[{"data":1,"prerenderedAt":2355},["ShallowReactive",2],{"library-1999-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":819,"library-sidebar-dao":1821,"library-sidebar-models":2123},{"id":4,"title":5,"body":6,"category":805,"date":806,"description":807,"extension":808,"meta":809,"navigation":810,"order":811,"path":812,"seo":813,"seoDescription":807,"seoTitle":814,"slug":815,"stem":816,"__hash__":817,"_collection":818},"buffett\u002Fbuffett\u002Fberkshire\u002F1999-ba-fei-te-zhi-gu-dong-xin.md","1999 巴菲特致股东信",{"type":7,"value":8,"toc":801},"minimark",[9,13,17,32,35,38,41,49,52,55,58,61,64,67,74,141,144,200,203,206,209,212,215,218,221,224,227,230,236,239,242,245,248,251,254,257,260,263,274,277,280,283,287,290,293,300,307,310,313,316,319,322,325,328,331,334,337,340,343,346,740,745,750,755,760,763,766,769,772,775],[10,11,5],"h1",{"id":12},"_1999-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司所有股东：",[14,18,19,20],{},"1999年，伯克希尔 (Berkshire) 的净资产增加了3.58亿美元，A\u002FB股每股账面价值增长了0.5%。自现任管理层接手的35年以来，每股账面价值由当初的19美元成长到目前的37,987美元，年复合增长率约为24.0%。",[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],{},"前面的数字清楚地表明1999年的表现有多糟。无论从绝对数字还是相对标普500指数而言，这都是我任期内最差的一年。相对表现才是我们真正关注的——长期来看，相对较差的成绩最终一定会导致绝对数字也好不到哪里去。",[14,36,37],{},"就算是顽皮豹克鲁索探长 (Inspector Clouseau) 也能找到去年真正的罪魁祸首：没错，就是你们的董事长本人。我个人的表现让我想起一位成绩单上得了四个F和一个D的四分卫，偏偏遇到一位通情达理的教练慢悠悠地说：\"孩子，我想你把太多时间花在某一门课上了。\"",[14,39,40],{},"我说的这\"一门课\"就是资本配置，而我1999年的成绩毫无疑问只有D。这一年最拖累我们的，是伯克希尔股票投资组合的糟糕表现——而这个投资组合除了盖可保险 (GEICO) 的路易·辛普森 (Lou Simpson) 管理的一小部分之外，全部由我本人负责。我们好几笔大型投资标的因为自身经营业绩不佳，股价表现远远落后于大盘。我们仍然看好这些公司所处的行业，也愿意继续大量持有它们的股票。只不过它们的受挫严重影响了我们去年的表现，而且何时才能重回正轨也不好说。",[14,42,43,44,48],{},"1999年业绩的不济，导致我们的股价跌幅远超基本面所反映的程度。回顾1998年，当时股价的表现其实好过公司本身的业绩。去年则恰好相反——本业表现好过股价，而且这种偏离一直持续到本信发表之日。当然，就长期而言，公司股价的走势",[45,46,47],"em",{},"必然","会大致与本业的表现趋于一致。",[14,50,51],{},"尽管去年表现不佳，伯克希尔副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我仍然预期，伯克希尔未来十年的内在价值增长将略微超越标普500指数同期的涨幅。当然，这种事谁也没法打包票。但我们愿意用自己全部的身家来做担保。大家应该都听过这组数据：我个人99%以上的净资产都放在伯克希尔。我和我太太从来没有卖过一股伯克希尔的股票，而且——除非哪天支票真的开始跳票——我们也永远不打算卖。",[14,53,54],{},"请注意，我说的是\"略微\"超越标普500。对伯克希尔来说，大幅超越指数的辉煌已经成为过去式了。当年之所以能做到，主要是因为那时候无论企业还是股票的价格都远比现在便宜得多，而且我们的资本规模也小得多，能够考虑的投资机会比现在宽广得多。",[14,56,57],{},"我们对伯克希尔前景的乐观，还受到另一个因素的制约——在我们看来几乎可以确定的是，标普500在未来一二十年的表现将远不如1982年以来的那段岁月。我最近在《财富》(Fortune) 杂志上发表了一篇文章阐述其中的原因，这份年报后面也附了一份。",[14,59,60],{},"我们的目标很简单：把现有的事业经营好——有在座这些出色的经理人，这并不难——同时继续收购具有同等经济特质和管理水平的新企业。1999年我们在这方面取得了重要进展，买下了乔丹家具 (Jordan's Furniture)，并签约收购了中美能源 (MidAmerican Energy) 的大部分股权。关于这两家公司后面我会详细介绍，但有一点要在此强调：这两笔交易全部以现金完成，没有发行任何伯克希尔的新股。这样的交易方式可遇不可求，但却是查理和我最偏爱的方式。",[10,62,63],{"id":63},"内在价值简介",[14,65,66],{},"我在这些年报中经常谈到内在价值——这是我们在收购企业和投资股票时所使用的关键指标，虽然远谈不上精确。（关于这个概念以及其他投资和会计术语的详细讨论，请参阅股东手册第55至62页。内在价值的讨论在第60页。）",[14,68,69,70,73],{},"在最近四年的年报中，我们提供了一张表格，我们认为它对估算伯克希尔的内在价值非常有用。在下面这张更新后的版本中，我们追踪了两个关键的价值组成部分。第一列是我们每股持有的投资金额（包括现金和现金等价物，但不包括金融产品业务持有的资产），第二列是伯克希尔经营业务的税前每股收益——已扣除利息和公司费用，但未扣除所得税和购买法会计调整数（详见第61页的讨论）。第二列",[45,71,72],{},"完全","剔除了第一列投资所带来的所有股利、利息和资本利得。实际上，这张表格展示的是：如果把伯克希尔一分为二——一个实体持有所有投资，另一个实体经营所有业务并承担全部公司费用——那它会是什么样子。",[75,76,77,93],"table",{},[78,79,80],"thead",{},[81,82,83,87,90],"tr",{},[84,85,86],"th",{},"年度",[84,88,89],{},"每股投资规模",[84,91,92],{},"税前每股经营收益（剔除所有投资收益）",[94,95,96,108,119,130],"tbody",{},[81,97,98,102,105],{},[99,100,101],"td",{},"1969",[99,103,104],{},"45美元",[99,106,107],{},"4.39美元",[81,109,110,113,116],{},[99,111,112],{},"1979",[99,114,115],{},"577",[99,117,118],{},"13.07",[81,120,121,124,127],{},[99,122,123],{},"1989",[99,125,126],{},"7,200",[99,128,129],{},"108.86",[81,131,132,135,138],{},[99,133,134],{},"1999",[99,136,137],{},"47,339",[99,139,140],{},"(458.55)",[14,142,143],{},"以下是这两个部分每十年的增长率：",[75,145,146,158],{},[78,147,148],{},[81,149,150,153,155],{},[84,151,152],{},"十年期",[84,154,89],{},[84,156,157],{},"税前每股经营收益",[94,159,160,170,180,190],{},[81,161,162,164,167],{},[99,163,112],{},[99,165,166],{},"29.0%",[99,168,169],{},"11.5%",[81,171,172,174,177],{},[99,173,123],{},[99,175,176],{},"28.7%",[99,178,179],{},"23.6%",[81,181,182,184,187],{},[99,183,134],{},[99,185,186],{},"20.7%",[99,188,189],{},"不适用",[81,191,192,195,198],{},[99,193,194],{},"1969-1999年复合增长率",[99,196,197],{},"25.4%",[99,199,189],{},[14,201,202],{},"1999年，我们的每股投资金额变化不大，但每股经营收益却因为几个重大负面因素压倒了若干亮眼的正面表现，而出现了大幅下滑。我们大部分的经营管理者都应该得到A级评价——他们交出了优异的成绩单，并大幅拉开了旗下业务的内在价值与资产负债表上账面价值之间的差距。但很可惜，这一切都被通用再保险 (General Re) 一笔巨大的——而且我认为是反常的——承保损失给抵消掉了。此外，盖可保险的承保收益也如预期般下滑了。不过盖可保险的整体表现仍然非常出色，远远超过我定下的那些严格目标。",[14,204,205],{},"展望今年，我们并不指望承保业绩会有多大改善。虽然盖可保险的内在价值应该还能以令人满意的幅度增长，但其承保表现几乎肯定会走弱。原因是汽车保险行业整体在2000年的表现会更差，而且我们还将大幅增加营销投入。至于通用再保险，我们正在上调费率，只要2000年不发生巨大灾难，该公司的承保损失应该会大幅减少。不过，费率上调的效果需要一段时间才能完全显现，因此通用再保险来年的承保成绩恐怕仍然不会令人满意。",[14,207,208],{},"有一个项目需要大家注意：商誉摊销费用——目前每年约5亿美元——会持续拉大内在价值与账面价值之间的差距。这笔费用降低了我们账上显示的商誉资产和相应的账面价值。但这是一个纯粹的会计事项，与真正的经济商誉毫无关系——后者在大多数年份都是增长的。即便经济商誉保持不变，每年的商誉摊销也会使内在价值和账面价值之间的差距越来越大。",[14,210,211],{},"虽然我们无法给出伯克希尔内在价值的精确数字，甚至连一个近似值都给不了，但查理和我可以向各位保证，它远远超过578亿美元的账面价值。像喜诗糖果 (See's Candies) 和布法罗新闻报 (Buffalo News) 这样的业务，目前的价值大约是账面价值的15到20倍。我们的目标是在所有子公司持续扩大这个差距。",[10,213,214],{"id":214},"别处读不到的经营故事",[14,216,217],{},"伯克希尔的经理人队伍在好几个重要方面都与众不同。举个例子，他们当中有很高比例的人已经非常富有——靠着自己经营的企业发了大财。他们继续工作，既不是因为缺钱，也不是因为合同约束——我们在伯克希尔根本不签什么合同。他们之所以长时间辛勤工作，纯粹是因为热爱自己的事业。我用\"自己的\"这个词是斟酌过的，因为这些经理人对各自的企业拥有真正的掌控权——不需要到奥马哈做什么演示汇报，不需要把预算报到总部审批，也没有什么资本支出的条条框框。我们只是简单地要求经理人们把各自的公司当成家族唯一的资产来经营，就好像这笔资产还要传给后代子孙一百年一样。",[14,219,220],{},"查理和我对待经理人的方式，跟我们对待伯克希尔股东的方式是一样的——将心比心，换位思考。虽然\"工作\"对我来说早已不是为了赚钱，但我仍然乐在其中，原因很简单：它给我成就感，让我自由地按照自己的判断行事，并且每天都有机会和自己欣赏及信赖的人打交道。我们的经理人——每一位都是各自行业的大师级人物——为什么要有不同的想法呢？",[14,222,223],{},"在与伯克希尔的关系上，我们的经理人似乎在身体力行肯尼迪总统的那句名言：\"不要问你的国家能为你做什么，问问你能为你的国家做什么。\"下面给大家讲一个去年的精彩故事：主角是犹他州家具业霸主威利家具 (R.C. Willey)，我们在1995年从比尔·查尔德 (Bill Child) 家族手中买下了这家公司。Bill和他的大部分管理团队都是摩门教徒，因此威利家具的门店周日从来不开门。这样做生意确实很难——周日可是很多顾客最爱逛街购物的日子。但Bill始终坚守自己的原则——同时还把这家店从他1954年接手时25万美元的年营业额，一路做到了1999年的3.42亿美元。",[14,225,226],{},"Bill认为威利家具完全有能力在犹他州以外的市场取得成功，于是在1997年建议我们到博伊西 (Boise) 开一家分店。坦白说，我非常怀疑\"周日不营业\"这套做法能否在一个全新的市场——面对每周七天无休的老牌竞争对手——站稳脚跟。不过话说回来，这是Bill负责的生意。所以尽管我心存保留，还是告诉他，遵从你自己的商业判断和宗教信仰吧。",[14,228,229],{},"然后Bill提出了一个非常特别的方案：他愿意自掏腰包买地建店——最终花了大约900万美元——如果经营顺利，再以成本价卖给我们。另一方面，如果销售不及预期，我们可以全身而退，不用付他一分钱。这意味着他个人要承担一栋空置大楼的巨大损失。我告诉他，我很感激他的提议，但既然伯克希尔要享受成功的果实，那也应该一起承担风险。Bill不肯让步：如果因为他的宗教信仰导致经营失败，他希望自己一个人扛下来。",[14,231,232,233],{},"这家分店去年八月开业，立刻大获成功。Bill随即将物业移交给我们——包括一些已经大幅升值的额外土地——我们按成本价给他开了张支票。还有更令人感动的：",[45,234,235],{},"对于两年来占用的资金，Bill拒绝收取一分钱的利息。",[14,237,238],{},"如果还有哪家上市公司的经理人做过类似的事情，我真的闻所未闻。你们不难理解，能够与Bill Child这样的人合作，为什么让我每天早上都雀跃着去上班。",[14,240,241],{},"在此我怀着悲痛的心情报告，盖可保险前董事长洛里默·戴维森 (Lorimer Davidson) 于去年11月去世，距他97岁生日仅数日之隔。对盖可保险来说，戴维是将公司带入大联盟的商业巨人。对我而言，他是朋友、导师和偶像。在过去的年报中我多次讲述过他多年来对我的关照。很显然，如果没有他，我的人生将会走上一条完全不同的道路。Tony、路易·辛普森和我去年八月曾去探望他，对他的头脑敏锐——尤其是涉及盖可保险一切事务时——深感惊叹。他至始至终都是盖可保险的头号拥趸，我们将永远怀念他。",[10,243,244],{"id":244},"航空服务业",[14,246,247],{},"我们旗下的两家航空服务公司——飞安国际 (FlightSafety International，简称\"FSI\") 和公务机航空 (Executive Jet Aviation，简称\"EJA\")——都是各自领域中遥遥领先的龙头。EJA通过其NetJets共享计划销售和管理公务机的部分所有权，其市场份额超过排名第二和第三的竞争对手之和。FSI专门培训飞行员（以及其他交通运输专业人员），其规模大约是最大竞争对手的五倍。",[14,249,250],{},"这两家公司还有一个共同特点：至今仍由各自的创始人经营。阿尔·乌尔斯基 (Al Ueltschi) 在1951年以1万美元创立了FSI，理查德·桑图里 (Rich Santulli) 则在1986年开创了飞机部分所有权行业。两位都是杰出的企业家，早已不需要为钱工作，但依然全身心投入，推动各自的公司不断成长壮大。",[14,252,253],{},"虽然这两家公司的领导地位相似，但经济特征却大不相同。FSI需要投入巨额资本。一台飞行模拟器的造价可高达1,500万美元——而我们有222台。而且每次只能有一个人在模拟器上接受训练，这意味着FSI每一美元营收对应的资本投入极高。因此，要获得合理的资本回报，经营利润率必须足够高。去年，我们在FSI及其持股50%的关联公司飞安波音 (FlightSafety Boeing) 的资本支出合计达2.15亿美元。",[14,255,256],{},"EJA则不同，设备归客户所有，虽然我们当然也必须投资一批自有的核心机队以确保卓越的服务品质。举个例子，感恩节后的那个周日——EJA一年中最忙碌的一天——对我们的运力是极大的考验，因为169架飞机由1,412位所有权人共享，其中很多人都想在下午3点到6点之间飞回家。在那天以及其他某些日子，我们需要动用自有飞机来确保每位客户在想去的时间到达想去的地方。",[14,258,259],{},"话虽如此，我们飞行的飞机大部分还是属于客户的，这意味着在这项业务中，适度的税前利润率就能产出不错的股东权益回报。目前，客户拥有的飞机价值超过20亿美元，此外我们还有42亿美元的飞机订单。事实上，限制我们业务增长的主要瓶颈就是飞机的供应。我们目前接收了全球约8%的公务机交付量，而且还希望这个比例能再高一些。尽管EJA在1999年受到供给制约，但其经常性收入——月管理费加按小时计算的飞行费用——仍增长了46%。",[14,261,262],{},"飞机部分所有权行业仍处于起步阶段。EJA目前正在欧洲积累关键的规模基础，未来我们将在全球范围内扩张。这将非常烧钱——非常非常烧钱——但只要值得，我们在所不惜。规模对我们和客户都至关重要：在全球拥有最多飞行中飞机的公司，才能为客户提供最好的服务。\"买下一个份额，拥有整个机队\"——在EJA，这句话是有真实含义的。",[14,264,265,266,269,270,273],{},"EJA还享有另一项重要优势：它的两个最大竞争对手都是飞机制造商的子公司，只能销售各自母公司制造的机型。虽然那些都是好飞机，但竞争对手因此在机舱配置和执行任务的灵活性上受到了很大限制。相比之下，EJA提供来自五家供应商的多种机型。因此，我们能给客户他",[45,267,268],{},"真正需要","的飞机——而不是让客户被动接受竞争对手的母公司",[45,271,272],{},"需要卖出","的飞机。",[14,275,276],{},"去年在年报中，我描述了我们家族自1995年以来拥有一架霍克1000型飞机四分之一所有权（即每年200飞行小时）的愉快体验。我被自己的文字给打动了，没过多久就又签下了一架赛斯纳V Ultra型十六分之一的所有权。现在，我每年在EJA和波仙珠宝 (Borsheim's) 的花费加起来，大约是我年薪的十倍。你们可以把这当作自己消费水平的一个粗略参考。",[14,278,279],{},"过去一年，伯克希尔的两位外部董事也加入了EJA的客户行列。（看来我们付给他们的酬劳太高了。）我要让大家知道，他们和我购买飞机和享受服务的价格，与任何其他客户完全一样：EJA实行\"最惠国\"政策，谁也别想搞特殊。",[14,281,282],{},"现在，准备好承受冲击吧。去年，EJA通过了终极考验：*查理也签约了。*再没有什么背书能比这个更有力地说明EJA服务的价值了。赶快拨打1-800-848-6436，索取我们关于飞机部分所有权的介绍资料。",[10,284,286],{"id":285},"_1999年的并购活动","1999年的并购活动",[14,288,289],{},"无论是盖可保险还是公务机航空，我们最好的新客户来源都是已经很满意的老客户。事实上，在飞机部分所有权计划中，约65%的新客户是由现有客户推荐而来——他们早已爱上了我们的服务。",[14,291,292],{},"我们的收购也往往遵循同样的模式。在其他公司，高管们可能会和投资银行家一起，通过已经标准化的拍卖流程来物色收购目标。在这个过程中，银行家们会编一本\"册子\"，让我想起了少年时读的超人漫画。华尔街版本是这样的：一家原本平淡无奇的公司，走进投资银行的电话亭后摇身一变，一跃超越所有竞争对手，收益增长快如子弹。被册子中描述的超级能力所撩拨，那些求购心切的CEO们——个个外表冷酷，骨子里都是露易丝·莱恩——立刻晕头转向。",[14,294,295,296,299],{},"这些册子里最有趣的部分，是它们对未来多年收益预测的那种惊人精确度。然而你要是问编册子的那位银行家，他自己的银行",[45,297,298],{},"下个月","能赚多少钱，他会立刻缩进防护壳里，告诉你市场和经营环境变化太快，实在没法冒险做出预测。",[14,301,302,303,306],{},"有一则故事我实在忍不住要讲：1985年，一家大型投资银行受委托出售斯科特费泽 (Scott Fetzer) 公司，四处推销——但毫无结果。得知这一消息后，我给斯科特费泽当时（也是现任）的CEO拉尔夫·谢伊 (Ralph Schey) 写了一封信，表达了收购的兴趣。我跟Ralph素未谋面，但不到一周我们就达成了交易。不巧的是，斯科特费泽与那家投行签的委托协议规定，公司一旦售出就要支付250万美元的顾问费——即使是买方自己找上门来的也得付。我猜那位银行家觉得既然拿了钱总该做点什么，于是好心地提出把他们事先准备好的那本斯科特费泽介绍册子送我们一份。查理以他一贯的优雅方式回应道：\"我愿意出250万美元",[45,304,305],{},"不看","那本册子。\"",[14,308,309],{},"在伯克希尔，我们精心设计的收购策略非常简单：就是坐等电话响。可喜的是，电话有时候真的会响，通常是先前卖给我们公司的某位经理人向朋友推荐，建议他们也可以考虑如法炮制。",[14,311,312],{},"这就引出了家具生意的话题。两年前我曾回忆，1983年收购内布拉斯加家具店 (Nebraska Furniture Mart) 以及此后与布鲁姆金家族 (Blumkin) 的交往，如何引出了后续收购威利家具 (R.C. Willey, 1995年) 和明星家具 (Star Furniture, 1997年) 的故事。对我来说，这些缘分都太美好了。伯克希尔不仅获得了三家出色的零售企业，这些交易还让我结识了你这辈子能遇到的最好的一群人。",[14,314,315],{},"自然而然地，我就不停地问布鲁姆金家族的人、Bill Child和梅尔文·沃尔夫 (Melvyn Wolff)：你们身边还有没有像你们一样的人？他们异口同声的回答都是：新英格兰地区的塔特尔曼兄弟 (Tatelman) 和他们出色的乔丹家具 (Jordan's Furniture)。",[14,317,318],{},"去年我见到了巴里和艾略特·塔特尔曼 (Barry and Eliot Tatelman)，很快我们就签下了伯克希尔收购该公司的协议。与我们之前三次家具收购一样，这也是一家传承已久的家族企业——最早可以追溯到1927年，当时Barry和Eliot的祖父在波士顿郊区创业。在兄弟俩的管理下，乔丹家具在当地的主导地位不断加强，成为新罕布什尔州和马萨诸塞州最大的家具零售商。",[14,320,321],{},"塔特尔曼兄弟不仅仅是卖家具或管理店铺。他们还为上门的顾客呈现一种令人目眩的\"娱乐式购物\"体验。一家人来到店里，不仅能浏览到种类丰富的商品，还能度过一段美好时光。经营成果同样非凡：乔丹家具每平方英尺的销售额在全美大型家具零售商中高居第一。如果你在波士顿地区，我强烈建议你去逛逛他们的门店——尤其是位于纳提克 (Natick) 的最新店面。记得带钱。",[14,323,324],{},"Barry和Eliot是品格高尚的人——跟伯克希尔旗下其他三家家具公司的同仁一样。当他们把公司卖给我们之后，他们决定给每位员工补发至少每小时0.5美元乘以其在乔丹家具工作总时数的奖金。这笔钱总计900万美元，全部从塔特尔曼兄弟自己口袋里掏出来，而不是从伯克希尔。而且Barry和Eliot签支票的时候满心欢喜。",[14,326,327],{},"我们旗下的每一家家具店都是各自所在区域的第一名。目前我们在马萨诸塞州、新罕布什尔州、德克萨斯州、内布拉斯加州、犹他州和爱达荷州的家具销售额均居首位。去年，明星家具的梅尔文·沃尔夫 (Melvyn Wolff) 和他的姐姐雪莉·图明 (Shirley Toomim) 又取得了两大突破：成功打入圣安东尼奥市场，并大幅扩建了奥斯汀门店。",[14,329,330],{},"放眼整个家具零售业，没有哪家企业能与伯克希尔旗下的家具集团相提并论。这对我来说是乐趣，对你们来说是利润。W.C.菲尔兹 (W.C. Fields) 曾经说过：\"是一个女人把我推向了酒瓶，可惜我一直没机会好好感谢她。\"我不想犯同样的错误。在此我要感谢路易 (Louie)、罗恩 (Ron) 和艾文·布鲁姆金 (Irv Blumkin)——是他们带我踏入了家具行业，并一路引导我组建了今天这支梦幻团队。",[14,332,333],{},"在收购乔丹家具时，我们采用了一种能最大化股东现金流、但会最小化报告给你们的利润的方式。伯克希尔以现金收购资产，这种做法在税务上允许我们在15年内摊销产生的商誉。显然，这项税务抵减实质性地增加了业务产出的现金流量。相比之下，如果用现金购买的是股权而非资产，由此产生的商誉核销则不能用来抵税。两种做法之间的经济差异是巨大的。",[14,335,336],{},"从收购方的经济角度看，最不划算的交易是以股换股。这种方式往往要支付高昂的溢价，但被收购公司的股票或资产在税基上不会获得任何提升。如果日后出售被收购的公司，所有者可能要缴纳高额的资本利得税（税率在35%甚至更高），即使从经济实质上看这笔出售其实是亏损的。",[14,338,339],{},"在伯克希尔，我们也做过一些税务结构不够理想的交易。之所以这样做，是因为卖方坚持某种特定结构，而我们综合评估后仍然认为交易是合理的。但我们从未为了让账面数字更好看而采用低效的交易结构。",[10,341,342],{"id":342},"报告收益的来源",[14,344,345],{},"下表列示了伯克希尔报告收益的主要来源。在这种呈现方式下，购买法会计调整并没有分配到各具体业务，而是汇总后单独列示。这种做法是为了让你们看到各业务就像我们从未收购它们一样的利润状况。基于第61页讨论的原因，我们认为这种呈现方式对投资者和管理者来说，比通用会计准则要求的将收购溢价逐一计入各业务的做法更为有用。当然，我们在表中显示的利润总额与经审计财务报表中的GAAP数字完全一致。",[75,347,348,364],{},[78,349,350],{},[81,351,352,354,357,359,362],{},[84,353],{},[84,355,356],{},"税前收益",[84,358,356],{},[84,360,361],{},"伯克希尔应占净收益（税后及少数股东权益后）",[84,363,361],{},[94,365,366,380,393,406,423,440,457,474,491,508,525,542,558,575,592,609,624,641,658,673,689,706,723],{},[81,367,368,371,373,376,378],{},[99,369,370],{},"（百万美元）",[99,372,134],{},[99,374,375],{},"1998",[99,377,134],{},[99,379,375],{},[81,381,382,385,387,389,391],{},[99,383,384],{},"经营收益：",[99,386],{},[99,388],{},[99,390],{},[99,392],{},[81,394,395,398,400,402,404],{},[99,396,397],{},"保险集团：",[99,399],{},[99,401],{},[99,403],{},[99,405],{},[81,407,408,411,414,417,420],{},[99,409,410],{},"承保——再保险",[99,412,413],{},"$(1,440)",[99,415,416],{},"$(21)",[99,418,419],{},"$(927)",[99,421,422],{},"$(14)",[81,424,425,428,431,434,437],{},[99,426,427],{},"承保——盖可保险",[99,429,430],{},"24",[99,432,433],{},"269",[99,435,436],{},"16",[99,438,439],{},"175",[81,441,442,445,448,451,454],{},[99,443,444],{},"承保——其他直保",[99,446,447],{},"22",[99,449,450],{},"17",[99,452,453],{},"14",[99,455,456],{},"10",[81,458,459,462,465,468,471],{},[99,460,461],{},"净投资收益",[99,463,464],{},"2,482",[99,466,467],{},"974",[99,469,470],{},"1,764",[99,472,473],{},"731",[81,475,476,479,482,485,488],{},[99,477,478],{},"布法罗新闻报",[99,480,481],{},"55",[99,483,484],{},"53",[99,486,487],{},"34",[99,489,490],{},"32",[81,492,493,496,499,502,505],{},[99,494,495],{},"金融与金融产品业务",[99,497,498],{},"125",[99,500,501],{},"205(1)",[99,503,504],{},"86",[99,506,507],{},"133(1)",[81,509,510,513,516,519,522],{},[99,511,512],{},"航空服务",[99,514,515],{},"225",[99,517,518],{},"181",[99,520,521],{},"132",[99,523,524],{},"110",[81,526,527,530,533,536,539],{},[99,528,529],{},"家具业务",[99,531,532],{},"79(2)",[99,534,535],{},"72",[99,537,538],{},"46(2)",[99,540,541],{},"41",[81,543,544,547,550,553,556],{},[99,545,546],{},"国际冰雪皇后",[99,548,549],{},"56",[99,551,552],{},"58",[99,554,555],{},"35",[99,557,555],{},[81,559,560,563,566,569,572],{},[99,561,562],{},"珠宝",[99,564,565],{},"51",[99,567,568],{},"39",[99,570,571],{},"31",[99,573,574],{},"23",[81,576,577,580,583,586,589],{},[99,578,579],{},"斯科特费泽（不含金融业务）",[99,581,582],{},"147",[99,584,585],{},"137",[99,587,588],{},"92",[99,590,591],{},"85",[81,593,594,597,600,603,606],{},[99,595,596],{},"喜诗糖果",[99,598,599],{},"74",[99,601,602],{},"62",[99,604,605],{},"46",[99,607,608],{},"40",[81,610,611,614,616,619,622],{},[99,612,613],{},"鞋业集团",[99,615,450],{},[99,617,618],{},"33",[99,620,621],{},"11",[99,623,574],{},[81,625,626,629,632,635,638],{},[99,627,628],{},"购买法会计调整",[99,630,631],{},"(739)",[99,633,634],{},"(123)",[99,636,637],{},"(648)",[99,639,640],{},"(118)",[81,642,643,646,649,652,655],{},[99,644,645],{},"利息费用(3)",[99,647,648],{},"(109)",[99,650,651],{},"(100)",[99,653,654],{},"(70)",[99,656,657],{},"(63)",[81,659,660,663,666,668,671],{},[99,661,662],{},"股东指定捐赠",[99,664,665],{},"(17)",[99,667,665],{},[99,669,670],{},"(11)",[99,672,670],{},[81,674,675,678,680,683,686],{},[99,676,677],{},"其他",[99,679,618],{},[99,681,682],{},"60(4)",[99,684,685],{},"20",[99,687,688],{},"45(4)",[81,690,691,694,697,700,703],{},[99,692,693],{},"经营收益",[99,695,696],{},"1,085",[99,698,699],{},"1,899",[99,701,702],{},"671",[99,704,705],{},"1,277",[81,707,708,711,714,717,720],{},[99,709,710],{},"投资资本利得",[99,712,713],{},"1,365",[99,715,716],{},"2,415",[99,718,719],{},"886",[99,721,722],{},"1,553",[81,724,725,728,731,734,737],{},[99,726,727],{},"所有实体合计收益",[99,729,730],{},"$2,450",[99,732,733],{},"$4,314",[99,735,736],{},"$1,557",[99,738,739],{},"$2,830",[14,741,742],{},[45,743,744],{},"(1) 包含公务机航空自1998年8月7日起的收益。",[14,746,747],{},[45,748,749],{},"(2) 包含乔丹家具自1999年11月13日起的收益。",[14,751,752],{},[45,753,754],{},"(3) 不含金融业务的利息费用。",[14,756,757],{},[45,758,759],{},"(4) 包含通用再保险1998年内10天的经营数据。",[14,761,762],{},"1999年，我们旗下几乎所有的制造、零售和服务业务都取得了优异的成绩。唯一的例外是Dexter鞋业，但它的问题并非出在管理上：在技能、干劲和敬业精神方面，Dexter的管理层与我们其他经理人毫无二致。问题在于我们的鞋子主要在美国生产，而美国本土厂商要想有效地与海外竞争已变得极为困难。1999年，美国消费的13亿双鞋中约93%来自进口——那里的劳动力成本低得惊人。",[14,764,765],{},"把Dexter和布朗鞋业 (H.H. Brown) 加在一起，我们目前是美国最大的本土制鞋商，而且未来很可能继续保持这一地位。我们在美国工厂拥有忠诚且技艺精湛的工人，我们希望保住这里的每一个岗位。但为了维持竞争力，我们不得不增加海外采购的比重。在这个过程中，我们发生了可观的遣散和搬迁费用，这些费用已包含在上表的收益中。",[14,767,768],{},"几年前，我们拥有200家门店的赫兹伯格钻石 (Helzberg's) 需要做出运营调整以恢复利润率。在杰夫·科门特 (Jeff Comment) 的领导下，任务完成了，利润大幅反弹。在鞋业方面，我们有哈罗德·阿尔方德 (Harold Alfond)、彼得·伦德 (Peter Lunder)、弗兰克·鲁尼 (Frank Rooney) 和吉姆·伊斯勒 (Jim Issler) 在掌舵，我相信未来几年也会看到类似的改善。",[14,770,771],{},"喜诗糖果值得特别一提，因为去年它创下了24%的经营利润率新纪录。自从我们在1972年以2,500万美元买下喜诗以来，它已累计赚取了8.57亿美元的税前利润。而且尽管业务持续增长，它几乎不需要额外的资本投入。这一切要归功于查克·哈金斯 (Chuck Huggins)。在买下公司的第一天，查理和我就把公司交给他管理，他对产品品质和亲切服务近乎狂热的坚持，让顾客、员工和股东都受益匪浅。",[14,773,774],{},"Chuck一年比一年出色。当他46岁接手喜诗时，公司的税前利润（以百万美元为单位）大约是他年龄的10%。如今他74岁了，这个比率飙升到了100%。在发现这个有趣的数学关系之后——姑且称之为\"哈金斯定律\"——查理和我现在一想到Chuck的生日快到了，就暗自窃喜不已。",[776,777,780,786],"section",{"className":778,"dataFootnotes":29},[779],"footnotes",[781,782,785],"h2",{"className":783,"id":28},[784],"sr-only","Footnotes",[787,788,789],"ol",{},[790,791,793,794],"li",{"id":792},"user-content-fn-1","本报告中所有数字均基于伯克希尔A类股，即1996年之前公司唯一流通在外的股份。B类股的经济权益相当于A类股的1\u002F30。 ",[24,795,800],{"href":796,"ariaLabel":797,"className":798,"dataFootnoteBackref":29},"#user-content-fnref-1","Back to reference 1",[799],"data-footnote-backref","↩",{"title":29,"searchDepth":802,"depth":802,"links":803},2,[804],{"id":28,"depth":802,"text":785},"致股东信",null,"1999年巴菲特致股东信，分析账面价值微增、互联网泡沫警告及投资策略调整","md",{},true,70,"\u002Fbuffett\u002Fberkshire\u002F1999-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":807},"1999 巴菲特致股东信｜巴菲特","1999-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1999-ba-fei-te-zhi-gu-dong-xin","N2Ag9iAiVmoQLhm67z1gXV-ovfdOIQLEploJ48JpRe8","buffett",[820,824,828,832,835,838,841,845,848,851,855,858,861,865,868,871,875,878,881,885,888,891,895,898,901,905,908,911,915,918,921,925,928,931,935,938,941,945,948,951,955,958,961,965,968,971,975,978,981,985,988,991,995,998,1001,1005,1008,1011,1015,1018,1021,1025,1028,1031,1035,1038,1041,1045,1048,1051,1055,1058,1061,1065,1068,1071,1075,1078,1081,1085,1088,1091,1095,1098,1101,1105,1108,1111,1115,1118,1121,1125,1128,1131,1135,1138,1141,1145,1148,1151,1155,1158,1162,1165,1169,1172,1176,1179,1183,1186,1190,1193,1197,1200,1204,1207,1211,1214,1218,1221,1225,1228,1232,1235,1239,1242,1246,1249,1253,1256,1260,1263,1267,1270,1274,1277,1281,1284,1288,1291,1295,1298,1302,1305,1309,1312,1316,1319,1323,1326,1330,1333,1337,1340,1344,1347,1351,1354,1358,1361,1365,1368,1372,1375,1379,1382,1386,1389,1393,1396,1400,1403,1404,1407,1411,1414,1418,1421,1425,1428,1432,1435,1439,1442,1446,1449,1453,1456,1460,1463,1467,1470,1474,1477,1481,1484,1488,1491,1495,1498,1502,1505,1509,1512,1516,1519,1523,1526,1530,1533,1537,1540,1544,1547,1551,1554,1558,1561,1565,1568,1572,1575,1579,1582,1586,1589,1593,1596,1600,1603,1607,1610,1614,1617,1621,1625,1629,1633,1637,1641,1645,1649,1653,1657,1661,1665,1669,1673,1677,1681,1685,1689,1693,1697,1701,1705,1709,1713,1717,1721,1725,1729,1733,1737,1741,1745,1749,1753,1757,1761,1765,1769,1773,1777,1781,1785,1789,1793,1797,1801,1805,1809,1813,1817],{"title":821,"slug":822,"category":805,"order":823},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":825,"slug":826,"category":827,"order":823},"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":829,"slug":830,"category":831,"order":823},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":833,"slug":834,"category":805,"order":802},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":836,"slug":837,"category":827,"order":802},"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":839,"slug":840,"category":831,"order":802},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":842,"slug":843,"category":805,"order":844},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":846,"slug":847,"category":827,"order":844},"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":849,"slug":850,"category":831,"order":844},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":852,"slug":853,"category":805,"order":854},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":856,"slug":857,"category":827,"order":854},"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":859,"slug":860,"category":831,"order":854},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":862,"slug":863,"category":805,"order":864},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":866,"slug":867,"category":827,"order":864},"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":869,"slug":870,"category":831,"order":864},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":872,"slug":873,"category":805,"order":874},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":876,"slug":877,"category":827,"order":874},"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":879,"slug":880,"category":831,"order":874},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":882,"slug":883,"category":805,"order":884},"1961年中 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1170,"slug":1171,"category":827,"order":1168},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1173,"slug":1174,"category":805,"order":1175},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1177,"slug":1178,"category":827,"order":1175},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1180,"slug":1181,"category":805,"order":1182},"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":1184,"slug":1185,"category":827,"order":1182},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1187,"slug":1188,"category":805,"order":1189},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1191,"slug":1192,"category":827,"order":1189},"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":1194,"slug":1195,"category":805,"order":1196},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1198,"slug":1199,"category":827,"order":1196},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1201,"slug":1202,"category":805,"order":1203},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1205,"slug":1206,"category":827,"order":1203},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1208,"slug":1209,"category":805,"order":1210},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1212,"slug":1213,"category":827,"order":1210},"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":1215,"slug":1216,"category":805,"order":1217},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1219,"slug":1220,"category":827,"order":1217},"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":1222,"slug":1223,"category":805,"order":1224},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1226,"slug":1227,"category":827,"order":1224},"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":1229,"slug":1230,"category":805,"order":1231},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1233,"slug":1234,"category":827,"order":1231},"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":1236,"slug":1237,"category":805,"order":1238},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1240,"slug":1241,"category":827,"order":1238},"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":1243,"slug":1244,"category":805,"order":1245},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1247,"slug":1248,"category":827,"order":1245},"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":1250,"slug":1251,"category":805,"order":1252},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1254,"slug":1255,"category":827,"order":1252},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1257,"slug":1258,"category":805,"order":1259},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1261,"slug":1262,"category":827,"order":1259},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1264,"slug":1265,"category":805,"order":1266},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1268,"slug":1269,"category":827,"order":1266},"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":1271,"slug":1272,"category":805,"order":1273},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1275,"slug":1276,"category":827,"order":1273},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1278,"slug":1279,"category":805,"order":1280},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1282,"slug":1283,"category":827,"order":1280},"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":1285,"slug":1286,"category":805,"order":1287},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1289,"slug":1290,"category":827,"order":1287},"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":1292,"slug":1293,"category":805,"order":1294},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1296,"slug":1297,"category":827,"order":1294},"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":1299,"slug":1300,"category":805,"order":1301},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1303,"slug":1304,"category":827,"order":1301},"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":1306,"slug":1307,"category":805,"order":1308},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1310,"slug":1311,"category":827,"order":1308},"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":1313,"slug":1314,"category":805,"order":1315},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1317,"slug":1318,"category":827,"order":1315},"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":1320,"slug":1321,"category":805,"order":1322},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1324,"slug":1325,"category":827,"order":1322},"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":1327,"slug":1328,"category":805,"order":1329},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1331,"slug":1332,"category":827,"order":1329},"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":1334,"slug":1335,"category":805,"order":1336},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1338,"slug":1339,"category":827,"order":1336},"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":1341,"slug":1342,"category":805,"order":1343},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1345,"slug":1346,"category":827,"order":1343},"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":1348,"slug":1349,"category":805,"order":1350},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1352,"slug":1353,"category":827,"order":1350},"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":1355,"slug":1356,"category":805,"order":1357},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1359,"slug":1360,"category":827,"order":1357},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1362,"slug":1363,"category":805,"order":1364},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1366,"slug":1367,"category":827,"order":1364},"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":1369,"slug":1370,"category":805,"order":1371},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1373,"slug":1374,"category":827,"order":1371},"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":1376,"slug":1377,"category":805,"order":1378},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1380,"slug":1381,"category":827,"order":1378},"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":1383,"slug":1384,"category":805,"order":1385},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1387,"slug":1388,"category":827,"order":1385},"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":1390,"slug":1391,"category":805,"order":1392},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1394,"slug":1395,"category":827,"order":1392},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1397,"slug":1398,"category":805,"order":1399},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1401,"slug":1402,"category":827,"order":1399},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":5,"slug":815,"category":805,"order":811},{"title":1405,"slug":1406,"category":827,"order":811},"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":1408,"slug":1409,"category":805,"order":1410},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1412,"slug":1413,"category":827,"order":1410},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1415,"slug":1416,"category":805,"order":1417},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1419,"slug":1420,"category":827,"order":1417},"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":1422,"slug":1423,"category":805,"order":1424},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1426,"slug":1427,"category":827,"order":1424},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1429,"slug":1430,"category":805,"order":1431},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1433,"slug":1434,"category":827,"order":1431},"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":1436,"slug":1437,"category":805,"order":1438},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1440,"slug":1441,"category":827,"order":1438},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1443,"slug":1444,"category":805,"order":1445},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1447,"slug":1448,"category":827,"order":1445},"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":1450,"slug":1451,"category":805,"order":1452},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1454,"slug":1455,"category":827,"order":1452},"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":1457,"slug":1458,"category":805,"order":1459},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1461,"slug":1462,"category":827,"order":1459},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1464,"slug":1465,"category":805,"order":1466},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1468,"slug":1469,"category":827,"order":1466},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1471,"slug":1472,"category":805,"order":1473},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1475,"slug":1476,"category":827,"order":1473},"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":1478,"slug":1479,"category":805,"order":1480},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1482,"slug":1483,"category":827,"order":1480},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1485,"slug":1486,"category":805,"order":1487},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1489,"slug":1490,"category":827,"order":1487},"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":1492,"slug":1493,"category":805,"order":1494},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1496,"slug":1497,"category":827,"order":1494},"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":1499,"slug":1500,"category":805,"order":1501},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1503,"slug":1504,"category":827,"order":1501},"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":1506,"slug":1507,"category":805,"order":1508},"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":1510,"slug":1511,"category":827,"order":1508},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1513,"slug":1514,"category":805,"order":1515},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1517,"slug":1518,"category":827,"order":1515},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1520,"slug":1521,"category":805,"order":1522},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1524,"slug":1525,"category":827,"order":1522},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1527,"slug":1528,"category":805,"order":1529},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1531,"slug":1532,"category":827,"order":1529},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1534,"slug":1535,"category":805,"order":1536},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1538,"slug":1539,"category":827,"order":1536},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1541,"slug":1542,"category":805,"order":1543},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1545,"slug":1546,"category":827,"order":1543},"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":1548,"slug":1549,"category":805,"order":1550},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1552,"slug":1553,"category":827,"order":1550},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1555,"slug":1556,"category":805,"order":1557},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1559,"slug":1560,"category":827,"order":1557},"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":1562,"slug":1563,"category":805,"order":1564},"2020 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