商周1591 p80 巴菲特

ҳ㡱㉴匕

㄀ ʔ ᡈ Չ ⦇ ˋ ነ ဢ 刈 ថ Б ʞ 㤑 Î 䑤 z ʘ ㎑ f ᡦ . ˜ f 䥵 ਿ 㡱 ᘥ त ɚ c f ᙈ ʞ ᕃ ᙈ i 㝖 ᙈ ᚆ ⡘ ⡑ Ύ

˚ ึ d d i ׂ ϣ ɓ ग़ ⦗ d ɞ d . ㄡ ʔ ̥ j ន ϋ i ̙ ‫ت‬ ੂ 墘 ঐ 㔆 㔆 ᙈ ㆂ ᙈ ˋ ʔ д Б ϓ Ѭ ਖ਼ 㐹 ⢃ z ᕃ ㎑ ᡦ ⅶ ᚇ ʞ 㐣 ጦ ุ ɽ 䊑 ɓ ึ त ऎ ˋ ɷ 嘦 ৷ e 䔳 っ ¹ d ʘ ㎑ 㜐 㒙 ɓ 䀀 ဓ d 㝖

‫ج‬ อ ᘱ

¾ 㐹ᙈ⢃̥㔆ɓ℠历も⡑ׂjᚇ㈂☘ᡅɨ̘f⦗ึ®Ы塃 ʃ㢖ऊ∳‫א‬䘱⡑ৌ垗ਪһϞyf ⦗ᡦˋ㎑तᘥ㆗䐢f

⡇ ɓ ɚ ¶ Ĉ d : 䀳 ˓ 䥵 ᘥ ʞ ˕

ʞ ဓ ᡈ 䑤 ਿ ᚆ d ɤ ϋ ɨ Ը ㄀ 㤑

̘ ϋ ֵ ㅵ 䠈 j ˋ ㎑ त 䥵 ᘥ 䑴 ㆑

㐹 䑴 ㆑ ਿ ᚆ d 䙩 剑 ɓ ϓ ҳ ㄀ ᚆ d О ٫ ㄀ 㤑 ⡇ 㢈 ৷ k ㍄ ᕄ ί

ɽ 䔳 ᡈ 䑤 ਿ ᚆ 䈢 ÷ ਗ ᝨ 䀳 ә ਿ

ᝲ ̹ ᔸ ਕ ᙈ 䍘 ɓ 㢁 䄗 Ց ̬ ϋ ᠡ

㐹 㑢 䍘 㤇 ̬ ℀ f

ɓ ဓ ¶ ɤ

. d ᡦ 㜗 ᙵ ˋ ㎑ त

ә ਿ ᚆ 㝴 ⡑ Σ z ᡕ 䞑 d 䙑 ᘥ ᡦ

㎅ 㑑 ʔ ɓ 㝖 Ց ᡦ ㆑ ɓ ⦗ . ⦗ d 䌰 ɓ ɚ ╙ ʞ ɘ ጠ f ɓ ʔ ⁓ Ĉ . ⥹ ဓ ̬ ᚘ i 㝖 Î ਂ f d ɓ d ᡈ ɚ ٤ ʱ d c ᥲ ɞ 㜗 䑤 ϋ 䘨 . ᕕ ʔ ⦗ 㜗 ϋ ≧ ਿ Î f 墘 d Î ᤀ ᔥ ਗ਼ Ӛ ᚆ ɓ ɤ 墘 Ϟ 㝖 ϓ ㄡ ሦ ㈂ ϋ ϋ ঐ 㒄 ˂ ϓ ⦗ E ʞ ʷ ᜱ 倉 Ы ᥴ ʞ 䅧 T . ɷ Ϟ ɓ 倉 ᙈ ʡ ㄀ ɷ ⡘ F ҳ З ဓ ᘥ ̹ 䍑 㤑 ɓ ᝖ d 㡱

㝖 ㌱ 䄗 〕 ⡇ ဓ d ⦗ 䑴 䀳

ጣ ᠡ ᥴ Ը ⦗ ᡦ 䦅 䉨 Ӕ ֛ d Ϊ ᤩ

દ ᡅ ᙈ d 冀 ° 儵 л

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˖ μ

ˋ ㎑ त Î ⦗ ℠ ᡘ ጣ 䉩 ᔲ j у

䅒 ᡦ ˚ ¢ ί ˄ ̻ ᤅ 䞑 ゗ 㝧 㝧 っ

ˋ㎑त42ϋԸ ̻ѩϋ㄀㤑⡇ᡦ䑴㆑

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Դ ί ざ 咖 ≧ 䠦 㐹 ᙈ d ᚇ ㈂ ʥ

л ᘥ ऊ ∳ d 䠆 ℠

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䍑 〕 ʔ Î ਂ d ㄡ ঐ 失 ɓ

Cities Services

̙ 儵 ⚃ ৷ ㄀ 㤑 f 䞗 z ⁕ 䅷 d

c

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Berkshire Hathaway

ɓ ɘ ̬ ɚ ϋ ɧ ˜ ɚ ϣ

Î ɓ ℠ ᡘ ጣ 䉩 ┐ f

เ ˇ ♸

ᚇˋ ᔖ㎑ ɽत 䔳᠒ e圀 㐹ᙈ ᙈᕃ っj 㔕 ᚆ

ʦ ϋ ᙈ ᕃ ึ Ύ 䘨 ҳ 㡱 ː ‫ج‬ j = त 䀸 e 㔠 Վ й 㝄 l

ਠุմ̊1591㈂2018.5

80

ҳ㡱㉴匕

त 䀸 c Ӛ Ϟ x ⡘ õ О ձ ⦗ ℠ 㡱 ɚ Ĉ ৷ ˄ ε d c 㝴 㤄 ⦙ 䤓 䘶 䠆

ᥴ ٤ : त 䀸 ᘥ ⅅ Ϊ f z 䉥 ᤩ : ৷ Ց ɚ Ĉ d Ш ᚇ ㈂ л ⡇ ʔ ึ :

Ϟ ɧ ဓ ॄ ̡ f i ⦗ ɰ ᡦ ˋ ㎑ त

ɧ ဓ ॄ ̡ 㔕 ᚆ d Ց ʦ ˂ 剨 ᡦ ̥

һ ε 㔕 ᚆ d c ɓ ɘ ̬ ɚ ϋ Ы 㐹

⦗ ᡦ Ϊ ᤩ ᡅ Ϟ 㔕 ᚆ ʔ ึ ੭ Ը

䍑 〕 Ӛ Ϟ l i ˋ ㎑ त 䉩 f

冖 㙹 ึ ͂ 䅷 ਗ਼ ϋ ⦙ ⦈ 䤓 ㍦ ⡇ ㅲ

㔠 Վ ᡦ ℠ 兰 䢔 ᘥ ҳ 㡱 f i

☕

Ї ᔥ 㔠 Վ d ˋ ㎑ त 䅨 c ᚇ ㈂

ʔ ऊ ̰ f i

䉩 j c ʔ 䅳 ㄀ 㤑 λ 咖 d ˓ 坣 㐶

Τ 8 ነ 㔅

˓ 坣 㐶 f ˋ ㎑ त ㈀

ᅦ ૐ ព ˒ 倔 冃 㑢 ̈ d z ℓ ʑ ঐ

䂄 ㄡ

ʔ Ց ˓ 坣 㐶 f Ϊ Ϥ z ℓ

ʔ ѳ 偖 噐 ˋ ㎑ त d ☘ ᡅ 䀨 䙡 Չ

⡑ ׂ f ′ ɛ ℓ ʔ ᘩ 㡈 ҳ 㡱 О ‫ي‬ d

ɓ ͠ ɿ ҳ 㡱 㝴 変 d 卉 ␢ ̈ ⦗ ጤ

ҳ 㡱 ɓ 䑩 䙹 Î f c ᙈ ग़ i ¹ z

z 剓 Ի Ά ุ ᘥ ⡑ ׂ d ⦗ ⅷ Î Ց

㐸 f Ш ̴ Ց ֵ ঐ x ⡘ ʡ 䍑 k ʡ

℉ ᘥ ဓ ʱ ʘ ɓ f c ν ᕄ Ы 㐹 㔕

. d ʔ Ց Ν ㈂ ҳ 㡱 ᙈ ̹ ੭ Ը 䍘

ʦ ˂ 䍘 ℉ ̬ ɤ 㝖

̡ д . ̙ 㐹 㔕 ɞ Ց ᚆ ɷ ɧ d ʞ ဓ Ց ဓ ॄ

ɓ ɘ ̬ ɚ ϋ Î ɓ 㝖

䞗 z ⁕ 䅷 j

© ɨ ゗ ึ ᠖ 䁖 ­

ᚆ e 㔠 Վ ᘥ 㡱 ⡘ f

㐗

त 䀸

ᤩ ᙈ ⢃ ᡦ 䊑 っ 㔕

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ˋ ㎑ त ʔ ̥ પ 刡

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ϋ ï d 䆕 㢁 ᙈ Ӯ

冀ҳ ㄀⡇

125.8Ĉ

87.7Ĉ

剑 䦆 d ਬ ɓ ˙ ό ᡦ ㌱ й ɛ ̈ һ

⡘ ᥲ 嘑 ᘥ 䍘 ℉ f i ᡅ Ϟ ٫ ′ ซ

ਿ ᚆ d ʡ 䍑 〕 ʔ Î ਂ d ਖ਼ ุ 䠦

䠦 䂄 ɹ բ f ′ ̥ 㐹 㑢 ɽ 䔳 ᡈ 䑤

ʔ ε d ɓ ᡦ Ϊ ᤩ ʔ ⢒ ਖ਼ ุ ҳ 㡱

ᙈ ⢃ ጠ ᚇ ㈂ ᡅ Ϟ f Ш 䀨 䙡 ٫ ᝁ

һ ̙ 䜐 f i ˋ ㎑ त ㈀ ν Ϥ 㡡 圓

㄀ ʞ c 㑄 㢁 ጤ ʔ c 㤑 ϋ ′ 㑃 ‫ ظ‬ɛ Գ Ш 䀳 f ≧ ⦗ ̹ ‫ ث‬Φ ㄡ 㜗 ɛ i 㒄 ጤ ゗ ⎂ ə 呔 ≧ ɨ d ɛ ᘥ ๘ ɽ z ɛ ‫ء‬ z 㜗 ৷ d 刢 ဢ ℓ : ℓ ≧ 兴 ˋ f ̘ ᥴ 偖 ึ ঐ ≢ ㎑ ɚ d Ց 噐 ጣ z ⚃ Ύ f त त ᠡ ㌗ Ց ㍑ ̔ Ύ ֛ 啵 ㈂ һ ˋ ᐡ ϣ 㡱 λ ㎑ 䉩 ʹ ϋ ᔲ 兴 ⡘ ᘥ त j ̈ 䆕 ⦗ ≢

42.3Ĉ

27Ĉ

21.7Ĉ

ᙈग़㒂7 уԴざ咖≧䠦㐹ᙈdᚇᔖʥ̙ɽ剑 ᝲ̹ᔸਕV̡ᙈ䍘² é´

160 120

1945 ᙈ䍘䄗Ї160

1942/3 2䞑㈂㒄dˋ㎑त㐹 㑢dᙈ䍘38.25

80

1942/7 ˋ㎑तg40 䙓̈

40 0

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㡱≤Ը๕j‫ت‬дⅶৌ㄀ e:BIPP 'JOBODF 䠆⡑jเˇ♸

ҳ 㡱 ⡑ ׂ 㙅 も ␗ j 㐹 㑢

㄀ ҳ ㄀ 儵 Ά त ᡦ ¤ 㤑 㡱 f ⚃ ุ 䀸 䊑 ί ᥴ f d i ʃ ᘥ ᘥ っ ˋ ʘ ㄡ Î ᔥ ሦ 㡱 㔕 ㎑ ɨ ঐ ⦗ ɓ ⡘ ᚆ त ɓ d ጤ ੭ 㕧 f e ᥴ ˋ Ը Ϋ ʱ 䦆 c 㔠 Ը ㎑ һ ㄀ 䦆 d Ы Վ d त ε Ύ ᘥ 〕 㐹 e ᙈ ᘥ ̘ Ϋ ̙ ɨ : ⢃ ᘥ ᘥ ҳ 㡱 ٫ f

≢ d 啵 ᔲ z ᡦ ᚇ ㈂ ঐ 㑄 㑃 ɽ 䔳

ᜱ d ˋ ㎑ त ʊ Î ɧ ɤ ϋ ҳ 㡱 兴

у Դ ί ɓ ɘ ɘ ϋ ï ʕ ㈂ ¹

̹ ᝁ һ Ϟ л f

ҳ 㡱 ٫ һ ʔ л d Ш 䀳 ᙈ

⡇ ₅ Ї

ᔥ 㥃 d 䀳 㔠 Վ

㢖 f i ⦗ ί ᚆ 䤲 Κ 䠦 ≧

ᠡ d 㔠 Վ ㄀ 㤑 ⡇ ฆ ʔ ኗ

ছ ҳ 㡱 ٫ d 㜗 ≧ ㄡ ➁ z ဢ ̘ f

ጤ ʊ 㡹 ㎅ ˋ ㎑ त 䠁 Ъ ʞ ϋ ᘥ ɓ

ᐡ 䔳 Ϟ f ɓ 䞗 ᤀ q ≧ ㄖ 㒄 : z

ᘥ } ᘥ 䉩 ਖ਼ 兴 ‫ ج‬坑 ≢ d Ъ 㠅 Ϟ ↗ ᠡ ɓ ̔ ɽ

� d ˋ ㎑ त ☘ ᡅ ʔ 㐹 ⦗ ጤ ᙈ ⢃ d

Ken Kam

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⡑ ׂ f ⦗ ਗ਼ ᡦ c ᙈ ग़ i ੭ ㍑ ɛ

2.8Ĉ

㐕j䀳әਿᚆᤩˋ㎑त䀳˓ᡕ䥵ᘥ 傔ਿᚆi⤁⁕㈂㒄ᤩ ϋЇ ϋ

´

ℓ ざ Β 䅷 ᘥ ʹ ᔨ f

Ш һ ₀ ⁓ ⅅ Ϊ ᡦ ɛ ℓ ␥

ᠳ

䀳 ә ਿ ᚆ 㡁 ᙶ ⡒ ざ

䀳әਿᚆ㝴⡑偖‫ء‬5傔ਿᚆ

1942

ː f ɓ ɘ ɘ

Գ ٫ d ৷ ̈

̬ ɤ

ᙈग़䙑҅ ҳ㡱ɽ䔳d剑圆䀳әਿᚆ㝴⡑ɛ

৷ 䍘 㐹 ɨ d c 㐀 傅 ⦈ 䀸 ᘥ ɨ ゗

ึ ᠖ 䁖 f i

ᥴ 㔠 Վ d © ㄀ 㤑 ฆ ʔ ኗ 㢖 ­

ᚆ d Ы ̥ ঐ Ϊ ᤩ ̴ ㌥ ␥ ဢ 墘 ᥈

һ 兰 d Ϊ ᤩ 㜗 ҅ ึ ਗ਼ л

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