[{"data":1,"prerenderedAt":3800},["ShallowReactive",2],{"library-2002-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2264,"library-sidebar-dao":3266,"library-sidebar-models":3568},{"id":4,"title":5,"body":6,"category":2250,"date":2251,"description":2252,"extension":2253,"meta":2254,"navigation":2255,"order":2256,"path":2257,"seo":2258,"seoDescription":2252,"seoTitle":2259,"slug":2260,"stem":2261,"__hash__":2262,"_collection":2263},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2002-ba-fei-te-zhi-gu-dong-xin.md","2002 巴菲特致股东信",{"type":7,"value":8,"toc":2233},"minimark",[9,13,20,24,596,599,602,613,617,620,623,626,629,650,653,656,663,666,669,672,675,678,681,684,687,690,693,696,699,702,705,708,717,720,723,730,733,736,739,742,744,747,750,753,756,759,762,765,768,771,773,776,779,782,785,788,790,793,796,799,802,805,808,811,998,1001,1004,1007,1010,1013,1016,1019,1022,1025,1028,1035,1038,1041,1044,1047,1050,1053,1055,1058,1061,1064,1071,1073,1076,1079,1082,1089,1092,1099,1102,1104,1107,1110,1113,1116,1119,1552,1557,1562,1567,1570,1578,1581,1586,1589,1594,1597,1602,1609,1612,1615,1618,1621,1624,1629,1632,1635,1638,1641,1644,1647,1650,1653,1656,1659,1666,1669,1672,1675,1678,1681,1684,1687,1690,1693,1696,1703,1706,1709,1712,1715,1882,1885,1892,1895,1898,1901,1904,1907,1910,1913,1916,1919,1922,1925,1928,1931,1934,1937,1940,1943,1946,1949,1960,1963,1966,1969,1972,1975,1982,1989,1992,1995,1997,2000,2007,2010,2013,2016,2019,2022,2025,2028,2031,2034,2041,2044,2058,2061,2064,2067,2069,2072,2075,2078,2081,2088,2091,2094,2096,2099,2102,2109,2112,2127,2130,2133,2136,2141,2144,2147,2150,2153,2160,2163,2166,2169,2172,2179,2182,2189,2192,2199,2206,2209,2211,2218,2221,2224,2227,2230],[10,11,5],"h1",{"id":12},"_2002-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"注：下面这张表格刊印在年报中，紧邻董事长致辞的对面页，信中有所引用。",[21,22,23],"h3",{"id":23},"伯克希尔与标普500指数业绩对比",[25,26,27,46],"table",{},[28,29,30],"thead",{},[31,32,33,37,40,43],"tr",{},[34,35,36],"th",{},"年份",[34,38,39],{},"伯克希尔每股账面价值年度变动百分比 (1)",[34,41,42],{},"含股息标普500指数年度变动百分比 (2)",[34,44,45],{},"相对结果 (1)-(2)",[47,48,49,64,78,92,105,119,133,147,161,175,189,203,217,230,244,257,271,285,299,312,326,340,352,365,378,392,406,420,432,446,460,473,487,501,515,529,543,557,570,583],"tbody",{},[31,50,51,55,58,61],{},[52,53,54],"td",{},"1965",[52,56,57],{},"23.8",[52,59,60],{},"10.0",[52,62,63],{},"13.8",[31,65,66,69,72,75],{},[52,67,68],{},"1966",[52,70,71],{},"20.3",[52,73,74],{},"(11.7)",[52,76,77],{},"32.0",[31,79,80,83,86,89],{},[52,81,82],{},"1967",[52,84,85],{},"11.0",[52,87,88],{},"30.9",[52,90,91],{},"(19.9)",[31,93,94,97,100,102],{},[52,95,96],{},"1968",[52,98,99],{},"19.0",[52,101,85],{},[52,103,104],{},"8.0",[31,106,107,110,113,116],{},[52,108,109],{},"1969",[52,111,112],{},"16.2",[52,114,115],{},"(8.4)",[52,117,118],{},"24.6",[31,120,121,124,127,130],{},[52,122,123],{},"1970",[52,125,126],{},"12.0",[52,128,129],{},"3.9",[52,131,132],{},"8.1",[31,134,135,138,141,144],{},[52,136,137],{},"1971",[52,139,140],{},"16.4",[52,142,143],{},"14.6",[52,145,146],{},"1.8",[31,148,149,152,155,158],{},[52,150,151],{},"1972",[52,153,154],{},"21.7",[52,156,157],{},"18.9",[52,159,160],{},"2.8",[31,162,163,166,169,172],{},[52,164,165],{},"1973",[52,167,168],{},"4.7",[52,170,171],{},"(14.8)",[52,173,174],{},"19.5",[31,176,177,180,183,186],{},[52,178,179],{},"1974",[52,181,182],{},"5.5",[52,184,185],{},"(26.4)",[52,187,188],{},"31.9",[31,190,191,194,197,200],{},[52,192,193],{},"1975",[52,195,196],{},"21.9",[52,198,199],{},"37.2",[52,201,202],{},"(15.3)",[31,204,205,208,211,214],{},[52,206,207],{},"1976",[52,209,210],{},"59.3",[52,212,213],{},"23.6",[52,215,216],{},"35.7",[31,218,219,222,224,227],{},[52,220,221],{},"1977",[52,223,188],{},[52,225,226],{},"(7.4)",[52,228,229],{},"39.3",[31,231,232,235,238,241],{},[52,233,234],{},"1978",[52,236,237],{},"24.0",[52,239,240],{},"6.4",[52,242,243],{},"17.6",[31,245,246,249,251,254],{},[52,247,248],{},"1979",[52,250,216],{},[52,252,253],{},"18.2",[52,255,256],{},"17.5",[31,258,259,262,265,268],{},[52,260,261],{},"1980",[52,263,264],{},"19.3",[52,266,267],{},"32.3",[52,269,270],{},"(13.0)",[31,272,273,276,279,282],{},[52,274,275],{},"1981",[52,277,278],{},"31.4",[52,280,281],{},"(5.0)",[52,283,284],{},"36.4",[31,286,287,290,293,296],{},[52,288,289],{},"1982",[52,291,292],{},"40.0",[52,294,295],{},"21.4",[52,297,298],{},"18.6",[31,300,301,304,306,309],{},[52,302,303],{},"1983",[52,305,267],{},[52,307,308],{},"22.4",[52,310,311],{},"9.9",[31,313,314,317,320,323],{},[52,315,316],{},"1984",[52,318,319],{},"13.6",[52,321,322],{},"6.1",[52,324,325],{},"7.5",[31,327,328,331,334,337],{},[52,329,330],{},"1985",[52,332,333],{},"48.2",[52,335,336],{},"31.6",[52,338,339],{},"16.6",[31,341,342,345,348,350],{},[52,343,344],{},"1986",[52,346,347],{},"26.1",[52,349,298],{},[52,351,325],{},[31,353,354,357,359,362],{},[52,355,356],{},"1987",[52,358,174],{},[52,360,361],{},"5.1",[52,363,364],{},"14.4",[31,366,367,370,373,375],{},[52,368,369],{},"1988",[52,371,372],{},"20.1",[52,374,339],{},[52,376,377],{},"3.5",[31,379,380,383,386,389],{},[52,381,382],{},"1989",[52,384,385],{},"44.4",[52,387,388],{},"31.7",[52,390,391],{},"12.7",[31,393,394,397,400,403],{},[52,395,396],{},"1990",[52,398,399],{},"7.4",[52,401,402],{},"(3.1)",[52,404,405],{},"10.5",[31,407,408,411,414,417],{},[52,409,410],{},"1991",[52,412,413],{},"39.6",[52,415,416],{},"30.5",[52,418,419],{},"9.1",[31,421,422,425,427,430],{},[52,423,424],{},"1992",[52,426,71],{},[52,428,429],{},"7.6",[52,431,391],{},[31,433,434,437,440,443],{},[52,435,436],{},"1993",[52,438,439],{},"14.3",[52,441,442],{},"10.1",[52,444,445],{},"4.2",[31,447,448,451,454,457],{},[52,449,450],{},"1994",[52,452,453],{},"13.9",[52,455,456],{},"1.3",[52,458,459],{},"12.6",[31,461,462,465,468,471],{},[52,463,464],{},"1995",[52,466,467],{},"43.1",[52,469,470],{},"37.6",[52,472,182],{},[31,474,475,478,481,484],{},[52,476,477],{},"1996",[52,479,480],{},"31.8",[52,482,483],{},"23.0",[52,485,486],{},"8.8",[31,488,489,492,495,498],{},[52,490,491],{},"1997",[52,493,494],{},"34.1",[52,496,497],{},"33.4",[52,499,500],{},".7",[31,502,503,506,509,512],{},[52,504,505],{},"1998",[52,507,508],{},"48.3",[52,510,511],{},"28.6",[52,513,514],{},"19.7",[31,516,517,520,523,526],{},[52,518,519],{},"1999",[52,521,522],{},".5",[52,524,525],{},"21.0",[52,527,528],{},"(20.5)",[31,530,531,534,537,540],{},[52,532,533],{},"2000",[52,535,536],{},"6.5",[52,538,539],{},"(9.1)",[52,541,542],{},"15.6",[31,544,545,548,551,554],{},[52,546,547],{},"2001",[52,549,550],{},"(6.2)",[52,552,553],{},"(11.9)",[52,555,556],{},"5.7",[31,558,559,562,564,567],{},[52,560,561],{},"2002",[52,563,60],{},[52,565,566],{},"(22.1)",[52,568,569],{},"32.1",[31,571,572,575,578,580],{},[52,573,574],{},"年复合增长率 – 1965-2002",[52,576,577],{},"22.2",[52,579,60],{},[52,581,582],{},"12.2",[31,584,585,588,591,594],{},[52,586,587],{},"累计总收益 – 1964-2002",[52,589,590],{},"214,433",[52,592,593],{},"3,663",[52,595],{},[14,597,598],{},"注：数据按日历年度计算，但以下年份例外：1965年和1966年，截至9月30日的会计年度；1967年，截至12月31日的15个月。",[14,600,601],{},"自1979年起，会计准则要求保险公司按市场价值而非成本与市价孰低法对持有的股权证券进行估值。本表中，伯克希尔1978年及以前的数据已按新准则进行了追溯调整。其它方面，结果均按照最初报告的数字计算。",[14,603,604,605,608,609,612],{},"标普500指数的数据为",[17,606,607],{},"税前","回报，而伯克希尔的数据为",[17,610,611],{},"税后","回报。如果像伯克希尔这样的公司只是简单地持有标普500指数并计提相应税款，在标普500指数正回报的年份其业绩会落后该指数，但在指数负回报的年份则会跑赢。长期来看，税负成本将导致显著的累计落后。",[21,614,616],{"id":615},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,618,619],{},"致伯克希尔·哈撒韦公司股东们：",[14,621,622],{},"2002年，公司的净资产增加了61亿美元，A\u002FB股每股账面价值增长10.0%。自现任管理层接手的38年以来，每股账面价值由当初的19美元增长到现在的41,727美元，年复合增长率为22.2%。(*)",[14,624,625],{},"(*): 本报告中使用的所有数据均以伯克希尔A类股为准，A类股是1996年以前公司唯一发行在外的股票。B类股的经济利益等于A类股的三十分之一。",[14,627,628],{},"从任何角度来看，2002年都是丰收的一年。后面我会再详加说明，以下先做几点总结：",[630,631,632,641,644,647],"ul",{},[633,634,635,636,640],"li",{},"尽管整体经济不景气，我们旗下各项非保险事业的表现依然异常出色。十年前，我们非保险事业的年度税前利润为2.72亿美元。如今，在持续扩张制造、零售、服务以及金融业务版图之后，我们",[637,638,639],"em",{},"一个月","就能赚到这个数。",[633,642,643],{},"我们保险事业的浮存金增加到412亿美元，大幅增长了57亿美元。更棒的是，2002年取得这些资金的成本仅为1%。浮存金再度回到低成本状态，感觉真好，特别是经历了前三年的惨淡之后。伯克希尔的再保险部门以及盖可保险 (GEICO) 在2002年都大放异彩，通用再保险 (General Re) 的承保纪律也已恢复。",[633,645,646],{},"伯克希尔完成了几项重要的并购，这些企业的经济特性从好到卓越不等，经理人从卓越到卓越。这是我们”进场”策略的两条腿，第三条腿是合理的买入价格。不同于杠杆收购者和私募股权公司，我们没有”退出”策略——我们买了就不卖。这也是为什么伯克希尔往往是卖方及其经理人的首选——有时甚至是唯一的选择。",[633,648,649],{},"我们的股票投资组合跑赢了大部分指数。对于负责管理盖可保险资金的路易·辛普森 (Lou Simpson) 来说，这是家常便饭。但对我而言，经历了此前几年令人沮丧的投资记录后，这可是一个可喜的转变。",[14,651,652],{},"2002年，这些有利因素汇聚在一起，使我们的账面价值增幅超越标普500指数32.1个百分点。这样的成绩好得有些反常：伯克希尔的副董事长兼我的合伙人查理·芒格 (Charlie Munger) 和我至多只是希望能够平均每年稳定地超越指数几个百分点。将来一定会出现标普指数大幅跑赢我们的年份。事实上，在强劲的牛市中这几乎是必然的，因为我们资产中用于普通股投资的比例已经大幅下降。当然，这一转变也让我们在2002年这样的熊市中相对表现不错。",[14,654,655],{},"关于去年的业绩，我还有一点要补充。如果你经常阅读近几年上市公司的财务报告，一定见过铺天盖地的”备考收益”报表——在这类报表中，管理层展示的”利润”数字总是远远高于经审计的数字。CEO们会告诉股东们：“不要算这个，不要算那个——只算那些让利润好看的数字就行了。”这种”坏的忘掉、好的记牢”的把戏年复一年地上演，管理层却从来不会因此脸红。",[14,657,658,659,662],{},"我们还没见过哪家公司的备考收益报表是承认审计后利润偏高的。所以就让我们来创造一点历史吧：去年按备考收益计算，伯克希尔的利润",[637,660,661],{},"低于","实际报告的数字。",[14,664,665],{},"这是因为有两项有利因素确实给我们的财报数字帮了忙。第一，2002年没有发生什么重大灾难，这意味着伯克希尔（以及其他保险同业）的承保利润高于正常年份。而在情况相反的年份——遭遇超级飓风、地震或人为灾害——许多保险公司喜欢宣称”要不是”那些意外事件，他们本来可以赚到多少多少。言下之意，这类巨灾既然十分罕见，计算”真实”收益时就不该把它们算在内。这完全是骗人的鬼话。“意外”损失本来就是保险业天经地义要承担的一部分，而买单的永远是背后的股东。",[14,667,668],{},"尽管如此，为了做这个备考收益的练习，我们就照同行的做法来。去年我们没有碰到什么真正的大灾难，所以如果想要”正常化”我们的承保业绩，向下调整一下是合理的。",[14,670,671],{},"第二，2002年的债券市场特别有利于我们金融产品部门所采用的策略。这类策略产生的收益在一两年内肯定会逐渐减少，甚至可能完全消失。",[14,673,674],{},"所以呢……在”扣除”这几项有利的因素后，我们去年的税前利润应该比实际报告的数字少大约5亿美元。当然了，多赚的钱我们也照收不误。正如喜剧演员杰克·本尼 (Jack Benny) 在一次获奖时所说的：“我不配得到这个荣誉——但话说回来，我也不配得关节炎，偏偏也得了。”",[676,677],"hr",{},[14,679,680],{},"伯克希尔旗下一直有一大批杰出的经理人为我们效力，其中绝大多数人早已不需要为谋生而工作。但他们依然不离不弃：38年来，没有任何一位子公司的CEO离开伯克希尔另谋高就。算上查理，我们目前有6位经理人年龄超过75岁，我希望四年后这个数字至少再增加两位（鲍勃·肖 (Bob Shaw) 和我现在都是72岁）。我们的理念是：“很难教会新狗玩老把戏。”",[14,682,683],{},"伯克希尔各事业的CEO们都是各自领域的行家里手，像经营自己的公司一样在打理。我的工作很简单：尽量不要妨碍他们，然后好好分配他们赚来的多余资本。这活儿不难。",[14,685,686],{},"我的管理模范来自一位叫埃迪·贝内特 (Eddie Bennett) 的球童。1919年，年仅19岁的Eddie开始在芝加哥白袜队当球童，当年白袜队就打进了世界大赛。第二年，Eddie跳槽到布鲁克林道奇队，道奇队也赢得了联盟冠军。不过，我们的英雄嗅到了不妙的气息。他转换门庭，于1921年加入纽约洋基队，洋基队旋即赢得队史上第一座冠军。这下Eddie精明地看出了趋势，决定安顿下来。接下来七年，洋基队五度夺得美联冠军。",[14,688,689],{},"这跟管理有什么关系？很简单——想要成为赢家，就要跟赢家共事。1927年，Eddie从传奇球星贝比·鲁斯 (Babe Ruth) 和卢·格里格 (Lou Gehrig) 领衔的洋基队分到700美元的八分之一世界大赛奖金。这笔钱是Eddie仅仅工作了4天就拿到手的（因为洋基队横扫对手），大约相当于在普通球队当球童一整年的收入。",[14,691,692],{},"Eddie深知：他怎么拎球棒并不重要，重要的是他在为球场上最顶尖的明星拎球棒。我从Eddie身上学到了很多。在伯克希尔，我经常把球棒递给美国商界最强的击球手们。",[21,694,695],{"id":695},"并购活动",[14,697,698],{},"去年我们的阵容里又增添了好几位重量级击球手。两件在2001年底就开始谈的并购顺利完成：一是全美定制画框行业的龙头Albecca公司（品牌名为Larson-Juhl）；二是鲜果布衣 (Fruit of the Loom)，全美约三分之一的男士及儿童内衣出自该公司，当然它还生产其他服装。",[14,700,701],{},"两家公司都有杰出的CEO：Albecca的史蒂夫·麦肯齐 (Steve McKenzie) 和鲜果布衣的约翰·霍兰德 (John Holland)。约翰1996年从鲜果布衣退休，三年前又重返公司，挽救了他离开后一路下坠的命运。他今年70岁了，我正在努力说服他跟我同进退（我本人目前计划在去世后五年退休——当然，这个日期有可能视情况延长）。",[14,703,704],{},"去年我们还完成了另外两笔规模稍低于我们通常门槛的并购。不过，这两家公司合计年度税前利润超过6000万美元。两者所处的行业竞争都很激烈，但它们各自拥有重要的竞争优势，使其能够赚取不错的资本回报。",[14,706,707],{},"这两位新成员分别是：",[709,710,711,714],"ol",{},[633,712,713],{},"CTB——全球猪、禽、蛋生产及谷物行业设备的领导厂商；",[633,715,716],{},"Garan——童装制造商，旗下最大、最知名的品牌是Garanimals®。",[14,718,719],{},"两家公司的经理人过去都战绩彪炳：CTB的维克·曼奇内利 (Vic Mancinelli) 和Garan的西摩·利希滕斯坦 (Seymour Lichtenstein)。",[14,721,722],{},"2002年我们发起的最大一笔并购是厨艺之家 (The Pampered Chef)，这家公司有一段可以追溯到1980年的传奇故事。当时，34岁的多丽丝·克里斯托弗 (Doris Christopher) 还是芝加哥郊区的一名家政老师，有丈夫、两个年幼的女儿，完全没有任何商业背景。不过，为了贴补家庭微薄的收入，她开始琢磨自己最擅长的事——烹饪。她心想，为什么不把推销厨具做成一门生意呢？专门卖那些她自己觉得最好用的东西。",[14,724,725,726,729],{},"为了创业，Doris用寿险保单质借了3,000美元——这也是她",[637,727,728],{},"唯一","一次往公司投钱——然后跑到大卖场采购了一批各式各样的厨具，回家在地下室开张了。",[14,731,732],{},"她的商业模式是在主妇家里召集朋友们进行小型展示会。然而，当Doris第一次开车去做展示的路上，她差点说服自己掉头回家，觉得自己注定要失败。",[14,734,735],{},"但那天晚上遇到的女士们爱死了她和她的产品，总共买了175美元的东西，TPC就此呱呱落地。与丈夫杰伊 (Jay) 携手，Doris第一年做了5万美元的生意。仅仅22年后的今天，TPC年营业额已超过7亿美元，拥有67,000名厨具顾问。",[14,737,738],{},"我亲自去过TPC的展示派对，很容易就能看出这门生意为什么会成功。公司的产品很多是自主设计的，既漂亮又好用，厨具顾问们经验丰富、热情洋溢。每个人都玩得很开心。赶快去pamperedchef.com看看你附近哪里有展示派对吧。",[14,740,741],{},"两年前，Doris请来了现任CEO希拉·奥康奈尔·库珀 (Sheila O’Connell Cooper) 一起分担管理重任。八月份，两人联袂来到奥马哈与我会面。我前后只花了大约十秒钟就确定——这就是我想要的合伙人。我们当即签约成交。能与Doris和Sheila共事，伯克希尔的股东们真是再幸运不过了。",[676,743],{},[14,745,746],{},"去年，伯克希尔还通过中美能源控股公司（MidAmerican Energy Holdings，简称MEHC）完成了几项重要的并购，我们持有该公司80.2%的股权。由于《公用事业控股公司法》(PUHCA) 限制我们只能拥有9.9%的投票权，因此无法将MEHC的财务报表完全并入伯克希尔。",[14,748,749],{},"尽管受限于投票权的控制——以及由此导致的有点奇怪的资本结构——MEHC仍然是伯克希尔非常重要的组成部分。目前它的资产总额达180亿美元，并贡献了我们最大的非保险事业收益流。未来它很可能会变得更大。",[14,751,752],{},"去年MEHC收购了两条重要的天然气管线。第一条是科恩河管线 (Kern River)，从怀俄明州西南部延伸到南加州，每天运输约9亿立方英尺天然气。目前正在进行12亿美元的扩建工程，预计今年秋天完工后运输量将翻一番。届时，这条管线运输的天然气足以满足1000万户家庭的发电需求。",[14,754,755],{},"第二条是北方天然气管线 (Northern Natural Gas)，全长16,600英里，从美国西南部一路延伸到广袤的中西部各地。这笔收购为奥马哈人上演了一出特别有趣的企业漂流记。",[14,757,758],{},"自1930年代起，北方天然气公司一直是奥马哈地区首屈一指的企业，历任CEO都是当地知名的社区领袖。1985年7月，这家公司——1980年已更名为国际北方公司 (InterNorth)——与规模不到它一半的休斯敦天然气 (Houston Natural Gas) 合并。当时宣布，合并后的公司总部将继续设在奥马哈，由国际北方公司的CEO留任。",[14,760,761],{},"不到一年，这些承诺就统统被打破。那时，休斯敦天然气的原CEO已经夺取了最高职位，公司被改了名，总部也搬到了休斯敦。这一切的幕后推手是新CEO——肯尼斯·雷 (Ken Lay)——他给公司起的新名字叫安然 (Enron)。",[14,763,764],{},"时光快进15年，到了2001年底。安然陷入了我们都已耳熟能详的困境，被迫向达尼基 (Dynegy) 公司借款，以北方天然气管线作为抵押。两家公司很快闹翻，管线的所有权转移到了Dynegy名下。不久之后，Dynegy自身也遭遇了严重的财务困难。",[14,766,767],{},"7月26日，周五，MEHC接到Dynegy打来的电话，对方急需尽快以现金出售这条管线。他们真是找对人了：7月29日，我们签下了合同，不久之后，北方天然气公司就回到了家乡的怀抱。",[14,769,770],{},"2001年初，查理和我压根没想到伯克希尔会进入管道运输业。不过，在科恩河管线扩建完成后，MEHC运输的天然气将占到全美使用量的大约8%。我们将继续寻找大型能源相关资产，尽管在电力公用事业领域，PUHCA对我们能做的事情多有限制。",[676,772],{},[14,774,775],{},"几年前，多少有些偶然地，MEHC涉足了住宅地产经纪业务。不过，我们后来大幅扩张这一业务可不是偶然。而且，将来我们很可能会继续扩大。",[14,777,778],{},"我们把这一业务统称为美国家庭服务公司 (HomeServices of America)。不过在各个地方，它以所收购的当地公司的名义经营，比如奥马哈的CBS地产、明尼阿波利斯的Edina地产、得梅因的Iowa地产等等。在我们运营的大多数大都市地区，我们都是无可争议的市场领导者。",[14,780,781],{},"HomeServices目前是全美第二大住宅地产经纪商。去年，我们在370亿美元的交易中参与了一方或双方，较2001年翻了一番。",[14,783,784],{},"增长的大部分来自2002年完成的三笔收购，其中最大的一笔是保德信加州地产 (Prudential California Realty)。该公司是洛杉矶、奥兰治和圣迭戈地区最大的地产经纪商，去年促成的成交总额高达160亿美元。",[14,786,787],{},"该公司的CEO罗恩·佩提耶 (Ron Peltier) 在很短的时间内就让HomeServices的营收和利润大幅增长。虽然这个行业永远会有周期性波动，但我们喜欢这门生意，并将继续物色合理的并购机会。",[676,789],{},[14,791,792],{},"MEHC的CEO戴夫·索科尔 (Dave Sokol) 和他的得力搭档格雷格·阿贝尔 (Greg Abel) 是伯克希尔的宝贵财富。他们既是谈交易的能手，也是出色的管理者。伯克希尔已准备好向MEHC注入大量资金——看Dave和Greg把这项事业做到多大将是一件乐事。",[21,794,795],{"id":795},"财产意外险的经济模型",[14,797,798],{},"我们的核心业务是保险——虽然其他业务也非常重要。因此，要了解伯克希尔，你就必须知道如何评估一家保险公司。关键的决定因素有三：(1) 公司所能产生的浮存金规模；(2) 浮存金的获取成本；(3) 最关键的是，这两个因素的长期前景。",[14,800,801],{},"首先，浮存金是一笔我们持有但并不属于我们的资金。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，而这一时间差有时可以延续很多年。在此期间，保险公司可以将这笔资金用于投资。这项美差通常也伴随着一个缺点：保险公司收取的保费往往不足以覆盖最终需要支付的赔款和费用，由此产生”承保亏损”，这就是浮存金的成本。一家保险公司的价值取决于：长期来看，其浮存金成本是否低于通过其他渠道获取资金的成本。如果浮存金成本高于市场资金利率，这项业务就会变成鸡肋。而且，近年来利率持续走低，已经让以前尚可忍受的承保亏损变成了沉重的负担，使得许多保险业务彻底沦为食之无味的鸡肋。",[14,803,804],{},"历史记录显示，伯克希尔获取浮存金的成本一向很低。事实上，有很多年份我们的成本低于零——也就是说，别人反过来付钱请我们帮他们保管资金。不过，2001年我们的成本非常糟糕，高达12.8%，其中大约一半归因于世贸中心的赔付损失。回顾更早的历史，1983到1984年间我们还经历过更悲惨的年头。便宜的浮存金绝非凭空而来。",[14,806,807],{},"下表展示了伯克希尔进入保险业36年来（自收购国民保险公司 (National Indemnity Company) 起），各业务板块在不同时间节点产生的浮存金（其中国民保险的传统业务归入”其他主险”项下）。我们计算浮存金的方法——相对于保费规模，我们持有的浮存金数额非常庞大——是将损失准备金、损失调整准备金、已承担再保险的持有资金、未到期保费准备金加总后，再扣除保险相关应收款项、预付获取成本、预付税金和适用于已承担再保险的递延费用。（听明白了吧？）",[14,809,810],{},"年末浮存金（百万美元）",[25,812,813,834],{},[28,814,815],{},[31,816,817,819,822,825,828,831],{},[34,818,36],{},[34,820,821],{},"盖可保险",[34,823,824],{},"通用再保险",[34,826,827],{},"其他再保险",[34,829,830],{},"其他主险",[34,832,833],{},"合计",[47,835,836,851,868,885,903,922,941,960,979],{},[31,837,838,840,842,844,846,849],{},[52,839,82],{},[52,841],{},[52,843],{},[52,845],{},[52,847,848],{},"20",[52,850,848],{},[31,852,853,855,857,859,862,865],{},[52,854,221],{},[52,856],{},[52,858],{},[52,860,861],{},"40",[52,863,864],{},"131",[52,866,867],{},"171",[31,869,870,872,874,876,879,882],{},[52,871,356],{},[52,873],{},[52,875],{},[52,877,878],{},"701",[52,880,881],{},"807",[52,883,884],{},"1,508",[31,886,887,889,892,894,897,900],{},[52,888,491],{},[52,890,891],{},"2,917",[52,893],{},[52,895,896],{},"4,014",[52,898,899],{},"455",[52,901,902],{},"7,386",[31,904,905,907,910,913,916,919],{},[52,906,505],{},[52,908,909],{},"3,125",[52,911,912],{},"14,909",[52,914,915],{},"4,305",[52,917,918],{},"415",[52,920,921],{},"22,754",[31,923,924,926,929,932,935,938],{},[52,925,519],{},[52,927,928],{},"3,444",[52,930,931],{},"15,166",[52,933,934],{},"6,285",[52,936,937],{},"403",[52,939,940],{},"25,298",[31,942,943,945,948,951,954,957],{},[52,944,533],{},[52,946,947],{},"3,943",[52,949,950],{},"15,525",[52,952,953],{},"7,805",[52,955,956],{},"598",[52,958,959],{},"27,871",[31,961,962,964,967,970,973,976],{},[52,963,547],{},[52,965,966],{},"4,251",[52,968,969],{},"19,310",[52,971,972],{},"11,262",[52,974,975],{},"685",[52,977,978],{},"35,508",[31,980,981,983,986,989,992,995],{},[52,982,561],{},[52,984,985],{},"4,678",[52,987,988],{},"22,207",[52,990,991],{},"13,396",[52,993,994],{},"943",[52,996,997],{},"41,224",[14,999,1000],{},"去年我们的浮存金成本约为1%。不过正如我先前所说，请不要因为这个好数字就过度乐观，这完全是因为2002年没有发生什么重大灾难。我们迟早会碰上这类灾难，届时浮存金成本将会飙升。",[14,1002,1003],{},"我们2002年的业绩受到两个因素的拖累：(1) 通用再保险痛苦地补提了本应在前几年就入账的损失准备金；(2) 追溯再保险业务每年固定必须摊销的损失成本（下一节会详细说明）。这两项成本合计17.5亿美元，约相当于浮存金的4.6%。幸运的是，我们2002年整体的承保业绩非常出色，使得在计提以上损失之后，仍然接近盈亏平衡。",[14,1005,1006],{},"除非再发生什么重大灾难，否则我预计2003年的浮存金成本将会非常低——甚至有可能低于零。在接下来的保险业务概述中，各位将会看到我为什么这么乐观：长期而言，我们的承保业绩将超越行业平均水准，并让我们以最低的成本获取投资所需的资金。",[21,1008,1009],{"id":1009},"保险事业运营",[14,1011,1012],{},"如果我们的保险业务想要长期产生低成本的浮存金，就必须做到：(a) 贯彻毫不妥协的承保纪律；(b) 稳健保守地计提损失准备金；(c) 避免累积过多的风险敞口，以防看似”不可能发生”的事件危及公司的偿付能力。除了一个例外，我们旗下所有主要保险公司都持续达到了这些标准。",[14,1014,1015],{},"这个例外正是通用再保险，去年这家公司为了重新走上正轨，有一大堆事要做。我很高兴向各位报告，在乔·布兰登 (Joe Brandon) 的领导下，加上塔德·蒙特罗斯 (Tad Montross) 的鼎力协助，在上述每一项指标上都取得了巨大进步。",[14,1017,1018],{},"1998年我同意伯克希尔与通用再保险合并时，以为这家公司一直严守我列举的三项原则。我已经跟踪观察它的运营长达数十年，看到的是始终如一的承保纪律和保守的准备金计提。合并当时，我没有发现通用再保险的标准有任何滑坡。",[14,1020,1021],{},"结果我大错特错。通用再保险的文化和做法已经发生了根本性的改变，而管理层浑然不知——我也浑然不知——公司的业务定价已经严重偏离。更有甚者，通用再保险还积累了致命的风险敞口。比如说，恐怖分子就有可能在美国引爆数枚大当量核弹。这种灾难发生的概率当然极低，但保险公司的职责就是要限制自己的风险——确保即使”不可能”的事情真的发生了，财务状况依然稳如磐石。事实上，如果通用再保险没有并入伯克希尔，仅仅世贸中心一起袭击事件就足以危及公司的存亡。",[14,1023,1024],{},"世贸中心灾难的发生暴露了通用再保险运营中的种种弱点，这是我早该发现却偏偏没有发现的。但我很幸运：Joe和Tad就在身边，他们刚被赋予更大的权力，并且迫切想要纠正过去的错误。他们知道该怎么做——而且做到了。",[14,1026,1027],{},"保险合同有时间递延性，不过到2002年中期，我们已经相当成功地将核、化、生风险 (NCB) 的累积敞口降到了可接受的水平。这个问题现在已经成为历史。",[14,1029,1030,1031,1034],{},"另一方面，通用再保险的承保态度也发生了翻天覆地的变化：整个组织现在都很清楚，无论对业务规模有什么影响，我们只承保定价合理的业务。Joe和Tad",[637,1032,1033],{},"只以","通用再保险的承保盈利来考核自己，规模大小完全不在考量之列。",[14,1036,1037],{},"最后，我们正在尽一切努力把准备金提准。如果做不到这一点，我们就无法知道自己的真实成本。任何一家不了解自身成本的保险公司，将来肯定会遇到大麻烦。",[14,1039,1040],{},"2001年底，通用再保险试图为所有在那个日期之前已经发生但尚未赔付的损失充分计提准备金——但远远不够。因此，公司2002年的承保业绩中额外计入了13.1亿美元，以纠正前几年的估计错误。当我回顾通用再保险被揭露出来的准备金不足问题时，一首乡村歌曲的歌词显得特别贴切：“真希望当初不知道的那些事，现在也还不知道就好了。”",[14,1042,1043],{},"我向各位保证，我们未来的首要任务就是避免准备金计提不足。但我无法保证一定能做到。大多数财产意外险的经理人天生倾向于少提准备金，要克服这种可能导致灾难性后果的偏差，需要一种特殊的心态——说起来你可能会意外，这跟精算专业能力一点关系都没有。此外，再保险公司在合理计提准备金方面比直保公司面临大得多的困难。不过即便如此，伯克希尔在准备金计提方面一直做得相当不错，我们也决心让通用再保险同样如此。",[14,1045,1046],{},"总的来说，我相信通用再保险现在已经准备好为伯克希尔贡献大量的零成本浮存金，而那种可能”沉船”的巨灾风险也已经被排除。公司仍然保有我过去反复提及的重要竞争优势。去年它还获得了另一项非常显著的优势：其全球三大主要竞争对手——此前都拥有AAA评级——至少被一家评级机构调降了评级。在这些巨头中，唯有通用再保险全面维持AAA评级，在财务实力方面独占鳌头。",[14,1048,1049],{},"没有什么特质比这个更重要了。作为对比，世界上最大的再保险公司之一——一家经常被保险经纪人推荐给直保客户的公司——目前几乎已经停止支付理赔金，包括那些有效且到期的理赔。这家公司欠数百家直保公司数十亿美元，这些公司现在面临大规模的坏账减值。“贪便宜的再保险”纯属自欺欺人：当一家保险公司今天掏出真金白银，换来再保险公司十年二十年后才兑现的承诺时，如果不跟最强的再保险公司做生意，那就是在拿公司的命开玩笑。",[14,1051,1052],{},"伯克希尔的股东们要衷心感谢Joe和Tad在2002年取得的巨大成就。过去一年，他们付出的辛劳超出了我对任何人的期望——而这一切都在得偿所报。",[676,1054],{},[14,1056,1057],{},"在盖可保险，2002年一切顺利得让我们简直想掐自己一下以确认不是在做梦。增长非常可观，利润极为出色，保户续保率上升，销售效率大幅跃升。这些趋势在2003年初依然未减。",[14,1059,1060],{},"这一切要归功于托尼·奈斯利 (Tony Nicely)。认识他的人都知道，自从18岁进入公司以来，Tony跟盖可保险已经深深缠绵了41个年头，他的业绩正是这份热情的明证。他为给保户省钱而自豪——与其他保险公司相比，盖可保险平均每年为客户节省大约10亿美元的保费。他为盖可提供的服务品质而自豪：在一项关键的行业调查中，盖可保险最近的排名超过了所有主要竞争对手。他为他的19,162名同事而自豪，去年他们因为出色的业绩获得了相当于基本工资19%的利润分享奖金。他也为持续为伯克希尔股东贡献不断增长的利润而自豪。",[14,1062,1063],{},"1996年伯克希尔完全收购盖可保险时，其保费收入为29亿美元。去年，这个数字增长到69亿美元，未来仍大有可为。尤其令人期待的是公司的互联网业务，去年新保单增长了75%。快去GEICO.com看看（或致电800-847-7536）。在大多数州，股东可以享受8%的特别折扣。",[14,1065,1066,1067,1070],{},"关于盖可保险2002年的利润，有一件事要附带提一下，它再次印证了一个道理：保险公司只能与最好的再保险公司做生意。1981到1983年间，当时负责经营盖可保险的管理层决定涉足商业综合责任险和产品责任险。这类风险看起来不大——公司只收了305.1万美元的保费，并将其中几乎全部——297.9万美元——用来购买再保险以限制损失。盖可保险只留下区区7.2万美元，作为承担自留风险的微薄对价。谁知这一小口苹果就足以让人刻骨铭心。盖可保险在这项业务上至今累计亏损了令人咋舌的",[637,1068,1069],{},"9,410万美元","，大约是所收取净保费的13万%。在总损失中，那些不靠谱的再保险公司无法支付的应收理赔款不少于9,030万美元（其中包括2002年确认的1,900万美元）。便宜果然没好货！",[676,1072],{},[14,1074,1075],{},"阿吉特·贾恩 (Ajit Jain) 领导的再保险部门，是我们去年浮存金成本之所以能够压得如此之低的最主要原因。如果伯克希尔的年报里要放一张人物照片，那一定是Ajit的。而且一定要用彩色的！",[14,1077,1078],{},"Ajit的部门已经积累了134亿美元的浮存金，除了屈指可数的几家大型保险公司外，没有谁达到过这个规模。他从1986年白手起家，至今团队不过20人。而且，最重要的是，他还实现了承保盈利。",[14,1080,1081],{},"如果你把我接下来要讲的几项会计因素考虑进去，他的利润就更加了不起了。所以请大家准备好吃你们的菠菜（或者，如果你对借贷记账不感兴趣，可以跳过接下来的两段）。",[14,1083,1084,1085,1088],{},"Ajit在2002年实现的5.34亿美元承保利润，是在",[637,1086,1087],{},"扣除","了4.28亿美元追溯再保险费用之后的数字——这些费用来自他多年来承保的追溯再保险业务。在这个业务领域，我们从其他保险公司那里接过一项义务：为他们已经发生但尚未赔付的损失——往往是几十年前的事件——支付约定上限内的理赔金（例如，一名1980年受伤的工人将终身领取月度赔偿金）。在这种安排中，投保的保险公司一次性支付给我们一大笔保费，但金额低于我们预计将来要赔出去的总数。我们之所以愿意接受这个差额，原因在于：(a) 我们的赔付有上限；(b) 在理赔金实际支付之前——这一过程往往长达十年甚至更久——我们可以运用这笔资金进行投资。在我们承保的66亿美元石棉及环境损害准备金中，大约80%来自有赔付上限的合同，因此其成本不会无限制地飙升。",[14,1090,1091],{},"当我们签下一份追溯再保险保单时，我们立即将保费和预计损失准备金同时入账。两者的差额则以一项名为”递延费用——已承担再保险”的资产入账。这可不是一个小数目：截至年底，所有追溯再保险保单的这一资产合计为34亿美元。然后我们按每张保单的预计存续期间逐年摊销这笔资产，计入损益减项。2002年的摊销金额为4.4亿美元（含通用再保险部分）——这些费用形成承保亏损，但这是事先预期且符合我们意愿的。即便背负了这一负担，Ajit去年仍然实现了可观的承保盈利。",[14,1093,1094,1095,1098],{},"不过我们需要强调，在Ajit的业务中，我们所承担的风险是巨大的——",[637,1096,1097],{},"远远超过","世界上任何其他保险公司自留的风险。因此，单一事件就可能导致Ajit在任何一个季度或年度的业绩出现巨大波动。不过这一点丝毫不困扰我们：只要收取的保费合理，我们乐于承担那些别人避之唯恐不及的短期波动。在伯克希尔，我们宁愿赚取起伏不定的15%长期回报，也不要平平稳稳的12%。",[14,1100,1101],{},"如果你们在年度股东大会上遇到Ajit，记得向他深深鞠个躬。",[676,1103],{},[14,1105,1106],{},"伯克希尔旗下其他规模较小的保险公司也度过了出色的一年。它们合计浮存金增长了38%，并实现了3,200万美元的承保利润，相当于保费收入的4.5%。如果把这些公司合在一起，堪称全美最优秀的保险公司之一。",[14,1108,1109],{},"不过，这些数字中也包含了我们在加州工伤保险业务上的糟糕表现。那边的业务我们还有很多工作要做，准备金计提也严重偏离。在我们搞清楚如何做好这项业务之前，我们会保持较小的规模。",[14,1111,1112],{},"感谢罗德·埃尔德雷德 (Rod Eldred)、约翰·基泽 (John Kizer)、汤姆·纳尼 (Tom Nerney)、唐·陶尔 (Don Towle) 和唐·沃斯特 (Don Wurster) 在2002年取得的辉煌成绩。他们为各位在伯克希尔的投资增添了许多价值。",[21,1114,1115],{"id":1115},"账列收益的来源",[14,1117,1118],{},"下表显示伯克希尔账列收益的主要来源。大家或许已经注意到，2002年的”购买法会计调整数”大幅减少，原因是通用会计准则 (GAAP) 的规则在当年发生了变化，不再要求商誉摊销。这一变化增加了我们的账列收益，但对经济收益没有任何影响。",[25,1120,1121,1137],{},[28,1122,1123],{},[31,1124,1125,1127,1130,1132,1135],{},[34,1126],{},[34,1128,1129],{},"税前收益",[34,1131,1129],{},[34,1133,1134],{},"伯克希尔应占净收益（税后及少数股东权益后）",[34,1136,1134],{},[47,1138,1139,1152,1165,1178,1195,1212,1229,1245,1262,1279,1296,1313,1330,1347,1364,1379,1395,1411,1428,1445,1460,1477,1489,1506,1523,1535],{},[31,1140,1141,1144,1146,1148,1150],{},[52,1142,1143],{},"（百万美元）",[52,1145,561],{},[52,1147,547],{},[52,1149,561],{},[52,1151,547],{},[31,1153,1154,1157,1159,1161,1163],{},[52,1155,1156],{},"经营收益：",[52,1158],{},[52,1160],{},[52,1162],{},[52,1164],{},[31,1166,1167,1170,1172,1174,1176],{},[52,1168,1169],{},"保险事业：",[52,1171],{},[52,1173],{},[52,1175],{},[52,1177],{},[31,1179,1180,1183,1186,1189,1192],{},[52,1181,1182],{},"承保——通用再保险",[52,1184,1185],{},"$ (1,393)",[52,1187,1188],{},"$ (3,671)",[52,1190,1191],{},"$ (930)",[52,1193,1194],{},"$ (2,391)",[31,1196,1197,1200,1203,1206,1209],{},[52,1198,1199],{},"承保——伯克希尔集团",[52,1201,1202],{},"534",[52,1204,1205],{},"(647)",[52,1207,1208],{},"347",[52,1210,1211],{},"(433)",[31,1213,1214,1217,1220,1223,1226],{},[52,1215,1216],{},"承保——盖可保险",[52,1218,1219],{},"416",[52,1221,1222],{},"221",[52,1224,1225],{},"271",[52,1227,1228],{},"144",[31,1230,1231,1234,1237,1240,1242],{},[52,1232,1233],{},"承保——其他主险",[52,1235,1236],{},"32",[52,1238,1239],{},"30",[52,1241,848],{},[52,1243,1244],{},"18",[31,1246,1247,1250,1253,1256,1259],{},[52,1248,1249],{},"净投资收益",[52,1251,1252],{},"3,050",[52,1254,1255],{},"2,824",[52,1257,1258],{},"2,096",[52,1260,1261],{},"1,968",[31,1263,1264,1267,1270,1273,1276],{},[52,1265,1266],{},"服装 (1)",[52,1268,1269],{},"229",[52,1271,1272],{},"(33)",[52,1274,1275],{},"156",[52,1277,1278],{},"(28)",[31,1280,1281,1284,1287,1290,1293],{},[52,1282,1283],{},"建筑产品 (2)",[52,1285,1286],{},"516",[52,1288,1289],{},"461",[52,1291,1292],{},"313",[52,1294,1295],{},"287",[31,1297,1298,1301,1304,1307,1310],{},[52,1299,1300],{},"金融及金融产品",[52,1302,1303],{},"1,016",[52,1305,1306],{},"519",[52,1308,1309],{},"659",[52,1311,1312],{},"336",[31,1314,1315,1318,1321,1324,1327],{},[52,1316,1317],{},"航空服务",[52,1319,1320],{},"225",[52,1322,1323],{},"186",[52,1325,1326],{},"133",[52,1328,1329],{},"105",[31,1331,1332,1335,1338,1341,1344],{},[52,1333,1334],{},"中美能源（80%持股）",[52,1336,1337],{},"613",[52,1339,1340],{},"565",[52,1342,1343],{},"359",[52,1345,1346],{},"230",[31,1348,1349,1352,1355,1358,1361],{},[52,1350,1351],{},"零售业务",[52,1353,1354],{},"166",[52,1356,1357],{},"175",[52,1359,1360],{},"97",[52,1362,1363],{},"101",[31,1365,1366,1369,1372,1374,1377],{},[52,1367,1368],{},"斯科特费泽（不含金融业务）",[52,1370,1371],{},"129",[52,1373,1371],{},[52,1375,1376],{},"83",[52,1378,1376],{},[31,1380,1381,1384,1387,1390,1393],{},[52,1382,1383],{},"Shaw地毯 (3)",[52,1385,1386],{},"424",[52,1388,1389],{},"292",[52,1391,1392],{},"258",[52,1394,1275],{},[31,1396,1397,1400,1403,1406,1409],{},[52,1398,1399],{},"其他业务",[52,1401,1402],{},"256",[52,1404,1405],{},"212",[52,1407,1408],{},"160",[52,1410,864],{},[31,1412,1413,1416,1419,1422,1425],{},[52,1414,1415],{},"购买法会计调整",[52,1417,1418],{},"(119)",[52,1420,1421],{},"(726)",[52,1423,1424],{},"(65)",[52,1426,1427],{},"(669)",[31,1429,1430,1433,1436,1439,1442],{},[52,1431,1432],{},"公司利息费用",[52,1434,1435],{},"(86)",[52,1437,1438],{},"(92)",[52,1440,1441],{},"(55)",[52,1443,1444],{},"(60)",[31,1446,1447,1450,1453,1455,1458],{},[52,1448,1449],{},"股东指定捐赠",[52,1451,1452],{},"(17)",[52,1454,1452],{},[52,1456,1457],{},"(11)",[52,1459,1457],{},[31,1461,1462,1465,1468,1471,1474],{},[52,1463,1464],{},"其他",[52,1466,1467],{},"19",[52,1469,1470],{},"25",[52,1472,1473],{},"12",[52,1475,1476],{},"16",[31,1478,1479,1481,1483,1485,1487],{},[52,1480],{},[52,1482],{},[52,1484],{},[52,1486],{},[52,1488],{},[31,1490,1491,1494,1497,1500,1503],{},[52,1492,1493],{},"经营收益合计",[52,1495,1496],{},"6,010",[52,1498,1499],{},"453",[52,1501,1502],{},"3,903",[52,1504,1505],{},"(47)",[31,1507,1508,1511,1514,1517,1520],{},[52,1509,1510],{},"投资资本利得",[52,1512,1513],{},"603",[52,1515,1516],{},"1,320",[52,1518,1519],{},"383",[52,1521,1522],{},"842",[31,1524,1525,1527,1529,1531,1533],{},[52,1526],{},[52,1528],{},[52,1530],{},[52,1532],{},[52,1534],{},[31,1536,1537,1540,1543,1546,1549],{},[52,1538,1539],{},"总收益——所有实体",[52,1541,1542],{},"$ 6,613",[52,1544,1545],{},"$ 1,773",[52,1547,1548],{},"$ 4,286",[52,1550,1551],{},"$ 795",[14,1553,1554],{},[637,1555,1556],{},"(1) 包括鲜果布衣（自2002年4月30日起）和Garan（自2002年9月4日起）。",[14,1558,1559],{},[637,1560,1561],{},"(2) 包括Johns Manville（自2001年2月27日起）和MiTek（自2001年7月31日起）。",[14,1563,1564],{},[637,1565,1566],{},"(3) 自收购日2001年1月8日起。",[14,1568,1569],{},"以下是我们非保险事业的重点摘要：",[630,1571,1572,1575],{},[633,1573,1574],{},"中美能源2002年的收益持续增长，预计今年仍将如此。无论是当前还是未来的增长，主要都来自前面提到的并购。为了支持这些收购，伯克希尔购入了12.73亿美元的中美能源次级债（使我们持有的这些年息11%债券总额达到17.28亿美元），还投资了4.02亿美元的”普通股等价”证券。按完全摊薄计算，我们现在持有中美能源80.2%的股权。中美能源的详细财务报表请参阅第37页。",[633,1576,1577],{},"去年我曾告诉各位，Dexter鞋业的问题导致了我们制鞋业务的巨额亏损。在H.H. Brown鞋业的弗兰克·鲁尼 (Frank Rooney) 和吉姆·伊斯勒 (Jim Issler) 的努力下，Dexter的运营已经扭转。尽管解决这些问题花了不少钱，去年鞋业仍然赚了2,400万美元，较2001年大幅改善了7,000万美元。",[14,1579,1580],{},"Justin的兰迪·沃森 (Randy Watson) 也为这次好转贡献良多，在精简投入资本的同时大幅提升了利润率。制鞋是一门艰难的生意，但我们拥有一流的经理人，相信未来我们能够在这项业务上赚取合理的资本回报。",[630,1582,1583],{},[633,1584,1585],{},"对于家居和珠宝零售商来说，去年算是平平淡淡的一年，但我们旗下的业务表现相当不错。在我们八家零售公司中，表现最好的是位于得梅因的Homemaker’s。才华横溢的梅尔施曼 (Merschman) 家族在销售和利润上都取得了出色的成绩。",[14,1587,1588],{},"内布拉斯加家具店 (Nebraska Furniture Mart) 将于八月在堪萨斯城都会区开设一家全新的超级大卖场。凭借45万平方英尺的零售面积，它很可能成为全美销量第二大的家具店——仅次于其位于奥马哈的旗舰店。我希望堪萨斯城地区的伯克希尔股东都来参加开业（而且要经常光顾）。",[630,1590,1591],{},[633,1592,1593],{},"我们的住宅和建筑相关业务——Acme砖块、本杰明·摩尔油漆 (Benjamin Moore)、Johns Manville、MiTek和Shaw地毯——去年贡献了9.41亿美元的税前利润。尤其值得一提的是Shaw地毯，其利润从2001年的2.92亿美元大幅增长到4.24亿美元。鲍勃·肖 (Bob Shaw) 和朱利安·索尔 (Julian Saul) 是顶级的经营者。去年地毯价格仅上涨了1%，但Shaw凭借生产效率的提升和出色的费用控制，大幅改善了利润率。",[14,1595,1596],{},"在伯克希尔，我们格外珍视成本意识。我们的榜样是这样一位寡妇：她去当地报社登一则讣告。被告知每个字收费25美分后，她要求登”Fred Brown死了”。随后她被告知最少要七个字。这位悲伤的女士回答说：“那就改成’Fred Brown死了，高尔夫球杆出售’。”",[630,1598,1599],{},[633,1600,1601],{},"航空服务去年的利润有所增长——但那纯粹是因为我们出售飞安-波音公司 (FlightSafety Boeing) 50%股权所实现的6,000万美元税前特殊收益。扣除这笔收益，我们飞行员培训业务的利润实际上略有下滑，反映了商务航空活动的放缓。飞安公司 (FlightSafety) 的培训业务依然是业界的金字招牌，我们预期未来几年将继续增长。",[14,1603,1604,1605,1608],{},"在公务机分时租赁业务NetJets方面，我们在四家竞争者中遥遥领先。美国联邦航空管理局 (FAA) 的记录显示，我们2002年的行业份额高达75%，这意味着客户向我们购买或租赁的飞机价值是其他三家竞争对手",[637,1606,1607],{},"总和","的三倍。去年，我们的机队飞行了1.327亿海里，将客户送达130个国家。",[14,1610,1611],{},"我们的优势完全归功于NetJets的CEO理查德·桑图里 (Rich Santulli)。他在1986年开创了这个行业，此后一直以不折不挠的精神致力于提供最高水准的服务、安全和保障。Rich、查理和我都坚持，我们的飞机（和机组人员）必须值得托付我们自己的家人——因为他们确实经常搭乘。",[14,1613,1614],{},"虽然NetJets2002年的营收创了新高，但公司仍然亏损。美国市场的微利被欧洲市场的亏损所抵消。总的来说，分时租赁行业去年亏损不少，2003年几乎可以肯定也是如此。残酷的事实是，飞机的运营成本实在太高了。",[14,1616,1617],{},"长期来看，这一经济现实应该有利于我们，因为对很多公司来说，私人飞机是必不可少的商务工具。而对其中大多数公司而言，NetJets作为主要或补充的飞机供应商都极具说服力。",[14,1619,1620],{},"许多公司每年可以通过使用我们的服务节省数百万美元。一些大公司的年节省金额甚至可以超过1,000万美元。同样重要的是，这些公司使用我们的服务还能提升自己的运营能力。拥有一架NetJets飞机的部分所有权，客户就可以同时调度多架飞机。此外，通过我们提供的机型互换安排，一种机型的份额持有者可以飞其他12种机型中的任何一种，根据任务需要选择最合适的飞机。（我有一个姐姐拥有一架猎鹰2000 (Falcon 2000) 的部分所有权，她用它飞夏威夷——但展现了巴菲特家族的基因——在美国境内的短途旅行中换用更经济的Citation Excel。）",[14,1622,1623],{},"NetJets的客户名单证实了我们能为大企业提供的优势。以通用电气 (General Electric) 为例，它自己拥有一支庞大的机队，也因此对如何高效、经济地使用飞机了然于胸。而它正是我们最大的客户。",[630,1625,1626],{},[633,1627,1628],{},"我们的金融及金融产品业务涵盖了多种运营，其中包括2002年利润丰厚的某些高评级固定收益证券操作。这一领域的收益可能还会持续一段时间，但终究会下降——也许还会完全消失。",[14,1630,1631],{},"这一类别还包括我们Berkadia在Finova的投资带来的回报——非常令人满意，但正在快速缩减（去年的报告中有详细描述）。我们的合作伙伴路卡迪亚国民公司 (Leucadia National Corp.) 以高超的技能管理着这项业务，并心甘情愿地承担了远超其份额的重担。我很喜欢这种分工模式，也期望未来能与Leucadia共同参与更多交易。",[14,1633,1634],{},"负面的方面，金融业务也包括通用再保险证券 (General Re Securities) 的运营——一家衍生品和交易业务。这家公司去年税前亏损1.73亿美元，部分原因是迟来地确认了早期虽符合准则但实则有误的会计处理。事实上，金融衍生品这个话题值得我们好好深入探讨，不管是其使用者采用的会计方法，还是它可能给个别公司和整个经济体带来的隐患。",[21,1636,1637],{"id":1637},"金融衍生品",[14,1639,1640],{},"对于金融衍生品及其相关交易，查理和我的看法完全一致：我们视之为定时炸弹，不论对参与交易的各方还是整个经济体系而言都是如此。",[14,1642,1643],{},"抛出了这个炸弹般的观点——稍后我会详细展开——先让我退一步来解释一下什么是衍生品。不过只能泛泛而谈，因为这个词涵盖了范围极其广泛的金融合约。本质上，这类工具要求在未来某个日期进行资金交割，金额由一个或多个参考变量决定，比如利率、股价或汇率。举个例子，如果你做多或做空一份标普500指数期货合约，你就参与了一笔非常简单的衍生品交易——你的盈亏”衍生”自指数的波动。衍生品合约的期限长短不一（有时长达20年甚至更久），其价值通常与多个变量挂钩。",[14,1645,1646],{},"除非衍生品合约有抵押或担保，否则其最终价值还取决于交易对手的信用可靠性。与此同时，在合约清算之前，交易双方就在各自的损益表上记录盈亏——金额往往巨大——即便实际上一分钱都还没有易手。",[14,1648,1649],{},"衍生品合约的种类之多，只受限于人类的想象力（有时候，看起来更像是疯子的想象力）。比如在安然 (Enron)，新闻纸和宽带的衍生品合约就被记在账上，要等很多年后才会结算。又或者你想签一份合约，赌2020年内布拉斯加州出生的双胞胎数量。没问题——只要你肯出价，一定能找到愿意跟你对赌的人。",[14,1651,1652],{},"当初我们收购通用再保险时，它附带了通用再保险证券这家衍生品经纪商。查理和我都认为它具有相当的危险性，不想保留。我们试图出售这个部门但没有成功，现在只能慢慢关闭清算。",[14,1654,1655],{},"但关闭一个衍生品业务部门说起来容易做起来难。想要彻底摆脱这个业务的纠缠还需要很多年（尽管我们每天都在降低风险敞口）。事实上，再保险和衍生品业务有一个共同点：就像地狱一样，进去容易、出来难。在这两个行业，一旦签下合同——可能几十年后突然冒出一大笔赔款——你基本上就被套牢了。当然，有一些办法可以把风险转嫁给别人，但大多数情况下你仍然摆脱不了连带责任。",[14,1657,1658],{},"再保险和衍生品的另一个共同点是，两者的账列收益往往都被严重高估。这是因为今天的利润在很大程度上是基于估计数字的，而这些估计准不准确，可能要过很多年才能见分晓。",[14,1660,1661,1662,1665],{},"错误通常是诚实的，不过是反映了人类高估自身承诺可靠性的天然倾向。但衍生品交易的各方还有巨大的动机在会计数字上做手脚。那些从事衍生品交易的人，其薪酬的全部或部分取决于按市价计算的”收益”。但很多时候根本没有真正的市场（想想前面提到的双胞胎对赌合约），只能用”按模型计价”来替代。这种替代可以滋生大规模的恶行。一般规律是，涉及多个参考变量和遥远结算日期的合约，给交易双方使用天马行空的假设提供了最大的空间。就拿双胞胎的例子来说，合约双方完全可以使用截然不同的估值模型，让",[637,1663,1664],{},"双方","同时在账上体现可观的利润，而且可以持续好多年。在极端情况下，所谓的”按模型计价”就沦为了我所说的”按神话计价”。",[14,1667,1668],{},"当然，内部和外部审计人员都会审查这些数字，但这绝非易事。例如，通用再保险证券在年底时（在其决定关闭运营的10个月之后）仍有14,384份合约流通在外，涉及全球672个交易对手。每份合约的正负价值都取决于一个或多个参考变量，其中一些复杂得令人头皮发麻。面对这样一个交易组合，即便是专业而诚实的审计师，也完全可能得出截然不同的估值结论。",[14,1670,1671],{},"估值问题绝不是纸上谈兵。近年来，几起大规模的欺诈案和准欺诈案都是借助衍生品交易才得以实施的。比如在能源和电力公用事业领域，一些公司利用衍生品和交易活动报出了惊人的”收益”——直到他们试图将资产负债表上那些与衍生品相关的应收账款变现时，纸糊的天花板才轰然坍塌。“按市价计价”到头来变成了名副其实的”按神话计价”。",[14,1673,1674],{},"我可以向各位保证，衍生品业务中的记账差错绝不是对称的。几乎没有例外，它们总是偏袒那些盯着百万美元奖金的交易员，或者那些想要报出漂亮”收益”的CEO（或者两者兼有）。奖金发了，CEO的期权也变现了。过了很久很久之后，股东们才恍然大悟——原来那些亮丽的收益数字全是一场骗局。",[14,1676,1677],{},"衍生品的另一个问题是，它们会加剧一家公司因完全无关的原因而陷入的困境。这种雪上加霜效应之所以会发生，是因为许多衍生品合约规定，一旦公司信用评级被下调，必须立即向交易对手追加抵押品。想象一下：一家公司因为行业大环境不好而被调降评级，紧接着衍生品合约的条款就跳出来发威，提出一笔事先完全没有预料到的巨额现金抵押品要求。为了满足这一要求，公司可能被推入流动性危机，而这在某些情况下又会触发进一步的降级。一切变成一个螺旋式下坠，最终可能导致公司的彻底崩溃。",[14,1679,1680],{},"衍生品还会制造一种多米诺骨牌式的风险，这与保险公司或再保险公司将大量业务分保给别人所面临的风险如出一辙。在这两种情况下，来自众多交易对手的巨额应收款项往往会随着时间而不断累积。（在通用再保险证券，尽管我们已经进入清算模式将近一年，仍然有65亿美元的应收款项在外。）一个参与者可能自认为很谨慎，认为自己的大额信用风险已经充分分散，因此不构成危险。但在某些情况下，导致A公司应收款变坏的外部事件，同样会影响B公司到Z公司的应收款。历史教训告诉我们，在太平盛世时看似互不相干的问题，在危机来临时往往会以做梦也想不到的方式相互关联。",[14,1682,1683],{},"在银行体系中，对”关联性”问题的认识正是美联储成立的原因之一。在美联储成立之前，弱势银行的倒闭有时会对原本健康的银行造成突然且出乎意料的流动性冲击，导致后者跟着倒闭。美联储如今为强者隔绝了弱者的麻烦。但在保险业或衍生品交易中，却没有类似央行的机构来阻止多米诺骨牌效应。在这些行业，基本面健全的公司可能仅仅因为链条下游其他公司的困境而陷入麻烦。当一个行业中存在这种”连锁反应”的威胁时，明智的做法是尽量减少彼此之间的关联。这正是我们经营再保险业务的方式，也是我们选择退出衍生品交易的原因之一。",[14,1685,1686],{},"许多人声称衍生品可以降低系统性风险，因为那些无法承受某些风险的参与者可以将其转移到实力更强的人手中。这些人认为衍生品能够稳定经济、促进贸易、消除个别参与者的颠簸。在微观层面，他们说的往往没错。实际上，在伯克希尔，我有时也会参与大规模的衍生品交易，以便于实施某些投资策略。",[14,1688,1689],{},"然而，查理和我认为，从宏观层面来看，形势是危险的，而且正变得越来越危险。大量风险，尤其是信用风险，已经集中到了少数几家衍生品交易商手中，而这些交易商之间又进行着大量的对手交易。一家出了问题，很快就会传染给其他家。更糟糕的是，这些交易商还有大量非交易商交易对手欠他们的巨额款项。正如我前面提到的，这些交易对手中有一些联系紧密到一个单一事件（比如电信行业的崩溃或商业电力项目价值的暴跌）就能让他们同时陷入困境。当关联性突然浮出水面时，可能引发严重的系统性问题。",[14,1691,1692],{},"事实上，1998年，一家大量从事杠杆交易和衍生品交易的对冲基金——长期资本管理公司 (Long-Term Capital Management)——就曾让美联储如此焦虑，以至于匆匆组织了一次紧急救援行动。在随后的国会听证会上，美联储官员承认，如果他们当初没有介入，LTCM——一家公众闻所未闻、员工仅几百人的公司——其未了结的交易敞口很可能对美国市场的稳定构成严重威胁。换句话说，美联储之所以出手，是因为他们的领导层担心一旦LTCM这张骨牌倒下，其他金融机构会受到怎样的冲击。而这次事件虽然导致固定收益市场的很大部分瘫痪了数周之久，但还远远不是最坏的情况。",[14,1694,1695],{},"全收益互换是LTCM使用的衍生品工具之一，这种合约使得在包括股市在内的各种市场中进行100%杠杆操作成为可能。举个例子：合约的A方（通常是一家银行）出全部的钱买入一只股票，而B方不需要投入任何资本，只是约定在未来某个日期，如果银行有盈利就收走，如果银行亏损就赔偿。",[14,1697,1698,1699,1702],{},"这类全收益互换合约让保证金要求形同虚设。除此之外，其他类型的衍生品也严重削弱了监管机构抑制杠杆和全面掌控银行、保险公司及其他金融机构风险状况的能力。同样，即使是经验丰富的投资者和分析师，在分析那些深度参与衍生品交易的公司的财务状况时也会束手无策。当查理和我读完各大银行那些详述衍生品活动的冗长财务附注后，我们唯一能确定的是——我们根本",[637,1700,1701],{},"不知道","这些金融机构到底承担了多大的风险。",[14,1704,1705],{},"衍生品的魔鬼已经从瓶子里跑出来了，这些工具几乎肯定会在种类和数量上继续倍增，直到某个事件让其毒性昭然若揭。电力和天然气行业已经深刻认识到了衍生品的危险——几起重大事故使得这些行业中的衍生品交易大幅萎缩。但在其他地方，衍生品业务仍在不受约束地疯狂扩张。到目前为止，各国央行和政府还没有找到有效的方法来控制甚至监测这些合约所带来的风险。",[14,1707,1708],{},"查理和我认为，伯克希尔应该成为一座坚不可摧的财务堡垒——为了我们的股东、债权人、投保人和员工。我们对任何形式的巨灾风险都保持高度警惕，这种态度或许让我们对日益膨胀的长期衍生品合约以及随之增长的巨额无担保应收款显得过分忧虑。但在我们看来，衍生品就是大规模杀伤性金融武器，其危险目前虽然潜伏，但具有致命的杀伤力。",[21,1710,1711],{"id":1711},"股票投资",[14,1713,1714],{},"下表列出了我们的普通股投资。截至2002年底市值超过5亿美元的股票分列如下。",[25,1716,1717,1733],{},[28,1718,1719],{},[31,1720,1721,1724,1727,1730],{},[34,1722,1723],{},"股数",[34,1725,1726],{},"公司",[34,1728,1729],{},"成本* 2002\u002F12\u002F31（百万美元）",[34,1731,1732],{},"市值 2002\u002F12\u002F31（百万美元）",[47,1734,1735,1749,1763,1777,1791,1805,1819,1833,1847,1859,1869],{},[31,1736,1737,1740,1743,1746],{},[52,1738,1739],{},"151,610,700",[52,1741,1742],{},"美国运通 (American Express)",[52,1744,1745],{},"$ 1,470",[52,1747,1748],{},"$ 5,359",[31,1750,1751,1754,1757,1760],{},[52,1752,1753],{},"200,000,000",[52,1755,1756],{},"可口可乐 (The Coca-Cola Company)",[52,1758,1759],{},"1,299",[52,1761,1762],{},"8,768",[31,1764,1765,1768,1771,1774],{},[52,1766,1767],{},"96,000,000",[52,1769,1770],{},"吉列 (The Gillette Company)",[52,1772,1773],{},"600",[52,1775,1776],{},"2,915",[31,1778,1779,1782,1785,1788],{},[52,1780,1781],{},"15,999,200",[52,1783,1784],{},"H&R Block",[52,1786,1787],{},"255",[52,1789,1790],{},"643",[31,1792,1793,1796,1799,1802],{},[52,1794,1795],{},"6,708,760",[52,1797,1798],{},"M&T Bank",[52,1800,1801],{},"103",[52,1803,1804],{},"532",[31,1806,1807,1810,1813,1816],{},[52,1808,1809],{},"24,000,000",[52,1811,1812],{},"穆迪 (Moody’s)",[52,1814,1815],{},"499",[52,1817,1818],{},"991",[31,1820,1821,1824,1827,1830],{},[52,1822,1823],{},"1,727,765",[52,1825,1826],{},"华盛顿邮报 (The Washington Post Company)",[52,1828,1829],{},"11",[52,1831,1832],{},"1,275",[31,1834,1835,1838,1841,1844],{},[52,1836,1837],{},"53,265,080",[52,1839,1840],{},"富国银行 (Wells Fargo)",[52,1842,1843],{},"306",[52,1845,1846],{},"2,497",[31,1848,1849,1851,1853,1856],{},[52,1850],{},[52,1852,1464],{},[52,1854,1855],{},"4,621",[52,1857,1858],{},"5,383",[31,1860,1861,1863,1865,1867],{},[52,1862],{},[52,1864],{},[52,1866],{},[52,1868],{},[31,1870,1871,1874,1877,1880],{},[52,1872,1873],{},"普通股合计",[52,1875,1876],{},"$ 9,164",[52,1878,1879],{},"$ 28,363",[52,1881],{},[14,1883,1884],{},"我们在股票投资方面依然没有太多动作。查理和我对伯克希尔目前主要持股越来越感到安心，因为这些公司的利润在增长，估值反而在下降。但我们目前无意加仓。虽然这些公司的前景都不错，但我们还不认为它们的股价被低估了。",[14,1886,1887,1888,1891],{},"我们认为，这一判断同样适用于整个股票市场。尽管连跌三年已经大幅提升了普通股的吸引力，但我们仍然",[637,1889,1890],{},"很难","找到哪怕是稍微让我们感兴趣的标的。这一令人沮丧的事实恰恰证明了大泡沫时代估值有多疯狂。不幸的是，宿醉的痛苦往往与狂欢的程度成正比。",[14,1893,1894],{},"查理和我目前对股票退避三舍的态度绝非天生如此。我们喜欢持有普通股——前提是能以诱人的价格买到。在我61年的投资生涯中，大约有50年提供过这样的机会。将来还会有那样的好年景。不过，除非我们看到获得至少税前10%回报率（即公司税后6.5%-7%）的概率相当高，否则我们宁可在场外观望。闲置资金的税后回报不到1%，干坐在那里确实不好受。但有时候，成功的投资就是需要按兵不动。",[14,1896,1897],{},"不过去年，我们还是找到了一些不错的”垃圾”债券和贷款投资机会。总体而言，我们在这一领域的配置增长了六倍，到年底达到83亿美元。",[14,1899,1900],{},"投资垃圾债券和投资股票在某些方面很相似：两者都需要做价格与价值的评估，也都需要在成百上千的证券中筛选出极少数风险回报比诱人的标的。但两者之间也有重要的区别。在股票投资中，我们期望每一笔投资都能成功，因为我们专注于财务稳健、竞争优势强劲、由能干而诚实的人经营的企业。如果我们以合理的价格买入这类公司，发生亏损的概率应该很小。事实上，在我们经营伯克希尔的38年中（不含通用再保险和盖可保险管理的对外投资），投资的盈亏比大约是100比1。",[14,1902,1903],{},"但投资垃圾债券时，我们面对的企业体质要差得多。这些公司通常背负沉重的债务，而且往往处于资本回报率低下的行业。此外，管理层的素质有时也令人存疑。管理层的利益甚至可能与债权人直接冲突。因此，我们预期在垃圾债券上偶尔会出现较大的亏损。不过到目前为止，我们在这个领域的投资表现还算相当不错。",[21,1905,1906],{"id":1906},"公司治理",[14,1908,1909],{},"管理层的能力和忠诚度历来需要接受监督。事实上，将近2000年前，耶稣基督就曾谈到过这个话题。他在路加福音16章2节中提到”一个财主”对他的管家说：“把你管理的事交代清楚，因为你不能再做我的管家了。”",[14,1911,1912],{},"过去十多年来，问责意识和管家精神日渐萎缩，在大泡沫的狂热中，这些品质变得无足轻重。股价越涨，管理层的行为规范越堕落。结果，到了90年代末，走正路的CEO们发现前方的路上人迹罕至。",[14,1914,1915],{},"话说回来，大多数CEO，不管男女，都是你很愿意让他们替你孩子管理资产或与之为邻的好人。然而近年来，这些人中有太多在职场上表现失当——粉饰数字，明明业绩平平却拿着令人咋舌的高薪。这些原本体面的人只是走了梅·韦斯特 (Mae West) 的老路：“当年我也是白雪公主，只不过后来堕落了。”",[14,1917,1918],{},"理论上，公司董事会应该阻止这种行为的恶化。我上次就董事的职责发表看法是在1993年的年报中。（如需要可向我们索取，也可在网上阅读1993年年报中的公司治理章节。）当时我说，董事们”应该表现得像只有一位缺席的大股东那样，竭尽一切合理手段维护这位大股东的长期利益”。这意味着，董事会必须辞退平庸或者更差的管理者，不管他多么讨人喜欢。董事们应该像那位嫁给85岁亿万富翁的年轻辣妹一样行事——当被问到”如果我没钱了你还会爱我吗？“，这位年轻美人回答说：”当然，我会想念你的，但我还是爱你的。”",[14,1920,1921],{},"在1993年的年报中，我还说过董事有另一项职责：“如果能干但贪婪的管理者伸手太长，试图从股东口袋里掏太多钱，董事会必须拍掉他们的手。”自那以后，过度伸手的行为已经司空见惯，但被拍手的却寥寥无几。",[14,1923,1924],{},"为什么这些聪明而体面的董事们会失败得如此惨烈？答案不在于法律的不完善——董事代表股东利益的义务从来都是明确的——而在于我所说的”董事会上的一团和气”。",[14,1926,1927],{},"比方说，在一个讲究礼数的董事会上，几乎不可能提出是否应该换掉CEO这种话题。同样令人尴尬的是质疑一项已经得到CEO首肯的并购提案，尤其是当他的内部幕僚和外部顾问在座并一致支持他的决策时。（如果他们不支持，他们就不会出现在会议室里。）最后，当薪酬委员会——照例由高薪顾问保驾护航——报告将给CEO一大笔期权时，哪位董事要是提出异议，那简直跟在宴会上打嗝一样失礼。",[14,1929,1930],{},"这些”社交”层面的困难，支持了让外部董事在CEO不在场的情况下定期开会的做法——这是一项正在推进的改革，我热烈支持。不过我也怀疑，其他大多数新的治理规则和建议所能带来的好处，是否与其所增加的货币和其他成本相称。",[14,1932,1933],{},"当下的呼声是要求”独立”董事。的确，拥有独立思考和发言的董事非常重要——但他们同时还必须精通商业、真正关心公司、以股东利益为导向。在我1993年的评论中，我把这三项特质列为不可或缺的条件。",[14,1935,1936],{},"在40多年里，我先后在19家上市公司的董事会任职（不算伯克希尔），与大约250位董事打过交道。他们中的大多数按今天的标准都算”独立”。但其中绝大多数人至少缺乏我所看重的三项特质之一。因此，他们对股东利益的贡献微乎其微，甚至经常是负面的。这些人尽管体面而聪明，但他们对商业运营的了解实在太有限，也不够在乎股东的利益，以至于不会去质疑愚蠢的并购或离谱的薪酬。我必须遗憾地承认，我自己的表现也经常不达标：当管理层提出我认为有违股东利益的方案时，我太多次选择了沉默。在那些时候，老好人心态战胜了独立性。",[14,1938,1939],{},"为了进一步审视”独立性”的失败，让我们看一个涵盖数千家公司、历时62年的案例研究。自1940年以来，联邦法律就规定投资公司（其中大多数是共同基金）必须有很大比例的独立董事。最初的要求是40%，现在提高到50%。不管怎样，典型的基金长期以来都有多数董事符合独立性标准。",[14,1941,1942],{},"这些董事和整个董事会有许多走过场的职责，但实际上只有两项真正重要的责任：一是找到最好的基金经理，二是为投资者争取最低的管理费。当你自己寻求投资帮助时，这两个目标是唯一重要的——代表其他投资者的董事们也应该有完全相同的考量。然而，谈到独立董事在追求这两个目标上的记录，只能用惨不忍睹来形容。",[14,1944,1945],{},"成千上万的投资公司董事会每年都在召开会议，履行一项至关重要的职责：为他们所代表的数百万投资者选择资金管理人。年复一年，基金A的董事们选择经理A，基金B的董事们选择经理B，如此类推……这是一个僵尸般的流程，完全是在嘲弄受托人的职责。极偶尔地，某个董事会会反戈一击。但大多数时候，就算现任基金经理长期业绩平平甚至低于标准，也没人吭声。我想，等猴子能打出莎士比亚的剧本那一天，共同基金的”独立”董事才有可能提议看看别的经理人。当然了，这些人在管理自己的钱时，会毫不犹豫地另觅良师——但在替别人尽受托人之责时，这种念头从来没进过他们的脑子。",[14,1947,1948],{},"当一家基金管理公司——姑且称之为”A”——被另一位经理”B”以天价买下时，弥漫在这个体系中的伪善就暴露无遗。这时”独立”董事们突然经历了一次”顿悟”，认定B经理才是最好的选择——尽管B在过去这些年一直就在那里（被刻意无视）。而且顺便说一句，在B买下A之前，本来可以以更低的价格聘用B。因为B花了一大笔钱来收购A，现在B必须通过A的股东支付的费用来收回这笔成本——这些股东是作为交易的一部分被”打包交付”的。（如果想要更深入地了解共同基金行业的内幕，推荐阅读约翰·博格尔 (John Bogle) 的*《共同基金常识》*。）",[14,1950,1951,1952,1955,1956,1959],{},"几年前，我的女儿被邀请担任一家大型机构旗下基金系列的董事。她作为董事可以获得的报酬非常可观——足以让她的年收入增加大约50%（她会告诉你，这对她来说很有吸引力！）。在法律上，她将是一名独立董事。但联系她的那位基金经理真的认为，她",[637,1953,1954],{},"有任何可能","独立地思考该基金应该聘用什么顾问吗？当然不会。我很自豪地说，她展现了",[637,1957,1958],{},"真正的","独立性——拒绝了这个邀请。不过，该基金毫不费力就找到了替代者（而且——毫不意外——该基金也没有更换经理）。",[14,1961,1962],{},"投资公司的董事们在谈判管理费方面同样失败（就像许多美国公司的薪酬委员会未能将CEO的薪酬限制在合理水平一样）。如果授权给你我，我可以向各位保证，我们绝对能够轻松地与大多数共同基金的现任经理谈判出大幅降低的管理费。而且相信我，如果董事们被允许从省下的管理费中分一杯羹，管理费一定会从天上掉下来。然而在现行制度下，降低管理费对”独立”董事毫无好处，但对基金经理却事关命脉。所以你猜谁赢了？",[14,1964,1965],{},"当然，有一位好的基金经理远比降低管理费重要得多。但两者都是董事的本职工作。而在履行这些至关重要的责任方面，六十多年来，数以万计的”独立”董事交出了一份惨不忍睹的答卷。（不过他们在维护自身利益方面倒是干得不错——仅在同一基金”家族”的多个董事会任职，收取的报酬就常常高达六位数。）",[14,1967,1968],{},"当经理人拼命在乎自己的利益，而董事们却漠不关心公司的利益时，就需要一股强大的制衡力量——而这恰恰是当今公司治理中缺失的要素。要赶走平庸的CEO、遏制能干者的贪得无厌，需要股东——大股东——站出来行动。操作起来并不难：近几十年来，股权日益集中化，如今机构投资者要在问题公司中施加自己的意志是很容易的事。只需要20家，甚至更少的大型机构联合行动，仅仅通过不把票投给那些容忍恶劣行为的董事，就可以有效地改革任何一家公司的治理。在我看来，这种协同行动是显著改善公司管家精神的唯一途径。",[14,1970,1971],{},"不幸的是，某些大型投资机构在呼吁改善其他公司治理时面临”玻璃屋”的窘境——比如，一想到自己的业绩和费用被自家董事会仔细审视，他们就会不寒而栗。但先锋基金的杰克·博格尔 (Jack Bogle)、Davis投资顾问的克里斯·戴维斯 (Chris Davis) 和Legg Mason的比尔·米勒 (Bill Miller) 现在正在带头推动CEO们公平对待股东。如果养老基金以及其他受托机构能够支持这些人，他们在未来一定能获得更好的投资回报。",[14,1973,1974],{},"辨别改革真伪的试金石是CEO薪酬。经理人们会乐呵呵地同意董事会”多元化“、按SEC要求签字画押、遵从各种无关痛痒的流程规定。但他们中的很多人真正会拼死反对的，是有人认真审视他们自己的薪资和福利。",[14,1976,1977,1978,1981],{},"近年来，薪酬委员会太多时候就像被尾巴摇来摇去的小狗，乖乖地听从公司聘请的顾问的建议。这些顾问可不以忠于那些为他们付费的、不露面的股东们而闻名。（如果你搞不清某人到底站在哪一边，那他",[637,1979,1980],{},"肯定不","站在你这边。）确实，SEC要求每个薪酬委员会在委托书中说明其薪酬决策的理由。但那些文字通常是公司律师或人事部门事先拟好的套话。",[14,1983,1984,1985,1988],{},"这种代价高昂的闹剧该收场了。董事们不应担任薪酬委员会成员，除非他们",[637,1986,1987],{},"自己","有能力代表股东进行谈判。他们必须说清楚自己是如何考虑薪酬的、如何衡量业绩的。而且，花的是股东的钱，他们应该像花自己的钱一样认真。",[14,1990,1991],{},"1890年代，美国劳工联盟的创始人塞缪尔·冈珀斯 (Samuel Gompers) 用一个词概括了工会的目标：“更多！”到了1990年代，美国企业的CEO们采纳了同样的战斗口号。结果是，CEO们大发其财，他们的股东却遭受了财务灾难。",[14,1993,1994],{},"董事们必须制止这种掠夺行为。为真正卓越的业绩支付高薪没有任何问题。但如果做不到那个水准，董事们就有必要大声说”够了！“如果近年来那些虚高的薪资成为未来薪酬的基准线，那将是一个天大的笑话。薪酬委员会必须推倒重来。",[676,1996],{},[14,1998,1999],{},"目前正在讨论、几乎肯定会生效的新规则，将要求伯克希尔调整董事会的构成——增加符合法定”独立性”标准的董事。",[14,2001,2002,2003,2006],{},"在此基础上，我们将增加一项我们认为重要但绝非决定性的独立性检验标准：我们将选择那些个人或其家族对伯克希尔有着巨大而真实的持股利益的董事（是指他们或家人在市场上",[637,2004,2005],{},"买入","的股份，而非伯克希尔馈赠或通过期权获得的），我们期望这些利益对他们行为的影响，将远远压过声誉和董事酬劳等其他考量。",[14,2008,2009],{},"这就涉及到一个经常被忽视的关于董事薪酬的问题。上市公司董事的年平均薪酬大约为5万美元。让我困惑的是：比如我们的董事会成员罗恩·奥尔森 (Ron Olson)，可能被认为不够独立，因为他从伯克希尔的法律服务中获得的收入占了他丰厚总收入中的一小部分；而那些把这5万美元董事费视为年收入20%甚至更多的董事们，又怎么能被认为是独立的呢？正如投资公司的故事所揭示的，一位收入严重依赖董事费、而且热切盼望受邀加入更多董事会以赚取更多报酬的董事，是绝不可能得罪CEO或其他董事会成员的——因为后者在很大程度上决定了前者在业界的声誉。如果监管机构认为”重大的”金钱利益会腐蚀独立性（事实确实如此），那么他们忽略了一大批潜在的违规者。",[14,2011,2012],{},"在伯克希尔，为了让董事费对我们的董事来说微不足道，我们只象征性地支付一点报酬。此外，为了不让董事们规避公司可能遭遇的任何灾难，我们不为他们购买高管和董事责任保险（这一非正统的做法，顺便一提，多年来为我们的股东节省了数百万美元）。基本上，我们希望董事们的行为是由其决策对自家资产净值的影响来驱动的，而不是由他们的酬劳。这是查理和我作为管理者所遵循的准则，我们认为它同样适用于伯克希尔的董事们。",[14,2014,2015],{},"为了寻找新董事，我们会从股东名单中筛选那些本人或其家族长期持有大量伯克希尔股份——价值数百万美元——的人。达到这一门槛的人自然就满足了我们的两项检验标准：他们关心伯克希尔，而且以股东利益为导向。第三项标准，我们将寻找具有商业敏锐度的人——这种能力可不是随处可见的。",[14,2017,2018],{},"最后，巴菲特家族的成员将继续留在董事会中。他们不是为了在我去世后经营公司，届时也不会获得任何报酬。他们的使命是，在其他CEO接替我之后，替我们的股东和经理人确保伯克希尔独特的企业文化得到延续。",[14,2020,2021],{},"董事会组成的任何变动，都不会改变查理和我经营伯克希尔的方式。我们将继续重实质轻形式，在董事会议中尽量减少走过场和形式主义活动。董事会最重要的职责很可能是挑选查理和我的继任者，这也是他们未来的核心任务。",[14,2023,2024],{},"我们迄今拥有的董事会一直在监督一家以股东利益为导向的企业，始终按照第68-74页所列的经济原则运行（我恳请所有新股东务必阅读）。我们的目标是找到同样忠于这些原则的新董事。",[21,2026,2027],{"id":2027},"审计委员会",[14,2029,2030],{},"审计委员会没有能力做审计。只有公司的外部审计师才能判断管理层声称获得的利润是否可疑。无视这一现实，而把改革重点放在审计委员会的架构和章程上，终将收效甚微。",[14,2032,2033],{},"正如我们先前讨论的，近年来太多的管理者粉饰了公司的数字，使用的会计和经营手段虽然通常合法，却会严重误导投资者。审计人员往往对这些欺骗手段心知肚明，但太多时候选择了沉默。审计委员会最主要的职责就是让审计师把他们知道的事实吐露出来。",[14,2035,2036,2037,2040],{},"要做到这一点，委员会必须确保审计师更担心的是误导委员会成员，而不是得罪管理层。但近年来，审计师的想法恰恰相反。他们通常把CEO而非股东或董事当作自己的客户。这是日常工作关系的自然结果，也因为审计师清楚地知道，不管报表数字如何，是CEO和CFO在付他们的钱、决定他们能否继续留任。最近实施的规则不会从根本上改变这一现实。真正",[637,2038,2039],{},"能够","打破这种巴结关系的，是审计委员会明确地把审计师推上火线，让他们明白：如果不如实披露所知或所疑之事，将面临高额的经济处罚。",[14,2042,2043],{},"我认为，审计委员会可以通过向审计师提出以下四个问题来达到这一目的。审计师的回答应当记录在案，并向股东报告。这四个问题是：",[709,2045,2046,2049,2052,2055],{},[633,2047,2048],{},"如果完全由贵审计师来编制本公司的财务报表，与管理层选择的方法相比，是否会有任何不同之处？这个问题应涵盖重大和非重大的差异。如果审计师的做法有所不同，则应同时披露管理层的观点和审计师的回应。然后由审计委员会来评判事实。",[633,2050,2051],{},"如果贵审计师是一名投资者，你是否认为——用通俗易懂的语言——已经收到了理解公司在报告期内财务表现所必需的全部信息？",[633,2053,2054],{},"如果贵审计师担任本公司的CEO，你认为公司是否遵循了与之相同的内部审计程序？如果没有，差异在哪里，原因是什么？",[633,2056,2057],{},"贵审计师是否知悉任何以将收入或费用从一个报告期转移至另一个报告期为目的或效果的行为——不管是会计层面还是经营层面的？",[14,2059,2060],{},"如果审计委员会提出这些问题，那么委员会的组成——大多数改革的焦点——就变得无关紧要了。此外，这一做法还能节省时间和成本。当审计师被推上火线时，他们会尽职尽责。如果不把他们推上去嘛……我们已经看到了后果。",[14,2062,2063],{},"我们列出的这些问题应当至少在财报对外发布的一周之前提出。这样的时间安排可以让审计师与管理层之间的分歧在委员会面前充分讨论并得到解决。如果时间太紧——如果审计师和委员会沟通时财报发布已经迫在眉睫——委员会就会在压力下沦为橡皮图章。匆忙是准确的大敌。事实上，我认为SEC最近缩短报告截止日期的做法，会损害股东收到的信息质量。查理和我认为这条规定是个错误，应该予以撤销。",[14,2065,2066],{},"我们这四个问题的主要好处在于，它们能起到防患于未然的作用。一旦审计师知道审计委员会会要求他们积极地为管理层的行为背书，而不是仅仅默认，他们就会在问题发生的早期就出面制止——远在那些虚假数字根深蒂固于公司账目之前。对诉讼风险的恐惧会促使他们这样做。",[676,2068],{},[14,2070,2071],{},"去年九月，《芝加哥论坛报》就安达信会计师事务所 (Arthur Andersen) 发表了精彩的四期连载报道，深刻揭示了近年来会计标准和审计质量是如何一步步腐蚀的。几十年前，安达信的审计意见是业界的金字招牌。在公司内部，一个精英组成的专业准则小组 (PSG) 坚持诚实披露，不管客户施加多大的压力。秉持这一原则，PSG在1992年表明立场：股票期权的成本应当作为费用入账——这是显而易见的事实。然而，PSG的立场却被安达信那些”呼风唤雨”的合伙人推翻了——他们太清楚客户想要什么了：不管实际情况如何，账面利润必须好看。许多CEO也拼命反对期权费用化，因为他们心里很清楚，一旦那些天文数字般的期权成本如实入账，他们梦寐以求的巨额期权就会大幅缩水。",[14,2073,2074],{},"安达信立场逆转后不久，独立的会计准则委员会 (FASB) 以7比0的投票通过了期权费用化的规定。不出所料，各大会计师事务所和一大批CEO涌向华盛顿，向参议院施压——还有比参议院更适合决定会计问题的机构吗？——试图阉割FASB。抗议者的声音被巨额政治献金放大了——讽刺的是，这些捐款正来自那些即将被蒙骗的股东们所拥有的公司。这实在不是一堂合格的公民课。",[14,2076,2077],{},"可耻的是，参议院以88票对9票否决了期权费用化。几位著名参议员甚至扬言解散FASB，如果它坚持原来的立场的话。（独立性真是好得很啊！）时任SEC主席小阿瑟·莱维特 (Arthur Levitt, Jr.)——他一向是股东权益的坚定捍卫者——后来表示，当时迫于国会和企业界的压力而退让，是他在任期间最遗憾的一件事。（这桩令人不齿之事的详细经过，请参阅莱维特的好书*《挑战华尔街》(Take on the Street)*。）",[14,2079,2080],{},"参议院收入囊中、SEC败下阵来之后，美国企业界自认为在会计问题上已经是自己说了算了。就这样，一个收益报表”想怎么写就怎么写”的新时代拉开序幕——更妙的是还有知名大牌会计师在背后推波助澜。随之而来的放纵行为很快就成了大泡沫的助推器。",[14,2082,2083,2084,2087],{},"在参议院的威胁下，FASB从原来的立场退缩，转而采取”荣誉制”：宣布费用化为优选方法，但也允许公司视意愿忽略这笔成本。令人沮丧的结果：在标普500家公司中，有498家选择了被认定为次优的方法——当然，这让它们可以报出更高的”利润”。薪酬饥渴的CEO们对这个结果欢天喜地：FASB赢了面子，",[637,2085,2086],{},"他们","赢了里子。",[14,2089,2090],{},"在1992年的年报中，在谈到众多CEO不体面的自肥行为时，我说过：“当企业精英们在事关自身利益的议题上大声鼓吹到不可思议的地步时，他们正在冒着在社会重大议题上丧失公信力的风险——而在那些议题上，他们本来是有很多有价值的话可说的。”",[14,2092,2093],{},"公信力的丧失已经发生。CEO们现在的任务是重新赢得美国公众的信任——为了国家利益，这一点至关重要。然而，靠自以为是的广告、空洞的政策声明、或者董事会和委员会的形式上的改组，是不可能成功的。相反，CEO们必须把尽职管理视为一种生活方式，把股东当作合伙人而非待宰的羔羊。现在是CEO们知行合一的时候了。",[676,2095],{},[14,2097,2098],{},"给投资者三个建议：第一，提防会计可疑的公司。如果一家公司还在拒绝将期权成本费用化，或者其养老金假设过于天真，那就要当心了。当管理层在看得见的地方偷工减料，很可能在幕后也是如法炮制。厨房里绝不可能只有一只蟑螂。",[14,2100,2101],{},"大肆鼓吹EBITDA（息税折旧摊销前利润）尤其是一种有害的做法。这样做暗示折旧不是真正的费用，因为它是”非现金”项目。这完全是一派胡言。事实上，折旧是一种特别不讨喜的费用，因为它所代表的现金支出是预先支付的——在所购买的资产为企业产生任何效益之前。想象一下，在年初，一家公司预付了全体员工未来十年的薪酬（就像你预付现金购买一项使用寿命为十年的固定资产一样）。在接下来的九年里，薪酬就会变成一项”非现金”费用——只是对今年设立的预付薪酬资产的逐年递减。在这种情况下，不知道还有谁敢说第二年到第十年记录的费用只是一种簿记形式？",[14,2103,2104,2105,2108],{},"第二，晦涩难懂的财务附注通常意味着管理层不值得信赖。如果你看不懂一条附注或管理层的解释说明，那通常是因为CEO压根就不想让你看懂。安然公司对某些交易的描述，",[637,2106,2107],{},"到现在","还让我困惑不已。",[14,2110,2111],{},"第三，要警惕那些热衷于高调宣传利润预测和增长预期的公司。企业很少能在风平浪静、毫无意外的环境中运营，收益也不会平平稳稳地增长（当然，投资银行家的招股说明书除外）。",[14,2113,2114,2115,2118,2119,2122,2123,2126],{},"查理和我不仅不知道我们旗下企业",[637,2116,2117],{},"明年","能赚多少钱——我们甚至不知道",[637,2120,2121],{},"下一季度","的数字。我们对那些经常声称能预见未来的CEO深表怀疑——如果他们每次都恰好达到了预定目标，我们就更加难以置信了。那些一直保证能”达标”的管理者，总有一天会被诱惑去",[637,2124,2125],{},"编造","数字。",[21,2128,2129],{"id":2129},"股东指定慈善捐赠",[14,2131,2132],{},"约97.3%的有效股份参与了伯克希尔2002年的股东指定捐赠计划，捐赠总额为1,650万美元。",[14,2134,2135],{},"22年来，伯克希尔已按照股东的意愿累计捐出1.97亿美元。伯克希尔的其他慈善捐赠由各子公司自行进行，延续它们在被收购前就有的慈善模式（前所有者自行负责的个人慈善除外）。2002年，我们旗下子公司总计捐赠了2,400万美元，其中包括400万美元的实物捐赠。",[14,2137,2138],{},[637,2139,2140],{},"想要参与未来的计划，你必须持有登记在实际持有人名下（而非经纪人、银行或存管机构代名人名下）的A类股。2003年8月31日之前未完成此项登记的股份将无资格参与2003年的计划。收到我们的表格后，请尽快填写并寄回，以免搁置或遗忘。逾期递交的指定捐赠将不予受理。",[21,2142,2143],{"id":2143},"年度股东大会",[14,2145,2146],{},"今年的股东大会将于5月3日周六举行，地点依然是市政礼堂 (Civic Auditorium)。大门早上7点开放，短片8点半播放，正式会议9点半开始。中午短暂休息用餐（市政礼堂的餐饮摊位供应三明治）。除此之外，查理和我将一直回答大家的问题直到下午3点半。请亮出你们的绝招。",[14,2148,2149],{},"随附在年报中的委托书材料说明了如何获取入场凭证以参加大会和其他活动。至于机票、酒店和租车预订，我们再次签约美国运通 (American Express)（电话800-799-6634）为大家提供特别协助。每年他们都为我们提供出色的服务，在此向他们致谢。",[14,2151,2152],{},"一如既往，我们将安排小巴士在主要酒店与会场之间往返。会后，小巴士还会送大家回酒店，或前往内布拉斯加家具店、波仙珠宝店 (Borsheim’s) 和机场。不过，有一辆自己的车可能还是更方便。",[14,2154,2155,2156,2159],{},"今年，我们的伯克希尔产品和服务展区将比以往更大更好。所以请准备好大手笔",[637,2157,2158],{},"消费","。我想大家会特别喜欢逛厨艺之家的展位，说不定还能碰到Doris和Sheila。",[14,2161,2162],{},"盖可保险会在会场设立一个展位，配备来自全国各地的顶尖保险顾问，随时为大家提供汽车保险报价。在大多数情况下，盖可保险能提供8%的股东特别折扣。这一特别优惠在我们运营的49个司法管辖区中的41个均有效。请带上你们现有的保险资料，看看我们能否帮你省钱。",[14,2164,2165],{},"周六，在奥马哈机场，我们将照例展示NetJets®的各类飞机供大家参观。请在市政礼堂向业务代表咨询参观事宜。如果你在周末买了足够多的东西，你可能真需要自己的飞机才能把它们运回家。而且，如果你真的买下飞机的部分所有权，我将亲自保证你收到鲜果布衣的一包三条装内裤。",[14,2167,2168],{},"位于第72街道奇街与太平洋街之间、占地77英亩的内布拉斯加家具店，将再次推出”伯克希尔周末”特惠价，我们将为股东提供通常只有员工才能享受的折扣。这一特价活动始于六年前，“周末”期间的销售额从1997年的530万美元增长到2002年的1,420万美元。",[14,2170,2171],{},"要享受折扣，你必须在5月1日周四至5月5日周一期间购物，并出示参会凭证。这期间的特惠价甚至适用于若干声望卓著的品牌——它们通常有铁一般的不打折规定——但为了股东周末的精神，破例为大家开了绿灯。我们感谢他们的配合。NFM的营业时间是工作日上午10点至晚上9点，周日上午10点至下午6点。今年的周六，下午6点至晚上10点，我们将举办一场股东专属活动。我将亲自到场，吃热狗、喝可乐。",[14,2173,2174,2175,2178],{},"波仙珠宝店——全美最大的珠宝店（仅次于蒂芙尼 (Tiffany) 的曼哈顿旗舰店）——将举办两场股东专属活动。第一场是5月2日周五下午6点至晚上10点的鸡尾酒招待会。第二场主打活动在5月4日周日上午9点至下午5点。记得让查理在你的",[637,2176,2177],{},"收银条","上签名。",[14,2180,2181],{},"从周四到周一，全程提供股东特惠价。如果你想避开周五晚和周日的大客流，可以在其他时间前来，记得表明股东身份即可。周六，波仙营业至下午6点。波仙的毛利率比主要竞争对手整整低了二十个百分点，所以你买得越多，省得越多（至少我太太和女儿是这么告诉我的）。",[14,2183,2184,2185,2188],{},"周日下午，在波仙珠宝店外的大厅里，我们将邀请几位世界顶级桥牌高手与股东们对弈。预计鲍勃·哈曼 (Bob Hamman)、莎伦·奥斯伯格 (Sharon Osberg)、弗雷德·吉特尔曼 (Fred Gitelman) 和雪莉·温斯托克 (Sheri Winestock) 将坐镇各桌。两届美国国际象棋冠军帕特里克·沃尔夫 (Patrick Wolff) 也将在大厅亮相，蒙眼迎战所有挑战者！去年，Patrick",[637,2186,2187],{},"同时","与六位对手对弈——蒙着眼睛——结果平生第一次输了一盘。（不过另外五盘他都赢了。）从那以后他就加紧训练，计划今年重新开启连胜纪录。",[14,2190,2191],{},"此外，比尔·罗伯蒂 (Bill Robertie)——历史上仅有的两位两次赢得双陆棋世界冠军的棋手之一——也将到场检验各位的双陆棋功力。最后，我们还有一位新面孔：彼得·莫里斯 (Peter Morris)，1991年世界拼字大赛冠军。Peter将同时在五块棋盘上对弈（不过他不蒙眼），并允许挑战者使用拼字词典。",[14,2193,2194,2195,2198],{},"我们还要在大厅里测试各位的歌喉。我的朋友、来自费城的阿尔·奥利 (Al Oehrle) 将担任钢琴伴奏，什么歌什么调都行。我太太苏珊和我将领唱。",[637,2196,2197],{},"她","唱得非常好。",[14,2200,2201,2202,2205],{},"我最爱的牛排馆——Gorat’s——将再次在5月4日周日为伯克希尔股东专门开放，营业时间从下午4点到晚上10点。请记住，周日去Gorat’s必须预约。预约请在4月1日（",[637,2203,2204],{},"但不要提前","）拨打402-551-3733。如果周日订满了，可以试试你在城里的其他晚上。记得展现你的老练，点一份三分熟的丁骨牛排加双份薯饼。",[14,2207,2208],{},"今年不会有棒球赛了。去年我的快速球时速被测出只有5英里之后，我决定挂靴了。所以，周六晚上大家还是在NFM见吧。",[676,2210],{},[14,2212,2213,2214,2217],{},"明年，我们的股东大会将移至奥马哈新落成的会议中心举行。场地的更换使我们可以选择在周六或周一举行会议，取决于大多数股东的偏好。请使用随附的特别选票投出你的选择——",[637,2215,2216],{},"但只有在你将来有可能参加的情况下才投","。",[14,2219,2220],{},"我们将根据股东人数而非股份数量来做出周六\u002F周一的决定。也就是说，持有一股B类股的股东与持有多股A类股的股东拥有相同的投票权。如果投票结果非常接近，我们将优先照顾外地股东的偏好。",[14,2222,2223],{},"再次提醒，请只在你将来有合理可能参加股东大会的情况下才投票。",[14,2225,2226],{},"沃伦·巴菲特",[14,2228,2229],{},"董事会主席",[14,2231,2232],{},"2003年2月21日",{"title":2234,"searchDepth":2235,"depth":2235,"links":2236},"",2,[2237,2239,2240,2241,2242,2243,2244,2245,2246,2247,2248,2249],{"id":23,"depth":2238,"text":23},3,{"id":615,"depth":2238,"text":616},{"id":695,"depth":2238,"text":695},{"id":795,"depth":2238,"text":795},{"id":1009,"depth":2238,"text":1009},{"id":1115,"depth":2238,"text":1115},{"id":1637,"depth":2238,"text":1637},{"id":1711,"depth":2238,"text":1711},{"id":1906,"depth":2238,"text":1906},{"id":2027,"depth":2238,"text":2027},{"id":2129,"depth":2238,"text":2129},{"id":2143,"depth":2238,"text":2143},"致股东信",null,"2002年巴菲特致股东信，讨论会计准则问题、投资收益表现、保险业务及公司治理","md",{},true,73,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2002-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":2252},"2002 巴菲特致股东信｜巴菲特","2002-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2002-ba-fei-te-zhi-gu-dong-xin","F5sNkXVoyEGczK-tkc3HVDvtDU0wHQl0C-v6iCsIttY","buffett",[2265,2270,2274,2278,2281,2284,2287,2290,2293,2296,2300,2303,2306,2310,2313,2316,2320,2323,2326,2330,2333,2336,2340,2343,2346,2350,2353,2356,2360,2363,2366,2370,2373,2376,2380,2383,2386,2390,2393,2396,2400,2403,2406,2410,2413,2416,2420,2423,2426,2430,2433,2436,2440,2443,2446,2450,2453,2456,2460,2463,2466,2470,2473,2476,2480,2483,2486,2490,2493,2496,2500,2503,2506,2510,2513,2516,2520,2523,2526,2530,2533,2536,2540,2543,2546,2550,2553,2556,2560,2563,2566,2570,2573,2576,2580,2583,2586,2590,2593,2596,2600,2603,2607,2610,2614,2617,2621,2624,2628,2631,2635,2638,2642,2645,2649,2652,2656,2659,2663,2666,2670,2673,2677,2680,2684,2687,2691,2694,2698,2701,2705,2708,2712,2715,2719,2722,2726,2729,2733,2736,2740,2743,2747,2750,2754,2757,2761,2764,2768,2771,2775,2778,2782,2785,2789,2792,2796,2799,2803,2806,2810,2813,2817,2820,2824,2827,2831,2834,2838,2841,2845,2848,2852,2855,2859,2862,2866,2869,2870,2873,2877,2880,2884,2887,2891,2894,2898,2901,2905,2908,2912,2915,2919,2922,2926,2929,2933,2936,2940,2943,2947,2950,2954,2957,2961,2964,2968,2971,2975,2978,2982,2985,2989,2992,2996,2999,3003,3006,3010,3013,3017,3020,3024,3027,3031,3034,3038,3041,3045,3048,3052,3055,3059,3062,3066,3070,3074,3078,3082,3086,3090,3094,3098,3102,3106,3110,3114,3118,3122,3126,3130,3134,3138,3142,3146,3150,3154,3158,3162,3166,3170,3174,3178,3182,3186,3190,3194,3198,3202,3206,3210,3214,3218,3222,3226,3230,3234,3238,3242,3246,3250,3254,3258,3262],{"title":2266,"slug":2267,"category":2268,"order":2269},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":2271,"slug":2272,"category":2273,"order":2269},"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":2275,"slug":2276,"category":2277,"order":2269},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":2279,"slug":2280,"category":2268,"order":2235},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":2282,"slug":2283,"category":2273,"order":2235},"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":2285,"slug":2286,"category":2277,"order":2235},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2288,"slug":2289,"category":2268,"order":2238},"1958 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巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":2615,"slug":2616,"category":2273,"order":2613},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":2618,"slug":2619,"category":2268,"order":2620},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":2622,"slug":2623,"category":2273,"order":2620},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":2625,"slug":2626,"category":2268,"order":2627},"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":2629,"slug":2630,"category":2273,"order":2627},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":2632,"slug":2633,"category":2268,"order":2634},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":2636,"slug":2637,"category":2273,"order":2634},"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":2639,"slug":2640,"category":2250,"order":2641},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2643,"slug":2644,"category":2273,"order":2641},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2646,"slug":2647,"category":2268,"order":2648},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2650,"slug":2651,"category":2273,"order":2648},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2653,"slug":2654,"category":2250,"order":2655},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2657,"slug":2658,"category":2273,"order":2655},"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":2660,"slug":2661,"category":2250,"order":2662},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2664,"slug":2665,"category":2273,"order":2662},"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":2667,"slug":2668,"category":2250,"order":2669},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2671,"slug":2672,"category":2273,"order":2669},"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":2674,"slug":2675,"category":2250,"order":2676},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2678,"slug":2679,"category":2273,"order":2676},"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":2681,"slug":2682,"category":2250,"order":2683},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2685,"slug":2686,"category":2273,"order":2683},"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":2688,"slug":2689,"category":2250,"order":2690},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2692,"slug":2693,"category":2273,"order":2690},"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":2695,"slug":2696,"category":2250,"order":2697},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2699,"slug":2700,"category":2273,"order":2697},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2702,"slug":2703,"category":2250,"order":2704},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2706,"slug":2707,"category":2273,"order":2704},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2709,"slug":2710,"category":2250,"order":2711},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2713,"slug":2714,"category":2273,"order":2711},"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":2716,"slug":2717,"category":2250,"order":2718},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2720,"slug":2721,"category":2273,"order":2718},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2723,"slug":2724,"category":2250,"order":2725},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2727,"slug":2728,"category":2273,"order":2725},"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":2730,"slug":2731,"category":2250,"order":2732},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2734,"slug":2735,"category":2273,"order":2732},"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":2737,"slug":2738,"category":2250,"order":2739},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2741,"slug":2742,"category":2273,"order":2739},"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":2744,"slug":2745,"category":2250,"order":2746},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2748,"slug":2749,"category":2273,"order":2746},"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":2751,"slug":2752,"category":2250,"order":2753},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2755,"slug":2756,"category":2273,"order":2753},"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":2758,"slug":2759,"category":2250,"order":2760},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2762,"slug":2763,"category":2273,"order":2760},"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":2765,"slug":2766,"category":2250,"order":2767},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2769,"slug":2770,"category":2273,"order":2767},"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":2772,"slug":2773,"category":2250,"order":2774},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2776,"slug":2777,"category":2273,"order":2774},"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":2779,"slug":2780,"category":2250,"order":2781},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2783,"slug":2784,"category":2273,"order":2781},"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":2786,"slug":2787,"category":2250,"order":2788},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2790,"slug":2791,"category":2273,"order":2788},"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":2793,"slug":2794,"category":2250,"order":2795},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2797,"slug":2798,"category":2273,"order":2795},"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":2800,"slug":2801,"category":2250,"order":2802},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2804,"slug":2805,"category":2273,"order":2802},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2807,"slug":2808,"category":2250,"order":2809},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2811,"slug":2812,"category":2273,"order":2809},"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":2814,"slug":2815,"category":2250,"order":2816},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2818,"slug":2819,"category":2273,"order":2816},"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":2821,"slug":2822,"category":2250,"order":2823},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2825,"slug":2826,"category":2273,"order":2823},"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":2828,"slug":2829,"category":2250,"order":2830},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2832,"slug":2833,"category":2273,"order":2830},"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":2835,"slug":2836,"category":2250,"order":2837},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2839,"slug":2840,"category":2273,"order":2837},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2842,"slug":2843,"category":2250,"order":2844},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2846,"slug":2847,"category":2273,"order":2844},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2849,"slug":2850,"category":2250,"order":2851},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2853,"slug":2854,"category":2273,"order":2851},"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":2856,"slug":2857,"category":2250,"order":2858},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2860,"slug":2861,"category":2273,"order":2858},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2863,"slug":2864,"category":2250,"order":2865},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2867,"slug":2868,"category":2273,"order":2865},"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":5,"slug":2260,"category":2250,"order":2256},{"title":2871,"slug":2872,"category":2273,"order":2256},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2874,"slug":2875,"category":2250,"order":2876},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2878,"slug":2879,"category":2273,"order":2876},"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":2881,"slug":2882,"category":2250,"order":2883},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2885,"slug":2886,"category":2273,"order":2883},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2888,"slug":2889,"category":2250,"order":2890},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2892,"slug":2893,"category":2273,"order":2890},"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":2895,"slug":2896,"category":2250,"order":2897},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2899,"slug":2900,"category":2273,"order":2897},"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":2902,"slug":2903,"category":2250,"order":2904},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2906,"slug":2907,"category":2273,"order":2904},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2909,"slug":2910,"category":2250,"order":2911},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2913,"slug":2914,"category":2273,"order":2911},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2916,"slug":2917,"category":2250,"order":2918},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2920,"slug":2921,"category":2273,"order":2918},"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":2923,"slug":2924,"category":2250,"order":2925},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2927,"slug":2928,"category":2273,"order":2925},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2930,"slug":2931,"category":2250,"order":2932},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2934,"slug":2935,"category":2273,"order":2932},"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":2937,"slug":2938,"category":2250,"order":2939},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2941,"slug":2942,"category":2273,"order":2939},"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":2944,"slug":2945,"category":2250,"order":2946},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2948,"slug":2949,"category":2273,"order":2946},"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":2951,"slug":2952,"category":2250,"order":2953},"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":2955,"slug":2956,"category":2273,"order":2953},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2958,"slug":2959,"category":2250,"order":2960},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2962,"slug":2963,"category":2273,"order":2960},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2965,"slug":2966,"category":2250,"order":2967},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2969,"slug":2970,"category":2273,"order":2967},"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":2972,"slug":2973,"category":2250,"order":2974},"2015 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