第1页 巴菲特年度报告1977_2003

  ??

  (1977  2003)

  ?D??2004 t^??NO????U_ ?

  ﾏ% N]NNNt^

  ﾏ% ﾝOi僕Q@bﾐc娑hﾆQSёﾝOUS/f?ｹ[fTN!j?Nё?vQﾟ`Nё硎_(W晒甍炎0(1977)

  ﾏ% (W?VﾖS誉ﾝOi僕Qgbgqv^ Nｾ?@b gё9合s?/flQ_ё?FUh
0N)R
00Wｹp
0lQｾ

  藌鰁魰曧w
0烻檈eg恘購汵唙 N蛻亯0(1977)

  ﾏ% 抂b?ﾇ晶Sёﾏ~建>f:y?ﾎNlQ_^:W@bpNﾛ剰?N｡?Cgё

  f:y???0~b0R 0N?[}Y?v?Oi?lQ?Sv^ N?[f?FO??0R?z 0N?[?f

  緰0(1978)

  ﾏ% 秒D再強ehﾆQ: (1978)

  (1)b霳焣塦哊銐(understand)剉N

  (2)wQ g?g'`?v܏of

  (3)1uck魐NwQ齹汻€@b蟸%

  (4)8T_篘剉鱊

  f?s?Qeg?FOُN?p_N Nq_?T?[?N?v0w?['` 00(1978)

  ﾏ% b??薇･cﾗSｫ?bD考QﾝOYuﾈvYO? NRM?FOMRﾐc/flQﾅ_{\KN(u(W0 g)R 0ё(u

  

  N?&TR?O?^RM??~??Nb/f(uegpN?VlQ?S???N0(1978)

  ﾏ% 抂b?ﾇ晶Sёﾏ~建>f:y?Nｶ[ﾘb,gﾓ~-考Qёﾏ~%??8lﾜ淳b誉0R杞?RlQ_/eёt1u;

  ??v?[?v?N?[NOb,g?~-?lQ?S?v?~%???8l܏~b?_0R??
wlQ?S_/e?v?e?l?sSOT??v

  b,g?e?]܏NO?NMR?0(1978)

  ﾏ% Nﾙ商0PN(WvQ-N 0v^薇ﾏP
?gN7hﾃ_
`ﾏ~%?QёNNﾏ~tｺN(WNw榊]\Ow/fNﾍyｫN

  譙0(1978)

  ﾏ% N]NN]Nt^

  ﾏ% 1\哿g??b?N､?N%N)Rﾊv( N+TⅧ.Uﾁ?R_cﾊv)d門N｡?NCgﾊv(@b g秒D砿伜N欖

  ?Yb,g???{?&TR??N^?N???\O?_R?k?kt^'YE^?l?R?1Y?S?k??aIN)@b?_?v?k?s?:N

  a?ϑUSNt^?^?~%?b?g?vgsO?e_0(1979)

  ﾏ% 1\g??b?R､?NlQｯ~ﾊv(S+T杣ｰs
0*g杣ｰsD?g)R誉N^?^_cﾊv)d門N｡?N

  Cg?v(@b g?bD??NlQs^^?N???{)@b?_?v?k?s?:Na?ϑ8l?~?~%?b?g?vgsO?e_0(1979)

  ﾏ% b?$RｭeNｶ[lQﾏ~%тv}YOW?ﾖSｳQ晒vQ｡?NCgﾊv･bl燥s(団d NS_ё"今R`gFgbO｡欺O

  ^)??^??k???vYO?vb?N&T??V:NsSO/f?b???V?[X[(W??L? N?R?_N????0R?PT?N7h

  剉顅剉0(1979)

  ﾏ% 黶･c慶lQﾊN(1964-1979)ёAS年t^eg?lQﾏk｡?ﾀQ

  f\ gb?R?vHh?O?NvQ?b?e??N?|?R??(W-?pN?N

  蒦剉聀lQ鳶

  N?؏ N?Y?NlQS??v?N

  e_?O
cdkNOo? O?~?b?N_N??:Nُ/f?~%?N?[NAm?v?Ni?lQ?S?_Y?vag

  鯪0(1979)

  ﾏ% 1uGeorge Young ?娉ё慌ﾝO關阨?(W\秒D?eﾊvv^eQ?ﾏT?
c﨏0Wﾙ~?b?疣aёb

  ?~??`b?O??N?N{?9eۏ0?N?[

  N?1u?N'Y{D?ё
c?~?beQُNL?N?O?_?z?N?vS_?o

  ?p??O9?4l?QN?QNM??FO?eۏ?tS?R?Nb?b@w?gؚΘi?? N??w??v0Rwck?Q?N?e?e?]

  :N?e?]Zf??Vdk???e(W?z?N?o?p?NO?~
cN5?P[?v?`?QN?b?N\?f?e?:W‰g0(1979)

  ﾏ% ﾎNMR'Yｶ[､?NbﾝOﾔk㎏?^ONt^}Y
0Nt^OW?1979t^蛯硎Nｹp?R1980t^ｿOO}Yl0FO

  b霳tS N購HN:N皊(W剉NO)R噑O梍剉N€O>PTzrrrN筽b軴_c1Y€諎(W昩D?e

  蕍

  N%_e??Veg?ُ(WǏ?Sؚ)R?s?v?e?N/f N?S???Su?v0?Vdkb?N$R?e?TN?_?Sb?O_c

  1Y剉P枽^\儚菑籗衏貧購O梍込塏鬴燫纎萷剺0O*geg擭t^dk詋噑\衏貧髞105%鎉骃剉

  4l芉0=\俌dkb霳:N軴iN蚇'Y g颯:N€t篘XT剉 }(峯?V\/fN'YsQ.0