[{"data":1,"prerenderedAt":1643},["ShallowReactive",2],{"library-ba-fei-te-2008nian-gei-bao-er-sen-de-xin":3,"library-sidebar-buffett":107,"library-sidebar-dao":1109,"library-sidebar-models":1411},{"id":4,"title":5,"body":6,"category":93,"date":94,"description":95,"extension":96,"meta":97,"navigation":98,"order":99,"path":100,"seo":101,"seoDescription":95,"seoTitle":102,"slug":103,"stem":104,"__hash__":105,"_collection":106},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-gei-bao-er-sen-de-xin.md","巴菲特：2008年给保尔森的信",{"type":7,"value":8,"toc":88},"minimark",[9,13,18,22,25,28,31,34,37,40,43,46,49,52,55,58,61,64,67,70,73,76,79,82,85],[10,11,5],"h1",{"id":12},"巴菲特2008年给保尔森的信",[14,15,17],"h2",{"id":16},"巴菲特给保尔森的信2008","巴菲特：给保尔森的信2008",[19,20,21],"p",{},"2008 年10 月6 日",[19,23,24],{},"To: The Honorable Henry M. Paulson, Jr. Secretary of the Treasury",[19,26,27],{},"Dear Hank：",[19,29,30],{},"我以前曾向你们提到过我的想法，即可以成立一个投资基金，来解决公众对财政部购买非流动性抵押贷款计划的一些担忧。在这封信中，我将更详细地阐述我的想法。",[19,32,33],{},"一些批评者担心，财政部不会以接近市价购买抵押贷款，而会以更高的\"理论\"价格购买，以取悦销售机构：财政部会以真正的投资者身份行事，还是会受到国会或媒体压力的过度影响？例如，财政部会不会在取消抵押品赎回权方面行动迟缓，还是在判断贷款延期请求方面过于官僚？此外，许多对财政部由具有市场知识的人领导感到满意的人担心，未来的财政部长将如何管理投资项目，因为他必须依靠官僚机构来做出重要的市场决策。",[19,35,36],{},"我想建议的一个计划是，允许财政部购买超过目前预期的7000 亿美元资产，并且允许财政部以大幅降低风险的方式购买资产，以使财政部亏损的风险几乎为零。事实上，我建议的方案极有可能产生利润。让我们把我建议的实体称为公私合作基金(PPPF)。",[19,38,39],{},"这个实体的资本最初将由私营部门持有的100 亿美元普通股和财政部拥有的400 亿美元票据构成。这些票据将在10 年会到期，利率等于PPPF 成立时，财政部为其10 年期债券支付的利率。这些票据将具有绝对优先权。也就是说，这些票据将在普通股获得一分钱之前得到全额支付。PPPF 将以房地产投资信托基金公司(REIT,LLC)或其他形式运作，享受流转税待遇。",[19,41,42],{},"PPPF 将用筹集到的资金购买500 亿美元的抵押贷款(当然本金数额要大得多)。它将专注于整笔贷款和住宅抵押贷款支持证券(RMBs)，而远离二次抵押贷款和CDO squared 等奇特的工具。",[19,44,45],{},"随着时间的推移，投资组合中的抵押贷款和证券将通过还本付息或以后的出售产生现金，这些现金可以支付给财政部和私人投资者。这些现金将首先用于偿还财政部，直到财政部收回全部投资和利息。私人股东有权收回 100 亿美元，并获得与财政部所得利息相同的利率。",[19,47,48],{},"让我来总结一下这项计划的效果：PPPF 的资本化将把400 亿美元的财政部资金变成购买500 亿美元的抵押贷款。更重要的是，财政部在运作时将有100 亿美元的亏损\"缓冲\"，因为如果出现损失，PPPF 中的私人资金将在第一线承受这笔金额的净损失。",[19,50,51],{},"鉴于这种结构，PPPF 的股东完全有动力进行明智的购买。美国公众应该清楚地认识到，购买的资产不是以\"救助\"的价格向不谨慎的机构购买的，而是以\"明智投资者\"的价格为财政部和PPPF 股东购买的。",[19,53,54],{},"在探讨这一计划的优点时，我与PIMCO 公司的比尔格罗斯(BillGross)和Mohamed El-Erian 进行了交谈，他们告诉我，他们将无偿管理这一业务。当然，管理实体需要少量工作人员，但总体成本将是最低的，而且无论如何都将由普通股承担，因为所有费用和损失都将从他们的100 亿美元中扣除。我还与高盛集团的Lloyd Blankfein 进行了交谈，他说该公司将以无偿服务的方式确保100 亿美元的股权资本。伯克希尔的CEO 会很乐意投资5 亿美元，我认为所需的其余资金将很快由主要机构投资者提供，尤其是养老基金。",[19,56,57],{},"我预计资金可以随时到位的原因很简单：如果一个实体使用大量杠杆，并利用美国财政部提供的可靠的低成本资金，在目前的水平上购买抵押贷款，那么利润很可能会很好，甚至可能会极好。这是真的，因为价格已经下降到反映其他买家无法获得杠杆的水平。因此，能够获得长期财政部类型资金的投资运营的回报应该特别有吸引力。目前的买家寻求的是更高的回报率，在我建议的杠杆作用下，10%的无杠杆回报率可以变成25%的带杠杆的回报率。",[19,59,60],{},"一旦这项计划启动，我建议将PPPF 的股本和债务资本增加一倍。然而，在这种情况下，无论如何，华尔街公司将再次以无偿的方式，向美国公众提供100 亿美元的PPPF 普通股，其条件将与最初的机构投资者完全相同。如果PPPF 对股权持有人来说是一笔好交易(我相信会是这样)，那么我希望确保普通美国人也有机会在与伯克希尔和其他机构投资者同等的基础上分享这种投资。如果这一提议获得全额认购，财政部将额外购买400 亿美元的票据，使PPPF 的总购买力达到1000 亿美元。",[19,62,63],{},"我个人愿意在这次公开募股中购买1 亿美元的股票。这大约占我在伯克希尔所持股份之外净资产的20%，如你所知，这些股份已承诺捐给慈善机构。(个人账户5 亿美元)",[19,65,66],{},"另一个细节：在向机构首次发行时。我将禁止对冲基金或经理人从投资中获取超额利润的其他工具。我认为，在这样一个与政府有关联的企业中，你应该让投资者获得所有的利润，而不是让经理们拿着丰厚的超额收益来分走利润。",[19,68,69],{},"PPPF 最有可能令人失望的情况是，市场价格使其无法以承诺良好回报的风险调整价格购买预期的1000 亿美元抵押贷款。为了应对这种可能性，该计划可以规定，如果两年后PPPF 未能成功实现其购买目标，则按比例向财政部和普通股股东返还资金。",[19,71,72],{},"或者，PPPF 可以成为新的\"不合格\"抵押贷款的购买者，这些抵押贷款的规模超过房地美和房利美限制。此举将刺激住房市场，并降低不合格抵押贷款目前的高利率(与国债收益率相比)。PPPF 在这一方向上采取的任何行动都需要得到财政部和大多数普通股的批准。此外，如果这一计划要付诸实施，PPPF 应该只处理借款人满足已经支付一定数额首付款、收入相对于偿债要求而言比较宽裕、并能提供其信用证明文件。",[19,74,75],{},"汉克，这些都是初步的想法。但我认为，让公众相信财政部在抵押贷款领域的活动是稳健的，而且可能有利可图，这一点非常重要。现在，公众对这一点持怀疑态度，甚至不相信，但我相信PPPF 可以在很大程度上纠正这种误解。",[19,77,78],{},"如果这个计划或其变体看起来可行，Bill、Mohamed、Lloyd 和我，我相信还有无数其他人，都会愿意提供帮助。",[19,80,81],{},"真诚的",[19,83,84],{},"沃伦巴菲特",[86,87],"hr",{},{"title":89,"searchDepth":90,"depth":90,"links":91},"",2,[92],{"id":16,"depth":90,"text":17},"访谈与文章",null,"巴菲特致信财政部长保尔森，就金融危机救市措施提供建议，强调果断行动与系统性风险管控的重要性。","md",{},true,78,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":5,"description":95},"巴菲特：2008年给保尔森的信｜巴菲特","ba-fei-te-2008nian-gei-bao-er-sen-de-xin","buffett\u002Finterview\u002Fba-fei-te-2008nian-gei-bao-er-sen-de-xin","yCV9U4cZGfO_mrbx3wDJHQNec_-hKvQ3MSQqdEiv5JY","buffett",[108,113,116,120,123,126,129,133,136,139,143,146,149,153,156,159,163,166,169,173,176,179,183,186,189,193,196,199,203,206,209,213,216,219,223,226,229,233,236,239,243,246,249,253,256,259,263,266,269,273,276,279,283,286,289,293,296,299,303,306,309,313,316,319,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,433,436,439,443,446,450,453,457,460,464,467,471,474,478,481,485,488,492,495,499,502,506,509,513,516,520,523,527,530,534,537,541,544,548,551,555,558,562,565,569,572,576,579,583,586,590,593,597,600,604,607,611,614,618,621,625,628,632,635,639,642,646,649,653,656,660,663,667,670,674,677,681,684,688,691,695,698,702,705,709,712,716,719,723,726,730,733,737,740,744,747,750,751,755,758,762,765,769,772,776,779,783,786,790,793,797,800,804,807,811,814,818,821,825,828,832,835,839,842,846,849,853,856,860,863,867,870,874,877,881,884,888,891,895,898,902,905,909,913,917,921,925,929,933,937,941,945,949,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105],{"title":109,"slug":110,"category":111,"order":112},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致股东信",1,{"title":114,"slug":115,"category":93,"order":112},"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":117,"slug":118,"category":119,"order":112},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":121,"slug":122,"category":111,"order":90},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":124,"slug":125,"category":93,"order":90},"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":127,"slug":128,"category":119,"order":90},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":130,"slug":131,"category":111,"order":132},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":134,"slug":135,"category":93,"order":132},"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":137,"slug":138,"category":119,"order":132},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":140,"slug":141,"category":111,"order":142},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":144,"slug":145,"category":93,"order":142},"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":147,"slug":148,"category":119,"order":142},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":150,"slug":151,"category":111,"order":152},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":154,"slug":155,"category":93,"order":152},"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":157,"slug":158,"category":119,"order":152},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":160,"slug":161,"category":111,"order":162},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":164,"slug":165,"category":93,"order":162},"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":167,"slug":168,"category":119,"order":162},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":170,"slug":171,"category":111,"order":172},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":174,"slug":175,"category":93,"order":172},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":177,"slug":178,"category":119,"order":172},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":180,"slug":181,"category":111,"order":182},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":184,"slug":185,"category":93,"order":182},"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":187,"slug":188,"category":119,"order":182},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":190,"slug":191,"category":111,"order":192},"1962年11月 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