[{"data":1,"prerenderedAt":2158},["ShallowReactive",2],{"library-2021-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":622,"library-sidebar-dao":1624,"library-sidebar-models":1926},{"id":4,"title":5,"body":6,"category":608,"date":609,"description":610,"extension":611,"meta":612,"navigation":613,"order":614,"path":615,"seo":616,"seoDescription":610,"seoTitle":617,"slug":618,"stem":619,"__hash__":620,"_collection":621},"buffett\u002Fbuffett\u002Fberkshire\u002F2021-ba-fei-te-zhi-gu-dong-xin.md","2021 巴菲特致股东信",{"type":7,"value":8,"toc":597},"minimark",[9,13,20,23,26,29,32,35,38,42,45,48,51,55,58,68,76,79,82,85,88,91,94,99,102,109,112,115,118,121,124,127,136,139,147,150,155,158,161,164,167,492,495,498,501,504,507,510,513,516,519,522,525,528,531,534,537,540,543,546,549,552,555,558,561,564,567,570,573,576,579,582,585,588,591,594],[10,11,5],"h1",{"id":12},"_2021-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔·哈撒韦公司",[14,21,22],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 股东们：",[14,24,25],{},"我的长期合伙人查理·芒格 (Charlie Munger) 和我，承担着管理你们一部分积蓄的职责。能获得你们的信任，我们深感荣幸。",[14,27,28],{},"这份职责要求我们向你们汇报——如果我们是不在场的股东，而你们是管理者，我们会希望了解什么，我们就向你们汇报什么。我们很享受通过这封年度信以及年度股东大会与你们直接交流。",[14,30,31],{},"我们的原则是平等对待所有股东。因此，我们不会单独与证券分析师或大型机构进行讨论。在条件允许的情况下，我们还会选择在周六早上发布重要信息，以便股东和媒体在周一开盘前有充足的时间消化这些消息。",[14,33,34],{},"伯克希尔的详细财务数据和经营资料，都列示在公司按惯例向美国证券交易委员会 (S.E.C.) 提交的年度10-K文件中，我们在K-1至K-119页重新刊印了这些内容。有些股东可能会对这些细节数据津津有味；另一些股东则可能只想了解查理和我认为伯克希尔有什么新鲜有趣的事。",[14,36,37],{},"可惜啊，2021年这样新鲜有趣的事实在不多。不过，我们在提升你们股份的内在价值方面确实取得了合理的进展。这项工作是我57年来的首要职责，未来也将继续如此。",[39,40,41],"h2",{"id":41},"你们拥有什么",[14,43,44],{},"伯克希尔旗下有各种各样的生意，有些是100%控股的，有些只持有部分股权。第二类资产主要由我们持有的美国大型上市公司的普通股构成。此外，我们还持有少量非美国股票，并参与了若干合资企业或其他合作项目。",[14,46,47],{},"无论持有的形式如何，我们的目标始终是对那些既拥有持久经济优势、又拥有一流CEO的企业进行有意义的投资。请特别注意，我们持有股票是基于对公司长期经营表现的预期，而非将其视为随时买卖的交易工具。这一点至关重要：查理和我不是股票买手，我们是生意买手。",[14,49,50],{},"我犯过很多错误。因此，我们庞大的生意组合中，既有一些经济效益真正卓越的企业，也有许多具备良好经济特征的企业，还有少数表现平平的企业。我们持有普通股的一大优势在于——偶尔，你能以极好的价格买到优秀公司的一部分股权。这种\"瓮中捉鳖\"式的体验，在谈判收购中极为罕见，更不可能批量出现。而且，当你在公开市场上犯了错，纠正起来也容易得多。",[39,52,54],{"id":53},"惊喜惊喜","惊喜，惊喜",[14,56,57],{},"关于伯克希尔，以下几点经常让经验丰富的投资者也感到惊讶：",[59,60,61,65],"ul",{},[62,63,64],"li",{},"很多人把伯克希尔看作一个大型的、有些古怪的金融资产集合体。事实上，伯克希尔拥有并运营的美国\"基础设施\"资产——在资产负债表上归类为财产、厂房和设备——比任何其他美国公司都多。这种领先地位从来不是我们刻意追求的目标，但它已经成为一个事实。\n截至年末，这些国内基础设施资产在伯克希尔的资产负债表上价值1,580亿美元。这个数字去年还在增长，未来还会继续增长。伯克希尔永远都在建设。",[62,66,67],{},"每年，伯克希尔都要缴纳大量的联邦所得税。例如，2021年我们缴纳了33亿美元，而美国财政部报告的企业所得税总收入为4,020亿美元。此外，伯克希尔还要缴纳大量的州税和外国税。当伯克希尔的股东说\"我已经在公司里捐过钱了\"时，这话绝对经得起推敲。\n伯克希尔的历史生动地诠释了美国政府与企业之间那种看不见的、往往不被承认的财务合伙关系。我们的故事要从1955年初说起，当时伯克希尔精纺公司 (Berkshire Fine Spinning) 和哈撒韦制造公司 (Hathaway Manufacturing) 同意合并。在征求股东批准的文件中，这两家历史悠久的新英格兰纺织公司对合并寄予厚望。",[14,69,70,71,75],{},"比如，哈撒韦公司在征求文件中向股东保证：\"两家公司资源和管理层的合并，将打造出纺织业中最强大、最高效的企业之一。\"这一乐观观点得到了该公司顾问——雷曼兄弟 (Lehman Brothers) 的背书（没错，就是",[72,73,74],"em",{},"那个","雷曼兄弟）。",[14,77,78],{},"我敢肯定，合并完成的那天，对伯克希尔所在的福尔里弗 (Fall River) 和哈撒韦所在的新贝德福德 (New Bedford) 来说，都是欢天喜地的日子。然而，当乐队散场、银行家们打道回府之后，股东们收获的却是一场灾难。",[14,80,81],{},"合并后的九年里，伯克希尔的股东们眼睁睁看着公司的净资产从5,140万美元暴跌至2,210万美元。部分原因在于股票回购、不明智的分红和工厂关闭。但九年间数千名员工的辛勤劳动，也同样只换来了经营亏损。伯克希尔的困境并非个案：新英格兰纺织业已经悄悄步入了一场漫长而不可逆转的死亡行军。",[14,83,84],{},"合并后的这九年里，美国财政部也因伯克希尔的困境而受损。这一时期，公司总共只缴纳了337,359美元的所得税——可怜巴巴的每天100美元。",[14,86,87],{},"1965年初，一切开始改变。伯克希尔迎来了新的管理层，重新配置了可用资金，基本上把所有收益都投入到了各种好生意中，其中大部分在此后多年一直保持优秀。收益再投资加上复利的力量产生了奇妙的效果，股东们变得富有。",[14,89,90],{},"值得注意的是，伯克希尔的股东并非这次方向调整的唯一受益者。他们\"沉默的合伙人\"——美国财政部——随后从公司累计收取了数百亿美元的所得税。还记得当初每天100美元的日子吗？现在，伯克希尔每天向财政部缴纳大约900万美元。",[14,92,93],{},"公平地说，我们的股东应该承认——不，应该大声宣扬——伯克希尔的繁荣在很大程度上得益于它在美国经营。自1965年以来，即便没有伯克希尔，我们的国家照样会蓬勃发展。但如果离开了美国这片土地，伯克希尔绝不可能发展到今天的规模。当你看到美国国旗时，请道一声谢谢。",[59,95,96],{},[62,97,98],{},"从1967年以860万美元收购国民保险公司 (National Indemnity) 开始，伯克希尔已经成为保险\"浮存金\"领域的世界领导者——浮存金是我们持有并可以用于投资、但并不属于我们的资金。加上来自人寿保险业务的一小部分浮存金，伯克希尔的浮存金总额已从我们进入保险业时的1,900万美元增长到了1,470亿美元。\n到目前为止，这笔浮存金的使用成本还不到零。虽然有些年份，保险赔付加上运营费用超过了保费收入，但总体而言，在产生浮存金的55年承保业务中，我们获得了适度的利润。",[14,100,101],{},"同样重要的是，浮存金具有极强的粘性。保险业务的资金每天进进出出，但其总量不会骤然下降。因此，在运用浮存金进行投资时，我们可以着眼长远。",[14,103,104,105,108],{},"如果你对浮存金的概念还不太熟悉，我建议你参阅A-5页的详细说明。让我意外的是，去年我们的浮存金增加了90亿美元——这对伯克希尔的股东来说是重要的价值增长，尽管它",[72,106,107],{},"并未","反映在我们按通用会计准则 (GAAP) 编制的收益和净资产报表中。",[14,110,111],{},"我们保险业务创造的巨大价值，很大程度上要归功于伯克希尔在1986年有幸聘用了阿吉特·贾恩 (Ajit Jain)。我们第一次见面是在一个周六早上，我赶紧问阿吉特有什么保险行业经验。他回答说：\"没有。\"",[14,113,114],{},"我说：\"没有人是完美的。\"然后就聘用了他。那天真是我的幸运日：阿吉特实际上是最完美的人选。更棒的是，35年后他依然如此。",[14,116,117],{},"关于保险，最后说一点：我认为伯克希尔很可能——但远非确定——能在不产生长期承保亏损的前提下维持其浮存金。不过，我可以确定的是，未来有些年份我们一定会遭受承保损失，而且可能涉及非常大的金额。",[14,119,120],{},"伯克希尔在应对灾难性事件方面的实力是其他任何保险公司都无法企及的——在查理和我离开之后，这一优先级也将长期保持。",[39,122,123],{"id":123},"我们的四巨头",[14,125,126],{},"通过伯克希尔，我们的股东拥有几十家企业。其中一些企业本身又有一系列子公司。比如，马蒙集团 (Marmon) 旗下有超过100个独立业务，涵盖铁路车辆租赁到医疗设备制造等各个领域。",[59,128,129],{},[62,130,131,132,135],{},"尽管如此，我们\"四巨头\"公司的运营贡献了伯克希尔很大一部分价值。排在首位的是我们的保险公司集群。伯克希尔实际上100%拥有这个集群，其巨额浮存金的价值我们前面已经介绍过。我们投入大量资本来支撑这些保险公司的承保承诺，这进一步扩大了它们的可投资资产规模。\n保险简直就是为伯克希尔量身定做的行业。保险产品永远不会过时，保费收入通常会随着经济增长和通胀而增加。此外，诚信和资本实力在这个行业中永远至关重要。我们的公司能够而且",[72,133,134],{},"一定会","做到这些。",[14,137,138],{},"当然，也有其他保险公司拥有出色的商业模式和前景。但要复制伯克希尔的运营模式，几乎不可能。",[59,140,141,144],{},[62,142,143],{},"苹果公司 (Apple)——按年末市值计算是我们的第二大巨头——属于不同类型的持股。我们的持股比例仅为5.55%，高于一年前的5.39%。这个增幅听起来微不足道。但请想想，苹果2021年每0.1%的收益就对应1亿美元。我们没有花伯克希尔一分钱就实现了这一增持——全靠苹果自己的股票回购。\n重要的是要理解，在伯克希尔按通用会计准则报告的收益中，只计入了苹果支付给我们的分红——去年苹果给我们分了7.85亿美元。然而，我们\"应得\"的苹果收益高达惊人的56亿美元。苹果留存的大部分利润用于回购股票，对此我们拍手叫好。苹果才华横溢的CEO蒂姆·库克 (Tim Cook) 理所当然地把苹果产品的用户视为他的首要关注对象，但蒂姆的管理才能也同样惠及所有其他利益相关方。",[62,145,146],{},"BNSF铁路，我们的第三大巨头，继续扮演着美国商业第一大动脉的角色，使其成为美国和伯克希尔都不可或缺的资产。如果BNSF承运的众多重要产品改用卡车运输，美国的碳排放量将飙升。\n你们的铁路公司2021年创下了60亿美元的利润纪录。需要指出的是，我们这里说的是我们偏爱的那种老派利润：扣除利息、税收、折旧、摊销及所有形式报酬之后的数字。（我们的定义顺带提出一个警告：随着股市上涨，对利润进行欺骗性\"调整\"——用客气的说法——已经变得越来越频繁，也越来越天马行空。说得不客气一点，牛市滋生的是牛皮哄哄的胡扯……）",[14,148,149],{},"BNSF的列车去年行驶了1.43亿英里，运输了5.35亿吨货物。这两项数据都远远超过任何其他美国运输公司。你们可以为自己的铁路公司感到骄傲。",[59,151,152],{},[62,153,154],{},"伯克希尔·哈撒韦能源 (BHE)，我们最后一个巨头，2021年创下40亿美元的利润纪录。这比2000年——伯克希尔首次投资BHE那年——的1.22亿美元增长了30倍以上。如今，伯克希尔持有该公司91.1%的股权。\nBHE对社会的贡献与其财务业绩一样令人瞩目。2000年时，公司既没有风能发电也没有太阳能发电，当时它仅被视为庞大的电力公用事业行业中一个相对新生的小角色。此后，在戴夫·索科尔 (David Sokol) 和格雷格·阿贝尔 (Greg Abel) 的领导下，BHE已经成为公用事业领域的一方霸主（请不要发出嘘声）——在美国大部分地区的风能、太阳能和输电方面都是领军力量。",[14,156,157],{},"格雷格对这些成就的报告见A-3和A-4页。你在那里看到的内容，绝不是时下流行的那种\"洗绿\"故事。自2007年以来，BHE每年都在如实详细地披露其在可再生能源和输电方面的计划与表现。",[14,159,160],{},"如需进一步了解，请访问BHE的网站brkenergy.com。在那里你会看到，公司长期以来一直在推进有利于气候的举措，这些举措吞噬了公司的全部利润。前方还有更多机遇。BHE拥有我们国家所需的大型电力项目所必备的管理团队、经验、资本和雄心。",[39,162,163],{"id":163},"投资",[14,165,166],{},"现在来聊聊我们不控股的公司，名单中又一次出现了苹果。下表列出了我们最大的15只股票持仓，其中几只是伯克希尔两位长期投资经理——托德·库姆斯 (Todd Combs) 和泰德·韦施勒 (Ted Weschler)——的选择。截至年末，这对优秀搭档管理着总计340亿美元的投资，其中很多持仓的市值未达到单独列入下表的门槛。此外，托德和泰德管理的相当一部分资金存放在伯克希尔旗下企业的各类养老金计划中，这些计划的资产并未包含在下表中。",[168,169,170,198],"table",{},[171,172,173],"thead",{},[174,175,176,180,183,186,193],"tr",{},[177,178,179],"th",{},"股份数量",[177,181,182],{},"公司名称",[177,184,185],{},"持股比例",[177,187,188,189,192],{},"成本*（百万美元）",[190,191],"br",{},"2021\u002F12\u002F31",[177,194,195,196,192],{},"市值（百万美元）",[190,197],{},[199,200,201,219,236,253,270,287,304,321,338,355,371,388,405,422,439,456,471],"tbody",{},[174,202,203,207,210,213,216],{},[204,205,206],"td",{},"151,610,700",[204,208,209],{},"美国运通 (American Express)",[204,211,212],{},"19.9",[204,214,215],{},"$ 1,287",[204,217,218],{},"$ 24,804",[174,220,221,224,227,230,233],{},[204,222,223],{},"907,559,761",[204,225,226],{},"苹果 (Apple)",[204,228,229],{},"5.6",[204,231,232],{},"31,089",[204,234,235],{},"161,155",[174,237,238,241,244,247,250],{},[204,239,240],{},"1,032,852,006",[204,242,243],{},"美国银行 (Bank of America)",[204,245,246],{},"12.8",[204,248,249],{},"14,631",[204,251,252],{},"45,952",[174,254,255,258,261,264,267],{},[204,256,257],{},"66,835,615",[204,259,260],{},"纽约梅隆银行 (Bank of New York Mellon)",[204,262,263],{},"8.3",[204,265,266],{},"2,918",[204,268,269],{},"3,882",[174,271,272,275,278,281,284],{},[204,273,274],{},"225,000,000",[204,276,277],{},"比亚迪 (BYD)**",[204,279,280],{},"7.7",[204,282,283],{},"232",[204,285,286],{},"7,693",[174,288,289,292,295,298,301],{},[204,290,291],{},"3,828,941",[204,293,294],{},"特许通讯 (Charter Communications)",[204,296,297],{},"2.2",[204,299,300],{},"643",[204,302,303],{},"2,496",[174,305,306,309,312,315,318],{},[204,307,308],{},"38,245,036",[204,310,311],{},"雪佛龙 (Chevron)",[204,313,314],{},"2.0",[204,316,317],{},"3,420",[204,319,320],{},"4,488",[174,322,323,326,329,332,335],{},[204,324,325],{},"400,000,000",[204,327,328],{},"可口可乐 (Coca-Cola)",[204,330,331],{},"9.2",[204,333,334],{},"1,299",[204,336,337],{},"23,684",[174,339,340,343,346,349,352],{},[204,341,342],{},"52,975,000",[204,344,345],{},"通用汽车 (General Motors)",[204,347,348],{},"3.6",[204,350,351],{},"1,616",[204,353,354],{},"3,106",[174,356,357,360,363,365,368],{},[204,358,359],{},"89,241,000",[204,361,362],{},"伊藤忠商事 (ITOCHU)",[204,364,229],{},[204,366,367],{},"2,099",[204,369,370],{},"2,728",[174,372,373,376,379,382,385],{},[204,374,375],{},"81,714,800",[204,377,378],{},"三菱商事 (Mitsubishi)",[204,380,381],{},"5.5",[204,383,384],{},"2,102",[204,386,387],{},"2,593",[174,389,390,393,396,399,402],{},[204,391,392],{},"93,776,200",[204,394,395],{},"三井物产 (Mitsui)",[204,397,398],{},"5.7",[204,400,401],{},"1,621",[204,403,404],{},"2,219",[174,406,407,410,413,416,419],{},[204,408,409],{},"24,669,778",[204,411,412],{},"穆迪 (Moody's)",[204,414,415],{},"13.3",[204,417,418],{},"248",[204,420,421],{},"9,636",[174,423,424,427,430,433,436],{},[204,425,426],{},"143,456,055",[204,428,429],{},"美国合众银行 (U.S. Bancorp)",[204,431,432],{},"9.7",[204,434,435],{},"5,384",[204,437,438],{},"8,058",[174,440,441,444,447,450,453],{},[204,442,443],{},"158,824,575",[204,445,446],{},"威瑞森通讯 (Verizon)",[204,448,449],{},"3.8",[204,451,452],{},"9,387",[204,454,455],{},"8,253",[174,457,458,460,463,465,468],{},[204,459],{},[204,461,462],{},"其他***",[204,464],{},[204,466,467],{},"26,629",[204,469,470],{},"39,972",[174,472,473,475,480,482,487],{},[204,474],{},[204,476,477],{},[17,478,479],{},"股票投资合计（按市值）",[204,481],{},[204,483,484],{},[17,485,486],{},"$ 104,605",[204,488,489],{},[17,490,491],{},"$ 350,719",[14,493,494],{},"* 成本为我们的实际买入价格，也是我们的计税基础。",[14,496,497],{},"** 由伯克希尔·哈撒韦能源 (BHE) 持有；因此，伯克希尔股东仅持有该头寸91.1%的权益。",[14,499,500],{},"*** 其他项包括对西方石油公司 (Occidental Petroleum) 的100亿美元投资，由优先股和购买普通股的认股权证组成，目前这一组合估值为107亿美元。",[14,502,503],{},"除了脚注中提到的西方石油头寸以及我们的各项普通股持仓外，伯克希尔还持有卡夫亨氏 (Kraft Heinz) 26.6%的权益（按权益法而非市值入账，账面价值131亿美元），以及Pilot公司38.6%的股份。Pilot是旅行服务中心行业的龙头，去年营收高达450亿美元。",[14,505,506],{},"自2017年我们投资Pilot以来，这部分持股一直按权益法核算。2023年初，伯克希尔将增购Pilot的股份，使持股比例升至80%，届时我们将把Pilot的收益、资产和负债全面纳入合并财务报表。",[39,508,509],{"id":509},"美国国库券",[14,511,512],{},"伯克希尔的资产负债表上有1,440亿美元的现金和现金等价物（不含BNSF和BHE的持有量）。其中1,200亿美元投资于美国国库券，全部在一年内到期。这意味着伯克希尔为公众持有的国债提供了大约0.5%的融资。",[14,514,515],{},"查理和我承诺，伯克希尔（连同除BNSF和BHE以外的子公司）永远会持有超过300亿美元的现金和现金等价物。我们希望伯克希尔在财务上固若金汤，永远不必仰仗陌生人（甚至朋友）的善意。查理和我都想睡个安稳觉，也希望我们的债权人、保险理赔客户和你们都能如此。",[14,517,518],{},"但是，1,440亿美元？",[14,520,521],{},"这个壮观的数字，我向你们保证，既不是某种精神失常的爱国主义表达，也不意味着查理和我失去了对拥有企业的强烈偏好。事实上，80年前的1942年3月11日，当我用114.75美元——我全部的积蓄——买入三股资本城市服务公司 (Cities Services) 优先股时，我就首次展现了对此的热情。（道琼斯工业指数那天收于99点，这个事实应该向你大声呐喊：永远不要做空美国。）",[14,523,524],{},"第一次涉足股市之后，我始终将至少80%的个人净资产投在股权资产上。在那段时间里，我最偏爱的比例是100%——现在依然如此。伯克希尔目前大约80%的资产配置在企业上，是因为我找不到符合我们长期持有标准的整家公司或部分股权（即上市公司股票）。",[14,526,527],{},"查理和我过去也不时忍受过类似的现金偏多的局面。这些时期从来不愉快，但也从来不会是永久的。而且幸运的是，2020年和2021年我们找到了一个尚可接受的资本配置替代方案。请继续往下看。",[39,529,530],{"id":530},"股票回购",[14,532,533],{},"我们有三种方式可以增加你们投资的价值。第一种始终是我们心中的头等大事：通过内生增长或收购来增强伯克希尔旗下控股企业的长期盈利能力。如今，内生增长机会带来的回报远好于收购。但相对于伯克希尔的资源而言，这些机会的规模偏小。",[14,535,536],{},"我们的第二个选择是购买众多优秀乃至伟大的上市企业的非控股权益。有时候，这样的机会既多又明显诱人。但如今，我们几乎找不到让自己兴奋的标的。",[14,538,539],{},"这在很大程度上源于一个老生常谈的道理：长期低利率推升了所有生产性投资的价格，无论是股票、公寓、农场还是油井。其他因素当然也影响估值，但利率始终是最重要的变量。",[14,541,542],{},"我们创造价值的最后一条路径是回购伯克希尔的股票。通过这个简单的举动，我们增加了你们在伯克希尔旗下所有控股和非控股企业中的份额。当价格与价值的等式合适时，回购是增加你们财富最容易、最确定的方式。（在留存股东获得价值增值的同时，还有两方也会受益：回购对卖出股票的一方以及社会整体都有一定好处。）",[14,544,545],{},"当其他两条路径变得缺乏吸引力时，阶段性的回购对伯克希尔的股东就是明智之举。过去两年，我们因此回购了以2019年末流通股数为基准的9%的股份，总计花费517亿美元。这笔支出让留存股东在伯克希尔所有业务中的权益增加了约10%，无论是全资子公司（如BNSF和盖可保险）还是部分持股的公司（如可口可乐和穆迪）。",[14,547,548],{},"我想强调的是，伯克希尔的回购要有意义，我们的股票必须处于合适的价值区间。我们不想在买其他公司股票时出价过高，在买自家股票时出价过高同样会损害价值。截至2022年2月23日，今年以来我们又花了12亿美元回购了股票。我们的胃口依然很大，但始终取决于价格。",[14,550,551],{},"需要指出的是，由于伯克希尔拥有高质量的投资者群体，我们的回购机会实际上是受限的。如果我们的股票主要被短线投机者持有，股价波动和成交量都会大幅增加。这种格局变化将为我们提供远更多的回购创造价值的机会。尽管如此，查理和我还是远更偏爱我们现有的股东群体，即使他们令人钦佩的买入并持有的态度限制了长期股东从机会性回购中获利的空间。",[14,553,554],{},"最后，有一个容易被忽略的、伯克希尔特有的价值计算要素：如我们已经讨论过的，合适类型的浮存金对我们价值巨大。恰好，股票回购会自动增加每股对应的浮存金。这个数字在过去两年里增长了25%——从每股A类股的79,387美元升至99,497美元。正如前面提到的，这一可观增长在一定程度上要归功于回购。",[39,556,557],{"id":557},"一个了不起的人和一门了不起的生意",[14,559,560],{},"去年，保罗·安德鲁斯 (Paul Andrews) 去世了。保罗是TTI的创始人兼CEO，这是一家总部位于沃斯堡 (Fort Worth) 的伯克希尔子公司。纵观他的一生——无论是在商业上还是个人追求中——保罗总是默默地展现着查理和我所钦佩的一切品质。他的故事值得讲述。",[14,562,563],{},"1971年，当天塌下来的时候，保罗正在通用动力公司 (General Dynamics) 担任采购代理。公司在失去一份重大国防合同后，裁掉了数千名员工，保罗也在其中。",[14,565,566],{},"第一个孩子即将出生的保罗决定赌上一把，用自己仅有的500美元积蓄创立了Tex-Tronics公司（后更名为TTI）。公司创立之初从事小型电子元器件的分销，第一年销售额为112,000美元。如今，TTI销售超过100万种产品，年销售额高达77亿美元。",[14,568,569],{},"让时间回到2006年。63岁的保罗，与家人、工作和同事都相处愉快。但他有一个挥之不去的隐忧——因为他最近亲眼目睹了一位朋友的早逝以及由此给那位朋友的家庭和生意带来的灾难性后果，这种隐忧更加强烈了。2006年，保罗不禁自问：如果自己意外去世，那些依靠他的人会怎样？",[14,571,572],{},"整整一年，保罗都在为各种选择而纠结。卖给竞争对手？从严格的经济角度看，这条路最划算。毕竟，竞争对手能够预见丰厚的\"协同效应\"——收购方砍掉TTI中重复的职能部门所节省的成本。",[14,574,575],{},"但是……这样的买家几乎必然会保留自己的CFO、法律顾问和HR部门。TTI的对应人员因此只能卷铺盖走人。更糟的是，如果需要新建一个配送中心，收购方的总部城市肯定会被优先考虑，而不是沃斯堡。",[14,577,578],{},"不管财务上有多划算，保罗很快就下了结论：卖给竞争对手不是他要走的路。接着他考虑找一个财务买家——这类机构曾被恰如其分地称为杠杆收购公司。但保罗知道，这种买家的焦点在于\"退出策略\"。而谁知道最终会怎样退出？反复权衡之后，保罗发现自己完全没有兴趣把自己35年心血浇灌的企业交给一个转手商。",[14,580,581],{},"当保罗来见我时，他解释了为什么排除了上述两类买家。然后，他用比我转述的要委婉得多的措辞总结了自己的困境——\"思考了一整年的各种选择之后，我想卖给伯克希尔，因为你是剩下的唯一买家了。\"于是，我报了一个价，保罗说\"好的\"。一次会面，一顿午餐，一笔交易。",[14,583,584],{},"说我俩从此过上了幸福的生活，都有点轻描淡写了。伯克希尔收购TTI时，公司有2,387名员工。现在这个数字是8,043。新增员工中的很大一部分就在沃斯堡及其周边。公司利润增长了673%。",[14,586,587],{},"每年，我都会给保罗打电话，告诉他应该大幅加薪。每年，他都会回我：\"沃伦，这事明年再说吧，我现在太忙了。\"",[14,589,590],{},"当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了他的孩子、孙辈、多年的老同事（包括TTI的第一名员工），以及约翰·罗奇 (John Roach)——伯克希尔2000年收购的一家沃斯堡公司的前CEO。约翰当年凭直觉把他的朋友保罗引荐到了奥马哈，因为他知道我们会很合拍。",[14,592,593],{},"在追悼会上，格雷格和我听到了保罗默默帮助过的无数个人和机构。他的慷慨之广令人叹为观止——始终致力于改善他人的生活，尤其是沃斯堡的人们。",[14,595,596],{},"从各方面来看，保罗都是一等一的人物。",{"title":598,"searchDepth":599,"depth":599,"links":600},"",2,[601,602,603,604,605,606,607],{"id":41,"depth":599,"text":41},{"id":53,"depth":599,"text":54},{"id":123,"depth":599,"text":123},{"id":163,"depth":599,"text":163},{"id":509,"depth":599,"text":509},{"id":530,"depth":599,"text":530},{"id":557,"depth":599,"text":557},"致股东信",null,"2021年巴菲特致股东信，分析运营收益大幅增长、股票回购、苹果持股及伯克希尔前景","md",{},true,94,"\u002Fbuffett\u002Fberkshire\u002F2021-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":610},"2021 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有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":628,"slug":629,"category":630,"order":626},"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":632,"slug":633,"category":634,"order":626},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":636,"slug":637,"category":608,"order":599},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":639,"slug":640,"category":630,"order":599},"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":642,"slug":643,"category":634,"order":599},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":645,"slug":646,"category":608,"order":647},"1958 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巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1001,"slug":1002,"category":630,"order":999},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1004,"slug":1005,"category":608,"order":1006},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1008,"slug":1009,"category":630,"order":1006},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1011,"slug":1012,"category":608,"order":1013},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1015,"slug":1016,"category":630,"order":1013},"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":1018,"slug":1019,"category":608,"order":1020},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1022,"slug":1023,"category":630,"order":1020},"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":1025,"slug":1026,"category":608,"order":1027},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1029,"slug":1030,"category":630,"order":1027},"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":1032,"slug":1033,"category":608,"order":1034},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1036,"slug":1037,"category":630,"order":1034},"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":1039,"slug":1040,"category":608,"order":1041},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1043,"slug":1044,"category":630,"order":1041},"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":1046,"slug":1047,"category":608,"order":1048},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1050,"slug":1051,"category":630,"order":1048},"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":1053,"slug":1054,"category":608,"order":1055},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1057,"slug":1058,"category":630,"order":1055},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1060,"slug":1061,"category":608,"order":1062},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1064,"slug":1065,"category":630,"order":1062},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1067,"slug":1068,"category":608,"order":1069},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1071,"slug":1072,"category":630,"order":1069},"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":1074,"slug":1075,"category":608,"order":1076},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1078,"slug":1079,"category":630,"order":1076},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1081,"slug":1082,"category":608,"order":1083},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1085,"slug":1086,"category":630,"order":1083},"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":1088,"slug":1089,"category":608,"order":1090},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1092,"slug":1093,"category":630,"order":1090},"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":1095,"slug":1096,"category":608,"order":1097},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1099,"slug":1100,"category":630,"order":1097},"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":1102,"slug":1103,"category":608,"order":1104},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1106,"slug":1107,"category":630,"order":1104},"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":1109,"slug":1110,"category":608,"order":1111},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1113,"slug":1114,"category":630,"order":1111},"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":1116,"slug":1117,"category":608,"order":1118},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1120,"slug":1121,"category":630,"order":1118},"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":1123,"slug":1124,"category":608,"order":1125},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1127,"slug":1128,"category":630,"order":1125},"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":1130,"slug":1131,"category":608,"order":1132},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1134,"slug":1135,"category":630,"order":1132},"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":1137,"slug":1138,"category":608,"order":1139},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1141,"slug":1142,"category":630,"order":1139},"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":1144,"slug":1145,"category":608,"order":1146},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1148,"slug":1149,"category":630,"order":1146},"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":1151,"slug":1152,"category":608,"order":1153},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1155,"slug":1156,"category":630,"order":1153},"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":1158,"slug":1159,"category":608,"order":1160},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1162,"slug":1163,"category":630,"order":1160},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1165,"slug":1166,"category":608,"order":1167},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1169,"slug":1170,"category":630,"order":1167},"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":1172,"slug":1173,"category":608,"order":1174},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1176,"slug":1177,"category":630,"order":1174},"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":1179,"slug":1180,"category":608,"order":1181},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1183,"slug":1184,"category":630,"order":1181},"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":1186,"slug":1187,"category":608,"order":1188},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1190,"slug":1191,"category":630,"order":1188},"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":1193,"slug":1194,"category":608,"order":1195},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1197,"slug":1198,"category":630,"order":1195},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1200,"slug":1201,"category":608,"order":1202},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1204,"slug":1205,"category":630,"order":1202},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1207,"slug":1208,"category":608,"order":1209},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1211,"slug":1212,"category":630,"order":1209},"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":1214,"slug":1215,"category":608,"order":1216},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1218,"slug":1219,"category":630,"order":1216},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1221,"slug":1222,"category":608,"order":1223},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1225,"slug":1226,"category":630,"order":1223},"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":1228,"slug":1229,"category":608,"order":1230},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1232,"slug":1233,"category":630,"order":1230},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1235,"slug":1236,"category":608,"order":1237},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1239,"slug":1240,"category":630,"order":1237},"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":1242,"slug":1243,"category":608,"order":1244},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1246,"slug":1247,"category":630,"order":1244},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1249,"slug":1250,"category":608,"order":1251},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1253,"slug":1254,"category":630,"order":1251},"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":1256,"slug":1257,"category":608,"order":1258},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1260,"slug":1261,"category":630,"order":1258},"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":1263,"slug":1264,"category":608,"order":1265},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1267,"slug":1268,"category":630,"order":1265},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1270,"slug":1271,"category":608,"order":1272},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1274,"slug":1275,"category":630,"order":1272},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1277,"slug":1278,"category":608,"order":1279},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1281,"slug":1282,"category":630,"order":1279},"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":1284,"slug":1285,"category":608,"order":1286},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1288,"slug":1289,"category":630,"order":1286},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1291,"slug":1292,"category":608,"order":1293},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1295,"slug":1296,"category":630,"order":1293},"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":1298,"slug":1299,"category":608,"order":1300},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1302,"slug":1303,"category":630,"order":1300},"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":1305,"slug":1306,"category":608,"order":1307},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1309,"slug":1310,"category":630,"order":1307},"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":1312,"slug":1313,"category":608,"order":1314},"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":1316,"slug":1317,"category":630,"order":1314},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1319,"slug":1320,"category":608,"order":1321},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1323,"slug":1324,"category":630,"order":1321},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1326,"slug":1327,"category":608,"order":1328},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1330,"slug":1331,"category":630,"order":1328},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1333,"slug":1334,"category":608,"order":1335},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1337,"slug":1338,"category":630,"order":1335},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1340,"slug":1341,"category":608,"order":1342},"2016 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