点评：巴菲特一直对主动型基金持负面态度，他反而建议人们购买指数型基金，最主要的原因是指数型基金管理费非常低。巴菲特从50年代就开始私募生涯，但是他的收费完全是靠业绩来赚钱，如果没有为合伙人赚到钱，他就没有收入，让我们再复习一下巴菲特合伙公司收费方式，现在哪个基金公司能效仿呢？
在1950年代，沃伦·巴菲特（Warren Buffett）通过其合伙公司（Buffett Partnership Ltd.）采取了一种独特且有效的收费结构，这种结构在投资行业中后来被称为“巴菲特合伙制”：
基础费：巴菲特不收取管理费或基本固定费，这意味着他不会因管理合伙资金而自动获得收入。这样的安排在当时的投资管理行业中是非常独特的。
绩效费：巴菲特只在合伙基金的表现超过了某个基准时收取费用，这一基准通常设定为6%。 如果合伙基金的回报率超过6%，巴菲特会对超出部分收取25%的绩效费。例如，如果合伙基金的回报率为10%，则巴菲特会对超过6%的4%部分收取25%的绩效费，即1%（0.25 x 4%）。 如果基金的表现未能超过6%，巴菲特则不会收取任何绩效费。
这种结构的优势：
激励一致性：这种收费结构确保了巴菲特的利益与合伙人的利益高度一致。只有当合伙人获得超过基准回报的收益时，巴菲特才能从中获利。
风险管理：由于没有固定管理费，巴菲特在管理风险方面更加谨慎，因为他的收入完全依赖于投资的实际回报。 吸引投资者：对于投资者来说，这种结构降低了投资成本，增强了他们对巴菲特投资能力的信任和信心。
贝基-奎克：这个问题来自匹兹堡的股东丹尼-波兰。芒格先生在描述委托代理人问题时说，当管理财产的人也拥有财产时，资本主义往往能发挥最大作用。近年来，养老基金和资产管理公司的代理人在伯克希尔没有重大的个人股权，但他们提出的建议却不符合股东的经济利益。在你无法再投重要反对票之后的几十年里，怎样才能限制这些代理人的负面影响呢？
沃伦·巴菲特：嗯，这是一个非常敏锐的问题，而且暂时也得到了解答，但是谁知道未来情况会如何发展呢？我只知道，你在伯克希尔·哈撒韦公司干得不错，但你必须能够用自己的方式思考。我的意思是，显然，你必须用自己的方式思考政治现实。你必须用自己的方式思考什么会导致……你想成为……你想被视为国家的资产，因为你会找到更多的解决方案。如果你是资产，你无论如何都要对国家负责。但除此之外，你会找到更多的解决方案，而不是被视为邪恶或其他什么，更糟糕的是，如果你应得这样的结果。所以这是我们一直要考虑的问题，董事们也应该考虑这个问题，他们需要自己思考这个问题，而不是屈服于传统观念，你知道，从某种意义上说，你不想成为一个对生活持怀疑态度的人，但几乎每个接近你的人，如果你有大量的资源，他们都会有兴趣弄清楚如何利用你的资源为他们谋利，无论他们是在政界，还是在投资银行，或者他们是在向你推销，不管他们卖的是什么，我都不想伤害任何人，但人寿保险代理人看到了购买人寿保险的好处，而根据管理的资产获得报酬的投资经理对向你推销他们的服务很感兴趣
想象一下，如果这个房间里的每个人都听从某人的投资建议，比如说，你知道，每年 1% 的收益，我会告诉你如何投资你的钱。1950 年，当我们在 1965 年创业时，他们会说，好吧，买伯克希尔哈撒韦公司吧，如果他们现在还在，看到了 1% 的交易，他们每年会从那些没有从我们这里获得任何股息的人那里收取 80 亿美元。所以他们对与你签订的合同的兴趣与你不同。最好的办法是一次性支付佣金并持有股票。但你必须警惕人性对他人和你的影响。然后，你知道，如果你仔细考虑并真正听取查理告诉你的话，你将比大多数人领先一步。查理——我应该提到一件事，这真的非常有趣。查理知道心理学、人类行为和激励措施的重要性。
他很早就明白了这一点。当然，他也做过一些演讲，甚至谈到了 25 种左右的方法，不管是什么。我不记得确切的数字，但通过了解人类的行为，一个人可以利用另一个人的不同方式。然后，在出色地解释这一点之后。他相信了解别人会做什么，但他认为实际使用这些方法来操纵他人是低人一等的。真正有趣的人，他思考人类行为的心理学，并弄清楚，你知道，你如何成为华尔街的优秀保险推销员或经理，或积累管理资产或诸如此类的东西。你通过在一定程度上了解别人的弱点而变得非常富有，然后决定当这些弱点出现时，你认识到这些弱点非常重要。对你来说，比实际利用它们的人更了解它们非常重要，但这并不意味着你不必屈尊利用它们。查理告诉我，在他弄清楚这一点之后，在他一生中，有几次他使用过它们。他并不为此感到自豪，但他也从未对我撒谎。所以他向我解释说，他曾经使用过一些技巧，但他不打算再使用了。他还想让我知道，如果我真的做了这样的事情，我的行为并不是很糟糕，他考虑到了人类可能会行为不端的事实。
所以我确信，在我对不同活动（比如跳舞之类的活动）的热情上，我在婚前的表现要比婚后好一些。他说，我们都这样做，但不要再这样做了。所以这是获得人类智慧的一部分。说到人类智慧，我们刚刚出版了一本查理写的书，我的意思是《可怜的查理年鉴》，这本书值得一读三四遍。我想我读过本杰明·格雷厄姆的书大约五六遍。每次读的时候，我都意识到我需要对某些事情进行更深入的思考。它们并不复杂。但是，你知道，最好这样做。如果你得到了一些很好的指导，就像你从查理那里得到的一样，最好多读几遍，而不是想着一旦书到了图书馆，你就会读每本书。好的，让我们进入第四部分。
Becky Quick: This question comes from Denny Poland, a shareholder from Pittsburgh. When describing the principal agent problem, Mr Munger said that capitalism often works best when the people managing the property also own the property. In recent years, agents of pension funds and asset management firms who do not have significant personal ownership stakes in Berkshire have forwarded proposals that were not in the economic interest of shareholders. What can be done to limit the negative influence of these agents in the decades after you’re no longer able to cast significant votes against them?
Warren Buffett: Well, that’s a very perceptive question, and it’s been answered in a temporary manner, but who knows how the situation will develop in the future? All I know is that you have a wonderful hand at Berkshire Hathaway, but you have to be able to think your way. I mean, obviously, you have to think your way through political realities. You have to think your way for what will cause a. You want to be on. You want to be regarded as an asset to the country because you’ll find more solutions. If you are an asset, you owe to the country anyway. But beyond that, you’ll find more solutions than if you’re regarded as evil or something, and worse yet, if you deserve it. So it’s something that’s constantly in our mind, and it needs to be in the mind of the directors, and they need to think for themselves on this rather than bow to conventional wisdom, which, you know, in a sense, you don’t want to become a cynic about life, but almost everybody that approaches you, if you have tons of resources that’s got some interest in figuring out how to use your resources to their advantage, and that’s true whether they’re in politics or whether they’re in investment banking or whether they’re selling you, well, whatever it may be that they’re selling, I don’t want to do any injury to anybody, but life insurance agents see the advantage of buying life insurance, and investment managers who get paid based on assets managed to get interested in selling you their services.
Imagine if everybody in this room were following the investment advice of somebody that said, you know, for 1% a year, I’ll tell you how to invest your money. And in 1950, when we started in 1965, they would have said, well, buy Berkshire Hathaway, and if they were around now and they saw the 1% deal, they’d be collecting $8 billion a year from people who aren’t getting any dividends from us. So they would have a different interest in the kind of contract they worked out with you than you would have. And best thing to do was just pay them a commission one time and own the stock. But you have to be alert to how what human nature does to both other people and to you. And then, you know, if you think it through well and actually listen to what Charlie has told you, you’ll have a big head start on most people. Charlie - there’s one thing that I should mention that really is terribly interesting about Charlie. Charlie knew the importance of psychology and human behavior and incentives and all of that.
He figured that out very early. And, of course, he gave some talks, even on 25 or so ways, whatever it happened to be. I don’t remember the exact number, but the different ways that one person could take advantage of another by understanding how humans behave. And then after doing a magnificent job of explaining it. He believed in understanding what others would do, but he thought it was beneath him to actually use those methods to manipulate people. Really interesting human being that thinks through the psychology of human behavior and figures out, you know, how you become a great insurance salesman or manager on Wall Street, or accumulate assets under management or whatever it may be. And you get very rich byunderstanding the weaknesses of others to some extent, and then decide that it’s very important for you to recognize these when they occur. It’s very important for you to know them better than the person that actually is using them, but not that you don’t have to stoop to using them yourself. And Charlie told me that in his lifetime after he figured this out, there were a couple of times when he used them. He wasn’t proud of it, but he also never lied to me. So he explained to me that there were a couple times when he used some of these techniques, but he didn’t plan on using them anymore. Also wanted me to know that if I ever did something like that, I wasn’t really behaving terribly, that he allowed for the fact that humans may misbehave.
So I’m sure that I behaved somewhat better before my marriage than I did afterwards in my enthusiasm for different activities, like dancing or something. And he said, we all do it, but don’t do it again. So that’s part of acquiring human wisdom. And speaking of human wisdom, we’ve just got that one book out there by Charlie, I mean, poor Charlie’s Almanac, and that’s worth reading three or four times. I think I read Ben Graham’s book about five or six times. And each time I read it, I realized that I just needed to think a little more deeply about certain things. They weren’t complicated or anything. But, you know, it’s better to. If you’ve got some great instruction, like you get with Charlie, it’s better to read it several times than to just figure you’ll just read every book once it’s in the library. Okay, let’s go to section four.