[{"data":1,"prerenderedAt":2782},["ShallowReactive",2],{"library-2022-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":1246,"library-sidebar-dao":2248,"library-sidebar-models":2550},{"id":4,"title":5,"body":6,"category":1232,"date":1233,"description":1234,"extension":1235,"meta":1236,"navigation":1237,"order":1238,"path":1239,"seo":1240,"seoDescription":1234,"seoTitle":1241,"slug":1242,"stem":1243,"__hash__":1244,"_collection":1245},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2022-ba-fei-te-zhi-gu-dong-xin.md","2022 巴菲特致股东信",{"type":7,"value":8,"toc":1219},"minimark",[9,13,17,695,703,706,709,717,720,723,726,733,736,739,742,757,760,767,770,773,776,783,786,793,800,807,814,817,820,823,838,896,899,902,913,915,922,945,956,972,979,985,987,993,996,1000,1003,1006,1021,1024,1027,1034,1037,1044,1047,1050,1053,1060,1067,1074,1076,1079,1092,1095,1097,1108,1111,1114,1117,1120,1174,1177,1179,1186,1189,1192,1199,1202,1205,1208,1210,1213,1216],[10,11,5],"h1",{"id":12},"_2022-巴菲特致股东信",[14,15,16],"h3",{"id":16},"伯克希尔与标普500指数业绩对比",[18,19,20,36],"table",{},[21,22,23],"thead",{},[24,25,26,30,33],"tr",{},[27,28,29],"th",{},"年份",[27,31,32],{},"伯克希尔每股市值年度变动百分比",[27,34,35],{},"含股息标普500指数年度变动百分比",[37,38,39,51,62,73,84,95,106,117,128,139,150,161,172,183,194,205,216,227,238,249,260,271,282,293,304,315,326,337,348,359,370,381,392,403,414,425,436,447,458,469,480,491,501,511,522,533,543,554,565,576,587,598,609,620,631,641,652,662,673,684],"tbody",{},[24,40,41,45,48],{},[42,43,44],"td",{},"1965",[42,46,47],{},"49.5",[42,49,50],{},"10.0",[24,52,53,56,59],{},[42,54,55],{},"1966",[42,57,58],{},"(3.4)",[42,60,61],{},"(11.7)",[24,63,64,67,70],{},[42,65,66],{},"1967",[42,68,69],{},"13.3",[42,71,72],{},"30.9",[24,74,75,78,81],{},[42,76,77],{},"1968",[42,79,80],{},"77.8",[42,82,83],{},"11.0",[24,85,86,89,92],{},[42,87,88],{},"1969",[42,90,91],{},"19.4",[42,93,94],{},"(8.4)",[24,96,97,100,103],{},[42,98,99],{},"1970",[42,101,102],{},"(4.6)",[42,104,105],{},"3.9",[24,107,108,111,114],{},[42,109,110],{},"1971",[42,112,113],{},"80.5",[42,115,116],{},"14.6",[24,118,119,122,125],{},[42,120,121],{},"1972",[42,123,124],{},"8.1",[42,126,127],{},"18.9",[24,129,130,133,136],{},[42,131,132],{},"1973",[42,134,135],{},"(2.5)",[42,137,138],{},"(14.8)",[24,140,141,144,147],{},[42,142,143],{},"1974",[42,145,146],{},"(48.7)",[42,148,149],{},"(26.4)",[24,151,152,155,158],{},[42,153,154],{},"1975",[42,156,157],{},"2.5",[42,159,160],{},"37.2",[24,162,163,166,169],{},[42,164,165],{},"1976",[42,167,168],{},"129.3",[42,170,171],{},"23.6",[24,173,174,177,180],{},[42,175,176],{},"1977",[42,178,179],{},"46.8",[42,181,182],{},"(7.4)",[24,184,185,188,191],{},[42,186,187],{},"1978",[42,189,190],{},"14.5",[42,192,193],{},"6.4",[24,195,196,199,202],{},[42,197,198],{},"1979",[42,200,201],{},"102.5",[42,203,204],{},"18.2",[24,206,207,210,213],{},[42,208,209],{},"1980",[42,211,212],{},"32.8",[42,214,215],{},"32.3",[24,217,218,221,224],{},[42,219,220],{},"1981",[42,222,223],{},"31.8",[42,225,226],{},"(5.0)",[24,228,229,232,235],{},[42,230,231],{},"1982",[42,233,234],{},"38.4",[42,236,237],{},"21.4",[24,239,240,243,246],{},[42,241,242],{},"1983",[42,244,245],{},"69.0",[42,247,248],{},"22.4",[24,250,251,254,257],{},[42,252,253],{},"1984",[42,255,256],{},"(2.7)",[42,258,259],{},"6.1",[24,261,262,265,268],{},[42,263,264],{},"1985",[42,266,267],{},"93.7",[42,269,270],{},"31.6",[24,272,273,276,279],{},[42,274,275],{},"1986",[42,277,278],{},"14.2",[42,280,281],{},"18.6",[24,283,284,287,290],{},[42,285,286],{},"1987",[42,288,289],{},"4.6",[42,291,292],{},"5.1",[24,294,295,298,301],{},[42,296,297],{},"1988",[42,299,300],{},"59.3",[42,302,303],{},"16.6",[24,305,306,309,312],{},[42,307,308],{},"1989",[42,310,311],{},"84.6",[42,313,314],{},"31.7",[24,316,317,320,323],{},[42,318,319],{},"1990",[42,321,322],{},"(23.1)",[42,324,325],{},"(3.1)",[24,327,328,331,334],{},[42,329,330],{},"1991",[42,332,333],{},"35.6",[42,335,336],{},"30.5",[24,338,339,342,345],{},[42,340,341],{},"1992",[42,343,344],{},"29.8",[42,346,347],{},"7.6",[24,349,350,353,356],{},[42,351,352],{},"1993",[42,354,355],{},"38.9",[42,357,358],{},"10.1",[24,360,361,364,367],{},[42,362,363],{},"1994",[42,365,366],{},"25.0",[42,368,369],{},"1.3",[24,371,372,375,378],{},[42,373,374],{},"1995",[42,376,377],{},"57.4",[42,379,380],{},"37.6",[24,382,383,386,389],{},[42,384,385],{},"1996",[42,387,388],{},"6.2",[42,390,391],{},"23.0",[24,393,394,397,400],{},[42,395,396],{},"1997",[42,398,399],{},"34.9",[42,401,402],{},"33.4",[24,404,405,408,411],{},[42,406,407],{},"1998",[42,409,410],{},"52.2",[42,412,413],{},"28.6",[24,415,416,419,422],{},[42,417,418],{},"1999",[42,420,421],{},"(19.9)",[42,423,424],{},"21.0",[24,426,427,430,433],{},[42,428,429],{},"2000",[42,431,432],{},"26.6",[42,434,435],{},"(9.1)",[24,437,438,441,444],{},[42,439,440],{},"2001",[42,442,443],{},"6.5",[42,445,446],{},"(11.9)",[24,448,449,452,455],{},[42,450,451],{},"2002",[42,453,454],{},"(3.8)",[42,456,457],{},"(22.1)",[24,459,460,463,466],{},[42,461,462],{},"2003",[42,464,465],{},"15.8",[42,467,468],{},"28.7",[24,470,471,474,477],{},[42,472,473],{},"2004",[42,475,476],{},"4.3",[42,478,479],{},"10.9",[24,481,482,485,488],{},[42,483,484],{},"2005",[42,486,487],{},"0.8",[42,489,490],{},"4.9",[24,492,493,496,499],{},[42,494,495],{},"2006",[42,497,498],{},"24.1",[42,500,465],{},[24,502,503,506,508],{},[42,504,505],{},"2007",[42,507,468],{},[42,509,510],{},"5.5",[24,512,513,516,519],{},[42,514,515],{},"2008",[42,517,518],{},"(31.8)",[42,520,521],{},"(37.0)",[24,523,524,527,530],{},[42,525,526],{},"2009",[42,528,529],{},"2.7",[42,531,532],{},"26.5",[24,534,535,538,540],{},[42,536,537],{},"2010",[42,539,237],{},[42,541,542],{},"15.1",[24,544,545,548,551],{},[42,546,547],{},"2011",[42,549,550],{},"(4.7)",[42,552,553],{},"2.1",[24,555,556,559,562],{},[42,557,558],{},"2012",[42,560,561],{},"16.8",[42,563,564],{},"16.0",[24,566,567,570,573],{},[42,568,569],{},"2013",[42,571,572],{},"32.7",[42,574,575],{},"32.4",[24,577,578,581,584],{},[42,579,580],{},"2014",[42,582,583],{},"27.0",[42,585,586],{},"13.7",[24,588,589,592,595],{},[42,590,591],{},"2015",[42,593,594],{},"(12.5)",[42,596,597],{},"1.4",[24,599,600,603,606],{},[42,601,602],{},"2016",[42,604,605],{},"23.4",[42,607,608],{},"12.0",[24,610,611,614,617],{},[42,612,613],{},"2017",[42,615,616],{},"21.9",[42,618,619],{},"21.8",[24,621,622,625,628],{},[42,623,624],{},"2018",[42,626,627],{},"2.8",[42,629,630],{},"(4.4)",[24,632,633,636,638],{},[42,634,635],{},"2019",[42,637,83],{},[42,639,640],{},"31.5",[24,642,643,646,649],{},[42,644,645],{},"2020",[42,647,648],{},"2.4",[42,650,651],{},"18.4",[24,653,654,657,660],{},[42,655,656],{},"2021",[42,658,659],{},"29.6",[42,661,468],{},[24,663,664,667,670],{},[42,665,666],{},"2022",[42,668,669],{},"4.0",[42,671,672],{},"(18.1)",[24,674,675,678,681],{},[42,676,677],{},"年复合增长率 — 1965-2022",[42,679,680],{},"19.80%",[42,682,683],{},"9.90%",[24,685,686,689,692],{},[42,687,688],{},"累计总收益 — 1964-2022",[42,690,691],{},"3,787,464%",[42,693,694],{},"24,708%",[696,697,698,702],"p",{},[699,700,701],"strong",{},"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。",[696,704,705],{},"伯克希尔·哈撒韦公司",[696,707,708],{},"致伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.) 所有股东：",[696,710,711,712,716],{},"查理·芒格 (Charlie Munger) 是我的长期搭档，我们俩的工作就是管理一大批",[713,714,715],"em",{},"个人","投资者的积蓄。我们对他们长久以来的信任深怀感激，这种关系往往贯穿了他们成年后的大半人生。在写这封信的时候，我脑海里首先浮现的就是这些矢志不渝的储蓄者。",[696,718,719],{},"有一种普遍的看法认为，人们年轻时选择存钱，指望退休后能维持生活水平。按这个理论，去世时剩下的资产通常留给家人，也许会留给朋友或慈善机构。",[696,721,722],{},"我们的经历却不太一样。我们认为，伯克希尔的个人股东大多属于”一日储蓄者，终身储蓄者”那种人。虽然他们的生活过得不错，但最终会把大部分资金捐给慈善组织。这些组织再把钱花出去，去改善与原始捐赠人毫无关系的无数人的生活。有时候，成果是惊人的。",[696,724,725],{},"金钱的去向暴露了人的品性。查理和我欣喜地看到，伯克希尔产生的大量资金源源不断地流向公共事业，与此同时，我们的股东很少去追逐炫富型资产或打造家族王朝。",[696,727,728,729,732],{},"谁",[713,730,731],{},"不","乐意为这样的股东效力呢？",[14,734,735],{"id":735},"我们做什么",[696,737,738],{},"查理和我把你们在伯克希尔的积蓄分配到两种相关的所有权形式中。第一种，我们投资于自己控制的企业，通常是100%买下。伯克希尔负责这些子公司的资本配置，并选定负责日常运营决策的CEO。管理大型企业时，信任和规章缺一不可。伯克希尔对前者的强调达到了一种非同寻常的程度——有人会说是极端的程度。失望在所难免。我们对商业上的失误可以谅解；但对个人品行问题的容忍度为零。",[696,740,741],{},"我们的第二种所有权形式，是购买公开交易的股票，由此被动地持有企业的一部分。持有这些投资时，我们在经营管理上没有发言权。",[696,743,744,745,748,749,752,753,756],{},"我们在两种所有权形式中追求的目标是一致的：对那些既有长期优良经济特质、又有值得信赖的管理层的",[713,746,747],{},"企业","进行有意义的投资。请特别注意，我们持有上市公司股票是基于对其长期",[713,750,751],{},"经营","表现的预期，而不是把它们当作灵活买卖的工具。这一点至关重要：查理和我",[713,754,755],{},"不是","选股者，我们是选企业的人。",[696,758,759],{},"这些年来，我犯了很多错误。因此，我们目前广泛的企业群中包括：少数经济效益真正卓越的公司，许多经济特质很不错的公司，还有一大批表现平平的公司。一路走来，我投资过的其他企业有些已经倒闭了，它们的产品被公众抛弃。资本主义有两面性：这个体系在不断堆积越来越多的失败者的同时，也源源不断地提供更好的商品和服务。熊彼特 (Schumpeter) 把这种现象称为”创造性破坏”。",[696,761,762,763,766],{},"我们上市公司股票组合的一个优势在于——虽然不是一直有——偶尔你可以用极好的价格买到",[713,764,765],{},"一小块","极好的企业。关键要明白一点：股票的交易价格经常荒唐可笑，无论是过高还是过低。“有效”市场只存在于教科书里。事实上，有价证券的行为令人困惑，往往要事后回头看才能理解。",[696,768,769],{},"控股企业则是另一回事。它们有时候被标上高得离谱的价格，但几乎从来不会以便宜的估值出售。除非迫不得已，控股企业的主人根本不会考虑以恐慌性估值卖出。",[771,772],"hr",{},[696,774,775],{},"说到这里，我该给自己亮亮成绩单了：在管理伯克希尔的58年里，我的大部分资本配置决策都只能算马马虎虎。有时候，我的臭棋还是靠大把运气才被救回来的。（还记得我们在全美航空 (USAir) 和所罗门兄弟 (Salomon) 的险些灾难中死里逃生吗？我可记得清清楚楚。）",[696,777,778,779,782],{},"我们之所以能取得令人满意的业绩，靠的是大约十几个真正正确的决定——大约每五年一个——",[713,780,781],{},"再加上","一个有时被人遗忘的优势，而这个优势偏偏眷顾像伯克希尔这样的长期投资者。让我们掀开幕布瞧一瞧。",[14,784,785],{"id":785},"秘密武器",[696,787,788,789,792],{},"1994年8月——没错，1994年——伯克希尔",[713,790,791],{},"完成了","对我们现在持有的4亿股可口可乐 (Coca-Cola) 的七年期收购。总成本为13亿美元——这在当时的伯克希尔是一笔相当大的数目。",[696,794,795,796,799],{},"1994年我们从可口可乐收到的现金股息是7,500万美元。到2022年，这笔股息增长到了",[713,797,798],{},"7.04亿","美元。年年增长，跟过生日一样确定。查理和我需要做的全部事情就是去兑现可口可乐的季度股息支票。我们预计这些支票很可能还会继续增长。",[696,801,802,803,806],{},"美国运通 (American Express) 的故事大同小异。伯克希尔对美国运通的购买基本在1995年完成，巧得很，成本也是13亿美元。从这笔投资获得的年度股息从4,100万美元增长到了",[713,804,805],{},"3.02亿","美元。这些支票的金额看起来也极有可能继续增加。",[696,808,809,810,813],{},"这些股息增长虽然令人欣慰，却",[713,811,812],{},"远","谈不上惊天动地。但它们附带了股价的大幅上涨。到年底，我们对可口可乐的投资市值为250亿美元，美国运通的市值为220亿美元。两项持仓各自约占伯克希尔净资产的5%，跟很久以前的权重差不多。",[696,815,816],{},"假设一下，我在上世纪90年代犯了一个规模类似的投资错误，这笔投资原地踏步，在2022年仍然只值13亿美元（比如一只30年期高等级债券）。如今，这笔令人失望的投资在伯克希尔净资产中只占微不足道的0.3%，每年给我们带来的收入也只是不变的8,000万美元左右。",[696,818,819],{},"给投资者的启示是：花儿盛开之时，杂草的分量自然就不值一提了。假以时日，只需要几个赢家就能创造奇迹。当然了，早点起步、活到90多岁也有帮助。",[14,821,822],{"id":822},"过去一年简述",[696,824,825,826,829,830,833,834,837],{},"伯克希尔2022年的表现不错。公司的",[713,827,828],{},"经营收益","——我们用这个词来指按通用会计准则 (GAAP) 计算、但",[713,831,832],{},"剔除","股票持仓资本利得或损失后的利润——创下了308亿美元的纪录。查理和我聚焦于这个经营数字，也敦促你们这样做。如果",[713,835,836],{},"不做我们这种调整","，GAAP利润在每个报告日都会剧烈而无常地波动。看看它在2022年那翻跟头一般的表现吧，而这其实并不罕见：",[18,839,840,853],{},[21,841,842],{},[24,843,844,847,850],{},[27,845,846],{},"2022年季度",[27,848,849],{},"“经营收益”（十亿美元）",[27,851,852],{},"我们被要求报告的GAAP收益（十亿美元）",[37,854,855,865,876,886],{},[24,856,857,860,863],{},[42,858,859],{},"一季度",[42,861,862],{},"7.0",[42,864,510],{},[24,866,867,870,873],{},[42,868,869],{},"二季度",[42,871,872],{},"9.3",[42,874,875],{},"(43.8)",[24,877,878,881,884],{},[42,879,880],{},"三季度",[42,882,883],{},"7.8",[42,885,256],{},[24,887,888,891,894],{},[42,889,890],{},"四季度",[42,892,893],{},"6.7",[42,895,204],{},[696,897,898],{},"无论从季度还是年度来看，GAAP收益数字都是百分之百误导人的。毫无疑问，在过去几十年里，资本利得对伯克希尔极为重要，我们也预计在未来几十年里它们仍将是显著的正面贡献。但它们季度间的上蹿下跳被媒体例行公事又不动脑子地做成头条，完全误导了投资者。",[696,900,901],{},"伯克希尔去年的第二个积极进展，是我们收购了由乔·布兰登 (Joe Brandon) 掌舵的财产意外险公司阿勒格尼 (Alleghany Corporation)。我以前跟乔共事过，他既懂伯克希尔，也懂保险。阿勒格尼对我们有特殊价值，因为伯克希尔无与伦比的财务实力使其保险子公司能够采取几乎所有竞争对手都无法效仿的、有价值且持久的投资策略。",[696,903,904,905,908,909,912],{},"在阿勒格尼的助力下，我们的浮存金在2022年从1,470亿美元增长到了1,640亿美元。凭借严格的承保纪律，这些资金长期来看很有可能实现",[713,906,907],{},"零成本","。自1967年收购第一家财产意外险公司以来，通过收购、运营和创新，伯克希尔的浮存金增长了8,000倍。虽然在我们的财务报表中",[713,910,911],{},"没有","得到确认，但这笔浮存金对伯克希尔来说是一笔了不起的资产。新股东可以通过阅读A-2页我们每年更新的浮存金说明来了解其价值。",[771,914],{},[696,916,917,918,921],{},"2022年，通过伯克希尔自身的股票回购以及苹果 (Apple) 和美国运通的类似举措（这两家都是我们的重要投资对象），每股内在价值获得了",[713,919,920],{},"非常小","的增长。在伯克希尔这边，我们通过回购公司1.2%的流通股，直接增加了各位在我们独特企业组合中的权益。在苹果和美国运通那边，回购在我们没有花一分钱的情况下增加了伯克希尔的持股比例。",[696,923,924,925,928,929,932,933,936,937,940,941,944],{},"计算并不复杂：当总股数减少时，",[713,926,927],{},"你","在我们众多企业中的权益就",[713,930,931],{},"上升","了。",[713,934,935],{},"只要回购是在增值价格上进行的","，每一点都有帮助。同样确定的是，当一家公司为回购支付了过高的价格时，继续持有股票的股东就会",[713,938,939],{},"亏损","。到那时候，获益的只有",[713,942,943],{},"卖出","股票的股东，以及那些态度友好但收费昂贵、建议了这桩蠢事的投资银行家。",[696,946,947,948,951,952,955],{},"应该强调的是，以增值价格进行的回购在",[713,949,950],{},"每一个","方面都有利于",[713,953,954],{},"所有","股东。请想象一下，当地一家汽车经销商有三位消息完全透明的股东，其中一位负责管理经营。再想象一下，其中一位被动股东想把自己的权益以一个对两位继续持有的股东来说很有吸引力的价格卖回给公司。交易完成后，有谁受到了伤害吗？那位管理者是不是比另一位继续持股的被动股东更占便宜了？公众利益受损了吗？",[696,957,958,959,961,962,965,966,968,969,971],{},"当有人告诉你，",[713,960,954],{},"回购都对股东",[713,963,964],{},"或者","对国家有害，",[713,967,964],{},"对CEO特别有利时，你听到的要么是一个经济文盲在说话，要么是一个巧舌如簧的蛊惑者在说话（这两个身份并",[713,970,731],{},"互相排斥）。",[696,973,974,975,978],{},"伯克希尔2022年运营的详尽细节列在K-33到K-66页上。查理和我以及伯克希尔的许多股东，都喜欢细细研读那一部分的大量事实和数字。但那些页面",[713,976,977],{},"并非","必读。在伯克希尔的股东中，有许多身家数千万乃至数十亿美元的人从来没有研究过我们的财务数据。他们只是知道查理和我——连同我们的家人和至亲好友——持续在伯克希尔保有非常大的投资，他们相信我们会像对待自己的钱一样对待他们的钱。",[696,980,981,984],{},[713,982,983],{},"这","是我们可以做出的承诺。",[771,986],{},[696,988,989,990,992],{},"最后，一个重要的警告：即使是我们偏好的",[713,991,751],{},"收益数字，也很容易被有心操纵的管理者所篡改。CEO们、董事们和他们的顾问往往认为这种手脚很高明。记者和分析师也欣然接受它的存在。超”预期”的利润被吹嘘为管理层的胜利。",[696,994,995],{},"这种行为令人作呕。操纵数字不需要什么才华，只需要一颗满心想要欺骗的心。一位CEO曾对我如此描述他的欺骗手法——“大胆而富有想象力的会计”——这已经成为资本主义的耻辱之一。",[14,997,999],{"id":998},"_58年和几个数字","58年——和几个数字",[696,1001,1002],{},"1965年，伯克希尔还只是一匹只会一招的马，拥有一家令人尊敬但注定走向末路的新英格兰纺织企业。这项业务正走在死亡的行军路上，伯克希尔急需一个新的开始。回头来看，我当时迟迟没有意识到问题的严重性。",[696,1004,1005],{},"然后来了一记好运：1967年，国民保险公司 (National Indemnity) 出现了收购机会，我们便将资源转向了保险和其他非纺织业务。",[696,1007,1008,1009,1012,1013,1016,1017,1020],{},"就这样开始了我们通往2023年的旅程。这是一条颠簸的路，一路上汇聚了几重因素：我们股东",[713,1010,1011],{},"持续","的储蓄（也就是利润的留存再投资），复利的力量，对",[713,1014,1015],{},"重大","失误的规避——以及最重要的——美国顺风。没有伯克希尔，美国照样行；反过来可",[713,1018,1019],{},"不成","。",[696,1022,1023],{},"伯克希尔如今拥有一个无与伦比的庞大多元化企业集合。让我们先来看看每天在纳斯达克 (NASDAQ)、纽约证券交易所 (NYSE) 及相关市场交易的约5,000家上市公司。标普500指数 (S&P 500) 的成分股就在这个群体之中，那是美国大型知名企业的精英俱乐部。",[696,1025,1026],{},"这500家公司在2021年合计赚了1.8万亿美元。我还没拿到2022年的最终数据。因此，用2021年的数字来看，500强中只有128家（包括伯克希尔自己）的利润达到或超过30亿美元。事实上，有23家还在亏钱。",[696,1028,1029,1030,1033],{},"截至2022年底，伯克希尔是其中",[713,1031,1032],{},"八家","巨头的最大股东：美国运通 (American Express)、美国银行 (Bank of America)、雪佛龙 (Chevron)、可口可乐 (Coca-Cola)、惠普 (HP Inc.)、穆迪 (Moody’s)、西方石油 (Occidental Petroleum) 和派拉蒙全球 (Paramount Global)。",[696,1035,1036],{},"除了这八家被投资公司之外，伯克希尔还100%持有BNSF铁路 (Burlington Northern Santa Fe)、92%持有伯克希尔·哈撒韦能源 (BHE)，两家公司的利润均超过上面提到的30亿美元门槛（BNSF为59亿美元，BHE为43亿美元）。如果这两家是上市公司，它们将替换掉现有标普500中的两个成员。总而言之，我们十家控股和非控股巨头使伯克希尔与美国经济的未来绑定的广度，超过了美国任何其他公司。（这一计算不包括养老基金和投资公司等”受托”业务。）此外，伯克希尔的保险业务虽然通过多家独立管理的子公司经营，但其价值与BNSF或BHE相当。",[696,1038,1039,1040,1043],{},"至于未来，伯克希尔将始终持有大量现金和美国国债，以及广泛多样的业务。我们还将避免任何可能在不方便的时候——包括金融恐慌和前所未有的保险损失——导致现金吃紧的行为。我们的CEO将永远兼任首席风险官——把这项职责委托给别人是不负责任的。此外，我们未来的CEO都会用自己的钱购买伯克希尔的股票，使之成为个人净资产的重要组成部分。",[713,1041,1042],{},"而且","没错，我们的股东将继续通过公司留存收益来积累财富、日益兴旺。",[696,1045,1046],{},"在伯克希尔，没有终点线。",[14,1048,1049],{"id":1049},"关于联邦税收的一些惊人事实",[696,1051,1052],{},"在截至2021年的十年间，美国财政部收到了大约32.3万亿美元的税款，同期支出了43.9万亿美元。",[696,1054,1055,1056,1059],{},"尽管经济学家、政治家和许多公众对这一巨大失衡的后果各执己见，查理和我只能说自己一无所知，而且我们坚信，对短期经济和市场的预测比一无用处还不如。我们的工作是管理好伯克希尔的运营和财务，使其长期能取得可接受的业绩，并在金融恐慌或严重的全球衰退来袭时保有公司无与伦比的生存能力。伯克希尔也能在一定程度上抵御通货膨胀的失控，但这个属性",[713,1057,1058],{},"远非","完美。巨额且根深蒂固的财政赤字是有后果的。",[696,1061,1062,1063,1066],{},"32万亿美元的收入来自：个人所得税（48%）、社会保障及相关缴款（34.5%）、企业所得税（8.5%），以及各种较小的税种。在这十年里，伯克希尔通过企业所得税贡献了320亿美元，几乎恰好是财政部",[713,1064,1065],{},"全部","税收总额的千分之一。",[696,1068,1069,1070,1073],{},"这意味着——请坐稳了——如果美国有大约1,000个纳税人也缴纳与伯克希尔同等金额的税款，那么其他所有企业、以及全国1.31亿户家庭都不需要向联邦政府缴",[713,1071,1072],{},"一分钱","税。一分钱都不用。",[771,1075],{},[696,1077,1078],{},"百万、十亿、万亿——这些词我们都认识，但涉及的金额几乎无法想象。让我们给这些数字赋予物理维度：",[1080,1081,1082,1086,1089],"ul",{},[1083,1084,1085],"li",{},"如果你把100万美元换成崭新的百元大钞，那叠钞票能堆到你的胸口。",[1083,1087,1088],{},"用10亿美元做同样的事——这下可越来越刺激了！——那叠钞票能直冲天际约四分之三英里。",[1083,1090,1091],{},"最后，想象一下把320亿美元堆起来——也就是伯克希尔2012年到2021年缴纳的联邦所得税总额。这回，那叠钞票的高度超过了21英里，大约是商用飞机通常巡航高度的三倍。",[696,1093,1094],{},"谈到联邦税收，伯克希尔的股东可以理直气壮地说：“我在公司那儿已经交过了。”",[771,1096],{},[696,1098,1099,1100,1103,1104,1107],{},"在伯克希尔，我们",[713,1101,1102],{},"希望也预期","在未来十年缴纳更多的税。我们亏欠这个国家的一点也不比这少：美国的活力对伯克希尔取得的任何成就都贡献巨大——这种贡献是伯克希尔永远需要的。我们",[713,1105,1106],{},"依靠","的是美国顺风，尽管它有时会歇一歇，但它的推动力总会重新归来。",[696,1109,1110],{},"我已经投资了80年——超过我们国家历史的三分之一。尽管美国人民有自我批评和自我怀疑的偏好——几乎可以说是热情——但我从未见过哪个时候长期做空美国是明智的。我也非常怀疑这封信的读者将来会有不同的经历。",[14,1112,1113],{"id":1113},"没有什么比拥有一位好搭档更棒的了",[696,1115,1116],{},"查理和我的想法基本一致。但我要花一整页纸才能说清的道理，他一句话就总结了。而且他的版本总是推理更清晰、表达更精妙——有人可能还会加一句——更直截了当。",[696,1118,1119],{},"以下是他的一些想法，其中许多摘自最近的一期播客：",[1080,1121,1122,1125,1128,1131,1134,1137,1140,1143,1146,1149,1152,1155,1158,1164,1167],{},[1083,1123,1124],{},"世界上到处是愚蠢的赌徒，他们的回报比不上有耐心的投资者。",[1083,1126,1127],{},"如果你不能如实地看待这个世界，那就像透过一面扭曲的镜片在判断事物。",[1083,1129,1130],{},"我只想知道我会死在哪里，这样我就永远不去那个地方。一个相关的想法：趁早写下你理想中的讣告——然后照着去活。",[1083,1132,1133],{},"如果你根本不在乎自己是不是理性的，你就不会去修炼理性。然后你就会一直不理性，结果一塌糊涂。",[1083,1135,1136],{},"耐心是可以学会的。注意力持久、能长时间专注于一件事情，是一项巨大的优势。",[1083,1138,1139],{},"你可以从逝去的人身上学到很多。去读你景仰的和你鄙视的故人的事迹。",[1083,1141,1142],{},"如果你能游到一艘完好的船上，就别待在正在下沉的船里拼命舀水了。",[1083,1144,1145],{},"一家伟大的公司在你退出之后还能照常运转；一家平庸的公司做不到。",[1083,1147,1148],{},"沃伦和我不去理会市场上的泡沫。我们寻找好的长期投资，然后死死抱住不放。",[1083,1150,1151],{},"本·格雷厄姆 (Ben Graham) 说过：“短期来看，股市是一台投票机；长期来看，它是一台称重机。”如果你持续让某样东西变得更有价值，总会有聪明人注意到，然后开始买入。",[1083,1153,1154],{},"投资没有百分之百确定的事。因此，使用杠杆是危险的。一串绝妙的数字乘以零，永远等于零。别指望能发两次财。",[1083,1156,1157],{},"不过，要致富并不需要拥有很多东西。",[1083,1159,1160,1161,1163],{},"如果你想成为一名伟大的投资者，就必须持续学习。当世界变了，",[713,1162,927],{},"也必须跟着变。",[1083,1165,1166],{},"沃伦和我讨厌铁路股讨厌了几十年，但世界变了，最终美国有了四条对经济至关重要的大型铁路。我们迟迟没有认识到这种变化，但迟到总比不到好。",[1083,1168,1169,1170,1173],{},"最后，",[713,1171,1172],{},"我","要补上查理的两句话，几十年来它们一直是他拍板定案的杀手锏：“沃伦，再想想吧。你很聪明，但我是对的。”",[696,1175,1176],{},"就这样。每次和查理通电话，我都会学到新东西。而且，在让我思考的同时，他也让我开怀大笑。",[771,1178],{},[696,1180,1181,1182,1185],{},"我要在查理的清单上加上自己的一条准则：找一位非常聪明、品格高尚的搭档——最好比你年长一点——然后",[713,1183,1184],{},"非常","用心地听他说的话。",[14,1187,1188],{"id":1188},"奥马哈的家庭聚会",[696,1190,1191],{},"查理和我是不知羞的。去年，在我们三年来的第一次股东大会上，我们一如既往地使出了推销手段来迎接大家。",[696,1193,1194,1195,1198],{},"从开门的那一刻起，我们就直奔你们的钱包。没一会儿，我们的喜诗糖果 (See’s Candies) 柜台就卖给你们",[713,1196,1197],{},"11吨","营养丰富的花生脆糖和巧克力。在我们堪比马戏团大王巴纳姆 (P.T. Barnum) 的推销话术中，我们向你们许诺了长寿。毕竟，除了喜诗的糖果，还有什么能解释查理和我分别活到了99岁和92岁呢？",[696,1200,1201],{},"我知道你们迫不及待想听去年推销活动的具体战果。",[696,1203,1204],{},"周五，大门从中午开到下午5点，我们的糖果柜台完成了2,690笔个人销售。周六上午7点到下午4点半之间，喜诗又登记了3,931笔交易——要知道，在9个半小时的营业时间里，有6个半小时正在播放电影和进行问答环节，商业客流量大受限制。",[696,1206,1207],{},"算算吧：在黄金营业时间里，喜诗大约每分钟成交10笔（两天合计销售额400,309美元），所有商品在同一地点销售，产品在101年里基本没有变过。在亨利·福特 (Henry Ford) 的T型车时代管用的方法，现在依然管用。",[771,1209],{},[696,1211,1212],{},"查理、我和整个伯克希尔大家庭期待着5月5日至6日在奥马哈与大家见面。我们会玩得很开心，你们也一样。",[696,1214,1215],{},"2023年2月25日",[696,1217,1218],{},"沃伦·E·巴菲特 (Warren E. Buffett) 董事会主席",{"title":1220,"searchDepth":1221,"depth":1221,"links":1222},"",2,[1223,1225,1226,1227,1228,1229,1230,1231],{"id":16,"depth":1224,"text":16},3,{"id":735,"depth":1224,"text":735},{"id":785,"depth":1224,"text":785},{"id":822,"depth":1224,"text":822},{"id":998,"depth":1224,"text":999},{"id":1049,"depth":1224,"text":1049},{"id":1113,"depth":1224,"text":1113},{"id":1188,"depth":1224,"text":1188},"致股东信",null,"2022年巴菲特致股东信，分析股市大跌、苹果投资、保险业务承保利润及继任安排","md",{},true,95,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F2022-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":1234},"2022 巴菲特致股东信｜巴菲特","2022-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002Fgu-dong-xin\u002F2022-ba-fei-te-zhi-gu-dong-xin","-YS_oGwcmHU5zh42QxgdUelCqdZSAR3x6vIkqXDgzc0","buffett",[1247,1252,1256,1260,1263,1266,1269,1272,1275,1278,1282,1285,1288,1292,1295,1298,1302,1305,1308,1312,1315,1318,1322,1325,1328,1332,1335,1338,1342,1345,1348,1352,1355,1358,1362,1365,1368,1372,1375,1378,1382,1385,1388,1392,1395,1398,1402,1405,1408,1412,1415,1418,1422,1425,1428,1432,1435,1438,1442,1445,1448,1452,1455,1458,1462,1465,1468,1472,1475,1478,1482,1485,1488,1492,1495,1498,1502,1505,1508,1512,1515,1518,1522,1525,1528,1532,1535,1538,1542,1545,1548,1552,1555,1558,1562,1565,1568,1572,1575,1578,1582,1585,1589,1592,1596,1599,1603,1606,1610,1613,1617,1620,1624,1627,1631,1634,1638,1641,1645,1648,1652,1655,1659,1662,1666,1669,1673,1676,1680,1683,1687,1690,1694,1697,1701,1704,1708,1711,1715,1718,1722,1725,1729,1732,1736,1739,1743,1746,1750,1753,1757,1760,1764,1767,1771,1774,1778,1781,1785,1788,1792,1795,1799,1802,1806,1809,1813,1816,1820,1823,1827,1830,1834,1837,1841,1844,1848,1851,1855,1858,1862,1865,1869,1872,1876,1879,1883,1886,1890,1893,1897,1900,1904,1907,1911,1914,1918,1921,1925,1928,1932,1935,1939,1942,1946,1949,1953,1956,1960,1963,1967,1970,1974,1977,1981,1984,1988,1991,1995,1998,2002,2005,2006,2009,2013,2016,2020,2023,2027,2030,2034,2037,2041,2044,2048,2052,2056,2060,2064,2068,2072,2076,2080,2084,2088,2092,2096,2100,2104,2108,2112,2116,2120,2124,2128,2132,2136,2140,2144,2148,2152,2156,2160,2164,2168,2172,2176,2180,2184,2188,2192,2196,2200,2204,2208,2212,2216,2220,2224,2228,2232,2236,2240,2244],{"title":1248,"slug":1249,"category":1250,"order":1251},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi","致合伙人信",1,{"title":1253,"slug":1254,"category":1255,"order":1251},"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":1257,"slug":1258,"category":1259,"order":1251},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":1261,"slug":1262,"category":1250,"order":1221},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":1264,"slug":1265,"category":1255,"order":1221},"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":1267,"slug":1268,"category":1259,"order":1221},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1270,"slug":1271,"category":1250,"order":1224},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":1273,"slug":1274,"category":1255,"order":1224},"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":1276,"slug":1277,"category":1259,"order":1224},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1279,"slug":1280,"category":1250,"order":1281},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":1283,"slug":1284,"category":1255,"order":1281},"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":1286,"slug":1287,"category":1259,"order":1281},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1289,"slug":1290,"category":1250,"order":1291},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":1293,"slug":1294,"category":1255,"order":1291},"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":1296,"slug":1297,"category":1259,"order":1291},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1299,"slug":1300,"category":1250,"order":1301},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":1303,"slug":1304,"category":1255,"order":1301},"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":1306,"slug":1307,"category":1259,"order":1301},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1309,"slug":1310,"category":1250,"order":1311},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":1313,"slug":1314,"category":1255,"order":1311},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":1316,"slug":1317,"category":1259,"order":1311},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1319,"slug":1320,"category":1250,"order":1321},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":1323,"slug":1324,"category":1255,"order":1321},"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":1326,"slug":1327,"category":1259,"order":1321},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1329,"slug":1330,"category":1250,"order":1331},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":1333,"slug":1334,"category":1255,"order":1331},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":1336,"slug":1337,"category":1259,"order":1331},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1339,"slug":1340,"category":1250,"order":1341},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":1343,"slug":1344,"category":1255,"order":1341},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":1346,"slug":1347,"category":1259,"order":1341},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1349,"slug":1350,"category":1250,"order":1351},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":1353,"slug":1354,"category":1255,"order":1351},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":1356,"slug":1357,"category":1259,"order":1351},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1359,"slug":1360,"category":1250,"order":1361},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":1363,"slug":1364,"category":1255,"order":1361},"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":1366,"slug":1367,"category":1259,"order":1361},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":1369,"slug":1370,"category":1250,"order":1371},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":1373,"slug":1374,"category":1255,"order":1371},"巴菲特：1983年向Rose Blumkin 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巴菲特致股东信","1972-ba-fei-te-zhi-gu-dong-xin",43,{"title":1646,"slug":1647,"category":1255,"order":1644},"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":1649,"slug":1650,"category":1232,"order":1651},"1973 巴菲特致股东信","1973-ba-fei-te-zhi-gu-dong-xin",44,{"title":1653,"slug":1654,"category":1255,"order":1651},"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":1656,"slug":1657,"category":1232,"order":1658},"1974 巴菲特致股东信","1974-ba-fei-te-zhi-gu-dong-xin",45,{"title":1660,"slug":1661,"category":1255,"order":1658},"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":1663,"slug":1664,"category":1232,"order":1665},"1975 巴菲特致股东信","1975-ba-fei-te-zhi-gu-dong-xin",46,{"title":1667,"slug":1668,"category":1255,"order":1665},"巴菲特：2003年对话田纳西大学学生","ba-fei-te-2003nian-dui-hua-tian-na-xi-da-xue-xue-sheng",{"title":1670,"slug":1671,"category":1232,"order":1672},"1976 巴菲特致股东信","1976-ba-fei-te-zhi-gu-dong-xin",47,{"title":1674,"slug":1675,"category":1255,"order":1672},"巴菲特：2003年我为什么不看好美元","ba-fei-te-2003nian-wo-wei-shi-me-bu-kan-hao-mei-yuan",{"title":1677,"slug":1678,"category":1232,"order":1679},"1977 巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":1681,"slug":1682,"category":1255,"order":1679},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":1684,"slug":1685,"category":1232,"order":1686},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":1688,"slug":1689,"category":1255,"order":1686},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":1691,"slug":1692,"category":1232,"order":1693},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":1695,"slug":1696,"category":1255,"order":1693},"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":1698,"slug":1699,"category":1232,"order":1700},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":1702,"slug":1703,"category":1255,"order":1700},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":1705,"slug":1706,"category":1232,"order":1707},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":1709,"slug":1710,"category":1255,"order":1707},"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":1712,"slug":1713,"category":1232,"order":1714},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":1716,"slug":1717,"category":1255,"order":1714},"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":1719,"slug":1720,"category":1232,"order":1721},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":1723,"slug":1724,"category":1255,"order":1721},"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":1726,"slug":1727,"category":1232,"order":1728},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":1730,"slug":1731,"category":1255,"order":1728},"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":1733,"slug":1734,"category":1232,"order":1735},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":1737,"slug":1738,"category":1255,"order":1735},"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":1740,"slug":1741,"category":1232,"order":1742},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":1744,"slug":1745,"category":1255,"order":1742},"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":1747,"slug":1748,"category":1232,"order":1749},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":1751,"slug":1752,"category":1255,"order":1749},"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":1754,"slug":1755,"category":1232,"order":1756},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":1758,"slug":1759,"category":1255,"order":1756},"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":1761,"slug":1762,"category":1232,"order":1763},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":1765,"slug":1766,"category":1255,"order":1763},"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":1768,"slug":1769,"category":1232,"order":1770},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":1772,"slug":1773,"category":1255,"order":1770},"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":1775,"slug":1776,"category":1232,"order":1777},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":1779,"slug":1780,"category":1255,"order":1777},"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":1782,"slug":1783,"category":1232,"order":1784},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":1786,"slug":1787,"category":1255,"order":1784},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":1789,"slug":1790,"category":1232,"order":1791},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":1793,"slug":1794,"category":1255,"order":1791},"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":1796,"slug":1797,"category":1232,"order":1798},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":1800,"slug":1801,"category":1255,"order":1798},"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":1803,"slug":1804,"category":1232,"order":1805},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":1807,"slug":1808,"category":1255,"order":1805},"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":1810,"slug":1811,"category":1232,"order":1812},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":1814,"slug":1815,"category":1255,"order":1812},"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":1817,"slug":1818,"category":1232,"order":1819},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":1821,"slug":1822,"category":1255,"order":1819},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":1824,"slug":1825,"category":1232,"order":1826},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":1828,"slug":1829,"category":1255,"order":1826},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":1831,"slug":1832,"category":1232,"order":1833},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":1835,"slug":1836,"category":1255,"order":1833},"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":1838,"slug":1839,"category":1232,"order":1840},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":1842,"slug":1843,"category":1255,"order":1840},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":1845,"slug":1846,"category":1232,"order":1847},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":1849,"slug":1850,"category":1255,"order":1847},"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":1852,"slug":1853,"category":1232,"order":1854},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":1856,"slug":1857,"category":1255,"order":1854},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":1859,"slug":1860,"category":1232,"order":1861},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":1863,"slug":1864,"category":1255,"order":1861},"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":1866,"slug":1867,"category":1232,"order":1868},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":1870,"slug":1871,"category":1255,"order":1868},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":1873,"slug":1874,"category":1232,"order":1875},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":1877,"slug":1878,"category":1255,"order":1875},"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":1880,"slug":1881,"category":1232,"order":1882},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":1884,"slug":1885,"category":1255,"order":1882},"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":1887,"slug":1888,"category":1232,"order":1889},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":1891,"slug":1892,"category":1255,"order":1889},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":1894,"slug":1895,"category":1232,"order":1896},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":1898,"slug":1899,"category":1255,"order":1896},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":1901,"slug":1902,"category":1232,"order":1903},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":1905,"slug":1906,"category":1255,"order":1903},"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":1908,"slug":1909,"category":1232,"order":1910},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":1912,"slug":1913,"category":1255,"order":1910},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":1915,"slug":1916,"category":1232,"order":1917},"2011 巴菲特致股东信","2011-ba-fei-te-zhi-gu-dong-xin",82,{"title":1919,"slug":1920,"category":1255,"order":1917},"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":1922,"slug":1923,"category":1232,"order":1924},"2012 巴菲特致股东信","2012-ba-fei-te-zhi-gu-dong-xin",83,{"title":1926,"slug":1927,"category":1255,"order":1924},"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":1929,"slug":1930,"category":1232,"order":1931},"2013 巴菲特致股东信","2013-ba-fei-te-zhi-gu-dong-xin",84,{"title":1933,"slug":1934,"category":1255,"order":1931},"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":1936,"slug":1937,"category":1232,"order":1938},"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":1940,"slug":1941,"category":1255,"order":1938},"巴菲特：2009年收购BNSF 铁路","ba-fei-te-2009nian-shou-gou-bnsf-tie-lu",{"title":1943,"slug":1944,"category":1232,"order":1945},"2014 副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":1947,"slug":1948,"category":1255,"order":1945},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":1950,"slug":1951,"category":1232,"order":1952},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":1954,"slug":1955,"category":1255,"order":1952},"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":1957,"slug":1958,"category":1232,"order":1959},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":1961,"slug":1962,"category":1255,"order":1959},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":1964,"slug":1965,"category":1232,"order":1966},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":1968,"slug":1969,"category":1255,"order":1966},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":1971,"slug":1972,"category":1232,"order":1973},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":1975,"slug":1976,"category":1255,"order":1973},"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":1978,"slug":1979,"category":1232,"order":1980},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":1982,"slug":1983,"category":1255,"order":1980},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":1985,"slug":1986,"category":1232,"order":1987},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":1989,"slug":1990,"category":1255,"order":1987},"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":1992,"slug":1993,"category":1232,"order":1994},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":1996,"slug":1997,"category":1255,"order":1994},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":1999,"slug":2000,"category":1232,"order":2001},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":2003,"slug":2004,"category":1255,"order":2001},"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":5,"slug":1242,"category":1232,"order":1238},{"title":2007,"slug":2008,"category":1255,"order":1238},"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":2010,"slug":2011,"category":1232,"order":2012},"2023 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