[{"data":1,"prerenderedAt":2162},["ShallowReactive",2],{"library-1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":626,"library-sidebar-dao":1628,"library-sidebar-models":1930},{"id":4,"title":5,"body":6,"category":612,"date":613,"description":614,"extension":615,"meta":616,"navigation":617,"order":618,"path":619,"seo":620,"seoDescription":614,"seoTitle":621,"slug":622,"stem":623,"__hash__":624,"_collection":625},"buffett\u002Fbuffett\u002Fberkshire\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1968年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":608},"minimark",[9,13,17,20,23,26,251,257,260,263,266,269,272,573,578,581,584,587,590,593,596,599,602,605],[10,11,5],"h1",{"id":12},"_1968年中-巴菲特致合伙人信",[14,15,16],"p",{},"1968 年 7 月 11 日",[10,18,19],{"id":19},"上半年业绩",[14,21,22],{},"1968 年上半年，道指从 905 点略微下跌到 898 点。上半年持有道指可获得 15 美元的股息，在此期间投资道指的整体收益率为 0.9%。对于大多数基金经理而言，虽然他们没像 1967 年领先道指那么多，但今年上半年，道指仍然是一个比较弱的对手。",[14,24,25],{},"上半年，我们的业绩好得出乎意料。在控股公司估值保持不变的情况下（今年年初，在净资产中，控制类的占比是三分之一多一点），我们的总收益是 16%。这个业绩没什么值得激动的。我们投资的有价证券是重仓集中投资的，只投资了几只，与广泛分散的投资方法相比，我们的相对业绩更容易出现较大的波动。我们的长期业绩目标在修改的“基本原则”中写的很清楚，目标定得不高，但是从长期看，如果真能做到，我就很知足了。按照惯例，下表汇总了我们上半年的业绩：",[27,28,29,52],"table",{},[30,31,32],"thead",{},[33,34,35,39,46,49],"tr",{},[36,37,38],"th",{},"年份",[36,40,41,42,45],{},"道指整体收益率 (1)",[43,44],"br",{},"合伙基金收益率 (2)",[36,47,48],{},"Partnership Results (2)",[36,50,51],{},"有限合伙人收益率 (3)",[53,54,55,70,84,98,112,126,140,154,168,182,196,209,223,237],"tbody",{},[33,56,57,61,64,67],{},[58,59,60],"td",{},"1957",[58,62,63],{},"-8.4%",[58,65,66],{},"10.4%",[58,68,69],{},"9.3%",[33,71,72,75,78,81],{},[58,73,74],{},"1958",[58,76,77],{},"38.5%",[58,79,80],{},"40.9%",[58,82,83],{},"32.2%",[33,85,86,89,92,95],{},[58,87,88],{},"1959",[58,90,91],{},"20.0%",[58,93,94],{},"25.9%",[58,96,97],{},"20.9%",[33,99,100,103,106,109],{},[58,101,102],{},"1960",[58,104,105],{},"-6.2%",[58,107,108],{},"22.8%",[58,110,111],{},"18.6%",[33,113,114,117,120,123],{},[58,115,116],{},"1961",[58,118,119],{},"22.4%",[58,121,122],{},"45.9%",[58,124,125],{},"35.9%",[33,127,128,131,134,137],{},[58,129,130],{},"1962",[58,132,133],{},"-7.6%",[58,135,136],{},"13.9%",[58,138,139],{},"11.9%",[33,141,142,145,148,151],{},[58,143,144],{},"1963",[58,146,147],{},"20.6%",[58,149,150],{},"38.7%",[58,152,153],{},"30.5%",[33,155,156,159,162,165],{},[58,157,158],{},"1964",[58,160,161],{},"18.7%",[58,163,164],{},"27.8%",[58,166,167],{},"22.3%",[33,169,170,173,176,179],{},[58,171,172],{},"1965",[58,174,175],{},"14.2%",[58,177,178],{},"47.2%",[58,180,181],{},"36.9%",[33,183,184,187,190,193],{},[58,185,186],{},"1966",[58,188,189],{},"-15.6%",[58,191,192],{},"20.4%",[58,194,195],{},"16.8%",[33,197,198,201,204,206],{},[58,199,200],{},"1967",[58,202,203],{},"19.0%",[58,205,125],{},[58,207,208],{},"28.4%",[33,210,211,214,217,220],{},[58,212,213],{},"1968 年上半年",[58,215,216],{},"0.9%",[58,218,219],{},"16.0%",[58,221,222],{},"13.5%",[33,224,225,228,231,234],{},[58,226,227],{},"累计收益率",[58,229,230],{},"167.7%",[58,232,233],{},"1880.0%",[58,235,236],{},"1072.0%",[33,238,239,242,245,248],{},[58,240,241],{},"年化复合收益率",[58,243,244],{},"8.9%",[58,246,247],{},"29.6%",[58,249,250],{},"23.8%",[252,253,254],"blockquote",{},[14,255,256],{},"(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。",[14,258,259],{},"我们只在年末对控股公司进行重新估值，根据现在的情况来看，1968 年归属于我们的盈利应该是 300 多万美元。负责经营控股公司的各位经理人分别是：伯克希尔哈撒韦的肯·切斯 (Ken Chace)、霍赫希尔德科恩公司的路易斯·科恩 (Louis Kohn)、国民赔偿公司 (National Indemnity) 的杰克·林沃特 (Jack Ringwalt) 以及联合棉布商店 (Associated Cotton Shops) 的本·罗斯纳 (Ben Rosner)，他们既有能力，又努力，一如既往地为我们带来出色业绩。",[14,261,262],{},"今年，多元零售公司（Diversified Retailing Company）（霍赫希尔德科恩公司 (Hochschild Kohn) 和联合棉布商店 (Associated Cotton Shops) 的母公司）第一次公开发布了年报。这是因为去年 12 月份，多元零售公司向大约 1000 位投资人公开发售了公司债券。现在多元零售公司的情况有些特殊：从债权人的角度来看，它是一个公众公司；从控股股东角度来看，它是一个私营公司（公司有三个股东，巴菲特合伙基金持股 80%）。随信附上多元零售公司的年报，在今后每年的中期信件中，都会同时把多元零售的年报寄给大家。",[14,264,265],{},"我在之前的信中说了，永久持有控股公司股份也赚钱，但不如来回买卖股权或娴熟地投资有价证券赚钱。尽管如此，如果拥有能力出众的一流经营者，并且回报率令人满意，持有控股公司股份是一种令人愉悦的长期投资。",[10,267,268],{"id":268},"基金公司",[14,270,271],{},"以下是与基金公司业绩的对比：",[27,273,274,298],{},[30,275,276],{},[33,277,278,280,283,286,289,292,295],{},[36,279,38],{},[36,281,282],{},"Mass. Inv. Trust (1)",[36,284,285],{},"Investors Stock (1)",[36,287,288],{},"Lehman (2)",[36,290,291],{},"Tri-Cont. (2)",[36,293,294],{},"道指",[36,296,297],{},"有限合伙人",[53,299,300,319,339,359,379,399,419,438,458,477,496,514,533,553],{},[33,301,302,304,307,310,312,315,317],{},[58,303,60],{},[58,305,306],{},"-11.4%",[58,308,309],{},"-12.4%",[58,311,306],{},[58,313,314],{},"-2.4%",[58,316,63],{},[58,318,69],{},[33,320,321,323,326,329,332,335,337],{},[58,322,74],{},[58,324,325],{},"42.7%",[58,327,328],{},"47.5%",[58,330,331],{},"40.8%",[58,333,334],{},"33.2%",[58,336,77],{},[58,338,83],{},[33,340,341,343,346,349,352,355,357],{},[58,342,88],{},[58,344,345],{},"9.0%",[58,347,348],{},"10.3%",[58,350,351],{},"8.1%",[58,353,354],{},"8.4%",[58,356,91],{},[58,358,97],{},[33,360,361,363,366,369,372,375,377],{},[58,362,102],{},[58,364,365],{},"-1.0%",[58,367,368],{},"-0.6%",[58,370,371],{},"2.5%",[58,373,374],{},"2.8%",[58,376,105],{},[58,378,111],{},[33,380,381,383,386,389,392,395,397],{},[58,382,116],{},[58,384,385],{},"25.6%",[58,387,388],{},"24.9%",[58,390,391],{},"23.6%",[58,393,394],{},"22.5%",[58,396,119],{},[58,398,125],{},[33,400,401,403,406,409,412,415,417],{},[58,402,130],{},[58,404,405],{},"-9.8%",[58,407,408],{},"-13.4%",[58,410,411],{},"-14.4%",[58,413,414],{},"-10.0%",[58,416,133],{},[58,418,139],{},[33,420,421,423,425,428,431,434,436],{},[58,422,144],{},[58,424,91],{},[58,426,427],{},"16.5%",[58,429,430],{},"23.7%",[58,432,433],{},"18.3%",[58,435,147],{},[58,437,153],{},[33,439,440,442,445,448,451,454,456],{},[58,441,158],{},[58,443,444],{},"15.9%",[58,446,447],{},"14.3%",[58,449,450],{},"13.6%",[58,452,453],{},"12.6%",[58,455,161],{},[58,457,167],{},[33,459,460,462,465,468,470,473,475],{},[58,461,172],{},[58,463,464],{},"10.2%",[58,466,467],{},"9.8%",[58,469,203],{},[58,471,472],{},"10.7%",[58,474,175],{},[58,476,181],{},[33,478,479,481,484,486,489,492,494],{},[58,480,186],{},[58,482,483],{},"-7.7%",[58,485,414],{},[58,487,488],{},"-2.6%",[58,490,491],{},"-6.9%",[58,493,189],{},[58,495,195],{},[33,497,498,500,502,504,507,510,512],{},[58,499,200],{},[58,501,91],{},[58,503,108],{},[58,505,506],{},"28.0%",[58,508,509],{},"25.4%",[58,511,203],{},[58,513,208],{},[33,515,516,518,521,523,526,529,531],{},[58,517,213],{},[58,519,520],{},"5.1%",[58,522,374],{},[58,524,525],{},"4.4%",[58,527,528],{},"2.0%",[58,530,216],{},[58,532,222],{},[33,534,535,537,540,543,546,549,551],{},[58,536,227],{},[58,538,539],{},"175.7%",[58,541,542],{},"154.5%",[58,544,545],{},"218.6%",[58,547,548],{},"186.7%",[58,550,230],{},[58,552,236],{},[33,554,555,557,560,563,566,569,571],{},[58,556,241],{},[58,558,559],{},"9.2%",[58,561,562],{},"8.5%",[58,564,565],{},"10.6%",[58,567,568],{},"9.6%",[58,570,244],{},[58,572,250],{},[252,574,575],{},[14,576,577],{},"(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：1968 Moody's Bank & Finance Manual for 1957-1966。1968 年上半年数据为估算值。",[14,579,580],{},"由于过去几年道指表现疲弱，到目前为止，四只最大的基金的平均年化收益率领先道指 0.5 个百分点左右。",[10,582,583],{"id":583},"当前的环境",[14,585,586],{},"我不做预测股市涨跌或经济波动的事，不解释。对于现在的情况，我很担心。当前的股市和商界中有一些行为愈演愈烈，虽然短期内不知道会怎样，但长期内很可能带来恶果。",[14,588,589],{},"有的合伙人对金融领域的事件不太感兴趣（也不必感兴趣）。有的合伙人则比较关注金融领域。我随本信附上了一篇文章，这篇文章有真知灼见，写的简单明了，对当前正在肆意蔓延的现象进行了深刻揭露。如今股票炒作风气盛行，如同==击鼓传花的==恶作剧一般（译注：通过不断收购，虚增每股利润）。无论是发起者、高层员工、专业顾问、投资银行还是股票投机者，只要参与其中的，都赚的盆满钵满。去玩这个游戏的都是容易上当、掩耳盗铃、见钱眼开的人。为了制造假象，账目经常被动手脚（有一位想法很潮的企业家，他对我说，他觉得做账就得大胆、有想象力），资本欺诈手段层出不穷，企业的本来面目被重重伪装所掩盖。最终制造出来的产物很流行、很光鲜、很赚钱（流行、光鲜、赚钱， 这几个词的先后顺序该怎么排列，留给哲学家思考吧）。",[14,591,592],{},"坦白的说，此类行为对我们产生了间接影响，我们的业绩被极大地抬高了。==击鼓传花==的规模要不断增加，需要更多的公司做原料，因此很多本来很便宜和不太便宜的股票就活跃起来了。如果我们正好持有此类股票，我们得以提前收获市场的奖赏，否则还要等更长时间。然而，市场对此类公司的胃口越来越大，最后剩下的，从基本面上看便宜的公司，越来越少。",[14,594,595],{},"当后人记录这一时期的股市和商业历史时，马文·梅 (Marvin May) 先生描述的现象一定会留下浓重的一笔，甚至被认为是一场狂潮。各位应该知道，我在这里说“皇帝没穿衣服”，大多数投行机构和飞黄腾达的基金经理肯定不这么想（或者他们会不以为然地说“那又怎么样?”，“今朝有酒今朝醉”）。在当前的投资环境中，我们周围都是这样的投资者：他们不需要逻辑合理才能相信，他们是一群盲目乐观、没有主见、贪得无厌的人，找各种借口骗自己。",[14,597,598],{},"最后，我要说的是，赶快，现在就去买一本亚当·斯密写的《金钱游戏》(The Money Game)。这本书以精彩的文笔描绘了当前金融领域的众生相，书中充满了深刻的见解和高超的智慧。（备注：虽然我很想参与“支持本地邮局”的活动，但我没随本信附赠此书。这本书售价 6.95 美元。）",[10,600,601],{"id":601},"税项",[14,603,604],{},"今年有一些特殊情况，纳税数字比往年更难估算。我们的普通所得肯定会高于平均水平。至于短期资本利得和长期资本利得是多少，受很多变化因素的影响。在今年年初，我建议各位在计算季度纳税估算数字时，对于各位的巴菲特合伙基金账户，暂时采用 8% 计算普通所得（这个数字与往常不同，其中考虑了长期资本利得）。如果对于 9 月 15 日的季度纳税数字估算，8% 这个数字不太合适，我会在 9 月 5 日通知各位。如果无需更改，那么我的下一封信是 11 月 1 日，连同 1969 年的承诺书一起寄给各位。",[14,606,607],{},"沃伦 E. 巴菲特谨上",{"title":609,"searchDepth":610,"depth":610,"links":611},"",2,[],"致股东信",null,"1968年中巴菲特致合伙人信，分析上半年业绩及市况对合伙基金的影响","md",{},true,34,"\u002Fbuffett\u002Fberkshire\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":614},"1968年中 巴菲特致合伙人信｜巴菲特","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002F1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","S-_FpQUXuJ032yziRuSHZjsVAfNFwjFYxTW0_x0lOJo","buffett",[627,631,635,639,642,645,648,652,655,658,662,665,668,672,675,678,682,685,688,692,695,698,702,705,708,712,715,718,722,725,728,732,735,738,742,745,748,752,755,758,762,765,768,772,775,778,782,785,788,792,795,798,802,805,808,812,815,818,822,825,828,832,835,838,842,845,848,852,855,858,862,865,868,872,875,878,882,885,888,892,895,898,902,905,908,912,915,918,922,925,928,932,935,938,942,945,948,952,955,958,959,962,966,969,973,976,980,983,987,990,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1242,1246,1249,1253,1256,1260,1263,1267,1270,1274,1277,1281,1284,1288,1291,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1347,1351,1354,1358,1361,1365,1368,1372,1375,1379,1382,1386,1389,1393,1396,1400,1403,1407,1410,1414,1417,1421,1424,1428,1432,1436,1440,1444,1448,1452,1456,1460,1464,1468,1472,1476,1480,1484,1488,1492,1496,1500,1504,1508,1512,1516,1520,1524,1528,1532,1536,1540,1544,1548,1552,1556,1560,1564,1568,1572,1576,1580,1584,1588,1592,1596,1600,1604,1608,1612,1616,1620,1624],{"title":628,"slug":629,"category":612,"order":630},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":632,"slug":633,"category":634,"order":630},"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":636,"slug":637,"category":638,"order":630},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":640,"slug":641,"category":612,"order":610},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":643,"slug":644,"category":634,"order":610},"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":646,"slug":647,"category":638,"order":610},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":649,"slug":650,"category":612,"order":651},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":653,"slug":654,"category":634,"order":651},"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":656,"slug":657,"category":638,"order":651},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":659,"slug":660,"category":612,"order":661},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":663,"slug":664,"category":634,"order":661},"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":666,"slug":667,"category":638,"order":661},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":669,"slug":670,"category":612,"order":671},"1960 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巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":981,"slug":982,"category":634,"order":979},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":984,"slug":985,"category":612,"order":986},"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":988,"slug":989,"category":634,"order":986},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":991,"slug":992,"category":612,"order":993},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":995,"slug":996,"category":634,"order":993},"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":998,"slug":999,"category":612,"order":1000},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1002,"slug":1003,"category":634,"order":1000},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1005,"slug":1006,"category":612,"order":1007},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1009,"slug":1010,"category":634,"order":1007},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1012,"slug":1013,"category":612,"order":1014},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1016,"slug":1017,"category":634,"order":1014},"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":1019,"slug":1020,"category":612,"order":1021},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1023,"slug":1024,"category":634,"order":1021},"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":1026,"slug":1027,"category":612,"order":1028},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1030,"slug":1031,"category":634,"order":1028},"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":1033,"slug":1034,"category":612,"order":1035},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1037,"slug":1038,"category":634,"order":1035},"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":1040,"slug":1041,"category":612,"order":1042},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1044,"slug":1045,"category":634,"order":1042},"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":1047,"slug":1048,"category":612,"order":1049},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1051,"slug":1052,"category":634,"order":1049},"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":1054,"slug":1055,"category":612,"order":1056},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1058,"slug":1059,"category":634,"order":1056},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1061,"slug":1062,"category":612,"order":1063},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1065,"slug":1066,"category":634,"order":1063},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1068,"slug":1069,"category":612,"order":1070},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1072,"slug":1073,"category":634,"order":1070},"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":1075,"slug":1076,"category":612,"order":1077},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1079,"slug":1080,"category":634,"order":1077},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1082,"slug":1083,"category":612,"order":1084},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1086,"slug":1087,"category":634,"order":1084},"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":1089,"slug":1090,"category":612,"order":1091},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1093,"slug":1094,"category":634,"order":1091},"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":1096,"slug":1097,"category":612,"order":1098},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1100,"slug":1101,"category":634,"order":1098},"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":1103,"slug":1104,"category":612,"order":1105},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1107,"slug":1108,"category":634,"order":1105},"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":1110,"slug":1111,"category":612,"order":1112},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1114,"slug":1115,"category":634,"order":1112},"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":1117,"slug":1118,"category":612,"order":1119},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1121,"slug":1122,"category":634,"order":1119},"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":1124,"slug":1125,"category":612,"order":1126},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1128,"slug":1129,"category":634,"order":1126},"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":1131,"slug":1132,"category":612,"order":1133},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1135,"slug":1136,"category":634,"order":1133},"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":1138,"slug":1139,"category":612,"order":1140},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1142,"slug":1143,"category":634,"order":1140},"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":1145,"slug":1146,"category":612,"order":1147},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1149,"slug":1150,"category":634,"order":1147},"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":1152,"slug":1153,"category":612,"order":1154},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1156,"slug":1157,"category":634,"order":1154},"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":1159,"slug":1160,"category":612,"order":1161},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1163,"slug":1164,"category":634,"order":1161},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1166,"slug":1167,"category":612,"order":1168},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1170,"slug":1171,"category":634,"order":1168},"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":1173,"slug":1174,"category":612,"order":1175},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1177,"slug":1178,"category":634,"order":1175},"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":1180,"slug":1181,"category":612,"order":1182},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1184,"slug":1185,"category":634,"order":1182},"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":1187,"slug":1188,"category":612,"order":1189},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1191,"slug":1192,"category":634,"order":1189},"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":1194,"slug":1195,"category":612,"order":1196},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1198,"slug":1199,"category":634,"order":1196},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1201,"slug":1202,"category":612,"order":1203},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1205,"slug":1206,"category":634,"order":1203},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1208,"slug":1209,"category":612,"order":1210},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1212,"slug":1213,"category":634,"order":1210},"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":1215,"slug":1216,"category":612,"order":1217},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1219,"slug":1220,"category":634,"order":1217},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1222,"slug":1223,"category":612,"order":1224},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1226,"slug":1227,"category":634,"order":1224},"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":1229,"slug":1230,"category":612,"order":1231},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1233,"slug":1234,"category":634,"order":1231},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1236,"slug":1237,"category":612,"order":1238},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1240,"slug":1241,"category":634,"order":1238},"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":1243,"slug":1244,"category":612,"order":1245},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1247,"slug":1248,"category":634,"order":1245},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1250,"slug":1251,"category":612,"order":1252},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1254,"slug":1255,"category":634,"order":1252},"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":1257,"slug":1258,"category":612,"order":1259},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1261,"slug":1262,"category":634,"order":1259},"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":1264,"slug":1265,"category":612,"order":1266},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1268,"slug":1269,"category":634,"order":1266},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1271,"slug":1272,"category":612,"order":1273},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1275,"slug":1276,"category":634,"order":1273},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1278,"slug":1279,"category":612,"order":1280},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1282,"slug":1283,"category":634,"order":1280},"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":1285,"slug":1286,"category":612,"order":1287},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1289,"slug":1290,"category":634,"order":1287},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1292,"slug":1293,"category":612,"order":1294},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1296,"slug":1297,"category":634,"order":1294},"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":1299,"slug":1300,"category":612,"order":1301},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1303,"slug":1304,"category":634,"order":1301},"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":1306,"slug":1307,"category":612,"order":1308},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1310,"slug":1311,"category":634,"order":1308},"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":1313,"slug":1314,"category":612,"order":1315},"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":1317,"slug":1318,"category":634,"order":1315},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1320,"slug":1321,"category":612,"order":1322},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1324,"slug":1325,"category":634,"order":1322},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1327,"slug":1328,"category":612,"order":1329},"2014 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