628,631],{},[45,626,627],{},"2018",[45,629,630],{},"2.8",[45,632,633],{},"(4.4)",[27,635,636,639,641],{},[45,637,638],{},"2019",[45,640,86],{},[45,642,643],{},"31.5",[27,645,646,649,652],{},[45,647,648],{},"年复合增长率 -- 1965-2019",[45,650,651],{},"20.3%",[45,653,654],{},"10.0%",[27,656,657,660,663],{},[45,658,659],{},"累计总收益 -- 1964-2019",[45,661,662],{},"2,744,062%",[45,664,665],{},"19,784%",[14,667,668,671],{},[17,669,670],{},"注","：数据按日历年计算，以下年份除外：1965年和1966年，截至9月30日的会计年度；1967年，截至12月31日的15个月。",[10,673,675],{"id":674},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,677,678],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,680,681,682,686],{},"按照通用会计准则（俗称\"GAAP\"），伯克希尔 (Berkshire) 2019年的收益为814亿美元。这一数字的构成如下：240亿美元经营收益、37亿美元已实现资本利得，以及537亿美元来自我们所持股票未",[683,684,685],"em",{},"实现","资本利得净额的增长。以上每一项收益均为税后数字。",[14,688,689,690,692],{},"这537亿美元的收益需要做些说明。它源自2018年实施的一项新GAAP规则，要求持有权益类证券的公司将这些证券未",[683,691,685],{},"损益的净变动计入当期收益。正如我们在去年的信中所说，我的管理伯克希尔的合伙人查理·芒格 (Charlie Munger) 和我都不认同这条规则。",[14,694,695,696,699,700,703,704,707,708,711],{},"事实上，会计行业采纳这条规则，标志着其自身理念的一次巨大转变。2018年之前，GAAP坚持认为——以证券交易为业的公司除外——股票投资组合中未实现的",[683,697,698],{},"收益","永远",[683,701,702],{},"不应","计入利润，而未实现的",[683,705,706],{},"损失","也",[683,709,710],{},"只有","在被判定为\"非暂时性\"的情况下才需要计入。而现在，伯克希尔必须将其持有的每一只股票的每一次上下波动——不管这些波动有多么反复无常——都记入每个季度的盈亏底线。对很多投资者、分析师和评论家来说，这可是个关键信息。",[14,713,714,715,718],{},"伯克希尔2018年和2019年的数据，清楚地说明了我们与这条新规则之间的分歧。2018年股市下跌，我们未实现的资本利得净额",[683,716,717],{},"减少","了206亿美元，因此我们报告的GAAP收益仅为40亿美元。2019年股价上涨，未实现资本利得净额增加了前面提到的537亿美元，使GAAP收益达到本信开头所报告的814亿美元。股市的这番起伏导致我们的GAAP收益疯狂地暴增了1,900%！",[14,720,721,722,725],{},"与此同时，在我们可以称之为现实世界——而非会计世界——的地方，这两年间伯克希尔的股票持仓市值平均约为2,000亿美元，而我们所持股票的",[683,723,724],{},"内在价值","在整个期间稳步且大幅地增长。",[14,727,728],{},"查理和我建议大家关注经营收益——2019年这一数字几乎没有变化——同时忽略季度和年度的投资损益，不论是已实现的还是未实现的。",[14,730,731,732,735,736,739],{},"我们的建议",[683,733,734],{},"绝不是","要淡化这些投资对伯克希尔的重要性。长期来看，查理和我预期我们的股票持仓——作为一个整体——将带来",[683,737,738],{},"巨大","的收益，尽管其表现方式将是不可预测且极不规律的。想知道我们为何如此乐观？请看下面的讨论。",[10,741,742],{"id":742},"留存收益的力量",[14,744,745,746,749],{},"1924年，一位名不见经传的经济学家兼理财顾问埃德加·劳伦斯·史密斯 (Edgar Lawrence Smith) 写了一本薄薄的小书——《普通股的长期投资》(",[683,747,748],{},"Common Stocks as Long Term Investments",")——这本小册子改变了整个投资世界。事实上，写这本书也改变了史密斯本人，迫使他重新审视自己的投资信念。",[14,751,752],{},"他原本计划论证：在通货膨胀时期，股票表现优于债券；在通货紧缩时期，债券回报更佳。听上去挺有道理。然而等待史密斯的是一个意外。",[14,754,755],{},"因此，他在书的开篇就写了一段自白：\"这些研究是对一次失败的记录——事实未能支撑一个先入为主的理论。\"对投资者来说这却是一件幸事，因为这次失败促使史密斯更深入地思考应该如何评估股票。",[14,757,758,759,762],{},"关于史密斯洞见的精髓，我来引用一位他著作的早期书评者的话——此人不是别人，正是约翰·梅纳德·凯恩斯 (John Maynard Keynes)：\"我把史密斯先生最重要的、也无疑是最新颖的观点留到最后来谈。通常而言，管理良好的工业公司不会将其全部利润都分配给股东。至少在年景好的时候——即使不是每年如此——它们会保留一部分利润并将其投回业务之中。于是，",[683,760,761],{},"一种复利效应","（凯恩斯原文斜体）便在健全的工业投资中发挥着作用。经年累月，一家稳健工业企业资产的真实价值，在向股东派发的股息之外，还在以复利的方式不断增长。\"",[14,764,765],{},"得到这位经济学大家的\"圣水加持\"，史密斯从此声名鹊起。",[14,767,768],{},"很难理解为什么在史密斯这本书出版之前，留存收益的价值没有得到投资者的认可。毕竟，众所周知，卡耐基 (Carnegie)、洛克菲勒 (Rockefeller) 和福特 (Ford) 等巨头早就积累了令人瞠目结舌的财富，靠的就是保留大部分经营利润来为增长提供资金、创造更多收益。在全美各地，也一直有不少小资本家按照同样的路子发家致富。",[14,770,771,772,775],{},"然而，当企业所有权被切割成无数小片——也就是\"股票\"——时，史密斯之前那个年代的买家通常把股票视为对市场波动的短期赌博。即使在最好的情况下，股票也被当作投机行为。",[683,773,774],{},"绅士们","青睐的是债券。",[14,777,778],{},"虽然投资者开窍很慢，但留存和再投资收益的数学原理如今已被广泛理解。今天，连小学生都学会了凯恩斯当年称之为\"新奇\"的道理：把储蓄和复利结合起来，就能创造奇迹。",[14,780,781],{},"我必须补充最后一件事，它充分体现了伯克希尔业务版图之广。我们自2011年起拥有路博润 (Lubrizol)，这是一家总部位于俄亥俄州的公司，在全球范围内生产和销售润滑油添加剂。2019年9月26日，路博润旗下一座法国大型工厂被隔壁一家小企业引发的火灾殃及。",[14,783,784],{},"火灾造成了重大的财产损失和严重的业务中断。即便如此，路博润将获得大额保险赔偿，从而减轻公司的财产损失和营业中断损失。",[14,786,787],{},"但正如已故的保罗·哈维 (Paul Harvey) 在他那档著名的广播节目中爱说的：\"接下来才是故事的精华。\"路博润投保的最大保险公司之一是……呃，伯克希尔旗下的公司。",[14,789,790],{},"《马太福音》6:3中，圣经教导我们：\"你施舍的时候，不要让左手知道右手所做的。\"你们的董事长显然严格遵照了这一教诲。",[10,792,793],{"id":793},"财产意外险业务",[14,795,796],{},"自从1967年我们以860万美元收购国民保险公司 (National Indemnity) 及其姊妹公司国民火灾及海事保险公司 (National Fire & Marine) 以来，财产意外险（简称\"P\u002FC\"）业务一直是推动伯克希尔成长的引擎。如今，以净资产衡量，国民保险已是全球最大的财产意外险公司。保险是一门关于承诺的生意，而伯克希尔履行承诺的能力无人能及。",[14,798,799],{},"我们被财产意外险业务吸引的原因之一是这个行业的商业模式：保险公司先收保费，后赔付。在极端情况下，比如涉及石棉暴露或严重工伤事故的索赔，赔付可以延续数十年之久。",[14,801,802],{},"这种\"先收后付\"的模式让保险公司手握大笔资金——我们称之为\"浮存金\"——这些钱最终要赔给别人。但在此期间，保险公司可以用浮存金为自己投资获利。尽管单个保单和索赔来来去去，保险公司持有的浮存金规模相对于保费收入通常保持相当稳定。因此，随着业务增长，我们的浮存金也随之增长。下表展示了它的增长历程：",[21,804,805,814],{},[24,806,807],{},[27,808,809,811],{},[30,810,32],{},[30,812,813],{},"浮存金（百万美元）",[40,815,816,823,830,837,844,851,858],{},[27,817,818,820],{},[45,819,102],{},[45,821,822],{},"$39",[27,824,825,827],{},[45,826,212],{},[45,828,829],{},"237",[27,831,832,834],{},[45,833,322],{},[45,835,836],{},"1,632",[27,838,839,841],{},[45,840,432],{},[45,842,843],{},"27,871",[27,845,846,848],{},[45,847,540],{},[45,849,850],{},"65,832",[27,852,853,855],{},[45,854,627],{},[45,856,857],{},"122,732",[27,859,860,862],{},[45,861,638],{},[45,863,864],{},"129,423",[14,866,867,868,871],{},"随着时间推移，我们可能会经历浮存金的下降。如果出现这种情况，下降幅度将是",[683,869,870],{},"非常","缓慢的——任何一年至多不超过3%。我们保险合同的特性决定了，我们永远不会面临对现金资源构成重大影响的即时或短期偿付要求。这种结构是精心设计的，也是我们保险公司无与伦比的财务实力的关键组成部分。这种实力绝不会被削弱。",[14,873,874,875,878],{},"如果保费收入超过了运营费用和最终赔付的总和，我们的保险业务就会录得承保利润，这将叠加到浮存金产生的投资收益之上。当我们赚到这样的利润时，我们就相当于在使用免费的资金——更美妙的是，我们还因为持有这些资金而",[683,876,877],{},"获得报酬","。",[14,880,881,882,885],{},"对于整个财产意外险行业而言，如今浮存金的财务价值远不如从前。原因在于几乎所有财产意外险公司的标准投资策略都严重——而且",[683,883,884],{},"恰当地","——偏向高等级债券。因此，利率变动对这些公司影响巨大，而过去十年间，债券市场提供的收益率低得可怜。",[14,887,888],{},"结果，保险公司深受其害。由于债券到期或发行人赎回条款的原因，它们年复一年地被迫将\"旧\"投资组合置换为收益率更低的新持仓。曾经，这些保险公司可以稳稳地从每一美元浮存金中赚取5到6美分，现在却只能赚到2到3美分（如果业务集中在深陷负利率泥潭的国家，甚至更少）。",[14,890,891],{},"一些保险公司可能试图通过买入更低质量的债券或承诺高收益的非流动性\"另类\"投资来弥补收入损失。但这些都是危险的游戏，大多数机构根本玩不起。",[14,893,894],{},"伯克希尔的处境比一般保险公司要好得多。最重要的是，我们无可匹敌的雄厚资本、充裕的现金和庞大而多元的非保险收益流，赋予了我们远超行业同行的投资灵活性。摆在我们面前的众多选择总是有利的——有时候还会给我们带来重大机遇。",[14,896,897],{},"与此同时，我们的财产意外险业务保持着出色的承保记录。过去17年中，伯克希尔有16年实现了承保盈利，唯一的例外是2017年，当年我们的税前亏损高达32亿美元。在整整17年间，我们的税前承保收益合计275亿美元，其中2019年录得4亿美元。",[14,899,900],{},"这一记录并非偶然：严守纪律的风险评估是我们保险经理们每天关注的焦点，他们深知糟糕的承保结果会吞噬浮存金的投资回报。所有保险公司都把这句话挂在嘴边。在伯克希尔，这是一种旧约圣经式的信仰。",[14,902,903],{},"正如我过去反复强调的，我现在还要再说一遍：保险业取得好结果远非板上钉钉的事——在未来17年里，我们几乎不可能每16年都实现承保盈利。危险总是潜伏在暗处。",[14,905,906,907,910,911,913],{},"评估保险风险的失误可能是巨大的，而且可能需要许多年——甚至几十年——才会浮出水面并爆发（想想石棉案）。一场让卡特里娜 (Katrina) 和迈克尔 (Michael) 飓风都相形见绌的大灾难",[683,908,909],{},"终将","发生——也许就在明天，也许几十年后。\"终极大灾难\"可能来自传统灾害，比如飓风或地震，也可能是完全出乎意料的——比方说一场网络攻击造成的灾难性后果，远超保险公司目前所能想象。当这样的超级灾难降临时，伯克希尔将承担我们应得的那份损失，而且损失会很大——",[683,912,870],{},"大。但与许多其他保险公司不同的是，应对这笔损失远不至于让我们的资源捉襟见肘，而且我们会迫不及待地在第二天就扩大业务。",[14,915,916],{},"在这里我应该暂停一下：我想让你们知道，这些年来我遇到的几乎所有董事都是正派、可亲且聪明的人。他们衣着得体，是好邻居，也是好公民。和他们在一起我很愉快。这些人中有些男男女女，如果不是因为我们共同的董事会服务，我根本不会认识他们，而如今他们已成了我的亲密朋友。",[14,918,919],{},"尽管如此，这些善良的灵魂中有许多人，我永远不会选择他们来管理金钱或处理商业事务。这根本不是他们的强项。",[14,921,922,923,926,927,930],{},"反过来，他们也永远不会找我帮忙拔牙、装修房子或改善高尔夫球技。而且，如果我被安排参加\"与星共舞\" (",[683,924,925],{},"Dancing With the Stars",")节目，我会立刻申请证人保护计划的庇护。我们每个人总在某些方面一窍不通。对大多数人来说，这个清单还挺长。需要认识到的关键是：如果你是鲍比·费舍尔 (Bobby Fischer)，你就",[683,928,929],{},"只能","靠下棋来赚钱。",[14,932,933,934,937],{},"在伯克希尔，我们将继续寻找精通商业的董事，他们以股东利益为导向，并对我们的公司怀有强烈的特定兴趣。指导他们行动的是思想和原则，而非机器人式的\"流程\"。在代表",[683,935,936],{},"你们","的利益时，他们当然会寻找那些以取悦客户为目标、珍惜同事、并努力做社区和国家好公民的管理者。",[14,939,940],{},"这些目标并不新鲜。60年前，有能力的CEO们追求的就是这些，今天依然如此。谁会要求别的呢？",[10,942,943],{"id":943},"其他事项",[14,945,946],{},"在过去的报告中，我们讨论过有意义的和无意义的股票回购。我们的想法归结起来就是：只有在以下情况下伯克希尔才会回购股票——a) 查理和我认为股价低于其价值，以及b) 完成回购后公司仍拥有充裕的现金。",[14,948,949,950,953,954,957],{},"内在价值的计算远谈不上精确。因此，以货真价实的95美分去买",[683,951,952],{},"估计","值1美元的资产，我们两人都不觉得有什么紧迫性。2019年，伯克希尔的价格\u002F价值等式有时呈现",[683,955,956],{},"适度","有利的状态，我们花了50亿美元回购了公司约1%的股份。",[14,959,960,961,964],{},"随着时间的推移，我们希望伯克希尔的流通股数量",[683,962,963],{},"下降","。如果价格相对于价值的折扣（按我们的估算）扩大，我们可能会更加积极地购买股票。但我们不会在任何水平上托市。",[14,966,967],{},"持有价值至少2,000万美元A或B类股票、且有意向伯克希尔出售的股东，可让经纪人联系伯克希尔的马克·米拉德 (Mark Millard)，电话402-346-1400。请在美国中部时间上午8:00-8:30或下午3:00-3:30之间来电，而且只有在你已经决定要卖的情况下才打。",[14,969,970],{},"年会将于2020年5月2日举行，详细信息请参阅年报A-2至A-3页。雅虎 (Yahoo) 将一如既往地在全球直播这一活动。不过，在形式上会有一个重要变化：我收到了来自股东、媒体和董事会成员的建议，希望让我们的两位关键运营经理——阿吉特·贾恩 (Ajit Jain) 和格雷格·阿贝尔 (Greg Abel)——在年会上有更多的曝光机会。这个变化非常有道理。无论是作为管理者还是作为人，他们都是杰出的个体，你们应该听到他们更多的声音。",[14,972,973],{},"今年向我们三位资深记者提交问题的股东，可以指定将问题交给阿吉特或格雷格回答。他们和查理及我一样，事先不会收到任何关于问题内容的提示。",[14,975,976],{},"记者和现场观众将交替提问，观众同样可以将问题指向我们四个人中的任何一位。所以，准备好你们的犀利问题吧。",{"title":978,"searchDepth":979,"depth":979,"links":980},"",2,[],"致股东信","2019年巴菲特致股东信，分析经营收益、股票投资失败教训、卡夫亨氏减记及继任计划","md",{},true,92,"\u002Fbuffett\u002Fberkshire\u002F2019-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":982},"2019 巴菲特致股东信｜巴菲特","2019-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2019-ba-fei-te-zhi-gu-dong-xin","AXcyNJ1Cxz2cpGfMj1bBERLKAS84UpQRuMny7pDAPE0",1778061724335]