[{"data":1,"prerenderedAt":2539},["ShallowReactive",2],{"library-1998-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1003,"library-sidebar-dao":2005,"library-sidebar-models":2307},{"id":4,"title":5,"body":6,"category":989,"date":990,"description":991,"extension":992,"meta":993,"navigation":994,"order":995,"path":996,"seo":997,"seoDescription":991,"seoTitle":998,"slug":999,"stem":1000,"__hash__":1001,"_collection":1002},"buffett\u002Fbuffett\u002Fberkshire\u002F1998-ba-fei-te-zhi-gu-dong-xin.md","1998 巴菲特致股东信",{"type":7,"value":8,"toc":985},"minimark",[9,13,17,32,35,47,50,57,124,127,185,188,191,194,197,200,203,207,210,213,216,297,300,303,306,309,312,315,318,321,324,327,331,334,337,340,343,346,353,356,359,362,365,368,371,374,377,380,455,458,461,464,467,470,888,893,898,903,908,911,914,917,920,923,926,951,954,957,960],[10,11,5],"h1",{"id":12},"_1998-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,18,19,20],{},"1998年伯克希尔的账面价值增加了259亿美元，A股和B股的每股账面价值增长了48.3%。自现任管理层接手的34年以来，每股账面价值从19美元增长到了37,801美元，年复合增长率约为24.7%。",[21,22,23],"sup",{},[24,25,31],"a",{"href":26,"ariaDescribedBy":27,"dataFootnoteRef":29,"id":30},"#user-content-fn-1",[28],"footnote-label","","user-content-fnref-1","1",[14,33,34],{},"通常当公司的账面价值一年增长了48.3%时，大家应该高兴得手舞足蹈才对——但今年可不行。还记得瓦格纳 (Wagner) 吗？他的音乐曾被人评价为\"比听起来要好\"。伯克希尔1998年的进展也类似——虽然令人满意，但并没有表面上看起来那么好。这是因为那48.3%的增长中，绝大部分来自于我们为并购交易而发行的新股。",[14,36,37,38,42,43,46],{},"进一步解释一下：我们的股票以远高于账面价值的价格交易，这意味着我们每次发行股票——不管是现金增资还是换股合并——都会立刻拉高每股账面价值，尽管我们实际上一分钱都没有多赚。真实的情况是，在这类交易中我们获得的每股账面价值高于我们付出的。然而，这些交易并不会给我们带来每股",[39,40,41],"em",{},"内在价值","的即时增长，因为在这方面我们所得到的与我们所付出的大致相当。正如伯克希尔副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我不厌其烦地告诉大家的（虽然你们可能觉得我们啰嗦了点），真正重要的是每股内在价值的增长，而不是每股账面价值的增长。虽然伯克希尔1998年的内在价值确实大幅增长，但幅度远不及账面价值48.3%的那种水平。尽管如此，我还是要强调，目前的内在价值仍然",[39,44,45],{},"远远","超过账面价值。（关于这些术语以及其他投资和会计概念的更详细讨论，请参阅我们的股东手册，其中阐述了与所有者相关的经营原则。内在价值在手册的相关章节中有专门讨论。）",[14,48,49],{},"带着有史以来最佳的企业和经理人组合，我们迈入了1999年。1998年收购的两家公司——通用再保险 (General Re) 和公务机航空 (Executive Jet)——在各方面都是一流的，后面还会详细介绍。而我们原有经营业务去年的表现更是超出了我的预期。盖可保险 (GEICO) 再一次大放异彩。当然也有不好的消息：我们持有重大投资的几家上市公司经营上出现了明显的下滑，这是年初我和他们自己都没有预料到的。因此，我们股票投资组合的表现远不如同期的标普500指数。这些公司出现的问题几乎可以肯定只是暂时的，查理跟我都相信它们的长期前景是很好的。",[14,51,52,53,56],{},"在最近三年的年报中，我们提供了一张我们认为对估算伯克希尔内在价值至关重要的表格。在下面更新版本的表格中，我们以拟制的方式将通用再保险的数字纳入其中，也就是假设该公司从年初就归我们所有。第一栏的数字代表我们每股持有的投资金额（包括现金和现金等价物，但不含金融产品业务所持有的证券），第二栏则是伯克希尔来自经营业务的每股税前收益（扣除利息和全部企业费用之后，但未扣除所得税和购买法会计调整——相关讨论见年报后文）。第二栏已经扣除了来自第一栏投资所贡献的",[39,54,55],{},"全部","股利、利息和资本利得。实际上，这两栏展示的是如果把伯克希尔拆成两家公司会是什么样子——一家持有我们的投资组合，另一家经营旗下所有业务并承担全部企业成本。",[58,59,60,76],"table",{},[61,62,63],"thead",{},[64,65,66,70,73],"tr",{},[67,68,69],"th",{},"年份",[67,71,72],{},"每股投资",[67,74,75],{},"税前每股经营收益（不含投资收入）",[77,78,79,91,102,113],"tbody",{},[64,80,81,85,88],{},[82,83,84],"td",{},"1968",[82,86,87],{},"$ 53",[82,89,90],{},"$ 2.87",[64,92,93,96,99],{},[82,94,95],{},"1978",[82,97,98],{},"465",[82,100,101],{},"12.85",[64,103,104,107,110],{},[82,105,106],{},"1988",[82,108,109],{},"4,876",[82,111,112],{},"145.77",[64,114,115,118,121],{},[82,116,117],{},"1998",[82,119,120],{},"47,647",[82,122,123],{},"474.45",[14,125,126],{},"下表是这两部分每十年的增长率：",[58,128,129,142],{},[61,130,131],{},[64,132,133,136,139],{},[67,134,135],{},"十年期",[67,137,138],{},"每股投资增长率",[67,140,141],{},"每股经营收益增长率",[77,143,144,154,164,174],{},[64,145,146,148,151],{},[82,147,95],{},[82,149,150],{},"24.2%",[82,152,153],{},"16.2%",[64,155,156,158,161],{},[82,157,106],{},[82,159,160],{},"26.5%",[82,162,163],{},"27.5%",[64,165,166,168,171],{},[82,167,117],{},[82,169,170],{},"25.6%",[82,172,173],{},"12.5%",[64,175,176,179,182],{},[82,177,178],{},"1968-1998年年化增长率",[82,180,181],{},"25.4%",[82,183,184],{},"18.6%",[14,186,187],{},"1998年，我们每股的投资金额增加了9,604美元，增幅25.2%，但每股经营收益却下降了33.9%。通用再保险（如前所述，以拟制基础纳入）是这两个数据背后的原因。这家公司拥有规模庞大的投资，大大增加了我们每股投资的数字。但通用再保险1998年也出现了承保亏损，拖累了经营收益的表现。如果我们没有收购通用再保险，每股经营收益本可以录得小幅增长。",[14,189,190],{},"虽然我们某些特定的收购和经营策略有时会对其中一栏产生更大的影响，但我们一直努力让两栏数字同步增长。不过有一点是确定无疑的：我们未来的增长速度将远不及过去所取得的水平。伯克希尔的资本规模现在实在太大了，大到我们很难再取得真正超常的回报。如果你不这么认为，那你应该去做销售工作，而不是去教数学（请永远记住，世界上只有三种人：会数数的，和不会数数的）。",[14,192,193],{},"目前我们运作的净资产高达574亿美元，是全美企业之冠（当然，如果埃克森 (Exxon) 和美孚 (Mobil) 的合并成功，我们将让出宝座）。当然，净资产第一并不意味着伯克希尔在所有企业中价值最高：对股东来说，真正重要的是市值，而通用电气 (General Electric) 和微软 (Microsoft) 的市值就超过伯克希尔的三倍以上。不过净资产衡量的是经理人可以调配的资本规模，就这方面而言，伯克希尔的数字确实已经非常巨大。",[14,195,196],{},"尽管如此，查理跟我还是会尽最大努力在未来以平均每年15%的速度增长内在价值，我们认为这已经是所有可能结果中的极限了。有些年份我们或许能超过15%，但也肯定会有些年份远远达不到——包括出现负回报的年份——这些都会拉低我们的平均水平。同时大家要明白，未来五年平均每年15%的增长意味着什么：我们需要增加580亿美元的净资产。要达到这个令人生畏的15%，我们需要想出一些大创意：卖爆米花的小生意可不行。目前的市场环境也不利于我们寻找\"大象\"猎物，但你们可以放心，我们会全神贯注地继续狩猎。",[14,198,199],{},"不管未来会怎样，有一点我可以向各位保证：只要我还在，我都会将个人至少99%的身家放在伯克希尔。至于能维持多久呢？我的榜样是韦恩堡 (Fort Wayne) 的那位忠诚的民主党人，他要求死后葬在芝加哥，这样就能继续参加党的活动。为此，我已经在办公室挑好了一个\"风水宝地\"来安放我的骨灰坛。",[14,201,202],{},"伯克希尔去年真是卯足了劲为国库做贡献。在通用再保险合并案中，我们给政府写了一张3,000万美元的支票，用于支付与交易中新发行股票相关的证监会 (SEC) 费用。据我们了解，这笔支付创下了证监会的历史纪录。查理跟我是证监会为美国投资者所做贡献的超级崇拜者。不过，我们倒是更愿意找到其他方式来表达我们的敬意。",[10,204,206],{"id":205},"盖可保险-geico1-800-847-7536","盖可保险 (GEICO)（1-800-847-7536）",[14,208,209],{},"好的理念加上好的经理人，你就一定能获得好的结果。这种完美组合在盖可保险身上得到了最好的体现。理念是低成本的汽车保险，通过直销客户来实现；经理人则是托尼·奈斯利 (Tony Nicely)。说得简单点，整个商业世界没有人能比Tony把盖可保险经营得更好。他的直觉毫无偏差，他的精力没有上限，他的执行力完美无瑕。在严守承保纪律的同时，Tony正在打造一个以加速度抢占市场份额的组织。",[14,211,212],{},"这种速度更因我们的薪酬制度而加快。直销保险——也就是保险公司与保户之间不经过代理人或经纪人——需要相当大的前期投入。因此，第一年的新业务在盈利上是大幅亏损的。在盖可保险，我们不希望这种成本阻碍我们的同事积极开拓新业务——因为这些业务续保后将带来可观的利润——所以我们将其排除在薪酬计算公式之外。那薪酬公式里包含什么呢？我们将50%的奖金和利润分享与\"成熟\"保单的收益挂钩，也就是投保超过一年以上的保单。另外50%则与保户数量的增长挂钩——而在这方面，我们已经踩下了油门。",[14,214,215],{},"1995年——也就是伯克希尔收购盖可保险的前一年——该公司的营销费用为3,300万美元，有652名电话销售顾问。去年，公司的营销费用增加到了1.43亿美元，销售顾问人数也增至2,162名。这些努力的成效可以从下表的新签保单和有效保单数字中看出：",[58,217,218,230],{},[61,219,220],{},[64,221,222,224,227],{},[67,223,69],{},[67,225,226],{},"新增自愿性汽车保单*",[67,228,229],{},"有效汽车保单数量*",[77,231,232,243,254,265,276,287],{},[64,233,234,237,240],{},[82,235,236],{},"1993",[82,238,239],{},"354,882",[82,241,242],{},"2,011,055",[64,244,245,248,251],{},[82,246,247],{},"1994",[82,249,250],{},"396,217",[82,252,253],{},"2,147,549",[64,255,256,259,262],{},[82,257,258],{},"1995",[82,260,261],{},"461,608",[82,263,264],{},"2,310,037",[64,266,267,270,273],{},[82,268,269],{},"1996",[82,271,272],{},"617,669",[82,274,275],{},"2,543,699",[64,277,278,281,284],{},[82,279,280],{},"1997",[82,282,283],{},"913,176",[82,285,286],{},"2,949,439",[64,288,289,291,294],{},[82,290,117],{},[82,292,293],{},"1,317,761",[82,295,296],{},"3,562,644",[14,298,299],{},"* 仅指\"自愿性\"保单；不含指定风险等。",[14,301,302],{},"展望1999年，我们将继续增加营销预算，至少投入1.9亿美元。事实上，伯克希尔对盖可保险新业务获取的投入没有上限，只要我们能够同步建设好为保户提供优质服务所需的基础设施。",[14,304,305],{},"由于第一年的高额成本，那些在意季度或年度盈利的公司往往不敢做类似的投资，不管这些投资在创建长期价值方面是多么明智。但我们的算法不一样：我们只是简单地衡量每投入一块钱是否能创造出超过一块钱的价值——如果这个计算结果是有利的，那我们花的钱越多，我就越高兴。",[14,307,308],{},"当然，盖可保险的成功绝不仅仅在于低价和铺天盖地的广告。理赔处理也必须公正、快速且友善——而我们的确做到了。这里有一个客观的评分：在纽约——我们业务量最大的州——保险管理部门最近报告，盖可保险1997年的投诉比率不仅是五大汽车保险公司中最低的，而且还不到其他四家平均水平的一半。",[14,310,311],{},"盖可保险1998年的承保利润率达到6.7%，比我们预期的要好——实际上，好得超出了我们的期望。我们的成绩反映了一个行业性的现象：近年来，汽车事故的频率和严重程度都出人意料地下降了。对此我们的回应是在1998年降低了3.3%的费率，1999年我们还会进一步降价。这些举措将很快把利润率拉低——至少降到4%，这是我们的目标，甚至可能降得更多。不管怎样，我们相信我们的利润率将继续远优于行业平均水平。",[14,313,314],{},"由于盖可保险1998年在增长和盈利两方面都表现出色，利润分享和奖金的金额也水涨船高。利润分享的总额达到1.03亿美元，相当于工资的32.3%——发放给全部年资超过一年的9,313名同事——这个比例在全美大型企业中恐怕是最高的。（此外，同事们还享有公司出资的退休金计划。）",[14,316,317],{},"考虑到盈利能力这一因子在未来几乎肯定会有所下降，32.3%的比例可能已经是最高水位了。不过增长这一因子倒是很可能继续上升。总的来说，我们预期这两项指标合在一起，将在未来几十年内为大家带来非常可观的利润分享。对我们的同事来说，公司增长还意味着其他的好处：去年共有4,612人获得晋升。",[14,319,320],{},"盖可保险的数字固然令人印象深刻，但我们要做的还有很多。1998年我们的市场份额大幅提升——但也不过是从3%增长到了3.5%而已。我们现在每拥有一个保户，外面就还有十个人应该把保单交给我们。",[14,322,323],{},"正在读这封信的你们当中，有些人可能就属于这个群体。在那些来查询我们费率的人当中，大约40%会发现通过我们投保可以省下一笔钱。之所以不是100%，是因为各家保险公司的核保标准不同，有些对特定地区的居民或从事特定职业的客户给予更多优惠。不过我们相信，在面向所有客户销售保险的全国性保险公司中，我们提供最低价格的频率比任何人都高。而且，在40个州我们可以为股东提供特别折扣——通常是8%。所以打个电话给我们试试吧。",[14,325,326],{},"最后给伯克希尔的董事们一个小暗示：去年我光是在波仙珠宝 (Borsheim's) 和EJA的花费就超过了我薪水的九倍。各位想想看，只要给我涨涨薪，伯克希尔旗下的生意得多兴隆啊。",[10,328,330],{"id":329},"通用再保险-general-re","通用再保险 (General Re)",[14,332,333],{},"12月21日，我们完成了对通用再保险公司 (General Re Corp.) 220亿美元的收购。除了100%持有美国最大的财产意外险再保险公司——通用再保险公司 (General Reinsurance Corporation) 之外，该公司还拥有（包括已安排购买的股份在内）全世界最古老的再保险公司——科隆再保险 (Cologne Re) 82%的股权。两家公司共同为所有保险险种提供再保险服务，业务遍及全球124个国家。",[14,335,336],{},"几十年来，通用再保险这个名字就是再保险行业品质、诚信和专业的代名词——而在罗恩·弗格森 (Ron Ferguson) 的领导下，这块金字招牌更加熠熠生辉。在再保险专业方面，伯克希尔完全没有什么可以给通用再保险和科隆再保险的管理团队补课的。恰恰相反，他们能教我们的东西倒是很多。",[14,338,339],{},"尽管如此，我们相信伯克希尔的入主将在很多重要方面使通用再保险受益，而且十年后它的盈利将大幅超过不合并情况下所能达到的水平。我们的乐观基于一个事实：我们能够给通用再保险的管理团队提供充分的自由，让他们以最有利于发挥公司优势的方式来经营。",[14,341,342],{},"让我们花一点时间来了解再保险业务，看看为什么通用再保险独立经营时做不到的事情，在伯克希尔旗下就能做到。对再保险的大部分需求来自直保公司，它们希望规避因大型、异常损失导致的盈利大幅波动。实际上，再保险公司就是靠承接直保公司想要甩掉的波动性来赚钱的。",[14,344,345],{},"讽刺的是，一家上市的再保险公司却要同时接受股东和信用评级机构对其自身业绩平稳性的检验。盈利的大幅波动会损害信用评级和市盈率，哪怕产生这种波动的业务在长期内有着令人满意的预期利润。这种市场现实有时会迫使再保险公司做出代价高昂的举动，包括将已承接业务的很大一部分转出去（业内称为\"转分保\"），或者仅仅因为可能带来过大的盈利波动而拒绝好生意。",[14,347,348,349,352],{},"而伯克希尔则乐于接受波动性——只要伴随而来的是长期利润增长的预期。更重要的是，我们的资本就像诺克斯堡金库一样坚不可摧，这意味着盈利波动丝毫不会影响到我们顶级的信用评级。因此我们拥有完美的架构，可以承保——并且",[39,350,351],{},"自留","——几乎任何金额的再保险业务。事实上，过去十年来我们正是利用这一优势建立起了强大的巨灾再保险业务。",[14,354,355],{},"而通用再保险给我们带来的，则是营销网络、技术设施和管理团队，使我们能够将自身的结构性优势运用到保险行业的方方面面。特别是，通用再保险和科隆再保险现在可以加速进军国际市场，而行业增长的重心几乎可以肯定将在国际市场上。正如合并委托书中所详述的，伯克希尔还将为通用再保险带来税务和投资方面的优势。但最令人信服的合并理由其实很简单：通用再保险杰出的管理团队现在可以放开手脚做他们最擅长的事，不再受过去制约其增长的各种束缚。",[14,357,358],{},"伯克希尔将负责管理通用再保险的投资组合，但科隆再保险的不包括在内。然而，我们不会插手通用再保险的承保业务。我们只是简单地要求他们在维持过去承保纪律的同时，利用伯克希尔强大的财务实力和对盈利大幅波动的超强承受力，提高自留业务比例、扩大产品线、拓展业务区域。就像我们一直说的，我们宁要波动剧烈的15%，也不要平平稳稳的12%。",[14,360,361],{},"假以时日，Ron和他的团队一定能将通用再保险的新潜力发挥到极致。他和我相识多年，我们两家公司之间一直有着重要的再保险业务往来。事实上，通用再保险在1976年盖可保险从濒临倒闭中起死回生的过程中，扮演了极为关键的角色。",[14,363,364],{},"Ron和Rich Santulli都计划出席今年的股东大会，我希望大家能有机会跟他们打个招呼。",[10,366,367],{"id":367},"财产意外险的经营哲学",[14,369,370],{},"随着通用再保险的加入，以及盖可保险业务的蓬勃发展，各位比以往任何时候都更有必要了解如何评估一家保险公司。关键的决定因素有三个：（1）这项业务能够产生多少浮存金；（2）获取浮存金的成本；以及（3）最重要的，这两个因素的长期前景。",[14,372,373],{},"首先说说浮存金——这是一笔我们持有但不属于我们的钱。在保险运营中，浮存金的产生是因为保费在损失赔付之前就已收取，而这个时间间隔有时长达数年。在此期间，保险公司可以用这笔钱进行投资。通常，这种愉快的活动伴随着一个负面因素：保险公司收取的保费通常不足以覆盖最终必须支付的损失和费用。这就产生了\"承保亏损\"，也就是浮存金的成本。一家保险企业有没有价值，取决于其长期浮存金成本是否低于公司从其他渠道获取资金的成本。但如果浮存金的成本高于市场利率，那这门生意就是一颗酸柠檬。",[14,375,376],{},"这里有一个需要特别注意的地方：由于损失成本必须依靠估算，保险公司在计算承保业绩方面有很大的弹性空间，这使得投资者很难准确衡量一家保险公司真正的浮存金成本。估算误差——通常是无心的，但有时候是故意的——可以非常大。这些误差的后果直接反映在盈利数字上。有经验的行家通常能够发现准备金提列中的重大错误，但普通投资大众通常只能接受财报上呈现的数字。而我个人有时候会被那些赫赫有名的审计事务所默许通过的数字吓到。至于伯克希尔，查理跟我在向各位报告承保业绩时，总是尽量采取保守的方针，因为我们发现保险业冒出来的意外几乎没有什么好消息。",[14,378,379],{},"下表显示的是伯克希尔进入保险业务32年以来产生的浮存金。数据每五年列示一次，最后一年的数字包含了通用再保险的巨额浮存金。在这张表中，我们通过将净损失准备金、损失调整费用准备金、再保险预收资金和未到期保费准备金加总，再减去代理人余额、预付取得成本、预付税款和再保险递延费用来计算浮存金。（听明白了吗？）",[58,381,382,391],{},[61,383,384],{},[64,385,386,388],{},[67,387,69],{},[67,389,390],{},"平均浮存金（百万美元）",[77,392,393,401,409,417,425,433,441,448],{},[64,394,395,398],{},[82,396,397],{},"1967",[82,399,400],{},"17",[64,402,403,406],{},[82,404,405],{},"1972",[82,407,408],{},"70",[64,410,411,414],{},[82,412,413],{},"1977",[82,415,416],{},"139",[64,418,419,422],{},[82,420,421],{},"1982",[82,423,424],{},"221",[64,426,427,430],{},[82,428,429],{},"1987",[82,431,432],{},"1,267",[64,434,435,438],{},[82,436,437],{},"1992",[82,439,440],{},"2,290",[64,442,443,445],{},[82,444,280],{},[82,446,447],{},"7,093",[64,449,450,452],{},[82,451,117],{},[82,453,454],{},"22,762（年末值）",[14,456,457],{},"浮存金25.4%的年化复合增长率固然令人印象深刻，但真正重要的是这些浮存金的获取成本。如果成本过高，浮存金的增长就会变成一种诅咒而非祝福。",[14,459,460],{},"在伯克希尔，消息全是好的：32年来我们的平均成本远低于零。总体而言，我们录得了可观的承保利润，这意味着我们不但持有一笔庞大且不断增长的资金，而且还因为持有它而获得了报酬。这是最好的世界。事实上，虽然我们的净浮存金在资产负债表上被记为负债，但它对我们的经济价值比等额的净资产还要高。只要我们能够持续取得承保利润，浮存金的价值就将持续超越净资产。",[14,462,463],{},"在未来几年内，伯克希尔浮存金的增长可能较为温和。再保险市场处于低迷期，而在这个行业中，业务关系的变化非常缓慢。因此，占我们总浮存金约三分之二的通用再保险浮存金在短期内不太可能有显著增长。不过，我们仍然预期我们的浮存金成本相较于其他保险公司将保持非常有吸引力的水平。",[10,465,466],{"id":466},"报告收益的来源",[14,468,469],{},"下表显示了伯克希尔报告收益的主要来源。在这种列示方式中，购买法会计调整没有分摊到具体的业务中，而是汇总后单独列示。这种处理方式使你能够看到如果我们没有收购这些业务时，它们各自的盈利情况。基于此前讨论过的原因，我们认为这种列示方式——相比通用会计准则 (GAAP) 要求的将收购溢价逐一分摊到各业务的方式——对投资者和管理者更有帮助。当然，表中的总收益与我们经审计财务报表中的GAAP总数完全一致。",[58,471,472,488],{},[61,473,474],{},[64,475,476,478,481,483,486],{},[67,477],{},[67,479,480],{},"税前收益",[67,482,480],{},[67,484,485],{},"税后收益（伯克希尔应占）",[67,487,485],{},[77,489,490,503,516,529,546,563,580,596,613,629,646,662,679,695,710,727,743,757,772,789,805,822,838,855,871],{},[64,491,492,495,497,499,501],{},[82,493,494],{},"（百万美元）",[82,496,117],{},[82,498,280],{},[82,500,117],{},[82,502,280],{},[64,504,505,508,510,512,514],{},[82,506,507],{},"经营收益：",[82,509],{},[82,511],{},[82,513],{},[82,515],{},[64,517,518,521,523,525,527],{},[82,519,520],{},"保险集团：",[82,522],{},[82,524],{},[82,526],{},[82,528],{},[64,530,531,534,537,540,543],{},[82,532,533],{},"承保——巨灾再保险",[82,535,536],{},"$ 154",[82,538,539],{},"$ 283",[82,541,542],{},"$ 100",[82,544,545],{},"$ 183",[64,547,548,551,554,557,560],{},[82,549,550],{},"承保——其他再保险",[82,552,553],{},"(175)",[82,555,556],{},"(155)",[82,558,559],{},"(114)",[82,561,562],{},"(100)",[64,564,565,568,571,574,577],{},[82,566,567],{},"承保——盖可保险",[82,569,570],{},"269",[82,572,573],{},"281",[82,575,576],{},"175",[82,578,579],{},"181",[64,581,582,585,587,590,593],{},[82,583,584],{},"承保——其他直保",[82,586,400],{},[82,588,589],{},"53",[82,591,592],{},"10",[82,594,595],{},"34",[64,597,598,601,604,607,610],{},[82,599,600],{},"净投资收益",[82,602,603],{},"974",[82,605,606],{},"882",[82,608,609],{},"731",[82,611,612],{},"704",[64,614,615,618,620,623,626],{},[82,616,617],{},"布法罗新闻报 (Buffalo News)",[82,619,589],{},[82,621,622],{},"56",[82,624,625],{},"32",[82,627,628],{},"33",[64,630,631,634,637,640,643],{},[82,632,633],{},"金融及金融产品业务",[82,635,636],{},"205",[82,638,639],{},"28",[82,641,642],{},"133",[82,644,645],{},"18",[64,647,648,651,653,656,659],{},[82,649,650],{},"飞行服务(1)",[82,652,579],{},[82,654,655],{},"140",[82,657,658],{},"110",[82,660,661],{},"84",[64,663,664,667,670,673,676],{},[82,665,666],{},"家具业务",[82,668,669],{},"72",[82,671,672],{},"57(2)",[82,674,675],{},"41",[82,677,678],{},"32(2)",[64,680,681,684,687,690,693],{},[82,682,683],{},"冰雪皇后 (International Dairy Queen)",[82,685,686],{},"58",[82,688,689],{},"--",[82,691,692],{},"35",[82,694,689],{},[64,696,697,700,703,705,708],{},[82,698,699],{},"珠宝业务",[82,701,702],{},"39",[82,704,625],{},[82,706,707],{},"23",[82,709,645],{},[64,711,712,715,718,721,724],{},[82,713,714],{},"斯科特费泽 (Scott Fetzer)（不含金融业务）",[82,716,717],{},"137",[82,719,720],{},"119",[82,722,723],{},"85",[82,725,726],{},"77",[64,728,729,732,735,738,741],{},[82,730,731],{},"喜诗糖果 (See's Candies)",[82,733,734],{},"62",[82,736,737],{},"59",[82,739,740],{},"40",[82,742,692],{},[64,744,745,748,750,753,755],{},[82,746,747],{},"鞋业集团",[82,749,628],{},[82,751,752],{},"49",[82,754,707],{},[82,756,625],{},[64,758,759,762,765,767,770],{},[82,760,761],{},"通用再保险(3)",[82,763,764],{},"26",[82,766,689],{},[82,768,769],{},"16",[82,771,689],{},[64,773,774,777,780,783,786],{},[82,775,776],{},"购买法会计调整",[82,778,779],{},"(123)",[82,781,782],{},"(101)",[82,784,785],{},"(118)",[82,787,788],{},"(94)",[64,790,791,794,796,799,802],{},[82,792,793],{},"利息费用(4)",[82,795,562],{},[82,797,798],{},"(107)",[82,800,801],{},"(63)",[82,803,804],{},"(67)",[64,806,807,810,813,816,819],{},[82,808,809],{},"股东指定捐赠",[82,811,812],{},"(17)",[82,814,815],{},"(15)",[82,817,818],{},"(11)",[82,820,821],{},"(10)",[64,823,824,827,829,832,835],{},[82,825,826],{},"其他",[82,828,595],{},[82,830,831],{},"60",[82,833,834],{},"29",[82,836,837],{},"37",[64,839,840,843,846,849,852],{},[82,841,842],{},"经营收益",[82,844,845],{},"1,899",[82,847,848],{},"1,721",[82,850,851],{},"1,277",[82,853,854],{},"1,197",[64,856,857,860,863,866,869],{},[82,858,859],{},"投资资本利得",[82,861,862],{},"2,415",[82,864,865],{},"1,106",[82,867,868],{},"1,553",[82,870,612],{},[64,872,873,876,879,882,885],{},[82,874,875],{},"所有实体收益合计",[82,877,878],{},"$ 4,314",[82,880,881],{},"$ 2,827",[82,883,884],{},"$ 2,830",[82,886,887],{},"$ 1,901",[14,889,890],{},[39,891,892],{},"(1) 包含公务机航空自1998年8月7日之后的收益。",[14,894,895],{},[39,896,897],{},"(2) 包含明星家具 (Star Furniture) 自1997年7月1日之后的收益。",[14,899,900],{},[39,901,902],{},"(3) 自收购完成日1998年12月21日起。",[14,904,905],{},[39,906,907],{},"(4) 不含金融业务的利息费用。",[14,909,910],{},"大家完全可以为我们旗下的经理人感到自豪。他们几乎无一例外地创造了行业条件所允许的最佳盈利，同时还在不断加固企业的长期竞争优势。总的来说，他们已经为大家创造了数十亿美元的价值。",[14,912,913],{},"举个例子：在1994年的信中，我曾向各位报告拉尔夫·谢伊 (Ralph Schey) 在斯科特费泽的非凡表现。我万万没想到的是，那时他不过才刚热身完毕。去年，斯科特费泽在没有任何借款的情况下（除了财务子公司的保守负债之外），仅凭1.12亿美元的净资产，竟创下了9,650万美元税后收益的历史纪录。",[14,915,916],{},"今天，伯克希尔拥有一大批像Ralph这样在各自行业中堪称传奇的人物。他们当中很多人是在我们收购公司时就加入了我们的队伍，但近年来我们也从内部发掘了不少出色的经理人。随着通用再保险和EJA的加入，我们的全明星阵容又进一步壮大了。",[14,918,919],{},"查理跟我在伯克希尔的活儿其实很轻松：我们几乎什么都不做，除了配置资本。即便如此，我们也不是特别勤快。不过我们有一个借口：在资本配置领域，做得多并不等于做得好。事实上，在投资和并购领域，过于疯狂的行动往往适得其反。因此，查理跟我通常就是静静地坐着等电话铃响。",[14,921,922],{},"当然，我们的经理人确实非常努力——而且成效显著。很自然的，他们希望自己的付出能得到公平的回报，但光靠薪酬并不能解释他们为何有如此杰出的成就。真正驱动每一位经理人的，是一种愿景——看看自己能把这门生意带到多远——以及成为那个把它带到那里的人的渴望。查理和我谨代表大家和我们自己，向他们致以最诚挚的感谢。",[14,924,925],{},"如果不提一提在伯克希尔总部与我共事的11.8名同事就收尾，那是不合适的。除了处理拥有数十家企业所带来的无数税务、监管和行政事务之外，这个团队还高效而愉快地管理着各种特别项目，其中一些涉及数百次咨询回复。以下是他们1998年的部分工作内容：",[927,928,929,933,936,939,942,945,948],"ul",{},[930,931,932],"li",{},"6,106名股东指定了3,880家慈善机构作为捐赠对象。",[930,934,935],{},"凯利·穆切莫尔 (Kelly Muchemore) 处理了约17,500张股东会入场证以及3,200张棒球赛门票的订单和支票。",[930,937,938],{},"Kelly和马克·汉伯格 (Marc Hamburg) 制作并导演了整场Aksarben盛会，需要安排各子公司的展示、制作我们的电影，有时还要帮来宾解决交通和住宿问题。",[930,940,941],{},"黛比·波萨内克 (Debbie Bosanek) 满足了46家媒体机构（其中13家来自海外）报道会议的各种不同需求，同时一如既往地在我工作的方方面面给予我出色的协助。",[930,943,944],{},"Debbie和Marc汇编了年报数据，并监督了165,000份年报的制作和分发。（今年这个数字将是325,000份。）",[930,946,947],{},"Marc处理了95%的细节——以及大量的实质内容——与我们完成两项重大合并相关的工作。",[930,949,950],{},"Kelly、Debbie和黛布·雷 (Deb Ray) 高效地处理了数以万计的年报和财务信息索取请求。\n你们和我只支付了11.8个人的工资，但我们获得的产出在大多数地方需要100个人才能完成。对这11.8位同事中的每一位，我致以衷心的感谢。",[14,952,953],{},"沃伦·巴菲特",[14,955,956],{},"董事会主席",[14,958,959],{},"1999年3月1日",[961,962,965,971],"section",{"className":963,"dataFootnotes":29},[964],"footnotes",[966,967,970],"h2",{"className":968,"id":28},[969],"sr-only","Footnotes",[972,973,974],"ol",{},[930,975,977,978],{"id":976},"user-content-fn-1","本报告中使用的所有数据均适用于伯克希尔A股，即公司在1996年之前唯一发行在外的股票的后续品种。B股的经济利益相当于A股的三十分之一。 ",[24,979,984],{"href":980,"ariaLabel":981,"className":982,"dataFootnoteBackref":29},"#user-content-fnref-1","Back to reference 1",[983],"data-footnote-backref","↩",{"title":29,"searchDepth":986,"depth":986,"links":987},2,[988],{"id":28,"depth":986,"text":970},"致股东信",null,"1998年巴菲特致股东信，庆祝账面价值大增259亿美元、讨论并购交易及股票投资策略","md",{},true,69,"\u002Fbuffett\u002Fberkshire\u002F1998-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":991},"1998 巴菲特致股东信｜巴菲特","1998-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1998-ba-fei-te-zhi-gu-dong-xin","fxa7wlgIcQlKD518igUzonV-UoGAlKvxGw2JzVOWgJw","buffett",[1004,1008,1012,1016,1019,1022,1025,1029,1032,1035,1039,1042,1045,1049,1052,1055,1059,1062,1065,1069,1072,1075,1079,1082,1085,1089,1092,1095,1099,1102,1105,1109,1112,1115,1119,1122,1125,1129,1132,1135,1139,1142,1145,1149,1152,1155,1159,1162,1165,1169,1172,1175,1179,1182,1185,1189,1192,1195,1199,1202,1205,1209,1212,1215,1219,1222,1225,1229,1232,1235,1239,1242,1245,1249,1252,1255,1259,1262,1265,1269,1272,1275,1279,1282,1285,1289,1292,1295,1299,1302,1305,1309,1312,1315,1319,1322,1325,1329,1332,1335,1339,1342,1346,1349,1353,1356,1360,1363,1367,1370,1374,1377,1381,1384,1388,1391,1395,1398,1402,1405,1409,1412,1416,1419,1423,1426,1430,1433,1437,1440,1444,1447,1451,1454,1458,1461,1465,1468,1472,1475,1479,1482,1486,1489,1493,1496,1500,1503,1507,1510,1514,1517,1521,1524,1528,1531,1535,1538,1542,1545,1549,1552,1556,1559,1563,1566,1570,1573,1577,1580,1581,1584,1588,1591,1595,1598,1602,1605,1609,1612,1616,1619,1623,1626,1630,1633,1637,1640,1644,1647,1651,1654,1658,1661,1665,1668,1672,1675,1679,1682,1686,1689,1693,1696,1700,1703,1707,1710,1714,1717,1721,1724,1728,1731,1735,1738,1742,1745,1749,1752,1756,1759,1763,1766,1770,1773,1777,1780,1784,1787,1791,1794,1798,1801,1805,1809,1813,1817,1821,1825,1829,1833,1837,1841,1845,1849,1853,1857,1861,1865,1869,1873,1877,1881,1885,1889,1893,1897,1901,1905,1909,1913,1917,1921,1925,1929,1933,1937,1941,1945,1949,1953,1957,1961,1965,1969,1973,1977,1981,1985,1989,1993,1997,2001],{"title":1005,"slug":1006,"category":989,"order":1007},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1009,"slug":1010,"category":1011,"order":1007},"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":1013,"slug":1014,"category":1015,"order":1007},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1017,"slug":1018,"category":989,"order":986},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1020,"slug":1021,"category":1011,"order":986},"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":1023,"slug":1024,"category":1015,"order":986},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1026,"slug":1027,"category":989,"order":1028},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1030,"slug":1031,"category":1011,"order":1028},"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":1033,"slug":1034,"category":1015,"order":1028},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1036,"slug":1037,"category":989,"order":1038},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1040,"slug":1041,"category":1011,"order":1038},"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":1043,"slug":1044,"category":1015,"order":1038},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1046,"slug":1047,"category":989,"order":1048},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1050,"slug":1051,"category":1011,"order":1048},"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":1053,"slug":1054,"category":1015,"order":1048},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1056,"slug":1057,"category":989,"order":1058},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1060,"slug":1061,"category":1011,"order":1058},"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":1063,"slug":1064,"category":1015,"order":1058},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1066,"slug":1067,"category":989,"order":1068},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1070,"slug":1071,"category":1011,"order":1068},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1073,"slug":1074,"category":1015,"order":1068},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1076,"slug":1077,"category":989,"order":1078},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1080,"slug":1081,"category":1011,"order":1078},"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":1083,"slug":1084,"category":1015,"order":1078},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1086,"slug":1087,"category":989,"order":1088},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1090,"slug":1091,"category":1011,"order":1088},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1093,"slug":1094,"category":1015,"order":1088},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1096,"slug":1097,"category":989,"order":1098},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1100,"slug":1101,"category":1011,"order":1098},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1103,"slug":1104,"category":1015,"order":1098},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1106,"slug":1107,"category":989,"order":1108},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1110,"slug":1111,"category":1011,"order":1108},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1113,"slug":1114,"category":1015,"order":1108},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1116,"slug":1117,"category":989,"order":1118},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1120,"slug":1121,"category":1011,"order":1118},"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":1123,"slug":1124,"category":1015,"order":1118},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1126,"slug":1127,"category":989,"order":1128},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1130,"slug":1131,"category":1011,"order":1128},"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":1133,"slug":1134,"category":1015,"order":1128},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1136,"slug":1137,"category":989,"order":1138},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1140,"slug":1141,"category":1011,"order":1138},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1143,"slug":1144,"category":1015,"order":1138},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1146,"slug":1147,"category":989,"order":1148},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1150,"slug":1151,"category":1011,"order":1148},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1153,"slug":1154,"category":1015,"order":1148},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1156,"slug":1157,"category":989,"order":1158},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1160,"slug":1161,"category":1011,"order":1158},"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":1163,"slug":1164,"category":1015,"order":1158},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1166,"slug":1167,"category":989,"order":1168},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1170,"slug":1171,"category":1011,"order":1168},"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":1173,"slug":1174,"category":1015,"order":1168},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1176,"slug":1177,"category":989,"order":1178},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1180,"slug":1181,"category":1011,"order":1178},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":1183,"slug":1184,"category":1015,"order":1178},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1186,"slug":1187,"category":989,"order":1188},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1190,"slug":1191,"category":1011,"order":1188},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":1193,"slug":1194,"category":1015,"order":1188},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1196,"slug":1197,"category":989,"order":1198},"1965年11月 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巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1310,"slug":1311,"category":1011,"order":1308},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1313,"slug":1314,"category":1015,"order":1308},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1316,"slug":1317,"category":989,"order":1318},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1320,"slug":1321,"category":1011,"order":1318},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":1323,"slug":1324,"category":1015,"order":1318},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1326,"slug":1327,"category":989,"order":1328},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1330,"slug":1331,"category":1011,"order":1328},"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":1333,"slug":1334,"category":1015,"order":1328},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1336,"slug":1337,"category":989,"order":1338},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1340,"slug":1341,"category":1011,"order":1338},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1343,"slug":1344,"category":989,"order":1345},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1347,"slug":1348,"category":1011,"order":1345},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1350,"slug":1351,"category":989,"order":1352},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1354,"slug":1355,"category":1011,"order":1352},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1357,"slug":1358,"category":989,"order":1359},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1361,"slug":1362,"category":1011,"order":1359},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1364,"slug":1365,"category":989,"order":1366},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":1368,"slug":1369,"category":1011,"order":1366},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1371,"slug":1372,"category":989,"order":1373},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1375,"slug":1376,"category":1011,"order":1373},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1378,"slug":1379,"category":989,"order":1380},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1382,"slug":1383,"category":1011,"order":1380},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1385,"slug":1386,"category":989,"order":1387},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1389,"slug":1390,"category":1011,"order":1387},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1392,"slug":1393,"category":989,"order":1394},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1396,"slug":1397,"category":1011,"order":1394},"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":1399,"slug":1400,"category":989,"order":1401},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1403,"slug":1404,"category":1011,"order":1401},"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":1406,"slug":1407,"category":989,"order":1408},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1410,"slug":1411,"category":1011,"order":1408},"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":1413,"slug":1414,"category":989,"order":1415},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1417,"slug":1418,"category":1011,"order":1415},"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":1420,"slug":1421,"category":989,"order":1422},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1424,"slug":1425,"category":1011,"order":1422},"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":1427,"slug":1428,"category":989,"order":1429},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1431,"slug":1432,"category":1011,"order":1429},"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":1434,"slug":1435,"category":989,"order":1436},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1438,"slug":1439,"category":1011,"order":1436},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1441,"slug":1442,"category":989,"order":1443},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1445,"slug":1446,"category":1011,"order":1443},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1448,"slug":1449,"category":989,"order":1450},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1452,"slug":1453,"category":1011,"order":1450},"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":1455,"slug":1456,"category":989,"order":1457},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1459,"slug":1460,"category":1011,"order":1457},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1462,"slug":1463,"category":989,"order":1464},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1466,"slug":1467,"category":1011,"order":1464},"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":1469,"slug":1470,"category":989,"order":1471},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1473,"slug":1474,"category":1011,"order":1471},"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":1476,"slug":1477,"category":989,"order":1478},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1480,"slug":1481,"category":1011,"order":1478},"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":1483,"slug":1484,"category":989,"order":1485},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1487,"slug":1488,"category":1011,"order":1485},"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":1490,"slug":1491,"category":989,"order":1492},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1494,"slug":1495,"category":1011,"order":1492},"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":1497,"slug":1498,"category":989,"order":1499},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1501,"slug":1502,"category":1011,"order":1499},"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":1504,"slug":1505,"category":989,"order":1506},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1508,"slug":1509,"category":1011,"order":1506},"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":1511,"slug":1512,"category":989,"order":1513},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1515,"slug":1516,"category":1011,"order":1513},"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":1518,"slug":1519,"category":989,"order":1520},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1522,"slug":1523,"category":1011,"order":1520},"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":1525,"slug":1526,"category":989,"order":1527},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1529,"slug":1530,"category":1011,"order":1527},"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":1532,"slug":1533,"category":989,"order":1534},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1536,"slug":1537,"category":1011,"order":1534},"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":1539,"slug":1540,"category":989,"order":1541},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1543,"slug":1544,"category":1011,"order":1541},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1546,"slug":1547,"category":989,"order":1548},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1550,"slug":1551,"category":1011,"order":1548},"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":1553,"slug":1554,"category":989,"order":1555},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1557,"slug":1558,"category":1011,"order":1555},"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":1560,"slug":1561,"category":989,"order":1562},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1564,"slug":1565,"category":1011,"order":1562},"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":1567,"slug":1568,"category":989,"order":1569},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1571,"slug":1572,"category":1011,"order":1569},"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":1574,"slug":1575,"category":989,"order":1576},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1578,"slug":1579,"category":1011,"order":1576},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":5,"slug":999,"category":989,"order":995},{"title":1582,"slug":1583,"category":1011,"order":995},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1585,"slug":1586,"category":989,"order":1587},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1589,"slug":1590,"category":1011,"order":1587},"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":1592,"slug":1593,"category":989,"order":1594},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1596,"slug":1597,"category":1011,"order":1594},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1599,"slug":1600,"category":989,"order":1601},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1603,"slug":1604,"category":1011,"order":1601},"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":1606,"slug":1607,"category":989,"order":1608},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1610,"slug":1611,"category":1011,"order":1608},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1613,"slug":1614,"category":989,"order":1615},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1617,"slug":1618,"category":1011,"order":1615},"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":1620,"slug":1621,"category":989,"order":1622},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1624,"slug":1625,"category":1011,"order":1622},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1627,"slug":1628,"category":989,"order":1629},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1631,"slug":1632,"category":1011,"order":1629},"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":1634,"slug":1635,"category":989,"order":1636},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1638,"slug":1639,"category":1011,"order":1636},"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":1641,"slug":1642,"category":989,"order":1643},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1645,"slug":1646,"category":1011,"order":1643},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1648,"slug":1649,"category":989,"order":1650},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1652,"slug":1653,"category":1011,"order":1650},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1655,"slug":1656,"category":989,"order":1657},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1659,"slug":1660,"category":1011,"order":1657},"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":1662,"slug":1663,"category":989,"order":1664},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1666,"slug":1667,"category":1011,"order":1664},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1669,"slug":1670,"category":989,"order":1671},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1673,"slug":1674,"category":1011,"order":1671},"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":1676,"slug":1677,"category":989,"order":1678},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1680,"slug":1681,"category":1011,"order":1678},"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":1683,"slug":1684,"category":989,"order":1685},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1687,"slug":1688,"category":1011,"order":1685},"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":1690,"slug":1691,"category":989,"order":1692},"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":1694,"slug":1695,"category":1011,"order":1692},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1697,"slug":1698,"category":989,"order":1699},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1701,"slug":1702,"category":1011,"order":1699},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1704,"slug":1705,"category":989,"order":1706},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1708,"slug":1709,"category":1011,"order":1706},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1711,"slug":1712,"category":989,"order":1713},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1715,"slug":1716,"category":1011,"order":1713},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1718,"slug":1719,"category":989,"order":1720},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1722,"slug":1723,"category":1011,"order":1720},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1725,"slug":1726,"category":989,"order":1727},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1729,"slug":1730,"category":1011,"order":1727},"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":1732,"slug":1733,"category":989,"order":1734},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1736,"slug":1737,"category":1011,"order":1734},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1739,"slug":1740,"category":989,"order":1741},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1743,"slug":1744,"category":1011,"order":1741},"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":1746,"slug":1747,"category":989,"order":1748},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1750,"slug":1751,"category":1011,"order":1748},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1753,"slug":1754,"category":989,"order":1755},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1757,"slug":1758,"category":1011,"order":1755},"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":1760,"slug":1761,"category":989,"order":1762},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1764,"slug":1765,"category":1011,"order":1762},"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":1767,"slug":1768,"category":989,"order":1769},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1771,"slug":1772,"category":1011,"order":1769},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1774,"slug":1775,"category":989,"order":1776},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1778,"slug":1779,"category":1011,"order":1776},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1781,"slug":1782,"category":989,"order":1783},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1785,"slug":1786,"category":1011,"order":1783},"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":1788,"slug":1789,"category":989,"order":1790},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1792,"slug":1793,"category":1011,"order":1790},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1795,"slug":1796,"category":989,"order":1797},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1799,"slug":1800,"category":1011,"order":1797},"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":1802,"slug":1803,"category":1011,"order":1804},"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":1806,"slug":1807,"category":1011,"order":1808},"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":1810,"slug":1811,"category":1011,"order":1812},"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":1814,"slug":1815,"category":1011,"order":1816},"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":1818,"slug":1819,"category":1011,"order":1820},"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":1822,"slug":1823,"category":1011,"order":1824},"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":1826,"slug":1827,"category":1011,"order":1828},"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":1830,"slug":1831,"category":1011,"order":1832},"巴菲特：2014年CNBC 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