[{"data":1,"prerenderedAt":2079},["ShallowReactive",2],{"library-2005-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":543,"library-sidebar-dao":1545,"library-sidebar-models":1847},{"id":4,"title":5,"body":6,"category":529,"date":530,"description":531,"extension":532,"meta":533,"navigation":534,"order":535,"path":536,"seo":537,"seoDescription":531,"seoTitle":538,"slug":539,"stem":540,"__hash__":541,"_collection":542},"buffett\u002Fbuffett\u002Fberkshire\u002F2005-ba-fei-te-zhi-gu-dong-xin.md","2005 巴菲特致股东信",{"type":7,"value":8,"toc":525},"minimark",[9,13,17,20,23,26,102,105,108,169,172,180,187,190,193,196,199,213,216,221,224,227,232,235,240,243,246,249,252,259,266,269,272,275,278,281,284,287,290,293,300,303,310,313,316,322,325,328,335,338,341,344,347,350,353,360,363,366,369,372,379,386,389,392,395,398,401,417,420,423,426,429,432,435,438,441,444,447,450,453,460,463,466,472,475,478,481,484,487,490,493,496,499,502,505,512,519,522],[10,11,5],"h1",{"id":12},"_2005-巴菲特致股东信",[14,15,16],"p",{},"我写这份报告的目的，是为各位提供估算伯克希尔内在价值所需的信息。我之所以说\"估算\"，是因为内在价值的计算虽然至关重要，却不可避免地不够精确，而且常常大错特错。一家企业的未来越不确定，计算结果就越可能离谱得不着边际。（关于内在价值的解释，请参见第77-78页。）在这方面伯克希尔有一些优势：多种相对稳定的收益来源，加上充裕的流动性和极低的负债。这些因素意味着，伯克希尔的内在价值能够比绝大多数公司的内在价值计算得更为精确。",[14,18,19],{},"然而，尽管伯克希尔的财务特征有助于提高估值精度，但如此众多的收益来源却使得内在价值的计算变得更加复杂。回到1965年，当时我们只有一家小小的纺织厂，计算内在价值简直是小菜一碟。如今我们拥有68种经营特性和财务特性差异巨大的业务。这些五花八门、互不相关的企业，加上我们庞大的投资组合，使你根本不可能仅仅分析一下合并报表就对公司的内在价值做出明智的估算。",[14,21,22],{},"为了缓解这一难题，我们将旗下业务合理地归为四大类，后文将逐一讨论。在讨论中，我们会提供每类业务及其重要组成部分的关键数据。当然，伯克希尔的整体价值可能高于或低于这四部分之和。最终结果取决于：我们旗下众多业务作为一个更大企业的组成部分，是运作得更好还是更差；以及在控股公司的统筹下，资本配置是改善了还是恶化了。换句话说，伯克希尔作为母公司究竟给各个子公司带来了什么好处？我们的股东直接持有这68家企业的股票，是否会更加有利？这些都是重要的问题，但需要各位股东自己来寻找答案。",[14,24,25],{},"不过，在讨论各项具体业务之前，让我们先看两组数据，说明我们从何处起步以及现在身在何处。第一组数据是每股投资金额（包括现金及现金等价物）。计算时，我们将旗下金融企业所持投资排除在外，因为这些投资大部分被借款所抵消：",[27,28,29,42],"table",{},[30,31,32],"thead",{},[33,34,35,39],"tr",{},[36,37,38],"th",{},"年份",[36,40,41],{},"每股投资金额*",[43,44,45,54,62,70,78,86,94],"tbody",{},[33,46,47,51],{},[48,49,50],"td",{},"1965",[48,52,53],{},"$ 4",[33,55,56,59],{},[48,57,58],{},"1975",[48,60,61],{},"159",[33,63,64,67],{},[48,65,66],{},"1985",[48,68,69],{},"2,407",[33,71,72,75],{},[48,73,74],{},"1995",[48,76,77],{},"21,817",[33,79,80,83],{},[48,81,82],{},"2005",[48,84,85],{},"$ 74,129",[33,87,88,91],{},[48,89,90],{},"1965-2005复合增长率",[48,92,93],{},"28.0%",[33,95,96,99],{},[48,97,98],{},"1995-2005复合增长率",[48,100,101],{},"13.0%",[14,103,104],{},"* 扣除少数股东权益",[14,106,107],{},"除了这些有价证券（少数例外情况下由非保险企业持有）之外，我们还拥有种类广泛的非保险业务。下面以每股为基础列示这些企业的税前收益（不含商誉摊销）：",[27,109,110,119],{},[30,111,112],{},[33,113,114,116],{},[36,115,38],{},[36,117,118],{},"每股税前收益*",[43,120,121,127,134,141,148,155,162],{},[33,122,123,125],{},[48,124,50],{},[48,126,53],{},[33,128,129,131],{},[48,130,58],{},[48,132,133],{},"4",[33,135,136,138],{},[48,137,66],{},[48,139,140],{},"52",[33,142,143,145],{},[48,144,74],{},[48,146,147],{},"175",[33,149,150,152],{},[48,151,82],{},[48,153,154],{},"$ 2,441",[33,156,157,159],{},[48,158,90],{},[48,160,161],{},"17.2%",[33,163,164,166],{},[48,165,98],{},[48,167,168],{},"30.2%",[14,170,171],{},"* 税前，扣除少数股东权益",[14,173,174,175,179],{},"在讨论增长率的时候，你很有必要留心基期和终期年份的选择。如果起止年份中有一个是异常的，那么无论怎么算出来的增长率都会被歪曲。尤其是当基期年份盈利特别差时，算出来的增长率会高得惊人却毫无实际意义。不过在上表中，作为基期的1965年度的盈利却是异乎寻常地",[176,177,178],"em",{},"好","——伯克希尔1965年的盈利水平高于此前十年中的九个年度。",[14,181,182,183,186],{},"从上面两张表可以看出，伯克希尔两个价值要素的比较增长率在最近十年发生了很大变化，这反映了我们的经营重心日益向企业并购倾斜。尽管如此，伯克希尔副董事长兼我的合伙人查理·芒格（Charlie Munger）和我的目标仍然是让",[176,184,185],{},"两张","表的数字都能实现增长。对于这一雄心壮志，我们希望——打个比方——避免遭遇一对老夫妇的命运，他们的浪漫生活已经沉寂了许久。在结婚五十周年纪念日的晚餐结束后，妻子在轻柔的音乐、醉人的红酒和摇曳的烛光下，感到了一阵久违的悸动，于是故作娇羞地向丈夫提议上楼缠绵一番。丈夫极度纠结了好一会儿，最后回答说：\"二选一我还行，两个都来可不行。\"",[10,188,189],{"id":189},"并购",[14,191,192],{},"在未来几年，我们现有的业务总体上应该能在经营利润方面实现温和增长。但仅仅依靠这些业务自身，并不能产生真正令人满意的回报。要完成这一目标，我们需要进行大型并购。",[14,194,195],{},"在这方面，2005年令人鼓舞。我们达成了五项收购协议：其中两项已于去年完成，一项在年底后完成，另外两项预计也将很快完成。这些交易都不涉及发行伯克希尔的股票。这一点至关重要却常常被忽视：当一家公司的管理层得意洋洋地用股票收购另一家公司时，收购方的股东们同时也在出售自己在所有现有资产中的一部分权益。我自己也做过几次这种交易——总的来说，我的这些行为让各位股东付出了代价。",[14,197,198],{},"以下是去年的收购：",[200,201,202,206],"ul",{},[203,204,205],"li",{},"6月30日，我们收购了医疗防护公司（Medical Protective Company，简称\"MedPro\"），这是一家位于韦恩堡（Fort Wayne）、拥有106年历史的医疗事故保险公司。医疗事故保险是一种很难承保的险种，已经成了许多保险公司的坟墓。但MedPro应该会做得不错。它将拥有所有伯克希尔旗下保险公司共同享有的理念优势——承保纪律高于一切其他目标。此外，作为伯克希尔的一员，MedPro拥有远超竞争对手的财务实力，这能让医生们安心：那些需要漫长时间才能结案的索赔，不会因为保险公司倒闭而重新落到他们头上。最后，公司有一位聪明且精力充沛的CEO蒂姆·科内西（Tim Kenesey），他本能地就像伯克希尔的经理人那样思考。",[203,207,208,209,212],{},"我们的第二笔收购是森林河公司（Forest River），于8月31日完成。几个月前的6月21日，我收到了一份两页纸的传真，逐条说明了森林河为什么符合我们在本报告第25页列出的收购标准。在此之前，我既没听说过这家年销售额16亿美元的休闲房车制造商，也不认识它的老板兼经理人皮特·利格尔（Pete Liegl）。但传真说的很有道理，我立刻要求提供更多数据。第二天早上数据就到了，当天下午我就向Pete发出了要约。6月28日，我们握手成交。\nPete是一位非凡的企业家。几年前，他把当时规模还远不如现在的企业卖给了一家杠杆收购公司（LBO），对方接手后立刻开始对他指手画脚。不久Pete就离开了，公司很快陷入破产。随后Pete又把公司买了回来。你尽可以放心，",[176,210,211],{},"我","绝不会告诉Pete该怎么经营他的生意。",[14,214,215],{},"森林河拥有60家工厂、5,400名员工，在房车行业持续扩大市场份额，同时还在向船艇制造等其他领域拓展。Pete今年61岁——而且绝对处于加速前进的状态。请读一读随本报告附上的《RV Business》杂志的那篇文章，你就会明白为什么Pete和伯克希尔天生就是一对。",[200,217,218],{},[203,219,220],{},"2005年11月12日，《华尔街日报》（The Wall Street Journal）刊登了一篇关于伯克希尔独特的并购和管理模式的文章。文中Pete宣称：\"把公司卖给巴菲特比去更新驾照还容易。\"\n纽约的凯西·巴伦·塔姆拉兹（Cathy Baron Tamraz）读到了这篇文章，深有同感。11月21日，她给我写了一封信，开头这样写道：\"作为美国商业资讯公司（Business Wire）的总裁，我想向您介绍我的公司，因为我认为它符合最近一篇《华尔街日报》文章中所详细描述的伯克希尔子公司的特征。\"",[14,222,223],{},"读完Cathy那封两页的信，我觉得Business Wire和伯克希尔正是天造地设的一对。我特别喜欢她信中倒数第二段的话：\"我们把公司管理得很紧凑，把不必要的开支控制到最低。这里没有秘书，也没有管理层级。但我们会大手笔投资以获取技术优势、推动业务发展。\"",[14,225,226],{},"我立刻给Cathy打了电话，不久伯克希尔就与Business Wire的控股股东洛里·洛基（Lorry Lokey）达成了收购协议。洛里于1961年创建了这家公司（并刚刚任命Cathy为CEO）。我喜欢像洛里这样的成功故事。今年78岁的他，已经把公司打造成一家在150个国家为25,000家客户传播信息的优秀企业。他的故事，和许多其他选择伯克希尔作为毕生事业归宿的企业家一样，是好创意、好人才和勤奋工作完美结合的典范。",[200,228,229],{},[203,230,231],{},"12月，我们同意收购应用承保公司（Applied Underwriters）81%的股权。这家公司为小型企业提供薪资服务和工伤赔偿保险的综合服务，大部分客户位于加利福尼亚州。\n1998年，当这家公司只有12名员工时，它收购了一家位于奥马哈（Omaha）、拥有24名员工、提供类似服务的公司。打造了Applied出色业务的希德·费伦茨（Sid Ferenc）和史蒂夫·门齐斯（Steve Menzies）得出结论，奥马哈作为运营基地有很多优势——我得说这真是远见卓识——如今公司479名员工中有400人都在这里工作。",[14,233,234],{},"不到一年前，Applied与阿吉特·贾恩（Ajit Jain）签署了一份大额再保险合同，阿吉特是国民保险公司（National Indemnity）再保险部门的杰出经理人。阿吉特对Sid和Steve印象深刻，而他们也很欣赏伯克希尔的经营方式。于是我们决定合力而为。我们很高兴Sid和Steve保留了Applied 19%的股权。仅仅12年前他们还是白手起家，想象一下有了伯克希尔的支持他们还能创造什么样的成就，真让人兴奋不已。",[200,236,237],{},[203,238,239],{},"去年春天，我们控股80.5%的子公司中美能源（MidAmerican Energy）达成协议，收购太平洋电力公司（PacifiCorp），这是一家为西部六个州提供电力服务的大型公用事业公司。这类收购需要获得许多监管部门的审批，目前我们已经全部获批，预计交易很快就会完成。届时伯克希尔将购买34亿美元的中美能源普通股，中美能源再加上17亿美元的借款来完成此次收购。投资受监管的公用事业，你不能指望获得超高利润，但这个行业为大额资金提供了获取合理回报的机会——因此对伯克希尔来说是很合适的。几年前我曾说过，我们希望在公用事业领域进行一些大型收购。请注意我说的是\"一些\"——我们还会继续寻找更多机会。\n除了收购新业务之外，我们还在继续进行\"补强收购\"（bolt-on）。有些规模可不小：旗下地毯企业Shaw工业去年斥资约5.5亿美元进行了两笔收购，推进了纵向整合，有望在未来提高利润率。XTRA和克莱顿房屋（Clayton Homes）也进行了提升价值的收购。",[14,241,242],{},"与许多并购方不同，伯克希尔没有\"退出策略\"。我们买入就是为了永久持有。不过我们确实有一个\"进入策略\"——在美国和海外寻找符合我们六项标准、且价格能够产生合理回报的企业。如果你有合适的企业，请给我打个电话。就像一个充满憧憬的少女，我会守在电话旁等候。",[10,244,245],{"id":245},"保险业务",[14,247,248],{},"现在让我们来谈谈四大业务板块，首先从保险这个核心业务开始。在保险业务中，最重要的是浮存金的规模以及长期获取浮存金的成本。",[14,250,251],{},"对于新读者，我来解释一下。\"浮存金\"是一笔不属于我们、但暂时由我们持有的资金。我们大部分浮存金的产生有两个原因：（1）保费是预先收取的，而我们提供的保险保障服务通常覆盖一年左右的时间；（2）今天发生的损失事件并不总是立刻导致我们赔付，因为有时候从损失的报告（石棉损失就是一个例子）、协商到最终赔付，需要经过好多年。1967年我们进入保险业时的2,000万美元浮存金，经过内部增长和外部收购，如今已增长到490亿美元。",[14,253,254,255,258],{},"浮存金是件美妙的事——",[176,256,257],{},"前提是","获取成本不能太高。它的成本取决于承保业绩，也就是我们最终支付的费用和赔款与收到的保费相比如何。当保险公司取得承保利润时——伯克希尔从事保险业务39年来大约有一半年份做到了——浮存金的成本甚至低于零。在那些年份里，我们实际上是拿着别人的钱还要别人倒贴给我们。然而对大多数保险公司来说，日子要艰难得多：总体而言，财产意外险行业几乎总是出现承保亏损。当亏损严重时，浮存金的代价就变得非常昂贵，有时甚至是毁灭性的。",[14,260,261,262,265],{},"2004年我们的浮存金成本低于零，我曾告诉大家，如果不发生超级巨灾，2005年浮存金成本仍有望为零。但超级巨灾",[176,263,264],{},"确实","发生了，而作为巨灾保险的专业承保人，伯克希尔遭受了34亿美元的飓风损失。尽管如此，2005年我们的浮存金仍然是零成本的，这要归功于我们其他保险业务——尤其是GEICO——所创造的卓越业绩。",[14,267,268],{},"我们的再保险业务主要由通用再保险（General Re）和国民保险公司（National Indemnity）经营。前者由乔·布兰登（Joe Brandon）和塔德·蒙特罗斯（Tad Montross）管理，后者由阿吉特·贾恩管理。考虑到2005年飓风给整个行业带来的异常巨大损失，两家公司的表现都相当不错。",[14,270,271],{},"大气、海洋或其他因素是否已经显著改变了飓风发生的频率或强度，目前仍是一个悬而未决的问题。近年来的情况令人忧虑。例如，我们知道在2004年之前的一百年间，大约有59次三级或以上强度的飓风袭击了美国东南部和墨西哥湾沿岸各州，其中只有3次达到五级。我们还知道，2004年有3次三级飓风重创了这些地区，2005年又有4次，其中之一的卡特里娜飓风是保险业有史以来破坏力最大的飓风。此外，去年沿海地区还出现了3次五级飓风，所幸在登陆前风力减弱了。",[14,273,274],{},"这种更加频繁、更加猛烈的风暴袭击仅仅是一个异常现象吗？还是由气候、水温或我们尚未完全了解的其他变量引起的？这些因素是否正在以某种方式发展，可能很快就会制造出让卡特里娜飓风相形见绌的超级灾难？",[14,276,277],{},"Joe、阿吉特和我不知道这些至关重要的问题的答案。我们知道的是，我们的无知意味着必须遵循帕斯卡（Pascal）在他那场关于上帝是否存在的著名赌注中所给出的指引。你可能还记得，他的结论是：既然不知道答案，那么从个人得失的比率来看，他应该选择\"上帝存在\"这个答案。",[14,279,280],{},"以此为指导，我们得出结论：目前我们只能在远高于去年的价格水平上承保超级巨灾保险——而且总体风险敞口必须控制在这样一个水平上：如果某些重要变量发生变化，在不远的将来导致损害更严重的风暴，我们也不至于焦头烂额。2004年之后我们已经有了类似的感觉——并在价格没有上涨时削减了承保规模。现在我们更加谨慎了。但如果价格合适，我们仍然有能力和意愿成为全球最大的超级巨灾保险承保人。",[14,282,283],{},"很久以前，马克·吐温（Mark Twain）说过：\"一个试图揪着猫尾巴把猫扛回家的人，会学到一个用其他任何方式都学不到的教训。\"如果马克·吐温还在世，他也许会试试去清算一个衍生品业务。过不了几天，他就会觉得还是揪猫尾巴更好。",[14,285,286],{},"去年，在我们继续努力退出通用再保险的衍生品业务的过程中，税前损失为1.04亿美元。自我们开始这项工作以来，累计损失已达4.04亿美元。",[14,288,289],{},"最初我们有23,218份未平仓合约。到2005年初减少到了2,890份。你也许以为到这个阶段损失应该止住了，但血仍在流。去年将未平仓合约减至741份，让我们又付出了前面提到的1.04亿美元代价。",[14,291,292],{},"请记住，1990年设立这个部门的初衷，是通用再保险希望满足保险客户的需求。然而我们2005年清算的合约中，有一份期限竟然长达100年！很难想象这样的合约能满足什么\"需求\"，除了也许是一个关心报酬的交易员想在账上放一份长期合约的需求。长期合约，或者那些包含多个变量的合约，是最难按市值计价的（按市值计价是衍生品会计核算的标准程序），而且为交易员们在估值时留下了最大的\"想象\"空间。怪不得交易员们会拼命推销这类合约。",[14,294,295,296,299],{},"一个根据假设数字就能算出巨额利润的业务，显然充满了危险。当两个交易员执行一笔包含多个——有时相当深奥——变量且结算日遥远的交易时，他们各自所代表的公司在计算收益时都必须对这些合约进行估值。同一份合约，A公司可能给出一个价格，B公司给出另一个价格。你可以打赌，估值差异——我亲眼见过几个",[176,297,298],{},"巨大","的差异——往往倾向于让各自公司的收益更好看的方向。在这个奇异的世界里，两方执行一笔纸面交易，双方竟然都能立刻报告盈利。",[14,301,302],{},"我每年都会详述我们在衍生品方面的经历，原因有二。一个是个人原因，而且相当不愉快。残酷的事实是，由于我没有立即行动关闭通用再保险的衍生品交易业务，给各位股东造成了大笔损失。在收购通用再保险时，查理和我都知道这是个麻烦，并告诉了管理层我们想退出这项业务。确保这件事得到执行是我的责任。然而我没有正面解决问题，而是浪费了好几年时间试图出售该业务。这注定是徒劳的，因为没有任何现实的方案能让我们从那个将持续几十年的债务迷宫中脱身。我们承担的义务尤其令人不安，因为一旦爆发的后果根本无法衡量。更糟糕的是，如果严重问题发生，我们知道它很可能与金融市场其他领域的问题同时出现。",[14,304,305,306,309],{},"所以我想不伤毫发地脱身的努力失败了，与此同时还有更多的交易被记入账簿。怪我优柔寡断。（查理称之为\"吮手指\"。）当一个问题存在时，无论是人事方面还是业务运营方面，行动的时机就是",[176,307,308],{},"现在","。",[14,311,312],{},"我反复阐述我们在这一领域遇到的问题的第二个原因，是希望我们的经验能对经理人、审计师和监管者有所启发。从某种意义上说，我们就是这座商业煤矿里的金丝雀，应该在断气之前唱出警告之歌。全球衍生品合约的数量和价值持续急剧膨胀，现已是1998年——上一次金融混乱爆发之时——的数倍。",[14,314,315],{},"我们的经历尤其应该发人深省，因为就退出条件而言，我们算是优于平均水平的候选人。通用再保险在衍生品领域只是一个相对小的玩家。它有幸在温和的市场环境中解除了其据称具有流动性的头寸，而且全程没有受到财务或其他压力的逼迫，否则可能会被迫以低效的方式进行清算。我们过去的会计处理是传统的，实际上还被认为是保守的。另外，据我们所知没有任何人涉及不当行为。",[14,317,318,319,309],{},"但对于其他人来说，未来的故事可能截然不同。想象一下，一家或多家公司（麻烦总是会蔓延的）持有数倍于我们的头寸，在混乱的市场中、在极端且人尽皆知的压力下试图平仓。这种情景现在就应该引起高度关注，而不是等到事后才亡羊补牢。考虑和改进新奥尔良防洪堤可靠性的最佳时机，应该是在卡特里娜飓风到来",[176,320,321],{},"之前",[14,323,324],{},"当我们最终把通用再保险证券公司（Gen Re Securities）彻底关门大吉时，我对它的离去将会是这样一种心情，就像一首乡村歌曲里唱的那样：\"我老婆跟我最好的朋友跑了，我真是想死他了。\"",[14,326,327],{},"每一天，我们旗下每一家企业的竞争地位，都在以无数种方式变得更强或更弱。如果我们让客户欣喜、消除不必要的成本、改善产品和服务，我们就在积蓄力量。但如果我们对客户漫不经心，或对臃肿的成本听之任之，我们的企业就会萎缩。就每一天而言，我们行为的影响微乎其微；但日积月累，其后果巨大无比。",[14,329,330,331,334],{},"当我们的长期竞争地位因这些几乎不引人注目的行为而得到改善时，我们称之为\"加宽护城河\"。如果我们想在十年二十年后仍然拥有理想的企业，这么做至关重要。当然，我们总是希望在短期内赚更多的钱。但当短期和长期发生冲突时，加宽护城河",[176,332,333],{},"必须","优先。如果管理层为了实现短期盈利目标而做出糟糕的决策，从而在成本、客户满意度或品牌实力方面落了下风，那么事后再怎么出色的补救也无法弥补已经造成的损害。看看今天汽车和航空行业的经理人吧，他们正在费力应对前任们留下的沉重包袱。查理喜欢引用本·富兰克林（Ben Franklin）的话：\"一盎司的预防抵得上一磅的治疗。\"但有时候，再多的治疗也无法弥补过去的错误。",[14,336,337],{},"我们的经理人专注于加宽护城河——而且做得出色极了。道理很简单，他们对自己的事业满腔热情。通常在我们到来之前，他们就已经经营这些企业很长时间了；我们到来之后唯一的作用就是不要碍手碍脚。如果各位在年度股东大会上见到这些英雄们——我还要加上我们的四位女中豪杰——请向他们为你们所做的工作表示感谢。",[14,339,340],{},"宝洁与吉列的合并于2005年第四季度完成，要求伯克希尔记录50亿美元的税前资本利得。这笔由通用会计准则要求的会计分录，从经济角度看毫无意义，各位在评估伯克希尔2005年收益时应当忽略不计。合并之前我们无意出售吉列的股票，合并之后我们也无意出售宝洁的股票，合并也没有导致我们缴纳任何税款。",[14,342,343],{},"怎么强调CEO对一家公司的重要性都不为过。2001年吉姆·基尔茨（Jim Kilts）到吉列之前，这家公司正在苦苦挣扎，尤其深受资本配置失误之害。最典型的例子是，吉列收购金霸王（Duracell）让股东们损失了数十亿美元——这笔损失在传统会计中从来不会被显示出来。简而言之，吉列在这笔收购中获得的商业价值并不等于它付出的代价。（令人惊讶的是，这条最基本的衡量标准在管理层及其投资银行家讨论收购时几乎总是被忽视。）",[14,345,346],{},"Jim上任吉列后，迅速严肃了财务纪律、收紧了运营、激活了市场营销，这些举措大幅提升了公司的内在价值。吉列并入宝洁则进一步释放了两家公司的发展潜力。凭借他的成就，Jim获得了非常丰厚的报酬——但他挣的每一分钱都实至名归。（这不是什么学术评价：作为吉列9.7%的股东，伯克希尔实际上支付了相应比例的薪酬。）确实，对于一家巨型企业的真正杰出CEO，很难说给多少钱算多。但这种CEO实在太稀缺了。",[14,348,349],{},"太多时候，美国高管薪酬与业绩之间的脱节到了荒唐的地步。而且这种状况不会改变，因为在涉及CEO薪酬的问题上，投资者始终处于不利地位。结果就是，一个平庸甚至糟糕的CEO——在他精心挑选的人力资源副总裁和一个来自\"只涨不跌咨询公司\"的顾问帮助下——经常能从一个设计糟糕的薪酬安排中捞到大笔钱财。",[14,351,352],{},"以十年期固定价格股票期权为例（谁会不想要呢？）。假设停滞公司（Stagnant, Inc.）的CEO废物先生（Fred Futile）拿到了一大笔这种期权——比方说相当于公司1%的股权——他的个人利益方向就一目了然了：他应该完全不分红，而把公司所有收益用来回购股票。",[14,354,355,356,359],{},"让我们假设在废物先生的领导下，停滞公司果然如其名——名副其实地停滞不前。授予期权后的十年里，公司每年在100亿美元净资产的基础上赚取10亿美元，相当于当时流通在外的1亿股股票每股10美元。废物先生不分红，固定地把所有收益用来回购股票。如果股票始终以每股收益的十倍定价，到期权到期时将增值158%。因为到那时，回购会把股份数量减少到3,870万股，每股收益因此升至25.80美元。仅仅靠扣下股东的收益不进行分配，废物先生就轻轻松松赚到1.58亿美元，尽管公司业务毫无改善。更令人咋舌的是，即使停滞公司的盈利在这十年间",[176,357,358],{},"下降","了20%，废物先生仍然能赚到超过1亿美元。",[14,361,362],{},"废物先生还可以通过不分红、把扣下的收益投到各种令人失望的项目和并购上来大赚一笔。即使这些举措只带来了可怜的5%回报率，废物先生仍然能大丰收。具体来说——假设停滞公司的市盈率一直保持在十倍不变——废物先生的期权会让他赚到6,300万美元。与此同时，股东们会纳闷：当初授予废物先生期权时所宣称的\"利益一致\"到底去了哪里？",[14,364,365],{},"一个\"正常\"的分红政策——比如将收益的三分之一派发红利——当然不会产生如此极端的结果，但仍然可以让毫无建树的经理人获得丰厚的回报。",[14,367,368],{},"CEO们完全明白这道数学题，他们知道每派出一分钱的红利，所有已发行期权的价值就减少一分。但我从来没有在要求批准固定价格期权计划的股东委托书材料中，看到过对这种管理层与股东利益冲突的说明。尽管CEO们在公司内部总是宣讲资本是有成本的，但他们不知为何总是忘了告诉股东们——固定价格期权给了CEO们免费的资本。",[14,370,371],{},"事情本来不必如此：对于董事会来说，设计一种在留存收益时自动调整的期权简直是小菜一碟。但是——让人吃惊又吃惊——这种期权几乎从来没有被发行过。事实上，行权价随留存收益调整的期权这个概念，对于薪酬\"专家\"们来说简直闻所未闻，然而这些专家对每一种有利于管理层的方案都了如指掌，简直像活百科全书。（\"吃谁的面包唱谁的歌。\"）",[14,373,374,375,378],{},"被解雇对CEO来说反而可能是一个特别丰收的日子。事实上，在清理办公桌走人的那一天，他\"赚到\"的钱比一个扫厕所的美国工人一辈子赚的还多。忘掉那句古老的格言\"成功是成功之母\"吧——如今在高管层，普遍的规律是：",[176,376,377],{},"失败","才是成功之母。",[14,380,381,382,385],{},"巨额的离职补偿、奢侈的福利和为平庸业绩支付的超标薪酬之所以屡见不鲜，是因为薪酬委员会已经沦为比较数据的奴隶。操作手法很简单：三位左右的董事——",[176,383,384],{},"可不是随机选出来的","——在董事会开会前被轰炸几个小时，接受那些永远只升不降的薪酬统计数据。此外，委员会还被告知其他公司经理人正在享受的新福利。就这样，各种匪夷所思的\"好处\"像撒糖一样撒向CEO们，原因不过是公司版的我们小时候都用过的说辞：\"但是妈妈，别的小朋友都有啊。\"当薪酬委员会遵循这种\"逻辑\"时，昨天最令人瞠目结舌的过分做法，就成了今天的起步价。",[14,387,388],{},"薪酬委员会应该学学汉克·格林伯格（Hank Greenberg）的态度——底特律棒球队的传奇强击手，也是我少年时代的偶像。汉克的儿子史蒂夫（Steve）曾做过球员经纪人。有一次他代表一名外场手与一家大联盟球队谈判时，问老爸他应该要求多少签约奖金。汉克，一个真正信奉按绩效付酬的人，直截了当地问：\"他去年打击率多少？\"Steve回答说\"二成四六\"。汉克立刻回答：\"要一套球衣就行了。\"",[14,390,391],{},"（让我在这里简短地坦白一下：在批评薪酬委员会的行为时，我并非以真正的内部人士身份发言。虽然我担任过二十家上市公司的董事，但只有一位CEO把我安排进了他的薪酬委员会。嗯……）",[14,393,394],{},"本节开头提出的问题的答案是：具体来说，道琼斯指数在20世纪从65.73点涨到了11,497.12点，相当于年复合增长率5.3%。（当然投资者还能收到股息。）要在21世纪实现同样的增长率，道琼斯指数到2099年12月31日必须涨到——请做好心理准备——精确的2,011,011.23点。不过我愿意退而求其次到2,000,000点就满足了；毕竟进入21世纪的头六年，道琼斯指数根本没有上涨。",[10,396,397],{"id":397},"债务与风险",[14,399,400],{},"随着中美能源并入报表，我们新的资产负债表可能会让人觉得伯克希尔加大了对借债的容忍度。但事实并非如此。除了象征性的金额之外，我们回避债务，只为以下三个目的才借款：",[402,403,404,407,410],"ol",{},[203,405,406],{},"我们偶尔使用回购协议，作为某些涉及美国政府（或政府机构）证券的短期投资策略的一部分。这类交易高度机会主义，且只涉及流动性最好的证券。几年前我们做了几笔有趣的交易，现已了结或正在到期。相应的债务也已大幅减少，不久后可能归零。",[203,408,409],{},"我们针对风险特征我们了解的带息应收账款组合进行借款。2001年我们就这样做过，当时我们与洛伊卡迪亚公司（Leucadia）合伙，为56亿美元的银行债务提供担保，接管了破产的Finova公司（该公司持有多种应收账款）。那笔债务已全部偿还。近期，我们借款为克莱顿管理的一个广泛分散、业绩可预测的预制房屋应收账款组合提供融资。另一种做法是将这些应收账款\"证券化\"——即出售——但保留服务权。如果我们采用这种在业内十分常见的做法，资产负债表上就不会出现我们目前列示的债务，而且我们报告收益的时间也会提前。但最终我们赚到的钱会更少。如果市场条件变化到有利于证券化（这不太可能），我们可以出售部分组合并消除相关债务。在那之前，我们宁要更好的利润，不要更好的门面。",[203,411,412,413,416],{},"中美能源有大量债务，但那只是该公司自己的债务。虽然它会出现在我们的合并资产负债表上，但伯克希尔",[176,414,415],{},"并不","为其提供担保。\n即便如此，这些债务毫无疑问是安全的，因为它由中美能源多元化的、高度稳定的公用事业收益来偿付。如果某个意想不到的灾难损害了中美能源旗下某一项公用事业资产，其他资产的收益仍然绰绰有余地覆盖所有债务。此外，中美能源保留所有收益不分红——这种积累权益的做法在公用事业行业是非常罕见的。",[14,418,419],{},"从风险的角度看，拥有十种各不相同且互不相关的公用事业收入，假设利息覆盖比率为2:1，要比只有单一来源但覆盖倍数更高的收入安全得多。一场灾难性事件就可以让单一公用事业公司破产——看看卡特里娜飓风对新奥尔良当地电力公司造成的后果就知道了——不管它的债务政策多么保守。一场地区性灾难——比如美国西部的一场地震——却不可能对中美能源造成同样的毁灭性打击。甚至连查理这样的忧虑者，也想不出有什么事件能系统性地大幅削减公用事业收入。由于中美能源受管制的收入来源日益多元化，它将始终大量使用债务。",[14,421,422],{},"我们对债务的态度基本就是如此。我们对伯克希尔层面为并购或运营目的而承担大额债务没有任何兴趣。当然，传统的商业智慧会说我们太保守了，如果在资产负债表中注入适度的杠杆，可以安全地增加利润。",[14,424,425],{},"也许吧。但伯克希尔数十万投资者中，有很多人将个人净资产的很大一部分投在了我们的股票上（需要强调的是，其中包括大量的董事和核心经理人），公司的一场灾难就是他们的一场灾难。此外，还有一些因永久伤残而需要我们支付长达五十年甚至更久的保险赔偿金的人。对这些人以及其他利益相关方，我们已经承诺无论发生什么都给予绝对的安全保障——无论是金融恐慌、证券交易所关闭（1914年曾长时间关闭过）、甚至是国内遭受核武器、化学或生物武器的袭击。",[14,427,428],{},"我们非常乐意承担巨大的风险。事实上，我们承保的与单一灾难事件挂钩的高限额保单超过了任何其他保险公司。我们还持有庞大的投资组合，在某些情况下市值可能急剧快速下跌（如1987年10月19日发生的那样）。但无论发生什么，伯克希尔都有足够的净资产、收益来源和流动性来轻松应对问题。",[14,430,431],{},"任何其他方式都是危险的。多年来，一些非常聪明的人用惨痛的代价学到了一个教训：一长串令人心动的数字乘以一个零，结果永远是零。我永远不想亲身体验这个等式的杀伤力，更不想因为把它的惩罚加之于他人而承担责任。",[10,433,434],{"id":434},"管理继任",[14,436,437],{},"作为公司的所有者，你们自然会关心：在我的精力开始衰退之后，我是否会坚持继续担任CEO；如果是的话，董事会将如何处理这个问题。你们也想知道如果我今晚猝然离世会怎样。",[14,439,440],{},"第二个问题很容易回答。我们旗下绝大多数企业拥有强大的市场地位、强劲的发展势头和出色的经理人。伯克希尔独特的企业文化已经深植于每家子公司之中，即使我离世，它们的运营也不会有丝毫偏差。",[14,442,443],{},"此外，伯克希尔有三位相当年轻且完全有能力出任CEO的经理人。这三位中的任何一位，在我工作中某些管理方面都远胜于我。不利的一面是，他们没有一个拥有我那种跨领域的经验，正是这种经验让我在商业和投资两个领域都能从容决策。解决这个问题的办法是让公司内另一个人负责有价证券投资。在伯克希尔，这是一份很有意思的工作，新CEO毫无问题能够找到一位才华横溢的人来胜任。实际上，这正是我们在GEICO过去26年所做的事情，效果好极了。",[14,445,446],{},"伯克希尔的董事会已经对这三位CEO候选人进行了充分讨论，并一致同意了如果今天就需要接替者应由谁来担任。董事们持续更新对这一问题的看法，如果情况发生变化——新的管理明星可能崛起，现有的人选也会变老——他们可能会改变自己的判断。重要的是，董事们现在知道——将来也始终会知道——当需要的时刻来临时，他们该怎么做。",[14,448,449],{},"另一个必须面对的问题是：如果需要更换CEO的原因不是因为我的死亡，而是因为我的衰退——尤其是当这种衰退伴随着我自欺欺人地认为自己正处于管理才华的新巅峰时——董事会是否准备好采取行动。这个问题并非我独有。查理和我在伯克希尔的子公司中多次遇到过。人的老化速度差异极大——但迟早所有人的才华和精力都会衰退。有些经理人到了八十多岁还保持着旺盛的战斗力——82岁的查理就是一个活生生的奇迹——而另一些人刚到六十岁就明显走下坡路了。当能力衰退时，自我评估的能力通常也随之衰退。往往需要别人来吹响哨子。",[14,451,452],{},"当那一天来临时，我们的董事会将不得不挺身而出。从财务角度看，董事会成员有着异乎寻常的动力去这样做。我不知道还有哪家美国公司的董事会，董事们的财务利益与股东的利益如此完全一致。几乎没有哪家董事会能相提并论。然而，在私人关系层面，要告诉别人——尤其是一位朋友——他或她已经不能胜任了，对大多数人来说都极其难以启齿。",[14,454,455,456,459],{},"然而如果我成了那个需要被告知的人，我们的董事会传达这个信息是在帮我的忙。我所拥有的",[176,457,458],{},"每一股","伯克希尔股票都将捐赠给慈善事业，我希望社会能从这些捐赠和遗赠中获得最大的好处。如果因为我的同事们逃避了他们的责任，没有（我希望温和地）告诉我该离开了，从而使我所持股份的慈善潜力被削弱的话，那将是一场悲剧。但不必为此担心。我们有一群非常出色的董事，他们总是会做对股东来说正确的事。",[14,461,462],{},"而既然说到这个话题，我的感觉好得很。",[10,464,465],{"id":465},"年度股东大会",[14,467,468,469,309],{},"今年的股东大会将在5月6日周六举行。与往常一样，Qwest中心的大门将在早上7点打开，最新的伯克希尔电影短片8:30放映。9:30我们将直接进入问答环节，一直持续到下午3:00（中间在Qwest的餐位午休）。然后短暂休息后，查理和我将在3:15召开正式年度股东大会。这个安排去年效果很好，因为想参加正式会议的人可以如愿，其他人则可以自由地去",[176,470,471],{},"购物",[14,473,474],{},"去年各位在购物方面也确实尽了本分。与会场相连的194,300平方英尺的大厅摆满了伯克希尔旗下企业的产品，参会的21,000人让每个展位都创下了销售纪录。凯利·布罗兹（Kelly Broz，原姓Muchemore），伯克希尔的\"齐格菲尔德\"，精心策划了这场盛大的购物嘉年华和大会本身。参展商们都爱她，我也一样。Kelly在10月份结婚了，我送她出嫁。她问我想在婚礼节目单上怎么介绍。我回答说\"嫉妒新郎\"——就这么印上去了。",[14,476,477],{},"今年我们将展示两套克莱顿预制房屋（内装Acme砖块、Shaw地毯、Johns Manville隔热材料、MiTek连接件、Carefree遮阳篷和内布拉斯加家具店的家具）。你会发现，这些标价7.9万和8.9万美元的房屋非常超值。事实上，去年三位股东对此深以为然，以至于买下了我们展示的那套标价11.9万美元的样板房。克莱顿房屋两侧将是森林河公司的房车展。",[14,479,480],{},"GEICO将设立展位，配备来自全国各地的顶级保险顾问，为你提供汽车保险报价。在大多数情况下，GEICO能为你提供特别的股东折扣（通常为8%）。这项优惠在我们开展业务的50个司法管辖区中的45个都可以提供。（补充一点：如果你已经符合其他折扣条件，如特定团体折扣，则股东折扣不能叠加。）请带上你现有的保险资料，看看我们能否帮你省钱。我相信对于至少一半的人来说，我们可以做到。顺便申请一下新的GEICO信用卡。这是我现在用的那张。",[14,482,483],{},"周六在奥马哈机场，我们将照例展示利捷航空的各型飞机供各位参观。请到Qwest中心的NetJets展位了解参观事宜。坐着大巴来奥马哈，驾着你的新飞机离开。",[14,485,486],{},"Qwest中心的书虫书店去年创下了伯克希尔相关书籍的销售纪录。令人惊叹的是，其中3,500本是我的合伙人的智慧结晶——《穷查理宝典》（Poor Charlie's Almanack）。这意味着每9秒就卖出一本。而且理由充分：你找不到一本比这更满是真知灼见的书了。口口相传使查理首印的20,500册全部售罄，因此我们将在本次大会上推出修订扩充版。去年书虫书店还提供了其他22种书籍和DVD，共售出4,597册，销售额84,746美元。我们的股东简直是书商梦寐以求的客户。",[14,488,489],{},"随本报告附寄的委托书材料中有一份说明，告诉各位如何获取参加大会及其他活动所需的入场凭证。至于机票、酒店和租车预订，我们再次委托美国运通（800-799-6634）为各位提供专门协助。每年负责此事的卡罗尔·佩德森（Carol Pedersen）都做得非常周到，在此向她表示感谢。",[14,491,492],{},"在第72大街位于Dodge和Pacific之间、占地77英亩的内布拉斯加家具店（Nebraska Furniture Mart），我们将再次推出\"伯克希尔周末\"特惠价格。九年前我们在NFM首次举办这项活动，\"伯克希尔周末\"的销售额从1997年的530万美元增长到2005年的2,740万美元（比前一年增长9%）。一想到这个销售额，我就浑身起鸡皮疙瘩。",[14,494,495],{},"要享受折扣，你必须在5月4日（周四）至5月8日（周一）之间购买，并出示大会入场凭证。特惠期间的优惠价格甚至适用于几家通常对折扣有铁律般禁令的知名品牌，但本着股东周末的精神，他们为各位破了例。我们感谢他们的配合。NFM周一至周六营业时间为上午10:00至晚上9:00，周日为上午10:00至下午6:00。今年周六下午5:30至8:00，我们将举办一场仅限股东参加的特别活动。我会在那里，一边吃烧烤、喝可乐，一边数钱。",[14,497,498],{},"波仙珠宝店（Borsheim's）将再次举办两场股东专属活动。第一场是5月5日（周五）下午6:00至晚上10:00的鸡尾酒会。第二场是主要的大型售卖活动，5月7日（周日）上午9:00至下午4:00举行。周六营业至下午6:00。",[14,500,501],{},"整个周末波仙珠宝店都将人潮涌动。因此为了方便各位，从5月1日（周一）到5月13日（周六），出示大会凭证或经纪账户对账单表明股东身份，即可享受股东优惠价。",[14,503,504],{},"波仙珠宝的毛利率，即使在股东折扣之前，也比其主要竞争对手整整低了二十个百分点。去年股东会期间的销售比2004年增长了9%，而2004年本身比前一年猛增了73%。店里卖出了5,000套伯克希尔大富翁游戏——然后就脱销了。我们汲取了教训：今年会备足库存。",[14,506,507,508,511],{},"在波仙珠宝店外面的帐篷里，两届美国国际象棋冠军帕特里克·沃尔夫（Patrick Wolff）将蒙上双眼，六人一组地迎战所有挑战者。此外，世界顶级桥牌高手鲍勃·哈曼（Bob Hamman）和莎伦·奥斯伯格（Sharon Osberg）将在周日下午与股东们切磋牌技。他们计划",[176,509,510],{},"睁着眼","打——但Bob即使打全国冠军赛也从来不理牌。",[14,513,514,515,518],{},"我最钟爱的牛排馆Gorat's将于5月7日（周日）再次专门为伯克希尔股东开放，从下午4:00营业至晚上10:00。请记住，那天去Gorat's一定要提前预约。预约请在4月1日（",[176,516,517],{},"不要提前","）致电402-551-3733。",[14,520,521],{},"这个学年，大约有35个大学班级来奥马哈与我交流。我带几乎所有人——加起来大概有2,000名学生——去Gorat's吃午饭。他们都很喜欢。想知道为什么，周日就来加入我们吧。",[14,523,524],{},"周六下午4:00至5:30，我们将再次为来自北美以外的股东举办特别招待会。每年都有来自世界各地的人们参加我们的大会，查理和我希望亲自接待这些远道而来的朋友。去年我们非常高兴地接待了来自数十个国家的400多位海外股东。任何来自美国和加拿大以外的股东都将获得参加这一活动的特别凭证和指南。",{"title":526,"searchDepth":527,"depth":527,"links":528},"",2,[],"致股东信",null,"2005年巴菲特致股东信，深入探讨内在价值评估方法、保险业务稳定收益及投资理念","md",{},true,76,"\u002Fbuffett\u002Fberkshire\u002F2005-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":531},"2005 巴菲特致股东信｜巴菲特","2005-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2005-ba-fei-te-zhi-gu-dong-xin","meGQoypIuatCenfUpDFPSTrp2uTkK8EjY5BRGxgWdlM","buffett",[544,548,552,556,559,562,565,569,572,575,579,582,585,589,592,595,599,602,605,609,612,615,619,622,625,629,632,635,639,642,645,649,652,655,659,662,665,669,672,675,679,682,685,689,692,695,699,702,705,709,712,715,719,722,725,729,732,735,739,742,745,749,752,755,759,762,765,769,772,775,779,782,785,789,792,795,799,802,805,809,812,815,819,822,825,829,832,835,839,842,845,849,852,855,859,862,865,869,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1064,1068,1071,1075,1078,1082,1085,1089,1092,1096,1099,1103,1106,1110,1113,1117,1120,1124,1127,1131,1134,1138,1141,1145,1148,1152,1155,1159,1162,1166,1169,1170,1173,1177,1180,1184,1187,1191,1194,1198,1201,1205,1208,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1275,1278,1282,1285,1289,1292,1296,1299,1303,1306,1310,1313,1317,1320,1324,1327,1331,1334,1338,1341,1345,1349,1353,1357,1361,1365,1369,1373,1377,1381,1385,1389,1393,1397,1401,1405,1409,1413,1417,1421,1425,1429,1433,1437,1441,1445,1449,1453,1457,1461,1465,1469,1473,1477,1481,1485,1489,1493,1497,1501,1505,1509,1513,1517,1521,1525,1529,1533,1537,1541],{"title":545,"slug":546,"category":529,"order":547},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":549,"slug":550,"category":551,"order":547},"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":553,"slug":554,"category":555,"order":547},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":557,"slug":558,"category":529,"order":527},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":560,"slug":561,"category":551,"order":527},"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":563,"slug":564,"category":555,"order":527},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":566,"slug":567,"category":529,"order":568},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":570,"slug":571,"category":551,"order":568},"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":573,"slug":574,"category":555,"order":568},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":576,"slug":577,"category":529,"order":578},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":580,"slug":581,"category":551,"order":578},"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":583,"slug":584,"category":555,"order":578},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":586,"slug":587,"category":529,"order":588},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":590,"slug":591,"category":551,"order":588},"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":593,"slug":594,"category":555,"order":588},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":596,"slug":597,"category":529,"order":598},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":600,"slug":601,"category":551,"order":598},"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":603,"slug":604,"category":555,"order":598},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":606,"slug":607,"category":529,"order":608},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":610,"slug":611,"category":551,"order":608},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":613,"slug":614,"category":555,"order":608},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":616,"slug":617,"category":529,"order":618},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":620,"slug":621,"category":551,"order":618},"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":623,"slug":624,"category":555,"order":618},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":626,"slug":627,"category":529,"order":628},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":630,"slug":631,"category":551,"order":628},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":633,"slug":634,"category":555,"order":628},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":636,"slug":637,"category":529,"order":638},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":640,"slug":641,"category":551,"order":638},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":643,"slug":644,"category":555,"order":638},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":646,"slug":647,"category":529,"order":648},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":650,"slug":651,"category":551,"order":648},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":653,"slug":654,"category":555,"order":648},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":656,"slug":657,"category":529,"order":658},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":660,"slug":661,"category":551,"order":658},"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":663,"slug":664,"category":555,"order":658},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":666,"slug":667,"category":529,"order":668},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":670,"slug":671,"category":551,"order":668},"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":673,"slug":674,"category":555,"order":668},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":676,"slug":677,"category":529,"order":678},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":680,"slug":681,"category":551,"order":678},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":683,"slug":684,"category":555,"order":678},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":686,"slug":687,"category":529,"order":688},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":690,"slug":691,"category":551,"order":688},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":693,"slug":694,"category":555,"order":688},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":696,"slug":697,"category":529,"order":698},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":700,"slug":701,"category":551,"order":698},"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":703,"slug":704,"category":555,"order":698},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":706,"slug":707,"category":529,"order":708},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":710,"slug":711,"category":551,"order":708},"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":713,"slug":714,"category":555,"order":708},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":716,"slug":717,"category":529,"order":718},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":720,"slug":721,"category":551,"order":718},"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":723,"slug":724,"category":555,"order":718},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":726,"slug":727,"category":529,"order":728},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":730,"slug":731,"category":551,"order":728},"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":733,"slug":734,"category":555,"order":728},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":736,"slug":737,"category":529,"order":738},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":740,"slug":741,"category":551,"order":738},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":743,"slug":744,"category":555,"order":738},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":746,"slug":747,"category":529,"order":748},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":750,"slug":751,"category":551,"order":748},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":753,"slug":754,"category":555,"order":748},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":756,"slug":757,"category":529,"order":758},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":760,"slug":761,"category":551,"order":758},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":763,"slug":764,"category":555,"order":758},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":766,"slug":767,"category":529,"order":768},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":770,"slug":771,"category":551,"order":768},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":773,"slug":774,"category":555,"order":768},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":776,"slug":777,"category":529,"order":778},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":780,"slug":781,"category":551,"order":778},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":783,"slug":784,"category":555,"order":778},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":786,"slug":787,"category":529,"order":788},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":790,"slug":791,"category":551,"order":788},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":793,"slug":794,"category":555,"order":788},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":796,"slug":797,"category":529,"order":798},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":800,"slug":801,"category":551,"order":798},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":803,"slug":804,"category":555,"order":798},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":806,"slug":807,"category":529,"order":808},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":810,"slug":811,"category":551,"order":808},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":813,"slug":814,"category":555,"order":808},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":816,"slug":817,"category":529,"order":818},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":820,"slug":821,"category":551,"order":818},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":823,"slug":824,"category":555,"order":818},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":826,"slug":827,"category":529,"order":828},"1967年11月 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巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":870,"slug":871,"category":551,"order":868},"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":873,"slug":874,"category":555,"order":868},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":876,"slug":877,"category":529,"order":878},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":880,"slug":881,"category":551,"order":878},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":883,"slug":884,"category":529,"order":885},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":887,"slug":888,"category":551,"order":885},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":890,"slug":891,"category":529,"order":892},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":894,"slug":895,"category":551,"order":892},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":897,"slug":898,"category":529,"order":899},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":901,"slug":902,"category":551,"order":899},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":904,"slug":905,"category":529,"order":906},"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":908,"slug":909,"category":551,"order":906},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":911,"slug":912,"category":529,"order":913},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":915,"slug":916,"category":551,"order":913},"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":918,"slug":919,"category":529,"order":920},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":922,"slug":923,"category":551,"order":920},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":925,"slug":926,"category":529,"order":927},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":929,"slug":930,"category":551,"order":927},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":932,"slug":933,"category":529,"order":934},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":936,"slug":937,"category":551,"order":934},"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":939,"slug":940,"category":529,"order":941},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":943,"slug":944,"category":551,"order":941},"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":946,"slug":947,"category":529,"order":948},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":950,"slug":951,"category":551,"order":948},"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":953,"slug":954,"category":529,"order":955},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":957,"slug":958,"category":551,"order":955},"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":960,"slug":961,"category":529,"order":962},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":964,"slug":965,"category":551,"order":962},"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":967,"slug":968,"category":529,"order":969},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":971,"slug":972,"category":551,"order":969},"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":974,"slug":975,"category":529,"order":976},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":978,"slug":979,"category":551,"order":976},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":981,"slug":982,"category":529,"order":983},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":985,"slug":986,"category":551,"order":983},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":988,"slug":989,"category":529,"order":990},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":992,"slug":993,"category":551,"order":990},"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":995,"slug":996,"category":529,"order":997},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":999,"slug":1000,"category":551,"order":997},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1002,"slug":1003,"category":529,"order":1004},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1006,"slug":1007,"category":551,"order":1004},"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":1009,"slug":1010,"category":529,"order":1011},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1013,"slug":1014,"category":551,"order":1011},"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":1016,"slug":1017,"category":529,"order":1018},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1020,"slug":1021,"category":551,"order":1018},"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":1023,"slug":1024,"category":529,"order":1025},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1027,"slug":1028,"category":551,"order":1025},"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":1030,"slug":1031,"category":529,"order":1032},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1034,"slug":1035,"category":551,"order":1032},"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":1037,"slug":1038,"category":529,"order":1039},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1041,"slug":1042,"category":551,"order":1039},"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":1044,"slug":1045,"category":529,"order":1046},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1048,"slug":1049,"category":551,"order":1046},"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":1051,"slug":1052,"category":529,"order":1053},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1055,"slug":1056,"category":551,"order":1053},"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":1058,"slug":1059,"category":529,"order":1060},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1062,"slug":1063,"category":551,"order":1060},"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":1065,"slug":1066,"category":529,"order":1067},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1069,"slug":1070,"category":551,"order":1067},"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":1072,"slug":1073,"category":529,"order":1074},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1076,"slug":1077,"category":551,"order":1074},"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":1079,"slug":1080,"category":529,"order":1081},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1083,"slug":1084,"category":551,"order":1081},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1086,"slug":1087,"category":529,"order":1088},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1090,"slug":1091,"category":551,"order":1088},"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":1093,"slug":1094,"category":529,"order":1095},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1097,"slug":1098,"category":551,"order":1095},"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":1100,"slug":1101,"category":529,"order":1102},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1104,"slug":1105,"category":551,"order":1102},"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":1107,"slug":1108,"category":529,"order":1109},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1111,"slug":1112,"category":551,"order":1109},"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":1114,"slug":1115,"category":529,"order":1116},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1118,"slug":1119,"category":551,"order":1116},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1121,"slug":1122,"category":529,"order":1123},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1125,"slug":1126,"category":551,"order":1123},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1128,"slug":1129,"category":529,"order":1130},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1132,"slug":1133,"category":551,"order":1130},"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":1135,"slug":1136,"category":529,"order":1137},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1139,"slug":1140,"category":551,"order":1137},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1142,"slug":1143,"category":529,"order":1144},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1146,"slug":1147,"category":551,"order":1144},"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":1149,"slug":1150,"category":529,"order":1151},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1153,"slug":1154,"category":551,"order":1151},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1156,"slug":1157,"category":529,"order":1158},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1160,"slug":1161,"category":551,"order":1158},"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":1163,"slug":1164,"category":529,"order":1165},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1167,"slug":1168,"category":551,"order":1165},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":5,"slug":539,"category":529,"order":535},{"title":1171,"slug":1172,"category":551,"order":535},"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":1174,"slug":1175,"category":529,"order":1176},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1178,"slug":1179,"category":551,"order":1176},"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":1181,"slug":1182,"category":529,"order":1183},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1185,"slug":1186,"category":551,"order":1183},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1188,"slug":1189,"category":529,"order":1190},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1192,"slug":1193,"category":551,"order":1190},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1195,"slug":1196,"category":529,"order":1197},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1199,"slug":1200,"category":551,"order":1197},"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":1202,"slug":1203,"category":529,"order":1204},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1206,"slug":1207,"category":551,"order":1204},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1209,"slug":1210,"category":529,"order":1211},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1213,"slug":1214,"category":551,"order":1211},"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":1216,"slug":1217,"category":529,"order":1218},"2012 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巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1248,"slug":1249,"category":551,"order":1246},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1251,"slug":1252,"category":529,"order":1253},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1255,"slug":1256,"category":551,"order":1253},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1258,"slug":1259,"category":529,"order":1260},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1262,"slug":1263,"category":551,"order":1260},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1265,"slug":1266,"category":529,"order":1267},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1269,"slug":1270,"category":551,"order":1267},"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":1272,"slug":1273,"category":529,"order":1274},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1276,"slug":1277,"category":551,"order":1274},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1279,"slug":1280,"category":529,"order":1281},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1283,"slug":1284,"category":551,"order":1281},"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":1286,"slug":1287,"category":529,"order":1288},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1290,"slug":1291,"category":551,"order":1288},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1293,"slug":1294,"category":529,"order":1295},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1297,"slug":1298,"category":551,"order":1295},"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":1300,"slug":1301,"category":529,"order":1302},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1304,"slug":1305,"category":551,"order":1302},"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":1307,"slug":1308,"category":529,"order":1309},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1311,"slug":1312,"category":551,"order":1309},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1314,"slug":1315,"category":529,"order":1316},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1318,"slug":1319,"category":551,"order":1316},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1321,"slug":1322,"category":529,"order":1323},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1325,"slug":1326,"category":551,"order":1323},"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":1328,"slug":1329,"category":529,"order":1330},"2025 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年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":1422,"slug":1423,"category":551,"order":1424},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":1426,"slug":1427,"category":551,"order":1428},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1430,"slug":1431,"category":551,"order":1432},"巴菲特：2017年接受PBS 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