[{"data":1,"prerenderedAt":1830},["ShallowReactive",2],{"library-1960-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":294,"library-sidebar-dao":1296,"library-sidebar-models":1598},{"id":4,"title":5,"body":6,"category":280,"date":281,"description":282,"extension":283,"meta":284,"navigation":285,"order":286,"path":287,"seo":288,"seoDescription":282,"seoTitle":289,"slug":290,"stem":291,"__hash__":292,"_collection":293},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1960-ba-fei-te-zhi-he-huo-ren-xin.md","1960 巴菲特致合伙人信",{"type":7,"value":8,"toc":270},"minimark",[9,13,18,22,25,29,32,35,38,41,44,126,129,132,135,189,192,196,199,202,206,209,212,216,219,222,225,228,231,234,237,240,243,246,249,252,255,258,261,264,267],[10,11,5],"h1",{"id":12},"_1960-巴菲特致合伙人信",[14,15,17],"h3",{"id":16},"一1960年股市的整体情况","一、1960年股市的整体情况",[19,20,21],"p",{},"去年，我谈到1959年道琼斯工业指数（Dow-Jones Industrial Average）从583点涨到679点，涨幅16.4%，这个数字有些失真。那一年，几乎所有投资公司都赚了钱，但其中能赶上或超过道指涨幅的不足10%。道琼斯公用事业指数小幅下跌，铁路指数则大幅下滑。",[19,23,24],{},"1960年，情形整个翻了过来。道指从679点跌到616点，跌了9.3%。就算加上期间收取的股息，持有指数的投资人整体仍亏损6.3%。公用事业指数却录得不错的涨幅。目前还有部分投资公司尚未公布业绩，我估计约90%的投资公司都跑赢了工业指数。大多数投资公司去年的整体收益率，看起来都在正负5%上下。在纽约证券交易所，普通股里有653只录得全年下跌，404只录得上涨。",[14,26,28],{"id":27},"二1960年的业绩","二、1960年的业绩",[19,30,31],{},"我管理合伙人资金的目标，始终是长期业绩超越道指。我认为，从多年的维度来看，道指的走势大体上就代表了大型投资公司的表现。如果我们做不到这一点，这些合伙公司就没有存在的意义。",[19,33,34],{},"不过，我也说过：即便我们真的实现了长期超越指数的目标，也不要以为我们每年都能领先。我们的方法是：在平盘或下跌的市场中跑赢指数，在上涨的市场中则可能与指数相当，甚至落后于指数。",[19,36,37],{},"我觉得，在指数下跌30%而我们只跌15%的年份，远比我们和指数都涨了20%的年份要出色。长期来看，总会有好年头，也总会有差年头。为其中某一年的好坏而喜形于色或垂头丧气，完全没有意义。重要的是总成绩低于标准杆。高尔夫球场上，三杆洞打四杆，不如五杆洞打五杆好。无论遇到三杆洞还是五杆洞，我们都能低于标准杆——这种想法是不切实际的。",[19,39,40],{},"我花这些篇幅讲道理，是因为今年加入了不少新合伙人，我想让他们清楚：我的目标是什么、我如何衡量是否达成了目标，以及我有哪些已知的局限。",[19,42,43],{},"有了这个背景，大家应该不会感到意外：1960年是我们领先指数的一年。道指整体亏损6.3%，而我管理的七个全年运营的合伙账户取得了22.8%的收益。扣除运营费用之后，不含支付给有限合伙人的利息、也不含普通合伙人的分成，过去四年合伙公司的业绩如下：",[45,46,47,66],"table",{},[48,49,50],"thead",{},[51,52,53,57,60,63],"tr",{},[54,55,56],"th",{},"年份",[54,58,59],{},"全年运营账户数",[54,61,62],{},"合伙公司收益率",[54,64,65],{},"道指收益率",[67,68,69,84,98,112],"tbody",{},[51,70,71,75,78,81],{},[72,73,74],"td",{},"1957",[72,76,77],{},"3",[72,79,80],{},"10.4%",[72,82,83],{},"-8.4%",[51,85,86,89,92,95],{},[72,87,88],{},"1958",[72,90,91],{},"5",[72,93,94],{},"40.9%",[72,96,97],{},"38.5%",[51,99,100,103,106,109],{},[72,101,102],{},"1959",[72,104,105],{},"6",[72,107,108],{},"25.9%",[72,110,111],{},"19.9%",[51,113,114,117,120,123],{},[72,115,116],{},"1960",[72,118,119],{},"7",[72,121,122],{},"22.8%",[72,124,125],{},"-6.3%",[19,127,128],{},"需要再强调一点：上表是合伙公司的净收益。有限合伙人各自的净收益，取决于他们选择的合伙协议条款。",[19,130,131],{},"整体收益或亏损均按市值计算。考虑到资金的进出，这种方法以年初清算价值和年末清算价值为计算基础。它与税务申报数据不同——报税时，证券按成本计算，盈亏只在实际出售时才予以确认。",[19,133,134],{},"按复利计算，四年累计业绩如下：",[45,136,137,149],{},[48,138,139],{},[51,140,141,143,146],{},[54,142,56],{},[54,144,145],{},"合伙公司累计收益率",[54,147,148],{},"道指累计收益率",[67,150,151,159,169,179],{},[51,152,153,155,157],{},[72,154,74],{},[72,156,80],{},[72,158,83],{},[51,160,161,163,166],{},[72,162,88],{},[72,164,165],{},"55.6%",[72,167,168],{},"26.9%",[51,170,171,173,176],{},[72,172,102],{},[72,174,175],{},"95.9%",[72,177,178],{},"52.2%",[51,180,181,183,186],{},[72,182,116],{},[72,184,185],{},"140.6%",[72,187,188],{},"42.6%",[19,190,191],{},"四年时间实在太短，不足以据此得出什么结论。但就现有证据来看，我们确实能在温和下跌或平盘的市场中跑赢指数，这一点有所印证。如果这是真的，那说明我们的投资组合比持有蓝筹股的人更保守，尽管我们的投资方式肯定和大多数人截然不同。等到蓝筹股强劲上涨的时候，我们可能很难追得上。",[14,193,195],{"id":194},"三管理多个合伙账户","三、管理多个合伙账户",[19,197,198],{},"从前面的表格可以看出，合伙账户的数量在增加。与合伙公司的平均收益相比，没有任何一个账户始终领先或落后。我尽量让所有账户”按照相似比例投资相同的股票”，但每年各账户之间还是会有一些差异。把现在所有账户合并成一个，这个问题就迎刃而解了。这么做还能省去大量琐碎工作，并节省一定的运营费用。",[19,200,201],{},"坦白说，我希望在未来几年内能推进这件事。问题在于，各位合伙人选择的合伙协议各有不同。除非全体合伙人一致同意，否则不会合并。",[14,203,205],{"id":204},"四预先存入资金","四、预先存入资金",[19,207,208],{},"有几位合伙人询问能否在年中追加投资。虽然我破过一次例，但凡是有多个合伙人的账户，年中修改合伙协议实在麻烦，所以对于这类账户，追加投资只能在年末进行。",[19,210,211],{},"不过，合伙人可以预先存入资金，从收到之日起到年末，可获得6%的利息。到年末，视合伙人修改协议的情况，预先存入的资金连同利息将转为合伙人资本，此后参与盈亏分享。",[14,213,215],{"id":214},"五桑伯恩地图公司","五、桑伯恩地图公司",[19,217,218],{},"去年的信中提到，有一笔投资在我们的净资产中占比极重（35%），我还说希望这笔投资能在1960年了结。这个希望实现了。这笔投资规模较大，大家可能想多了解一些来龙去脉。",[19,220,221],{},"桑伯恩地图公司 (Sanborn Map Co.) 的业务是出版并持续修订美国所有城市的超精细地图。举个例子，它绘制的奥马哈地图，卷宗重达约45斤，包含每一栋建筑的详尽信息。修订地图的方法是粘贴覆盖，用以标注新建筑、用途变更、新消防设施、结构材料变化等情况。地图大约每年修订一次，过了二三十年，无法再用粘贴覆盖的方式更新时，就重新出版。奥马哈的客户每年为地图修订支付的费用约为100美元。",[19,223,224],{},"地图中包含街道地下主水管管径、消防栓位置、屋顶材料等详细信息，对火灾保险公司极有价值。保险公司总部的承保部门，凭借这些信息就能评估全国各地代理商承揽的业务。保险公司认为一图胜千言——通过地图，可以判断一项风险的定价是否合理、某个地区发生大规模火灾的概率、应采取何种再保险安排等。桑伯恩虽然也有公用事业公司、抵押贷款公司、税务机关等保险业以外的客户，但它的主要客户是约30家保险公司。",[19,226,227],{},"75年来，这家公司几乎以垄断姿态经营，年年盈利，几乎完全不受经济衰退的影响，也无需任何销售推广。早年间，保险公司担心桑伯恩赚得太多，便安排了一批保险界的知名人士进入桑伯恩的董事会，充当监督的眼睛。",[19,229,230],{},"进入50年代初，一种名为”记分卡”（carding）的新承保方法问世，蚕食了桑伯恩的业务。地图业务的税后利润从30年代末平均每年逾50万美元，跌至1958年和1959年的不足10万美元。考虑到同期经济整体上行的背景，这等于是几乎彻底丧失了昔日可观而稳定的盈利能力。",[19,232,233],{},"然而，从30年代初开始，桑伯恩便着手积累自己的投资组合。公司业务不需要什么资本投入，所有留存收益都可以用于投资。日积月累，共投入约250万美元，大致一半债券、一半股票。过去十年尤为明显：投资组合欣欣向荣，主营的地图业务却每况愈下。",[19,235,236],{},"让我用几个数字来说明这两者之间的天壤之别。1938年，道指在100至120点之间，桑伯恩的股价是每股110美元。1958年，道指涨到550点附近，桑伯恩的股价却只有每股45美元。而在此期间，桑伯恩的投资组合价值从每股约20美元涨到了每股65美元。这意味着：1938年，在经济和股市都颇为萧条的时候，买入桑伯恩股票的人给地图业务的估值是每股90美元（110美元减去与地图业务无关的20美元投资价值）。到了1958年，经济和股市的活力远胜当年，同样的地图业务，买入者给它的估值却是负20美元——地图业务白白奉送不说，买家还只愿意以七折的价格购买投资组合。",[19,238,239],{},"这是怎么发生的？1958年的桑伯恩与1938年一样，仍然掌握着对保险行业弥足珍贵的大量信息。如果要从头积累这些历年汇集的详尽资料，耗资将以千万美元计。尽管”记分卡”已经兴起，仍有逾5亿美元的火险保费是通过”地图”承保方式承揽的。然而，桑伯恩销售和包装信息产品的方式多年来一成不变，最终这种因循守旧就反映在了盈利数字上。",[19,241,242],{},"投资组合表现优异，这反而让大多数董事觉得没有必要振兴地图业务。桑伯恩每年的销售额约为200万美元，持有的有价证券市值约700万美元。投资组合带来可观的收入，公司没有任何财务压力，保险公司对地图价格满意，股东也能收到分红。然而，在过去8年里，股息削减了5次——至于是否讨论过降低薪酬或压缩董事及委员费用，我查遍记录，一条也没找到。",[19,244,245],{},"在我进入董事会之前，14位董事中有9位是保险界的知名人士，可在公司的105,000股流通股中，这9位合计只持有46股。他们在大公司身居要职，完全有财力多买些桑伯恩的股票，但这些人中持股最多的也不过10股。其中几位所经营的保险公司持有少量桑伯恩股票，但在各自的投资组合里不过沧海一粟。过去十年，凡涉及桑伯恩股票的交易，这些保险公司清一色都是卖方。",[19,247,248],{},"第10位董事是公司律师，持有10股。第11位是一位银行家，也是10股，他认清了公司的问题，积极地将问题指出来，后来还增持了股票。另外两位董事是桑伯恩的高管，合计持有约300股。他们有能力，也清楚公司存在的问题，却只能屈从于董事会的意志。最后登场的一位，是桑伯恩已故总裁的儿子，而那位已故总裁的遗孀持有约15,000股。",[19,250,251],{},"1958年底，这位儿子对公司的颓势忍无可忍，要求出任公司最高职位，遭到拒绝后提交辞呈，辞呈获得了接受。此后不久，我们向他的母亲提议收购她所持有的那批股票，她同意了。当时还有另外两个大股东：一个持有约10,000股（由一家券商代客户持有），另一个持有约8,000股。他们都对现状相当不满，和我们一样，希望将投资组合从地图业务中剥离出来。",[19,253,254],{},"此后，我们（包括关联方）通过公开市场持续买入，持股增至约24,000股，加上另外两个大股东的持仓，三方合计持股增至46,000股。我们的目标是：拆分两项业务，让投资组合实现公允价值，同时着手恢复地图业务的盈利能力。桑伯恩积累了丰富的原始信息，如果借助电子手段将这些数据转换为客户最易使用的形式，地图业务完全有望创造更大的利润空间。",[19,256,257],{},"董事会对任何形式的变革都有相当大的抵制，尤其反感外来者主导——尽管管理层完全支持我们的方案，博思艾伦汉密尔顿咨询公司 (Booz, Allen & Hamilton) 也提出了类似的建议。为了避免委托书争夺战（这场争夺战很可能根本不会爆发，即便爆发了我们也必胜无疑），也为了不让大笔资金继续压在我觉得当时价格已经偏高的蓝筹股上白白耗时，我们最终拟定了一个方案：向所有希望退出的股东按公允价值提供兑现渠道。美国证券交易委员会 (SEC) 裁定该方案公平合理。桑伯恩约72%的股票，涉及1,600位股东中的50%，以获得投资组合对应证券公允价值的方式完成退出。留下的地图业务保有逾125万美元的政府债券和市政债券作为储备，同时消除了逾100万美元的潜在公司资本利得税。对于留守的股东而言，资产质量略有改善，每股盈利大幅提升，分红率也随之提高。",[19,259,260],{},"上面这段简短的描述，不过是这笔投资经历的一个粗略概要。但它揭示了两点：第一，我们对持仓操作保持保密是必要的；第二，一年这么短的时间根本不足以衡量我们的成绩。这类控股型投资可遇而不可求。我们的主要利润来源，仍然是买入低估的证券、待低估修复后卖出，以及投资于利润取决于公司行动而非市场走势的特殊情况。随着合伙资金规模的持续增长，我们在”控股型投资”方面可能会遇到更多机会。",[19,262,263],{},"审计师将在约一周内把财务报表和税务信息寄给各位。如果你对报表或这封信有任何疑问，请随时告诉我。",[19,265,266],{},"沃伦·E·巴菲特",[19,268,269],{},"1961年1月30日",{"title":271,"searchDepth":272,"depth":272,"links":273},"",2,[274,276,277,278,279],{"id":16,"depth":275,"text":17},3,{"id":27,"depth":275,"text":28},{"id":194,"depth":275,"text":195},{"id":204,"depth":275,"text":205},{"id":214,"depth":275,"text":215},"致合伙人信",null,"1960年巴菲特致合伙人信，分析道指表现、合伙基金业绩及相对低估类投资策略","md",{},true,5,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1960-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":282},"1960 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巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":754,"slug":755,"category":302,"order":752},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":757,"slug":758,"category":475,"order":759},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":761,"slug":762,"category":302,"order":759},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":764,"slug":765,"category":475,"order":766},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":768,"slug":769,"category":302,"order":766},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":771,"slug":772,"category":475,"order":773},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":775,"slug":776,"category":302,"order":773},"巴菲特：2005年加州大学问答纪要","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":778,"slug":779,"category":475,"order":780},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":782,"slug":783,"category":302,"order":780},"巴菲特：2005年与塔克商学院学生对谈","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":785,"slug":786,"category":475,"order":787},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":789,"slug":790,"category":302,"order":787},"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":792,"slug":793,"category":475,"order":794},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":796,"slug":797,"category":302,"order":794},"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":799,"slug":800,"category":475,"order":801},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":803,"slug":804,"category":302,"order":801},"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":806,"slug":807,"category":475,"order":808},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":810,"slug":811,"category":302,"order":808},"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":813,"slug":814,"category":475,"order":815},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":817,"slug":818,"category":302,"order":815},"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":820,"slug":821,"category":475,"order":822},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":824,"slug":825,"category":302,"order":822},"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":827,"slug":828,"category":475,"order":829},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":831,"slug":832,"category":302,"order":829},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":834,"slug":835,"category":475,"order":836},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":838,"slug":839,"category":302,"order":836},"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":841,"slug":842,"category":475,"order":843},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":845,"slug":846,"category":302,"order":843},"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":848,"slug":849,"category":475,"order":850},"1995 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