[{"data":1,"prerenderedAt":1741},["ShallowReactive",2],{"library-2026-a-bei-er-zhi-gu-dong-xin":3,"library-sidebar-buffett":206,"library-sidebar-dao":1207,"library-sidebar-models":1509},{"id":4,"title":5,"body":6,"category":192,"date":193,"description":194,"extension":195,"meta":196,"navigation":197,"order":198,"path":199,"seo":200,"seoDescription":194,"seoTitle":201,"slug":202,"stem":203,"__hash__":204,"_collection":205},"buffett\u002Fbuffett\u002Fberkshire\u002F2026-a-bei-er-zhi-gu-dong-xin.md","2026 阿贝尔致股东信",{"type":7,"value":8,"toc":164},"minimark",[9,14,19,23,26,29,33,36,39,42,46,49,52,55,58,61,64,67,70,73,76,79,82,85,88,91,95,98,101,104,107,110,113,116,120,123,127,130,133,136,140,143,146,157,161],[10,11,13],"h1",{"id":12},"_2026-巴菲特致股东信","2026 巴菲特致股东信",[15,16,18],"h2",{"id":17},"致各位伯克希尔股东","致各位伯克希尔股东：",[20,21,22],"p",{},"沃伦·巴菲特可谓有史以来最伟大的投资者，他的投资智慧惠及了几代人。他也是是一位非凡的首席执行官，自1967年收购国民赔偿公司（National Indemnity）以来，他一直在推进“打造一家卓越保险公司”的愿景，并将保险浮存金投向美国经济的主要领域，且高度集中在美国市场。（沃伦或许会感到无奈，看到股东信以这些众人皆知的事实开篇。）\n过去，沃伦曾谈到过他如何从泰德·威廉姆斯（Ted Williams）身上汲取灵感。泰德是棒球名人堂的传奇击球手，他把好球带划分成77个区域，只在更小的“甜点区”里选择挥棒，因此职业生涯的平均击球率达到0.344，并在1941年创下了0.406的历史性赛季纪录。\n同样的纪律、耐心与判断力定义了沃伦的投资：先确定心仪的标的然后耐心等待，机会来临时果断出手。\n但他不只是投资大师。沃伦与他的商业伙伴查理·芒格一起，把伯克希尔打造为一家基业长青的企业。他们将世界级的资本配置能力，与打造一家伟大公司的远见卓识及领导力结合在一起，让伯克希尔从创始人主导的公司，变成了一家已经为未来60年乃至更久做好传承准备的企业。\n比起这些成就更经得起时间检验的，是伯克希尔在过去60年里始终把股东当作真正的合伙人。沃伦经常表达他对伯克希尔长期股东的尊重和感激，他们代表了所有上市公司中最非凡的所有者群体之一。他与我们并肩投资，坦诚地书写错误与成功，并每年欢迎我们来到奥马哈进行公开、坦诚的讨论。他的年度致股东信，以及在股东大会上与股东的直接互动，最清楚地体现了沃伦——也体现了伯克希尔——对伙伴关系的长期承诺。\n我们很幸运，沃伦仍担任伯克希尔董事长，每周五天在办公室，并在我们承保保险、经营非保险业务、配置资本（包括股权投资）时，随时为我们提供支持。沃伦也将继续作为伯克希尔的所有者——尽管在他离世后的大约十年里，他持有的股份将全部用于慈善事业。\n长期以来，投资伯克希尔，等同于对这位创始人的信任投票；而现在，这份信任更多是对伯克希尔本身的托付。你们的资本与我们的资本休戚与共，但它并不属于我们。我们的角色是受托管理。\n正是这种受托责任，塑造了我们的文化，并不断强化一套价值观：这些价值观不是成功的结果，而是成功的根源。\n＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊\n董事会决定任命我担任伯克希尔首席执行官，我深感荣幸；接替沃伦写下致各位的第一封年度股东信时，我也倍感惶恐，沃伦显然是一个极难被追随的标杆。\n步入任何领导岗位，第一步都是理解这个组织：它为何存在，它的文化如何塑造其中的人，以及哪些价值观在引导它的决策。你们会看到我与沃伦、查理之间既有相似也有不同，但我们都认为，伯克希尔在“以股东为导向”这一点上做到了极致。\n我对伯克希尔形成这种理解始于1992年。当时我搬到奥马哈，加入加州能源（CalEnergy）工作，那时它还与伯克希尔没有关联。\n加州能源的一部分股权由彼得·基威特之子公司（Peter Kiewit Sons’）持有，董事长是沃尔特·斯科特（Walter Scott, Jr.），他同时也是伯克希尔的董事。沃尔特接替彼得·基威特担任公司首席执行官，他树立的领导标准，对我影响极深。\n至于我当年在加州能源具体做什么，如今已不那么重要。重要的是，那段经历成为我个人成长中非常关键的一段时期。我很庆幸自己生活在奥马哈：这座城市代表着一种扎根基本面、由价值观推动的资本主义形态——以“基业长青”的企业为底座，横跨保险、建筑、铁路、制造等行业，并且很快也延伸到了能源。\n在加州能源成为中美能源控股（MidAmerican Energy Holdings）并被伯克希尔收购之后，我认识了沃伦和查理。\n我钦佩他们如何携手打造一家能够承载其商业观与人生观的企业。正是这些信念，孕育出伯克希尔的文化与价值观，并一路指引公司走到今天，使我们得以穿越市场周期、外部冲击与各种变化。我们的韧性，来自于我们清楚自己是谁，也清楚我们如何运作。\n对“文化与价值观在成功中所扮演角色”的理解，不只属于管理层，也被我们独特的股东群体所共同分享——你们是这家企业的合伙人。\n通过在年度股东大会上与各位的交流，我越来越能体会到：你们希望我们与大家一起把公司做得更好，而且必须以正确的方式去做到。\n伯克希尔的文化与价值观，构成了我们经营框架的基础。它决定了我们追求什么样的战略，也影响着我们在建设伯克希尔过程中所做出的每一个选择。作为首席执行官，这套框架也将贯穿我每天的领导与决策。\n我们的所有者视野，天然超越任何一位首席执行官的任期。我不会在接下来的60年里一直担任你们的CEO，因为简单的算术题就能看到，那是一个姑且称之为“过于雄心勃勃”的计划。\n但我真正希望的是，20年之后，当我的任期不过只是沃伦的一小部分时，你们或者你们的后代，仍会为自己拥有的这家公司更加强大而感到自豪。",[15,24,25],{"id":25},"文化与核心价值观",[20,27,28],{},"伯克希尔的成功，离不开近40万名员工。正是他们在旗下各家经营企业里——从喜诗糖果（See’s Candies）到盖可（GEICO），以及其间的每一处——无论面对什么情境，都坚持践行我们的文化与价值观，这也是我们持续进步的核心所在。\n我们的成绩同样得益于董事会的领导力，以及董事会与我们长期保持一致的方向与聚焦。\n上个月，我给员工写了一封信，强调伯克希尔的文化与价值观不会改变，并将长久延续。我认为，有必要把那封信中我对员工的完整表述与各位股东分享，并补充一些个人体会（将以常规字体呈现），这些体会来自我在伯克希尔的亲身经历。虽然这些价值观被逐条列出，但它们彼此支撑、相互强化，缺一不可。\n关于伯克希尔\n伯克希尔是一家独特的综合性企业集团。它的制度设计，核心目的就是让资本配置保持理性与高效。\n保险是我们的根基；与此同时，我们也在多个行业持有规模可观的企业投资。所有这些安排，最终服务于一个长期目标：做股东资本最负责任的受托人，在长期内推动伯克希尔每股内在价值持续增长。\n我们致力于巩固并加强沃伦·巴菲特与其商业伙伴查理·芒格所建立的伟大传承，并以对卓越的不懈追求，确保这份传承得以延续。",[30,31,32],"h3",{"id":32},"我们的文化",[20,34,35],{},"我们的文化从“合伙人心态”开始。股东是我们的伙伴。我们赢得了你们的信任，也必须持续努力守住这份信任。你们的利益始终处在我们决策的中心。\n这种态度并不只存在于奥马哈的总部办公室。它贯穿我们旗下各家经营企业，员工以“所有者心态”做事，把管理股东资产当作管理自己的资产一样认真。我们以几十年为尺度思考，以纪律行事，并对承诺说到做到。\n受托责任被写进了我们的运作方式，也让一个事实更清晰，我们的文化是一套用来创造长期业绩的系统，而不仅仅是一套挂在墙上的信条。\n查理在2021年5月1日说过一句话：“格雷格会守住这种文化。”这句话至今仍会在我心里回响。它提醒我，文化是伯克希尔最珍贵的资产，它要求我们守住那些定义伯克希尔的东西，也要求我们把这份文化一代代传下去。\n我在领导伯克希尔·哈撒韦能源（Berkshire Hathaway Energy，BHE）期间，深切体会到这种文化如何影响经营。无论是资本配置还是风险评估，沃伦提出的问题总能直指要害。与此同时，我们也被赋予充分的经营自主权，始终以客户为中心，坚持长期视角。\n这样的“所有者心态”，是对每一位伯克希尔领导者的基本要求。",[30,37,38],{"id":38},"我们的核心价值观",[20,40,41],{},"接下来这些核心价值观，是我们完全认同、也会长期坚守的原则。我们会把它们落实到日常经营的每一个细节里，日复一日地去践行。",[43,44,45],"h4",{"id":45},"去中心化模式",[20,47,48],{},"我们致力于寻找最优秀的经理人来管理经营业务，并由他们领导卓越的团队。我们运行的是一种去中心化模式，这种自主权建立在“应得的信任”之上。\n我们尽可能减少官僚主义，给予经理人充分的独立性，让他们能心无旁骛地专注于业务。作为回报，我们要求他们在业绩表现上展现出高度的问责意识与诚信。\n这种自主权正是伯克希尔吸引杰出人才的核心所在。\n2018年，当我转任非保险业务副董事长时，各业务线的领导者都曾问过类似的问题：去中心化模式会变吗？他们的职责会变吗？\n我向他们保证，我一直生活在“自主与问责并行”的文化中，并亲眼见证了这种模式的成效。当决策由最贴近业务、并对结果负责的人做出时，决策速度更快，信息更充分，信念也更坚定。这一点永远不会改变。\n我们的首席执行官们永远不必应付层层官僚机构，也不必被迫去满足那些会破坏长期价值的短期盈利预期。\n去中心化是我们的竞争优势，它吸引了那些热爱自主、勇于问责的经理人。伯克希尔必须拥有能够体现其原则的领导者，而不是让原则去迁就个人。",[30,50,51],{"id":51},"诚信正直",[20,53,54],{},"我们视诚信为伯克希尔的生命线，这体现在我们的所思、所言与所行高度一致。我们做出的每一个决策都要维护公司文化，我们的沟通坦诚透明，我们的承诺说到做到。声誉是靠长期的原则性行为赢来的，而不是喊出来的。每一项行动都必须深思熟虑，旨在深化外界对伯克希尔的这份信任。\n二十多年来，在每年的股东大会上，我们都会播放一段沃伦在1991年所罗门兄弟国会听证会上的证词：“让公司赔钱，我会表示理解；但如果让公司的名誉受损，我将毫不留情。”\n我们对诚信的承诺始终如一，绝不妥协。我们深知，诚信不是摆在架子上供人景仰的摆件，而是一种活跃的品质，必须每天去赢得、去重塑、去维护。\n经营中总会有成功与挫折。当我们失败时，我们会直言不讳。做正确的事也意味着纠正错误。\nBNSF铁路在2025年解决与苏利诺米什印第安部落关于原油运输的长期争端，就是一个很好的例子。\n引发争端的决策虽在很久以前做出，但现任BNSF领导层建立了一种基于沟通、理解与尊重的合作伙伴关系。BNSF承认了过去的错误并道歉，为达成互利协议扫清了障碍，这使我们在安全运营的同时，能够继续满足客户的需求。\n在我们旗下的经营业务中，每天都在面临行为选择。我们拥有数十万名优秀的员工，他们为人正直、行事正确。但在任何大型组织中，总会有极少数人达不到我们的标准。我们对这种行为零容忍。一旦发生，我们将采取断然且无情的手段予以处理。守护诚信与声誉是一场永无止境的征途。\n请各位放心，我们在这方面绝不会有丝毫懈怠。",[30,56,57],{"id":57},"财务实力",[20,59,60],{},"我们维持着堡垒般稳固的资产负债表，确保伯克希尔的根基永不动摇。\n我们靠的，是对负债始终保持克制与审慎；也因此，我们拥有充沛的流动性，能够在最不利的环境下依然履行义务，并在机会出现时迅速行动。\n我们致力于长期保持卓越的财务实力。我们的资产负债表是一项战略资产，关键在于要在对的时点把它用出去。它让我们在别人犹豫、甚至恐惧时果断出手，也让我们在金融风暴来临时站得更稳。\n通过维持极低水平的债务，我们守住了伯克希尔的财务韧性与独立性。对美国乃至全球金融体系而言，我们始终是资产，而不是风险。\n目前，我们持有的现金与美国国债已超过3700亿美元。其中一部分必须用于支撑保险业务，并为极端情景提供防护；除此之外，它也是我们的“弹药储备”。\n未来当然还会出现更多机会，让我们在不牺牲韧性的前提下逐步部署所有者资本。我的职责，是确保我们的流动性水平与资本配置始终有章法、够克制、也足够前瞻。\n相比持有国债，我们永远更希望拥有能持续创造价值的企业。",[30,62,63],{"id":63},"资本纪律",[20,65,66],{},"我们将股东资本投向那些“回报足以匹配风险”的机会。无论是扩张既有业务、收购新的经营企业、投资股票证券，还是回购伯克希尔股票，我们评估每一项机会的标尺只有一个：它是否有望在一个以“永续”为刻度的时间跨度里，提升伯克希尔的每股内在价值。\n伯克希尔的资本配置原则与策略，指引我们识别机会：\n1、投资那些我们真正理解、具备持久优势、且长期经济前景良好的企业；\n2、与正直可靠的领导者合作，他们理解客户，也以所有者心态做事；\n3、避开那些会破坏社会肌理、或可能危及伯克希尔声誉的业务；\n4、行动要快，把资本集中在少数高确信度的想法上；\n5、保持纪律，让复利在时间里自然发生。\n这些标准让我们能够理性而高效地筛选机会。尽管我们体量巨大，但我们始终以敏捷的文化为荣。\n真正大的投资机会，可以放心地与我们沟通，并能得到迅速答复——如果我们喜欢，交易也不会附带融资条件。对不符合原则的机会，我们会很快说“不”；对符合原则的机会，我们会坚定推进。我们也清楚，前者一定远多于后者。\n伯克希尔历史上，外界多次把我们庞大的现金头寸解读为“退回去不投了”。事实并非如此。我们仍在评估大量机会，并会保持耐心与纪律，为所有者的利益等待真正合适的标的。\n2025年，我们的做法促成了两项风格迥异的收购：OxyChem和贝尔实验室（Bell Laboratories）。\nOxyChem是一家运营良好的工业化工企业，我们最初是通过投资西方石油认识它的。它生产的氯气与烧碱服务于关键市场，主要包括建筑业和核心工业用途。管理层更重视高效执行而非一味做大规模，并依托一体化的资产基础与低成本原材料优势。\n对伯克希尔而言，这意味着我们的经营企业组合中，又增加了一项能够带来稳健现金流的优质资产。\n去年，沃伦收到一封来自贝尔实验室CEO史蒂夫·利维（Steve Levy）的来信，希望我们关注这家家族企业——他受创始人马尔科姆·斯塔克（Malcolm Stack）的女儿们委托管理这门生意。\n史蒂夫的信写得无可挑剔。贝尔实验室满足的是一种长期存在的刚性需求：啮齿动物防治（灭鼠）。按他的话说，这家公司拥有“高运营利润率、非常好的历史增长与未来增长潜力，业务简单易懂、永远有需求，并且拥有强大的管理团队”。\n按我们的话说：这是一家具备持久优势与长期经济前景、由卓越管理者经营的企业。我们唯一的遗憾，是它要是能大十倍就更好了。\n这些投资如今已加入伯克希尔强大的经营企业阵容。其中一些企业几乎不需要额外投入，就能持续向伯克希尔回流多余现金；另一些则提供了很有吸引力的再投资机会，能够在时间中不断复利。\n股份回购同样是重要的资本配置选项。当伯克希尔股价低于我们对其内在价值的估算（并以保守方式测算）时，我们会回购股票，确保回购能提高继续持有者的每股价值。机会出现时，我们也可能直接从大股东手中购买大宗股票。这类购买让股东在不追加任何资金的情况下，拥有伯克希尔业务的更大份额。\n关于现金分红，我们的态度始终如一：只要每留存1美元利润，仍有相当可能为股东创造超过1美元的市值，伯克希尔就不会派发股息。董事会每年都会审视这一政策。\n无论我们是收购一家企业、买入一家上市公司的部分股权，还是回购自家股票，资本纪律始终是我们的行动准绳。无论我们手中持有多少现金与美国国债，这一原则都不会动摇。我们会审慎评估价值，保持耐心，并长期持有——最好是永远持有。",[30,68,69],{"id":69},"风险管理",[20,71,72],{},"我们识别风险，也努力在整个组织内把风险水平控制在可承受的区间。\n我们的做法是去中心化的，各经营企业会根据自身规模与复杂度，采用与之匹配的管理方式。我们重点关注那些可能威胁伯克希尔声誉、财务实力，或削弱我们长期把握机会能力的风险。\n风险管理处在伯克希尔的核心位置。首席执行官需要承担首席风险官的职责，没有比这更重要的任务。\n要履行好这项职责，一个关键前提，是团队里必须有最优秀的人。\n在风险领域，阿吉特·贾恩几乎是写下行业“教科书”的那个人。他在风险管理与风险定价上的严谨，为保险业树立了标准。\n任何合同都可能遭遇法律挑战，而新的保险责任类型尤其危险，我们往往在今天就要定价一项成本，而这项成本可能要多年之后才会逐渐明朗。保险风险必须定价正确，价格不对，我们宁可不做。\n这是我们保险业务的根基，而阿吉特在这方面几乎无人能及。\n因此，我们的保险业务已成为全球范围内的强大力量，能够承接别人不敢接的风险，也能在需要时毫不迟疑地支付赔款。我们无与伦比的财务实力，使我们可以自留承保风险，把完整的经济利益留给所有者，而不是通过购买再保险把收益稀释掉。\n当然，理解并管理风险，对我们的非保险业务同样至关重要。每一家企业在追求新的增长机会之前，都必须彻底评估自身特有的风险，并提前为可能出现的新风险做好预案。\n在我们所有业务里，我们的责任都是：看清风险，并主动管理风险。",[30,74,75],{"id":75},"卓越运营",[20,77,78],{},"我们在各经营企业里追求卓越运营。我们的员工持续努力去超越客户预期，提升效率以增强竞争力，并为经营模式可能遭遇的挑战做好准备，同时以审慎的方式把资金再投入到运营之中。\n我们理解业绩会随年份波动，所以评估一家企业是否成功，我们不看短期结果，而看它能否在长期保持并强化竞争地位、改善经济前景。\n在伯克希尔，卓越运营不是一个口号，而是各项业务以纪律性决策日复一日累积出的结果。这项工作从安全开始，并贯穿到我们如何服务客户、如何生产产品、如何参与竞争——每天如此。\n2025年2月，精密铸件公司（Precision Castparts）在宾夕法尼亚州詹金敦工厂遭遇一场重大火灾时的应对，展现了伯克希尔最好的样子。现场所有员工安全撤离。随后，团队与应急人员紧密协作，提供场地布局并识别潜在风险。\n事后，精密铸件支持了当地志愿消防队，协助市政工作，并开展了大范围环境检测，确认周边区域是安全的。\n与此同时，这场火灾也带来了严峻的运营挑战。该工厂生产的700多种零部件，许多是主要航空航天客户的唯一来源，至关重要。\n精密铸件CEO马克·多尼根（Mark Donegan）与团队迅速将产能重新分配到美国及海外的其他工厂，并且在这个过程中没有牺牲安全、质量或交付标准。没有任何客户因此出现生产线停摆。\n这一事件体现了我们的模式如何运转：去中心化的领导、清晰的问责机制，以及在压力之下的卓越执行。\n对卓越的日常追求必须永无止境。通过聚焦客户、效率与持续改进，我们才能在长期创造价值。\n总的来看，上述这些根基性价值观塑造了伯克希尔，也让我们具备在未来数十年继续成功的条件。\n今年我们把它们明确写出来；未来，我们会把它们作为附件附在致股东信之后，并在每一封信中讨论我们如何在伯克希尔践行这些价值观。\n这些价值观的影响，也清晰体现在我们今天各项业务的经营表现上。",[15,80,81],{"id":81},"伯克希尔的运营情况",[20,83,84],{},"2025年，伯克希尔实现营业利润445亿美元，虽低于2024年的474亿美元，但高于过去五年的平均水平（375亿美元）。这既说明我们的经营企业足够耐久，也提醒我们仍有进一步提升的空间。\n在进入细节之前，有必要重申伯克希尔的一条基本观点：对我们的GAAP净利润，应当保持谨慎。\n由于已实现与未实现的投资损益，GAAP净利润可能在年度之间出现较大波动。这些损益在长期当然重要，但在评估伯克希尔一年的经营表现时，我们仍认为“营业利润”是更合适的衡量指标。\n同样重要的，是我们的业务所创造的现金。2025年，伯克希尔经营活动产生的净现金流为460亿美元，过去五年的平均水平则在400多亿美元。这进一步证明，我们有能力在各项业务中把握并投入机会。",[30,86,87],{"id":87},"保险业务",[20,89,90],{},"2025年，伯克希尔的保险业务完成了其最核心的目标，以纪律性方式增长承保利润与浮存金。\n我们拥有一组非常出色的保险企业，并且每一家都以长期视角进行管理。它们的表现既反映出自身的内在优势，也反映出行业周期的变化，在经历了数年必要的定价与条款调整后，2025年这些趋势开始放缓，甚至出现反转，尤其在下半年更为明显。\n这很可能意味着，在接下来的一段时间里，我们会减少财产与意外险（P&C）的承保规模。\n虽然年初我们在洛杉矶遭遇了与野火相关的重大损失，但大西洋飓风季却异常温和。十年来首次没有飓风在美国登陆——而美国正是我们直保与再保险业务在全球范围内最大的风险敞口地区。\n这也再次提醒我们，风向由自然决定，不是沃伦能控制的，更不是我能控制的。\n2025年，我们财产与意外险业务的综合成本率为87.1%。相比之下，五年平均为90.7%，十年平均为93.0%，二十年平均为92.2%。对于我们这种规模的保险公司而言，这是非常出色的承保结果。（上述数据不包括不收取定期保费的追溯再保险业务。）\n谈到保险业务，必须再次肯定并感谢阿吉特·贾恩。\n近四十年来，他的判断力与纪律性塑造了我们谨慎且精准地承保大额、复杂风险的能力。他打造的组织与团队，既理解超大风险的边界，也理解其中蕴含的机会；他的示范仍在持续指引我们的团队。他们的稳健，让我们所有人都受益。",[30,92,94],{"id":93},"geico保险","GEICO保险",[20,96,97],{},"GEICO是集团综合成本率走低的重要贡献者。\n过去几年里，GEICO改善了成本结构，强化了承保纪律，并提升了客户分层能力以及与之对应的风险定价能力。自2022年末至2024年，全行业的费率上调在2025年仍持续带来正面影响。尽管不同产品与不同地区的涨幅并不一致，但整体定价环境依然坚挺，GEICO也因此受益。\nGEICO近几年的广泛提价，确实修复了利润空间，但代价是客户续保率下降。竞争对手若下调费率，这种压力可能延续到2026年。GEICO团队将继续专注于为新老客户进行正确的风险定价。在保持承保纪律的同时恢复续保率，这需要时间。\n在用更精细的定价策略稳住客户的同时，GEICO也在加大技术投入，以提升效率与服务，并继续巩固其行业中“低成本提供者”的位置。",[30,99,100],{"id":100},"直保业务组",[20,102,103],{},"在我们其他直保的财产与意外险业务中，2025年初的需求整体不错，大多数商业保险细分领域的定价也足够或在改善。\n但随着年度推进，更多资本进入市场，导致若干关键险种的价格下行，或费率上涨速度放缓。\n我们始终把承保纪律置于规模之上；随着定价吸引力下降，我们的保费增长也趋于停滞。我们预计这些直保业务在2026年仍将面临逆风，甚至可能持续更久。",[30,105,106],{"id":106},"再保险业务组",[20,108,109],{},"我们的再保险业务也面临相似的周期变化。\n传统市场与另类资本市场都大幅增加了可用资本，再叠加2025年多数主要地区的再保险巨灾赔付负担较轻，财产再保险价格出现明显下滑。在多数责任险再保险细分领域，索赔通胀仍在跑赢定价。\n只要这些周期阶段持续，我们预计将减少承保的再保险保费规模。我们的保险团队会保持耐心，因为伯克希尔拥有结构性的优势：\n1、我们资本充足，能够承接大额且不寻常的风险。\n2、我们给予保险管理者充分自主权，不用面对季度盈利目标或增长硬性指标，从而避免这些要求扭曲其承保判断。\n3、我们坚持把承保纪律视为保险成功最关键的要素。\n4、我们聚焦长期，不盲从于行业阶段性的热潮与亢奋。\n未来的环境，会奖励那些始终把重点放在“可持续提升承保利润”而非“单纯做大规模”的保险公司；奖励那些追求“客户信任与忠诚”而非“短暂的市场份额冲高”的保险公司；奖励那些强调“长期韧性”而非“短期投机”的保险公司。\n截至年末，我们的保险浮存金（也就是为未来赔付所持有、并在此期间为伯克希尔投资运用的资金）为1760亿美元，高于2024年末的1710亿美元，也显著高于2015年末的880亿美元。\n受保险法律法规限制，我们的保险企业向伯克希尔派发普通股息的能力有额度约束，2025年在无需事先监管批准的前提下，允许派发的上限为310亿美元。\n最终保险业务在当年向伯克希尔回流了290亿美元，进一步体现了其资本基础的持续强劲。",[30,111,112],{"id":112},"非保险业务",[20,114,115],{},"我们的非保险板块由一批强势企业构成，业务覆盖铁路、公用事业与能源、制造、服务与零售等行业，此外还包括派洛特（Pilot，旅行服务中心）和麦克莱恩（McLane，物流与分销）。\n伯克希尔对旗下51家非保险经营企业的管理方式，与大多数综合集团明显不同。我们没有层层管理架构，也不会由总部下达分配式的目标或指标。\n每家企业都直接对其CEO负责，CEO需要以不懈的态度追求运营卓越，并弥合业绩差距。这些企业的资本配置决策最终由我作为伯克希尔CEO来做，依据的是每家企业的机会与相应风险。\n多数企业几乎没有负债，并将继续保持这种状态。在这些企业中，我们在决定长期价值的基本面上取得了一些进展，同时也清楚知道哪些地方仍需改善表现。无论身处哪个行业，我们的要求一致：管理者要像所有者一样思考，执行要严谨有力——看结果，不看意图。\n我们很幸运，如今由亚当·约翰逊（Adam Johnson）担任我们消费品、服务与零售业务的总裁。\n亚当近30年来一直在伯克希尔文化中成长（其中10年担任NetJets的CEO），现在负责一个由32家公司组成的业务组。\n亚当与他在NetJets的团队以“所有者心态”做事，并在过去十年里凭借运营卓越建立起声誉。他们的工作把NetJets从一个模式受挑战的业务，转变成一家具备竞争力、能为伯克希尔股东创造价值的企业。\n同样的做法——明确问责、并始终警惕自满，也将指引他与所辖企业CEO的合作方式。",[30,117,119],{"id":118},"bnsf铁路","BNSF铁路",[20,121,122],{},"作为北美六大货运铁路之一，BNSF是美国经济运输体系的重要支柱。\n伯克希尔在2010年收购了这家标志性企业，当时的股权价值为345亿美元。2025年，BNSF产生了81亿美元的经营活动净现金流，其中44亿美元以股息形式回流给伯克希尔。\n作为对比，过去五年它的年均股息为41亿美元。\n铁路企业的成败最终取决于安全运营、可靠服务与具竞争力的成本结构，我们也据此评估管理层的表现。BNSF一直在推动这三方面的改善。安全始终是第一优先级，过去十年里BNSF一直是行业标杆。2025年，货物在场站的等待时间更短，穿行网络的速度也比公司历史上几乎任何一年都更快。\n这些进步很重要，但还不够，我们仍需要更大的进展，把运营改善转化为更强的财务结果。\n我们认为“经营利润率”（也就是行业“经营比率”的倒数）是最好的业绩指标。2025年，BNSF经营利润率从2024年的32.0%提升至34.5%，但仍只是略高于过去五年的平均水平。\n与行业最佳水平之间的差距仍然过大，缩小差距需要在效率与服务上持续提升。经营利润率每提高1个百分点，能为所有者带来约2.3亿美元的新增经营现金流。\n团队理解这一机会的重要性，如果未来几年我们不能交付实质性的改善，我们会深感失望。\n除了BNSF自身的改善之外，铁路行业也可能出现整合：联合太平洋（Union Pacific）拟与诺福克南方（Norfolk Southern）合并。\n伯克希尔已明确表示，不会考虑收购其他一级铁路公司，因为按当前经济条件，这并不符合股东利益。BNSF对该合并案的关注点在于，确保BNSF能够继续为客户提供有吸引力的价值主张，包括对东部铁路市场的充分且具竞争力的接入能力。",[30,124,126],{"id":125},"bhe能源","BHE能源",[20,128,129],{},"BHE的目标很直接，为客户提供可负担、同时可靠的能源服务。\n随着行业进入一个重大的投资周期，这份责任也在加重。一方面，AI计算带来的用电需求正在上升；另一方面，尤其在美国西部，野火风险也在增加。\n增长值得欢迎，但它不能以牺牲家庭、小微企业与工业用户的可负担性或可靠性为代价。\nBHE很自豪的是，它在所服务市场的平均零售电价水平比全美平均低24%，并且在所有市场都至少比这一基准低两位数百分点。\n为科技巨头的数据中心等客户建设的基础设施，必须由这些客户买单，并且价格安排要反映“长期需求出现阶跃式变化”所带来的风险。\n只有在风险与回报能够合理匹配时，BHE才会追求这部分增量增长，并投入股东资本。\n在野火风险方面，BHE发挥了行业领导作用，与监管机构、公职人员以及所服务的社区紧密合作。它的减灾计划在业内属于最全面的之一。\n当BHE旗下公用事业公司对野火负有责任时，BHE也会承认这一点，其中包括太平洋电力公司（PacifiCorp）就2020年劳动节野火达成的和解。与此同时，太平洋电力并不是最后的兜底保险人，也不该因为资产雄厚就被当作“深口袋”任人索赔。在不存在责任的情况下，它将继续寻求司法途径维护自身利益。\n承担责任要到位，但不为无端责任买单也同样重要，这是维持公用事业与监管之间那份基本的契约。\nBHE正在调整节奏，为下一阶段的发展重新校准。2025年，尽管面临一系列挑战，BHE依然实现了84亿美元的经营活动净现金流，与过去五年的平均水平基本一致。\n我们是否愿意投入资本，取决于监管契约能否持续有效运转——在这一契约下，公用事业可以就投入资本获得合理回报。\n短期机会确实不少，BHE会审慎筛选、择机推进。",[30,131,132],{"id":132},"制造业-工业产品",[20,134,135],{},"2025年，我们工业产品业务所处的宏观环境颇具挑战，但这些业务仍交出了体现内在韧性的盈利结果。\n整个板块的运营执行力表现强劲，尤其是精密铸件公司（Precision Castparts）、马蒙集团（Marmon）、IMC（International Metalworking Companies）和路博润（Lubrizol），这也让它们更有底气去把握增量机会。\n在路博润CEO丽贝卡·利伯特（Rebecca Liebert）的带领下，路博润团队在收购OxyChem并推进其作为伯克希尔旗下独立经营企业整合的过程中发挥了关键作用。在继续担任路博润CEO的同时，丽贝卡也承担了对OxyChem的管理职责，并与OxyChem的CEO韦德·阿勒曼（Wade Alleman）及其管理团队协作推进。\n我们最大的工业制造企业精密铸件公司，在过去十年里很大一部分时间都在穿越航空航天行业的艰难阶段。飞机产量显著放缓，订单量下滑，再叠加一连串冲击，尤其是疫情期间航空出行几乎停摆，对盈利形成了持续压力。\n如今，精密铸件团队已经渡过了那段时期中最困难的阶段。航空出行恢复，飞机订单重新启动，公司的零部件需求回到正常并继续增长。整个过程中，公司保持了纪律性，管理层专注于把更健康的行业环境转化为更能体现其长期潜力的利润率。\n2025年，精密铸件公司产生了24亿美元的经营活动净现金流。相比之下，2021年与2022年的平均水平为9亿美元，而2015年（我们收购前的最后一个完整财年）为17亿美元。\n制造业-建筑类产品\n我们的建筑产品业务覆盖美国住宅与商业建筑的全景——从克莱顿（Clayton）建造的房屋，到其他公司提供的各类材料与饰面。任何市场里，终端消费者偏好都会变化，我们的企业也必须随之调整，以满足不断变化的需求。\n邵氏工业（Shaw）经历了一段艰难时期，消费者逐渐远离软质地面材料（地毯），转向硬质地面，而其中一部分困难也来自自身。在扩大硬质地面材料产能的过程中，执行出现偏差，影响了质量与服务。如今，邵氏正在重建制造组织，并恢复赢回客户信心所需的运营纪律。\n克莱顿在该板块中体量最大。它的商业模式以高效制造与施工、打造质量过硬的住宅为核心，并配套一体化融资支持。这一模式在住房市场短期波动中展现出韧性，使克莱顿能够满足全美范围内对高质量、可负担住房的长期需求。\n建筑产品板块的景气会随建设周期每年起伏，但从长期看，住宅与商业建筑的需求依然强劲。这也使得该板块（还包括约翰斯·曼维尔（Johns Manville）与迈泰克（MiTek））具备良好的长期位置。\n这种持久需求为这些业务提供支撑，而它们的共同特征是：管理层专业且纪律性强，强烈聚焦客户，并拥有成熟的运营模式。",[30,137,139],{"id":138},"制造业-消费品服务与零售","制造业-消费品，服务与零售",[20,141,142],{},"如前所述，亚当·约翰逊担任伯克希尔消费品、服务与零售业务的总裁。总体而言，这些业务在2025年表现良好，尽管我们也看到部分消费群体所处的环境非常艰难。\nNetJets（公务机共享与包机服务）是我们服务业务中规模最大的企业。NetJets对安全与卓越服务始终保持极致专注，以巩固其高端定位。\n这一基础帮助NetJets吸引了大量客户，如今它在全球150多个国家运营近1100架飞机。在竞争极其激烈的行业里，这是一项珍贵资产。\nPilot\nPilot持续强化运营。作为北美最大的旅行服务中心运营商，它在选址、服务与可靠性上展开竞争。管理层专注于门店层面的执行：改善职业司机与普通旅客的客户体验，投入门店升级、餐饮供给以及客户忠诚度体系。自2023年以来，派洛特提高了资本开支，用于设施现代化并扩展电动车充电网络。\n这些努力体现在了Pilot的“专业司机偏好分（Pro Preference score）”上（这是一项衡量职业司机在竞争对手中选择Pilot频率的第三方研究）：该得分从2022年的27%升至2025年的35%，位居行业第二。我们的目标是第一名，在达到之前，我们绝不满足。\n我们最初在2017年投资Pilot，但由于合同约定，我们直到2023年才拥有管理权。这种错误绝不会再发生。\n这门生意的底层经济性，体现在其现金创造能力上。2025年，Pilot贡献了17亿美元的经营活动净现金流，较2024年有所改善。\n随着运营继续加强、资本需求逐步回归常态，我们预计会有更多现金回流到伯克希尔。",[15,144,145],{"id":145},"伯克希尔的股票投资",[20,147,148,149,153,154,156],{},"对于伯克希尔的股票投资组合，我们同样秉持“资本纪律”这一根本价值观，就像我们对待经营企业那样。\n我们投资组合中很大一部分，集中在少数几家美国公司上，例如苹果、美国运通、可口可乐和穆迪——这些企业我们理解得很深，我们也高度认可其管理层，并预计它们将在几十年里持续复利增长。\n这种集中持有的策略会延续下去，我们对这些持仓整体会保持较少的操作。但如果我们看到某项持仓在长期经济前景上发生了根本性变化，也可能会大幅调整。\n",[150,151,152],"span",{},"图片","\n同样的标准也适用于我们的日本投资。我们认为，日本持仓在重要性和长期价值创造空间上，足以与我们主要的美国持仓相媲美。\n",[150,155,152],{},"\n伯克希尔在日本的借款规模与日元投资成本大致相当，平均借贷成本为1.2%，加权平均期限约为5.75年。\n截至去年底，这些核心持仓（含美国和日本）的总市值为1940亿美元，约占我们2978亿美元股票组合的三分之二。\n这些投资不仅提供了25亿美元的年度股息，且以245亿美元的原始成本计算，其股息率高达10%。\n此外，我们还持有少量其他公司的重要头寸。随着相对价值和机会的变化，我们在这些领域的资本配置在近期表现得更加积极。在某些情况下，如果底层业务特质符合要求，随着时间的推移，这些投资可能会转化为我们的核心持仓。\n我们还持有以权益法核算的投资，主要是卡夫亨氏（Kraft Heinz）和西方石油（Occidental）。我们在卡夫亨氏的投资令人失望，即便考虑到最初投资亨氏时的优先股部分，回报也远未达到令人满意的水平。\n在伯克希尔，股票投资是资本配置活动的核心，最终责任由我这位CEO承担。泰德·韦施勒（Ted Weschler）负责管理约6%的投资资产，其中包括此前由托德·库姆斯（Todd Combs）负责的一部分组合。\n泰德的影响力不仅限于这些投资，他在评估重大机会、为公司业务提供宝贵建议以及在其他各方面支持伯克希尔方面，继续发挥着广泛的作用。",[15,158,160],{"id":159},"_5月2日举行股东会","5月2日举行股东会",[20,162,163],{},"伯克希尔的根基无与伦比。我们拥有卓越的经营框架（即我们的文化与价值观），它塑造了我们的战略，指引着我们的领导方向，同时我们还拥有卓越的股东。\n保险业务将继续是我们的核心。虽然其表现会随着行业资本环境的变化而起伏——有时甚至是剧烈的波动——但伯克希尔的这一核心只会随着时间的推移而变得更加强大，这反映了定义它的结构性优势。\n我们的非保险业务产生巨额的营业利润和持续的现金流。对“卓越运营”的持续关注将强化这一业务集群，使其能够创造更大的长期价值。\n我们的投资组合（特别是股票投资）将随着机遇的出现而演变和增长。该组合是保险业务和资本基础的延伸。当价值主张具有吸引力时，我们将通过股票回购，高效且理性地将资本归还给所有者。\n在伯克希尔现有的规模下，复利的数学规律开始对我们不利——这是一个早已被理解且最好坦诚承认的现实。我们的机会在于实现每股价值的长期增长，即便这种增长是以较小的增量实现的，同时我们也会始终专注于为所有者管理下行风险。\n＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊ ＊\n我们在伯克希尔创造的价值，源于各经营业务每天展现出的判断力和领导力。作为股东，我们很幸运拥有一支深谙并支持伯克希尔文化与价值观的董事会，其多元化的技能、经验和视角强化了对公司的受托管理。\n沃伦和查理为这种一致性建立了框架，我们也将继续汲取沃伦作为董事长所展现出的非凡判断力。\n去年12月，我们宣布首席财务官马克·汉堡（Marc Hamburg）将于2027年6月1日从伯克希尔退休，并将在此前一年、也就是2026年6月1日，先行完成首席财务官职责的交接。查克·张（Chuck Chang）将接过这一副沉甸甸的担子，成为他的继任者。\n在马克充分享受他实至名归的退休生活之前，他将协助查克顺利进入新角色。\n马克一直是我非常珍视的伙伴。正如沃伦所说：“马克对伯克希尔、对我都不可或缺。他的正直与判断力无价。他为这家公司做的贡献，很多股东可能永远不会真正知道。”我对此深表认同。\n为了进一步增强总部的管理能力，我们最近聘请了迈克·奥沙利文（Mike O’Sullivan）担任伯克希尔首任总法律顾问。他将在维护我们文化的同时，提供法律支持。\n与所有者建立伙伴关系的核心，在于持续与各位保持清晰、坦诚的沟通。伯克希尔将始终通过相同的渠道、在相同的时间与所有股东沟通，以确保每位股东都能获得评估公司业绩所需的必要信息。\n我们看重质量，而非频率。如果出现重大问题，我会向大家说明，但鉴于我们的长期愿景，这不会通过季度评论的方式进行。\n下一次所有者聚会将是2026年5月2日在奥马哈举行的年会（这是我们的“所有者日”，也就是其他公司所说的“投资者日”）。\n届时将沿用各位熟悉的模式，核心是公开交流和直接互动。在贝基·奎克（Becky Quick）主持的环节中，我们将一如既往地以“不设剧本”的方式回答各位的问题。我们也期待随着时间的推移，所有者能够了解更多伯克希尔的团队成员。\n今年的议程将包括一份CEO关于伯克希尔的最新情况报告，以及两场问答环节：一场由阿吉特和我参与；另一场由凯蒂·法默（Katie Farmer，BNSF首席执行官）、亚当·约翰逊和我参与。\n届时凯蒂和亚当将讨论各自业务面临的挑战与机遇。通过这种方式，我们将能够覆盖伯克希尔的保险及非保险业务。虽然每场环节会因台上嘉宾的不同而有所侧重，但股东可以在任何时间向我提出任何问题。更多细节已包含在本年度报告中。\n董事会、伯克希尔的各司CEO与经理人，以及我本人，期待在奥马哈欢迎各位的到来，并期待与各位继续保持伙伴关系。\n伯克希尔取得非凡成功的关键，在于我们与所有者之间维系的这种关系。我为在未来岁月里继续建设公司及伙伴关系的责任感到荣幸。\n我们满怀壮志与使命感，继续前行。\n格雷格·阿贝尔 (Gregory E. 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巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":612,"slug":613,"category":214,"order":610},"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":615,"slug":616,"category":192,"order":617},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":619,"slug":620,"category":214,"order":617},"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":622,"slug":623,"category":192,"order":624},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":626,"slug":627,"category":214,"order":624},"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":629,"slug":630,"category":192,"order":631},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":633,"slug":634,"category":214,"order":631},"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":636,"slug":637,"category":192,"order":638},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":640,"slug":641,"category":214,"order":638},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":643,"slug":644,"category":192,"order":645},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":647,"slug":648,"category":214,"order":645},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":650,"slug":651,"category":192,"order":652},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":654,"slug":655,"category":214,"order":652},"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":657,"slug":658,"category":192,"order":659},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":661,"slug":662,"category":214,"order":659},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":664,"slug":665,"category":192,"order":666},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":668,"slug":669,"category":214,"order":666},"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":671,"slug":672,"category":192,"order":673},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":675,"slug":676,"category":214,"order":673},"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":678,"slug":679,"category":192,"order":680},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":682,"slug":683,"category":214,"order":680},"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":685,"slug":686,"category":192,"order":687},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":689,"slug":690,"category":214,"order":687},"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":692,"slug":693,"category":192,"order":694},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":696,"slug":697,"category":214,"order":694},"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":699,"slug":700,"category":192,"order":701},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":703,"slug":704,"category":214,"order":701},"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":706,"slug":707,"category":192,"order":708},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":710,"slug":711,"category":214,"order":708},"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":713,"slug":714,"category":192,"order":715},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":717,"slug":718,"category":214,"order":715},"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":720,"slug":721,"category":192,"order":722},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":724,"slug":725,"category":214,"order":722},"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":727,"slug":728,"category":192,"order":729},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":731,"slug":732,"category":214,"order":729},"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":734,"slug":735,"category":192,"order":736},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":738,"slug":739,"category":214,"order":736},"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":741,"slug":742,"category":192,"order":743},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":745,"slug":746,"category":214,"order":743},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":748,"slug":749,"category":192,"order":750},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":752,"slug":753,"category":214,"order":750},"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":755,"slug":756,"category":192,"order":757},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":759,"slug":760,"category":214,"order":757},"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":762,"slug":763,"category":192,"order":764},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":766,"slug":767,"category":214,"order":764},"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":769,"slug":770,"category":192,"order":771},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":773,"slug":774,"category":214,"order":771},"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":776,"slug":777,"category":192,"order":778},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":780,"slug":781,"category":214,"order":778},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":783,"slug":784,"category":192,"order":785},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":787,"slug":788,"category":214,"order":785},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":790,"slug":791,"category":192,"order":792},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":794,"slug":795,"category":214,"order":792},"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":797,"slug":798,"category":192,"order":799},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":801,"slug":802,"category":214,"order":799},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":804,"slug":805,"category":192,"order":806},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":808,"slug":809,"category":214,"order":806},"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":811,"slug":812,"category":192,"order":813},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":815,"slug":816,"category":214,"order":813},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":818,"slug":819,"category":192,"order":820},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":822,"slug":823,"category":214,"order":820},"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":825,"slug":826,"category":192,"order":827},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":829,"slug":830,"category":214,"order":827},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":832,"slug":833,"category":192,"order":834},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":836,"slug":837,"category":214,"order":834},"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":839,"slug":840,"category":192,"order":841},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":843,"slug":844,"category":214,"order":841},"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":846,"slug":847,"category":192,"order":848},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":850,"slug":851,"category":214,"order":848},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":853,"slug":854,"category":192,"order":855},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":857,"slug":858,"category":214,"order":855},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":860,"slug":861,"category":192,"order":862},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":864,"slug":865,"category":214,"order":862},"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":867,"slug":868,"category":192,"order":869},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":871,"slug":872,"category":214,"order":869},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":874,"slug":875,"category":192,"order":876},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":878,"slug":879,"category":214,"order":876},"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":881,"slug":882,"category":192,"order":883},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":885,"slug":886,"category":214,"order":883},"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":888,"slug":889,"category":192,"order":890},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":892,"slug":893,"category":214,"order":890},"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":895,"slug":896,"category":192,"order":897},"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":899,"slug":900,"category":214,"order":897},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":902,"slug":903,"category":192,"order":904},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":906,"slug":907,"category":214,"order":904},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":909,"slug":910,"category":192,"order":911},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":913,"slug":914,"category":214,"order":911},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":916,"slug":917,"category":192,"order":918},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":920,"slug":921,"category":214,"order":918},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":923,"slug":924,"category":192,"order":925},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":927,"slug":928,"category":214,"order":925},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":930,"slug":931,"category":192,"order":932},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":934,"slug":935,"category":214,"order":932},"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":937,"slug":938,"category":192,"order":939},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":941,"slug":942,"category":214,"order":939},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":944,"slug":945,"category":192,"order":946},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":948,"slug":949,"category":214,"order":946},"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":951,"slug":952,"category":192,"order":953},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":955,"slug":956,"category":214,"order":953},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":958,"slug":959,"category":192,"order":960},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":962,"slug":963,"category":214,"order":960},"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":965,"slug":966,"category":192,"order":967},"2022 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