[{"data":1,"prerenderedAt":1604},["ShallowReactive",2],{"library-ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian":3,"library-sidebar-buffett":67,"library-sidebar-dao":1070,"library-sidebar-models":1372},{"id":4,"title":5,"body":6,"category":54,"date":55,"description":56,"extension":57,"meta":58,"navigation":59,"order":52,"path":60,"seo":61,"seoDescription":56,"seoTitle":62,"slug":63,"stem":64,"__hash__":65,"_collection":66},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian.md","巴菲特：1953年我最看好的股票：西部保险",{"type":7,"value":8,"toc":50},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47],[10,11,5],"h1",{"id":12},"巴菲特1953年我最看好的股票西部保险",[14,15,16],"p",{},"我这次推荐的股票也是一家保险公司，它也是一家年轻的公司，而且发展速度快、管理有方。15 个月前，我推荐了GEICO 保险，现在股价已经涨了一倍多，从长期资本增值角度考虑，它还是不贵。",[14,18,19],{},"投资西部保险证券公司，投资者相当于同时投资了两家整体低估而且管理优秀、发展迅速的保险公司。这种投资机会是很少见的。西部保险证券有两个子公司，一个是西部财险和担保公司，另一个是西部火灾保险公司。1952 年，它们的合并认可资产是29,590,142 美元，保费规模是26,009,929 美元。目前，这两家子公司在38个州获得了牌照。下表中显示了它们出色的增长速度以及与行业平均水平的比较情况。",[14,21,22],{},"西部保险证券公司持有西部财险和担保公92%的股份，西部财险和担保公司持有西部火灾保险公司99.95%的股份。西部保险证券公司的其他资产很少，按净流动资产计算大概只有18 万美元。该公司的资本结构是7000股面值为100 美元，利率为6%的优先股，可以以125 美元赎回；35000 股A 类优先股，可以以60 美元赎回，每股可定期获得2.5 美元的股息，最多可获得4 美元股息；还有50000 股普通股。A 类优先股目前合计拖欠股息 36.75 美元。",[14,24,25],{},"在雷·杜波克(Ray DuBoc)的领导下，公司拥有一流的管理层。从公司1924 年创立以来，杜波克先生一直是公司的掌舵人，他在保险行业声誉卓著，为人正直而且能力出众。公司的中层管理人员同样是一流的。在公司成立初期，债券和优先股的成本远高于公司的盈利能力。保费规模在300 万美元时，债券和优先股的成本对公司是沉重的负担，但当公司的保费规模超过2600 万美元时，这部分成本显然就不是问题了。",[14,27,28],{},"1952 年是汽车保险业务非常低迷的一年，该公司的盈利是1,367,063 美元，可以覆盖129,500 美元的债券和优先股成本的10 倍多，扣除这部分费用后，普通股每股盈利仍然有24.74 美元。显然，普通股的好日子总算来了，但投资者们还没发现，它的股价只有每股盈利的一倍多，还不到1952 年86.26 美元的每股净资产的五折。表二列出了战后的盈利数字，从中可以看出随着盈利基数的增长，普通股显著受益。在计算净资产时，按未到期保费储备中净资产占25%计算，并且考虑到了优先股的赎回价格以及拖欠的股息。",[14,30,31],{},"西部保险证券的保费规模增长处于行业领先地位，读者可能会担心它是否放松了标准。绝对没有。在过去十年里，西部保险证券的各项经营数据明显优于综合保险公司的平均水平。表三中列出了贝氏评级通过逐一对比得出的统计数据，其中选取赔付率和费用率将西部保险证券的两个子公司与所有火灾和财险公司进行了对比。",[14,33,34],{},"细心的读者可能还担心西部保险证券是否集中于利润特别高的保险业务。事实恰恰相反。虽说西部保险证券是一家综合保险公司，但是它主要做的是汽车保险业务，保费的60%来自汽车保险。战后汽车保险业务整体来说并不景气，过去三年里更是低迷，所以说表格中的对比还没充分显示出西部保险证券公司的比较优势，它实际上更加优秀。该公司总是保持充足的未决赔款准备金。从战后的记录来看，该公司每年年末的赔款准备金都比实际需要的金额高。保险监理机构对该公司进行的三年期检查得出了同样的结论。",[14,36,37],{},"再看投资情况，投资资产和投资收益与保费规模同步增长。综合净资产从1940 年的5,154,367 美元增加到现在的29,590,142 美元。西部保险证券公司采取极为保守的投资策略，它依靠保费规模的增长来增加投资收益。1952 年年末，在21,889,243 美元的投资组合中，国债以及分散投资的高评级市政债合计20,141,246 美元，占92%，股票投资仅有1,747,997 美元，占8%。1952 年的净投资收益是474,472 美元，在扣除少数股东权益以及债券和优先股成本后，折合每股6.14 美元。",[14,39,40],{},"在过去几年里，财产保险行业在汽车保险业务上遭受了巨大损失。1952 年末，这个趋势出现了强力反转。1951 年和1952 年，保费大幅上调，今后续保时保费将大幅度提高，这对保险公司的业绩有极大的提升作用。预计1953 年和1954 年财产保险行业应当能取得良好盈利。",[14,42,43],{},"过去几年保险业不景气，西部保险证券公司都很赚钱，随着保费规模增加、投资资产增加以及保费上调，它的盈利能力将更上一层楼。保守估计，1954 年，公司满期保费规模将达到3000 万美元。这个保费规模的正常盈利能力应该是平均每股30 美元，其中包括投资收益在扣除所有债券和优先股成本后贡献的大约每股8.40 美元。",[14,45,46],{},"坚守西部保险证券普通股的投资者有理由相信，随着公司的所有者权益显著增厚，普通股股东会得到实质的回报。我们要知道，在过去12 年里，两家子公司将保费规模提升了5.5 倍左右。相应地，公司需要将留存收益提升3.5 倍，所以没能力派发股息。最近西部财险和担保公司提升了股息，今后应该能更及时地发放优先股的股息。如果公司能继续保持过去的高速增长，盈利能力将大幅增加，我认为很难保持过去那么快的增长速度。如果公司的保费规模增长放缓，公司有可能大幅提升派息。",[14,48,49],{},"西部保险证券公司所在的行业很稳定，它过去的成长能力和盈利能力都很突出，它现在的股价是40 美元，投资这只股票有巨大的资本升值潜力。该股票在场外市场交易。",{"title":51,"searchDepth":52,"depth":52,"links":53},"",2,[],"访谈与文章",null,"巴菲特推荐西部保险证券公司，分析其两家保险子公司的快速增长与低估价值，展示年轻保险公司的投资机遇。","md",{},true,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian",{"title":5,"description":56},"巴菲特：1953年我最看好的股票：西部保险｜巴菲特","ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian","buffett\u002Finterview\u002Fba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian","haCufoDHu43VfVxWZpFgv-pzQa1ySyO20y8q9LLEvrA","buffett",[68,73,76,80,83,84,87,91,94,97,101,104,107,111,114,117,121,124,127,131,134,137,141,144,147,151,154,157,161,164,167,171,174,177,181,184,187,191,194,197,201,204,207,211,214,217,221,224,227,231,234,237,241,244,247,251,254,257,261,264,267,271,274,277,281,284,287,291,294,297,301,304,307,311,314,317,321,324,327,331,334,337,341,344,347,351,354,357,361,364,367,371,374,377,381,384,387,391,394,397,401,404,408,411,415,418,422,425,429,432,436,439,443,446,450,453,457,460,464,467,471,474,478,481,485,488,492,495,499,502,506,509,513,516,520,523,527,530,534,537,541,544,548,551,555,558,562,565,569,572,576,579,583,586,590,593,597,600,604,607,611,614,618,621,625,628,632,635,639,642,646,649,653,656,660,663,667,670,674,677,681,684,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,751,754,758,761,765,768,772,775,779,782,786,789,793,796,800,803,807,810,814,817,821,824,828,831,835,838,842,845,849,852,856,859,863,866,870,874,878,882,886,890,894,898,902,906,910,914,918,922,926,930,934,938,942,946,950,954,958,962,966,970,974,978,982,986,990,994,998,1002,1006,1010,1014,1018,1022,1026,1030,1034,1038,1042,1046,1050,1054,1058,1062,1066],{"title":69,"slug":70,"category":71,"order":72},"1956 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巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":102,"slug":103,"category":54,"order":100},"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":105,"slug":106,"category":79,"order":100},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":108,"slug":109,"category":71,"order":110},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":112,"slug":113,"category":54,"order":110},"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":115,"slug":116,"category":79,"order":110},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":118,"slug":119,"category":71,"order":120},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":122,"slug":123,"category":54,"order":120},"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":125,"slug":126,"category":79,"order":120},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":128,"slug":129,"category":71,"order":130},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":132,"slug":133,"category":54,"order":130},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":135,"slug":136,"category":79,"order":130},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":138,"slug":139,"category":71,"order":140},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":142,"slug":143,"category":54,"order":140},"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":145,"slug":146,"category":79,"order":140},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":148,"slug":149,"category":71,"order":150},"1962年11月 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巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":577,"slug":578,"category":54,"order":575},"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":580,"slug":581,"category":71,"order":582},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":584,"slug":585,"category":54,"order":582},"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":587,"slug":588,"category":71,"order":589},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":591,"slug":592,"category":54,"order":589},"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":594,"slug":595,"category":71,"order":596},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":598,"slug":599,"category":54,"order":596},"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":601,"slug":602,"category":71,"order":603},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":605,"slug":606,"category":54,"order":603},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":608,"slug":609,"category":71,"order":610},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":612,"slug":613,"category":54,"order":610},"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":615,"slug":616,"category":71,"order":617},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":619,"slug":620,"category":54,"order":617},"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":622,"slug":623,"category":71,"order":624},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":626,"slug":627,"category":54,"order":624},"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":629,"slug":630,"category":71,"order":631},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":633,"slug":634,"category":54,"order":631},"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":636,"slug":637,"category":71,"order":638},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":640,"slug":641,"category":54,"order":638},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":643,"slug":644,"category":71,"order":645},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":647,"slug":648,"category":54,"order":645},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":650,"slug":651,"category":71,"order":652},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":654,"slug":655,"category":54,"order":652},"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":657,"slug":658,"category":71,"order":659},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":661,"slug":662,"category":54,"order":659},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":664,"slug":665,"category":71,"order":666},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":668,"slug":669,"category":54,"order":666},"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":671,"slug":672,"category":71,"order":673},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":675,"slug":676,"category":54,"order":673},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":678,"slug":679,"category":71,"order":680},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":682,"slug":683,"category":54,"order":680},"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":685,"slug":686,"category":71,"order":687},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":689,"slug":690,"category":54,"order":687},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":692,"slug":693,"category":71,"order":694},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":696,"slug":697,"category":54,"order":694},"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":699,"slug":700,"category":71,"order":701},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":703,"slug":704,"category":54,"order":701},"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":706,"slug":707,"category":71,"order":708},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":710,"slug":711,"category":54,"order":708},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":713,"slug":714,"category":71,"order":715},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":717,"slug":718,"category":54,"order":715},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":720,"slug":721,"category":71,"order":722},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":724,"slug":725,"category":54,"order":722},"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":727,"slug":728,"category":71,"order":729},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":731,"slug":732,"category":54,"order":729},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":734,"slug":735,"category":71,"order":736},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":738,"slug":739,"category":54,"order":736},"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":741,"slug":742,"category":71,"order":743},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":745,"slug":746,"category":54,"order":743},"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":748,"slug":749,"category":71,"order":750},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":752,"slug":753,"category":54,"order":750},"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":755,"slug":756,"category":71,"order":757},"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":759,"slug":760,"category":54,"order":757},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":762,"slug":763,"category":71,"order":764},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":766,"slug":767,"category":54,"order":764},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":769,"slug":770,"category":71,"order":771},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":773,"slug":774,"category":54,"order":771},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":776,"slug":777,"category":71,"order":778},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":780,"slug":781,"category":54,"order":778},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":783,"slug":784,"category":71,"order":785},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":787,"slug":788,"category":54,"order":785},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":790,"slug":791,"category":71,"order":792},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":794,"slug":795,"category":54,"order":792},"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":797,"slug":798,"category":71,"order":799},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":801,"slug":802,"category":54,"order":799},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":804,"slug":805,"category":71,"order":806},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":808,"slug":809,"category":54,"order":806},"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":811,"slug":812,"category":71,"order":813},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":815,"slug":816,"category":54,"order":813},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":818,"slug":819,"category":71,"order":820},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":822,"slug":823,"category":54,"order":820},"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":825,"slug":826,"category":71,"order":827},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":829,"slug":830,"category":54,"order":827},"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":832,"slug":833,"category":71,"order":834},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":836,"slug":837,"category":54,"order":834},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":839,"slug":840,"category":71,"order":841},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":843,"slug":844,"category":54,"order":841},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":846,"slug":847,"category":71,"order":848},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":850,"slug":851,"category":54,"order":848},"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":853,"slug":854,"category":71,"order":855},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":857,"slug":858,"category":54,"order":855},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":860,"slug":861,"category":71,"order":862},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":864,"slug":865,"category":54,"order":862},"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":867,"slug":868,"category":54,"order":869},"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":871,"slug":872,"category":54,"order":873},"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":875,"slug":876,"category":54,"order":877},"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":879,"slug":880,"category":54,"order":881},"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":883,"slug":884,"category":54,"order":885},"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":887,"slug":888,"category":54,"order":889},"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":891,"slug":892,"category":54,"order":893},"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":895,"slug":896,"category":54,"order":897},"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":899,"slug":900,"category":54,"order":901},"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":903,"slug":904,"category":54,"order":905},"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":907,"slug":908,"category":54,"order":909},"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":911,"slug":912,"category":54,"order":913},"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":915,"slug":916,"category":54,"order":917},"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":919,"slug":920,"category":54,"order":921},"巴菲特：2015年对话IVEY 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