[{"data":1,"prerenderedAt":3061},["ShallowReactive",2],{"library-1998-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1525,"library-sidebar-dao":2527,"library-sidebar-models":2829},{"id":4,"title":5,"body":6,"category":1511,"date":1512,"description":1513,"extension":1514,"meta":1515,"navigation":1516,"order":1517,"path":1518,"seo":1519,"seoDescription":1513,"seoTitle":1520,"slug":1521,"stem":1522,"__hash__":1523,"_collection":1524},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1998-ba-fei-te-zhi-gu-dong-xin.md","1998 巴菲特致股东信",{"type":7,"value":8,"toc":1494},"minimark",[9,13,17,20,23,26,38,41,48,115,118,176,179,182,185,188,191,194,197,201,204,207,210,213,216,218,221,225,228,231,234,315,322,325,328,331,334,337,340,343,346,348,351,358,361,368,375,378,382,385,388,391,394,397,400,403,406,413,416,419,421,424,428,431,434,437,440,443,450,453,456,459,462,465,468,471,474,477,552,555,558,561,564,567,1009,1014,1019,1024,1029,1032,1035,1038,1041,1044,1046,1049,1052,1055,1058,1210,1215,1222,1225,1228,1234,1237,1240,1244,1247,1250,1253,1260,1263,1266,1269,1276,1279,1282,1286,1289,1300,1303,1310,1313,1316,1319,1326,1329,1332,1335,1338,1341,1344,1347,1354,1357,1360,1363,1374,1377,1380,1383,1386,1389,1392,1395,1398,1401,1406,1409,1412,1415,1418,1421,1424,1427,1430,1433,1436,1439,1442,1445,1448,1451,1454,1456,1459,1482,1485,1488,1491],[10,11,5],"h1",{"id":12},"_1998-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[14,18,19],{},"1998年伯克希尔的账面价值增加了259亿美元，A股和B股的每股账面价值增长了48.3%。自现任管理层接手的34年以来，每股账面价值从19美元增长到了37,801美元，年复合增长率约为24.7%。(1)",[14,21,22],{},"(1): 本报告中使用的所有数据均适用于伯克希尔A股，即公司在1996年之前唯一发行在外的股票的后续品种。B股的经济利益相当于A股的三十分之一。",[14,24,25],{},"通常当公司的账面价值一年增长了48.3%时，大家应该高兴得手舞足蹈才对——但今年可不行。还记得瓦格纳 (Wagner) 吗？他的音乐曾被人评价为”比听起来要好”。伯克希尔1998年的进展也类似——虽然令人满意，但并没有表面上看起来那么好。这是因为那48.3%的增长中，绝大部分来自于我们为并购交易而发行的新股。",[14,27,28,29,33,34,37],{},"进一步解释一下：我们的股票以远高于账面价值的价格交易，这意味着我们每次发行股票——不管是现金增资还是换股合并——都会立刻拉高每股账面价值，尽管我们实际上一分钱都没有多赚。真实的情况是，在这类交易中我们获得的每股账面价值高于我们付出的。然而，这些交易并不会给我们带来每股",[30,31,32],"em",{},"内在价值","的即时增长，因为在这方面我们所得到的与我们所付出的大致相当。正如伯克希尔副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我不厌其烦地告诉大家的（虽然你们可能觉得我们啰嗦了点），真正重要的是每股内在价值的增长，而不是每股账面价值的增长。虽然伯克希尔1998年的内在价值确实大幅增长，但幅度远不及账面价值48.3%的那种水平。尽管如此，我还是要强调，目前的内在价值仍然",[30,35,36],{},"远远","超过账面价值。（关于这些术语以及其他投资和会计概念的更详细讨论，请参阅我们的股东手册，其中阐述了与所有者相关的经营原则。内在价值在手册的相关章节中有专门讨论。）",[14,39,40],{},"带着有史以来最佳的企业和经理人组合，我们迈入了1999年。1998年收购的两家公司——通用再保险 (General Re) 和公务机航空 (Executive Jet)——在各方面都是一流的，后面还会详细介绍。而我们原有经营业务去年的表现更是超出了我的预期。盖可保险 (GEICO) 再一次大放异彩。当然也有不好的消息：我们持有重大投资的几家上市公司经营上出现了明显的下滑，这是年初我和他们自己都没有预料到的。因此，我们股票投资组合的表现远不如同期的标普500指数。这些公司出现的问题几乎可以肯定只是暂时的，查理跟我都相信它们的长期前景是很好的。",[14,42,43,44,47],{},"在最近三年的年报中，我们提供了一张我们认为对估算伯克希尔内在价值至关重要的表格。在下面更新版本的表格中，我们以拟制的方式将通用再保险的数字纳入其中，也就是假设该公司从年初就归我们所有。第一栏的数字代表我们每股持有的投资金额（包括现金和现金等价物，但不含金融产品业务所持有的证券），第二栏则是伯克希尔来自经营业务的每股税前收益（扣除利息和全部企业费用之后，但未扣除所得税和购买法会计调整——相关讨论见年报后文）。第二栏已经扣除了来自第一栏投资所贡献的",[30,45,46],{},"全部","股利、利息和资本利得。实际上，这两栏展示的是如果把伯克希尔拆成两家公司会是什么样子——一家持有我们的投资组合，另一家经营旗下所有业务并承担全部企业成本。",[49,50,51,67],"table",{},[52,53,54],"thead",{},[55,56,57,61,64],"tr",{},[58,59,60],"th",{},"年份",[58,62,63],{},"每股投资",[58,65,66],{},"税前每股经营收益（不含投资收入）",[68,69,70,82,93,104],"tbody",{},[55,71,72,76,79],{},[73,74,75],"td",{},"1968",[73,77,78],{},"$ 53",[73,80,81],{},"$ 2.87",[55,83,84,87,90],{},[73,85,86],{},"1978",[73,88,89],{},"465",[73,91,92],{},"12.85",[55,94,95,98,101],{},[73,96,97],{},"1988",[73,99,100],{},"4,876",[73,102,103],{},"145.77",[55,105,106,109,112],{},[73,107,108],{},"1998",[73,110,111],{},"47,647",[73,113,114],{},"474.45",[14,116,117],{},"下表是这两部分每十年的增长率：",[49,119,120,133],{},[52,121,122],{},[55,123,124,127,130],{},[58,125,126],{},"十年期",[58,128,129],{},"每股投资增长率",[58,131,132],{},"每股经营收益增长率",[68,134,135,145,155,165],{},[55,136,137,139,142],{},[73,138,86],{},[73,140,141],{},"24.2%",[73,143,144],{},"16.2%",[55,146,147,149,152],{},[73,148,97],{},[73,150,151],{},"26.5%",[73,153,154],{},"27.5%",[55,156,157,159,162],{},[73,158,108],{},[73,160,161],{},"25.6%",[73,163,164],{},"12.5%",[55,166,167,170,173],{},[73,168,169],{},"1968-1998年年化增长率",[73,171,172],{},"25.4%",[73,174,175],{},"18.6%",[14,177,178],{},"1998年，我们每股的投资金额增加了9,604美元，增幅25.2%，但每股经营收益却下降了33.9%。通用再保险（如前所述，以拟制基础纳入）是这两个数据背后的原因。这家公司拥有规模庞大的投资，大大增加了我们每股投资的数字。但通用再保险1998年也出现了承保亏损，拖累了经营收益的表现。如果我们没有收购通用再保险，每股经营收益本可以录得小幅增长。",[14,180,181],{},"虽然我们某些特定的收购和经营策略有时会对其中一栏产生更大的影响，但我们一直努力让两栏数字同步增长。不过有一点是确定无疑的：我们未来的增长速度将远不及过去所取得的水平。伯克希尔的资本规模现在实在太大了，大到我们很难再取得真正超常的回报。如果你不这么认为，那你应该去做销售工作，而不是去教数学（请永远记住，世界上只有三种人：会数数的，和不会数数的）。",[14,183,184],{},"目前我们运作的净资产高达574亿美元，是全美企业之冠（当然，如果埃克森 (Exxon) 和美孚 (Mobil) 的合并成功，我们将让出宝座）。当然，净资产第一并不意味着伯克希尔在所有企业中价值最高：对股东来说，真正重要的是市值，而通用电气 (General Electric) 和微软 (Microsoft) 的市值就超过伯克希尔的三倍以上。不过净资产衡量的是经理人可以调配的资本规模，就这方面而言，伯克希尔的数字确实已经非常巨大。",[14,186,187],{},"尽管如此，查理跟我还是会尽最大努力在未来以平均每年15%的速度增长内在价值，我们认为这已经是所有可能结果中的极限了。有些年份我们或许能超过15%，但也肯定会有些年份远远达不到——包括出现负回报的年份——这些都会拉低我们的平均水平。同时大家要明白，未来五年平均每年15%的增长意味着什么：我们需要增加580亿美元的净资产。要达到这个令人生畏的15%，我们需要想出一些大创意：卖爆米花的小生意可不行。目前的市场环境也不利于我们寻找”大象”猎物，但你们可以放心，我们会全神贯注地继续狩猎。",[14,189,190],{},"不管未来会怎样，有一点我可以向各位保证：只要我还在，我都会将个人至少99%的身家放在伯克希尔。至于能维持多久呢？我的榜样是韦恩堡 (Fort Wayne) 的那位忠诚的民主党人，他要求死后葬在芝加哥，这样就能继续参加党的活动。为此，我已经在办公室挑好了一个”风水宝地”来安放我的骨灰坛。",[192,193],"hr",{},[14,195,196],{},"我们财务上的增长也伴随着就业人数的增长：现在我们的员工总数已达47,566人，1998年的收购带来了7,074名新员工，内部增长又增加了约2,500人。为了应对这9,500名一线员工的增加，我们将总部的人员编制从12人扩大到了12.8人。（那0.8不是指我或查理：我们新聘了一位会计，每周工作四天。）尽管这种组织膨胀的趋势令人警惕，去年我们的税后总部开支仅约350万美元，不到我们所管理资产价值的一个基点（万分之一）。",[198,199,200],"h3",{"id":200},"税务",[14,202,203],{},"我们规模扩大最直接的受益者是美国国库。伯克希尔和通用再保险就1998年的收益已经缴纳或即将缴纳的联邦所得税合计达27亿美元。这意味着美国政府半天以上的全部开支都由我们一肩扛下。",[14,205,206],{},"顺着这个思路再想想：如果全美国再有625个像伯克希尔和通用再保险这样的纳税人，那么其他所有人——无论是企业还是2.7亿美国公民——都不用再缴纳联邦所得税或任何其他联邦税（比如社保税或遗产税）了。我们的股东可以真切地说，他们已经”在办公室就把该出的力给出了”。",[14,208,209],{},"向美国国税局签发后面跟着一长串零的支票，查理和我一点都不觉得心疼。伯克希尔作为一家企业，以及我们作为个人，在美国的繁荣发展是在其他任何国家都无法实现的。事实上，如果我们住在世界的其他角落并且完全逃脱了税负，我相信我们在财务上（以及生活的许多其他方面）反而会更糟糕。总的来说，我们觉得自己无比幸运，命运发给我们的牌让我们可以给政府签大额支票，而不是要靠政府定期给我们开支票——比如因为残障或失业。",[14,211,212],{},"伯克希尔的纳税情况经常被外界误解。首先，资本利得对我们没有什么特别的吸引力：企业不管是资本利得还是正常经营收入，一律按35%的税率缴税。这意味着伯克希尔在长期资本利得上的税负要比个人整整高出75%。",[14,214,215],{},"还有人存在另一种误解，认为我们可以将70%的股利收入排除在应税收入之外。确实，这70%的优惠适用于大多数企业，也适用于伯克希尔旗下非保险子公司所持有的股票。然而，我们几乎所有的股票投资都是由保险公司持有的，在这种情况下，免税比例只有59.5%。这仍然意味着一块钱的股利收入比一块钱的普通收入更有价值，但并没有外界通常以为的那么大。",[192,217],{},[14,219,220],{},"伯克希尔去年真是卯足了劲为国库做贡献。在通用再保险合并案中，我们给政府写了一张3,000万美元的支票，用于支付与交易中新发行股票相关的证监会 (SEC) 费用。据我们了解，这笔支付创下了证监会的历史纪录。查理跟我是证监会为美国投资者所做贡献的超级崇拜者。不过，我们倒是更愿意找到其他方式来表达我们的敬意。",[198,222,224],{"id":223},"盖可保险-geico1-800-847-7536","盖可保险 (GEICO)（1-800-847-7536）",[14,226,227],{},"好的理念加上好的经理人，你就一定能获得好的结果。这种完美组合在盖可保险身上得到了最好的体现。理念是低成本的汽车保险，通过直销客户来实现；经理人则是托尼·奈斯利 (Tony Nicely)。说得简单点，整个商业世界没有人能比Tony把盖可保险经营得更好。他的直觉毫无偏差，他的精力没有上限，他的执行力完美无瑕。在严守承保纪律的同时，Tony正在打造一个以加速度抢占市场份额的组织。",[14,229,230],{},"这种速度更因我们的薪酬制度而加快。直销保险——也就是保险公司与保户之间不经过代理人或经纪人——需要相当大的前期投入。因此，第一年的新业务在盈利上是大幅亏损的。在盖可保险，我们不希望这种成本阻碍我们的同事积极开拓新业务——因为这些业务续保后将带来可观的利润——所以我们将其排除在薪酬计算公式之外。那薪酬公式里包含什么呢？我们将50%的奖金和利润分享与”成熟”保单的收益挂钩，也就是投保超过一年以上的保单。另外50%则与保户数量的增长挂钩——而在这方面，我们已经踩下了油门。",[14,232,233],{},"1995年——也就是伯克希尔收购盖可保险的前一年——该公司的营销费用为3,300万美元，有652名电话销售顾问。去年，公司的营销费用增加到了1.43亿美元，销售顾问人数也增至2,162名。这些努力的成效可以从下表的新签保单和有效保单数字中看出：",[49,235,236,248],{},[52,237,238],{},[55,239,240,242,245],{},[58,241,60],{},[58,243,244],{},"新增自愿性汽车保单*",[58,246,247],{},"有效汽车保单数量*",[68,249,250,261,272,283,294,305],{},[55,251,252,255,258],{},[73,253,254],{},"1993",[73,256,257],{},"354,882",[73,259,260],{},"2,011,055",[55,262,263,266,269],{},[73,264,265],{},"1994",[73,267,268],{},"396,217",[73,270,271],{},"2,147,549",[55,273,274,277,280],{},[73,275,276],{},"1995",[73,278,279],{},"461,608",[73,281,282],{},"2,310,037",[55,284,285,288,291],{},[73,286,287],{},"1996",[73,289,290],{},"617,669",[73,292,293],{},"2,543,699",[55,295,296,299,302],{},[73,297,298],{},"1997",[73,300,301],{},"913,176",[73,303,304],{},"2,949,439",[55,306,307,309,312],{},[73,308,108],{},[73,310,311],{},"1,317,761",[73,313,314],{},"3,562,644",[316,317,318],"ul",{},[319,320,321],"li",{},"仅指”自愿性”保单；不含指定风险等。",[14,323,324],{},"展望1999年，我们将继续增加营销预算，至少投入1.9亿美元。事实上，伯克希尔对盖可保险新业务获取的投入没有上限，只要我们能够同步建设好为保户提供优质服务所需的基础设施。",[14,326,327],{},"由于第一年的高额成本，那些在意季度或年度盈利的公司往往不敢做类似的投资，不管这些投资在创建长期价值方面是多么明智。但我们的算法不一样：我们只是简单地衡量每投入一块钱是否能创造出超过一块钱的价值——如果这个计算结果是有利的，那我们花的钱越多，我就越高兴。",[14,329,330],{},"当然，盖可保险的成功绝不仅仅在于低价和铺天盖地的广告。理赔处理也必须公正、快速且友善——而我们的确做到了。这里有一个客观的评分：在纽约——我们业务量最大的州——保险管理部门最近报告，盖可保险1997年的投诉比率不仅是五大汽车保险公司中最低的，而且还不到其他四家平均水平的一半。",[14,332,333],{},"盖可保险1998年的承保利润率达到6.7%，比我们预期的要好——实际上，好得超出了我们的期望。我们的成绩反映了一个行业性的现象：近年来，汽车事故的频率和严重程度都出人意料地下降了。对此我们的回应是在1998年降低了3.3%的费率，1999年我们还会进一步降价。这些举措将很快把利润率拉低——至少降到4%，这是我们的目标，甚至可能降得更多。不管怎样，我们相信我们的利润率将继续远优于行业平均水平。",[14,335,336],{},"由于盖可保险1998年在增长和盈利两方面都表现出色，利润分享和奖金的金额也水涨船高。利润分享的总额达到1.03亿美元，相当于工资的32.3%——发放给全部年资超过一年的9,313名同事——这个比例在全美大型企业中恐怕是最高的。（此外，同事们还享有公司出资的退休金计划。）",[14,338,339],{},"考虑到盈利能力这一因子在未来几乎肯定会有所下降，32.3%的比例可能已经是最高水位了。不过增长这一因子倒是很可能继续上升。总的来说，我们预期这两项指标合在一起，将在未来几十年内为大家带来非常可观的利润分享。对我们的同事来说，公司增长还意味着其他的好处：去年共有4,612人获得晋升。",[14,341,342],{},"盖可保险的数字固然令人印象深刻，但我们要做的还有很多。1998年我们的市场份额大幅提升——但也不过是从3%增长到了3.5%而已。我们现在每拥有一个保户，外面就还有十个人应该把保单交给我们。",[14,344,345],{},"正在读这封信的你们当中，有些人可能就属于这个群体。在那些来查询我们费率的人当中，大约40%会发现通过我们投保可以省下一笔钱。之所以不是100%，是因为各家保险公司的核保标准不同，有些对特定地区的居民或从事特定职业的客户给予更多优惠。不过我们相信，在面向所有客户销售保险的全国性保险公司中，我们提供最低价格的频率比任何人都高。而且，在40个州我们可以为股东提供特别折扣——通常是8%。所以打个电话给我们试试吧。",[192,347],{},[14,349,350],{},"你们可能觉得这一节打一个广告就够了。但我还有一个要打，这个广告是写给上市公司的经理人看的。",[14,352,353,354,357],{},"在伯克希尔，我们一直认为，告诉像Tony这样杰出的CEO该怎么经营他们的公司，是天底下最愚蠢的事。我们大部分的经理人如果受到太多指手画脚的话，根本不会替我们工作。（一般来说，他们也根本",[30,355,356],{},"不必","为任何人工作，因为大约75%的人早已经财务自由了。）况且，他们是商业世界里的马克·麦奎尔 (Mark McGwires)（棒球全垒打纪录保持者），根本不需要我们来指导他们怎么握棒或什么时候挥击。",[14,359,360],{},"尽管如此，由伯克希尔来当他们的东家，或许能让即便是最优秀的经理人更加如鱼得水。首先，我们取消了CEO通常必须面对的所有繁文缛节和非生产性活动。我们的经理人可以完全自主安排自己的日程。其次，我们给每个人一个简单明了的使命：经营你的企业，就好像——1）你拥有它100%的股权；2）它是你和你的家人在这个世界上拥有的和将要拥有的唯一资产；3）在至少一个世纪内，你不能把它卖掉或与别人合并。作为推论，我们告诉他们，任何决策都不应该受到哪怕一丁点会计因素的影响。我们希望经理人去思考什么才是真正重要的，而不是它在账面上会怎么体现。",[14,362,363,364,367],{},"很少有上市公司的CEO能够在这样的授权下经营公司，主要是因为他们背后的股东只关注短期前景和报告收益。然而，伯克希尔拥有一个——在未来几十年也将继续拥有的——投资眼光在上市公司中堪称最长远的股东群体。事实上，我们的大多数股份都由那些打算持有到死的投资者所持有。因此我们可以要求CEO们追求长期价值的最大化，而不是下一季度的盈利。我们当然不会忽视当下的经营成果——在大多数情况下，这些非常重要——但我们",[30,365,366],{},"绝不","希望这些成果是以牺牲持续增强的竞争优势为代价取得的。",[14,369,370,371,374],{},"我认为盖可保险的故事充分展示了伯克希尔模式的好处。查理跟我从来没有教过Tony任何东西——以后也不会——但我们",[30,372,373],{},"确实","营造了一个让他可以把全部才华用在重要事情上的环境。他不需要把时间和精力花在董事会会议、新闻采访、投行路演或者分析师会谈上。他也不必花一秒钟去操心融资、信用评级或华尔街对每股收益的预期。由于我们的股权结构，他也知道这种运营框架在未来几十年都不会改变。在这样的自由环境下，Tony和他的公司可以把几乎无限的潜力转化为匹配的成就。",[14,376,377],{},"如果你也在经营一家大型的、盈利丰厚的企业，并且觉得在类似盖可保险的环境中会如鱼得水，那就看看我们在报告后面列出的收购标准，然后给我打个电话吧。我保证会很快答复，而且除了查理之外，我不会把你的来电告诉任何人。",[198,379,381],{"id":380},"公务机航空-executive-jet-aviation1-800-848-6436","公务机航空 (Executive Jet Aviation)（1-800-848-6436）",[14,383,384],{},"要理解公务机航空公司 (EJA, Executive Jet Aviation) 的巨大潜力，你需要先了解它的业务模式：出售公务机的部分所有权，并为众多拥有者运营这支机队。EJA的CEO理查德·桑图利 (Rich Santulli) 在1986年构想出了一种重要的飞机使用新方式，从而创造了公务机部分所有权这个全新行业。然后，他凭借过人的胆识和才华，将这个创意变成了一项重大的事业。",[14,386,387],{},"在部分所有权计划中，你购买EJA提供的各种公务机中某一架的一部分——比如说八分之一。这项购买使你每年有权使用100小时的飞行时间。（“空驶”小时不计入你的配额，你还可以在五年内灵活分配这些小时数。）此外，你还需要支付每月的管理费和按实际飞行小时计算的使用费。",[14,389,390],{},"然后，只需提前几个小时通知，EJA就会在你选择的全美5,500座机场中的任何一座，为你准备好你的飞机或者一架至少同等级别的飞机。实际上，叫你的飞机就跟打电话叫出租车一样方便。",[14,392,393],{},"我第一次听说NetJets®服务——这是它的品牌名——大约是四年前，从我们旗下布朗鞋业 (H.H. Brown) 的经理人弗兰克·鲁尼 (Frank Rooney) 那里。Frank一直在使用这项服务并且非常满意，他建议我去见见Rich，看看是否给家人也申请一个。Rich大约只花了15分钟就说服我买下一架霍克1000型 (Hawker 1000) 飞机四分之一的所有权（每年200小时）。从那以后，我的家人在300次旅程、900个飞行小时中亲身体验到了EJA是一个多么友好、高效和安全的运营——毫不夸张地说，他们爱上了这项服务。事实上，他们很快就变得如此热情，以至于在我还不知道有收购EJA的可能性之前，我就已经为EJA做了一条推荐广告。不过我当时确实跟Rich说过，如果他有意出售的话，记得打电话给我。幸运的是，他在去年5月真的打来了电话，我们很快就达成了这笔7.25亿美元的交易，现金和股票各占一半。",[14,395,396],{},"EJA目前是该行业中遥遥领先的最大运营商，拥有超过1,000位客户和163架飞机（其中包括23架由EJA自有或租赁的”核心”飞机，以确保即使在需求最高峰时段也能保持一流的服务品质）。安全当然是任何飞行运营中最重要的考量，而Rich旗下约650名飞行员每年至少在飞安国际 (FlightSafety International)——伯克希尔旗下另一家子公司、也是全球飞行员培训的领导者——接受两次全面的培训。关于我们飞行员的水平，我说一件事就够了：我已经卖掉了伯克希尔的专机，从今以后我的所有商务和私人飞行都将由NetJets的机组来执飞。",[14,398,399],{},"在这个行业中担当领导者对各方都是一大优势。我们的客户受益于我们在全国各地随时部署的庞大机队，这种广泛覆盖使我们能够提供无与伦比的服务。同时，这种覆盖也有利于我们降低空驶成本。我们对客户的另一个极具吸引力之处在于，我们提供波音 (Boeing)、湾流 (Gulfstream)、达索 (Falcon)、塞斯纳 (Cessna) 和雷神 (Raytheon) 的多种机型，而我们的两个竞争对手都隶属于飞机制造商，只能提供自家的机型。实际上，NetJets就像一位可以为每位患者推荐最适合药物的医生；而我们的竞争对手则像是只能给所有人开自家品牌药的药厂。",[14,401,402],{},"在很多情况下，我们的客户——包括企业和个人——同时拥有几种不同飞机的部分所有权，因此可以根据不同的任务匹配不同的飞机。比如，一个客户可以拥有三种不同公务机各十六分之一的所有权（每架50小时的飞行时间），这等于只花了一架飞机成本的一小部分，就拥有了一支虚拟机队。",[14,404,405],{},"值得注意的是，不仅仅是中小企业可以从部分所有权中受益。目前已有一些美国最大的企业把NetJets作为自身机队的补充。这为他们节省了大量资金——既能满足高峰时段的需求，又能在执行那些会让自有飞机产生大量空驶时间的任务时提高效率。",[14,407,408,409,412],{},"当一架飞机主要用于私人用途时，有一个不可辩驳的理由是：要么你现在签约，要么你的孩子以后来签。这跟我40年前向我亲爱的阿姨爱丽丝 (Alice) 解释的道理一样，当时她问我她是否买得起一件貂皮大衣。我的回答一语中的：“阿姨，买这件大衣的",[30,410,411],{},"不是你","，是你的继承人。”",[14,414,415],{},"EJA的增长势头是爆发性的：1997年，全世界所有公务机订单中有31%来自EJA。尽管如此，Rich和我都认为公务机部分所有权的潜力才刚刚开始被挖掘。如果有成千上万的人觉得完全拥有一架飞机是明智之举——而一架飞机从经济角度来说每年至少需要飞350-400小时才划算——那么适合部分所有权的人数一定是这个数字的好几倍。",[14,417,418],{},"Rich除了是一位出色的管理者之外，本人也非常风趣。跟我们大多数经理人一样，他完全不需要靠工作谋生。Rich之所以全身心投入EJA，完全是因为这是他的宝贝——他想看看自己能带它走多远。而这个答案，我们俩其实都已经知道了，不管从字面上还是从比喻上来说，都是：直到天涯海角。",[192,420],{},[14,422,423],{},"最后给伯克希尔的董事们一个小暗示：去年我光是在波仙珠宝 (Borsheim’s) 和EJA的花费就超过了我薪水的九倍。各位想想看，只要给我涨涨薪，伯克希尔旗下的生意得多兴隆啊。",[198,425,427],{"id":426},"通用再保险-general-re","通用再保险 (General Re)",[14,429,430],{},"12月21日，我们完成了对通用再保险公司 (General Re Corp.) 220亿美元的收购。除了100%持有美国最大的财产意外险再保险公司——通用再保险公司 (General Reinsurance Corporation) 之外，该公司还拥有（包括已安排购买的股份在内）全世界最古老的再保险公司——科隆再保险 (Cologne Re) 82%的股权。两家公司共同为所有保险险种提供再保险服务，业务遍及全球124个国家。",[14,432,433],{},"几十年来，通用再保险这个名字就是再保险行业品质、诚信和专业的代名词——而在罗恩·弗格森 (Ron Ferguson) 的领导下，这块金字招牌更加熠熠生辉。在再保险专业方面，伯克希尔完全没有什么可以给通用再保险和科隆再保险的管理团队补课的。恰恰相反，他们能教我们的东西倒是很多。",[14,435,436],{},"尽管如此，我们相信伯克希尔的入主将在很多重要方面使通用再保险受益，而且十年后它的盈利将大幅超过不合并情况下所能达到的水平。我们的乐观基于一个事实：我们能够给通用再保险的管理团队提供充分的自由，让他们以最有利于发挥公司优势的方式来经营。",[14,438,439],{},"让我们花一点时间来了解再保险业务，看看为什么通用再保险独立经营时做不到的事情，在伯克希尔旗下就能做到。对再保险的大部分需求来自直保公司，它们希望规避因大型、异常损失导致的盈利大幅波动。实际上，再保险公司就是靠承接直保公司想要甩掉的波动性来赚钱的。",[14,441,442],{},"讽刺的是，一家上市的再保险公司却要同时接受股东和信用评级机构对其自身业绩平稳性的检验。盈利的大幅波动会损害信用评级和市盈率，哪怕产生这种波动的业务在长期内有着令人满意的预期利润。这种市场现实有时会迫使再保险公司做出代价高昂的举动，包括将已承接业务的很大一部分转出去（业内称为”转分保”），或者仅仅因为可能带来过大的盈利波动而拒绝好生意。",[14,444,445,446,449],{},"而伯克希尔则乐于接受波动性——只要伴随而来的是长期利润增长的预期。更重要的是，我们的资本就像诺克斯堡金库一样坚不可摧，这意味着盈利波动丝毫不会影响到我们顶级的信用评级。因此我们拥有完美的架构，可以承保——并且",[30,447,448],{},"自留","——几乎任何金额的再保险业务。事实上，过去十年来我们正是利用这一优势建立起了强大的巨灾再保险业务。",[14,451,452],{},"而通用再保险给我们带来的，则是营销网络、技术设施和管理团队，使我们能够将自身的结构性优势运用到保险行业的方方面面。特别是，通用再保险和科隆再保险现在可以加速进军国际市场，而行业增长的重心几乎可以肯定将在国际市场上。正如合并委托书中所详述的，伯克希尔还将为通用再保险带来税务和投资方面的优势。但最令人信服的合并理由其实很简单：通用再保险杰出的管理团队现在可以放开手脚做他们最擅长的事，不再受过去制约其增长的各种束缚。",[14,454,455],{},"伯克希尔将负责管理通用再保险的投资组合，但科隆再保险的不包括在内。然而，我们不会插手通用再保险的承保业务。我们只是简单地要求他们在维持过去承保纪律的同时，利用伯克希尔强大的财务实力和对盈利大幅波动的超强承受力，提高自留业务比例、扩大产品线、拓展业务区域。就像我们一直说的，我们宁要波动剧烈的15%，也不要平平稳稳的12%。",[14,457,458],{},"假以时日，Ron和他的团队一定能将通用再保险的新潜力发挥到极致。他和我相识多年，我们两家公司之间一直有着重要的再保险业务往来。事实上，通用再保险在1976年盖可保险从濒临倒闭中起死回生的过程中，扮演了极为关键的角色。",[14,460,461],{},"Ron和Rich Santulli都计划出席今年的股东大会，我希望大家能有机会跟他们打个招呼。",[198,463,464],{"id":464},"财产意外险的经营哲学",[14,466,467],{},"随着通用再保险的加入，以及盖可保险业务的蓬勃发展，各位比以往任何时候都更有必要了解如何评估一家保险公司。关键的决定因素有三个：（1）这项业务能够产生多少浮存金；（2）获取浮存金的成本；以及（3）最重要的，这两个因素的长期前景。",[14,469,470],{},"首先说说浮存金——这是一笔我们持有但不属于我们的钱。在保险运营中，浮存金的产生是因为保费在损失赔付之前就已收取，而这个时间间隔有时长达数年。在此期间，保险公司可以用这笔钱进行投资。通常，这种愉快的活动伴随着一个负面因素：保险公司收取的保费通常不足以覆盖最终必须支付的损失和费用。这就产生了”承保亏损”，也就是浮存金的成本。一家保险企业有没有价值，取决于其长期浮存金成本是否低于公司从其他渠道获取资金的成本。但如果浮存金的成本高于市场利率，那这门生意就是一颗酸柠檬。",[14,472,473],{},"这里有一个需要特别注意的地方：由于损失成本必须依靠估算，保险公司在计算承保业绩方面有很大的弹性空间，这使得投资者很难准确衡量一家保险公司真正的浮存金成本。估算误差——通常是无心的，但有时候是故意的——可以非常大。这些误差的后果直接反映在盈利数字上。有经验的行家通常能够发现准备金提列中的重大错误，但普通投资大众通常只能接受财报上呈现的数字。而我个人有时候会被那些赫赫有名的审计事务所默许通过的数字吓到。至于伯克希尔，查理跟我在向各位报告承保业绩时，总是尽量采取保守的方针，因为我们发现保险业冒出来的意外几乎没有什么好消息。",[14,475,476],{},"下表显示的是伯克希尔进入保险业务32年以来产生的浮存金。数据每五年列示一次，最后一年的数字包含了通用再保险的巨额浮存金。在这张表中，我们通过将净损失准备金、损失调整费用准备金、再保险预收资金和未到期保费准备金加总，再减去代理人余额、预付取得成本、预付税款和再保险递延费用来计算浮存金。（听明白了吗？）",[49,478,479,488],{},[52,480,481],{},[55,482,483,485],{},[58,484,60],{},[58,486,487],{},"平均浮存金（百万美元）",[68,489,490,498,506,514,522,530,538,545],{},[55,491,492,495],{},[73,493,494],{},"1967",[73,496,497],{},"17",[55,499,500,503],{},[73,501,502],{},"1972",[73,504,505],{},"70",[55,507,508,511],{},[73,509,510],{},"1977",[73,512,513],{},"139",[55,515,516,519],{},[73,517,518],{},"1982",[73,520,521],{},"221",[55,523,524,527],{},[73,525,526],{},"1987",[73,528,529],{},"1,267",[55,531,532,535],{},[73,533,534],{},"1992",[73,536,537],{},"2,290",[55,539,540,542],{},[73,541,298],{},[73,543,544],{},"7,093",[55,546,547,549],{},[73,548,108],{},[73,550,551],{},"22,762（年末值）",[14,553,554],{},"浮存金25.4%的年化复合增长率固然令人印象深刻，但真正重要的是这些浮存金的获取成本。如果成本过高，浮存金的增长就会变成一种诅咒而非祝福。",[14,556,557],{},"在伯克希尔，消息全是好的：32年来我们的平均成本远低于零。总体而言，我们录得了可观的承保利润，这意味着我们不但持有一笔庞大且不断增长的资金，而且还因为持有它而获得了报酬。这是最好的世界。事实上，虽然我们的净浮存金在资产负债表上被记为负债，但它对我们的经济价值比等额的净资产还要高。只要我们能够持续取得承保利润，浮存金的价值就将持续超越净资产。",[14,559,560],{},"在未来几年内，伯克希尔浮存金的增长可能较为温和。再保险市场处于低迷期，而在这个行业中，业务关系的变化非常缓慢。因此，占我们总浮存金约三分之二的通用再保险浮存金在短期内不太可能有显著增长。不过，我们仍然预期我们的浮存金成本相较于其他保险公司将保持非常有吸引力的水平。",[198,562,563],{"id":563},"报告收益的来源",[14,565,566],{},"下表显示了伯克希尔报告收益的主要来源。在这种列示方式中，购买法会计调整没有分摊到具体的业务中，而是汇总后单独列示。这种处理方式使你能够看到如果我们没有收购这些业务时，它们各自的盈利情况。基于此前讨论过的原因，我们认为这种列示方式——相比通用会计准则 (GAAP) 要求的将收购溢价逐一分摊到各业务的方式——对投资者和管理者更有帮助。当然，表中的总收益与我们经审计财务报表中的GAAP总数完全一致。",[49,568,569,585],{},[52,570,571],{},[55,572,573,575,578,580,583],{},[58,574],{},[58,576,577],{},"税前收益",[58,579,577],{},[58,581,582],{},"税后收益（伯克希尔应占）",[58,584,582],{},[68,586,587,600,613,626,643,660,677,693,710,726,743,759,776,792,807,824,840,854,869,886,902,919,935,947,964,980,992],{},[55,588,589,592,594,596,598],{},[73,590,591],{},"（百万美元）",[73,593,108],{},[73,595,298],{},[73,597,108],{},[73,599,298],{},[55,601,602,605,607,609,611],{},[73,603,604],{},"经营收益：",[73,606],{},[73,608],{},[73,610],{},[73,612],{},[55,614,615,618,620,622,624],{},[73,616,617],{},"保险集团：",[73,619],{},[73,621],{},[73,623],{},[73,625],{},[55,627,628,631,634,637,640],{},[73,629,630],{},"承保——巨灾再保险",[73,632,633],{},"$ 154",[73,635,636],{},"$ 283",[73,638,639],{},"$ 100",[73,641,642],{},"$ 183",[55,644,645,648,651,654,657],{},[73,646,647],{},"承保——其他再保险",[73,649,650],{},"(175)",[73,652,653],{},"(155)",[73,655,656],{},"(114)",[73,658,659],{},"(100)",[55,661,662,665,668,671,674],{},[73,663,664],{},"承保——盖可保险",[73,666,667],{},"269",[73,669,670],{},"281",[73,672,673],{},"175",[73,675,676],{},"181",[55,678,679,682,684,687,690],{},[73,680,681],{},"承保——其他直保",[73,683,497],{},[73,685,686],{},"53",[73,688,689],{},"10",[73,691,692],{},"34",[55,694,695,698,701,704,707],{},[73,696,697],{},"净投资收益",[73,699,700],{},"974",[73,702,703],{},"882",[73,705,706],{},"731",[73,708,709],{},"704",[55,711,712,715,717,720,723],{},[73,713,714],{},"布法罗新闻报 (Buffalo News)",[73,716,686],{},[73,718,719],{},"56",[73,721,722],{},"32",[73,724,725],{},"33",[55,727,728,731,734,737,740],{},[73,729,730],{},"金融及金融产品业务",[73,732,733],{},"205",[73,735,736],{},"28",[73,738,739],{},"133",[73,741,742],{},"18",[55,744,745,748,750,753,756],{},[73,746,747],{},"飞行服务(1)",[73,749,676],{},[73,751,752],{},"140",[73,754,755],{},"110",[73,757,758],{},"84",[55,760,761,764,767,770,773],{},[73,762,763],{},"家具业务",[73,765,766],{},"72",[73,768,769],{},"57(2)",[73,771,772],{},"41",[73,774,775],{},"32(2)",[55,777,778,781,784,787,790],{},[73,779,780],{},"冰雪皇后 (International Dairy Queen)",[73,782,783],{},"58",[73,785,786],{},"–",[73,788,789],{},"35",[73,791,786],{},[55,793,794,797,800,802,805],{},[73,795,796],{},"珠宝业务",[73,798,799],{},"39",[73,801,722],{},[73,803,804],{},"23",[73,806,742],{},[55,808,809,812,815,818,821],{},[73,810,811],{},"斯科特费泽 (Scott Fetzer)（不含金融业务）",[73,813,814],{},"137",[73,816,817],{},"119",[73,819,820],{},"85",[73,822,823],{},"77",[55,825,826,829,832,835,838],{},[73,827,828],{},"喜诗糖果 (See’s Candies)",[73,830,831],{},"62",[73,833,834],{},"59",[73,836,837],{},"40",[73,839,789],{},[55,841,842,845,847,850,852],{},[73,843,844],{},"鞋业集团",[73,846,725],{},[73,848,849],{},"49",[73,851,804],{},[73,853,722],{},[55,855,856,859,862,864,867],{},[73,857,858],{},"通用再保险(3)",[73,860,861],{},"26",[73,863,786],{},[73,865,866],{},"16",[73,868,786],{},[55,870,871,874,877,880,883],{},[73,872,873],{},"购买法会计调整",[73,875,876],{},"(123)",[73,878,879],{},"(101)",[73,881,882],{},"(118)",[73,884,885],{},"(94)",[55,887,888,891,893,896,899],{},[73,889,890],{},"利息费用(4)",[73,892,659],{},[73,894,895],{},"(107)",[73,897,898],{},"(63)",[73,900,901],{},"(67)",[55,903,904,907,910,913,916],{},[73,905,906],{},"股东指定捐赠",[73,908,909],{},"(17)",[73,911,912],{},"(15)",[73,914,915],{},"(11)",[73,917,918],{},"(10)",[55,920,921,924,926,929,932],{},[73,922,923],{},"其他",[73,925,692],{},[73,927,928],{},"60",[73,930,931],{},"29",[73,933,934],{},"37",[55,936,937,939,941,943,945],{},[73,938],{},[73,940],{},[73,942],{},[73,944],{},[73,946],{},[55,948,949,952,955,958,961],{},[73,950,951],{},"经营收益",[73,953,954],{},"1,899",[73,956,957],{},"1,721",[73,959,960],{},"1,277",[73,962,963],{},"1,197",[55,965,966,969,972,975,978],{},[73,967,968],{},"投资资本利得",[73,970,971],{},"2,415",[73,973,974],{},"1,106",[73,976,977],{},"1,553",[73,979,709],{},[55,981,982,984,986,988,990],{},[73,983],{},[73,985],{},[73,987],{},[73,989],{},[73,991],{},[55,993,994,997,1000,1003,1006],{},[73,995,996],{},"所有实体收益合计",[73,998,999],{},"$ 4,314",[73,1001,1002],{},"$ 2,827",[73,1004,1005],{},"$ 2,830",[73,1007,1008],{},"$ 1,901",[14,1010,1011],{},[30,1012,1013],{},"(1) 包含公务机航空自1998年8月7日之后的收益。",[14,1015,1016],{},[30,1017,1018],{},"(2) 包含明星家具 (Star Furniture) 自1997年7月1日之后的收益。",[14,1020,1021],{},[30,1022,1023],{},"(3) 自收购完成日1998年12月21日起。",[14,1025,1026],{},[30,1027,1028],{},"(4) 不含金融业务的利息费用。",[14,1030,1031],{},"大家完全可以为我们旗下的经理人感到自豪。他们几乎无一例外地创造了行业条件所允许的最佳盈利，同时还在不断加固企业的长期竞争优势。总的来说，他们已经为大家创造了数十亿美元的价值。",[14,1033,1034],{},"举个例子：在1994年的信中，我曾向各位报告拉尔夫·谢伊 (Ralph Schey) 在斯科特费泽的非凡表现。我万万没想到的是，那时他不过才刚热身完毕。去年，斯科特费泽在没有任何借款的情况下（除了财务子公司的保守负债之外），仅凭1.12亿美元的净资产，竟创下了9,650万美元税后收益的历史纪录。",[14,1036,1037],{},"今天，伯克希尔拥有一大批像Ralph这样在各自行业中堪称传奇的人物。他们当中很多人是在我们收购公司时就加入了我们的队伍，但近年来我们也从内部发掘了不少出色的经理人。随着通用再保险和EJA的加入，我们的全明星阵容又进一步壮大了。",[14,1039,1040],{},"查理跟我在伯克希尔的活儿其实很轻松：我们几乎什么都不做，除了配置资本。即便如此，我们也不是特别勤快。不过我们有一个借口：在资本配置领域，做得多并不等于做得好。事实上，在投资和并购领域，过于疯狂的行动往往适得其反。因此，查理跟我通常就是静静地坐着等电话铃响。",[14,1042,1043],{},"当然，我们的经理人确实非常努力——而且成效显著。很自然的，他们希望自己的付出能得到公平的回报，但光靠薪酬并不能解释他们为何有如此杰出的成就。真正驱动每一位经理人的，是一种愿景——看看自己能把这门生意带到多远——以及成为那个把它带到那里的人的渴望。查理和我谨代表大家和我们自己，向他们致以最诚挚的感谢。",[192,1045],{},[14,1047,1048],{},"关于我们各项业务的更多信息，请参阅年报相关章节，那里也有按GAAP基础编制的分部收益。此外，我们还将伯克希尔的财务数据以非GAAP基础重新编排为四个分部，这种呈现方式与查理和我对公司的思考方式一致。",[14,1050,1051],{},"通常接下来这一节应该讨论”透视”收益。但由于通用再保险的收购发生在接近年末的时候，无论是历史数据还是拟制的1998年数据都已没有太大意义。我们将在明年的报告中恢复透视收益的计算。",[198,1053,1054],{"id":1054},"投资业务",[14,1056,1057],{},"下面是我们的普通股投资情况。市值超过7.5亿美元的个股单独列示。",[49,1059,1060,1076],{},[52,1061,1062],{},[55,1063,1064,1067,1070,1073],{},[58,1065,1066],{},"股份数量",[58,1068,1069],{},"公司",[58,1071,1072],{},"成本*（1998年12月31日，百万美元）",[58,1074,1075],{},"市值（1998年12月31日，百万美元）",[68,1077,1078,1092,1106,1119,1133,1147,1161,1175,1187,1197],{},[55,1079,1080,1083,1086,1089],{},[73,1081,1082],{},"50,536,900",[73,1084,1085],{},"美国运通 (American Express)",[73,1087,1088],{},"$ 1,470",[73,1090,1091],{},"$ 5,180",[55,1093,1094,1097,1100,1103],{},[73,1095,1096],{},"200,000,000",[73,1098,1099],{},"可口可乐 (The Coca-Cola Company)",[73,1101,1102],{},"1,299",[73,1104,1105],{},"13,400",[55,1107,1108,1111,1114,1116],{},[73,1109,1110],{},"51,202,242",[73,1112,1113],{},"华特迪士尼 (The Walt Disney Company)",[73,1115,670],{},[73,1117,1118],{},"1,536",[55,1120,1121,1124,1127,1130],{},[73,1122,1123],{},"60,298,000",[73,1125,1126],{},"房地美 (Freddie Mac)",[73,1128,1129],{},"308",[73,1131,1132],{},"3,885",[55,1134,1135,1138,1141,1144],{},[73,1136,1137],{},"96,000,000",[73,1139,1140],{},"吉列 (The Gillette Company)",[73,1142,1143],{},"600",[73,1145,1146],{},"4,590",[55,1148,1149,1152,1155,1158],{},[73,1150,1151],{},"1,727,765",[73,1153,1154],{},"华盛顿邮报 (The Washington Post Company)",[73,1156,1157],{},"11",[73,1159,1160],{},"999",[55,1162,1163,1166,1169,1172],{},[73,1164,1165],{},"63,595,180",[73,1167,1168],{},"富国银行 (Wells Fargo & Company)",[73,1170,1171],{},"392",[73,1173,1174],{},"2,540",[55,1176,1177,1179,1182,1185],{},[73,1178,923],{},[73,1180,1181],{},"2,683",[73,1183,1184],{},"5,135",[73,1186],{},[55,1188,1189,1191,1193,1195],{},[73,1190],{},[73,1192],{},[73,1194],{},[73,1196],{},[55,1198,1199,1202,1205,1208],{},[73,1200,1201],{},"普通股合计",[73,1203,1204],{},"$ 7,044",[73,1206,1207],{},"$ 37,265",[73,1209],{},[316,1211,1212],{},[319,1213,1214],{},"成本以税务基础计算，合计比GAAP账面成本低15亿美元。",[14,1216,1217,1218,1221],{},"今年我们略微增加了美国运通的持股——它是我们三大重仓股之一——另外两大持仓保持不变。不过我们削减或大幅减少了许多较小的头寸。在这里，我必须做一个忏悔（唉）：我1998年在投资组合上的操作实际上",[30,1219,1220],{},"减少","了我们当年的收益。尤其是我决定卖出麦当劳 (McDonald’s) 是一个非常大的错误。总的来说，如果去年在交易时段我偷偷溜去看电影的话，大家的日子会过得更好些。",[14,1223,1224],{},"到年底，我们手里持有超过150亿美元的现金等价物（包括一年内到期的优质证券）。抱着一堆现金从来不会让我们开心。但让这些钱在伯克希尔的口袋里烧出洞来，总好过让它们舒舒服服地躺在别人的口袋里。查理跟我会继续寻找大型股票投资机会，或者更好的情况是，一笔真正重大的企业收购来消化我们的流动资产。不过目前，我们在地平线上看不到任何目标。",[14,1226,1227],{},"当通用再保险的合并一经确定，我们就要求该公司处置其所持有的全部股票。（如前所述，我们不管理科隆再保险的投资组合，其中包括不少股票。）通用再保险随即清仓了大约250只普通股，在此过程中缴纳了9.35亿美元的税。这种”一扫而光”的做法体现了查理和我在经营和投资中秉持的一个基本原则：我们不为过去的决策背书。",[14,1229,1230,1231,1233],{},"去年我打破了惯例——通常我们不会主动披露投资（法律要求的除外）——告诉大家我们做了三项非常规投资。这样做有几个原因。第一，监管部门就我们的白银持仓提出的一些问题，让我们觉得他们希望我们公开承认这项投资。第二，我们的零息债券仓位很大，我们希望股东了解这项投资对伯克希尔净值的潜在影响。第三，我们只是想提醒大家，我们有时候",[30,1232,373],{},"会做一些非常规的投资。",[14,1235,1236],{},"不过，正如股东手册中所讨论的，通常我们认为公开谈论具体的投资动作对公司没有任何好处。因此——除非我们再次在某个特别的方向上建立特别大的仓位——我们不会向各位报告任何非常规持仓的具体操作。我们可以透露的是，去年披露的部分仓位已经清仓，同时新增了一些其他的仓位。",[14,1238,1239],{},"我们这种对投资”即使不实也不评论”的政策，可能会让那些想搭顺风车的人失望，但对股东有利：如果我们公开讨论我们的投资动作，你们手中的伯克希尔股票反而会更不值钱。顺便提醒大家，媒体对于我们投资动向的臆测在大多数情况下都是错误的。听信这些报道的人，后果自负。",[198,1241,1243],{"id":1242},"会计问题第一部分","会计问题：第一部分",[14,1245,1246],{},"我们收购通用再保险一事揭露了会计原则中一个令人瞠目的缺陷。眼尖的股东在阅读我们的委托书时，可能注意到其中一项不寻常的条目。在拟制合并损益表中——详细说明了两个实体1997年的合并收益会如何受到合并的影响——有一项说明薪酬费用将因此增加6,300万美元。",[14,1248,1249],{},"我得赶紧补充说明，这并不意味着查理或我的性格发生了什么重大变化。（他照样坐经济舱，照样引用本杰明·富兰克林 (Ben Franklin) 的名言。）这也不代表通用再保险的会计做法有什么问题，该公司一直严格遵循通用会计准则。实际上，这项拟制调整的产生是因为我们正在用一个现金奖励计划来取代通用再保险长期实行的股票期权计划，新计划将通用再保险经理人的激励薪酬与他们的经营业绩挂钩。以前，这些经理人关心的是通用再保险的股价；现在，他们的回报将完全取决于各自负责业务的经营表现。",[14,1251,1252],{},"新计划与被终止的期权计划在经济实质上是等价的，也就是说在相同的业绩水平下，员工得到的奖励应该是一样的。但是，这些人此前预期从新的期权授予中获得的回报，现在将以现金形式支付。（过去几年已经授予的期权继续有效。）",[14,1254,1255,1256,1259],{},"虽然两个计划在经济上是等价的，但我们实施的现金计划将在会计上产生截然不同的结果。这种爱丽丝梦游仙境般的结果之所以出现，是因为现行的会计准则在计算收益时完全无视股票期权的成本——尽管期权已经成为许多企业巨大且不断增长的费用。实际上，会计准则给管理层提供了一个选择：用一种形式给员工发薪酬就要计入成本，用另一种形式发就可以视而不见。股票期权的使用像蘑菇一样疯长也就不足为奇了。然而，这种一边倒的选择对股东有很大的坏处：虽然期权如果结构设计得当，可以是一种恰当的、",[30,1257,1258],{},"甚至是理想的","补偿和激励高管的方式，但在更多情况下，期权在回报分配上任意妄为，作为激励工具效率低下，对股东来说又贵得离谱。",[14,1261,1262],{},"不管期权有什么优点，它们的会计处理简直是骇人听闻。试想一下我们今年准备在盖可保险广告上花的那1.9亿美元。假如我们不用现金支付广告费，而是以10年期、按市价发行的伯克希尔期权来支付呢？那还有人会出来说伯克希尔的广告不花钱吗？难道不应该在账簿上记录这笔成本吗？",[14,1264,1265],{},"也许贝克莱主教 (Bishop Berkeley)——你们可能还记得他就是那位哲学家，曾经思考”如果无人在场，森林中倒下的树有没有声音”的问题——会真的相信会计师看不见的成本就不存在。但查理和我对于不入账的成本实在难以如此超然。当我们考虑投资一家发放期权的公司时，我们会对其报告收益做适当的向下调整，直接减去一个金额——等于该公司如果在公开市场上出售同等数量和结构的期权所能获得的收入。同样的，如果我们考虑一项收购，我们会在估值中纳入替换现有期权计划的成本。然后，如果交易达成，我们会立即将这笔成本从隐蔽处拿出来。",[14,1267,1268],{},"在期权问题上与我意见不同的读者，此时大概已经在心里跟我争论了，不认为应该把发给员工的期权成本与理论上可以在公开市场出售的期权等同起来。确实，员工期权有时会被没收——这对股东的损害较小——而公开发行的期权不会。确实，公司在员工行使期权时可以获得税务抵扣，而公开交易的期权没有这种好处。但这些有利因素也有另一面的抵消：发给员工的期权经常会被重新定价，这种变通使得它们比公开发行的期权成本高得多。",[14,1270,1271,1272,1275],{},"有人会说，发给员工的不可转让期权对员工的价值低于可以自由出售的公开交易期权。这话没错，但这并不降低不可转让期权对公司的",[30,1273,1274],{},"成本","。给员工配一辆只能用于特定用途的公务车，固然降低了这辆车对员工的价值，但丝毫不会降低公司购车的成本。",[14,1277,1278],{},"近年来，查理和我因期权问题而对上市公司报告收益所做的向下修正，经常将每股数字削减5%，削减10%的情况也并不罕见。有时候，向下调整的幅度大到影响了我们的投资组合决策，导致我们要么卖出一只股票，要么放弃本来可能会买入的股票。",[14,1280,1281],{},"几年前我们在这里提出了三个问题，至今没有得到答案：“如果期权不是一种薪酬，那它是什么？如果薪酬不是一种费用，那它又是什么？如果费用不应该列入收益的计算，那到底应该把它放到哪里去？”",[198,1283,1285],{"id":1284},"会计问题第二部分","会计问题：第二部分",[14,1287,1288],{},"管理层在股票期权会计问题上扮演的角色很难说是正面的：近年来，令人沮丧的是大量CEO和审计师都在拼命抵制美国财务会计准则委员会 (FASB) 试图用真实取代虚构的努力，几乎没有人站出来支持FASB。反对者甚至搬来了国会助阵，鼓吹虚增收益符合国家利益。",[14,1290,1291,1292,1295,1296,1299],{},"尽管如此，我认为管理层在重组和合并会计方面的行为更加恶劣。在这些领域，许多管理层有意操纵数字欺骗投资者。正如迈克尔·金斯利 (Michael Kinsley) 评价华盛顿时所说的：“真正的丑闻不在于那些",[30,1293,1294],{},"违法","的事，而在于那些完全",[30,1297,1298],{},"合法","的事。”",[14,1301,1302],{},"以前要分辨会计上的好人和坏人还比较容易：比如1960年代末期就掀起了一股狂潮，有个江湖骗子美其名曰”大胆而富有想象力的会计”（顺便说一句，这种做法让他一度成为华尔街的宠儿，因为他从来不会让人对收益失望）。但那个时代的大多数投资者都知道谁在玩猫腻。而且，值得称道的是，几乎所有最受尊敬的美国大公司在当时都对这种欺诈嗤之以鼻。",[14,1304,1305,1306,1309],{},"近年来，道德操守在不断侵蚀。很多大企业仍然走正道，但有越来越多原本品格高尚的经理人——那种你很乐意让女儿嫁给他、或请他当遗嘱执行人的CEO——渐渐觉得操纵收益来满足他们认为的华尔街的期望是完全没问题的。事实上，很多CEO不仅觉得这种操纵可以接受，甚至认为这是他们的",[30,1307,1308],{},"职责","所在。",[14,1311,1312],{},"这些经理人一开始就抱着一个过于普遍的假设：他们的工作就是在任何时候都要推动股价尽可能地高（这个前提我们坚决不同意）。为了撑高股价，他们值得赞赏地追求卓越的运营。但当运营未能达到预期效果时，这些CEO就求助于不那么光彩的会计手法。这些手法要么直接”制造”出想要的”收益”，要么为未来的收益数字铺路。",[14,1314,1315],{},"为了让这种行为合理化，这些经理人常常说，如果他们做交易的”货币”——也就是公司股票——得不到充分定价，股东就会受到伤害；他们还辩称，在使用会计花招来获得想要的数字时，他们不过是在做别人都在做的事。一旦这种”人人都在做”的态度确立，道德上的顾虑就荡然无存了。我们可以把这种行为称为”格雷欣之子”：劣质会计驱逐优质会计。",[14,1317,1318],{},"当下最时髦的粉饰手段是”重组费用”——这个会计科目本身当然可以是合法的，但太多时候被用作操纵收益的工具。在这种障眼法中，本应分摊到若干年的一大笔费用被一次性塞进某个季度——而这个季度通常已注定要让投资者大失所望。在某些情况下，这笔费用的目的是清理过去虚假的收益；在另一些情况下，则是为将来继续虚增收益做铺垫。不管是哪种情况，这些费用的规模和时机都基于一种玩世不恭的判断：华尔街不会在意某个季度每股收益少了5美元，只要这种不足能确保未来各季度的每股收益稳稳地超出预期5分钱。",[14,1320,1321,1322,1325],{},"这种”把所有垃圾塞进一个季度”的行为，让人联想到一种同样”大胆而富有想象力”的高尔夫球计分方法。赛季第一轮，这位球员不管自己打得怎么样，直接在记分卡上填最烂的成绩——双柏忌、三柏忌、四柏忌——然后交出一张比如说140杆的成绩单。建立了这个”储备”之后，他跑到高尔夫球商店对教练说，他想”重组”一下自己不够完美的挥杆。接下来，当他带着”新挥杆”上场时，他只记打得好的洞，打得不好的则不算——那些”旧挥杆”的遗留问题统统记到先前建立的储备里去。五轮下来，他的记录就变成了140、80、80、80、80，而不是91、94、89、94、92。在华尔街，他们会无视那个140——那毕竟是已经”停用”的挥杆打出来的——然后把我们的这位英雄归类为80杆的高手（而且还",[30,1323,1324],{},"从不","让人失望）。",[14,1327,1328],{},"对于那些喜欢预先作弊的人来说，还有这种策略的一个变体。这位球员和一个配合默契的球童兼审计师单独打球，先把坏洞的成绩往后拖，拿下四轮80杆，接受人们对他稳定出色球技的赞美，然后交出第五轮的140杆成绩单。在用这场”大洗澡”纠正了之前的记分欺诈之后，他或许会嘟囔几句歉意，但绝不会退还之前在俱乐部凭成绩单赢来的奖金。（至于那位球童嘛，不用我们说，自然是赢得了一位忠实的老主顾。）",[14,1330,1331],{},"不幸的是，现实生活中使用这些变体计分法的CEO往往会对这种把戏上瘾——毕竟，在记分卡上动手脚可比花时间去练习场苦练容易多了——他们再也鼓不起勇气来戒掉。他们的行为让我想起了伏尔泰 (Voltaire) 对某种尝试的评论：“第一次是哲学家，第二次就是老手了。”",[14,1333,1334],{},"在并购领域，重组已经被提升到了艺术的高度：管理层现在经常利用合并来不诚实地重新安排资产和负债的价值，以便日后能够平滑和虚增收益。事实上，在交易谈判时，大型审计事务所有时还会主动点拨一些会计魔术的可能性（有时是小魔术，有时是大魔术）。有了来自布道坛的推动，一流的人格也常常会屈服于三流的伎俩。可以理解的是，CEO们很难拒绝经审计师认可的、能够增加未来”收益”的策略。",[14,1336,1337],{},"来自财产意外险行业的一个例子可以说明其中的奥妙。当一家财产意外险公司被收购时，买方有时会同时大幅增加损失准备金。这种提升可能只是反映了此前准备金不足的事实——尽管这种精算上的”发现”恰好与交易签字同时出现，实在巧合得令人不可思议。不管怎样，这一举动为日后释放准备金以增加”收益”创造了条件。",[14,1339,1340],{},"伯克希尔与这些做法完全绝缘：如果注定要让你们失望，我们宁可是因为真实的盈利，而不是因为会计花招。在我们所有的收购中，我们都让损失准备金保持在我们发现时的水平不变。毕竟，一直以来与我们共事的保险业务经理人都深谙本业，在财务报告上也都坦诚相待。因此，当某些并购交易中负债被立刻大幅增加时，简单的逻辑就会告诉你，上述两种美德中至少有一种不存在——或者，收购方正在为未来注入”收益”埋下伏笔。",[14,1342,1343],{},"这里有一个真实的故事，充分说明了美国企业界一种再常见不过的心态。不久前，两家大型银行的CEO进行了一次友好的合并洽谈（最终未成交），其中一位是并购经验丰富的老手。这位老手正在滔滔不绝地阐述合并的种种好处，却被另一位CEO打断了：“但那岂不是意味着一笔巨额的费用，”他问道，“可能高达10亿美元？”这位”老江湖”毫不犹豫地回答：“我们要把它搞得更大——这正是我们做这笔交易的原因。”",[14,1345,1346],{},"据巴尔的摩的R.G. Associates初步统计，光是在1998年宣布或认列的特别费用——包括重组费用、在研发过程中的费用、合并相关费用和资产减值——就多达1,369项，总金额高达721亿美元。这是一个多么惊人的数字，从以下事实可见一斑：1997年《财富》500强企业的总盈利也不过3,240亿美元。",[14,1348,1349,1350,1353],{},"显然，当今许多管理者对于真实编报财务报表的轻蔑态度，是商业界的一大耻辱。而正如我们已经提到的，审计师在正面方面几乎毫无作为。尽管审计师",[30,1351,1352],{},"本应","将投资大众视为自己的客户，他们却倾向于向那些选择和支付他们报酬的管理层卑躬屈膝。（“端谁的碗，唱谁的歌。”）",[14,1355,1356],{},"不过有一个重大的好消息：在现任主席阿瑟·莱维特 (Arthur Levitt) 的带领下，证监会 (SEC) 似乎决心要整顿美国企业的种种不当行为。在去年9月的一次里程碑式的演讲中，莱维特呼吁终结”收益管理”。他一针见血地指出：“太多的企业经理人、审计师和分析师都在参与一场心照不宣的游戏。”然后他又抛出了一记重磅控诉：“管理正在沦为操纵；诚信正在输给幻象。”",[14,1358,1359],{},"我强烈建议大家去读一读莱维特主席的这篇演讲（你可以在www.sec.gov 上找到），同时支持他致力于让美国企业向股东们讲真话的努力。莱维特的工作堪称赫拉克勒斯级别的艰巨任务，但很难再想到还有什么比这更重要的事情了。",[198,1361,1362],{"id":1362},"给股东的报告",[14,1364,1365,1366,1373],{},"伯克希尔的网站 ",[1367,1368,1372],"a",{"href":1369,"rel":1370},"http:\u002F\u002Fwww.berkshirehathaway.com",[1371],"nofollow","www.berkshirehathaway.com"," 已成为获取公司信息的首要来源。我们仍然向全体股东寄送年报，但季报现在只寄给提出要求的股东，其他人可以在网站上阅读。本报告中再次附有回函卡，需要1999年纸质季报的股东可以填写寄回。",[14,1375,1376],{},"在编写报告时，查理跟我秉持两个简单的目标：1）我们希望提供给你们的信息，与假如我们立场互换、我们希望你们提供给我们的信息完全一样；2）我们希望伯克希尔的信息能够在同一时间传达到每一位股东手中。互联网的出现极大地帮助我们实现了第二个目标。",[14,1378,1379],{},"在9月那次演讲的另一部分中，阿瑟·莱维特批评了他所称的”选择性披露”。他的话非常及时：如今，许多公司理所当然地以各种方式偏袒华尔街分析师和机构投资者，这些做法常常游走在不公平的边缘甚至越线。这些做法让广大普通股东相对于少数特权阶层处于明显的劣势。",[14,1381,1382],{},"在伯克希尔，我们将持有一股B股的股东视为与我们的大型机构投资者完全平等。当然，我们热烈欢迎机构成为我们的股东，通用再保险的合并也为我们带来了不少新的机构股东。我们也希望这些新股东会发现，我们的股东手册和年报为他们提供的关于伯克希尔的洞见和信息，比其他公司通常设立的投资者关系部门所提供的更有价值。但如果股东或分析师想要的是”盈利指引”之类的东西，我们只会简单地引导他们查阅我们的公开文件。",[14,1384,1385],{},"今年我们预计将在5月14日、8月13日和11月12日收盘后将季报发布在网站上。我们还计划在2000年3月11日星期六将1999年年报上传到网站，并大致在同一时间邮寄印刷版。",[14,1387,1388],{},"我们会在网站上及时发布新闻稿。这意味着你不需要依赖媒体消化过的版本，而可以直接在电脑上读到全文。",[14,1390,1391],{},"虽然你们的董事长在技术方面实在是一窍不通，但我还是很高兴地报告，盖可保险、波仙珠宝、喜诗糖果和布法罗新闻报现在都已经通过互联网开展了大量的商务活动。我们最近还开始在网站上销售年金产品。这项业务由阿吉特·贾恩 (Ajit Jain) 开发，过去十年来他一个人就为伯克希尔贡献了相当大比例的经营收益。每当查理跟我去睡觉的时候，阿吉特还在不停地想新办法来为伯克希尔增加价值。",[198,1393,1394],{"id":1394},"股东指定捐赠计划",[14,1396,1397],{},"大约97.5%的有效股权参与了伯克希尔1998年的股东指定捐赠计划，捐赠总额达1,690万美元。",[14,1399,1400],{},"累计18年以来，伯克希尔已按照股东的指示捐出了1.3亿美元。伯克希尔其余的慈善捐赠由旗下子公司完成，它们延续着被我们收购之前就已有的慈善模式（但前任老板自行承担的个人慈善除外）。总计而言，我们的子公司在1998年捐赠了1,250万美元，其中包括200万美元的实物捐赠。",[14,1402,1403],{},[30,1404,1405],{},"想要参加未来计划的股东，必须持有登记在本人名下（而非经纪商、银行或存管机构代名人名下）的A类股。1999年8月31日之前未按此方式登记的股份将无法参与1999年的计划。收到捐赠表格后请及时寄回，以免搁置遗忘。逾期收到的指定将不予受理。",[198,1407,1408],{"id":1408},"年度股东大会",[14,1410,1411],{},"今年的资本家们的伍德斯托克音乐节将在5月1日至3日举行，我们可能面临一个问题。去年有超过10,000人参加了我们的股东大会，而此后我们的股东名册翻了一番。所以我们实在不知道今年会有多少人出席。为了安全起见，我们同时预订了可容纳约14,000人的Aksarben体育馆和可额外容纳5,000人的Holiday会议中心。因为我们知道奥马哈本地的股东们希望当好东道主来招待外地来宾（其中很多来自海外），所以我们打算优先将Aksarben的门票分配给外地来宾，然后再按先到先得的原则分配给大奥马哈地区的居民。如果Aksarben的门票发完了，我们会开始向奥马哈股东分发Holiday的门票。",[14,1413,1414],{},"如果最终需要使用两个场地，查理和我会在会前分别在两个场地露面。此外，两个场地都将设有展品、伯克希尔电影、大屏幕和麦克风。中午休息时段许多人会离开Aksarben，届时在Holiday的与会者如果愿意的话，可以花五分钟赶到Aksarben参加下午的会议。我们将安排巴士接送没有开车的来宾。",[14,1416,1417],{},"两个场地都将在周一早上7点开门，8点半我们将首映由我们的首席财务官马克·汉伯格 (Marc Hamburg) 制作的1999年伯克希尔电影大片。正式会议从9点半持续到下午3点半，中间只有短暂的午餐休息。",[14,1419,1420],{},"随本报告附寄的委托书资料中有说明，告诉大家如何获取参加会议和其他活动所需的入场证。至于飞机、酒店和租车预订，我们再次委托美国运通 (American Express)（800-799-6634）为大家提供特别协助。按照惯例，我们将安排巴士从各大酒店接送到会场。会后巴士将返回酒店，并前往内布拉斯加家具店 (Nebraska Furniture Mart)、波仙珠宝和机场。尽管如此，你可能还是觉得有一辆车更方便。",[14,1422,1423],{},"Aksarben会场将提供伯克希尔全系列产品供选购，其中最热门的商品也会在Holiday会场出售。去年我们在所有品类都创下了销售纪录：卖出了3,700磅喜诗糖果、1,635双德克斯特 (Dexter) 皮鞋、1,150套Quikut刀具和3,104件伯克希尔衬衫和帽子。此外还售出了26,944美元的世界百科全书 (World Book) 产品以及2,000多颗印有伯克希尔标志的高尔夫球。查理和我对这些数字感到高兴但并不满足，我们满怀信心地预测今年将在所有品类再创新高。我们1999年的全新服装系列将在会议期间亮相，所以请大家暂且把治装费留着，等看过我们的款式再说。",[14,1425,1426],{},"冰雪皇后 (Dairy Queen) 也将到场，并将再次把全部收益捐给儿童奇迹网络 (Children’s Miracle Network)。去年我们卖出了大约4,000根Dilly®冰棒、巧克力棒和香草\u002F橙子口味冰棒。此外，盖可保险将设有一个展位，由来自全国各地的多位顶级销售顾问驻守，随时为你提供汽车保险报价。在几乎所有情况下，盖可保险都能为你提供特别的股东折扣。来看看我们能不能帮你省点钱吧。",[14,1428,1429],{},"这次单一品牌博览会的压轴大戏将是一个79英尺长、近12英尺宽、全套配置的波音737商务机 (BBJ, Boeing Business Jet) 客舱，这是NetJets最新推出的产品。这架飞机航程可达14小时，设计搭载19名乘客，配有卧室、办公室和两个淋浴间。面向部分所有权客户的交付将于2000年第一季度开始。",[14,1431,1432],{},"BBJ将在5月1日至3日期间陈列在Aksarben大厅入口附近。建议大家在周六或周日前去参观，这样可以减少等候时间。记得带上支票本，以防你一时冲动想要出手。",[14,1434,1435],{},"内布拉斯加家具店 (NFM) 的多层购物中心坐落在占地75英亩的场地上，距Aksarben约一英里，工作日营业时间为上午10点至晚上9点，周六和周日为上午10点至下午6点。这家店1998年营业额达3亿美元，提供种类无与伦比的商品——家具、电子产品、电器、地毯和电脑——全部以无人能敌的低价出售。在4月30日至5月4日期间，出示会议入场证的股东将享受通常只给员工的折扣。",[14,1437,1438],{},"波仙珠宝通常在周日歇业，但5月2日将特别为股东开放，上午10点至下午6点。去年股东会周末，这家店创下了令人难以置信的业绩。销售额是前一年的两倍，周日单日销量更是超过了波仙珠宝有史以来任何一天。查理把这个纪录归功于他当天在现场给发票签名的缘故，虽然我对这个说法有所保留，但我们也不打算去改动一个制胜的配方。请大家务必让他签到手抽筋。去年周日那天，波仙珠宝在八小时营业时间内开出了2,501张发票。对于那些数学不太好的朋友，我帮你们算一下——差不多每11秒一张。",[14,1440,1441],{},"不想凑周日热闹的股东可以在周六（上午10点至下午5点半）或周一（上午10点至晚上8点）光临波仙珠宝。别忘了表明你伯克希尔股东的身份，这样波仙珠宝的CEO苏珊·雅克斯 (Susan Jacques) 才能给你”股东周末”的特别优惠。Susan 1983年以每小时4美元的时薪加入我们担任销售员，1994年被任命为CEO。事后证明，这是我做过的最好的管理决策之一。",[14,1443,1444],{},"桥牌爱好者可以期待周日的一大亮点：鲍勃·哈曼 (Bob Hamman)——桥牌史上最出色的选手——将来到波仙珠宝店外面的大厅与我们的股东们对弈。Bob打牌从来不整理手中的牌——嘿，也许这就是我打得不好的原因。此外还会有另外几桌，由其他一两位高手坐镇。",[14,1446,1447],{},"我最爱的牛排馆Gorat’s将在会前的周日晚上再次特别为伯克希尔股东开门。虽然去年Gorat’s从下午4点一直营业到凌晨1点左右，他们的员工还是被蜂拥而至的人群搞得手忙脚乱，有些股东等了很长时间。今年我们将限制预订人数，请大家周日没有预约的话就不要前往。往年很多股东选择在周五、周六或周一去Gorat’s用餐。你可以从4月1日起开始预订*（但不能更早）*，电话402-551-3733。识途老马都知道要点三分熟的丁骨牛排配双份土豆饼。",[14,1449,1450],{},"奥马哈金钉鞋队（前身为奥马哈皇家队）将于5月1日星期六晚间在罗森布拉特体育场 (Rosenblatt Stadium) 迎战爱荷华小熊队。去年本人的变化球技惊四座，你们的董事长将再次登上投手丘。今年我打算祭出我的”飘忽球”。让我一直耿耿于怀的是，很多人把我们的年度股东会视为一场金融盛事，而不是我心目中的体育经典。等全世界见识了我的飘忽球之后，这种误解就会烟消云散了。",[14,1452,1453],{},"我们的委托书资料中包含了获取球赛门票的说明，以及大量帮助你享受这次行程的其他信息。我特别呼吁通过通用再保险合并而新加入我们的6万名股东一起来参加。来认识认识你们的资本家同伴吧。",[192,1455],{},[14,1457,1458],{},"如果不提一提在伯克希尔总部与我共事的11.8名同事就收尾，那是不合适的。除了处理拥有数十家企业所带来的无数税务、监管和行政事务之外，这个团队还高效而愉快地管理着各种特别项目，其中一些涉及数百次咨询回复。以下是他们1998年的部分工作内容：",[316,1460,1461,1464,1467,1470,1473,1476,1479],{},[319,1462,1463],{},"6,106名股东指定了3,880家慈善机构作为捐赠对象。",[319,1465,1466],{},"凯利·穆切莫尔 (Kelly Muchemore) 处理了约17,500张股东会入场证以及3,200张棒球赛门票的订单和支票。",[319,1468,1469],{},"Kelly和马克·汉伯格 (Marc Hamburg) 制作并导演了整场Aksarben盛会，需要安排各子公司的展示、制作我们的电影，有时还要帮来宾解决交通和住宿问题。",[319,1471,1472],{},"黛比·波萨内克 (Debbie Bosanek) 满足了46家媒体机构（其中13家来自海外）报道会议的各种不同需求，同时一如既往地在我工作的方方面面给予我出色的协助。",[319,1474,1475],{},"Debbie和Marc汇编了年报数据，并监督了165,000份年报的制作和分发。（今年这个数字将是325,000份。）",[319,1477,1478],{},"Marc处理了95%的细节——以及大量的实质内容——与我们完成两项重大合并相关的工作。",[319,1480,1481],{},"Kelly、Debbie和黛布·雷 (Deb Ray) 高效地处理了数以万计的年报和财务信息索取请求。",[14,1483,1484],{},"你们和我只支付了11.8个人的工资，但我们获得的产出在大多数地方需要100个人才能完成。对这11.8位同事中的每一位，我致以衷心的感谢。",[14,1486,1487],{},"沃伦·巴菲特",[14,1489,1490],{},"董事会主席",[14,1492,1493],{},"1999年3月1日",{"title":1495,"searchDepth":1496,"depth":1496,"links":1497},"",2,[1498,1500,1501,1502,1503,1504,1505,1506,1507,1508,1509,1510],{"id":200,"depth":1499,"text":200},3,{"id":223,"depth":1499,"text":224},{"id":380,"depth":1499,"text":381},{"id":426,"depth":1499,"text":427},{"id":464,"depth":1499,"text":464},{"id":563,"depth":1499,"text":563},{"id":1054,"depth":1499,"text":1054},{"id":1242,"depth":1499,"text":1243},{"id":1284,"depth":1499,"text":1285},{"id":1362,"depth":1499,"text":1362},{"id":1394,"depth":1499,"text":1394},{"id":1408,"depth":1499,"text":1408},"致股东信",null,"1998年巴菲特致股东信，庆祝账面价值大增259亿美元、讨论并购交易及股票投资策略","md",{},true,69,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1998-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1513},"1998 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有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":1532,"slug":1533,"category":1534,"order":1530},"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":1536,"slug":1537,"category":1538,"order":1530},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1540,"slug":1541,"category":1529,"order":1496},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1543,"slug":1544,"category":1534,"order":1496},"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":1546,"slug":1547,"category":1538,"order":1496},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1549,"slug":1550,"category":1529,"order":1499},"1958 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巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1572,"slug":1573,"category":1534,"order":1570},"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":1575,"slug":1576,"category":1538,"order":1570},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1578,"slug":1579,"category":1529,"order":1580},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1582,"slug":1583,"category":1534,"order":1580},"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":1585,"slug":1586,"category":1538,"order":1580},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1588,"slug":1589,"category":1529,"order":1590},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1592,"slug":1593,"category":1534,"order":1590},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1595,"slug":1596,"category":1538,"order":1590},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1598,"slug":1599,"category":1529,"order":1600},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1602,"slug":1603,"category":1534,"order":1600},"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":1605,"slug":1606,"category":1538,"order":1600},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1608,"slug":1609,"category":1529,"order":1610},"1962年11月 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巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1632,"slug":1633,"category":1534,"order":1630},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1635,"slug":1636,"category":1538,"order":1630},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1638,"slug":1639,"category":1529,"order":1640},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1642,"slug":1643,"category":1534,"order":1640},"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":1645,"slug":1646,"category":1538,"order":1640},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1648,"slug":1649,"category":1529,"order":1650},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1652,"slug":1653,"category":1534,"order":1650},"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":1655,"slug":1656,"category":1538,"order":1650},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1658,"slug":1659,"category":1529,"order":1660},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":1662,"slug":1663,"category":1534,"order":1660},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1665,"slug":1666,"category":1538,"order":1660},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1668,"slug":1669,"category":1529,"order":1670},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":1672,"slug":1673,"category":1534,"order":1670},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":1675,"slug":1676,"category":1538,"order":1670},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1678,"slug":1679,"category":1529,"order":1680},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":1682,"slug":1683,"category":1534,"order":1680},"巴菲特：1986年《如何驯服“赌场社会”》","ba-fei-te-1986nian-ru-he-xun-fu-du-chang-she-hui",{"title":1685,"slug":1686,"category":1538,"order":1680},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1688,"slug":1689,"category":1529,"order":1690},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":1692,"slug":1693,"category":1534,"order":1690},"巴菲特：1986年在《华尔街日报》刊登的收购广告","ba-fei-te-1986nian-zai-hua-er-jie-ri-bao-kan-deng-de-shou-gou-guang-gao",{"title":1695,"slug":1696,"category":1538,"order":1690},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1698,"slug":1699,"category":1529,"order":1700},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":1702,"slug":1703,"category":1534,"order":1700},"巴菲特：1987年-关于股票指数期货的早期担忧","ba-fei-te-1987nian-guan-yu-gu-piao-zhi-shu-qi-huo-de-zao-qi-dan-you",{"title":1705,"slug":1706,"category":1538,"order":1700},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1708,"slug":1709,"category":1511,"order":1710},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":1712,"slug":1713,"category":1534,"order":1710},"巴菲特：1987年-我们可以从费雪（Phil Fisher）身上学到什么","ba-fei-te-1987nian-wo-men-ke-yi-cong-fei-xue-phil-fisher-shen-shang-xue-dao-shi-me",{"title":1715,"slug":1716,"category":1538,"order":1710},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1718,"slug":1719,"category":1529,"order":1720},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":1722,"slug":1723,"category":1534,"order":1720},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":1725,"slug":1726,"category":1538,"order":1720},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1728,"slug":1729,"category":1529,"order":1730},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":1732,"slug":1733,"category":1534,"order":1730},"巴菲特：1990年斯坦福法学院演讲","ba-fei-te-1990nian-si-tan-fu-fa-xue-yuan-yan-jiang",{"title":1735,"slug":1736,"category":1538,"order":1730},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1738,"slug":1739,"category":1529,"order":1740},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":1742,"slug":1743,"category":1534,"order":1740},"巴菲特：1991年 年喜诗糖果70 周年纪念","ba-fei-te-1991nian-nian-xi-shi-tang-guo-70-zhou-nian-ji-nian",{"title":1745,"slug":1746,"category":1538,"order":1740},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1748,"slug":1749,"category":1511,"order":1750},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":1752,"slug":1753,"category":1534,"order":1750},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":1755,"slug":1756,"category":1538,"order":1750},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1758,"slug":1759,"category":1529,"order":1760},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":1762,"slug":1763,"category":1534,"order":1760},"巴菲特：1991年巴菲特致所罗门股东信","ba-fei-te-1991nian-ba-fei-te-zhi-suo-luo-men-gu-dong-xin",{"title":1765,"slug":1766,"category":1538,"order":1760},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1768,"slug":1769,"category":1529,"order":1770},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":1772,"slug":1773,"category":1534,"order":1770},"巴菲特：1992年巴菲特奥马哈新闻俱乐部","ba-fei-te-1992nian-ba-fei-te-ao-ma-ha-xin-wen-ju-le-bu",{"title":1775,"slug":1776,"category":1538,"order":1770},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1778,"slug":1779,"category":1529,"order":1780},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":1782,"slug":1783,"category":1534,"order":1780},"巴菲特：1994年内布拉斯加大学演讲","ba-fei-te-1994nian-nei-bu-la-si-jia-da-xue-yan-jiang",{"title":1785,"slug":1786,"category":1538,"order":1780},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1788,"slug":1789,"category":1511,"order":1790},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":1792,"slug":1793,"category":1534,"order":1790},"巴菲特：1994年巴菲特谈施洛斯的信","ba-fei-te-1994nian-ba-fei-te-tan-shi-luo-si-de-xin",{"title":1795,"slug":1796,"category":1538,"order":1790},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1798,"slug":1799,"category":1529,"order":1800},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":1802,"slug":1803,"category":1534,"order":1800},"巴菲特：1996年伯克希尔股东手册","ba-fei-te-1996nian-bo-ke-xi-er-gu-dong-shou-ce",{"title":1805,"slug":1806,"category":1538,"order":1800},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1808,"slug":1809,"category":1529,"order":1810},"1967年11月 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巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":1832,"slug":1833,"category":1534,"order":1830},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":1835,"slug":1836,"category":1538,"order":1830},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1838,"slug":1839,"category":1511,"order":1840},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":1842,"slug":1843,"category":1534,"order":1840},"巴菲特：1999年内布拉斯加教育论坛演讲","ba-fei-te-1999nian-nei-bu-la-si-jia-jiao-yu-lun-tan-yan-jiang",{"title":1845,"slug":1846,"category":1538,"order":1840},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1848,"slug":1849,"category":1529,"order":1850},"1968年11月 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":1876,"slug":1877,"category":1534,"order":1874},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":1879,"slug":1880,"category":1529,"order":1881},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":1883,"slug":1884,"category":1534,"order":1881},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":1886,"slug":1887,"category":1529,"order":1888},"1969年12月26日 巴菲特致合伙人信","1969nian-12yue-26ri-ba-fei-te-zhi-he-huo-ren-xin",38,{"title":1890,"slug":1891,"category":1534,"order":1888},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":1893,"slug":1894,"category":1529,"order":1895},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":1897,"slug":1898,"category":1534,"order":1895},"巴菲特：2001年给全体经理人备忘录","ba-fei-te-2001nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":1900,"slug":1901,"category":1511,"order":1902},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":1904,"slug":1905,"category":1534,"order":1902},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":1907,"slug":1908,"category":1529,"order":1909},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":1911,"slug":1912,"category":1534,"order":1909},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":1914,"slug":1915,"category":1511,"order":1916},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":1918,"slug":1919,"category":1534,"order":1916},"巴菲特：2002年谁是真正的账房先生","ba-fei-te-2002nian-shui-shi-zhen-zheng-de-zhang-fang-xian-sheng",{"title":1921,"slug":1922,"category":1511,"order":1923},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1925,"slug":1926,"category":1534,"order":1923},"巴菲特：2003年《美国正滑向贸易赤字的危险边缘》","ba-fei-te-2003nian-mei-guo-zheng-hua-xiang-mao-yi-chi-zi-de-wei-xian-bian-yuan",{"title":1928,"slug":1929,"category":1511,"order":1930},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1932,"slug":1933,"category":1534,"order":1930},"巴菲特：2003年内布拉斯加大学 林肯分校--领导力课程演讲","ba-fei-te-2003nian-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-ling-dao-li-ke-cheng-yan-jiang",{"title":1935,"slug":1936,"category":1511,"order":1937},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1939,"slug":1940,"category":1534,"order":1937},"巴菲特：2003年对话沃顿商学院学生","ba-fei-te-2003nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":1942,"slug":1943,"category":1511,"order":1944},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1946,"slug":1947,"category":1534,"order":1944},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1949,"slug":1950,"category":1511,"order":1951},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1953,"slug":1954,"category":1534,"order":1951},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1956,"slug":1957,"category":1511,"order":1958},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1960,"slug":1961,"category":1534,"order":1958},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1963,"slug":1964,"category":1511,"order":1965},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1967,"slug":1968,"category":1534,"order":1965},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1970,"slug":1971,"category":1511,"order":1972},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1974,"slug":1975,"category":1534,"order":1972},"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":1977,"slug":1978,"category":1511,"order":1979},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1981,"slug":1982,"category":1534,"order":1979},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1984,"slug":1985,"category":1511,"order":1986},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1988,"slug":1989,"category":1534,"order":1986},"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":1991,"slug":1992,"category":1511,"order":1993},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1995,"slug":1996,"category":1534,"order":1993},"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":1998,"slug":1999,"category":1511,"order":2000},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2002,"slug":2003,"category":1534,"order":2000},"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":2005,"slug":2006,"category":1511,"order":2007},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2009,"slug":2010,"category":1534,"order":2007},"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":2012,"slug":2013,"category":1511,"order":2014},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2016,"slug":2017,"category":1534,"order":2014},"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":2019,"slug":2020,"category":1511,"order":2021},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2023,"slug":2024,"category":1534,"order":2021},"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":2026,"slug":2027,"category":1511,"order":2028},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2030,"slug":2031,"category":1534,"order":2028},"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":2033,"slug":2034,"category":1511,"order":2035},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2037,"slug":2038,"category":1534,"order":2035},"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":2040,"slug":2041,"category":1511,"order":2042},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2044,"slug":2045,"category":1534,"order":2042},"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":2047,"slug":2048,"category":1511,"order":2049},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2051,"slug":2052,"category":1534,"order":2049},"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":2054,"slug":2055,"category":1511,"order":2056},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2058,"slug":2059,"category":1534,"order":2056},"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":2061,"slug":2062,"category":1511,"order":2063},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2065,"slug":2066,"category":1534,"order":2063},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2068,"slug":2069,"category":1511,"order":2070},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2072,"slug":2073,"category":1534,"order":2070},"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":2075,"slug":2076,"category":1511,"order":2077},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2079,"slug":2080,"category":1534,"order":2077},"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":2082,"slug":2083,"category":1511,"order":2084},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2086,"slug":2087,"category":1534,"order":2084},"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":2089,"slug":2090,"category":1511,"order":2091},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2093,"slug":2094,"category":1534,"order":2091},"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":2096,"slug":2097,"category":1511,"order":2098},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2100,"slug":2101,"category":1534,"order":2098},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":5,"slug":1521,"category":1511,"order":1517},{"title":2104,"slug":2105,"category":1534,"order":1517},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2107,"slug":2108,"category":1511,"order":2109},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2111,"slug":2112,"category":1534,"order":2109},"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":2114,"slug":2115,"category":1511,"order":2116},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2118,"slug":2119,"category":1534,"order":2116},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2121,"slug":2122,"category":1511,"order":2123},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2125,"slug":2126,"category":1534,"order":2123},"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":2128,"slug":2129,"category":1511,"order":2130},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2132,"slug":2133,"category":1534,"order":2130},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2135,"slug":2136,"category":1511,"order":2137},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2139,"slug":2140,"category":1534,"order":2137},"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":2142,"slug":2143,"category":1511,"order":2144},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2146,"slug":2147,"category":1534,"order":2144},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2149,"slug":2150,"category":1511,"order":2151},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2153,"slug":2154,"category":1534,"order":2151},"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":2156,"slug":2157,"category":1511,"order":2158},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2160,"slug":2161,"category":1534,"order":2158},"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":2163,"slug":2164,"category":1511,"order":2165},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2167,"slug":2168,"category":1534,"order":2165},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2170,"slug":2171,"category":1511,"order":2172},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2174,"slug":2175,"category":1534,"order":2172},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2177,"slug":2178,"category":1511,"order":2179},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2181,"slug":2182,"category":1534,"order":2179},"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":2184,"slug":2185,"category":1511,"order":2186},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2188,"slug":2189,"category":1534,"order":2186},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2191,"slug":2192,"category":1511,"order":2193},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2195,"slug":2196,"category":1534,"order":2193},"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":2198,"slug":2199,"category":1511,"order":2200},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2202,"slug":2203,"category":1534,"order":2200},"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":2205,"slug":2206,"category":1511,"order":2207},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2209,"slug":2210,"category":1534,"order":2207},"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":2212,"slug":2213,"category":1511,"order":2214},"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":2216,"slug":2217,"category":1534,"order":2214},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2219,"slug":2220,"category":1511,"order":2221},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2223,"slug":2224,"category":1534,"order":2221},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2226,"slug":2227,"category":1511,"order":2228},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2230,"slug":2231,"category":1534,"order":2228},"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":2233,"slug":2234,"category":1511,"order":2235},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2237,"slug":2238,"category":1534,"order":2235},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2240,"slug":2241,"category":1511,"order":2242},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2244,"slug":2245,"category":1534,"order":2242},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2247,"slug":2248,"category":1511,"order":2249},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2251,"slug":2252,"category":1534,"order":2249},"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":2254,"slug":2255,"category":1511,"order":2256},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2258,"slug":2259,"category":1534,"order":2256},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2261,"slug":2262,"category":1511,"order":2263},"2019 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