巴菲特致股东的信原文精读Day220：

巴神原文：Yes, competition there was in 1938 and in 1993 as well. But it’s worth noting that in 1938 The Coca-Cola Co. sold 207 million cases of soft drinks (if its gallonage then is converted into the 192-ounce cases used for measurement today) and in 1993 it sold about 10.7 billion cases, a 50-fold increase in physical volume from a company that in 1938 was already dominant in its very major industry. Nor was the party over in 1938 for an investor: Though the $40 invested in 1919 in one share had (with dividends reinvested) turned into $3,277 by the end of 1938, a fresh $40 then invested in Coca-Cola stock would have grown to $25,000 by yearend 1993.

英文释义：1.“worth noting”意为“值得注意”；

2.“gallonage”意为“加仑数”；“50-fold”意为“五十倍的”。

投资解读：没错，1938年和1993年都有市场竞争。但值得注意的是，1938年，可口可乐公司售出了2.07亿箱软饮料（按照当年的加仑数折算成现在的一箱192盎司），当时已经在业内占据主导地位；1993年，可口可乐公司售出了约107亿箱，销量比1938年时增长了50倍。

对于投资者来说，1938年买入可口可乐也为时未晚：尽管1919年投资40美元买入一股可口可乐，在1938年底会变成3277美元（含股息再投资），但当时在可口可乐上投资40美元，到1993年底将增长到25000美元。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特以可口可乐为例，有力地驳斥了“大公司涨不动”的奇谈怪论。