[{"data":1,"prerenderedAt":1682},["ShallowReactive",2],{"library-1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":146,"library-sidebar-dao":1148,"library-sidebar-models":1450},{"id":4,"title":5,"body":6,"category":132,"date":133,"description":134,"extension":135,"meta":136,"navigation":137,"order":138,"path":139,"seo":140,"seoDescription":134,"seoTitle":141,"slug":142,"stem":143,"__hash__":144,"_collection":145},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin.md","1965年11月 巴菲特致合伙人信",{"type":7,"value":8,"toc":127},"minimark",[9,13,17,20,23,33,40,43,46,49,52,55,58,61,72,76,79,82,114,116,119,124],[10,11,5],"h1",{"id":12},"_1965年11月-巴菲特致合伙人信",[14,15,16],"p",{},"1965 年 11 月 1 日",[14,18,19],{},"致 1966 年的各位合伙人：",[14,21,22],{},"随函附上：",[24,25,26],"blockquote",{},[27,28,29],"ol",{},[30,31,32],"li",{},"两份 1966 年承诺书，一份由你保留，一份寄还给我们。承诺书可于 12 月 31 日零点之前修改，所以请尽早返还给我们。如果需要更改，提前写信或打电话给我们即可。12 月 31 日，承诺书最终生效后不可更改。投入资金起始时间为 1 月 1 日。每年 1 月份的第一周，都会有许多合伙人打来电话，询问能否追加 1 月 1 日投入的资金。逾期无法追加。",[24,34,35],{},[27,36,37],{},[30,38,39],{},"一份每年必备的“基本原则”(The Ground Rules)(1)。所有合伙人务必认同其中的每一条原则。如果你有不同意见，没问题，你说的可能更对，但是合伙基金不适合你。请特别注意第七条基本原则。经过深思熟虑，我的想法略有改变，所以今年增加了这一条。这一条所说的做法在我们的投资活动中符合逻辑，但是与常规做法大相径庭，所以我请各位特别注意。",[14,41,42],{},"所有提现将在 1 月 5 日支付。提现金额没有限制，最低 100 美元，最高所有权益。同样，追加投资金额也没有限制，但应在 1 月 10 日之前存入。你可以选择在 1966 年完成上述交易，或许能节省一些税款。如果追加资金在 11 月份存入，则将视为预先存入资金，在年底前可获得 6% 的利息。12 月份存入的追加资金无利息。",[14,44,45],{},"合伙基金现已拥有伯克希尔哈撒韦公司的控股权益，伯克希尔是一家公开上市的公司。如 7 月份信中所述，在我们取得控股权益的公司中，资产价值和盈利能力是影响估值的主导因素。市场价格支配的是少数股东权益价值，对控股权益估值没多大意义。今年年末，我们对伯克希尔哈撒韦公司控股权益的估值将介于净流动资产价值和账面价值二者之间。鉴于应收账款和存货的性质，在上述估值方法中，流动资产以账面价值计算，固定资产以 50% 的折价率计算。这个估值对追加投资和提取现金的合伙人都公平，它可能高于也可能低于市值。",[14,47,48],{},"在我写这封信时，我们正沿着正常轨道运转，一切都很顺利。我们超越道指的领先优势远高于平均水平。哪怕是再保守老派的合伙人，即使使用净利润这样原始的衡量标准，也会对我们的业绩非常满意。不过，没到年末，一切都不算数。",[14,50,51],{},"如有任何疑问，请联系约翰•哈丁 (John Harding)，他负责解答合伙人的疑问。纳税情况与 8 月份信中所述相同，如果需要约翰帮你估算需要缴纳的税金，请与他联系。",[14,53,54],{},"沃伦 E. 巴菲特谨上",[14,56,57],{},"又及：一如既往，我们还是不会给最晚寄回资料的合伙人颁奖。请火速寄回承诺书，谢谢合作。如果你需要进行更改（1 月 1 日之前），随时联系我们，我们会帮你修改。",[59,60],"hr",{},[62,63,68],"pre",{"className":64,"code":66,"language":67},[65],"language-text","`原文：A copy of our ever-popular \"The Ground Rules.\" ‧‧‧‧‧‧\n    \n“基本原则”如下：`\n","text",[69,70,66],"code",{"__ignoreMap":71},"",[73,74,75],"h3",{"id":75},"补充内容",[14,77,78],{},"1963 年 1 月 18 日信中的“基本原则”",[14,80,81],{},"基本原则",[27,83,84,87,90,93,96,99,102,105,108,111],{},[30,85,86],{},"合伙基金绝对不向合伙人做任何收益率保证。按照每月 0.5% 利率提现的合伙人就是在提取自己的现金。如果我们的长期收益率高于每年 6%，合伙人的盈利金额会大于提现金额，合伙人的本金会增加。如果我们收益率达不到 6%，则每月的利息部分是或全部是本金的返还。",[30,88,89],{},"对于获得利息的合伙人而言，某一年我们的业绩没达到 6% 以上，下一年他们得到的利息会减少。",[30,91,92],{},"我们在讲每年的收益或亏损时，说的都是市值变化，也就是年末与年初相比，按市值计算的资产变化。报税时使用的是实现的损益，在任何一年中，我们所说的合伙基金的年度收益与应税所得额基本无关。",[30,94,95],{},"我们做的好坏与否，不能用我们某一年的盈亏衡量。衡量我们表现的标准是投资股票的普遍业绩，即与道指和大型基金对比。只要我们的业绩高于标准，无论我们盈亏，我们都认为这一年做得很好。如果我们低于标准，我应该受到责备。",[30,97,98],{},"评价表现应该看五年，至少要看三年，低于三年的业绩没意义。我们的合伙基金肯定有落后道指的年份，甚至是远远落后。除非处于投机炽热的疯牛市，如果三年或三年以上，我们表现不如道指，我们都应该把钱拿出来，另寻门路。",[30,100,101],{},"我不做预测股市涨跌或经济波动的事。如果你觉得我能预测出来，或者认为不预测就做不了投资，合伙基金不适合你。",[30,103,104],{},"我无法向合伙人承诺业绩。我能做出承诺并保证做到的是：",[30,106,107],{},"我们选择投资的依据是价值高低，不是流行与否。",[30,109,110],{},"我们在每一笔投资中都追求极大的安全边际并分散投资，力图将永久性资本损失（不是短期账面亏损）的风险降到绝对最小值。",[30,112,113],{},"我的妻子、子女和我把我们的所有净资产都投在合伙基金里。",[59,115],{},[14,117,118],{},"这封信中提到新增了第七条基本原则，在下一封信中会讲到，内容是：",[27,120,121],{},[30,122,123],{},"与大多数同行相比，我们的分散程度远远更低。一笔投资，我们掌握了事实和逻辑，正确的概率极大，与此同时，这笔投资的内在价值不可能出现根本变化，出错的概率很小，在这种情况下，我们可能最多拿出 40% 的净资产用于这笔投资。",[14,125,126],{},"这个原则的修改，是因为合伙基金用 40% 的净资产投资了美国运通。",{"title":71,"searchDepth":128,"depth":128,"links":129},2,[130],{"id":75,"depth":131,"text":75},3,"致合伙人信",null,"1965年11月巴菲特致合伙人信，讨论合伙人协议条款修订及投资收益分配机制","md",{},true,20,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":134},"1965年11月 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有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":152,"slug":153,"category":154,"order":150},"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":156,"slug":157,"category":158,"order":150},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":160,"slug":161,"category":132,"order":128},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":163,"slug":164,"category":154,"order":128},"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":166,"slug":167,"category":158,"order":128},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":169,"slug":170,"category":132,"order":131},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":172,"slug":173,"category":154,"order":131},"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":175,"slug":176,"category":158,"order":131},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":178,"slug":179,"category":132,"order":180},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":182,"slug":183,"category":154,"order":180},"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":185,"slug":186,"category":158,"order":180},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":188,"slug":189,"category":132,"order":190},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":192,"slug":193,"category":154,"order":190},"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":195,"slug":196,"category":158,"order":190},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":198,"slug":199,"category":132,"order":200},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":202,"slug":203,"category":154,"order":200},"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":205,"slug":206,"category":158,"order":200},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":208,"slug":209,"category":132,"order":210},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":212,"slug":213,"category":154,"order":210},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":215,"slug":216,"category":158,"order":210},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":218,"slug":219,"category":132,"order":220},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":222,"slug":223,"category":154,"order":220},"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":225,"slug":226,"category":158,"order":220},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":228,"slug":229,"category":132,"order":230},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":232,"slug":233,"category":154,"order":230},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":235,"slug":236,"category":158,"order":230},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":238,"slug":239,"category":132,"order":240},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":242,"slug":243,"category":154,"order":240},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":245,"slug":246,"category":158,"order":240},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":248,"slug":249,"category":132,"order":250},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":252,"slug":253,"category":154,"order":250},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":255,"slug":256,"category":158,"order":250},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":258,"slug":259,"category":132,"order":260},"1963 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巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":282,"slug":283,"category":154,"order":280},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":285,"slug":286,"category":158,"order":280},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":288,"slug":289,"category":132,"order":290},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":292,"slug":293,"category":154,"order":290},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":295,"slug":296,"category":158,"order":290},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":298,"slug":299,"category":132,"order":300},"1964 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巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":648,"slug":649,"category":154,"order":646},"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":651,"slug":652,"category":330,"order":653},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":655,"slug":656,"category":154,"order":653},"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":658,"slug":659,"category":330,"order":660},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":662,"slug":663,"category":154,"order":660},"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":665,"slug":666,"category":330,"order":667},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":669,"slug":670,"category":154,"order":667},"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":672,"slug":673,"category":330,"order":674},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":676,"slug":677,"category":154,"order":674},"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":679,"slug":680,"category":330,"order":681},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":683,"slug":684,"category":154,"order":681},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":686,"slug":687,"category":330,"order":688},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":690,"slug":691,"category":154,"order":688},"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":693,"slug":694,"category":330,"order":695},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":697,"slug":698,"category":154,"order":695},"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":700,"slug":701,"category":330,"order":702},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":704,"slug":705,"category":154,"order":702},"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":707,"slug":708,"category":330,"order":709},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":711,"slug":712,"category":154,"order":709},"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":714,"slug":715,"category":330,"order":716},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":718,"slug":719,"category":154,"order":716},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":721,"slug":722,"category":330,"order":723},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":725,"slug":726,"category":154,"order":723},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":728,"slug":729,"category":330,"order":730},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":732,"slug":733,"category":154,"order":730},"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":735,"slug":736,"category":330,"order":737},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":739,"slug":740,"category":154,"order":737},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":742,"slug":743,"category":330,"order":744},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":746,"slug":747,"category":154,"order":744},"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":749,"slug":750,"category":330,"order":751},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":753,"slug":754,"category":154,"order":751},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":756,"slug":757,"category":330,"order":758},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":760,"slug":761,"category":154,"order":758},"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":763,"slug":764,"category":330,"order":765},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":767,"slug":768,"category":154,"order":765},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":770,"slug":771,"category":330,"order":772},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":774,"slug":775,"category":154,"order":772},"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":777,"slug":778,"category":330,"order":779},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":781,"slug":782,"category":154,"order":779},"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":784,"slug":785,"category":330,"order":786},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":788,"slug":789,"category":154,"order":786},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":791,"slug":792,"category":330,"order":793},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":795,"slug":796,"category":154,"order":793},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":798,"slug":799,"category":330,"order":800},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":802,"slug":803,"category":154,"order":800},"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":805,"slug":806,"category":330,"order":807},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":809,"slug":810,"category":154,"order":807},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":812,"slug":813,"category":330,"order":814},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":816,"slug":817,"category":154,"order":814},"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":819,"slug":820,"category":330,"order":821},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":823,"slug":824,"category":154,"order":821},"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":826,"slug":827,"category":330,"order":828},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":830,"slug":831,"category":154,"order":828},"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":833,"slug":834,"category":330,"order":835},"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":837,"slug":838,"category":154,"order":835},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":840,"slug":841,"category":330,"order":842},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":844,"slug":845,"category":154,"order":842},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":847,"slug":848,"category":330,"order":849},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":851,"slug":852,"category":154,"order":849},"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":854,"slug":855,"category":330,"order":856},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":858,"slug":859,"category":154,"order":856},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":861,"slug":862,"category":330,"order":863},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":865,"slug":866,"category":154,"order":863},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":868,"slug":869,"category":330,"order":870},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":872,"slug":873,"category":154,"order":870},"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":875,"slug":876,"category":330,"order":877},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":879,"slug":880,"category":154,"order":877},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":882,"slug":883,"category":330,"order":884},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":886,"slug":887,"category":154,"order":884},"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":889,"slug":890,"category":330,"order":891},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":893,"slug":894,"category":154,"order":891},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":896,"slug":897,"category":330,"order":898},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":900,"slug":901,"category":154,"order":898},"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":903,"slug":904,"category":330,"order":905},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":907,"slug":908,"category":154,"order":905},"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":910,"slug":911,"category":330,"order":912},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":914,"slug":915,"category":154,"order":912},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":917,"slug":918,"category":330,"order":919},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":921,"slug":922,"category":154,"order":919},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":924,"slug":925,"category":330,"order":926},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":928,"slug":929,"category":154,"order":926},"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":931,"slug":932,"category":330,"order":933},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":935,"slug":936,"category":154,"order":933},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":938,"slug":939,"category":330,"order":940},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":942,"slug":943,"category":154,"order":940},"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":945,"slug":946,"category":154,"order":947},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":949,"slug":950,"category":154,"order":951},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":953,"slug":954,"category":154,"order":955},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":957,"slug":958,"category":154,"order":959},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":961,"slug":962,"category":154,"order":963},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":965,"slug":966,"category":154,"order":967},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":969,"slug":970,"category":154,"order":971},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":973,"slug":974,"category":154,"order":975},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":977,"slug":978,"category":154,"order":979},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":981,"slug":982,"category":154,"order":983},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":985,"slug":986,"category":154,"order":987},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":989,"slug":990,"category":154,"order":991},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":993,"slug":994,"category":154,"order":995},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":997,"slug":998,"category":154,"order":999},"巴菲特：2015年对话IVEY 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