<p>根據彭博億萬富翁指數，沃倫·巴菲特的淨資產估計為 1550 億美元，是全球第八富有的人。令人驚訝的是，巴菲特的財富主要是通過股市投資獲得的。他那極為成功的投資風格使他成為了價值投資的非官方之王。</p>
<p>對於許多人來説，投資分為兩種對立的類別：成長投資和價值投資。但在他 1992 年給 <strong>伯克希爾·哈撒韋</strong> 股東的信中，巴菲特明確表達了他對成長和價值的看法。他寫道：“成長在價值的計算中始終是一個組成部分。”</p>
<p>巴菲特的簡潔聲明概括了一個不可或缺的投資原則。這是一個投資者應該接受並內化的原則，以幫助他們在市場中取得成功，而我想不出比 <strong>英偉達</strong>(NVDA 1.69%) 更好的例子來説明巴菲特的觀點。</p>
<h2>為什麼英偉達股票反直覺地是一隻偉大的 “價值股”</h2>
<p>英偉達的核心產品是其圖形處理單元（GPU）。最初是為視頻遊戲行業服務的，該公司的 GPU 逐漸在多種任務中變得越來越有用，例如挖掘加密貨幣，以及最近運行人工智能（AI）應用程序。近年來的人工智能熱潮將英偉達股票推到了投資者的想象前沿。</p>
<p>在 2023 年初，英偉達股票的市盈率（P/E）看似昂貴，達到了 62。</p>
<p>如此高的估值會嚇跑大多數傳統的價值投資者。畢竟，根據 YCharts，當時 <strong>標準普爾 500 指數</strong> 的市盈率約為 22。一些人認為當時整個股市也被高估，這意味着英偉達股票的價格幾乎是這個高估平均值的近 3 倍。</p>
<p>然而，回顧過去，很明顯英偉達股票在當時是一隻出色的價值股。</p>
<p>在 2 月 26 日，英偉達報告了 2025 財年的財務結果（截至 1 月 26 日）。在過去的一年中，該公司每股收益（EPS）為 2.94 美元。回到 2023 年初，英偉達當時的 14.50 美元的股價（經過拆分調整）意味着其估值不到 2025 財年剛剛報告的收益的 5 倍。</p>
<p>換句話説，許多價值投資者可能會因為英偉達的高估值而嗤之以鼻，但這種傳統的價值投資方法並未考慮到成長。正如巴菲特在 1992 年股東信中所解釋的，成長是價值方程中的一個關鍵組成部分。</p>
<p>讓我們強調英偉達的成長來進一步説明這一點。經過拆分調整，該公司在 2023 財年的每股收益僅為 0.17 美元。其利潤在短短兩年內增長了 17 倍。考慮到英偉達強勁前景的投資者更有可能看到英偉達股票的吸引價值主張。</p>
<p>值得一提的是，自 2023 年初以來，該公司的股票上漲了超過 700%。</p>
<h2>這對今天的投資者意味着什麼</h2>
<p>英偉達在過去兩年的驚人崛起完美地提醒我們，必須根據未來的財務結果來評估股票，而不是其過去的業績記錄。</p>
<p>著名投資者比爾·米勒也描述了這一原則，他説：“我常常提醒我們的分析師，關於一家公司的 100% 信息代表的是過去，而 100% 的價值取決於未來。”</p>
<p>這最終也反映了巴菲特的觀點。企業會隨着時間的推移而變化。它們會更有價值還是更少價值？它們的成長前景將如何演變？這些是投資者在購買股票之前應該回答的問題。</p>
<p>現實是，投資者無法對每個企業都回答這個問題——每個人對某些企業的理解程度不同。這就是為什麼巴菲特鼓勵投資者保持在 “能力圈” 內。但對於投資者所瞭解和理解良好的企業，他們可以花時間思考這些公司在未來三年、五年或十年內的價值。然後，他們可以根據這些長期機會來判斷一隻股票的吸引估值。</p>
<p>以這種方式思考可以幫助投資者避免因為在當時看似被高估而錯過像英偉達這樣的改變人生的機會。</p>

英偉達財報，一站看懂！

英偉達

<p>這篇文章討論了沃倫·巴菲特的投資原則，特別是價值投資中增長的重要性。文章以英偉達為案例，強調其股票最初被認為估值過高，市盈率為 62，但實際上由於其盈利的顯著增長，代表了強勁的價值。英偉達的每股收益從 2023 財年的 0.17 美元上升到 2025 財年的 2.94 美元，自 2023 年初以來，股價上漲了 700%。文章強調根據未來潛力而非過去表現來評估股票，這與巴菲特的投資理念相一致</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>根據彭博億萬富翁指數，沃倫·巴菲特的淨資產估計為 1550 億美元，是全球第八富有的人。令人驚訝的是，巴菲特的財富主要是通過股市投資獲得的。他那極為成功的投資風格使他成為了價值投資的非官方之王。</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>對於許多人來説，投資分為兩種對立的類別：成長投資和價值投資。但在他 1992 年給 <strong>伯克希爾·哈撒韋</strong> 股東的信中，巴菲特明確表達了他對成長和價值的看法。他寫道：“成長在價值的計算中始終是一個組成部分。”</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>巴菲特的簡潔聲明概括了一個不可或缺的投資原則。這是一個投資者應該接受並內化的原則，以幫助他們在市場中取得成功，而我想不出比 <strong>英偉達</strong>(NVDA 1.69%) 更好的例子來説明巴菲特的觀點。</p>
</div><h2>Why Nvidia stock was counterintuitively a great &#34;value stock&#34;</h2>
<div class="lb-trans"><h2>為什麼英偉達股票反直覺地是一隻偉大的 “價值股”</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>英偉達的核心產品是其圖形處理單元（GPU）。最初是為視頻遊戲行業服務的，該公司的 GPU 逐漸在多種任務中變得越來越有用，例如挖掘加密貨幣，以及最近運行人工智能（AI）應用程序。近年來的人工智能熱潮將英偉達股票推到了投資者的想象前沿。</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，英偉達股票的市盈率（P/E）看似昂貴，達到了 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>如此高的估值會嚇跑大多數傳統的價值投資者。畢竟，根據 YCharts，當時 <strong>標準普爾 500 指數</strong> 的市盈率約為 22。一些人認為當時整個股市也被高估，這意味着英偉達股票的價格幾乎是這個高估平均值的近 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，回顧過去，很明顯英偉達股票在當時是一隻出色的價值股。</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，英偉達報告了 2025 財年的財務結果（截至 1 月 26 日）。在過去的一年中，該公司每股收益（EPS）為 2.94 美元。回到 2023 年初，英偉達當時的 14.50 美元的股價（經過拆分調整）意味着其估值不到 2025 財年剛剛報告的收益的 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>換句話説，許多價值投資者可能會因為英偉達的高估值而嗤之以鼻，但這種傳統的價值投資方法並未考慮到成長。正如巴菲特在 1992 年股東信中所解釋的，成長是價值方程中的一個關鍵組成部分。</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>讓我們強調英偉達的成長來進一步説明這一點。經過拆分調整，該公司在 2023 財年的每股收益僅為 0.17 美元。其利潤在短短兩年內增長了 17 倍。考慮到英偉達強勁前景的投資者更有可能看到英偉達股票的吸引價值主張。</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 年初以來，該公司的股票上漲了超過 700%。</p>
</div><h2>What this means for investors today</h2>
<div class="lb-trans"><h2>這對今天的投資者意味着什麼</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>英偉達在過去兩年的驚人崛起完美地提醒我們，必須根據未來的財務結果來評估股票，而不是其過去的業績記錄。</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>著名投資者比爾·米勒也描述了這一原則，他説：“我常常提醒我們的分析師，關於一家公司的 100% 信息代表的是過去，而 100% 的價值取決於未來。”</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>這最終也反映了巴菲特的觀點。企業會隨着時間的推移而變化。它們會更有價值還是更少價值？它們的成長前景將如何演變？這些是投資者在購買股票之前應該回答的問題。</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>現實是，投資者無法對每個企業都回答這個問題——每個人對某些企業的理解程度不同。這就是為什麼巴菲特鼓勵投資者保持在 “能力圈” 內。但對於投資者所瞭解和理解良好的企業，他們可以花時間思考這些公司在未來三年、五年或十年內的價值。然後，他們可以根據這些長期機會來判斷一隻股票的吸引估值。</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>以這種方式思考可以幫助投資者避免因為在當時看似被高估而錯過像英偉達這樣的改變人生的機會。</p>
</div>

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

- 沃倫·巴菲特的淨資產為 1550 億美元，位列全球第八富豪。  
- 他通過股票市場投資獲得財富，成為價值投資的非官方王者。  
- 投資者應關注未來財務結果，而非僅僅依賴過去業績。

英偉達股票是沃倫·巴菲特一個不可或缺的投資原則的明確案例研究