[{"data":1,"prerenderedAt":2536},["ShallowReactive",2],{"library-1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":1001,"library-sidebar-dao":2003,"library-sidebar-models":2304},{"id":4,"title":5,"body":6,"category":987,"date":988,"description":989,"extension":990,"meta":991,"navigation":992,"order":993,"path":994,"seo":995,"seoDescription":989,"seoTitle":996,"slug":997,"stem":998,"__hash__":999,"_collection":1000},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin.md","1963年中 巴菲特致合伙人信",{"type":7,"value":8,"toc":977},"minimark",[9,13,17,20,23,27,30,33,36,39,42,45,47,50,53,314,317,320,323,326,329,332,335,337,340,343,346,351,523,528,752,757,919,922,925,928,931,933,936,939,942,945,948,950,953,956,959,962,965,968,971,974],[10,11,5],"h1",{"id":12},"_1963年中-巴菲特致合伙人信",[14,15,16],"p",{},"巴菲特合伙基金有限公司 810 KIEWIT PLAZA 内布拉斯加州，奥马哈，邮编 31",[14,18,19],{},"1963 年 7 月 10 日",[21,22],"hr",{},[24,25,26],"h3",{"id":26},"上半年业绩",[14,28,29],{},"1963 年上半年，道琼斯工业指数（以下简称”道指”）由 652.10 点上升至 706.88 点，加上 10.66 美元的股息，道指上半年的整体收益率为 10.0%。",[14,31,32],{},"我们要再次重申两点老话：（1）三年以下的短期业绩意义不大，对我们这样将部分资金投入控股类投资的合伙基金尤其如此；（2）与道指及其他普通股投资产品相比，市场下跌时我们通常能跑赢，但市场泡沫高涨时，跟上这些基准已属不易。",[14,34,35],{},"尽管如此，如果暂时撇开登普斯特估值的变化（登普斯特的估值确实有变化——这是好消息，我留到信的后面再讲），我们上半年的业绩是上涨 14%。这 14% 是基于合伙基金全部净资产计算的（包含登普斯特资产在内），已扣除经营费用，但未扣除部分合伙人选择的每月利息支付及普通合伙人分成。阶段性的分成计算只是纸面数字，如果年末我们也确实涨了 14%，则先按各自本金占比将前 6% 分配给合伙人，剩余 8%（即 14% 减 6%）的四分之三——也就是再加 6%——同样归属有限合伙人，有限合伙人合计可获得 12% 的收益。",[14,37,38],{},"虽然上半年的相对业绩令人愉快，前文的两点提醒仍然完全有效。上涨 14% 对上道指上涨 10%，这六个月的表现其实不如 1962 年上半年——那时我们下跌 7.5%，道指却跌了 21.7%。关于这个思维框架，我在上一封信里已经重点说明，大家必须彻底理解。",[14,40,41],{},"上半年，我们在”低估类”的净投资（低估类多头仓位减去低估类空头仓位）约为 527.5 万美元。这部分净投资带来的整体收益约为 110 万美元，低估类收益率约 21%（关于我们三类投资的说明，请参阅上一封年度信）。这再次证明，我们在各类别之间的资金配置对短期业绩影响显著。1962 年全年，低估类是亏损的，全靠套利类和控股类两个类别的出色表现，才给了我们那一年格外亮眼的成绩。",[14,43,44],{},"今年则相反，套利类的表现不如道指，在上涨的市场中拖累了整体业绩——这本就是套利类在牛市中的正常表现。在市场上涨时 100% 持有低估类、市场下跌时 100% 切换到套利类，当然美好，但我从不靠猜测市场走势来调整仓位。从长期来看，我们认为三类投资都是好生意，尽管在不同市况下，它们的短期价格表现差异悬殊。从长期来看，我们认为试图判断市场涨跌是一门很差的生意，我们不玩这个——无论是直接猜市场，还是间接猜哪一类投资近期最占优势。",[21,46],{},[24,48,49],{"id":49},"基金公司",[14,51,52],{},"下表是道指、巴菲特合伙基金（含此前各合伙人账户）以及按分散化普通股策略运作的两家最大开放式基金（公募基金）和两家最大封闭式投资公司的累计业绩比较，与以往格式相同：",[54,55,56,87],"table",{},[57,58,59],"thead",{},[60,61,62,66,69,72,75,78,81,84],"tr",{},[63,64,65],"th",{},"年份",[63,67,68],{},"道指",[63,70,71],{},"麻省投资信托 (1)",[63,73,74],{},"投资者股票基金 (1)",[63,76,77],{},"三大陆 (2)",[63,79,80],{},"雷曼 (2)",[63,82,83],{},"合伙基金 (3)",[63,85,86],{},"有限合伙人 (4)",[88,89,90,116,142,168,194,220,246,272],"tbody",{},[60,91,92,96,99,102,105,108,110,113],{},[93,94,95],"td",{},"1957",[93,97,98],{},"-8.4%",[93,100,101],{},"-11.4%",[93,103,104],{},"-12.4%",[93,106,107],{},"-2.4%",[93,109,101],{},[93,111,112],{},"10.4%",[93,114,115],{},"9.3%",[60,117,118,121,124,127,130,133,136,139],{},[93,119,120],{},"1957–58",[93,122,123],{},"26.9%",[93,125,126],{},"26.4%",[93,128,129],{},"29.2%",[93,131,132],{},"30.0%",[93,134,135],{},"24.7%",[93,137,138],{},"55.6%",[93,140,141],{},"44.5%",[60,143,144,147,150,153,156,159,162,165],{},[93,145,146],{},"1957–59",[93,148,149],{},"52.3%",[93,151,152],{},"37.8%",[93,154,155],{},"42.5%",[93,157,158],{},"40.9%",[93,160,161],{},"34.8%",[93,163,164],{},"95.9%",[93,166,167],{},"74.7%",[60,169,170,173,176,179,182,185,188,191],{},[93,171,172],{},"1957–60",[93,174,175],{},"42.9%",[93,177,178],{},"36.4%",[93,180,181],{},"41.6%",[93,183,184],{},"44.8%",[93,186,187],{},"38.2%",[93,189,190],{},"140.6%",[93,192,193],{},"107.2%",[60,195,196,199,202,205,208,211,214,217],{},[93,197,198],{},"1957–61",[93,200,201],{},"74.9%",[93,203,204],{},"71.3%",[93,206,207],{},"76.9%",[93,209,210],{},"77.4%",[93,212,213],{},"70.8%",[93,215,216],{},"251.0%",[93,218,219],{},"181.6%",[60,221,222,225,228,231,234,237,240,243],{},[93,223,224],{},"1957–62",[93,226,227],{},"61.6%",[93,229,230],{},"54.5%",[93,232,233],{},"53.2%",[93,235,236],{},"59.7%",[93,238,239],{},"46.2%",[93,241,242],{},"299.8%",[93,244,245],{},"215.1%",[60,247,248,251,254,257,260,263,266,269],{},[93,249,250],{},"1957–1963\u002F6\u002F30",[93,252,253],{},"77.8%",[93,255,256],{},"72.4%",[93,258,259],{},"69.3%",[93,261,262],{},"75.7%",[93,264,265],{},"60.8%",[93,267,268],{},"355.8%",[93,270,271],{},"252.9%",[60,273,274,280,284,289,294,299,304,309],{},[93,275,276],{},[277,278,279],"strong",{},"年化复合收益率",[93,281,282],{},[277,283,115],{},[93,285,286],{},[277,287,288],{},"8.7%",[93,290,291],{},[277,292,293],{},"8.4%",[93,295,296],{},[277,297,298],{},"9.1%",[93,300,301],{},[277,302,303],{},"7.6%",[93,305,306],{},[277,307,308],{},"26.3%",[93,310,311],{},[277,312,313],{},"21.4%",[14,315,316],{},"备注：",[14,318,319],{},"（1）根据资产价值变动及当年持有人所获分红计算。",[14,321,322],{},"（2）1957–62 年数据来源：1963 年穆迪银行与金融手册；1963 年上半年数据为估算值。",[14,324,325],{},"（3）1957–61 年数据为此前全年运作的所有有限合伙人账户的综合业绩，已扣除经营费用，未扣除合伙人利息和普通合伙人分成。",[14,327,328],{},"（4）1957–61 年数据以前一列合伙基金收益率为基础，按现行合伙协议条款扣除普通合伙人分成后计算。",[14,330,331],{},"从这张表可以看出，收费高昂、地位尊崇的机构投资建议，始终难以跟上这只无人主动管理的蓝筹股指数。我这样说并非要批评这些机构，也不是批评那些方法和逻辑与大基金大体相似的投资顾问和信托部门。这些投资渠道为数以百万计的投资者提供了切实的服务——充分分散风险、省心方便、规避劣质股票等等。但它们的服务不包括（绝大多数情况下也从未承诺包括）让资金以超越大盘的速度复利增长。",[14,333,334],{},"我们合伙基金存在的根本意义，就是与上述投资渠道相比，在承担较低长期本金损失风险的前提下，实现更高的复利增长速度。我们无法保证一定能做到这一点。我们能承诺、也确实承诺的是：在排除漫长投机狂潮的前提下，如果在足够长的时间内我们仍然做不到这一点，我们就清盘。",[21,336],{},[24,338,339],{"id":339},"登普斯特农具机械制造公司",[14,341,342],{},"在上一封年度信里，我称哈里·博特尔 (Harry Bottle) 为”年度之星”。这话说轻了。",[14,344,345],{},"去年，哈里出色地将效益低下的资产变现，变现所得的现金我们随即用于投资低估的证券。今年，哈里继续将利用率不足的资产变现，与此同时，他还让留下来的资产都能切实产生效益。经过他 19 个月的努力，登普斯特的资产负债表发生了质变：",[14,347,348],{},[277,349,350],{},"1961 年 11 月 30 日（单位：千美元）",[54,352,353,372],{},[57,354,355],{},[60,356,357,360,363,366,369],{},[63,358,359],{},"资产",[63,361,362],{},"账面价值",[63,364,365],{},"折价率",[63,367,368],{},"调整后估值",[63,370,371],{},"负债",[88,373,374,390,407,423,442,466,481,498],{},[60,375,376,379,382,385,387],{},[93,377,378],{},"现金",[93,380,381],{},"$166",[93,383,384],{},"100%",[93,386,381],{},[93,388,389],{},"应付票据",[60,391,392,395,398,401,404],{},[93,393,394],{},"应收账款净值",[93,396,397],{},"$1,040",[93,399,400],{},"85%",[93,402,403],{},"$884",[93,405,406],{},"其他负债",[60,408,409,412,415,418,421],{},[93,410,411],{},"存货",[93,413,414],{},"$4,203",[93,416,417],{},"60%",[93,419,420],{},"$2,522",[93,422],{},[60,424,425,428,431,434,437],{},[93,426,427],{},"预付账款等",[93,429,430],{},"$82",[93,432,433],{},"25%",[93,435,436],{},"$21",[93,438,439],{},[277,440,441],{},"负债合计",[60,443,444,449,454,456,461],{},[93,445,446],{},[277,447,448],{},"流动资产合计",[93,450,451],{},[277,452,453],{},"$5,491",[93,455],{},[93,457,458],{},[277,459,460],{},"$3,593",[93,462,463],{},[277,464,465],{},"净资产：",[60,467,468,471,474,476,478],{},[93,469,470],{},"人寿保险等现金价值",[93,472,473],{},"$45",[93,475,384],{},[93,477,473],{},[93,479,480],{},"账面净资产",[60,482,483,486,489,492,495],{},[93,484,485],{},"厂房设备净值",[93,487,488],{},"$1,383",[93,490,491],{},"拍卖净值估算",[93,493,494],{},"$800",[93,496,497],{},"按快速变现价值调整的净资产",[60,499,500,505,510,512,517],{},[93,501,502],{},[277,503,504],{},"总资产",[93,506,507],{},[277,508,509],{},"$6,919",[93,511],{},[93,513,514],{},[277,515,516],{},"$4,438",[93,518,519,520],{},"流通股 60,146 股，",[277,521,522],{},"调整后每股价值",[14,524,525],{},[277,526,527],{},"1962 年 11 月 30 日（单位：千美元）",[54,529,530,544],{},[57,531,532],{},[60,533,534,536,538,540,542],{},[63,535,359],{},[63,537,362],{},[63,539,365],{},[63,541,368],{},[63,543,371],{},[88,545,546,559,575,591,605,621,635,649,670,685,700,721,735],{},[60,547,548,550,553,555,557],{},[93,549,378],{},[93,551,552],{},"$60",[93,554,384],{},[93,556,552],{},[93,558,389],{},[60,560,561,564,567,570,573],{},[93,562,563],{},"有价证券",[93,565,566],{},"$758",[93,568,569],{},"1962\u002F12\u002F31 市值",[93,571,572],{},"$834",[93,574,406],{},[60,576,577,579,582,584,587],{},[93,578,394],{},[93,580,581],{},"$796",[93,583,400],{},[93,585,586],{},"$676",[93,588,589],{},[277,590,441],{},[60,592,593,595,598,600,603],{},[93,594,411],{},[93,596,597],{},"$1,634",[93,599,417],{},[93,601,602],{},"$981",[93,604],{},[60,606,607,610,613,615,617],{},[93,608,609],{},"人寿保险现金价值",[93,611,612],{},"$41",[93,614,384],{},[93,616,612],{},[93,618,619],{},[277,620,465],{},[60,622,623,626,629,631,633],{},[93,624,625],{},"递延所得税资产",[93,627,628],{},"$170",[93,630,384],{},[93,632,628],{},[93,634,480],{},[60,636,637,639,642,644,647],{},[93,638,427],{},[93,640,641],{},"$14",[93,643,433],{},[93,645,646],{},"$4",[93,648,497],{},[60,650,651,655,660,662,667],{},[93,652,653],{},[277,654,448],{},[93,656,657],{},[277,658,659],{},"$3,473",[93,661],{},[93,663,664],{},[277,665,666],{},"$2,766",[93,668,669],{},"加：哈里·博特尔潜在行权收益",[60,671,672,675,678,680,682],{},[93,673,674],{},"其他投资",[93,676,677],{},"$5",[93,679,384],{},[93,681,677],{},[93,683,684],{},"合计",[60,686,687,689,692,694,697],{},[93,688,485],{},[93,690,691],{},"$945",[93,693,491],{},[93,695,696],{},"$700",[93,698,699],{},"流通股",[60,701,702,706,711,713,718],{},[93,703,704],{},[277,705,504],{},[93,707,708],{},[277,709,710],{},"$4,423",[93,712],{},[93,714,715],{},[277,716,717],{},"$3,471",[93,719,720],{},"加：股权激励行权后新增股本",[60,722,723,725,727,730,733],{},[93,724],{},[93,726],{},[93,728,729],{},"总股本",[93,731,732],{},"62,146 股",[93,734],{},[60,736,737,739,741,745,750],{},[93,738],{},[93,740],{},[93,742,743],{},[277,744,522],{},[93,746,747],{},[277,748,749],{},"$51.26",[93,751],{},[14,753,754],{},[277,755,756],{},"1963 年 6 月 30 日（单位：千美元）",[54,758,759,773],{},[57,760,761],{},[60,762,763,765,767,769,771],{},[63,764,359],{},[63,766,362],{},[63,768,365],{},[63,770,368],{},[63,772,371],{},[88,774,775,789,804,820,834,850,870,883,897],{},[60,776,777,779,782,784,786],{},[93,778,378],{},[93,780,781],{},"$144",[93,783,384],{},[93,785,781],{},[93,787,788],{},"应付票据（已于 1963\u002F7\u002F3 偿清）",[60,790,791,793,796,799,802],{},[93,792,563],{},[93,794,795],{},"$1,772",[93,797,798],{},"1963\u002F6\u002F30 市值",[93,800,801],{},"$2,029",[93,803,406],{},[60,805,806,808,811,813,816],{},[93,807,394],{},[93,809,810],{},"$1,262",[93,812,400],{},[93,814,815],{},"$1,073",[93,817,818],{},[277,819,441],{},[60,821,822,824,827,829,832],{},[93,823,411],{},[93,825,826],{},"$977",[93,828,417],{},[93,830,831],{},"$586",[93,833],{},[60,835,836,838,841,843,846],{},[93,837,427],{},[93,839,840],{},"$12",[93,842,433],{},[93,844,845],{},"$3",[93,847,848],{},[277,849,465],{},[60,851,852,856,861,863,868],{},[93,853,854],{},[277,855,448],{},[93,857,858],{},[277,859,860],{},"$4,167",[93,862],{},[93,864,865],{},[277,866,867],{},"$3,835",[93,869,480],{},[60,871,872,874,877,879,881],{},[93,873,674],{},[93,875,876],{},"$62",[93,878,384],{},[93,880,876],{},[93,882,497],{},[60,884,885,887,890,892,895],{},[93,886,485],{},[93,888,889],{},"$872",[93,891,491],{},[93,893,894],{},"$650",[93,896,699],{},[60,898,899,903,908,910,915],{},[93,900,901],{},[277,902,504],{},[93,904,905],{},[277,906,907],{},"$5,101",[93,909],{},[93,911,912],{},[277,913,914],{},"$4,547",[93,916,917],{},[277,918,522],{},[14,920,921],{},"上表列出了我们之前用于给登普斯特估值所采用的折价率，目的是估算各类非盈利资产的快速变现价值。",[14,923,924],{},"正如表中所示，哈里将资产变现所得的价格，远比我的估值高得多。这一方面固然反映了我估值时偏于保守，但主要原因还是哈里本人的过人能力。",[14,926,927],{},"从报表中还可以看到，登普斯特上半年取得了令人非常满意的营业利润（此外还有大量证券的未实现收益）。毫无疑问，经过大幅精简所需资产之后，现在这家公司的主营业务至少具备了适度的盈利能力。然而，由于公司经营受季节性因素影响很大，加上有税款结转抵减，单纯比较 1962 年 11 月 30 日和 1963 年 6 月 30 日两份资产负债表，并不能准确推断其盈利能力。部分原因在于这种季节性，但更主要的是，登普斯特在 1963 年底之前可能还有新进展。因此，在计算合伙基金上半年成绩时，我们仍将登普斯特的持仓估值维持在 1962 年末的 51.26 美元不变。不过，如果年底它的实际价值没能超过这个数字，我才真的要大吃一惊。",[14,929,930],{},"给喜欢基本面分析的合伙人讲个有趣的细节：合伙基金持有登普斯特 71.7% 的股份，总成本为 1,262,577.27 美元。1963 年 6 月 30 日，登普斯特在奥马哈国民银行 (Omaha National Bank) 有一个小保险柜，里面存放着市值 2,028,415.25 美元的证券。我们持有的 71.7% 对应价值为 1,454,373.70 美元。也就是说，公司土地上面（还有一部分在地下）的所有东西，全都是白赚的利润。我那些证券分析师朋友可能觉得这个会计方法过于原始，但说实话，和那些虔诚地等待有人以明年盈利 35 倍来收购相比，我的”数手指头脚趾头”方法更有底气得多。",[21,932],{},[24,934,935],{"id":935},"预存资金与提前取款",[14,937,938],{},"我们接受合伙人及潜在合伙人预先存入资金，自存入之日起至年末按 6% 计息。合伙人没有义务在年末将这笔资金转为合伙基金权益，但预存时应当有此意向。",[14,940,941],{},"同样，我们允许合伙人在年末前预先提取资金，上限为其合伙基金账户余额的 20%，并自提取之日起至年末按 6% 计息，利息在年末从其资本账户扣除。我们的用意并不是让合伙基金变成合伙人的提款机，而是通过允许提前取款，帮助合伙人应对突发的资金需求。",[14,943,944],{},"存贷款利率都是 6%，看上去或许不像我巴菲特的风格。我们把提款权理解为一种在意外需要时提供一定流动性的手段，而且实际上，我们相当有把握：预存资金总额会远超提前取款的金额。",[14,946,947],{},"那么，既然商业银行的贷款利率低得多——比如上半年我们就拿到了一笔利率 4% 的六个月期大额银行贷款——为什么还要为预存资金支付 6%？原因在于：第一，我们相信长期收益率能够超过 6%（短期内能否达到 6% 有很大偶然性，但长期若达不到，普通合伙人一分钱分成都没有）。第二，对于可以预期短期内即将成为我们权益资本的资金，我投资时的心态与使用短期银行借款时截然不同。预存资金还有一个额外好处：新增资金可以在全年分批进入，而不必集中在一月份全部涌来。对合伙人而言，6% 的回报也高于任何短期低风险投资，所以这对双方都是合算的安排。截至 1963 年 6 月 30 日，预先提款金额为 21,832.00 美元，预存资金金额为 562,437.11 美元。",[21,949],{},[24,951,952],{"id":952},"税项",[14,954,955],{},"今年我们有可能产生相当大额的已实现收益。当然，这也可能根本不会发生，而且它与我们今年的投资业绩也毫无关系。我向来旗帜鲜明地主张多交所得税——但要享受低税率。有太多模棱两可、乱成一团的投资决策，都是拿所谓”税收考量”当借口做出来的。",[14,957,958],{},"我的净资产等于持仓市值减去出售时应缴的税款。这笔税负跟资产一样实实在在，一分都少不了——除非资产价值下跌（疼啊），或者把资产捐出去（这个不评论），再或者把它带到棺材里。最后这个选择，无论怎么看都近乎得不偿失的惨胜。",[14,960,961],{},"投资决策应当以税后净资产在最低风险下实现最高复利为出发点。把低成本股票单独隔离出来另眼对待，无异于把净资产中的这部分冻结起来，让它只能以自身的复利速度增长。这种做法在个别情况下或许走运，或许倒霉，但从根本上说，它让投资管理形同虚设。一批低成本股票的组合表现，最终必然会趋近于整体市场——也就是以道指的速度复利增长。我们认为这算不上最优的税后复利速度。",[14,963,964],{},"我以前说过：如果合伙基金的收益可能占你应税总收入的很大一部分，在估算今年税款时，沿用去年的实际纳税数字是最稳妥的做法，这样就不会有罚款风险。不管怎样，1963 年 1 月 1 日新加入的合伙人所需缴纳的税款会很少，因为我们的合伙协议规定，资本利得要优先分配给拥有未实现增值的合伙人。",[14,966,967],{},"和往年一样，我们将在 11 月 1 日前后寄出下一批材料（面向合伙人以及到那时已向我表达入伙意向的准合伙人），内容包括修订版合伙协议、1964 年承诺书、1963 年纳税估算数据等。",[14,969,970],{},"每封信的最后我都邀请大家提问，却始终收不到任何回音。大概根本没人读到这一页。无论如何，随时欢迎各位就任何不清楚的地方向我提问。",[14,972,973],{},"此致",[14,975,976],{},"沃伦·E·巴菲特 (Warren E. Buffett)",{"title":978,"searchDepth":979,"depth":979,"links":980},"",2,[981,983,984,985,986],{"id":26,"depth":982,"text":26},3,{"id":49,"depth":982,"text":49},{"id":339,"depth":982,"text":339},{"id":935,"depth":982,"text":935},{"id":952,"depth":982,"text":952},"致合伙人信",null,"1963年中巴菲特致合伙人信，分享上半年投资业绩及套利类投资机会","md",{},true,15,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":989},"1963年中 巴菲特致合伙人信｜巴菲特","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","buffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin","uzagFia0d9TpNE7FbbN8t9rkvlt_3eHGjNqw040q8fg","buffett",[1002,1006,1010,1014,1017,1020,1023,1026,1029,1032,1036,1039,1042,1046,1049,1052,1056,1059,1062,1066,1069,1072,1076,1079,1082,1086,1089,1092,1096,1099,1102,1106,1109,1112,1116,1119,1122,1126,1129,1132,1136,1139,1142,1143,1146,1149,1153,1156,1159,1163,1166,1169,1173,1176,1179,1184,1187,1190,1194,1197,1200,1204,1207,1210,1214,1217,1220,1224,1227,1230,1234,1237,1240,1244,1247,1250,1254,1257,1260,1264,1267,1270,1274,1277,1280,1284,1287,1290,1294,1297,1300,1304,1307,1310,1314,1317,1320,1324,1327,1330,1334,1337,1341,1344,1348,1351,1355,1358,1362,1365,1369,1372,1376,1379,1383,1386,1390,1393,1397,1400,1404,1407,1411,1414,1418,1421,1425,1428,1432,1435,1439,1442,1446,1449,1453,1456,1460,1463,1467,1470,1474,1477,1481,1484,1488,1491,1495,1498,1502,1505,1509,1512,1516,1519,1523,1526,1530,1533,1537,1540,1544,1547,1551,1554,1558,1561,1565,1568,1572,1575,1579,1582,1586,1589,1593,1596,1600,1603,1607,1610,1614,1617,1621,1624,1628,1631,1635,1638,1642,1645,1649,1652,1656,1659,1663,1666,1670,1673,1677,1680,1684,1687,1691,1694,1698,1701,1705,1708,1712,1715,1719,1722,1726,1729,1733,1736,1740,1743,1747,1750,1754,1757,1761,1764,1768,1771,1775,1778,1782,1785,1789,1792,1796,1799,1803,1807,1811,1815,1819,1823,1827,1831,1835,1839,1843,1847,1851,1855,1859,1863,1867,1871,1875,1879,1883,1887,1891,1895,1899,1903,1907,1911,1915,1919,1923,1927,1931,1935,1939,1943,1947,1951,1955,1959,1963,1967,1971,1975,1979,1983,1987,1991,1995,1999],{"title":1003,"slug":1004,"category":987,"order":1005},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":1007,"slug":1008,"category":1009,"order":1005},"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","访谈与文章",{"title":1011,"slug":1012,"category":1013,"order":1005},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1015,"slug":1016,"category":987,"order":979},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1018,"slug":1019,"category":1009,"order":979},"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":1021,"slug":1022,"category":1013,"order":979},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1024,"slug":1025,"category":987,"order":982},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1027,"slug":1028,"category":1009,"order":982},"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":1030,"slug":1031,"category":1013,"order":982},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1033,"slug":1034,"category":987,"order":1035},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1037,"slug":1038,"category":1009,"order":1035},"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":1040,"slug":1041,"category":1013,"order":1035},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1043,"slug":1044,"category":987,"order":1045},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1047,"slug":1048,"category":1009,"order":1045},"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":1050,"slug":1051,"category":1013,"order":1045},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1053,"slug":1054,"category":987,"order":1055},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1057,"slug":1058,"category":1009,"order":1055},"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":1060,"slug":1061,"category":1013,"order":1055},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1063,"slug":1064,"category":987,"order":1065},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1067,"slug":1068,"category":1009,"order":1065},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1070,"slug":1071,"category":1013,"order":1065},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1073,"slug":1074,"category":987,"order":1075},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1077,"slug":1078,"category":1009,"order":1075},"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":1080,"slug":1081,"category":1013,"order":1075},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1083,"slug":1084,"category":987,"order":1085},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1087,"slug":1088,"category":1009,"order":1085},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1090,"slug":1091,"category":1013,"order":1085},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1093,"slug":1094,"category":987,"order":1095},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1097,"slug":1098,"category":1009,"order":1095},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1100,"slug":1101,"category":1013,"order":1095},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1103,"slug":1104,"category":987,"order":1105},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1107,"slug":1108,"category":1009,"order":1105},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1110,"slug":1111,"category":1013,"order":1105},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1113,"slug":1114,"category":987,"order":1115},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1117,"slug":1118,"category":1009,"order":1115},"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":1120,"slug":1121,"category":1013,"order":1115},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1123,"slug":1124,"category":987,"order":1125},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1127,"slug":1128,"category":1009,"order":1125},"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":1130,"slug":1131,"category":1013,"order":1125},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1133,"slug":1134,"category":987,"order":1135},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1137,"slug":1138,"category":1009,"order":1135},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1140,"slug":1141,"category":1013,"order":1135},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":5,"slug":997,"category":987,"order":993},{"title":1144,"slug":1145,"category":1009,"order":993},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1147,"slug":1148,"category":1013,"order":993},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1150,"slug":1151,"category":987,"order":1152},"1964 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巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1447,"slug":1448,"category":1009,"order":1445},"巴菲特：2004年与塔克商学院学生对谈","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":1450,"slug":1451,"category":1182,"order":1452},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1454,"slug":1455,"category":1009,"order":1452},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1457,"slug":1458,"category":1182,"order":1459},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1461,"slug":1462,"category":1009,"order":1459},"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":1464,"slug":1465,"category":1182,"order":1466},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1468,"slug":1469,"category":1009,"order":1466},"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":1471,"slug":1472,"category":1182,"order":1473},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1475,"slug":1476,"category":1009,"order":1473},"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":1478,"slug":1479,"category":1182,"order":1480},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1482,"slug":1483,"category":1009,"order":1480},"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":1485,"slug":1486,"category":1182,"order":1487},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1489,"slug":1490,"category":1009,"order":1487},"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":1492,"slug":1493,"category":1182,"order":1494},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1496,"slug":1497,"category":1009,"order":1494},"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":1499,"slug":1500,"category":1182,"order":1501},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1503,"slug":1504,"category":1009,"order":1501},"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":1506,"slug":1507,"category":1182,"order":1508},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1510,"slug":1511,"category":1009,"order":1508},"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":1513,"slug":1514,"category":1182,"order":1515},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1517,"slug":1518,"category":1009,"order":1515},"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":1520,"slug":1521,"category":1182,"order":1522},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1524,"slug":1525,"category":1009,"order":1522},"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":1527,"slug":1528,"category":1182,"order":1529},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1531,"slug":1532,"category":1009,"order":1529},"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":1534,"slug":1535,"category":1182,"order":1536},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1538,"slug":1539,"category":1009,"order":1536},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1541,"slug":1542,"category":1182,"order":1543},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1545,"slug":1546,"category":1009,"order":1543},"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":1548,"slug":1549,"category":1182,"order":1550},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1552,"slug":1553,"category":1009,"order":1550},"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":1555,"slug":1556,"category":1182,"order":1557},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1559,"slug":1560,"category":1009,"order":1557},"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":1562,"slug":1563,"category":1182,"order":1564},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1566,"slug":1567,"category":1009,"order":1564},"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":1569,"slug":1570,"category":1182,"order":1571},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1573,"slug":1574,"category":1009,"order":1571},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1576,"slug":1577,"category":1182,"order":1578},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1580,"slug":1581,"category":1009,"order":1578},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1583,"slug":1584,"category":1182,"order":1585},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1587,"slug":1588,"category":1009,"order":1585},"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":1590,"slug":1591,"category":1182,"order":1592},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1594,"slug":1595,"category":1009,"order":1592},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1597,"slug":1598,"category":1182,"order":1599},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1601,"slug":1602,"category":1009,"order":1599},"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":1604,"slug":1605,"category":1182,"order":1606},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1608,"slug":1609,"category":1009,"order":1606},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1611,"slug":1612,"category":1182,"order":1613},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1615,"slug":1616,"category":1009,"order":1613},"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":1618,"slug":1619,"category":1182,"order":1620},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1622,"slug":1623,"category":1009,"order":1620},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1625,"slug":1626,"category":1182,"order":1627},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1629,"slug":1630,"category":1009,"order":1627},"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":1632,"slug":1633,"category":1182,"order":1634},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1636,"slug":1637,"category":1009,"order":1634},"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":1639,"slug":1640,"category":1182,"order":1641},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1643,"slug":1644,"category":1009,"order":1641},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1646,"slug":1647,"category":1182,"order":1648},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1650,"slug":1651,"category":1009,"order":1648},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1653,"slug":1654,"category":1182,"order":1655},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1657,"slug":1658,"category":1009,"order":1655},"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":1660,"slug":1661,"category":1182,"order":1662},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1664,"slug":1665,"category":1009,"order":1662},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1667,"slug":1668,"category":1182,"order":1669},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1671,"slug":1672,"category":1009,"order":1669},"巴菲特：2009年对话六所商学院学生","ba-fei-te-2009nian-dui-hua-liu-suo-shang-xue-yuan-xue-sheng",{"title":1674,"slug":1675,"category":1182,"order":1676},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1678,"slug":1679,"category":1009,"order":1676},"巴菲特：2009年对话哥大商学院学生","ba-fei-te-2009nian-dui-hua-ge-da-shang-xue-yuan-xue-sheng",{"title":1681,"slug":1682,"category":1182,"order":1683},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1685,"slug":1686,"category":1009,"order":1683},"巴菲特：2009年恐慌是会传染的，我们必须做点什么","ba-fei-te-2009nian-kong-huang-shi-hui-chuan-ran-de-wo-men-bi-xu-zuo-dian-shi-me",{"title":1688,"slug":1689,"category":1182,"order":1690},"2014 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":1692,"slug":1693,"category":1009,"order":1690},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1695,"slug":1696,"category":1182,"order":1697},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1699,"slug":1700,"category":1009,"order":1697},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1702,"slug":1703,"category":1182,"order":1704},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1706,"slug":1707,"category":1009,"order":1704},"巴菲特：2009年阿克伦大学商学院问答实录","ba-fei-te-2009nian-a-ke-lun-da-xue-shang-xue-yuan-wen-da-shi-lu",{"title":1709,"slug":1710,"category":1182,"order":1711},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1713,"slug":1714,"category":1009,"order":1711},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1716,"slug":1717,"category":1182,"order":1718},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1720,"slug":1721,"category":1009,"order":1718},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1723,"slug":1724,"category":1182,"order":1725},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1727,"slug":1728,"category":1009,"order":1725},"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":1730,"slug":1731,"category":1182,"order":1732},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1734,"slug":1735,"category":1009,"order":1732},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1737,"slug":1738,"category":1182,"order":1739},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1741,"slug":1742,"category":1009,"order":1739},"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":1744,"slug":1745,"category":1182,"order":1746},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1748,"slug":1749,"category":1009,"order":1746},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1751,"slug":1752,"category":1182,"order":1753},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1755,"slug":1756,"category":1009,"order":1753},"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":1758,"slug":1759,"category":1182,"order":1760},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1762,"slug":1763,"category":1009,"order":1760},"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":1765,"slug":1766,"category":1182,"order":1767},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1769,"slug":1770,"category":1009,"order":1767},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1772,"slug":1773,"category":1182,"order":1774},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1776,"slug":1777,"category":1009,"order":1774},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1779,"slug":1780,"category":1182,"order":1781},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1783,"slug":1784,"category":1009,"order":1781},"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":1786,"slug":1787,"category":1182,"order":1788},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1790,"slug":1791,"category":1009,"order":1788},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1793,"slug":1794,"category":1182,"order":1795},"2026 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