[{"data":1,"prerenderedAt":2128},["ShallowReactive",2],{"library-1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":592,"library-sidebar-dao":1594,"library-sidebar-models":1896},{"id":4,"title":5,"body":6,"category":578,"date":579,"description":580,"extension":581,"meta":582,"navigation":583,"order":584,"path":585,"seo":586,"seoDescription":580,"seoTitle":587,"slug":588,"stem":589,"__hash__":590,"_collection":591},"buffett\u002Fbuffett\u002Fberkshire\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1967年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":574},"minimark",[9,13,17,20,23,26,234,240,243,246,249,252,255,539,544,547,550,553,556,559,562,565,568,571],[10,11,5],"h1",{"id":12},"_1967年中-巴菲特致合伙人信",[14,15,16],"p",{},"1967 年 7 月 12 日",[10,18,19],{"id":19},"上半年业绩",[14,21,22],{},"和往年一样，因为我们一家要去加州度假，这封信也是六月末写的。为了与往年相称（对于损益表，我总是克服我对美感的追求，不讲对称），有些地方我先保留了空白，等数字补上后，相信我的结论也不会有问题。",[14,24,25],{},"1967 年，我们一开局就很受伤，一月份表现惨淡，道指上涨 8.5%，合伙基金上涨 3.3%。尽管开局不利，上半年结束之时，我们还是取得了 21% 的收益率，领先道指 9.6 个百分点。今年上半年和去年一样，打败道指比较容易（很多人觉得战胜道指很容易，不可能每年都如此），很多基金经理都跑赢了道指。按照惯例，下表汇总了我们上半年的业绩：",[27,28,29,48],"table",{},[30,31,32],"thead",{},[33,34,35,39,42,45],"tr",{},[36,37,38],"th",{},"年份",[36,40,41],{},"道指整体收益率 (1)",[36,43,44],{},"合伙基金收益率 (2)",[36,46,47],{},"有限合伙人收益率 (3)",[49,50,51,66,80,94,108,122,136,150,164,178,192,206,220],"tbody",{},[33,52,53,57,60,63],{},[54,55,56],"td",{},"1957",[54,58,59],{},"-8.4%",[54,61,62],{},"10.4%",[54,64,65],{},"9.3%",[33,67,68,71,74,77],{},[54,69,70],{},"1958",[54,72,73],{},"38.5%",[54,75,76],{},"40.9%",[54,78,79],{},"32.2%",[33,81,82,85,88,91],{},[54,83,84],{},"1959",[54,86,87],{},"20.0%",[54,89,90],{},"25.9%",[54,92,93],{},"20.9%",[33,95,96,99,102,105],{},[54,97,98],{},"1960",[54,100,101],{},"-6.2%",[54,103,104],{},"22.8%",[54,106,107],{},"18.6%",[33,109,110,113,116,119],{},[54,111,112],{},"1961",[54,114,115],{},"22.4%",[54,117,118],{},"45.9%",[54,120,121],{},"35.9%",[33,123,124,127,130,133],{},[54,125,126],{},"1962",[54,128,129],{},"-7.6%",[54,131,132],{},"13.9%",[54,134,135],{},"11.9%",[33,137,138,141,144,147],{},[54,139,140],{},"1963",[54,142,143],{},"20.6%",[54,145,146],{},"38.7%",[54,148,149],{},"30.5%",[33,151,152,155,158,161],{},[54,153,154],{},"1964",[54,156,157],{},"18.7%",[54,159,160],{},"27.8%",[54,162,163],{},"22.3%",[33,165,166,169,172,175],{},[54,167,168],{},"1965",[54,170,171],{},"14.2%",[54,173,174],{},"47.2%",[54,176,177],{},"36.9%",[33,179,180,183,186,189],{},[54,181,182],{},"1966",[54,184,185],{},"-15.6%",[54,187,188],{},"20.4%",[54,190,191],{},"16.8%",[33,193,194,197,200,203],{},[54,195,196],{},"1967 年上半年",[54,198,199],{},"11.4%",[54,201,202],{},"21.0%",[54,204,205],{},"17.3%",[33,207,208,211,214,217],{},[54,209,210],{},"累计收益率",[54,212,213],{},"148.3%",[54,215,216],{},"1419.8%",[54,218,219],{},"843.3%",[33,221,222,225,228,231],{},[54,223,224],{},"年化复合收益率",[54,226,227],{},"9.1%",[54,229,230],{},"29.6%",[54,232,233],{},"23.8%",[235,236,237],"blockquote",{},[14,238,239],{},"(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。",[14,241,242],{},"在合伙基金上半年业绩统计中，控股公司的估值保持不变，我们的收益完全来自有价证券投资。今年年初，我们投资有价证券的部分占净资产的 63.3%。",[14,244,245],{},"在 12 月份承诺书最终生效之前，我们会考虑所有相关情况（包括经营、市场和信用情况），决定是否对多元零售公司 (Diversified Retailing Company, DRC) 和伯克希尔•哈撒韦公司重新估值。",[14,247,248],{},"上半年，多元零售公司和伯克希尔哈撒韦公司都进行了大型收购。多元零售公司（我们持有 80% 股份）及其两个子公司（霍赫希尔德科恩公司 (Hochschild Kohn) 和联合棉布商店 (Associated Cotton Shops)）都非常令人满意。纺织行业的伯克希尔哈撒韦却步履维艰。虽然现在我没看到它的内在价值有任何减损，但是它的纺织业务是不可能取得像样的资产回报率了。如果道指继续上涨，投资组合中的伯克希尔纺织业务会严重拖累我们的相对表现（今年上半年就是如此）。在市场强劲上涨时，控股公司的相对表现较弱是意料之中的，但是如果控股公司本身的业务也没起色，那就麻烦了。我一个朋友有句话说得好：“想要的东西没得到，就得到了经验。”(Experience is what you find when you're looking for something else.)",[10,250,251],{"id":251},"基金公司",[14,253,254],{},"与往常一样，下面是合伙基金与股票投资占 95-100% 的最大的两只开放式股票型基金（共同基金）和最大的两只封闭式基金的对比情况。",[27,256,257,281],{},[30,258,259],{},[33,260,261,263,266,269,272,275,278],{},[36,262,38],{},[36,264,265],{},"Mass. Inv. Trust (1)",[36,267,268],{},"Investors Stock (1)",[36,270,271],{},"Lehman (2)",[36,273,274],{},"Tri-Cont. (2)",[36,276,277],{},"道指",[36,279,280],{},"有限合伙人",[49,282,283,302,322,342,362,382,402,421,441,461,480,500,520],{},[33,284,285,287,290,293,295,298,300],{},[54,286,56],{},[54,288,289],{},"-11.4%",[54,291,292],{},"-12.4%",[54,294,289],{},[54,296,297],{},"-2.4%",[54,299,59],{},[54,301,65],{},[33,303,304,306,309,312,315,318,320],{},[54,305,70],{},[54,307,308],{},"42.7%",[54,310,311],{},"47.5%",[54,313,314],{},"40.8%",[54,316,317],{},"33.2%",[54,319,73],{},[54,321,79],{},[33,323,324,326,329,332,335,338,340],{},[54,325,84],{},[54,327,328],{},"9.0%",[54,330,331],{},"10.3%",[54,333,334],{},"8.1%",[54,336,337],{},"8.4%",[54,339,87],{},[54,341,93],{},[33,343,344,346,349,352,355,358,360],{},[54,345,98],{},[54,347,348],{},"-1.0%",[54,350,351],{},"-0.6%",[54,353,354],{},"2.5%",[54,356,357],{},"2.8%",[54,359,101],{},[54,361,107],{},[33,363,364,366,369,372,375,378,380],{},[54,365,112],{},[54,367,368],{},"25.6%",[54,370,371],{},"24.9%",[54,373,374],{},"23.6%",[54,376,377],{},"22.5%",[54,379,115],{},[54,381,121],{},[33,383,384,386,389,392,395,398,400],{},[54,385,126],{},[54,387,388],{},"-9.8%",[54,390,391],{},"-13.4%",[54,393,394],{},"-14.4%",[54,396,397],{},"-10.0%",[54,399,129],{},[54,401,135],{},[33,403,404,406,408,411,414,417,419],{},[54,405,140],{},[54,407,87],{},[54,409,410],{},"16.5%",[54,412,413],{},"23.7%",[54,415,416],{},"18.3%",[54,418,143],{},[54,420,149],{},[33,422,423,425,428,431,434,437,439],{},[54,424,154],{},[54,426,427],{},"15.9%",[54,429,430],{},"14.3%",[54,432,433],{},"13.6%",[54,435,436],{},"12.6%",[54,438,157],{},[54,440,163],{},[33,442,443,445,448,451,454,457,459],{},[54,444,168],{},[54,446,447],{},"10.2%",[54,449,450],{},"9.8%",[54,452,453],{},"19.0%",[54,455,456],{},"10.7%",[54,458,171],{},[54,460,177],{},[33,462,463,465,468,470,473,476,478],{},[54,464,182],{},[54,466,467],{},"-7.7%",[54,469,397],{},[54,471,472],{},"-2.6%",[54,474,475],{},"-6.9%",[54,477,185],{},[54,479,191],{},[33,481,482,484,487,490,493,496,498],{},[54,483,196],{},[54,485,486],{},"11.3%",[54,488,489],{},"12.3%",[54,491,492],{},"19.3%",[54,494,495],{},"14.4%",[54,497,199],{},[54,499,205],{},[33,501,502,504,507,510,513,516,518],{},[54,503,210],{},[54,505,506],{},"143.3%",[54,508,509],{},"126.4%",[54,511,512],{},"185.4%",[54,514,515],{},"156.8%",[54,517,213],{},[54,519,219],{},[33,521,522,524,527,529,532,535,537],{},[54,523,224],{},[54,525,526],{},"8.9%",[54,528,334],{},[54,530,531],{},"10.5%",[54,533,534],{},"9.4%",[54,536,227],{},[54,538,233],{},[235,540,541],{},[14,542,543],{},"(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：1967 Moody&# 39;s Bank & Finance Manual for 1957-1966。1967 年上半年数据为估算值。",[14,545,546],{},"主要还是靠潮涨潮落，不是游泳的真本事。",[10,548,549],{"id":549},"税项",[14,551,552],{},"进入 1967 年，我们未实现的收益是 16,361,974 美元。截止 6 月 30 日，我们实现了 7,084,104 美元的净资本收益，由此看来，今年年初归属于合伙人权益的未实现收益中的很大一部分，都会在今年实现。在 1967 年 2 月 2 日寄给各位的信中，我们在第三条报告了这一金额。11 月份，我们会将 2 月 2 日信的副本以及税收信函寄给各位，让各位了解大概的纳税情况。",[14,554,555],{},"我一直这样建议大家，在估算中期纳税数字时，使用上一年实际支付的税收金额，这样比较稳妥，不会受罚。",[14,557,558],{},"最终数字是多少还不得而知，但现在知道的是，缴纳的税款中大部分是长期资本利得，短期资本利得和普通所得很少。（有些人计算收益和本金时总是很糊涂，我经常想善意地批评一下。我和苏茜刚结婚的时候，我对她说：“别担心 income（收入），重要的是 outcome（结果）。”）",[10,560,561],{"id":561},"其他事项",[14,563,564],{},"上半年，由于要全身心投入到自己的投资管理工作中，斯坦•波尔米塔 (Stan Perlmeter) 辞去了合伙基金解散委员会的职务。经其余委员选举，小弗雷德•斯坦贝克 (Fred Stanback, Jr.) 填补了空缺。小弗雷德是我们的一位老合伙人，也是一位经验丰富的投资者。",[14,566,567],{},"和往年一样，我们将在 11 月 1 日左右寄出承诺书以及 1967 年纳税估算数据等文件。",[14,569,570],{},"今年有个特殊情况，为了引起各位的注意，我会在 10 月份专门给大家写一封信。我要说的不是修改《合伙协议》，而是由于环境变化，“基本原则”需要进行一些修改。我希望提前通知大家，让大家在安排 1968 年的计划之前有足够的时间消化。《合伙协议》代表我们在法律上达成的一致，“基本原则”代表我们在个人理念上达成的一致。从某些方面来说，我认为“基本原则”这份文件更重要。在我看来，如果有可能影响合伙基金的活动或业绩的变化，一定要事先告诉大家，把一切都讲明白，这就是我为什么 10 月份会专门写一封信给各位。",[14,572,573],{},"沃伦 E. 巴菲特谨上",{"title":575,"searchDepth":576,"depth":576,"links":577},"",2,[],"致股东信",null,"1967年中巴菲特致合伙人信，分享上半年投资业绩及控股类投资公司表现","md",{},true,30,"\u002Fbuffett\u002Fberkshire\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":580},"1967年中 巴菲特致合伙人信｜巴菲特","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","Hu7F1QexUqeaAvE9wcsjHn-mVCYYWjiy1N0ZpsHvuMI","buffett",[593,597,601,605,608,611,614,618,621,624,628,631,634,638,641,644,648,651,654,658,661,664,668,671,674,678,681,684,688,691,694,698,701,704,708,711,714,718,721,724,728,731,734,738,741,744,748,751,754,758,761,764,768,771,774,778,781,784,788,791,794,798,801,804,808,811,814,818,821,824,828,831,834,838,841,844,848,851,854,858,861,864,868,871,874,878,881,884,885,888,891,895,898,901,905,908,911,915,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1117,1121,1124,1128,1131,1135,1138,1142,1145,1149,1152,1156,1159,1163,1166,1170,1173,1177,1180,1184,1187,1191,1194,1198,1201,1205,1208,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1275,1278,1282,1285,1289,1292,1296,1299,1303,1306,1310,1313,1317,1320,1324,1327,1331,1334,1338,1341,1345,1348,1352,1355,1359,1362,1366,1369,1373,1376,1380,1383,1387,1390,1394,1398,1402,1406,1410,1414,1418,1422,1426,1430,1434,1438,1442,1446,1450,1454,1458,1462,1466,1470,1474,1478,1482,1486,1490,1494,1498,1502,1506,1510,1514,1518,1522,1526,1530,1534,1538,1542,1546,1550,1554,1558,1562,1566,1570,1574,1578,1582,1586,1590],{"title":594,"slug":595,"category":578,"order":596},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":598,"slug":599,"category":600,"order":596},"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":602,"slug":603,"category":604,"order":596},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":606,"slug":607,"category":578,"order":576},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":609,"slug":610,"category":600,"order":576},"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":612,"slug":613,"category":604,"order":576},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":615,"slug":616,"category":578,"order":617},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":619,"slug":620,"category":600,"order":617},"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":622,"slug":623,"category":604,"order":617},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":625,"slug":626,"category":578,"order":627},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":629,"slug":630,"category":600,"order":627},"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":632,"slug":633,"category":604,"order":627},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":635,"slug":636,"category":578,"order":637},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":639,"slug":640,"category":600,"order":637},"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":642,"slug":643,"category":604,"order":637},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":645,"slug":646,"category":578,"order":647},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":649,"slug":650,"category":600,"order":647},"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":652,"slug":653,"category":604,"order":647},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":655,"slug":656,"category":578,"order":657},"1961年中 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":989,"slug":990,"category":600,"order":987},"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":992,"slug":993,"category":578,"order":994},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":996,"slug":997,"category":600,"order":994},"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":999,"slug":1000,"category":578,"order":1001},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1003,"slug":1004,"category":600,"order":1001},"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":1006,"slug":1007,"category":578,"order":1008},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1010,"slug":1011,"category":600,"order":1008},"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":1013,"slug":1014,"category":578,"order":1015},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1017,"slug":1018,"category":600,"order":1015},"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":1020,"slug":1021,"category":578,"order":1022},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1024,"slug":1025,"category":600,"order":1022},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1027,"slug":1028,"category":578,"order":1029},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1031,"slug":1032,"category":600,"order":1029},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1034,"slug":1035,"category":578,"order":1036},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1038,"slug":1039,"category":600,"order":1036},"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":1041,"slug":1042,"category":578,"order":1043},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1045,"slug":1046,"category":600,"order":1043},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1048,"slug":1049,"category":578,"order":1050},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1052,"slug":1053,"category":600,"order":1050},"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":1055,"slug":1056,"category":578,"order":1057},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1059,"slug":1060,"category":600,"order":1057},"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":1062,"slug":1063,"category":578,"order":1064},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1066,"slug":1067,"category":600,"order":1064},"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":1069,"slug":1070,"category":578,"order":1071},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1073,"slug":1074,"category":600,"order":1071},"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":1076,"slug":1077,"category":578,"order":1078},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1080,"slug":1081,"category":600,"order":1078},"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":1083,"slug":1084,"category":578,"order":1085},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1087,"slug":1088,"category":600,"order":1085},"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":1090,"slug":1091,"category":578,"order":1092},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1094,"slug":1095,"category":600,"order":1092},"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":1097,"slug":1098,"category":578,"order":1099},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1101,"slug":1102,"category":600,"order":1099},"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":1104,"slug":1105,"category":578,"order":1106},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1108,"slug":1109,"category":600,"order":1106},"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":1111,"slug":1112,"category":578,"order":1113},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1115,"slug":1116,"category":600,"order":1113},"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":1118,"slug":1119,"category":578,"order":1120},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1122,"slug":1123,"category":600,"order":1120},"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":1125,"slug":1126,"category":578,"order":1127},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1129,"slug":1130,"category":600,"order":1127},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1132,"slug":1133,"category":578,"order":1134},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1136,"slug":1137,"category":600,"order":1134},"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":1139,"slug":1140,"category":578,"order":1141},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1143,"slug":1144,"category":600,"order":1141},"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":1146,"slug":1147,"category":578,"order":1148},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1150,"slug":1151,"category":600,"order":1148},"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":1153,"slug":1154,"category":578,"order":1155},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1157,"slug":1158,"category":600,"order":1155},"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":1160,"slug":1161,"category":578,"order":1162},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1164,"slug":1165,"category":600,"order":1162},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1167,"slug":1168,"category":578,"order":1169},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1171,"slug":1172,"category":600,"order":1169},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1174,"slug":1175,"category":578,"order":1176},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1178,"slug":1179,"category":600,"order":1176},"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":1181,"slug":1182,"category":578,"order":1183},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1185,"slug":1186,"category":600,"order":1183},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1188,"slug":1189,"category":578,"order":1190},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1192,"slug":1193,"category":600,"order":1190},"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":1195,"slug":1196,"category":578,"order":1197},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1199,"slug":1200,"category":600,"order":1197},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1202,"slug":1203,"category":578,"order":1204},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1206,"slug":1207,"category":600,"order":1204},"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":1209,"slug":1210,"category":578,"order":1211},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1213,"slug":1214,"category":600,"order":1211},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1216,"slug":1217,"category":578,"order":1218},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1220,"slug":1221,"category":600,"order":1218},"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":1223,"slug":1224,"category":578,"order":1225},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1227,"slug":1228,"category":600,"order":1225},"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":1230,"slug":1231,"category":578,"order":1232},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1234,"slug":1235,"category":600,"order":1232},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1237,"slug":1238,"category":578,"order":1239},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1241,"slug":1242,"category":600,"order":1239},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1244,"slug":1245,"category":578,"order":1246},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1248,"slug":1249,"category":600,"order":1246},"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":1251,"slug":1252,"category":578,"order":1253},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1255,"slug":1256,"category":600,"order":1253},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1258,"slug":1259,"category":578,"order":1260},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1262,"slug":1263,"category":600,"order":1260},"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":1265,"slug":1266,"category":578,"order":1267},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1269,"slug":1270,"category":600,"order":1267},"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":1272,"slug":1273,"category":578,"order":1274},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1276,"slug":1277,"category":600,"order":1274},"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":1279,"slug":1280,"category":578,"order":1281},"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":1283,"slug":1284,"category":600,"order":1281},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1286,"slug":1287,"category":578,"order":1288},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1290,"slug":1291,"category":600,"order":1288},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1293,"slug":1294,"category":578,"order":1295},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1297,"slug":1298,"category":600,"order":1295},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1300,"slug":1301,"category":578,"order":1302},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1304,"slug":1305,"category":600,"order":1302},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1307,"slug":1308,"category":578,"order":1309},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1311,"slug":1312,"category":600,"order":1309},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1314,"slug":1315,"category":578,"order":1316},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1318,"slug":1319,"category":600,"order":1316},"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":1321,"slug":1322,"category":578,"order":1323},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1325,"slug":1326,"category":600,"order":1323},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1328,"slug":1329,"category":578,"order":1330},"2019 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