{"id":2466,"date":"2021-01-20T12:36:22","date_gmt":"2021-01-20T04:36:22","guid":{"rendered":"http:\/\/ufqi.com\/blog\/?p=2466"},"modified":"2021-01-21T11:18:08","modified_gmt":"2021-01-21T03:18:08","slug":"income-rate-annuals-with-buffett","status":"publish","type":"post","link":"https:\/\/ufqi.com\/blog\/income-rate-annuals-with-buffett\/","title":{"rendered":"\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-4"},"content":{"rendered":"

\u6ca1\u60f3\u5230\u8fd9\u4e2a\u5e74\u5316\u6536\u76ca\u7387\u5199\u5230\u7b2c\u56db\u7bc7\uff0c\u8fd9\u4e00\u7bc7\u6309\u4e4b\u524d\u5e74\u5316\u6536\u76ca\u7387\u7684\u53d9\u8ff0<\/a>\uff08\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/ \uff09\uff0c\u6211\u4eec\u6765\u5206\u6790\u80a1\u795e\u3001\u4e16\u754c\u9996\u5bcc\u6c83\u4f26\u5df4\u83f2\u7279(Warren E. Buffett)\u53ca\u5176\u80cc\u540e\u7684\u516c\u53f8Berkshire Hathaway Inc\u7684\u5386\u5e74\u6295\u8d44\u6536\u76ca\u60c5\u51b5\uff0c \u540c\u65f6\u62ff\u6765\u4e0e\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u8fdb\u884c\u4e00\u4e9b\u6bd4\u8f83.<\/p>\n

\u5728\u52a8\u7b14\u4e4b\u524d\uff0c\u6211\u4eec\u641c\u7d22\u4e00\u4e0b\u80a1\u795e\u7684\u76f8\u5173\u80a1\u5e02\u7684\u6545\u4e8b\uff0c\u6750\u6599\u5f88\u4e30\u5bcc\uff0c\u5176\u6210\u795e\u4e4b\u8def\u4e5f\u51e0\u4e4e\u4e0d\u53ef\u590d\u5236\uff0c\u4ee4\u4eba\u656c\u4f69\u3002\u5728Berkshire\u7684\u5b98\u7f51\u4e0a\u53ef\u4ee5\u8f7b\u677e\u67e5\u8be2\u5230\u80a1\u795e\u5df4\u83f2\u7279\u81ea1965\u5e74\u4ee5\u6765\u7684\u5386\u5e74\u7684\u6295\u8d44\u6536\u76ca\u7387\uff0c\u540c\u65f6\u4e5f\u5305\u62ec\u6709\u622a\u81f3\u6700\u540e\u5e74\u4efd\u7684\u5e74\u5316\u6536\u76ca\u7387\u3002\u622a\u81f32020\u5e74\u5e95\uff0c\u80a1\u795e\u957f\u8fbe55\u5e74\u7684\u6295\u8d44\u5386\u7a0b\uff081965-2020\uff09\uff0c55\u5e74\u957f\u671f\u6295\u8d44\u7684\u5e74\u5316\u6536\u76ca\u7387\u9ad8\u8fbe 20%<\/strong>\uff0c \u5f53\u4e4b\u65e0\u6127\u7684\u795e\u4ed9\uff0c\u8d22\u795e\u3002<\/p>\n

Berkshire\u5b98\u7f51\u4e0a\u7684\u6570\u636e\u4ee52018\u5e74\u4e3a\u5206\u6c34\u5cad\uff0c2018\u5e74\u4e4b\u524d\u7684\u6570\u636e\u4e0e\u4e4b\u540e\u7684\u6570\u636e\u7531\u4e8e\u7edf\u8ba1\u53e3\u5f84\u4e0d\u540c\uff0c\u5bfc\u81f4\u662f\u4e24\u4e2a\u5b8c\u5168\u4e0d\u540c\u7684\u7248\u672c\uff0c\u5dee\u5f02\u662f\u4f1a\u8ba1\u8ba1\u7b97\u65b9\u6cd5\uff0c2018\u5e74\u4e4b\u524d\u6ca1\u6709\u9002\u7528GAAP\uff08Generally Accepted Accounting Principles, \u88ab\u5e7f\u6cdb\u63a5\u53d7\u7684\u4f1a\u8ba1\u51c6\u5219\uff0c\u7f8e\u56fd\u4f1a\u8ba1\u51c6\u5219\uff09\uff0c2018\u5e74\u540e\u5219\u662f\u9002\u7528\u4e86GAAP\u3002\u5177\u4f53\u5230\u6bcf\u4e00\u5e74\u5e74\u4efd\u4e0a\uff0c\u4e24\u8005\u5dee\u5f02\u633a\u5927\u7684\uff0c\u6bd4\u59821965\u5e74\u7684Non-GAAP\u7684\u5e74\u5ea6\u6536\u76ca\u7387\u662f 23.8%\uff0c GAAP\u4e4b\u540e\u5c31\u53d8\u6210\u4e86 49.5%\uff0c 1966\u5e74\u7684Non-GAAP: 20.3%, GAAP: -3.4%, \u5177\u4f53\u53ef\u4ee5\u53c2\u8003Berkshire 2018\u5e74\u7684\u5e74\u5ea6\u62a5\u544a\u3002\u4e0b\u6587\u4f1a\u518d\u63d0\u5230GAAP\u3002<\/p>\n

\u5c3d\u7ba1\u6bcf\u4e00\u5e74\u7684\u8c03\u6574\u524d\u540e\u90fd\u53d8\u5316\u633a\u5927\u7684\uff0c\u6709\u5347\u6709\u964d\uff0c\u4f46\u62c9\u957f\u5386\u53f2\u6765\u770b\uff0c\u591a\u5e74\u540e\u7684\u5e74\u5316\u6536\u76ca\u7387\u5c45\u7136\u53d8\u5316\u4e0d\u5927\u3002
\u7531\u4e8e\u6211\u4eec\u524d\u4e00\u8282\u5728\u8003\u5bdf\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u7684\u6536\u76ca\u7387\u6570\u636e\u65f6\uff0c\u53ea\u80fd\u62ff\u5230\u6700\u65e9\u52301997\u5e74\u7684\u6570\u636e\uff0c\u6240\u4ee5\u5982\u4e0b\u6211\u4eec\u9009\u53d6Berkshire\u7684\u6570\u636e\u65f6\uff0c\u4e5f\u4ece\u51761997\u5e74\u7684\u6570\u636e\u5f00\u59cb\u5bf9\u6bd4\u8003\u5bdf\u3002<\/p>\n

\u4e5f\u540c\u6837\u662f\u7531\u4e8e\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u7684\u5bf9\u6bd4\u57fa\u51c6\u9009\u62e9\u4e86\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\uff0c\u800c\u4e0d\u662fSP\u6807\u666e500\u6307\u6570\uff0c\u6240\u4ee5\u8fd9\u91cc\u6211\u4eec\u4e5f\u7ee7\u7eed\u4f7f\u7528\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u3002\u5728Berkshire\u5b98\u7f51\u4e0a\uff0c\u5176\u57fa\u51c6\u5bf9\u6bd4\u7684\u662fSP\u6807\u666e500\u6307\u6570\u3002\u540c\u4e3a\u7f8e\u56fd\u80a1\u5e02\u6307\u6570\uff0c\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u4e0eSP\u6807\u666e500\u6307\u6570\u867d\u6709\u5dee\u5f02\uff0c\u4f46\u5f88\u76f8\u4f3c\u3002<\/p>\n

8. \u80a1\u795e\u5df4\u83f2\u727924\u5e74\u6765\u7684\u5e74\u5ea6\u3001\u5e74\u5316\u6536\u76ca\u7387\u5206\u6790<\/strong><\/h2>\n

\u6570\u636e\u6765\u6e90\u4e8eBerkshire\u5b98\u7f51\uff0c\u00a0https:\/\/www.berkshirehathaway.com\/reports.html \uff0cBerkshire\u7684\u81ea\u6211\u4ecb\u7ecd\uff1a
\u201cBerkshire Hathaway is re-engineering small business insurance.\u201d
\u8fd8\u662f Small business\uff0c \u662f\u4f9d\u7136\u5f88\u8c26\u865a\uff0c\u8fd8\u662f\u6ca1\u6709\u66f4\u65b0\u5b98\u7f51\uff1f<\/p>\n

<\/p>\n

Fig-1. Berkshire\u5386\u5e74\u6295\u8d44\u6536\u76ca\u7387, \u5bf9\u6bd4\u8036\u9c81\u6350\u8d60\u57fa\u91d1\uff0c\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570, 1997-2020<\/p>\n

8.1. \u8fc7\u53bb24\u5e74\u672a\u80fd\u8dd1\u8d62\u8036\u9c81\u57fa\u91d1<\/strong><\/p>\n

\u8fc7\u53bb24\u5e74\u91cc\uff0c\u5df4\u83f2\u7279\u9886\u5bfc\u7684Berkshire\u6295\u8d44\u5e74\u5316\u6536\u76ca\u7387\u4e3a10.15%\uff0810%\uff09\uff0c\u6bd4\u8001\u8036\u9c81\u57fa\u91d1\u768424\u5e74\u91cc\u5e74\u5316\u6536\u76ca\u7387 11.94%\uff0812%\uff09\u7565\u4f4e\uff0c\u4f46\u4ecd\u662f\u975e\u5e38\u4eae\u773c\u548c\u4ee4\u4eba\u9a84\u50b2\u7684\u6210\u7ee9\u3002\u56de\u987e\u6700\u8fd120\u5e74\u6765\uff0c\u4e16\u754c\u7ecf\u6d4e2008\u91d1\u878d\u5371\u673a\uff0c2018\u4e2d\u7f8e\u8d38\u6613\u6218\u548c2020\u65b0\u51a0\u75ab\u60c5\uff0c\u90fd\u5bf9\u7ecf\u6d4e\u53d1\u5c55\u4ea7\u751f\u4e86\u5e7f\u6cdb\u800c\u6df1\u8fdc\u7684\u5f71\u54cd\uff0c\u80a1\u795e\u5df4\u83f2\u7279\u7b49\u4eba\u80fd\u6301\u7eed\u4fdd\u6301\u8d22\u5bcc\u6309\u9884\u671f\u589e\u957f\uff0c\u5b9e\u5c5e\u4e0d\u6613\uff01<\/p>\n


Fig-2. Berkshire\u4e0e\u8036\u9c81\u57fa\u91d1\u3001\u9053\u743c\u65af\u6307\u6570\u5bf9\u6bd4<\/p>\n

\u5df4\u83f2\u7279\u8fd124\u5e74\u6765\u7684\u6536\u76ca\u8dd1\u8f93\u4e86\u8036\u9c81\u57fa\u91d1\uff0c\u53ef\u80fd\u4e3b\u8981\u5f52\u56e0\u4e8e\u80a1\u795e\u7684\u4e3b\u8981\u8d44\u4ea7\u5728\u8bc1\u5238\u5e02\u573a\uff0c\u800c\u8036\u9c81\u57fa\u91d1\u6b63\u662f\u4f9d\u9760\u591a\u5143\u5316\u8d44\u4ea7\u914d\u7f6e\uff0c\u6210\u529f\u5728\u80a1\u707e\u65f6\u907f\u5f00\u4e86\u4e00\u90e8\u5206\u4e8f\u635f\u3002\u53ef\u80fd\u6240\u6709\u7684\u9ad8\u624b\u4e4b\u95f4\u6700\u540e\u7684\u6bd4\u8bd5\uff0c\u4e0d\u662f\u8c01\u8d5a\u53d6\u5f97\u591a\uff0c\u56e0\u4e3a\u666e\u901a\u884c\u60c5\u6216\u8005\u5927\u6da8\u884c\u60c5\uff0c\u90fd\u8d5a\u53d6\u5f97\u5f88\u591a\uff0c\u800c\u662f\u6bd4\u8bd5\u5728\u4e8f\u635f\u65f6\uff0c\u8c01\u4e8f\u635f\u7684\u5c11\u3002\u8fd9\u4e00\u70b9\u6070\u5982\u4f53\u80b2\u7ade\u6280\u6bd4\u8d5b\u65f6\uff0c\u9ad8\u624b\u4e4b\u95f4\u7684\u7ade\u6280\uff0c\u66f4\u591a\u7684\u662f\u4f9d\u9760\u5bf9\u624b\u7684\u5931\u8bef\u3002<\/p>\n

\u6839\u636e\u7f51\u4e0a\u76db\u4f20\u7684\u8d44\u6599\uff0c\u5df4\u83f2\u7279\u662f\u4ef7\u503c\u6295\u8d44\u7684\u5021\u5bfc\u8005\uff0c\u5728\u9009\u62e9\u5177\u6709\u4ef7\u503c\u7684\u80a1\u7968\uff08\u5f88\u6e7f\u7684\u96ea\u548c\u5f88\u957f\u7684\u5761\u9053\uff09\u7684\u540c\u65f6\uff0c\u4e5f\u540c\u65f6\u5f3a\u8c03\u62e9\u65f6\u201c\u522b\u4eba\u8d2a\u5a6a\u65f6\u6050\u60e7\uff0c\u522b\u4eba\u6050\u60e7\u65f6\u8d2a\u5a6a\u201d\u3002\u53ef\u80fd\u6b63\u662f\u8fd9\u79cd\u4e3b\u52a8\u7ba1\u7406\u5e26\u6709\u6d53\u539a\u4e2a\u4eba\u5fd7\u8da3\u548c\u6295\u8d44\u773c\u5149\uff0c\u4f7f\u5f97Berkshire\u7684\u5e74\u6536\u76ca\u7387\u4e0e\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u6ca1\u6709\u5f88\u5f3a\u7684\u76f8\u5173\u6027\u3002<\/p>\n

\u80a1\u795e\u5728Berkshire\u5e74\u5ea6\u62a5\u544a2019\u4e2d\u5199\u9053\u4ed6\u4eec\u9009\u62e9\u80a1\u7968\u4e0e\u4e70\u5165\u65f6\u673a\u65f6\uff0c\u8bf4\u4e86\u4e09\u4e2a\u57fa\u672c\u6761\u4ef6\uff1a1)\u5728\u6709\u5f62\u8d44\u4ea7\u51c0\u503c\u8ba1\u7b97\u4e0a\u6709\u597d\u7684\u6295\u8d44\u6536\u76ca\uff0c2)\u6709\u80fd\u529b\u7684\u4e14\u8bda\u5b9e\u7684\u7ecf\u7406\u4eba\u548c3)\u76f8\u5bf9\u5408\u9002\u7684\u4ef7\u4f4d<\/strong>\u3002\u201cIn addition, we constantly seek to buy new businesses that meet three criteria. First, they must earn good
returns on the net tangible capital required in their operation. Second, they must be run by able and honest managers.
Finally, they must be available at a sensible price.\u201d<\/p>\n

8.2. \u4e00\u76f4\u8dd1\u8d62\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\uff0c\u4e14\u4e0e\u5176\u4e0d\u76f8\u5173<\/strong><\/p>\n

\u8fdb\u4e00\u6b65\u5730\u8ba1\u7b97\uff0c\u6211\u4eec\u53d1\u73b0Berkshire\u7684\u5e74\u6536\u76ca\u7387\u7684\u53d8\u5316\u4e0e\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570\u548c\u8036\u9c81\u6350\u8d60\u57fa\u91d1\u5747\u6ca1\u6709\u660e\u663e\u7684\u76f8\u5173\u6027\uff0c\u5448\u73b0\u5f31\u76f8\u5173\u6216\u8005\u4e0d\u76f8\u5173\uff0c\u76f8\u5e94\u7684\u7cfb\u6570\u5206\u522b\u4e3a 0.52 \u548c 0.34\u3002<\/p>\n

<\/p>\n

Fig-3. \u9053\u743c\u65af\u6307\u6570\u3001\u5df4\u83f2\u7279\u6295\u8d44\u548c\u8036\u9c81\u57fa\u91d1\u5e74\u5ea6\u6536\u76ca\u7387\u5bf9\u6bd4, 2997-2020<\/p>\n

\u80a1\u795e\u5df4\u83f2\u7279\u768424\u5e74\u5e74\u5316\u6536\u76ca\u7387 10.15% \u8dd1\u8d62\u4e86\u9053\u743c\u65af\u5de5\u4e1a\u6307\u6570 6.7%\uff0c\u4e0e\u4e4b\u5bf9\u5e94\u7684\u76f8\u5173\u7cfb\u6570\u4e3a 0.52\uff0c \u8bf4\u660e\u8fd8\u662f\u6709\u4e00\u5b9a\u7684\u5f31\u76f8\u5173\u3002\u5927\u81f4\u53ef\u4ee5\u63a8\u6d4b\uff0c\u5728\u5927\u9762\u79ef\u80a1\u707e\u7684\u60c5\u51b5\u4e0b\uff0c\u80a1\u795e\u7684\u80a1\u7968\u914d\u7f6e\u4e5f\u672a\u80fd\u72ec\u5584\u5176\u8eab\u3002\u6bd4\u5982\u5728\u8fc7\u53bb\u768424\u5e74\u4e2d\uff0c2002\uff0c2008\uff0c2015\u7b49\u80a1\u795e\u4e0e\u5927\u76d8\u6307\u6570\u90fd\u540c\u65f6\u5f55\u5f97\u4e86\u4e8f\u635f\u8bb0\u5f55\u3002\u5e78\u8fd0\u7684\u662f\uff0c\u5728\u80a1\u707e\u65f6\uff0c\u80a1\u795e\u4f9d\u7136\u80fd\u591f\u8d62\u53d6\u5927\u76d8\u6307\u6570\uff0c\u8dcc\u7684\u65f6\u5019\u5c11\u8dcc\u4e9b\uff0c\u800c\u8d62\u7684\u65f6\u5019\u5219\u591a\u591a\u8d5a\u53d6\u4e86\u4e00\u628a\u3002\u8fd9\u662f\u80a1\u795e\u7684\u9b45\u529b\u6240\u5728\u4e4b\u4e00\u5427\u3002<\/p>\n

8.3. Berkshire\u80a1\u795e\u5df4\u83f2\u7279\u89c6\u89d2\u4e0b\u7684GAAP<\/strong><\/p>\n

\u5df4\u83f2\u7279\u4f5c\u4e3aBerkshire\u8463\u4e8b\u4f1a\u4e3b\u5e2d\u5728\u516c\u53f8\u5e74\u62a52018\uff0c2019\u4e2d\u90fd\u660e\u786e\u8868\u793a\u53cd\u5bf9\u91c7\u7528GAAP\u65b9\u5f0f\u7f16\u5236\u5e74\u62a5\u6570\u636e\uff0c\u5c24\u5176\u662f\u6bcf\u5e74\u7684\u5e74\u5316\u6536\u76ca\u7387\u3002<\/p>\n

\u7f51\u4e0a\u5bf9\u4e8eGAAP\u7684\u8bc4\u4ef7\uff0c\u6b63\u9762\u591a\u4e8e\u8d1f\u9762\uff0c\u539f\u56e0\u5728\u4e8e\u5e02\u9762\u4e0a\u5f88\u591a\u4e0a\u5e02\u516c\u53f8\uff0c\u9700\u8981\u7edf\u4e00\u7684\u63cf\u8ff0\u8bed\u8a00\u4e0e\u6807\u51c6\u6765\u5411\u516c\u4f17\u62a5\u544a\u5e74\u5ea6\u4e1a\u7ee9\u3002\u5982\u679c\u6ca1\u6709\u7edf\u4e00\u7684\u6807\u51c6\uff0c\u5f88\u5bb9\u6613\u51fa\u73b0\u9e21\u540c\u9e2d\u8bb2\uff0c\u96ea\u68a8\u5bf9\u871c\u6843\u7684\u60c5\u5f62\uff0c\u4e0d\u5229\u4e8e\u516c\u4f17\u89e3\u8bfb\u548c\u6bd4\u8f83\u5404\u4e2a\u4e0a\u5e02\u516c\u53f8\u7684\u4e1a\u7ee9\u3002<\/p>\n

\u5173\u4e8eGAAP\uff0c\u80a1\u795e\u5728Berkshire\u516c\u53f8\u5e74\u62a52019\u4e2d\uff0c\u5728\u4e00\u8282\u540d\u4e3a The Power of Retained Earnings \u4e2d\u8fdb\u884c\u4e86\u8be6\u7ec6\u8bf4\u660e\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u80a1\u795e\u5df4\u83f2\u7279\u5e0c\u671bBerkshire\u7684\u80a1\u4e1c\u5173\u6ce8\u201c\u5230\u624b\u7684\u6536\u76ca\u201d\uff08Operation Earnings\uff09\u2014\u2014\u8fd9\u91cc\u4e3b\u8981\u662f\u6307\u80a1\u7968\u7684\u5206\u7ea2\uff0c\u800c\u4e0d\u8981\u5173\u6ce8\u7531\u80a1\u4ef7\u4e0a\u6da8\u6216\u4e0b\u8dcc\u5e26\u6765\u7684\u201c\u6d6e\u76c8”\u6216\u8005\u201c\u6d6e\u4e8f\u201d\u2014\u2014\u56e0\u4e3a\u90a3\u662f\u672a\u4ea4\u5272\u672a\u5b9e\u73b0\u7684\u90e8\u5206\uff08unrealized\uff09\u3002<\/p>\n

2018\u5e74\u4e4b\u524d\uff0cBerkshire\u6c47\u62a5\u7ed9\u5927\u5bb6\u7684\u6536\u76ca\uff0c\u90fd\u662f\u5df2\u7ecf\u5230\u624b\u7684\u5206\u7ea2\u7b49\u5df2\u7ecf\u5b9e\u73b0\u4e86\u7684\uff0c\u4e0d\u5305\u62ec\u6d6e\u76c8\u6216\u8005\u6d6e\u4e8f\u90e8\u5206\u7684\u3002\u8fd9\u90e8\u5206\u5927\u591a\u6570\u5e74\u4efd\u5176\u6536\u76ca\u7387\u90fd\u662f\u6b63\u6570\u3002
GAAP\u65b0\u89c4\u8981\u6c42\u5728\u5e74\u62a5\u4e2d\uff0c\u9700\u8981\u5305\u62ec\u6d6e\u76c8\u548c\u6d6e\u4e8f\u90e8\u5206\uff0c\u8fd9\u4e48\u4e00\u8f6c\u6362\uff0cBerkshire\u7684\u90e8\u5206\u5e74\u4efd\u7684\u6536\u76ca\u7387\u5c31\u6709\u6b63\u8f6c\u8d1f\u4e86\uff0c\u4e5f\u6709\u6b63\u7684\u66f4\u9ad8\uff0c\u6216\u8005\u8d1f\u5f97\u66f4\u5389\u5bb3\u7684\u60c5\u51b5\u3002\u7ec8\u6b62\uff0c\u6295\u8d44\u56de\u62a5\u7684\u632f\u5e45\u53d8\u5927\u4e86\u8bb8\u591a\u3002\u8fd9\u53ef\u80fd\u4e5f\u662f\u8fd124\u5e74\u6765\uff0c\u80a1\u795e\u5df4\u83f2\u7279\u7684\u5e74\u5316\u6536\u76ca\u7387\uff08\u9002\u7528\u65b0GAAP\uff09\u7565\u4f4e\u4e8e\u8036\u9c81\u57fa\u91d1\u7684\u5e74\u5316\u6536\u76ca\u7387\u7684\u539f\u56e0\u4e4b\u4e00\u3002<\/p>\n

\u4e00\u4e2a\u5b9e\u9645\u7684\u4f8b\u5b50\uff0c\u6bd4\u5982Berkshire\u6301\u6709Apple Inc\u548cCoca-Cola\u80a1\u4efd\u5360\u6bd4\u4e3a5.7%\uff0c 9.3%\uff0c 2019\u5e74\u8fd9\u4e24\u5bb6\u516c\u53f8\u7684\u5206\u7ea2\u5206\u522b\u4e3a 773M, 640M\uff0c\u800c\u8fd9\u4e24\u5bb6\u516c\u53f8\u80a1\u7968\u5e02\u503c\u5f53\u671f\u7684\u6d6e\u76c8\u5206\u522b\u662f2519M\uff0c194M\u3002\u7f8e\u56fd\u82f9\u679c\u516c\u53f8\u80a1\u5e02\u6d6e\u76c8\u5f88\u591a\uff0c\u7136\u800c\u5176\u5206\u7ea2\u5374\u6bd4\u53ef\u53e3\u53ef\u4e50\u5c11\uff0c\u800c\u53ef\u53e3\u53ef\u4e50\u80a1\u5e02\u6d6e\u76c8\u5f88\u5c11\u5206\u7ea2\u5374\u4e0e\u82f9\u679c\u516c\u53f8\u5dee\u4e0d\u591a\u3002<\/p>\n

9. \u5e74\u5ea6\u3001\u5e74\u5316\u6536\u76ca\u7387\u5206\u6790\u5c0f\u7ed3-3<\/strong><\/h2>\n

9.1. \u80a1\u795e\u5df4\u83f2\u7279\u80cc\u540e\u8d22\u5927\u6c14\u7c97\u7684\u9760\u5c71<\/strong><\/p>\n

\u6211\u4eec\u5728\u6b64\u524d\u7684\u8ba8\u8bba\u5c0f\u7ed3\u4e2d\u8ba4\u4e3a\uff0c\u5728\u8bc1\u5238\u5e02\u573a\u6dd8\u91d1\uff0c\u4e00\u822c\u7684\u5b88\u5219\u662f\u9ad8\u629b\u4f4e\u5438<\/strong>\u3002\u80a1\u795e\u5df4\u83f2\u7279\u5374\u6709\u70b9\u53e6\u8f9f\u8e4a\u5f84\u7684\u610f\u601d\uff0c\u4ee5\u81ea\u5df1\u611f\u609f\u7684\u4e09\u6761\u9009\u62e9\u6807\u51c6\uff0c\u9996\u5148\u5c1d\u8bd5100%\u4e70\u4e0b\uff0c\u4e0d\u80fd100%\u63a7\u80a1\uff0c\u518d\u8003\u8651\u90e8\u5206\u6301\u80a1\uff0c\u7136\u540e\u957f\u671f\u6301\u6709\u3002\u5728\u957f\u671f\u6301\u6709\u7684\u60c5\u51b5\u4e0b\uff0c\u4eab\u53d7\u8fde\u7eed\u4e0d\u65ad\u7684\u6536\u76ca\u5206\u7ea2\u3002<\/strong><\/p>\n

\u8fd9\u7684\u786e\u6709\u70b9\u50cf\u662f\u6eda\u96ea\u7403\uff0c\u6709\u5f88\u539a\u5f88\u6e7f\u7684\u96ea\u548c\u5f88\u957f\u7684\u5761\u9053\uff0c\u53d1\u73b0\u8fd9\u4e9b\uff0c\u540e\u9762\u7684\u5c31\u6c34\u9053\u6e20\u6210\u3002\u4e0e\u5728\u8bc1\u5238\u5e02\u573a\u4e2d\u9891\u7e41\u7684\u5ba1\u65f6\u5ea6\u52bf\u5730\u8fdb\u884c\u9ad8\u4f4e\u5224\u65ad\uff0c\u8fdb\u884c\u9ad8\u629b\u4f4e\u5438\u4e0d\u540c\uff0c\u8fd9\u79cd\u770b\u4f3c\u8eba\u8d62\u7684\u80cc\u540e\uff0c\u5b9e\u9645\u9700\u8981\u6e90\u6e90\u4e0d\u65ad\u7684\u7684\u8d44\u91d1\u652f\u6301\uff0c\u5c24\u5176\u662f\u5206\u7ea2\u8f83\u5c11\u6216\u8005\u6ca1\u6709\u5206\u7ea2\u7684\u65f6\u671f\u3002<\/p>\n

Berkshire\u5177\u6709\u67d0\u79cd\u4e0d\u53ef\u590d\u5236\u7684\u539f\u56e0\u662f\u5176\u80cc\u540e\u6709Property\/Causality Insurance\u4e1a\u52a1\uff0c\u6b63\u662f\u8fd9\u4e9b\u4e1a\u52a1\u4e3a\u5176\u63d0\u4f9b\u4e86\u6e90\u6e90\u4e0d\u65ad\u7684\u8d44\u91d1\u652f\u6491\uff0c\u5c24\u5176\u662f\u8bc1\u5238\u5e02\u573a\u6ca1\u6709\u5206\u7ea2\u7684\u65f6\u671f\u3002\u201cOur property\/casualty (\u201cP\/C\u201d) insurance business has been the engine propelling Berkshire\u2019s growth since 1967…, This collect-now, pay-later model leaves P\/C companies holding large sums…\u201d<\/p>\n

\u56e0\u6b64\uff0c\u6211\u4eec\u53ef\u4ee5\u5728\u9ad8\u629b\u4f4e\u5438\u5730\u76c8\u5229\u6a21\u5f0f\u4e0b\uff0c\u989d\u5916\u589e\u52a0\u4e00\u4e2a\u5728\u8bc1\u5238\u5e02\u573a\u83b7\u5229\u7684\u9014\u5f84\uff0c\u4ee5\u80a1\u795e\u5df4\u83f2\u7279\u7684\u9009\u62e9\u6807\u51c6\uff0c\u9009\u5b9a\u6807\u7684\u7269\uff0c\u7136\u540e\u957f\u671f\u6301\u6709\uff0c\u4eab\u53d7\u5206\u7ea2\uff0c\u524d\u63d0\u662f\u6709\u5176\u4ed6\u4e1a\u52a1\u7684\u73b0\u91d1\u6d41\u652f\u6491\u3002\u622a\u81f32019\u5e74\uff0c\u8fd9\u4e9b\u4fdd\u9669\u4e1a\u52a1\u79ef\u7d2f\u7684\u6d6e\u52a8\u8d44\u91d1\u4ece1970\u5e74\u768439M\uff0c\u589e\u52a0\u52302019\u5e74\u7684129B\uff08129,423M).\u00a0<\/p>\n

\u8fd9\u79cd\u4e8c\u5343\u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u89c4\u6a21\uff0c\u6211\u4eec\u5728\u00a0\u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-2 <\/a>\uff08\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/ \uff09\u8bba\u8ff0\u8fc7\uff0c\u4f5c\u4e3a\u4e2d\u56fd\u56fd\u5bb6\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u4e2d\u6295\u516c\u53f8\u6ce8\u518c\u8d44\u672c\u662f2000\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u7f8e\u56fd\u653f\u5e9c2019\u5e74\u6536\u4e86243B\u7684\u516c\u53f8\u6240\u5f97\u7a0e\uff08corporate income tax), Berkshire\u4e00\u5bb6\u7f34\u7eb3\u4e86 3.6B\uff0c\u5360\u6bd41.5%\u3002<\/p>\n

9.2. \u5c71\u5916\u9752\u5c71\u697c\u5916\u697c<\/strong><\/p>\n

\u6211\u4eec\u4ece\u5206\u6790\u4e2d\u56fd\u793e\u4fdd\u57fa\u91d1\u8fd120\u5e74\u5e74\u5316\u6536\u76ca\u7387\uff088.5%\uff09\u5f00\u59cb\uff0c\u8fdb\u800c\u5206\u6790\u4e86\u4e2d\u56fd\u4e2d\u6295\u516c\u53f8\u7684\u8fd112\u5e74\u6765\u7684\u5883\u5916\u6295\u8d44\u5e74\u5316\u6536\u76ca\u7387\uff086.13%\uff09\uff0c\u5c0f\u7ed3\u9053\uff0c\u8bc1\u5238\u5e02\u573a\u6dd8\u91d1\u4e0d\u6613\uff0c\u9876\u7ea7\u56e2\u961f\u6240\u83b7\u5f97\u6536\u76ca\u4e0e\u5176\u4ed6\u884c\u4e1a\u6a2a\u5411\u6bd4\u8f83\u4e5f\u662f\u5e73\u5747\u6c34\u5e73\u7ebf\u4e0a\u4e0b\uff0c\u770b\u4f3c\u9ad8\u5927\u4e0a\uff0c\u5728\u5145\u5206\u7ade\u4e89\u5e02\u573a\uff0c\u5b9e\u5219\u83b7\u5f97\u6b63\u5e38\u6536\u76ca\u3002\u6240\u4f7f\u7528\u65b9\u6cd5\u4e5f\u662f\u9ad8\u629b\u4f4e\u5438\u3002<\/p>\n

\u968f\u540e\u6211\u4eec\u53d1\u73b0\u901a\u8fc7\u8d44\u6e90\u914d\u7f6e\u591a\u5143\u5316\u7684\u8036\u9c81\u6350\u8d60\u57fa\u91d1\uff0c\u53e6\u5916\u4e00\u4e2a\u4f20\u5947\uff0c\u8fd124\u5e74\u7684\u5e74\u5316\u6536\u76ca\u7387\u9ad8\u8fbe 12%\uff0c\u5728\u9ad8\u629b\u4f4e\u5438\u7684\u57fa\u7840\u4e0a\uff0c\u8fdb\u884c\u591a\u5143\u5316\u914d\u7f6e\u5230\u623f\u5730\u4ea7\u3001\u81ea\u7136\u8d44\u6e90\u548c\u79c1\u52df\u80a1\u6743\u7b49\u3002<\/p>\n

\u5728\u4e4b\u540e\u6211\u4eec\u805a\u7126\u5230\u8bc1\u5238\u5e02\u573a\u5206\u6790\u4e86\u80a1\u795e\u5df4\u83f2\u7279\u7684\u4f20\u5947\uff0c55\u5e74\u6765\uff0c\u5e74\u5316\u6536\u76ca\u7387\u9ad8\u8fbe20%\uff0c\u5c3d\u7ba1\u6700\u8fd124\u5e74\u6765\uff0c\u4f7f\u7528\u65b0\u7684GAAP\u8ba1\u7b97\uff0c\u5e74\u5316\u6536\u76ca\u7387\u4f4e\u4e8e\u8036\u9c81\u57fa\u91d1\uff0c\u4f46\u4e0d\u5f71\u54cd\u4ed6\u8bc1\u5238\u5e02\u573a\u201c\u5c01\u795e\u201d\u3002\u5176\u6240\u521b\u7acb\u7684\u4ef7\u503c\u6295\u8d44\u4e5f\u65b0\u5f00\u4e00\u6d3e\u3002<\/p>\n

\u4f20\u5947\u8fdc\u4e0d\u6b62\u8fd9\u4e9b\uff0c\u4f4e\u8c03\u7684Jim Simons\u6240\u9886\u5bfc\u7684\u5927\u5956\u7ae0\u57fa\u91d1\uff08the Medallion Fund\uff09\uff0c\u636e\u4f20\u4f9d\u9760\u91cf\u5316\u6295\u8d44\uff0c\u6536\u83b7\u4e86\u9ad8\u4e8e\u80a1\u795e\u5df4\u83f2\u7279\u7684\u5e74\u5316\u6536\u76ca\u7387\uff0830%\uff1f\uff09\u3002\u91cf\u5316\u6295\u8d44\uff0c\u4f9d\u9760\u6570\u5b66\u6a21\u578b\uff0c\u4f9d\u9760\u8ba1\u7b97\u6280\u672f\uff0c\u81ea\u52a8\u5316\u9ad8\u9891\u4ea4\u6613\uff0c\u4e0d\u65ad\u53d1\u73b0\u5e76\u653e\u5927\u5fae\u5c0f\u7684\u5229\u5dee\uff0c\u91cd\u590d\u5229\u7528\u8fd9\u4e9b\u5229\u5dee\u8fdb\u884c\u5957\u5229\uff0c\u4e0e\u4ef7\u503c\u6295\u8d44\u53ef\u8c13\u662f\u5927\u76f8\u5f84\u5ead\uff0c\u4ed6\u4eec\u5b8c\u5168\u4e0d\u770b\u201c\u4ef7\u503c\u201d\u3002<\/p>\n

\u5c71\u5916\u9752\u5c71\u697c\u5916\u697c\uff0c\u4ee4\u5404\u56fd\u653f\u8981\u90fd\u5934\u75bc\u7684George Soros\u6240\u9886\u5bfc\u7684\u91cf\u5b50\u57fa\u91d1\uff08\u5bf9\u51b2\u57fa\u91d1, Hedge Fund\uff09\uff0c\u4f9d\u9760\u505a\u7a7a\u6216\u505a\u591a\uff0c\u4e00\u5ea6\u5174\u98ce\u4f5c\u6d6a\u5230\u89e6\u53d1\u4e00\u4e2a\u56fd\u5bb6\u6216\u5730\u533a\u7684\u91d1\u878d\u5371\u673a\u3001\u7ecf\u6d4e\u5371\u673a\u3002\u4ed6\u672c\u4eba\u51fa\u5e2d\u7f8e\u56fd\u56fd\u4f1a\u8d28\u8be2\u65f6\uff0c\u5374\u8bf4\uff0c\u4ed6\u7684\u4e00\u5207\u624b\u6bb5\u90fd\u662f\u5408\u6cd5\u7684\u3002<\/p>\n

\u2014-<\/p>\n

\u8fd9\u662f\u6e29\u4e60\u7ecf\u6d4e\u5b66\u8457\u4f5c\u7684\u7b2c\u4e03\u7bc7\u4e60\u4f5c\uff0c\u4e4b\u524d\u7684\u5404\u7bc7\u9644\u5217\u5982\u4e0b\u3002<\/p>\n

    \n
  1. \u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-3\uff0c\u00a0
    https:\/\/ufqi.com\/blog\/income-rate-annuals-with-yale\/<\/a><\/li>\n
  2. \u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387-2\u00a0<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-cic\/<\/li>\n
  3. \u5199\u5199\u5e74\u5ea6\u6536\u76ca\u7387\u5e74\u5747\u6536\u76ca\u7387\u548c\u5e74\u5316\u6536\u76ca\u7387<\/a>\uff0c https:\/\/ufqi.com\/blog\/income-rate-annuals\/<\/li>\n
  4. \u6cbb\u5927\u56fd\u82e5\u8fc7\u5c0f\u5bb6\u2014\u2014\u5199\u5199\u738b\u671d\u5174\u8870\u66f4\u66ff\u80cc\u540e\u7684\u7ecf\u6d4e\u8d26<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/political-reform-country-vs-home\/<\/li>\n
  5. \u00a0\u5199\u5199\ud83c\udfe6\u5b58\u6b3e\u5229\u7387\u8d37\u6b3e\u5229\u7387\u548c\u8d1f\u5229\u7387<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/captial-rate-and-minus-rate\/<\/li>\n
  6. \u5199\u51991929\u5e74\u7f8e\u56fd\u7ecf\u6d4e\u5927\u8427\u6761\u4e0e2020\u5e74\u7f8e\u56fd\u80a1\u5e02\u5927\u8dcc<\/a>\uff0c\u00a0https:\/\/ufqi.com\/blog\/us-1929-economic-crisis-2020-stock-shock\/<\/li>\n<\/ol>\n

    \u2014-<\/p>\n

    -R\/y2SN<\/a> \uff0c\u00a0https:\/\/ufqi.com\/blog\/income-rate-annuals-with-buffet\/<\/b><\/p>\n

    \u300a\u6295\u8d44\u5b66\u300b\u8fdb\u9636\u9605\u8bfb\u63a8\u8350\u5fc5\u8bfb\u4e4b\u4e66<\/a>.<\/p>\n

    \u63a8\u8350\uff1a\u80a1\u795e\u5df4\u83f2\u7279\u662f\u600e\u6837\u70bc\u6210\u7684\uff1f\u957f\u6587\u6df1\u5ea6\u8d77\u5e95\u80a1\u795e\u7684\u4f20\u5947\u4eba\u751f<\/a> \uff0c https:\/\/ufqi.com\/news\/ulongpage.842.html<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u6ca1\u60f3\u5230\u8fd9\u4e2a\u5e74\u5316\u6536\u76ca\u7387\u5199\u5230\u7b2c\u56db\u7bc7\uff0c\u8fd9\u4e00\u7bc7\u6309\u4e4b\u524d\u5e74\u5316\u6536\u76ca\u7387\u7684\u53d9\u8ff0\uff08\u00a0https:\/\/ … \u7ee7\u7eed\u9605\u8bfb →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[404,401,402,394,403],"_links":{"self":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2466"}],"collection":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/comments?post=2466"}],"version-history":[{"count":8,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2466\/revisions"}],"predecessor-version":[{"id":2478,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/posts\/2466\/revisions\/2478"}],"wp:attachment":[{"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/media?parent=2466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/categories?post=2466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ufqi.com\/blog\/wp-json\/wp\/v2\/tags?post=2466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}