[{"data":1,"prerenderedAt":2876},["ShallowReactive",2],{"library-2011-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1340,"library-sidebar-dao":2342,"library-sidebar-models":2644},{"id":4,"title":5,"body":6,"category":1326,"date":1327,"description":1328,"extension":1329,"meta":1330,"navigation":1331,"order":1332,"path":1333,"seo":1334,"seoDescription":1328,"seoTitle":1335,"slug":1336,"stem":1337,"__hash__":1338,"_collection":1339},"buffett\u002Fbuffett\u002Fberkshire\u002F2011-ba-fei-te-zhi-gu-dong-xin.md","2011 巴菲特致股东信",{"type":7,"value":8,"toc":1322},"minimark",[9,13,20,714,728,732,737,752,755,767,770,802,805,808,823,826,829,836,839,842,845,852,855,866,869,872,875,882,885,888,899,902,905,908,911,914,917,920,923,930,933,936,939,942,945,948,951,954,957,960,963,966,969,1255,1258,1261,1264,1267,1270,1273,1276,1279,1282,1285,1288,1291,1294,1297],[10,11,5],"h1",{"id":12},"_2011-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔与标普500指数业绩对比",[21,22,23,42],"table",{},[24,25,26],"thead",{},[27,28,29,33,36,39],"tr",{},[30,31,32],"th",{},"年份",[30,34,35],{},"伯克希尔每股账面价值年度变动百分比 (1)",[30,37,38],{},"含股息标普500指数年度变动百分比 (2)",[30,40,41],{},"相对结果 (1)-(2)",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,226,240,253,267,281,295,308,322,336,348,361,374,388,402,416,428,442,456,469,483,497,511,525,539,553,566,579,592,605,619,630,644,658,672,686,700],"tbody",{},[27,46,47,51,54,57],{},[48,49,50],"td",{},"1965",[48,52,53],{},"23.8",[48,55,56],{},"10.0",[48,58,59],{},"13.8",[27,61,62,65,68,71],{},[48,63,64],{},"1966",[48,66,67],{},"20.3",[48,69,70],{},"(11.7)",[48,72,73],{},"32.0",[27,75,76,79,82,85],{},[48,77,78],{},"1967",[48,80,81],{},"11.0",[48,83,84],{},"30.9",[48,86,87],{},"(19.9)",[27,89,90,93,96,98],{},[48,91,92],{},"1968",[48,94,95],{},"19.0",[48,97,81],{},[48,99,100],{},"8.0",[27,102,103,106,109,112],{},[48,104,105],{},"1969",[48,107,108],{},"16.2",[48,110,111],{},"(8.4)",[48,113,114],{},"24.6",[27,116,117,120,123,126],{},[48,118,119],{},"1970",[48,121,122],{},"12.0",[48,124,125],{},"3.9",[48,127,128],{},"8.1",[27,130,131,134,137,140],{},[48,132,133],{},"1971",[48,135,136],{},"16.4",[48,138,139],{},"14.6",[48,141,142],{},"1.8",[27,144,145,148,151,154],{},[48,146,147],{},"1972",[48,149,150],{},"21.7",[48,152,153],{},"18.9",[48,155,156],{},"2.8",[27,158,159,162,165,168],{},[48,160,161],{},"1973",[48,163,164],{},"4.7",[48,166,167],{},"(14.8)",[48,169,170],{},"19.5",[27,172,173,176,179,182],{},[48,174,175],{},"1974",[48,177,178],{},"5.5",[48,180,181],{},"(26.4)",[48,183,184],{},"31.9",[27,186,187,190,193,196],{},[48,188,189],{},"1975",[48,191,192],{},"21.9",[48,194,195],{},"37.2",[48,197,198],{},"(15.3)",[27,200,201,204,207,210],{},[48,202,203],{},"1976",[48,205,206],{},"59.3",[48,208,209],{},"23.6",[48,211,212],{},"35.7",[27,214,215,218,220,223],{},[48,216,217],{},"1977",[48,219,184],{},[48,221,222],{},"(7.4)",[48,224,225],{},"39.3",[27,227,228,231,234,237],{},[48,229,230],{},"1978",[48,232,233],{},"24.0",[48,235,236],{},"6.4",[48,238,239],{},"17.6",[27,241,242,245,247,250],{},[48,243,244],{},"1979",[48,246,212],{},[48,248,249],{},"18.2",[48,251,252],{},"17.5",[27,254,255,258,261,264],{},[48,256,257],{},"1980",[48,259,260],{},"19.3",[48,262,263],{},"32.3",[48,265,266],{},"(13.0)",[27,268,269,272,275,278],{},[48,270,271],{},"1981",[48,273,274],{},"31.4",[48,276,277],{},"(5.0)",[48,279,280],{},"36.4",[27,282,283,286,289,292],{},[48,284,285],{},"1982",[48,287,288],{},"40.0",[48,290,291],{},"21.4",[48,293,294],{},"18.6",[27,296,297,300,302,305],{},[48,298,299],{},"1983",[48,301,263],{},[48,303,304],{},"22.4",[48,306,307],{},"9.9",[27,309,310,313,316,319],{},[48,311,312],{},"1984",[48,314,315],{},"13.6",[48,317,318],{},"6.1",[48,320,321],{},"7.5",[27,323,324,327,330,333],{},[48,325,326],{},"1985",[48,328,329],{},"48.2",[48,331,332],{},"31.6",[48,334,335],{},"16.6",[27,337,338,341,344,346],{},[48,339,340],{},"1986",[48,342,343],{},"26.1",[48,345,294],{},[48,347,321],{},[27,349,350,353,355,358],{},[48,351,352],{},"1987",[48,354,170],{},[48,356,357],{},"5.1",[48,359,360],{},"14.4",[27,362,363,366,369,371],{},[48,364,365],{},"1988",[48,367,368],{},"20.1",[48,370,335],{},[48,372,373],{},"3.5",[27,375,376,379,382,385],{},[48,377,378],{},"1989",[48,380,381],{},"44.4",[48,383,384],{},"31.7",[48,386,387],{},"12.7",[27,389,390,393,396,399],{},[48,391,392],{},"1990",[48,394,395],{},"7.4",[48,397,398],{},"(3.1)",[48,400,401],{},"10.5",[27,403,404,407,410,413],{},[48,405,406],{},"1991",[48,408,409],{},"39.6",[48,411,412],{},"30.5",[48,414,415],{},"9.1",[27,417,418,421,423,426],{},[48,419,420],{},"1992",[48,422,67],{},[48,424,425],{},"7.6",[48,427,387],{},[27,429,430,433,436,439],{},[48,431,432],{},"1993",[48,434,435],{},"14.3",[48,437,438],{},"10.1",[48,440,441],{},"4.2",[27,443,444,447,450,453],{},[48,445,446],{},"1994",[48,448,449],{},"13.9",[48,451,452],{},"1.3",[48,454,455],{},"12.6",[27,457,458,461,464,467],{},[48,459,460],{},"1995",[48,462,463],{},"43.1",[48,465,466],{},"37.6",[48,468,178],{},[27,470,471,474,477,480],{},[48,472,473],{},"1996",[48,475,476],{},"31.8",[48,478,479],{},"23.0",[48,481,482],{},"8.8",[27,484,485,488,491,494],{},[48,486,487],{},"1997",[48,489,490],{},"34.1",[48,492,493],{},"33.4",[48,495,496],{},".7",[27,498,499,502,505,508],{},[48,500,501],{},"1998",[48,503,504],{},"48.3",[48,506,507],{},"28.6",[48,509,510],{},"19.7",[27,512,513,516,519,522],{},[48,514,515],{},"1999",[48,517,518],{},".5",[48,520,521],{},"21.0",[48,523,524],{},"(20.5)",[27,526,527,530,533,536],{},[48,528,529],{},"2000",[48,531,532],{},"6.5",[48,534,535],{},"(9.1)",[48,537,538],{},"15.6",[27,540,541,544,547,550],{},[48,542,543],{},"2001",[48,545,546],{},"(6.2)",[48,548,549],{},"(11.9)",[48,551,552],{},"5.7",[27,554,555,558,560,563],{},[48,556,557],{},"2002",[48,559,56],{},[48,561,562],{},"(22.1)",[48,564,565],{},"32.1",[27,567,568,571,573,576],{},[48,569,570],{},"2003",[48,572,521],{},[48,574,575],{},"28.7",[48,577,578],{},"(7.7)",[27,580,581,584,586,589],{},[48,582,583],{},"2004",[48,585,401],{},[48,587,588],{},"10.9",[48,590,591],{},"(.4)",[27,593,594,597,599,602],{},[48,595,596],{},"2005",[48,598,236],{},[48,600,601],{},"4.9",[48,603,604],{},"1.5",[27,606,607,610,613,616],{},[48,608,609],{},"2006",[48,611,612],{},"18.4",[48,614,615],{},"15.8",[48,617,618],{},"2.6",[27,620,621,624,626,628],{},[48,622,623],{},"2007",[48,625,81],{},[48,627,178],{},[48,629,178],{},[27,631,632,635,638,641],{},[48,633,634],{},"2008",[48,636,637],{},"(9.6)",[48,639,640],{},"(37.0)",[48,642,643],{},"27.4",[27,645,646,649,652,655],{},[48,647,648],{},"2009",[48,650,651],{},"19.8",[48,653,654],{},"26.5",[48,656,657],{},"(6.7)",[27,659,660,663,666,669],{},[48,661,662],{},"2010",[48,664,665],{},"13.0",[48,667,668],{},"15.1",[48,670,671],{},"(2.1)",[27,673,674,677,680,683],{},[48,675,676],{},"2011",[48,678,679],{},"4.6",[48,681,682],{},"2.1",[48,684,685],{},"2.5",[27,687,688,691,694,697],{},[48,689,690],{},"年复合增长率 -- 1965-2011",[48,692,693],{},"19.8%",[48,695,696],{},"9.2%",[48,698,699],{},"10.6",[27,701,702,705,708,711],{},[48,703,704],{},"累计总收益 -- 1964-2011",[48,706,707],{},"513,055%",[48,709,710],{},"6,397%",[48,712,713],{},"-",[14,715,716,719,720,723,724,727],{},[17,717,718],{},"注释："," 数据按日历年度计算，以下情况除外：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。自1979年起，会计准则要求保险公司按市值而非按成本与市值孰低法来计算其持有的权益证券价值。在本表中，伯克希尔1978年及之前的业绩已按照变更后的准则进行了调整。其他方面的数据均按原始报告数字计算。标普500指数的数据是",[17,721,722],{},"税前","的，而伯克希尔的数据则是",[17,725,726],{},"税后","的。如果像伯克希尔这样的公司只是简单地持有标普500指数成份股并计提相应税款，那么在指数上涨的年份，其业绩将落后于标普500指数；但在指数下跌的年份，其业绩将优于标普500指数。长期来看，税收成本将导致巨大的累计差距。",[10,729,731],{"id":730},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,733,734],{},[17,735,736],{},"致伯克希尔·哈撒韦公司所有股东：",[14,738,739,740],{},"2011年，我们A股和B股的每股账面价值都增长了4.6%。自现任管理层接手的47年以来，每股账面价值从19美元增长到99,860美元，年复合增长率为19.8%。",[741,742,743],"sup",{},[744,745,751],"a",{"href":746,"ariaDescribedBy":747,"dataFootnoteRef":749,"id":750},"#user-content-fn-*",[748],"footnote-label","","user-content-fnref-*","1",[14,753,754],{},"伯克希尔的副董事长兼我的合伙人查理·芒格（Charlie Munger）和我，对公司2011年的业务进展感到相当满意。以下是其中的亮点：",[756,757,758],"ul",{},[759,760,761,762,766],"li",{},"董事会首要的工作是确保由正确的人选来经营企业，并且确保下一代领导人已经选定、随时准备好",[763,764,765],"em",{},"明天","就能接手。我先后在19家公司的董事会任过职，在接班人规划上投入的时间和精力方面，伯克希尔的董事会肯定名列前茅。更重要的是，他们的努力已经开花结果。\n2011年初，托德·库姆斯（Todd Combs）作为投资经理人加入我们，年底后不久泰德·韦施勒（Ted Weschler）也上了船。两位都拥有杰出的投资才能，而且对伯克希尔全心全意。2012年他们每人都将管理数十亿美元的资金，但他们具备的头脑、判断力和品格，完全能够在查理和我不再管理伯克希尔时接管我们的整个投资组合。",[14,768,769],{},"董事会对我的继任CEO同样充满信心，他们与此人有过大量接触，对其管理才能和人格品质都非常敬佩。（我们还有两位出色的后备人选。）未来需要交接管理职责时，一切将无缝衔接，伯克希尔的前景依然光明。我个人超过98%的净资产都投在伯克希尔的股票上，这些股票最终将全部捐给各类慈善机构。如此高度集中于一只股票，完全违背传统的投资智慧。但我对这样的安排非常放心，因为我深知我们所拥有的企业品质之高、多元化程度之广，也了解管理这些企业的经理人之出色。有这些优质资产打底，我的继任者一上来就有一个很好的起跑点。不过，千万不要从这番讨论中推断查理和我很快就要走人了——我们的身体仍然非常好，而且我们热爱自己的工作。",[756,771,772,775,785,788,791],{},[759,773,774],{},"9月16日，我们收购了路博润（Lubrizol），这是一家全球性的添加剂及其他特种化学品生产商。自2004年詹姆斯·汉布里克（James Hambrick）担任CEO以来，公司业绩记录非常出色，税前利润从1.47亿美元增长到10.85亿美元。路博润在特种化学品领域将有很多补强收购的机会。实际上，我们已经谈成了三笔，总计4.93亿美元。James是一位纪律严明的收购者，也是一位出色的运营者。查理和我迫不及待地想扩大他的管理版图。",[759,776,777,778,781,782,784],{},"去年我们的主要业务都表现出色。事实上，我们五大非保险企业——BNSF铁路、伊斯卡（Iscar）、路博润（Lubrizol）、马蒙集团（Marmon Group）和中美能源（MidAmerican Energy）——",[763,779,780],{},"每一家","都创下了经营收益的新纪录。2011年这五家企业的税前收益合计超过90亿美元。相比之下，七年前我们只拥有其中一家——中美能源，其税前收益为3.93亿美元。除非2012年经济衰退，否则我们这五驾马车",[763,783,780],{},"都将再创纪录，税前总收益将轻松突破100亿美元。",[759,786,787],{},"2011年，我们所有运营企业在房产、厂房和设备方面的资本支出总计82亿美元，比我们此前的纪录还多出20多亿美元。其中约95%投在美国国内，这个事实也许会让那些认为美国缺乏投资机会的人大吃一惊。我们当然也欢迎海外项目，但预计伯克希尔未来绝大多数资本支出仍将投在美国。2012年，这些资本支出将再次刷新纪录。",[759,789,790],{},"我们的保险业务继续提供零成本的资金，源源不断地为其他无数投资机会输血。保险业务产生\"浮存金\"——这些钱并不属于我们，但我们可以拿来为伯克希尔的利益进行投资。如果我们支付的理赔和费用低于收到的保费，我们还能额外获得承保利润，这意味着浮存金的成本低于零。尽管我们肯定会不时出现承保亏损，但我们已经连续9年实现承保盈利，累计盈利约170亿美元。同期我们的浮存金从410亿美元增长到目前创纪录的706亿美元。保险业务对我们实在太好了。",[759,792,793,794,797,798,801],{},"最后，我们在有价证券市场进行了两笔重大投资：（1）投资50亿美元购入美国银行（Bank of America）年利率6%的优先股，附带认股权证，允许我们在2021年9月2日之前以每股7.14美元购买7亿股普通股；（2）投资109亿美元购入6,390万股IBM股票。算上IBM，我们现在持有四家卓越公司的大量股权：美国运通（American Express）13.0%、可口可乐（Coca-Cola）8.8%、IBM 5.5%和富国银行（Wells Fargo）7.6%。（当然，我们还有许多较小但同样重要的持仓。）\n我们把这些持股视为伟大企业的合伙权益，而不是根据短期前景进行买卖的有价证券。然而，我们在",[763,795,796],{},"这些企业","收益中应占的份额，远未完全反映在",[763,799,800],{},"我们的","财报收益中——只有我们实际收到的股息才会出现在财务报表上。不过长期而言，这些公司归属于我们的未分配收益对我们意义重大。因为这些留存收益将以多种方式被用来增加被投资公司未来的收益和股息，也可能被用于股票回购，从而提高我们在公司未来收益中所占的份额。",[14,803,804],{},"如果我们在去年全年持有目前的头寸，从\"四巨头\"获得的股息将为8.62亿美元。这就是伯克希尔损益表上能报告的全部收益。然而，我们在这四家公司收益中应占的份额则要大得多：33亿美元。查理和我相信，那些未反映在我们报表上的24亿美元，至少为伯克希尔创造了同等的价值，因为它们将在未来几年推动收益增长。我们预计，2012年这四家公司的合并收益和股息都将增长。就此而言，在未来很长一段时间内，几乎每年都会如此。十年后，我们目前持有的这四家公司的股权可能为我们带来70亿美元的收益，其中20亿美元将以股息形式流入我们的口袋。",[14,806,807],{},"好消息我已经说完了。以下是2011年一些让我们受伤的坏消息：",[756,809,810,817,820],{},[759,811,812,813,816],{},"几年前，我花了大约20亿美元购入了未来能源控股公司（Energy Future Holdings）发行的若干债券，这家公司经营得克萨斯州部分地区的电力业务。这是一个错误——一个",[763,814,815],{},"大","错误。总体来说，这家公司的前景与天然气价格挂钩，而我们买入后不久天然气价格就暴跌，至今仍然低迷。虽然自买入以来，我们每年都收到约1.02亿美元的利息，但除非天然气价格大幅上涨，否则这家公司的支付能力将很快耗尽。我们在2010年减记了10亿美元，去年又减记了3.9亿美元。\n年底时，我们按市值持有这些债券，价值8.78亿美元。如果天然气价格保持在目前的水平，我们很可能面临进一步的损失，金额可能大到将我们目前的账面价值几乎归零。反过来，天然气价格大幅上涨也许能让我们收回部分甚至全部减记。不管结果如何，我在购买这些债券时完全错误地估算了盈亏概率。用网球术语来说，这是你们主席犯下的一个重大非受迫性失误。",[759,818,819],{},"2011年，三笔规模庞大且非常有吸引力的固定收益投资被发行人赎回。瑞士再保险（Swiss Re）、高盛（Goldman Sachs）和通用电气（General Electric）总共向我们支付了128亿美元来赎回这些证券，而它们每年为伯克希尔创造约12亿美元的税前收益。这是一大笔需要填补的收益，不过我们收购路博润确实抵消了其中大部分。",[759,821,822],{},"去年，我告诉你们\"房地产复苏可能会在一年左右开始\"。我大错特错了。我们旗下有五家企业的业绩受住房市场活动的显著影响。其中影响最直接的是克莱顿之家（Clayton Homes），它是美国最大的预制房屋制造商，2011年建成的住宅中约有7%出自它手。\n此外，Acme砖业（Acme Brick）、Shaw地毯（Shaw）、Johns Manville隔热材料（Johns Manville）和MiTek建筑产品（MiTek，主要是屋顶连接板）都受到建筑活动的重大影响。总体而言，2011年我们旗下与住房相关的五家企业税前利润为5.13亿美元。这与2010年相当，但比2006年的18亿美元大幅下降。",[14,824,825],{},"住房市场一定会回来的——这一点你可以放心。长期来看，住房单元数量必然要与家庭数量相匹配（扣除正常的空置率）。然而在2008年之前的一段时间里，美国新增的住房单元超过了家庭数量。结果不可避免——我们最终盖了太多房子，泡沫以摧枯拉朽之势破裂，震撼了整个经济。这又给住房市场带来了另一个问题：经济衰退初期，新家庭组建速度放缓，2009年的降幅尤其剧烈。",[14,827,828],{},"这种毁灭性的供需失衡现在正在逆转：每天新组建的家庭数量都超过新增住房数量。在不确定的时期，人们也许会推迟结婚，但最终荷尔蒙会战胜一切。虽然经济衰退期间，一些人最初的反应是和亲戚\"合住\"，但跟公婆挤在一起的吸引力很快就消失殆尽了。",[14,830,831,832,835],{},"按照目前每年60万套新房的开工速度——大幅低于新家庭的组建速度——买房者和租房者正在消化过去积压的过剩库存。（这个消化过程在全国各地的速度各不相同，各地的供需状况差异很大。）然而，在这个愈合过程中，我们与住房相关的企业仍然萎靡不振，雇员人数从2006年的58,769人降至43,315人。这个对经济至关重要的行业——不仅包括建筑业本身，还包括所有依赖于它的行业——仍处于自己的",[763,833,834],{},"萧条","之中。我认为这就是就业复苏严重滞后于我们在几乎所有其他经济部门看到的持续且显著复苏的主要原因。",[14,837,838],{},"明智的货币和财政政策在缓解衰退中发挥了重要作用，但这些工具既不能创造出新家庭，也不能消化过剩的住房。幸运的是，人口趋势和我们的市场机制将恢复必要的平衡——可能不用太久。当那一天到来，我们将再次每年建造100万套甚至更多住房。我相信，一旦那种情况发生，那些专家学者们会惊讶地发现失业率大幅下降。到那时他们就会重新认识到自1776年以来一直不变的真理：美国最好的日子还在前头。",[10,840,841],{"id":841},"企业内在价值",[14,843,844],{},"查理和我衡量业绩的标准是伯克希尔每股内在商业价值的增长率。如果长期来看我们的表现能超越标普500指数，那我们才算对得起这份薪水。如果做不到，那不管我们拿多少钱都嫌多。",[14,846,847,848,851],{},"我们无法精确计算内在价值。但我们确实有一个有用的替代指标，",[763,849,850],{},"尽管有相当程度的低估","——那就是每股账面价值。对大多数公司来说这个指标毫无意义。但对伯克希尔而言，账面价值大致能追踪企业价值的变动轨迹。这是因为伯克希尔的内在价值超越账面价值的部分并不会逐年剧烈波动，尽管在大多数年份超出的金额都在增加。随着时间的推移，两者差额的绝对值可能会越来越大，但随着内在价值\u002F账面价值的分子分母同时增长，其百分比差距将保持相对稳定。",[14,853,854],{},"我们一直强调，在股市表现糟糕的年份，我们的账面价值几乎肯定会跑赢标普500指数；而在股市大涨的年份，我们也几乎肯定会跑输。真正的考验在于长期表现如何。去年的年报中有一张表格，列出了自1965年我们接管伯克希尔以来42个五年期的业绩（即1965-69年、1966-70年等），所有五年期我们的账面价值都跑赢了标普500指数，最新的2007-11年五年期也不例外。不过，如果标普500指数连续五年上涨，这个连胜纪录很可能就会被打破（写到这里的时候，标普可能正在朝这个方向走呢）。",[14,856,857,858,861,862,865],{},"关于回购的讨论，也让我有机会谈谈很多投资者对股价变动的非理性反应。当伯克希尔买入一家正在回购股票的公司时，我们希望两件事情同时发生：第一，我们自然希望这家企业的利润在未来很长时间内以良好的速度增长；第二，我们也希望该公司的股价在同样长的时间里表现",[763,859,860],{},"不佳","。由此推出一个必然结论：如果\"替自己持仓的股票说好话\"真的有效的话，那对伯克希尔实际上是",[763,863,864],{},"有害","的，而非评论人士通常认为的有益。",[14,867,868],{},"让我们以IBM为例。正如所有企业观察人士所知，IBM前后两任CEO郭士纳（Lou Gerstner）和彭明盛（Sam Palmisano）干得极为出色，把公司从20年前的濒临破产带到了今天的卓越地位。他们在经营上的成就确实非凡。",[14,870,871],{},"但他们的财务管理同样出色，尤其是近年来公司财务弹性大幅提升之后。说实话，我想不出有哪家大公司的财务管理做得更好，这项技能实实在在地增加了IBM股东的收益。公司明智地运用债务融资，几乎全部以现金进行能增加价值的收购，并且大力回购自家股票。",[14,873,874],{},"如今IBM有11.6亿股流通股，我们持有约6,390万股，占比5.5%。当然，这家公司未来五年的盈利状况对我们来说至关重要。除此之外，公司在这五年里可能会花掉500亿美元左右来回购股票。我们今天的小测验来了：在这段时间里，像伯克希尔这样的长期股东应该为什么欢呼？",[14,876,877,878,881],{},"我就不吊你胃口了。我们应该期望IBM的股价在这五年里一直",[763,879,880],{},"低迷","。",[14,883,884],{},"让我们算算这笔账。如果IBM的平均股价为200美元，公司用500亿美元可以回购2.5亿股。那么流通股将剩下9.1亿股，我们将持有约7%。反过来，如果五年内平均股价为300美元，IBM只能回购1.67亿股。五年后将剩下约9.9亿股，我们只持有6.5%。",[14,886,887],{},"假设IBM在第五年赚了200亿美元，在\"令人失望\"的低股价情景下，我们在这些利润中应占的份额将比高股价情景下整整多出1亿美元。到以后的某个时候，我们的持股价值可能比\"高价\"回购情景高出15亿美元。",[14,889,890,891,894,895,898],{},"逻辑很简单：如果你将来打算做股票的净买入者——不管是用自己的钱直接买，还是通过持有一家正在回购股票的公司间接买入——股价上涨都会",[763,892,893],{},"损害","你的利益。股价低迷才是对你有利的。然而，",[763,896,897],{},"情绪","往往让事情变得复杂：大多数人——包括那些未来将是净买入者的人——看到股价上涨就感到心里舒坦。这些股东就像一个天天开车上班的人，仅仅因为自己的油箱还有一天的油量，就为油价上涨而高兴。",[14,900,901],{},"查理和我并不指望能说服你们中的多数人接受我们的思维方式——我们观察了足够多的人类行为，深知这是徒劳的——但我们确实希望你们了解我们的个人计算逻辑。这里我得坦白一下：年轻的时候，我也是一看到市场上涨就高兴。后来我读了本杰明·格雷厄姆（Ben Graham）《聪明的投资者》的第八章，讲的是投资者应该如何看待股价波动。顿时眼前的鳞片脱落，低价成了我的朋友。拿起那本书是我一生中最幸运的时刻之一。",[14,903,904],{},"最终，我们对IBM投资的成败将主要取决于其未来的盈利。但一个重要的次要因素是，公司用它可能投入的巨额资金回购了多少股票。如果回购最终把IBM的流通股减少到6,390万股（只剩我一个人），我将放弃我著名的节俭作风，给伯克希尔的员工放一天带薪假。",[14,906,907],{},"按浮存金规模排名第一的是伯克希尔·哈撒韦再保险集团，由阿吉特·贾恩（Ajit Jain）掌管。阿吉特承保的是那些其他任何人没有意愿或没有资本实力去承担的风险。他的运营以一种在保险业独一无二的方式，将承保能力、速度、果断决策以及最重要的——头脑——融于一体。但他从不让伯克希尔承受与我们资源不相匹配的风险。事实上，在这一点上，我们比大多数大型保险公司保守得多。例如，假设保险业因某次超级巨灾而遭受2,500亿美元的损失——大约是有史以来最大损失的三倍——伯克希尔作为一个整体，可能仍然会在当年录得一个温和的利润，因为我们有众多收入来源。而与此同时，所有其他主要保险公司和再保险公司都会深陷巨亏，其中一些甚至面临破产。",[14,909,910],{},"1985年从零起步，阿吉特创建了一家拥有340亿美元浮存金和可观承保利润的保险公司，这是任何其他保险公司CEO都无法企及的壮举。凭借这些成就，他为伯克希尔增加了数十亿美元的价值。查理很乐意用我来换第二个阿吉特。可惜，天下没有第二个。",[14,912,913],{},"最后是盖可保险（GEICO），61年前我就是从研究这家保险公司起步的。GEICO由托尼·奈斯利（Tony Nicely）管理，他18岁加入公司，到2011年已为公司服务整整50年。",[14,915,916],{},"GEICO令人艳羡的业绩来自托尼对一个出色的、几乎不可能被复制的商业模式的精彩执行。在托尼担任CEO的18年里，我们的市场份额从2.0%上升到9.3%。如果市场份额保持不变——就像他接手前十几年那样——我们现在的保费收入只有33亿美元，而不是2011年的154亿美元。托尼和他的同事们创造的额外价值，是伯克希尔内在价值超越账面价值的一个主要因素。",[14,918,919],{},"GEICO还有超过90%的汽车保险市场份额等着去攻占。别打赌托尼做不到年复一年地抢下一大块。我们的低成本让我们能提供低价格，每天都有越来越多的美国人发现，当那只壁虎（Gecko）劝他们去GEICO.com查询报价时，确实是在帮他们省钱。（我们的小蜥蜴还有一个讨人喜欢的品质：不像那些其他保险公司花大价钱请来的男代言人或女代言人，我们这个小家伙没有经纪人。）",[14,921,922],{},"从上面利润表的数据可以清楚看到，美国经济自2009年年中以来在稳步大幅复苏。这个板块包括我们的54家公司。但其中马蒙集团（Marmon）一家就在11个不同行业中拥有140家企业。简而言之，分析伯克希尔就是在分析整个美国企业界。那么让我们深入挖掘一下过去几年发生了什么。",[14,924,925,926,929],{},"这个板块中四家住房相关公司（不含克莱顿之家，它归在金融及金融产品板块）的税前收益合计分别为：2009年2.27亿美元，2010年3.62亿美元，2011年3.59亿美元。如果从合并报表中扣除这四家公司的收益，你会发现我们多元化的",[763,927,928],{},"非住房","业务的收益分别为：2009年18.31亿美元，2010年39.12亿美元，2011年46.78亿美元。其中2011年约有2.91亿美元来自收购的路博润。扣除路博润后2011年的收益为43.87亿美元，生动地展示了美国大部分行业已经从2008年金融恐慌造成的打击中复苏。虽然住房相关企业仍然躺在急诊室里，但其他大多数企业已经出院，完全康复了。",[14,931,932],{},"有些股东告诉我，他们渴望在信里看到更多关于会计奥秘的讨论。所以这里有一段通用会计准则（GAAP）规定的荒唐事，希望他们（据说有两个人）能够喜欢。",[14,934,935],{},"常识会告诉你，我们的各个子公司在账面上的价值应该等于收购成本加上自收购以来的留存收益（除非其经济价值大幅下降，那就必须做适当的减记）。这基本上符合伯克希尔的实际情况——马蒙集团是一个非常奇怪的例外。",[14,937,938],{},"我们在2008年收购了马蒙64%的股份，以48亿美元的收购成本入账。到这里一切正常。然后在2011年初，根据我们与普利兹克（Pritzker）家族签订的原始协议，我们又购买了16%的股份，按照一个反映马蒙增值的公式支付了15亿美元。然而在这种情况下，我们却被要求立即将6.14亿美元的收购价格追溯至2010年底进行减记。（别问为什么！）很明显，这种减记与经济现实毫无关系。这次毫无意义的减记进一步扩大了马蒙内在价值与账面价值之间的差距。",[10,940,941],{"id":941},"金融与金融产品",[14,943,944],{},"这个板块是我们最小的，包括两家租赁公司——XTRA（拖车）和科特商业服务公司（CORT，家具租赁），以及美国领先的预制房屋制造商和融资提供方克莱顿之家（Clayton Homes）。除了这三家全资子公司外，该板块还包括一系列金融资产以及我们持有的Berkadia商业抵押公司50%的股权。",[14,946,947],{},"分析我们这三家运营公司在2008年底经济跌落悬崖后的经历很有启发，因为它们的遭遇体现了后来各行各业参差不齐的复苏。",[14,949,950],{},"两家租赁公司的业绩反映了\"非住房\"经济的状况。它们的合计税前收益分别为：2009年1,300万美元，2010年5,300万美元，2011年1.55亿美元——这种改善反映了我们在几乎所有非住房业务中看到的稳步复苏。相比之下，克莱顿的预制房屋业务（跟现场建造的住宅一样）经历了一场真正的萧条，至今没有任何复苏迹象。全美预制房屋销量分别为：2009年49,789套，2010年50,046套，2011年51,606套。（2005年住房繁荣时期为146,744套。）",[14,952,953],{},"尽管身处如此艰难的环境，克莱顿仍然保持盈利，主要原因是其抵押贷款组合在困境中表现良好。作为预制房屋领域最大的贷款方，而且通常是向中低收入家庭放贷，你可能会认为我们在住房崩盘中损失惨重。但由于我们坚守老派的贷款原则——要求合理比例的首付以及占正常收入合理水平的月供——克莱顿把损失控制在了可接受的水平。即使我们的很多借款人一直处于负资产状态，也是如此。",[14,955,956],{},"众所周知，美国在住房所有权和抵押贷款政策上严重跑偏了，我们的经济正在为这些错误付出巨大代价。所有人都参与了这种毁灭性行为——政府、贷款方、借款人、媒体、评级机构，你说谁都有份。这场愚行的核心是一个几乎全民共享的信念：房价必定会随时间上涨，任何回调都无关紧要。一旦接受了这个前提，住房交易中几乎任何价格和做法都变得合理了。各地的房主都觉得自己更富了，纷纷通过再融资将房屋增值\"变现\"。这些大规模的现金注入在整个经济中掀起了消费狂潮。持续的时候一切看起来都很美好。（一个几乎没人注意到的事实：大量通过丧失抵押品赎回权而\"失去\"房子的人，实际上已经赚到了钱，因为他们此前通过再融资拿到的现金超过了购房成本。在这些案例中，被赶出家门的房主是赢家，贷款方才是真正的受害者。）",[14,958,959],{},"2007年，泡沫破裂了，正如所有泡沫终将破裂一样。我们如今正处于疗愈的第四个年头，虽然漫长而痛苦，但一定会成功。今天，新家庭的组建速度持续超过住房开工速度。",[14,961,962],{},"等到全国过剩的住房库存消化完毕，克莱顿的收益应该会大幅提高。不过以我目前的判断，这三家企业的内在价值与其账面价值相比并没有显著差异。",[10,964,965],{"id":965},"投资业务",[14,967,968],{},"以下是我们在2011年底持有的市值超过10亿美元的普通股投资：",[21,970,971,990],{},[24,972,973],{},[27,974,975,978,981,984,987],{},[30,976,977],{},"股数",[30,979,980],{},"公司",[30,982,983],{},"2011年12月31日持股比例",[30,985,986],{},"成本（百万美元）*",[30,988,989],{},"市值（百万美元）",[43,991,992,1008,1024,1041,1057,1074,1091,1108,1124,1140,1157,1174,1191,1208,1224,1240],{},[27,993,994,997,1000,1002,1005],{},[48,995,996],{},"151,610,700",[48,998,999],{},"美国运通公司",[48,1001,665],{},[48,1003,1004],{},"$ 1,287",[48,1006,1007],{},"$ 7,151",[27,1009,1010,1013,1016,1018,1021],{},[48,1011,1012],{},"200,000,000",[48,1014,1015],{},"可口可乐公司",[48,1017,482],{},[48,1019,1020],{},"1,299",[48,1022,1023],{},"13,994",[27,1025,1026,1029,1032,1035,1038],{},[48,1027,1028],{},"29,100,937",[48,1030,1031],{},"康菲石油",[48,1033,1034],{},"2.3",[48,1036,1037],{},"2,027",[48,1039,1040],{},"2,121",[27,1042,1043,1046,1049,1051,1054],{},[48,1044,1045],{},"63,905,931",[48,1047,1048],{},"国际商业机器公司（IBM）",[48,1050,178],{},[48,1052,1053],{},"10,856",[48,1055,1056],{},"11,751",[27,1058,1059,1062,1065,1068,1071],{},[48,1060,1061],{},"31,416,127",[48,1063,1064],{},"强生公司",[48,1066,1067],{},"1.2",[48,1069,1070],{},"1,880",[48,1072,1073],{},"2,060",[27,1075,1076,1079,1082,1085,1088],{},[48,1077,1078],{},"79,034,713",[48,1080,1081],{},"卡夫食品",[48,1083,1084],{},"4.5",[48,1086,1087],{},"2,589",[48,1089,1090],{},"2,953",[27,1092,1093,1096,1099,1102,1105],{},[48,1094,1095],{},"20,060,390",[48,1097,1098],{},"慕尼黑再保险",[48,1100,1101],{},"11.3",[48,1103,1104],{},"2,990",[48,1106,1107],{},"2,464",[27,1109,1110,1113,1116,1118,1121],{},[48,1111,1112],{},"3,947,555",[48,1114,1115],{},"浦项制铁（POSCO）",[48,1117,357],{},[48,1119,1120],{},"768",[48,1122,1123],{},"1,301",[27,1125,1126,1129,1132,1134,1137],{},[48,1127,1128],{},"72,391,036",[48,1130,1131],{},"宝洁公司",[48,1133,618],{},[48,1135,1136],{},"464",[48,1138,1139],{},"4,829",[27,1141,1142,1145,1148,1151,1154],{},[48,1143,1144],{},"25,848,838",[48,1146,1147],{},"赛诺菲",[48,1149,1150],{},"1.9",[48,1152,1153],{},"2,055",[48,1155,1156],{},"1,900",[27,1158,1159,1162,1165,1168,1171],{},[48,1160,1161],{},"291,577,428",[48,1163,1164],{},"乐购（Tesco plc）",[48,1166,1167],{},"3.6",[48,1169,1170],{},"1,719",[48,1172,1173],{},"1,827",[27,1175,1176,1179,1182,1185,1188],{},[48,1177,1178],{},"78,060,769",[48,1180,1181],{},"美国合众银行",[48,1183,1184],{},"4.1",[48,1186,1187],{},"2,401",[48,1189,1190],{},"2,112",[27,1192,1193,1196,1199,1202,1205],{},[48,1194,1195],{},"39,037,142",[48,1197,1198],{},"沃尔玛",[48,1200,1201],{},"1.1",[48,1203,1204],{},"1,893",[48,1206,1207],{},"2,333",[27,1209,1210,1213,1216,1218,1221],{},[48,1211,1212],{},"400,015,828",[48,1214,1215],{},"富国银行",[48,1217,425],{},[48,1219,1220],{},"9,086",[48,1222,1223],{},"11,024",[27,1225,1226,1229,1232,1234,1237],{},[48,1227,1228],{},"--",[48,1230,1231],{},"其他",[48,1233],{},[48,1235,1236],{},"6,895",[48,1238,1239],{},"9,171",[27,1241,1242,1244,1247,1249,1252],{},[48,1243,1228],{},[48,1245,1246],{},"普通股投资合计（按市值）",[48,1248],{},[48,1250,1251],{},"$ 48,209",[48,1253,1254],{},"$ 76,991",[14,1256,1257],{},"* 这是我们的实际购买价格，也是我们的税务基础；由于必需的增值或减值调整，通用会计准则（GAAP）的\"成本\"在个别情况下有所不同。",[14,1259,1260],{},"2011年我们的投资持仓变动不大。但有三个动作非常重要：买入IBM和美国银行，以及增持10亿美元的富国银行。",[14,1262,1263],{},"银行业已经恢复元气，富国银行正在蓬勃发展。它的盈利强劲，资产稳健，资本金达到创纪录的水平。至于美国银行，前任管理层犯下了一些重大错误。布莱恩·莫伊尼汉（Brian Moynihan）在清理这些烂摊子方面取得了出色进展，不过完成整个清理过程还需要好几年。与此同时，他正在精心培育一项规模巨大且极具吸引力的核心业务，这项业务在今天的问题被遗忘之后仍将持续发展。我们购买的7亿股美国银行认股权证很可能在到期前就具有很高的价值。",[14,1265,1266],{},"就像1988年投资可口可乐和2006年投资铁路一样，我又一次迟到了——这次是IBM的派对。我阅读这家公司的年报已经超过50年了，但直到去年3月的一个周六，我的想法才变得清晰。正如梭罗（Thoreau）所说：\"重要的不是你在看什么，而是你看到了什么。\"",[14,1268,1269],{},"托德·库姆斯（Todd Combs）去年建立了一个17.5亿美元的投资组合（按成本计），泰德·韦施勒（Ted Weschler）也将很快建立一个类似规模的组合。他们每人的业绩报酬中，80%取决于自己的成绩，20%取决于搭档的成绩。当我们的季度申报文件披露一些相对较小的持仓时，这些很可能不是我买的（尽管媒体经常忽略这一点），而是Todd或Ted买入的。",[14,1271,1272],{},"关于这两位新成员，我还要补充一点。Ted和Todd将会在伯克希尔下一任CEO进行企业收购时提供很大帮助。他们拥有出色的\"商业头脑\"，能够把握那些可能决定各类企业未来的经济力量。他们的思考还得益于对什么是可预知的、什么是不可知的有清晰的认识。",[14,1274,1275],{},"出于充分的理由，我一直在赞扬我们旗下经理人的成就。他们确实是全明星，经营各自的企业就像那是自己家族唯一的资产一样。我相信，在所有大型上市公司中，很难找到比他们更以股东利益为导向的心态了。大多数经理人根本没有工作的经济需要；对他们来说，打出商业上的本垒打带来的快乐和薪水同等重要。",[14,1277,1278],{},"然而同样重要的是，在我们总部办公室和我一起工作的23位同事（全在同一层楼，我们打算一直这样保持！）。",[14,1280,1281],{},"这个团队高效地处理着美国证监会（SEC）和其他监管机构的各种合规要求，提交了长达17,839页的联邦所得税申报表——你好，吉尼斯世界纪录！——以及各州和海外的纳税申报。此外，他们还回应无数的股东和媒体咨询，编制年度报告，筹备全美最大的年度股东大会，协调董事会活动——这个清单还可以一直列下去。",[14,1283,1284],{},"他们愉快地处理所有这些事务，效率之高令人难以置信，让我的生活轻松惬意。他们的工作远远超出了伯克希尔的严格业务范围：他们与48所大学打交道（从200所申请者中筛选出来的），这些大学将在本学年选派学生到奥马哈与我共度一天。他们还处理我收到的各种请求，安排我的行程，甚至帮我买午餐的汉堡包。没有哪个CEO比我更享福了。",[14,1286,1287],{},"在此，我向这支总部团队以及我们的运营经理人致以最深切的感谢，他们也值得你们的感谢。5月5日，来奥马哈——资本主义的摇篮——亲口告诉他们吧。",[14,1289,1290],{},"沃伦·E·巴菲特",[14,1292,1293],{},"董事会主席",[14,1295,1296],{},"2012年2月25日",[1298,1299,1302,1308],"section",{"className":1300,"dataFootnotes":749},[1301],"footnotes",[1303,1304,1307],"h2",{"className":1305,"id":748},[1306],"sr-only","Footnotes",[1309,1310,1311],"ol",{},[759,1312,1314,1315],{"id":1313},"user-content-fn-*","本报告中使用的所有每股数据均为伯克希尔A股数据。B股数据为A股数据的1\u002F1500。 ",[744,1316,1321],{"href":1317,"ariaLabel":1318,"className":1319,"dataFootnoteBackref":749},"#user-content-fnref-*","Back to reference 1",[1320],"data-footnote-backref","↩",{"title":749,"searchDepth":1323,"depth":1323,"links":1324},2,[1325],{"id":748,"depth":1323,"text":1307},"致股东信",null,"2011年巴菲特致股东信，分析投资收益、信用违约掉期、并购策略及内在价值评估","md",{},true,82,"\u002Fbuffett\u002Fberkshire\u002F2011-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1328},"2011 巴菲特致股东信｜巴菲特","2011-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2011-ba-fei-te-zhi-gu-dong-xin","iqmWLcGZICDqhc3IMzvYuPoFUkM7vEHz6NwP0aApIAw","buffett",[1341,1345,1349,1353,1356,1359,1362,1366,1369,1372,1376,1379,1382,1386,1389,1392,1396,1399,1402,1406,1409,1412,1416,1419,1422,1426,1429,1432,1436,1439,1442,1446,1449,1452,1456,1459,1462,1466,1469,1472,1476,1479,1482,1486,1489,1492,1496,1499,1502,1506,1509,1512,1516,1519,1522,1526,1529,1532,1536,1539,1542,1546,1549,1552,1556,1559,1562,1566,1569,1572,1576,1579,1582,1586,1589,1592,1596,1599,1602,1606,1609,1612,1616,1619,1622,1626,1629,1632,1636,1639,1642,1646,1649,1652,1656,1659,1662,1666,1669,1672,1676,1679,1683,1686,1690,1693,1697,1700,1704,1707,1711,1714,1718,1721,1725,1728,1732,1735,1739,1742,1746,1749,1753,1756,1760,1763,1767,1770,1774,1777,1781,1784,1788,1791,1795,1798,1802,1805,1809,1812,1816,1819,1823,1826,1830,1833,1837,1840,1844,1847,1851,1854,1858,1861,1865,1868,1872,1875,1879,1882,1886,1889,1893,1896,1900,1903,1907,1910,1914,1917,1921,1924,1928,1931,1935,1938,1942,1945,1949,1952,1956,1959,1963,1966,1970,1973,1977,1980,1984,1987,1991,1994,1998,2001,2005,2008,2009,2012,2016,2019,2023,2026,2030,2033,2037,2040,2044,2047,2051,2054,2058,2061,2065,2068,2072,2075,2079,2082,2086,2089,2093,2096,2100,2103,2107,2110,2114,2117,2121,2124,2128,2131,2135,2138,2142,2146,2150,2154,2158,2162,2166,2170,2174,2178,2182,2186,2190,2194,2198,2202,2206,2210,2214,2218,2222,2226,2230,2234,2238,2242,2246,2250,2254,2258,2262,2266,2270,2274,2278,2282,2286,2290,2294,2298,2302,2306,2310,2314,2318,2322,2326,2330,2334,2338],{"title":1342,"slug":1343,"category":1326,"order":1344},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1346,"slug":1347,"category":1348,"order":1344},"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":1350,"slug":1351,"category":1352,"order":1344},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1354,"slug":1355,"category":1326,"order":1323},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1357,"slug":1358,"category":1348,"order":1323},"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":1360,"slug":1361,"category":1352,"order":1323},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1363,"slug":1364,"category":1326,"order":1365},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1367,"slug":1368,"category":1348,"order":1365},"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":1370,"slug":1371,"category":1352,"order":1365},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1373,"slug":1374,"category":1326,"order":1375},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1377,"slug":1378,"category":1348,"order":1375},"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":1380,"slug":1381,"category":1352,"order":1375},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1383,"slug":1384,"category":1326,"order":1385},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1387,"slug":1388,"category":1348,"order":1385},"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":1390,"slug":1391,"category":1352,"order":1385},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1393,"slug":1394,"category":1326,"order":1395},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1397,"slug":1398,"category":1348,"order":1395},"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":1400,"slug":1401,"category":1352,"order":1395},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1403,"slug":1404,"category":1326,"order":1405},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1407,"slug":1408,"category":1348,"order":1405},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1410,"slug":1411,"category":1352,"order":1405},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1413,"slug":1414,"category":1326,"order":1415},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1417,"slug":1418,"category":1348,"order":1415},"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":1420,"slug":1421,"category":1352,"order":1415},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1423,"slug":1424,"category":1326,"order":1425},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1427,"slug":1428,"category":1348,"order":1425},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1430,"slug":1431,"category":1352,"order":1425},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1433,"slug":1434,"category":1326,"order":1435},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1437,"slug":1438,"category":1348,"order":1435},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1440,"slug":1441,"category":1352,"order":1435},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1443,"slug":1444,"category":1326,"order":1445},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1447,"slug":1448,"category":1348,"order":1445},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1450,"slug":1451,"category":1352,"order":1445},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1453,"slug":1454,"category":1326,"order":1455},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1457,"slug":1458,"category":1348,"order":1455},"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":1460,"slug":1461,"category":1352,"order":1455},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1463,"slug":1464,"category":1326,"order":1465},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1467,"slug":1468,"category":1348,"order":1465},"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":1470,"slug":1471,"category":1352,"order":1465},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1473,"slug":1474,"category":1326,"order":1475},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1477,"slug":1478,"category":1348,"order":1475},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1480,"slug":1481,"category":1352,"order":1475},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1483,"slug":1484,"category":1326,"order":1485},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1487,"slug":1488,"category":1348,"order":1485},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1490,"slug":1491,"category":1352,"order":1485},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1493,"slug":1494,"category":1326,"order":1495},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1497,"slug":1498,"category":1348,"order":1495},"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":1500,"slug":1501,"category":1352,"order":1495},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1503,"slug":1504,"category":1326,"order":1505},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1507,"slug":1508,"category":1348,"order":1505},"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":1510,"slug":1511,"category":1352,"order":1505},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1513,"slug":1514,"category":1326,"order":1515},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1517,"slug":1518,"category":1348,"order":1515},"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":1520,"slug":1521,"category":1352,"order":1515},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1523,"slug":1524,"category":1326,"order":1525},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1527,"slug":1528,"category":1348,"order":1525},"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":1530,"slug":1531,"category":1352,"order":1525},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1533,"slug":1534,"category":1326,"order":1535},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1537,"slug":1538,"category":1348,"order":1535},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1540,"slug":1541,"category":1352,"order":1535},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1543,"slug":1544,"category":1326,"order":1545},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1547,"slug":1548,"category":1348,"order":1545},"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":1550,"slug":1551,"category":1352,"order":1545},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1553,"slug":1554,"category":1326,"order":1555},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1557,"slug":1558,"category":1348,"order":1555},"巴菲特：1991年 年喜诗糖果70 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1691,"slug":1692,"category":1348,"order":1689},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1694,"slug":1695,"category":1326,"order":1696},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1698,"slug":1699,"category":1348,"order":1696},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1701,"slug":1702,"category":1326,"order":1703},"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":1705,"slug":1706,"category":1348,"order":1703},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1708,"slug":1709,"category":1326,"order":1710},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1712,"slug":1713,"category":1348,"order":1710},"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":1715,"slug":1716,"category":1326,"order":1717},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1719,"slug":1720,"category":1348,"order":1717},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1722,"slug":1723,"category":1326,"order":1724},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1726,"slug":1727,"category":1348,"order":1724},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1729,"slug":1730,"category":1326,"order":1731},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1733,"slug":1734,"category":1348,"order":1731},"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":1736,"slug":1737,"category":1326,"order":1738},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1740,"slug":1741,"category":1348,"order":1738},"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":1743,"slug":1744,"category":1326,"order":1745},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1747,"slug":1748,"category":1348,"order":1745},"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":1750,"slug":1751,"category":1326,"order":1752},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1754,"slug":1755,"category":1348,"order":1752},"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":1757,"slug":1758,"category":1326,"order":1759},"1975 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巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1789,"slug":1790,"category":1348,"order":1787},"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":1792,"slug":1793,"category":1326,"order":1794},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1796,"slug":1797,"category":1348,"order":1794},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1799,"slug":1800,"category":1326,"order":1801},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1803,"slug":1804,"category":1348,"order":1801},"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":1806,"slug":1807,"category":1326,"order":1808},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1810,"slug":1811,"category":1348,"order":1808},"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":1813,"slug":1814,"category":1326,"order":1815},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1817,"slug":1818,"category":1348,"order":1815},"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":1820,"slug":1821,"category":1326,"order":1822},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1824,"slug":1825,"category":1348,"order":1822},"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":1827,"slug":1828,"category":1326,"order":1829},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1831,"slug":1832,"category":1348,"order":1829},"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":1834,"slug":1835,"category":1326,"order":1836},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1838,"slug":1839,"category":1348,"order":1836},"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":1841,"slug":1842,"category":1326,"order":1843},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1845,"slug":1846,"category":1348,"order":1843},"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":1848,"slug":1849,"category":1326,"order":1850},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1852,"slug":1853,"category":1348,"order":1850},"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":1855,"slug":1856,"category":1326,"order":1857},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1859,"slug":1860,"category":1348,"order":1857},"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":1862,"slug":1863,"category":1326,"order":1864},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1866,"slug":1867,"category":1348,"order":1864},"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":1869,"slug":1870,"category":1326,"order":1871},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1873,"slug":1874,"category":1348,"order":1871},"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":1876,"slug":1877,"category":1326,"order":1878},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1880,"slug":1881,"category":1348,"order":1878},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1883,"slug":1884,"category":1326,"order":1885},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1887,"slug":1888,"category":1348,"order":1885},"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":1890,"slug":1891,"category":1326,"order":1892},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1894,"slug":1895,"category":1348,"order":1892},"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":1897,"slug":1898,"category":1326,"order":1899},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1901,"slug":1902,"category":1348,"order":1899},"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":1904,"slug":1905,"category":1326,"order":1906},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1908,"slug":1909,"category":1348,"order":1906},"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":1911,"slug":1912,"category":1326,"order":1913},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1915,"slug":1916,"category":1348,"order":1913},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1918,"slug":1919,"category":1326,"order":1920},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1922,"slug":1923,"category":1348,"order":1920},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1925,"slug":1926,"category":1326,"order":1927},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1929,"slug":1930,"category":1348,"order":1927},"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":1932,"slug":1933,"category":1326,"order":1934},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1936,"slug":1937,"category":1348,"order":1934},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1939,"slug":1940,"category":1326,"order":1941},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1943,"slug":1944,"category":1348,"order":1941},"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":1946,"slug":1947,"category":1326,"order":1948},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1950,"slug":1951,"category":1348,"order":1948},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1953,"slug":1954,"category":1326,"order":1955},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1957,"slug":1958,"category":1348,"order":1955},"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":1960,"slug":1961,"category":1326,"order":1962},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1964,"slug":1965,"category":1348,"order":1962},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1967,"slug":1968,"category":1326,"order":1969},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1971,"slug":1972,"category":1348,"order":1969},"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":1974,"slug":1975,"category":1326,"order":1976},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1978,"slug":1979,"category":1348,"order":1976},"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":1981,"slug":1982,"category":1326,"order":1983},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1985,"slug":1986,"category":1348,"order":1983},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1988,"slug":1989,"category":1326,"order":1990},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1992,"slug":1993,"category":1348,"order":1990},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1995,"slug":1996,"category":1326,"order":1997},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1999,"slug":2000,"category":1348,"order":1997},"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":2002,"slug":2003,"category":1326,"order":2004},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2006,"slug":2007,"category":1348,"order":2004},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":5,"slug":1336,"category":1326,"order":1332},{"title":2010,"slug":2011,"category":1348,"order":1332},"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":2013,"slug":2014,"category":1326,"order":2015},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2017,"slug":2018,"category":1348,"order":2015},"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":2020,"slug":2021,"category":1326,"order":2022},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2024,"slug":2025,"category":1348,"order":2022},"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":2027,"slug":2028,"category":1326,"order":2029},"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":2031,"slug":2032,"category":1348,"order":2029},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2034,"slug":2035,"category":1326,"order":2036},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2038,"slug":2039,"category":1348,"order":2036},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2041,"slug":2042,"category":1326,"order":2043},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2045,"slug":2046,"category":1348,"order":2043},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":2048,"slug":2049,"category":1326,"order":2050},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2052,"slug":2053,"category":1348,"order":2050},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2055,"slug":2056,"category":1326,"order":2057},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2059,"slug":2060,"category":1348,"order":2057},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2062,"slug":2063,"category":1326,"order":2064},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2066,"slug":2067,"category":1348,"order":2064},"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":2069,"slug":2070,"category":1326,"order":2071},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2073,"slug":2074,"category":1348,"order":2071},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2076,"slug":2077,"category":1326,"order":2078},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2080,"slug":2081,"category":1348,"order":2078},"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":2083,"slug":2084,"category":1326,"order":2085},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2087,"slug":2088,"category":1348,"order":2085},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2090,"slug":2091,"category":1326,"order":2092},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2094,"slug":2095,"category":1348,"order":2092},"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":2097,"slug":2098,"category":1326,"order":2099},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2101,"slug":2102,"category":1348,"order":2099},"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":2104,"slug":2105,"category":1326,"order":2106},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2108,"slug":2109,"category":1348,"order":2106},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2111,"slug":2112,"category":1326,"order":2113},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2115,"slug":2116,"category":1348,"order":2113},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2118,"slug":2119,"category":1326,"order":2120},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2122,"slug":2123,"category":1348,"order":2120},"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":2125,"slug":2126,"category":1326,"order":2127},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2129,"slug":2130,"category":1348,"order":2127},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2132,"slug":2133,"category":1326,"order":2134},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2136,"slug":2137,"category":1348,"order":2134},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":2139,"slug":2140,"category":1348,"order":2141},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":2143,"slug":2144,"category":1348,"order":2145},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":2147,"slug":2148,"category":1348,"order":2149},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":2151,"slug":2152,"category":1348,"order":2153},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":2155,"slug":2156,"category":1348,"order":2157},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":2159,"slug":2160,"category":1348,"order":2161},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":2163,"slug":2164,"category":1348,"order":2165},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":2167,"slug":2168,"category":1348,"order":2169},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":2171,"slug":2172,"category":1348,"order":2173},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":2175,"slug":2176,"category":1348,"order":2177},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":2179,"slug":2180,"category":1348,"order":2181},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":2183,"slug":2184,"category":1348,"order":2185},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":2187,"slug":2188,"category":1348,"order":2189},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":2191,"slug":2192,"category":1348,"order":2193},"巴菲特：2015年对话IVEY 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