[{"data":1,"prerenderedAt":1637},["ShallowReactive",2],{"library-1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":101,"library-sidebar-dao":1103,"library-sidebar-models":1405},{"id":4,"title":5,"body":6,"category":87,"date":88,"description":89,"extension":90,"meta":91,"navigation":92,"order":93,"path":94,"seo":95,"seoDescription":89,"seoTitle":96,"slug":97,"stem":98,"__hash__":99,"_collection":100},"buffett\u002Fbuffett\u002Fberkshire\u002F1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin.md","1969年12月 巴菲特致合伙人信",{"type":7,"value":8,"toc":83},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71,74,77,80],[10,11,5],"h1",{"id":12},"_1969年12月-巴菲特致合伙人信",[14,15,16],"p",{},"1969 年 12 月 5 日",[14,18,19],{},"致各位合伙人：",[14,21,22],{},"随信附上了我们两家控股公司（及其四家子公司）的一些公开信息。在本信中，我将向各位简单介绍一下这几家公司的经营情况。我的简单介绍不会像招股书那样提供面面俱到的信息，只是大概谈一下我个人对这些公司的“偏见”。",[14,24,25],{},"年末，在多元零售公司 1,000,000 股流通股中，巴菲特合伙基金将持有 800,000 股，第一曼哈顿公司 (First Manhattan Company) 和惠勒·芒格合伙公司 (Wheeler, Munger & Company) 将分别持有 100,000 股。多元零售公司曾拥有巴尔地摩的霍赫希尔德·科恩公司 (Hochschild, Kohn & Co.) 100% 的股份，目前拥有联合零售商店（Associated Retail Stores，原名联合棉布商店）100% 的股份。12 月 1 日，多元零售公司将其在霍赫希尔德·科恩公司的全部权益出售给了超级市场控股公司 (Supermarkets General Corp.)，获得了 5,045,205 美元的现金以及超级市场控股公司 70 年 2 月 1 日到期的 200 万美元无息票据、71 年 2 月 1 日到期的 4,540,000 美元无息票据。上述票据的现值约为 600 万美元，多元零售公司出售科恩公司获得的现金相当于 1100 万美元左右。在这笔交易的合同中，多元零售公司需要遵守若干保证条款。我们估计不会因此而承担责任，但既然是有约束力的保证条款，或多或少总是有承担相关责任的可能性。",[14,27,28],{},"联合零售商店的净资产价值是 750 万美元左右。这家公司的生意很好，财务状况稳健，利润率高，近年来销售额和盈利节节攀升。去年，销售额大约是 3750 万美元，净利润大约是 100 万美元。今年，它的销售额和盈利应该再创新高，扣除所有税收后，净利润可能在 110 万美元左右。",[14,30,31],{},"多元零售公司发行了 660 万美元的公司债（如有需要，请向我们索取债券募集说明书，其中包含截止 1967 年 12 月 18 日的公司业务介绍以及债券条款）。该债券存在一个特别条款，规定如果我或我控制的实体不再是多元零售公司的最大股东，债券持有人有权要求公司按面值偿付债券。",[14,33,34],{},"目前，多元零售公司的有形资产净值是每股 11.50 - 12.00 美元，它的生意非常好，而且有大量资金可以用于投资其他业务。该公司的闲置资金将暂时用于投资有价证券。",[14,36,37],{},"伯克希尔·哈撒韦 (Berkshire Hathaway Inc.) 拥有 983,582 股的流动股，其中巴菲特合伙基金持有 691,441 股。伯克希尔·哈撒韦主要有三项业务：纺织业务、保险业务（国民赔偿公司和国民火灾与海事保险公司，统称为保险公司）、伊利诺伊国民银行以及罗克福德信托公司。伯克希尔还拥有太阳报业 (Sun Newspapers Inc)、布莱克尔印刷公司 (Blacker Printing Company ) 以及捷威保险公司 (Gateway Underwriters) 70% 的股份，但是这几个业务所占比重相对较小。",[14,39,40],{},"目前，在每股投入的资金中，纺织业务占了 16 美元。虽说与整个纺织行业相比，伯克希尔的纺织业务稍微领先，但这项业务算不上好生意。我们在纺织业务中投入了不少资产，但是它的资本回报率却很低，将来更不可能实现足够高的回报率。四年半以前，我们买入了伯克希尔，当时在这家公司的各项业务里，纺织业务是最好的。我们将伯克希尔其他业务的资金都成功地进行了重新分配，开始是暂时投资到有价证券上，现在是长期投资到保险公司和银行。我敬佩纺织业务的员工，尽管环境艰难，但他们一直在努力，希望能做得更好。虽然纺织业务的投资回报率如此之差，只要它能维持当前的水平，我们打算继续经营下去。",[14,42,43],{},"保险业务（伯克希尔拥有旗下保险公司 100% 的股份）和银行（伯克希尔拥有 97.7% 的股份）就好多了。这两个都是一流的好生意，资本回报率高，营业数据无论怎么分析，不管是绝对的，还是相对的，都非常好。在伯克希尔哈撒韦的每股有形净资产中，银行占大约 17 美元，保险公司占大约 15 美元。在有形净资产中，银行和保险合计占 32 美元，我估计它们当前的正常盈利能力是每股 4 美元（可以对比一下，1968 年，我估算它们的盈利是 3.40 美元），而且它们将来的成长前景非常好。加上纺织业务和其他业务的资产，减去母公司 700 万美元的银行贷款，伯克希尔哈撒韦的每股有形净资产是 43 美元，再加上收购银行时支付的高于有形资产的溢价，伯克希尔哈撒韦的账面净资产是每股 45 美元。",[14,45,46],{},"有一点需要注意，保险公司和银行持有 7500 万美元的债券，对这些债券估值时，我是用已摊销成本计算的，然后得出的有形净资产。这符合行业内常规会计准则，也符合银行和保险行业的实际情况，债券不可能在没到期之前卖出。但是，现在的债券价格处于历史低位，我们持有的债券的市场价值远远低于账面价值，其账面价值大约是每股 10 美元。",[14,48,49],{},"在多元零售公司和伯克希尔哈撒韦旗下，我们有四大主要业务，按照一般的标准，不管怎么评估，其中三项业务都绝对是一流的。这三项业务的经理人都超过了 60 岁，这些业务基本上是他们白手起家营造的。他们工作努力、生活富足，而且人品很好，无可挑剔。他们的年龄是大了些，但他们只有这么一个小缺点。我之所以愿意把我的大部分资金投入到伯克希尔哈撒韦和多元零售公司，其中很重要的一个原因就是，有这么优秀的人经营这两家公司。",[14,51,52],{},"我们有关于控股公司的各种年报、审计报告、中期报告、委托书材料、招股书等等。如果需要任何文件，请随时联系我们。同时，我在此向各位征集关于控股公司的问题，请把问题写信寄给我，我会在年末之前给所有合伙人写一封信进行解答。想到了什么问题，就尽管问。要是你不清楚，别人可能也不清楚。只要是我能解答的，各位就没必要自己琢磨。",[14,54,55],{},"多元零售公司和伯克希尔哈撒韦公司目前都不发放股息，将来几年，可能仍然不发放股息，或者只发放很低的股息。原因有很多：这两家公司都有负债，我们希望能为银行的储户和保险公司的投保人提供良好的保护，我们的一些公司通过追加投资可以获得非常令人满意的回报，而且我们希望通过寻找新生意来扩展和提升盈利能力。",[14,57,58],{},"我的个人看法是，多年以后，多元零售公司和伯克希尔哈撒韦公司的内在价值会实现巨大增长。谁都不知道未来会怎样，但如果它们的增长率达不到每年 10%，我会很失望。股票的市场价格围绕内在价值剧烈波动，但是，长期来看，市场价格总有反映内在价值的时候。综上所述，我认为这两家公司都值得长期持有，我把自己的大部分净资产投入到这两家公司中，很放心。在通过巴菲特合伙基金间接持有这两家公司的股票时，你不在意它们的短期价格波动。当各位直接持有这两家公司的股票时，也不应该在意。在我眼里，它们是公司，不是“股票”。只要公司长期经营得好，股价也没问题。",[14,60,61],{},"我想强调一下，将来各位持有这两家公司的股票后，我和各位不存在管理或合伙关系。将来各位可以自由处理自己手里的股票，我也一样。我觉得，在很长的时间里，我会持有我对多元零售和伯克希尔的投资，我这么做的概率很大。但是我不想就此做出任何道义上的承诺，也不想在将来无限期的时间内，始终向别人提供关于这些股票的建议。这两家公司肯定会向所有股东报告经营情况，各位可以收到它们的报告，可能是每半年收到一次。如果我一直持有这些股票的话，我现在就这么打算的，我还有其他事要做，不一定会在多大程度上参与这家公司的活动。我很可能会参与重大决策的制定，但是我不做任何承诺。如果我有别的兴趣了，我可能就想当一个被动的股东。",[14,63,64],{},"我们现在的计划是 1 月 5 日进行巴菲特合伙基金的现金分配，从现在的情况看，扣除 1969 年 1 月 1 日各位收到的所有分配金额（包括每月的利息），现金分配比例占 1969 年 1 月 1 日资本的 64% 以上。我们持有的蓝筹印花公司 (Blue Chip Stamps) 正在筹划上市，承销人是美林证券。如果蓝筹印花本月如期上市，则我们的现金分配比例将达到 70% 以上。",[14,66,67],{},"有需要在三月份向比尔和我咨询购买债券事宜的合伙人，请从 1 月 5 日收到的现金中拿出一部分购买三月末到期的美国国债，然后，在二月份的最后一周告诉我们，你希望投入多少资金购买债券，我们会相应地给出建议。",[14,69,70],{},"在股票注册到各位名下，我们从过户代理人处了解到具体金额和股份数后，1 月中旬，我们会根据各位在合伙基金的权益将多元零售和伯克希尔的股票分配给各位，并随后告知各位的纳税基数以及股票购买日。随信附上一封 Monen, Seidler & Ryan 律师事务所的函件。如函件所述，这些股票存在交易限制。这些股票凭证很值钱，请妥善保管。",[14,72,73],{},"我在之前的信中说了，希望巴菲特合伙基金能找到一种方式，允许有需要的合伙人自动将多元零售和伯克希尔的股份变成现金。我找了两家律师事务所，请它们研究合伙基金清算后各位所持有股份的性质，随附的函件中有它们给出的结论（函件应当和股票一样妥善保管）。从函件中可以看出，这个问题没那么简单。虽然我想让合伙人能自动将控股公司的股份变现，但我找不到谨慎的方法把这个想法变成现实。所以说，如果各位要出售自己分配到的股票，请务必遵循律师给出的指导意见。各位应当知道，关于这些股票的后续出售，各位受到一定的限制，但我和苏茜受到的限制更严格（因为我始终是“内部人士”）。如律师意见的第三段所述，大量股票的出售往往是通过转让完成的。要是将来有了更清晰或更简单的规则，我肯定会告诉各位。",[14,75,76],{},"在分配多元零售和伯克希尔的股份时，我会给出 1969 年年末两家公司股票的估值。1 月末，各位会收到审计报告和税务数据。从目前的情况来看，通过出售蓝筹印花股份，再加上多元零售和伯克希尔价值的大幅提升，我们今年的整体收益率应该是略高于 6%。",[14,78,79],{},"各位将在 12 月末收到下一封信。在下一封信中，我将回答关于多元零售和伯克希尔的问题，并给出 1 月 5 日现金分配的最终估算。",[14,81,82],{},"沃伦 E. 巴菲特",{"title":84,"searchDepth":85,"depth":85,"links":86},"",2,[],"致股东信",null,"1969年12月巴菲特致合伙人信，阐述解散原因及清算过渡期安排","md",{},true,37,"\u002Fbuffett\u002Fberkshire\u002F1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":89},"1969年12月 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":561,"slug":562,"category":109,"order":559},"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":564,"slug":565,"category":87,"order":566},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":568,"slug":569,"category":109,"order":566},"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":571,"slug":572,"category":87,"order":573},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":575,"slug":576,"category":109,"order":573},"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":578,"slug":579,"category":87,"order":580},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":582,"slug":583,"category":109,"order":580},"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":585,"slug":586,"category":87,"order":587},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":589,"slug":590,"category":109,"order":587},"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":592,"slug":593,"category":87,"order":594},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":596,"slug":597,"category":109,"order":594},"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":599,"slug":600,"category":87,"order":601},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":603,"slug":604,"category":109,"order":601},"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":606,"slug":607,"category":87,"order":608},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":610,"slug":611,"category":109,"order":608},"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":613,"slug":614,"category":87,"order":615},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":617,"slug":618,"category":109,"order":615},"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":620,"slug":621,"category":87,"order":622},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":624,"slug":625,"category":109,"order":622},"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":627,"slug":628,"category":87,"order":629},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":631,"slug":632,"category":109,"order":629},"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":634,"slug":635,"category":87,"order":636},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":638,"slug":639,"category":109,"order":636},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":641,"slug":642,"category":87,"order":643},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":645,"slug":646,"category":109,"order":643},"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":648,"slug":649,"category":87,"order":650},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":652,"slug":653,"category":109,"order":650},"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":655,"slug":656,"category":87,"order":657},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":659,"slug":660,"category":109,"order":657},"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":662,"slug":663,"category":87,"order":664},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":666,"slug":667,"category":109,"order":664},"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":669,"slug":670,"category":87,"order":671},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":673,"slug":674,"category":109,"order":671},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":676,"slug":677,"category":87,"order":678},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":680,"slug":681,"category":109,"order":678},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":683,"slug":684,"category":87,"order":685},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":687,"slug":688,"category":109,"order":685},"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":690,"slug":691,"category":87,"order":692},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":694,"slug":695,"category":109,"order":692},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":697,"slug":698,"category":87,"order":699},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":701,"slug":702,"category":109,"order":699},"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":704,"slug":705,"category":87,"order":706},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":708,"slug":709,"category":109,"order":706},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":711,"slug":712,"category":87,"order":713},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":715,"slug":716,"category":109,"order":713},"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":718,"slug":719,"category":87,"order":720},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":722,"slug":723,"category":109,"order":720},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":725,"slug":726,"category":87,"order":727},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":729,"slug":730,"category":109,"order":727},"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":732,"slug":733,"category":87,"order":734},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":736,"slug":737,"category":109,"order":734},"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":739,"slug":740,"category":87,"order":741},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":743,"slug":744,"category":109,"order":741},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":746,"slug":747,"category":87,"order":748},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":750,"slug":751,"category":109,"order":748},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":753,"slug":754,"category":87,"order":755},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":757,"slug":758,"category":109,"order":755},"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":760,"slug":761,"category":87,"order":762},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":764,"slug":765,"category":109,"order":762},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":767,"slug":768,"category":87,"order":769},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":771,"slug":772,"category":109,"order":769},"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":774,"slug":775,"category":87,"order":776},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":778,"slug":779,"category":109,"order":776},"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":781,"slug":782,"category":87,"order":783},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":785,"slug":786,"category":109,"order":783},"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":788,"slug":789,"category":87,"order":790},"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":792,"slug":793,"category":109,"order":790},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":795,"slug":796,"category":87,"order":797},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":799,"slug":800,"category":109,"order":797},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":802,"slug":803,"category":87,"order":804},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":806,"slug":807,"category":109,"order":804},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":809,"slug":810,"category":87,"order":811},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":813,"slug":814,"category":109,"order":811},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":816,"slug":817,"category":87,"order":818},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":820,"slug":821,"category":109,"order":818},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":823,"slug":824,"category":87,"order":825},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":827,"slug":828,"category":109,"order":825},"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":830,"slug":831,"category":87,"order":832},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":834,"slug":835,"category":109,"order":832},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":837,"slug":838,"category":87,"order":839},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":841,"slug":842,"category":109,"order":839},"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":844,"slug":845,"category":87,"order":846},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":848,"slug":849,"category":109,"order":846},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":851,"slug":852,"category":87,"order":853},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":855,"slug":856,"category":109,"order":853},"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":858,"slug":859,"category":87,"order":860},"2022 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