[{"data":1,"prerenderedAt":1795},["ShallowReactive",2],{"library-1966-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":259,"library-sidebar-dao":1261,"library-sidebar-models":1563},{"id":4,"title":5,"body":6,"category":246,"date":247,"description":16,"extension":248,"meta":249,"navigation":250,"order":251,"path":252,"seo":253,"seoDescription":16,"seoTitle":254,"slug":255,"stem":256,"__hash__":257,"_collection":258},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1966-ba-fei-te-zhi-gu-dong-xin.md","1966 巴菲特致股东信",{"type":7,"value":8,"toc":232},"minimark",[9,13,17,20,23,39,42,47,50,53,56,59,62,65,68,71,74,77,80,83,86,88,92,95,98,101,182,185,188,191,193,197,200,203,206,209,212,214,218,221,224,226,229],[10,11,5],"h1",{"id":12},"_1966-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"为便于各位参考，我们在信的首页以对比形式重点列示了1966财年与前五个财年的财务数据。",[14,21,22],{},"本信将就以下几个方面作详细说明：",[24,25,26,30,33,36],"ol",{},[27,28,29],"li",{},"1966年运营状况",[27,31,32],{},"1961至1966年运营回顾",[27,34,35],{},"财务状况的维护",[27,37,38],{},"股息政策",[40,41],"hr",{},[43,44,46],"h3",{"id":45},"一1966年运营状况","一、1966年运营状况",[43,48,49],{"id":49},"销售情况",[14,51,52],{},"本年度营业总额为4,940万美元，与去年基本持平，但产品结构出现了较大变化。合成部门的销售额有所下滑，不过家居纺织品部门业绩相应增长，弥补了这一缺口。梭箱织机部门销售略有改善，却又被菲利普国王工厂D分厂的销售下滑所抵消。",[14,54,55],{},"1966年下半年，市场整体低迷。染纱进口大量涌入，加上流行趋势发生转变，导致我们梭箱织机部门销量受损、价格承压。醋酸面料产能过剩，加之尼龙面料进口冲击，使合成部门面临更多织机厂商的竞争。进口增加与国内产能扩张双重夹击，压低了普通涤棉混纺产品的价格。我们预计，这一态势将驱使行内织机转向棉织品，从而对我们菲利普国王工厂D分厂生产的精梳棉面料销售产生不利影响。",[14,57,58],{},"鉴于1966财年第四季度出现的种种不利因素，我们决定主动关停产线以避免库存积压——1966年10月9日当周，位于新贝德福德市 (New Bedford) 的梭箱织机部门与合成部门均暂停生产。截至本信撰写之时，纺织市场仍未回暖，若要防止库存继续堆积，可能还需进一步削减产能。",[43,60,61],{"id":61},"新产品开发",[14,63,64],{},"过去几年，家居纺织品部门持续增长，很大程度上有赖于新产品的开发以及对老产品的创新应用。去年，我们加大了研发投入，力求推出价格与销量更为稳健的纺织品。",[43,66,67],{"id":67},"劳工关系",[14,69,70],{},"1966年初，我们与美国劳工联合会—产业工会联合会 (AFL-CIO) 旗下的美国纺织工人工会签订了一份为期三年的新合同，有效期至1969年4月15日。合同涵盖工资与福利条款，不设中途重新谈判条款。",[43,72,73],{"id":73},"厂房与设备",[14,75,76],{},"本年度我们投入约97万美元用于购置和安装新设备，目标是降低成本、提升产品质量并增强生产灵活性。",[14,78,79],{},"1966财年，我们已完成对剩余闲置资产的处置。",[43,81,82],{"id":82},"所得税",[14,84,85],{},"截至1966财年末，税收亏损结转额度已基本用尽，仅余极小部分。因此，公司未来产生盈利时，将须照常缴纳企业所得税。",[40,87],{},[43,89,91],{"id":90},"二运营回顾1960年10月1日至1966年10月1日","二、运营回顾（1960年10月1日至1966年10月1日）",[14,93,94],{},"对于纺织这样高度周期性的行业，伯克希尔·哈撒韦 (Berkshire Hathaway) 过去十年的故事，不过是盈利期与亏损期交替上演的老剧本。过去这一年在这段历史中格外重要——1966年不仅实现了盈利，更见证了公司财务实力恢复到1960年底的水平。各位或许还记得：1959年和1960年的盈利尚未完全弥补1957年和1958年的巨额亏损，公司旋即又遭受了长达三年的亏损冲击。",[14,96,97],{},"这几年间，公司财务状况不仅受到上述亏损的侵蚀，还要同时承受1960年代初大规模资本支出计划带来的重压。",[14,99,100],{},"下表概括了伯克希尔·哈撒韦过去六年账面价值的变动情况：",[102,103,104,117],"table",{},[105,106,107],"thead",{},[108,109,110,114],"tr",{},[111,112,113],"th",{},"项目",[111,115,116],{},"金额（美元）",[118,119,120,129,137,145,153,161,169],"tbody",{},[108,121,122,126],{},[123,124,125],"td",{},"1960年10月1日账面价值",[123,127,128],{},"37,981,820",[108,130,131,134],{},[123,132,133],{},"加：1961至1966年净收益（已扣除固定资产处置损失620万美元）",[123,135,136],{},"40,476",[108,138,139,142],{},[123,140,141],{},"减：1961至1966年已派股息",[123,143,144],{},"1,366,273",[108,146,147,150],{},[123,148,149],{},"股息超出净收益部分",[123,151,152],{},"1,325,797",[108,154,155,158],{},[123,156,157],{},"小计",[123,159,160],{},"36,656,023",[108,162,163,166],{},[123,164,165],{},"减：1961至1966年累计回购607,972股股票",[123,167,168],{},"7,161,103",[108,170,171,177],{},[123,172,173],{},[174,175,176],"strong",{},"1966年10月1日账面价值",[123,178,179],{},[174,180,181],{},"29,494,920",[14,183,184],{},"从表中可以看出，这六年里股息支付额超过了净收益，但账面价值下降22%的主要原因，是公司依照回购计划持续买回自家股票——流通股已缩减至1,017,547股，较1960年10月1日减少了37%。考虑到公司因关闭亏损工厂而主动缩减经营规模，这一流通股数量的减少实属合理。",[14,186,187],{},"股票回购计划对现有股东的好处，可以从每股账面价值的变化中得到印证：1966年10月1日，公司流通普通股每股账面价值为28.99美元，而六年前这一数字仅为23.37美元。",[14,189,190],{},"截至1960年10月1日的那一财年，公司销售总额为6,260万美元；1966年则为4,940万美元，降幅约21%，与总账面价值22%的降幅基本吻合。公司目前的账面价值周转率已大致恢复到六年前的水平，这再次印证了公司实力的回归。",[40,192],{},[43,194,196],{"id":195},"三财务状况的维护","三、财务状况的维护",[14,198,199],{},"保持健康的财务状况，始终是伯克希尔·哈撒韦的核心目标之一。正是这一原则，使公司得以在高度周期性的行业中存活至今。截至1966年10月1日，公司营运资金达23,158,187美元，充分体现了当前财务状况的稳健。这一数字与1960年10月1日的营运资金规模相当；但由于期间股票回购导致流通股减少，每股营运资金已从六年前的14.41美元上升至22.76美元。",[14,201,202],{},"维持强健财务状况，还有几层考虑，不仅仅是应对业务的周期性波动。正如此前向各位汇报的，公司一直在积极寻找合适的收购标的，范围涵盖纺织业内外。尽管迄今尚无成功案例，我们对此类收购的兴趣不减。目前货币市场的状况几乎无法为收购融资，因此保持充足的流动资产至关重要——一旦期待中的收购机会出现，我们才有能力出手。此外，战争风险、税率变动以及商业活动可能进一步萎缩等不确定因素，也都强调了持续保持健康财务状况的必要性。",[14,204,205],{},"另一个可能需要大额投入的领域，是我们增长迅猛的家居纺织品部门。过去三年，该部门销售额几近翻番。若未来几年继续保持这一势头，我们可能需要在增量库存和应收账款上追加高达700万美元的投资。",[14,207,208],{},"最后，技术变革的威胁在纺织业如影随形。我们在厂房与设备上的账面投资为2,440万美元（扣除累计折旧后为630万美元），而纺织机械行业始终在努力让现有设备更快淘汰。生产流程任何环节的重大变革，都可能需要按未来重置价格进行大规模资本支出。我们会继续审慎权衡每一项资本支出计划的潜在收益与风险。但一旦认定资本支出符合公司最佳利益，就必须具备相应的财务实力去付诸实施。尤其需要警惕的情形是：重要的降本设备问世，偏偏又赶上纺织行业盈利低迷，届时外部融资极为困难甚至毫无可能——充足的营运资金在这种时候就显得格外关键。",[14,210,211],{},"正是出于上述考量，公司年末在营运资本中保留了540万美元的有价证券，包括短期市政债券、商业票据和普通股。由于难以判断公司何时可能需要大笔现金，也存在相当长一段时间内根本不需要的可能性，我们的董事们认为，对于这部分资本，应当与投入工厂、库存、应收账款等其他资产一样积极追求合理回报。因此，董事会目前的意向是，将这些资金中的大部分暂时投资于普通股。这样做，不仅有望获得比非权益类有价证券更高的收益，还能使我们有机会参与纺织业务以外的利润，哪怕只是阶段性的、间接的参与。",[40,213],{},[43,215,217],{"id":216},"四股息政策","四、股息政策",[14,219,220],{},"公司财务状况的逐步恢复，为实施股息政策提供了条件——向股东分配当期税后利润中合理比例的股息。当然，任何股息政策都必须以维护现有财务实力为前提，不能顾此失彼。",[14,222,223],{},"为落实这一政策，董事会已于1966年11月14日宣布派发每股10美分的股息，股权登记日为1966年12月2日，派发日期为1967年1月3日。",[40,225],{},[14,227,228],{},"马尔科姆·G·蔡斯二世 (Malcolm G. Chace, Jr.) 董事长",[14,230,231],{},"肯尼思·V·蔡斯 (Kenneth V. Chace) 总裁",{"title":233,"searchDepth":234,"depth":234,"links":235},"",2,[236,238,239,240,241,242,243,244,245],{"id":45,"depth":237,"text":46},3,{"id":49,"depth":237,"text":49},{"id":61,"depth":237,"text":61},{"id":67,"depth":237,"text":67},{"id":73,"depth":237,"text":73},{"id":82,"depth":237,"text":82},{"id":90,"depth":237,"text":91},{"id":195,"depth":237,"text":196},{"id":216,"depth":237,"text":217},"致股东信",null,"md",{},true,23,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1966-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":16},"1966 巴菲特致股东信｜巴菲特","1966-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F1966-ba-fei-te-zhi-gu-dong-xin","0mIlHSI0EWJyczF2e3biZXmdkb3m_XQi4MmQaRoEK_k","buffett",[260,265,269,273,276,279,282,285,288,291,295,298,301,305,308,311,315,318,321,325,328,331,335,338,341,345,348,351,355,358,361,365,368,371,375,378,381,385,388,391,395,398,401,405,408,411,415,418,421,425,428,431,435,438,441,445,448,451,455,458,461,465,468,471,475,478,481,482,485,488,492,495,498,502,505,508,512,515,518,522,525,528,532,535,538,542,545,548,552,555,558,562,565,568,572,575,578,582,585,588,592,595,599,602,606,609,613,616,620,623,627,630,634,637,641,644,648,651,655,658,662,665,669,672,676,679,683,686,690,693,697,700,704,707,711,714,718,721,725,728,732,735,739,742,746,749,753,756,760,763,767,770,774,777,781,784,788,791,795,798,802,805,809,812,816,819,823,826,830,833,837,840,844,847,851,854,858,861,865,868,872,875,879,882,886,889,893,896,900,903,907,910,914,917,921,924,928,931,935,938,942,945,949,952,956,959,963,966,970,973,977,980,984,987,991,994,998,1001,1005,1008,1012,1015,1019,1022,1026,1029,1033,1036,1040,1043,1047,1050,1054,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105,1109,1113,1117,1121,1125,1129,1133,1137,1141,1145,1149,1153,1157,1161,1165,1169,1173,1177,1181,1185,1189,1193,1197,1201,1205,1209,1213,1217,1221,1225,1229,1233,1237,1241,1245,1249,1253,1257],{"title":261,"slug":262,"category":263,"order":264},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":266,"slug":267,"category":268,"order":264},"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":270,"slug":271,"category":272,"order":264},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":274,"slug":275,"category":263,"order":234},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":277,"slug":278,"category":268,"order":234},"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":280,"slug":281,"category":272,"order":234},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":283,"slug":284,"category":263,"order":237},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":286,"slug":287,"category":268,"order":237},"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":289,"slug":290,"category":272,"order":237},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":292,"slug":293,"category":263,"order":294},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":296,"slug":297,"category":268,"order":294},"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":299,"slug":300,"category":272,"order":294},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":302,"slug":303,"category":263,"order":304},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":306,"slug":307,"category":268,"order":304},"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":309,"slug":310,"category":272,"order":304},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":312,"slug":313,"category":263,"order":314},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":316,"slug":317,"category":268,"order":314},"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":319,"slug":320,"category":272,"order":314},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":322,"slug":323,"category":263,"order":324},"1961年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":691,"slug":692,"category":268,"order":689},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":694,"slug":695,"category":246,"order":696},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":698,"slug":699,"category":268,"order":696},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":701,"slug":702,"category":246,"order":703},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":705,"slug":706,"category":268,"order":703},"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":708,"slug":709,"category":246,"order":710},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":712,"slug":713,"category":268,"order":710},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":715,"slug":716,"category":246,"order":717},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":719,"slug":720,"category":268,"order":717},"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":722,"slug":723,"category":246,"order":724},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":726,"slug":727,"category":268,"order":724},"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":729,"slug":730,"category":246,"order":731},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":733,"slug":734,"category":268,"order":731},"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":736,"slug":737,"category":246,"order":738},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":740,"slug":741,"category":268,"order":738},"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":743,"slug":744,"category":246,"order":745},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":747,"slug":748,"category":268,"order":745},"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":750,"slug":751,"category":246,"order":752},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":754,"slug":755,"category":268,"order":752},"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":757,"slug":758,"category":246,"order":759},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":761,"slug":762,"category":268,"order":759},"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":764,"slug":765,"category":246,"order":766},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":768,"slug":769,"category":268,"order":766},"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":771,"slug":772,"category":246,"order":773},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":775,"slug":776,"category":268,"order":773},"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":778,"slug":779,"category":246,"order":780},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":782,"slug":783,"category":268,"order":780},"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":785,"slug":786,"category":246,"order":787},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":789,"slug":790,"category":268,"order":787},"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":792,"slug":793,"category":246,"order":794},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":796,"slug":797,"category":268,"order":794},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":799,"slug":800,"category":246,"order":801},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":803,"slug":804,"category":268,"order":801},"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":806,"slug":807,"category":246,"order":808},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":810,"slug":811,"category":268,"order":808},"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":813,"slug":814,"category":246,"order":815},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":817,"slug":818,"category":268,"order":815},"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":820,"slug":821,"category":246,"order":822},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":824,"slug":825,"category":268,"order":822},"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":827,"slug":828,"category":246,"order":829},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":831,"slug":832,"category":268,"order":829},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":834,"slug":835,"category":246,"order":836},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":838,"slug":839,"category":268,"order":836},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":841,"slug":842,"category":246,"order":843},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":845,"slug":846,"category":268,"order":843},"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":848,"slug":849,"category":246,"order":850},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":852,"slug":853,"category":268,"order":850},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":855,"slug":856,"category":246,"order":857},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":859,"slug":860,"category":268,"order":857},"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":862,"slug":863,"category":246,"order":864},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":866,"slug":867,"category":268,"order":864},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":869,"slug":870,"category":246,"order":871},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":873,"slug":874,"category":268,"order":871},"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":876,"slug":877,"category":246,"order":878},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":880,"slug":881,"category":268,"order":878},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":883,"slug":884,"category":246,"order":885},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":887,"slug":888,"category":268,"order":885},"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":890,"slug":891,"category":246,"order":892},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":894,"slug":895,"category":268,"order":892},"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":897,"slug":898,"category":246,"order":899},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":901,"slug":902,"category":268,"order":899},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":904,"slug":905,"category":246,"order":906},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":908,"slug":909,"category":268,"order":906},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":911,"slug":912,"category":246,"order":913},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":915,"slug":916,"category":268,"order":913},"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":918,"slug":919,"category":246,"order":920},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":922,"slug":923,"category":268,"order":920},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":925,"slug":926,"category":246,"order":927},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":929,"slug":930,"category":268,"order":927},"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":932,"slug":933,"category":246,"order":934},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":936,"slug":937,"category":268,"order":934},"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":939,"slug":940,"category":246,"order":941},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":943,"slug":944,"category":268,"order":941},"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":946,"slug":947,"category":246,"order":948},"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":950,"slug":951,"category":268,"order":948},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":953,"slug":954,"category":246,"order":955},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":957,"slug":958,"category":268,"order":955},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":960,"slug":961,"category":246,"order":962},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":964,"slug":965,"category":268,"order":962},"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":967,"slug":968,"category":246,"order":969},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":971,"slug":972,"category":268,"order":969},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":974,"slug":975,"category":246,"order":976},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":978,"slug":979,"category":268,"order":976},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":981,"slug":982,"category":246,"order":983},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":985,"slug":986,"category":268,"order":983},"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":988,"slug":989,"category":246,"order":990},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":992,"slug":993,"category":268,"order":990},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":995,"slug":996,"category":246,"order":997},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":999,"slug":1000,"category":268,"order":997},"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":1002,"slug":1003,"category":246,"order":1004},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1006,"slug":1007,"category":268,"order":1004},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1009,"slug":1010,"category":246,"order":1011},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1013,"slug":1014,"category":268,"order":1011},"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":1016,"slug":1017,"category":246,"order":1018},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1020,"slug":1021,"category":268,"order":1018},"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":1023,"slug":1024,"category":246,"order":1025},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1027,"slug":1028,"category":268,"order":1025},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1030,"slug":1031,"category":246,"order":1032},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1034,"slug":1035,"category":268,"order":1032},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1037,"slug":1038,"category":246,"order":1039},"2025 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