{"id":4787,"date":"2020-03-07T21:32:04","date_gmt":"2020-03-07T13:32:04","guid":{"rendered":"http:\/\/www.neolee.net\/?p=4787"},"modified":"2026-04-05T19:45:55","modified_gmt":"2026-04-05T11:45:55","slug":"%e5%86%99%e4%ba%8664%e5%b9%b4%e7%9a%84%e4%bf%a1%ef%bc%8c%e8%ae%a9%e7%ae%80%e5%8d%95%e6%88%90%e4%b8%ba%e4%bc%9f%e5%a4%a7","status":"publish","type":"post","link":"https:\/\/www.neolee.net\/?p=4787","title":{"rendered":"\u5df4\u83f2\u7279\u5199\u4e8668\u5e74\u7684\u4fe1\uff0c\u8ba9\u7b80\u5355\u6210\u4e3a\u4f1f\u5927 Warren Buffett&#8217;s Letters to Berkshire Shareholders"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\">Warren Buffett&#8217;s Letters to Berkshire Shareholders<\/h1>\n\n\n\n<div class=\"su-box su-box-style-default\" id=\"\" style=\"border-color:#330000;border-radius:3px;max-width:none\"><div class=\"su-box-title\" style=\"background-color:#660000;color:#FFFFFF;border-top-left-radius:1px;border-top-right-radius:1px\">\u5df4\u83f2\u7279\u7ed9\u80a1\u4e1c\u7684\u4fe1<\/div><div class=\"su-box-content su-u-clearfix su-u-trim\" style=\"border-bottom-left-radius:1px;border-bottom-right-radius:1px\">\u672c\u6587\u7ae0\u8d77\u59cb\u4e8e2020\u5e74\uff0c\u4e3b\u8981\u8bb0\u5f55\u4ece1977\u5e74\u6765\u5df4\u83f2\u7279\u7ed9\u6295\u8d44\u4eba\u7684\u4fe1\uff0c\u4ece\u8fd9\u4e9b\u4fe1\u4e2d\u53ef\u4ee5\u5b66\u4e60\u5df4\u83f2\u7279\u6295\u8d44\u7406\u5ff5\uff0c\u4ee5\u53ca\u53ef\u4ee5\u770b\u5230\u7f8e\u56fd\u548c\u4e16\u754c\u7684\u7ecf\u6d4e\u5468\u671f\u53d1\u5c55\uff0c\u793e\u4f1a\u53d1\u5c55\uff0c\u79d1\u6280\u53d1\u5c55\u7b49\u5185\u5bb9\uff0c\u8fd9\u4e9b\u4fe1\u90fd\u662f\u5b98\u65b9\u53d1\u5e03\u7684\u539f\u6587\u8d44\u6599\uff0c\u6709\u5b66\u4e60\u6536\u85cf\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u6c83\u4f26\u5df4\u83f2\u7279\uff08Warren E. Buffett\uff09\u4ece27\u5c81\u5f00\u59cb\u6bcf\u5e74\u7ed9\u4ed6\u7684\u6295\u8d44\u4eba\uff08\u4f19\u4f34\uff09\u5199\u4e00\u5c01\u4fe1\uff0c\u4ece1957 \u2013 2021\uff0c\u5386\u7ecf\u7f8e\u56fd\uff08\u5168\u7403\uff09\u4e8c\u6218\u540e\u5de5\u4e1a\u9ec4\u91d1\u5e74\u4ee3\uff0c\u6d88\u8d39\u65f6\u4ee3\uff0c\u79d1\u6280\u65f6\u4ee3\uff0c\u4fe1\u606f\u5316\u65f6\u4ee3\u3002 \u5173\u4e8e\u6c83\u4f26\u5df4\u83f2\u7279\uff0c\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u7ef4\uff0c\u76f8\u5173\u7684\u4ecb\u7ecd\uff0c\u76f8\u5173\u7684\u4e66\u7c4d\u6c57\u725b\u5145\u680b\u3002<\/p>\n\n\n\n<p>2025\u5e7411\u670810\u65e5\uff0c\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u611f\u6069\u8282\u4fe1\u606f\uff0c\u5df4\u83f2\u7279\u5199\u4e0b\uff1a<\/p>\n\n\n\n<p><a href=\"https:\/\/www.neolee.net\/neodoc\/ref\/WarrenBuffettsLetters\/nov1025.pdf\" target=\"_blank\" rel=\"noopener\" title=\"\">To My Fellow Shareholders:<\/a><\/p>\n\n\n\n<p>I will no longer be writing Berkshire\u2019s annual report or talking endlessly at the annual meeting. As the British would say, I\u2019m \u201cgoing quiet.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.neolee.net\/neodoc\/ref\/WarrenBuffettsLetters\/nov1025.pdf\" target=\"_blank\" rel=\"noopener\" title=\"\">\u81f4\u5404\u4f4d\u80a1\u4e1c\uff1a<\/a><\/p>\n\n\n\n<p>\u6211\u5c06\u4e0d\u518d\u64b0\u5199\u4f2f\u514b\u5e0c\u5c14\u7684\u5e74\u5ea6\u62a5\u544a\uff0c\u4e5f\u4e0d\u4f1a\u5728\u5e74\u5ea6\u4f1a\u8bae\u4e0a\u6ed4\u6ed4\u4e0d\u7edd\u3002\u7528\u82f1\u56fd\u4eba\u7684\u8bdd\u8bf4\uff0c\u6211\u5c06\u201c\u5f52\u4e8e\u5e73\u9759\u201d\u3002<\/p>\n\n\n\n<\/div><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>February 22, 2025,\u5199\u4e8668\u5e74\uff1b<\/li>\n\n\n\n<li>February 24, 2024,\u5199\u4e8667\u5e74\uff1b<\/li>\n\n\n\n<li>2023\u5e74\u5c31\u662f\u5199\u4e8666\u5e74\uff1b2022\u5e74\u5c31\u662f\u5199\u4e8665\u5e74\uff1b2021\u5e74\u5c31\u662f\u5199\u4e8664\u5e74<\/li>\n\n\n\n<li>1977\u5e74\u5230\u73b0\u5728\u5386\u5e74\u4fe1\u4ef6\uff0c\u539f\u4ef6\u9644\u4e0b\u6587<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"707\" data-id=\"4790\" src=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/berkshirehathaway-1024x707.jpg\" alt=\"\" class=\"wp-image-4790\" srcset=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/berkshirehathaway-1024x707.jpg 1024w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/berkshirehathaway-300x207.jpg 300w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/berkshirehathaway-768x530.jpg 768w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/berkshirehathaway.jpg 1316w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"681\" height=\"1024\" data-id=\"4791\" src=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/LETTERS-681x1024.jpg\" alt=\"\" class=\"wp-image-4791\" srcset=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/LETTERS-681x1024.jpg 681w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/LETTERS-200x300.jpg 200w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/LETTERS-768x1155.jpg 768w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/LETTERS.jpg 826w\" sizes=\"auto, (max-width: 681px) 100vw, 681px\" \/><\/figure>\n<figcaption class=\"blocks-gallery-caption wp-element-caption\">\u5b98\u7f51\uff0c\u65af\u662f\u964b\u5ba4\uff0c\u6709\u80a1\u5219\u5c0a<\/figcaption><\/figure>\n\n\n\n<p>\u5728\u6211\u7684\u89c2\u70b9\u4e2d\uff0c\u7279\u65af\u62c9\u7684\u9a6c\u65af\u514b\u662f\u90a3\u79cd\u601d\u52a8\u8f70\u70c8\uff0c\u5929\u9a6c\u884c\u7a7a\uff0c\u683c\u7269\u81f4\u4e4b\u7684\u5251\u4fa0\uff0c\u800c\u5df4\u83f2\u7279\u72b9\u5982\u70bc\u6c14\u5b97\u5e08\uff0c\u6bcf\u5929\u575a\u6301\u9605\u8bfb\uff0c\u5728\u71e5\u95f9\u5e02\u573a\u4e2d\u5b81\u9759\uff0c\u5728\u5965\u9a6c\u54c8\u5c0f\u9547\u81f4\u8fdc\uff0c\u5728\u80fd\u529b\u5708\u5185\u9f9f\u5154\u8d5b\u8dd1\uff0c\u6bcf\u5e74\u575a\u6301\u5199\u4e00\u5c01\u4fe1\u7ed9\u6295\u8d44\u4eba\u9610\u8ff0\u81ea\u5df1\u7684\u89c2\u70b9\u548c\u64cd\u4f5c\uff0c64\u5e74\u7684\u575a\u6301\uff0c\u8ba9\u7b80\u5355\u6210\u4e3a\u4e86\u4f1f\u5927\uff0c\u628a\u96ea\u7403\u6eda\u6210\u4e86\u661f\u7403\uff0c\u867d\u7136\u4ed6\u8bf4\u8fc7\u7f8e\u56fd\u7684\u65f6\u4ee3\u9020\u5c31\u4e86\u4ed6\uff0c\u4f46\u611f\u8c22\u8fd9\u4e2a\u65f6\u4ee3\u6709\u8fd9\u6837\u4e00\u4f4d\u8004\u800b\u667a\u8005\uff0c\u77e5\u884c\u5408\u4e00\uff0c\u8a00\u4f20\u8eab\u6559\uff0c\u5176\u601d\u60f3\u72b9\u5982\u706f\u5854\uff0c\u4e88\u4eba\u5149\u4eae\uff0c\u4e88\u4eba\u6e05\u51c9\uff0c\u8fd1\u5e74\u6765\u6bcf\u6bcf\u9700\u8981\u5224\u522b\uff0c\u603b\u4f1a\u5bfb\u601d\u7c7b\u60f3\uff0c\u867d\u4e0d\u4e00\u5b9a\u4e0e\u56fd\u60c5\u76f8\u7b26\uff0c\u672a\u5fc5\u6709\u6548\uff0c\u4f46\u4e5f\u53d7\u4e60\u4fee\u4e3a\u3002<\/p>\n\n\n\n<p>Berkshire Hathaway Inc, Warren Buffett&#8217;s Letters to Berkshire Shareholders<br>From 1977\uff0cUpdated February 27, 2021<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">1977\u5e74\u4ee5\u6765\uff0c\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u7684\u4fe1\uff0c\u82f1\u6587\u539f\u7248<\/h1>\n\n\n\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1977.html\" target=\"blank\" rel=\"noopener noreferrer\">1977<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1978.html\" target=\"blank\" rel=\"noopener noreferrer\">1978<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1979.html\" target=\"blank\" rel=\"noopener noreferrer\">1979<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1980.html\" target=\"blank\" rel=\"noopener noreferrer\">1980<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1981.html\" target=\"blank\" rel=\"noopener noreferrer\">1981<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1982.html\" target=\"blank\" rel=\"noopener noreferrer\">1982<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1983.html\" target=\"blank\" rel=\"noopener noreferrer\">1983<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1984.html\" target=\"blank\" rel=\"noopener noreferrer\">1984<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1985.html\" target=\"blank\" rel=\"noopener noreferrer\">1985<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1986.html\" target=\"blank\" rel=\"noopener noreferrer\">1986<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1987.html\" target=\"blank\" rel=\"noopener noreferrer\">1987<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1988.html\" target=\"blank\" rel=\"noopener noreferrer\">1988<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1989.html\" target=\"blank\" rel=\"noopener noreferrer\">1989<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1990.html\" target=\"blank\" rel=\"noopener noreferrer\">1990<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1991.html\" target=\"blank\" rel=\"noopener noreferrer\">1991<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1992.html\" target=\"blank\" rel=\"noopener noreferrer\">1992<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1993.html\" target=\"blank\" rel=\"noopener noreferrer\">1993<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1994.html\" target=\"blank\" rel=\"noopener noreferrer\">1994<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1995.html\" target=\"blank\" rel=\"noopener noreferrer\">1995<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1996.html\" target=\"blank\" rel=\"noopener noreferrer\">1996<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1997.html\" target=\"blank\" rel=\"noopener noreferrer\">1997<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1998.html\" target=\"blank\" rel=\"noopener noreferrer\">1998<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/1999.html\" target=\"blank\" rel=\"noopener noreferrer\">1999<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2000.html\" target=\"blank\" rel=\"noopener noreferrer\">2000<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2001.html\" target=\"blank\" rel=\"noopener noreferrer\">2001<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2002.html\" target=\"blank\" rel=\"noopener noreferrer\">2002<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2003.html\" target=\"blank\" rel=\"noopener noreferrer\">2003<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2004ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2004<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2005ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2005<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2006ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2006<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2007ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2007<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2008ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2008<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2009ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2009<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2010ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2010<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2011ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2011<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2012ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2012<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2013ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2013<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2014ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2014<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2015ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2015<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2016ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2016<\/a>&nbsp;&nbsp;\n<br>\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2017ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2017<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2018ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2018<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2019ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2019<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2020ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2020<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2021ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2021<\/a>&nbsp;&nbsp;<br>\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2022ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2022<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2023ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2023<\/a>&nbsp;&nbsp;\n\u00b7<a href=\"\/neodoc\/ref\/WarrenBuffettsLetters\/2024ltr.pdf\" target=\"blank\" rel=\"noopener noreferrer\">2024<\/a>&nbsp;&nbsp;\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-small-font-size\">\u4ee5\u4e0a\u539f\u6587\u4fe1\u606f\u6765\u81ea<a href=\"http:\/\/www.berkshirehathaway.com\" target=\"_blank\" rel=\"noopener\" title=\"\">www.berkshirehathaway.com<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size\">1965-1976\u5e74\u7684\u5185\u5bb9\uff0cberkshirehathaway\u63a8\u8350\u8d2d\u4e70\u7eb8\u8d28\u4e66\u7c4dBerkshire Hathaway Letters to Shareholders 1965-2014 \uff08Paperback \u2013 January 1, 2016\uff09\uff0cAmzon\u6709\u552e\u3002<em>\uff082023\u5e7411\u670828\u65e5\u4e0a\u5348 99\u5c81 \u4f2f\u514b\u5e0c\u5c14\u5408\u4f19\u4eba \u67e5\u7406\u8292\u683c \u53bb\u4e16\uff0c\u5411\u67e5\u7406\u81f4\u656c\uff09<\/em><\/p>\n\n\n\n<p>AI\u65f6\u4ee3\uff1a<a href=\"https:\/\/buffett-letters-eir.pages.dev\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u77e5\u8bc6\u5e93<\/a> \uff08202604\uff09<br><em class=\"\">\u672c\u6587\u4f5c\u8005\u4f7f\u7528Claude Code\u6784\u5efa\u4e86\u5b8c\u6574\u7684\u5df4\u83f2\u7279\u81f4\u80a1\u4e1c\u4fe1\u77e5\u8bc6\u5e93\uff0c\u5171188\u4e2a\u4e92\u76f8\u5173\u8054\u7684\u77e5\u8bc6\u8282\u70b9\uff0c\u8d85\u8fc74,194\u6761\u4ea4\u53c9\u94fe\u63a5\u3002<\/em>\u4f5c\u8005\u7684\u8bdd\uff1a<strong>AI\u65f6\u4ee3\u7684\u5b66\u4e60\uff0c\u5173\u952e\u4e0d\u5728\u4e8e&#8221;\u8ba9AI\u5e2e\u4f60\u8bfb\u4e66&#8221;\uff0c\u800c\u5728\u4e8e&#8221;\u548cAI\u4e00\u8d77\u5efa\u9020\u77e5\u8bc6\u7684\u5efa\u7b51&#8221;\u3002<\/strong><\/p>\n\n\n\n<p><br>\u8fd1\u5e74\u4e2d\u6587\u7b80\u8bd1\u672c \uff08\u63a8\u8350\u4e0b\u8f7d\u5168\u672c\u7528AI\u7ffb\u8bd1\uff09<\/p>\n\n\n\n<p><a href=\"\/?p=4787&amp;page=2\" target=\"_blank\" rel=\"noopener\" title=\"\">2025\u5e74\u56de\u987e2024<\/a>  \uff08\u6458\u8981+\u5916\u94fe\uff09<br><a href=\"https:\/\/ishare.ifeng.com\/c\/s\/v002Dg0-_jpCsxEvB1olq6Ra1HHtL2aG5hr0x74XAB98kvtU__\" target=\"_blank\" rel=\"noopener\" title=\"\">2024\u5e74\u56de\u98672023 <\/a> <a href=\"https:\/\/finance.eastmoney.com\/a\/202302262646768170.html\" target=\"_blank\" rel=\"noreferrer noopener\">2023\u5e74\u56de\u98672022<\/a> \uff08\u5916\u94fe\uff09<br><a href=\"?p=4787&amp;page=3\" target=\"_blank\" rel=\"noopener\" title=\"\">2022\u5e74\u56de\u987e2021<\/a> <a href=\"?p=4787&amp;page=4\" target=\"_blank\" rel=\"noopener\" title=\"\">2021\u5e74\u56de\u987e2020<\/a> <a href=\"\/?p=4787&amp;page=4\">2020\u5e74\u56de\u987e2019<\/a> 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Castparts)\u7684\u6536\u8d2d\u662f\u201c\u4e25\u91cd\u7684\u9519\u8bef\u201d\u3002\u4ece\u6301\u4ed3\u6570\u636e\u6765\u770b\uff0c\u4e2d\u56fd\u516c\u53f8\u6bd4\u4e9a\u8fea\u56e0\u5176\u8fd1\u4e24\u5e74\u80a1\u4ef7\u5927\u6da8\uff0c\u5df2\u6210\u4e3a\u4f2f\u514b\u5e0c\u5c14\u7b2c\u516b\u5927\u91cd\u4ed3\u80a1\u3002<\/p>\n\n\n\n<p>\u540c\u65f6\uff0c\u5df4\u83f2\u7279\u4e5f\u5206\u4eab\u4e86\u81ea\u5df1\u591a\u5e74\u6765\u7684\u6295\u8d44\u5fc3\u5f97\uff0c\u4f8b\u5982\uff1a<\/p>\n\n\n\n<p>\u6210\u4e3a\u597d\u516c\u53f8\u975e\u63a7\u80a1\u80a1\u4e1c\u8fdc\u6bd4100%\u63a7\u80a1\u8fb9\u7f18\u516c\u53f8\u66f4\u6709\u5229\u53ef\u56fe\uff1b<\/p>\n\n\n\n<p>\u6c38\u8fdc\u4e0d\u770b\u7a7a\u7f8e\u56fd\uff1b<\/p>\n\n\n\n<p>\u6301\u6709\u4f2f\u514b\u5e0c\u5c14\u51e0\u5341\u5e74\u7684\u6295\u8d44\u4eba\u4e2d\uff0c\u6709\u4e00\u7fa490\u5c81\u4ee5\u4e0a\u7684\u957f\u5bff\u8005\uff1b<\/p>\n\n\n\n<p>\u5546\u4e1a\u6d3b\u52a8\u548c\u8df3\u6c34\u6bd4\u8d5b\u4e0d\u4e00\u6837\uff0c\u4e0d\u662f\u9879\u76ee\u8d8a\u96be\u5f97\u5206\u5c31\u8d8a\u9ad8\uff1b<\/p>\n\n\n\n<p>\u591a\u6570\u4f1f\u5927\u4f01\u4e1a\u4e0d\u60f3\u5356\u8eab\u4efb\u4f55\u4eba\uff0c\u5f53\u6e34\u671b\u5e76\u8d2d\u7684\u96c6\u56e2\u516c\u53f8\u53ea\u80fd\u805a\u7126\u7f3a\u4e4f\u6301\u4e45\u6838\u5fc3\u7ade\u4e89\u4f18\u52bf\u7684\u516c\u53f8\u4e0a\u65f6\uff0c\u5c31\u9493\u4e0d\u5230\u5927\u9c7c\u2026\u2026<\/p>\n\n\n\n<p>\u4f2f\u514b\u5e0c\u5c14\u53bb\u5e74\u80a1\u4ef7\u8868\u73b0\u8dd1\u8f93\u6807\u666e500\u6307\u6570\uff0c\u590d\u5408\u5e74\u5747\u6536\u76ca\u5219\u5927\u5e45\u8dd1\u8d62\u8fd110%<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"292\" height=\"1024\" src=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/d0c8a786c9177f3eaf8152f84b1925cf9d3d56e8-292x1024.jpeg\" alt=\"\" class=\"wp-image-4798\" srcset=\"https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/d0c8a786c9177f3eaf8152f84b1925cf9d3d56e8-292x1024.jpeg 292w, https:\/\/www.neolee.net\/wp-content\/uploads\/2021\/03\/d0c8a786c9177f3eaf8152f84b1925cf9d3d56e8.jpeg 390w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" 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* * * * * * * * * * *<\/p>\n\n\n\n<p>\u5982\u4eca\uff0c\u8bb8\u591a\u91d1\u878d\u4f01\u4e1a\u3001\u5a92\u4f53\u3001\u653f\u5e9c\u548c\u79d1\u6280\u516c\u53f8\u90fd\u4f4d\u4e8e\u6cbf\u6d77\u5730\u533a\uff0c\u4eba\u4eec\u5f88\u5bb9\u6613\u5ffd\u89c6\u7f8e\u56fd\u4e2d\u90e8\u53d1\u751f\u7684\u8bb8\u591a\u5947\u8ff9\u3002\u8ba9\u6211\u4eec\u5173\u6ce8\u4e24\u4e2a\u793e\u533a\uff0c\u5b83\u4eec\u4e3a\u6211\u4eec\u5168\u56fd\u5404\u5730\u7684\u4eba\u624d\u548c\u96c4\u5fc3\u63d0\u4f9b\u4e86\u4ee4\u4eba\u60ca\u53f9\u7684\u4f8b\u8bc1\u3002<\/p>\n\n\n\n<p>\u6211\u4ece\u5965\u9a6c\u54c8\u5f00\u59cb\uff0c\u522b\u611f\u5230\u60ca\u8bb6\u3002<\/p>\n\n\n\n<p>1940\u5e74\uff0c\u6770\u514b\u00b7\u6797\u683c\u6c83\u7279(Jack Ringwalt)\u6bd5\u4e1a\u4e8e\u5965\u9a6c\u54c8\u4e2d\u5fc3\u9ad8\u4e2d(\u4e5f\u662f\u67e5\u7406\u3001\u6211\u7236\u4eb2\u3001\u6211\u7b2c\u4e00\u4efb\u59bb\u5b50\u3001\u6211\u4eec\u7684\u4e09\u4e2a\u5b69\u5b50\u548c\u4e24\u4e2a\u5b59\u8f88\u7684\u6bcd\u6821)\uff0c\u4ed6\u51b3\u5b9a\u7528125000\u7f8e\u5143\u7684\u8d44\u672c\u521b\u529e\u4e00\u5bb6\u8d22\u4ea7\/\u610f\u5916\u4fdd\u9669\u516c\u53f8\u3002<\/p>\n\n\n\n<p>\u6770\u514b\u7684\u68a6\u60f3\u662f\u8352\u8c2c\u7684\uff0c\u8fd9\u8981\u6c42\u4ed6\u7684\u5c0f\u516c\u53f8\u2014\u2014\u6709\u70b9\u88ab\u6d6e\u5938\u5730\u547d\u540d\u4e3a\u300c\u56fd\u5bb6\u8d54\u6b3e\u300d\uff08National Indemnity\uff09\u2014\u2014\u4e0e\u5927\u578b\u4fdd\u9669\u516c\u53f8\u7ade\u4e89\uff0c\u800c\u8fd9\u4e9b\u4fdd\u9669\u516c\u53f8\u90fd\u62e5\u6709\u5145\u8db3\u7684\u8d44\u672c\u3002\u6b64\u5916\uff0c\u8fd9\u4e9b\u7ade\u4e89\u5bf9\u624b\u51ed\u501f\u904d\u5e03\u5168\u56fd\u7684\u3001\u8d44\u91d1\u96c4\u539a\u7684\u3001\u5386\u53f2\u60a0\u4e45\u7684\u5f53\u5730\u4ee3\u7406\u5546\u7f51\u7edc\u800c\u7262\u56fa\u5730\u786e\u7acb\u4e86\u81ea\u5df1\u7684\u5730\u4f4d\u3002\u6839\u636e\u6770\u514b\u7684\u8ba1\u5212\uff0c\u4e0eGEICO\u4e0d\u540c\uff0cNational Indemnity\uff08\u56fd\u5bb6\u8d54\u507f\uff09\u672c\u8eab\u5c06\u4f7f\u7528\u4efb\u4f55\u6307\u5b9a\u63a5\u53d7\u5b83\u7684\u4ee3\u7406\u673a\u6784\uff0c\u56e0\u6b64\u5728\u6536\u8d2d\u4e1a\u52a1\u4e2d\u4e0d\u4eab\u6709\u6210\u672c\u4f18\u52bf\u3002\u4e3a\u4e86\u514b\u670d\u8fd9\u4e9b\u53ef\u6015\u7684\u969c\u788d\uff0cNational Indemnity\u5c06\u91cd\u70b9\u653e\u5728\u4e86\u88ab\u300c\u5927\u516c\u53f8\u300d\u8ba4\u4e3a\u4e0d\u91cd\u8981\u7684\u300c\u53e4\u602a\u300d\u98ce\u9669\u4e0a\u3002\u8fd9\u4e00\u7b56\u7565\u51fa\u4eba\u610f\u6599\u5730\u6210\u529f\u4e86\u3002<\/p>\n\n\n\n<p>\u6770\u514b\u8bda\u5b9e\u3001\u7cbe\u660e\u3001\u8ba8\u4eba\u559c\u6b22\uff0c\u8fd8\u6709\u70b9\u53e4\u602a\u3002\u4ed6\u5c24\u5176\u4e0d\u559c\u6b22\u76d1\u7ba1\u673a\u6784\u3002\u5f53\u4ed6\u5bf9\u4ed6\u4eec\u7684\u76d1\u7763\u611f\u5230\u538c\u70e6\u65f6\uff0c\u4ed6\u5c31\u4f1a\u6709\u5356\u6389\u516c\u53f8\u7684\u51b2\u52a8\u3002<\/p>\n\n\n\n<p>\u5e78\u8fd0\u7684\u662f\uff0c\u6211\u4eec\u78b0\u5de7\u9047\u5230\u4e86\u3002\u6770\u514b\u8ba4\u540c\u52a0\u5165\u4f2f\u514b\u5e0c\u5c14\u7684\u60f3\u6cd5\uff0c\u4e8e\u662f\u6211\u4eec\u57281967\u5e74\u8fbe\u6210\u4e86\u4e00\u7b14\u4ea4\u6613\uff0c\u53ea\u7528\u4e8615\u5206\u949f\u5c31\u8fbe\u6210\u4e86\u534f\u8bae\u3002\u6211\u4ece\u6ca1\u8981\u6c42\u8fc7\u5ba1\u8ba1\u3002<\/p>\n\n\n\n<p>\u4eca\u5929\uff0cNational Indemnity\u516c\u53f8\u662f\u4e16\u754c\u4e0a\u552f\u4e00\u4e00\u5bb6\u51c6\u5907\u4e3a\u67d0\u4e9b\u5de8\u5927\u98ce\u9669\u627f\u4fdd\u7684\u516c\u53f8\u3002\u662f\u7684\uff0c\u5b83\u7684\u603b\u90e8\u4ecd\u7136\u5728\u5965\u9a6c\u54c8\uff0c\u8ddd\u79bb\u4f2f\u514b\u5e0c\u5c14\u7684\u603b\u90e8\u53ea\u6709\u51e0\u82f1\u91cc\u3002<\/p>\n\n\n\n<p>\u591a\u5e74\u6765\uff0c\u6211\u4eec\u53c8\u4ece\u5965\u9a6c\u54c8\u5bb6\u65cf\u624b\u4e2d\u6536\u8d2d\u4e86\u56db\u5bb6\u4f01\u4e1a\uff0c\u5176\u4e2d\u6700\u8457\u540d\u7684\u662f\u5185\u5e03\u62c9\u65af\u52a0\u5dde\u5bb6\u5177\u5e02\u573a(\u300cNFM\u300d)\u3002\u8be5\u516c\u53f8\u7684\u521b\u59cb\u4eba\u7f57\u65af\u00b7\u5e03\u5362\u59c6\u91d1(Rose Blumkin)\u57281915\u5e74\u6765\u5230\u897f\u96c5\u56fe\uff0c\u662f\u4e00\u540d\u4fc4\u7f57\u65af\u79fb\u6c11\uff0c\u4ed6\u65e2\u4e0d\u4f1a\u8bfb\u4e5f\u4e0d\u4f1a\u8bf4\u82f1\u8bed\u3002\u51e0\u5e74\u540e\uff0c\u5979\u5b9a\u5c45\u5728\u5965\u9a6c\u54c8\uff0c\u52301936\u5e74\uff0c\u5979\u6512\u4e0b\u4e862500\u7f8e\u5143\uff0c\u7528\u8fd9\u7b14\u94b1\u5f00\u4e86\u4e00\u5bb6\u5bb6\u5177\u5e97\u3002<\/p>\n\n\n\n<p>\u7ade\u4e89\u5bf9\u624b\u548c\u4f9b\u5e94\u5546\u5ffd\u89c6\u4e86\u5979\uff0c\u800c\u4e14\u4ed6\u4eec\u7684\u5224\u65ad\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4f3c\u4e4e\u662f\u6b63\u786e\u7684:\u7b2c\u4e8c\u6b21\u4e16\u754c\u5927\u6218\u8ba9\u5979\u7684\u751f\u610f\u505c\u6ede\u4e86\u30021946\u5e74\u5e95\uff0c\u516c\u53f8\u7684\u51c0\u8d44\u4ea7\u4ec5\u589e\u957f\u523072,264\u7f8e\u5143\u3002\u73b0\u91d1\uff0c\u4e0d\u8bba\u662f\u5728\u6536\u94f6\u53f0\u91cc\u8fd8\u662f\u5728\u5b58\u6b3e\u91cc\uff0c\u603b\u5171\u662f50\u7f8e\u5143(\u4e0d\u662f\u6253\u9519\u5b57)\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u6709\u4e00\u7b14\u65e0\u4ef7\u7684\u8d22\u5bcc\u6ca1\u6709\u57281946\u5e74\u7684\u6570\u5b57\u4e2d\u8bb0\u5f55\u4e0b\u6765:Rose Blumkin\u552f\u4e00\u7684\u513f\u5b50\u8def\u6613\u00b7\u5e03\u5362\u59c6\u91d1(Louie Blumkin)\u5728\u7f8e\u56fd\u519b\u961f\u670d\u5f79\u56db\u5e74\u540e\u91cd\u65b0\u52a0\u5165\u4e86\u8fd9\u5bb6\u5546\u5e97\u3002\u5728\u8bfa\u66fc\u5e95\u767b\u9646\u540e\uff0c\u8def\u6613\u53c2\u52a0\u4e86\u8bfa\u66fc\u5e95\u5965\u9a6c\u54c8\u6d77\u6ee9\u7684\u6218\u6597\uff0c\u5e76\u56e0\u5728Bulge\u6218\u5f79\u4e2d\u53d7\u4f24\u800c\u83b7\u5f97\u4e86\u7d2b\u5fc3\u52cb\u7ae0\uff0c\u6700\u7ec8\u57281945\u5e7411\u6708\u4e58\u8239\u56de\u56fd\u3002<\/p>\n\n\n\n<p>\u4e00\u65e6Rose Blumkin\u548c\u8def\u6613\u91cd\u805a\uff0c\u5c31\u6ca1\u6709\u4ec0\u4e48\u80fd\u963b\u6b62NFM\u3002\u5728\u68a6\u60f3\u7684\u9a71\u4f7f\u4e0b\uff0c\u6bcd\u4eb2\u548c\u513f\u5b50\u4e0d\u5206\u663c\u591c\u5730\u5de5\u4f5c\u3002\u5176\u7ed3\u679c\u662f\u96f6\u552e\u4e1a\u7684\u4e00\u4e2a\u5947\u8ff9\u3002<\/p>\n\n\n\n<p>\u52301983\u5e74\uff0c\u4e24\u4eba\u5df2\u7ecf\u521b\u9020\u4e86\u4ef7\u503c6000\u4e07\u7f8e\u5143\u7684\u4e1a\u52a1\u3002\u90a3\u4e00\u5e74\uff0c\u5728\u6211\u751f\u65e5\u90a3\u5929\uff0c\u4f2f\u514b\u5e0c\u5c14\u6536\u8d2d\u4e86NFM 80%\u7684\u80a1\u4efd\uff0c\u800c\u4e14\u8fd8\u662f\u6ca1\u6709\u8fdb\u884c\u5ba1\u8ba1\u3002\u6211\u6307\u671b\u5e03\u5362\u59c6\u91d1\u7684\u5bb6\u65cf\u6210\u5458\u6765\u7ecf\u8425\u4f01\u4e1a;\u4eca\u5929\u7684\u7b2c\u4e09\u4ee3\u548c\u7b2c\u56db\u4ee3\u4e5f\u8fd9\u6837\u505a\u4e86\u3002\u9700\u8981\u6307\u51fa\u7684\u662f\uff0cRose Blumkin\u6bcf\u5929\u90fd\u5728\u5de5\u4f5c\uff0c\u76f4\u5230103\u5c81\u2014\u2014\u5728\u67e5\u7406\u548c\u6211\u770b\u6765\uff0c\u8fd9\u662f\u4e00\u4e2a\u53ef\u7b11\u7684\u8fc7\u65e9\u9000\u4f11\u5e74\u9f84\u3002<\/p>\n\n\n\n<p>NFM\u76ee\u524d\u62e5\u6709\u7f8e\u56fd\u6700\u5927\u7684\u4e09\u5bb6\u5bb6\u5c45\u7528\u54c1\u5546\u5e97\uff0c\u5c3d\u7ba1NFM\u7684\u95e8\u5e97\u56e0COVID-19\u5173\u95ed\u4e86\u516d\u5468\u591a\uff0c\u4f46\u8fd9\u4e09\u5bb6\u5546\u5e97\u57282020\u5e74\u90fd\u521b\u4e0b\u4e86\u9500\u552e\u8bb0\u5f55\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e2a\u6545\u4e8b\u7684\u540e\u8bb0\u8bf4\u660e\u4e86\u4e00\u5207:\u5f53Rose Blumkin\u7684\u4e00\u5927\u5bb6\u4eba\u805a\u5728\u4e00\u8d77\u8fc7\u8282\u5403\u996d\u65f6\uff0c\u5979\u603b\u662f\u8981\u6c42\u4ed6\u4eec\u5728\u5403\u996d\u524d\u5531\u9996\u6b4c\u3002\u5979\u7684\u9009\u62e9\u4ece\u672a\u6539\u53d8\u8fc7:\u6b27\u6587\u00b7\u67cf\u6797(Irving Berlin)\u7684\u300a\u4e0a\u5e1d\u4fdd\u4f51\u7f8e\u56fd\u300b(God Bless America)\u3002<\/p>\n\n\n\n<p>* * * * * * * * * * * *<\/p>\n\n\n\n<p>\u8ba9\u6211\u4eec\u5f80\u4e1c\u770b\u770b\u7530\u7eb3\u897f\u5dde\u7684\u7b2c\u4e09\u5927\u57ce\u5e02\u8bfa\u514b\u65af\u7ef4\u5c14\u3002\u5728\u90a3\u91cc\uff0c\u4f2f\u514b\u5e0c\u5c14\u62e5\u6709\u4e24\u5bb6\u5f15\u4eba\u6ce8\u76ee\u7684\u516c\u53f8\u2014\u2014\u514b\u83b1\u987f\u4f4f\u5b85(Clayton Homes)(100%\u6301\u80a1)\u548cPilot Travel Centers(\u76ee\u524d\u6301\u80a138%\uff0c\u4f46\u52302023\u5e74\u5c06\u8fbe\u523080%)\u3002<\/p>\n\n\n\n<p>\u6bcf\u4e00\u5bb6\u516c\u53f8\u90fd\u662f\u7531\u4e00\u4f4d\u6bd5\u4e1a\u4e8e\u7530\u7eb3\u897f\u5927\u5b66\u5e76\u7559\u5728\u8bfa\u514b\u65af\u7ef4\u5c14\u7684\u5e74\u8f7b\u4eba\u521b\u7acb\u7684\u3002\u4e24\u4eba\u90fd\u6ca1\u6709\u8db3\u591f\u7684\u8d44\u91d1\uff0c\u7236\u6bcd\u4e5f\u4e0d\u5bcc\u88d5\u3002<\/p>\n\n\n\n<p>\u4f46\u662f,\u90a3\u53c8\u600e\u6837?\u5982\u4eca\uff0c\u514b\u83b1\u987f\u548cPilot\u7684\u5e74\u7a0e\u524d\u5229\u6da6\u90fd\u8d85\u8fc7\u4e8610\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e24\u5bb6\u516c\u53f8\u5171\u96c7\u7528\u4e86\u5927\u7ea64.7\u4e07\u540d\u5458\u5de5\u3002<\/p>\n\n\n\n<p>\u5409\u59c6\u00b7\u514b\u83b1\u987f(Jim Clayton)\u5728\u7ecf\u5386\u4e86\u51e0\u6b21\u5546\u4e1a\u5192\u9669\u4e4b\u540e\uff0c\u4e8e1956\u5e74\u4ee5\u5c0f\u672c\u7ecf\u8425\u7684\u65b9\u5f0f\u521b\u5efa\u4e86\u514b\u83b1\u987f\u4f4f\u5b85(Clayton Homes)\u30021958\u5e74\uff0c\u300c\u5927\u4e2a\u5b50\u300d\u54c8\u65af\u00b7\u62c9\u59c6(Big Jim Haslam)\u4ee56000\u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70\u4e86\u4e00\u4e2a\u670d\u52a1\u7ad9\uff0c\u521b\u5efa\u4e86\u540e\u6765\u7684\u8bd5\u70b9\u65c5\u884c\u4e2d\u5fc3(Pilot Travel Centers)\u3002\u8fd9\u4e9b\u4eba\u540e\u6765\u90fd\u5e26\u4e86\u4e00\u4e2a\u513f\u5b50\u8fdb\u5165\u8fd9\u4e2a\u884c\u4e1a\uff0c\u8fd9\u4e2a\u513f\u5b50\u6709\u7740\u548c\u4ed6\u7236\u4eb2\u4e00\u6837\u7684\u6fc0\u60c5\u3001\u4ef7\u503c\u89c2\u548c\u5934\u8111\u3002\u6709\u65f6\u5019\u57fa\u56e0\u4e5f\u6709\u9b54\u529b\u3002<\/p>\n\n\n\n<p>\u73b0\u5e7490\u5c81\u7684\u5409\u59c6\u6700\u8fd1\u5199\u4e86\u4e00\u672c\u52b1\u5fd7\u4e66\uff0c\u8bb2\u8ff0\u4e86\u5409\u59c6\u00b7\u514b\u83b1\u987f\u7684\u513f\u5b50\u51ef\u6587\u662f\u5982\u4f55\u9f13\u52b1\u54c8\u65af\u62c9\u59c6\u4e00\u5bb6\u5c06Pilot\u7684\u5927\u90e8\u5206\u80a1\u6743\u51fa\u552e\u7ed9\u4f2f\u514b\u5e0c\u5c14\u516c\u53f8\u7684\u3002\u6bcf\u4e2a\u96f6\u552e\u5546\u90fd\u77e5\u9053\uff0c\u6ee1\u610f\u7684\u987e\u5ba2\u662f\u5546\u5e97\u6700\u597d\u7684\u9500\u552e\u5458\u3002\u5f53\u4f01\u4e1a\u6613\u624b\u65f6\u4e5f\u662f\u5982\u6b64\u3002<\/p>\n\n\n\n<p>* * * * * * * * * * * 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Munger\uff09\uff0c\u8fd8\u662f\u6211\u672c\u4eba\u90fd\u4e0d\u8ba4\u540c\u8fd9\u4e00\u89c4\u5219\u3002<\/p>\n\n\n\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u4f1a\u8ba1\u884c\u4e1a\u91c7\u7528\u8fd9\u4e00\u89c4\u5219\u662f\u5176\u81ea\u8eab\u601d\u60f3\u7684\u5de8\u5927\u8f6c\u53d8\u3002\u57282018\u5e74\u4e4b\u524d\uff0cGAAP\u575a\u6301 \u2014\u2014 \u4e1a\u52a1\u662f\u8bc1\u5238\u4ea4\u6613\u7684\u516c\u53f8\u9664\u5916 \u2014\u2014 \u80a1\u7968\u7ec4\u5408\u4e2d\u7684\u672a\u5b9e\u73b0\u635f\u76ca\u6c38\u8fdc\u4e0d\u5305\u62ec\u5728\u6536\u76ca\u4e2d\uff0c\u53ea\u6709\u5728\u88ab\u8ba4\u4e3a\u201c\u975e\u4e34\u65f6\u201d\u7684\u60c5\u51b5\u4e0b\u624d\u8ba1\u5165\u672a\u5b9e\u73b0\u635f\u5931\u3002\u73b0\u5728\uff0c\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u5fc5\u987b\u5728\u6bcf\u4e2a\u5b63\u5ea6\u7684\u5229\u6da6 \u2014\u2014 \u5bf9\u8bb8\u591a\u6295\u8d44\u8005\u3001\u5206\u6790\u5e08\u548c\u8bc4\u8bba\u5458\u6765\u8bf4\uff0c\u8fd9\u662f\u4e00\u4e2a\u5173\u952e\u9879\u76ee \u2014\u2014 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\u2014\u2014 2019\u5e74\u51e0\u4e4e\u6ca1\u6709\u53d8\u5316 \u2014\u2014 \u5e76\u5ffd\u7565\u5b63\u5ea6\u548c\u5e74\u5ea6\u6295\u8d44\u6536\u76ca\u6216\u635f\u5931\uff0c\u4e0d\u7ba1\u8fd9\u4e9b\u6536\u76ca\u662f\u5b9e\u73b0\u7684\u8fd8\u662f\u672a\u5b9e\u73b0\u7684\u3002<\/p>\n\n\n\n<p>\u6211\u4eec\u7684\u5efa\u8bae\u4e1d\u6beb\u4e0d\u4f1a\u964d\u4f4e\u8fd9\u4e9b\u6295\u8d44\u5bf9\u4f2f\u514b\u5e0c\u5c14\u7684\u91cd\u8981\u6027\u3002\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u67e5\u7406\u548c\u6211\u9884\u8ba1\u6211\u4eec\u7684\u6301\u80a1 \u2014\u2014 \u4f5c\u4e3a\u4e00\u4e2a\u6574\u4f53\u2014\u2014 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Investments\uff09\u4e00\u4e66\uff0c\u8fd9\u662f\u4e00\u672c\u8584\u8584\u7684\u4e66\uff0c\u5374\u6539\u53d8\u4e86\u6295\u8d44\u4e16\u754c\u3002\u7684\u786e\uff0c\u5199\u8fd9\u672c\u4e66\u6539\u53d8\u4e86\u53f2\u5bc6\u65af\u672c\u4eba\uff0c\u8feb\u4f7f\u4ed6\u91cd\u65b0\u8bc4\u4f30\u81ea\u5df1\u7684\u6295\u8d44\u4fe1\u5ff5\u3002<\/p>\n\n\n\n<p>\u4ed6\u6253\u7b97\u5728\u4e66\u4e2d\u6307\u51fa\uff0c\u5728\u901a\u80c0\u65f6\u671f\uff0c\u80a1\u7968\u7684\u8868\u73b0\u4f1a\u597d\u4e8e\u503a\u5238\uff0c\u800c\u5728\u901a\u7f29\u65f6\u671f\uff0c\u503a\u5238\u7684\u56de\u62a5\u4f1a\u66f4\u9ad8\u3002\u8fd9\u4f3c\u4e4e\u5df2\u7ecf\u8db3\u591f\u660e\u667a\u4e86\u3002\u4f46\u662f\u53f2\u5bc6\u65af\u8ba9\u4eba\u5927\u5403\u4e00\u60ca\u3002<\/p>\n\n\n\n<p>\u4ed6\u7684\u4e66\u4ee5\u4e00\u6bb5\u81ea\u767d\u5f00\u59cb\uff1a\u201c\u8fd9\u4e9b\u7814\u7a76\u662f\u5931\u8d25\u7684\u8bb0\u5f55 \u2014\u2014 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$998<\/p>\n\n\n\n<p>\u82f9\u679c\u516c\u53f8 5.7% 773 2519<\/p>\n\n\n\n<p>\u7f8e\u56fd\u94f6\u884c10.7% 682 2167<\/p>\n\n\n\n<p>\u7ebd\u7ea6\u6885\u9686\u94f6\u884c 9.0% 101 288<\/p>\n\n\n\n<p>\u53ef\u53e3\u53ef\u4e509.3% 640 194<\/p>\n\n\n\n<p>\u8fbe\u7f8e\u822a\u7a7a11.0% 114 416<\/p>\n\n\n\n<p>\u6469\u6839\u5927\u901a1.9% 216 476<\/p>\n\n\n\n<p>\u7a46\u8fea13.1% 55 137<\/p>\n\n\n\n<p>\u7f8e\u56fd\u5408\u4f17\u94f6\u884c9.7% 251 407<\/p>\n\n\n\n<p>\u5bcc\u56fd\u94f6\u884c8.4% 705 730<\/p>\n\n\n\n<p>\u603b\u8ba1 $3798 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1940 2520<\/p>\n\n\n\n<p>21938642 \u8054\u5408\u5927\u9646\u63a7\u80a1\uff0e\uff0e8.7 1195 1933<\/p>\n\n\n\n<p>149497786\u7f8e\u56fd\u5408\u4f17\u94f6\u884c\uff0e9.7 5709 8864<\/p>\n\n\n\n<p>10239160 \u7ef4\u8428\u5361\u516c\u53f8\uff0e\uff0e0.6 349 1924<\/p>\n\n\n\n<p>345688918\u5bcc\u56fd\u94f6\u884c\uff0e\uff0e8.4 7040 18598<\/p>\n\n\n\n<p>\u5176\u4ed6\u516c\u53f8***\uff0e\uff0e&#8212;- 28215 38159<\/p>\n\n\n\n<p>\u5e02\u573a\u4e0a\u80a1\u6743\u6295\u8d44\u603b\u989d\uff0e&#8212;- $110340 $248027<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e0d\u5305\u62ec\u4f2f\u514b\u5e0c\u5c14\u5b50\u516c\u53f8\u65d7\u4e0b\u517b\u8001\u57fa\u91d1\u6301\u6709\u7684\u80a1\u7968\u3002<\/li>\n<\/ul>\n\n\n\n<p>** 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Cunningham\uff09\u548c\u65af\u8482\u82ac\u59ae\u53e4\u5df4\uff08Stephanie Cuba\uff09\u5408\u8457\u7684\u65b0\u4e66\u300a\u4fe1\u4efb\u7684\u8fb9\u7f18\u300b\uff08Margin of 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