[{"data":1,"prerenderedAt":1628},["ShallowReactive",2],{"library-1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":92,"library-sidebar-dao":1094,"library-sidebar-models":1396},{"id":4,"title":5,"body":6,"category":78,"date":79,"description":80,"extension":81,"meta":82,"navigation":83,"order":84,"path":85,"seo":86,"seoDescription":80,"seoTitle":87,"slug":88,"stem":89,"__hash__":90,"_collection":91},"buffett\u002Fbuffett\u002Fberkshire\u002F1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin.md","1962年11月 巴菲特致合伙人信",{"type":7,"value":8,"toc":74},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71],[10,11,5],"h1",{"id":12},"_1962年11月-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙公司（BUFFETT PARTNERSHIP, LTD.）",[14,18,19],{},"810 KIEWIT PLAZA",[14,21,22],{},"奥马哈 31，内布拉斯加州",[14,24,25],{},"1962年11月1日",[14,27,28],{},"致1963年全体合伙人：",[14,30,31],{},"一年一度的文书工作又开始了。随函附上两份1963年修正合伙协议各一式两份。附有一般条款的那份请你留存，另一份单页协议请寄回给我们。与去年的协议相比，实质内容没有任何变化。这次修订只是为了纳入几位新合伙人，并将部分条款改写得更清晰（我们希望如此）。改动几乎都集中在第5条一般条款（即去年协议的第7段）。我们没有另起一份单独的修订文件，而是将所有改动整合进一份完整的协议文本。",[14,33,34],{},"随函还附上两份承诺书（一份给你留存，一份请寄回），请在上面注明你希望在1月1日增资或提现的金额。我们希望在12月1日前收到协议和承诺书。不过，承诺书可以在年底之前（不能拖到年底以后）随时修改，所以如果你的计划有变、但承诺书已经寄出，只要联系我一声，我会按你的意思作出相应调整。",[14,36,37],{},"提现款将在1月1日后立即拨付。增资款必须在1月10日前到账；如果在11月就汇来，将按预付款处理，并从收款之日起按6%的年利率计算利息，直至年末。",[14,39,40],{},"请务必对合伙协议上的签名进行公证。在奥马哈的合伙人如有需要，可以直接来我们办公室办理公证。另外，请在承诺书上用圆圈标明，你是否希望在1963年按月领取款项。为了确保每个人都清楚这一点，我再重申一遍：这些月度款项绝不是任何形式的保证收益。它是一种方便的定期提现安排——若我们的年收益率超过6%，这笔钱来自盈利；若达不到6%，则全部或部分是本金的返还。",[14,42,43],{},"关于1962年纳税申报所需的完整税务资料，将在1月20日前送到你手上。如果在此之前需要对自己的税务状况作个大概估计，告诉我，我会给你一个粗略数字。12月下旬我们还会另发一封税务说明信。",[14,45,46],{},"读到这里，你有权利听我汇报一下我们今年以来的成绩了。截至10月31日，道琼斯工业指数（含股息）整体下跌约16.8%。年末，我们打算继续沿用去年年底对登普斯特风车制造公司（Dempster Mill Manufacturing Company）控股权益的估值方法——即对资产负债表各项目打不同折扣，以反映我对短期内快速变现可实现金额的判断。去年的折扣率是：存货打六折，应收账款打八五折，固定资产按拍卖估值计算，如此算下来，每股估值约为35美元。",[14,48,49],{},"1962年的高光时刻，就是我们几乎以原价成功将登普斯特大量资产变现。举个例子，去年底4,200,000美元的存货，今年底大概只剩1,900,000美元左右——仅此一项，折价损失就减少了约92万美元（减少额230万美元的40%）。我会在年度信中详细讲述这个故事。现在可以说的是，按照同样的折扣率估算，登普斯特年底的价值至少应有每股50美元。至于资产变现的成果，或许用一句话就能说清楚：1961年11月30日（登普斯特财政年度末），我们拥有166,000美元的现金，却有2,315,000美元的负债；而今年底，预计将有大约100万美元的现金及投资（投资方式与合伙基金一致），负债只剩25万美元。1963年有望继续改善，我们预计明年登普斯特的投资组合规模将大幅扩张。",[14,51,52],{},"按登普斯特每股50美元的估值计算，截至10月31日（未计向合伙人的支付），合伙基金的整体收益率为5.5%。如果这个超越道指22.3个百分点的优势能保持到年底，将是我们有史以来最大的领先幅度。在这22.3个百分点中，约60%来自投资组合中登普斯特以外的部分，40%来自登普斯特估值的提升。",[14,54,55],{},"我希望所有合伙人和潜在合伙人都清楚地认识到：上述业绩纯属异常，日后能重演的机会极少。我们之所以能取得这样的成绩，主要是因为在道指大幅下跌的时候，我们把很大一部分资金投在了控制类和套利类，而非一般性市场仓位。如果道指在1962年是大涨，我们的相对业绩反而会很难看。今年迄今的好成绩，绝对不是因为我能猜准市场走势（我从来不猜），只不过是因为低估类股票的价格当时太贵，逼着我不得不把更多资金放到其他类别。要是道指后来继续飙升，我们今天可就只能仰望了。我们充分做好了心理准备——肯定会有跑输道指的年份。我当然不认为这种情况会长期存在，否则我早就认输，直接买道指了。",[14,57,58],{},"说了这么多，我就此打住，只想说一件事：请各位不要以为过去几年的业绩还会继续重演。日后我们领先道指的幅度将会小得多。",[14,60,61],{},"每封信的最后，我总会请大家有疑问就来找我。这封信也一样——有不明白的地方请告诉我。我们添置了秘书，换了新打字机，希望这封信和协议的每一处内容都清清楚楚。",[14,63,64],{},"此致",[14,66,67],{},"沃伦·E·巴菲特（Warren E. 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":657,"slug":658,"category":100,"order":655},"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":660,"slug":661,"category":78,"order":662},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":664,"slug":665,"category":100,"order":662},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":667,"slug":668,"category":78,"order":669},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":671,"slug":672,"category":100,"order":669},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":674,"slug":675,"category":78,"order":676},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":678,"slug":679,"category":100,"order":676},"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":681,"slug":682,"category":78,"order":683},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":685,"slug":686,"category":100,"order":683},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":688,"slug":689,"category":78,"order":690},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":692,"slug":693,"category":100,"order":690},"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":695,"slug":696,"category":78,"order":697},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":699,"slug":700,"category":100,"order":697},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":702,"slug":703,"category":78,"order":704},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":706,"slug":707,"category":100,"order":704},"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":709,"slug":710,"category":78,"order":711},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":713,"slug":714,"category":100,"order":711},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":716,"slug":717,"category":78,"order":718},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":720,"slug":721,"category":100,"order":718},"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":723,"slug":724,"category":78,"order":725},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":727,"slug":728,"category":100,"order":725},"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":730,"slug":731,"category":78,"order":732},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":734,"slug":735,"category":100,"order":732},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":737,"slug":738,"category":78,"order":739},"2008 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