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\u5c3d\u7ba1\u8d35\u4e3a\u4e16\u754c\u9996\u5bcc\uff0c\u5df4\u83f2\u7279\u8eab\u4e0a\u603b\u7b3c\u7f69\u7740\u4e00\u5c42\u795e\u79d8\u8272\u5f69\uff0c\u4ed6\u51e0\u4e4e\u662f\u4e16\u754c\u4e0a\u6700\u540e\u4e00\u4f4d\u5546\u754c\u5076\u50cf\uff0c\u4e43\u81f3\u201c\u5965\u9a6c\u54c8\u5148\u77e5\u201d\u3002\u5df4\u83f2\u7279\u7684\u6210\u5c31\uff0c\u5168\u9760\u5728\u5e02\u573a\u4e0a\u8fdb\u884c\u4f4e\u98ce\u9669\u7684\u6295\u8d44\uff0c\u4f46\u4ed6\u83b7\u5f97\u7684\u62a5\u916c\u5374\u8fdc\u9ad8\u4e8e\u5e02\u573a\u7684\u5e73\u5747\u62a5\u916c\u7387\u3002\u8fc7\u53bb30\u5e74\u6765\uff0c\u65d7\u4e0b\u7684\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6\u516c\u53f8(NYSE:BRK.A)\u80a1\u7968\u7684\u6295\u8d44\u62a5\u916c\u7387\u5e73\u5747\u6bcf\u5e74\u8d85\u8fc720%\uff0c\u6bcf\u80a1\u5e02\u503c\u4ece13\u7f8e\u5143\u4e0a\u5347\u523012\u670819\u65e5\u76849.78\u4e07\u7f8e\u5143\uff0c\u6210\u4e3a\u5168\u7403\u6700\u6602\u8d35\u7684\u80a1\u7968\u3002\u201c\u80a1\u795e\u201d\u7f8e\u8a89\uff0c\u582a\u79f0\u5b9e\u81f3\u540d\u5f52\u3002<\/p>\n
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\u80a1\u795e\u7684\u524d\u8eab<\/p>\n
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\u56e0\u4e3a\u559c\u6b22\u8d5a\u94b1\uff0c\u5df4\u83f2\u7279\u81ea\u516d\u5c81\u90a3\u5e74\u4fbf\u5f00\u59cb\u515c\u552e\u53e3\u9999\u7cd6\u3001\u53ef\u4e50\uff0c\u4ed6\u4fbf\u4e0d\u65ad\u53d1\u6398\u5404\u79cd\u53ef\u80fd\u8d5a\u94b1\u7684\u5de5\u4f5c\u6765\u7d2f\u79ef\u8d22\u5bcc\u3002<\/p>\n
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\u5230\u4e86\u4e2d\u5b66\u4e8c\u3001\u4e09\u5e74\u7ea7\u7684\u65f6\u5019\uff0c\u5df4\u83f2\u7279\u751a\u81f3\u548c\u540c\u5b66\u5f00\u59cb\u5077\u4e1c\u897f\u3002\u4ed6\u4eec\u4f1a\u5230\u57ce\u91cc\u7684\u5e2d\u5c14\u65af\u767e\u8d27(Sears)\uff0c\u201c\u6211\u4eec\u5c31\u660e\u76ee\u5f20\u80c6\u7684\u5728\u90a3\u91cc\u5077\u4e86\u8d77\u6765\uff0c\u4f1a\u5077\u6211\u4eec\u5b8c\u5168\u4e0d\u9700\u8981\u7684\u4e1c\u897f\uff0c\u201d\u5df4\u83f2\u7279\u8bf4\u3002\u4ed6\u5077\u4e86\u4e00\u5927\u5806\u7528\u4e0d\u7740\u7684\u9ad8\u5c14\u592b\u7403\uff0c\u4e00\u76f4\u653e\u5728\u62bd\u5c49\u91cc\uff0c\u4ece\u6765\u6ca1\u7528\u8fc7\uff0c\u4e5f\u6ca1\u62ff\u51fa\u53bb\u5356\u3002\u5728\u90a3\u6bb5\u65f6\u95f4\uff0c\u5077\u7a83\u3001\u8bf4\u8c0e\u3001\u6076\u4f5c\u5267\uff0c\u4e43\u81f3\u5506\u4f7f\u540c\u5b66\u5149\u7740\u8eab\u4f53\u5728\u9ad8\u5c14\u592b\u7403\u573a\u6c60\u5858\u91cc\u6e38\u6cf3\uff0c\u79cd\u79cd\u52a3\u8ff9\uff0c\u5df4\u83f2\u7279\u6837\u6837\u90fd\u6765\u3002<\/p>\n
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\u80a1\u795e\u7684\u667a\u6167<\/p>\n
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1942\u5e74\u6625\u5929\uff0c12\u5c81\u7684\u5df4\u83f2\u7279\u548c\u59d0\u59d0Doris\u5408\u8d44\u4ee5\u6bcf\u80a138.5\u7f8e\u5143\u4e70\u8fdb3\u80a1\u201c\u57ce\u5e02\u670d\u52a1\u201d\u4f18\u5148\u80a1\uff0c\u4f46\u6b64\u540e\u4fbf\u4e00\u8def\u4e0b\u8dcc\u523027\u7f8e\u5143\uff0cDoris \u6bcf\u5929\u4e0a\u5b66\u7684\u8def\u4e0a\u90fd\u4f1a\u201c\u63d0\u9192\u201d\u5df4\u83f2\u7279\uff0c\u80a1\u7968\u88ab\u5957\u7262\u4e86\uff0c\u5df4\u83f2\u7279\u89c9\u5f97\u81ea\u5df1\u538b\u529b\u597d\u5927\u3002\u4e8e\u662f\u5f53\u80a1\u4ef7\u540e\u6765\u56de\u5347\u523040\u7f8e\u5143\u65f6\uff0c\u5c31\u8feb\u4e0d\u53ca\u5f85\u5168\u90e8\u5356\u6389\uff0c\u83b7\u5229\u4e86\u7ed3\u3002\u4f46\u5356\u51fa\u4e4b\u540e\uff0c\u8fd9\u652f\u80a1\u7968\u5374\u4e00\u8def\u98d9\u5230\u6bcf\u80a1202\u7f8e\u5143\u3002<\/p>\n
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21\u5c81\u65f6\uff0c\u5df4\u83f2\u7279\u5f00\u59cb\u53d1\u6325\u4fa6\u63a2\u822c\u7684\u7cbe\u795e\u7814\u7a76\u80a1\u7968\uff0c\u5df4\u83f2\u7279\u4e00\u9875\u4e00\u9875\u5730\u4ed4\u7ec6\u7ffb\u770b\u7a46\u8fea(Moody’s)\u624b\u518c\u3002\u5c06\u4e00\u4e07\u9875\u7684\u7a46\u8fea\u5de5\u4e1a\u3001\u8fd0\u8f93\u3001\u94f6\u884c\u4e0e\u91d1\u878d\u624b\u518c\u7ffb\u770b\u4e86\u4e24\u904d\uff0c\u6bcf\u4e00\u5bb6\u4f01\u4e1a\u4ed6\u90fd\u6ca1\u6709\u653e\u8fc7\u2014\u2014\u867d\u7136\u6709\u4e9b\u516c\u53f8\u4ed6\u53ea\u662f\u4e00\u626b\u800c\u8fc7\u3002\u800c\u8fd9\u4e5f\u5960\u5b9a\u4e86\u5df4\u83f2\u7279\u6210\u529f\u7684\u53e6\u4e00\u5173\u952e\u6240\u5728\uff1a\u201c\u6bd4\u5176\u5b83\u4eba\u62e5\u6709\u66f4\u591a\u4fe1\u606f\u2014\u2014\u7136\u540e\u6b63\u786e\u5730\u5206\u6790\uff0c\u5408\u7406\u5730\u8fd0\u7528\u201d\u3002<\/p>\n
\u901a\u8fc7\u67e5\u9605\u5927\u91cf\u516c\u53f8\u8d44\u6599\uff0c\u5df4\u83f2\u7279\u627e\u5230\u4e86\u4e00\u5bb6\u53eb\u505aUnion Street Railway\u7684\u516c\u53f8\u3002\u6839\u636e\u5df4\u83f2\u7279\u7684\u8ba1\u7b97\uff0c\u8fd9\u5bb6\u516c\u53f8\u62e5\u6709160\u8f86\u5df4\u58eb\u3001\u4e00\u4e2a\u6e38\u4e50\u56ed\u3001\u4e3a\u6570\u4f17\u591a\u7684\u7f8e\u56fd\u653f\u5e9c\u503a\uff0c\u8fd8\u6709\u5927\u628a\u5927\u628a\u7684\u73b0\u91d1\u5728\u624b\u3002\u201c\u5927\u7ea6\u6bcf\u80a1\u62e5\u670960\u7f8e\u5143\u7684\u73b0\u91d1\u201d\uff0c\u4f46\u80a1\u4ef7\u5374\u53ea\u898130\u523035\u7f8e\u5143\u3002\u4e3a\u4e86\u66f4\u6df1\u5165\u4e86\u89e3\uff0c\u5df4\u83f2\u7279\u8fd8\u7279\u5730\u65e9\u4e0a4\u70b9\u4fbf\u8d77\u5e8a\uff0c\u4ece\u7ebd\u7ea6\u5f00\u8f66\u524d\u5f80\u9ebb\u5dde\u62dc\u8bbf\u3002<\/p>\n
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\u771f\u5b9e\u5df4\u83f2\u7279<\/p>\n
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\u7eb5\u89c2\u5df4\u83f2\u7279\u7684\u6295\u8d44\u7406\u5ff5\uff0c\u4e5f\u66fe\u7ecf\u5386\u4e86\u4ece\u201c\u96ea\u8304\u5c41\u80a1\u201d\u5230\u201c\u4f1f\u5927\u4f01\u4e1a\u201d\u7684\u8f6c\u53d8\uff0c\u5f88\u4e45\u4ee5\u6765\u5df4\u83f2\u7279\u4e00\u76f4\u5949\u884c\u201c\u96ea\u8304\u5c41\u80a1\u201d\u7684\u7406\u5ff5\uff0c\u5373\u5bfb\u627e\u90a3\u4e9b\u4f53\u8d28\u3001\u89c4\u6a21\u4e0d\u4e00\u5b9a\u597d\u3001\u4f46\u80a1\u4ef7\u76f8\u5f53\u4fbf\u5b9c\u7684\u516c\u53f8\uff0c\u800c\u5728\u9047\u5230\u5176\u5408\u4f19\u4eba\u67e5\u7406\u00b7\u5b5f\u683c(Charlie Munger)\u540e\uff0c\u5df4\u83f2\u7279\u4e5f\u5f00\u59cb\u5bfb\u627e\u6240\u8c13\u7684\u201c\u4f1f\u5927\u4f01\u4e1a\u201d(great business)\u6765\u6295\u8d44\uff0c\u5c31\u662f\u4f53\u8d28\u5065\u5168\u3001\u80fd\u957f\u671f\u7ecf\u8425\u7684\u516c\u53f8\uff0c\u4e0d\u662f\u8001\u4e70\u90a3\u4e9b\u4fbf\u5b9c\u4f46\u4f53\u8d28\u4e0d\u4f73\u7684\u516c\u53f8\u3002\u800c\u8fd9\u6b21\u5df4\u83f2\u7279\u201c\u6284\u5e95\u201d\u9ad8\u76db\u3001\u901a\u7528\u7535\u5668\uff0c\u6b63\u662f\u8fd9\u79cd\u6295\u8d44\u601d\u8def\u7684\u4f53\u73b0\uff0c\u5373\u5bfb\u627e\u4e0d\u592a\u8d35\u3001\u5374\u53c8\u6709\u9ad8\u4ef7\u503c\u7684\u80a1\u7968\u3002<\/p>\n
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box:<\/p>\n
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