[{"data":1,"prerenderedAt":2124},["ShallowReactive",2],{"library-1963-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":588,"library-sidebar-dao":1590,"library-sidebar-models":1892},{"id":4,"title":5,"body":6,"category":574,"date":575,"description":576,"extension":577,"meta":578,"navigation":579,"order":580,"path":581,"seo":582,"seoDescription":576,"seoTitle":583,"slug":584,"stem":585,"__hash__":586,"_collection":587},"buffett\u002Fbuffett\u002Fberkshire\u002F1963-ba-fei-te-zhi-he-huo-ren-xin.md","1963 巴菲特致合伙人信",{"type":7,"value":8,"toc":569},"minimark",[9,13,17,20,23,26,29,32,35,38,44,238,241,244,249,452,455,458,461,464,467,470,487,490,493,496,501,504,507,510,513,518,521,529,532,535,538,541,546,549,552,555,558,563,566],[10,11,5],"h1",{"id":12},"_1963-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司",[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],{},"1964年1月18日",[10,27,28],{"id":28},"基金公司",[14,30,31],{},"我们一直拿两只最大的开放式股票型基金（股票仓位通常在95%至100%）以及两只最大的分散化封闭式基金的业绩，与合伙基金做对比。这四家公司是 Massachusetts Investors Trust、Investors Stock Fund、Tri-Continental Corp. 和 Lehman Corp.，合计管理约40亿美元资产，整个基金行业管理的总资产约为250亿美元，这四家应该能代表大多数基金公司的状况。我认为，它们的业绩同样能代表规模更为庞大的银行信托部门及投资咨询机构。",[14,33,34],{},"下面这张对比表想说明一件事：道指并不是那么容易战胜的衡量基准。仅上述四家基金的管理团队每年收取的费用就超过700万美元，而这在整个行业中不过是九牛一毛。从这些高薪人才的打击率来看，他们的业绩比道指还略逊一筹。",[14,36,37],{},"我们的投资组合和运作方式与这些基金公司大相径庭。不过，对大多数合伙人而言，如果不投资我们的合伙基金，另一个选择大概就是买基金，获得与基金相近的收益率。正因如此，我认为以这些基金作为参照标准是有意义的。",[14,39,40],{},[41,42,43],"strong",{},"年度业绩",[45,46,47,75],"table",{},[48,49,50],"thead",{},[51,52,53,57,60,63,66,69,72],"tr",{},[54,55,56],"th",{},"年份",[54,58,59],{},"Mass. Inv. Trust (1)",[54,61,62],{},"Investors Stock (1)",[54,64,65],{},"Lehman (2)",[54,67,68],{},"Tri-Cont. (2)",[54,70,71],{},"道指",[54,73,74],{},"有限合伙人",[76,77,78,101,124,147,170,193,216],"tbody",{},[51,79,80,84,87,90,92,95,98],{},[81,82,83],"td",{},"1957",[81,85,86],{},"-11.4%",[81,88,89],{},"-12.4%",[81,91,86],{},[81,93,94],{},"-2.4%",[81,96,97],{},"-8.4%",[81,99,100],{},"9.3%",[51,102,103,106,109,112,115,118,121],{},[81,104,105],{},"1958",[81,107,108],{},"42.7%",[81,110,111],{},"47.5%",[81,113,114],{},"40.8%",[81,116,117],{},"33.2%",[81,119,120],{},"38.5%",[81,122,123],{},"32.2%",[51,125,126,129,132,135,138,141,144],{},[81,127,128],{},"1959",[81,130,131],{},"9.0%",[81,133,134],{},"10.3%",[81,136,137],{},"8.1%",[81,139,140],{},"8.4%",[81,142,143],{},"20.0%",[81,145,146],{},"20.9%",[51,148,149,152,155,158,161,164,167],{},[81,150,151],{},"1960",[81,153,154],{},"-1.0%",[81,156,157],{},"-0.6%",[81,159,160],{},"2.5%",[81,162,163],{},"2.8%",[81,165,166],{},"-6.2%",[81,168,169],{},"18.6%",[51,171,172,175,178,181,184,187,190],{},[81,173,174],{},"1961",[81,176,177],{},"25.6%",[81,179,180],{},"24.9%",[81,182,183],{},"23.6%",[81,185,186],{},"22.5%",[81,188,189],{},"22.4%",[81,191,192],{},"35.9%",[51,194,195,198,201,204,207,210,213],{},[81,196,197],{},"1962",[81,199,200],{},"-9.8%",[81,202,203],{},"-13.4%",[81,205,206],{},"-14.4%",[81,208,209],{},"-10.0%",[81,211,212],{},"-7.6%",[81,214,215],{},"11.9%",[51,217,218,221,223,226,229,232,235],{},[81,219,220],{},"1963",[81,222,143],{},[81,224,225],{},"16.5%",[81,227,228],{},"23.8%",[81,230,231],{},"19.5%",[81,233,234],{},"20.7%",[81,236,237],{},"30.5%",[14,239,240],{},"（1）计算包括资产价值变化以及当年持有人获得的分红。",[14,242,243],{},"（2）1957—1962年数据来源：1963年穆迪银行与金融手册；1963年为估算值。",[14,245,246],{},[41,247,248],{},"复合收益率",[45,250,251,273],{},[48,252,253],{},[51,254,255,257,260,263,266,269,271],{},[54,256,56],{},[54,258,259],{},"Mass. Inv. Trust",[54,261,262],{},"Investors Stock",[54,264,265],{},"Lehman",[54,267,268],{},"Tri-Cont.",[54,270,71],{},[54,272,74],{},[76,274,275,291,314,337,360,383,406,429],{},[51,276,277,279,281,283,285,287,289],{},[81,278,83],{},[81,280,86],{},[81,282,89],{},[81,284,86],{},[81,286,94],{},[81,288,97],{},[81,290,100],{},[51,292,293,296,299,302,305,308,311],{},[81,294,295],{},"1957—58",[81,297,298],{},"26.4%",[81,300,301],{},"29.2%",[81,303,304],{},"24.7%",[81,306,307],{},"30.0%",[81,309,310],{},"26.9%",[81,312,313],{},"44.5%",[51,315,316,319,322,325,328,331,334],{},[81,317,318],{},"1957—59",[81,320,321],{},"37.8%",[81,323,324],{},"42.5%",[81,326,327],{},"34.8%",[81,329,330],{},"40.9%",[81,332,333],{},"52.3%",[81,335,336],{},"74.7%",[51,338,339,342,345,348,351,354,357],{},[81,340,341],{},"1957—60",[81,343,344],{},"36.4%",[81,346,347],{},"41.6%",[81,349,350],{},"38.2%",[81,352,353],{},"44.8%",[81,355,356],{},"42.9%",[81,358,359],{},"107.2%",[51,361,362,365,368,371,374,377,380],{},[81,363,364],{},"1957—61",[81,366,367],{},"71.3%",[81,369,370],{},"76.9%",[81,372,373],{},"70.8%",[81,375,376],{},"77.4%",[81,378,379],{},"74.9%",[81,381,382],{},"181.6%",[51,384,385,388,391,394,397,400,403],{},[81,386,387],{},"1957—62",[81,389,390],{},"54.5%",[81,392,393],{},"53.2%",[81,395,396],{},"46.2%",[81,398,399],{},"59.7%",[81,401,402],{},"61.6%",[81,404,405],{},"215.1%",[51,407,408,411,414,417,420,423,426],{},[81,409,410],{},"1957—63",[81,412,413],{},"85.4%",[81,415,416],{},"78.5%",[81,418,419],{},"81.0%",[81,421,422],{},"90.8%",[81,424,425],{},"95.1%",[81,427,428],{},"311.2%",[51,430,431,434,437,440,443,446,449],{},[81,432,433],{},"年化复合收益率",[81,435,436],{},"9.2%",[81,438,439],{},"8.6%",[81,441,442],{},"8.8%",[81,444,445],{},"9.7%",[81,447,448],{},"10.0%",[81,450,451],{},"22.3%",[14,453,454],{},"道指是无人管理的指数，读者可能觉得奇怪：华尔街那些大人物使出浑身解数，怎么连打平道指都做不到？但现实就是如此，无可辩驳。也别以为这些基金跑不赢道指，是因为它们比道指更保守。从业绩对比可以看出来，大量研究也证实了这一点：整体而言，这批机构管理的股票投资组合，下跌时与道指基本同步。但如果以市场下跌时的表现来检验，我们的投资方式反而比这些公募基金保守得多。过去我们做到了，但未来如何，我无法保证。",[14,456,457],{},"我对公募基金的评价也许听起来有些重，但我只是在陈述事实，不是要批评它们。在机构的框架内管理数十亿美元的资金，能取得的也只能是这样的业绩。在这套体系里，想特立独行是极其困难的。所以公募基金的整体回报，自然只能与大盘如影随形。一般来说，公募基金的价值不在于帮你跑赢市场，也不在于比市场更抗跌。在我看来，它们的意义在于：操作简单、省心省力、自动分散风险——此外，或许最重要的一点是，它们帮助投资者抵制诱惑，远离那些看似诱人、实则会把人带进沟里的错误方法。",[10,459,460],{"id":460},"我们的投资方法",[14,462,463],{},"每次写到这里，我都有点为难。一方面，我知道有些合伙人对我们的投资细节很感兴趣；另一方面，对很多合伙人来说，这些东西无异于天书，他们大概希望我别写了，赶紧去工作。",[14,465,466],{},"为了兼顾两类合伙人，我打算在这里只简单介绍我们的三类投资，有兴趣深入研究的合伙人可以去附录里看详细案例。",[14,468,469],{},"这三类投资的区分，不在于它们的预期长期收益率有所不同。我们希望在十到十五年的维度上，每一类都能实现跑赢道指10个百分点这个目标。但在具体某一年，由于市场行情的剧烈变化，这三类投资的表现会截然不同。简单说来：",[471,472,473],"blockquote",{},[14,474,475,478,479,482,483,486],{},[41,476,477],{},"低估类（Generals）","——这类投资是低估的股票，判断标准以定量分析为主，但定性因素同样受到高度重视。通常来说，这类投资几乎看不出近期股价上涨的具体催化剂。这些股票既不光鲜，也没有市场追捧。它们唯一的优势就是价格低廉——通过审慎分析可以看出，公司的市值远低于产业资本对其的合理估值。我再次强调：定量分析是第一位的、是根本，但定性同样重要。我们喜欢优秀的管理层，喜欢有前途的行业，也希望看到某种\"催化剂\"能打破原本死气沉沉的管理层或股东群体的惰性——但归根结底，我们要买得值。低估类与道指的走势高度同步：道指大幅下跌时，低估类也会跟着大跌；反之，在市场强劲上行的年份，低估类应该表现最为出色。长期来看，我们期望它能帮助我们实现领先道指的目标。\n",[41,480,481],{},"套利类（Workouts）","——这类投资是有时间表可循的。机会来自各类公司行动——出售、并购、重组、分拆等等。我们做这类投资，不依赖传闻或\"内幕消息\"，只看公司的公开公告。在报纸上白纸黑字读到了，我们才会出手。套利类投资有时也会受大盘影响，但主要风险不是市场涨跌，而是中途出现意外导致预期进展落空——常见的意外包括反垄断等政府干预、股东否决、税收政策限制等。许多套利投资的账面毛利看起来不高。一位朋友说，这是在别人已经赚了9角5分之后，再去捡最后那几分钱。但正因为确定性高、持有时间短，年化收益率算下来其实相当不错。套利类每年贡献的绝对利润比低估类更稳定。在市场下跌的年份，套利类积少成多，能帮我们积累起相当大的领先优势；在牛市中，它则会拖累我们的整体业绩。长期来看，我认为套利类能与低估类一样实现我们跑赢道指的目标。\n",[41,484,485],{},"控制类（Controls）","——这类投资比较罕见，但一旦出手，规模往往不小。有的是一开始就通过大宗交易建立控制性持股；有的则是从低估类发展而来——某只低估股的价格在低位徘徊太久，让我们得以持续买入，最终取得部分或完全控股的地位，能够对公司施加影响。到了这个阶段，我们是主动介入还是保持相对被动，取决于我们对公司前景和管理层能力的判断。最近几个月，我们一直在大量买入一只低估类股票，这家公司管理层优秀、策略合理。如果我们持续买入后在某个时点实现了控股，我们大概率会保持非常被动的姿态，不会干预公司的日常经营。\n我们不愿为了主动而主动。在其他条件相同的情况下，我更乐意放手让别人去干。不过，如果必须主动介入才能让资本得到最优配置，大家尽管放心——我们绝不会袖手旁观。\n不论主动还是被动，控制类投资有一点是必须做到的：买入时就要把利润锁定在里面。这类投资的先决条件是一个有吸引力的买入价格。一旦取得控股权，我们投资价值的高低，就不再取决于市场那时常失去理智的报价，而是企业本身的价值。\n我们有意愿、也有财力去取得控股地位，这使我们在低估类的很多持仓上都具备了进退自如的灵活性：如果市场回心转意，股价自然会上涨；如果市场仍然视而不见，我们就继续买入，直到公司成为我们的，届时评判我们判断正确与否的，是公司本身，而不是市场。\n衡量控制类的投资回报，至少需要几年时间。按部就班地买入本身就需要时间，此后还可能需要改善管理层、重新配置资本、推动出售或并购等——这一切都决定了控制类投资必须以年而非月来度量。也正因如此，在控制类投资中，我们要求利润空间必须足够大；如果看起来空间有限，我们就直接放弃。\n在买入阶段，控制类的走势与道指基本同步；进入后期阶段，其表现则更接近套利类。",[14,488,489],{},"如我过去所说，这三类投资在我们组合中的比例，很大程度上取决于机会的多寡。在道指下跌的某一年，我们主要持有的是低估类还是套利类，往往有相当的偶然性，但这对我们相对道指的表现会产生重大影响。这也是为什么单独一年的业绩意义不大——无论好坏，都不必太当真。",[14,491,492],{},"如果说随着资产规模增长有什么趋势可循，我预期是控制类的比例会有所提升——目前它是三类中占比最低的。我未必说得对，终归还要看未来的市场走向，而这一点你不知道，我也不知道，我不作预测。写这封信的时候，我们的资金配置是：低估类占比最大，套利类居次，控制类最小。",[10,494,495],{"id":495},"附录",[497,498,500],"h2",{"id":499},"德州国家石油texas-national-petroleum","德州国家石油（Texas National Petroleum）",[14,502,503],{},"这是一笔普通的套利投资，来源于近年来套利机会的头号来源——石油天然气公司的卖盘。",[14,505,506],{},"德州国家石油是一家规模较小的石油生产商，多年前我就对它有些印象。",[14,508,509],{},"1962年初，市场上流传着它将向加州联合石油（Union Oil of California）卖盘的传言。我从来不靠传言操作，但这一次传言是真的——要是我在传言阶段就入场，而不是等到公告出来才介入，我们能赚到远远更多的钱。不过，那份钱让别人去赚吧，那不是我的风格。",[14,511,512],{},"1962年4月初，交易的基本条款公布。当时，德州国家石油在外流通的证券共有三类：",[471,514,515],{},[14,516,517],{},"（1）利率6.5%的债券，赎回价104.25。在卖盘完成前持续计息，完成时予以赎回。在外流通总额650万美元，交易完成前，我们买入了其中面值264,000美元的债券。\n（2）普通股约370万股，其中高管和董事持有约40%。委托书估算清算后每股可得7.42美元。从交易宣布到最终完成的约六个月时间里，我们共买入64,035股。\n（3）认股权证650,000份，行权价每股3.50美元。以委托书估算的7.42美元清算价计算，每份认股权证的套利收益约为3.92美元。六个月内，我们买到了83,200份认股权证，约占总发行量的13%。",[14,519,520],{},"股东否决的风险基本为零——这笔交易由控股股东主导谈判，价格也很合理。此类交易照例需要走产权调查、法律意见等流程，但这些风险同样几近于零。也不存在反垄断问题。当然，并非所有套利交易都能如此幸运。",[14,522,523,524,528],{},"唯一的小麻烦是需要取得必要的税务裁定。联合石油采用的是标准的ABC生产付款融资方案",[525,526,527],"span",{},"译注：一种以资产销售额按比例偿还融资款的结构","，南加州大学（University of Southern California）是付款方，由于其慈善机构身份，审批出现了一些延误。",[14,530,531],{},"这给国税局出了个新问题，但我们了解到，南加州大学愿意放弃其慈善身份认定——即便如此，因为资金全部来自银行借款，他们的收益依然相当可观。这个问题造成了延误，但并不威胁交易本身的完成。",[14,533,534],{},"4月23日和24日，我们与公司进行了沟通，他们估计交易将于8月或9月完成。5月9日，委托书寄出，其中说明这笔交易\"将于1962年夏季完成，此后数月内，大部分清算收益将分配给股东\"——估算金额仍为每股7.42美元。",[14,536,537],{},"5月29日，比尔·斯科特出席了在休斯顿召开的股东大会，公司在会上仍表示预计9月1日完成交易。",[14,539,540],{},"以下摘录了此后数月我们与公司高管通话的部分内容：",[471,542,543],{},[14,544,545],{},"6月18日，董秘表示：\"联合石油已收到通知，国税局初步拟定了有利裁定，但还需经过更多审批人员的核准。公司仍期待7月内收到裁定。\"\n7月24日，公司总裁表示，他预计\"下周初\"就能收到国税局裁定。\n8月13日，公司财务主管告知，德州国家石油、联合石油和南加州大学的代表已齐聚华盛顿，共同推动裁定落地。\n9月18日，公司财务主管告知：\"没有新消息，不过国税局说裁定下周就能出来。\"",[14,547,548],{},"清算估算金额仍为每股7.42美元。",[14,550,551],{},"裁定于9月末收到，交易于10月31日完成。我们的债券于11月13日被赎回。此后不久，我们将认股权证转换为股票，从普通股收到的清算付款如下：1962年12月14日3.50美元，1963年2月4日3.90美元，1963年4月24日15美分。大概一两年后还会收到另外4美分。147,235股（认股权证行权后）哪怕每股4美分，也是一笔不小的钱。",[14,553,554],{},"这笔套利印证了一般规律：（1）交易完成时间通常比最初预期更长；（2）最终清算所得往往比估算略高。德州国家石油多花了大约两个月，我们的收益也比预计多出了几个百分点。",[14,556,557],{},"德州国家石油的财务结果如下：",[471,559,560],{},[14,561,562],{},"（1）债券部分：我们投入了260,773美元，平均持有时间不足五个月。我们收到了6.5%的利息，并实现了14,446美元的资本利得，综合年化收益率约为20%。\n（2）股票和认股权证部分：我们已实现资本利得89,304美元，还有目前估值约2,946美元的少量尾款尚未收到。4月份初始投入146,000美元，持仓陆续增加，至10月份总投入达731,000美元。按资金实际使用时间计算，年化收益率约为22%。",[14,564,565],{},"以上两项均以纯自有资金投入计算。我认为，在套利投资组合中完全可以适度使用杠杆，但在低估类投资中借钱操作则极为危险。",[14,567,568],{},"我们说德州国家石油，不是要标榜我们有多了不起的成就。我们做过比这更成功的套利，也有比这逊色的。这只是我们日常套利操作中一个典型案例。我们的做法是：尽可能收集所有相关信息，持续跟踪进展，并结合我们的经验对一切进行综合评估。我们当然不会看到套利机会就一头扎进去——不同交易的吸引力差异很大。如果套利中途夭折，市值的缩水会相当惨烈。所以，虽然我们清楚地知道失手是难免的，但套利这件事上犯不起错。",{"title":570,"searchDepth":571,"depth":571,"links":572},"",2,[573],{"id":499,"depth":571,"text":500},"致股东信",null,"1963年巴菲特致合伙人信，分享年度投资业绩、讨论套利类投资及低估类投资机会","md",{},true,12,"\u002Fbuffett\u002Fberkshire\u002F1963-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":576},"1963 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":936,"slug":937,"category":596,"order":934},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":939,"slug":940,"category":574,"order":941},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":943,"slug":944,"category":596,"order":941},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":946,"slug":947,"category":574,"order":948},"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":950,"slug":951,"category":596,"order":948},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":953,"slug":954,"category":574,"order":955},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":957,"slug":958,"category":596,"order":955},"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":960,"slug":961,"category":574,"order":962},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":964,"slug":965,"category":596,"order":962},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":967,"slug":968,"category":574,"order":969},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":971,"slug":972,"category":596,"order":969},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":974,"slug":975,"category":574,"order":976},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":978,"slug":979,"category":596,"order":976},"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":981,"slug":982,"category":574,"order":983},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":985,"slug":986,"category":596,"order":983},"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":988,"slug":989,"category":574,"order":990},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":992,"slug":993,"category":596,"order":990},"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":995,"slug":996,"category":574,"order":997},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":999,"slug":1000,"category":596,"order":997},"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":1002,"slug":1003,"category":574,"order":1004},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1006,"slug":1007,"category":596,"order":1004},"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":1009,"slug":1010,"category":574,"order":1011},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1013,"slug":1014,"category":596,"order":1011},"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":1016,"slug":1017,"category":574,"order":1018},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1020,"slug":1021,"category":596,"order":1018},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1023,"slug":1024,"category":574,"order":1025},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1027,"slug":1028,"category":596,"order":1025},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1030,"slug":1031,"category":574,"order":1032},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1034,"slug":1035,"category":596,"order":1032},"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":1037,"slug":1038,"category":574,"order":1039},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1041,"slug":1042,"category":596,"order":1039},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1044,"slug":1045,"category":574,"order":1046},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1048,"slug":1049,"category":596,"order":1046},"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":1051,"slug":1052,"category":574,"order":1053},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1055,"slug":1056,"category":596,"order":1053},"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":1058,"slug":1059,"category":574,"order":1060},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1062,"slug":1063,"category":596,"order":1060},"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":1065,"slug":1066,"category":574,"order":1067},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1069,"slug":1070,"category":596,"order":1067},"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":1072,"slug":1073,"category":574,"order":1074},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1076,"slug":1077,"category":596,"order":1074},"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":1079,"slug":1080,"category":574,"order":1081},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1083,"slug":1084,"category":596,"order":1081},"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":1086,"slug":1087,"category":574,"order":1088},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1090,"slug":1091,"category":596,"order":1088},"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":1093,"slug":1094,"category":574,"order":1095},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1097,"slug":1098,"category":596,"order":1095},"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":1100,"slug":1101,"category":574,"order":1102},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1104,"slug":1105,"category":596,"order":1102},"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":1107,"slug":1108,"category":574,"order":1109},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1111,"slug":1112,"category":596,"order":1109},"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":1114,"slug":1115,"category":574,"order":1116},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1118,"slug":1119,"category":596,"order":1116},"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":1121,"slug":1122,"category":574,"order":1123},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1125,"slug":1126,"category":596,"order":1123},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1128,"slug":1129,"category":574,"order":1130},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1132,"slug":1133,"category":596,"order":1130},"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":1135,"slug":1136,"category":574,"order":1137},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1139,"slug":1140,"category":596,"order":1137},"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":1142,"slug":1143,"category":574,"order":1144},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1146,"slug":1147,"category":596,"order":1144},"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":1149,"slug":1150,"category":574,"order":1151},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1153,"slug":1154,"category":596,"order":1151},"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":1156,"slug":1157,"category":574,"order":1158},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1160,"slug":1161,"category":596,"order":1158},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1163,"slug":1164,"category":574,"order":1165},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1167,"slug":1168,"category":596,"order":1165},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1170,"slug":1171,"category":574,"order":1172},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1174,"slug":1175,"category":596,"order":1172},"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":1177,"slug":1178,"category":574,"order":1179},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1181,"slug":1182,"category":596,"order":1179},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1184,"slug":1185,"category":574,"order":1186},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1188,"slug":1189,"category":596,"order":1186},"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":1191,"slug":1192,"category":574,"order":1193},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1195,"slug":1196,"category":596,"order":1193},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1198,"slug":1199,"category":574,"order":1200},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1202,"slug":1203,"category":596,"order":1200},"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":1205,"slug":1206,"category":574,"order":1207},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1209,"slug":1210,"category":596,"order":1207},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1212,"slug":1213,"category":574,"order":1214},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1216,"slug":1217,"category":596,"order":1214},"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":1219,"slug":1220,"category":574,"order":1221},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1223,"slug":1224,"category":596,"order":1221},"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":1226,"slug":1227,"category":574,"order":1228},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1230,"slug":1231,"category":596,"order":1228},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1233,"slug":1234,"category":574,"order":1235},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1237,"slug":1238,"category":596,"order":1235},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1240,"slug":1241,"category":574,"order":1242},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1244,"slug":1245,"category":596,"order":1242},"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":1247,"slug":1248,"category":574,"order":1249},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1251,"slug":1252,"category":596,"order":1249},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1254,"slug":1255,"category":574,"order":1256},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1258,"slug":1259,"category":596,"order":1256},"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":1261,"slug":1262,"category":574,"order":1263},"2012 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