[{"data":1,"prerenderedAt":1641},["ShallowReactive",2],{"library-1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":105,"library-sidebar-dao":1107,"library-sidebar-models":1409},{"id":4,"title":5,"body":6,"category":91,"date":92,"description":93,"extension":94,"meta":95,"navigation":96,"order":97,"path":98,"seo":99,"seoDescription":93,"seoTitle":100,"slug":101,"stem":102,"__hash__":103,"_collection":104},"buffett\u002Fbuffett\u002Fberkshire\u002F1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin.md","1969年5月 巴菲特致合伙人信",{"type":7,"value":8,"toc":87},"minimark",[9,13,17,20,23,26,29,32,35,57,60,63,66,69,72,75,78,81,84],[10,11,5],"h1",{"id":12},"_1969年5月-巴菲特致合伙人信",[14,15,16],"p",{},"1969 年 5 月 29 日",[14,18,19],{},"致各位合伙人：",[14,21,22],{},"大约 18 个月前，我写信告诉大家，因为环境的改变，因为我个人情况的改变，我有必要调整一下我们未来的业绩目标。",[14,24,25],{},"我在那封信里讨论了当时的投资环境。在后来的信中，我也多次分析投资环境。总的来说，从那时起到现在，投资环境越来越恶劣，越来越艰难。或许是我脑筋死板不灵活。（有人这么评价四十岁以上的证券分析师：“他们知道的很多东西都过时了。”）",[14,27,28],{},"我现在看到的情况是：(1) 通过定量分析能找到的投资机会，在过去二十年里稳步减少，现在几乎找不到了；(2) 我们现在有 1 亿美元的资产，本来投资机会就少，还有很多我们买不了，因为 300 万美元以下的投资对我们的总体业绩没什么意义，市值 1 亿美元以下的股票，我们都不能买；(3) 追逐投资业绩的人越来越多，股市的眼光越来越短，投机氛围越来越重。",[14,30,31],{},"我在 1967 年 10 月 9 日的信中说了，我之所以要调整目标有几个原因，其中最重要的原因是个人因素。我一直把 100% 的精力投入到巴菲特合伙基金中，这是我自己强加给自己的。在那封信中，我说了，我想摆脱这种压力。在过去这 18 个月里，我发现我根本做不到。我在信中说：“我希望目标定得低一些，我也可以少努力一些。”目标低了，但我的努力没少。只要我“在场上”，定期公开业绩，承担为众多合伙人管理资产的责任（很多合伙人把自己全部的资产都交给我打理），我就永远不可能无拘无束地去做合伙基金以外的事。只要我是公开参与，就忍不住要争强好胜。我心里明白，我不想自己一辈子都在比拼投资，都在和一只兔子赛跑。要慢下来只有一个办法：结束。",[14,33,34],{},"年底之前，我会向所有有限合伙人发出正式通知，就我退休的打算发出声明。清算合伙基金涉及大量纳税和法律问题，但是我最关心的是做好下面几件事：",[36,37,38,51],"blockquote",{},[39,40,41,45,48],"ol",{},[42,43,44],"li",{},"最重要的一件事是，有许多合伙人不想自己打理资产，我要为他们推荐一个资产管理的途径。有些合伙人自己就有很多选择，他们对自己的选择很自信、也很放心。但是，有些合伙人则不然，我不能就把钱还给他们，说声“好运”，就完了。我打算向他们推荐另外一位资产管理人。无论是我的亲戚，还是我一生要为其提供投资建议的其他人，我都会放心的把他们的资金交给这个人管理。他人品和能力都很好，他将来的业绩可能和我继续做下去差不多（但肯定不如他或者我过去取得的业绩）。我们的任何合伙人都可以投资给他，没有账户最低金额的限制。将来，我会和他保持一定的联系，对他的投资情况有个大概了解，但只是偶尔关注，而且我提建议的话，基本上也只限于否定意见。",[42,46,47],{},"我希望所有合伙人都可以自由选择，愿意获得现金的可以获得现金，愿意获得有价证券的可以获得有价证券。有价证券中应该只有一只是可以随时卖出变现的。这些股票的前景和价格，是我都非常看好的，但是合伙人可以自由选择是否将有价证券变成现金。",[42,49,50],{},"我也希望所有合伙人能有这个选择，即按权益比例相应获得我们的两家控股公司（多元零售公司和伯克希尔哈撒韦公司）和一家规模较小的“受限制的”公司的股份。因为这些股票的公允价值完全是我估算的，所以我认为一定要给各位这个选择权，如果愿意的话，各位可以根据我的估值，按权益比例获得控股公司的相应股份。",[52,53,54],"ul",{},[42,55,56],{},"但是，这些股票并不能在市场上自由买卖（SEC 对控股股东的股票和未注册上市的股票有各种限制规定），而且在很长时间里可能也不能转让、不能带来收入。在清算过程中，我希望给各位提供自由选择权：留下受限制的股票或获得等价的现金。我特别欣赏我们的控股公司的经营者（我们又多了两个新成员：伊利诺伊国民银行 (Illinois National Bank) 和罗克福德信托公司 (Trust Company of Rockford)。伊利诺伊国民银行是一家资产规模在 1 亿美元以上、经营特别出色的银行，是伯克希尔哈撒韦今年年初收购的），希望和他们的关系可以地久天长。控股公司有我欣赏和敬佩的经营者，就算别人出价再高，我都无意出售。但是，在特定情况下，可能会出售控股公司下面的某个业务部门。",[14,58,59],{},"在清算过程中，我们应该能把上面这几件事做好。我们的清算活动不会对各位 1969 年的纳税安排产生影响。",[14,61,62],{},"我还有一件非常想做的事，我特别想画一个圆满的句号，可惜事与愿违。我不想结束的这年业绩惨淡，但是 1969 年就是这样的一年。我估计到今年年末，算上控股公司价值的大幅上升（除了我之外，所有合伙人都可以选择变现），不算向合伙人支付的每月利息，我们的业绩也就是持平而已。即使从现在起到年末，股市大涨，我们也不会受益。我们不会投入任何重大仓位，所以无法从上涨中受益。",[14,64,65],{},"今年我们的套利投资做得特别不顺，我感觉我像误入羽毛球场的一只小鸟。有这样经历的，不只是我们，但是我们今年在套利类中的投资占比达到了历史最高水平，结果却出了这样的事。",[14,67,68],{},"谁都不愿意在白纸黑字上把自己的错误写出来，但是我看不起报喜不报忧的行为。我们今年的投资失利完全是我的错，不是运气不好，是我的评估失误了，误判了一个发展变化很快的政府趋势。这里其实有个矛盾。我一直认为，政府最后做的这件事，早就该做了（我的意思是，政府解决的这个问题是早就该解决的，但并不认同政府使用的手段）。换句话说，政府做了这件事，我们亏了很多钱，但我认为政府做这件事对社会有好处，也一直倡议政府做这件事。但是，在此之前，我认为政府不会做这件事。我一贯的主张是：做决策的时候，根本不应该把自己认为应该怎样（对社会有益）和实际会怎样混为一谈。要是我不这么想的话，我们就能少亏几百万了。",[14,70,71],{},"说实话，虽然前面说了这么多，要是真有特别好的投资机会，我愿意 1970 年甚至 1971 年继续管理合伙基金。不是因为我还想接着做，只是因为我太想完美收官了，不想以业绩惨淡的一年谢幕。可惜，我看不到任何机会，看不到任何希望，没办法把最后一年的业绩做好。我也不想拿别人的钱误打误撞碰运气。我和现在的市场环境不合拍，不想为了辉煌谢幕而做自己不懂的投资，不想毁了这么多年的好业绩。",[14,73,74],{},"话已至此，在今年剩下的时间里，我们将对持股进行清算，最后只留控股公司、一只未上市的证券以及一只长期前景良好的有价证券，还有一些套利类中零碎的投资，它们总价值很小，但需要几年才能清理完。",[14,76,77],{},"这封信就算今年的年中信了，写的比平时早，因为我决定好了，就想告诉各位。我也希望各位在收到这封信后，我还能在奥马哈停留一段时间，回答各位提出的问题。7 月份，我会去加州。",[14,79,80],{},"有的合伙人可能会问：“你打算做什么？”这个问题，我没答案。我只知道，有些东西是 20 岁的我非常想要的，但当我 60 岁的时候，自己应该有不一样的追求。我现在做的事，是我长大成人以后就一直在做的，18 年了，它消耗了我的所有时间和精力。今后的我要过一种新生活，除非我与现在做的事一刀两断，否则我适应不了今后的生活。",[14,82,83],{},"秋天，或许在十月份左右，我们会给大家写一封信，详细介绍清算情况、投资建议等。",[14,85,86],{},"沃伦 E. 巴菲特谨上",{"title":88,"searchDepth":89,"depth":89,"links":90},"",2,[],"致股东信",null,"1969年5月巴菲特致合伙人信，讨论解散前期准备及投资组合调整","md",{},true,39,"\u002Fbuffett\u002Fberkshire\u002F1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":93},"1969年5月 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":132,"slug":133,"category":113,"order":130},"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":135,"slug":136,"category":117,"order":130},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":138,"slug":139,"category":91,"order":140},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":142,"slug":143,"category":113,"order":140},"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":145,"slug":146,"category":117,"order":140},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":148,"slug":149,"category":91,"order":150},"1960 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巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":614,"slug":615,"category":113,"order":612},"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":617,"slug":618,"category":91,"order":619},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":621,"slug":622,"category":113,"order":619},"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":624,"slug":625,"category":91,"order":626},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":628,"slug":629,"category":113,"order":626},"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":631,"slug":632,"category":91,"order":633},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":635,"slug":636,"category":113,"order":633},"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":638,"slug":639,"category":91,"order":640},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":642,"slug":643,"category":113,"order":640},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":645,"slug":646,"category":91,"order":647},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":649,"slug":650,"category":113,"order":647},"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":652,"slug":653,"category":91,"order":654},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":656,"slug":657,"category":113,"order":654},"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":659,"slug":660,"category":91,"order":661},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":663,"slug":664,"category":113,"order":661},"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":666,"slug":667,"category":91,"order":668},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":670,"slug":671,"category":113,"order":668},"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":673,"slug":674,"category":91,"order":675},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":677,"slug":678,"category":113,"order":675},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":680,"slug":681,"category":91,"order":682},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":684,"slug":685,"category":113,"order":682},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":687,"slug":688,"category":91,"order":689},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":691,"slug":692,"category":113,"order":689},"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":694,"slug":695,"category":91,"order":696},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":698,"slug":699,"category":113,"order":696},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":701,"slug":702,"category":91,"order":703},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":705,"slug":706,"category":113,"order":703},"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":708,"slug":709,"category":91,"order":710},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":712,"slug":713,"category":113,"order":710},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":715,"slug":716,"category":91,"order":717},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":719,"slug":720,"category":113,"order":717},"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":722,"slug":723,"category":91,"order":724},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":726,"slug":727,"category":113,"order":724},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":729,"slug":730,"category":91,"order":731},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":733,"slug":734,"category":113,"order":731},"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":736,"slug":737,"category":91,"order":738},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":740,"slug":741,"category":113,"order":738},"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":743,"slug":744,"category":91,"order":745},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":747,"slug":748,"category":113,"order":745},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":750,"slug":751,"category":91,"order":752},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":754,"slug":755,"category":113,"order":752},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":757,"slug":758,"category":91,"order":759},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":761,"slug":762,"category":113,"order":759},"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":764,"slug":765,"category":91,"order":766},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":768,"slug":769,"category":113,"order":766},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":771,"slug":772,"category":91,"order":773},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":775,"slug":776,"category":113,"order":773},"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":778,"slug":779,"category":91,"order":780},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":782,"slug":783,"category":113,"order":780},"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":785,"slug":786,"category":91,"order":787},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":789,"slug":790,"category":113,"order":787},"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":792,"slug":793,"category":91,"order":794},"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":796,"slug":797,"category":113,"order":794},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":799,"slug":800,"category":91,"order":801},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":803,"slug":804,"category":113,"order":801},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":806,"slug":807,"category":91,"order":808},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":810,"slug":811,"category":113,"order":808},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":813,"slug":814,"category":91,"order":815},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":817,"slug":818,"category":113,"order":815},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":820,"slug":821,"category":91,"order":822},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":824,"slug":825,"category":113,"order":822},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":827,"slug":828,"category":91,"order":829},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":831,"slug":832,"category":113,"order":829},"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":834,"slug":835,"category":91,"order":836},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":838,"slug":839,"category":113,"order":836},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":841,"slug":842,"category":91,"order":843},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":845,"slug":846,"category":113,"order":843},"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":848,"slug":849,"category":91,"order":850},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":852,"slug":853,"category":113,"order":850},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":855,"slug":856,"category":91,"order":857},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":859,"slug":860,"category":113,"order":857},"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":862,"slug":863,"category":91,"order":864},"2022 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