[{"data":1,"prerenderedAt":1656},["ShallowReactive",2],{"library-ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian":3,"library-sidebar-buffett":119,"library-sidebar-dao":1122,"library-sidebar-models":1424},{"id":4,"title":5,"body":6,"category":105,"date":106,"description":107,"extension":108,"meta":109,"navigation":110,"order":111,"path":112,"seo":113,"seoDescription":107,"seoTitle":114,"slug":115,"stem":116,"__hash__":117,"_collection":118},"buffett\u002Fbuffett\u002Finterview\u002Fba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian.md","巴菲特：1951年最看好的股票：GEICO 保险",{"type":7,"value":8,"toc":102},"minimark",[9,13,17,20,27,32,35,38,45,52,59,65,68,74,77,83,86,89,96],[10,11,5],"h1",{"id":12},"巴菲特1951年最看好的股票geico-保险",[14,15,16],"p",{},"在经济繁荣、就业充分、公司盈利和股息都创下新高的背景下，股票的价格不可能低迷。过去五年里，这波经济繁荣势头强劲，几乎没遇到丝毫阻碍，大多数行业都借着这波经济繁荣而兴旺发达。",[14,18,19],{},"汽车保险行业却没分享到经济繁荣的好处。二战结束后的一段时间里，汽车保险行业陷入巨亏。1949 年，情况开始好转。1950 年，财产保险公司再次遭遇重挫，承保收益接近过去15 年的最低水平。最近财产保险公司发布的业绩乏善可陈，特别是有大量汽车保险业务的，在牛市中热情高涨的人们对保险公司的股票了无兴趣。按正常盈利能力和资产因素衡量，许多财产保险公司的股票被低估了。",[14,21,22,26],{},[23,24,25],"strong",{},"汽车保险是一个受周期波动影响很小的行业","。对于绝大多数投保人来说，汽车保险是必须买的。投保人每年都要续保，保险公司根据去年的出险情况调整保费。从1945 年到1951 年，保费的增长速度低于物价上涨速度，导致汽车保险公司陷入困境。将来物价降下来，情况会有所好转。",[14,28,29],{},[23,30,31],{},"这个行业有很多优势，例如，没有存货、不需要收账、不需要雇佣大量劳动力，不需要原材料，也不存在产品过时和设备过时的问题。",[14,33,34],{},"GEICO 保险(Government Employes Insurance Co.,政府雇员保险公司)成立于30 年代中期，在全国范围内经营汽车保险业务，符合标准的目标客户包括：(1)联邦政府、州政府和市政府的公务员；(2)现役和后备军官以及工资标准为前三等级的士兵；(3)服役期间符合标准的退伍军人；(4)公司的老客户；(5)大中专院校的教师员工；(6)专门从事国防工作的政府雇员；(7)公司的股东。",[14,36,37],{},"GEICO 保险不聘请保险代理人，也不设分公司。因此，它的标准汽车保险合同的保费最多比一般保险公司的保费便宜30%。收到理赔后，该公司遍布全国的500 多位业务员能快速处理。",[14,39,40,41,44],{},"\"成长型公司\"这个词这几年已经被用烂了。在比较宽松的竞争环境中，",[23,42,43],{},"许多公司销售额增速还赶不上通货膨胀，竟然也被称为成长型公司","。如下列数据所示，GEICO 保险是名副其实的成长型公司。",[14,46,47],{},[48,49],"img",{"alt":50,"src":51},"","\u002Fcontent\u002Fbuffett\u002Finterview\u002Fimages\u002Fimage_-2829505434544479051.png",[14,53,54,55,58],{},"没错，昨天的成长无法为今天的投资者带来利润。",[23,56,57],{},"但是，有充分的理由可以相信，GEICO 保险的成长潜力还远远没有释放出来","。1950 年以前，在美国包括华盛顿特区和夏威夷在内的50 个行政辖区内，该公司仅在其中的 15 个行政辖区获得了牌照。1950 年年初，它在纽约州只有不到3000 个投保人。纽约州人口密集，保费价格比人口稀少的州更高，GEICO 保险应该更有竞争力。",[14,60,61,64],{},[23,62,63],{},"当经济不景气、价格竞争加剧时，GEICO 保险凭借更低的保费肯定能比竞争对手获得更多生意","。随着通货膨胀加剧，保费越来越高，GEICO 保险实际为投保人节省的保费金额也越来越高。",[14,66,67],{},"GEICO 保险不设代理，所以没有压力，完全可以拒绝不合格的申请人、不续签风险较高的保单。有些州的保费太低，它可以暂时先不在这些州做生意。",[14,69,70,73],{},[23,71,72],{},"GEICO 保险最诱人的地方或许是它超高的利润率","。1949 年，GEICO 保险的承保利润与满期保费之比是27.5%。按照贝氏评级报告统计，135 家财产保险和担保公司的这一数据平均值为-3.7%。1950 年，整个行业都不景气，贝氏评级报告统计的行业利润率下降到3.0%，GEICO 保险的利润率也下降了，但仍然高达18.0%。GEICO 保险不是所有意外保险都做，但是人身伤害保险和财产损失保险在它的业务中所占比重较大，这两项业务的盈利能力都比较差。它还承销了大量车辆碰撞保险，这部分业务1950 年的盈利能力较强。",[14,75,76],{},"1951 年上半年，几乎所有保险公司的财产保险业务都出现了亏损，其中人身伤害保险和财产损失保险是最不赚钱的。GEICO 保险的利润率降到了9%多一点，但马萨诸塞州的保证保险公司亏损16%，新阿姆斯特丹财险公司亏损8%，标准意外保险公司亏损9%。",[14,78,79,82],{},[23,80,81],{},"GEICO 保险处于快速发展阶段，现金分红很低是正常现象","。由于派股和1 拆25 拆股，流通股从1948 年6",[14,84,85],{},"月1 日的3000 股增长到1951 年11 月10 日的25 万股。它还发放了配股权，可用于认购附属公司的股份。",[14,87,88],{},"1948 年，本杰明·格雷厄姆管理的投资信托购买了这家公司大量的股份，并将它的大量股票分配给信托的投资者，格雷厄姆是该公司的董事会主席。利奥·古德温(Leo Goodwin)是GEICO 保险的创办者，他带领公司高速发展，目前担任公司总裁。1950 年年末，董事会中有10 名董事，他们合计持有该公司流通股的三分之一左右。",[14,90,91,92,95],{},"1949 年，该公司每股盈利是4.71 美元。1950 年，业务规模缩减，该公司的每股盈利是3.92 美元。除了上述盈利之外，",[23,93,94],{},"这两年该公司都积累了大量未到期保费储备","。1951 年的盈利应该比1950 年低，但是今年夏天经历了一轮保费上调，这应该会在1952 年的盈利中体现出来。从1947 年到1950 年，随着公司资产增长，它的投资收益翻了两番。",[14,97,98,99],{},"目前，该公司的股价是1950 年盈利的8 倍，1950 年还是行业不景气的一年。",[23,100,101],{},"这个价格没体现出该公司蕴含的巨大成长潜力。",{"title":50,"searchDepth":103,"depth":103,"links":104},2,[],"访谈与文章",null,"巴菲特分析1951年汽车保险行业被低估的投资机会，重点推荐GEICO保险，阐述其低成本竞争优势与增长潜力。","md",{},true,1,"\u002Fbuffett\u002Finterview\u002Fba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian",{"title":5,"description":107},"巴菲特：1951年最看好的股票：GEICO 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巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":173,"slug":174,"category":105,"order":171},"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":176,"slug":177,"category":128,"order":171},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":179,"slug":180,"category":123,"order":181},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":183,"slug":184,"category":105,"order":181},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":186,"slug":187,"category":128,"order":181},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":189,"slug":190,"category":123,"order":191},"1962 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巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":678,"slug":679,"category":105,"order":676},"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":681,"slug":682,"category":301,"order":683},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":685,"slug":686,"category":105,"order":683},"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":688,"slug":689,"category":301,"order":690},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":692,"slug":693,"category":105,"order":690},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":695,"slug":696,"category":301,"order":697},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":699,"slug":700,"category":105,"order":697},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":702,"slug":703,"category":301,"order":704},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":706,"slug":707,"category":105,"order":704},"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":709,"slug":710,"category":301,"order":711},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":713,"slug":714,"category":105,"order":711},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":716,"slug":717,"category":301,"order":718},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":720,"slug":721,"category":105,"order":718},"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":723,"slug":724,"category":301,"order":725},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":727,"slug":728,"category":105,"order":725},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":730,"slug":731,"category":301,"order":732},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":734,"slug":735,"category":105,"order":732},"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":737,"slug":738,"category":301,"order":739},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":741,"slug":742,"category":105,"order":739},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":744,"slug":745,"category":301,"order":746},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":748,"slug":749,"category":105,"order":746},"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":751,"slug":752,"category":301,"order":753},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":755,"slug":756,"category":105,"order":753},"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":758,"slug":759,"category":301,"order":760},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":762,"slug":763,"category":105,"order":760},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":765,"slug":766,"category":301,"order":767},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":769,"slug":770,"category":105,"order":767},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":772,"slug":773,"category":301,"order":774},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":776,"slug":777,"category":105,"order":774},"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":779,"slug":780,"category":301,"order":781},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":783,"slug":784,"category":105,"order":781},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":786,"slug":787,"category":301,"order":788},"2011 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副董事长的思考","2014-fu-dong-shi-chang-de-si-kao",86,{"title":818,"slug":819,"category":105,"order":816},"巴菲特：2009年美元效应","ba-fei-te-2009nian-mei-yuan-xiao-ying",{"title":821,"slug":822,"category":301,"order":823},"2014 巴菲特致股东信","2014-ba-fei-te-zhi-gu-dong-xin",87,{"title":825,"slug":826,"category":105,"order":823},"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":828,"slug":829,"category":301,"order":830},"2015 巴菲特致股东信","2015-ba-fei-te-zhi-gu-dong-xin",88,{"title":832,"slug":833,"category":105,"order":830},"巴菲特：2010年\"捐赠誓言\"计划","ba-fei-te-2010nian-juan-zeng-shi-yan-ji-hua",{"title":835,"slug":836,"category":301,"order":837},"2016 巴菲特致股东信","2016-ba-fei-te-zhi-gu-dong-xin",89,{"title":839,"slug":840,"category":105,"order":837},"巴菲特：2010年CNBC 专访","ba-fei-te-2010nian-cnbc-zhuan-fang",{"title":842,"slug":843,"category":301,"order":844},"2017 巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":846,"slug":847,"category":105,"order":844},"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":849,"slug":850,"category":301,"order":851},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":853,"slug":854,"category":105,"order":851},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":856,"slug":857,"category":301,"order":858},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":860,"slug":861,"category":105,"order":858},"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":863,"slug":864,"category":301,"order":865},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":867,"slug":868,"category":105,"order":865},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":870,"slug":871,"category":301,"order":872},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":874,"slug":875,"category":105,"order":872},"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":877,"slug":878,"category":301,"order":879},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":881,"slug":882,"category":105,"order":879},"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":884,"slug":885,"category":301,"order":886},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":888,"slug":889,"category":105,"order":886},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":891,"slug":892,"category":301,"order":893},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":895,"slug":896,"category":105,"order":893},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":898,"slug":899,"category":301,"order":900},"2025 巴菲特致股东信","2025-ba-fei-te-zhi-gu-dong-xin",98,{"title":902,"slug":903,"category":105,"order":900},"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":905,"slug":906,"category":301,"order":907},"2025 感恩节致辞","2025-gan-en-jie-zhi-ci",99,{"title":909,"slug":910,"category":105,"order":907},"巴菲特：2011年查理·罗斯专访","ba-fei-te-2011nian-cha-li-luo-si-zhuan-fang",{"title":912,"slug":913,"category":301,"order":914},"2026 阿贝尔致股东信","2026-a-bei-er-zhi-gu-dong-xin",100,{"title":916,"slug":917,"category":105,"order":914},"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":919,"slug":920,"category":105,"order":921},"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":923,"slug":924,"category":105,"order":925},"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":927,"slug":928,"category":105,"order":929},"巴菲特：2013年 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