[{"data":1,"prerenderedAt":1885},["ShallowReactive",2],{"library-ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce":3,"library-sidebar-buffett":350,"library-sidebar-dao":1351,"library-sidebar-models":1653},{"id":4,"title":5,"body":6,"category":336,"date":337,"description":338,"extension":339,"meta":340,"navigation":341,"order":342,"path":343,"seo":344,"seoDescription":338,"seoTitle":345,"slug":346,"stem":347,"__hash__":348,"_collection":349},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce.md","巴菲特：1996年伯克希尔股东手册",{"type":7,"value":8,"toc":311},"minimark",[9,13,17,21,25,28,32,35,38,41,44,48,51,59,63,66,70,73,76,79,83,86,89,92,96,99,102,106,113,116,119,122,125,128,132,135,138,142,145,148,151,155,158,161,165,172,175,179,185,188,191,194,198,201,204,209,213,216,220,223,226,229,235,242,245,248,251,254,260,263,266,269,272,275,278,281,284,287,290,293,298,308],[10,11,5],"h1",{"id":12},"巴菲特1996年伯克希尔股东手册",[14,15,16],"h2",{"id":16},"伯克希尔股东手册1996",[18,19,20],"p",{},"伯克希尔的股东人数已从1960 年代末的约1200 人增至1996 年约7 万人，其中两次大规模增长对股东人数的增长起到了重要作用。第一次跳跃发生在1983 年，当时蓝筹印花并入了伯克希尔。第二次跳跃发生在1996 年B类股票的发行，增加2.5 万名股东。1983 年我制定了13 条与股东相关的商业原则，我认为这些原则将有助于新股东理解我们的管理方法，这13 个原则今天仍然有效。",[22,23,24],"h3",{"id":24},"股东相关的商业原则",[18,26,27],{},"在1983 年公司并购蓝筹印花的时候，我写下了13 条与股东相关的商业原则，以便让我们的新股东理解我们的管理方式。高兴的是，做为\"原则\"，全部13 条在今天依然适用并且运作良好，重述如下：",[22,29,31],{"id":30},"_1-尽管我们的组织形式是公司但我们是抱着合伙人的态度在经营","1. 尽管我们的组织形式是公司，但我们是抱着合伙人的态度在经营。",[18,33,34],{},"查理.芒格和我把股东当作合伙人LP，是真正的所有者，把我们自己当作普通合伙人GP。(由于我们俩拥有公司的大量股份，不管这是坏事还是好事，我们还是管理合伙人)。我们并不将公司视为业务的终极所有者，而是将公司视为所有股东持有这些资产的媒介。",[18,36,37],{},"查理和我希望你不要把伯克希尔股票仅仅看作是一张价格天天在变动的纸片，政治或经济上一有些风吹草动就让你紧张得想卖掉。我们希望你想像自己是拥有一项渴望无限期持有业务的部分权益所有者，就象你和家人共同拥有一个农场或者公寓一样。就我们而言，我们不愿把伯克希尔的股东看作匿名的来来往往的一群人，而是看作把资金托付给我们的合伙人，而且这可能是他们生命中最重要的投资。",[18,39,40],{},"有证据表明，大多数伯克希尔的股东一直都秉承了这个长期合伙的理念。伯克希尔股份每年的换手率都远低于其它主要的美国公司，即使在计算时将我拥有的股份排除在外也是如此。",[18,42,43],{},"相应的，伯克希尔自己对待所投资的公司，同我们股东对待手上伯克希尔股票的行为很相似。比如说，做为可口可乐或者美国运通的股东，我们将伯克希尔视为两个非凡业务的非管理合伙人。衡量这些投资是否成功的标准并不是它们股价每个月的涨跌，而是以公司长期业绩的增长。实际上，我们丝毫不在乎这些公司的股票在未来几年内有没有交易或者有没有报价。如果我们抱着长期投资的计划，那么短期的价格变动对我们来讲毫无意义，除非是出现了一个诱人的低价能让我们再次增加股份。",[22,45,47],{"id":46},"_2同伯克希尔的股东利益导向原则保持一致大多数董事都将大部分个人净资产投入在公司中我们吃的是自己做的饭","2.同伯克希尔的股东利益导向原则保持一致，大多数董事都将大部分个人净资产投入在公司中。我们吃的是自己做的饭。",[18,49,50],{},"芒格家族80%以上的资产都来自于伯克希尔的股份，而我则超过了98%。另外，我的许多亲戚，比如说我的姐妹还有侄子辈，都将她们的大部分资产放在伯克希尔的股票上。查理和我对这种把所有鸡蛋放在一个篮子里的做法很安心，因为伯克希尔拥有各种类型绝对非凡的业务。事实上，我们相信伯克希尔所投资的生意，不管是全资控股的还是部分参股的，在质量和多元化方面都是独一无二的。",[18,52,53,54,58],{},"查理和我无法向你保证回报。但是我们可以保证，不管你什么时候选择成为我们的合伙人，你的财富变动都和我们的步调保持一致。我们对优厚的薪水、股票期权或者其它任何占你便宜的赚钱方式都毫无兴趣。我们通过跟合伙人做相同的事情并且按相同的比例来赚钱。",[55,56,57],"strong",{},"另外，当我做了些愚蠢的事情时，我希望你能从一个事实得到些许安慰：我个人的财富跟你一样，以相同的比例承担着亏损","。",[22,60,62],{"id":61},"_3我们长期的经济目标是要服从稍后会提到的一些条件伯克希尔每股内在价值的年化平均回报率最大化","3.我们长期的经济目标是(要服从稍后会提到的一些条件)伯克希尔每股内在价值的年化平均回报率最大化。",[18,64,65],{},"我们不以规模来衡量伯克希尔的经济意义或表现，我们衡量的是每股内在价值的增长。我们确信随着资本规模的快速扩大，每股内在价值的增长率未来会放缓。但是如果我们的增长率没有超过美国大公司的平均水平的话，那我们将会十分失望。",[22,67,69],{"id":68},"_4为达成目标我们倾向于直接拥有一批多元化的且能持续生产大量现金的业务它们拥有高于平均水平的资本回报率我们的第二选择是拥有部分这样的业务主要通过我们的保险子公司在市场上买入此类公司的普通股目标公司的价格投资机会的稀缺性以及可供投资的保险浮存金规模决定了某个年度的资本分配","4.为达成目标，我们倾向于直接拥有一批多元化的且能持续生产大量现金的业务，它们拥有高于平均水平的资本回报率。我们的第二选择是拥有部分这样的业务，主要通过我们的保险子公司在市场上买入此类公司的普通股。目标公司的价格，投资机会的稀缺性，以及可供投资的保险浮存金规模决定了某个年度的资本分配。",[18,71,72],{},"最近几年，我们完成了一些企业的收购。尽管有些年份会一无所获，我们希望在未来十年能够进行更多的收购，而且是较大规模的企业收购。如果这些收购的质量能接近过去的水平，伯克希尔将会表现亮眼。",[18,74,75],{},"我们面临的挑战是，伯克希尔正源源不断的产出现金，我们要想出足够多的好点子。就此而言，萧条的股票市场是我们喜闻乐见的。第一，整体市场价格下跌，使得收购整个企业更容易。第二，一个萧条的市场会让我们的保险公司们更容易以吸引人的价格买到一些优秀企业的股份，包括增持我们已经持有的那些好企业。第三，一些我们部分持有的优秀企业，在持续地回购公司的股份，比如可口可乐，便宜的回购价格意味着，企业和我们都将从此类的回购中受益。",[18,77,78],{},"总的来说，伯克希尔及其长期股东都将从一个下跌的股票市场中受益，如同一个定期的食品购买者从下跌的食品价格获益一样。因此，时不时出现的市场暴跌，我们既不惊慌也不哀伤，这对伯克希尔来说是个好消息。",[22,80,82],{"id":81},"_5由于我们双轨式的投资模式完全控股和部分持有以及公认会计准则的局限性合并报表中的报告收益数据并不能很好的揭示我们真正的经济表现","5.由于我们双轨式的投资模式(完全控股和部分持有)，以及公认会计准则的局限性，合并报表中的报告收益数据，并不能很好的揭示我们真正的经济表现。",[18,84,85],{},"查理和我，做为股东和经理，事实上会忽略合并的收益数字。但是，我们会向你单独汇报每项主要业务的收益数字，这些是我们认为真正重要。这些数据连同我们提供的其他业务信息，都将帮助你作出判断。",[18,87,88],{},"简单来说，我们将尽量在年报里将真正重要的数字和信息提供给你。查理和我花费大量的注意力来跟踪我们的业务做的如何，同时我们尽力去理解每项业务所处的营运环境。比如，某项业务所在的行业，是处在上升周期还是下降周期。查理和我需要去弄清楚哪种情况正在到来，并相应的调整我们的期望。我们也会将我们的结论告知于你。",[18,90,91],{},"一直以来，大部分业务都超过了预期。但有时候我们也会失望，我们会坦率地承认错误，像分享那些喜悦的体验一样。当我们用非传统的衡量标准来描述业务的进展时，比如，你将会在我们的年报里读到保险\"浮存金\"，我们会尽力解释这些概念，并且说明为什么我们认为它们是重要的。换言之，我们相信，坦诚告知你我们如何思考，这不仅有利于你评估伯克希尔的业务价值，也有利于你估评我们管理公司以及资本分配的方法。",[22,93,95],{"id":94},"_6会计上的业绩数字并不会影响我们的业务运营或资本分配的决定","6.会计上的业绩数字并不会影响我们的业务运营或资本分配的决定。",[18,97,98],{},"当某项业务的收购成本相近时，我们更愿意购买价值2 美元，但在公认会计准则下不能被报告的收益，而不是购买1 美元，但可以被报告的收益。这正是我们经常面对的选择，这是因为，相比于投资部分股权(仅仅列报收到的股息)，整体出售的业务(收益全部列报)，其出售的价格往往会高出一倍。长期来看，我们相信，没有被列报在伯克希尔报告中的留存收益，将以资本利得的形式，全部反映在我们的内在价值之上。",[18,100,101],{},"我们发现随着时间的推移，总体看来，我们所投资企业的末分配收益，跟分配给我们的股息一样(列报在我们报告的收益中)，对伯克希尔同样有利。出现这个喜人的结果是因为，我们绝大多数的投资企业都经营着真正卓越的业务，他们总能运用保留的收益再投资以获取更大的收益，要么将资本投入到原有的业务中，要么回购自己的股票。显然它们所做出的每个资本配置决定，不可能总是对我们这些股东有利，但总的来说，他们每保留1 美元的收益就会给伯克希尔带来远大于1 美元的价值。因此，我们将\"透视收益\"作为衡量我们年度运营结果的合理指标。",[22,103,105],{"id":104},"_7我们对待债务的态度非常保守","7.我们对待债务的态度非常保守。",[18,107,108,109,112],{},"当我们借钱时，我们尽力将债务结构建立在长期固定利率的基础上。如果要让我们的资产负债表过度杠杆化，我们宁愿放弃一些诱人的机会。这种保守主义降低了我们的回报率，但这是唯一能让我们感到舒服的举动。我们从未忘记肩负的受托人责任：对于我们的保险客户，对于债权人，以及许多将他们的大部分净资产托付给我们照料的股东。(正如某位印地安纳波利斯500 大奖赛的冠军所说：",[55,110,111],{},"要跑到第一，你首先必须要能完赛",")。",[18,114,115],{},"查理和我所秉承的财务理念，绝不会容许我们为了提高一丁点的回报率，而放弃哪怕一晚的安然入睡。我们的家族和朋友们，也绝不会为了追求他们没有的和不需要的东西，而将自己已经拥有和必需的东西拿去风险。",[18,117,118],{},"此外，伯克希尔拥有两项成本极低且几无风险的杠杆资金来源，允许我们能安全地持有更多的资产(相对于我们的股本而言)：递延所得税和保险浮存金。浮存金是我们保险业务持有的但属于他人的资金，因为保险的赔偿通常滞后于保费的收取。所有这些资金一直在快速增长，现在总计有大概1000 亿美元。",[18,120,121],{},"更妙的是，这些资金到目前为止通常是免费的。递延所得税负债没有利息。而且只要我们能在保险承保业务上保持盈利，使用浮存金的成本就为零。当然这两项都不是资产，他们是真实的债务。但他们是没有到期日或合约限制的债务。实际上，它们带来了债务的优点：让更多的资本为我们投资所用，但是没有任何债务的缺点。",[18,123,124],{},"当然，无法保证未来一直能获得无成本的浮存金。但是我们做到这一点的机会，不比任何保险同业小。我们不但在过去达到了这个目标(请忽视你们主席所犯的一些重大错误)，在1996 年完全收购GEICO，更大大提高了我们在未来实现这一目标的愿景。",[18,126,127],{},"在我们目前的配置里(2010)，我们在公用事业及铁路业务上需要更多的借款，那些对伯克希尔没有追索权的贷款。此时，我们偏爱长期固定利率的贷款。当我们做些真正的大收购时，比如收购BNSF，我们将通过母公司借些钱，并且尽快的还回去。",[22,129,131],{"id":130},"_8经理人的愿望清单不会由股东来买单我们对待股东的钱就像对待自己的钱一样","8.经理人的\"愿望清单\"不会由股东来买单，我们对待股东的钱就像对待自己的钱一样。",[18,133,134],{},"我们唯一关注的是股东的长期经济结果，不会为了多元化，以获得控制权的高价收购整个业务。我们收购的标准将会充分的权衡，你在股票市场上的直接购买分散的投资组合所能获得的价值。",[18,136,137],{},"查理和我只对那些能够确定地提升伯克希尔每股内在价值的收购感兴趣。我们的薪水大小和办公室的大小，与伯克希尔公司资产负债表规模永远不会有任何关系。",[22,139,141],{"id":140},"_9我们觉得高尚的目的应该周期性的以结果来检验","9.我们觉得高尚的目的应该周期性的以结果来检验。",[18,143,144],{},"随着时间的推移，我们通过评估每保留1 美元收益，能否至少给股东带来1 美元市场价值，以此来检验管理层保留收益不分配是否足够明智。到目前为止，检验都通过了。我们会继续以5 年为周期滚动检验。随着我们资产净值的大幅增长，明智的使用保留收益会变得更加困难。",[18,146,147],{},"我应该把\"以五年为周期滚动检验\"这句话表述的更加准确一些，2009 年股东大会上我碰到一个关于这方面的提问时，我才意识到自己犯了个错误。当股票市场经历了一个超过5 年的大幅下跌后，我们的股价超过账面价值的差额会大幅收缩(PB 估值下降)。当这个情况出现时，我们没有通过检验是因为我的表述不当。事实上，早在1971-1975 年，就在1983 年我写下这些原则之前，我们就曾落后很多。",[18,149,150],{},"五年检验必需满足以下条件：(1)在5 年中，我们的账面价值增长超越了同期标普指数的表现；(2)我们的股票持续的以超过账面价值的价格交易。这意味着每保留的1 美元收益，其价值都超过了1 美元。如果这些条件达到了，保留收益才有意义。",[22,152,154],{"id":153},"_10只有当获得与付出的内在价值相匹配时我们才会发行股份","10.只有当获得与付出的内在价值相匹配时，我们才会发行股份。",[18,156,157],{},"这条原则适用于任何形式的发行，不仅包括并购和公开发行，还包括可转债，股票期权和可转换证券。卖出整个公司和卖出你的公司的一小部分－也就是发行部分股份－其标准应该是一致的。",[18,159,160],{},"当我们在1996 年发行B 股时，我们强调伯克希尔的股价并没有被低估，对此有些人感到震惊。这种反应是没有根据的。如果我们在股票低估时发行股份才应该让人震惊。在公开发行股票时，如果管理层声称或者暗示他们公司的股票是低估的，通常这要么不是真相，要么是在浪费他们现有股东的钱：如果管理层故意把股东价值1美元的资产以80 美分卖出，股东就遭受了不公平的损失。在发行B 股时我们没有犯这样的罪行，以后也绝不会这样做。(不过，发行时我们并没有说过股票被高估了，尽管许多媒体报道我们说了)。",[22,162,164],{"id":163},"_11查理和我的一个态度会拖累我们财务表现因此我们必须向你坦诚不管出价多高我们完全没有兴趣出售任何一项伯克希尔拥有的优质业务而且对于那些资本回报率低于平均水平的业务我们也无意卖出只要他们还能产生一些现金并且管理层和劳资关系令人满意","11.查理和我的一个态度，会拖累我们财务表现，因此我们必须向你坦诚：不管出价多高，我们完全没有兴趣出售任何一项伯克希尔拥有的优质业务。而且，对于那些资本回报率低于平均水平的业务，我们也无意卖出，只要他们还能产生一些现金，并且管理层和劳资关系令人满意。",[18,166,167,168,171],{},"我们希望不要再犯此类资本配置上的错误。当较差的业务要靠大量的资本支出，以恢复到令人满意的盈利状况时，我们会抱有极大的警觉。(这些项目前景看似光明，鼓吹者也是真诚的，但是，",[55,169,170],{},"在糟糕的行业的追加大量投资，最终的结果往往就像在流沙里拼命挣扎)","。另外，拉米牌式的管理方式也不是我们的风格(每一轮抛弃最没有希望的业务)。我们宁愿整体绩效被拖了后腿也不会干这种事。",[18,173,174],{},"我们将继续避免拉米牌式的投资行为。真的，在经历了20 年的拼命挣扎后，1985 年我们结束了纺织业务，这仅仅是因为我们认为它命中注定将承受无止尽的运营损失。可是，我们从来没有想过，以一个不错的价格卖掉纺织业务，也没有试图抛弃这些拖后腿的业务，相反我们一直致力于解决导致他们落后的问题。为了澄清2016 年出现的一些谣言，再次强调我们对待具有控制权业务的态度。",[22,176,178],{"id":177},"_12在向你报告时我们会非常坦白会强调那些在评价企业价值时真正重要的正面和负面因素","12.在向你报告时我们会非常坦白，会强调那些在评价企业价值时真正重要的正面和负面因素。",[18,180,181,182,58],{},"我们报告的原则是：如果你我位置调换时，我们希望你提供的全部事实。我们什么都不会隐瞒。此外，我们要求伯克希尔旗下的传媒企业坚持新闻报道的准确性、中立性和深刻性。如果我们的报告低于这个标准是不可饶恕的。我们坚信，对于管理层而言，坦诚是有益的：",[55,183,184],{},"误导公众的CEO 最终也会误导自己",[18,186,187],{},"在伯克希尔，你不会发现财务大洗澡或者其他的会计诡计，也不会去人为地平滑季度或年度业绩。我们会始终坦诚地告诉你，每个洞我们打了多少杆，永远不会玩记分牌的游戏。当某些数字是基于大概的估计时，比如保险业务准备金，我们将尽力确保评估方法的一致性以及保守性。",[18,189,190],{},"我们会通过几个渠道同你交流。通过年报，我尽力通过一份长度合理的文挡来向所有股东传达尽可能多的有价值的信息。我们也将通过发布在互联网上的季报传达相对缩水但非常重要的信息，不过我不会写季报(一年一次独唱会就够了)。另外一个重要的交流场合是我们的年度股东大会，在那里查理和我非常乐意花费5 个小时或者更多的时间来回答关于伯克希尔的问题。但是我们不接受一对一的单独交流。考虑到伯克希尔拥有成千上万个股东，这个方法并不可行。",[18,192,193],{},"在所有的交流中，我们都尽力确保没有一名股东获得优待：我们不会随大流，向证券分析师或者大股东们提供利润指引或其它有价值的信息。我们的目标是让我们的所有股东在同一时间获得相同的信息。",[22,195,197],{"id":196},"_13尽管我们有保持坦诚的政策但对股票市场交易的讨论将仅限于法规要求的范围和程度","13.尽管我们有保持坦诚的政策，但对股票市场交易的讨论将仅限于法规要求的范围和程度。",[18,199,200],{},"好的投资机会是稀有且宝贵的，容易被竞争对手模仿，就象优秀的产品或收购机会一样。因此我们一般不会谈论我们的投资想法。这个限制甚至延伸到我们已经卖出的证券(因为我们可能会再次买回它们)，以及一些谣传我们正在买进的股票。如果我们否认这些报道但在另一些场合说\"无可奉告\"，无可奉告常常被误解为确认。",[18,202,203],{},"尽管我们不愿意讨论特定的股票，但是我们十分乐意分享我们的商业理念和和投资哲学。我从诲人不倦的本杰明·格雷厄姆-金融史上最伟大的老师那里受益良多。我相信将我从他那里学到的真知灼见传播开来是义不容辞的，即使这样可能会导致出现伯克希尔新的竞争者，正如本杰明的教导给他造成的影响一样。",[18,205,206],{},[55,207,208],{},"两条新增加的原则",[22,210,212],{"id":211},"_14如果可能我们希望每位伯克希尔的股东在他持股期间取得的损益与公司每股内在价值在同期内的增减保持同步","14.如果可能，我们希望每位伯克希尔的股东，在他持股期间取得的损益，与公司每股内在价值在同期内的增减保持同步。",[18,214,215],{},"要做到这点，伯克希尔每股内在价值和市场价格的关系必需保持稳定，我们偏爱的是一比一。换言之，我们希望伯克希尔的股票价格处在一个合理水平而不是过高的位置。显然，查理和我无法控制伯克希尔的股票价格。但是，通过我们的政策和不断的交流，希望可以鼓励股东采取理性的行为，进而，维持一个理性的股票价格。我们这种认为\"股票高估和低估同样糟糕\"的态度，可能会让一些股东失望。可是我们相信，这种态度将使伯克希尔更容易吸引到具备长期投资视角的股东，他们寻求从公司的长期发展中获益，而不是从其它投资人的投资错误中获利。",[22,217,219],{"id":218},"_15我们会定期与标普500-指数比较伯克希尔每股账面价值的增长","15.我们会定期与标普500 指数比较伯克希尔每股账面价值的增长。",[18,221,222],{},"随着时间的推移，我们希望能够战胜这一基准。不然的话，投资者要我们有什么用呢？可是，这个衡量标准有一些不可避免的缺点。与过去相比，现在逐年进行比较的意义已经少了很多，因为我们持有的股票资产(其价值变化跟随标普500 指数)，占伯克希尔净值的比例，与早年相比已经下降很多(投资资产占比下降为三分之一)。而且，标普500 在计算指数时是将全部股息计算在内，相比之下，由于联邦所得税的关系，伯克希尔收到的股息扣税后只有79%计算在内。因此，我们期望在市场平淡的年份能超越标普指数，而在牛市中不要落后太多。",[22,224,225],{"id":225},"内在价值",[18,227,228],{},"现在让我们关注一个我先前多次提到的而且你将在将来的年报中还将反复碰到的术语。",[18,230,231,232],{},"内在价值是一个非常重要的概念。它提供了唯一合乎逻辑的评估价值的方法。内在价值的定义非常简单：",[55,233,234],{},"它是一项业务在其存续期内，所能获得的所有现金流的贴现值之和。",[18,236,237,238,241],{},"可是，内在价值的计算却没有那么简单。如同我们定义中提示的那样，",[55,239,240],{},"内在价值是一个估计值而不是一个精确值，当利率发生变化或者未来现金流的预测发生修正时，估计值就会发生很大变化","。此外，基于同样的事实和数据，对任意两个人而言——查理和我之间也常常如此——几乎都会不可避免的得出有些许差异的内在价值的估计数字。这也是我们从来不把我们自己对伯克希尔内在价值的估计值告诉你们的一个原因。我们的年报尽量提供我们用以计算内在价值的事实和数据。",[18,243,244],{},"同时，我们会定期报告公司的每股账面价值，这是个很容易计算的数字，尽管参考价值有限。我们持有的公开市场交易的证券在报表中以市价列示，造成的影响不大。但是，整体买入的公司是以历史成本入账的，其账面价值和内在价值差异巨大。",[18,246,247],{},"这种差异在两个方向上运动都有可能。例如，1964 年，我们可以确切地报告伯克希尔的每股账面价值是19.46 美元。然而，这个数字在相当程度上大大高估了公司的内在价值，因为当时公司所有的资源都投在利润很差的纺织业务之上。这些纺织资产既不能通过持续经营带来合理的利润，又不能通过清算获得相同的账面价值。然而时至今日，伯克希尔的境况完全反转了：我们的内在价值远在账面价值之上，一个事实是，许多我们完全控股的业务其内在价值比账面价值高得多。",[18,249,250],{},"尽管账面价值在反映企业内在价值方面不够准确，但是我们仍然定期向你报告伯克希尔的账面价值，因为现在它可以视为伯克希尔内在价值的一种非常粗糙且保守的估计。换句话说，在任意给定的年份中，账面价值和内在价值的变动比例很可能相当接近。",[18,252,253],{},"大学教育很显然也是一种投资，从中你或许可以洞悉一些账面价值同内在价值的区别。你可以把大学教育的成本当作它的账面价值，更精确些的说，还要包括因读书而不去工作所放弃的可能收入。",[18,255,256,257],{},"本例中，",[55,258,259],{},"我们姑且忽略大学教育包含的非常重要的非经济价值，我们只关注大学教育的经济价值。首先，我们要先估算出这个毕业生在今后一生中的所有收入，再减去如果他没有接受大学教育而估计会获得的收入，这个收入差额，用一个合适的利率贴现回毕业的那天，得出的数字就相当于是大学教育的内在价值。",[18,261,262],{},"有些毕业生会发现，他们接受大学教育的花费超过了计算的内在价值，那意味着花钱接受教育得不偿失。而另外一些人，接受教育后的内在价值远远超越了大学花费，也就是说投资教育是很明智的资本配置。不管是哪一种情况，账面价值对于计算内在价值是毫无意义的。",[22,264,265],{"id":265},"伯克希尔的管理",[18,267,268],{},"我想，用伯克希尔现在和未来的管理层讨论做为结束是比较合适的。正如股东相关原则里第一条所述，查理和我是伯克希尔的管理合伙人。但是我们把所有经营上的重担都交给了每个业务分部的经理人身上了。实际上，我们俩几乎不干涉他们的经营：尽管整个伯克希尔有大概257000 名员工，只有21 人在总部工作。",[18,270,271],{},"查理和我则专注于资本配置，以及关心那些核心的经理人并制定薪酬计划。大多数的经理人在自主经营他们分管的业务时非常开心，这也正是我们创造的环境。他们独立运营整个业务，并将产生的多余现金交回总部。通过这种方式，他们就完全摆脱了，因各种所谓的投资机会而随意的配置资金从而偏离主业的诱惑。更重要的是，比起我们经理人在他们所在行业里发现的投资机会，查理和我拥有范围大得多的机会来投资这些资金。",[18,273,274],{},"我们的大多数经理人早已实现了财富自由，因此我们必须创造一种氛围来鼓励他们为伯克希尔工作，而不是去打高尔夫或钓鱼。这要求我们必须公平以待并尊重他们，就像我们互换位置希望得到的待遇一样。",[18,276,277],{},"至于资本配置，那是查理和我非常喜欢，并且具备相当经验一项工作。一般而言，相比运动场老年人在这一领域并无劣势：你不需要有良好的手眼协调能力或者强健的肌肉来运作资金(感谢上帝)。只要我们的头脑保持高效，查理和我就能像过去一样好好工作。",[18,279,280],{},"当我死后，伯克希尔的股权结构会发生变化但不会太过剧烈：我的股份将不会被出售以作为现金遗赠或用来缴税。我有其它资产来满足这些需求。我所有的伯克希尔股票将捐赠给几个慈善基金会，他们将通过类似于分期注入的模式在大概12 年里收到相应股份。伯克希尔的经营哲学将会得到很好的传承。",[18,282,283],{},"我死后巴菲特家族将不在参与公司的管理，但是，做为极其坚定的大股东，家族将协助挑选和监督新的管理层。这些经理人是谁，只有等我去世那天才会揭晓。但我可以预见新的管理层结构：事实上我的工作将会分成两大部分，公司的日常运营将交给一个CEO，而投资工作将被托付给一个或多个高管。如果出现新的业务收购机会，这些高管将相互配合一起作出必要的决定，当然，还应得到董事会的批准。我们将继续拥有一个以股东利益为导向，与各位利益完全一致的董事会。",[18,285,286],{},"如果需要马上构建起上述的管理结构，董事们将会知道我对每个职位的推荐人选。所有的候选人都正在或随时会为伯克希尔工作，我对他们完全有信心。我们的管理队伍从未如此强大。",[18,288,289],{},"我将继续定期让董事们知晓我的续任事宜。因为伯克希尔股票占据了我的几乎全部资产，并且在我死后会在相当长的一段时期内作为多个基金大部分资产，你可以相信董事们和我已经将续任问题通盘考虑且做足了准备。你同样可以相信，至今都在指导伯克希尔的这些管理原则将会继续指引我的继任者。我们非同寻常和无比坚定的文化将会完好无损的保留下去。为了确保这一点，明智的做法是，在我卸任后，巴菲特的家族成员将担任无薪酬的非执行董事会主席。当然，这个决定将由那时的董事会做出。",[18,291,292],{},"为避免我们以一段恐怖的结尾结束，我还想向大家保证，我从来没有像现在感觉这么好过。我热爱管理伯克希尔，如果热爱生活能延长寿命的话，Methuselah 的寿命记录恐怕将会不保(一位活了965 岁的圣经人物)。",[18,294,295],{},[55,296,297],{},"沃伦·巴菲特 董事会主席",[18,299,300,301,304,305],{},"巴菲特：在投资领域，我处于一个没有失手出局限制(Called Strike)的生意中，对我来说这是一个很棒的生意。",[55,302,303],{},"我可以去看数千家不同的公司，但我不需要每一家都看懂，甚至不需要看懂其中50 家，所以我可以只选择那些我想击出的球","。投资的技巧就是，坐在哪里观察不断飞来的球，等待那个在你好球区的球。人们喊：击球啊你傻了吗？你根本无需理会。",[55,306,307],{},"在股市中仅仅因为股票太容易变现，总有让人频繁操作的诱惑。多年后你会总结出一个筛选器，我知道自己的能力圈在那里，所以我就待在那个圈里面，我根本不关心圈外有什么东西。重要的是，知道你玩的游戏是什么，你在哪里存在优势。",[309,310],"hr",{},{"title":312,"searchDepth":313,"depth":313,"links":314},"",2,[315],{"id":16,"depth":313,"text":16,"children":316},[317,319,320,321,322,323,324,325,326,327,328,329,330,331,332,333,334,335],{"id":24,"depth":318,"text":24},3,{"id":30,"depth":318,"text":31},{"id":46,"depth":318,"text":47},{"id":61,"depth":318,"text":62},{"id":68,"depth":318,"text":69},{"id":81,"depth":318,"text":82},{"id":94,"depth":318,"text":95},{"id":104,"depth":318,"text":105},{"id":130,"depth":318,"text":131},{"id":140,"depth":318,"text":141},{"id":153,"depth":318,"text":154},{"id":163,"depth":318,"text":164},{"id":177,"depth":318,"text":178},{"id":196,"depth":318,"text":197},{"id":211,"depth":318,"text":212},{"id":218,"depth":318,"text":219},{"id":225,"depth":318,"text":225},{"id":265,"depth":318,"text":265},"访谈与文章",null,"巴菲特制定伯克希尔股东手册，阐述13条与股东相关的商业原则，强调长期持有与价值创造。","md",{},true,28,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":5,"description":338},"巴菲特：1996年伯克希尔股东手册｜巴菲特","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce","buffett\u002Finterview\u002Fba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce","Zyz6Zj8eDcZC5WSIC19yVL1fywNuL5G3nEG-mjMwYvE","buffett",[351,356,359,363,366,369,372,375,378,381,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,465,468,471,475,478,481,485,488,491,495,498,501,505,508,511,515,518,521,525,528,531,535,538,541,545,548,551,555,558,561,565,568,571,575,578,581,585,588,591,595,598,601,605,608,611,615,618,621,624,625,628,632,635,638,642,645,648,652,655,658,662,665,668,672,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,997,1000,1004,1007,1011,1014,1018,1021,1025,1028,1032,1035,1039,1042,1046,1049,1053,1056,1060,1063,1067,1070,1074,1077,1081,1084,1088,1091,1095,1098,1102,1105,1109,1112,1116,1119,1123,1126,1130,1133,1137,1140,1144,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219,1223,1227,1231,1235,1239,1243,1247,1251,1255,1259,1263,1267,1271,1275,1279,1283,1287,1291,1295,1299,1303,1307,1311,1315,1319,1323,1327,1331,1335,1339,1343,1347],{"title":352,"slug":353,"category":354,"order":355},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":357,"slug":358,"category":336,"order":355},"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":360,"slug":361,"category":362,"order":355},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":364,"slug":365,"category":354,"order":313},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":367,"slug":368,"category":336,"order":313},"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":370,"slug":371,"category":362,"order":313},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":373,"slug":374,"category":354,"order":318},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":376,"slug":377,"category":336,"order":318},"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":379,"slug":380,"category":362,"order":318},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":382,"slug":383,"category":354,"order":384},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":386,"slug":387,"category":336,"order":384},"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":389,"slug":390,"category":362,"order":384},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":392,"slug":393,"category":354,"order":394},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":396,"slug":397,"category":336,"order":394},"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":399,"slug":400,"category":362,"order":394},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":402,"slug":403,"category":354,"order":404},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":406,"slug":407,"category":336,"order":404},"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":409,"slug":410,"category":362,"order":404},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":412,"slug":413,"category":354,"order":414},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":416,"slug":417,"category":336,"order":414},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":419,"slug":420,"category":362,"order":414},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":422,"slug":423,"category":354,"order":424},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":426,"slug":427,"category":336,"order":424},"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":429,"slug":430,"category":362,"order":424},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":432,"slug":433,"category":354,"order":434},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":436,"slug":437,"category":336,"order":434},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":439,"slug":440,"category":362,"order":434},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":442,"slug":443,"category":354,"order":444},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":446,"slug":447,"category":336,"order":444},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":449,"slug":450,"category":362,"order":444},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":452,"slug":453,"category":354,"order":454},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":456,"slug":457,"category":336,"order":454},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":459,"slug":460,"category":362,"order":454},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":462,"slug":463,"category":354,"order":464},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":466,"slug":467,"category":336,"order":464},"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":469,"slug":470,"category":362,"order":464},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":472,"slug":473,"category":354,"order":474},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":476,"slug":477,"category":336,"order":474},"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":479,"slug":480,"category":362,"order":474},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":482,"slug":483,"category":354,"order":484},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":486,"slug":487,"category":336,"order":484},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":489,"slug":490,"category":362,"order":484},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":492,"slug":493,"category":354,"order":494},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":496,"slug":497,"category":336,"order":494},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":499,"slug":500,"category":362,"order":494},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":502,"slug":503,"category":354,"order":504},"1964 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巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":844,"slug":845,"category":336,"order":842},"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":847,"slug":848,"category":354,"order":849},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":851,"slug":852,"category":336,"order":849},"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":854,"slug":855,"category":354,"order":856},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":858,"slug":859,"category":336,"order":856},"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":861,"slug":862,"category":354,"order":863},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":865,"slug":866,"category":336,"order":863},"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":868,"slug":869,"category":354,"order":870},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":872,"slug":873,"category":336,"order":870},"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":875,"slug":876,"category":354,"order":877},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":879,"slug":880,"category":336,"order":877},"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":882,"slug":883,"category":354,"order":884},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":886,"slug":887,"category":336,"order":884},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":889,"slug":890,"category":354,"order":891},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":893,"slug":894,"category":336,"order":891},"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":896,"slug":897,"category":354,"order":898},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":900,"slug":901,"category":336,"order":898},"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":903,"slug":904,"category":354,"order":905},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":907,"slug":908,"category":336,"order":905},"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":910,"slug":911,"category":354,"order":912},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":914,"slug":915,"category":336,"order":912},"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":917,"slug":918,"category":354,"order":919},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":921,"slug":922,"category":336,"order":919},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":924,"slug":925,"category":354,"order":926},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":928,"slug":929,"category":336,"order":926},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":931,"slug":932,"category":354,"order":933},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":935,"slug":936,"category":336,"order":933},"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":938,"slug":939,"category":354,"order":940},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":942,"slug":943,"category":336,"order":940},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":945,"slug":946,"category":354,"order":947},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":949,"slug":950,"category":336,"order":947},"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":952,"slug":953,"category":354,"order":954},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":956,"slug":957,"category":336,"order":954},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":959,"slug":960,"category":354,"order":961},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":963,"slug":964,"category":336,"order":961},"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":966,"slug":967,"category":354,"order":968},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":970,"slug":971,"category":336,"order":968},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":973,"slug":974,"category":354,"order":975},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":977,"slug":978,"category":336,"order":975},"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":980,"slug":981,"category":354,"order":982},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":984,"slug":985,"category":336,"order":982},"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":987,"slug":988,"category":354,"order":989},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":991,"slug":992,"category":336,"order":989},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":994,"slug":995,"category":354,"order":996},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":998,"slug":999,"category":336,"order":996},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1001,"slug":1002,"category":354,"order":1003},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1005,"slug":1006,"category":336,"order":1003},"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":1008,"slug":1009,"category":354,"order":1010},"2010 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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":1040,"slug":1041,"category":336,"order":1038},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1043,"slug":1044,"category":354,"order":1045},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1047,"slug":1048,"category":336,"order":1045},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1050,"slug":1051,"category":354,"order":1052},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1054,"slug":1055,"category":336,"order":1052},"教学方法期刊","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1057,"slug":1058,"category":354,"order":1059},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1061,"slug":1062,"category":336,"order":1059},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1064,"slug":1065,"category":354,"order":1066},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1068,"slug":1069,"category":336,"order":1066},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1071,"slug":1072,"category":354,"order":1073},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1075,"slug":1076,"category":336,"order":1073},"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":1078,"slug":1079,"category":354,"order":1080},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1082,"slug":1083,"category":336,"order":1080},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1085,"slug":1086,"category":354,"order":1087},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1089,"slug":1090,"category":336,"order":1087},"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":1092,"slug":1093,"category":354,"order":1094},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1096,"slug":1097,"category":336,"order":1094},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1099,"slug":1100,"category":354,"order":1101},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1103,"slug":1104,"category":336,"order":1101},"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":1106,"slug":1107,"category":354,"order":1108},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1110,"slug":1111,"category":336,"order":1108},"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":1113,"slug":1114,"category":354,"order":1115},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1117,"slug":1118,"category":336,"order":1115},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1120,"slug":1121,"category":354,"order":1122},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1124,"slug":1125,"category":336,"order":1122},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1127,"slug":1128,"category":354,"order":1129},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1131,"slug":1132,"category":336,"order":1129},"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":1134,"slug":1135,"category":354,"order":1136},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1138,"slug":1139,"category":336,"order":1136},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1141,"slug":1142,"category":354,"order":1143},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1145,"slug":1146,"category":336,"order":1143},"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":1148,"slug":1149,"category":336,"order":1150},"巴菲特：2012年对话IVEY 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