One amazing stat that captures Warren Buffett's investing career
One amazing stat that captures Warren Buffett's investing career
By Andrew Bary
安德魯·巴里著
Warren Buffett, at 91, presided last week over Berkshire Hathaway's annual meeting, a gathering popularly known as "Woodstock for Capitalists." If you're undecided about whether Buffett deserves his reputation as one of history's greatest investors, consider this amazing statistic: Given the gains in Berkshire Hathaway Class A shares since he took over in 1965, the stock could drop 99% and still beat the S&P 500 index.
91歲的沃倫·巴菲特上週主持了伯克希爾-哈撒韋公司的年度會議,該會議通常被稱為“資本家的伍德斯托克會議”。如果你還不確定巴菲特是否配得上他作為歷史上最偉大的投資者之一的聲譽,想想這個驚人的統計數據吧:考慮到自1965年巴菲特上任以來伯克希爾哈撒韋公司A類股的漲幅,該股可能下跌99%,但仍超過標準普爾500指數。
Barron's calculates that $Berkshire Hathaway-A(BRK.A.US)$ shares would have had to return 10.3% annually since 1965 for a price of $4,968 -- 1% of the stock's recent close at $496,800. That return compares with a 10.2% annualized return for the S&P 500 over the same period. The 1965 starting price for Berkshire shares was $20. Class A is the original stock; Class B was issued in 1996.
Barron‘s計算出$伯克希爾哈撒韋-A(BRK.A.US)$如果以4,968美元的價格計算,自1965年以來,該公司股票的年回報率必須達到10.3%,相當於該股最近收盤價496,800美元的1%。相比之下,同期標準普爾500指數的年化回報率為10.2%。1965年伯克希爾股票的起始價是20美元。A類股票是原始股票;B類股票是1996年發行的。
Our calculation was inspired by Chris Bloomstran, chief investment officer of Semper Augustus Investments Group, who noted that Berkshire could drop 99.3% and still beat the S&P 500. "I mentioned that to Mr. Buffett several years ago," Bloomstran tweeted. "His reply: 'Ben Graham would be proud. But let's not test the math.' " Graham, one of the 20th century's top value investors, wrote The Intelligent Investor and was Buffett's mentor.
我們的計算靈感來自Semper Augustus Investments Group首席投資官克里斯·布魯姆斯特蘭(Chris Bloomstran),他指出,伯克希爾哈撒韋公司股價可能下跌99.3%,但仍能擊敗標準普爾500指數。布盧姆斯特蘭在推特上寫道:“我幾年前就向巴菲特先生提到過這一點。”巴菲特的導師、20世紀最具價值的投資者之一格雷厄姆在《聰明的投資者》一書中寫道:他的回答是:‘本·格雷厄姆會為他感到驕傲。但讓我們先不要測試這個算術。’
From 1965 through 2021, Berkshire shares generated a compound annual return of 20.1% against 10.5% for the S&P 500. Most of Berkshire's outperformance came earlier in Buffett's tenure, when he racked up huge gains. Over the past 20 years, Berkshire is just a percentage point ahead of the S&P 500, with a 10.3% annualized return against 9.2% for the index.
從1965年到2021年,伯克希爾股票的複合年回報率為20.1%,而標準普爾500指數的複合年回報率為10.5%。伯克希爾哈撒韋的大部分優異表現都是在巴菲特任期的早期出現的,當時他獲得了巨大的收益。過去20年,伯克希爾僅領先標準普爾500指數一個百分點,年化回報率為10.3%,而標普500指數的年化回報率為9.2%。
Write to Andrew Bary at andrew.bary@barrons.com
寫信給安德魯·巴里,電子郵件:andrew.bary@Barrons.com