巴菲特迄今最成功的六筆投資（雙語）(2)

　　持有期：5年

　　談到巴菲特，人們總會想到他的投資箴言——“買你看得懂的公司”。此外，大家都知道他一直唱多美國。在去年致伯克希爾哈撒韋公司股東的公開信中，巴菲特寫道：“美國最好的日子還在后面。”但是，他的一些最成功的投資，尤其是最近的成功投資都在中國。在2002年和2003年，伯克希爾哈撒韋公司累計斥資4.88億美元買入中石油1.3%的股權(quán)。有人曾一度質(zhì)疑這一投資，因為中石油的油田開發(fā)已是強弩之末，而且它擁有40萬名員工，成本高居不下。當時，中石油市值有370億美元。而巴菲特估計其價值1000億美元。巴菲特的這一估值實際上算是偏低了。由于油價上漲和新油田的發(fā)現(xiàn)，中國石油股價大幅上揚。到伯克希爾哈撒韋公司在2007年出售這部分股權(quán)時，中國石油的市值已高達2750億美元，這讓伯克希爾撒韋公司大賺36億美元。

　　2. BYD

　　Annual average compounded return: 41%

　　Total Return: 671%

　　Years held: 6

　　One of Buffett's best recent investments came as a suggestion from his long-time lieutenant Charlie Munger. In 2008, Munger sold Buffett on Chinese car battery company BYD by saying that its CEO, Wang Chuan-Fu, was quite obviously a descendant of both Thomas Edison and Jack Welch. He solves problems like Edison and gets things done like Welch, Munger said. "I've never seen anything like it in my life."

　　In late 2008, Berkshire bought 10% of BYD for $230 million. Munger has since said that he thinks the adoption of electric cars will take longer than many think, but he said he has plenty of faith in Chuan-Fu, and he and Buffett have been rewarded for that. Six years later, that 10% stake in BYD, which Berkshire still holds, is now worth nearly $1.8 billion.

　　2. 比亞迪(BYD)

　　年平均復合回報率：41%

　　總回報率：671%

　　持有期：6年

　　巴菲特近幾年最成功的一筆投資是長期追隨他的副手查理•芒格提議的。2008年，芒格向巴菲特推薦了中國汽車動力電池制造商比亞迪。他說，比亞迪的CEO王傳福是托馬斯•愛迪生和杰克•韋爾奇(譯注：前通用電氣公司CEO)的化身，解決技術(shù)問題時像愛迪生，行事風格則像韋爾奇。芒格說：“我以前從未見到過這樣的人才。”

　　2008年末，伯克希爾哈撒韋公司以2.3億美元收購了比亞迪10%的股權(quán)。芒格后來說，他認為電動汽車的普及所需要的時間比許多人認為得要長，但他表示對王傳福有充分的信心。而他和巴菲特的這份信任也獲得了回報。六年后，伯克希爾哈撒韋公司至今仍持有比亞迪10%的股份，現(xiàn)在價值近18億美元。

　　3. Freddie Mac

　　Annual average compounded return: 24%

　　Total return: 1,525%

　　Years held: 13

　　Buffett had plenty of conviction when, in 1988, he invested $108 million in Freddie Mac, the giant government-backed mortgage insurance firm, at a split-adjusted $4 a share. Shortly after making the investment, he talked it up in the pages of Fortune magazine. Ten years later, Freddie Mac's shares traded at $70. But perhaps the most notable thing about Buffett's investment in Freddie is not how well it did, but when he sold. In 2000, Buffett testified that he had a series of meetings with Freddie Mac's CEO at the time, Leland Brendsel, in which it was clear to Buffett that Brendsel was unwisely striving for double-digit returns.

　　That spelled trouble to Buffett and, within a year, Berkshire had dumped its entire stake in the company. In 2003, news came out that Freddie Mac had regularly misreported its earnings. Brendsel was forced out. In 2008, at the start of the financial crisis, Freddie Mac, along with its sister company Fannie Mae, was on the hook for piles and piles of unwise mortgage loans, and had to be bailed out by the government. Shares of Freddie Mac FMCC 1.98% now trade at just over $2.

　　3.房地美(Freddie Mac)

　　年平均復合回報率：24%

　　總回報率：1525%

　　持有期：13年

　　1988年，他以分拆調(diào)整后每股4美元的價格向政府支持的抵押貸款保險巨頭房地美投資了1.08億美元。當時巴菲特對這家公司有足夠的信心。在投資房地美后不久，他在接受《財富》雜志采訪時唱好這只股票。十年后，房地美股價升至70美元。但巴菲特在房地美的投資最引人注目的也許不是它當時的市場表現(xiàn)有多好，而是他選擇出售這部分股權(quán)的時機。2000年，巴菲特作證稱，他此前與房地美當時的CEO勒蘭德•布蘭德塞爾多次會面，期間意識到布蘭德塞爾在爭取兩位數(shù)的回報，這是不明智的。

　　巴菲特感覺到事情不妙，一年之內(nèi)，伯克希爾哈撒韋公司拋售了所持房地美的所有股份。2003年，有消息稱，房地美經(jīng)常謊報其盈利。布蘭德塞爾被迫離開。2008年，在全球金融危機伊始之際，房地美及其姊妹公司房利美(Fannie Mae)因為持有大量問題抵押貸款而瀕臨破產(chǎn)，不得不申請政府救助。房地美目前股價略高于2美元。

　　4. Berkshire Hathaway

　　Annual average compounded return: 22%

　　Total return: 1,745,300%

　　Years held: 49

　　When Buffett bought Berkshire Hathaway BRK.A 0.46% in 1965 for for about $12 a share, it was a textile company and one of the largest employers in New Bedford, Mass. It quickly became Buffett's acquisition vehicle.

　　He first bought up insurance companies and then a whole host of other kinds of companies, including retailer Nebraska Furniture Mart, See's Candies, catalog company Oriental Trading, ice cream scooper Dairy Queen, underwear maker Fruit of the Loom, railroad firm Burlington Northern, and, most recently in partnership with Brazilian investment firm 3G, ketchup maker Heinz.