[{"data":1,"prerenderedAt":2494},["ShallowReactive",2],{"library-1961-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":958,"library-sidebar-dao":1960,"library-sidebar-models":2262},{"id":4,"title":5,"body":6,"category":944,"date":945,"description":946,"extension":947,"meta":948,"navigation":949,"order":950,"path":951,"seo":952,"seoDescription":946,"seoTitle":953,"slug":954,"stem":955,"__hash__":956,"_collection":957},"buffett\u002Fbuffett\u002Fberkshire\u002F1961-ba-fei-te-zhi-he-huo-ren-xin.md","1961 巴菲特致合伙人信",{"type":7,"value":8,"toc":940},"minimark",[9,13,17,20,23,26,30,33,36,39,42,137,140,143,210,213,216,276,282,340,343,346,349,352,355,358,361,364,367,475,478,482,578,581,584,587,590,593,596,602,605,608,614,617,623,626,629,632,635,638,641,644,647,650,653,656,659,662,665,668,671,674,677,680,683,686,689,692,695,698,701,704,707,710,713,716,719,722,725,728,731,734,737,742,872,877,937],[10,11,5],"h1",{"id":12},"_1961-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙人有限公司",[14,18,19],{},"810 基威特广场",[14,21,22],{},"内布拉斯加州奥马哈 31 号",[14,24,25],{},"1962年1月24日",[10,27,29],{"id":28},"_1961年的业绩","1961年的业绩",[14,31,32],{},"我一直告诉合伙人们，我预期（也希望）在下跌或横盘的市场里，我们能跑赢大盘，但在上涨的市场里，可能就不那么好看了——当然，说预期还是说希望，有时候自己也分不清。在大盘强劲上涨的年份，我预计我们会很难跟上大市的步伐。",[14,34,35],{},"1961年股市表现相当亮眼，我们无论从绝对收益还是相对收益来看都成绩喜人。但这改变不了上一段里我的基本判断。",[14,37,38],{},"1961年，以道琼斯工业指数（以下简称\"道指\"）衡量，包括股息在内，市场整体收益率为22.2%。全年运营的各合伙人账户，扣除运营费用之后、向有限合伙人分配或计提普通合伙人分成之前，平均收益率为45.9%。各账户的具体收益数字，以及1961年新成立账户的情况，请见附录。",[14,40,41],{},"合伙基金如今已满五个整年，以下分别列出逐年与累计（按复利计算）的业绩。计算方式与上段相同：扣除费用之后，向合伙人分配或计提分成之前。",[43,44,45,64],"table",{},[46,47,48],"thead",{},[49,50,51,55,58,61],"tr",{},[52,53,54],"th",{},"年份",[52,56,57],{},"全年运营的合伙账户数",[52,59,60],{},"合伙基金收益率",[52,62,63],{},"道指收益率*",[65,66,67,82,96,110,124],"tbody",{},[49,68,69,73,76,79],{},[70,71,72],"td",{},"1957",[70,74,75],{},"3",[70,77,78],{},"10.4%",[70,80,81],{},"-8.4%",[49,83,84,87,90,93],{},[70,85,86],{},"1958",[70,88,89],{},"5",[70,91,92],{},"40.9%",[70,94,95],{},"38.5%",[49,97,98,101,104,107],{},[70,99,100],{},"1959",[70,102,103],{},"6",[70,105,106],{},"25.9%",[70,108,109],{},"19.9%",[49,111,112,115,118,121],{},[70,113,114],{},"1960",[70,116,117],{},"7",[70,119,120],{},"22.8%",[70,122,123],{},"-6.3%",[49,125,126,129,131,134],{},[70,127,128],{},"1961",[70,130,117],{},[70,132,133],{},"45.9%",[70,135,136],{},"22.2%",[14,138,139],{},"* 含持有道指成分股所获股息。",[14,141,142],{},"按复利计算，累计业绩如下：",[43,144,145,156],{},[46,146,147],{},[49,148,149,151,153],{},[52,150,54],{},[52,152,60],{},[52,154,155],{},"道指收益率",[65,157,158,166,177,188,199],{},[49,159,160,162,164],{},[70,161,72],{},[70,163,78],{},[70,165,81],{},[49,167,168,171,174],{},[70,169,170],{},"1957-58",[70,172,173],{},"55.6%",[70,175,176],{},"26.9%",[49,178,179,182,185],{},[70,180,181],{},"1957-59",[70,183,184],{},"95.9%",[70,186,187],{},"52.2%",[49,189,190,193,196],{},[70,191,192],{},"1957-60",[70,194,195],{},"140.6%",[70,197,198],{},"42.6%",[49,200,201,204,207],{},[70,202,203],{},"1957-61",[70,205,206],{},"251.0%",[70,208,209],{},"74.3%",[14,211,212],{},"上述数字反映的是合伙基金整体收益，而非各位最关心的有限合伙人实际收益。由于过去几年分成方案各有不同，我用合伙人整体净收益（按年初年末市值计算）来衡量整体表现，这样最公允。",[14,214,215],{},"按当前巴菲特合伙人有限公司协议的分成方式折算，有限合伙人收益如下：",[43,217,218,229],{},[46,219,220],{},[49,221,222,224,227],{},[52,223,54],{},[52,225,226],{},"有限合伙人收益率",[52,228,155],{},[65,230,231,240,249,258,267],{},[49,232,233,235,238],{},[70,234,72],{},[70,236,237],{},"9.3%",[70,239,81],{},[49,241,242,244,247],{},[70,243,86],{},[70,245,246],{},"32.2%",[70,248,95],{},[49,250,251,253,256],{},[70,252,100],{},[70,254,255],{},"20.9%",[70,257,109],{},[49,259,260,262,265],{},[70,261,114],{},[70,263,264],{},"18.6%",[70,266,123],{},[49,268,269,271,274],{},[70,270,128],{},[70,272,273],{},"35.9%",[70,275,136],{},[14,277,278],{},[279,280,281],"strong",{},"复合收益率",[43,283,284,294],{},[46,285,286],{},[49,287,288,290,292],{},[52,289,54],{},[52,291,226],{},[52,293,155],{},[65,295,296,304,313,322,331],{},[49,297,298,300,302],{},[70,299,72],{},[70,301,237],{},[70,303,81],{},[49,305,306,308,311],{},[70,307,170],{},[70,309,310],{},"44.5%",[70,312,176],{},[49,314,315,317,320],{},[70,316,181],{},[70,318,319],{},"74.7%",[70,321,187],{},[49,323,324,326,329],{},[70,325,192],{},[70,327,328],{},"107.2%",[70,330,198],{},[49,332,333,335,338],{},[70,334,203],{},[70,336,337],{},"181.6%",[70,339,209],{},[10,341,342],{"id":342},"关于衡量标准",[14,344,345],{},"我在最初筛选合伙人，以及此后与合伙人打交道的过程中，最重视的一件事，就是确认我们用的是同一把尺子。如果业绩差，合伙人应该撤资，我自己也该另觅出路，不必再做投资了。如果业绩好，我当然知道自己干得出色——这种状态，我相信自己适应起来不会有什么困难。",[14,347,348],{},"问题在于，什么叫好、什么叫差，我们必须事先说清楚。衡量标准要先定，事后再找参照，无论什么业绩，总能找到一个更差的标杆。",[14,350,351],{},"我一直以道指作为我们的及格线。我个人认为，三年是检验投资表现的最短年限，而最有说服力的考察期，是期末道指点位与期初大体相当的那段时间——看的就是在市场原地踏步的情况下，你究竟赚了多少。",[14,353,354],{},"道指当然不是完美的衡量标准，但它有三个好处：人所共知、历史悠久、能相当准确地反映普通投资者的市场体验。如果要用别的标准来衡量大市表现，我也不反对，比如其他股市指数、大型分散化股票基金、银行共同信托基金等，都行。",[14,356,357],{},"你可能会觉得，打败一个无人管理的30只蓝筹股指数，听上去没什么难度，我定的标准是不是太低了。其实不然，道指是一个相当难缠的对手。亚瑟·威辛保 (Arthur Wiesenberger) 写过一本关于投资公司的经典著作，其中列出了所有主要共同基金1946至1960年这15年的业绩。目前美国基金管理的资产超过200亿美元，这些基金的整体表现代表着数千万投资者的实际收益。虽然没有现成的数据，但我相信绝大多数顶级投资咨询机构和银行信托部门，业绩也和这些基金差不多。",[14,359,360],{},"威辛保的《Charts & Statistics》一书收录了70只自1946年起便有持续业绩记录的基金。我剔除了其中32只，原因各不相同——有些是平衡型基金（因此没有充分参与大市上涨），有些是行业专项基金，等等。我觉得拿这32只做比较不公平。顺带一提，被我剔除的这32只里，有31只跑输道指，所以这个筛选完全没有美化结论的嫌疑。",[14,362,363],{},"剩下38只基金，我认为与道指具有可比性。结果：32只跑输，6只跑赢。1960年末，跑赢的6只资产规模合计约10亿美元，跑输的32只合计约65亿美元。而那6只跑赢的，每年领先道指的幅度也不过寥寥几个百分点。",[14,365,366],{},"以下是我们运营以来，与最大的两只开放式股票基金及最大的两只封闭式基金的逐年对比（没有1961年的数据，因为我暂时拿不到准确数字，粗略估算结果与1957-60年的情况相差不大）：",[43,368,369,393],{},[46,370,371],{},[49,372,373,375,378,381,384,387,390],{},[52,374,54],{},[52,376,377],{},"Mass. Inv. Trust",[52,379,380],{},"Investors Stock",[52,382,383],{},"Lehman",[52,385,386],{},"Tri-Cont.",[52,388,389],{},"道指",[52,391,392],{},"有限合伙人",[65,394,395,415,435,455],{},[49,396,397,399,402,405,408,411,413],{},[70,398,72],{},[70,400,401],{},"-12.0%",[70,403,404],{},"-12.4%",[70,406,407],{},"-11.4%",[70,409,410],{},"-2.4%",[70,412,81],{},[70,414,237],{},[49,416,417,419,422,425,428,431,433],{},[70,418,86],{},[70,420,421],{},"44.1%",[70,423,424],{},"47.6%",[70,426,427],{},"40.8%",[70,429,430],{},"33.2%",[70,432,95],{},[70,434,246],{},[49,436,437,439,442,445,448,451,453],{},[70,438,100],{},[70,440,441],{},"8.2%",[70,443,444],{},"10.3%",[70,446,447],{},"8.1%",[70,449,450],{},"8.4%",[70,452,109],{},[70,454,255],{},[49,456,457,459,462,465,468,471,473],{},[70,458,114],{},[70,460,461],{},"-0.9%",[70,463,464],{},"-0.1%",[70,466,467],{},"2.6%",[70,469,470],{},"2.8%",[70,472,123],{},[70,474,264],{},[14,476,477],{},"（数据来源：Moody's Banks & Finance Manual, 1961）",[14,479,480],{},[279,481,281],{},[43,483,484,502],{},[46,485,486],{},[49,487,488,490,492,494,496,498,500],{},[52,489,54],{},[52,491,377],{},[52,493,380],{},[52,495,383],{},[52,497,386],{},[52,499,389],{},[52,501,392],{},[65,503,504,520,540,558],{},[49,505,506,508,510,512,514,516,518],{},[70,507,72],{},[70,509,401],{},[70,511,404],{},[70,513,407],{},[70,515,410],{},[70,517,81],{},[70,519,237],{},[49,521,522,524,527,530,533,536,538],{},[70,523,170],{},[70,525,526],{},"26.8%",[70,528,529],{},"29.3%",[70,531,532],{},"24.7%",[70,534,535],{},"30.0%",[70,537,176],{},[70,539,310],{},[49,541,542,544,547,549,552,554,556],{},[70,543,181],{},[70,545,546],{},"37.2%",[70,548,198],{},[70,550,551],{},"34.8%",[70,553,92],{},[70,555,187],{},[70,557,319],{},[49,559,560,562,565,568,571,574,576],{},[70,561,192],{},[70,563,564],{},"36.0%",[70,566,567],{},"42.5%",[70,569,570],{},"38.3%",[70,572,573],{},"44.8%",[70,575,198],{},[70,577,328],{},[14,579,580],{},"Massachusetts Investors Trust 净资产约18亿美元；Investors Stock Fund 约10亿美元；Tri-Continental Corporation 约5亿美元；Lehman Corporation 约3.5亿美元；四家合计超过35亿美元。",[14,582,583],{},"列出上面这些表格和数据，不是为了批评基金公司。换我来管这么大规模的资金，受种种限制，不能像管合伙基金这样运作，我的业绩大概也好不到哪里去。我想说明的是：道指是个难打的对手，美国绝大多数投资基金，别说跑赢，就算跟上也很吃力。",[14,585,586],{},"我们的投资组合与道指的成分股大相径庭。我们的投资方法和共同基金的也截然不同。",[14,588,589],{},"然而，大多数合伙人如果不把资金交给我们，很可能就会放进某种收益与道指大致相当的渠道。所以，我认为用道指来衡量我们的业绩，是合理的。",[10,591,592],{"id":592},"我们的投资方法",[14,594,595],{},"我们的投资分为三大类。各类投资的特性不同，资金在三类之间的分配比例，会对我们任何一年相对道指的表现产生重要影响。三类之间的具体比例，有一定规划，但在很大程度上也要见机行事，取决于实际可用的投资机会。",[14,597,598,601],{},[279,599,600],{},"第一类是低估类股票","（以下称\"低估类\"），在这类投资中，我们对公司决策没有话语权，也没有办法掌控估值修复的时间表。多年来，低估类一直是我们最大的投资类别，赚到的钱也比其他两类更多。我们通常以较重仓位（每只占总资产5%至10%）持有五六只低估股票，另外以较轻仓位持有另外十到十五只。",[14,603,604],{},"这类投资有时很快获利，很多时候需要好几年。买入的时候，往往说不清楚这只股票为什么会涨。但也正因为这些股票黯淡无光、短期没有任何显而易见的催化剂，才有那么便宜的价格。付出的价格低，得到的价值高。每一笔低估类投资的价值都远超价格，自带可观的安全边际。每只单独有安全边际，分散持有多只，便形成了一个既安全又有上涨潜力的投资组合。多年下来，我们在这类投资上的买入时机，始终明显优于卖出时机。做低估类投资，我们从来没打算赚到最后一分钱，能在买入价和产业资本评估的合理价值之间某个位置出手，我们就很满足了。",[14,606,607],{},"低估类股票的涨跌受大盘牵制很深。便宜归便宜，该跌的时候一样跌。市场急跌时，这类股票的跌幅可能不亚于道指。但长期来看，我相信低估类会跑赢道指。在像1961年这样大涨的行情里，低估类是我们整个投资组合里表现最好的一块。当然，市场下跌时，它也是最脆弱的一块。",[14,609,610,613],{},[279,611,612],{},"第二类是\"套利类\"","（work-outs）。这类投资的结果取决于公司行为，而非证券买卖双方的供需关系。换句话说，这类股票有明确的时间表，在误差范围内，我们事先就能预判大约多久能拿到多少回报、以及什么情况会打乱原有计划。套利机会源于并购、清算、重组、分拆等公司活动。近几年，主要来源是大型综合石油公司对独立石油生产商的收购。",[14,615,616],{},"这类投资每年带来的收益相对稳定，在很大程度上不受道指涨跌影响。某年我们把大部分资金押在套利上，若那年大市下跌，相对业绩就会非常好；若大市大涨，相对业绩就会显得很差。多年来，套利类是我们第二大投资类别。任何时候，我们手上通常同时有十到十五个套利操作，有的刚刚开始，有的已接近尾声。无论从最终结果还是过程中的市场表现来看，套利类具有高度安全性，因此我认为完全可以借钱来为这部分仓位融资。不计借款的杠杆效果，套利类的收益率通常在10%至20%之间。我给自己定了一条硬性规定：借款不得超过合伙基金净值的25%。大多数时候我们不借钱，借的时候也只是用于套利。",[14,618,619,622],{},[279,620,621],{},"第三类是\"控制类\"","，我们或拥有控股权，或持有大量股份并参与影响公司决策。这类投资必须用几年的维度来衡量。在收集筹码的过程中，我们恰恰希望股价长期低迷不动，所以单独某一年，控制类可能毫无贡献。这类投资同样与道指的涨跌关联不大。有时候，我们是以低估类的逻辑买入一只股票，但心里想着它或许将来能演变成控制类。如果股价长期低迷，这种情况确实可能发生。如果还没买够，股价就已经涨了，我们就在高价卖出，顺利完成一笔低估类投资。我们目前正在买入的一些股票，再过几年，有可能发展成控制类。",[10,624,625],{"id":625},"登普斯特风车制造公司",[14,627,628],{},"我们目前控股登普斯特风车制造公司 (Dempster Mill Manufacturing Company)，该公司位于内布拉斯加州比阿特丽斯市。五年前，我们最初是把它作为低估类股票买入的，后来又买到了一大笔，四年前我进入了董事会。1961年8月，我们取得了绝对控股权。这笔投资也说明，我们很多操作确实不是那种一蹴而就的事情。",[14,630,631],{},"目前我们持有登普斯特70%的股份，另有10%由几位关联人士共同持有。其余股东只有150人左右，这只股票几乎没有成交量，对于控股股东而言，市场报价也毫无意义。我们自己的买卖行为，就足以大幅影响挂牌价格。",[14,633,634],{},"因此，我必须对我们年末控股权益的价值做出估算。这件事格外重要，因为新合伙人买入、老合伙人卖出，都是以这个价格为基础。估算的价值不应该是我们希望它将来能值多少，也不应该是急于收购者愿意出的价，而应该是在当前条件下合理短的时间内出售能拿到多少钱。我们会致力于提升公司价值，我们对此有合理的预期。",[14,636,637],{},"登普斯特生产农业机械和供水系统，1961年销售额约为900万美元。近年来，公司经营利润相对于投入资本而言极为微薄，原因是管理不力，加上行业本身也颇为艰难。目前，公司合并净资产（账面价值）约为450万美元，折合每股75美元，合并营运资金约为每股50美元，年末我们将控股权益估值为每股35美元。我不敢说这个估值精准无误，但我认为对新老合伙人都公允。只要盈利能力哪怕恢复到中等水平，这个估值就有提升空间；就算恢复不了，登普斯特将来也应该能变现出更高的价值。我们取得控股权的平均成本约为每股28美元，按35美元估值，这只股票目前占合伙基金净值的21%。",[14,639,640],{},"当然，这部分投资的价值，不会仅仅因为通用汽车 (General Motors)、美国钢铁 (U.S. Steel) 涨了就跟着涨。在火热的大牛市里，搞控制类投资，跟直接买大盘股相比，显得格外费劲。但在当前的市场点位，我看到的危险比机会更多。控制类和套利类，能让我们的一部分投资组合与这些危险绝缘。",[10,642,643],{"id":643},"关于保守",[14,645,646],{},"从上面对三类投资的描述中，你或许能感受到我们的投资组合有多保守。多年前，许多人认为买中期或长期市政债券或国债是最保守的做法。结果，这些债券的市值大幅缩水，绝大多数情况下连保值都做不到，更别提提升实际购买力了。",[14,648,649],{},"现在，大家意识到通货膨胀的威胁了——或许意识得过头了。很多人几乎不看市盈率、股息率，就冲进蓝筹股，以为这样很保守。跟买债券的例子不同，这一次还没有事后可供参考的结果，但我认为这种做法危机四伏。猜测贪婪善变的大众会给企业盈利贴上多高的估值倍数，根本谈不上保守。",[14,651,652],{},"别人暂时和你意见一致，不代表你就是对的。重要人物和你意见一致，也不代表你就是对的。在很多圈子里，只要这两个条件同时满足，人们就认为某种做法算得上保守了。",[14,654,655],{},"但真正的对错，是在经历了许多笔投资之后才见分晓的——前提是你的假设正确、事实正确、推理正确。真正的保守，只有凭借知识和理性才能实现。",[14,657,658],{},"还要补充一点：我们的投资组合不走寻常路，但这本身并不能证明我们比普通投资方式更保守或更激进。是否保守，只能通过检验投资方法和投资结果来判断。",[14,660,661],{},"我认为，评判我们投资保守程度最客观的方法，就是看市场下跌时的表现，最好是大幅下跌。1957年和1960年市场温和回落，我们的表现可以印证我的判断：我们的投资方式极为保守。欢迎任何合伙人提出其他客观衡量保守程度的方法，来检验我们。我们从未出现超过净资产总额0.5%的已实现亏损，我们已实现收益与已实现亏损的比例约为100比1。这固然在一定程度上反映出我们一直处于上行市场，但即便在这样的市场里，亏钱的机会也处处皆是（你自己就能找到不少例子），所以我认为这个比例还是能说明一些问题的。",[10,663,664],{"id":664},"关于规模",[14,666,667],{},"除了\"我死了怎么办\"这个问题（这个话题颇有几分玄妙，我自己其实也挺感兴趣的），合伙人问我最多的就是：\"合伙基金规模快速扩张，会对业绩产生什么影响？\"",[14,669,670],{},"规模扩大是把双刃剑。就\"被动型\"投资而言——也就是我们不打算通过持股规模来影响公司决策的那类——规模扩大对收益率不利。对于主投大盘蓝筹的基金或信托，庞大的资金规模对收益率的影响微乎其微。买入10,000股通用汽车，相比买入1,000股或100股，成本（按数学期望值计算）只多一点点。",[14,672,673],{},"但我们投资的一部分股票（不是全部）——买入10,000股要比买入100股难得多，有时候根本买不到。因此，对我们一部分投资来说，资金规模扩大确实不利。我认为对更大比例的投资来说，规模扩大的不利影响很小，这部分包括大多数套利类和部分低估类。",[14,675,676],{},"但对于控制类投资，资金规模扩大绝对是优势。没有足够的资金，\"桑伯恩地图\"那笔投资根本做不成。我坚信，随着资金增长，控制类投资的机会只会越来越多。原因有二：一是所需资金越大，竞争对手就会被一个个挡在门外；二是公司规模越大，股权往往越分散。",[14,678,679],{},"那么，被动型投资前景趋弱，与控制类投资前景向好，哪边更重要？这个问题我没法给出确定的答案，因为很大程度上取决于市场状况。我目前的判断是，两者应该大体相抵。如果我的想法有变，会及时告诉大家。有一点我可以非常确定地说：1960年和1961年，如果不是因为我们的规模比1956和1957年大得多，业绩不会有那么好。",[10,681,682],{"id":682},"一个预测",[14,684,685],{},"老读者（我这是王婆卖瓜，自卖自夸了）看到我开口预测，肯定觉得我反常。预测这件事，我一向敬而远之，现在也是——通常意义上如此。",[14,687,688],{},"我肯定不会预测明后两年的宏观经济或股市走向，因为我完全不知道。",[14,690,691],{},"不过有一点我相当确定：今后十年里，有几年大盘会涨20%到25%，有几年会跌差不多的幅度，其余大多数年份则夹在中间。哪年涨、哪年跌，我毫无头绪，长期投资者也不必太在意。",[14,693,694],{},"放眼足够长的时间，我认为道指含股息和市值增长的年复合收益率大概在5%到7%之间。这几年大市涨得不少，但要是期望大市长期能超过这个水平，恐怕要失望了。",[14,696,697],{},"我们的工作是年复一年积累相对道指的超额收益，不必太纠结某一年的绝对结果是正还是负。一年里，若我们跌15%而道指跌25%，在我看来，比我们和道指都涨20%的年份要好得多。我和合伙人一再强调这一点，也亲眼看着他们点头，有人深信不疑，有人半信半疑。这一点对我非常重要：我希望你不仅在脑子里认同这个逻辑，更要打心底里接受它。",[14,699,700],{},"正如在介绍我们投资方法时所说的，我们相对道指最出色的年份，很可能出现在下跌或横盘的市场里。因此，我们取得的超额优势会时多时少，差异相当大。有些年份我们肯定会落后道指，但如果从长期来看，我们能平均每年跑赢道指10个百分点，我就认为这是令人满意的结果。",[14,702,703],{},"具体而言：如果某年市场下跌35%或40%（今后十年里某一年出现这种情况的概率相当大，但谁也不知道是哪年），我们应该只跌15%或20%；如果道指基本持平，我们应该能涨约10个百分点；如果道指涨超20%，我们很难跟上。长期保持这样的表现，假设道指年复合收益率在5%到7%，我们的目标是每年15%到17%。",[14,705,706],{},"这些预期听起来或许有些大胆，等到1965年或1970年回头来看，很可能显得更加大胆——也可能完全证明是错的。但我认为合伙人有权知道我的真实想法，尽管这一行的特点就是让预期很容易出错。单独某一年，波动可能相当剧烈。1961年正是如此，幸运的是，波动的方向是向上的。可不能每次都这么走运！",[10,708,709],{"id":709},"其他事项",[14,711,712],{},"我们现在搬进了基威特广场810室，聘请了一位专业秘书贝丝·亨利 (Beth Henley)，还有一位在我专长领域有丰富经验的同事比尔·斯科特 (Bill Scott)。我父亲与我们共用办公室（他也分摊费用），在那里经营券商业务。我们没有一笔经纪业务通过他来处理，所以不存在任何利益输送的问题。",[14,714,715],{},"总体而言，不含借款利息和内布拉斯加州无形资产税，我估计我们的运营开支不到净资产的0.5%。这笔钱花得值，欢迎你随时登门，亲眼看看钱是怎么用的。",[14,717,718],{},"现在我们有90多位合伙人，大约持有40只左右的股票。能从一些繁琐的日常事务中解脱出来，对我来说实在是一大轻松。",[14,720,721],{},"我们的合伙人如今遍布全美，从加利福尼亚到佛蒙特州，1962年初的净资产为7,178,500美元。苏茜 (Susie) 和我在合伙基金中的权益为1,025,000美元，我的其他亲属合计权益为782,600美元。去年新合伙人的最低投资门槛是25,000美元，今年我在考虑是否适当提高。",[14,723,724],{},"毕马威 (Peat, Marwick, Mitchell & Company) 出色地完成了这次审计，比以往更早提交了报税数据，并保证以后会保持这个效率。",[14,726,727],{},"对于这封信的任何内容、审计情况或你的合伙权益，如有任何疑问，请随时告诉我。",[14,729,730],{},"诚挚的",[14,732,733],{},"沃伦·E·巴菲特 (Warren E. Buffett)",[10,735,736],{"id":736},"附录",[14,738,739],{},[279,740,741],{},"1961年管理的合伙人账户",[43,743,744,760],{},[46,745,746],{},[49,747,748,751,754,757],{},[52,749,750],{},"合伙人账户",[52,752,753],{},"1961年1月1日资产市值",[52,755,756],{},"1961年总收益*",[52,758,759],{},"收益率",[65,761,762,776,790,804,818,832,846,860],{},[49,763,764,767,770,773],{},[70,765,766],{},"Buffett Associates",[70,768,769],{},"486,874.27",[70,771,772],{},"225,387.80",[70,774,775],{},"46.3%",[49,777,778,781,784,787],{},[70,779,780],{},"Buffett 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巴菲特致合伙人信｜巴菲特","1961-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1961-ba-fei-te-zhi-he-huo-ren-xin","06diiDO7g6yZKipekQkuyifVx4bRSak0-FmIpb-JUVw","buffett",[959,963,967,971,974,977,980,984,987,990,994,997,1000,1004,1007,1010,1011,1014,1017,1021,1024,1027,1031,1034,1037,1041,1044,1047,1051,1054,1057,1061,1064,1067,1071,1074,1077,1081,1084,1087,1091,1094,1097,1101,1104,1107,1111,1114,1117,1121,1124,1127,1131,1134,1137,1141,1144,1147,1151,1154,1157,1161,1164,1167,1171,1174,1177,1181,1184,1187,1191,1194,1197,1201,1204,1207,1211,1214,1217,1221,1224,1227,1231,1234,1237,1241,1244,1247,1251,1254,1257,1261,1264,1267,1271,1274,1277,1281,1284,1287,1291,1294,1298,1301,1305,1308,1312,1315,1319,1322,1326,1329,1333,1336,1340,1343,1347,1350,1354,1357,1361,1364,1368,1371,1375,1378,1382,1385,1389,1392,1396,1399,1403,1406,1410,1413,1417,1420,1424,1427,1431,1434,1438,1441,1445,1448,1452,1455,1459,1462,1466,1469,1473,1476,1480,1483,1487,1490,1494,1497,1501,1504,1508,1511,1515,1518,1522,1525,1529,1532,1536,1539,1543,1546,1550,1553,1557,1560,1564,1567,1571,1574,1578,1581,1585,1588,1592,1595,1599,1602,1606,1609,1613,1616,1620,1623,1627,1630,1634,1637,1641,1644,1648,1651,1655,1658,1662,1665,1669,1672,1676,1679,1683,1686,1690,1693,1697,1700,1704,1707,1711,1714,1718,1721,1725,1728,1732,1735,1739,1742,1746,1749,1753,1756,1760,1764,1768,1772,1776,1780,1784,1788,1792,1796,1800,1804,1808,1812,1816,1820,1824,1828,1832,1836,1840,1844,1848,1852,1856,1860,1864,1868,1872,1876,1880,1884,1888,1892,1896,1900,1904,1908,1912,1916,1920,1924,1928,1932,1936,1940,1944,1948,1952,1956],{"title":960,"slug":961,"category":944,"order":962},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":964,"slug":965,"category":966,"order":962},"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":968,"slug":969,"category":970,"order":962},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":972,"slug":973,"category":944,"order":942},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":975,"slug":976,"category":966,"order":942},"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":978,"slug":979,"category":970,"order":942},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":981,"slug":982,"category":944,"order":983},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":985,"slug":986,"category":966,"order":983},"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":988,"slug":989,"category":970,"order":983},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":991,"slug":992,"category":944,"order":993},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":995,"slug":996,"category":966,"order":993},"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":998,"slug":999,"category":970,"order":993},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1001,"slug":1002,"category":944,"order":1003},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1005,"slug":1006,"category":966,"order":1003},"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":1008,"slug":1009,"category":970,"order":1003},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":954,"category":944,"order":950},{"title":1012,"slug":1013,"category":966,"order":950},"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":1015,"slug":1016,"category":970,"order":950},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1018,"slug":1019,"category":944,"order":1020},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1022,"slug":1023,"category":966,"order":1020},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1025,"slug":1026,"category":970,"order":1020},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1028,"slug":1029,"category":944,"order":1030},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1032,"slug":1033,"category":966,"order":1030},"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":1035,"slug":1036,"category":970,"order":1030},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1038,"slug":1039,"category":944,"order":1040},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1042,"slug":1043,"category":966,"order":1040},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1045,"slug":1046,"category":970,"order":1040},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1048,"slug":1049,"category":944,"order":1050},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1052,"slug":1053,"category":966,"order":1050},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1055,"slug":1056,"category":970,"order":1050},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1058,"slug":1059,"category":944,"order":1060},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1062,"slug":1063,"category":966,"order":1060},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1065,"slug":1066,"category":970,"order":1060},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1068,"slug":1069,"category":944,"order":1070},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1072,"slug":1073,"category":966,"order":1070},"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":1075,"slug":1076,"category":970,"order":1070},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1078,"slug":1079,"category":944,"order":1080},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1082,"slug":1083,"category":966,"order":1080},"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":1085,"slug":1086,"category":970,"order":1080},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1088,"slug":1089,"category":944,"order":1090},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1092,"slug":1093,"category":966,"order":1090},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1095,"slug":1096,"category":970,"order":1090},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1098,"slug":1099,"category":944,"order":1100},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1102,"slug":1103,"category":966,"order":1100},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1105,"slug":1106,"category":970,"order":1100},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1108,"slug":1109,"category":944,"order":1110},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1112,"slug":1113,"category":966,"order":1110},"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":1115,"slug":1116,"category":970,"order":1110},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1118,"slug":1119,"category":944,"order":1120},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1122,"slug":1123,"category":966,"order":1120},"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":1125,"slug":1126,"category":970,"order":1120},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1128,"slug":1129,"category":944,"order":1130},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1132,"slug":1133,"category":966,"order":1130},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":1135,"slug":1136,"category":970,"order":1130},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1138,"slug":1139,"category":944,"order":1140},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1142,"slug":1143,"category":966,"order":1140},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":1145,"slug":1146,"category":970,"order":1140},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1148,"slug":1149,"category":944,"order":1150},"1965年11月 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周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1175,"slug":1176,"category":970,"order":1170},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1178,"slug":1179,"category":944,"order":1180},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1182,"slug":1183,"category":966,"order":1180},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1185,"slug":1186,"category":970,"order":1180},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1188,"slug":1189,"category":944,"order":1190},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1192,"slug":1193,"category":966,"order":1190},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":1195,"slug":1196,"category":970,"order":1190},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1198,"slug":1199,"category":944,"order":1200},"1966年中 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巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1242,"slug":1243,"category":966,"order":1240},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":1245,"slug":1246,"category":970,"order":1240},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1248,"slug":1249,"category":944,"order":1250},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1252,"slug":1253,"category":966,"order":1250},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":1255,"slug":1256,"category":970,"order":1250},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1258,"slug":1259,"category":944,"order":1260},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1262,"slug":1263,"category":966,"order":1260},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1265,"slug":1266,"category":970,"order":1260},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1268,"slug":1269,"category":944,"order":1270},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1272,"slug":1273,"category":966,"order":1270},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":1275,"slug":1276,"category":970,"order":1270},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1278,"slug":1279,"category":944,"order":1280},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1282,"slug":1283,"category":966,"order":1280},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":1285,"slug":1286,"category":970,"order":1280},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1288,"slug":1289,"category":944,"order":1290},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1292,"slug":1293,"category":966,"order":1290},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1295,"slug":1296,"category":944,"order":1297},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1299,"slug":1300,"category":966,"order":1297},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1302,"slug":1303,"category":944,"order":1304},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1306,"slug":1307,"category":966,"order":1304},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1309,"slug":1310,"category":944,"order":1311},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1313,"slug":1314,"category":966,"order":1311},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1316,"slug":1317,"category":944,"order":1318},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":1320,"slug":1321,"category":966,"order":1318},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1323,"slug":1324,"category":944,"order":1325},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1327,"slug":1328,"category":966,"order":1325},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1330,"slug":1331,"category":944,"order":1332},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1334,"slug":1335,"category":966,"order":1332},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1337,"slug":1338,"category":944,"order":1339},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1341,"slug":1342,"category":966,"order":1339},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1344,"slug":1345,"category":944,"order":1346},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1348,"slug":1349,"category":966,"order":1346},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":1351,"slug":1352,"category":944,"order":1353},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1355,"slug":1356,"category":966,"order":1353},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":1358,"slug":1359,"category":944,"order":1360},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1362,"slug":1363,"category":966,"order":1360},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":1365,"slug":1366,"category":944,"order":1367},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1369,"slug":1370,"category":966,"order":1367},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1372,"slug":1373,"category":944,"order":1374},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1376,"slug":1377,"category":966,"order":1374},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1379,"slug":1380,"category":944,"order":1381},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1383,"slug":1384,"category":966,"order":1381},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1386,"slug":1387,"category":944,"order":1388},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1390,"slug":1391,"category":966,"order":1388},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1393,"slug":1394,"category":944,"order":1395},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1397,"slug":1398,"category":966,"order":1395},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1400,"slug":1401,"category":944,"order":1402},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1404,"slug":1405,"category":966,"order":1402},"2004年：《巴菲特：2004年与塔克商学院学生对谈》","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":1407,"slug":1408,"category":944,"order":1409},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1411,"slug":1412,"category":966,"order":1409},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1414,"slug":1415,"category":944,"order":1416},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1418,"slug":1419,"category":966,"order":1416},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":1421,"slug":1422,"category":944,"order":1423},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1425,"slug":1426,"category":966,"order":1423},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1428,"slug":1429,"category":944,"order":1430},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1432,"slug":1433,"category":966,"order":1430},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":1435,"slug":1436,"category":944,"order":1437},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1439,"slug":1440,"category":966,"order":1437},"与沃伦·巴菲特的问答纪要 2005年","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":1442,"slug":1443,"category":944,"order":1444},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1446,"slug":1447,"category":966,"order":1444},"2005年：《巴菲特：2005年与塔克商学院学生对谈》","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":1449,"slug":1450,"category":944,"order":1451},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1453,"slug":1454,"category":966,"order":1451},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":1456,"slug":1457,"category":944,"order":1458},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1460,"slug":1461,"category":966,"order":1458},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":1463,"slug":1464,"category":944,"order":1465},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1467,"slug":1468,"category":966,"order":1465},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":1470,"slug":1471,"category":944,"order":1472},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1474,"slug":1475,"category":966,"order":1472},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":1477,"slug":1478,"category":944,"order":1479},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1481,"slug":1482,"category":966,"order":1479},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":1484,"slug":1485,"category":944,"order":1486},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1488,"slug":1489,"category":966,"order":1486},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":1491,"slug":1492,"category":944,"order":1493},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1495,"slug":1496,"category":966,"order":1493},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1498,"slug":1499,"category":944,"order":1500},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1502,"slug":1503,"category":966,"order":1500},"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":1505,"slug":1506,"category":944,"order":1507},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1509,"slug":1510,"category":966,"order":1507},"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":1512,"slug":1513,"category":944,"order":1514},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1516,"slug":1517,"category":966,"order":1514},"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":1519,"slug":1520,"category":944,"order":1521},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1523,"slug":1524,"category":966,"order":1521},"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":1526,"slug":1527,"category":944,"order":1528},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1530,"slug":1531,"category":966,"order":1528},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1533,"slug":1534,"category":944,"order":1535},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1537,"slug":1538,"category":966,"order":1535},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1540,"slug":1541,"category":944,"order":1542},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1544,"slug":1545,"category":966,"order":1542},"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":1547,"slug":1548,"category":944,"order":1549},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1551,"slug":1552,"category":966,"order":1549},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1554,"slug":1555,"category":944,"order":1556},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1558,"slug":1559,"category":966,"order":1556},"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":1561,"slug":1562,"category":944,"order":1563},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1565,"slug":1566,"category":966,"order":1563},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1568,"slug":1569,"category":944,"order":1570},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1572,"slug":1573,"category":966,"order":1570},"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":1575,"slug":1576,"category":944,"order":1577},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1579,"slug":1580,"category":966,"order":1577},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1582,"slug":1583,"category":944,"order":1584},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1586,"slug":1587,"category":966,"order":1584},"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":1589,"slug":1590,"category":944,"order":1591},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1593,"slug":1594,"category":966,"order":1591},"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":1596,"slug":1597,"category":944,"order":1598},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1600,"slug":1601,"category":966,"order":1598},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1603,"slug":1604,"category":944,"order":1605},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1607,"slug":1608,"category":966,"order":1605},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1610,"slug":1611,"category":944,"order":1612},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1614,"slug":1615,"category":966,"order":1612},"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":1617,"slug":1618,"category":944,"order":1619},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1621,"slug":1622,"category":966,"order":1619},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1624,"slug":1625,"category":944,"order":1626},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1628,"slug":1629,"category":966,"order":1626},"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":1631,"slug":1632,"category":944,"order":1633},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1635,"slug":1636,"category":966,"order":1633},"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":1638,"slug":1639,"category":944,"order":1640},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1642,"slug":1643,"category":966,"order":1640},"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":1645,"slug":1646,"category":944,"order":1647},"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":1649,"slug":1650,"category":966,"order":1647},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1652,"slug":1653,"category":944,"order":1654},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1656,"slug":1657,"category":966,"order":1654},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1659,"slug":1660,"category":944,"order":1661},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1663,"slug":1664,"category":966,"order":1661},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1666,"slug":1667,"category":944,"order":1668},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1670,"slug":1671,"category":966,"order":1668},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1673,"slug":1674,"category":944,"order":1675},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1677,"slug":1678,"category":966,"order":1675},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1680,"slug":1681,"category":944,"order":1682},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1684,"slug":1685,"category":966,"order":1682},"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":1687,"slug":1688,"category":944,"order":1689},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1691,"slug":1692,"category":966,"order":1689},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1694,"slug":1695,"category":944,"order":1696},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1698,"slug":1699,"category":966,"order":1696},"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":1701,"slug":1702,"category":944,"order":1703},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1705,"slug":1706,"category":966,"order":1703},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1708,"slug":1709,"category":944,"order":1710},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1712,"slug":1713,"category":966,"order":1710},"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":1715,"slug":1716,"category":944,"order":1717},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1719,"slug":1720,"category":966,"order":1717},"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":1722,"slug":1723,"category":944,"order":1724},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1726,"slug":1727,"category":966,"order":1724},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1729,"slug":1730,"category":944,"order":1731},"2024 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年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":1837,"slug":1838,"category":966,"order":1839},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":1841,"slug":1842,"category":966,"order":1843},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1845,"slug":1846,"category":966,"order":1847},"巴菲特：2017年接受PBS 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