[{"data":1,"prerenderedAt":2438},["ShallowReactive",2],{"library-2022-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":902,"library-sidebar-dao":1904,"library-sidebar-models":2206},{"id":4,"title":5,"body":6,"category":888,"date":889,"description":890,"extension":891,"meta":892,"navigation":893,"order":894,"path":895,"seo":896,"seoDescription":890,"seoTitle":897,"slug":898,"stem":899,"__hash__":900,"_collection":901},"buffett\u002Fbuffett\u002Fberkshire\u002F2022-ba-fei-te-zhi-gu-dong-xin.md","2022 巴菲特致股东信",{"type":7,"value":8,"toc":884},"minimark",[9,13,16,694,702,705,708,716,719,722,725,732,735,738,741,756,759,766,769,776,799,810,826,833,839,842,855,862,865,868,875,878,881],[10,11,5],"h1",{"id":12},"_2022-巴菲特致股东信",[10,14,15],{"id":15},"伯克希尔与标普500指数业绩对比",[17,18,19,35],"table",{},[20,21,22],"thead",{},[23,24,25,29,32],"tr",{},[26,27,28],"th",{},"年份",[26,30,31],{},"伯克希尔每股市值年度变动百分比",[26,33,34],{},"含股息标普500指数年度变动百分比",[36,37,38,50,61,72,83,94,105,116,127,138,149,160,171,182,193,204,215,226,237,248,259,270,281,292,303,314,325,336,347,358,369,380,391,402,413,424,435,446,457,468,479,490,500,510,521,532,542,553,564,575,586,597,608,619,630,640,651,661,672,683],"tbody",{},[23,39,40,44,47],{},[41,42,43],"td",{},"1965",[41,45,46],{},"49.5",[41,48,49],{},"10.0",[23,51,52,55,58],{},[41,53,54],{},"1966",[41,56,57],{},"(3.4)",[41,59,60],{},"(11.7)",[23,62,63,66,69],{},[41,64,65],{},"1967",[41,67,68],{},"13.3",[41,70,71],{},"30.9",[23,73,74,77,80],{},[41,75,76],{},"1968",[41,78,79],{},"77.8",[41,81,82],{},"11.0",[23,84,85,88,91],{},[41,86,87],{},"1969",[41,89,90],{},"19.4",[41,92,93],{},"(8.4)",[23,95,96,99,102],{},[41,97,98],{},"1970",[41,100,101],{},"(4.6)",[41,103,104],{},"3.9",[23,106,107,110,113],{},[41,108,109],{},"1971",[41,111,112],{},"80.5",[41,114,115],{},"14.6",[23,117,118,121,124],{},[41,119,120],{},"1972",[41,122,123],{},"8.1",[41,125,126],{},"18.9",[23,128,129,132,135],{},[41,130,131],{},"1973",[41,133,134],{},"(2.5)",[41,136,137],{},"(14.8)",[23,139,140,143,146],{},[41,141,142],{},"1974",[41,144,145],{},"(48.7)",[41,147,148],{},"(26.4)",[23,150,151,154,157],{},[41,152,153],{},"1975",[41,155,156],{},"2.5",[41,158,159],{},"37.2",[23,161,162,165,168],{},[41,163,164],{},"1976",[41,166,167],{},"129.3",[41,169,170],{},"23.6",[23,172,173,176,179],{},[41,174,175],{},"1977",[41,177,178],{},"46.8",[41,180,181],{},"(7.4)",[23,183,184,187,190],{},[41,185,186],{},"1978",[41,188,189],{},"14.5",[41,191,192],{},"6.4",[23,194,195,198,201],{},[41,196,197],{},"1979",[41,199,200],{},"102.5",[41,202,203],{},"18.2",[23,205,206,209,212],{},[41,207,208],{},"1980",[41,210,211],{},"32.8",[41,213,214],{},"32.3",[23,216,217,220,223],{},[41,218,219],{},"1981",[41,221,222],{},"31.8",[41,224,225],{},"(5.0)",[23,227,228,231,234],{},[41,229,230],{},"1982",[41,232,233],{},"38.4",[41,235,236],{},"21.4",[23,238,239,242,245],{},[41,240,241],{},"1983",[41,243,244],{},"69.0",[41,246,247],{},"22.4",[23,249,250,253,256],{},[41,251,252],{},"1984",[41,254,255],{},"(2.7)",[41,257,258],{},"6.1",[23,260,261,264,267],{},[41,262,263],{},"1985",[41,265,266],{},"93.7",[41,268,269],{},"31.6",[23,271,272,275,278],{},[41,273,274],{},"1986",[41,276,277],{},"14.2",[41,279,280],{},"18.6",[23,282,283,286,289],{},[41,284,285],{},"1987",[41,287,288],{},"4.6",[41,290,291],{},"5.1",[23,293,294,297,300],{},[41,295,296],{},"1988",[41,298,299],{},"59.3",[41,301,302],{},"16.6",[23,304,305,308,311],{},[41,306,307],{},"1989",[41,309,310],{},"84.6",[41,312,313],{},"31.7",[23,315,316,319,322],{},[41,317,318],{},"1990",[41,320,321],{},"(23.1)",[41,323,324],{},"(3.1)",[23,326,327,330,333],{},[41,328,329],{},"1991",[41,331,332],{},"35.6",[41,334,335],{},"30.5",[23,337,338,341,344],{},[41,339,340],{},"1992",[41,342,343],{},"29.8",[41,345,346],{},"7.6",[23,348,349,352,355],{},[41,350,351],{},"1993",[41,353,354],{},"38.9",[41,356,357],{},"10.1",[23,359,360,363,366],{},[41,361,362],{},"1994",[41,364,365],{},"25.0",[41,367,368],{},"1.3",[23,370,371,374,377],{},[41,372,373],{},"1995",[41,375,376],{},"57.4",[41,378,379],{},"37.6",[23,381,382,385,388],{},[41,383,384],{},"1996",[41,386,387],{},"6.2",[41,389,390],{},"23.0",[23,392,393,396,399],{},[41,394,395],{},"1997",[41,397,398],{},"34.9",[41,400,401],{},"33.4",[23,403,404,407,410],{},[41,405,406],{},"1998",[41,408,409],{},"52.2",[41,411,412],{},"28.6",[23,414,415,418,421],{},[41,416,417],{},"1999",[41,419,420],{},"(19.9)",[41,422,423],{},"21.0",[23,425,426,429,432],{},[41,427,428],{},"2000",[41,430,431],{},"26.6",[41,433,434],{},"(9.1)",[23,436,437,440,443],{},[41,438,439],{},"2001",[41,441,442],{},"6.5",[41,444,445],{},"(11.9)",[23,447,448,451,454],{},[41,449,450],{},"2002",[41,452,453],{},"(3.8)",[41,455,456],{},"(22.1)",[23,458,459,462,465],{},[41,460,461],{},"2003",[41,463,464],{},"15.8",[41,466,467],{},"28.7",[23,469,470,473,476],{},[41,471,472],{},"2004",[41,474,475],{},"4.3",[41,477,478],{},"10.9",[23,480,481,484,487],{},[41,482,483],{},"2005",[41,485,486],{},"0.8",[41,488,489],{},"4.9",[23,491,492,495,498],{},[41,493,494],{},"2006",[41,496,497],{},"24.1",[41,499,464],{},[23,501,502,505,507],{},[41,503,504],{},"2007",[41,506,467],{},[41,508,509],{},"5.5",[23,511,512,515,518],{},[41,513,514],{},"2008",[41,516,517],{},"(31.8)",[41,519,520],{},"(37.0)",[23,522,523,526,529],{},[41,524,525],{},"2009",[41,527,528],{},"2.7",[41,530,531],{},"26.5",[23,533,534,537,539],{},[41,535,536],{},"2010",[41,538,236],{},[41,540,541],{},"15.1",[23,543,544,547,550],{},[41,545,546],{},"2011",[41,548,549],{},"(4.7)",[41,551,552],{},"2.1",[23,554,555,558,561],{},[41,556,557],{},"2012",[41,559,560],{},"16.8",[41,562,563],{},"16.0",[23,565,566,569,572],{},[41,567,568],{},"2013",[41,570,571],{},"32.7",[41,573,574],{},"32.4",[23,576,577,580,583],{},[41,578,579],{},"2014",[41,581,582],{},"27.0",[41,584,585],{},"13.7",[23,587,588,591,594],{},[41,589,590],{},"2015",[41,592,593],{},"(12.5)",[41,595,596],{},"1.4",[23,598,599,602,605],{},[41,600,601],{},"2016",[41,603,604],{},"23.4",[41,606,607],{},"12.0",[23,609,610,613,616],{},[41,611,612],{},"2017",[41,614,615],{},"21.9",[41,617,618],{},"21.8",[23,620,621,624,627],{},[41,622,623],{},"2018",[41,625,626],{},"2.8",[41,628,629],{},"(4.4)",[23,631,632,635,637],{},[41,633,634],{},"2019",[41,636,82],{},[41,638,639],{},"31.5",[23,641,642,645,648],{},[41,643,644],{},"2020",[41,646,647],{},"2.4",[41,649,650],{},"18.4",[23,652,653,656,659],{},[41,654,655],{},"2021",[41,657,658],{},"29.6",[41,660,467],{},[23,662,663,666,669],{},[41,664,665],{},"2022",[41,667,668],{},"4.0",[41,670,671],{},"(18.1)",[23,673,674,677,680],{},[41,675,676],{},"年复合增长率 — 1965-2022",[41,678,679],{},"19.80%",[41,681,682],{},"9.90%",[23,684,685,688,691],{},[41,686,687],{},"累计总收益 — 1964-2022",[41,689,690],{},"3,787,464%",[41,692,693],{},"24,708%",[695,696,697,701],"p",{},[698,699,700],"strong",{},"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日的年度；1967年为截至12月31日的15个月。",[695,703,704],{},"伯克希尔·哈撒韦公司",[695,706,707],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[695,709,710,711,715],{},"查理·芒格 (Charlie Munger) 是我的长期搭档，我们俩的工作就是管理一大批",[712,713,714],"em",{},"个人","投资者的积蓄。我们对他们长久以来的信任深怀感激，这种关系往往贯穿了他们成年后的大半人生。在写这封信的时候，我脑海里首先浮现的就是这些矢志不渝的储蓄者。",[695,717,718],{},"有一种普遍的看法认为，人们年轻时选择存钱，指望退休后能维持生活水平。按这个理论，去世时剩下的资产通常留给家人，也许会留给朋友或慈善机构。",[695,720,721],{},"我们的经历却不太一样。我们认为，伯克希尔的个人股东大多属于\"一日储蓄者，终身储蓄者\"那种人。虽然他们的生活过得不错，但最终会把大部分资金捐给慈善组织。这些组织再把钱花出去，去改善与原始捐赠人毫无关系的无数人的生活。有时候，成果是惊人的。",[695,723,724],{},"金钱的去向暴露了人的品性。查理和我欣喜地看到，伯克希尔产生的大量资金源源不断地流向公共事业，与此同时，我们的股东很少去追逐炫富型资产或打造家族王朝。",[695,726,727,728,731],{},"谁",[712,729,730],{},"不","乐意为这样的股东效力呢？",[10,733,734],{"id":734},"我们做什么",[695,736,737],{},"查理和我把你们在伯克希尔的积蓄分配到两种相关的所有权形式中。第一种，我们投资于自己控制的企业，通常是100%买下。伯克希尔负责这些子公司的资本配置，并选定负责日常运营决策的CEO。管理大型企业时，信任和规章缺一不可。伯克希尔对前者的强调达到了一种非同寻常的程度——有人会说是极端的程度。失望在所难免。我们对商业上的失误可以谅解；但对个人品行问题的容忍度为零。",[695,739,740],{},"我们的第二种所有权形式，是购买公开交易的股票，由此被动地持有企业的一部分。持有这些投资时，我们在经营管理上没有发言权。",[695,742,743,744,747,748,751,752,755],{},"我们在两种所有权形式中追求的目标是一致的：对那些既有长期优良经济特质、又有值得信赖的管理层的",[712,745,746],{},"企业","进行有意义的投资。请特别注意，我们持有上市公司股票是基于对其长期",[712,749,750],{},"经营","表现的预期，而不是把它们当作灵活买卖的工具。这一点至关重要：查理和我",[712,753,754],{},"不是","选股者，我们是选企业的人。",[695,757,758],{},"这些年来，我犯了很多错误。因此，我们目前广泛的企业群中包括：少数经济效益真正卓越的公司，许多经济特质很不错的公司，还有一大批表现平平的公司。一路走来，我投资过的其他企业有些已经倒闭了，它们的产品被公众抛弃。资本主义有两面性：这个体系在不断堆积越来越多的失败者的同时，也源源不断地提供更好的商品和服务。熊彼特 (Schumpeter) 把这种现象称为\"创造性破坏\"。",[695,760,761,762,765],{},"我们上市公司股票组合的一个优势在于——虽然不是一直有——偶尔你可以用极好的价格买到",[712,763,764],{},"一小块","极好的企业。关键要明白一点：股票的交易价格经常荒唐可笑，无论是过高还是过低。\"有效\"市场只存在于教科书里。事实上，有价证券的行为令人困惑，往往要事后回头看才能理解。",[695,767,768],{},"控股企业则是另一回事。它们有时候被标上高得离谱的价格，但几乎从来不会以便宜的估值出售。除非迫不得已，控股企业的主人根本不会考虑以恐慌性估值卖出。",[695,770,771,772,775],{},"2022年，通过伯克希尔自身的股票回购以及苹果 (Apple) 和美国运通的类似举措（这两家都是我们的重要投资对象），每股内在价值获得了",[712,773,774],{},"非常小","的增长。在伯克希尔这边，我们通过回购公司1.2%的流通股，直接增加了各位在我们独特企业组合中的权益。在苹果和美国运通那边，回购在我们没有花一分钱的情况下增加了伯克希尔的持股比例。",[695,777,778,779,782,783,786,787,790,791,794,795,798],{},"计算并不复杂：当总股数减少时，",[712,780,781],{},"你","在我们众多企业中的权益就",[712,784,785],{},"上升","了。",[712,788,789],{},"只要回购是在增值价格上进行的","，每一点都有帮助。同样确定的是，当一家公司为回购支付了过高的价格时，继续持有股票的股东就会",[712,792,793],{},"亏损","。到那时候，获益的只有",[712,796,797],{},"卖出","股票的股东，以及那些态度友好但收费昂贵、建议了这桩蠢事的投资银行家。",[695,800,801,802,805,806,809],{},"应该强调的是，以增值价格进行的回购在",[712,803,804],{},"每一个","方面都有利于",[712,807,808],{},"所有","股东。请想象一下，当地一家汽车经销商有三位消息完全透明的股东，其中一位负责管理经营。再想象一下，其中一位被动股东想把自己的权益以一个对两位继续持有的股东来说很有吸引力的价格卖回给公司。交易完成后，有谁受到了伤害吗？那位管理者是不是比另一位继续持股的被动股东更占便宜了？公众利益受损了吗？",[695,811,812,813,815,816,819,820,822,823,825],{},"当有人告诉你，",[712,814,808],{},"回购都对股东",[712,817,818],{},"或者","对国家有害，",[712,821,818],{},"对CEO特别有利时，你听到的要么是一个经济文盲在说话，要么是一个巧舌如簧的蛊惑者在说话（这两个身份并",[712,824,730],{},"互相排斥）。",[695,827,828,829,832],{},"伯克希尔2022年运营的详尽细节列在K-33到K-66页上。查理和我以及伯克希尔的许多股东，都喜欢细细研读那一部分的大量事实和数字。但那些页面",[712,830,831],{},"并非","必读。在伯克希尔的股东中，有许多身家数千万乃至数十亿美元的人从来没有研究过我们的财务数据。他们只是知道查理和我——连同我们的家人和至亲好友——持续在伯克希尔保有非常大的投资，他们相信我们会像对待自己的钱一样对待他们的钱。",[695,834,835,838],{},[712,836,837],{},"这","是我们可以做出的承诺。",[695,840,841],{},"百万、十亿、万亿——这些词我们都认识，但涉及的金额几乎无法想象。让我们给这些数字赋予物理维度：",[843,844,845,849,852],"ul",{},[846,847,848],"li",{},"如果你把100万美元换成崭新的百元大钞，那叠钞票能堆到你的胸口。",[846,850,851],{},"用10亿美元做同样的事——这下可越来越刺激了！——那叠钞票能直冲天际约四分之三英里。",[846,853,854],{},"最后，想象一下把320亿美元堆起来——也就是伯克希尔2012年到2021年缴纳的联邦所得税总额。这回，那叠钞票的高度超过了21英里，大约是商用飞机通常巡航高度的三倍。\n谈到联邦税收，伯克希尔的股东可以理直气壮地说：\"我在公司那儿已经交过了。\"",[695,856,857,858,861],{},"我要在查理的清单上加上自己的一条准则：找一位非常聪明、品格高尚的搭档——最好比你年长一点——然后",[712,859,860],{},"非常","用心地听他说的话。",[10,863,864],{"id":864},"奥马哈的家庭聚会",[695,866,867],{},"查理和我是不知羞的。去年，在我们三年来的第一次股东大会上，我们一如既往地使出了推销手段来迎接大家。",[695,869,870,871,874],{},"从开门的那一刻起，我们就直奔你们的钱包。没一会儿，我们的喜诗糖果 (See's Candies) 柜台就卖给你们",[712,872,873],{},"11吨","营养丰富的花生脆糖和巧克力。在我们堪比马戏团大王巴纳姆 (P.T. 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巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1189,"slug":1190,"category":910,"order":1187},"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":1192,"slug":1193,"category":914,"order":1187},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1195,"slug":1196,"category":888,"order":1197},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1199,"slug":1200,"category":910,"order":1197},"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":1202,"slug":1203,"category":914,"order":1197},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1205,"slug":1206,"category":888,"order":1207},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1209,"slug":1210,"category":910,"order":1207},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1212,"slug":1213,"category":914,"order":1207},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1215,"slug":1216,"category":888,"order":1217},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1219,"slug":1220,"category":910,"order":1217},"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":1222,"slug":1223,"category":914,"order":1217},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1225,"slug":1226,"category":888,"order":1227},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1229,"slug":1230,"category":910,"order":1227},"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":1232,"slug":1233,"category":914,"order":1227},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1235,"slug":1236,"category":888,"order":1237},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1239,"slug":1240,"category":910,"order":1237},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1242,"slug":1243,"category":888,"order":1244},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1246,"slug":1247,"category":910,"order":1244},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1249,"slug":1250,"category":888,"order":1251},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1253,"slug":1254,"category":910,"order":1251},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1256,"slug":1257,"category":888,"order":1258},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1260,"slug":1261,"category":910,"order":1258},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1263,"slug":1264,"category":888,"order":1265},"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":1267,"slug":1268,"category":910,"order":1265},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1270,"slug":1271,"category":888,"order":1272},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1274,"slug":1275,"category":910,"order":1272},"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":1277,"slug":1278,"category":888,"order":1279},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1281,"slug":1282,"category":910,"order":1279},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1284,"slug":1285,"category":888,"order":1286},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1288,"slug":1289,"category":910,"order":1286},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1291,"slug":1292,"category":888,"order":1293},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1295,"slug":1296,"category":910,"order":1293},"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":1298,"slug":1299,"category":888,"order":1300},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1302,"slug":1303,"category":910,"order":1300},"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":1305,"slug":1306,"category":888,"order":1307},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1309,"slug":1310,"category":910,"order":1307},"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":1312,"slug":1313,"category":888,"order":1314},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1316,"slug":1317,"category":910,"order":1314},"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":1319,"slug":1320,"category":888,"order":1321},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1323,"slug":1324,"category":910,"order":1321},"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":1326,"slug":1327,"category":888,"order":1328},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1330,"slug":1331,"category":910,"order":1328},"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":1333,"slug":1334,"category":888,"order":1335},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1337,"slug":1338,"category":910,"order":1335},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1340,"slug":1341,"category":888,"order":1342},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1344,"slug":1345,"category":910,"order":1342},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1347,"slug":1348,"category":888,"order":1349},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1351,"slug":1352,"category":910,"order":1349},"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":1354,"slug":1355,"category":888,"order":1356},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1358,"slug":1359,"category":910,"order":1356},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1361,"slug":1362,"category":888,"order":1363},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1365,"slug":1366,"category":910,"order":1363},"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":1368,"slug":1369,"category":888,"order":1370},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1372,"slug":1373,"category":910,"order":1370},"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":1375,"slug":1376,"category":888,"order":1377},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1379,"slug":1380,"category":910,"order":1377},"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":1382,"slug":1383,"category":888,"order":1384},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1386,"slug":1387,"category":910,"order":1384},"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":1389,"slug":1390,"category":888,"order":1391},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1393,"slug":1394,"category":910,"order":1391},"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":1396,"slug":1397,"category":888,"order":1398},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1400,"slug":1401,"category":910,"order":1398},"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":1403,"slug":1404,"category":888,"order":1405},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1407,"slug":1408,"category":910,"order":1405},"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":1410,"slug":1411,"category":888,"order":1412},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1414,"slug":1415,"category":910,"order":1412},"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":1417,"slug":1418,"category":888,"order":1419},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1421,"slug":1422,"category":910,"order":1419},"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":1424,"slug":1425,"category":888,"order":1426},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1428,"slug":1429,"category":910,"order":1426},"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":1431,"slug":1432,"category":888,"order":1433},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1435,"slug":1436,"category":910,"order":1433},"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":1438,"slug":1439,"category":888,"order":1440},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1442,"slug":1443,"category":910,"order":1440},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1445,"slug":1446,"category":888,"order":1447},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1449,"slug":1450,"category":910,"order":1447},"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":1452,"slug":1453,"category":888,"order":1454},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1456,"slug":1457,"category":910,"order":1454},"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":1459,"slug":1460,"category":888,"order":1461},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1463,"slug":1464,"category":910,"order":1461},"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":1466,"slug":1467,"category":888,"order":1468},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1470,"slug":1471,"category":910,"order":1468},"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":1473,"slug":1474,"category":888,"order":1475},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1477,"slug":1478,"category":910,"order":1475},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1480,"slug":1481,"category":888,"order":1482},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1484,"slug":1485,"category":910,"order":1482},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1487,"slug":1488,"category":888,"order":1489},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1491,"slug":1492,"category":910,"order":1489},"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":1494,"slug":1495,"category":888,"order":1496},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1498,"slug":1499,"category":910,"order":1496},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1501,"slug":1502,"category":888,"order":1503},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1505,"slug":1506,"category":910,"order":1503},"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":1508,"slug":1509,"category":888,"order":1510},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1512,"slug":1513,"category":910,"order":1510},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1515,"slug":1516,"category":888,"order":1517},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1519,"slug":1520,"category":910,"order":1517},"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":1522,"slug":1523,"category":888,"order":1524},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1526,"slug":1527,"category":910,"order":1524},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1529,"slug":1530,"category":888,"order":1531},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1533,"slug":1534,"category":910,"order":1531},"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":1536,"slug":1537,"category":888,"order":1538},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1540,"slug":1541,"category":910,"order":1538},"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":1543,"slug":1544,"category":888,"order":1545},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1547,"slug":1548,"category":910,"order":1545},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1550,"slug":1551,"category":888,"order":1552},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1554,"slug":1555,"category":910,"order":1552},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1557,"slug":1558,"category":888,"order":1559},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1561,"slug":1562,"category":910,"order":1559},"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":1564,"slug":1565,"category":888,"order":1566},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1568,"slug":1569,"category":910,"order":1566},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1571,"slug":1572,"category":888,"order":1573},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1575,"slug":1576,"category":910,"order":1573},"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":1578,"slug":1579,"category":888,"order":1580},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1582,"slug":1583,"category":910,"order":1580},"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":1585,"slug":1586,"category":888,"order":1587},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1589,"slug":1590,"category":910,"order":1587},"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":1592,"slug":1593,"category":888,"order":1594},"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":1596,"slug":1597,"category":910,"order":1594},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1599,"slug":1600,"category":888,"order":1601},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1603,"slug":1604,"category":910,"order":1601},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1606,"slug":1607,"category":888,"order":1608},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1610,"slug":1611,"category":910,"order":1608},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1613,"slug":1614,"category":888,"order":1615},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1617,"slug":1618,"category":910,"order":1615},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1620,"slug":1621,"category":888,"order":1622},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1624,"slug":1625,"category":910,"order":1622},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1627,"slug":1628,"category":888,"order":1629},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1631,"slug":1632,"category":910,"order":1629},"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":1634,"slug":1635,"category":888,"order":1636},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1638,"slug":1639,"category":910,"order":1636},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1641,"slug":1642,"category":888,"order":1643},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1645,"slug":1646,"category":910,"order":1643},"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":1648,"slug":1649,"category":888,"order":1650},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1652,"slug":1653,"category":910,"order":1650},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1655,"slug":1656,"category":888,"order":1657},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1659,"slug":1660,"category":910,"order":1657},"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":5,"slug":898,"category":888,"order":894},{"title":1663,"slug":1664,"category":910,"order":894},"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":1666,"slug":1667,"category":888,"order":1668},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1670,"slug":1671,"category":910,"order":1668},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1673,"slug":1674,"category":888,"order":1675},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1677,"slug":1678,"category":910,"order":1675},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1680,"slug":1681,"category":888,"order":1682},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1684,"slug":1685,"category":910,"order":1682},"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":1687,"slug":1688,"category":888,"order":1689},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1691,"slug":1692,"category":910,"order":1689},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1694,"slug":1695,"category":888,"order":1696},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1698,"slug":1699,"category":910,"order":1696},"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":1701,"slug":1702,"category":910,"order":1703},"巴菲特：2012年对话IVEY 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专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":1733,"slug":1734,"category":910,"order":1735},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":1737,"slug":1738,"category":910,"order":1739},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":1741,"slug":1742,"category":910,"order":1743},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":1745,"slug":1746,"category":910,"order":1747},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":1749,"slug":1750,"category":910,"order":1751},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":1753,"slug":1754,"category":910,"order":1755},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":1757,"slug":1758,"category":910,"order":1759},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":1761,"slug":1762,"category":910,"order":1763},"亚利桑那州立大学雷鸟全球领导力教授杰夫·坎宁安采访沃伦·巴菲特（2015年）","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":1765,"slug":1766,"category":910,"order":1767},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1769,"slug":1770,"category":910,"order":1771},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1773,"slug":1774,"category":910,"order":1775},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":1777,"slug":1778,"category":910,"order":1779},"标题：《巴菲特：2017 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":1781,"slug":1782,"category":910,"order":1783},"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":1785,"slug":1786,"category":910,"order":1787},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1789,"slug":1790,"category":910,"order":1791},"巴菲特：2017年接受PBS 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