[{"data":1,"prerenderedAt":1714},["ShallowReactive",2],{"library-1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin":3,"library-sidebar-buffett":188,"library-sidebar-dao":1180,"library-sidebar-models":1482},{"id":4,"title":5,"body":6,"category":174,"date":175,"description":176,"extension":177,"meta":178,"navigation":179,"order":180,"path":181,"seo":182,"seoDescription":176,"seoTitle":183,"slug":184,"stem":185,"__hash__":186,"_collection":187},"buffett\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin.md","1969年12月26日 巴菲特致合伙人信",{"type":7,"value":8,"toc":171},"minimark",[9,13,17,20,23,26,29,32,35,42,45,51,54,60,63,69,72,78,81,87,90,96,99,105,108,114,117,120,123,126,129,132,138,141,147,150,156,159,165,168],[10,11,5],"h1",{"id":12},"_1969年12月26日-巴菲特致合伙人信",[14,15,16],"p",{},"1969 年 12 月 26 日",[14,18,19],{},"致各位合伙人：",[14,21,22],{},"现金分配方案已最终确定。1月3日，我们会向各位邮寄一份日期为1970年1月5日的支票。扣除1969年1月1日起已经分配的金额（包括每月利息），现金分配比例占各位1969年1月1日资本的大约64％。对于1969年没选择每月获得利息的合伙人，向其分配的资金会稍微多一些，因为其中包含利息调整；对于从巴菲特合伙基金借款的合伙人，则会从向其分配的资金中扣除利息。从我们清算的时机来看，债券市场和股票市场的表现对我们十分有利，我非常高兴。今年清算比去年年末清算强多了。几乎所有合伙人，无论打算投资债券，还是股票，现在收到现金都比去年收到现金有远远更好的机会。有的人追求稳定的收入，即使按去年比较高的收益率计算，现在投资同样的本金，获得的税后收益率也要比去年高40％。",[14,24,25],{},"我们的税收数据已经出来了，从现在的情况看，各位合伙人需要缴纳联邦所得税的普通所得（股息加利息减去普通亏损）占1969年1月1日资本的3.75％（详见随附信函第1项），没有金额较大的长期资本利得或亏损，有一笔短期资本亏损，占各位1969年1月1日未实现增值的8.5％（第3项）。上述仅为粗略估算值。二月初，我们会将准确纳税数据寄给各位。",[14,27,28],{},"1969年，我们没把我们的371,400股蓝筹印花（Blue Chip Stamps）都卖出去。这只股票注册上市后，股价是每股24美元。承销商给我们报了一个发行价范围。他们在确定这个发行价范围时，主要是参照斯佩里和哈钦森印花公司（Sperry＆Hutchinson Stamps）的股价。就在我们的股票很快就要上市的时候，道指大跌，斯佩里和哈钦森印花的股价几乎没变，但承销商把发行价范围调低了。我们不太情愿地答应了，以为这就定下来了，但是第二天，他们又说定好的价格不行。于是，我们就撤了，把发行规模大大缩小了。",[14,30,31],{},"对于我们在巴菲特合伙金持有的蓝筹印花股份，我打算继续持有，等到以后价格合适时再出售，或者分配给合伙人。从概率上看，与其在行情低迷的时候把我们的大部分股票卖出去，不如像我们现在这么做，多等一两年也行。只要这几天蓝筹印花的股价不出现大幅变动，今年年末，在对它估值时，我打算采用发行价减去承销费用。",[14,33,34],{},"我收到了一些关于上一封信的问题：",[36,37,38],"ol",{},[39,40,41],"li",{},"伯克希尔哈撒韦的纺织业务资本回报率低，为什么还要继续经营？",[14,43,44],{},"原因我已经在信里说了。纺织业务为1100名员工提供就业岗位，管理层非常努力地争取比同行做得更好，只要它业绩还过得去，而且不必继续投入大量资本，我就不想清算。我不想为了收益率能高几个百分点，让很多人丢掉饭碗。如果我们不得不继续投入巨额资本，或者纺织业务一直亏损，我当然也没办法，只能做出不一样的决定，但是我认为不会出现这种情况。",[36,46,48],{"start":47},2,[39,49,50],{},"我们在太阳报业（Sun Newspapers）等公司的投资有多大，是否计划在报纸、广播和电视行业加大投入？",[14,52,53],{},"我们在太阳报业、布莱克尔印刷公司（Blacker Printing Company）以及捷威保险公司（Gateway Underwriters）的投资，加起来在每股伯克希尔哈撒韦股份中占1美元多一点，合计盈利是每股不到10美分。我们没有在传媒领域加大投资的具体计划。",[36,55,57],{"start":56},3,[39,58,59],{},"捷威保险公司是做什么的？",[14,61,62],{},"捷威保险公司是国民赔偿公司（National Indemnity）在密苏里州的总代理。",[36,64,66],{"start":65},4,[39,67,68],{},"我们有三个出色的主营业务，有没有合适的后备人选来接替这三项业务的经营者？",[14,70,71],{},"在任何一家公司，只要创始人和企业的核心仍然活跃在舞台上，都很难评估接班人。要了解一个人能否经营好一家公司，只有一个办法，就是看他在实际经营中的表现。和一般公司相比，我们有的公司确实更依赖经营者的一己之力。虽说接班人很难评估，但我们确实有一些优秀的接班人。",[36,73,75],{"start":74},5,[39,76,77],{},"你打算如何投资多元零售公司的现金，是否会继续把零售作为主业？",[14,79,80],{},"我们比较喜欢零售业，但也不排斥其他合适的投资机会。我们找了两年，没找到一个适合多元零售公司的收购对象。只要是好生意，我们不排斥任何行业。在我们找到合适的收购对象之前，我们会将资金用于投资有价证券。",[36,82,84],{"start":83},6,[39,85,86],{},"多元零售公司出售霍赫希尔德科恩公司（Hochschild，Kohn＆Co．）后收到了现金，为什么不把这笔现金派发？",[14,88,89],{},"首先，派发现金的话，属于分红，征税比例非常高。其次，债券条款中有限制，除非把控股权交给债券持有者，否则不得进行此类派息。",[36,91,93],{"start":92},7,[39,94,95],{},"将多元零售公司的股份派发给合伙人，是否会导致多元零售的债券被赎回？",[14,97,98],{},"在多元零售的股票分配完成后，我是多元零售的最大股东，赎回条款不适用。",[36,100,102],{"start":101},8,[39,103,104],{},"要是多元零售的债券被赎回了，我们怎么知道？",[14,106,107],{},"公司会发布定期公告或特别公告，所有股东和债券持有人都可以通过公司公告了解最新情况。目前，债券持有人完全没有赎回债券的意向。",[36,109,111],{"start":110},9,[39,112,113],{},"为什么不将伯克希尔哈撒韦和多元零售公司的股票注册上市？这样的话，合伙人收到股票后，就可以自由在市场上买卖了。",[14,115,116],{},"我们考虑过这个方案，但是考虑到可行性和法律因素，我们否决了这个做法。我只说可行性，单从可行性来看，就不能这么做。",[14,118,119],{},"目前，多元零售没有公开上市，而我们持有的伯克希尔哈撒韦的股份数量大概是当前流通股份数的四五倍。要是有人在市场上立即买卖几千股伯克希尔的股票，一下子就能把这只股票拉升几个点。我们持有691,441股。如果通过注册而不是承销发行的方式将这些股票分配给合伙人，到时候可能出现许多单独的持有人同时大量卖出的情况，这两只股票可能因此陷入一片混乱，特别是在当前的股市环境中。到时候股价会处在什么水平？各位合伙人卖出股票变现的价格难道不会有很大的差距吗？我当时考虑到这些因素，觉得不能这么做，我不想合伙人到时候面对这样的情况。有些合伙人比较精明，有的没那么精明，比较精明的会获得更多利益。如果将这两只股票注册，很多合伙人只能在很低的价格卖出股票，远远低于我在年末给出的估值。如果各位合伙人只能贱卖自己的股票，那对你们来说太不公平了，因为我在年末给出的估值会影响1969年巴菲特合伙基金的利润，而我从合伙基金的利润中获得分成。如果这两只股票行情低迷，我可能遭到批评，有人可能责问我，股价这么低，你自己怎么在买或者怎么不买之类的。",[14,121,122],{},"就算我们找承销商公开发行上市，让想变现的合伙人立即变现，我觉得，之后出现的情况还是好不到哪去。从蓝筹印花的发行上市过程就看得出来，在承销上市程序启动后，我们眼看着它的股价从 24降到 16.5。我不希望合伙人手里的伯克希尔和多元零售股票也有同样的遭遇。",[14,124,125],{},"我们将股票出售限制在非公开配售，与现在通过承销发行上市相比，合伙人要是想卖出的话，可以卖得更值，而且精明的合伙人也不会在市场上比其他合伙人占更多便宜。另外，按现在的做法，股票更容易被有长期投资理念的投资者持有，将来它的价格波动不会那么剧烈。我们接到了几个电话，有几个人打算通过转让的方式卖出自己的股票。我们估计，按照年末的估值，他们可以顺利转让自己的股票。",[14,127,128],{},"对于希望通过承销发行获得股票分配的合伙人，他们可以自己组织注册发行。希望通过注册承销出售自己股票的合伙人，你们可以告诉我，我很乐意帮你们建立联系，随后你们可以自己组织承销并承担相关费用。承销上市的费用可能很高，按这样的方式，所有承销费用由希望承销上市的合伙人承担，而不是由所有合伙人承担。",[14,130,131],{},"也有合伙人问我，如果将来我打算通过承销上市的方式卖出自己的股票，他们是否可以参与。我想我几乎永远不可能通过公开发行的方式卖出自己的股票，要是我真这么做了的话，只要大家愿意，无论是谁，都可以和我一起参与。如果真有我通过公开发行卖出股票的这一天，很可能各位的股票早已经能自由买卖了，虽然我的还是受限制。至于任何私下转让交易，我就不能对各位做出同样的承诺了。你以任何方式出售自己的股票时，也不是非得带上我。",[36,133,135],{"start":134},10,[39,136,137],{},"如果你卖出自己的伯克希尔或多元零售公司的股票时，能告诉我们吗？",[14,139,140],{},"如果我卖出自己的股份，各位肯定可以从公司通知、公告和向监管机构提交的报告中看到。在可以预见的未来，我根本没计划卖出自己的股票，只是我不会做这样的承诺。但是，在获得关于公司活动的信息方面，与伯克希尔或多元零售的其他股东相比，巴菲特合伙基金的前合伙人没有特权。",[36,142,144],{"start":143},11,[39,145,146],{},"我应不应该持有自己的伯克希尔或多元零售的股票？",[14,148,149],{},"这个问题，我回答不了。我只能告诉你，我会持有，而且打算买入更多。我非常乐意把自己的大部分净资产长期投资到这两家公司里。 显而易见，五年或十年之后，这两家公司会比现在远远更值钱。与大多数股票相比，它们亏钱的风险比较低。我希望它们的价格能紧跟经营业绩，而不是因为投机情绪高涨或低迷而大起大落。市场的投机情绪我管不了，我也不会效仿近年来金融市场中令人不齿的行为去炒作股票。",[36,151,153],{"start":152},12,[39,154,155],{},"我可以把伯克希尔或多元零售的股票送给我的妻子或子女吗？",[14,157,158],{},"按照律师给出的建议，这是法律允许的，但是赠予完成后，适用于你的转让限制同样适用于你的赠予对象。",[36,160,162],{"start":161},13,[39,163,164],{},"为什么要等到三月份才能为我们提供关于债券的投资建议？",[14,166,167],{},"1月份和2月份，我们应该会很忙。可能会有很多合伙人希望找我谈他们关于债券的问题和目标。我希望先把合伙基金的大事处理好，然后再单独向合伙人提供建议。我不预测债券市场或股市，三月份可能比现在高，也可能比现在低。收到了我十月份的信之后，有几个合伙人很着急，想立刻就买债券。现在看来，他们等了一等，比当时就买好多了。当时我说有一些质地极好的免税债券，收益率可以达到6.5％，现在它们的收益率有7％左右了。",[14,169,170],{},"沃伦 E.巴菲特谨上",{"title":172,"searchDepth":47,"depth":47,"links":173},"",[],"致合伙人信",null,"1969年12月26日巴菲特致合伙人信，告知合伙人资金分配方案及后续伯克希尔安排","md",{},true,38,"\u002Fbuffett\u002Fberkshire\u002Fhe-huo-ren-xin\u002F1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",{"title":5,"description":176},"1969年12月26日 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有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":194,"slug":195,"category":196,"order":192},"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":198,"slug":199,"category":200,"order":192},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":202,"slug":203,"category":174,"order":47},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":205,"slug":206,"category":196,"order":47},"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":208,"slug":209,"category":200,"order":47},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":211,"slug":212,"category":174,"order":56},"1958 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":610,"slug":611,"category":196,"order":608},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":613,"slug":614,"category":362,"order":615},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":617,"slug":618,"category":196,"order":615},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":620,"slug":621,"category":362,"order":622},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":624,"slug":625,"category":196,"order":622},"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":627,"slug":628,"category":362,"order":629},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":631,"slug":632,"category":196,"order":629},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":634,"slug":635,"category":362,"order":636},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":638,"slug":639,"category":196,"order":636},"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":641,"slug":642,"category":362,"order":643},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":645,"slug":646,"category":196,"order":643},"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":648,"slug":649,"category":362,"order":650},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":652,"slug":653,"category":196,"order":650},"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":655,"slug":656,"category":362,"order":657},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":659,"slug":660,"category":196,"order":657},"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":662,"slug":663,"category":362,"order":664},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":666,"slug":667,"category":196,"order":664},"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":669,"slug":670,"category":362,"order":671},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":673,"slug":674,"category":196,"order":671},"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":676,"slug":677,"category":362,"order":678},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":680,"slug":681,"category":196,"order":678},"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":683,"slug":684,"category":362,"order":685},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":687,"slug":688,"category":196,"order":685},"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":690,"slug":691,"category":362,"order":692},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":694,"slug":695,"category":196,"order":692},"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":697,"slug":698,"category":362,"order":699},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":701,"slug":702,"category":196,"order":699},"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":704,"slug":705,"category":362,"order":706},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":708,"slug":709,"category":196,"order":706},"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":711,"slug":712,"category":362,"order":713},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":715,"slug":716,"category":196,"order":713},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":718,"slug":719,"category":362,"order":720},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":722,"slug":723,"category":196,"order":720},"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":725,"slug":726,"category":362,"order":727},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":729,"slug":730,"category":196,"order":727},"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":732,"slug":733,"category":362,"order":734},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":736,"slug":737,"category":196,"order":734},"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":739,"slug":740,"category":362,"order":741},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":743,"slug":744,"category":196,"order":741},"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":746,"slug":747,"category":362,"order":748},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":750,"slug":751,"category":196,"order":748},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":753,"slug":754,"category":362,"order":755},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":757,"slug":758,"category":196,"order":755},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":760,"slug":761,"category":362,"order":762},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":764,"slug":765,"category":196,"order":762},"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":767,"slug":768,"category":362,"order":769},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":771,"slug":772,"category":196,"order":769},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":774,"slug":775,"category":362,"order":776},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":778,"slug":779,"category":196,"order":776},"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":781,"slug":782,"category":362,"order":783},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":785,"slug":786,"category":196,"order":783},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":788,"slug":789,"category":362,"order":790},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":792,"slug":793,"category":196,"order":790},"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":795,"slug":796,"category":362,"order":797},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":799,"slug":800,"category":196,"order":797},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":802,"slug":803,"category":362,"order":804},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":806,"slug":807,"category":196,"order":804},"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":809,"slug":810,"category":362,"order":811},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":813,"slug":814,"category":196,"order":811},"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":816,"slug":817,"category":362,"order":818},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":820,"slug":821,"category":196,"order":818},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":823,"slug":824,"category":362,"order":825},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":827,"slug":828,"category":196,"order":825},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":830,"slug":831,"category":362,"order":832},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":834,"slug":835,"category":196,"order":832},"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":837,"slug":838,"category":362,"order":839},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":841,"slug":842,"category":196,"order":839},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":844,"slug":845,"category":362,"order":846},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":848,"slug":849,"category":196,"order":846},"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":851,"slug":852,"category":362,"order":853},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":855,"slug":856,"category":196,"order":853},"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":858,"slug":859,"category":362,"order":860},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":862,"slug":863,"category":196,"order":860},"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":865,"slug":866,"category":362,"order":867},"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":869,"slug":870,"category":196,"order":867},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":872,"slug":873,"category":362,"order":874},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":876,"slug":877,"category":196,"order":874},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":879,"slug":880,"category":362,"order":881},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":883,"slug":884,"category":196,"order":881},"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":886,"slug":887,"category":362,"order":888},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":890,"slug":891,"category":196,"order":888},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":893,"slug":894,"category":362,"order":895},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":897,"slug":898,"category":196,"order":895},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":900,"slug":901,"category":362,"order":902},"2017 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