[{"data":1,"prerenderedAt":900},["ShallowReactive",2],{"buffett-2022-ba-fei-te-zhi-gu-dong-xin":3},{"id":4,"title":5,"body":6,"category":888,"description":889,"extension":890,"meta":891,"navigation":892,"order":893,"path":894,"seo":895,"seoDescription":889,"seoTitle":896,"slug":897,"stem":898,"__hash__":899},"buffett\u002Fbuffett\u002Fberkshire\u002F2022-ba-fei-te-zhi-gu-dong-xin.md","2022 巴菲特致股东信",{"type":7,"value":8,"toc":884},"minimark",[9,13,16,694,702,705,708,716,719,722,725,732,735,738,741,756,759,766,769,776,799,810,826,833,839,842,855,862,865,868,875,878,881],[10,11,5],"h1",{"id":12},"_2022-巴菲特致股东信",[10,14,15],{"id":15},"伯克希尔与标普500指数业绩对比",[17,18,19,35],"table",{},[20,21,22],"thead",{},[23,24,25,29,32],"tr",{},[26,27,28],"th",{},"年份",[26,30,31],{},"伯克希尔每股市值年度变动百分比",[26,33,34],{},"含股息标普500指数年度变动百分比",[36,37,38,50,61,72,83,94,105,116,127,138,149,160,171,182,193,204,215,226,237,248,259,270,281,292,303,314,325,336,347,358,369,380,391,402,413,424,435,446,457,468,479,490,500,510,521,532,542,553,564,575,586,597,608,619,630,640,651,661,672,683],"tbody",{},[23,39,40,44,47],{},[41,42,43],"td",{},"1965",[41,45,46],{},"49.5",[41,48,49],{},"10.0",[23,51,52,55,58],{},[41,53,54],{},"1966",[41,56,57],{},"(3.4)",[41,59,60],{},"(11.7)",[23,62,63,66,69],{},[41,64,65],{},"1967",[41,67,68],{},"13.3",[41,70,71],{},"30.9",[23,73,74,77,80],{},[41,75,76],{},"1968",[41,78,79],{},"77.8",[41,81,82],{},"11.0",[23,84,85,88,91],{},[41,86,87],{},"1969",[41,89,90],{},"19.4",[41,92,93],{},"(8.4)",[23,95,96,99,102],{},[41,97,98],{},"1970",[41,100,101],{},"(4.6)",[41,103,104],{},"3.9",[23,106,107,110,113],{},[41,108,109],{},"1971",[41,111,112],{},"80.5",[41,114,115],{},"14.6",[23,117,118,121,124],{},[41,119,120],{},"1972",[41,122,123],{},"8.1",[41,125,126],{},"18.9",[23,128,129,132,135],{},[41,130,131],{},"1973",[41,133,134],{},"(2.5)",[41,136,137],{},"(14.8)",[23,139,140,143,146],{},[41,141,142],{},"1974",[41,144,145],{},"(48.7)",[41,147,148],{},"(26.4)",[23,150,151,154,157],{},[41,152,153],{},"1975",[41,155,156],{},"2.5",[41,158,159],{},"37.2",[23,161,162,165,168],{},[41,163,164],{},"1976",[41,166,167],{},"129.3",[41,169,170],{},"23.6",[23,172,173,176,179],{},[41,174,175],{},"1977",[41,177,178],{},"46.8",[41,180,181],{},"(7.4)",[23,183,184,187,190],{},[41,185,186],{},"1978",[41,188,189],{},"14.5",[41,191,192],{},"6.4",[23,194,195,198,201],{},[41,196,197],{},"1979",[41,199,200],{},"102.5",[41,202,203],{},"18.2",[23,205,206,209,212],{},[41,207,208],{},"1980",[41,210,211],{},"32.8",[41,213,214],{},"32.3",[23,216,217,220,223],{},[41,218,219],{},"1981",[41,221,222],{},"31.8",[41,224,225],{},"(5.0)",[23,227,228,231,234],{},[41,229,230],{},"1982",[41,232,233],{},"38.4",[41,235,236],{},"21.4",[23,238,239,242,245],{},[41,240,241],{},"1983",[41,243,244],{},"69.0",[41,246,247],{},"22.4",[23,249,250,253,256],{},[41,251,252],{},"1984",[41,254,255],{},"(2.7)",[41,257,258],{},"6.1",[23,260,261,264,267],{},[41,262,263],{},"1985",[41,265,266],{},"93.7",[41,268,269],{},"31.6",[23,271,272,275,278],{},[41,273,274],{},"1986",[41,276,277],{},"14.2",[41,279,280],{},"18.6",[23,282,283,286,289],{},[41,284,285],{},"1987",[41,287,288],{},"4.6",[41,290,291],{},"5.1",[23,293,294,297,300],{},[41,295,296],{},"1988",[41,298,299],{},"59.3",[41,301,302],{},"16.6",[23,304,305,308,311],{},[41,306,307],{},"1989",[41,309,310],{},"84.6",[41,312,313],{},"31.7",[23,315,316,319,322],{},[41,317,318],{},"1990",[41,320,321],{},"(23.1)",[41,323,324],{},"(3.1)",[23,326,327,330,333],{},[41,328,329],{},"1991",[41,331,332],{},"35.6",[41,334,335],{},"30.5",[23,337,338,341,344],{},[41,339,340],{},"1992",[41,342,343],{},"29.8",[41,345,346],{},"7.6",[23,348,349,352,355],{},[41,350,351],{},"1993",[41,353,354],{},"38.9",[41,356,357],{},"10.1",[23,359,360,363,366],{},[41,361,362],{},"1994",[41,364,365],{},"25.0",[41,367,368],{},"1.3",[23,370,371,374,377],{},[41,372,373],{},"1995",[41,375,376],{},"57.4",[41,378,379],{},"37.6",[23,381,382,385,388],{},[41,383,384],{},"1996",[41,386,387],{},"6.2",[41,389,390],{},"23.0",[23,392,393,396,399],{},[41,394,395],{},"1997",[41,397,398],{},"34.9",[41,400,401],{},"33.4",[23,403,404,407,410],{},[41,405,406],{},"1998",[41,408,409],{},"52.2",[41,411,412],{},"28.6",[23,414,415,418,421],{},[41,416,417],{},"1999",[41,419,420],{},"(19.9)",[41,422,423],{},"21.0",[23,425,426,429,432],{},[41,427,428],{},"2000",[41,430,431],{},"26.6",[41,433,434],{},"(9.1)",[23,436,437,440,443],{},[41,438,439],{},"2001",[41,441,442],{},"6.5",[41,444,445],{},"(11.9)",[23,447,448,451,454],{},[41,449,450],{},"2002",[41,452,453],{},"(3.8)",[41,455,456],{},"(22.1)",[23,458,459,462,465],{},[41,460,461],{},"2003",[41,463,464],{},"15.8",[41,466,467],{},"28.7",[23,469,470,473,476],{},[41,471,472],{},"2004",[41,474,475],{},"4.3",[41,477,478],{},"10.9",[23,480,481,484,487],{},[41,482,483],{},"2005",[41,485,486],{},"0.8",[41,488,489],{},"4.9",[23,491,492,495,498],{},[41,493,494],{},"2006",[41,496,497],{},"24.1",[41,499,464],{},[23,501,502,505,507],{},[41,503,504],{},"2007",[41,506,467],{},[41,508,509],{},"5.5",[23,511,512,515,518],{},[41,513,514],{},"2008",[41,516,517],{},"(31.8)",[41,519,520],{},"(37.0)",[23,522,523,526,529],{},[41,524,525],{},"2009",[41,527,528],{},"2.7",[41,530,531],{},"26.5",[23,533,534,537,539],{},[41,535,536],{},"2010",[41,538,236],{},[41,540,541],{},"15.1",[23,543,544,547,550],{},[41,545,546],{},"2011",[41,548,549],{},"(4.7)",[41,551,552],{},"2.1",[23,554,555,558,561],{},[41,556,557],{},"2012",[41,559,560],{},"16.8",[41,562,563],{},"16.0",[23,565,566,569,572],{},[41,567,568],{},"2013",[41,570,571],{},"32.7",[41,573,574],{},"32.4",[23,576,577,580,583],{},[41,578,579],{},"2014",[41,581,582],{},"27.0",[41,584,585],{},"13.7",[23,587,588,591,594],{},[41,589,590],{},"2015",[41,592,593],{},"(12.5)",[41,595,596],{},"1.4",[23,598,599,602,605],{},[41,600,601],{},"2016",[41,603,604],{},"23.4",[41,606,607],{},"12.0",[23,609,610,613,616],{},[41,611,612],{},"2017",[41,614,615],{},"21.9",[41,617,618],{},"21.8",[23,620,621,624,627],{},[41,622,623],{},"2018",[41,625,626],{},"2.8",[41,628,629],{},"(4.4)",[23,631,632,635,637],{},[41,633,634],{},"2019",[41,636,82],{},[41,638,639],{},"31.5",[23,641,642,645,648],{},[41,643,644],{},"2020",[41,646,647],{},"2.4",[41,649,650],{},"18.4",[23,652,653,656,659],{},[41,654,655],{},"2021",[41,657,658],{},"29.6",[41,660,467],{},[23,662,663,666,669],{},[41,664,665],{},"2022",[41,667,668],{},"4.0",[41,670,671],{},"(18.1)",[23,673,674,677,680],{},[41,675,676],{},"年复合增长率 — 1965-2022",[41,678,679],{},"19.80%",[41,681,682],{},"9.90%",[23,684,685,688,691],{},[41,686,687],{},"累计总收益 — 1964-2022",[41,689,690],{},"3,787,464%",[41,692,693],{},"24,708%",[695,696,697,701],"p",{},[698,699,700],"strong",{},"注","：数据按日历年度统计，以下年份除外：1965年和1966年为截至9月30日的年度；1967年为截至12月31日的15个月。",[695,703,704],{},"伯克希尔·哈撒韦公司",[695,706,707],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[695,709,710,711,715],{},"查理·芒格 (Charlie Munger) 是我的长期搭档，我们俩的工作就是管理一大批",[712,713,714],"em",{},"个人","投资者的积蓄。我们对他们长久以来的信任深怀感激，这种关系往往贯穿了他们成年后的大半人生。在写这封信的时候，我脑海里首先浮现的就是这些矢志不渝的储蓄者。",[695,717,718],{},"有一种普遍的看法认为，人们年轻时选择存钱，指望退休后能维持生活水平。按这个理论，去世时剩下的资产通常留给家人，也许会留给朋友或慈善机构。",[695,720,721],{},"我们的经历却不太一样。我们认为，伯克希尔的个人股东大多属于\"一日储蓄者，终身储蓄者\"那种人。虽然他们的生活过得不错，但最终会把大部分资金捐给慈善组织。这些组织再把钱花出去，去改善与原始捐赠人毫无关系的无数人的生活。有时候，成果是惊人的。",[695,723,724],{},"金钱的去向暴露了人的品性。查理和我欣喜地看到，伯克希尔产生的大量资金源源不断地流向公共事业，与此同时，我们的股东很少去追逐炫富型资产或打造家族王朝。",[695,726,727,728,731],{},"谁",[712,729,730],{},"不","乐意为这样的股东效力呢？",[10,733,734],{"id":734},"我们做什么",[695,736,737],{},"查理和我把你们在伯克希尔的积蓄分配到两种相关的所有权形式中。第一种，我们投资于自己控制的企业，通常是100%买下。伯克希尔负责这些子公司的资本配置，并选定负责日常运营决策的CEO。管理大型企业时，信任和规章缺一不可。伯克希尔对前者的强调达到了一种非同寻常的程度——有人会说是极端的程度。失望在所难免。我们对商业上的失误可以谅解；但对个人品行问题的容忍度为零。",[695,739,740],{},"我们的第二种所有权形式，是购买公开交易的股票，由此被动地持有企业的一部分。持有这些投资时，我们在经营管理上没有发言权。",[695,742,743,744,747,748,751,752,755],{},"我们在两种所有权形式中追求的目标是一致的：对那些既有长期优良经济特质、又有值得信赖的管理层的",[712,745,746],{},"企业","进行有意义的投资。请特别注意，我们持有上市公司股票是基于对其长期",[712,749,750],{},"经营","表现的预期，而不是把它们当作灵活买卖的工具。这一点至关重要：查理和我",[712,753,754],{},"不是","选股者，我们是选企业的人。",[695,757,758],{},"这些年来，我犯了很多错误。因此，我们目前广泛的企业群中包括：少数经济效益真正卓越的公司，许多经济特质很不错的公司，还有一大批表现平平的公司。一路走来，我投资过的其他企业有些已经倒闭了，它们的产品被公众抛弃。资本主义有两面性：这个体系在不断堆积越来越多的失败者的同时，也源源不断地提供更好的商品和服务。熊彼特 (Schumpeter) 把这种现象称为\"创造性破坏\"。",[695,760,761,762,765],{},"我们上市公司股票组合的一个优势在于——虽然不是一直有——偶尔你可以用极好的价格买到",[712,763,764],{},"一小块","极好的企业。关键要明白一点：股票的交易价格经常荒唐可笑，无论是过高还是过低。\"有效\"市场只存在于教科书里。事实上，有价证券的行为令人困惑，往往要事后回头看才能理解。",[695,767,768],{},"控股企业则是另一回事。它们有时候被标上高得离谱的价格，但几乎从来不会以便宜的估值出售。除非迫不得已，控股企业的主人根本不会考虑以恐慌性估值卖出。",[695,770,771,772,775],{},"2022年，通过伯克希尔自身的股票回购以及苹果 (Apple) 和美国运通的类似举措（这两家都是我们的重要投资对象），每股内在价值获得了",[712,773,774],{},"非常小","的增长。在伯克希尔这边，我们通过回购公司1.2%的流通股，直接增加了各位在我们独特企业组合中的权益。在苹果和美国运通那边，回购在我们没有花一分钱的情况下增加了伯克希尔的持股比例。",[695,777,778,779,782,783,786,787,790,791,794,795,798],{},"计算并不复杂：当总股数减少时，",[712,780,781],{},"你","在我们众多企业中的权益就",[712,784,785],{},"上升","了。",[712,788,789],{},"只要回购是在增值价格上进行的","，每一点都有帮助。同样确定的是，当一家公司为回购支付了过高的价格时，继续持有股票的股东就会",[712,792,793],{},"亏损","。到那时候，获益的只有",[712,796,797],{},"卖出","股票的股东，以及那些态度友好但收费昂贵、建议了这桩蠢事的投资银行家。",[695,800,801,802,805,806,809],{},"应该强调的是，以增值价格进行的回购在",[712,803,804],{},"每一个","方面都有利于",[712,807,808],{},"所有","股东。请想象一下，当地一家汽车经销商有三位消息完全透明的股东，其中一位负责管理经营。再想象一下，其中一位被动股东想把自己的权益以一个对两位继续持有的股东来说很有吸引力的价格卖回给公司。交易完成后，有谁受到了伤害吗？那位管理者是不是比另一位继续持股的被动股东更占便宜了？公众利益受损了吗？",[695,811,812,813,815,816,819,820,822,823,825],{},"当有人告诉你，",[712,814,808],{},"回购都对股东",[712,817,818],{},"或者","对国家有害，",[712,821,818],{},"对CEO特别有利时，你听到的要么是一个经济文盲在说话，要么是一个巧舌如簧的蛊惑者在说话（这两个身份并",[712,824,730],{},"互相排斥）。",[695,827,828,829,832],{},"伯克希尔2022年运营的详尽细节列在K-33到K-66页上。查理和我以及伯克希尔的许多股东，都喜欢细细研读那一部分的大量事实和数字。但那些页面",[712,830,831],{},"并非","必读。在伯克希尔的股东中，有许多身家数千万乃至数十亿美元的人从来没有研究过我们的财务数据。他们只是知道查理和我——连同我们的家人和至亲好友——持续在伯克希尔保有非常大的投资，他们相信我们会像对待自己的钱一样对待他们的钱。",[695,834,835,838],{},[712,836,837],{},"这","是我们可以做出的承诺。",[695,840,841],{},"百万、十亿、万亿——这些词我们都认识，但涉及的金额几乎无法想象。让我们给这些数字赋予物理维度：",[843,844,845,849,852],"ul",{},[846,847,848],"li",{},"如果你把100万美元换成崭新的百元大钞，那叠钞票能堆到你的胸口。",[846,850,851],{},"用10亿美元做同样的事——这下可越来越刺激了！——那叠钞票能直冲天际约四分之三英里。",[846,853,854],{},"最后，想象一下把320亿美元堆起来——也就是伯克希尔2012年到2021年缴纳的联邦所得税总额。这回，那叠钞票的高度超过了21英里，大约是商用飞机通常巡航高度的三倍。\n谈到联邦税收，伯克希尔的股东可以理直气壮地说：\"我在公司那儿已经交过了。\"",[695,856,857,858,861],{},"我要在查理的清单上加上自己的一条准则：找一位非常聪明、品格高尚的搭档——最好比你年长一点——然后",[712,859,860],{},"非常","用心地听他说的话。",[10,863,864],{"id":864},"奥马哈的家庭聚会",[695,866,867],{},"查理和我是不知羞的。去年，在我们三年来的第一次股东大会上，我们一如既往地使出了推销手段来迎接大家。",[695,869,870,871,874],{},"从开门的那一刻起，我们就直奔你们的钱包。没一会儿，我们的喜诗糖果 (See's Candies) 柜台就卖给你们",[712,872,873],{},"11吨","营养丰富的花生脆糖和巧克力。在我们堪比马戏团大王巴纳姆 (P.T. Barnum) 的推销话术中，我们向你们许诺了长寿。毕竟，除了喜诗的糖果，还有什么能解释查理和我分别活到了99岁和92岁呢？",[695,876,877],{},"我知道你们迫不及待想听去年推销活动的具体战果。",[695,879,880],{},"周五，大门从中午开到下午5点，我们的糖果柜台完成了2,690笔个人销售。周六上午7点到下午4点半之间，喜诗又登记了3,931笔交易——要知道，在9个半小时的营业时间里，有6个半小时正在播放电影和进行问答环节，商业客流量大受限制。",[695,882,883],{},"算算吧：在黄金营业时间里，喜诗大约每分钟成交10笔（两天合计销售额400,309美元），所有商品在同一地点销售，产品在101年里基本没有变过。在亨利·福特 (Henry Ford) 的T型车时代管用的方法，现在依然管用。",{"title":885,"searchDepth":886,"depth":886,"links":887},"",2,[],"致股东信","2022年巴菲特致股东信，分析股市大跌、苹果投资、保险业务承保利润及继任安排","md",{},true,95,"\u002Fbuffett\u002Fberkshire\u002F2022-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":889},"2022 巴菲特致股东信｜巴菲特","2022-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2022-ba-fei-te-zhi-gu-dong-xin","Lge6JFL3qBRUGbkMkPUNAU9wKmipc8fYK-rTU4X7gtE",1778061724363]