[{"data":1,"prerenderedAt":3631},["ShallowReactive",2],{"library-2006-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2095,"library-sidebar-dao":3097,"library-sidebar-models":3399},{"id":4,"title":5,"body":6,"category":2081,"date":2082,"description":2083,"extension":2084,"meta":2085,"navigation":2086,"order":2087,"path":2088,"seo":2089,"seoDescription":2083,"seoTitle":2090,"slug":2091,"stem":2092,"__hash__":2093,"_collection":2094},"buffett\u002Fbuffett\u002Fberkshire\u002F2006-ba-fei-te-zhi-gu-dong-xin.md","2006 巴菲特致股东信",{"type":7,"value":8,"toc":2073},"minimark",[9,13,20,25,650,653,656,667,671,674,689,692,695,698,701,704,707,710,713,716,719,722,725,728,731,734,737,786,789,793,796,799,802,805,808,811,916,919,922,925,928,931,934,937,940,943,945,948,951,955,958,961,1035,1038,1041,1044,1047,1050,1053,1061,1064,1067,1070,1073,1076,1083,1086,1089,1259,1262,1265,1268,1271,1278,1281,1284,1287,1468,1471,1474,1477,1482,1815,1818,1821,1824,1827,1830,1833,1836,1839,1842,1845,1856,1863,1866,1868,1879,1882,1889,1892,1899,1908,1914,1921,1932,1935,1938,1941,1944,1947,1958,1965,1972,1975,1978,1981,1984,1991,1998,2001,2004,2007,2010,2013,2016,2019,2022,2025,2028,2035,2042,2045,2048],[10,11,5],"h1",{"id":12},"_2006-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"注：下表刊印在年度报告中董事长信函的对面页，信中有所引用。",[14,21,22],{},[17,23,24],{},"伯克希尔与标普500指数业绩对比",[26,27,28,47],"table",{},[29,30,31],"thead",{},[32,33,34,38,41,44],"tr",{},[35,36,37],"th",{},"年份",[35,39,40],{},"伯克希尔每股账面价值年度变动百分比 (1)",[35,42,43],{},"含股息标普500指数年度变动百分比 (2)",[35,45,46],{},"相对表现 (1)-(2)",[48,49,50,65,79,93,106,120,134,148,162,176,190,204,218,231,245,258,272,286,300,313,327,341,353,366,379,393,407,421,433,447,461,474,488,502,516,530,544,558,571,584,597,610,624,637],"tbody",{},[32,51,52,56,59,62],{},[53,54,55],"td",{},"1965",[53,57,58],{},"23.8",[53,60,61],{},"10.0",[53,63,64],{},"13.8",[32,66,67,70,73,76],{},[53,68,69],{},"1966",[53,71,72],{},"20.3",[53,74,75],{},"(11.7)",[53,77,78],{},"32.0",[32,80,81,84,87,90],{},[53,82,83],{},"1967",[53,85,86],{},"11.0",[53,88,89],{},"30.9",[53,91,92],{},"(19.9)",[32,94,95,98,101,103],{},[53,96,97],{},"1968",[53,99,100],{},"19.0",[53,102,86],{},[53,104,105],{},"8.0",[32,107,108,111,114,117],{},[53,109,110],{},"1969",[53,112,113],{},"16.2",[53,115,116],{},"(8.4)",[53,118,119],{},"24.6",[32,121,122,125,128,131],{},[53,123,124],{},"1970",[53,126,127],{},"12.0",[53,129,130],{},"3.9",[53,132,133],{},"8.1",[32,135,136,139,142,145],{},[53,137,138],{},"1971",[53,140,141],{},"16.4",[53,143,144],{},"14.6",[53,146,147],{},"1.8",[32,149,150,153,156,159],{},[53,151,152],{},"1972",[53,154,155],{},"21.7",[53,157,158],{},"18.9",[53,160,161],{},"2.8",[32,163,164,167,170,173],{},[53,165,166],{},"1973",[53,168,169],{},"4.7",[53,171,172],{},"(14.8)",[53,174,175],{},"19.5",[32,177,178,181,184,187],{},[53,179,180],{},"1974",[53,182,183],{},"5.5",[53,185,186],{},"(26.4)",[53,188,189],{},"31.9",[32,191,192,195,198,201],{},[53,193,194],{},"1975",[53,196,197],{},"21.9",[53,199,200],{},"37.2",[53,202,203],{},"(15.3)",[32,205,206,209,212,215],{},[53,207,208],{},"1976",[53,210,211],{},"59.3",[53,213,214],{},"23.6",[53,216,217],{},"35.7",[32,219,220,223,225,228],{},[53,221,222],{},"1977",[53,224,189],{},[53,226,227],{},"(7.4)",[53,229,230],{},"39.3",[32,232,233,236,239,242],{},[53,234,235],{},"1978",[53,237,238],{},"24.0",[53,240,241],{},"6.4",[53,243,244],{},"17.6",[32,246,247,250,252,255],{},[53,248,249],{},"1979",[53,251,217],{},[53,253,254],{},"18.2",[53,256,257],{},"17.5",[32,259,260,263,266,269],{},[53,261,262],{},"1980",[53,264,265],{},"19.3",[53,267,268],{},"32.3",[53,270,271],{},"(13.0)",[32,273,274,277,280,283],{},[53,275,276],{},"1981",[53,278,279],{},"31.4",[53,281,282],{},"(5.0)",[53,284,285],{},"36.4",[32,287,288,291,294,297],{},[53,289,290],{},"1982",[53,292,293],{},"40.0",[53,295,296],{},"21.4",[53,298,299],{},"18.6",[32,301,302,305,307,310],{},[53,303,304],{},"1983",[53,306,268],{},[53,308,309],{},"22.4",[53,311,312],{},"9.9",[32,314,315,318,321,324],{},[53,316,317],{},"1984",[53,319,320],{},"13.6",[53,322,323],{},"6.1",[53,325,326],{},"7.5",[32,328,329,332,335,338],{},[53,330,331],{},"1985",[53,333,334],{},"48.2",[53,336,337],{},"31.6",[53,339,340],{},"16.6",[32,342,343,346,349,351],{},[53,344,345],{},"1986",[53,347,348],{},"26.1",[53,350,299],{},[53,352,326],{},[32,354,355,358,360,363],{},[53,356,357],{},"1987",[53,359,175],{},[53,361,362],{},"5.1",[53,364,365],{},"14.4",[32,367,368,371,374,376],{},[53,369,370],{},"1988",[53,372,373],{},"20.1",[53,375,340],{},[53,377,378],{},"3.5",[32,380,381,384,387,390],{},[53,382,383],{},"1989",[53,385,386],{},"44.4",[53,388,389],{},"31.7",[53,391,392],{},"12.7",[32,394,395,398,401,404],{},[53,396,397],{},"1990",[53,399,400],{},"7.4",[53,402,403],{},"(3.1)",[53,405,406],{},"10.5",[32,408,409,412,415,418],{},[53,410,411],{},"1991",[53,413,414],{},"39.6",[53,416,417],{},"30.5",[53,419,420],{},"9.1",[32,422,423,426,428,431],{},[53,424,425],{},"1992",[53,427,72],{},[53,429,430],{},"7.6",[53,432,392],{},[32,434,435,438,441,444],{},[53,436,437],{},"1993",[53,439,440],{},"14.3",[53,442,443],{},"10.1",[53,445,446],{},"4.2",[32,448,449,452,455,458],{},[53,450,451],{},"1994",[53,453,454],{},"13.9",[53,456,457],{},"1.3",[53,459,460],{},"12.6",[32,462,463,466,469,472],{},[53,464,465],{},"1995",[53,467,468],{},"43.1",[53,470,471],{},"37.6",[53,473,183],{},[32,475,476,479,482,485],{},[53,477,478],{},"1996",[53,480,481],{},"31.8",[53,483,484],{},"23.0",[53,486,487],{},"8.8",[32,489,490,493,496,499],{},[53,491,492],{},"1997",[53,494,495],{},"34.1",[53,497,498],{},"33.4",[53,500,501],{},".7",[32,503,504,507,510,513],{},[53,505,506],{},"1998",[53,508,509],{},"48.3",[53,511,512],{},"28.6",[53,514,515],{},"19.7",[32,517,518,521,524,527],{},[53,519,520],{},"1999",[53,522,523],{},".5",[53,525,526],{},"21.0",[53,528,529],{},"(20.5)",[32,531,532,535,538,541],{},[53,533,534],{},"2000",[53,536,537],{},"6.5",[53,539,540],{},"(9.1)",[53,542,543],{},"15.6",[32,545,546,549,552,555],{},[53,547,548],{},"2001",[53,550,551],{},"(6.2)",[53,553,554],{},"(11.9)",[53,556,557],{},"5.7",[32,559,560,563,565,568],{},[53,561,562],{},"2002",[53,564,61],{},[53,566,567],{},"(22.1)",[53,569,570],{},"32.1",[32,572,573,576,578,581],{},[53,574,575],{},"2003",[53,577,526],{},[53,579,580],{},"28.7",[53,582,583],{},"(7.7)",[32,585,586,589,591,594],{},[53,587,588],{},"2004",[53,590,406],{},[53,592,593],{},"10.9",[53,595,596],{},"(.4)",[32,598,599,602,604,607],{},[53,600,601],{},"2005",[53,603,241],{},[53,605,606],{},"4.9",[53,608,609],{},"1.5",[32,611,612,615,618,621],{},[53,613,614],{},"2006",[53,616,617],{},"18.4",[53,619,620],{},"15.8",[53,622,623],{},"2.6",[32,625,626,629,632,635],{},[53,627,628],{},"年复合增长率——1965-2006",[53,630,631],{},"21.4%",[53,633,634],{},"10.4%",[53,636,86],{},[32,638,639,642,645,648],{},[53,640,641],{},"累计总收益——1964-2006",[53,643,644],{},"361,156%",[53,646,647],{},"6,479%",[53,649],{},[14,651,652],{},"注：数据基于日历年度，以下除外：1965年和1966年为截至9月30日的年度；1967年为截至12月31日的15个月。",[14,654,655],{},"自1979年起，会计准则要求保险公司按市场价值而非成本与市场价孰低法计量持有的股权证券。在本表中，伯克希尔1978年及之前的数据已按新准则重新列报。其他所有方面均使用最初报告的数字计算。",[14,657,658,659,662,663,666],{},"标普500指数的数字为",[17,660,661],{},"税前","收益，而伯克希尔的数字为",[17,664,665],{},"税后","收益。如果像伯克希尔这样的企业仅仅持有标普500指数并计提相应税款，那么在该指数取得正收益的年份，其表现将落后于指数，但在指数出现负收益的年份则会超越指数。长年累月下来，税负成本会导致相当大的累计差距。",[10,668,670],{"id":669},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,672,673],{},"致伯克希尔·哈撒韦公司所有股东：",[14,675,676,677],{},"2006年，公司净资产增加169亿美元，A股和B股每股账面价值均增长18.4%。自现任管理层接手的42年以来，每股账面价值由当初的19美元成长到目前的70,281美元，年复合增长率约为21.4%。",[678,679,680],"sup",{},[681,682,688],"a",{"href":683,"ariaDescribedBy":684,"dataFootnoteRef":686,"id":687},"#user-content-fn-*",[685],"footnote-label","","user-content-fnref-*","1",[14,690,691],{},"我们能取得这一出色成绩，可以说是天时地利人和。过去几年，经济环境对做生意有利，整体保险行业也处于良性循环，而我们旗下那些杰出的经理人更是将这些有利条件发挥到了极致。我们以他们的成就为傲。（他们的事迹请参阅第65页起的报告。）",[14,693,694],{},"不过回头看来，查理·芒格 (Charlie Munger)——伯克希尔副董事长，也是我的合伙人——和我做过一些蠢事。首当其冲的是我在1998年做出的一个决定，当时我把通用再保险 (General Re) 买了下来，却没有首先做好核查工作。至今，这个错误仍在吞噬利润。",[14,696,697],{},"事实上，我还好在当初没什么有用的\"信息\"。如果当时做了常规的尽职调查，我可能被一堆看起来很靠谱的数据给糊弄过去，因为这些数据后来都被证明毫无意义。到了2001年底，通用再保险的问题暴露无遗之时，我方才从中汲取教训，仅仅因为我采取了审核保险准备金之类的措施。这些措施是别人不曾采取的。",[14,699,700],{},"我在1998年的另一个鲁莽行为，是签署了用伯克希尔的股票去收购通用再保险的协议，而不是用现金。那个决定让伯克希尔的股东们多付出了数十亿的代价。这正是在未经仔细思考便仓促行事的典型案例——查理给这种行为起了个好听的名字：\"吮手指\"。",[10,702,703],{"id":703},"保险业务",[14,705,706],{},"接下来我要告诉各位一些好消息——虽然说起来有自吹自擂之嫌。不过没关系，我是个在自我克制上从不过分克制的人。",[14,708,709],{},"就从2006年的保险业务说起吧。",[14,711,712],{},"保险业务是伯克希尔的核心。首先，保险这门生意的经济特性，决定了它总能产生大量现金。况且，伯克希尔的保险业务不断壮大，而且拥有独一无二的竞争优势，使之成为世界上最有价值的保险集团。",[14,714,715],{},"为了理解我们所做的，你需要先了解浮存金 (float)。浮存金是指虽然不属于我们但暂时由我们持有并用于投资的资金。保险公司先收保费、后赔付，产生的浮存金有时非常庞大——在财产意外险中尤其如此，因为索赔（如石棉暴露或工伤事故等）往往在损害发生后多年才到来。",[14,717,718],{},"在将来，我们的保费收入会与赔付金额基本持平，但仍然能借助浮存金获得巨大的投资收益。",[14,720,721],{},"对保险公司而言，浮存金是好事还是坏事，取决于其获取成本——也就是公司在承保活动中的盈亏状况。当承保利润随着时间持续出现时——也就意味着保户支付的保费加上投资收益，不仅覆盖了理赔款和运营费用，还有剩余——那么，浮存金的价值甚至可能超过同等规模的净资产。事实上，这种白拿的浮存金用来投资产生收益后，等于使用了免费甚至低于免费的资金来赚钱。",[14,723,724],{},"不幸的是，大多数保险公司在经营上都是入不敷出的，因此这个行业整体的浮存金价值远低于同等规模的净资产。长久以来如此。通常来说，这个行业每收到一美元的浮存金，大约要承担一美元的经济成本。有些年份甚至高到令保险公司股东欲哭无泪的地步。",[14,726,727],{},"在伯克希尔，承保业绩一向优异。我们在37年的保险经营历史中，有35年实现了承保盈利——仅在2001年和2002年是例外。在这37年间，我们的浮存金从1,600万美元增长到509亿美元。凡是能在产生如此庞大的浮存金的同时还维持盈利的保险公司，其价值是无法估量的。",[14,729,730],{},"许多不太乐观的统计数据也因此变得无关紧要了。这些经营成果并非凭运气得来。严格的风险评估纪律贯穿在我们每天做出的每一个决策之中，虽然无法消除所有失误，但它确保我们远离灾难性的错误。当一位保险公司的经理人——面对长尾业务的不确定性——错误地乐观估计了损失准备金，这种代价可能要等很多年以后才会浮出水面。（哪怕对短尾险种来说，经理人照样可以乐观到离谱的地步——正如通用再保险以前的管理层就干过这种事。）",[14,732,733],{},"我已经说了很多遍，最终我们会经历严重的大灾难年，可能是自然灾害，也可能是金融浩劫。但2006年不在此列。我们的保险集团对保费收入的赔付率低于市场平均水平。如果这种良好的态势能维持下去——我认为大概率可以——那么我们的浮存金将在很长一段时间内超越同等规模的净资产。",[14,735,736],{},"在下面的表格中，你可以看到伯克希尔浮存金的增长趋势：",[26,738,739,748],{},[29,740,741],{},[32,742,743,745],{},[35,744,37],{},[35,746,747],{},"浮存金（百万美元）",[48,749,750,757,764,771,778],{},[32,751,752,754],{},[53,753,83],{},[53,755,756],{},"20",[32,758,759,761],{},[53,760,222],{},[53,762,763],{},"139",[32,765,766,768],{},[53,767,357],{},[53,769,770],{},"1,508",[32,772,773,775],{},[53,774,492],{},[53,776,777],{},"7,093",[32,779,780,783],{},[53,781,782],{},"2007",[53,784,785],{},"50,887",[14,787,788],{},"去年，每一大类保险业务的表现都很出色。我们来看看其中的亮点。",[790,791,792],"h2",{"id":792},"通用再保险",[14,794,795],{},"本年度终于取得了重大进展。我们已经消除了通用再保险 (General Re) 多年来的两大隐患：承保纪律的缺失，和一本祸害无穷的衍生品账本。",[14,797,798],{},"当伯克希尔在1998年收购通用再保险时，我本来知道该怎么改变它的承保方式。但我什么也没做——查理称之为\"吮手指\"，我也\"吮\"了好一会儿。",[14,800,801],{},"从2001年起，乔·布兰登 (Joe Brandon) 和塔德·蒙特罗斯 (Tad Montross) 开始整顿通用再保险的承保业务，在这个过程中遭遇了不少阻力。在一个人人争先恐后要抢份额的行业里，收紧承保标准、甚至丢掉一些业务，是非常不受欢迎的。但乔和塔德扛住了压力，如今通用再保险在全球的再保险公司中名列前茅。",[14,803,804],{},"2006年，通用再保险和伯克希尔·哈撒韦再保险集团 (Berkshire Hathaway Reinsurance Group) 合计产生浮存金约340亿美元，而承保业绩也非常出色。",[14,806,807],{},"在谈论通用再保险的衍生品账本时——关于这个话题后面的\"金融及金融产品\"章节会详述——让我简单提一句：2002年初这个账本有23,218份合约，目前只剩197份。累计税前亏损达4.09亿美元。这简直就是一头疯狂的大象，幸好终于被驯服了。",[14,809,810],{},"以下是财产意外险再保险集团的承保业绩：",[26,812,813,831],{},[29,814,815],{},[32,816,817,819,822,825,828],{},[35,818,703],{},[35,820,821],{},"承保利润（百万美元）2006",[35,823,824],{},"承保利润（百万美元）2005",[35,826,827],{},"年末浮存金（百万美元）2006",[35,829,830],{},"年末浮存金（百万美元）2005",[48,832,833,849,866,883,899],{},[32,834,835,837,840,843,846],{},[53,836,792],{},[53,838,839],{},"$ 526",[53,841,842],{},"$ (334)",[53,844,845],{},"$ 22,827",[53,847,848],{},"$ 22,920",[32,850,851,854,857,860,863],{},[53,852,853],{},"伯克希尔·哈撒韦再保险集团",[53,855,856],{},"1,658",[53,858,859],{},"235",[53,861,862],{},"16,860",[53,864,865],{},"16,233",[32,867,868,871,874,877,880],{},[53,869,870],{},"GEICO",[53,872,873],{},"1,314",[53,875,876],{},"1,221",[53,878,879],{},"7,171",[53,881,882],{},"6,692",[32,884,885,888,891,893,896],{},[53,886,887],{},"其他保险业务",[53,889,890],{},"340",[53,892,859],{},[53,894,895],{},"4,029",[53,897,898],{},"3,442",[32,900,901,904,907,910,913],{},[53,902,903],{},"合计",[53,905,906],{},"$ 3,838",[53,908,909],{},"$ 1,357",[53,911,912],{},"$ 50,887",[53,914,915],{},"$ 49,287",[790,917,918],{"id":918},"盖可保险",[14,920,921],{},"盖可保险 (GEICO) 是全美第三大私人汽车保险公司，2006年市场份额继续攀升。去年其保单量增长了8.1%，市场份额从5.6%上升到约6.1%。2006年，盖可保险的营收为119亿美元。",[14,923,924],{},"盖可保险在获取新客户方面远比竞争对手高效。2006年，我们花在广告和营销上的金额约为6.31亿美元，其中相当大一部分投放在那位可爱的壁虎 (gecko) 和那帮穴居人 (cavemen) 的电视广告上。我喜欢那些广告——实话说，至少在壁虎这个角色上，你无法否认我是选角天才。",[14,926,927],{},"就像很多时候一样，这些广告产生的结果因果难辨。但可以确定的是：盖可保险的新保单数量持续增长，保户质量也保持稳定。这意味着我们的低成本经营模式正在吸引越来越多的客户。",[14,929,930],{},"托尼·奈斯利 (Tony Nicely) 在掌管盖可保险超过十年间交出了绝妙的成绩单，不仅扩大了市场份额，还维持了承保利润。只有他才能把这两件看似矛盾的事同时做好。",[790,932,853],{"id":933},"伯克希尔哈撒韦再保险集团",[14,935,936],{},"阿吉特·贾恩 (Ajit Jain) 掌管着这个集团。如果需要我写一本书来列举他的功绩，我大概写到一半就会累倒。阿吉特是在1986年加入伯克希尔的，从那以后他为公司创造的利润和浮存金堪称天文数字。",[14,938,939],{},"没人能像他一样经营巨灾再保险和大额风险承保业务。要做到这一点，你需要对概率论有直觉般的理解，需要足够聪明来评估各种陌生而复杂的风险，需要能在别人都说\"好\"的时候说\"不\"，还需要在客户发生了灾难性的损失之后，迅速向他们支付赔款。",[14,941,942],{},"阿吉特做到了以上所有。他的存在使伯克希尔成为了全球最有价值的再保险集团。",[790,944,887],{"id":887},[14,946,947],{},"除了上述三大支柱，我们还有一系列规模较小但同样经营出色的保险子公司。这些公司合计在2006年贡献了3.4亿美元的承保利润和约40亿美元的浮存金。",[14,949,950],{},"总体来说，我们的保险帝国成绩斐然，它的经营者们功不可没。",[10,952,954],{"id":953},"制造业服务业和零售业","制造业、服务业和零售业",[14,956,957],{},"这个大类涵盖了我们各种各样的非保险业务。让我先给各位看看整体数据，然后再逐一点评。",[14,959,960],{},"以下是该类业务的汇总数据：",[26,962,963,982],{},[29,964,965],{},[32,966,967,970,973,976,979],{},[35,968,969],{},"（百万美元）",[35,971,972],{},"营收 2006",[35,974,975],{},"营收 2005",[35,977,978],{},"税前利润 2006",[35,980,981],{},"税前利润 2005",[48,983,984,1001,1018],{},[32,985,986,989,992,995,998],{},[53,987,988],{},"制造业",[53,990,991],{},"$ 25,965",[53,993,994],{},"$ 21,174",[53,996,997],{},"$ 3,297",[53,999,1000],{},"$ 2,598",[32,1002,1003,1006,1009,1012,1015],{},[53,1004,1005],{},"服务业",[53,1007,1008],{},"5,641",[53,1010,1011],{},"5,195",[53,1013,1014],{},"803",[53,1016,1017],{},"699",[32,1019,1020,1023,1026,1029,1032],{},[53,1021,1022],{},"零售业",[53,1024,1025],{},"4,070",[53,1027,1028],{},"3,837",[53,1030,1031],{},"264",[53,1033,1034],{},"257",[14,1036,1037],{},"该类别中的一些业务具有极为出色的经济特性，以有形净资产衡量的税后回报率高达25%以上。另一些业务的回报率在12%到20%之间。但也有少数几项业务的回报率令人失望。",[14,1039,1040],{},"长远来看，我们在该类别中收购了一些了不起的企业，未来也将继续如此。",[10,1042,1043],{"id":1043},"利捷航空",[14,1045,1046],{},"利捷航空 (NetJets) 是世界上最大的公务机共享所有权公司。2006年，它终于实现了全面盈利。",[14,1048,1049],{},"整个欧洲业务曾是一个大坑。1996年我们进军欧洲，导致成本暴增。在欧洲运营5年只获得80个客户，截至2006年年中，累积税前损失已达到2.12亿美元。不过目前欧洲的需求暴增，2005年至2006年新增了589名客户。在马克·布斯 (Mark Booth) 精明的领导下，利捷航空的欧洲业务终于扭亏为盈，我们期待如此的经营态势可以延续。",[14,1051,1052],{},"2006年美国业务也经营得相当不错，使利捷航空全球税前收益达到1.43亿美元。即使第一季度亏损了1,900万美元，全年来看仍然实现了盈利。",[14,1054,1055,1056,1060],{},"由亏转盈的功劳要归于里奇·桑图利 (Rich Santulli) 和马克。Rich跟伯克希尔的许多经理人一样，根本不需要为钱而工作。但你永远看不出来——他精力旺盛得惊人，监督运营、促成交易、穿梭全球，不断扩大利捷航空本已庞大的领先优势。今天，我们所管理的机队价值远远超过前三大竞争对手的",[1057,1058,1059],"em",{},"总和","。",[14,1062,1063],{},"利捷航空之所以能遥遥领先，是因为它提供了极致的安全和服务。在伯克希尔以及我们的许多子公司，利捷航空的飞机是不可或缺的商务工具。我个人也与利捷航空签有私人使用合同，我的家人和大多数伯克希尔董事也是如此。（我必须补充一句：我们可没享受任何折扣。）一旦你体验过利捷航空的服务，再回去坐普通商业航班，就好像又回到了原始时代一样。",[10,1065,1066],{"id":1066},"受监管的公用事业业务",[14,1068,1069],{},"伯克希尔持有中美能源控股公司 (MidAmerican Energy Holdings) 86.6%（完全稀释后）的股权，该公司旗下拥有多种公用事业资产。其中最大的几项分别是：(1) 约克郡电力与北方电力公司 (Yorkshire Electricity and Northern Electric)，拥有370万电力用户，是英国第三大电力分销商；(2) 中美能源 (MidAmerican Energy)，主要在爱荷华州服务70.6万电力用户；(3) 太平洋电力与洛基山电力公司 (Pacific Power and Rocky Mountain Power)，在美国西部六个州服务约170万电力用户；(4) 科恩河与北方天然管道公司 (Kern River and Northern Natural pipelines)，输送了全美约8%的天然气消费量。",[14,1071,1072],{},"我们在中美能源的合伙人是沃尔特·斯科特 (Walter Scott)，以及两位了不起的经理人戴夫·索科尔 (Dave Sokol) 和格雷格·阿贝尔 (Greg Abel)。各方持有多少投票权并不重要——只有在我们一致认为明智的情况下，才会做出重大举措。与戴夫、格雷格和沃尔特共事六年，更加印证了我最初的判断：伯克希尔不可能找到更好的合伙人了。",[14,1074,1075],{},"有些不太协调的是，中美能源还拥有全美第二大房地产经纪公司——美国家庭服务公司 (HomeServices of America)。这家公司通过20个地方品牌、20,300名经纪人开展业务。尽管去年进行了两起收购，该公司的总成交金额仍下降了9%至580亿美元，利润缩水了50%。",[14,1077,1078,1079,1082],{},"住宅房地产活动的放缓，部分源于近年来放贷标准的松弛。那些\"可选择性\"的合同和\"诱惑性\"的利率大行其道，让借款人在贷款头几年的月供远低于正常利息水平。在对借款人几乎没什么要求的情况下，自然不会出现太多违约——正如一位尖刻的人所说：\"不断滚动的贷款不会产生损失。\"但未支付的利息会滚入本金，那些一开始就付不起正常月供的借款人，后来面对的则是",[1057,1080,1081],{},"高于正常","的月付金额。这简直就是斯嘉丽·奥哈拉 (Scarlett O'Hara) 的翻版：\"明天的事明天再说吧。\"对许多房主来说，\"明天\"已经到来了。因此，在美国家庭服务公司的好几个市场，都出现了大量待售房源积压的现象。",[14,1084,1085],{},"话虽如此，我们仍会继续寻求收购更多的经纪业务。十年后，美国家庭服务公司几乎肯定会比今天大得多。",[14,1087,1088],{},"以下是中美能源在运营上的关键数据：",[26,1090,1091,1103],{},[29,1092,1093],{},[32,1094,1095,1097,1100],{},[35,1096],{},[35,1098,1099],{},"2006年收益（百万美元）",[35,1101,1102],{},"2005年收益（百万美元）",[48,1104,1105,1116,1127,1138,1149,1160,1171,1182,1193,1204,1215,1226,1237,1248],{},[32,1106,1107,1110,1113],{},[53,1108,1109],{},"英国公用事业",[53,1111,1112],{},"$ 338",[53,1114,1115],{},"$ 308",[32,1117,1118,1121,1124],{},[53,1119,1120],{},"爱荷华公用事业",[53,1122,1123],{},"348",[53,1125,1126],{},"288",[32,1128,1129,1132,1135],{},[53,1130,1131],{},"西部公用事业（2006年3月21日收购）",[53,1133,1134],{},"356",[53,1136,1137],{},"不适用",[32,1139,1140,1143,1146],{},[53,1141,1142],{},"管道业务",[53,1144,1145],{},"376",[53,1147,1148],{},"309",[32,1150,1151,1154,1157],{},[53,1152,1153],{},"家庭服务",[53,1155,1156],{},"74",[53,1158,1159],{},"148",[32,1161,1162,1165,1168],{},[53,1163,1164],{},"其他（净值）",[53,1166,1167],{},"226",[53,1169,1170],{},"115",[32,1172,1173,1176,1179],{},[53,1174,1175],{},"公司利息和税前收益",[53,1177,1178],{},"1,718",[53,1180,1181],{},"1,168",[32,1183,1184,1187,1190],{},[53,1185,1186],{},"利息（支付给伯克希尔以外的）",[53,1188,1189],{},"(261)",[53,1191,1192],{},"(200)",[32,1194,1195,1198,1201],{},[53,1196,1197],{},"伯克希尔次级债务利息",[53,1199,1200],{},"(134)",[53,1202,1203],{},"(157)",[32,1205,1206,1209,1212],{},[53,1207,1208],{},"所得税",[53,1210,1211],{},"(407)",[53,1213,1214],{},"(248)",[32,1216,1217,1220,1223],{},[53,1218,1219],{},"净收益",[53,1221,1222],{},"$ 916",[53,1224,1225],{},"$ 563",[32,1227,1228,1231,1234],{},[53,1229,1230],{},"归属伯克希尔的收益 *",[53,1232,1233],{},"$ 885",[53,1235,1236],{},"$ 523",[32,1238,1239,1242,1245],{},[53,1240,1241],{},"欠其他方的债务",[53,1243,1244],{},"16,946",[53,1246,1247],{},"10,296",[32,1249,1250,1253,1256],{},[53,1251,1252],{},"欠伯克希尔的债务",[53,1254,1255],{},"1,055",[53,1257,1258],{},"1,289",[14,1260,1261],{},"* 包括伯克希尔所获利息（扣除相关所得税后的净额），2006年为8,700万美元，2005年为1.02亿美元。",[10,1263,1264],{"id":1264},"金融及金融产品",[14,1266,1267],{},"各位一定很高兴听到这个消息——我本人当然更高兴——这将是我最后一次在股东信中讨论通用再保险衍生品业务的亏损了。2002年初我们着手关闭这项业务时，有23,218份在外流通合约，现在只剩197份。这部分业务的累计税前亏损共计4.09亿美元，但2006年仅亏损了500万美元。查理说，如果我们在2001年的资产负债表上给这4.09亿美元贴个标签，那应该写\"不打开就没事\"。总而言之，一句稍加改编的莎士比亚名言，很适合作为这个衍生品业务的墓志铭：\"结束了就万事大吉。\"",[14,1269,1270],{},"我们也已经结束了在价值资本公司 (Value Capital) 的投资。因此，这两项业务的损益将最后一次出现在本章节的年度报表中。",[14,1272,1273,1274,1277],{},"克莱顿预制房 (Clayton Homes) 在预制房屋行业中仍然是个异类——这个行业去年创下了自1962年以来最低的销售量。事实上，该行业去年的销售额仅为1999年的三分之一左右。除了克莱顿，我对整个行业在2006年是否赚到过",[1057,1275,1276],{},"一分钱","都心存怀疑。",[14,1279,1280],{},"但克莱顿却赚取了5.13亿美元的税前利润，并额外向伯克希尔支付了8,600万美元，作为我们为克莱顿持有的100亿美元分期付款应收账款组合融资的费用。伯克希尔的财务实力显然对克莱顿帮助巨大，但公司成功背后的真正推手是凯文·克莱顿 (Kevin Clayton)。凯文对这门生意了如指掌，是一位理性的决策者，与之共事是一种享受。通过收购，克莱顿目前拥有14,787名员工，而我们收购时只有6,661人。",[14,1282,1283],{},"我们有两项租赁业务：保罗·阿诺德 (Paul Arnold) 经营的科特商业服务公司 (CORT，办公家具租赁) 和比尔·弗兰茨 (Bill Franz) 经营的XTRA公司（货车挂车租赁）。科特的收益去年有显著提升，XTRA则维持在2005年的高水平。我们将继续为保罗和比尔寻找补强收购机会，也对新的租赁业务保持开放态度。",[14,1285,1286],{},"以下为本业务群收益明细：",[26,1288,1289,1307],{},[29,1290,1291],{},[32,1292,1293,1295,1298,1301,1304],{},[35,1294,969],{},[35,1296,1297],{},"税前收益 2006",[35,1299,1300],{},"税前收益 2005",[35,1302,1303],{},"计息负债 2006",[35,1305,1306],{},"计息负债 2005",[48,1308,1309,1326,1343,1360,1375,1392,1409,1424,1439,1454],{},[32,1310,1311,1314,1317,1320,1323],{},[53,1312,1313],{},"交易业务——经常性收入",[53,1315,1316],{},"$ 274",[53,1318,1319],{},"$ 200",[53,1321,1322],{},"$ 600",[53,1324,1325],{},"$ 1,061",[32,1327,1328,1331,1334,1337,1340],{},[53,1329,1330],{},"通用再保险证券（损失）",[53,1332,1333],{},"(5)",[53,1335,1336],{},"(104)",[53,1338,1339],{},"1,204*",[53,1341,1342],{},"2,617*",[32,1344,1345,1348,1351,1354,1357],{},[53,1346,1347],{},"人寿及年金业务",[53,1349,1350],{},"29",[53,1352,1353],{},"11",[53,1355,1356],{},"2,459",[53,1358,1359],{},"2,461",[32,1361,1362,1365,1368,1371,1373],{},[53,1363,1364],{},"价值资本公司（损失）",[53,1366,1367],{},"6",[53,1369,1370],{},"(33)",[53,1372,1137],{},[53,1374,1137],{},[32,1376,1377,1380,1383,1386,1389],{},[53,1378,1379],{},"租赁业务",[53,1381,1382],{},"182",[53,1384,1385],{},"173",[53,1387,1388],{},"261",[53,1390,1391],{},"370",[32,1393,1394,1397,1400,1403,1406],{},[53,1395,1396],{},"预制房屋金融（克莱顿）",[53,1398,1399],{},"513",[53,1401,1402],{},"416",[53,1404,1405],{},"10,498",[53,1407,1408],{},"9,299",[32,1410,1411,1414,1417,1420,1422],{},[53,1412,1413],{},"其他",[53,1415,1416],{},"158",[53,1418,1419],{},"159",[53,1421,1137],{},[53,1423,1137],{},[32,1425,1426,1429,1432,1435,1437],{},[53,1427,1428],{},"资本利得前收入",[53,1430,1431],{},"1,157",[53,1433,1434],{},"822",[53,1436],{},[53,1438],{},[32,1440,1441,1444,1447,1450,1452],{},[53,1442,1443],{},"交易业务——资本利得（损失）",[53,1445,1446],{},"938",[53,1448,1449],{},"(234)",[53,1451],{},[53,1453],{},[32,1455,1456,1458,1461,1464,1466],{},[53,1457,903],{},[53,1459,1460],{},"$ 2,095",[53,1462,1463],{},"$ 588",[53,1465],{},[53,1467],{},[14,1469,1470],{},"* 通用再保险证券包括所有负债",[10,1472,1473],{"id":1473},"投资业务",[14,1475,1476],{},"下表列示了我们的普通股投资。除两项例外，我们将2006年底市值超过7亿美元的股票逐一列出。那两只未列出的股票市值合计为19亿美元，之所以不公开，是因为我们仍在持续买入。当然，我也可以告诉你们它们的名字——但那样的话我可能就得灭你们的口了。",[14,1478,1479],{},[17,1480,1481],{},"2006年12月31日",[26,1483,1484,1503],{},[29,1485,1486],{},[32,1487,1488,1491,1494,1497,1500],{},[35,1489,1490],{},"股数",[35,1492,1493],{},"公司",[35,1495,1496],{},"持股比例",[35,1498,1499],{},"成本*（百万美元）",[35,1501,1502],{},"市值（百万美元）",[48,1504,1505,1521,1537,1554,1571,1588,1604,1621,1637,1654,1671,1688,1704,1720,1737,1753,1769,1786,1800],{},[32,1506,1507,1510,1513,1515,1518],{},[53,1508,1509],{},"151,610,700",[53,1511,1512],{},"美国运通 (American Express)",[53,1514,460],{},[53,1516,1517],{},"$ 1,287",[53,1519,1520],{},"$ 9,198",[32,1522,1523,1526,1529,1531,1534],{},[53,1524,1525],{},"36,417,400",[53,1527,1528],{},"安海斯-布希 (Anheuser-Busch)",[53,1530,169],{},[53,1532,1533],{},"1,761",[53,1535,1536],{},"1,792",[32,1538,1539,1542,1545,1548,1551],{},[53,1540,1541],{},"200,000,000",[53,1543,1544],{},"可口可乐 (Coca-Cola)",[53,1546,1547],{},"8.6",[53,1549,1550],{},"1,299",[53,1552,1553],{},"9,650",[32,1555,1556,1559,1562,1565,1568],{},[53,1557,1558],{},"17,938,100",[53,1560,1561],{},"康菲石油 (ConocoPhillips)",[53,1563,1564],{},"1.1",[53,1566,1567],{},"1,066",[53,1569,1570],{},"1,291",[32,1572,1573,1576,1579,1582,1585],{},[53,1574,1575],{},"21,334,900",[53,1577,1578],{},"强生 (Johnson & Johnson)",[53,1580,1581],{},"0.7",[53,1583,1584],{},"1,250",[53,1586,1587],{},"1,409",[32,1589,1590,1593,1596,1598,1601],{},[53,1591,1592],{},"6,708,760",[53,1594,1595],{},"M&T银行 (M&T Bank)",[53,1597,323],{},[53,1599,1600],{},"103",[53,1602,1603],{},"820",[32,1605,1606,1609,1612,1615,1618],{},[53,1607,1608],{},"48,000,000",[53,1610,1611],{},"穆迪 (Moody's)",[53,1613,1614],{},"17.2",[53,1616,1617],{},"499",[53,1619,1620],{},"3,315",[32,1622,1623,1626,1629,1631,1634],{},[53,1624,1625],{},"2,338,961,000",[53,1627,1628],{},"中国石油H股（或等价物）(PetroChina)",[53,1630,457],{},[53,1632,1633],{},"488",[53,1635,1636],{},"3,313",[32,1638,1639,1642,1645,1648,1651],{},[53,1640,1641],{},"3,486,006",[53,1643,1644],{},"浦项制铁 (POSCO)",[53,1646,1647],{},"4.0",[53,1649,1650],{},"572",[53,1652,1653],{},"1,158",[32,1655,1656,1659,1662,1665,1668],{},[53,1657,1658],{},"100,000,000",[53,1660,1661],{},"宝洁 (Procter & Gamble)",[53,1663,1664],{},"3.2",[53,1666,1667],{},"940",[53,1669,1670],{},"6,427",[32,1672,1673,1676,1679,1682,1685],{},[53,1674,1675],{},"229,707,000",[53,1677,1678],{},"乐购 (Tesco)",[53,1680,1681],{},"2.9",[53,1683,1684],{},"1,340",[53,1686,1687],{},"1,820",[32,1689,1690,1693,1696,1698,1701],{},[53,1691,1692],{},"31,033,800",[53,1694,1695],{},"美国合众银行 (US Bancorp)",[53,1697,147],{},[53,1699,1700],{},"969",[53,1702,1703],{},"1,123",[32,1705,1706,1709,1712,1714,1717],{},[53,1707,1708],{},"17,072,192",[53,1710,1711],{},"USG公司 (USG Corp)",[53,1713,100],{},[53,1715,1716],{},"536",[53,1718,1719],{},"936",[32,1721,1722,1725,1728,1731,1734],{},[53,1723,1724],{},"19,944,300",[53,1726,1727],{},"沃尔玛 (Wal-Mart)",[53,1729,1730],{},"0.5",[53,1732,1733],{},"942",[53,1735,1736],{},"921",[32,1738,1739,1742,1745,1748,1750],{},[53,1740,1741],{},"1,727,765",[53,1743,1744],{},"华盛顿邮报 (Washington Post)",[53,1746,1747],{},"18.0",[53,1749,1353],{},[53,1751,1752],{},"1,288",[32,1754,1755,1758,1761,1763,1766],{},[53,1756,1757],{},"218,169,300",[53,1759,1760],{},"富国银行 (Wells Fargo)",[53,1762,537],{},[53,1764,1765],{},"3,697",[53,1767,1768],{},"7,758",[32,1770,1771,1774,1777,1780,1783],{},[53,1772,1773],{},"1,724,200",[53,1775,1776],{},"白山保险 (White Mountains Insurance)",[53,1778,1779],{},"16.0",[53,1781,1782],{},"369",[53,1784,1785],{},"999",[32,1787,1788,1790,1792,1795,1798],{},[53,1789],{},[53,1791,1413],{},[53,1793,1794],{},"5,866",[53,1796,1797],{},"8,315",[53,1799],{},[32,1801,1802,1805,1808,1811,1813],{},[53,1803,1804],{},"普通股合计",[53,1806,1807],{},"$ 22,995",[53,1809,1810],{},"$ 61,533",[53,1812],{},[53,1814],{},[14,1816,1817],{},"* 此为我们的实际购买价格，也是计税基础；由于少数情况下需要进行增值或减值调整，通用会计准则下的\"成本\"会略有不同。",[14,1819,1820],{},"几乎所有被投资公司在2006年的经营表现都令我们感到欣喜。去年，我告诉你们我们的预期是：这些公司整体而言，每年的收益将增长6%到8%，按这个速度大约每十年翻一番。2006年，我们的四大重仓股——美国运通、可口可乐、宝洁和富国银行——每股收益分别增长了18%、9%、8%和11%。这是一流的成绩，我们向它们的CEO致敬。",[14,1822,1823],{},"我应该提一下，我们所实现的全部直接外汇利润都来自远期合约——这是一种衍生品，而我们还签订了其他类型的衍生品合约。这听起来可能有点奇怪：你们都知道我们在清算通用再保险衍生品账本时付出了多么惨痛的代价，也听我讲过衍生品使用量的惊人增长可能引发的系统性问题。那你们可能会纳闷：我们干嘛还要跟这种潜在的有毒物质搅在一起呢？",[14,1825,1826],{},"答案是：衍生品就跟股票和债券一样，有时候也会被严重错误定价。因此，多年来我们一直有选择性地签订衍生品合约——数量不多，但有时金额非常大。目前我们有62份合约在外。这些合约由我亲自管理，而且不存在交易对手的信用风险。到目前为止，这些衍生品合约的表现相当不错，为我们创造了数亿美元的税前利润（远超前面列示的远期外汇合约的利润）。虽然我们不时会遭遇损失，但整体而言，我们很可能会继续从被错误定价的衍生品中获得可观的利润。",[14,1828,1829],{},"好消息是：76岁的我感觉状态好极了，各项体检指标都显示健康状况优良。对于一个常年喝樱桃可乐、吃汉堡的家伙来说，这真是太神奇了。",[10,1831,1832],{"id":1832},"伯克希尔董事会的一些变动",[14,1834,1835],{},"今年春天，我们的董事会将在两方面发生变动。其中一项涉及蔡斯 (Chace) 家族——他们与伯克希尔及其前身公司的渊源超过一个世纪。1929年，第一代马尔科姆·G·蔡斯 (Malcolm G. Chace) 在将四家新英格兰纺织企业合并为伯克希尔精纺联合公司 (Berkshire Fine Spinning Associates) 的过程中发挥了重要作用。该公司在1955年与哈撒韦制造公司 (Hathaway Manufacturing) 合并，组成了伯克希尔·哈撒韦公司，而小马尔科姆·G·蔡斯 (Malcolm G. Chace, Jr.) 随即出任董事长。",[14,1837,1838],{},"1965年初，小马尔科姆安排巴菲特有限合伙公司 (Buffett Partnership Ltd.) 买入伯克希尔的一批关键股份，并欢迎我们成为新的控股股东。小马尔科姆继续担任非执行董事长直到1969年。他既是一位彬彬有礼的绅士，也是一位乐于助人的好伙伴。",[14,1840,1841],{},"同样的评价也适用于他的儿子马尔科姆·\"金\" (Malcolm \"Kim\" Chace)，他在1992年接替父亲加入伯克希尔董事会。但去年金建议我们找一位更年轻的人来接替他——他本人正在积极而且成功地经营着一家他于1996年创办的社区银行。我们已经找到了合适的人选，金将在年度股东大会上卸任董事。我深深感谢蔡斯家族，也感谢金多年来对伯克希尔的贡献。",[14,1843,1844],{},"在遴选新董事时，我们遵循一贯的标准：董事会成员应当以所有者利益为导向、精通商业、充满兴趣、而且真正独立。我之所以说\"真正\"独立，是因为许多被各方权威和观察人士认定为独立的董事，实际上远非如此——他们严重依赖董事薪酬来维持个人的生活水平。这类报酬形式多样，通常每年在15万到25万美元之间，有时甚至接近或超过这位\"独立\"董事的全部其他收入。而且——见怪不怪——近年来董事薪酬持续飙升，这要归功于美国企业界最爱用的那家薪酬顾问公司的推波助澜：\"高一点、再高一点、成交！\"（Ratchet, Ratchet and Bingo，这名字是我编的，但它描述的行为可真实得很。）",[14,1846,1847,1848,1851,1852,1855],{},"查理和我相信，如果董事们要尽好本分——法律规定他们要忠实代表",[1057,1849,1850],{},"所有者","——那么我们的这四项标准不可或缺。然而，这些标准通常被忽视了。取而代之的是，那些为董事会物色人选的顾问和CEO往往会说：\"我们在找一位女性\"、或\"一位西班牙裔\"、或\"一个来自海外的人\"之类的。有时候听起来就像是在往诺亚方舟上塞动物一样。这些年来，我被无数次咨询潜在董事人选的意见，但从未有",[1057,1853,1854],{},"任何人","问过我：\"这个人是否像一个聪明的所有者一样思考？\"",[14,1857,1858,1859,1862],{},"我被问到的那些问题，如果放在其他领域——比如挑选足球队员、仲裁小组成员或军事指挥官——听起来会非常荒谬。在那些场合，选拔者会寻找具备特定才能和态度、适合专门工作的人。在伯克希尔，我们的专门工作是把企业经营好，因此我们要找的是",[1057,1860,1861],{},"商业","判断力。",[14,1864,1865],{},"这正是我在苏珊·德克尔 (Susan Decker) 身上看到的特质——她是雅虎 (Yahoo!) 的CFO，将在今年的股东大会上加入我们的董事会。我们很幸运能请到她：在我们的四项标准上她得分都很高；此外，她44岁，正当年轻——你们或许已经注意到，这是你们的董事长长期以来极为欠缺的特质。未来我们将继续寻找更多年轻的董事，但绝不会因此忽视我们坚持的四项核心标准。",[10,1867,1413],{"id":1413},[14,1869,1870,1871,1874,1875,1878],{},"伯克希尔将为其2006年的收益缴纳约44亿美元的联邦所得税。美国联邦政府在上一财年的支出为2.6万亿美元，即每天约70亿美元。也就是说，伯克希尔独自承担了联邦政府半天以上的",[1057,1872,1873],{},"全部","开支——从社保、医保到国防军费。如果美国有大约600个像伯克希尔这样的纳税大户，其他所有美国人就完全不用缴纳",[1057,1876,1877],{},"任何","联邦所得税或工资税了。",[14,1880,1881],{},"查理跟我偶尔也能及早嗅到一股势不可挡的潮流——一股充满商业前景的潮流。比如说，虽然美国航空（里程积分）和美国运通（信用卡积分）被公认为客户\"奖励回馈\"的先驱，但查理和我其实比他们更早就发现了这个绝妙点子的魅力。被这一洞察所鼓舞，我们俩早在1970年就杀入了奖励回馈行业——方式是收购了一家印花交易公司蓝筹印花 (Blue Chip Stamps)。那一年，蓝筹印花的营业额为1.26亿美元，它的印花券在加州遍地开花。",[14,1883,1884,1885,1888],{},"实际上，就在1970年，大约有600",[1057,1886,1887],{},"亿","张我们的印花券被收集者一张张舔好、贴进集册、拿到蓝筹印花的兑换商店去换礼品。我们的奖品目录厚达116页，塞满了令人垂涎欲滴的商品。当我得知连某些风月场所和殡仪馆都在给客人派发印花券时，我觉得自己终于找到了一门稳赚不赔的生意。",[14,1890,1891],{},"然而，事实并非如此。从查理和我踏入蓝筹印花的那一天起，生意就直线下滑。到1980年，营收跌到了1,940万美元。到1990年，营收已经跌到了区区150万美元。不服输的我，在管理上加倍努力。",[14,1893,1894,1895,1898],{},"结果营收又下跌了98%。去年，在伯克希尔980亿美元的总营收中，来自蓝筹印花的贡献——一共是25,920美元（",[1057,1896,1897],{},"没有","省略任何零）。满怀希望的查理和我，继续坚守阵地。",[14,1900,1901,1902],{},"去年，我安排将大部分伯克希尔持股捐赠给五个慈善基金会，这是我一生计划的一部分——最终将所有股份用于慈善目的。关于我所做出的承诺及其理由的详细信息，都已发布在我们的网站上：",[681,1903,1907],{"href":1904,"rel":1905},"http:\u002F\u002Fwww.berkshirehathaway.com%E3%80%82%E6%88%91%E8%A6%81%E6%8C%87%E5%87%BA%E7%9A%84%E6%98%AF%EF%BC%8C%E7%A8%8E%E6%94%B6%E4%B8%8E%E6%88%91%E7%9A%84%E5%86%B3%E5%AE%9A%E5%8F%8A%E5%85%B6%E6%97%B6%E9%97%B4%E5%AE%89%E6%8E%92%E6%AF%AB%E6%97%A0%E5%85%B3%E7%B3%BB%E3%80%822006%E5%B9%B4%E6%88%91%E7%BC%B4%E7%BA%B3%E7%9A%84%E8%81%94%E9%82%A6%E5%92%8C%E5%B7%9E%E6%89%80%E5%BE%97%E7%A8%8E%EF%BC%8C%E4%B8%8E%E6%88%91%E5%8E%BB%E5%B9%B4%E5%A4%8F%E5%A4%A9%E9%A6%96%E6%AC%A1%E6%8D%90%E8%B5%A0%E4%B9%8B%E5%89%8D%E5%AE%8C%E5%85%A8%E7%9B%B8%E5%90%8C%EF%BC%8C2007%E5%B9%B4%E7%9A%84%E6%8D%90%E8%B5%A0%E4%B9%9F%E4%B8%8D%E4%BC%9A%E5%AF%B9%E7%A8%8E%E8%B4%9F%E4%BA%A7%E7%94%9F%E4%BB%BB%E4%BD%95%E5%BD%B1%E5%93%8D%E3%80%82",[1906],"nofollow","www.berkshirehathaway.com。我要指出的是，税收与我的决定及其时间安排毫无关系。2006年我缴纳的联邦和州所得税，与我去年夏天首次捐赠之前完全相同，2007年的捐赠也不会对税负产生任何影响。",[14,1909,1910,1911,1913],{},"根据我遗嘱的规定，我去世时仍持有的所有伯克希尔股份所产生的收益，应在遗产结算后十年内用于慈善目的。由于我的事务并不复杂，结算最多只需三年。把这13年加上我预计还能活大约12年（当然，我的目标远不止于此），意味着我",[1057,1912,1873],{},"伯克希尔持股的变现所得很可能会在未来25年左右全部投入社会公益事业。",[14,1915,1916,1917,1920],{},"我之所以设定这样的时间表，是因为我希望这些钱能被我",[1057,1918,1919],{},"确知","有能力、有精力、有动力的人相对迅速地花出去。这些管理素质有时会随着机构的老化而衰减——尤其是那些不受市场力量约束的机构。目前，这五个基金会都有非常出色的人在掌舵。那么在我离世之后，为什么不让他们迅速行动起来，明智地把剩下的钱用掉呢？",[14,1922,1923,1924,1927,1928,1931],{},"那些主张基金会永续存在的人会说，未来一定会有重大的社会问题需要慈善事业来解决。我同意这一点。但到那时，也一定会有许多超级富豪个人和家族，其财富规模将超过当今美国人的水平，慈善组织可以向他们募款。届时，这些出资者可以",[1057,1925,1926],{},"亲自","判断哪些机构既有活力又有针对性，最适合解决",[1057,1929,1930],{},"彼时","存在的重大社会问题。这样一来，就相当于对理念和效力进行了市场检验。有些组织值得大力支持，而有些则已经完成了历史使命。即便在世的人做出的决策并不完美，他们在资金分配上也一定比一个几十年前就长眠地下的逝者当初的安排更加合理。当然，遗嘱随时可以改写，但我的想法出现重大改变，恐怕是不太可能的事。",[14,1933,1934],{},"有几位股东担心，接受捐赠的基金会出售伯克希尔股票会压低股价。这种担心是多余的。许多股票的年交易量超过流通股数的100%，但股价通常仍在其内在价值附近波动。伯克希尔的股价也倾向于在合理水平交易，尽管其年交易量仅为流通股数的15%。获得我捐赠股份的基金会出售时，最多将使年交易量增加三个百分点，伯克希尔的股票周转率仍将是市场上最低的。",[14,1936,1937],{},"总体而言，伯克希尔的经营业绩将决定我们的股价，大多数时候它会在一个合理的区间内交易。基金会在定期出售伯克希尔股份时获得合理的价格固然重要，但新进入的股东不被高价套牢同样重要。（请参阅第77页的经济原则第14条。）通过我们的政策和股东沟通，查理和我将竭尽所能确保伯克希尔的股价既不会大幅低于也不会大幅高于其内在价值。",[14,1939,1940],{},"基金会持股的存在不会以任何方式影响董事会在分红、回购或发行股份方面的决策。我们将遵循与过去完全一致的准则：什么样的行动最可能在长期为股东带来最佳回报？",[14,1942,1943],{},"在本节最后，让我说说华尔街的一位好人——我的老朋友沃尔特·施洛斯 (Walter Schloss)，他去年刚过了90岁生日。从1956年到2002年，沃尔特经营着一家极为成功的投资合伙企业，除非投资者赚了钱，否则他不收一分钱。我对沃尔特的敬佩并非事后诸葛，这一点需要特别强调。整整五十年前，当圣路易斯 (St. Louis) 的一个家族向我推荐一位既诚实又能干的投资经理人时，沃尔特是我唯一的推荐人选。",[14,1945,1946],{},"沃尔特没上过商学院，甚至没上过大学。1956年他的办公室里只有一个文件柜，到2002年已经\"暴增\"到四个。沃尔特工作时没有秘书、没有文员、没有会计，唯一的搭档是他的儿子埃德温 (Edwin)，毕业于北卡罗来纳艺术学院。沃尔特和埃德温从来不打内幕消息的主意。实际上，即便是\"外部\"信息他们也用得极少，选股主要靠一些简单的统计方法——那是沃尔特在给本杰明·格雷厄姆 (Ben Graham) 打工时学到的。1989年，当《杰出投资者文摘》(Outstanding Investors Digest) 问沃尔特和埃德温\"你们的投资方法可以怎样概括？\"，埃德温的回答是：\"我们尽量买便宜的股票。\"就这样，现代投资组合理论、技术分析、宏观经济思考和复杂算法，统统可以靠边站了。",[14,1948,1949,1950,1953,1954,1957],{},"沃尔特遵循的策略不涉及真正的风险——所谓真正的风险，是指永久性的资本损失——在他47年的合伙经营中，创造的业绩大幅超越了标普500指数。尤其值得一提的是，他是通过投资约1,000只股票建立起这一纪录的，而且大多是平淡无奇的品种。少数几只大赢家并不能解释他的成功。可以肯定地说，即使有数百万位投资经理人通过以下方式操作——(a) 从帽子里随机抽股票名字；(b) 在沃尔特买入时以相同金额买入；(c) 在沃尔特卖出时跟着卖出——其中",[1057,1951,1952],{},"最幸运","的那位也休想赶上他的纪录。沃尔特在47年间取得的成就",[1057,1955,1956],{},"绝无可能","仅仅是运气使然。",[14,1959,1960,1961,1964],{},"我在1984年第一次公开讨论沃尔特的卓越纪录。当时，\"有效市场理论\" (EMT) 是大多数顶级商学院投资课程的核心。这一理论按照当时最普遍的教授方式，认为任何股票在任何时点的价格都不能被证明是错误的——这意味着没有投资者可以",[1057,1962,1963],{},"被期望","仅凭公开信息就超越市场平均水平（虽然有些人靠运气能做到）。23年前我谈到沃尔特时，他的纪录有力地反驳了这一教条。",[14,1966,1967,1968,1971],{},"那么，当学术界接触到这一全新而重要的证据时，他们做了什么？不幸的是，他们的反应太过人性化了：他们不是敞开心扉去思考，而是选择闭上了眼睛。据我所知，",[1057,1969,1970],{},"没有一家","教授有效市场理论的商学院曾试图研究沃尔特的业绩表现，以及这对他们所珍视的理论意味着什么。",[14,1973,1974],{},"相反，各学院的教授们依然兴高采烈地宣讲有效市场理论，好像它跟圣经一样确凿无疑。一位胆敢质疑有效市场理论的财务学讲师，获得重大晋升的几率大概跟伽利略被提名为教宗差不多。",[14,1976,1977],{},"于是，成千上万的学生被送入社会，坚信每一只股票每一天的价格都是\"正确的\"（更准确地说，不能被证明是错误的），而试图评估企业——也就是股票——是徒劳无功的。与此同时，沃尔特继续跑赢市场，那些年轻人所接受的错误教导反而让他的工作更轻松了。毕竟，如果你从事航运业，你所有的潜在竞争者都被教导地球是平的，对你来说可是天大的好事。",[14,1979,1980],{},"对沃尔特的投资者来说，他没上过大学这件事，也许真应该庆幸。",[10,1982,1983],{"id":1983},"年度股东大会",[14,1985,1986,1987,1990],{},"今年的股东大会将于5月5日（周六）举行。一如既往，奎斯特中心 (Qwest Center) 的大门将于早上7点开启，伯克希尔的新影片将在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点（中间有午餐休息时间，各位可以在奎斯特中心的餐饮摊位用餐）。然后，短暂休息之后，查理和我将在3:15召开正式的年度会议。如果你在问答环节中途想要离场，请选在",[1057,1988,1989],{},"查理","发言的时候。",[14,1992,1993,1994,1997],{},"离开会场的最佳理由当然是去",[1057,1995,1996],{},"购物","。我们将在毗邻会场的194,300平方英尺大厅里摆满伯克希尔旗下子公司的产品，帮你尽兴消费。去年的24,000名参会者不辱使命，几乎每个摊位都创下了销售纪录。但纪录就是用来打破的，我相信你们能做得更好。",[14,1999,2000],{},"今年我们将再次展出一套克莱顿预制房屋（配以Acme砖块、萧氏地毯 (Shaw)、约翰斯-曼维尔隔热材料 (Johns Manville)、MiTek紧固件、Carefree遮阳篷和内布拉斯加家具店的家具）。这套房屋售价仅139,900美元，你会发现它物超所值。去年，奎斯特中心的一位工作人员在我们还没向股东开放展厅之前就买走了展示的两套样板房中的一套。今年在克莱顿房屋展区两侧，还将展出森林河公司 (Forest River) 的房车和浮船。",[14,2002,2003],{},"盖可保险将设置一个展位，配备来自全国各地的多位顶级保险顾问，随时为你提供车险报价。大多数情况下，盖可保险将为股东提供特别折扣（通常为8%）。在我们运营的50个辖区中，有45个允许提供这项优惠。（补充一点：如果你同时符合其他团体折扣的条件，不同折扣不能叠加。）请带上你现有保险的详细资料，看看我们能不能帮你省钱。我相信至少有50%的人是可以的。顺便说一句，也来办一张新的盖可信用卡吧。我现在就用这张卡（当然是节俭地用）。",[14,2005,2006],{},"周六当天，在奥马哈机场将照例陈列利捷航空的各型飞机供各位参观。请到奎斯特中心的利捷航空展位了解参观安排。坐大巴来奥马哈，开着新飞机回家吧。而且你可以随心所欲地把发胶带上飞机。",[14,2008,2009],{},"在我们商品集市的\"书虫\"角落，将有大约25本书和DVD打折出售，打头阵的依然是《穷查理宝典》(Poor Charlie's Almanack)。（去年有位可怜的家伙问查理如果不喜欢这本书该怎么办。查理的回答充满了芒氏风格：\"没问题——把它送给一个更聪明的人就行了。\"）今年我们新增了几本书，其中包括伯克希尔瑞典老股东彼得·贝弗林 (Peter Bevelin) 所著的《探索智慧：从达尔文到芒格》(Seeking Wisdom: From Darwin to Munger)，以及弗雷德·施韦德 (Fred Schwed) 的经典之作《客户的游艇在哪里？》(Where are the Customers' Yachts?)。这本书初版于1940年，如今已是第四版。这是有史以来关于投资最有趣的一本书，以轻松的笔触传达了许多真正重要的道理。",[14,2011,2012],{},"随本报告一同寄出的代理投票材料的附件中，说明了如何获取参加股东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) 为你们提供特别协助。负责此事的卡罗尔·彼得森 (Carol Pedersen) 每年都为我们做了大量出色的工作，在此深表感谢。酒店可能一房难求，但找卡罗尔帮忙，你一定住得上。",[14,2014,2015],{},"在位于道奇街和太平洋街之间七十二街、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\"特价活动。十年前我们在NFM开创了这一活动，\"周末\"期间的销售额从1997年的530万美元增长到2006年的3,000万美元。光想想这个数字就让我起鸡皮疙瘩。",[14,2017,2018],{},"要享受伯克希尔折扣，你必须在5月3日（周四）至5月7日（周一）期间购买（含首尾两天），并出示股东大会入场凭证。这段时期的特价甚至适用于几家知名品牌的产品——这些厂商通常对折扣有铁一般的禁令，但本着我们股东周末的精神为各位破了例。感谢他们的鼎力支持。NFM周一至周六的营业时间为上午10点至晚上9点，周日为上午10点至下午6点。今年周六下午5:30至晚上8点，NFM将举办一场股东专属的野餐会，供应鸡肉和牛肉塔可饼（以及为我这样的传统主义者提供的汉堡）。",[14,2020,2021],{},"在经过翻新扩建的波仙珠宝店 (Borsheim's)，我们将再次举办两场股东专属活动。第一场是5月4日（周五）晚上6点至10点的鸡尾酒招待会。第二场是重头戏——5月6日（周日）上午9点至下午4点的大型售卖活动。周六我们将营业至晚上6点。",[14,2023,2024],{},"整个周末波仙珠宝店都将人山人海。因此为了各位的方便，股东优惠价将从4月30日（周一）延续至5月12日（周六）。在此期间，请出示你的股东大会入场凭证或券商账户对账单来证明你的伯克希尔股东身份。",[14,2026,2027],{},"周日，在波仙珠宝店外的帐篷里，两届美国国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 将蒙眼同时接受六人一组的挑战——对手们当然可以睁大眼睛。去年我就在帕特里克以这种方式下棋时跟他聊了几句。附近，来自达拉斯的杰出魔术师诺曼·贝克 (Norman Beck) 将为观众表演令人叹为观止的魔术。此外，世界顶尖桥牌高手鲍勃·哈曼 (Bob Hamman) 和莎伦·奥斯伯格 (Sharon Osberg) 也将在周日下午与各位股东切磋牌技。",[14,2029,2030,2031,2034],{},"为了给波仙珠宝店的周日活动增添更多乐趣，邢延华 (Ariel Hsing) 将在下午1点至4点进行乒乓球表演赛，迎战所有敢于挑战她的人。邢延华虽然只有11岁，却已在全美16岁以下女子组排名第一（同时也是12岁以下男女混合组的冠军）。我75岁生日那周跟她过过招——当时她9岁，个子刚刚够到球台。我心想得手下留情，免得打击她幼小的心灵。结果被打击的那个人是我。从那以后我就想出了一个能跟她有一战之力的妙计。周日下午1点，我将率先出战，跟她打一场抢",[1057,2032,2033],{},"两分","的比赛。如果我侥幸赢了第一分，我就会假装受伤，然后宣布胜利。经过这场消耗战把邢延华的体力磨掉之后，各位股东就可以凭运气碰碰了。",[14,2036,2037,2038,2041],{},"我最爱的戈拉特牛排馆 (Gorat's) 将在5月6日（周日）再次专门为伯克希尔股东开放，服务时间为下午4点至晚上10点。请记住，那天去戈拉特牛排馆必须提前预约。请在4月1日拨打402-551-3733订位（",[1057,2039,2040],{},"4月1日之前","恕不受理）。",[14,2043,2044],{},"在2006-2007学年，共有35个大学班级（包括一个来自巴西IBMEC商学院的班级）将来奥马哈与我进行座谈。我几乎带所有人——加起来超过2,000名学生——去戈拉特牛排馆吃午餐。他们都乐此不疲。要知道为什么，请周日来亲自体验吧。",[14,2046,2047],{},"周六下午4点，我们将再次为来自北美以外地区的股东举办招待会。每年的股东大会都吸引了来自世界各地的参会者，查理和我一定要亲自向这些远道而来的朋友们致意。去年我们很高兴地与来自数十个国家的400多位海外股东见了面。任何来自美国和加拿大以外地区的股东都将获得特别的入场凭证和参加说明。",[2049,2050,2053,2058],"section",{"className":2051,"dataFootnotes":686},[2052],"footnotes",[790,2054,2057],{"className":2055,"id":685},[2056],"sr-only","Footnotes",[2059,2060,2061],"ol",{},[2062,2063,2065,2066],"li",{"id":2064},"user-content-fn-*","本报告中所有每股数据均指伯克希尔A股。B股数据为A股的1\u002F30。 ",[681,2067,2072],{"href":2068,"ariaLabel":2069,"className":2070,"dataFootnoteBackref":686},"#user-content-fnref-*","Back to reference 1",[2071],"data-footnote-backref","↩",{"title":686,"searchDepth":2074,"depth":2074,"links":2075},2,[2076,2077,2078,2079,2080],{"id":792,"depth":2074,"text":792},{"id":918,"depth":2074,"text":918},{"id":933,"depth":2074,"text":853},{"id":887,"depth":2074,"text":887},{"id":685,"depth":2074,"text":2057},"致股东信",null,"2006年巴菲特致股东信，讨论保险业务业绩、股票投资表现及伯克希尔内在价值增长","md",{},true,77,"\u002Fbuffett\u002Fberkshire\u002F2006-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":2083},"2006 巴菲特致股东信｜巴菲特","2006-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2006-ba-fei-te-zhi-gu-dong-xin","p1tit0kHB4f9zC8vLSVn16XwCDvQuTrxX8ygceufDec","buffett",[2096,2100,2104,2108,2111,2114,2117,2121,2124,2127,2131,2134,2137,2141,2144,2147,2151,2154,2157,2161,2164,2167,2171,2174,2177,2181,2184,2187,2191,2194,2197,2201,2204,2207,2211,2214,2217,2221,2224,2227,2231,2234,2237,2241,2244,2247,2251,2254,2257,2261,2264,2267,2271,2274,2277,2281,2284,2287,2291,2294,2297,2301,2304,2307,2311,2314,2317,2321,2324,2327,2331,2334,2337,2341,2344,2347,2351,2354,2357,2361,2364,2367,2371,2374,2377,2381,2384,2387,2391,2394,2397,2401,2404,2407,2411,2414,2417,2421,2424,2427,2431,2434,2438,2441,2445,2448,2452,2455,2459,2462,2466,2469,2473,2476,2480,2483,2487,2490,2494,2497,2501,2504,2508,2511,2515,2518,2522,2525,2529,2532,2536,2539,2543,2546,2550,2553,2557,2560,2564,2567,2571,2574,2578,2581,2585,2588,2592,2595,2599,2602,2606,2609,2613,2616,2620,2623,2627,2630,2634,2637,2641,2644,2648,2651,2655,2658,2662,2665,2669,2672,2676,2679,2683,2686,2690,2693,2697,2700,2704,2707,2711,2714,2718,2721,2725,2728,2729,2732,2736,2739,2743,2746,2750,2753,2757,2760,2764,2767,2771,2774,2778,2781,2785,2788,2792,2795,2799,2802,2806,2809,2813,2816,2820,2823,2827,2830,2834,2837,2841,2844,2848,2851,2855,2858,2862,2865,2869,2872,2876,2879,2883,2886,2890,2893,2897,2901,2905,2909,2913,2917,2921,2925,2929,2933,2937,2941,2945,2949,2953,2957,2961,2965,2969,2973,2977,2981,2985,2989,2993,2997,3001,3005,3009,3013,3017,3021,3025,3029,3033,3037,3041,3045,3049,3053,3057,3061,3065,3069,3073,3077,3081,3085,3089,3093],{"title":2097,"slug":2098,"category":2081,"order":2099},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":2101,"slug":2102,"category":2103,"order":2099},"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":2105,"slug":2106,"category":2107,"order":2099},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":2109,"slug":2110,"category":2081,"order":2074},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":2112,"slug":2113,"category":2103,"order":2074},"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":2115,"slug":2116,"category":2107,"order":2074},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2118,"slug":2119,"category":2081,"order":2120},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":2122,"slug":2123,"category":2103,"order":2120},"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":2125,"slug":2126,"category":2107,"order":2120},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2128,"slug":2129,"category":2081,"order":2130},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":2132,"slug":2133,"category":2103,"order":2130},"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":2135,"slug":2136,"category":2107,"order":2130},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2138,"slug":2139,"category":2081,"order":2140},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":2142,"slug":2143,"category":2103,"order":2140},"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":2145,"slug":2146,"category":2107,"order":2140},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2148,"slug":2149,"category":2081,"order":2150},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":2152,"slug":2153,"category":2103,"order":2150},"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":2155,"slug":2156,"category":2107,"order":2150},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2158,"slug":2159,"category":2081,"order":2160},"1961年中 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2495,"slug":2496,"category":2103,"order":2493},"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":2498,"slug":2499,"category":2081,"order":2500},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2502,"slug":2503,"category":2103,"order":2500},"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":2505,"slug":2506,"category":2081,"order":2507},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2509,"slug":2510,"category":2103,"order":2507},"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":2512,"slug":2513,"category":2081,"order":2514},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2516,"slug":2517,"category":2103,"order":2514},"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":2519,"slug":2520,"category":2081,"order":2521},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2523,"slug":2524,"category":2103,"order":2521},"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":2526,"slug":2527,"category":2081,"order":2528},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2530,"slug":2531,"category":2103,"order":2528},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2533,"slug":2534,"category":2081,"order":2535},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2537,"slug":2538,"category":2103,"order":2535},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2540,"slug":2541,"category":2081,"order":2542},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2544,"slug":2545,"category":2103,"order":2542},"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":2547,"slug":2548,"category":2081,"order":2549},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2551,"slug":2552,"category":2103,"order":2549},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2554,"slug":2555,"category":2081,"order":2556},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2558,"slug":2559,"category":2103,"order":2556},"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":2561,"slug":2562,"category":2081,"order":2563},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2565,"slug":2566,"category":2103,"order":2563},"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":2568,"slug":2569,"category":2081,"order":2570},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2572,"slug":2573,"category":2103,"order":2570},"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":2575,"slug":2576,"category":2081,"order":2577},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2579,"slug":2580,"category":2103,"order":2577},"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":2582,"slug":2583,"category":2081,"order":2584},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2586,"slug":2587,"category":2103,"order":2584},"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":2589,"slug":2590,"category":2081,"order":2591},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2593,"slug":2594,"category":2103,"order":2591},"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":2596,"slug":2597,"category":2081,"order":2598},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2600,"slug":2601,"category":2103,"order":2598},"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":2603,"slug":2604,"category":2081,"order":2605},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2607,"slug":2608,"category":2103,"order":2605},"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":2610,"slug":2611,"category":2081,"order":2612},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2614,"slug":2615,"category":2103,"order":2612},"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":2617,"slug":2618,"category":2081,"order":2619},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2621,"slug":2622,"category":2103,"order":2619},"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":2624,"slug":2625,"category":2081,"order":2626},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2628,"slug":2629,"category":2103,"order":2626},"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":2631,"slug":2632,"category":2081,"order":2633},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2635,"slug":2636,"category":2103,"order":2633},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2638,"slug":2639,"category":2081,"order":2640},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2642,"slug":2643,"category":2103,"order":2640},"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":2645,"slug":2646,"category":2081,"order":2647},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2649,"slug":2650,"category":2103,"order":2647},"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":2652,"slug":2653,"category":2081,"order":2654},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2656,"slug":2657,"category":2103,"order":2654},"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":2659,"slug":2660,"category":2081,"order":2661},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2663,"slug":2664,"category":2103,"order":2661},"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":2666,"slug":2667,"category":2081,"order":2668},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2670,"slug":2671,"category":2103,"order":2668},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2673,"slug":2674,"category":2081,"order":2675},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2677,"slug":2678,"category":2103,"order":2675},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2680,"slug":2681,"category":2081,"order":2682},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2684,"slug":2685,"category":2103,"order":2682},"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":2687,"slug":2688,"category":2081,"order":2689},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2691,"slug":2692,"category":2103,"order":2689},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2694,"slug":2695,"category":2081,"order":2696},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2698,"slug":2699,"category":2103,"order":2696},"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":2701,"slug":2702,"category":2081,"order":2703},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2705,"slug":2706,"category":2103,"order":2703},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2708,"slug":2709,"category":2081,"order":2710},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2712,"slug":2713,"category":2103,"order":2710},"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":2715,"slug":2716,"category":2081,"order":2717},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2719,"slug":2720,"category":2103,"order":2717},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2722,"slug":2723,"category":2081,"order":2724},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2726,"slug":2727,"category":2103,"order":2724},"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":5,"slug":2091,"category":2081,"order":2087},{"title":2730,"slug":2731,"category":2103,"order":2087},"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":2733,"slug":2734,"category":2081,"order":2735},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2737,"slug":2738,"category":2103,"order":2735},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2740,"slug":2741,"category":2081,"order":2742},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2744,"slug":2745,"category":2103,"order":2742},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2747,"slug":2748,"category":2081,"order":2749},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2751,"slug":2752,"category":2103,"order":2749},"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":2754,"slug":2755,"category":2081,"order":2756},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2758,"slug":2759,"category":2103,"order":2756},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2761,"slug":2762,"category":2081,"order":2763},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2765,"slug":2766,"category":2103,"order":2763},"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":2768,"slug":2769,"category":2081,"order":2770},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2772,"slug":2773,"category":2103,"order":2770},"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":2775,"slug":2776,"category":2081,"order":2777},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2779,"slug":2780,"category":2103,"order":2777},"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":2782,"slug":2783,"category":2081,"order":2784},"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":2786,"slug":2787,"category":2103,"order":2784},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2789,"slug":2790,"category":2081,"order":2791},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2793,"slug":2794,"category":2103,"order":2791},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2796,"slug":2797,"category":2081,"order":2798},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2800,"slug":2801,"category":2103,"order":2798},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":2803,"slug":2804,"category":2081,"order":2805},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2807,"slug":2808,"category":2103,"order":2805},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2810,"slug":2811,"category":2081,"order":2812},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2814,"slug":2815,"category":2103,"order":2812},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2817,"slug":2818,"category":2081,"order":2819},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2821,"slug":2822,"category":2103,"order":2819},"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":2824,"slug":2825,"category":2081,"order":2826},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2828,"slug":2829,"category":2103,"order":2826},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2831,"slug":2832,"category":2081,"order":2833},"2019 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