[{"data":1,"prerenderedAt":1604},["ShallowReactive",2],{"library-1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":68,"library-sidebar-dao":1070,"library-sidebar-models":1372},{"id":4,"title":5,"body":6,"category":54,"date":55,"description":56,"extension":57,"meta":58,"navigation":59,"order":60,"path":61,"seo":62,"seoDescription":56,"seoTitle":63,"slug":64,"stem":65,"__hash__":66,"_collection":67},"buffett\u002Fbuffett\u002Fberkshire\u002F1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin.md","1968年11月 巴菲特致合伙人信",{"type":7,"value":8,"toc":50},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47],[10,11,5],"h1",{"id":12},"_1968年11月-巴菲特致合伙人信",[14,15,16],"p",{},"1968 年 11 月 1 日",[14,18,19],{},"致各位合伙人：",[14,21,22],{},"随信附上两份 1969 年的承诺书，一份由你保留，一份寄还给我们。你可以在 12 月 31 日零点之前修改承诺书，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，不可更改。因为我会将承诺书转交给毕马威会计师事务所，所以此项规定没有例外。",[14,24,25],{},"随信同时附上一份每年必备的“基本原则”，帮助各位每年把理念强化一次。",[14,27,28],{},"目前，税收情况与 8 月 27 日信中所述一致。在年底之前，我们很可能会进行一笔或多笔对纳税情况有重大影响的交易。12 月 24 日，我们会寄给大家一封信，确认各位的承诺书，如果预期纳税情况有变，会在这封信中向各位报告。",[14,30,31],{},"我们持有多元零售公司 80% 的股份。年末，我们打算将这部分权益的估值定为 8,800, 000 美元。这部分权益去年的估值是 7,200,000 美元，我们买入的初始成本是 4,800,000 美元。我们仍然使用去年的估值方法，即成本加归属于我们的留存收益。",[14,33,34],{},"我们持有伯克希尔哈撒韦 70% 的股份。年末，我们对这部分权益的估值是每股 31 美元。我在先前的信件中已经说过：市场价格支配的是少数股东权益的价值，对控股权益估值没多大意义。在对控股权益估值时（这是从商业角度进行的估值，不是股市里的估值），主要决定因素是资产价值和盈利能力。今年，伯克希尔哈撒韦取得了长足的进步，我们将它的估值从去年的每股 25 美元提升到今年的 31 美元完全合理。去年我们的估值是 25 美元，当时的市场价值比 25 美元低；今年我们的估值是 31 美元，现在的市场报价比 31 美元高，这么一对比，大家就知道市场价值是次要的了。",[14,36,37],{},"每年这个时候，总会有合伙人问我，合伙基金是否还不接受新合伙人。我总是毫不含糊地回答：“对。”这个规定没有例外，我没办法，只能把现有合伙人的配偶、儿子、女儿、孙子、孙女等等都拒绝了（“等等”二字省略的内容，请各位自行补充）。有些合伙人已经是我的老朋友了，我很难拒绝他们，但是允许新成员加入，会损害所有现有合伙人的利益，而且我也不愿意区别对待各位合伙人，答应这个，不答应那个。",[14,39,40],{},"还有合伙人询问能否将合伙人基金权益转移到信托。因为合伙基金权益是不可转让的，而且信托属于新合伙人，所以这个做不到。1961 年财政部寄发给我们的税收信函规定我们是合伙性质，纳税地位有别于公司法人，另外，根据我们的合伙基金合同，以及联邦所得税对合伙性质纳税实体的一般规定，都不允许将合伙基金权益转移到信托。",[14,42,43],{},"今年的业绩仍然高于我的预期。我们今年和往年不一样，大部分时间都持有大量可以作为现金等价物的证券，而且有价值的机会星星点点，但是无论按照新标准还是旧标准衡量，我们的业绩都相当好。道指目前上涨了 8% 左右，年中时我们领先道指 15 个百分点，现在我们领先的要更多一点。我们能在 1969 年能用得上的投资机会现在还一个都没有。",[14,45,46],{},"再提醒各位一下，请尽快将承诺书寄给我们，看谁能赢得“年度合伙人”大奖（这是个荣誉奖，没奖金）。",[14,48,49],{},"沃伦 E. 巴菲特谨上",{"title":51,"searchDepth":52,"depth":52,"links":53},"",2,[],"致股东信",null,"1968年11月巴菲特致合伙人信，分析市场状况、合伙基金业绩及投资理念演进","md",{},true,33,"\u002Fbuffett\u002Fberkshire\u002F1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":56},"1968年11月 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