Warren Buffett, and that is not by accident.

巴菲特，這並非偶然。

He started investing when he was just 11 years old and built his net worth to over 87 billion

他從11歲就開始投資，把自己的淨資產積累到870多億

dollars at the time of this script.

元，在這個劇本的時候。

To an average person, the stock market seems so complicated where no one seems to clearly

對於一個普通人來說，股市似乎是如此複雜，在那裡似乎沒有人清楚的

understand what's going on.

明白是怎麼回事。

Whenever things seem to go in the right direction, we end up facing a financial disaster.

每當事情看似順風順水的時候，我們最終都會面臨一場財務災難。

But unlike everyone else, This guy seems to know a secret formula when it comes to investing.

但與其他人不同的是，這傢伙在投資方面似乎知道一個祕密公式。

Over his life, he continuously made successful investments over and over, and he is considered

在他的一生中，他不斷地進行了一次次成功的投資，他被認為是

by many as the greatest investor of all time.

被許多人稱為史上最偉大的投資者。

He was so good that just by the age of 16, he already made over 53K thousand dollars.

他太厲害了，才16歲，就已經賺了5.3萬多塊錢。

Can you imagine making Making 53 grand from the stock market before you hit 16 and still

你能想象在你16歲之前從股市賺了5萬3千美元，而且還是

be rejected by Harvard?

被哈佛拒絕？

I can, because that's what happened.

我可以，因為這是發生了什麼。

Do you want to learn how to invest like Warren Buffett?

你想學習如何像巴菲特一樣投資嗎？

Do you want to find out his secret formula?

你想知道他的祕方嗎？

Then stick around because we are going to take a deep look into Warren Buffet's investment

那就請留步，因為我們要深入瞭解巴菲特的投資。

portfolio.

投資組合。

- Buffett's 3 Golden Rules

- 巴菲特的3條黃金法則

Warren Buffett is a long-term investor.

巴菲特是一個長期投資者。

He doesn't care about how the company is going to perform today, tomorrow, or even next year.

他並不關心公司今天、明天、甚至明年的業績如何。

His primary concern is where the company will be ten years from now or 15 years from now.

他最關心的是十年後或十五年後公司的發展方向。

But How do you know how a certain company is going to perform in 10 years?

但你怎麼知道某家公司10年後的業績如何？

Its almost impossible to predict.

其幾乎不可能預測。

That's why Buffett almost always invests in companies with simple business models.

這也是為什麼巴菲特幾乎總是投資於商業模式簡單的公司。

This is the product, these are the customers, and this is why they are going to buy this

這就是產品，這就是客戶，這就是他們要買這個的原因。

product.

產品。

You don't have to be a genius to understand their business models.

你不一定要成為天才才能理解他們的商業模式。

Its so simple that even a little kid would understand that model.

其簡單到連小孩子都會明白這種模式。

That's what Buffett loves because the simpler the business model is, the easier it gets

這也是巴菲特喜歡的原因，因為商業模式越簡單，越容易得到

to predict the future of that company, and if their products are going to stay relevant

以預測該公司的未來，以及他們的產品是否會保持相關的地位

ten years from now, for example.

例如，十年後。

The second trait that warren buffet looks for is - will the customer buy the product

沃倫-巴菲特看重的第二個特質是--客戶會不會購買產品

again?

又來了？

If you have the kind of a product that would sell once and the client wouldn't need it

如果你的產品是那種一次就能賣出去，客戶不需要的產品

anymore, then your market is limited.

了，那麼你的市場是有限的。

A great product is when your clients would keep coming back for it every now and then,

一個好的產品就是當你的客戶會每時每刻不斷地回來買。

whether it's every day or every week or even every year.

不管是每天還是每週甚至每年。

Like bread, for example, if you are selling bread, you would expect the exact same customers

比如說像麵包，如果你是賣麵包的，你就會希望有完全一樣的顧客。

to come back tomorrow or next week over and over, and ten years from now, people would

明天或下週再來，一遍又一遍，十年後，人們會。

still buy bread.

還是買麵包。

You might sell it in a different way or a different form.

你可能會以不同的方式或不同的形式來銷售。

You might improve its quality, make it tastier, package it fancier, but it's still the exact

你可能會提高它的品質，讓它更美味，包裝更精美，但它仍然是完全相同的。

same product.

同一產品。

In fact, this factor is so important that it led to the rise of subscription business

事實上，這個因素非常重要，它導致了訂閱業務的興起

models, where the business would charge you a little fee every month like Netflix, for

模式，企業會像Netflix一樣每個月向你收取一點費用，對於

example, or every year like amazon prime.

例如，或每年像亞馬遜prime。

Because it's a more sustainable strategy.

因為這是一個更可持續的戰略。

Once you acquire the customer, you keep generating cashflow theoretical forever.

一旦你獲得了客戶，你就會一直產生理論上的現金流。

Finally, the third component is the brand.

最後，第三個組成部分是品牌。

People have the tendency to buy from the companies that they feel connected to and familiar with.

人們傾向於從他們感到有聯繫和熟悉的公司購買。

Whos sneakers would you buy, the first ones are from a brand that you have never heard

你會買誰的運動鞋，第一雙是你從來沒有聽說過的品牌。

of, and the second ones are good old Nikes.

的，而第二種則是好的老尼克斯。

Even if they are cheaper and look fancier, you probably would hesitate to buy them because

即使它們更便宜，看起來更高級，你可能會猶豫是否要買，因為......。

you simply haven't heard of that brand before.

你根本就沒有聽說過這個品牌。

On the other side, you easily recognize Nike.

另一邊，你很容易認出耐克。

It's a well-established brand and is known for making great sneakers.

這是一個成熟的品牌，以製作優秀的運動鞋而聞名。

You might already be wearing a pair of Nike shoes, so which one would you chose.

你可能已經穿了一雙耐克鞋，那麼你會選擇哪一雙。

And that's why Buffett pays such critical attention to how powerful is the brand name

而這也是巴菲特如此關鍵的原因，品牌的力量有多大？

before throwing his billions into that company.

在把自己的幾十億投進那家公司之前。

He understands how much of an influence it's going to have on the consumer's decision.

他明白這對消費者的決策會產生多大的影響。

In fact, if the brand is strong enough, consumers would buy almost anything that company produces.

事實上，如果品牌足夠強大，消費者幾乎會購買該公司生產的任何產品。

And now, since we know Buffett's secret formula, let's take a look at his portfolio and find

現在，既然我們知道了巴菲特的祕密公式，那麼我們就來看看他的投資組合，找到

out if he practices what he preaches.

出，如果他實踐他所講的。

Warren Buffett has always stayed away from tech companies, but in 2016, he made an exception

巴菲特一向遠離科技公司，但在2016年，他卻破例了

and invested billions of dollars in Apple.

並在蘋果公司投資了數十億美元。

In fact, his company, Berkshire Hathaway, holds almost a billion Apple stocks worth

事實上，他的公司伯克希爾-哈撒韋公司持有價值近10億的蘋果股票。

an estimated amount of 118.6 billion dollars.

估計金額為1186億美元。

It is his biggest position, at least for now.

至少在目前，這是他最大的陣地。

Apple, of course, does not sell bread, but if you pay attention, it has all the three

蘋果公司當然不賣麵包，但如果你注意，它的三樣東西都有。

traits that we have just talked about.

我們剛才談到的特徵。

Their Business model is simple.

他們的商業模式很簡單。

At least for now, they want to keep making devices that people just need on a day to

至少現在，他們希望繼續生產人們日常所需的設備。

day basis.

天的基礎上。

Such as an iPhone or MacBook, they rarely come up with super innovative products, but

如iPhone或MacBook，他們很少拿出超級創新的產品，但。

they just know how to make a smartphone for the average consumer.

他們只是知道如何為普通消費者製造一款智能手機。

Do apple customers come back again over and over?

蘋果的客戶會不會一而再再而三的來？

Yes, they do, iPhone is, of course, not a necessity, but people keep coming back for

是的，他們是這樣做的，iPhone當然不是必需品，但人們不斷地回來尋找

it every September.

它每年9月。

In fact, in the last ten years, Apple has drastically been shifting to a subscription-based

事實上，在過去的十年裡，蘋果公司一直在大幅轉向基於訂閱的。

model.

模。

It's not enough to have an iPhone.

光有iPhone是不夠的。

You need a subscription to apple music, apple tv, iCloud, and a million other things.

你需要訂閱apple music、apple tv、iCloud以及其他無數的東西。

And lastly, does apple has a strong brand name?

最後，蘋果有強大的品牌嗎？

Of course!

當然了！

It is probably the most powerful brand in the world!

這可能是世界上最強大的品牌了!

His second-largest investment is in Bank of America.

他的第二大投資是美國銀行。

He holds 29.8 billion dollars worth of shares of Bank of America.

他持有價值298億美元的美國銀行股票。

We are not going to get into the detail, but you get the picture.

我們不打算細說，但你懂的。

Their business model is straightforward, they have a strong brand, and their clients keep

他們的商業模式簡單明瞭，他們有一個強大的品牌，他們的客戶不斷地

coming back for financial services.

回來的金融服務。

And it doesn't seem like people will no longer need financial services in the future.

而未來人們似乎也不再需要金融服務了。

That's why he has also invested in other banks, starting from Wells Fargo to Goldman sacks.

所以他也投資了其他銀行，從富國銀行開始，到高盛麻袋。

He was also a huge investor in many airlines, but 2020 forced him to sell all of his airline

他也是許多航空公司的鉅額投資人，但2020年他被迫賣掉了所有的航空公司。

shares because the future of this industry seemed too unpredictable.

股，因為這個行業的未來似乎太難預測。

He also holds 21 billion dollars worth of Coca Cola stocks.

他還持有價值210億美元的可口可樂股票。

In fact, he started investing in Coca-Cola back in 1988, and his investments since then

事實上，他早在1988年就開始投資可口可樂，此後他的投

have grown by over 16 times.

已經增長了16倍以上。

What do they sell, a drink!

他們賣的是什麼，飲料！

Who are their potential customers?

誰是他們的潛在客戶？

Pretty much anyone who is thirsty!

幾乎所有口渴的人都會這麼做!

The entire world!

整個世界！

Is it a one-time product, or their clients keep coming back for it?

是一次性的產品，還是他們的客戶不斷的來買？

Of course, they will come back.

當然，他們會回來的。

Some people drink like 4 or 5 cans a day.

有的人一天要喝4、5罐。

It is addictive.

它是上癮的。

It is not easy to quit even if its unhealthy!

即使不健康，也不容易戒掉!

However, it has a lot of competitors, I mean, the shops are filled with an endless number

然而，它有很多競爭對手，我的意思是，商店充滿了無窮無盡的數字

of soft drinks, but the coca-cola brand name is so powerful that out of 20 or 30 options,

的軟飲料，但可口可樂的品牌名稱非常強大，在二三十種選擇中。

you easily recognize it.

你很容易認出它。

Most people would probably pick Coca-Cola without even thinking.

大多數人可能會不假思索地選擇可口可樂。

And if it's out of stock, you probably would go to another store instead of choosing one

如果缺貨，你可能會去另一家店，而不是選擇一家店。

of the 30 other options they have.

的30個其他選項中，他們有。

He is also a major investor in American Express, Kraft Heinz, and US Bancorp.

他也是美國運通、卡夫亨氏和美國銀行的主要投資者。

I can't name them all because they are too many of them, but I will leave a link where

我不能一一列舉，因為它們太多，但我會留下一個鏈接，其中

you can find out the rest of the companies.

你可以找到其餘的公司。

Besides his investments in publicly traded companies, he also owns entire private companies

除了投資上市公司外，他還擁有整個私人公司的股份

or a significant majority like in Gillette, for example.

或像吉列公司那樣的重要多數。

He purchased 600 Million dollars worth of Gillette Shares.

他購買了價值6億美元的吉列股份。

Gillette holds the exact same position in its industry as Coca-Cola does in beverages.

吉列在行業中的地位與可口可樂在飲料中的地位完全相同。

They are like twin brothers.

他們就像一對孿生兄弟。

Regardless of what happens, people will still shave.

不管發生什麼，人們還是會刮鬍子。

And their products are just filling that basic human need.

而他們的產品只是填補了人類的這種基本需求。

You don't need to have an IQ of 500 to understand why people are buying razors or while they

你不需要有500的智商就能理解為什麼人們要買刮鬚刀，或者說他們在買刮鬚刀的時候

will keep coming back for that product even ten years from now.

即使是十年後，也會不斷地來購買該產品。

But of course, Gillette isn't the only company in its industry.

但當然，吉列並不是同行業中唯一的公司。

It has a ton of competitors.

它有一大堆的競爭對手。

However, if you ask people to name a razor brand other than Gillette, 99% of people won't

然而，如果你讓人們說出吉列以外的其他刮鬚刀品牌，99%的人都不會說出

be able to do that.

能夠做到這一點。

Do you see how it perfectly matches with all the requirements that Buffet has?

你看它完全符合巴菲特的所有要求嗎？

It's a simple product that people keep buying over and over.

這是一個簡單的產品，人們不斷地購買。

He is also a huge investor in GEICO, Duracell, Netjets, Sees Candy, McLane, and many, many

他也是GEICO、Duracell、Netjets、Sees Candy、McLane和許多許多公司的鉅額投資者。

others.

其他。

His portfolio is so diversified that if one industry suffers, it will not have any meaningful

他的投資組合非常分散，如果一個行業受到影響，它將不會有任何意義。

impact on his net worth.

對其淨資產的影響。

Berkshire Hathaway suffered tremendously this year, but it has risen back to its pre-pandemic

伯克希爾-哈撒韋公司今年遭受了巨大的損失，但它已經回升到流行前的水準。

levels already, and I won't be surprised if this company will join the trillion-dollar

水準了，如果這家公司加入萬億美元的行列，我也不會感到驚訝。

club in the next few years.

俱樂部在未來幾年。

And now it's your turn?

現在輪到你了？

Are you an investor in Berkshire Hathaway?

你是伯克希爾哈撒韋公司的投資者嗎？

Do you think his strategies are still relevant to this day?

你覺得他的策略到今天還適用嗎？

Let me know in the comments below.

請在下面的評論中告訴我。

Thanks for watching and until next time.

謝謝你的觀看，直到下一次。