[{"data":1,"prerenderedAt":3138},["ShallowReactive",2],{"library-2012-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1602,"library-sidebar-dao":2604,"library-sidebar-models":2906},{"id":4,"title":5,"body":6,"category":1588,"date":1589,"description":1590,"extension":1591,"meta":1592,"navigation":1593,"order":1594,"path":1595,"seo":1596,"seoDescription":1590,"seoTitle":1597,"slug":1598,"stem":1599,"__hash__":1600,"_collection":1601},"buffett\u002Fbuffett\u002Fberkshire\u002F2012-ba-fei-te-zhi-gu-dong-xin.md","2012 巴菲特致股东信",{"type":7,"value":8,"toc":1584},"minimark",[9,13,20,726,740,744,747,762,765,772,775,783,786,791,794,797,800,809,812,828,831,834,845,848,851,854,859,866,869,872,875,878,881,884,891,894,897,904,907,910,917,920,923,930,933,936,939,942,945,948,951,954,1036,1039,1042,1045,1048,1352,1355,1358,1361,1368,1375,1378,1381,1384,1391,1406,1409,1412,1415,1418,1421,1424,1431,1438,1441,1452,1455,1462,1465,1472,1487,1494,1497,1500,1503,1506,1509,1512,1515,1526,1544,1547,1550,1553,1556,1559],[10,11,5],"h1",{"id":12},"_2012-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)",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,226,240,253,267,281,295,308,322,336,348,361,374,388,402,416,428,442,456,469,483,497,511,525,539,553,566,579,592,605,619,630,644,658,672,686,699,713],"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],{},"0.7",[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],{},"0.5",[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],{},"(0.4)",[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",[27,687,688,691,693,696],{},[48,689,690],{},"2012",[48,692,360],{},[48,694,695],{},"16.0",[48,697,698],{},"(1.6)",[27,700,701,704,707,710],{},[48,702,703],{},"年复合增长率 -- 1965-2012",[48,705,706],{},"19.7%",[48,708,709],{},"9.4%",[48,711,712],{},"10.3",[27,714,715,718,721,724],{},[48,716,717],{},"累计总收益 -- 1964-2012",[48,719,720],{},"586,817%",[48,722,723],{},"7,433%",[48,725],{},[14,727,728,731,732,735,736,739],{},[17,729,730],{},"注："," 数据均按日历年度计算，以下年份除外：1965年和1966年，截至9月30日的年度；1967年，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对其持有的权益证券进行估值。在本表中，伯克希尔1978年及之前的数据已按新准则进行了追溯调整。其他方面均采用最初公布的数字。标普500的数字是",[17,733,734],{},"税前","的，而伯克希尔的数字是",[17,737,738],{},"税后","的。如果像伯克希尔这样的公司仅仅持有标普500并计提相应税费，那么在标普500录得正收益的年份，其业绩将落后于标普500，但在标普500为负收益的年份则会超越。长期来看，税收成本将导致累计差距相当可观。",[10,741,743],{"id":742},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,745,746],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,748,749,750],{},"2012年，伯克希尔为股东创造了241亿美元的收益。我们动用其中13亿美元回购了自家股票，因此公司当年净资产增加了228亿美元。A股和B股的每股账面价值均增长了14.4%。在过去48年间（即自现任管理层接手以来），每股账面价值从19美元增长到114,214美元，年复合增长率为19.7%。",[751,752,753],"sup",{},[754,755,761],"a",{"href":756,"ariaDescribedBy":757,"dataFootnoteRef":759,"id":760},"#user-content-fn-*",[758],"footnote-label","","user-content-fnref-*","1",[14,763,764],{},"去年伯克希尔有不少好消息，但我们还是先从坏消息说起吧。",[766,767,768],"ul",{},[769,770,771],"li",{},"1965年我掌管的合伙公司入主伯克希尔时，我做梦都想不到，有一天我们能在一年内赚到241亿美元，结果对照首页的业绩对比表一看，居然还不达标。\n但事实就是不达标。48年来，伯克希尔的账面价值增长率第9次落后于标普500指数的回报率（后者包含股息再投资和股价上涨）。需要指出的是，这9次里有8次标普500的年度回报率超过了15%。逆风的时候，我们反而做得更好。",[14,773,774],{},"截至目前，在任何5年期的衡量尺度上，我们从未落后于标普——43次跑赢的纪录一直保持着。（详见年报第103页。）但标普指数最近连续4年上涨，在这段时间里它跑赢了我们。如果2013年市场继续上涨，我们的5年连胜纪录就要终结了。",[14,776,777,778,782],{},"有一件事你们可以确信：无论伯克希尔的业绩如何，我的搭档、公司副董事长查理·芒格 (Charlie Munger) 和我都不会更换衡量标准。我们的工作就是以超越标普指数的速度提升公司的内在商业价值——我们用账面价值作为内在价值的一个",[779,780,781],"em",{},"明显被低估的替代指标","。如果我们做到了，伯克希尔的股价虽然年度间难以预测，但长期来看终将跑赢标普。如果我们没做到，那我们的管理没有为投资者创造任何价值，他们完全可以买一只低成本指数基金来获取标普的回报。",[14,784,785],{},"查理和我相信，伯克希尔内在价值的增长速度长期来看可能会略微超过标普的回报。我们对此充满信心，因为我们拥有一批杰出的企业、一群了不起的运营经理人，以及以股东利益为导向的企业文化。不过，当市场下跌或持平时，我们的相对表现几乎肯定会更好。在市场特别强劲的年份，请预期我们将暂时落后。",[766,787,788],{},[769,789,790],{},"2012年第二件令人失望的事，是我未能完成一笔大型收购。我追了几头大象，结果空手而归。\n不过今年年初我们的运气来了。2月份，我们同意收购一家全资持有亨氏 (H. J. Heinz) 的控股公司50%的股权。另外一半将由豪尔赫·保罗·雷曼 (Jorge Paulo Lemann) 领衔的一小群投资者持有，他是巴西著名的商人和慈善家。",[14,792,793],{},"再好不过的合作伙伴了。雷曼是我的老朋友，也是一位卓越的经理人。他的投资团队和伯克希尔将各自出资约40亿美元购买控股公司的普通股。伯克希尔还将另外投资80亿美元购买股息率9%的优先股。这些优先股还有两个特征大大增加了它的价值：它将在某个时间点以显著溢价被赎回，而且附带认股权证，允许我们以象征性价格购买控股公司5%的普通股。",[14,795,796],{},"约120亿美元的总投资吞掉了伯克希尔去年的大部分利润。但我们手头依然有大把现金，而且还在以不错的速度持续积累。所以我们得继续干活了——查理和我重新穿上狩猎装备，继续去猎象。",[14,798,799],{},"接下来是2012年的一些好消息：",[766,801,802],{},[769,803,804,805,808],{},"去年我告诉大家，BNSF铁路 (BNSF)、伊斯卡 (Iscar)、路博润 (Lubrizol)、马蒙集团 (Marmon Group) 和中美能源 (MidAmerican Energy)——我们最赚钱的五家非保险公司——2012年税前收益很可能超过100亿美元。它们做到了。尽管美国经济增长乏力、全球许多经济体走弱，我们的\"五驾马车\"总收益高达101亿美元，比2011年多了约6亿。\n这个组合里，8年前伯克希尔只拥有中美能源一家，当时其税前收益为3.93亿美元。后来，我们又用全现金收购了另外三家。在收购第五家——BNSF铁路时，我们支付了约70%的现金，其余部分增发股票，使流通股数量增加了6.1%。因此，这五家公司为伯克希尔贡献的97亿美元年度收益增长，只伴随着微小的股份稀释。这正符合我们的目标——不是简单地做大，而是要提升",[779,806,807],{},"每股","业绩。",[14,810,811],{},"除非美国经济崩盘——我们预计不会——五驾马车2013年应该还会继续提高利润。掌管它们的五位杰出CEO会确保这一点。",[766,813,814,821],{},[769,815,816,817,820],{},"尽管我2012年一笔大型收购都没谈成，但我们子公司的经理人做得比我好多了。去年是补强收购 (bolt-on) 创纪录的一年，我们花了大约23亿美元收购了26家公司，并入了我们现有的业务。这些交易全部用现金完成，伯克希尔没有增发",[779,818,819],{},"任何","股票。\n查理和我喜欢这类收购：它们通常风险不高，不给总部增添任何负担，还能拓展我们那些久经考验的经理人的施展空间。",[769,822,823,824,827],{},"我们的保险业务去年大放异彩。它不仅为伯克希尔提供了730亿美元的",[779,825,826],{},"免费","资金用于投资，还贡献了16亿美元的承保利润，这是连续第十年实现承保盈利。这真的是鱼和熊掌兼得。\n盖可保险 (GEICO) 一路领跑，在不牺牲承保纪律的前提下继续蚕食市场份额。自1995年我们取得控制权以来，GEICO在个人车险市场的份额从2.5%增长到了9.7%。保费收入同期从28亿美元增长到167亿美元。未来还有巨大的增长空间。",[14,829,830],{},"GEICO卓越的业绩要归功于托尼·奈斯利 (Tony Nicely) 和他的2.7万名同事。另外，我们还得感谢我们的吉祥物壁虎 (Gecko)。不管刮风下雨还是天昏地暗，这只小蜥蜴始终坚守岗位，不知疲倦地告诉美国人，到GEICO.com可以省一大笔保费。",[14,832,833],{},"每当我细数自己的幸运，GEICO我要数两遍。",[766,835,836,839,842],{},[769,837,838],{},"事实证明，我们的新任投资经理托德·库姆斯 (Todd Combs) 和泰德·韦施勒 (Ted Weschler) 聪明能干、品行端正，在投资组合管理之外的许多方面都在帮助伯克希尔，而且与我们的企业文化完美契合。找到这两位简直是中了大奖。2012年，他们两位都以两位数的优势跑赢了标普500指数。就连我也被远远甩在了身后。\n因此，我们已经将他们各自管理的资金增加到近50亿美元（其中部分来自子公司的养老金）。托德和泰德都很年轻，在查理和我退出舞台之后，他们将长期管理伯克希尔庞大的投资组合。他们接班以后大家尽可高枕无忧。",[769,840,841],{},"伯克希尔年末员工总数创纪录地达到288,462人（详见年报第106页），比上年增加17,604人。然而我们总部的员工依然是24人。没什么必要扩张得太疯狂。",[769,843,844],{},"伯克希尔的\"四大\"投资——美国运通 (American Express)、可口可乐 (Coca-Cola)、IBM和富国银行 (Wells Fargo)——都度过了美好的一年。我们在这四家公司的持股比例在年内均有提升。我们增持了富国银行（目前持股8.7%，2011年底为7.6%）和IBM（6.0%，上年为5.5%）。与此同时，可口可乐和美国运通各自的股票回购提升了我们的持股比例。我们在可口可乐的持股从8.8%增至8.9%，在美国运通的持股从13.0%增至13.7%。\n伯克希尔在四家公司的持股比例未来很可能继续提升。梅·韦斯特 (Mae West) 说得好：\"好东西再多也不嫌多。\"",[14,846,847],{},"这四家公司拥有出色的业务，由既有才华又以股东利益为导向的经理人掌管。在伯克希尔，我们宁愿持有一家优秀公司非控股但足够大的一部分，也不愿拥有一家平庸公司的全部。我们在资本配置上的灵活性，使我们比那些只能收购自己有能力运营的公司具有重大优势。",[14,849,850],{},"按年末持股数量计算，2012年我们在\"四大\"中占有的收益份额为39亿美元。然而我们向你们报告的收益中，只包括了我们实际收到的股息——约11亿美元。但请不要搞错：那28亿美元未被报告的收益，对我们来说同样有价值。",[14,852,853],{},"四家公司留存的利润通常用于回购——这提升了我们在未来收益中的份额——以及投资那些通常很有优势的商业机会。假以时日，我们预期这四家被投资公司将带来远超当前水平的收益。如果我们判断正确，伯克希尔收到的股息将会增加，更重要的是，我们未实现的资本利得也会增加（年底四大公司的未实现资本利得合计267亿美元）。",[766,855,856],{},[769,857,858],{},"去年有不少CEO一遇到资本配置决策就大声嚷嚷\"不确定性\"，愁眉苦脸（尽管他们当中许多公司的利润和现金都创了历史纪录）。在伯克希尔，我们完全不分享他们的恐惧。恰恰相反，2012年我们在厂房和设备上创纪录地投资了98亿美元，其中约88%投向美国。这比2011年我们上一个纪录又增加了19%。不管那些权威人士怎么说，查理和我喜欢在值得的项目上大笔投钱。我们更愿意听加里·艾伦 (Gary Allan) 新乡村歌曲里唱的：\"暴风雨终有雨停时。\"\n我们会继续猛踩油门，2013年几乎确定又将创下资本支出的新纪录。美国遍地都是机会。",[14,860,861,862,865],{},"总而言之，查理和我希望通过以下方式提升每股内在价值：(1) 增强众多子公司的盈利能力；(2) 通过补强收购进一步增加它们的利润；(3) 分享我们被投资公司的成长；(4) 当伯克希尔的股价明显低于内在价值时回购股票；(5) 偶尔完成一笔大型收购。我们还会尽量避免增发伯克希尔的股票——如果有的话也极其罕见——以此为",[779,863,864],{},"你们","实现利益最大化。",[14,867,868],{},"这些增长基石都建立在坚如磐石的基础之上。百年之后，BNSF铁路和中美能源将继续在美国经济中扮演重要角色。保险对企业和个人永远都不可或缺——而没有哪家公司比伯克希尔为这个领域投入了更多资源。看到这些以及其他优势，查理和我都很看好你们公司的前景。",[10,870,871],{"id":871},"企业内在价值",[14,873,874],{},"虽然查理和我不停地谈论内在商业价值，但我们无法告诉你伯克希尔股票精确的内在价值是多少（就此而言，任何其他股票也一样）。不过在2010年的年报里，我们提出了三个要素——其中一个是定性的——我们认为它们是合理估算伯克希尔内在价值的关键。那段讨论完整地收录在年报第104-105页。",[14,876,877],{},"以下是两个定量因素的最新数据：2012年，我们的每股投资增长了15.7%，达到113,786美元；我们除保险和投资业务外的每股税前收益也增长了15.7%，达到8,085美元。",[14,879,880],{},"自1970年以来，我们的每股投资以年复合19.4%的速度增长，每股收益的增速则为20.8%。伯克希尔股价在这42年间以非常接近这两个价值指标的速度增长，这并非巧合。查理和我乐于看到两个方面同时增长，但我们的重点将始终放在提升经营收益上。",[14,882,883],{},"伯克希尔之所以拥有如此卓越的经济特征，完全是因为我们有一批出色的经理人在运营着一些非凡的保险业务。让我来介绍一下几个主要的公司。",[14,885,886,887,890],{},"首先，按浮存金规模排第一的是伯克希尔·哈撒韦再保险集团，由阿吉特·贾恩 (Ajit Jain) 掌管。阿吉特承保的是别人没有意愿或没有资本去承保的风险。他的业务集承保能力、速度、果断于一身，最重要的是他的头脑——这种组合在保险业独一无二。但他从未让伯克希尔暴露于与我们资源不匹配的风险之下。事实上，在规避风险方面，我们比大多数大型保险公司保守得",[779,888,889],{},"多","。举例来说，如果保险行业因某场超级巨灾遭受2,500亿美元的损失——大约是历史上最大损失的三倍——伯克希尔整体当年很可能仍然录得可观利润，因为它的收入来源太多了。其他所有大型保险公司和再保险公司则将深陷亏损，有些甚至面临破产。",[14,892,893],{},"从1985年白手起家，阿吉特已经打造了一家拥有350亿美元浮存金和丰厚累计承保利润的保险帝国——这是任何其他保险公司CEO都难以望其项背的壮举。他为伯克希尔贡献了数十亿乃至数百亿美元的价值。如果你在年会上遇到阿吉特，请向他深深鞠躬。",[14,895,896],{},"最后是GEICO，62年前我就是从这家保险公司开始入门的。GEICO由托尼·奈斯利经营，他18岁就加入公司，到2012年已服务了51年。",[14,898,899,900,903],{},"看到托尼取得的成就，我简直不敢相信自己的眼睛。需要指出的是，他去年的真实业绩远比GEICO按通用会计准则 (GAAP) 报告的6.8亿美元承保利润要好得多。由于年初会计准则发生了变动，我们在GEICO的承保收益中计入了4.1亿美元的费用。这笔费用与2012年的实际经营",[779,901,902],{},"毫无","关系，既不改变现金、收入、费用，也不改变税收。实际上，这笔减记只是进一步拉大了GEICO的内在价值与我们账面记录价值之间本已巨大的差距。",[14,905,906],{},"更了不起的是，GEICO实现这笔承保利润的同时，还遭遇了公司历史上最大的单笔赔付。罪魁祸首是飓风\"桑迪\" (Sandy)，它给GEICO造成的损失是此前纪录保持者飓风\"卡特里娜\" (Katrina) 的三倍多。风暴中有46,906辆GEICO承保的车辆被损毁——这个惊人的数字恰恰反映了GEICO在纽约大都会地区领先的市场份额。",[14,908,909],{},"去年GEICO在现有客户续保率（\"黏性\"）和报价转化率（\"成交率\"）两项指标上都有明显提升。这两个数字背后意味着巨大的利润：续保率哪怕仅仅持续提升一个百分点，就意味着内在价值增加超过10亿美元。GEICO 2012年的成绩有力地证明了，只要人们去比较一下GEICO的价格，通常都能发现可以省下一大笔钱。（不妨试试拨打1-800-847-7536或登录GEICO.com。记得说你是伯克希尔的股东——这通常能让你享受折扣。）",[14,911,912,913,916],{},"这个板块的公司卖的产品从棒棒糖到喷气式飞机，五花八门。其中一些公司拥有极好的经济特征——无杠杆净",[779,914,915],{},"有形","资产的税后回报率从25%到100%以上不等。还有一些公司的回报率在12-20%之间，算是不错。但也有少数公司的回报率非常差，这是我在资本配置上犯下的严重错误的结果。",[14,918,919],{},"50多年前，查理就告诉我：以合理的价格买一家优秀的公司，远比以便宜的价格买一家平庸的公司要好。尽管他的道理令人信服，我还是时不时犯捡便宜的老毛病，结果从勉强凑合到一塌糊涂不等。幸运的是，我的失误通常发生在小额收购上。大型收购总体上进展顺利，有几笔甚至非常出色。",[14,921,922],{},"因此，把这个板块作为一个整体来看，它是一个优秀的企业集团。它们使用着226亿美元的净有形资产，在此基础上获得了16.3%的税后回报率。",[14,924,925,926,929],{},"当然，再好的生意如果买贵了，也可能成为一笔糟糕的投资。我们在大多数收购中都支付了远超净有形资产的溢价，这反映在我们报表上巨额的无形资产数字中。不过总体而言，我们在这个板块部署的资本获得了相当可观的回报。而且这些企业的内在价值合计远超账面价值。话虽如此，保险业务和受管制行业板块中内在价值与账面价值之间的差距要",[779,927,928],{},"大得多","。那里才是真正的大赢家。",[14,931,932],{},"篇幅所限，我们无法详细讨论这个板块的许多其他公司。部分较大子公司2012年的具体经营情况见年报第76至79页。",[10,934,935],{"id":935},"金融和金融产品",[14,937,938],{},"这是我们最小的业务板块，包括两家租赁公司——XTRA（拖车租赁）和科特商业服务 (CORT)（家具租赁），以及克莱顿住宅 (Clayton Homes)——全美领先的预制房屋生产商和融资商。除了这些全资子公司之外，这个板块还包括一组金融资产以及我们在伯凯迪亚商业抵押 (Berkadia Commercial Mortgage) 50%的权益。",[14,940,941],{},"我们把克莱顿放在这个板块，是因为它持有并管理着33.2万笔抵押贷款，总额137亿美元。这些贷款大部分发放给了中低收入家庭。然而在整个房地产市场崩盘期间，这些贷款表现良好，进一步验证了我们的信念：合理的首付比例和合理的月供收入比能够有效防范大规模止赎损失，即便在市场动荡时期也是如此。",[14,943,944],{},"克莱顿去年还生产了25,872套预制房屋，比2011年增长13.5%。这一产量约占全国独栋住宅建设总量的4.8%，使克莱顿成为全美第一大住宅建造商。",[14,946,947],{},"CORT和XTRA在各自领域同样是领导者。XTRA 2012年在新租赁设备上的投资为2.56亿美元，超过其折旧费用的两倍。当竞争对手们还在为当下的不确定性犯愁时，XTRA已经在为明天做准备了。",[14,949,950],{},"伯凯迪亚继续表现出色。我们在路氏 (Leucadia) 的合伙人承担了这项合作中的大部分工作——查理和我欣然接受这种安排。",[14,952,953],{},"以下是这个板块的税前收益概述：",[21,955,956,968],{},[24,957,958],{},[27,959,960,962,965],{},[30,961],{},[30,963,964],{},"2012年（百万美元）",[30,966,967],{},"2011年（百万美元）",[43,969,970,981,992,1003,1014,1025],{},[27,971,972,975,978],{},[48,973,974],{},"伯凯迪亚",[48,976,977],{},"$ 35",[48,979,980],{},"$ 25",[27,982,983,986,989],{},[48,984,985],{},"克莱顿",[48,987,988],{},"255",[48,990,991],{},"154",[27,993,994,997,1000],{},[48,995,996],{},"CORT",[48,998,999],{},"42",[48,1001,1002],{},"29",[27,1004,1005,1008,1011],{},[48,1006,1007],{},"XTRA",[48,1009,1010],{},"106",[48,1012,1013],{},"126",[27,1015,1016,1019,1022],{},[48,1017,1018],{},"金融业务净收益*",[48,1020,1021],{},"410",[48,1023,1024],{},"440",[27,1026,1027,1030,1033],{},[48,1028,1029],{},"合计",[48,1031,1032],{},"$ 848",[48,1034,1035],{},"$ 774",[14,1037,1038],{},"* 不包括资本利得或损失",[10,1040,1041],{"id":1041},"投资业务",[14,1043,1044],{},"以下是我们年末持有的市值超过10亿美元的普通股投资：",[14,1046,1047],{},"2012年12月31日",[21,1049,1050,1069],{},[24,1051,1052],{},[27,1053,1054,1057,1060,1063,1066],{},[30,1055,1056],{},"股份数",[30,1058,1059],{},"公司",[30,1061,1062],{},"持股比例",[30,1064,1065],{},"成本*（百万美元）",[30,1067,1068],{},"市值（百万美元）",[43,1070,1071,1088,1105,1122,1139,1156,1172,1189,1206,1222,1239,1255,1272,1288,1305,1322,1337],{},[27,1072,1073,1076,1079,1082,1085],{},[48,1074,1075],{},"151,610,700",[48,1077,1078],{},"美国运通",[48,1080,1081],{},"13.7",[48,1083,1084],{},"$ 1,287",[48,1086,1087],{},"$ 8,715",[27,1089,1090,1093,1096,1099,1102],{},[48,1091,1092],{},"400,000,000",[48,1094,1095],{},"可口可乐",[48,1097,1098],{},"8.9",[48,1100,1101],{},"1,299",[48,1103,1104],{},"14,500",[27,1106,1107,1110,1113,1116,1119],{},[48,1108,1109],{},"24,123,911",[48,1111,1112],{},"康菲石油 (ConocoPhillips)",[48,1114,1115],{},"2.0",[48,1117,1118],{},"1,219",[48,1120,1121],{},"1,399",[27,1123,1124,1127,1130,1133,1136],{},[48,1125,1126],{},"22,999,600",[48,1128,1129],{},"DIRECTV",[48,1131,1132],{},"3.8",[48,1134,1135],{},"1,057",[48,1137,1138],{},"1,154",[27,1140,1141,1144,1147,1150,1153],{},[48,1142,1143],{},"68,115,484",[48,1145,1146],{},"IBM",[48,1148,1149],{},"6.0",[48,1151,1152],{},"11,680",[48,1154,1155],{},"13,048",[27,1157,1158,1161,1164,1166,1169],{},[48,1159,1160],{},"28,415,250",[48,1162,1163],{},"穆迪 (Moody's)",[48,1165,387],{},[48,1167,1168],{},"287",[48,1170,1171],{},"1,430",[27,1173,1174,1177,1180,1183,1186],{},[48,1175,1176],{},"20,060,390",[48,1178,1179],{},"慕尼黑再保险 (Munich Re)",[48,1181,1182],{},"11.3",[48,1184,1185],{},"2,990",[48,1187,1188],{},"3,599",[27,1190,1191,1194,1197,1200,1203],{},[48,1192,1193],{},"20,668,118",[48,1195,1196],{},"菲利普斯66 (Phillips 66)",[48,1198,1199],{},"3.3",[48,1201,1202],{},"660",[48,1204,1205],{},"1,097",[27,1207,1208,1211,1214,1216,1219],{},[48,1209,1210],{},"3,947,555",[48,1212,1213],{},"浦项制铁 (POSCO)",[48,1215,357],{},[48,1217,1218],{},"768",[48,1220,1221],{},"1,295",[27,1223,1224,1227,1230,1233,1236],{},[48,1225,1226],{},"52,477,678",[48,1228,1229],{},"宝洁 (Procter & Gamble)",[48,1231,1232],{},"1.9",[48,1234,1235],{},"336",[48,1237,1238],{},"3,563",[27,1240,1241,1244,1247,1249,1252],{},[48,1242,1243],{},"25,848,838",[48,1245,1246],{},"赛诺菲 (Sanofi)",[48,1248,1115],{},[48,1250,1251],{},"2,073",[48,1253,1254],{},"2,438",[27,1256,1257,1260,1263,1266,1269],{},[48,1258,1259],{},"415,510,889",[48,1261,1262],{},"乐购 (Tesco)",[48,1264,1265],{},"5.2",[48,1267,1268],{},"2,350",[48,1270,1271],{},"2,268",[27,1273,1274,1277,1280,1282,1285],{},[48,1275,1276],{},"78,060,769",[48,1278,1279],{},"美国合众银行 (U.S. Bancorp)",[48,1281,441],{},[48,1283,1284],{},"2,401",[48,1286,1287],{},"2,493",[27,1289,1290,1293,1296,1299,1302],{},[48,1291,1292],{},"54,823,433",[48,1294,1295],{},"沃尔玛 (Wal-Mart)",[48,1297,1298],{},"1.6",[48,1300,1301],{},"2,837",[48,1303,1304],{},"3,741",[27,1306,1307,1310,1313,1316,1319],{},[48,1308,1309],{},"456,170,061",[48,1311,1312],{},"富国银行",[48,1314,1315],{},"8.7",[48,1317,1318],{},"10,906",[48,1320,1321],{},"15,592",[27,1323,1324,1326,1329,1331,1334],{},[48,1325],{},[48,1327,1328],{},"其他",[48,1330],{},[48,1332,1333],{},"7,646",[48,1335,1336],{},"11,330",[27,1338,1339,1341,1344,1346,1349],{},[48,1340],{},[48,1342,1343],{},"按市值计的普通股投资合计",[48,1345],{},[48,1347,1348],{},"$ 49,796",[48,1350,1351],{},"$ 87,662",[14,1353,1354],{},"* 这是我们的实际购买价格，同时也是我们的税务成本基础；由于需要进行增值或减值调整，GAAP\"成本\"在个别情况下有所不同。",[14,1356,1357],{},"关于这份名单的构成，有一点值得说明。在伯克希尔以往的年报中，这里列出的每一只股票都是我买的，也就是说，是我为伯克希尔做出了买入决策。但从这份名单开始，托德·库姆斯或泰德·韦施勒的投资——或两人联合投资——只要达到入榜门槛（今年为10亿美元），都会包含在内。上表中第一只这样的股票就是DIRECTV，托德和泰德各自的投资组合中都持有这只股票，2012年底他们的合计持仓市值就是上面列示的11.5亿美元。",[14,1359,1360],{},"托德和泰德还管理着伯克希尔部分子公司的养老金，其他一些养老金因监管要求由外部顾问管理。养老金账户的持仓不包含在我们年报的列表中，尽管其投资组合往往与伯克希尔有所重叠。",[14,1362,1363,1364,1367],{},"查理和我相信，向联系紧密的社区提供全面可靠的信息、",[779,1365,1366],{},"同时","拥有合理互联网策略的报纸，将在很长时间内保持活力。我们不认为削减新闻内容或降低出版频率能带来成功。事实上，贫乏的新闻报道几乎必然导致读者流失。而一些大城市正在尝试的低于日刊的出版频率——虽然短期内可能改善利润——长期来看几乎肯定会削弱报纸的影响力。我们的目标是让报纸充满读者感兴趣的内容，并从觉得我们有用的人那里获得合理的报酬，无论他们手中拿的是纸质版还是看的是网络版。",[14,1369,1370,1371,1374],{},"我们的信心还得益于特里·克鲁格 (Terry Kroeger) 在《奥马哈世界先驱报》(",[779,1372,1373],{},"Omaha World-Herald",") 的出色管理团队，他们有能力监管一大批报纸。不过各份报纸在新闻报道和编辑立场上将保持独立。（我投票给了奥巴马，但我们12份表态支持总统候选人的日报中，有10份选择了罗姆尼。）",[14,1376,1377],{},"我们的报纸当然也无法抵挡那些压低收入的力量。尽管如此，我们2012年全年持有的6份小型日报收入持平，这比大城市日报的成绩要好得多。另外，我们全年运营的两份大报——布法罗新闻报和《奥马哈世界先驱报》——收入降幅控制在3%，也优于行业平均水平。在全美50个最大都会区的报纸中，我们在布法罗和奥马哈的报纸在当地的渗透率名列前茅。",[14,1379,1380],{},"这种受欢迎程度并非偶然：这要归功于两位主编——《新闻报》的玛格丽特·沙利文 (Margaret Sullivan) 和《世界先驱报》的迈克·赖利 (Mike Reilly)——他们提供的信息使各自的报纸成为关注社区动态的读者不可或缺的读物。（非常遗憾地告诉大家，玛格丽特最近离开我们加入了《纽约时报》，这种邀请很难拒绝。纽约时报抢到了一位难得的人才，我们祝她一切顺利。）",[14,1382,1383],{},"几乎可以肯定，长期来看伯克希尔的报纸现金收益将呈下降趋势。即使是明智的互联网策略也无法完全阻止温和的侵蚀。不过以我们的收购成本来衡量，我相信这些报纸将达到或超过我们的收购回报标准。迄今为止的结果印证了这一信念。",[14,1385,1386,1387,1390],{},"查理和我仍然严格遵循经济原则第11条（详见年报第99页），绝不会继续运营一项注定永远亏损的业务。我们从媒体集团 (Media General) 打包收购时得到的一份日报，在原来的管理下严重亏损。分析其经营情况后，我们看不到任何扭亏的可能，只好忍痛将其关闭。不过我们其余的日报在很长时间内都应该保持盈利。（它们的名单见年报第108页。）在合适的价格——这意味着以当前利润的",[779,1388,1389],{},"极低","倍数——我们还会购买更多我们喜欢类型的报纸。",[14,1392,1393,1394,1397,1398,1401,1402,1405],{},"最重要的是，分红政策应当始终保持清晰、一致和理性。反复无常的政策会把股东搞糊涂，还会赶走潜在的投资者。菲利普·费雪 (Phil Fisher) 54年前在他的《怎样选择成长股》(",[779,1395,1396],{},"Common Stocks and Uncommon Profits",") 第7章中把这个道理讲得非常精彩——对认真的投资者而言，这本书在经典书目上仅次于《聪明的投资者》(",[779,1399,1400],{},"The Intelligent Investor",") 和1940年版的《证券分析》(",[779,1403,1404],{},"Security Analysis",")。费雪解释说，你可以成功地经营一家汉堡店，也可以成功地经营一家中餐馆。但你不能在两者之间翻来覆去，还指望留住任何一方的食客。",[14,1407,1408],{},"大多数公司奉行稳定的分红策略，通常努力逐年提高分红，非常不愿意削减。我们\"四大\"投资的公司都遵循这种合理且可以理解的做法，在某些情况下还非常积极地回购股票。",[14,1410,1411],{},"我们为它们的做法鼓掌，并希望它们继续沿着当前的路走下去。我们喜欢增加的股息，我们也喜欢以合适价格进行的回购。",[14,1413,1414],{},"然而在伯克希尔，我们一直遵循一种不同的方针，我们深知这样做是明智的，也希望你刚刚读完的那些段落已经让你理解了其中的道理。只要我们关于账面价值增长和市场价格溢价的假设看起来合理，我们就会坚持这一策略。如果其中任何一个因素发生实质性恶化，我们将重新审视我们的做法。",[10,1416,1417],{"id":1417},"年度股东大会",[14,1419,1420],{},"年会将于5月4日（周六）在CenturyLink中心举行。卡丽·索瓦 (Carrie Sova) 负责统筹。（虽然是个新名字，其实还是去年那位出色的卡丽——她6月份嫁给了一个非常幸运的男士。）总部的全体同事都会协助她，整个活动完全是我们自己操办的，我为每一位参与筹备的人感到无比骄傲。",[14,1422,1423],{},"早上7点开门，7点半我们将举行第二届国际扔报纸挑战赛。目标是一座克莱顿住宅的门廊，距投掷线精确35英尺。去年我成功击败了所有挑战者。但如今伯克希尔收购了一大批报纸，随之而来的还有很多扔报纸的高手（至少他们自己是这么说的）。来看看他们的本事是否名副其实吧。更好的是，亲自来一把。报纸有36到42页，你得自己折（不准用橡皮筋）。",[14,1425,1426,1427,1430],{},"8点半将放映一部新的伯克希尔电影。一小时后，我们开始问答环节，将持续到下午3点半（午间在CenturyLink的看台处休息用餐）。短暂休息后，查理和我将于3点45分召开正式年度会议。如果你想在提问期间中途离场，请在",[779,1428,1429],{},"查理","讲话的时候走。",[14,1432,1433,1434,1437],{},"离场最好的理由当然是去——",[779,1435,1436],{},"购物","。在会场旁边19.43万平方英尺的大厅里，我们会摆满来自数十家伯克希尔子公司的产品，随时为你服务。去年大家尽了全力，大多数摊位都刷新了销售纪录。在9个小时里，我们卖出了1,090双贾斯汀靴子 (Justin)（每30秒一双）、10,010磅喜诗糖果 (See's)、12,879把Quikut小刀（每分钟24把），以及5,784双Wells Lamont手套——永远的热销品。但你们能做得更好。记住：谁要是说钱买不到幸福，那一定是还没来我们年会上购过物。",[14,1439,1440],{},"去年我们的跑鞋公司布鲁克斯 (Brooks) 第一次参展就卖了15万美元。布鲁克斯势头正猛：2012年销量增长34%，这还是在2011年同样增长34%的基础上。公司管理层预计2013年还能再涨23%。我们将再次推出一款年会纪念特别版跑鞋。",[14,1442,1443,1444,1447,1448,1451],{},"周日早上8点，我们将启动\"伯克希尔5公里跑\"，起点在CenturyLink中心。参赛详情会随你的入场证件一起收到的《来宾指南》中说明。我们设置了丰富的竞赛组别，包括一个媒体组。（报道",[779,1445,1446],{},"他们的","表现一定很有趣。）遗憾的是，我本人无法参加跑步——总得有",[779,1449,1450],{},"人","去打发令枪。",[14,1453,1454],{},"我得提醒大家，我们队伍里可是人才济济。泰德·韦施勒的马拉松成绩是3小时01分。布鲁克斯跑鞋精力充沛的CEO吉姆·韦伯 (Jim Weber) 也是一位飞毛腿，最好成绩3小时31分。托德·库姆斯专攻铁人三项，但5公里跑也有22分钟的纪录。",[14,1456,1457,1458,1461],{},"不过这才刚开了个头：我们的董事也是飞毛腿（好吧，",[779,1459,1460],{},"部分","董事是）。史蒂夫·伯克 (Steve Burke) 在波士顿马拉松跑出了惊人的2小时39分。（这是他家的传统——他妻子格蕾琴 (Gretchen) 以3小时25分完成了纽约马拉松。）夏洛特·盖曼 (Charlotte Guyman) 的最好成绩是3小时37分，苏·德克尔 (Sue Decker) 在纽约跑了3小时36分。至于查理嘛，他没有回复我的问卷。",[14,1463,1464],{},"GEICO将在购物区设摊，由全国各地的顶尖顾问坐镇。去问个报价吧。在大多数情况下，GEICO可以为你提供股东折扣（通常8%）。我们运营的51个辖区中有44个允许提供这项特别优惠。（补充说明：如果你已经享有另一项折扣，如某些特定群体的优惠，则不能叠加。）带上你现有保险的详情，来看看我们能不能帮你省钱。我相信你们当中至少有一半能省。",[14,1466,1467,1468,1471],{},"一定要去\"书虫\"书店看看。那里会有约35种图书和DVD，包括几本新书。卡罗尔·卢米斯 (Carol Loomis) 自1977年以来一直帮我编辑这封信，对我来说无价之宝，她最近出版了《跳着踢踏舞去上班：沃伦·巴菲特的一切》(",[779,1469,1470],{},"Tap Dancing to Work: Warren Buffett on Practically Everything",")。她和我联合签名了500本，年会独家发售。",[14,1473,1474,1475,1478,1479,1482,1483,1486],{},"小威廉·桑代克 (William Thorndike, Jr.) 的《商界局外人》(",[779,1476,1477],{},"The Outsiders",") 是一本关于在资本配置上表现卓越的CEO的杰出著作。书中有关于我们的董事汤姆·墨菲 (Tom Murphy) 的深刻一章——他是我见过的最优秀的企业管理者。我还推荐杰克·博格尔 (Jack Bogle) 的《文化冲突》(",[779,1480,1481],{},"The Clash of the Cultures",") 和劳拉·里滕豪斯 (Laura Rittenhouse) 的《从字里行间挖掘投资机会》(",[779,1484,1485],{},"Investing Between the Lines",")。如果你买了书需要寄送，附近就有快递服务。",[14,1488,1489,1490,1493],{},"《奥马哈世界先驱报》将再次设摊，展售几本新近出版的书。热血的\"剥玉米者\"球迷们——有哪个内布拉斯加人不是呢？——肯定会想买一本《不可战胜》(",[779,1491,1492],{},"Unbeatable",")。这本书讲述了内布拉斯加橄榄球队1993-97年的故事，那是汤姆·奥斯本 (Tom Osborne) 的球队打出60胜3负的黄金时代。",[14,1495,1496],{},"如果你是花钱大户——或者想成为一个的话——周六中午到下午5点之间来奥马哈机场东侧的Signature Aviation吧。在那里我们会停放一排奈杰 (NetJets) 的飞机，包管让你心跳加速。坐巴士来，开私人飞机走。活着就要享受一把嘛。",[14,1498,1499],{},"随本报告附寄的代理投票材料的附件说明了如何获取入场证件。航空公司有时会在伯克希尔周末抬高票价。如果你从远方来，不妨比较一下飞堪萨斯城和飞奥马哈的费用。两城之间车程约两个半小时，你也许能省下一大笔钱，尤其是如果你本来就打算在奥马哈租车的话。省下的钱就花在我们这里吧。",[14,1501,1502],{},"内布拉斯加家具店 (Nebraska Furniture Mart) 坐落在72街、道奇路和太平洋路之间一块77英亩的场地上，我们将再次推出\"伯克希尔周末\"特惠活动。去年这家店在年会期间的销售额达到3,590万美元，创下空前纪录，让其他零售商嫉妒得脸都绿了。要享受伯克希尔折扣，你必须在4月30日（周二）至5月6日（周一）期间购物（含首尾两天），并出示入场证件。这段时间的特价甚至适用于几家知名品牌的产品——它们通常有铁一般的不打折规矩，但出于股东周末的情谊破例了。我们感谢它们的配合。内布拉斯加家具店的营业时间是周一至周六上午10点到晚上9点，周日上午10点到下午6点。今年周六傍晚5点半到8点，家具店还将举办一场野餐会，欢迎大家参加。",[14,1504,1505],{},"在波仙珠宝 (Borsheim's)，我们将再次举办两场股东专属活动。第一场是5月3日（周五）晚6点到9点的鸡尾酒会。第二场是盛大的主活动，5月5日（周日）上午9点到下午4点。周六营业至晚上6点。最近几年，我们三天的销售额远超12月全月——12月通常是珠宝商最好的月份。",[14,1507,1508],{},"周日下午1点左右，我将在波仙珠宝亲自站柜台。去年我的销售额达到150万美元。今年不卖到200万我不收工。因为我需要在天黑前离开，到时候我会拼了命做生意的。快来占我的便宜吧。问我要\"疯狂沃伦\"特价就行。",[14,1510,1511],{},"整个周末波仙珠宝都会人山人海。为了方便大家，股东特惠价从4月29日（周一）延续到5月11日（周六）。在此期间，请出示入场证件或证券账户对账单证明你是伯克希尔股东。",[14,1513,1514],{},"周日，在波仙外面的广场上，两度美国国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 将蒙住双眼，以一对六的方式迎战所有睁大了眼睛的挑战者。旁边，来自达拉斯的魔术大师诺曼·贝克 (Norman Beck) 将让观众目瞪口呆。此外，世界顶级桥牌高手鲍勃·哈曼 (Bob Hamman) 和莎伦·奥斯伯格 (Sharon Osberg) 也会在周日下午与股东们切磋牌技。不过别跟他们赌钱。",[14,1516,1517,1518,1521,1522,1525],{},"5月5日（周日），Gorat's和Piccolo's两家餐厅将再次专为伯克希尔股东开放。两家都营业到晚上10点，Gorat's下午1点开门，Piccolo's下午4点开门。这两家都是我的最爱，周日晚上我两家都会去。记住：在Gorat's订位请于4月1日起（",[779,1519,1520],{},"不要更早","）拨打402-551-3733；Piccolo's请拨402-342-9038。在Piccolo's记得点一杯超大号沙士冰淇淋漂浮当甜点。只有胆小鬼才点小号的。（我曾亲眼看到比尔·盖茨 (Bill Gates) 在一顿正餐",[779,1523,1524],{},"之后","干掉了两杯超大号的——那一刻我就知道他会成为一位伟大的董事。）",[14,1527,1528,1529,1535,1536,1539,1540,1543],{},"我们将再次由三位财经记者主持会议的问答环节，代为提出股东通过电子邮件发送给他们的问题。三位记者及其邮箱地址是：《财富》杂志的卡罗尔·卢米斯：",[754,1530,1534],{"href":1531,"rel":1532},"https:\u002F\u002Flearnbuffett.com\u002Fcdn-cgi\u002Fl\u002Femail-protection",[1533],"nofollow","[email protected]","；CNBC的贝基·奎克 (Becky Quick)：",[754,1537,1534],{"href":1531,"rel":1538},[1533],"；《纽约时报》的安德鲁·罗斯·索尔金 (Andrew Ross Sorkin)：",[754,1541,1534],{"href":1531,"rel":1542},[1533],"。",[14,1545,1546],{},"每位记者将从提交的问题中选出六个他或她认为最有趣、最重要的。根据他们过去的反馈，你的问题越简洁、提交得越早、越与伯克希尔相关、每封邮件不超过两个问题，就越有可能被选中。（在邮件中请注明，如果你的问题被选中，是否希望公开你的姓名。）",[14,1548,1549],{},"去年我们还邀请了一个由三位跟踪伯克希尔的分析师组成的小组。三位都是保险业专家，股东们随后表示希望今年能更多元化一些。因此，今年我们只邀请一位保险分析师——来自野村证券 (Nomura Securities) 的克利夫·加兰特 (Cliff Gallant)。红杉基金 (Ruane, Cunniff & Goldfarb) 的乔纳森·勃兰特 (Jonathan Brandt) 将加入分析师小组，负责提出关于非保险业务的问题。",[14,1551,1552],{},"最后——为了增添一点料——我们还想在小组中加入一位有资质的看空伯克希尔的人，最好是已经在做空我们股票的。目前还没找到这样的熊派，我们欢迎毛遂自荐。唯一的要求是你必须是投资专业人士，并且看空伯克希尔。三位分析师将带来他们自己针对伯克希尔的问题，和记者、观众交替提问。",[14,1554,1555],{},"查理和我认为所有股东都应该同时获得伯克希尔的新信息，并有充足的时间进行分析。这就是为什么我们尽量在周五收盘后发布财务信息，年会也安排在周六举行的原因。我们不会与大型机构投资者或分析师进行一对一的沟通。我们希望记者和分析师提出的问题能帮助股东更好地理解他们的投资。",[14,1557,1558],{},"查理和我不会提前得到任何关于问题内容的暗示。我们知道记者和分析师会提出一些刁钻的问题，这正合我们心意。总共我们预计至少有54个问题，每位分析师和记者各6个，观众18个。如果还有多余时间，我们会从观众中多收一些。提问观众将于上午8:15在会场和主要分会场的11个麦克风处抽签决定。",[1560,1561,1564,1570],"section",{"className":1562,"dataFootnotes":759},[1563],"footnotes",[1565,1566,1569],"h2",{"className":1567,"id":758},[1568],"sr-only","Footnotes",[1571,1572,1573],"ol",{},[769,1574,1576,1577],{"id":1575},"user-content-fn-*","本报告中所有每股数据均以伯克希尔A股为基准。B股数据为A股的1\u002F1500。 ",[754,1578,1583],{"href":1579,"ariaLabel":1580,"className":1581,"dataFootnoteBackref":759},"#user-content-fnref-*","Back to reference 1",[1582],"data-footnote-backref","↩",{"title":759,"searchDepth":1585,"depth":1585,"links":1586},2,[1587],{"id":758,"depth":1585,"text":1569},"致股东信",null,"2012年巴菲特致股东信，讨论收购伊斯卡、投资收益、股票回购及美国经济前景","md",{},true,83,"\u002Fbuffett\u002Fberkshire\u002F2012-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1590},"2012 巴菲特致股东信｜巴菲特","2012-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2012-ba-fei-te-zhi-gu-dong-xin","NKQXA0rbe4JvgKXx1SU81X_qN3TNr4AnzZeh1QYGsdg","buffett",[1603,1607,1611,1615,1618,1621,1624,1628,1631,1634,1638,1641,1644,1648,1651,1654,1658,1661,1664,1668,1671,1674,1678,1681,1684,1688,1691,1694,1698,1701,1704,1708,1711,1714,1718,1721,1724,1728,1731,1734,1738,1741,1744,1748,1751,1754,1758,1761,1764,1768,1771,1774,1778,1781,1784,1788,1791,1794,1798,1801,1804,1808,1811,1814,1818,1821,1824,1828,1831,1834,1838,1841,1844,1848,1851,1854,1858,1861,1864,1868,1871,1874,1878,1881,1884,1888,1891,1894,1898,1901,1904,1908,1911,1914,1918,1921,1924,1928,1931,1934,1938,1941,1945,1948,1952,1955,1959,1962,1966,1969,1973,1976,1980,1983,1987,1990,1994,1997,2001,2004,2008,2011,2015,2018,2022,2025,2029,2032,2036,2039,2043,2046,2050,2053,2057,2060,2064,2067,2071,2074,2078,2081,2085,2088,2092,2095,2099,2102,2106,2109,2113,2116,2120,2123,2127,2130,2134,2137,2141,2144,2148,2151,2155,2158,2162,2165,2169,2172,2176,2179,2183,2186,2190,2193,2197,2200,2204,2207,2211,2214,2218,2221,2225,2228,2232,2235,2239,2242,2246,2249,2253,2256,2260,2263,2267,2270,2274,2277,2278,2281,2285,2288,2292,2295,2299,2302,2306,2309,2313,2316,2320,2323,2327,2330,2334,2337,2341,2344,2348,2351,2355,2358,2362,2365,2369,2372,2376,2379,2383,2386,2390,2393,2397,2400,2404,2408,2412,2416,2420,2424,2428,2432,2436,2440,2444,2448,2452,2456,2460,2464,2468,2472,2476,2480,2484,2488,2492,2496,2500,2504,2508,2512,2516,2520,2524,2528,2532,2536,2540,2544,2548,2552,2556,2560,2564,2568,2572,2576,2580,2584,2588,2592,2596,2600],{"title":1604,"slug":1605,"category":1588,"order":1606},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1608,"slug":1609,"category":1610,"order":1606},"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":1612,"slug":1613,"category":1614,"order":1606},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1616,"slug":1617,"category":1588,"order":1585},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1619,"slug":1620,"category":1610,"order":1585},"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":1622,"slug":1623,"category":1614,"order":1585},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1625,"slug":1626,"category":1588,"order":1627},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1629,"slug":1630,"category":1610,"order":1627},"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":1632,"slug":1633,"category":1614,"order":1627},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1635,"slug":1636,"category":1588,"order":1637},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1639,"slug":1640,"category":1610,"order":1637},"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":1642,"slug":1643,"category":1614,"order":1637},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1645,"slug":1646,"category":1588,"order":1647},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1649,"slug":1650,"category":1610,"order":1647},"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":1652,"slug":1653,"category":1614,"order":1647},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1655,"slug":1656,"category":1588,"order":1657},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1659,"slug":1660,"category":1610,"order":1657},"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":1662,"slug":1663,"category":1614,"order":1657},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1665,"slug":1666,"category":1588,"order":1667},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1669,"slug":1670,"category":1610,"order":1667},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1672,"slug":1673,"category":1614,"order":1667},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1675,"slug":1676,"category":1588,"order":1677},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1679,"slug":1680,"category":1610,"order":1677},"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":1682,"slug":1683,"category":1614,"order":1677},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1685,"slug":1686,"category":1588,"order":1687},"1962年11月 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巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1709,"slug":1710,"category":1610,"order":1707},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1712,"slug":1713,"category":1614,"order":1707},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1715,"slug":1716,"category":1588,"order":1717},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1719,"slug":1720,"category":1610,"order":1717},"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":1722,"slug":1723,"category":1614,"order":1717},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1725,"slug":1726,"category":1588,"order":1727},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1729,"slug":1730,"category":1610,"order":1727},"巴菲特：1983年向Rose Blumkin 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巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1779,"slug":1780,"category":1610,"order":1777},"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":1782,"slug":1783,"category":1614,"order":1777},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1785,"slug":1786,"category":1588,"order":1787},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1789,"slug":1790,"category":1610,"order":1787},"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":1792,"slug":1793,"category":1614,"order":1787},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1795,"slug":1796,"category":1588,"order":1797},"1965年11月 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周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1822,"slug":1823,"category":1614,"order":1817},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1825,"slug":1826,"category":1588,"order":1827},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1829,"slug":1830,"category":1610,"order":1827},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1832,"slug":1833,"category":1614,"order":1827},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1835,"slug":1836,"category":1588,"order":1837},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1839,"slug":1840,"category":1610,"order":1837},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":1842,"slug":1843,"category":1614,"order":1837},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1845,"slug":1846,"category":1588,"order":1847},"1966年中 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巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":1869,"slug":1870,"category":1610,"order":1867},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":1872,"slug":1873,"category":1614,"order":1867},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1875,"slug":1876,"category":1588,"order":1877},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":1879,"slug":1880,"category":1610,"order":1877},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":1882,"slug":1883,"category":1614,"order":1877},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1885,"slug":1886,"category":1588,"order":1887},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1889,"slug":1890,"category":1610,"order":1887},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":1892,"slug":1893,"category":1614,"order":1887},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1895,"slug":1896,"category":1588,"order":1897},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1899,"slug":1900,"category":1610,"order":1897},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":1902,"slug":1903,"category":1614,"order":1897},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1905,"slug":1906,"category":1588,"order":1907},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1909,"slug":1910,"category":1610,"order":1907},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1912,"slug":1913,"category":1614,"order":1907},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1915,"slug":1916,"category":1588,"order":1917},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1919,"slug":1920,"category":1610,"order":1917},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":1922,"slug":1923,"category":1614,"order":1917},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1925,"slug":1926,"category":1588,"order":1927},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1929,"slug":1930,"category":1610,"order":1927},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":1932,"slug":1933,"category":1614,"order":1927},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1935,"slug":1936,"category":1588,"order":1937},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1939,"slug":1940,"category":1610,"order":1937},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1942,"slug":1943,"category":1588,"order":1944},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1946,"slug":1947,"category":1610,"order":1944},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1949,"slug":1950,"category":1588,"order":1951},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1953,"slug":1954,"category":1610,"order":1951},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1956,"slug":1957,"category":1588,"order":1958},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1960,"slug":1961,"category":1610,"order":1958},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1963,"slug":1964,"category":1588,"order":1965},"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":1967,"slug":1968,"category":1610,"order":1965},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1970,"slug":1971,"category":1588,"order":1972},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1974,"slug":1975,"category":1610,"order":1972},"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":1977,"slug":1978,"category":1588,"order":1979},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1981,"slug":1982,"category":1610,"order":1979},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1984,"slug":1985,"category":1588,"order":1986},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1988,"slug":1989,"category":1610,"order":1986},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1991,"slug":1992,"category":1588,"order":1993},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1995,"slug":1996,"category":1610,"order":1993},"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":1998,"slug":1999,"category":1588,"order":2000},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2002,"slug":2003,"category":1610,"order":2000},"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":2005,"slug":2006,"category":1588,"order":2007},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2009,"slug":2010,"category":1610,"order":2007},"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":2012,"slug":2013,"category":1588,"order":2014},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2016,"slug":2017,"category":1610,"order":2014},"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":2019,"slug":2020,"category":1588,"order":2021},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2023,"slug":2024,"category":1610,"order":2021},"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":2026,"slug":2027,"category":1588,"order":2028},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2030,"slug":2031,"category":1610,"order":2028},"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":2033,"slug":2034,"category":1588,"order":2035},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2037,"slug":2038,"category":1610,"order":2035},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2040,"slug":2041,"category":1588,"order":2042},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2044,"slug":2045,"category":1610,"order":2042},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2047,"slug":2048,"category":1588,"order":2049},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2051,"slug":2052,"category":1610,"order":2049},"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":2054,"slug":2055,"category":1588,"order":2056},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2058,"slug":2059,"category":1610,"order":2056},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2061,"slug":2062,"category":1588,"order":2063},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2065,"slug":2066,"category":1610,"order":2063},"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":2068,"slug":2069,"category":1588,"order":2070},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2072,"slug":2073,"category":1610,"order":2070},"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":2075,"slug":2076,"category":1588,"order":2077},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2079,"slug":2080,"category":1610,"order":2077},"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":2082,"slug":2083,"category":1588,"order":2084},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2086,"slug":2087,"category":1610,"order":2084},"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":2089,"slug":2090,"category":1588,"order":2091},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2093,"slug":2094,"category":1610,"order":2091},"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":2096,"slug":2097,"category":1588,"order":2098},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2100,"slug":2101,"category":1610,"order":2098},"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":2103,"slug":2104,"category":1588,"order":2105},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2107,"slug":2108,"category":1610,"order":2105},"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":2110,"slug":2111,"category":1588,"order":2112},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2114,"slug":2115,"category":1610,"order":2112},"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":2117,"slug":2118,"category":1588,"order":2119},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2121,"slug":2122,"category":1610,"order":2119},"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":2124,"slug":2125,"category":1588,"order":2126},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2128,"slug":2129,"category":1610,"order":2126},"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":2131,"slug":2132,"category":1588,"order":2133},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2135,"slug":2136,"category":1610,"order":2133},"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":2138,"slug":2139,"category":1588,"order":2140},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2142,"slug":2143,"category":1610,"order":2140},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2145,"slug":2146,"category":1588,"order":2147},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2149,"slug":2150,"category":1610,"order":2147},"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":2152,"slug":2153,"category":1588,"order":2154},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2156,"slug":2157,"category":1610,"order":2154},"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":2159,"slug":2160,"category":1588,"order":2161},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2163,"slug":2164,"category":1610,"order":2161},"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":2166,"slug":2167,"category":1588,"order":2168},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2170,"slug":2171,"category":1610,"order":2168},"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":2173,"slug":2174,"category":1588,"order":2175},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2177,"slug":2178,"category":1610,"order":2175},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2180,"slug":2181,"category":1588,"order":2182},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2184,"slug":2185,"category":1610,"order":2182},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2187,"slug":2188,"category":1588,"order":2189},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2191,"slug":2192,"category":1610,"order":2189},"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":2194,"slug":2195,"category":1588,"order":2196},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2198,"slug":2199,"category":1610,"order":2196},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2201,"slug":2202,"category":1588,"order":2203},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2205,"slug":2206,"category":1610,"order":2203},"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":2208,"slug":2209,"category":1588,"order":2210},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2212,"slug":2213,"category":1610,"order":2210},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2215,"slug":2216,"category":1588,"order":2217},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2219,"slug":2220,"category":1610,"order":2217},"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":2222,"slug":2223,"category":1588,"order":2224},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2226,"slug":2227,"category":1610,"order":2224},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2229,"slug":2230,"category":1588,"order":2231},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2233,"slug":2234,"category":1610,"order":2231},"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":2236,"slug":2237,"category":1588,"order":2238},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2240,"slug":2241,"category":1610,"order":2238},"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":2243,"slug":2244,"category":1588,"order":2245},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2247,"slug":2248,"category":1610,"order":2245},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2250,"slug":2251,"category":1588,"order":2252},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2254,"slug":2255,"category":1610,"order":2252},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2257,"slug":2258,"category":1588,"order":2259},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2261,"slug":2262,"category":1610,"order":2259},"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":2264,"slug":2265,"category":1588,"order":2266},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2268,"slug":2269,"category":1610,"order":2266},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2271,"slug":2272,"category":1588,"order":2273},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2275,"slug":2276,"category":1610,"order":2273},"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":5,"slug":1598,"category":1588,"order":1594},{"title":2279,"slug":2280,"category":1610,"order":1594},"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":2282,"slug":2283,"category":1588,"order":2284},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2286,"slug":2287,"category":1610,"order":2284},"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":2289,"slug":2290,"category":1588,"order":2291},"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":2293,"slug":2294,"category":1610,"order":2291},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2296,"slug":2297,"category":1588,"order":2298},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2300,"slug":2301,"category":1610,"order":2298},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2303,"slug":2304,"category":1588,"order":2305},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2307,"slug":2308,"category":1610,"order":2305},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":2310,"slug":2311,"category":1588,"order":2312},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2314,"slug":2315,"category":1610,"order":2312},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2317,"slug":2318,"category":1588,"order":2319},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2321,"slug":2322,"category":1610,"order":2319},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2324,"slug":2325,"category":1588,"order":2326},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2328,"slug":2329,"category":1610,"order":2326},"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":2331,"slug":2332,"category":1588,"order":2333},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2335,"slug":2336,"category":1610,"order":2333},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2338,"slug":2339,"category":1588,"order":2340},"2019 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