[{"data":1,"prerenderedAt":3366},["ShallowReactive",2],{"library-2020-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1830,"library-sidebar-dao":2832,"library-sidebar-models":3134},{"id":4,"title":5,"body":6,"category":1816,"date":1817,"description":1818,"extension":1819,"meta":1820,"navigation":1821,"order":1822,"path":1823,"seo":1824,"seoDescription":1818,"seoTitle":1825,"slug":1826,"stem":1827,"__hash__":1828,"_collection":1829},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2020-ba-fei-te-zhi-gu-dong-xin.md","2020 巴菲特致股东信",{"type":7,"value":8,"toc":1803},"minimark",[9,13,20,677,683,688,691,703,713,720,735,742,745,748,751,754,761,764,767,770,781,784,791,794,797,804,807,818,825,836,843,847,854,861,864,883,898,904,911,914,917,924,926,940,947,950,953,956,959,969,972,975,978,981,984,1288,1295,1298,1301,1304,1307,1310,1328,1331,1334,1337,1339,1346,1349,1352,1359,1362,1365,1372,1375,1378,1381,1384,1387,1390,1393,1395,1402,1405,1416,1419,1426,1428,1431,1446,1449,1456,1459,1465,1468,1483,1490,1492,1495,1498,1501,1507,1510,1517,1524,1526,1529,1536,1547,1550,1553,1560,1566,1574,1584,1587,1589,1596,1599,1602,1609,1612,1619,1629,1644,1655,1658,1661,1672,1689,1696,1699,1702,1705,1712,1715,1718,1721,1727,1730,1733,1736,1739,1742,1745,1748,1751,1754,1757,1765,1773,1784,1787,1794,1797,1800],[10,11,5],"h1",{"id":12},"_2020-巴菲特致股东信",[14,15,16],"p",{},[17,18,19],"strong",{},"伯克希尔业绩与标普500指数对比",[21,22,23,39],"table",{},[24,25,26],"thead",{},[27,28,29,33,36],"tr",{},[30,31,32],"th",{},"年份",[30,34,35],{},"伯克希尔每股市值年度变动百分比",[30,37,38],{},"含股息标普500指数年度变动百分比",[40,41,42,54,65,76,87,98,109,120,131,142,153,164,175,186,197,208,219,230,241,252,263,274,285,296,307,318,329,340,351,362,373,384,395,406,417,428,439,450,461,472,483,494,504,514,525,536,546,557,568,579,590,601,612,623,634,644,655,666],"tbody",{},[27,43,44,48,51],{},[45,46,47],"td",{},"1965",[45,49,50],{},"49.5",[45,52,53],{},"10.0",[27,55,56,59,62],{},[45,57,58],{},"1966",[45,60,61],{},"(3.4)",[45,63,64],{},"(11.7)",[27,66,67,70,73],{},[45,68,69],{},"1967",[45,71,72],{},"13.3",[45,74,75],{},"30.9",[27,77,78,81,84],{},[45,79,80],{},"1968",[45,82,83],{},"77.8",[45,85,86],{},"11.0",[27,88,89,92,95],{},[45,90,91],{},"1969",[45,93,94],{},"19.4",[45,96,97],{},"(8.4)",[27,99,100,103,106],{},[45,101,102],{},"1970",[45,104,105],{},"(4.6)",[45,107,108],{},"3.9",[27,110,111,114,117],{},[45,112,113],{},"1971",[45,115,116],{},"80.5",[45,118,119],{},"14.6",[27,121,122,125,128],{},[45,123,124],{},"1972",[45,126,127],{},"8.1",[45,129,130],{},"18.9",[27,132,133,136,139],{},[45,134,135],{},"1973",[45,137,138],{},"(2.5)",[45,140,141],{},"(14.8)",[27,143,144,147,150],{},[45,145,146],{},"1974",[45,148,149],{},"(48.7)",[45,151,152],{},"(26.4)",[27,154,155,158,161],{},[45,156,157],{},"1975",[45,159,160],{},"2.5",[45,162,163],{},"37.2",[27,165,166,169,172],{},[45,167,168],{},"1976",[45,170,171],{},"129.3",[45,173,174],{},"23.6",[27,176,177,180,183],{},[45,178,179],{},"1977",[45,181,182],{},"46.8",[45,184,185],{},"(7.4)",[27,187,188,191,194],{},[45,189,190],{},"1978",[45,192,193],{},"14.5",[45,195,196],{},"6.4",[27,198,199,202,205],{},[45,200,201],{},"1979",[45,203,204],{},"102.5",[45,206,207],{},"18.2",[27,209,210,213,216],{},[45,211,212],{},"1980",[45,214,215],{},"32.8",[45,217,218],{},"32.3",[27,220,221,224,227],{},[45,222,223],{},"1981",[45,225,226],{},"31.8",[45,228,229],{},"(5.0)",[27,231,232,235,238],{},[45,233,234],{},"1982",[45,236,237],{},"38.4",[45,239,240],{},"21.4",[27,242,243,246,249],{},[45,244,245],{},"1983",[45,247,248],{},"69.0",[45,250,251],{},"22.4",[27,253,254,257,260],{},[45,255,256],{},"1984",[45,258,259],{},"(2.7)",[45,261,262],{},"6.1",[27,264,265,268,271],{},[45,266,267],{},"1985",[45,269,270],{},"93.7",[45,272,273],{},"31.6",[27,275,276,279,282],{},[45,277,278],{},"1986",[45,280,281],{},"14.2",[45,283,284],{},"18.6",[27,286,287,290,293],{},[45,288,289],{},"1987",[45,291,292],{},"4.6",[45,294,295],{},"5.1",[27,297,298,301,304],{},[45,299,300],{},"1988",[45,302,303],{},"59.3",[45,305,306],{},"16.6",[27,308,309,312,315],{},[45,310,311],{},"1989",[45,313,314],{},"84.6",[45,316,317],{},"31.7",[27,319,320,323,326],{},[45,321,322],{},"1990",[45,324,325],{},"(23.1)",[45,327,328],{},"(3.1)",[27,330,331,334,337],{},[45,332,333],{},"1991",[45,335,336],{},"35.6",[45,338,339],{},"30.5",[27,341,342,345,348],{},[45,343,344],{},"1992",[45,346,347],{},"29.8",[45,349,350],{},"7.6",[27,352,353,356,359],{},[45,354,355],{},"1993",[45,357,358],{},"38.9",[45,360,361],{},"10.1",[27,363,364,367,370],{},[45,365,366],{},"1994",[45,368,369],{},"25.0",[45,371,372],{},"1.3",[27,374,375,378,381],{},[45,376,377],{},"1995",[45,379,380],{},"57.4",[45,382,383],{},"37.6",[27,385,386,389,392],{},[45,387,388],{},"1996",[45,390,391],{},"6.2",[45,393,394],{},"23.0",[27,396,397,400,403],{},[45,398,399],{},"1997",[45,401,402],{},"34.9",[45,404,405],{},"33.4",[27,407,408,411,414],{},[45,409,410],{},"1998",[45,412,413],{},"52.2",[45,415,416],{},"28.6",[27,418,419,422,425],{},[45,420,421],{},"1999",[45,423,424],{},"(19.9)",[45,426,427],{},"21.0",[27,429,430,433,436],{},[45,431,432],{},"2000",[45,434,435],{},"26.6",[45,437,438],{},"(9.1)",[27,440,441,444,447],{},[45,442,443],{},"2001",[45,445,446],{},"6.5",[45,448,449],{},"(11.9)",[27,451,452,455,458],{},[45,453,454],{},"2002",[45,456,457],{},"(3.8)",[45,459,460],{},"(22.1)",[27,462,463,466,469],{},[45,464,465],{},"2003",[45,467,468],{},"15.8",[45,470,471],{},"28.7",[27,473,474,477,480],{},[45,475,476],{},"2004",[45,478,479],{},"4.3",[45,481,482],{},"10.9",[27,484,485,488,491],{},[45,486,487],{},"2005",[45,489,490],{},"0.8",[45,492,493],{},"4.9",[27,495,496,499,502],{},[45,497,498],{},"2006",[45,500,501],{},"24.1",[45,503,468],{},[27,505,506,509,511],{},[45,507,508],{},"2007",[45,510,471],{},[45,512,513],{},"5.5",[27,515,516,519,522],{},[45,517,518],{},"2008",[45,520,521],{},"(31.8)",[45,523,524],{},"(37.0)",[27,526,527,530,533],{},[45,528,529],{},"2009",[45,531,532],{},"2.7",[45,534,535],{},"26.5",[27,537,538,541,543],{},[45,539,540],{},"2010",[45,542,240],{},[45,544,545],{},"15.1",[27,547,548,551,554],{},[45,549,550],{},"2011",[45,552,553],{},"(4.7)",[45,555,556],{},"2.1",[27,558,559,562,565],{},[45,560,561],{},"2012",[45,563,564],{},"16.8",[45,566,567],{},"16.0",[27,569,570,573,576],{},[45,571,572],{},"2013",[45,574,575],{},"32.7",[45,577,578],{},"32.4",[27,580,581,584,587],{},[45,582,583],{},"2014",[45,585,586],{},"27.0",[45,588,589],{},"13.7",[27,591,592,595,598],{},[45,593,594],{},"2015",[45,596,597],{},"(12.5)",[45,599,600],{},"1.4",[27,602,603,606,609],{},[45,604,605],{},"2016",[45,607,608],{},"23.4",[45,610,611],{},"12.0",[27,613,614,617,620],{},[45,615,616],{},"2017",[45,618,619],{},"21.9",[45,621,622],{},"21.8",[27,624,625,628,631],{},[45,626,627],{},"2018",[45,629,630],{},"2.8",[45,632,633],{},"(4.4)",[27,635,636,639,641],{},[45,637,638],{},"2019",[45,640,86],{},[45,642,643],{},"31.5",[27,645,646,649,652],{},[45,647,648],{},"2020",[45,650,651],{},"2.4",[45,653,654],{},"18.4",[27,656,657,660,663],{},[45,658,659],{},"年复合增长率 – 1965-2020",[45,661,662],{},"20.0%",[45,664,665],{},"10.2%",[27,667,668,671,674],{},[45,669,670],{},"累计总收益 – 1964-2020",[45,672,673],{},"2,810,526%",[45,675,676],{},"23,454%",[14,678,679,682],{},[17,680,681],{},"注："," 数据按日历年度统计，以下年份除外：1965年和1966年为截至9月30日的年度；1967年为截至12月31日的15个月。",[684,685,687],"h3",{"id":686},"伯克希尔哈撒韦公司","伯克希尔·哈撒韦公司",[14,689,690],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 股东们：",[14,692,693,694,698,699,702],{},"依据通用会计准则（GAAP），伯克希尔 (Berkshire) 2020年的利润为425亿美元。这个数字由四个部分组成：219亿美元的经营收益；49亿美元的已实现资本利得；267亿美元的净",[695,696,697],"em",{},"未实现","资本利得增加额，来自我们持有的股票；最后是110亿美元的",[695,700,701],{},"亏损","，源自对我们旗下若干子公司和关联企业的减值。以上均为税后数字。",[14,704,705,708,709,712],{},[695,706,707],{},"经营收益","才是最重要的，即便在某些年份它不是通用会计准则利润总额中金额最大的那一项。伯克希尔的工作重点有两个：一是增加经营收益，二是收购大型且前景良好的企业。然而去年，两个目标我们都没有达成：伯克希尔没有完成任何大规模收购，经营收益还",[695,710,711],{},"下降","了9%。不过，通过留存盈余和回购约5%的股份，我们确实提高了伯克希尔的每股内在价值。",[14,714,715,716,719],{},"通用会计准则中与资本利得或亏损相关的两个部分（无论已实现还是未实现），每年都会反复无常地波动，这反映的是股市的涨涨跌跌。不管",[695,717,718],{},"眼下","的数字是什么，我的长期合伙人查理·芒格 (Charlie Munger) 和我都坚信，随着时间的推移，伯克希尔从投资中获得的资本利得将是相当可观的。",[14,721,722,723,726,727,730,731,734],{},"正如我多次强调的那样，查理和我将伯克希尔持有的上市公司股票——年底市值达2,810亿美元——视为一系列",[695,724,725],{},"企业","。我们并不控制这些公司的运营，但我们按比例分享它们的长期繁荣。然而，从会计角度来看，我们在这些公司",[695,728,729],{},"利润","中所占的份额",[695,732,733],{},"并不","计入伯克希尔的收入。在我们的账簿上记录的，只有这些被投资公司支付给我们的股息。按照通用会计准则，被投资公司代我们留存的巨额收益就这样变成了”隐形资产”。",[14,736,737,738,741],{},"然而，看不见的不该被遗忘：那些未入账的留存收益通常正在为伯克希尔创造价值——而且是",[695,739,740],{},"大量","的价值。被投资公司用留存的资金扩张业务、进行收购、偿还债务，还经常回购自家股票（这一举动增加了我们在它们未来收益中的份额）。正如我们去年在这封信中指出的，留存收益贯穿美国历史，推动着美国企业向前发展。当年对卡内基 (Carnegie) 和洛克菲勒 (Rockefeller) 管用的法则，多年来对数百万股东同样施展着它的魔力。",[14,743,744],{},"当然，我们投资的某些公司会让人失望，它们的留存收益对公司价值几乎没有增益。但另一些会超额回报我们，其中少数表现极为出色。总的来说，我们预期伯克希尔在这些非控股企业中（别人或许会称之为我们的股票投资组合）留存的巨额利润，最终将带给我们等量甚至更多的资本利得。在我们56年的经营历程中，这一期望得到了验证。",[14,746,747],{},"通用会计准则中的最后一个部分——那笔令人难堪的110亿美元减值——几乎全部是我2016年犯下的一个错误的数字化体现。那一年，伯克希尔收购了精密铸件公司 (Precision Castparts, “PCC”)，我付的价格太高了。",[14,749,750],{},"没有任何人以任何方式误导我——是我对精密铸件公司的正常盈利能力过于乐观了。去年，整个航空航天工业的不利发展赤裸裸地暴露了我的误判，而航空航天业正是精密铸件公司最重要的客户来源。",[14,752,753],{},"收购精密铸件公司，伯克希尔买到的是一家好公司——同行中最好的那一家。精密铸件公司的CEO马克·多尼根 (Mark Donegan) 是一位充满激情的管理者，他在我们收购之后一如既往地倾注心血。有他来掌舵，是我们的幸运。",[14,755,756,757,760],{},"我认为我的以下判断是正确的：随着时间的推移，精密铸件公司将在其运营中部署的净有形资产上获得良好的回报。然而，我对它未来",[695,758,759],{},"平均","收益水平的判断是错误的，因此也就错误地计算了合理的收购价格。",[14,762,763],{},"精密铸件公司远非我犯的第一个这类错误。但这是个大错误。",[684,765,766],{"id":766},"我们弓上的两根弦",[14,768,769],{},"伯克希尔经常被贴上”大型企业集团”的标签，这是一个贬义词，专门用来形容那些拥有一堆五花八门、互不相关业务的控股公司。没错，这在一定程度上描述了伯克希尔——但只是部分。为了弄清楚我们如何以及为什么与传统企业集团不同，让我们回顾一段历史。",[14,771,772,773,776,777,780],{},"长期以来，企业集团通常只做一件事：",[695,774,775],{},"整体","收购其他企业。然而，这个策略带来了两个大问题。第一个无法解决：大多数真正伟大的企业根本不愿意被",[695,778,779],{},"任何人","收购。因此，饥渴的收购者们不得不将目标瞄准那些缺乏重要且持久竞争优势的平庸公司。那可不是一个钓鱼的好池塘。",[14,782,783],{},"除此之外，当企业集团涉足这些平庸企业时，它们常常发现自己必须支付惊人的”控股权”溢价才能捕获猎物。有抱负的企业集团掌门人知道如何解决这个”出价过高”的难题：他们只需要把自己公司的股票炒到严重高估的水平，然后把它当作”货币”去搞昂贵的收购就行了。（“我用两只价值5,000美元的猫换你的狗，作价一万美元买下它。”）",[14,785,786,787,790],{},"通常，用来推高企业集团股价的手段包括各种推销术和”富有想象力”的会计操纵，这些手段往好了说是误导，有时候干脆就越界成了欺诈。当这些花招”奏效”时，企业集团就能把自己的股价推到商业价值的三倍，然后给收购目标出价两倍于",[695,788,789],{},"其","实际价值。",[14,792,793],{},"投资幻觉可以持续出人意料地长时间。华尔街喜欢交易产生的佣金，媒体喜欢那些花里胡哨的推销者提供的故事。到了一定程度，一只被炒作的股票飙升的价格本身就成了幻觉即是现实的”证据”。",[14,795,796],{},"当然，派对终有散场的一天，许多商业”皇帝”被发现根本没穿衣服。金融史上写满了曾经被记者、分析师和投资银行家奉为商业天才的企业集团巨头们的名字，但他们一手打造的帝国最终沦为了商业垃圾场。",[14,798,799,800,803],{},"企业集团糟糕的名声，是它们自己",[695,801,802],{},"挣","来的。",[805,806],"hr",{},[14,808,809,810,813,814,817],{},"查理和我希望我们的企业集团能",[695,811,812],{},"拥有","一系列具有良好经济特质和优秀管理者的多元化企业的全部或部分股权。至于伯克希尔是否",[695,815,816],{},"控制","这些企业，对我们来说并不重要。",[14,819,820,821,824],{},"我花了不少时间才想明白这个道理。但查理——加上我在伯克希尔接手纺织业务后长达20年的苦苦挣扎——最终让我确信，拥有一家出色企业的非控股权，比百分之百控股一家勉强赚钱的企业更赚钱、更愉快，而且工作量",[695,822,823],{},"少得多","。",[14,826,827,828,831,832,835],{},"因此，",[695,829,830],{},"我们的","企业集团将继续由控股类",[695,833,834],{},"和","非控股类企业组成。查理和我只是根据一家公司的持久竞争优势、管理层的能力和品格、以及价格，把你们的资金配置到我们认为最合理的地方。",[14,837,838,839,842],{},"如果这个策略只需要我们付出极少甚至不需要付出努力，那就更好了。与跳水比赛的计分规则不同，在商业世界里你不会因为”难度系数”高而加分。此外，正如罗纳德·里根 (Ronald Reagan) 提醒我们的：“人们说努力工作不会要命，但",[695,840,841],{},"我","要说，何必冒这个险呢？”",[684,844,846],{"id":845},"家族珍宝以及我们如何增加你的珍宝份额","家族珍宝，以及我们如何增加你的珍宝份额",[14,848,849,850,853],{},"在A-1页，我们列出了伯克希尔的子公司，年底这些琳琅满目的企业共雇用了36万名员工。关于这些控股企业的详细信息，可以在本报告后面的10-K文件中找到。我们在部分持股但",[695,851,852],{},"不","控制的公司中的主要头寸列在本信第7页。这个投资组合同样规模庞大、种类繁多。",[14,855,856,857,860],{},"然而，伯克希尔的",[695,858,859],{},"大部分","价值集中在四类业务上，三类是控股企业，一类是我们仅持有5.4%股权的非控股企业。四类都是珍宝。",[14,862,863],{},"价值最大的是我们的财产\u002F意外险业务，53年来一直是伯克希尔的核心。我们的保险家族在保险行业独一无二。它的管理者同样独一无二——阿吉特·贾恩 (Ajit Jain)，他于1986年加入伯克希尔。",[14,865,866,867,870,871,874,875,878,879,882],{},"总体而言，我们的保险舰队运营的资本",[695,868,869],{},"远远","超过全球任何一家竞争对手。如此强大的财务实力，加上伯克希尔每年从",[695,872,873],{},"非保险","业务获得的巨额",[695,876,877],{},"现金","流，使得我们的保险公司能够安全地执行重仓股票的投资策略，这对绝大多数保险公司来说根本不可行。出于监管和信用评级的考量，这些竞争对手",[695,880,881],{},"必须","以债券为主。",[14,884,885,886,889,890,893,894,897],{},"而如今，债券",[695,887,888],{},"不是","好的投资去处。你能相信吗？10年期美国国债最近的收益率——年底为0.93%——比1981年9月15.8%的收益率下降了",[695,891,892],{},"94%","？在一些大而重要的国家，比如德国和日本，投资者在数万亿美元的主权债务上获得的是",[695,895,896],{},"负","回报。全球的固定收益投资者——无论是养老基金、保险公司还是退休人员——都面临着暗淡的未来。",[14,899,900,901,903],{},"一些保险公司和其他债券投资者可能会试图通过转向购买信用不佳的借款人发行的债券来给可怜的回报率加点料。然而，高风险贷款",[695,902,888],{},"解决利率低迷问题的答案。30年前，一度强大的储贷行业把自己毁掉了，部分原因就是无视了这条箴言。",[14,905,906,907,910],{},"伯克希尔现在拥有1,380亿美元的保险”浮存金“——这些资金不属于我们，但我们可以用它们来投资，无论是债券、股票还是美国国库券之类的现金等价物。浮存金与银行存款有些相似之处：保险公司每天都有现金进进出出，但总额变化很小。伯克希尔持有的这笔巨额资金很可能会在未来许多年保持在目前的水平，而从累计来看，使用这些资金对我们来说是",[695,908,909],{},"零成本","的。当然，这个令人愉快的结果可能会改变——但从长远来看，我喜欢我们的胜算。",[14,912,913],{},"在我每年给大家写的信中，我已经反反复复——有人可能会说没完没了——地解释了我们的保险业务。因此，今年我请那些希望进一步了解我们保险业务和”浮存金“的新股东阅读2019年报告的相关章节，该内容重印在A-2页。了解我们保险业务中存在的风险和机遇，这一点很重要。",[14,915,916],{},"我们第二大和第三大最有价值的资产——目前谁排第二谁排第三基本上是五五开——分别是伯克希尔百分百持有的BNSF铁路 (BNSF)，按货运量计算是美国最大的铁路公司，以及我们持有5.4%股权的苹果公司 (Apple)。排名第四的是我们持有91%股权的伯克希尔·哈撒韦能源公司 (Berkshire Hathaway Energy, “BHE”)。这是一家非常独特的公用事业公司，在我们21年的持有期间，其年利润从1.22亿美元增长到了34亿美元。",[14,918,919,920,923],{},"关于BNSF和BHE，我在这封信的后面还有更多话要说。不过现在，我想重点谈谈伯克希尔会定期采用的一种做法，它能增加",[695,921,922],{},"你","在”四大珍宝”以及伯克希尔所有其他资产中的份额。",[805,925],{},[14,927,928,929,931,932,935,936,939],{},"去年，我们斥资247亿美元回购了相当于80,998股A类股票，以此展示了我们对伯克希尔旗下各项资产价值的信心。这一举措让",[695,930,922],{},"在伯克希尔",[695,933,934],{},"所有","业务中的持股比例增加了5.2%，而",[695,937,938],{},"不需要","你掏一分钱。",[14,941,942,943,946],{},"按照查理和我长期以来推荐的标准，我们之所以回购，是因为我们相信这既能提高继续持股的股东的每股内在价值，",[695,944,945],{},"又","能让伯克希尔保有充裕的资金以应对未来可能遇到的任何机遇或挑战。",[14,948,949],{},"我们绝不认为伯克希尔的股票应该以任何价格回购。我之所以强调这一点，是因为美国的CEO们有一个让人尴尬的记录：股价上涨时他们大把花钱回购，股价下跌时反而不买了。我们的做法恰恰相反。",[14,951,952],{},"伯克希尔对苹果的投资生动地展示了回购的威力。我们从2016年末开始买入苹果股票，到2018年7月初完成购买时，经拆股调整后，我们持有的苹果股票略多于10亿股。这里我指的是伯克希尔一般账户中的持股，不包括后来被出售的一小笔单独管理的苹果股票。当我们在2018年年中完成买入时，伯克希尔的一般账户持有苹果5.2%的股份。",[14,954,955],{},"这笔投资的成本是360亿美元。此后，我们享受着平均每年约7.75亿美元的固定分红，并且在2020年通过出售一小部分持股额外入账了110亿美元。",[14,957,958],{},"尽管卖了一部分——瞧！——伯克希尔目前持有苹果5.4%的股份。这个比例的增加对我们来说是零成本的，原因是苹果一直在持续回购自家股票，大幅减少了流通股数量。",[14,960,961,962,965,966,968],{},"但好消息远不止于此。因为我们在这两年半里也回购了",[695,963,964],{},"伯克希尔","的股票，",[695,967,922],{},"现在间接拥有的苹果资产和未来收益比2018年7月时整整多了10%。",[14,970,971],{},"这种令人愉快的良性循环仍在继续。伯克希尔自年底以来回购了更多股票，未来很可能会进一步减少股份总数。苹果也公开表示了继续回购股票的意愿。随着这些回购的推进，伯克希尔的股东不仅会在我们的保险集团、BNSF和BHE中拥有更大的份额，还会发现自己间接持有的苹果权益也在增加。",[14,973,974],{},"回购的数学威力运转缓慢，但假以时日会变得十分强大。这个过程为投资者提供了一种简单的方式，让他们拥有的杰出企业的股权比例持续增长。",[14,976,977],{},"正如性感的梅·韦斯特 (Mae West) 向我们保证的：“好事太多可能会……太棒了。”",[684,979,980],{"id":980},"投资",[14,982,983],{},"下表列出了我们年底市值最大的15笔普通股投资。我们没有把持有的325,442,152股卡夫亨氏 (Kraft Heinz) 列在其中，因为伯克希尔是其控股集团的成员之一，因此必须使用”权益法”来核算这笔投资。在伯克希尔的资产负债表上，卡夫亨氏的账面价值按通用会计准则为133亿美元，这一数字代表截至2020年12月31日伯克希尔在卡夫亨氏经审计净资产中所占的份额。但请注意，当天我们持有的股份市值仅为113亿美元。",[21,985,986,1005],{},[24,987,988],{},[27,989,990,993,996,999,1002],{},[30,991,992],{},"股数*",[30,994,995],{},"公司",[30,997,998],{},"持股比例",[30,1000,1001],{},"截至2020年12月31日成本（百万美元）**",[30,1003,1004],{},"截至2020年12月31日市值（百万美元）",[40,1006,1007,1023,1040,1057,1074,1091,1108,1124,1140,1157,1174,1190,1207,1224,1241,1258,1273],{},[27,1008,1009,1012,1015,1017,1020],{},[45,1010,1011],{},"25,533,082",[45,1013,1014],{},"AbbVie Inc.",[45,1016,600],{},[45,1018,1019],{},"$ 2,333",[45,1021,1022],{},"$ 2,736",[27,1024,1025,1028,1031,1034,1037],{},[45,1026,1027],{},"151,610,700",[45,1029,1030],{},"美国运通 (American Express)",[45,1032,1033],{},"18.8",[45,1035,1036],{},"1,287",[45,1038,1039],{},"18,331",[27,1041,1042,1045,1048,1051,1054],{},[45,1043,1044],{},"907,559,761",[45,1046,1047],{},"苹果 (Apple Inc.)",[45,1049,1050],{},"5.4",[45,1052,1053],{},"31,089",[45,1055,1056],{},"120,424",[27,1058,1059,1062,1065,1068,1071],{},[45,1060,1061],{},"1,032,852,006",[45,1063,1064],{},"美国银行 (Bank of America)",[45,1066,1067],{},"11.9",[45,1069,1070],{},"14,631",[45,1072,1073],{},"31,306",[27,1075,1076,1079,1082,1085,1088],{},[45,1077,1078],{},"66,835,615",[45,1080,1081],{},"纽约梅隆银行 (Bank of New York Mellon)",[45,1083,1084],{},"7.5",[45,1086,1087],{},"2,918",[45,1089,1090],{},"2,837",[27,1092,1093,1096,1099,1102,1105],{},[45,1094,1095],{},"225,000,000",[45,1097,1098],{},"比亚迪 (BYD Co. Ltd.)",[45,1100,1101],{},"8.2",[45,1103,1104],{},"232",[45,1106,1107],{},"5,897",[27,1109,1110,1113,1116,1118,1121],{},[45,1111,1112],{},"5,213,461",[45,1114,1115],{},"Charter Communications, Inc.",[45,1117,532],{},[45,1119,1120],{},"904",[45,1122,1123],{},"3,449",[27,1125,1126,1129,1132,1134,1137],{},[45,1127,1128],{},"48,498,965",[45,1130,1131],{},"雪佛龙 (Chevron)",[45,1133,160],{},[45,1135,1136],{},"4,024",[45,1138,1139],{},"4,096",[27,1141,1142,1145,1148,1151,1154],{},[45,1143,1144],{},"400,000,000",[45,1146,1147],{},"可口可乐 (Coca-Cola)",[45,1149,1150],{},"9.3",[45,1152,1153],{},"1,299",[45,1155,1156],{},"21,936",[27,1158,1159,1162,1165,1168,1171],{},[45,1160,1161],{},"52,975,000",[45,1163,1164],{},"通用汽车 (General Motors)",[45,1166,1167],{},"3.7",[45,1169,1170],{},"1,616",[45,1172,1173],{},"2,206",[27,1175,1176,1179,1182,1184,1187],{},[45,1177,1178],{},"81,304,200",[45,1180,1181],{},"伊藤忠商事 (Itochu)",[45,1183,295],{},[45,1185,1186],{},"1,862",[45,1188,1189],{},"2,336",[27,1191,1192,1195,1198,1201,1204],{},[45,1193,1194],{},"28,697,435",[45,1196,1197],{},"默克 (Merck & Co.)",[45,1199,1200],{},"1.1",[45,1202,1203],{},"2,390",[45,1205,1206],{},"2,347",[27,1208,1209,1212,1215,1218,1221],{},[45,1210,1211],{},"24,669,778",[45,1213,1214],{},"穆迪 (Moody’s)",[45,1216,1217],{},"13.2",[45,1219,1220],{},"248",[45,1222,1223],{},"7,160",[27,1225,1226,1229,1232,1235,1238],{},[45,1227,1228],{},"148,176,166",[45,1230,1231],{},"美国合众银行 (U.S. Bancorp)",[45,1233,1234],{},"9.8",[45,1236,1237],{},"5,638",[45,1239,1240],{},"6,904",[27,1242,1243,1246,1249,1252,1255],{},[45,1244,1245],{},"146,716,496",[45,1247,1248],{},"威瑞森 (Verizon)",[45,1250,1251],{},"3.5",[45,1253,1254],{},"8,691",[45,1256,1257],{},"8,620",[27,1259,1260,1262,1265,1267,1270],{},[45,1261],{},[45,1263,1264],{},"其他***",[45,1266],{},[45,1268,1269],{},"29,458",[45,1271,1272],{},"40,585",[27,1274,1275,1277,1280,1282,1285],{},[45,1276],{},[45,1278,1279],{},"按市值列示的股票投资总计",[45,1281],{},[45,1283,1284],{},"$ 108,620",[45,1286,1287],{},"$ 281,170",[1289,1290,1291],"ul",{},[1292,1293,1294],"li",{},"不包括伯克希尔子公司养老基金持有的股份。",[14,1296,1297],{},"** 此为我们的实际购买成本，同时也是我们的计税基础。",[14,1299,1300],{},"*** 其中包括对西方石油公司 (Occidental Petroleum) 的100亿美元投资，由优先股和普通股认股权证组成，目前合计估值约90亿美元。",[684,1302,1303],{"id":1303},"双城记",[14,1305,1306],{},"美国到处都是成功的故事。自建国以来，那些怀揣理想、充满抱负、往往只有一点点资本的人，通过创造新事物或改善老事物的客户体验，取得了远超自己梦想的成功。",[14,1308,1309],{},"查理和我走遍全国，与许多这样的个人或家族携手合作。在西海岸，我们从1972年收购喜诗糖果 (See’s Candies) 开始了这一传统。整整一个世纪前，玛丽·喜 (Mary See) 用独家配方重新改良了一种古老的产品，开始了她的事业。她的商业计划还包括开设古色古香的小店，配上亲切友好的销售人员。她在洛杉矶的第一家小店最终发展成了几百家门店，遍布整个西部。",[14,1311,1312,1313,1316,1317,1320,1321,1327],{},"今天，喜诗的产品继续让顾客们欢喜，同时为成千上万的男女提供终身就业。伯克希尔的工作很简单：别去干扰这家公司的成功。当一家企业生产和销售的是非必需消费品时，",[695,1314,1315],{},"顾客","就是老板。在100年后的今天，顾客对伯克希尔传达的信息依然清晰明了：“别动",[695,1318,1319],{},"我的","糖果。”（网址是 ",[1322,1323,1324],"a",{"href":1324,"rel":1325},"https:\u002F\u002Fwww.sees.com\u002F",[1326],"nofollow","；试试花生糖。）",[14,1329,1330],{},"让我们跨越整个大陆，来到华盛顿特区。1936年，利奥·古德温 (Leo Goodwin) 和妻子莉莲 (Lillian) 认定，汽车保险——一种通常从代理人手里购买的标准化产品——完全可以直接以低得多的价格出售。夫妻俩揣着10万美元，向资本超出他们千倍甚至更多的保险巨头发起了挑战。盖可保险公司（后来简称为盖可保险 GEICO）就此上路。",[14,1332,1333],{},"70年前，我有幸接触到了这家公司的潜力，它立刻成了我的初恋（投资意义上的）。后面的故事你们都知道了：伯克希尔最终百分之百拥有了盖可保险。这家84岁的公司始终在微调，但从未改变利奥和莉莲当初的愿景。",[14,1335,1336],{},"然而，公司的规模发生了翻天覆地的变化。1937年，盖可保险全面运营的第一年，业务额为238,288美元。去年，这个数字是350亿美元。",[805,1338],{},[14,1340,1341,1342,1345],{},"今天，金融、媒体、政府和科技大多聚集在沿海地区，人们很容易忽视美国中部正在发生的许多奇迹。让我们聚焦两个地方，它们完美地展示了",[695,1343,1344],{},"遍布","全国的人才和抱负。",[14,1347,1348],{},"我从奥马哈 (Omaha) 说起，我想你不会感到意外。",[14,1350,1351],{},"1940年，杰克·林沃特 (Jack Ringwalt) ——毕业于奥马哈中心高中（这也是查理、我父亲、我的第一任妻子、我们的三个孩子和两个孙辈的母校）——决定用125,000美元的资本创办一家财产\u002F意外险公司。",[14,1353,1354,1355,1358],{},"杰克的梦想近乎荒唐。他给公司起了一个颇为气派的名字——国民保险公司 (National Indemnity)，但这家弱小的公司必须与拥有充足资本的保险巨头们竞争。更何况，那些竞争对手凭借遍布全国的、资金雄厚且历史悠久的当地代理商网络，早已占据了牢固的地位。在杰克的计划里，国民保险公司不像盖可保险那样直销，而是使用那些肯接受它的代理机构，因此在获取业务时",[695,1356,1357],{},"毫无","成本优势。为了克服这些巨大的劣势，国民保险公司把重点放在了那些被”大佬们”看不上的”古怪”风险上。出人意料的是，这个策略成功了。",[14,1360,1361],{},"杰克为人诚实、精明、招人喜欢，也有点古怪。他特别讨厌监管机构。每当他被监管者的管束搞得心烦意乱时，就会产生卖掉公司的冲动。",[14,1363,1364],{},"幸运的是，有一次他犯冲动的时候我恰好就在旁边。杰克喜欢加入伯克希尔的想法，于是我们在1967年达成了交易，前后只花了15分钟就握了手。我从来没有要求做审计。",[14,1366,1367,1368,1371],{},"今天，国民保险公司是世界上",[695,1369,1370],{},"唯一","一家准备为某些巨型风险承保的公司。没错，它的总部仍然在奥马哈，离伯克希尔总部只有几英里。",[14,1373,1374],{},"多年来，我们又从奥马哈的家族企业手中收购了四家公司，其中最知名的是内布拉斯加家具店 (Nebraska Furniture Mart, “NFM”)。公司创始人罗斯·布卢姆金 (Rose Blumkin, “B夫人”) 1915年作为俄罗斯移民来到西雅图，既不识英文也不会说英语。几年后她定居奥马哈，到1936年攒下了2,500美元，用这笔钱开了一家家具店。",[14,1376,1377],{},"竞争对手和供应商都没把她放在眼里，一段时间内他们的判断似乎没错：二战让她的生意停滞不前，到1946年底，公司净资产仅增长到72,264美元。收银台里加上银行存款，现金总共只有50美元（没打错字）。",[14,1379,1380],{},"然而，1946年的财务数字里漏记了一笔无价的资产：B夫人唯一的儿子路易·布卢姆金 (Louie Blumkin) 在美国陆军服役四年后重返家族店铺。路易在诺曼底登陆后参加了奥马哈海滩的战斗，在突出部战役中受伤并获得紫心勋章，最终于1945年11月乘船回国。",[14,1382,1383],{},"B夫人和路易重聚之后，NFM就势不可挡了。在梦想的驱动下，母子俩起早贪黑、常年无休。结果创造了零售业的一个奇迹。",[14,1385,1386],{},"到1983年，母子俩已经打造出一个价值6,000万美元的企业。那一年我生日那天，伯克希尔收购了NFM 80%的股份，同样没有做审计。我指望布卢姆金家族的成员来经营企业；今天第三代和第四代依然在管理。值得一提的是，B夫人每天工作，一直干到103岁——用查理和我的标准来看，这退休年龄未免太早了点。",[14,1388,1389],{},"NFM目前拥有全美最大的三家家居用品商店。2020年每一家都创下了销售纪录，而这还是在因新冠疫情关店超过六周的情况下取得的。",[14,1391,1392],{},"这个故事的后记说明了一切：B夫人家的一大家子聚在一起过节吃饭时，她总是要求大家在动筷子之前先唱首歌。她的选择从来不变：欧文·柏林 (Irving Berlin) 的《上帝保佑美国》(God Bless America)。",[805,1394],{},[14,1396,1397,1398,1401],{},"让我们再往东走，来到田纳西州第三大城市诺克斯维尔 (Knoxville)。在那里，伯克希尔拥有",[695,1399,1400],{},"两家","了不起的公司——克莱顿房屋 (Clayton Homes)（百分之百持股）和Pilot Travel Centers（目前持股38%，计划到2023年增至80%）。",[14,1403,1404],{},"两家公司各由一位毕业于田纳西大学并留在诺克斯维尔的年轻人创立。两人既没有像样的启动资金，也没有富裕的父母。",[14,1406,1407,1408,1411,1412,1415],{},"那又怎样？如今，克莱顿和Pilot",[695,1409,1410],{},"每家","的年税前利润都超过了",[695,1413,1414],{},"10亿美元","。两家公司合计雇用约4.7万名员工。",[14,1417,1418],{},"吉姆·克莱顿 (Jim Clayton) 在经历了几次创业之后，于1956年以微薄资金创建了克莱顿房屋。“大吉姆”哈斯拉姆 (Big Jim Haslam) 则在1958年以6,000美元买下一个加油站，创建了后来的Pilot Travel Centers。两人后来各自带了一个儿子进入公司，这些儿子拥有与父亲同样的激情、价值观和头脑。有时候基因真的有魔力。",[14,1420,1421,1422,1425],{},"现年90岁的大吉姆·哈斯拉姆最近出了一本励志书，书中讲述了吉姆·",[695,1423,1424],{},"克莱顿","的儿子凯文 (Kevin) 是如何说服哈斯拉姆家族将Pilot的大部分股权卖给伯克希尔的。每个零售商都知道，满意的顾客是最好的销售员。企业易手时同样如此。",[805,1427],{},[14,1429,1430],{},"下次你飞越诺克斯维尔或奥马哈上空时，请向克莱顿家族、哈斯拉姆家族和布卢姆金家族致敬，也向遍布全国各地的成功创业者大军致敬。这些建设者需要美国的繁荣制度框架——1789年精心设计的那场独特实验——来释放他们的潜能。反过来，美国也需要像吉姆·克莱顿、吉姆·哈斯拉姆、B夫人和路易这样的公民来实现国父们追求的奇迹。",[14,1432,1433,1434,1437,1438,1441,1442,1445],{},"今天，世界",[695,1435,1436],{},"各地","的人们正在创造类似的奇迹，带来惠及",[695,1439,1440],{},"全","人类的广泛繁荣。然而，在短短232年的历史中，世界上还",[695,1443,1444],{},"没有","哪个地方像美国这样善于激发人类的潜能。尽管经历了一些严重的中断，美国的经济进步依然令人叹为观止。",[14,1447,1448],{},"此外，我们还保有宪法赋予的愿望——成为”一个更加完美的联邦”。在这条路上，进展缓慢、参差不齐，而且常常令人沮丧。不过，我们确实在前进，而且将继续前进。",[14,1450,1451,1452,1455],{},"我们坚定不移的结论：",[695,1453,1454],{},"永远","不要做空美国。",[684,1457,1458],{"id":1458},"伯克希尔合伙企业",[14,1460,1461,1462,1464],{},"伯克希尔是一家注册在特拉华州的公司，我们的董事必须遵守该州的法律。其中一项要求是，董事会成员",[695,1463,881],{},"以公司及其股东的最佳利益行事。我们的董事们信奉这一信条。",[14,1466,1467],{},"此外，伯克希尔的董事们当然也希望公司能让客户满意、培养并奖励36万名员工中的人才、与贷款机构保持良好的信誉，并在我们经营的众多城市和州被视为好公民。我们非常重视这四个群体。",[14,1469,1470,1471,1474,1475,1478,1479,1482],{},"然而，在股息分配、战略方向、CEO遴选、业务收购与剥离等事项上，这些群体都没有",[695,1472,1473],{},"投票权","。这些责任",[695,1476,1477],{},"完全","落在伯克希尔的董事们肩上，他们必须忠实地代表公司及其",[695,1480,1481],{},"所有者","的长期利益。",[14,1484,1485,1486,1489],{},"除了法律上的要求之外，查理和我对伯克希尔的众多",[695,1487,1488],{},"个人","股东感到有一份特殊的责任。讲一些个人往事或许能帮你理解我们这种不寻常的纽带，以及它如何影响我们的行为。",[805,1491],{},[14,1493,1494],{},"在进入伯克希尔之前，我通过一系列合伙企业为许多个人管理资金，最早的三家成立于1956年。随着时间的推移，运营多个实体变得越来越复杂，于是在1962年，我们将12家合伙企业合并为巴菲特合伙有限公司 (Buffett Partnership Ltd., “BPL”)。",[14,1496,1497],{},"到那时，我和妻子几乎所有的钱都和众多有限合伙人的资金一起投入了进去。我不拿工资，也不收管理费。作为普通合伙人，只有在有限合伙人获得超过年化6%的回报之后，我才能获得报酬。如果回报率达不到这个水平，差额将在我未来的利润份额中扣除。（幸运的是，这种情况从未发生过：合伙企业的回报率总是超过6%这条”及格线”。）随着岁月流逝，我的父母、兄弟姐妹、叔叔阿姨、堂表亲和姻亲们的大部分资产都投入了合伙企业。",[14,1499,1500],{},"查理在1962年成立了他的合伙企业，运作方式和我类似。我们都没有任何机构投资者，我们的合伙人中也很少有金融行家。加入我们的人只是信任我们会像对待自己的钱一样对待他们的钱。这些人——凭直觉也好，听朋友建议也罢——正确地判断出：查理和我对资本的永久亏损极度厌恶，除非我们有把握能做出不错的成绩，否则不会接受他们的钱。",[14,1502,1503,1504,1506],{},"1965年BPL取得伯克希尔的控制权后，我无意间一头扎进了",[695,1505,725],{},"管理的世界。后来，到了1969年，我们决定解散BPL。跨过年底之后，合伙企业按比例分配了所有现金和三只股票，其中价值最大的是BPL在伯克希尔70.5%的股权。",[14,1508,1509],{},"与此同时，查理在1977年清盘了他的合伙企业。他分配给合伙人的资产中，有一笔重要的蓝筹印花 (Blue Chip Stamps) 股权——这家公司由他的合伙企业、伯克希尔和我共同控制。蓝筹印花也是我的合伙企业解散时分配的三只股票之一。",[14,1511,1512,1513,1516],{},"1983年，伯克希尔与蓝筹印花合并，由此伯克希尔的注册股东人数从1,900人扩大到2,900人。查理和我希望每一个人——老股东、新股东和",[695,1514,1515],{},"潜在","股东——都能了解同样的信息。",[14,1518,1519,1520,1523],{},"因此，1983年的年报一开篇就列出了伯克希尔的”主要经营原则”。",[695,1521,1522],{},"第一条","原则是这么说的：“虽然我们的形式是公司制，但我们的态度是合伙制。”这句话定义了我们1983年与股东的关系；它今天依然适用。查理和我——以及我们的董事们——都相信，这条准则将在未来几十年里继续服务于伯克希尔。",[805,1525],{},[14,1527,1528],{},"伯克希尔的所有权目前分布在五个”桶”里，其中一个由我这位”准创始人”占据。这个桶注定会逐渐清空，因为我持有的股票每年都在捐赠给各种慈善机构。",[14,1530,1531,1532,1535],{},"其余四个桶中有两个属于机构投资者，每家机构都在管理",[695,1533,1534],{},"别人的","钱。不过，这也是两者唯一的相似之处：它们的投资方式截然不同。",[14,1537,1538,1539,1542,1543,1546],{},"其中一个”桶”里装的是指数基金，这是投资界一个规模庞大且迅速膨胀的群体。这些基金只是简单地复制它们所追踪的指数。指数基金投资者的最爱是标普500指数 (S&P 500)，伯克希尔是其成分股之一。需要强调的是，指数基金持有伯克希尔的股票纯粹是因为它们",[695,1540,1541],{},"被要求","这么做。它们处于自动驾驶模式，买卖",[695,1544,1545],{},"只是","为了调整权重配比。",[14,1548,1549],{},"另一个”桶”里是专业基金经理，他们管理着客户的资金，这些客户可能是富裕个人、大学、退休基金成员或其他任何人。这些专业经理人的职责是根据他们对估值和前景的判断，将资金从一项投资转移到另一项。这是一个令人尊敬但也很艰难的职业。",[14,1551,1552],{},"我们很乐意为这个”主动型”群体工作，同时他们也在为自己的客户寻找更好的资金去处。当然，有些基金经理着眼长远，交易非常少。另一些则用计算机算法在一纳秒之内下达买卖指令。还有一些专业投资者会根据宏观经济判断进进出出。",[14,1554,1555,1556,1559],{},"第四个”桶”里是个人股东，他们的操作方式与我刚才描述的主动型机构经理类似。可以理解的是，当看到其他令他们兴奋的投资机会时，这些股东会把伯克希尔的股票视为潜在的资金来源。我们对这种态度毫无异议，这与我们看待伯克希尔自身持有的",[695,1557,1558],{},"某些","股票的方式并无不同。",[14,1561,1562,1563,1565],{},"话虽如此，如果查理和我对第五个”桶”不感到一份特别的亲近，那我们也太没人情味了：超过百万的",[695,1564,1488],{},"投资者，无论未来如何，他们信任我们代表他们的利益。他们加入我们时就没打算离开，心态与我们最初的合伙人如出一辙。事实上，我们合伙企业时代的许多投资者，以及\u002F或者他们的后人，至今仍是伯克希尔的重要股东。",[14,1567,1568,1569,1573],{},"这些老兵中的一个典型代表是斯坦·特鲁尔森 (Stan Truhlsen)——一位开朗慷慨的奥马哈眼科医生，也是我的私人朋友。2020年11月13日，他迎来了100岁生日。1959年，斯坦和另外10名年轻的奥马哈医生与我组建了合伙企业。这些医生们颇有创意地给他们的合伙公司取名为”Emdee有限公司”（Emdee, Ltd.）",[1570,1571,1572],"span",{},"译注：Emdee谐音”M.D.”，即医学博士","。每年，他们都会来我家和我及妻子共进庆祝晚餐。",[14,1575,1576,1577,1579,1580,1583],{},"1969年我们的合伙企业分配伯克希尔股票时，",[695,1578,934],{},"的医生都保留了他们分到的股票。他们可能不精通投资或会计的门道，但他们",[695,1581,1582],{},"知道","在伯克希尔他们会被当作合伙人对待。",[14,1585,1586],{},"斯坦在Emdee的两位老伙伴如今已年近百岁，仍然持有伯克希尔的股票。这群人惊人的长寿——再加上查理和我分别已经97岁和90岁——引出了一个有趣的问题：难道说持有伯克希尔的股票有助于延年益寿？",[805,1588],{},[14,1590,1591,1592,1595],{},"伯克希尔这个不同寻常的、珍贵的个人股东大家庭，或许能帮你理解为什么我们不愿去讨好华尔街分析师和机构投资者。我们",[695,1593,1594],{},"已经拥有","了我们想要的投资者，而且总体来说，我们不认为换一批人会更好。",[14,1597,1598],{},"伯克希尔的”座位”——也就是流通在外的股份——就这么多。我们非常喜欢已经坐在座位上的人。",[14,1600,1601],{},"当然，“合伙人”会有一些流动。不过，查理和我希望这种流动越少越好。毕竟，谁会希望频繁更换朋友、邻居或另一半呢？",[14,1603,1604,1605,1608],{},"1958年，菲尔·费雪 (Phil Fisher) 写了一本杰出的投资著作。书中他把经营一家上市公司比作开餐馆。他说，如果你想招揽食客，你可以选择以汉堡配可乐招牌",[695,1606,1607],{},"或者","以法国大餐配珍稀美酒来吸引客人，两条路都行。但是，费雪警告说，你绝不能任性地从一种风格跳到另一种：你给潜在顾客传递的信息，必须与他们走进门后看到的东西一致。",[14,1610,1611],{},"在伯克希尔，我们已经端了56年的汉堡和可乐。我们珍惜这些食物吸引来的顾客。",[14,1613,1614,1615,1618],{},"美国和世界各地数以千万计的其他投资者和投机者有各式各样的股票可选，以满足",[695,1616,1617],{},"他们的","口味。他们会找到拥有诱人点子的CEO和市场大师。如果他们想要股价目标、粉饰过的盈利和各种”故事”，不愁找不到这样的机会。“技术分析师”会信心十足地告诉他们，图表上的某些波纹预示着一只股票接下来的走势。要求采取行动的号角永远不会停歇。",[14,1620,1621,1622,1625,1626,1628],{},"我要补充一句，这些投资者中有不少人会做得相当好。毕竟，持有股票在很大程度上是一个”正和博弈”。事实上，一只有耐心、头脑冷静的猴子，朝着列出标普500所有成分股的靶板扔50支飞镖来构建投资组合，",[695,1623,1624],{},"随着时间的推移","，它也能享受到股息和资本利得——只要它",[695,1627,1454],{},"不受诱惑去更改最初的”选择”。",[14,1630,1631,1632,1635,1636,1639,1640,1643],{},"生产性资产——比如农场、房地产，以及没错，企业股权——能",[695,1633,1634],{},"创造","财富，而且是大量财富。大多数持有这类资产的人都会获得回报。所需要的只是时间的流逝、内心的平静、充分的分散化，以及尽量减少交易和费用。不过，投资者永远不能忘记，他们的",[695,1637,1638],{},"支出","就是华尔街的",[695,1641,1642],{},"收入","。而且跟我那只猴子不同的是，华尔街的人可不是为花生干活的。",[14,1645,1646,1647,1650,1651,1654],{},"当伯克希尔有空位出现时——我们希望尽量少一些——我们希望由那些理解并渴望我们所提供的一切的新来者来入座。经过几十年的管理，查理和我仍然无法许诺投资结果。但我们",[695,1648,1649],{},"能够","而且",[695,1652,1653],{},"确实","承诺：把你们当作合伙人对待。",[14,1656,1657],{},"我们的继任者也将如此。",[684,1659,1660],{"id":1660},"一个可能让你吃惊的数字",[14,1662,1663,1664,1667,1668,1671],{},"最近，我了解到一个关于我们公司的事实，以前我从未意识到：伯克希尔拥有的",[695,1665,1666],{},"美国本土","的房产、厂房和设备——构成我国”商业基础设施”的那类资产——其通用会计准则估值超过了",[695,1669,1670],{},"任何","其他美国公司。伯克希尔这些国内”固定资产”折旧后的成本为1,540亿美元。紧随其后的是美国电话电报公司 (AT&T)，房产、厂房和设备价值1,270亿美元。",[14,1673,1674,1675,1677,1678,1681,1682,1685,1686,1688],{},"我要补充一句，我们在固定资产持有金额上的领先地位，本身",[695,1676,733],{},"意味着投资的成功。",[695,1679,1680],{},"最好","的结果出现在那些只需",[695,1683,1684],{},"极少","资产就能经营高利润率生意的公司——",[695,1687,1650],{},"这些公司的产品或服务只需要少量额外资本就能扩大销售。事实上，我们也拥有几家这样的杰出企业，但它们规模相对较小，增长也比较缓慢。",[14,1690,1691,1692,1695],{},"不过，重资产公司也",[695,1693,1694],{},"可以","成为好投资。事实上，我们对自己的两大巨头——BNSF和BHE——非常满意。2011年，也就是伯克希尔完全拥有BNSF的第一个全年，两家公司合计利润为42亿美元。2020年，对许多企业来说是艰难的一年，但这对搭档赚了83亿美元。",[14,1697,1698],{},"BNSF和BHE在未来几十年将需要大量的资本支出。好消息是，两家公司都很可能为增量投资带来合适的回报。",[14,1700,1701],{},"让我们先看看BNSF。你们的铁路承运了美国所有非本地货物吨英里数（一吨货物运送一英里）的约15%，无论是铁路、卡车、管道、驳船还是飞机运输。BNSF的运输量以显著的优势领先于所有其他承运商。",[14,1703,1704],{},"美国铁路的历史引人入胜。在经历了大约150年的疯狂建设、坑蒙拐骗、过度扩张、破产、重组和合并之后，铁路行业终于在几十年前走向成熟与合理化。",[14,1706,1707,1708],{},"BNSF于1850年在伊利诺伊州东北部以一条12英里长的线路起家。如今，它已经收购或合并了390家前身铁路公司。该公司详尽的历史沿革可以在以下网址找到：",[1322,1709,1710],{"href":1710,"rel":1711},"http:\u002F\u002Fwww.bnsf.com\u002Fbnsf-resources\u002Fpdf\u002Fabout-bnsf\u002FHistory_and_Legacy.pdf",[1326],[14,1713,1714],{},"伯克希尔在2010年初收购了BNSF。自收购以来，BNSF已在固定资产上投入了410亿美元，比其折旧费用多出200亿美元。铁路运输是一项户外运动，一英里长的列车必须在严寒和酷暑中可靠运行，同时穿越从沙漠到山脉的各种地形。大规模洪水也会周期性地发生。BNSF拥有23,000英里的铁路轨道，遍布28个州，它必须不惜代价在其庞大的系统中确保安全和服务质量。",[14,1716,1717],{},"尽管如此，BNSF向伯克希尔支付了丰厚的股息——累计418亿美元。当然，BNSF只有在满足了自身业务需求并保持约20亿美元现金余额之后，才把剩余部分支付给我们。这种保守的策略使BNSF能够以较低的利率借款，而不依赖伯克希尔对其债务提供任何担保。",[14,1719,1720],{},"关于BNSF还有一点要说：去年，CEO卡尔·艾斯 (Carl Ice) 和他的二把手凯蒂·法默 (Katie Farmer) 在业务大幅下滑期间出色地控制了开支。尽管货运量下降了7%，两人竟然还将BNSF的利润率提高了2.9个百分点。按照既定计划，卡尔在年底退休了，凯蒂接任CEO。你们的铁路交到了好手里。",[14,1722,1723,1724,1726],{},"与BNSF不同，BHE的普通股",[695,1725,852],{},"支付股息，这在电力公用事业行业极为罕见。在我们21年的持有期间，这种斯巴达式的政策始终如一。与铁路不同，我们国家的电力设施需要大规模改造，最终成本将是惊人的。这项工程将在未来几十年消耗BHE所有的利润。我们欢迎这个挑战，并相信增加的投资会获得适当的回报。",[14,1728,1729],{},"让我来说说BHE的一项事业——它承诺投入180亿美元来重建和扩展目前向整个美国西部输送电力的老旧电网中的相当大一部分。BHE在2006年启动了这个项目，预计2030年完工——没错，2030年。",[14,1731,1732],{},"可再生能源的兴起使我们的项目成为一项社会必需。历史上，长期主导的燃煤发电厂都建在大型人口中心附近。然而，风能和太阳能发电的最佳地点往往在偏远地区。2006年BHE评估形势时，西部输电线路需要巨额投资已不是什么秘密。然而，在算完项目费用后，很少有公司或政府机构有财力站出来承接。",[14,1734,1735],{},"应该指出的是，BHE决定推进这个项目，是基于对美国政治、经济和司法制度的信任。在产生可观收入之前，必须先投入数十亿美元。输电线路必须跨越各州和其他管辖区的边界，每个地方都有自己的规则和利益群体。BHE还需要与数百名土地所有者打交道，并与可再生能源的发电供应商以及远方的公用事业配电公司签订复杂的合同。既得利益者和旧秩序的捍卫者，以及那些渴望一夜之间建成新世界的不切实际的理想主义者，都得一一打交道。",[14,1737,1738],{},"意外和延误是必然的。不过同样可以肯定的是，BHE拥有管理才能、机构层面的坚定承诺和充足的财力来兑现自己的承诺。虽然我们的西部输电项目还要多年才能完工，但我们今天已经在寻找其他类似规模的项目。",[14,1740,1741],{},"无论遇到什么障碍，BHE都将在提供更清洁能源方面发挥领导作用。",[684,1743,1744],{"id":1744},"年度股东大会",[14,1746,1747],{},"去年2月22日，我写信给大家介绍了我们盛大年会的计划。不到一个月，这个计划就被废弃了。",[14,1749,1750],{},"伯克希尔总部团队在首席财务官马克·汉堡 (Marc Hamburg) 和梅丽莎·夏皮罗 (Melissa Shapiro) 的带领下迅速调整。他们的即兴发挥奇迹般地成功了。伯克希尔副董事长之一格雷格·阿贝尔 (Greg Abel) 和我一起走上舞台，面对着一个黑暗的体育馆、1.8万个空座位和一台摄像机。没有彩排：格雷格和我在”开演”前45分钟到场。",[14,1752,1753],{},"黛比·博萨内克 (Debbie Bosanek) 是我了不起的助手，47年前17岁时就加入了伯克希尔。她把我在家里整理的各种事实和数据制作成大约25张幻灯片。一支匿名但能力出众的电脑和摄像团队按照正确的顺序将幻灯片投射到屏幕上。",[14,1755,1756],{},"雅虎 (Yahoo) 向创纪录规模的全球观众直播了整个过程。CNBC的贝琪·奎克 (Becky Quick) 在她位于新泽西州的家中工作，从股东们事先提交的数千个问题以及观众在我和格雷格在台上的四个小时里发给她的邮件中筛选问题。喜诗的花生糖和软糖，再加上可口可乐，为我们提供了能量。",[14,1758,1759,1760,1764],{},"今年5月1日，我们计划更上一层楼。同样，我们将依赖雅虎和CNBC的完美配合。雅虎直播将于美国东部夏令时（EDT）下午1点开始。只需登录 ",[1322,1761,1762],{"href":1762,"rel":1763},"https:\u002F\u002Ffinance.yahoo.com\u002Fbrklivestream",[1326]," 即可。",[14,1766,1767,1768,1772],{},"正式会议将于东部夏令时下午5:00开始，预计5:30结束。在此之前的1:30到5:00之间，我们将回答由贝琪转达的问题。和以往一样，我们事先不知道会被问到什么。请把你们的犀利问题发送到 ",[1322,1769,1771],{"href":1770},"mailto:BerkshireQuestions@cnbc.com","BerkshireQuestions@cnbc.com","。雅虎直播将在5:30之后结束。",[14,1774,1775,1776,1779,1780,1783],{},"现在——请击鼓——有一个惊喜。今年的会议将在洛杉矶举行，",[695,1777,1778],{},"查理将和我一起站在台上","，在整个三个半小时的问答环节中回答问题并分享观察。去年我很想念他，更重要的是，",[695,1781,1782],{},"你们","显然也很想念他。我们另外两位不可或缺的副董事长——阿吉特·贾恩 (Ajit Jain) 和格雷格·阿贝尔 (Greg Abel)——也将参与其中，回答各自领域的问题。",[14,1785,1786],{},"通过雅虎加入我们吧。把你们最刁钻的问题抛给查理！我们会玩得很开心，希望你们也一样。",[14,1788,1789,1790,1793],{},"当然，更美好的将是我们面对面相见的那一天。我希望并期待那将是在2022年。奥马哈的市民们、我们的参展子公司以及总部的所有同仁，都迫不及待地想迎接你们回来，参加一场货真价实的、",[695,1791,1792],{},"伯克希尔式","的年度盛会。",[14,1795,1796],{},"2021年2月27日",[14,1798,1799],{},"沃伦·巴菲特 (Warren E. Buffett)",[14,1801,1802],{},"董事会主席",{"title":1804,"searchDepth":1805,"depth":1805,"links":1806},"",2,[1807,1809,1810,1811,1812,1813,1814,1815],{"id":686,"depth":1808,"text":687},3,{"id":766,"depth":1808,"text":766},{"id":845,"depth":1808,"text":846},{"id":980,"depth":1808,"text":980},{"id":1303,"depth":1808,"text":1303},{"id":1458,"depth":1808,"text":1458},{"id":1660,"depth":1808,"text":1660},{"id":1744,"depth":1808,"text":1744},"致股东信",null,"2020年巴菲特致股东信，讨论疫情冲击、股票抛售、航空股损失及美国经济韧性","md",{},true,93,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2020-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1818},"2020 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巴菲特致股东信","1967-ba-fei-te-zhi-gu-dong-xin",27,{"title":2097,"slug":2098,"category":1839,"order":2095},"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":2100,"slug":2101,"category":1843,"order":2095},"2020年伯克希尔股东大会","2020nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2103,"slug":2104,"category":1834,"order":2105},"1967年10月 巴菲特致合伙人信","1967nian-10yue-ba-fei-te-zhi-he-huo-ren-xin",28,{"title":2107,"slug":2108,"category":1839,"order":2105},"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":2110,"slug":2111,"category":1843,"order":2105},"2021年伯克希尔股东大会","2021nian-bo-ke-xi-er-gu-dong-da-hui",{"title":2113,"slug":2114,"category":1834,"order":2115},"1967年11月 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":2230,"slug":2231,"category":1839,"order":2228},"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":2233,"slug":2234,"category":1816,"order":2235},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":2237,"slug":2238,"category":1839,"order":2235},"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":2240,"slug":2241,"category":1816,"order":2242},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":2244,"slug":2245,"category":1839,"order":2242},"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":2247,"slug":2248,"category":1816,"order":2249},"1975 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巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":2279,"slug":2280,"category":1839,"order":2277},"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":2282,"slug":2283,"category":1816,"order":2284},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":2286,"slug":2287,"category":1839,"order":2284},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":2289,"slug":2290,"category":1816,"order":2291},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":2293,"slug":2294,"category":1839,"order":2291},"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":2296,"slug":2297,"category":1816,"order":2298},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":2300,"slug":2301,"category":1839,"order":2298},"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":2303,"slug":2304,"category":1816,"order":2305},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":2307,"slug":2308,"category":1839,"order":2305},"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":2310,"slug":2311,"category":1816,"order":2312},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":2314,"slug":2315,"category":1839,"order":2312},"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":2317,"slug":2318,"category":1816,"order":2319},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":2321,"slug":2322,"category":1839,"order":2319},"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":2324,"slug":2325,"category":1816,"order":2326},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":2328,"slug":2329,"category":1839,"order":2326},"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":2331,"slug":2332,"category":1816,"order":2333},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":2335,"slug":2336,"category":1839,"order":2333},"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":2338,"slug":2339,"category":1816,"order":2340},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":2342,"slug":2343,"category":1839,"order":2340},"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":2345,"slug":2346,"category":1816,"order":2347},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":2349,"slug":2350,"category":1839,"order":2347},"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":2352,"slug":2353,"category":1816,"order":2354},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":2356,"slug":2357,"category":1839,"order":2354},"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":2359,"slug":2360,"category":1816,"order":2361},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":2363,"slug":2364,"category":1839,"order":2361},"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":2366,"slug":2367,"category":1816,"order":2368},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":2370,"slug":2371,"category":1839,"order":2368},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":2373,"slug":2374,"category":1816,"order":2375},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":2377,"slug":2378,"category":1839,"order":2375},"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":2380,"slug":2381,"category":1816,"order":2382},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":2384,"slug":2385,"category":1839,"order":2382},"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":2387,"slug":2388,"category":1816,"order":2389},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":2391,"slug":2392,"category":1839,"order":2389},"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":2394,"slug":2395,"category":1816,"order":2396},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":2398,"slug":2399,"category":1839,"order":2396},"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":2401,"slug":2402,"category":1816,"order":2403},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":2405,"slug":2406,"category":1839,"order":2403},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":2408,"slug":2409,"category":1816,"order":2410},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":2412,"slug":2413,"category":1839,"order":2410},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":2415,"slug":2416,"category":1816,"order":2417},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":2419,"slug":2420,"category":1839,"order":2417},"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":2422,"slug":2423,"category":1816,"order":2424},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":2426,"slug":2427,"category":1839,"order":2424},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":2429,"slug":2430,"category":1816,"order":2431},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":2433,"slug":2434,"category":1839,"order":2431},"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":2436,"slug":2437,"category":1816,"order":2438},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":2440,"slug":2441,"category":1839,"order":2438},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":2443,"slug":2444,"category":1816,"order":2445},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":2447,"slug":2448,"category":1839,"order":2445},"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":2450,"slug":2451,"category":1816,"order":2452},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":2454,"slug":2455,"category":1839,"order":2452},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":2457,"slug":2458,"category":1816,"order":2459},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":2461,"slug":2462,"category":1839,"order":2459},"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":2464,"slug":2465,"category":1816,"order":2466},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":2468,"slug":2469,"category":1839,"order":2466},"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":2471,"slug":2472,"category":1816,"order":2473},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":2475,"slug":2476,"category":1839,"order":2473},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":2478,"slug":2479,"category":1816,"order":2480},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":2482,"slug":2483,"category":1839,"order":2480},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":2485,"slug":2486,"category":1816,"order":2487},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":2489,"slug":2490,"category":1839,"order":2487},"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":2492,"slug":2493,"category":1816,"order":2494},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":2496,"slug":2497,"category":1839,"order":2494},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":2499,"slug":2500,"category":1816,"order":2501},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":2503,"slug":2504,"category":1839,"order":2501},"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":2506,"slug":2507,"category":1816,"order":2508},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":2510,"slug":2511,"category":1839,"order":2508},"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":2513,"slug":2514,"category":1816,"order":2515},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":2517,"slug":2518,"category":1839,"order":2515},"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":2520,"slug":2521,"category":1816,"order":2522},"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":2524,"slug":2525,"category":1839,"order":2522},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":2527,"slug":2528,"category":1816,"order":2529},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":2531,"slug":2532,"category":1839,"order":2529},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":2534,"slug":2535,"category":1816,"order":2536},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":2538,"slug":2539,"category":1839,"order":2536},"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":2541,"slug":2542,"category":1816,"order":2543},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":2545,"slug":2546,"category":1839,"order":2543},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":2548,"slug":2549,"category":1816,"order":2550},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":2552,"slug":2553,"category":1839,"order":2550},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":2555,"slug":2556,"category":1816,"order":2557},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":2559,"slug":2560,"category":1839,"order":2557},"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":2562,"slug":2563,"category":1816,"order":2564},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":2566,"slug":2567,"category":1839,"order":2564},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":2569,"slug":2570,"category":1816,"order":2571},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":2573,"slug":2574,"category":1839,"order":2571},"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":5,"slug":1826,"category":1816,"order":1822},{"title":2577,"slug":2578,"category":1839,"order":1822},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":2580,"slug":2581,"category":1816,"order":2582},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2584,"slug":2585,"category":1839,"order":2582},"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":2587,"slug":2588,"category":1816,"order":2589},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":2591,"slug":2592,"category":1839,"order":2589},"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":2594,"slug":2595,"category":1816,"order":2596},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":2598,"slug":2599,"category":1839,"order":2596},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":2601,"slug":2602,"category":1816,"order":2603},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":2605,"slug":2606,"category":1839,"order":2603},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":2608,"slug":2609,"category":1816,"order":2610},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":2612,"slug":2613,"category":1839,"order":2610},"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":2615,"slug":2616,"category":1816,"order":2617},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":2619,"slug":2620,"category":1839,"order":2617},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":2622,"slug":2623,"category":1816,"order":2624},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":2626,"slug":2627,"category":1839,"order":2624},"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":2629,"slug":2630,"category":1839,"order":2631},"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":2633,"slug":2634,"category":1839,"order":2635},"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":2637,"slug":2638,"category":1839,"order":2639},"巴菲特：2013年 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