[{"data":1,"prerenderedAt":1636},["ShallowReactive",2],{"library-ba-fei-te-1982nian-tan-zhi-shu-qi-huo":3,"library-sidebar-buffett":100,"library-sidebar-dao":1102,"library-sidebar-models":1404},{"id":4,"title":5,"body":6,"category":86,"date":87,"description":88,"extension":89,"meta":90,"navigation":91,"order":92,"path":93,"seo":94,"seoDescription":88,"seoTitle":95,"slug":96,"stem":97,"__hash__":98,"_collection":99},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1982nian-tan-zhi-shu-qi-huo.md","巴菲特：1982年谈指数期货",{"type":7,"value":8,"toc":82},"minimark",[9,13,32,35,43,46,49,52,55,58,61,64,70,73,76,79],[10,11,5],"h1",{"id":12},"巴菲特1982年谈指数期货",[14,15,16,20,23,26,29],"blockquote",{},[17,18,19],"p",{},"1982 年3 月5 日",[17,21,22],{},"巴菲特在1982 年3 月5 日给众议院监督和调查小组委员会主席约翰·丁格尔(John Dingell)写了这封信，当时国会正在考虑是否允许芝加哥商品交易所交易与标普500 等股指水平挂钩的期货合约。一些批评人士认为，期货交易助长了1987 年10 月19 日的股市崩盘。巴菲特坚持他五年前表达的观点。",[17,24,25],{},"1982 年，美国最好的投资者之一警告称，股指期货对市场来说是个坏消息——巴菲特",[17,27,28],{},"送：The Honorable John Dingell",[17,30,31],{},"地址：U.S. House of Representatives,Rayburn House Building,Washington,D.C. 20515.",[17,33,34],{},"Dear Mr. Dingell：",[17,36,37,38,42],{},"我写这封信主要是为了，对任何可能刺激包括股指期货在内的期货市场的交易活动做一番评论。",[39,40,41],"strong",{},"凭着30 多年在各投资领域的历练，以及多年从事一线证券销售人员的经验","，我写下这封信，谈谈自己的思考。在过去的25 年中，我一直在做着金融分析方面的工作，目前我独自掌控着一个总价值超过6 亿美元的股票投资组合(注：82 年写信时6 亿，87 年已经超过25 亿美元)。",[17,44,45],{},"要想准确预测投资或投机市场是如何变化的，几乎是不可能的事情，而且，面对任何声称\"准确\"的言论，你也要保持高度的警惕。不过我想下面谈到的还是比较合理的推断：",[17,47,48],{},"(1)、股指期货合约有助于减少投资者真正的风险。**一个投资者也许可以非常有逻辑性地识别出被市场低估的有价证券，但无论如何也没法预知短期内股市的走向。**这也是我在投资管理工作中一直秉持的观点。投资者都希望能完全规避股市的\"波动\"。持续性地做空某些有代表性的股指期货或许可以帮助他做到这点。假设某个投资者拥有1000 万美元的价值遭到低估的股票，并持续持有1000 万美元的股指空头头寸，那么其赢亏将完全取决于个人的选股能力，而不必担心其操作受到大盘波动的影响。然而，因为交易成本的问题，而且大多数投资者相信，长期来看，股价总体还是会上涨的，所以我认为，坚持以对冲理念来运作的投资人士相对还是比较少的。不过我相信这也是一种比较理智的做法，而且真正坚持\"市场中性\"理念并以此行动的专业人士也确实会采取这一策略。",[17,50,51],{},"(2)、如前文所述，我认为降低风险比较理智的策略应该包括做空期货合约。在做多方面，我没有看到任何相对应的投资或者对冲策略。因此，按照定义来说，期货交易只有一半的目的是降低风险的，而另一半的合约(做多头)增大了风险或具有赌博性质。",[17,53,54],{},"(3)、事实上，风险降低和风险增高之间的平衡跟理论上的\"五五开\"大相径庭。由于门槛低，而回报又非常诱人，所以不论真正的结果概率会有多低，赌博的情绪还是会被激发出来。这也就是为什么拉斯维加斯的赌场会在广告中大肆宣扬你会赢得多么不菲的赌金，而国家彩票中心也会把头奖金额做成大标题。在证券市场上，那些笨脑袋就会被类似的伎俩吸引住，包括：(a)\"廉价股\"，即低价股票\"penny stocks\"，这些东西之所以被推销者\"制造\"出来，就是为了蒙骗那些容易上当而又梦想一夜暴富的人。最后，当然会以一场又一场灾难收尾。(b)由于保证金的比例很低，很小的资金也可完成大额交易。",[17,56,57],{},"(4)、在投资历史中，我们曾经有过不少高承诺、低保证金的情况，结果都导致了大麻烦。当然，最熟悉的莫过于1920 年代末的大牛市，而与之相伴的是10%的保证金。理智的人们随后发现，这种低保证金的炒作活动并未帮到资本市场，反而从长期来看，还会伤害资本市场。于是，引入了保证金规定，并成为投资过程中不可或缺的组成部分。以10%的保证金去从事股指期货投机的行为，只不过是一种绕过保证金规定的伎俩，而且全美的赌徒都会立即意识到这一点。",[17,59,60],{},"(5)、证券经纪人会自然而然地钟情于新的交易工具。他们的热情也随着交易越来越活跃而被点燃。交易活动越多，公众的开支就越大，而证券经纪业也就更加有利可图。每当一个合约结束时，结果都是输家付钱给赢家。",[17,62,63],{},"然而，在由期货市场和在其中扮演重要角色的证券经纪人组成的\"赌场\"中，一旦有交易发生，经纪人都能从中收费，不论服务赢家还是输家，数量多多益善。不过，游乐其间的玩家们需要谨记，这是一种最明显的\"负和游戏\"。",[17,65,66,67],{},"刨去开销之前，输和赢相互抵清，但是刨除开销之后的净损失是实打实的。事实上，这种损失非常大，不然赌场就会停业了，切记，因为玩家的净损失是赌场收益的唯一来源。这种\"负和游戏\"跟普通股投资形成了鲜明对比。",[39,68,69],{},"多年来，普通股投资一直是非常重要的\"正和游戏\"，原因很简单，从总体上来说，相关的公司赚得了比较丰厚的利润，最终让公司所有者，也就是股东有所回报。",[17,71,72],{},"(6)、根据我的判断，此类合约中，高达95%甚至有可能更高比例在本质上完全等同于赌博。很多人会根据股市的短期走势，以相当小的金额下一个相当大的赌注。投资者这么做，其实是受到股票经纪人的鼓动。经纪人希望客户资金能快速周转，这对他们来说恐怕是最喜闻乐见的事儿了，因为他们的收入与之密切相关。当赌场从每笔交易中分一杯羹的时候，由这95%合约产生的大量交易将会花费大量佣金。",[17,74,75],{},"(7)、从长期来看，与传统资本市场相关、带有赌博性质并伴有高亏损风险的市场活动，对于资本市场来说一定不是好事。不过，即便参与赌博活动的人们不是投资者，其买到的也不是股票，他们还是会觉得在股市的际遇糟糕透顶。领教过资本市场最为阴暗的一面之后，他们不可避免会对资本市场保持消极的态度。在经历过的跌宕起伏的投机活动之后，这些都是必然会出现的。你可能会问，证券经纪行业有没有足够的智慧去考虑自身长远利益。然而，历史证明了股票经纪人的短视，1960 年代就是最好的例证；当行为最愚蠢的时候，他们往往是最幸福的。相比于客户或者说是证券行业的长期前景，证券经纪人更关心自己本月的总收入。",[17,77,78],{},"我们不需要股指期货，它就是基于美国股市的一种赌博工具，也不需要证券经纪人去鼓动人们参与此类赌博。我们需要的是那些着眼于企业长期前景并进行相应投资的投资者和顾问。我们需要理性的保证金，而不是杠杆化的市场\"赌注\"。如果\"赌场\"理念太过活跃，那么，聪明、理性的交易就会被打压，而非加强。即使这个赌场某种程度上在同样的舞台上经营，使用某种程度上相似的语言，由同样的劳动力提供服务。",[17,80,81],{},"除此之外，股票等价物方面的低保证金也会对公共政策规定的保证金产生冲击。尽管股指期货会给希望能从事\"套期保值\"的专业投资人士带来少许的好处，但总体上讲，大量交易的股指期货市场很有可能对购买证券的公众产生不利影响。因此，从长远来看，股指期货交易对于整个资本市场来说也是有害的。",{"title":83,"searchDepth":84,"depth":84,"links":85},"",2,[],"访谈与文章",null,"巴菲特致信国会反对推出标普500指数期货，预警衍生品将加剧市场波动，五年后股灾验证其担忧。","md",{},true,11,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":5,"description":88},"巴菲特：1982年谈指数期货｜巴菲特","ba-fei-te-1982nian-tan-zhi-shu-qi-huo","buffett\u002Finterview\u002Fba-fei-te-1982nian-tan-zhi-shu-qi-huo","i9A_hCsuCCi_4_w9T0LqVodet1MME2Z6PPDgrUyzuaU","buffett",[101,106,109,113,116,119,122,126,129,132,136,139,142,146,149,152,156,159,162,166,169,172,176,179,182,186,189,192,196,199,202,205,206,209,213,216,219,223,226,229,233,236,239,243,246,249,253,256,259,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,433,436,440,443,447,450,454,457,461,464,468,471,475,478,482,485,489,492,496,499,503,506,510,513,517,520,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,906,910,914,918,922,926,930,934,938,942,946,950,954,958,962,966,970,974,978,982,986,990,994,998,1002,1006,1010,1014,1018,1022,1026,1030,1034,1038,1042,1046,1050,1054,1058,1062,1066,1070,1074,1078,1082,1086,1090,1094,1098],{"title":102,"slug":103,"category":104,"order":105},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":107,"slug":108,"category":86,"order":105},"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",{"title":110,"slug":111,"category":112,"order":105},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":114,"slug":115,"category":104,"order":84},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":117,"slug":118,"category":86,"order":84},"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":120,"slug":121,"category":112,"order":84},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":123,"slug":124,"category":104,"order":125},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":127,"slug":128,"category":86,"order":125},"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":130,"slug":131,"category":112,"order":125},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":133,"slug":134,"category":104,"order":135},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":137,"slug":138,"category":86,"order":135},"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":140,"slug":141,"category":112,"order":135},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":143,"slug":144,"category":104,"order":145},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":147,"slug":148,"category":86,"order":145},"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":150,"slug":151,"category":112,"order":145},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":153,"slug":154,"category":104,"order":155},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":157,"slug":158,"category":86,"order":155},"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":160,"slug":161,"category":112,"order":155},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":163,"slug":164,"category":104,"order":165},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":167,"slug":168,"category":86,"order":165},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":170,"slug":171,"category":112,"order":165},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":173,"slug":174,"category":104,"order":175},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":177,"slug":178,"category":86,"order":175},"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":180,"slug":181,"category":112,"order":175},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":183,"slug":184,"category":104,"order":185},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":187,"slug":188,"category":86,"order":185},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":190,"slug":191,"category":112,"order":185},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":193,"slug":194,"category":104,"order":195},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":197,"slug":198,"category":86,"order":195},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":200,"slug":201,"category":112,"order":195},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":203,"slug":204,"category":104,"order":92},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"slug":96,"category":86,"order":92},{"title":207,"slug":208,"category":112,"order":92},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":210,"slug":211,"category":104,"order":212},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":214,"slug":215,"category":86,"order":212},"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":217,"slug":218,"category":112,"order":212},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":220,"slug":221,"category":104,"order":222},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":224,"slug":225,"category":86,"order":222},"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":227,"slug":228,"category":112,"order":222},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":230,"slug":231,"category":104,"order":232},"1963年12月 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巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":637,"slug":638,"category":86,"order":635},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":640,"slug":641,"category":104,"order":642},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":644,"slug":645,"category":86,"order":642},"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":647,"slug":648,"category":104,"order":649},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":651,"slug":652,"category":86,"order":649},"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":654,"slug":655,"category":104,"order":656},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":658,"slug":659,"category":86,"order":656},"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":661,"slug":662,"category":104,"order":663},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":665,"slug":666,"category":86,"order":663},"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":668,"slug":669,"category":104,"order":670},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":672,"slug":673,"category":86,"order":670},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":675,"slug":676,"category":104,"order":677},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":679,"slug":680,"category":86,"order":677},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":682,"slug":683,"category":104,"order":684},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":686,"slug":687,"category":86,"order":684},"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":689,"slug":690,"category":104,"order":691},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":693,"slug":694,"category":86,"order":691},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":696,"slug":697,"category":104,"order":698},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":700,"slug":701,"category":86,"order":698},"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":703,"slug":704,"category":104,"order":705},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":707,"slug":708,"category":86,"order":705},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":710,"slug":711,"category":104,"order":712},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":714,"slug":715,"category":86,"order":712},"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":717,"slug":718,"category":104,"order":719},"2004 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