<p>沃倫·巴菲特在 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.36%）（BRK.B -0.37%）最近的年度股東大會上做了一件他通常不做的事情。我不是在説他宣佈辭去首席執行官職務。</p>
<p>這位傳奇投資者在觀眾中點名了 <strong>蘋果</strong>（AAPL 1.15%）首席執行官蒂姆·庫克。巴菲特説：“我有點不好意思地説，蒂姆·庫克為伯克希爾賺的錢比我為伯克希爾賺的錢還要多。”</p>
<p>毫無疑問，庫克和蘋果為伯克希爾創造了可觀的回報。但巴菲特的説法是否正確？</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>圖片來源：Getty Images。</p>
<h2>巴菲特對蒂姆·庫克的高度評價</h2>
<p>巴菲特提到他 “簡短地” 認識蘋果的聯合創始人和長期首席執行官史蒂夫·喬布斯。他指出，喬布斯 “做了一些其他人無法做到的事情來發展蘋果”。考慮到蘋果在喬布斯的領導下推出了包括 Mac、iPod、iPhone 和 iPad 等創新，恐怕沒有人會對巴菲特的這一説法提出異議。</p>
<p>但這位 “奧馬哈的先知” 對喬布斯選擇庫克接任蘋果首席執行官特別印象深刻。他在最近的年度股東大會上告訴伯克希爾的股東：“史蒂夫選擇了蒂姆接替他，他確實做出了正確的決定。” 巴菲特補充道：“正如你所知，史蒂夫去世得很年輕，只有史蒂夫才能創造蘋果，但只有蒂姆才能像他那樣發展蘋果。”</p>
<p>值得注意的是，巴菲特在喬布斯掌舵時從未投資於蘋果。伯克希爾在 2016 年初首次開始持有這家消費科技巨頭的股份。此時庫克已經擔任首席執行官超過四年。</p>
<p>巴菲特過去也曾讚揚庫克。在他 2021 年致伯克希爾股東的信中，他寫道：“蒂姆·庫克，蘋果的傑出首席執行官，理所當然地將蘋果產品的用户視為他的首要關注，但他所有其他利益相關者也都受益於蒂姆的管理風格。”</p>
<h2>庫克和蘋果為伯克希爾賺了多少錢</h2>
<p>在庫克的領導下，蘋果為伯克希爾哈撒韋賺了多少錢？計算這個金額並不像看起來那麼簡單，因為該集團多年來進行了多次購買和銷售。</p>
<p>伯克希爾在 2016 年第一季度到 2018 年第三季度之間建立了對蘋果的巨大持倉。它在 2018 年第四季度以及 2019 年和 2020 年期間出售了一些股份。該集團在 2022 年恢復了對蘋果股票的購買，但在 2023 年底和 2024 年期間開始大幅減少其持股。</p>
<p>截至 2022 年，伯克希爾對蘋果的投資成本基礎約為 34 美元。巴菲特在 2023 年和 2024 年的股票銷售可能產生了大約 970 億美元的總收益。確切的數字無法確定，因為我們不知道具體的股票出售價格。</p>
<p>除了從蘋果股票銷售中獲得的約 970 億美元外，我們還需要包括伯克希爾仍持有的蘋果股票的未實現收益。截至 2024 年 12 月 31 日，伯克希爾持有 3 億股蘋果股票。以蘋果每股接近 209 美元的交易價格計算，這轉化為約 525 億美元的未實現收益。因此，庫克和蘋果為伯克希爾帶來的股票增值總額幾乎達到了 1500 億美元。</p>
<p>然而，我們尚未考慮股息。再次強調，確切的伯克希爾從蘋果股息中獲得的金額很難確定。不過，根據我的計算，蘋果為伯克希爾創造的股息收入在 50 億到 60 億美元之間。這使得蘋果為伯克希爾創造的總金額約為 1550 億美元。</p>
<h2>讚賞的誇大</h2>
<p>那麼，巴菲特説庫克為伯克希爾賺的錢比巴菲特自己賺的還多，是否正確？不對。巴菲特為控制伯克希爾哈撒韋支付了每股 7.50 到 11.375 美元。如今，伯克希爾的 A 類股票每股價值 767,000 美元。</p>
<p>底線是，幾乎所有伯克希爾當前的市值 1.1 萬億美元都是在巴菲特的領導下創造的。庫克和蘋果確實為伯克希爾賺了很多錢，但巴菲特無疑為公司賺得更多。他對庫克的評論似乎是一次讚賞的誇大。</p>
<p>然而，還有更多的故事要講。隨着巴菲特將接力棒交給格雷格·阿貝爾，而庫克繼續領導蘋果，長期來看，庫克和蘋果可能有一天會為伯克希爾的股東賺更多的錢，超過巴菲特在掌舵時的成績。</p>

伯克希爾哈撒韋-B

蘋果

伯克希爾哈撒韋-A

<p>沃倫·巴菲特在伯克希爾哈撒韋的年度會議上讚揚了蘋果首席執行官蒂姆·庫克，聲稱庫克為公司創造的財富超過了他自己。巴菲特承認，自 2016 年伯克希爾對蘋果的投資以來，庫克在創造顯著回報方面取得了成功。儘管蘋果通過股價上漲和分紅為伯克希爾的價值貢獻了約 1550 億美元，但巴菲特的領導幾乎創造了伯克希爾當前 1.1 萬億美元市值的全部。因此，巴菲特的説法似乎有些誇大，儘管庫克未來的影響仍有待觀察</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>沃倫·巴菲特在 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.36%）（BRK.B -0.37%）最近的年度股東大會上做了一件他通常不做的事情。我不是在説他宣佈辭去首席執行官職務。</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>這位傳奇投資者在觀眾中點名了 <strong>蘋果</strong>（AAPL 1.15%）首席執行官蒂姆·庫克。巴菲特説：“我有點不好意思地説，蒂姆·庫克為伯克希爾賺的錢比我為伯克希爾賺的錢還要多。”</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>毫無疑問，庫克和蘋果為伯克希爾創造了可觀的回報。但巴菲特的説法是否正確？</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>圖片來源：Getty Images。</p>
</div><h2>Buffett's high regard for Tim Cook</h2>
<div class="lb-trans"><h2>巴菲特對蒂姆·庫克的高度評價</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 “簡短地” 認識蘋果的聯合創始人和長期首席執行官史蒂夫·喬布斯。他指出，喬布斯 “做了一些其他人無法做到的事情來發展蘋果”。考慮到蘋果在喬布斯的領導下推出了包括 Mac、iPod、iPhone 和 iPad 等創新，恐怕沒有人會對巴菲特的這一説法提出異議。</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>但這位 “奧馬哈的先知” 對喬布斯選擇庫克接任蘋果首席執行官特別印象深刻。他在最近的年度股東大會上告訴伯克希爾的股東：“史蒂夫選擇了蒂姆接替他，他確實做出了正確的決定。” 巴菲特補充道：“正如你所知，史蒂夫去世得很年輕，只有史蒂夫才能創造蘋果，但只有蒂姆才能像他那樣發展蘋果。”</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，巴菲特在喬布斯掌舵時從未投資於蘋果。伯克希爾在 2016 年初首次開始持有這家消費科技巨頭的股份。此時庫克已經擔任首席執行官超過四年。</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>巴菲特過去也曾讚揚庫克。在他 2021 年致伯克希爾股東的信中，他寫道：“蒂姆·庫克，蘋果的傑出首席執行官，理所當然地將蘋果產品的用户視為他的首要關注，但他所有其他利益相關者也都受益於蒂姆的管理風格。”</p>
</div><h2>How much money Cook and Apple have made for Berkshire</h2>
<div class="lb-trans"><h2>庫克和蘋果為伯克希爾賺了多少錢</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>在庫克的領導下，蘋果為伯克希爾哈撒韋賺了多少錢？計算這個金額並不像看起來那麼簡單，因為該集團多年來進行了多次購買和銷售。</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>伯克希爾在 2016 年第一季度到 2018 年第三季度之間建立了對蘋果的巨大持倉。它在 2018 年第四季度以及 2019 年和 2020 年期間出售了一些股份。該集團在 2022 年恢復了對蘋果股票的購買，但在 2023 年底和 2024 年期間開始大幅減少其持股。</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，伯克希爾對蘋果的投資成本基礎約為 34 美元。巴菲特在 2023 年和 2024 年的股票銷售可能產生了大約 970 億美元的總收益。確切的數字無法確定，因為我們不知道具體的股票出售價格。</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>除了從蘋果股票銷售中獲得的約 970 億美元外，我們還需要包括伯克希爾仍持有的蘋果股票的未實現收益。截至 2024 年 12 月 31 日，伯克希爾持有 3 億股蘋果股票。以蘋果每股接近 209 美元的交易價格計算，這轉化為約 525 億美元的未實現收益。因此，庫克和蘋果為伯克希爾帶來的股票增值總額幾乎達到了 1500 億美元。</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，我們尚未考慮股息。再次強調，確切的伯克希爾從蘋果股息中獲得的金額很難確定。不過，根據我的計算，蘋果為伯克希爾創造的股息收入在 50 億到 60 億美元之間。這使得蘋果為伯克希爾創造的總金額約為 1550 億美元。</p>
</div><h2>An appreciative exaggeration</h2>
<div class="lb-trans"><h2>讚賞的誇大</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>那麼，巴菲特説庫克為伯克希爾賺的錢比巴菲特自己賺的還多，是否正確？不對。巴菲特為控制伯克希爾哈撒韋支付了每股 7.50 到 11.375 美元。如今，伯克希爾的 A 類股票每股價值 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>底線是，幾乎所有伯克希爾當前的市值 1.1 萬億美元都是在巴菲特的領導下創造的。庫克和蘋果確實為伯克希爾賺了很多錢，但巴菲特無疑為公司賺得更多。他對庫克的評論似乎是一次讚賞的誇大。</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，還有更多的故事要講。隨着巴菲特將接力棒交給格雷格·阿貝爾，而庫克繼續領導蘋果，長期來看，庫克和蘋果可能有一天會為伯克希爾的股東賺更多的錢，超過巴菲特在掌舵時的成績。</p>
</div>

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

- 巴菲特在股東大會上稱讚蘋果 CEO 庫克為伯克希爾帶來鉅額收益。  
- 伯克希爾在庫克領導下從蘋果獲得近 1550 億美元的收益。  
- 然而，巴菲特的領導下，伯克希爾的市值增長更為顯著。  

沃倫·巴菲特稱蘋果 CEO 蒂姆·庫克為伯克希爾哈撒韋賺的錢比他自己賺的還多：這是真的嗎？