[{"data":1,"prerenderedAt":1642},["ShallowReactive",2],{"library-1959-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":106,"library-sidebar-dao":1108,"library-sidebar-models":1410},{"id":4,"title":5,"body":6,"category":92,"date":93,"description":94,"extension":95,"meta":96,"navigation":97,"order":98,"path":99,"seo":100,"seoDescription":94,"seoTitle":101,"slug":102,"stem":103,"__hash__":104,"_collection":105},"buffett\u002Fbuffett\u002Fberkshire\u002F1959-ba-fei-te-zhi-he-huo-ren-xin.md","1959 巴菲特致合伙人信",{"type":7,"value":8,"toc":85},"minimark",[9,13,17,20,25,28,31,34,40,43,46,50,53,56,59,62,65,68,71,74,77,80,82],[10,11,5],"h1",{"id":12},"_1959-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},"_1959年股市整体情况","1959年股市整体情况",[14,26,27],{},"道指是人们衡量股市表现最常用的指数，但1959年这个指数有些失真。去年道指从583点涨到679点，涨幅16.4%，加上股息，持有道指的投资者全年总收益率为19.9%。",[14,29,30],{},"然而，这张强势市场的图景背后，纽约证券交易所全年下跌股票数量反而多于上涨股票，比例是710比628。道琼斯铁路指数和道琼斯公用事业指数均录得下跌。",[14,32,33],{},"大多数投资信托也跑输了道指。Tri-Continental Corp. 是全美规模最大的封闭式投资公司（总资产4亿美元），全年总收益率约5.7%。总裁弗雷德·布朗 (Fred Brown) 最近在分析师协会的演讲中，对1959年的市场这样说道：",[35,36,37],"blockquote",{},[14,38,39],{},"\"尽管我们非常看好自己的投资组合，但Tri-Continental的持仓在1959年的市场表现还是让我们失望了。1959年这样的市场，投资者的情绪与热情主导一切，受过价值投资训练、以长期视角操作的基金经理在这种环境里步履维艰。也许我们的太空靴还没调试好。不过我们认为，Tri-Continental这样的机构受托管理的是股东的资金，承担风险是有边界的——我们相信目前的投资组合已经为来年做好了准备。\"",[14,41,42],{},"全美最大的共同基金Massachusetts Investors Trust管理着15亿美元的资产，去年的总体收益率约为9%。",[14,44,45],{},"各位都知道，这几年我对大盘整体估值水平一直很担忧。到目前为止，这份谨慎并没有妨碍我们的业绩。但按照传统估值标准来看，当前蓝筹股的股价中包含了相当大的投机成分，对应着相应的亏损风险。也许新的估值标准正在形成，旧标准将被彻底取代。我不这么认为。我说的很可能是错的——但我宁愿承受过度保守带来的代价，也不愿接受那种\"树真的能长到天上去\"的\"新时代\"哲学，因为一旦犯了这种错，后果可能是本金的永久性损失。",[21,47,49],{"id":48},"_1959年业绩","1959年业绩",[14,51,52],{},"在之前几封信里，我反复讲过合伙人评价我的标准：与大盘指数和大型基金相比，在指数下跌或平盘时超越指数，在指数快速上涨时表现稍逊一筹——这是合理的预期。",[14,54,55],{},"很幸运，1959年我们取得了相当不错的成绩。全年运营的六个合伙人账户，净收益率介于22.3%到30.0%之间，平均约25.9%。目前各账户的投资组合相似度约达到80%，之所以还有差异，是因为各账户的现金投入时间、股票买入时机、向合伙人支付利息等情况各有不同。过去几年里，没有哪个账户能持续年年居首或年年垫底，随着投资组合日趋接近，各账户间的业绩差距也在缩小。",[14,57,58],{},"整体净收益率按年初和年末的市场价值计算，并根据向合伙人的支付或合伙人新投入的资金加以调整。这不是基于当年实际已实现的利润，而是衡量全年清算价值的变动。计算时已扣除经营费用，但未扣除按合伙协议约定支付给合伙人的利息，也未扣除支付给普通合伙人的利润分成。",[14,60,61],{},"主要的经营费用是内布拉斯加州无形资产税，税率相当于几乎所有股票市值的0.4%。去年是这项税收首次切实执行征收，自然对我们的收益造成了0.4%的拖累。",[21,63,64],{"id":64},"当前投资组合",[14,66,67],{},"去年我提到一只新股票，占各合伙人账户资产约25%。目前这只股票的仓位已经上升到约35%。这是一个异乎寻常的重仓比例，但我有充分的理由这么安排。这家公司在某种程度上本身就是一只投资信托，旗下持有三四十只优质股票。我们是以相对于资产价值大幅折价的价格买入的——这个折价是依据他们持有股票的市场价值，加上对其主营业务的保守估值来计算的。",[14,69,70],{},"我们是这家公司遥遥领先的第一大股东，另外两位大股东也与我们立场一致。在价值最终实现之前，这只股票大概率会跑赢大盘，而我希望今年就能看到这一天。",[14,72,73],{},"投资组合剩余的65%，是我认为被低估的股票以及套利类品种。只要有合适的机会，我始终尽量把资金配置在与大盘走势相对独立的标的上。",[14,75,76],{},"这个策略的结果，应该是熊市跑赢、牛市持平。在写这封信的时候，道指已经回吐了1959年涨幅的一半以上——今年也许就是检验熊市表现那个预测的时候了。",[14,78,79],{},"如有任何疑问，或有任何地方我表达得不够清楚，欢迎随时写信给我。",[14,81,16],{},[14,83,84],{},"1960年2月20日",{"title":86,"searchDepth":87,"depth":87,"links":88},"",2,[89,90,91],{"id":23,"depth":87,"text":24},{"id":48,"depth":87,"text":49},{"id":64,"depth":87,"text":64},"致股东信",null,"1959年巴菲特致合伙人信，讨论市场环境、合伙基金业绩及一般套利类投资机会","md",{},true,4,"\u002Fbuffett\u002Fberkshire\u002F1959-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":94},"1959 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":133,"slug":134,"category":114,"order":131},"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":136,"slug":137,"category":118,"order":131},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":102,"category":92,"order":98},{"title":140,"slug":141,"category":114,"order":98},"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":143,"slug":144,"category":118,"order":98},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":146,"slug":147,"category":92,"order":148},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":150,"slug":151,"category":114,"order":148},"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":153,"slug":154,"category":118,"order":148},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":156,"slug":157,"category":92,"order":158},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":160,"slug":161,"category":114,"order":158},"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":163,"slug":164,"category":118,"order":158},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":166,"slug":167,"category":92,"order":168},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":170,"slug":171,"category":114,"order":168},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":173,"slug":174,"category":118,"order":168},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":92,"order":178},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":180,"slug":181,"category":114,"order":178},"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":183,"slug":184,"category":118,"order":178},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":92,"order":188},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":190,"slug":191,"category":114,"order":188},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":193,"slug":194,"category":118,"order":188},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":92,"order":198},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":200,"slug":201,"category":114,"order":198},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":203,"slug":204,"category":118,"order":198},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":206,"slug":207,"category":92,"order":208},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":210,"slug":211,"category":114,"order":208},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":213,"slug":214,"category":118,"order":208},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":216,"slug":217,"category":92,"order":218},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":220,"slug":221,"category":114,"order":218},"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":223,"slug":224,"category":118,"order":218},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":226,"slug":227,"category":92,"order":228},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":230,"slug":231,"category":114,"order":228},"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":233,"slug":234,"category":118,"order":228},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":236,"slug":237,"category":92,"order":238},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":240,"slug":241,"category":114,"order":238},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":243,"slug":244,"category":118,"order":238},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":246,"slug":247,"category":92,"order":248},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":250,"slug":251,"category":114,"order":248},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":253,"slug":254,"category":118,"order":248},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":256,"slug":257,"category":92,"order":258},"1964 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":671,"slug":672,"category":114,"order":669},"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":674,"slug":675,"category":92,"order":676},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":678,"slug":679,"category":114,"order":676},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":681,"slug":682,"category":92,"order":683},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":685,"slug":686,"category":114,"order":683},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":688,"slug":689,"category":92,"order":690},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":692,"slug":693,"category":114,"order":690},"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":695,"slug":696,"category":92,"order":697},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":699,"slug":700,"category":114,"order":697},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":702,"slug":703,"category":92,"order":704},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":706,"slug":707,"category":114,"order":704},"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":709,"slug":710,"category":92,"order":711},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":713,"slug":714,"category":114,"order":711},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":716,"slug":717,"category":92,"order":718},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":720,"slug":721,"category":114,"order":718},"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":723,"slug":724,"category":92,"order":725},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":727,"slug":728,"category":114,"order":725},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":730,"slug":731,"category":92,"order":732},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":734,"slug":735,"category":114,"order":732},"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":737,"slug":738,"category":92,"order":739},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":741,"slug":742,"category":114,"order":739},"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":744,"slug":745,"category":92,"order":746},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":748,"slug":749,"category":114,"order":746},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":751,"slug":752,"category":92,"order":753},"2008 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":811,"slug":812,"category":114,"order":809},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":814,"slug":815,"category":92,"order":816},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":818,"slug":819,"category":114,"order":816},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":821,"slug":822,"category":92,"order":823},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":825,"slug":826,"category":114,"order":823},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":828,"slug":829,"category":92,"order":830},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":832,"slug":833,"category":114,"order":830},"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":835,"slug":836,"category":92,"order":837},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":839,"slug":840,"category":114,"order":837},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":842,"slug":843,"category":92,"order":844},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":846,"slug":847,"category":114,"order":844},"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":849,"slug":850,"category":92,"order":851},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":853,"slug":854,"category":114,"order":851},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":856,"slug":857,"category":92,"order":858},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":860,"slug":861,"category":114,"order":858},"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":863,"slug":864,"category":92,"order":865},"2022 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