[{"data":1,"prerenderedAt":3994},["ShallowReactive",2],{"library-2009-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":2458,"library-sidebar-dao":3460,"library-sidebar-models":3762},{"id":4,"title":5,"body":6,"category":2444,"date":2445,"description":2446,"extension":2447,"meta":2448,"navigation":2449,"order":2450,"path":2451,"seo":2452,"seoDescription":2446,"seoTitle":2453,"slug":2454,"stem":2455,"__hash__":2456,"_collection":2457},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2009-ba-fei-te-zhi-gu-dong-xin.md","2009 巴菲特致股东信",{"type":7,"value":8,"toc":2429},"minimark",[9,13,20,684,690,693,704,709,712,715,718,726,729,732,739,742,745,748,755,758,765,768,771,774,781,784,789,792,795,800,803,816,819,822,825,828,831,834,841,844,855,858,861,863,866,876,879,882,894,897,900,902,905,908,911,914,917,919,922,925,928,931,934,1041,1043,1046,1049,1052,1055,1058,1061,1064,1071,1074,1077,1259,1264,1267,1270,1273,1280,1283,1286,1289,1292,1299,1303,1306,1311,1449,1454,1554,1559,1562,1565,1568,1654,1657,1660,1663,1670,1673,1676,1679,1682,1685,1692,1699,1702,1705,1708,1711,1714,1717,1723,1726,1729,1732,1813,1818,1820,1823,1826,1829,1832,1835,2103,2108,2111,2114,2117,2120,2122,2130,2133,2136,2139,2142,2145,2191,2194,2197,2208,2210,2217,2224,2231,2235,2238,2241,2248,2251,2254,2257,2260,2262,2273,2284,2286,2289,2292,2299,2302,2305,2308,2319,2326,2333,2336,2347,2350,2353,2356,2359,2362,2365,2368,2371,2382,2385,2388,2406,2409,2412,2414,2417,2420,2423,2426],[10,11,5],"h1",{"id":12},"_2009-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔与标普500指数业绩对比",[21,22,23,42],"table",{},[24,25,26],"thead",{},[27,28,29,33,36,39],"tr",{},[30,31,32],"th",{},"年份",[30,34,35],{},"伯克希尔每股账面价值年度变动百分比 (1)",[30,37,38],{},"含股息标普500指数年度变动百分比 (2)",[30,40,41],{},"相对结果 (1)-(2)",[43,44,45,60,74,88,101,115,129,143,157,171,185,199,213,226,240,253,267,281,295,308,322,336,348,361,374,388,402,416,428,442,456,469,483,497,511,525,539,553,566,579,592,605,619,630,644,658,671],"tbody",{},[27,46,47,51,54,57],{},[48,49,50],"td",{},"1965",[48,52,53],{},"23.8",[48,55,56],{},"10.0",[48,58,59],{},"13.8",[27,61,62,65,68,71],{},[48,63,64],{},"1966",[48,66,67],{},"20.3",[48,69,70],{},"(11.7)",[48,72,73],{},"32.0",[27,75,76,79,82,85],{},[48,77,78],{},"1967",[48,80,81],{},"11.0",[48,83,84],{},"30.9",[48,86,87],{},"(19.9)",[27,89,90,93,96,98],{},[48,91,92],{},"1968",[48,94,95],{},"19.0",[48,97,81],{},[48,99,100],{},"8.0",[27,102,103,106,109,112],{},[48,104,105],{},"1969",[48,107,108],{},"16.2",[48,110,111],{},"(8.4)",[48,113,114],{},"24.6",[27,116,117,120,123,126],{},[48,118,119],{},"1970",[48,121,122],{},"12.0",[48,124,125],{},"3.9",[48,127,128],{},"8.1",[27,130,131,134,137,140],{},[48,132,133],{},"1971",[48,135,136],{},"16.4",[48,138,139],{},"14.6",[48,141,142],{},"1.8",[27,144,145,148,151,154],{},[48,146,147],{},"1972",[48,149,150],{},"21.7",[48,152,153],{},"18.9",[48,155,156],{},"2.8",[27,158,159,162,165,168],{},[48,160,161],{},"1973",[48,163,164],{},"4.7",[48,166,167],{},"(14.8)",[48,169,170],{},"19.5",[27,172,173,176,179,182],{},[48,174,175],{},"1974",[48,177,178],{},"5.5",[48,180,181],{},"(26.4)",[48,183,184],{},"31.9",[27,186,187,190,193,196],{},[48,188,189],{},"1975",[48,191,192],{},"21.9",[48,194,195],{},"37.2",[48,197,198],{},"(15.3)",[27,200,201,204,207,210],{},[48,202,203],{},"1976",[48,205,206],{},"59.3",[48,208,209],{},"23.6",[48,211,212],{},"35.7",[27,214,215,218,220,223],{},[48,216,217],{},"1977",[48,219,184],{},[48,221,222],{},"(7.4)",[48,224,225],{},"39.3",[27,227,228,231,234,237],{},[48,229,230],{},"1978",[48,232,233],{},"24.0",[48,235,236],{},"6.4",[48,238,239],{},"17.6",[27,241,242,245,247,250],{},[48,243,244],{},"1979",[48,246,212],{},[48,248,249],{},"18.2",[48,251,252],{},"17.5",[27,254,255,258,261,264],{},[48,256,257],{},"1980",[48,259,260],{},"19.3",[48,262,263],{},"32.3",[48,265,266],{},"(13.0)",[27,268,269,272,275,278],{},[48,270,271],{},"1981",[48,273,274],{},"31.4",[48,276,277],{},"(5.0)",[48,279,280],{},"36.4",[27,282,283,286,289,292],{},[48,284,285],{},"1982",[48,287,288],{},"40.0",[48,290,291],{},"21.4",[48,293,294],{},"18.6",[27,296,297,300,302,305],{},[48,298,299],{},"1983",[48,301,263],{},[48,303,304],{},"22.4",[48,306,307],{},"9.9",[27,309,310,313,316,319],{},[48,311,312],{},"1984",[48,314,315],{},"13.6",[48,317,318],{},"6.1",[48,320,321],{},"7.5",[27,323,324,327,330,333],{},[48,325,326],{},"1985",[48,328,329],{},"48.2",[48,331,332],{},"31.6",[48,334,335],{},"16.6",[27,337,338,341,344,346],{},[48,339,340],{},"1986",[48,342,343],{},"26.1",[48,345,294],{},[48,347,321],{},[27,349,350,353,355,358],{},[48,351,352],{},"1987",[48,354,170],{},[48,356,357],{},"5.1",[48,359,360],{},"14.4",[27,362,363,366,369,371],{},[48,364,365],{},"1988",[48,367,368],{},"20.1",[48,370,335],{},[48,372,373],{},"3.5",[27,375,376,379,382,385],{},[48,377,378],{},"1989",[48,380,381],{},"44.4",[48,383,384],{},"31.7",[48,386,387],{},"12.7",[27,389,390,393,396,399],{},[48,391,392],{},"1990",[48,394,395],{},"7.4",[48,397,398],{},"(3.1)",[48,400,401],{},"10.5",[27,403,404,407,410,413],{},[48,405,406],{},"1991",[48,408,409],{},"39.6",[48,411,412],{},"30.5",[48,414,415],{},"9.1",[27,417,418,421,423,426],{},[48,419,420],{},"1992",[48,422,67],{},[48,424,425],{},"7.6",[48,427,387],{},[27,429,430,433,436,439],{},[48,431,432],{},"1993",[48,434,435],{},"14.3",[48,437,438],{},"10.1",[48,440,441],{},"4.2",[27,443,444,447,450,453],{},[48,445,446],{},"1994",[48,448,449],{},"13.9",[48,451,452],{},"1.3",[48,454,455],{},"12.6",[27,457,458,461,464,467],{},[48,459,460],{},"1995",[48,462,463],{},"43.1",[48,465,466],{},"37.6",[48,468,178],{},[27,470,471,474,477,480],{},[48,472,473],{},"1996",[48,475,476],{},"31.8",[48,478,479],{},"23.0",[48,481,482],{},"8.8",[27,484,485,488,491,494],{},[48,486,487],{},"1997",[48,489,490],{},"34.1",[48,492,493],{},"33.4",[48,495,496],{},"0.7",[27,498,499,502,505,508],{},[48,500,501],{},"1998",[48,503,504],{},"48.3",[48,506,507],{},"28.6",[48,509,510],{},"19.7",[27,512,513,516,519,522],{},[48,514,515],{},"1999",[48,517,518],{},"0.5",[48,520,521],{},"21.0",[48,523,524],{},"(20.5)",[27,526,527,530,533,536],{},[48,528,529],{},"2000",[48,531,532],{},"6.5",[48,534,535],{},"(9.1)",[48,537,538],{},"15.6",[27,540,541,544,547,550],{},[48,542,543],{},"2001",[48,545,546],{},"(6.2)",[48,548,549],{},"(11.9)",[48,551,552],{},"5.7",[27,554,555,558,560,563],{},[48,556,557],{},"2002",[48,559,56],{},[48,561,562],{},"(22.1)",[48,564,565],{},"32.1",[27,567,568,571,573,576],{},[48,569,570],{},"2003",[48,572,521],{},[48,574,575],{},"28.7",[48,577,578],{},"(7.7)",[27,580,581,584,586,589],{},[48,582,583],{},"2004",[48,585,401],{},[48,587,588],{},"10.9",[48,590,591],{},"(0.4)",[27,593,594,597,599,602],{},[48,595,596],{},"2005",[48,598,236],{},[48,600,601],{},"4.9",[48,603,604],{},"1.5",[27,606,607,610,613,616],{},[48,608,609],{},"2006",[48,611,612],{},"18.4",[48,614,615],{},"15.8",[48,617,618],{},"2.6",[27,620,621,624,626,628],{},[48,622,623],{},"2007",[48,625,81],{},[48,627,178],{},[48,629,178],{},[27,631,632,635,638,641],{},[48,633,634],{},"2008",[48,636,637],{},"(9.6)",[48,639,640],{},"(37.0)",[48,642,643],{},"27.4",[27,645,646,649,652,655],{},[48,647,648],{},"2009",[48,650,651],{},"19.8",[48,653,654],{},"26.5",[48,656,657],{},"(6.7)",[27,659,660,663,666,669],{},[48,661,662],{},"年复合增长率 – 1965-2009",[48,664,665],{},"20.3%",[48,667,668],{},"9.3%",[48,670,81],{},[27,672,673,676,679,682],{},[48,674,675],{},"累计总收益 – 1964-2009",[48,677,678],{},"434,057%",[48,680,681],{},"5,430%",[48,683],{},[14,685,686,689],{},[17,687,688],{},"注释","：数据按日历年计算，以下年份除外：1965年和1966年截至9月30日；1967年为截至12月31日的15个月。",[14,691,692],{},"自1979年起，会计准则要求保险公司按市值（而非此前的成本与市值孰低法）对其持有的权益证券进行估值。本表中，1978年及之前的伯克希尔业绩已按新准则进行了追溯调整。其余数据均采用当初公布的原始数字。",[14,694,695,696,699,700,703],{},"标普500指数的数字为",[17,697,698],{},"税前","数据，而伯克希尔的数字为",[17,701,702],{},"税后","数据。如果像伯克希尔这样的公司仅仅持有标普500指数并计提相应税款，那么在指数正回报的年份，其业绩将落后于标普500指数；而在指数负回报的年份，则会跑赢标普500指数。长期累计来看，税收成本会造成相当可观的滞后差距。",[705,706,708],"h3",{"id":707},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,710,711],{},"致伯克希尔·哈撒韦公司所有股东：",[14,713,714],{},"2009年，公司净资产增加218亿美元，A股和B股每股账面价值增长19.8%。自现任管理层接手的45年以来，每股账面价值由当初的19美元增长到目前的84,487美元，年复合增长率约为20.3%。(*)",[14,716,717],{},"(*): 本报告中所有每股数据均指伯克希尔A股。B股数据为A股的1\u002F1500。",[14,719,720,721,725],{},"伯克希尔最近完成了对伯灵顿北方圣太菲铁路公司（Burlington Northern Santa Fe，简称BNSF）的收购，这使我们原有的约50万名股东至少增加了6.5万名。对于我的长期合伙人查理·芒格（Charlie Munger）和我来说，最重要的是让",[722,723,724],"em",{},"所有","股东都了解伯克希尔的业务、目标、局限和文化。因此，在每年的年报中，我们都会重新阐述指导我们的经济原则。今年这些原则刊载在第89至94页，我敦促各位——尤其是新加入的股东——务必阅读。伯克希尔数十年来一直恪守这些原则，在我离开之后仍将长期坚持。",[14,727,728],{},"在这封信中，我们还将回顾公司的一些基本业务，希望为BNSF的新股东们提供一次入门介绍，同时也给伯克希尔的老股东们上一堂复习课。",[705,730,731],{"id":731},"我们如何衡量自己",[14,733,734,735,738],{},"我们评估管理绩效的标准展示在首页。从一开始，查理和我就坚信要有一个理性而坚定的标准来衡量我们做到了什么、没做到什么。这使我们不会陷入一种诱惑——先看业绩之箭落在何处，",[722,736,737],{},"然后","围着它画上靶心。",[14,740,741],{},"选择标普500指数作为我们的标杆是一个很简单的决定，因为我们的股东只要持有指数基金，几乎不费什么成本就能取得同样的业绩。既然如此，他们凭什么要为我们仅仅复制同样的结果而付钱？",[14,743,744],{},"更难的决定是如何衡量伯克希尔相对于标普500指数的进步。用股价变化来衡量也有充分的理由。事实上，在足够长的时间段内，股价确实是最好的检验标准。但逐年来看，市场价格可能极为反复无常。即使涵盖十年之久的评估，也可能因衡量期间起止点出现愚蠢的高价或低价而被严重扭曲。微软（Microsoft）的史蒂夫·鲍尔默（Steve Ballmer）和通用电气（GE）的杰夫·伊梅尔特（Jeff Immelt）对此深有体会——他们在接过管理权杖时，公司股票正处于高得吓人的价位。",[14,746,747],{},"衡量我们年度进展的理想标准应该是伯克希尔每股内在价值的变动。遗憾的是，这一价值无法被精确计算，所以我们用了一个粗略的替代指标：每股账面价值。依靠这一标准有其自身的缺陷，我们在第92至93页对此有所讨论。此外，大多数公司的账面价值都低估了内在价值，伯克希尔当然也不例外。总体而言，我们旗下企业的价值远高于其账面记录值，而在我们最重要的保险业务中，这一差距尤为巨大。即便如此，查理和我仍然认为，我们的账面价值——尽管被低估了——是追踪内在价值变动的最佳工具。按这一标准衡量，正如本信开篇所述，自1965财年以来，我们的账面价值年复合增长率达到20.3%。",[14,749,750,751,754],{},"值得一提的是，如果我们改用",[722,752,753],{},"股价","作为衡量标准，伯克希尔的成绩看起来会更好，自1965财年初以来的年复合增长率达到22%。令人惊叹的是，年复合增长率这一小小的差异，在45年间却导致了截然不同的累计结果：市值增长801,516%，而账面价值增长434,057%（见第2页）。市值增长更高的原因在于，1965年伯克希尔的股票以其盈利不佳的纺织资产账面价值的适当折扣出售，而如今伯克希尔的股票通常以其一流业务账面价值的溢价交易。",[14,756,757],{},"总之，第2页的表格传达了三条信息，其中两条是正面的，一条是极为负面的。第一，从1965-1969年开始、到2005-2009年结束的所有五年期——一共有41个——我们的账面价值增速从未低于标普500指数。第二，虽然在市场上涨的某些年份我们落后于标普500指数，但在标普500指数下跌的11个年份中，我们一直跑赢。换句话说，我们的防守好于进攻，这种情况大概率会继续。",[14,759,760,761,764],{},"最大的负面因素是，随着公司规模的增长，我们的业绩优势急剧缩小，这一令人不快的趋势",[722,762,763],{},"必然","会持续下去。毋庸置疑，伯克希尔拥有许多出色的业务和一批真正杰出的经理人，他们在一种不同寻常的企业文化中运营，使各自才能得以充分发挥。查理和我相信，这些因素将随着时间推移继续创造优于平均水平的业绩。但是，巨大的资金规模本身就是沉重的锚，我们未来的优势（如果还有的话），将只是过去辉煌的一小部分。",[705,766,767],{"id":767},"我们有所不为",[14,769,770],{},"很久以前，查理就确立了自己最大的志向：“我只想知道自己将死在哪里，这样我就永远不会去那个地方。”这份智慧来自伟大的普鲁士数学家雅各比（Jacobi）的启发，他建议”反过来想，总是反过来想”，以此作为解决难题的方法。（我还可以补充一点，这种逆向思维在没那么高尚的层面上同样管用：把一首乡村歌曲倒着唱，你很快就能找回你的车子、房子和老婆。）",[14,772,773],{},"以下是我们在伯克希尔如何运用查理这一思想的几个例子：",[775,776,777],"ul",{},[778,779,780],"li",{},"查理和我会避开那些我们无法评估其未来的行业，不管它们的产品多么令人兴奋。在过去，人们不需要什么天赋就能预见汽车（1910年代）、飞机（1930年代）和电视机（1950年代）等行业即将迎来惊人的增长。但未来同样包含了摧毁性的竞争动态，几乎摧毁了进入这些行业的所有公司。即使是幸存者也往往遍体鳞伤。",[14,782,783],{},"仅仅因为查理和我能清楚地看到某个行业前方有巨大的增长，并不意味着我们能判断在众多竞争者争夺霸主地位时，该行业的利润率和资本回报率将会如何。在伯克希尔，我们坚持只投资那些未来数十年盈利前景看起来可以合理预测的行业。即便如此，我们仍然会犯下许多错误。",[775,785,786],{},[778,787,788],{},"我们永远不会依赖陌生人的善意。“大到不能倒”不是伯克希尔的退路。相反，我们始终安排好自己的事务，使得任何我们可能面临的现金需求，都会被自身的流动性所淹没。此外，我们众多且多元化的业务源源不断涌出的利润，将持续补充我们的流动性。",[14,790,791],{},"2008年9月，当金融体系陷入心脏骤停时，伯克希尔是向该体系提供流动性和资本的人，而不是求助者。在危机最顶峰的时刻，我们向企业界投入了155亿美元，否则这些企业只能指望联邦政府救济。其中90亿美元用于增强三家备受尊敬、此前一向安全的美国企业的资本实力——它们刻不容缓地需要我们投出实实在在的信任票。其余65亿美元履行了我们为收购箭牌（Wrigley）提供资金的承诺，这笔交易在其他地方一片恐慌之际顺利完成。",[14,793,794],{},"为了保持一流的财务实力，我们付出了高昂的代价。我们通常持有的200多亿美元类现金资产，目前的收益微乎其微。但我们睡得安稳。",[775,796,797],{},[778,798,799],{},"我们倾向于让旗下众多子公司自主经营，不对它们进行任何程度的监督和监控。这意味着我们有时会很晚才发现管理上的问题，运营和资本方面的决策偶尔也会做出一些如果征询了查理和我的意见、我们可能不会同意的决定。然而，我们大多数经理人都出色地运用了我们授予的自主权，以一种在大型组织中极为罕见的、以所有者为导向的态度来回报我们的信任。我们宁愿承受少数糟糕决定带来的可见成本，也不愿承受因僵化的官僚体制而导致决策缓慢——甚至根本不做决策——所产生的大量无形成本。",[14,801,802],{},"完成对BNSF的收购后，我们现在拥有约25.7万名员工和数百个不同的运营单位。我们希望两者都能继续增加。但我们绝不允许伯克希尔变成一个充斥着各种委员会、预算报告和多层管理架构的庞然大物。相反，我们计划以一批独立管理的中大型企业集合的方式运营，大多数决策都在运营层面做出。查理和我将把自己限定在资本配置、企业风险控制、挑选经理人和确定薪酬这几件事上。",[775,804,805],{},[778,806,807,808,811,812,815],{},"我们不会去讨好华尔街。根据媒体或分析师评论进行买卖的投资者，不是我们的目标。相反，我们想要的是这样的",[722,809,810],{},"合伙人","——他们加入伯克希尔，是因为希望对一家自己理解的",[722,813,814],{},"企业","进行长期投资，并且认同这家企业所遵循的原则。假如查理和我要和几位合伙人一起经营一家小公司，我们会寻找和我们志同道合的人，因为我们深知，共同的目标和一致的命运能够缔造所有者与管理者之间幸福的”商业婚姻”。规模扩大到巨无霸也改变不了这个道理。",[14,817,818],{},"为了建立一个志同道合的股东群体，我们努力与股东进行直接且充分的沟通。我们的目标是：如果角色互换，我们想知道什么，就告诉你们什么。此外，我们尽量在周末一早将季度和年度财务信息发布在网上，从而在非交易时段给你们和其他投资者充足的时间来消化我们这家多元化企业的各种情况。（偶尔SEC的截止日期会迫使我们不在周五披露。）这些内容根本无法用寥寥数段来充分概括，也不适合被压缩成新闻记者有时追求的那种夺人眼球的标题。",[14,820,821],{},"去年我们就亲眼看到，断章取义的新闻报道是如何误导人的。在长达12,830个词的年度信中有这么一句话：“例如，我们确信整个2009年——甚至更久之后——经济将处于困境之中，但这一结论并不能告诉我们市场会涨还是会跌。”许多新闻机构大张旗鼓地报道了这句话的前半部分，却对后半部分只字不提。我认为这是极其糟糕的新闻报道：被误导的读者或观众很可能认为查理和我在预测股市会走坏，而事实上我们不仅在那句话里、还在其他地方都清楚地表明，我们根本没有在预测市场。任何被这些哗众取宠的报道所误导的投资者都付出了沉重代价：这封信公布当天道琼斯指数收于7,063点，而年底收于10,428点。",[14,823,824],{},"有了这些教训，你就能理解为什么我更希望我们与你们之间的沟通尽可能地直接和完整。",[826,827],"hr",{},[14,829,830],{},"接下来让我们谈谈伯克希尔各项业务的具体情况。我们有四大业务板块，每个板块在资产负债表和损益表上都各具特色。因此，像财务报表惯常做法那样把它们混在一起，反而妨碍分析。所以我们将它们作为四个独立的业务来呈现，这也正是查理和我看待它们的方式。",[705,832,833],{"id":833},"保险业务",[14,835,836,837,840],{},"我们的财产意外险业务一直是伯克希尔增长的引擎，未来也将继续如此。它为我们创造了奇迹。我们在账面上将财产意外险公司的价值记录为超出其净有形资产155亿美元，这笔金额计入了我们的”商誉“科目。然而，这些公司的价值",[722,838,839],{},"远远","超出其账面记录值——下面对财产意外险行业经济模式的分析会告诉你原因。",[14,842,843],{},"保险公司先收保费、后付赔款。在一些极端情况下，比如某些工伤赔偿事故，赔付可以延续数十年之久。这种”先收后付”的模式让我们持有大笔资金——我们称之为”浮存金“——这些钱最终会流向他人。但与此同时，我们可以用这笔浮存金为伯克希尔进行投资。尽管个别保单和理赔不断进进出出，但我们持有的浮存金规模相对于保费收入始终保持着惊人的稳定。因此，随着业务的增长，浮存金也水涨船高。",[14,845,846,847,850,851,854],{},"如果保费收入超过了费用和最终赔付的总和，我们就获得了承保利润，这笔利润还可以叠加在浮存金产生的投资收益之上。这种组合让我们享受到了使用免费资金的待遇——更妙的是，我们甚至因为持有这些资金而",[722,848,849],{},"获得报酬","。当然，对这一美好结果的期望也引来了激烈的竞争，在大多数年份里，竞争激烈到整个财产意外险行业总体上出现了显著的承保",[722,852,853],{},"亏损","。这一亏损实际上就是行业为获得浮存金所付出的代价。通常这一成本还算低廉，但在某些灾难频发的年份，承保亏损造成的成本会吞噬掉浮存金带来的全部投资收益还有余。",[14,856,857],{},"在我或许有失偏颇的看法里，伯克希尔拥有全球最好的大型保险业务。而且我可以不打折扣地说，我们拥有最好的经理人。我们的浮存金从1967年进入保险业时的1,600万美元，增长到了2009年底的620亿美元。此外，我们已经连续七年实现了承保盈利。我相信，在未来的大多数年份里——当然不是全部——我们很可能继续保持承保盈利。如果做到了这一点，我们的浮存金将是零成本的，就好像有人存了620亿美元在我们这里，我们可以拿去投资获利而不用付一分钱利息。",[14,859,860],{},"让我再次强调，零成本浮存金并不是整个财产意外险行业可以普遍期待的结果：在大多数年份，保费都不够覆盖理赔加费用。因此，数十年来该行业的整体有形资产回报率远远落后于标普500指数。伯克希尔之所以拥有卓越的经济效益，仅仅是因为我们有一批杰出的经理人在经营一些非同寻常的业务。我们保险公司的CEO们值得各位股东的衷心感谢，是他们为伯克希尔增添了数十亿美元的价值。我很乐意向大家介绍这些明星人物。",[826,862],{},[14,864,865],{},"先从盖可保险（GEICO）说起，大家都知道它，因为它每年的广告预算高达8亿美元（几乎是汽车保险领域第二名广告商的两倍）。盖可保险由托尼·奈斯利（Tony Nicely）掌舵，他18岁就加入了公司。如今66岁的托尼依然每天蹦蹦跳跳地来上班，就跟我79岁还这样一样。我们都为能从事自己热爱的事业而深感幸运。",[14,867,868,869,875],{},"盖可保险的客户同样对公司怀有深厚的感情。证据在这里：自伯克希尔1996年取得盖可保险的控制权以来，其市场份额从2.5%增长到了8.1%，反映出保户净增加了700万人。他们或许是因为觉得我们的壁虎吉祥物很可爱而联系了我们，但他们之所以向我们投保，是因为能省下一大笔钱。（也许你也可以，拨打1-800-847-7536或登录 ",[870,871,872],"a",{"href":872,"rel":873},"http:\u002F\u002Fwww.GEICO.com",[874],"nofollow"," 。）他们留下来则是因为喜欢我们的服务和价格。",[14,877,878],{},"伯克希尔分两个阶段完成了对盖可保险的收购。1976至1980年间，我们花了4,700万美元购买了该公司约三分之一的股份。之后多年，盖可保险大规模回购自家股票，使我们的持股比例在无需追加购买的情况下增长到约50%。然后，1996年1月2日，我们以23亿美元现金收购了盖可保险剩余的50%——大约是我们最初买入成本的50倍。",[14,880,881],{},"华尔街有一个老笑话很好地诠释了我们的经历：",[883,884,885,888,891],"blockquote",{},[14,886,887],{},"客户：“谢谢你帮我在5块钱买入了XYZ股票，我听说现在涨到18块了。”",[14,889,890],{},"经纪人：“是的，这才刚刚开始。事实上，这家公司现在表现这么好，18块钱买入比你当初5块钱买入还划算。”",[14,892,893],{},"客户：“该死，我就知道当初应该再等等。”",[14,895,896],{},"盖可保险的增长在2010年可能会有所放缓。由于汽车销量下滑，美国车辆登记量实际上在减少。此外，高失业率导致越来越多的司机放弃了购买保险。（这几乎在哪儿都是违法的，但如果你丢了工作却还想开车的话……）不过，我们”低成本生产者”的地位毫无疑问将在未来带来可观的增长。1995年，盖可保险是全美第六大汽车保险公司；现在我们排名第三。公司的浮存金从27亿美元增长到了96亿美元。同样重要的是，在伯克希尔拥有盖可保险的14年里，有13年实现了承保盈利。",[14,898,899],{},"1951年1月，我还是个20岁的学生，第一次拜访盖可保险时就对它着了迷。多亏了托尼，我今天比当年更加兴奋。",[826,901],{},[14,903,904],{},"1985年的一个周六，伯克希尔历史上发生了一件意义重大的事。阿吉特·贾恩（Ajit Jain）走进了我们在奥马哈的办公室——我立刻意识到我们找到了一位超级巨星。（他是迈克·戈德堡（Mike Goldberg）发掘的，迈克现在已升格为”圣迈克”了。）",[14,906,907],{},"我们当即让阿吉特负责国民保险公司（National Indemnity）旗下那个小而艰难的再保险业务。多年来，他把这项业务打造成了保险界独一无二的巨人。",[14,909,910],{},"如今阿吉特的团队只有30个人，却在多个保险领域创下了交易规模的纪录。阿吉特签下数十亿美元的保额上限——然后把每一分风险都留在自己手里，而不是分保给其他保险公司。三年前，他接手了劳合社（Lloyds）的巨额债务，帮助其清理了与27,972名参与者（“名义成员”）的关系，这些人签下的问题保单一度威胁到了这家拥有322年历史的机构的生存。仅这一份合同的保费就高达71亿美元。2009年间，他谈成了一份人寿再保险合同，在未来50年左右的时间里可能为我们带来500亿美元的保费收入。",[14,912,913],{},"阿吉特的业务与盖可保险恰恰相反。在盖可保险，我们有数百万份小额保单年复一年地续保。阿吉特签订的保单数量相对较少，而且每年的组合都有很大变化。在全世界，当某件既庞大又非同寻常的事物需要投保时，人们都知道该打电话给谁。",[14,915,916],{},"如果查理、阿吉特和我同在一条正在下沉的船上——而你只能救一个人——请游向阿吉特。",[826,918],{},[14,920,921],{},"我们的第三大保险”重镇”是通用再保险（General Re）。几年前这家公司还处于困境之中；如今它已是我们保险皇冠上一颗璀璨的宝石。",[14,923,924],{},"在泰德·蒙特罗斯（Tad Montross）的领导下，通用再保险2009年取得了出色的承保业绩，同时每一美元保费收入所带来的浮存金也异常丰厚。除了财产意外险业务，泰德和他的同事们还发展出了一项重要的人寿再保险业务，其价值日益凸显。",[14,926,927],{},"去年，通用再保险终于实现了对科隆再保险（Cologne Re）100%的全资控股。自1995年以来，科隆再保险一直是我们全球布局中的关键一环——尽管此前只是部分持有。泰德和我将于9月份前往科隆，亲自感谢那里的经理们为伯克希尔做出的重要贡献。",[14,929,930],{},"最后，我们还拥有一批规模较小的保险公司，其中大多数专攻保险行业的某些特殊角落。总体来看，它们的业绩一直是盈利的，而且如下表所示，它们为我们提供的浮存金相当可观。查理和我非常珍视这些公司和它们的经理人。",[14,932,933],{},"以下是我们财产意外险和人寿险业务四大板块的业绩：",[21,935,936,954],{},[24,937,938],{},[27,939,940,942,945,948,951],{},[30,941,833],{},[30,943,944],{},"承保利润 2009（百万美元）",[30,946,947],{},"承保利润 2008（百万美元）",[30,949,950],{},"年末浮存金 2009（百万美元）",[30,952,953],{},"年末浮存金 2008（百万美元）",[43,955,956,973,990,1007,1024],{},[27,957,958,961,964,967,970],{},[48,959,960],{},"通用再保险",[48,962,963],{},"$ 477",[48,965,966],{},"$ 342",[48,968,969],{},"$ 21,014",[48,971,972],{},"$ 21,074",[27,974,975,978,981,984,987],{},[48,976,977],{},"伯克希尔再保险",[48,979,980],{},"349",[48,982,983],{},"1,324",[48,985,986],{},"26,223",[48,988,989],{},"24,221",[27,991,992,995,998,1001,1004],{},[48,993,994],{},"盖可保险",[48,996,997],{},"649",[48,999,1000],{},"916",[48,1002,1003],{},"9,613",[48,1005,1006],{},"8,454",[27,1008,1009,1012,1015,1018,1021],{},[48,1010,1011],{},"其他直保",[48,1013,1014],{},"84",[48,1016,1017],{},"210",[48,1019,1020],{},"5,061",[48,1022,1023],{},"4,739",[27,1025,1026,1029,1032,1035,1038],{},[48,1027,1028],{},"合计",[48,1030,1031],{},"$ 1,559",[48,1033,1034],{},"$ 2,792",[48,1036,1037],{},"$ 61,911",[48,1039,1040],{},"$ 58,488",[826,1042],{},[14,1044,1045],{},"现在到了痛苦的忏悔环节：去年，你们的董事长亲手给一个完全由他自己造成的、代价高昂的商业惨败画上了句号。",[14,1047,1048],{},"多年来，我一直苦思冥想能为我们数百万忠实的盖可保险客户推出什么附加产品。不幸的是，我终于想到了——一个”绝妙”的点子：我们应该发行自己的信用卡。我推断盖可保险的保户大概率是信用风险不错的人群，如果我们推出一张有吸引力的卡，他们大概会青睐我们的产品。我们确实招来了生意——但类型全搞错了。",[14,1050,1051],{},"在我终于清醒过来之前，信用卡业务的税前亏损累计约630万美元。之后我们以55折的价格卖掉了9,800万美元的不良应收账款组合，又损失了4,400万美元。",[14,1053,1054],{},"需要强调的是，盖可保险的经理们从头到尾都对我的主意不感冒。他们警告我说，我们不但捞不到盖可保险客户中的精华，反倒会得到——怎么说呢，就叫”非精华”吧。我委婉地暗示，我比他们年长，也更有智慧。",[14,1056,1057],{},"其实我只是更年长罢了。",[705,1059,1060],{"id":1060},"受监管的公用事业业务",[14,1062,1063],{},"伯克希尔持有中美能源控股公司（MidAmerican Energy Holdings）89.5%的股权，后者拥有广泛的公用事业资产。其中最大的几项包括：（1）约克郡电力和北方电力公司（Yorkshire Electricity and Northern Electric），380万终端用户使其成为英国第三大电力分销商；（2）中美能源（MidAmerican Energy），主要在爱荷华州服务72.5万电力用户；（3）太平洋电力和洛基山电力（Pacific Power and Rocky Mountain Power），在美国西部六个州服务约170万电力用户；（4）科恩河管道和北方天然管道（Kern River and Northern Natural pipelines），输送全美约8%的天然气消费量。",[14,1065,1066,1067,1070],{},"中美能源有两位了不起的管理者——戴夫·索科尔（Dave Sokol）和格雷格·阿贝尔（Greg Abel）。此外，我的老友沃尔特·斯科特（Walter Scott）和他的家族在公司中拥有重要的所有权头寸。沃尔特为",[722,1068,1069],{},"任何","业务都能带来非凡的商业智慧。与戴夫、格雷格和沃尔特十年的共事更加坚定了我最初的信念：伯克希尔不可能找到比他们更好的搭档了。他们是真正的梦之队。",[14,1072,1073],{},"有些出人意料的是，中美能源还拥有全美第二大房地产经纪公司——美国家居服务公司（HomeServices of America）。该公司通过21个本地品牌运营，拥有1.6万名经纪人。尽管去年对房屋销售而言又是糟糕的一年，家居服务公司仍然赚到了一点钱。它还收购了芝加哥的一家经纪公司，未来会在合理价格水平上继续收购其他优质经纪业务。十年后，家居服务公司的规模很可能会大得多。",[14,1075,1076],{},"以下是中美能源的一些关键运营数据：",[21,1078,1079,1092],{},[24,1080,1081],{},[27,1082,1083,1086,1089],{},[30,1084,1085],{},"项目",[30,1087,1088],{},"收益 2009（百万美元）",[30,1090,1091],{},"收益 2008（百万美元）",[43,1093,1094,1105,1116,1127,1138,1149,1160,1171,1182,1193,1204,1215,1226,1237,1248],{},[27,1095,1096,1099,1102],{},[48,1097,1098],{},"英国公用事业",[48,1100,1101],{},"$ 248",[48,1103,1104],{},"$ 339",[27,1106,1107,1110,1113],{},[48,1108,1109],{},"爱荷华公用事业",[48,1111,1112],{},"285",[48,1114,1115],{},"425",[27,1117,1118,1121,1124],{},[48,1119,1120],{},"西部公用事业",[48,1122,1123],{},"788",[48,1125,1126],{},"703",[27,1128,1129,1132,1135],{},[48,1130,1131],{},"管道业务",[48,1133,1134],{},"457",[48,1136,1137],{},"595",[27,1139,1140,1143,1146],{},[48,1141,1142],{},"家居服务",[48,1144,1145],{},"43",[48,1147,1148],{},"(45)",[27,1150,1151,1154,1157],{},[48,1152,1153],{},"其他（净额）",[48,1155,1156],{},"25",[48,1158,1159],{},"186",[27,1161,1162,1165,1168],{},[48,1163,1164],{},"企业利息和税前经营收益",[48,1166,1167],{},"1,846",[48,1169,1170],{},"2,203",[27,1172,1173,1176,1179],{},[48,1174,1175],{},"星座能源 *",[48,1177,1178],{},"–",[48,1180,1181],{},"1,092",[27,1183,1184,1187,1190],{},[48,1185,1186],{},"利息支出（不含伯克希尔）",[48,1188,1189],{},"(318)",[48,1191,1192],{},"(332)",[27,1194,1195,1198,1201],{},[48,1196,1197],{},"伯克希尔次级债利息",[48,1199,1200],{},"(58)",[48,1202,1203],{},"(111)",[27,1205,1206,1209,1212],{},[48,1207,1208],{},"所得税",[48,1210,1211],{},"(313)",[48,1213,1214],{},"(1,002)",[27,1216,1217,1220,1223],{},[48,1218,1219],{},"净收益",[48,1221,1222],{},"$ 1,157",[48,1224,1225],{},"$ 1,850",[27,1227,1228,1231,1234],{},[48,1229,1230],{},"归属伯克希尔的收益 **",[48,1232,1233],{},"$ 1,071",[48,1235,1236],{},"$ 1,704",[27,1238,1239,1242,1245],{},[48,1240,1241],{},"对外债务",[48,1243,1244],{},"19,579",[48,1246,1247],{},"19,145",[27,1249,1250,1253,1256],{},[48,1251,1252],{},"对伯克希尔债务",[48,1254,1255],{},"353",[48,1257,1258],{},"1,087",[775,1260,1261],{},[778,1262,1263],{},"包括1.75亿美元的分手费和9.17亿美元的投资利润。",[14,1265,1266],{},"** 包括伯克希尔2009年3,800万美元和2008年7,200万美元的利息收入（已扣除相关所得税）。",[14,1268,1269],{},"我们受监管的电力公司在多数情况下提供垄断性服务，与服务区域内的客户形成了一种共生关系——这些客户依赖我们提供一流的服务并为他们的未来需求进行投资。发电和主要输电设施的许可和建设周期非常漫长，因此我们有责任具备长远的眼光。反过来，我们也期待监管机构（代表客户利益行事）允许我们在必须投入的巨额资本上获得合理的回报，以满足未来的需求。如果我们自己不先履行承诺，就不该指望监管机构也履行他们的那一份。",[14,1271,1272],{},"戴夫和格雷格确保我们做到了这一点。全国性的调研机构一致认为，我们的爱荷华和西部电力公司在行业中名列前茅。同样，在一家名为Mastio的公司对43家美国管道企业的排名中，我们的科恩河和北方天然管道并列第二。",[14,1274,1275,1276,1279],{},"此外，我们继续向业务投入巨额资金，不仅为未来做准备，还使这些业务更加环保。自十年前收购中美能源以来，它",[722,1277,1278],{},"从未","派发过一分钱股息。我们把所有收益都用于改善和扩展我们在每个服务区域的设施。举一个突出的例子：在过去三年中，我们的爱荷华和西部电力公司赚了25亿美元，同期在风力发电设施上却投入了30亿美元。",[14,1281,1282],{},"中美能源一直信守与社会的约定，而社会也给予了回报：除个别情况外，监管机构都及时允许我们在不断增加的投资中获得合理的回报。展望未来，我们将不遗余力地以客户期望的方式服务好我们的区域。我们相信，作为回报，我们将被允许在投入的资金上获得应有的收益。",[14,1284,1285],{},"在早期，查理和我曾回避公用事业这类资本密集型行业。确实，对所有者而言，迄今为止最好的生意仍然是那些资本回报率高、增长所需增量投资少的企业。我们有幸拥有许多这样的企业，也很乐意买入更多。不过，预计伯克希尔将产生越来越多的现金，我们如今非常愿意进入那些经常需要大量资本支出的行业。我们只要求这些行业有合理的预期，能从增量投资中赚取像样的回报。如果这些预期得以实现——我们相信会的——伯克希尔不断壮大的从优秀到卓越的企业集合，在未来数十年中应当能创造超越平均水平的回报，尽管肯定不会是惊天动地的回报。",[14,1287,1288],{},"值得注意的是，我们的BNSF铁路运营在某些重要的经济特征上与电力公用事业颇为相似。两者都为客户、所服务的社区乃至整个国家的经济福祉提供着根本性的、不可或缺的服务。两者在未来数十年都需要远超折旧拨备的大量投资。两者都必须提前做好长远规划，以满足预计将超越历史水平的需求。最后，两者都需要明智的监管机构为许可回报率提供确定性，使我们能够满怀信心地进行维护、更新和扩建所需的巨额投资。",[14,1290,1291],{},"我们看到公众与我们的铁路业务之间存在一种”社会契约”，就像公用事业一样。如果任何一方逃避义务，双方都将不可避免地受损。因此，契约双方应当——我们相信也会——认识到以鼓励对方良好行为的方式行事所带来的好处。如果没有一流的电力和铁路系统，我们的国家不可能发挥出哪怕接近其全部经济潜力的水平。我们会为确保这些系统的存在尽自己的一份力。",[14,1293,1294,1295,1298],{},"未来，BNSF的业绩将纳入这个”受监管公用事业”板块。除了两项业务具有相似的底层经济特征外，两者在逻辑上都适合使用大量",[722,1296,1297],{},"不由","伯克希尔担保的债务。两者都将保留大部分收益。无论经济好坏，两者都将赚取和投入大笔资金，尽管铁路将表现出更强的周期性。总的来说，我们预计随着时间推移，这一受监管板块将带来显著增长的利润，尽管代价是我们要投入数百亿——没错，数百亿——美元的增量股权资本。",[705,1300,1302],{"id":1301},"制造服务和零售业务","制造、服务和零售业务",[14,1304,1305],{},"伯克希尔在这些领域的业务五花八门。不过，让我们先看一下整个集团的资产负债表和损益表摘要。",[14,1307,1308],{},[17,1309,1310],{},"资产负债表 2009年12月31日（百万美元）",[21,1312,1313,1328],{},[24,1314,1315],{},[27,1316,1317,1320,1323,1326],{},[30,1318,1319],{},"资产",[30,1321,1322],{},"金额",[30,1324,1325],{},"负债和权益",[30,1327,1322],{},[43,1329,1330,1344,1358,1372,1384,1396,1410,1424,1438],{},[27,1331,1332,1335,1338,1341],{},[48,1333,1334],{},"现金及等价物",[48,1336,1337],{},"$ 3,018",[48,1339,1340],{},"应付票据",[48,1342,1343],{},"$ 1,842",[27,1345,1346,1349,1352,1355],{},[48,1347,1348],{},"应收账款及票据",[48,1350,1351],{},"5,066",[48,1353,1354],{},"其他流动负债",[48,1356,1357],{},"7,414",[27,1359,1360,1363,1366,1369],{},[48,1361,1362],{},"存货",[48,1364,1365],{},"6,147",[48,1367,1368],{},"流动负债合计",[48,1370,1371],{},"9,256",[27,1373,1374,1377,1380,1382],{},[48,1375,1376],{},"其他流动资产",[48,1378,1379],{},"625",[48,1381],{},[48,1383],{},[27,1385,1386,1389,1392,1394],{},[48,1387,1388],{},"流动资产合计",[48,1390,1391],{},"14,856",[48,1393],{},[48,1395],{},[27,1397,1398,1401,1404,1407],{},[48,1399,1400],{},"商誉及其他无形资产",[48,1402,1403],{},"16,499",[48,1405,1406],{},"递延税款",[48,1408,1409],{},"2,834",[27,1411,1412,1415,1418,1421],{},[48,1413,1414],{},"固定资产",[48,1416,1417],{},"15,374",[48,1419,1420],{},"长期债务及其他负债",[48,1422,1423],{},"6,240",[27,1425,1426,1429,1432,1435],{},[48,1427,1428],{},"其他资产",[48,1430,1431],{},"2,070",[48,1433,1434],{},"权益",[48,1436,1437],{},"30,469",[27,1439,1440,1442,1445,1447],{},[48,1441,1028],{},[48,1443,1444],{},"$48,799",[48,1446],{},[48,1448,1444],{},[14,1450,1451],{},[17,1452,1453],{},"损益表（百万美元）",[21,1455,1456,1468],{},[24,1457,1458],{},[27,1459,1460,1462,1464,1466],{},[30,1461,1085],{},[30,1463,648],{},[30,1465,634],{},[30,1467,623],{},[43,1469,1470,1484,1498,1512,1526,1540],{},[27,1471,1472,1475,1478,1481],{},[48,1473,1474],{},"营业收入",[48,1476,1477],{},"$ 61,665",[48,1479,1480],{},"$ 66,099",[48,1482,1483],{},"$ 59,100",[27,1485,1486,1489,1492,1495],{},[48,1487,1488],{},"营业费用（含折旧：2009年14.22亿、2008年12.80亿、2007年9.55亿）",[48,1490,1491],{},"59,509",[48,1493,1494],{},"61,937",[48,1496,1497],{},"55,026",[27,1499,1500,1503,1506,1509],{},[48,1501,1502],{},"利息费用",[48,1504,1505],{},"98",[48,1507,1508],{},"139",[48,1510,1511],{},"127",[27,1513,1514,1517,1520,1523],{},[48,1515,1516],{},"税前利润",[48,1518,1519],{},"2,058 *",[48,1521,1522],{},"4,023 *",[48,1524,1525],{},"3,947 *",[27,1527,1528,1531,1534,1537],{},[48,1529,1530],{},"所得税及少数股东权益",[48,1532,1533],{},"945",[48,1535,1536],{},"1,740",[48,1538,1539],{},"1,594",[27,1541,1542,1545,1548,1551],{},[48,1543,1544],{},"净利润",[48,1546,1547],{},"$ 1,113",[48,1549,1550],{},"$ 2,283",[48,1552,1553],{},"$ 2,353",[775,1555,1556],{},[778,1557,1558],{},"税前利润不包含购买法会计调整。",[14,1560,1561],{},"这一板块中几乎所有业务——数量众多且种类各异——都在不同程度上受到了2009年严重衰退的冲击。主要的例外是麦克莱恩（McLane），我们的杂货、糖果和非食品类商品分销商，为数千家零售门店供货，其中最大的客户是沃尔玛（Wal-Mart）。",[14,1563,1564],{},"在格雷迪·罗齐尔（Grady Rosier）的领导下，麦克莱恩创下了3.44亿美元税前利润的历史纪录，但即便如此，在其312亿美元的庞大销售额中，每一美元也只赚了一分多钱。麦克莱恩拥有大量实物资产——几乎全部为自有——包括3,242辆拖车、2,309辆牵引车以及55个总面积达1,520万平方英尺的分销中心。不过，麦克莱恩最重要的资产是格雷迪本人。",[14,1566,1567],{},"我们有好几家公司在销售收入下降的情况下实现了利润增长，这一向是非凡的管理成就。以下是创造这一成绩的CEO们：",[21,1569,1570,1580],{},[24,1571,1572],{},[27,1573,1574,1577],{},[30,1575,1576],{},"公司",[30,1578,1579],{},"CEO",[43,1581,1582,1590,1598,1606,1614,1622,1630,1638,1646],{},[27,1583,1584,1587],{},[48,1585,1586],{},"本杰明摩尔（涂料）",[48,1588,1589],{},"Denis Abrams",[27,1591,1592,1595],{},[48,1593,1594],{},"波仙珠宝（珠宝零售）",[48,1596,1597],{},"Susan Jacques",[27,1599,1600,1603],{},[48,1601,1602],{},"H.H.布朗（鞋类制造和零售）",[48,1604,1605],{},"Jim Issler",[27,1607,1608,1611],{},[48,1609,1610],{},"CTB（农业设备）",[48,1612,1613],{},"Vic Mancinelli",[27,1615,1616,1619],{},[48,1617,1618],{},"冰雪皇后（Dairy Queen）",[48,1620,1621],{},"John Gainor",[27,1623,1624,1627],{},[48,1625,1626],{},"内布拉斯加家具店（家具零售）",[48,1628,1629],{},"Ron and Irv Blumkin",[27,1631,1632,1635],{},[48,1633,1634],{},"厨艺大师（Pampered Chef，厨具直销）",[48,1636,1637],{},"Marla Gottschalk",[27,1639,1640,1643],{},[48,1641,1642],{},"喜诗糖果（糖果制造和零售）",[48,1644,1645],{},"Brad Kinstler",[27,1647,1648,1651],{},[48,1649,1650],{},"星辰家具（Star Furniture，家具零售）",[48,1652,1653],{},"Bill Kimbrell",[14,1655,1656],{},"在我们旗下受低迷工业环境影响较大的企业中，马蒙集团（Marmon）和伊斯卡（Iscar）都交出了相对亮眼的成绩单。弗兰克·普塔克（Frank Ptak）领导的马蒙集团实现了13.5%的税前利润率，创下历史新高。尽管公司销售额下降了27%，弗兰克精打细算的成本管理减轻了利润的下滑幅度。",[14,1658,1659],{},"没有什么能挡住以色列的伊斯卡——不管是战争、衰退还是竞争对手。全球另外两家领先的小型切削工具供应商日子都非常难过，一年中大部分时间都在亏损。虽然伊斯卡的业绩较2008年也明显下滑，但公司始终保持盈利，即使在整合和消化去年我向你们介绍过的日本大型收购项目——泰珂洛（Tungaloy）的过程中也是如此。一旦制造业复苏，伊斯卡必将再创新高。由艾坦·维特海默（Eitan Wertheimer）、雅各布·哈帕兹（Jacob Harpaz）和丹尼·戈德曼（Danny Goldman）组成的不可思议的管理团队会确保这一点。",[14,1661,1662],{},"2009年，我们旗下所有与住宅和商业建筑相关的业务都遭到了沉重打击。萧氏工业（Shaw）、约翰斯曼维尔（Johns Manville）、阿克米砖业（Acme Brick）和MiTek的税前利润合计为2.27亿美元，较2006年建筑业繁荣期的12.95亿美元下降了82.5%。这些企业仍在低谷中挣扎，但它们的竞争地位依然完好无损。",[14,1664,1665,1666,1669],{},"去年伯克希尔面临的最大问题是利捷航空（NetJets），一家提供飞机部分所有权的航空运营商。多年来，利捷航空成功确立了其行业领袖地位，它的机队价值超过了三大竞争对手的",[722,1667,1668],{},"总和","。总体而言，我们在该领域的主导地位无人能够挑战。",[14,1671,1672],{},"然而，利捷航空的业务运营则是另外一回事了。在我们拥有该公司的11年里，累计税前亏损达1.57亿美元。此外，公司的债务从收购时的1.02亿美元飙升至去年4月的19亿美元。如果没有伯克希尔为其债务提供担保，利捷航空恐怕早就关门大吉了。很明显，我让利捷航空沦落到这步田地是失职于各位。但幸运的是，我得到了救援。",[14,1674,1675],{},"中美能源的杰出缔造者和运营者戴夫·索科尔（Dave Sokol）于8月出任利捷航空的CEO。他的领导力带来了脱胎换骨的转变：债务已经降至14亿美元，在2009年遭受了7.11亿美元的惊人亏损后，公司目前已经实现了稳健的盈利。",[14,1677,1678],{},"更重要的是，戴夫所推行的变革没有丝毫损害利捷航空前任CEO、飞机部分所有权行业之父里奇·桑图利（Rich Santulli）所坚持的最高安全和服务标准。戴夫和我在维护这些标准上有着最强烈的切身利益，因为我们和家人几乎所有的飞行都使用利捷航空，我们的许多董事和经理也是如此。我们没有人被分配专用飞机或机组人员。我们享受的待遇与其他任何所有者完全一样，使用个人合同时支付的价格也与所有人相同。简而言之，我们自己做饭自己吃。在航空业，没有比这更有说服力的背书了。",[705,1680,1681],{"id":1681},"金融及金融产品",[14,1683,1684],{},"我们在这一板块最大的业务是克莱顿之家（Clayton Homes），美国领先的模块化和预制住宅生产商。克莱顿并非一直高居榜首：十年前，三大领先制造商是弗利特伍德（Fleetwood）、冠军（Champion）和橡木（Oakwood），合计占据行业产量的44%。它们后来全部破产了。与此同时，整个行业的产量从1999年的38.2万套骤降至2009年的6万套。",[14,1686,1687,1688,1691],{},"该行业陷入困境有两个原因，其中第一个原因是美国经济复苏所必须承受的。这个原因与美国住房开工量（包括公寓单元）有关。2009年的开工量为55.4万套，是我们拥有数据的50年来的最低水平。矛盾的是，这其实是",[722,1689,1690],{},"好","消息。",[14,1693,1694,1695,1698],{},"几年前人们",[722,1696,1697],{},"以为","住房开工量——也就是供给侧——每年大约200万套是好消息。但新增家庭组建数——需求侧——每年只有约120万。这样的失衡持续了几年之后，不出所料，这个国家最终积压了太多的存量住房。",[14,1700,1701],{},"解决这个过剩问题有三种途径：（1）炸掉大量房子，这跟”旧车换现金”计划中销毁汽车的做法类似；（2）加速家庭组建，比如鼓励年轻人同居，这个计划倒不至于缺乏志愿者；（3）将新房开工量降到远低于家庭组建数的水平。",[14,1703,1704],{},"我们的国家明智地选择了第三条路，这意味着大约一年之内，住宅问题基本上应该可以解决了，例外只有高档住宅和那些过度建设特别严重的少数地区。当然，房价会远低于”泡沫”时期的水平，但每一个因此受损的卖家（或贷方），都会对应一个从中受益的买家。事实上，几年前许多买不起合适住房的家庭现在发现，泡沫破裂之后拥有一套住房完全在他们的能力范围之内了。",[14,1706,1707],{},"预制住宅行业陷入困境的第二个原因是该行业所特有的：工厂预制住房与现场建造住房之间存在惩罚性的抵押贷款利率差异。在你继续读下去之前，让我先挑明一个显而易见的事实：伯克希尔在这场博弈中有自己的利益（克莱顿），因此你应该格外审慎地看待接下来的评论。话虽如此，让我解释一下为什么利率差异给大量低收入美国家庭和克莱顿都造成了问题。",[14,1709,1710],{},"住房抵押贷款市场由联邦住房管理局（FHA）、房地美（Freddie Mac）和房利美（Fannie Mae）的政府规则所主导。它们的贷款标准拥有压倒性的影响力，因为经它们担保的抵押贷款通常可以证券化，实际上转化为美国政府的义务。目前，符合这些担保条件的传统现场建造住房买家可以获得利率约5.25%的30年期贷款。此外，美联储近期还大量购买了这类抵押贷款，这一举措也有助于将利率维持在低得出奇的水平。",[14,1712,1713],{},"相比之下，能够获得政府机构担保抵押贷款的预制住房少之又少。因此，一位信用良好的预制住房买家不得不为贷款支付约9%的利率。对于全额现金买家来说，克莱顿的住房物超所值。然而，如果买家需要抵押贷款融资——当然大多数买家都需要——融资成本上的差异往往足以抵消预制住房在价格上的吸引力。",[14,1715,1716],{},"去年我告诉过你们，为什么我们的买家——通常是低收入群体——在信用风险方面表现如此出色。关键在于他们的态度：他们签约是为了住进去，而不是转手或再融资。因此，我们的买家通常选择与核实后收入相匹配的还款额（我们不做”骗子贷款”），并盼望着有一天能烧掉按揭贷款合同。如果他们失业了、生病了或离婚了，我们当然可以预期违约。但他们很少仅仅因为房价下跌就一走了之。即使在今天，尽管失业带来的问题在加剧，克莱顿的拖欠率和违约率仍然合理，不会给我们造成重大问题。",[14,1718,1719,1720,1722],{},"我们一直在努力使更多客户的贷款获得与现场建造住房类似的优惠待遇。迄今为止我们只取得了象征性的成功。因此，许多收入不高但习惯良好的家庭不得不放弃购房梦想，仅仅因为预制住房附加的融资利率差异使得月供过高。如果条件不放宽，不向",[722,1721,724],{},"满足首付和收入标准的人开放低成本融资，预制住宅行业注定将在挣扎中日益萎缩。",[14,1724,1725],{},"即便在这样的条件下，我相信克莱顿在未来几年仍将保持盈利，尽管远低于其真实潜力。我们不可能找到比CEO凯文·克莱顿（Kevin Clayton）更好的经理人了，他把伯克希尔的利益当作自己的利益。我们的产品一流、价格实惠、并且在不断改进。而且，基于对贷款质量的信心，我们将继续以伯克希尔的信用支持克莱顿的抵押贷款计划。即便如此，伯克希尔也无法以接近政府机构的利率去借款。这一劣势将限制销售，同时损害克莱顿和大量渴望拥有一个平价住房的普通家庭的利益。",[14,1727,1728],{},"在下表中，克莱顿的收益已扣除其因使用伯克希尔信用而向伯克希尔支付的费用。抵消克莱顿这项成本的是，一笔等额的收入被记入伯克希尔金融业务的”其他收入”中。2009年该成本和收入金额为1.16亿美元，2008年为9,200万美元。",[14,1730,1731],{},"下表还显示了我们的家具租赁（科特商业服务，CORT）和拖车租赁（XTRA）业务受衰退冲击的严重程度。尽管它们的竞争地位一如既往地强劲，但我们尚未看到这些业务有任何反弹的迹象。",[21,1733,1734,1746],{},[24,1735,1736],{},[27,1737,1738,1740,1743],{},[30,1739,1085],{},[30,1741,1742],{},"税前利润 2009（百万美元）",[30,1744,1745],{},"税前利润 2008（百万美元）",[43,1747,1748,1759,1770,1781,1792,1802],{},[27,1749,1750,1753,1756],{},[48,1751,1752],{},"净投资收入",[48,1754,1755],{},"$ 278",[48,1757,1758],{},"$ 330",[27,1760,1761,1764,1767],{},[48,1762,1763],{},"人寿及年金业务",[48,1765,1766],{},"116",[48,1768,1769],{},"23",[27,1771,1772,1775,1778],{},[48,1773,1774],{},"租赁业务",[48,1776,1777],{},"14",[48,1779,1780],{},"87",[27,1782,1783,1786,1789],{},[48,1784,1785],{},"预制住宅金融（克莱顿）",[48,1787,1788],{},"187",[48,1790,1791],{},"206",[27,1793,1794,1797,1799],{},[48,1795,1796],{},"其他收入 *",[48,1798,1159],{},[48,1800,1801],{},"141",[27,1803,1804,1807,1810],{},[48,1805,1806],{},"投资及衍生品损益前收入",[48,1808,1809],{},"$ 781",[48,1811,1812],{},"$ 787",[775,1814,1815],{},[778,1816,1817],{},"包括伯克希尔2009年和2008年分别向克莱顿收取的1.16亿美元和9,200万美元信用担保费。",[826,1819],{},[14,1821,1822],{},"2009年底，我们成为了全国第三大商业抵押贷款服务商伯凯迪亚商业抵押贷款公司（Berkadia Commercial Mortgage，前身为Capmark）50%的所有者。除了管理2,350亿美元的贷款组合外，该公司还是重要的抵押贷款发起机构，在全国设有25个办事处。尽管商业房地产在未来几年将面临重大挑战，但伯凯迪亚的长远机遇是巨大的。",[14,1824,1825],{},"我们在这项业务中的合作伙伴是路卡迪亚公司（Leucadia），由乔·斯坦伯格（Joe Steinberg）和伊恩·卡明（Ian Cumming）运营。几年前，当伯克希尔与他们联手收购陷入困境的金融公司菲诺瓦（Finova）时，我们就有过非常愉快的合作经历。在处理那个项目时，乔和伊恩承担了远远超出他们份内的工作量，这种安排我向来乐见其成。所以当他们打电话邀我再度合作收购Capmark时，我自然欣然答应。",[14,1827,1828],{},"我们的第一次合作也取名叫伯凯迪亚。所以这次就叫”伯凯迪亚二世”吧。总有一天我会在信里给你们讲”伯凯迪亚三世”的故事。",[705,1830,1831],{"id":1831},"投资业务",[14,1833,1834],{},"下表列示了我们年末市值超过10亿美元的普通股投资：",[21,1836,1837,1855],{},[24,1838,1839],{},[27,1840,1841,1844,1846,1849,1852],{},[30,1842,1843],{},"股数",[30,1845,1576],{},[30,1847,1848],{},"持股比例（2009\u002F12\u002F31）",[30,1850,1851],{},"成本（百万美元）*",[30,1853,1854],{},"市值（百万美元）",[43,1856,1857,1873,1889,1906,1923,1940,1956,1973,1990,2007,2024,2041,2057,2073,2088],{},[27,1858,1859,1862,1865,1867,1870],{},[48,1860,1861],{},"151,610,700",[48,1863,1864],{},"美国运通 (American Express)",[48,1866,387],{},[48,1868,1869],{},"$ 1,287",[48,1871,1872],{},"$ 6,143",[27,1874,1875,1878,1881,1883,1886],{},[48,1876,1877],{},"225,000,000",[48,1879,1880],{},"比亚迪 (BYD Company, Ltd.)",[48,1882,307],{},[48,1884,1885],{},"232",[48,1887,1888],{},"1,986",[27,1890,1891,1894,1897,1900,1903],{},[48,1892,1893],{},"200,000,000",[48,1895,1896],{},"可口可乐 (The Coca-Cola Company)",[48,1898,1899],{},"8.6",[48,1901,1902],{},"1,299",[48,1904,1905],{},"11,400",[27,1907,1908,1911,1914,1917,1920],{},[48,1909,1910],{},"37,711,330",[48,1912,1913],{},"康菲石油 (ConocoPhillips)",[48,1915,1916],{},"2.5",[48,1918,1919],{},"2,741",[48,1921,1922],{},"1,926",[27,1924,1925,1928,1931,1934,1937],{},[48,1926,1927],{},"28,530,467",[48,1929,1930],{},"强生 (Johnson & Johnson)",[48,1932,1933],{},"1.0",[48,1935,1936],{},"1,724",[48,1938,1939],{},"1,838",[27,1941,1942,1945,1948,1950,1953],{},[48,1943,1944],{},"130,272,500",[48,1946,1947],{},"卡夫食品 (Kraft Foods Inc.)",[48,1949,482],{},[48,1951,1952],{},"4,330",[48,1954,1955],{},"3,541",[27,1957,1958,1961,1964,1967,1970],{},[48,1959,1960],{},"3,947,554",[48,1962,1963],{},"浦项制铁 (POSCO)",[48,1965,1966],{},"5.2",[48,1968,1969],{},"768",[48,1971,1972],{},"2,092",[27,1974,1975,1978,1981,1984,1987],{},[48,1976,1977],{},"83,128,411",[48,1979,1980],{},"宝洁 (The Procter & Gamble Company)",[48,1982,1983],{},"2.9",[48,1985,1986],{},"533",[48,1988,1989],{},"5,040",[27,1991,1992,1995,1998,2001,2004],{},[48,1993,1994],{},"25,108,967",[48,1996,1997],{},"赛诺菲-安万特 (Sanofi-Aventis)",[48,1999,2000],{},"1.9",[48,2002,2003],{},"2,027",[48,2005,2006],{},"1,979",[27,2008,2009,2012,2015,2018,2021],{},[48,2010,2011],{},"234,247,373",[48,2013,2014],{},"乐购 (Tesco plc)",[48,2016,2017],{},"3.0",[48,2019,2020],{},"1,367",[48,2022,2023],{},"1,620",[27,2025,2026,2029,2032,2035,2038],{},[48,2027,2028],{},"76,633,426",[48,2030,2031],{},"美国合众银行 (U.S. Bancorp)",[48,2033,2034],{},"4.0",[48,2036,2037],{},"2,371",[48,2039,2040],{},"1,725",[27,2042,2043,2046,2049,2051,2054],{},[48,2044,2045],{},"39,037,142",[48,2047,2048],{},"沃尔玛 (Wal-Mart Stores, Inc.)",[48,2050,1933],{},[48,2052,2053],{},"1,893",[48,2055,2056],{},"2,087",[27,2058,2059,2062,2065,2067,2070],{},[48,2060,2061],{},"334,235,585",[48,2063,2064],{},"富国银行 (Wells Fargo & Company)",[48,2066,532],{},[48,2068,2069],{},"7,394",[48,2071,2072],{},"9,021",[27,2074,2075,2077,2080,2082,2085],{},[48,2076],{},[48,2078,2079],{},"其他",[48,2081],{},[48,2083,2084],{},"6,680",[48,2086,2087],{},"8,636",[27,2089,2090,2092,2095,2097,2100],{},[48,2091],{},[48,2093,2094],{},"普通股投资合计（按市值计）",[48,2096],{},[48,2098,2099],{},"$ 34,646",[48,2101,2102],{},"$ 59,034",[775,2104,2105],{},[778,2106,2107],{},"这是我们实际的购买价格，也是计税基准；通用会计准则（GAAP）“成本”在少数情况下有所不同，因为需要进行增值或减值调整。",[14,2109,2110],{},"此外，我们还持有陶氏化学（Dow Chemical）、通用电气（General Electric）、高盛（Goldman Sachs）、瑞士再保险（Swiss Re）和箭牌（Wrigley）的非公开交易证券头寸，总成本211亿美元，账面价值260亿美元。我们在过去18个月内建立了这五个头寸。撇开它们为我们提供的可观股权增值潜力不谈，这些持仓每年合计为我们带来21亿美元的股息和利息收入。最后，我们在年末持有76,777,029股BNSF铁路股票（占22.5%），当时每股按85.78美元入账，但随后并入了我们对整个公司的全面收购。",[14,2112,2113],{},"2009年，我们最大的卖出是康菲石油、穆迪（Moody’s）、宝洁和强生（后者是在我们年初建仓之后卖出的）。查理和我相信，所有这些股票在未来很可能会涨得更高。我们在2009年初卖出了一些，为收购陶氏化学和瑞士再保险筹集资金；年底又卖出了一些，为收购BNSF做准备。",[14,2115,2116],{},"我们去年曾告诉你们，当时公司债和市政债券市场出现了非常罕见的情况，这些证券相对于美国国债的价格低得荒唐。我们用几笔买入来支持了这个判断，但我本应该做得更多。大机会不常有。当天上下金雨的时候，应该拿桶去接，而不是拿顶针。",[14,2118,2119],{},"我们进入2008年时持有443亿美元的类现金资产，之后又留存了170亿美元的经营收益。然而，到2009年底我们的现金降至306亿美元（其中80亿美元已指定用于收购BNSF）。过去两年的混乱中我们投入了大量资金。这是投资者的理想时期：恐惧的氛围是他们最好的朋友。那些只在评论家乐观时才投资的人，最终为毫无意义的安慰支付了高昂的价格。归根结底，投资中真正重要的是：你为一家企业付了多少钱——通过在股票市场上买入它的一小部分——以及这家企业在随后的一二十年里赚了多少钱。",[826,2121],{},[14,2123,2124,2125,2129],{},"去年我详细介绍了我们的衍生品合约，它们当时既引发了争议也造成了误解。相关讨论请参阅 ",[870,2126,2127],{"href":2127,"rel":2128},"http:\u002F\u002Fwww.berkshirehathaway.com",[874]," 。",[14,2131,2132],{},"此后我们只调整了少数几个头寸。一些信用合约已经自然到期。我们大约10%的股票指数看跌期权合约的条款也有所改变：到期日缩短了，行权价大幅降低了。在这些调整中，没有金钱的交换。",[14,2134,2135],{},"去年讨论中的几个要点值得重申：",[14,2137,2138],{},"（1）虽然不能打包票，但我预计我们的合约总体上将在其存续期内为我们带来利润，即使在计算中不包括它们提供给我们的巨额浮存金所产生的投资收益。我们的衍生品浮存金——不包含在我前面提到的620亿美元浮存金之内——年底约为63亿美元。",[14,2140,2141],{},"（2）只有极少数合约要求我们在任何情况下都必须提交抵押品。在去年股市和信用市场的最低点，我们的担保要求为17亿美元，只是我们所持有的衍生品相关浮存金的很小一部分。补充一点，当我们确实需要提交抵押品时，我们提交的证券仍然在为我们赚钱。",[14,2143,2144],{},"（3）最后，你们应该预期这些合约的账面价值会出现大幅波动，这些波动可能对我们报告的季度利润产生巨大影响，但不会影响我们的现金或投资持仓。这一判断完全适用于2009年的情况。以下是去年衍生品估值的税前季度损益，它们构成了我们报告收益的一部分：",[21,2146,2147,2157],{},[24,2148,2149],{},[27,2150,2151,2154],{},[30,2152,2153],{},"季度",[30,2155,2156],{},"损益（十亿美元）",[43,2158,2159,2167,2175,2183],{},[27,2160,2161,2164],{},[48,2162,2163],{},"第一季度",[48,2165,2166],{},"(1.517)",[27,2168,2169,2172],{},[48,2170,2171],{},"第二季度",[48,2173,2174],{},"2.357",[27,2176,2177,2180],{},[48,2178,2179],{},"第三季度",[48,2181,2182],{},"1.732",[27,2184,2185,2188],{},[48,2186,2187],{},"第四季度",[48,2189,2190],{},"1.052",[14,2192,2193],{},"正如我们解释过的，这些剧烈波动既不会让查理和我高兴，也不会让我们烦恼。在向你们报告时，我们会继续将这些数字单独列出（就像我们对已实现的投资损益所做的那样），这样你们就能更清楚地看到我们运营业务的盈利状况。我们很高兴持有这些衍生品合约。到目前为止，我们已经从它们提供的浮存金中获利颇丰。我们预计在合约存续期内还将赚取更多的投资收益。",[14,2195,2196],{},"我们长期以来一直投资于查理和我认为定价有误的衍生品合约，正如我们努力投资于定价有误的股票和债券一样。事实上，我们在1998年初就首次向你们报告了我们持有此类合约。我们早就警告过衍生品给参与者和社会带来的危险——这些危险可以是毁灭性的——当合约导致了极端的杠杆和\u002F或交易对手风险时，危险就会爆发。在伯克希尔，这类事情从未发生过——将来也不会。",[14,2198,2199,2200,2203,2204,2207],{},"让伯克希尔远离这类问题是我的职责。查理和我都认为，CEO绝不能将风险控制委托给别人。这件事太重要了。在伯克希尔，账面上",[722,2201,2202],{},"每一份","衍生品合约的发起和监控都由我亲自负责，少数子公司的运营相关合约（如中美能源）和通用再保险的少量收尾合约除外。如果伯克希尔出了问题，那是",[722,2205,2206],{},"我的","错。不会是什么风险委员会或首席风险官判断失误的问题。",[826,2209],{},[14,2211,2212,2213,2216],{},"在我看来，一家大型金融机构的董事会如果不坚持要求CEO对风险控制承担全部责任，那就是",[722,2214,2215],{},"失职","。如果CEO无力胜任这项工作，他应该另谋高就。如果他在这方面失败了——导致政府不得不出手注资或提供担保——那么他和他的董事会应该承受严厉的财务后果。",[14,2218,2219,2220,2223],{},"搞砸了我们国家一些最大金融机构运营的并不是股东。然而承担后果的却是股东，在大多数失败案例中，他们持有的价值被抹去了90%甚至更多。在过去两年中最大的四次金融灾难中，股东们合计损失了超过5,000亿美元。说这些",[722,2221,2222],{},"所有者","得到了”救助”，简直是对”救助”这个词的嘲弄。",[14,2225,2226,2227,2230],{},"然而那些破产公司的CEO和董事们却大多毫发无损。他们的财富也许因他们监管下的灾难而有所缩水，但他们依然过着锦衣玉食的生活。需要改变的是这些CEO和董事们的行为：如果他们的鲁莽伤害了所在机构和国家，他们应当付出沉重的代价——而且不得由被他们搞砸的公司或保险来报销。长期以来，CEO们——很多情况下也包括董事们——一直从过大的金融胡萝卜中获利；现在是时候在他们的职业图景中加入一些",[722,2228,2229],{},"真正有分量的","大棒了。",[705,2232,2234],{"id":2233},"一个难以忽视的真相过热的董事会","一个难以忽视的真相（过热的董事会）",[14,2236,2237],{},"我们旗下的子公司去年用现金做了几桩小型”补强收购”，但我们对BNSF的重磅交易要求我们发行约95,000股伯克希尔股票，相当于已流通股的6.1%。查理和我对发行伯克希尔股票的喜爱程度，大概跟我们享受结肠镜检查前的准备工作差不多。",[14,2239,2240],{},"我们不情愿的原因很简单。如果我们做梦都不会以当前市价出售整个伯克希尔，那我们凭什么要在合并交易中以同样不充分的价格”卖掉”公司的一大部分？",[14,2242,2243,2244,2247],{},"在评估一笔换股收购时，被收购公司的股东完全可以理解地会关注将要获得的收购方股票的市场价格。但他们同样期望这笔交易能体现他们所放弃的自家股份的",[722,2245,2246],{},"内在","价值。如果收购方的股票低于其内在价值在交易，那么在纯换股交易中就不可能做成一笔明智的买卖。你不可能用一只被低估的股票去交换一只充分反映价值的股票，而不损害自家股东的利益。",[14,2249,2250],{},"设想一下，有A公司和B公司，规模相当，两者的业务内在价值都是每股100美元。但两家的股票都以每股80美元交易。A公司的CEO——自信满满但精明不足——提出以1.25股A换1股B，并正确地告诉他的董事们B公司每股值100美元。但他会忽略一个问题，那就是他所给出的东西将让他的股东为每股B付出125美元的内在价值。如果董事们在数学上也同样糊涂，于是交易达成，那么B公司的股东将拥有合并后A&B总资产的55.6%，而A公司的股东只拥有44.4%。应该指出的是，并非A公司的每个人都是这笔荒唐交易的输家。它的CEO现在执掌一家规模翻倍的公司，而在这个世界上，声望和薪酬往往与规模挂钩。",[14,2252,2253],{},"如果收购方的股票被高估了，那就完全是另一回事了：用它作为交易货币反而对收购方有利。这就是为什么股市各领域的泡沫总是不可避免地催生出狡猾的推销者的连续发行。按照他们股票的市值来看，他们出得起高价，因为他们实际上花的是”假钞”。这种”空气换资产”的收购周期性地发生，1960年代末尤其是此类把戏的高发时期。事实上，某些大公司就是这么建立起来的。（当然，参与其中的人从不公开承认真实情况，虽然私底下窃笑不断。）",[14,2255,2256],{},"在我们收购BNSF时，卖方股东合理地将我们的出价评估为每股100美元。然而我们的实际成本略高于此，因为这100美元中有40%是用我们的股票支付的，而查理和我都认为我们的股票价值高于市价。幸运的是，我们之前已经在公开市场上用现金购买了大量BNSF股票。因此，总的来说，我们全部成本中只有大约30%是用伯克希尔股票支付的。",[14,2258,2259],{},"最终，查理和我决定，以30%的代价通过股票支付所带来的不利，被这次收购给予我们的机会所弥补——我们可以将220亿美元现金配置到一家我们了解并长期看好的企业中。这还有一个额外的好处：公司由我们信任和敬佩的马特·罗斯（Matt Rose）来运营。我们也看好在未来几年以合理回报率追加投入数十亿美元的前景。但最终的决定是一个非常接近的选择。如果我们需要动用更多的股票来完成收购，那实际上就不划算了。我们将得不偿失。",[826,2261],{},[14,2263,2264,2265,2268,2269,2272],{},"我参加过数十次讨论收购方案的董事会会议，通常董事们会听取高价投资银行的汇报（还有不贵的投行吗？）。银行家们总是不厌其详地评估被收购公司的价值，着重强调其内在价值为何远高于市场价格。然而，在我长达五十多年的董事经历中，从没听到投资银行（或管理层！）讨论过所",[722,2266,2267],{},"付出","的东西的真正价值。当交易涉及发行收购方股票时，他们只是简单地用市价来衡量成本。",[722,2270,2271],{},"即便他们心知肚明收购方的股价被严重低估——完全不能代表真实价值——如果换成收购方自身被收购的情况，他们也会这么说——但他们依然这样做","。",[14,2274,2275,2276,2279,2280,2283],{},"当一笔收购考虑以股票作为支付方式，而董事们正在听取顾问的意见时，在我看来只有一种方法能确保理性和平衡的讨论。董事会应该聘请第二位顾问来论证",[722,2277,2278],{},"反对","这笔收购的理由，而他的报酬以交易",[722,2281,2282],{},"不","成交为条件。如果没有这种严厉的补救措施，我们对使用顾问的建议永远都是：“不要问理发师你是不是该理发了。”",[826,2285],{},[14,2287,2288],{},"我忍不住要跟你们讲一个很久以前的真实故事。我们当时持有一家经营良好的大型银行的股票，几十年来法律一直禁止它进行收购。后来法律变了，我们的银行立刻开始物色收购对象。银行的经理们——都是品行端正、能力出众的银行家——毫不意外地开始表现得像刚发现女孩的十几岁男孩。",[14,2290,2291],{},"他们很快盯上了一家规模小得多的银行，同样经营良好，在股本回报率、利差、贷款质量等方面具有相似的财务特征。我们的银行股价低廉（这也是我们买入的原因），在账面价值附近徘徊，市盈率也很低。然而，这家小银行的老板正被该州其他大银行争相追求，坚持要价接近账面价值的三倍。而且，他要的是股票而不是现金。",[14,2293,2294,2295,2298],{},"自然，我们的人屈服了，同意了这笔摧毁价值的交易。“我们需要表明我们加入了收购战局。而且这只是一笔小交易而已嘛，”他们说，仿佛只有",[722,2296,2297],{},"重大的","股东利益损失才有资格成为叫停的理由。查理当时的反应是：“在我们草坪上拉屎的狗是吉娃娃而不是圣伯纳犬，我们就该为此鼓掌吗？”",[14,2300,2301],{},"那家小银行的卖方——可不是傻瓜——在谈判中提出了最后一个要求。“合并之后，”他大致这样说，措辞可能比我转述的更为委婉，“我将成为你们银行的大股东，这将占我净资产的很大一部分。因此你们必须向我保证，以后再也不做这么蠢的交易了。”",[14,2303,2304],{},"没错，合并完成了。小银行的老板更富了，我们则变穷了，而大银行的经理们——如今管理着一家更大的银行——从此过上了幸福的日子。",[705,2306,2307],{"id":2307},"年度股东大会",[14,2309,2310,2311,2314,2315,2318],{},"据我们最乐观的估计，去年大约有3.5万人参加了年度股东大会（1981年只有12人——",[722,2312,2313],{},"没有","漏掉零）。随着股东人数大幅增加，今年我们预计会有更多人。因此，我们将不得不对惯常安排做一些调整。不过，我们欢迎各位到来的热情丝毫不减。查理和我喜欢跟你们见面，回答你们的问题，还有——最棒的是——让你们从我们旗下的企业",[722,2316,2317],{},"买","走大量商品。",[14,2320,2321,2322,2325],{},"今年的年会将于5月1日周六召开。跟往常一样，Qwest中心的大门将于早上7点开放，8点半放映一部新的伯克希尔影片。9点半我们将直接进入问答环节，（中间在Qwest的食品摊位午餐休息）持续到下午3点半。短暂休息后，查理和我将在3:45召开正式的股东大会。如果你决定在白天的问答期间离场，请在",[722,2323,2324],{},"查理","讲话的时候走。（动作要快——他说话可简短了。）",[14,2327,2328,2329,2332],{},"离开会场最好的理由，当然是去",[722,2330,2331],{},"购物","。我们将在毗邻会场、面积达19.43万平方英尺的展厅里摆满来自伯克希尔数十家子公司的产品。去年各位尽了力，大多数摊位都创下了销售纪录。但你们还可以做得更好。（友情警告：如果我发现销量跟不上，我会不高兴的，然后把出口锁上。）",[14,2334,2335],{},"盖可保险将设立一个展台，由来自全国各地的多位顶级顾问值守，随时为你们提供汽车保险报价。在大多数情况下，盖可保险可以给你们一个股东折扣（通常是8%）。我们开展业务的51个辖区中有44个允许这项特别优惠。（补充一点：如果你已经享有其他折扣，如某些团体折扣，该折扣不能叠加。）带上你们现有保险的详细信息，看看我们能否帮你省钱。我相信至少有50%的人可以。",[14,2337,2338,2339,2342,2343,2346],{},"一定要去逛逛”书虫”书店。在它提供的30多种图书和DVD中，有两本是我儿子的新书：霍华德的*《脆弱》",[722,2340,2341],{},"，一本充满照片和评论的著作，记录了世界各地人们的艰难生活；以及彼得的","《生活由你创造》",[722,2344,2345],{},"。完成家庭三部曲的是我妹妹多丽丝传记的首发，讲述她非凡的慈善活动。还有","《穷查理宝典》*，我合伙人的故事。这本书堪称出版界的奇迹——从不打广告，却年复一年通过网站售出数千册。（如果你需要邮寄所购书籍，旁边就有快递服务。）",[14,2348,2349],{},"如果你是个大手笔的买家——或者哪怕只是来看看热闹的——周六中午到下午5点之间，请光临奥马哈机场东侧的埃利奥特航空（Elliott Aviation）。在那里，利捷航空的机队将让你心跳加速。",[14,2351,2352],{},"随附在委托书材料中的说明会告诉你如何获取参会所需的凭证。至于机票、酒店和租车预订，我们再次委托美国运通（800-799-6634）为你提供专项协助。负责这些事务的卡罗尔·彼得森（Carol Pedersen）每年都为我们做得出色极了，在此向她致谢。酒店房间可能很难订到，但只要联系卡罗尔，你就能搞定。",[14,2354,2355],{},"在内布拉斯加家具店——位于第72街道奇路与太平洋路之间、占地77英亩的店面——我们将再次推出”伯克希尔周末”特惠价。要享受伯克希尔折扣，你必须在4月29日周四到5月3日周一（含首尾两天）之间购买，并出示参会凭证。特惠期间的优惠价格甚至适用于几家知名品牌的产品，这些品牌通常有铁一般的不打折规矩，但为了我们的股东周末破了例。我们感谢它们的配合。内布拉斯加家具店周一至周六的营业时间为上午10点到晚上9点，周日为上午10点到下午6点。今年周六下午5:30到晚上8点，内布拉斯加家具店将举办”伯克希尔烧烤晚会”，诚邀各位光临。",[14,2357,2358],{},"在波仙珠宝（Borsheims），我们将再次举办两场股东专属活动。第一场是4月30日周五下午6点到晚上10点的鸡尾酒招待会。第二场是5月2日周日上午9点到下午4点的主场盛会。周六我们营业到下午6点。",[14,2360,2361],{},"整个周末波仙珠宝都会人山人海。为了方便各位，股东优惠价将从4月26日周一一直持续到5月8日周六。在此期间，请出示参会凭证或经纪商账户证明来表明你的伯克希尔股东身份。戴着水钻来，带着钻石走。我的女儿告诉我，买得越多省得越多（小孩子嘴里能蹦出最让人哭笑不得的话）。",[14,2363,2364],{},"周日，在波仙珠宝外面的大厅里，两届美国国际象棋冠军帕特里克·沃尔夫（Patrick Wolff）将蒙上眼睛，以一对六接受所有挑战者——挑战者们可以睁大眼睛。旁边，来自达拉斯的出色魔术师诺曼·贝克（Norman Beck）将为观众带来令人叹为观止的表演。",[14,2366,2367],{},"今年为股东准备的特别节目是我的朋友邢延华（Ariel Hsing）的再度登场，她是全美青少年乒乓球排名第一的选手（未来某天很有希望在奥运会上夺冠）。如今14岁的她四年前来参加过年会，横扫了所有挑战者，包括我。（你们可以在YouTube上观赏我那丢人的失败，只要搜索”Ariel Hsing Berkshire”即可。）",[14,2369,2370],{},"当然，我一直在筹划一场翻盘之战，周日下午1点我将在波仙珠宝店外跟她过招。这将是一场三分赛，在我把她打趴——呃，之后，所有股东都可以来试试手气，同样是三分赛。获胜者将获得一盒喜诗糖果。我们会准备好器材，但如果你觉得有用的话也可以自带球拍。（不会有用的。）",[14,2372,2373,2374,2377,2378,2381],{},"5月2日周日，Gorat’s牛排馆将再次专门为伯克希尔股东开放，营业时间为下午1点到晚上10点。不过去年它被蜂拥而至的需求淹没了。预计今年食客更多，我已经请我在Piccolo’s——我另一家最爱的餐厅——的朋友唐纳·希恩（Donna Sheehan）周日也为股东们提供服务。（Piccolo’s的巨型根汁汽水冰淇淋是所有美食爱好者的必点之物。）我打算两家都去：周末的活动让我",[722,2375,2376],{},"特别","饿，两家店我各有心头好。记住：在Gorat’s订座请于4月1日（",[722,2379,2380],{},"不能更早","）拨打402-551-3733，在Piccolo’s订座请拨打402-342-9038。",[14,2383,2384],{},"遗憾的是，今年我们将无法为国际访客举办专门的接待会。去年来宾人数增加到了约800人，我仅仅给每人签名一件物品就花了大约2.5个小时。由于预计今年国际访客会更多，查理和我决定不得不取消这一环节。但请放心，我们欢迎每一位远道而来的国际友人。",[14,2386,2387],{},"去年我们改变了决定在大会上提问什么问题的方式，收到了数十封赞赏新安排的来信。因此，我们将再次由同样的三位财经记者主持问答环节，他们将把股东通过电子邮件提交的问题向查理和我提问。",[14,2389,2390,2391,2395,2396,2400,2401,2405],{},"这三位记者及其邮箱分别是：《财富》杂志的卡罗尔·卢米斯（Carol Loomis），邮箱 ",[870,2392,2394],{"href":2393},"mailto:cloomis@fortunemail.com","cloomis@fortunemail.com","；CNBC的贝基·奎克（Becky Quick），邮箱 ",[870,2397,2399],{"href":2398},"mailto:BerkshireQuestions@cnbc.com","BerkshireQuestions@cnbc.com","；《纽约时报》的安德鲁·罗斯·索金（Andrew Ross Sorkin），邮箱 ",[870,2402,2404],{"href":2403},"mailto:arsorkin@nytimes.com","arsorkin@nytimes.com","。每位记者将从提交的问题中选出他或她认为最有趣、最重要的十几个。记者们告诉我，如果你的邮件简洁明了、每封不超过两个问题，被选中的机会最大。（如果你希望在问题被选中时提及你的名字，请在邮件中告知记者。）",[14,2407,2408],{},"查理和我事先不会得到任何关于提问内容的暗示。我们知道记者们会挑一些尖锐的问题，这正合我们心意。",[14,2410,2411],{},"周六上午8:15，我们将在13个话筒前各抽一名希望亲自提问的股东。在会议上，我将交替回答记者提出的问题和抽中的股东的问题。我们增加了30分钟的提问时间，每组大约能提30个问题。",[826,2413],{},[14,2415,2416],{},"查理86岁，我79岁，我们仍然觉得自己幸运得超乎想象。我们生在美国；有好得不能再好的父母，让我们接受了良好的教育；拥有美满的家庭和健康的身体；还天生自带一种”商业”基因，让我们获得的财富与许多对社会贡献同等甚至更大的人相比极不成比例。不仅如此，我们长期从事自己热爱的工作，得到了无数才华横溢、乐观开朗的同事的帮助。实际上，这些年来我们的工作变得越来越有趣；难怪我们每天都蹦蹦跳跳地去上班。如果逼一逼的话，我们甚至愿意倒贴一大笔钱来保住我们的工作（但别告诉薪酬委员会）。",[14,2418,2419],{},"然而，没有什么比在伯克希尔年度股东大会上与我们的股东合伙人们欢聚一堂更让我们开心的了。所以，5月1日到Qwest中心来参加我们一年一度的”资本家的伍德斯托克音乐节”吧。我们在那里等你们。",[14,2421,2422],{},"2010年2月26日",[14,2424,2425],{},"沃伦·E·巴菲特 董事会主席",[14,2427,2428],{},"附言：坐火车来哦。",{"title":2430,"searchDepth":2431,"depth":2431,"links":2432},"",2,[2433,2435,2436,2437,2438,2439,2440,2441,2442,2443],{"id":707,"depth":2434,"text":708},3,{"id":731,"depth":2434,"text":731},{"id":767,"depth":2434,"text":767},{"id":833,"depth":2434,"text":833},{"id":1060,"depth":2434,"text":1060},{"id":1301,"depth":2434,"text":1302},{"id":1681,"depth":2434,"text":1681},{"id":1831,"depth":2434,"text":1831},{"id":2233,"depth":2434,"text":2234},{"id":2307,"depth":2434,"text":2307},"致股东信",null,"2009年巴菲特致股东信，讨论经济复苏投资机会、高盛投资选择权及伯克希尔业绩","md",{},true,80,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2009-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":2446},"2009 巴菲特致股东信｜巴菲特","2009-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2009-ba-fei-te-zhi-gu-dong-xin","5KILIBF_Ds2VLVca50f_FKhG7i7qv6Uwm1tEv6l-z2E","buffett",[2459,2464,2468,2472,2475,2478,2481,2484,2487,2490,2494,2497,2500,2504,2507,2510,2514,2517,2520,2524,2527,2530,2534,2537,2540,2544,2547,2550,2554,2557,2560,2564,2567,2570,2574,2577,2580,2584,2587,2590,2594,2597,2600,2604,2607,2610,2614,2617,2620,2624,2627,2630,2634,2637,2640,2644,2647,2650,2654,2657,2660,2664,2667,2670,2674,2677,2680,2684,2687,2690,2694,2697,2700,2704,2707,2710,2714,2717,2720,2724,2727,2730,2734,2737,2740,2744,2747,2750,2754,2757,2760,2764,2767,2770,2774,2777,2780,2784,2787,2790,2794,2797,2801,2804,2808,2811,2815,2818,2822,2825,2829,2832,2836,2839,2843,2846,2850,2853,2857,2860,2864,2867,2871,2874,2878,2881,2885,2888,2892,2895,2899,2902,2906,2909,2913,2916,2920,2923,2927,2930,2934,2937,2941,2944,2948,2951,2955,2958,2962,2965,2969,2972,2976,2979,2983,2986,2990,2993,2997,3000,3004,3007,3011,3014,3018,3021,3025,3028,3032,3035,3039,3042,3046,3049,3053,3056,3060,3063,3067,3070,3074,3077,3081,3084,3088,3091,3095,3098,3102,3105,3109,3112,3113,3116,3120,3123,3127,3130,3134,3137,3141,3144,3148,3151,3155,3158,3162,3165,3169,3172,3176,3179,3183,3186,3190,3193,3197,3200,3204,3207,3211,3214,3218,3221,3225,3228,3232,3235,3239,3242,3246,3249,3253,3256,3260,3264,3268,3272,3276,3280,3284,3288,3292,3296,3300,3304,3308,3312,3316,3320,3324,3328,3332,3336,3340,3344,3348,3352,3356,3360,3364,3368,3372,3376,3380,3384,3388,3392,3396,3400,3404,3408,3412,3416,3420,3424,3428,3432,3436,3440,3444,3448,3452,3456],{"title":2460,"slug":2461,"category":2462,"order":2463},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":2465,"slug":2466,"category":2467,"order":2463},"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":2469,"slug":2470,"category":2471,"order":2463},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":2473,"slug":2474,"category":2462,"order":2431},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":2476,"slug":2477,"category":2467,"order":2431},"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":2479,"slug":2480,"category":2471,"order":2431},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2482,"slug":2483,"category":2462,"order":2434},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":2485,"slug":2486,"category":2467,"order":2434},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":2488,"slug":2489,"category":2471,"order":2434},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2491,"slug":2492,"category":2462,"order":2493},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":2495,"slug":2496,"category":2467,"order":2493},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":2498,"slug":2499,"category":2471,"order":2493},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2501,"slug":2502,"category":2462,"order":2503},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":2505,"slug":2506,"category":2467,"order":2503},"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":2508,"slug":2509,"category":2471,"order":2503},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2511,"slug":2512,"category":2462,"order":2513},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":2515,"slug":2516,"category":2467,"order":2513},"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":2518,"slug":2519,"category":2471,"order":2513},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2521,"slug":2522,"category":2462,"order":2523},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":2525,"slug":2526,"category":2467,"order":2523},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":2528,"slug":2529,"category":2471,"order":2523},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2531,"slug":2532,"category":2462,"order":2533},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":2535,"slug":2536,"category":2467,"order":2533},"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":2538,"slug":2539,"category":2471,"order":2533},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2541,"slug":2542,"category":2462,"order":2543},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":2545,"slug":2546,"category":2467,"order":2543},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":2548,"slug":2549,"category":2471,"order":2543},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2551,"slug":2552,"category":2462,"order":2553},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":2555,"slug":2556,"category":2467,"order":2553},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":2558,"slug":2559,"category":2471,"order":2553},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2561,"slug":2562,"category":2462,"order":2563},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":2565,"slug":2566,"category":2467,"order":2563},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":2568,"slug":2569,"category":2471,"order":2563},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2571,"slug":2572,"category":2462,"order":2573},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":2575,"slug":2576,"category":2467,"order":2573},"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":2578,"slug":2579,"category":2471,"order":2573},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2581,"slug":2582,"category":2462,"order":2583},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":2585,"slug":2586,"category":2467,"order":2583},"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":2588,"slug":2589,"category":2471,"order":2583},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2591,"slug":2592,"category":2462,"order":2593},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":2595,"slug":2596,"category":2467,"order":2593},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2598,"slug":2599,"category":2471,"order":2593},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2601,"slug":2602,"category":2462,"order":2603},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":2605,"slug":2606,"category":2467,"order":2603},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":2608,"slug":2609,"category":2471,"order":2603},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2611,"slug":2612,"category":2462,"order":2613},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":2615,"slug":2616,"category":2467,"order":2613},"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":2618,"slug":2619,"category":2471,"order":2613},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2621,"slug":2622,"category":2462,"order":2623},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":2625,"slug":2626,"category":2467,"order":2623},"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":2628,"slug":2629,"category":2471,"order":2623},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2631,"slug":2632,"category":2462,"order":2633},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":2635,"slug":2636,"category":2467,"order":2633},"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":2638,"slug":2639,"category":2471,"order":2633},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2641,"slug":2642,"category":2444,"order":2643},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":2645,"slug":2646,"category":2467,"order":2643},"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":2648,"slug":2649,"category":2471,"order":2643},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2651,"slug":2652,"category":2462,"order":2653},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":2655,"slug":2656,"category":2467,"order":2653},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":2658,"slug":2659,"category":2471,"order":2653},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2661,"slug":2662,"category":2462,"order":2663},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":2665,"slug":2666,"category":2467,"order":2663},"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":2668,"slug":2669,"category":2471,"order":2663},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2671,"slug":2672,"category":2462,"order":2673},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":2675,"slug":2676,"category":2467,"order":2673},"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":2678,"slug":2679,"category":2471,"order":2673},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2681,"slug":2682,"category":2444,"order":2683},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":2685,"slug":2686,"category":2467,"order":2683},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":2688,"slug":2689,"category":2471,"order":2683},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2691,"slug":2692,"category":2462,"order":2693},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":2695,"slug":2696,"category":2467,"order":2693},"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":2698,"slug":2699,"category":2471,"order":2693},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2701,"slug":2702,"category":2462,"order":2703},"1966年中 巴菲特致合伙人信","1966nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",25,{"title":2705,"slug":2706,"category":2467,"order":2703},"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":2708,"slug":2709,"category":2471,"order":2703},"2018年伯克希尔股东大会","2018nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2711,"slug":2712,"category":2462,"order":2713},"1967 巴菲特致合伙人信","1967-ba-fei-te-zhi-he-huo-ren-xin",26,{"title":2715,"slug":2716,"category":2467,"order":2713},"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":2718,"slug":2719,"category":2471,"order":2713},"2019年伯克希尔股东大会","2019nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2721,"slug":2722,"category":2444,"order":2723},"1967 巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":2725,"slug":2726,"category":2467,"order":2723},"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":2728,"slug":2729,"category":2471,"order":2723},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2731,"slug":2732,"category":2462,"order":2733},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":2735,"slug":2736,"category":2467,"order":2733},"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":2738,"slug":2739,"category":2471,"order":2733},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2741,"slug":2742,"category":2462,"order":2743},"1967年11月 巴菲特致合伙人信","1967nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",29,{"title":2745,"slug":2746,"category":2467,"order":2743},"巴菲特：1997年巴菲特谈微软的信","ba-fei-te-1997nian-ba-fei-te-tan-wei-ruan-de-xin",{"title":2748,"slug":2749,"category":2471,"order":2743},"2022年伯克希尔股东大会","2022nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2751,"slug":2752,"category":2462,"order":2753},"1967年中 巴菲特致合伙人信","1967nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",30,{"title":2755,"slug":2756,"category":2467,"order":2753},"巴菲特：1998年佛罗里达大学演讲","ba-fei-te-1998nian-fo-luo-li-da-da-xue-yan-jiang",{"title":2758,"slug":2759,"category":2471,"order":2753},"2023年伯克希尔股东大会","2023nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2761,"slug":2762,"category":2462,"order":2763},"1968 巴菲特致合伙人信","1968-ba-fei-te-zhi-he-huo-ren-xin",31,{"title":2765,"slug":2766,"category":2467,"order":2763},"巴菲特：1998年华盛顿大学谈话","ba-fei-te-1998nian-hua-sheng-dun-da-xue-tan-hua",{"title":2768,"slug":2769,"category":2471,"order":2763},"2024年伯克希尔股东大会","2024nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2771,"slug":2772,"category":2444,"order":2773},"1968 巴菲特致股东信","1968-ba-fei-te-zhi-gu-dong-xin",32,{"title":2775,"slug":2776,"category":2467,"order":2773},"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":2778,"slug":2779,"category":2471,"order":2773},"2025年伯克希尔股东大会","2025nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2781,"slug":2782,"category":2462,"order":2783},"1968年11月 巴菲特致合伙人信","1968nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",33,{"title":2785,"slug":2786,"category":2467,"order":2783},"巴菲特：1999年巴菲特太阳谷演讲","ba-fei-te-1999nian-ba-fei-te-tai-yang-gu-yan-jiang",{"title":2788,"slug":2789,"category":2471,"order":2783},"2026年伯克希尔股东大会","2026nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2791,"slug":2792,"category":2462,"order":2793},"1968年中 巴菲特致合伙人信","1968nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",34,{"title":2795,"slug":2796,"category":2467,"order":2793},"巴菲特：1999年巴菲特谈股市","ba-fei-te-1999nian-ba-fei-te-tan-gu-shi",{"title":2798,"slug":2799,"category":2444,"order":2800},"1969 巴菲特致股东信","1969-ba-fei-te-zhi-gu-dong-xin",35,{"title":2802,"slug":2803,"category":2467,"order":2800},"巴菲特：2001年佐治亚大学演讲","ba-fei-te-2001nian-zuo-zhi-ya-da-xue-yan-jiang",{"title":2805,"slug":2806,"category":2462,"order":2807},"1969年10月 巴菲特致合伙人信","1969nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",36,{"title":2809,"slug":2810,"category":2467,"order":2807},"巴菲特：2001年保险业的FDIC","ba-fei-te-2001nian-bao-xian-ye-de-fdic",{"title":2812,"slug":2813,"category":2462,"order":2814},"1969年12月 巴菲特致合伙人信","1969nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",37,{"title":2816,"slug":2817,"category":2467,"order":2814},"巴菲特：2001年对话内大商学院","ba-fei-te-2001nian-dui-hua-nei-da-shang-xue-yuan",{"title":2819,"slug":2820,"category":2462,"order":2821},"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":2823,"slug":2824,"category":2467,"order":2821},"巴菲特：2001年巴菲特谈股市","ba-fei-te-2001nian-ba-fei-te-tan-gu-shi",{"title":2826,"slug":2827,"category":2462,"order":2828},"1969年5月 巴菲特致合伙人信","1969nian-5yue-ba-fei-te-zhi-he-huo-ren-xin",39,{"title":2830,"slug":2831,"category":2467,"order":2828},"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":2833,"slug":2834,"category":2444,"order":2835},"1970 巴菲特致股东信","1970-ba-fei-te-zhi-gu-dong-xin",40,{"title":2837,"slug":2838,"category":2467,"order":2835},"巴菲特：2002年哥大商学院演讲","ba-fei-te-2002nian-ge-da-shang-xue-yuan-yan-jiang",{"title":2840,"slug":2841,"category":2462,"order":2842},"1970年2月 巴菲特致合伙人信","1970nian-2yue-ba-fei-te-zhi-he-huo-ren-xin",41,{"title":2844,"slug":2845,"category":2467,"order":2842},"巴菲特：2002年股票期权与常识","ba-fei-te-2002nian-gu-piao-qi-quan-yu-chang-shi",{"title":2847,"slug":2848,"category":2444,"order":2849},"1971 巴菲特致股东信","1971-ba-fei-te-zhi-gu-dong-xin",42,{"title":2851,"slug":2852,"category":2467,"order":2849},"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":2854,"slug":2855,"category":2444,"order":2856},"1972 巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2858,"slug":2859,"category":2467,"order":2856},"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":2861,"slug":2862,"category":2444,"order":2863},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2865,"slug":2866,"category":2467,"order":2863},"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":2868,"slug":2869,"category":2444,"order":2870},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2872,"slug":2873,"category":2467,"order":2870},"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":2875,"slug":2876,"category":2444,"order":2877},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":2879,"slug":2880,"category":2467,"order":2877},"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":2882,"slug":2883,"category":2444,"order":2884},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":2886,"slug":2887,"category":2467,"order":2884},"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":2889,"slug":2890,"category":2444,"order":2891},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":2893,"slug":2894,"category":2467,"order":2891},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":2896,"slug":2897,"category":2444,"order":2898},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":2900,"slug":2901,"category":2467,"order":2898},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":2903,"slug":2904,"category":2444,"order":2905},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2907,"slug":2908,"category":2467,"order":2905},"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":2910,"slug":2911,"category":2444,"order":2912},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2914,"slug":2915,"category":2467,"order":2912},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2917,"slug":2918,"category":2444,"order":2919},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2921,"slug":2922,"category":2467,"order":2919},"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":2924,"slug":2925,"category":2444,"order":2926},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2928,"slug":2929,"category":2467,"order":2926},"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":2931,"slug":2932,"category":2444,"order":2933},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2935,"slug":2936,"category":2467,"order":2933},"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":2938,"slug":2939,"category":2444,"order":2940},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2942,"slug":2943,"category":2467,"order":2940},"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":2945,"slug":2946,"category":2444,"order":2947},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2949,"slug":2950,"category":2467,"order":2947},"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":2952,"slug":2953,"category":2444,"order":2954},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2956,"slug":2957,"category":2467,"order":2954},"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":2959,"slug":2960,"category":2444,"order":2961},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2963,"slug":2964,"category":2467,"order":2961},"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":2966,"slug":2967,"category":2444,"order":2968},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2970,"slug":2971,"category":2467,"order":2968},"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":2973,"slug":2974,"category":2444,"order":2975},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2977,"slug":2978,"category":2467,"order":2975},"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":2980,"slug":2981,"category":2444,"order":2982},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2984,"slug":2985,"category":2467,"order":2982},"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":2987,"slug":2988,"category":2444,"order":2989},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2991,"slug":2992,"category":2467,"order":2989},"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":2994,"slug":2995,"category":2444,"order":2996},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2998,"slug":2999,"category":2467,"order":2996},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":3001,"slug":3002,"category":2444,"order":3003},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":3005,"slug":3006,"category":2467,"order":3003},"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":3008,"slug":3009,"category":2444,"order":3010},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":3012,"slug":3013,"category":2467,"order":3010},"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":3015,"slug":3016,"category":2444,"order":3017},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":3019,"slug":3020,"category":2467,"order":3017},"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":3022,"slug":3023,"category":2444,"order":3024},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":3026,"slug":3027,"category":2467,"order":3024},"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":3029,"slug":3030,"category":2444,"order":3031},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":3033,"slug":3034,"category":2467,"order":3031},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":3036,"slug":3037,"category":2444,"order":3038},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":3040,"slug":3041,"category":2467,"order":3038},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":3043,"slug":3044,"category":2444,"order":3045},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":3047,"slug":3048,"category":2467,"order":3045},"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":3050,"slug":3051,"category":2444,"order":3052},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":3054,"slug":3055,"category":2467,"order":3052},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":3057,"slug":3058,"category":2444,"order":3059},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":3061,"slug":3062,"category":2467,"order":3059},"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":3064,"slug":3065,"category":2444,"order":3066},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":3068,"slug":3069,"category":2467,"order":3066},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":3071,"slug":3072,"category":2444,"order":3073},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":3075,"slug":3076,"category":2467,"order":3073},"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":3078,"slug":3079,"category":2444,"order":3080},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":3082,"slug":3083,"category":2467,"order":3080},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":3085,"slug":3086,"category":2444,"order":3087},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":3089,"slug":3090,"category":2467,"order":3087},"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":3092,"slug":3093,"category":2444,"order":3094},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":3096,"slug":3097,"category":2467,"order":3094},"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":3099,"slug":3100,"category":2444,"order":3101},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":3103,"slug":3104,"category":2467,"order":3101},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":3106,"slug":3107,"category":2444,"order":3108},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":3110,"slug":3111,"category":2467,"order":3108},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":5,"slug":2454,"category":2444,"order":2450},{"title":3114,"slug":3115,"category":2467,"order":2450},"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":3117,"slug":3118,"category":2444,"order":3119},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":3121,"slug":3122,"category":2467,"order":3119},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":3124,"slug":3125,"category":2444,"order":3126},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":3128,"slug":3129,"category":2467,"order":3126},"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":3131,"slug":3132,"category":2444,"order":3133},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":3135,"slug":3136,"category":2467,"order":3133},"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":3138,"slug":3139,"category":2444,"order":3140},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":3142,"slug":3143,"category":2467,"order":3140},"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":3145,"slug":3146,"category":2444,"order":3147},"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":3149,"slug":3150,"category":2467,"order":3147},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":3152,"slug":3153,"category":2444,"order":3154},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":3156,"slug":3157,"category":2467,"order":3154},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":3159,"slug":3160,"category":2444,"order":3161},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":3163,"slug":3164,"category":2467,"order":3161},"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":3166,"slug":3167,"category":2444,"order":3168},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":3170,"slug":3171,"category":2467,"order":3168},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":3173,"slug":3174,"category":2444,"order":3175},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":3177,"slug":3178,"category":2467,"order":3175},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":3180,"slug":3181,"category":2444,"order":3182},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":3184,"slug":3185,"category":2467,"order":3182},"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":3187,"slug":3188,"category":2444,"order":3189},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":3191,"slug":3192,"category":2467,"order":3189},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":3194,"slug":3195,"category":2444,"order":3196},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":3198,"slug":3199,"category":2467,"order":3196},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":3201,"slug":3202,"category":2444,"order":3203},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":3205,"slug":3206,"category":2467,"order":3203},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":3208,"slug":3209,"category":2444,"order":3210},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":3212,"slug":3213,"category":2467,"order":3210},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":3215,"slug":3216,"category":2444,"order":3217},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":3219,"slug":3220,"category":2467,"order":3217},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":3222,"slug":3223,"category":2444,"order":3224},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":3226,"slug":3227,"category":2467,"order":3224},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":3229,"slug":3230,"category":2444,"order":3231},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":3233,"slug":3234,"category":2467,"order":3231},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":3236,"slug":3237,"category":2444,"order":3238},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":3240,"slug":3241,"category":2467,"order":3238},"巴菲特：2011年对话八所商学院学生","ba-fei-te-2011nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",{"title":3243,"slug":3244,"category":2444,"order":3245},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":3247,"slug":3248,"category":2467,"order":3245},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":3250,"slug":3251,"category":2444,"order":3252},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":3254,"slug":3255,"category":2467,"order":3252},"巴菲特：为何股票能跑赢黄金与债券","ba-fei-te-2012nian-wei-he-gu-piao-neng-pao-ying-huang-jin-yu-zhai-quan",{"title":3257,"slug":3258,"category":2467,"order":3259},"巴菲特：2012年对话IVEY 商学院学生","ba-fei-te-2012nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",101,{"title":3261,"slug":3262,"category":2467,"order":3263},"巴菲特：2012年跳着踢踏舞去上班","ba-fei-te-2012nian-tiao-zhao-ti-ta-wu-qu-shang-ban",102,{"title":3265,"slug":3266,"category":2467,"order":3267},"巴菲特：2013年 《沃伦·巴菲特的办公时间访谈》","ba-fei-te-2013nian-wo-lun-ba-fei-te-de-ban-gong-shi-jian-fang-tan",103,{"title":3269,"slug":3270,"category":2467,"order":3271},"巴菲特：2013年乔治城大学演讲","ba-fei-te-2013nian-qiao-zhi-cheng-da-xue-yan-jiang",104,{"title":3273,"slug":3274,"category":2467,"order":3275},"巴菲特：2013年如何教孩子理财","ba-fei-te-2013nian-ru-he-jiao-hai-zi-li-cai",105,{"title":3277,"slug":3278,"category":2467,"order":3279},"巴菲特：2013年家族三代谈慈善","ba-fei-te-2013nian-jia-zu-san-dai-tan-ci-shan",106,{"title":3281,"slug":3282,"category":2467,"order":3283},"巴菲特：2013年对话八所商学院学生","ba-fei-te-2013nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng",107,{"title":3285,"slug":3286,"category":2467,"order":3287},"巴菲特：2014年CNBC 专访2014年3月3日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-3yue-3ri",108,{"title":3289,"slug":3290,"category":2467,"order":3291},"巴菲特：2014年CNBC 专访2014年5月5日","ba-fei-te-2014nian-cnbc-zhuan-fang-2014nian-5yue-5ri",109,{"title":3293,"slug":3294,"category":2467,"order":3295},"巴菲特：2014年与ivey商学院MBA学生会面纪要","ba-fei-te-2014nian-yu-iveyshang-xue-yuan-mbaxue-sheng-hui-mian-ji-yao",110,{"title":3297,"slug":3298,"category":2467,"order":3299},"巴菲特：2014年关于游牧者基金","ba-fei-te-2014nian-guan-yu-you-mu-zhe-ji-jin",111,{"title":3301,"slug":3302,"category":2467,"order":3303},"巴菲特：2014年给全体经理人备忘录","ba-fei-te-2014nian-gei-quan-ti-jing-li-ren-bei-wang-lu",112,{"title":3305,"slug":3306,"category":2467,"order":3307},"巴菲特：2014年谈可口可乐薪酬方案","ba-fei-te-2014nian-tan-ke-kou-ke-le-xin-chou-fang-an",113,{"title":3309,"slug":3310,"category":2467,"order":3311},"巴菲特：2015年对话IVEY 商学院学生","ba-fei-te-2015nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",114,{"title":3313,"slug":3314,"category":2467,"order":3315},"巴菲特：2015年扩大所得税抵免比提高最低工资更好","ba-fei-te-2015nian-kuo-da-suo-de-shui-di-mian-bi-ti-gao-zui-di-gong-zi-geng-hao",115,{"title":3317,"slug":3318,"category":2467,"order":3319},"巴菲特：2015年接受亚利桑那州立大学领导力教授杰夫·坎宁安的专访实录","ba-fei-te-2015nian-jie-shou-ya-li-sang-na-zhou-li-da-xue-ling-dao-li-jiao-shou-jie-fu-kan-ning-an-de-zhuan-fang-shi-lu",116,{"title":3321,"slug":3322,"category":2467,"order":3323},"巴菲特：2015年追忆唐基奥","ba-fei-te-2015nian-zhui-yi-tang-ji-ao",117,{"title":3325,"slug":3326,"category":2467,"order":3327},"巴菲特：2015慈善承诺倡议","ba-fei-te-2015ci-shan-cheng-nuo-chang-yi",118,{"title":3329,"slug":3330,"category":2467,"order":3331},"巴菲特：2016年对话八所商学院学生2016","ba-fei-te-2016nian-dui-hua-ba-suo-shang-xue-yuan-xue-sheng-2016",119,{"title":3333,"slug":3334,"category":2467,"order":3335},"标题：《巴菲特：2017 年哥伦比亚大学高校面谈——人生最美好的事是什么？》","ba-fei-te-2017-nian-ge-lun-bi-ya-da-xue-gao-xiao-mian-tan-ren-sheng-zui-mei-hao-de-shi-shi-shi-me",120,{"title":3337,"slug":3338,"category":2467,"order":3339},"巴菲特：2017年对话北京大学学生：最好的投资是投资自己","ba-fei-te-2017nian-dui-hua-bei-jing-da-xue-xue-sheng-zui-hao-de-tou-zi-shi-tou-zi-zi-ji",121,{"title":3341,"slug":3342,"category":2467,"order":3343},"巴菲特：2017年接受CNBC采访","ba-fei-te-2017nian-jie-shou-cnbccai-fang",122,{"title":3345,"slug":3346,"category":2467,"order":3347},"巴菲特：2017年接受PBS NEWS专访","ba-fei-te-2017nian-jie-shou-pbs-newszhuan-fang",123,{"title":3349,"slug":3350,"category":2467,"order":3351},"巴菲特：2017年查理·罗斯访谈：比尔·盖茨与沃伦·巴菲特","ba-fei-te-2017nian-cha-li-luo-si-fang-tan-bi-er-gai-ci-yu-wo-lun-ba-fei-te",124,{"title":3353,"slug":3354,"category":2467,"order":3355},"巴菲特：2017年美国的未来","ba-fei-te-2017nian-mei-guo-de-wei-lai",125,{"title":3357,"slug":3358,"category":2467,"order":3359},"巴菲特：2018年再度邀请北大光华学子共进午餐问答全记录","ba-fei-te-2018nian-zai-du-yao-qing-bei-da-guang-hua-xue-zi-gong-jin-wu-can-wen-da-quan-ji-lu",126,{"title":3361,"slug":3362,"category":2467,"order":3363},"巴菲特：2018年时代周刊-分享美国财富的秘密","ba-fei-te-2018nian-shi-dai-zhou-kan-fen-xiang-mei-guo-cai-fu-de-mi-mi",127,{"title":3365,"slug":3366,"category":2467,"order":3367},"巴菲特：2019年5月雅虎财经专访","ba-fei-te-2019nian-5yue-ya-hu-cai-jing-zhuan-fang",128,{"title":3369,"slug":3370,"category":2467,"order":3371},"巴菲特：2019年与芒格及比尔盖茨接受CNBC采访","ba-fei-te-2019nian-yu-mang-ge-ji-bi-er-gai-ci-jie-shou-cnbccai-fang",129,{"title":3373,"slug":3374,"category":2467,"order":3375},"巴菲特：2020年接受CNBC专访","ba-fei-te-2020nian-jie-shou-cnbczhuan-fang",130,{"title":3377,"slug":3378,"category":2467,"order":3379},"巴菲特：2020年给内布拉斯加大学林肯分校2020届毕业生的建议","ba-fei-te-2020nian-gei-nei-bu-la-si-jia-da-xue-lin-ken-fen-xiao-2020jie-bi-ye-sheng-de-jian-yi",131,{"title":3381,"slug":3382,"category":2467,"order":3383},"巴菲特：2021年专访《成为巴菲特》","ba-fei-te-2021nian-zhuan-fang-cheng-wei-ba-fei-te",132,{"title":3385,"slug":3386,"category":2467,"order":3387},"巴菲特：2021年巴菲特芒格接受CNBC专访","ba-fei-te-2021nian-ba-fei-te-mang-ge-jie-shou-cnbczhuan-fang",133,{"title":3389,"slug":3390,"category":2467,"order":3391},"巴菲特：2021年让观众无言以对 !有史以来最鼓舞人心的演讲之一","ba-fei-te-2021nian-rang-guan-zhong-wu-yan-yi-dui-you-shi-yi-lai-zui-gu-wu-ren-xin-de-yan-jiang-zhi-yi",134,{"title":3393,"slug":3394,"category":2467,"order":3395},"巴菲特：2021年采访《沃伦·巴菲特的投资策略：如何像传奇一样生活和投资（完整访谈）》","ba-fei-te-2021nian-cai-fang-wo-lun-ba-fei-te-de-tou-zi-ce-lue-ru-he-xiang-chuan-qi-yi-yang-sheng-huo-he-tou-zi-wan-zheng-fang-tan",135,{"title":3397,"slug":3398,"category":2467,"order":3399},"巴菲特：2022年32 届年度格雷厄姆和多德早餐会","ba-fei-te-2022nian-32-jie-nian-du-ge-lei-e-mu-he-duo-de-zao-can-hui",136,{"title":3401,"slug":3402,"category":2467,"order":3403},"巴菲特：2022年和查理罗斯对谈","ba-fei-te-2022nian-he-cha-li-luo-si-dui-tan",137,{"title":3405,"slug":3406,"category":2467,"order":3407},"巴菲特：2023年 查理芒格：伯克希尔的总设计师","ba-fei-te-2023nian-cha-li-mang-ge-bo-ke-xi-er-de-zong-she-ji-shi",138,{"title":3409,"slug":3410,"category":2467,"order":3411},"巴菲特：初学者如何投资--3 条简单的规则","ba-fei-te-2023nian-chu-xue-zhe-ru-he-tou-zi-3-tiao-jian-dan-de-gui-ze",139,{"title":3413,"slug":3414,"category":2467,"order":3415},"巴菲特：2023年接受CNBC专访","ba-fei-te-2023nian-jie-shou-cnbczhuan-fang",140,{"title":3417,"slug":3418,"category":2467,"order":3419},"巴菲特：每个投资者都会犯的 10 个错误","ba-fei-te-2023nian-mei-ge-tou-zi-zhe-du-hui-fan-de-10-ge-cuo-wu",141,{"title":3421,"slug":3422,"category":2467,"order":3423},"巴菲特：2025年接受cbs采访","ba-fei-te-2025nian-jie-shou-cbscai-fang",142,{"title":3425,"slug":3426,"category":2467,"order":3427},"2026伯克希尔股东大会 CNBC专访巴菲特（完整纯中文）","2026bo-ke-xi-er-gu-dong-da-hui-cnbczhuan-fang-ba-fei-te",143,{"title":3429,"slug":3430,"category":2467,"order":3431},"巴菲特：2026年最新采访 CNBC《财经论谈》","ba-fei-te-2026nian-zui-xin-cai-fang-cnbc-cai-jing-lun-tan",144,{"title":3433,"slug":3434,"category":2467,"order":3435},"伯克希尔50 周年：过去、现在和未来","bo-ke-xi-er-50-zhou-nian-guo-qu-xian-zai-he-wei-lai",145,{"title":3437,"slug":3438,"category":2467,"order":3439},"巴菲特72条投资经典语录","ba-fei-te-72tiao-tou-zi-jing-dian-yu-lu",146,{"title":3441,"slug":3442,"category":2467,"order":3443},"巴菲特：你应该了解珠宝生意","ba-fei-te-ni-ying-gai-liao-jie-zhu-bao-sheng-yi",147,{"title":3445,"slug":3446,"category":2467,"order":3447},"巴菲特：如何建立能力圈","ba-fei-te-ru-he-jian-li-neng-li-quan",148,{"title":3449,"slug":3450,"category":2467,"order":3451},"巴菲特：巴菲特估值逻辑","ba-fei-te-ba-fei-te-gu-zhi-luo-ji",149,{"title":3453,"slug":3454,"category":2467,"order":3455},"康布斯：在普通股中寻找价值","kang-bu-si-zai-pu-tong-gu-zhong-xun-zhao-jie-zhi",150,{"title":3457,"slug":3458,"category":2467,"order":3459},"考夫曼：Glenair 企业文化","kao-fu-man-glenair-qi-ye-wen-hua",151,[3461,3465,3468,3471,3474,3477,3480,3483,3486,3490,3494,3497,3500,3503,3506,3509,3512,3515,3518,3521,3524,3527,3530,3533,3536,3540,3543,3546,3549,3552,3555,3558,3561,3564,3567,3571,3574,3577,3580,3583,3586,3589,3592,3596,3599,3602,3605,3608,3611,3614,3617,3620,3623,3626,3629,3632,3635,3638,3641,3644,3647,3650,3653,3656,3659,3662,3665,3668,3671,3674,3677,3682,3686,3690,3694,3698,3702,3706,3710,3714,3718,3722,3726,3730,3734,3738,3742,3746,3750,3754,3758],{"title":3462,"slug":3463,"category":3464,"order":2463},"本分","benfen","核心哲学",{"title":3466,"slug":3467,"category":3464,"order":2431},"平常心","pingchangxin",{"title":3469,"slug":3470,"category":3464,"order":2434},"做对的事情","zuoduideshiqing",{"title":3472,"slug":3473,"category":3464,"order":2493},"把事情做对","bashiqingzuodui",{"title":3475,"slug":3476,"category":3464,"order":2503},"能力圈","nengliquan",{"title":3478,"slug":3479,"category":3464,"order":2513},"不做什么","buzuoshenme",{"title":3481,"slug":3482,"category":3464,"order":2523},"敢为天下后","ganweitianxiahou",{"title":3484,"slug":3485,"category":3464,"order":2533},"消费者导向","xiaofeizhedaoxiang",{"title":3487,"slug":3488,"category":3489,"order":2543},"价值投资","jiazhitouzi","投资理念",{"title":3491,"slug":3492,"category":3493,"order":2553},"负债","fuzhai","财务指标",{"title":3495,"slug":3496,"category":3489,"order":2553},"商业模式","shangyemoshi",{"title":3498,"slug":3499,"category":3489,"order":2563},"护城河","huchenghe",{"title":3501,"slug":3502,"category":3493,"order":2563},"净现金","jingxianjin",{"title":3504,"slug":3505,"category":3493,"order":2573},"开销合理性","kaixiaohelixing",{"title":3507,"slug":3508,"category":3489,"order":2573},"现金流","xianjinliu",{"title":3510,"slug":3511,"category":3493,"order":2583},"真实利润","zhenshilirun",{"title":3513,"slug":3514,"category":3489,"order":2583},"折现","zhexian",{"title":3516,"slug":3517,"category":3489,"order":2593},"安全边际","anquanbianji",{"title":3519,"slug":3520,"category":3493,"order":2593},"扣除商誉的净资产","jingzichan",{"title":3522,"slug":3523,"category":3489,"order":2603},"基本面","jibenmian",{"title":3525,"slug":3526,"category":3489,"order":2613},"机会成本","jihuichengben",{"title":3528,"slug":3529,"category":3489,"order":2623},"长期持有","zhangqichiyou",{"title":3531,"slug":3532,"category":3489,"order":2633},"投机","touji",{"title":3534,"slug":3535,"category":3489,"order":2643},"止损","zhisun",{"title":3537,"slug":3538,"category":3539,"order":2653},"企业文化","qiyewenhua","企业经营",{"title":3541,"slug":3542,"category":3539,"order":2663},"品牌","pinpai",{"title":3544,"slug":3545,"category":3539,"order":2673},"差异化","chayihua",{"title":3547,"slug":3548,"category":3539,"order":2683},"用户体验","yonghutiyan",{"title":3550,"slug":3551,"category":3539,"order":2693},"渠道","qudao",{"title":3553,"slug":3554,"category":3539,"order":2703},"平台","pingtai",{"title":3556,"slug":3557,"category":3539,"order":2713},"生态系统","shengtaixitong",{"title":3559,"slug":3560,"category":3539,"order":2723},"单一产品","danyichanpin",{"title":3562,"slug":3563,"category":3539,"order":2733},"造钟人","zaozhongren",{"title":3565,"slug":3566,"category":3539,"order":2743},"利润之上的追求","lirunzhishangdezhuiqiu",{"title":3568,"slug":3569,"category":3570,"order":2753},"进取心","jinquxin","品格与心性",{"title":3572,"slug":3573,"category":3570,"order":2763},"耐心","naixin",{"title":3575,"slug":3576,"category":3570,"order":2773},"责任心","zerenxin",{"title":3578,"slug":3579,"category":3570,"order":2783},"爱心","aixin",{"title":3581,"slug":3582,"category":3570,"order":2793},"信誉","xinyu",{"title":3584,"slug":3585,"category":3570,"order":2800},"正直","zhengzhi",{"title":3587,"slug":3588,"category":3570,"order":2807},"理性","lixing",{"title":3590,"slug":3591,"category":3570,"order":2814},"长期主义","zhangqizhuyi",{"title":3593,"slug":3594,"category":3595,"order":3252},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","访谈实录",{"title":3597,"slug":3598,"category":3595,"order":3259},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua",{"title":3600,"slug":3601,"category":3595,"order":3263},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu",{"title":3603,"slug":3604,"category":3595,"order":3267},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang",{"title":3606,"slug":3607,"category":3595,"order":3271},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang",{"title":3609,"slug":3610,"category":3595,"order":3275},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing",{"title":3612,"slug":3613,"category":3595,"order":3279},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong",{"title":3615,"slug":3616,"category":3595,"order":3283},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan",{"title":3618,"slug":3619,"category":3595,"order":3287},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang",{"title":3621,"slug":3622,"category":3595,"order":3291},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou",{"title":3624,"slug":3625,"category":3595,"order":3295},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu",{"title":3627,"slug":3628,"category":3595,"order":3299},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang",{"title":3630,"slug":3631,"category":3595,"order":3303},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan",{"title":3633,"slug":3634,"category":3595,"order":3307},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu",{"title":3636,"slug":3637,"category":3595,"order":3311},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu",{"title":3639,"slug":3640,"category":3595,"order":3315},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo",{"title":3642,"slug":3643,"category":3595,"order":3319},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang",{"title":3645,"slug":3646,"category":3595,"order":3323},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan",{"title":3648,"slug":3649,"category":3595,"order":3327},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu",{"title":3651,"slug":3652,"category":3595,"order":3331},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus",{"title":3654,"slug":3655,"category":3595,"order":3335},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh",{"title":3657,"slug":3658,"category":3595,"order":3339},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj",{"title":3660,"slug":3661,"category":3595,"order":3343},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao",{"title":3663,"slug":3664,"category":3595,"order":3347},"2013年浙大演讲","duanyongping-2013nianzhedayanjiang",{"title":3666,"slug":3667,"category":3595,"order":3351},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang",{"title":3669,"slug":3670,"category":3595,"order":3355},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban",{"title":3672,"slug":3673,"category":3595,"order":3359},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu",{"title":3675,"slug":3676,"category":3595,"order":3363},"2025年： 方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing",{"title":3678,"slug":3679,"category":3680,"order":3681},"问答录：第一章 投资大道","dadaotouziwendalu-diyizhangtouzidadao","投资问答录",200,{"title":3683,"slug":3684,"category":3680,"order":3685},"问答录：第二章 商业模式和企业文化","dadaotouziwendalu-dierzhangshangyemoshiheqiyewenhua",201,{"title":3687,"slug":3688,"category":3680,"order":3689},"问答录：第三章 公司点评","dadaotouziwendalu-disanzhanggongsidianping",202,{"title":3691,"slug":3692,"category":3680,"order":3693},"问答录：第四章 人生箴言","dadaotouziwendalu-disizhangrenshengzhenyan",203,{"title":3695,"slug":3696,"category":3680,"order":3697},"问答录：第五章 演讲与访谈","dadaotouziwendalu-diwuzhangyanjiangyufangtan",204,{"title":3699,"slug":3700,"category":3680,"order":3701},"问答录：第六章 更新","dadaotouziwendalu-diliuzhangduzhegengxin",205,{"title":3703,"slug":3704,"category":3680,"order":3705},"商业逻辑篇：第1节：伟大企业","duanyongping-shangyeluoji-di1jie-weidaqiye",401,{"title":3707,"slug":3708,"category":3680,"order":3709},"商业逻辑篇：第2节：商业模式","duanyongping-shangyeluoji-di2jie-shangyemoshi",402,{"title":3711,"slug":3712,"category":3680,"order":3713},"商业逻辑篇：第3节：企业文化","duanyongping-shangyeluoji-di3jie-qiyewenhua",403,{"title":3715,"slug":3716,"category":3680,"order":3717},"商业逻辑篇：第4节：产品、差异化与创新","duanyongping-shangyeluoji-di4jie-chanpin-chayihua-yu-chuangxin",404,{"title":3719,"slug":3720,"category":3680,"order":3721},"商业逻辑篇：第5节：品牌、营销与广告","duanyongping-shangyeluoji-di5jie-pinpai-yingxiao-yu-guanggao",405,{"title":3723,"slug":3724,"category":3680,"order":3725},"商业逻辑篇：第6节：收购和多元化","duanyongping-shangyeluoji-di6jie-shougouheduoyuanhua",406,{"title":3727,"slug":3728,"category":3680,"order":3729},"商业逻辑篇：第7节：Stop doing list（不为清单）","duanyongping-shangyeluoji-di7jie-stop-doing-list-buweiqingdan",407,{"title":3731,"slug":3732,"category":3680,"order":3733},"投资问答录商业逻辑篇：前言：买股票就是买公司","duanyongping-shangyeluoji-qianyan-maiqushoujiiumaishangsi",408,{"title":3735,"slug":3736,"category":3680,"order":3737},"投资逻辑篇：第1章：投资理念","duanyongping-touziluoji-di1zhang-touzilinian",410,{"title":3739,"slug":3740,"category":3680,"order":3741},"投资逻辑篇：第2章：投资理解","duanyongping-touziluoji-di2jie-touzilijie",411,{"title":3743,"slug":3744,"category":3680,"order":3745},"投资问答录：第3章 golf和投资","duanyongping-touziluoji-di3zhang-golfhetouzi",412,{"title":3747,"slug":3748,"category":3680,"order":3749},"投资逻辑篇：第4章 财务理解","duanyongping-touziwendalu-touziluoji-di4zhang-caiwulijie",413,{"title":3751,"slug":3752,"category":3680,"order":3753},"投资逻辑篇：第5章：估值逻辑","duanyongping-touziluoji-di5zhang-guzhiluoji",414,{"title":3755,"slug":3756,"category":3680,"order":3757},"投资逻辑篇：第6章 投资方法论","duanyongping-touziluoji-di6zhang-touzifangfalun",415,{"title":3759,"slug":3760,"category":3680,"order":3761},"投资逻辑篇：第7章：案例分析","duanyongping-touziluoji-di7zhang-anlifenxi",416,[3763,3766,3769,3772,3776,3780,3783,3787,3789,3792,3795,3798,3802,3805,3808,3811,3814,3818,3821,3824,3827,3830,3834,3837,3840,3842,3845,3848,3851,3854,3857,3860,3863,3866,3869,3872,3875,3878,3881,3884,3887,3890,3893,3896,3899,3902,3905,3908,3911,3914,3917,3920,3923,3926,3929,3932,3935,3938,3941,3944,3947,3950,3953,3956,3959,3962,3966,3969,3972,3975,3978,3982,3985,3988,3991],{"title":3475,"slug":3764,"category":3765,"order":2463},"ability-circle","决策与战略",{"title":3767,"slug":3768,"category":3765,"order":2431},"逆向思维","inversion",{"title":3525,"slug":3770,"category":3771,"order":2434},"opportunity-cost","经济学",{"title":3773,"slug":3774,"category":3775,"order":2493},"复利","compound-interest","数学与概率论",{"title":3777,"slug":3778,"category":3779,"order":2503},"激励机制","incentives","心理学",{"title":3781,"slug":3782,"category":3775,"order":2513},"概率思维","probabilistic-thinking",{"title":3784,"slug":3785,"category":3786,"order":2523},"二阶效应","second-order-effects","哲学与逻辑",{"title":3516,"slug":3788,"category":3765,"order":2533},"margin-of-safety",{"title":3790,"slug":3791,"category":3779,"order":2543},"心理误判","psychology-of-misjudgment",{"title":3793,"slug":3794,"category":3765,"order":2553},"检查清单","checklist",{"title":3796,"slug":3797,"category":3771,"order":2563},"规模优势","scale-advantage",{"title":3799,"slug":3800,"category":3801,"order":2573},"冗余与容错","redundancy","工程学\u002F系统",{"title":3803,"slug":3804,"category":3775,"order":2583},"排列组合","combinatorics",{"title":3806,"slug":3807,"category":3775,"order":2593},"费马-帕斯卡","fermat-pascal",{"title":3809,"slug":3810,"category":3775,"order":2603},"均值回归","regression-to-the-mean",{"title":3812,"slug":3813,"category":3775,"order":2613},"量化分析","quantitative-analysis",{"title":3815,"slug":3816,"category":3817,"order":2623},"临界点\u002F相变","critical-point-phase-transition","物理学",{"title":3819,"slug":3820,"category":3817,"order":2633},"平衡态","equilibrium",{"title":3822,"slug":3823,"category":3817,"order":2643},"熵增定律","entropy",{"title":3825,"slug":3826,"category":3817,"order":2653},"能量守恒","conservation-of-energy",{"title":3828,"slug":3829,"category":3817,"order":2663},"杠杆原理","leverage",{"title":3831,"slug":3832,"category":3833,"order":2673},"自然选择","natural-selection","生物学\u002F进化论",{"title":3835,"slug":3836,"category":3833,"order":2683},"物竞天择","competition-for-resources",{"title":3838,"slug":3839,"category":3833,"order":2693},"进化思维","evolutionary-thinking",{"title":3556,"slug":3841,"category":3833,"order":2703},"ecosystem",{"title":3843,"slug":3844,"category":3779,"order":2713},"爱好倾向","liking-tendency",{"title":3846,"slug":3847,"category":3779,"order":2723},"讨厌倾向","disliking-tendency",{"title":3849,"slug":3850,"category":3779,"order":2733},"避免怀疑倾向","doubt-avoidance-tendency",{"title":3852,"slug":3853,"category":3779,"order":2743},"一致性倾向","consistency-tendency",{"title":3855,"slug":3856,"category":3779,"order":2753},"好奇心倾向","curiosity-tendency",{"title":3858,"slug":3859,"category":3779,"order":2763},"康德式公平","kantian-fairness",{"title":3861,"slug":3862,"category":3779,"order":2773},"艳羡\u002F妒忌倾向","envy-jealousy-tendency",{"title":3864,"slug":3865,"category":3779,"order":2783},"反馈倾向","reciprocation-tendency",{"title":3867,"slug":3868,"category":3779,"order":2793},"权威误导","authority-misinfluence",{"title":3870,"slug":3871,"category":3779,"order":2800},"重视理由","reason-respecting-tendency",{"title":3873,"slug":3874,"category":3779,"order":2807},"过度乐观","over-optimism",{"title":3876,"slug":3877,"category":3779,"order":2814},"损失厌恶","loss-aversion",{"title":3879,"slug":3880,"category":3779,"order":2821},"否认倾向","denial-tendency",{"title":3882,"slug":3883,"category":3779,"order":2828},"过度反应","overreaction-tendency",{"title":3885,"slug":3886,"category":3779,"order":2835},"社群影响","social-influence",{"title":3888,"slug":3889,"category":3779,"order":2842},"压力倾向","stress-influence-tendency",{"title":3891,"slug":3892,"category":3779,"order":2849},"物质主义","materialism-tendency",{"title":3894,"slug":3895,"category":3779,"order":2856},"废话倾向","twaddle-tendency",{"title":3897,"slug":3898,"category":3779,"order":2863},"确认偏误","confirmation-bias",{"title":3900,"slug":3901,"category":3779,"order":2870},"锚定效应","anchoring-effect",{"title":3903,"slug":3904,"category":3779,"order":2877},"现时偏差","present-bias",{"title":3906,"slug":3907,"category":3779,"order":2884},"贪婪倾向","greed-tendency",{"title":3909,"slug":3910,"category":3771,"order":2891},"边际成本\u002F收益","marginal-cost-benefit",{"title":3912,"slug":3913,"category":3771,"order":2898},"供需关系","supply-and-demand",{"title":3915,"slug":3916,"category":3771,"order":2905},"帕累托最优","pareto-optimality",{"title":3918,"slug":3919,"category":3771,"order":2912},"竞争性毁灭","creative-destruction",{"title":3921,"slug":3922,"category":3765,"order":2919},"双轨分析","two-track-analysis",{"title":3924,"slug":3925,"category":3765,"order":2926},"非线性思维","nonlinear-thinking",{"title":3927,"slug":3928,"category":3765,"order":2933},"极化思考","extreme-thinking",{"title":3930,"slug":3931,"category":3765,"order":2940},"必要功","necessary-work",{"title":3933,"slug":3934,"category":3801,"order":2947},"停机问题","halting-problem",{"title":3936,"slug":3937,"category":3801,"order":2954},"闭环系统","closed-loop-system",{"title":3939,"slug":3940,"category":3801,"order":2961},"故障安全","fail-safe",{"title":3942,"slug":3943,"category":3801,"order":2968},"反向设计","reverse-design",{"title":3945,"slug":3946,"category":3801,"order":2975},"瓶颈分析","bottleneck-analysis",{"title":3948,"slug":3949,"category":3786,"order":2982},"第一性原理","first-principles",{"title":3951,"slug":3952,"category":3786,"order":2989},"证伪思维","falsification",{"title":3954,"slug":3955,"category":3786,"order":2996},"奥卡姆剃刀","occams-razor",{"title":3957,"slug":3958,"category":3786,"order":3003},"中道思维","middle-way",{"title":3960,"slug":3961,"category":3786,"order":3010},"不可知论","agnosticism",{"title":3963,"slug":3964,"category":3965,"order":3017},"大数定律","law-of-large-numbers","统计学",{"title":3967,"slug":3968,"category":3965,"order":3024},"样本偏差","sample-bias",{"title":3970,"slug":3971,"category":3965,"order":3031},"相关性≠因果","correlation-not-causation",{"title":3973,"slug":3974,"category":3965,"order":3038},"幸存者偏差","survivorship-bias",{"title":3976,"slug":3977,"category":3965,"order":3045},"基本比率","base-rate",{"title":3979,"slug":3980,"category":3981,"order":3052},"社会认同","social-proof","社会学",{"title":3983,"slug":3984,"category":3981,"order":3059},"部落本能","tribal-instinct",{"title":3986,"slug":3987,"category":3981,"order":3066},"金蛋定律","golden-egg-rule",{"title":3989,"slug":3990,"category":3981,"order":3073},"互利共生","mutualism",{"title":3992,"slug":3993,"category":3981,"order":3080},"激励传导","incentive-transmission",1778291661345]