[{"data":1,"prerenderedAt":2132},["ShallowReactive",2],{"library-1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":596,"library-sidebar-dao":1598,"library-sidebar-models":1900},{"id":4,"title":5,"body":6,"category":582,"date":583,"description":584,"extension":585,"meta":586,"navigation":587,"order":588,"path":589,"seo":590,"seoDescription":584,"seoTitle":591,"slug":592,"stem":593,"__hash__":594,"_collection":595},"buffett\u002Fbuffett\u002Fberkshire\u002F1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1966年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":578},"minimark",[9,13,17,20,23,26,29,223,239,242,247,250,253,256,262,525,530,533,536,539,542,545,548,551,554,557,560,563,566,569,572,575],[10,11,5],"h1",{"id":12},"_1966年中-巴菲特致合伙人信",[14,15,16],"p",{},"1966 年 7 月 12 日",[10,18,19],{"id":19},"上半年业绩",[14,21,22],{},"1966 年上半年，道指从 969.26 点下跌到 870.10 点。在此期间，股息约为 14.70 美元，投资道指的整体收益率为亏损 8.7% 左右。",[14,24,25],{},"长期平均每年跑赢道指 10 个百分点，这是我的目标，也是我的希望（但我保证不了一定能做到！）。今年上半年，我们的表现远高于预期，整体收益率大约是 8.2%。各位都应该明白，这样的业绩绝对是特殊的例外情况。业绩偏离预期，好的超出预料，这样的情况我们之前也遇到过，各位合伙人总能不为所动，我曾经在信里赞许各位表现出的温和与宽容。许多合伙人一定也想经历一下业绩偏离预期、差的超出预料的情况，考验一下自己的承受能力。既然是做投资，长期来看，各位一定会有这样的机会。",[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 年上半年",[57,187,188],{},"-8.7%",[57,190,191],{},"8.2%",[57,193,194],{},"7.7%",[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",{},[227,228,229,233,236],"ol",{},[230,231,232],"li",{},"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。",[230,234,235],{},"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。",[230,237,238],{},"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。",[14,240,241],{},"就连大力士参孙 (Samson) 也有被痛扁的时候。假如你今年 1 月 1 日拿出 100,000 美元，把资金平均分成 8 份，买入下列公司：",[224,243,244],{},[14,245,246],{},"a. 世界上最大的汽车公司（通用汽车）；\nb. 世界上最大的石油公司（新泽西标准石油）；\nc. 世界上最大的零售公司（西尔斯罗巴克）；\nd. 世界上最大的化学公司（杜邦）；\ne. 世界上最大的钢铁公司（美国钢铁）；\nf. 世界上最大的上市保险公司（安泰保险）；\ng. 世界上最大的公用事业公司（美国电话电报）；\nh. 世界上最大的银行（美国银行）。",[14,248,249],{},"到 6 月 30 日，你的投资组合的总资产（包括股息）是 83,370 美元，亏损 16.6%。1 月 1 日，这八家巨无霸的总市值是 1000 多亿美元。到了 6 月 30 日，这八家公司都跌了，无一例外。",[10,251,252],{"id":252},"基金公司",[14,254,255],{},"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。以下是最新对比情况。",[14,257,258],{},[259,260,261],"strong",{},"年度业绩",[30,263,264,288],{},[33,265,266],{},[36,267,268,270,273,276,279,282,285],{},[39,269,41],{},[39,271,272],{},"Mass. Inv. Trust (1)",[39,274,275],{},"Investors Stock (1)",[39,277,278],{},"Lehman (2)",[39,280,281],{},"Tri-Cont. (2)",[39,283,284],{},"道指",[39,286,287],{},"有限合伙人",[52,289,290,309,329,349,369,389,409,428,448,468,487,507],{},[36,291,292,294,297,300,302,305,307],{},[57,293,59],{},[57,295,296],{},"-11.4%",[57,298,299],{},"-12.4%",[57,301,296],{},[57,303,304],{},"-2.4%",[57,306,62],{},[57,308,68],{},[36,310,311,313,316,319,322,325,327],{},[57,312,73],{},[57,314,315],{},"42.7%",[57,317,318],{},"47.5%",[57,320,321],{},"40.8%",[57,323,324],{},"33.2%",[57,326,76],{},[57,328,82],{},[36,330,331,333,336,339,342,345,347],{},[57,332,87],{},[57,334,335],{},"9.0%",[57,337,338],{},"10.3%",[57,340,341],{},"8.1%",[57,343,344],{},"8.4%",[57,346,90],{},[57,348,96],{},[36,350,351,353,356,359,362,365,367],{},[57,352,101],{},[57,354,355],{},"-1.0%",[57,357,358],{},"-0.6%",[57,360,361],{},"2.5%",[57,363,364],{},"2.8%",[57,366,104],{},[57,368,110],{},[36,370,371,373,376,379,382,385,387],{},[57,372,115],{},[57,374,375],{},"25.6%",[57,377,378],{},"24.9%",[57,380,381],{},"23.6%",[57,383,384],{},"22.5%",[57,386,118],{},[57,388,124],{},[36,390,391,393,396,399,402,405,407],{},[57,392,129],{},[57,394,395],{},"-9.8%",[57,397,398],{},"-13.4%",[57,400,401],{},"-14.4%",[57,403,404],{},"-10.0%",[57,406,132],{},[57,408,138],{},[36,410,411,413,415,418,421,424,426],{},[57,412,143],{},[57,414,90],{},[57,416,417],{},"16.5%",[57,419,420],{},"23.7%",[57,422,423],{},"18.3%",[57,425,146],{},[57,427,152],{},[36,429,430,432,435,438,441,444,446],{},[57,431,157],{},[57,433,434],{},"15.9%",[57,436,437],{},"14.3%",[57,439,440],{},"13.6%",[57,442,443],{},"12.6%",[57,445,160],{},[57,447,166],{},[36,449,450,452,455,458,461,464,466],{},[57,451,171],{},[57,453,454],{},"10.2%",[57,456,457],{},"9.8%",[57,459,460],{},"19.0%",[57,462,463],{},"10.7%",[57,465,174],{},[57,467,180],{},[36,469,470,473,476,478,480,483,485],{},[57,471,472],{},"1st half 1966",[57,474,475],{},"-7.9%",[57,477,475],{},[57,479,355],{},[57,481,482],{},"-5.2%",[57,484,188],{},[57,486,194],{},[36,488,489,491,494,497,500,503,505],{},[57,490,199],{},[57,492,493],{},"118.1%",[57,495,496],{},"106.3%",[57,498,499],{},"142.8%",[57,501,502],{},"126.9%",[57,504,202],{},[57,506,208],{},[36,508,509,511,514,517,519,521,523],{},[57,510,213],{},[57,512,513],{},"8.6%",[57,515,516],{},"7.9%",[57,518,457],{},[57,520,335],{},[57,522,216],{},[57,524,222],{},[224,526,527],{},[14,528,529],{},"(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 年上半年数据为估算值。",[14,531,532],{},"机构投资者经常以保守标榜自己。如果他们所谓的“保守”意思是“业绩和平均水平亦步亦趋”，那我没意见。广泛分散投资优质证券，最后取得的业绩差不多就这样。长期来看，“平均水平”也相当不错，普通投资者选择基金没什么不对。",[14,534,535],{},"依我之见，保守要这么定义才更合理：“与平均水平相比，承受远远更低的价值损失，无论是暂时的，还是永久的。”按这个定义衡量，从这四只大型基金（目前管理资产超过 50 亿美元）的历史业绩来看，它们都没做到保守。1957 年、1960 年、1962 年和 1966 年上半年，道指都下跌了。将 57 年、60 年和 62 年的下跌累计计算，道指下跌 20.6%。按同样的计算方法，四大基金分别下跌 9.7%、20.9%、22.3% 和 24.6%。再把 1966 年上半年的下跌也算上，道指累计下跌 27.5%，四大基金分别累计下跌 14.4%、23.1%、27.1% 和 30.6%。按照上述保守的第一种定义，这几只基金是保守的。按照第二种定义，它们算不上保守。（这几只基金的业绩可以代表机构投资者。）",[14,537,538],{},"大多数投资者，要是他们能分清上述两种不同的保守定义，他们的投资理念就上了一个台阶。第一种保守可能叫“随大流”(conventionalism) 更合适，它的意思其实是说“股市普遍上涨，别人都赚钱时，我们一样赚；别人亏钱时，我们一样亏。”我所说的保守是这样的：“别人赚钱时，我们一样赚；别人亏钱时，我们少亏。” 这两个保守不一样。在投资中，能做到第二种保守的，很少。我们保证不了就能做到，但会以追求这种保守为目标。（耶鲁橄榄球队当年输得很惨，曾经在一个赛季里输掉八场比赛，教练 Herman Hickman 解释说：“我争取把我的工作做好，不把校友们惹火就行，他们不满意就不满意吧。”我始终觉得我们应该有更高的追求。）（译注：引用这句话的原文是 I see my job as one of keeping the alumni sullen but not mutinous. 这句话是教练 Herman Hickman 说的。耶鲁橄榄球队很弱，高校之间橄榄球比赛很激烈，教练很难常胜。他这句话是在解释球队成绩为什么那么差的时候说的，意思是，成绩肯定好不了，校友不满意也没办法。只是成绩别太差，别把校友们惹火了就行。 ）",[10,540,541],{"id":541},"霍赫希尔德科恩公司",[14,543,544],{},"霍赫希尔德•科恩公司 (Hochschild, Kohn & Co.) 是位于巴尔地摩的一家私营百货商店。上半年，我们出资 80%，还有两个合伙方各出资 10%，我们共同买下了这家公司的全部股权。虽然我们之前也曾经通过谈判完成有价证券大宗交易，但这笔投资是合伙基金成立以来，我们第一次通过谈判收购整个公司。投资的原则没变，还是从定量和定性两个方面评估，然后看价格高低，既进行绝对分析，也和其他投资机会做对比，进行相对分析。从各个方面来看，霍赫希尔德•科恩公司都不错。",[14,546,547],{},"科恩公司的管理层，无论是人品，还是业务能力，都是一流的。虽说我当年在奥马哈的彭尼百货商店打过工，一小时赚 75 美分，积累了丰富的零售业经验（也成了关于《最低工资法案》的专家），科恩公司将仍有原来的管理层经营。要是管理层庸庸碌碌，就算科恩公司出售的价格更低，我们也不会买。",[14,549,550],{},"一家拥有几千名员工的公司被收购，这样的事肯定会上新闻。但是，各位注意，别因为这笔投资上新闻了，就以为它在我们的整体投资中举足轻重。我们合伙基金主要投资的是有价证券，总投资金额是 5000 多万美元，其中投资科恩公司所占的比例只有 10% 左右。有一只有价证券，它在我们的投资组合中所占比例是科恩公司的三倍多，但是这笔投资肯定不会上新闻。我不是说科恩公司这笔投资不重要，占总投资 10% 怎么能不重要，只是这笔投资给各位的感觉可能是在我们的整体投资中占的比重很大，其实不然。关于披露投资活动，我还是喜欢只露出冰山一角。",[14,552,553],{},"今年年末，在评估科恩公司的价值时，我打算用买入成本加上我们买入后分得的留存收益。除非与其他百货公司相比，科恩公司发生了重大变化，或除非按照其他客观价值标准衡量，科恩公司发生了重大变化，今后我们将一直按照这个方法给科恩公司估值。要是我们觉得科恩公司的价格不便宜，我们不会买。按买入成本价给科恩公司估值，多少是低估了的。但在各种估值方法中，这个方法最客观。在我看来，我们投资的基本都是低估的，否则我们也不会买的。",[10,555,556],{"id":556},"市场预测",[14,558,559],{},"“基本原则”第六条：“我做的是投资，不是预测股市涨跌或经济波动。如果你觉得我能预测出来，或者认为不预测就做不了投资，合伙基金不适合你。”",[14,561,562],{},"有人可能会说这条原则模糊、含混、不明确。我个人认为，绝大多数合伙人明白我说的是什么意思。我们买卖股票，不管别人对股市的预测（我从来不知道怎么预测），只分析公司的未来。我们什么时候对，主要取决于股市的走势。我们到底对不对，主要取决于我们对公司的分析是否准确。换言之，我们集中精力研究的是将来会发生什么，不是什么时候发生。",[14,564,565],{},"对于我们的百货公司，我基本上可以肯定地说，12 月份的经营状况会比 7 月份好。（怎么样，我对零售业已经很在行了吧？）最重要的是，今年 12 月份的情况与去年 12 月份相比如何，利润率是否领先竞争对手，怎么才能给明年后年的 12 月份打好基础。至于我们合伙基金的投资活动，我根本不知道今年 12 月份是否能比 7 月份更好，甚至都不敢保证 12 月份不会严重亏损，年底亏损的情况也不是没有。我们投资的股票可不知道地球围绕太阳公转一周是 365.25 天。股票哪里知道，地球每公转完一周，我就要写总结报告，递交给你们和国税局。所以说，我们不能用日历年来衡量我们的业绩，必须要选个别的标准。最合适的衡量标准当然就是道指，因为它可以代表投资股票的普遍业绩。对于道指这个竞争对手，我们认为它的长期表现会相当好。为了打败它，我们必须比“相当好”更上一层楼。这就像在零售业里，大家都和西尔斯百货比销售额和利润率，只要每年都胜过西尔斯，早晚会脱颖而出。",[14,567,568],{},"我为什么老调重弹，又讲“猜测市场”这个问题？因为道指二月份达到 995 点的高位，此后到五月份跌到 865 点，有几个合伙人给我打电话，他们告诉我股市会继续跌。每次遇到这种情况，我总会想到这两点：(1) 要是他们在二月份的时候早知道五月份能跌到 865 点，为什么当时不告诉我？ (2) 既然他们二月份时不知道接下来三个月会怎样，现在五月份就能知道了？每次市场跌个一百点左右，总会有一两个人告诉我，先抛了，等跌势缓和了再买回来。我还是想说两点：(1) 未来会怎样，我从来都看不透（要是什么时候，你真知道今后几个月或接下来几个小时会怎样，请打电话告诉我们）；(2) 每次市场涨个一百多点的时候，从来没人找我，没人说未来不明朗。现在回头看，二月份的时候，未来的方向真就不明朗。",[14,570,571],{},"一个公司，长期投资投资的话，我们会有优势，但是如果我们根据猜测或情绪决定是否投资，那就完了。无论是我们投资的公司，还是买的股票，价格低廉的时候，就算某些算命的说价格会继续跌，我们也不会卖，虽然它们肯定有蒙对的时候。同样的道理，有的股票，价格已经很高，就算某些“专家”宣称还会涨，我们也不会买。如果公司是自家的，怎么可能听信股市上别人的猜测来决定买卖？别人给你的股权（股票）报价，这是好事，要善于利用。什么时候看到报价高或低得离谱，你就从中获利。别让频繁失常的报价左右了自己的判断，别把本来的优势变成羁绊自己的劣势。在《聪明的投资者》这本书的第二章（投资者与市场波动）中，本杰明•格雷厄姆强有力地阐述了这个理念。我个人认为，在所有关于投资的著述中，这个章节的重要性无出其右。",[14,573,574],{},"我们将在 11 月 1 日左右寄出 1967 年承诺书以及 1964 年纳税估算数据等文件。",[14,576,577],{},"沃伦·巴菲特谨上",{"title":579,"searchDepth":580,"depth":580,"links":581},"",2,[],"致股东信",null,"1966年中巴菲特致合伙人信，分析上半年业绩表现及市场环境对投资的影响","md",{},true,25,"\u002Fbuffett\u002Fberkshire\u002F1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":584},"1966年中 巴菲特致合伙人信｜巴菲特","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","-SxWSVJxmuJRw7ByBnDRh25c3LI9HCdKymd_z0Zfe6w","buffett",[597,601,605,609,612,615,618,622,625,628,632,635,638,642,645,648,652,655,658,662,665,668,672,675,678,682,685,688,692,695,698,702,705,708,712,715,718,722,725,728,732,735,738,742,745,748,752,755,758,762,765,768,772,775,778,782,785,788,792,795,798,802,805,808,812,815,818,822,825,828,832,835,838,839,842,845,849,852,855,859,862,865,869,872,875,879,882,885,889,892,895,899,902,905,909,912,915,919,922,925,929,932,936,939,943,946,950,953,957,960,964,967,971,974,978,981,985,988,992,995,999,1002,1006,1009,1013,1016,1020,1023,1027,1030,1034,1037,1041,1044,1048,1051,1055,1058,1062,1065,1069,1072,1076,1079,1083,1086,1090,1093,1097,1100,1104,1107,1111,1114,1118,1121,1125,1128,1132,1135,1139,1142,1146,1149,1153,1156,1160,1163,1167,1170,1174,1177,1181,1184,1188,1191,1195,1198,1202,1205,1209,1212,1216,1219,1223,1226,1230,1233,1237,1240,1244,1247,1251,1254,1258,1261,1265,1268,1272,1275,1279,1282,1286,1289,1293,1296,1300,1303,1307,1310,1314,1317,1321,1324,1328,1331,1335,1338,1342,1345,1349,1352,1356,1359,1363,1366,1370,1373,1377,1380,1384,1387,1391,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454,1458,1462,1466,1470,1474,1478,1482,1486,1490,1494,1498,1502,1506,1510,1514,1518,1522,1526,1530,1534,1538,1542,1546,1550,1554,1558,1562,1566,1570,1574,1578,1582,1586,1590,1594],{"title":598,"slug":599,"category":582,"order":600},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":602,"slug":603,"category":604,"order":600},"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":606,"slug":607,"category":608,"order":600},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":610,"slug":611,"category":582,"order":580},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":613,"slug":614,"category":604,"order":580},"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":616,"slug":617,"category":608,"order":580},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":619,"slug":620,"category":582,"order":621},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":623,"slug":624,"category":604,"order":621},"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":626,"slug":627,"category":608,"order":621},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":629,"slug":630,"category":582,"order":631},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":633,"slug":634,"category":604,"order":631},"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":636,"slug":637,"category":608,"order":631},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":639,"slug":640,"category":582,"order":641},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":643,"slug":644,"category":604,"order":641},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":646,"slug":647,"category":608,"order":641},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":649,"slug":650,"category":582,"order":651},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":653,"slug":654,"category":604,"order":651},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":656,"slug":657,"category":608,"order":651},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":659,"slug":660,"category":582,"order":661},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":663,"slug":664,"category":604,"order":661},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":666,"slug":667,"category":608,"order":661},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":669,"slug":670,"category":582,"order":671},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":673,"slug":674,"category":604,"order":671},"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":676,"slug":677,"category":608,"order":671},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":679,"slug":680,"category":582,"order":681},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":683,"slug":684,"category":604,"order":681},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":686,"slug":687,"category":608,"order":681},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":689,"slug":690,"category":582,"order":691},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":693,"slug":694,"category":604,"order":691},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":696,"slug":697,"category":608,"order":691},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":699,"slug":700,"category":582,"order":701},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":703,"slug":704,"category":604,"order":701},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":706,"slug":707,"category":608,"order":701},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":709,"slug":710,"category":582,"order":711},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":713,"slug":714,"category":604,"order":711},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":716,"slug":717,"category":608,"order":711},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":719,"slug":720,"category":582,"order":721},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":723,"slug":724,"category":604,"order":721},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":726,"slug":727,"category":608,"order":721},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":729,"slug":730,"category":582,"order":731},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":733,"slug":734,"category":604,"order":731},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":736,"slug":737,"category":608,"order":731},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":739,"slug":740,"category":582,"order":741},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":743,"slug":744,"category":604,"order":741},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":746,"slug":747,"category":608,"order":741},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":749,"slug":750,"category":582,"order":751},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":753,"slug":754,"category":604,"order":751},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":756,"slug":757,"category":608,"order":751},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":759,"slug":760,"category":582,"order":761},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":763,"slug":764,"category":604,"order":761},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":766,"slug":767,"category":608,"order":761},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":769,"slug":770,"category":582,"order":771},"1965 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巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1126,"slug":1127,"category":604,"order":1124},"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":1129,"slug":1130,"category":582,"order":1131},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1133,"slug":1134,"category":604,"order":1131},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1136,"slug":1137,"category":582,"order":1138},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1140,"slug":1141,"category":604,"order":1138},"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":1143,"slug":1144,"category":582,"order":1145},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1147,"slug":1148,"category":604,"order":1145},"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":1150,"slug":1151,"category":582,"order":1152},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1154,"slug":1155,"category":604,"order":1152},"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":1157,"slug":1158,"category":582,"order":1159},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1161,"slug":1162,"category":604,"order":1159},"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":1164,"slug":1165,"category":582,"order":1166},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1168,"slug":1169,"category":604,"order":1166},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1171,"slug":1172,"category":582,"order":1173},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1175,"slug":1176,"category":604,"order":1173},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1178,"slug":1179,"category":582,"order":1180},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1182,"slug":1183,"category":604,"order":1180},"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":1185,"slug":1186,"category":582,"order":1187},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1189,"slug":1190,"category":604,"order":1187},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1192,"slug":1193,"category":582,"order":1194},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1196,"slug":1197,"category":604,"order":1194},"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":1199,"slug":1200,"category":582,"order":1201},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1203,"slug":1204,"category":604,"order":1201},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1206,"slug":1207,"category":582,"order":1208},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1210,"slug":1211,"category":604,"order":1208},"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":1213,"slug":1214,"category":582,"order":1215},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1217,"slug":1218,"category":604,"order":1215},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1220,"slug":1221,"category":582,"order":1222},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1224,"slug":1225,"category":604,"order":1222},"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":1227,"slug":1228,"category":582,"order":1229},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1231,"slug":1232,"category":604,"order":1229},"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":1234,"slug":1235,"category":582,"order":1236},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1238,"slug":1239,"category":604,"order":1236},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1241,"slug":1242,"category":582,"order":1243},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1245,"slug":1246,"category":604,"order":1243},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1248,"slug":1249,"category":582,"order":1250},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1252,"slug":1253,"category":604,"order":1250},"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":1255,"slug":1256,"category":582,"order":1257},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1259,"slug":1260,"category":604,"order":1257},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1262,"slug":1263,"category":582,"order":1264},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1266,"slug":1267,"category":604,"order":1264},"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":1269,"slug":1270,"category":582,"order":1271},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1273,"slug":1274,"category":604,"order":1271},"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":1276,"slug":1277,"category":582,"order":1278},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1280,"slug":1281,"category":604,"order":1278},"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":1283,"slug":1284,"category":582,"order":1285},"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":1287,"slug":1288,"category":604,"order":1285},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1290,"slug":1291,"category":582,"order":1292},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1294,"slug":1295,"category":604,"order":1292},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1297,"slug":1298,"category":582,"order":1299},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1301,"slug":1302,"category":604,"order":1299},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1304,"slug":1305,"category":582,"order":1306},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1308,"slug":1309,"category":604,"order":1306},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1311,"slug":1312,"category":582,"order":1313},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1315,"slug":1316,"category":604,"order":1313},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1318,"slug":1319,"category":582,"order":1320},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1322,"slug":1323,"category":604,"order":1320},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":1325,"slug":1326,"category":582,"order":1327},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1329,"slug":1330,"category":604,"order":1327},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1332,"slug":1333,"category":582,"order":1334},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1336,"slug":1337,"category":604,"order":1334},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":1339,"slug":1340,"category":582,"order":1341},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1343,"slug":1344,"category":604,"order":1341},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1346,"slug":1347,"category":582,"order":1348},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1350,"slug":1351,"category":604,"order":1348},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1353,"slug":1354,"category":582,"order":1355},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1357,"slug":1358,"category":604,"order":1355},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":1360,"slug":1361,"category":582,"order":1362},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1364,"slug":1365,"category":604,"order":1362},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1367,"slug":1368,"category":582,"order":1369},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1371,"slug":1372,"category":604,"order":1369},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1374,"slug":1375,"category":582,"order":1376},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1378,"slug":1379,"category":604,"order":1376},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":1381,"slug":1382,"category":582,"order":1383},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1385,"slug":1386,"category":604,"order":1383},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1388,"slug":1389,"category":582,"order":1390},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1392,"slug":1393,"category":604,"order":1390},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":1395,"slug":1396,"category":604,"order":1397},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1399,"slug":1400,"category":604,"order":1401},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1403,"slug":1404,"category":604,"order":1405},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":1407,"slug":1408,"category":604,"order":1409},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":1411,"slug":1412,"category":604,"order":1413},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":1415,"slug":1416,"category":604,"order":1417},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":1419,"slug":1420,"category":604,"order":1421},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":1423,"slug":1424,"category":604,"order":1425},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":1427,"slug":1428,"category":604,"order":1429},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":1431,"slug":1432,"category":604,"order":1433},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":1435,"slug":1436,"category":604,"order":1437},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":1439,"slug":1440,"category":604,"order":1441},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":1443,"slug":1444,"category":604,"order":1445},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":1447,"slug":1448,"category":604,"order":1449},"巴菲特：2015年对话IVEY 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