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1. "Ownership of Berkshire now resides in five large 'buckets', one occupied by me as a 'founder' of sorts."
- "Ownership of Berkshire" 表示伯克希尔的所有权。
- "resides in five large 'buckets'" 表示分布在五个大的“桶”中。
- "one occupied by me as a 'founder' of sorts" 表示其中一个由我作为一种“创始人”占据。
2. "That bucket is certain to empty as the shares I own are annually distributed to various philanthropies."
- "That bucket is certain to empty" 表示那个桶注定会清空。
- "as the shares I own are annually distributed" 表示由于我拥有的股份每年分配。
- "to various philanthropies" 表示给各种慈善机构。
3. "Two of the remaining four buckets are filled by institutional investors, each handling other people’s money."
- "Two of the remaining four buckets" 表示剩下的四个桶中的两个。
- "are filled by institutional investors" 表示由机构投资者填满。
- "each handling other people’s money" 表示每个处理他人的资金。
4. "That, however, is where the similarity between those buckets ends: Their investing procedures could not be more different."
- "That, however, is where the similarity between those buckets ends" 表示然而,在这些桶之间的相似之处就到此为止。
- "Their investing procedures" 表示他们的投资程序。
- "could not be more different" 表示差异非常大。
这段话表达了以下观点:伯克希尔的所有权现在分布在五个大的“桶”中,其中一个由我作为一种“创始人”占据。那个桶注定会清空,因为我拥有的股份每年都会分配给各种慈善机构。剩下的四个桶中的两个由机构投资者填满,每个处理他人的资金。然而,这就是这些桶之间的相似之处结束的地方:他们的投资程序差异非常大。
引用:
2023-07-18 08:25
巴菲特致股东的信原文精读Day39:
巴神原文:B. Shareholder Quality: Five Buckets
Ownership of Berkshire now resides in five large “buckets”, one occupied by me as a “founder” of sorts. That bucket is certain to empty as the shares I own are annually distributed to v...

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2023-07-18 15:28

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2023-07-18 10:21

1. "In one institutional bucket are index funds, a large and mushrooming segment of the investment world."
- "In one institutional bucket" 表示在一个机构投资者的桶中。
- "are index funds" 表示是指数基金。
- "a large and mushrooming segment of the investment world" 表示投资世界中庞大且快速增长的一部分。
2. "These funds simply mimic the index that they track."
- "These funds" 表示这些基金。
- "simply mimic" 表示简单地模仿。
- "the index that they track" 表示它们所跟踪的指数。
3. "The favorite of index investors is the S&P 500, of which Berkshire is a component."
- "The favorite of index investors" 表示指数投资者的最爱。
- "is the S&P 500" 表示是标准普尔500指数。
- "of which Berkshire is a component" 表示伯克希尔是其中的一个成分。
4. "Index funds, it should be emphasized, own Berkshire shares simply because they are required to do so."
- "Index funds, it should be emphasized" 表示值得强调的是指数基金。
- "own Berkshire shares" 表示拥有伯克希尔的股份。
- "simply because they are required to do so" 表示仅仅是因为他们被要求这样做。
5. "They are on automatic pilot, buying and selling only for 'weighting' purposes."
- "They are on automatic pilot" 表示它们处于自动驾驶状态。
- "buying and selling only for 'weighting' purposes" 表示仅仅出于“权重”目的而买卖。
这段话表达了以下观点:在一个机构投资者的桶中是指数基金,它们是投资世界中一个庞大且快速增长的部分。这些基金简单地模仿它们所跟踪的指数。指数投资者最喜欢的是标准普尔500指数,伯克希尔是其中的一个成分。值得强调的是,指数基金拥有伯克希尔的股份仅仅是因为它们被要求这样做。它们处于自动驾驶状态,仅仅出于“权重”目的而买卖。