{"id":565,"date":"2020-02-23T17:35:57","date_gmt":"2020-02-23T09:35:57","guid":{"rendered":"http:\/\/www.yo54.com\/blog\/?p=565"},"modified":"2020-02-23T17:35:57","modified_gmt":"2020-02-23T09:35:57","slug":"%e5%b7%b4%e8%8f%b2%e7%89%b92020%e5%b9%b4%e8%87%b4%e8%82%a1%e4%b8%9c%e5%85%ac%e5%bc%80%e4%bf%a1%e5%85%a8%e6%96%87%e7%bf%bb%e8%af%91","status":"publish","type":"post","link":"https:\/\/www.yo54.com\/blog\/%e5%b7%b4%e8%8f%b2%e7%89%b92020%e5%b9%b4%e8%87%b4%e8%82%a1%e4%b8%9c%e5%85%ac%e5%bc%80%e4%bf%a1%e5%85%a8%e6%96%87%e7%bf%bb%e8%af%91\/","title":{"rendered":"\u5df4\u83f2\u72792020\u5e74\u81f4\u80a1\u4e1c\u516c\u5f00\u4fe1\u5168\u6587\u7ffb\u8bd1"},"content":{"rendered":"

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\"\"<\/figure>\n

<\/strong><\/p>\n

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\u6211\u4eec\u7684BNSF\u94c1\u8def\u548c\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u80fd\u6e90\u516c\u53f8\uff08\u201c BHE\u201d\uff09 \u2013 \u4f2f\u514b\u5e0c\u5c14\u975e\u4fdd\u9669\u4e1a\u52a1\u7684\u4e24\u5927\u9886\u5934\u7f8a\u2013 2019\u5e74\u7684\u5171\u8ba1\u6536\u516583\u4ebf\u7f8e\u5143\uff08\u4ec5\u7eb3\u5165\u6211\u4eec\u5360BHE\u768491%\u4efd\u989d\uff09\uff0c\u8f832018\u5e74\u589e\u957f6%\u3002<\/p>\n

\u6309\u7167\u76c8\u5229\u6392\u540d\uff08\u4f46\u4e0b\u6587\u4e2d\u662f\u6309\u5b57\u6bcd\u987a\u5e8f\u6392\u5217\u7684\uff09\uff0c\u63a5\u4e0b\u6765\u7684\u4e94\u5bb6\u975e\u4fdd\u9669\u5b50\u516c\u53f8ClaytonHome\u3001International MetalWorking\u3001Lubrizol\u3001Marmon\u548cPrecisionCastpart\u57282019\u5e74\u7684\u603b\u76c8\u5229\u4e3a48\u4ebf\u7f8e\u5143\uff0c\u4e0e\u5b83\u4eec\u57282018\u5e74\u7684\u6536\u5165\u76f8\u6bd4\u53d8\u5316\u4e0d\u5927\u3002<\/p>\n

\u518d\u4e0b\u6765\u7684\u4e94\u5bb6\u5b50\u516c\u53f8\uff08Berkshire Hathaway Automotive\u3001Johns Manville\u3001NetJets\u3001Shaw\u548cTTI\uff0c\u540c\u6837\u662f\u6309\u5b57\u6bcd\u987a\u5e8f\u6392\u5217\u7684\uff092019\u5e74\u7684\u603b\u76c8\u5229\u4e3a19\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e2018\u5e74\u768417\u4ebf\u7f8e\u5143\u3002<\/p>\n

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\"\"<\/figure>\n

<\/strong><\/p>\n

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\u5a01\u5c14\u514b\u65af-\u5df4\u91cc\uff08Wilkes-Barre\uff09\u600e\u4e48\u6837\uff1f<\/p>\n

2012\u5e74\u672b\uff0c\u6211\u4eec\u4fdd\u9669\u4e1a\u52a1\u975e\u5e38\u5b9d\u8d35\u7684\u7ecf\u7406\u963f\u5409\u7279-\u6770\u6069\uff08Ajit Jain\uff09\u6253\u7535\u8bdd\u544a\u8bc9\u6211\uff0c\u4ed6\u5c06\u4ee52.21\u4ebf\u7f8e\u5143\uff08\u7ea6\u5408\u5f53\u65f6\u516c\u53f8\u7684\u8d44\u4ea7\u51c0\u503c\uff09\u7684\u4ef7\u683c\u6536\u8d2d\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5dde\u90a3\u4e2a\u5c0f\u57ce\u7684\u4e00\u5bb6\u5c0f\u516c\u53f8 – GUARD Insurance Group\u3002\u4ed6\u8fd8\u8bf4\uff0cGUARD\u9996\u5e2d\u6267\u884c\u5b98\u8d5b-\u798f\u683c\u5c14\uff08Sy Foguel\uff09\u5c06\u6210\u4e3a\u4f2f\u514b\u5e0c\u5c14\u7684\u660e\u661f\u3002GUARD\u548c\u8d5b\u90fd\u662f\u6211\u7684\u65b0\u540d\u5b57\u3002<\/p>\n

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\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u80fd\u6e90\u516c\u53f8\uff08Berkshire HathawayEnergy\uff09<\/p>\n

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\u6295\u8d44<\/p>\n

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\"\"<\/figure>\n

<\/strong><\/p>\n

* \u4e0d\u5305\u62ec\u4f2f\u514b\u5e0c\u5c14\u5b50\u516c\u53f8\u7684\u517b\u8001\u57fa\u91d1\u6240\u6301\u6709\u7684\u80a1\u4efd\u3002<\/p>\n

** \u8fd9\u662f\u6211\u4eec\u7684\u5b9e\u9645\u8d2d\u4e70\u4ef7\u683c\uff0c\u4e5f\u662f\u6211\u4eec\u7684\u8ba1\u7a0e\u57fa\u7840\u3002<\/p>\n

***\u5305\u62ec\u5bf9\u897f\u65b9\u77f3\u6cb9\u516c\u53f8\u6570\u989d\u4e3a100\u4ebf\u7f8e\u5143\u7684\u6295\u8d44\u3002\u8fd9\u7b14\u6295\u8d44\u7531\u4f18\u5148\u80a1\u4ee5\u53ca\u53ef\u8d2d\u4e70\u666e\u901a\u80a1\u7684\u8ba4\u80a1\u6743\u8bc1\u7ec4\u6210\u3002<\/p>\n

\u67e5\u7406\u548c\u6211\u90fd\u6ca1\u6709\u628a\u4ee5\u4e0a\u8fd9\u4e9b\u80a1\u7968\uff08\u603b\u8ba1\u6301\u80a1\u5e02\u503c2480\u4ebf\u7f8e\u5143\uff09\u5f53\u4f5c\u662f\u7cbe\u5fc3\u6536\u96c6\u7684\u6f5c\u529b\u80a1\u3002\u5f53\u524d\u8fd9\u573a\u91d1\u878d\u95f9\u5267\u5c06\u8981\u7ed3\u675f\uff0c\u56e0\u4e3a\u201c\u534e\u5c14\u8857\u201d\u7684\u964d\u7ea7\u3001\u7f8e\u8054\u50a8\u53ef\u80fd\u91c7\u53d6\u7684\u884c\u52a8\u3001\u53ef\u80fd\u51fa\u73b0\u7684\u653f\u6cbb\u52a8\u5411\u3001\u7ecf\u6d4e\u5b66\u5bb6\u7684\u9884\u6d4b\uff0c\u6216\u8005\u5176\u4ed6\u4efb\u4f55\u53ef\u80fd\u6210\u4e3a\u5f53\u524d\u70ed\u95e8\u8bdd\u9898\u7684\u4e1c\u897f\uff0c\u90fd\u5c06\u7ec8\u6b62\u8fd9\u573a\u95f9\u5267\u3002<\/p>\n

\u76f8\u53cd\uff0c\u6211\u4eec\u628a\u8fd9\u4e9b\u516c\u53f8\u770b\u4f5c\u662f\u4e00\u4e2a\u6211\u4eec\u8fdb\u884c\u90e8\u5206\u6301\u80a1\u7684\u96c6\u5408\u3002\u82e5\u6309\u52a0\u6743\u8ba1\u7b97\uff0c\u8fd9\u4e9b\u516c\u53f8\u8fd0\u8425\u4e1a\u52a1\u6240\u9700\u7684\u6709\u5f62\u51c0\u8d44\u4ea7\u51c0\u5229\u8d85\u8fc720%\u3002\u8fd9\u4e9b\u516c\u53f8\u4e0d\u9700\u8981\u8fc7\u5ea6\u4e3e\u503a\u5c31\u53ef\u4ee5\u76c8\u5229\u3002<\/p>\n

\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\uff0c\u90a3\u4e9b\u89c4\u6a21\u5de8\u5927\u3001\u6210\u719f\u4e14\u6613\u4e8e\u7406\u89e3\u7684\u4f01\u4e1a\u7684\u8ba2\u5355\u56de\u62a5\u7387\u90fd\u662f\u5f15\u4eba\u77a9\u76ee\u7684\u3002\u4e0e\u5f88\u591a\u6295\u8d44\u8005\u5728\u8fc7\u53bb\u5341\u5e74\u91cc\u6240\u63a5\u53d7\u7684\u503a\u5238\u56de\u62a5\u7387\uff08\u6bd4\u5982\u8bf430\u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u7684\u6536\u76ca\u7387\u662f2.5%\u6216\u66f4\u4f4e\uff09\u76f8\u6bd4\uff0c\u8fd9\u4e9b\u516c\u53f8\u7684\u56de\u62a5\u7387\u7684\u786e\u4ee4\u4eba\u611f\u5230\u5174\u594b\u3002<\/p>\n

\u67e5\u7406\u548c\u6211\u4ece\u6765\u4e0d\u559c\u6b22\u73a9\u9884\u6d4b\u5229\u7387\u7684\u6e38\u620f\uff0c\u56e0\u4e3a\u6211\u4eec\u4e0d\u77e5\u9053\u672a\u6765\u4e00\u5e74\u3001\u5341\u5e74\u6216\u4e09\u5341\u5e74\u91cc\u5229\u7387\u7684\u5e73\u5747\u503c\u662f\u591a\u5c11\u3002\u6211\u4eec\u6216\u8bb8\u6709\u4e9b\u504f\u89c1\u5730\u8ba4\u4e3a\uff0c\u5728\u8fd9\u4e2a\u8bdd\u9898\u4e0a\u53d1\u8868\u610f\u89c1\u7684\u6743\u5a01\u4eba\u58eb\uff0c\u6070\u6070\u662f\u901a\u8fc7\u8fd9\u79cd\u884c\u4e3a\uff0c\u900f\u9732\u51fa\u7684\u66f4\u591a\u7684\u662f\u548c\u4ed6\u4eec\u81ea\u5df1\u6709\u5173\u7684\u4fe1\u606f\uff0c\u800c\u4e0d\u662f\u5173\u4e8e\u672a\u6765\u7684\u4fe1\u606f\u3002<\/p>\n

\u6211\u4eec\u53ef\u4ee5\u8bf4\u7684\u662f\uff0c\u5982\u679c\u5728\u672a\u6765\u51e0\u5341\u5e74\u91cc\u548c\u5f53\u524d\u5229\u7387\u63a5\u8fd1\u7684\u5229\u7387\u5360\u4e0a\u98ce\uff0c\u516c\u53f8\u7a0e\u4e5f\u7ef4\u6301\u5728\u4f01\u4e1a\u5f53\u4e0b\u6b63\u5728\u4eab\u53d7\u7740\u7684\u4f4e\u6c34\u5e73\uff0c\u90a3\u4e48\u51e0\u4e4e\u53ef\u4ee5\u80af\u5b9a\u7684\u662f\uff0c\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u80a1\u7968\u7684\u8868\u73b0\u5c06\u8fdc\u8fdc\u597d\u4e8e\u957f\u671f\u56fa\u5b9a\u5229\u7387\u503a\u52a1\u5de5\u5177\u3002<\/p>\n

\u5728\u7ed9\u51fa\u8fd9\u4e00\u4e50\u89c2\u9884\u6d4b\u7684\u540c\u65f6\uff0c\u6211\u4eec\u4e5f\u8981\u53d1\u51fa\u4e00\u9879\u8b66\u544a\uff1a\u672a\u6765\u80a1\u4ef7\u53ef\u80fd\u4f1a\u53d1\u751f\u4efb\u4f55\u53d8\u5316\u3002\u6709\u65f6\uff0c\u80a1\u5e02\u4f1a\u66b4\u8dcc\uff0c\u5e45\u5ea6\u53ef\u80fd\u662f50%\uff0c\u4e5f\u53ef\u80fd\u4f1a\u66f4\u5927\u3002\u4f46\u662f\uff0c\u5bf9\u4e8e\u90a3\u4e9b\u4e0d\u7528\u501f\u94b1\u6765\u7092\u80a1\u3001\u4e14\u80fd\u591f\u63a7\u5236\u81ea\u5df1\u60c5\u7eea\u7684\u4eba\u6765\u8bf4\uff0c\u53bb\u5e74\u6211\u66fe\u5728\u6587\u7ae0\u4e2d\u5199\u8fc7\u7684\u201c\u7f8e\u56fd\u7ecf\u6d4e\u987a\u98ce\u8f66\u201d\uff0c\u518d\u52a0\u4e0a\u53f2\u5bc6\u65af\u6240\u8c13\u7684\u201c\u590d\u5408\u5947\u8ff9\u201d\uff0c\u4f1a\u52a9\u63a8\u80a1\u7968\u6210\u4e3a\u66f4\u597d\u7684\u957f\u671f\u9009\u62e9\u3002\u5176\u4ed6\u4eba\u5462\uff1f\u5f53\u5fc3\uff01<\/p>\n

\u672a\u6765\u7684\u8def<\/p>\n

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\u67e5\u7406\u548c\u6211\u5f88\u7cdf\u5c31\u5df2\u7ecf\u8fdb\u5165\u4e86\u7c7b\u4f3c\u7684\u201c\u52a0\u6025\u201d\u9636\u6bb5\u3002\u5bf9\u4e8e\u6211\u4eec\u6765\u8bf4\uff0c\u8fd9\u663e\u7136\u4e0d\u662f\u4ec0\u4e48\u559c\u8baf\u3002\u4f46\u662f\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u80a1\u4e1c\u4eec\u4e0d\u5fc5\u7126\u8651\uff1a\u4f60\u7684\u516c\u53f8\u5df2\u7ecf\u4e3a\u6211\u4eec\u7684\u79bb\u5f00\u505a\u597d\u4e86\u767e\u5206\u767e\u7684\u51c6\u5907\u3002<\/p>\n

\u6211\u4eec\u4e4b\u6240\u4ee5\u5982\u6b64\u4e50\u89c2\uff0c\u4e3b\u8981\u57fa\u4e8e\u4e94\u5927\u539f\u56e0\uff1a<\/p>\n

\u7b2c\u4e00\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u8d44\u4ea7\u90e8\u7f72\u5728\u5404\u79cd\u5404\u6837\u7684\u5168\u8d44\u6216\u90e8\u5206\u62e5\u6709\u7684\u4f01\u4e1a\u8eab\u4e0a\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u7684\u8d44\u672c\u56de\u62a5\u7387\u5f88\u5438\u5f15\u4eba\u3002<\/p>\n

\u7b2c\u4e8c\uff0c\u4f2f\u514b\u5e0c\u5c14\u5c06\u65d7\u4e0b\u6240\u63a7\u5236\u4e1a\u52a1\u5b9a\u4f4d\u5728\u4e00\u4e2a\u5355\u4e00\u5b9e\u4f53\uff0c\u8fd9\u79cd\u73b0\u72b6\u8d4b\u4e88\u4e86\u8be5\u516c\u53f8\u4e00\u4e9b\u91cd\u8981\u4e14\u6301\u4e45\u7684\u7ecf\u6d4e\u4f18\u52bf\u3002<\/p>\n

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\u7b2c\u56db\uff0c\u6211\u4eec\u62e5\u6709\u7ecf\u9a8c\u4e30\u5bcc\u4e14\u5fe0\u5fc3\u803f\u803f\u7684\u9876\u5c16\u7ecf\u7406\u4eba\u3002\u5bf9\u4e8e\u4ed6\u4eec\u6765\u8bf4\uff0c\u7ba1\u7406\u4f2f\u514b\u5e0c\u5c14\u8fdc\u8fdc\u4e0d\u6b62\u662f\u4e00\u4efd\u9ad8\u85aa\u548c\/\u6216\u6709\u58f0\u671b\u7684\u5de5\u4f5c\u3002<\/p>\n

\u7b2c\u4e94\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u8463\u4e8b\u4eec\u2014\u2014\u4f60\u4eec\u7684\u76d1\u62a4\u4eba\u2014\u2014\u4e00\u76f4\u4e13\u6ce8\u4e8e\u80a1\u4e1c\u7684\u798f\u5229\uff0c\u4ee5\u53ca\u57f9\u80b2\u4e00\u79cd\u5728\u8d85\u5927\u578b\u4f01\u4e1a\u4e2d\u5f88\u7f55\u89c1\u7684\u6587\u5316\u3002\uff08\u62c9\u91cc-\u574e\u5b81\u5b89\u548c\u65af\u8482\u82ac\u59ae-\u53e4\u5df4\u5728\u5408\u8457\u7684\u65b0\u4e66\u300a\u4fe1\u4efb\u7684\u8fb9\u7f18\u300b\u4e2d\u63a2\u8ba8\u4e86\u8fd9\u79cd\u6587\u5316\u7684\u4ef7\u503c\u3002\u5728\u6211\u4eec\u7684\u5e74\u4f1a\u4e0a\uff0c\u53ef\u4ee5\u770b\u5230\u8fd9\u672c\u4e66\u3002\uff09<\/p>\n

\u8fd8\u6709\u4e00\u4e9b\u7279\u522b\u5b9e\u9645\u7684\u539f\u56e0\u4fc3\u4f7f\u67e5\u7406\u548c\u6211\u60f3\u8981\u786e\u4fdd\u4f2f\u514b\u5e0c\u5c14\u5728\u6211\u4eec\u79bb\u5f00\u540e\u7684\u65e5\u5b50\u91cc\u7ee7\u7eed\u7e41\u8363\u660c\u76db\uff1a\u8292\u683c\u5bb6\u65cf\u6301\u6709\u7684\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\u89c4\u6a21\uff0c\u8fdc\u8d85\u8fc7\u8be5\u5bb6\u65cf\u7684\u5176\u4ed6\u6295\u8d44\uff1b\u6211\u9ad8\u8fbe99%\u7684\u51c0\u8eab\u4ef7\u9760\u7684\u662f\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\u3002\u6211\u4ece\u6765\u6ca1\u6709\u5356\u8fc7\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\uff0c\u4ee5\u540e\u4e5f\u4e0d\u6253\u7b97\u8fd9\u4e48\u505a\u3002<\/p>\n

\u9664\u4e86\u6148\u5584\u6350\u8d60\u548c\u9001\u4eba\u5c0f\u793c\u7269\u4e4b\u5916\uff0c\u6211\u552f\u4e00\u4e00\u6b21\u52a8\u8fc7\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\uff0c\u662f\u57281980\u5e74\u3002\u5f53\u5e74\uff0c\u6211\u548c\u5176\u4ed6\u88ab\u9009\u51fa\u7684\u4f2f\u514b\u5e0c\u5c14\u80a1\u4e1c\u4eec\uff0c\u7528\u4f2f\u514b\u5e0c\u5c14\u7684\u4e00\u4e9b\u80a1\u7968\u6362\u4e86\u4f0a\u5229\u8bfa\u65af\u5dde\u4e00\u5bb6\u94f6\u884c\u7684\u80a1\u7968\u3002\u65e9\u57281969\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u6536\u8d2d\u4e86\u8fd9\u5bb6\u94f6\u884c\u30021980\u5e74\uff0c\u56e0\u4e3a\u94f6\u884c\u63a7\u80a1\u516c\u53f8\u6cd5\u7684\u53d8\u5316\uff0c\u6211\u4eec\u5fc5\u987b\u5378\u8f7d\u8be5\u884c\u3002<\/p>\n

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\u96be\u602a\u4e00\u4f4d\u4e0d\u5bcc\u6709\u7684\u8463\u4e8b\uff08non-wealthy director\uff0c\u7b80\u79f0\u201cNWD\u201d\uff09\u73b0\u5728\u5e0c\u671b\u3001\u751a\u81f3\u6e34\u671b\u88ab\u9080\u8bf7\u52a0\u5165\u7b2c\u4e8c\u5bb6\u516c\u53f8\u7684\u8463\u4e8b\u4f1a\uff0c\u4ece\u800c\u5e2e\u52a9\u81ea\u5df1\u8dc3\u5347\u81f350-60\u4e07\u7f8e\u5143\u7684\u6536\u5165\u9636\u5c42\u3002\u4e3a\u4e86\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\uff0cNWD\u5c06\u9700\u8981\u4e00\u4e9b\u5e2e\u52a9\u3002\u4e00\u5bb6\u5bfb\u627e\u8463\u4e8b\u4f1a\u6210\u5458\u7684\u516c\u53f8CEO\u51e0\u4e4e\u80af\u5b9a\u4f1a\u5411NWD\u7684\u73b0\u4efbCEO\u6838\u5b9eNWD\u662f\u5426\u662f\u4e00\u4e2a\u201c\u597d\u201d\u8463\u4e8b\u3002\u5f53\u7136\uff0c\u6240\u8c13\u7684\u201c\u597d\u201d\u53ea\u662f\u4e2a\u6697\u53f7\u3002\u5982\u679cNWD\u4e25\u91cd\u6311\u6218\u4ed6\/\u5979\u73b0\u4efbCEO\u7684\u85aa\u916c\u6216\u6536\u8d2d\u68a6\u60f3\uff0c\u4ed6\/\u5979\u7684\uff08\u8463\u4e8b\uff09\u5019\u9009\u4eba\u8d44\u683c\u5c06\u6084\u65e0\u58f0\u606f\u5730\u62b9\u53bb\u3002\u5728\u5bfb\u627e\u8463\u4e8b\u65f6\uff0c\u9996\u5e2d\u6267\u884c\u5b98\u4eec\u5e76\u4e0d\u662f\u5728\u5bfb\u627e\u6597\u725b\u72ac\uff0c\u53ea\u6709\u53ef\u5361\u72ac\u4f1a\u88ab\u5e26\u56de\u5bb6\u3002<\/p>\n

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\u5f53\u7136\uff0c\u7528\u81ea\u5df1\u7684\u94b1\u8d2d\u4e70\u6240\u6709\u6743\u5e76\u4e0d\u80fd\u521b\u9020\u667a\u6167\uff0c\u4e5f\u4e0d\u80fd\u786e\u4fdd\u5546\u4e1a\u6210\u529f\u3002\u7136\u800c\uff0c\u5f53\u6211\u4eec\u6295\u8d44\u7ec4\u5408\u5185\u516c\u53f8\u7684\u8463\u4e8b\u6709\u7528\u4ed6\u4eec\u81ea\u5df1\u94b1\u8d2d\u4e70\u80a1\u7968\u7684\u7ecf\u9a8c\uff0c\u800c\u4e0d\u662f\u7b80\u5355\u5730\u83b7\u8d60\u65f6\uff0c\u6211\u4f1a\u611f\u89c9\u66f4\u597d\u3002<\/p>\n

\u5728\u8fd9\u91cc\uff0c\u6211\u5e94\u8be5\u505c\u987f\u4e00\u4e0b\uff1a\u6211\u60f3\u8ba9\u4f60\u77e5\u9053\uff0c\u8fd9\u4e9b\u5e74\u6765\u6211\u89c1\u8fc7\u7684\u51e0\u4e4e\u6240\u6709\u8463\u4e8b\u90fd\u5f88\u50cf\u6837\u3001\u8ba8\u4eba\u559c\u6b22\u4e14\u806a\u660e\u3002\u4ed6\u4eec\u8863\u7740\u5149\u9c9c\uff0c\u662f\u597d\u90bb\u5c45\u3001\u4e5f\u662f\u597d\u516c\u6c11\uff0c\u6211\u5f88\u4eab\u53d7\u4ed6\u4eec\u7684\u966a\u4f34\u3002\u5728\u8fd9\u7fa4\u4eba\u4e2d\uff0c\u6709\u4e00\u4e9b\u4eba\u5982\u679c\u4e0d\u662f\u56e0\u4e3a\u6211\u4eec\u5171\u540c\u7684\u8463\u4e8b\u4f1a\u670d\u52a1\uff0c\u6211\u662f\u4e0d\u4f1a\u8ba4\u8bc6\u4ed6\u4eec\u7684\uff0c\u4ed6\u4eec\u5982\u4eca\u5df2\u7ecf\u6210\u4e3a\u4e86\u6211\u4eb2\u5bc6\u7684\u670b\u53cb\u3002<\/p>\n

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\u53cd\u8fc7\u6765\uff0c\u4ed6\u4eec\u4e5f\u6c38\u8fdc\u4e0d\u4f1a\u5728\u62d4\u7259\u3001\u88c5\u4fee\u623f\u5b50\u6216\u6539\u5584\u9ad8\u5c14\u592b\u7403\u6280\u65b9\u9762\u5411\u6211\u6c42\u52a9\u3002\u6b64\u5916\uff0c\u5982\u679c\u6211\u88ab\u5b89\u6392\u5728\u201c\u4e0e\u661f\u5171\u821e\u201d\uff08Dancing With The Stars\uff09\u8282\u76ee\u4e2d\u9732\u9762\uff0c\u6211\u4f1a\u7acb\u5373\u5bfb\u6c42\u8bc1\u4eba\u4fdd\u62a4\u8ba1\u5212\u7684\u5e87\u62a4\u3002\u6211\u4eec\u603b\u4f1a\u5728\u8fd9\u4ef6\u4e8b\u6216\u90a3\u4ef6\u4e8b\u4e0a\u65e0\u6240\u5efa\u6811\u3002\u5bf9\u4e8e\u6211\u4eec\u5927\u591a\u6570\u4eba\u6765\u8bf4\uff0c\u8fd9\u4e2a\uff08\u65e0\u6240\u5efa\u6811\u7684\uff09\u6e05\u5355\u5f88\u957f\u3002\u4f46\u9700\u8981\u8ba4\u8bc6\u5230\u7684\u91cd\u8981\u4e00\u70b9\u662f\uff0c\u5982\u679c\u4f60\u662f\u9c8d\u6bd4\u00b7\u8d39\u820d\u5c14\uff08Bobby Fischer\uff0c\u7f8e\u56fd\u56fd\u9645\u8c61\u68cb\u68cb\u624b\uff09\uff0c\u4f60\u5fc5\u987b\u4e3a\u4e86\u94b1\u800c\u4e0b\u68cb\u3002<\/p>\n

\u5728\u4f2f\u514b\u5e0c\u5c14\uff0c\u6211\u4eec\u5c06\u7ee7\u7eed\u5bfb\u627e\u7cbe\u901a\u5546\u4e1a\u7684\u8463\u4e8b\uff0c\u4ed6\u4eec\u4ee5\u4e3b\u4eba\u7fc1\u7cbe\u795e\u4e3a\u5bfc\u5411\uff0c\u5e76\u5bf9\u6211\u4eec\u7684\u516c\u53f8\u6709\u5f3a\u70c8\u7684\u7279\u5b9a\u5174\u8da3\u3002\u601d\u60f3\u548c\u539f\u5219\uff0c\u800c\u4e0d\u662f\u673a\u5668\u4eba(17.000, -0.34, -1.96%)\u822c\u7684\u201c\u6d41\u7a0b\u201d\u5c06\u6307\u5bfc\u4ed6\u4eec\u7684\u884c\u52a8\u3002\u5f53\u7136\uff0c\u5728\u4ee3\u8868\u4f60\u7684\u5229\u76ca\uff08\u8fdb\u884c\u6295\u8d44\uff09\u65f6\uff0c\u4ed6\u4eec\u4f1a\u5bfb\u627e\u7528\u5fc3\u53d6\u60a6\u5ba2\u6237\u3001\u73cd\u60dc\u81ea\u5df1\u540c\u4e8b\u3001\u52aa\u529b\u6210\u4e3a\u81ea\u5df1\u6240\u5728\u793e\u533a\u548c\u56fd\u5bb6\u597d\u516c\u6c11\u7684\u7ecf\u7406\u4eba\u3002<\/p>\n

\u8fd9\u4e9b\u76ee\u6807\u5e76\u4e0d\u65b0\u9c9c\u3002\u8fd9\u662f60\u5e74\u524d\u6709\u80fd\u529bCEO\u4eec\u7684\u76ee\u6807\uff0c\u73b0\u5728\u4ecd\u662f\u5982\u6b64\u3002\u5426\u5219\u53c8\u6709\u8c01\u8be5\u5177\u5907\u8fd9\u4e9b\u80fd\u529b\u5462\uff1f<\/p>\n

\u5176\u4ed6\u5185\u5bb9<\/p>\n

\u5728\u8fc7\u53bb\u7684\u62a5\u544a\u4e2d\uff0c\u6211\u4eec\u5df2\u7ecf\u8ba8\u8bba\u4e86\u80a1\u7968\u56de\u8d2d\u7684\u610f\u4e49\u548c\u65e0\u7528\u6027\u3002\u6211\u4eec\u7684\u60f3\u6cd5\u5f52\u7ed3\u4e3a\uff1a\u4f2f\u514b\u5e0c\u5c14\u53ea\u6709\u5728\u4ee5\u4e0b\u60c5\u51b5\u4e0b\u624d\u4f1a\u56de\u8d2d\u80a1\u7968\uff1aa\uff09\u67e5\u7406\u548c\u6211\u8ba4\u4e3a\u5b83\u7684\u552e\u4ef7\u4f4e\u4e8e\u5176\u4ef7\u503c\uff0c\u4ee5\u53cab\uff09\u516c\u53f8\u5728\u5b8c\u6210\u56de\u8d2d\u540e\uff0c\u4ecd\u4f1a\u62e5\u6709\u5145\u8db3\u7684\u73b0\u91d1\u3002<\/p>\n

\uff08\u80a1\u7968\uff09\u5185\u5728\u4ef7\u503c\u7684\u8ba1\u7b97\u5f88\u4e0d\u7cbe\u786e\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u4e24\u4eba\u90fd\u6ca1\u6709\u5bf9\u4ee5\u975e\u5e38\u771f\u5b9e\u768495\u7f8e\u5206\u8d2d\u4e70\u4f30\u503c\u4e3a1\u7f8e\u5143\u7684\u5546\u54c1\u611f\u5230\u4efb\u4f55\u7d27\u8feb\u6027\uff0c\u30022019\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u7684\u4ef7\u683c\/\u4ef7\u503c\u7b49\u5f0f\u6709\u65f6\u662f\u9002\u5ea6\u6709\u5229\uff08\u80a1\u7968\u56de\u8d2d\uff09\u7684\uff0c\u6211\u4eec\u82b1\u4e8650\u4ebf\u7f8e\u5143\u56de\u8d2d\u4e86\u516c\u53f8\u7ea61%\u7684\u80a1\u4efd\u3002<\/p>\n

\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6211\u4eec\u5e0c\u671b\u4f2f\u514b\u5e0c\u5c14\u7684\u80a1\u7968\u6570\u91cf\u4e0b\u964d\u3002\u5982\u679c\u80a1\u4ef7\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u60c5\u51b5\uff08\u6b63\u5982\u6211\u4eec\u4f30\u8ba1\u7684\u90a3\u6837\uff09\u7ee7\u7eed\u53d1\u751f\uff0c\u6211\u4eec\u5f88\u53ef\u80fd\u4f1a\u5728\u56de\u8d2d\u80a1\u7968\u4e0a\u53d8\u5f97\u66f4\u52a0\u79ef\u6781\u3002\u7136\u800c\uff0c\u6211\u4eec\u4e0d\u4f1a\u5728\u4efb\u4f55\u6c34\u5e73\u652f\u6491\u80a1\u4ef7\u3002<\/p>\n

\u6301\u6709\u4ef7\u503c\u81f3\u5c112000\u4e07\u7f8e\u5143A\u7c7b\u80a1\u6216B\u7c7b\u80a1\uff0c\u5e76\u6709\u610f\u5411\u4f2f\u514b\u5e0c\u5c14\u51fa\u552e\u80a1\u7968\u7684\u80a1\u4e1c\u53ef\u80fd\u5e0c\u671b\u4ed6\u4eec\u7684\u7ecf\u7eaa\u4eba\u8054\u7cfb\u4f2f\u514b\u5e0c\u5c14\u7684\u9a6c\u514b\u00b7\u7c73\u52d2\u5fb7\uff08Mark Millard\uff09\uff0c\u7535\u8bdd\u662f402-346-1400\u3002\u6211\u4eec\u9700\u8981\u60a8\u5728\u6253\u5b9a\u4e3b\u610f\u51fa\u552e\u80a1\u7968\u7684\u60c5\u51b5\u4e0b\uff0c\u5728\u4e2d\u90e8\u65f6\u95f4\u4e0a\u53488\uff1a00-8\uff1a30\u6216\u4e0b\u53483\uff1a00-3\uff1a30\u4e4b\u95f4\u7ed9\u9a6c\u514b\u6253\u7535\u8bdd\u3002<\/p>\n

2019\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u5411\u7f8e\u56fd\u8d22\u653f\u90e8\u6c47\u51fa36\u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u652f\u4ed8\u5f53\u524d\u6240\u5f97\u7a0e\u3002\u540c\u671f\uff0c\u7f8e\u56fd\u653f\u5e9c\u6536\u5230\u4e862430\u4ebf\u7f8e\u5143\u7684\u4f01\u4e1a\u6240\u5f97\u7a0e\u3002\u4ece\u8fd9\u4e9b\u7edf\u8ba1\u6570\u636e\u4e2d\uff0c\u4f60\u53ef\u4ee5\u4e3a\u4f60\u7684\u516c\u53f8\u7f34\u7eb3\u4e86\u7f8e\u56fd\u6240\u6709\u516c\u53f8\u7f34\u7eb3\u8054\u90a6\u6240\u5f97\u7a0e\u76841.5%\u800c\u611f\u5230\u81ea\u8c6a\u3002<\/p>\n

55\u5e74\u524d\uff0c\u5f53\u4f2f\u514b\u5e0c\u5c14\u8fdb\u5165\u5f53\u4e0b\u7684\u4f01\u4e1a\u96c6\u56e2\u7ed3\u6784\u65f6\uff0c\u516c\u53f8\u65e0\u9700\u7f34\u7eb3\u8054\u90a6\u6240\u5f97\u7a0e\uff08\u8fd9\u4e5f\u662f\u6709\u5145\u5206\u7406\u7531\u7684\uff1a\u56e0\u4e3a\u5728\u6b64\u524d\u5341\u5e74\u91cc\uff0c\u8fd9\u5bb6\u82e6\u82e6\u6323\u624e\u7684\u4f01\u4e1a\u5f55\u5f97\u51c0\u4e8f\u635f\uff09\u3002\u4ece\u90a3\u65f6\u8d77\uff0c\u7531\u4e8e\u4f2f\u514b\u5e0c\u5c14\u4fdd\u7559\u4e86\u51e0\u4e4e\u6240\u6709\u7684\u6536\u76ca\uff0c\u8fd9\u9879\u653f\u7b56\u7684\u53d7\u76ca\u8005\u5df2\u4e0d\u4ec5\u4ec5\u662f\u516c\u53f8\u80a1\u4e1c\uff0c\u8054\u90a6\u653f\u5e9c\u4e5f\u540c\u6837\u53d7\u76ca\u3002\uff08\u56e0\u4e3a\uff09\u5728\u672a\u6765\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\uff0c\u6211\u4eec\u90fd\u5e0c\u671b\u5e76\u671f\u5f85\u7740\u5411\u8d22\u653f\u90e8\u4e0a\u7f34\u66f4\u5927\u7684\u91d1\u989d\u3002<\/p>\n

\u5728A-2-A-3\u9875\uff0c\u60a8\u53ef\u4ee5\u627e\u5230\u6211\u4eec\u5c06\u4e8e2020\u5e745\u67082\u65e5\u4e3e\u884c\u5e74\u4f1a\u7684\u8be6\u7ec6\u60c5\u51b5\u3002\u50cf\u5f80\u5e38\u4e00\u6837\uff0c\u96c5\u864e\u5c06\u5728\u5168\u7403\u8303\u56f4\u5185\u76f4\u64ad\u8fd9\u4e00\u6d3b\u52a8\u3002\u7136\u800c\uff0c\u6211\u4eec\u7684\u5f62\u5f0f\u5c06\u6709\u4e00\u4e2a\u91cd\u8981\u7684\u53d8\u5316\uff1a\u80a1\u4e1c\u3001\u5a92\u4f53\u548c\u8463\u4e8b\u4f1a\u6210\u5458\u5efa\u8bae\uff0c\u8ba9\u6211\u4eec\u7684\u4e24\u4f4d\u5173\u952e\u8fd0\u8425\u7ecf\u7406\u963f\u5409\u7279\u00b7\u8d3e\u56e0\uff08Ajit Jain\uff09\u548c\u683c\u96f7\u683c\u00b7\u963f\u8d1d\u5c14\uff08Greg Abel\uff09\u5728\u5e74\u4f1a\u4e0a\u6709\u66f4\u591a\u7684\u66dd\u5149\u7387\u3002\u8fd9\u4e00\u53d8\u5316\u975e\u5e38\u6709\u610f\u4e49\u3002\u65e0\u8bba\u662f\u4f5c\u4e3a\u7ecf\u7406\u4eba\u8fd8\u662f\u4e2a\u4eba\uff0c\u4ed6\u4eec\u90fd\u662f\u6770\u51fa\u7684\u4e2a\u4f53\uff0c\u4f60\u5e94\u8be5\u4ece\u4ed6\u4eec\u90a3\u91cc\u542c\u5230\u66f4\u591a\u3002<\/p>\n

\u4eca\u5e74\u53d1\u9001\u95ee\u9898\u7ed9\u6211\u4eec\u4e09\u540d\u957f\u671f\u4efb\u804c\u65b0\u95fb\u4eba\u5458\u7684\u80a1\u4e1c\u53ef\u4ee5\u6307\u5b9a\u5411\u963f\u5409\u7279\u6216\u683c\u96f7\u683c\u63d0\u51fa\u95ee\u9898\u3002\u5c31\u50cf\u67e5\u7406\u548c\u6211\u4e00\u6837\uff0c\u4ed6\u4eec\u4e5f\u5c06\u5b8c\u5168\u4e0d\u77e5\u9053\u8fd9\u4e9b\u95ee\u9898\u662f\u4ec0\u4e48\u3002<\/p>\n

\u8bb0\u8005\u5c06\u4e0e\u89c2\u4f17\u8f6e\u6d41\u63d0\u95ee\uff0c\u89c2\u4f17\u4e5f\u53ef\u4ee5\u76f4\u63a5\u5411\u6211\u4eec\u56db\u4e2a\u4eba\u4e2d\u7684\u4efb\u4f55\u4e00\u4e2a\u63d0\u95ee\u3002\u6240\u4ee5\uff0c\u8bf7\u64e6\u4eae\u4f60\u7684\u7360\u7259\u3002<\/p>\n

\u4eca\u5e745\u67082\u65e5\uff0c\u6b22\u8fce\u6765\u5965\u9a6c\u54c8\u3002\u5728\u8fd9\u91cc\u89c1\u89c1\u4f60\u7684\u8d44\u672c\u5bb6\u540c\u884c\uff0c\u8d2d\u4e70\u4e00\u4e9b\u4f2f\u514b\u5e0c\u5c14\u4ea7\u54c1\uff0c\u5c3d\u60c5\u4eab\u53d7\u3002\u67e5\u7406\u548c\u6211\uff0c\u8fd8\u6709\u6574\u4e2a\u4f2f\u514b\u5e0c\u5c14\u5bb6\u5ead\u90fd\u671f\u5f85\u7740\u89c1\u5230\u4f60\u3002<\/p>\n

2020\u5e742\u670822\u65e5<\/p>\n

\u6c83\u4f26\u00b7E\u00b7\u5df4\u83f2\u7279\u3002<\/p>\n

\u8463\u4e8b\u5c40\u4e3b\u5e2d<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u7684\u5404\u4f4d\u80a1\u4e1c\uff1a<\/p>\n

\u4f2f\u514b\u5e0c\u5c142019\u8d22\u5e74\u57fa\u4e8e\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\uff08GAAP\uff09\u7684\u76c8\u5229\u4e3a814\u4ebf\u7f8e\u5143\u3002\u5177\u4f53\u800c\u8a00\uff0c\u8fd9\u4e00\u603b\u6570\u5f53\u4e2d\u5305\u542b240\u4ebf\u7f8e\u5143\u8fd0\u8425\u76c8\u5229\uff0c\u4ee5\u53ca\u6211\u4eec\u6240\u6301\u6709\u80a1\u7968\u4ea7\u751f\u768437\u4ebf\u7f8e\u5143\u5df2\u5151\u73b0\u8d44\u672c\u5229\u5f97\u548c537\u4ebf\u7f8e\u5143\u7684\u672a\u5151\u73b0\u8d44\u672c\u5229\u5f97\u3002\u524d\u5217\u6240\u6709\u5747\u4e3a\u7a0e\u540e\u6570\u636e\u3002<\/p>\n

\u5173\u4e8e\u8fd9537\u4ebf\u7f8e\u5143\u5229\u5f97\uff0c\u5fc5\u987b\u505a\u4e00\u4e2a\u8865\u5145\u8bf4\u660e\u3002\u6839\u636e2018\u5e74\u751f\u6548\u7684\u65b0\u7248\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\uff0c\u4e00\u5bb6\u4f01\u4e1a\u6240\u6301\u6709\u7684\u8bc1\u5238\uff0c\u5373\u4fbf\u662f\u5c1a\u672a\u5151\u73b0\u7684\u5229\u5f97\u548c\u4e8f\u635f\u51c0\u53d8\u5316\u4e5f\u5fc5\u987b\u8ba1\u5165\u76c8\u5229\u6570\u636e\u3002\u6b63\u5982\u6211\u4eec\u5728\u53bb\u5e74\u80a1\u4e1c\u4fe1\u5f53\u4e2d\u6240\u6f84\u6e05\u7684\uff0c\u65e0\u8bba\u662f\u6211\uff0c\u8fd8\u662f\u548c\u6211\u4e00\u8d77\u7ba1\u7406\u4f2f\u514b\u5e0c\u5c14\u7684\u4f19\u4f34\u67e5\u7406\u00b7\u8292\u683c\uff08Charlie Munger\uff09\uff0c\u6211\u4eec\u5bf9\u8fd9\u79cd\u65b0\u89c4\u5176\u5b9e\u90fd\u6301\u4fdd\u7559\u6001\u5ea6\u3002<\/p>\n

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2018\u5e74\u4e4b\u524d\uff0c\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u575a\u6301\u8ba4\u4e3a\uff0c\u9664\u975e\u4e00\u5bb6\u4f01\u4e1a\u7684\u751f\u610f\u5c31\u662f\u8bc1\u5238\u4ea4\u6613\u672c\u8eab\uff0c\u4e0d\u7136\u7684\u8bdd\uff0c\u6295\u8d44\u7ec4\u5408\u5f53\u4e2d\u672a\u5151\u73b0\u7684\u8d44\u672c\u5229\u5f97\u4efb\u4f55\u65f6\u5019\u90fd\u4e0d\u8be5\u88ab\u8ba1\u5165\u76c8\u5229\uff0c\u800c\u672a\u5151\u73b0\u7684\u4e8f\u635f\u4e5f\u53ea\u6709\u5728\u88ab\u8ba4\u4e3a\u662f\u201c\u975e\u6682\u65f6\u6027\u201d\u7684\u60c5\u51b5\u4e0b\u624d\u53ef\u4ee5\u8ba1\u5165\u3002\u73b0\u5728\uff0c\u6839\u636e\u65b0\u89c4\uff0c\u4f2f\u514b\u5e0c\u5c14\u5fc5\u987b\u5c06\u8fd9\u4e9b\u6570\u636e\u8ba1\u5165\u6bcf\u4e2a\u5b63\u5ea6\u7684\u76c8\u5229\u4e4b\u4e2d\uff0c\u4e0d\u7ba1\u8fd9\u4e9b\u8bc1\u5238\u7684\u6da8\u6da8\u8dcc\u8dcc\u4e0d\u7ba1\u6709\u591a\u4e48\u8d77\u4f0f\u4e0d\u5b9a\uff0c\u53ef\u80fd\u4f1a\u9020\u6210\u600e\u6837\u7684\u5f71\u54cd\u2014\u2014\u5bf9\u4e8e\u4f17\u591a\u6295\u8d44\u8005\u3001\u5206\u6790\u5e08\u548c\u8bc4\u8bba\u5bb6\u6765\u8bf4\uff0c\u8fd9\u4e5f\u6210\u4e86\u4ed6\u4eec\u5fc5\u987b\u638c\u63e1\u7684\u65b0\u77e5\u8bc6\u3002<\/p>\n

\u4f2f\u514b\u5e0c\u5c142018\u5e74\u548c2019\u5e74\u7684\u5177\u4f53\u6570\u636e\u5176\u5b9e\u6b63\u6e05\u695a\u5730\u8bc1\u660e\u4e86\u6211\u4eec\u5bf9\u65b0\u89c4\u7684\u5224\u65ad\u7684\u6b63\u5f53\u6027\u3002\u6b63\u5982\u6211\u4eec\u53d1\u5e03\u7684\u6570\u636e\u6240\u663e\u793a\u7684\uff0c2018\u5e74\u662f\u80a1\u5e02\u906d\u9047\u4e0d\u987a\u7684\u4e00\u5e74\uff0c\u6211\u4eec\u672a\u5151\u73b0\u7684\u5229\u5f97\u7f29\u51cf\u4e86206\u4ebf\u7f8e\u5143\u4e4b\u591a\uff0c\u4e8e\u662f\u6211\u4eec\u5f53\u5e74\u5ea6\u7684\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u76c8\u5229\u5c31\u53ea\u5269\u4e0b\u4e8640\u4ebf\u7f8e\u5143\u3002\u81f3\u4e8e2019\u5e74\uff0c\u5982\u524d\u6240\u8ff0\uff0c\u7531\u4e8e\u80a1\u7968\u4ef7\u683c\u7684\u4e0a\u6da8\uff0c\u6211\u4eec\u672a\u5151\u73b0\u7684\u5229\u5f97\u731b\u589e\u4e86537\u4ebf\u7f8e\u5143\uff0c\u4f7f\u5f97\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u76c8\u5229\u8fbe\u5230\u4e86\u524d\u9762\u6240\u62a5\u544a\u7684814\u4ebf\u7f8e\u5143\u3002\u6362\u8a00\u4e4b\uff0c\u80a1\u5e02\u884c\u60c5\u7684\u53d8\u5316\u4f7f\u5f97\u6211\u4eec\u7684\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u76c8\u5229\u731b\u589e\u4e86\u4ee4\u4eba\u77a0\u76ee\u7ed3\u820c\u76841900%\uff01<\/p>\n

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\u4fdd\u7559\u76c8\u5229\u7684\u529b\u91cf<\/p>\n

1924\u5e74\uff0c\u4e00\u4f4d\u540d\u58f0\u5e76\u4e0d\u662f\u90a3\u4e48\u663e\u8d6b\u7684\u7ecf\u6d4e\u5b66\u5bb6\u3001\u7406\u8d22\u987e\u95ee\u57c3\u5fb7\u52a0\u00b7\u52b3\u4f26\u65af \u00b7\u53f2\u5bc6\u65af\uff08Edgar Lawrence Smith\uff09\u5b8c\u6210\u4e86\u4e00\u672c\u300a\u666e\u901a\u80a1\u7684\u957f\u671f\u6295\u8d44\u300b\uff08CommonStocks as Long Term Investments\uff09\uff0c\u8fd9\u867d\u7136\u53ea\u662f\u4e00\u672c\u8584\u8584\u7684\u518c\u5b50\uff0c\u4f46\u662f\u5374\u6539\u53d8\u4e86\u6574\u4e2a\u6295\u8d44\u4e16\u754c\u7684\u9762\u8c8c\u3002\u4e8b\u5b9e\u4e0a\uff0c\u64b0\u5199\u8fd9\u672c\u4e66\u7684\u7ecf\u5386\u4e5f\u6539\u53d8\u4e86\u53f2\u5bc6\u65af\u672c\u4eba\uff0c\u8feb\u4f7f\u4ed6\u5f00\u59cb\u91cd\u65b0\u8bc4\u4f30\u81ea\u5df1\u7684\u6295\u8d44\u4fe1\u6761\u3002<\/p>\n

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\u8981\u628a\u63e1\u4f4f\u53f2\u5bc6\u65af\u5230\u5e95\u6d1e\u89c1\u4e86\u4e9b\u4ec0\u4e48\uff0c\u6211\u60f3\u6700\u597d\u8fd8\u662f\u5f15\u8ff0\u4e00\u6bb5\u5173\u4e8e\u4ed6\u8457\u4f5c\u7684\u6700\u65e9\u671f\u8bc4\u8bba\uff0c\u6765\u81ea\u7ea6\u7ff0\u00b7\u6885\u7eb3\u5fb7\u00b7\u51ef\u6069\u65af\uff08John Maynard Keynes\uff09\uff1a\u201c\u6211\u4e00\u76f4\u8bfb\u5b8c\u5168\u4e66\uff0c\u624d\u5927\u81f4\u641e\u6e05\u695a\u4e86\u53f2\u5bc6\u65af\u5148\u751f\u6700\u65b0\u5947\u7684\uff0c\u5f53\u7136\u4e5f\u662f\u6700\u91cd\u8981\u7684\u89c2\u70b9\u5230\u5e95\u662f\u4ec0\u4e48\u3002<\/p>\n

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\"\"<\/figure>\n

<\/strong><\/p>\n

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\u518d\u4e0b\u6765\u7684\u4e94\u5bb6\u5b50\u516c\u53f8\uff08Berkshire Hathaway Automotive\u3001Johns Manville\u3001NetJets\u3001Shaw\u548cTTI\uff0c\u540c\u6837\u662f\u6309\u5b57\u6bcd\u987a\u5e8f\u6392\u5217\u7684\uff092019\u5e74\u7684\u603b\u76c8\u5229\u4e3a19\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e2018\u5e74\u768417\u4ebf\u7f8e\u5143\u3002<\/p>\n

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<\/strong><\/p>\n

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\u5a01\u5c14\u514b\u65af-\u5df4\u91cc\uff08Wilkes-Barre\uff09\u600e\u4e48\u6837\uff1f<\/p>\n

2012\u5e74\u672b\uff0c\u6211\u4eec\u4fdd\u9669\u4e1a\u52a1\u975e\u5e38\u5b9d\u8d35\u7684\u7ecf\u7406\u963f\u5409\u7279-\u6770\u6069\uff08Ajit Jain\uff09\u6253\u7535\u8bdd\u544a\u8bc9\u6211\uff0c\u4ed6\u5c06\u4ee52.21\u4ebf\u7f8e\u5143\uff08\u7ea6\u5408\u5f53\u65f6\u516c\u53f8\u7684\u8d44\u4ea7\u51c0\u503c\uff09\u7684\u4ef7\u683c\u6536\u8d2d\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5dde\u90a3\u4e2a\u5c0f\u57ce\u7684\u4e00\u5bb6\u5c0f\u516c\u53f8 – GUARD Insurance Group\u3002\u4ed6\u8fd8\u8bf4\uff0cGUARD\u9996\u5e2d\u6267\u884c\u5b98\u8d5b-\u798f\u683c\u5c14\uff08Sy Foguel\uff09\u5c06\u6210\u4e3a\u4f2f\u514b\u5e0c\u5c14\u7684\u660e\u661f\u3002GUARD\u548c\u8d5b\u90fd\u662f\u6211\u7684\u65b0\u540d\u5b57\u3002<\/p>\n

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\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u80fd\u6e90\u516c\u53f8\uff08Berkshire HathawayEnergy\uff09<\/p>\n

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\u6295\u8d44<\/p>\n

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\"\"<\/figure>\n

<\/strong><\/p>\n

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\u672a\u6765\u7684\u8def<\/p>\n

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\u96be\u602a\u4e00\u4f4d\u4e0d\u5bcc\u6709\u7684\u8463\u4e8b\uff08non-wealthy director\uff0c\u7b80\u79f0\u201cNWD\u201d\uff09\u73b0\u5728\u5e0c\u671b\u3001\u751a\u81f3\u6e34\u671b\u88ab\u9080\u8bf7\u52a0\u5165\u7b2c\u4e8c\u5bb6\u516c\u53f8\u7684\u8463\u4e8b\u4f1a\uff0c\u4ece\u800c\u5e2e\u52a9\u81ea\u5df1\u8dc3\u5347\u81f350-60\u4e07\u7f8e\u5143\u7684\u6536\u5165\u9636\u5c42\u3002\u4e3a\u4e86\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\uff0cNWD\u5c06\u9700\u8981\u4e00\u4e9b\u5e2e\u52a9\u3002\u4e00\u5bb6\u5bfb\u627e\u8463\u4e8b\u4f1a\u6210\u5458\u7684\u516c\u53f8CEO\u51e0\u4e4e\u80af\u5b9a\u4f1a\u5411NWD\u7684\u73b0\u4efbCEO\u6838\u5b9eNWD\u662f\u5426\u662f\u4e00\u4e2a\u201c\u597d\u201d\u8463\u4e8b\u3002\u5f53\u7136\uff0c\u6240\u8c13\u7684\u201c\u597d\u201d\u53ea\u662f\u4e2a\u6697\u53f7\u3002\u5982\u679cNWD\u4e25\u91cd\u6311\u6218\u4ed6\/\u5979\u73b0\u4efbCEO\u7684\u85aa\u916c\u6216\u6536\u8d2d\u68a6\u60f3\uff0c\u4ed6\/\u5979\u7684\uff08\u8463\u4e8b\uff09\u5019\u9009\u4eba\u8d44\u683c\u5c06\u6084\u65e0\u58f0\u606f\u5730\u62b9\u53bb\u3002\u5728\u5bfb\u627e\u8463\u4e8b\u65f6\uff0c\u9996\u5e2d\u6267\u884c\u5b98\u4eec\u5e76\u4e0d\u662f\u5728\u5bfb\u627e\u6597\u725b\u72ac\uff0c\u53ea\u6709\u53ef\u5361\u72ac\u4f1a\u88ab\u5e26\u56de\u5bb6\u3002<\/p>\n

\u5c3d\u7ba1\u4e0d\u5408\u903b\u8f91\uff0c\u4f46\u5982\u4eca\u51e0\u4e4e\u6240\u6709\u8463\u4e8b\u90fd\u88ab\u5f52\u7c7b\u4e3a\u201c\u72ec\u7acb\uff08\u8463\u4e8b\uff09\u201d\uff0c\u7136\u800c\u8bb8\u591a\u62e5\u6709\u4e0e\u516c\u53f8\u5174\u8870\u5bc6\u5207\u76f8\u5173\u7684\u8463\u4e8b\u53c8\u88ab\u8ba4\u4e3a\u7f3a\u4e4f\u8fd9\u4e00\u72ec\u7acb\u6027\u3002\u4e0d\u4e45\u524d\uff0c\u6211\u67e5\u770b\u4e86\u4e00\u5bb6\u7f8e\u56fd\u5927\u516c\u53f8\u7684\u59d4\u6258\u4e66\u6750\u6599\uff0c\u53d1\u73b0\u67098\u540d\u8463\u4e8b\u4ece\u672a\u7528\u81ea\u5df1\u7684\u94b1\u8d2d\u4e70\u8fc7\u8be5\u516c\u53f8\u80a1\u7968\uff08\u5f53\u7136\uff0c\u4ed6\u4eec\u5f97\u5230\u4e86\u80a1\u7968\u5956\u52b1\uff0c\u4f5c\u4e3a\u81ea\u5df1\u4e30\u539a\u73b0\u91d1\u85aa\u916c\u7684\u8865\u5145\uff09\u3002\u8fd9\u5bb6\u516c\u53f8\u957f\u671f\u4ee5\u6765\u4e00\u76f4\uff08\u8868\u73b0\uff09\u843d\u540e\uff0c\u4f46\u8463\u4e8b\u4eec\u5f85\u9047\u5374\u975e\u5e38\u597d\u3002<\/p>\n

\u5f53\u7136\uff0c\u7528\u81ea\u5df1\u7684\u94b1\u8d2d\u4e70\u6240\u6709\u6743\u5e76\u4e0d\u80fd\u521b\u9020\u667a\u6167\uff0c\u4e5f\u4e0d\u80fd\u786e\u4fdd\u5546\u4e1a\u6210\u529f\u3002\u7136\u800c\uff0c\u5f53\u6211\u4eec\u6295\u8d44\u7ec4\u5408\u5185\u516c\u53f8\u7684\u8463\u4e8b\u6709\u7528\u4ed6\u4eec\u81ea\u5df1\u94b1\u8d2d\u4e70\u80a1\u7968\u7684\u7ecf\u9a8c\uff0c\u800c\u4e0d\u662f\u7b80\u5355\u5730\u83b7\u8d60\u65f6\uff0c\u6211\u4f1a\u611f\u89c9\u66f4\u597d\u3002<\/p>\n

\u5728\u8fd9\u91cc\uff0c\u6211\u5e94\u8be5\u505c\u987f\u4e00\u4e0b\uff1a\u6211\u60f3\u8ba9\u4f60\u77e5\u9053\uff0c\u8fd9\u4e9b\u5e74\u6765\u6211\u89c1\u8fc7\u7684\u51e0\u4e4e\u6240\u6709\u8463\u4e8b\u90fd\u5f88\u50cf\u6837\u3001\u8ba8\u4eba\u559c\u6b22\u4e14\u806a\u660e\u3002\u4ed6\u4eec\u8863\u7740\u5149\u9c9c\uff0c\u662f\u597d\u90bb\u5c45\u3001\u4e5f\u662f\u597d\u516c\u6c11\uff0c\u6211\u5f88\u4eab\u53d7\u4ed6\u4eec\u7684\u966a\u4f34\u3002\u5728\u8fd9\u7fa4\u4eba\u4e2d\uff0c\u6709\u4e00\u4e9b\u4eba\u5982\u679c\u4e0d\u662f\u56e0\u4e3a\u6211\u4eec\u5171\u540c\u7684\u8463\u4e8b\u4f1a\u670d\u52a1\uff0c\u6211\u662f\u4e0d\u4f1a\u8ba4\u8bc6\u4ed6\u4eec\u7684\uff0c\u4ed6\u4eec\u5982\u4eca\u5df2\u7ecf\u6210\u4e3a\u4e86\u6211\u4eb2\u5bc6\u7684\u670b\u53cb\u3002<\/p>\n

\u7136\u800c\uff0c\u8fd9\u4e9b\u5584\u826f\u7684\u4eba\u4e2d\u6709\u8bb8\u591a\u662f\u6211\u6c38\u8fdc\u4e0d\u4f1a\u9009\u62e9\u6765\u5904\u7406\u91d1\u94b1\u6216\u5546\u4e1a\u4e8b\u52a1\u7684\u4eba\u3002\u56e0\u4e3a\u8fd9\u6839\u672c\u4e0d\u662f\u4ed6\u4eec\u7684\u6e38\u620f\u573a\u3002<\/p>\n

\u53cd\u8fc7\u6765\uff0c\u4ed6\u4eec\u4e5f\u6c38\u8fdc\u4e0d\u4f1a\u5728\u62d4\u7259\u3001\u88c5\u4fee\u623f\u5b50\u6216\u6539\u5584\u9ad8\u5c14\u592b\u7403\u6280\u65b9\u9762\u5411\u6211\u6c42\u52a9\u3002\u6b64\u5916\uff0c\u5982\u679c\u6211\u88ab\u5b89\u6392\u5728\u201c\u4e0e\u661f\u5171\u821e\u201d\uff08Dancing With The Stars\uff09\u8282\u76ee\u4e2d\u9732\u9762\uff0c\u6211\u4f1a\u7acb\u5373\u5bfb\u6c42\u8bc1\u4eba\u4fdd\u62a4\u8ba1\u5212\u7684\u5e87\u62a4\u3002\u6211\u4eec\u603b\u4f1a\u5728\u8fd9\u4ef6\u4e8b\u6216\u90a3\u4ef6\u4e8b\u4e0a\u65e0\u6240\u5efa\u6811\u3002\u5bf9\u4e8e\u6211\u4eec\u5927\u591a\u6570\u4eba\u6765\u8bf4\uff0c\u8fd9\u4e2a\uff08\u65e0\u6240\u5efa\u6811\u7684\uff09\u6e05\u5355\u5f88\u957f\u3002\u4f46\u9700\u8981\u8ba4\u8bc6\u5230\u7684\u91cd\u8981\u4e00\u70b9\u662f\uff0c\u5982\u679c\u4f60\u662f\u9c8d\u6bd4\u00b7\u8d39\u820d\u5c14\uff08Bobby Fischer\uff0c\u7f8e\u56fd\u56fd\u9645\u8c61\u68cb\u68cb\u624b\uff09\uff0c\u4f60\u5fc5\u987b\u4e3a\u4e86\u94b1\u800c\u4e0b\u68cb\u3002<\/p>\n

\u5728\u4f2f\u514b\u5e0c\u5c14\uff0c\u6211\u4eec\u5c06\u7ee7\u7eed\u5bfb\u627e\u7cbe\u901a\u5546\u4e1a\u7684\u8463\u4e8b\uff0c\u4ed6\u4eec\u4ee5\u4e3b\u4eba\u7fc1\u7cbe\u795e\u4e3a\u5bfc\u5411\uff0c\u5e76\u5bf9\u6211\u4eec\u7684\u516c\u53f8\u6709\u5f3a\u70c8\u7684\u7279\u5b9a\u5174\u8da3\u3002\u601d\u60f3\u548c\u539f\u5219\uff0c\u800c\u4e0d\u662f\u673a\u5668\u4eba(17.000, -0.34, -1.96%)\u822c\u7684\u201c\u6d41\u7a0b\u201d\u5c06\u6307\u5bfc\u4ed6\u4eec\u7684\u884c\u52a8\u3002\u5f53\u7136\uff0c\u5728\u4ee3\u8868\u4f60\u7684\u5229\u76ca\uff08\u8fdb\u884c\u6295\u8d44\uff09\u65f6\uff0c\u4ed6\u4eec\u4f1a\u5bfb\u627e\u7528\u5fc3\u53d6\u60a6\u5ba2\u6237\u3001\u73cd\u60dc\u81ea\u5df1\u540c\u4e8b\u3001\u52aa\u529b\u6210\u4e3a\u81ea\u5df1\u6240\u5728\u793e\u533a\u548c\u56fd\u5bb6\u597d\u516c\u6c11\u7684\u7ecf\u7406\u4eba\u3002<\/p>\n

\u8fd9\u4e9b\u76ee\u6807\u5e76\u4e0d\u65b0\u9c9c\u3002\u8fd9\u662f60\u5e74\u524d\u6709\u80fd\u529bCEO\u4eec\u7684\u76ee\u6807\uff0c\u73b0\u5728\u4ecd\u662f\u5982\u6b64\u3002\u5426\u5219\u53c8\u6709\u8c01\u8be5\u5177\u5907\u8fd9\u4e9b\u80fd\u529b\u5462\uff1f<\/p>\n

\u5176\u4ed6\u5185\u5bb9<\/p>\n

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\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6211\u4eec\u5e0c\u671b\u4f2f\u514b\u5e0c\u5c14\u7684\u80a1\u7968\u6570\u91cf\u4e0b\u964d\u3002\u5982\u679c\u80a1\u4ef7\u4f4e\u4e8e\u5b9e\u9645\u4ef7\u503c\u7684\u60c5\u51b5\uff08\u6b63\u5982\u6211\u4eec\u4f30\u8ba1\u7684\u90a3\u6837\uff09\u7ee7\u7eed\u53d1\u751f\uff0c\u6211\u4eec\u5f88\u53ef\u80fd\u4f1a\u5728\u56de\u8d2d\u80a1\u7968\u4e0a\u53d8\u5f97\u66f4\u52a0\u79ef\u6781\u3002\u7136\u800c\uff0c\u6211\u4eec\u4e0d\u4f1a\u5728\u4efb\u4f55\u6c34\u5e73\u652f\u6491\u80a1\u4ef7\u3002<\/p>\n

\u6301\u6709\u4ef7\u503c\u81f3\u5c112000\u4e07\u7f8e\u5143A\u7c7b\u80a1\u6216B\u7c7b\u80a1\uff0c\u5e76\u6709\u610f\u5411\u4f2f\u514b\u5e0c\u5c14\u51fa\u552e\u80a1\u7968\u7684\u80a1\u4e1c\u53ef\u80fd\u5e0c\u671b\u4ed6\u4eec\u7684\u7ecf\u7eaa\u4eba\u8054\u7cfb\u4f2f\u514b\u5e0c\u5c14\u7684\u9a6c\u514b\u00b7\u7c73\u52d2\u5fb7\uff08Mark Millard\uff09\uff0c\u7535\u8bdd\u662f402-346-1400\u3002\u6211\u4eec\u9700\u8981\u60a8\u5728\u6253\u5b9a\u4e3b\u610f\u51fa\u552e\u80a1\u7968\u7684\u60c5\u51b5\u4e0b\uff0c\u5728\u4e2d\u90e8\u65f6\u95f4\u4e0a\u53488\uff1a00-8\uff1a30\u6216\u4e0b\u53483\uff1a00-3\uff1a30\u4e4b\u95f4\u7ed9\u9a6c\u514b\u6253\u7535\u8bdd\u3002<\/p>\n

2019\u5e74\uff0c\u4f2f\u514b\u5e0c\u5c14\u5411\u7f8e\u56fd\u8d22\u653f\u90e8\u6c47\u51fa36\u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u652f\u4ed8\u5f53\u524d\u6240\u5f97\u7a0e\u3002\u540c\u671f\uff0c\u7f8e\u56fd\u653f\u5e9c\u6536\u5230\u4e862430\u4ebf\u7f8e\u5143\u7684\u4f01\u4e1a\u6240\u5f97\u7a0e\u3002\u4ece\u8fd9\u4e9b\u7edf\u8ba1\u6570\u636e\u4e2d\uff0c\u4f60\u53ef\u4ee5\u4e3a\u4f60\u7684\u516c\u53f8\u7f34\u7eb3\u4e86\u7f8e\u56fd\u6240\u6709\u516c\u53f8\u7f34\u7eb3\u8054\u90a6\u6240\u5f97\u7a0e\u76841.5%\u800c\u611f\u5230\u81ea\u8c6a\u3002<\/p>\n

55\u5e74\u524d\uff0c\u5f53\u4f2f\u514b\u5e0c\u5c14\u8fdb\u5165\u5f53\u4e0b\u7684\u4f01\u4e1a\u96c6\u56e2\u7ed3\u6784\u65f6\uff0c\u516c\u53f8\u65e0\u9700\u7f34\u7eb3\u8054\u90a6\u6240\u5f97\u7a0e\uff08\u8fd9\u4e5f\u662f\u6709\u5145\u5206\u7406\u7531\u7684\uff1a\u56e0\u4e3a\u5728\u6b64\u524d\u5341\u5e74\u91cc\uff0c\u8fd9\u5bb6\u82e6\u82e6\u6323\u624e\u7684\u4f01\u4e1a\u5f55\u5f97\u51c0\u4e8f\u635f\uff09\u3002\u4ece\u90a3\u65f6\u8d77\uff0c\u7531\u4e8e\u4f2f\u514b\u5e0c\u5c14\u4fdd\u7559\u4e86\u51e0\u4e4e\u6240\u6709\u7684\u6536\u76ca\uff0c\u8fd9\u9879\u653f\u7b56\u7684\u53d7\u76ca\u8005\u5df2\u4e0d\u4ec5\u4ec5\u662f\u516c\u53f8\u80a1\u4e1c\uff0c\u8054\u90a6\u653f\u5e9c\u4e5f\u540c\u6837\u53d7\u76ca\u3002\uff08\u56e0\u4e3a\uff09\u5728\u672a\u6765\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\uff0c\u6211\u4eec\u90fd\u5e0c\u671b\u5e76\u671f\u5f85\u7740\u5411\u8d22\u653f\u90e8\u4e0a\u7f34\u66f4\u5927\u7684\u91d1\u989d\u3002<\/p>\n

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2020\u5e742\u670822\u65e5<\/p>\n

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