[{"data":1,"prerenderedAt":2639},["ShallowReactive",2],{"library-2023-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1103,"library-sidebar-dao":2105,"library-sidebar-models":2407},{"id":4,"title":5,"body":6,"category":1089,"date":1090,"description":1091,"extension":1092,"meta":1093,"navigation":1094,"order":1095,"path":1096,"seo":1097,"seoDescription":1091,"seoTitle":1098,"slug":1099,"stem":1100,"__hash__":1101,"_collection":1102},"buffett\u002Fbuffett\u002Fberkshire\u002F2023-ba-fei-te-zhi-gu-dong-xin.md","2023 巴菲特致股东信",{"type":7,"value":8,"toc":1082},"minimark",[9,13,17,25,33,36,39,54,57,60,65,72,75,78,85,88,103,114,128,138,141,156,167,178,181,191,194,201,204,207,216,223,234,241,248,259,262,269,276,283,286,289,292,295,306,317,324,327,330,333,337,340,347,350,353,356,363,366,373,384,388,1076],[10,11,5],"h1",{"id":12},"_2023-巴菲特致股东信",[14,15,16],"p",{},"作家都觉得心里有个目标读者会有利于写作，而且通常都希望读者越多越好。在伯克希尔，我们的目标受众更窄一些：那些把积蓄托付给伯克希尔、并不指望转手卖掉的投资者（心态上更像是存钱买农场或出租房产的人，而不是拿闲钱去买彩票或\"热门\"股票的人）。",[14,18,19,20,24],{},"多年来，伯克希尔吸引了异常多的这种\"终身\"股东，以及他们的后代。我们珍惜他们的存在，也认为他们有权每年直接从公司 CEO 这里听到好消息和坏消息，",[21,22,23],"strong",{},"而不是","从投资者关系部门或公关顾问那里听那些永远乐观的甜言蜜语。",[14,26,27,28,32],{},"在描绘",[29,30,31],"em",{},"伯克希尔","理想中的股东形象时，我很幸运有一个完美的参照——我的妹妹伯蒂（Bertie）。让我介绍一下她。",[14,34,35],{},"首先，伯蒂聪明、睿智，喜欢挑战我的想法。不过，我们从未有过激烈争吵，也从未有过接近破裂的关系。以后也不会有。",[14,37,38],{},"此外，伯蒂和她三个女儿的大部分积蓄都是伯克希尔的股票。她们持有了几十年，每年伯蒂都会读我写的东西。我的任务就是预判她会有什么问题，然后给她诚实的回答。",[14,40,41,42,45,46,49,50,53],{},"伯蒂跟你们大多数人一样，看得懂很多会计术语，但还没到能考注册会计师的程度。她关注商业新闻——每天读四份报纸——但不觉得自己是经济学专家。她很明智——",[21,43,44],{},"非常","明智——凭直觉就知道",[21,47,48],{},"永远","不要听信那些专家。道理很简单：如果",[29,51,52],{},"她","真能可靠地预测明天的赢家，她会免费分享自己的宝贵洞见、给自己招来更多竞争者吗？那就好比发现了金矿，然后把地图发给邻居。",[14,55,56],{},"伯蒂深谙激励机制的力量（不管是好的还是坏的）、人性的弱点，以及观察人们行为时能识破的\"底牌\"。她知道谁在\"推销\"，谁值得信赖。总之，谁也别想蒙她。",[14,58,59],{},"那么，伯蒂今年对什么感兴趣呢？",[61,62,64],"h2",{"id":63},"经营成果真实与虚幻","经营成果：真实与虚幻",[14,66,67,68,71],{},"让我们从数字说起。",[29,69,70],{},"官方","年报从 K-1 页开始，长达 124 页，里面塞满了大量信息——有些重要，有些无关紧要。",[14,73,74],{},"在这些披露中，很多股东和财经记者会盯着 K-72 页。在那里，他们能找到所谓的\"底线\"——标着\"净利润（亏损）\"的那个数字。2021 年 900 亿美元，2022 年负 230 亿美元，2023 年 960 亿美元。",[14,76,77],{},"这到底是怎么回事？",[14,79,80,81,84],{},"你想弄明白，然后被告知：计算这些\"利润\"的程序是由严肃而有资质的美国财务会计准则委员会（\"FASB\"）制定的，经由尽职尽责的美国证券交易委员会（\"SEC\"）授权，并由德勤会计师事务所（\"D&T\"）的世界级专业人士审计。在 K-67 页，德勤毫不含糊地说：\"我们认为，财务报表……在",[29,82,83],{},"所有重大方面","（斜体是我加的）公允地反映了公司……截至 2023 年 12 月 31 日三年期间每年的财务状况……和经营成果……\"",[14,86,87],{},"经过如此神圣的背书，这个比没用还糟糕的\"净利润\"数字就通过互联网和媒体迅速传遍了全世界。所有参与方都觉得自己尽到了职责——从法律角度来说，他们确实尽到了。",[14,89,90,91,94,95,98,99,102],{},"然而，我们却浑身不自在。在伯克希尔，",[29,92,93],{},"我们","认为\"利润\"应该是一个合理的概念，让伯蒂觉得多少有点用——",[29,96,97],{},"但也仅仅是个起点","——来评估一家企业。因此，伯克希尔",[29,100,101],{},"还会","向伯蒂和你们报告我们所说的\"经营收益\"。它们讲述的故事是这样的：2021 年 276 亿美元；2022 年 309 亿美元；2023 年 374 亿美元。",[14,104,105,106,109,110,113],{},"强制披露的数字和伯克希尔青睐的数字之间，",[29,107,108],{},"主要","区别在于我们剔除了未实现资本利得或损失——这个数字有时候",[29,111,112],{},"一天","的波动就能超过 50 亿美元。讽刺的是，我们偏好的算法在 2018 年那次\"改进\"之前，差不多就是官方规则。几个世纪前伽利略的遭遇本该教会我们不要跟上面下达的旨意较劲。但在伯克希尔，我们可以很倔。",[14,115,116,117,120,121,123,124,127],{},"伯克希尔受益于异乎寻常的坚定和清晰的目标。我们固然强调善待员工、社区和供应商——谁",[29,118,119],{},"不想","这样做呢？——但我们的忠诚将",[29,122,48],{},"属于我们的国家和股东。我们始终不会忘记：虽然你们的钱和我们的混在一起，但它并不",[29,125,126],{},"属于","我们。",[14,129,130,131,134,135,137],{},"有了这个信念，加上我们目前的业务组合，伯克希尔",[29,132,133],{},"应该","比美国企业的平均水平做得好一点，而且更重要的是，",[29,136,133],{},"在永久性资本损失风险方面也低得多。但任何超过\"稍好一点\"的期望，都是痴心妄想。当年伯蒂全仓买入伯克希尔的时候，我们还不至于如此谦虚——但现在确实如此。",[61,139,140],{"id":140},"我们不太秘密的武器",[14,142,143,144,147,148,151,152,155],{},"偶尔，市场和\u002F或经济环境会导致一些大型优质企业的股票和债券出现严重的错误定价。没错，市场有时会——而且将会——不可预测地突然冻结甚至",[29,145,146],{},"消失","，就像 1914 年那四个月和 2001 年的那几天一样。如果你觉得美国投资者现在比过去更沉稳了，回想一下 2008 年 9 月吧。通信速度和技术奇迹",[29,149,150],{},"促成","了全球瞬间瘫痪，自从烽火传信以来我们已经走了很远。这种瞬间恐慌不会常发生——但",[29,153,154],{},"一定会","发生。",[14,157,158,159,162,163,166],{},"伯克希尔能够以巨额资金和确定的履约能力即时响应市场失灵，这",[29,160,161],{},"也许","能偶尔为我们创造大规模的机会。虽然股市比我们早年的时候大了不知多少倍，但今天的",[29,164,165],{},"活跃","参与者既不比我上学时情绪更稳定，也没有受到更好的教育。不管是什么原因，市场现在远比我年轻时更像一个赌场。赌场如今开在了千家万户中，每天诱惑着里面的住户。",[14,168,169,170,173,174,177],{},"金融世界有一个事实永远不应被遗忘。华尔街——这里取其象征意义——",[29,171,172],{},"希望","客户赚钱，但真正让华尔街上下兴奋的是疯狂的交易量。在那种时候，任何能卖出去的蠢东西都",[29,175,176],{},"会","被大力兜售——不是所有人都这样，但总有人这样。",[14,179,180],{},"有时候，场面变得很难看。政客们怒不可遏；那些最肆无忌惮的恶人带着大把钞票全身而退，逍遥法外；而你隔壁的朋友则变得困惑、贫穷，有时甚至充满怨恨。他终于明白了：金钱凌驾于道德之上。",[14,182,183,184,186,187,190],{},"伯克希尔有一条投资准则，过去没有变，将来也不会变：",[29,185,48],{},"不要冒永久性资本损失的风险。感谢美国的顺风和复利的力量，",[29,188,189],{},"如果","你这一辈子做了几个好决定、避开了严重的错误，我们所处的这个竞技场过去是——将来也是——回报丰厚的。",[14,192,193],{},"今年，我想再介绍另外两项我们打算无限期持有的投资。跟可口可乐和运通一样，相对于我们的体量，这两笔投资规模不算大。但它们是值得的，而且我们在 2023 年都增加了持仓。",[14,195,196,197,200],{},"截至年底，伯克希尔持有西方石油（Occidental Petroleum）27.8% 的普通股，同时持有认股权证，在超过五年的时间里给予我们以固定价格大幅增持的",[29,198,199],{},"选择权","。虽然我们非常喜欢我们的持股和这份期权，但伯克希尔无意收购或管理西方石油。我们特别看好它在美国的巨大油气储备，以及它在碳捕捉技术方面的领先地位——尽管这项技术的经济可行性尚未得到证实。这两项业务都非常符合我国的利益。",[14,202,203],{},"不久之前，美国还在可悲地依赖进口石油，碳捕捉也没什么人关注。事实上，1975 年美国石油产量仅为每天 800 万桶油当量（BOEPD），远低于国家需求。美国曾凭借有利的能源地位支撑了二战中的国防动员，后来却退化到严重依赖可能不稳定的海外供应商。人们预测国内石油产量将进一步下降，而需求将持续增长。",[14,205,206],{},"有很长一段时间，悲观论调似乎是对的——到 2007 年产量已经跌至每天 500 万桶。与此同时，美国政府在 1975 年建立了战略石油储备（SPR），以缓解——虽然远不能消除——美国自给自足能力的侵蚀。",[14,208,209,210,212,213,215],{},"然后——哈利路亚！——2011 年页岩油气的开采变得经济可行了，我们的能源依赖问题一举解决。现在美国产量超过每天 1,300 万桶，OPEC 不再占据上风。仅西方石油一家的美国年产量就接近 SPR 的全部库存。如果国内产量还停留在每天 500 万桶，而我们又高度依赖非美国来源，这个国家今天会",[21,211,44],{},"——",[29,214,44],{},"——紧张。在那个产量水平上，一旦海外石油供应中断，SPR 的库存几个月内就会耗尽。",[14,217,218,219,222],{},"在维奇·霍卢布（Vicki Hollub）的领导下，西方石油正在做对国家",[29,220,221],{},"和","股东都正确的事情。没人知道下个月、明年或下个十年油价会怎么走。但维奇知道怎么从岩石中把石油分离出来，这是一项不同寻常的才能，对她的股东和国家都很有价值。",[14,224,225,226,229,230,233],{},"铁路对美国经济的未来至关重要。从成本、燃料消耗和碳排放强度来看，铁路显然是将重型货物运送到遥远目的地的最高效方式。短途运输卡车更胜一筹，但美国人需要的很多商品",[29,227,228],{},"必须","运输数百甚至数千英里才能到达客户手中。没有铁路，这个国家就运转不了，而且这个行业的资本需求永远是巨大的。事实上，跟大多数美国企业相比，铁路简直就是",[29,231,232],{},"吞金兽","。",[14,235,236,237,240],{},"BNSF 是覆盖北美的六大铁路系统中最大的一个。我们的铁路在资产负债表上记录着 23,759 英里干线、99 条隧道、13,495 座桥梁、7,521 台机车以及各类其他固定资产，账面价值 700 亿美元。但我估计，要复制这些资产至少需要 5,000 亿美元和",[29,238,239],{},"几十年","时间。",[14,242,243,244,247],{},"BNSF 每年仅为了",[29,245,246],{},"维持","现有业务水平，资本支出就必须超过其折旧费用。不管你投的是什么行业，这对股东来说都不是好消息，在资本密集型行业中尤其不利。",[14,249,250,251,254,255,258],{},"自 14 年前收购以来，BNSF ",[29,252,253],{},"超出"," GAAP 折旧费用的额外资本支出累计达到惊人的 220 亿美元，即每年超过 15 亿美元。唉！这种差距意味着，BNSF 付给其所有者伯克希尔的股息将持续",[29,256,257],{},"大幅低于","其公告的利润，除非我们不断增加铁路公司的债务。而那恰恰是我们不打算做的。",[14,260,261],{},"因此，相对于收购价格，伯克希尔获得的是一个可以接受的回报率，虽然没有看上去那么高，而且相对于资产的重置价值，回报少得可怜。这对我和伯克希尔董事会来说并不意外。这也解释了为什么 2010 年我们能以重置价值的一小部分就买下了 BNSF。",[14,263,264,265,268],{},"北美的铁路系统运送大量煤炭、谷物、汽车、进出口商品等，长距离",[29,266,267],{},"单向","运输，回程常常面临收入不足的问题。极端天气频繁出现，经常阻碍甚至完全中断铁轨、桥梁和设备的使用。洪水可能是一场噩梦。这些都在意料之中。当我坐在一直很舒适的办公室里时，铁路是一项户外工作，许许多多员工在艰苦、有时甚至危险的条件下作业。",[14,270,271,272,275],{},"一个日益加剧的问题是：越来越多的美国人不愿意接受铁路运营中固有的那种艰苦、往往孤独的工作环境。火车司机还要面对这样一个事实：在 3.35 亿美国人口中，一些绝望或精神失常的人会选择躺在一列 100 节车厢、极其沉重的火车前面自杀——而这种火车至少需要一英里以上才能停下来。",[29,273,274],{},"你","愿意当那个无能为力的火车司机吗？这种创痛在北美大约每天发生一次；在欧洲更为常见，而且永远不会消失。",[14,277,278,279,282],{},"铁路行业的工资谈判最终可能由总统和国会来定夺。此外，美国铁路每天",[29,280,281],{},"被要求","运送大量它们宁愿避开的危险物品。\"公共承运人\"这个词就定义了铁路的责任。",[14,284,285],{},"去年 BNSF 的利润下滑超出了我的预期，因为收入下降了。虽然燃料成本也降了，但由华盛顿发布的工资涨幅远超国家的通胀目标。这种差距在未来的谈判中可能还会重演。",[14,287,288],{},"尽管 BNSF 运送的货物量和资本支出都超过其他五大北美铁路中的任何一家，但自我们收购以来，它的利润率相对于这五家都有所下滑。我相信我们无与伦比的广阔服务区域意味着，我们的利润率对比能够而且应该改善。",[14,290,291],{},"我特别为 BNSF 对国家的贡献感到自豪，也为那些在北达科他和蒙大拿的寒冬里顶着零下的严寒在户外工作、保持美国商业大动脉畅通的人们感到骄傲。铁路运行正常时，没什么人会注意到它；但一旦它不在了，全美各地会立刻感受到那个巨大的空缺。",[14,293,294],{},"一百年后，BNSF 仍将是这个国家和伯克希尔的重要资产。你们尽管放心。",[14,296,297,298,301,302,305],{},"问题说得够多了。我们的保险业务去年表现出色，在销售额、浮存金和承保利润方面都创了纪录。财产意外险（\"P\u002FC\"）是伯克希尔繁荣和增长的核心。我们已经在这个行业经营了 57 年，虽然规模从 1,700 万美元增长到 830 ",[29,299,300],{},"亿","美元，增长了近 ",[29,303,304],{},"5,000 倍","，但仍有很大的增长空间。",[14,307,308,309,312,313,316],{},"除此之外，我们还学到了——往往是痛苦地学到的——大量关于什么类型的保险业务和什么样的人应该",[29,310,311],{},"远离","的经验。最重要的教训是：我们的承保人可以是瘦的、胖的、男的、女的、年轻的、年长的、外国的或本国的。但他们在办公室里",[29,314,315],{},"不能","是乐观主义者，尽管乐观通常是生活中可取的品质。",[14,318,319,320,323],{},"财产意外险的",[29,321,322],{},"意外","——可能在半年或一年期保单到期后几十年才冒出来——几乎总是负面的。这个行业的会计准则就是为这一现实而设计的，但估算误差可能非常大。而当骗子卷入其中时，发现真相往往既缓慢又昂贵。伯克希尔将始终力求准确估计未来的赔付金额，但通货膨胀——货币的和\"法律\"的——是一张未知的牌。",[14,325,326],{},"保险业务的故事我已经讲了太多次了，新来的股东请直接去看年报第 18 页。在这里我只想重复一句：如果不是阿吉特·贾恩（Ajit Jain）在 1986 年加入伯克希尔，我们不可能有今天的地位。在那个幸运的日子到来之前——除了从 1951 年初开始与盖可保险（GEICO）那段几乎令人难以置信的美妙缘分（这段缘分将永远延续）——我基本上一直在荒野中摸索，苦苦经营着保险业务。",[14,328,329],{},"阿吉特加入伯克希尔后取得的成就，离不开我们旗下各类财产意外险业务中一大群才华出众的保险高管的支持。他们的名字和面孔不为大多数媒体和公众所知。但伯克希尔的经理人阵容之于财产意外险行业，就好比棒球名人堂的入选者之于棒球运动。",[14,331,332],{},"伯蒂，你可以为自己拥有这样一份了不起的财险业务而自豪——它如今在全球运营，拥有无与伦比的财务资源、声誉和人才。它在 2023 年大放异彩。",[61,334,336],{"id":335},"奥马哈有什么","奥马哈有什么？",[14,338,339],{},"欢迎来参加 2024 年 5 月 4 日的伯克希尔年度盛会。在舞台上，你们将看到三位如今肩负管理你们公司首要责任的经理人。你可能会想：他们有什么共同点？长相肯定不一样。让我们深挖一下。",[14,341,342,343,346],{},"格雷格·阿贝尔负责伯克希尔所有非保险业务的运营——从",[29,344,345],{},"各方面","来说都已准备好明天就担任伯克希尔的 CEO——他在加拿大出生长大（至今还打曲棍球）。不过在 1990 年代，格雷格在奥马哈住了六年，离我家只有几个街区。那段时间，我从未见过他。",[14,348,349],{},"大约十年前，阿吉特·贾恩——在印度出生、长大和接受教育——跟家人住在奥马哈，离我家（我从 1958 年起就住那里）大约一英里远。阿吉特和他的妻子廷库（Tinku）在奥马哈有很多朋友，尽管他们搬到纽约已经三十多年了（因为那里是再保险业务的中心）。",[14,351,352],{},"今年缺席这个舞台的是查理。他和我都出生在奥马哈，离你们五月聚会的地方大约两英里。在他人生的头十年，查理住的地方离伯克希尔长期设立办公室的地点约半英里。我们早年都在奥马哈的公立学校读书，奥马哈的童年对我们的塑造是不可磨灭的。但我们直到很久以后才认识。（一个可能让你吃惊的脚注：查理经历了美国 45 位总统中的 15 位。有人称拜登总统为第 46 位，但这个编号把格罗弗·克利夫兰（Grover Cleveland）既算作第 22 位又算作第 24 位，因为他的两个任期不连续。美国真是一个非常年轻的国家。）",[14,354,355],{},"回到公司层面：伯克希尔于 1970 年从它待了 81 年的新英格兰老家搬到了奥马哈，把麻烦留在了身后，在新家蓬勃发展。",[14,357,358,359,362],{},"作为\"奥马哈效应\"的最后一个例证：伯蒂——没错，就是",[29,360,361],{},"那个","伯蒂——在奥马哈一个中产阶级社区度过了她的成长岁月，几十年后，她成为了这个国家最伟大的投资者之一。",[14,364,365],{},"你可能以为她一开始就把所有钱投到伯克希尔然后就坐等收获了。但事实不是这样。1956 年成家后，伯蒂在理财方面活跃了 20 年：持有债券，把三分之一的资金投入一只公募基金，还比较频繁地做股票交易。她的潜力一直没有被发掘出来。",[14,367,368,369,372],{},"然后到了 1980 年，46 岁的她，完全不受哥哥的催促，自己做出了决定。她只留下了那只共同基金和伯克希尔，在接下来的 43 年里",[29,370,371],{},"没有","做过任何一笔新的交易。在此期间，她变得非常富有——即便是在进行了大额慈善捐赠（猜猜有九位数）之后。",[14,374,375,376,379,380,383],{},"数以百万的美国投资者",[29,377,378],{},"本可以","效仿她的思路——那不过是她在奥马哈当小女孩时不知怎么就吸收到的常识而已。而且为了保险起见，伯蒂",[29,381,382],{},"每年","五月都会回到奥马哈充电。",[10,385,387],{"id":386},"伯克希尔与标普-500-指数业绩对比","伯克希尔与标普 500 指数业绩对比",[389,390,391,407],"table",{},[392,393,394],"thead",{},[395,396,397,401,404],"tr",{},[398,399,400],"th",{},"年份",[398,402,403],{},"伯克希尔每股市值年度变动百分比",[398,405,406],{},"含股息标普 500 指数年度变动百分比",[408,409,410,422,433,444,455,466,477,488,499,510,521,532,543,554,565,576,587,598,609,620,631,642,653,664,675,686,697,708,719,730,741,752,763,774,785,796,807,818,829,840,851,862,872,882,893,904,914,925,936,947,958,969,980,991,1002,1012,1023,1033,1044,1054,1065],"tbody",{},[395,411,412,416,419],{},[413,414,415],"td",{},"1965",[413,417,418],{},"49.5",[413,420,421],{},"10.0",[395,423,424,427,430],{},[413,425,426],{},"1966",[413,428,429],{},"(3.4)",[413,431,432],{},"(11.7)",[395,434,435,438,441],{},[413,436,437],{},"1967",[413,439,440],{},"13.3",[413,442,443],{},"30.9",[395,445,446,449,452],{},[413,447,448],{},"1968",[413,450,451],{},"77.8",[413,453,454],{},"11.0",[395,456,457,460,463],{},[413,458,459],{},"1969",[413,461,462],{},"19.4",[413,464,465],{},"(8.4)",[395,467,468,471,474],{},[413,469,470],{},"1970",[413,472,473],{},"(4.6)",[413,475,476],{},"3.9",[395,478,479,482,485],{},[413,480,481],{},"1971",[413,483,484],{},"80.5",[413,486,487],{},"14.6",[395,489,490,493,496],{},[413,491,492],{},"1972",[413,494,495],{},"8.1",[413,497,498],{},"18.9",[395,500,501,504,507],{},[413,502,503],{},"1973",[413,505,506],{},"(2.5)",[413,508,509],{},"(14.8)",[395,511,512,515,518],{},[413,513,514],{},"1974",[413,516,517],{},"(48.7)",[413,519,520],{},"(26.4)",[395,522,523,526,529],{},[413,524,525],{},"1975",[413,527,528],{},"2.5",[413,530,531],{},"37.2",[395,533,534,537,540],{},[413,535,536],{},"1976",[413,538,539],{},"129.3",[413,541,542],{},"23.6",[395,544,545,548,551],{},[413,546,547],{},"1977",[413,549,550],{},"46.8",[413,552,553],{},"(7.4)",[395,555,556,559,562],{},[413,557,558],{},"1978",[413,560,561],{},"14.5",[413,563,564],{},"6.4",[395,566,567,570,573],{},[413,568,569],{},"1979",[413,571,572],{},"102.5",[413,574,575],{},"18.2",[395,577,578,581,584],{},[413,579,580],{},"1980",[413,582,583],{},"32.8",[413,585,586],{},"32.3",[395,588,589,592,595],{},[413,590,591],{},"1981",[413,593,594],{},"31.8",[413,596,597],{},"(5.0)",[395,599,600,603,606],{},[413,601,602],{},"1982",[413,604,605],{},"38.4",[413,607,608],{},"21.4",[395,610,611,614,617],{},[413,612,613],{},"1983",[413,615,616],{},"69.0",[413,618,619],{},"22.4",[395,621,622,625,628],{},[413,623,624],{},"1984",[413,626,627],{},"(2.7)",[413,629,630],{},"6.1",[395,632,633,636,639],{},[413,634,635],{},"1985",[413,637,638],{},"93.7",[413,640,641],{},"31.6",[395,643,644,647,650],{},[413,645,646],{},"1986",[413,648,649],{},"14.2",[413,651,652],{},"18.6",[395,654,655,658,661],{},[413,656,657],{},"1987",[413,659,660],{},"4.6",[413,662,663],{},"5.1",[395,665,666,669,672],{},[413,667,668],{},"1988",[413,670,671],{},"59.3",[413,673,674],{},"16.6",[395,676,677,680,683],{},[413,678,679],{},"1989",[413,681,682],{},"84.6",[413,684,685],{},"31.7",[395,687,688,691,694],{},[413,689,690],{},"1990",[413,692,693],{},"(23.1)",[413,695,696],{},"(3.1)",[395,698,699,702,705],{},[413,700,701],{},"1991",[413,703,704],{},"35.6",[413,706,707],{},"30.5",[395,709,710,713,716],{},[413,711,712],{},"1992",[413,714,715],{},"29.8",[413,717,718],{},"7.6",[395,720,721,724,727],{},[413,722,723],{},"1993",[413,725,726],{},"38.9",[413,728,729],{},"10.1",[395,731,732,735,738],{},[413,733,734],{},"1994",[413,736,737],{},"25.0",[413,739,740],{},"1.3",[395,742,743,746,749],{},[413,744,745],{},"1995",[413,747,748],{},"57.4",[413,750,751],{},"37.6",[395,753,754,757,760],{},[413,755,756],{},"1996",[413,758,759],{},"6.2",[413,761,762],{},"23.0",[395,764,765,768,771],{},[413,766,767],{},"1997",[413,769,770],{},"34.9",[413,772,773],{},"33.4",[395,775,776,779,782],{},[413,777,778],{},"1998",[413,780,781],{},"52.2",[413,783,784],{},"28.6",[395,786,787,790,793],{},[413,788,789],{},"1999",[413,791,792],{},"(19.9)",[413,794,795],{},"21.0",[395,797,798,801,804],{},[413,799,800],{},"2000",[413,802,803],{},"26.6",[413,805,806],{},"(9.1)",[395,808,809,812,815],{},[413,810,811],{},"2001",[413,813,814],{},"6.5",[413,816,817],{},"(11.9)",[395,819,820,823,826],{},[413,821,822],{},"2002",[413,824,825],{},"(3.8)",[413,827,828],{},"(22.1)",[395,830,831,834,837],{},[413,832,833],{},"2003",[413,835,836],{},"15.8",[413,838,839],{},"28.7",[395,841,842,845,848],{},[413,843,844],{},"2004",[413,846,847],{},"4.3",[413,849,850],{},"10.9",[395,852,853,856,859],{},[413,854,855],{},"2005",[413,857,858],{},"0.8",[413,860,861],{},"4.9",[395,863,864,867,870],{},[413,865,866],{},"2006",[413,868,869],{},"24.1",[413,871,836],{},[395,873,874,877,879],{},[413,875,876],{},"2007",[413,878,839],{},[413,880,881],{},"5.5",[395,883,884,887,890],{},[413,885,886],{},"2008",[413,888,889],{},"(31.8)",[413,891,892],{},"(37.0)",[395,894,895,898,901],{},[413,896,897],{},"2009",[413,899,900],{},"2.7",[413,902,903],{},"26.5",[395,905,906,909,911],{},[413,907,908],{},"2010",[413,910,608],{},[413,912,913],{},"15.1",[395,915,916,919,922],{},[413,917,918],{},"2011",[413,920,921],{},"(4.7)",[413,923,924],{},"2.1",[395,926,927,930,933],{},[413,928,929],{},"2012",[413,931,932],{},"16.8",[413,934,935],{},"16.0",[395,937,938,941,944],{},[413,939,940],{},"2013",[413,942,943],{},"32.7",[413,945,946],{},"32.4",[395,948,949,952,955],{},[413,950,951],{},"2014",[413,953,954],{},"27.0",[413,956,957],{},"13.7",[395,959,960,963,966],{},[413,961,962],{},"2015",[413,964,965],{},"(12.5)",[413,967,968],{},"1.4",[395,970,971,974,977],{},[413,972,973],{},"2016",[413,975,976],{},"23.4",[413,978,979],{},"12.0",[395,981,982,985,988],{},[413,983,984],{},"2017",[413,986,987],{},"21.9",[413,989,990],{},"21.8",[395,992,993,996,999],{},[413,994,995],{},"2018",[413,997,998],{},"2.8",[413,1000,1001],{},"(4.4)",[395,1003,1004,1007,1009],{},[413,1005,1006],{},"2019",[413,1008,454],{},[413,1010,1011],{},"31.5",[395,1013,1014,1017,1020],{},[413,1015,1016],{},"2020",[413,1018,1019],{},"2.4",[413,1021,1022],{},"18.4",[395,1024,1025,1028,1031],{},[413,1026,1027],{},"2021",[413,1029,1030],{},"29.6",[413,1032,839],{},[395,1034,1035,1038,1041],{},[413,1036,1037],{},"2022",[413,1039,1040],{},"4.0",[413,1042,1043],{},"(18.1)",[395,1045,1046,1049,1051],{},[413,1047,1048],{},"2023",[413,1050,836],{},[413,1052,1053],{},"26.3",[395,1055,1056,1059,1062],{},[413,1057,1058],{},"年复合增长率（1965-2023）",[413,1060,1061],{},"19.8%",[413,1063,1064],{},"10.2%",[395,1066,1067,1070,1073],{},[413,1068,1069],{},"累计总收益（1964-2023）",[413,1071,1072],{},"4,384,748%",[413,1074,1075],{},"31,223%",[14,1077,1078,1081],{},[21,1079,1080],{},"注","：数据按日历年统计，以下例外：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 个月期间。",{"title":1083,"searchDepth":1084,"depth":1084,"links":1085},"",2,[1086,1087,1088],{"id":63,"depth":1084,"text":64},{"id":140,"depth":1084,"text":140},{"id":335,"depth":1084,"text":336},"致股东信",null,"2023年巴菲特致股东信，阐述投资目标受众、股票回购策略、伯克希尔保险业务优势","md",{},true,96,"\u002Fbuffett\u002Fberkshire\u002F2023-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1091},"2023 巴菲特致股东信｜巴菲特","2023-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F2023-ba-fei-te-zhi-gu-dong-xin","LyhpeZfdZ7BOl9URU-nSuHxYp-fh_aE2xl3QSgI0csY","buffett",[1104,1108,1112,1116,1119,1122,1125,1129,1132,1135,1139,1142,1145,1149,1152,1155,1159,1162,1165,1169,1172,1175,1179,1182,1185,1189,1192,1195,1199,1202,1205,1209,1212,1215,1219,1222,1225,1229,1232,1235,1239,1242,1245,1249,1252,1255,1259,1262,1265,1269,1272,1275,1279,1282,1285,1289,1292,1295,1299,1302,1305,1309,1312,1315,1319,1322,1325,1329,1332,1335,1339,1342,1345,1349,1352,1355,1359,1362,1365,1369,1372,1375,1379,1382,1385,1389,1392,1395,1399,1402,1405,1409,1412,1415,1419,1422,1425,1429,1432,1435,1439,1442,1446,1449,1453,1456,1460,1463,1467,1470,1474,1477,1481,1484,1488,1491,1495,1498,1502,1505,1509,1512,1516,1519,1523,1526,1530,1533,1537,1540,1544,1547,1551,1554,1558,1561,1565,1568,1572,1575,1579,1582,1586,1589,1593,1596,1600,1603,1607,1610,1614,1617,1621,1624,1628,1631,1635,1638,1642,1645,1649,1652,1656,1659,1663,1666,1670,1673,1677,1680,1684,1687,1691,1694,1698,1701,1705,1708,1712,1715,1719,1722,1726,1729,1733,1736,1740,1743,1747,1750,1754,1757,1761,1764,1768,1771,1775,1778,1782,1785,1789,1792,1796,1799,1803,1806,1810,1813,1817,1820,1824,1827,1831,1834,1838,1841,1845,1848,1852,1855,1859,1862,1866,1869,1870,1873,1877,1880,1884,1887,1891,1894,1898,1901,1905,1909,1913,1917,1921,1925,1929,1933,1937,1941,1945,1949,1953,1957,1961,1965,1969,1973,1977,1981,1985,1989,1993,1997,2001,2005,2009,2013,2017,2021,2025,2029,2033,2037,2041,2045,2049,2053,2057,2061,2065,2069,2073,2077,2081,2085,2089,2093,2097,2101],{"title":1105,"slug":1106,"category":1089,"order":1107},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1109,"slug":1110,"category":1111,"order":1107},"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":1113,"slug":1114,"category":1115,"order":1107},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1117,"slug":1118,"category":1089,"order":1084},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1120,"slug":1121,"category":1111,"order":1084},"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":1123,"slug":1124,"category":1115,"order":1084},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1126,"slug":1127,"category":1089,"order":1128},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":1130,"slug":1131,"category":1111,"order":1128},"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":1133,"slug":1134,"category":1115,"order":1128},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1136,"slug":1137,"category":1089,"order":1138},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1140,"slug":1141,"category":1111,"order":1138},"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":1143,"slug":1144,"category":1115,"order":1138},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1146,"slug":1147,"category":1089,"order":1148},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1150,"slug":1151,"category":1111,"order":1148},"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":1153,"slug":1154,"category":1115,"order":1148},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1156,"slug":1157,"category":1089,"order":1158},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1160,"slug":1161,"category":1111,"order":1158},"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":1163,"slug":1164,"category":1115,"order":1158},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1166,"slug":1167,"category":1089,"order":1168},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1170,"slug":1171,"category":1111,"order":1168},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1173,"slug":1174,"category":1115,"order":1168},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1176,"slug":1177,"category":1089,"order":1178},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1180,"slug":1181,"category":1111,"order":1178},"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":1183,"slug":1184,"category":1115,"order":1178},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1186,"slug":1187,"category":1089,"order":1188},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1190,"slug":1191,"category":1111,"order":1188},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1193,"slug":1194,"category":1115,"order":1188},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1196,"slug":1197,"category":1089,"order":1198},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1200,"slug":1201,"category":1111,"order":1198},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1203,"slug":1204,"category":1115,"order":1198},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1206,"slug":1207,"category":1089,"order":1208},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1210,"slug":1211,"category":1111,"order":1208},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1213,"slug":1214,"category":1115,"order":1208},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1216,"slug":1217,"category":1089,"order":1218},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1220,"slug":1221,"category":1111,"order":1218},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":1223,"slug":1224,"category":1115,"order":1218},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1226,"slug":1227,"category":1089,"order":1228},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1230,"slug":1231,"category":1111,"order":1228},"巴菲特：1983年向Rose Blumkin 发出的正式意向收购书","ba-fei-te-1983nian-xiang-rose-blumkin-fa-chu-de-zheng-shi-yi-xiang-shou-gou-shu",{"title":1233,"slug":1234,"category":1115,"order":1228},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1236,"slug":1237,"category":1089,"order":1238},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1240,"slug":1241,"category":1111,"order":1238},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1243,"slug":1244,"category":1115,"order":1238},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1246,"slug":1247,"category":1089,"order":1248},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1250,"slug":1251,"category":1111,"order":1248},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1253,"slug":1254,"category":1115,"order":1248},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1256,"slug":1257,"category":1089,"order":1258},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1260,"slug":1261,"category":1111,"order":1258},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":1263,"slug":1264,"category":1115,"order":1258},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1266,"slug":1267,"category":1089,"order":1268},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1270,"slug":1271,"category":1111,"order":1268},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":1273,"slug":1274,"category":1115,"order":1268},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1276,"slug":1277,"category":1089,"order":1278},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1280,"slug":1281,"category":1111,"order":1278},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":1283,"slug":1284,"category":1115,"order":1278},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1286,"slug":1287,"category":1089,"order":1288},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1290,"slug":1291,"category":1111,"order":1288},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":1293,"slug":1294,"category":1115,"order":1288},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1296,"slug":1297,"category":1089,"order":1298},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1300,"slug":1301,"category":1111,"order":1298},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1303,"slug":1304,"category":1115,"order":1298},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1306,"slug":1307,"category":1089,"order":1308},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1310,"slug":1311,"category":1111,"order":1308},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":1313,"slug":1314,"category":1115,"order":1308},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1316,"slug":1317,"category":1089,"order":1318},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1320,"slug":1321,"category":1111,"order":1318},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1323,"slug":1324,"category":1115,"order":1318},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1326,"slug":1327,"category":1089,"order":1328},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1330,"slug":1331,"category":1111,"order":1328},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1333,"slug":1334,"category":1115,"order":1328},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1336,"slug":1337,"category":1089,"order":1338},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1340,"slug":1341,"category":1111,"order":1338},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":1343,"slug":1344,"category":1115,"order":1338},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1346,"slug":1347,"category":1089,"order":1348},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":1350,"slug":1351,"category":1111,"order":1348},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":1353,"slug":1354,"category":1115,"order":1348},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1356,"slug":1357,"category":1089,"order":1358},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":1360,"slug":1361,"category":1111,"order":1358},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":1363,"slug":1364,"category":1115,"order":1358},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1366,"slug":1367,"category":1089,"order":1368},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":1370,"slug":1371,"category":1111,"order":1368},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":1373,"slug":1374,"category":1115,"order":1368},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1376,"slug":1377,"category":1089,"order":1378},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":1380,"slug":1381,"category":1111,"order":1378},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":1383,"slug":1384,"category":1115,"order":1378},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1386,"slug":1387,"category":1089,"order":1388},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":1390,"slug":1391,"category":1111,"order":1388},"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":1393,"slug":1394,"category":1115,"order":1388},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1396,"slug":1397,"category":1089,"order":1398},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":1400,"slug":1401,"category":1111,"order":1398},"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":1403,"slug":1404,"category":1115,"order":1398},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1406,"slug":1407,"category":1089,"order":1408},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1410,"slug":1411,"category":1111,"order":1408},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1413,"slug":1414,"category":1115,"order":1408},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1416,"slug":1417,"category":1089,"order":1418},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1420,"slug":1421,"category":1111,"order":1418},"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":1423,"slug":1424,"category":1115,"order":1418},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1426,"slug":1427,"category":1089,"order":1428},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":1430,"slug":1431,"category":1111,"order":1428},"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":1433,"slug":1434,"category":1115,"order":1428},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1436,"slug":1437,"category":1089,"order":1438},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":1440,"slug":1441,"category":1111,"order":1438},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":1443,"slug":1444,"category":1089,"order":1445},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":1447,"slug":1448,"category":1111,"order":1445},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":1450,"slug":1451,"category":1089,"order":1452},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1454,"slug":1455,"category":1111,"order":1452},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1457,"slug":1458,"category":1089,"order":1459},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1461,"slug":1462,"category":1111,"order":1459},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1464,"slug":1465,"category":1089,"order":1466},"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":1468,"slug":1469,"category":1111,"order":1466},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1471,"slug":1472,"category":1089,"order":1473},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1475,"slug":1476,"category":1111,"order":1473},"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":1478,"slug":1479,"category":1089,"order":1480},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1482,"slug":1483,"category":1111,"order":1480},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1485,"slug":1486,"category":1089,"order":1487},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1489,"slug":1490,"category":1111,"order":1487},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1492,"slug":1493,"category":1089,"order":1494},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1496,"slug":1497,"category":1111,"order":1494},"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":1499,"slug":1500,"category":1089,"order":1501},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1503,"slug":1504,"category":1111,"order":1501},"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":1506,"slug":1507,"category":1089,"order":1508},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1510,"slug":1511,"category":1111,"order":1508},"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":1513,"slug":1514,"category":1089,"order":1515},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1517,"slug":1518,"category":1111,"order":1515},"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":1520,"slug":1521,"category":1089,"order":1522},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1524,"slug":1525,"category":1111,"order":1522},"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":1527,"slug":1528,"category":1089,"order":1529},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1531,"slug":1532,"category":1111,"order":1529},"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":1534,"slug":1535,"category":1089,"order":1536},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1538,"slug":1539,"category":1111,"order":1536},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1541,"slug":1542,"category":1089,"order":1543},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1545,"slug":1546,"category":1111,"order":1543},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1548,"slug":1549,"category":1089,"order":1550},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1552,"slug":1553,"category":1111,"order":1550},"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":1555,"slug":1556,"category":1089,"order":1557},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1559,"slug":1560,"category":1111,"order":1557},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1562,"slug":1563,"category":1089,"order":1564},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1566,"slug":1567,"category":1111,"order":1564},"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":1569,"slug":1570,"category":1089,"order":1571},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1573,"slug":1574,"category":1111,"order":1571},"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":1576,"slug":1577,"category":1089,"order":1578},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1580,"slug":1581,"category":1111,"order":1578},"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":1583,"slug":1584,"category":1089,"order":1585},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1587,"slug":1588,"category":1111,"order":1585},"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":1590,"slug":1591,"category":1089,"order":1592},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1594,"slug":1595,"category":1111,"order":1592},"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":1597,"slug":1598,"category":1089,"order":1599},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1601,"slug":1602,"category":1111,"order":1599},"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":1604,"slug":1605,"category":1089,"order":1606},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1608,"slug":1609,"category":1111,"order":1606},"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":1611,"slug":1612,"category":1089,"order":1613},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1615,"slug":1616,"category":1111,"order":1613},"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":1618,"slug":1619,"category":1089,"order":1620},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1622,"slug":1623,"category":1111,"order":1620},"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":1625,"slug":1626,"category":1089,"order":1627},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1629,"slug":1630,"category":1111,"order":1627},"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":1632,"slug":1633,"category":1089,"order":1634},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1636,"slug":1637,"category":1111,"order":1634},"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":1639,"slug":1640,"category":1089,"order":1641},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1643,"slug":1644,"category":1111,"order":1641},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1646,"slug":1647,"category":1089,"order":1648},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1650,"slug":1651,"category":1111,"order":1648},"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":1653,"slug":1654,"category":1089,"order":1655},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1657,"slug":1658,"category":1111,"order":1655},"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":1660,"slug":1661,"category":1089,"order":1662},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1664,"slug":1665,"category":1111,"order":1662},"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":1667,"slug":1668,"category":1089,"order":1669},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1671,"slug":1672,"category":1111,"order":1669},"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":1674,"slug":1675,"category":1089,"order":1676},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1678,"slug":1679,"category":1111,"order":1676},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1681,"slug":1682,"category":1089,"order":1683},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1685,"slug":1686,"category":1111,"order":1683},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1688,"slug":1689,"category":1089,"order":1690},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1692,"slug":1693,"category":1111,"order":1690},"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":1695,"slug":1696,"category":1089,"order":1697},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1699,"slug":1700,"category":1111,"order":1697},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1702,"slug":1703,"category":1089,"order":1704},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1706,"slug":1707,"category":1111,"order":1704},"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":1709,"slug":1710,"category":1089,"order":1711},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1713,"slug":1714,"category":1111,"order":1711},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1716,"slug":1717,"category":1089,"order":1718},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1720,"slug":1721,"category":1111,"order":1718},"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":1723,"slug":1724,"category":1089,"order":1725},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1727,"slug":1728,"category":1111,"order":1725},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1730,"slug":1731,"category":1089,"order":1732},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1734,"slug":1735,"category":1111,"order":1732},"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":1737,"slug":1738,"category":1089,"order":1739},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1741,"slug":1742,"category":1111,"order":1739},"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":1744,"slug":1745,"category":1089,"order":1746},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1748,"slug":1749,"category":1111,"order":1746},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1751,"slug":1752,"category":1089,"order":1753},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1755,"slug":1756,"category":1111,"order":1753},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1758,"slug":1759,"category":1089,"order":1760},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1762,"slug":1763,"category":1111,"order":1760},"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":1765,"slug":1766,"category":1089,"order":1767},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1769,"slug":1770,"category":1111,"order":1767},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1772,"slug":1773,"category":1089,"order":1774},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1776,"slug":1777,"category":1111,"order":1774},"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":1779,"slug":1780,"category":1089,"order":1781},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1783,"slug":1784,"category":1111,"order":1781},"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":1786,"slug":1787,"category":1089,"order":1788},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1790,"slug":1791,"category":1111,"order":1788},"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":1793,"slug":1794,"category":1089,"order":1795},"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":1797,"slug":1798,"category":1111,"order":1795},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1800,"slug":1801,"category":1089,"order":1802},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1804,"slug":1805,"category":1111,"order":1802},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1807,"slug":1808,"category":1089,"order":1809},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1811,"slug":1812,"category":1111,"order":1809},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1814,"slug":1815,"category":1089,"order":1816},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1818,"slug":1819,"category":1111,"order":1816},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1821,"slug":1822,"category":1089,"order":1823},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1825,"slug":1826,"category":1111,"order":1823},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1828,"slug":1829,"category":1089,"order":1830},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1832,"slug":1833,"category":1111,"order":1830},"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":1835,"slug":1836,"category":1089,"order":1837},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1839,"slug":1840,"category":1111,"order":1837},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1842,"slug":1843,"category":1089,"order":1844},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1846,"slug":1847,"category":1111,"order":1844},"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":1849,"slug":1850,"category":1089,"order":1851},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1853,"slug":1854,"category":1111,"order":1851},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1856,"slug":1857,"category":1089,"order":1858},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1860,"slug":1861,"category":1111,"order":1858},"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":1863,"slug":1864,"category":1089,"order":1865},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1867,"slug":1868,"category":1111,"order":1865},"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":5,"slug":1099,"category":1089,"order":1095},{"title":1871,"slug":1872,"category":1111,"order":1095},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1874,"slug":1875,"category":1089,"order":1876},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1878,"slug":1879,"category":1111,"order":1876},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1881,"slug":1882,"category":1089,"order":1883},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1885,"slug":1886,"category":1111,"order":1883},"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":1888,"slug":1889,"category":1089,"order":1890},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1892,"slug":1893,"category":1111,"order":1890},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1895,"slug":1896,"category":1089,"order":1897},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1899,"slug":1900,"category":1111,"order":1897},"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":1902,"slug":1903,"category":1111,"order":1904},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":1906,"slug":1907,"category":1111,"order":1908},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":1910,"slug":1911,"category":1111,"order":1912},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":1914,"slug":1915,"category":1111,"order":1916},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":1918,"slug":1919,"category":1111,"order":1920},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":1922,"slug":1923,"category":1111,"order":1924},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":1926,"slug":1927,"category":1111,"order":1928},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":1930,"slug":1931,"category":1111,"order":1932},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":1934,"slug":1935,"category":1111,"order":1936},"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":1938,"slug":1939,"category":1111,"order":1940},"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":1942,"slug":1943,"category":1111,"order":1944},"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":1946,"slug":1947,"category":1111,"order":1948},"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":1950,"slug":1951,"category":1111,"order":1952},"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":1954,"slug":1955,"category":1111,"order":1956},"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":1958,"slug":1959,"category":1111,"order":1960},"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":1962,"slug":1963,"category":1111,"order":1964},"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":1966,"slug":1967,"category":1111,"order":1968},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":1970,"slug":1971,"category":1111,"order":1972},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":1974,"slug":1975,"category":1111,"order":1976},"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":1978,"slug":1979,"category":1111,"order":1980},"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":1982,"slug":1983,"category":1111,"order":1984},"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":1986,"slug":1987,"category":1111,"order":1988},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":1990,"slug":1991,"category":1111,"order":1992},"巴菲特：2017年接受PBS 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