[{"data":1,"prerenderedAt":1662},["ShallowReactive",2],{"library-1958-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":126,"library-sidebar-dao":1128,"library-sidebar-models":1430},{"id":4,"title":5,"body":6,"category":112,"date":113,"description":114,"extension":115,"meta":116,"navigation":117,"order":118,"path":119,"seo":120,"seoDescription":114,"seoTitle":121,"slug":122,"stem":123,"__hash__":124,"_collection":125},"buffett\u002Fbuffett\u002Fberkshire\u002F1958-ba-fei-te-zhi-he-huo-ren-xin.md","1958 巴菲特致合伙人信",{"type":7,"value":8,"toc":104},"minimark",[9,13,17,20,25,28,31,34,38,41,47,50,53,56,59,62,75,78,81,84,87,90,93,96,99,101],[10,11,5],"h1",{"id":12},"_1958-巴菲特致合伙人信",[14,15,16],"p",{},"沃伦·E·巴菲特",[14,18,19],{},"内布拉斯加州奥马哈市恩德伍德大道5202号",[21,22,24],"h2",{"id":23},"_1958年股市整体情况","1958年股市整体情况",[14,26,27],{},"我有一位朋友，管理着一只中等规模的投资信托，他最近写道：\"美国人阴晴不定的性格，在1958年催生了一场大转变——至少在股市里，用'亢奋'来形容再贴切不过。\"",[14,29,30],{},"这句话很好地总结了1958年股市的心理转变，无论业余投资者还是专业人士，都逃不出这个框子。过去一年里，人们随便找个理由就往股市里\"投资\"。和前些年相比，现在股市里那种阴晴不定的人明显多了，他们能待多久，全看他们觉得还能不费力气地快速赚钱多久。这批人不断壮大队伍、不断把股价往上推，这股劲儿什么时候才会歇，我说不准。但有一点我可以肯定：他们在股市里待的时间越长，最后反弹起来的力道就越猛。",[14,32,33],{},"我从不试图预测大盘走势——我的精力全放在寻找被低估的股票上。不过我确实认为，当社会上弥漫着\"买股票肯定赚钱\"这种信念时，麻烦迟早要来。一旦麻烦来临，我判断，就连被低估的股票，股价也难免大幅受牵连——尽管它们的内在价值不会因此减损。",[21,35,37],{"id":36},"_1958年业绩","1958年业绩",[14,39,40],{},"去年的信里我写过：",[42,43,44],"blockquote",{},[14,45,46],{},"\"相对而言，我们在熊市里应该比牛市里表现更好。所以看我们今年的成绩，要考虑到这本来就是适合我们发挥的年份。在大盘整体大幅上涨的年份，只要能跟上指数涨幅，我就心满意足了。\"",[14,48,49],{},"1958年正是最后那句话说的情形，而我的判断也应验了。道指从435点涨到583点，加上大约20点的股息，道指整体涨幅为38.5%。过去一年，我管理的五个合伙人账户平均收益率略高于38.5%，按年初年末市场价值计算，各账户收益率介于36.7%到46.2%之间。考虑到我们有相当大比例的持仓并没能从这波快速上涨行情中受益，我认为这个成绩还算过得去。我的预测仍然不变：在下跌或平盘的行情里，我们的业绩会跑赢大盘；在上涨的行情里，能跟上就不错了。",[21,51,52],{"id":52},"典型案例",[14,54,55],{},"为了让各位更清楚地了解我们的操作方式，我想聊聊1958年我们做的一笔具体投资。去年我提到过我们的第一重仓股，它占各个合伙人账户10%到20%的仓位。我当时说，我希望这只股票最好不涨甚至下跌，这样我们才能继续买进、进一步加仓。因此，在牛市行情中，这只股票可能会拖累我们的相对表现。",[14,57,58],{},"这只股票，是新泽西州联合市的联邦信托公司 (Commonwealth Trust Co.)。我们开始买入时，保守估算，它的内在价值是每股125美元。然而，这家公司每年每股盈利约10美元，却出于充分的理由分文股息不发，这大概是股价被压在50美元左右的主要原因。换言之，我们面前摆着这样一家公司：管理上乘的银行，盈利能力强，股价相对内在价值打了很大的折扣。管理层对我们这批新股东表示欢迎，这笔投资最终亏损的风险看来极小。",[14,60,61],{},"联邦信托的第一大股东是一家更大的银行，持股25.5%（联邦信托总资产约5000万美元，大约是奥马哈第一国民银行 (First National) 规模的一半）。这家大股东多年来一直希望并购联邦信托，却因为某些个人原因始终未能成事——但种种迹象表明，这种僵局不会永久持续。综合起来，摆在我们面前的，是这样一家公司：",[63,64,65,69,72],"ol",{},[66,67,68],"li",{},"防守属性极强；",[66,70,71],{},"价值扎实可靠，而且以令人满意的速度持续积累；",[66,73,74],{},"有迹象表明，公司的价值终将释放——也许一年，也许十年。若是十年，届时价值应已积累到相当可观的水平，大概每股250美元左右。\n花了大约一年时间，我们累积买到了这家银行约12%的股份，平均买入价约每股51美元。显而易见，股价沉闷对我们来说是好事。我们持有的股份越多，这批股票的价值越高——尤其是当我们成为第二大股东之后，我们在任何并购提议上都有了举足轻重的投票权。",[14,76,77],{},"联邦信托只有大约300名股东，平均每月也就成交两笔左右。这样各位就明白了，为什么我说我们某些持仓的股价几乎不受大盘行情的影响。",[14,79,80],{},"遗憾的是，买入过程中确实遇到了竞争，股价被抬高到65美元左右，在这个价位我们既没买也没卖。对流动性极差的股票而言，很小的买单就能引起这么大的价格变动——这也解释了为什么我们的持仓绝对不能\"泄露\"出去。",[14,82,83],{},"到去年年末，我找到了一个特殊情况，可以以很便宜的价格成为另一家公司的最大股东。于是我卖出了手上全部的联邦信托股票，每股卖到80美元，而当时市场报价比这个价格低约20%。",[14,85,86],{},"当然，我们完全可以继续以50美元的成本价持有联邦信托，继续零零散散地慢慢加仓。我很乐意这么做，只不过如果这样，我们去年的业绩在指数面前就不太好看了。买联邦信托这类股票，到底哪一年才能落袋为安，有很大的偶然性，很难说。单凭某一年的盈亏来评判我们的长期业绩，是靠不住的。话虽如此，我依然坚信，投资于这类被低估且保护完好的股票，是取得长期收益最可靠的途径。",[14,88,89],{},"顺带一提，以80美元买入联邦信托的人，长期来看应该也会有相当不错的回报。但是，内在价值135美元、买价80美元的折价，跟内在价值125美元、买价50美元的折价，差距还是很大的。我认为把资金挪到新的标的上，可以创造更多收益。这只新股票体量比联邦信托大一些，占各个合伙人账户资产的约25%。虽然和我们持有的其他许多股票相比，这只新股票的折价并不特别突出，但我们是它的最大股东，这个地位带来的优势非常实在——我们有更大的影响力，可以左右价值修复所需的时间。就这只股票而言，在我们持有期间，我们几乎可以确定它的表现会优于道指。",[21,91,92],{"id":92},"当前形势",[14,94,95],{},"市场越高，低估的股票就越难找。我发现，现在要凑足够数量的便宜投资机会，确实有些吃力了。我本来想提高套利类品种的仓位比例，但条件合适的套利机会也很难碰到。",[14,97,98],{},"在可能的范围内，我正在尝试通过大量买入几只被低估的股票，自己来创造套利机会。按照这个策略，我们应该能实现我之前的预测——在熊市中跑赢大盘。我希望各位合伙人也以这个标准来评价我。如有任何疑问，欢迎随时来问。",[14,100,16],{},[14,102,103],{},"1959年2月11日",{"title":105,"searchDepth":106,"depth":106,"links":107},"",2,[108,109,110,111],{"id":23,"depth":106,"text":24},{"id":36,"depth":106,"text":37},{"id":52,"depth":106,"text":52},{"id":92,"depth":106,"text":92},"致股东信",null,"1958年巴菲特致合伙人信，分享投资理念、合伙基金业绩表现及低估类投资策略","md",{},true,3,"\u002Fbuffett\u002Fberkshire\u002F1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":114},"1958 巴菲特致合伙人信｜巴菲特","1958-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1958-ba-fei-te-zhi-he-huo-ren-xin","odaZqy2l-cWBmhf8GMm6UEa02VesvhP-LYpsvuUMTDM","buffett",[127,131,135,139,142,145,148,149,152,155,159,162,165,169,172,175,179,182,185,189,192,195,199,202,205,209,212,215,219,222,225,229,232,235,239,242,245,249,252,255,259,262,265,269,272,275,279,282,285,289,292,295,299,302,305,309,312,315,319,322,325,329,332,335,339,342,345,349,352,355,359,362,365,369,372,375,379,382,385,389,392,395,399,402,405,409,412,415,419,422,425,429,432,435,439,442,445,449,452,455,459,462,466,469,473,476,480,483,487,490,494,497,501,504,508,511,515,518,522,525,529,532,536,539,543,546,550,553,557,560,564,567,571,574,578,581,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,932,936,940,944,948,952,956,960,964,968,972,976,980,984,988,992,996,1000,1004,1008,1012,1016,1020,1024,1028,1032,1036,1040,1044,1048,1052,1056,1060,1064,1068,1072,1076,1080,1084,1088,1092,1096,1100,1104,1108,1112,1116,1120,1124],{"title":128,"slug":129,"category":112,"order":130},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":132,"slug":133,"category":134,"order":130},"巴菲特：1951年最看好的股票：GEICO 保险","ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian","访谈与文章",{"title":136,"slug":137,"category":138,"order":130},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":140,"slug":141,"category":112,"order":106},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":143,"slug":144,"category":134,"order":106},"巴菲特：1953年我最看好的股票：西部保险","ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian",{"title":146,"slug":147,"category":138,"order":106},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":122,"category":112,"order":118},{"title":150,"slug":151,"category":134,"order":118},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":153,"slug":154,"category":138,"order":118},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":156,"slug":157,"category":112,"order":158},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":160,"slug":161,"category":134,"order":158},"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":163,"slug":164,"category":138,"order":158},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":166,"slug":167,"category":112,"order":168},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":170,"slug":171,"category":134,"order":168},"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":173,"slug":174,"category":138,"order":168},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":112,"order":178},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":180,"slug":181,"category":134,"order":178},"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":183,"slug":184,"category":138,"order":178},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":112,"order":188},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":190,"slug":191,"category":134,"order":188},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":193,"slug":194,"category":138,"order":188},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":112,"order":198},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":200,"slug":201,"category":134,"order":198},"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":203,"slug":204,"category":138,"order":198},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":206,"slug":207,"category":112,"order":208},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":210,"slug":211,"category":134,"order":208},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":213,"slug":214,"category":138,"order":208},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":216,"slug":217,"category":112,"order":218},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":220,"slug":221,"category":134,"order":218},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":223,"slug":224,"category":138,"order":218},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":226,"slug":227,"category":112,"order":228},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":230,"slug":231,"category":134,"order":228},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":233,"slug":234,"category":138,"order":228},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":112,"order":238},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":240,"slug":241,"category":134,"order":238},"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":243,"slug":244,"category":138,"order":238},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":112,"order":248},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":250,"slug":251,"category":134,"order":248},"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":253,"slug":254,"category":138,"order":248},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":256,"slug":257,"category":112,"order":258},"1963年12月 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巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":663,"slug":664,"category":134,"order":661},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":666,"slug":667,"category":112,"order":668},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":670,"slug":671,"category":134,"order":668},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":673,"slug":674,"category":112,"order":675},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":677,"slug":678,"category":134,"order":675},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":680,"slug":681,"category":112,"order":682},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":684,"slug":685,"category":134,"order":682},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":687,"slug":688,"category":112,"order":689},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":691,"slug":692,"category":134,"order":689},"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":694,"slug":695,"category":112,"order":696},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":698,"slug":699,"category":134,"order":696},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":701,"slug":702,"category":112,"order":703},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":705,"slug":706,"category":134,"order":703},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":708,"slug":709,"category":112,"order":710},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":712,"slug":713,"category":134,"order":710},"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":715,"slug":716,"category":112,"order":717},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":719,"slug":720,"category":134,"order":717},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":722,"slug":723,"category":112,"order":724},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":726,"slug":727,"category":134,"order":724},"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":729,"slug":730,"category":112,"order":731},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":733,"slug":734,"category":134,"order":731},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":736,"slug":737,"category":112,"order":738},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":740,"slug":741,"category":134,"order":738},"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":743,"slug":744,"category":112,"order":745},"2004 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