[{"data":1,"prerenderedAt":1622},["ShallowReactive",2],{"library-1957-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":85,"library-sidebar-dao":1088,"library-sidebar-models":1390},{"id":4,"title":5,"body":6,"category":72,"date":73,"description":74,"extension":75,"meta":76,"navigation":77,"order":70,"path":78,"seo":79,"seoDescription":74,"seoTitle":80,"slug":81,"stem":82,"__hash__":83,"_collection":84},"buffett\u002Fbuffett\u002Fberkshire\u002F1957-ba-fei-te-zhi-he-huo-ren-xin.md","1957 巴菲特致合伙人信",{"type":7,"value":8,"toc":68},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65],[10,11,5],"h1",{"id":12},"_1957-巴菲特致合伙人信",[14,15,16],"p",{},"沃伦·E·巴菲特 (Warren E. Buffett)",[14,18,19],{},"内布拉斯加州奥马哈市安德伍德大道 5202 号",[14,21,22],{},"致有限合伙人的第二封年度信",[14,24,25],{},"1957 年股市整体状况\n在去年写给各位合伙人的信中，我说过下面这段话：",[14,27,28],{},"我认为股市整体定价高于内在价值，尤其是蓝筹股。如果判断属实，则所有股票——不论估值高低——都面临大幅下跌的可能。不管怎样，我认为五年后回头再看，人们不太可能觉得现在的价格是便宜的。即便全面熊市来袭，我们的套利类（work-outs）投资的市场价值受到的冲击也应该相当有限。",[14,30,31],{},"如果整体市场回归低估状态，我们可能会把全部资金都押在低估类（general issues）上，届时或许还会借钱加仓。反之，若市场继续大幅走高，我们的策略是在低估类获利时逐步了结，同时加大套利类投资组合的比重。",[14,33,34],{},"以上这些话并不是想说市场分析是我考虑问题的首要出发点。无论何时，我的主要精力始终放在寻找严重低估的证券上。",[14,36,37],{},"去年股市出现了温和下跌。我刻意强调\"温和\"这个词——因为随便翻翻报纸，或者跟那些刚入市不久的人聊聊天，很容易产生跌幅远大于实际的印象。在我看来，目前经济状况下企业盈利能力的下滑幅度，其实比股价跌幅大得多。这说明公众对蓝筹股和宏观经济依然相当乐观。我无意预测经济走势或股市，上面这番话只是想消除一种误解——股市并没有出现暴跌，市场整体也远未到低位。从长期投资价值来看，我仍然认为当前市场整体偏贵。",[14,39,40],{},"1957 年投资活动回顾\n股市下跌为低估类投资带来了更多机会，因此总体而言，与去年相比，我们投资组合中低估类的占比相对套利类有所提高。这里有必要解释一下\"套利类\"的含义。套利类投资与低估类不同，它的盈利不依赖于股价的一般性上涨，而是取决于特定的公司行动。这类机会来自出售、并购、清算、要约收购等公司事件。每一笔套利投资的风险，不在于经济形势恶化或市场整体下跌，而在于可能出现某些意外扰乱原定计划，导致预期的公司行动无法完成。1956 年末，我们低估类与套利类的仓位比例约为 70:30，现在已调整为约 85:15。",[14,42,43],{},"过去一年，我们在两只股票上建立了较大头寸，规模已足以在公司决策中发挥一定影响力。其中一只在各合伙人账户中的占比为 10% 至 20%，另一只约占 5%。这两只股票都可能需要三到五年才能兑现利润，但目前来看，它们风险极低，有望实现较高的年化收益率。虽然不属于套利类，但这两只股票对大盘走势的依赖度也非常低。当然，如果大盘大幅上涨，这部分投资预计会跑输市场。",[14,45,46],{},"1957 年业绩\n1957 年，我们在 1956 年成立的三个合伙账户均大幅跑赢了整体市场。年初道琼斯工业指数 (Dow-Jones Industrials) 为 499 点，年末收于 435 点，下跌 64 点。若持有指数，则可获得 22 点的股息，整体亏损降为 42 点，全年亏损 8.470%。这一结果与大多数股票型基金的表现大致相当——据我所知，今年没有任何投资于股票的基金实现了正收益。",[14,48,49],{},"1956 年成立的三个合伙账户全年均取得正收益，按 1956 年末净值计算，收益率分别约为 6.2%、7.8% 和 25%。第三个账户的收益率远高于前两个，这自然会引发疑问，尤其是前两个账户的合伙人心里难免会有这个问号。这一差距说明，短期内运气很重要，特别是资金投入的时机。第三个账户是 1956 年最晚成立的，那时市场点位较低，有几只股票特别便宜。因为手头有可用资金，我在这几只股票上建立了较大头寸；而先期成立的两个账户此时已大量投入市场，只能以相对较小的仓位参与这些机会。",[14,51,52],{},"从根本上说，所有合伙账户投资的是相同的股票，持仓比例也大致相同。只是在成立初期，资金到位时间不同，市场点位各异，因此早期业绩差异会比较明显，往后这种差异会逐渐收窄。我的长期目标是每年比指数多跑赢 10%——按这个标准衡量，这三个账户 1957 年的成绩令人满意，甚至可以说是相当出色。",[14,54,55],{},"1957 年中成立的两个合伙账户，在成立后的剩余时间里，业绩与指数表现大体相当，期间约下跌 12%。这两个账户的投资组合正在逐步向 1956 年账户靠拢，预计今后所有账户的业绩表现将更加趋同。",[14,57,58],{},"业绩解读\n1957 年我们能够跑赢市场，一定程度上是因为今年对大多数股票来说本是个难年。相对而言，我们在熊市中的表现往往优于牛市，因此解读上述业绩时需要考虑到这一背景——这本就是一个我们应该表现相对较好的年份。如果哪年大盘整体大幅上涨，只要能跟上指数的涨幅，我就心满意足了。",[14,60,61],{},"可以肯定地说，与 1956 年末相比，1957 年末我们投资组合的价值更高了。原因有两点：一是股价整体更低；二是我们有了更多时间来耐心积累那些严重低估的股票——收集这类机会本就需要等待。前面我提到过，我们最大的一只持仓目前在各合伙账户中占比 10% 至 20%。我计划最终将其调整至所有账户仓位的 20%，但这急不来。买入任何一只股票时，我们当然最希望它原地踏步甚至下跌，而不是立刻上涨。正因如此，我们的投资组合中在任何时候都会有相当大比例处于\"蛰伏期\"。这个策略需要耐心，但会给我们带来最大的长期回报。",[14,63,64],{},"这封信尽量涵盖了我认为各位会感兴趣的话题，也在不触及个股细节的前提下，尽量展示了我们的投资理念。如果对我们投资活动的任何方面有疑问，欢迎来信。",[14,66,67],{},"1958 年 2 月",{"title":69,"searchDepth":70,"depth":70,"links":71},"",2,[],"致股东信",null,"1957年巴菲特致合伙人信，阐述合伙基金运作理念、投资策略及早期市场分析","md",{},true,"\u002Fbuffett\u002Fberkshire\u002F1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":74},"1957 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巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":120,"slug":121,"category":93,"order":118},"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":123,"slug":124,"category":97,"order":118},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":126,"slug":127,"category":72,"order":128},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":130,"slug":131,"category":93,"order":128},"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":133,"slug":134,"category":97,"order":128},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":136,"slug":137,"category":72,"order":138},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":140,"slug":141,"category":93,"order":138},"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":143,"slug":144,"category":97,"order":138},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":146,"slug":147,"category":72,"order":148},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":150,"slug":151,"category":93,"order":148},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":153,"slug":154,"category":97,"order":148},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":156,"slug":157,"category":72,"order":158},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":160,"slug":161,"category":93,"order":158},"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":163,"slug":164,"category":97,"order":158},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":166,"slug":167,"category":72,"order":168},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":170,"slug":171,"category":93,"order":168},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":173,"slug":174,"category":97,"order":168},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":72,"order":178},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":180,"slug":181,"category":93,"order":178},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":183,"slug":184,"category":97,"order":178},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":72,"order":188},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":190,"slug":191,"category":93,"order":188},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":193,"slug":194,"category":97,"order":188},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":72,"order":198},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":200,"slug":201,"category":93,"order":198},"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":203,"slug":204,"category":97,"order":198},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":206,"slug":207,"category":72,"order":208},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":210,"slug":211,"category":93,"order":208},"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":213,"slug":214,"category":97,"order":208},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":216,"slug":217,"category":72,"order":218},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":220,"slug":221,"category":93,"order":218},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":223,"slug":224,"category":97,"order":218},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":226,"slug":227,"category":72,"order":228},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":230,"slug":231,"category":93,"order":228},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":233,"slug":234,"category":97,"order":228},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":72,"order":238},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":240,"slug":241,"category":93,"order":238},"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":243,"slug":244,"category":97,"order":238},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":72,"order":248},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":250,"slug":251,"category":93,"order":248},"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":253,"slug":254,"category":97,"order":248},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":256,"slug":257,"category":72,"order":258},"1965 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":651,"slug":652,"category":93,"order":649},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":654,"slug":655,"category":72,"order":656},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":658,"slug":659,"category":93,"order":656},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":661,"slug":662,"category":72,"order":663},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":665,"slug":666,"category":93,"order":663},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":668,"slug":669,"category":72,"order":670},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":672,"slug":673,"category":93,"order":670},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":675,"slug":676,"category":72,"order":677},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":679,"slug":680,"category":93,"order":677},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":682,"slug":683,"category":72,"order":684},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":686,"slug":687,"category":93,"order":684},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":689,"slug":690,"category":72,"order":691},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":693,"slug":694,"category":93,"order":691},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":696,"slug":697,"category":72,"order":698},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":700,"slug":701,"category":93,"order":698},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":703,"slug":704,"category":72,"order":705},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":707,"slug":708,"category":93,"order":705},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":710,"slug":711,"category":72,"order":712},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":714,"slug":715,"category":93,"order":712},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":717,"slug":718,"category":72,"order":719},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":721,"slug":722,"category":93,"order":719},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":724,"slug":725,"category":72,"order":726},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":728,"slug":729,"category":93,"order":726},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":731,"slug":732,"category":72,"order":733},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":735,"slug":736,"category":93,"order":733},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":738,"slug":739,"category":72,"order":740},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":742,"slug":743,"category":93,"order":740},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":745,"slug":746,"category":72,"order":747},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":749,"slug":750,"category":93,"order":747},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":752,"slug":753,"category":72,"order":754},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":756,"slug":757,"category":93,"order":754},"巴菲特：2009年对话六所商学院学生","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":759,"slug":760,"category":72,"order":761},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":763,"slug":764,"category":93,"order":761},"巴菲特：2009年对话哥大商学院学生","ba-fei-te-2009nian-dui-hua-ge-da-shang-xue-yuan-xue-sheng",{"title":766,"slug":767,"category":72,"order":768},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":770,"slug":771,"category":93,"order":768},"巴菲特：2009年恐慌是会传染的，我们必须做点什么","ba-fei-te-2009nian-kong-huang-shi-hui-chuan-ran-de-wo-men-bi-xu-zuo-dian-shi-me",{"title":773,"slug":774,"category":72,"order":775},"2014 伯克希尔的过去现在与未来","2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai",85,{"title":777,"slug":778,"category":93,"order":775},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":780,"slug":781,"category":72,"order":782},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":784,"slug":785,"category":93,"order":782},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":787,"slug":788,"category":72,"order":789},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":791,"slug":792,"category":93,"order":789},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":794,"slug":795,"category":72,"order":796},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":798,"slug":799,"category":93,"order":796},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":801,"slug":802,"category":72,"order":803},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":805,"slug":806,"category":93,"order":803},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":808,"slug":809,"category":72,"order":810},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":812,"slug":813,"category":93,"order":810},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":815,"slug":816,"category":72,"order":817},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":819,"slug":820,"category":93,"order":817},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":822,"slug":823,"category":72,"order":824},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":826,"slug":827,"category":93,"order":824},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":829,"slug":830,"category":72,"order":831},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":833,"slug":834,"category":93,"order":831},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":836,"slug":837,"category":72,"order":838},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":840,"slug":841,"category":93,"order":838},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":843,"slug":844,"category":72,"order":845},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":847,"slug":848,"category":93,"order":845},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":850,"slug":851,"category":72,"order":852},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":854,"slug":855,"category":93,"order":852},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":857,"slug":858,"category":72,"order":859},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":861,"slug":862,"category":93,"order":859},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":864,"slug":865,"category":72,"order":866},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":868,"slug":869,"category":93,"order":866},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":871,"slug":872,"category":72,"order":873},"2025 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