[{"data":1,"prerenderedAt":2693},["ShallowReactive",2],{"library-1996-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1157,"library-sidebar-dao":2159,"library-sidebar-models":2461},{"id":4,"title":5,"body":6,"category":1143,"date":1144,"description":1145,"extension":1146,"meta":1147,"navigation":1148,"order":1149,"path":1150,"seo":1151,"seoDescription":1145,"seoTitle":1152,"slug":1153,"stem":1154,"__hash__":1155,"_collection":1156},"buffett\u002Fbuffett\u002Fberkshire\u002F1996-ba-fei-te-zhi-gu-dong-xin.md","1996 巴菲特致股东信",{"type":7,"value":8,"toc":1139},"minimark",[9,13,20,25,28,44,47,59,62,65,68,71,171,174,177,184,187,190,193,196,199,202,205,209,212,215,218,221,224,227,230,233,236,239,242,245,248,251,258,261,264,267,647,652,657,662,667,670,673,676,679,682,685,688,691,694,839,842,845,848,851,854,1011,1014,1017,1020,1023,1026,1029,1032,1035,1038,1041,1044,1047,1050,1053,1056,1059,1062,1067,1070,1073,1076,1083,1086,1089,1092,1095,1098,1101,1104,1107,1110,1113],[10,11,5],"h1",{"id":12},"_1996-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔·哈撒韦公司",[14,21,22],{},[17,23,24],{},"董事长致辞",[14,26,27],{},"致伯克希尔·哈撒韦公司所有股东：",[14,29,30,31,43],{},"1996年我们的净资产增加了62亿美元，增幅为36.1%。不过每股账面价值的增幅要低一些，为31.8%，原因是伯克希尔的流通股数增加了：我们通过发行新股收购了飞安国际公司 (FlightSafety International)，同时还发售了新的B级普通股。",[32,33,34],"sup",{},[35,36,42],"a",{"href":37,"ariaDescribedBy":38,"dataFootnoteRef":40,"id":41},"#user-content-fn-1",[39],"footnote-label","","user-content-fnref-1","1"," 自现任管理层接手的32年以来，每股账面价值由当初的19美元成长到目前的19,011美元，年复合增长率约为23.8%。",[14,45,46],{},"基于技术性原因，我们必须将1995年的财务报表予以重编，这件事需要我做一番不怎么刺激的会计奥秘解读。我会长话短说。",[14,48,49,50,54,55,58],{},"重编是因为此前被归类为投资的盖可保险 (GEICO) 在1996年1月2日正式成为伯克希尔100%持有的子公司。从经济角度来看——考虑到可观的税务优惠与其他好处——我们在1995年底持有的51%盖可保险股权，在两天后我们取得剩余49%股权之时，其价值",[51,52,53],"em",{},"大幅增加","了。然而针对这种\"渐进式收购\"，会计准则却要求我们在持股比例达到100%的时候，必须将原来51%的账面价值",[51,56,57],{},"向下调减","。这笔调减——同时也降低了账面价值——金额为4.784亿美元。结果导致我们原来那51%的盖可保险股权账面价值，不但低于我们收购剩余49%股权时的市价，也低于我们对这49%股权本身的入账金额。",[14,60,61],{},"不过，我刚才描述的账面价值减少也有补偿：1996年我们两度以溢价发行伯克希尔股份，第一次是在5月发售B级普通股募集现金，第二次是在12月同时发行A级与B级普通股用以支付收购飞安国际的部分对价。总的来说，以上三个非经营性因素对去年31.8%每股账面价值增幅的净影响还不到一个百分点。",[14,63,64],{},"我之所以一再谈论每股账面价值的增长，是因为它大致反映了我们一年来的经济进步。不过，就像伯克希尔的副董事长查理·芒格 (Charlie Munger) 和我一再告诉各位的，在伯克希尔真正重要的是内在价值，而非账面价值。最近一次向各位传达这个信息，是在去年6月我们发行B级普通股之后寄给大家的股东手册 (Owner's Manual) 当中。在那本手册里，我们不但定义了若干关键术语——比如内在价值——同时也阐明了我们的企业原则。",[14,66,67],{},"多年来，我们在年报前头列出了这些原则，而在这封信里，我们偶尔也会援引股东手册，这样就不必重复某些定义与解释了。举例来说，如果你想温习一下什么是\"内在价值\"，建议翻翻那本手册。",[14,69,70],{},"去年我们首度提供给各位一张查理跟我认为有助于估计伯克希尔内在价值的表格。在随后这张更新版中，我们追踪两项与价值相关的关键指标。第一栏是每股持有的投资金额（含现金及等价物），第二栏是来自伯克希尔经营业务的每股税前收益——扣除了所有利息和企业管理费用，但未扣所得税及购买法会计调整数。经营收益一栏已扣除来自第一栏投资所贡献的全部股利、利息和资本利得。实际上，如果把伯克希尔拆成两部分，这两栏数字便分别代表各自的业绩表现。",[72,73,74,90],"table",{},[75,76,77],"thead",{},[78,79,80,84,87],"tr",{},[81,82,83],"th",{},"年份",[81,85,86],{},"每股投资金额",[81,88,89],{},"每股税前经营收益（不含投资收益）",[91,92,93,105,116,127,138,149,160],"tbody",{},[78,94,95,99,102],{},[96,97,98],"td",{},"1965",[96,100,101],{},"4 美元",[96,103,104],{},"4.08 美元",[78,106,107,110,113],{},[96,108,109],{},"1975",[96,111,112],{},"159",[96,114,115],{},"(6.48)",[78,117,118,121,124],{},[96,119,120],{},"1985",[96,122,123],{},"2,443",[96,125,126],{},"18.86",[78,128,129,132,135],{},[96,130,131],{},"1995",[96,133,134],{},"22,088",[96,136,137],{},"258.20",[78,139,140,143,146],{},[96,141,142],{},"1996",[96,144,145],{},"28,500",[96,147,148],{},"421.39",[78,150,151,154,157],{},[96,152,153],{},"年复合增长率，1965-95",[96,155,156],{},"33.4%",[96,158,159],{},"14.7%",[78,161,162,165,168],{},[96,163,164],{},"单年增长率，1995-96",[96,166,167],{},"29.0%",[96,169,170],{},"63.2%",[14,172,173],{},"从这张表大家可以看出，1996年我们的每股投资金额增加了29.0%，非投资的本业收益则增加了63.2%。我们的目标是让这两栏数字以合理的速度持续增长——当然，偶尔能以不合理的速度暴增就更好了。",[14,175,176],{},"不过，两个现实因素让我们不敢过度乐观。首先，过去的增长速度我们无法再达到，甚至难以接近：伯克希尔如今的股东权益规模庞大得惊人——全美资本规模超过我们的企业不到十家——而过多的资本必然会拖累回报率。其次，不论增长的速度如何，都不会是一条平稳的直线：上表第一栏的数字将在很大程度上随着证券市场的波动而起伏；第二栏的数字则会受到巨灾再保险业务盈利大幅摆动的影响。",[14,178,179,180,183],{},"在这张表中，依照我们股东指定捐赠计划 (shareholder-designated contributions) 所做出的捐款被归入第二栏的减项，虽然我们将之视为股东的福利而非费用。公司其他所有开支也同样归入第二栏。这些成本恐怕是全美大企业中最低的了：我们税后的总部费用占净资产的比率不到万分之二（即1%的五十分之一）。即便如此，查理过去还是觉得这个比例高得离谱，主要怪我使用伯克希尔的企业专机\"无可辩解号\"(",[51,181,182],{},"The Indefensible",")。不过查理最近来了个180度的\"反向启示\"：自从我们买下飞安国际——一家主业就是训练企业飞行员的公司——之后，他现在一提到飞机就喜形于色。",[14,185,186],{},"说正经的，成本控制至关重要。举个例子，股票型共同基金每年产生的企业费用——主要是付给基金经理的管理费——平均约在100个基点，随着时间推移这笔费用很可能会吃掉投资者10%乃至更多的回报。查理跟我无法向各位保证伯克希尔的投资业绩，但我们可以向各位保证：伯克希尔赚到的利润几乎全部归股东所有。我们是来跟各位一起赚钱的，不是来赚各位的钱的。",[10,188,189],{"id":189},"内在价值与股价的关系",[14,191,192],{},"去年当伯克希尔股价约在36,000美元时，我曾向各位报告过：(1) 伯克希尔近年来股价的涨幅超过了内在价值的增长，虽然后者的增长本身也相当令人满意；(2) 这种超额表现不可能无限期地持续下去；(3) 查理跟我当时不认为伯克希尔的价值被低估了。",[14,194,195],{},"自从我发出这些警告之后，伯克希尔的内在价值已经大幅增加了——主要归功于盖可保险惊人的表现（后面还会详细介绍）——而与此同时，我们的股价却几乎没有变动。这意味着1996年伯克希尔的股价表现落后于企业本身。因此，今天的价格\u002F价值关系相较于一年前已经大不相同，也是查理和我认为比较合理的状态。",[14,197,198],{},"长期而言，伯克希尔股东的整体收益必然会与企业本身的经营收益一致。当股价暂时跑赢或跑输企业表现时，少数股东——无论是买方还是卖方——就会以交易对手的利益为代价获得额外好处。一般来说，在这场博弈中，老到的一方比天真的一方更占便宜。",[14,200,201],{},"虽然我们的首要目标是让全体伯克希尔股东从持股中获取的总收益最大化，但我们同样希望尽量减少某些股东以牺牲其他股东利益来获利的情形。这正是我们经营一家家族合伙企业时会追求的目标，而我们相信对一家上市公司的经营者来说同样适用。在合伙企业中，公平要求合伙权益在合伙人加入或退出时得到公正的估值；在上市公司中，只有当市场价格与内在价值保持同步时才能实现公平。显然，理想状态不可能永远维持，但身为管理者——可以通过他的政策和沟通——极大地促进公平的实现。",[14,203,204],{},"当然，股东持有股份的时间越长，伯克希尔的经营成果对其投资回报的影响就越大——而他买卖股票时的价格相对于内在价值是溢价还是折价，影响就越小。这也是我们希望吸引具有长期投资视野的股东的原因之一。总的来说，我认为我们在这方面做得相当成功。在全美大型企业中，伯克希尔的长期持股股东比例大概排名第一。",[10,206,208],{"id":207},"_1996年的并购","1996年的并购",[14,210,211],{},"1996年我们完成了两笔并购，两家公司都恰好具备我们想要的特质——出色的商业模式和杰出的管理者。",[14,213,214],{},"第一笔是堪萨斯银行家保险公司 (Kansas Bankers Surety, KBS)，一家从名字就能看出专业领域的保险公司。这家在22个州开展业务的公司拥有出类拔萃的承保记录，全赖唐·托尔 (Don Towle) 这位非凡的经理人。Don与数百位银行家都保持着密切的个人关系，对业务的每一个细节都了然于胸。他经营公司的感觉就好像那是\"他自己的\"事业一样——这种态度正是我们在伯克希尔最为珍视的。由于KBS规模相对较小，我们把它放在了持股80%的子公司韦斯科金融 (Wesco) 旗下，后者正希望拓展其保险业务。",[14,216,217],{},"大家或许会对我们那精心策划、极其老练的并购策略感兴趣。1996年初，我受邀参加侄媳妇简·罗杰斯 (Jane Rogers) 的四十岁生日宴会。鉴于我对社交活动向来兴致缺缺，我立刻按照惯例，以我一贯优雅的方式开始编造各种理由推脱。然而策划者们使出了一招妙棋——他们把我安排在一个我一直乐意打交道的人旁边，那就是Jane的父亲罗伊·丁斯代尔 (Roy Dinsdale)——于是我去了。",[14,219,220],{},"宴会在1月26日举行。虽然现场音乐震耳欲聋——乐队为什么非得弹得那么响，难道他们的出场费是按分贝计算的？——我还是勉强听到Roy说他刚开完堪萨斯银行家保险的董事会，那是一家我一直很欣赏的公司。我大声吼回去说，要是这家公司哪天想卖，一定要通知我。",[14,222,223],{},"2月12日，我收到Roy的来函：\"亲爱的沃伦：随函附上堪萨斯银行家保险的年度财务资料，就是我们在Janie宴会上聊到的那家公司。如有任何需要，请随时联系。\"2月13日，我告诉Roy我们愿意出7,500万美元买下这家公司——不久之后交易便敲定了。我现在正盘算着怎么再搞到Jane下次生日宴会的邀请函。",[14,225,226],{},"我们在1996年的另一笔收购——全球飞行员训练的领导者飞安国际公司——规模大得多，约15亿美元，但起源同样充满戏剧性。这个故事的功臣首先要推理查德·瑟塞尔 (Richard Sercer)，塔克森市的一位航空顾问；其次是他的太太阿尔玛·墨菲 (Alma Murphy)，哈佛医学院眼科专业毕业的她，在1990年软磨硬泡说服了丈夫买入伯克希尔的股票。此后两人每年都来参加我们的股东大会，只是我一直没有机会跟他们认识。",[14,228,229],{},"碰巧的是，Richard同时也是飞安国际的长期股东，去年他突发灵感觉得这两家公司可以完美结合。他很了解我们的收购标准，也知道飞安国际79岁的CEO阿尔·乌尔斯基 (Al Ueltschi) 可能希望为自己的公司找到一个理想归宿，同时获得一种他余生都乐意持有的证券作为对价。于是在7月份，Richard写信给所罗门公司 (Salomon Inc) 的CEO鲍勃·登纳姆 (Bob Denham)，建议他探讨合并的可能性。",[14,231,232],{},"Bob接手之后，9月18日我和Al在纽约碰面。我对飞安国际的业务本来就很熟悉，大约60秒内我就确认Al正是我们需要的那类管理者。一个月后，合同签好了。由于查理跟我希望尽量减少发行伯克希尔股份，我们设计的交易结构给予飞安国际的股东现金或股票两种选择，但条件设定上鼓励那些对税务无差异的股东选择现金。这个引导的结果是，大约51%的飞安国际股份换成了现金，41%换成伯克希尔A级普通股，8%换成伯克希尔B级普通股。",[14,234,235],{},"Al一生热爱飞行，而且真的为查尔斯·林白 (Charles Lindbergh) 担任过驾驶。在1930年代经历了一番特技飞行的生涯后，他开始为泛美航空的传奇掌门人胡安·特里普 (Juan Trippe) 工作。1951年，在仍服务于泛美航空期间，Al创立了飞安国际，之后把它打造成飞行模拟器制造商和全球飞行员训练的领军企业（单引擎飞机、直升机、喷气机和舰载机）。公司在41个地点运营，配备了175台飞行模拟器，涵盖从Cessna 210小型飞机到波音747的各类机型。模拟器的造价可不便宜——最贵的高达1,900万美元——所以这行不像我们的很多其他业务，属于资本密集型产业。公司约一半的营收来自培训企业飞行员，其余大部分来自航空公司和军方。",[14,237,238],{},"Al今年虽然79岁了，但无论外表还是行动力都像55岁的人。他会一如既往地管理公司运营：成功的模式我们从不乱动。我跟他说，虽然伯克希尔不搞股票拆分，但等他100岁时，我们倒是可以考虑把他的年纪\"一拆为二\"。",[14,240,241],{},"看到我们这种用人策略，有些人可能会以为查理跟我早年被就业机会均等委员会的年龄歧视条款给深深刺激过。其实真正的原因纯粹是出于自利：要教一条新狗学老把戏实在太难了！在伯克希尔，许多年过七十的经理人至今仍频频击出全垒打，与他们年轻时作为明星击球手赢得美名时的表现一模一样。所以，想要到我们这里谋得一职，不妨学学那位76岁老翁成功追到25岁大美人的策略。朋友们羡慕不已地问他：\"你到底是怎么说服她答应的？\"老翁的回答是：\"简单，我告诉她我86岁。\"",[14,243,244],{},"虽然规模自然不及盖可保险，但我们其他的直保业务去年同样交出了令人惊叹的成绩单。国民保险公司 (National Indemnity) 的传统业务综合比率仅为74.2%，而且一如既往地相对于保费收入贡献了大量浮存金。过去三年，这块由唐·沃斯特 (Don Wurster) 负责的业务平均综合比率为83.0%。由罗德·埃尔德雷德 (Rod Eldred) 管理的住宅保险业务 (Home-State)，即使需要消化拓展新州的费用，综合比率仍只有87.1%。Rod的三年平均综合比率更是低至令人惊叹的83.2%。伯克希尔的工伤赔偿保险业务由布拉德·金斯特勒 (Brad Kinstler) 在加州负责运营，目前已拓展至另外六个州，尽管需要承担扩张费用，仍再次实现了优异的承保利润。最后，中央州立赔偿保险公司 (Central States Indemnity) 的约翰·基泽 (John Kizer) 在保费收入创下新高的同时，也录得了可观的承保收益。总体而言，我们的小型保险业务（如今包括堪萨斯银行家保险在内）创下了业内几乎无人能及的承保记录。Don、Rod、Brad和John都为伯克希尔创造了巨大的价值，而我们相信未来还有更多精彩。",[10,246,247],{"id":247},"税务",[14,249,250],{},"1961年，肯尼迪总统说过：\"不要问国家能为你做什么，问问你能为国家做什么。\"去年我们决定照他的建议试一试——谁说问问又没关系的？结果我们被告知要给美国国库寄去8.6亿美元的所得税。",[14,252,253,254,257],{},"给大家提供一个视角：如果另外再有2,000个纳税人缴同样数额的税，那么联邦政府1996年的预算就能够收支平衡，而不需要向",[51,255,256],{},"任何","一个美国人多收一分钱的税——不管是所得税、社会保障税，还是你想得出来的任何税种。伯克希尔的股东确实可以自豪地说：\"我已经在公司纳过了。\"",[14,259,260],{},"查理跟我认为伯克希尔缴纳巨额税款完全天经地义。我们对社会的贡献，充其量也只是与社会对我们的贡献成正比而已。伯克希尔能在美国兴旺发达，换到其他任何地方都不可能。",[10,262,263],{"id":263},"报告收益的来源",[14,265,266],{},"下表列出了伯克希尔报告收益的主要来源。在这张表中，购买法会计调整数没有分配到各个具体的被收购企业，而是汇总后单独列示。这种做法可以让各位看到，如果我们没有收购这些企业，它们原本会报告怎样的收益。出于前面讨论过的原因，我们认为这种呈现方式对投资者和管理者来说，比按照通用会计准则 (GAAP) 要求将收购溢价逐一分摊到各业务的做法更有用。当然，我们列示的收益合计数与经审计的财务报表中的通用会计准则合计数完全一致。",[72,268,269,285],{},[75,270,271],{},[78,272,273,275,278,280,283],{},[81,274],{},[81,276,277],{},"税前收益",[81,279,277],{},[81,281,282],{},"伯克希尔应占净收益（税后及少数股东权益后）",[81,284,282],{},[91,286,287,301,314,327,344,361,378,395,412,429,446,463,480,496,513,528,545,562,579,596,613,630],{},[78,288,289,292,294,297,299],{},[96,290,291],{},"（百万美元）",[96,293,142],{},[96,295,296],{},"1995(1)",[96,298,142],{},[96,300,296],{},[78,302,303,306,308,310,312],{},[96,304,305],{},"经营收益：",[96,307],{},[96,309],{},[96,311],{},[96,313],{},[78,315,316,319,321,323,325],{},[96,317,318],{},"保险集团：",[96,320],{},[96,322],{},[96,324],{},[96,326],{},[78,328,329,332,335,338,341],{},[96,330,331],{},"承保业务",[96,333,334],{},"222.1",[96,336,337],{},"20.5",[96,339,340],{},"142.8",[96,342,343],{},"11.3",[78,345,346,349,352,355,358],{},[96,347,348],{},"净投资收益",[96,350,351],{},"726.2",[96,353,354],{},"501.6",[96,356,357],{},"593.1",[96,359,360],{},"417.7",[78,362,363,366,369,372,375],{},[96,364,365],{},"布法罗新闻报",[96,367,368],{},"50.4",[96,370,371],{},"46.8",[96,373,374],{},"29.5",[96,376,377],{},"27.3",[78,379,380,383,386,389,392],{},[96,381,382],{},"菲希海默",[96,384,385],{},"17.3",[96,387,388],{},"16.9",[96,390,391],{},"9.3",[96,393,394],{},"8.8",[78,396,397,400,403,406,409],{},[96,398,399],{},"金融业务",[96,401,402],{},"23.1",[96,404,405],{},"20.8",[96,407,408],{},"14.9",[96,410,411],{},"12.6",[78,413,414,417,420,423,426],{},[96,415,416],{},"家具业务",[96,418,419],{},"43.8",[96,421,422],{},"29.7(2)",[96,424,425],{},"24.8",[96,427,428],{},"16.7(2)",[78,430,431,434,437,440,443],{},[96,432,433],{},"珠宝业务",[96,435,436],{},"27.8",[96,438,439],{},"33.9(3)",[96,441,442],{},"16.1",[96,444,445],{},"19.1(3)",[78,447,448,451,454,457,460],{},[96,449,450],{},"柯比",[96,452,453],{},"58.5",[96,455,456],{},"50.2",[96,458,459],{},"39.9",[96,461,462],{},"32.1",[78,464,465,468,471,474,477],{},[96,466,467],{},"斯科特费泽制造集团",[96,469,470],{},"50.6",[96,472,473],{},"34.1",[96,475,476],{},"32.2",[96,478,479],{},"21.2",[78,481,482,485,488,490,493],{},[96,483,484],{},"喜诗糖果",[96,486,487],{},"51.9",[96,489,456],{},[96,491,492],{},"30.8",[96,494,495],{},"29.8",[78,497,498,501,504,507,510],{},[96,499,500],{},"鞋业集团",[96,502,503],{},"61.6",[96,505,506],{},"58.4",[96,508,509],{},"41.0",[96,511,512],{},"37.5",[78,514,515,518,520,522,525],{},[96,516,517],{},"世界百科全书",[96,519,411],{},[96,521,394],{},[96,523,524],{},"9.5",[96,526,527],{},"7.0",[78,529,530,533,536,539,542],{},[96,531,532],{},"购买法会计调整",[96,534,535],{},"(75.7)",[96,537,538],{},"(27.0)",[96,540,541],{},"(70.5)",[96,543,544],{},"(23.4)",[78,546,547,550,553,556,559],{},[96,548,549],{},"利息费用(4)",[96,551,552],{},"(94.3)",[96,554,555],{},"(56.0)",[96,557,558],{},"(56.6)",[96,560,561],{},"(34.9)",[78,563,564,567,570,573,576],{},[96,565,566],{},"股东指定捐赠",[96,568,569],{},"(13.3)",[96,571,572],{},"(11.6)",[96,574,575],{},"(8.5)",[96,577,578],{},"(7.0)",[78,580,581,584,587,590,593],{},[96,582,583],{},"其他",[96,585,586],{},"58.8",[96,588,589],{},"37.4",[96,591,592],{},"34.8",[96,594,595],{},"24.4",[78,597,598,601,604,607,610],{},[96,599,600],{},"经营收益合计",[96,602,603],{},"1,221.4",[96,605,606],{},"814.7",[96,608,609],{},"883.1",[96,611,612],{},"600.2",[78,614,615,618,621,624,627],{},[96,616,617],{},"出售证券收益",[96,619,620],{},"2,484.5",[96,622,623],{},"194.1",[96,625,626],{},"1,605.5",[96,628,629],{},"125.0",[78,631,632,635,638,641,644],{},[96,633,634],{},"全部收益合计",[96,636,637],{},"3,705.9",[96,639,640],{},"1,008.8",[96,642,643],{},"2,488.6",[96,645,646],{},"725.2",[14,648,649],{},[51,650,651],{},"(1) 1995年数据不含盖可保险相关重述。",[14,653,654],{},[51,655,656],{},"(2) 家具业务1995年数据包含威利家具 (R.C. Willey) 自1995年6月29日起的收益。",[14,658,659],{},[51,660,661],{},"(3) 珠宝业务1995年数据包含赫兹伯格钻石 (Helzberg's) 自1995年4月30日起的收益。",[14,663,664],{},[51,665,666],{},"(4) 利息费用不含金融业务的利息支出。",[14,668,669],{},"去年到这个环节时，我曾提到有三项业务的收益出现下滑——布法罗新闻报 (Buffalo News)、鞋业集团和世界百科全书 (World Book)。很高兴向大家报告，它们在1996年都实现了收益增长。",[14,671,672],{},"不过对世界百科全书来说，这可不容易：尽管它如今已是全美唯一通过直销方式销售百科全书的公司（大英百科全书去年退出了该市场），其销售册数仍然下降了。此外，世界百科全书投入了大量资金开发新的CD-ROM产品，但直到1997年初与IBM合作推出后才开始产生营收。面对这些不利因素，如果世界百科全书没有大力改革分销方式并削减总部费用从而大幅降低固定成本的话，利润恐怕会荡然无存。总的来说，该公司已经在确保自身能在印刷和电子出版两大市场长期生存方面迈出了一大步。",[14,674,675],{},"去年唯一让我们失望的是珠宝业务：波仙珠宝 (Borsheim's) 表现不错，但赫兹伯格钻石的收益大幅下滑。它的费用水平是按照同店销售额大幅增长的预期来安排的——这与近几年的趋势一致。然而当销售持平时，利润率便随之下降。赫兹伯格钻石的CEO杰夫·科蒙特 (Jeff Comment) 正在果断地处理费用问题，公司1997年的收益应该会有所改善。",[14,677,678],{},"总的来说，我们旗下的运营业务继续表现出色，远远超越各自行业的平均水平。为此，查理跟我向所有经理人致以深深的敬意。如果各位在年度股东大会上遇到他们，也请代我们向他们表示感谢。",[14,680,681],{},"年报中提供了我们各项业务更详细的信息，同时也可以找到按通用会计准则编制的分部收益数据。此外，我们还按照非通用会计准则的方式，将伯克希尔的财务数据重新编排为四个分部——这与查理跟我思考公司的方式一致。我们的目的是，设身处地地提供各位我们自己会希望得到的财务信息。",[10,683,684],{"id":684},"透视收益",[14,686,687],{},"报告收益很难准确反映伯克希尔的经济进步，部分原因在于表中列示的数字仅包括被投资公司分配给我们的股利——而这些股利通常只占我们应享有收益的很小一部分。倒不是说我们介意这样的分配方式，总体来看，我们反而认为被投资公司的未分配收益对我们来说比分配出来的更有价值。道理很简单：我们的被投资公司通常有机会将留存收益以高回报率进行再投资。既然如此，为什么非要让它们分出来呢？",[14,689,690],{},"不过，为了比报告收益更贴近伯克希尔的经济现实，我们采用了\"透视收益\"这个概念。我们的计算方式是：(1) 前面列出的经营收益，加上 (2) 我们在主要被投资公司的留存经营收益中应占的份额——这部分按通用会计准则不反映在我们的利润中，减去 (3) 如果这些被投资公司的留存收益改为分配给我们时，伯克希尔估计需要缴纳的税款。在此所说的\"经营收益\"已扣除购买法会计调整、资本利得及其他重大非经常性项目。",[14,692,693],{},"下表列出了我们1996年的透视收益，不过我要提醒各位这些数字只是近似值，其中包含了不少判断性估计。（被投资公司分配给我们的股利已包含在前面的经营收益中，主要列示在\"保险集团：净投资收益\"项下。）",[72,695,696,709],{},[75,697,698],{},[78,699,700,703,706],{},[81,701,702],{},"伯克希尔主要被投资公司",[81,704,705],{},"年末近似持股比例(1)",[81,707,708],{},"伯克希尔应占未分配经营收益（百万美元）(2)",[91,710,711,722,733,744,755,766,777,788,799,809,819,829],{},[78,712,713,716,719],{},[96,714,715],{},"美国运通 (American Express)",[96,717,718],{},"10.5%",[96,720,721],{},"132",[78,723,724,727,730],{},[96,725,726],{},"可口可乐公司 (The Coca-Cola Company)",[96,728,729],{},"8.1%",[96,731,732],{},"180",[78,734,735,738,741],{},[96,736,737],{},"华特迪士尼公司 (The Walt Disney Company)",[96,739,740],{},"3.6%",[96,742,743],{},"50",[78,745,746,749,752],{},[96,747,748],{},"房地美 (Federal Home Loan Mortgage Corp.)",[96,750,751],{},"8.4%",[96,753,754],{},"77",[78,756,757,760,763],{},[96,758,759],{},"吉列公司 (The Gillette Company)",[96,761,762],{},"8.6%",[96,764,765],{},"73",[78,767,768,771,774],{},[96,769,770],{},"麦当劳公司 (McDonald's Corporation)",[96,772,773],{},"4.3%",[96,775,776],{},"38",[78,778,779,782,785],{},[96,780,781],{},"华盛顿邮报公司 (The Washington Post Company)",[96,783,784],{},"15.8%",[96,786,787],{},"27",[78,789,790,793,796],{},[96,791,792],{},"富国银行 (Wells Fargo & Company)",[96,794,795],{},"8.0%",[96,797,798],{},"84",[78,800,801,804,806],{},[96,802,803],{},"伯克希尔应占主要被投资公司未分配收益合计",[96,805],{},[96,807,808],{},"661",[78,810,811,814,816],{},[96,812,813],{},"上述未分配收益的假设税款(3)",[96,815],{},[96,817,818],{},"(93)",[78,820,821,824,826],{},[96,822,823],{},"伯克希尔报告经营收益",[96,825],{},[96,827,828],{},"954",[78,830,831,834,836],{},[96,832,833],{},"伯克希尔透视收益合计",[96,835],{},[96,837,838],{},"1,522",[14,840,841],{},"(1) 不包含可分配给少数股东权益的股份",[14,843,844],{},"(2) 以年度平均持股比例计算",[14,846,847],{},"(3) 适用税率为14%，即伯克希尔收到股利时的实际税率",[10,849,850],{"id":850},"普通股投资",[14,852,853],{},"下面是我们的普通股投资。市值超过5亿美元的个股逐一列示。",[72,855,856,872],{},[75,857,858],{},[78,859,860,863,866,869],{},[81,861,862],{},"股数",[81,864,865],{},"公司",[81,867,868],{},"成本*（百万美元，截至1996\u002F12\u002F31）",[81,870,871],{},"市值（百万美元，截至1996\u002F12\u002F31）",[91,873,874,888,902,916,930,944,958,972,986,998],{},[78,875,876,879,882,885],{},[96,877,878],{},"49,456,900",[96,880,881],{},"美国运通",[96,883,884],{},"1,392.7",[96,886,887],{},"2,794.3",[78,889,890,893,896,899],{},[96,891,892],{},"200,000,000",[96,894,895],{},"可口可乐",[96,897,898],{},"1,298.9",[96,900,901],{},"10,525.0",[78,903,904,907,910,913],{},[96,905,906],{},"24,614,214",[96,908,909],{},"华特迪士尼",[96,911,912],{},"577.0",[96,914,915],{},"1,716.8",[78,917,918,921,924,927],{},[96,919,920],{},"64,246,000",[96,922,923],{},"房地美",[96,925,926],{},"333.4",[96,928,929],{},"1,772.8",[78,931,932,935,938,941],{},[96,933,934],{},"48,000,000",[96,936,937],{},"吉列",[96,939,940],{},"600.0",[96,942,943],{},"3,732.0",[78,945,946,949,952,955],{},[96,947,948],{},"30,156,600",[96,950,951],{},"麦当劳",[96,953,954],{},"1,265.3",[96,956,957],{},"1,368.4",[78,959,960,963,966,969],{},[96,961,962],{},"1,727,765",[96,964,965],{},"华盛顿邮报",[96,967,968],{},"10.6",[96,970,971],{},"579.0",[78,973,974,977,980,983],{},[96,975,976],{},"7,291,418",[96,978,979],{},"富国银行",[96,981,982],{},"497.8",[96,984,985],{},"1,966.9",[78,987,988,990,993,996],{},[96,989,583],{},[96,991,992],{},"1,934.5",[96,994,995],{},"3,295.4",[96,997],{},[78,999,1000,1003,1005,1008],{},[96,1001,1002],{},"普通股投资合计",[96,1004],{},[96,1006,1007],{},"7,910.2",[96,1009,1010],{},"27,750.6",[14,1012,1013],{},"* 成本以税务基础计算，合计比通用会计准则成本少12亿美元。",[14,1015,1016],{},"我们的投资组合变化很小：我们打盹时赚的钱比醒着时还多。",[14,1018,1019],{},"按兵不动在我们看来是一种明智的行为。我们或者其他企业管理者都不会因为有人预测美联储可能小幅调整贴现率，或者因为华尔街某位权威改变了对市场的看法，就疯狂地把旗下高盈利的子公司买进卖出。那为什么我们要对持有出色企业的少数股权采取不同态度呢？成功投资上市公司的部分股权，其要领与成功收购整家子公司并无二致。两种情况下你都只需要以合理的价格买入一家经济效益出色、管理层诚实能干的企业。然后，你只需持续关注这些特质是否依然保持就行了。",[14,1021,1022],{},"如果执行得当，这种投资策略最终的结果往往是：投资者持有的少数几家公司的股份占其投资组合的极大比重。这位投资者会得到类似的结果——假设他买入了一批顶尖大学篮球明星未来收益20%的权益。其中少数球员后来会成为NBA明星，投资者从他们那里获得的权利金收入很快就会占到他总收入的绝大部分。如果有人建议这位投资者卖掉他最成功投资的一部分，仅仅因为这些投资在组合中占比太大——那就好比建议公牛队交易迈克尔·乔丹 (Michael Jordan)，只因为他对球队来说太重要了。",[14,1024,1025],{},"研究我们在子公司和股票上的投资，大家会发现我们偏爱那些不太可能经历重大变化的行业和企业。原因很简单：无论是收购整家公司还是买入部分股权，我们寻找的都是那些我们认为十年或二十年后几乎可以肯定仍拥有巨大竞争优势的企业。快速变化的行业环境或许可以让人大赚一笔，但它无法提供我们所追求的确定性。",[14,1027,1028],{},"我还要强调的是，作为普通公民，查理跟我欢迎变化：新想法、新产品、新工艺等等推动了我们国家生活水平的提高，这显然是好事。但作为投资者，我们对一个急剧变化的行业的态度，跟我们对太空探险的态度差不多：我们为这种勇敢的壮举鼓掌喝彩，但若要我们亲自上去坐火箭，那还是免了吧。",[14,1030,1031],{},"当然，所有企业都会在某种程度上发生变化。今天的喜诗糖果在很多方面已经不同于1972年我们买下它的时候了：它提供不同品种的糖果，使用不同的设备，通过不同的渠道销售。但人们今天购买盒装巧克力的原因，以及他们为什么选择买喜诗而不是其他品牌——这些从1920年代喜诗家族 (See) 创立这门生意以来几乎就没变过。而且，这些动因在未来20年乃至50年也不太可能改变。",[14,1033,1034],{},"在买股票时，我们同样在寻找类似的可预测性。以可口可乐为例：在罗伯托·戈伊苏埃塔 (Roberto Goizueta) 的领导下，可口可乐产品的营销热情和创意达到了新高度，他为股东创造出了令人难以置信的价值。在唐·基奥 (Don Keough) 和道格·艾维斯特 (Doug Ivester) 的协助下，罗伯托重新审视并改善了公司的方方面面。但可口可乐的基本面——支撑其竞争统治地位和惊人经济效益的那些本质特征——多年来始终如一。",[14,1036,1037],{},"我最近在研读可口可乐1896年的年报（所以大家别觉得自己在阅读上已经落后了！）。当时可口可乐虽然已是饮料行业的领导者，但问世也不过才十年光景。然而其未来百年的蓝图在当时就已经画好了。当年的销售额不过14.8万美元，公司总裁阿萨·坎德勒 (Asa Candler) 说：\"我们一直不遗余力地向全世界推广：可口可乐是为所有人的健康与愉快感受而打造的卓越之物。\"虽然\"健康\"这一点可能有些牵强，但我很高兴可口可乐在一百年后的今天仍然遵循坎德勒当初立下的核心主题。坎德勒还说过——罗伯托现在完全可以引用同样的话——\"没有任何同类产品能像可口可乐这样深深扎根于公众的喜爱之中。\"顺便一提，当年的可乐糖浆销售量不过116,492加仑，而1996年的销售量约为32亿加仑。",[14,1039,1040],{},"我实在忍不住再引用坎德勒的一段话：\"从今年大约3月1日起……我们聘用了十位巡回推销员，通过他们以及总部的有序书信往来，我们的业务范围差不多覆盖了整个合众国。\"这才是我心目中的销售队伍。",[14,1042,1043],{},"像可口可乐和吉列 (Gillette) 这样的公司，大可以贴上\"确定性\"的标签。分析师们对于这些公司在未来一二十年的软饮料或剃须用品业务量的预测可能会有些许差异。而且，我们说\"确定性\"也并非意味着这些公司可以在制造、分销、包装和产品创新等领域停止持续努力。然而最终，没有哪位头脑清醒的观察者——即使是这些公司最凶猛的竞争对手，假设他们诚实评估的话——会质疑可口可乐和吉列将在终其一生的投资生涯中称霸全球各自的领域。实际上，它们的优势很可能还会继续扩大。过去十年，两家公司在原本已经巨大的市场份额基础上又大幅提升，所有迹象都表明它们在未来十年将继续重演这一表现。",[14,1045,1046],{},"当然，许多高科技公司或新兴产业的企业在增长百分比上会远远超过这些\"确定性\"公司。但我宁愿确信一个好结果，也不愿幻想一个伟大的结果。",[14,1048,1049],{},"查理跟我穷尽一生寻找，也只能辨认出少数几家\"确定性\"公司。仅凭市场领导地位并不能保证什么：看看几年前通用汽车 (General Motors)、IBM和西尔斯 (Sears) 遭受的冲击吧——它们都曾享受过似乎不可撼动的漫长统治期。虽然某些行业确实赋予了领导者几乎无法逾越的优势，\"大者恒大\"几乎成了自然法则，但大多数行业并非如此。因此，每一个真正的\"确定性\"公司旁边，都有几十个\"冒牌货\"——这些公司现在风光无限，但在竞争攻势面前不堪一击。考虑到成为\"确定性\"公司所需的条件，查理和我承认，我们永远凑不齐什么\"漂亮五十\"甚至\"闪亮二十\"。因此，在投资组合中真正的\"确定性\"公司之外，我们加入了几只\"极有可能\"的品种。",[14,1051,1052],{},"当然，即使是最好的企业，你也可能出价过高。这种多付的风险会周期性地浮现，而以我们的看法，目前几乎所有股票——包括\"确定性\"公司在内——的买入价格可能都偏高了。在过热的市场中买入股票的投资者必须认识到，即使是一家卓越的公司，其价值追上你所支付价格的过程，往往也需要相当漫长的时间。",[14,1054,1055],{},"一个更为严重的问题是：一家优秀公司的管理层偏离了方向，把原本极好的核心业务丢在一边，转而去收购一些平庸甚至更差的业务。这种事一旦发生，投资者的痛苦往往会持续很长时间。不幸的是，多年前可口可乐和吉列恰恰发生过这种事。（你能相信吗？几十年前可口可乐居然在搞养虾，而吉列竟然在搞石油勘探！）当我们考虑投资那些总体上看起来很优秀的企业时，最令查理跟我担心的就是管理层失去焦点。我们见过太多这样的情形：管理者因为傲慢或无聊而心猿意马，导致企业的价值停滞不前。不过，鉴于可口可乐和吉列现任及未来储备的管理层，这种情况不会再在这两家公司身上发生了。",[14,1057,1058],{},"大约有97.2%的有效股权参与了伯克希尔1996年的股东指定捐赠计划。捐赠总额为1,330万美元，惠及3,910家慈善机构。股东指定捐赠计划的详细说明见年报附录。",[14,1060,1061],{},"每年都有少数股东因为没有把股份登记在自己名下，或者没能在规定的60天期限内将指定捐赠表格寄回而错失这项计划。这让查理和我很头痛。但如果回复迟到，我们只能拒绝——因为我们不可能对某些股东网开一面，同时却拒绝其他股东的类似请求。",[14,1063,1064],{},[51,1065,1066],{},"想要参加未来计划的股东，必须持有登记在实际持有人名下——而非经纪商、银行或存管机构名下——的A级普通股。在1997年8月31日之前未完成登记的股份将无法参加1997年的计划。收到表格后请尽快寄回，以免被搁在一旁忘记了。",[10,1068,1069],{"id":1069},"年度股东大会",[14,1071,1072],{},"我们资本家版的伍德斯托克 (Woodstock) 音乐节——伯克希尔年度股东大会——将于5月5日周一举行。查理跟我都非常享受这场盛会，衷心希望大家都来。我们将在上午9:30开始，中午休息大约15分钟（现场提供食物——当然，要收费），然后继续与铁杆与会者畅谈至少到下午3:30。去年我们有来自全美50个州的代表出席，还有来自澳大利亚、希腊、以色列、葡萄牙、新加坡、瑞典、瑞士和英国的股东。年度股东大会是股东们就公司经营相关问题获得解答的场合，因此查理和我会一直坐在台上回答问题，直到我们开始头昏脑胀为止。（如果真到了那一步，希望各位能及时察觉到变化。）",[14,1074,1075],{},"去年约有5,000人出席，把假日会议中心 (Holiday Convention Centre) 挤得满满当当——尽管我们已经分散到了三个厅。今年，由于新发行的B级普通股使得我们的股东人数翻了一倍，因此我们把大会搬到了可容纳约10,000人且拥有巨大停车场的阿克萨本体育馆 (Aksarben Coliseum)。大门将于上午7:00开放，8:30我们会——应大众的强烈要求——放映由我们的CFO马克·汉堡 (Marc Hamburg) 制作的全新伯克希尔短片。（在伯克希尔，每个人都必须身兼数职。）",[14,1077,1078,1079,1082],{},"克服了我们对哪怕带有一丝商业气息的活动与生俱来的厌恶感之后，我们还将在会议厅外的走廊摆出大量的伯克希尔产品",[51,1080,1081],{},"供各位选购","。去年我们打破了所有记录，卖出了1,270磅的喜诗糖果、1,143双Dexter鞋子、价值29,000美元的世界百科全书及相关出版物，以及700套由我们旗下Quikut子公司生产的刀具。此外，许多股东咨询了盖可保险的汽车保单。如果你有兴趣看看能否省些保费，请把你现在的保单带到会场。我们估计大约40%的股东可以通过在我们这里投保来省钱。（我们很想说100%，但保险业不是这样运作的：由于各家保险公司的承保判断不同，我们的某些股东目前支付的费率确实比盖可保险还低。）",[14,1084,1085],{},"随本报告寄出的委托书材料中附有说明，告诉各位如何获取入场所需的证件。预计到场人数众多，请尽早预订机票和酒店。美国运通 (American Express)（电话800-799-6634）将很乐意为您提供相关安排服务。和往年一样，我们会安排巴士接送住在主要酒店的股东往返会场，会后还会送大家到内布拉斯加家具店、波仙珠宝和机场。",[14,1087,1088],{},"内布拉斯加家具店的主店占地75英亩，距离阿克萨本体育馆约一英里，营业时间为工作日上午10点至晚上9点、周六上午10点至下午6点、周日中午至下午6点。来的时候别忘了跟\"B夫人\"罗斯·布鲁姆金 (Rose Blumkin) 打个招呼。她今年103岁了，有时候会戴着氧气罩，氧气罐就挂在她的购物车上。不过如果你想跟上她的步伐，需要吸氧的恐怕是你。内布拉斯加家具店去年的营业额约为2.65亿美元——创下单一地点家具零售店的全美纪录——你只要到现场看看他们的商品和价格就知道为什么了。",[14,1090,1091],{},"波仙珠宝通常周日不营业，但将在5月4日为股东特别开放，从上午10点到下午6点。去年的\"股东周日\"，我们打破了波仙的所有记录——成交笔数、销售额，毫无疑问还有每平方英寸的参观人数。由于今年预计同样会人满为患，周日参加的所有股东都必须带好入场证。偏好不那么疯狂体验的股东可以选择周六（上午10点至下午5:30）或周一（上午10点至晚上8点）前往，同样享有特别优待。今年找个时间来吧，让波仙珠宝的CEO苏珊·雅克斯 (Susan Jacques) 和她技艺精湛的同事们对你的钱包实施一次无痛手术。",[14,1093,1094],{},"我最爱的牛排馆Gorat's去年在年会那个周末完全订满了，尽管他们在周日下午4点额外加了一轮。你可以从4月1日起开始预订*（不能更早）*，电话402-551-3733。我会在周日参观完波仙珠宝之后到Gorat's，享用我的老搭配——三分熟丁骨牛排加双份土豆煎饼。我还要推荐一道菜——这是我那位不可或缺的助理黛比·博萨内克 (Debbie Bosanek) 和我午餐时的标准菜单——热牛肉三明治配土豆泥浇肉汁。报上黛比的名字，你可以多得一船肉汁。",[14,1096,1097],{},"5月3日周六晚上，奥马哈皇家队 (Omaha Royals) 将在罗森布拉特球场 (Rosenblatt Stadium) 迎战印第安纳波利斯印第安人队 (Indianapolis Indians)。按照我一年投一球的正常轮值——我将首发出场。",[14,1099,1100],{},"虽然罗森布拉特球场外表看起来平平无奇，但其实暗藏玄机：球场坐落在一个独特的地质构造上，偶尔会发出短促的重力波，导致即使是投得最平稳的球也会突然急速下坠。过去我已经好几次成为这种怪异现象的受害者了，但我期望今年能碰上好运。球赛现场有很多拍照机会，不过要想抓拍到我的快速球飞向本垒板的瞬间，你需要惊人的反应速度。",[14,1102,1103],{},"我们的委托书材料中包含了获取球赛门票的信息。我们还会提供一份信息手册，列出周日晚间营业的餐厅以及周末你在奥马哈可以参加的各种活动。伯克希尔全体成员都期待着与各位见面。",[14,1105,1106],{},"沃伦·巴菲特",[14,1108,1109],{},"董事会主席",[14,1111,1112],{},"1997年2月28日",[1114,1115,1118,1124],"section",{"className":1116,"dataFootnotes":40},[1117],"footnotes",[1119,1120,1123],"h2",{"className":1121,"id":39},[1122],"sr-only","Footnotes",[1125,1126,1127],"ol",{},[1128,1129,1131,1132],"li",{"id":1130},"user-content-fn-1","每股B级普通股拥有A级普通股1\u002F30的经济利益。A级普通股即1996年5月之前伯克希尔唯一发行在外的股份。在本报告中，所有\"每股\"数字均以\"A级普通股等价数\"为基础，即A级普通股的流通股数加上B级普通股流通股数的1\u002F30。 ",[35,1133,1138],{"href":1134,"ariaLabel":1135,"className":1136,"dataFootnoteBackref":40},"#user-content-fnref-1","Back to reference 1",[1137],"data-footnote-backref","↩",{"title":40,"searchDepth":1140,"depth":1140,"links":1141},2,[1142],{"id":39,"depth":1140,"text":1123},"致股东信",null,"1996年巴菲特致股东信，讨论股票拆分影响、GEICO保险强劲增长及再保险业务","md",{},true,67,"\u002Fbuffett\u002Fberkshire\u002F1996-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1145},"1996 巴菲特致股东信｜巴菲特","1996-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1996-ba-fei-te-zhi-gu-dong-xin","lq-phGR4lWRsaJq94O7mDmeFupYBBNXICCvp-KOmFRE","buffett",[1158,1162,1166,1170,1173,1176,1179,1183,1186,1189,1193,1196,1199,1203,1206,1209,1213,1216,1219,1223,1226,1229,1233,1236,1239,1243,1246,1249,1253,1256,1259,1263,1266,1269,1273,1276,1279,1283,1286,1289,1293,1296,1299,1303,1306,1309,1313,1316,1319,1323,1326,1329,1333,1336,1339,1343,1346,1349,1353,1356,1359,1363,1366,1369,1373,1376,1379,1383,1386,1389,1393,1396,1399,1403,1406,1409,1413,1416,1419,1423,1426,1429,1433,1436,1439,1443,1446,1449,1453,1456,1459,1463,1466,1469,1473,1476,1479,1483,1486,1489,1493,1496,1500,1503,1507,1510,1514,1517,1521,1524,1528,1531,1535,1538,1542,1545,1549,1552,1556,1559,1563,1566,1570,1573,1577,1580,1584,1587,1591,1594,1598,1601,1605,1608,1612,1615,1619,1622,1626,1629,1633,1636,1640,1643,1647,1650,1654,1657,1661,1664,1668,1671,1675,1678,1682,1685,1689,1692,1696,1699,1703,1706,1710,1713,1717,1720,1721,1724,1728,1731,1735,1738,1742,1745,1749,1752,1756,1759,1763,1766,1770,1773,1777,1780,1784,1787,1791,1794,1798,1801,1805,1808,1812,1815,1819,1822,1826,1829,1833,1836,1840,1843,1847,1850,1854,1857,1861,1864,1868,1871,1875,1878,1882,1885,1889,1892,1896,1899,1903,1906,1910,1913,1917,1920,1924,1927,1931,1934,1938,1941,1945,1948,1952,1955,1959,1963,1967,1971,1975,1979,1983,1987,1991,1995,1999,2003,2007,2011,2015,2019,2023,2027,2031,2035,2039,2043,2047,2051,2055,2059,2063,2067,2071,2075,2079,2083,2087,2091,2095,2099,2103,2107,2111,2115,2119,2123,2127,2131,2135,2139,2143,2147,2151,2155],{"title":1159,"slug":1160,"category":1143,"order":1161},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1163,"slug":1164,"category":1165,"order":1161},"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":1167,"slug":1168,"category":1169,"order":1161},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1171,"slug":1172,"category":1143,"order":1140},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1174,"slug":1175,"category":1165,"order":1140},"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":1177,"slug":1178,"category":1169,"order":1140},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1180,"slug":1181,"category":1143,"order":1182},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1184,"slug":1185,"category":1165,"order":1182},"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":1187,"slug":1188,"category":1169,"order":1182},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1190,"slug":1191,"category":1143,"order":1192},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1194,"slug":1195,"category":1165,"order":1192},"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":1197,"slug":1198,"category":1169,"order":1192},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1200,"slug":1201,"category":1143,"order":1202},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1204,"slug":1205,"category":1165,"order":1202},"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":1207,"slug":1208,"category":1169,"order":1202},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1210,"slug":1211,"category":1143,"order":1212},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1214,"slug":1215,"category":1165,"order":1212},"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":1217,"slug":1218,"category":1169,"order":1212},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1220,"slug":1221,"category":1143,"order":1222},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1224,"slug":1225,"category":1165,"order":1222},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1227,"slug":1228,"category":1169,"order":1222},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1230,"slug":1231,"category":1143,"order":1232},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1234,"slug":1235,"category":1165,"order":1232},"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":1237,"slug":1238,"category":1169,"order":1232},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1240,"slug":1241,"category":1143,"order":1242},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1244,"slug":1245,"category":1165,"order":1242},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1247,"slug":1248,"category":1169,"order":1242},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1250,"slug":1251,"category":1143,"order":1252},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1254,"slug":1255,"category":1165,"order":1252},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1257,"slug":1258,"category":1169,"order":1252},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1260,"slug":1261,"category":1143,"order":1262},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1264,"slug":1265,"category":1165,"order":1262},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1267,"slug":1268,"category":1169,"order":1262},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1270,"slug":1271,"category":1143,"order":1272},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1274,"slug":1275,"category":1165,"order":1272},"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":1277,"slug":1278,"category":1169,"order":1272},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1280,"slug":1281,"category":1143,"order":1282},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1284,"slug":1285,"category":1165,"order":1282},"巴菲特：1983年向Rose Blumkin 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巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1484,"slug":1485,"category":1165,"order":1482},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":1487,"slug":1488,"category":1169,"order":1482},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1490,"slug":1491,"category":1143,"order":1492},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1494,"slug":1495,"category":1165,"order":1492},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1497,"slug":1498,"category":1143,"order":1499},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1501,"slug":1502,"category":1165,"order":1499},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1504,"slug":1505,"category":1143,"order":1506},"1969年10月 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1536,"slug":1537,"category":1165,"order":1534},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1539,"slug":1540,"category":1143,"order":1541},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1543,"slug":1544,"category":1165,"order":1541},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1546,"slug":1547,"category":1143,"order":1548},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1550,"slug":1551,"category":1165,"order":1548},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":1553,"slug":1554,"category":1143,"order":1555},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1557,"slug":1558,"category":1165,"order":1555},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":1560,"slug":1561,"category":1143,"order":1562},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1564,"slug":1565,"category":1165,"order":1562},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":1567,"slug":1568,"category":1143,"order":1569},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1571,"slug":1572,"category":1165,"order":1569},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1574,"slug":1575,"category":1143,"order":1576},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1578,"slug":1579,"category":1165,"order":1576},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1581,"slug":1582,"category":1143,"order":1583},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1585,"slug":1586,"category":1165,"order":1583},"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":1588,"slug":1589,"category":1143,"order":1590},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1592,"slug":1593,"category":1165,"order":1590},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1595,"slug":1596,"category":1143,"order":1597},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1599,"slug":1600,"category":1165,"order":1597},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1602,"slug":1603,"category":1143,"order":1604},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1606,"slug":1607,"category":1165,"order":1604},"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":1609,"slug":1610,"category":1143,"order":1611},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1613,"slug":1614,"category":1165,"order":1611},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1616,"slug":1617,"category":1143,"order":1618},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1620,"slug":1621,"category":1165,"order":1618},"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":1623,"slug":1624,"category":1143,"order":1625},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1627,"slug":1628,"category":1165,"order":1625},"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":1630,"slug":1631,"category":1143,"order":1632},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1634,"slug":1635,"category":1165,"order":1632},"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":1637,"slug":1638,"category":1143,"order":1639},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1641,"slug":1642,"category":1165,"order":1639},"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":1644,"slug":1645,"category":1143,"order":1646},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1648,"slug":1649,"category":1165,"order":1646},"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":1651,"slug":1652,"category":1143,"order":1653},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1655,"slug":1656,"category":1165,"order":1653},"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":1658,"slug":1659,"category":1143,"order":1660},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1662,"slug":1663,"category":1165,"order":1660},"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":1665,"slug":1666,"category":1143,"order":1667},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1669,"slug":1670,"category":1165,"order":1667},"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":1672,"slug":1673,"category":1143,"order":1674},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1676,"slug":1677,"category":1165,"order":1674},"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":1679,"slug":1680,"category":1143,"order":1681},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1683,"slug":1684,"category":1165,"order":1681},"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":1686,"slug":1687,"category":1143,"order":1688},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1690,"slug":1691,"category":1165,"order":1688},"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":1693,"slug":1694,"category":1143,"order":1695},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1697,"slug":1698,"category":1165,"order":1695},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1700,"slug":1701,"category":1143,"order":1702},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1704,"slug":1705,"category":1165,"order":1702},"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":1707,"slug":1708,"category":1143,"order":1709},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1711,"slug":1712,"category":1165,"order":1709},"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":1714,"slug":1715,"category":1143,"order":1716},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1718,"slug":1719,"category":1165,"order":1716},"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":5,"slug":1153,"category":1143,"order":1149},{"title":1722,"slug":1723,"category":1165,"order":1149},"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":1725,"slug":1726,"category":1143,"order":1727},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1729,"slug":1730,"category":1165,"order":1727},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1732,"slug":1733,"category":1143,"order":1734},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1736,"slug":1737,"category":1165,"order":1734},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1739,"slug":1740,"category":1143,"order":1741},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1743,"slug":1744,"category":1165,"order":1741},"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":1746,"slug":1747,"category":1143,"order":1748},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1750,"slug":1751,"category":1165,"order":1748},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1753,"slug":1754,"category":1143,"order":1755},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1757,"slug":1758,"category":1165,"order":1755},"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":1760,"slug":1761,"category":1143,"order":1762},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1764,"slug":1765,"category":1165,"order":1762},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1767,"slug":1768,"category":1143,"order":1769},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1771,"slug":1772,"category":1165,"order":1769},"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":1774,"slug":1775,"category":1143,"order":1776},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1778,"slug":1779,"category":1165,"order":1776},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1781,"slug":1782,"category":1143,"order":1783},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1785,"slug":1786,"category":1165,"order":1783},"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":1788,"slug":1789,"category":1143,"order":1790},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1792,"slug":1793,"category":1165,"order":1790},"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":1795,"slug":1796,"category":1143,"order":1797},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1799,"slug":1800,"category":1165,"order":1797},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1802,"slug":1803,"category":1143,"order":1804},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1806,"slug":1807,"category":1165,"order":1804},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1809,"slug":1810,"category":1143,"order":1811},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1813,"slug":1814,"category":1165,"order":1811},"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":1816,"slug":1817,"category":1143,"order":1818},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1820,"slug":1821,"category":1165,"order":1818},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1823,"slug":1824,"category":1143,"order":1825},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1827,"slug":1828,"category":1165,"order":1825},"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":1830,"slug":1831,"category":1143,"order":1832},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1834,"slug":1835,"category":1165,"order":1832},"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":1837,"slug":1838,"category":1143,"order":1839},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1841,"slug":1842,"category":1165,"order":1839},"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":1844,"slug":1845,"category":1143,"order":1846},"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":1848,"slug":1849,"category":1165,"order":1846},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1851,"slug":1852,"category":1143,"order":1853},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1855,"slug":1856,"category":1165,"order":1853},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1858,"slug":1859,"category":1143,"order":1860},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1862,"slug":1863,"category":1165,"order":1860},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1865,"slug":1866,"category":1143,"order":1867},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1869,"slug":1870,"category":1165,"order":1867},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1872,"slug":1873,"category":1143,"order":1874},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1876,"slug":1877,"category":1165,"order":1874},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1879,"slug":1880,"category":1143,"order":1881},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1883,"slug":1884,"category":1165,"order":1881},"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":1886,"slug":1887,"category":1143,"order":1888},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1890,"slug":1891,"category":1165,"order":1888},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1893,"slug":1894,"category":1143,"order":1895},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1897,"slug":1898,"category":1165,"order":1895},"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":1900,"slug":1901,"category":1143,"order":1902},"2020 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