[{"data":1,"prerenderedAt":1833},["ShallowReactive",2],{"library-2014-fu-dong-shi-chang-de-si-kao":3,"library-sidebar-buffett":297,"library-sidebar-dao":1299,"library-sidebar-models":1601},{"id":4,"title":5,"body":6,"category":283,"date":284,"description":285,"extension":286,"meta":287,"navigation":288,"order":289,"path":290,"seo":291,"seoDescription":285,"seoTitle":292,"slug":293,"stem":294,"__hash__":295,"_collection":296},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-fu-dong-shi-chang-de-si-kao.md","2014 副董事长的思考",{"type":7,"value":8,"toc":268},"minimark",[9,13,17,20,39,42,62,65,68,71,74,77,80,83,86,89,93,96,99,102,105,108,111,128,131,134,137,140,154,157,160,163,166,169,172,175,178,181,184,187,190,193,196,199,202,205,208,211,214,217,220,223,226,229,232,235,238,241,244,247,250,253,256,259,262,265],[10,11,5],"h1",{"id":12},"_2014-副董事长的思考",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 股东们：",[14,18,19],{},"我近距离见证了伯克希尔在沃伦·巴菲特 (Warren Buffett) 领导下取得非凡成功的50年历史。现在，无论他发表了什么庆祝言论，由我来独立做些补充，似乎正当其时。我打算做五件事：",[21,22,23,27,30,33,36],"ol",{},[24,25,26],"li",{},"描述是什么样的管理制度和政策，让一家注定完蛋、无药可救的小型大宗商品纺织企业蜕变为今天强大的伯克希尔；",[24,28,29],{},"解释这套管理体系和政策是怎么来的；",[24,31,32],{},"在一定程度上解释伯克希尔为何表现如此出色；",[24,34,35],{},"预测如果巴菲特即将离任，这种异常优秀的业绩能否延续；以及",[24,37,38],{},"思考伯克希尔过去50年的巨大成就，能否为其他地方提供有用的启示。",[14,40,41],{},"巴菲特领导下的伯克希尔管理体系和政策（以下统称”伯克希尔系统”）很早就确立了，具体如下：",[21,43,44,47,50,53,56,59],{},[24,45,46],{},"伯克希尔将是一家多元化的企业集团，唯一回避的是那些它无法做出有效预判的业务。",[24,48,49],{},"顶层母公司的几乎所有业务都通过独立注册的子公司来开展，各子公司CEO享有极大的自主权。",[24,51,52],{},"集团总部几乎空空如也，只有一间小小的办公套间，里面坐着一位董事长、一位CFO，以及几名主要协助CFO处理审计、内控等事务的助手。",[24,54,55],{},"伯克希尔的子公司始终以财产意外险公司为重要组成部分。作为一个整体，这些保险公司预期将在适当时候产生可靠的承保利润，同时为投资提供大量”浮存金“（来自尚未支付的保险负债）。",[24,57,58],{},"伯克希尔没有适用于全系统的人事制度、股票期权制度、其他激励制度、退休制度或类似制度，因为各子公司自有一套，而且往往各不相同。",[24,60,61],{},"伯克希尔的董事长只为自己保留少数几项职责：",[14,63,64],{},"6.1 他将管理几乎所有的证券投资，这些投资通常放在伯克希尔的财险子公司里。",[14,66,67],{},"6.2 他将挑选所有重要子公司的CEO，确定他们的薪酬，并私下从每位CEO那里获得一份继任者推荐人选，以备不时之需。",[14,69,70],{},"6.3 在子公司增强自身竞争优势之后，他将配置子公司用不上的大部分现金，理想的用途是收购新的子公司。",[14,72,73],{},"6.4 任何子公司CEO想联系他，他随时都在；但平时他几乎不要求任何额外的沟通。",[14,75,76],{},"6.5 他会写一封详尽、有逻辑、有用的信纳入年报——设计时他会设想，假如自己只是一个被动的小股东，会想看到什么。在年度股东大会上，他还会花好几个小时回答问题。",[14,78,79],{},"6.6 他努力成为一种文化的典范，这种文化能在他在位期间及离任之后，长期服务于客户、股东和其他利益相关方。",[14,81,82],{},"6.7 无论多大年纪，他的第一要务都是留出大量时间安静地阅读和思考，尤其是那些能推进他孜孜不倦的学习的内容。",[14,84,85],{},"6.8 他也会花大量时间，满怀热情地欣赏别人正在取得的成就。\n7. 收购新子公司通常使用现金，而非新发行的股票。\n8. 只要每一美元留存收益能为股东创造超过一美元的市场价值，伯克希尔就不分红。\n9. 收购新公司时，伯克希尔会以合理的价格去买一门董事长能大致看懂的好生意。伯克希尔还希望有一位优秀的CEO已经在位，预期能长期留任，不需要总部帮忙就能把生意经营好。\n10. 在挑选子公司CEO时，伯克希尔看重的是诚信、能力、干劲，以及对所从事的业务和所处环境的热爱。\n11. 作为一项重要的行为准则，伯克希尔几乎从不出售子公司。\n12. 伯克希尔几乎从不把一家子公司的CEO调到另一家不相关的子公司。\n13. 伯克希尔绝不会仅仅因为年龄就强迫子公司CEO退休。\n14. 伯克希尔只保持极少的未偿债务，因为它力求做到：(i) 在任何情况下都保持近乎完美的信用；(ii) 在不寻常的机会出现时，随时能调动现金和信贷。\n15. 伯克希尔对大型企业的潜在卖家始终持友好态度。此类出售要约会立即得到回应。如果交易最终未能达成，除了董事长和另外一两个人之外，不会有任何人知道。他们也绝不会向外人透露。",[14,87,88],{},"“伯克希尔系统”的各项要素及其汇聚在一起的规模，都相当不寻常。据我所知，没有任何其他大公司拥有哪怕一半这样的要素。",[90,91,92],"h3",{"id":92},"这套系统是怎么来的",[14,94,95],{},"伯克希尔怎么就有了一种如此与众不同的企业个性？",[14,97,98],{},"说白了，巴菲特当年只有34岁，就控制了伯克希尔约45%的股份，而且得到了所有其他大股东的完全信任。他想装什么系统就装什么系统。他就这么干了，创建了”伯克希尔系统”。",[14,100,101],{},"几乎每个要素的选择，都是因为巴菲特相信在他的领导下，这能最大限度地提升伯克希尔的成就。他并不是在给其他公司设计一个万能模板。事实上，伯克希尔的子公司并不被要求在自己的运营中照搬伯克希尔系统。有些子公司用着完全不同的体系，照样蓬勃发展。",[90,103,104],{"id":104},"巴菲特的设计意图",[14,106,107],{},"巴菲特设计伯克希尔系统时，到底想达到什么目的？",[14,109,110],{},"多年来，我归纳出几个重要主题：",[21,112,113,116,119,122,125],{},[24,114,115],{},"从他自己开始，他特别想持续地、最大化地提升系统中最重要人物的理性、技能和投入程度。",[24,117,118],{},"他想要处处双赢——比如，通过给予忠诚来赢得忠诚。",[24,120,121],{},"他追求长期结果最优的决策，所以他倾向于让在位时间足够长、必须承担决策后果的人来拍板。",[24,123,124],{},"他想把总部庞大官僚机构几乎不可避免的坏处降到最低。",[24,126,127],{},"他想像本杰明·格雷厄姆 (Ben Graham) 教授那样，以个人之力为传播智慧做贡献。",[14,129,130],{},"当巴菲特建立伯克希尔系统时，他是否预见到了随之而来的所有好处？没有。有些好处是他在实践演进中偶然发现的。但每当他看到有用的成果，他就强化其背后的成因。",[90,132,133],{"id":133},"为什么伯克希尔表现如此出色",[14,135,136],{},"为什么伯克希尔在巴菲特领导下做得这么好？",[14,138,139],{},"我想到的只有四大因素：",[21,141,142,145,148,151],{},[24,143,144],{},"巴菲特自身富有建设性的独特之处；",[24,146,147],{},"伯克希尔系统富有建设性的独特之处；",[24,149,150],{},"好运气；以及",[24,152,153],{},"一些股东和其他仰慕者——包括部分媒体人——对伯克希尔那种奇特而强烈、极富感染力的热爱。",[14,155,156],{},"我相信这四个因素都存在，都起了作用。但真正扛大梁的，是那些富有建设性的独特之处、那份奇特的热爱，以及它们之间的相互作用。",[14,158,159],{},"尤其是，巴菲特决定将自己的活动限制在少数几类，在上面倾注最大限度的专注力，并且坚持了整整50年——这就是一个”超级效应”（lollapalooza）。巴菲特成功的原因，跟罗杰·费德勒 (Roger Federer) 擅长网球的原因一模一样。",[14,161,162],{},"实际上，巴菲特用的是著名篮球教练约翰·伍登 (John Wooden) 的制胜之道。伍登在学会把几乎所有上场时间分配给最好的七名球员之后，开始频频获胜。这样一来，对手总是面对他最强的球员，而不是次强的。而且，由于获得了更多上场时间，最好的球员进步得比正常情况下更大。",[14,164,165],{},"巴菲特比伍登还更胜一筹。因为在他的情况下，技能集中在一个人身上，而不是七个人。而且50年来，他的技能随着年龄增长不断精进，而不是像篮球运动员那样逐渐衰退。",[14,167,168],{},"不仅如此，巴菲特把大量的权力和权威集中在重要子公司那些常常长期在位的CEO身上，也在那里产生了强大的”伍登效应”。这种效应提升了CEO们的技能，也推动了子公司的成就。",[14,170,171],{},"然后，随着伯克希尔系统赋予众多子公司及其CEO梦寐以求的自主权，加上伯克希尔日益成功和知名，这些成果吸引了更多更好的子公司加入伯克希尔，更好的CEO也纷至沓来。",[14,173,174],{},"而更好的子公司和CEO反过来只需总部更少的关注，由此形成了通常所说的”良性循环”。",[90,176,177],{"id":177},"保险业务的成效",[14,179,180],{},"对伯克希尔来说，始终将财险公司作为核心子公司，效果如何？",[14,182,183],{},"好得令人难以置信。伯克希尔当初的野心大得不合理——即便如此，它还是如愿以偿了。",[14,185,186],{},"财险公司通常将价值大致相当于其股东权益的资金投资于普通股，伯克希尔的保险子公司也不例外。而过去50年里，标普500指数 (S&P 500) 的税前年均回报率约为10%，形成了一股强劲的顺风。",[14,188,189],{},"在巴菲特时代的最初几十年，伯克希尔保险子公司的普通股投资大幅跑赢指数，完全符合巴菲特的预期。后来，当伯克希尔日益庞大的持股规模和所得税因素导致跑赢指数的那部分回报逐渐变得微不足道时（也许不会永远如此），另一种更好的优势出现了。阿吉特·贾恩 (Ajit Jain) 从无到有地创造了一个庞大的再保险业务，既产生了巨额”浮存金“，又带来了丰厚的承保利润。然后整个盖可保险 (GEICO) 被并入伯克希尔，GEICO的市场份额随之翻了两番。伯克希尔其余的保险业务也大幅改善，主要归功于品牌声誉优势、承保纪律、发现并坚守优质的利基市场，以及招募和留住杰出人才。",[14,191,192],{},"后来，随着伯克希尔近乎独一无二且相当可靠的企业个性和庞大规模广为人知，它的保险子公司获得并抓住了许多他人无缘染指的机会——购买非公开发行的证券。这些证券大多有固定期限，且回报非常出色。",[14,194,195],{},"伯克希尔在保险业的辉煌成就并非自然而然的结果。通常来说，一家财险公司即使管理得很好，也只能产出平庸的业绩，这样的业绩没多大用处。而伯克希尔的超额成果规模之大令人瞠目，以至于我相信，即使巴菲特保留他的聪明才智、恢复他的青春活力，再从小规模起步，他也无法复制这样的成就。",[90,197,198],{"id":198},"多元化经营是累赘吗",[14,200,201],{},"伯克希尔有没有因为是一家多元化企业集团而吃亏？没有。更广泛的经营范围有效地扩大了它的机会。而在别处常见的弊病，被巴菲特的能力所化解。",[90,203,204],{"id":204},"为什么用现金不用股票",[14,206,207],{},"为什么伯克希尔偏好用现金而不是自家股票来收购？很简单，很难找到跟伯克希尔股票一样值钱的东西来交换。",[90,209,210],{"id":210},"保险之外的收购为何同样成功",[14,212,213],{},"为什么伯克希尔在保险业务之外的收购对股东如此有利，而通常这类收购对收购方股东是不利的？",[14,215,216],{},"原因在于，伯克希尔在设计之初就拥有方法论上的优势，来补充它获得的更好机会。它从来没有一个承受压力必须完成交易的”收购部”。它也从不依赖那些肯定偏向促成交易的”顾问”的建议。巴菲特杜绝自欺欺人——虽然他总是低调声称自己对某些行业缺乏专业知识，但他凭借作为被动投资者的长期经验，比大多数企业高管更清楚什么在商业中行得通、什么行不通。最后，即使伯克希尔获得了比别人好得多的机会，巴菲特也常常展现出近乎非人的耐心，很少出手。举个例子，在掌管伯克希尔的头十年里，巴菲特眼看着一门生意（纺织业）走向灭亡，引入了两门新生意，净增一门。",[90,218,219],{"id":219},"犯过什么大错",[14,221,222],{},"巴菲特领导下的伯克希尔犯过什么大错？嗯，虽然”做错”的错误时有发生，但几乎所有重大错误都是”没做”——包括没有买入沃尔玛 (Walmart) 的股票，而当时几乎板上钉钉会大赚特赚。这类遗漏的错误代价极大。如果伯克希尔当时够聪明，抓住了几次近乎确定的机会，它今天的净资产至少会多出500亿美元。",[90,224,225],{"id":225},"巴菲特离开后会怎样",[14,227,228],{},"我清单上倒数第二项任务是：预测如果巴菲特即将离任，异常优秀的业绩能否在伯克希尔延续。",[14,230,231],{},"答案是肯定的。伯克希尔旗下子公司拥有强劲的商业势头，这些势头根植于持久的竞争优势之中。",[14,233,234],{},"此外，它的铁路和公用事业子公司如今提供了大量将巨额资金投入新固定资产的好机会。许多子公司正在进行明智的”补强收购”。",[14,236,237],{},"只要伯克希尔系统的大部分保持不变，目前的势头和机会之大，几乎可以肯定：即使(1)巴菲特明天就走人，(2)他的继任者能力平平，(3)伯克希尔再也不做大型收购——它也会在很长一段时间内表现得比一般公司好。",[14,239,240],{},"但假设巴菲特即将离开，他的继任者可不会是”能力平平”的人。比如，阿吉特·贾恩和格雷格·阿贝尔 (Greg Abel) 都是经过验证的杰出管理者，用”世界级”来形容他们恐怕还说低了。我会选择”世界领先”这个词。在某些重要方面，他们每个人都是比巴菲特更好的商业管理者。",[14,242,243],{},"我相信，无论贾恩还是阿贝尔，都不会(1)离开伯克希尔——不管别人开出什么条件；也不会(2)想大幅改变伯克希尔系统。",[14,245,246],{},"我也不认为令人满意的新企业收购会因巴菲特的离去而终止。伯克希尔如今体量巨大，加上股东积极主义时代的到来，我认为一些理想的收购机会还会出现，伯克希尔那600亿美元的现金将被建设性地花出去。",[90,248,249],{"id":249},"伯克希尔的启示",[14,251,252],{},"我的最后一项任务是思考：伯克希尔过去50年的巨大成就，能否为其他地方提供有用的启示？",[14,254,255],{},"答案显而易见：能。在巴菲特的早期，伯克希尔面前有一项艰巨任务：把一笔小小的家底变成一家大型且有用的公司。它的解决方案是避免官僚主义，在很长很长一段时间里主要依靠一位深思熟虑的领导者——他不断精进，并引入了更多像他一样的人。",[14,257,258],{},"拿它跟典型的大公司体系做个对比：总部官僚机构臃肿，一连串CEO在大约59岁时上任，此后很少有时间静下来思考，然后很快就在固定的退休年龄被赶出了门。",[14,260,261],{},"我认为，伯克希尔系统的各种变体应该在更多地方被尝试，官僚主义最恶劣的属性应该像对待癌症一样被治理——它们实在太像了。治理官僚主义的一个好榜样是乔治·马歇尔 (George Marshall)——他从国会争取到了选拔将领时可以不论资排辈的权力，从而帮助赢得了第二次世界大战。",[14,263,264],{},"此致敬礼，",[14,266,267],{},"查尔斯·T·芒格 (Charles T. Munger)",{"title":269,"searchDepth":270,"depth":270,"links":271},"",2,[272,274,275,276,277,278,279,280,281,282],{"id":92,"depth":273,"text":92},3,{"id":104,"depth":273,"text":104},{"id":133,"depth":273,"text":133},{"id":177,"depth":273,"text":177},{"id":198,"depth":273,"text":198},{"id":204,"depth":273,"text":204},{"id":210,"depth":273,"text":210},{"id":219,"depth":273,"text":219},{"id":225,"depth":273,"text":225},{"id":249,"depth":273,"text":249},"致股东信",null,"2014年芒格副董事长思考，补充伯克希尔50年成功历史及投资哲学","md",{},true,86,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-fu-dong-shi-chang-de-si-kao",{"title":5,"description":285},"2014 副董事长的思考｜巴菲特","2014-fu-dong-shi-chang-de-si-kao","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2014-fu-dong-shi-chang-de-si-kao","MJ-PJhrGloPBvf97vwkLbMpwQzlbJVNdfK7ZYwAnXf4","buffett",[298,303,307,311,314,317,320,323,326,329,333,336,339,343,346,349,353,356,359,363,366,369,373,376,379,383,386,389,393,396,399,403,406,409,413,416,419,423,426,429,433,436,439,443,446,449,453,456,459,463,466,469,473,476,479,483,486,489,493,496,499,503,506,509,513,516,519,523,526,529,533,536,539,543,546,549,553,556,559,563,566,569,573,576,579,583,586,589,593,596,599,603,606,609,613,616,619,623,626,629,633,636,640,643,647,650,654,657,661,664,668,671,675,678,682,685,689,692,696,699,703,706,710,713,717,720,724,727,731,734,738,741,745,748,752,755,759,762,766,769,773,776,780,783,787,790,794,797,801,804,808,811,815,818,822,825,829,832,836,839,843,846,850,853,857,860,864,867,871,874,878,881,885,888,892,895,899,902,906,909,913,916,920,923,927,930,934,937,941,944,948,951,955,958,962,965,969,972,976,979,983,986,990,993,994,997,1001,1004,1008,1011,1015,1018,1022,1025,1029,1032,1036,1039,1043,1046,1050,1053,1057,1060,1064,1067,1071,1074,1078,1081,1085,1088,1092,1095,1099,1103,1107,1111,1115,1119,1123,1127,1131,1135,1139,1143,1147,1151,1155,1159,1163,1167,1171,1175,1179,1183,1187,1191,1195,1199,1203,1207,1211,1215,1219,1223,1227,1231,1235,1239,1243,1247,1251,1255,1259,1263,1267,1271,1275,1279,1283,1287,1291,1295],{"title":299,"slug":300,"category":301,"order":302},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":304,"slug":305,"category":306,"order":302},"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":308,"slug":309,"category":310,"order":302},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":312,"slug":313,"category":301,"order":270},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":315,"slug":316,"category":306,"order":270},"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":318,"slug":319,"category":310,"order":270},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":321,"slug":322,"category":301,"order":273},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":324,"slug":325,"category":306,"order":273},"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":327,"slug":328,"category":310,"order":273},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":330,"slug":331,"category":301,"order":332},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":334,"slug":335,"category":306,"order":332},"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":337,"slug":338,"category":310,"order":332},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":340,"slug":341,"category":301,"order":342},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":344,"slug":345,"category":306,"order":342},"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":347,"slug":348,"category":310,"order":342},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":350,"slug":351,"category":301,"order":352},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":354,"slug":355,"category":306,"order":352},"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":357,"slug":358,"category":310,"order":352},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":360,"slug":361,"category":301,"order":362},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":364,"slug":365,"category":306,"order":362},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":367,"slug":368,"category":310,"order":362},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":370,"slug":371,"category":301,"order":372},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":374,"slug":375,"category":306,"order":372},"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":377,"slug":378,"category":310,"order":372},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":380,"slug":381,"category":301,"order":382},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":384,"slug":385,"category":306,"order":382},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":387,"slug":388,"category":310,"order":382},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":390,"slug":391,"category":301,"order":392},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":394,"slug":395,"category":306,"order":392},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":397,"slug":398,"category":310,"order":392},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":400,"slug":401,"category":301,"order":402},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":404,"slug":405,"category":306,"order":402},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":407,"slug":408,"category":310,"order":402},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":410,"slug":411,"category":301,"order":412},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":414,"slug":415,"category":306,"order":412},"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":417,"slug":418,"category":310,"order":412},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":420,"slug":421,"category":301,"order":422},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":424,"slug":425,"category":306,"order":422},"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":427,"slug":428,"category":310,"order":422},"2006年伯克希尔股东大会","2006nian-bo-ke-xi-er-gu-dong-da-hui",{"title":430,"slug":431,"category":301,"order":432},"1963年12月 巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":434,"slug":435,"category":306,"order":432},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":437,"slug":438,"category":310,"order":432},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":440,"slug":441,"category":301,"order":442},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":444,"slug":445,"category":306,"order":442},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":447,"slug":448,"category":310,"order":442},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":450,"slug":451,"category":301,"order":452},"1964 巴菲特致合伙人信","1964-ba-fei-te-zhi-he-huo-ren-xin",16,{"title":454,"slug":455,"category":306,"order":452},"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":457,"slug":458,"category":310,"order":452},"2009年伯克希尔股东大会","2009nian-bo-ke-xi-er-gu-dong-da-hui",{"title":460,"slug":461,"category":301,"order":462},"1964年中 巴菲特致合伙人信","1964nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",17,{"title":464,"slug":465,"category":306,"order":462},"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":467,"slug":468,"category":310,"order":462},"2010年伯克希尔股东大会","2010nian-bo-ke-xi-er-gu-dong-da-hui",{"title":470,"slug":471,"category":301,"order":472},"1965 巴菲特致合伙人信","1965-ba-fei-te-zhi-he-huo-ren-xin",18,{"title":474,"slug":475,"category":306,"order":472},"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":477,"slug":478,"category":310,"order":472},"2011年伯克希尔股东大会","2011nian-bo-ke-xi-er-gu-dong-da-hui",{"title":480,"slug":481,"category":283,"order":482},"1965 巴菲特致股东信","1965-ba-fei-te-zhi-gu-dong-xin",19,{"title":484,"slug":485,"category":306,"order":482},"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":487,"slug":488,"category":310,"order":482},"2012年伯克希尔股东大会","2012nian-bo-ke-xi-er-gu-dong-da-hui",{"title":490,"slug":491,"category":301,"order":492},"1965年11月 巴菲特致合伙人信","1965nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",20,{"title":494,"slug":495,"category":306,"order":492},"巴菲特：1988年谈投资","ba-fei-te-1988nian-tan-tou-zi",{"title":497,"slug":498,"category":310,"order":492},"2013年伯克希尔股东大会","2013nian-bo-ke-xi-er-gu-dong-da-hui",{"title":500,"slug":501,"category":301,"order":502},"1965年中 巴菲特致合伙人信","1965nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",21,{"title":504,"slug":505,"category":306,"order":502},"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":507,"slug":508,"category":310,"order":502},"2014年伯克希尔股东大会","2014nian-bo-ke-xi-er-gu-dong-da-hui",{"title":510,"slug":511,"category":301,"order":512},"1966 巴菲特致合伙人信","1966-ba-fei-te-zhi-he-huo-ren-xin",22,{"title":514,"slug":515,"category":306,"order":512},"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":517,"slug":518,"category":310,"order":512},"2015年伯克希尔股东大会","2015nian-bo-ke-xi-er-gu-dong-da-hui",{"title":520,"slug":521,"category":283,"order":522},"1966 巴菲特致股东信","1966-ba-fei-te-zhi-gu-dong-xin",23,{"title":524,"slug":525,"category":306,"order":522},"巴菲特：1991年圣母大学演讲","ba-fei-te-1991nian-sheng-mu-da-xue-yan-jiang",{"title":527,"slug":528,"category":310,"order":522},"2016年伯克希尔股东大会","2016nian-bo-ke-xi-er-gu-dong-da-hui",{"title":530,"slug":531,"category":301,"order":532},"1966年11月 巴菲特致合伙人信","1966nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",24,{"title":534,"slug":535,"category":306,"order":532},"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":537,"slug":538,"category":310,"order":532},"2017年伯克希尔股东大会","2017nian-bo-ke-xi-er-gu-dong-da-hui",{"title":540,"slug":541,"category":301,"order":542},"1966年中 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":732,"slug":733,"category":306,"order":730},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":735,"slug":736,"category":283,"order":737},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":739,"slug":740,"category":306,"order":737},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":742,"slug":743,"category":283,"order":744},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":746,"slug":747,"category":306,"order":744},"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":749,"slug":750,"category":283,"order":751},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":753,"slug":754,"category":306,"order":751},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":756,"slug":757,"category":283,"order":758},"1981 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