[{"data":1,"prerenderedAt":2419},["ShallowReactive",2],{"library-1991-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":883,"library-sidebar-dao":1885,"library-sidebar-models":2187},{"id":4,"title":5,"body":6,"category":869,"date":870,"description":871,"extension":872,"meta":873,"navigation":874,"order":875,"path":876,"seo":877,"seoDescription":871,"seoTitle":878,"slug":879,"stem":880,"__hash__":881,"_collection":882},"buffett\u002Fbuffett\u002Fberkshire\u002F1991-ba-fei-te-zhi-gu-dong-xin.md","1991 巴菲特致股东信",{"type":7,"value":8,"toc":865},"minimark",[9,13,20,23,26,29,37,40,43,46,49,52,55,58,61,64,67,456,461,464,467,470,473,476,479,482,689,692,695,698,701,708,711,714,717,720,723,726,729,732,735,738,741,744,747,801,808,811,814,817,820,823,826,829,832,835,838,841,844,847,850,853,856,859,862],[10,11,5],"h1",{"id":12},"_1991-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔·哈撒韦公司 (BERKSHIRE HATHAWAY INC.)",[14,21,22],{},"致伯克希尔·哈撒韦公司所有股东：",[14,24,25],{},"1991年我们的净资产增加了21亿美元，增幅为39.6%。自现任管理层接手的27年以来，每股账面价值由当初的19美元成长到目前的6,437美元，年复合增长率约为23.7%。",[14,27,28],{},"我们的股东权益规模如今已高达74亿美元，这使得一件事变得确定无疑：我们不可能再维持过去的增长速度了，甚至连接近都做不到。随着伯克希尔不断壮大，能够显著影响公司业绩的投资机会也在持续缩小。当我们管理的资金只有2,000万美元时，一项赚100万美元的生意就能为我们的年回报率增加5个百分点。但如今我们需要3.7亿美元的收益（也就是税前超过5.5亿美元的利润）才能达到同样的效果。而赚3.7亿美元的门路，可比赚100万美元的少太多了。",[14,30,31,32,36],{},"伯克希尔的副董事长查理·芒格 (Charlie Munger) 和我已经设定了一个目标：让伯克希尔的内在价值每年平均增长15%。如果我们的",[33,34,35],"em",{},"账面","价值也要跟上这15%的步伐，那么在未来十年我们必须赚到220亿美元。祝我们好运吧——我们真的会需要它。",[14,38,39],{},"1991年我们账面价值的超额增长源于一个不太可能重演的现象：可口可乐 (Coca-Cola) 和吉列 (Gillette) 两家公司的市盈率大幅飙升。光是这两只股票就贡献了我们去年21亿美元净资产增长中的将近16亿。三年前我们大举买入可口可乐时，伯克希尔的净资产大约是34亿美元；而现在光是我们持有的可口可乐股票市值就超过了那个数字。",[14,41,42],{},"可口可乐和吉列堪称当今世界上最好的两家公司，我们预期在未来几年它们的盈利还会以强劲的速度增长。随着时间推移，我们持股的价值也应当大致按比例增长。然而去年，这两家公司的估值上升速度远远超过了盈利增速。实际上我们获得了双重收益：一方面来自优秀的盈利增长，另一方面——甚至更大的一部分——来自市场对这两只股票的价值重估。我们认为这种重估是合理的。但这不可能年年发生：未来我们只能靠单一收益来满足了。",[10,44,45],{"id":45},"第二份工作",[14,47,48],{},"1989年，我这个每天开开心心喝五罐樱桃可口可乐的消费者，宣布我们买了价值10亿美元的可口可乐股票。我把这描述为\"用真金白银印证我的嘴巴说过的话\"(putting our money where my mouth was) 的一个相当极端的例子。去年8月18日，当我被选为所罗门公司 (Salomon Inc) 的临时董事长时，情况反了过来：我是在\"用嘴巴去维护我们投出去的真金白银\"(put my mouth where our money was)。",[14,50,51],{},"大家应该都看过有关我被任命的相关报道了。我之所以愿意接受这个职位，其中隐含着一个重要的信息：伯克希尔旗下事业的经理人是如此出色，以至于我完全可以大幅减少花在公司上的时间，同时仍然对公司的经济前进步伐毫不担心。布鲁姆金家族 (the Blumkins)、弗里德曼家族 (the Friedman family)、迈克·戈德堡 (Mike Goldberg)、赫尔德曼家族 (the Heldmans)、查克·哈金斯 (Chuck Huggins)、斯坦·利普西 (Stan Lipsey)、拉尔夫·谢伊 (Ralph Schey) 和弗兰克·鲁尼 (Frank Rooney)（我们最新收购的布朗鞋业 H.H. Brown 的CEO，后面会详细介绍），他们都是各自领域的顶尖高手，根本不需要我的帮忙。我的工作只是公平合理地对待他们，并配置他们所创造的资金。这两项职能都不会因为我在所罗门的工作而受到影响。",[14,53,54],{},"查理跟我在这些成功企业所扮演的角色，可以用迈阿密大学著名的四分卫乔治·米拉 (George Mira) 和他的教练安迪·古斯塔夫森 (Andy Gustafson) 的故事来说明。在与佛罗里达大学的一场比赛中，米拉在球门线附近接球后准备传球。他发现了一个无人盯防的队友，但他的右肩却被一名佛罗里达防守球员死死抓住怎么也甩不掉。右撇子米拉于是把球换到左手，丢出了他一辈子唯一一次左手传球——达阵得分。当全场观众疯狂沸腾时，古斯塔夫森镇定地转向一位记者说：\"看吧，这就是我平时训练有素的成果。\"",[14,56,57],{},"有了我们旗下如此梦幻的明星经营团队，即使查理或我偶尔溜号，伯克希尔的表现也不会受到任何影响。不过大家要注意，我在所罗门头衔里的那个\"临时\"二字。伯克希尔才是我的最爱，而且是至死不渝的爱：去年在哈佛商学院，有学生问我打算什么时候退休，我回答说：\"大概在我死后五到十年吧。\"",[10,59,60],{"id":60},"报告收益的来源",[14,62,63],{},"下表列示了伯克希尔报告收益的主要来源。在这种呈报方式中，商誉摊销及其它重大的购买法会计调整不计入各个具体业务，而是汇总后单独列示。这样的处理方式让大家可以看到，如果我们没有买下这些企业的话，它们的收益原本会是什么样子。我在过去的报告中解释过，为什么我们认为这种呈报方式对投资者和管理者来说比通用会计准则 (GAAP) 所要求的逐项调整更有用。当然，我们在表中列出的净收益合计数与经审计财务报表中的通用会计准则总数完全一致。",[14,65,66],{},"年报中还有各业务部门依照通用会计准则编制的详细信息。不过从今年开始，我们将不再像过去那样逐一详述非保险业务的营运状况。我们旗下事业的数量日益增多——以后还会继续增长——所以现在比较合理的做法是轮流报道，每年挑一两个详细介绍。",[68,69,70,89],"table",{},[71,72,73],"thead",{},[74,75,76,79,82,84,87],"tr",{},[77,78],"th",{},[77,80,81],{},"税前收益",[77,83,81],{},[77,85,86],{},"伯克希尔应占净收益（税后及少数股东权益后）",[77,88,86],{},[90,91,92,108,121,134,151,168,184,201,218,235,252,269,286,303,320,337,354,371,388,405,422,439],"tbody",{},[74,93,94,98,101,104,106],{},[95,96,97],"td",{},"（千美元）",[95,99,100],{},"1991",[95,102,103],{},"1990",[95,105,100],{},[95,107,103],{},[74,109,110,113,115,117,119],{},[95,111,112],{},"经营收益：",[95,114],{},[95,116],{},[95,118],{},[95,120],{},[74,122,123,126,128,130,132],{},[95,124,125],{},"保险业务：",[95,127],{},[95,129],{},[95,131],{},[95,133],{},[74,135,136,139,142,145,148],{},[95,137,138],{},"承保",[95,140,141],{},"$ (119,593)",[95,143,144],{},"$ (26,647)",[95,146,147],{},"$ (77,229)",[95,149,150],{},"$ (14,936)",[74,152,153,156,159,162,165],{},[95,154,155],{},"净投资收益",[95,157,158],{},"331,846",[95,160,161],{},"327,047",[95,163,164],{},"285,173",[95,166,167],{},"282,613",[74,169,170,173,176,179,182],{},[95,171,172],{},"布朗鞋业（1991\u002F7\u002F1收购）",[95,174,175],{},"13,616",[95,177,178],{},"---",[95,180,181],{},"8,611",[95,183,178],{},[74,185,186,189,192,195,198],{},[95,187,188],{},"布法罗新闻报",[95,190,191],{},"37,113",[95,193,194],{},"43,954",[95,196,197],{},"21,841",[95,199,200],{},"25,981",[74,202,203,206,209,212,215],{},[95,204,205],{},"菲希海默",[95,207,208],{},"12,947",[95,210,211],{},"12,450",[95,213,214],{},"6,843",[95,216,217],{},"6,605",[74,219,220,223,226,229,232],{},[95,221,222],{},"柯比",[95,224,225],{},"35,726",[95,227,228],{},"27,445",[95,230,231],{},"22,555",[95,233,234],{},"17,613",[74,236,237,240,243,246,249],{},[95,238,239],{},"内布拉斯加家具店",[95,241,242],{},"14,384",[95,244,245],{},"17,248",[95,247,248],{},"6,993",[95,250,251],{},"8,485",[74,253,254,257,260,263,266],{},[95,255,256],{},"斯科特费泽制造集团",[95,258,259],{},"26,123",[95,261,262],{},"30,378",[95,264,265],{},"15,901",[95,267,268],{},"18,458",[74,270,271,274,277,280,283],{},[95,272,273],{},"喜诗糖果",[95,275,276],{},"42,390",[95,278,279],{},"39,580",[95,281,282],{},"25,575",[95,284,285],{},"23,892",[74,287,288,291,294,297,300],{},[95,289,290],{},"韦斯科——保险以外",[95,292,293],{},"12,230",[95,295,296],{},"12,441",[95,298,299],{},"8,777",[95,301,302],{},"9,676",[74,304,305,308,311,314,317],{},[95,306,307],{},"世界图书百科全书",[95,309,310],{},"22,483",[95,312,313],{},"31,896",[95,315,316],{},"15,487",[95,318,319],{},"20,420",[74,321,322,325,328,331,334],{},[95,323,324],{},"商誉摊销",[95,326,327],{},"(4,113)",[95,329,330],{},"(3,476)",[95,332,333],{},"(4,098)",[95,335,336],{},"(3,461)",[74,338,339,342,345,348,351],{},[95,340,341],{},"其它购买法会计调整",[95,343,344],{},"(6,021)",[95,346,347],{},"(5,951)",[95,349,350],{},"(7,019)",[95,352,353],{},"(6,856)",[74,355,356,359,362,365,368],{},[95,357,358],{},"利息费用*",[95,360,361],{},"(89,250)",[95,363,364],{},"(76,374)",[95,366,367],{},"(57,165)",[95,369,370],{},"(49,726)",[74,372,373,376,379,382,385],{},[95,374,375],{},"股东指定捐赠",[95,377,378],{},"(6,772)",[95,380,381],{},"(5,824)",[95,383,384],{},"(4,388)",[95,386,387],{},"(3,801)",[74,389,390,393,396,399,402],{},[95,391,392],{},"其它",[95,394,395],{},"77,399",[95,397,398],{},"58,310",[95,400,401],{},"47,896",[95,403,404],{},"35,782",[74,406,407,410,413,416,419],{},[95,408,409],{},"经营收益合计",[95,411,412],{},"400,508",[95,414,415],{},"482,477",[95,417,418],{},"315,753",[95,420,421],{},"370,745",[74,423,424,427,430,433,436],{},[95,425,426],{},"出售证券收益",[95,428,429],{},"192,478",[95,431,432],{},"33,989",[95,434,435],{},"124,155",[95,437,438],{},"23,348",[74,440,441,444,447,450,453],{},[95,442,443],{},"收益总计",[95,445,446],{},"$ 592,986",[95,448,449],{},"$ 516,466",[95,451,452],{},"$ 439,908",[95,454,455],{},"$ 394,093",[14,457,458],{},[33,459,460],{},"*不含斯科特费泽金融集团和互助储贷的利息费用。",[10,462,463],{"id":463},"透视收益",[14,465,466],{},"我们之前讨论过透视收益的概念，它包括：(1) 前面列示的报告收益；加上 (2) 主要被投资公司按通用会计准则未反映在我们利润中的留存经营收益；减去 (3) 如果这些被投资公司的留存收益分配给我们时，伯克希尔估计需要缴纳的所得税。",[14,468,469],{},"我曾告诉各位，如果我们的内在商业价值要以每年15%的速度增长，透视收益也必须以大约15%的速度增长。事实上，自1965年现任管理层接手以来，我们的透视收益增长率几乎恰好与账面价值23%的增长率相同。",[14,471,472],{},"然而去年我们的透视收益非但没有增长，反而下降了14%。在一定程度上，这种下滑源于我在去年报告中提到过的两个因素，当时我就警告过各位它们会对透视收益产生负面影响。",[14,474,475],{},"首先，我曾告诉各位，我们的媒体收益——不管是直接收益还是透视收益——\"肯定会下降\"，事实确实如此。第二个因素在4月1日发挥了作用，当时我们的吉列优先股被要求赎回，迫使我们转换成普通股。1990年来自优先股的税后收益约为4,500万美元，这个金额比1991年三个月的优先股股利加上九个月的普通股透视收益之和还略高一些。",[14,477,478],{},"另外有两个我没有预料到的情况也损害了1991年的透视收益。首先，我们在富国银行 (Wells Fargo) 的权益基本上只是维持损益两平（我们从该公司收到的股利被其负留存收益所抵消）。去年我说过，富国银行出现这种结果\"可能性很低——但不是没有可能\"。其次，我们的保险业务收益虽然依然不错，却明显下降了。",[14,480,481],{},"下表列出了我们计算透视收益的方式，不过我要提醒各位这些数字必然是相当粗略的。（被投资公司分配给我们的股利已包含在前面列示的经营收益中，主要归入\"保险业务：净投资收益\"项下。）",[68,483,484,501],{},[71,485,486],{},[74,487,488,491,494,496,499],{},[77,489,490],{},"伯克希尔主要被投资公司",[77,492,493],{},"伯克希尔年末约持股比例",[77,495,493],{},[77,497,498],{},"伯克希尔应占未分配经营收益",[77,500,498],{},[90,502,503,516,533,549,566,581,597,612,629,644,659,674],{},[74,504,505,508,510,512,514],{},[95,506,507],{},"（百万美元）",[95,509,100],{},[95,511,103],{},[95,513,100],{},[95,515,103],{},[74,517,518,521,524,527,530],{},[95,519,520],{},"大都会\u002FABC",[95,522,523],{},"18.1%",[95,525,526],{},"17.9%",[95,528,529],{},"$ 61",[95,531,532],{},"$ 85",[74,534,535,538,541,543,546],{},[95,536,537],{},"可口可乐",[95,539,540],{},"7.0%",[95,542,540],{},[95,544,545],{},"69",[95,547,548],{},"58",[74,550,551,554,557,560,563],{},[95,552,553],{},"联邦住房贷款抵押公司",[95,555,556],{},"3.4%(1)",[95,558,559],{},"3.2%(1)",[95,561,562],{},"15",[95,564,565],{},"10",[74,567,568,571,574,576,579],{},[95,569,570],{},"吉列",[95,572,573],{},"11.0%",[95,575,178],{},[95,577,578],{},"23(2)",[95,580,178],{},[74,582,583,586,589,592,594],{},[95,584,585],{},"盖可保险",[95,587,588],{},"48.2%",[95,590,591],{},"46.1%",[95,593,545],{},[95,595,596],{},"76",[74,598,599,602,605,607,609],{},[95,600,601],{},"华盛顿邮报",[95,603,604],{},"14.6%",[95,606,604],{},[95,608,565],{},[95,610,611],{},"18",[74,613,614,617,620,623,626],{},[95,615,616],{},"富国银行",[95,618,619],{},"9.6%",[95,621,622],{},"9.7%",[95,624,625],{},"(17)",[95,627,628],{},"19(3)",[74,630,631,634,636,638,641],{},[95,632,633],{},"伯克希尔应占主要被投资公司未分配收益",[95,635],{},[95,637],{},[95,639,640],{},"$ 230",[95,642,643],{},"$ 266",[74,645,646,649,651,653,656],{},[95,647,648],{},"上述未分配收益的假设税负",[95,650],{},[95,652],{},[95,654,655],{},"(30)",[95,657,658],{},"(35)",[74,660,661,664,666,668,671],{},[95,662,663],{},"伯克希尔报告经营收益",[95,665],{},[95,667],{},[95,669,670],{},"316",[95,672,673],{},"371",[74,675,676,679,681,683,686],{},[95,677,678],{},"伯克希尔透视收益合计",[95,680],{},[95,682],{},[95,684,685],{},"$ 516",[95,687,688],{},"$ 602",[14,690,691],{},"(1) 已扣除韦斯科的少数股东权益",[14,693,694],{},"(2) 仅含伯克希尔于4月1日将优先股转换为普通股后的九个月",[14,696,697],{},"(3) 以全年平均持股比例计算",[14,699,700],{},"媒体业特许经营权的弱化，对其价值的影响远远超过了对眼前收益的直接冲击。为了理解这种现象，让我们来看一些大大简化但颇为相关的估值数学。",[14,702,703,704,707],{},"几年之前，传统观点认为报纸、电视台或杂志的盈利可以永远以每年大约6%的速度增长，而且完全",[33,705,706],{},"不需要","额外的资本投入，因为折旧费用大致与资本支出相当，营运资金需求也微乎其微。因此，报告收益（扣除无形资产摊销前）基本上等于可自由分配的收益，也就是说拥有一项媒体资产相当于拥有一种以每年6%速度增长的永续年金。假设以10%的折现率来计算这一收益流的现值，可以得出为一项当前税后收益100万美元的资产支付高达2,500万美元是合理的。（25倍的税后市盈率折算约等于16倍税前市盈率。）",[14,709,710],{},"现在改变假设：这100万美元代表的是\"正常盈利能力\"，收益只是围绕这个水平周期性波动。这种\"打摆子\"模式其实是大多数企业的常态——它们的收入只有在股东愿意投入更多资本（通常以留存收益的形式）时才会增长。在改变后的假设下，同样以10%折现，100万美元的收益折算为1,000万美元的估值。就这样，看似不大的假设变动却将资产估值压低到了10倍税后收益（约6.5倍税前收益）。",[14,712,713],{},"不管钱是从媒体公司赚来的还是从钢铁厂赚来的，一块钱就是一块钱。过去买家之所以愿意对媒体的一块钱盈利给予远高于钢铁的估值，是因为大家预期媒体的收益会持续增长（而且企业不需要多少额外资本），而钢铁的收益显然属于\"打摆子\"那一类。然而现在，人们对媒体的预期也在向\"打摆子\"的模式靠拢。正如我们简化的例子所展示的，当预期发生修正时，估值必然剧烈变化。",[14,715,716],{},"我们在媒体领域有大量投资——既包括直接拥有的布法罗新闻报 (Buffalo News)，也包括我们在华盛顿邮报 (The Washington Post Company) 和大都会\u002FABC (Capital Cities\u002FABC) 的持股——而由于行业正在经历的结构性转变，这些投资的内在价值已经大幅缩水。（周期性因素也拖累了我们当前的透视收益，但周期性因素不会降低内在价值。）然而，正如我们经营伯克希尔的企业原则所揭示的，我们的一条规矩是：不会仅仅因为看到把钱用在别处更有利，就卖掉已被归类为永久持有的企业或投资。（我们之前确实卖过一些其它媒体持股，但规模相对较小。）",[14,718,719],{},"还好，我们在内在价值上遭受的损失得到了缓解，因为布法罗新闻报在斯坦·利普西 (Stan Lipsey) 的领导下表现远好于大多数同行报纸，而大都会和华盛顿邮报也都管理得极为出色。尤其值得一提的是，在1980年代末那段媒体资产收购者动辄出天价的疯狂时期，这两家公司都按兵不动。此外，大都会和华盛顿邮报两家公司的债务都很少，基本上被手头的现金所抵消。因此，资产价值的缩水并没有因为杠杆而被放大。在上市媒体公司中，我们投资的这两家基本上是仅有的没有被债务压身的。大多数其它公司，由于激进的收购政策加上不断萎缩的盈利，如今背负着至少相当于年净利润五倍以上的债务。",[14,721,722],{},"大都会和华盛顿邮报强健的资产负债表和优秀的管理层，使我们对这两项投资感到比持有任何其它媒体公司都更安心。而且，大多数媒体资产的经济特征至今仍然远好于美国企业的平均水平。只是那种刀枪不入的特许经营权和取之不尽的丰裕暴利的时代，已经一去不复返了。",[10,724,725],{"id":725},"糖果店的二十年",[14,727,728],{},"我们刚跨过一个里程碑：二十年前的1972年1月3日，蓝筹印花 (Blue Chip Stamps)（当时是伯克希尔的关联公司，后来并入其中）买下了喜诗糖果 (See's Candy Shops)，一家西海岸的盒装巧克力制造和零售商。卖方开出的名义价格——按我们最终取得的100%股权换算——是4,000万美元。但公司账上有1,000万美元的多余现金，所以实际要价是3,000万。查理和我当时还没有充分认识到经济特许经营权的价值，看到这家公司不过700万美元的有形净资产后，说2,500万是我们能出的最高价了（而且我们是认真的）。幸运的是，卖方接受了。",[14,730,731],{},"此后蓝筹印花的印花销售额从1972年的1.025亿美元滑落到1991年的120万美元。但同期喜诗糖果的销售额从2,900万增长到了1.96亿美元。更出色的是，利润的增长速度甚至比销售额还快，税前利润从1972年的420万增长到去年的4,240万美元。",[14,733,734],{},"要正确评估利润的增长，必须将其与产生利润所需的增量资本投入联系起来看。在这方面，喜诗的表现简直令人惊叹：这家公司目前只需要2,500万美元的净资产就可以轻松运营，也就是说在最初的700万基础上仅需追加1,800万的留存收益。与此同时，喜诗在这二十年间剩余的4.1亿税前利润全部分配给了蓝筹印花\u002F伯克希尔，让这些公司可以（在缴税后）将资金投向最合理的用途。",[14,736,737],{},"在收购喜诗时，查理和我有一个重要的洞见：我们看到这家企业拥有尚未开发的提价能力。除此之外，我们在两件事上很走运。第一，整个交易没有因为我们愚蠢地坚持2,500万美元的上限而黄掉。第二，我们发现了查克·哈金斯 (Chuck Huggins)，当时喜诗的执行副总裁，我们立刻让他全面掌管。不论在公务还是私交方面，我们与查克的经历都无可挑剔。举一个例子：收购完成时，我们和查克握手敲定了他的薪酬安排——前后大约花了五分钟，也从没签过书面合同——这个安排一直沿用到今天。",[14,739,740],{},"1991年，喜诗糖果以美元计的销售额与1990年持平。但以磅数衡量，销量下降了4%。所有的下滑都发生在年末的最后两个月，而这段时间通常贡献全年80%以上的利润。尽管销售疲软，去年的利润还是增长了7%，税前利润率更创下了21.6%的历史新高。",[14,742,743],{},"喜诗将近80%的收入来自加州，我们的生意显然受到了经济衰退的冲击，特别是下半年加州的打击尤为沉重。另一个负面因素是加州在年中开始对\"零食\"征收7%-8%的营业税（税率因各市镇而异），我们的糖果也不能幸免。",[14,745,746],{},"精研认识论差异的股东一定会对加州关于\"零食\"和\"非零食\"的分类感到饶有兴味：",[68,748,749,759],{},[71,750,751],{},[74,752,753,756],{},[77,754,755],{},"应税\"零食\"",[77,757,758],{},"免税\"非零食\"",[90,760,761,769,777,785,793],{},[74,762,763,766],{},[95,764,765],{},"乐之饼干 (Ritz Crackers)",[95,767,768],{},"苏打饼干 (Soda Crackers)",[74,770,771,774],{},[95,772,773],{},"爆好的爆米花 (Popped Popcorn)",[95,775,776],{},"未爆的爆米花 (Unpopped Popcorn)",[74,778,779,782],{},[95,780,781],{},"格兰诺拉麦棒 (Granola Bars)",[95,783,784],{},"格兰诺拉麦片 (Granola Cereal)",[74,786,787,790],{},[95,788,789],{},"包装好的一片派 (Slice of Pie, Wrapped)",[95,791,792],{},"一整个派 (Whole Pie)",[74,794,795,798],{},[95,796,797],{},"银河糖果棒 (Milky Way Candy Bar)",[95,799,800],{},"银河冰淇淋棒 (Milky Way Ice Cream Bar)",[14,802,803,804,807],{},"你一定忍不住要问——一根",[33,805,806],{},"融化了的","银河冰淇淋棒算什么？在这种雌雄莫辨的状态下，它到底更像冰淇淋棒还是被太阳晒化的糖果棒？也难怪加州公平交易委员会主席布拉德·谢尔曼 (Brad Sherman) 会这么说——他本人反对这项零食法案，却不得不负责执行——\"我是以税法专家的身份到这个委员会任职的。现在我觉得选民们当初应该选的是茱莉亚·查尔德（Julia Child，美国著名烹饪大师）。\"",[14,809,810],{},"查理跟我有太多理由要感谢查克和喜诗糖果。最显而易见的是，他们帮我们赚了丰厚的回报，而且整个过程令人愉快。同样重要的是，拥有喜诗让我们学到了很多关于如何评估特许经营权的知识。我们在某些股票投资上赚到了可观的收益，正是因为在喜诗身上学到的这些功课。",[10,812,813],{"id":813},"布朗鞋业",[14,815,816],{},"1991年我们完成了一项大规模的收购——布朗鞋业 (H.H. Brown)——这家公司背后有一段有趣的故事。1927年，一位29岁的年轻商人雷·赫弗南 (Ray Heffernan) 以1万美元买下了这家当时位于马萨诸塞州北布鲁克菲尔德的公司，开始了长达62年的经营生涯。（他也不忘其他爱好：90岁高龄了还在加入新的高尔夫球俱乐部。）到1990年初赫弗南先生退休时，布朗鞋业在美国拥有三家工厂，加拿大还有一家；雇员近2,000人；年税前利润约2,500万美元。",[14,818,819],{},"在此期间，赫弗南的女儿弗朗西丝 (Frances Heffernan) 嫁给了弗兰克·鲁尼 (Frank Rooney)。婚前赫弗南先生严厉地告诫这位准女婿，最好打消到岳父公司工作的任何念头。这是赫弗南先生为数不多的错误之一：弗兰克后来去了另一家鞋业公司梅尔维尔 (Melville Shoe，后改名 Melville Corp.) 当了CEO。在他1964年到1986年执掌的23年间，梅尔维尔的平均股本回报率超过20%，股价（经拆股调整后）从16美元涨到了960美元。而在弗兰克退休几年后，赫弗南先生因病请他回来掌管布朗鞋业。",[14,821,822],{},"1990年底赫弗南先生去世后，他的家人决定出售公司——这时我们的运气来了。我认识弗兰克已有几年，但还没有熟到让他会想到伯克希尔是潜在买家。他把出售的任务交给了一家大型投行，而投行也没想到我们。但去年春天，弗兰克在佛罗里达和约翰·卢米斯 (John Loomis) 一起打高尔夫。约翰是我的老朋友，也是伯克希尔的股东，他总是留意着适合我们的投资标的。听说布朗鞋业即将出售的消息后，约翰告诉弗兰克这家公司简直就是为伯克希尔量身定做的，弗兰克马上给我打了电话。我当即就觉得这笔交易能成，果然没过多久就谈妥了。",[14,824,825],{},"我之所以对这笔收购如此热情，很大程度上是因为弗兰克愿意继续担任CEO。和我们大多数经理人一样，他工作并非出于经济需要，而是因为他热爱这份事业，并且喜欢把它做到极致。这类经理人是没法用正常意义上的\"招聘\"来请到的。我们能做的就是提供一座够水准的音乐厅，让这些商业界的艺术大师愿意在此登台演出。",[14,827,828],{},"布朗鞋业（顺便说一句，和圣路易斯的布朗鞋 Brown Shoe 完全没有关系）是北美工作鞋和工作靴的领导品牌，在销售利润率和资产回报率方面有着非凡的历史记录。鞋业是一门艰难的生意——全美每年购买的10亿双鞋中，约85%是进口的——行业内大多数制造商表现不佳。繁多的款式和尺码导致库存居高不下，大量资本又被应收账款所占压。在这样的环境中，只有像弗兰克和赫弗南先生所培养出来的这批出色管理人才，才有可能生存发展。",[14,830,831],{},"布朗鞋业有一个与众不同的特点，也是我所见过的最独特的薪酬体系之一——但让我打心底里喜欢：几位核心经理人的年薪只有7,800美元，在此基础上加上公司利润（扣除运用资本成本之后）的一定比例。因此这些经理人真正和股东穿着同一双鞋。相比之下，大多数经理人只是说说空话却不见行动，选择的薪酬制度胡萝卜多棍子少（奖励多惩罚少），而且几乎总是把股东投入的资本当作免费的。不管怎样，布朗的这套安排对公司和经理人都极为有利，这一点并不奇怪：那些渴望在自己能力上下重注的经理人，通常都有足够的能力值得下注。",[14,833,834],{},"细心的读者会注意到，许多年来第一次，查理写给韦斯科 (Wesco) 股东的年度信函没有收录在本报告中。由于他今年的信相对简短，查理说没必要放在这里；不过我个人还是建议各位想办法搞到一份韦斯科的年报。只需写信到：Corporate Secretary, Wesco Financial Corporation, 315 East Colorado Boulevard, Pasadena, CA 91101。",[14,836,837],{},"今年的年度股东大会将于1992年4月27日（周一）上午9:30，在奥马哈市中心的奥芬剧院 (Orpheum Theater) 举行。去年的出席人数创下1,550人的新纪录，但奥芬剧院还有大把空位。",[14,839,840],{},"我们建议大家尽早预订以下酒店的房间：(1) 雷迪森-雷迪克大厦 (Radisson-Redick Tower)，一家小型（88间客房）但很不错的酒店，就在奥芬剧院对面；(2) 规模大得多的红狮酒店 (Red Lion Hotel)，步行到奥芬剧院约五分钟；(3) 万豪酒店 (Marriott)，位于奥马哈西区，离波仙珠宝店约100码，开车到市中心约二十分钟。届时我们会安排巴士从万豪酒店在8:30和8:45出发前往会场，散会后送回。",[14,842,843],{},"查理和我总是很享受股东会，希望你们也能来。我们股东的高素质从提问的质量就能看出来：我们参加过很多公司的年会，但从没见过哪家公司能像我们这样，持续有如此高水平的、关心公司经营的聪明提问。",[14,845,846],{},"随附的委托书材料中说明了如何获取入场所需的凭证。随入场卡一起，我们还会附上奥芬剧院附近停车场的信息。如果你开车来，建议提早一点到。附近的停车场很快就会满，你可能得多走几个街区。",[14,848,849],{},"一如往常，会后我们会安排巴士带各位去内布拉斯加家具店和波仙珠宝店，之后再送到市中心的酒店或机场。我希望各位能留出充足的时间，好好逛逛这两家店的精彩之处。提前到的股东平日就可以去家具店看看；周六营业时间是上午10点到下午5:30，周日从中午到下午5:30。去的时候别忘了到喜诗糖果的摊位逛逛，亲自体验一下为什么美国人去年吃掉了2,600万磅的喜诗糖果。",[14,851,852],{},"波仙珠宝店周日通常不营业，但在4月26日（周日）中午到下午6点会为股东和嘉宾特别开放。前一天晚上波仙还将举办一场特别派对，欢迎股东参加。（不过必须提前写信给我们办公室的格拉迪斯·凯瑟女士 (Mrs. Gladys Kaiser) 索取邀请函。）当晚将展出百达翡丽 (Patek Philippe) 150年来最出色作品的回顾展，包括曾经由维多利亚女王 (Queen Victoria)、教宗庇护九世 (Pope Pius IX)、鲁德亚德·吉卜林 (Rudyard Kipling)、居里夫人 (Madame Curie) 和阿尔伯特·爱因斯坦 (Albert Einstein) 拥有的名表。展览的重头戏是一只价值500万美元的手表，其设计与制造耗费了百达翡丽工匠九年的心血。连同其余的珍藏一起，这只表也将在周日在店内展出——除非查理在那之前已经一时冲动把它买下了。",[14,854,855],{},"去年的股东会上，尼古拉斯·肯纳 (Nicholas Kenner) 又逮住我了——他指出我在1990年年报中说他在1990年5月满11岁，但实际上他当时才9岁。于是尼古拉斯相当尖刻地问道：\"如果你连这个都搞不清楚，我怎么知道后面那些财务数字是对的？\"到现在我还在苦想一个漂亮的回击。尼古拉斯今年还会来——他拒绝了我邀请他当天去迪士尼乐园的提议——所以欢迎大家前来观赏这场一边倒的机智较量。",[14,857,858],{},"沃伦·巴菲特",[14,860,861],{},"董事会主席",[14,863,864],{},"1992年2月28日",{"title":866,"searchDepth":867,"depth":867,"links":868},"",2,[],"致股东信",null,"1991年巴菲特致股东信，讨论经济增速放缓、投资收益创新高及所罗门兄弟投资","md",{},true,62,"\u002Fbuffett\u002Fberkshire\u002F1991-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":871},"1991 巴菲特致股东信｜巴菲特","1991-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1991-ba-fei-te-zhi-gu-dong-xin","SNfTchNiaSC6meiOK0Ad_Iq23YXSM_ByaKzGlV0i9XQ","buffett",[884,888,892,896,899,902,905,909,912,915,919,922,925,929,932,935,939,942,945,949,952,955,959,962,965,969,972,975,979,982,985,989,992,995,999,1002,1005,1009,1012,1015,1019,1022,1025,1029,1032,1035,1039,1042,1045,1049,1052,1055,1059,1062,1065,1069,1072,1075,1079,1082,1085,1089,1092,1095,1099,1102,1105,1109,1112,1115,1119,1122,1125,1129,1132,1135,1139,1142,1145,1149,1152,1155,1159,1162,1165,1169,1172,1175,1179,1182,1185,1189,1192,1195,1199,1202,1205,1209,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1275,1278,1282,1285,1289,1292,1296,1299,1303,1306,1310,1313,1317,1320,1324,1327,1331,1334,1338,1341,1345,1348,1352,1355,1359,1362,1366,1369,1373,1376,1380,1383,1387,1390,1394,1397,1401,1404,1408,1411,1412,1415,1419,1422,1426,1429,1433,1436,1440,1443,1447,1450,1454,1457,1461,1464,1468,1471,1475,1478,1482,1485,1489,1492,1496,1499,1503,1506,1510,1513,1517,1520,1524,1527,1531,1534,1538,1541,1545,1548,1552,1555,1559,1562,1566,1569,1573,1576,1580,1583,1587,1590,1594,1597,1601,1604,1608,1611,1615,1618,1622,1625,1629,1632,1636,1639,1643,1646,1650,1653,1657,1660,1664,1667,1671,1674,1678,1681,1685,1689,1693,1697,1701,1705,1709,1713,1717,1721,1725,1729,1733,1737,1741,1745,1749,1753,1757,1761,1765,1769,1773,1777,1781,1785,1789,1793,1797,1801,1805,1809,1813,1817,1821,1825,1829,1833,1837,1841,1845,1849,1853,1857,1861,1865,1869,1873,1877,1881],{"title":885,"slug":886,"category":869,"order":887},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":889,"slug":890,"category":891,"order":887},"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":893,"slug":894,"category":895,"order":887},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":897,"slug":898,"category":869,"order":867},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":900,"slug":901,"category":891,"order":867},"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":903,"slug":904,"category":895,"order":867},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":906,"slug":907,"category":869,"order":908},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":910,"slug":911,"category":891,"order":908},"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":913,"slug":914,"category":895,"order":908},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":916,"slug":917,"category":869,"order":918},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":920,"slug":921,"category":891,"order":918},"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":923,"slug":924,"category":895,"order":918},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":926,"slug":927,"category":869,"order":928},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":930,"slug":931,"category":891,"order":928},"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":933,"slug":934,"category":895,"order":928},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":936,"slug":937,"category":869,"order":938},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":940,"slug":941,"category":891,"order":938},"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":943,"slug":944,"category":895,"order":938},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":946,"slug":947,"category":869,"order":948},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":950,"slug":951,"category":891,"order":948},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":953,"slug":954,"category":895,"order":948},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":956,"slug":957,"category":869,"order":958},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":960,"slug":961,"category":891,"order":958},"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":963,"slug":964,"category":895,"order":958},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":966,"slug":967,"category":869,"order":968},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":970,"slug":971,"category":891,"order":968},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":973,"slug":974,"category":895,"order":968},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":976,"slug":977,"category":869,"order":978},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":980,"slug":981,"category":891,"order":978},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":983,"slug":984,"category":895,"order":978},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":986,"slug":987,"category":869,"order":988},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":990,"slug":991,"category":891,"order":988},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":993,"slug":994,"category":895,"order":988},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":996,"slug":997,"category":869,"order":998},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1000,"slug":1001,"category":891,"order":998},"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":1003,"slug":1004,"category":895,"order":998},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1006,"slug":1007,"category":869,"order":1008},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1010,"slug":1011,"category":891,"order":1008},"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":1013,"slug":1014,"category":895,"order":1008},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1016,"slug":1017,"category":869,"order":1018},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1020,"slug":1021,"category":891,"order":1018},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1023,"slug":1024,"category":895,"order":1018},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1026,"slug":1027,"category":869,"order":1028},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1030,"slug":1031,"category":891,"order":1028},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1033,"slug":1034,"category":895,"order":1028},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1036,"slug":1037,"category":869,"order":1038},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1040,"slug":1041,"category":891,"order":1038},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":1043,"slug":1044,"category":895,"order":1038},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1046,"slug":1047,"category":869,"order":1048},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1050,"slug":1051,"category":891,"order":1048},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":1053,"slug":1054,"category":895,"order":1048},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1056,"slug":1057,"category":869,"order":1058},"1965 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巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1311,"slug":1312,"category":891,"order":1309},"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":1314,"slug":1315,"category":869,"order":1316},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1318,"slug":1319,"category":891,"order":1316},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1321,"slug":1322,"category":869,"order":1323},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1325,"slug":1326,"category":891,"order":1323},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1328,"slug":1329,"category":869,"order":1330},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1332,"slug":1333,"category":891,"order":1330},"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":1335,"slug":1336,"category":869,"order":1337},"1980 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1367,"slug":1368,"category":891,"order":1365},"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":1370,"slug":1371,"category":869,"order":1372},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1374,"slug":1375,"category":891,"order":1372},"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":1377,"slug":1378,"category":869,"order":1379},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1381,"slug":1382,"category":891,"order":1379},"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":1384,"slug":1385,"category":869,"order":1386},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1388,"slug":1389,"category":891,"order":1386},"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":1391,"slug":1392,"category":869,"order":1393},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1395,"slug":1396,"category":891,"order":1393},"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":1398,"slug":1399,"category":869,"order":1400},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1402,"slug":1403,"category":891,"order":1400},"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":1405,"slug":1406,"category":869,"order":1407},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1409,"slug":1410,"category":891,"order":1407},"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":5,"slug":879,"category":869,"order":875},{"title":1413,"slug":1414,"category":891,"order":875},"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":1416,"slug":1417,"category":869,"order":1418},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1420,"slug":1421,"category":891,"order":1418},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1423,"slug":1424,"category":869,"order":1425},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1427,"slug":1428,"category":891,"order":1425},"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":1430,"slug":1431,"category":869,"order":1432},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1434,"slug":1435,"category":891,"order":1432},"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":1437,"slug":1438,"category":869,"order":1439},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1441,"slug":1442,"category":891,"order":1439},"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":1444,"slug":1445,"category":869,"order":1446},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1448,"slug":1449,"category":891,"order":1446},"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":1451,"slug":1452,"category":869,"order":1453},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1455,"slug":1456,"category":891,"order":1453},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1458,"slug":1459,"category":869,"order":1460},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1462,"slug":1463,"category":891,"order":1460},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1465,"slug":1466,"category":869,"order":1467},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1469,"slug":1470,"category":891,"order":1467},"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":1472,"slug":1473,"category":869,"order":1474},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1476,"slug":1477,"category":891,"order":1474},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1479,"slug":1480,"category":869,"order":1481},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1483,"slug":1484,"category":891,"order":1481},"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":1486,"slug":1487,"category":869,"order":1488},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1490,"slug":1491,"category":891,"order":1488},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1493,"slug":1494,"category":869,"order":1495},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1497,"slug":1498,"category":891,"order":1495},"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":1500,"slug":1501,"category":869,"order":1502},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1504,"slug":1505,"category":891,"order":1502},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1507,"slug":1508,"category":869,"order":1509},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1511,"slug":1512,"category":891,"order":1509},"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":1514,"slug":1515,"category":869,"order":1516},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1518,"slug":1519,"category":891,"order":1516},"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":1521,"slug":1522,"category":869,"order":1523},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1525,"slug":1526,"category":891,"order":1523},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1528,"slug":1529,"category":869,"order":1530},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1532,"slug":1533,"category":891,"order":1530},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1535,"slug":1536,"category":869,"order":1537},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1539,"slug":1540,"category":891,"order":1537},"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":1542,"slug":1543,"category":869,"order":1544},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1546,"slug":1547,"category":891,"order":1544},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1549,"slug":1550,"category":869,"order":1551},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1553,"slug":1554,"category":891,"order":1551},"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":1556,"slug":1557,"category":869,"order":1558},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1560,"slug":1561,"category":891,"order":1558},"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":1563,"slug":1564,"category":869,"order":1565},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1567,"slug":1568,"category":891,"order":1565},"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":1570,"slug":1571,"category":869,"order":1572},"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":1574,"slug":1575,"category":891,"order":1572},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1577,"slug":1578,"category":869,"order":1579},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1581,"slug":1582,"category":891,"order":1579},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1584,"slug":1585,"category":869,"order":1586},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1588,"slug":1589,"category":891,"order":1586},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1591,"slug":1592,"category":869,"order":1593},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1595,"slug":1596,"category":891,"order":1593},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1598,"slug":1599,"category":869,"order":1600},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1602,"slug":1603,"category":891,"order":1600},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1605,"slug":1606,"category":869,"order":1607},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1609,"slug":1610,"category":891,"order":1607},"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":1612,"slug":1613,"category":869,"order":1614},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1616,"slug":1617,"category":891,"order":1614},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1619,"slug":1620,"category":869,"order":1621},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1623,"slug":1624,"category":891,"order":1621},"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":1626,"slug":1627,"category":869,"order":1628},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1630,"slug":1631,"category":891,"order":1628},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1633,"slug":1634,"category":869,"order":1635},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1637,"slug":1638,"category":891,"order":1635},"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":1640,"slug":1641,"category":869,"order":1642},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1644,"slug":1645,"category":891,"order":1642},"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":1647,"slug":1648,"category":869,"order":1649},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1651,"slug":1652,"category":891,"order":1649},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1654,"slug":1655,"category":869,"order":1656},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1658,"slug":1659,"category":891,"order":1656},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1661,"slug":1662,"category":869,"order":1663},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1665,"slug":1666,"category":891,"order":1663},"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":1668,"slug":1669,"category":869,"order":1670},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1672,"slug":1673,"category":891,"order":1670},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1675,"slug":1676,"category":869,"order":1677},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1679,"slug":1680,"category":891,"order":1677},"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":1682,"slug":1683,"category":891,"order":1684},"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":1686,"slug":1687,"category":891,"order":1688},"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":1690,"slug":1691,"category":891,"order":1692},"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":1694,"slug":1695,"category":891,"order":1696},"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":1698,"slug":1699,"category":891,"order":1700},"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":1702,"slug":1703,"category":891,"order":1704},"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":1706,"slug":1707,"category":891,"order":1708},"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":1710,"slug":1711,"category":891,"order":1712},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":1714,"slug":1715,"category":891,"order":1716},"巴菲特：2014年CNBC 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