<p>沃伦·巴菲特在 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.36%）（BRK.B -0.37%）最近的年度股东大会上做了一件他通常不做的事情。我不是在说他宣布辞去首席执行官职务。</p>
<p>这位传奇投资者在观众中点名了 <strong>苹果</strong>（AAPL 1.15%）首席执行官蒂姆·库克。巴菲特说：“我有点不好意思地说，蒂姆·库克为伯克希尔赚的钱比我为伯克希尔赚的钱还要多。”</p>
<p>毫无疑问，库克和苹果为伯克希尔创造了可观的回报。但巴菲特的说法是否正确？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgwMTAvYnVmZmV0dDIxLXRtZi5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgwMTAvYnVmZmV0dDIxLXRtZi5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>巴菲特对蒂姆·库克的高度评价</h2>
<p>巴菲特提到他 “简短地” 认识苹果的联合创始人和长期首席执行官史蒂夫·乔布斯。他指出，乔布斯 “做了一些其他人无法做到的事情来发展苹果”。考虑到苹果在乔布斯的领导下推出了包括 Mac、iPod、iPhone 和 iPad 等创新，恐怕没有人会对巴菲特的这一说法提出异议。</p>
<p>但这位 “奥马哈的先知” 对乔布斯选择库克接任苹果首席执行官特别印象深刻。他在最近的年度股东大会上告诉伯克希尔的股东：“史蒂夫选择了蒂姆接替他，他确实做出了正确的决定。” 巴菲特补充道：“正如你所知，史蒂夫去世得很年轻，只有史蒂夫才能创造苹果，但只有蒂姆才能像他那样发展苹果。”</p>
<p>值得注意的是，巴菲特在乔布斯掌舵时从未投资于苹果。伯克希尔在 2016 年初首次开始持有这家消费科技巨头的股份。此时库克已经担任首席执行官超过四年。</p>
<p>巴菲特过去也曾赞扬库克。在他 2021 年致伯克希尔股东的信中，他写道：“蒂姆·库克，苹果的杰出首席执行官，理所当然地将苹果产品的用户视为他的首要关注，但他所有其他利益相关者也都受益于蒂姆的管理风格。”</p>
<h2>库克和苹果为伯克希尔赚了多少钱</h2>
<p>在库克的领导下，苹果为伯克希尔哈撒韦赚了多少钱？计算这个金额并不像看起来那么简单，因为该集团多年来进行了多次购买和销售。</p>
<p>伯克希尔在 2016 年第一季度到 2018 年第三季度之间建立了对苹果的巨大持仓。它在 2018 年第四季度以及 2019 年和 2020 年期间出售了一些股份。该集团在 2022 年恢复了对苹果股票的购买，但在 2023 年底和 2024 年期间开始大幅减少其持股。</p>
<p>截至 2022 年，伯克希尔对苹果的投资成本基础约为 34 美元。巴菲特在 2023 年和 2024 年的股票销售可能产生了大约 970 亿美元的总收益。确切的数字无法确定，因为我们不知道具体的股票出售价格。</p>
<p>除了从苹果股票销售中获得的约 970 亿美元外，我们还需要包括伯克希尔仍持有的苹果股票的未实现收益。截至 2024 年 12 月 31 日，伯克希尔持有 3 亿股苹果股票。以苹果每股接近 209 美元的交易价格计算，这转化为约 525 亿美元的未实现收益。因此，库克和苹果为伯克希尔带来的股票增值总额几乎达到了 1500 亿美元。</p>
<p>然而，我们尚未考虑股息。再次强调，确切的伯克希尔从苹果股息中获得的金额很难确定。不过，根据我的计算，苹果为伯克希尔创造的股息收入在 50 亿到 60 亿美元之间。这使得苹果为伯克希尔创造的总金额约为 1550 亿美元。</p>
<h2>赞赏的夸大</h2>
<p>那么，巴菲特说库克为伯克希尔赚的钱比巴菲特自己赚的还多，是否正确？不对。巴菲特为控制伯克希尔哈撒韦支付了每股 7.50 到 11.375 美元。如今，伯克希尔的 A 类股票每股价值 767,000 美元。</p>
<p>底线是，几乎所有伯克希尔当前的市值 1.1 万亿美元都是在巴菲特的领导下创造的。库克和苹果确实为伯克希尔赚了很多钱，但巴菲特无疑为公司赚得更多。他对库克的评论似乎是一次赞赏的夸大。</p>
<p>然而，还有更多的故事要讲。随着巴菲特将接力棒交给格雷格·阿贝尔，而库克继续领导苹果，长期来看，库克和苹果可能有一天会为伯克希尔的股东赚更多的钱，超过巴菲特在掌舵时的成绩。</p>

伯克希尔哈撒韦-B

苹果

伯克希尔哈撒韦-A

<p>沃伦·巴菲特在伯克希尔哈撒韦的年度会议上赞扬了苹果首席执行官蒂姆·库克，声称库克为公司创造的财富超过了他自己。巴菲特承认，自 2016 年伯克希尔对苹果的投资以来，库克在创造显著回报方面取得了成功。尽管苹果通过股价上涨和分红为伯克希尔的价值贡献了约 1550 亿美元，但巴菲特的领导几乎创造了伯克希尔当前 1.1 万亿美元市值的全部。因此，巴菲特的说法似乎有些夸大，尽管库克未来的影响仍有待观察</p>

<p>Warren Buffett did something he usually doesn't do at <strong>Berkshire Hathaway</strong>'s (BRK.A -0.36%)(BRK.B -0.37%) latest annual shareholder meeting. And I'm not talking about announcing he was stepping down as CEO.</p>
<div class="lb-trans"><p>沃伦·巴菲特在 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.36%）（BRK.B -0.37%）最近的年度股东大会上做了一件他通常不做的事情。我不是在说他宣布辞去首席执行官职务。</p>
</div><p>The legendary investor singled out <strong>Apple</strong>(AAPL 1.15%) CEO Tim Cook in the audience. Buffett said, &#34;I'm somewhat embarrassed to say that Tim Cook has made Berkshire a lot more money than I've ever made Berkshire Hathaway.&#34;</p>
<div class="lb-trans"><p>这位传奇投资者在观众中点名了 <strong>苹果</strong>（AAPL 1.15%）首席执行官蒂姆·库克。巴菲特说：“我有点不好意思地说，蒂姆·库克为伯克希尔赚的钱比我为伯克希尔赚的钱还要多。”</p>
</div><p>There's no question that Cook and Apple have generated significant returns for Berkshire. But was Buffett's statement right?</p>
<div class="lb-trans"><p>毫无疑问，库克和苹果为伯克希尔创造了可观的回报。但巴菲特的说法是否正确？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgwMTAvYnVmZmV0dDIxLXRtZi5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818010%2Fbuffett21-tmf.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Buffett's high regard for Tim Cook</h2>
<div class="lb-trans"><h2>巴菲特对蒂姆·库克的高度评价</h2>
</div><p>Buffett mentioned that he knew Apple co-founder and longtime CEO Steve Jobs &#34;briefly.&#34; He noted that Jobs &#34;did things that nobody else could have done in developing Apple.&#34; I doubt anyone would challenge Buffett on that statement, considering that Apple launched innovations including the Mac, iPod, iPhone, and iPad under Jobs' leadership.</p>
<div class="lb-trans"><p>巴菲特提到他 “简短地” 认识苹果的联合创始人和长期首席执行官史蒂夫·乔布斯。他指出，乔布斯 “做了一些其他人无法做到的事情来发展苹果”。考虑到苹果在乔布斯的领导下推出了包括 Mac、iPod、iPhone 和 iPad 等创新，恐怕没有人会对巴菲特的这一说法提出异议。</p>
</div><p>But the &#34;Oracle of Omaha&#34; was especially impressed with Jobs' selection of Cook to take the baton leading Apple. He told Berkshire shareholders at their recent annual meeting, &#34;Steve picked Tim to succeed him, and he really made the right decision.&#34; Buffett added, &#34;Steve died young, as you know, and nobody but Steve could have created Apple, but nobody but Tim could have developed it as he has.&#34;</p>
<div class="lb-trans"><p>但这位 “奥马哈的先知” 对乔布斯选择库克接任苹果首席执行官特别印象深刻。他在最近的年度股东大会上告诉伯克希尔的股东：“史蒂夫选择了蒂姆接替他，他确实做出了正确的决定。” 巴菲特补充道：“正如你所知，史蒂夫去世得很年轻，只有史蒂夫才能创造苹果，但只有蒂姆才能像他那样发展苹果。”</p>
</div><p>Notably, Buffett never invested in Apple when Jobs was at the helm. Berkshire first initiated a stake in the consumer technology giant in early 2016. Cook had been CEO for over four years at the time.</p>
<div class="lb-trans"><p>值得注意的是，巴菲特在乔布斯掌舵时从未投资于苹果。伯克希尔在 2016 年初首次开始持有这家消费科技巨头的股份。此时库克已经担任首席执行官超过四年。</p>
</div><p>Buffett has sung Cook's praise in the past, too. In his 2021 letter to Berkshire shareholders, he wrote, &#34;Tim Cook, Apple's brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim's managerial touch as well.&#34;</p>
<div class="lb-trans"><p>巴菲特过去也曾赞扬库克。在他 2021 年致伯克希尔股东的信中，他写道：“蒂姆·库克，苹果的杰出首席执行官，理所当然地将苹果产品的用户视为他的首要关注，但他所有其他利益相关者也都受益于蒂姆的管理风格。”</p>
</div><h2>How much money Cook and Apple have made for Berkshire</h2>
<div class="lb-trans"><h2>库克和苹果为伯克希尔赚了多少钱</h2>
</div><p>Just how much money has Apple made for Berkshire Hathaway under Cook's leadership? Calculating the amount isn't as easy as it might seem because of the conglomerate's multiple purchases and sales through the years.</p>
<div class="lb-trans"><p>在库克的领导下，苹果为伯克希尔哈撒韦赚了多少钱？计算这个金额并不像看起来那么简单，因为该集团多年来进行了多次购买和销售。</p>
</div><p>Berkshire built a huge position in Apple between the first quarter of 2016 and the third quarter of 2018. It sold some shares in the fourth quarter of 2018 and during both 2019 and 2020. The conglomerate resumed purchasing Apple stock in 2022, but began reducing its stake significantly in late 2023 and throughout 2024.</p>
<div class="lb-trans"><p>伯克希尔在 2016 年第一季度到 2018 年第三季度之间建立了对苹果的巨大持仓。它在 2018 年第四季度以及 2019 年和 2020 年期间出售了一些股份。该集团在 2022 年恢复了对苹果股票的购买，但在 2023 年底和 2024 年期间开始大幅减少其持股。</p>
</div><p>The cost basis for Berkshire's investments in Apple through 2022 was around $34. Buffett's sales of the stock in 2023 and 2024 likely generated a total gain in the ballpark of $97 billion. The exact number can't be determined because we don't know the specific prices at which the shares were sold.</p>
<div class="lb-trans"><p>截至 2022 年，伯克希尔对苹果的投资成本基础约为 34 美元。巴菲特在 2023 年和 2024 年的股票销售可能产生了大约 970 亿美元的总收益。确切的数字无法确定，因为我们不知道具体的股票出售价格。</p>
</div><p>In addition to the roughly $97 billion made from sales of Apple shares, we also need to include the unrealized gain from the Apple stock Berkshire still owns. As of Dec. 31, 2024, Berkshire held 300 million Apple shares. With Apple trading at close to $209 per share, this translates to an unrealized gain of around $52.5 billion. Therefore, the total amount Cook and Apple have made for Berkshire from share appreciation is almost $150 billion.</p>
<div class="lb-trans"><p>除了从苹果股票销售中获得的约 970 亿美元外，我们还需要包括伯克希尔仍持有的苹果股票的未实现收益。截至 2024 年 12 月 31 日，伯克希尔持有 3 亿股苹果股票。以苹果每股接近 209 美元的交易价格计算，这转化为约 525 亿美元的未实现收益。因此，库克和苹果为伯克希尔带来的股票增值总额几乎达到了 1500 亿美元。</p>
</div><p>However, we haven't factored in dividends yet. Again, it's difficult to know the exact amount Berkshire has made from Apple's dividends. Based on my calculations, though, Apple has generated dividend income for Berkshire of between $5 billion and $6 billion. This brings the total amount of money Apple has made for Berkshire to around $155 billion.</p>
<div class="lb-trans"><p>然而，我们尚未考虑股息。再次强调，确切的伯克希尔从苹果股息中获得的金额很难确定。不过，根据我的计算，苹果为伯克希尔创造的股息收入在 50 亿到 60 亿美元之间。这使得苹果为伯克希尔创造的总金额约为 1550 亿美元。</p>
</div><h2>An appreciative exaggeration</h2>
<div class="lb-trans"><h2>赞赏的夸大</h2>
</div><p>So was Buffett right that Cook has made more money for Berkshire than Buffett himself has? Nope. Buffett paid between $7.50 and $11.375 per share for Berkshire Hathaway to take control of the company. Today, Berkshire's Class A shares are worth $767,000 each.</p>
<div class="lb-trans"><p>那么，巴菲特说库克为伯克希尔赚的钱比巴菲特自己赚的还多，是否正确？不对。巴菲特为控制伯克希尔哈撒韦支付了每股 7.50 到 11.375 美元。如今，伯克希尔的 A 类股票每股价值 767,000 美元。</p>
</div><p>The bottom line is nearly all of Berkshire's current market cap of $1.1 trillion has been created under Buffett's leadership. Cook and Apple have certainly made Berkshire a lot of money, but Buffett has unquestionably made the company even more. His comment about Cook appears to be an appreciative exaggeration.</p>
<div class="lb-trans"><p>底线是，几乎所有伯克希尔当前的市值 1.1 万亿美元都是在巴菲特的领导下创造的。库克和苹果确实为伯克希尔赚了很多钱，但巴菲特无疑为公司赚得更多。他对库克的评论似乎是一次赞赏的夸大。</p>
</div><p>However, there's more story to be told. With Buffett handing over the reins to Greg Abel and Cook continuing to lead Apple, it's possible that over the long term, Cook and Apple might one day make more money for Berkshire shareholders than Buffett did at the helm.</p>
<div class="lb-trans"><p>然而，还有更多的故事要讲。随着巴菲特将接力棒交给格雷格·阿贝尔，而库克继续领导苹果，长期来看，库克和苹果可能有一天会为伯克希尔的股东赚更多的钱，超过巴菲特在掌舵时的成绩。</p>
</div>

Warren Buffett Said Apple CEO Tim Cook Has Made Berkshire Hathaway More Money Than He Has: Was He Right?

- 巴菲特在股东大会上称赞苹果 CEO 库克为伯克希尔带来巨额收益。  
- 伯克希尔在库克领导下从苹果获得近 1550 亿美元的收益。  
- 然而，巴菲特的领导下，伯克希尔的市值增长更为显著。  

沃伦·巴菲特称苹果 CEO 蒂姆·库克为伯克希尔哈撒韦赚的钱比他自己赚的还多：这是真的吗？