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巴菲特致股东信全文(英文)

2010-3-2 21:36:57  文章来源:华尔街日报  作者:佚名  【字体:


Weentered2008with$44.3billionofcash-equivalents,andwehavesinceretainedoperatingearnings
of$17billion.Nevertheless,atyearend2009,ourcashwasdownto$30.6billion(with$8billionearmarkedfor
theBNSFacquisition).We’veputalotofmoneytoworkduringthechaosofthelasttwoyears.It’sbeenan
idealperiodforinvestors:Aclimateoffearistheirbestfriend.Thosewhoinvestonlywhencommentatorsare
upbeatenduppayingaheavypriceformeaninglessreassurance.Intheend,whatcountsininvestingiswhatyou
payforabusiness–throughthepurchaseofasmallpieceofitinthestockmarket–andwhatthatbusinessearns
inthesucceedingdecadeortwo.
************
LastyearIwroteextensivelyaboutourderivativescontracts,whichwerethenthesubjectofboth
controversyandmisunderstanding.Forthatdiscussion,pleasegotowww.berkshirehathaway.com.
Wehavesincechangedonlyafewofourpositions.Somecreditcontractshaverunoff.Thetermsof
about10%ofourequityputcontractshavealsochanged:Maturitieshavebeenshortenedandstrikeprices
materiallyreduced.Inthesemodifications,nomoneychangedhands.
Afewpointsfromlastyear’sdiscussionareworthrepeating:
(1)Thoughit’snosurething,Iexpectourcontractsinaggregatetodeliverusaprofitovertheirlifetime,
evenwheninvestmentincomeonthehugeamountoffloattheyprovideusisexcludedinthe
calculation.Ourderivativesfloat–whichisnotincludedinthe$62billionofinsurancefloatI
describedearlier–wasabout$6.3billionatyearend.
(2)Onlyahandfulofourcontractsrequireustopostcollateralunderanycircumstances.Atlastyear’slow
pointinthestockandcreditmarkets,ourpostingrequirementwas$1.7billion,asmallfractionofthe
derivatives-relatedfloatweheld.Whenwedopostcollateral,letmeadd,thesecuritiesweputup
continuetoearnmoneyforouraccount.
(3)Finally,youshouldexpectlargeswingsinthecarryingvalueofthesecontracts,itemsthatcanaffect
ourreportedquarterlyearningsinahugewaybutthatdonotaffectourcashorinvestmentholdings.
Thatthoughtcertainlyfit2009’scircumstances.Herearethepre-taxquarterlygainsandlossesfrom
derivativesvaluationsthatwerepartofourreportedearningslastyear:
Quarter $Gain(Loss)inBillions
1(1.517)
22.357
31.732
41.052
Aswe’veexplained,thesewildswingsneithercheernorbotherCharlieandme.Whenwereportto
you,wewillcontinuetoseparateoutthesefigures(aswedorealizedinvestmentgainsandlosses)sothatyoucan
moreclearlyviewtheearningsofouroperatingbusinesses.Wearedelightedthatweholdthederivatives
contractsthatwedo.Todatewehavesignificantlyprofitedfromthefloattheyprovide.Weexpectalsotoearn
furtherinvestmentincomeoverthelifeofourcontracts.
15WehavelonginvestedinderivativescontractsthatCharlieandIthinkaremispriced,justaswetryto
investinmispricedstocksandbonds.Indeed,wefirstreportedtoyouthatweheldsuchcontractsinearly1998.
Thedangersthatderivativesposeforbothparticipantsandsociety–dangersofwhichwe’velongwarned,and
thatcanbedynamite–arisewhenthesecontractsleadtoleverageand/orcounterpartyriskthatisextreme.At
Berkshirenothinglikethathasoccurred–norwillit.
It’smyjobtokeepBerkshirefarawayfromsuchproblems.CharlieandIbelievethataCEOmustnot
delegateriskcontrol.It’ssimplytooimportant.AtBerkshire,Ibothinitiateandmonitor every derivatives
contractonourbooks,withtheexceptionofoperations-relatedcontractsatafewofoursubsidiaries,suchas
MidAmerican,andtheminorrunoffcontractsatGeneralRe.IfBerkshireevergetsintrouble,itwillbe my fault.
ItwillnotbebecauseofmisjudgmentsmadebyaRiskCommitteeorChiefRiskOfficer.
************
Inmyviewaboardofdirectorsofahugefinancialinstitutionis derelict ifitdoesnotinsistthatits
CEObearfullresponsibilityforriskcontrol.Ifhe’sincapableofhandlingthatjob,heshouldlookforother
employment.Andifhefailsatit–withthegovernmentthereuponrequiredtostepinwithfundsorguarantees–
thefinancialconsequencesforhimandhisboardshouldbesevere.
Ithasnotbeenshareholderswhohavebotchedtheoperationsofsomeofourcountry’slargestfinancial
institutions.Yettheyhavebornetheburden,with90%ormoreofthevalueoftheirholdingswipedoutinmost
casesoffailure.Collectively,theyhavelostmorethan$500billioninjustthefourlargestfinancialfiascosofthe
lasttwoyears.Tosaythese owners havebeen“bailed-out”istomakeamockeryoftheterm.
TheCEOsanddirectorsofthefailedcompanies,however,havelargelygoneunscathed.Theirfortunesmay
havebeendiminishedbythedisasterstheyoversaw,buttheystillliveingrandstyle.Itisthebehaviorofthese
CEOsanddirectorsthatneedstobechanged:Iftheirinstitutionsandthecountryareharmedbytheir
recklessness,theyshouldpayaheavyprice–onenotreimbursablebythecompaniesthey’vedamagednorby
insurance.CEOsand,inmanycases,directorshavelongbenefittedfromoversizedfinancialcarrots;some
meaningful sticksnowneedtobepartoftheiremploymentpictureaswell.
AnInconvenientTruth(BoardroomOverheating)
Oursubsidiariesmadeafewsmall“bolt-on”acquisitionslastyearforcash,butourblockbusterdeal
withBNSFrequiredustoissueabout95,000Berkshiresharesthatamountedto6.1%ofthosepreviously
outstanding.CharlieandIenjoyissuingBerkshirestockaboutasmuchaswerelishpreppingforacolonoscopy.
Thereasonforourdistasteissimple.Ifwewouldn’tdreamofsellingBerkshireinitsentiretyatthe
currentmarketprice,whyintheworldshouldwe“sell”asignificantpartofthecompanyatthatsameinadequate
pricebyissuingourstockinamerger?
Inevaluatingastock-for-stockoffer,shareholdersofthetargetcompanyquiteunderstandablyfocuson
themarketpriceoftheacquirer’ssharesthataretobegiventhem.Buttheyalsoexpectthetransactiontodeliver
themthe intrinsic valueoftheirownshares–theonestheyaregivingup.Ifsharesofaprospectiveacquirerare
sellingbelowtheirintrinsicvalue,it’simpossibleforthatbuyertomakeasensibledealinanall-stockdeal.You
simplycan’texchangeanundervaluedstockforafully-valuedonewithouthurtingyourshareholders.
Imagine,ifyouwill,CompanyAandCompanyB,ofequalsizeandbothwithbusinessesintrinsically
worth$100pershare.Bothoftheirstocks,however,sellfor$80pershare.TheCEOofA,longonconfidence
andshortonsmarts,offers11⁄4 sharesofAforeachshareofB,correctlytellinghisdirectorsthatBisworth$100
pershare.Hewillneglecttoexplain,though,thatwhatheisgivingwillcosthisshareholders$125inintrinsic
value.Ifthedirectorsaremathematicallychallengedaswell,andadealisthereforecompleted,theshareholders
ofBwillendupowning55.6%ofA&B’scombinedassetsandA’sshareholderswillown44.4%.Noteveryone
atA,itshouldbenoted,isaloserfromthisnonsensicaltransaction.ItsCEOnowrunsacompanytwiceaslarge
ashisoriginaldomain,inaworldwheresizetendstocorrelatewithbothprestigeandcompensation.
16Ifanacquirer’sstockisovervalued,it’sadifferentstory:Usingitasacurrencyworkstotheacquirer’s
advantage.That’swhybubblesinvariousareasofthestockmarkethaveinvariablyledtoserialissuancesof
stockbyslypromoters.Goingbythemarketvalueoftheirstock,theycanaffordtooverpaybecausetheyare,in
effect,usingcounterfeitmoney.Periodically,manyair-for-assetsacquisitionshavetakenplace,thelate1960s
havingbeenaparticularlyobsceneperiodforsuchchicanery.Indeed,certainlargecompanieswerebuiltinthis
way.(Nooneinvolved,ofcourse,everpubliclyacknowledgestherealityofwhatisgoingon,thoughthereis
plentyofprivatesnickering.)
InourBNSFacquisition,thesellingshareholdersquiteproperlyevaluatedourofferat$100pershare.
Thecosttous,however,wassomewhathighersince40%ofthe$100wasdeliveredinourshares,whichCharlie
andIbelievedtobeworthmorethantheirmarketvalue.Fortunately,wehadlongownedasubstantialamountof
BNSFstockthatwepurchasedinthemarketforcash.Alltold,therefore,onlyabout30%ofourcostoverallwas
paidwithBerkshireshares.
Intheend,CharlieandIdecidedthatthedisadvantageofpaying30%ofthepricethroughstockwas
offsetbytheopportunitytheacquisitiongaveustodeploy$22billionofcashinabusinessweunderstoodand
likedforthelongterm.IthastheadditionalvirtueofbeingrunbyMattRose,whomwetrustandadmire.We
alsoliketheprospectofinvestingadditionalbillionsovertheyearsatreasonableratesofreturn.Butthefinal
decisionwasacloseone.Ifwehadneededtousemorestocktomaketheacquisition,itwouldinfacthavemade
nosense.Wewouldhavethenbeengivingupmorethanweweregetting.
************
Ihavebeenindozensofboardmeetingsinwhichacquisitionshavebeendeliberated,oftenwiththe
directorsbeinginstructedbyhigh-pricedinvestmentbankers(arethereanyotherkind?).Invariably,thebankers
givetheboardadetailedassessmentofthevalueofthecompanybeingpurchased,withemphasisonwhyitis
worthfarmorethanitsmarketprice.Inmorethanfiftyyearsofboardmemberships,however,neverhaveIheard
theinvestmentbankers(ormanagement!)discussthetruevalueofwhatisbeing given.Whenadealinvolvedthe
issuanceoftheacquirer’sstock,theysimplyusedmarketvaluetomeasurethecost. Theydidthiseventhough
theywouldhavearguedthattheacquirer’sstockpricewaswoefullyinadequate–absolutelynoindicatorofits
realvalue–hadatakeoverbidfortheacquirerinsteadbeenthesubjectupfordiscussion.
Whenstockisthecurrencybeingcontemplatedinanacquisitionandwhendirectorsarehearingfrom
anadvisor,itappearstomethatthereisonlyonewaytogetarationalandbalanceddiscussion.Directorsshould
hireasecondadvisortomakethecase against theproposedacquisition,withitsfeecontingentonthedeal not
goingthrough.Absentthisdrasticremedy,ourrecommendationinrespecttotheuseofadvisorsremains:“Don’t
askthebarberwhetheryouneedahaircut.”
************
Ican’tresisttellingyouatruestoryfromlongago.Weownedstockinalargewell-runbankthatfor
decadeshadbeenstatutorilypreventedfromacquisitions.Eventually,thelawwaschangedandourbank
immediatelybeganlookingforpossiblepurchases.Itsmanagers–finepeopleandablebankers–not
unexpectedlybegantobehaveliketeenageboyswhohadjustdiscoveredgirls.
Theysoonfocusedonamuchsmallerbank,alsowell-runandhavingsimilarfinancialcharacteristics
insuchareasasreturnonequity,interestmargin,loanquality,etc.Ourbanksoldatamodestprice(that’swhy
wehadboughtintoit),hoveringnearbookvalueandpossessingaverylowprice/earningsratio.Alongside,
though,thesmall-bankownerwasbeingwooedbyotherlargebanksinthestateandwasholdingoutforaprice
closetothreetimesbookvalue.Moreover,hewantedstock,notcash.
Naturally,ourfellowscavedinandagreedtothisvalue-destroyingdeal.“Weneedtoshowthatweare
inthehunt.Besides,it’sonlyasmalldeal,”theysaid,asifonly major harmtoshareholderswouldhavebeena
legitimatereasonforholdingback.Charlie’sreactionatthetime:“Arewesupposedtoapplaudbecausethedog
thatfoulsourlawnisaChihuahuaratherthanaSaintBernard?”
17Thesellerofthesmallerbank–nofool–thendeliveredonefinaldemandinhisnegotiations.“After
themerger,”heineffectsaid,perhapsusingwordsthatwerephrasedmorediplomaticallythanthese,“I’mgoing
tobealargeshareholderofyourbank,anditwillrepresentahugeportionofmynetworth.Youhavetopromise
me,therefore,thatyou’llneveragaindoadealthisdumb.”
Yes,themergerwentthrough.Theownerofthesmallbankbecamericher,webecamepoorer,andthe
managersofthebigbank–newlybigger–livedhappilyeverafter.
TheAnnualMeeting
Ourbestguessisthat35,000peopleattendedtheannualmeetinglastyear(upfrom12– no zeros
omitted–in1981).Withourshareholderpopulationmuchexpanded,weexpectevenmorethisyear.Therefore,
wewillhavetomakeafewchangesintheusualroutine.Therewillbenochange,however,inourenthusiasm
forhavingyouattend.CharlieandIliketomeetyou,answeryourquestionsand–bestofall–haveyou buy lots
ofgoodsfromourbusinesses.
ThemeetingthisyearwillbeheldonSaturday,May1st
.Asalways,thedoorswillopenattheQwest
Centerat7a.m.,andanewBerkshiremoviewillbeshownat8:30.At9:30wewillgodirectlytothe
question-and-answerperiod,which(withabreakforlunchattheQwest’sstands)willlastuntil3:30.Aftera
shortrecess,CharlieandIwillconvenetheannualmeetingat3:45.Ifyoudecidetoleaveduringtheday’s
questionperiods,pleasedosowhile Charlie istalking.(Actfast;hecanbeterse.)
Thebestreasontoexit,ofcourse,isto shop.Wewillhelpyoudothatbyfillingthe194,300-square-
foothallthatadjoinsthemeetingareawithproductsfromdozensofBerkshiresubsidiaries.Lastyear,youdid
yourpart,andmostlocationsrackeduprecordsales.Butyoucandobetter.(Afriendlywarning:IfIfindsales
arelagging,Igettestyandlocktheexits.)
GEICOwillhaveaboothstaffedbyanumberofitstopcounselorsfromaroundthecountry,allof
themreadytosupplyyouwithautoinsurancequotes.Inmostcases,GEICOwillbeabletogiveyoua
shareholderdiscount(usually8%).Thisspecialofferispermittedby44ofthe51jurisdictionsinwhichwe
operate.(Onesupplementalpoint:Thediscountisnotadditiveifyouqualifyforanother,suchasthatgiven
certaingroups.)Bringthedetailsofyourexistinginsuranceandcheckoutwhetherwecansaveyoumoney.For
atleast50%ofyou,Ibelievewecan.
BesuretovisittheBookworm.Amongthemorethan30booksandDVDsitwillofferaretwonew
booksbymysons:Howard’s Fragile,avolumefilledwithphotosandcommentaryaboutlivesofstruggle
aroundtheglobeandPeter’s LifeIsWhatYouMakeIt.Completingthefamilytrilogywillbethedebutofmy
sisterDoris’sbiography,astoryfocusingonherremarkablephilanthropicactivities.Alsoavailablewillbe Poor
Charlie’sAlmanac,thestoryofmypartner.Thisbookissomethingofapublishingmiracle–neveradvertised,
yetyearafteryearsellingmanythousandsofcopiesfromitsInternetsite.(Shouldyouneedtoshipyourbook
purchases,anearbyshippingservicewillbeavailable.)
Ifyouareabigspender–or,forthatmatter,merelyagawker–visitElliottAviationontheeastsideof
theOmahaairportbetweennoonand5:00p.m.onSaturday.TherewewillhaveafleetofNetJetsaircraftthat
willgetyourpulseracing.
Anattachmenttotheproxymaterialthatisenclosedwiththisreportexplainshowyoucanobtainthe
credentialyouwillneedforadmissiontothemeetingandotherevents.Asforplane,hotelandcarreservations,
wehaveagainsignedupAmericanExpress(800-799-6634)togiveyouspecialhelp.CarolPedersen,who
handlesthesematters,doesaterrificjobforuseachyear,andIthankherforit.Hotelroomscanbehardtofind,
butworkwithCarolandyouwillgetone.
18AtNebraskaFurnitureMart,locatedona77-acresiteon72nd StreetbetweenDodgeandPacific,we
willagainbehaving“BerkshireWeekend”discountpricing.ToobtaintheBerkshirediscount,youmustmake
yourpurchasesbetweenThursday,April29th andMonday,May3rd inclusive,andalsopresentyourmeeting
credential.Theperiod’sspecialpricingwillevenapplytotheproductsofseveralprestigiousmanufacturersthat
normallyhaveironcladrulesagainstdiscountingbutwhich,inthespiritofourshareholderweekend,havemade
anexceptionforyou.Weappreciatetheircooperation.NFMisopenfrom10a.m.to9p.m.Mondaythrough
Saturday,and10a.m.to6p.m.onSunday.OnSaturdaythisyear,from5:30p.m.to8p.m.,NFMishavinga
BerkyvilleBBQtowhichyouareallinvited.
AtBorsheims,wewillagainhavetwoshareholder-onlyevents.Thefirstwillbeacocktailreception
from6p.m.to10p.m.onFriday,April30th.Thesecond,themaingala,willbeheldonSunday,May2nd,from9
a.m.to4p.m.OnSaturday,wewillbeopenuntil6p.m.
WewillhavehugecrowdsatBorsheimsthroughouttheweekend.Foryourconvenience,therefore,
shareholderpriceswillbeavailablefromMonday,April26th throughSaturday,May8th.Duringthatperiod,
pleaseidentifyyourselfasashareholderbypresentingyourmeetingcredentialsorabrokeragestatementthat
showsyouareaBerkshireholder.Enterwithrhinestones;leavewithdiamonds.Mydaughtertellsmethatthe
moreyoubuy,themoreyousave(kidssaythedarnedestthings).
OnSunday,inthemalloutsideofBorsheims,ablindfoldedPatrickWolff,twiceU.S.chesschampion,
willtakeonallcomers–whowillhavetheireyeswideopen–ingroupsofsix.Nearby,NormanBeck,a
remarkablemagicianfromDallas,willbewilderonlookers.
Ourspecialtreatforshareholdersthisyearwillbethereturnofmyfriend,ArielHsing,thecountry’s
top-rankedjuniortabletennisplayer(andagoodbettowinattheOlympicssomeday).Now14,Arielcameto
theannualmeetingfouryearsagoanddemolishedallcomers,includingme.(Youcanwitnessmyhumiliating
defeatonYouTube;justtypeinArielHsingBerkshire.)
Naturally,I’vebeenplottingacomebackandwilltakeheronoutsideofBorsheimsat1:00p.m.on
Sunday.Itwillbeathree-pointmatch,andafterIsoftenherup,allshareholdersareinvitedtotrytheirluckat
similarthree-pointcontests.WinnerswillbegivenaboxofSee’scandy.Wewillhaveequipmentavailable,but
bringyourownpaddleifyouthinkitwillhelp.(Itwon’t.)
Gorat’swillagainbeopenexclusivelyforBerkshireshareholdersonSunday,May2nd,andwillbe
servingfrom1p.m.until10p.m.Lastyear,though,itwasoverwhelmedbydemand.Withmanymorediners
expectedthisyear,I’veaskedmyfriend,DonnaSheehan,atPiccolo’s–anotherfavoriterestaurantofmine–to
serveshareholdersonSundayaswell.(Piccolo’sgiantrootbeerfloatismandatoryforanyfanoffinedining.)I
plantoeatatbothrestaurants:Alloftheweekendactionmakesme really hungry,andIhavefavoritedishesat
eachspot.Remember:TomakeareservationatGorat’s,call402-551-3733onApril1st
(butnotbefore)andat
Piccolo’scall402-342-9038.
Regrettably,wewillnotbeabletohaveareceptionforinternationalvisitorsthisyear.Ourcountgrew
toabout800lastyear,andmysimplysigningoneitemperpersontookabout21⁄2 hours.Sinceweexpecteven
moreinternationalvisitorsthisyear,CharlieandIdecidedwemustdropthisfunction.Butbeassured,we
welcomeeveryinternationalvisitorwhocomes.
Lastyearwechangedourmethodofdeterminingwhatquestionswouldbeaskedatthemeetingand
receivedmanydozensoflettersapplaudingthenewarrangement.Wewillthereforeagainhavethesamethree
financialjournalistsleadthequestion-and-answerperiod,askingCharlieandmequestionsthatshareholdershave
submittedtothembye-mail.
19Thejournalistsandtheire-mailaddressesare:CarolLoomis,ofFortune,whomaybee-mailedat
cloomis@fortunemail.com;BeckyQuick,ofCNBC,atBerkshireQuestions@cnbc.com,andAndrewRoss
Sorkin,ofTheNewYorkTimes,atarsorkin@nytimes.com.Fromthequestionssubmitted,eachjournalistwill
choosethedozenorsoheorshedecidesarethemostinterestingandimportant.Thejournalistshavetoldme
yourquestionhasthebestchanceofbeingselectedifyoukeepitconciseandincludenomorethantwoquestions
inanye-mailyousendthem.(Inyoure-mail,letthejournalistknowifyouwouldlikeyournamementionedif
yourquestionisselected.)
NeitherCharlienorIwillgetsomuchasaclueaboutthequestionstobeasked.Weknowthe
journalistswillpicksometoughonesandthat’sthewaywelikeit.
Wewillagainhaveadrawingat8:15onSaturdayateachof13microphonesforthoseshareholders
wishingtoaskquestionsthemselves.Atthemeeting,Iwillalternatethequestionsaskedbythejournalistswith
thosefromthewinningshareholders.We’veadded30minutestothequestiontimeandwillprobablyhavetime
forabout30questionsfromeachgroup.
***********
At86and79,CharlieandIremainluckybeyondourdreams.WewereborninAmerica;hadterrific
parentswhosawthatwegotgoodeducations;haveenjoyedwonderfulfamiliesandgreathealth;andcame
equippedwitha“business”genethatallowsustoprosperinamannerhugelydisproportionatetothat
experiencedbymanypeoplewhocontributeasmuchormoretooursociety’swell-being.Moreover,wehave
longhadjobsthatwelove,inwhichwearehelpedincountlesswaysbytalentedandcheerfulassociates.Indeed,
overtheyears,ourworkhasbecomeevermorefascinating;nowonderwetap-dancetowork.Ifpushed,we
wouldgladlypaysubstantialsumstohaveourjobs(butdon’ttelltheCompCommittee).
Nothing,however,ismorefunforusthangettingtogetherwithourshareholder-partnersatBerkshire’s
annualmeeting.SojoinusonMay1st
attheQwestforourannualWoodstockforCapitalists.We’llseeyou
there.
February26,2010WarrenE.Buffett
ChairmanoftheBoard
P.S.Comebyrail.
20

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