巴菲特的股东信 Logo — 温暖友好的巴菲特卡通插画 巴菲特的股东信BuffettDaily · 沃伦·巴菲特

巴菲特的股东信BuffettDaily — Buffett's Letters

汇集沃伦·巴菲特 1977–2025 年全部 49 封伯克希尔·哈撒韦致股东信，中英双语站内全文、投资理念溯源、历年持股可视化——用第一手材料学会价值投资。 Every Warren Buffett Berkshire Hathaway shareholder letter, 1977–2025, in bilingual full text — trace his ideas to their sources and visualize his holdings. Learn value investing from primary sources.

浏览历年股东信Browse the Letters 学习投资理念Investing Ideas 查看历年持股Holdings Chart
49封股东信Letters
1977–2025完整时间跨度Full span
60年复利奇迹(1964–2024)Years compounding
10条核心理念Core ideas

从这里开始Get Started

三个入口，三种学法：先通读信件，再提炼理念，最后看持仓如何落地。 Three doors, three ways to learn: read the letters, distill the ideas, then see how the holdings put them into practice.

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历年股东信 · 时间线Letters Timeline

按时间线浏览 49 封股东信，支持年代筛选与关键词搜索，点击查看站内全文。 Browse all 49 letters on a timeline with decade filters, search, and full text.

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投资理念 · 溯源Ideas & Sources

能力圈、安全边际、市场先生……每条理念标注出处股东信，点击直达原文。 Circle of competence, margin of safety, Mr. Market — each idea cites its source letter.

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历年持股 · 可视化Holdings Chart

拖动年份滑块，查看不同年代核心持仓的占比排序柱状图，点击个股查看收益与占比曲线。 Drag the year slider to see holdings ranked by weight; click a stock for its return & weight curves.

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巴菲特总收益 vs 标普500Berkshire Returns vs S&P 500

伯克希尔每股市场价值年变化 vs 标普500含股息总回报（官方口径，1977–2024）。红涨绿跌。 Berkshire per-share market-value change vs S&P 500 total return (official basis, 1977–2024). Red=up, green=down.

收益对比Returns

伯克希尔（市值回报）Berkshire (mkt value) 标普500（含股息）S&P 500 (w/ dividends)