[{"data":1,"prerenderedAt":3041},["ShallowReactive",2],{"library-2016-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1505,"library-sidebar-dao":2507,"library-sidebar-models":2809},{"id":4,"title":5,"body":6,"category":1491,"date":1492,"description":1493,"extension":1494,"meta":1495,"navigation":1496,"order":1497,"path":1498,"seo":1499,"seoDescription":1493,"seoTitle":1500,"slug":1501,"stem":1502,"__hash__":1503,"_collection":1504},"buffett\u002Fbuffett\u002Fberkshire\u002F2016-ba-fei-te-zhi-gu-dong-xin.md","2016 巴菲特致股东信",{"type":7,"value":8,"toc":1487},"minimark",[9,13,20,784,798,802,805,821,824,836,843,850,853,856,867,874,877,880,883,894,901,904,907,912,1108,1115,1122,1125,1128,1131,1134,1145,1152,1155,1158,1161,1168,1171,1174,1177,1180,1183,1186,1189,1196,1203,1206,1217,1224,1227,1234,1245,1248,1251,1254,1257,1260,1271,1278,1281,1288,1291,1294,1309,1316,1323,1326,1333,1336,1339,1342,1345,1348,1351,1360,1363,1366,1369,1372,1375,1378,1385,1392,1395,1398,1403,1406,1409,1412,1415,1422,1439,1442,1449,1452,1455,1458,1461],[10,11,5],"h1",{"id":12},"_2016-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",[30,37,38],{},"伯克希尔每股市值年度变动百分比",[30,40,41],{},"含股息标普500指数年度变动百分比",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,227,241,255,269,283,297,310,324,338,352,366,379,393,407,421,434,448,462,476,489,503,517,531,545,558,571,584,598,611,624,635,649,663,676,689,703,716,730,743,756,770],"tbody",{},[27,46,47,51,54,57],{},[48,49,50],"td",{},"1965",[48,52,53],{},"23.8",[48,55,56],{},"49.5",[48,58,59],{},"10.0",[27,61,62,65,68,71],{},[48,63,64],{},"1966",[48,66,67],{},"20.3",[48,69,70],{},"(3.4)",[48,72,73],{},"(11.7)",[27,75,76,79,82,85],{},[48,77,78],{},"1967",[48,80,81],{},"11.0",[48,83,84],{},"13.3",[48,86,87],{},"30.9",[27,89,90,93,96,99],{},[48,91,92],{},"1968",[48,94,95],{},"19.0",[48,97,98],{},"77.8",[48,100,81],{},[27,102,103,106,109,112],{},[48,104,105],{},"1969",[48,107,108],{},"16.2",[48,110,111],{},"19.4",[48,113,114],{},"(8.4)",[27,116,117,120,123,126],{},[48,118,119],{},"1970",[48,121,122],{},"12.0",[48,124,125],{},"(4.6)",[48,127,128],{},"3.9",[27,130,131,134,137,140],{},[48,132,133],{},"1971",[48,135,136],{},"16.4",[48,138,139],{},"80.5",[48,141,142],{},"14.6",[27,144,145,148,151,154],{},[48,146,147],{},"1972",[48,149,150],{},"21.7",[48,152,153],{},"8.1",[48,155,156],{},"18.9",[27,158,159,162,165,168],{},[48,160,161],{},"1973",[48,163,164],{},"4.7",[48,166,167],{},"(2.5)",[48,169,170],{},"(14.8)",[27,172,173,176,179,182],{},[48,174,175],{},"1974",[48,177,178],{},"5.5",[48,180,181],{},"(48.7)",[48,183,184],{},"(26.4)",[27,186,187,190,193,196],{},[48,188,189],{},"1975",[48,191,192],{},"21.9",[48,194,195],{},"2.5",[48,197,198],{},"37.2",[27,200,201,204,207,210],{},[48,202,203],{},"1976",[48,205,206],{},"59.3",[48,208,209],{},"129.3",[48,211,212],{},"23.6",[27,214,215,218,221,224],{},[48,216,217],{},"1977",[48,219,220],{},"31.9",[48,222,223],{},"46.8",[48,225,226],{},"(7.4)",[27,228,229,232,235,238],{},[48,230,231],{},"1978",[48,233,234],{},"24.0",[48,236,237],{},"14.5",[48,239,240],{},"6.4",[27,242,243,246,249,252],{},[48,244,245],{},"1979",[48,247,248],{},"35.7",[48,250,251],{},"102.5",[48,253,254],{},"18.2",[27,256,257,260,263,266],{},[48,258,259],{},"1980",[48,261,262],{},"19.3",[48,264,265],{},"32.8",[48,267,268],{},"32.3",[27,270,271,274,277,280],{},[48,272,273],{},"1981",[48,275,276],{},"31.4",[48,278,279],{},"31.8",[48,281,282],{},"(5.0)",[27,284,285,288,291,294],{},[48,286,287],{},"1982",[48,289,290],{},"40.0",[48,292,293],{},"38.4",[48,295,296],{},"21.4",[27,298,299,302,304,307],{},[48,300,301],{},"1983",[48,303,268],{},[48,305,306],{},"69.0",[48,308,309],{},"22.4",[27,311,312,315,318,321],{},[48,313,314],{},"1984",[48,316,317],{},"13.6",[48,319,320],{},"(2.7)",[48,322,323],{},"6.1",[27,325,326,329,332,335],{},[48,327,328],{},"1985",[48,330,331],{},"48.2",[48,333,334],{},"93.7",[48,336,337],{},"31.6",[27,339,340,343,346,349],{},[48,341,342],{},"1986",[48,344,345],{},"26.1",[48,347,348],{},"14.2",[48,350,351],{},"18.6",[27,353,354,357,360,363],{},[48,355,356],{},"1987",[48,358,359],{},"19.5",[48,361,362],{},"4.6",[48,364,365],{},"5.1",[27,367,368,371,374,376],{},[48,369,370],{},"1988",[48,372,373],{},"20.1",[48,375,206],{},[48,377,378],{},"16.6",[27,380,381,384,387,390],{},[48,382,383],{},"1989",[48,385,386],{},"44.4",[48,388,389],{},"84.6",[48,391,392],{},"31.7",[27,394,395,398,401,404],{},[48,396,397],{},"1990",[48,399,400],{},"7.4",[48,402,403],{},"(23.1)",[48,405,406],{},"(3.1)",[27,408,409,412,415,418],{},[48,410,411],{},"1991",[48,413,414],{},"39.6",[48,416,417],{},"35.6",[48,419,420],{},"30.5",[27,422,423,426,428,431],{},[48,424,425],{},"1992",[48,427,67],{},[48,429,430],{},"29.8",[48,432,433],{},"7.6",[27,435,436,439,442,445],{},[48,437,438],{},"1993",[48,440,441],{},"14.3",[48,443,444],{},"38.9",[48,446,447],{},"10.1",[27,449,450,453,456,459],{},[48,451,452],{},"1994",[48,454,455],{},"13.9",[48,457,458],{},"25.0",[48,460,461],{},"1.3",[27,463,464,467,470,473],{},[48,465,466],{},"1995",[48,468,469],{},"43.1",[48,471,472],{},"57.4",[48,474,475],{},"37.6",[27,477,478,481,483,486],{},[48,479,480],{},"1996",[48,482,279],{},[48,484,485],{},"6.2",[48,487,488],{},"23.0",[27,490,491,494,497,500],{},[48,492,493],{},"1997",[48,495,496],{},"34.1",[48,498,499],{},"34.9",[48,501,502],{},"33.4",[27,504,505,508,511,514],{},[48,506,507],{},"1998",[48,509,510],{},"48.3",[48,512,513],{},"52.2",[48,515,516],{},"28.6",[27,518,519,522,525,528],{},[48,520,521],{},"1999",[48,523,524],{},"0.5",[48,526,527],{},"(19.9)",[48,529,530],{},"21.0",[27,532,533,536,539,542],{},[48,534,535],{},"2000",[48,537,538],{},"6.5",[48,540,541],{},"26.6",[48,543,544],{},"(9.1)",[27,546,547,550,553,555],{},[48,548,549],{},"2001",[48,551,552],{},"(6.2)",[48,554,538],{},[48,556,557],{},"(11.9)",[27,559,560,563,565,568],{},[48,561,562],{},"2002",[48,564,59],{},[48,566,567],{},"(3.8)",[48,569,570],{},"(22.1)",[27,572,573,576,578,581],{},[48,574,575],{},"2003",[48,577,530],{},[48,579,580],{},"15.8",[48,582,583],{},"28.7",[27,585,586,589,592,595],{},[48,587,588],{},"2004",[48,590,591],{},"10.5",[48,593,594],{},"4.3",[48,596,597],{},"10.9",[27,599,600,603,605,608],{},[48,601,602],{},"2005",[48,604,240],{},[48,606,607],{},"0.8",[48,609,610],{},"4.9",[27,612,613,616,619,622],{},[48,614,615],{},"2006",[48,617,618],{},"18.4",[48,620,621],{},"24.1",[48,623,580],{},[27,625,626,629,631,633],{},[48,627,628],{},"2007",[48,630,81],{},[48,632,583],{},[48,634,178],{},[27,636,637,640,643,646],{},[48,638,639],{},"2008",[48,641,642],{},"(9.6)",[48,644,645],{},"(31.8)",[48,647,648],{},"(37.0)",[27,650,651,654,657,660],{},[48,652,653],{},"2009",[48,655,656],{},"19.8",[48,658,659],{},"2.7",[48,661,662],{},"26.5",[27,664,665,668,671,673],{},[48,666,667],{},"2010",[48,669,670],{},"13.0",[48,672,296],{},[48,674,675],{},"15.1",[27,677,678,681,683,686],{},[48,679,680],{},"2011",[48,682,362],{},[48,684,685],{},"(4.7)",[48,687,688],{},"2.1",[27,690,691,694,697,700],{},[48,692,693],{},"2012",[48,695,696],{},"14.4",[48,698,699],{},"16.8",[48,701,702],{},"16.0",[27,704,705,708,710,713],{},[48,706,707],{},"2013",[48,709,254],{},[48,711,712],{},"32.7",[48,714,715],{},"32.4",[27,717,718,721,724,727],{},[48,719,720],{},"2014",[48,722,723],{},"8.3",[48,725,726],{},"27.0",[48,728,729],{},"13.7",[27,731,732,735,737,740],{},[48,733,734],{},"2015",[48,736,240],{},[48,738,739],{},"(12.5)",[48,741,742],{},"1.4",[27,744,745,748,751,754],{},[48,746,747],{},"2016",[48,749,750],{},"10.7",[48,752,753],{},"23.4",[48,755,122],{},[27,757,758,761,764,767],{},[48,759,760],{},"年复合增长率——1965-2016",[48,762,763],{},"19.0%",[48,765,766],{},"20.8%",[48,768,769],{},"9.7%",[27,771,772,775,778,781],{},[48,773,774],{},"累计总收益——1964-2016",[48,776,777],{},"884,319%",[48,779,780],{},"1,972,595%",[48,782,783],{},"12,717%",[14,785,786,789,790,793,794,797],{},[17,787,788],{},"注释："," 数据按日历年度统计，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成本与市价孰低法计量所持权益证券。本表中，1978年及之前的伯克希尔业绩已按新准则进行了追溯调整。其他方面均使用最初公布的数字。标普500指数的数字是",[17,791,792],{},"税前","的，而伯克希尔的数字是",[17,795,796],{},"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指数并计提相应税款，那么在该指数取得正收益的年份，其业绩将落后于标普500指数；但在该指数为负收益的年份，其业绩将优于标普500指数。长期累计下来，税收成本将导致显著的业绩滞后。",[10,799,801],{"id":800},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,803,804],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,806,807,808,820],{},"2016年伯克希尔的净资产增加了275亿美元，A股和B股的每股账面价值增长了10.7%。",[809,810,811],"sup",{},[812,813,819],"a",{"href":814,"ariaDescribedBy":815,"dataFootnoteRef":817,"id":818},"#user-content-fn-*",[816],"footnote-label","","user-content-fnref-*","1","自现任管理层接手的52年以来，每股账面价值已从19美元增长至172,108美元，年复合增长率约为19%。",[14,822,823],{},"在这52年的前半段，伯克希尔的账面价值大致等于真正重要的那个数字——企业的内在价值。这两个数字之所以相近，是因为当时我们的大部分资源都配置在有价证券上，这些证券会定期按市场报价重估（扣除出售时应缴的税款）。用华尔街的行话说，当时我们的资产负债表在很大程度上是\"按市值计价\"的。",[14,825,826,827,831,832,835],{},"然而到了1990年代初，我们的重心转向了对企业的全资拥有，这一转变大大降低了资产负债表数字的参考意义。之所以出现这种脱节，是因为适用于我们控股企业的通用会计准则（GAAP）与评估有价证券所用的准则在许多重要方面大不相同。具体来说，我们",[828,829,830],"em",{},"拥有的企业","在会计处理上要求：当\"输家\"的失败变得明显时，其账面价值必须减记；而\"赢家\"的账面价值却",[828,833,834],{},"永远不会","被上调。",[14,837,838,839,842],{},"我们经历过这两种情况：就像婚姻一样，企业并购往往在说了\"我愿意\"",[828,840,841],{},"之后","才冒出各种意外。我做过一些愚蠢的收购，为所收购企业的经济商誉支付了过高的价格，这后来导致了商誉减记，进而拉低了伯克希尔的账面价值。在我们收购的企业中，也有一些赢家——其中少数几个是大赢家——但这些赢家的增值一分钱都没有反映出来。",[14,844,845,846,849],{},"我们对这种不对称的会计处理没有异议。但随着时间推移，它必然会拉大伯克希尔内在价值与账面价值之间的差距。如今，我们赢家企业中那些巨大且不断增长的未记录收益，为伯克希尔的股票创造了",[828,847,848],{},"远远","超过账面价值的内在价值。这种超出部分在我们的财产意外险业务中尤为巨大，在其他许多业务中也相当可观。",[14,851,852],{},"随着时间推移，股价会向内在价值靠拢。伯克希尔就是如此，这也解释了为什么公司52年来的市值涨幅——请看前页——远远超过了账面价值的涨幅。",[10,854,855],{"id":855},"我们希望达成的目标",[14,857,858,859,862,863,866],{},"伯克希尔副董事长兼我的搭档查理·芒格 (Charlie Munger) 跟我，预计伯克希尔",[828,860,861],{},"经常性的","每股盈利能力每年都会增长。当然，",[828,864,865],{},"实际","收益有时会因为美国经济的周期性疲软而下降。此外，即使大多数美国企业表现良好，保险业的特大灾难或其他行业的特定事件，也可能拖累伯克希尔的收益。",[14,868,869,870,873],{},"但我们的工作就是随着时间推移实现显著增长，不管过程如何颠簸。毕竟，作为",[828,871,872],{},"你们","资本的管理人，伯克希尔的董事们选择了保留全部收益不做分配。事实上，2015年和2016年，伯克希尔的留存收益金额在美国企业中均位列第一，每年的再投资金额比第二名多出数十亿美元。这些再投资的资金必须赚回自己的存在价值。",[14,875,876],{},"有些年份，我们潜在盈利能力的提升会微乎其微；而偶尔，收银机会大声响起。查理和我并没有什么增加收益的神奇方案，只是敢做大梦，并且在精神上和财务上做好准备，一旦机会出现就迅速出击。大约每隔十年左右，乌云就会笼罩经济天空，然后短暂地下起金子雨。当这种倾盆金雨降临时，我们必须扛着大澡盆冲出门去，而不是拿着小汤匙。这就是我们要做的事。",[14,878,879],{},"前面我描述过我们从一家主要靠投资获利的公司，逐步转型为一家靠拥有企业来实现增值的公司。在启动这一转型时，我们迈的是小步子——做一些小规模收购，其对伯克希尔利润的影响与我们从有价证券中获得的收益相比微不足道。尽管如此谨慎，我还是犯了一个特别严重的错误：1993年以4.34亿美元收购了德克斯特鞋业 (Dexter Shoe)，该公司的价值随后迅速归零。更糟糕的是：我用伯克希尔的股票支付了收购款，给了卖方25,203股伯克希尔股票，截至2016年底这些股票的价值已超过60亿美元。",[14,881,882],{},"在那次灾难之后，又发生了三件关键事情——两件好事、一件坏事——让我们坚定地走上了现在的道路。1996年初，我们收购了盖可保险 (GEICO) 剩余一半的股权，这是一笔全现金交易，将我们的持股从组合投资变成了全资控股的运营业务。凭借几乎无限的增长潜力，GEICO很快成为我们的核心，我相信围绕它打造出的，是当今世界首屈一指的财产意外险业务。",[14,884,885,886,889,890],{},"不幸的是，在收购GEICO之后，1998年末我又愚蠢地用伯克希尔的股票——",[828,887,888],{},"一大船","股票——收购了通用再保险 (General Reinsurance)。在经历了早期一些问题之后，通用再保险已经成为一家我们珍视的优秀保险公司。尽管如此，我在收购时发行了272,200股伯克希尔股票，使得我们的流通股大幅增加了21.8%，这是一个严重的错误。我的错误导致伯克希尔的股东付出的远远多于他们得到的（尽管《圣经》赞许这种\"施比受更有福\"的行为，但当你在做企业收购时，上帝可不会因此赐福给你）。",[891,892,893],"span",{},"^1",[14,895,896,897,900],{},"2000年初，为了弥补那次愚蠢的行为，我收购了中美能源 (MidAmerican Energy) 76%的股份（后增持至90%），这是一家管理出色的公用事业公司，为我们带来了许多盈利丰厚且对社会有益的投资机会。通过对中美能源的",[828,898,899],{},"现金","收购——我在学教训了——我们坚定地走上了如今的道路：(1) 继续壮大我们的保险业务；(2) 积极收购大型且多元化的非保险企业；(3) 主要用内部产生的现金来完成收购。（如今，我宁愿准备做结肠镜检查，也不愿意发行伯克希尔的股票。）",[14,902,903],{},"在1998年之后的时期里，尽管我们有意淡化了债券和股票的投资组合，但它的规模依然持续增长，并为我们带来了丰厚的资本利得、利息和股息。这些投资收益为我们收购企业提供了重要的资金来源。虽然方式不太常规，但伯克希尔这种双管齐下的资本配置方式确实给了我们实实在在的优势。",[14,905,906],{},"以下是我们自1999年——业务转型真正开始的那一年——以来的财务记录。在这18年中，伯克希尔的流通股仅增长了8.3%，其中大部分增长来自我们收购BNSF铁路 (Burlington Northern Santa Fe) 时。我很高兴地说，那是一次非常有意义的股票发行。",[14,908,909],{},[17,910,911],{},"税后收益（单位：十亿美元）",[21,913,914,926],{},[24,915,916],{},[27,917,918,920,923],{},[30,919,32],{},[30,921,922],{},"经营收益 (1)",[30,924,925],{},"资本利得 (2)",[43,927,928,938,948,958,968,978,988,998,1008,1018,1028,1038,1048,1058,1068,1078,1088,1098],{},[27,929,930,932,935],{},[48,931,521],{},[48,933,934],{},"0.67",[48,936,937],{},"0.89",[27,939,940,942,945],{},[48,941,535],{},[48,943,944],{},"0.94",[48,946,947],{},"2.39",[27,949,950,952,955],{},[48,951,549],{},[48,953,954],{},"(0.13)",[48,956,957],{},"0.92",[27,959,960,962,965],{},[48,961,562],{},[48,963,964],{},"3.72",[48,966,967],{},"0.57",[27,969,970,972,975],{},[48,971,575],{},[48,973,974],{},"5.42",[48,976,977],{},"2.73",[27,979,980,982,985],{},[48,981,588],{},[48,983,984],{},"5.05",[48,986,987],{},"2.26",[27,989,990,992,995],{},[48,991,602],{},[48,993,994],{},"5.00",[48,996,997],{},"3.53",[27,999,1000,1002,1005],{},[48,1001,615],{},[48,1003,1004],{},"9.31",[48,1006,1007],{},"1.71",[27,1009,1010,1012,1015],{},[48,1011,628],{},[48,1013,1014],{},"9.63",[48,1016,1017],{},"3.58",[27,1019,1020,1022,1025],{},[48,1021,639],{},[48,1023,1024],{},"9.64",[48,1026,1027],{},"(4.65)",[27,1029,1030,1032,1035],{},[48,1031,653],{},[48,1033,1034],{},"7.57",[48,1036,1037],{},"0.49",[27,1039,1040,1042,1045],{},[48,1041,667],{},[48,1043,1044],{},"11.09",[48,1046,1047],{},"1.87",[27,1049,1050,1052,1055],{},[48,1051,680],{},[48,1053,1054],{},"10.78",[48,1056,1057],{},"(0.52)",[27,1059,1060,1062,1065],{},[48,1061,693],{},[48,1063,1064],{},"12.60",[48,1066,1067],{},"2.23",[27,1069,1070,1072,1075],{},[48,1071,707],{},[48,1073,1074],{},"15.14",[48,1076,1077],{},"4.34",[27,1079,1080,1082,1085],{},[48,1081,720],{},[48,1083,1084],{},"16.55",[48,1086,1087],{},"3.32",[27,1089,1090,1092,1095],{},[48,1091,734],{},[48,1093,1094],{},"17.36",[48,1096,1097],{},"6.73",[27,1099,1100,1102,1105],{},[48,1101,747],{},[48,1103,1104],{},"17.57",[48,1106,1107],{},"6.50",[14,1109,1110,1111,1114],{},"(1) 经营收益包含投资产生的利息和股息，但",[828,1112,1113],{},"不包括","资本损益。",[14,1116,1117,1118,1121],{},"(2) 资本利得在很大程度上只包含",[828,1119,1120],{},"已实现的","资本损益。但当GAAP准则要求时，部分未实现的资本损益也包括在内。",[14,1123,1124],{},"我们预计投资收益将继续保持可观——虽然时间上完全不可预测——并且将为企业收购提供大量资金。与此同时，伯克希尔旗下优秀的运营CEO团队将致力于增加各自管理业务的收益，有时还会通过补强收购来助力增长。由于我们避免发行伯克希尔的股票，收益的任何增长都将转化为等比例的每股收益增长。",[14,1126,1127],{},"美国的经济成就为股东们带来了惊人的利润。在整个20世纪，道琼斯工业平均指数从66点涨到了11,497点，实现了17,320%的资本收益，加上持续增长的股息，回报更是可观。这一趋势仍在继续：截至2016年底，该指数又上涨了72%，达到19,763点。",[14,1129,1130],{},"美国企业——因而一篮子美国股票——在未来几年几乎肯定会比现在值钱得多。创新、生产力提升、企业家精神和充裕的资本将确保这一点。那些无处不在的悲观论者可能靠贩卖他们的黯淡预测发财。但如果他们真按自己兜售的废话行动，那只有上帝能帮他们了。",[14,1132,1133],{},"当然，许多公司会落伍，一些公司会倒闭。这种优胜劣汰正是市场活力的产物。而且，未来若干年偶尔会出现严重的市场下跌——甚至恐慌——几乎所有股票都会受到冲击。没人能告诉你们这些灾难何时发生——我做不到，查理做不到，经济学家做不到，媒体更做不到。纽约联邦储备银行的梅格·麦康内尔 (Meg McConnell) 曾精辟地描述了恐慌的现实：\"我们花了大量时间寻找系统性风险；但事实上，往往是它先找到我们。\"",[14,1135,1136,1137,1140,1141,1144],{},"在那些可怕的时期，你们永远不应该忘记两件事：第一，广泛的恐惧是投资者的",[828,1138,1139],{},"朋友","，因为它会送来便宜货；第二，",[828,1142,1143],{},"个人","的恐惧是你的敌人。而且它完全没有必要。那些避免高昂且不必要费用、只是长期安静地持有一批大型且财务保守的美国企业的投资者，几乎肯定会做得不错。",[14,1146,1147,1148,1151],{},"至于伯克希尔，我们的体量决定了无法取得",[828,1149,1150],{},"出色","的回报：随着资产规模增大，预期回报率会下降。尽管如此，伯克希尔良好的企业组合，加上公司坚不可摧的财务实力和以股东利益为导向的企业文化，应该能交出不错的成绩单。低于这个标准，我们不会满足。",[10,1153,1154],{"id":1154},"股票回购",[14,1156,1157],{},"在投资界，关于股票回购的讨论往往火药味十足。但我建议这场辩论的参与者们先深吸一口气：评估回购是否可取，并没有那么复杂。",[14,1159,1160],{},"从退出股东的角度来看，回购总是有利的。虽然每天回购对股价的影响通常微乎其微，但对卖方来说，市场上多一个买家总是好事。",[14,1162,1163,1164,1167],{},"然而，对于继续持有的股东来说，回购只在股价低于内在价值时才有意义。遵循这一规则的话，剩余的每一股都会立刻获得内在价值的提升。打个简单的比方：如果一家价值3,000美元的企业有三个平等的合伙人，其中一个以900美元被公司买下股份，那么另外两个合伙人各自立刻获得50美元的增值。但如果退出的合伙人拿到了1,100美元，继续持有的两个合伙人就各亏50美元了。同样的数学道理也适用于企业及其股东。因此，回购行为对继续持有的股东来说究竟是增值还是毁值，",[828,1165,1166],{},"完全","取决于回购价格。",[14,1169,1170],{},"令人费解的是，企业宣布回购时几乎从不提及一个\"超过这个价格就不回购了\"的上限。如果管理层在收购外部企业，情况肯定不会如此。在那种情况下，价格永远是买或不买的关键考量因素。",[14,1172,1173],{},"然而，当CEO或董事会在回购自家公司一小部分股权时，他们往往对价格视若无睹。试想一下：如果他们管理的是一家只有几个股东的私人企业，要评估是否明智地买下其中一个股东的股份——他们还会这样忽视价格吗？当然不会。",[14,1175,1176],{},"有一点很重要：即使公司股价被低估，也有两种情况下不应该进行回购。第一种情况是，企业需要所有可用资金来保护或扩展自身运营，同时又不愿意进一步增加负债。这时，内部资金需求应当优先。这一例外当然有个前提：在完成必要支出后，企业仍然拥有光明的前景。",[14,1178,1179],{},"第二种例外情况不太常见：当一项企业收购（或其他投资机会）提供的价值远高于回购自家低估股票时。很久以前，伯克希尔经常不得不在这些选项中做取舍。以我们目前的规模，这个问题已经不太可能出现了。",[14,1181,1182],{},"我的建议是：在讨论回购之前，CEO和董事会应该手拉手站起来异口同声地宣布：\"在一个价格上明智的事，在另一个价格上就是愚蠢的。\"",[14,1184,1185],{},"伯克希尔之所以拥有如此吸引人的保险经济模式，全靠我们有一批杰出的经理人，他们经营着纪律严明的业务，在大多数情况下拥有难以复制的商业模式。让我来介绍几个主要部门。",[14,1187,1188],{},"按浮存金规模排名第一的是由阿吉特·贾恩 (Ajit Jain) 管理的伯克希尔·哈撒韦再保险集团。阿吉特承保的是别人没有兴趣或没有资本去承担的风险。他的业务运作将承保能力、速度、果断以及最重要的——头脑——融为一体，在保险界独一无二。但他从不让伯克希尔暴露在与我们资源不相匹配的风险之中。",[14,1190,1191,1192,1195],{},"事实上，伯克希尔在规避风险方面",[828,1193,1194],{},"远比","大多数大型保险公司保守。举个例子，如果保险业因某场超级巨灾而遭受2,500亿美元的损失——大约是行业历史上最大损失的三倍——伯克希尔作为一个整体当年仍然很可能录得丰厚利润。我们众多的非保险收益来源能够确保这一点。此外，我们仍将坐拥充沛的现金，并且渴望在一个可能陷入混乱的保险市场中大展身手。而其他主要保险公司和再保险公司则要么亏得血流成河，要么面临破产。",[14,1197,1198,1199,1202],{},"1986年的那个周六，阿吉特走进伯克希尔的办公室时，他在保险业连一天的经验都没有。尽管如此，时任我们保险业务负责人的迈克·戈德堡 (Mike Goldberg) 把我们那个规模不大且苦苦挣扎的再保险业务的钥匙交给了他。凭此一举，迈克堪称圣人：从那以后，阿吉特为伯克希尔的股东创造了数百亿美元的价值。如果世界上有第二个阿吉特，而你可以拿我去换他，",[828,1200,1201],{},"千万别犹豫","。赶紧交换！",[14,1204,1205],{},"最后是盖可保险 (GEICO)，这家公司66年前在我心中点燃了一把火（至今火焰仍在燃烧）。该公司由托尼·奈斯利 (Tony Nicely) 管理，他18岁就加入GEICO，到2016年已经服务了55年。",[14,1207,1208,1209,1212,1213,1216],{},"托尼在1993年成为GEICO的CEO，自那以后公司一飞冲天。",[828,1210,1211],{},"没有","比托尼更好的经理人了，他把才华、敬业精神",[828,1214,1215],{},"和","稳健性融为一体。（最后一项品质对持续成功至关重要。正如查理所说，拥有一个智商160的经理人很不错——除非他觉得自己的智商是180。）和阿吉特一样，托尼也为伯克希尔创造了数百亿美元的价值。",[14,1218,1219,1220,1223],{},"1951年我第一次造访GEICO时，就被这家公司相对于行业巨头所享有的巨大成本优势所震撼。我很清楚GEICO会成功，因为它",[828,1221,1222],{},"理应","成功。当时公司的年销售额是800万美元；到2016年，GEICO每三个小时就做这么多生意。",[14,1225,1226],{},"汽车保险是大多数家庭的一大开支。节省开支对他们很重要——而只有低成本运营才能做到这一点。事实上，至少有40%阅读这封信的人可以通过投保GEICO来省钱。所以停止阅读——就现在！——上 geico.com 或拨打 800-847-7536 问问吧。",[14,1228,1229,1230,1233],{},"GEICO的低成本创造了一条护城河——一条",[828,1231,1232],{},"持久的","护城河——竞争对手无法跨越。因此，公司年复一年地蚕食市场份额，到2016年底已占行业总量的约12%。而在1995年伯克希尔取得控制权时，这一比例仅为2.5%。与此同时，员工人数从8,575人增加到36,085人。",[14,1235,1236,1237,1240,1241,1244],{},"2016年下半年，GEICO的增长显著加速。整个汽车保险行业的赔付成本正以出人意料的速度攀升，一些竞争对手开始对吸收新客户失去了热情。然而，GEICO面对利润空间被压缩的应对之策是——",[828,1238,1239],{},"加快","拓展新业务。我们喜欢在太阳",[828,1242,1243],{},"落山","的时候趁机收割，因为我们知道太阳肯定还会再升起来。",[14,1246,1247],{},"在我写这封信的时候，GEICO依然势头强劲。当保险价格上涨时，人们会更多地货比三家。而当他们货比三家时，GEICO就赢了。",[14,1249,1250],{},"你打过电话了吗？（800-847-7536 或上 geico.com）",[14,1252,1253],{},"多年来我一直告诉你们，本节列示的收入和支出数据并不符合GAAP准则。我已经解释过，这种偏差主要是因为GAAP关于购买法会计调整的规定——要求在平均约19年的期限内全额摊销某些无形资产。在我们看来，大多数此类摊销\"费用\"并不是真正的经济成本。我们在本节偏离GAAP的目的，是以查理和我看待和分析这些数据的方式来向你们呈现。",[14,1255,1256],{},"在年报中我们逐项列出了尚待摊销的154亿美元无形资产。（随着我们进行新的收购，还会产生更多待摊销的无形资产。）2016年GAAP收益中的摊销费用为15亿美元，比2015年增加了3.84亿美元。我的判断是，2016年摊销费用中大约20%是\"真实的\"成本。",[14,1258,1259],{},"摊销费用最终会完全冲销相关资产。当这种情况发生时——通常在15年左右——我们报告的GAAP收益会增加，但伯克希尔业务的基本经济状况并不会出现任何实质性改善。（这是我留给继任者的礼物。）",[14,1261,1262,1263,1266,1267,1270],{},"既然我已经说了一项我认为被夸大的GAAP费用，那让我接着谈一个会计准则造成的不太愉快的失真。这次的主题是GAAP规定的折旧费用——它必须基于历史成本。然而在某些情况下，基于历史成本的折旧费用严重",[828,1264,1265],{},"低估","了真实的经济成本。1970年代和1980年代初通胀肆虐时，关于这一现象的讨论文章数不胜数。随着通胀消退——这要归功于保罗·沃尔克 (Paul Volcker) 的铁腕行动——折旧费用不足的问题变得不那么引人注目了。但这个问题在铁路行业至今依然",[828,1268,1269],{},"非常","严重，因为许多应折旧项目的当前重置成本远远超过历史成本。不可避免的结果是，整个铁路行业报告的收益远高于其真实的经济收益。",[14,1272,1273,1274,1277],{},"具体到BNSF来说，去年我们GAAP下的折旧费用为21亿美元。但如果我们每年只花这么多钱，铁路设施很快就会恶化，竞争力也会下降。现实是——",[828,1275,1276],{},"仅仅为了维持现状","——我们需要花费的资本支出就远远超过折旧费用。而且，这种巨大的差距将在未来数十年内持续存在。",[14,1279,1280],{},"话虽如此，查理和我都热爱我们的铁路业务，它是我们最好的收购之一。",[14,1282,1283,1284,1287],{},"未列入上表——",[828,1285,1286],{},"但很重要","——的是我们持有的50亿美元美国银行 (Bank of America) 优先股。这些优先股每年为我们带来3亿美元的股息，同时附带一份价值可观的认股权证，允许伯克希尔在2021年9月2日之前的任何时间以50亿美元购买7亿股美国银行普通股。到年末，这项特权如果行使将为我们带来105亿美元的利润。如果愿意的话，伯克希尔可以用优先股来支付行权所需的50亿美元。",[14,1289,1290],{},"如果美国银行普通股的年度股息——目前为每股30美分——在2021年前升至44美分以上，我们预计将以优先股无现金转换为普通股。如果普通股股息保持在44美分以下，我们很可能在认股权证到期前立即行权。",[14,1292,1293],{},"我们的许多被投资公司，包括美国银行在内，一直在回购股票，其中一些回购力度相当大。我们非常喜欢这种做法，因为我们认为被回购的股票在大多数情况下都被低估了。（毕竟，低估正是我们持有这些股票的原因。）当一个公司的业务不断壮大，而流通股持续减少时，股东自然受益。",[14,1295,1296,1297,1300,1301,1304,1305,1308],{},"有时股东或媒体的言论暗示我们将\"永远\"持有某些股票。没错，我们确实持有一些在我目力所及的范围内没有打算卖掉的股票（我说的可是20\u002F20标准视力）。但我们从未做出任何",[828,1298,1299],{},"承诺","说伯克希尔将",[828,1302,1303],{},"永久","持有其",[828,1306,1307],{},"任何","有价证券。",[14,1310,1311,1312,1315],{},"对这一点的困惑可能是因为对我们年报第110至111页经济原则第11条的理解不够仔细——该原则自1983年以来一直收录在年报中。那条原则说的是",[828,1313,1314],{},"控股企业","，而不是有价证券。今年，我在第11条末尾加了一句话，以确保我们的股东都明白：我们视任何有价证券为可出售的，无论这种出售目前看来多么不可能。",[14,1317,1318,1319,1322],{},"如果要树一座雕像来纪念为美国投资者做出最大贡献的人，那么毫无争议的人选应该是杰克·博格尔 (Jack Bogle)。几十年来，杰克一直在敦促投资者买入超低成本的指数基金。在他的毕生奋斗中，他只积累了一小部分财富，而大量的财富流向了那些向投资者许诺丰厚回报却什么都没带来——或者像我们这个赌约表明的，带来的回报",[828,1320,1321],{},"低于","零——的基金经理们。",[14,1324,1325],{},"杰克早年常常被投资管理行业嘲笑。然而今天，他欣慰地知道自己帮助了数百万投资者实现了远高于他们本来能获得的储蓄回报。他是他们的英雄，也是我的英雄。",[14,1327,1328,1329,1332],{},"最后，让我向华尔街的朋友们伸出橄榄枝——他们中有许多是我的好朋友。伯克希尔",[828,1330,1331],{},"乐于","向为我们带来收购机会的投资银行家支付费用——甚至高得离谱的费用。此外，我们已经为两位内部投资经理人的超额业绩支付了大笔奖金——我们希望将来能付给他们更多。",[14,1334,1335],{},"引用《圣经》的话（以弗所书3:18），我深知当\"费用\"这个简单的四个字母词在华尔街被提及时，它所释放出的能量的高度、深度、长度和广度。而当这种能量为伯克希尔创造价值时，我会欣然开出一张大支票。",[10,1337,1338],{"id":1338},"年度股东大会",[14,1340,1341],{},"去年，我们与雅虎 (Yahoo) 合作，首次通过网络直播了年度股东大会。感谢安迪·瑟沃 (Andy Serwer) 和他的雅虎团队，这次制作在各方面都很成功——实时观看的独立访问量达到110万，回放次数超过1,150万（当然，其中许多回放是由只对直播中某些片段感兴趣的观众点击的）。",[14,1343,1344],{},"伯克希尔收到的对网络直播的感谢信主要来自三类人：觉得出行不便的老年人；觉得前往奥马哈费用太高的节俭人士；以及因宗教原因无法参加周六会议的人。",[14,1346,1347],{},"网络直播使去年出席会议的人数降至约37,000人（我们无法精确统计），下降了约10%。尽管如此，伯克希尔的子公司和奥马哈的酒店、餐馆仍然实现了巨大的销售额。内布拉斯加家具店 (Nebraska Furniture Mart) 的销售额比2015年的记录又高了3%，奥马哈门店一周的销售额达到4,550万美元。",[14,1349,1350],{},"我们在世纪互联中心 (CenturyLink) 的伯克希尔展商区周五中午到下午5点开放，吸引了12,000名前来淘便宜的股东。今年5月5日，周五的购物时间将照旧。记得带钱来。",[14,1352,1353,1354],{},"年度股东大会在5月6日举行，雅虎将再次进行网络直播，地址是 ",[812,1355,1359],{"href":1356,"rel":1357},"https:\u002F\u002Ffinance.yahoo.com\u002Fbrklivestream%E3%80%82%E7%9B%B4%E6%92%AD%E5%B0%86%E4%BA%8E%E4%B8%AD%E9%83%A8%E5%A4%8F%E4%BB%A4%E6%97%B6%E9%97%B4%E4%B8%8A%E5%8D%889%E7%82%B9%E5%BC%80%E5%A7%8B%E3%80%82%E9%9B%85%E8%99%8E%E5%B0%86%E5%9C%A8%E4%BC%9A%E8%AE%AE%E5%89%8D%E5%92%8C%E5%8D%88%E4%BC%91%E6%9C%9F%E9%97%B4%E9%87%87%E8%AE%BF%E8%91%A3%E4%BA%8B%E3%80%81%E7%BB%8F%E7%90%86%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E7%9F%A5%E5%90%8D%E4%BA%BA%E5%A3%AB%E3%80%82%E9%87%87%E8%AE%BF%E5%92%8C%E4%BC%9A%E8%AE%AE%E9%83%BD%E5%B0%86%E5%90%8C%E5%A3%B0%E4%BC%A0%E8%AF%91%E4%B8%BA%E4%B8%AD%E6%96%87%E3%80%82",[1358],"nofollow","https:\u002F\u002Ffinance.yahoo.com\u002Fbrklivestream。直播将于中部夏令时间上午9点开始。雅虎将在会议前和午休期间采访董事、经理人、股东和知名人士。采访和会议都将同声传译为中文。",[14,1361,1362],{},"亲自出席会议的朋友请注意，世纪互联中心将在周六上午7:00开门，方便大家在股东电影播放前购物。电影将在8:30开始。问答环节从9:30开始，持续到下午3:30，中午有一小时午休。最后，在下午3:45我们将开始正式的股东大会，大约持续一个小时左右。今年会比平时稍长，因为有三项代理议案要由其提案人陈述，他们将有合理的时间来阐述理由。",[14,1364,1365],{},"周六上午，我们将举行第六届国际报纸投递挑战赛。目标还是一栋克莱顿之家的门廊，与投掷线精确相距35英尺。我年轻时曾短暂体验过正当劳动——送报纸——大约投递了50万份。所以我觉得自己在这个游戏上挺厉害的。来挑战我吧！让我出丑吧！挫挫我的锐气！报纸大约36到42页，你必须自己折叠（不许用橡皮筋）。比赛大约7:45开始，我将迎战由我的助手黛布·博萨内克 (Deb Bosanek) 在几分钟前挑选出的大约十名对手。",[14,1367,1368],{},"你们的购物场所是毗邻会场的一个194,300平方英尺的展厅，数十家子公司的产品将在那里出售。向那些亲自站台的伯克希尔经理人们问好吧。一定要去看看精彩的BNSF铁路微缩景观，它向我们所有的公司致敬。你们的孩子（还有你们自己！）一定会为之着迷。",[14,1370,1371],{},"我们的跑鞋公司布鲁克斯 (Brooks) 将在会议期间再次推出一款特别纪念跑鞋。买一双穿上，周日上午8点参加我们第四届\"伯克希尔5公里\"跑步活动吧，起点设在世纪互联中心。参与的全部详细信息将包含在随入场凭证一并寄给你们的《参会者指南》中。参赛者会发现自己与伯克希尔的许多经理人、董事和同事一起跑步。（不过查理和我要睡个懒觉；我们在周六会议期间吃的软糖和花生脆实在太多了，需要恢复一下。）5公里跑的参与人数年年增长。帮我们再创新记录吧。",[14,1373,1374],{},"购物区的GEICO展位将配备来自全国各地的多位顶尖顾问。去年会议上我们创下了保单销售新记录，比2015年增长21%。我预计今年还会再创新高。",[14,1376,1377],{},"所以过来看看报价吧。多数情况下，GEICO能给你股东折扣（通常8%）。在我们经营的51个司法管辖区中，有44个允许提供这种特别优惠。（补充一点：如果你已经享受了其他折扣——比如某些群体可享受的折扣——不能叠加。）带上你现有保险的详细信息来比比价。我们能为你们中的许多人省下真金白银。把省下来的钱花在我们其他产品上吧。",[14,1379,1380,1381,1384],{},"记得去书虫书吧 (Bookworm) 看看。这家总部在奥马哈的书商将携带大约35本书和DVD，其中包括几个新书。去年我读过的最好的一本书是耐克的菲尔·奈特 (Phil Knight) 写的《鞋狗》(",[828,1382,1383],{},"Shoe Dog",")。菲尔是一个非常睿智、聪明且极具竞争力的人，同时也是一个天生的讲故事高手。书虫书吧会有成堆的《鞋狗》以及杰克·博格尔的几本经典投资著作。",[14,1386,1387,1388,1391],{},"书虫书吧还将再次出售我们的伯克希尔50年精彩历程（和败笔）回顾。未能出席会议的朋友可以在eBay上找到这本书。只需搜索：",[828,1389,1390],{},"Berkshire Hathaway Inc. Celebrating 50 years of a Profitable Partnership","（第2版）。",[14,1393,1394],{},"随本报告附上的委托书材料中有一份附件，说明如何获取出席会议及其他活动所需的入场凭证。请记住，航空公司有时会在伯克希尔周末前涨价——不过我必须承认，自从伯克希尔大量投资了美国四大航空公司之后，我对这种做法已经有了一定的容忍度，甚至隐约有些热情。尽管如此，如果你从很远的地方来，不妨比较一下飞到堪萨斯城和飞到奥马哈的费用。两个城市之间车程约两个半小时，飞堪萨斯城可能为你省下一大笔钱。一对夫妇的节省可能达到1,000美元甚至更多。把省下来的钱花在我们的产品上！",[14,1396,1397],{},"在位于道奇街和太平洋街之间72街、占地77英亩的内布拉斯加家具店，我们将再次举行\"伯克希尔周末\"特价促销。要享受NFM的伯克希尔折扣，你必须在5月2日（周二）至5月8日（周一）之间购买，并出示入场凭证。这期间的特价甚至涵盖了几家平时对折扣有铁律的著名品牌——但本着股东周末的精神，它们为你们破了例。我们非常感谢它们的配合。\"伯克希尔周末\"期间，NFM的营业时间为：周一至周五上午10点至晚上9点，周六上午10点至晚上9:30，周日上午10点至晚上8点。周六下午5:30至晚上8点，NFM将举办一场野餐活动，诚邀所有股东参加。",[14,1399,1400],{},[828,1401,1402],{},"今年我们给堪萨斯城和达拉斯的股东们带来了好消息——如果你们无法亲自出席会议或更喜欢看网络直播。从5月2日至5月8日，股东只需向当地的NFM门店出示入场凭证或证明伯克希尔股东身份的其他文件（如券商对账单），即可享受与奥马哈门店相同的折扣。",[14,1404,1405],{},"在波仙珠宝店 (Borsheims)，我们将再次举行两场股东专属活动。第一场是5月5日（周五）下午6点到9点的鸡尾酒会。第二场盛大售卖活动将在5月7日（周日）上午9点到下午4点举行。周六营业至下午6点。记住，买得越多，省得越多（至少我女儿每次逛商店时是这么告诉我的）。",[14,1407,1408],{},"伯克希尔周末期间波仙珠宝将迎来大量客流。因此为了你们的方便，股东优惠价将从5月1日（周一）一直持续到5月13日（周六）。在此期间，请出示入场凭证或显示你们持有伯克希尔股票的券商对账单以确认股东身份。",[14,1410,1411],{},"周日，在波仙珠宝外面的广场上，来自达拉斯的杰出魔术师和励志演讲家诺曼·贝克 (Norman Beck) 将为大家表演令人惊叹的魔术。在楼上，世界顶级桥牌高手鲍勃·哈曼 (Bob Hamman) 和莎伦·奥斯伯格 (Sharon Osberg) 将在周日下午与股东们切磋牌艺。如果他们提议在牌局上赌一把，赶紧换个话题。我也会在某个时候加入牌局，希望阿吉特、查理和比尔·盖茨 (Bill Gates) 也能来。",[14,1413,1414],{},"我的朋友邢延华 (Ariel Hsing) 周日也会来到广场，在乒乓球台前接受挑战者。我认识她时她才9岁，可即便那时我也一分都赢不了她。邢延华在2012年代表美国参加了奥运会。如今她是普林斯顿大学的大四学生（去年夏天在摩根大通实习过）。如果你不怕丢面子，下午1点来跟她切磋一下球技吧。去年比尔·盖茨跟她打得不错，所以他今年可能准备再次挑战。（我的建议：押邢延华赢。）",[14,1416,1417,1418,1421],{},"5月7日周日，格拉特牛排馆 (Gorat's) 将专门为伯克希尔股东开放，从下午1点服务到晚上10点。预订请在4月3日（",[828,1419,1420],{},"切勿提前","）拨打 402-551-3733。请点一份T骨牛排配土豆饼，展示你是一位资深老饕。",[14,1423,1424,1425,1430,1431,1434,1435,1438],{},"我们将继续由三位财经记者主持会议期间的问答环节——他们会向查理和我提出股东通过电子邮件提交的问题。三位记者及其邮箱分别是：杰出的商业记者卡罗尔·卢米斯 (Carol Loomis)，",[812,1426,1429],{"href":1427,"rel":1428},"https:\u002F\u002Flearnbuffett.com\u002Fcdn-cgi\u002Fl\u002Femail-protection",[1358],"[email protected]","；CNBC的贝基·奎克 (Becky Quick)，",[812,1432,1429],{"href":1427,"rel":1433},[1358],"；以及《纽约时报》的安德鲁·罗斯·索尔金 (Andrew Ross Sorkin)，",[812,1436,1429],{"href":1427,"rel":1437},[1358],"。",[14,1440,1441],{},"每位记者将从收到的问题中挑选出他们认为对股东最有趣、最重要的六个。几位记者告诉我，如果你的问题简洁明了、不要在最后时刻才发送、与伯克希尔相关、并且一封邮件不超过两个问题，那么被选中的机会最大。（如果你希望在问题被提出时公布你的名字，请在邮件中说明。）",[14,1443,1444,1445,1448],{},"另外还有三位跟踪研究伯克希尔的分析师会提出一组问题。今年的保险业专家是巴克莱 (Barclays) 的杰·盖尔布 (Jay Gelb)。关于我们非保险业务的问题将由鲁安·坎尼夫·戈德法布 (Ruane, Cunniff & Goldfarb) 的乔纳森·布兰特 (Jonathan Brandt) 和晨星 (Morningstar) 的格雷格·沃伦 (Gregg Warren) 提出。由于我们举办的是",[828,1446,1447],{},"股东","大会，我们希望分析师和记者提出的问题能有助于增进各位股东对自己投资的了解和认识。",[14,1450,1451],{},"查理和我事先不会得到任何关于提问内容的暗示。有些问题肯定会很尖锐，我们就喜欢这样。不允许一个问题包含多个子问题——我们想让尽可能多的提问者有机会向我们发难。我们的目标是让你们离开会议时比来的时候更了解伯克希尔，同时在奥马哈度过一段愉快的时光。",[14,1453,1454],{},"总共我们预计至少会有54个问题——每位分析师和记者各6个，听众18个。听众的提问者将通过11次抽签选出，抽签在年度会议当天上午8:15进行。设置在主会场和主要分会场的11个麦克风，每个麦克风各进行一次抽签。",[14,1456,1457],{},"既然说到了股东获取信息这个话题，让我提醒大家，查理和我坚信所有股东应当同时获取伯克希尔发布的新信息，而且如果可能的话，还应该有足够的时间在任何交易之前消化和分析这些信息。正因如此，我们尽量在周五晚间或周六早间发布财务数据，年度会议也总是定在周六（这一天还能缓解交通和停车问题）。",[14,1459,1460],{},"我们不采用与大型机构投资者或分析师一对一私下交流的常见做法——我们像对待所有其他股东一样对待他们。对我们来说，没有人比那些收入有限、把积蓄的很大一部分信托给我们管理的中小股东更重要。在我每天经营这家公司的时候——在我写这封信的时候——脑海中浮现的就是这些股东。",[1462,1463,1466,1472],"section",{"className":1464,"dataFootnotes":817},[1465],"footnotes",[1467,1468,1471],"h2",{"className":1469,"id":816},[1470],"sr-only","Footnotes",[1473,1474,1475],"ol",{},[1476,1477,1479,1480],"li",{"id":1478},"user-content-fn-*","本报告中使用的所有每股数据均针对伯克希尔A股。B股的数据为A股的1\u002F1500。 ",[812,1481,1486],{"href":1482,"ariaLabel":1483,"className":1484,"dataFootnoteBackref":817},"#user-content-fnref-*","Back to reference 1",[1485],"data-footnote-backref","↩",{"title":817,"searchDepth":1488,"depth":1488,"links":1489},2,[1490],{"id":816,"depth":1488,"text":1471},"致股东信",null,"2016年巴菲特致股东信，讨论收购精密机件公司、业绩表现不佳原因及保险业务","md",{},true,89,"\u002Fbuffett\u002Fberkshire\u002F2016-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1493},"2016 巴菲特致股东信｜巴菲特","2016-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2016-ba-fei-te-zhi-gu-dong-xin","iLbpx39ThYvNuY0VFVi2vvg-UykjZjFCBgpieq_Zk6A","buffett",[1506,1510,1514,1518,1521,1524,1527,1531,1534,1537,1541,1544,1547,1551,1554,1557,1561,1564,1567,1571,1574,1577,1581,1584,1587,1591,1594,1597,1601,1604,1607,1611,1614,1617,1621,1624,1627,1631,1634,1637,1641,1644,1647,1651,1654,1657,1661,1664,1667,1671,1674,1677,1681,1684,1687,1691,1694,1697,1701,1704,1707,1711,1714,1717,1721,1724,1727,1731,1734,1737,1741,1744,1747,1751,1754,1757,1761,1764,1767,1771,1774,1777,1781,1784,1787,1791,1794,1797,1801,1804,1807,1811,1814,1817,1821,1824,1827,1831,1834,1837,1841,1844,1848,1851,1855,1858,1862,1865,1869,1872,1876,1879,1883,1886,1890,1893,1897,1900,1904,1907,1911,1914,1918,1921,1925,1928,1932,1935,1939,1942,1946,1949,1953,1956,1960,1963,1967,1970,1974,1977,1981,1984,1988,1991,1995,1998,2002,2005,2009,2012,2016,2019,2023,2026,2030,2033,2037,2040,2044,2047,2051,2054,2058,2061,2065,2068,2072,2075,2079,2082,2086,2089,2093,2096,2100,2103,2107,2110,2114,2117,2121,2124,2128,2131,2135,2138,2142,2145,2149,2152,2156,2159,2163,2166,2170,2173,2177,2180,2184,2187,2191,2194,2198,2201,2205,2208,2212,2215,2219,2222,2223,2226,2230,2233,2237,2240,2244,2247,2251,2254,2258,2261,2265,2268,2272,2275,2279,2282,2286,2289,2293,2296,2300,2303,2307,2311,2315,2319,2323,2327,2331,2335,2339,2343,2347,2351,2355,2359,2363,2367,2371,2375,2379,2383,2387,2391,2395,2399,2403,2407,2411,2415,2419,2423,2427,2431,2435,2439,2443,2447,2451,2455,2459,2463,2467,2471,2475,2479,2483,2487,2491,2495,2499,2503],{"title":1507,"slug":1508,"category":1491,"order":1509},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1511,"slug":1512,"category":1513,"order":1509},"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":1515,"slug":1516,"category":1517,"order":1509},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1519,"slug":1520,"category":1491,"order":1488},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1522,"slug":1523,"category":1513,"order":1488},"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":1525,"slug":1526,"category":1517,"order":1488},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1528,"slug":1529,"category":1491,"order":1530},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1532,"slug":1533,"category":1513,"order":1530},"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":1535,"slug":1536,"category":1517,"order":1530},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1538,"slug":1539,"category":1491,"order":1540},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1542,"slug":1543,"category":1513,"order":1540},"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":1545,"slug":1546,"category":1517,"order":1540},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1548,"slug":1549,"category":1491,"order":1550},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1552,"slug":1553,"category":1513,"order":1550},"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":1555,"slug":1556,"category":1517,"order":1550},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1558,"slug":1559,"category":1491,"order":1560},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1562,"slug":1563,"category":1513,"order":1560},"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":1565,"slug":1566,"category":1517,"order":1560},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1568,"slug":1569,"category":1491,"order":1570},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1572,"slug":1573,"category":1513,"order":1570},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1575,"slug":1576,"category":1517,"order":1570},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1578,"slug":1579,"category":1491,"order":1580},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1582,"slug":1583,"category":1513,"order":1580},"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":1585,"slug":1586,"category":1517,"order":1580},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1588,"slug":1589,"category":1491,"order":1590},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1592,"slug":1593,"category":1513,"order":1590},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1595,"slug":1596,"category":1517,"order":1590},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1598,"slug":1599,"category":1491,"order":1600},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1602,"slug":1603,"category":1513,"order":1600},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1605,"slug":1606,"category":1517,"order":1600},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1608,"slug":1609,"category":1491,"order":1610},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1612,"slug":1613,"category":1513,"order":1610},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1615,"slug":1616,"category":1517,"order":1610},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1618,"slug":1619,"category":1491,"order":1620},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1622,"slug":1623,"category":1513,"order":1620},"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":1625,"slug":1626,"category":1517,"order":1620},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1628,"slug":1629,"category":1491,"order":1630},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1632,"slug":1633,"category":1513,"order":1630},"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":1635,"slug":1636,"category":1517,"order":1630},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1638,"slug":1639,"category":1491,"order":1640},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1642,"slug":1643,"category":1513,"order":1640},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1645,"slug":1646,"category":1517,"order":1640},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1648,"slug":1649,"category":1491,"order":1650},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1652,"slug":1653,"category":1513,"order":1650},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1655,"slug":1656,"category":1517,"order":1650},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1658,"slug":1659,"category":1491,"order":1660},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1662,"slug":1663,"category":1513,"order":1660},"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":1665,"slug":1666,"category":1517,"order":1660},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1668,"slug":1669,"category":1491,"order":1670},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1672,"slug":1673,"category":1513,"order":1670},"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":1675,"slug":1676,"category":1517,"order":1670},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1678,"slug":1679,"category":1491,"order":1680},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1682,"slug":1683,"category":1513,"order":1680},"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":1685,"slug":1686,"category":1517,"order":1680},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1688,"slug":1689,"category":1491,"order":1690},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1692,"slug":1693,"category":1513,"order":1690},"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":1695,"slug":1696,"category":1517,"order":1690},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1698,"slug":1699,"category":1491,"order":1700},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1702,"slug":1703,"category":1513,"order":1700},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1705,"slug":1706,"category":1517,"order":1700},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1708,"slug":1709,"category":1491,"order":1710},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1712,"slug":1713,"category":1513,"order":1710},"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":1715,"slug":1716,"category":1517,"order":1710},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1718,"slug":1719,"category":1491,"order":1720},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1722,"slug":1723,"category":1513,"order":1720},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1725,"slug":1726,"category":1517,"order":1720},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1728,"slug":1729,"category":1491,"order":1730},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1732,"slug":1733,"category":1513,"order":1730},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1735,"slug":1736,"category":1517,"order":1730},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1738,"slug":1739,"category":1491,"order":1740},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1742,"slug":1743,"category":1513,"order":1740},"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":1745,"slug":1746,"category":1517,"order":1740},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1748,"slug":1749,"category":1491,"order":1750},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":1752,"slug":1753,"category":1513,"order":1750},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":1755,"slug":1756,"category":1517,"order":1750},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1758,"slug":1759,"category":1491,"order":1760},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":1762,"slug":1763,"category":1513,"order":1760},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":1765,"slug":1766,"category":1517,"order":1760},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1768,"slug":1769,"category":1491,"order":1770},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":1772,"slug":1773,"category":1513,"order":1770},"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":1775,"slug":1776,"category":1517,"order":1770},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1778,"slug":1779,"category":1491,"order":1780},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":1782,"slug":1783,"category":1513,"order":1780},"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":1785,"slug":1786,"category":1517,"order":1780},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1788,"slug":1789,"category":1491,"order":1790},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1792,"slug":1793,"category":1513,"order":1790},"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":1795,"slug":1796,"category":1517,"order":1790},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1798,"slug":1799,"category":1491,"order":1800},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1802,"slug":1803,"category":1513,"order":1800},"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":1805,"slug":1806,"category":1517,"order":1800},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1808,"slug":1809,"category":1491,"order":1810},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1812,"slug":1813,"category":1513,"order":1810},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1815,"slug":1816,"category":1517,"order":1810},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1818,"slug":1819,"category":1491,"order":1820},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1822,"slug":1823,"category":1513,"order":1820},"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":1825,"slug":1826,"category":1517,"order":1820},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1828,"slug":1829,"category":1491,"order":1830},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1832,"slug":1833,"category":1513,"order":1830},"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":1835,"slug":1836,"category":1517,"order":1830},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1838,"slug":1839,"category":1491,"order":1840},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1842,"slug":1843,"category":1513,"order":1840},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1845,"slug":1846,"category":1491,"order":1847},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1849,"slug":1850,"category":1513,"order":1847},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1852,"slug":1853,"category":1491,"order":1854},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1856,"slug":1857,"category":1513,"order":1854},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1859,"slug":1860,"category":1491,"order":1861},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1863,"slug":1864,"category":1513,"order":1861},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1866,"slug":1867,"category":1491,"order":1868},"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":1870,"slug":1871,"category":1513,"order":1868},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1873,"slug":1874,"category":1491,"order":1875},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1877,"slug":1878,"category":1513,"order":1875},"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":1880,"slug":1881,"category":1491,"order":1882},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1884,"slug":1885,"category":1513,"order":1882},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1887,"slug":1888,"category":1491,"order":1889},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1891,"slug":1892,"category":1513,"order":1889},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1894,"slug":1895,"category":1491,"order":1896},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1898,"slug":1899,"category":1513,"order":1896},"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":1901,"slug":1902,"category":1491,"order":1903},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1905,"slug":1906,"category":1513,"order":1903},"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":1908,"slug":1909,"category":1491,"order":1910},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1912,"slug":1913,"category":1513,"order":1910},"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":1915,"slug":1916,"category":1491,"order":1917},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1919,"slug":1920,"category":1513,"order":1917},"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":1922,"slug":1923,"category":1491,"order":1924},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1926,"slug":1927,"category":1513,"order":1924},"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":1929,"slug":1930,"category":1491,"order":1931},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1933,"slug":1934,"category":1513,"order":1931},"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":1936,"slug":1937,"category":1491,"order":1938},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1940,"slug":1941,"category":1513,"order":1938},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1943,"slug":1944,"category":1491,"order":1945},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1947,"slug":1948,"category":1513,"order":1945},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1950,"slug":1951,"category":1491,"order":1952},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1954,"slug":1955,"category":1513,"order":1952},"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":1957,"slug":1958,"category":1491,"order":1959},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1961,"slug":1962,"category":1513,"order":1959},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1964,"slug":1965,"category":1491,"order":1966},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1968,"slug":1969,"category":1513,"order":1966},"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":1971,"slug":1972,"category":1491,"order":1973},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1975,"slug":1976,"category":1513,"order":1973},"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":1978,"slug":1979,"category":1491,"order":1980},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1982,"slug":1983,"category":1513,"order":1980},"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":1985,"slug":1986,"category":1491,"order":1987},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1989,"slug":1990,"category":1513,"order":1987},"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":1992,"slug":1993,"category":1491,"order":1994},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1996,"slug":1997,"category":1513,"order":1994},"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":1999,"slug":2000,"category":1491,"order":2001},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2003,"slug":2004,"category":1513,"order":2001},"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":2006,"slug":2007,"category":1491,"order":2008},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2010,"slug":2011,"category":1513,"order":2008},"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":2013,"slug":2014,"category":1491,"order":2015},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2017,"slug":2018,"category":1513,"order":2015},"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":2020,"slug":2021,"category":1491,"order":2022},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2024,"slug":2025,"category":1513,"order":2022},"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":2027,"slug":2028,"category":1491,"order":2029},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2031,"slug":2032,"category":1513,"order":2029},"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":2034,"slug":2035,"category":1491,"order":2036},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2038,"slug":2039,"category":1513,"order":2036},"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":2041,"slug":2042,"category":1491,"order":2043},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2045,"slug":2046,"category":1513,"order":2043},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2048,"slug":2049,"category":1491,"order":2050},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2052,"slug":2053,"category":1513,"order":2050},"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":2055,"slug":2056,"category":1491,"order":2057},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2059,"slug":2060,"category":1513,"order":2057},"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":2062,"slug":2063,"category":1491,"order":2064},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2066,"slug":2067,"category":1513,"order":2064},"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":2069,"slug":2070,"category":1491,"order":2071},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2073,"slug":2074,"category":1513,"order":2071},"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":2076,"slug":2077,"category":1491,"order":2078},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2080,"slug":2081,"category":1513,"order":2078},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2083,"slug":2084,"category":1491,"order":2085},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2087,"slug":2088,"category":1513,"order":2085},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2090,"slug":2091,"category":1491,"order":2092},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2094,"slug":2095,"category":1513,"order":2092},"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":2097,"slug":2098,"category":1491,"order":2099},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2101,"slug":2102,"category":1513,"order":2099},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2104,"slug":2105,"category":1491,"order":2106},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2108,"slug":2109,"category":1513,"order":2106},"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":2111,"slug":2112,"category":1491,"order":2113},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2115,"slug":2116,"category":1513,"order":2113},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2118,"slug":2119,"category":1491,"order":2120},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2122,"slug":2123,"category":1513,"order":2120},"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":2125,"slug":2126,"category":1491,"order":2127},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2129,"slug":2130,"category":1513,"order":2127},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2132,"slug":2133,"category":1491,"order":2134},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2136,"slug":2137,"category":1513,"order":2134},"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":2139,"slug":2140,"category":1491,"order":2141},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2143,"slug":2144,"category":1513,"order":2141},"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":2146,"slug":2147,"category":1491,"order":2148},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2150,"slug":2151,"category":1513,"order":2148},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2153,"slug":2154,"category":1491,"order":2155},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2157,"slug":2158,"category":1513,"order":2155},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2160,"slug":2161,"category":1491,"order":2162},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2164,"slug":2165,"category":1513,"order":2162},"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":2167,"slug":2168,"category":1491,"order":2169},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2171,"slug":2172,"category":1513,"order":2169},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2174,"slug":2175,"category":1491,"order":2176},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2178,"slug":2179,"category":1513,"order":2176},"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":2181,"slug":2182,"category":1491,"order":2183},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2185,"slug":2186,"category":1513,"order":2183},"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":2188,"slug":2189,"category":1491,"order":2190},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2192,"slug":2193,"category":1513,"order":2190},"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":2195,"slug":2196,"category":1491,"order":2197},"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":2199,"slug":2200,"category":1513,"order":2197},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2202,"slug":2203,"category":1491,"order":2204},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2206,"slug":2207,"category":1513,"order":2204},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2209,"slug":2210,"category":1491,"order":2211},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2213,"slug":2214,"category":1513,"order":2211},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":2216,"slug":2217,"category":1491,"order":2218},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2220,"slug":2221,"category":1513,"order":2218},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":5,"slug":1501,"category":1491,"order":1497},{"title":2224,"slug":2225,"category":1513,"order":1497},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2227,"slug":2228,"category":1491,"order":2229},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2231,"slug":2232,"category":1513,"order":2229},"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":2234,"slug":2235,"category":1491,"order":2236},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2238,"slug":2239,"category":1513,"order":2236},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2241,"slug":2242,"category":1491,"order":2243},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2245,"slug":2246,"category":1513,"order":2243},"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":2248,"slug":2249,"category":1491,"order":2250},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":2252,"slug":2253,"category":1513,"order":2250},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2255,"slug":2256,"category":1491,"order":2257},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2259,"slug":2260,"category":1513,"order":2257},"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":2262,"slug":2263,"category":1491,"order":2264},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2266,"slug":2267,"category":1513,"order":2264},"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":2269,"slug":2270,"category":1491,"order":2271},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2273,"slug":2274,"category":1513,"order":2271},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2276,"slug":2277,"category":1491,"order":2278},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2280,"slug":2281,"category":1513,"order":2278},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2283,"slug":2284,"category":1491,"order":2285},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2287,"slug":2288,"category":1513,"order":2285},"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":2290,"slug":2291,"category":1491,"order":2292},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2294,"slug":2295,"category":1513,"order":2292},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2297,"slug":2298,"category":1491,"order":2299},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2301,"slug":2302,"category":1513,"order":2299},"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":2304,"slug":2305,"category":1513,"order":2306},"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":2308,"slug":2309,"category":1513,"order":2310},"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":2312,"slug":2313,"category":1513,"order":2314},"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":2316,"slug":2317,"category":1513,"order":2318},"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":2320,"slug":2321,"category":1513,"order":2322},"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":2324,"slug":2325,"category":1513,"order":2326},"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":2328,"slug":2329,"category":1513,"order":2330},"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":2332,"slug":2333,"category":1513,"order":2334},"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":2336,"slug":2337,"category":1513,"order":2338},"巴菲特：2014年CNBC 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年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":2384,"slug":2385,"category":1513,"order":2386},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":2388,"slug":2389,"category":1513,"order":2390},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":2392,"slug":2393,"category":1513,"order":2394},"巴菲特：2017年接受PBS 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