One amazing stat that captures Warren Buffett's investing career
One amazing stat that captures Warren Buffett's investing career
By Andrew Bary
安德鲁·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岁的沃伦·巴菲特上周主持了伯克希尔-哈撒韦公司的年度会议,该会议通常被称为“资本家的伍德斯托克会议”。如果你还不确定巴菲特是否配得上他作为历史上最伟大的投资者之一的声誉,想想这个惊人的统计数据吧:考虑到自1965年巴菲特上任以来伯克希尔哈撒韦公司A类股的涨幅,该股可能下跌99%,但仍超过标准普尔500指数。
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 $20. Class A is the original stock; Class B was issued in 1996.
Barron‘s计算出$伯克希尔哈撒韦-A(BRK.A.US)$如果以4,968美元的价格计算,自1965年以来,该公司股票的年回报率必须达到10.3%,相当于该股最近收盘价496,800美元的1%。相比之下,同期标准普尔500指数的年化回报率为10.2%。1965年伯克希尔股票的起始价是20美元。A类股票是原始股票;B类股票是1996年发行的。
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.
我们的计算灵感来自Semper Augustus Investments Group首席投资官克里斯·布鲁姆斯特兰(Chris Bloomstran),他指出,伯克希尔哈撒韦公司股价可能下跌99.3%,但仍能击败标准普尔500指数。布卢姆斯特兰在推特上写道:“我几年前就向巴菲特先生提到过这一点。”巴菲特的导师、20世纪最具价值的投资者之一格雷厄姆在《聪明的投资者》一书中写道:他的回答是:‘本·格雷厄姆会为他感到骄傲。但让我们先不要测试这个算术。’
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.
从1965年到2021年,伯克希尔股票的复合年回报率为20.1%,而标准普尔500指数的复合年回报率为10.5%。伯克希尔哈撒韦的大部分优异表现都是在巴菲特任期的早期出现的,当时他获得了巨大的收益。过去20年,伯克希尔仅领先标准普尔500指数一个百分点,年化回报率为10.3%,而标普500指数的年化回报率为9.2%。
Write to Andrew Bary at andrew.bary@barrons.com
写信给安德鲁·巴里,电子邮件:andrew.bary@Barrons.com