[{"data":1,"prerenderedAt":2118},["ShallowReactive",2],{"library-2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai":3,"library-sidebar-buffett":582,"library-sidebar-dao":1584,"library-sidebar-models":1886},{"id":4,"title":5,"body":6,"category":568,"date":569,"description":570,"extension":571,"meta":572,"navigation":573,"order":574,"path":575,"seo":576,"seoDescription":570,"seoTitle":577,"slug":578,"stem":579,"__hash__":580,"_collection":581},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai.md","2014 伯克希尔的过去现在与未来",{"type":7,"value":8,"toc":559},"minimark",[9,13,17,21,24,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,77,85,88,91,94,97,100,103,105,108,111,118,121,132,135,138,141,144,146,149,152,155,158,161,164,166,173,176,179,182,185,188,191,194,197,204,207,210,217,219,222,225,228,231,234,237,240,247,254,257,259,262,265,268,274,277,288,291,294,297,300,302,305,308,315,318,321,324,327,329,332,335,338,341,344,347,349,360,363,367,370,377,380,383,386,389,392,397,400,403,406,409,412,415,418,421,428,431,434,451,454,463,466,471,474,481,488,491,496,499,502,505,508,511,514,519,522,525,530,533,538,541,544,547,550,553,556],[10,11,5],"h1",{"id":12},"_2014-伯克希尔的过去现在与未来",[14,15,16],"h3",{"id":16},"缘起",[18,19,20],"p",{},"1964 年 5 月 6 日，伯克希尔·哈撒韦 (Berkshire Hathaway) 当时由一位叫西伯里·斯坦顿 (Seabury Stanton) 的人掌管，他给股东们发了一封信，提出以每股 11.375 美元的价格回购 22.5 万股股票。我一直在等那封信，但对报价感到意外。",[18,22,23],{},"伯克希尔当时有 1,583,680 股流通股，其中约 7% 由巴菲特合伙公司（Buffett Partnership Ltd.，简称”BPL”）持有——这是一家由我管理的投资公司，我几乎所有的身家都在里面。就在那份收购要约寄出前不久，斯坦顿问过我，BPL 愿意以什么价格出售持股。我回答说 11.50 美元，他说：“好，成交。”然后伯克希尔的信到了，报价少了八分之一个点。我对斯坦顿的行为怒不可遏，拒绝了要约。",[18,25,26],{},"这是个极其愚蠢的决定。",[18,28,29],{},"伯克希尔当时是一家困在烂生意里的北方纺织制造商。它所在的行业正在”南迁”——既是比喻意义上的衰落，也是地理意义上的搬迁。由于种种原因，伯克希尔无法扭转航向。",[18,31,32],{},"尽管行业的问题早已众所周知，事实依然如此。伯克希尔 1954 年 7 月 29 日的董事会会议记录里，白纸黑字写着这些残酷的事实：“新英格兰地区的纺织业四十年前就开始走向末路了。战争年代暂时遏制了这个趋势。但这个趋势必然会持续下去，直到供需恢复平衡。”",[18,34,35],{},"大约在那次董事会议一年之后，两家植根于 19 世纪的公司——伯克希尔精纺公司 (Berkshire Fine Spinning Associates) 和哈撒韦制造公司 (Hathaway Manufacturing)——合二为一，取了我们今天这个名字。合并后的公司拥有 14 家工厂和 1 万名员工，成了新英格兰纺织业的巨头。然而，两家管理层眼中的”合并协议”，很快变成了一纸”自杀契约”。合并后的七年里，伯克希尔整体经营亏损，净资产缩水了 37%。",[18,37,38],{},"与此同时，公司关闭了九家工厂，偶尔会把清算所得拿来回购股票。正是这种模式引起了我的注意。",[18,40,41],{},"1962 年 12 月，我用 BPL 的资金买入了第一批伯克希尔股票，赌的就是更多的工厂关闭和更多的股票回购。当时股价 7.50 美元，大幅低于每股 10.25 美元的营运资金和 20.20 美元的账面价值。以那个价格买入这只股票，就像捡起一根别人扔掉的、只剩最后一口的雪茄烟蒂。烟蒂虽然又丑又湿，但这最后一口是免费的。然而，享受过那片刻愉悦之后，就再没什么可指望的了。",[18,43,44],{},"伯克希尔随后照着剧本走：它很快又关闭了两家工厂，并在 1964 年 5 月那次行动中，打算用关厂所得来回购股票。斯坦顿给出的报价比我们当初的买入成本高了 50%。我的免费一口烟就在那儿等着我——吸完这口之后，我就可以去别处继续翻找其他被丢弃的烟蒂了。",[18,46,47],{},"然而，被斯坦顿的小气所激怒，我无视了他的报价，开始大举增持伯克希尔的股票。",[18,49,50],{},"到 1965 年 4 月，BPL 已经持有 392,633 股（当时总流通股为 1,017,547 股），在 5 月初的董事会上，我们正式接管了公司。由于斯坦顿和我的幼稚行为——说到底，八分之一个点对我们俩谁来说算得了什么？——他丢了工作，而我发现自己把 BPL 超过 25% 的资本投入到一个我知之甚少的烂生意里。我变成了那只追上了汽车的狗。",[18,52,53],{},"由于伯克希尔的经营亏损和股票回购，1964 财年末的净资产已从 1955 年合并时的 5500 万美元降到了 2200 万美元。这 2200 万美元全部被纺织业务占用：公司没有多余的现金，还欠银行 250 万美元。（伯克希尔 1964 年的年报转载于第 130-142 页。）",[18,55,56],{},"有段时间我很走运：伯克希尔紧接着享受了两年不错的经营状况。更好的是，那几年的收益不用缴所得税，因为前些年灾难性的经营业绩留下了大量的亏损结转。",[18,58,59],{},"然后蜜月就结束了。1966 年之后的 18 年里，我们在纺织业中苦苦挣扎，一切都是徒劳。但固执——或者说愚蠢？——是有限度的。1985 年，我终于认输，关掉了纺织业务。",[61,62],"hr",{},[18,64,65],{},"我第一个错误是把 BPL 的大部分资金砸进一个垂死的企业，但这并没能阻止我继续犯错，我迅速地把错误升级了。事实上，我的第二个错误远比第一个严重，最终成为我职业生涯中代价最高昂的一个。",[18,67,68],{},"1967 年初，我让伯克希尔花 860 万美元收购了国民保险公司（National Indemnity Company，简称”NICO”），这是一家位于奥马哈的小型但前途光明的保险公司。（交易中还附带了一家很小的姊妹公司。）保险正中我的甜蜜区：我理解这个行业，也喜欢它。",[18,70,71],{},"NICO 的老板杰克·林沃特 (Jack Ringwalt) 是我的老朋友，他想把公司卖给我——卖给我个人。他的报价绝不是给伯克希尔的。那么，我为什么用伯克希尔而不是 BPL 来收购 NICO 呢？我已经有 48 年时间来思考这个问题了，至今没想出一个好答案。我就是犯了一个天大的错误。",[18,73,74],{},"如果 BPL 是买方，我和我的合伙人将 100% 拥有一家优秀的企业，它注定会成为构建今天伯克希尔的基石。不仅如此，在将近二十年的时间里，我们的成长不会被困在纺织业务中的那些无产出的资金所拖累。最后，我们后来的收购将完全归我和合伙人所有，而不是被伯克希尔遗留下来的股东占去 39%——我们对这些股东并没有什么义务。尽管这些事实明摆在眼前，我还是选择把一家 100% 持有的优秀企业（NICO）嫁给了一个只持有 61% 的烂生意（伯克希尔·哈撒韦），这个决定最终将大约 1000 亿美元从 BPL 的合伙人手中转移给了一群陌生人。",[61,76],{},[18,78,79,80,84],{},"再忏悔一次，然后我就聊点让人开心的话题了：你能相信吗，1975 年我又收购了另一家新英格兰纺织企业——沃姆贝克纺织厂 (Waumbec Mills)？当然，以我们获得的资产和与伯克希尔现有纺织业务的",[81,82,83],"em",{},"预期","协同效应来衡量，收购价格是个”便宜货”。然而——意外，意外——沃姆贝克是一场灾难，没过几年工厂就不得不关门了。",[18,86,87],{},"现在说个好消息：北方的纺织业终于灭绝了。你们再也不必因为听说我在新英格兰地区闲逛而惊慌失措了。",[14,89,90],{"id":90},"查理理顺了我的思路",[18,92,93],{},"当我管理小规模资金的时候，我的烟蒂策略非常有效。事实上，我在 1950 年代捡到的几十根免费烟蒂，使那十年成为我人生中无论相对还是绝对投资回报都最出色的十年。",[18,95,96],{},"即便在那时，我也有一些不属于烟蒂类型的投资例外，其中最重要的是盖可保险 (GEICO)。多亏 1951 年我与洛里默·戴维森 (Lorimer Davidson) 的一次谈话——他是一位很好的人，后来成了公司的 CEO——我得知 GEICO 是一家了不起的企业，随即把我 9800 美元净资产的 65% 投入了它的股票。不过，那些早年的大部分收益还是来自以低价买入的平庸公司。本杰明·格雷厄姆 (Ben Graham) 教会了我这套技术，而且确实管用。",[18,98,99],{},"但这个方法有一个主要弱点逐渐暴露出来：烟蒂投资法只能在一定规模内有效。资金量一大，它就永远行不通了。",[18,101,102],{},"另外，以低价买入的边缘化企业，作为短期投资或许有吸引力，但它们是构建庞大而持久的事业的错误基石。选择结婚对象显然比选择约会对象要苛刻得多。（需要指出的是，伯克希尔本来是一个非常令人满意的”约会对象”：如果我们当初接受了斯坦顿 11.375 美元的报价，BPL 对伯克希尔投资的加权年化回报率约为 40%。）",[61,104],{},[18,106,107],{},"让我改掉烟蒂投资习惯、并为建造一家能够兼具巨大规模和丰厚利润的企业指明方向的人，是查理·芒格 (Charlie Munger)。查理在距离我现在住处几百英尺的地方长大，年轻时跟我一样，在我祖父的杂货店里干过活。然而，直到 1959 年我才认识查理，那时他早已离开奥马哈，定居洛杉矶了。当时我 28 岁，他 35 岁。介绍我们认识的那位奥马哈医生预言我们会一见如故——果然如此。",[18,109,110],{},"如果你参加过我们的年会，就知道查理才华横溢、记忆力惊人，而且观点极为坚定。我自己也不是那种优柔寡断的人，我们有时确实意见不合。然而 56 年来，我们从未吵过一次架。当我们有分歧时，查理通常这样结束谈话：“沃伦，你再想想就会同意我的，因为你很聪明，而我是对的。”",[18,112,113,114,117],{},"你们大多数人",[81,115,116],{},"不","知道的是，建筑是查理的爱好之一。虽然他的职业生涯始于执业律师（当时时薪 15 美元），但查理在 30 多岁时靠在洛杉矶附近设计并建造了五个公寓项目，赚到了他真正意义上的第一桶金。与此同时，他设计了自己至今居住的房子——那已经是大约 55 年前的事了。（跟我一样，只要查理对周围环境满意，就别想让他搬家。）近年来，查理为斯坦福大学和密歇根大学设计了大型学生宿舍楼群，如今 91 岁高龄的他，正在操刀另一个重大项目。",[18,119,120],{},"然而在我看来，查理最伟大的建筑作品，是今天的伯克希尔。他给我的蓝图很简单：忘掉你那套以好价格买平庸生意的门道，反过来，要以合理的价格买入伟大的生意。",[18,122,123,124,127,128,131],{},"改变我的行为可不是件容易的事（问问我家人就知道了）。在没有查理参与的情况下，我已经取得了相当不错的成绩，那我凭什么要去听一个从未在商学院待过一天的律师的话呢（虽然——咳咳——",[81,125,126],{},"我","可是上过",[81,129,130],{},"三","所商学院的人）。但查理不厌其烦地向我重复他关于商业和投资的格言，而他的逻辑无可辩驳。就这样，伯克希尔按照查理的蓝图建造了起来。我的角色是总承包商，伯克希尔各子公司的 CEO 们则是做实际工作的分包商。",[18,133,134],{},"1972 年是伯克希尔的一个转折点（虽然我偶尔还是会故态复萌——还记得我 1975 年收购沃姆贝克的事吧）。那时我们有机会为蓝筹印花 (Blue Chip Stamps) 收购喜诗糖果 (See’s Candies)——查理、我和伯克希尔都持有蓝筹印花的大量股份，后来蓝筹印花并入了伯克希尔。",[18,136,137],{},"喜诗糖果是西海岸一家传奇的盒装巧克力制造商和零售商，当时税前利润约 400 万美元，使用的净有形资产仅 800 万美元。不仅如此，这家公司还拥有一项资产负债表上从未体现的巨大资产：广泛而持久的竞争优势，赋予了它显著的定价权。这种实力几乎可以肯定会让喜诗糖果的利润随时间大幅增长。更妙的是，实现这些增长只需要很少的额外投资。换句话说，喜诗糖果有望在未来几十年里源源不断地喷涌出现金。",[18,139,140],{},"控制喜诗糖果的家族开价 3000 万美元，查理说得对，它值这个价。但我不想出超过 2500 万美元，即便是 2500 万我也不太情愿。（三倍于净有形资产的价格让我有点发憷。）我这种误入歧途的谨慎差点毁了一桩绝佳的收购。不过幸运的是，卖家决定接受我们 2500 万美元的出价。",[18,142,143],{},"到目前为止，喜诗糖果累计创造了 19 亿美元的税前利润，而其成长所需的额外投资仅仅 4000 万美元。喜诗因此能够分配巨额资金，帮助伯克希尔去收购其他企业，而这些企业本身又产生了大量可分配利润。（想象一下兔子在繁殖。）此外，通过观察喜诗糖果的运营，我获得了关于强大品牌价值的商业教育，打开了我的眼界，让我看到了许多其他有利可图的投资机会。",[61,145],{},[18,147,148],{},"即便有了查理的蓝图，自沃姆贝克之后我还是犯了不少错误。其中最惨痛的是德克斯特鞋业 (Dexter Shoe)。1993 年我们收购这家公司时，它业绩出色，在我看来完全不像烟蒂股。然而，由于海外竞争的冲击，它的竞争优势很快便蒸发殆尽。而我根本没有预见到这一点。",[18,150,151],{},"结果，伯克希尔为德克斯特花了 4.33 亿美元，没多久就归了零。但通用会计准则 (GAAP) 甚至无法反映出我这个错误的真正规模。事实是，我支付给德克斯特卖方的不是现金，而是伯克希尔的股票，我用来支付的那些股票现在价值大约 57 亿美元。作为一场金融灾难，这个案例理应载入吉尼斯世界纪录。",[18,153,154],{},"我后来犯的几个错误同样涉及用伯克希尔的股票去收购那些利润注定只能勉强维持的企业。这类错误是致命的。用一家优秀企业的股票——伯克希尔毫无疑问是——去交换一家平庸企业的所有权，会不可逆转地摧毁价值。",[18,156,157],{},"当伯克希尔持股的公司犯下同样的错误时，我们也会在财务上受损（有时这些错误恰恰发生在我担任董事期间）。CEO 们往往对一个基本事实视而不见：在收购中付出的股份的内在价值，不能高于你获得的企业的内在价值。",[18,159,160],{},"我至今没见过一个投资银行家，在向潜在收购方的董事会推介换股收购方案时，会去量化这个至关重要的数学问题。相反，银行家的重点是描述当前收购中”惯常”的市场溢价水平——这是评估收购吸引力的一种绝对愚蠢的方式——或者这笔交易能否提高收购方的每股收益（这本身远不应是决定性因素）。为了实现想要的每股收益数字，气喘吁吁的 CEO 和他的”帮手们”往往会凭空想象出美妙的”协同效应”。（这些年来，作为 19 家公司的董事，我从未听人提过”反协同效应”这个词，但交易完成后我可是亲眼见识了不少。）在美国的董事会议室里，很少有人对收购做事后复盘，将实际结果与当初的预测进行诚实的对比。但这本该是标准操作。",[18,162,163],{},"我可以向你们保证，在我走后很久，伯克希尔的 CEO 和董事会在任何涉及发行股票的收购之前，都会认真做好内在价值的计算。你不可能靠拿一张百元大钞去换八张十元钞票来发财。（即使你的顾问给你出具了一份昂贵的”公平意见书”来为这种交换背书。）",[61,165],{},[18,167,168,169,172],{},"总体而言，伯克希尔的收购干得不错——其中几笔大型收购干得",[81,170,171],{},"非常","好。我们在有价证券上的投资同样如此。后者在我们的资产负债表上始终以市价计算，因此任何收益——包括未实现的浮盈——都会立即反映在我们的净资产中。但我们整体收购的企业在资产负债表上从不向上重估，即使我们能以远超账面价值数十亿美元的价格将它们卖掉。伯克希尔子公司中未入账的增值已经变得非常巨大，在过去十年里增速尤其快。",[18,174,175],{},"听查理的话，得到了回报。",[14,177,178],{"id":178},"今天的伯克希尔",[18,180,181],{},"伯克希尔如今是一个庞大的企业集团，而且还在不断地试图进一步扩张。",[18,183,184],{},"应该承认，企业集团在投资者中名声很差。这是它们应得的。让我先解释一下为什么它们这么不招人待见，然后再说说为什么企业集团这种形式反而给伯克希尔带来了巨大且持久的优势。",[18,186,187],{},"自从我进入商界以来，企业集团有过好几段走红的时期，其中最荒唐的一段发生在 1960 年代末。当时企业集团 CEO 的套路很简单：凭借个人魅力、大肆宣传或可疑的会计手法——往往三管齐下——这些管理者把一个新组建的企业集团的股价推到 20 倍市盈率之类的水平，然后以最快速度发行股票，去收购市盈率只有十倍上下的公司。他们立即对收购采用”权益合并法”会计处理，这样一来——被收购公司的业务一分钱都没变——每股收益自动增加了，然后他们把这种增长当作管理天才的证据。接着他们向投资者解释，这种才能完全有理由维持、甚至提升收购方的市盈率倍数。最后，他们承诺会无限重复这套流程，从而创造出永无止境的每股收益增长。",[18,189,190],{},"随着 1960 年代的推进，华尔街对这套把戏越来越痴迷。华尔街的居民们只要看到有人用可疑手法制造出不断上涨的每股收益，就总是乐于放下戒心，尤其是当这些花招催生的合并能给投资银行家带来巨额费用的时候。审计师们也乐呵呵地往企业集团的账目上泼洒圣水，有时甚至还出主意教人怎么进一步把数字做漂亮。对很多人来说，源源不断的轻松钱冲刷掉了道德上的敏感性。",[18,192,193],{},"既然不断扩张的企业集团靠的是利用市盈率差异来增加每股收益，它的 CEO 就不得不去寻找那些低市盈率的公司。这些公司当然都是典型的平庸生意，长期前景不佳。这种在烂公司里捞便宜的动力，往往使得企业集团旗下的业务组合越来越差劲。投资者并不在意：他们看的是交易速度和合并法会计带来的收益增长。",[18,195,196],{},"由此引发的并购风暴被盲目崇拜的媒体越吹越旺。国际电话电信公司 (ITT)、利顿工业 (Litton Industries)、海湾与西方集团 (Gulf & Western) 和 LTV 等公司被捧上了天，它们的 CEO 也成了名人。（这些曾经大名鼎鼎的企业集团如今早已灰飞烟灭。正如约吉·贝拉 (Yogi Berra) 所说：“每个拿破仑都会遇到他的滑铁卢。”）",[18,198,199,200,203],{},"当时，各式各样的会计花招——其中很多透明得离谱——都被原谅或视而不见了。事实上，让一位会计高手来掌舵一家不断扩张的企业集团，居然被视为巨大的加分项：在那种情况下，股东们可以放心，无论企业的实际经营状况变得多么糟糕，",[81,201,202],{},"报告","出来的收益都不会让人失望。",[18,205,206],{},"1960 年代末，我参加了一次会议，会上一位热衷收购的 CEO 吹嘘自己”大胆而富有想象力的会计手法”。在座的大多数分析师听了频频点头，认为自己找到了一位无论业绩如何都能让预测兑现的经理人。",[18,208,209],{},"然而，十二点的钟声最终还是敲响了，一切都变成了南瓜和老鼠。事实再一次证明，建立在连续发行高估股票基础上的商业模式——就像连锁信的模式一样——只会重新分配财富，绝不会创造财富。然而这两种现象在我们国家周期性地冒出来——它们是每个推销者的美梦——尽管往往披着精心设计的伪装。结局总是一样的：钱从轻信者手中流向行骗者。而且股票不像连锁信，被卷走的金额可以大得惊人。",[18,211,212,213,216],{},"在 BPL 和伯克希尔，我们",[81,214,215],{},"从不","投资那些拼了命要发行股票的公司。这种行为是以下情况最可靠的信号之一：一个热衷推销的管理层、糟糕的会计、高估的股价，以及——太常见了——彻头彻尾的不诚实。",[61,218],{},[18,220,221],{},"那么，查理和我究竟为什么觉得伯克希尔的企业集团结构如此有吸引力呢？简单说来：如果企业集团形式运用得当，它是实现长期资本增长最大化的理想结构。",[18,223,224],{},"资本主义被广为称颂的优点之一，就是它能高效地配置资金。这个论点的意思是，市场会把资金引向有前途的企业，而拒绝那些注定衰亡的企业。这话没错：尽管有种种过度行为，由市场驱动的资本配置通常远优于其他任何替代方案。",[18,226,227],{},"然而，资本的理性流动常常遇到障碍。正如 1954 年伯克希尔的那份会议记录所清楚表明的，纺织行业中本该及时撤出的资本，由于管理层的空洞幻想和私利，被拖延了几十年。事实上，我自己放弃那些过时纺织厂的时间也拖得太久了。",[18,229,230],{},"当一位 CEO 的资本被套在衰退的业务中时，他几乎不会选择把那些资本大规模重新配置到不相关的领域。这么做通常意味着要解雇跟了自己多年的伙伴，还要承认错误。而且，即便这位 CEO 愿意承担重新配置的任务，他也不太可能是你希望来操盘这项工作的人。",[18,232,233],{},"在股东层面，当个人投资者试图在不同企业和行业之间重新分配资本时，税负和摩擦成本给他们带来了沉重的负担。即便是免税的机构投资者在转移资本时也面临很大的成本，因为他们通常需要中介机构来完成这件事。这时候，一大堆口味昂贵的嘴等着被喂饱——投资银行家、会计师、咨询顾问、律师，以及杠杆收购运营商之类的资本重配者。洗钱的人可不便宜。",[18,235,236],{},"相比之下，像伯克希尔这样的企业集团，在理性配置资本方面占据了完美的位置，而且成本极低。当然，形式本身不能保证成功：我们犯过大量的错误，而且还会继续犯。然而，我们的结构性优势是强大的。",[18,238,239],{},"在伯克希尔，我们可以——在不产生税负或其他显著成本的情况下——把巨额资金从增量投资机会有限的业务转移到前景更好的领域。此外，我们不会因为终身浸泡在某个特定行业而产生历史偏见，也不会受到那些想维护现状的既得利益同僚的压力。这一点很重要：如果马儿控制了投资决策，就不会有汽车行业了。",[18,241,242,243,246],{},"我们拥有的另一个重大优势，是能够购买优秀企业的",[81,244,245],{},"一部分","——也就是普通股。这不是大多数管理层能走的路。在我们的历史中，这个策略选项已被证明非常有益；选择面越宽，决策就越精明。股票市场每天提供给我们的企业——当然只是一小部分——往往比我们同期被报价的整体收购标的更有吸引力。此外，我们从有价证券上获得的收益，帮助我们完成了一些本来超出财力范围的大型收购。",[18,248,249,250,253],{},"实际上，世界就是伯克希尔的牡蛎——它给我们提供的机会范围，远远超出大多数公司实际面对的选择。当然，我们仅限于那些我们能够评估其经济前景的企业。这是一个严肃的限制：有大量的公司，查理和我根本不知道它们十年后会是什么样子。但这种限制远远小于一位经验仅限于单一行业的高管所面临的局限。除此之外，我们还能在",[81,251,252],{},"远","大于许多企业的规模上保持盈利——那些企业普遍受制于它们所处单一行业有限的潜力。",[18,255,256],{},"我前面说过，喜诗糖果相对于其适度的资本需求，产出了巨额收益。我们当然很想把那些资金明智地用于扩大糖果业务。但我们的多次尝试基本上都是徒劳的。所以，在不产生无效税负或摩擦成本的情况下，我们把喜诗糖果产生的多余资金用来帮助收购其他企业。如果喜诗糖果仍然是一家独立公司，它的利润就必须分配给投资者去重新配置，有时在被巨额税款吞噬之后，几乎总是还要被可观的摩擦成本和代理成本再啃一口。",[61,258],{},[18,260,261],{},"伯克希尔还有一个近年来越来越重要的优势：我们如今是许多杰出企业的所有者和管理者心目中的首选归宿。",[18,263,264],{},"拥有成功企业的家族，在考虑出售时有多种选择。通常最好的决定是什么都不做。人生中有很多比拥有一个自己深知底细的繁荣生意更糟糕的事。但华尔街很少建议你坐着不动。（别问理发师你是不是该理发了。）",[18,266,267],{},"当一个家族中一部分人想卖、另一部分人想继续干的时候，公开上市往往是合理的选择。但当所有者想要彻底套现时，他们通常会考虑以下两条路。",[18,269,270,271],{},"第一条路是卖给竞争对手。竞争对手看着两家公司合并可能榨出的”协同效应”直流口水。这种买家必然打算裁掉卖方的大批员工——正是这些人帮助所有者建起了这番事业。然而，一个有情有义的所有者——这样的人很多——通常不愿意让跟随自己多年的伙伴们悲伤地唱那首老乡村歌曲：",[81,272,273],{},"“她得了金矿，我分到的是矿井。”",[18,275,276],{},"第二条路是卖给华尔街的买家。曾几何时，这类买家准确地自称”杠杆收购公司”。当这个标签在 1990 年代初声名狼藉之后——还记得 RJR 收购案和《门口的野蛮人》吗？——这些买家赶紧给自己换了个马甲叫”私募股权”。",[18,278,279,280,283,284,287],{},"名字也许变了，但仅此而已：几乎所有的私募股权收购中，股权大幅",[81,281,282],{},"缩减","，债务层层堆积。实际上，私募股权买方给卖方的出价，部分取决于买方评估被收购公司能承受的",[81,285,286],{},"最大","债务量。",[18,289,290],{},"之后，如果一切顺利，股权开始回升，杠杆收购机构往往会寻求用新的借贷再次加杠杆。他们通常会把部分所得用来支付巨额股息，把股东权益急剧压低，有时甚至压成负数。",[18,292,293],{},"说实话，对很多私募股权买家来说，“股权”是个脏字眼；他们真正爱的是债务。而且因为当前债务成本如此低廉，这些买家常常能出到最高价。之后，企业又会被转售，通常是卖给另一个杠杆买家。实际上，企业变成了一件倒手的商品。",[18,295,296],{},"伯克希尔为想要出售企业的所有者提供了第三种选择：一个永久的家，公司的人和文化将被保留（尽管偶尔也需要更换管理层）。不仅如此，我们收购的任何企业都会大幅增强其财务实力和成长能力。它与银行和华尔街分析师打交道的日子也永远结束了。",[18,298,299],{},"有些卖家并不在乎这些。但当卖家在乎的时候，伯克希尔几乎没有什么竞争对手。",[61,301],{},[18,303,304],{},"有些评论人士时不时建议伯克希尔剥离某些业务。这些建议毫无道理。作为伯克希尔的一部分，我们的公司比作为独立实体更有价值。原因之一是我们能够即时、免税地在业务之间调动资金或投入新项目。此外，如果业务分拆，某些成本会全部或部分地重复产生。这里有个最明显的例子：伯克希尔单一的董事会只花了微不足道的成本；如果我们几十家子公司被拆分出去，董事会的总成本将飙升。监管和行政费用也是如此。",[18,306,307],{},"最后，子公司 A 有时会因为我们拥有子公司 B 而获得重要的税务效率。例如，我们公用事业公司目前能获得的某些税收抵免，只有因为伯克希尔其他业务产生了巨额的应税收入才得以实现。这使得伯克希尔哈撒韦能源 (Berkshire Hathaway Energy) 在开发风能和太阳能项目方面比大多数公用事业公司具有重大优势。",[18,309,310,311,314],{},"投资银行家们靠做交易吃饭，因此他们不断催促收购方为上市公司支付高于市价 20% 到 50% 的溢价。银行家们告诉买方，溢价是合理的，因为获得了”控制价值”，以及一旦收购方 CEO 接管后将发生的种种美好事情。（哪个渴望收购的经理人会质疑",[81,312,313],{},"这种","说法呢？）",[18,316,317],{},"几年之后，银行家们——面不改色——又出现了，同样热切地催促分拆之前的收购，好”释放股东价值”。当然，分拆会剥离母公司所谓的”控制价值”，而且不会有任何补偿。银行家解释说，分拆出来的公司会蓬勃发展，因为它的管理层摆脱了母公司令人窒息的官僚作风，将变得更有企业家精神。（我们之前说的那位才华横溢的 CEO 就这点本事。）",[18,319,320],{},"如果这家公司日后想要重新收购被分拆出去的业务，银行家们大概又会催促它为这份特权支付丰厚的”控制”溢价。（银行界这种心理上的”灵活性”促使人们总结道：往往是费用催生了交易，而不是交易催生了费用。）",[18,322,323],{},"当然，有朝一日监管机构可能会要求伯克希尔进行分拆或出售。伯克希尔在 1979 年就执行过这样一次分拆，当时银行控股公司的新规迫使我们剥离了位于伊利诺伊州罗克福德 (Rockford) 的一家银行。",[18,325,326],{},"然而，自愿分拆对我们毫无意义：我们将失去控制价值、资本配置的灵活性，以及在某些情况下重要的税收优势。那些出色地管理着我们子公司的 CEO 们，考虑到伯克希尔所有权带来的运营和财务优势，在经营分拆后的业务时很难像现在这样高效。此外，母公司和分拆后的业务一旦分开，可能会产生比合在一起时更高的成本。",[61,328],{},[18,330,331],{},"在我结束分拆话题之前，让我们看一个从前面提到的企业集团中汲取的教训：LTV。我在这里做个总结，但那些喜欢精彩金融故事的人应该去看 1982 年 10 月《D Magazine》上关于吉米·林 (Jimmy Ling) 的那篇报道。在网上搜一下就能找到。",[18,333,334],{},"通过一系列眼花缭乱的公司运作，林把 LTV 从 1965 年仅仅 3600 万美元的销售额，在短短两年后就推上了财富 500 强的第 14 位。需要指出的是，林从未展现出什么管理才能。但查理很早就跟我说过，永远不要低估那些高估自己的人。在这方面，林是无人能及的。",[18,336,337],{},"林的策略被他称为”项目重新部署”，具体做法是收购一家大公司，然后部分分拆其各个部门。在 LTV 1966 年的年报中，他解释了随之而来的魔法：“最重要的是，收购必须满足 2 加 2 等于 5（或者 6）的公式检验。”媒体、公众和华尔街都喜欢这类说法。",[18,339,340],{},"1967 年，林收购了威尔逊公司 (Wilson & Co.)，一家大型肉类加工企业，同时还涉足高尔夫设备和制药。不久之后，他把母公司拆分成三家——威尔逊肉类加工 (Wilson & Co.)、威尔逊体育用品 (Wilson Sporting Goods) 和威尔逊制药 (Wilson Pharmaceuticals)，每家都要部分分拆上市。这些公司很快在华尔街有了绰号：肉丸 (Meatball)、高尔夫球 (Golf Ball) 和怪丸 (Goof Ball)。",[18,342,343],{},"不久之后，事实变得很清楚：如同希腊神话中的伊卡洛斯 (Icarus)，林飞得太靠近太阳了。到 1970 年代初，林的帝国开始融化，他本人也被从 LTV “分拆”了出来……也就是说，被炒了鱿鱼。",[18,345,346],{},"金融市场会周期性地脱离现实——这一点你大可以放心。更多的吉米·林们会出现。他们看上去、听起来都很权威。媒体会紧盯着他们说的每一个字。银行家们会争抢他们的生意。他们说的话最近将”已经奏效”。他们早期的追随者会觉得自己聪明极了。我们的建议是：不管他们说什么，永远不要忘记 2 加 2 永远等于 4。当有人告诉你这种数学有多过时的时候——拉上钱包拉链，去度个假，几年后回来以便宜的价格买股票。",[61,348],{},[18,350,351,352,355,356,359],{},"今天的伯克希尔拥有：(1) 一个无与伦比的企业组合，其中大多数目前享有良好的经济前景；(2) 一批优秀的经理人，几乎无一例外地既忠于他们经营的子公司，",[81,353,354],{},"也","忠于伯克希尔；(3) 非凡的收益多元化、卓越的财务实力，以及充沛的流动性——我们将在",[81,357,358],{},"任何","情况下维持这些；(4) 在许多考虑出售企业的所有者和管理者心目中的首选地位；以及 (5) 与上一条相关的，一种在许多方面有别于大多数大公司的文化——我们花了 50 年来培育它，如今已坚如磐石。",[18,361,362],{},"这些优势为我们的未来发展奠定了绝佳的基础。",[14,364,366],{"id":365},"未来-50-年的伯克希尔","未来 50 年的伯克希尔",[18,368,369],{},"现在让我们看看前方的路。请记住，如果 50 年前我试图预测未来，我的某些预测肯定会偏得离谱。有了这个告诫之后，我来告诉你们，如果今天我的家人问起伯克希尔的未来，我会怎么说。",[371,372,373],"ul",{},[374,375,376],"li",{},"第一点，也是绝对最重要的一点，我相信对于有耐心的伯克希尔股东来说，永久性资本损失的概率之低，在单一公司投资中几乎找不到更低的了。这是因为我们的每股内在商业价值几乎确定会随着时间推移而增长。",[18,378,379],{},"不过，这个乐观的预测附带一条重要的警告：如果投资者买入伯克希尔股票的时点异常之高——比如说，价格接近账面价值的两倍，伯克希尔股价偶尔会达到这个水平——那么投资者可能需要等很多年才能实现盈利。换句话说，一项明智的投资如果以过高的价格买入，也可能变成鲁莽的投机。伯克希尔也不例外。",[18,381,382],{},"不过，如果投资者以略高于公司自身愿意回购股票之价位来买入，那么在合理的时间范围内应该就能获利。伯克希尔的董事们只会在他们认为股价远低于内在价值时才会授权回购。（在我们看来，这是回购的基本标准，但往往被其他管理层所忽视。）",[18,384,385],{},"对于那些打算在买入后一两年内就卖出的投资者，无论买入价格多少，我都无法给出任何保证。在如此短的时间里，大盘的走势对你的投资结果的影响，很可能远远大于你持有的伯克希尔股票内在价值的变化。本杰明·格雷厄姆几十年前说过：“短期而言，市场是一台投票机；长期而言，它是一台称重机。”有时候，投资者的投票决定——业余的和专业的一样——简直近乎疯狂。",[18,387,388],{},"既然我不知道有什么办法能可靠地预测市场走势，我建议你们只在打算持有至少五年的前提下购买伯克希尔股票。那些追求短期利润的人应该去别处看看。",[18,390,391],{},"另外一个警告：不应该借钱买伯克希尔的股票。1965 年以来，我们的股价有过三次从高点下跌约 50% 的情况。将来的某一天，类似幅度的暴跌会再次发生，而且没人知道是什么时候。对投资者来说，伯克希尔几乎肯定是一个令人满意的持有标的。但对于使用杠杆的投机者来说，它同样可以是灾难性的选择。",[371,393,394],{},[374,395,396],{},"我认为，任何事件导致伯克希尔遭遇财务困难的概率基本为零。我们将始终为千年一遇的洪水做好准备；事实上，如果洪水真的来了，我们会把救生衣卖给那些没做准备的人。在 2008-2009 年的金融危机中，伯克希尔扮演了重要的”第一响应者”角色，此后我们的资产负债表实力和盈利潜力又增强了一倍以上。你们的公司是美国商业的直布罗陀，而且将继续如此。",[18,398,399],{},"财务持久力要求一家公司在任何情况下都保持三大优势：(1) 庞大而可靠的收入流；(2) 巨额流动资产；(3) 近期没有重大的现金需求。忽视最后一条，正是公司通常遭遇意外麻烦的原因：太多时候，盈利公司的 CEO 们觉得自己总能偿还到期债务，不管金额有多大。在 2008-2009 年，许多管理层认识到了这种心态有多危险。",[18,401,402],{},"以下是我们在这三大要素上的做法。首先，我们的收入流是巨大的，来源于各种各样的业务。我们的股东如今拥有许多具备持久竞争优势的大型公司，未来我们还将收购更多。我们的多元化确保了伯克希尔的持续盈利能力，即使一场灾难导致的保险损失远超以往任何一次。",[18,404,405],{},"接下来是现金。在一家健康的企业里，现金有时被看作需要最小化的东西——一种拖累股本回报率等指标的非生产性资产。然而，现金之于企业，就像氧气之于人：有的时候从来想不起它，没有的时候脑子里想的全是它。",[18,407,408],{},"美国企业在 2008 年提供了一个活教材。那年 9 月，许多长期繁荣的公司突然开始担心，自己的支票在未来几天会不会被退票。一夜之间，它们的财务氧气消失了。",[18,410,411],{},"在伯克希尔，我们的”呼吸”未曾中断。事实上，在 9 月底到 10 月初的三个星期里，我们向美国企业注入了 156 亿美元的新鲜资金。",[18,413,414],{},"我们之所以能做到这一点，是因为我们始终保持至少 200 亿美元——通常远不止——的现金等价物。我们说的是美国国库券，不是那些号称能提供流动性的其他现金替代品——它们确实能提供流动性，只不过在你真正需要的时候除外。当账单到期时，只有现金才是法定货币。出门别忘了带上它。",[18,416,417],{},"最后——说到我们的第三点——我们永远不会从事可能导致突然需要大笔资金的运营或投资活动。这意味着我们不会让伯克希尔暴露在大额短期到期债务之下，也不会签订可能引发大规模追加担保品的衍生品合约或其他商业安排。",[18,419,420],{},"几年前，我们参与了某些衍生品合约，当时我们认为这些合约的定价严重偏低，而且担保品要求极少。它们后来被证明相当赚钱。然而，近来新签的衍生品合约都要求全额担保。这就终结了我们对衍生品的兴趣，不管它们的盈利潜力有多大。我们已经好几年没签过这类合约了，除了我们公用事业业务运营所需的少数几份。",[18,422,423,424,427],{},"此外，我们不会签订那些允许投保人自行选择退保取现的保险合约。很多",[81,425,426],{},"人寿","保险产品都包含赎回条款，使得它们在极度恐慌时期容易遭到”挤兑”。然而，在我们所经营的财产意外险领域中，这类合约并不存在。如果我们的保费收入下降，我们的浮存金也会减少——但速度会非常缓慢。",[18,429,430],{},"我们这种保守主义可能给某些人留下极端的印象，原因是这样的：人们偶尔会恐慌，这是完全可以预见的，但何时恐慌却完全无法预见。虽然几乎所有的日子都相对平静，但明天永远是不确定的。（1941 年 12 月 6 日和 2001 年 9 月 10 日，我都没感到什么特别的不安。）如果你无法预测明天会带来什么，你就必须为任何可能做好准备。",[18,432,433],{},"一位 64 岁、计划 65 岁退休的 CEO，在评估某件事在某一年内发生概率极小的风险时，可能有他自己的特殊算法。事实上，他可能 99% 的时间都是”对”的。然而，那种胜算对我们没有吸引力。我们永远不会用你们托付给我们的资金去玩财务上的俄罗斯轮盘赌，即便这把比喻中的手枪有 100 个弹膛而只装了一颗子弹。在我们看来，冒着失去你所需要之物的风险，去追逐你仅仅想要之物，是疯狂的。",[371,435,436],{},[374,437,438,439,442,443,446,447,450],{},"尽管如此保守，我认为我们",[81,440,441],{},"每一","年都能增加伯克希尔潜在的每股盈利能力。这",[81,444,445],{},"并不","意味着经营收益年年增长——远非如此。美国经济会起起伏伏——尽管主要是涨——而当它走弱时，我们当期的收益也会下降。但我们将继续取得内生增长，进行补强收购，并进入新的领域。因此我相信，伯克希尔每年都会增加它",[81,448,449],{},"潜在","的盈利能力。",[18,452,453],{},"有些年份增幅会很大，有些时候增幅会很小。市场、竞争和机遇将决定机会何时到来。无论如何，伯克希尔将持续前进，驱动力来自我们现有的一系列坚实业务和我们将要收购的新公司。此外，在大多数年份里，美国经济将为企业提供强劲的顺风。有美国作为我们的主场，我们是幸运的。",[371,455,456],{},[374,457,458,459,462],{},"坏消息是，伯克希尔的长期回报——以百分比而非美元衡量——不会是戏剧性的，而且",[81,460,461],{},"远达不到","过去 50 年的水平。数字已经太大了。我认为伯克希尔会跑赢美国公司的平均水平，但我们的优势——如果有的话——不会太大。",[18,464,465],{},"最终——大概在十到二十年后——伯克希尔的收益和资本储备将达到一个水平，使得管理层无法将公司的全部收益进行明智的再投资。届时，我们的董事会将需要决定，分配超额收益的最佳方式是派发股息、回购股票，还是两者兼用。如果伯克希尔的股价低于内在商业价值，大规模回购几乎肯定是最佳选择。你们可以放心，你们的董事会将做出正确的决定。",[371,467,468],{},[374,469,470],{},"没有哪家公司会比伯克希尔更重视股东利益。30 多年来，我们每年都会重申我们的《股东原则》（见第 117 页），开头总是那句话：“虽然我们的形式是公司制，但我们的态度是合伙制。”这个与你们之间的承诺是刻在石头上的。",[18,472,473],{},"我们有一个知识渊博、以商业为导向的董事会，随时准备兑现这一合伙制承诺。没有人是为了钱来干这份活的：在一种其他地方几乎不存在的安排下，我们的董事只收取象征性的报酬。他们的回报来自持有伯克希尔的股票，以及作为一家重要企业的优秀管理者所获得的满足感。",[18,475,476,477,480],{},"他们和家族持有的股份——很多情况下价值非常可观——是从市场上",[81,478,479],{},"买","的，而不是通过期权或授予获得的。此外，与几乎所有其他大型上市公司不同，我们没有购买董事和高管责任保险。在伯克希尔，董事们和你们穿同一双鞋。",[18,482,483,484,487],{},"为了进一步确保我们文化的延续性，我建议我的儿子霍华德 (Howard) 接替我担任",[81,485,486],{},"非执行","董事长。我这么希望的唯一原因是：万一聘用了错误的 CEO 而董事长需要果断采取行动时，换人会更容易。我可以向你们保证，这个问题在伯克希尔出现的概率非常低——可能跟任何一家上市公司一样低。然而，在我为 19 家上市公司担任董事的过程中，我见过一个平庸的 CEO 如果同时还是董事长，要换掉他有多困难。（最终通常会换，但几乎总是太晚了。）",[18,489,490],{},"如果当选，霍华德不会领取任何薪酬，除了所有董事都需承担的职责外，他不会在这个岗位上花费额外时间。他仅仅是一个安全阀——任何对 CEO 有疑虑、并想了解其他董事是否也有同感的董事，都可以找他。如果多位董事表达了担忧，霍华德的董事长身份将确保此事得到迅速而妥善的处理。",[371,492,493],{},[374,494,495],{},"选择合适的 CEO 至关重要，这也是伯克希尔董事会上花大量时间讨论的议题。管理伯克希尔主要是一项资本配置的工作，同时需要挑选和留住杰出的经理人来统领我们的运营子公司。显然，这份工作还包括在需要时更换子公司的 CEO。这些职责要求伯克希尔的 CEO 是一个理性、冷静、果断的人，对商业有广泛的理解，对人性有敏锐的洞察力。同样重要的是，他要知道自己的局限性。（正如 IBM 创始人老汤姆·沃森 (Tom Watson, Sr.) 所说：“我不是天才，但在某些领域我很聪明，我就待在那些领域里。”）",[18,497,498],{},"品格至关重要：伯克希尔的 CEO 必须为公司”全力以赴”，而不是为自己。（我用男性代词是为了行文方便，但性别绝不应成为决定谁当 CEO 的因素。）他不可避免地会赚到远超任何实际需要的钱。但重要的是，不能让自负或贪婪驱使他去追求与那些薪酬最高的同行看齐的待遇，即便他的成就远超那些人。CEO 的行为对下面的经理人有着巨大的影响：如果他们清楚地看到，股东利益在 CEO 心中是至高无上的，那么他们也会——几乎无一例外地——接受这种价值观。",[18,500,501],{},"我的继任者还需要具备另一个特殊的能力：抵御企业衰败的 ABC 三大病因——傲慢 (Arrogance)、官僚主义 (Bureaucracy) 和自满 (Complacency)。当这些企业癌症发生转移时，即使是最强大的公司也会摇摇欲坠。能证明这一点的案例数不胜数，但为了保持友谊，我只从遥远的过去挖案例。",[18,503,504],{},"在它们的辉煌时期，通用汽车 (General Motors)、IBM、西尔斯百货 (Sears Roebuck) 和美国钢铁 (U.S. Steel) 各自雄踞行业之巅。它们的实力看上去无懈可击。但我上面所谴责的那些破坏性行为，最终导致每一家都跌落到了其 CEO 和董事们不久前还认为不可想象的深渊。它们曾经的财务实力和历史上的盈利能力都未能提供任何保护。",[18,506,507],{},"随着伯克希尔规模越来越大，只有一位警觉而坚定的 CEO 才能抵御这些削弱性的力量。他绝不能忘记查理的那句请求：“告诉我我会死在哪里，这样我就永远不去那个地方。”如果我们的非经济价值丧失了，伯克希尔的大部分经济价值也将随之崩塌。“高层基调”将是维持伯克希尔独特文化的关键。",[18,509,510],{},"幸运的是，我们未来的 CEO 们要取得成功所需的架构已经稳固到位。伯克希尔目前超乎寻常的权力下放，是官僚主义最好的解药。从运营角度看，伯克希尔不是一家巨型公司，而是一组大公司的集合。总部从未设过委员会，也从未要求子公司提交预算（虽然很多子公司把预算作为重要的内部工具）。我们没有法律部门，也没有其他公司视为理所当然的那些部门：人力资源、公共关系、投资者关系、战略、并购，你说得出的我们都没有。",[18,512,513],{},"当然，我们确实有一个积极运作的审计职能——总不能当个该死的傻瓜吧。然而，在非同寻常的程度上，我们信任经理人们凭着敏锐的管理责任感来运营他们的业务。毕竟，在我们收购他们的企业之前，他们就一直是这么干的。而且除了偶尔的例外，我们的信任所产出的成果，比一连串的指令、无尽的审查和层层叠叠的官僚机构所能取得的要好。查理和我努力以一种换位思考后我们自己也希望被对待的方式，来与我们的经理人们互动。",[371,515,516],{},[374,517,518],{},"我们的董事们认为，未来的 CEO 应该来自董事会已经深入了解的内部候选人。董事们还认为，新任 CEO 应该相对年轻，这样他或她就能在任上长期干下去。如果伯克希尔的 CEO 们平均在位时间远超十年，伯克希尔将运转得最好。（很难教一只新狗老把戏。）而且他们也不太可能在 65 岁退休（你有没有注意到？）。",[18,520,521],{},"无论是在伯克希尔的企业收购中，还是在大型的定制化投资行动中，重要的是我们的交易对手既熟悉伯克希尔的 CEO，又与之合作愉快。建立这种信任并巩固关系需要时间。但回报可以是巨大的。",[18,523,524],{},"董事会和我都相信，我们现在已经有了接替我担任 CEO 的合适人选——一位准备在我去世或辞职的第二天就接手的继任者。在某些重要方面，这个人会比我现在做得更好。",[371,526,527],{},[374,528,529],{},"投资将始终对伯克希尔至关重要，由几位专业人士负责。他们将向 CEO 报告，因为他们的投资决策在大的方向上需要与伯克希尔的运营和收购计划相协调。不过总体而言，我们的投资经理将享有很大的自主权。在这个领域，我们未来几十年也处于良好状态。托德·库姆斯 (Todd Combs) 和泰德·韦施勒 (Ted Weschler) 都已在伯克希尔的投资团队工作了好几年，各方面都是一流的，在评估收购方面尤其能给 CEO 提供帮助。",[18,531,532],{},"总而言之，在查理和我离开舞台之后，伯克希尔的未来位置是理想的。我们已经有了合适的人——合适的董事、合适的经理人，以及这些经理人未来的接班人。此外，我们的文化已经深深扎根于他们的队伍之中。我们的体系也是可自我更新的。在很大程度上，好的文化和坏的文化都会自我筛选来延续自身。基于充分的理由，那些拥有与我们相似价值观的企业所有者和运营管理者，将继续被伯克希尔所吸引，视它为独一无二的永久归宿。",[371,534,535],{},[374,536,537],{},"如果我不向另一个让伯克希尔与众不同的关键群体致敬，那就是失职了——他们就是我们的股东。伯克希尔确实拥有一个不同于任何其他大型企业的所有者基础。这一事实在去年的年会上得到了淋漓尽致的体现，当时股东们收到了一项代理决议：",[18,539,540],{},"决议：鉴于公司拥有超过其所需的资金，且股东们不像沃伦那样是亿万富翁，董事会应当考虑支付有意义的年度股息。",[18,542,543],{},"提出这项决议的股东从未出席会议，所以他的动议没有被正式提出。尽管如此，代理投票已经统计完毕，结果很有启示性。",[18,545,546],{},"A 股的投票不出意料——A 股由相对少数的股东持有，每位都有很大的经济利益——在分红问题上以 89 比 1 投了反对票。",[18,548,549],{},"引人注目的是 B 股股东的投票。他们的人数达到数十万——甚至可能有一百万——他们投出了 660,759,855 张反对票和 13,927,026 张赞成票，比例约 47 比 1。",[18,551,552],{},"我们的董事建议投反对票，但公司没有通过其他方式去影响股东。尽管如此，98% 的投票股份实际上在说：“别给我们发股息，把所有收益都拿去再投资吧。”让我们的股东伙伴——大大小小——与我们的管理哲学如此高度一致，这既了不起，也令人欣慰。",[18,554,555],{},"有你们做合伙人，我是个幸运的家伙。",[18,557,558],{},"沃伦·E·巴菲特 (Warren E. Buffett)",{"title":560,"searchDepth":561,"depth":561,"links":562},"",2,[563,565,566,567],{"id":16,"depth":564,"text":16},3,{"id":90,"depth":564,"text":90},{"id":178,"depth":564,"text":178},{"id":365,"depth":564,"text":366},"致股东信",null,"2014年巴菲特回顾伯克希尔历史，从1964年收购到当下的发展历程与投资哲学","md",{},true,85,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai",{"title":5,"description":570},"2014 伯克希尔的过去现在与未来｜巴菲特","2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-bo-ke-xi-er-de-guo-qu-xian-zai-yu-wei-lai","p6RpIUpB99rR0555mX3xxDu7_RdKJUDgY_oOLjhsj4w","buffett",[583,588,592,596,599,602,605,608,611,614,618,621,624,628,631,634,638,641,644,648,651,654,658,661,664,668,671,674,678,681,684,688,691,694,698,701,704,708,711,714,718,721,724,728,731,734,738,741,744,748,751,754,758,761,764,768,771,774,778,781,784,788,791,794,798,801,804,808,811,814,818,821,824,828,831,834,838,841,844,848,851,854,858,861,864,868,871,874,878,881,884,888,891,894,898,901,904,908,911,914,918,921,925,928,932,935,939,942,946,949,953,956,960,963,967,970,974,977,981,984,988,991,995,998,1002,1005,1009,1012,1016,1019,1023,1026,1030,1033,1037,1040,1044,1047,1051,1054,1058,1061,1065,1068,1072,1075,1079,1082,1086,1089,1093,1096,1100,1103,1107,1110,1114,1117,1121,1124,1128,1131,1135,1138,1142,1145,1149,1152,1156,1159,1163,1166,1170,1173,1177,1180,1184,1187,1191,1194,1198,1201,1205,1208,1212,1215,1219,1222,1226,1229,1233,1236,1240,1243,1247,1250,1254,1257,1261,1264,1268,1271,1272,1275,1279,1282,1286,1289,1293,1296,1300,1303,1307,1310,1314,1317,1321,1324,1328,1331,1335,1338,1342,1345,1349,1352,1356,1359,1363,1366,1370,1373,1377,1380,1384,1388,1392,1396,1400,1404,1408,1412,1416,1420,1424,1428,1432,1436,1440,1444,1448,1452,1456,1460,1464,1468,1472,1476,1480,1484,1488,1492,1496,1500,1504,1508,1512,1516,1520,1524,1528,1532,1536,1540,1544,1548,1552,1556,1560,1564,1568,1572,1576,1580],{"title":584,"slug":585,"category":586,"order":587},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":589,"slug":590,"category":591,"order":587},"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":593,"slug":594,"category":595,"order":587},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":597,"slug":598,"category":586,"order":561},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":600,"slug":601,"category":591,"order":561},"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":603,"slug":604,"category":595,"order":561},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":606,"slug":607,"category":586,"order":564},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":609,"slug":610,"category":591,"order":564},"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":612,"slug":613,"category":595,"order":564},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":615,"slug":616,"category":586,"order":617},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":619,"slug":620,"category":591,"order":617},"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":622,"slug":623,"category":595,"order":617},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":625,"slug":626,"category":586,"order":627},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":629,"slug":630,"category":591,"order":627},"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":632,"slug":633,"category":595,"order":627},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":635,"slug":636,"category":586,"order":637},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":639,"slug":640,"category":591,"order":637},"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":642,"slug":643,"category":595,"order":637},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":645,"slug":646,"category":586,"order":647},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":649,"slug":650,"category":591,"order":647},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":652,"slug":653,"category":595,"order":647},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":655,"slug":656,"category":586,"order":657},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":659,"slug":660,"category":591,"order":657},"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":662,"slug":663,"category":595,"order":657},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":665,"slug":666,"category":586,"order":667},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":669,"slug":670,"category":591,"order":667},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":672,"slug":673,"category":595,"order":667},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":675,"slug":676,"category":586,"order":677},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":679,"slug":680,"category":591,"order":677},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":682,"slug":683,"category":595,"order":677},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":685,"slug":686,"category":586,"order":687},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":689,"slug":690,"category":591,"order":687},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":692,"slug":693,"category":595,"order":687},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":695,"slug":696,"category":586,"order":697},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":699,"slug":700,"category":591,"order":697},"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":702,"slug":703,"category":595,"order":697},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":705,"slug":706,"category":586,"order":707},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":709,"slug":710,"category":591,"order":707},"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":712,"slug":713,"category":595,"order":707},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":715,"slug":716,"category":586,"order":717},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":719,"slug":720,"category":591,"order":717},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":722,"slug":723,"category":595,"order":717},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":725,"slug":726,"category":586,"order":727},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":729,"slug":730,"category":591,"order":727},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":732,"slug":733,"category":595,"order":727},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":735,"slug":736,"category":586,"order":737},"1964 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巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1087,"slug":1088,"category":591,"order":1085},"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":1090,"slug":1091,"category":568,"order":1092},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1094,"slug":1095,"category":591,"order":1092},"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":1097,"slug":1098,"category":568,"order":1099},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1101,"slug":1102,"category":591,"order":1099},"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":1104,"slug":1105,"category":568,"order":1106},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1108,"slug":1109,"category":591,"order":1106},"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":1111,"slug":1112,"category":568,"order":1113},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1115,"slug":1116,"category":591,"order":1113},"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":1118,"slug":1119,"category":568,"order":1120},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1122,"slug":1123,"category":591,"order":1120},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1125,"slug":1126,"category":568,"order":1127},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1129,"slug":1130,"category":591,"order":1127},"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":1132,"slug":1133,"category":568,"order":1134},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1136,"slug":1137,"category":591,"order":1134},"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":1139,"slug":1140,"category":568,"order":1141},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1143,"slug":1144,"category":591,"order":1141},"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":1146,"slug":1147,"category":568,"order":1148},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1150,"slug":1151,"category":591,"order":1148},"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":1153,"slug":1154,"category":568,"order":1155},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1157,"slug":1158,"category":591,"order":1155},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1160,"slug":1161,"category":568,"order":1162},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1164,"slug":1165,"category":591,"order":1162},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1167,"slug":1168,"category":568,"order":1169},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1171,"slug":1172,"category":591,"order":1169},"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":1174,"slug":1175,"category":568,"order":1176},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1178,"slug":1179,"category":591,"order":1176},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1181,"slug":1182,"category":568,"order":1183},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1185,"slug":1186,"category":591,"order":1183},"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":1188,"slug":1189,"category":568,"order":1190},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1192,"slug":1193,"category":591,"order":1190},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1195,"slug":1196,"category":568,"order":1197},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1199,"slug":1200,"category":591,"order":1197},"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":1202,"slug":1203,"category":568,"order":1204},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1206,"slug":1207,"category":591,"order":1204},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1209,"slug":1210,"category":568,"order":1211},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1213,"slug":1214,"category":591,"order":1211},"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":1216,"slug":1217,"category":568,"order":1218},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1220,"slug":1221,"category":591,"order":1218},"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":1223,"slug":1224,"category":568,"order":1225},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1227,"slug":1228,"category":591,"order":1225},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1230,"slug":1231,"category":568,"order":1232},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1234,"slug":1235,"category":591,"order":1232},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1237,"slug":1238,"category":568,"order":1239},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1241,"slug":1242,"category":591,"order":1239},"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":1244,"slug":1245,"category":568,"order":1246},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1248,"slug":1249,"category":591,"order":1246},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1251,"slug":1252,"category":568,"order":1253},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1255,"slug":1256,"category":591,"order":1253},"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":1258,"slug":1259,"category":568,"order":1260},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1262,"slug":1263,"category":591,"order":1260},"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":1265,"slug":1266,"category":568,"order":1267},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1269,"slug":1270,"category":591,"order":1267},"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":5,"slug":578,"category":568,"order":574},{"title":1273,"slug":1274,"category":591,"order":574},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1276,"slug":1277,"category":568,"order":1278},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1280,"slug":1281,"category":591,"order":1278},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1283,"slug":1284,"category":568,"order":1285},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1287,"slug":1288,"category":591,"order":1285},"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":1290,"slug":1291,"category":568,"order":1292},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1294,"slug":1295,"category":591,"order":1292},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1297,"slug":1298,"category":568,"order":1299},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1301,"slug":1302,"category":591,"order":1299},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1304,"slug":1305,"category":568,"order":1306},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1308,"slug":1309,"category":591,"order":1306},"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":1311,"slug":1312,"category":568,"order":1313},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1315,"slug":1316,"category":591,"order":1313},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1318,"slug":1319,"category":568,"order":1320},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1322,"slug":1323,"category":591,"order":1320},"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":1325,"slug":1326,"category":568,"order":1327},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1329,"slug":1330,"category":591,"order":1327},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1332,"slug":1333,"category":568,"order":1334},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":1336,"slug":1337,"category":591,"order":1334},"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":1339,"slug":1340,"category":568,"order":1341},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":1343,"slug":1344,"category":591,"order":1341},"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":1346,"slug":1347,"category":568,"order":1348},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":1350,"slug":1351,"category":591,"order":1348},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":1353,"slug":1354,"category":568,"order":1355},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":1357,"slug":1358,"category":591,"order":1355},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":1360,"slug":1361,"category":568,"order":1362},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":1364,"slug":1365,"category":591,"order":1362},"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":1367,"slug":1368,"category":568,"order":1369},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":1371,"slug":1372,"category":591,"order":1369},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":1374,"slug":1375,"category":568,"order":1376},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":1378,"slug":1379,"category":591,"order":1376},"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":1381,"slug":1382,"category":591,"order":1383},"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":1385,"slug":1386,"category":591,"order":1387},"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":1389,"slug":1390,"category":591,"order":1391},"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":1393,"slug":1394,"category":591,"order":1395},"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":1397,"slug":1398,"category":591,"order":1399},"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":1401,"slug":1402,"category":591,"order":1403},"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":1405,"slug":1406,"category":591,"order":1407},"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":1409,"slug":1410,"category":591,"order":1411},"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":1413,"slug":1414,"category":591,"order":1415},"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":1417,"slug":1418,"category":591,"order":1419},"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":1421,"slug":1422,"category":591,"order":1423},"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":1425,"slug":1426,"category":591,"order":1427},"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":1429,"slug":1430,"category":591,"order":1431},"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":1433,"slug":1434,"category":591,"order":1435},"巴菲特：2015年对话IVEY 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