第一次少了芒格的股东大会，巴菲特都说了啥
<h1 class="rich_media_title " id="activity-name" style="margin-bottom: 14px; outline: 0px; font-size: 22px; line-height: 1.4; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px;">第一次少了芒格的股东大会，巴菲特都说了啥</h1><div id="meta_content" class="rich_media_meta_list" style="margin-bottom: 22px; outline: 0px; line-height: 20px; font-size: 0px; hyphens: auto; position: relative; z-index: 1; color: rgba(0, 0, 0, 0.9); font-family: system-ui, -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px;"><span class="rich_media_meta rich_media_meta_nickname" id="profileBt" style="margin-right: 10px; margin-bottom: 10px; outline: 0px; display: inline-block; vertical-align: middle; font-size: 15px; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); position: relative;"><a class="wx_tap_link js_wx_tap_highlight weui-wa-hotarea" id="js_name" style="outline: 0px; color: var(--weui-LINK); -webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-user-drag: none; cursor: pointer; position: relative;">巴伦周刊</a></span> <span id="meta_content_hide_info" style="outline: 0px;"><span id="publish_time" class="rich_media_meta rich_media_meta_text" style="margin-right: 10px; margin-bottom: 10px; outline: 0px; display: inline-block; vertical-align: middle; font-size: 15px; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); color: var(--weui-FG-2);">2024-05-06 08:10</span> <span id="js_ip_wording_wrp" class="rich_media_meta rich_media_meta_text" role="option" aria-labelledby="js_a11y_op_ip_wording js_ip_wording" style="margin-right: 10px; margin-bottom: 10px; outline: 0px; display: inline-block; vertical-align: middle; font-size: 15px; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); color: var(--weui-FG-2);"><span id="js_a11y_op_ip_wording" aria-hidden="true" style="outline: 0px;"></span><span aria-hidden="true" id="js_ip_wording" style="outline: 0px;">北京</span></span></span></div><div class="rich_media_content js_underline_content autoTypeSetting24psection fix_apple_default_style" id="js_content" style="outline: 0px; color: rgba(0, 0, 0, 0.9); font-size: var(--articleFontsize); overflow: hidden; text-align: justify; position: relative; z-index: 0; font-family: system-ui, -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; visibility: visible;"><section style="margin-right: auto; margin-bottom: -2px; margin-left: auto; outline: 0px; max-width: 100%; letter-spacing: 0.578px; text-align: center; border-width: 2px; border-style: solid; border-color: rgb(139, 162, 176); border-radius: 5px; visibility: visible; box-sizing: border-box !important;"><section data-autoskip="1" style="padding: 1em; outline: 0px; max-width: 100%; text-align: justify; letter-spacing: 1.5px; line-height: 1.75em; color: rgb(62, 62, 62); visibility: visible; box-sizing: border-box !important;"><section style="margin-right: 8px; margin-left: 8px; outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;">卖出一部分苹果的股票并不出人意料。</section></section></section><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">当地时间5月4日，伯克希尔-哈撒韦(BRK.A, BRK.B)年度股东大会在奥马哈召开，这是伯克希尔CEO沃伦·巴菲特(Warren Buffett)第一次在没有长期合作伙伴查理·芒格(Charlie Munger)陪伴的情况下出席大会，芒格去年11月在百岁生日到来前去世。</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">伯克希尔当天早些时候公布的财报显示，第一季度税后运营利润增长39%，达到创纪录的112亿美元，与此同时，第一季度伯克希尔减持了大约13%的苹果股票，至7.9亿股，2023年底伯克希尔持有9.05亿股苹果股票。</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">因此，巴菲特收到的第一个提问自然是关于苹果的，他对苹果的看法发生变化了吗？巴菲特说：“没有发生变化，我们卖掉了一些股票，但到今年年底，苹果可能仍将是伯克希尔第一大重仓股。”</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">他接着说道：“美国运通(AXP)和可口可乐(KO)是非常好的公司，苹果更胜一筹，当格雷格运营伯克希尔时，我们将继续持有苹果的股票，除非发生什么戏剧性的事件，否则苹果将继续成为我们最大的投资对象。”</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">巴菲特指出，考虑到市场目前的情况，他对伯克希尔积累现金储备没有异议。</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; visibility: visible; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; visibility: visible; box-sizing: border-box !important;">巴菲特说：“我完全不介意增加现金头寸，当我看着股市里的其他选择以及世界正在发生的事情时，我们认为现金相当有吸引力。”</span><o:p style="outline: 0px; max-width: 100%; visibility: visible; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">截至第一季度末，伯克希尔持有1823亿美元现金和短期美国国债。巴菲特在大会开场白中说，到第二季度末，这个数字可能会达到2000亿美元。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">第一季度伯克希尔回购了26亿美元股票，回购规模大于去年第四季度的22亿美元。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">Gabelli Equity Trust投资组合经理麦克雷·赛克斯(Macrae Sykes)告诉《巴伦周刊》：“伯克希尔的利润看起来相当不错，卖出一部分苹果的股票并不出人意料。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><section style="margin-right: 8px; margin-bottom: 24px; margin-left: 8px; outline: 0px; max-width: 100%; text-align: center; box-sizing: border-box !important;"><br></section><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">巴菲特：投资派拉蒙环球亏钱的责任全在我</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">当被问到伯克希尔清仓派拉蒙环球(PARA)的问题时，巴菲特的回答非常坦率。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">他说：“投资派拉蒙环球100%是我的个人决定，我们已经卖掉了该公司所有股票，亏了不少钱。大家听好了，责任完全在我。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">截至2023年底，伯克希尔是派拉蒙环球最大的股东之一，持有该公司6300万股股票，持股比例接近10%。此前有猜测认为，入股派拉蒙环球是管理伯克希尔股票投资组合10%的泰德·韦施勒(Ted Weschler)或托德·库姆斯(Todd Combs)的决定，《巴伦周刊》估计，伯克希尔以高于每股30美元的价格买入派拉蒙环球的股票。伯克希尔持有的这部分股份没有投票权。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">派拉蒙环球拒绝了《巴伦周刊》提出的置评请求。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">缅怀芒格</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">在这次大会上回答提问时，巴菲特的声音听上去比以前更沙哑和虚弱一些，他的脸看上去也显得更瘦了。当巴菲特谈到能源时，一个令人心酸的时刻出现了，他让负责伯克希尔非保险业务的格雷格·阿贝尔(Greg Abel)来回答这个问题，但他说的不是“格雷格”，而是“查理”——这是他几十年来的本能反应，他很快就承认了这一点，现场的人一起叹了口气，然后鼓起掌来。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">当天早些时候，在巴菲特回答提问之前，大会以一部讲述芒格伟大成就的影片开始，巴菲特再次称他为“伯克希尔的建筑师”，所有人都沉浸其中。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">影片以巴菲特录制的一段致辞结束，股东们起立为芒格鼓掌。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">影片结束后，关于芒格的话题仍在不断被提起，一个小男孩拿起麦克风问巴菲特：“如果有机会和查理再次共度一天，你会和他做些什么？”现场响起一片感叹声。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特回答说：“如果有机会和他再次共度一天，我们可能会做和以前一样的事情，我们不会愿意去想只能共度一天。一个人不知道自己哪一天会离世是一个很大的优势。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特说：“我从来没有见过任何一个在99岁还处于巅峰状态、全世界的人都希望见到他的人，他们都想见查理，查理也很乐意和他们交谈，他以自己的方式度过了一生。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">巴菲特谈接班人</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">众所周知，现年61岁的阿贝尔很可能成为巴菲特的接班人，在今年的股东大会上，负责伯克希尔保险业务、72岁的阿吉特·贾恩(Ajit Jain)与巴菲特一起登台回答股东提问。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">在芒格去世后，接班人问题成为今年大会的一个焦点。巴菲特已经93岁了，未来几年内他可能会不再担任伯克希尔CEO，这将给阿贝尔和贾恩带来压力，他们必须让人们看到，即使在巴菲特卸任后，伯克希尔的后备人员也足够强大，值得投资者的信任。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">贾恩在谈到这个话题时说：“没有人是不可替代的，蒂姆·库克在现场吧？他已经证明了这一点。”贾恩向库克致敬的举动引起现场一片掌声。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特很坦率地谈到了接班人的问题，他指出，阿贝尔和贾恩至少已经承担了他以前的一些职责，巴菲特说，伯克希尔旗下公司负责运营的高管们“绝大多数”都会与阿贝尔和贾恩讨论业务方面的问题。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特说：“这可以理解，因为我做的事情并不多，而且我的运营效率也不如30年前，阿贝尔和贾恩和其他高管相处得非常好。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">下一笔神秘投资投向哪儿？</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">截至大会午休时间到来时，巴菲特没有在如何配置伯克希尔的巨额现金储备这个话题上透露太多信息。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特说：“我认为坐在这张桌子边上的所有人都不知道如何有效地用它，所以我们不用它。”巴菲特间接谈到伯克希尔可以从短期美国国债上获得高回报，但他说，即使利率只是回报中的一小部分因素，也不会改变伯克希尔投资短期美债的核心理念。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特说：“（不动用现金储备）并不是我在‘绝食抗议’或诸如此类的事情，只是目前没有很有吸引力的投资对象。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">当天早些时候巴菲特曾暗示，伯克希尔目前在考虑投资一家加拿大公司，但没有详细说明是哪家公司，也没有透露伯克希尔推进投资的可能性有多大。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">投资者一直在等待伯克希尔披露该公司从2023年下半年开始逐渐加仓的一只神秘股票。伯克希尔要求美国证券交易委员会(SEC)对去年第三季度和第四季度买入的一只或多只股票保密。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特过去曾利用年度股东大会公布投资决策。2022年，巴菲特透露伯克希尔增持了动视暴雪的股票。去年巴菲特透露伯克希尔对西方石油(OXY)的持股比例达到25%，不会收购该公司所有股份。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">巴菲特谈人工智能：我们可能会后悔把精灵从瓶子里放出来</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">有投资者问巴菲特如何看待生成式人工智能的潜力，在表示自己对这项新技术了解不多之后，巴菲特说，有一天我们可能会后悔“把精灵从瓶子里放出来”，就像很多人后悔制造出核武器一样。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特讲述了自己和人工智能有关的一次体验，他说：“我在屏幕上看到一个影像，那是我，声音是我的，穿着我穿的那种衣服，如果我的妻子或女儿看到了不会察觉到任何区别，那个影像在传达一个绝对不会是来自我的信息。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特接着说：“在美国，诈骗一直存在，但人工智能将促使对诈骗感兴趣的人投资于诈骗，这将成为有史以来增长最快的行业。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">芒格坚持要投资比亚迪和开市客</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">一位亚洲投资者问巴菲特是否会加大对香港和中国内地的投资，这个问题得到了在场中国投资者的鼓掌回应。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特回答说：“我们的大部分投资将在美国。”他还说：“当年查理坚持要投资开市客和比亚迪，他说一定要买，他对这两家公司的看法都非常对。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">此外，巴菲特表示“对我们在日本的投资感到非常满意，我们将在多年时间里继续持有，格雷格将负责这些投资”。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">伯克希尔回购股东股票</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特当天下午介绍称，伯克希尔回购了前董事大卫·戈特斯曼(David Gottesman)的遗孀露丝·戈特斯曼(Ruth Gottesman)捐赠的10亿美元伯克希尔股票。大卫·戈特斯曼曾是伯克希尔最大的个人股东之一，露丝·戈特斯曼向阿尔伯特·爱因斯坦医学院捐赠了这些股票，以确保该学院保持免收学费的状态。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">巴菲特说，伯克希尔从公司另一位股东那里回购了另外5亿美元的股票，这些股票曾被捐赠给了一家慈善机构。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; color: rgb(0, 78, 162); font-size: 18px; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; box-sizing: border-box !important;">巴菲特希望了解股东都有谁</span></strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">上周末有多少人去了奥马哈？没人知道确切的数字，但视年份而定这个数字应该在3万人到4万人之间，没有办法得出一个确切的数字。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">我记得几年前在一次电话中巴菲特对我说：“要是我知道我们的股东都是谁就好了。”意思是说无法获得一份关于伯克希尔股东的全面记录，其他公司也是这样。股票由个人购买，然后可能会赠予家庭成员等等，几乎没有办法追踪谁持有哪些股票。巴菲特对我说：“很难追踪所有股东，但我确实希望我们能做到。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">当伯克希尔开始通过流媒体和电视转播大会时，有人曾认为出席人数会减少，但事实并非如此。我曾参与过2016年第一次大会直播，当时我曾说，转播超级碗并不意味着想去现场观看比赛的人会减少。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">事实上，年度股东大会对奥马哈的酒店、餐厅和优步司机和其他商家来说都是一个重要的周末，当地主要报纸《奥马哈世界先驱报》(Omaha World-Herald)称年度股东大会是“奥马哈不断收到的一份礼物”，该报引用当地一位商人的话将其称作“我们的圣诞节”。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">伯克希尔董事会成员、投资人克里斯·戴维斯(Chris Davis)撰文称，（年度股东大会）“是对某种价值体系和看待世界的某种方式的一个提醒，我们认为这已经深深地融入了参会者的文化中，而且大会非常有意思。”</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><p style="margin: 25px 8px; outline: 0px; max-width: 100%; clear: both; min-height: 1em; letter-spacing: 0.578px; line-height: 2em; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; letter-spacing: 0.544px; font-size: 16px; box-sizing: border-box !important;">戴维斯说得没错，每个参会者都度过了一个开心的周末，怎么会不开心呢？伯克希尔的股东是这个星球上最幸福的人。</span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></p><section style="margin: 8px; outline: 0px; max-width: 100%; letter-spacing: 0.578px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;">文 | 巴伦周刊</strong></span><o:p style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"></o:p></section><section style="margin: 8px; outline: 0px; max-width: 100%; letter-spacing: 0.578px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; box-sizing: border-box !important;"><strong style="outline: 0px; max-width: 100%; box-sizing: border-box !important;">编辑 | 郭力群</strong></span></section><section style="margin: 8px; outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; letter-spacing: 0.544px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; letter-spacing: 0.544px; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important;">版权声明：</span></section><section style="margin: 8px; outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; letter-spacing: 0.544px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; letter-spacing: 0.544px; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important;">《巴伦周刊》(barronschina)原创文章。</span></section><section style="margin: 8px; outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; letter-spacing: 0.544px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; letter-spacing: 0.544px; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important;">（本文内容仅供参考，不构成任何形式的投资和金融建议；市场有风险，投资须谨慎。）</span></section><section style="margin: 8px; outline: 0px; max-width: 100%; font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 16px; letter-spacing: 0.544px; line-height: normal; box-sizing: border-box !important;"><span style="outline: 0px; max-width: 100%; letter-spacing: 0.544px; color: rgb(136, 136, 136); font-size: 14px; box-sizing: border-box !important;">#公司行业</span></section></div><p></p>
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