[{"data":1,"prerenderedAt":2053},["ShallowReactive",2],{"library-1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":517,"library-sidebar-dao":1519,"library-sidebar-models":1821},{"id":4,"title":5,"body":6,"category":503,"date":504,"description":505,"extension":506,"meta":507,"navigation":508,"order":509,"path":510,"seo":511,"seoDescription":505,"seoTitle":512,"slug":513,"stem":514,"__hash__":515,"_collection":516},"buffett\u002Fbuffett\u002Fberkshire\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1964年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":496},"minimark",[9,13,17,20,23,26,30,33,36,39,205,211,217,220,223,226,229,232,456,458,463,466,469,472,475,478,481,484,487,490,493],[10,11,5],"h1",{"id":12},"_1964年中-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市 31 号",[14,24,25],{},"1964 年 7 月 8 日",[27,28,29],"h2",{"id":29},"上半年业绩",[14,31,32],{},"6 月 23 日我们全家要去加州，所以这封信我 6 月 18 日就提前写了，有些不合规矩。有的合伙人收信都是掐着日子的，为了和往年时间保持一致，有些数据我先留空，比尔（Bill）会在 6 月 30 日的最终数据出来后填入。",[14,34,35],{},"1964 年上半年，道琼斯工业指数（以下简称\"道指\"）从 762.95 点上涨至 831.50 点，同期股息约为 14.40 点，上半年整体收益率为 10.0%。6 月 18 日我写这封信时，我们的上半年业绩看来与道指相差无几。我多希望能向各位报告：道指持平，而我们上涨 5%；要是道指跌了 10%，而我们持平，那就更好了。我一直和大家说，市场持平或下跌时，我们相对容易领先道指；市场上涨时，就难多了。",[14,37,38],{},"下表是道指收益率、普通合伙人分成前合伙基金收益率，以及有限合伙人收益率的逐年最新对比。",[40,41,42,61],"table",{},[43,44,45],"thead",{},[46,47,48,52,55,58],"tr",{},[49,50,51],"th",{},"年份",[49,53,54],{},"道指整体收益率 (1)",[49,56,57],{},"合伙基金收益率 (2)",[49,59,60],{},"有限合伙人收益率 (3)",[62,63,64,79,93,107,121,135,149,163,177,191],"tbody",{},[46,65,66,70,73,76],{},[67,68,69],"td",{},"1957",[67,71,72],{},"-8.4%",[67,74,75],{},"10.4%",[67,77,78],{},"9.3%",[46,80,81,84,87,90],{},[67,82,83],{},"1958",[67,85,86],{},"38.5%",[67,88,89],{},"40.9%",[67,91,92],{},"32.2%",[46,94,95,98,101,104],{},[67,96,97],{},"1959",[67,99,100],{},"20.0%",[67,102,103],{},"25.9%",[67,105,106],{},"20.9%",[46,108,109,112,115,118],{},[67,110,111],{},"1960",[67,113,114],{},"-6.2%",[67,116,117],{},"22.8%",[67,119,120],{},"18.6%",[46,122,123,126,129,132],{},[67,124,125],{},"1961",[67,127,128],{},"22.4%",[67,130,131],{},"45.9%",[67,133,134],{},"35.9%",[46,136,137,140,143,146],{},[67,138,139],{},"1962",[67,141,142],{},"-7.6%",[67,144,145],{},"13.9%",[67,147,148],{},"11.9%",[46,150,151,154,157,160],{},[67,152,153],{},"1963",[67,155,156],{},"20.6%",[67,158,159],{},"38.7%",[67,161,162],{},"30.5%",[46,164,165,168,171,174],{},[67,166,167],{},"1964 年上半年",[67,169,170],{},"10.9%",[67,172,173],{},"12.0%",[67,175,176],{},"10.5%",[46,178,179,182,185,188],{},[67,180,181],{},"累计收益率",[67,183,184],{},"116.1%",[67,186,187],{},"521.0%",[67,189,190],{},"354.4%",[46,192,193,196,199,202],{},[67,194,195],{},"年化复合收益率",[67,197,198],{},"10.8%",[67,200,201],{},"27.6%",[67,203,204],{},"22.2%",[14,206,207],{},[208,209,210],"strong",{},"注释：",[212,213,214],"blockquote",{},[14,215,216],{},"(1) 根据道指年度涨跌计算，其中包含股息。表格中为合伙基金整年运作的年份。\n(2) 1957-61 年的数据是之前全年管理的所有有限合伙人账户的综合业绩，其中扣除了经营费用，未计算有限合伙人利息和普通合伙人分成。\n(3) 1957-61 年的数据按前一列合伙基金收益率计算得出，按照当前合伙协议扣除了普通合伙人分成，未计算有限合伙人的每月提现。",[14,218,219],{},"上半年的买入情况让我相当满意。在我看来，投资这件事 90% 是买入，所以买入顺利，我格外高兴。在\"低估类\"投资中，我们的合伙基金现在是三家公司的最大单一股东。这些股票以远低于产业资本所能给予估值的价格买入，我们还在持续以同样价格买入。其中一只，大约从 18 个月前开始，我们就一直在买；另外两只，各从大约一年前开始，我们也一直在买。今后一年、两年，甚至更长时间里，我们什么都不做，就一周接一周地耐心买入这些股票——这完全在我的预期之内。",[14,221,222],{},"在上述三只股票的投资中，我们最希望看到的情形是：公司在我们持续买入期间不断取得实质进展——盈利改善、资产价值提升——而股票市价却纹丝不动。这对我们的短期业绩没什么好处，尤其是在市场上涨时，但我们感到踏实，长期来看必然会有丰厚回报。这样买下去，最终要么外部因素触发股价上涨，要么我们以低廉价格取得公司控股权，两种结果我都欢迎。",[14,224,225],{},"不过，有一点大家应该清楚：我们\"低估类\"中的大多数持仓，虽然我们仍然认为严重低估，但我们根本没有机会取得控股权。对于这些股票，经过一段时间，市场应该会证明我们的分析是正确的，但与那些我们有望控股的股票不同，在这些股票上，我们没有\"两手准备\"。",[27,227,228],{"id":228},"基金公司",[14,230,231],{},"我们一直拿两只规模最大、通常持有 95-100% 股票的开放式基金，以及两只规模最大的分散投资封闭式基金，与我们合伙基金的业绩做对比。这四家公司分别是：Massachusetts Investors Trust、Investors Stock Fund、Tri-Continental Corp. 和 Lehman Corp.，管理资产逾 40 亿美元，整个基金行业的管理总规模约为 280 亿美元，这四家应该能代表大多数基金公司。还有一些管理规模更大的投资顾问机构，它们的绝大多数业绩应该和这四家不相上下。",[40,233,234,258],{},[43,235,236],{},[46,237,238,240,243,246,249,252,255],{},[49,239,51],{},[49,241,242],{},"Mass. Inv. Trust (1)",[49,244,245],{},"Investors Stock (1)",[49,247,248],{},"Lehman (2)",[49,250,251],{},"Tri-Cont. (2)",[49,253,254],{},"道指",[49,256,257],{},"有限合伙人",[62,259,260,279,299,319,339,359,379,398,418,438],{},[46,261,262,264,267,270,272,275,277],{},[67,263,69],{},[67,265,266],{},"-11.4%",[67,268,269],{},"-12.4%",[67,271,266],{},[67,273,274],{},"-2.4%",[67,276,72],{},[67,278,78],{},[46,280,281,283,286,289,292,295,297],{},[67,282,83],{},[67,284,285],{},"42.7%",[67,287,288],{},"47.5%",[67,290,291],{},"40.8%",[67,293,294],{},"33.2%",[67,296,86],{},[67,298,92],{},[46,300,301,303,306,309,312,315,317],{},[67,302,97],{},[67,304,305],{},"9.0%",[67,307,308],{},"10.3%",[67,310,311],{},"8.1%",[67,313,314],{},"8.4%",[67,316,100],{},[67,318,106],{},[46,320,321,323,326,329,332,335,337],{},[67,322,111],{},[67,324,325],{},"-1.0%",[67,327,328],{},"-0.6%",[67,330,331],{},"2.5%",[67,333,334],{},"2.8%",[67,336,114],{},[67,338,120],{},[46,340,341,343,346,349,352,355,357],{},[67,342,125],{},[67,344,345],{},"25.6%",[67,347,348],{},"24.9%",[67,350,351],{},"23.6%",[67,353,354],{},"22.5%",[67,356,128],{},[67,358,134],{},[46,360,361,363,366,369,372,375,377],{},[67,362,139],{},[67,364,365],{},"-9.8%",[67,367,368],{},"-13.4%",[67,370,371],{},"-14.4%",[67,373,374],{},"-10.0%",[67,376,142],{},[67,378,148],{},[46,380,381,383,385,388,391,394,396],{},[67,382,153],{},[67,384,100],{},[67,386,387],{},"16.5%",[67,389,390],{},"23.7%",[67,392,393],{},"18.3%",[67,395,156],{},[67,397,162],{},[46,399,400,402,405,408,411,414,416],{},[67,401,167],{},[67,403,404],{},"11.0%",[67,406,407],{},"9.5%",[67,409,410],{},"9.6%",[67,412,413],{},"8.6%",[67,415,170],{},[67,417,176],{},[46,419,420,422,425,428,431,434,436],{},[67,421,181],{},[67,423,424],{},"105.8%",[67,426,427],{},"95.5%",[67,429,430],{},"98.2%",[67,432,433],{},"105.1%",[67,435,184],{},[67,437,190],{},[46,439,440,442,445,448,450,452,454],{},[67,441,195],{},[67,443,444],{},"10.1%",[67,446,447],{},"9.4%",[67,449,410],{},[67,451,444],{},[67,453,198],{},[67,455,204],{},[14,457,210],{},[212,459,460],{},[14,461,462],{},"(1) 计算包括资产价值变化以及当年持有人获得的分红。\n(2) 来源：1964 年穆迪银行与金融手册（Moody's Bank & Finance Manual）1957-63 年数据。1964 年上半年数据为估算值。",[14,464,465],{},"从这些数据中可以看出：那些最贵、最受尊崇的投资管理机构，始终难以追上这个无人打理的一揽子蓝筹股指数。这些基金就像漂在池塘上的鸭子——水位（市场）涨，鸭子跟着涨；水位落，鸭子跟着落。不管有没有动物保护协会，鸭子的功过得看它自己的表现，它没有资格对池塘水位的涨跌呱呱乱叫。如上表所示，水位高低对我们合伙基金的业绩影响颇大，不过我们也一直在扑腾翅膀。",[14,467,468],{},"我想强调：我并不是说道指是衡量股票投资业绩的唯一标准。但我确实认为，所有投资管理活动（包括自己管理自己的资金）都应经受客观检验，而且检验标准应该事先确定，而不是事后随便挑选。",[14,470,471],{},"资产管理是一门大生意。基金经理非常重视评估汽车、钢铁、化工等各行各业公司的管理层，这些评估耗费大量心力，往往郑重其事地出炉，目的是找出哪些公司管理得好、哪些管理存在问题。他们不辞辛劳地把投资组合里每家公司的管理层评估得一清二楚，却没有人用同样的标准来审视他们自己，这实在说不过去。我们认为，投资者和基金经理都必须确立业绩评估标准，并像研究投资标的一样，定期、客观地审视自己的业绩。",[14,473,474],{},"我们将坚定地贯彻这一原则，不管结果指向何方。不用说，设定业绩衡量标准，只能保证评估是客观的，绝对不等于我们就能取得好成绩。我要再提醒一下大家，回顾我们\"基本原则\"（Ground Rules）中关于标准适用的说明——鉴于我们的投资方式，至少要看三年才能评判我们的业绩；而且在投机气氛浓厚的时期，我们很可能落后大盘。有一点，我可以向各位保证：既然我们把标准定在了 90 厘米，标准就始终是 90 厘米，不会因为达不到而改变标准。在我看来，整个资产管理行业涉及数以千亿计的资金，如果人人都确立合理的能力衡量标准并认真执行，整个行业将运转得更加健康。在日常商业活动中，无论评估市场、人员、机器，还是流程，人们普遍遵循既定标准。资产管理可是世界上规模最大的行业。",[27,476,477],{"id":477},"税项",[14,479,480],{},"进入 1964 年时，我们有 2,991,090 美元的未实现收益，这些全部属于 1963 年的合伙人。截至 6 月 30 日，我们已实现资本利得 2,826,248.76 美元（其中 96% 属于长期资本利得）。照这个进度来看，1964 年 1 月 25 日那封信里（第 3 项）向各位报告的、归属于各位权益的未实现增值，今年很可能会全部实现。我要再次提醒大家：已实现收益的多少与我们的业绩表现并无关联。完全有可能出现这样的情况——我们实现了大量资本利得，但同期各位在合伙基金中的权益市值却大幅缩水。所以，实现的资本利得多，不必欢欣鼓舞；实现的资本利得少，也没有理由愁眉苦脸。我们从不玩提前交税或推迟交税的把戏，投资决策只基于对最有利概率组合的判断。如果最优选择恰好要交税，那就交。好在长期资本利得税率还算合理。",[14,482,483],{},"正如我们在 1964 年 4 月 1 日的税务信中所说，申报 1964 年预估税款时，最稳妥的办法是照报 1963 年的实际纳税金额，这样不会被罚款。",[14,485,486],{},"1 月 1 日新加入的合伙人只需缴纳少量税款，所有合伙人在加入第一年都是如此。这是因为，已实现资本利得会优先分配给持有未实现增值的老合伙人。同样地，这与实际收益无关。所有有限合伙人，无论新老，最终收益完全相同（按《合伙协议》第五段，Bill Scott、Ruth Scott 和 Susan Buffett 除外）。和往常一样，各位目前的普通所得税负均属名义性质，数额不大。",[14,488,489],{},"按照惯例，我们将在 11 月 1 日左右，向合伙人以及届时表示有意加入的准合伙人寄出修订版合伙协议、1965 年承诺书及 1964 年纳税估算数据等文件。在此之前，如果这封信里有什么看不明白的地方，今年夏天尽管找比尔。",[14,491,492],{},"此致",[14,494,495],{},"沃伦·E·巴菲特（Warren E. Buffett）",{"title":497,"searchDepth":498,"depth":498,"links":499},"",2,[500,501,502],{"id":29,"depth":498,"text":29},{"id":228,"depth":498,"text":228},{"id":477,"depth":498,"text":477},"致股东信",null,"1964年中巴菲特致合伙人信，探讨投资业绩衡量标准及合伙人关系维护","md",{},true,17,"\u002Fbuffett\u002Fberkshire\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":505},"1964年中 巴菲特致合伙人信｜巴菲特","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","ouleFGZbuQkPvJ5bzeWH3VUZw0_f5ebR9sB8H-73h14","buffett",[518,522,526,530,533,536,539,543,546,549,553,556,559,563,566,569,573,576,579,583,586,589,593,596,599,603,606,609,613,616,619,623,626,629,633,636,639,643,646,649,653,656,659,663,666,669,673,676,679,680,683,686,690,693,696,700,703,706,710,713,716,720,723,726,730,733,736,740,743,746,750,753,756,760,763,766,770,773,776,780,783,786,790,793,796,800,803,806,810,813,816,820,823,826,830,833,836,840,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1081,1084,1088,1091,1095,1098,1102,1105,1109,1112,1116,1119,1123,1126,1130,1133,1137,1140,1144,1147,1151,1154,1158,1161,1165,1168,1172,1175,1179,1182,1186,1189,1193,1196,1200,1203,1207,1210,1214,1217,1221,1224,1228,1231,1235,1238,1242,1245,1249,1252,1256,1259,1263,1266,1270,1273,1277,1280,1284,1287,1291,1294,1298,1301,1305,1308,1312,1315,1319,1323,1327,1331,1335,1339,1343,1347,1351,1355,1359,1363,1367,1371,1375,1379,1383,1387,1391,1395,1399,1403,1407,1411,1415,1419,1423,1427,1431,1435,1439,1443,1447,1451,1455,1459,1463,1467,1471,1475,1479,1483,1487,1491,1495,1499,1503,1507,1511,1515],{"title":519,"slug":520,"category":503,"order":521},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":523,"slug":524,"category":525,"order":521},"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":527,"slug":528,"category":529,"order":521},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":531,"slug":532,"category":503,"order":498},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":534,"slug":535,"category":525,"order":498},"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":537,"slug":538,"category":529,"order":498},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":540,"slug":541,"category":503,"order":542},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":544,"slug":545,"category":525,"order":542},"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":547,"slug":548,"category":529,"order":542},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":550,"slug":551,"category":503,"order":552},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":554,"slug":555,"category":525,"order":552},"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":557,"slug":558,"category":529,"order":552},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":560,"slug":561,"category":503,"order":562},"1960 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":865,"slug":866,"category":525,"order":863},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":868,"slug":869,"category":503,"order":870},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":872,"slug":873,"category":525,"order":870},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":875,"slug":876,"category":503,"order":877},"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":879,"slug":880,"category":525,"order":877},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":882,"slug":883,"category":503,"order":884},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":886,"slug":887,"category":525,"order":884},"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":889,"slug":890,"category":503,"order":891},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":893,"slug":894,"category":525,"order":891},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":896,"slug":897,"category":503,"order":898},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":900,"slug":901,"category":525,"order":898},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":903,"slug":904,"category":503,"order":905},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":907,"slug":908,"category":525,"order":905},"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":910,"slug":911,"category":503,"order":912},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":914,"slug":915,"category":525,"order":912},"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":917,"slug":918,"category":503,"order":919},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":921,"slug":922,"category":525,"order":919},"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":924,"slug":925,"category":503,"order":926},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":928,"slug":929,"category":525,"order":926},"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":931,"slug":932,"category":503,"order":933},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":935,"slug":936,"category":525,"order":933},"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":938,"slug":939,"category":503,"order":940},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":942,"slug":943,"category":525,"order":940},"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":945,"slug":946,"category":503,"order":947},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":949,"slug":950,"category":525,"order":947},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":952,"slug":953,"category":503,"order":954},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":956,"slug":957,"category":525,"order":954},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":959,"slug":960,"category":503,"order":961},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":963,"slug":964,"category":525,"order":961},"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":966,"slug":967,"category":503,"order":968},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":970,"slug":971,"category":525,"order":968},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":973,"slug":974,"category":503,"order":975},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":977,"slug":978,"category":525,"order":975},"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":980,"slug":981,"category":503,"order":982},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":984,"slug":985,"category":525,"order":982},"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":987,"slug":988,"category":503,"order":989},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":991,"slug":992,"category":525,"order":989},"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":994,"slug":995,"category":503,"order":996},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":998,"slug":999,"category":525,"order":996},"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":1001,"slug":1002,"category":503,"order":1003},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1005,"slug":1006,"category":525,"order":1003},"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":1008,"slug":1009,"category":503,"order":1010},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1012,"slug":1013,"category":525,"order":1010},"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":1015,"slug":1016,"category":503,"order":1017},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1019,"slug":1020,"category":525,"order":1017},"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":1022,"slug":1023,"category":503,"order":1024},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1026,"slug":1027,"category":525,"order":1024},"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":1029,"slug":1030,"category":503,"order":1031},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1033,"slug":1034,"category":525,"order":1031},"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":1036,"slug":1037,"category":503,"order":1038},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1040,"slug":1041,"category":525,"order":1038},"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":1043,"slug":1044,"category":503,"order":1045},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1047,"slug":1048,"category":525,"order":1045},"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":1050,"slug":1051,"category":503,"order":1052},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1054,"slug":1055,"category":525,"order":1052},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1057,"slug":1058,"category":503,"order":1059},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1061,"slug":1062,"category":525,"order":1059},"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":1064,"slug":1065,"category":503,"order":1066},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1068,"slug":1069,"category":525,"order":1066},"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":1071,"slug":1072,"category":503,"order":1073},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1075,"slug":1076,"category":525,"order":1073},"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":1078,"slug":1079,"category":503,"order":1080},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1082,"slug":1083,"category":525,"order":1080},"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":1085,"slug":1086,"category":503,"order":1087},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1089,"slug":1090,"category":525,"order":1087},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1092,"slug":1093,"category":503,"order":1094},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1096,"slug":1097,"category":525,"order":1094},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1099,"slug":1100,"category":503,"order":1101},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1103,"slug":1104,"category":525,"order":1101},"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":1106,"slug":1107,"category":503,"order":1108},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1110,"slug":1111,"category":525,"order":1108},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1113,"slug":1114,"category":503,"order":1115},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1117,"slug":1118,"category":525,"order":1115},"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":1120,"slug":1121,"category":503,"order":1122},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1124,"slug":1125,"category":525,"order":1122},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1127,"slug":1128,"category":503,"order":1129},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1131,"slug":1132,"category":525,"order":1129},"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":1134,"slug":1135,"category":503,"order":1136},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1138,"slug":1139,"category":525,"order":1136},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1141,"slug":1142,"category":503,"order":1143},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1145,"slug":1146,"category":525,"order":1143},"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":1148,"slug":1149,"category":503,"order":1150},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1152,"slug":1153,"category":525,"order":1150},"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":1155,"slug":1156,"category":503,"order":1157},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1159,"slug":1160,"category":525,"order":1157},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1162,"slug":1163,"category":503,"order":1164},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1166,"slug":1167,"category":525,"order":1164},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1169,"slug":1170,"category":503,"order":1171},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1173,"slug":1174,"category":525,"order":1171},"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":1176,"slug":1177,"category":503,"order":1178},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1180,"slug":1181,"category":525,"order":1178},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1183,"slug":1184,"category":503,"order":1185},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1187,"slug":1188,"category":525,"order":1185},"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":1190,"slug":1191,"category":503,"order":1192},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1194,"slug":1195,"category":525,"order":1192},"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":1197,"slug":1198,"category":503,"order":1199},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1201,"slug":1202,"category":525,"order":1199},"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":1204,"slug":1205,"category":503,"order":1206},"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":1208,"slug":1209,"category":525,"order":1206},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1211,"slug":1212,"category":503,"order":1213},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1215,"slug":1216,"category":525,"order":1213},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1218,"slug":1219,"category":503,"order":1220},"2014 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