您好，欢迎来到 Yestoday！更多内容，请见[同名微信公众号](https://mp.weixin.qq.com/mp/appmsgalbum?__biz=MzI0NzA4NjQzOQ==&action=getalbum&album_id=1414525253757517825&scene=126#wechat_redirect)。

# 这个 Repository 是做什么的？

国内很多翻译质量不高，我之前动手翻译过一些，起初发布在公众号上。我个人水平和精力有限，感谢公众号读者朋友们的热心支持，共建了这个 Repository，主要用来存放投资类的翻译文章，聚焦在基本面投资/价值投资。

本 Repository 欢迎各位朋友提交 Pull Requests（提交前请阅读《贡献说明》），如果有任何问题也欢迎提交 Issues。

过程中遇到任何问题，可以通过微信公众号私信或[飞书](https://www.feishu.cn/invitation/page/add_contact/?token=cb6qe42c-72ab-46a9-bf5d-0f90d1118a8a&unique_id=aaa9cwGzc4RapO2WfQUoww==)（也可在公众号底边栏找到二维码）联系我。

**2025-04-06 更新**：本 Repository 创建与生成式人工智能尚未普及之时。目前来看，很多 AI 的翻译质量已经比人类更高了。但这并不意味着翻译没有工作可做。相反，译者应该能借助 AI 以更少的时间、更高的质量来提供译本。下面内容中，翻译人工翻译的部分，都已经标注了译者。翻译是二次创作的过程，所以本仓库对于同一份英文文本会保留不止一种译本，供读者自行选择。

# 内容导览

## 1\. 巴菲特合伙基金致合伙人的信

收录了 RanRan 的双语译本，同时提供了诚明散人的双语译本。RanRan 译本属于经典译本，诚明散人的译本更加忠实原文，可以根据需求进行选择。

更多合伙人信原件复印件内容，可以参考：[Warren Buffett Letters to Partners 1959 – 1975](https://www.rbcpa.com/warren-e-buffett/buffett-letters-1959-present/)

- 有限合伙契约（1956-05-01）【[孙萧萧](./Warren_Buffett/Buffett_Partnership_Letters/Certificate_of_Limited_Partnership.md)】
- 1957 年：年度信（1958-02）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/195802_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1957_Letter_to_Limited_Partners_CM.md)、[孙萧萧](./Warren_Buffett/Buffett_Partnership_Letters/OST/195802_Letter_OST.md)】
- 1958 年：年度信（1959-02-11）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19590211_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1958_Letter_to_Limited_Partners_CM.md)、[孙萧萧](./Warren_Buffett/Buffett_Partnership_Letters/OST/19590211_Letter_OST.md)】
- 1959 年：年度信（1960-02-20）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19600220_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1959_Letter_to_Limited_Partners_CM.md)】
- 1960 年：年度信（1961-01-30）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19610130_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1960_Letter_to_Limited_Partners_CM.md)】
- 1961 年：半年度信（1961-07-22）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19610722_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1961_Semi-annual_Letter_to_Limited_Partners_CM.md)】、年度信（1961-01-30）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19620124_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1961_Letter_to_Limited_Partners_CM.md)】
- 1962 年：半年度信（1962-07-06）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19620706_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1962_Semi-annual_Letter_to_Limited_Partners_CM.md)】、11 月信（1962-11-01）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19621101_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1962_November_Letter_to_Limited_Partners_CM.md)】、12 月信（1962-12-24）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19621224_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1962_December_Letter_to_Limited_Partners_CM.md)】、年度信（1963-01-18）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19630118_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1962_Letter_to_Limited_Partners_CM.md)】
- 1963 年：半年度信（1963-07-10）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19630710_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1963_Semi-annual_Letter_to_Limited_Partners_CM.md)】、11 月信（1963-11-06）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19631106_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1963_November_Letter_to_Limited_Partners_CM.md)】、12 月信（1963-12-26）【[Ponge](1963_December_Letter_to_Limited_Partners.md)】、年度信（1964-01-18）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19640118_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1963_Letter_to_Limited_Partners_CM.md)】
- 1964 年：半年度信（1964-07-08）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19640708_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1964_Semi-annual_Letter_to_Limited_Partners_CM.md)】、年度信（1965-01-18）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19650118_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1964_Letter_to_Limited_Partners_CM.md)】
- 1965 年：半年度信（1965-07-09）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19650709_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1965_Semi-annual_Letter_to_Limited_Partners_CM.md)】、11 月信（1965-11-01）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19651101_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1965_November_Letter_to_Limited_Partners_CM.md)】、年度信（1966-01-20）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19660120_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1965_Letter_to_Limited_Partners_CM.md)】
- 1966 年：半年度信（1966-07-12）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19660712_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1966_Semi-annual_Letter_to_Limited_Partners_CM.md)】、11 月信（1966-11-01）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19661101_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1966_November_Letter_to_Limited_Partners_CM.md)、[Terrellchen](./Warren_Buffett/Buffett_Partnership_Letters/OST/19661101_Letter_OST.md)】、年度信（1967-01-25）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19670125_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1966_Letter_to_Limited_Partners_CM.md)】
- 1967 年：半年度信（1967-07-12）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19670712_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1967_Semi-annual_Letter_to_Limited_Partners_CM.md)】、10 月信（1967-10-09）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19671009_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1967_October_Letter_to_Limited_Partners_CM.md)】、11 月信（1967-11-01）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19671101_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1967_November_Letter_to_Limited_Partners_CM.md)】、年度信（1968-01-24）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19680124_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1967_Letter_to_Limited_Partners_CM.md)】
- 1968 年：半年度信（1968-07-11）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19680711_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1968_Semi-annual_Letter_to_Limited_Partners_CM.md)】、11 月信（1968-11-01）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19681101_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1968_November_Letter_to_Limited_Partners_CM.md)】、年度信（1969-01-22）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19690122_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1968_Letter_to_Limited_Partners_CM.md)】
- 1969 年：半年度信（1969-05-29）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19690529_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1969_May_Letter_to_Limited_Partners_CM.md)、[Terrellchen](./Warren_Buffett/Buffett_Partnership_Letters/OST/19690529_Letter_OST.md)】、10 月信（1969-10-09）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19691009_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1969_October_Letter_to_Limited_Partners_CM.md)】、12 月初信（1969-12-05）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19691205_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1969_December_5th_Letter_to_Limited_Partners_CM.md)】、12 月末信（1969-12-26）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19691226_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1969_December_26th_Letter_to_Limited_Partners_CM.md)】、年度信（1970-02-18）【[Ponge](./Warren_Buffett/Buffett_Partnership_Letters/Letter_to_Partners_19700218.md)、[Terrellchen](./Warren_Buffett/Buffett_Partnership_Letters/OST/19700218_Letter_OST.md)】
- 1970 年：2 月信（1970-02-25）【[RanRan](./Warren_Buffett/Buffett_Partnership_Letters/RanRan/19700225_Letter_RR.md)、[诚明散人](./Warren_Buffett/Buffett_Partnership_Letters/ChengMing/1970_February_25th_Letter_to_Limited_Partners_CM.md)】

**2024/7/28 更新：Tom Tang 唐宇晗帮助将截至 2024/7/28 的文档汇总制作成了 EPUB/PDF 文件，欢迎大家下载阅读！**

- 《巴菲特致合伙人信全集（RanRan译本）》：[EPUB](./Elements/Output/Partership_Letter_RanRan_20240728.epub)，[PDF](./Elements/Output/Partership_Letter_RanRan_20240728.pdf)
- 《巴菲特致合伙人信全集（诚明散人译本）》：[EPUB](./Elements/Output/Partership_Letter_CM_20240728.epub)，[PDF](./Elements/Output/Partership_Letter_CM_20240728.pdf)

## 2\. 伯克希尔·哈撒韦致股东信

股东信中大部分中文属于协作维护，尚未精校。对于已经精校的版本，会在后面标注该译本的译者。如果有更优质的译本，欢迎提供！

[协作翻译历史调整记录](./OST_Guidance_Document/伯克希尔哈撒韦股东信翻译更新日志.md)

- 1960 年代：[1965](./Warren_Buffett/Berkshire_Hathaway_Letters/1965_Letter_to_Berkshire_Shareholders.md) | [1966](./Warren_Buffett/Berkshire_Hathaway_Letters/1966_Letter_to_Berkshire_Shareholders.md) | [1967](./Warren_Buffett/Berkshire_Hathaway_Letters/1967_Letter_to_Berkshire_Shareholders.md) | [1968](./Warren_Buffett/Berkshire_Hathaway_Letters/1968_Letter_to_Berkshire_Shareholders.md) | [1969](./Warren_Buffett/Berkshire_Hathaway_Letters/1969_Letter_to_Berkshire_Shareholders.md)
- 1970 年代：[1970](./Warren_Buffett/Berkshire_Hathaway_Letters/1970_Letter_to_Berkshire_Shareholders.md) | [1971](./Warren_Buffett/Berkshire_Hathaway_Letters/1971_Letter_to_Berkshire_Shareholders.md) | [1972](./Warren_Buffett/Berkshire_Hathaway_Letters/1972_Letter_to_Berkshire_Shareholders.md) | [1973](./Warren_Buffett/Berkshire_Hathaway_Letters/1973_Letter_to_Berkshire_Shareholders.md) | [1974](./Warren_Buffett/Berkshire_Hathaway_Letters/1974_Letter_to_Berkshire_Shareholders.md) | [1975](./Warren_Buffett/Berkshire_Hathaway_Letters/1975_Letter_to_Berkshire_Shareholders.md) | [1976](./Warren_Buffett/Berkshire_Hathaway_Letters/1976_Letter_to_Berkshire_Shareholders.md) | [1977](./Warren_Buffett/Berkshire_Hathaway_Letters/1977_Letter_to_Berkshire_Shareholders.md) | [1978](./Warren_Buffett/Berkshire_Hathaway_Letters/1978_Letter_to_Berkshire_Shareholders.md) | [1979](./Warren_Buffett/Berkshire_Hathaway_Letters/1979_Letter_to_Berkshire_Shareholders.md)
- 1980 年代：[1980](./Warren_Buffett/Berkshire_Hathaway_Letters/1980_Letter_to_Berkshire_Shareholders.md) | [1981](./Warren_Buffett/Berkshire_Hathaway_Letters/1981_Letter_to_Berkshire_Shareholders.md) | [1982](./Warren_Buffett/Berkshire_Hathaway_Letters/1982_Letter_to_Berkshire_Shareholders.md) | [1983](./Warren_Buffett/Berkshire_Hathaway_Letters/1983_Letter_to_Berkshire_Shareholders.md) | [1984](./Warren_Buffett/Berkshire_Hathaway_Letters/1984_Letter_to_Berkshire_Shareholders.md) | [1985](./Warren_Buffett/Berkshire_Hathaway_Letters/1985_Letter_to_Berkshire_Shareholders.md) | [1986](./Warren_Buffett/Berkshire_Hathaway_Letters/1986_Letter_to_Berkshire_Shareholders.md) | [1987](./Warren_Buffett/Berkshire_Hathaway_Letters/1987_Letter_to_Berkshire_Shareholders.md) | [1988](./Warren_Buffett/Berkshire_Hathaway_Letters/1988_Letter_to_Berkshire_Shareholders.md) | [1989](./Warren_Buffett/Berkshire_Hathaway_Letters/1989_Letter_to_Berkshire_Shareholders.md)
- 1990 年代：[1990](./Warren_Buffett/Berkshire_Hathaway_Letters/1990_Letter_to_Berkshire_Shareholders.md) | [1991](./Warren_Buffett/Berkshire_Hathaway_Letters/1991_Letter_to_Berkshire_Shareholders.md) | [1992](./Warren_Buffett/Berkshire_Hathaway_Letters/1992_Letter_to_Berkshire_Shareholders.md) | [1993](./Warren_Buffett/Berkshire_Hathaway_Letters/1993_Letter_to_Berkshire_Shareholders.md) | 1994【[Vito](./Warren_Buffett/Berkshire_Hathaway_Letters/1994_Letter_to_Berkshire_Shareholders.md)】| [1995](./Warren_Buffett/Berkshire_Hathaway_Letters/1995_Letter_to_Berkshire_Shareholders.md) | [1996](./Warren_Buffett/Berkshire_Hathaway_Letters/1996_Letter_to_Berkshire_Shareholders.md) | [1997](./Warren_Buffett/Berkshire_Hathaway_Letters/1997_Letter_to_Berkshire_Shareholders.md) | [1998](./Warren_Buffett/Berkshire_Hathaway_Letters/1998_Letter_to_Berkshire_Shareholders.md) | [1999](./Warren_Buffett/Berkshire_Hathaway_Letters/1999_Letter_to_Berkshire_Shareholders.md)
- 2000 年代：[2000](./Warren_Buffett/Berkshire_Hathaway_Letters/2000_Letter_to_Berkshire_Shareholders.md) | [2001](./Warren_Buffett/Berkshire_Hathaway_Letters/2001_Letter_to_Berkshire_Shareholders.md) | 2002【[Vito](./Warren_Buffett/Berkshire_Hathaway_Letters/2002_Letter_to_Berkshire_Shareholders.md)】| [2003](./Warren_Buffett/Berkshire_Hathaway_Letters/2003_Letter_to_Berkshire_Shareholders.md) | [2004](./Warren_Buffett/Berkshire_Hathaway_Letters/2004_Letter_to_Berkshire_Shareholders.md) | [2005](./Warren_Buffett/Berkshire_Hathaway_Letters/2005_Letter_to_Berkshire_Shareholders.md) | [2006](./Warren_Buffett/Berkshire_Hathaway_Letters/2006_Letter_to_Berkshire_Shareholders.md) | [2007](./Warren_Buffett/Berkshire_Hathaway_Letters/2007_Letter_to_Berkshire_Shareholders.md) | [2008](./Warren_Buffett/Berkshire_Hathaway_Letters/2008_Letter_to_Berkshire_Shareholders.md) | [2009](./Warren_Buffett/Berkshire_Hathaway_Letters/2009_Letter_to_Berkshire_Shareholders.md)
- 2010 年代：[2010](./Warren_Buffett/Berkshire_Hathaway_Letters/2010_Letter_to_Berkshire_Shareholders.md) | [2011](./Warren_Buffett/Berkshire_Hathaway_Letters/2011_Letter_to_Berkshire_Shareholders.md) | [2012](./Warren_Buffett/Berkshire_Hathaway_Letters/2012_Letter_to_Berkshire_Shareholders.md) | [2013](./Warren_Buffett/Berkshire_Hathaway_Letters/2013_Letter_to_Berkshire_Shareholders.md) | 2014（[致股东信](./Warren_Buffett/Berkshire_Hathaway_Letters/2014_Letter_to_Berkshire_Shareholders.md)、[特别信：伯克希尔的过去、现在和未来](./Warren_Buffett/Berkshire_Hathaway_Letters/2014_Berkshire_Past_Present_and_Future.md)、特别信：副董事长的思考——过去与未来【[ShawnQ](./Warren_Buffett/Berkshire_Hathaway_Letters/2014_Vice_Chairman%E2%80%99s_Thoughts.md)】）| [2015](./Warren_Buffett/Berkshire_Hathaway_Letters/2015_Letter_to_Berkshire_Shareholders.md) | [2016](./Warren_Buffett/Berkshire_Hathaway_Letters/2016_Letter_to_Berkshire_Shareholders.md) | [2017](./Warren_Buffett/Berkshire_Hathaway_Letters/2017_Letter_to_Berkshire_Shareholders.md) | [2018](./Warren_Buffett/Berkshire_Hathaway_Letters/2018_Letter_to_Berkshire_Shareholders.md) | [2019](./Warren_Buffett/Berkshire_Hathaway_Letters/2019_Letter_to_Berkshire_Shareholders.md)
- 2020 年代：2020【[上角里](./Warren_Buffett/Berkshire_Hathaway_Letters/2020_Letter_to_Berkshire_Shareholders.md)】| 2021【[上角里](./Warren_Buffett/Berkshire_Hathaway_Letters/2021_Letter_to_Berkshire_Shareholders.md)】| 2022【[坚信价值](./Warren_Buffett/Berkshire_Hathaway_Letters/2022_Letter_to_Berkshire_Shareholders.md)】| 2023【[廖斌](./Warren_Buffett/Berkshire_Hathaway_Letters/2023_Letter_to_Berkshire_Shareholders.md)】| 2024【[和子](./Warren_Buffett/Berkshire_Hathaway_Letters/2024_Letter_to_Berkshire_Shareholders.md)】| 2025（感恩节寄语）【[投脑煎蛋](./Warren_Buffett/Berkshire_Hathaway_Letters/2025_Annual_Thanksgiving_Message.md)，[Terrellchen](./Warren_Buffett/Berkshire_Hathaway_Letters/2025_Annual_Thanksgiving_Message_2.md)】

**2024/7/28 更新：Tom Tang 唐宇晗帮助将截至 2024/7/28 的文档汇总制作成了 EPUB/PDF 文件，欢迎大家下载阅读！**

- 《伯克希尔致股东信全集》：[EPUB](./Elements/Output/Sharholder_Letter_20240728.epub)，[PDF](./Elements/Output/Sharholder_Letter_20240728.pdf)

## 3\. 伯克希尔·哈撒韦股东大会实录

正式的股东大会实录是从 1994 年开始的。本部分同时收录了一些其他年份的笔记。

该部分绝大部分文章只有英语版本，尚未整理中英双语，欢迎大家提交双语版本。

中文版本可参考：[一朵喵](https://mp.weixin.qq.com/mp/appmsgalbum?__biz=Mzg3MTcyMjEyNw==&action=getalbum&album_id=2183435814834176001&scene=173&subscene=&sessionid=svr_82c978c5962&enterid=1743932162&from_msgid=2247484852&from_itemidx=1&count=3&nolastread=1#wechat_redirect)

- 1980 年代：[1985（Kingswell 笔记）](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1985_Annual_Meeting_Kingswell.md) | [1986（Kingswell 笔记）](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1986_Annual_Meeting_Kingswell.md) | [1987（Kingswell 笔记）](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1987_Annual_Meeting_Kingswell.md)
- 1990 年代：[1994](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1994_Annual_Meeting.md)（英文完整，中文进行中）| [1995](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1995_Annual_Meeting.md) | [1996](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1996_Annual_Meeting.md) | [1997](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1997_Annual_Meeting.md) | [1998](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1998_Annual_Meeting.md) | [1999](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/1999_Annual_Meeting.md)
- 2000 年代：[2000](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2000_Annual_Meeting.md) | [2001](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2001_Annual_Meeting.md) | [2002](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2002_Annual_Meeting.md) | [2003](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2003_Annual_Meeting.md) | [2004](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2004_Annual_Meeting.md) | [2005](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2005_Annual_Meeting.md) | [2006](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2006_Annual_Meeting.md) | [2007](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2007_Annual_Meeting.md) | [2008](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2008_Annual_Meeting.md) | [2009](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2009_Annual_Meeting.md)
- 2010 年代：[2010](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2010_Annual_Meeting.md) | [2011](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2011_Annual_Meeting.md) | [2012](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2012_Annual_Meeting.md) | [2013](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2013_Annual_Meeting.md) | [2014](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2014_Annual_Meeting.md) | [2015](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2015_Annual_Meeting.md) | [2016](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2016_Annual_Meeting.md) | [2017](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2017_Annual_Meeting.md) | [2018](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2018_Annual_Meeting.md) | [2019](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2019_Annual_Meeting.md)
- 2020 年代：[2020](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2020_Annual_Meeting.md) | [2021](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2021_Annual_Meeting.md) | [2022](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2022_Annual_Meeting.md) | [2023](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2023_Annual_Meeting.md) | 2024【[RanRan](./Warren_Buffett/Berkshire_Hathaway_Annual_Meeting/2024_Annual_Meeting.md)】

## 4\. 沃伦·巴菲特专栏/访谈/报道/评论

公告：

- 2011-02-26：《[An Owner's Manual](./Warren_Buffett/An_Owners_Manual.md)（伯克希尔·哈撒韦股东手册 2010 年报版）》
- 2023-11-21：《Donations to Four Family Foundations（2023 年 11 月 21 日巴菲特捐赠公告）》【[Vito](./Warren_Buffett/News_Releases_from_BH_Nov_21_2023.md)】

专栏：

- 1951-12-06：《The Security I Like Best（我最喜欢的证券）》【[RanRan](./Warren_Buffett/The_Security_I_Like_Best.md)】

访谈与交流：

- 1988-06：《[Money World Show: Warren Buffett - Reluctant Billionaire with Adam Smith](./Warren_Buffett/Difficult_to_Teach_a_New_Dog_Old_Tricks.md)（金钱世界：沃伦·巴菲特——不情愿的亿万富翁，亚当·史密斯访谈）》
- 2005：《[Visit to Warren Buffett by a group of MBA students from the Tuck School of Business 2004-2005](./Warren_Buffett/TSB_MBA_Students_Visit_to_Warren_Buffett_2004-2005.md)（塔克商学院 MBA 同学拜访巴菲特实录 2004-2005）》

报道：

- 1977-03-31：《[The Collector: Investor Who Piled Up $100 Million in the '60s Piles Up Firms Today](./Warren_Buffett/The_Collector.md)（收藏家：在60年代积累了1亿美元的投资者如今又积累了多家公司）》
- 2006-7-10：Carol J. Loomis《Warren Buffett Gives It Away（沃伦·巴菲特捐出自己的财富）》【[Vito](./Warren_Buffett/Warren_Buffett_Gives_It_Away.md)】

评论：

- 2023-04-23：Gary Mishuris《The Cult of Warren Buffett（沃伦·巴菲特崇拜）》【[Ponge](./Warren_Buffett/The_Cult_of_Warren_Buffett.md)】

## 5\. 西科金融与每日期刊相关资料

Wesco 致股东信：

- [1986](./Charles_Munger/Wesco_Letter_to_Shareholders/1986_Letter_to_Wesco_Shareholders.md)

Daily Journal Corp 股东大会

- [2013（rbcpa 笔记）](./Charles_Munger/DJCO_Meeting_Detailed_Notes_2013.md)

## 6\. 查理·芒格专栏/访谈/报道/评论

专栏：

- 2023-02-02：WSJ《Why America Should Ban Crypto（为什么美国应该禁止加密货币？）》【[Ponge](./Charles_Munger/Why_America_Should_Ban_Crypto.md)】

访谈与交流：

- 2017-12-23：《A Conversation with Charlie Munger and Michigan Ross in 2017（2017年查理·芒格和密歇根·罗斯的对话）》【[Terrellchen](./Charles_Munger/A_Conversation_with_Charlie_Munger_and_Michigan_Ross_in_2017.md)】
- 2020-12-18：Caltech《A Conversation with Distinguished Alumnus Charles T. Munger（加州理工学院 Zoom 校友访谈——芒格）》【[Ponge](./Charles_Munger/Caltech_Zoom_Talk_2020.md)】
- 2023-10-29：Acquired《Acquired Interviews - Charlie Munger（Acquired 播客访谈——查理·芒格）》【[Ponge](./Charles_Munger/Acquired_Interviews.md)】
- 2023-12-05：John Collison《A Conversation with Charlie Munger（John Collison 访谈芒格）》【[Vito](./Charles_Munger/A_Conversation_with_Charlie_Munger.md)】

## 7\. 游牧者（Nomad）基金致合伙人信（Nick Sleep）

- [Preamble](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/Preamble.md)（序言）
- [Letter to Warren Buffett](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/Letter_to_Warren_Buffett.md)（基金清盘时写给巴菲特的信及回复）
- 2001：[年度信](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/2001_Letter_to_the_Partners_of_NIP.md)
- 2004：[年度信](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/2004_Letter_to_the_Partners_of_NIP.md)
- 2005：[半年度信](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/2005_Interim_Letter_to_the_Partners_of_NIP.md)、[年度信](./Nick_Sleep/Nomad_Letters_to_Partners_2001-2014/2005_Letter_to_the_Partners_of_NIP.md)

## 8\. Chuck Akre 文章

- 2014-10-20：《What Do We Mean By Reinvestment（我们所谓的再投资指的是什么？）》【[Ponge](./Chuck_Akre/What_Do_We_Mean_By_Reinvestment.md)】

## 9\. Mohnish Pabrai 文章

- 2020-12-03：《Compounding with the Spawners（通过 Spawners 实现累进增长）》【[Ponge](./Mohnish_Pabrai/Compounding_with_the_Spawners.md)】
- 2024-03-20：《Mohnish Pabrai’s Interview with YPO United Mosaic on March 20, 2024（2024 年 3 月接受 YPO United Mosaic 采访）》【[ShawnQ](./Mohnish_Pabrai/Mohnish_Pabrai_Interview_with_YPO_United_Mosaic.md)】

## 10\. 李录文章

- 2020-11-10：《李录在诺亚财富闭门会上的交流实录》【[Ponge](./Li_Lu/2020%20%E5%B9%B4%2011%20%E6%9C%88%2010%20%E6%97%A5%E6%9D%8E%E5%BD%95%E5%9C%A8%E8%AF%BA%E4%BA%9A%E8%B4%A2%E5%AF%8C%E9%97%AD%E9%97%A8%E4%BC%9A%E4%B8%8A%E7%9A%84%E4%BA%A4%E6%B5%81%E5%AE%9E%E5%BD%95.md)】
- 2023-11-30：《Remembering my teacher Charlie Munger（追念恩师）》【[Ponge](./Li_Lu/Remembering_my_teacher_Charlie_Munger.md)】

## 11\. John Huber 文章

- 2014-05-13：《Importance of ROIC Part 1: Compounders and Cheap Stocks（ROIC 的重要性（第一部分）：累进增长型企业和廉价股票）》【[Ponge](./John_Huber/Importance_of_ROIC_Part_1.md)】
- 2014-06-04：《Importance of ROIC Part 2: Compounders and Cheap Stocks（ROIC 的重要性（第二部分）：累进增长型企业和廉价股票）》【[Ponge](./John_Huber/Importance_of_ROIC_Part_2.md)】
- 2014-07-21：《Importance of ROIC Part 3: Compounding and Reinvestment（ROIC 的重要性（第三部分）：复利和再投资）》【[Ponge](./John_Huber/Importance_of_ROIC_Part_3.md)】
- 2014-09-30：《Importance of ROIC Part 4: The Math of Compounding（ROIC 的重要性（第四部分）：复利的数学原理）》【[Ponge](./John_Huber/Importance_of_ROIC_Part_4.md)】
- 2014-10-10：《Importance of ROIC Part 5: A Glance at the Last 42 Years of Wells Fargo（ROIC 的重要性（第五部分）：富国银行过去 42 年历史一瞥）》【[Ponge](./John_Huber/Importance_of_ROIC_Part_5.md)】
- 2016-05-23：《Importance of ROIC: "Reinvestment" vs "Legacy" Moats（ROIC 的重要性：再投资护城河与传统护城河）》【[Ponge](./John_Huber/Importance_of_ROIC_Reinvestment_vs_Legacy_Moats.md)】
- 2021-01-04：《End of Mean Reversion?（均值回归的终结？）》【[Ponge](./John_Huber/End_of_Mean_Reversion.md)】
- 2024-07-12：《Walter Schloss, Nifty Fifty, Current Market Valuations and Opportunities（“漂亮50”时期的沃尔特·施洛斯，兼谈当前市场的估值与机遇）》【[Terrellchen](./John_Huber/walter-schloss-nifty-fifty-current.md)】
- 2024-08-09：《Thoughts on Buffett Selling Apple（对巴菲特出售苹果股票的看法）》【[Terrellchen](./John_Huber/Thoughts-on-Buffett-Selling-Apple.md)】

## 12\. Michael J. Mauboussin 文章

- 2016-11-01，《Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation（衡量护城河：评估价值创造的规模和可持续性）》【[Ponge](./Michael_Mauboussin/Measuring_the_Moat.md)】

## 13\. Bharat Shah 文章

《Observations, Ideas & Reflections of Long-term Value & Wealth Creation From Equity Investing》

- Acknowledgement（致谢）【[Ponge](./Bharat_Shah/Observations_Ideas_and_Reflections_of_Long-term_Value_and_Wealth_Creation_From_Equity_Investing/Acknowledgement.md)】
- Introduction（概述）【[Ponge](./Bharat_Shah/Observations_Ideas_and_Reflections_of_Long-term_Value_and_Wealth_Creation_From_Equity_Investing/Introduction.md)】

## 14\. Frank Martin 文章

Martin Capital Management 年度报告：

- [2022 年](./Frank_Martin/Martin_Capital_Management_2022_Annual_Report.md)

## 15\. Nassim Nicholas Taleb

- 2021-06-30：《Bitcoin, Currencies, and Fragility（比特币、货币和脆弱性）》【[Ponge](./Nassim_Nicholas_Taleb/Bitcoin_Currencies_and_Fragility.md)】

## 16\. 其他

Joe Ponzio：

- 2008-12-31：《Owner Earnings vs. Free Cash Flow（股东盈余和自由现金流）》【[Ponge](./Joe_Ponzio/Owner_Earnings_vs_Free_Cash_Flow.md)】

The NFX Team：

- 2019-07-31：《The Network Effects Bible (Updated 2024)（网络效应圣经）》【[Ponge](./nfx/The-Network-Effects-Bible.md)】
- 2021-06-25：《The Network Effects Manual: 16 Different Network Effects (and counting)（网络效应手册）》【[Ponge](./nfx/The-Network-Effects-Manual.md)】