[{"data":1,"prerenderedAt":2141},["ShallowReactive",2],{"library-1985-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":605,"library-sidebar-dao":1607,"library-sidebar-models":1909},{"id":4,"title":5,"body":6,"category":591,"date":592,"description":593,"extension":594,"meta":595,"navigation":596,"order":597,"path":598,"seo":599,"seoDescription":593,"seoTitle":600,"slug":601,"stem":602,"__hash__":603,"_collection":604},"buffett\u002Fbuffett\u002Fberkshire\u002F1985-ba-fei-te-zhi-gu-dong-xin.md","1985 巴菲特致股东信",{"type":7,"value":8,"toc":587},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,483,486,489,492,495,498,501,504,507,510,513,516,519,522,525,533,536,539,542,545,548,551,554,557,560,563,566,569,572,575,578,581,584],[10,11,5],"h1",{"id":12},"_1985-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"各位可能还记得去年年报中那段非常乐观的信息：虽然当时没什么大动作在进行中，但根据我们的经验，偶尔总会有大事冒出来。这一精心策划的企业战略终于在1985年开花结果。本报告的后续章节将讨论：(a) 我们大手笔买入大都会\u002FABC (Capital Cities\u002FABC) 的股份，(b) 收购斯科特费泽公司 (Scott & Fetzer)，(c) 参与消防员基金保险公司 (Fireman's Fund) 的一项大型长期保险业务，以及 (d) 出售我们持有的通用食品 (General Foods) 股票。",[14,21,22],{},"去年伯克希尔的净资产增加了6.136亿美元，增幅达48.2%。哈雷彗星恰好在这一年造访，倒也十分应景：这两件事在我有生之年都不会再见到了。自现任管理层接手的21年以来，每股账面价值由19.46美元增长到1,643.71美元，年复合增长率约为23.2%——这又是一个不可能再重现的数字。",[14,24,25],{},"有两个因素使得这样的增长率在未来无法持续。第一个因素可能是暂时的——与1964至1984年间的市场相比，如今的股票市场提供的投资机会少得可怜。我们很难找到价值被明显低估的股票来充实保险公司的投资组合。目前的情况与大约十年前截然相反——那时候唯一的问题是该挑哪个便宜货，而现在是根本没有便宜货。",[14,27,28],{},"市场的这种变化也对我们现有的投资组合产生了不利影响。在1974年的年报中，我曾说过：\"我们认为我们几项主要持股在未来几年具有显著增值的巨大潜力。\"但现在我说不出这样的话了。没错，我们保险公司目前持有的都是拥有卓越商业特质和杰出管理层的公司，跟1974年一样。但如今市场价格已经充分反映了这些优点，而在1974年这些优点却被完全忽视。当前的估值意味着，我们保险公司的投资组合不可能再取得过去那样规模的收益了。",[14,30,31],{},"第二个负面因素更加致命，那就是我们的规模。我们投入股票的资金是十年前的20多倍。而商业世界有一条铁律：规模的增长终将拖累卓越的经济回报。看看那些高回报率的公司吧，一旦股本规模超过10亿美元，没有一家能在随后的十年里把全部或大部分收益进行再投资的同时，还能维持20%以上的股本回报率。相反，为了维持高回报率，这些公司不得不通过大量分红或股票回购来剥离资本。如果所有收益都能以这些卓越企业所赚取的丰厚回报率进行再投资，股东们的境遇会好得多。但这些公司就是找不到足够多的高回报机会来做到这一点。",[14,33,34],{},"他们的问题就是我们的问题。去年我告诉各位，我们在未来十年需要赚到39亿美元才能达到15%的年回报率。而如今同样的门槛已经提高到57亿美元——增幅48%，恰好对应1985年我们资本基数的增长。（给大家一些参照：撇开石油公司不算，过去十年能赚到57亿美元以上的美国企业大约只有15家。）",[14,36,37],{},"查理·芒格 (Charlie Munger)——我在管理伯克希尔时的搭档——和我对于伯克希尔取得优于美国企业一般水平的回报能力持相当乐观的态度，只要这种超额回报持续存在，各位就能从公司留存全部收益中获益。我们有几项优势：(1) 我们不必担心季度或年度的账面数字，而是专注于长期价值最大化的行动；(2) 我们可以将业务拓展到任何有意义的领域——我们的视野不受历史、组织架构或既有观念的限制；(3) 我们热爱我们的工作。这些都是有利因素。即便如此，要达到我们期望的15%平均回报率，仍然需要充分的好运气——比过去达到23.2%所需的好运气还要多得多。",[14,39,40],{},"我们还需要提一下投资等式中可能影响近期购股者的另一个因素。从历史上看，伯克希尔的股价一直略低于其内在商业价值。在这种情况下，只要这种折价幅度不继续扩大，买入者的个人投资回报至少能与公司的经营业绩保持一致。但最近这种折价已经消失，偶尔甚至出现了小幅溢价。",[14,42,43],{},"折价的消失意味着伯克希尔的市值增速甚至超过了其商业价值的增速（而后者本身的增长也相当令人满意）。对于在此期间持有股份的老股东来说，这当然是好消息；但对新股东或潜在股东来说，这却是坏消息。如果新股东的投资回报仅仅是与公司未来的经营业绩持平，那么他们所支付的市值高于内在价值的溢价就必须一直维持下去。",[14,45,46],{},"管理层无法决定市场价格，不过可以通过信息披露和政策来促进市场参与者的理性行为。也许你已经猜到了，我个人更倾向于市场价格始终贴近企业的内在价值。在这种关系下，所有股东在其持有期间的回报都能与公司业绩精准对应。市场价格大幅高于或低于企业价值的剧烈波动，并不会改变全体股东最终的总回报——归根结底，投资者的收益必定等于企业的收益。但如果市场长期严重低估或高估，企业的收益就会在各个股东之间被不公平地分配，任何一位股东的投资结果在很大程度上取决于他是幸运、精明还是愚蠢。",[14,48,49],{},"长期来看，伯克希尔的市值与内在价值之间的关系，比我所知道的任何其他上市公司都要稳定。这要归功于各位股东。正因为你们理性、关注且以投资为导向，伯克希尔的股价几乎始终是合理的。这一非凡的结果是由一群非凡的股东群体创造的：我们几乎所有的股东都是个人投资者，而非机构。没有任何一家我们这种规模的上市公司能做到这一点。",[14,51,52],{},"你也许会认为，机构拥有大量高薪且经验丰富的专业投资人士，应该会成为金融市场稳定与理性的力量。事实恰恰相反：那些被机构大量持有并持续关注的股票，其价格往往是最不合理的。",[14,54,55],{},"本杰明·格雷厄姆 (Ben Graham) 40年前讲过一个故事，很好地说明了投资专业人士为何会这样行事：一位石油勘探商去世后来到天堂门口，圣彼得带来了一个坏消息。\"你确实有资格入住，\"圣彼得说，\"但你也看到了，石油商人的专区已经挤满了，实在塞不下你了。\"石油商人想了想，问能否对现有住户说几句话。圣彼得觉得无伤大雅，便同意了。只见石油商人双手拢在嘴边大喊：\"地狱里发现石油了！\"天堂的大门立刻打开，所有石油商人争先恐后地朝地狱奔去。圣彼得很是佩服，邀请他搬进去住。石油商人犹豫了一下，说：\"不了，我还是跟他们一起去吧。万一那传言是真的呢。\"",[10,57,58],{"id":58},"报告收益的来源",[14,60,61],{},"下表列示了伯克希尔报告收益的主要来源。这些数字，以及更加详细的细分业务数据，是查理跟我关注的重点。我们认为合并后的总数对于管理或评估伯克希尔毫无帮助，事实上我们内部从来不会用到这些合并数据。",[14,63,64],{},"细分业务信息对于想要了解一家多元化企业运营状况的投资者来说同样至关重要。企业管理层在做并购决策时总是要求获得这些信息，但直到几年前，他们却很少把同样的信息提供给需要做出买卖决策的投资者。相反，当股东要求获得数据以了解企业的经济实况时，管理层通常以\"告诉你们会损害公司利益\"为由搪塞。最后还是美国证监会 (SEC) 下令必须披露分部数据，管理层才开始提供真实的答案。他们态度的转变让人想起艾尔·卡彭 (Al Capone) 的名言：\"好言好语加上一把枪，比光靠好言好语管用得多。\"",[14,66,67],{},"在下表中，商誉摊销并未计入具体业务，而是出于1983年年报中我的信件附录所阐述的原因，作为单独项目汇总列示。（1977至1984年信件汇编可应要求提供。）在第39-41页的\"业务分部数据\"和第49-55页的\"管理层讨论\"部分，提供了更多关于我们各项业务的信息，包括每个分部的商誉和商誉摊销数字。我建议各位同时阅读这些章节，以及从第56页开始的查理·芒格致韦斯科金融 (Wesco Financial) 股东的信。",[69,70,71,90],"table",{},[72,73,74],"thead",{},[75,76,77,80,83,85,88],"tr",{},[78,79],"th",{},[78,81,82],{},"税前收益",[78,84,82],{},[78,86,87],{},"税后收益（伯克希尔应占）",[78,89,87],{},[91,92,93,109,122,135,152,169,186,203,220,237,254,271,288,305,322,337,354,371,388,405,422,438,455],"tbody",{},[75,94,95,99,102,105,107],{},[96,97,98],"td",{},"单位：千美元",[96,100,101],{},"1985",[96,103,104],{},"1984",[96,106,101],{},[96,108,104],{},[75,110,111,114,116,118,120],{},[96,112,113],{},"经营收益：",[96,115],{},[96,117],{},[96,119],{},[96,121],{},[75,123,124,127,129,131,133],{},[96,125,126],{},"保险集团：",[96,128],{},[96,130],{},[96,132],{},[96,134],{},[75,136,137,140,143,146,149],{},[96,138,139],{},"承保收益",[96,141,142],{},"$(44,230)",[96,144,145],{},"$(48,060)",[96,147,148],{},"$(23,569)",[96,150,151],{},"$(25,955)",[75,153,154,157,160,163,166],{},[96,155,156],{},"净投资收益",[96,158,159],{},"95,217",[96,161,162],{},"68,903",[96,164,165],{},"79,716",[96,167,168],{},"62,059",[75,170,171,174,177,180,183],{},[96,172,173],{},"联合零售商店",[96,175,176],{},"270",[96,178,179],{},"(1,072)",[96,181,182],{},"134",[96,184,185],{},"(579)",[75,187,188,191,194,197,200],{},[96,189,190],{},"蓝筹印花",[96,192,193],{},"5,763",[96,195,196],{},"(1,843)",[96,198,199],{},"2,813",[96,201,202],{},"(899)",[75,204,205,208,211,214,217],{},[96,206,207],{},"布法罗新闻报",[96,209,210],{},"29,921",[96,212,213],{},"27,328",[96,215,216],{},"14,580",[96,218,219],{},"13,317",[75,221,222,225,228,231,234],{},[96,223,224],{},"互助储贷",[96,226,227],{},"2,622",[96,229,230],{},"1,456",[96,232,233],{},"4,016",[96,235,236],{},"3,151",[75,238,239,242,245,248,251],{},[96,240,241],{},"内布拉斯加家具店",[96,243,244],{},"12,686",[96,246,247],{},"14,511",[96,249,250],{},"5,181",[96,252,253],{},"5,917",[75,255,256,259,262,265,268],{},[96,257,258],{},"精密钢铁",[96,260,261],{},"3,896",[96,263,264],{},"4,092",[96,266,267],{},"1,477",[96,269,270],{},"1,696",[75,272,273,276,279,282,285],{},[96,274,275],{},"喜诗糖果",[96,277,278],{},"28,989",[96,280,281],{},"26,644",[96,283,284],{},"14,558",[96,286,287],{},"13,380",[75,289,290,293,296,299,302],{},[96,291,292],{},"纺织业务",[96,294,295],{},"(2,395)",[96,297,298],{},"418",[96,300,301],{},"(1,324)",[96,303,304],{},"226",[75,306,307,310,313,316,319],{},[96,308,309],{},"韦斯科金融",[96,311,312],{},"9,500",[96,314,315],{},"9,777",[96,317,318],{},"4,191",[96,320,321],{},"4,828",[75,323,324,327,330,333,335],{},[96,325,326],{},"商誉摊销",[96,328,329],{},"(1,475)",[96,331,332],{},"(1,434)",[96,334,329],{},[96,336,332],{},[75,338,339,342,345,348,351],{},[96,340,341],{},"利息费用",[96,343,344],{},"(14,415)",[96,346,347],{},"(14,734)",[96,349,350],{},"(7,288)",[96,352,353],{},"(7,452)",[75,355,356,359,362,365,368],{},[96,357,358],{},"股东指定捐赠",[96,360,361],{},"(4,006)",[96,363,364],{},"(3,179)",[96,366,367],{},"(2,164)",[96,369,370],{},"(1,716)",[75,372,373,376,379,382,385],{},[96,374,375],{},"其他",[96,377,378],{},"3,106",[96,380,381],{},"4,932",[96,383,384],{},"2,102",[96,386,387],{},"3,475",[75,389,390,393,396,399,402],{},[96,391,392],{},"经营收益合计",[96,394,395],{},"125,449",[96,397,398],{},"87,739",[96,400,401],{},"92,948",[96,403,404],{},"70,014",[75,406,407,410,413,416,419],{},[96,408,409],{},"通用食品特别股息",[96,411,412],{},"4,127",[96,414,415],{},"8,111",[96,417,418],{},"3,779",[96,420,421],{},"7,294",[75,423,424,427,430,433,436],{},[96,425,426],{},"华盛顿邮报特别股息",[96,428,429],{},"14,877",[96,431,432],{},"---",[96,434,435],{},"13,851",[96,437,432],{},[75,439,440,443,446,449,452],{},[96,441,442],{},"已实现证券收益",[96,444,445],{},"468,903",[96,447,448],{},"104,699",[96,450,451],{},"325,237",[96,453,454],{},"71,587",[75,456,457,463,468,473,478],{},[96,458,459],{},[460,461,462],"strong",{},"所有实体收益合计",[96,464,465],{},[460,466,467],{},"$613,356",[96,469,470],{},[460,471,472],{},"$200,549",[96,474,475],{},[460,476,477],{},"$435,815",[96,479,480],{},[460,481,482],{},"$148,895",[14,484,485],{},"1985年的业绩包含了异常高额的证券出售收益。但这件事本身并不意味着我们今年特别出色（虽然事实上确实如此）。某一年的证券收益就好比大学的毕业典礼——四年积累的知识在这一天被正式认可，而那一天你可能什么新东西也没学到。我们可能持有一只股票长达十年甚至更久，在此期间它的企业价值和市场价值可能稳步增长。而在我们最终卖出的那一年，它的价值可能毫无增长，甚至有所下降。但自买入以来的全部增值都会反映在卖出当年的会计收益中。（不过，如果持股的是我们的保险子公司，那么市值的涨跌每年都会反映在净资产中。）因此，任何一年报表上的资本损益，对于衡量我们当年的实际表现来说毫无意义。",[14,487,488],{},"1985年已实现资本利得中有很大一部分（税前总额4.88亿美元中的3.38亿美元）来自出售通用食品的股票。我们从1980年起便持有这些股票的大部分，当时买入的价格远低于我们认为合理的每股商业价值。年复一年，在吉姆·弗格森 (Jim Ferguson) 和菲尔·史密斯 (Phil Smith) 的管理下，通用食品的商业价值大幅提升。去年秋天，菲利普·莫里斯 (Philip Morris) 提出了收购要约，报价反映了公司价值的增长。我们因此受益于四个要素：便宜的买入价格、优秀的商业模式、专注于股东利益的能干管理层，以及愿意支付完全商业价值的买家。虽然最后一个要素是产生报告收益的唯一因素，但我们认为识别出前三个要素的能力，才是为伯克希尔股东创造价值的关键。在选择股票时，我们把全部精力放在漂亮地买进上，而不是漂亮地卖出。",[14,490,491],{},"今年我们又收到了来自华盛顿邮报 (Washington Post) 和通用食品的大额特别分红。（通用食品的交易显然发生在菲利普·莫里斯提出收购之前很久。）这类分红是在公司回购其他股东股份的同时，我们按比例出售部分持股时产生的。合同中规定了我们出售的股份数量，确保交易后我们的持股比例与交易前完全一致。美国国税局 (IRS) 非常恰当地将这类交易视为实质上等同于股息，因为我们作为股东在维持持股比例不变的情况下收到了现金。这种税务处理对我们有利，因为公司纳税人（不同于个人纳税人）对股息收入的税率远低于对长期资本利得收入的税率。（如果众议院通过的税改法案成为法律，这种差异将进一步扩大：根据其条款，企业实现的资本利得将按照与普通所得相同的税率征税。）然而，会计准则对于这类交易在股东报告中应如何处理并不明确。为了与去年的处理方式保持一致，我们将这些交易列为资本利得。",[14,493,494],{},"虽然我们不主动寻求这类交易，但当管理层提出这个想法时，我们总是乐于配合。每一次我们都认为，不卖出的股东（他们都有机会以与我们相同的价格出售）因公司以低于内在价值的价格回购股份而受益。我们获得的税务优惠，加上我们希望配合那些为全体股东增加价值的管理层，有时促使我们同意出售——但仅限于我们的持股比例不受影响的前提下。",[14,496,497],{},"话讲到这里，我们通常会接着讨论几项主营业务。但在此之前，让我们先来看看旗下一家较小企业的失败案例。我们的副董事长查理·芒格一直强调，研究失败比研究成功更重要——无论是在商业上还是人生的其他方面。他的这种精神正如那个人说的：\"我只想知道我会死在哪里，这样我就永远不去那个地方。\"你马上就能明白为什么我们俩是好搭档了：查理喜欢研究错误，而我为他提供了大量的素材，尤其是在纺织和保险业务方面。",[10,499,500],{"id":500},"关闭纺织业务",[14,502,503],{},"7月份我们决定关闭纺织业务，到年底这项令人不快的工作已基本完成。回顾纺织业的投资历程很有教育意义。",[14,505,506],{},"21年前，由我担任普通合伙人的巴菲特合伙公司 (Buffett Partnership, Ltd.) 收购了伯克希尔·哈撒韦的控制权时，公司的账面净资产为2,200万美元，全部投在纺织业务上。然而公司的内在商业价值远低于此，因为纺织资产所赚取的回报根本配不上其账面价值。事实上，在之前的9年里（即伯克希尔与哈撒韦合并经营期间），累计5.3亿美元的销售收入产生了1,000万美元的累计亏损。虽然偶尔会报出利润，但净结果总是进一步退两步。",[14,508,509],{},"我们买下公司的时候，南方的纺织工厂——大多没有工会——被认为具有重要的竞争优势。北方的纺织工厂大部分已经关门，许多人以为我们也会清算了事。",[14,511,512],{},"然而我们认为，如果由一位长期在公司工作的老员工来掌管，业务会好得多。我们立刻选中了肯·蔡斯 (Ken Chace) 担任总裁。在这一点上我们百分之百正确：蔡斯以及后来接替他的加里·莫里森 (Garry Morrison) 都是出色的管理者，丝毫不逊于我们旗下那些盈利更高的业务的经营者。",[14,514,515],{},"1967年初，纺织业务产生的现金被用来收购国民保险公司 (National Indemnity Company)，从而进入保险行业。部分资金来自利润，部分来自减少纺织品存货、应收账款和固定资产的投入。事实证明这次撤退的决策完全正确：尽管在蔡斯的管理下纺织业务已大为改善，但即使在景气高峰时期也从未真正赚到钱。",[14,517,518],{},"此后伯克希尔进一步多元化，随着纺织业务在公司中占比越来越小，它对整体回报的拖累也逐渐减轻。我们之所以继续保留纺织业务，原因我在1978年年报中已经说过（后来也多次提及）：\"(1) 纺织业务是当地非常重要的雇主；(2) 管理层坦诚面对问题并积极解决；(3) 员工理解公司的困境并极力配合；(4) 相对于投入的资本，业务应该能产生适度的现金回报。\"我还说过：\"只要这些条件持续存在——我们预计不会改变——即使有更好的资本用途，我们仍将继续支持纺织业务。\"",[14,520,521],{},"事实证明我对第(4)点的判断大错特错。虽然1979年的盈利还过得去，但此后纺织业务便开始大量消耗现金。到1985年年中，连我自己都看清楚了，这种状况几乎肯定会一直持续下去。如果能找到愿意继续经营的买家，我当然宁可卖掉而不是清算，哪怕卖价低一些也好。但对我来说最终显而易见的经济现实，对别人同样一目了然，所以根本没有人感兴趣。",[14,523,524],{},"我不会仅仅为了给公司的回报率多加零点几个百分点就关掉一家盈利低于正常水平的企业。但同时我也认为，即使是一家盈利丰厚的公司，一旦某项业务看起来将会无休止地亏损下去，也不应该继续向它输血。亚当·斯密 (Adam Smith) 不会赞成我的第一个主张，卡尔·马克思 (Karl Marx) 不会赞成我的第二个主张——折中的立场是唯一让我感到安心的选择。",[14,526,527,528,532],{},"我必须再次强调，蔡斯和莫里森为了让纺织业务取得成功，展现了非凡的智谋、干劲和想象力。为了实现可持续的盈利，他们重新规划了产品线、机器配置和分销安排。我们还大手笔收购了瓦姆贝克磨坊 (Waumbec Mills)，期望产生重要的协同效应（一个在商业界被广泛使用的术语，专门用来解释那些本身毫无道理的收购）。但最终一切努力都白费了，没有更早退出是我的错。最近《商业周刊》(",[529,530,531],"em",{},"Business Week",") 的一篇文章指出，自1980年以来已有250家纺织厂关门。那些工厂的老板们掌握的信息跟我一模一样，只不过他们处理信息时更加客观。我无视了孔德 (Comte) 的忠告——\"理智应当是心灵的仆人，而非它的奴隶\"——而去选择相信我更愿意相信的东西。",[14,534,535],{},"美国国内的纺织业经营的是大宗商品生意，在一个产能严重过剩的全球市场中竞争。我们遭遇的许多困难，无论是直接还是间接，都要归因于来自国外的竞争——那些国家的工人工资仅为美国最低工资的一小部分。但这绝不意味着我们的员工应该为关厂承担任何责任。事实上，与美国其他行业的员工相比，我们纺织工人的薪资低得可怜，整个纺织行业一直如此。在劳资协议谈判中，工会干部和会员充分理解我们在成本方面的劣势，从未提出不合理的加薪要求或不利于生产的做法。恰恰相反，他们跟我们一样努力维持竞争力。即使在清算期间，他们的表现也堪称完美。（讽刺的是，如果当年工会表现得蛮不讲理一些，我们就会更早认清纺织业注定没有前途，立刻关厂，从而避免后来的重大损失。）",[14,537,538],{},"多年来，我们一直面临着在纺织业务上追加大量资本支出以降低可变成本的抉择。每一个投资方案看起来都是稳赚的。事实上，以标准的投资回报率来衡量，这些方案通常比投资于我们高利润的糖果和报纸业务还要诱人。",[14,540,541],{},"但纺织投资所许诺的收益只是一种幻象。我们许多国内外的竞争对手都在进行同样的投资，一旦足够多的公司这样做了，降低的成本就变成了全行业降价的基准。单独来看，每家公司的资本投资决策看起来都合乎成本效益、都很理性；但从整体来看，这些决策相互抵消，变得完全不理性——就好比每个看游行的人都觉得踮起脚尖就能看得更清楚一样。每一轮投资过后，所有参与者在游戏中投入了更多的钱，但回报依然少得可怜。",[14,543,544],{},"因此，我们面临着一个痛苦的抉择：大规模资本投入虽然能让纺织业务苟延残喘，但在不断膨胀的资本基数上只能获得惨淡的回报。而且即使投入之后，来自国外在劳动力成本上的巨大、持续的竞争优势依然存在。但如果不投资，即便跟国内同行比，我们也会越来越缺乏竞争力。我总觉得自己就像伍迪·艾伦 (Woody Allen) 在他某部电影里描述的处境：\"比起历史上任何时刻，人类此刻正站在一个十字路口。一条路通往绝望和彻底的无助，另一条通往彻底的毁灭。让我们祈祷拥有足够的智慧做出正确的选择。\"",[14,546,547],{},"想要理解\"投还是不投\"这个困境在大宗商品行业中如何演绎，不妨看看伯灵顿工业 (Burlington Industries)——无论是21年前还是现在，它都是美国最大的纺织公司。1964年伯灵顿的销售额为12亿美元，而我们只有5,000万美元。它在分销和生产方面拥有我们永远无法比拟的优势，盈利记录当然也远远优于我们。1964年底它的股价是60美元，我们是13美元。",[14,549,550],{},"伯灵顿决定坚守纺织本业，到1985年销售额达到约28亿美元。在1964至1985年间，该公司累计资本支出约30亿美元，远超任何其他美国纺织公司——以1964年60美元的股价计算，相当于每股投入了超过200美元。我相信其中绝大部分用于降低成本和扩张产能。鉴于伯灵顿坚守纺织业的基本承诺，这些资本决策应该说是合理的。",[14,552,553],{},"尽管如此，以实际美元计算，伯灵顿的销售量已经下降，如今的销售利润率和股本回报率也远不如20年前。该公司的股票在1965年进行了一拆二，如今股价为34美元——调整后仅仅略高于1964年的60美元。与此同时，消费者物价指数却已是当年的三倍多。因此，每股代表的购买力仅为1964年底的大约三分之一。虽然一直有固定股息发放，但股息的购买力同样大幅缩水。",[14,555,556],{},"这对股东来说是毁灭性的结局，它说明了当大量的智力和精力被投入到一个错误的前提上时会发生什么。这情景让人想起塞缪尔·约翰逊 (Samuel Johnson) 的那匹马：\"一匹会数到十的马是一匹了不起的马——但不是一个了不起的数学家。\"同样地，一家在本行业中能够出色配置资本的纺织公司是一家了不起的纺织公司——但不是一家了不起的企业。",[14,558,559],{},"根据我个人的经验和对其他企业的大量观察，我得出一个结论：一份优异的管理记录（以经济回报衡量），与其说取决于你划船的技术有多好，不如说取决于你上了哪条船（当然，无论企业好坏，才智和努力都很重要）。几年前我写过：\"当一个以管理才能著称的管理层遇上一家基本面糟糕的企业时，保持完好无损的是企业的名声。\"我至今没有改变这个看法。如果你发现自己在一条长期漏水的船上，把精力花在换一条船上，要比花在补漏洞上有效得多。",[14,561,562],{},"除了上述买下整家企业的收购之外，我们也有兴趣通过协商买入大型但非控股的股权，就像我们投资Cap Cities那样。这类投资只有在我们对该企业的商业模式以及管理层的能力和品格都非常有信心的情况下，才会对我们有吸引力。我们偏好大手笔的交易：在特殊情况下我们可能会做小到5,000万美元（甚至更小）的投资，但我们更喜欢数倍于此的规模。",[14,564,565],{},"五年前，根据1969年《银行控股公司法》的要求，我们被迫出售在伊利诺伊州罗克福德的伊利诺伊国民银行信托公司 (The Illinois National Bank and Trust Company) 的股份。我们的做法相当独特：我们宣布了罗克福德银行控股公司 (Rockford Bancorp Inc.)（伊利诺伊国民银行的母公司）与伯克希尔之间的换股比率，然后让我们每一位股东——除了我自己——自行决定是否将全部、部分或不换任何伯克希尔股份换成罗克福德的股份。剩下没人要的罗克福德股票归我，所以我持有的罗克福德股份数量取决于你们的决定。当时我说过：\"这种方法体现了世界上最古老、最基本的公平分配方式。就像你小时候分蛋糕一样，一个人切，另一个人先选。我尽量把蛋糕切得公平，但你们先选要哪一块。\"",[14,567,568],{},"去年秋天，伊利诺伊国民银行被售出。当罗克福德银行控股的清算完成时，其股东获得的每股收入大致相当于银行出售时伯克希尔的每股内在价值。我很高兴看到五年后的结果表明，当年那块蛋糕切得相当公平。",[14,570,571],{},"去年我在年报中为我们的年度股东大会做了一番宣传，各位也响应了邀请。在我们3,000多名注册股东中，有超过250位到场参加。与会者的表现跟往年一样出色，提出的问题正是你期望从聪明且关心公司的所有者那里听到的。你可以参加很多公司的股东大会，都见不到我们这样的人群。（乔治亚州州长莱斯特·马多斯 (Lester Maddox) 因为糟糕透顶的监狱制度而受到批评时说：\"解决办法很简单，我们只需要更高素质的犯人就行了。\"要提升股东大会的质量，道理是一样的。）",[14,573,574],{},"我希望各位来参加今年的股东大会，将于5月20日在奥马哈举行。今年将有一项变化：在效忠另一种软饮料48年之后，你们的董事长做出了一个史无前例的行为转变——改喝新款的樱桃可口可乐了。从此以后，它将成为伯克希尔·哈撒韦年度股东大会的官方饮料。",[14,576,577],{},"记得带上钱来：B夫人承诺，如果各位在会后光顾内布拉斯加家具店，将会享受到大量折扣优惠。",[14,579,580],{},"沃伦·E·巴菲特",[14,582,583],{},"董事长",[14,585,586],{},"1986年3月4日",{"title":588,"searchDepth":589,"depth":589,"links":590},"",2,[],"致股东信",null,"1985年巴菲特致股东信，宣布大都会ABC收购、斯科特费泽收购及消防员基金合作","md",{},true,56,"\u002Fbuffett\u002Fberkshire\u002F1985-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":593},"1985 巴菲特致股东信｜巴菲特","1985-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1985-ba-fei-te-zhi-gu-dong-xin","Sg8JTzaQSv4g0wyVzzT8Lk1cUSUw3cyCwhj33WgKEFY","buffett",[606,610,614,618,621,624,627,631,634,637,641,644,647,651,654,657,661,664,667,671,674,677,681,684,687,691,694,697,701,704,707,711,714,717,721,724,727,731,734,737,741,744,747,751,754,757,761,764,767,771,774,777,781,784,787,791,794,797,801,804,807,811,814,817,821,824,827,831,834,837,841,844,847,851,854,857,861,864,867,871,874,877,881,884,887,891,894,897,901,904,907,911,914,917,921,924,927,931,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1081,1084,1088,1091,1092,1095,1099,1102,1106,1109,1113,1116,1120,1123,1127,1130,1134,1137,1141,1144,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1242,1246,1249,1253,1256,1260,1263,1267,1270,1274,1277,1281,1284,1288,1291,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1347,1351,1354,1358,1361,1365,1368,1372,1375,1379,1382,1386,1389,1393,1396,1400,1403,1407,1411,1415,1419,1423,1427,1431,1435,1439,1443,1447,1451,1455,1459,1463,1467,1471,1475,1479,1483,1487,1491,1495,1499,1503,1507,1511,1515,1519,1523,1527,1531,1535,1539,1543,1547,1551,1555,1559,1563,1567,1571,1575,1579,1583,1587,1591,1595,1599,1603],{"title":607,"slug":608,"category":591,"order":609},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":611,"slug":612,"category":613,"order":609},"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":615,"slug":616,"category":617,"order":609},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":619,"slug":620,"category":591,"order":589},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":622,"slug":623,"category":613,"order":589},"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":625,"slug":626,"category":617,"order":589},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":628,"slug":629,"category":591,"order":630},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":632,"slug":633,"category":613,"order":630},"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":635,"slug":636,"category":617,"order":630},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":638,"slug":639,"category":591,"order":640},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":642,"slug":643,"category":613,"order":640},"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":645,"slug":646,"category":617,"order":640},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":648,"slug":649,"category":591,"order":650},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":652,"slug":653,"category":613,"order":650},"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":655,"slug":656,"category":617,"order":650},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":658,"slug":659,"category":591,"order":660},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":662,"slug":663,"category":613,"order":660},"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":665,"slug":666,"category":617,"order":660},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":668,"slug":669,"category":591,"order":670},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":672,"slug":673,"category":613,"order":670},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":675,"slug":676,"category":617,"order":670},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":678,"slug":679,"category":591,"order":680},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":682,"slug":683,"category":613,"order":680},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":685,"slug":686,"category":617,"order":680},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":688,"slug":689,"category":591,"order":690},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":692,"slug":693,"category":613,"order":690},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":695,"slug":696,"category":617,"order":690},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":698,"slug":699,"category":591,"order":700},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":702,"slug":703,"category":613,"order":700},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":705,"slug":706,"category":617,"order":700},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":708,"slug":709,"category":591,"order":710},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":712,"slug":713,"category":613,"order":710},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":715,"slug":716,"category":617,"order":710},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":718,"slug":719,"category":591,"order":720},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":722,"slug":723,"category":613,"order":720},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":725,"slug":726,"category":617,"order":720},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":728,"slug":729,"category":591,"order":730},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":732,"slug":733,"category":613,"order":730},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":735,"slug":736,"category":617,"order":730},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":738,"slug":739,"category":591,"order":740},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":742,"slug":743,"category":613,"order":740},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":745,"slug":746,"category":617,"order":740},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":748,"slug":749,"category":591,"order":750},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":752,"slug":753,"category":613,"order":750},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":755,"slug":756,"category":617,"order":750},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":758,"slug":759,"category":591,"order":760},"1964 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1089,"slug":1090,"category":613,"order":1087},"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":5,"slug":601,"category":591,"order":597},{"title":1093,"slug":1094,"category":613,"order":597},"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":1096,"slug":1097,"category":591,"order":1098},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1100,"slug":1101,"category":613,"order":1098},"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":1103,"slug":1104,"category":591,"order":1105},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1107,"slug":1108,"category":613,"order":1105},"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":1110,"slug":1111,"category":591,"order":1112},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1114,"slug":1115,"category":613,"order":1112},"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":1117,"slug":1118,"category":591,"order":1119},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1121,"slug":1122,"category":613,"order":1119},"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":1124,"slug":1125,"category":591,"order":1126},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1128,"slug":1129,"category":613,"order":1126},"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":1131,"slug":1132,"category":591,"order":1133},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1135,"slug":1136,"category":613,"order":1133},"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":1138,"slug":1139,"category":591,"order":1140},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1142,"slug":1143,"category":613,"order":1140},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1145,"slug":1146,"category":591,"order":1147},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1149,"slug":1150,"category":613,"order":1147},"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":1152,"slug":1153,"category":591,"order":1154},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1156,"slug":1157,"category":613,"order":1154},"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":1159,"slug":1160,"category":591,"order":1161},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1163,"slug":1164,"category":613,"order":1161},"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":1166,"slug":1167,"category":591,"order":1168},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1170,"slug":1171,"category":613,"order":1168},"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":1173,"slug":1174,"category":591,"order":1175},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1177,"slug":1178,"category":613,"order":1175},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1180,"slug":1181,"category":591,"order":1182},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1184,"slug":1185,"category":613,"order":1182},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1187,"slug":1188,"category":591,"order":1189},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1191,"slug":1192,"category":613,"order":1189},"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":1194,"slug":1195,"category":591,"order":1196},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1198,"slug":1199,"category":613,"order":1196},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1201,"slug":1202,"category":591,"order":1203},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1205,"slug":1206,"category":613,"order":1203},"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":1208,"slug":1209,"category":591,"order":1210},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1212,"slug":1213,"category":613,"order":1210},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1215,"slug":1216,"category":591,"order":1217},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1219,"slug":1220,"category":613,"order":1217},"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":1222,"slug":1223,"category":591,"order":1224},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1226,"slug":1227,"category":613,"order":1224},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1229,"slug":1230,"category":591,"order":1231},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1233,"slug":1234,"category":613,"order":1231},"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":1236,"slug":1237,"category":591,"order":1238},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1240,"slug":1241,"category":613,"order":1238},"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":1243,"slug":1244,"category":591,"order":1245},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1247,"slug":1248,"category":613,"order":1245},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1250,"slug":1251,"category":591,"order":1252},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1254,"slug":1255,"category":613,"order":1252},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1257,"slug":1258,"category":591,"order":1259},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1261,"slug":1262,"category":613,"order":1259},"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":1264,"slug":1265,"category":591,"order":1266},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1268,"slug":1269,"category":613,"order":1266},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1271,"slug":1272,"category":591,"order":1273},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1275,"slug":1276,"category":613,"order":1273},"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":1278,"slug":1279,"category":591,"order":1280},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1282,"slug":1283,"category":613,"order":1280},"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":1285,"slug":1286,"category":591,"order":1287},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1289,"slug":1290,"category":613,"order":1287},"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":1292,"slug":1293,"category":591,"order":1294},"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":1296,"slug":1297,"category":613,"order":1294},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1299,"slug":1300,"category":591,"order":1301},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1303,"slug":1304,"category":613,"order":1301},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1306,"slug":1307,"category":591,"order":1308},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1310,"slug":1311,"category":613,"order":1308},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1313,"slug":1314,"category":591,"order":1315},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1317,"slug":1318,"category":613,"order":1315},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1320,"slug":1321,"category":591,"order":1322},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1324,"slug":1325,"category":613,"order":1322},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1327,"slug":1328,"category":591,"order":1329},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1331,"slug":1332,"category":613,"order":1329},"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":1334,"slug":1335,"category":591,"order":1336},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1338,"slug":1339,"category":613,"order":1336},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1341,"slug":1342,"category":591,"order":1343},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1345,"slug":1346,"category":613,"order":1343},"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":1348,"slug":1349,"category":591,"order":1350},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1352,"slug":1353,"category":613,"order":1350},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1355,"slug":1356,"category":591,"order":1357},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1359,"slug":1360,"category":613,"order":1357},"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":1362,"slug":1363,"category":591,"order":1364},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1366,"slug":1367,"category":613,"order":1364},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":1369,"slug":1370,"category":591,"order":1371},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1373,"slug":1374,"category":613,"order":1371},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1376,"slug":1377,"category":591,"order":1378},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1380,"slug":1381,"category":613,"order":1378},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1383,"slug":1384,"category":591,"order":1385},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1387,"slug":1388,"category":613,"order":1385},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":1390,"slug":1391,"category":591,"order":1392},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1394,"slug":1395,"category":613,"order":1392},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1397,"slug":1398,"category":591,"order":1399},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1401,"slug":1402,"category":613,"order":1399},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":1404,"slug":1405,"category":613,"order":1406},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1408,"slug":1409,"category":613,"order":1410},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1412,"slug":1413,"category":613,"order":1414},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":1416,"slug":1417,"category":613,"order":1418},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":1420,"slug":1421,"category":613,"order":1422},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":1424,"slug":1425,"category":613,"order":1426},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":1428,"slug":1429,"category":613,"order":1430},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":1432,"slug":1433,"category":613,"order":1434},"巴菲特：2014年CNBC 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