[{"data":1,"prerenderedAt":1657},["ShallowReactive",2],{"library-ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me":3,"library-sidebar-buffett":121,"library-sidebar-dao":1123,"library-sidebar-models":1425},{"id":4,"title":5,"body":6,"category":107,"date":108,"description":109,"extension":110,"meta":111,"navigation":112,"order":113,"path":114,"seo":115,"seoDescription":109,"seoTitle":116,"slug":117,"stem":118,"__hash__":119,"_collection":120},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me.md","巴菲特：2003年沃伦在担心什么",{"type":7,"value":8,"toc":102},"minimark",[9,13,17,21,24,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,78,81,84,87,90,93,96,99],[10,11,5],"h1",{"id":12},"巴菲特2003年沃伦在担心什么",[14,15,16],"h2",{"id":16},"沃伦在担心什么2003",[18,19,20],"p",{},"2003 年3 月3 日 《财富》杂志",[18,22,23],{},"自1965 年以来，沃伦巴菲特每年都会给伯克希尔股东写信。早年他遵循传统格式，但在1976 年加入美国SEC 企业信息披露咨询委员会后，他决定(用他的话说)\"认真\"与股东沟通。1977 年，他做出了另一个重要决定：聘请《财富》杂志的卡罗尔卢米斯(Carol Loomis)担任他的编辑，她是巴菲特的朋友，也是伯克希尔的长期股东。巴菲特说她是无价之宝，\"非常友善、非常乐于助人、非常严厉\"。",[18,25,26],{},"在致股东信中，巴菲特在讨论衍生品之外，还谈到了股票、现金和垃圾债券的诱惑。去年，我们......能够对一些\"垃圾\"债券和融资进行明智的投资。总体而言，我们在这一领域的投资增加了六倍，到年底达到83 亿美元。",[18,28,29],{},"投资垃圾债券和投资股票在某些方面是相似的：这两项活动都要求我们进行价格\u002F价值计算，并扫描数以百计的证券，以找到极少数具有吸引力的回报\u002F风险比的证券。但这两门学科之间也有重要区别。在股票投资中，我们期望每一个投资都能顺利实现，因为我们专注于融资保守、具有强大竞争优势、由能干和诚实的经理人经营的企业。如果我们以合理的价格买入这些公司，亏损应该是很少见的。事实上，在我们管理公司业务的38 年中，我们在伯克希尔管理的股票(即不包括在通用再保险GenRe\u002F科隆再保险Cologne 以及GEICO 保险管理的股票)的收益超过亏损的比例约为100:1。",[18,31,32],{},"在购买垃圾债券时，我们面对的是那些边缘化程度更高的企业。这些企业通常负债累累，所处行业的资本回报率往往很低。此外，管理层的素质有时也值得怀疑。管理层的利益甚至可能直接与债务人的利益背道而驰。因此，我们预计在垃圾股中偶尔会出现大额亏损。但迄今为止，我们在这一领域的表现还算不错。",[18,34,35],{},"我们在股票方面的投资仍然很少。查理和我对我们持有的伯克希尔主要被投资公司的股票越来越满意，因为其中大多数公司的盈利增加了，而估值却下降了。但我们并不倾向于增持。虽然这些企业前景良好，但我们还不认为它们的股价被低估了。",[18,37,38],{},"我们认为，同样的结论也适用于一般股票。尽管三年来股价不断下跌，普通股的吸引力大大提高，但我们仍然发现很少有股票能引起我们的兴趣。这一令人沮丧的事实证明了大泡沫时期达到的疯狂估值。不幸的是，宿醉可能与狂欢成正比。",[18,40,41],{},"查理和我今天表现出的对股票的厌恶绝非先天性的。我们喜欢持有普通股，只要能以有吸引力的价格买到。在我61 年的投资生涯中，有50 年左右的时间提供了这样的机会。以后还会有这样的年份。然而，除非我们看到至少10%的税前回报(公司税后为6-7%)的可能性非常高，否则我们将保持观望。由于短期资金的税后回报率不到1%，袖手旁观并不好玩。但是，成功的投资偶尔也需要无所作为。",[18,43,44],{},"在致股东的信中，巴菲特讲述了他在1998 年收购GenRe 再保险公司时继承的衍生品业务，现在退出的困难。他还得出结论，衍生品合约的爆炸性增长可能已经造成了严重的系统性风险。Loomis 建议巴菲特在《财富》杂志上发表他关于衍生品的部分。查理芒格和我对衍生品及其交易活动的看法是一致的：我们认为它们是定时炸弹，对交易双方和经济体系都是如此。",[18,46,47],{},"在表达了这一想法之后，让我来解释一下衍生工具，尽管解释必须是一般性的，因为这个词涵盖了极其广泛的金融合约。从本质上讲，这些工具要求在未来某个日期进行资金转手，金额由一个或多个参考项目决定，如利率、股票价格或货币价值。例如，如果您做多或做空标普500 指数期货合约，那么您就是一个非常简单的衍生品交易的一方，您的收益或损失来自于指数的变动。衍生品合约的期限长短不一(有时长达20 年或更长)，其价值通常与多个变量挂钩。 除非衍生品合约有抵押或担保，否则其最终价值还取决于合约对手的信用度。与此同时，在合同结算之前，交易对手会在当期损益表中记录利润和亏损，通常数额巨大，而不会有一分钱的转手。",[18,49,50],{},"衍生品合同的范围仅受人类(有时似乎是疯子)想象力的限制。例如，在安然公司Enron，新闻纸和宽带衍生品在未来许多年后才结算，但却被记入账簿。或者说，你想写一份合同，推测2020 年在内布拉斯加州出生的双胞胎数量。没问题，只要出个价，你很容易就能找到一个愿意交易的对手。",[18,52,53],{},"当我们收购Gen Re 时，它还附带了General Re Securities，这是一家衍生品交易商，查理和我都不想要它，认为它很危险。然而，我们试图出售该业务的努力失败了，现在正在终止它。但关闭衍生品业务说起来容易做起来难。我们需要很多年才能完全退出这项业务(尽管我们每天都在减少风险敞口)。事实上，再保险业务和衍生品业务是相似的：就像地狱一样，两者都很容易进入，但几乎不可能退出。无论在哪个行业，一旦你签订了合同，可能需要在几十年后支付大笔款项，你通常就会被它套牢。诚然，有一些方法可以将风险转嫁给他人。但大多数此类策略都会让您承担剩余责任。",[18,55,56],{},"再保险和衍生产品的另一个共同点是，两者产生的报告收益往往被严重夸大。之所以如此，是因为目前的收益在很大程度上是基于估计值，而估计值的不准确性可能在很多年后才会暴露出来。",[18,58,59],{},"错误通常是诚实的，反映的只是人类对自己的承诺持乐观态度的倾向。但是，衍生品交易方也有巨大的动机在会计核算中作弊。衍生品交易者通常根据按市价计算的\"收益\"获得报酬(全部或部分)。但通常并不存在真正的市场(想想我们涉及双胞胎的合同)，而是采用\"按模型计价\"。这种替代可能会带来大规模的问题。一般来说，涉及多个参考项目和较远结算日期的合同，会增加交易对手使用虚假假设的机会。例如，在双胞胎的情况下，合同双方很可能使用不同的模型，使双方在许多年里都显示出可观的利润。在极端情况下，\"按模型计价\"会退化为我所说的 \"按神话计价\"。",[18,61,62],{},"当然，内部和外部审计人员都会审查这些数字，但这并不是一件容易的工作。例如，General Re Securities在年末(经过10 个月的收尾工作后)有14384 份未到期合同，涉及全球672 个交易对手。每份合同的正负值都来自一个或多个参考项目，包括一些复杂得令人难以置信的项目。对这样一个投资组合进行估值，审计专家很容易就会诚实地提出大相径庭的意见。",[18,64,65],{},"估值问题远非学术问题：近年来，衍生品交易助长了一些大规模欺诈和近乎欺诈的行为。例如，在能源和电力公用事业领域，一些公司利用衍生品和交易活动来报告丰厚的\"收益\"，直到他们试图将资产负债表上与衍生品相关的应收账款转换成现金时，才发现屋漏偏逢连夜雨。\"按市值计价\"变成了真正的 \"按神话计价\"。",[18,67,68],{},"我可以向您保证，衍生品业务中的标记错误并不对称。几乎无一例外的是，这些错误要么偏向于觊觎数百万美元奖金的交易员，要么偏向于希望报告可观\"收益\"的CEO(或两者兼而有之)。奖金支付了，CEO 从期权中获利。直到很久以后，股东们才知道所报告的收益是假的。",[18,70,71],{},"衍生产品的另一个问题是，它们可能会加剧公司因完全无关的原因而陷入的困境。之所以会产生这种叠加效应，是因为许多衍生品合约要求信用降级的公司立即向交易对手提供抵押品。试想一下，如果一家公司因整体的困境而被降级，其衍生品立即启动要求，对该公司的现金抵押品提出了意想不到的巨大需求。满足这一需求的需要会使公司陷入流动性危机，在某些情况下可能会引发更多的降级。这一切都会成为一个螺旋，导致公司崩溃。",[18,73,74],{},"衍生产品还产生了菊花链风险，这与保险公司或再保险公司将其大部分业务再保险给其他公司的风险类似。在这两种情况下，来自许多交易对手的巨额应收账款往往会随着时间的推移而积累。(在Gen Re Securities，我们仍有65 亿美元的应收账款，尽管我们已进入清算模式近一年)。参与者可能认为自己是谨慎的，认为他的大额信贷风险是分散的，因此并不危险。但在某些情况下，导致A 公司应收账款坏账的外生事件也会影响到B 到Z 公司的应收账款。历史告诉我们，危机往往会导致问题以更平静时期无法想象的方式相互关联。",[18,76,77],{},"在银行业，对\"联动\"问题的认识是美联储系统成立的原因之一。在美联储成立之前，弱小银行的倒闭有时会给先前强大的银行带来突如其来和意料之外的流动性需求，导致它们反过来倒闭。现在，美联储使强者免受弱者的困扰。但是，没有中央银行负责防止保险或衍生品行业的多米诺骨牌倒塌。在这些行业中，基本面稳健的公司可能仅仅因为产业链下游其他公司的困境而陷入困境。当一个行业内存在\"连锁反应\"威胁时，应尽量减少任何形式的联系。这就是我们开展再保险业务的方式，也是我们退出衍生品业务的原因之一。",[18,79,80],{},"许多人认为，衍生品减少了系统性问题，因为无法承担某些风险的参与者能够将风险转移到更强大的手中。这些人认为，衍生品起到了稳定经济、促进贸易和消除个别参与者风险的作用。而且，从微观层面来看，他们所说的往往是对的。事实上，在伯克希尔，我有时会参与大规模的衍生品交易，以促进某些投资策略。",[18,82,83],{},"然而，查理和我认为，宏观形势是危险的，而且越来越危险。大量的风险，尤其是信用风险，已经集中在相对较少的衍生品交易商手中，而且这些交易商之间的交易非常广泛。其中一家出现问题，其他几家也会很快受到牵连。此外，这些交易商还被非交易商对手方拖欠巨额债务。正如我所提到的，其中一些交易对手之间的联系，可能会导致他们同时因单一事件(如电信业的内爆或商业电力项目价值的急剧下降)而陷入困境。当联系突然出现时，可能会引发严重的系统性问题。",[18,85,86],{},"事实上，1998 年，长期资本管理公司(Long-Term Capital Management)这一单一对冲基金的杠杆化和衍生品交易活动引起了美联储的严重担忧，以至于美联储匆忙策划了一场拯救行动。在后来的国会证词中，美联储官员承认，如果他们不进行干预，一家不为公众所知、只有几百名员工的LTCM 公司，其未完成交易很可能会对美国市场的稳定构成严重威胁。换句话说，美联储之所以采取行动，是因为其领导人担心，如果LTCM 的多米诺骨牌倒下，其他金融机构可能会发生什么。而这一事件虽然使固定收益市场的许多部分瘫痪了数周，但远不是最坏的情况。",[18,88,89],{},"LTCM 使用的衍生工具之一是总收益掉期，这种合约可以在包括股票在内的各种市场上实现100%的杠杆效应。例如，合同的甲方(通常是银行)投入全部资金购买股票，而乙方不投入任何资金，但同意在未来某个日期收取银行实现的任何收益或支付任何损失。",[18,91,92],{},"这种类型的总收益掉期让保证金要求成了笑话。除此之外，其他类型的衍生品严重削弱了监管机构控制杠杆率的能力，并使其无法全面掌握银行、保险公司和其他金融机构的风险状况。同样，即使是经验丰富的投资者和分析师，在分析大量参与衍生品合约的公司的财务状况时也会遇到重大问题。当查理和我读完详细描述各大银行衍生品活动的长篇脚注时，我们唯一明白的是，我们不知道该机构的风险有多大。",[18,94,95],{},"现在，衍生品的精灵已经从瓶子里出来了，这些工具的种类和数量几乎肯定会成倍增加，直到某些事件清楚地表明它们的毒性。在电力和天然气行业，人们已经意识到了这些工具的危险性，重大事故的爆发导致衍生工具的使用急剧减少。然而，在其他领域，衍生品业务仍在肆无忌惮地扩张。中央银行和各国政府至今仍未找到有效的方法来控制甚至监控这些合约带来的风险。",[18,97,98],{},"查理和我相信伯克希尔应该是一个财务实力的堡垒，为了我们的股东、债权人、投保人和员工。我们努力警惕任何形式的特大灾难风险，这种姿态可能会让我们对数量激增的长期衍生品合同和大量未抵押的应收账款过于担忧。然而，我们认为，衍生品是大规模杀伤性金融武器，其潜在的危险是致命的。",[100,101],"hr",{},{"title":103,"searchDepth":104,"depth":104,"links":105},"",2,[106],{"id":16,"depth":104,"text":16},"访谈与文章",null,"巴菲特在《财富》撰文解释其致股东信的写作理念，强调与股东真诚沟通，阐述伯克希尔的长期价值创造哲学。","md",{},true,48,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":5,"description":109},"巴菲特：2003年沃伦在担心什么｜巴菲特","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me","buffett\u002Finterview\u002Fba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me","I1iKs6VYPld08sYaEaR_se6hP9iDPUN8ptnyxtsVCSk","buffett",[122,127,130,134,137,140,143,147,150,153,157,160,163,167,170,173,177,180,183,187,190,193,197,200,203,207,210,213,217,220,223,227,230,233,237,240,243,247,250,253,257,260,263,267,270,273,277,280,283,287,290,293,297,300,303,307,310,313,317,320,323,327,330,333,337,340,343,347,350,353,357,360,363,367,370,373,377,380,383,387,390,393,397,400,403,407,410,413,417,420,423,427,430,433,437,440,443,447,450,453,457,460,464,467,471,474,478,481,485,488,492,495,499,502,506,509,513,516,520,523,527,530,534,537,541,544,548,551,554,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695,699,702,706,709,713,716,720,723,727,730,734,737,741,744,748,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,912,916,919,923,927,931,935,939,943,947,951,955,959,963,967,971,975,979,983,987,991,995,999,1003,1007,1011,1015,1019,1023,1027,1031,1035,1039,1043,1047,1051,1055,1059,1063,1067,1071,1075,1079,1083,1087,1091,1095,1099,1103,1107,1111,1115,1119],{"title":123,"slug":124,"category":125,"order":126},"1956 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