[{"data":1,"prerenderedAt":1616},["ShallowReactive",2],{"library-1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":80,"library-sidebar-dao":1082,"library-sidebar-models":1384},{"id":4,"title":5,"body":6,"category":66,"date":67,"description":68,"extension":69,"meta":70,"navigation":71,"order":72,"path":73,"seo":74,"seoDescription":68,"seoTitle":75,"slug":76,"stem":77,"__hash__":78,"_collection":79},"buffett\u002Fbuffett\u002Fberkshire\u002F1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin.md","1965年11月 巴菲特致合伙人信",{"type":7,"value":8,"toc":62},"minimark",[9,13,17,20,23,34,37,40,43,46,49,52,55],[10,11,5],"h1",{"id":12},"_1965年11月-巴菲特致合伙人信",[14,15,16],"p",{},"1965 年 11 月 1 日",[14,18,19],{},"致 1966 年的各位合伙人：",[14,21,22],{},"随函附上：",[24,25,26],"blockquote",{},[14,27,28,29,33],{},"(1) 两份 1966 年承诺书，一份由你保留，一份寄还给我们。承诺书可于 12 月 31 日零点之前修改，所以请尽早返还给我们。如果需要更改，提前写信或打电话给我们即可。12 月 31 日，承诺书最终生效后不可更改。投入资金起始时间为 1 月 1 日。每年 1 月份的第一周，都会有许多合伙人打来电话，询问能否追加 1 月 1 日投入的资金。逾期无法追加。\n(2) 一份每年必备的“基本原则”(The Ground Rules)",[30,31,32],"span",{},"^1","。所有合伙人务必认同其中的每一条原则。如果你有不同意见，没问题，你说的可能更对，但是合伙基金不适合你。请特别注意第七条基本原则。经过深思熟虑，我的想法略有改变，所以今年增加了这一条。这一条所说的做法在我们的投资活动中符合逻辑，但是与常规做法大相径庭，所以我请各位特别注意。",[14,35,36],{},"所有提现将在 1 月 5 日支付。提现金额没有限制，最低 100 美元，最高所有权益。同样，追加投资金额也没有限制，但应在 1 月 10 日之前存入。你可以选择在 1966 年完成上述交易，或许能节省一些税款。如果追加资金在 11 月份存入，则将视为预先存入资金，在年底前可获得 6% 的利息。12 月份存入的追加资金无利息。",[14,38,39],{},"合伙基金现已拥有伯克希尔哈撒韦公司的控股权益，伯克希尔是一家公开上市的公司。如 7 月份信中所述，在我们取得控股权益的公司中，资产价值和盈利能力是影响估值的主导因素。市场价格支配的是少数股东权益价值，对控股权益估值没多大意义。今年年末，我们对伯克希尔哈撒韦公司控股权益的估值将介于净流动资产价值和账面价值二者之间。鉴于应收账款和存货的性质，在上述估值方法中，流动资产以账面价值计算，固定资产以 50% 的折价率计算。这个估值对追加投资和提取现金的合伙人都公平，它可能高于也可能低于市值。",[14,41,42],{},"在我写这封信时，我们正沿着正常轨道运转，一切都很顺利。我们超越道指的领先优势远高于平均水平。哪怕是再保守老派的合伙人，即使使用净利润这样原始的衡量标准，也会对我们的业绩非常满意。不过，没到年末，一切都不算数。",[14,44,45],{},"如有任何疑问，请联系约翰•哈丁 (John Harding)，他负责解答合伙人的疑问。纳税情况与 8 月份信中所述相同，如果需要约翰帮你估算需要缴纳的税金，请与他联系。",[14,47,48],{},"沃伦 E. 巴菲特谨上",[14,50,51],{},"又及：一如既往，我们还是不会给最晚寄回资料的合伙人颁奖。请火速寄回承诺书，谢谢合作。如果你需要进行更改（1 月 1 日之前），随时联系我们，我们会帮你修改。",[14,53,54],{},"这封信中提到新增了第七条基本原则，在下一封信中会讲到，内容是：",[56,57,58],"ol",{},[59,60,61],"li",{},"与大多数同行相比，我们的分散程度远远更低。一笔投资，我们掌握了事实和逻辑，正确的概率极大，与此同时，这笔投资的内在价值不可能出现根本变化，出错的概率很小，在这种情况下，我们可能最多拿出 40% 的净资产用于这笔投资。\n这个原则的修改，是因为合伙基金用 40% 的净资产投资了美国运通。",{"title":63,"searchDepth":64,"depth":64,"links":65},"",2,[],"致股东信",null,"1965年11月巴菲特致合伙人信，讨论合伙人协议条款修订及投资收益分配机制","md",{},true,20,"\u002Fbuffett\u002Fberkshire\u002F1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":68},"1965年11月 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巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":157,"slug":158,"category":88,"order":155},"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":160,"slug":161,"category":92,"order":155},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":163,"slug":164,"category":66,"order":165},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":167,"slug":168,"category":88,"order":165},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":170,"slug":171,"category":92,"order":165},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":173,"slug":174,"category":66,"order":175},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":177,"slug":178,"category":88,"order":175},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":180,"slug":181,"category":92,"order":175},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":183,"slug":184,"category":66,"order":185},"1962年中 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