[{"data":1,"prerenderedAt":1655},["ShallowReactive",2],{"library-ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian":3,"library-sidebar-buffett":119,"library-sidebar-dao":1121,"library-sidebar-models":1423},{"id":4,"title":5,"body":6,"category":105,"date":106,"description":107,"extension":108,"meta":109,"navigation":110,"order":111,"path":112,"seo":113,"seoDescription":107,"seoTitle":114,"slug":115,"stem":116,"__hash__":117,"_collection":118},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian.md","巴菲特：1951年最看好的股票：GEICO 保险",{"type":7,"value":8,"toc":102},"minimark",[9,13,17,20,27,32,35,38,45,52,59,65,68,74,77,83,86,89,96],[10,11,5],"h1",{"id":12},"巴菲特1951年最看好的股票geico-保险",[14,15,16],"p",{},"在经济繁荣、就业充分、公司盈利和股息都创下新高的背景下，股票的价格不可能低迷。过去五年里，这波经济繁荣势头强劲，几乎没遇到丝毫阻碍，大多数行业都借着这波经济繁荣而兴旺发达。",[14,18,19],{},"汽车保险行业却没分享到经济繁荣的好处。二战结束后的一段时间里，汽车保险行业陷入巨亏。1949 年，情况开始好转。1950 年，财产保险公司再次遭遇重挫，承保收益接近过去15 年的最低水平。最近财产保险公司发布的业绩乏善可陈，特别是有大量汽车保险业务的，在牛市中热情高涨的人们对保险公司的股票了无兴趣。按正常盈利能力和资产因素衡量，许多财产保险公司的股票被低估了。",[14,21,22,26],{},[23,24,25],"strong",{},"汽车保险是一个受周期波动影响很小的行业","。对于绝大多数投保人来说，汽车保险是必须买的。投保人每年都要续保，保险公司根据去年的出险情况调整保费。从1945 年到1951 年，保费的增长速度低于物价上涨速度，导致汽车保险公司陷入困境。将来物价降下来，情况会有所好转。",[14,28,29],{},[23,30,31],{},"这个行业有很多优势，例如，没有存货、不需要收账、不需要雇佣大量劳动力，不需要原材料，也不存在产品过时和设备过时的问题。",[14,33,34],{},"GEICO 保险(Government Employes Insurance Co.,政府雇员保险公司)成立于30 年代中期，在全国范围内经营汽车保险业务，符合标准的目标客户包括：(1)联邦政府、州政府和市政府的公务员；(2)现役和后备军官以及工资标准为前三等级的士兵；(3)服役期间符合标准的退伍军人；(4)公司的老客户；(5)大中专院校的教师员工；(6)专门从事国防工作的政府雇员；(7)公司的股东。",[14,36,37],{},"GEICO 保险不聘请保险代理人，也不设分公司。因此，它的标准汽车保险合同的保费最多比一般保险公司的保费便宜30%。收到理赔后，该公司遍布全国的500 多位业务员能快速处理。",[14,39,40,41,44],{},"\"成长型公司\"这个词这几年已经被用烂了。在比较宽松的竞争环境中，",[23,42,43],{},"许多公司销售额增速还赶不上通货膨胀，竟然也被称为成长型公司","。如下列数据所示，GEICO 保险是名副其实的成长型公司。",[14,46,47],{},[48,49],"img",{"alt":50,"src":51},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-2829505434544479051.png",[14,53,54,55,58],{},"没错，昨天的成长无法为今天的投资者带来利润。",[23,56,57],{},"但是，有充分的理由可以相信，GEICO 保险的成长潜力还远远没有释放出来","。1950 年以前，在美国包括华盛顿特区和夏威夷在内的50 个行政辖区内，该公司仅在其中的 15 个行政辖区获得了牌照。1950 年年初，它在纽约州只有不到3000 个投保人。纽约州人口密集，保费价格比人口稀少的州更高，GEICO 保险应该更有竞争力。",[14,60,61,64],{},[23,62,63],{},"当经济不景气、价格竞争加剧时，GEICO 保险凭借更低的保费肯定能比竞争对手获得更多生意","。随着通货膨胀加剧，保费越来越高，GEICO 保险实际为投保人节省的保费金额也越来越高。",[14,66,67],{},"GEICO 保险不设代理，所以没有压力，完全可以拒绝不合格的申请人、不续签风险较高的保单。有些州的保费太低，它可以暂时先不在这些州做生意。",[14,69,70,73],{},[23,71,72],{},"GEICO 保险最诱人的地方或许是它超高的利润率","。1949 年，GEICO 保险的承保利润与满期保费之比是27.5%。按照贝氏评级报告统计，135 家财产保险和担保公司的这一数据平均值为-3.7%。1950 年，整个行业都不景气，贝氏评级报告统计的行业利润率下降到3.0%，GEICO 保险的利润率也下降了，但仍然高达18.0%。GEICO 保险不是所有意外保险都做，但是人身伤害保险和财产损失保险在它的业务中所占比重较大，这两项业务的盈利能力都比较差。它还承销了大量车辆碰撞保险，这部分业务1950 年的盈利能力较强。",[14,75,76],{},"1951 年上半年，几乎所有保险公司的财产保险业务都出现了亏损，其中人身伤害保险和财产损失保险是最不赚钱的。GEICO 保险的利润率降到了9%多一点，但马萨诸塞州的保证保险公司亏损16%，新阿姆斯特丹财险公司亏损8%，标准意外保险公司亏损9%。",[14,78,79,82],{},[23,80,81],{},"GEICO 保险处于快速发展阶段，现金分红很低是正常现象","。由于派股和1 拆25 拆股，流通股从1948 年6",[14,84,85],{},"月1 日的3000 股增长到1951 年11 月10 日的25 万股。它还发放了配股权，可用于认购附属公司的股份。",[14,87,88],{},"1948 年，本杰明·格雷厄姆管理的投资信托购买了这家公司大量的股份，并将它的大量股票分配给信托的投资者，格雷厄姆是该公司的董事会主席。利奥·古德温(Leo Goodwin)是GEICO 保险的创办者，他带领公司高速发展，目前担任公司总裁。1950 年年末，董事会中有10 名董事，他们合计持有该公司流通股的三分之一左右。",[14,90,91,92,95],{},"1949 年，该公司每股盈利是4.71 美元。1950 年，业务规模缩减，该公司的每股盈利是3.92 美元。除了上述盈利之外，",[23,93,94],{},"这两年该公司都积累了大量未到期保费储备","。1951 年的盈利应该比1950 年低，但是今年夏天经历了一轮保费上调，这应该会在1952 年的盈利中体现出来。从1947 年到1950 年，随着公司资产增长，它的投资收益翻了两番。",[14,97,98,99],{},"目前，该公司的股价是1950 年盈利的8 倍，1950 年还是行业不景气的一年。",[23,100,101],{},"这个价格没体现出该公司蕴含的巨大成长潜力。",{"title":50,"searchDepth":103,"depth":103,"links":104},2,[],"访谈与文章",null,"巴菲特分析1951年汽车保险行业被低估的投资机会，重点推荐GEICO保险，阐述其低成本竞争优势与增长潜力。","md",{},true,1,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian",{"title":5,"description":107},"巴菲特：1951年最看好的股票：GEICO 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巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":173,"slug":174,"category":105,"order":171},"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":176,"slug":177,"category":128,"order":171},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":179,"slug":180,"category":123,"order":181},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":183,"slug":184,"category":105,"order":181},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":186,"slug":187,"category":128,"order":181},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":189,"slug":190,"category":123,"order":191},"1962 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巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":213,"slug":214,"category":105,"order":211},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":216,"slug":217,"category":128,"order":211},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":219,"slug":220,"category":123,"order":221},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":223,"slug":224,"category":105,"order":221},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":226,"slug":227,"category":128,"order":221},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":229,"slug":230,"category":123,"order":231},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":233,"slug":234,"category":105,"order":231},"巴菲特：1983年写给Louie 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巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":684,"slug":685,"category":105,"order":682},"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":687,"slug":688,"category":123,"order":689},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":691,"slug":692,"category":105,"order":689},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":694,"slug":695,"category":123,"order":696},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":698,"slug":699,"category":105,"order":696},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":701,"slug":702,"category":123,"order":703},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":705,"slug":706,"category":105,"order":703},"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":708,"slug":709,"category":123,"order":710},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":712,"slug":713,"category":105,"order":710},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":715,"slug":716,"category":123,"order":717},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":719,"slug":720,"category":105,"order":717},"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":722,"slug":723,"category":123,"order":724},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":726,"slug":727,"category":105,"order":724},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":729,"slug":730,"category":123,"order":731},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":733,"slug":734,"category":105,"order":731},"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":736,"slug":737,"category":123,"order":738},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":740,"slug":741,"category":105,"order":738},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":743,"slug":744,"category":123,"order":745},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":747,"slug":748,"category":105,"order":745},"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":750,"slug":751,"category":123,"order":752},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":754,"slug":755,"category":105,"order":752},"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":757,"slug":758,"category":123,"order":759},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":761,"slug":762,"category":105,"order":759},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":764,"slug":765,"category":123,"order":766},"2008 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巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":852,"slug":853,"category":105,"order":850},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":855,"slug":856,"category":123,"order":857},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":859,"slug":860,"category":105,"order":857},"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":862,"slug":863,"category":123,"order":864},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":866,"slug":867,"category":105,"order":864},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":869,"slug":870,"category":123,"order":871},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":873,"slug":874,"category":105,"order":871},"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":876,"slug":877,"category":123,"order":878},"2022 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