BRK.B 在过去 25 年跑赢标普 500，原因是其利润增长了 14 倍，而市场仅增长 6 倍。
逐段跳播
巴菲特在过去 20 年里缺乏成功，
Buffett's lack of success in the last 20 years,
沃伦·巴菲特在 1984 年讨论过这一点，以及他当时是如何跑赢市场的，如果你照着做，你就会继续跑赢市场。但本说，现在已经过去 20 多年了，而沃伦·巴菲特并没有跑赢市场。
Warren Buffett discussed this in 1984 and how he outperformed the market, and if you follow that, you will continue to outperform the market. But Ben says that more than 20 years have passed now and Warren Buffett has not outperformed the market.
我会说，巴菲特在过去 25 年里碾压了标普 500 指数。这可能不会体现在股市上，但有更重要的东西。
I would say that Buffett has crushed the S&P 500 index in the past 25 years . It may not show up in the stock market, but there is something more important.
好，我们来看看伯克希尔·哈撒韦 1996 年和 1997 年到 2001 年的净利润。好，为了更公平，我们取峰值利润，而不是平均值。我们取 30 亿的峰值利润。我们来看看伯克希尔·哈撒韦的利润。
这些是伯克希尔的利润，峰值时是 30 亿。现在的实际利润达到 440 亿。好，45 除以 32 亿。自泡沫峰值以来，伯克希尔的利润增长了 14 倍。
Okay, let's look at Berkshire Hathaway's net income from 1996 and 1997 to 2001. Okay, let's take peak earnings, not average, to be fairer. Let's take the peak profits of three billion.
Let's take a look at Berkshire Hathaway's profits. Now these are Berkshire's profits, 3 billion at the peak. The actual profits now amount to 44 billion. Okay, 45 divided by 3.2 billion.
Berkshire has increased its profits 14 times since the peak of the bubble.
市场的利润增长了六倍，居然还有人敢说巴菲特跑赢了？我没什么可补充的。除此之外，当市场变得紧张时，巴菲特转向了现金。
The market has increased its profits sixfold , yet someone dares to say that Buffett outperformed? I have nothing to add. On top of everything else, when the markets became tense, Buffett turned to cash.
我们也可以说：“嗯，它在过去十年里并没有跑赢：140 亿对 450 亿。”这是伯克希尔，你明白吗？六倍，而如果你把数字调整到包含 OpenAI、Anthropic 之类的公司，我们会发现实际情况是 240，所以它的表现差不多，但持有 40% 的现金，也就是风险小得多。
We can also say: "Well, it hasn't outperformed in the last ten years : 14 billion versus 45 billion." This is Berkshire, do you understand? Six, and if you adjust the figures to include OpenAI, Antropic and the like, we find that the reality is 240, so it has performed similarly but with 40% cash, i.e. with much less risk .
巴菲特是在他 60 年职业生涯中所面对的最艰难环境中取得成功的，当时利率接近于零，资产价格在泡沫中膨胀。伯克希尔和沃伦·巴菲特的表现，我会说是跑赢了标普 500 市场，不管赌徒们或那些一无所知、被动投资的机器人怎么说，因为投资关乎企业所有权和企业经营表现，关乎拥有公司，而不是试图在华尔街耍聪明。
Buffett has succeeded despite the toughest environment he has faced in his 60-year career , with near-zero interest rates and asset price inflation amid a bubble. Berkshire and Warren Buffett have performed, I would say outperformed, the market on the S&P 500, regardless of what gamblers or clueless passive investment bots say , because investing is about business ownership and business performance, owning companies, not trying to be smart on Wall Street.
这个频道对 $BRK.B 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上共 4 条判断，这里只列相邻的几条。