<p>根据彭博亿万富翁指数，沃伦·巴菲特的净资产估计为 1550 亿美元，是全球第八富有的人。令人惊讶的是，巴菲特的财富主要是通过股市投资获得的。他那极为成功的投资风格使他成为了价值投资的非官方之王。</p>
<p>对于许多人来说，投资分为两种对立的类别：成长投资和价值投资。但在他 1992 年给 <strong>伯克希尔·哈撒韦</strong> 股东的信中，巴菲特明确表达了他对成长和价值的看法。他写道：“成长在价值的计算中始终是一个组成部分。”</p>
<p>巴菲特的简洁声明概括了一个不可或缺的投资原则。这是一个投资者应该接受并内化的原则，以帮助他们在市场中取得成功，而我想不出比 <strong>英伟达</strong>(NVDA 1.69%) 更好的例子来说明巴菲特的观点。</p>
<h2>为什么英伟达股票反直觉地是一只伟大的 “价值股”</h2>
<p>英伟达的核心产品是其图形处理单元（GPU）。最初是为视频游戏行业服务的，该公司的 GPU 逐渐在多种任务中变得越来越有用，例如挖掘加密货币，以及最近运行人工智能（AI）应用程序。近年来的人工智能热潮将英伟达股票推到了投资者的想象前沿。</p>
<p>在 2023 年初，英伟达股票的市盈率（P/E）看似昂贵，达到了 62。</p>
<p>如此高的估值会吓跑大多数传统的价值投资者。毕竟，根据 YCharts，当时 <strong>标准普尔 500 指数</strong> 的市盈率约为 22。一些人认为当时整个股市也被高估，这意味着英伟达股票的价格几乎是这个高估平均值的近 3 倍。</p>
<p>然而，回顾过去，很明显英伟达股票在当时是一只出色的价值股。</p>
<p>在 2 月 26 日，英伟达报告了 2025 财年的财务结果（截至 1 月 26 日）。在过去的一年中，该公司每股收益（EPS）为 2.94 美元。回到 2023 年初，英伟达当时的 14.50 美元的股价（经过拆分调整）意味着其估值不到 2025 财年刚刚报告的收益的 5 倍。</p>
<p>换句话说，许多价值投资者可能会因为英伟达的高估值而嗤之以鼻，但这种传统的价值投资方法并未考虑到成长。正如巴菲特在 1992 年股东信中所解释的，成长是价值方程中的一个关键组成部分。</p>
<p>让我们强调英伟达的成长来进一步说明这一点。经过拆分调整，该公司在 2023 财年的每股收益仅为 0.17 美元。其利润在短短两年内增长了 17 倍。考虑到英伟达强劲前景的投资者更有可能看到英伟达股票的吸引价值主张。</p>
<p>值得一提的是，自 2023 年初以来，该公司的股票上涨了超过 700%。</p>
<h2>这对今天的投资者意味着什么</h2>
<p>英伟达在过去两年的惊人崛起完美地提醒我们，必须根据未来的财务结果来评估股票，而不是其过去的业绩记录。</p>
<p>著名投资者比尔·米勒也描述了这一原则，他说：“我常常提醒我们的分析师，关于一家公司的 100% 信息代表的是过去，而 100% 的价值取决于未来。”</p>
<p>这最终也反映了巴菲特的观点。企业会随着时间的推移而变化。它们会更有价值还是更少价值？它们的成长前景将如何演变？这些是投资者在购买股票之前应该回答的问题。</p>
<p>现实是，投资者无法对每个企业都回答这个问题——每个人对某些企业的理解程度不同。这就是为什么巴菲特鼓励投资者保持在 “能力圈” 内。但对于投资者所了解和理解良好的企业，他们可以花时间思考这些公司在未来三年、五年或十年内的价值。然后，他们可以根据这些长期机会来判断一只股票的吸引估值。</p>
<p>以这种方式思考可以帮助投资者避免因为在当时看似被高估而错过像英伟达这样的改变人生的机会。</p>

英伟达

<p>这篇文章讨论了沃伦·巴菲特的投资原则，特别是价值投资中增长的重要性。文章以英伟达为案例，强调其股票最初被认为估值过高，市盈率为 62，但实际上由于其盈利的显著增长，代表了强劲的价值。英伟达的每股收益从 2023 财年的 0.17 美元上升到 2025 财年的 2.94 美元，自 2023 年初以来，股价上涨了 700%。文章强调根据未来潜力而非过去表现来评估股票，这与巴菲特的投资理念相一致</p>

<p>With an estimated net worth of $155 billion, Warren Buffett is the eighth richest person in the world, according to The Bloomberg Billionaires Index. What's stunning about Buffett's wealth is he acquired it primarily through stock market investments. And his tremendously successful investing style has made him the unofficial king of value investing.</p>
<div class="lb-trans"><p>根据彭博亿万富翁指数，沃伦·巴菲特的净资产估计为 1550 亿美元，是全球第八富有的人。令人惊讶的是，巴菲特的财富主要是通过股市投资获得的。他那极为成功的投资风格使他成为了价值投资的非官方之王。</p>
</div><p>For many people, investing falls into two opposing categories: growth investing and value investing. But in his 1992 letter to <strong>Berkshire Hathaway</strong> shareholders, Buffett made his thoughts on growth and value crystal clear. He wrote, &#34;Growth is <em>always</em> a component in the calculation of value.&#34;</p>
<div class="lb-trans"><p>对于许多人来说，投资分为两种对立的类别：成长投资和价值投资。但在他 1992 年给 <strong>伯克希尔·哈撒韦</strong> 股东的信中，巴菲特明确表达了他对成长和价值的看法。他写道：“成长在价值的计算中始终是一个组成部分。”</p>
</div><p>Buffett's pithy statement encapsulates an indispensable investing principle. It's a principle that investors should embrace and internalize to help them succeed in the market, and I can think of no better example to illustrate Buffett's point than stock market darling <strong>Nvidia</strong>(NVDA 1.69%).</p>
<div class="lb-trans"><p>巴菲特的简洁声明概括了一个不可或缺的投资原则。这是一个投资者应该接受并内化的原则，以帮助他们在市场中取得成功，而我想不出比 <strong>英伟达</strong>(NVDA 1.69%) 更好的例子来说明巴菲特的观点。</p>
</div><h2>Why Nvidia stock was counterintuitively a great &#34;value stock&#34;</h2>
<div class="lb-trans"><h2>为什么英伟达股票反直觉地是一只伟大的 “价值股”</h2>
</div><p>Nvidia's core product is its graphics processing units (GPUs). Originally catered to the video game industry, the company's GPUs became increasingly useful for a variety of tasks, such as mining cryptocurrency and, more recently, running artificial intelligence (AI) applications. And the AI craze in recent years has propelled Nvidia stock to the forefront of investors' imaginations.</p>
<div class="lb-trans"><p>英伟达的核心产品是其图形处理单元（GPU）。最初是为视频游戏行业服务的，该公司的 GPU 逐渐在多种任务中变得越来越有用，例如挖掘加密货币，以及最近运行人工智能（AI）应用程序。近年来的人工智能热潮将英伟达股票推到了投资者的想象前沿。</p>
</div><p>At the beginning of 2023, Nvidia stock traded at a seemingly expensive price-to-earnings (P/E) ratio of 62.</p>
<div class="lb-trans"><p>在 2023 年初，英伟达股票的市盈率（P/E）看似昂贵，达到了 62。</p>
</div><p>Such a high valuation would scare away most traditional value investors. After all, the P/E ratio for the <strong>S&amp;P 500</strong> was about 22 at the time, according to YCharts. Some believed the entire stock market was overvalued then as well, meaning Nvidia stock was nearly <em>3 times more expensive</em> than this overpriced average.</p>
<div class="lb-trans"><p>如此高的估值会吓跑大多数传统的价值投资者。毕竟，根据 YCharts，当时 <strong>标准普尔 500 指数</strong> 的市盈率约为 22。一些人认为当时整个股市也被高估，这意味着英伟达股票的价格几乎是这个高估平均值的近 3 倍。</p>
</div><p>However, with the benefit of hindsight, it's clear Nvidia stock was a <em>superb</em> value stock at the time.</p>
<div class="lb-trans"><p>然而，回顾过去，很明显英伟达股票在当时是一只出色的价值股。</p>
</div><p>On Feb. 26, Nvidia reported completed financial results for fiscal 2025 (ended Jan. 26). For this past year, the company generated earnings per share (EPS) of $2.94. Going back to the beginning of 2023, Nvidia's $14.50 share price (split adjusted) at the time meant it was valued at less than 5 times the fiscal 2025 earnings it just reported.</p>
<div class="lb-trans"><p>在 2 月 26 日，英伟达报告了 2025 财年的财务结果（截至 1 月 26 日）。在过去的一年中，该公司每股收益（EPS）为 2.94 美元。回到 2023 年初，英伟达当时的 14.50 美元的股价（经过拆分调整）意味着其估值不到 2025 财年刚刚报告的收益的 5 倍。</p>
</div><p>In other words, many value investors would likely have turned up their noses at Nvidia stock due its premium valuation, but this traditional approach to value investing doesn't account for growth. And as Buffett explained in his 1992 shareholder letter, growth is a crucial component in the value equation.</p>
<div class="lb-trans"><p>换句话说，许多价值投资者可能会因为英伟达的高估值而嗤之以鼻，但这种传统的价值投资方法并未考虑到成长。正如巴菲特在 1992 年股东信中所解释的，成长是价值方程中的一个关键组成部分。</p>
</div><p>Let's highlight Nvidia's growth to drive this home. On a split-adjusted basis, the company generated EPS of just $0.17 in fiscal 2023. Its profits have jumped 17 times in just two years. Investors who factored a strong outlook for Nvidia into their decision-making process were more likely to see the attractive value proposition in Nvidia stock.</p>
<div class="lb-trans"><p>让我们强调英伟达的成长来进一步说明这一点。经过拆分调整，该公司在 2023 财年的每股收益仅为 0.17 美元。其利润在短短两年内增长了 17 倍。考虑到英伟达强劲前景的投资者更有可能看到英伟达股票的吸引价值主张。</p>
</div><p>For what it's worth, shares of the company are up over 700% since the beginning of 2023.</p>
<div class="lb-trans"><p>值得一提的是，自 2023 年初以来，该公司的股票上涨了超过 700%。</p>
</div><h2>What this means for investors today</h2>
<div class="lb-trans"><h2>这对今天的投资者意味着什么</h2>
</div><p>Nvidia's incredible rise in the past two years is the perfect reminder of why you must evaluate stocks based on their future financial results, not their past track record.</p>
<div class="lb-trans"><p>英伟达在过去两年的惊人崛起完美地提醒我们，必须根据未来的财务结果来评估股票，而不是其过去的业绩记录。</p>
</div><p>Renowned investor Bill Miller also described this principle when he said, &#34;As I often remind our analysts, 100% of the information you have about a company represents the past, and 100% of the value depends on the future.&#34;</p>
<div class="lb-trans"><p>著名投资者比尔·米勒也描述了这一原则，他说：“我常常提醒我们的分析师，关于一家公司的 100% 信息代表的是过去，而 100% 的价值取决于未来。”</p>
</div><p>And this is ultimately reflects Buffett's point as well. Businesses will change over time. Will they be more valuable or less valuable? How will their growth prospects evolve? These are the kinds of questions that investors should answer before buying a stock.</p>
<div class="lb-trans"><p>这最终也反映了巴菲特的观点。企业会随着时间的推移而变化。它们会更有价值还是更少价值？它们的成长前景将如何演变？这些是投资者在购买股票之前应该回答的问题。</p>
</div><p>The reality is that investors won't be able to answer this question with every business -- each individual understands some businesses better than others. This is why Buffett encourages investors to stay within a &#34;circle of competence.&#34; But for the businesses investors do know and understand well, they can spend time thinking about what those companies will be worth in the next three, five, or 10 years. And from there, they can make the call on how attractively valued a stock is based on those long-term opportunities.</p>
<div class="lb-trans"><p>现实是，投资者无法对每个企业都回答这个问题——每个人对某些企业的理解程度不同。这就是为什么巴菲特鼓励投资者保持在 “能力圈” 内。但对于投资者所了解和理解良好的企业，他们可以花时间思考这些公司在未来三年、五年或十年内的价值。然后，他们可以根据这些长期机会来判断一只股票的吸引估值。</p>
</div><p>Thinking this way can help investors avoid missing the train on life-changing opportunities such as Nvidia simply because they looked overvalued at the time.</p>
<div class="lb-trans"><p>以这种方式思考可以帮助投资者避免因为在当时看似被高估而错过像英伟达这样的改变人生的机会。</p>
</div>

Nvidia Stock Is a Clear Case Study of an Indispensable Investing Principle From Warren Buffett

- 沃伦·巴菲特的净资产为 1550 亿美元，位列全球第八富豪。  
- 他通过股票市场投资获得财富，成为价值投资的非官方王者。  
- 投资者应关注未来财务结果，而非仅仅依赖过去业绩。

英伟达股票是沃伦·巴菲特一个不可或缺的投资原则的明确案例研究