[{"data":1,"prerenderedAt":2662},["ShallowReactive",2],{"library-2017-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1126,"library-sidebar-dao":2128,"library-sidebar-models":2430},{"id":4,"title":5,"body":6,"category":1112,"date":1113,"description":1114,"extension":1115,"meta":1116,"navigation":1117,"order":1118,"path":1119,"seo":1120,"seoDescription":1114,"seoTitle":1121,"slug":1122,"stem":1123,"__hash__":1124,"_collection":1125},"buffett\u002Fbuffett\u002Fberkshire\u002F2017-ba-fei-te-zhi-gu-dong-xin.md","2017 巴菲特致股东信",{"type":7,"value":8,"toc":1108},"minimark",[9,13,20,796,810,813,816,819,822,830,833,840,843,850,853,860,863,866,873,876,886,893,896,903,906,909,924,935,942,945,948,955,958,961,964,967,970,980,983,986,989,996,999,1002,1005,1016,1019,1022,1025,1028,1031,1034,1037,1040,1047,1065,1068,1075,1078,1081,1084,1087,1090,1093,1096,1099,1102,1105],[10,11,5],"h1",{"id":12},"_2017-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",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,227,241,255,269,283,297,310,324,338,352,366,379,393,407,421,434,448,462,476,489,503,517,531,545,558,571,584,598,611,624,635,649,663,676,689,703,716,730,743,756,768,782],"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],{},[27,757,758,761,763,765],{},[48,759,760],{},"2017",[48,762,488],{},[48,764,192],{},[48,766,767],{},"21.8",[27,769,770,773,776,779],{},[48,771,772],{},"年复合增长率——1965至2017年",[48,774,775],{},"19.1%",[48,777,778],{},"20.9%",[48,780,781],{},"9.9%",[27,783,784,787,790,793],{},[48,785,786],{},"累计总收益——1964至2017年",[48,788,789],{},"1,088,029%",[48,791,792],{},"2,404,748%",[48,794,795],{},"15,508%",[14,797,798,801,802,805,806,809],{},[17,799,800],{},"注："," 数据按日历年度统计，以下年份除外：1965年和1966年为截至9月30日的会计年度；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计价其持有的股票投资，此前的规定是按成本与市价孰低法入账。本表中，1978年及之前伯克希尔的业绩数据已按新规则进行了重述。其他方面的数据均采用最初报告的数字。标普500指数的数据为",[17,803,804],{},"税前","收益，而伯克希尔的数据为",[17,807,808],{},"税后","收益。如果像伯克希尔这样的公司只是简单地持有标普500指数并计提相应的税款，那么在指数取得正收益的年份，公司的业绩将落后于指数；而在指数收益为负的年份，公司的业绩则将超越指数。长年累月下来，税收成本会造成相当大的累计落后幅度。",[14,811,812],{},"去年我们还是完成了一笔明智的独立收购——收购了飞行员旅行中心 (Pilot Flying J，简称\"PFJ\") 38.6%的合伙权益。这家公司年销售额约200亿美元，是全美遥遥领先的卡车旅行中心运营商。",[14,814,815],{},"PFJ从创立之初就由了不起的哈斯拉姆家族 (Haslam) 经营。60年前，\"老吉姆\"·哈斯拉姆 (Big Jim Haslam) 靠着一个加油站和一腔梦想起步。如今他的儿子吉米 (Jimmy) 管理着遍布北美约750个网点的2.7万名员工。伯克希尔已与哈斯拉姆家族达成合同协议，将在2023年把PFJ的合伙权益提高到80%；届时哈斯拉姆家族将持有剩余的20%。伯克希尔非常高兴能成为他们的合伙人。",[14,817,818],{},"当你开车上州际公路时，欢迎顺道来看看。PFJ既卖汽油也卖柴油，食物也很不错。如果跑了一整天的长途，别忘了我们的网点还有5,200个淋浴设施。",[14,820,821],{},"浮存金的不利面在于它伴随着风险，有时甚至是滔天大浪般的风险。保险业中看似可预测的东西可能完全出乎意料。以赫赫有名的劳合社 (Lloyds) 保险市场为例，它在长达三个世纪里业绩不错。但到了1980年代，几条长尾保险业务线暴露出巨大的潜伏问题，一度威胁到其传奇的运营。（我必须补充一句，他们后来已经完全恢复了。）",[14,823,824,825,829],{},"伯克希尔的保险经理人都是保守谨慎的承保人，他们所处的企业文化长期以来一直将这些品质放在首位。这种自律的行为在大多数年份都实现了承保盈利，在这些年里，我们的浮存金成本低于零。实际上，我们",[826,827,828],"em",{},"反而","因为持有前面表格中所列的那些巨额浮存金而获得了报酬。",[14,831,832],{},"不过我也提醒过你们，近些年我们运气一直不错，行业经历的这段巨灾稀少期并非新常态。去年9月的事实证明了这一点——三场强飓风接连袭击了得克萨斯州、佛罗里达州和波多黎各。",[14,834,835,836,839],{},"我目前估计，这些飓风造成的保险损失大约在1,000亿美元左右。不过这个数字可能",[826,837,838],{},"远远","不够准确。绝大多数特大灾难的惯例是，最初的损失估计都偏低。正如知名分析师V.J.·道林 (V.J. Dowling) 所指出的那样，保险公司的损失准备金就像是自己给自己打分的考试。无知、一厢情愿、甚至偶尔的弄虚作假，都可能使保险公司的财务状况在很长一段时间内失真。",[14,841,842],{},"我们目前估计伯克希尔在三场飓风中的损失约为30亿美元（税后约20亿美元）。如果这个估计和我对行业1,000亿美元的损失估计都大致准确的话，我们在行业损失中占比约3%。我认为这一比例也是我们在未来美国特大巨灾中合理预期的损失份额。",[14,844,845,846,849],{},"值得注意的是，三场飓风造成的20亿美元税后净损失，使伯克希尔GAAP口径下的净资产减少了不到1%。再保险行业中的许多其他公司，净资产损失幅度在7%到超过15%不等。对它们来说，情况本可以",[826,847,848],{},"糟糕得多","：如果艾尔玛 (Irma) 飓风穿越佛罗里达的路径稍微偏东一些，保险损失很可能会再增加1,000亿美元。",[14,851,852],{},"我们认为，美国每年发生造成4,000亿美元或以上保险损失的特大巨灾的概率约为2%。当然，没有人知道准确的概率。但我们确实知道，由于灾害易发地区建筑物的数量和价值都在增长，这一风险随着时间的推移在不断上升。",[14,854,855,856,859],{},"没有哪家公司能像伯克希尔一样为4,000亿美元的特大巨灾做好充分的财务准备。我们在此类损失中的份额大约是120亿美元左右，远低于我们预期每年从非保险业务中获得的收益。与此同时，财产意外险行业中的大部分——甚至可能是绝大部分——公司都将破产。我们无与伦比的财务实力解释了为什么其他财产意外险公司要来伯克希尔——也",[826,857,858],{},"只能","来伯克希尔——购买大额再保险，以应对遥远的未来它们可能不得不支付的大额赔偿。",[14,861,862],{},"2017年之前，伯克希尔保险业务已连续14年实现承保盈利，累计税前收益达283亿美元。我经常告诉你们，我预计伯克希尔在大多数年份能实现承保盈利，但也会不时遭遇亏损。我的警告在2017年成为了现实——我们因承保亏损了32亿美元（税前）。",[14,864,865],{},"有关我们各类保险业务的更多信息，请参阅本报告附录的10-K表格。我在此唯一要补充的一点是：你们拥有一批杰出的经理人，在我们的各项财产意外险业务中为你们效力。这是一个没有商业秘密、专利或地理优势的行业。最重要的是头脑和资本。我们旗下各保险公司的经理人贡献了头脑，伯克希尔提供了资本。",[14,867,868,869,872],{},"查理和我把伯克希尔持有的有价证券视为对",[826,870,871],{},"企业","的所有权，而不是根据\"技术图形\"、分析师\"目标价\"或媒体专家的意见来买卖的股票代码。相反，我们只是相信，如果被投资企业的经营是成功的（我们相信大多数都会如此），那我们的投资也将是成功的。有时我们的回报会比较温和；偶尔收银机会响个不停。有时我也会犯下代价高昂的错误。总体而言——随着时间的推移——我们应该能取得不错的成绩。在美国，股票投资者是顺风而行的。",[14,874,875],{},"从我们的股票投资组合中——你们可以把我们的持仓称为对一个多元化上市企业集团的\"少数股东权益\"——伯克希尔在2017年收到了37亿美元的股息。这个数字已包含在我们的GAAP收益中，也包含在我们在季报和年报中提及的\"经营收益\"中。",[14,877,878,879,881,882,885],{},"但是，这个股息数字",[826,880,838],{},"低估了我们所持股票的\"真实\"收益。几十年来，我们一直在\"股东商业原则\"第六条中声明（见第19页），我们预期被投资公司的",[826,883,884],{},"未分配","收益将通过后续的资本增值为我们带来至少等量的回报。",[14,887,888,889,892],{},"我们确认的资本损益将是不均匀的，尤其是我们将遵循新GAAP准则，要求我们持续记录",[826,890,891],{},"未实现","损益。但我有信心，随着时间推移，被投资公司的留存收益——将所有被投资公司视为一个整体——终将转化为伯克希尔相应的资本增值。",[14,894,895],{},"我刚才描述的价值积累与留存收益之间的联系，在短期内是不可能看出来的。股价暴涨暴跌，似乎与逐年积累的内在价值毫无关系。然而随着时间推移，本杰明·格雷厄姆 (Ben Graham) 那句广为引用的格言终会被证明是对的：\"短期来看，市场是一台投票机；但从长远来看，它是一台称重机。\"",[14,897,898,899,902],{},"这场赌约还揭示了另一个重要的投资教训：虽然市场总体上是理性的，但偶尔也会做出疯狂的事情。抓住市场在那些时刻提供的机会，",[826,900,901],{},"不","需要很高的智商、经济学学位，也不需要懂什么Alpha和Beta之类的华尔街术语。投资者真正需要的是一种能力——既能无视乌合之众的恐惧或狂热，又能专注于几个简单的基本面要素。另外，愿意在相当长的时间里表现得毫无新意——甚至看起来像个傻子——也是不可或缺的。",[14,904,905],{},"最初，门徒合伙和我各自购买了面值50万美元的零息美国国债（有时称为\"剥离债券 (strips)\"），为最终100万美元的赌金提供资金。这些债券让我们每人花了318,250美元——略低于面值的六四折——50万美元将在十年后支付。",[14,907,908],{},"顾名思义，我们买的这种债券不支付利息，但（因为购买时有折价）如果持有至到期，年化回报率为4.56%。门徒合伙和我最初的计划只是每年统计回报率，并在2017年底债券到期时把100万美元捐给获胜方选定的慈善机构。",[14,910,911,912,915,916,919,920,923],{},"然而，购买之后债券市场发生了一些非常奇怪的事情。到2012年11月，我们的债券——距到期还有大约五年——已经涨到了面值的",[826,913,914],{},"95.7%","。按",[826,917,918],{},"这个","价格，其到期年化收益率不到1%。确切地说，是",[826,921,922],{},"0.88%","。",[14,925,926,927,930,931,934],{},"考虑到这个可怜的回报率，与美国股票相比，我们的债券已经变成了一项愚蠢的——",[826,928,929],{},"真正","愚蠢的——投资。长期来看，标普500指数——代表了美国企业的一个巨大横截面，按市值适当加权——股东权益（净资产）的年化回报率",[826,932,933],{},"远超","10%。",[14,936,937,938,941],{},"2012年11月，当我们权衡这一切时，标普500指数的股息",[826,939,940],{},"现金","收益率约为年化2.5%，大约是我们那只国债收益率的三倍。而且这些股息几乎肯定还会增长。除此之外，构成标普500的企业还留存了巨额收益。这些企业会用留存收益来扩大业务，而且经常还会回购自家股票。这两种做法随着时间推移都会大幅提高每股收益。而且——正如1776年以来一直如此的那样——不管眼下遇到什么问题，美国经济都会继续向前发展。",[14,943,944],{},"面对2012年底债券与股票之间如此异常的估值错配，门徒合伙和我决定卖掉五年前买的债券，用所得资金买入11,200股伯克希尔B股。结果是：奥马哈女孩公司上个月收到了2,222,279美元，而不是最初期望的100万美元。",[14,946,947],{},"需要强调的是，自2012年进行这一转换以来，伯克希尔的股票表现并不算出色。但出色并非必要：毕竟，伯克希尔的收益只需要超过债券年化0.88%的那个可怜的标杆就行——这远算不上什么赫拉克勒斯式的壮举。",[14,949,950,951,954],{},"从债券转为伯克希尔股票的唯一风险在于，2017年底恰好赶上一个异常疲弱的股市。门徒合伙和我都认为这种可能性（虽然",[826,952,953],{},"始终","存在）非常小。两个因素支撑了这一判断：2012年底伯克希尔的估值合理，以及在赌约到期前的五年里伯克希尔几乎必然会实现大量的资产积累。尽管如此，为了完全消除这次转换给慈善机构带来的风险，我同意如果2017年底出售这11,200股伯克希尔B股不能产生至少100万美元的收益，我将补足差额。",[14,956,957],{},"来自我们赌约的最后一课：坚持做重大而\"简单\"的决策，避免频繁折腾。在十年赌约期间，那200多位对冲基金经理几乎肯定做出了数以万计的买卖决策。毫无疑问，大多数经理都对每一个决策深思熟虑，认为每一步都会被证明是有利的。在投资过程中，他们研究10-K报表、访谈管理层、研读行业期刊、与华尔街分析师交流意见。",[14,959,960],{},"与此同时，门徒合伙和我在十年里只做了一个投资决策，既不靠深入研究，也不靠独到洞见，更不靠什么天才。我们只是决定以超过100倍\"市盈率\"的价格卖掉债券投资（95.7的卖价 \u002F 0.88的收益率），而且这些\"收益\"在接下来五年里不可能增长。",[14,962,963],{},"我们卖出债券是为了将资金转入单一的一只证券——伯克希尔——而这家公司又拥有一个多元化的稳健企业组合。在留存收益的推动下，伯克希尔的价值增长不太可能低于年化8%，哪怕我们要经历一个平淡无奇的经济周期。",[14,965,966],{},"做完了这番幼儿园水平的分析，门徒合伙和我完成了转换，然后就安心地坐下来了。我们深信，随着时间推移，8%肯定能大幅击败0.88%。事实也确实如此。",[10,968,969],{"id":969},"年度股东大会",[14,971,972,973,979],{},"年度股东大会定于5月5日举行，雅虎 (Yahoo!) 将再次进行网络直播，网址为 ",[974,975,976],"a",{"href":976,"rel":977},"https:\u002F\u002Ffinance.yahoo.com\u002Fbrklivestream",[978],"nofollow","。直播将于美国中部夏令时上午8:45开始。雅虎将在会前和午休期间采访公司董事、经理人、股东和各界名人。采访和会议将同步翻译为中文。",[14,981,982],{},"我们与雅虎的合作始于2016年，股东们的反响十分热烈。去年实时收看人数增长了72%，达到约310万，而短视频片段的回放次数累计达1,710万。",[14,984,985],{},"对于亲身到场的参会者，世纪互联中心 (CenturyLink) 的大门将于周六上午7:00开放，以便大家在8:30股东电影开播前购物。问答环节将于9:15开始，持续至下午3:30，中午有一小时午餐时间。最后，下午3:45将开始正式的股东大会，通常持续15至45分钟。购物时间在下午4:30结束。",[14,987,988],{},"5月4日（周五），伯克希尔在世纪互联中心的展区将从中午12点开放至下午5点。2015年我们新增了这段额外的购物时间，热衷购物的朋友们对此赞不绝口。去年周五开放的五个小时里，大约有1.2万人涌入了展区。",[14,990,991,992,995],{},"购物的场地是毗邻会场的一个面积为194,300平方英尺的大厅，数十家伯克希尔子公司的产品将在这里",[826,993,994],{},"出售","。（你们的董事长可不提倡免费赠品。）跟站在各自展位前的众多伯克希尔经理们打个招呼吧。还一定要去看看精彩的BNSF铁路模型展示，它向我们所有的公司致敬。",[14,997,998],{},"我们旗下的跑鞋公司布鲁克斯 (Brooks) 将再次在会上推出一款特别纪念版跑鞋。买一双穿上，周日上午8点来参加我们的第六届年度\"伯克希尔5公里跑\"——起点就在世纪互联中心。参赛的详细信息会随你的会议凭证一起寄出。参赛者们会发现自己与伯克希尔的许多经理人、董事和同仁并肩奔跑。（不过查理和我会睡懒觉；就算穿上布鲁克斯跑鞋，我们的成绩也会让人不好意思说出口。）5公里跑的参与人数年年增长，来帮我们再创纪录吧。",[14,1000,1001],{},"盖可保险 (GEICO) 将在购物区设置展位，配备来自全国各地的多名顶级顾问。在去年的股东大会上，我们的保单销售量创下纪录，比2016年增长了43%。",[14,1003,1004],{},"所以一定要过来问问报价。在大多数情况下，盖可保险可以给你一个股东折扣（通常是8%）。这一特别优惠在我们运营的51个辖区中有44个适用。（补充一点：如果你已经享受了其他折扣——比如某些团体折扣——两者不可叠加。）带上你现有的保单信息来对比一下我们的价格。我们能为你们中的很多人省下实打实的钱。把省下来的钱花在其他伯克希尔产品上吧。",[14,1006,1007,1008,1011,1012,1015],{},"一定要去逛逛书虫书店 (Bookworm)。这家奥马哈本地的零售商将带来超过40种图书和DVD，其中有几本新书。伯克希尔的股东堪称书商的梦想客户：几年前《穷查理宝典》(",[826,1009,1010],{},"Poor Charlie's Almanack",")（没错，是",[826,1013,1014],{},"我们的","查理）首次亮相时，我们在会上就卖出了3,500本。这本书每本重4.85磅。来算个数：我们的股东们那天离开大楼时，带走了大约8.5吨芒格的智慧。",[14,1017,1018],{},"随本报告一起附上的委托书材料中，详细说明了如何获取参加会议和其他活动所需的入场凭证。请记住，大多数航空公司在伯克希尔周末期间都会大幅提高票价。如果你从远方赶来，比较一下飞堪萨斯城和飞奥马哈的费用。两个城市之间车程大约2.5小时，飞堪萨斯城可能会为你省下一大笔钱。一对夫妇节省的费用可达1,000美元甚至更多。把省下的钱花在我们这里吧。",[14,1020,1021],{},"在内布拉斯加家具店 (Nebraska Furniture Mart)——这家占地77英亩的卖场位于72街上、道奇 (Dodge) 和太平洋 (Pacific) 之间——我们将再次提供\"伯克希尔周末\"折扣价。要享受NFM的伯克希尔折扣，你必须在5月1日（周二）至5月7日（周一）期间购买（含首尾两天），并出示会议凭证。去年，这家店那一周的销售额达到了惊人的4,460万美元。在NFM，实体零售依然生机勃勃。",[14,1023,1024],{},"这段时间的特别定价甚至适用于几家顶级品牌制造商的产品。这些制造商通常对折扣有着铁一般的规定，但本着我们股东周末的精神，它们为你们破了例。我们感谢它们的配合。\"伯克希尔周末\"期间，NFM的营业时间为周一至周六上午10点至晚上9点，周日上午11点至晚上8点。周六下午5:30至8点，NFM将举办一场野餐会，欢迎所有人参加。",[14,1026,1027],{},"NFM还将把股东折扣延伸至堪萨斯城和达拉斯门店。从5月1日到5月7日，在这些门店出示会议凭证或其他伯克希尔持股证明（如券商对账单）的股东，将享受与奥马哈门店相同的折扣。",[14,1029,1030],{},"在波仙珠宝店 (Borsheims)，我们将再次举办两场仅面向股东的活动。第一场是5月4日（周五）下午6点至9点的鸡尾酒会。第二场——盛大的主活动——将于5月6日（周日）上午9点至下午4点举行。周六波仙将营业至下午6点。记住，买得越多，省得越多（至少我女儿是这么告诉我的，每次我们去这家店的时候）。",[14,1032,1033],{},"整个周末波仙都会人潮涌动。因此，为了各位的方便，股东价格的有效期为4月30日（周一）至5月12日（周六）。在此期间，请出示会议凭证或券商对账单以证明你的股东身份。",[14,1035,1036],{},"周日下午，在波仙楼上，我们将安排世界顶级桥牌专家鲍勃·哈曼 (Bob Hamman) 和莎朗·奥斯伯格 (Sharon Osberg) 与股东们切磋。如果他们提议在牌桌上下注，赶紧换个话题。阿吉特 (Ajit)、查理、比尔·盖茨 (Bill Gates) 和我也可能会顺道过来看看。",[14,1038,1039],{},"我的朋友邢延华 (Ariel Hsing) 周日也会在商场出现，在乒乓球台上迎战各路挑战者。我在她九岁时就认识她了，即便那时我也从没在她身上赢过一分。邢延华曾代表美国参加了2012年奥运会。如果你不怕丢脸的话，下午1点起来试试自己的身手吧。比尔·盖茨去年跟邢延华打得不错，所以他可能会再次应战。（我的建议是：把赌注押在邢延华身上。）我将仅以顾问身份参加。",[14,1041,1042,1043,1046],{},"戈拉特牛排馆 (Gorat's) 将于5月6日（周日）专门为伯克希尔股东开放，营业时间为中午12点至晚上10点。预订请于4月2日致电402-551-3733（",[826,1044,1045],{},"不要","提前）。想要展示你是一位老练的食客？那就点一份T骨牛排配土豆饼。",[14,1048,1049,1050,1055,1056,1060,1061,923],{},"我们将继续由同样三位财经记者主持股东大会的问答环节，他们会向查理和我提出股东通过电子邮件提交的问题。这三位记者及其邮箱分别是：她那个时代最杰出的商业记者卡罗尔·卢米斯 (Carol Loomis)，邮箱 ",[974,1051,1054],{"href":1052,"rel":1053},"https:\u002F\u002Flearnbuffett.com\u002Fcdn-cgi\u002Fl\u002Femail-protection#44282b2b292d3726362f042329252d286a272b29",[978],"[email protected]","；CNBC的贝基·奎克 (Becky Quick)，邮箱 ",[974,1057,1054],{"href":1058,"rel":1059},"https:\u002F\u002Flearnbuffett.com\u002Fcdn-cgi\u002Fl\u002Femail-protection#307255425b43585942556145554344595f5e4370535e52531e535f5d",[978],"；以及《纽约时报》的安德鲁·罗斯·索尔金 (Andrew Ross Sorkin)，邮箱 ",[974,1062,1054],{"href":1063,"rel":1064},"https:\u002F\u002Flearnbuffett.com\u002Fcdn-cgi\u002Fl\u002Femail-protection#2647545549544d4f4866485f524f4b43550845494b",[978],[14,1066,1067],{},"每位记者将从收到的问题中挑选他或她认为对股东最有趣、最重要的6个。记者们告诉我，如果你的问题简洁明了、不要在最后时刻才提交、与伯克希尔相关、每封邮件不超过两个问题，那么被选中的概率最高。（请在邮件中注明，如果你的问题被选中，是否希望提及你的姓名。）",[14,1069,1070,1071,1074],{},"另外还有三位跟踪伯克希尔的分析师会提出一系列问题。今年的保险行业专家是道林合伙公司 (Dowling & Partners) 的加里·兰瑟姆 (Gary Ransom)。有关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) 和晨星公司 (Morningstar) 的格雷格·沃伦 (Gregg Warren) 提出。既然这是一场",[826,1072,1073],{},"股东","大会，我们希望分析师和记者提出的问题能够加深股东们对自身投资的理解和认识。",[14,1076,1077],{},"查理和我对即将面对的问题连一点线索都不会提前知道。有些问题肯定很刁钻，但这正是我们喜欢的方式。不允许一人连问多题；我们希望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场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。",[14,1079,1080],{},"总体而言，我们预计至少会有54个问题——每位分析师和记者6个，观众18个。第54个问题之后，所有问题都来自现场观众。查理和我经常在3:30之前就回答了超过60个。",[14,1082,1083],{},"来自观众的提问者将通过11次抽签选出，抽签于年会当日上午8:15举行。安装在主会场和溢出会场的11个麦克风，每个对应一次抽签。",[14,1085,1086],{},"说到让我们的股东增长知识，让我提醒你们，查理和我认为所有股东都应当同时获取伯克希尔发布的新信息，如果可能的话，还应有充足的时间在交易发生之前消化和分析这些信息。这就是为什么我们尽量在周五晚些时候或周六早上发布财务数据，也是为什么我们的年度股东大会总是安排在周六（这一天也有助于缓解交通和停车问题）。",[14,1088,1089],{},"我们不会像通常做法那样与大型机构投资者或分析师进行一对一的沟通，我们对待他们与对待所有其他股东完全一样。对我们来说，没有谁比那些资源有限却把自己积蓄的很大一部分托付给我们的小股东更重要。当我管理公司日常事务的时候——当我写这封信的时候——我脑海中浮现的就是这些股东的面孔。",[14,1091,1092],{},"我把最好的留到了最后。2018年初，伯克希尔董事会选举阿吉特·贾恩 (Ajit Jain) 和格雷格·阿贝尔 (Greg Abel) 为伯克希尔董事，并同时任命两人为副董事长。阿吉特现在负责保险业务，格雷格负责监管其余所有业务。查理和我将专注于投资和资本配置。",[14,1094,1095],{},"你和我都很幸运，有阿吉特和格雷格为我们效力。他们两位都在伯克希尔工作了数十年，伯克希尔的血液流淌在他们的血管里。每个人的品格都与他的才能相匹配。这就说明了一切。",[14,1097,1098],{},"5月5日来奥马哈吧——来这个资本主义的摇篮——与伯克希尔大家庭见面。我们所有人都期待你们的到来。",[14,1100,1101],{},"2018年2月24日",[14,1103,1104],{},"沃伦·巴菲特 (Warren E. Buffett)",[14,1106,1107],{},"董事会主席",{"title":1109,"searchDepth":1110,"depth":1110,"links":1111},"",2,[],"致股东信",null,"2017年巴菲特致股东信，分析投资收益、股票投资组合、保险业务表现及美国经济","md",{},true,90,"\u002Fbuffett\u002Fberkshire\u002F2017-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1114},"2017 巴菲特致股东信｜巴菲特","2017-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2017-ba-fei-te-zhi-gu-dong-xin","MPiFlMHA_pNmivXCcgrtqvVUhz3VmsGolIo8eACnSIA","buffett",[1127,1131,1135,1139,1142,1145,1148,1152,1155,1158,1162,1165,1168,1172,1175,1178,1182,1185,1188,1192,1195,1198,1202,1205,1208,1212,1215,1218,1222,1225,1228,1232,1235,1238,1242,1245,1248,1252,1255,1258,1262,1265,1268,1272,1275,1278,1282,1285,1288,1292,1295,1298,1302,1305,1308,1312,1315,1318,1322,1325,1328,1332,1335,1338,1342,1345,1348,1352,1355,1358,1362,1365,1368,1372,1375,1378,1382,1385,1388,1392,1395,1398,1402,1405,1408,1412,1415,1418,1422,1425,1428,1432,1435,1438,1442,1445,1448,1452,1455,1458,1462,1465,1469,1472,1476,1479,1483,1486,1490,1493,1497,1500,1504,1507,1511,1514,1518,1521,1525,1528,1532,1535,1539,1542,1546,1549,1553,1556,1560,1563,1567,1570,1574,1577,1581,1584,1588,1591,1595,1598,1602,1605,1609,1612,1616,1619,1623,1626,1630,1633,1637,1640,1644,1647,1651,1654,1658,1661,1665,1668,1672,1675,1679,1682,1686,1689,1693,1696,1700,1703,1707,1710,1714,1717,1721,1724,1728,1731,1735,1738,1742,1745,1749,1752,1756,1759,1763,1766,1770,1773,1777,1780,1784,1787,1791,1794,1798,1801,1805,1808,1812,1815,1819,1822,1826,1829,1833,1836,1840,1843,1847,1850,1851,1854,1858,1861,1865,1868,1872,1875,1879,1882,1886,1889,1893,1896,1900,1903,1907,1910,1914,1917,1921,1924,1928,1932,1936,1940,1944,1948,1952,1956,1960,1964,1968,1972,1976,1980,1984,1988,1992,1996,2000,2004,2008,2012,2016,2020,2024,2028,2032,2036,2040,2044,2048,2052,2056,2060,2064,2068,2072,2076,2080,2084,2088,2092,2096,2100,2104,2108,2112,2116,2120,2124],{"title":1128,"slug":1129,"category":1112,"order":1130},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1132,"slug":1133,"category":1134,"order":1130},"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":1136,"slug":1137,"category":1138,"order":1130},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1140,"slug":1141,"category":1112,"order":1110},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1143,"slug":1144,"category":1134,"order":1110},"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":1146,"slug":1147,"category":1138,"order":1110},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1149,"slug":1150,"category":1112,"order":1151},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1153,"slug":1154,"category":1134,"order":1151},"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":1156,"slug":1157,"category":1138,"order":1151},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1159,"slug":1160,"category":1112,"order":1161},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1163,"slug":1164,"category":1134,"order":1161},"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":1166,"slug":1167,"category":1138,"order":1161},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1169,"slug":1170,"category":1112,"order":1171},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1173,"slug":1174,"category":1134,"order":1171},"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":1176,"slug":1177,"category":1138,"order":1171},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1179,"slug":1180,"category":1112,"order":1181},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1183,"slug":1184,"category":1134,"order":1181},"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":1186,"slug":1187,"category":1138,"order":1181},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1189,"slug":1190,"category":1112,"order":1191},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1193,"slug":1194,"category":1134,"order":1191},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1196,"slug":1197,"category":1138,"order":1191},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1199,"slug":1200,"category":1112,"order":1201},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1203,"slug":1204,"category":1134,"order":1201},"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":1206,"slug":1207,"category":1138,"order":1201},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1209,"slug":1210,"category":1112,"order":1211},"1962年11月 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1505,"slug":1506,"category":1134,"order":1503},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1508,"slug":1509,"category":1112,"order":1510},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1512,"slug":1513,"category":1134,"order":1510},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1515,"slug":1516,"category":1112,"order":1517},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1519,"slug":1520,"category":1134,"order":1517},"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":1522,"slug":1523,"category":1112,"order":1524},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1526,"slug":1527,"category":1134,"order":1524},"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":1529,"slug":1530,"category":1112,"order":1531},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1533,"slug":1534,"category":1134,"order":1531},"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":1536,"slug":1537,"category":1112,"order":1538},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1540,"slug":1541,"category":1134,"order":1538},"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":1543,"slug":1544,"category":1112,"order":1545},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1547,"slug":1548,"category":1134,"order":1545},"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":1550,"slug":1551,"category":1112,"order":1552},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1554,"slug":1555,"category":1134,"order":1552},"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":1557,"slug":1558,"category":1112,"order":1559},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1561,"slug":1562,"category":1134,"order":1559},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1564,"slug":1565,"category":1112,"order":1566},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1568,"slug":1569,"category":1134,"order":1566},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1571,"slug":1572,"category":1112,"order":1573},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1575,"slug":1576,"category":1134,"order":1573},"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":1578,"slug":1579,"category":1112,"order":1580},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1582,"slug":1583,"category":1134,"order":1580},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1585,"slug":1586,"category":1112,"order":1587},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1589,"slug":1590,"category":1134,"order":1587},"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":1592,"slug":1593,"category":1112,"order":1594},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1596,"slug":1597,"category":1134,"order":1594},"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":1599,"slug":1600,"category":1112,"order":1601},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1603,"slug":1604,"category":1134,"order":1601},"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":1606,"slug":1607,"category":1112,"order":1608},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1610,"slug":1611,"category":1134,"order":1608},"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":1613,"slug":1614,"category":1112,"order":1615},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1617,"slug":1618,"category":1134,"order":1615},"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":1620,"slug":1621,"category":1112,"order":1622},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1624,"slug":1625,"category":1134,"order":1622},"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":1627,"slug":1628,"category":1112,"order":1629},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1631,"slug":1632,"category":1134,"order":1629},"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":1634,"slug":1635,"category":1112,"order":1636},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1638,"slug":1639,"category":1134,"order":1636},"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":1641,"slug":1642,"category":1112,"order":1643},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1645,"slug":1646,"category":1134,"order":1643},"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":1648,"slug":1649,"category":1112,"order":1650},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1652,"slug":1653,"category":1134,"order":1650},"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":1655,"slug":1656,"category":1112,"order":1657},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1659,"slug":1660,"category":1134,"order":1657},"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":1662,"slug":1663,"category":1112,"order":1664},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1666,"slug":1667,"category":1134,"order":1664},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1669,"slug":1670,"category":1112,"order":1671},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1673,"slug":1674,"category":1134,"order":1671},"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":1676,"slug":1677,"category":1112,"order":1678},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1680,"slug":1681,"category":1134,"order":1678},"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":1683,"slug":1684,"category":1112,"order":1685},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1687,"slug":1688,"category":1134,"order":1685},"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":1690,"slug":1691,"category":1112,"order":1692},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1694,"slug":1695,"category":1134,"order":1692},"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":1697,"slug":1698,"category":1112,"order":1699},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1701,"slug":1702,"category":1134,"order":1699},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1704,"slug":1705,"category":1112,"order":1706},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1708,"slug":1709,"category":1134,"order":1706},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1711,"slug":1712,"category":1112,"order":1713},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1715,"slug":1716,"category":1134,"order":1713},"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":1718,"slug":1719,"category":1112,"order":1720},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1722,"slug":1723,"category":1134,"order":1720},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1725,"slug":1726,"category":1112,"order":1727},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1729,"slug":1730,"category":1134,"order":1727},"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":1732,"slug":1733,"category":1112,"order":1734},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1736,"slug":1737,"category":1134,"order":1734},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1739,"slug":1740,"category":1112,"order":1741},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1743,"slug":1744,"category":1134,"order":1741},"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":1746,"slug":1747,"category":1112,"order":1748},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1750,"slug":1751,"category":1134,"order":1748},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1753,"slug":1754,"category":1112,"order":1755},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1757,"slug":1758,"category":1134,"order":1755},"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":1760,"slug":1761,"category":1112,"order":1762},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1764,"slug":1765,"category":1134,"order":1762},"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":1767,"slug":1768,"category":1112,"order":1769},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1771,"slug":1772,"category":1134,"order":1769},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1774,"slug":1775,"category":1112,"order":1776},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1778,"slug":1779,"category":1134,"order":1776},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1781,"slug":1782,"category":1112,"order":1783},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1785,"slug":1786,"category":1134,"order":1783},"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":1788,"slug":1789,"category":1112,"order":1790},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1792,"slug":1793,"category":1134,"order":1790},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1795,"slug":1796,"category":1112,"order":1797},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1799,"slug":1800,"category":1134,"order":1797},"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":1802,"slug":1803,"category":1112,"order":1804},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1806,"slug":1807,"category":1134,"order":1804},"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":1809,"slug":1810,"category":1112,"order":1811},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1813,"slug":1814,"category":1134,"order":1811},"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":1816,"slug":1817,"category":1112,"order":1818},"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":1820,"slug":1821,"category":1134,"order":1818},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1823,"slug":1824,"category":1112,"order":1825},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1827,"slug":1828,"category":1134,"order":1825},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1830,"slug":1831,"category":1112,"order":1832},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1834,"slug":1835,"category":1134,"order":1832},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1837,"slug":1838,"category":1112,"order":1839},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1841,"slug":1842,"category":1134,"order":1839},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1844,"slug":1845,"category":1112,"order":1846},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1848,"slug":1849,"category":1134,"order":1846},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":5,"slug":1122,"category":1112,"order":1118},{"title":1852,"slug":1853,"category":1134,"order":1118},"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":1855,"slug":1856,"category":1112,"order":1857},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1859,"slug":1860,"category":1134,"order":1857},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1862,"slug":1863,"category":1112,"order":1864},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1866,"slug":1867,"category":1134,"order":1864},"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":1869,"slug":1870,"category":1112,"order":1871},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1873,"slug":1874,"category":1134,"order":1871},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1876,"slug":1877,"category":1112,"order":1878},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1880,"slug":1881,"category":1134,"order":1878},"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":1883,"slug":1884,"category":1112,"order":1885},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1887,"slug":1888,"category":1134,"order":1885},"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":1890,"slug":1891,"category":1112,"order":1892},"2023 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