[{"data":1,"prerenderedAt":2505},["ShallowReactive",2],{"library-1966-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":969,"library-sidebar-dao":1971,"library-sidebar-models":2273},{"id":4,"title":5,"body":6,"category":955,"date":956,"description":957,"extension":958,"meta":959,"navigation":960,"order":961,"path":962,"seo":963,"seoDescription":957,"seoTitle":964,"slug":965,"stem":966,"__hash__":967,"_collection":968},"buffett\u002Fbuffett\u002Fberkshire\u002F1966-ba-fei-te-zhi-he-huo-ren-xin.md","1966 巴菲特致合伙人信",{"type":7,"value":8,"toc":947},"minimark",[9,13,17,20,23,26,29,223,229,232,400,403,406,669,674,677,680,683,686,689,692,695,698,701,704,707,710,713,716,719,722,725,827,830,854,857,860,863,866,869,872,875,878,881,884,887,890,893,896,899,902,905,907,910,913,916,919,922,925,928,941,944],[10,11,5],"h1",{"id":12},"_1966-巴菲特致合伙人信",[14,15,16],"p",{},"1967 年 1 月 25 日",[10,18,19],{"id":19},"第一个十年",[14,21,22],{},"1966 年是合伙基金成立十周年。这一年，我们创造了我们领先道指的最高纪录（这是过去的最高纪录，也是将来的最高纪录），这是献给成立十周年最好的礼物。合伙基金上涨 20.4%，道指下跌 15.6%，我们领先 36 个百分点。",[14,24,25],{},"我们之所以能取得如此喜人且无法重现的成绩，一部分原因是道指表现欠佳。1966 年，几乎所有基金经理都跑赢了道指。道指是按照 30 只成分股的市值加权计算出来的。市值最高的几只成分股可以左右指数（例如，杜邦和通用汽车），但它们去年跌得很惨。另外，人们普遍回避传统的蓝筹股，导致道指表现比一般投资水平逊色，这个现象在最后一个季度尤其明显。",[14,27,28],{},"下面是道指收益率、普通合伙人分成前合伙基金收益率（收益超过 6% 的部分，普通合伙人提取 25%）以及有限合伙人收益率的最新逐年对比情况。",[30,31,32,51],"table",{},[33,34,35],"thead",{},[36,37,38,42,45,48],"tr",{},[39,40,41],"th",{},"年份",[39,43,44],{},"道指整体收益率 (1)",[39,46,47],{},"合伙基金收益率 (2)",[39,49,50],{},"有限合伙人收益率 (3)",[52,53,54,69,83,97,111,125,139,153,167,181,195,209],"tbody",{},[36,55,56,60,63,66],{},[57,58,59],"td",{},"1957",[57,61,62],{},"-8.4%",[57,64,65],{},"10.4%",[57,67,68],{},"9.3%",[36,70,71,74,77,80],{},[57,72,73],{},"1958",[57,75,76],{},"38.5%",[57,78,79],{},"40.9%",[57,81,82],{},"32.2%",[36,84,85,88,91,94],{},[57,86,87],{},"1959",[57,89,90],{},"20.0%",[57,92,93],{},"25.9%",[57,95,96],{},"20.9%",[36,98,99,102,105,108],{},[57,100,101],{},"1960",[57,103,104],{},"-6.2%",[57,106,107],{},"22.8%",[57,109,110],{},"18.6%",[36,112,113,116,119,122],{},[57,114,115],{},"1961",[57,117,118],{},"22.4%",[57,120,121],{},"45.9%",[57,123,124],{},"35.9%",[36,126,127,130,133,136],{},[57,128,129],{},"1962",[57,131,132],{},"-7.6%",[57,134,135],{},"13.9%",[57,137,138],{},"11.9%",[36,140,141,144,147,150],{},[57,142,143],{},"1963",[57,145,146],{},"20.6%",[57,148,149],{},"38.7%",[57,151,152],{},"30.5%",[36,154,155,158,161,164],{},[57,156,157],{},"1964",[57,159,160],{},"18.7%",[57,162,163],{},"27.8%",[57,165,166],{},"22.3%",[36,168,169,172,175,178],{},[57,170,171],{},"1965",[57,173,174],{},"14.2%",[57,176,177],{},"47.2%",[57,179,180],{},"36.9%",[36,182,183,186,189,192],{},[57,184,185],{},"1966",[57,187,188],{},"-15.6%",[57,190,191],{},"20.4%",[57,193,194],{},"16.8%",[36,196,197,200,203,206],{},[57,198,199],{},"累计收益率",[57,201,202],{},"141.1%",[57,204,205],{},"1028.7%",[57,207,208],{},"641.5%",[36,210,211,214,217,220],{},[57,212,213],{},"年化复合收益率",[57,215,216],{},"9.7%",[57,218,219],{},"29.0%",[57,221,222],{},"23.5%",[224,225,226],"blockquote",{},[14,227,228],{},"(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。",[14,230,231],{},"下表是累计收益率或复合收益率：",[30,233,234,249],{},[33,235,236],{},[36,237,238,240,243,246],{},[39,239,41],{},[39,241,242],{},"道指整体收益率",[39,244,245],{},"合伙基金收益率",[39,247,248],{},"有限合伙人收益率",[52,250,251,261,275,289,303,317,331,345,359,373,387],{},[36,252,253,255,257,259],{},[57,254,59],{},[57,256,62],{},[57,258,65],{},[57,260,68],{},[36,262,263,266,269,272],{},[57,264,265],{},"1957 – 58",[57,267,268],{},"26.9%",[57,270,271],{},"55.6%",[57,273,274],{},"44.5%",[36,276,277,280,283,286],{},[57,278,279],{},"1957 – 59",[57,281,282],{},"52.3%",[57,284,285],{},"95.9%",[57,287,288],{},"74.7%",[36,290,291,294,297,300],{},[57,292,293],{},"1957 – 60",[57,295,296],{},"42.9%",[57,298,299],{},"140.6%",[57,301,302],{},"107.2%",[36,304,305,308,311,314],{},[57,306,307],{},"1957 – 61",[57,309,310],{},"74.9%",[57,312,313],{},"251.0%",[57,315,316],{},"181.6%",[36,318,319,322,325,328],{},[57,320,321],{},"1957 – 62",[57,323,324],{},"61.6%",[57,326,327],{},"299.8%",[57,329,330],{},"215.1%",[36,332,333,336,339,342],{},[57,334,335],{},"1957 – 63",[57,337,338],{},"94.9%",[57,340,341],{},"454.5%",[57,343,344],{},"311.2%",[36,346,347,350,353,356],{},[57,348,349],{},"1957 - 64",[57,351,352],{},"131.3%",[57,354,355],{},"608.7%",[57,357,358],{},"402.9%",[36,360,361,364,367,370],{},[57,362,363],{},"1957 - 65",[57,365,366],{},"164.1%",[57,368,369],{},"943.2%",[57,371,372],{},"588.5%",[36,374,375,378,381,384],{},[57,376,377],{},"1957 - 66",[57,379,380],{},"122.9%",[57,382,383],{},"1156.0%",[57,385,386],{},"704.2%",[36,388,389,391,394,397],{},[57,390,213],{},[57,392,393],{},"11.4%",[57,395,396],{},"29.8%",[57,398,399],{},"23.9%",[10,401,402],{"id":402},"基金公司",[14,404,405],{},"我们一直拿股票投资占 95-100% 的最大的两只开放式股票型基金（共同基金）和分散投资的最大的两只封闭式股票型基金的业绩，与合伙基金的收益率做对比。与往常一样，下面是最新对比情况。",[30,407,408,432],{},[33,409,410],{},[36,411,412,414,417,420,423,426,429],{},[39,413,41],{},[39,415,416],{},"Mass. Inv. Trust (1)",[39,418,419],{},"Investors Stock (1)",[39,421,422],{},"Lehman (2)",[39,424,425],{},"Tri-Cont. (2)",[39,427,428],{},"道指",[39,430,431],{},"有限合伙人实际收益率",[52,433,434,453,473,493,513,533,553,572,592,612,631,651],{},[36,435,436,438,441,444,446,449,451],{},[57,437,59],{},[57,439,440],{},"-11.4%",[57,442,443],{},"-12.4%",[57,445,440],{},[57,447,448],{},"-2.4%",[57,450,62],{},[57,452,68],{},[36,454,455,457,460,463,466,469,471],{},[57,456,73],{},[57,458,459],{},"42.7%",[57,461,462],{},"47.5%",[57,464,465],{},"40.8%",[57,467,468],{},"33.2%",[57,470,76],{},[57,472,82],{},[36,474,475,477,480,483,486,489,491],{},[57,476,87],{},[57,478,479],{},"9.0%",[57,481,482],{},"10.3%",[57,484,485],{},"8.1%",[57,487,488],{},"8.4%",[57,490,90],{},[57,492,96],{},[36,494,495,497,500,503,506,509,511],{},[57,496,101],{},[57,498,499],{},"-1.0%",[57,501,502],{},"-0.6%",[57,504,505],{},"2.5%",[57,507,508],{},"2.8%",[57,510,104],{},[57,512,110],{},[36,514,515,517,520,523,526,529,531],{},[57,516,115],{},[57,518,519],{},"25.6%",[57,521,522],{},"24.9%",[57,524,525],{},"23.6%",[57,527,528],{},"22.5%",[57,530,118],{},[57,532,124],{},[36,534,535,537,540,543,546,549,551],{},[57,536,129],{},[57,538,539],{},"-9.8%",[57,541,542],{},"-13.4%",[57,544,545],{},"-14.4%",[57,547,548],{},"-10.0%",[57,550,132],{},[57,552,138],{},[36,554,555,557,559,562,565,568,570],{},[57,556,143],{},[57,558,90],{},[57,560,561],{},"16.5%",[57,563,564],{},"23.7%",[57,566,567],{},"18.3%",[57,569,146],{},[57,571,152],{},[36,573,574,576,579,582,585,588,590],{},[57,575,157],{},[57,577,578],{},"15.9%",[57,580,581],{},"14.3%",[57,583,584],{},"13.6%",[57,586,587],{},"12.6%",[57,589,160],{},[57,591,166],{},[36,593,594,596,599,602,605,608,610],{},[57,595,171],{},[57,597,598],{},"10.2%",[57,600,601],{},"9.8%",[57,603,604],{},"19.0%",[57,606,607],{},"10.7%",[57,609,174],{},[57,611,180],{},[36,613,614,616,619,621,624,627,629],{},[57,615,185],{},[57,617,618],{},"-7.7%",[57,620,548],{},[57,622,623],{},"-2.6%",[57,625,626],{},"-6.9%",[57,628,188],{},[57,630,194],{},[36,632,633,635,638,641,644,647,649],{},[57,634,199],{},[57,636,637],{},"118.1%",[57,639,640],{},"106.3%",[57,642,643],{},"142.8%",[57,645,646],{},"126.9%",[57,648,202],{},[57,650,208],{},[36,652,653,655,658,661,663,665,667],{},[57,654,213],{},[57,656,657],{},"8.6%",[57,659,660],{},"7.9%",[57,662,601],{},[57,664,479],{},[57,666,216],{},[57,668,222],{},[224,670,671],{},[14,672,673],{},"(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：1966 Moody's Bank & Finance Manual for 1957-65。1966 年数据为估算值。",[14,675,676],{},"之所以在每年的信里都列出基金公司的业绩，是为了说明道指作为衡量投资业绩的指数，不是那么容易战胜的。我有必要重复一下。虽然我们选这些基金公司进行对比，但是它们和巴菲特合伙基金有很多差异。例如：(1) 基金公司的投资活动，受许多内部和外部因素的限制，我们则没这些限制；(2) 基金公司投资的分散程度远远高于我们。任何一年，与道指相比，它们相对收益极差的可能性比我们小。(3) 按照这些基金公司的激励机制，它们的经理人更愿意随大流，没我们这么大的动力去追求出类拔萃的业绩。",[14,678,679],{},"职业基金经理受人尊敬、薪水丰厚。从上面的业绩记录中，我们可以看到他们投资股票的表现如何。投资管理领域有不少选择，这些基金经理承载了 60 多万美国投资者的寄托。或许绝大多数职业基金经理的业绩都是如此。",[14,681,682],{},"然而，这些基金经理的业绩不代表投资领域的最高水平。有一些基金和私募机构，它们创造的业绩记录远远领先道指，其中有些也远远高于巴菲特合伙基金。它们的投资方法一般和我们不一样，不在我的能力范围之内。但是，它们的管理人一般都很聪明、很努力。既然是在讨论职业基金经理的业绩，我就得如实告诉各位，确实有能取得超一流业绩的基金经理。",[10,684,685],{"id":685},"投资情况进展",[14,687,688],{},"要是有谁很好奇，非常认真地解读第一页中的数字，他可能得出很多错误的结论。",[14,690,691],{},"第一个十年的业绩，在下一个十年里，我们绝对没任何机会复制甚至接近。我们起步时，我才 25 岁，充满饥饿感，最初管理的资金只有105,100 美元，在这十年的商业和市场环境里，我的投资理念如鱼得水。",[14,693,694],{},"十年之后，我现在已 36 岁，小有成就，合伙基金的规模达到 54,065,345 美元，虽然我的投资理念没变，但现在能找到的好机会只有以前的 10% 到 20%。",[14,696,697],{},"巴菲特合伙基金于 1956 年 5 月 5 日成立于密西西比河西岸。最初的几个合伙人都是我最坚定的支持者，四位家人，三个好朋友，我们一共投资了105,100 美元。（我找到了 1957 年 1 月的信，想从里面发现一两句闪光的话，能在这里引用一下。一定有人把我这封信给篡改了，要不里面的金句怎么没了？）",[14,699,700],{},"合伙基金成立之初以及随后的几年里，按照我们低估类的标准，遍地都是远远低于产业资本所能给予的估值的股票。套利机会也接连涌现，都是胜算非常大的机会。机会太多，我都挑不过来了。于是，我们买入 15 到 25 个品种，构建胜券在握的组合。",[14,702,703],{},"过去几年里，环境彻底变了。现在我们基本找不到我能看懂、规模合适、而且符合每年收益率能领先道指 10 个百分点这个条件的投资机会。在过去三年里，我们每年只能找到两三个符合这个条件的新投资机会。好在我们充分利用了其中的一些机会。成立之初那几年，这样的机会，不怎么费劲就能找到一大把。自己发掘投资机会的能力降低了，很难做到客观地分析其中的原因。有三个原因是比较明显的：(1) 市场环境变化了；(2) 我们的规模增加了；(3) 竞争更加激烈了。",[14,705,706],{},"过去的好机会像奔腾不止的大河，现在的好机会像潺潺流淌的小溪，现在的前景与过去相比，当然不能同日而语。这几年，没了奔腾的大河，从潺潺溪流中，我们也同样汲取了养分，没少赚钱。为什么？原因有两点：首先，一个人的饭量是有限的（几百万的资金才能利用的投资机会，对只有几千块钱的人来说没多大用，我年轻时对这一点感触很深）。其次，好机会越少，投资的时候就越珍惜，越要把少量的机会用好。显然，这几年我们靠的就是第二个原因。虽说如此，与大河相比，小溪太容易干涸。",[14,708,709],{},"我不会因为现在的情况变了，就去做我不懂的投资。（有人说“斗不过，就入伙”，这不是我的作风，我是“不入伙，斗到底”。）有些投资机会，一定要懂高科技，我对高科技一无所知，就不做这样的投资。我对半导体和集成电路一无所知，就像我对 chrzaszcz 的交配习性一无所知。（同学们，chrzaszcz 是波兰的一种甲虫，要是你不会念这个词的话，请跟我读 thrzaszcz。）",[14,711,712],{},"在证券投资中，预测市场走势，忽略商业估值的行为经常盛行。我们不会效仿。近年来，这种投资风气经常能迅速赚大钱，就在我写这封信的这个月就是如此。这个投资方法是否合理？我无法证实，也无法否认。我的理智（或许是我的偏见）不认可这种投资方法，我的秉性也不适合这种投资方法。我不会拿自己的钱这么投资，也绝对不会拿各位的钱这么投资。",[14,714,715],{},"最后，有的投资，很可能产生严重的人际冲突，就算利润前景很可观，我们也不会做。",[14,717,718],{},"有一点，我可以向各位合伙人保证，我将努力保住眼前的潺潺溪流，尽最大可能利用有限的机会。然而，如果溪流可能完全干涸，我会在第一时间如实相告，以便我们另寻出路。",[10,720,721],{"id":721},"年业绩分析",[14,723,724],{},"1966 年我们的四大类投资都表现不错。我们实现的总收益是 8,906,701 美元，具体如下：",[30,726,727,740],{},[33,728,729],{},[36,730,731,734,737],{},[39,732,733],{},"类别",[39,735,736],{},"平均投资额",[39,738,739],{},"收益额",[52,741,742,753,764,775,786,797,807,817],{},[36,743,744,747,750],{},[57,745,746],{},"控制类",[57,748,749],{},"$17,259,342",[57,751,752],{},"$1,566,302",[36,754,755,758,761],{},[57,756,757],{},"低估类（基于产业资本视角）",[57,759,760],{},"$1,359,340",[57,762,763],{},"$1,004,362",[36,765,766,769,772],{},[57,767,768],{},"低估类（相对低估）",[57,770,771],{},"$21,847,045",[57,773,774],{},"$5,124,254",[36,776,777,780,783],{},[57,778,779],{},"套利类",[57,781,782],{},"$7,666,314",[57,784,785],{},"$1,714,181",[36,787,788,791,794],{},[57,789,790],{},"其他（包括国债）",[57,792,793],{},"$1,332,609",[57,795,796],{},"$(18,422)",[36,798,799,802,804],{},[57,800,801],{},"总收益",[57,803],{},[57,805,806],{},"$9,390,677",[36,808,809,812,814],{},[57,810,811],{},"减：日常费用",[57,813],{},[57,815,816],{},"$483,976",[36,818,819,822,824],{},[57,820,821],{},"净收益",[57,823],{},[57,825,826],{},"$8,906,701",[14,828,829],{},"开始讨论之前，有几个地方需要说明一下：",[224,831,832],{},[833,834,835,839,842,845,848,851],"ol",{},[836,837,838],"li",{},"1965 年 1 月 18 日的信中介绍了上述各个投资类别。如果你需要回顾一下，在附近的报刊亭又买不到便携版，欢迎向我们索取。",[836,840,841],{},"分类不是严丝合缝的。一笔投资归在哪个类别，事后不会更改，但最初归类时多少有些主观因素。",[836,843,844],{},"计算合伙基金收益率时，我们以年初投资金额为基准。上述表格记录的是各类投资的平均投资金额，这样计算出来的收益率比实际低。例如，一只股票，我们 1 月 1 日以 100 美元买入，到 12 月 31 日，它上涨到 150 美元，则平均投资金额是 125 美元，收益率是 40%，而按照常用的计算方法，收益率则是 50%。换言之，上表中的平均投资金额是以每月的平均市值计算的。",[836,846,847],{},"所有数字均按照 100% 自有资金、无杠杆的基础计算。利息和日常费用从总收益中扣除，不分摊到各个类别。与具体某笔投资直接相关的费用，例如，因做空股票而支付的股息，直接从相应类别中扣除。在涉及融券做空的情况下，计算平均投资金额时，用多头仓位减去空头仓位得出净投资金额。",[836,849,850],{},"上述表格用处有限。各个投资类别的收益都主要是一两笔投资贡献的。如果你收集了大量稳定的数据（例如，美国男性的死亡率），就可以从中得出一些结论和预测，但我们的投资不是这么回事。我们在投资中面临的是一系列不知何时出现、各有不同特点的事件，我们要前思后想，琢磨各种可能性，然后做出决定。",[836,852,853],{},"最后，我们在进行上述计算时不像数钱时那么上心，再说这也算不上纯粹的自检，所以里面可能有笔误或计算错误。",[855,856,746],"h2",{"id":746},[14,858,859],{},"就我们控股的公司而言，1966 年的收益主要有三个来源：(1) 1966 年归属于我们的留存收益；(2) 以低于我们控股权益的价值在公开市场买入更多股票；(3) 控股公司持有的有价证券的未实现增值。1966 年，控制类的总收益是 2,600,838 美元。",[14,861,862],{},"如 1966 年 11 月 1 日信所述，受行业状况和其他一些与估值相关的因素影响，在计算 1966 年 12 月 31 日控股权益的公允价值时，我们进行了 1,034,780 美元的减值，因此 1966 年控制类的整体收益下降到 1,566,058 美元。",[14,864,865],{},"1966 年，在我们的净资产中，我们对实体公司的投资高于对股票的投资，毫无疑问，在这一点上，我们占了便宜。如果将所有资金投入到股票中，我们今年可能会出现亏损，甚至是严重亏损。这不是事先有意为之。如果去年市场大涨，控制类可能严重拖累整体业绩。1967 年仍然如此。",[855,867,757],{"id":868},"低估类基于产业资本视角",[14,870,871],{},"我们这类投资的表现就像 “一天工资 21 美元，一个月就发一天的”。1965 年年中，我们开始买入一只公众大量持股的股票，它价格非常便宜，远远低于产业资本所能给予的估值。当时，我们希望可以一直有这个价格，在两三年的时间里，能买到 1000 万美元以上的货。这家公司的各项业务，我们能看懂。它的竞争优势和弱点，我们可以从竞争对手、经销商、客户、供应商和前员工那里了解到。按照当时这只股票的行情，我们觉得，耐心一些，在不抬高价格的情况下买到大量的货，还是很有希望的。",[14,873,874],{},"1965 年末，我们在这只股票上投入了 1,956,980 美元，持仓市值是 2,358,412 美元，它为 1965 年贡献了 401,432 美元的收益。因为我们还想接着买，不想卖，如果市场价格低于我们的成本价，那才好呢。果真如我所愿，它会拉低我们 1965 年的业绩，也会让有限合伙人的情绪比较低落（所有合伙人的整体情绪保持不变，因为普通合伙人会兴高采烈），但最后能给我们带来更高的长期业绩。这只股票涨了一些，现在高于我们的成本价了，我们已经放缓了买入的节奏，最后能赚到的利润减少了。",[14,876,877],{},"1966 年，从这笔投资的进展中，我们更能看出短期收益与长期收益之间的矛盾。有人对这只股票提出了要约收购，以后再也没机会低价买入了。我以前根本没听说过这个要约收购方。根据当时的情况，我们认为我们最好的选择（将来未必如此）是卖出。于是，二月份，我们兑现了 1,269,181 美元的总利润，其中 867,749 美元归属于 1966 年。",[14,879,880],{},"1966 年的股市如何，我们都知道，在这样的市场环境里还能赚钱，那是相当抢眼了，但说真的，我不喜欢杀鸡取卵。1966 年的业绩可以说是杀鸡取卵的结果。如果我们 1966 年的业绩低五个百分点，如果在去年的市场环境中，这只股票还是价格低廉，我们能一直大量买入，从长远的角度考虑，我们最终获得的收益会远远更高。",[14,882,883],{},"要是好机会遍地都是，这样一笔投资提前收网也没什么。如果生意多的是，一两笔没做好，利润一般般，没多大关系。但是，看看我们的“低估类（基于产业资本视角）”中的平均投资额是多少，你就知道了。这笔投资结束后，新投资太难找了。去年卖出这只股票后，股市整体还是较低的，本来应该能比较容易找到投资机会，可我们一个新机会都没找到。",[855,885,768],{"id":886},"低估类相对低估",[14,888,889],{},"去年，相对低估类取得了此类别设立以来的最高收益，主要得益于一笔投资，它是我们 1965 年末的规模最大的投资，也是我们 1966 年末规模最大的投资。我们持有这笔投资以来，它每年（1964、1965、1966）都遥遥领先大市。任何一年的表现都很难说，但是我们认为，把时间拉长到三四年，这笔投资将来取得优异表现的概率非常大。正是因为看好这只股票，而且比较有把握，1965 年 11 月，我在《基本原则》中加入了第七条，允许单笔投资最多占我们净资产的 40%。我们投入了大量精力，对这家公司各个方面的评估从未停止，与其他投资的比较从未停止，我们一直在在检验我们的结论是否正确，即这只股票是所有投资里的最佳选择。在我们的投资中，这种持续不断的评估和比较是必须的。",[14,891,892],{},"我当然希望能这样向各位报告（并告诉大家我对未来很看好）：我们的相对低估类投资包含 10 个行业中的 15 只股票，它们都跑赢了市场。我们根本没找到这么多好机会。刚才也说了，我们总是把新机会和已有机会做比较，如果新机会只能降低预期收益，我们不会将就。这几年，我们很看好我们持有的这笔规模最大的投资，没找到更好的，所以我们也没什么新的动作。早些年，好机会层出不穷，那时候实现的收益在总收益中占比较高，现在就少多了。",[14,894,895],{},"在相对低估类中，我们集中投资，所以必然给短期业绩带来巨大的波动，有些波动肯定是令人不快的。我向合伙人报告的周期是一年时间，其实在一年之内，我们有过较大的波动。报告的太频繁不是好事，我们的投资着眼于长远，总盯着短期业绩容易走偏。",[14,897,898],{},"就我个人而言，我坚持去年的信中谈分散时所说的理念，在此基础上，我愿意承受短期波动的痛苦（欢乐我都不谈），换取长期收益的最大化。但是，我不愿为了追求更高的长期收益，去承受严重的本金永久损失风险。我想把话说清楚：既然我们选择了集中持股的投资策略，合伙人就应当做好充分准备，我们的表现会有遥遥领先的时候（例如 1965 年和 1966 年），也会有远远落后的时候（特别是在市场大涨时），这是我们为了追求出色的长期表现而要付出的代价。",[14,900,901],{},"我总是谈长远，一位合伙人对我说“要是脑袋浸在水里，五分钟都太长”。没错，所以我们在投资中对于借钱谨小慎微。1966 年，我们从银行借贷的资金远低于合伙基金平均净值的 10%。",[14,903,904],{},"关于相对低估类，还有一件事。在这个类别中，我们也经历了对去年业绩有利，但对长期业绩不利的情况。1966 年，我们在这个类别中只找到了一个新的大机会。我们是从去年三月份开始买的，但是刚投入了 160 万美元（当时这只股票一直能买到，但是买到的不多），外界情况就发生了变化，股价被抬高了，这只股票算不上相对低估了。这只股票，我们在 1966 年平均持有了六个半月，取得了 728,141 美元的总收益。要是它的价格能一直保持低迷，让我们持续大量买入，那该多好。",[855,906,779],{"id":779},[14,908,909],{},"在去年的信中，我预测套利的重要性将降低。虽说套利没前几年贡献那么大了，1966 年我们平均能将 7,666,314 美元用于套利，这给了我一个惊喜。另外，因为我们在套利中使用一部分借来的资金，所以我们实际使用的净自有资本低于这个数字，我们的收益也比 22.4% 高一些。去年，在套利投资中，我们也经历了巨大的起伏。6 月 30 日，套利类平均投资 7,870,151 美元，整体利润 16,112 美元。由此可见，我们下半年的表现特别抢眼，弥补了上半年的黯淡。",[14,911,912],{},"前几年，套利类投资有时候占我们净资产的 30-40%，今后出现这种情况的可能性非常小了。虽然套利类能够吸纳的资金规模变小了，但应该仍能给我们带来良好的收益率。",[10,914,915],{"id":915},"其他事项",[14,917,918],{},"运营方面，比尔、约翰、伊丽莎白和多娜，他们都工作出色，保证了我们高效运转。在巴菲特合伙基金，我们一直可以把精力集中到投资上，从来没因为基金组织结构的问题而分心，我们这些年取得的业绩与这一点密不可分。",[14,920,921],{},"去年是毕马威使用电脑审计的第二年，他们的工作一如既往地高效、细致。",[14,923,924],{},"我们各位员工对合伙基金利益的关心不是口头上的。1967 年 1 月 1 日，合伙基金员工和我、还有我们的配偶、子女在合伙基金共投资 1000 多万美元。我自己家庭在合伙基金的权益占我们家庭净资产的 90% 以上。",[14,926,927],{},"在今后两周，各位合伙人会收到如下文件：",[224,929,930],{},[833,931,932,935,938],{},[836,933,934],{},"一份包含税收数据的信函，其中列有申报 1966 年联邦所得税所需的所有巴菲特合伙基金信息。",[836,936,937],{},"毕马威会计师事务所出具的 1966 年审计报告，其中包含巴菲特合伙基金的运营数据和财务状况以及合伙人资本账户的信息。",[836,939,940],{},"一份由我签署的、证明您于 1967 年 1 月 1 日持有巴菲特合伙基金权益的文件，其中的权益数据与审计报告中列出的数据一致。",[14,942,943],{},"如果对信中内容有任何疑问，或者年中遇到任何问题，请随时与我联系。下一封信是上半年总结，各位将在 7 月 15 日左右收到。",[14,945,946],{},"沃伦 E. 巴菲特谨上",{"title":948,"searchDepth":949,"depth":949,"links":950},"",2,[951,952,953,954],{"id":746,"depth":949,"text":746},{"id":868,"depth":949,"text":757},{"id":886,"depth":949,"text":768},{"id":779,"depth":949,"text":779},"致股东信",null,"1966年巴菲特致合伙人信，庆祝首个十年、阐述投资哲学转变及未来规划","md",{},true,22,"\u002Fbuffett\u002Fberkshire\u002F1966-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":957},"1966 巴菲特致合伙人信｜巴菲特","1966-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1966-ba-fei-te-zhi-he-huo-ren-xin","JjRJ9GCtEvXBICZ6qjt70RQnptdr4ovq_pJ5LZ_aRhs","buffett",[970,974,978,982,985,988,991,995,998,1001,1005,1008,1011,1015,1018,1021,1025,1028,1031,1035,1038,1041,1045,1048,1051,1055,1058,1061,1065,1068,1071,1075,1078,1081,1085,1088,1091,1095,1098,1101,1105,1108,1111,1115,1118,1121,1125,1128,1131,1135,1138,1141,1145,1148,1151,1155,1158,1161,1165,1168,1171,1175,1178,1181,1182,1185,1188,1192,1195,1198,1202,1205,1208,1212,1215,1218,1222,1225,1228,1232,1235,1238,1242,1245,1248,1252,1255,1258,1262,1265,1268,1272,1275,1278,1282,1285,1288,1292,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1347,1351,1354,1358,1361,1365,1368,1372,1375,1379,1382,1386,1389,1393,1396,1400,1403,1407,1410,1414,1417,1421,1424,1428,1431,1435,1438,1442,1445,1449,1452,1456,1459,1463,1466,1470,1473,1477,1480,1484,1487,1491,1494,1498,1501,1505,1508,1512,1515,1519,1522,1526,1529,1533,1536,1540,1543,1547,1550,1554,1557,1561,1564,1568,1571,1575,1578,1582,1585,1589,1592,1596,1599,1603,1606,1610,1613,1617,1620,1624,1627,1631,1634,1638,1641,1645,1648,1652,1655,1659,1662,1666,1669,1673,1676,1680,1683,1687,1690,1694,1697,1701,1704,1708,1711,1715,1718,1722,1725,1729,1732,1736,1739,1743,1746,1750,1753,1757,1760,1764,1767,1771,1775,1779,1783,1787,1791,1795,1799,1803,1807,1811,1815,1819,1823,1827,1831,1835,1839,1843,1847,1851,1855,1859,1863,1867,1871,1875,1879,1883,1887,1891,1895,1899,1903,1907,1911,1915,1919,1923,1927,1931,1935,1939,1943,1947,1951,1955,1959,1963,1967],{"title":971,"slug":972,"category":955,"order":973},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":975,"slug":976,"category":977,"order":973},"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":979,"slug":980,"category":981,"order":973},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":983,"slug":984,"category":955,"order":949},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":986,"slug":987,"category":977,"order":949},"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":989,"slug":990,"category":981,"order":949},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":992,"slug":993,"category":955,"order":994},"1958 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巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1293,"slug":1294,"category":977,"order":1291},"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":1296,"slug":1297,"category":981,"order":1291},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1299,"slug":1300,"category":955,"order":1301},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1303,"slug":1304,"category":977,"order":1301},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1306,"slug":1307,"category":955,"order":1308},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1310,"slug":1311,"category":977,"order":1308},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1313,"slug":1314,"category":955,"order":1315},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1317,"slug":1318,"category":977,"order":1315},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1320,"slug":1321,"category":955,"order":1322},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1324,"slug":1325,"category":977,"order":1322},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1327,"slug":1328,"category":955,"order":1329},"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":1331,"slug":1332,"category":977,"order":1329},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1334,"slug":1335,"category":955,"order":1336},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1338,"slug":1339,"category":977,"order":1336},"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":1341,"slug":1342,"category":955,"order":1343},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1345,"slug":1346,"category":977,"order":1343},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1348,"slug":1349,"category":955,"order":1350},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1352,"slug":1353,"category":977,"order":1350},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1355,"slug":1356,"category":955,"order":1357},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1359,"slug":1360,"category":977,"order":1357},"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":1362,"slug":1363,"category":955,"order":1364},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1366,"slug":1367,"category":977,"order":1364},"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":1369,"slug":1370,"category":955,"order":1371},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1373,"slug":1374,"category":977,"order":1371},"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":1376,"slug":1377,"category":955,"order":1378},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1380,"slug":1381,"category":977,"order":1378},"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":1383,"slug":1384,"category":955,"order":1385},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1387,"slug":1388,"category":977,"order":1385},"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":1390,"slug":1391,"category":955,"order":1392},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1394,"slug":1395,"category":977,"order":1392},"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":1397,"slug":1398,"category":955,"order":1399},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1401,"slug":1402,"category":977,"order":1399},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1404,"slug":1405,"category":955,"order":1406},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1408,"slug":1409,"category":977,"order":1406},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1411,"slug":1412,"category":955,"order":1413},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1415,"slug":1416,"category":977,"order":1413},"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":1418,"slug":1419,"category":955,"order":1420},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1422,"slug":1423,"category":977,"order":1420},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1425,"slug":1426,"category":955,"order":1427},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1429,"slug":1430,"category":977,"order":1427},"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":1432,"slug":1433,"category":955,"order":1434},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1436,"slug":1437,"category":977,"order":1434},"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":1439,"slug":1440,"category":955,"order":1441},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1443,"slug":1444,"category":977,"order":1441},"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":1446,"slug":1447,"category":955,"order":1448},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1450,"slug":1451,"category":977,"order":1448},"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":1453,"slug":1454,"category":955,"order":1455},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1457,"slug":1458,"category":977,"order":1455},"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":1460,"slug":1461,"category":955,"order":1462},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1464,"slug":1465,"category":977,"order":1462},"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":1467,"slug":1468,"category":955,"order":1469},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1471,"slug":1472,"category":977,"order":1469},"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":1474,"slug":1475,"category":955,"order":1476},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1478,"slug":1479,"category":977,"order":1476},"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":1481,"slug":1482,"category":955,"order":1483},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1485,"slug":1486,"category":977,"order":1483},"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":1488,"slug":1489,"category":955,"order":1490},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1492,"slug":1493,"category":977,"order":1490},"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":1495,"slug":1496,"category":955,"order":1497},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1499,"slug":1500,"category":977,"order":1497},"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":1502,"slug":1503,"category":955,"order":1504},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1506,"slug":1507,"category":977,"order":1504},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1509,"slug":1510,"category":955,"order":1511},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1513,"slug":1514,"category":977,"order":1511},"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":1516,"slug":1517,"category":955,"order":1518},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1520,"slug":1521,"category":977,"order":1518},"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":1523,"slug":1524,"category":955,"order":1525},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1527,"slug":1528,"category":977,"order":1525},"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":1530,"slug":1531,"category":955,"order":1532},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1534,"slug":1535,"category":977,"order":1532},"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":1537,"slug":1538,"category":955,"order":1539},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1541,"slug":1542,"category":977,"order":1539},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1544,"slug":1545,"category":955,"order":1546},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1548,"slug":1549,"category":977,"order":1546},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1551,"slug":1552,"category":955,"order":1553},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1555,"slug":1556,"category":977,"order":1553},"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":1558,"slug":1559,"category":955,"order":1560},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1562,"slug":1563,"category":977,"order":1560},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1565,"slug":1566,"category":955,"order":1567},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1569,"slug":1570,"category":977,"order":1567},"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":1572,"slug":1573,"category":955,"order":1574},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1576,"slug":1577,"category":977,"order":1574},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1579,"slug":1580,"category":955,"order":1581},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1583,"slug":1584,"category":977,"order":1581},"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":1586,"slug":1587,"category":955,"order":1588},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1590,"slug":1591,"category":977,"order":1588},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1593,"slug":1594,"category":955,"order":1595},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1597,"slug":1598,"category":977,"order":1595},"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":1600,"slug":1601,"category":955,"order":1602},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1604,"slug":1605,"category":977,"order":1602},"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":1607,"slug":1608,"category":955,"order":1609},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1611,"slug":1612,"category":977,"order":1609},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1614,"slug":1615,"category":955,"order":1616},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1618,"slug":1619,"category":977,"order":1616},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1621,"slug":1622,"category":955,"order":1623},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1625,"slug":1626,"category":977,"order":1623},"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":1628,"slug":1629,"category":955,"order":1630},"2010 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